FINANCIAL STATEMENTS ANALYSIS

OF

COMPANIES (NON-FINANCIAL)

LISTED AT PAKISTAN STOCK EXCHANGE

(2015-2020)

STATE BANK OF PAKISTAN

STATISTICS & DWH DEPARTMENT
Team

 Atiya Yusuf Statistical Officer

[email protected]

 Bushra Iqbal Statistical Officer

[email protected]

 Sohail Haider Deputy Director

[email protected]

 Mirza Kaleem Ullah Joint Director

[email protected]

Team Leader

Muhammad Asif Additional Director

[email protected]
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Disclaimer

These analysis are based on secondary data, taken from available annual
audited financial statements of non-financial companies listed on Pakistan
Stock exchange. Every effort is made to ensure that the information and /
or data provided herein is up to date and accurate. However, minor
differences may occur in calculation due to rounding off at different
stages of data processing.

Feedback
Comments and suggestions for further improvement in the publication
are welcome. Please write to us at:
The Director,
Statistics and Data Warehouse Department,
State Bank of Pakistan,
I.I Chundrigar Road,
Karachi.
or drop us an email at:
[email protected]
 Contents
Page No.
Introduction 1
i) Methodology 2
ii) Concepts & Definitions 2-13
iii) Performance Indicators 14-20
Executive Summary 22-25
Analytical Tables
I. Sectors
(a) Overall 26
(b) Private 27
(c) Public 28
II. Economic Groups
1. Textile 29-32
(i) Spinning, Weaving, Finishing of Textiles 33-142
(ii) Made-up Textile Articles 143-147
(iii) Other Textiles n.e.s. 148-158
2. Sugar 159-189
3. Food 190-211
4. Chemicals, Chemical Products & Pharmaceuticals 212-258
5. Manufacturing 259-300
6. Mineral Products 301-313
7. Cement 314-333
8. Motor Vehicles, Trailers and Autoparts 334-356
9. Fuel & Energy 357-381
10. Information, Comm. and Transport Services 382-400
11. Coke & Refined Petroleum Products 401-414
12.Paper, Paperboard and Products 415-427
13.Electrical Machinery and Apparatus 428-436
14.Other Services Activities 437-448
III. Appendix 449-458
Explanatory Notes 459
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Introduction
Statistics and Data Warehouse Department of State Bank of Pakistan (SBP) is responsible for collection,
compilation and dissemination of macroeconomic data for effective policy formulation and prudent
decision-making. This department strives hard to disseminate quality statistics. It not only produces
primary data but also provides secondary data to various stakeholders including researchers and policy
makers.

Non-financial corporate sector is an important segment of a country’s economy and forms a sound, stable
and robust industrial base. State Bank of Pakistan understands the importance of the corporate sector data
to develop economic insights. Keeping in view the importance of the financial information of the non-
financial corporate sector, this annual publication “Financial Statements Analysis of Companies (Non-
Financial) listed at Pakistan Stock Exchange (PSX)” is one of the distinctive products of this department.

The financial conditions of an institution or a company is presented in a structured manner in its financial
statements. The stakeholders and users, on the other hand require financial indicators that can provide
information on how well a company is performing.

These analyses are provided in two formats: first is designed for a printed publication, which contains
limited variables and ratios due to space constraints on a single page. The other format containing more
variables and financial ratios, primarily prepared for researchers engaged in economic and finance areas is
available on SBP website in electronic format. The analysis data covers a time series of last six years
(from 2015 to 2020).

The non-financial companies listed on Pakistan Stock Exchange Limited have been classified in line with
new economic categories. The distribution of companies by economic group with a comparison with last
year is as under: -

Table 1: Number of companies by economic groups

Economic Groups 2019 2020
1) Textiles 129 123
2) Sugar 29 27
3) Food 19 19
4) Chemicals, chemical products and Pharmaceuticals 43 43
5) Manufacturing 32 38
6) Mineral products 9 9
7) Cement 17 16
8) Motor vehicles, trailers and auto parts 19 19
9) Fuel & Energy 21 21
10) Information, Communication & transport Services 11 15
11) Coke and refined petroleum products 10 10
12) Paper, paperboard and products 9 9
13) Electrical machinery and apparatus 6 6
14) Other services activities 9 9
Total 363 364

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The readers should note that the sum of assets and liabilities of a company may exhibit minor differences
due to rounding off of separate items. Ratios and percentages have been worked out after rounding off the
figures in thousands, which may, therefore, slightly differ from ratios calculated on the basis of exact
numbers in balance sheet. The symbol “–’’appearing in the analytical tables stands for ‘not applicable’ or
‘not available’.

I Methodology

Methodology is based on Ratio Analysis because it is a powerful tool to analyze the financial statements
of any company. Ratio analysis measures inter relationship between different sections of the financial
statements. Ratios are taken as guides that are useful in evaluating a company’s financial position in
operation and making comparison with results in previous years or with others in the same industry. The
primary purpose of ratio analysis is to point out areas which need further investigation. All the ratios are
calculated from the following financial statement and relevant notes to accounts.
 Balance Sheet
 Profit and Loss accounts
 Statement of changes in Equity
 Cash Flow Statement

Given below are the concepts and definitions used for the financial statement analysis of the non-financial
sector:

II Concepts and Definition

A. Non-Current Assets

1. Capital work in progress:

Work in progress consists of the unfinished products in a production process. These are not yet complete
but either being fabricated or waiting in a queue for storage. They must be accounted for as funds
(capital) that have been invested for future enhancement in production.

2. Operating fixed assets:

These are owned by an enterprise engaged in production of items (directly or indirectly); which will be
available for sale. These are not readily convertible into cash during the course of normal operations of
an enterprise. These assets are not subject to periodical exchange through sales and purchases. Fixed
assets are of permanent nature and are not normally liquidated or intended to turn into cash except in the
form of depreciation, which is added to the cost of goods sold. The following balance sheet items are
included in the category of fixed assets: -

(a) Real Estate

i. Freehold and leasehold land
ii. Factory and office buildings
iii. Residential buildings
iv. Capital projects in progress at cost

(b) Plant, Machinery and Rolling Stock

i. All types of plant and machinery used for production and not for sale
ii. Crockery, cutlery, silverware and enamelware in hotels
iii. Construction tools
iv. Livestock in farming company

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

v. Cars, Lorries, trucks, ships, launches etc.

vi. Railway siding and trolley lines
vii. Computers and other electronic equipment’s
(c) Furniture, Fixtures, Fittings and Allied Equipment
i. Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings.
ii. Laboratory equipment
iii. All types of office furniture and equipment
iv. Advertising, fixtures and fittings

3. Operating fixed assets after deducting accumulated depreciation

Deducting the accumulated depreciation from the operating fixed assets of the company gives this item.

4. Intangible Assets
Intangible assets are defined as identifiable assets that cannot be seen, touched or physically measured.
These are created through time and/or efforts and that are identifiable as a separate asset. The possible
items are:
i. Copyrights
ii. Patents
iii. Trademarks
iv. Goodwill
v. Exploration accounts
vi. Knowledge accounts
vii. Computer software accounts

5. Long term investment

Investment is acquisition of financial, physical or technology based assets by an investor for their
potential future income, return, yield, profits, or capital gains. The long-term investments account differs
largely from the short-term investments account in that the short-term investments will most likely be
sold within the year, whereas the long-term investments may never be sold in the short run. They may
include:
i. Long-term stocks
ii. Long-term bonds
iii. Long-term investment in real estate
iv. Long-term Government and corporate securities
v. Long-term Savings and Unit Trust Certificates
vi. Long-term Debentures stock of local or foreign companies

Long term investments are further categorized in investments in subsidiaries and associated.

i) Investment in subsidiaries:
A subsidiary is a company with voting stock that is more than 50% controlled by another company,
usually referred to as the parent company or the holding company. A subsidiary is partly or completely
owned by the parent company, which holds a controlling interest in the subsidiary company.
ii) Investment in associates:
An associate company is a corporation whose parent company possesses only a minority stake in the
ownership of the corporation. An associate company is partly owned by another company or group
of companies. The parent company or companies do not consolidate the associate company's financial
statements.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

6. Other Non- current assets

These include all residual non-current assets items left from the above coverage, but remain in the balance
sheet. It may consist of:
i. Deferred costs
ii. Long-term deposits
iii. Long- term loans and advances
iv. Security deposits

B. Current Assets

1. Cash & bank balances

Cash & bank balances is an integral part of a company's overall operations. It consists of:
i. Cash in hand
ii. Cash in transit
iii. Current deposits
iv. Saving deposits
v. Saving deposits and call deposits
vi. Deposits held abroad

2. Inventories
Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of sale
after processing, which consists of
i) Raw materials
It is basic substance in its natural, modified, or semi-processed state, used as an input to a production
process for subsequent modification
ii) Work in process
The work in process, is the sum of all costs put into the production process to manufacture products that
are partially completed.
iii) Finished Goods
Finished goods are goods that have been completed by the manufacturing process, or purchased in a
completed form, but which have not yet been sold.

3. Trade debt /Account receivable

This refers to an entity from which amounts are due for goods sold or services rendered or in respect of
contractual obligations and also termed: debtor, trade debtor, and account receivable.

4. Short term loans and advances

In general, when a company gives any loan to its employee or its sister concerns or to its director which
are recoverable in future as per term and conditions mentioned there in. This loan is considered as of
company’s asset and is recorded as short term loan if time of recovery of loan is matured within one year.
Advances on the other hand are given by a company to its employee or its sister concerns or to its director
for particular purposes against either goods are to be received by company or services are to be received
in near future but within the year.

5. Short term investments

Unlike long term investments, short term investments have to be matured within the same accounting cycle. The
basic motive of such an investment is to earn profits or capital gains for short term period. They may
include:
i. Short-term stocks
ii. Short -term bonds

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

iii. Short -term investment in real estate

iv. Short-term Government and corporate securities
v. Short-term Savings and Unit Trust Certificates
vi. Short-term Debentures stock of local or foreign companies

6. Other current assets

These are all remaining items of current assets left from the above coverage, but remained in the balance
sheet. These include:
i. Book debts including bad and doubtful debts
ii. Stores, spare parts and loose tools
iii. Work in progress(current)
iv. Trade deposit and prepayments
v. Balances due to tax department
vi. Tax refundable
vii. other receivables

Following items are separately mentioned in the analysis format against other current assets.
i) Stores, spare parts and loose tools
Spare parts and loose tools are not part of any fixed assets but facilitate the process of production.
ii) Trade deposits & prepayments
Trade Deposits are used to cover any potential losses in the event that the market moves against a given trade
position whereas prepayments are settlement of debts or installment payments before its official due date.

C. Shareholder’s equity:
This item purports to represent the total stake of the shareholders’ in the business and is obtained by
adding the ordinary share capital to the reserves and also surplus on revaluation of fixed assets.

1. Issued, subscribed & paid up capital

This represents the total subscribed and paid-up capital against issue of ordinary shares. These are amounts
of capital actually paid by the shareholders to the institution for acquiring its shares. It includes shares
paid in cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other
than cash (e.g. for settlement of receivables/debts or debts redeemable into stock etc).

a) Ordinary Shares
Ordinary shareholders represent equity ownership in a company and entitled to vote into matters of the
company in proportion to their percentage ownership in the company. Ordinary shareholders are entitled to
receive dividends if any are available after dividends paid to the preferred shareholders (if any). They are
also entitled to share as residual economic value of the company and stood last in line after bondholders and
preferred shareholders for receiving business proceeds in case of company default to pay its obligations. At
the end it may be expressed as that ordinary shareholders are considered unsecured creditors.

b) Preference Shares
Preferred Shares generally have dividends that must be paid out before dividends to common stockholders
and the shares usually do not have voting rights. The precise details as to the structure of preferred stock are
specific to each corporation. However, the best way to think of preferred stock is as a financial instrument
that has characteristics of both debt (fixed dividends) and equity (potential appreciation).
The difference between ordinary shares and preference shares is as follows:
 Ordinary shareholder receive dividend, which varies according to the prosperity of the company
but preference shareholder will receive a fixed amount dividend every year.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

 Ordinary shareholder has a right of voting in the company’s annual general meeting while the
preference shareholder has no voting right.
 Ordinary shareholders have a residual claim on the net assets of the company in case of
liquidation, while the claim of the preference shareholders is paid earlier.

2. Reserves
It is calculated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and
doubtful debts.

(i) Capital Reserves

These funds are allocated only to be spent on the capital expenditure projects/ future expansionary
projects for which they were initially intended, excluding any unforeseen circumstances. These include:
i. Share premium reserves
ii. Merger reserves
iii. Development reserves
iv. Reserve for issue of bonus shares
v. Reserve for re-issue of forfeited shares
vi. Capital gain on sale of fixed assets
vii. Dividend equalization reserves
viii. Non-controlling interest (minority interest)
ix. Fair value Reserve
x. Subordinated Loans
xi. Interest rate swap revaluation reserve
xii. Hedge reserve
xiii. Advance against subscription for right shares
xiv. Undistributed percentage return reserve
xv. Exploration and evaluation reserve
xvi. Investment revaluation reserve
xvii. Share deposit money
xviii. Exchange difference on translation of foreign subsidiaries
xix. Statutory Reserve
xx. Gain on re-measurement of forward foreign exchange contracts- cash flow hedge

(ii) Revenue Reserves

This is that part of the profit that has been not given to the shareholders but retained in the business for
future growth. These include:
i. General reserves
ii. Un-appropriated reserves
iii. Retained reserves
iv. Reserves on profit & loss account
v. Deferred income
vi. Retained Earnings

Un-appropriated profit (loss)/retained earnings

Un-appropriated retained earnings consist of any portion of company profit/(loss) account that are not
classified as appropriated retained earnings. Un-appropriated retained earnings cannot be allocated for a
specific purpose, such as factory construction or marketing. They are generally passed on to shareholders
in the form of dividends.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

3. Surplus on revaluation of fixed assets

Revaluation of fixed assets is a technique that may be required to accurately describe the true value of the
capital goods that a business owns. The revaluation surplus has been included in equity because capital
goods like property, plant and equipment participate directly in the revenue generation and transferred
directly to retained earnings.

D. Non-Current Liabilities

1. Long term borrowings

Long-term borrowing in accounting, form part of a section of the balance sheet that lists liabilities not due
within the next 12 months including loans and finance lease etc.

a) Long-term secured loan

These are liabilities which are required to be discharged after a period of more than a year from the date
of balance sheet and are obtained on the basis of secured collaterals. These include:
i. Loans from financial institutions.
ii. Loans from non-bank financial institutions.
iii. Loans from specialized financial institutions
iv. Redeemable capital finance
v. Foreign loans
vi. Vendors account
b) Long-term unsecured loan
These are liabilities which are required to be discharged after a period of more than a year from the date
of balance sheet and are obtained without any secured collaterals. These include:
i. Loan to various organizations by governments.
ii. Loan to a company by directors
iii. Long term loan by creditors
iv. Long term loan by suppliers

c) Long-term lease finance

These are liabilities for assets being acquired through lease financing from a financial institution for
period more than one year depending on the specification of asset being leased. For example, commercial
property usually has long- term leased for five of more years, while residential property often carries
long-term leases for more than one year. A long term lease locks in the price one pays for the assets,
which is usually advantageous because prices often trend upward. These include:
i. Assets under lease finance
ii. Lease finance obligation

2. Subordinated loan/Sponsor’s loan

Subordinated loan is a security loan that ranks below than other loans with regard to claims on a
company's assets or earnings. Subordinated loan is also known as a junior security. In the case of
borrower default, creditors who own subordinated loan won't be paid out until after senior debt holders
are paid in full. A sponsor’s loan allows a parent to borrow on behalf of a subordinated company and take
full responsibility for the loan. The sponsor loan is under the name of the sponsor borrower only.

3. Debentures/TFC’s
These are bonds/certificates issued by a company to raise funds for long-term period (generally more than
one year) for a specific purpose (usually for capital expenditures), sometimes convertible into stock. At
present, debentures have been replaced by TFCs (Term Finance Certificates)/Sukuk bonds.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

4. Employees benefit obligations

These include benefits provided either to employees or their dependents, and may be settled by payments
(or the provision of goods or services) made either directly to the employees, their spouses, children,
other dependents. Its constituents are:
i. Employees’ salaries
ii. Employees gratuity fund
iii. Pension fund.
iv. Staff compensated absences
v. Staff retirement benefits

4. Other non-current liabilities

These are residuals of non-current liabilities left from the above coverage, but remained in the balance
sheet of the company. These include:
i. Deferred liabilities
ii. Deferred liabilities/ taxation
iii. Long term deposits/key deposits
iv. Retention money payable

E. Current Liabilities
All liabilities, which are required to be discharged within one year, are termed as current liabilities.
Alternatively, these cover those obligations whose liquidation is expected to be made out of current
assets. They are usually incurred in the normal course of business and are required to be paid at fairly
definite dates.

1. Trade credits and other accounts payables

Small businesses generally use accounts payable as their largest source of financing. Accounts payable or
trade credit are what businesses owe to their suppliers of inventory, products, and other types of goods
that are necessary to operate the business.

i) Trade credit
Trade credit is the credit facility extended to a company by supplier who let the company to by now and
pay later or a service that has been acquired but not paid so for due to credit facility given by the provider.

2. Short term borrowing

Short-term borrowing account are shown in the current liabilities portion of a company's balance sheet.
These accounts are made up of any debt incurred by a company that is due within one year. The debt in
this liabilities account is usually made up of short-term bank loans taken out by a company, among other
types.

i. Short term secured loans

These are loans which are to be matured within the year and have been obtained against secured
collaterals. These consist of:
i. Secured short term running finance.
ii. Short term loan from bank
ii. Short term unsecured loans
These are loans which are to be matured within the year and have been obtained against unsecured
collaterals. These consist of:
i. Short term loan from various organizations by governments.
ii. Short term loan from a company by directors
iii. Short term loan by creditors

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

iv. Short term loan by suppliers

iii. Short term lease finance

Short term lease finance consists of lease to be matured within the period of one year

3. Current portion of non-current liabilities

The current portion of long term liabilities is amount of principal that will be due to pay within one year
of the date of the balance sheet. These includes:
i. Current maturities of secured long term loan.
ii. Current maturities of redeemable capital finance
iii. Current maturities of lease finance

4. Other current liabilities

These are all remaining items of current liabilities left from the above coverage, but remained in the
balance sheet. Other current liabilities may include sundry creditors, payment become due but outstanding
and loans, deposits and advances.

(a) Sundry Creditors

i. For expenses
ii. For other finance
iii. Bills payable
iv. Advances from customers against orders

(b) Payment become due but outstanding

i. Income tax payable
ii. Proposed, unpaid and unclaimed dividends
iii. Estimated liabilities in respect of outstanding claims whether due or intimated
iv. Gratuities becoming payable
v. Provident Fund becoming payable
vi. Current installment and interest payable on fixed liabilities
vii. Provision for taxation estimated on current profits
viii. Workers profit participation fund

(c) Loans, Deposits and Advances

i. Loans secured by stock or other current assets
ii. Bank overdrafts and other unsecured loans
iii. Short term loans acquired against the security of fixed assets
iv. Unsecured loan from directors, parent company, and subordinate loan
v. Due to managing agents
vi. Advances by directors
vii. Guarantee and security deposits of customers and staff

F. Profit and Loss Accounts

1. Sales (Net)
This item represents the sale proceeds of the company after netting off all components of expenses
associated with sales. Sales revenue is classified as local sales and export sales.
i) Local Sales
Local sales is cover net of local revenues after adjusting sales tax, sales discounts, federal excise duties etc.
ii) Export Sales

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Export sales covers net of export sales after adjusting export rebates and excise duties etc.

2. Cost of sales
Cost of sales includes the direct costs attributable to the production of the goods sold by a company. This
amount includes the materials cost used in creating the goods along with the direct labor costs used to
produce the good.

a) Cost of material
This includes cost of all raw and other processing materials incurred in the production of finished goods,
which are available for sale of the company.
b) Cost of Labor
This includes the sum of all wages and employee benefits paid to the labor/employee engaged in
production/processing of the finished or final goods of the company.
c) Cost of Overhead
This include all of the costs that a factory incurs, other than direct costs and allocate the costs of
manufacturing overhead to any inventory items that are classified as work-in-process or finished goods.
Overhead expenses include:
i. Depreciation of factory equipment
ii. Quality control and inspection
iii. Indirect materials and supplies
iv. Repair expenses
v. Indirect materials and supplies

3. Gross Profit
Gross profit is arrived at by subtracting cost of sales from sales revenue.

4. General, administrative and other expenses

These expenses consist of the combined payroll costs (salaries, commissions, and travel expenses of
executives, sales people and employees), and advertising expenses that a company incurs. This is usually
understood as a major portion of non-production related costs.

(i) Selling & distribution expenses

These are non-production cost, but directly related with the revenue generation of saleable goods, i.e. cost
incurred to mobilize goods from factory outlet to the market palace. These include:
i. Distribution expenses
ii. Brokerage expenses
iii. Salary, wages and commission expenses
iv. Discount expenses
v. Selling expenses
vi. Forwarding expenses
vii. Advertisements and promotions
Advertisements and promotion covers amount used by the company for product advertisements for both
print and electronic media.

(ii) General administrative and other expenses

These expenses are also non-production costs and fixed in nature. The company is obliged to pay these
expenses which are permanent in nature until the structure of the company is not affected. These include:
i. Postage, telegram and telephone expenses
ii. Conveyance and travelling expenses
iii. Salary, wages and other benefits

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

iv. Depreciation expenses

v. All other expenses not covered in administrative and distribution expenses

5. Other Income/(loss)
It treats these money flows differently depending on the activities that are responsible for them. "Other
Income" on an income statement usually refers to money that comes in from activities outside the
company's core operations. It also cover share of income received from subsidiaries/associate companies
in case where consolidated accounts are used for parent company.

6. EBIT (Earnings Before Interest and Taxes)

EBIT measures the profit a company generates from its operations, making it synonymous with
"operating profit." By ignoring tax and interest expenses, it focuses solely on a company's ability to
generate earnings from operations, ignoring variables such as the tax burden and capital structure.
Mathematically it is calculated as:
EBIT= Gross Profit less general administrative & other expenses plus other incomes.
It is to be noted that EBIT may not be comparable with operating profit where a parent company shares
the income received from profit/(loss) account of its subsidiaries into its own balance sheet (minority
interest).

7. Financial expenses
These are expenses incurred due to borrowing of financial assets (short / long term loans) and acquisition
of financial services by a company during an accounting period. It consists of interest paid expenses on
loan/debts plus:
i. Interest and mark-up on supplier credit
ii. Interest on worker’s profit participation fund.
iii. Bank charges and commission
iv. Excise duty on long and short-term finance
v. Discounting charges on receivables
vi. Exchange commission expenses

(i) Interest expenses on loans/debt

These are interest expenses incurred on borrowing of long and short terms loans. These include the
following items;
i. Mark-up and interest on long term loan
ii. Mark-up and interest on debentures and redeemable capital
iii. Mark-up and interest on short term loan
iv. Interest on private loan

8. Net profit before taxes

It is the profit earned by the company during the year before tax.

9. Tax expenses
Tax expenses are almost "ordinary, necessary, and reasonable" expenses that is necessary to declare
income of a business entity.

a) Current Tax
These are amount of tax of current year period
b) Prior Year/Years Tax
These amount of taxes include the period previous beyond the current year
c) Deferred Tax

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

A deferred tax liability is an account on a company's balance sheet that is a result of temporary
differences between the company's accounting and tax carrying values.

10. Profit after taxes

It is the profit earned by the company during the year after all its expenses, charge-offs, depreciation
and taxes have been subtracted.

11. Total amount of dividend

It is the total dividend including interim dividend distributed or proposed to be distributed out of the current
year’s profit.

12. Total value of bonus shares issued

This is the total amount of bonus shares issued to the shareholders as appropriation of net profit after tax of
the company during the year.

G. Statement of Cash Flows

1. Cash flows from operations

Cash flow from operating activities (CFO) is an accounting item indicating the money a company brings in
from regular business activities, such as manufacturing and selling goods or providing a service. It include
earnings before interest and taxes plus depreciation minus taxes.
Cash from Operating Activities = EBIT + Depreciation
Operating activities include the production, sales and delivery of the company's product as well as
collecting payment from its customers. This could include purchasing raw materials, building inventory,
advertising, and shipping the product, Under IAS 7, operating cash flows include:
 Receipts from the sale of goods or services
 Receipts for the sale of loans, debt or equity instruments in a trading portfolio
 Interest received on loans
 Dividends received on equity securities
 Payments to suppliers for goods and services
 Payments to employees or on behalf of employees
Items which are added back to the net income figure (which is found on the Income Statement) to arrive
at cash flows from operations generally include:
 Depreciation (loss of tangible asset value over time)
 Deferred tax
 Amortization (loss of intangible asset value over time)
 Any gains or losses associated with the sale of a non-current asset, because associated cash flows
do not belong to the operating section

2. Cash From Investing Activities

Cash flow from investing activities is an item on the cash flow statement that reports the aggregate
change in a company's cash position resulting from any gains (or losses) from investments in the financial
markets or in operating subsidiaries and changes resulting from amounts spent on investments in capital
assets such as plant and equipment.

3. Cash From Financing Activities

This category in a company’s cash flow statement shows that that accounts for external activities allow a
firm to raise its capital or repay its investors through activities such as issuing cash dividends, adding or
changing loans or issuing more stock. Cash flow from financing activities shows that investors have

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

confidence on company’s financial strength. A company that frequently turns in to new debt or equity for
cash could have problems if the capital markets become less liquid.

H. Miscellaneous
i. Total capital employed
The total of shareholders’ equity and total non-current liabilities engaged in the capital formation
constitute this item.

𝑇𝑜𝑡𝑎𝑙 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 = 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠 ′ 𝑒𝑞𝑢𝑖𝑡𝑦 + 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 +

𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑢𝑛𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝐷𝑒𝑏𝑒𝑛𝑡𝑢𝑟𝑒𝑠 𝑜𝑟 𝑇𝐹𝐶 ′ 𝑠 +
𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑒𝑠 𝑏𝑒𝑛𝑒𝑓𝑖𝑡 𝑜𝑏𝑙𝑖𝑔𝑎𝑡𝑖𝑜𝑛𝑠

ii. Retention in business

This is the amount that a company retains in business after netting off all possible expenses and is
obtained by deducting the provision for the tax and the total dividend distributed or proposed to be
distributed from the net profit for the year.

𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑖𝑛 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 = 𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑏𝑒𝑓𝑜𝑟𝑒 𝑡𝑎𝑥𝑒𝑠 − 𝑇𝑎𝑥 𝑝𝑟𝑜𝑣𝑖𝑠𝑖𝑜𝑛 − 𝑇𝑜𝑡𝑎𝑙 𝑎𝑚𝑜𝑢𝑛𝑡 𝑜𝑓 𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑑

iii. Depreciation for the year

It includes all the depreciation charged to the profit and loss account. Owing to absence of uniform
accounting standards, depreciation is a subjective item and varies from company to company. It is
important for an analyst to know what effect such variation could have on the net profit.

iv. Salary, wages and employee’s benefits

These are salary; wages and employees benefit expenses that a company has borne in all stages to run the
business activities. These covers the expenses to all employees (temporary, permanent)

v. Total fixed liabilities

It is the sum total of the items debentures (TFC’s) and other fixed liabilities.

𝑇𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝐷𝑒𝑏𝑒𝑛𝑡𝑢𝑟𝑒𝑠 𝑜𝑟 𝑇𝐹𝐶′𝑠

vi. Contractual liabilities

This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and
bank overdraft.

𝐶𝑜𝑛𝑡𝑟𝑎𝑐𝑡𝑢𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝑃𝑟𝑒𝑓𝑒𝑟𝑛𝑐𝑒 𝑠ℎ𝑎𝑟𝑒𝑠 + 𝑇𝐹𝐶 ′ 𝑠 +

𝑆ℎ𝑜𝑟𝑡 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛𝑠

vii. Purchases
A temporary account used in the periodic inventory system to record the purchases of merchandise for
resale. (Purchases of equipment or supplies are not recorded in the purchases account.)

𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠 = 𝐶𝑜𝑠𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠(𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑦𝑒𝑎𝑟) + 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠(𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑦𝑒𝑎𝑟) − 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠(𝑝𝑟𝑒𝑣𝑖𝑜𝑢𝑠 𝑦𝑒𝑎𝑟)

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

III. Key Performance Indicators:

A. Profitability Ratios
Profit is the surplus income in raw form it is the total revenue minus total costs. It is mostly concentrated
from the information of income statement or profit and loss account. A set of profitability ratios is given
below:

i. Net Profit Margin

Net profit margin reflects that part of profit which is left for the owners from the rupee of sales after all
expenses and taxes paid.

𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑚𝑎𝑟𝑔𝑖𝑛𝑒 =
𝑆𝑎𝑙𝑒𝑠

ii. Asset Turnover Ratio

Asset turnover ratio measures the company’s ability to utilize its total assets in generating sales or
revenues.

𝑆𝑎𝑙𝑒𝑠
𝐴𝑠𝑠𝑒𝑡 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iii. Return on Assets

Return on Assets measures the percentage of profit of a company in relation to its overall resources i.e.
assets. It measures how efficiently company is using its assets to generate earning.

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑡𝑠 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iv. Financial Leverage

Financial leverage describes the share of the capital injected in an enterprise with reference to the amount
of the total assets.

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑙𝑒𝑣𝑒𝑟𝑎𝑔𝑒 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑜𝑓 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

v. Return on Equity
Return on equity appraises the efficiency of a company in terms of utilizing its shareholders’ equity for
seeking profit.

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

vi. Gross Profit Margin / Gross Profit to Sales

Gross profit margin is the basic measure to assess a firm's financial health by revealing the proportion of
money left over from sales after accounting for the cost of goods sold.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

𝐺𝑟𝑜𝑠𝑠 𝑝𝑟𝑜𝑓𝑖𝑡
𝐺𝑟𝑜𝑠𝑠 𝑝𝑟𝑜𝑓𝑖𝑡 𝑚𝑎𝑟𝑔𝑖𝑛 =
𝑆𝑎𝑙𝑒𝑠

vii. Operating Return on Assets

Operating income synonym for earnings before interest and tax (EBIT) is a useful measure to gauge the
company’s profitability. Operating return on assets determines the operating income generated in
comparison to each rupee invested in total assets of the company in percentage.

𝐸𝐵𝐼𝑇
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑅𝑂𝐴 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

viii. Return on Capital Employed

Return on capital employed (ROCE) measures a company's profitability and the efficiency with reference
to the capital employed, where capital employed is non-current liabilities and shareholders’ equity.

𝐸𝐵𝐼𝑇
𝑅𝑂𝐶𝐸 =
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑

B. Liquidity Ratios
Liquidity position of the company helps to assess the short term financial health of a company. Liquidity
is closely related to cash flows and its short term assets.

i. Current Ratio
The current ratio is a liquidity ratio that measures a company's ability to pay its obligations over the next
12 months.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

ii. Quick (Acid Test) Ratio

The quick ratio also known as the acid-test ratio is a strong indicator of whether a firm has sufficient
short-term assets to cover its immediate liabilities. This metric is more robust than the current ratio, also
known as the working capital ratio, since it ignores less liquid assets such as inventory.

𝐶𝑎𝑠ℎ + 𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 + 𝑆ℎ𝑜𝑟𝑡 𝑡𝑒𝑟𝑚 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

iii. Cash Ratio

Cash ratio is defined to determine how quickly a company can repay its short term debt. It is obtained by
dividing the total cash and cash equivalents to its current liabilities.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝑐𝑎𝑠ℎ 𝑒𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠

𝐶𝑎𝑠ℎ 𝑟𝑎𝑡𝑖𝑜 =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

C. Activity Ratios
Activity ratios help to assess the level of productivity in business cycle of an enterprise. A set of activity
ratios is given below:

i. Inventory Turnover
Inventory turnover shows how many times a company's inventory is sold and replaced over a period.

𝑆𝑎𝑙𝑒𝑠
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦

ii. No. of days Inventory

Days in inventory also known as days inventory outstanding is an efficiency ratio that measures the
average number of days the company holds its inventory before selling it. The ratio measures the number
of days’ funds are tied up in inventory.

365
𝐷𝑎𝑦𝑠 𝑖𝑛 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 =
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟

iii. Receivables Turnover Ratio

Receivables turnover ratio measures how efficiently a firm use its assets. It helps to quantify firm's
effectiveness in extending credit and in collecting debts on that credit.

𝑁𝑒𝑡 𝑐𝑟𝑒𝑑𝑖𝑡 𝑠𝑎𝑙𝑒𝑠

𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠

Normally, the companies do not segregate their sales into credit and cash. So the net sales are taken as a
proxy of net credit sales to calculate account receivable turnover.

iv. No. of days Receivables

A measure of the average number of days that a company takes to collect revenue after a sale has been
made.

365
𝐷𝑎𝑦𝑠 𝑖𝑛 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 =
𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟

v. Payables Turnover Ratio

Payable turnover ratio measures the rate at which a company pays off to its suppliers.

𝑇𝑜𝑡𝑎𝑙 𝑠𝑢𝑝𝑝𝑙𝑖𝑒𝑟 𝑝𝑢𝑟𝑐ℎ𝑎𝑒𝑠

𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑝𝑎𝑦𝑎𝑏𝑙𝑒

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

vi. No. of days Payable

No. of days’ payable is company's average payable period. Days payable outstanding or no. of days in
creditors tells how long it takes a company to pay its invoices from trade creditors, such as suppliers.

365
𝑁𝑜. 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 =
𝑃𝑎𝑦𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜

vii. Working Capital Turnover

Working capital turnover assess how effectively a company is using its working capital to generate sales.

𝑆𝑎𝑙𝑒𝑠
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙

Where, Working Capital = Current Assets – Current Liabilities

viii. Cash Conversion Cycle

The cash conversion cycle (CCC) is a metric that expresses the length of time, in days, that it takes for a
company to convert resource inputs into cash. The cash conversion cycle attempts to measure the amount
of time each net input rupee is tied up in the production and sales process before it is converted into cash
through sales to customers. This metric looks at the amount of time needed to sell inventory, the amount
of time needed to collect receivables and the length of time the company is afforded to pay its bills
without incurring penalties.
The CCC is also referred to as the "cash cycle” and calculated as:

𝐶𝐶𝑂 = 𝐷𝐼𝑂 + 𝐷𝑆𝑂 = 𝐷𝑃𝑂

Where: DIO: Days Inventory outstanding /No. of Day’s inventory

DSO: Days Sales Outstanding /No. of Day’s receivables
DPO: Days Payable Outstanding/No. of Day’s payable

D. Cash Flow Ratios

Cash flows ratio is considered one of the important indicator of a company’s performance.

i. Cash Flow from Operating Activities to Sales

This ratio compares the operating cash flows of a company to its sales. Cash flow from operations to sales
indicates the ability of a company to generate cash from its sales.

𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑡𝑜 𝑠𝑎𝑙𝑒𝑠 =
𝑁𝑒𝑡 𝑠𝑎𝑙𝑒𝑠

ii. Cash Return on Assets

Cash Return on Assets calculates how much cash flow from operation is generated from the total assets of
the company.

𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝐶𝑎𝑠ℎ 𝑟𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑡𝑠 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

iii. Cash Return on Equity

Cash return on equity refers to how much cash flow generated in terms of the equity injected in the
company.

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜𝑤

𝐶𝑎𝑠ℎ 𝑟𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑒𝑞𝑢𝑖𝑡𝑦

iv. Cash to Income

Cash to net income is a ratio used to determine the quality of a firm's reported earnings.

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜𝑤

𝐶𝑎𝑠ℎ 𝑡𝑜 𝑖𝑛𝑐𝑜𝑚𝑒 =
𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

v. Debt coverage ratio

It provides the information on how much company generates from operations that could be used to pay
off the total debt. Total debt includes all interest-bearing debt, short and long term.

𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝐷𝑒𝑏𝑡 𝑐𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑟𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡

E. Valuation ratios
Valuation of an enterprise is an attractive feature for the potential and existing investors of an enterprise.
There are numerous measures to help the investors understand about the investment horizon of a
company.

i. Paid up value of share Rs per share

Paid up value of a share in actual price of share paid by the shareholders of a company.

ii. Market value per share

Market value represent the price at which a share is traded in stock exchange. Market value greater than
its paid up value signify the positive gesture for investors.

iii. Basic earnings per share

Basic earnings per share provide an estimate of the amount to be distributed to each share of the
outstanding stock from company’s net income. Earnings per share also help to gauge the profitability of
the company

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝐵𝑎𝑠𝑖𝑐 𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒 =
𝑇𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠

iv. Price earnings ratio

The price-to-earnings ratio or P/E ratio is a ratio for valuing a company that measures its current share
price relative to its per-share earnings.
The price-earnings ratio can be calculated as:

18
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

𝑀𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

𝑃𝑟𝑖𝑐𝑒 𝑒𝑎𝑟𝑛𝑖𝑛𝑔 𝑟𝑎𝑡𝑖𝑜 =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

v. Dividend Payout Ratio

The percentage of earnings paid to shareholders in dividends is the dividend payout ratio. It is calculated
as:

𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑎𝑦𝑜𝑢𝑡 𝑟𝑎𝑡𝑖𝑜 =
𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

vi. Cash Dividend per Share

Dividend per share (DPS) is the total dividends paid out over an entire year (including interim dividends
but not including special dividends) divided by the number of outstanding ordinary shares issued.

vii. Book Value per Share

Book value per share is a measure used by owners of common shares in a firm to determine the level of
safety associated with each individual share after all debts are paid off.

𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

𝐵𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒 =
𝑇𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠

F. Solvency Ratios
Solvency or leverage ratio is another indicator similar to liquidity ratio. Unlike liquidity ratio, it measures
the capacity of the enterprise to meet its long-term obligations.

i. Debt to Equity Ratio

Debt/Equity Ratio helps to ascertain the financial leverage of the company. It indicates how much debt a
company is using to finance its assets relative to the amount of value represented in the shareholders’
equity.

𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐷𝑒𝑏𝑡 𝑒𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =
𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠 ′ 𝑒𝑞𝑢𝑖𝑡𝑦

This form of D/E may often be referred to as risk or gearing.

ii. Debt to Asset Ratio

Total debt to total assets is another leverage ratio that defines the total amount of debt relative to assets.
This enables comparisons of leverage to be made across different companies. The higher the ratio, higher
the degree of leverage, and consequently the financial risk.

𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡 (𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

𝐷𝑒𝑏𝑡 𝑡𝑜 𝑎𝑠𝑠𝑒𝑡 =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iii. Debt to Capital Ratio

A measurement of a company's financial leverage, calculated as the company's debt divided by its total
capital.

19
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡 (𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝑐𝑎𝑝𝑖𝑡𝑎𝑙
Where, Total Capital = company's debt and Shareholders' Equity

iv. Interest Cover Ratio

Interest cover ratio is used to determine how easily a company can pay interest on outstanding debt. It is
achieved by dividing the company’s earnings before interest and taxes (EBIT) during a given period by
the amount a company must pay in interest on its debts during the same period.

𝐸𝐵𝐼𝑇
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑐𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑟𝑎𝑡𝑖𝑜 =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒𝑠

20
Review and Financial Statements Analysis
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Executive Summary
The overall balance sheet size of non-financial companies listed at Pakistan Stock Exchange (PSX)
including in this publication registered a growth of 7.64 percent to reach at Rs 10,912.41 billion in FY20
from Rs 10,137.43 billion in FY19. Total liabilities increased by 7.46 percent during FY20 to reach Rs
7,116.75 billion. An increase of 7.99 percent was registered in shareholders’ equity when compared with
the previous year. Total assets of public sector contributing 31.58 percent share of overall assets recorded
an increase of 8.72 percent during FY20. Growth of total assets was recorded 7.15 percent for private
sector, which contained 68.42 percent share in overall assets during FY20. Total liabilities for private and
public sector showed increase of 7.76 percent and 6.95 percent respectively during FY20. Private and
public sectors posted growth of 6.22 percent and 14.17 percent respectively against shareholders’ equity
in the current year over previous year.

Operational activities depicted a decrease of 8.88 percent and 3.62 percent in sales of private and public
sector respectively during FY20. Private sector companies witnessed a decrease in their gross profit by
8.83 percent. Public sector companies also recorded a decline of 8.25 percent in their gross profit in
FY20 when compared with the previous year. Private sector companies’ performance in terms of
profitability posted YoY decrease by 19.85 percent in profit before tax and 21.38 percent in profit after
tax during FY20. Same situation is observed with public sector companies which recorded a decrease of
31.32 percent and 37.34 percent in profit before tax and profit after tax, respectively during the year
under review.

A brief review on important indicators of non-financial listed companies during FY20 is given below:

Capital Structure
Total capital employed comprising of total non-current liabilities and shareholders’ equity for all
companies increased by 11.76 percent in FY20 from Rs 5,270.85 billion in FY19 to touch Rs 5,890.62
billion in FY20. Private sector and public sector companies showed increase in total capital employed by
12.26 percent and 10.46 percent respectively in FY20 over FY19 with their respective shares in total
capital employed (all sectors) 72.51 percent and 27.49 percent in FY20. Shareholders’ equity of all sector
(overall) increased by 7.99 percent in FY20 from Rs 3,514.93 billion in FY19 to Rs 3,795.66 billion in
FY20. Aggregate issued, subscribed & paid-up capital and long term borrowings indicated YoY increase
of 2.04 percent and 25.07 percent respectively in FY20. Reserves showed an increment of 11.66 percent
in FY20 over FY19.Whereas, YoY trend for reserves in private and public sectors grew by 8.89 percent
and 20.59 percent respectively in FY20.

Assets
During FY20, increase of Rs 774.98 billion in total assets of companies of all sectors, which is attributed
due to increase in total assets of Rs 498.51 billion in private sector companies and 276.47 billion in
public sector companies. Non-current assets (overall) showed an increase of Rs 373.89 billion or 7.72
percent in FY20 over FY19, with corresponding increase of Rs 276.65 billion or 7.43 percent in private
sector companies and increase of Rs 97.23 billion or 8.66 percent in public sector companies during the
same period. Components of non-current assets reveal that all major items (overall) except intangible
assets, showed positive growth during FY20. For public sector companies, intangible assets and capital
work in progress showed negative growth of 2.74 percent and 2.87 percent. Operating fixed assets after
deducting accumulated depreciation for all companies, registered an increase of Rs 158.09 billion or 4.42
percent during FY20. Private and public sector companies posted YoY growth of 5.24 percent and 1.92
percent respectively for operating fixed assets after deducting accumulated depreciation during FY20.

22
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Long term investments for private sector increased to Rs 486.22 billion during FY20 with an increase of
Rs 38.66 billion. However, for public sector long term investments increased by Rs 35.35 billion during
the same period.
Current Assets (Overall) Non-Current Assets (Overall)

FY19 FY20 Growth (RHS) FY19 FY20 Growth (RHS)

3,990 70
2500 20 3,490
62.95 60
2000
15.92 15 2,990 50
8.40 2,490 40

billion Rs
percent
10
billion Rs

1500 7.14 1,990 30

percent
5
1000 1,490 20
-3.68 0 990 11.00 13.91 10
500 -7.90 -5 490 4.42 0
-4.23
0 -10 -10 -10

progress

Long term
Intangible
OFA less acc

Other NCA
balances

Short term
Invento.

Other CA
Trade Debt

Loans and

CW in
Advances
Cash &

Assets

Inv.
dep.
Current assets of overall sector increased to Rs 5,694.37 billion in FY20 with an increase of Rs 401.10
billion or 7.58 percent from Rs 5,293.27 billion in FY19. Current assets of private sector moved upwards
by 6.83 percent during FY20.Similarly, a growth of 8.76 percent is observed during current assets of
public sector during reference period. Cash and bank balances (overall) scaled up by 15.92 percent during
FY20. The trade debt for all sectors constituted 37.23 percent share of total current assets in FY20 and
increased with growth of 7.14 pecrent during FY20. Trade debt related to public sector companies
showed growth of 16.14 percent but in contrary the private sector which showed a decrease of 1.24
percent during FY20. Short term investments (overall), scaled up by 70.84 percent during the current
year. Inventories, related to public sector recorded a decrease of 33.80 percent in FY20.

Shareholders’ Equity
Shareholders’ equity (overall) increased by Rs Shareholders' Equity (Overall)
280.73 billion or 7.99 percent during FY20 to FY19 FY20 Growth (RHS)
touch Rs 3,795.66 billion in FY20 form Rs 3000 20
3,514.93 billion in FY19. Private and public sector 18.21 18
2500 16
companies also witnessed growth of 6.22 percent 14
2000
and 14.17 percent respectively in shareholders’
billion Rs

11.66 12 percent
equity during the year FY20. This growth (overall) 1500 10
8
was mainly attributed due to growth of 11.66 1000 6
percent in reserves where, private and public 500 4
2.04 2.38 2
sector companies’ reserves grew by 8.89 percent 0 0
SRFA
Reserves
I, S & Paid up

un-appropriated

and 20.59 percent respectively during FY20.

profit(loss)
capital

Issued, subscribed and paid up capital of all

sectors increased by Rs 16.95 billion with growth
of 2.04 percent in FY20. Surplus on revaluation of
fixed assets for sector (overall) also increased by
Rs 12.66 billion or 2.38 percent during FY20 from Rs 531.92 billion in FY19 to Rs 544.58 billion in
FY20. Correspondingly, surplus on revaluation of fixed assets (SRFA) of private sector companies which
represented 76.21 percent share of overall sector grew by 3.15 percent during FY20.

23
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Liabilities
Total liabilities (overall) grew by Rs 494.25 billion or 7.46 percent to reach Rs 7,116.75 billion in FY20.
Total liabilities of public sector grew by an amount of Rs 165.95 billion or 6.95 percent during FY20.
Similarly, an increase of Rs 328.30 billion or 7.76 percent growth in FY20 was observed in liabilities of
private sector.The composition of share of current liabilities and non-current liabilities in total liabilities
of overall sector remained 70.56 percent and 29.44 percent respectively in FY20, whereas the growth of
current liabilities (overall) and non-current liabilities (overall) for the year FY20 remained 3.19 percent
Current Liabilities (Overall) Non-Current Liabilities (Overall)
FY19 FY20 Growth (RHS) FY19 FY20 Growth (RHS)
3500 28.65 35
1400 30
30
3000 15.05
25 1200 25.07 25
2500 20 1000 20
15

percent
2000

billion Rs
800 15
billion Rs

percent
10
1500 7.38
5 600 10
1000 0 400 5.12 5
-11.45 -5
500 -8.73 200 0
-10
0 -15 -3.25
0 -5
Other CL
Payables incl.

Portion of LT
Trade Credits

Other NCL
Borrowings
Borrowings

Employees
Subordinated
Liabilities

benefits
Current

Loans
and 19.31 percent respectively. Public sector companies posted increase in non-current liabilities and
current liabilities by 6.25 percent and 7.23 percent respectively during FY20. An increase of 27.69
percent and 1.02 percent in FY20 was recorded in non-current liabilities and current liabilities of private
sector respectively.

Profitability and Operating Efficiency

The sales of listed non-financial companies posted a decrease of Rs 635.02 billion or 7.18 percent during
FY20, with corresponding decrease of 8.16 percent in local sales during the same period. Cost of sales
also moved down during FY20 by an amount of Rs 523.14 billion or with 6.93 percent. Gross profit of
overall sectors decreased by Rs 111.88 billion during FY20 which is 8.67 percent lower than gross profit
earned during FY19. EBIT (earnings before interest and tax) decreased by 9.95 percent and reached to Rs
801.87 billion in the current year from Rs 900.47 billion in the previous year. Profit before tax decreased
by Rs 148.01 billion or 23.84 percent in FY20, similarly profit after tax of overall sectors went down by
Rs 110.16 billion or 26.18 percent during FY20.

Gross profit of private sector companies decrease by Rs 82.34 billion or 8.83 percent to touch Rs 849.70
billion in FY20 from Rs 932.04 billion in FY19. Likewise, for public sector companies’ gross profit
posted also decrease by Rs 29.54 billion or 8.25 percent during FY20. A YoY decrease of 8.61 percent is
observed in EBIT during FY20 for private sector companies, whereas public sector companies faced a

24
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

decrease of 12.68 percent in EBIT during the same Ratio Analysis (Overall)
period. Profit before and profit after tax decreases FY19 FY20
by 19.85 percent and 21.38 percent respectively in 14 12.45
the year FY20 for private sector companies. Public 12
sector companies have shown YoY decrease of 10 8.50
31.32 percent and 37.34 percent in profit before

percent
8
and profit after tax respectively during the period
6 4.76 4.44
under review. 3.79
4 2.95 2.81 2.88
2 0.93 0.78
Net profit margin percentage for all companies
(overall) decreased to 3.79 in FY20 whereas it was 0

Financial
Turnover

leverage
Return on

Return on
Net Profit
4.76 in FY19. Net profit margin of private sector

Asset

Equity
Assets
Margin
companies decreased during FY20 reached to 4.24
percent as compared to the parameters of 4.91 in
FY19. Similarly, public sector companies recorded
a decrease for net profit margin from 4.45 percent in FY19 to 2.89 percent in FY20. Return on assets
(ROA), and return on equity (ROE) of overall companies touched 2.95 percent and 8.50 percent in FY20
as compare to 4.44 percent and 12.45 percent in FY19. While comparing ratios for private and public
sector companies, ROA for private sector companies decreased to 3.21 in FY20 from 4.46 in FY19 and
ROE decreased to 8.21 percent in FY20 from 11.15 percent in FY19. Public sector companies ROA
moved to 2.40 in FY20 from 4.38 in FY19 and ROE which stood at 17.08 percent in FY19 move down to
9.49 percent in FY20.

25
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

All Public / Private - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,531,103,655 3,825,932,828 3,990,063,951 4,317,881,997 4,844,160,523 5,218,046,007
1.Capital work in progress 259,324,219 337,549,218 381,911,371 381,402,299 496,224,112 550,818,764
2.Operating fixed assets at cost 4,115,588,203 4,296,515,139 4,850,957,708 5,699,508,454 6,263,094,880 6,669,738,400
3.Operating fixed assets after deducting accumulated depreciation 2,414,174,891 2,580,663,740 2,805,071,471 3,265,252,660 3,579,574,681 3,737,666,128
4.Intangible assets 174,520,925 182,252,365 196,882,394 98,591,544 91,528,211 87,655,610
5.Long term investments 585,123,944 612,098,727 496,716,076 474,754,071 532,175,673 606,185,894
6.Other non-current assets 97,959,676 113,368,778 109,482,639 97,881,423 144,657,846 235,719,611
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,799,315,553 2,949,977,027 3,670,546,037 4,511,072,643 5,293,269,198 5,694,365,126
1.Cash & bank balance 235,048,777 281,343,490 292,703,926 280,406,070 289,246,426 335,300,354
2.Inventories; of which 529,203,203 536,932,551 679,398,825 895,253,268 981,594,768 904,067,201
i)Raw material 223,165,439 234,065,065 301,171,693 399,551,926 461,079,396 466,970,881
ii)Work in progress 44,334,571 41,205,863 50,438,405 57,130,953 78,443,686 81,543,948
iii)Finished goods 257,572,121 204,767,798 245,985,169 309,253,917 327,763,102 287,023,485
3.Trade Debt / accounts receivables 1,094,097,699 1,095,592,683 1,245,724,353 1,628,249,265 1,978,913,782 2,120,220,429
4.Short term loans and advances 63,007,994 76,387,740 112,032,770 147,883,323 155,660,360 149,929,658
5.Short term investments 177,349,165 200,155,012 316,390,768 299,299,268 221,608,896 378,604,313
6.Other current assets 700,608,714 759,565,550 1,024,295,394 1,259,981,448 1,666,244,966 1,806,243,172
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,330,419,208 6,775,909,854 7,660,609,988 8,828,954,641 10,137,429,721 10,912,411,133
C.Shareholders' Equity (C1+C2+C3) 2,483,059,762 2,754,569,405 3,020,345,276 3,245,638,316 3,514,926,501 3,795,660,323
1.Issued, Subscribed & Paid up capital 699,231,023 727,263,081 774,950,926 805,364,780 830,124,843 847,072,891
i)Ordinary shares 686,237,872 705,022,627 755,101,657 786,080,727 814,113,005 828,212,516
ii)Preference shares 12,993,151 22,240,454 19,849,269 19,284,053 16,011,838 18,860,375
2.Reserves 1,450,546,878 1,649,975,910 1,843,852,650 1,980,339,719 2,152,884,561 2,404,006,493
i)Capital Reserve 268,549,796 281,310,920 377,471,433 350,524,404 377,168,969 396,099,421
ii)Revenue Reserve 1,181,997,082 1,368,664,989 1,466,381,217 1,629,815,315 1,775,715,592 2,007,907,071
of which: un-appropriated profit(loss) / retained earnings 699,422,782 795,449,491 877,521,167 1,017,780,700 1,143,489,021 1,351,730,894
3.Surplus on revaluation of fixed assets 333,281,862 377,330,415 401,541,700 459,933,817 531,917,097 544,580,939
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,204,863,960 1,311,745,296 1,446,394,727 1,552,117,211 1,755,918,764 2,094,959,497
1.Long term borrowings 600,369,334 649,129,082 748,702,869 837,013,076 976,016,168 1,220,730,014
2.Subordinated loans / Sponsor's loans 8,876,655 9,142,937 10,713,896 11,168,964 14,652,637 14,176,502
3.Debentures/TFCs (bonds payable) 46,024,037 45,449,402 29,320,467 14,392,183 12,332,937 9,059,114
4.Employees benefit obligations 120,835,712 123,135,677 137,356,906 144,152,988 153,358,047 161,212,267
5.Other non-current liabilities 428,758,223 484,888,198 520,300,589 545,390,000 599,558,975 689,781,601
E.Current Liabilities (E1+E2+E3+E4) 2,642,495,485 2,709,595,154 3,193,869,985 4,031,199,113 4,866,584,457 5,021,791,312
1.Trade credit & other accounts payables 1,530,366,994 1,578,501,681 1,854,368,155 2,392,813,888 2,827,667,651 3,036,409,637
of which: i) Trade credits 833,858,958 766,948,429 922,711,650 1,282,913,890 1,617,808,640 1,675,708,948
2.Short term borrowings 652,989,749 667,313,003 792,451,829 993,238,886 1,316,022,160 1,201,130,525
3.Current portion of non-current liabilities 227,981,383 232,236,076 268,200,596 326,789,818 363,479,309 321,874,969
4.Other current liabilities 231,157,360 231,544,393 278,849,405 318,356,521 359,415,337 462,376,181
F.Operations:
1.Sales 6,059,429,038 5,497,345,029 6,389,222,605 7,678,228,377 8,838,691,311 8,203,670,528
i)Local sales (Net) 5,521,546,775 5,030,194,395 5,911,040,592 7,105,195,867 8,181,698,503 7,514,295,054
ii)Export sales (Net) 537,882,263 467,150,634 478,182,013 573,032,510 656,992,808 689,375,474
2.Cost of sales 5,148,420,842 4,608,598,282 5,365,828,344 6,519,225,400 7,548,786,203 7,025,646,505
i)Cost of material 2,453,561,314 2,272,668,550 2,214,686,587 2,782,933,624 3,291,148,288 2,888,796,175
3.Gross profit / (loss) (F1-F2) 911,008,196 888,746,747 1,023,394,261 1,159,002,977 1,289,905,108 1,178,024,022
4.General, administrative and other expenses 403,017,379 464,485,479 498,611,300 561,748,225 619,809,671 603,461,282
i)Selling & distribution expenses 176,908,975 183,958,851 197,862,993 215,554,035 228,116,592 229,098,760
ii)Administrative and other expenses 226,108,404 280,526,628 300,748,307 346,194,190 391,693,079 374,362,522
5.Other income / (loss) 181,032,214 198,260,736 204,907,098 175,974,142 230,375,361 236,308,533
6.EBIT (F3-F4+F5) 689,023,031 622,522,004 729,690,059 773,228,894 900,470,798 810,871,273
7.Financial expenses 163,283,768 125,549,868 125,440,559 163,259,892 279,721,693 338,132,413
of which: (i) Interest expenses 140,827,296 102,826,994 107,259,577 136,162,508 243,499,281 324,854,041
8.Profit / (loss) before taxation (F6-F7) 525,739,263 496,972,137 604,249,501 609,969,002 620,749,105 472,738,861
9.Tax expenses 141,631,604 136,847,954 171,048,760 181,073,131 199,935,478 162,085,759
10.Profit / (loss) after tax (F8-F9) 384,107,658 360,124,183 433,200,740 428,895,871 420,813,627 310,653,102
11.Cash dividends 211,618,130 230,487,428 275,019,375 254,652,246 233,898,716 183,513,910
12.Bonus shares / stock dividends 1,804,795 2,380,190 2,738,242 9,734,438 9,039,191 3,702,253
G.Statement of Cash Flows
1.Net cash flows from operating activities 501,462,278 567,880,746 478,501,780 437,074,292 382,934,726 779,881,513
2.Net cash flows from investing activities (329,763,783) (369,842,269) (386,282,521) (418,976,202) (549,689,719) (524,182,057)
3.Net cash flows from financing activities (154,291,293) (153,029,708) (54,261,660) (100,992,885) (77,622,222) (32,333,241)
H.Miscellaneous
1.Total capital employed (C+D) 3,687,923,723 4,066,314,702 4,466,740,003 4,797,755,527 5,270,845,265 5,890,619,820
2.Retention in business (F10-F11-F12) 170,684,733 127,256,566 155,443,123 164,509,187 177,875,720 123,436,939
3.Depreciation for the year 183,851,904 204,241,760 229,426,713 264,301,725 284,370,987 298,159,747
4.Salaries, wages and employee benefits 370,551,115 428,260,999 479,103,172 477,454,723 531,962,420 562,708,035
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.34 6.55 6.78 5.59 4.76 3.79
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.99 0.84 0.89 0.93 0.93 0.78
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.26 5.50 6.00 5.20 4.44 2.95
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.60 2.50 2.50 2.63 2.81 2.88
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.28 13.75 15.00 13.69 12.45 8.50
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.32 3.91 4.49 4.46 4.27 3.18
26
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Private - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,598,770,558 2,781,713,704 3,010,171,235 3,269,712,406 3,721,630,456 3,998,283,538
1.Capital work in progress 145,710,969 200,153,058 286,331,196 291,926,858 389,087,984 446,762,084
2.Operating fixed assets at cost 3,318,570,269 3,476,192,517 3,769,627,908 4,198,831,324 4,640,411,359 4,960,387,566
3.Operating fixed assets after deducting accumulated depreciation 1,944,709,285 2,026,641,817 2,147,375,567 2,420,756,118 2,687,903,076 2,828,859,857
4.Intangible assets 92,366,067 90,204,809 97,173,534 93,168,596 85,333,669 81,630,750
5.Long term investments 349,971,925 394,597,210 417,691,565 400,494,299 447,557,091 486,221,184
6.Other non-current assets 66,012,312 70,116,810 61,599,373 63,366,535 111,748,636 154,809,663
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,872,329,499 1,988,965,669 2,392,084,326 2,960,993,193 3,246,473,547 3,468,328,399
1.Cash & bank balance 206,178,408 250,863,000 260,873,205 246,762,755 234,254,217 286,088,267
2.Inventories; of which 467,533,227 483,148,315 599,947,658 779,667,896 879,497,173 836,482,115
i)Raw material 222,163,298 233,305,703 300,174,299 398,564,281 450,887,570 458,943,067
ii)Work in progress 43,950,217 40,900,005 50,055,245 56,878,471 78,233,660 81,276,135
iii)Finished goods 197,288,640 203,192,153 244,976,098 308,275,526 326,179,036 285,421,299
3.Trade Debt / accounts receivables 573,290,274 592,212,982 708,062,236 913,865,715 1,024,759,217 1,012,068,209
4.Short term loans and advances 47,204,310 57,662,465 86,842,763 120,947,866 137,972,129 128,389,837
5.Short term investments 141,144,757 175,065,812 229,135,956 278,590,490 202,160,806 348,213,638
6.Other current assets 436,978,522 430,013,094 507,222,507 621,158,470 767,830,005 857,086,334
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,471,100,057 4,770,679,372 5,402,255,561 6,230,705,600 6,968,104,003 7,466,611,937
C.Shareholders' Equity (C1+C2+C3) 1,881,267,470 2,117,263,399 2,342,800,586 2,545,127,491 2,734,978,840 2,905,185,042
1.Issued, Subscribed & Paid up capital 564,133,039 592,165,097 639,852,942 669,723,424 690,873,864 702,504,492
i)Ordinary shares 551,140,012 569,924,765 620,003,793 650,439,485 674,862,134 683,644,235
ii)Preference shares 12,993,027 22,240,332 19,849,149 19,283,939 16,011,730 18,860,257
2.Reserves 1,034,798,880 1,223,436,487 1,399,040,158 1,532,740,138 1,641,769,442 1,787,677,466
i)Capital Reserve 256,445,326 266,085,952 359,092,312 326,230,723 349,207,978 365,362,239
ii)Revenue Reserve 778,353,554 957,350,534 1,039,947,846 1,206,509,415 1,292,561,464 1,422,315,226
of which: un-appropriated profit(loss) / retained earnings 392,918,912 506,577,029 579,614,346 732,976,223 796,961,998 906,762,564
3.Surplus on revaluation of fixed assets 282,335,552 301,661,816 303,907,486 342,663,929 402,335,534 415,003,084
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 825,487,750 849,303,413 911,437,105 946,806,409 1,069,683,950 1,365,837,780
1.Long term borrowings 476,093,882 486,123,242 542,892,750 574,788,250 665,051,855 881,713,287
2.Subordinated loans / Sponsor's loans 8,876,655 9,142,937 10,713,896 11,168,964 14,652,637 14,176,502
3.Debentures/TFCs (bonds payable) 19,316,828 20,159,796 12,248,460 12,337,782 12,332,937 9,059,114
4.Employees benefit obligations 57,757,858 51,725,447 53,915,300 62,560,384 67,155,036 69,508,178
5.Other non-current liabilities 263,442,528 282,151,991 291,666,699 285,951,029 310,491,485 391,380,700
E.Current Liabilities (E1+E2+E3+E4) 1,764,344,836 1,804,112,561 2,148,017,870 2,738,771,699 3,163,441,214 3,195,589,114
1.Trade credit & other accounts payables 921,562,573 943,007,277 1,147,299,212 1,429,946,251 1,543,434,468 1,637,108,617
of which: i) Trade credits 483,017,666 412,376,289 510,817,149 655,845,751 721,520,238 719,202,964
2.Short term borrowings 512,592,539 521,790,795 623,402,052 854,864,507 1,138,460,612 1,062,991,922
3.Current portion of non-current liabilities 166,128,359 176,389,584 183,079,931 230,676,784 259,195,561 213,929,624
4.Other current liabilities 164,061,366 162,924,904 194,236,675 223,284,157 222,350,573 281,558,951
F.Operations:
1.Sales 4,330,736,514 4,065,405,373 4,596,739,429 5,473,333,874 5,995,824,315 5,463,644,688
i)Local sales (Net) 3,792,854,251 3,598,254,739 4,118,557,416 4,900,818,057 5,340,807,086 4,776,037,526
ii)Export sales (Net) 537,882,263 467,150,634 478,182,013 572,515,817 655,017,229 687,607,162
2.Cost of sales 3,628,419,234 3,306,613,348 3,781,131,569 4,555,943,099 5,063,782,169 4,613,946,909
i)Cost of material 2,099,614,958 1,892,010,708 2,210,922,490 2,778,519,634 3,285,264,648 2,881,829,882
3.Gross profit / (loss) (F1-F2) 702,317,280 758,792,025 815,607,860 917,390,775 932,042,146 849,697,778
4.General, administrative and other expenses 323,986,923 364,037,326 397,497,135 454,334,854 473,491,676 465,868,942
i)Selling & distribution expenses 153,924,625 161,745,462 176,244,543 192,974,545 203,415,787 202,033,135
ii)Administrative and other expenses 170,062,298 202,291,864 221,252,592 261,360,309 270,075,889 263,835,807
5.Other income / (loss) 114,446,851 122,244,476 144,387,868 122,318,429 144,905,487 167,691,396
6.EBIT (F3-F4+F5) 492,777,208 516,999,175 562,498,593 585,374,350 603,455,957 551,520,232
7.Financial expenses 120,827,788 94,815,240 94,354,065 118,702,644 198,904,955 227,261,899
of which: (i) Interest expenses 102,356,009 80,132,703 82,287,476 95,926,176 167,536,320 219,768,100
8.Profit / (loss) before taxation (F6-F7) 371,949,420 422,183,936 468,144,529 466,671,706 404,551,002 324,258,334
9.Tax expenses 83,138,528 102,338,342 115,380,934 109,653,000 110,179,779 92,833,678
10.Profit / (loss) after tax (F8-F9) 288,810,891 319,845,594 352,763,594 357,018,706 294,371,223 231,424,656
11.Cash dividends 158,197,739 192,602,880 223,849,612 190,680,527 175,093,300 148,351,848
12.Bonus shares / stock dividends 1,533,109 2,380,190 2,194,870 6,124,797 3,721,761 3,692,452
G.Statement of Cash Flows
1.Net cash flows from operating activities 410,229,104 432,864,289 413,202,023 323,502,319 243,730,694 624,429,480
2.Net cash flows from investing activities (236,443,601) (236,048,071) (291,058,212) (395,140,463) (423,160,726) (410,790,363)
3.Net cash flows from financing activities (95,817,232) (153,807,701) (97,531,497) (65,209,459) (41,741,297) 25,048,638
H.Miscellaneous
1.Total capital employed (C+D) 2,706,755,221 2,966,566,813 3,254,237,691 3,491,933,900 3,804,662,790 4,271,022,822
2.Retention in business (F10-F11-F12) 129,080,044 124,862,524 126,719,112 160,213,381 115,556,161 79,380,356
3.Depreciation for the year 148,295,143 161,332,123 174,169,831 203,732,113 214,567,746 225,780,876
4.Salaries, wages and employee benefits 286,955,300 333,509,205 370,011,502 359,973,013 408,680,607 434,649,213
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.67 7.87 7.67 6.52 4.91 4.24
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.00 0.88 0.90 0.94 0.91 0.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.65 6.92 6.94 6.14 4.46 3.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.45 2.31 2.28 2.38 2.50 2.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.30 16.00 15.82 14.61 11.15 8.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.83 4.07 4.25 4.32 3.48 2.69
27
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Public - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 932,333,097 1,044,219,124 979,892,716 1,048,169,591 1,122,530,067 1,219,762,469
1.Capital work in progress 113,613,250 137,396,160 95,580,175 89,475,441 107,136,128 104,056,680
2.Operating fixed assets at cost 797,017,934 820,322,622 1,081,329,800 1,500,677,130 1,622,683,521 1,709,350,834
3.Operating fixed assets after deducting accumulated depreciation 469,465,606 554,021,923 657,695,904 844,496,542 891,671,605 908,806,271
4.Intangible assets 82,154,858 92,047,556 99,708,860 5,422,948 6,194,542 6,024,860
5.Long term investments 235,152,019 217,501,517 79,024,511 74,259,772 84,618,582 119,964,710
6.Other non-current assets 31,947,364 43,251,968 47,883,266 34,514,888 32,909,210 80,909,948
B.Current Assets (B1+B2+B3+B4+B5+B6) 926,986,054 961,011,358 1,278,461,711 1,550,079,450 2,046,795,651 2,226,036,727
1.Cash & bank balance 28,870,369 30,480,490 31,830,721 33,643,315 54,992,209 49,212,087
2.Inventories; of which 61,669,976 53,784,236 79,451,167 115,585,372 102,097,595 67,585,086
i)Raw material 1,002,141 759,362 997,394 987,645 10,191,826 8,027,814
ii)Work in progress 384,354 305,858 383,160 252,482 210,026 267,813
iii)Finished goods 60,283,481 1,575,645 1,009,071 978,391 1,584,066 1,602,186
3.Trade Debt / accounts receivables 520,807,425 503,379,701 537,662,117 714,383,550 954,154,565 1,108,152,220
4.Short term loans and advances 15,803,684 18,725,275 25,190,007 26,935,457 17,688,231 21,539,821
5.Short term investments 36,204,408 25,089,200 87,254,812 20,708,778 19,448,090 30,390,675
6.Other current assets 263,630,192 329,552,456 517,072,887 638,822,978 898,414,961 949,156,838
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,859,319,151 2,005,230,482 2,258,354,427 2,598,249,041 3,169,325,718 3,445,799,196
C.Shareholders' Equity (C1+C2+C3) 601,792,292 637,306,006 677,544,690 700,510,825 779,947,661 890,475,281
1.Issued, Subscribed & Paid up capital 135,097,984 135,097,984 135,097,984 135,641,356 139,250,979 144,568,399
i)Ordinary shares 135,097,860 135,097,862 135,097,864 135,641,242 139,250,871 144,568,281
ii)Preference shares 124 122 120 114 108 118
2.Reserves 415,747,998 426,539,423 444,812,492 447,599,581 511,115,119 616,329,027
i)Capital Reserve 12,104,470 15,224,968 18,379,121 24,293,681 27,960,991 30,737,182
ii)Revenue Reserve 403,643,528 411,314,455 426,433,371 423,305,900 483,154,128 585,591,845
of which: un-appropriated profit(loss) / retained earnings 306,503,870 288,872,462 297,906,821 284,804,477 346,527,023 444,968,330
3.Surplus on revaluation of fixed assets 50,946,310 75,668,599 97,634,214 117,269,888 129,581,563 129,577,855
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 379,376,210 462,441,883 534,957,622 605,310,802 686,234,814 729,121,717
1.Long term borrowings 124,275,452 163,005,840 205,810,119 262,224,826 310,964,313 339,016,727
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 26,707,209 25,289,606 17,072,007 2,054,401 0 0
4.Employees benefit obligations 63,077,854 71,410,230 83,441,606 81,592,604 86,203,011 91,704,089
5.Other non-current liabilities 165,315,695 202,736,207 228,633,890 259,438,971 289,067,490 298,400,901
E.Current Liabilities (E1+E2+E3+E4) 878,150,649 905,482,593 1,045,852,115 1,292,427,414 1,703,143,243 1,826,202,198
1.Trade credit & other accounts payables 608,804,421 635,494,404 707,068,943 962,867,637 1,284,233,183 1,399,301,020
of which: i) Trade credits 350,841,292 354,572,140 411,894,501 627,068,139 896,288,402 956,505,984
2.Short term borrowings 140,397,210 145,522,208 169,049,777 138,374,379 177,561,548 138,138,603
3.Current portion of non-current liabilities 61,853,024 55,846,492 85,120,665 96,113,034 104,283,748 107,945,345
4.Other current liabilities 67,095,994 68,619,489 84,612,730 95,072,364 137,064,764 180,817,230
F.Operations:
1.Sales 1,728,692,524 1,431,939,656 1,792,483,176 2,204,894,503 2,842,866,996 2,740,025,840
i)Local sales (Net) 1,728,692,524 1,431,939,656 1,792,483,176 2,204,377,810 2,840,891,417 2,738,257,528
ii)Export sales (Net) 0 0 0 516,693 1,975,579 1,768,312
2.Cost of sales 1,520,001,608 1,301,984,934 1,584,696,775 1,963,282,301 2,485,004,034 2,411,699,596
i)Cost of material 353,946,356 380,657,842 3,764,097 4,413,990 5,883,640 6,966,293
3.Gross profit / (loss) (F1-F2) 208,690,916 129,954,722 207,786,401 241,612,202 357,862,962 328,326,244
4.General, administrative and other expenses 79,030,456 100,448,153 101,114,165 107,413,371 146,317,995 137,592,340
i)Selling & distribution expenses 22,984,350 22,213,389 21,618,450 22,579,490 24,700,805 27,065,625
ii)Administrative and other expenses 56,046,106 78,234,764 79,495,715 84,833,881 121,617,190 110,526,715
5.Other income / (loss) 66,585,363 76,016,260 60,519,230 53,655,713 85,469,874 68,617,137
6.EBIT (F3-F4+F5) 196,245,823 105,522,829 167,191,466 187,854,544 297,014,841 259,351,041
7.Financial expenses 42,455,980 30,734,628 31,086,494 44,557,248 80,816,738 110,870,514
of which: (i) Interest expenses 38,471,287 22,694,291 24,972,101 40,236,332 75,962,961 105,085,941
8.Profit / (loss) before taxation (F6-F7) 153,789,843 74,788,201 136,104,972 143,297,296 216,198,103 148,480,527
9.Tax expenses 58,493,076 34,509,612 55,667,826 71,420,131 89,755,699 69,252,081
10.Profit / (loss) after tax (F8-F9) 95,296,767 40,278,589 80,437,146 71,877,165 126,442,404 79,228,446
11.Cash dividends 53,420,391 37,884,548 51,169,763 63,971,718 58,805,415 35,162,062
12.Bonus shares / stock dividends 271,686 0 543,372 3,609,641 5,317,430 9,801
G.Statement of Cash Flows
1.Net cash flows from operating activities 91,233,174 135,016,457 65,299,757 113,571,973 139,204,032 155,452,033
2.Net cash flows from investing activities (93,320,182) (133,794,198) (95,224,309) (23,835,739) (126,528,993) (113,391,694)
3.Net cash flows from financing activities (58,474,061) 777,993 43,269,837 (35,783,426) (35,880,925) (57,381,879)
H.Miscellaneous
1.Total capital employed (C+D) 981,168,502 1,099,747,889 1,212,502,312 1,305,821,627 1,466,182,475 1,619,596,998
2.Retention in business (F10-F11-F12) 41,604,690 2,394,041 28,724,011 4,295,806 62,319,559 44,056,583
3.Depreciation for the year 35,556,761 42,909,637 55,256,882 60,569,612 69,803,241 72,378,871
4.Salaries, wages and employee benefits 83,595,815 94,751,794 109,091,670 117,481,710 123,281,813 128,058,822
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.51 2.81 4.49 3.26 4.45 2.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.96 0.74 0.84 0.91 0.99 0.83
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.30 2.08 3.77 2.96 4.38 2.40
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.06 3.12 3.24 3.52 3.90 3.96
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.23 6.50 12.24 10.43 17.08 9.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.05 2.98 5.95 5.30 9.08 6.75
28
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Textile

Performance at a Glance
In our analysis, companies participating in textile sector were divided in to three categories. In the
first category, companies working in spinning, weaving and finishing group of textiles were taken,
which constitute approximately 88 percent share in number of companies of textile sector. Second
category contained companies related to made-up textile articles which contributed around only 3
percent share in number of companies of overall textile sector. Third category contained companies
attached with production of wool, silk, polyester, artificial fiber and synthetics items etc. and named
as other textiles, whose contribution in total number of companies of textile sector remained around 8
percent in FY20. Category wise participation in different aspects of textile sector is given in the graph
below.

Group-wise participation in textile sector

Made-up textile articles Other textiles Spinning, Weaving, Finishing of Textiles
100
90
80
70
60
86.11 85.34 85.68
percent

86.21 86.16 86.27 86.83 86.44

92.60
50
40
30
20
10 8.84 5.74 7.43 11.04 6.41 4.79 7.10 12.08
4.95 8.15 6.41 3.62 7.33 8.38 6.46 7.39
0 2.24
Assets
current

Sharehold

Liabilities

Liabilities

Sales

After Tax
Total

Export
Current
Assets

Assets

Total

Sales
Current
Non

current
Equity

Profit
Non
ers'

Overall balance sheet size of textile sector increased by Rs 84.50 billion, showing YoY increase of
8.30 percent during FY20 to reach at Rs 1,102.58 billion in FY20 from Rs 1,018.08 billion in FY19.
Shareholders’ equity also increased by 1.45 percent over the previous year to stand at Rs 409.34
billion by the end of current year. Total liabilities increased by Rs 78.66 billion or 12.80 percent to
accumulate its balance up to Rs 693.24 billion in FY20. Sales of the sector decreased with 7.21
percent in FY20. Local sales contributed 43.92 percent share and decreased by 19.68 percent during
FY20 when compared with FY19. Export sales contributed 56.08 percent share of overall sales in
FY20, were increased with YoY growth of 5.65 percent during FY20 over FY19. Cost of sales
declined with Rs 47.07 billion or 5.80 percent during FY20. Gross profit also decreased by 17.06
percent during FY20 when compared with FY19. Sector’s profit before taxation also decreased with
68.31 percent during FY20, which is Rs 36.51 billion less than that of previous year. Similarly, profit
after taxation decreased to Rs 7.68 billion in FY20 from Rs 42.38 billion in FY19, with a decrease of
81.88 percent during current year over previous year. It should be noted that data of the sector for
previous years were revised for some companies and also the information of some companies that
were previously excluded due to unavailability of data, have been incorporated in this publication.

29
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Assets
Non-current assets of the sector stood at Rs 600.16 billion in FY20 as compared to Rs 545.82 billion
in FY19, reflecting an increase of 9.96 percent during FY20. Operating fixed assets after deducting
accumulated depreciation which constituted 72.29 percent share of non-current assets in FY20,
increased with 5.16 percent during FY20 when compared to FY19. Capital work in progress increased
as well by Rs 23.01 billion during FY20 over the previous year. Long-term investments of the sector
increased by Rs 5.48 billion or 5.30 percent during current year over previous year.
Current assets increased by Rs 30.16 billion or 6.39 percent during FY20 when compared to FY19.
Inventories containing 53.24 percent share of current assets in FY20, increased to Rs 267.51 billion
during current year from Rs 227.84 billion in the previous year. Trade debt which contains 19.99
percent share of current assets during FY20, decreased by 3.23 percent in FY20 and reached at Rs
23.45 billion in FY20 from Rs 24.23 billion in FY19. Short-term investments were moved up by
41.08 percent in FY20 from Rs 12.54 billion in FY19 to reach at Rs 17.69 billion in FY20.

Liabilities and Shareholders’ Equity

Shareholders’ equity increased to Rs 409.34 Shareholders' Equity
billion in the FY20 from Rs 403.49 billion in 2019 2020 Growth(RHS)
the previous year. Paid-up capital increased by 300 2
Rs 1.09 billion or 1.57 percent during FY20 1.79 2
250
when compared to FY19. Total reserves, which 1.57 2
comprises of capital reserves, revenue reserves, 200 1

percent
1
biliion Rs

constituted 60.72 percent share of total

shareholders’ equity during FY20, reflected an 150 1
1
increase in growth by 1.79 percent during 100 1
FY20 when compared with FY19. The increase 0.43 0
in reserves of textile sector is due to increase of 50
0
4.40 billion or 8.65 percent in capital reserves, 0 0
which reached to Rs 55.27 billion in FY20 Issued, Reserves Surplus on
from Rs 50.87 billion in FY19. Revenue Subscribed & revaluation of
Paid up capital fixed assets
reserves having 77.76 percent share of total
reserves in FY20 reflected almost no change during FY20. Surplus on revaluation of fixed assets,
which has 22.08 percent share of total equity, witnessed raised up to Rs 90.37 billion in FY20 and
stood approximately at same level as compare to previous yea.
Non-Current liabilities increased with YoY growth of 35.33 percent to reach Rs 217.10 billion during
current year from Rs 160.43 billion in previous year. Long-term borrowing, which has 82.54 percent
share of non-current liabilities in FY20, were increased by Rs 55.28 billion or with 44.60 percent YoY

Non-Current Liabilities Current Liabilities

2019 2020 Growth(RHS) 2019 2020 Growth(RHS)
200 50 350 15
180 44.60 8.65
8.90 10
40 300 7.87
160 5
140 250 0
30
biliion Rs

120 -5
biliion Rs

percent

percent

200
100 20 -10
80 150 -15
(1.93)
60 3.41 10 -20
6.82 100
40 0 -25
50 (29.50)
20 -30
0 -10 0 -35
ord/Sponso
borrowings

Other NCL
Employees

other A/c

portion of
borrowings

current
payables

Other
Current

liab.
T.C &
r's loans

benefit

NCL
oblig.
Sub-
LT

ST

30
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

growth during FY20. Employee benefits obligations stood at Rs 12.25 billion during FY20, which is
Rs 0.78 billion or 6.82 percent higher than that of the previous year.
Current liabilities increased from Rs 454.16 billion in FY19 to Rs 476.14 billion in FY20 with YoY
growth of 4.84 percent during the period under review. Trade credits and other accounts payable
comprises of 24.16 percent share of total current liabilities increased by Rs 9.40 billion or 8.90
percent during FY20 when compared with FY19. Short-term borrowings scaled up from Rs 275.70
billion in FY19 to Rs 297.40 billion in FY20 and remained major part of current liabilities with shares
of 60.71 percent and 62.46 percent during FY19 and FY20 respectively. Current portion of non-
current liabilities decreased by 29.50 percent during FY20, which constituted 5.98 percent share of
total current liabilities in FY20.

Operating Efficiency and Ratios

Sales related to the textile sector decreased by Rs 66.88 billion or 7.21 percent during FY20. Total
sales of textile sector decreased to Rs 861.05 billion in FY20 from Rs 927.92 billion in FY19, of
which 86.44 percent of total sales related to spinning, weaving and finishing category of textile sector
in FY20. Share of export sales in overall sales remained higher than local sales, and this share
improved from 49.26 percent in FY19 to 56.08 percent in FY20. Moreover, export sales showed an
increase of Rs 25.81 billion in FY20 which is 5.65 percent more than that of FY19. Cost of sales
decreased with Rs 47.07 billion or 5.80 percent during current year as compared to the previous year.
Gross profit of the sector also decreased from Rs 116.13 billion in FY19 to Rs 96.32 billion in FY20
witnessed a YoY decrease of 17.06 percent during current year over previous year. General,
administrative and other expenses increased slightly by 0.76 percent during FY20 to touch Rs 57.68
billion during current year. Other income decreased by Rs 10.87 billion or 39.51 percent during
current year as compared to previous year. It shows that EBIT (Earnings Before Interest and Taxes)
decreased to Rs 55.27 billion in FY20 form Rs 86.38 billion in FY19, which is 36.02 percent less than
EBIT in FY19. Financial expenses grew by 16.39 percent during FY20 or Rs 5.40 billion more than
that of FY19. Profit before taxation shifted down to Rs 16.93 billion in FY20 from Rs 53.44 billion in
FY19. Tax expenses were also decreased by 16.34 percent during FY20. Profit after tax move down
by Rs 34.70 billion or 81.88 percent during FY20 to touch Rs 7.68 billion during FY20 from Rs
42.38 billion in FY19.
Sales & Profitability Ratio Analysis
2019 2020 Growth(RHS) 2019 2020
600 20
10 12
500 5.65
(19.68) 0
-10 10
400 (17.06) -20
-30 8
percent

300
billion Rs

percent

-40
-50 6
200
(68.31) -60
100 -70 4
(81.88)
-80
- -90 2
Local Sales

Gross
Export

Profit after
before tax
Profit
Sales

Profit

0
tax

Net profit Asset Return on Financial Return on

margin turnover Assets leverage equity

Key Performance indicators of the sector witnessed decline during current year FY20 as compared to
previous year FY19 with reference to profitability and efficiency. Return on assets decreased from
4.42 in FY19 to 0.72 in FY20 and return on equity moved down from 11.02 in FY19 to 1.89 in FY20.
Basic earnings per share decreased from 5.99 in FY19 to 1.07 in FY20. Net profit margin decreased
from 4.57 in FY19 to 0.89 in FY20. Asset turnover was moved down to 0.81 during FY20 from 0.97
in FY19.

31
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Textile Sector - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 472,329,293 503,176,341 529,584,065 515,313,291 545,818,659 600,163,611
1.Capital work in progress 16,413,576 13,710,830 23,420,221 12,000,355 16,762,323 39,770,949
2.Operating fixed assets at cost 570,529,109 551,432,660 601,179,433 629,746,992 685,776,006 725,910,089
3.Operating fixed assets after deducting accumulated depreciation 335,155,252 358,396,664 371,301,024 389,075,160 412,555,931 433,833,489
4.Intangible assets 166,030 183,738 217,540 143,024 205,945 402,016
5.Long term investments 116,707,452 127,946,726 131,945,777 110,846,539 103,364,027 108,841,096
6.Other non-current assets 3,886,983 2,938,383 2,699,503 3,248,213 12,930,433 17,316,061
B.Current Assets (B1+B2+B3+B4+B5+B6) 280,166,412 291,622,760 341,308,053 386,120,657 472,260,668 502,417,904
1.Cash & bank balance 7,813,234 11,039,558 6,003,770 6,474,075 14,547,702 13,399,390
2.Inventories; of which 130,532,402 133,412,899 153,409,955 176,929,858 227,840,600 267,511,995
i)Raw material 69,052,697 70,270,981 86,428,055 111,252,109 148,627,818 162,397,411
ii)Work in progress 14,551,382 14,233,821 15,894,120 17,832,515 21,765,486 21,696,652
iii)Finished goods 45,643,345 47,448,040 50,012,496 46,652,368 56,801,648 82,542,540
3.Trade Debt / accounts receivables 62,323,355 57,261,191 65,635,427 92,188,614 115,713,822 100,441,395
4.Short term loans and advances 14,523,634 17,165,572 18,105,409 19,570,180 24,232,626 23,448,940
5.Short term investments 12,644,972 13,327,241 21,575,996 16,760,165 12,535,460 17,685,037
6.Other current assets 52,328,815 59,416,299 76,577,496 74,197,765 77,390,458 79,931,147
Total Assets (A+B) / Equity & Liabilities (C+D+E) 752,495,705 794,799,101 870,892,118 901,433,948 1,018,079,327 1,102,581,515
C.Shareholders' Equity (C1+C2+C3) 333,171,531 353,452,281 372,600,505 366,152,867 403,494,801 409,338,776
1.Issued, Subscribed & Paid up capital 58,893,928 60,970,482 61,412,886 61,929,994 69,337,219 70,426,515
i)Ordinary shares 57,745,595 59,822,149 60,301,220 60,818,328 69,025,553 70,114,849
ii)Preference shares 1,148,333 1,148,333 1,111,666 1,111,666 311,666 311,666
2.Reserves 200,776,257 215,713,435 231,150,171 216,111,347 244,181,956 248,546,723
i)Capital Reserve 79,543,025 91,635,391 96,257,222 63,350,886 50,867,648 55,268,247
ii)Revenue Reserve 121,233,232 124,078,044 134,892,949 152,760,461 193,314,308 193,278,476
of which: un-appropriated profit(loss) / retained earnings 35,917,315 37,797,586 41,354,859 50,885,572 95,045,311 90,772,336
3.Surplus on revaluation of fixed assets 73,501,346 76,768,364 80,037,448 88,111,526 89,975,626 90,365,538
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 118,738,363 122,062,281 152,760,568 145,664,199 160,425,124 217,098,715
1.Long term borrowings 82,876,579 88,971,192 119,730,996 113,187,540 123,925,535 179,201,858
2.Subordinated loans / Sponsor's loans 6,277,300 5,534,128 5,220,080 5,266,915 4,461,945 4,375,620
3.Debentures/TFCs (bonds payable) 2,956,129 913,358 390,474 145,853 0 0
4.Employees benefit obligations 6,889,286 7,391,419 7,598,538 8,346,988 11,467,392 12,249,179
5.Other non-current liabilities 19,739,069 19,252,184 19,820,480 18,716,903 20,570,252 21,272,058
E.Current Liabilities (E1+E2+E3+E4) 300,585,811 319,284,539 345,531,045 389,616,882 454,159,402 476,144,024
1.Trade credit & other accounts payables 71,280,383 75,029,554 76,468,058 90,084,690 105,623,904 115,019,768
of which: i) Trade credits 33,268,904 35,374,856 34,537,153 35,790,608 42,011,435 45,952,691
2.Short term borrowings 178,224,812 188,842,726 208,428,248 231,945,334 275,704,808 297,404,732
3.Current portion of non-current liabilities 28,900,956 35,314,047 36,930,085 40,483,763 40,396,355 28,478,392
4.Other current liabilities 22,179,660 20,098,212 23,704,654 27,103,095 32,434,335 35,241,132
F.Operations:
1.Sales 648,382,449 596,540,344 645,036,516 742,424,936 927,923,751 861,045,614
i)Local sales (Net) 291,935,632 280,879,155 321,585,761 372,022,934 470,870,461 378,187,114
ii)Export sales (Net) 356,446,817 315,661,189 323,450,755 370,402,002 457,053,290 482,858,500
2.Cost of sales 595,082,347 546,379,303 588,000,467 668,069,662 811,794,134 764,726,821
i)Cost of material 377,090,968 335,768,549 381,985,089 442,679,904 564,779,698 522,125,672
3.Gross profit / (loss) (F1-F2) 53,300,102 50,161,041 57,036,049 74,355,274 116,129,617 96,318,793
4.General, administrative and other expenses 39,010,813 37,213,398 38,602,686 45,460,294 57,248,502 57,682,959
i)Selling & distribution expenses 19,255,952 17,898,888 19,318,667 21,238,315 27,237,658 26,025,446
ii)Administrative and other expenses 19,754,861 19,314,510 19,284,019 24,221,979 30,010,844 31,657,513
5.Other income / (loss) 19,145,707 20,699,693 25,605,384 18,590,108 27,499,859 16,633,772
6.EBIT (F3-F4+F5) 33,434,996 33,647,336 44,038,747 47,485,088 86,380,974 55,269,606
7.Financial expenses 24,013,397 18,786,624 18,195,043 21,578,062 32,937,835 38,335,988
of which: (i) Interest expenses 20,257,617 15,296,939 15,995,936 18,955,094 28,128,206 33,739,468
8.Profit / (loss) before taxation (F6-F7) 9,421,599 14,860,712 25,843,704 25,907,026 53,443,139 16,933,618
9.Tax expenses 4,826,277 5,045,373 4,638,896 6,459,503 11,064,139 9,256,121
10.Profit / (loss) after tax (F8-F9) 4,595,322 9,815,339 21,204,808 19,447,523 42,379,000 7,677,497
11.Cash dividends 8,493,383 7,520,045 7,960,902 9,889,875 13,726,522 9,138,588
12.Bonus shares / stock dividends 485,125 615,619 974,810 79,476 750,491 892,261
G.Statement of Cash Flows
1.Net cash flows from operating activities 34,799,564 16,337,197 (6,674,404) 4,057,910 28,389,792 27,217,680
2.Net cash flows from investing activities (34,644,187) (29,352,273) (46,048,394) (24,234,342) (52,269,523) (71,951,405)
3.Net cash flows from financing activities (268,221) 12,167,409 46,507,316 14,650,017 26,385,192 37,028,076
H.Miscellaneous
1.Total capital employed (C+D) 451,909,894 475,514,562 525,361,073 511,817,066 563,919,925 626,437,491
2.Retention in business (F10-F11-F12) (4,383,186) 1,679,675 12,269,096 9,478,172 27,901,987 (2,353,352)
3.Depreciation for the year 22,740,337 23,547,194 25,570,422 26,302,753 29,678,854 32,309,877
4.Salaries, wages and employee benefits 67,935,250 66,727,145 71,950,049 78,435,922 93,441,323 114,869,634
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.71 1.65 3.29 2.62 4.57 0.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.86 0.77 0.77 0.84 0.97 0.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.61 1.27 2.55 2.19 4.42 0.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.29 2.25 2.29 2.40 2.50 2.61
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.40 2.86 5.84 5.26 11.02 1.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.77 1.61 3.43 3.07 5.99 1.07
32
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Spinning, Weaving, Finishing of Textiles - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 414,243,762 439,050,074 470,538,115 455,522,913 480,164,810 517,414,397
1.Capital work in progress 15,261,222 8,907,216 14,187,488 9,214,426 9,417,937 17,915,764
2.Operating fixed assets at cost 494,391,696 491,593,554 513,777,616 531,133,423 582,145,503 603,072,012
3.Operating fixed assets after deducting accumulated depreciation 292,135,517 315,138,488 323,452,002 334,468,285 356,957,260 380,339,189
4.Intangible assets 103,109 121,321 139,419 82,594 127,512 273,362
5.Long term investments 103,245,181 112,280,027 130,446,367 108,971,786 101,522,110 104,536,061
6.Other non-current assets 3,498,733 2,603,022 2,312,839 2,785,822 12,139,991 14,350,021
B.Current Assets (B1+B2+B3+B4+B5+B6) 245,347,454 251,592,345 288,012,968 331,155,448 406,124,066 432,607,449
1.Cash & bank balance 7,430,826 10,156,768 5,477,689 5,539,761 13,726,935 12,367,144
2.Inventories; of which 110,525,464 111,842,947 129,736,446 146,930,555 191,305,096 227,799,625
i)Raw material 63,056,070 64,038,958 78,377,054 97,946,750 131,357,465 144,823,727
ii)Work in progress 13,755,647 13,507,292 15,104,739 16,701,925 20,376,284 20,502,657
iii)Finished goods 32,428,769 32,855,429 35,199,681 31,112,806 38,935,435 61,786,131
3.Trade Debt / accounts receivables 58,956,022 53,320,343 60,382,490 84,417,439 105,969,730 91,794,165
4.Short term loans and advances 13,139,403 15,172,162 15,653,188 16,234,762 20,302,789 20,449,854
5.Short term investments 12,639,834 13,325,768 21,493,565 16,726,952 12,524,933 17,673,338
6.Other current assets 42,655,905 47,774,357 55,269,590 61,305,979 62,294,583 62,523,323
Total Assets (A+B) / Equity & Liabilities (C+D+E) 659,591,216 690,642,419 758,551,083 786,678,361 886,288,876 950,021,846
C.Shareholders' Equity (C1+C2+C3) 295,429,885 304,679,500 319,663,766 309,831,227 344,620,688 349,318,473
1.Issued, Subscribed & Paid up capital 51,327,863 52,740,446 52,592,014 52,871,121 60,160,334 60,256,439
i)Ordinary shares 50,179,530 51,592,113 51,480,348 51,759,455 59,848,668 59,944,773
ii)Preference shares 1,148,333 1,148,333 1,111,666 1,111,666 311,666 311,666
2.Reserves 176,482,371 182,024,867 195,582,436 176,432,553 201,778,110 206,579,672
i)Capital Reserve 77,586,794 81,564,291 92,397,875 59,533,109 47,122,226 52,230,543
ii)Revenue Reserve 98,895,577 100,460,576 103,184,561 116,899,444 154,655,884 154,349,129
of which: un-appropriated profit(loss) / retained earnings 25,336,315 26,056,940 21,797,107 27,699,169 63,285,548 58,402,659
3.Surplus on revaluation of fixed assets 67,619,651 69,914,187 71,489,316 80,527,553 82,682,244 82,482,362
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 100,782,711 106,495,053 137,004,217 133,623,286 145,522,486 187,280,767
1.Long term borrowings 69,134,629 77,745,734 107,307,982 104,687,344 113,039,380 152,871,749
2.Subordinated loans / Sponsor's loans 6,277,300 5,534,128 5,220,080 5,266,915 4,461,945 4,375,620
3.Debentures/TFCs (bonds payable) 2,956,129 913,358 390,474 145,853 0 0
4.Employees benefit obligations 5,403,396 5,862,503 5,933,205 6,504,317 9,434,121 10,676,920
5.Other non-current liabilities 17,011,257 16,439,330 18,152,476 17,018,857 18,587,040 19,356,478
E.Current Liabilities (E1+E2+E3+E4) 263,378,620 279,467,866 301,883,100 343,223,848 396,145,702 413,422,606
1.Trade credit & other accounts payables 60,888,402 64,142,366 64,044,293 75,043,420 87,930,660 97,770,293
of which: i) Trade credits 27,238,542 29,856,531 29,298,518 29,824,172 34,710,019 38,751,092
2.Short term borrowings 153,948,870 164,139,592 182,103,127 204,791,543 240,381,635 255,786,544
3.Current portion of non-current liabilities 27,429,417 32,767,755 33,831,806 37,739,259 37,945,862 27,291,222
4.Other current liabilities 21,111,931 18,418,153 21,903,874 25,649,626 29,887,545 32,574,547
F.Operations:
1.Sales 567,661,596 519,177,829 552,842,491 626,804,580 784,427,889 744,276,151
i)Local sales (Net) 233,249,743 225,104,076 257,591,928 287,457,477 361,114,724 297,157,068
ii)Export sales (Net) 334,411,853 294,073,753 295,250,563 339,347,103 423,313,165 447,119,083
2.Cost of sales 521,749,939 477,779,514 506,453,510 568,525,830 685,746,598 660,288,114
i)Cost of material 334,509,050 297,524,671 334,830,142 378,203,008 478,298,216 459,016,590
3.Gross profit / (loss) (F1-F2) 45,911,657 41,398,315 46,388,981 58,278,750 98,681,291 83,988,037
4.General, administrative and other expenses 32,858,340 30,054,381 30,536,000 36,265,379 47,042,483 47,997,830
i)Selling & distribution expenses 16,172,591 14,149,536 15,247,204 16,573,137 21,871,425 20,600,906
ii)Administrative and other expenses 16,685,749 15,904,845 15,288,796 19,692,242 25,171,058 27,396,924
5.Other income / (loss) 15,796,748 17,536,424 17,963,071 17,667,569 26,063,645 12,759,062
6.EBIT (F3-F4+F5) 28,850,065 28,880,358 33,816,052 39,680,940 77,702,453 48,749,269
7.Financial expenses 20,683,570 16,662,087 16,305,093 19,775,601 30,216,640 33,872,793
of which: (i) Interest expenses 17,089,689 13,298,241 14,283,259 17,380,655 26,625,646 29,683,567
8.Profit / (loss) before taxation (F6-F7) 8,166,495 12,218,271 17,510,959 19,905,339 47,485,813 14,876,476
9.Tax expenses 4,076,179 4,332,619 5,285,111 5,274,797 9,506,742 8,298,222
10.Profit / (loss) after tax (F8-F9) 4,090,316 7,885,652 12,225,848 14,630,542 37,979,071 6,578,254
11.Cash dividends 8,115,630 6,518,784 7,117,065 8,381,588 12,428,991 8,064,264
12.Bonus shares / stock dividends 485,125 615,619 953,345 79,476 37,500 36,671
G.Statement of Cash Flows
1.Net cash flows from operating activities 32,767,233 16,179,502 (6,911,635) (492,153) 25,361,770 27,702,266
2.Net cash flows from investing activities (32,060,930) (22,822,298) (38,586,030) (24,579,063) (41,456,654) (53,409,296)
3.Net cash flows from financing activities (122,120) 10,012,764 38,477,395 22,967,162 21,763,480 24,470,135
H.Miscellaneous
1.Total capital employed (C+D) 396,212,596 411,174,553 456,667,983 443,454,513 490,143,174 536,599,240
2.Retention in business (F10-F11-F12) (4,510,439) 751,249 4,155,439 6,169,478 25,512,580 (1,522,682)
3.Depreciation for the year 18,415,192 19,211,467 20,820,340 21,307,629 24,290,941 26,369,902
4.Salaries, wages and employee benefits 59,567,587 57,268,875 61,084,468 66,895,941 80,305,809 101,673,942
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.72 1.52 2.21 2.33 4.84 0.88
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.86 0.77 0.76 0.81 0.94 0.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.62 1.17 1.69 1.89 4.54 0.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.26 2.25 2.32 2.45 2.56 2.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.40 2.63 3.92 4.65 11.61 1.90
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.79 1.49 2.31 2.69 6.17 1.07
33
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

AN textile Mills Ltd.(Formerly Ishaq Textile Mills Ltd.) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 788,506 897,546 952,662 945,253 948,094 968,904
1.Capital work in progress 2,740 300 0 2,687 0 0
2.Operating fixed assets at cost 1,393,255 1,485,900 1,420,748 1,431,463 1,481,947 1,554,812
3.Operating fixed assets after deducting accumulated depreciation 780,713 886,246 836,982 818,372 828,706 862,057
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,266 7,149 111,880 120,381 115,554 102,968
6.Other non-current assets 3,787 3,851 3,800 3,813 3,834 3,879
B.Current Assets (B1+B2+B3+B4+B5+B6) 636,257 579,574 340,281 418,114 690,441 688,988
1.Cash & bank balance 2,765 5,582 15,729 4,764 50,052 35,489
2.Inventories; of which 248,513 282,710 146,219 189,654 423,233 440,895
i)Raw material 175,948 158,504 104,089 157,677 395,599 402,066
ii)Work in progress 8,245 1,645 2,906 14,542 19,574 22,665
iii)Finished goods 64,320 122,561 39,224 15,149 4,682 15,496
3.Trade Debt / accounts receivables 168,910 89,749 51,617 68,642 31,678 6,139
4.Short term loans and advances 34,597 49,571 63,634 81,767 82,936 72,544
5.Short term investments 6,622 0 1,541 6,061 5,500 5,500
6.Other current assets 174,850 151,962 61,541 67,226 97,042 128,421
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,424,763 1,477,120 1,292,943 1,363,367 1,638,535 1,657,892
C.Shareholders' Equity (C1+C2+C3) 560,302 546,745 752,359 747,289 773,605 722,685
1.Issued, Subscribed & Paid up capital 96,600 96,600 96,600 96,600 96,600 96,600
i)Ordinary shares 96,600 96,600 96,600 96,600 96,600 96,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 229,953 176,241 368,706 368,058 386,074 308,547
i)Capital Reserve 40,666 62,028 62,028 422,028 422,028 422,028
ii)Revenue Reserve 189,287 114,213 306,678 (53,970) (35,954) (113,481)
of which: un-appropriated profit(loss) / retained earnings 189,287 114,213 (53,322) (53,970) (35,954) (113,481)
3.Surplus on revaluation of fixed assets 233,749 273,904 287,053 282,631 290,931 317,538
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 110,855 193,005 63,867 59,614 91,539 98,421
1.Long term borrowings 15,111 12,664 0 0 0 0
2.Subordinated loans / Sponsor's loans 76,584 164,072 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,174 8,007 8,950 12,144 18,274 27,152
5.Other non-current liabilities 17,986 8,262 54,917 47,470 73,265 71,269
E.Current Liabilities (E1+E2+E3+E4) 753,606 737,370 476,717 556,464 773,391 836,786
1.Trade credit & other accounts payables 128,661 154,376 140,436 141,889 208,435 356,816
of which: i) Trade credits 74,849 109,521 102,306 79,372 123,732 68,140
2.Short term borrowings 605,713 570,752 325,811 388,244 526,495 446,405
3.Current portion of non-current liabilities 0 1,552 0 0 0 0
4.Other current liabilities 19,232 10,690 10,470 26,331 38,461 33,565
F.Operations:
1.Sales 1,358,792 1,466,267 1,102,932 1,598,473 1,885,310 1,315,177
i)Local sales (Net) 1,358,792 1,466,267 1,102,932 1,598,473 1,885,310 1,315,177
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,402,838 1,506,150 1,161,404 1,537,855 1,747,080 1,305,398
i)Cost of material 994,514 1,147,987 641,650 951,552 1,180,684 810,512
3.Gross profit / (loss) (F1-F2) (44,046) (39,883) (58,472) 60,618 138,230 9,779
4.General, administrative and other expenses 50,896 62,138 47,823 41,847 48,319 42,146
i)Selling & distribution expenses 6,337 7,342 5,790 2,945 2,111 2,036
ii)Administrative and other expenses 44,559 54,796 42,033 38,902 46,208 40,110
5.Other income / (loss) (191,744) 22,173 34,255 16,250 18,330 22,361
6.EBIT (F3-F4+F5) (286,686) (79,848) (72,040) 35,021 108,241 (10,006)
7.Financial expenses 24,027 41,573 62,082 31,604 46,714 62,437
of which: (i) Interest expenses 22,605 29,131 26,097 29,649 45,567 61,189
8.Profit / (loss) before taxation (F6-F7) (310,713) (121,421) (134,122) 3,417 61,527 (72,443)
9.Tax expenses (37,183) (39,293) 46,216 11,020 42,507 7,884
10.Profit / (loss) after tax (F8-F9) (273,530) (82,128) (180,338) (7,603) 19,020 (80,327)
11.Cash dividends 0 0 0 0 0 3,864
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 470,920 (32,507) 99,885 (37,253) (74,073) 82,330
2.Net cash flows from investing activities (36,481) (27,268) 7,867 (36,145) (18,890) (14,058)
3.Net cash flows from financing activities (441,665) 62,592 (97,605) 62,433 138,251 (82,835)
H.Miscellaneous
1.Total capital employed (C+D) 671,157 739,750 816,226 806,903 865,144 821,106
2.Retention in business (F10-F11-F12) (273,530) (82,128) (180,338) (7,603) 19,020 (84,191)
3.Depreciation for the year 49,543 41,122 41,898 40,716 40,205 39,690
4.Salaries, wages and employee benefits 112,489 157,083 135,134 152,688 185,573 154,102
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -20.13 -5.60 -16.35 -0.48 1.01 -6.11
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.95 1.01 0.80 1.20 1.26 0.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -19.20 -5.66 -13.02 -0.57 1.27 -4.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.54 2.62 2.13 1.77 1.97 2.18
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -48.82 -14.84 -27.76 -1.01 2.50 -10.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -28.32 -8.50 -18.67 -0.79 1.97 -8.32
34
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ahmed Hassan Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,706,084 2,620,093 2,722,433 2,818,309 2,915,902 2,629,281
1.Capital work in progress 58,111 245 78,485 402 0 0
2.Operating fixed assets at cost 3,688,486 3,814,230 3,997,857 4,262,898 4,487,817 4,354,466
3.Operating fixed assets after deducting accumulated depreciation 2,607,728 2,579,844 2,631,866 2,761,849 2,841,368 2,573,275
4.Intangible assets 960 720 695 409 122 77
5.Long term investments 0 0 0 43,312 61,149 43,312
6.Other non-current assets 39,285 39,284 11,387 12,337 13,263 12,617
B.Current Assets (B1+B2+B3+B4+B5+B6) 961,355 1,054,581 1,394,197 1,496,593 1,843,524 1,955,162
1.Cash & bank balance 4,559 5,304 5,029 19,478 16,765 12,342
2.Inventories; of which 540,956 649,312 894,460 869,769 1,108,560 1,098,591
i)Raw material 286,477 302,231 549,833 413,093 634,847 522,686
ii)Work in progress 40,072 44,149 56,458 52,970 73,291 71,711
iii)Finished goods 214,407 302,932 288,169 403,706 400,422 504,194
3.Trade Debt / accounts receivables 207,484 179,056 251,116 393,907 481,534 609,448
4.Short term loans and advances 68,277 70,279 46,773 59,063 111,788 95,985
5.Short term investments 5,114 953 105 77 52 47
6.Other current assets 134,965 149,677 196,714 154,299 124,825 138,749
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,667,439 3,674,674 4,116,630 4,314,902 4,759,426 4,584,443
C.Shareholders' Equity (C1+C2+C3) 1,850,206 1,916,322 1,912,872 1,922,991 1,945,936 1,929,662
1.Issued, Subscribed & Paid up capital 144,082 144,082 144,082 144,082 144,082 144,082
i)Ordinary shares 144,082 144,082 144,082 144,082 144,082 144,082
ii)Preference shares 0 0 0 0 0 0
2.Reserves 810,182 932,974 963,320 1,005,780 1,059,432 1,187,451
i)Capital Reserve 32,746 137,746 137,746 137,746 137,746 137,746
ii)Revenue Reserve 777,436 795,228 825,574 868,034 921,686 1,049,705
of which: un-appropriated profit(loss) / retained earnings 777,436 795,228 825,574 868,034 921,686 1,049,705
3.Surplus on revaluation of fixed assets 895,942 839,266 805,470 773,129 742,422 598,129
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 755,944 589,267 698,568 677,170 713,577 701,039
1.Long term borrowings 450,705 390,301 509,411 471,094 499,619 511,965
2.Subordinated loans / Sponsor's loans 105,000 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 200,239 198,966 189,157 206,076 213,958 189,074
E.Current Liabilities (E1+E2+E3+E4) 1,061,289 1,169,085 1,505,190 1,714,741 2,099,913 1,953,742
1.Trade credit & other accounts payables 163,055 98,690 223,236 404,612 681,409 860,214
of which: i) Trade credits 83,509 50,639 106,763 216,146 489,583 583,478
2.Short term borrowings 758,444 888,393 1,096,488 1,054,662 1,138,701 920,907
3.Current portion of non-current liabilities 112,833 129,356 131,153 188,357 153,233 42,138
4.Other current liabilities 26,957 52,646 54,313 67,110 126,570 130,483
F.Operations:
1.Sales 3,248,869 3,455,552 4,055,873 5,179,001 7,273,994 7,351,415
i)Local sales (Net) 1,216,508 2,124,438 1,826,241 1,910,888 3,390,605 3,174,269
ii)Export sales (Net) 2,032,361 1,331,114 2,229,632 3,268,113 3,883,389 4,177,146
2.Cost of sales 3,039,521 3,207,894 3,809,770 4,870,745 6,814,257 6,812,418
i)Cost of material 2,068,476 2,417,533 2,727,832 3,832,070 5,685,429 5,696,931
3.Gross profit / (loss) (F1-F2) 209,348 247,658 246,103 308,256 459,737 538,997
4.General, administrative and other expenses 177,777 134,788 134,863 128,728 143,796 137,795
i)Selling & distribution expenses 120,987 84,419 76,471 64,462 61,067 46,117
ii)Administrative and other expenses 56,790 50,369 58,392 64,266 82,729 91,678
5.Other income / (loss) 4,292 4,042 20,800 23,174 2,449 1,169
6.EBIT (F3-F4+F5) 35,863 116,912 132,040 202,702 318,390 402,371
7.Financial expenses 106,333 108,205 122,474 137,795 189,033 208,019
of which: (i) Interest expenses 104,068 105,310 115,820 133,068 183,465 204,081
8.Profit / (loss) before taxation (F6-F7) (70,470) 8,707 9,566 64,907 129,357 194,352
9.Tax expenses (50,495) 26,824 13,014 54,789 88,401 73,321
10.Profit / (loss) after tax (F8-F9) (19,975) (18,117) (3,448) 10,118 40,956 121,031
11.Cash dividends 0 0 0 18,010 18,010 21,612
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 200,333 3,718 (68,719) 269,946 162,424 318,226
2.Net cash flows from investing activities (315,584) (89,043) (260,123) (222,816) (220,753) 10,154
3.Net cash flows from financing activities 74,226 66,784 356,852 (72,180) 10,535 (228,557)
H.Miscellaneous
1.Total capital employed (C+D) 2,606,150 2,505,589 2,611,440 2,600,161 2,659,513 2,630,701
2.Retention in business (F10-F11-F12) (19,975) (18,117) (3,448) (7,892) 22,946 99,419
3.Depreciation for the year 141,857 153,629 131,605 139,866 145,929 137,180
4.Salaries, wages and employee benefits 205,631 261,529 299,527 351,377 357,092 413,027
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.61 -0.52 -0.09 0.20 0.56 1.65
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.89 0.94 1.04 1.23 1.60 1.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.55 -0.49 -0.09 0.24 0.90 2.59
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.96 1.95 2.03 2.20 2.35 2.41
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -1.07 -0.96 -0.18 0.53 2.12 6.25
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.39 -1.26 -0.24 0.70 2.84 8.40
35
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ali Asghar Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 381,089 377,806 373,975 368,366 362,963 783,308
1.Capital work in progress 0 0 0 11,202 0 8,178
2.Operating fixed assets at cost 558,250 558,372 558,427 558,518 570,889 952,503
3.Operating fixed assets after deducting accumulated depreciation 377,353 373,920 369,586 353,347 357,731 768,162
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,263 13 15 15 9 0
6.Other non-current assets 2,473 3,873 4,374 3,802 5,223 6,968
B.Current Assets (B1+B2+B3+B4+B5+B6) 50,828 32,017 32,382 34,674 33,652 899,279
1.Cash & bank balance 303 342 969 235 381 1,822
2.Inventories; of which 0 0 0 1,980 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 1,980 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 10,814 3,681 5,288 5,948 7,803 5,664
5.Short term investments 0 0 0 0 0 886,753
6.Other current assets 39,711 27,994 26,125 26,511 25,468 5,040
Total Assets (A+B) / Equity & Liabilities (C+D+E) 431,917 409,823 406,357 403,040 396,615 1,682,587
C.Shareholders' Equity (C1+C2+C3) 281,861 268,014 255,742 304,784 303,226 1,453,622
1.Issued, Subscribed & Paid up capital 222,133 222,133 222,133 222,133 222,133 222,133
i)Ordinary shares 222,133 222,133 222,133 222,133 222,133 222,133
ii)Preference shares 0 0 0 0 0 0
2.Reserves (201,478) (214,257) (225,523) (175,534) (176,201) 549,015
i)Capital Reserve 0 0 0 66,067 80,899 10,591
ii)Revenue Reserve (201,478) (214,257) (225,523) (241,601) (257,100) 538,424
of which: un-appropriated profit(loss) / retained earnings (201,478) (214,257) (225,523) (241,601) (257,100) 538,424
3.Surplus on revaluation of fixed assets 261,206 260,138 259,132 258,185 257,294 682,474
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 81,004 100,756 108,643 61,053 61,223 60,701
1.Long term borrowings 60,933 98,430 105,024 58,508 58,508 58,508
2.Subordinated loans / Sponsor's loans 17,902 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,329 1,492 2,785 1,711 1,881 1,906
5.Other non-current liabilities 840 834 834 834 834 287
E.Current Liabilities (E1+E2+E3+E4) 69,052 41,053 41,972 37,203 32,166 168,264
1.Trade credit & other accounts payables 33,486 21,733 20,531 15,405 13,011 100,398
of which: i) Trade credits 13,940 9,360 9,397 9,959 5,108 606
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 9,902 8,652 8,652 8,552 8,552 8,552
4.Other current liabilities 25,664 10,668 12,789 13,246 10,603 59,314
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 12,378 8,372 11,885 11,624 22,387 20,922
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (12,378) (8,372) (11,885) (11,624) (22,387) (20,922)
4.General, administrative and other expenses 13,563 14,755 6,869 8,241 5,866 46,826
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 13,563 14,755 6,869 8,241 5,866 46,826
5.Other income / (loss) 3,332 10,541 8,731 14,291 12,946 210,609
6.EBIT (F3-F4+F5) (22,609) (12,586) (10,023) (5,574) (15,307) 142,861
7.Financial expenses 8 18 26 15 39 99
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (22,617) (12,604) (10,049) (5,589) (15,346) 142,762
9.Tax expenses 744 856 1,313 (711) 1,195 8,230
10.Profit / (loss) after tax (F8-F9) (23,361) (13,460) (11,362) (4,878) (16,541) 134,532
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (17,587) (14,265) (7,460) (9,681) (9,452) (803,170)
2.Net cash flows from investing activities 813 (475) (628) (10,721) (2,591) (11,798)
3.Net cash flows from financing activities 15,371 14,779 8,715 19,668 12,189 816,410
H.Miscellaneous
1.Total capital employed (C+D) 362,865 368,770 364,385 365,837 364,449 1,514,323
2.Retention in business (F10-F11-F12) (23,361) (13,460) (11,362) (4,878) (16,541) 134,532
3.Depreciation for the year 9,694 4,678 4,388 4,114 7,988 7,410
4.Salaries, wages and employee benefits 5,256 6,114 6,584 6,425 3,734 8,332
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.34 -3.20 -2.78 -1.21 -4.07 12.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.49 1.53 1.56 1.44 1.31 1.18
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -7.96 -4.90 -4.34 -1.74 -5.33 15.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.53 -0.30 -0.26 -0.11 -0.37 3.03
36
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Allawasaya Textile & Finishing Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 759,255 892,856 885,147 853,505 1,434,951 1,425,860
1.Capital work in progress 12,054 0 0 0 0 0
2.Operating fixed assets at cost 879,247 970,511 991,380 991,380 1,162,808 1,625,052
3.Operating fixed assets after deducting accumulated depreciation 744,821 890,476 882,767 851,125 1,432,571 1,423,480
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,380 2,380 2,380 2,380 2,380 2,380
B.Current Assets (B1+B2+B3+B4+B5+B6) 378,704 454,707 380,235 506,076 650,364 930,720
1.Cash & bank balance 8,439 3,224 1,281 26,033 19,042 24,440
2.Inventories; of which 179,581 252,640 161,021 262,522 292,168 537,897
i)Raw material 120,563 159,092 90,573 204,152 259,653 473,690
ii)Work in progress 9,225 8,841 10,261 11,799 14,000 21,117
iii)Finished goods 49,793 84,707 60,187 46,571 18,515 43,090
3.Trade Debt / accounts receivables 150,542 146,100 142,818 126,746 215,317 247,918
4.Short term loans and advances 21,993 33,312 31,981 42,828 59,504 49,794
5.Short term investments 0 0 0 0 0 0
6.Other current assets 18,149 19,431 43,134 47,947 64,333 70,671
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,137,959 1,347,563 1,265,382 1,359,581 2,085,315 2,356,580
C.Shareholders' Equity (C1+C2+C3) 752,796 844,542 807,453 828,134 1,088,865 1,103,691
1.Issued, Subscribed & Paid up capital 8,000 8,000 8,000 8,000 8,000 8,000
i)Ordinary shares 8,000 8,000 8,000 8,000 8,000 8,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 287,491 260,907 235,310 264,668 236,621 266,090
i)Capital Reserve 2,669 2,669 2,669 2,669 2,669 2,669
ii)Revenue Reserve 284,822 258,238 232,641 261,999 233,952 263,421
of which: un-appropriated profit(loss) / retained earnings 204,822 178,238 152,641 181,999 153,952 183,421
3.Surplus on revaluation of fixed assets 457,305 575,635 564,143 555,466 844,244 829,601
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 110,163 119,794 106,550 95,745 322,498 296,392
1.Long term borrowings 0 0 0 0 173,250 178,875
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 110,163 119,794 106,550 95,745 149,248 117,517
E.Current Liabilities (E1+E2+E3+E4) 275,000 383,227 351,379 435,702 673,952 956,497
1.Trade credit & other accounts payables 117,066 90,465 114,447 140,145 292,353 352,821
of which: i) Trade credits 44,586 18,800 33,285 19,122 173,727 192,438
2.Short term borrowings 136,767 271,066 213,938 262,478 326,348 514,202
3.Current portion of non-current liabilities 0 0 0 0 21,750 30,625
4.Other current liabilities 21,167 21,696 22,994 33,079 33,501 58,849
F.Operations:
1.Sales 1,759,165 1,673,157 1,966,037 2,168,465 2,090,559 2,657,388
i)Local sales (Net) 1,759,165 1,673,157 1,966,037 2,168,465 2,090,559 2,657,388
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,745,507 1,622,615 1,916,982 2,043,593 1,991,860 2,480,621
i)Cost of material 1,218,954 1,161,494 1,364,112 1,486,455 1,518,386 1,881,293
3.Gross profit / (loss) (F1-F2) 13,658 50,542 49,055 124,872 98,699 176,767
4.General, administrative and other expenses 57,042 73,499 58,292 65,057 71,451 75,936
i)Selling & distribution expenses 13,847 11,831 12,492 14,817 11,459 17,847
ii)Administrative and other expenses 43,195 61,668 45,800 50,240 59,992 58,089
5.Other income / (loss) 86 755 (2,317) (2,683) 0 0
6.EBIT (F3-F4+F5) (43,298) (22,202) (11,554) 57,132 27,248 100,831
7.Financial expenses 13,446 13,441 20,562 21,115 36,554 77,874
of which: (i) Interest expenses 12,814 12,490 19,303 20,060 35,655 77,552
8.Profit / (loss) before taxation (F6-F7) (56,744) (35,643) (32,116) 36,017 (9,306) 22,957
9.Tax expenses (37,162) 2,156 8,230 18,384 6,614 8,130
10.Profit / (loss) after tax (F8-F9) (19,582) (37,799) (40,346) 17,633 (15,920) 14,827
11.Cash dividends 0 0 0 3,000 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (53,550) (132,091) 82,898 (23,626) 7,464 (157,989)
2.Net cash flows from investing activities (14,997) (7,424) (27,710) 0 (270,353) (38,967)
3.Net cash flows from financing activities (19,627) 0 (2) (162) 192,028 14,500
H.Miscellaneous
1.Total capital employed (C+D) 862,959 964,336 914,003 923,879 1,411,363 1,400,083
2.Retention in business (F10-F11-F12) (19,582) (37,799) (40,346) 14,633 (15,920) 14,827
3.Depreciation for the year 52,420 28,329 33,103 31,642 29,342 48,058
4.Salaries, wages and employee benefits 181,913 215,722 224,928 224,027 203,610 258,849
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.11 -2.26 -2.05 0.81 -0.76 0.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.57 1.35 1.50 1.65 1.21 1.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.74 -3.04 -3.09 1.34 -0.92 0.67
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.47 1.56 1.58 1.60 1.80 2.03
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.56 -4.73 -4.88 2.16 -1.66 1.35
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -24.48 -47.25 -50.43 22.04 -19.90 18.53
37
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Amtex Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,389,856 4,140,950 3,445,082 2,821,539 2,776,001 2,448,967
1.Capital work in progress 35,232 0 0 0 0 0
2.Operating fixed assets at cost 51,509,374 5,204,770 5,076,712 1,928,857 1,898,557 1,386,819
3.Operating fixed assets after deducting accumulated depreciation 4,299,281 4,078,929 3,388,061 1,750,600 1,622,958 1,236,847
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 1,013,918 1,102,324 1,161,401
6.Other non-current assets 55,343 62,021 57,021 57,021 50,719 50,719
B.Current Assets (B1+B2+B3+B4+B5+B6) 7,508,910 6,321,206 5,237,685 1,960,969 1,601,867 1,275,193
1.Cash & bank balance 172,408 146,090 191,854 143,771 162,688 174,852
2.Inventories; of which 2,204,661 1,797,416 1,301,252 885,981 693,576 538,829
i)Raw material 867,057 747,366 557,221 481,589 359,230 307,165
ii)Work in progress 178,881 135,529 82,525 42,106 16,215 9,415
iii)Finished goods 1,158,723 914,521 659,956 361,040 317,140 221,048
3.Trade Debt / accounts receivables 4,026,404 3,357,836 2,797,095 162,272 200,657 109,100
4.Short term loans and advances 41,388 21,334 5,256 8,786 4,003 4,962
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,064,049 998,530 942,228 760,159 540,943 447,450
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,898,766 10,462,156 8,682,767 4,782,508 4,377,868 3,724,160
C.Shareholders' Equity (C1+C2+C3) (1,467,344) (2,995,397) (4,822,332) (8,090,981) (8,352,956) (9,050,124)
1.Issued, Subscribed & Paid up capital 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301
i)Ordinary shares 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,791,754) (7,227,441) (8,543,943) (11,561,087) (11,814,957) (12,477,348)
i)Capital Reserve 281,039 281,039 281,039 281,039 281,039 281,039
ii)Revenue Reserve (6,072,793) (7,508,480) (8,824,982) (11,842,126) (12,095,996) (12,758,387)
of which: un-appropriated profit(loss) / retained earnings (6,322,793) (7,758,480) (9,074,982) (12,092,126) (12,345,996) (13,008,387)
3.Surplus on revaluation of fixed assets 1,730,109 1,637,743 1,127,310 875,805 867,700 832,923
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,180,868 2,361,256 2,150,996 2,468,948 1,982,809 1,653,929
1.Long term borrowings 1,558,110 1,580,940 1,260,060 1,497,730 874,689 414,127
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 39,257 42,023 50,964 14,482 17,012 14,040
5.Other non-current liabilities 583,501 738,293 839,972 956,736 1,091,108 1,225,762
E.Current Liabilities (E1+E2+E3+E4) 11,185,242 11,096,297 11,354,103 10,404,541 10,748,015 11,120,355
1.Trade credit & other accounts payables 387,239 385,792 371,641 345,385 279,030 191,536
of which: i) Trade credits 279,166 273,978 271,750 251,928 237,161 168,454
2.Short term borrowings 6,956,028 7,371,076 7,494,863 6,177,590 6,093,087 6,063,442
3.Current portion of non-current liabilities 1,084,437 739,813 884,052 1,249,202 1,706,794 2,118,917
4.Other current liabilities 2,757,538 2,599,616 2,603,547 2,632,364 2,669,104 2,746,460
F.Operations:
1.Sales 2,905,181 2,154,385 1,655,150 842,866 629,536 544,873
i)Local sales (Net) 1,782,002 1,043,848 758,390 250,605 142,756 127,252
ii)Export sales (Net) 1,123,179 1,110,537 896,760 592,261 486,780 417,621
2.Cost of sales 3,590,902 2,777,482 2,276,345 1,335,487 790,582 786,021
i)Cost of material 1,759,026 1,018,034 636,111 296,272 307,117 315,840
3.Gross profit / (loss) (F1-F2) (685,721) (623,097) (621,195) (492,621) (161,046) (241,148)
4.General, administrative and other expenses 772,326 724,739 670,641 2,586,140 51,438 313,871
i)Selling & distribution expenses 24,819 18,311 19,167 14,874 13,183 12,812
ii)Administrative and other expenses 747,507 706,428 651,474 2,571,266 38,255 301,059
5.Other income / (loss) 47,417 (11,265) (14,787) (9,480) 142,216 115,645
6.EBIT (F3-F4+F5) (1,410,630) (1,359,101) (1,306,623) (3,088,241) (70,268) (439,374)
7.Financial expenses 180,419 155,260 146,853 165,211 182,310 201,840
of which: (i) Interest expenses 164,302 141,662 130,691 151,918 179,858 193,242
8.Profit / (loss) before taxation (F6-F7) (1,591,049) (1,514,361) (1,453,476) (3,253,452) (252,578) (641,214)
9.Tax expenses 11,069 11,537 16,965 12,227 10,140 29,752
10.Profit / (loss) after tax (F8-F9) (1,602,118) (1,525,898) (1,470,441) (3,265,679) (262,718) (670,966)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,280 (92,723) 17,920 198,467 238,895 26,150
2.Net cash flows from investing activities 47,578 (26,849) 80,697 467,905 29,972 64,097
3.Net cash flows from financing activities (33,732) 93,253 (52,853) (714,455) (249,950) (78,084)
H.Miscellaneous
1.Total capital employed (C+D) 713,524 (634,141) (2,671,336) (5,622,033) (6,370,147) (7,396,195)
2.Retention in business (F10-F11-F12) (1,602,118) (1,525,898) (1,470,441) (3,265,679) (262,718) (670,966)
3.Depreciation for the year 302,343 277,002 254,331 129,203 101,446 73,823
4.Salaries, wages and employee benefits 394,942 365,262 328,231 449,880 106,979 85,820
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -55.15 -70.83 -88.84 -387.45 -41.73 -123.14
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.23 0.19 0.17 0.13 0.14 0.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -12.64 -13.65 -15.36 -48.51 -5.74 -16.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -19.05 -5.01 -2.45 -1.04 -0.56 -0.47
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 240.64 68.38 37.62 50.58 3.20 7.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.18 -5.88 -5.67 -12.59 -1.01 -2.59
38
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Apollo Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 945,618 945,618 810,384 751,190 751,190 751,190
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,942,836 1,942,837 1,942,836 1,942,836 1,942,836 1,942,836
3.Operating fixed assets after deducting accumulated depreciation 878,451 878,451 743,217 684,023 684,023 684,023
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 67,167 67,167 67,167 67,167 67,167 67,167
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,549,061 1,549,061 1,485,960 1,471,107 1,471,107 1,471,107
1.Cash & bank balance 4,804 4,804 0 1,005 1,005 1,005
2.Inventories; of which 1,283,600 1,283,600 1,283,600 1,283,600 1,283,600 1,283,600
i)Raw material 298,517 298,517 298,517 298,517 298,517 298,517
ii)Work in progress 985,083 985,083 985,083 985,083 985,083 985,083
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 57,342 57,342 6,460 1,129 1,129 1,129
4.Short term loans and advances 14,088 14,088 14,101 14,109 14,109 14,109
5.Short term investments 0 0 0 0 0 0
6.Other current assets 189,227 189,227 181,799 171,264 171,264 171,264
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,494,679 2,494,679 2,296,344 2,222,297 2,222,297 2,222,297
C.Shareholders' Equity (C1+C2+C3) 459,377 459,377 352,959 274,228 274,228 274,228
1.Issued, Subscribed & Paid up capital 82,847 82,847 82,847 82,847 82,847 82,847
i)Ordinary shares 82,847 82,847 82,847 82,847 82,847 82,847
ii)Preference shares 0 0 0 0 0 0
2.Reserves 148,015 148,015 64,604 (2,583) (2,583) (2,583)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 148,015 148,015 64,604 (2,583) (2,583) (2,583)
of which: un-appropriated profit(loss) / retained earnings 6,015 6,015 0 0 0 0
3.Surplus on revaluation of fixed assets 228,515 228,515 205,508 193,964 193,964 193,964
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 512,685 512,685 445,741 445,741 445,741 445,741
1.Long term borrowings 398,460 398,460 398,460 398,460 398,460 398,460
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 12,271 12,271 12,271 12,271 12,271 12,271
5.Other non-current liabilities 101,954 101,954 35,010 35,010 35,010 35,010
E.Current Liabilities (E1+E2+E3+E4) 1,522,617 1,522,617 1,497,644 1,502,328 1,502,328 1,502,328
1.Trade credit & other accounts payables 51,357 51,357 26,388 31,072 31,072 31,072
of which: i) Trade credits 24,992 24,992 13,540 13,501 13,501 13,501
2.Short term borrowings 1,153,889 1,153,889 1,167,608 1,167,608 1,167,608 1,167,608
3.Current portion of non-current liabilities 77,655 77,655 63,936 63,936 63,936 63,936
4.Other current liabilities 239,716 239,716 239,712 239,712 239,712 239,712
F.Operations:
1.Sales 373 373 0 0 0 0
i)Local sales (Net) 373 373 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 93,182 93,182 69,854 66,129 66,129 66,129
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (92,809) (92,809) (69,854) (66,129) (66,129) (66,129)
4.General, administrative and other expenses 11,078 11,078 9,196 12,544 12,544 12,544
i)Selling & distribution expenses 2 2 0 0 0 0
ii)Administrative and other expenses 11,076 11,076 9,196 12,544 12,544 12,544
5.Other income / (loss) 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (103,887) (103,887) (79,050) (78,673) (78,673) (78,673)
7.Financial expenses 19 19 31 59 59 59
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (103,906) (103,906) (79,081) (78,732) (78,732) (78,732)
9.Tax expenses (6,208) (6,208) 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (97,698) (97,698) (79,081) (78,732) (78,732) (78,732)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (3,104) (3,104) 0 1,005 1,005 1,005
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 0 0 1,153,889 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 972,062 972,062 798,700 719,969 719,969 719,969
2.Retention in business (F10-F11-F12) (97,698) (97,698) (79,081) (78,732) (78,732) (78,732)
3.Depreciation for the year 0 0 64,640 59,194 59,194 59,194
4.Salaries, wages and employee benefits 0 0 6,290 7,371 7,371 7,371
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -26,192.49 -26,192.49 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.82 -3.92 -3.30 -3.48 -3.54 -3.54
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.03 5.43 5.90 7.20 8.10 8.10
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -19.22 -21.27 -19.47 -25.11 -28.71 -28.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -11.79 -11.79 -9.55 -9.50 -9.50 -9.50
39
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Artistic Denim Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,703,206 5,349,797 5,470,192 5,318,114 5,957,757 6,097,460
1.Capital work in progress 524,266 1,010,673 251,270 110,657 863,627 625,402
2.Operating fixed assets at cost 6,847,139 7,358,220 8,670,902 9,119,874 9,391,695 10,222,435
3.Operating fixed assets after deducting accumulated depreciation 4,170,718 4,329,562 5,206,444 5,194,049 5,043,565 5,452,914
4.Intangible assets 0 0 8,119 6,468 4,817 3,165
5.Long term investments 0 0 0 0 38,700 0
6.Other non-current assets 8,222 9,562 4,359 6,940 7,048 15,979
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,883,781 3,260,964 4,000,305 4,781,427 7,040,204 8,582,068
1.Cash & bank balance 27,385 60,783 63,232 86,896 1,196,961 884,428
2.Inventories; of which 1,032,582 1,334,594 1,361,115 1,717,868 2,445,741 3,219,581
i)Raw material 568,088 624,804 554,604 891,450 1,185,344 1,998,114
ii)Work in progress 381,787 564,048 650,583 630,600 969,046 769,080
iii)Finished goods 82,707 145,742 155,928 195,818 291,351 452,387
3.Trade Debt / accounts receivables 1,115,975 1,034,339 1,495,554 1,807,006 2,520,485 2,242,433
4.Short term loans and advances 60,783 65,272 57,308 51,970 21,181 43,638
5.Short term investments 0 0 0 0 0 1,311,832
6.Other current assets 647,056 765,976 1,023,096 1,117,687 855,836 880,156
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,586,987 8,610,761 9,470,497 10,099,541 12,997,961 14,679,528
C.Shareholders' Equity (C1+C2+C3) 5,456,653 5,497,468 5,758,905 6,100,145 6,754,159 6,611,620
1.Issued, Subscribed & Paid up capital 840,000 840,000 840,000 840,000 840,000 840,000
i)Ordinary shares 840,000 840,000 840,000 840,000 840,000 840,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159 5,771,620
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159 5,771,620
of which: un-appropriated profit(loss) / retained earnings 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159 5,771,620
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 242,616 717,231 813,507 837,214 1,500,781 1,968,807
1.Long term borrowings 130,452 577,560 813,507 813,274 1,444,487 1,866,912
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 112,164 139,671 0 23,940 56,294 101,895
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,887,718 2,396,062 2,898,085 3,162,182 4,743,021 6,099,101
1.Trade credit & other accounts payables 631,575 1,001,235 1,172,294 1,487,539 1,538,856 1,776,981
of which: i) Trade credits 239,718 365,802 406,433 406,586 278,382 366,195
2.Short term borrowings 1,188,530 1,380,000 1,670,000 1,570,000 3,065,000 4,226,828
3.Current portion of non-current liabilities 51,645 0 38,392 85,616 105,878 49,717
4.Other current liabilities 15,968 14,827 17,399 19,027 33,287 45,575
F.Operations:
1.Sales 6,998,644 6,461,983 6,906,526 8,239,986 7,767,180 7,940,571
i)Local sales (Net) 233,355 412,686 419,022 426,417 178,928 164,264
ii)Export sales (Net) 6,765,289 6,049,297 6,487,504 7,813,569 7,588,252 7,776,307
2.Cost of sales 5,820,302 5,758,546 6,166,863 7,448,166 6,879,080 7,314,029
i)Cost of material 2,890,383 3,039,737 3,304,637 3,870,412 3,968,899 3,503,831
3.Gross profit / (loss) (F1-F2) 1,178,342 703,437 739,663 791,820 888,100 626,542
4.General, administrative and other expenses 339,081 289,973 305,081 366,834 402,771 436,540
i)Selling & distribution expenses 204,261 160,814 170,295 198,557 214,006 246,227
ii)Administrative and other expenses 134,820 129,159 134,786 168,277 188,765 190,313
5.Other income / (loss) 58,366 58,788 99,774 267,579 581,993 199,097
6.EBIT (F3-F4+F5) 897,627 472,252 534,356 692,565 1,067,322 389,099
7.Financial expenses 135,710 72,410 88,203 92,488 111,844 166,747
of which: (i) Interest expenses 97,740 49,654 63,675 62,290 83,633 139,379
8.Profit / (loss) before taxation (F6-F7) 761,917 399,842 446,153 600,077 955,478 222,352
9.Tax expenses 18,371 21,843 16,716 83,546 88,658 108,662
10.Profit / (loss) after tax (F8-F9) 743,546 377,999 429,437 516,531 866,820 113,690
11.Cash dividends 336,000 168,000 176,400 210,000 252,000 252,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,305,987 781,035 154,646 567,591 267,591 343,137
2.Net cash flows from investing activities (664,545) (998,914) (548,946) (314,447) (1,094,352) (1,932,105)
3.Net cash flows from financing activities (460,980) 268,864 396,749 (229,480) 1,936,826 1,276,435
H.Miscellaneous
1.Total capital employed (C+D) 5,699,269 6,214,699 6,572,412 6,937,359 8,254,940 8,580,427
2.Retention in business (F10-F11-F12) 407,546 209,999 253,037 306,531 614,820 (138,310)
3.Depreciation for the year 326,209 353,230 437,843 465,576 459,321 495,407
4.Salaries, wages and employee benefits 1,538,699 1,691,487 1,594,618 2,056,363 1,954,550 2,372,197
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.62 5.85 6.22 6.27 11.16 1.43
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.92 0.80 0.76 0.84 0.67 0.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.78 4.67 4.75 5.28 7.51 0.82
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.48 1.48 1.61 1.65 1.80 2.07
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.49 6.90 7.63 8.71 13.49 1.70
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.85 4.50 5.11 6.15 10.32 1.35
40
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ashfaq Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 726,357 739,657 725,415 729,115 978,871 972,744
1.Capital work in progress 2,771 0 0 0 2,881 13,631
2.Operating fixed assets at cost 766,421 814,993 829,312 867,467 1,146,621 1,164,823
3.Operating fixed assets after deducting accumulated depreciation 719,076 735,147 720,905 724,605 971,480 954,603
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 4,510 4,510 4,510 4,510 4,510 4,510
B.Current Assets (B1+B2+B3+B4+B5+B6) 203,441 217,869 242,456 222,071 196,882 230,154
1.Cash & bank balance 35,705 45,783 43,038 46,819 4,755 43,844
2.Inventories; of which 14,696 14,582 16,715 3,595 3,865 3,865
i)Raw material 5,046 3,025 3,592 227 0 0
ii)Work in progress 2,665 7,028 11,613 2,427 0 0
iii)Finished goods 6,985 4,529 1,510 941 3,865 3,865
3.Trade Debt / accounts receivables 62,790 26,811 35,059 37,655 59,276 67,665
4.Short term loans and advances 29,986 59,543 52,308 48,408 41,686 39,981
5.Short term investments 0 0 0 0 0 0
6.Other current assets 60,264 71,150 95,336 85,594 87,300 74,799
Total Assets (A+B) / Equity & Liabilities (C+D+E) 929,798 957,526 967,871 951,186 1,175,753 1,202,898
C.Shareholders' Equity (C1+C2+C3) 888,199 892,936 881,298 865,911 1,088,479 978,605
1.Issued, Subscribed & Paid up capital 349,850 349,850 349,850 349,850 349,850 349,850
i)Ordinary shares 349,850 349,850 349,850 349,850 349,850 349,850
ii)Preference shares 0 0 0 0 0 0
2.Reserves 184,444 204,513 207,446 205,908 221,280 253,585
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 184,444 204,513 207,446 205,908 221,280 253,585
of which: un-appropriated profit(loss) / retained earnings 184,444 204,513 207,446 205,908 221,280 253,585
3.Surplus on revaluation of fixed assets 353,905 338,573 324,002 310,153 517,349 375,170
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 20,539 20,357 41,333 46,914 56,523 189,904
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 20,539 20,357 41,333 46,914 56,523 66,603
5.Other non-current liabilities 0 0 0 0 0 123,301
E.Current Liabilities (E1+E2+E3+E4) 21,060 44,233 45,240 38,361 30,751 34,389
1.Trade credit & other accounts payables 16,058 12,712 21,366 15,557 19,539 28,229
of which: i) Trade credits 6,421 5,793 13,412 7,993 4,683 9,007
2.Short term borrowings 5,000 31,000 20,952 19,963 7,939 0
3.Current portion of non-current liabilities 0 0 0 0 0 354
4.Other current liabilities 2 521 2,922 2,841 3,273 5,806
F.Operations:
1.Sales 384,695 299,055 285,395 286,602 321,650 387,085
i)Local sales (Net) 275,370 233,647 258,530 266,480 321,650 387,085
ii)Export sales (Net) 109,325 65,408 26,865 20,122 0 0
2.Cost of sales 346,308 266,410 249,665 269,632 279,428 334,907
i)Cost of material 58,872 39,273 17,662 10,423 227 0
3.Gross profit / (loss) (F1-F2) 38,387 32,645 35,730 16,970 42,222 52,178
4.General, administrative and other expenses 32,187 28,272 27,286 29,650 33,907 37,937
i)Selling & distribution expenses 6,836 4,073 2,952 2,564 1,618 1,620
ii)Administrative and other expenses 25,351 24,199 24,334 27,086 32,289 36,317
5.Other income / (loss) 0 0 0 0 0 3,476
6.EBIT (F3-F4+F5) 6,200 4,373 8,444 (12,680) 8,315 17,717
7.Financial expenses 553 1,253 1,877 338 1,861 465
of which: (i) Interest expenses 0 1,072 1,787 107 1,827 360
8.Profit / (loss) before taxation (F6-F7) 5,647 3,120 6,567 (13,018) 6,454 17,252
9.Tax expenses 0 0 2,938 2,731 3,000 2,158
10.Profit / (loss) after tax (F8-F9) 5,647 3,120 3,629 (15,749) 3,454 15,094
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 24,222 29,879 25,785 41,027 31,635 80,857
2.Net cash flows from investing activities (12,172) (45,801) (18,483) (36,256) (61,676) (33,829)
3.Net cash flows from financing activities 5,000 26,000 (10,048) (990) (12,023) (7,939)
H.Miscellaneous
1.Total capital employed (C+D) 908,738 913,293 922,631 912,825 1,145,002 1,168,509
2.Retention in business (F10-F11-F12) 5,647 3,120 3,629 (15,749) 3,454 15,094
3.Depreciation for the year 33,400 32,500 32,719 32,547 32,277 43,431
4.Salaries, wages and employee benefits 87,603 85,201 92,854 104,274 106,841 129,446
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.47 1.04 1.27 -5.50 1.07 3.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.42 0.32 0.30 0.30 0.30 0.33
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.61 0.33 0.38 -1.64 0.32 1.27
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.04 1.06 1.09 1.10 1.09 1.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.64 0.35 0.41 -1.80 0.35 1.46
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.16 0.09 0.10 -0.45 0.10 0.43
41
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Asim Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 363,150 544,444 521,635 504,446 481,756 546,993
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 681,197 888,166 891,550 888,394 889,393 978,326
3.Operating fixed assets after deducting accumulated depreciation 352,104 533,398 510,217 489,408 466,718 531,955
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 11,046 11,046 11,418 15,038 15,038 15,038
B.Current Assets (B1+B2+B3+B4+B5+B6) 357,597 282,636 353,990 406,424 484,858 557,261
1.Cash & bank balance 183,897 62,588 102,152 120,898 141,701 217,631
2.Inventories; of which 66,505 80,220 138,461 170,833 168,649 138,079
i)Raw material 49,545 69,782 77,433 113,365 151,462 120,169
ii)Work in progress 5,293 5,150 5,302 6,106 7,638 7,973
iii)Finished goods 11,667 5,288 55,726 51,362 9,549 9,937
3.Trade Debt / accounts receivables 34,448 44,344 35,176 45,030 72,623 62,812
4.Short term loans and advances 44,212 44,005 2,772 5,245 27,040 64,991
5.Short term investments 10,933 11,111 23,057 19,929 17,358 18,341
6.Other current assets 17,602 40,368 52,372 44,489 57,487 55,407
Total Assets (A+B) / Equity & Liabilities (C+D+E) 720,747 827,080 875,625 910,870 966,614 1,104,254
C.Shareholders' Equity (C1+C2+C3) (11,209) 67,956 99,221 137,834 191,431 273,730
1.Issued, Subscribed & Paid up capital 151,770 151,770 151,770 151,770 151,770 151,770
i)Ordinary shares 151,770 151,770 151,770 151,770 151,770 151,770
ii)Preference shares 0 0 0 0 0 0
2.Reserves (297,861) (301,895) (261,343) (213,784) (151,900) (124,026)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (297,861) (301,895) (261,343) (213,784) (151,900) (124,026)
of which: un-appropriated profit(loss) / retained earnings (297,861) (301,895) (261,343) (213,784) (151,900) (124,026)
3.Surplus on revaluation of fixed assets 134,882 218,081 208,794 199,848 191,561 245,986
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 82,428 114,135 112,585 110,562 106,679 119,018
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,198 980 965 597 432 381
5.Other non-current liabilities 81,230 113,155 111,620 109,965 106,247 118,637
E.Current Liabilities (E1+E2+E3+E4) 649,528 644,989 663,819 662,474 668,504 711,506
1.Trade credit & other accounts payables 37,499 33,237 52,067 50,722 51,630 99,754
of which: i) Trade credits 17,442 17,319 22,516 23,079 27,734 16,139
2.Short term borrowings 417,591 417,591 417,591 417,591 417,591 417,591
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 194,438 194,161 194,161 194,161 199,283 194,161
F.Operations:
1.Sales 1,129,414 1,092,539 1,214,020 1,433,635 1,786,445 1,471,670
i)Local sales (Net) 1,102,305 1,092,539 1,214,020 1,433,635 1,786,445 1,471,670
ii)Export sales (Net) 27,109 0 0 0 0 0
2.Cost of sales 1,128,873 1,085,197 1,152,197 1,346,089 1,677,102 1,425,470
i)Cost of material 774,525 738,634 849,649 959,861 1,245,905 1,020,570
3.Gross profit / (loss) (F1-F2) 541 7,342 61,823 87,546 109,343 46,200
4.General, administrative and other expenses 29,923 25,461 25,396 32,192 37,280 32,449
i)Selling & distribution expenses 2,347 14 0 0 0 0
ii)Administrative and other expenses 27,576 25,447 25,396 32,192 37,280 32,449
5.Other income / (loss) 16,494 4,881 3,548 3,433 8,586 14,953
6.EBIT (F3-F4+F5) (12,888) (13,238) 39,975 58,787 80,649 28,704
7.Financial expenses 547 45 36 41 56 46
of which: (i) Interest expenses 408 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (13,435) (13,283) 39,939 58,746 80,593 28,658
9.Tax expenses 4,163 4 10,613 17,010 24,425 10,014
10.Profit / (loss) after tax (F8-F9) (17,598) (13,287) 29,326 41,736 56,168 18,644
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (17,412) (47,441) 49,926 23,116 15,472 65,831
2.Net cash flows from investing activities 6,753 (73,868) (10,362) (4,370) 5,332 10,098
3.Net cash flows from financing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 71,219 182,091 211,806 248,396 298,110 392,748
2.Retention in business (F10-F11-F12) (17,598) (13,287) 29,326 41,736 56,168 18,644
3.Depreciation for the year 19,324 25,726 26,565 25,161 24,742 23,697
4.Salaries, wages and employee benefits 119,603 132,775 144,202 152,776 159,999 165,035
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.56 -1.22 2.42 2.91 3.14 1.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.54 1.41 1.43 1.60 1.90 1.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.40 -1.72 3.44 4.67 5.98 1.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -304.47 27.28 10.19 7.54 5.70 4.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 730.21 -46.83 35.08 35.21 34.12 8.02
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.16 -0.88 1.93 2.75 3.70 1.23
42
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Azgard Nine Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 13,410,391 13,444,780 13,421,971 13,484,348 13,678,397 13,483,746
1.Capital work in progress 27,812 76,799 177,390 51,582 88,899 247,932
2.Operating fixed assets at cost 20,529,613 21,071,978 21,392,310 22,017,804 16,478,993 16,778,581
3.Operating fixed assets after deducting accumulated depreciation 13,069,941 13,117,452 12,991,110 13,163,865 10,078,766 10,006,076
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 231,897 231,896 231,865 231,865 231,865 12,608
6.Other non-current assets 80,741 18,633 21,606 37,036 3,278,867 3,217,130
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,108,152 4,826,184 5,268,016 6,382,833 9,008,089 9,497,579
1.Cash & bank balance 133,324 143,318 159,222 142,395 447,993 787,189
2.Inventories; of which 1,940,504 1,769,137 1,859,014 2,468,070 2,755,896 3,190,806
i)Raw material 448,523 422,989 598,247 717,701 802,227 964,602
ii)Work in progress 662,842 729,638 841,190 1,186,321 1,280,854 1,552,708
iii)Finished goods 829,139 616,510 419,577 564,048 672,815 673,495
3.Trade Debt / accounts receivables 1,361,141 1,177,075 1,240,969 1,354,829 3,217,170 2,225,064
4.Short term loans and advances 0 0 358,231 405,729 552,177 688,505
5.Short term investments 306,023 306,023 306,023 306,024 306,023 139,994
6.Other current assets 1,367,160 1,430,631 1,344,557 1,705,786 1,728,830 2,466,021
Total Assets (A+B) / Equity & Liabilities (C+D+E) 18,518,543 18,270,964 18,689,987 19,867,181 22,686,486 22,981,325
C.Shareholders' Equity (C1+C2+C3) 728,719 353,028 227,606 428,735 1,063,554 1,119,971
1.Issued, Subscribed & Paid up capital 4,548,719 4,548,719 4,548,719 4,548,719 4,548,719 4,913,753
i)Ordinary shares 4,548,719 4,548,719 4,548,719 4,548,719 4,548,719 4,913,753
ii)Preference shares 0 0 0 0 0 0
2.Reserves (8,388,030) (9,074,705) (9,074,779) (8,750,672) (8,334,934) (8,536,058)
i)Capital Reserve 3,125,220 3,125,219 3,133,362 3,137,869 3,135,488 3,216,320
ii)Revenue Reserve (11,513,250) (12,199,924) (12,208,141) (11,888,541) (11,470,422) (11,752,378)
of which: un-appropriated profit(loss) / retained earnings (11,513,250) (12,199,924) (12,208,141) (11,888,541) (11,470,422) (11,752,378)
3.Surplus on revaluation of fixed assets 4,568,030 4,879,014 4,753,666 4,630,688 4,849,769 4,742,276
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,428,083 1,287,705 842,425 731,839 351,232 390,322
1.Long term borrowings 967,403 645,410 501,309 391,795 7,568 7,118
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 2,460,680 569,990 199,796 108,002 0 0
4.Employees benefit obligations 0 72,305 141,320 232,042 343,664 383,204
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 14,361,741 16,630,231 17,619,956 18,706,607 21,271,700 21,471,032
1.Trade credit & other accounts payables 2,444,298 1,659,746 1,533,520 1,846,555 1,732,597 1,474,806
of which: i) Trade credits 1,871,295 1,307,951 1,146,104 1,253,182 1,116,615 894,883
2.Short term borrowings 4,813,695 4,782,488 4,691,105 4,590,853 5,647,437 5,067,529
3.Current portion of non-current liabilities 4,097,461 6,496,787 7,105,619 7,439,381 8,170,827 8,139,943
4.Other current liabilities 3,006,287 3,691,210 4,289,712 4,829,818 5,720,839 6,788,754
F.Operations:
1.Sales 10,701,888 13,176,284 12,802,374 15,971,672 20,214,971 16,909,299
i)Local sales (Net) 1,511,150 1,317,371 1,201,744 1,839,081 2,150,037 862,403
ii)Export sales (Net) 9,190,738 11,858,913 11,600,630 14,132,591 18,064,934 16,046,896
2.Cost of sales 9,638,730 11,677,126 10,916,714 13,391,360 16,726,691 14,446,981
i)Cost of material 6,467,160 7,656,549 7,007,302 9,275,477 11,895,106 9,786,611
3.Gross profit / (loss) (F1-F2) 1,063,158 1,499,158 1,885,660 2,580,312 3,488,280 2,462,318
4.General, administrative and other expenses 3,051,004 1,012,020 999,427 1,184,240 1,485,094 1,450,629
i)Selling & distribution expenses 559,249 489,222 517,315 674,270 911,073 884,982
ii)Administrative and other expenses 2,491,755 522,798 482,112 509,970 574,021 565,647
5.Other income / (loss) 342,307 36,884 36,275 57,244 26,418 142,232
6.EBIT (F3-F4+F5) (1,645,539) 524,022 922,508 1,453,316 2,029,604 1,153,921
7.Financial expenses 1,182,711 1,207,625 965,600 1,154,240 1,528,303 1,282,483
of which: (i) Interest expenses 868,939 811,827 750,407 789,445 956,484 1,010,120
8.Profit / (loss) before taxation (F6-F7) (2,828,250) (683,603) (43,092) 299,076 501,301 (128,562)
9.Tax expenses 105,989 130,545 90,472 102,453 195,989 166,185
10.Profit / (loss) after tax (F8-F9) (2,934,239) (814,148) (133,564) 196,623 305,312 (294,747)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (82,353) 223,749 547,860 619,242 (365,642) 1,342,921
2.Net cash flows from investing activities 311,930 (134,173) (387,710) (433,664) (299,250) (206,675)
3.Net cash flows from financing activities (137,859) (133,062) 32,357 (285,919) 998,480 111,594
H.Miscellaneous
1.Total capital employed (C+D) 4,156,802 1,640,733 1,070,031 1,160,574 1,414,786 1,510,293
2.Retention in business (F10-F11-F12) (2,934,239) (814,148) (133,564) 196,623 305,312 (294,747)
3.Depreciation for the year 484,157 466,949 454,055 455,661 459,911 380,878
4.Salaries, wages and employee benefits 1,825,713 2,016,101 2,322,210 2,985,385 3,552,025 3,615,734
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -27.42 -6.18 -1.04 1.23 1.51 -1.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.54 0.72 0.69 0.83 0.95 0.74
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -14.93 -4.43 -0.72 1.02 1.43 -1.29
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 8.39 34.01 63.66 58.75 28.52 20.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -125.28 -150.52 -46.01 59.91 40.92 -27.00
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.45 -1.79 -0.29 0.43 0.67 -0.60
43
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Babri Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,426,609 1,802,278 1,680,117 1,813,864 1,944,395 1,917,006
1.Capital work in progress 0 2,083 5,259 48,287 30,626 0
2.Operating fixed assets at cost 1,534,737 1,719,497 1,743,816 1,819,511 2,034,533 2,074,742
3.Operating fixed assets after deducting accumulated depreciation 1,350,262 1,555,665 1,517,351 1,535,925 1,684,041 1,681,485
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 74,415 243,020 155,871 228,008 228,654 234,288
6.Other non-current assets 1,932 1,510 1,636 1,644 1,074 1,233
B.Current Assets (B1+B2+B3+B4+B5+B6) 407,179 457,202 723,756 815,533 1,063,252 532,353
1.Cash & bank balance 7,739 543 477 8,143 2,952 4,389
2.Inventories; of which 309,812 379,057 614,915 672,394 885,385 430,898
i)Raw material 214,131 223,505 370,771 606,258 777,178 359,803
ii)Work in progress 36,801 36,606 37,987 39,494 51,436 21,000
iii)Finished goods 58,880 118,946 206,157 26,642 56,771 50,095
3.Trade Debt / accounts receivables 165 108 285 369 308 6,406
4.Short term loans and advances 5,553 6,177 5,052 8,671 11,515 12,849
5.Short term investments 0 0 0 0 0 0
6.Other current assets 83,910 71,317 103,027 125,956 163,092 77,811
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,833,788 2,259,480 2,403,873 2,629,397 3,007,647 2,449,359
C.Shareholders' Equity (C1+C2+C3) 1,202,547 1,538,345 1,452,306 1,360,434 1,321,511 988,820
1.Issued, Subscribed & Paid up capital 36,522 36,522 36,522 36,522 36,522 36,522
i)Ordinary shares 36,522 36,522 36,522 36,522 36,522 36,522
ii)Preference shares 0 0 0 0 0 0
2.Reserves 570,517 556,576 483,519 408,277 386,121 40,660
i)Capital Reserve 15,096 17,567 17,451 17,341 17,235 17,128
ii)Revenue Reserve 555,421 539,009 466,068 390,936 368,886 23,532
of which: un-appropriated profit(loss) / retained earnings 464,820 445,311 378,068 302,936 280,886 (64,468)
3.Surplus on revaluation of fixed assets 595,508 945,247 932,265 915,635 898,868 911,638
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 284,531 253,712 177,942 231,432 278,310 257,219
1.Long term borrowings 33,272 13,841 0 70,096 186,718 174,580
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 62,500 73,104 69,140 78,326 81,520 73,431
5.Other non-current liabilities 188,759 166,767 108,802 83,010 10,072 9,208
E.Current Liabilities (E1+E2+E3+E4) 346,710 467,423 773,625 1,037,531 1,407,826 1,203,320
1.Trade credit & other accounts payables 115,557 132,504 171,230 272,552 373,287 434,527
of which: i) Trade credits 22,581 28,085 38,358 53,444 198,869 253,180
2.Short term borrowings 193,653 296,903 561,030 726,128 929,483 669,673
3.Current portion of non-current liabilities 17,114 19,211 13,824 3,644 51,803 26,607
4.Other current liabilities 20,386 18,805 27,541 35,207 53,253 72,513
F.Operations:
1.Sales 1,757,969 1,444,247 1,649,638 1,890,012 2,218,285 1,548,962
i)Local sales (Net) 1,757,969 1,444,247 1,649,638 1,890,012 2,218,285 1,548,962
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,764,254 1,412,766 1,594,540 1,923,534 2,096,805 1,667,023
i)Cost of material 1,075,188 926,534 1,096,721 1,138,890 1,426,893 1,031,754
3.Gross profit / (loss) (F1-F2) (6,285) 31,481 55,098 (33,522) 121,480 (118,061)
4.General, administrative and other expenses 78,821 70,614 83,706 86,493 105,242 112,080
i)Selling & distribution expenses 9,451 8,359 12,366 14,173 16,539 11,851
ii)Administrative and other expenses 69,370 62,255 71,340 72,320 88,703 100,229
5.Other income / (loss) 9,937 16,701 5,143 80,619 4,273 (3,914)
6.EBIT (F3-F4+F5) (75,169) (22,432) (23,465) (39,396) 20,511 (234,055)
7.Financial expenses 48,634 27,418 24,656 45,081 115,890 147,730
of which: (i) Interest expenses 48,285 22,900 22,293 43,124 113,994 147,177
8.Profit / (loss) before taxation (F6-F7) (123,803) (49,850) (48,121) (84,477) (95,379) (381,785)
9.Tax expenses (39,604) (37,378) (18,520) (38) (56,361) 5,813
10.Profit / (loss) after tax (F8-F9) (84,199) (12,472) (29,601) (84,439) (39,018) (387,598)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 251,176 (15,803) (196,128) (54,102) (80,997) 437,490
2.Net cash flows from investing activities (19,642) (50,028) (27,069) (125,887) (196,417) (5,173)
3.Net cash flows from financing activities (229,501) 58,635 223,131 187,655 272,223 (430,880)
H.Miscellaneous
1.Total capital employed (C+D) 1,487,078 1,792,057 1,630,248 1,591,866 1,599,821 1,246,039
2.Retention in business (F10-F11-F12) (84,199) (12,472) (29,601) (84,439) (39,018) (387,598)
3.Depreciation for the year 52,444 51,889 62,633 60,061 66,906 70,995
4.Salaries, wages and employee benefits 298,332 293,629 321,911 340,242 366,489 316,698
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -4.79 -0.86 -1.79 -4.47 -1.76 -25.02
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.88 0.71 0.71 0.75 0.79 0.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.23 -0.61 -1.27 -3.36 -1.38 -14.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.60 1.49 1.56 1.79 2.10 2.36
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.78 -0.91 -1.98 -6.00 -2.91 -33.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -23.05 -3.41 -8.10 -23.12 -10.68 -106.13
44
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bhanero Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,123,652 1,984,572 2,111,056 2,854,859 3,221,942 3,055,109
1.Capital work in progress 17,325 720 54,912 31,455 24,923 21,893
2.Operating fixed assets at cost 4,117,732 4,180,053 4,418,737 5,357,465 5,942,093 6,010,930
3.Operating fixed assets after deducting accumulated depreciation 2,080,122 1,957,647 2,029,939 2,794,871 3,168,486 3,004,663
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 26,205 26,205 26,205 28,533 28,533 28,553
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,597,798 2,720,644 3,784,089 3,790,733 5,183,986 5,733,760
1.Cash & bank balance 177,071 65,285 39,786 68,266 143,722 114,394
2.Inventories; of which 1,511,682 1,742,765 2,713,409 2,347,206 3,569,019 3,956,410
i)Raw material 1,178,447 1,346,056 2,184,923 1,984,424 2,993,789 2,940,887
ii)Work in progress 96,357 94,152 121,133 137,316 167,176 158,886
iii)Finished goods 236,878 302,557 406,754 223,726 406,737 855,256
3.Trade Debt / accounts receivables 472,307 413,602 544,451 841,493 758,161 957,494
4.Short term loans and advances 137,015 91,806 31,621 28,700 68,359 16,294
5.Short term investments 0 0 0 0 0 0
6.Other current assets 299,723 407,186 454,822 505,068 644,725 689,168
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,721,450 4,705,216 5,895,145 6,645,592 8,405,928 8,788,869
C.Shareholders' Equity (C1+C2+C3) 3,427,026 3,639,553 3,886,302 4,262,737 4,913,117 4,919,120
1.Issued, Subscribed & Paid up capital 30,000 30,000 30,000 30,000 30,000 30,000
i)Ordinary shares 30,000 30,000 30,000 30,000 30,000 30,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,397,026 3,609,553 3,856,302 4,232,737 4,883,117 4,889,120
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 3,397,026 3,609,553 3,856,302 4,232,737 4,883,117 4,889,120
of which: un-appropriated profit(loss) / retained earnings 97,026 109,553 156,302 232,737 183,117 89,120
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 796,527 572,558 752,188 1,293,400 1,595,287 1,612,845
1.Long term borrowings 583,099 348,588 428,762 885,234 1,121,716 1,090,593
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 132,186 114,570 131,861 149,567 148,845 167,244
5.Other non-current liabilities 81,242 109,400 191,565 258,599 324,726 355,008
E.Current Liabilities (E1+E2+E3+E4) 497,897 493,105 1,256,655 1,089,455 1,897,524 2,256,904
1.Trade credit & other accounts payables 417,411 408,214 487,765 771,695 725,977 631,608
of which: i) Trade credits 201,108 215,563 169,267 224,379 264,744 333,163
2.Short term borrowings 0 0 676,558 220,458 992,657 1,570,614
3.Current portion of non-current liabilities 67,142 77,464 77,464 81,367 140,183 21,514
4.Other current liabilities 13,344 7,427 14,868 15,935 38,707 33,168
F.Operations:
1.Sales 7,350,098 6,637,411 6,837,255 8,073,845 9,347,773 8,923,611
i)Local sales (Net) 5,151,939 4,231,111 4,185,231 5,192,819 6,180,685 6,138,188
ii)Export sales (Net) 2,198,159 2,406,300 2,652,024 2,881,026 3,167,088 2,785,423
2.Cost of sales 6,708,564 5,953,047 6,082,971 7,205,449 8,054,101 8,100,059
i)Cost of material 4,124,693 3,858,540 4,147,178 4,736,346 5,853,409 5,997,747
3.Gross profit / (loss) (F1-F2) 641,534 684,364 754,284 868,396 1,293,672 823,552
4.General, administrative and other expenses 298,329 297,657 303,758 344,252 398,293 346,156
i)Selling & distribution expenses 161,773 140,891 155,460 184,655 178,151 162,909
ii)Administrative and other expenses 136,556 156,766 148,298 159,597 220,142 183,247
5.Other income / (loss) 8,766 4,316 5,783 111,987 227,826 159,680
6.EBIT (F3-F4+F5) 351,971 391,023 456,309 636,131 1,123,205 637,076
7.Financial expenses 115,128 69,829 87,064 93,971 166,322 181,440
of which: (i) Interest expenses 97,440 54,017 71,761 75,769 139,318 159,573
8.Profit / (loss) before taxation (F6-F7) 236,843 321,194 369,245 542,160 956,883 455,636
9.Tax expenses 29,432 100,845 93,508 60,123 124,473 126,237
10.Profit / (loss) after tax (F8-F9) 207,411 220,349 275,737 482,037 832,410 329,399
11.Cash dividends 30,000 30,000 110,400 192,900 167,400 150,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,002,656 212,103 (441,552) 991,787 (402,274) (169,771)
2.Net cash flows from investing activities (23,876) (69,741) (310,716) (857,331) (397,213) 27,578
3.Net cash flows from financing activities (832,144) (254,147) 726,768 (105,976) 874,944 112,865
H.Miscellaneous
1.Total capital employed (C+D) 4,223,553 4,212,111 4,638,490 5,556,137 6,508,404 6,531,965
2.Retention in business (F10-F11-F12) 177,411 190,349 165,337 289,137 665,010 179,399
3.Depreciation for the year 197,585 195,400 185,752 223,452 250,171 284,655
4.Salaries, wages and employee benefits 606,513 681,363 728,286 825,344 820,839 856,343
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.82 3.32 4.03 5.97 8.90 3.69
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.46 1.41 1.29 1.29 1.24 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.13 4.68 5.20 7.69 11.06 3.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.49 1.33 1.41 1.54 1.64 1.75
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.18 6.24 7.33 11.83 18.14 6.70
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 69.14 73.45 91.91 160.68 277.47 109.80
45
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bilal Fibres Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,068,865 1,027,828 976,706 933,787 1,015,562 991,770
1.Capital work in progress 1,162 0 0 0 0 0
2.Operating fixed assets at cost 1,186,519 1,099,316 1,088,346 1,088,007 424,533 424,533
3.Operating fixed assets after deducting accumulated depreciation 1,064,094 1,024,439 973,317 930,431 471,666 447,874
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 542,740 542,740
6.Other non-current assets 3,609 3,389 3,389 3,356 1,156 1,156
B.Current Assets (B1+B2+B3+B4+B5+B6) 254,201 222,578 91,438 102,463 102,185 92,542
1.Cash & bank balance 5,844 412 728 369 134 591
2.Inventories; of which 150,961 140,924 57,873 57,873 57,873 57,873
i)Raw material 118,975 57,529 57,529 57,529 57,873 57,873
ii)Work in progress 16,961 0 0 0 0 0
iii)Finished goods 15,025 83,051 0 0 0 0
3.Trade Debt / accounts receivables 35,657 19,873 0 0 0 0
4.Short term loans and advances 25,170 17,089 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 36,569 44,280 32,837 44,221 44,178 34,078
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,323,066 1,250,406 1,068,144 1,036,250 1,117,747 1,084,312
C.Shareholders' Equity (C1+C2+C3) 234,626 82,588 91,094 12,713 137,767 107,813
1.Issued, Subscribed & Paid up capital 141,000 141,000 141,000 141,000 141,000 141,000
i)Ordinary shares 141,000 141,000 141,000 141,000 141,000 141,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (225,589) (366,258) (350,202) (421,303) (422,136) (448,101)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (225,589) (366,258) (350,202) (421,303) (422,136) (448,101)
of which: un-appropriated profit(loss) / retained earnings (235,302) (371,115) (350,202) (421,303) (422,136) (448,101)
3.Surplus on revaluation of fixed assets 319,215 307,846 300,296 293,016 418,903 414,914
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 589,028 510,660 114,629 170,855 124,243 117,957
1.Long term borrowings 499,454 482,596 92,372 110,459 117,307 111,021
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 16,600 13,946 0 0 0 0
5.Other non-current liabilities 72,974 14,118 22,257 60,396 6,936 6,936
E.Current Liabilities (E1+E2+E3+E4) 499,412 657,158 862,421 852,682 855,737 858,542
1.Trade credit & other accounts payables 131,032 251,061 58,770 30,467 32,482 34,162
of which: i) Trade credits 63,762 93,619 28,761 16,474 16,421 16,170
2.Short term borrowings 153,912 144,105 143,855 143,856 143,856 143,465
3.Current portion of non-current liabilities 120,116 164,472 562,040 580,603 581,643 583,158
4.Other current liabilities 94,352 97,520 97,756 97,756 97,756 97,757
F.Operations:
1.Sales 1,638,364 1,067,924 95,048 0 0 0
i)Local sales (Net) 1,568,330 1,026,949 95,048 0 0 0
ii)Export sales (Net) 70,034 40,975 0 0 0 0
2.Cost of sales 1,708,277 1,222,800 135,866 0 0 0
i)Cost of material 1,178,749 835,637 6 0 0 0
3.Gross profit / (loss) (F1-F2) (69,913) (154,876) (40,818) 0 0 0
4.General, administrative and other expenses 63,753 50,437 11,079 48,009 55,649 33,724
i)Selling & distribution expenses 19,847 18,143 448 0 0 0
ii)Administrative and other expenses 43,906 32,294 10,631 48,009 55,649 33,724
5.Other income / (loss) 17,801 16,576 95,673 14,520 10,648 6,000
6.EBIT (F3-F4+F5) (115,865) (188,737) 43,776 (33,489) (45,001) (27,724)
7.Financial expenses 55,966 24,164 21,307 17,373 13,091 2,230
of which: (i) Interest expenses 55,008 23,312 20,815 17,132 13,087 2,228
8.Profit / (loss) before taxation (F6-F7) (171,831) (212,901) 22,469 (50,862) (58,092) (29,954)
9.Tax expenses (45,337) (60,778) 9,105 27,519 (49,410) 0
10.Profit / (loss) after tax (F8-F9) (126,494) (152,123) 13,364 (78,381) (8,682) (29,954)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (9,993) (12,480) 5,892 (22,109) 3,925 7,847
2.Net cash flows from investing activities (73,890) (8,021) 6,775 453 0 0
3.Net cash flows from financing activities 80,639 15,069 (12,350) 21,297 (4,160) (7,390)
H.Miscellaneous
1.Total capital employed (C+D) 823,654 593,248 205,723 183,568 262,010 225,770
2.Retention in business (F10-F11-F12) (126,494) (152,123) 13,364 (78,381) (8,682) (29,954)
3.Depreciation for the year 51,648 49,016 42,335 42,747 40,581 21,764
4.Salaries, wages and employee benefits 176,845 173,667 6,646 176,845 1,994 1,994
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.72 -14.24 14.06 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.23 0.83 0.08 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.46 -11.82 1.15 -7.45 -0.81 -2.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.52 8.11 13.35 20.27 14.31 8.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -42.71 -95.91 15.39 -151.01 -11.54 -24.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.97 -10.79 0.95 -5.56 -0.62 -2.12
46
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Blessed Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,083,206 3,526,833 3,912,045 3,609,696 3,795,454 3,825,736
1.Capital work in progress 26,841 1,312 29,139 2,967 36,964 18,080
2.Operating fixed assets at cost 5,156,948 5,829,019 6,386,597 6,472,591 6,924,434 7,363,678
3.Operating fixed assets after deducting accumulated depreciation 3,025,391 3,511,367 3,868,752 3,592,585 3,744,096 3,793,262
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 30,974 14,154 14,154 14,144 14,394 14,394
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,877,666 2,593,542 3,169,630 5,695,622 5,333,098 6,936,293
1.Cash & bank balance 57,187 65,245 35,442 139,828 302,172 202,878
2.Inventories; of which 1,186,680 1,592,565 1,821,520 3,893,103 3,245,348 5,021,697
i)Raw material 861,165 1,211,886 1,317,563 3,368,820 2,749,054 4,049,594
ii)Work in progress 85,255 98,794 93,615 109,149 123,825 112,159
iii)Finished goods 240,260 281,885 410,342 415,134 372,469 859,944
3.Trade Debt / accounts receivables 234,590 302,465 523,159 926,183 971,215 816,682
4.Short term loans and advances 0 0 31,343 48,729 19,553 29,201
5.Short term investments 0 0 0 0 0 0
6.Other current assets 399,209 633,267 758,166 687,779 794,810 865,835
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,960,872 6,120,375 7,081,675 9,305,318 9,128,552 10,762,029
C.Shareholders' Equity (C1+C2+C3) 2,678,841 2,759,051 2,973,279 3,251,805 3,755,089 3,889,547
1.Issued, Subscribed & Paid up capital 64,320 64,320 64,320 64,320 64,320 64,320
i)Ordinary shares 64,320 64,320 64,320 64,320 64,320 64,320
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,614,521 2,694,731 2,908,959 3,187,485 3,690,769 3,825,227
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 2,614,521 2,694,731 2,908,959 3,187,485 3,690,769 3,825,227
of which: un-appropriated profit(loss) / retained earnings 64,521 94,731 108,959 187,485 190,769 25,227
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,243,521 1,596,178 2,262,122 2,072,968 2,188,053 2,601,056
1.Long term borrowings 1,063,744 1,376,316 1,817,591 1,543,020 1,600,162 1,959,433
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 97,273 91,760 108,130 126,057 118,104 150,095
5.Other non-current liabilities 82,504 128,102 336,401 403,891 469,787 491,528
E.Current Liabilities (E1+E2+E3+E4) 1,038,510 1,765,146 1,846,274 3,980,545 3,185,410 4,271,426
1.Trade credit & other accounts payables 347,091 330,266 347,609 487,985 544,233 642,118
of which: i) Trade credits 128,523 153,857 199,316 225,896 172,483 278,901
2.Short term borrowings 380,500 1,153,712 1,242,801 3,146,462 2,190,947 3,480,258
3.Current portion of non-current liabilities 280,492 254,010 221,742 303,439 369,637 59,567
4.Other current liabilities 30,427 27,158 34,122 42,659 80,593 89,483
F.Operations:
1.Sales 7,623,285 6,846,744 8,064,239 10,257,434 12,346,175 12,359,646
i)Local sales (Net) 3,871,572 3,908,432 4,959,826 6,424,370 7,551,141 6,101,813
ii)Export sales (Net) 3,751,713 2,938,312 3,104,413 3,833,064 4,795,034 6,257,833
2.Cost of sales 6,973,056 6,325,609 7,268,795 9,185,919 10,733,443 11,111,878
i)Cost of material 4,621,681 4,453,761 5,266,528 6,753,923 8,237,382 9,049,485
3.Gross profit / (loss) (F1-F2) 650,229 521,135 795,444 1,071,515 1,612,732 1,247,768
4.General, administrative and other expenses 275,470 254,606 287,635 384,620 459,708 424,281
i)Selling & distribution expenses 163,428 127,014 150,628 227,393 223,401 233,025
ii)Administrative and other expenses 112,042 127,592 137,007 157,227 236,307 191,256
5.Other income / (loss) 4,506 29,818 35,742 3,830 6,805 32,501
6.EBIT (F3-F4+F5) 379,265 296,347 543,551 690,725 1,159,829 855,988
7.Financial expenses 260,190 168,906 166,058 186,788 371,504 306,630
of which: (i) Interest expenses 243,252 150,002 150,033 167,188 347,154 276,337
8.Profit / (loss) before taxation (F6-F7) 119,075 127,441 377,493 503,937 788,325 549,358
9.Tax expenses 37,075 32,502 131,696 135,461 152,900 124,080
10.Profit / (loss) after tax (F8-F9) 82,000 94,939 245,797 368,476 635,425 425,278
11.Cash dividends 32,160 32,160 98,410 147,936 127,354 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 719,839 (301,168) 216,385 (1,424,920) 1,701,178 (742,220)
2.Net cash flows from investing activities (151,832) (718,150) (712,626) (83,692) (560,103) (422,527)
3.Net cash flows from financing activities (570,071) 1,027,377 466,439 1,612,997 (978,936) 1,064,872
H.Miscellaneous
1.Total capital employed (C+D) 3,922,362 4,355,229 5,235,401 5,324,773 5,943,142 6,490,603
2.Retention in business (F10-F11-F12) 49,840 62,779 147,387 220,540 508,071 425,278
3.Depreciation for the year 322,726 310,123 360,926 386,665 374,687 392,546
4.Salaries, wages and employee benefits 494,178 554,643 616,508 578,538 693,529 793,812
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.08 1.39 3.05 3.59 5.15 3.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.46 1.24 1.22 1.25 1.34 1.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.57 1.71 3.72 4.50 6.89 4.28
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.97 2.04 2.30 2.63 2.63 2.60
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.10 3.49 8.58 11.84 18.14 11.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.75 14.76 38.21 57.29 98.79 66.12
47
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Chakwal Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,144,259 1,059,333 997,426 919,077 885,005 830,340
1.Capital work in progress 802 1,260 0 0 0 0
2.Operating fixed assets at cost 1,875,978 1,856,071 1,849,678 1,853,020 1,853,020 1,828,686
3.Operating fixed assets after deducting accumulated depreciation 1,126,706 1,043,625 984,231 905,708 851,736 801,787
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 16,751 14,448 13,195 13,369 33,269 28,553
B.Current Assets (B1+B2+B3+B4+B5+B6) 606,551 422,672 90,273 109,185 110,086 38,560
1.Cash & bank balance 3,941 1,741 552 1,004 377 42
2.Inventories; of which 342,924 133,051 965 20,500 7,008 0
i)Raw material 254,588 79,774 965 6,650 6,985 0
ii)Work in progress 41,864 45,459 0 9,620 0 0
iii)Finished goods 46,472 7,818 0 4,230 23 0
3.Trade Debt / accounts receivables 54,210 109,817 11,561 16,374 43,726 933
4.Short term loans and advances 187,201 168,619 24,683 12,313 3,597 4,346
5.Short term investments 0 0 0 0 0 0
6.Other current assets 18,275 9,444 52,512 58,994 55,378 33,239
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,750,810 1,482,005 1,087,699 1,028,262 995,091 868,900
C.Shareholders' Equity (C1+C2+C3) 734,342 397,745 218,959 101,405 47,780 (2,694)
1.Issued, Subscribed & Paid up capital 200,000 200,000 200,000 200,000 607,881 607,881
i)Ordinary shares 200,000 200,000 200,000 200,000 607,881 607,881
ii)Preference shares 0 0 0 0 0 0
2.Reserves 350,119 21,941 (149,115) (239,393) (696,797) (741,885)
i)Capital Reserve 271,256 271,256 450,256 450,256 42,375 42,375
ii)Revenue Reserve 78,863 (249,315) (599,371) (689,649) (739,172) (784,260)
of which: un-appropriated profit(loss) / retained earnings 78,863 (249,315) (599,371) (689,649) (739,172) (784,260)
3.Surplus on revaluation of fixed assets 184,223 175,804 168,074 140,798 136,696 131,310
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 90,748 70,303 35,835 31,143 37,076 0
1.Long term borrowings 6,097 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 36,645 22,297 6,842 2,150 8,082 0
5.Other non-current liabilities 48,006 48,006 28,993 28,993 28,994 0
E.Current Liabilities (E1+E2+E3+E4) 925,720 1,013,957 832,905 895,714 910,235 871,594
1.Trade credit & other accounts payables 520,504 529,589 427,517 429,879 388,365 329,413
of which: i) Trade credits 371,830 288,214 241,178 237,840 194,709 168,460
2.Short term borrowings 375,665 461,681 366,318 390,594 429,898 426,043
3.Current portion of non-current liabilities 5,728 6,800 2,366 2,366 2,366 37,743
4.Other current liabilities 23,823 15,887 36,704 72,875 89,606 78,395
F.Operations:
1.Sales 2,112,614 1,057,846 536,175 201,245 1,072,563 146,549
i)Local sales (Net) 1,119,848 934,254 536,175 201,245 1,072,563 146,549
ii)Export sales (Net) 992,766 123,592 0 0 0 0
2.Cost of sales 2,077,810 1,288,445 827,156 239,769 1,065,623 178,974
i)Cost of material 1,382,224 754,611 405,175 144,062 755,506 90,750
3.Gross profit / (loss) (F1-F2) 34,804 (230,599) (290,981) (38,524) 6,940 (32,425)
4.General, administrative and other expenses 124,347 72,407 38,254 26,461 45,260 15,821
i)Selling & distribution expenses 48,579 13,170 281 887 5,716 949
ii)Administrative and other expenses 75,768 59,237 37,973 25,574 39,544 14,872
5.Other income / (loss) 808 1,237 2,413 7,926 1,783 0
6.EBIT (F3-F4+F5) (88,735) (301,769) (326,822) (57,059) (36,537) (48,246)
7.Financial expenses 42,958 30,935 30,283 33,686 3,585 28
of which: (i) Interest expenses 38,068 0 0 33,655 3,322 0
8.Profit / (loss) before taxation (F6-F7) (131,693) (332,704) (357,105) (90,745) (40,122) (48,274)
9.Tax expenses 7,739 2,032 (1,199) 2,516 13,409 2,198
10.Profit / (loss) after tax (F8-F9) (139,432) (334,736) (355,906) (93,261) (53,531) (50,472)
11.Cash dividends 10,000 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 62,063 (97,772) (82,070) (20,014) (20,032) (1,196)
2.Net cash flows from investing activities (65,416) 14,581 (357) (3,810) (19,899) 4,716
3.Net cash flows from financing activities (2,260) 80,991 79,202 24,276 39,304 (3,855)
H.Miscellaneous
1.Total capital employed (C+D) 825,090 468,048 254,794 132,548 84,856 (2,694)
2.Retention in business (F10-F11-F12) (149,432) (334,736) (355,906) (93,261) (53,531) (50,472)
3.Depreciation for the year 69,884 68,700 64,457 58,292 53,972 49,949
4.Salaries, wages and employee benefits 264,579 178,386 139,104 44,446 122,037 50,662
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -6.60 -31.64 -66.38 -46.34 -4.99 -34.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.21 0.65 0.42 0.19 1.06 0.16
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.97 -20.71 -27.70 -8.82 -5.29 -5.42
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.61 2.86 4.17 6.60 13.56 41.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -20.83 -59.14 -115.42 -58.22 -71.76 -223.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.49 -8.37 -8.90 -2.33 -0.44 -0.42
48
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Colony Textile Mills Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 20,519,675 19,836,028 19,836,028 19,470,693 19,334,318 19,297,777
1.Capital work in progress 687,404 453,483 453,483 96,428 131,659 132,452
2.Operating fixed assets at cost 24,235,949 25,154,099 25,154,099 26,113,032 26,849,347 27,304,164
3.Operating fixed assets after deducting accumulated depreciation 19,103,555 19,157,470 19,157,470 18,398,892 18,330,300 18,013,019
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 247,451 175,425 175,425 924,403 821,227 995,614
6.Other non-current assets 481,265 49,650 49,650 50,970 51,132 156,692
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,973,226 6,884,101 6,884,101 7,850,804 7,838,945 8,103,837
1.Cash & bank balance 58,271 56,885 56,885 38,412 37,287 47,952
2.Inventories; of which 5,238,387 5,184,692 5,184,692 5,415,334 4,705,937 4,608,933
i)Raw material 613,612 442,997 442,997 649,392 2,000,067 1,288,638
ii)Work in progress 414,652 436,792 436,792 453,260 450,135 467,431
iii)Finished goods 3,713,376 3,808,156 3,808,156 3,815,935 2,090,735 2,687,864
3.Trade Debt / accounts receivables 515,678 462,075 462,075 694,187 997,955 1,266,046
4.Short term loans and advances 190,928 113,912 113,912 281,823 502,000 716,430
5.Short term investments 0 0 0 0 0 0
6.Other current assets 969,962 1,066,537 1,066,537 1,421,048 1,595,766 1,464,476
Total Assets (A+B) / Equity & Liabilities (C+D+E) 27,492,901 26,720,129 26,720,129 27,321,497 27,173,263 27,401,614
C.Shareholders' Equity (C1+C2+C3) 8,667,437 7,776,690 7,776,690 7,926,614 9,359,739 9,013,493
1.Issued, Subscribed & Paid up capital 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100
i)Ordinary shares 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,686,801 2,796,116 2,796,116 2,932,790 4,359,059 4,012,307
i)Capital Reserve 3,156,388 3,156,388 3,156,388 3,156,388 3,156,388 3,156,388
ii)Revenue Reserve 530,413 (360,272) (360,272) (223,598) 1,202,671 855,919
of which: un-appropriated profit(loss) / retained earnings 0 (364,974) (364,974) (228,300) 1,197,969 851,217
3.Surplus on revaluation of fixed assets 536 474 474 13,724 20,580 21,086
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 10,186,544 9,823,549 9,823,549 10,154,382 12,338,680 12,869,160
1.Long term borrowings 7,795,694 7,255,578 7,255,578 6,943,550 7,682,168 7,620,563
2.Subordinated loans / Sponsor's loans 120,000 120,000 120,000 120,000 385,187 385,187
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 22,287 48,250 48,250 81,757 109,972 133,696
5.Other non-current liabilities 2,248,563 2,399,721 2,399,721 3,009,075 4,161,353 4,729,714
E.Current Liabilities (E1+E2+E3+E4) 8,638,920 9,119,890 9,119,890 9,240,501 5,474,844 5,518,961
1.Trade credit & other accounts payables 1,965,358 1,993,536 1,993,536 1,326,693 1,058,672 1,289,910
of which: i) Trade credits 674,585 997,544 997,544 244,650 312,250 266,609
2.Short term borrowings 4,315,040 4,302,009 4,302,009 3,890,441 3,188,296 3,328,787
3.Current portion of non-current liabilities 1,021,787 1,456,685 1,456,685 1,970,534 640,975 430,598
4.Other current liabilities 1,336,735 1,367,660 1,367,660 2,052,833 586,901 469,666
F.Operations:
1.Sales 15,957,105 11,719,850 11,719,850 16,595,202 23,123,399 17,700,292
i)Local sales (Net) 10,937,394 9,594,616 9,594,616 14,505,765 20,776,638 15,120,432
ii)Export sales (Net) 5,019,711 2,125,234 2,125,234 2,089,437 2,346,761 2,579,860
2.Cost of sales 15,232,795 11,472,197 11,472,197 15,336,601 21,395,836 16,754,434
i)Cost of material 10,707,469 7,094,906 7,094,906 10,351,828 13,209,994 10,927,775
3.Gross profit / (loss) (F1-F2) 724,310 247,653 247,653 1,258,601 1,727,563 945,858
4.General, administrative and other expenses 505,916 550,748 550,748 497,108 1,131,171 565,104
i)Selling & distribution expenses 250,408 162,648 162,648 202,682 257,876 217,400
ii)Administrative and other expenses 255,508 388,100 388,100 294,426 873,295 347,704
5.Other income / (loss) 90,123 242,654 242,654 231,031 2,134,109 417,818
6.EBIT (F3-F4+F5) 308,517 (60,441) (60,441) 992,524 2,730,501 798,572
7.Financial expenses 1,150,368 835,141 835,141 703,830 506,075 968,611
of which: (i) Interest expenses 1,100,914 803,290 803,290 689,335 487,783 955,578
8.Profit / (loss) before taxation (F6-F7) (841,851) (895,582) (895,582) 288,694 2,224,426 (170,039)
9.Tax expenses 54,906 (5,771) (5,771) 248,500 788,641 205,023
10.Profit / (loss) after tax (F8-F9) (896,757) (889,811) (889,811) 40,194 1,435,785 (375,062)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,050,879 491,205 491,205 691,974 1,434,120 801,925
2.Net cash flows from investing activities (597,100) (374,342) (374,342) (446,639) (938,515) (645,654)
3.Net cash flows from financing activities (460,389) (118,249) (118,249) (247,206) (496,730) (145,606)
H.Miscellaneous
1.Total capital employed (C+D) 18,853,981 17,600,239 17,600,239 18,080,996 21,698,419 21,882,653
2.Retention in business (F10-F11-F12) (896,757) (889,811) (889,811) 40,194 1,435,785 (375,062)
3.Depreciation for the year 837,786 867,225 867,225 854,798 849,470 863,427
4.Salaries, wages and employee benefits 1,427,569 1,387,665 1,387,665 1,458,584 2,002,521 2,278,932
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.62 -7.59 -7.59 0.24 6.21 -2.12
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.57 0.43 0.44 0.61 0.85 0.65
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.23 -3.28 -3.33 0.15 5.27 -1.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.05 3.30 3.44 3.44 3.15 2.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -9.84 -10.82 -11.44 0.51 16.61 -4.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.80 -1.79 -1.79 0.08 2.88 -0.75
49
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Crescent Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,283,748 3,824,053 4,138,297 4,220,623 5,317,375 5,333,927
1.Capital work in progress 191,665 197,737 477,128 4,716 390 270
2.Operating fixed assets at cost 3,500,402 4,085,240 4,114,496 4,721,797 5,796,324 5,909,685
3.Operating fixed assets after deducting accumulated depreciation 2,744,863 3,299,062 3,300,037 3,881,267 4,892,134 4,927,364
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 213,786 272,940 326,413 310,991 373,786 342,586
6.Other non-current assets 133,434 54,314 34,719 23,649 51,065 63,707
B.Current Assets (B1+B2+B3+B4+B5+B6) 709,870 778,377 838,797 1,114,145 1,249,573 1,522,195
1.Cash & bank balance 20,059 35,669 44,907 109,367 53,676 45,069
2.Inventories; of which 395,340 385,883 269,885 378,794 474,606 540,181
i)Raw material 141,373 131,645 99,505 211,920 357,022 292,986
ii)Work in progress 18,251 16,154 21,293 29,916 37,241 26,831
iii)Finished goods 235,716 236,200 147,640 134,097 77,546 215,800
3.Trade Debt / accounts receivables 56,154 40,019 63,873 127,024 200,334 280,321
4.Short term loans and advances 26,439 36,777 51,911 43,735 66,420 69,698
5.Short term investments 15,755 106,384 183,329 131,323 110,242 110,918
6.Other current assets 196,123 173,645 224,892 323,902 344,295 476,008
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,993,618 4,602,430 4,977,094 5,334,768 6,566,948 6,856,122
C.Shareholders' Equity (C1+C2+C3) 3,209,766 3,676,811 3,763,093 3,703,807 4,693,110 4,707,303
1.Issued, Subscribed & Paid up capital 213,775 213,775 213,775 226,601 226,601 226,601
i)Ordinary shares 213,775 213,775 213,775 226,601 226,601 226,601
ii)Preference shares 0 0 0 0 0 0
2.Reserves 443,465 383,046 469,328 397,216 329,798 343,991
i)Capital Reserve 19,337 49,172 124,710 73,050 35,867 36,192
ii)Revenue Reserve 424,128 333,874 344,618 324,166 293,931 307,799
of which: un-appropriated profit(loss) / retained earnings 375,153 284,899 295,643 275,191 191,936 205,382
3.Surplus on revaluation of fixed assets 2,552,526 3,079,990 3,079,990 3,079,990 4,136,711 4,136,711
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 59,000 66,799 300,584 258,844 231,860 322,474
1.Long term borrowings 0 0 225,787 178,252 130,719 195,399
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 59,000 66,799 74,797 80,592 101,141 127,075
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 724,852 858,820 913,417 1,372,117 1,641,978 1,826,345
1.Trade credit & other accounts payables 335,085 351,211 393,741 724,879 785,815 736,577
of which: i) Trade credits 162,875 157,595 170,947 394,440 395,007 295,822
2.Short term borrowings 333,436 451,814 444,919 533,780 665,837 846,269
3.Current portion of non-current liabilities 0 0 11,883 47,534 59,417 30,140
4.Other current liabilities 56,331 55,795 62,874 65,924 130,909 213,359
F.Operations:
1.Sales 3,809,881 3,453,569 3,984,008 6,094,091 7,393,034 5,517,184
i)Local sales (Net) 1,290,658 2,400,718 3,719,661 5,539,017 7,124,774 5,151,792
ii)Export sales (Net) 2,519,223 1,052,851 264,347 555,074 268,260 365,392
2.Cost of sales 3,608,714 3,325,337 3,856,798 5,850,287 7,104,456 5,151,826
i)Cost of material 2,319,714 2,206,472 2,710,218 4,395,854 5,492,072 3,871,272
3.Gross profit / (loss) (F1-F2) 201,167 128,232 127,210 243,804 288,578 365,358
4.General, administrative and other expenses 226,714 299,722 186,794 219,294 242,543 251,541
i)Selling & distribution expenses 84,005 49,850 32,397 57,848 60,031 54,693
ii)Administrative and other expenses 142,709 249,872 154,397 161,446 182,512 196,848
5.Other income / (loss) 39,762 98,454 146,479 61,379 47,402 37,838
6.EBIT (F3-F4+F5) 14,215 (73,036) 86,895 85,889 93,437 151,655
7.Financial expenses 37,419 32,407 29,864 55,962 84,271 104,270
of which: (i) Interest expenses 29,661 27,080 26,625 51,074 80,378 101,096
8.Profit / (loss) before taxation (F6-F7) (23,204) (105,443) 57,031 29,927 9,166 47,385
9.Tax expenses 9,417 2,537 51,791 44,611 65,430 28,336
10.Profit / (loss) after tax (F8-F9) (32,621) (107,980) 5,240 (14,684) (56,264) 19,049
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 12,827 13,596 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 50,870 (20,363) 18,526 115,489 (124,957) (121,447)
2.Net cash flows from investing activities (139,022) (80,101) (240,063) (128,004) (24,963) (102,947)
3.Net cash flows from financing activities (15,102) 116,074 230,775 76,975 94,229 215,787
H.Miscellaneous
1.Total capital employed (C+D) 3,268,766 3,743,610 4,063,677 3,962,651 4,924,970 5,029,777
2.Retention in business (F10-F11-F12) (32,621) (107,980) (7,587) (28,280) (56,264) 19,049
3.Depreciation for the year 32,584 31,962 33,516 82,658 86,163 81,807
4.Salaries, wages and employee benefits 390,707 414,702 428,076 580,379 653,673 507,277
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.86 -3.13 0.13 -0.24 -0.76 0.35
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.95 0.80 0.83 1.18 1.24 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.81 -2.51 0.11 -0.28 -0.95 0.28
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.25 1.25 1.29 1.38 1.42 1.43
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -1.01 -3.14 0.14 -0.39 -1.34 0.41
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.53 -5.05 0.25 -0.65 -2.48 0.84
50
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Crescent Fibers Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,210,017 1,265,966 1,255,123 3,160,885 3,144,386 3,179,858
1.Capital work in progress 8,259 0 23,765 13,698 0 0
2.Operating fixed assets at cost 1,986,291 2,174,697 2,264,707 2,540,750 2,627,056 2,755,381
3.Operating fixed assets after deducting accumulated depreciation 1,181,662 1,245,263 1,217,342 1,401,920 1,392,445 1,420,943
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 2,232 1,988 918 1,728,568 1,733,464 1,736,356
6.Other non-current assets 17,864 18,715 13,098 16,699 18,477 22,559
B.Current Assets (B1+B2+B3+B4+B5+B6) 959,473 1,079,632 1,423,214 1,712,462 2,006,090 2,474,674
1.Cash & bank balance 152,353 183,989 69,421 104,476 132,762 152,371
2.Inventories; of which 151,757 239,201 382,609 563,099 651,679 780,384
i)Raw material 79,803 147,083 251,628 430,337 537,034 595,938
ii)Work in progress 53,827 48,983 62,051 73,418 83,313 78,313
iii)Finished goods 18,127 43,135 68,930 59,344 31,332 106,132
3.Trade Debt / accounts receivables 320,007 489,355 551,088 686,410 878,577 1,312,378
4.Short term loans and advances 19,124 5,524 8,255 6,081 11,744 12,458
5.Short term investments 206,624 53,605 262,211 155,987 110,601 121,383
6.Other current assets 109,608 107,958 149,630 196,409 220,727 95,700
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,169,490 2,345,598 2,678,337 4,873,347 5,150,476 5,654,532
C.Shareholders' Equity (C1+C2+C3) 924,454 935,209 1,055,100 3,068,060 3,150,481 3,262,031
1.Issued, Subscribed & Paid up capital 124,179 124,179 124,179 124,179 124,179 124,179
i)Ordinary shares 124,179 124,179 124,179 124,179 124,179 124,179
ii)Preference shares 0 0 0 0 0 0
2.Reserves 800,275 811,030 930,921 950,055 1,032,476 1,144,026
i)Capital Reserve 23,423 22,626 129,865 81,070 50,296 53,077
ii)Revenue Reserve 776,852 788,404 801,056 868,985 982,180 1,090,949
of which: un-appropriated profit(loss) / retained earnings 776,852 788,404 801,056 868,985 982,180 1,090,949
3.Surplus on revaluation of fixed assets 0 0 0 1,993,826 1,993,826 1,993,826
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 601,919 571,807 526,814 389,639 337,777 348,142
1.Long term borrowings 409,802 412,183 377,300 263,503 232,505 274,486
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 192,117 159,624 149,514 126,136 105,272 73,656
E.Current Liabilities (E1+E2+E3+E4) 643,117 838,582 1,096,423 1,415,648 1,662,218 2,044,359
1.Trade credit & other accounts payables 415,390 476,175 527,340 702,325 949,902 1,185,456
of which: i) Trade credits 139,466 161,185 127,905 159,983 264,299 0
2.Short term borrowings 66,127 235,915 407,234 544,093 543,072 769,463
3.Current portion of non-current liabilities 128,588 89,984 126,057 127,633 112,983 54,130
4.Other current liabilities 33,012 36,508 35,792 41,597 56,261 35,310
F.Operations:
1.Sales 3,113,640 3,501,765 3,887,437 4,439,239 5,289,441 5,023,570
i)Local sales (Net) 3,106,901 3,501,765 3,887,437 4,439,239 5,289,441 5,023,570
ii)Export sales (Net) 6,739 0 0 0 0 0
2.Cost of sales 2,847,729 3,317,253 3,711,107 4,155,531 4,879,000 4,624,193
i)Cost of material 1,808,909 2,225,425 2,604,538 2,845,247 3,533,517 3,336,026
3.Gross profit / (loss) (F1-F2) 265,911 184,512 176,330 283,708 410,441 399,377
4.General, administrative and other expenses 116,239 115,318 117,903 143,081 160,978 189,568
i)Selling & distribution expenses 12,496 16,668 16,851 17,833 18,647 18,442
ii)Administrative and other expenses 103,743 98,650 101,052 125,248 142,331 171,126
5.Other income / (loss) 30,850 38,662 63,230 33,139 37,625 85,096
6.EBIT (F3-F4+F5) 180,522 107,856 121,657 173,766 287,088 294,905
7.Financial expenses 54,842 78,339 83,429 80,954 124,520 144,539
of which: (i) Interest expenses 48,187 73,621 71,253 67,668 96,427 116,219
8.Profit / (loss) before taxation (F6-F7) 125,680 29,517 38,228 92,812 162,568 150,366
9.Tax expenses 81,150 (662) 13,158 24,882 49,374 41,596
10.Profit / (loss) after tax (F8-F9) 44,530 30,179 25,070 67,930 113,194 108,770
11.Cash dividends 18,627 12,418 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 323,347 (74,691) (94,495) (26,791) 148,978 (48,841)
2.Net cash flows from investing activities (512,585) (7,814) (180,475) 54,323 (73,837) (140,772)
3.Net cash flows from financing activities 200,573 114,141 160,402 7,522 (46,854) 209,222
H.Miscellaneous
1.Total capital employed (C+D) 1,526,373 1,507,016 1,581,914 3,457,699 3,488,258 3,610,173
2.Retention in business (F10-F11-F12) 25,903 17,761 25,070 67,930 113,194 108,770
3.Depreciation for the year 91,154 123,123 117,930 115,651 108,049 112,094
4.Salaries, wages and employee benefits 315,124 356,774 392,268 405,818 478,088 489,210
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.43 0.86 0.64 1.53 2.14 2.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.59 1.55 1.55 1.18 1.06 0.93
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.27 1.34 1.00 1.80 2.26 2.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.15 2.43 2.52 1.83 1.61 1.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.89 3.25 2.52 3.30 3.64 3.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.59 2.43 2.02 5.47 9.12 8.76
51
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

D.M. Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 735,914 704,295 631,830 605,583 595,776 594,378
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,131,585 1,015,180 940,439 901,794 470,584 303,060
3.Operating fixed assets after deducting accumulated depreciation 696,188 679,891 601,280 574,652 230,301 224,568
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 6,136 6,517 341,061 360,659
6.Other non-current assets 39,726 24,404 24,414 24,414 24,414 9,151
B.Current Assets (B1+B2+B3+B4+B5+B6) 16,913 26,124 62,146 59,942 60,897 82,782
1.Cash & bank balance 306 131 90 51 823 18,382
2.Inventories; of which 401 0 0 0 0 0
i)Raw material 401 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 259 306 183 51 15 53
5.Short term investments 1,142 1,142 1,142 1,180 1,195 1,201
6.Other current assets 14,805 24,545 60,731 58,660 58,864 63,146
Total Assets (A+B) / Equity & Liabilities (C+D+E) 752,827 730,419 693,976 665,525 656,673 677,160
C.Shareholders' Equity (C1+C2+C3) 555,678 571,702 543,717 526,202 519,028 538,363
1.Issued, Subscribed & Paid up capital 30,524 30,524 30,524 30,524 30,524 30,524
i)Ordinary shares 30,524 30,524 30,524 30,524 30,524 30,524
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,100) (61,484) (61,826) (75,583) (80,858) (67,036)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (5,100) (61,484) (61,826) (75,583) (80,858) (67,036)
of which: un-appropriated profit(loss) / retained earnings (5,100) (61,484) (61,826) (75,583) (80,858) (67,036)
3.Surplus on revaluation of fixed assets 530,254 602,662 575,019 571,261 569,362 574,875
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 61,797 40,453 30,050 19,618 8,753 8,334
1.Long term borrowings 0 8,137 5,131 1,766 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 9,951 9,839 10,063 10,612 3,356 3,817
5.Other non-current liabilities 51,846 22,477 14,856 7,240 5,397 4,517
E.Current Liabilities (E1+E2+E3+E4) 135,352 118,264 120,209 119,705 128,892 130,463
1.Trade credit & other accounts payables 88,940 82,898 81,038 82,580 97,200 120,838
of which: i) Trade credits 53,655 49,300 48,120 46,914 46,584 45,201
2.Short term borrowings 24,410 10,760 14,594 11,890 4,804 765
3.Current portion of non-current liabilities 2,112 3,185 3,664 4,023 2,425 659
4.Other current liabilities 19,890 21,421 20,913 21,212 24,463 8,201
F.Operations:
1.Sales 3,574 198 0 0 0 0
i)Local sales (Net) 3,574 198 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 23,354 206 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (19,780) (8) 0 0 0 0
4.General, administrative and other expenses 15,276 99,939 24,245 38,126 28,129 49,614
i)Selling & distribution expenses 1,070 75 0 0 0 0
ii)Administrative and other expenses 14,206 99,864 24,245 38,126 28,129 49,614
5.Other income / (loss) 121,551 14,953 15,557 20,630 24,871 68,674
6.EBIT (F3-F4+F5) 86,495 (84,994) (8,688) (17,496) (3,258) 19,060
7.Financial expenses 43,799 1,948 894 675 418 213
of which: (i) Interest expenses 43,773 1,916 700 444 235 34
8.Profit / (loss) before taxation (F6-F7) 42,696 (86,942) (9,582) (18,171) (3,676) 18,847
9.Tax expenses (10,781) (28,113) (6,807) (2,308) 3,665 5,339
10.Profit / (loss) after tax (F8-F9) 53,477 (58,829) (2,775) (15,863) (7,341) 13,508
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (21,573) (20,547) (7,252) (1,438) 5,736 22,816
2.Net cash flows from investing activities 28,136 22,022 5,904 7,110 5,487 549
3.Net cash flows from financing activities (6,391) (1,650) 1,307 (5,710) (10,451) (5,805)
H.Miscellaneous
1.Total capital employed (C+D) 617,475 612,155 573,767 545,820 527,781 546,697
2.Retention in business (F10-F11-F12) 53,477 (58,829) (2,775) (15,863) (7,341) 13,508
3.Depreciation for the year 13,504 10,473 6,960 5,871 4,493 1,489
4.Salaries, wages and employee benefits 9,134 10,041 9,201 9,202 8,777 11,806
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1,496.28 -29,711.62 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.73 -7.93 -0.39 -2.33 -1.11 2.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.50 1.32 1.28 1.27 1.26 1.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.11 -10.44 -0.50 -2.97 -1.40 2.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 17.52 -19.27 -0.91 -5.20 -2.40 4.43
52
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

D.S. Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 499,354 643,984 627,488 583,457 476,903 442,353
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 446,517 663,220 664,328 664,419 561,174 525,631
3.Operating fixed assets after deducting accumulated depreciation 398,939 544,306 510,776 478,922 371,830 343,662
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 81,343 80,606 96,706 85,463 72,078 70,279
6.Other non-current assets 19,072 19,072 20,006 19,072 32,995 28,412
B.Current Assets (B1+B2+B3+B4+B5+B6) 85,981 88,457 71,519 104,293 36,944 20,625
1.Cash & bank balance 1,303 982 1,099 2,339 1,805 734
2.Inventories; of which 18,193 20,211 35,216 54,110 9,316 13,093
i)Raw material 1,862 4,887 19,672 40,251 4,560 5,742
ii)Work in progress 12,664 10,752 12,869 10,000 2,790 3,214
iii)Finished goods 3,667 4,572 1,971 2,157 1,966 3,906
3.Trade Debt / accounts receivables 54,781 38,471 14,474 30,810 12,942 0
4.Short term loans and advances 0 22,251 8,599 6,103 2,486 2,178
5.Short term investments 1,133 753 0 0 0 0
6.Other current assets 10,571 5,789 12,131 10,931 10,395 4,620
Total Assets (A+B) / Equity & Liabilities (C+D+E) 585,335 732,441 699,007 687,750 513,847 462,978
C.Shareholders' Equity (C1+C2+C3) (56,022) 100,542 271,011 197,548 216,453 183,002
1.Issued, Subscribed & Paid up capital 600,000 600,000 836,856 836,856 836,856 836,856
i)Ordinary shares 600,000 600,000 836,856 836,856 836,856 836,856
ii)Preference shares 0 0 0 0 0 0
2.Reserves (750,974) (724,847) (780,092) (843,218) (869,224) (889,170)
i)Capital Reserve 63,017 63,018 (82,900) (82,900) (82,900) (82,900)
ii)Revenue Reserve (813,991) (787,865) (697,192) (760,318) (786,324) (806,270)
of which: un-appropriated profit(loss) / retained earnings (813,991) (787,865) (697,192) (760,318) (786,324) (806,270)
3.Surplus on revaluation of fixed assets 94,952 225,389 214,247 203,910 248,821 235,316
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 134,733 24,752 18,826 117,359 5,246 113,527
1.Long term borrowings 106,233 0 0 82,745 0 103,976
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 18,431 18,982 18,826 14,835 5,246 1,435
5.Other non-current liabilities 10,069 5,770 0 19,779 0 8,116
E.Current Liabilities (E1+E2+E3+E4) 506,624 607,147 409,170 372,843 292,148 166,449
1.Trade credit & other accounts payables 365,153 344,819 180,164 188,264 89,335 96,534
of which: i) Trade credits 69,909 56,445 64,146 76,295 8,117 23,370
2.Short term borrowings 8,100 110,912 90,855 159,405 186,940 61,811
3.Current portion of non-current liabilities 133,133 151,189 128,140 13,000 0 6,000
4.Other current liabilities 238 227 10,011 12,174 15,873 2,104
F.Operations:
1.Sales 820,090 635,026 823,970 717,846 581,735 117,733
i)Local sales (Net) 820,090 635,026 823,970 717,846 581,735 117,733
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 867,695 694,771 879,569 733,451 612,634 115,417
i)Cost of material 533,973 354,820 542,606 424,816 343,161 43,775
3.Gross profit / (loss) (F1-F2) (47,605) (59,745) (55,599) (15,605) (30,899) 2,316
4.General, administrative and other expenses 53,440 25,511 47,076 48,295 151,794 41,347
i)Selling & distribution expenses 2,718 2,283 2,474 1,852 2,442 24,633
ii)Administrative and other expenses 50,722 23,228 44,602 46,443 149,352 16,714
5.Other income / (loss) 243,309 53,575 187,725 29,739 65,588 28,959
6.EBIT (F3-F4+F5) 142,264 (31,681) 85,050 (34,161) (117,105) (10,072)
7.Financial expenses 2,286 1,458 3,934 9,677 17,441 16,474
of which: (i) Interest expenses 1,286 1,322 3,531 9,081 16,574 16,370
8.Profit / (loss) before taxation (F6-F7) 139,978 (33,139) 81,116 (43,838) (134,546) (26,546)
9.Tax expenses (27,909) (49,669) 4,023 31,945 (53,015) 6,936
10.Profit / (loss) after tax (F8-F9) 167,887 16,530 77,093 (75,783) (81,531) (33,482)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 12,860 (69,240) (47,763) (62,718) (111,729) (1,988)
2.Net cash flows from investing activities 19,584 0 48 (91) 109,904 16,071
3.Net cash flows from financing activities (33,857) 68,919 47,831 64,050 1,290 (15,154)
H.Miscellaneous
1.Total capital employed (C+D) 78,711 125,294 289,837 314,907 221,699 296,529
2.Retention in business (F10-F11-F12) 167,887 16,530 77,093 (75,783) (81,531) (33,482)
3.Depreciation for the year 41,874 40,784 34,637 31,946 27,242 13,404
4.Salaries, wages and employee benefits 131,690 102,343 129,947 108,754 85,266 50,107
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 20.47 2.60 9.36 -10.56 -14.02 -28.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.28 0.96 1.15 1.04 0.97 0.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 26.11 2.51 10.77 -10.93 -13.57 -6.86
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -3.74 29.60 3.85 2.96 2.90 2.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -97.67 74.26 41.50 -32.35 -39.39 -16.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.80 0.28 0.92 -0.91 -0.97 -0.40
53
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dar Es Salaam Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 725,233 666,878 613,566 1,723 1,426 323,557
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,493,377 1,493,377 1,492,411 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 723,034 664,780 611,549 0 0 0
4.Intangible assets 550 449 367 297 0 0
5.Long term investments 0 0 0 0 0 322,131
6.Other non-current assets 1,649 1,649 1,650 1,426 1,426 1,426
B.Current Assets (B1+B2+B3+B4+B5+B6) 73,594 79,671 55,623 458,176 396,754 39,315
1.Cash & bank balance 589 559 301 18,874 283 296
2.Inventories; of which 10 10 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 10 10 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 806 806 806 128 1,382 592
5.Short term investments 0 0 0 0 0 0
6.Other current assets 72,189 78,296 54,516 439,174 395,089 38,427
Total Assets (A+B) / Equity & Liabilities (C+D+E) 798,827 746,549 669,189 459,899 398,180 362,872
C.Shareholders' Equity (C1+C2+C3) 168,644 108,956 75,430 (100,035) (118,264) (155,992)
1.Issued, Subscribed & Paid up capital 80,000 80,000 80,000 80,000 80,000 80,000
i)Ordinary shares 80,000 80,000 80,000 80,000 80,000 80,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (347,319) (363,720) (373,948) (180,035) (198,264) (242,655)
i)Capital Reserve 0 0 47,540 75,882 95,522 100,869
ii)Revenue Reserve (347,319) (363,720) (421,488) (255,917) (293,786) (343,524)
of which: un-appropriated profit(loss) / retained earnings (347,319) (363,720) (421,488) (255,917) (293,786) (343,524)
3.Surplus on revaluation of fixed assets 435,963 392,676 369,378 0 0 6,663
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 51,740 29,904 6,863 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 51,740 29,904 6,863 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 578,443 607,689 586,896 559,934 516,444 518,864
1.Trade credit & other accounts payables 180,097 180,097 179,362 149,843 133,990 135,364
of which: i) Trade credits 130,051 130,051 136,433 121,218 103,284 100,043
2.Short term borrowings 172,674 172,674 148,775 140,869 116,220 116,220
3.Current portion of non-current liabilities 158,540 158,540 149,133 158,613 156,645 156,645
4.Other current liabilities 67,132 96,378 109,626 110,609 109,589 110,635
F.Operations:
1.Sales 32,586 0 0 0 0 0
i)Local sales (Net) 32,586 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 114,345 57,089 51,717 0 0 0
i)Cost of material 17,835 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (81,759) (57,089) (51,717) 0 0 0
4.General, administrative and other expenses 30,347 7,188 8,583 173,949 25,289 52,529
i)Selling & distribution expenses 36 0 0 0 0 0
ii)Administrative and other expenses 30,311 7,188 8,583 173,949 25,289 52,529
5.Other income / (loss) 70,935 12,000 3,690 10,445 20,380 5,439
6.EBIT (F3-F4+F5) (41,171) (52,277) (56,610) (163,504) (4,909) (47,090)
7.Financial expenses 39,527 29,247 23,733 264 25 6
of which: (i) Interest expenses 36,294 29,247 23,474 0 0 0
8.Profit / (loss) before taxation (F6-F7) (80,698) (81,524) (80,343) (163,768) (4,934) (47,096)
9.Tax expenses (14,806) (25,740) 723 13,379 0 2,641
10.Profit / (loss) after tax (F8-F9) (65,892) (55,784) (81,066) (177,147) (4,934) (49,737)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (11,458) (30) (14,973) (35,866) (13,768) (4,908)
2.Net cash flows from investing activities 5,001 0 450 34,523 638 0
3.Net cash flows from financing activities (46) 0 14,235 19,931 (5,460) 4,920
H.Miscellaneous
1.Total capital employed (C+D) 220,384 138,860 82,293 (100,035) (118,264) (155,992)
2.Retention in business (F10-F11-F12) (65,892) (55,784) (81,066) (177,147) (4,934) (49,737)
3.Depreciation for the year 64,374 58,254 52,772 41,671 0 0
4.Salaries, wages and employee benefits 18,658 1,800 1,923 5,130 5,744 6,299
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -202.21 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.04 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.76 -7.22 -11.45 -31.38 -1.15 -13.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.21 5.57 7.68 -45.89 -3.93 -2.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -32.69 -40.19 -87.93 1,439.93 4.52 36.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.24 -6.97 -10.13 -22.14 -0.62 -6.22
54
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Data Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 403 345 295 254 219 190
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 4,179 4,179 4,179 4,179 4,179 4,179
3.Operating fixed assets after deducting accumulated depreciation 403 345 295 254 219 190
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,336 3,336 3,336 3,336 3,336 3,336
1.Cash & bank balance 225 225 225 225 225 225
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,111 3,111 3,111 3,111 3,111 3,111
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,739 3,681 3,631 3,590 3,555 3,526
C.Shareholders' Equity (C1+C2+C3) (43,982) (44,301) (44,808) (49,741) (52,271) (54,812)
1.Issued, Subscribed & Paid up capital 99,096 99,096 99,096 99,096 99,096 99,096
i)Ordinary shares 99,096 99,096 99,096 99,096 99,096 99,096
ii)Preference shares 0 0 0 0 0 0
2.Reserves (143,078) (143,397) (143,904) (148,837) (151,367) (153,908)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (143,078) (143,397) (143,904) (148,837) (151,367) (153,908)
of which: un-appropriated profit(loss) / retained earnings (143,078) (143,397) (143,904) (148,837) (151,367) (153,908)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 39,223 39,223 39,222 39,222 39,222 39,222
1.Long term borrowings 39,223 39,223 39,222 39,222 39,222 39,222
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 8,498 8,759 9,217 14,109 16,604 19,116
1.Trade credit & other accounts payables 7,108 7,369 7,827 12,719 15,214 17,726
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,390 1,390 1,390 1,390 1,390 1,390
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 331 320 507 4,935 2,530 2,541
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 331 320 507 4,935 2,530 2,541
5.Other income / (loss) 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (331) (320) (507) (4,935) (2,530) (2,541)
7.Financial expenses 0 0 0 0 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (331) (320) (507) (4,935) (2,530) (2,541)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (331) (320) (507) (4,935) (2,530) (2,541)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 0 0 0 0 0 0
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) (4,759) (5,078) (5,586) (10,519) (13,049) (15,590)
2.Retention in business (F10-F11-F12) (331) (320) (507) (4,935) (2,530) (2,541)
3.Depreciation for the year 102 85 49 41 35 29
4.Salaries, wages and employee benefits 0 0 0 1,847 1,725 1,455
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.52 -8.63 -13.87 -136.68 -70.41 -71.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.09 -0.08 -0.08 -0.08 -0.07 -0.07
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.76 0.72 1.14 10.44 5.21 5.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.03 -0.03 -0.05 -0.50 -0.26 -0.26
55
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Farooque Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,538,044 1,467,378 2,158,693 2,113,111 2,014,686 1,915,117
1.Capital work in progress 38,480 36,740 0 20,478 0 0
2.Operating fixed assets at cost 2,647,410 2,704,635 3,540,991 3,612,920 3,664,046 3,481,479
3.Operating fixed assets after deducting accumulated depreciation 1,472,817 1,403,926 2,136,982 2,068,556 1,984,915 1,830,389
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 26,747 26,712 21,711 24,077 29,771 84,728
B.Current Assets (B1+B2+B3+B4+B5+B6) 786,567 806,722 825,028 432,652 297,930 267,439
1.Cash & bank balance 1,960 11,176 17,280 7,910 3,483 3,682
2.Inventories; of which 155,068 118,637 185,838 28,189 361 361
i)Raw material 118 4,004 31,701 27,742 0 0
ii)Work in progress 7,498 8,337 19,235 0 0 0
iii)Finished goods 147,452 106,296 134,902 447 361 361
3.Trade Debt / accounts receivables 309,537 399,344 354,129 168,476 97,566 86,019
4.Short term loans and advances 99,156 92,297 71,953 64,609 32,463 22,311
5.Short term investments 0 0 0 0 0 0
6.Other current assets 220,846 185,268 195,828 163,468 164,057 155,066
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,324,611 2,274,100 2,983,721 2,545,763 2,312,616 2,182,556
C.Shareholders' Equity (C1+C2+C3) 1,322,017 1,084,029 1,508,725 1,139,734 936,849 739,921
1.Issued, Subscribed & Paid up capital 977,507 977,507 977,507 977,507 977,507 977,507
i)Ordinary shares 977,507 977,507 977,507 977,507 977,507 977,507
ii)Preference shares 0 0 0 0 0 0
2.Reserves (211,828) (419,950) (643,645) (964,608) (1,123,518) (1,274,238)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (211,828) (419,950) (643,645) (964,608) (1,123,518) (1,274,238)
of which: un-appropriated profit(loss) / retained earnings (211,828) (419,950) (643,645) (964,608) (1,123,518) (1,274,238)
3.Surplus on revaluation of fixed assets 556,338 526,472 1,174,863 1,126,835 1,082,860 1,036,652
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 518,977 384,598 420,283 405,825 396,890 183,179
1.Long term borrowings 198,750 99,374 0 0 197,378 0
2.Subordinated loans / Sponsor's loans 143,421 154,728 168,250 182,233 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 7,925 0 0 3,756 7,959 10,499
5.Other non-current liabilities 168,881 130,496 252,033 219,836 191,553 172,680
E.Current Liabilities (E1+E2+E3+E4) 483,617 805,473 1,054,713 1,000,204 978,877 1,259,456
1.Trade credit & other accounts payables 63,944 68,939 151,102 105,911 112,213 139,513
of which: i) Trade credits 42,534 36,414 116,008 70,926 57,077 57,279
2.Short term borrowings 26,054 265,982 304,509 274,478 214,083 412,864
3.Current portion of non-current liabilities 279,416 378,792 463,897 463,897 463,897 463,897
4.Other current liabilities 114,203 91,760 135,205 155,918 188,684 243,182
F.Operations:
1.Sales 1,208,179 865,287 952,278 769,189 482,918 431,984
i)Local sales (Net) 1,208,179 865,287 952,278 769,189 482,918 431,984
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,172,567 1,010,548 1,072,353 1,016,272 593,035 531,195
i)Cost of material 658,846 501,536 686,625 332,454 31,865 28,793
3.Gross profit / (loss) (F1-F2) 35,612 (145,261) (120,075) (247,083) (110,117) (99,211)
4.General, administrative and other expenses 50,691 72,665 55,520 87,012 49,080 31,373
i)Selling & distribution expenses 21,466 19,742 18,059 18,065 9,891 8,180
ii)Administrative and other expenses 29,225 52,923 37,461 68,947 39,189 23,193
5.Other income / (loss) 71,269 1,430 1,869 2,642 238 0
6.EBIT (F3-F4+F5) 56,190 (216,496) (173,726) (331,453) (158,959) (130,584)
7.Financial expenses 50,953 59,462 64,970 60,354 66,172 79,678
of which: (i) Interest expenses 49,465 57,958 64,532 59,916 65,789 63,018
8.Profit / (loss) before taxation (F6-F7) 5,237 (275,958) (238,696) (391,807) (225,131) (210,262)
9.Tax expenses (15,829) (37,971) 12,317 (14,687) (14,918) (12,394)
10.Profit / (loss) after tax (F8-F9) 21,066 (237,987) (251,013) (377,120) (210,213) (197,868)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 62,513 (175,262) (27,261) 116,594 92,659 41,537
2.Net cash flows from investing activities (38,780) (55,449) (5,163) (95,932) (36,691) (26,338)
3.Net cash flows from financing activities (22,598) 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 1,840,994 1,468,627 1,929,008 1,545,559 1,333,739 923,100
2.Retention in business (F10-F11-F12) 21,066 (237,987) (251,013) (377,120) (210,213) (197,868)
3.Depreciation for the year 122,588 126,115 103,300 142,526 135,347 125,907
4.Salaries, wages and employee benefits 136,887 135,334 137,576 148,577 158,557 156,669
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.74 -27.50 -26.36 -49.03 -43.53 -45.80
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.51 0.38 0.36 0.28 0.20 0.19
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.88 -10.35 -9.55 -13.64 -8.65 -8.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.82 1.91 2.03 2.09 2.34 2.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.61 -19.78 -19.36 -28.48 -20.25 -23.60
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.22 -2.43 -2.57 -3.86 -2.15 -2.02
56
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Khalid Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 652,325 518,634 842,699 760,709 688,305 624,308
1.Capital work in progress 5,825 0 0 0 0 0
2.Operating fixed assets at cost 1,211,302 1,217,127 1,633,229 1,633,494 1,633,494 1,633,494
3.Operating fixed assets after deducting accumulated depreciation 537,765 492,185 839,808 757,818 685,414 621,468
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 84,896 0 0 0 0 0
6.Other non-current assets 23,839 26,449 2,891 2,891 2,891 2,840
B.Current Assets (B1+B2+B3+B4+B5+B6) 497,581 281,353 244,400 124,729 116,174 114,246
1.Cash & bank balance 1,757 2,263 1,817 1,525 2,031 933
2.Inventories; of which 194,959 155,716 136,346 69,530 69,530 69,530
i)Raw material 46,277 31,841 32,431 32,431 32,431 0
ii)Work in progress 18,879 1,190 0 0 0 0
iii)Finished goods 129,803 122,685 103,915 37,099 37,099 0
3.Trade Debt / accounts receivables 206,988 70,789 52,729 8,467 2,173 2,135
4.Short term loans and advances 7,139 6,763 1,816 428 424 413
5.Short term investments 0 0 0 0 0 0
6.Other current assets 86,738 45,822 51,692 44,779 42,016 41,235
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,149,906 799,987 1,087,099 885,438 804,479 738,554
C.Shareholders' Equity (C1+C2+C3) 336,501 (1,527) 193,894 14,452 (56,729) (131,018)
1.Issued, Subscribed & Paid up capital 66,107 66,107 96,108 96,108 96,107 96,107
i)Ordinary shares 66,107 66,107 96,108 96,108 96,107 96,107
ii)Preference shares 0 0 0 0 0 0
2.Reserves 14,643 (301,845) (421,465) (561,845) (598,597) (638,468)
i)Capital Reserve 0 30,000 0 0 0 0
ii)Revenue Reserve 14,643 (331,845) (421,465) (561,845) (598,597) (638,468)
of which: un-appropriated profit(loss) / retained earnings (120,357) (331,845) (421,465) (561,845) (598,597) (638,468)
3.Surplus on revaluation of fixed assets 255,751 234,211 519,251 480,189 445,761 411,343
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 166,033 176,870 242,059 213,511 196,385 131,130
1.Long term borrowings 59,433 29,717 7,429 0 0 0
2.Subordinated loans / Sponsor's loans 37,202 40,162 43,642 47,268 51,197 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 12,596 16,070 17,295 17,295 17,295 17,295
5.Other non-current liabilities 56,802 90,921 173,693 148,948 127,893 113,835
E.Current Liabilities (E1+E2+E3+E4) 647,372 624,644 651,146 657,475 664,823 738,442
1.Trade credit & other accounts payables 213,786 198,721 185,994 184,061 180,545 182,841
of which: i) Trade credits 150,577 139,689 130,625 128,985 125,206 125,306
2.Short term borrowings 298,303 292,773 300,131 300,131 300,131 355,583
3.Current portion of non-current liabilities 44,575 74,291 96,579 104,008 104,008 104,008
4.Other current liabilities 90,708 58,859 68,442 69,275 80,139 96,010
F.Operations:
1.Sales 716,613 348,858 36,120 0 0 0
i)Local sales (Net) 716,613 348,858 36,120 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 800,993 533,265 134,872 93,676 81,501 69,680
i)Cost of material 461,306 224,927 11,903 0 0 0
3.Gross profit / (loss) (F1-F2) (84,380) (184,407) (98,752) (93,676) (81,501) (69,680)
4.General, administrative and other expenses 37,765 49,054 24,215 103,466 10,451 10,476
i)Selling & distribution expenses 8,050 3,338 1,989 0 0 0
ii)Administrative and other expenses 29,715 45,716 22,226 103,466 10,451 10,476
5.Other income / (loss) 18,251 0 221 0 17,074 14,475
6.EBIT (F3-F4+F5) (103,894) (233,461) (122,746) (197,142) (74,878) (65,681)
7.Financial expenses 16,506 14,794 15,449 14,211 17,357 22,665
of which: (i) Interest expenses 15,881 14,169 15,063 10,272 17,177 22,264
8.Profit / (loss) before taxation (F6-F7) (120,400) (248,255) (138,195) (211,353) (92,235) (88,346)
9.Tax expenses (20,162) 34,389 (14,809) (26,308) (16,090) (14,057)
10.Profit / (loss) after tax (F8-F9) (100,238) (282,644) (123,386) (185,045) (76,145) (74,289)
11.Cash dividends 0 0 0 0 0 67,275
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 12,998 (17,200) (28,921) 2,557 3,071 1,441
2.Net cash flows from investing activities (12,825) (2,610) 23,865 (265) 0 0
3.Net cash flows from financing activities (9,770) 25,847 (2,748) (2,585) (2,564) (2,539)
H.Miscellaneous
1.Total capital employed (C+D) 502,534 175,343 435,953 227,963 139,656 112
2.Retention in business (F10-F11-F12) (100,238) (282,644) (123,386) (185,045) (76,145) (141,564)
3.Depreciation for the year 58,091 51,405 69,040 82,255 72,405 63,945
4.Salaries, wages and employee benefits 135,783 146,979 33,789 17,863 14,265 11,190
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -13.99 -81.02 -341.60 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.60 0.36 0.04 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.39 -28.99 -13.08 -18.76 -9.01 -9.63
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.20 5.82 9.81 9.47 -39.97 -8.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -26.88 -168.76 -128.28 -177.63 360.22 79.14
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -15.16 -42.76 -12.84 -19.25 -7.92 -7.73
57
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Mushtaq Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 646,926 548,606 915,693 853,114 796,450 745,058
1.Capital work in progress 4,700 0 0 0 0 0
2.Operating fixed assets at cost 1,283,727 1,288,427 1,723,102 1,723,102 1,723,102 1,723,102
3.Operating fixed assets after deducting accumulated depreciation 562,430 520,988 913,363 850,784 794,120 742,728
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 52,244 0 0 0 0 0
6.Other non-current assets 27,552 27,618 2,330 2,330 2,330 2,330
B.Current Assets (B1+B2+B3+B4+B5+B6) 436,924 306,772 265,352 183,861 158,809 136,374
1.Cash & bank balance 6,258 5,480 3,548 3,481 3,439 3,453
2.Inventories; of which 86,536 55,570 39,620 37,639 37,639 37,639
i)Raw material 6,246 27,762 27,705 26,714 26,714 26,714
ii)Work in progress 7,905 5,305 0 0 0 0
iii)Finished goods 72,385 20,710 10,775 9,784 9,784 9,784
3.Trade Debt / accounts receivables 247,698 180,679 157,178 82,374 57,418 36,077
4.Short term loans and advances 5,101 3,845 3,265 3,365 3,284 3,006
5.Short term investments 0 0 0 0 0 0
6.Other current assets 91,331 61,198 61,741 57,002 57,029 56,199
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,083,850 855,378 1,181,045 1,036,975 955,259 881,432
C.Shareholders' Equity (C1+C2+C3) 481,436 237,897 464,956 319,462 268,246 164,234
1.Issued, Subscribed & Paid up capital 65,610 65,610 65,610 65,610 115,610 115,610
i)Ordinary shares 65,610 65,610 65,610 65,610 115,610 115,610
ii)Preference shares 0 0 0 0 0 0
2.Reserves 108,422 (117,555) (258,265) (379,425) (458,671) (539,938)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 108,422 (117,555) (258,265) (379,425) (458,671) (539,938)
of which: un-appropriated profit(loss) / retained earnings 63,422 (117,555) (258,265) (379,425) (458,671) (539,938)
3.Surplus on revaluation of fixed assets 307,404 289,842 657,611 633,277 611,307 588,562
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 316,475 287,884 291,751 285,223 282,565 125,594
1.Long term borrowings 100,776 50,388 0 0 0 0
2.Subordinated loans / Sponsor's loans 107,138 115,663 125,686 136,131 147,444 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 32,750 43,513 43,581 42,681 42,680 42,443
5.Other non-current liabilities 75,811 78,320 122,484 106,411 92,441 83,151
E.Current Liabilities (E1+E2+E3+E4) 285,939 329,597 424,338 432,290 404,448 591,604
1.Trade credit & other accounts payables 93,555 102,421 102,037 99,931 98,965 101,756
of which: i) Trade credits 49,441 48,667 48,684 48,298 47,821 47,905
2.Short term borrowings 37,499 57,168 84,905 90,146 45,640 205,338
3.Current portion of non-current liabilities 75,582 125,972 176,359 176,359 176,359 176,359
4.Other current liabilities 79,303 44,036 61,037 65,854 83,484 108,151
F.Operations:
1.Sales 959,400 737,421 14,010 0 0 0
i)Local sales (Net) 959,400 737,421 14,010 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,026,119 812,277 113,538 79,706 69,712 59,881
i)Cost of material 650,941 415,500 0 0 0 0
3.Gross profit / (loss) (F1-F2) (66,719) (74,856) (99,528) (79,706) (69,712) (59,881)
4.General, administrative and other expenses 52,697 80,141 34,667 64,346 12,979 12,409
i)Selling & distribution expenses 14,039 16,421 3,441 0 0 0
ii)Administrative and other expenses 38,658 63,720 31,226 64,346 12,979 12,409
5.Other income / (loss) 52,560 0 0 0 0 0
6.EBIT (F3-F4+F5) (66,856) (154,997) (134,195) (144,052) (82,691) (72,290)
7.Financial expenses 36,573 28,160 29,120 27,109 32,496 41,012
of which: (i) Interest expenses 35,749 26,945 28,711 26,873 32,269 40,831
8.Profit / (loss) before taxation (F6-F7) (103,429) (183,157) (163,315) (171,161) (115,187) (113,302)
9.Tax expenses (16,490) 4,577 (6,910) (21,716) (10,422) (9,290)
10.Profit / (loss) after tax (F8-F9) (86,939) (187,734) (156,405) (149,445) (104,765) (104,012)
11.Cash dividends 0 0 0 0 0 80,927
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 128,742 (13,087) (52,720) (3,054) (1,985) 4,105
2.Net cash flows from investing activities (11,822) (65) 25,288 0 0 0
3.Net cash flows from financing activities (39,837) (7,294) (2,238) (2,253) (3,552) (4,091)
H.Miscellaneous
1.Total capital employed (C+D) 797,911 525,781 756,707 604,685 550,811 289,828
2.Retention in business (F10-F11-F12) (86,939) (187,734) (156,405) (149,445) (104,765) (184,939)
3.Depreciation for the year 51,696 46,142 42,301 62,579 56,663 51,392
4.Salaries, wages and employee benefits 185,839 181,822 60,391 24,656 17,803 14,084
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -9.06 -25.46 -1,116.38 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.80 0.76 0.01 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.21 -19.36 -15.36 -13.48 -10.52 -11.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.40 2.70 2.90 2.83 3.39 4.25
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -17.26 -52.20 -44.51 -38.10 -35.65 -48.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -13.25 -28.61 -23.84 -22.78 -9.06 -9.00
58
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,884,383 1,767,017 1,990,083 1,817,081 1,663,738 1,528,382
1.Capital work in progress 59,651 10,305 10,305 10,305 10,305 10,306
2.Operating fixed assets at cost 3,999,993 4,088,027 4,547,264 4,545,626 4,544,145 4,544,146
3.Operating fixed assets after deducting accumulated depreciation 1,756,621 1,680,601 1,967,766 1,794,764 1,641,421 1,506,064
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 68,111 76,111 12,012 12,012 12,012 12,012
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,769,638 1,854,612 1,382,235 1,116,488 630,486 479,863
1.Cash & bank balance 33,278 7,064 6,129 8,474 7,199 5,069
2.Inventories; of which 1,378,329 1,121,836 806,907 706,044 256,311 256,310
i)Raw material 1,181,022 996,171 683,291 582,428 157,909 157,908
ii)Work in progress 22,907 2,211 2,211 2,211 2,211 2,211
iii)Finished goods 174,400 123,454 121,405 121,405 96,189 96,189
3.Trade Debt / accounts receivables 981,558 583,080 435,768 300,744 278,657 158,873
4.Short term loans and advances 22,627 10,710 2,473 2,506 2,360 1,685
5.Short term investments 0 0 0 0 0 0
6.Other current assets 353,846 131,922 130,958 98,720 85,959 57,926
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,654,021 3,621,629 3,372,318 2,933,569 2,294,224 2,008,245
C.Shareholders' Equity (C1+C2+C3) 152,197 (960,145) (1,332,988) (1,927,222) (2,794,511) (3,401,288)
1.Issued, Subscribed & Paid up capital 460,646 460,646 460,646 460,646 460,646 460,646
i)Ordinary shares 460,646 460,646 460,646 460,646 460,646 460,646
ii)Preference shares 0 0 0 0 0 0
2.Reserves (971,263) (2,001,750) (2,687,660) (3,228,889) (4,049,247) (4,608,829)
i)Capital Reserve 57,359 0 0 0 0 0
ii)Revenue Reserve (1,028,622) (2,001,750) (2,687,660) (3,228,889) (4,049,247) (4,608,829)
of which: un-appropriated profit(loss) / retained earnings (1,361,622) (2,001,750) (3,020,660) (3,561,889) (4,382,247) (4,941,829)
3.Surplus on revaluation of fixed assets 662,814 580,959 894,026 841,021 794,090 746,895
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,448,338 2,008,152 1,637,261 369,673 310,388 289,806
1.Long term borrowings 2,146,722 1,720,243 1,265,799 21,097 16,101 0
2.Subordinated loans / Sponsor's loans 111,828 121,122 131,188 142,091 116,665 131,461
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 39,990 0 0 0 0 0
5.Other non-current liabilities 149,798 166,787 240,274 206,485 177,622 158,345
E.Current Liabilities (E1+E2+E3+E4) 2,053,486 2,573,622 3,068,045 4,491,118 4,778,347 5,119,727
1.Trade credit & other accounts payables 290,429 265,605 179,399 179,386 179,891 181,456
of which: i) Trade credits 126,706 133,072 117,558 113,765 117,804 117,770
2.Short term borrowings 734,271 634,624 586,010 586,010 586,010 552,563
3.Current portion of non-current liabilities 818,944 1,241,478 1,690,926 2,930,631 2,930,631 2,945,483
4.Other current liabilities 209,842 431,915 611,710 795,091 1,081,815 1,440,225
F.Operations:
1.Sales 2,155,930 333,620 85,443 0 132,472 0
i)Local sales (Net) 2,139,876 333,620 85,443 0 132,472 0
ii)Export sales (Net) 16,054 0 0 0 0 0
2.Cost of sales 2,442,444 705,977 414,575 193,454 569,734 152,473
i)Cost of material 1,315,482 191,892 219,113 0 399,303 0
3.Gross profit / (loss) (F1-F2) (286,514) (372,357) (329,132) (193,454) (437,262) (152,473)
4.General, administrative and other expenses 82,824 294,932 226,071 230,061 178,294 79,312
i)Selling & distribution expenses 21,831 8,315 0 0 0 0
ii)Administrative and other expenses 60,993 286,617 226,071 230,061 178,294 79,312
5.Other income / (loss) 153,398 0 364 652 39,996 0
6.EBIT (F3-F4+F5) (215,940) (667,289) (554,839) (422,863) (575,560) (231,785)
7.Financial expenses 217,595 203,283 205,214 205,160 318,936 394,270
of which: (i) Interest expenses 212,152 199,529 203,467 203,530 317,345 392,707
8.Profit / (loss) before taxation (F6-F7) (433,535) (870,572) (760,053) (628,023) (894,496) (626,055)
9.Tax expenses (8,125) (17,908) (22,395) (26,038) (20,324) (19,277)
10.Profit / (loss) after tax (F8-F9) (425,410) (852,664) (737,658) (601,985) (874,172) (606,778)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (93,604) 24,418 (61,481) 6,507 41,987 (882)
2.Net cash flows from investing activities (174,778) (46,688) 65,543 835 1,200 0
3.Net cash flows from financing activities 286,830 (3,944) (4,996) (4,996) (44,462) (1,249)
H.Miscellaneous
1.Total capital employed (C+D) 2,600,535 1,048,007 304,273 (1,557,549) (2,484,123) (3,111,482)
2.Retention in business (F10-F11-F12) (425,410) (852,664) (737,658) (601,985) (874,172) (606,778)
3.Depreciation for the year 171,769 164,054 173,305 172,820 152,672 135,356
4.Salaries, wages and employee benefits 425,217 195,146 20,089 20,639 17,755 16,821
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -19.73 -255.58 -863.33 - -659.89 -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.45 0.08 0.02 0.00 0.05 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.81 -20.61 -21.09 -19.09 -33.44 -28.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 23.10 -10.24 -3.05 -1.93 -1.11 -0.69
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -203.54 211.07 64.34 36.93 37.03 19.59
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -9.24 -18.51 -18.42 -15.03 -18.98 -13.17
59
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Din Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,676,353 2,619,754 2,911,375 3,558,159 4,005,023 5,826,952
1.Capital work in progress 7,788 23,425 58,482 37,031 34,147 467,440
2.Operating fixed assets at cost 5,454,053 5,724,668 6,253,898 7,189,494 7,916,204 9,698,542
3.Operating fixed assets after deducting accumulated depreciation 2,543,729 2,562,010 2,837,423 3,505,882 3,953,129 5,341,765
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 124,836 34,319 15,470 15,246 17,747 17,747
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,849,314 3,009,651 4,410,750 5,393,380 6,531,953 6,630,782
1.Cash & bank balance 36,720 72,842 51,367 36,826 24,315 309,354
2.Inventories; of which 1,181,060 1,130,453 2,311,688 3,124,500 3,466,157 3,129,279
i)Raw material 891,306 847,762 1,729,203 2,678,780 2,797,919 2,140,232
ii)Work in progress 76,676 87,942 114,191 118,665 163,778 132,622
iii)Finished goods 193,456 176,404 442,175 286,332 466,841 783,526
3.Trade Debt / accounts receivables 866,157 799,369 708,664 1,230,753 1,532,234 2,235,985
4.Short term loans and advances 34,648 57,600 41,119 57,001 343,589 145,883
5.Short term investments 0 0 0 0 0 0
6.Other current assets 730,729 949,387 1,297,912 944,300 1,165,658 810,281
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,525,667 5,629,405 7,322,125 8,951,539 10,536,976 12,457,734
C.Shareholders' Equity (C1+C2+C3) 1,675,522 1,747,688 1,657,969 1,800,811 2,163,056 3,109,880
1.Issued, Subscribed & Paid up capital 224,217 224,217 224,217 224,217 291,482 524,667
i)Ordinary shares 224,217 224,217 224,217 224,217 291,482 524,667
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,451,305 1,523,471 1,433,752 1,576,594 1,871,574 2,585,213
i)Capital Reserve 0 0 0 0 0 746,194
ii)Revenue Reserve 1,451,305 1,523,471 1,433,752 1,576,594 1,871,574 1,839,019
of which: un-appropriated profit(loss) / retained earnings 1,051,305 1,123,471 1,033,752 1,176,594 1,471,574 1,439,019
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 969,681 841,283 982,954 2,127,523 2,393,692 3,671,709
1.Long term borrowings 865,601 741,209 855,591 1,946,434 2,247,306 3,495,521
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 104,080 100,074 110,828 100,816 116,766 139,872
5.Other non-current liabilities 0 0 16,535 80,273 29,620 36,316
E.Current Liabilities (E1+E2+E3+E4) 2,880,464 3,040,434 4,681,202 5,023,205 5,980,228 5,676,145
1.Trade credit & other accounts payables 1,554,288 1,613,488 2,379,791 3,509,435 3,081,466 3,501,043
of which: i) Trade credits 146,533 160,435 185,361 185,361 286,474 1,592,209
2.Short term borrowings 963,952 942,852 1,807,129 1,078,886 2,228,256 1,974,513
3.Current portion of non-current liabilities 322,464 447,430 421,255 336,016 474,258 67,475
4.Other current liabilities 39,760 36,664 73,027 98,868 196,248 133,114
F.Operations:
1.Sales 8,552,541 7,602,604 7,421,792 9,479,190 11,560,482 12,482,831
i)Local sales (Net) 5,402,277 5,206,181 5,412,530 7,477,139 9,058,669 8,977,123
ii)Export sales (Net) 3,150,264 2,396,423 2,009,262 2,002,051 2,501,813 3,505,708
2.Cost of sales 8,126,147 6,942,947 6,944,651 8,671,900 10,243,242 11,189,622
i)Cost of material 5,642,168 4,648,939 5,060,139 6,039,738 7,828,855 8,597,133
3.Gross profit / (loss) (F1-F2) 426,394 659,657 477,141 807,290 1,317,240 1,293,209
4.General, administrative and other expenses 222,433 199,070 195,432 223,367 268,442 307,683
i)Selling & distribution expenses 83,901 51,773 53,948 52,545 47,094 54,420
ii)Administrative and other expenses 138,532 147,297 141,484 170,822 221,348 253,263
5.Other income / (loss) 1,326 46 1,791 118 495 6,949
6.EBIT (F3-F4+F5) 205,287 460,633 283,500 584,041 1,049,293 992,475
7.Financial expenses 372,514 259,505 282,011 352,703 630,752 814,753
of which: (i) Interest expenses 357,732 249,788 267,684 338,004 610,387 760,500
8.Profit / (loss) before taxation (F6-F7) (167,227) 201,128 1,489 231,338 418,541 177,722
9.Tax expenses 33,096 140,609 64,786 86,450 56,093 141,087
10.Profit / (loss) after tax (F8-F9) (200,323) 60,519 (63,297) 144,888 362,448 36,635
11.Cash dividends 0 28,027 0 0 72,871 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (221,544) 347,286 (387,956) 690,836 (762,702) 1,038,174
2.Net cash flows from investing activities (205,643) (290,638) (586,003) (982,739) (838,292) (2,320,203)
3.Net cash flows from financing activities 186,789 574 88,206 1,005,605 439,114 1,820,810
H.Miscellaneous
1.Total capital employed (C+D) 2,645,203 2,588,971 2,640,923 3,928,334 4,556,748 6,781,589
2.Retention in business (F10-F11-F12) (200,323) 32,492 (63,297) 144,888 289,578 36,635
3.Depreciation for the year 257,117 256,906 276,549 331,926 373,747 505,056
4.Salaries, wages and employee benefits 747,143 816,599 829,351 889,448 952,117 979,353
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.34 0.80 -0.85 1.53 3.14 0.29
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.47 1.36 1.15 1.16 1.19 1.09
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.43 1.08 -0.98 1.78 3.72 0.32
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.26 3.23 3.80 4.71 4.92 4.36
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.19 3.49 -3.72 8.38 18.29 1.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.93 2.70 -2.82 6.46 12.43 0.70
60
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Elahi Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 99,397 96,495 93,572 135,905 132,753 128,964
1.Capital work in progress 0 0 636 0 0 0
2.Operating fixed assets at cost 174,648 175,602 175,373 219,165 143,292 143,392
3.Operating fixed assets after deducting accumulated depreciation 97,401 94,371 90,645 133,020 129,465 125,430
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,996 2,124 2,291 2,885 3,288 3,534
B.Current Assets (B1+B2+B3+B4+B5+B6) 22,016 25,171 27,279 33,872 38,053 51,271
1.Cash & bank balance 4,789 5,118 8,235 9,694 18,153 30,519
2.Inventories; of which 8,105 10,396 9,795 17,932 13,474 12,897
i)Raw material 3,486 2,310 4,145 9,089 7,558 6,690
ii)Work in progress 2,386 2,047 1,953 2,195 2,667 2,678
iii)Finished goods 2,233 6,032 3,697 6,641 3,236 3,423
3.Trade Debt / accounts receivables 6,117 7,514 7,202 4,598 3,737 4,619
4.Short term loans and advances 856 673 208 230 405 676
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,149 1,470 1,839 1,418 2,284 2,560
Total Assets (A+B) / Equity & Liabilities (C+D+E) 121,413 121,666 120,851 169,777 170,806 180,235
C.Shareholders' Equity (C1+C2+C3) 16,821 12,987 8,632 54,182 55,036 60,756
1.Issued, Subscribed & Paid up capital 13,000 13,000 13,000 13,000 13,000 13,000
i)Ordinary shares 13,000 13,000 13,000 13,000 13,000 13,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (71,944) (73,963) (76,678) (69,463) (66,292) (58,480)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (71,944) (73,963) (76,678) (69,463) (66,292) (58,480)
of which: un-appropriated profit(loss) / retained earnings (71,944) (73,963) (76,678) (69,463) (66,292) (58,480)
3.Surplus on revaluation of fixed assets 75,765 73,950 72,310 110,645 108,328 106,236
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 15,780 16,060 17,958 23,539 21,821 23,367
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,951 7,119 9,791 12,148 11,390 13,833
5.Other non-current liabilities 9,829 8,941 8,167 11,391 10,431 9,534
E.Current Liabilities (E1+E2+E3+E4) 88,812 92,619 94,261 92,056 93,949 96,112
1.Trade credit & other accounts payables 6,773 10,222 11,298 9,809 12,688 17,896
of which: i) Trade credits 195 1,546 127 95 129 41
2.Short term borrowings 0 4,350 5,100 5,100 7,600 14,666
3.Current portion of non-current liabilities 81,474 77,799 77,599 67,333 66,783 63,282
4.Other current liabilities 565 248 264 9,814 6,878 268
F.Operations:
1.Sales 288,805 283,618 320,825 395,284 503,030 436,156
i)Local sales (Net) 288,805 283,618 320,825 395,284 503,030 436,156
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 282,288 279,077 318,490 383,658 489,140 415,323
i)Cost of material 191,984 185,940 212,222 273,764 378,398 298,419
3.Gross profit / (loss) (F1-F2) 6,517 4,541 2,335 11,626 13,890 20,833
4.General, administrative and other expenses 5,315 6,833 5,591 6,314 8,245 9,431
i)Selling & distribution expenses 19 25 51 0 0 0
ii)Administrative and other expenses 5,296 6,808 5,540 6,314 8,245 9,431
5.Other income / (loss) 312 88 1,274 2,389 752 682
6.EBIT (F3-F4+F5) 1,514 (2,204) (1,982) 7,701 6,397 12,084
7.Financial expenses 103 8 6 2 3 52
of which: (i) Interest expenses 92 8 6 0 0 0
8.Profit / (loss) before taxation (F6-F7) 1,411 (2,212) (1,988) 7,699 6,394 12,032
9.Tax expenses 1,537 1,815 2,351 3,760 5,678 5,628
10.Profit / (loss) after tax (F8-F9) (126) (4,027) (4,339) 3,939 716 6,404
11.Cash dividends 0 0 0 0 650 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 572 735 2,437 836 11,718 15,343
2.Net cash flows from investing activities (1,643) (1,081) 130 1,474 (1,360) (346)
3.Net cash flows from financing activities 2,450 675 550 (850) (1,900) (2,630)
H.Miscellaneous
1.Total capital employed (C+D) 32,601 29,047 26,590 77,721 76,857 84,123
2.Retention in business (F10-F11-F12) (126) (4,027) (4,339) 3,939 66 6,404
3.Depreciation for the year 4,295 3,984 3,638 3,972 4,511 4,135
4.Salaries, wages and employee benefits 42,945 49,694 56,200 61,370 65,386 67,924
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.04 -1.42 -1.35 1.00 0.14 1.47
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.39 2.33 2.65 2.72 2.95 2.48
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.10 -3.31 -3.58 2.71 0.42 3.65
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 7.31 8.15 11.22 4.63 3.12 3.03
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.76 -27.02 -40.14 12.54 1.31 11.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.10 -3.10 -3.34 3.03 0.55 4.93
61
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ellcot Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,027,259 1,220,668 1,180,011 2,651,634 2,569,863 2,460,422
1.Capital work in progress 0 0 5,478 136 0 6,574
2.Operating fixed assets at cost 2,190,070 2,491,875 2,546,810 4,142,218 4,072,712 4,200,181
3.Operating fixed assets after deducting accumulated depreciation 1,006,345 1,207,480 1,162,586 2,640,791 2,453,352 2,446,758
4.Intangible assets 13,823 6,097 4,857 3,617 0 0
5.Long term investments 0 0 0 0 109,421 0
6.Other non-current assets 7,091 7,091 7,090 7,090 7,090 7,090
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,350,263 1,649,628 2,173,765 3,602,216 3,023,397 2,916,997
1.Cash & bank balance 148,675 176,196 15,939 16,953 128,542 25,999
2.Inventories; of which 668,865 738,171 850,295 1,821,068 1,510,388 1,743,158
i)Raw material 582,447 527,425 751,263 1,700,658 1,402,455 1,567,381
ii)Work in progress 46,147 53,274 46,148 58,650 50,421 64,558
iii)Finished goods 40,271 157,472 52,884 61,760 57,512 111,217
3.Trade Debt / accounts receivables 216,903 281,424 390,185 738,488 547,519 551,608
4.Short term loans and advances 1,480 61,122 64,662 147,669 33,838 26,562
5.Short term investments 170,494 119,964 546,042 451,034 0 0
6.Other current assets 143,846 272,751 306,642 427,004 803,110 569,670
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,377,522 2,870,296 3,353,776 6,253,850 5,593,260 5,377,419
C.Shareholders' Equity (C1+C2+C3) 1,384,687 1,418,482 1,449,024 1,549,270 1,634,433 1,755,131
1.Issued, Subscribed & Paid up capital 109,500 109,500 109,500 109,500 109,500 109,500
i)Ordinary shares 109,500 109,500 109,500 109,500 109,500 109,500
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,275,187 1,308,982 1,339,524 1,439,770 1,524,933 1,645,631
i)Capital Reserve 7,760 8,212 (2,744) 5,979 (54,966) (101,905)
ii)Revenue Reserve 1,267,427 1,300,770 1,342,268 1,433,791 1,579,899 1,747,536
of which: un-appropriated profit(loss) / retained earnings 1,267,427 1,300,770 1,342,268 1,433,791 1,579,899 1,747,536
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 489,922 658,653 616,459 1,927,595 1,802,661 2,083,557
1.Long term borrowings 356,426 539,712 494,646 1,793,376 1,704,814 1,935,827
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 54,594 66,909 70,671 80,311 90,271 107,407
5.Other non-current liabilities 78,902 52,032 51,142 53,908 7,576 40,323
E.Current Liabilities (E1+E2+E3+E4) 502,913 793,161 1,288,293 2,776,985 2,156,166 1,538,731
1.Trade credit & other accounts payables 270,309 239,845 271,335 385,046 456,809 587,873
of which: i) Trade credits 40,183 34,556 31,472 46,165 47,175 106,700
2.Short term borrowings 146,091 452,834 922,678 2,227,456 1,441,743 819,226
3.Current portion of non-current liabilities 76,070 89,280 72,263 108,093 210,622 77,693
4.Other current liabilities 10,443 11,202 22,017 56,390 46,992 53,939
F.Operations:
1.Sales 4,588,788 4,227,910 4,868,596 5,563,119 6,346,642 6,152,929
i)Local sales (Net) 1,866,992 3,334,050 4,627,935 4,432,214 5,246,813 5,289,883
ii)Export sales (Net) 2,721,796 893,860 240,661 1,130,905 1,099,829 863,046
2.Cost of sales 4,296,796 3,982,624 4,551,646 5,156,474 5,705,888 5,395,257
i)Cost of material 3,145,502 2,778,363 3,242,908 3,395,857 3,828,672 3,536,521
3.Gross profit / (loss) (F1-F2) 291,992 245,286 316,950 406,645 640,754 757,672
4.General, administrative and other expenses 149,943 146,397 159,541 209,305 246,661 262,725
i)Selling & distribution expenses 48,371 37,709 32,359 45,269 63,577 58,387
ii)Administrative and other expenses 101,572 108,688 127,182 164,036 183,084 204,338
5.Other income / (loss) 8,456 11,464 21,444 49,832 57,962 55,769
6.EBIT (F3-F4+F5) 150,505 110,353 178,853 247,172 452,055 550,716
7.Financial expenses 60,299 50,863 57,841 115,164 284,566 189,347
of which: (i) Interest expenses 56,026 47,045 55,144 109,721 278,519 186,596
8.Profit / (loss) before taxation (F6-F7) 90,206 59,490 121,012 132,008 167,489 361,369
9.Tax expenses 35,907 (11,675) 43,342 1,494 (37,280) 135,489
10.Profit / (loss) after tax (F8-F9) 54,299 71,165 77,670 130,514 204,769 225,880
11.Cash dividends 38,325 38,325 38,325 65,700 65,700 76,650
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 403,916 (199,443) (18,833) (1,092,085) 1,082,015 546,557
2.Net cash flows from investing activities (274,934) (238,483) (510,600) (1,499,962) (134,415) (50,638)
3.Net cash flows from financing activities (113,577) 465,446 369,176 2,593,029 (836,849) (598,489)
H.Miscellaneous
1.Total capital employed (C+D) 1,874,609 2,077,135 2,065,483 3,476,865 3,437,094 3,838,688
2.Retention in business (F10-F11-F12) 15,974 32,840 39,345 64,814 139,069 149,230
3.Depreciation for the year 101,705 106,512 125,962 138,277 266,169 255,917
4.Salaries, wages and employee benefits 357,642 383,203 457,709 487,928 449,231 443,336
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.18 1.68 1.60 2.35 3.23 3.67
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.93 1.61 1.56 1.16 1.07 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.29 2.71 2.50 2.72 3.46 4.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.70 1.87 2.17 3.20 3.72 3.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.89 5.08 5.42 8.71 12.86 13.33
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.96 6.50 7.09 11.92 18.70 20.63
62
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Faisal Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,972,156 3,715,228 4,057,634 4,119,871 4,259,281 7,644,270
1.Capital work in progress 808 78 242,440 19,809 23,677 3,055,669
2.Operating fixed assets at cost 4,597,215 5,229,073 5,496,305 6,030,047 6,306,863 6,902,140
3.Operating fixed assets after deducting accumulated depreciation 2,466,091 3,196,193 3,256,739 3,491,381 3,533,394 3,860,627
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 496,398 510,098 549,596 599,527 692,574 717,433
6.Other non-current assets 8,859 8,859 8,859 9,154 9,636 10,541
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,465,022 3,290,312 3,269,373 4,245,854 5,925,995 8,499,266
1.Cash & bank balance 77,213 53,767 110,715 125,186 165,946 235,040
2.Inventories; of which 1,703,047 1,998,880 2,010,274 2,403,295 4,005,268 6,128,003
i)Raw material 1,196,533 1,432,763 1,420,366 1,942,387 3,346,841 4,987,922
ii)Work in progress 502,129 96,305 117,592 109,813 149,100 148,196
iii)Finished goods 4,385 466,610 467,455 347,966 508,514 990,815
3.Trade Debt / accounts receivables 267,388 497,572 395,872 1,035,167 991,417 823,685
4.Short term loans and advances 93,802 120,981 71,489 71,454 69,483 80,129
5.Short term investments 0 0 0 0 0 0
6.Other current assets 323,572 619,112 681,023 610,752 693,881 1,232,409
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,437,178 7,005,540 7,327,007 8,365,725 10,185,276 16,143,536
C.Shareholders' Equity (C1+C2+C3) 3,664,386 3,790,302 4,171,012 4,575,086 5,280,827 5,457,554
1.Issued, Subscribed & Paid up capital 100,000 100,000 100,000 100,000 100,000 100,000
i)Ordinary shares 100,000 100,000 100,000 100,000 100,000 100,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,564,386 3,690,302 4,071,012 4,475,086 5,180,827 5,357,554
i)Capital Reserve 3,500,000 3,650,000 3,890,000 4,200,000 4,900,000 5,300,000
ii)Revenue Reserve 64,386 40,302 181,012 275,086 280,827 57,554
of which: un-appropriated profit(loss) / retained earnings 64,386 40,302 181,012 275,086 280,827 57,554
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 886,666 1,574,342 2,253,039 2,293,988 2,437,013 5,679,319
1.Long term borrowings 704,433 1,354,512 1,626,135 1,475,536 1,478,484 4,073,591
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 479,337
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 121,773 129,270 134,656 164,908 161,517 192,521
5.Other non-current liabilities 60,460 90,560 492,248 653,544 797,012 933,870
E.Current Liabilities (E1+E2+E3+E4) 886,126 1,640,896 902,956 1,496,651 2,467,436 5,006,663
1.Trade credit & other accounts payables 552,769 751,075 554,470 599,666 742,759 960,417
of which: i) Trade credits 186,706 303,140 329,501 274,313 274,328 587,750
2.Short term borrowings 0 752,995 164,040 645,652 1,430,911 3,876,009
3.Current portion of non-current liabilities 320,820 123,681 160,431 224,493 226,342 55,003
4.Other current liabilities 12,537 13,145 24,015 26,840 67,424 115,234
F.Operations:
1.Sales 9,281,027 9,281,955 10,563,663 11,842,981 14,028,566 14,895,550
i)Local sales (Net) 2,583,661 2,593,314 2,303,580 3,481,894 3,710,439 3,165,950
ii)Export sales (Net) 6,697,366 6,688,641 8,260,083 8,361,087 10,318,127 11,729,600
2.Cost of sales 8,473,950 8,605,975 9,516,681 10,534,519 12,144,528 13,485,267
i)Cost of material 6,459,572 6,677,670 7,606,600 8,458,417 10,230,035 11,786,513
3.Gross profit / (loss) (F1-F2) 807,077 675,980 1,046,982 1,308,462 1,884,038 1,410,283
4.General, administrative and other expenses 366,169 402,303 445,465 521,500 639,076 597,939
i)Selling & distribution expenses 269,261 293,400 322,323 343,057 359,691 388,476
ii)Administrative and other expenses 96,908 108,903 123,142 178,443 279,385 209,463
5.Other income / (loss) 23,876 47,784 47,363 71,825 147,958 124,883
6.EBIT (F3-F4+F5) 464,784 321,461 648,880 858,787 1,392,920 937,227
7.Financial expenses 211,756 143,491 154,387 137,361 290,548 246,852
of which: (i) Interest expenses 181,987 114,758 118,276 98,656 235,387 184,687
8.Profit / (loss) before taxation (F6-F7) 253,028 177,970 494,493 721,426 1,102,372 690,375
9.Tax expenses 78,479 8,755 63,500 143,571 183,872 166,496
10.Profit / (loss) after tax (F8-F9) 174,549 169,215 430,993 577,855 918,500 523,879
11.Cash dividends 50,000 50,000 172,500 232,000 185,000 150,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 877,626 (182,705) 1,025,050 119,711 (176,452) (1,322,521)
2.Net cash flows from investing activities (161,944) (997,236) (638,012) (329,609) (344,051) (3,627,460)
3.Net cash flows from financing activities (692,124) 1,156,495 (330,090) 224,370 561,262 5,019,075
H.Miscellaneous
1.Total capital employed (C+D) 4,551,052 5,364,644 6,424,051 6,869,074 7,717,840 11,136,873
2.Retention in business (F10-F11-F12) 124,549 119,215 258,493 345,855 733,500 373,879
3.Depreciation for the year 249,829 300,498 339,949 329,423 323,909 322,574
4.Salaries, wages and employee benefits 523,354 546,922 623,907 1,198,607 662,211 755,541
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.88 1.82 4.08 4.88 6.55 3.52
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.65 1.49 1.47 1.51 1.51 1.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.10 2.72 6.01 7.36 9.90 3.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.56 1.67 1.80 1.79 1.88 2.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.84 4.54 10.83 13.21 18.64 9.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 17.45 16.92 43.10 57.79 91.85 52.39
63
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fatima Enterprises Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,686,314 7,307,003 6,816,296 7,265,033 6,833,838 6,833,838
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 8,675,445 8,599,892 8,606,451 8,584,351 8,577,393 8,577,393
3.Operating fixed assets after deducting accumulated depreciation 6,205,541 5,935,612 5,748,565 5,530,783 5,337,849 5,337,849
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,414,344 1,307,237 1,002,257 1,669,127 1,430,881 1,430,881
6.Other non-current assets 66,429 64,154 65,474 65,123 65,108 65,108
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,963,740 3,003,423 3,071,707 2,287,180 2,387,266 2,387,266
1.Cash & bank balance 34,385 25,741 39,112 39,033 51,641 51,641
2.Inventories; of which 1,575,766 1,529,743 1,519,115 697,497 687,884 687,884
i)Raw material 243,105 248,205 260,525 173,441 219,288 219,288
ii)Work in progress 240,893 222,685 129,744 50,019 62,173 62,173
iii)Finished goods 1,091,768 1,058,853 1,128,846 474,037 406,423 406,423
3.Trade Debt / accounts receivables 275,413 182,028 188,636 146,453 277,447 277,447
4.Short term loans and advances 66,590 152,610 181,367 227,915 193,616 193,616
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,011,586 1,113,301 1,143,477 1,176,282 1,176,678 1,176,678
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,650,054 10,310,426 9,888,003 9,552,213 9,221,104 9,221,104
C.Shareholders' Equity (C1+C2+C3) 4,376,237 3,709,704 2,820,749 2,262,431 1,866,753 1,866,753
1.Issued, Subscribed & Paid up capital 142,310 142,310 142,310 142,310 142,310 142,310
i)Ordinary shares 142,310 142,310 142,310 142,310 142,310 142,310
ii)Preference shares 0 0 0 0 0 0
2.Reserves 94,084 (416,807) (1,213,523) (1,684,214) (1,996,645) (1,996,645)
i)Capital Reserve 18,648 18,648 18,648 18,648 18,648 18,648
ii)Revenue Reserve 75,436 (435,455) (1,232,171) (1,702,862) (2,015,293) (2,015,293)
of which: un-appropriated profit(loss) / retained earnings 75,436 (435,455) (1,232,171) (1,702,862) (2,015,293) (2,015,293)
3.Surplus on revaluation of fixed assets 4,139,843 3,984,201 3,891,962 3,804,335 3,721,088 3,721,088
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,933,329 2,178,031 2,198,894 2,173,071 2,161,577 2,161,577
1.Long term borrowings 636,289 636,288 636,288 636,288 636,288 636,288
2.Subordinated loans / Sponsor's loans 1,212,270 1,460,401 1,484,717 1,459,103 1,441,453 1,441,453
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 44,968 41,540 38,087 37,878 44,034 44,034
5.Other non-current liabilities 39,802 39,802 39,802 39,802 39,802 39,802
E.Current Liabilities (E1+E2+E3+E4) 4,340,488 4,422,691 4,868,360 5,116,711 5,192,774 5,192,774
1.Trade credit & other accounts payables 1,870,355 1,713,369 1,885,458 2,107,634 2,224,063 2,224,063
of which: i) Trade credits 680,664 569,909 597,214 612,061 691,674 691,674
2.Short term borrowings 1,523,404 1,559,602 1,625,671 1,640,534 1,590,756 1,590,756
3.Current portion of non-current liabilities 539,735 539,736 539,736 539,736 539,736 539,736
4.Other current liabilities 406,994 609,984 817,495 828,807 838,219 838,219
F.Operations:
1.Sales 2,619,758 1,560,007 1,978,089 2,587,468 3,339,775 3,339,775
i)Local sales (Net) 2,386,661 1,558,320 1,576,325 2,090,458 2,846,275 2,846,275
ii)Export sales (Net) 233,097 1,687 401,764 497,010 493,500 493,500
2.Cost of sales 3,071,732 1,764,504 2,239,930 3,525,313 3,274,272 3,274,272
i)Cost of material 1,998,840 1,182,336 1,573,525 2,162,674 2,534,612 2,534,612
3.Gross profit / (loss) (F1-F2) (451,974) (204,497) (261,841) (937,845) 65,503 65,503
4.General, administrative and other expenses 100,382 106,162 125,948 276,258 169,392 169,392
i)Selling & distribution expenses 22,849 13,548 31,301 32,175 32,385 32,385
ii)Administrative and other expenses 77,533 92,614 94,647 244,083 137,007 137,007
5.Other income / (loss) (64,232) (61,217) (267,992) 63,585 (241,454) (241,454)
6.EBIT (F3-F4+F5) (616,588) (371,876) (655,781) (1,150,518) (345,343) (345,343)
7.Financial expenses 296,699 206,058 189,638 4,772 7,028 7,028
of which: (i) Interest expenses 232,136 203,353 187,731 2,913 5,155 5,155
8.Profit / (loss) before taxation (F6-F7) (913,287) (577,934) (845,419) (1,155,290) (352,371) (352,371)
9.Tax expenses 0 0 19,781 31,101 40,735 40,735
10.Profit / (loss) after tax (F8-F9) (913,287) (577,934) (865,200) (1,186,391) (393,106) (393,106)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 112,223 (282,425) (56,083) (14,990) 7,713 7,713
2.Net cash flows from investing activities 76,185 (2,831) (20,931) 25,671 2,323 2,323
3.Net cash flows from financing activities (194,396) 276,612 90,385 (10,760) (67,428) (67,428)
H.Miscellaneous
1.Total capital employed (C+D) 6,309,566 5,887,735 5,019,643 4,435,502 4,028,330 4,028,330
2.Retention in business (F10-F11-F12) (913,287) (577,934) (865,200) (1,186,391) (393,106) (393,106)
3.Depreciation for the year 230,891 219,094 207,445 197,107 185,875 185,875
4.Salaries, wages and employee benefits 238,215 132,572 155,214 181,299 208,927 208,927
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -34.86 -37.05 -43.74 -45.85 -11.77 -11.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.24 0.15 0.20 0.27 0.36 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.30 -5.51 -8.57 -12.21 -4.19 -4.26
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.27 2.59 3.09 3.82 4.55 4.94
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -18.87 -14.29 -26.50 -46.68 -19.04 -21.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -64.18 -40.61 -60.80 -83.37 -27.62 -27.62
64
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fazal Cloth Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 23,329,128 23,504,903 24,880,258 30,230,616 32,290,838 33,966,695
1.Capital work in progress 396,589 227,487 415,547 323,352 485,298 304,978
2.Operating fixed assets at cost 26,291,604 27,367,193 29,168,332 36,012,662 38,444,768 40,806,837
3.Operating fixed assets after deducting accumulated depreciation 19,494,601 19,666,759 20,567,186 25,382,180 26,743,991 27,828,545
4.Intangible assets 1,006 824 642 0 0 0
5.Long term investments 3,402,514 3,585,387 3,872,437 4,501,013 3,132,354 3,012,163
6.Other non-current assets 34,418 24,446 24,446 24,071 1,929,195 2,821,009
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,950,518 10,179,944 14,792,234 18,419,423 22,274,014 21,824,306
1.Cash & bank balance 177,228 209,689 143,354 134,297 199,476 298,849
2.Inventories; of which 5,433,568 6,218,623 7,580,000 10,357,338 13,033,292 14,503,843
i)Raw material 3,851,604 3,325,656 5,163,806 8,052,540 10,778,926 9,441,519
ii)Work in progress 279,187 278,621 310,983 359,035 410,363 439,889
iii)Finished goods 1,302,777 2,614,346 2,105,211 1,945,763 1,844,002 4,622,435
3.Trade Debt / accounts receivables 4,048,617 2,140,698 4,619,059 5,237,758 6,132,305 5,145,581
4.Short term loans and advances 531,136 160,723 197,595 164,567 92,746 204,530
5.Short term investments 545,591 221,289 219,659 198,288 182,682 163,588
6.Other current assets 1,214,378 1,228,922 2,032,567 2,327,175 2,633,513 1,507,915
Total Assets (A+B) / Equity & Liabilities (C+D+E) 35,279,646 33,684,847 39,672,492 48,650,039 54,564,852 55,791,001
C.Shareholders' Equity (C1+C2+C3) 15,795,757 15,476,657 15,834,734 20,783,088 21,708,871 21,274,942
1.Issued, Subscribed & Paid up capital 300,000 300,000 300,000 300,000 300,000 300,000
i)Ordinary shares 300,000 300,000 300,000 300,000 300,000 300,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 8,405,375 8,455,465 9,027,261 10,343,488 11,850,262 11,731,654
i)Capital Reserve 1,945,611 1,622,452 1,606,703 1,525,441 1,373,544 1,179,979
ii)Revenue Reserve 6,459,764 6,833,013 7,420,558 8,818,047 10,476,718 10,551,675
of which: un-appropriated profit(loss) / retained earnings 6,459,764 6,833,013 7,420,558 8,818,047 10,476,718 10,551,675
3.Surplus on revaluation of fixed assets 7,090,382 6,721,192 6,507,473 10,139,600 9,558,609 9,243,288
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 8,996,479 9,446,005 10,600,671 11,678,550 13,758,411 17,768,810
1.Long term borrowings 6,913,246 7,283,908 8,329,340 9,208,525 10,445,388 14,331,743
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 220,481 218,741 214,614 268,709 273,812 291,767
5.Other non-current liabilities 1,862,752 1,943,356 2,056,717 2,201,316 3,039,211 3,145,300
E.Current Liabilities (E1+E2+E3+E4) 10,487,410 8,762,185 13,237,087 16,188,401 19,097,570 16,747,249
1.Trade credit & other accounts payables 1,899,626 2,009,184 2,014,405 2,927,436 3,786,287 3,668,520
of which: i) Trade credits 238,357 349,015 356,035 252,894 740,705 556,633
2.Short term borrowings 6,715,275 4,451,122 8,940,728 10,728,557 12,299,901 11,537,224
3.Current portion of non-current liabilities 1,532,064 2,019,571 1,993,980 2,200,557 2,517,786 1,010,565
4.Other current liabilities 340,445 282,308 287,974 331,851 493,596 530,940
F.Operations:
1.Sales 27,517,174 23,282,102 30,145,613 33,345,188 40,913,729 39,713,735
i)Local sales (Net) 15,584,232 13,292,918 18,776,454 19,642,160 28,129,934 25,283,233
ii)Export sales (Net) 11,932,942 9,989,184 11,369,159 13,703,028 12,783,795 14,430,502
2.Cost of sales 24,613,636 21,282,338 27,947,566 30,141,180 35,898,945 35,152,501
i)Cost of material 14,826,674 374,436 19,747,844 21,807,598 26,783,560 27,123,777
3.Gross profit / (loss) (F1-F2) 2,903,538 1,999,764 2,198,047 3,204,008 5,014,784 4,561,234
4.General, administrative and other expenses 836,372 776,617 826,171 737,069 846,359 1,359,119
i)Selling & distribution expenses 502,373 435,712 506,264 298,619 261,770 382,342
ii)Administrative and other expenses 333,999 340,905 319,907 438,450 584,589 976,777
5.Other income / (loss) 108,985 272,361 391,272 439,877 712,890 425,811
6.EBIT (F3-F4+F5) 2,176,151 1,495,508 1,763,148 2,906,816 4,881,315 3,627,926
7.Financial expenses 1,514,731 1,094,329 1,054,503 1,372,066 2,334,040 2,944,788
of which: (i) Interest expenses 15,472 7,188 974,598 1,140,332 1,900,863 2,329,868
8.Profit / (loss) before taxation (F6-F7) 661,420 401,179 708,645 1,534,750 2,547,275 683,138
9.Tax expenses 163,415 268,089 253,675 258,222 1,005,535 627,358
10.Profit / (loss) after tax (F8-F9) 498,005 133,090 454,970 1,276,528 1,541,740 55,780
11.Cash dividends 75,000 150,000 157,500 255,000 315,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,464,330 1,994,914 (3,414,334) 855,511 2,761,361 4,303,416
2.Net cash flows from investing activities (1,251,212) (407,717) (2,091,220) (2,198,269) (3,394,323) (2,548,668)
3.Net cash flows from financing activities (395,952) (1,554,736) 5,439,219 1,333,700 698,141 (1,655,375)
H.Miscellaneous
1.Total capital employed (C+D) 24,792,236 24,922,662 26,435,405 32,461,638 35,467,282 39,043,752
2.Retention in business (F10-F11-F12) 423,005 (16,910) 297,470 1,021,528 1,226,740 55,780
3.Depreciation for the year 777,481 913,931 912,387 1,021,400 1,158,717 1,239,352
4.Salaries, wages and employee benefits 1,865,622 1,954,426 2,009,169 2,205,378 2,556,019 2,394,002
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.81 0.57 1.51 3.83 3.77 0.14
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.84 0.68 0.82 0.76 0.79 0.72
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.53 0.39 1.24 2.89 2.99 0.10
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.44 2.21 2.34 2.41 2.43 2.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.73 0.85 2.91 6.97 7.26 0.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.60 4.44 15.17 42.55 51.39 1.86
65
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Feroze1888 Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 5,786,486 6,756,261 8,272,229 10,857,181 13,663,267 17,640,932
1.Capital work in progress 535,596 854,663 849,492 1,907,307 2,070,731 3,248,220
2.Operating fixed assets at cost 8,805,497 9,801,707 11,647,322 13,695,111 16,873,411 20,418,335
3.Operating fixed assets after deducting accumulated depreciation 5,240,019 5,895,201 7,412,659 8,939,671 11,388,151 14,072,097
4.Intangible assets 5,141 0 2,975 1,870 1,852 29,540
5.Long term investments 10 10 0 0 186,153 0
6.Other non-current assets 5,720 6,387 7,103 8,333 16,380 291,075
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,918,264 8,752,710 10,466,306 12,494,937 20,304,069 25,455,725
1.Cash & bank balance 287,909 990,908 93,730 203,534 3,267,698 2,247,990
2.Inventories; of which 2,382,563 3,046,969 3,637,710 3,892,270 6,411,087 8,269,628
i)Raw material 1,229,094 1,530,681 1,543,479 1,575,528 2,982,549 4,083,618
ii)Work in progress 790,365 971,073 1,574,768 1,470,271 2,330,145 2,597,780
iii)Finished goods 363,104 545,215 519,463 846,471 1,098,393 1,588,230
3.Trade Debt / accounts receivables 2,823,046 2,782,631 4,354,193 5,191,492 7,629,994 6,809,503
4.Short term loans and advances 271,092 253,734 203,672 313,756 146,267 205,986
5.Short term investments 0 0 0 0 0 3,787,643
6.Other current assets 1,153,654 1,678,468 2,177,001 2,893,885 2,849,023 4,134,975
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,704,750 15,508,971 18,738,535 23,352,118 33,967,336 43,096,657
C.Shareholders' Equity (C1+C2+C3) 10,013,295 12,767,889 14,507,876 16,167,281 20,103,449 21,147,058
1.Issued, Subscribed & Paid up capital 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009
i)Ordinary shares 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,164,624 7,919,218 9,240,859 10,900,264 14,836,432 15,892,787
i)Capital Reserve 758,663 758,663 758,820 758,681 758,663 758,663
ii)Revenue Reserve 4,405,961 7,160,555 8,482,039 10,141,583 14,077,769 15,134,124
of which: un-appropriated profit(loss) / retained earnings 4,405,961 7,160,555 8,482,039 10,141,583 14,077,769 15,134,124
3.Surplus on revaluation of fixed assets 1,080,662 1,080,662 1,499,008 1,499,008 1,499,008 1,486,262
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 383,248 434,150 437,142 750,334 2,135,040 5,389,595
1.Long term borrowings 383,248 434,150 437,142 750,334 1,991,546 5,189,382
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 143,494 200,213
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 2,308,207 2,306,932 3,793,517 6,434,503 11,728,847 16,560,004
1.Trade credit & other accounts payables 2,197,618 2,293,479 3,177,288 3,701,979 4,910,688 6,481,124
of which: i) Trade credits 1,715,593 1,802,301 2,669,633 2,669,633 1,545,488 2,251,093
2.Short term borrowings 0 0 500,000 2,550,000 6,490,000 9,640,000
3.Current portion of non-current liabilities 96,014 5,850 110,008 162,508 275,388 346,524
4.Other current liabilities 14,575 7,603 6,221 20,016 52,771 92,356
F.Operations:
1.Sales 17,533,227 19,664,897 20,937,331 21,775,447 29,348,438 31,205,677
i)Local sales (Net) 200,700 221,695 417,623 561,573 368,980 278,859
ii)Export sales (Net) 17,332,527 19,443,202 20,519,708 21,213,874 28,979,458 30,926,818
2.Cost of sales 13,622,707 14,089,214 16,063,005 16,950,429 21,600,408 23,698,998
i)Cost of material 7,494,536 8,222,474 9,621,948 9,385,318 13,293,218 13,423,623
3.Gross profit / (loss) (F1-F2) 3,910,520 5,575,683 4,874,326 4,825,018 7,748,030 7,506,679
4.General, administrative and other expenses 1,350,629 1,461,973 2,213,127 2,653,811 3,419,554 4,094,983
i)Selling & distribution expenses 585,688 506,983 1,421,045 1,511,757 2,026,890 1,150,779
ii)Administrative and other expenses 764,941 954,990 792,082 1,142,054 1,392,664 2,944,204
5.Other income / (loss) 0 0 (156,605) 718,671 2,048,510 218,888
6.EBIT (F3-F4+F5) 2,559,891 4,113,710 2,504,594 2,889,878 6,376,986 3,630,584
7.Financial expenses 32,278 81,659 55,039 85,729 155,892 346,959
of which: (i) Interest expenses 54,218 11,757 15,740 43,494 80,609 271,775
8.Profit / (loss) before taxation (F6-F7) 2,527,613 4,032,051 2,449,555 2,804,149 6,221,094 3,283,625
9.Tax expenses 201,987 221,968 (39,977) 52,052 231,284 346,404
10.Profit / (loss) after tax (F8-F9) 2,325,626 3,810,083 2,489,532 2,752,097 5,989,810 2,937,221
11.Cash dividends 2,185,445 376,801 1,017,362 1,375,323 2,392,686 881,714
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,803,240 3,238,651 1,388,724 2,162,796 3,330,390 3,675,597
2.Net cash flows from investing activities (989,587) (1,441,229) (1,725,278) (3,375,627) (3,507,082) (6,729,968)
3.Net cash flows from financing activities (581,921) (1,094,423) (1,060,624) 1,323,264 3,241,026 4,034,663
H.Miscellaneous
1.Total capital employed (C+D) 10,396,543 13,202,039 14,945,018 16,917,615 22,238,489 26,536,653
2.Retention in business (F10-F11-F12) 140,181 3,433,282 1,472,170 1,376,774 3,597,124 2,055,507
3.Depreciation for the year 399,798 435,950 547,927 745,112 933,095 1,204,398
4.Salaries, wages and employee benefits 2,332,140 2,706,320 3,082,734 3,727,117 4,419,869 4,880,346
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.26 19.38 11.89 12.64 20.41 9.41
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.38 1.39 1.22 1.03 1.02 0.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.35 27.01 14.54 13.08 20.90 7.62
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.40 1.24 1.26 1.37 1.58 1.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.62 33.45 18.25 17.94 33.03 14.24
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.17 10.11 6.61 7.30 15.90 7.80
66
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gadoon Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,052,359 9,962,685 9,971,589 10,541,898 12,963,434 13,574,914
1.Capital work in progress 278,006 257,116 592,551 447,528 260,327 433,393
2.Operating fixed assets at cost 14,778,489 14,990,155 15,002,632 16,080,114 18,786,167 19,842,074
3.Operating fixed assets after deducting accumulated depreciation 8,044,222 7,469,897 6,855,143 7,344,400 9,610,032 9,731,614
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,683,343 2,194,332 2,472,715 2,686,920 2,890,606 3,150,556
6.Other non-current assets 46,788 41,340 51,180 63,050 202,469 259,351
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,491,393 9,344,718 10,028,260 12,600,632 14,342,045 17,258,436
1.Cash & bank balance 506,553 387,454 163,926 188,863 112,519 86,120
2.Inventories; of which 4,895,445 5,148,415 5,700,578 7,469,561 8,407,361 12,914,426
i)Raw material 3,676,987 4,256,409 4,157,585 6,316,848 6,722,339 10,545,501
ii)Work in progress 197,618 250,971 262,525 286,033 345,359 351,227
iii)Finished goods 1,020,840 641,035 1,280,468 866,680 1,339,663 2,017,698
3.Trade Debt / accounts receivables 2,021,935 1,547,639 1,750,769 2,464,181 3,517,747 2,332,951
4.Short term loans and advances 413,108 579,440 262,541 286,996 199,991 122,927
5.Short term investments 59,745 75,734 0 0 0 0
6.Other current assets 2,594,607 1,606,036 2,150,446 2,191,031 2,104,427 1,802,012
Total Assets (A+B) / Equity & Liabilities (C+D+E) 20,543,752 19,307,403 19,999,849 23,142,530 27,305,479 30,833,350
C.Shareholders' Equity (C1+C2+C3) 6,817,519 6,533,605 7,366,723 8,213,510 9,209,433 9,084,358
1.Issued, Subscribed & Paid up capital 234,375 280,296 280,296 280,296 280,296 280,296
i)Ordinary shares 234,375 280,296 280,296 280,296 280,296 280,296
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,583,144 6,253,309 7,086,427 7,933,214 8,929,137 8,804,062
i)Capital Reserve 910,795 137,541 137,541 137,541 137,541 137,541
ii)Revenue Reserve 5,672,349 6,115,768 6,948,886 7,795,673 8,791,596 8,666,521
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 996,912 1,089,766 1,114,696 1,824,382 4,075,737 4,965,895
1.Long term borrowings 0 0 0 594,338 2,622,363 3,526,689
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 348,205 447,453 446,314 533,769 562,984 629,205
5.Other non-current liabilities 648,707 642,313 668,382 696,275 890,390 810,001
E.Current Liabilities (E1+E2+E3+E4) 12,729,321 11,684,032 11,518,430 13,104,638 14,020,309 16,783,097
1.Trade credit & other accounts payables 1,970,757 1,872,207 2,779,417 3,088,479 3,700,823 4,181,691
of which: i) Trade credits 269,232 342,058 433,845 459,588 485,154 632,789
2.Short term borrowings 10,405,623 9,553,768 8,635,992 9,864,906 9,926,683 12,362,149
3.Current portion of non-current liabilities 8,905 0 0 0 52,728 68,092
4.Other current liabilities 344,036 258,057 103,021 151,253 340,075 171,165
F.Operations:
1.Sales 23,003,447 21,269,477 23,248,578 27,554,687 31,217,479 28,986,781
i)Local sales (Net) 12,778,932 13,666,007 15,665,623 17,225,136 22,871,633 9,472,888
ii)Export sales (Net) 10,224,515 7,603,470 7,582,955 10,329,551 8,345,846 19,513,893
2.Cost of sales 21,873,625 20,543,285 21,919,785 25,609,797 28,324,756 26,745,495
i)Cost of material 14,981,515 13,009,669 15,252,169 17,713,068 21,072,612 19,690,517
3.Gross profit / (loss) (F1-F2) 1,129,822 726,192 1,328,793 1,944,890 2,892,723 2,241,286
4.General, administrative and other expenses 619,002 592,319 473,736 661,556 777,528 1,660,667
i)Selling & distribution expenses 370,304 299,410 279,821 437,311 401,764 474,356
ii)Administrative and other expenses 248,698 292,909 193,915 224,245 375,764 1,186,311
5.Other income / (loss) 190,380 223,139 572,482 764,994 653,335 666,178
6.EBIT (F3-F4+F5) 701,200 357,012 1,427,539 2,048,328 2,768,530 1,246,797
7.Financial expenses 791,481 449,176 342,601 574,682 1,100,073 909,080
of which: (i) Interest expenses 783,166 434,389 315,729 539,961 1,105,030 893,861
8.Profit / (loss) before taxation (F6-F7) (90,281) (92,164) 1,084,938 1,473,646 1,668,457 337,717
9.Tax expenses 302,053 181,681 277,952 288,350 482,355 292,218
10.Profit / (loss) after tax (F8-F9) (392,334) (273,845) 806,986 1,185,296 1,186,102 45,499
11.Cash dividends 0 0 140,148 434,459 238,252 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,503,863 1,271,568 891,770 (890,942) 986,064 (1,883,820)
2.Net cash flows from investing activities (579,273) (529,849) (197,445) (852,240) (2,503,712) (1,080,487)
3.Net cash flows from financing activities (130,846) (8,963) (77) 271,059 1,826,106 683,156
H.Miscellaneous
1.Total capital employed (C+D) 7,814,431 7,623,371 8,481,419 10,037,892 13,285,170 14,050,253
2.Retention in business (F10-F11-F12) (392,334) (273,845) 666,838 750,837 947,850 45,499
3.Depreciation for the year 777,626 811,284 743,950 736,284 794,827 1,013,982
4.Salaries, wages and employee benefits 1,891,639 2,060,040 2,211,321 2,204,251 2,598,605 2,214,961
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.71 -1.29 3.47 4.30 3.80 0.16
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.26 1.07 1.18 1.28 1.24 1.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.14 -1.37 4.11 5.49 4.70 0.16
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.75 2.99 2.83 2.77 2.90 3.18
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -5.89 -4.10 11.61 15.22 13.62 0.50
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -16.74 -9.77 28.79 42.29 42.32 1.62
67
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghazi Fabrics International Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,677,349 1,652,254 1,570,677 1,519,368 1,414,028 1,334,572
1.Capital work in progress 129,013 34,210 1,134 90,830 0 0
2.Operating fixed assets at cost 2,899,515 3,119,607 3,177,806 3,170,099 3,289,200 3,336,872
3.Operating fixed assets after deducting accumulated depreciation 1,535,324 1,605,032 1,556,531 1,415,526 1,401,016 1,321,560
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 13,012 13,012 13,012 13,012 13,012 13,012
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,465,250 1,156,939 1,341,998 1,172,989 1,728,806 1,641,788
1.Cash & bank balance 25,006 4,156 6,748 30,450 6,784 8,591
2.Inventories; of which 804,905 626,434 749,188 449,614 729,191 990,238
i)Raw material 285,448 156,085 487,312 78,419 471,108 592,204
ii)Work in progress 68,119 70,423 66,181 80,456 99,490 110,997
iii)Finished goods 451,338 399,926 195,695 290,739 158,593 287,037
3.Trade Debt / accounts receivables 261,062 128,668 127,993 126,552 419,711 327,134
4.Short term loans and advances 154,451 120,113 107,861 244,281 244,569 118,754
5.Short term investments 0 0 0 0 0 0
6.Other current assets 219,826 277,568 350,208 322,092 328,551 197,071
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,142,599 2,809,193 2,912,675 2,692,357 3,142,834 2,976,360
C.Shareholders' Equity (C1+C2+C3) 1,022,578 828,646 870,784 1,056,159 1,190,620 1,135,669
1.Issued, Subscribed & Paid up capital 326,356 326,356 326,356 326,356 326,356 326,356
i)Ordinary shares 326,356 326,356 326,356 326,356 326,356 326,356
ii)Preference shares 0 0 0 0 0 0
2.Reserves 696,222 502,290 544,428 729,803 864,264 809,313
i)Capital Reserve 1,177,728 1,255,728 1,640,728 1,993,778 2,172,278 2,327,151
ii)Revenue Reserve (481,506) (753,438) (1,096,300) (1,263,975) (1,308,014) (1,517,838)
of which: un-appropriated profit(loss) / retained earnings (481,506) (753,438) (1,096,300) (1,263,975) (1,308,014) (1,517,838)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 456,252 410,907 285,863 168,123 300,692 297,031
1.Long term borrowings 387,308 350,000 206,250 56,250 131,250 162,250
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 40,328 48,589 56,859 58,130 59,695 64,250
5.Other non-current liabilities 28,616 12,318 22,754 53,743 109,747 70,531
E.Current Liabilities (E1+E2+E3+E4) 1,663,769 1,569,640 1,756,028 1,468,075 1,651,522 1,543,660
1.Trade credit & other accounts payables 392,199 439,317 317,289 274,989 223,855 298,563
of which: i) Trade credits 247,492 361,384 260,401 174,235 144,107 225,772
2.Short term borrowings 1,020,173 940,649 1,203,403 983,333 1,255,862 1,037,670
3.Current portion of non-current liabilities 224,126 143,461 175,000 150,000 80,550 119,750
4.Other current liabilities 27,271 46,213 60,336 59,753 91,255 87,677
F.Operations:
1.Sales 5,114,903 4,819,931 4,255,717 3,797,059 5,418,786 4,703,859
i)Local sales (Net) 1,179,830 1,664,189 2,071,716 2,249,628 4,159,107 4,118,247
ii)Export sales (Net) 3,935,073 3,155,742 2,184,001 1,547,431 1,259,679 585,612
2.Cost of sales 4,815,950 4,647,253 4,174,942 3,571,402 5,033,977 4,566,155
i)Cost of material 3,373,048 3,206,232 2,784,926 2,459,553 3,597,046 3,393,667
3.Gross profit / (loss) (F1-F2) 298,953 172,678 80,775 225,657 384,809 137,704
4.General, administrative and other expenses 288,596 268,434 248,224 221,851 202,592 179,877
i)Selling & distribution expenses 181,344 150,120 124,770 104,861 85,928 66,544
ii)Administrative and other expenses 107,252 118,314 123,454 116,990 116,664 113,333
5.Other income / (loss) 17,515 9,898 14,045 14,522 24,768 10,322
6.EBIT (F3-F4+F5) 27,872 (85,858) (153,404) 18,328 206,985 (31,851)
7.Financial expenses 208,876 149,437 140,140 120,029 145,034 173,056
of which: (i) Interest expenses 151,991 108,250 126,702 108,283 134,942 162,306
8.Profit / (loss) before taxation (F6-F7) (181,004) (235,295) (293,544) (101,701) 61,951 (204,907)
9.Tax expenses 1,985 34,121 40,644 73,502 113,395 18,687
10.Profit / (loss) after tax (F8-F9) (182,989) (269,416) (334,188) (175,203) (51,444) (223,594)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 240,465 224,891 (460,539) 155,951 (451,963) 42,817
2.Net cash flows from investing activities (235,057) (126,245) (72,412) (90,193) (28,271) (47,887)
3.Net cash flows from financing activities 15,147 (119,496) 535,543 (42,055) 456,568 6,878
H.Miscellaneous
1.Total capital employed (C+D) 1,478,830 1,239,553 1,156,647 1,224,282 1,491,312 1,432,700
2.Retention in business (F10-F11-F12) (182,989) (269,416) (334,188) (175,203) (51,444) (223,594)
3.Depreciation for the year 153,156 151,838 147,463 141,895 133,612 127,341
4.Salaries, wages and employee benefits 447,199 496,378 470,862 474,583 484,920 521,253
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.58 -5.59 -7.85 -4.61 -0.95 -4.75
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.60 1.62 1.49 1.35 1.86 1.54
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.71 -9.05 -11.68 -6.25 -1.76 -7.31
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.16 3.22 3.37 2.91 2.60 2.63
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -35.13 -29.11 -39.33 -18.18 -4.58 -19.22
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.61 -8.26 -10.24 -5.37 -1.58 -6.85
68
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Globe Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 118,380 8,250 6,400 5,120 4,096 2,800
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 674,126 660,159 658,834 658,534 658,534 658,534
3.Operating fixed assets after deducting accumulated depreciation 67,917 8,250 6,400 5,120 4,096 2,800
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 50,463 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,718 64,422 53,745 52,275 52,276 51,256
1.Cash & bank balance 45 10 9 2 3 18
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,673 64,412 53,736 52,273 52,273 51,238
Total Assets (A+B) / Equity & Liabilities (C+D+E) 129,098 72,672 60,145 57,395 56,372 54,056
C.Shareholders' Equity (C1+C2+C3) 125,052 67,475 58,669 56,705 55,367 53,098
1.Issued, Subscribed & Paid up capital 163,664 163,664 163,664 163,664 163,664 163,664
i)Ordinary shares 163,664 163,664 163,664 163,664 163,664 163,664
ii)Preference shares 0 0 0 0 0 0
2.Reserves (38,612) (96,189) (104,995) (106,959) (108,297) (110,566)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (38,612) (96,189) (104,995) (106,959) (108,297) (110,566)
of which: un-appropriated profit(loss) / retained earnings (38,612) (96,189) (104,995) (106,959) (108,297) (110,566)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 4,046 5,197 1,476 690 1,005 958
1.Trade credit & other accounts payables 1,207 1,227 1,476 628 944 958
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 2,839 3,970 0 62 61 0
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 23,547 23,547 9,987 2,118 1,352 2,008
i)Selling & distribution expenses 0 0 0 0 0 18
ii)Administrative and other expenses 23,547 23,547 9,987 2,118 1,352 1,990
5.Other income / (loss) 390 390 582 155 16 14
6.EBIT (F3-F4+F5) (23,157) (23,157) (9,405) (1,963) (1,336) (1,994)
7.Financial expenses 1 1 1 1 2 275
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (23,158) (23,158) (9,406) (1,964) (1,338) (2,269)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (23,158) (23,158) (9,406) (1,964) (1,338) (2,269)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (2,717) (2,717) (4,240) (1,611) 1 15
2.Net cash flows from investing activities 2,683 2,683 4,239 0 0 0
3.Net cash flows from financing activities 0 0 0 1,604 0 0
H.Miscellaneous
1.Total capital employed (C+D) 125,052 67,475 58,669 56,705 55,367 53,098
2.Retention in business (F10-F11-F12) (23,158) (23,158) (9,406) (1,964) (1,338) (2,269)
3.Depreciation for the year 16,979 16,979 1,627 1,280 1,024 1,024
4.Salaries, wages and employee benefits 1,601 1,601 15 0 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -16.68 -22.95 -14.16 -3.34 -2.35 -4.11
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.02 1.05 1.05 1.02 1.02 1.02
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -16.95 -24.06 -14.91 -3.40 -2.39 -4.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.41 -1.41 -0.57 -0.12 -0.08 -0.14
69
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gulistan Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 940,405 914,301 889,117 869,429 729,819 729,819
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,658,925 1,655,852 1,654,190 1,099,144 975,203 975,203
3.Operating fixed assets after deducting accumulated depreciation 923,855 896,048 869,698 844,863 2,445 2,445
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 13,769 15,472 17,357 19,466 21,832 21,832
6.Other non-current assets 2,781 2,781 2,062 5,100 705,542 705,542
B.Current Assets (B1+B2+B3+B4+B5+B6) 148,115 128,485 101,120 72,891 66,727 66,727
1.Cash & bank balance 6,439 6,119 6,502 6,106 4,481 4,481
2.Inventories; of which 93,522 93,522 70,242 52,379 52,379 52,379
i)Raw material 77,590 77,590 58,192 43,644 43,644 43,644
ii)Work in progress 15,529 15,529 0 0 0 0
iii)Finished goods 403 403 11,647 8,735 8,735 8,735
3.Trade Debt / accounts receivables 11,859 12,075 9,396 3,549 0 0
4.Short term loans and advances 464 464 104 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 35,831 16,305 14,876 10,857 9,867 9,867
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,088,520 1,042,786 990,237 942,320 796,546 796,546
C.Shareholders' Equity (C1+C2+C3) (967,734) (1,005,250) (1,325,894) (1,409,683) (1,417,118) (1,417,118)
1.Issued, Subscribed & Paid up capital 146,410 146,410 146,410 146,410 146,410 146,410
i)Ordinary shares 146,410 146,410 146,410 146,410 146,410 146,410
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,491,111) (1,518,615) (1,829,668) (1,907,887) (1,914,989) (1,914,989)
i)Capital Reserve 127,983 127,983 127,983 127,983 127,983 127,983
ii)Revenue Reserve (1,619,094) (1,646,598) (1,957,651) (2,035,870) (2,042,972) (2,042,972)
of which: un-appropriated profit(loss) / retained earnings (1,619,094) (1,646,598) (1,957,651) (2,035,870) (2,042,972) (2,042,972)
3.Surplus on revaluation of fixed assets 376,967 366,955 357,364 351,794 351,461 351,461
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 233,154 159,360 1,918,062 1,907,759 1,802,615 1,802,615
1.Long term borrowings 74,818 0 1,775,177 1,779,069 1,802,190 1,802,190
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,897 709 512 512 425 425
5.Other non-current liabilities 155,439 158,651 142,373 128,178 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,823,100 1,888,676 398,069 444,244 411,049 411,049
1.Trade credit & other accounts payables 460,593 441,178 64,733 56,075 12,894 12,894
of which: i) Trade credits 158,430 163,364 0 37,954 0 0
2.Short term borrowings 1,145,120 1,145,120 0 0 0 0
3.Current portion of non-current liabilities 186,716 261,534 0 0 0 0
4.Other current liabilities 30,671 40,844 333,336 388,169 398,155 398,155
F.Operations:
1.Sales 0 3,000 11,700 0 0 0
i)Local sales (Net) 0 3,000 11,700 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 218,484 34,715 55,071 43,905 16,960 16,960
i)Cost of material 123,213 0 19,397 15,398 2,550 2,550
3.Gross profit / (loss) (F1-F2) (218,484) (31,715) (43,371) (43,905) (16,960) (16,960)
4.General, administrative and other expenses 22,557 5,939 3,456 1,224 17,888 17,888
i)Selling & distribution expenses 60 0 0 0 0 0
ii)Administrative and other expenses 22,497 5,939 3,456 1,224 17,888 17,888
5.Other income / (loss) 6,450 14,022 2,269 2,109 95,515 95,515
6.EBIT (F3-F4+F5) (234,591) (23,632) (44,558) (43,020) 60,667 60,667
7.Financial expenses 9,821 10,671 4,493 54,963 82,828 82,828
of which: (i) Interest expenses 8,886 10,288 4,068 54,833 54,873 54,873
8.Profit / (loss) before taxation (F6-F7) (244,412) (34,303) (49,051) (97,983) (22,161) (22,161)
9.Tax expenses 7,055 3,212 (16,278) (10,565) (10,116) (10,116)
10.Profit / (loss) after tax (F8-F9) (251,467) (37,515) (32,773) (87,418) (12,045) (12,045)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,932 (1,881) (325) (388) (4,089) (4,089)
2.Net cash flows from investing activities 2,550 1,561 1,300 0 2,067 2,067
3.Net cash flows from financing activities (1,912) 0 (599) (8) 397 397
H.Miscellaneous
1.Total capital employed (C+D) (734,580) (845,890) 592,168 498,076 385,497 385,497
2.Retention in business (F10-F11-F12) (251,467) (37,515) (32,773) (87,418) (12,045) (12,045)
3.Depreciation for the year 51,461 27,565 27,565 24,835 14,502 14,502
4.Salaries, wages and employee benefits 14,067 2,018 464 143 778 778
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -1,250.50 -280.11 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.01 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.04 -3.52 -3.22 -9.05 -1.39 -1.51
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -2.09 -1.08 -0.87 -0.71 -0.62 -0.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 35.68 3.80 2.81 6.39 0.85 0.85
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -17.18 -2.56 -2.24 -5.97 -0.82 -0.82
70
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gulistan Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,572,490 3,493,673 3,462,444 3,388,645 1,783,920 1,783,920
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 6,155,610 6,155,610 6,155,610 4,063,293 4,063,293 4,063,293
3.Operating fixed assets after deducting accumulated depreciation 3,564,384 3,485,717 3,409,557 3,335,758 6,313 6,313
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 8,106 7,956 52,887 52,887 1,777,607 1,777,607
B.Current Assets (B1+B2+B3+B4+B5+B6) 683,831 633,241 434,770 347,643 215,752 215,752
1.Cash & bank balance 59,551 59,127 58,992 58,992 23,751 23,751
2.Inventories; of which 408,543 343,937 237,982 169,325 135,460 135,460
i)Raw material 215,045 215,045 153,791 127,239 101,783 101,783
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 131,548 128,892 84,191 42,085 33,676 33,676
3.Trade Debt / accounts receivables 55,269 48,136 51,063 43,179 485 485
4.Short term loans and advances 18,176 18,226 489 228 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 142,292 163,815 86,244 75,919 56,056 56,056
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,256,321 4,126,914 3,897,214 3,736,288 1,999,672 1,999,672
C.Shareholders' Equity (C1+C2+C3) (4,429,793) (4,462,791) (6,437,893) (6,896,868) (8,594,736) (8,594,736)
1.Issued, Subscribed & Paid up capital 189,839 189,839 189,839 189,839 189,839 189,839
i)Ordinary shares 189,839 189,839 189,839 189,839 189,839 189,839
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,902,432) (5,917,497) (7,884,616) (8,335,570) (9,695,234) (9,695,234)
i)Capital Reserve 796,627 1,000,549 796,627 796,627 796,627 796,627
ii)Revenue Reserve (6,699,059) (6,918,046) (8,681,243) (9,132,197) (10,491,861) (10,491,861)
of which: un-appropriated profit(loss) / retained earnings (6,903,096) (6,918,046) (8,885,164) (9,336,118) (10,695,782) (10,695,782)
3.Surplus on revaluation of fixed assets 1,282,800 1,264,867 1,256,884 1,248,863 910,659 910,659
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 597,254 552,016 8,170,220 8,122,752 7,954,204 7,954,204
1.Long term borrowings 0 0 7,680,020 7,681,215 7,823,403 7,823,403
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 134,956 2,172 130,362 130,518 130,801 130,801
5.Other non-current liabilities 462,298 549,844 359,838 311,019 0 0
E.Current Liabilities (E1+E2+E3+E4) 8,088,860 8,037,689 2,164,887 2,510,404 2,640,204 2,640,204
1.Trade credit & other accounts payables 1,324,682 1,274,311 262,179 252,297 63,257 63,257
of which: i) Trade credits 969,050 934,733 934,733 89,629 85 85
2.Short term borrowings 5,424,305 5,424,305 0 0 0 0
3.Current portion of non-current liabilities 1,248,969 1,247,869 0 0 0 0
4.Other current liabilities 90,904 91,204 1,902,708 2,258,107 2,576,947 2,576,947
F.Operations:
1.Sales 359,652 7,925 0 0 0 0
i)Local sales (Net) 359,652 7,925 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 910,815 156,817 186,990 154,467 90,833 90,833
i)Cost of material 323,673 23,372 38,446 26,562 25,446 25,446
3.Gross profit / (loss) (F1-F2) (551,163) (148,892) (186,990) (154,467) (90,833) (90,833)
4.General, administrative and other expenses 107,018 19,668 39,761 8,671 938,732 938,732
i)Selling & distribution expenses 240 0 0 0 0 0
ii)Administrative and other expenses 106,778 19,668 39,761 8,671 938,732 938,732
5.Other income / (loss) 1,149 30,495 25,736 12,928 228,557 228,557
6.EBIT (F3-F4+F5) (657,032) (138,065) (201,015) (150,210) (801,008) (801,008)
7.Financial expenses 1,871 35 8 355,412 584,184 584,184
of which: (i) Interest expenses 0 0 0 355,399 355,399 355,399
8.Profit / (loss) before taxation (F6-F7) (658,903) (138,100) (201,023) (505,622) (1,385,192) (1,385,192)
9.Tax expenses 86,904 (42,374) (52,539) (37,198) (9,257) (9,257)
10.Profit / (loss) after tax (F8-F9) (745,807) (95,726) (148,484) (468,424) (1,375,935) (1,375,935)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (250) 524 (14,874) 1 (35,529) (35,529)
2.Net cash flows from investing activities 338 152 16,367 0 0 0
3.Net cash flows from financing activities (769) (1,100) (1,630) 0 288 288
H.Miscellaneous
1.Total capital employed (C+D) (3,832,539) (3,910,775) 1,732,327 1,225,884 (640,532) (640,532)
2.Retention in business (F10-F11-F12) (745,807) (95,726) (148,484) (468,424) (1,375,935) (1,375,935)
3.Depreciation for the year 139,145 78,667 76,159 73,799 48,048 48,048
4.Salaries, wages and employee benefits 176,388 7,719 6,013 4,281 3,998 3,998
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -207.37 -1,207.90 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.06 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -13.33 -2.28 -3.70 -12.27 -47.98 -68.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.57 -0.94 -0.74 -0.57 -0.37 -0.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.95 2.15 2.72 7.03 17.76 16.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -39.29 -5.04 -7.82 -24.67 -72.48 -72.48
71
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gulshan Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,361,348 2,331,395 2,286,096 2,245,514 1,696,118 1,696,118
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 4,145,038 4,145,038 4,143,422 2,784,355 2,782,237 2,782,237
3.Operating fixed assets after deducting accumulated depreciation 2,257,519 2,203,634 2,151,494 2,101,318 8,652 8,652
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 95,352 119,284 126,125 132,302 139,230 139,230
6.Other non-current assets 8,477 8,477 8,477 11,894 1,548,236 1,548,236
B.Current Assets (B1+B2+B3+B4+B5+B6) 709,201 435,251 370,881 312,045 179,902 179,902
1.Cash & bank balance 13,406 18,982 30,515 12,475 16,172 16,172
2.Inventories; of which 310,880 189,358 132,267 99,200 97,195 97,195
i)Raw material 232,211 117,679 82,276 61,707 61,707 61,707
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 73,645 66,655 49,991 37,493 35,488 35,488
3.Trade Debt / accounts receivables 70,620 46,510 33,662 32,511 13,435 13,435
4.Short term loans and advances 81,150 86,772 82,259 83,314 41,459 41,459
5.Short term investments 0 0 0 0 0 0
6.Other current assets 233,145 93,629 92,178 84,545 11,641 11,641
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,070,549 2,766,646 2,656,977 2,557,559 1,876,020 1,876,020
C.Shareholders' Equity (C1+C2+C3) (918,482) (1,104,530) (1,824,778) (1,992,554) (2,863,668) (2,863,668)
1.Issued, Subscribed & Paid up capital 222,250 222,250 222,250 222,250 222,250 222,250
i)Ordinary shares 222,250 222,250 222,250 222,250 222,250 222,250
ii)Preference shares 0 0 0 0 0 0
2.Reserves (2,137,971) (2,283,061) (3,009,808) (3,169,839) (3,817,950) (3,817,950)
i)Capital Reserve 316,000 316,000 522,000 522,000 522,000 522,000
ii)Revenue Reserve (2,453,971) (2,599,061) (3,531,808) (3,691,839) (4,339,950) (4,339,950)
of which: un-appropriated profit(loss) / retained earnings (2,659,971) (2,805,061) (3,531,808) (3,691,839) (4,339,950) (4,339,950)
3.Surplus on revaluation of fixed assets 997,239 956,281 962,780 955,035 732,032 732,032
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 364,371 366,028 3,699,884 3,667,494 3,759,344 3,759,344
1.Long term borrowings 0 0 3,379,925 3,360,161 3,742,494 3,742,494
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 23,300 23,534 23,363 22,099 16,850 16,850
5.Other non-current liabilities 341,071 342,494 296,596 285,234 0 0
E.Current Liabilities (E1+E2+E3+E4) 3,624,660 3,505,148 781,871 882,619 980,344 980,344
1.Trade credit & other accounts payables 660,958 601,150 57,739 26,406 21,599 21,599
of which: i) Trade credits 41,836 27,971 26,651 1,816 0 0
2.Short term borrowings 2,735,000 2,739,964 0 0 0 0
3.Current portion of non-current liabilities 204,878 133,305 0 0 0 0
4.Other current liabilities 23,824 30,729 724,132 856,213 958,745 958,745
F.Operations:
1.Sales 24,762 85,557 15,333 0 0 0
i)Local sales (Net) 24,762 85,557 15,333 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 419,292 188,976 122,383 93,942 40,951 40,951
i)Cost of material 236,652 114,532 35,404 20,569 11,814 11,814
3.Gross profit / (loss) (F1-F2) (394,530) (103,419) (107,050) (93,942) (40,951) (40,951)
4.General, administrative and other expenses 91,704 39,892 40,802 16,324 441,340 441,340
i)Selling & distribution expenses 5,675 3,663 923 701 514 514
ii)Administrative and other expenses 86,029 36,229 39,879 15,623 440,826 440,826
5.Other income / (loss) 263 (34,345) 75,825 63,674 52,199 52,199
6.EBIT (F3-F4+F5) (485,971) (177,656) (72,027) (46,592) (430,092) (430,092)
7.Financial expenses 12,175 6,969 606 132,546 269,534 269,534
of which: (i) Interest expenses 11,780 6,647 58 132,274 132,097 132,097
8.Profit / (loss) before taxation (F6-F7) (498,146) (184,625) (72,633) (179,138) (699,626) (699,626)
9.Tax expenses (81,020) 1,423 (45,898) (2,200) (43,199) (43,199)
10.Profit / (loss) after tax (F8-F9) (417,126) (186,048) (26,735) (176,938) (656,427) (656,427)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,194 146,136 17,537 (17,088) 0 0
2.Net cash flows from investing activities 1,680 (73,951) (758) 0 0 0
3.Net cash flows from financing activities (4,959) (66,609) (5,245) (952) 0 0
H.Miscellaneous
1.Total capital employed (C+D) (554,111) (738,502) 1,875,106 1,674,940 895,676 895,676
2.Retention in business (F10-F11-F12) (417,126) (186,048) (26,735) (176,938) (656,427) (656,427)
3.Depreciation for the year 92,802 53,885 51,992 50,177 28,251 28,251
4.Salaries, wages and employee benefits 29,529 25,008 17,714 352 300 300
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1,684.54 -217.46 -174.36 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.01 0.03 0.01 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -10.53 -6.37 -0.99 -6.79 -29.61 -34.99
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -15.99 -2.89 -1.85 -1.37 -0.91 -0.66
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 168.31 18.39 1.83 9.27 27.03 22.92
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -18.77 -8.37 -1.20 -7.96 -29.54 -
72
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hafiz Ltd. (Formerly Hafiz Textile Mills Ltd.) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 407,346 430,770 445,644 457,238 478,400 491,508
1.Capital work in progress 0 0 0 0 664 0
2.Operating fixed assets at cost 64,407 65,403 65,403 65,498 64,329 65,425
3.Operating fixed assets after deducting accumulated depreciation 4,253 4,906 4,132 4,214 3,445 4,894
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 403,093 425,864 441,512 453,024 474,291 486,614
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,241 6,654 8,513 9,925 8,616 14,515
1.Cash & bank balance 3,013 3,009 4,011 5,023 4,659 6,120
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 3,590 330 544 784 522 0
4.Short term loans and advances 0 0 0 60 420 460
5.Short term investments 0 0 0 0 0 4,988
6.Other current assets 2,638 3,315 3,958 4,058 3,015 2,947
Total Assets (A+B) / Equity & Liabilities (C+D+E) 416,587 437,424 454,157 467,163 487,016 506,023
C.Shareholders' Equity (C1+C2+C3) 338,595 426,745 442,435 455,252 477,116 495,997
1.Issued, Subscribed & Paid up capital 12,000 12,000 12,000 12,000 12,000 12,000
i)Ordinary shares 12,000 12,000 12,000 12,000 12,000 12,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 326,595 414,745 430,435 443,252 465,116 483,997
i)Capital Reserve 326,595 414,745 430,435 443,252 0 0
ii)Revenue Reserve 0 0 0 0 465,116 483,997
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 65,276 285 297 311 323 333
1.Long term borrowings 65,001 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 275 285 297 311 323 333
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 12,716 10,394 11,425 11,600 9,577 9,693
1.Trade credit & other accounts payables 9,275 7,723 6,107 5,924 6,290 6,258
of which: i) Trade credits 1,147 0 0 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 3,441 2,671 5,318 5,676 3,287 3,435
F.Operations:
1.Sales 12,251 12,193 0 0 0 0
i)Local sales (Net) 12,251 12,193 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 12,251 12,193 0 0 0 0
4.General, administrative and other expenses 5,380 5,887 5,611 6,178 5,556 6,648
i)Selling & distribution expenses 0 0 38 51 51 36
ii)Administrative and other expenses 5,380 5,887 5,573 6,127 5,505 6,612
5.Other income / (loss) 12,894 23,533 27,938 25,263 31,246 30,305
6.EBIT (F3-F4+F5) 19,765 29,839 22,327 19,085 25,690 23,657
7.Financial expenses 19 71 17 24 12 14
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 19,746 29,768 22,310 19,061 25,678 23,643
9.Tax expenses 3,231 1,343 2,323 2,109 1,494 2,901
10.Profit / (loss) after tax (F8-F9) 16,515 28,425 19,987 16,952 24,184 20,742
11.Cash dividends 1,800 1,800 1,800 2,100 1,800 2,400
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,209 5,946 5,421 5,261 3,057 7,072
2.Net cash flows from investing activities (1,583) (1,055) 0 (490) (1,804) (4,025)
3.Net cash flows from financing activities (1,653) (4,895) (4,419) (3,758) (1,617) (1,585)
H.Miscellaneous
1.Total capital employed (C+D) 403,871 427,030 442,732 455,563 477,439 496,330
2.Retention in business (F10-F11-F12) 14,715 26,625 18,187 14,852 22,384 18,342
3.Depreciation for the year 689 763 775 505 381 678
4.Salaries, wages and employee benefits 884 1,450 497 498 501 458
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 134.81 233.13 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.03 0.03 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.05 6.66 4.48 3.68 5.07 4.18
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.23 1.12 1.03 1.03 1.02 1.02
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.99 7.43 4.60 3.78 5.19 4.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 13.76 23.69 16.66 14.13 20.15 17.29
73
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Haji Mohammad Ismail Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 80 50 50 50 50 50
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 0 0 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 0 0 0 0 0 0
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 80 50 50 50 50 50
B.Current Assets (B1+B2+B3+B4+B5+B6) 51,813 50,287 47,208 37,377 24,430 22,701
1.Cash & bank balance 706 23,482 15,446 7,505 6,544 5,043
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 41,046 15,070 25,378 24,026 12,267 11,915
6.Other current assets 10,061 11,735 6,384 5,846 5,619 5,743
Total Assets (A+B) / Equity & Liabilities (C+D+E) 51,893 50,337 47,258 37,427 24,480 22,751
C.Shareholders' Equity (C1+C2+C3) 50,342 48,935 47,109 37,271 24,303 22,557
1.Issued, Subscribed & Paid up capital 119,750 119,750 119,750 119,750 119,750 119,750
i)Ordinary shares 119,750 119,750 119,750 119,750 119,750 119,750
ii)Preference shares 0 0 0 0 0 0
2.Reserves (69,408) (70,815) (72,641) (82,479) (95,447) (97,193)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (69,408) (70,815) (72,641) (82,479) (95,447) (97,193)
of which: un-appropriated profit(loss) / retained earnings (69,408) (70,815) (72,641) (82,479) (95,447) (97,193)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 33 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 33 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,551 1,369 149 156 177 194
1.Trade credit & other accounts payables 1,551 1,369 149 156 177 194
of which: i) Trade credits 1,380 0 0 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 0 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 1,494 3,148 3,068 3,220 4,352 22,951
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 1,494 3,148 3,068 3,220 4,352 22,951
5.Other income / (loss) 7,159 1,547 9,878 (2,025) 351 880
6.EBIT (F3-F4+F5) 5,665 (1,601) 6,810 (5,245) (4,001) (22,071)
7.Financial expenses 2 2 4 2 1 134
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 5,663 (1,603) 6,806 (5,247) (4,002) (22,205)
9.Tax expenses 619 164 602 891 38 19
10.Profit / (loss) after tax (F8-F9) 5,044 (1,767) 6,204 (6,138) (4,040) (22,224)
11.Cash dividends 0 0 0 0 0 83,825
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,749 22,776 (8,036) (7,941) (961) (1,501)
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities (5,678) 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 50,342 48,968 47,109 37,271 24,303 22,557
2.Retention in business (F10-F11-F12) 5,044 (1,767) 6,204 (6,138) (4,040) (106,049)
3.Depreciation for the year 0 0 0 0 0 0
4.Salaries, wages and employee benefits 448 1,680 2,637 2,264 1,398 1,398
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.55 -3.46 12.71 -14.50 -13.05 -94.11
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.09 1.03 1.02 1.00 1.01 1.01
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.43 -3.56 12.92 -14.55 -13.12 -94.85
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.42 -0.15 0.52 -0.51 -0.34 -1.86
74
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hala Enterprises Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 121,223 121,491 113,457 108,505 162,590 163,505
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 120,563 118,995 109,636 109,486 172,099 176,644
3.Operating fixed assets after deducting accumulated depreciation 107,117 102,993 91,938 87,750 146,057 150,199
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 10,200 14,592 17,501 16,140 11,494 8,267
6.Other non-current assets 3,906 3,906 4,018 4,615 5,039 5,039
B.Current Assets (B1+B2+B3+B4+B5+B6) 202,790 183,306 223,933 219,047 230,259 243,913
1.Cash & bank balance 2,706 2,995 3,274 2,818 2,715 1,661
2.Inventories; of which 87,840 88,268 93,135 85,530 83,957 87,484
i)Raw material 19,274 18,554 20,908 17,576 17,011 19,411
ii)Work in progress 35,023 34,188 35,895 33,982 33,988 34,832
iii)Finished goods 33,543 35,526 36,332 33,972 32,958 33,241
3.Trade Debt / accounts receivables 35,740 29,045 36,113 32,707 44,784 50,958
4.Short term loans and advances 11,675 11,666 18,718 15,474 16,688 24,585
5.Short term investments 0 0 0 0 0 0
6.Other current assets 64,829 51,332 72,693 82,518 82,115 79,225
Total Assets (A+B) / Equity & Liabilities (C+D+E) 324,013 304,797 337,390 327,552 392,849 407,418
C.Shareholders' Equity (C1+C2+C3) 105,706 101,906 106,544 110,174 168,544 177,978
1.Issued, Subscribed & Paid up capital 68,040 68,040 68,040 68,040 129,963 129,963
i)Ordinary shares 68,040 68,040 68,040 68,040 129,963 129,963
ii)Preference shares 0 0 0 0 0 0
2.Reserves (52,456) (49,944) (43,677) (38,438) (96,936) (65,197)
i)Capital Reserve 73,214 77,606 80,514 79,152 12,585 9,357
ii)Revenue Reserve (125,670) (127,550) (124,191) (117,590) (109,521) (74,554)
of which: un-appropriated profit(loss) / retained earnings (132,670) (134,550) (131,191) (124,590) (116,521) (81,554)
3.Surplus on revaluation of fixed assets 90,122 83,810 82,181 80,572 135,517 113,212
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 41,829 43,794 43,754 44,578 46,031 51,039
1.Long term borrowings 0 0 0 0 0 7,737
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 41,829 43,794 43,754 44,578 46,031 43,302
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 176,478 159,097 187,092 172,800 178,274 178,401
1.Trade credit & other accounts payables 68,770 51,350 47,684 44,365 41,342 37,503
of which: i) Trade credits 41,785 30,692 20,658 28,899 24,507 16,981
2.Short term borrowings 91,747 92,615 110,225 101,661 108,901 126,006
3.Current portion of non-current liabilities 0 0 0 0 0 6,583
4.Other current liabilities 15,961 15,132 29,183 26,774 28,031 8,309
F.Operations:
1.Sales 232,992 208,473 231,101 314,091 385,706 346,417
i)Local sales (Net) 14,072 11,171 14,849 26,504 9,988 10,239
ii)Export sales (Net) 218,920 197,302 216,252 287,587 375,718 336,178
2.Cost of sales 196,846 178,919 189,480 258,777 315,349 276,089
i)Cost of material 92,895 90,308 97,448 136,701 189,081 165,920
3.Gross profit / (loss) (F1-F2) 36,146 29,554 41,621 55,314 70,357 70,328
4.General, administrative and other expenses 39,305 33,930 33,301 42,651 56,788 56,356
i)Selling & distribution expenses 16,704 14,279 15,651 22,426 32,813 29,212
ii)Administrative and other expenses 22,601 19,651 17,650 20,225 23,975 27,144
5.Other income / (loss) 2,542 4,888 2,692 3,305 7,252 3,895
6.EBIT (F3-F4+F5) (617) 512 11,012 15,968 20,821 17,867
7.Financial expenses 9,070 6,490 6,503 7,426 8,854 9,709
of which: (i) Interest expenses 5,949 4,387 4,617 4,872 5,785 6,768
8.Profit / (loss) before taxation (F6-F7) (9,687) (5,978) 4,509 8,542 11,967 8,158
9.Tax expenses 2,274 2,223 2,389 3,120 4,128 3,775
10.Profit / (loss) after tax (F8-F9) (11,961) (8,201) 2,120 5,422 7,839 4,383
11.Cash dividends 0 0 0 0 0 90,974
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (16,466) (4,704) (12,202) 4,290 (11,762) (31,492)
2.Net cash flows from investing activities 336 6,130 5,301 204 (4,052) (411)
3.Net cash flows from financing activities 16,037 (1,137) 7,180 (4,950) 15,711 30,848
H.Miscellaneous
1.Total capital employed (C+D) 147,535 145,700 150,298 154,752 214,575 229,017
2.Retention in business (F10-F11-F12) (11,961) (8,201) 2,120 5,422 7,839 (86,591)
3.Depreciation for the year 4,337 3,952 3,486 4,658 3,952 6,126
4.Salaries, wages and employee benefits 46,290 42,374 44,357 47,156 47,366 43,727
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.13 -3.93 0.92 1.73 2.03 1.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.73 0.66 0.72 0.94 1.07 0.87
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.73 -2.61 0.66 1.63 2.18 1.10
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.14 3.03 3.08 3.07 2.58 2.31
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.71 -7.90 2.03 5.00 5.63 2.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.76 -1.21 0.31 0.80 0.60 0.34
75
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hamid Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 445,743 415,700 389,710 514,692 479,553 447,558
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 681,607 681,607 702,774 854,346 854,347 854,347
3.Operating fixed assets after deducting accumulated depreciation 445,743 415,700 388,316 514,692 479,553 447,558
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 1,394 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 87,241 77,350 47,228 59,365 61,504 60,038
1.Cash & bank balance 2,661 1,733 781 6,321 348 745
2.Inventories; of which 12,728 36,659 10,916 21,337 21,934 19,579
i)Raw material 6,930 14,149 8,798 15,394 18,973 17,074
ii)Work in progress 1,013 2,294 1,244 2,153 1,758 1,169
iii)Finished goods 4,785 20,216 874 3,790 1,203 1,336
3.Trade Debt / accounts receivables 58,370 22,630 18,050 16,721 15,771 24,906
4.Short term loans and advances 1,838 3,497 2,216 579 9,378 3,545
5.Short term investments 0 0 0 0 0 0
6.Other current assets 11,644 12,831 15,265 14,407 14,073 11,263
Total Assets (A+B) / Equity & Liabilities (C+D+E) 532,984 493,050 436,938 574,057 541,057 507,596
C.Shareholders' Equity (C1+C2+C3) 254,222 246,154 240,604 378,024 264,945 250,837
1.Issued, Subscribed & Paid up capital 132,716 132,716 132,716 132,716 132,716 132,716
i)Ordinary shares 132,716 132,716 132,716 132,716 132,716 132,716
ii)Preference shares 0 0 0 0 0 0
2.Reserves (264,147) (255,206) (244,516) (231,922) (289,563) (283,835)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (264,147) (255,206) (244,516) (231,922) (289,563) (283,835)
of which: un-appropriated profit(loss) / retained earnings (264,147) (255,206) (244,516) (231,922) (289,563) (283,835)
3.Surplus on revaluation of fixed assets 385,653 368,644 352,404 477,230 421,792 401,956
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 74,249 52,994 46,751 1,147 100,160 96,091
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 43,089 41,248 46,694 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 8,516 9,903 57 1,147 2,470 3,028
5.Other non-current liabilities 22,644 1,843 0 0 97,690 93,063
E.Current Liabilities (E1+E2+E3+E4) 204,513 193,902 149,583 194,886 175,952 160,668
1.Trade credit & other accounts payables 87,816 80,143 39,667 42,378 35,934 39,328
of which: i) Trade credits 31,575 27,793 10,265 9,924 5,440 7,260
2.Short term borrowings 28,100 26,362 24,520 72,443 59,954 41,275
3.Current portion of non-current liabilities 53,757 52,557 50,556 47,389 47,388 47,389
4.Other current liabilities 34,840 34,840 34,840 32,676 32,676 32,676
F.Operations:
1.Sales 178,751 90,101 171,839 163,850 218,663 259,440
i)Local sales (Net) 178,751 90,101 171,839 163,850 218,663 259,440
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 183,332 107,787 162,721 163,150 216,778 255,250
i)Cost of material 91,592 29,194 49,928 44,604 49,608 67,431
3.Gross profit / (loss) (F1-F2) (4,581) (17,686) 9,118 700 1,885 4,190
4.General, administrative and other expenses 10,697 9,792 17,681 15,441 18,999 19,360
i)Selling & distribution expenses 461 263 659 426 273 426
ii)Administrative and other expenses 10,236 9,529 17,022 15,015 18,726 18,934
5.Other income / (loss) 79 19 1,752 8,882 4,350 0
6.EBIT (F3-F4+F5) (15,199) (27,459) (6,811) (5,859) (12,764) (15,170)
7.Financial expenses 323 260 257 267 235 87
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (15,522) (27,719) (7,068) (6,126) (12,999) (15,257)
9.Tax expenses (11,884) (19,900) (1,520) 3,442 14,923 (735)
10.Profit / (loss) after tax (F8-F9) (3,638) (7,819) (5,548) (9,568) (27,922) (14,522)
11.Cash dividends 0 0 0 0 0 92,901
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (6,824) 3,850 (2,557) 9,726 6,518 19,074
2.Net cash flows from investing activities 3,075 0 0 (4,615) 0 0
3.Net cash flows from financing activities 6,153 (4,779) 1,604 429 (12,490) (18,678)
H.Miscellaneous
1.Total capital employed (C+D) 328,471 299,148 287,355 379,171 365,105 346,928
2.Retention in business (F10-F11-F12) (3,638) (7,819) (5,548) (9,568) (27,922) (107,423)
3.Depreciation for the year 33,728 29,650 27,466 25,197 35,139 31,994
4.Salaries, wages and employee benefits 37,768 25,939 33,217 48,265 58,957 72,766
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.04 -8.68 -3.23 -5.84 -12.77 -5.60
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.33 0.18 0.37 0.32 0.39 0.49
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.67 -1.52 -1.19 -1.89 -5.01 -2.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.13 2.05 1.91 1.63 1.73 2.03
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -1.42 -3.13 -2.28 -3.09 -8.69 -5.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.27 -0.59 -0.42 -0.72 -2.10 -1.09
76
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hira Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,681,183 3,259,137 3,340,060 3,176,991 2,548,435 2,406,146
1.Capital work in progress 50,874 1,814 3,882 0 0 0
2.Operating fixed assets at cost 3,124,515 2,774,546 2,789,336 2,970,559 2,950,865 2,953,454
3.Operating fixed assets after deducting accumulated depreciation 2,032,876 2,572,644 2,541,475 2,506,220 2,380,082 2,295,738
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 570,898 661,419 762,453 637,901 68,867 0
6.Other non-current assets 26,535 23,260 32,250 32,870 99,486 110,408
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,340,096 2,255,468 2,627,405 2,257,623 1,164,764 815,828
1.Cash & bank balance 21,368 26,735 6,211 68,272 8,317 9,616
2.Inventories; of which 1,714,457 1,556,917 2,017,329 1,725,676 251,675 288,799
i)Raw material 1,218,395 1,052,850 1,730,931 1,336,536 191,519 194,806
ii)Work in progress 51,749 55,584 28,968 27,948 39,802 43,811
iii)Finished goods 444,313 448,483 257,430 361,192 20,354 50,182
3.Trade Debt / accounts receivables 125,829 75,833 78,288 83,029 605,316 184,207
4.Short term loans and advances 33,623 119,403 159,658 150,755 29,876 180,548
5.Short term investments 0 0 0 0 0 0
6.Other current assets 444,819 476,580 365,919 229,891 269,580 152,658
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,021,279 5,514,605 5,967,465 5,434,614 3,713,199 3,221,974
C.Shareholders' Equity (C1+C2+C3) 1,918,715 2,495,279 2,497,864 1,947,859 (97,439) 68,981
1.Issued, Subscribed & Paid up capital 787,072 865,779 865,779 865,779 865,779 865,779
i)Ordinary shares 787,072 865,779 865,779 865,779 865,779 865,779
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,065,750 1,079,458 1,102,850 574,129 (1,428,275) (1,235,701)
i)Capital Reserve 82,500 82,500 82,500 82,500 82,500 564,000
ii)Revenue Reserve 983,250 996,958 1,020,350 491,629 (1,510,775) (1,799,701)
of which: un-appropriated profit(loss) / retained earnings 983,250 996,958 1,020,350 491,629 (1,510,775) (1,799,701)
3.Surplus on revaluation of fixed assets 65,893 550,042 529,235 507,951 465,057 438,903
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 673,723 554,795 518,153 1,206,425 1,351,129 1,376,986
1.Long term borrowings 589,701 466,124 426,043 914,216 908,845 1,141,249
2.Subordinated loans / Sponsor's loans 0 0 0 213,493 213,493 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 18,322 14,564 14,250 12,155 7,894 14,876
5.Other non-current liabilities 65,700 74,107 77,860 66,561 220,897 220,861
E.Current Liabilities (E1+E2+E3+E4) 2,428,841 2,464,531 2,951,448 2,280,330 2,459,509 1,776,007
1.Trade credit & other accounts payables 612,597 576,698 698,978 742,033 809,151 558,700
of which: i) Trade credits 283,584 217,816 353,339 234,099 698,912 182,017
2.Short term borrowings 1,606,582 1,683,934 2,056,269 1,448,562 1,345,646 809,279
3.Current portion of non-current liabilities 153,520 146,550 133,634 21,011 59,165 38,371
4.Other current liabilities 56,142 57,349 62,567 68,724 245,547 369,657
F.Operations:
1.Sales 4,061,800 3,523,396 3,361,275 2,171,757 2,645,989 1,463,374
i)Local sales (Net) 1,298,298 789,686 744,266 1,153,436 2,645,989 1,463,374
ii)Export sales (Net) 2,763,502 2,733,710 2,617,009 1,018,321 0 0
2.Cost of sales 3,587,519 3,188,731 3,106,262 2,325,426 3,707,501 1,529,789
i)Cost of material 2,622,737 2,304,446 1,830,757 1,598,619 1,792,589 920,963
3.Gross profit / (loss) (F1-F2) 474,281 334,665 255,013 (153,669) (1,061,512) (66,415)
4.General, administrative and other expenses 132,838 102,065 95,051 60,216 39,594 43,081
i)Selling & distribution expenses 50,039 36,677 41,175 12,364 2,893 36
ii)Administrative and other expenses 82,799 65,388 53,876 47,852 36,701 43,045
5.Other income / (loss) 79,108 97,280 103,552 (121,643) (537,763) (15,351)
6.EBIT (F3-F4+F5) 420,551 329,880 263,514 (335,528) (1,638,869) (124,847)
7.Financial expenses 270,151 228,410 219,556 205,016 220,936 166,352
of which: (i) Interest expenses 257,535 217,540 208,783 185,041 219,185 165,321
8.Profit / (loss) before taxation (F6-F7) 150,400 101,470 43,958 (540,544) (1,859,805) (291,199)
9.Tax expenses 58,057 7,862 36,502 6,425 156,037 12,589
10.Profit / (loss) after tax (F8-F9) 92,343 93,608 7,456 (546,969) (2,015,842) (303,788)
11.Cash dividends 0 0 0 0 0 606,045
12.Bonus shares / stock dividends 78,707 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 41,448 138,368 (226,762) 176,345 81,175 63,376
2.Net cash flows from investing activities (178,726) (83,077) (107,586) (90,304) (69,182) (38,585)
3.Net cash flows from financing activities 142,713 (49,925) 313,824 (23,980) (71,948) (23,492)
H.Miscellaneous
1.Total capital employed (C+D) 2,592,438 3,050,074 3,016,017 3,154,284 1,253,690 1,445,967
2.Retention in business (F10-F11-F12) 13,636 93,608 7,456 (546,969) (2,015,842) (909,833)
3.Depreciation for the year 107,990 112,964 131,286 134,595 125,867 122,525
4.Salaries, wages and employee benefits 5,271,178 314,341 360,420 297,422 276,518 206,843
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.27 2.66 0.22 -25.19 -76.18 -20.76
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.85 0.67 0.59 0.38 0.58 0.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.94 1.78 0.13 -9.59 -44.07 -8.76
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.55 2.39 2.30 2.56 4.94 -243.70
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.93 4.24 0.30 -24.61 -217.88 2,134.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.17 1.08 0.09 -6.32 -23.28 -3.51
77
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

I.C.C. Industries Ltd.(Formally ICC Textiles Ltd.) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 931,109 677,500 864,371 859,161 958,187 972,047
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 941,853 728,844 255,870 29,339 29,180 21,291
3.Operating fixed assets after deducting accumulated depreciation 928,706 675,842 242,183 13,454 12,296 8,154
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 620,350 844,020 944,348 962,419
6.Other non-current assets 2,403 1,658 1,838 1,687 1,543 1,474
B.Current Assets (B1+B2+B3+B4+B5+B6) 173,158 250,847 75,887 76,318 62,974 49,323
1.Cash & bank balance 12,378 11,442 455 1,362 974 754
2.Inventories; of which 39,747 14,552 1,036 734 0 0
i)Raw material 6,345 1,182 204 0 0 0
ii)Work in progress 12,745 4,880 69 0 0 0
iii)Finished goods 20,657 8,245 763 734 0 0
3.Trade Debt / accounts receivables 15,102 9,577 127 0 604 1,440
4.Short term loans and advances 4,130 3,603 430 735 717 925
5.Short term investments 0 0 0 0 0 0
6.Other current assets 101,801 211,673 73,839 73,487 60,679 46,204
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,104,267 928,347 940,258 935,479 1,021,161 1,021,370
C.Shareholders' Equity (C1+C2+C3) 247,567 6,729 116,127 133,263 142,121 144,201
1.Issued, Subscribed & Paid up capital 300,011 300,011 300,011 300,011 300,011 300,011
i)Ordinary shares 300,011 300,011 300,011 300,011 300,011 300,011
ii)Preference shares 0 0 0 0 0 0
2.Reserves (625,212) (816,970) (787,599) (741,671) (730,220) (724,273)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (625,212) (816,970) (787,599) (741,671) (730,220) (724,273)
of which: un-appropriated profit(loss) / retained earnings (625,212) (816,970) (787,599) (741,671) (730,220) (724,273)
3.Surplus on revaluation of fixed assets 572,768 523,688 603,715 574,923 572,330 568,463
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 440,272 413,342 614,376 637,414 649,370 613,867
1.Long term borrowings 274,612 270,570 501,588 551,524 573,984 539,393
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 69,014 72,777 43,218 40,074 32,777 33,444
5.Other non-current liabilities 96,646 69,995 69,570 45,816 42,609 41,030
E.Current Liabilities (E1+E2+E3+E4) 416,428 508,276 209,755 164,802 229,670 263,302
1.Trade credit & other accounts payables 116,042 161,006 104,692 91,950 106,658 91,851
of which: i) Trade credits 69,416 65,546 13,837 13,837 11,521 10,774
2.Short term borrowings 149,948 124,319 4,332 35,811 35,943 36,248
3.Current portion of non-current liabilities 138,200 192,497 65,289 0 0 0
4.Other current liabilities 12,238 30,454 35,442 37,041 87,069 135,203
F.Operations:
1.Sales 540,948 443,604 0 0 0 0
i)Local sales (Net) 406,796 405,112 0 0 0 0
ii)Export sales (Net) 134,152 38,492 0 0 0 0
2.Cost of sales 659,106 574,238 0 0 0 0
i)Cost of material 338,367 264,440 0 0 0 0
3.Gross profit / (loss) (F1-F2) (118,158) (130,634) 0 0 0 0
4.General, administrative and other expenses 47,437 85,485 595 39,209 51,089 49,362
i)Selling & distribution expenses 10,331 4,706 0 369 0 0
ii)Administrative and other expenses 37,106 80,779 595 38,840 51,089 49,362
5.Other income / (loss) 152,559 51,233 110,362 105,617 125,482 132,996
6.EBIT (F3-F4+F5) (13,036) (164,886) 109,767 66,408 74,393 83,634
7.Financial expenses 62,867 52,711 21,152 49,638 66,693 79,298
of which: (i) Interest expenses 51,124 21,636 9,403 26,522 50,232 57,107
8.Profit / (loss) before taxation (F6-F7) (75,903) (217,597) 88,615 16,770 7,700 4,336
9.Tax expenses (11,938) (6,533) 2,273 2,948 3,307 5,897
10.Profit / (loss) after tax (F8-F9) (63,965) (211,064) 86,342 13,822 4,393 (1,561)
11.Cash dividends 0 0 0 0 0 210,008
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (107,481) (46,350) (105,366) (66,870) (8,271) (6,037)
2.Net cash flows from investing activities 57,421 584 124,292 74,506 1,699 2,700
3.Net cash flows from financing activities 60,536 44,830 (29,913) (6,729) 6,184 3,117
H.Miscellaneous
1.Total capital employed (C+D) 687,839 420,071 730,503 770,677 791,491 758,068
2.Retention in business (F10-F11-F12) (63,965) (211,064) 86,342 13,822 4,393 (211,569)
3.Depreciation for the year 46,936 40,510 25,560 9,240 2,194 1,511
4.Salaries, wages and employee benefits 120,809 121,917 595 24,779 26,088 26,631
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -11.82 -47.58 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.49 0.43 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.79 -20.48 9.24 1.47 0.45 -0.15
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.46 10.30 15.21 7.52 7.11 7.13
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -25.84 -210.98 140.56 11.08 3.19 -1.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - 2.88 0.46 - -
78
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

INTERLOOP (Pvt) Ltd. (Thousand Rupees)

Items 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 19,169,297 24,352,014
1.Capital work in progress - 1,254,704 739,767
2.Operating fixed assets at cost - 28,237,302 35,091,844
3.Operating fixed assets after deducting accumulated depreciation - 17,644,588 22,772,749
4.Intangible assets - 70,083 175,813
5.Long term investments - 93,540 500,000
6.Other non-current assets - 106,382 163,685
B.Current Assets (B1+B2+B3+B4+B5+B6) - 21,446,679 20,897,942
1.Cash & bank balance - 1,542,907 161,080
2.Inventories; of which - 6,297,975 9,048,065
i)Raw material - 3,735,355 5,165,103
ii)Work in progress - 597,562 663,831
iii)Finished goods - 1,965,058 3,219,131
3.Trade Debt / accounts receivables - 8,274,062 7,274,222
4.Short term loans and advances - 1,076,724 493,896
5.Short term investments - 1,207,251 125,044
6.Other current assets - 3,047,760 3,795,635
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 40,615,976 45,249,956
C.Shareholders' Equity (C1+C2+C3) - 17,515,883 16,265,111
1.Issued, Subscribed & Paid up capital - 8,721,975 8,721,975
i)Ordinary shares - 8,721,975 8,721,975
ii)Preference shares - 0 0
2.Reserves - 8,793,908 7,543,136
i)Capital Reserve - 3,791,603 3,791,603
ii)Revenue Reserve - 5,002,305 3,751,533
of which: un-appropriated profit(loss) / retained earnings - 4,949,685 3,672,489
3.Surplus on revaluation of fixed assets - 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 6,126,639 10,272,462
1.Long term borrowings - 3,628,745 7,112,569
2.Subordinated loans / Sponsor's loans - 0 0
3.Debentures/TFCs (bonds payable) - 0 0
4.Employees benefit obligations - 2,497,894 3,159,893
5.Other non-current liabilities - 0 0
E.Current Liabilities (E1+E2+E3+E4) - 16,973,454 18,712,383
1.Trade credit & other accounts payables - 3,625,644 3,149,157
of which: i) Trade credits - 848,521 911,040
2.Short term borrowings - 11,855,742 14,904,829
3.Current portion of non-current liabilities - 1,247,191 445,163
4.Other current liabilities - 244,877 213,234
F.Operations:
1.Sales - 37,511,062 36,797,159
i)Local sales (Net) - 3,532,294 2,968,926
ii)Export sales (Net) - 33,978,768 33,828,233
2.Cost of sales - 25,643,715 29,223,185
i)Cost of material - 15,707,302 17,409,016
3.Gross profit / (loss) (F1-F2) - 11,867,347 7,573,974
4.General, administrative and other expenses - 5,537,235 4,901,794
i)Selling & distribution expenses - 2,794,393 2,065,448
ii)Administrative and other expenses - 2,742,842 2,836,346
5.Other income / (loss) - (44,041) (20,963)
6.EBIT (F3-F4+F5) - 6,286,071 2,651,217
7.Financial expenses - 999,260 1,200,783
of which: (i) Interest expenses - 893,111 1,052,580
8.Profit / (loss) before taxation (F6-F7) - 5,286,811 1,450,434
9.Tax expenses - 226,260 324,507
10.Profit / (loss) after tax (F8-F9) - 5,060,551 1,125,927
11.Cash dividends - 2,616,593 1,744,395
12.Bonus shares / stock dividends - 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - 5,684,013 1,895,834
2.Net cash flows from investing activities - (5,180,155) (7,034,909)
3.Net cash flows from financing activities - 1,784,365 2,941,037
H.Miscellaneous
1.Total capital employed (C+D) - 23,642,522 26,537,573
2.Retention in business (F10-F11-F12) - 2,443,959 (618,468)
3.Depreciation for the year - 1,653,053 2,034,359
4.Salaries, wages and employee benefits - 7,572,005 26,652,964
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 13.49 3.06
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.92 0.86
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 12.46 2.62
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 2.32 2.54
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 28.89 6.67
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 5.80 1.29
79
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ideal Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 622,489 740,244 1,083,169 1,094,708 1,097,542 1,061,545
1.Capital work in progress 54,041 39,091 166,419 4,803 6,350 3,622
2.Operating fixed assets at cost 1,293,655 1,487,173 1,725,353 1,970,104 1,941,467 1,997,710
3.Operating fixed assets after deducting accumulated depreciation 565,771 699,190 914,569 1,087,986 1,089,101 1,050,804
4.Intangible assets 0 0 0 0 0 5,236
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,677 1,963 2,181 1,919 2,091 1,883
B.Current Assets (B1+B2+B3+B4+B5+B6) 445,661 516,494 567,733 705,780 965,143 1,052,815
1.Cash & bank balance 24,676 29,915 8,666 6,383 38,014 44,336
2.Inventories; of which 229,141 250,087 307,780 323,286 429,445 593,255
i)Raw material 123,161 121,462 182,377 180,619 302,262 356,151
ii)Work in progress 18,174 19,719 20,110 33,204 36,665 48,829
iii)Finished goods 87,806 108,906 105,293 108,240 90,298 188,275
3.Trade Debt / accounts receivables 117,215 122,300 59,195 110,003 178,986 160,284
4.Short term loans and advances 30,013 49,099 70,836 82,482 95,707 121,349
5.Short term investments 0 0 0 0 0 0
6.Other current assets 44,616 65,093 121,256 183,626 222,991 133,591
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,068,150 1,256,738 1,650,902 1,800,488 2,062,685 2,114,360
C.Shareholders' Equity (C1+C2+C3) 270,527 305,368 406,228 505,178 549,205 690,289
1.Issued, Subscribed & Paid up capital 99,200 99,200 99,200 99,200 99,200 99,200
i)Ordinary shares 99,200 99,200 99,200 99,200 99,200 99,200
ii)Preference shares 0 0 0 0 0 0
2.Reserves 171,327 121,002 221,862 305,401 349,428 490,512
i)Capital Reserve 46,807 66,497 121,209 363,009 363,009 401,158
ii)Revenue Reserve 124,520 54,505 100,653 (57,608) (13,581) 89,354
of which: un-appropriated profit(loss) / retained earnings 124,520 54,505 (61,147) (57,608) (13,581) 89,354
3.Surplus on revaluation of fixed assets 0 85,166 85,166 100,577 100,577 100,577
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 337,904 372,193 534,239 407,281 360,856 324,541
1.Long term borrowings 247,987 327,485 483,573 341,816 275,672 229,682
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 27,126 44,708 50,666 62,187 79,809 90,875
5.Other non-current liabilities 62,791 0 0 3,278 5,375 3,984
E.Current Liabilities (E1+E2+E3+E4) 459,719 579,177 710,435 888,029 1,152,624 1,099,530
1.Trade credit & other accounts payables 144,198 153,267 190,119 224,691 283,738 365,950
of which: i) Trade credits 81,371 94,987 125,510 126,616 161,663 169,390
2.Short term borrowings 252,337 358,735 403,313 425,447 709,312 574,512
3.Current portion of non-current liabilities 39,576 42,584 101,304 208,769 97,726 93,743
4.Other current liabilities 23,608 24,591 15,699 29,122 61,848 65,325
F.Operations:
1.Sales 2,368,403 2,378,758 2,202,691 2,718,918 3,512,935 3,923,725
i)Local sales (Net) 2,296,912 2,256,335 1,978,645 2,269,090 2,625,358 2,884,970
ii)Export sales (Net) 71,491 122,423 224,046 449,828 887,577 1,038,755
2.Cost of sales 2,268,785 2,312,767 2,111,282 2,450,575 3,106,728 3,371,776
i)Cost of material 1,548,468 1,622,791 1,330,274 1,503,306 1,975,572 2,159,242
3.Gross profit / (loss) (F1-F2) 99,618 65,991 91,409 268,343 406,207 551,949
4.General, administrative and other expenses 106,293 121,245 129,929 146,509 219,856 292,572
i)Selling & distribution expenses 19,329 25,496 27,360 28,502 59,642 87,586
ii)Administrative and other expenses 86,964 95,749 102,569 118,007 160,214 204,986
5.Other income / (loss) 724 1,416 3,654 6,421 30,040 11,389
6.EBIT (F3-F4+F5) (5,951) (53,838) (34,866) 128,255 216,391 270,766
7.Financial expenses 43,286 56,866 79,696 104,073 120,352 124,098
of which: (i) Interest expenses 41,545 54,333 73,450 60,906 112,818 118,412
8.Profit / (loss) before taxation (F6-F7) (49,237) (110,704) (114,562) 24,182 96,039 146,668
9.Tax expenses (14,150) (44,876) 2,776 18,963 36,924 39,721
10.Profit / (loss) after tax (F8-F9) (35,087) (65,828) (117,338) 5,219 59,115 106,947
11.Cash dividends 0 0 0 0 11,904 12,896
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (8,757) (93,248) (703,373) 54,040 43,718 244,988
2.Net cash flows from investing activities (121,734) (95,559) (407,879) (86,394) (97,516) (59,477)
3.Net cash flows from financing activities 122,961 194,046 457,003 30,071 85,429 (179,189)
H.Miscellaneous
1.Total capital employed (C+D) 608,431 677,561 940,467 912,459 910,061 1,014,830
2.Retention in business (F10-F11-F12) (35,087) (65,828) (117,338) 5,219 47,211 94,051
3.Depreciation for the year 156,004 62,361 65,477 91,647 96,485 94,576
4.Salaries, wages and employee benefits 229,819 277,896 312,695 376,443 452,318 551,754
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.48 -2.77 -5.33 0.19 1.68 2.73
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.30 2.05 1.52 1.58 1.82 1.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.40 -5.66 -8.07 0.30 3.06 5.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.90 4.04 4.09 3.79 3.66 3.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -13.26 -22.86 -32.98 1.15 11.21 17.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.54 -6.64 -11.83 0.53 5.96 10.78
80
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Idrees Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,482,430 1,587,100 1,515,455 1,562,639 1,757,756 1,689,362
1.Capital work in progress 100 1,399 0 299 0 0
2.Operating fixed assets at cost 2,471,184 1,633,902 1,652,016 1,760,934 1,812,075 1,830,825
3.Operating fixed assets after deducting accumulated depreciation 1,455,724 1,564,932 1,506,539 1,538,222 1,729,414 1,662,697
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 26,606 20,769 8,916 24,118 28,342 26,665
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,265,990 1,411,773 1,612,516 2,185,229 2,316,076 2,601,962
1.Cash & bank balance 9,642 2,412 16,074 2,422 21,323 18,400
2.Inventories; of which 668,568 579,045 683,468 1,105,256 1,182,883 1,538,057
i)Raw material 449,724 323,182 526,294 945,967 1,044,760 1,354,458
ii)Work in progress 192,958 17,736 23,178 25,248 26,053 38,284
iii)Finished goods 25,886 236,284 128,124 117,757 107,834 145,316
3.Trade Debt / accounts receivables 429,974 672,059 709,931 793,765 829,318 782,098
4.Short term loans and advances 66,372 42,047 49,576 91,084 66,867 67,718
5.Short term investments 33,551 36,051 40,551 46,746 0 73,746
6.Other current assets 57,883 80,159 112,916 145,956 215,685 121,943
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,748,420 2,998,873 3,127,971 3,747,868 4,073,832 4,291,324
C.Shareholders' Equity (C1+C2+C3) 1,180,995 1,301,738 1,387,101 1,490,258 1,654,872 1,597,489
1.Issued, Subscribed & Paid up capital 180,480 180,480 180,480 180,480 198,528 198,528
i)Ordinary shares 180,480 180,480 180,480 180,480 198,528 198,528
ii)Preference shares 0 0 0 0 0 0
2.Reserves 455,620 487,456 615,532 722,603 819,754 765,113
i)Capital Reserve 0 0 0 0 44,580 33,586
ii)Revenue Reserve 455,620 487,456 615,532 722,603 775,174 731,527
of which: un-appropriated profit(loss) / retained earnings 455,620 487,456 615,532 722,603 0 0
3.Surplus on revaluation of fixed assets 544,895 633,802 591,089 587,175 636,590 633,848
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 433,686 414,574 396,744 326,069 472,572 413,974
1.Long term borrowings 72,214 59,490 26,747 112,312 189,596 181,701
2.Subordinated loans / Sponsor's loans 68,045 75,379 82,917 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 28,845 26,440 33,750 37,818 39,047 48,769
5.Other non-current liabilities 264,582 253,265 253,330 175,939 243,929 183,504
E.Current Liabilities (E1+E2+E3+E4) 1,133,739 1,282,561 1,344,126 1,931,541 1,946,388 2,279,861
1.Trade credit & other accounts payables 262,158 302,769 233,712 154,050 188,770 397,348
of which: i) Trade credits 99,002 23,846 34,515 26,456 43,935 77,392
2.Short term borrowings 782,092 880,746 1,008,769 1,593,140 1,607,996 1,638,057
3.Current portion of non-current liabilities 58,247 58,747 52,993 133,561 58,559 130,855
4.Other current liabilities 31,242 40,299 48,652 50,790 91,063 113,601
F.Operations:
1.Sales 2,306,872 1,586,063 2,215,269 2,881,059 3,471,596 3,239,256
i)Local sales (Net) 1,769,556 1,276,336 1,877,289 2,214,800 2,762,322 2,505,908
ii)Export sales (Net) 537,316 309,727 337,980 666,259 709,274 733,348
2.Cost of sales 2,114,098 1,463,856 1,984,882 2,643,745 3,076,554 2,956,416
i)Cost of material 1,489,760 927,655 1,269,814 1,780,550 2,212,672 2,024,958
3.Gross profit / (loss) (F1-F2) 192,774 122,207 230,387 237,314 395,042 282,840
4.General, administrative and other expenses 101,804 93,285 87,551 100,750 123,411 131,306
i)Selling & distribution expenses 22,101 11,538 8,170 15,242 18,679 26,604
ii)Administrative and other expenses 79,703 81,747 79,381 85,508 104,732 104,702
5.Other income / (loss) 3,591 33,176 62,666 35,359 3,529 10,251
6.EBIT (F3-F4+F5) 94,561 62,098 205,502 171,923 275,160 161,785
7.Financial expenses 94,074 97,349 96,821 113,629 209,034 240,607
of which: (i) Interest expenses 84,107 94,417 90,270 104,812 188,056 231,911
8.Profit / (loss) before taxation (F6-F7) 487 (35,251) 108,681 58,294 66,126 (78,822)
9.Tax expenses (4,681) (23,649) 21,393 (20,111) 33,812 23,760
10.Profit / (loss) after tax (F8-F9) 5,168 (11,602) 87,288 78,405 32,314 (102,582)
11.Cash dividends 9,024 0 9,024 0 0 138,970
12.Bonus shares / stock dividends 0 0 0 18,048 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (107,024) (30,272) (40,036) (546,305) 113,415 (74,546)
2.Net cash flows from investing activities (42,006) (23,258) (20,454) (83,307) (101,311) 16,695
3.Net cash flows from financing activities (98,368) (52,354) (53,872) 31,589 (8,059) 24,868
H.Miscellaneous
1.Total capital employed (C+D) 1,614,681 1,716,312 1,783,845 1,816,327 2,127,444 2,011,463
2.Retention in business (F10-F11-F12) (3,856) (11,602) 78,264 60,357 32,314 (241,552)
3.Depreciation for the year 90,313 91,253 80,958 80,162 83,424 89,346
4.Salaries, wages and employee benefits 204,765 172,818 168,602 182,252 198,803 204,427
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.22 -0.73 3.94 2.72 0.93 -3.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.88 0.55 0.72 0.84 0.89 0.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.20 -0.40 2.85 2.28 0.83 -2.45
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.29 2.31 2.28 2.39 2.49 2.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.45 -0.93 6.49 5.45 2.05 -6.31
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.29 -0.64 4.84 4.34 1.63 -5.17
81
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Indus Dyeing & Manufacturing Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 11,127,373 10,959,119 10,496,456 10,703,046 11,796,784 14,304,800
1.Capital work in progress 122,786 145,694 126,675 208,985 403,760 997,740
2.Operating fixed assets at cost 16,162,391 16,978,637 17,414,920 18,337,091 20,091,552 22,789
3.Operating fixed assets after deducting accumulated depreciation 10,961,352 10,746,084 10,304,698 10,429,941 11,321,205 13,191,102
4.Intangible assets 6,619 30,973 27,759 21,861 16,112 11,279
5.Long term investments 21,278 21,611 22,567 26,784 31,642 33,431
6.Other non-current assets 15,338 14,757 14,757 15,475 24,065 71,248
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,264,447 10,025,542 11,487,926 14,938,598 18,831,882 18,703,729
1.Cash & bank balance 95,551 619,109 286,212 272,696 779,837 524,957
2.Inventories; of which 5,313,432 5,514,619 6,550,142 7,384,547 9,179,288 10,104,798
i)Raw material 3,575,730 4,190,786 4,774,650 5,474,181 6,992,085 7,571,406
ii)Work in progress 696,608 467,680 671,686 811,992 845,787 915,667
iii)Finished goods 1,041,094 808,900 1,034,081 1,025,684 1,228,870 1,521,744
3.Trade Debt / accounts receivables 1,352,881 1,831,228 2,020,014 5,194,308 6,482,457 4,365,615
4.Short term loans and advances 302,821 154,345 228,353 256,670 199,416 347,248
5.Short term investments 169,593 678,877 995,656 0 0 0
6.Other current assets 1,030,169 1,227,364 1,407,549 1,830,377 2,190,884 3,361,111
Total Assets (A+B) / Equity & Liabilities (C+D+E) 19,391,820 20,984,661 21,984,382 25,641,644 30,628,666 33,008,529
C.Shareholders' Equity (C1+C2+C3) 10,674,211 11,115,770 11,966,431 13,509,269 15,544,391 15,860,370
1.Issued, Subscribed & Paid up capital 180,737 180,737 180,737 180,737 180,737 180,737
i)Ordinary shares 180,737 180,737 180,737 180,737 180,737 180,737
ii)Preference shares 0 0 0 0 0 0
2.Reserves 10,493,474 10,935,033 11,785,694 13,328,532 15,363,654 15,679,633
i)Capital Reserve 22,675 21,964 21,876 22,589 23,123 23,164
ii)Revenue Reserve 10,470,799 10,913,069 11,763,818 13,305,943 15,340,531 15,656,469
of which: un-appropriated profit(loss) / retained earnings 5,470,799 5,913,069 4,786,250 6,328,375 8,362,963 8,678,901
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,843,852 1,737,544 1,694,447 2,385,371 3,509,206 5,970,757
1.Long term borrowings 1,577,187 1,363,996 1,193,821 1,821,524 2,853,967 5,461,901
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 265,898 305,221 352,439 402,184 482,536 0
5.Other non-current liabilities 767 68,327 148,187 161,663 172,703 508,856
E.Current Liabilities (E1+E2+E3+E4) 6,873,757 8,131,347 8,323,504 9,747,004 11,575,069 11,177,402
1.Trade credit & other accounts payables 1,482,076 1,687,178 2,124,215 2,742,665 3,377,094 3,949,523
of which: i) Trade credits 209,157 170,953 249,225 320,110 348,531 527,573
2.Short term borrowings 4,618,149 6,096,915 5,691,516 6,541,667 7,696,456 6,743,684
3.Current portion of non-current liabilities 703,466 313,682 448,442 386,186 323,466 165,733
4.Other current liabilities 70,066 33,572 59,331 76,486 178,053 318,462
F.Operations:
1.Sales 26,560,067 24,900,934 27,573,192 30,630,286 35,372,578 37,170,575
i)Local sales (Net) 4,171,692 6,956,159 8,772,722 7,868,841 12,187,087 9,875,852
ii)Export sales (Net) 22,388,375 17,944,775 18,800,470 22,761,445 23,185,491 27,294,723
2.Cost of sales 24,376,011 22,993,484 24,931,282 27,616,835 31,676,229 33,763,295
i)Cost of material 16,410,411 16,051,856 18,411,918 20,776,839 23,590,128 26,076,473
3.Gross profit / (loss) (F1-F2) 2,184,056 1,907,450 2,641,910 3,013,451 3,696,349 3,407,280
4.General, administrative and other expenses 1,277,581 1,083,936 1,159,908 1,292,157 1,546,110 1,735,245
i)Selling & distribution expenses 769,887 617,271 604,382 631,276 697,330 757,597
ii)Administrative and other expenses 507,694 466,665 555,526 660,881 848,780 977,648
5.Other income / (loss) 104,753 158,404 125,723 659,361 1,194,892 632,314
6.EBIT (F3-F4+F5) 1,011,228 981,918 1,607,725 2,380,655 3,345,131 2,304,349
7.Financial expenses 536,400 315,097 254,998 372,135 656,020 599,563
of which: (i) Interest expenses 485,065 282,313 213,168 333,929 610,010 566,292
8.Profit / (loss) before taxation (F6-F7) 474,828 666,821 1,352,727 2,008,520 2,689,111 1,704,786
9.Tax expenses 174,941 217,752 317,382 226,823 357,614 385,352
10.Profit / (loss) after tax (F8-F9) 299,887 449,069 1,035,345 1,781,697 2,331,497 1,319,434
11.Cash dividends 271,106 90,369 325,327 289,179 451,843 451,843
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,536,369 1,056,382 1,241,805 44,588 1,834,704 4,058,438
2.Net cash flows from investing activities (1,243,291) (1,404,498) (937,537) (615,040) (2,381,363) (4,344,922)
3.Net cash flows from financing activities (893,489) (604,783) (235,500) 335,243 681,208 1,619,722
H.Miscellaneous
1.Total capital employed (C+D) 12,518,063 12,853,314 13,660,878 15,894,640 19,053,597 21,831,127
2.Retention in business (F10-F11-F12) 28,782 358,701 710,018 1,492,518 1,879,655 867,592
3.Depreciation for the year 1,066,229 1,060,424 1,038,549 1,011,809 1,040,901 1,107,383
4.Salaries, wages and employee benefits 1,878,380 1,988,423 2,244,623 2,458,346 2,633,063 2,893,627
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.13 1.80 3.75 5.82 6.59 3.55
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.34 1.23 1.28 1.29 1.26 1.17
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.51 2.22 4.82 7.48 8.29 4.15
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.86 1.85 1.86 1.87 1.94 2.03
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.81 4.12 8.97 13.99 16.05 8.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.59 24.85 57.28 98.58 - 73.00
82
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Island Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,062,170 4,344,565 4,508,857 4,438,896 6,237,742 5,411,549
1.Capital work in progress 2,936,604 153,790 45,111 12,870 2,250 173
2.Operating fixed assets at cost 927,886 4,163,509 4,698,127 4,342,776 5,708,943 5,761,555
3.Operating fixed assets after deducting accumulated depreciation 782,879 3,829,408 4,152,050 3,973,057 5,643,873 5,406,688
4.Intangible assets 2,347 1,218 113 607 797 3,254
5.Long term investments 339,339 306,101 309,978 451,070 589,388 0
6.Other non-current assets 1,001 54,048 1,605 1,292 1,434 1,434
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,828,801 2,069,251 2,368,518 3,015,471 3,652,396 3,097,580
1.Cash & bank balance 152,327 34,127 37,317 18,426 21,119 84,140
2.Inventories; of which 1,198,742 1,020,678 1,406,651 1,831,841 2,229,105 2,013,961
i)Raw material 1,039,817 684,917 1,231,880 1,592,740 1,956,460 1,327,826
ii)Work in progress 10,802 38,874 44,957 48,217 63,441 64,366
iii)Finished goods 146,270 284,386 108,876 173,405 209,203 597,556
3.Trade Debt / accounts receivables 125,106 340,280 514,263 666,376 868,462 593,025
4.Short term loans and advances 148,217 391,390 219,032 323,011 389,148 253,997
5.Short term investments 17,186 0 - - 0 46,973
6.Other current assets 187,223 282,776 191,255 175,817 144,562 105,484
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,890,971 6,413,816 6,877,375 7,454,367 9,890,138 8,509,129
C.Shareholders' Equity (C1+C2+C3) 1,730,728 1,515,950 1,768,202 2,411,193 4,352,682 3,526,754
1.Issued, Subscribed & Paid up capital 5,000 5,000 5,000 5,000 5,000 5,000
i)Ordinary shares 5,000 5,000 5,000 5,000 5,000 5,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,251,547 1,045,839 1,085,602 1,577,184 1,790,329 1,404,386
i)Capital Reserve 899,579 898,931 898,991 899,271 900,591 900,591
ii)Revenue Reserve 351,968 146,908 186,611 677,913 889,738 503,795
of which: un-appropriated profit(loss) / retained earnings 351,968 146,908 186,611 677,913 889,738 503,795
3.Surplus on revaluation of fixed assets 474,181 465,111 677,600 829,009 2,557,353 2,117,368
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,777,371 3,047,570 2,613,672 2,377,738 2,002,924 1,952,775
1.Long term borrowings 2,636,568 2,997,301 2,431,311 2,297,331 1,697,331 1,786,832
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 34,227 49,257 58,842 80,407 100,599 120,787
5.Other non-current liabilities 106,576 1,012 123,519 0 204,994 45,156
E.Current Liabilities (E1+E2+E3+E4) 1,382,872 1,850,296 2,495,501 2,665,436 3,534,532 3,029,600
1.Trade credit & other accounts payables 304,850 467,437 261,974 303,319 557,742 837,475
of which: i) Trade credits 55,735 125,148 76,106 99,817 117,443 573,935
2.Short term borrowings 974,482 1,285,589 1,570,789 1,902,984 2,148,499 1,966,301
3.Current portion of non-current liabilities 0 0 568,689 361,341 600,000 16,838
4.Other current liabilities 103,540 97,270 94,049 97,792 228,291 208,986
F.Operations:
1.Sales 1,998,353 4,247,958 5,708,276 6,303,217 7,557,243 6,749,399
i)Local sales (Net) 1,069,055 2,099,448 2,790,587 2,432,865 3,149,695 1,985,925
ii)Export sales (Net) 929,298 2,148,510 2,917,689 3,870,352 4,407,548 4,763,474
2.Cost of sales 1,892,072 4,083,483 5,257,073 5,386,093 6,545,638 6,056,332
i)Cost of material 1,204,820 3,144,000 3,894,945 4,277,169 5,248,622 5,222,109
3.Gross profit / (loss) (F1-F2) 106,281 164,475 451,203 917,124 1,011,605 693,067
4.General, administrative and other expenses 110,526 198,995 177,803 262,753 311,156 478,106
i)Selling & distribution expenses 55,667 103,261 108,239 119,150 115,504 124,645
ii)Administrative and other expenses 54,859 95,734 69,564 143,603 195,652 353,461
5.Other income / (loss) (6,103) (44,336) 82,333 74,709 (822) 714
6.EBIT (F3-F4+F5) (10,348) (78,856) 355,733 729,080 699,627 215,675
7.Financial expenses 15,448 305,712 305,476 318,800 473,162 497,416
of which: (i) Interest expenses 11,349 301,859 292,852 314,097 482,657 492,182
8.Profit / (loss) before taxation (F6-F7) (25,796) (384,568) 50,257 410,280 226,465 (281,741)
9.Tax expenses 31,521 (166,578) 37,741 (49,793) 41,736 78,896
10.Profit / (loss) after tax (F8-F9) (57,317) (217,990) 12,516 460,073 184,729 (360,637)
11.Cash dividends 0 0 0 2,500 2,500 2,500
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (827,016) (335,172) (233,292) 3,850 148,398 803,607
2.Net cash flows from investing activities (2,693,648) (454,868) (51,415) (13,600) (27,371) (62,284)
3.Net cash flows from financing activities 3,321,413 335,904 193,795 (96,299) 7,488 (818,145)
H.Miscellaneous
1.Total capital employed (C+D) 4,508,099 4,563,520 4,381,874 4,788,931 6,355,606 5,479,529
2.Retention in business (F10-F11-F12) (57,317) (217,990) 12,516 457,573 182,229 (363,137)
3.Depreciation for the year 42,422 190,581 212,629 219,343 208,404 290,493
4.Salaries, wages and employee benefits 194,422 342,988 324,918 388,523 414,500 445,301
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.87 -5.13 0.22 7.30 2.44 -5.34
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.50 0.69 0.86 0.88 0.87 0.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.43 -3.54 0.19 6.42 2.13 -3.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.31 3.79 4.05 3.43 2.56 2.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.29 -13.43 0.76 22.02 5.46 -9.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -114.63 -435.98 25.03 920.15 369.46 -721.27
83
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

J.A. Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 458,340 437,722 419,375 415,780 400,606 383,841
1.Capital work in progress 972 1,964 972 0 0 0
2.Operating fixed assets at cost 643,224 642,800 644,203 420,383 419,937 420,337
3.Operating fixed assets after deducting accumulated depreciation 440,562 418,952 400,981 398,353 383,179 366,414
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 16,806 16,806 17,422 17,427 17,427 17,427
B.Current Assets (B1+B2+B3+B4+B5+B6) 77,418 51,232 73,519 117,506 186,524 134,693
1.Cash & bank balance 3,102 17,741 3,778 3,012 42,755 55,493
2.Inventories; of which 45,946 6,778 46,582 90,767 74,365 48,698
i)Raw material 5,420 6,706 26,421 56,870 62,111 29,169
ii)Work in progress 0 0 9,648 6,293 10,724 13,685
iii)Finished goods 40,526 72 9,105 26,362 820 5,844
3.Trade Debt / accounts receivables 2,420 374 1,080 6,057 47,623 11,868
4.Short term loans and advances 2,705 3,415 5,826 1,069 7,941 7,045
5.Short term investments 336 352 372 342 303 326
6.Other current assets 22,909 22,572 15,881 16,259 13,537 11,263
Total Assets (A+B) / Equity & Liabilities (C+D+E) 535,758 488,954 492,894 533,286 587,130 518,534
C.Shareholders' Equity (C1+C2+C3) 120,026 213,894 207,316 247,253 254,448 261,273
1.Issued, Subscribed & Paid up capital 126,012 126,012 126,012 126,012 126,012 126,012
i)Ordinary shares 126,012 126,012 126,012 126,012 126,012 126,012
ii)Preference shares 0 0 0 0 0 0
2.Reserves (223,593) (121,659) (120,649) (83,745) (69,429) (55,874)
i)Capital Reserve 94 136,377 127,226 125,896 133,133 132,410
ii)Revenue Reserve (223,687) (258,036) (247,875) (209,641) (202,562) (188,284)
of which: un-appropriated profit(loss) / retained earnings (223,687) (258,036) (247,875) (209,641) (202,562) (188,284)
3.Surplus on revaluation of fixed assets 217,607 209,541 201,953 204,986 197,865 191,135
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 56,739 64,223 71,907 66,789 67,985 66,782
1.Long term borrowings 0 0 4,000 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 56,739 64,223 67,907 66,789 67,985 66,782
E.Current Liabilities (E1+E2+E3+E4) 358,993 210,837 213,671 219,244 264,697 190,479
1.Trade credit & other accounts payables 185,004 173,253 202,117 214,801 263,858 190,035
of which: i) Trade credits 166,946 160,713 184,419 203,356 252,129 152,519
2.Short term borrowings 151,957 15,110 0 0 0 0
3.Current portion of non-current liabilities 0 0 11,111 4,000 0 0
4.Other current liabilities 22,032 22,474 443 443 839 444
F.Operations:
1.Sales 584,670 211,702 602,288 1,141,797 1,098,229 932,149
i)Local sales (Net) 584,670 211,702 602,288 1,141,797 1,098,229 932,149
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 620,893 243,261 607,033 1,116,069 1,075,125 914,969
i)Cost of material 396,788 111,472 428,673 795,164 772,078 652,766
3.Gross profit / (loss) (F1-F2) (36,223) (31,559) (4,745) 25,728 23,104 17,180
4.General, administrative and other expenses 11,839 7,766 6,289 11,824 10,921 13,848
i)Selling & distribution expenses 30 308 401 185 123 468
ii)Administrative and other expenses 11,809 7,458 5,888 11,639 10,798 13,380
5.Other income / (loss) 8,748 4,415 23,334 25,814 2,789 17,442
6.EBIT (F3-F4+F5) (39,314) (34,910) 12,300 39,718 14,972 20,774
7.Financial expenses 24 22 19 40 91 81
of which: (i) Interest expenses 0 0 0 0 75 50
8.Profit / (loss) before taxation (F6-F7) (39,338) (34,932) 12,281 39,678 14,881 20,693
9.Tax expenses (11,902) 7,483 9,707 8,732 14,923 13,145
10.Profit / (loss) after tax (F8-F9) (27,436) (42,415) 2,574 30,946 (42) 7,548
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 67,824 16,059 (3,782) 13,332 38,493 13,887
2.Net cash flows from investing activities (38,206) (842) (1,010) (1,816) (2,028) (400)
3.Net cash flows from financing activities (28,731) (578) (9,172) (12,281) 3,277 (748)
H.Miscellaneous
1.Total capital employed (C+D) 176,765 278,117 279,223 314,042 322,433 328,055
2.Retention in business (F10-F11-F12) (27,436) (42,415) 2,574 30,946 (42) 7,548
3.Depreciation for the year 21,830 21,601 20,188 19,188 18,223 17,164
4.Salaries, wages and employee benefits 73,897 26,129 61,903 108,608 102,263 84,842
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -4.69 -20.04 0.43 2.71 0.00 0.81
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.05 0.41 1.23 2.23 1.96 1.69
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.93 -8.28 0.52 6.03 -0.01 1.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.16 3.07 2.33 2.26 2.23 2.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -20.52 -25.40 1.22 13.62 -0.02 2.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.18 -3.37 0.20 2.46 0.00 0.60
84
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

J.K. Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,302,278 2,755,096 2,801,490 3,570,629 4,347,489 4,578,730
1.Capital work in progress 69,572 229,016 172,074 283,145 148,434 393,688
2.Operating fixed assets at cost 3,812,411 4,332,367 4,646,461 5,525,821 6,645,904 6,927,591
3.Operating fixed assets after deducting accumulated depreciation 2,220,450 2,516,291 2,611,702 3,246,183 4,173,329 4,051,003
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 12,256 9,789 17,714 41,301 25,726 134,039
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,591,382 2,871,135 3,283,358 4,023,195 5,148,004 6,672,985
1.Cash & bank balance 69,625 68,237 89,044 28,035 73,747 91,555
2.Inventories; of which 1,484,015 1,756,108 1,925,999 2,461,185 3,746,854 4,805,601
i)Raw material 73,045 902,388 1,125,876 1,475,677 2,500,649 3,100,733
ii)Work in progress 239,180 308,806 397,647 518,715 477,200 403,753
iii)Finished goods 497,102 526,314 360,834 430,234 748,971 1,281,770
3.Trade Debt / accounts receivables 593,632 513,799 688,176 867,009 786,273 1,267,348
4.Short term loans and advances 48,513 50,197 41,640 83,625 35,123 61,073
5.Short term investments 0 123 33,273 31,277 51,593 21,514
6.Other current assets 395,597 482,671 505,226 552,064 454,414 425,894
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,893,660 5,626,231 6,084,848 7,593,824 9,495,493 11,251,715
C.Shareholders' Equity (C1+C2+C3) 2,931,496 3,032,098 3,313,122 3,614,508 4,257,774 5,424,983
1.Issued, Subscribed & Paid up capital 609,033 609,033 730,839 730,839 730,839 730,839
i)Ordinary shares 609,033 609,033 730,839 730,839 730,839 730,839
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,168,685 2,244,431 2,357,652 2,659,038 3,526,935 4,694,144
i)Capital Reserve 289,636 289,636 350,540 350,540 575,171 746,576
ii)Revenue Reserve 1,879,049 1,954,795 2,007,112 2,308,498 2,951,764 3,947,568
of which: un-appropriated profit(loss) / retained earnings 1,879,049 1,954,795 2,007,112 2,308,498 2,951,764 3,947,568
3.Surplus on revaluation of fixed assets 153,778 178,634 224,631 224,631 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 191,472 524,618 434,955 1,100,872 1,534,708 1,368,712
1.Long term borrowings 21,973 365,449 281,457 895,813 1,233,660 1,112,194
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 169,499 159,169 153,498 205,059 301,048 256,518
E.Current Liabilities (E1+E2+E3+E4) 1,770,692 2,069,515 2,336,771 2,878,444 3,703,011 4,458,020
1.Trade credit & other accounts payables 467,924 400,242 402,278 470,210 661,942 813,245
of which: i) Trade credits 148,733 147,423 128,226 157,634 219,315 321,264
2.Short term borrowings 1,191,193 1,517,083 1,730,524 2,097,994 2,644,848 3,173,375
3.Current portion of non-current liabilities 23,245 135,519 186,506 240,174 255,241 380,927
4.Other current liabilities 88,330 16,671 17,463 70,066 140,980 90,473
F.Operations:
1.Sales 8,813,412 8,289,147 9,049,707 9,901,857 13,687,117 14,827,225
i)Local sales (Net) 4,580,383 4,656,625 5,375,951 5,855,803 8,479,622 7,151,555
ii)Export sales (Net) 4,233,029 3,632,522 3,673,756 4,046,054 5,207,495 7,675,670
2.Cost of sales 7,971,024 7,638,258 8,292,160 8,855,192 11,772,908 12,328,596
i)Cost of material 4,976,590 5,288,079 5,738,595 6,185,444 8,984,874 8,758,141
3.Gross profit / (loss) (F1-F2) 842,388 650,889 757,547 1,046,665 1,914,209 2,498,629
4.General, administrative and other expenses 543,352 500,008 550,743 590,361 842,738 807,333
i)Selling & distribution expenses 325,709 275,913 269,522 276,327 375,200 336,092
ii)Administrative and other expenses 217,643 224,095 281,221 314,034 467,538 471,241
5.Other income / (loss) 24,594 32,375 79,345 176,025 208,549 12,214
6.EBIT (F3-F4+F5) 323,630 183,256 286,149 632,329 1,280,020 1,703,510
7.Financial expenses 147,701 96,484 134,378 202,494 386,484 396,618
of which: (i) Interest expenses 122,085 72,169 112,571 180,270 359,667 354,241
8.Profit / (loss) before taxation (F6-F7) 175,929 86,772 151,771 429,835 893,536 1,306,892
9.Tax expenses 63,994 11,026 69,002 91,907 177,186 164,920
10.Profit / (loss) after tax (F8-F9) 111,935 75,746 82,769 337,928 716,350 1,141,972
11.Cash dividends 60,903 30,452 36,542 73,084 146,168 73,084
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 716,386 (113,065) (7,742) (17,843) 396,078 37,206
2.Net cash flows from investing activities (184,617) (669,963) (304,129) (1,005,947) (1,177,132) (406,056)
3.Net cash flows from financing activities (489,440) 781,640 332,678 962,781 826,766 386,658
H.Miscellaneous
1.Total capital employed (C+D) 3,122,968 3,556,716 3,748,077 4,715,380 5,792,482 6,793,695
2.Retention in business (F10-F11-F12) 51,032 45,294 46,227 264,844 570,182 1,068,888
3.Depreciation for the year 273,198 238,689 258,397 258,497 338,171 395,899
4.Salaries, wages and employee benefits 563,767 609,849 644,498 727,107 941,019 1,101,993
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.27 0.91 0.91 3.41 5.23 7.70
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.67 1.58 1.55 1.45 1.60 1.43
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.12 1.44 1.41 4.94 8.38 11.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.70 1.76 1.85 1.97 2.17 2.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.59 2.54 2.61 9.76 18.20 23.59
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.84 1.24 1.13 4.62 9.80 15.63
85
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Janana De Malucho Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,471,568 3,583,772 3,635,420 3,432,375 3,437,965 3,418,922
1.Capital work in progress 0 0 110,171 0 1,784 0
2.Operating fixed assets at cost 2,680,547 3,507,770 3,533,816 3,654,657 3,732,638 3,771,627
3.Operating fixed assets after deducting accumulated depreciation 2,265,866 3,129,440 3,072,855 3,117,231 3,121,633 3,174,164
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 202,278 451,031 450,039 312,777 312,921 243,115
6.Other non-current assets 3,424 3,301 2,355 2,367 1,627 1,643
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,016,047 869,769 1,285,961 1,542,192 1,244,097 1,633,393
1.Cash & bank balance 84,723 22,038 16,999 12,170 5,130 11,160
2.Inventories; of which 658,518 524,175 896,961 1,187,384 1,000,589 1,406,119
i)Raw material 543,561 457,498 769,843 1,063,030 872,748 805,905
ii)Work in progress 46,785 50,920 46,919 60,008 70,736 68,660
iii)Finished goods 68,172 15,757 80,199 64,346 57,105 531,554
3.Trade Debt / accounts receivables 36,777 104,989 122,510 45,364 20,003 9,909
4.Short term loans and advances 31,416 39,186 37,941 20,373 9,476 11,417
5.Short term investments 0 0 0 0 0 0
6.Other current assets 204,613 179,381 211,550 276,901 208,899 194,788
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,487,615 4,453,541 4,921,381 4,974,567 4,682,062 5,052,315
C.Shareholders' Equity (C1+C2+C3) 2,309,746 3,412,166 3,404,386 3,238,110 3,246,753 3,295,339
1.Issued, Subscribed & Paid up capital 47,848 47,848 47,848 47,848 47,848 47,848
i)Ordinary shares 47,848 47,848 47,848 47,848 47,848 47,848
ii)Preference shares 0 0 0 0 0 0
2.Reserves 996,311 1,001,582 1,012,188 867,193 904,529 873,989
i)Capital Reserve 18,453 18,453 18,453 18,453 18,453 18,453
ii)Revenue Reserve 977,858 983,129 993,735 848,740 886,076 855,536
of which: un-appropriated profit(loss) / retained earnings 606,328 611,599 122,205 (22,790) 514,546 484,006
3.Surplus on revaluation of fixed assets 1,265,587 2,362,736 2,344,350 2,323,069 2,294,376 2,373,502
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 374,455 433,925 396,031 229,569 231,065 259,751
1.Long term borrowings 0 0 0 0 0 3,541
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 108,911 148,929 153,932 51,343 55,574 58,738
5.Other non-current liabilities 265,544 284,996 242,099 178,226 175,491 197,472
E.Current Liabilities (E1+E2+E3+E4) 803,414 607,450 1,120,964 1,506,888 1,204,244 1,497,225
1.Trade credit & other accounts payables 197,828 130,519 257,266 321,569 345,944 334,397
of which: i) Trade credits 68,194 24,105 43,102 45,684 36,781 31,643
2.Short term borrowings 572,609 441,436 821,017 1,142,370 799,867 1,085,758
3.Current portion of non-current liabilities 0 0 0 0 0 2,243
4.Other current liabilities 32,977 35,495 42,681 42,949 58,433 74,827
F.Operations:
1.Sales 2,542,780 2,497,962 2,515,643 2,782,025 3,379,664 2,754,564
i)Local sales (Net) 2,542,780 2,497,962 2,515,643 2,782,025 3,379,664 2,754,564
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,344,655 2,339,861 2,398,262 2,655,003 3,114,893 2,495,305
i)Cost of material 1,542,610 1,478,125 1,516,878 1,657,420 2,132,873 1,850,044
3.Gross profit / (loss) (F1-F2) 198,125 158,101 117,381 127,022 264,771 259,259
4.General, administrative and other expenses 106,994 114,723 101,388 109,084 128,553 97,777
i)Selling & distribution expenses 14,734 18,622 19,816 36,041 45,666 21,508
ii)Administrative and other expenses 92,260 96,101 81,572 73,043 82,887 76,269
5.Other income / (loss) (4,175) 18,456 5,350 (15,715) 2,115 (95,455)
6.EBIT (F3-F4+F5) 86,956 61,834 21,343 2,223 138,333 66,027
7.Financial expenses 72,235 47,720 42,881 74,374 97,061 126,230
of which: (i) Interest expenses 70,659 45,996 41,344 72,509 95,257 123,155
8.Profit / (loss) before taxation (F6-F7) 14,721 14,114 (21,538) (72,151) 41,272 (60,203)
9.Tax expenses (1,550) 1,220 (13,094) (9,627) 34,976 33,444
10.Profit / (loss) after tax (F8-F9) 16,271 12,894 (8,444) (62,524) 6,296 (93,647)
11.Cash dividends 7,177 5,981 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 249,362 135,457 (207,966) (242,198) 519,479 (170,154)
2.Net cash flows from investing activities (46,546) (16,465) (132,539) (15,794) (87,292) (5,883)
3.Net cash flows from financing activities (185,138) (181,677) 355,466 253,163 (439,227) 182,067
H.Miscellaneous
1.Total capital employed (C+D) 2,684,201 3,846,091 3,800,417 3,467,679 3,477,818 3,555,090
2.Retention in business (F10-F11-F12) 9,094 6,913 (8,444) (62,524) 6,296 (93,647)
3.Depreciation for the year 71,063 72,621 83,033 84,126 81,706 82,783
4.Salaries, wages and employee benefits 371,121 411,221 428,188 471,156 551,209 505,513
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.64 0.52 -0.34 -2.25 0.19 -3.40
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.72 0.63 0.54 0.56 0.70 0.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.46 0.32 -0.18 -1.26 0.13 -1.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.53 1.39 1.38 1.49 1.49 1.49
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.70 0.45 -0.25 -1.88 0.19 -2.86
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.40 2.69 -1.76 -13.07 - -19.57
86
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Jubilee Spinning & Weaving Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 684,405 601,908 645,680 664,589 696,778 703,431
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 880,228 165,452 62,404 64,195 78,679 92,046
3.Operating fixed assets after deducting accumulated depreciation 582,289 141,507 61,502 63,284 76,921 88,803
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 96,599 454,269 573,911 587,813 604,662 607,650
6.Other non-current assets 5,517 6,132 10,267 13,492 15,195 6,978
B.Current Assets (B1+B2+B3+B4+B5+B6) 239,728 136,718 137,782 133,067 121,417 139,342
1.Cash & bank balance 1,105 1,600 2,283 5,269 5,777 1,606
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 147,251 24,983 25,185 23,354 20,735 24,379
4.Short term loans and advances 18,501 27,438 23,323 24,472 23,036 23,013
5.Short term investments 49,594 47,748 12,199 8,572 0 0
6.Other current assets 23,277 34,949 74,792 71,400 71,869 90,344
Total Assets (A+B) / Equity & Liabilities (C+D+E) 924,133 738,626 783,462 797,656 818,195 842,773
C.Shareholders' Equity (C1+C2+C3) 596,452 528,172 616,965 647,967 677,189 667,443
1.Issued, Subscribed & Paid up capital 324,912 324,912 324,912 324,912 324,912 324,912
i)Ordinary shares 324,912 324,912 324,912 324,912 324,912 324,912
ii)Preference shares 0 0 0 0 0 0
2.Reserves (439,536) (444,168) (355,936) (327,016) (298,879) (308,984)
i)Capital Reserve 54,741 43,101 10,278 6,556 5,598 5,695
ii)Revenue Reserve (494,277) (487,269) (366,214) (333,572) (304,477) (314,679)
of which: un-appropriated profit(loss) / retained earnings (545,289) (538,281) (417,226) (384,584) (355,489) (365,691)
3.Surplus on revaluation of fixed assets 711,076 647,428 647,989 650,071 651,156 651,515
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 126,846 44,733 15,361 15,541 15,758 12,352
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 81,687 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 35,101 35,260 3,726 4,288 4,422 902
5.Other non-current liabilities 10,058 9,473 11,635 11,253 11,336 11,450
E.Current Liabilities (E1+E2+E3+E4) 200,835 165,721 151,136 134,148 125,248 162,978
1.Trade credit & other accounts payables 166,255 116,284 101,310 85,246 81,518 101,827
of which: i) Trade credits 69,126 12,450 9,865 9,481 9,346 9,388
2.Short term borrowings 0 0 0 0 0 1,359
3.Current portion of non-current liabilities 0 8,386 14,575 14,575 14,575 14,575
4.Other current liabilities 34,580 41,051 35,251 34,327 29,155 45,217
F.Operations:
1.Sales 14,877 17,895 24,032 37,150 23,682 7,336
i)Local sales (Net) 14,877 17,895 24,032 37,150 23,682 7,336
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 29,513 11,044 7,517 12,936 9,307 6,268
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (14,636) 6,851 16,515 24,214 14,375 1,068
4.General, administrative and other expenses 61,393 25,768 28,063 46,256 46,742 48,751
i)Selling & distribution expenses 79 94 470 78 213 332
ii)Administrative and other expenses 61,314 25,674 27,593 46,178 46,529 48,419
5.Other income / (loss) 38,531 32,912 152,275 67,368 66,104 54,849
6.EBIT (F3-F4+F5) (37,498) 13,995 140,727 45,326 33,737 7,166
7.Financial expenses 177 99 25 82 43 379
of which: (i) Interest expenses 0 0 0 0 0 21
8.Profit / (loss) before taxation (F6-F7) (37,675) 13,896 140,702 45,244 33,694 6,787
9.Tax expenses 2,687 8,149 25,350 12,380 4,804 17,568
10.Profit / (loss) after tax (F8-F9) (40,362) 5,747 115,352 32,864 28,890 (10,781)
11.Cash dividends 0 0 0 0 0 227,438
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (27,927) 51,571 (94,960) (49,962) (40,488) (51,306)
2.Net cash flows from investing activities 9,691 35,365 95,643 49,723 40,996 45,776
3.Net cash flows from financing activities 17,000 (86,442) 0 0 0 1,358
H.Miscellaneous
1.Total capital employed (C+D) 723,298 572,905 632,326 663,508 692,947 679,795
2.Retention in business (F10-F11-F12) (40,362) 5,747 115,352 32,864 28,890 (238,219)
3.Depreciation for the year 10,105 3,926 107 8 847 1,971
4.Salaries, wages and employee benefits 21,242 4,891 11,900 25,161 29,370 28,072
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -271.30 32.12 479.99 88.46 121.99 -146.96
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.02 0.02 0.03 0.05 0.03 0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.39 0.69 15.16 4.16 3.58 -1.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.62 1.48 1.33 1.25 1.22 1.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -7.13 1.02 20.15 5.20 4.36 -1.60
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.24 0.18 3.55 1.01 0.89 -0.33
87
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Khalid Siraj Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 291,898 449,081 412,994 380,489 351,208 324,829
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 868,380 1,049,604 1,049,604 1,049,604 1,049,604 1,049,604
3.Operating fixed assets after deducting accumulated depreciation 274,246 431,429 395,342 362,837 333,556 307,177
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 17,652 17,652 17,652 17,652 17,652 17,652
B.Current Assets (B1+B2+B3+B4+B5+B6) 120,551 85,602 83,261 14,158 12,901 12,781
1.Cash & bank balance 1,043 812 1,874 684 246 126
2.Inventories; of which 33,853 6,788 3,236 0 0 0
i)Raw material 24,803 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 3,236 0 0 0
3.Trade Debt / accounts receivables 1,094 1,094 4,028 820 0 0
4.Short term loans and advances 532 517 3,719 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 84,029 76,391 70,404 12,654 12,655 12,655
Total Assets (A+B) / Equity & Liabilities (C+D+E) 412,449 534,683 496,255 394,647 364,109 337,610
C.Shareholders' Equity (C1+C2+C3) (42,970) 43,883 (14,755) (87,823) (125,663) (145,985)
1.Issued, Subscribed & Paid up capital 107,000 107,000 107,000 107,000 107,000 107,000
i)Ordinary shares 107,000 107,000 107,000 107,000 107,000 107,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (291,962) (330,578) (371,899) (429,102) (452,411) (457,438)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (291,962) (330,578) (371,899) (429,102) (452,411) (457,438)
of which: un-appropriated profit(loss) / retained earnings (291,962) (330,578) (371,899) (429,102) (452,411) (457,438)
3.Surplus on revaluation of fixed assets 141,992 267,461 250,144 234,279 219,748 204,453
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 246,820 268,086 275,177 259,633 267,436 261,135
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 243,014 213,378 222,938 226,682 226,769 226,769
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 6,193 6,193 6,193 6,193 6,193
5.Other non-current liabilities 3,806 48,515 46,046 26,758 34,474 28,173
E.Current Liabilities (E1+E2+E3+E4) 208,599 222,714 235,833 222,837 222,336 222,460
1.Trade credit & other accounts payables 116,489 113,685 126,804 113,808 113,307 113,431
of which: i) Trade credits 89,371 86,997 87,747 82,947 80,746 80,746
2.Short term borrowings 68,217 68,180 68,180 68,180 68,180 68,180
3.Current portion of non-current liabilities 7,102 0 0 0 0 0
4.Other current liabilities 16,791 40,849 40,849 40,849 40,849 40,849
F.Operations:
1.Sales 0 17,437 105,226 0 0 0
i)Local sales (Net) 0 17,437 105,226 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 24,803 145,576 0 0 0
i)Cost of material 0 24,803 51,300 0 0 0
3.Gross profit / (loss) (F1-F2) 0 (7,366) (40,350) 0 0 0
4.General, administrative and other expenses 50,627 35,925 19,655 96,591 30,125 26,623
i)Selling & distribution expenses 0 180 102 42 98 21
ii)Administrative and other expenses 50,627 35,745 19,553 96,549 30,027 26,602
5.Other income / (loss) 0 0 0 4,387 0 0
6.EBIT (F3-F4+F5) (50,627) (43,291) (60,005) (92,204) (30,125) (26,623)
7.Financial expenses 8,476 3 35 108 1 0
of which: (i) Interest expenses 8,373 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (59,103) (43,294) (60,040) (92,312) (30,126) (26,623)
9.Tax expenses (5,037) 6,652 1,600 (16,536) 10,158 (6,301)
10.Profit / (loss) after tax (F8-F9) (54,066) (49,946) (61,640) (75,776) (40,284) (20,322)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (20,329) 12,486 (8,498) (4,934) (525) (120)
2.Net cash flows from investing activities (2,708) 0 0 0 0 0
3.Net cash flows from financing activities 22,896 (12,717) (9,560) 3,744 87 0
H.Miscellaneous
1.Total capital employed (C+D) 203,850 311,969 260,422 171,810 141,773 115,150
2.Retention in business (F10-F11-F12) (54,066) (49,946) (61,640) (75,776) (40,284) (20,322)
3.Depreciation for the year 26,379 24,041 36,086 32,505 29,281 26,379
4.Salaries, wages and employee benefits 7,319 146 32,739 1,374 116 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -286.44 -58.58 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.04 0.20 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -12.52 -10.55 -11.96 -17.01 -10.62 -5.79
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -24.20 1,037.38 35.39 -8.69 -3.55 -2.58
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 302.92 -10,941.07 -423.24 147.74 37.74 14.96
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.05 -4.67 -5.76 -7.08 -3.76 -1.90
88
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Khurshid Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 455,560 433,011 406,071 379,437 360,328 340,345
1.Capital work in progress 1,768 1,768 1,768 1,768 0 5,120
2.Operating fixed assets at cost 716,419 722,941 722,941 722,941 841,933 839,370
3.Operating fixed assets after deducting accumulated depreciation 352,092 323,331 290,947 261,812 352,827 327,724
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 95,967 102,179 107,623 110,124 0 0
6.Other non-current assets 5,733 5,733 5,733 5,733 7,501 7,501
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,723 4,381 7,290 10,918 7,689 313,521
1.Cash & bank balance 115 162 79 216 1,275 254,531
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 3,415
4.Short term loans and advances 0 2,418 5,410 8,901 4,613 30,825
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,608 1,801 1,801 1,801 1,801 24,750
Total Assets (A+B) / Equity & Liabilities (C+D+E) 457,283 437,392 413,361 390,355 368,017 653,866
C.Shareholders' Equity (C1+C2+C3) (141,871) (156,152) (154,543) (155,674) (163,833) (146,515)
1.Issued, Subscribed & Paid up capital 131,748 131,748 131,748 131,748 131,748 131,748
i)Ordinary shares 131,748 131,748 131,748 131,748 131,748 131,748
ii)Preference shares 0 0 0 0 0 0
2.Reserves (454,364) (462,125) (450,680) (442,874) (446,306) (413,292)
i)Capital Reserve 13,335 13,335 13,335 13,335 13,335 13,335
ii)Revenue Reserve (467,699) (475,460) (464,015) (456,209) (459,641) (426,627)
of which: un-appropriated profit(loss) / retained earnings (467,699) (475,460) (464,015) (456,209) (459,641) (426,627)
3.Surplus on revaluation of fixed assets 180,745 174,225 164,389 155,452 150,725 135,029
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 266,745 236,301 204,709 183,604 111,280 110,771
1.Long term borrowings 156,476 130,175 103,001 85,884 55,272 42,195
2.Subordinated loans / Sponsor's loans 32,439 34,752 37,229 39,883 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 609 637 739 17,918
5.Other non-current liabilities 77,830 71,374 63,870 57,200 55,269 50,658
E.Current Liabilities (E1+E2+E3+E4) 332,409 357,243 363,195 362,425 420,570 689,610
1.Trade credit & other accounts payables 91,430 111,189 111,577 120,716 550 293,069
of which: i) Trade credits 0 0 0 0 0 24,476
2.Short term borrowings 0 208,559 208,559 208,559 373,427 358,427
3.Current portion of non-current liabilities 239,160 33,276 35,840 22,481 36,260 38,114
4.Other current liabilities 1,819 4,219 7,219 10,669 10,333 0
F.Operations:
1.Sales 0 0 0 0 0 626,656
i)Local sales (Net) 0 0 0 0 0 626,656
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 566,749
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 59,907
4.General, administrative and other expenses 39,575 37,344 34,228 31,200 30,328 20,687
i)Selling & distribution expenses 75 80 78 0 0 337
ii)Administrative and other expenses 39,500 37,264 34,150 31,200 30,328 20,350
5.Other income / (loss) 24,692 29,988 47,748 37,001 30,000 764
6.EBIT (F3-F4+F5) (14,883) (7,356) 13,520 5,801 (328) 39,984
7.Financial expenses 21,261 16,643 15,806 10,152 22,080 19,087
of which: (i) Interest expenses 9,922 6,978 4,270 2,073 10,540 14,138
8.Profit / (loss) before taxation (F6-F7) (36,144) (23,999) (2,286) (4,351) (22,408) 20,897
9.Tax expenses (6,627) (3,378) (2,202) (1,076) (7,953) 3,000
10.Profit / (loss) after tax (F8-F9) (29,517) (20,621) (84) (3,275) (14,455) 17,897
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 27,986 31,032 33,583 35,945 12,704 297,472
2.Net cash flows from investing activities (37) (28) 0 0 0 (15,151)
3.Net cash flows from financing activities (28,014) (30,957) (33,666) (35,808) (11,645) (29,065)
H.Miscellaneous
1.Total capital employed (C+D) 124,874 80,149 50,166 27,930 (52,553) (35,744)
2.Retention in business (F10-F11-F12) (29,517) (20,621) (84) (3,275) (14,455) 17,897
3.Depreciation for the year (49,054) (35,283) 250,947 29,135 27,977 32,456
4.Salaries, wages and employee benefits 500 474 555 629 889 226,412
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - 2.86
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 1.23
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.34 -4.61 -0.02 -0.81 -3.81 3.50
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -3.44 -3.00 -2.74 -2.59 -2.37 -3.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.85 13.84 0.05 2.11 9.05 -11.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.24 -1.57 -0.01 -0.25 -1.10 1.36
89
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Khyber Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 460,805 448,647 438,633 428,241 999,366 986,163
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 692,732 692,732 693,913 693,913 1,274,601 1,274,601
3.Operating fixed assets after deducting accumulated depreciation 460,716 448,558 438,544 428,152 999,277 986,074
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 89 89 89 89 89 89
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,322 371 3,345 5,688 8,256 8,989
1.Cash & bank balance 56 105 276 193 44 207
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,266 266 3,069 5,495 8,212 8,782
Total Assets (A+B) / Equity & Liabilities (C+D+E) 464,127 449,018 441,978 433,929 1,007,622 995,152
C.Shareholders' Equity (C1+C2+C3) 345,091 338,651 332,967 343,917 906,779 904,859
1.Issued, Subscribed & Paid up capital 12,275 12,275 12,275 12,275 12,275 12,275
i)Ordinary shares 12,275 12,275 12,275 12,275 12,275 12,275
ii)Preference shares 0 0 0 0 0 0
2.Reserves (41,845) (38,261) (34,699) (15,214) (10,659) (892)
i)Capital Reserve 258 258 258 258 258 258
ii)Revenue Reserve (42,103) (38,519) (34,957) (15,472) (10,917) (1,150)
of which: un-appropriated profit(loss) / retained earnings (42,103) (38,519) (34,957) (15,472) (10,917) (1,150)
3.Surplus on revaluation of fixed assets 374,661 364,637 355,391 346,856 905,163 893,476
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 78,414 69,711 67,543 63,923 74,609 70,329
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 30,493 26,450 28,500 28,700 28,350 27,460
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 47,921 43,261 39,043 35,223 46,259 42,869
E.Current Liabilities (E1+E2+E3+E4) 40,622 40,656 41,468 26,089 26,234 19,964
1.Trade credit & other accounts payables 40,622 40,656 40,495 24,577 24,644 18,448
of which: i) Trade credits 40,203 40,203 40,202 24,250 24,250 18,122
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 0 973 1,512 1,590 1,516
F.Operations:
1.Sales 0 0 0 1,750 3,516 8,061
i)Local sales (Net) 0 0 0 1,750 3,516 8,061
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 2,783 2,420 6,644
i)Cost of material 0 0 0 1,343 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 (1,033) 1,096 1,417
4.General, administrative and other expenses 1,460 16,784 13,477 13,439 13,365 18,072
i)Selling & distribution expenses 13 0 0 16 28 73
ii)Administrative and other expenses 1,447 16,784 13,477 13,423 13,337 17,999
5.Other income / (loss) 211 4,507 4,217 23,416 6,854 12,661
6.EBIT (F3-F4+F5) (1,249) (12,277) (9,260) 8,944 (5,415) (3,994)
7.Financial expenses 0 0 4 2 2 4
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (1,249) (12,277) (9,264) 8,942 (5,417) (3,998)
9.Tax expenses (5,149) (4,659) (3,126) (1,765) (1,871) (1,873)
10.Profit / (loss) after tax (F8-F9) 3,900 (7,618) (6,138) 10,707 (3,546) (2,125)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4 50 (698) (282) 201 1,052
2.Net cash flows from investing activities 0 0 (1,182) 0 0 0
3.Net cash flows from financing activities 0 0 2,050 200 (350) (890)
H.Miscellaneous
1.Total capital employed (C+D) 423,505 408,362 400,510 407,840 981,388 975,188
2.Retention in business (F10-F11-F12) 3,900 (7,618) (6,138) 10,707 (3,546) (2,125)
3.Depreciation for the year 12,157 12,157 11,195 10,392 9,562 13,203
4.Salaries, wages and employee benefits 763 811 877 1,880 2,099 2,267
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - 611.83 -100.85 -26.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.83 -1.67 -1.38 2.44 -0.49 -0.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.59 1.34 1.33 1.29 1.15 1.11
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.32 -2.23 -1.83 3.16 -0.57 -0.23
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.18 -6.21 -5.00 8.72 -2.89 -1.73
90
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohat Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,124,390 1,338,994 1,276,348 1,479,547 2,355,163 2,483,464
1.Capital work in progress 28,888 10,000 200,000 202,928 219 151,292
2.Operating fixed assets at cost 1,551,014 1,693,617 1,712,505 1,753,095 2,805,243 2,870,428
3.Operating fixed assets after deducting accumulated depreciation 1,092,247 1,322,206 1,070,674 1,271,370 2,348,493 2,325,730
4.Intangible assets 225 3,581 2,767 2,061 1,355 649
5.Long term investments 0 0 0 0 2,500 2,450
6.Other non-current assets 3,030 3,207 2,907 3,188 2,596 3,343
B.Current Assets (B1+B2+B3+B4+B5+B6) 536,160 634,603 860,097 976,398 1,159,022 1,128,655
1.Cash & bank balance 9,858 12,880 4,839 9,066 7,305 12,997
2.Inventories; of which 188,954 304,908 414,162 482,571 668,237 398,667
i)Raw material 133,063 165,204 374,481 416,904 630,713 313,511
ii)Work in progress 21,869 23,746 39,544 34,162 37,524 32,514
iii)Finished goods 34,022 115,958 137 31,505 0 52,642
3.Trade Debt / accounts receivables 141,019 150,901 254,242 335,508 307,669 610,367
4.Short term loans and advances 46,186 3,878 18,677 9,133 6,185 11,031
5.Short term investments 0 0 0 0 0 0
6.Other current assets 150,143 162,036 168,177 140,120 169,626 95,593
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,660,550 1,973,597 2,136,445 2,455,945 3,514,185 3,612,119
C.Shareholders' Equity (C1+C2+C3) 664,823 807,082 840,715 828,127 1,707,895 1,651,295
1.Issued, Subscribed & Paid up capital 208,000 208,000 208,000 208,000 208,000 208,000
i)Ordinary shares 208,000 208,000 208,000 208,000 208,000 208,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 154,676 133,318 182,992 181,864 259,507 218,766
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 154,676 133,318 182,992 181,864 259,507 218,766
of which: un-appropriated profit(loss) / retained earnings 154,676 133,318 182,992 181,864 259,507 218,766
3.Surplus on revaluation of fixed assets 302,147 465,764 449,723 438,263 1,240,388 1,224,529
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 493,087 548,767 378,710 551,689 580,693 784,924
1.Long term borrowings 245,146 250,754 67,497 202,128 194,520 451,273
2.Subordinated loans / Sponsor's loans 100,000 100,000 100,000 100,000 100,000 100,000
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 80,290 82,806 95,125 108,126 115,979 111,585
5.Other non-current liabilities 67,651 115,207 116,088 141,435 170,194 122,066
E.Current Liabilities (E1+E2+E3+E4) 502,640 617,748 917,020 1,076,129 1,225,597 1,175,900
1.Trade credit & other accounts payables 150,662 91,969 347,172 305,257 394,290 411,343
of which: i) Trade credits 20,899 25,369 37,692 40,553 45,303 43,489
2.Short term borrowings 260,235 390,615 471,767 688,336 699,557 649,517
3.Current portion of non-current liabilities 78,558 114,392 81,417 63,456 90,567 62,242
4.Other current liabilities 13,185 20,772 16,664 19,080 41,183 52,798
F.Operations:
1.Sales 2,405,277 2,227,640 2,229,999 2,243,619 2,966,457 2,590,719
i)Local sales (Net) 2,405,277 2,227,640 2,229,999 2,243,619 2,966,457 2,590,719
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,195,772 2,095,509 2,049,883 2,028,660 2,656,307 2,377,665
i)Cost of material 1,566,771 1,524,023 1,406,533 1,421,820 1,941,177 1,687,722
3.Gross profit / (loss) (F1-F2) 209,505 132,131 180,116 214,959 310,150 213,054
4.General, administrative and other expenses 91,259 81,267 79,782 88,921 108,713 111,437
i)Selling & distribution expenses 14,952 15,371 11,938 16,899 22,700 27,200
ii)Administrative and other expenses 76,307 65,896 67,844 72,022 86,013 84,237
5.Other income / (loss) 961 466 10,641 907 754 2,157
6.EBIT (F3-F4+F5) 119,207 51,330 110,975 126,945 202,191 103,774
7.Financial expenses 79,775 69,051 51,555 62,662 115,957 180,655
of which: (i) Interest expenses 77,159 65,754 49,707 57,502 114,454 178,790
8.Profit / (loss) before taxation (F6-F7) 39,432 (17,721) 59,420 64,283 86,234 (76,881)
9.Tax expenses 18,581 1,706 24,488 53,812 19,269 (11,653)
10.Profit / (loss) after tax (F8-F9) 20,851 (19,427) 34,932 10,471 66,965 (65,228)
11.Cash dividends 15,600 0 20,800 15,600 20,800 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 313,307 (38,926) 205,187 15,702 192,479 223,884
2.Net cash flows from investing activities (129,315) (51,343) (24,944) (264,107) (101,396) (206,966)
3.Net cash flows from financing activities (178,662) 93,291 (188,284) 252,632 (92,844) (11,224)
H.Miscellaneous
1.Total capital employed (C+D) 1,157,910 1,355,849 1,219,425 1,379,816 2,288,588 2,436,219
2.Retention in business (F10-F11-F12) 5,251 (19,427) 14,132 (5,129) 46,165 (65,228)
3.Depreciation for the year 68,997 75,558 85,504 62,472 72,811 79,281
4.Salaries, wages and employee benefits 294,788 275,706 303,961 329,220 374,928 364,196
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.87 -0.87 1.57 0.47 2.26 -2.52
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.39 1.23 1.09 0.98 0.99 0.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.20 -1.07 1.70 0.46 2.24 -1.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.59 2.47 2.49 2.75 2.35 2.12
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.11 -2.64 4.24 1.25 5.28 -3.88
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.00 -0.93 1.68 0.50 3.22 -3.14
91
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 738,957 789,370 788,668 815,849 817,136 874,296
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 761,877 14,387 14,387 14,387 14,387 14,387
3.Operating fixed assets after deducting accumulated depreciation 729,629 3,961 3,514 3,122 2,778 2,474
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 8,959 785,040 784,785 812,358 814,192 843,745
6.Other non-current assets 369 369 369 369 166 28,077
B.Current Assets (B1+B2+B3+B4+B5+B6) 13,258 17,509 14,600 19,046 41,174 79,140
1.Cash & bank balance 2,666 2,269 1,747 5,389 25,320 59,560
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 20
4.Short term loans and advances 77 64 124 78 0 125
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,515 15,176 12,729 13,579 15,854 19,435
Total Assets (A+B) / Equity & Liabilities (C+D+E) 752,215 806,879 803,268 834,895 858,310 953,436
C.Shareholders' Equity (C1+C2+C3) 306,983 379,517 391,479 425,538 453,313 540,956
1.Issued, Subscribed & Paid up capital 303,025 303,025 303,025 303,025 303,025 303,025
i)Ordinary shares 303,025 303,025 303,025 303,025 303,025 303,025
ii)Preference shares 0 0 0 0 0 0
2.Reserves (647,306) (574,772) (562,810) (528,751) (500,976) (413,333)
i)Capital Reserve 187,395 187,395 187,395 187,395 187,395 187,395
ii)Revenue Reserve (834,701) (762,167) (750,205) (716,146) (688,371) (600,728)
of which: un-appropriated profit(loss) / retained earnings (834,701) (762,167) (750,205) (716,146) (688,371) (600,728)
3.Surplus on revaluation of fixed assets 651,264 651,264 651,264 651,264 651,264 651,264
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 385 664
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 385 664
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 445,232 427,362 411,789 409,357 404,612 411,816
1.Trade credit & other accounts payables 37,161 32,051 31,747 30,354 27,811 27,647
of which: i) Trade credits 0 3,906 4,606 2,733 619 288
2.Short term borrowings 390,231 371,569 359,480 353,683 353,683 353,683
3.Current portion of non-current liabilities 865 0 0 0 0 0
4.Other current liabilities 16,975 23,742 20,562 25,320 23,118 30,486
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 18,062 6,698 17,430 30,642 21,079 15,898
i)Selling & distribution expenses 37 114 101 163 49 41
ii)Administrative and other expenses 18,025 6,584 17,329 30,479 21,030 15,857
5.Other income / (loss) 26,344 86,015 32,493 73,702 51,172 88,084
6.EBIT (F3-F4+F5) 8,282 79,317 15,063 43,060 30,093 72,186
7.Financial expenses 37 16 52 65 44 11
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 8,245 79,301 15,011 42,995 30,049 72,175
9.Tax expenses 1,402 6,766 3,124 8,920 2,254 (15,437)
10.Profit / (loss) after tax (F8-F9) 6,843 72,535 11,887 34,075 27,795 87,612
11.Cash dividends 0 0 0 0 0 22,727
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (3,393) 18,264 11,567 9,440 19,931 34,240
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 0 (18,662) (12,089) (5,597) 0 0
H.Miscellaneous
1.Total capital employed (C+D) 306,983 379,517 391,479 425,538 453,698 541,620
2.Retention in business (F10-F11-F12) 6,843 72,535 11,887 34,075 27,795 64,885
3.Depreciation for the year 11,163 510 447 391 345 304
4.Salaries, wages and employee benefits 3,472 3,331 13,894 13,647 9,124 8,829
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.90 9.30 1.48 4.16 3.28 9.67
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.50 2.27 2.09 2.01 1.93 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.25 21.13 3.08 8.34 6.33 17.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.23 2.39 0.39 1.12 0.92 2.89
92
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,951,009 3,761,344 3,695,781 5,031,691 4,964,289 5,096,967
1.Capital work in progress 30,995 28,490 217,747 13,150 57,838 157,226
2.Operating fixed assets at cost 6,387,893 6,501,753 6,524,141 8,266,931 8,366,564 8,672,496
3.Operating fixed assets after deducting accumulated depreciation 3,663,368 3,585,297 3,384,934 4,916,569 4,826,388 4,870,902
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 235,693 126,357 71,281 79,940 57,364 39,180
6.Other non-current assets 20,953 21,200 21,819 22,032 22,699 29,659
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,325,651 2,591,571 2,842,388 3,833,242 5,903,784 5,195,415
1.Cash & bank balance 112,292 53,903 69,366 94,990 426,877 765,949
2.Inventories; of which 729,678 806,079 909,069 1,153,505 1,815,530 1,949,786
i)Raw material 139,660 197,119 188,007 312,039 664,433 542,225
ii)Work in progress 143,337 136,625 185,313 191,321 241,703 181,272
iii)Finished goods 446,681 472,335 535,749 650,145 909,394 1,226,289
3.Trade Debt / accounts receivables 485,584 465,442 642,492 1,359,171 2,133,326 545,599
4.Short term loans and advances 78,489 74,812 58,529 120,569 320,536 111,608
5.Short term investments 0 0 0 0 0 0
6.Other current assets 919,608 1,191,335 1,162,932 1,105,007 1,207,515 1,822,473
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,276,660 6,352,915 6,538,169 8,864,933 10,868,073 10,292,382
C.Shareholders' Equity (C1+C2+C3) 1,983,490 1,948,799 2,081,702 3,106,954 3,750,890 3,959,164
1.Issued, Subscribed & Paid up capital 509,110 509,110 509,110 509,110 509,110 509,110
i)Ordinary shares 509,110 509,110 509,110 509,110 509,110 509,110
ii)Preference shares 0 0 0 0 0 0
2.Reserves 371,888 358,240 511,178 722,414 1,409,892 1,656,292
i)Capital Reserve 332,199 252,930 250,927 259,228 246,168 241,962
ii)Revenue Reserve 39,689 105,310 260,251 463,186 1,163,724 1,414,330
of which: un-appropriated profit(loss) / retained earnings (1,093,484) (952,717) (797,776) (538,839) 222,792 626,131
3.Surplus on revaluation of fixed assets 1,102,492 1,081,449 1,061,414 1,875,430 1,831,888 1,793,762
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,086,378 929,887 808,258 974,161 828,853 828,461
1.Long term borrowings 1,532,860 735,287 566,531 714,981 535,965 571,232
2.Subordinated loans / Sponsor's loans 196,855 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 356,663 194,600 241,727 259,180 292,888 257,229
E.Current Liabilities (E1+E2+E3+E4) 2,206,792 3,474,229 3,648,209 4,783,818 6,288,330 5,504,757
1.Trade credit & other accounts payables 848,945 849,017 943,202 1,431,614 1,927,442 2,074,583
of which: i) Trade credits 541,331 570,788 694,325 1,054,780 1,463,101 1,303,025
2.Short term borrowings 756,228 2,189,370 2,404,770 3,038,332 3,916,021 3,072,621
3.Current portion of non-current liabilities 279,032 163,323 160,576 230,251 251,376 131,347
4.Other current liabilities 322,587 272,519 139,661 83,621 193,491 226,206
F.Operations:
1.Sales 7,906,021 8,551,092 10,656,445 10,855,746 13,952,176 11,997,808
i)Local sales (Net) 1,302,063 1,387,912 2,239,775 2,417,087 3,078,893 2,378,164
ii)Export sales (Net) 6,603,958 7,163,180 8,416,670 8,438,659 10,873,283 9,619,644
2.Cost of sales 6,607,204 7,158,065 9,211,160 9,552,735 11,938,614 10,131,060
i)Cost of material 4,325,268 4,783,212 6,600,027 6,579,149 8,597,788 7,199,690
3.Gross profit / (loss) (F1-F2) 1,298,817 1,393,027 1,445,285 1,303,011 2,013,562 1,866,748
4.General, administrative and other expenses 717,377 784,224 1,003,765 886,943 1,196,350 1,136,644
i)Selling & distribution expenses 438,881 497,553 604,602 581,103 729,465 700,338
ii)Administrative and other expenses 278,496 286,671 399,163 305,840 466,885 436,306
5.Other income / (loss) 186,004 44,754 66,088 143,323 429,935 105,734
6.EBIT (F3-F4+F5) 767,444 653,557 507,608 559,391 1,247,147 835,838
7.Financial expenses 528,121 450,764 273,786 296,844 383,946 350,031
of which: (i) Interest expenses 488,356 269,046 141,478 196,189 253,918 232,208
8.Profit / (loss) before taxation (F6-F7) 239,323 202,793 233,822 262,547 863,201 485,807
9.Tax expenses 116,347 83,960 99,807 23,491 134,451 120,595
10.Profit / (loss) after tax (F8-F9) 122,976 118,833 134,015 239,056 728,750 365,212
11.Cash dividends 0 0 56,002 61,093 152,733 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 412,776 82,849 215,154 (48,010) (134,571) 1,750,881
2.Net cash flows from investing activities (113,775) (147,560) (194,805) (707,269) (176,826) (406,898)
3.Net cash flows from financing activities (342,183) 6,322 (4,886) 780,903 643,284 (1,004,910)
H.Miscellaneous
1.Total capital employed (C+D) 4,069,868 2,878,686 2,889,960 4,081,115 4,579,743 4,787,625
2.Retention in business (F10-F11-F12) 122,976 118,833 78,013 177,963 576,017 365,212
3.Depreciation for the year 224,273 218,157 206,773 224,512 277,831 268,416
4.Salaries, wages and employee benefits 532,699 589,881 676,428 821,426 958,389 965,069
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.56 1.39 1.26 2.20 5.22 3.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.29 1.35 1.65 1.41 1.41 1.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.01 1.88 2.08 3.10 7.39 3.45
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.48 3.21 3.20 2.97 2.88 2.74
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.97 6.04 6.65 9.21 21.25 9.47
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.42 2.33 2.63 4.70 14.31 7.17
93
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,117,364 2,059,143 1,923,982 1,860,731 1,778,064 1,691,583
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 3,619,241 3,735,276 3,721,936 3,732,634 3,766,176 3,769,179
3.Operating fixed assets after deducting accumulated depreciation 2,085,557 2,027,132 1,913,005 1,821,122 1,738,573 1,652,108
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 532 416 416 284 166 150
6.Other non-current assets 31,275 31,595 10,561 39,325 39,325 39,325
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,953,183 1,409,723 1,259,213 1,157,290 1,121,796 1,133,274
1.Cash & bank balance 10,724 11,413 2,376 4,137 4,299 9,814
2.Inventories; of which 1,345,357 953,485 853,765 781,325 798,871 916,048
i)Raw material 920,610 636,838 651,795 688,015 709,257 718,853
ii)Work in progress 138,646 115,617 133,500 29,691 43,300 25,385
iii)Finished goods 280,053 194,854 67,374 60,838 46,315 171,811
3.Trade Debt / accounts receivables 392,477 276,652 160,346 253,113 208,886 145,789
4.Short term loans and advances 67,815 41,719 67,463 57,991 63,337 21,781
5.Short term investments 0 0 0 0 0 0
6.Other current assets 136,810 126,454 175,263 60,724 46,403 39,842
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,070,547 3,468,866 3,183,195 3,018,021 2,899,860 2,824,857
C.Shareholders' Equity (C1+C2+C3) 842,304 389,750 (293,099) (106,473) (477,241) (722,763)
1.Issued, Subscribed & Paid up capital 650,000 650,000 650,000 1,078,571 1,078,571 1,078,571
i)Ordinary shares 650,000 650,000 650,000 1,078,571 1,078,571 1,078,571
ii)Preference shares 0 0 0 0 0 0
2.Reserves 192,304 (260,250) (943,099) (1,185,044) (1,555,812) (1,801,334)
i)Capital Reserve 0 0 0 0 163,839 163,359
ii)Revenue Reserve 192,304 (260,250) (943,099) (1,185,044) (1,719,651) (1,964,693)
of which: un-appropriated profit(loss) / retained earnings 192,304 (260,250) 920,376 (1,135,556) (1,707,038) (1,952,080)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,214,903 1,093,729 1,285,143 553,986 534,743 553,173
1.Long term borrowings 700,000 563,146 768,231 88,434 73,150 106,650
2.Subordinated loans / Sponsor's loans 397,000 397,000 397,000 397,000 397,000 397,000
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 117,903 107,821 79,608 68,552 64,593 49,523
5.Other non-current liabilities 0 25,762 40,304 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 2,013,340 1,985,387 2,191,151 2,570,508 2,842,358 2,994,447
1.Trade credit & other accounts payables 231,634 290,227 305,453 333,803 341,855 493,988
of which: i) Trade credits 88,738 68,893 66,593 44,735 35,378 165,324
2.Short term borrowings 1,577,355 1,436,048 1,406,766 1,591,339 1,627,043 1,630,224
3.Current portion of non-current liabilities 147,966 197,594 200,000 317,648 364,706 364,706
4.Other current liabilities 56,385 61,518 278,932 327,718 508,754 505,529
F.Operations:
1.Sales 6,051,526 4,139,298 2,063,046 3,070,194 4,260,539 1,662,982
i)Local sales (Net) 3,372,774 2,998,838 2,053,247 3,070,194 4,260,539 1,662,982
ii)Export sales (Net) 2,678,752 1,140,460 9,799 0 0 0
2.Cost of sales 5,719,869 4,158,348 2,443,291 3,235,487 4,258,906 1,797,828
i)Cost of material 4,106,848 2,775,330 1,361,212 1,852,563 2,993,358 1,214,391
3.Gross profit / (loss) (F1-F2) 331,657 (19,050) (380,245) (165,293) 1,633 (134,846)
4.General, administrative and other expenses 276,393 205,396 96,034 123,291 133,502 77,200
i)Selling & distribution expenses 157,628 93,087 9,685 5,695 3,213 2,291
ii)Administrative and other expenses 118,765 112,309 86,349 117,596 130,289 74,909
5.Other income / (loss) 27,867 7,623 4,192 2,707 10 287
6.EBIT (F3-F4+F5) 83,131 (216,823) (472,087) (285,877) (131,859) (211,759)
7.Financial expenses 312,299 207,809 160,432 165,938 174,637 8,338
of which: (i) Interest expenses 271,362 184,166 156,762 165,144 173,944 7,513
8.Profit / (loss) before taxation (F6-F7) (229,168) (424,632) (632,519) (451,815) (306,496) (220,097)
9.Tax expenses 60,515 41,393 49,728 (37,197) 32,907 24,945
10.Profit / (loss) after tax (F8-F9) (289,683) (466,025) (682,247) (414,618) (339,403) (245,042)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (16,597) 257,342 (307,428) (11,914) (17,270) (23,311)
2.Net cash flows from investing activities (212,155) (54,409) 35,438 (48,338) (11,942) (3,374)
3.Net cash flows from financing activities 288,567 (202,244) 262,953 62,013 29,373 32,200
H.Miscellaneous
1.Total capital employed (C+D) 2,057,207 1,483,479 992,044 447,513 57,502 (169,590)
2.Retention in business (F10-F11-F12) (289,683) (466,025) (682,247) (414,618) (339,403) (245,042)
3.Depreciation for the year 103,246 128,786 105,290 98,935 94,489 90,127
4.Salaries, wages and employee benefits 600,073 517,461 409,354 418,984 522,300 234,621
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -4.79 -11.26 -33.07 -13.50 -7.97 -14.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.43 1.10 0.62 0.99 1.44 0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.85 -12.36 -20.51 -13.37 -11.47 -8.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.27 6.12 68.83 -15.52 -10.14 -4.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -29.26 -75.65 -1,411.77 207.53 116.29 40.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.23 -7.17 -10.50 -1.92 -1.57 -1.14
94
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,275,578 13,158,134 15,447,434 18,155,891 18,512,532 22,623,930
1.Capital work in progress 13,566 238,508 112,888 211,451 75,801 439,180
2.Operating fixed assets at cost 11,031,966 11,988,075 13,267,034 13,990,939 14,924,175 15,804,611
3.Operating fixed assets after deducting accumulated depreciation 6,551,632 7,199,132 8,109,134 8,367,262 8,831,769 9,260,304
4.Intangible assets 0 9,305 11,974 0 0 0
5.Long term investments 5,650,222 5,651,147 7,156,759 9,527,554 9,552,373 12,871,488
6.Other non-current assets 60,158 60,042 56,679 49,624 52,589 52,958
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,338,022 5,997,583 5,297,408 6,716,065 7,034,046 10,079,836
1.Cash & bank balance 114,815 229,012 154,935 161,905 216,366 186,613
2.Inventories; of which 1,987,603 2,203,655 2,009,579 2,574,838 3,814,347 5,362,714
i)Raw material 886,846 1,095,355 841,118 1,430,755 2,276,186 2,674,822
ii)Work in progress 646,230 620,336 575,961 597,872 798,715 999,128
iii)Finished goods 454,527 487,964 592,500 546,211 739,447 1,688,765
3.Trade Debt / accounts receivables 1,130,300 1,039,529 1,298,968 1,699,015 1,455,119 2,360,050
4.Short term loans and advances 153,862 196,419 145,480 718,354 370,271 306,325
5.Short term investments 721,598 838,756 6,498 8,042 51,441 82,797
6.Other current assets 1,229,844 1,490,212 1,681,948 1,553,911 1,126,502 1,781,337
Total Assets (A+B) / Equity & Liabilities (C+D+E) 17,613,600 19,155,717 20,744,842 24,871,956 25,546,578 32,703,766
C.Shareholders' Equity (C1+C2+C3) 11,684,053 12,959,673 13,922,796 15,820,626 16,966,815 17,971,090
1.Issued, Subscribed & Paid up capital 2,455,262 2,823,551 2,823,551 2,992,964 2,992,964 2,992,964
i)Ordinary shares 2,455,262 2,823,551 2,823,551 2,992,964 2,992,964 2,992,964
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,554,966 6,336,788 7,276,792 8,984,618 10,130,807 11,135,082
i)Capital Reserve 144,919 144,919 144,919 986,077 986,077 986,077
ii)Revenue Reserve 5,410,047 6,191,869 7,131,873 7,998,541 9,144,730 10,149,005
of which: un-appropriated profit(loss) / retained earnings 3,959,556 4,741,378 5,681,382 6,548,050 7,694,239 8,698,514
3.Surplus on revaluation of fixed assets 3,673,825 3,799,334 3,822,453 3,843,044 3,843,044 3,843,044
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 743,794 1,205,135 1,776,007 1,850,676 2,129,031 3,411,551
1.Long term borrowings 382,192 787,397 1,295,884 1,335,099 1,535,299 2,860,987
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 361,602 417,738 480,123 515,577 593,732 550,564
E.Current Liabilities (E1+E2+E3+E4) 5,185,753 4,990,909 5,046,039 7,200,654 6,450,732 11,321,125
1.Trade credit & other accounts payables 1,434,212 1,312,365 1,518,697 1,797,734 2,133,377 2,785,824
of which: i) Trade credits 745,294 573,404 734,594 859,849 914,956 1,437,382
2.Short term borrowings 3,596,588 3,434,394 3,187,866 4,635,384 3,141,523 7,479,127
3.Current portion of non-current liabilities 90,792 184,891 278,573 388,301 411,419 107,296
4.Other current liabilities 64,161 59,259 60,903 379,235 764,413 948,878
F.Operations:
1.Sales 15,862,743 16,088,302 17,404,708 17,833,540 21,220,135 21,844,810
i)Local sales (Net) 7,212,062 7,853,941 9,542,256 11,285,473 14,218,715 12,608,174
ii)Export sales (Net) 8,650,681 8,234,361 7,862,452 6,548,067 7,001,420 9,236,636
2.Cost of sales 13,132,754 13,048,866 14,823,393 15,355,788 17,659,063 17,854,630
i)Cost of material 7,817,601 7,803,458 9,019,710 9,452,232 11,510,678 12,023,445
3.Gross profit / (loss) (F1-F2) 2,729,989 3,039,436 2,581,315 2,477,752 3,561,072 3,990,180
4.General, administrative and other expenses 1,062,626 1,141,430 1,136,656 1,144,988 1,477,781 1,602,621
i)Selling & distribution expenses 620,281 574,226 538,294 495,766 561,181 821,609
ii)Administrative and other expenses 442,345 567,204 598,362 649,222 916,600 781,012
5.Other income / (loss) 1,229,860 1,067,529 1,725,445 1,183,527 608,755 293,511
6.EBIT (F3-F4+F5) 2,897,223 2,965,535 3,170,104 2,516,291 2,692,046 2,681,070
7.Financial expenses 490,917 337,357 267,593 362,200 411,111 802,869
of which: (i) Interest expenses 457,919 287,769 238,368 337,747 370,832 750,055
8.Profit / (loss) before taxation (F6-F7) 2,406,306 2,628,178 2,902,511 2,154,091 2,280,935 1,878,201
9.Tax expenses 319,473 495,963 550,732 489,769 530,291 350,158
10.Profit / (loss) after tax (F8-F9) 2,086,833 2,132,215 2,351,779 1,664,322 1,750,644 1,528,043
11.Cash dividends 859,342 1,270,598 988,243 673,417 598,593 523,769
12.Bonus shares / stock dividends 0 423,533 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,310,771 1,002,347 1,171,639 394,884 2,493,699 (390,215)
2.Net cash flows from investing activities (314,592) (247,653) (196,570) (2,202,943) (572,930) (4,481,124)
3.Net cash flows from financing activities (982,301) (640,497) (1,049,146) 1,815,029 (1,866,308) 4,841,586
H.Miscellaneous
1.Total capital employed (C+D) 12,427,847 14,164,808 15,698,803 17,671,302 19,095,846 21,382,641
2.Retention in business (F10-F11-F12) 1,227,491 438,084 1,363,536 990,905 1,152,051 1,004,274
3.Depreciation for the year 329,440 364,388 442,552 498,650 530,546 564,651
4.Salaries, wages and employee benefits 1,494,267 1,759,453 1,908,478 1,943,904 2,060,480 2,465,129
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.16 13.25 13.51 9.33 8.25 6.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.94 0.88 0.87 0.78 0.84 0.75
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.37 11.60 11.79 7.30 6.94 5.25
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.49 1.48 1.53 1.54 1.67
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 19.39 17.30 17.50 11.19 10.68 8.75
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.50 7.55 8.33 5.56 5.85 5.11
95
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Landmark Spinning Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 241,819 218,589 212,882 176,776 192,261 174,392
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 298,646 298,646 313,856 277,750 300,303 300,303
3.Operating fixed assets after deducting accumulated depreciation 241,794 218,564 212,857 176,751 192,236 174,367
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 25 25 25 25 25 25
B.Current Assets (B1+B2+B3+B4+B5+B6) 77 70 54 16 31 56
1.Cash & bank balance 38 31 15 16 31 56
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 39 39 39 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 241,896 218,659 212,936 176,792 192,292 174,448
C.Shareholders' Equity (C1+C2+C3) 107,351 41,185 16,187 (68,355) (60,786) (77,712)
1.Issued, Subscribed & Paid up capital 121,237 121,237 121,237 121,237 121,237 121,237
i)Ordinary shares 121,237 121,237 121,237 121,237 121,237 121,237
ii)Preference shares 0 0 0 0 0 0
2.Reserves (114,815) (142,287) (172,849) (249,571) (256,780) (266,495)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (114,815) (142,287) (172,849) (249,571) (256,780) (266,495)
of which: un-appropriated profit(loss) / retained earnings (114,815) (142,287) (172,849) (249,571) (256,780) (266,495)
3.Surplus on revaluation of fixed assets 100,929 62,235 67,799 59,979 74,757 67,546
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 177,213 196,297 244,944 252,658 251,482
1.Long term borrowings 0 147,926 165,837 222,574 224,414 226,328
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 29,287 30,460 22,370 28,244 25,154
E.Current Liabilities (E1+E2+E3+E4) 134,545 261 452 203 420 678
1.Trade credit & other accounts payables 281 261 452 203 420 678
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 134,264 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 0 0 0 0 0
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 23,223 22,437 1,916 92 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 (23,223) (22,437) (1,916) (92) 0
4.General, administrative and other expenses 1,138 1,295 3,750 2,709 18,558 20,014
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 1,138 1,295 3,750 2,709 18,558 20,014
5.Other income / (loss) (11,589) 0 0 0 0 0
6.EBIT (F3-F4+F5) (12,727) (24,518) (26,187) (4,625) (18,650) (20,014)
7.Financial expenses 1 12,757 14,054 51,900 3 1
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (12,728) (37,275) (40,241) (56,525) (18,653) (20,015)
9.Tax expenses 0 (3,009) (2,626) 0 (3,433) (3,090)
10.Profit / (loss) after tax (F8-F9) (12,728) (34,266) (37,615) (56,525) (15,220) (16,925)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,119) (1,310) (5,081) (4,841) (1,826) (1,888)
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 1,076 1,304 5,065 4,841 1,841 1,913
H.Miscellaneous
1.Total capital employed (C+D) 107,351 218,398 212,484 176,589 191,872 173,770
2.Retention in business (F10-F11-F12) (12,728) (34,266) (37,615) (56,525) (15,220) (16,925)
3.Depreciation for the year 3 23,229 20,917 0 16,601 17,869
4.Salaries, wages and employee benefits 620 736 3,200 1,856 1,024 564
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.26 -14.88 -17.43 -29.01 -8.25 -9.23
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.49 3.10 7.52 -7.47 -2.86 -2.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -18.35 -46.14 -131.13 216.70 23.57 24.44
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.05 -2.83 -3.10 -4.66 -1.26 -1.40
96
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mahmood Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,405,509 4,166,819 4,699,110 7,141,884 12,839,897 12,780,838
1.Capital work in progress 24,917 32,833 51,906 286,573 53,386 126,095
2.Operating fixed assets at cost 5,980,527 6,164,809 6,688,458 9,191,480 13,248,550 13,589,107
3.Operating fixed assets after deducting accumulated depreciation 3,017,002 2,891,988 3,144,863 5,307,505 8,887,836 8,455,200
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,353,474 1,233,266 1,493,609 1,538,568 3,888,694 4,189,562
6.Other non-current assets 10,116 8,732 8,732 9,238 9,981 9,981
B.Current Assets (B1+B2+B3+B4+B5+B6) 7,085,082 6,529,269 9,669,730 11,213,381 12,426,349 12,667,080
1.Cash & bank balance 15,137 24,977 13,360 32,363 24,598 45,046
2.Inventories; of which 3,402,945 2,542,957 3,336,305 4,247,088 7,593,498 7,059,217
i)Raw material 2,559,339 1,894,667 2,691,892 3,610,904 6,625,649 5,680,317
ii)Work in progress 98,013 82,576 99,058 145,021 179,400 180,674
iii)Finished goods 745,593 565,714 545,355 491,163 788,449 1,198,226
3.Trade Debt / accounts receivables 1,343,004 1,318,915 2,212,371 2,195,470 1,685,878 3,102,628
4.Short term loans and advances 74,899 632,943 724,540 1,258,404 513,393 183,371
5.Short term investments 1,673,501 1,515,060 2,610,301 2,233,763 1,370,406 725,341
6.Other current assets 575,596 494,417 772,853 1,246,293 1,238,576 1,551,477
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,490,591 10,696,088 14,368,840 18,355,265 25,266,246 25,447,918
C.Shareholders' Equity (C1+C2+C3) 4,671,831 4,465,673 4,782,879 4,854,171 8,483,898 8,582,479
1.Issued, Subscribed & Paid up capital 150,000 150,000 150,000 150,000 150,000 187,500
i)Ordinary shares 150,000 150,000 150,000 150,000 150,000 187,500
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,521,831 4,315,673 4,632,879 4,704,171 5,417,178 5,603,623
i)Capital Reserve 7,121 7,121 7,121 7,121 7,121 7,121
ii)Revenue Reserve 4,514,710 4,308,552 4,625,758 4,697,050 5,410,057 5,596,502
of which: un-appropriated profit(loss) / retained earnings 4,514,710 4,308,552 4,625,758 4,697,050 5,410,057 5,596,502
3.Surplus on revaluation of fixed assets 0 0 0 0 2,916,720 2,791,356
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,034,136 705,450 861,484 2,052,349 3,430,486 5,601,727
1.Long term borrowings 918,892 705,450 861,484 2,052,349 3,349,876 5,497,230
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 115,244 0 0 0 80,610 104,497
E.Current Liabilities (E1+E2+E3+E4) 5,784,624 5,524,965 8,724,477 11,448,745 13,351,862 11,263,712
1.Trade credit & other accounts payables 1,013,025 895,956 1,135,986 1,295,290 1,441,644 1,760,984
of which: i) Trade credits 104,987 89,109 112,984 219,438 222,252 302,670
2.Short term borrowings 4,205,053 4,089,627 7,029,862 9,639,163 10,863,086 8,763,773
3.Current portion of non-current liabilities 317,583 284,644 282,897 243,341 433,941 180,489
4.Other current liabilities 248,963 254,738 275,732 270,951 613,191 558,466
F.Operations:
1.Sales 13,759,434 13,663,708 15,747,947 18,154,144 24,386,740 24,465,188
i)Local sales (Net) 2,063,636 2,282,678 2,669,262 2,998,747 3,912,345 2,662,669
ii)Export sales (Net) 11,695,798 11,381,030 13,078,685 15,155,397 20,474,395 21,802,519
2.Cost of sales 12,814,321 12,566,324 14,742,034 16,873,903 21,812,854 22,351,655
i)Cost of material 8,499,456 9,642,554 11,625,907 13,371,900 18,231,713 18,540,516
3.Gross profit / (loss) (F1-F2) 945,113 1,097,384 1,005,913 1,280,241 2,573,886 2,113,533
4.General, administrative and other expenses 699,538 893,247 780,420 1,108,323 1,682,546 1,059,336
i)Selling & distribution expenses 423,001 371,687 370,210 473,311 498,864 557,017
ii)Administrative and other expenses 276,537 521,560 410,210 635,012 1,183,682 502,319
5.Other income / (loss) 764,412 214,854 713,044 845,631 1,696,674 774,752
6.EBIT (F3-F4+F5) 1,009,987 418,991 938,537 1,017,549 2,588,014 1,828,949
7.Financial expenses 474,646 416,356 471,384 742,766 1,525,678 1,526,765
of which: (i) Interest expenses 414,266 361,543 391,129 660,400 1,361,258 1,280,992
8.Profit / (loss) before taxation (F6-F7) 535,341 2,635 467,153 274,783 1,062,336 302,184
9.Tax expenses 161,933 58,794 149,947 62,573 311,829 230,551
10.Profit / (loss) after tax (F8-F9) 373,408 (56,159) 317,206 212,210 750,507 71,633
11.Cash dividends 150,000 0 135,000 37,500 0 0
12.Bonus shares / stock dividends 0 0 0 0 37,500 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (412,034) 917,362 (1,162,431) (630,668) 283,031 1,165,979
2.Net cash flows from investing activities (607,410) 28,073 (1,508,532) (2,322,891) (1,613,408) 672,032
3.Net cash flows from financing activities 1,025,808 (935,595) 2,659,347 2,972,562 1,322,613 (1,817,563)
H.Miscellaneous
1.Total capital employed (C+D) 5,705,967 5,171,123 5,644,363 6,906,520 11,914,384 14,184,206
2.Retention in business (F10-F11-F12) 223,408 (56,159) 182,206 174,710 713,007 71,633
3.Depreciation for the year 314,983 314,672 320,862 376,390 597,822 782,858
4.Salaries, wages and employee benefits 908,922 933,611 1,074,819 1,182,287 2,540,157 1,488,698
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.71 -0.41 2.01 1.17 3.08 0.29
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.34 1.23 1.26 1.11 1.12 0.96
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.62 -0.51 2.53 1.30 3.44 0.28
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.26 2.43 2.71 3.40 3.27 2.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.19 -1.23 6.86 4.40 11.25 0.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 24.89 -3.74 21.15 14.15 50.03 3.82
97
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Maqbool Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,779,366 1,855,950 1,845,688 1,805,610 2,742,432 2,795,911
1.Capital work in progress 304 555 34,945 390 32,110 597
2.Operating fixed assets at cost 2,101,515 2,267,849 2,313,671 2,395,113 3,193,930 3,405,130
3.Operating fixed assets after deducting accumulated depreciation 1,773,393 1,849,726 1,805,074 1,799,551 2,704,552 2,787,132
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 5,669 5,669 5,669 5,669 5,770 8,182
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,144,604 1,305,025 1,261,142 1,626,487 2,043,682 2,439,974
1.Cash & bank balance 48,436 17,846 32,176 72,990 20,710 35,504
2.Inventories; of which 573,037 787,451 674,239 606,947 994,565 1,381,200
i)Raw material 333,329 449,004 410,825 468,106 878,874 921,527
ii)Work in progress 39,556 49,063 40,218 40,096 56,960 52,937
iii)Finished goods 200,152 289,384 223,196 98,745 58,731 406,736
3.Trade Debt / accounts receivables 338,284 320,374 268,592 610,984 641,645 599,100
4.Short term loans and advances 27,234 20,084 36,295 26,580 52,473 100,099
5.Short term investments 0 0 0 0 0 0
6.Other current assets 157,613 159,270 249,840 308,986 334,289 324,071
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,923,970 3,160,975 3,106,830 3,432,097 4,786,114 5,235,885
C.Shareholders' Equity (C1+C2+C3) 1,243,726 1,186,094 1,235,843 1,292,335 1,893,894 1,894,822
1.Issued, Subscribed & Paid up capital 168,000 168,000 168,000 168,000 168,000 168,000
i)Ordinary shares 168,000 168,000 168,000 168,000 168,000 168,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 325,540 294,788 362,868 443,898 538,169 593,179
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 325,540 294,788 362,868 443,898 538,169 593,179
of which: un-appropriated profit(loss) / retained earnings 157,540 126,788 194,868 275,898 370,169 425,179
3.Surplus on revaluation of fixed assets 750,186 723,306 704,975 680,437 1,187,725 1,133,643
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 411,317 470,764 411,869 341,110 600,118 739,112
1.Long term borrowings 134,401 179,922 145,187 72,362 198,531 300,855
2.Subordinated loans / Sponsor's loans 51,240 56,364 46,581 51,460 64,092 55,083
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 13,221 20,787 23,954 23,331 30,900 37,954
5.Other non-current liabilities 212,455 213,691 196,147 193,957 306,595 345,220
E.Current Liabilities (E1+E2+E3+E4) 1,268,927 1,504,117 1,459,118 1,798,652 2,292,102 2,601,951
1.Trade credit & other accounts payables 236,005 193,302 190,365 208,235 619,230 363,392
of which: i) Trade credits 103,856 102,660 85,638 122,374 482,326 168,686
2.Short term borrowings 913,368 1,182,593 1,128,003 1,429,273 1,491,226 2,025,910
3.Current portion of non-current liabilities 59,519 70,530 68,532 72,825 75,052 60,504
4.Other current liabilities 60,035 57,692 72,218 88,319 106,594 152,145
F.Operations:
1.Sales 4,014,689 4,280,590 4,863,139 5,598,969 6,234,762 5,841,689
i)Local sales (Net) 2,109,965 2,738,737 3,023,096 3,187,611 4,920,744 4,670,654
ii)Export sales (Net) 1,904,724 1,541,853 1,840,043 2,411,358 1,314,018 1,171,035
2.Cost of sales 3,778,857 4,053,313 4,531,258 5,200,445 5,717,727 5,221,667
i)Cost of material 2,627,078 2,973,682 3,261,468 3,761,842 4,394,903 3,960,500
3.Gross profit / (loss) (F1-F2) 235,832 227,277 331,881 398,524 517,035 620,022
4.General, administrative and other expenses 195,753 169,824 184,604 198,588 238,404 226,827
i)Selling & distribution expenses 96,369 66,751 77,122 87,111 76,741 65,306
ii)Administrative and other expenses 99,384 103,073 107,482 111,477 161,663 161,521
5.Other income / (loss) 6,644 7,562 19,247 36,924 53,237 975
6.EBIT (F3-F4+F5) 46,723 65,015 166,524 236,860 331,868 394,170
7.Financial expenses 100,688 96,358 103,228 127,337 171,685 261,941
of which: (i) Interest expenses 93,884 92,206 97,388 111,836 157,738 246,527
8.Profit / (loss) before taxation (F6-F7) (53,965) (31,343) 63,296 109,523 160,183 132,229
9.Tax expenses 12,733 29,025 37,048 54,816 87,346 105,837
10.Profit / (loss) after tax (F8-F9) (66,698) (60,368) 26,248 54,707 72,837 26,392
11.Cash dividends 0 0 0 21,000 29,400 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (267,049) (186,255) 185,869 (144,013) 174,951 (402,406)
2.Net cash flows from investing activities (77,668) (166,585) (80,211) (47,911) (404,786) (168,300)
3.Net cash flows from financing activities 372,064 322,250 (91,327) 232,738 177,554 585,500
H.Miscellaneous
1.Total capital employed (C+D) 1,655,043 1,656,858 1,647,712 1,633,445 2,494,012 2,633,934
2.Retention in business (F10-F11-F12) (66,698) (60,368) 26,248 33,707 43,437 26,392
3.Depreciation for the year 89,796 90,001 90,473 88,776 88,855 129,216
4.Salaries, wages and employee benefits 311,164 381,874 409,041 440,607 511,024 517,163
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.66 -1.41 0.54 0.98 1.17 0.45
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.46 1.41 1.55 1.71 1.52 1.17
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.43 -1.98 0.84 1.67 1.77 0.53
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.16 2.50 2.59 2.59 2.58 2.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -5.24 -4.97 2.17 4.33 4.57 1.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.97 -3.59 1.56 3.26 4.34 1.57
98
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Masood Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,633,625 6,759,486 8,432,853 10,077,261 11,714,774 14,039,371
1.Capital work in progress 170,638 125,413 472,888 685,560 610,295 450,758
2.Operating fixed assets at cost 6,718,044 10,377,637 12,161,085 14,198,979 16,219,768 19,379,002
3.Operating fixed assets after deducting accumulated depreciation 6,412,091 6,587,982 7,904,429 9,342,777 10,552,232 13,161,273
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 476,076 0
6.Other non-current assets 50,896 46,091 55,536 48,924 76,171 427,340
B.Current Assets (B1+B2+B3+B4+B5+B6) 16,337,364 15,970,818 18,465,757 22,143,737 25,419,677 22,957,738
1.Cash & bank balance 1,167,579 1,226,653 902,816 620,380 380,463 1,173,014
2.Inventories; of which 5,275,563 5,277,633 6,916,511 5,810,871 7,746,252 8,125,166
i)Raw material 1,649,836 1,715,467 2,559,226 1,783,689 2,257,744 2,896,819
ii)Work in progress 1,489,086 1,408,214 1,471,451 1,913,300 2,225,565 1,596,125
iii)Finished goods 2,136,641 2,153,952 2,885,834 2,113,882 3,262,943 3,632,222
3.Trade Debt / accounts receivables 6,911,990 6,067,959 5,618,714 9,276,084 10,708,309 7,763,851
4.Short term loans and advances 315,190 303,928 354,523 380,772 362,144 537,886
5.Short term investments 0 0 0 0 100,000 203,218
6.Other current assets 2,667,042 3,094,645 4,673,193 6,055,630 6,122,509 5,154,603
Total Assets (A+B) / Equity & Liabilities (C+D+E) 22,970,989 22,730,304 26,898,610 32,220,998 37,134,451 36,997,109
C.Shareholders' Equity (C1+C2+C3) 7,061,825 7,724,122 9,347,599 10,335,874 11,497,739 8,810,165
1.Issued, Subscribed & Paid up capital 948,333 948,333 986,666 986,666 986,666 986,666
i)Ordinary shares 600,000 600,000 675,000 675,000 675,000 675,000
ii)Preference shares 348,333 348,333 311,666 311,666 311,666 311,666
2.Reserves 5,507,259 5,875,555 7,460,699 8,448,974 9,610,839 5,375,947
i)Capital Reserve 528,333 528,333 1,503,333 1,503,333 1,503,333 1,503,333
ii)Revenue Reserve 4,978,926 5,347,222 5,957,366 6,945,641 8,107,506 3,872,614
of which: un-appropriated profit(loss) / retained earnings 4,264,426 4,632,722 5,242,866 6,231,141 7,393,006 3,158,114
3.Surplus on revaluation of fixed assets 606,233 900,234 900,234 900,234 900,234 2,447,552
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,475,215 1,724,619 5,751,825 5,381,737 5,091,441 8,429,592
1.Long term borrowings 1,043,292 1,157,803 5,141,939 4,657,384 4,321,185 7,465,238
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 431,923 566,816 609,886 724,353 770,256 964,354
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 14,433,949 13,281,563 11,799,186 16,503,387 20,545,271 19,757,352
1.Trade credit & other accounts payables 2,205,160 2,146,893 1,961,552 2,676,834 3,889,182 2,461,960
of which: i) Trade credits 1,483,271 1,431,699 1,143,581 1,362,914 2,548,741 1,067,363
2.Short term borrowings 11,044,430 10,056,494 8,907,948 11,962,878 14,280,366 15,835,860
3.Current portion of non-current liabilities 750,675 788,853 686,368 1,469,563 1,669,188 630,857
4.Other current liabilities 433,684 289,323 243,318 394,112 706,535 828,675
F.Operations:
1.Sales 26,702,735 23,183,485 23,393,876 30,842,159 34,211,379 28,668,642
i)Local sales (Net) 4,201,462 1,332,026 1,618,243 2,781,585 4,457,557 5,722,844
ii)Export sales (Net) 22,501,273 21,851,459 21,775,633 28,060,574 29,753,822 22,945,798
2.Cost of sales 22,988,317 19,971,238 20,008,592 26,990,855 30,417,532 27,302,890
i)Cost of material 8,918,140 8,616,984 8,515,987 11,253,192 13,943,741 10,146,862
3.Gross profit / (loss) (F1-F2) 3,714,418 3,212,247 3,385,284 3,851,304 3,793,847 1,365,752
4.General, administrative and other expenses 2,004,963 1,917,172 1,969,464 2,720,854 3,196,001 3,838,487
i)Selling & distribution expenses 1,472,973 1,396,012 1,478,067 2,063,381 2,449,678 2,149,418
ii)Administrative and other expenses 531,990 521,160 491,397 657,473 746,323 1,689,069
5.Other income / (loss) 325,588 341,212 218,041 1,070,524 2,353,372 420,371
6.EBIT (F3-F4+F5) 2,035,043 1,636,287 1,633,861 2,200,974 2,951,218 (2,052,364)
7.Financial expenses 1,002,893 718,568 640,673 896,395 1,203,112 1,699,286
of which: (i) Interest expenses 886,300 582,584 502,863 776,620 1,049,352 1,522,229
8.Profit / (loss) before taxation (F6-F7) 1,032,150 917,719 993,188 1,304,579 1,748,106 (3,751,650)
9.Tax expenses 278,037 188,501 106,187 191,531 415,698 368,629
10.Profit / (loss) after tax (F8-F9) 754,113 729,218 887,001 1,113,048 1,332,408 (4,120,279)
11.Cash dividends 412,525 417,267 172,667 148,000 172,667 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,509,372 1,209,721 (1,911,891) (1,289,806) (382,110) 0
2.Net cash flows from investing activities (1,206,667) 315,400 (2,158,384) (2,346,201) (2,011,609) 0
3.Net cash flows from financing activities 420,025 (835,247) 3,746,438 3,353,570 2,153,802 0
H.Miscellaneous
1.Total capital employed (C+D) 8,537,040 9,448,741 15,099,424 15,717,611 16,589,180 17,239,757
2.Retention in business (F10-F11-F12) 341,588 311,951 714,334 965,048 1,159,741 (4,120,279)
3.Depreciation for the year 464,149 488,269 511,652 692,150 825,850 899,965
4.Salaries, wages and employee benefits 3,791,251 3,740,159 4,398,606 5,621,755 5,918,674 6,192,909
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.82 3.15 3.79 3.61 3.89 -14.37
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.18 1.01 0.94 1.04 0.99 0.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.35 3.19 3.57 3.77 3.84 -11.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.34 3.09 2.91 3.00 3.18 3.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 11.18 9.86 10.39 11.31 12.21 -40.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.95 7.69 8.99 11.28 13.50 -41.76
99
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mian Textile Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 423,432 396,178 5,817 6,547 3,946 3,314
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 368,592 358,289 19,055 19,262 6,404 6,407
3.Operating fixed assets after deducting accumulated depreciation 316,062 293,509 5,035 5,776 3,267 2,635
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 99,021 99,021 0 0 0 0
6.Other non-current assets 8,349 3,648 782 771 679 679
B.Current Assets (B1+B2+B3+B4+B5+B6) 30,913 25,245 351,587 327,258 77,897 28,609
1.Cash & bank balance 1,892 7,041 9,333 6,212 57,524 7,953
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 19,038 3,647 346 569 1,917 1,702
4.Short term loans and advances 593 597 426 2,986 3 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 9,390 13,960 341,482 317,491 18,453 18,954
Total Assets (A+B) / Equity & Liabilities (C+D+E) 454,345 421,423 357,404 333,805 81,843 31,923
C.Shareholders' Equity (C1+C2+C3) (233,033) (151,478) (103,494) (60,005) 33,797 19,183
1.Issued, Subscribed & Paid up capital 221,052 221,052 221,052 221,052 221,052 221,052
i)Ordinary shares 221,052 221,052 221,052 221,052 221,052 221,052
ii)Preference shares 0 0 0 0 0 0
2.Reserves (684,871) (598,421) (533,107) (514,292) (187,255) (201,869)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (684,871) (598,421) (533,107) (514,292) (187,255) (201,869)
of which: un-appropriated profit(loss) / retained earnings (684,871) (598,421) (533,107) (514,292) (187,255) (201,869)
3.Surplus on revaluation of fixed assets 230,786 225,891 208,561 233,235 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 455,822 122,133 41,898 41,591 4,040 4,239
1.Long term borrowings 243,061 20,950 0 0 0 0
2.Subordinated loans / Sponsor's loans 38,564 96,564 38,564 38,564 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 3,066 3,508 3,334 3,027 4,040 4,239
5.Other non-current liabilities 171,131 1,111 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 231,556 450,768 419,000 352,219 44,006 8,501
1.Trade credit & other accounts payables 48,449 37,008 14,616 12,524 9,044 7,911
of which: i) Trade credits 10,005 9,476 3,971 1,320 637 1,264
2.Short term borrowings 103,551 270,930 359,707 339,043 34,935 590
3.Current portion of non-current liabilities 74,556 8,889 0 0 0 0
4.Other current liabilities 5,000 133,941 44,677 652 27 0
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 54,507 55,532 62,830 48,345 27,875 14,611
i)Selling & distribution expenses 1,479 1,045 1,083 1,105 1,102 0
ii)Administrative and other expenses 53,028 54,487 61,747 47,240 26,773 14,611
5.Other income / (loss) 33,770 145,861 104,946 91,925 12,055 0
6.EBIT (F3-F4+F5) (20,737) 90,329 42,116 43,580 (15,820) (14,611)
7.Financial expenses 9,894 8,774 1,428 59 9 3
of which: (i) Interest expenses 9,880 8,764 1,417 0 0 0
8.Profit / (loss) before taxation (F6-F7) (30,631) 81,555 40,688 43,521 (15,829) (14,614)
9.Tax expenses 0 0 (2,170) 33 26 0
10.Profit / (loss) after tax (F8-F9) (30,631) 81,555 42,858 43,488 (15,855) (14,614)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 37,583 1,756 (12,111) (19,664) (17,339) (15,224)
2.Net cash flows from investing activities 9,624 11,699 19,576 13,394 411,323 (3)
3.Net cash flows from financing activities (47,000) (8,305) (5,172) 3,148 (342,672) (34,344)
H.Miscellaneous
1.Total capital employed (C+D) 222,789 (29,345) (61,596) (18,414) 37,837 23,422
2.Retention in business (F10-F11-F12) (30,631) 81,555 42,858 43,488 (15,855) (14,614)
3.Depreciation for the year 15,611 14,118 10,618 861 721 634
4.Salaries, wages and employee benefits 8,361 12,325 10,895 10,778 11,782 6,069
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.51 18.62 11.01 12.58 -7.63 -25.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -2.16 -2.28 -3.05 -4.23 -15.86 2.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.07 -42.42 -33.62 -53.20 120.99 -55.17
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.39 3.69 1.94 1.97 -0.72 -0.66
100
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mubarak Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 28,700 27,717 149,332 146,528 143,439 140,870
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 53,479 53,479 151,426 151,426 151,426 151,426
3.Operating fixed assets after deducting accumulated depreciation 27,746 26,763 148,378 145,114 142,025 139,100
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 954 954 954 1,414 1,414 1,770
B.Current Assets (B1+B2+B3+B4+B5+B6) 12,293 12,068 12,092 11,385 12,291 14,086
1.Cash & bank balance 86 120 140 83 372 828
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 9,765 9,211 9,284 8,568 9,185 9,853
4.Short term loans and advances 284 366 335 20 38 15
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,158 2,371 2,333 2,714 2,696 3,390
Total Assets (A+B) / Equity & Liabilities (C+D+E) 40,993 39,785 161,424 157,913 155,730 154,956
C.Shareholders' Equity (C1+C2+C3) (33,406) (34,160) 87,326 83,211 82,663 82,884
1.Issued, Subscribed & Paid up capital 54,000 54,000 54,000 54,000 54,000 54,000
i)Ordinary shares 54,000 54,000 54,000 54,000 54,000 54,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (95,221) (95,857) (96,785) (98,397) (96,570) (94,095)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (95,221) (95,857) (96,785) (98,397) (96,570) (94,095)
of which: un-appropriated profit(loss) / retained earnings (95,221) (95,857) (96,785) (98,397) (96,570) (94,095)
3.Surplus on revaluation of fixed assets 7,815 7,697 130,111 127,608 125,233 122,979
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 11,599 11,849 12,550 40,864 42,003 42,337
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 11,599 11,849 11,848 40,037 41,037 41,037
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 702 827 966 1,300
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 62,800 62,096 61,548 33,838 31,064 29,735
1.Trade credit & other accounts payables 32,690 32,504 32,185 32,689 29,395 27,927
of which: i) Trade credits 28,518 28,392 28,159 28,042 25,119 21,890
2.Short term borrowings 28,773 28,278 27,645 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,337 1,314 1,718 1,149 1,669 1,808
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 4,318 4,669 6,643 9,584 8,919 8,520
i)Selling & distribution expenses 17 17 49 123 69 121
ii)Administrative and other expenses 4,301 4,652 6,594 9,461 8,850 8,399
5.Other income / (loss) 7,305 7,324 8,171 8,318 9,868 10,408
6.EBIT (F3-F4+F5) 2,987 2,655 1,528 (1,266) 949 1,888
7.Financial expenses 2,979 2,462 2,098 1,826 3 1
of which: (i) Interest expenses 2,977 2,461 2,095 1,824 0 0
8.Profit / (loss) before taxation (F6-F7) 8 193 (570) (3,092) 946 1,887
9.Tax expenses 475 946 1,225 1,150 1,658 1,704
10.Profit / (loss) after tax (F8-F9) (467) (753) (1,795) (4,242) (712) 183
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 43 279 653 (140) (711) 812
2.Net cash flows from investing activities 0 0 0 (460) 0 (356)
3.Net cash flows from financing activities 0 250 0 28,188 1,000 0
H.Miscellaneous
1.Total capital employed (C+D) (21,807) (22,311) 99,876 124,075 124,666 125,221
2.Retention in business (F10-F11-F12) (467) (753) (1,795) (4,242) (712) 183
3.Depreciation for the year 1,050 984 2,141 3,264 3,089 2,925
4.Salaries, wages and employee benefits 2,227 2,388 2,463 3,114 3,299 3,596
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.13 -1.86 -1.78 -2.66 -0.45 0.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.25 -1.20 3.78 1.87 1.89 1.88
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.41 2.23 -6.75 -4.97 -0.86 0.22
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.09 -0.14 -0.33 -0.79 -0.13 0.03
101
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nadeem Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,194,630 1,588,146 1,640,967 1,699,794 1,640,003 1,776,049
1.Capital work in progress 3,943 1,789 7,349 49,649 19,826 2,902
2.Operating fixed assets at cost 1,896,121 2,518,309 2,661,781 2,773,363 2,860,163 3,130,737
3.Operating fixed assets after deducting accumulated depreciation 1,185,557 1,573,240 1,620,001 1,613,394 1,606,580 1,759,539
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 5,130 13,117 13,617 36,751 13,597 13,608
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,281,611 1,419,416 1,699,417 2,409,635 2,576,356 3,606,835
1.Cash & bank balance 18,144 16,248 30,490 99,031 143,896 125,711
2.Inventories; of which 658,162 682,155 825,607 1,231,609 886,461 1,785,459
i)Raw material 260,649 399,860 493,840 903,768 457,023 854,159
ii)Work in progress 36,714 31,753 33,950 43,926 53,968 63,398
iii)Finished goods 360,799 237,405 294,627 258,588 375,469 867,901
3.Trade Debt / accounts receivables 413,008 525,539 509,682 640,858 949,581 1,441,600
4.Short term loans and advances 8,391 17,835 39,153 38,304 230,444 55,741
5.Short term investments 767 675 0 57,273 114,769 59,971
6.Other current assets 183,139 176,964 294,485 342,560 251,205 138,353
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,476,241 3,007,562 3,340,384 4,109,429 4,216,359 5,382,884
C.Shareholders' Equity (C1+C2+C3) 504,696 813,919 909,464 1,051,617 1,220,305 1,320,733
1.Issued, Subscribed & Paid up capital 120,150 156,195 156,195 192,120 192,120 192,120
i)Ordinary shares 120,150 156,195 156,195 192,120 192,120 192,120
ii)Preference shares 0 0 0 0 0 0
2.Reserves 384,546 306,541 415,543 534,886 715,956 828,173
i)Capital Reserve 15,575 123,710 213,522 177,597 177,597 297,197
ii)Revenue Reserve 368,971 182,831 202,021 357,289 538,359 530,976
of which: un-appropriated profit(loss) / retained earnings 368,971 182,831 202,021 357,289 538,359 530,976
3.Surplus on revaluation of fixed assets 0 351,183 337,726 324,611 312,229 300,440
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 494,213 506,851 474,894 528,304 509,666 743,647
1.Long term borrowings 191,366 420,786 395,710 465,054 418,314 632,040
2.Subordinated loans / Sponsor's loans 251,671 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 37,761 51,290 59,082 63,250 67,163 69,413
5.Other non-current liabilities 13,415 34,775 20,102 0 24,189 42,194
E.Current Liabilities (E1+E2+E3+E4) 1,477,332 1,686,792 1,956,026 2,529,508 2,486,388 3,318,504
1.Trade credit & other accounts payables 416,656 368,589 498,698 685,958 672,837 1,116,293
of which: i) Trade credits 293,377 249,123 339,803 432,893 415,059 739,715
2.Short term borrowings 923,438 1,103,764 1,214,088 1,625,969 1,608,769 2,032,207
3.Current portion of non-current liabilities 113,966 192,811 217,605 176,965 152,340 113,184
4.Other current liabilities 23,272 21,628 25,635 40,616 52,442 56,820
F.Operations:
1.Sales 5,224,534 4,800,851 5,230,013 6,441,230 7,186,097 6,792,767
i)Local sales (Net) 1,562,792 2,663,841 2,804,902 3,048,415 3,100,377 3,244,392
ii)Export sales (Net) 3,661,742 2,137,010 2,425,111 3,392,815 4,085,720 3,548,375
2.Cost of sales 5,021,582 4,695,876 4,923,088 5,877,270 6,431,415 6,179,618
i)Cost of material 3,757,942 3,417,898 3,723,769 4,455,377 5,178,562 5,165,687
3.Gross profit / (loss) (F1-F2) 202,952 104,975 306,925 563,960 754,682 613,149
4.General, administrative and other expenses 141,860 137,637 164,951 221,827 201,383 220,820
i)Selling & distribution expenses 58,105 49,307 71,330 87,063 73,373 65,505
ii)Administrative and other expenses 83,755 88,330 93,621 134,764 128,010 155,315
5.Other income / (loss) (13,269) (10,432) 2,131 3,370 16,146 15,305
6.EBIT (F3-F4+F5) 47,823 (43,094) 144,105 345,503 569,445 407,634
7.Financial expenses 114,818 105,389 119,611 177,203 246,754 302,112
of which: (i) Interest expenses 109,497 96,933 109,014 162,651 225,202 265,712
8.Profit / (loss) before taxation (F6-F7) (66,995) (148,483) 24,494 168,300 322,691 105,522
9.Tax expenses 21,016 29,741 17,368 18,543 122,531 87,977
10.Profit / (loss) after tax (F8-F9) (88,011) (178,224) 7,126 149,757 200,160 17,545
11.Cash dividends 0 0 5,467 61,478 40,345 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 51,328 (266,650) (687) (197,738) 229,140 (516,292)
2.Net cash flows from investing activities (129,415) (116,346) (184,924) (174,307) (95,709) (226,463)
3.Net cash flows from financing activities 104,531 20,573 89,531 33,904 (71,365) 327,831
H.Miscellaneous
1.Total capital employed (C+D) 998,909 1,320,770 1,384,358 1,579,921 1,729,971 2,064,380
2.Retention in business (F10-F11-F12) (88,011) (178,224) 1,659 88,279 159,815 17,545
3.Depreciation for the year 115,635 116,063 131,900 133,005 138,194 142,447
4.Salaries, wages and employee benefits 437,820 449,390 484,894 533,968 563,828 581,066
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.68 -3.71 0.14 2.32 2.79 0.26
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.13 1.75 1.65 1.73 1.73 1.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.60 -6.50 0.22 4.02 4.81 0.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.46 4.16 3.68 3.80 3.66 3.78
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -16.04 -27.03 0.83 15.27 17.62 1.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.33 -11.41 0.46 7.79 10.42 0.91
102
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nagina Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,331,674 1,455,673 1,569,668 1,454,237 2,055,239 2,973,353
1.Capital work in progress 20,854 26,650 19,546 10,724 58,544 1,811
2.Operating fixed assets at cost 2,055,729 1,409,030 2,893,764 2,886,555 3,491,890 4,550,554
3.Operating fixed assets after deducting accumulated depreciation 1,294,648 1,409,030 1,531,287 1,425,782 1,960,511 2,955,977
4.Intangible assets 0 4,082 3,252 2,422 1,591 761
5.Long term investments 15,104 14,801 14,514 14,240 13,981 13,735
6.Other non-current assets 1,068 1,110 1,069 1,069 20,612 1,069
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,436,634 1,601,731 2,087,526 3,477,499 3,761,557 3,950,960
1.Cash & bank balance 89,613 186,672 21,871 522,089 153,196 43,332
2.Inventories; of which 478,507 724,010 715,962 1,233,516 1,199,646 2,562,081
i)Raw material 417,522 621,474 616,597 1,104,008 1,022,302 2,418,355
ii)Work in progress 29,201 51,743 45,082 61,017 63,165 65,797
iii)Finished goods 31,784 50,793 46,382 64,395 114,180 77,929
3.Trade Debt / accounts receivables 66,280 329,873 454,983 953,738 1,636,329 554,977
4.Short term loans and advances 122,449 138,698 165,242 155,167 202,228 241,279
5.Short term investments 599,320 119,964 534,699 446,870 440,510 387,700
6.Other current assets 80,465 102,514 194,769 166,119 129,648 161,591
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,768,308 3,057,404 3,657,194 4,931,736 5,816,796 6,924,313
C.Shareholders' Equity (C1+C2+C3) 1,870,216 1,717,733 1,756,209 1,866,874 2,023,913 1,880,495
1.Issued, Subscribed & Paid up capital 187,000 187,000 187,000 187,000 187,000 187,000
i)Ordinary shares 187,000 187,000 187,000 187,000 187,000 187,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,683,216 1,530,733 1,569,209 1,679,874 1,836,913 1,693,495
i)Capital Reserve 253,964 254,445 238,060 256,295 199,466 139,635
ii)Revenue Reserve 1,429,252 1,276,288 1,331,149 1,423,579 1,637,447 1,553,860
of which: un-appropriated profit(loss) / retained earnings 1,429,252 1,276,288 1,331,149 0 1,637,447 1,553,860
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 482,483 704,746 877,029 762,628 1,137,899 2,321,566
1.Long term borrowings 398,854 630,009 792,276 662,535 1,019,059 2,196,953
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 83,629 74,737 84,753 100,093 118,840 124,613
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 415,609 634,925 1,023,956 2,302,234 2,654,984 2,722,252
1.Trade credit & other accounts payables 311,338 428,036 585,974 763,784 992,448 1,049,390
of which: i) Trade credits 45,354 53,571 56,540 60,559 69,737 171,333
2.Short term borrowings 26,744 111,653 310,457 1,361,934 1,443,682 1,549,952
3.Current portion of non-current liabilities 71,378 84,719 113,063 144,945 159,538 53,173
4.Other current liabilities 6,149 10,517 14,462 31,571 59,316 69,737
F.Operations:
1.Sales 4,208,114 4,267,869 5,242,033 5,878,554 6,932,310 7,070,172
i)Local sales (Net) 0 1,253,271 3,314,589 2,824,414 3,453,713 3,368,778
ii)Export sales (Net) 4,208,114 3,014,598 1,927,444 3,054,140 3,478,597 3,701,394
2.Cost of sales 3,818,881 4,116,388 4,888,739 5,364,408 6,099,883 6,476,351
i)Cost of material 2,716,940 3,060,980 3,638,221 4,029,665 4,857,617 5,146,855
3.Gross profit / (loss) (F1-F2) 389,233 151,481 353,294 514,146 832,427 593,821
4.General, administrative and other expenses 214,662 190,718 222,711 256,070 320,279 304,709
i)Selling & distribution expenses 104,496 92,554 104,518 96,268 121,653 132,429
ii)Administrative and other expenses 110,166 98,164 118,193 159,802 198,626 172,280
5.Other income / (loss) 43,419 41,213 44,705 82,743 62,377 88,975
6.EBIT (F3-F4+F5) 217,990 1,976 175,288 340,819 574,525 378,087
7.Financial expenses 69,959 66,398 64,403 117,262 213,398 277,813
of which: (i) Interest expenses 58,176 57,407 57,395 107,332 204,618 267,109
8.Profit / (loss) before taxation (F6-F7) 148,031 (64,422) 110,885 223,557 361,127 100,274
9.Tax expenses 14,343 28,523 32,457 65,354 52,507 92,645
10.Profit / (loss) after tax (F8-F9) 133,688 (92,945) 78,428 158,203 308,620 7,629
11.Cash dividends 65,450 18,700 56,100 74,800 93,500 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 542,231 (425,676) 118,088 (483,726) 36,293 (126,632)
2.Net cash flows from investing activities (895,831) 258,794 (653,604) 85,750 (784,058) (1,070,013)
3.Net cash flows from financing activities (356,339) 222,366 390,136 182,409 (302,878) 1,824,159
H.Miscellaneous
1.Total capital employed (C+D) 2,352,699 2,422,479 2,633,238 2,629,502 3,161,812 4,202,061
2.Retention in business (F10-F11-F12) 68,238 (111,645) 22,328 83,403 215,120 7,629
3.Depreciation for the year 115,780 136,192 150,543 156,522 154,272 233,016
4.Salaries, wages and employee benefits 424,209 423,815 447,091 469,027 512,360 495,554
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.18 -2.18 1.50 2.69 4.45 0.11
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.49 1.47 1.56 1.37 1.29 1.11
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.73 -3.19 2.34 3.68 5.74 0.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.52 1.62 1.93 2.37 2.76 3.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.20 -5.18 4.52 8.73 15.86 0.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.15 -4.97 4.19 8.46 16.50 0.41
103
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nazir Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 218,192 215,704 188,114 176,860 381,167 370,480
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 16,050 16,050 595,876 595,876 806,878 369,444
3.Operating fixed assets after deducting accumulated depreciation 493 210,716 185,919 175,322 376,789 346,290
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 5,563 4,988 2,195 1,538 388 9,588
6.Other non-current assets 212,136 0 0 0 3,990 14,602
B.Current Assets (B1+B2+B3+B4+B5+B6) 17,299 40,634 23,368 18,657 15,330 17,967
1.Cash & bank balance 153 4,429 8,895 4,127 13,014 12,622
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 2,828 2,828 0 0 616 996
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 14,318 33,377 14,473 14,530 1,700 4,349
Total Assets (A+B) / Equity & Liabilities (C+D+E) 235,491 256,338 211,482 195,517 396,497 388,447
C.Shareholders' Equity (C1+C2+C3) (83,487) 30,050 (25,896) (39,401) 144,086 149,410
1.Issued, Subscribed & Paid up capital 230,000 230,000 230,000 230,000 230,000 230,000
i)Ordinary shares 230,000 230,000 230,000 230,000 230,000 230,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (478,806) (365,268) (373,341) (382,973) (386,633) (364,402)
i)Capital Reserve 1,680 1,105 (1,688) (2,345) (3,495) 5,704
ii)Revenue Reserve (480,486) (366,373) (371,653) (380,628) (383,138) (370,106)
of which: un-appropriated profit(loss) / retained earnings (480,486) (412,202) (417,482) (426,457) (428,967) (415,936)
3.Surplus on revaluation of fixed assets 165,319 165,318 117,445 113,572 300,719 283,812
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 144,530 204,345 112,202 17,431 35,475 30,043
1.Long term borrowings 0 92,189 92,189 0 0 0
2.Subordinated loans / Sponsor's loans 144,530 112,156 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 20,013 17,431 35,475 30,043
E.Current Liabilities (E1+E2+E3+E4) 174,448 21,943 125,176 217,487 216,936 208,994
1.Trade credit & other accounts payables 541 11,352 11,861 832 1,656 831
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 162,330 0 104,066 196,383 205,303 208,163
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 11,577 10,591 9,249 20,272 9,977 0
F.Operations:
1.Sales 0 0 0 0 1,300 2,449
i)Local sales (Net) 0 0 0 0 1,300 2,449
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 1,945 4,538
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 (645) (2,089)
4.General, administrative and other expenses 5,042 4,305 21,902 18,333 16,049 21,577
i)Selling & distribution expenses 25 54 20 35 190 105
ii)Administrative and other expenses 5,017 4,251 21,882 18,298 15,859 21,472
5.Other income / (loss) 5 118,421 1,789 2,943 9,564 14,225
6.EBIT (F3-F4+F5) (5,037) 114,116 (20,113) (15,390) (7,130) (9,441)
7.Financial expenses 2 3 5 5 20 9
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (5,039) 114,113 (20,118) (15,395) (7,150) (9,450)
9.Tax expenses 0 0 0 37 1,171 (2,204)
10.Profit / (loss) after tax (F8-F9) (5,039) 114,113 (20,118) (15,432) (8,321) (7,246)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (3,271) (24,050) 10,914 (5,553) (8,892) (9,380)
2.Net cash flows from investing activities (1,725) 120,842 1,643 657 (3,990) 9,170
3.Net cash flows from financing activities 4,975 (92,515) (8,091) 128 8,920 2,860
H.Miscellaneous
1.Total capital employed (C+D) 61,043 234,395 86,306 (21,970) 179,561 179,453
2.Retention in business (F10-F11-F12) (5,039) 114,113 (20,118) (15,432) (8,321) (7,246)
3.Depreciation for the year 75 65 11,776 10,596 9,535 14,584
4.Salaries, wages and employee benefits 2,382 3,263 3,191 2,819 2,874 3,356
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - -640.08 -295.88
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.31 46.40 -8.60 -7.58 -2.81 -1.85
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.92 -9.20 112.62 -6.23 5.66 2.67
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.06 -427.09 -968.61 47.27 -15.90 -4.94
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.22 4.96 -0.87 -0.67 -0.36 -0.32
104
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nishat (Chunian) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,165,286 12,908,715 15,915,308 14,585,141 14,464,469 18,592,744
1.Capital work in progress 95,678 37,263 253,211 72,468 292,299 286,704
2.Operating fixed assets at cost 15,078,670 17,415,255 20,147,376 20,590,726 21,047,062 27,894,392
3.Operating fixed assets after deducting accumulated depreciation 8,939,799 9,417,928 11,719,057 11,287,175 10,820,178 16,282,581
4.Intangible assets 6,230 5,020 2,689 1,229 670 110
5.Long term investments 3,097,125 3,412,793 3,902,231 3,186,681 3,309,286 1,886,681
6.Other non-current assets 26,454 35,711 38,120 37,588 42,036 136,668
B.Current Assets (B1+B2+B3+B4+B5+B6) 14,794,558 15,975,281 18,707,295 24,808,457 29,043,474 29,157,859
1.Cash & bank balance 969,467 48,668 44,549 76,445 17,728 47,467
2.Inventories; of which 6,018,822 6,857,957 8,650,118 10,447,357 15,721,247 19,988,077
i)Raw material 4,748,044 5,566,728 6,831,007 8,313,291 12,103,342 14,641,331
ii)Work in progress 440,238 664,745 681,950 902,207 1,059,308 1,189,529
iii)Finished goods 830,540 626,484 1,058,656 1,124,942 2,558,597 4,157,216
3.Trade Debt / accounts receivables 4,758,164 5,198,891 5,173,333 8,124,577 6,426,369 4,686,630
4.Short term loans and advances 845,092 1,010,817 1,627,218 1,865,277 2,361,355 1,106,668
5.Short term investments 21,891 0 21,767 21,649 20,687 37,833
6.Other current assets 2,181,122 2,858,948 3,190,310 4,273,152 4,496,088 3,291,184
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,959,844 28,883,996 34,622,603 39,393,598 43,507,943 47,750,603
C.Shareholders' Equity (C1+C2+C3) 9,969,626 10,987,197 12,007,975 13,710,449 15,338,438 13,637,398
1.Issued, Subscribed & Paid up capital 2,001,846 2,402,216 2,402,216 2,402,216 2,402,216 2,401,190
i)Ordinary shares 2,001,846 2,402,216 2,402,216 2,402,216 2,402,216 2,401,190
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,967,780 8,584,981 9,605,759 11,308,233 12,936,222 11,236,208
i)Capital Reserve 951,795 600,554 600,554 600,554 600,554 600,554
ii)Revenue Reserve 7,015,985 7,984,427 9,005,205 10,707,679 12,335,668 10,635,654
of which: un-appropriated profit(loss) / retained earnings 5,386,764 6,355,206 7,375,984 9,078,458 10,706,447 9,006,433
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,905,901 2,079,195 4,302,682 4,756,266 3,657,436 6,077,037
1.Long term borrowings 2,905,901 2,079,195 4,302,682 4,756,266 3,657,436 6,077,037
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 14,084,317 15,817,604 18,311,946 20,926,883 24,512,069 28,036,168
1.Trade credit & other accounts payables 1,278,883 1,972,627 1,501,231 2,238,596 2,842,610 4,455,680
of which: i) Trade credits 326,500 976,714 518,174 881,574 1,073,410 1,990,087
2.Short term borrowings 10,817,111 12,120,083 15,236,787 17,021,992 20,091,978 22,554,435
3.Current portion of non-current liabilities 1,816,381 1,581,910 1,348,981 1,416,993 1,093,799 512,310
4.Other current liabilities 171,942 142,984 224,947 249,302 483,682 513,743
F.Operations:
1.Sales 23,780,455 25,799,122 29,815,994 35,560,396 39,337,641 35,666,860
i)Local sales (Net) 7,575,206 6,168,630 11,901,037 14,773,407 19,708,670 16,807,987
ii)Export sales (Net) 16,205,249 19,630,492 17,914,957 20,786,989 19,628,971 18,858,873
2.Cost of sales 21,823,680 23,343,604 26,916,201 31,289,053 34,450,128 31,462,474
i)Cost of material 14,285,722 16,087,598 19,522,701 24,037,051 27,141,560 24,008,435
3.Gross profit / (loss) (F1-F2) 1,956,775 2,455,518 2,899,793 4,271,343 4,887,513 4,204,386
4.General, administrative and other expenses 940,048 1,003,588 1,148,821 1,259,754 1,496,011 1,288,344
i)Selling & distribution expenses 679,820 738,168 713,514 908,398 944,022 869,064
ii)Administrative and other expenses 260,228 265,420 435,307 351,356 551,989 419,280
5.Other income / (loss) 1,480,526 1,190,718 1,122,401 1,131,882 2,454,440 454,010
6.EBIT (F3-F4+F5) 2,497,253 2,642,648 2,873,373 4,143,471 5,845,942 3,370,052
7.Financial expenses 1,353,886 1,029,630 1,094,723 1,383,365 2,177,576 2,660,856
of which: (i) Interest expenses 1,284,716 931,104 1,006,336 1,249,037 2,063,392 2,566,287
8.Profit / (loss) before taxation (F6-F7) 1,143,367 1,613,018 1,778,650 2,760,106 3,668,366 709,196
9.Tax expenses 342,947 284,244 157,318 397,022 500,775 443,827
10.Profit / (loss) after tax (F8-F9) 800,420 1,328,774 1,621,332 2,363,084 3,167,591 265,369
11.Cash dividends 400,369 600,554 660,609 960,886 960,886 240,119
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 319,654 (479,208) (649,757) (2,288,611) 197,793 1,582,303
2.Net cash flows from investing activities 166,018 (374,500) (3,865,053) 666,819 (597,348) (2,717,247)
3.Net cash flows from financing activities 465,557 (67,092) 4,510,692 1,653,688 340,839 1,161,100
H.Miscellaneous
1.Total capital employed (C+D) 12,875,527 13,066,392 16,310,657 18,466,715 18,995,874 19,714,435
2.Retention in business (F10-F11-F12) 400,051 728,220 960,723 1,402,198 2,206,705 25,250
3.Depreciation for the year 613,952 791,830 824,514 1,002,051 927,071 911,829
4.Salaries, wages and employee benefits 2,133,959 2,262,695 3,261,660 2,721,804 2,789,717 2,951,412
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.37 5.15 5.44 6.65 8.05 0.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.90 0.92 0.94 0.96 0.95 0.78
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.03 4.76 5.11 6.39 7.64 0.58
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.88 2.66 2.76 2.88 2.85 3.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.71 12.68 14.10 18.38 21.81 1.83
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.00 5.53 6.75 9.84 13.19 1.11
105
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nishat Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 76,949,556 80,748,389 88,532,128 73,693,348 64,748,132 70,137,387
1.Capital work in progress 2,722,856 1,656,161 4,286,546 2,154,016 517,320 2,457,861
2.Operating fixed assets at cost 36,425,728 40,161,822 42,578,595 47,280,942 51,898,122 54,872,146
3.Operating fixed assets after deducting accumulated depreciation 21,634,413 23,058,934 23,481,153 26,026,033 28,450,899 28,834,861
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 52,439,696 55,871,845 60,475,257 45,222,175 35,390,307 38,434,618
6.Other non-current assets 152,591 161,449 289,172 291,124 389,606 410,047
B.Current Assets (B1+B2+B3+B4+B5+B6) 24,190,444 25,850,830 28,998,147 29,042,685 35,797,260 40,523,527
1.Cash & bank balance 52,219 2,115,168 43,945 104,827 576,625 128,241
2.Inventories; of which 10,350,193 9,933,736 12,722,712 12,243,652 17,008,459 20,753,543
i)Raw material 5,936,585 5,312,509 7,433,874 6,991,589 11,135,516 12,821,768
ii)Work in progress 1,530,684 1,746,041 1,992,931 2,022,712 2,015,512 2,032,268
iii)Finished goods 2,882,924 2,875,186 3,295,907 3,229,351 3,857,431 5,899,507
3.Trade Debt / accounts receivables 3,014,466 2,253,369 2,245,620 4,029,789 4,711,061 4,326,780
4.Short term loans and advances 5,575,273 6,111,644 6,442,363 4,848,088 8,040,700 9,427,202
5.Short term investments 2,189,860 2,065,217 2,535,973 2,581,520 0 0
6.Other current assets 3,008,433 3,371,696 5,007,534 5,234,809 5,460,415 5,887,761
Total Assets (A+B) / Equity & Liabilities (C+D+E) 101,140,000 106,599,219 117,530,275 102,736,033 100,545,392 110,660,914
C.Shareholders' Equity (C1+C2+C3) 76,142,823 82,155,155 88,762,796 75,713,145 66,615,270 71,427,860
1.Issued, Subscribed & Paid up capital 3,515,999 3,515,999 3,515,999 3,515,999 3,515,999 3,515,999
i)Ordinary shares 3,515,999 3,515,999 3,515,999 3,515,999 3,515,999 3,515,999
ii)Preference shares 0 0 0 0 0 0
2.Reserves 72,626,824 78,639,156 85,246,797 72,197,146 63,099,271 67,911,861
i)Capital Reserve 38,356,259 41,027,752 45,131,050 29,742,271 16,525,983 19,238,688
ii)Revenue Reserve 34,270,565 37,611,404 40,115,747 42,454,875 46,573,288 48,673,173
of which: un-appropriated profit(loss) / retained earnings 3,916,537 4,928,376 4,267,719 4,102,847 5,794,260 3,508,145
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,829,682 4,891,023 6,028,921 5,762,672 5,475,367 9,525,453
1.Long term borrowings 5,582,220 4,629,456 5,245,629 5,190,839 5,259,927 9,222,781
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 247,462 261,567 783,292 571,833 215,440 302,672
E.Current Liabilities (E1+E2+E3+E4) 19,167,495 19,553,041 22,738,558 21,260,216 28,454,755 29,707,601
1.Trade credit & other accounts payables 4,858,315 5,737,896 5,762,119 6,416,602 8,359,680 9,357,977
of which: i) Trade credits 2,910,146 3,853,639 4,191,180 4,768,256 6,238,841 6,689,294
2.Short term borrowings 11,524,143 10,475,657 14,697,393 12,507,590 17,982,262 19,329,768
3.Current portion of non-current liabilities 1,783,250 1,980,768 2,093,024 2,144,900 1,784,470 703,032
4.Other current liabilities 1,001,787 1,358,720 186,022 191,124 328,343 316,824
F.Operations:
1.Sales 51,200,223 47,999,179 49,247,657 53,729,124 63,499,029 60,904,096
i)Local sales (Net) 11,158,033 11,909,384 11,520,714 14,692,802 15,512,916 15,358,869
ii)Export sales (Net) 40,042,190 36,089,795 37,726,943 39,036,322 47,986,113 45,545,227
2.Cost of sales 45,153,439 41,759,788 43,867,819 48,178,678 55,842,428 53,627,970
i)Cost of material 27,136,867 24,639,552 24,885,631 27,480,221 32,831,279 31,278,042
3.Gross profit / (loss) (F1-F2) 6,046,784 6,239,391 5,379,838 5,550,446 7,656,601 7,276,126
4.General, administrative and other expenses 3,894,095 3,547,186 3,704,090 3,702,134 4,249,767 4,326,820
i)Selling & distribution expenses 2,426,295 2,137,894 2,367,862 2,438,118 2,769,744 2,875,340
ii)Administrative and other expenses 1,467,800 1,409,292 1,336,228 1,264,016 1,480,023 1,451,480
5.Other income / (loss) 3,982,009 4,079,054 4,259,666 4,102,639 5,158,380 3,032,390
6.EBIT (F3-F4+F5) 6,134,698 6,771,259 5,935,414 5,950,951 8,565,214 5,981,696
7.Financial expenses 1,744,773 1,046,221 915,072 993,824 1,668,166 1,502,412
of which: (i) Interest expenses 1,460,056 794,838 673,206 735,960 1,390,602 1,227,122
8.Profit / (loss) before taxation (F6-F7) 4,389,925 5,725,038 5,020,342 4,957,127 6,897,048 4,479,284
9.Tax expenses 478,000 802,000 758,000 860,000 1,038,000 973,000
10.Profit / (loss) after tax (F8-F9) 3,911,925 4,923,038 4,262,342 4,097,127 5,859,048 3,506,284
11.Cash dividends 1,582,200 1,758,000 1,758,000 1,670,100 1,406,400 1,406,400
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,298,151 4,704,482 (1,378,557) 2,153,808 905,102 1,560,005
2.Net cash flows from investing activities (3,042,332) 735,980 (3,893,286) 1,851,315 (3,957,796) (4,828,502)
3.Net cash flows from financing activities (5,005,916) (3,377,513) 3,200,620 (3,944,241) 3,524,492 2,820,113
H.Miscellaneous
1.Total capital employed (C+D) 81,972,505 87,046,178 94,791,717 81,475,817 72,090,637 80,953,313
2.Retention in business (F10-F11-F12) 2,329,725 3,165,039 2,504,343 2,427,027 4,452,648 2,099,884
3.Depreciation for the year 2,098,666 2,159,880 2,294,305 2,461,270 2,641,305 2,751,307
4.Salaries, wages and employee benefits 5,271,178 5,884,947 6,659,900 6,990,552 7,258,005 7,951,372
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.64 10.26 8.65 7.63 9.23 5.76
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.52 0.46 0.44 0.49 0.62 0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.95 4.74 3.80 3.72 5.76 3.32
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.37 1.31 1.31 1.34 1.43 1.53
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.41 6.22 4.99 4.98 8.23 5.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 11.13 14.00 12.12 11.65 16.66 9.97
106
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Olympia Mills Limited (Formerly Olympia Spinning & Weavin (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,798,294 829,708 772,567 751,758 725,275 703,220
1.Capital work in progress 22,676 0 0 0 0 0
2.Operating fixed assets at cost 2,021,289 939,910 798,274 101,630 99,068 96,984
3.Operating fixed assets after deducting accumulated depreciation 1,772,210 826,269 769,022 70,290 60,897 54,100
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 677,873 660,585 645,027
6.Other non-current assets 3,408 3,439 3,545 3,595 3,793 4,093
B.Current Assets (B1+B2+B3+B4+B5+B6) 128,700 99,630 112,315 88,239 79,068 76,592
1.Cash & bank balance 5,146 5,851 8,463 6,634 6,786 7,000
2.Inventories; of which 0 0 9,358 0 0 0
i)Raw material 0 0 2,775 0 0 0
ii)Work in progress 0 0 1,395 0 0 0
iii)Finished goods 0 0 5,188 0 0 0
3.Trade Debt / accounts receivables 583 0 23,174 12,953 7,238 7,751
4.Short term loans and advances 13,772 13,540 1,884 511 104 276
5.Short term investments 34,789 34,096 34,096 34,096 34,096 34,096
6.Other current assets 74,410 46,143 35,340 34,045 30,844 27,469
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,926,994 929,338 884,882 839,997 804,343 779,812
C.Shareholders' Equity (C1+C2+C3) (339,004) (469,065) (573,780) (440,236) (389,281) 6,841
1.Issued, Subscribed & Paid up capital 120,000 120,000 120,000 120,000 120,000 120,000
i)Ordinary shares 120,000 120,000 120,000 120,000 120,000 120,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,552,351) (1,210,965) (1,219,701) (1,085,474) (1,034,519) (638,397)
i)Capital Reserve 0 0 0 0 0 325,000
ii)Revenue Reserve (1,552,351) (1,210,965) (1,219,701) (1,085,474) (1,034,519) (963,397)
of which: un-appropriated profit(loss) / retained earnings (1,555,931) (1,214,545) (1,223,281) (1,089,054) (1,038,099) (966,977)
3.Surplus on revaluation of fixed assets 1,093,347 621,900 525,921 525,238 525,238 525,238
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,054,110 619,873 885,763 525,240 489,556 496,459
1.Long term borrowings 1,053,850 619,849 885,696 525,037 489,241 495,897
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 260 24 67 203 315 562
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,211,888 778,530 572,899 754,993 704,068 276,512
1.Trade credit & other accounts payables 535,011 433,181 409,388 317,325 288,741 219,888
of which: i) Trade credits 496,352 396,695 349,263 139,867 117,235 46,280
2.Short term borrowings 295,314 62,228 85,211 303,567 365,077 32,124
3.Current portion of non-current liabilities 239,925 283,121 78,300 134,101 50,250 24,500
4.Other current liabilities 141,638 0 0 0 0 0
F.Operations:
1.Sales 77,006 0 97,410 120,033 80,897 91,507
i)Local sales (Net) 77,006 0 97,410 120,033 80,897 91,507
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 181,870 38,603 91,336 82,921 35,405 40,412
i)Cost of material 0 0 32,487 19,542 0 0
3.Gross profit / (loss) (F1-F2) (104,864) (38,603) 6,074 37,112 45,492 51,095
4.General, administrative and other expenses 16,225 192,411 44,505 19,894 17,233 17,808
i)Selling & distribution expenses 30 30 79 75 45 66
ii)Administrative and other expenses 16,195 192,381 44,426 19,819 17,188 17,742
5.Other income / (loss) 2,950 168,937 115,839 140,493 48,126 61,702
6.EBIT (F3-F4+F5) (118,139) (62,077) 77,408 157,711 76,385 94,989
7.Financial expenses 107,791 1,585 81,210 14,339 12,729 9,077
of which: (i) Interest expenses 107,429 585 1,569 14,316 12,707 9,040
8.Profit / (loss) before taxation (F6-F7) (225,930) (63,662) (3,802) 143,372 63,656 85,912
9.Tax expenses 103 650 7,807 9,820 11,655 14,778
10.Profit / (loss) after tax (F8-F9) (226,033) (64,312) (11,609) 133,552 52,001 71,134
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 26,626 13,307 7,983 57,483 30,092 34,957
2.Net cash flows from investing activities 0 0 (22,396) (22,296) 2,900 325
3.Net cash flows from financing activities (26,260) (13,519) 16,924 16,925 (32,840) (35,068)
H.Miscellaneous
1.Total capital employed (C+D) 715,106 150,808 311,983 85,004 100,275 503,300
2.Retention in business (F10-F11-F12) (226,033) (64,312) (11,609) 133,552 52,001 71,134
3.Depreciation for the year 50,336 25,312 14,257 12,993 7,695 6,492
4.Salaries, wages and employee benefits 3,710 1,974 8,597 15,509 13,003 15,783
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -293.53 - -11.92 111.26 64.28 77.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.04 0.00 0.11 0.14 0.10 0.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -11.16 -4.50 -1.28 15.49 6.32 8.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -8.96 -3.53 -1.74 -1.70 -1.98 -4.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 100.03 15.92 2.23 -26.34 -12.54 -37.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -18.84 -5.36 -0.97 11.13 4.33 5.93
107
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Paramount Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,731,007 1,695,974 1,666,726 1,634,743 1,487,283 1,487,283
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 2,540,058 2,533,118 2,533,118 2,530,900 2,436,429 2,436,429
3.Operating fixed assets after deducting accumulated depreciation 1,727,472 1,692,439 1,659,648 1,627,665 1,487,283 1,487,283
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 3,535 3,535 7,078 7,078 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 412,554 248,983 241,945 202,514 85,749 85,749
1.Cash & bank balance 18,857 9,496 9,434 6,820 3,915 3,915
2.Inventories; of which 200,876 93,359 88,029 66,022 66,022 66,022
i)Raw material 111,070 67,850 62,520 45,659 45,659 45,659
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 79,810 20,580 20,580 15,435 15,435 15,435
3.Trade Debt / accounts receivables 30,261 12,382 17,356 8,997 0 0
4.Short term loans and advances 13,617 14,001 14,090 14,569 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 148,943 119,745 113,036 106,106 15,812 15,812
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,143,561 1,944,957 1,908,671 1,837,257 1,573,032 1,573,032
C.Shareholders' Equity (C1+C2+C3) (1,433,028) (1,612,936) (2,163,119) (2,293,852) (2,506,320) (2,506,320)
1.Issued, Subscribed & Paid up capital 173,523 173,523 173,523 173,523 173,523 173,523
i)Ordinary shares 173,523 173,523 173,523 173,523 173,523 173,523
ii)Preference shares 0 0 0 0 0 0
2.Reserves (2,546,344) (2,716,222) (3,256,482) (3,377,403) (3,557,276) (3,557,276)
i)Capital Reserve 190,400 190,400 190,400 190,400 190,400 190,400
ii)Revenue Reserve (2,736,744) (2,906,622) (3,446,882) (3,567,803) (3,747,676) (3,747,676)
of which: un-appropriated profit(loss) / retained earnings (3,196,744) (3,366,622) (3,906,882) (4,027,803) (4,207,676) (4,207,676)
3.Surplus on revaluation of fixed assets 939,793 929,763 919,840 910,028 877,433 877,433
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 283,160 310,348 182,642 165,650 21,437 21,437
1.Long term borrowings 142,236 142,021 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,493 3,686 24,924 22,038 21,437 21,437
5.Other non-current liabilities 138,431 164,641 157,718 143,612 0 0
E.Current Liabilities (E1+E2+E3+E4) 3,293,429 3,247,545 3,889,148 3,965,459 4,057,915 4,057,915
1.Trade credit & other accounts payables 974,404 849,608 135,268 130,145 96,417 96,417
of which: i) Trade credits 279,008 195,635 128,673 122,894 90,489 90,489
2.Short term borrowings 2,029,898 2,104,968 3,212,986 3,199,126 3,289,083 3,289,083
3.Current portion of non-current liabilities 257,532 256,674 0 0 0 0
4.Other current liabilities 31,595 36,295 540,894 636,188 672,415 672,415
F.Operations:
1.Sales 1,259,580 60,496 0 0 0 0
i)Local sales (Net) 1,259,580 60,496 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,422,220 164,200 45,037 56,450 27,558 27,558
i)Cost of material 940,396 42,360 0 16,460 0 0
3.Gross profit / (loss) (F1-F2) (162,640) (103,704) (45,037) (56,450) (27,558) (27,558)
4.General, administrative and other expenses 335,182 39,542 17,932 2,812 142,015 142,015
i)Selling & distribution expenses 2,835 83 0 0 0 0
ii)Administrative and other expenses 332,347 39,459 17,932 2,812 142,015 142,015
5.Other income / (loss) 4,906 4,664 10,093 10,379 72,220 72,220
6.EBIT (F3-F4+F5) (492,916) (138,582) (52,876) (48,883) (97,353) (97,353)
7.Financial expenses 19,542 15,113 757 95,957 140,517 140,517
of which: (i) Interest expenses 19,353 15,111 740 95,948 71,924 71,924
8.Profit / (loss) before taxation (F6-F7) (512,458) (153,695) (53,633) (144,840) (237,870) (237,870)
9.Tax expenses (12,990) 26,211 (6,923) (14,106) (52,346) (52,346)
10.Profit / (loss) after tax (F8-F9) (499,468) (179,906) (46,710) (130,734) (185,524) (185,524)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (276,398) (89,187) (49,355) 7,823 (3,255) (3,255)
2.Net cash flows from investing activities 6,350 5,680 0 1,543 761 761
3.Net cash flows from financing activities 273,745 74,147 49,293 (11,979) (412) (412)
H.Miscellaneous
1.Total capital employed (C+D) (1,149,868) (1,302,588) (1,980,477) (2,128,202) (2,484,883) (2,484,883)
2.Retention in business (F10-F11-F12) (499,468) (179,906) (46,710) (130,734) (185,524) (185,524)
3.Depreciation for the year 50,693 33,920 32,791 31,828 19,900 19,900
4.Salaries, wages and employee benefits 181,796 28,288 14,400 1,454 1,550 1,550
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -39.65 -297.38 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.49 0.03 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -19.24 -8.80 -2.42 -6.98 -10.88 -11.79
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -2.91 -1.34 -1.02 -0.84 -0.71 -0.63
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 56.03 11.81 2.47 5.87 7.73 7.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -28.78 -10.37 -2.69 -7.53 -10.69 -10.69
108
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Premium Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,812,224 2,144,299 2,115,236 2,793,193 3,314,869 4,209,928
1.Capital work in progress 17,577 53,977 1,125 1,579 164,100 194,186
2.Operating fixed assets at cost 2,857,257 3,346,507 3,593,067 4,399,613 5,051,732 6,217,481
3.Operating fixed assets after deducting accumulated depreciation 1,793,143 2,088,818 2,112,607 2,789,615 3,148,770 4,013,593
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,504 1,504 1,504 1,999 1,999 2,149
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,723,460 1,766,317 2,749,786 2,874,533 4,550,826 5,345,258
1.Cash & bank balance 9,465 14,464 8,959 35,974 12,839 35,708
2.Inventories; of which 946,660 888,091 1,372,121 1,452,977 2,500,821 3,193,303
i)Raw material 584,934 614,939 909,264 1,215,760 2,062,101 2,560,662
ii)Work in progress 30,613 36,095 42,470 42,813 68,933 77,199
iii)Finished goods 331,113 231,318 413,685 186,711 356,449 539,629
3.Trade Debt / accounts receivables 596,301 674,335 1,154,831 1,137,761 1,656,744 1,792,050
4.Short term loans and advances 10,024 34,775 19,308 23,233 25,059 42,469
5.Short term investments 0 0 0 0 0 0
6.Other current assets 161,010 154,652 194,567 224,588 355,363 281,728
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,535,684 3,910,616 4,865,022 5,667,726 7,865,695 9,555,186
C.Shareholders' Equity (C1+C2+C3) 1,369,630 1,455,576 1,555,594 1,819,828 2,128,902 2,050,330
1.Issued, Subscribed & Paid up capital 61,630 61,630 61,630 61,630 61,630 61,630
i)Ordinary shares 61,630 61,630 61,630 61,630 61,630 61,630
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,296,975 1,384,023 1,485,034 1,754,147 2,063,626 1,985,419
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 1,296,975 1,384,023 1,485,034 1,754,147 2,063,626 1,985,419
of which: un-appropriated profit(loss) / retained earnings 1,296,975 1,384,023 1,485,034 1,754,147 2,063,626 1,985,419
3.Surplus on revaluation of fixed assets 11,025 9,923 8,930 4,051 3,646 3,281
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 733,714 891,443 836,696 1,411,910 1,848,154 2,677,591
1.Long term borrowings 700,000 857,624 805,266 1,403,775 1,586,434 2,366,168
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 3,838 14,813 23,293 18,278 24,942 22,028
5.Other non-current liabilities 29,876 19,006 8,137 (10,143) 236,778 289,395
E.Current Liabilities (E1+E2+E3+E4) 1,432,340 1,563,597 2,472,732 2,435,988 3,888,639 4,827,265
1.Trade credit & other accounts payables 233,811 349,841 506,292 706,375 649,315 866,745
of which: i) Trade credits 96,020 111,361 132,851 178,206 240,962 337,016
2.Short term borrowings 1,167,496 1,121,735 1,877,897 1,637,603 3,056,511 3,652,479
3.Current portion of non-current liabilities 0 70,000 51,503 43,568 74,282 191,073
4.Other current liabilities 31,033 22,021 37,040 48,442 108,531 116,968
F.Operations:
1.Sales 6,030,823 4,814,022 5,413,151 6,431,373 8,492,199 8,771,414
i)Local sales (Net) 364,704 224,565 520,360 638,148 567,085 229,482
ii)Export sales (Net) 5,666,119 4,589,457 4,892,791 5,793,225 7,925,114 8,541,932
2.Cost of sales 5,506,409 4,394,522 4,864,806 5,714,213 7,288,305 7,546,977
i)Cost of material 4,296,566 3,032,464 3,742,021 3,949,325 5,800,201 5,778,728
3.Gross profit / (loss) (F1-F2) 524,414 419,500 548,345 717,160 1,203,894 1,224,437
4.General, administrative and other expenses 180,632 155,252 178,210 223,812 350,280 322,630
i)Selling & distribution expenses 102,486 65,083 74,225 91,954 176,854 146,027
ii)Administrative and other expenses 78,146 90,169 103,985 131,858 173,426 176,603
5.Other income / (loss) 47,557 (5,982) 3,093 35,419 75,143 (63,553)
6.EBIT (F3-F4+F5) 391,339 258,266 373,228 528,767 928,757 838,254
7.Financial expenses 198,844 136,170 166,306 201,128 397,418 568,087
of which: (i) Interest expenses 170,866 120,407 152,988 184,974 358,530 505,996
8.Profit / (loss) before taxation (F6-F7) 192,495 122,096 206,922 327,639 531,339 270,167
9.Tax expenses 29,788 (16,167) 31,326 (17,712) 69,684 88,715
10.Profit / (loss) after tax (F8-F9) 162,707 138,263 175,596 345,351 461,655 181,452
11.Cash dividends 36,978 61,630 77,038 138,668 138,668 49,304
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,351,317 392,050 (490,299) 611,786 (697,248) (54,359)
2.Net cash flows from investing activities (153,806) (531,937) (200,512) (935,051) (820,312) (1,277,009)
3.Net cash flows from financing activities (21,570) 150,646 (70,855) 590,574 75,518 758,269
H.Miscellaneous
1.Total capital employed (C+D) 2,103,344 2,347,019 2,392,290 3,231,738 3,977,056 4,727,921
2.Retention in business (F10-F11-F12) 125,729 76,633 98,559 206,684 322,988 132,148
3.Depreciation for the year 197,456 200,951 229,585 241,169 299,278 369,224
4.Salaries, wages and employee benefits 421,518 441,411 535,614 560,499 610,648 621,549
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.70 2.87 3.24 5.37 5.44 2.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.47 1.29 1.23 1.22 1.25 1.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.97 3.71 4.00 6.56 6.82 2.08
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.17 2.64 2.91 3.12 3.43 4.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.58 9.79 11.66 20.46 23.38 8.68
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 26.40 22.43 28.49 56.04 74.91 -
109
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Prosperity Weaving Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,913,203 1,763,030 2,273,347 2,247,980 2,240,387 2,108,991
1.Capital work in progress 2,193 31,985 25,141 0 4,981 39,825
2.Operating fixed assets at cost 1,221,782 3,135,567 3,586,746 3,787,779 3,881,182 3,740,485
3.Operating fixed assets after deducting accumulated depreciation 1,890,259 1,710,511 2,228,551 2,209,083 2,189,508 2,053,047
4.Intangible assets 0 5,495 4,616 3,438 2,259 1,080
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 20,751 15,039 15,039 35,459 43,639 15,039
B.Current Assets (B1+B2+B3+B4+B5+B6) 875,916 1,177,679 2,025,289 2,011,687 2,222,612 1,780,576
1.Cash & bank balance 5,944 118,097 15,253 167,713 114,251 13,227
2.Inventories; of which 344,043 297,162 385,949 358,371 520,264 518,607
i)Raw material 106,113 118,364 128,812 203,365 348,723 197,670
ii)Work in progress 67,507 67,448 70,882 66,125 96,033 86,317
iii)Finished goods 170,423 111,350 186,255 88,881 75,508 234,620
3.Trade Debt / accounts receivables 172,615 283,068 632,445 713,047 911,860 587,480
4.Short term loans and advances 27,310 50,546 58,398 37,266 14,749 7,685
5.Short term investments 86,251 119,964 549,150 451,287 444,623 473,158
6.Other current assets 239,753 308,842 384,094 284,003 216,865 180,419
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,789,119 2,940,709 4,298,636 4,259,667 4,462,999 3,889,567
C.Shareholders' Equity (C1+C2+C3) 948,931 956,939 968,177 1,001,077 1,154,589 1,180,448
1.Issued, Subscribed & Paid up capital 184,800 184,800 184,800 184,800 184,800 184,800
i)Ordinary shares 184,800 184,800 184,800 184,800 184,800 184,800
ii)Preference shares 0 0 0 0 0 0
2.Reserves 708,566 716,574 727,812 760,712 866,948 892,807
i)Capital Reserve 16,600 17,181 8,533 22,396 (34,196) (70,603)
ii)Revenue Reserve 691,966 699,393 719,279 738,316 901,144 963,410
of which: un-appropriated profit(loss) / retained earnings 691,966 699,393 719,279 738,316 901,144 963,410
3.Surplus on revaluation of fixed assets 55,565 55,565 55,565 55,565 102,841 102,841
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,329,551 1,221,344 1,723,318 1,592,069 1,521,444 1,668,422
1.Long term borrowings 1,273,602 1,128,496 1,616,753 1,492,380 1,401,669 1,534,065
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 55,949 72,015 83,826 99,689 113,847 131,778
5.Other non-current liabilities 0 20,833 22,739 0 5,928 2,579
E.Current Liabilities (E1+E2+E3+E4) 510,637 762,426 1,607,141 1,666,521 1,786,966 1,040,697
1.Trade credit & other accounts payables 291,312 292,741 405,576 389,635 446,060 553,599
of which: i) Trade credits 47,708 70,124 131,295 108,223 115,754 203,450
2.Short term borrowings 106,183 296,697 968,807 1,030,068 1,020,732 366,999
3.Current portion of non-current liabilities 86,294 145,103 201,757 207,183 271,872 89,036
4.Other current liabilities 26,848 27,885 31,001 39,635 48,302 31,063
F.Operations:
1.Sales 5,811,482 5,211,429 5,820,163 6,212,431 7,112,276 6,018,541
i)Local sales (Net) 1,365,897 2,580,935 3,708,398 4,618,607 5,339,714 4,503,760
ii)Export sales (Net) 4,445,585 2,630,494 2,111,765 1,593,824 1,772,562 1,514,781
2.Cost of sales 5,492,727 4,851,776 5,516,985 5,856,880 6,405,493 5,488,984
i)Cost of material 4,268,921 3,787,784 4,398,028 4,402,517 5,018,636 4,360,598
3.Gross profit / (loss) (F1-F2) 318,755 359,653 303,178 355,551 706,783 529,557
4.General, administrative and other expenses 185,076 178,031 180,761 203,776 250,915 230,706
i)Selling & distribution expenses 107,171 101,646 92,747 78,661 100,542 99,295
ii)Administrative and other expenses 77,905 76,385 88,014 125,115 150,373 131,411
5.Other income / (loss) 4,730 2,086 38,002 47,362 44,818 67,964
6.EBIT (F3-F4+F5) 138,409 183,708 160,419 199,137 500,686 366,815
7.Financial expenses 107,221 111,346 101,924 144,441 181,507 118,847
of which: (i) Interest expenses 92,636 101,435 93,797 135,618 173,642 111,128
8.Profit / (loss) before taxation (F6-F7) 31,188 72,362 58,495 54,696 319,179 247,968
9.Tax expenses (29,642) 32,390 2,298 0 109,144 93,213
10.Profit / (loss) after tax (F8-F9) 60,830 39,972 56,197 54,696 210,035 154,755
11.Cash dividends 27,720 32,340 36,960 36,960 73,920 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 344,326 110,936 (166,910) 307,292 220,780 800,072
2.Net cash flows from investing activities (718,902) (75,456) (1,120,794) (60,377) (202,239) (123,401)
3.Net cash flows from financing activities 349,481 76,673 1,184,861 319,284 (112,666) (246,767)
H.Miscellaneous
1.Total capital employed (C+D) 2,278,482 2,178,283 2,691,495 2,593,146 2,676,033 2,848,870
2.Retention in business (F10-F11-F12) 33,110 7,632 19,237 17,736 136,115 154,755
3.Depreciation for the year 154,867 185,792 184,152 225,516 220,694 210,778
4.Salaries, wages and employee benefits 328,290 332,937 401,191 416,117 458,120 447,291
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.05 0.77 0.97 0.88 2.95 2.57
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.28 1.82 1.61 1.45 1.63 1.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.39 1.40 1.55 1.28 4.82 3.71
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.66 3.01 3.76 4.35 4.05 3.58
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.36 4.19 5.84 5.55 19.49 13.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.29 2.16 3.04 2.96 11.37 8.37
110
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Quetta Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,070,378 5,830,662 5,574,165 6,228,353 5,985,098 5,756,071
1.Capital work in progress 2,499 2,499 2,499 0 0 0
2.Operating fixed assets at cost 9,937,436 9,947,373 9,960,391 10,895,707 10,915,258 10,936,071
3.Operating fixed assets after deducting accumulated depreciation 6,036,499 5,760,725 5,501,198 6,192,780 5,948,633 5,720,860
4.Intangible assets 0 0 0 2,699 2,130 1,562
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 31,380 67,438 70,468 32,874 34,335 33,649
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,068,860 3,425,592 1,986,597 1,532,216 1,549,575 2,406,239
1.Cash & bank balance 81,226 61,097 59,396 60,805 61,332 81,811
2.Inventories; of which 3,896,971 2,545,850 1,117,749 550,913 494,495 1,352,089
i)Raw material 2,573,594 1,194,469 530,887 146,049 99,671 310,972
ii)Work in progress 224,556 151,063 67,251 33,484 72,471 60,240
iii)Finished goods 1,098,821 592,150 504,360 363,750 316,332 968,486
3.Trade Debt / accounts receivables 334,089 120,166 168,042 306,292 348,070 151,734
4.Short term loans and advances 51,634 65,390 74,618 65,728 63,472 75,152
5.Short term investments 1,174 113 140 107 93 67
6.Other current assets 703,766 632,976 566,652 548,371 582,113 745,386
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,139,238 9,256,254 7,560,762 7,760,569 7,534,673 8,162,310
C.Shareholders' Equity (C1+C2+C3) 3,681,834 1,983,343 709,880 1,199,512 827,839 100,698
1.Issued, Subscribed & Paid up capital 130,000 130,000 130,000 130,000 130,000 130,000
i)Ordinary shares 130,000 130,000 130,000 130,000 130,000 130,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,052,001 391,548 (827,213) (1,281,058) (1,590,151) (2,257,840)
i)Capital Reserve 651,751 766,751 927,478 864,479 864,479 864,478
ii)Revenue Reserve 1,400,250 (375,203) (1,754,691) (2,145,537) (2,454,630) (3,122,318)
of which: un-appropriated profit(loss) / retained earnings 1,285,250 (375,203) (1,754,691) (2,260,537) (2,569,630) (3,237,318)
3.Surplus on revaluation of fixed assets 1,499,833 1,461,795 1,407,093 2,350,570 2,287,990 2,228,538
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,604,049 2,214,720 1,886,520 1,171,915 503,213 492,918
1.Long term borrowings 118,108 927,238 966,542 765,355 327,546 332,600
2.Subordinated loans / Sponsor's loans 160,726 160,726 0 0 0 0
3.Debentures/TFCs (bonds payable) 495,449 343,368 190,678 37,851 0 0
4.Employees benefit obligations 80,022 105,040 107,462 97,463 116,695 160,318
5.Other non-current liabilities 749,744 678,348 621,838 271,246 58,972 0
E.Current Liabilities (E1+E2+E3+E4) 5,853,355 5,058,191 4,964,362 5,389,142 6,203,621 7,568,694
1.Trade credit & other accounts payables 1,087,875 1,223,013 834,834 752,841 856,749 2,220,717
of which: i) Trade credits 793,162 978,549 563,527 423,658 533,934 1,802,612
2.Short term borrowings 4,307,219 3,030,223 2,771,000 2,676,831 2,685,784 2,441,580
3.Current portion of non-current liabilities 270,290 448,625 799,260 1,129,126 1,602,130 1,802,872
4.Other current liabilities 187,971 356,330 559,268 830,344 1,058,958 1,103,525
F.Operations:
1.Sales 10,175,476 5,280,153 5,280,635 3,795,456 4,248,480 3,616,535
i)Local sales (Net) 4,692,523 3,702,379 4,880,502 3,564,882 4,102,170 3,523,494
ii)Export sales (Net) 5,482,953 1,577,774 400,133 230,574 146,310 93,041
2.Cost of sales 9,562,202 6,439,718 6,292,163 4,279,300 4,514,120 4,198,855
i)Cost of material 6,447,933 4,066,610 3,638,491 2,444,723 2,776,500 2,924,650
3.Gross profit / (loss) (F1-F2) 613,274 (1,159,565) (1,011,528) (483,844) (265,640) (582,320)
4.General, administrative and other expenses 348,080 156,857 99,922 93,121 79,471 110,511
i)Selling & distribution expenses 295,175 100,163 40,028 27,387 14,480 23,794
ii)Administrative and other expenses 52,905 56,694 59,894 65,734 64,991 86,717
5.Other income / (loss) 24,800 3,166 350 28,390 9,099 8,216
6.EBIT (F3-F4+F5) 289,994 (1,313,256) (1,111,100) (548,575) (336,012) (684,615)
7.Financial expenses 613,521 411,559 322,251 333,097 184,910 52,736
of which: (i) Interest expenses 601,318 399,090 324,461 335,321 181,329 50,819
8.Profit / (loss) before taxation (F6-F7) (323,527) (1,724,815) (1,433,351) (881,672) (520,922) (737,351)
9.Tax expenses 68,487 (9,380) (3,200) (312,639) (152,018) (23,281)
10.Profit / (loss) after tax (F8-F9) (392,014) (1,715,435) (1,430,151) (569,033) (368,904) (714,070)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 126,399 429,799 121,056 50,806 13,832 80,744
2.Net cash flows from investing activities (30,623) (7,896) (13,011) 68,922 (19,602) (21,858)
3.Net cash flows from financing activities (60,686) (442,031) (109,746) (118,319) 6,296 (38,408)
H.Miscellaneous
1.Total capital employed (C+D) 5,285,883 4,198,063 2,596,400 2,371,427 1,331,052 593,616
2.Retention in business (F10-F11-F12) (392,014) (1,715,435) (1,430,151) (569,033) (368,904) (714,070)
3.Depreciation for the year 296,359 272,546 272,546 259,522 263,895 250,316
4.Salaries, wages and employee benefits 887,038 778,149 634,374 540,681 620,314 652,759
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.85 -32.49 -27.08 -14.99 -8.68 -19.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.96 0.52 0.63 0.50 0.56 0.46
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.68 -16.82 -17.01 -7.43 -4.82 -9.10
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.11 3.60 6.24 8.02 7.54 16.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.43 -60.56 -106.20 -59.60 -36.39 -153.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -30.15 -131.96 -110.01 -43.77 -28.38 -54.93
111
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ravi Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 253,226 226,836 206,822 266 115 1,115
1.Capital work in progress 15,000 0 0 0 0 0
2.Operating fixed assets at cost 423,388 419,257 419,333 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 237,836 226,566 206,552 0 0 0
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 390 270 270 266 115 1,115
B.Current Assets (B1+B2+B3+B4+B5+B6) 56,232 5,640 5,280 200,841 156,935 153,656
1.Cash & bank balance 3,729 205 17 1,546 151,973 148,078
2.Inventories; of which 29,113 10 0 0 0 0
i)Raw material 11,702 0 0 0 0 0
ii)Work in progress 4,898 0 0 0 0 0
iii)Finished goods 12,513 0 0 0 0 0
3.Trade Debt / accounts receivables 17,431 217 0 0 0 0
4.Short term loans and advances 2,262 2,498 2,579 1,827 1,772 3,799
5.Short term investments 0 0 0 0 871 949
6.Other current assets 3,697 2,710 2,684 197,468 2,319 830
Total Assets (A+B) / Equity & Liabilities (C+D+E) 309,458 232,476 212,102 201,107 157,050 154,771
C.Shareholders' Equity (C1+C2+C3) (58,591) (111,030) (146,471) (180,357) (77,850) 18,933
1.Issued, Subscribed & Paid up capital 250,000 250,000 250,000 250,000 250,000 250,000
i)Ordinary shares 250,000 250,000 250,000 250,000 250,000 250,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (468,373) (514,241) (545,964) (577,760) (327,850) (231,067)
i)Capital Reserve 0 0 0 0 0 66,586
ii)Revenue Reserve (468,373) (514,241) (545,964) (577,760) (327,850) (297,653)
of which: un-appropriated profit(loss) / retained earnings (477,373) (523,241) (554,964) (586,760) (336,850) (306,653)
3.Surplus on revaluation of fixed assets 159,782 153,211 149,493 147,403 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 198,176 79,790 59,894 16,842 3,232 3,742
1.Long term borrowings 80,929 42,570 25,057 0 0 0
2.Subordinated loans / Sponsor's loans 92,618 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 3,071 2,927 3,067 3,187 3,232 3,742
5.Other non-current liabilities 21,558 34,293 31,770 13,655 0 0
E.Current Liabilities (E1+E2+E3+E4) 169,873 263,716 298,679 364,622 231,668 132,096
1.Trade credit & other accounts payables 169,832 154,246 174,404 192,835 131,848 124,174
of which: i) Trade credits 137,122 124,094 66,511 64,556 63,207 51,953
2.Short term borrowings 0 105,470 117,003 140,048 92,619 832
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 41 4,000 7,272 31,739 7,201 7,090
F.Operations:
1.Sales 258,033 42,397 0 0 0 0
i)Local sales (Net) 258,033 42,397 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 346,762 77,437 0 0 0 0
i)Cost of material 193,204 16,598 0 0 0 0
3.Gross profit / (loss) (F1-F2) (88,729) (35,040) 0 0 0 0
4.General, administrative and other expenses 12,359 9,211 33,000 24,694 18,957 10,052
i)Selling & distribution expenses 345 44 0 0 0 0
ii)Administrative and other expenses 12,014 9,167 33,000 24,694 18,957 10,052
5.Other income / (loss) 43,419 8,597 3,493 718 113,309 41,710
6.EBIT (F3-F4+F5) (57,669) (35,654) (29,507) (23,976) 94,352 31,658
7.Financial expenses 10,251 14,943 7,705 11,729 734 1,035
of which: (i) Interest expenses 6,573 5,202 4,639 4,639 726 1,025
8.Profit / (loss) before taxation (F6-F7) (67,920) (50,597) (37,212) (35,705) 93,618 30,623
9.Tax expenses (1,232) (269) (812) (925) (8,338) 426
10.Profit / (loss) after tax (F8-F9) (66,688) (50,328) (36,400) (34,780) 101,956 30,197
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (20,690) 5,887 7,286 5,356 (103,343) (2,895)
2.Net cash flows from investing activities (1,821) 1,500 0 0 301,200 (1,000)
3.Net cash flows from financing activities 26,077 (10,910) (7,475) (3,827) (47,430) 0
H.Miscellaneous
1.Total capital employed (C+D) 139,585 (31,240) (86,577) (163,515) (74,618) 22,675
2.Retention in business (F10-F11-F12) (66,688) (50,328) (36,400) (34,780) 101,956 30,197
3.Depreciation for the year 20,697 20,639 20,089 0 0 0
4.Salaries, wages and employee benefits 53,437 10,996 7,955 7,955 12,409 6,044
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -25.84 -118.71 - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.88 0.16 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -22.64 -18.57 -16.38 -16.83 56.93 19.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -11.51 -3.19 -1.73 -1.26 -1.39 -5.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 260.67 59.34 28.27 21.28 -78.97 -102.51
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.67 -2.01 -1.46 -1.39 4.08 1.21
112
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Redco Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,117,298 1,086,410 1,051,737 816,979 789,141 955,902
1.Capital work in progress 0 0 0 0 2,192 0
2.Operating fixed assets at cost 1,816,444 1,849,377 1,874,316 1,405,267 1,388,773 1,590,723
3.Operating fixed assets after deducting accumulated depreciation 1,112,302 1,081,183 1,045,847 811,081 781,063 950,028
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 90 69 70 78 66 54
6.Other non-current assets 4,906 5,158 5,820 5,820 5,820 5,820
B.Current Assets (B1+B2+B3+B4+B5+B6) 568,817 604,344 620,993 201,258 275,743 312,470
1.Cash & bank balance 9,588 3,259 14,528 695 43,508 33,403
2.Inventories; of which 279,962 327,457 306,112 1,073 10,061 56,751
i)Raw material 78,344 116,736 118,827 289 64 173
ii)Work in progress 39,447 39,648 23,781 0 1,326 1,472
iii)Finished goods 162,171 164,526 158,053 78 8,671 55,106
3.Trade Debt / accounts receivables 138,965 137,062 147,779 66,942 92,330 80,062
4.Short term loans and advances 33,083 31,444 41,499 31,244 28,040 31,329
5.Short term investments 0 0 0 0 0 0
6.Other current assets 107,219 105,122 111,075 101,304 101,804 110,925
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,686,115 1,690,754 1,672,730 1,018,237 1,064,884 1,268,372
C.Shareholders' Equity (C1+C2+C3) 636,225 551,245 369,994 (24,008) (22,730) 72,937
1.Issued, Subscribed & Paid up capital 492,926 492,926 492,926 492,926 492,926 492,926
i)Ordinary shares 492,926 492,926 492,926 492,926 492,926 492,926
ii)Preference shares 0 0 0 0 0 0
2.Reserves (83,300) (164,989) (340,252) (825,338) (821,285) (722,984)
i)Capital Reserve 34 14 15 23 11 73,199
ii)Revenue Reserve (83,334) (165,003) (340,267) (825,361) (821,296) (796,183)
of which: un-appropriated profit(loss) / retained earnings (83,334) (165,003) (340,267) (825,361) (821,296) (796,183)
3.Surplus on revaluation of fixed assets 226,599 223,308 217,320 308,404 305,629 302,995
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 83,477 51,061 18,032 5,564 5,033 23,989
1.Long term borrowings 69,231 38,462 7,692 0 0 12,049
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 10,423 12,599 10,340 5,564 5,033 5,304
5.Other non-current liabilities 3,823 0 0 0 0 6,636
E.Current Liabilities (E1+E2+E3+E4) 966,413 1,088,448 1,284,704 1,036,681 1,082,581 1,171,446
1.Trade credit & other accounts payables 152,721 225,054 239,888 77,116 89,492 186,111
of which: i) Trade credits 94,976 129,930 165,320 34,088 31,585 119,323
2.Short term borrowings 777,335 829,013 1,011,540 951,359 993,089 979,178
3.Current portion of non-current liabilities 30,769 30,769 30,769 7,692 0 6,157
4.Other current liabilities 5,588 3,612 2,507 514 0 0
F.Operations:
1.Sales 1,677,975 1,742,092 1,816,846 441,264 251,367 355,476
i)Local sales (Net) 1,668,434 1,736,982 1,816,846 441,264 251,367 344,393
ii)Export sales (Net) 9,541 5,110 0 0 0 11,083
2.Cost of sales 1,637,681 1,756,847 1,922,637 634,120 206,023 304,037
i)Cost of material 1,054,571 1,200,523 1,324,080 289,208 61,811 12,301
3.Gross profit / (loss) (F1-F2) 40,294 (14,755) (105,791) (192,856) 45,344 51,439
4.General, administrative and other expenses 31,345 29,435 31,263 304,590 40,041 25,836
i)Selling & distribution expenses 8,003 7,284 8,135 4,793 322 281
ii)Administrative and other expenses 23,342 22,151 23,128 299,797 39,719 25,555
5.Other income / (loss) 575 73 41 22 2 73
6.EBIT (F3-F4+F5) 9,524 (44,117) (137,013) (497,424) 5,305 25,676
7.Financial expenses 24,918 23,647 20,064 5,939 1,397 127
of which: (i) Interest expenses 22,367 20,985 17,226 4,768 362 79
8.Profit / (loss) before taxation (F6-F7) (15,394) (67,764) (157,077) (503,363) 3,908 25,549
9.Tax expenses 4,177 14,708 19,969 17,065 2,966 4,596
10.Profit / (loss) after tax (F8-F9) (19,571) (82,472) (177,046) (520,428) 942 20,953
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 55,808 (1,270) (114,892) 56,116 30,489 122,751
2.Net cash flows from investing activities (185,241) (25,969) (25,597) 21,001 (21,715) (210,915)
3.Net cash flows from financing activities 121,067 20,908 151,758 (90,951) 34,038 78,060
H.Miscellaneous
1.Total capital employed (C+D) 719,702 602,306 388,026 (18,444) (17,697) 96,926
2.Retention in business (F10-F11-F12) (19,571) (82,472) (177,046) (520,428) 942 20,953
3.Depreciation for the year 55,695 60,924 60,270 54,113 32,978 40,033
4.Salaries, wages and employee benefits 183,740 182,182 181,853 89,270 51,388 125,491
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.17 -4.73 -9.74 -117.94 0.37 5.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.02 1.03 1.08 0.33 0.24 0.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.19 -4.88 -10.53 -38.68 0.09 1.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.55 2.84 3.65 7.78 -44.57 46.47
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.04 -13.89 -38.44 -300.84 -4.03 83.47
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.40 -1.67 -3.59 -10.56 0.02 0.43
113
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Reliance Cotton Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,120,354 2,140,362 2,154,720 2,188,080 2,798,087 2,946,376
1.Capital work in progress 158,161 175,468 7,752 518 102,467 4,918
2.Operating fixed assets at cost 2,524,279 2,632,685 2,670,435 2,856,503 3,524,715 3,783,740
3.Operating fixed assets after deducting accumulated depreciation 1,325,661 1,290,064 1,403,202 1,460,247 1,885,077 2,046,223
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 627,403 665,843 734,779 718,327 801,556 886,248
6.Other non-current assets 9,129 8,987 8,987 8,988 8,987 8,987
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,610,503 1,406,054 1,529,156 2,392,630 3,264,523 4,264,386
1.Cash & bank balance 7,679 21,304 22,711 7,881 6,478 6,326
2.Inventories; of which 853,124 709,275 824,793 1,242,827 1,989,294 2,699,519
i)Raw material 671,713 485,878 598,737 953,597 1,450,853 2,062,436
ii)Work in progress 55,552 128,561 143,726 140,912 246,276 204,534
iii)Finished goods 125,859 88,488 80,384 135,852 285,311 426,562
3.Trade Debt / accounts receivables 434,039 351,018 304,660 665,550 761,062 986,719
4.Short term loans and advances 5,406 13,067 48,869 64,191 79,264 104,493
5.Short term investments 0 0 84,156 78,693 50,214 42,187
6.Other current assets 310,255 311,390 243,967 333,488 378,211 425,142
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,730,857 3,546,416 3,683,876 4,580,710 6,062,610 7,210,762
C.Shareholders' Equity (C1+C2+C3) 1,917,077 1,963,242 2,155,253 2,425,593 2,798,535 3,066,417
1.Issued, Subscribed & Paid up capital 102,920 102,920 102,920 102,920 102,920 102,920
i)Ordinary shares 102,920 102,920 102,920 102,920 102,920 102,920
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,814,157 1,860,322 2,052,333 2,322,673 2,695,615 2,963,497
i)Capital Reserve 144,013 122,553 136,368 0 0 0
ii)Revenue Reserve 1,670,144 1,737,769 1,915,965 2,322,673 2,695,615 2,963,497
of which: un-appropriated profit(loss) / retained earnings 1,540,144 1,607,769 1,785,965 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 105,293 189,238 220,150 354,715 678,986 1,006,836
1.Long term borrowings 0 58,550 74,900 185,732 547,187 853,696
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 62,259 73,392 80,337 92,932 48,699 62,585
5.Other non-current liabilities 43,034 57,296 64,913 76,051 83,100 90,555
E.Current Liabilities (E1+E2+E3+E4) 1,708,487 1,393,936 1,308,473 1,800,402 2,585,089 3,137,509
1.Trade credit & other accounts payables 278,734 207,426 268,640 310,011 530,497 442,141
of which: i) Trade credits 80,301 26,774 95,870 83,105 189,865 84,271
2.Short term borrowings 1,342,194 1,140,247 1,004,828 1,427,713 1,960,038 2,518,887
3.Current portion of non-current liabilities 33,333 0 0 7,319 12,193 19,354
4.Other current liabilities 54,226 46,263 35,005 55,359 82,361 157,127
F.Operations:
1.Sales 4,007,150 3,221,146 3,570,713 4,398,017 5,379,009 5,986,720
i)Local sales (Net) 793,009 600,113 767,435 880,477 1,046,512 1,321,012
ii)Export sales (Net) 3,214,141 2,621,033 2,803,278 3,517,540 4,332,497 4,665,708
2.Cost of sales 3,583,662 2,886,731 3,176,601 3,764,560 4,331,642 5,058,822
i)Cost of material 2,439,284 2,087,311 2,237,471 2,769,092 3,440,633 3,764,545
3.Gross profit / (loss) (F1-F2) 423,488 334,415 394,112 633,457 1,047,367 927,898
4.General, administrative and other expenses 151,688 125,811 157,383 203,205 196,754 276,775
i)Selling & distribution expenses 98,346 72,569 87,787 94,854 108,444 127,926
ii)Administrative and other expenses 53,342 53,242 69,596 108,351 88,310 148,849
5.Other income / (loss) 66,658 72,432 88,121 62,830 151,850 150,899
6.EBIT (F3-F4+F5) 338,458 281,036 324,850 493,082 1,002,463 802,022
7.Financial expenses 156,079 110,637 71,059 96,152 221,129 340,756
of which: (i) Interest expenses 137,870 100,387 65,448 89,964 213,431 331,153
8.Profit / (loss) before taxation (F6-F7) 182,379 170,399 253,791 396,930 781,334 461,266
9.Tax expenses 39,657 48,501 24,797 38,923 33,565 68,435
10.Profit / (loss) after tax (F8-F9) 142,722 121,898 228,994 358,007 747,769 392,831
11.Cash dividends 51,460 51,460 15,438 66,898 82,336 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 728,819 294,730 287,157 (373,483) (244,326) (623,451)
2.Net cash flows from investing activities (170,182) (104,375) (166,680) (182,384) (655,730) (249,222)
3.Net cash flows from financing activities (570,895) (176,731) (119,069) 541,036 898,653 872,521
H.Miscellaneous
1.Total capital employed (C+D) 2,022,370 2,152,480 2,375,403 2,780,308 3,477,521 4,073,253
2.Retention in business (F10-F11-F12) 91,262 70,438 213,556 291,109 665,433 392,831
3.Depreciation for the year 131,405 132,841 141,226 141,990 162,383 203,669
4.Salaries, wages and employee benefits 370,115 331,738 384,431 412,791 461,289 509,551
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.56 3.78 6.41 8.14 13.90 6.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.01 0.89 0.99 1.06 1.01 0.90
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.60 3.35 6.33 8.66 14.05 5.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.13 1.88 1.76 1.80 2.04 2.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.67 6.28 11.12 15.63 28.63 13.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 13.87 11.84 22.25 34.78 72.66 38.17
114
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Reliance Weaving Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,274,770 6,033,796 6,306,354 6,562,019 7,084,769 6,595,459
1.Capital work in progress 27,584 27,589 26,112 8,673 13,822 72,480
2.Operating fixed assets at cost 7,340,076 7,371,220 7,802,604 8,202,485 9,027,838 9,406,915
3.Operating fixed assets after deducting accumulated depreciation 5,349,600 5,138,451 5,344,974 5,624,813 6,213,181 6,238,305
4.Intangible assets 6,513 5,566 4,620 3,674 2,728 1,781
5.Long term investments 812,370 795,659 855,744 837,700 763,601 35,635
6.Other non-current assets 78,703 66,531 74,904 87,159 91,437 247,258
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,862,175 4,221,498 4,996,929 6,704,890 9,725,316 9,225,813
1.Cash & bank balance 70,807 77,390 96,630 79,087 113,073 42,971
2.Inventories; of which 1,576,371 2,346,349 3,009,201 3,222,131 5,944,942 4,669,117
i)Raw material 731,659 1,510,244 1,756,403 2,085,899 4,081,657 1,451,254
ii)Work in progress 158,036 166,946 183,721 248,384 280,286 249,013
iii)Finished goods 686,676 601,016 1,011,020 843,240 1,548,035 2,929,403
3.Trade Debt / accounts receivables 953,668 528,178 603,771 2,005,913 2,281,363 1,827,071
4.Short term loans and advances 385,796 392,010 308,054 263,590 401,679 974,612
5.Short term investments 124,045 110,578 109,922 106,535 137,331 782,192
6.Other current assets 751,488 766,993 869,351 1,027,634 846,928 929,850
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,136,945 10,255,294 11,303,283 13,266,909 16,810,085 15,821,272
C.Shareholders' Equity (C1+C2+C3) 2,743,760 2,773,588 2,859,404 3,401,792 3,890,585 3,876,913
1.Issued, Subscribed & Paid up capital 308,109 308,109 308,109 308,109 308,109 308,109
i)Ordinary shares 308,109 308,109 308,109 308,109 308,109 308,109
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,801,326 1,831,154 1,916,970 2,144,197 2,632,990 2,619,318
i)Capital Reserve 41,081 41,081 41,081 101,763 91,626 86,878
ii)Revenue Reserve 1,760,245 1,790,073 1,875,889 2,042,434 2,541,364 2,532,440
of which: un-appropriated profit(loss) / retained earnings 1,609,792 1,651,176 1,737,474 1,968,262 2,467,192 2,458,268
3.Surplus on revaluation of fixed assets 634,325 634,325 634,325 949,486 949,486 949,486
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,272,307 2,101,511 1,948,524 1,481,534 2,076,942 2,985,958
1.Long term borrowings 2,101,923 1,946,640 1,763,613 1,213,829 1,835,663 2,727,526
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 170,384 154,871 184,911 267,705 241,279 258,432
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 5,120,878 5,380,195 6,495,355 8,383,583 10,842,558 8,958,401
1.Trade credit & other accounts payables 689,189 864,044 871,920 1,322,614 2,012,704 1,684,521
of which: i) Trade credits 320,764 563,292 404,674 525,156 1,286,044 963,123
2.Short term borrowings 3,592,817 3,559,808 4,581,656 6,080,170 7,816,016 6,658,070
3.Current portion of non-current liabilities 730,302 744,035 833,442 669,476 529,479 143,401
4.Other current liabilities 108,570 212,308 208,337 311,323 484,359 472,409
F.Operations:
1.Sales 10,878,062 10,049,389 11,341,734 13,913,860 16,605,159 17,275,166
i)Local sales (Net) 3,898,616 4,978,788 6,671,934 7,081,582 10,593,096 3,698,157
ii)Export sales (Net) 6,979,446 5,070,601 4,669,800 6,832,278 6,012,063 13,577,009
2.Cost of sales 10,036,196 9,162,497 10,357,639 12,568,217 14,822,654 15,214,366
i)Cost of material 7,353,076 6,892,431 8,283,636 9,551,485 12,514,037 13,530,860
3.Gross profit / (loss) (F1-F2) 841,866 886,892 984,095 1,345,643 1,782,505 2,060,800
4.General, administrative and other expenses 330,820 264,715 288,121 359,667 412,711 784,197
i)Selling & distribution expenses 162,883 106,736 116,530 143,633 155,954 233,553
ii)Administrative and other expenses 167,937 157,979 171,591 216,034 256,757 550,644
5.Other income / (loss) 34,775 15,239 9,530 77,678 252,984 129,290
6.EBIT (F3-F4+F5) 545,821 637,416 705,504 1,063,654 1,622,778 1,405,893
7.Financial expenses 688,185 530,199 537,721 622,203 991,464 1,166,615
of which: (i) Interest expenses 612,764 466,910 487,245 570,687 931,881 1,081,389
8.Profit / (loss) before taxation (F6-F7) (142,364) 107,217 167,783 441,451 631,314 239,278
9.Tax expenses (44,445) 104,025 66,566 130,872 128,509 86,345
10.Profit / (loss) after tax (F8-F9) (97,919) 3,192 101,217 310,579 502,805 152,933
11.Cash dividends 0 15,405 46,216 69,325 107,838 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 931,041 213,419 (379,013) (568,184) (1,267,720) 1,153,062
2.Net cash flows from investing activities (1,515,076) (10,936) (514,689) (199,060) (847,774) (442,319)
3.Net cash flows from financing activities 539,757 (195,899) 912,942 749,701 2,149,480 (780,844)
H.Miscellaneous
1.Total capital employed (C+D) 5,016,067 4,875,099 4,807,928 4,883,326 5,967,527 6,862,871
2.Retention in business (F10-F11-F12) (97,919) (12,213) 55,001 241,254 394,967 152,933
3.Depreciation for the year 241,002 243,905 233,098 248,788 255,115 268,788
4.Salaries, wages and employee benefits 694,547 767,759 818,131 934,717 1,038,150 1,156,832
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.90 0.03 0.89 2.23 3.03 0.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.10 0.99 1.05 1.13 1.10 1.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.99 0.03 0.94 2.53 3.34 0.94
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.50 3.70 3.83 3.92 4.12 4.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.47 0.12 3.59 9.92 13.79 3.94
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.18 0.10 3.29 10.08 16.32 4.96
115
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ruby Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,043,660 949,453 909,971 874,193 904,668 893,265
1.Capital work in progress 0 0 0 0 0 40,408
2.Operating fixed assets at cost 1,162,172 970,988 970,299 975,190 1,043,504 1,025,727
3.Operating fixed assets after deducting accumulated depreciation 1,037,951 942,463 902,018 868,458 900,270 848,322
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 5,709 6,990 7,953 5,735 4,398 4,535
B.Current Assets (B1+B2+B3+B4+B5+B6) 609,921 561,768 567,588 500,162 259,251 140,911
1.Cash & bank balance 2,376 1,640 1,754 1,340 680 483
2.Inventories; of which 406,109 363,256 384,738 333,343 6,383 48,191
i)Raw material 369,136 354,518 376,095 324,449 2,174 40,451
ii)Work in progress 12,540 2,703 3,634 3,310 3,329 6,095
iii)Finished goods 24,433 6,035 5,009 5,584 880 1,645
3.Trade Debt / accounts receivables 26,481 19,815 13,038 14,660 108,319 2,344
4.Short term loans and advances 29,844 15,641 20,496 17,630 26,067 9,699
5.Short term investments 0 0 0 0 0 0
6.Other current assets 145,111 161,416 147,562 133,189 117,802 80,194
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,653,581 1,511,221 1,477,559 1,374,355 1,163,919 1,034,176
C.Shareholders' Equity (C1+C2+C3) 700,986 835,994 650,036 608,373 652,516 685,000
1.Issued, Subscribed & Paid up capital 522,144 522,144 522,144 522,144 522,144 522,144
i)Ordinary shares 522,144 522,144 522,144 522,144 522,144 522,144
ii)Preference shares 0 0 0 0 0 0
2.Reserves (284,476) (101,843) (195,867) (230,558) (225,320) (183,825)
i)Capital Reserve 3,240 430,176 470,342 372,913 468,684 528,991
ii)Revenue Reserve (287,716) (532,019) (666,209) (603,471) (694,004) (712,816)
of which: un-appropriated profit(loss) / retained earnings (287,716) (532,019) (666,209) (603,471) (694,004) (712,816)
3.Surplus on revaluation of fixed assets 463,318 415,693 323,759 316,787 355,692 346,681
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 581,085 159,879 225,282 283,310 206,205 72,876
1.Long term borrowings 148,088 103,008 85,516 255,354 164,492 60,083
2.Subordinated loans / Sponsor's loans 418,912 50,665 51,575 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 14,085 6,206 6,173 5,672 7,827 4,799
5.Other non-current liabilities 0 0 82,018 22,284 33,886 7,994
E.Current Liabilities (E1+E2+E3+E4) 371,510 515,348 602,241 482,672 305,198 276,300
1.Trade credit & other accounts payables 273,599 116,163 255,644 275,381 258,135 237,152
of which: i) Trade credits 146,046 107,236 132,587 135,609 116,264 87,443
2.Short term borrowings 62,554 176,319 198,832 188,803 38,235 35,864
3.Current portion of non-current liabilities 3,813 74,586 141,646 4,167 808 0
4.Other current liabilities 31,544 148,280 6,119 14,321 8,020 3,284
F.Operations:
1.Sales 508,026 292,888 400,356 325,009 719,481 275,027
i)Local sales (Net) 413,160 251,580 400,356 325,009 719,481 275,027
ii)Export sales (Net) 94,866 41,308 0 0 0 0
2.Cost of sales 673,626 418,265 511,561 414,948 821,113 392,427
i)Cost of material 434,932 220,069 311,591 238,344 566,608 227,982
3.Gross profit / (loss) (F1-F2) (165,600) (125,377) (111,205) (89,939) (101,632) (117,400)
4.General, administrative and other expenses 30,327 21,757 16,981 28,514 18,560 18,833
i)Selling & distribution expenses 5,843 2,797 46 149 25 202
ii)Administrative and other expenses 24,484 18,960 16,935 28,365 18,535 18,631
5.Other income / (loss) 873 851 1,739 156,913 103,325 109,545
6.EBIT (F3-F4+F5) (195,054) (146,283) (126,447) 38,460 (16,867) (26,688)
7.Financial expenses 15,799 10,787 8,273 43,860 81,582 6,282
of which: (i) Interest expenses 11,314 7,156 6,677 7,051 5,295 5,865
8.Profit / (loss) before taxation (F6-F7) (210,853) (157,070) (134,720) (5,400) (98,449) (32,970)
9.Tax expenses (21,025) 18,616 3,587 318 388 (4,878)
10.Profit / (loss) after tax (F8-F9) (189,828) (175,686) (138,307) (5,718) (98,837) (28,092)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (137,127) (86,112) (104,968) 14,935 (43,841) (19,482)
2.Net cash flows from investing activities (246) (1,280) (263) (2,673) 1,338 (41,085)
3.Net cash flows from financing activities 138,697 120,742 82,832 10,221 191,412 62,739
H.Miscellaneous
1.Total capital employed (C+D) 1,282,071 995,873 875,318 891,683 858,721 757,876
2.Retention in business (F10-F11-F12) (189,828) (175,686) (138,307) (5,718) (98,837) (28,092)
3.Depreciation for the year 48,377 45,957 40,344 38,451 36,502 34,172
4.Salaries, wages and employee benefits 82,470 59,503 73,985 71,926 108,329 62,759
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -37.37 -59.98 -34.55 -1.76 -13.74 -10.21
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.30 0.19 0.27 0.23 0.57 0.25
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -11.20 -11.10 -9.26 -0.40 -7.79 -2.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.15 2.06 2.01 2.27 2.01 1.64
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -24.07 -22.86 -18.61 -0.91 -15.68 -4.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.64 -3.36 -2.65 -0.11 -1.89 -0.54
116
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Saif Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,716,417 4,629,796 4,520,939 5,022,916 5,441,503 6,603,907
1.Capital work in progress 40,044 23,800 14,246 565 25,641 8,352
2.Operating fixed assets at cost 5,135,912 6,420,258 6,625,281 7,103,323 7,797,034 8,496,085
3.Operating fixed assets after deducting accumulated depreciation 3,481,693 4,581,128 4,471,486 4,991,031 5,374,591 6,488,683
4.Intangible assets 337 565 12,102 9,485 6,868 4,251
5.Long term investments 0 0 0 0 2,500 12,450
6.Other non-current assets 194,343 24,303 23,105 21,835 31,903 90,171
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,125,792 3,398,906 4,117,924 3,981,683 4,561,245 5,283,087
1.Cash & bank balance 35,814 37,264 27,019 18,800 30,110 40,567
2.Inventories; of which 1,581,043 1,765,510 2,029,069 1,835,839 2,340,074 2,517,269
i)Raw material 1,061,250 924,633 1,180,215 1,049,151 1,618,917 1,405,049
ii)Work in progress 148,790 115,699 141,902 210,201 202,685 188,426
iii)Finished goods 371,003 725,178 706,952 576,487 518,472 923,794
3.Trade Debt / accounts receivables 870,427 758,712 1,017,609 1,268,412 1,211,286 1,824,038
4.Short term loans and advances 94,536 133,186 74,146 95,407 89,846 70,736
5.Short term investments 5,667 6,147 6,270 5,081 3,617 24,022
6.Other current assets 538,305 698,087 963,811 758,144 886,312 806,455
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,842,209 8,028,702 8,638,863 9,004,599 10,002,748 11,886,994
C.Shareholders' Equity (C1+C2+C3) 1,683,278 2,240,867 2,273,053 2,401,918 3,198,422 3,161,279
1.Issued, Subscribed & Paid up capital 264,129 264,129 264,129 264,129 264,129 264,129
i)Ordinary shares 264,129 264,129 264,129 264,129 264,129 264,129
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,293,991 1,256,400 1,315,277 1,363,164 2,194,494 1,505,204
i)Capital Reserve 115,981 115,981 115,981 115,981 115,981 115,931
ii)Revenue Reserve 1,178,010 1,140,419 1,199,296 1,247,183 2,078,513 1,389,273
of which: un-appropriated profit(loss) / retained earnings 1,028,010 990,419 1,049,296 1,097,183 1,928,513 1,239,273
3.Surplus on revaluation of fixed assets 125,158 720,338 693,647 774,625 739,799 1,391,946
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,608,394 1,774,235 1,666,535 2,078,973 1,688,959 2,829,658
1.Long term borrowings 936,401 989,831 880,897 1,243,666 1,459,701 2,323,223
2.Subordinated loans / Sponsor's loans 508,500 523,500 525,000 608,000 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 159,611 151,966 135,379 117,523 135,460 161,592
5.Other non-current liabilities 3,882 108,938 125,259 109,784 93,798 344,843
E.Current Liabilities (E1+E2+E3+E4) 3,550,537 4,013,600 4,699,275 4,523,708 5,115,367 5,896,057
1.Trade credit & other accounts payables 740,185 674,928 581,166 659,052 759,926 1,112,884
of which: i) Trade credits 194,630 285,113 121,851 147,187 279,709 162,718
2.Short term borrowings 2,340,107 2,767,636 3,429,881 3,299,165 3,779,760 4,261,572
3.Current portion of non-current liabilities 340,265 398,179 483,432 321,332 424,982 277,057
4.Other current liabilities 129,980 172,857 204,796 244,159 150,699 244,544
F.Operations:
1.Sales 7,945,789 6,697,773 7,586,301 7,852,240 8,975,842 7,651,433
i)Local sales (Net) 6,354,646 5,956,775 6,926,152 7,188,518 8,301,982 7,028,940
ii)Export sales (Net) 1,591,143 740,998 660,149 663,722 673,860 622,493
2.Cost of sales 7,244,655 6,075,785 6,823,288 6,997,222 7,938,029 7,014,015
i)Cost of material 4,564,963 4,245,650 4,213,448 4,605,330 5,562,639 4,858,322
3.Gross profit / (loss) (F1-F2) 701,134 621,988 763,013 855,018 1,037,813 637,418
4.General, administrative and other expenses 376,381 352,765 380,878 352,556 372,063 421,189
i)Selling & distribution expenses 168,411 138,305 161,670 145,216 143,384 167,011
ii)Administrative and other expenses 207,970 214,460 219,208 207,340 228,679 254,178
5.Other income / (loss) (10,255) 9,155 39,262 (67,427) 849,149 15,463
6.EBIT (F3-F4+F5) 314,498 278,378 421,397 435,035 1,514,899 231,692
7.Financial expenses 369,250 323,968 314,877 385,153 595,464 855,554
of which: (i) Interest expenses 357,331 306,586 294,545 364,504 560,650 805,173
8.Profit / (loss) before taxation (F6-F7) (54,752) (45,590) 106,520 49,882 919,435 (623,862)
9.Tax expenses (164) 3,542 83,575 4,014 89,116 47,748
10.Profit / (loss) after tax (F8-F9) (54,588) (49,132) 22,945 45,868 830,319 (671,610)
11.Cash dividends 0 0 26,413 19,810 26,413 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 356,734 191,205 (172,628) 872,082 389,495 65,016
2.Net cash flows from investing activities (379,826) (468,991) (213,740) (601,828) (675,526) (506,002)
3.Net cash flows from financing activities 34,052 279,236 376,123 (278,473) 297,341 451,443
H.Miscellaneous
1.Total capital employed (C+D) 3,291,672 4,015,102 3,939,588 4,480,891 4,887,381 5,990,937
2.Retention in business (F10-F11-F12) (54,588) (49,132) (3,468) 26,058 803,906 (671,610)
3.Depreciation for the year 231,640 256,029 321,058 241,886 264,681 272,072
4.Salaries, wages and employee benefits 823,910 878,993 908,885 972,480 1,012,884 1,030,271
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.69 -0.73 0.30 0.58 9.25 -8.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.20 0.90 0.91 0.89 0.94 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.83 -0.66 0.28 0.52 8.74 -6.14
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.79 3.79 3.69 3.77 3.39 3.44
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.13 -2.50 1.02 1.96 29.65 -21.12
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.07 -1.86 0.87 1.74 31.44 -25.43
117
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sajjad Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 477,527 304,270 204,109 24,833 11,208 11,208
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 560,669 407,182 35,148 12,419 12,419 12,419
3.Operating fixed assets after deducting accumulated depreciation 466,158 292,883 22,082 9,199 8,280 8,280
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 19 170,200 3,807 2,928 2,928
6.Other non-current assets 11,369 11,368 11,827 11,827 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 203,740 142,933 109,489 204,624 204,310 204,310
1.Cash & bank balance 19,658 10,023 981 2,762 189 189
2.Inventories; of which 85,545 59,121 0 0 0 0
i)Raw material 49,612 2,284 0 0 0 0
ii)Work in progress 7,975 8,323 0 0 0 0
iii)Finished goods 27,958 47,335 0 0 0 0
3.Trade Debt / accounts receivables 34,949 27,374 7,550 0 0 0
4.Short term loans and advances 6,128 6,991 4,057 67 63 63
5.Short term investments 22 0 0 0 0 0
6.Other current assets 57,438 39,424 96,901 201,795 204,058 204,058
Total Assets (A+B) / Equity & Liabilities (C+D+E) 681,267 447,203 313,598 229,457 215,518 215,518
C.Shareholders' Equity (C1+C2+C3) 221,873 (83,854) (151,835) (235,433) (288,157) (288,157)
1.Issued, Subscribed & Paid up capital 212,678 212,678 212,678 212,678 212,678 212,678
i)Ordinary shares 212,678 212,678 212,678 212,678 212,678 212,678
ii)Preference shares 0 0 0 0 0 0
2.Reserves (148,589) (426,689) (484,431) (566,698) (619,422) (619,422)
i)Capital Reserve 17 13 (746) (1,173) (2,051) (2,051)
ii)Revenue Reserve (148,606) (426,702) (483,685) (565,525) (617,371) (617,371)
of which: un-appropriated profit(loss) / retained earnings (148,606) (426,702) (483,685) (565,525) (617,371) (617,371)
3.Surplus on revaluation of fixed assets 157,784 130,157 119,918 118,587 118,587 118,587
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,494 299 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 622 299 0 0 0 0
5.Other non-current liabilities 1,872 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 456,900 530,758 465,433 464,890 503,675 503,675
1.Trade credit & other accounts payables 211,084 194,696 87,321 70,934 81,497 81,497
of which: i) Trade credits 166,866 100,288 47,052 27,524 24,432 24,432
2.Short term borrowings 222,019 306,045 344,761 348,377 357,796 357,796
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 23,797 30,017 33,351 45,579 64,382 64,382
F.Operations:
1.Sales 1,171,057 793,087 139,813 0 0 0
i)Local sales (Net) 854,980 655,759 139,813 0 0 0
ii)Export sales (Net) 316,077 137,328 0 0 0 0
2.Cost of sales 1,168,519 1,019,978 174,335 0 0 0
i)Cost of material 877,152 577,345 44,978 0 0 0
3.Gross profit / (loss) (F1-F2) 2,538 (226,891) (34,522) 0 0 0
4.General, administrative and other expenses 55,690 42,383 34,266 75,494 36,570 36,570
i)Selling & distribution expenses 11,145 5,991 1,201 328 351 351
ii)Administrative and other expenses 44,545 36,392 33,065 75,166 36,219 36,219
5.Other income / (loss) 862 852 5,019 4,815 7,145 7,145
6.EBIT (F3-F4+F5) (52,290) (268,422) (63,769) (70,679) (29,425) (29,425)
7.Financial expenses 3,854 6,716 10,415 11,823 17,519 17,519
of which: (i) Interest expenses 3,272 6,411 10,379 11,797 17,506 17,506
8.Profit / (loss) before taxation (F6-F7) (56,144) (275,138) (74,184) (82,502) (46,944) (46,944)
9.Tax expenses (9,864) 6,966 240 670 4,903 4,903
10.Profit / (loss) after tax (F8-F9) (46,280) (282,104) (74,424) (83,172) (51,847) (51,847)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 38,368 (79,296) (82,195) (50,050) (12,004) (12,004)
2.Net cash flows from investing activities (54,319) (14,364) 34,438 48,214 12 12
3.Net cash flows from financing activities 5,327 84,025 38,715 3,617 9,419 9,419
H.Miscellaneous
1.Total capital employed (C+D) 224,367 (83,555) (151,835) (235,433) (288,157) (288,157)
2.Retention in business (F10-F11-F12) (46,280) (282,104) (74,424) (83,172) (51,847) (51,847)
3.Depreciation for the year 18,887 20,267 5,490 1,371 920 920
4.Salaries, wages and employee benefits 103,345 79,004 36,424 20,156 17,360 17,360
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.95 -35.57 -53.23 - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.81 1.41 0.37 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.17 -50.00 -19.56 -30.63 -23.30 -24.06
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.63 8.18 -3.23 -1.40 -0.85 -0.75
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -18.89 -408.79 63.15 42.95 19.80 17.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.18 -13.26 -3.50 -3.91 -2.44 -2.44
118
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Salfi Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,364,129 3,458,042 3,390,097 4,223,236 5,349,484 5,437,506
1.Capital work in progress 9,084 130,831 8,247 24,914 42,923 10,570
2.Operating fixed assets at cost 3,433,573 3,550,615 3,742,084 4,311,712 5,409,304 5,733,966
3.Operating fixed assets after deducting accumulated depreciation 3,350,560 3,323,867 3,379,761 4,195,789 5,287,734 5,422,186
4.Intangible assets 2,984 1,608 256 604 902 2,666
5.Long term investments 489 699 654 700 16,902 714
6.Other non-current assets 1,012 1,037 1,179 1,229 1,023 1,370
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,698,031 1,516,316 2,236,468 2,174,614 3,122,606 2,669,298
1.Cash & bank balance 41,138 45,963 17,412 9,716 6,963 9,047
2.Inventories; of which 956,771 730,729 1,375,917 1,111,077 2,211,911 1,719,749
i)Raw material 682,397 556,362 1,167,741 936,157 1,842,167 1,006,639
ii)Work in progress 27,163 29,730 32,073 37,443 48,512 45,019
iii)Finished goods 247,211 139,332 169,776 125,972 321,093 658,548
3.Trade Debt / accounts receivables 375,037 299,140 418,036 604,134 418,506 505,975
4.Short term loans and advances 210,158 308,383 250,470 235,275 310,330 264,511
5.Short term investments 21,036 27,536 24,740 24,741 24,740 27,540
6.Other current assets 93,891 104,565 149,893 189,671 150,156 142,476
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,062,160 4,974,358 5,626,565 6,397,850 8,472,090 8,106,804
C.Shareholders' Equity (C1+C2+C3) 2,536,541 2,147,532 2,184,663 3,259,669 4,313,752 4,027,919
1.Issued, Subscribed & Paid up capital 33,426 33,425 33,425 33,425 33,426 33,426
i)Ordinary shares 33,426 33,425 33,425 33,425 33,426 33,426
ii)Preference shares 0 0 0 0 0 0
2.Reserves 920,094 576,710 658,572 937,274 892,078 630,677
i)Capital Reserve 5,678 5,888 5,843 5,888 5,996 5,996
ii)Revenue Reserve 914,416 570,822 652,729 931,386 886,082 624,681
of which: un-appropriated profit(loss) / retained earnings 164,416 70,821 152,729 431,386 386,082 124,681
3.Surplus on revaluation of fixed assets 1,583,021 1,537,397 1,492,666 2,288,970 3,388,248 3,363,816
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 789,616 871,615 666,508 541,931 417,572 793,387
1.Long term borrowings 726,110 800,261 587,502 346,135 216,844 651,356
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 63,506 71,354 77,505 86,793 101,976 114,739
5.Other non-current liabilities 0 0 1,501 109,003 98,752 27,292
E.Current Liabilities (E1+E2+E3+E4) 1,736,003 1,955,211 2,775,394 2,596,250 3,740,766 3,285,498
1.Trade credit & other accounts payables 407,809 638,508 285,116 280,051 467,398 464,613
of which: i) Trade credits 56,587 41,472 45,529 57,266 287,140 239,380
2.Short term borrowings 1,109,508 1,080,060 2,184,746 1,951,038 2,965,649 2,643,114
3.Current portion of non-current liabilities 131,869 167,081 208,657 241,368 129,306 41,849
4.Other current liabilities 86,817 69,562 96,875 123,793 178,413 135,922
F.Operations:
1.Sales 4,448,356 4,975,583 5,284,258 5,958,499 6,770,629 6,298,453
i)Local sales (Net) 465,604 1,806,094 2,074,530 1,938,402 2,117,620 803,612
ii)Export sales (Net) 3,982,752 3,169,489 3,209,728 4,020,097 4,653,009 5,494,841
2.Cost of sales 4,179,356 4,957,342 4,892,329 5,285,316 6,263,344 5,769,924
i)Cost of material 3,027,939 3,546,024 3,913,702 4,115,407 5,309,996 5,023,170
3.Gross profit / (loss) (F1-F2) 269,000 18,241 391,929 673,183 507,285 528,529
4.General, administrative and other expenses 234,773 237,151 206,867 211,294 266,521 468,922
i)Selling & distribution expenses 128,442 122,320 105,030 89,382 105,025 131,147
ii)Administrative and other expenses 106,331 114,831 101,837 121,912 161,496 337,775
5.Other income / (loss) 7,660 8,094 86,931 63,997 8,923 19,497
6.EBIT (F3-F4+F5) 41,887 (210,816) 271,993 525,886 249,687 79,104
7.Financial expenses 145,298 168,991 176,473 227,975 345,353 371,694
of which: (i) Interest expenses 138,709 159,344 165,725 210,681 304,655 327,692
8.Profit / (loss) before taxation (F6-F7) (103,411) (379,807) 95,520 297,911 (95,666) (292,590)
9.Tax expenses 42,310 4,416 58,846 63,470 (8,751) 33,274
10.Profit / (loss) after tax (F8-F9) (145,721) (384,223) 36,674 234,441 (86,915) (325,864)
11.Cash dividends 0 0 0 6,685 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (340,686) 166,223 (889,112) 466,891 (709,648) 250,654
2.Net cash flows from investing activities (456,883) (241,312) (72,943) (32,218) (59,830) (273,046)
3.Net cash flows from financing activities 304,207 214,046 27,306 (514,299) 545,354 33,759
H.Miscellaneous
1.Total capital employed (C+D) 3,326,157 3,019,147 2,851,171 3,801,600 4,731,324 4,821,306
2.Retention in business (F10-F11-F12) (145,721) (384,223) 36,674 227,756 (86,915) (325,864)
3.Depreciation for the year 112,578 147,692 143,264 143,816 152,276 191,799
4.Salaries, wages and employee benefits 325,357 303,773 383,208 403,657 431,880 466,315
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.28 -7.72 0.69 3.93 -1.28 -5.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.00 0.99 1.00 0.99 0.91 0.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.27 -7.66 0.69 3.90 -1.17 -3.93
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.88 2.14 2.45 2.21 1.96 1.99
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.17 -16.41 1.69 8.61 -2.30 -7.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -43.60 -114.95 10.97 70.14 -26.00 -97.49
119
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sally Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,211,632 1,041,827 996,093 957,173 911,243 872,477
1.Capital work in progress 0 2,189 2,356 0 0 0
2.Operating fixed assets at cost 2,027,085 1,748,219 1,747,718 1,754,186 1,734,827 1,734,827
3.Operating fixed assets after deducting accumulated depreciation 1,200,388 1,028,394 982,493 945,929 899,999 861,233
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 11,244 11,244 11,244 11,244 11,244 11,244
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,260,070 1,214,974 1,243,424 838,379 804,807 804,943
1.Cash & bank balance 13,464 8,062 5,639 2,222 2,502 2,493
2.Inventories; of which 973,528 991,631 992,221 600,447 565,440 565,441
i)Raw material 748,174 772,968 807,678 459,551 456,545 456,546
ii)Work in progress 51,958 45,321 26,552 27,675 0 0
iii)Finished goods 173,396 173,342 157,991 113,221 108,895 108,895
3.Trade Debt / accounts receivables 162,519 97,500 85,179 100,054 96,583 96,588
4.Short term loans and advances 18,616 0 0 6,934 19,021 23,480
5.Short term investments 0 0 0 0 0 0
6.Other current assets 91,943 117,781 160,385 128,722 121,261 116,941
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,471,702 2,256,801 2,239,517 1,795,552 1,716,050 1,677,420
C.Shareholders' Equity (C1+C2+C3) 382,174 6,661 (25,614) (426,264) (742,041) (996,625)
1.Issued, Subscribed & Paid up capital 87,750 87,750 87,750 87,750 87,750 87,750
i)Ordinary shares 87,750 87,750 87,750 87,750 87,750 87,750
ii)Preference shares 0 0 0 0 0 0
2.Reserves 62,504 (328,509) (343,634) (740,979) (1,052,407) (1,302,874)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 62,504 (328,509) (343,634) (740,979) (1,052,407) (1,302,874)
of which: un-appropriated profit(loss) / retained earnings 62,504 (328,509) (343,634) (740,979) (1,052,407) (1,302,874)
3.Surplus on revaluation of fixed assets 231,920 247,420 230,270 226,965 222,616 218,499
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 509,772 529,470 807,514 843,533 782,998 844,038
1.Long term borrowings 100,000 66,667 222,916 127,083 0 0
2.Subordinated loans / Sponsor's loans 184,956 281,328 409,065 536,883 617,899 686,264
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 123,346 108,760 97,129 102,176 101,907 101,907
5.Other non-current liabilities 101,470 72,715 78,404 77,391 63,192 55,867
E.Current Liabilities (E1+E2+E3+E4) 1,579,756 1,720,670 1,457,617 1,378,283 1,675,093 1,830,007
1.Trade credit & other accounts payables 613,260 672,521 597,169 405,775 459,033 462,843
of which: i) Trade credits 384,448 429,346 249,291 138,665 138,945 141,543
2.Short term borrowings 941,966 969,570 718,729 723,643 722,659 722,781
3.Current portion of non-current liabilities 0 33,333 118,750 183,750 310,833 310,833
4.Other current liabilities 24,530 45,246 22,969 65,115 182,568 333,550
F.Operations:
1.Sales 3,279,669 2,192,217 1,647,561 1,912,528 111,745 0
i)Local sales (Net) 2,265,445 1,458,621 1,647,561 1,912,528 111,745 0
ii)Export sales (Net) 1,014,224 733,596 0 0 0 0
2.Cost of sales 3,298,618 2,389,386 1,556,629 2,154,985 266,727 39,880
i)Cost of material 2,321,643 1,516,994 947,540 1,485,542 75,710 0
3.Gross profit / (loss) (F1-F2) (18,949) (197,169) 90,932 (242,457) (154,982) (39,880)
4.General, administrative and other expenses 96,483 65,798 54,654 61,980 29,250 14,260
i)Selling & distribution expenses 18,733 15,447 10,177 9,391 1,748 0
ii)Administrative and other expenses 77,750 50,351 44,477 52,589 27,502 14,260
5.Other income / (loss) 1,234 147,825 36,227 14,714 (26,765) (56,365)
6.EBIT (F3-F4+F5) (114,198) (115,142) 72,505 (289,723) (210,997) (110,505)
7.Financial expenses 96,233 93,610 82,858 83,057 117,583 151,366
of which: (i) Interest expenses 94,725 92,642 81,770 82,108 117,469 151,363
8.Profit / (loss) before taxation (F6-F7) (210,431) (208,752) (10,353) (372,780) (328,580) (261,871)
9.Tax expenses (10,021) 34,376 10,363 25,161 (12,802) (7,287)
10.Profit / (loss) after tax (F8-F9) (200,410) (243,128) (20,716) (397,941) (315,778) (254,584)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (404,566) (201,540) (152,769) (112,648) (53,061) (12,131)
2.Net cash flows from investing activities (128,085) (72,465) (480) (4,851) 9,325 0
3.Net cash flows from financing activities 522,317 268,604 150,825 114,082 44,016 12,122
H.Miscellaneous
1.Total capital employed (C+D) 891,946 536,131 781,900 417,269 40,957 (152,587)
2.Retention in business (F10-F11-F12) (200,410) (243,128) (20,716) (397,941) (315,778) (254,584)
3.Depreciation for the year 58,654 51,992 46,879 44,325 41,356 38,765
4.Salaries, wages and employee benefits 351,845 292,633 199,725 223,480 85,556 7,433
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -6.11 -11.09 -1.26 -20.81 -282.59 -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.48 0.93 0.73 0.95 0.06 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.03 -10.28 -0.92 -19.72 -17.98 -15.00
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.59 12.16 -237.24 -8.93 -3.01 -1.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -41.46 -125.05 218.60 176.13 54.06 29.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -22.84 -27.71 -2.36 -45.35 -35.99 -29.01
120
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Salman Noman Enterprises Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 834,261 803,101 777,529 743,162 711,058 680,621
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,384,131 1,389,699 1,390,439 1,109,345 1,390,439 1,390,439
3.Operating fixed assets after deducting accumulated depreciation 827,231 796,071 761,062 726,695 694,591 664,154
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 7,030 7,030 16,467 16,467 16,467 16,467
B.Current Assets (B1+B2+B3+B4+B5+B6) 360,921 370,666 261,723 160,286 160,287 160,287
1.Cash & bank balance 1,792 11,994 14,345 252 253 253
2.Inventories; of which 209,701 226,823 151,680 90,013 90,013 90,013
i)Raw material 180,567 168,078 122,098 90,013 90,013 90,013
ii)Work in progress 16,012 8,297 7,769 0 0 0
iii)Finished goods 13,122 50,448 21,812 0 0 0
3.Trade Debt / accounts receivables 39,386 24,190 4,491 2,449 2,449 2,449
4.Short term loans and advances 16,569 21,063 11,781 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 93,473 86,596 79,426 67,572 67,572 67,572
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,195,182 1,173,767 1,039,252 903,448 871,345 840,908
C.Shareholders' Equity (C1+C2+C3) 217,092 32,862 (116,069) (287,500) (319,704) (350,449)
1.Issued, Subscribed & Paid up capital 44,670 44,670 44,670 44,670 44,670 44,670
i)Ordinary shares 44,670 44,670 44,670 44,670 44,670 44,670
ii)Preference shares 0 0 0 0 0 0
2.Reserves (192,964) (363,512) (499,445) (658,705) (678,903) (698,242)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (192,964) (363,512) (499,445) (658,705) (678,903) (698,242)
of which: un-appropriated profit(loss) / retained earnings (192,964) (363,512) (499,445) (658,705) (678,903) (698,242)
3.Surplus on revaluation of fixed assets 365,386 351,704 338,706 326,535 314,529 303,123
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 431,366 333,353 226,270 201,614 192,094 191,264
1.Long term borrowings 195,804 161,178 83,500 58,856 49,336 48,506
2.Subordinated loans / Sponsor's loans 138,684 138,684 138,684 138,684 138,684 138,684
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 22,802 21,548 4,086 4,074 4,074 4,074
5.Other non-current liabilities 74,076 11,943 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 546,724 807,552 929,051 989,334 998,955 1,000,093
1.Trade credit & other accounts payables 253,045 420,654 454,332 445,220 445,320 445,420
of which: i) Trade credits 77,235 153,566 214,883 219,165 219,165 219,165
2.Short term borrowings 179,758 212,456 178,157 176,691 176,691 176,899
3.Current portion of non-current liabilities 90,350 121,598 197,526 222,169 231,690 232,520
4.Other current liabilities 23,571 52,844 99,036 145,254 145,254 145,254
F.Operations:
1.Sales 1,266,758 1,129,821 597,280 277,111 0 0
i)Local sales (Net) 1,266,758 1,129,821 597,280 277,111 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,387,440 1,301,901 692,634 390,556 0 0
i)Cost of material 911,465 882,102 372,220 240,824 0 0
3.Gross profit / (loss) (F1-F2) (120,682) (172,080) (95,354) (113,445) 0 0
4.General, administrative and other expenses 22,986 25,530 21,821 10,877 32,204 30,745
i)Selling & distribution expenses 840 590 473 38 0 0
ii)Administrative and other expenses 22,146 24,940 21,348 10,839 32,204 30,745
5.Other income / (loss) 347 468 0 0 0 0
6.EBIT (F3-F4+F5) (143,321) (197,142) (117,175) (124,322) (32,204) (30,745)
7.Financial expenses 44,378 48,144 43,757 44,336 0 0
of which: (i) Interest expenses 43,531 47,311 43,617 44,311 0 0
8.Profit / (loss) before taxation (F6-F7) (187,699) (245,286) (160,932) (168,658) (32,204) (30,745)
9.Tax expenses (62,228) (61,810) (7,822) 2,773 0 0
10.Profit / (loss) after tax (F8-F9) (125,471) (183,476) (153,110) (171,431) (32,204) (30,745)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 29,534 (13,191) 50,426 (12,626) 0 (208)
2.Net cash flows from investing activities (2,289) (5,925) (12,027) 0 0 0
3.Net cash flows from financing activities (27,284) 29,319 (36,048) (1,467) 0 208
H.Miscellaneous
1.Total capital employed (C+D) 648,458 366,215 110,201 (85,886) (127,610) (159,185)
2.Retention in business (F10-F11-F12) (125,471) (183,476) (153,110) (171,431) (32,204) (30,745)
3.Depreciation for the year 37,776 37,553 35,749 34,366 32,104 30,438
4.Salaries, wages and employee benefits 135,334 139,111 12,596 40,316 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -9.90 -16.24 -25.63 -61.86 - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.05 0.95 0.54 0.29 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -10.38 -15.49 -13.84 -17.65 -3.63 -3.59
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.85 9.48 -26.60 -4.81 -2.92 -2.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -50.28 -146.81 368.02 84.96 10.61 9.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -28.09 -41.07 -34.28 -38.38 -7.21 -6.88
121
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Samin Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 895,955 964,603 896,493 5,620 0 0
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,786,847 1,783,743 1,789,130 30,926 0 0
3.Operating fixed assets after deducting accumulated depreciation 881,130 948,922 882,072 5,620 0 0
4.Intangible assets 1,307 469 0 0 0 0
5.Long term investments 1,100 1,000 0 0 0 0
6.Other non-current assets 12,418 14,212 14,421 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,160,358 692,343 489,590 908,646 120,279 104,154
1.Cash & bank balance 18,995 26,116 5,058 3,349 5,725 2,484
2.Inventories; of which 232,262 413,733 272,970 20,635 0 0
i)Raw material 47,268 46,148 21,732 4,091 0 0
ii)Work in progress 4,532 2,851 1,330 1,620 0 0
iii)Finished goods 180,462 364,734 249,908 14,924 0 0
3.Trade Debt / accounts receivables 111,910 56,499 19,414 13,340 872 0
4.Short term loans and advances 18,665 16,974 7,371 8,158 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 778,526 179,021 184,777 863,164 113,682 101,670
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,056,313 1,656,946 1,386,083 914,266 120,279 104,154
C.Shareholders' Equity (C1+C2+C3) 668,110 674,431 432,325 (180,505) (74,196) (61,353)
1.Issued, Subscribed & Paid up capital 267,280 267,280 267,280 267,280 267,280 267,280
i)Ordinary shares 267,280 267,280 267,280 267,280 267,280 267,280
ii)Preference shares 0 0 0 0 0 0
2.Reserves 137,304 51,256 (174,745) (1,013,882) (341,476) (328,633)
i)Capital Reserve 137,304 51,256 41,000 85,488 58,272 73,019
ii)Revenue Reserve 0 0 (215,745) (1,099,370) (399,748) (401,652)
of which: un-appropriated profit(loss) / retained earnings 0 0 (215,745) (1,099,370) (399,748) (401,652)
3.Surplus on revaluation of fixed assets 263,526 355,895 339,790 566,097 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 157,253 204,750 122,279 54,072 0 0
1.Long term borrowings 123,500 192,775 110,580 0 0 0
2.Subordinated loans / Sponsor's loans 10,412 10,412 10,412 10,412 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,562 1,563 1,287 1,287 0 0
5.Other non-current liabilities 21,779 0 0 42,373 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,230,950 777,765 831,479 1,040,699 194,475 165,507
1.Trade credit & other accounts payables 345,927 209,981 198,871 165,278 81,156 58,786
of which: i) Trade credits 281,419 162,082 131,356 110,934 31,129 10,927
2.Short term borrowings 802,034 472,413 525,607 601,869 110,412 100,000
3.Current portion of non-current liabilities 51,211 60,438 51,363 181,709 0 0
4.Other current liabilities 31,778 34,933 55,638 91,843 2,907 6,721
F.Operations:
1.Sales 1,642,568 1,272,231 973,654 395,667 44,753 0
i)Local sales (Net) 1,282,391 937,141 897,100 395,667 44,753 0
ii)Export sales (Net) 360,177 335,090 76,554 0 0 0
2.Cost of sales 1,810,218 1,212,969 1,103,923 758,404 81,026 0
i)Cost of material 1,201,938 831,948 454,296 68,318 4,131 0
3.Gross profit / (loss) (F1-F2) (167,650) 59,262 (130,269) (362,737) (36,273) 0
4.General, administrative and other expenses 89,759 90,715 76,849 490,609 64,891 17,468
i)Selling & distribution expenses 28,839 26,363 17,587 14,279 6,491 0
ii)Administrative and other expenses 60,920 64,352 59,262 476,330 58,400 17,468
5.Other income / (loss) 890,889 13,896 2,560 34,004 249,388 28,991
6.EBIT (F3-F4+F5) 633,480 (17,557) (204,558) (819,342) 148,224 11,523
7.Financial expenses 125,641 85,394 68,520 71,852 48,549 13,426
of which: (i) Interest expenses 119,210 78,727 64,865 70,911 46,992 13,417
8.Profit / (loss) before taxation (F6-F7) 507,839 (102,951) (273,078) (891,194) 99,675 (1,903)
9.Tax expenses (10,671) (7,443) 10,027 6,924 8,523 0
10.Profit / (loss) after tax (F8-F9) 518,510 (95,508) (283,105) (898,118) 91,152 (1,903)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (49,167) (239,106) 44,273 (97,947) (59,030) 1,647
2.Net cash flows from investing activities 325,340 584,110 (5,701) 7,568 875,461 390
3.Net cash flows from financing activities (275,054) (337,820) (59,631) 88,670 (814,055) (5,278)
H.Miscellaneous
1.Total capital employed (C+D) 825,363 879,181 554,604 (126,433) (74,196) (61,353)
2.Retention in business (F10-F11-F12) 518,510 (95,508) (283,105) (898,118) 91,152 (1,903)
3.Depreciation for the year 76,126 72,597 72,359 65,688 0 0
4.Salaries, wages and employee benefits 191,180 156,198 193,790 176,814 68,434 9,298
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 31.57 -7.51 -29.08 -226.99 203.68 -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.65 0.69 0.64 0.34 0.09 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 20.65 -5.14 -18.61 -78.09 17.62 -1.70
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.63 2.77 2.75 9.13 -4.06 -1.66
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 54.30 -14.23 -51.16 -713.30 -71.58 2.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.40 -3.57 -10.59 -33.60 3.41 -0.07
122
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sana Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 389,989 496,394 632,332 667,239 624,394 652,482
1.Capital work in progress 5,469 0 838 5,197 499 2,554
2.Operating fixed assets at cost 874,836 1,045,976 1,188,749 1,223,038 1,327,977 1,362,480
3.Operating fixed assets after deducting accumulated depreciation 383,352 495,181 628,328 655,598 619,194 563,347
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,168 1,213 3,166 6,444 4,701 86,581
B.Current Assets (B1+B2+B3+B4+B5+B6) 595,605 591,569 564,821 639,132 834,308 803,799
1.Cash & bank balance 60,937 40,066 9,019 43,690 30,662 61,712
2.Inventories; of which 255,810 228,031 233,839 176,172 214,143 201,493
i)Raw material 125,947 80,673 48,244 68,364 144,040 68,567
ii)Work in progress 24,105 28,079 16,506 28,598 42,221 34,611
iii)Finished goods 105,758 118,838 168,420 74,876 21,401 91,200
3.Trade Debt / accounts receivables 214,012 259,094 208,299 291,385 415,531 339,568
4.Short term loans and advances 13,478 29,931 32,090 30,889 24,289 41,821
5.Short term investments 0 0 0 0 1,706 1,706
6.Other current assets 51,368 34,447 81,574 96,996 147,977 157,499
Total Assets (A+B) / Equity & Liabilities (C+D+E) 985,594 1,087,963 1,197,153 1,306,371 1,458,702 1,456,281
C.Shareholders' Equity (C1+C2+C3) 392,366 381,807 320,068 364,997 442,548 421,394
1.Issued, Subscribed & Paid up capital 85,938 85,937 85,937 85,937 85,937 85,938
i)Ordinary shares 85,938 85,937 85,937 85,937 85,937 85,938
ii)Preference shares 0 0 0 0 0 0
2.Reserves 306,428 295,870 234,131 279,060 356,611 335,456
i)Capital Reserve 0 5,082 3,831 17,891 29,921 39,362
ii)Revenue Reserve 306,428 290,788 230,300 261,169 326,690 296,094
of which: un-appropriated profit(loss) / retained earnings 173,928 158,288 97,800 128,669 194,190 163,594
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 96,664 123,485 152,175 191,592 181,196 235,923
1.Long term borrowings 48,169 68,235 136,897 174,621 116,302 198,511
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,244 10,421 0 986 23,250 35,538
5.Other non-current liabilities 47,251 44,829 15,278 15,985 41,644 1,874
E.Current Liabilities (E1+E2+E3+E4) 496,564 582,671 724,910 749,782 834,958 798,964
1.Trade credit & other accounts payables 86,877 104,026 150,796 159,243 238,022 222,741
of which: i) Trade credits 9,965 25,574 49,806 55,323 24,415 40,446
2.Short term borrowings 352,017 420,189 498,464 496,429 519,776 475,556
3.Current portion of non-current liabilities 45,246 49,423 64,258 83,686 63,526 73,806
4.Other current liabilities 12,424 9,033 11,392 10,424 13,634 26,861
F.Operations:
1.Sales 1,695,868 1,791,118 1,728,182 2,028,803 2,402,535 1,775,174
i)Local sales (Net) 1,695,740 1,791,118 1,728,182 2,028,803 2,402,535 1,775,174
ii)Export sales (Net) 128 0 0 0 0 0
2.Cost of sales 1,469,130 1,613,750 1,674,974 1,850,974 2,092,849 1,598,841
i)Cost of material 899,319 1,034,386 1,055,550 1,056,269 1,242,100 908,312
3.Gross profit / (loss) (F1-F2) 226,738 177,368 53,208 177,829 309,686 176,333
4.General, administrative and other expenses 46,195 56,748 64,708 80,764 98,303 90,824
i)Selling & distribution expenses 8,959 11,131 14,359 18,534 22,721 21,687
ii)Administrative and other expenses 37,236 45,617 50,349 62,230 75,582 69,137
5.Other income / (loss) 5,557 3,275 4,117 22,969 5,071 4,699
6.EBIT (F3-F4+F5) 186,100 123,895 (7,383) 120,034 216,454 90,208
7.Financial expenses 50,235 40,341 43,791 55,350 77,338 96,302
of which: (i) Interest expenses 48,755 38,700 42,955 52,594 73,264 95,047
8.Profit / (loss) before taxation (F6-F7) 135,865 83,554 (51,174) 64,684 139,116 (6,094)
9.Tax expenses 46,310 18,821 (14,947) 53,658 31,098 (9,060)
10.Profit / (loss) after tax (F8-F9) 89,555 64,733 (36,227) 11,026 108,018 2,966
11.Cash dividends 68,750 30,078 0 17,187 21,484 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 194,487 121,450 38,533 93,718 115,826 140,998
2.Net cash flows from investing activities (97,625) (160,862) (201,368) (52,617) (51,393) (37,199)
3.Net cash flows from financing activities (43,637) 18,541 131,794 (6,429) (77,462) (72,749)
H.Miscellaneous
1.Total capital employed (C+D) 489,030 505,292 472,243 556,589 623,744 657,317
2.Retention in business (F10-F11-F12) 20,805 34,655 (36,227) (6,161) 86,534 2,966
3.Depreciation for the year 53,685 52,877 71,508 85,836 92,232 95,179
4.Salaries, wages and employee benefits 242,176 280,874 301,433 348,032 394,051 357,790
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.28 3.61 -2.10 0.54 4.50 0.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.80 1.73 1.51 1.62 1.74 1.22
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.50 6.24 -3.17 0.88 7.81 0.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.50 2.68 3.26 3.65 3.42 3.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.78 16.72 -10.32 3.22 26.75 0.69
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.42 7.53 -4.22 1.28 12.57 0.35
123
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sapphire Fibres Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 14,737,898 17,099,422 18,546,492 19,254,437 19,031,808 20,011,880
1.Capital work in progress 530,081 685,863 488,863 835,159 122,613 992,170
2.Operating fixed assets at cost 7,659,368 11,760,423 13,088,387 14,767,460 16,366,186 17,456,115
3.Operating fixed assets after deducting accumulated depreciation 3,811,922 7,568,106 8,335,535 9,469,436 10,434,625 10,875,748
4.Intangible assets 4,628 2,878 1,593 4,138 6,093 4,309
5.Long term investments 10,362,705 8,814,317 9,688,505 8,916,800 8,439,428 8,110,784
6.Other non-current assets 28,562 28,258 31,996 28,904 29,049 28,869
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,765,979 9,426,865 12,293,888 13,401,705 15,871,011 14,304,883
1.Cash & bank balance 132,197 101,214 31,509 24,047 76,713 68,858
2.Inventories; of which 2,543,316 2,892,976 3,832,346 4,796,272 6,830,630 7,537,897
i)Raw material 1,877,361 2,200,237 2,825,931 3,714,436 4,690,568 5,475,340
ii)Work in progress 156,135 176,994 309,427 439,023 830,588 798,954
iii)Finished goods 509,820 515,745 696,988 642,813 1,309,474 1,263,603
3.Trade Debt / accounts receivables 1,118,914 1,265,131 1,712,805 2,850,911 4,232,885 2,226,111
4.Short term loans and advances 46,086 158,626 138,575 131,125 96,814 160,400
5.Short term investments 1,921,844 3,403,993 4,859,591 3,760,187 2,908,132 2,394,358
6.Other current assets 1,003,622 1,604,925 1,719,062 1,839,163 1,725,837 1,917,259
Total Assets (A+B) / Equity & Liabilities (C+D+E) 21,503,877 26,526,287 30,840,380 32,656,142 34,902,819 34,316,763
C.Shareholders' Equity (C1+C2+C3) 14,933,421 15,364,415 17,055,008 16,283,524 15,287,207 15,888,231
1.Issued, Subscribed & Paid up capital 196,875 196,875 196,875 196,875 196,875 206,719
i)Ordinary shares 196,875 196,875 196,875 196,875 196,875 206,719
ii)Preference shares 0 0 0 0 0 0
2.Reserves 14,736,546 15,167,540 16,858,133 16,086,649 15,090,332 15,681,512
i)Capital Reserve 145,740 145,740 145,740 145,740 145,740 391,834
ii)Revenue Reserve 14,590,806 15,021,800 16,712,393 15,940,909 14,944,592 15,289,678
of which: un-appropriated profit(loss) / retained earnings 8,730,330 9,936,475 10,693,288 11,828,619 12,393,666 13,251,718
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 459,247 2,578,279 4,224,767 4,354,411 3,928,640 4,964,497
1.Long term borrowings 60,698 2,114,448 3,590,098 3,877,170 3,559,814 4,510,412
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 257,189 283,847 322,592 346,598 242,930 310,591
5.Other non-current liabilities 141,360 179,984 312,077 130,643 125,896 143,494
E.Current Liabilities (E1+E2+E3+E4) 6,111,209 8,583,593 9,560,605 12,018,207 15,686,972 13,464,035
1.Trade credit & other accounts payables 1,323,818 1,494,734 1,748,499 1,834,371 2,258,009 2,022,567
of which: i) Trade credits 231,823 502,519 557,052 459,322 660,671 0
2.Short term borrowings 456,348 6,894,488 7,289,564 9,001,598 11,772,445 10,026,256
3.Current portion of non-current liabilities 12,713 14,053 121,676 804,466 885,792 375,597
4.Other current liabilities 4,318,330 180,318 400,866 377,772 770,726 1,039,615
F.Operations:
1.Sales 13,347,276 12,478,390 14,465,759 17,828,047 21,750,250 22,491,619
i)Local sales (Net) 2,367,572 2,440,357 3,052,783 2,988,941 4,005,903 3,628,921
ii)Export sales (Net) 10,979,704 10,038,033 11,412,976 14,839,106 17,744,347 18,862,698
2.Cost of sales 11,909,451 11,388,672 13,491,724 16,002,642 18,885,554 19,667,570
i)Cost of material 8,017,818 7,729,698 9,244,752 10,662,346 13,602,882 13,789,114
3.Gross profit / (loss) (F1-F2) 1,437,825 1,089,718 974,035 1,825,405 2,864,696 2,824,049
4.General, administrative and other expenses 826,279 797,003 893,791 1,063,835 1,116,737 1,294,918
i)Selling & distribution expenses 487,085 527,550 463,271 590,408 721,021 846,382
ii)Administrative and other expenses 339,194 269,453 430,520 473,427 395,716 448,536
5.Other income / (loss) 986,570 1,633,722 1,855,690 1,419,921 530,368 1,445,360
6.EBIT (F3-F4+F5) 1,598,116 1,926,437 1,935,934 2,181,491 2,278,327 2,974,491
7.Financial expenses 356,425 424,439 536,737 732,877 1,262,473 1,463,422
of which: (i) Interest expenses 266,465 363,988 504,484 619,124 1,192,262 1,233,639
8.Profit / (loss) before taxation (F6-F7) 1,241,691 1,501,998 1,399,197 1,448,614 1,015,854 1,511,069
9.Tax expenses 245,838 100,268 260,123 303,543 256,657 385,746
10.Profit / (loss) after tax (F8-F9) 995,853 1,401,730 1,139,074 1,145,071 759,197 1,125,323
11.Cash dividends 196,875 275,625 127,969 236,250 157,500 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,411,832 (1,003,220) (825,573) (1,724,236) (1,555,332) 1,644,260
2.Net cash flows from investing activities (2,133,470) (3,306,852) (849,659) (935,377) (691,184) (444,937)
3.Net cash flows from financing activities 703,918 4,279,089 1,605,528 2,652,152 2,299,181 (1,207,178)
H.Miscellaneous
1.Total capital employed (C+D) 15,392,668 17,942,694 21,279,775 20,637,935 19,215,847 20,852,728
2.Retention in business (F10-F11-F12) 798,978 1,126,105 1,011,105 908,821 601,697 1,125,323
3.Depreciation for the year 345,205 373,217 632,250 659,093 732,352 811,672
4.Salaries, wages and employee benefits 1,196,974 1,319,492 1,519,512 1,744,351 1,834,013 2,053,135
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.46 11.23 7.87 6.42 3.49 5.00
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.64 0.52 0.50 0.56 0.64 0.65
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.79 5.84 3.97 3.61 2.25 3.25
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.40 1.59 1.77 1.90 2.14 2.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.70 9.25 7.03 6.87 4.81 7.22
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 50.58 71.20 57.86 58.16 38.56 54.44
124
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sapphire Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 18,880,695 20,217,498 28,501,663 26,982,905 27,107,861 26,963,596
1.Capital work in progress 459,664 484,615 321,565 391,491 385,578 832,850
2.Operating fixed assets at cost 14,158,512 15,693,032 17,785,612 19,367,141 21,171,154 22,296,355
3.Operating fixed assets after deducting accumulated depreciation 8,291,545 9,038,225 10,253,726 11,023,834 12,209,646 12,286,442
4.Intangible assets 7,515 5,010 2,943 2,035 627 208
5.Long term investments 9,985,685 10,555,139 17,544,447 14,958,369 14,288,257 13,644,749
6.Other non-current assets 136,286 134,509 378,982 607,176 223,753 199,347
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,207,109 11,583,159 13,913,880 15,347,246 16,455,082 17,482,684
1.Cash & bank balance 50,080 99,706 72,134 55,449 96,759 67,541
2.Inventories; of which 3,969,335 4,281,470 5,424,522 5,471,701 7,481,967 8,910,912
i)Raw material 3,064,300 3,261,497 4,071,351 4,142,129 5,401,521 6,303,541
ii)Work in progress 302,862 334,205 397,339 478,750 589,257 638,709
iii)Finished goods 602,173 685,768 915,926 835,637 1,460,393 1,918,915
3.Trade Debt / accounts receivables 1,297,681 1,473,660 1,723,628 2,947,183 2,197,893 2,782,771
4.Short term loans and advances 167,965 473,080 369,434 119,637 72,389 56,882
5.Short term investments 0 0 4,048,907 4,103,069 4,030,718 2,956,225
6.Other current assets 3,722,048 5,255,243 2,275,255 2,650,207 2,575,356 2,708,353
Total Assets (A+B) / Equity & Liabilities (C+D+E) 28,087,804 31,800,657 42,415,543 42,330,151 43,562,943 44,446,280
C.Shareholders' Equity (C1+C2+C3) 14,370,171 14,903,981 16,994,755 16,022,255 16,382,080 16,476,548
1.Issued, Subscribed & Paid up capital 200,831 200,831 200,831 200,831 200,831 216,898
i)Ordinary shares 200,831 200,831 200,831 200,831 200,831 216,898
ii)Preference shares 0 0 0 0 0 0
2.Reserves 14,169,340 14,703,150 16,793,924 15,821,424 16,181,249 16,259,650
i)Capital Reserve 14,169,340 14,703,150 16,793,924 826,772 (1,043,541) (1,616,426)
ii)Revenue Reserve 0 0 0 14,994,652 17,224,790 17,876,076
of which: un-appropriated profit(loss) / retained earnings 0 0 0 13,664,652 15,894,790 16,546,076
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,916,786 7,220,257 13,730,948 13,336,334 12,766,693 14,069,919
1.Long term borrowings 5,013,027 6,728,738 13,325,515 12,857,958 12,257,108 13,772,309
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 272,020 250,766 200,340 225,857 272,909 297,610
5.Other non-current liabilities 631,739 240,753 205,093 252,519 236,676 0
E.Current Liabilities (E1+E2+E3+E4) 7,800,847 9,676,419 11,689,840 12,971,562 14,414,170 13,899,813
1.Trade credit & other accounts payables 2,316,664 2,525,624 3,106,559 3,867,283 3,442,588 3,898,936
of which: i) Trade credits 250,502 417,614 557,908 698,488 714,557 1,006,008
2.Short term borrowings 4,718,215 4,657,389 7,463,846 7,302,116 7,797,509 8,070,573
3.Current portion of non-current liabilities 489,360 2,085,912 563,256 1,139,457 2,001,251 736,990
4.Other current liabilities 276,608 407,494 556,179 662,706 1,172,822 1,193,314
F.Operations:
1.Sales 23,315,337 23,110,564 25,583,975 28,896,327 34,252,752 34,030,186
i)Local sales (Net) 4,219,098 6,071,027 7,692,431 7,590,987 4,631,923 4,883,527
ii)Export sales (Net) 19,096,239 17,039,537 17,891,544 21,305,340 29,620,829 29,146,659
2.Cost of sales 20,707,602 20,547,990 22,906,157 25,360,087 28,847,019 29,195,495
i)Cost of material 13,935,696 13,776,537 15,239,804 16,979,360 20,441,922 20,411,274
3.Gross profit / (loss) (F1-F2) 2,607,735 2,562,574 2,677,818 3,536,240 5,405,733 4,834,691
4.General, administrative and other expenses 1,339,041 1,331,237 1,650,740 1,544,452 1,859,319 1,689,816
i)Selling & distribution expenses 921,945 860,297 925,753 1,011,944 1,084,078 1,049,687
ii)Administrative and other expenses 417,096 470,940 724,987 532,508 775,241 640,129
5.Other income / (loss) 579,112 1,378,442 2,917,232 1,348,444 1,485,021 721,187
6.EBIT (F3-F4+F5) 1,847,806 2,609,779 3,944,310 3,340,232 5,031,435 3,866,062
7.Financial expenses 669,411 873,059 968,946 1,391,491 2,085,427 2,556,977
of which: (i) Interest expenses 532,817 782,461 878,537 1,248,332 1,888,422 2,099,490
8.Profit / (loss) before taxation (F6-F7) 1,178,395 1,736,720 2,975,364 1,948,741 2,946,008 1,309,085
9.Tax expenses 144,260 288,506 253,617 353,682 386,569 129,996
10.Profit / (loss) after tax (F8-F9) 1,034,135 1,448,214 2,721,747 1,595,059 2,559,439 1,179,089
11.Cash dividends 200,831 281,163 281,163 321,330 522,161 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 848,320 157,469 234,757 1,185,815 1,791,240 19,379
2.Net cash flows from investing activities (4,958,684) (2,702,564) (8,030,658) (1,155,157) (2,185,422) (700,693)
3.Net cash flows from financing activities 4,071,223 2,595,434 7,767,562 (47,015) 436,333 610,464
H.Miscellaneous
1.Total capital employed (C+D) 20,286,957 22,124,238 30,725,703 29,358,589 29,148,773 30,546,467
2.Retention in business (F10-F11-F12) 833,304 1,167,051 2,440,584 1,273,729 2,037,278 1,179,089
3.Depreciation for the year 710,106 877,418 1,028,141 1,096,630 1,158,239 1,258,978
4.Salaries, wages and employee benefits 2,128,455 2,803,784 3,080,364 3,461,868 4,067,375 4,248,461
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.44 6.27 10.64 5.52 7.47 3.46
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.93 0.77 0.69 0.68 0.80 0.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.13 4.84 7.33 3.76 5.96 2.68
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.81 2.05 2.33 2.57 2.65 2.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.46 9.89 17.06 9.66 15.80 7.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 51.49 72.11 135.52 79.42 127.44 54.36
125
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Saritow Spinning Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,452,964 1,381,969 1,338,252 1,326,058 1,303,142 1,239,907
1.Capital work in progress 41,620 4,386 0 25,291 0 0
2.Operating fixed assets at cost 2,204,377 2,182,871 2,206,997 2,227,496 2,180,473 2,197,683
3.Operating fixed assets after deducting accumulated depreciation 1,390,430 1,356,544 1,315,578 1,272,843 1,182,226 1,143,275
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 18,918 0
6.Other non-current assets 20,914 21,039 22,674 27,924 101,998 96,632
B.Current Assets (B1+B2+B3+B4+B5+B6) 593,000 679,836 836,950 849,842 974,227 1,189,330
1.Cash & bank balance 24,543 12,185 23,530 53,439 157,038 63,151
2.Inventories; of which 403,723 453,251 547,688 566,941 565,435 855,710
i)Raw material 274,831 287,572 445,799 378,548 448,302 595,102
ii)Work in progress 27,347 28,899 38,534 37,523 41,852 52,755
iii)Finished goods 101,545 136,780 63,356 150,870 75,281 207,853
3.Trade Debt / accounts receivables 0 58,939 98,890 56,584 149,098 35,406
4.Short term loans and advances 0 0 0 7,879 9,107 23,158
5.Short term investments 0 0 0 0 0 0
6.Other current assets 164,734 155,461 166,842 164,999 93,549 211,905
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,045,964 2,061,805 2,175,202 2,175,900 2,277,369 2,429,237
C.Shareholders' Equity (C1+C2+C3) 650,578 544,522 557,467 571,263 621,631 560,750
1.Issued, Subscribed & Paid up capital 298,406 298,406 298,406 298,406 298,406 298,406
i)Ordinary shares 298,406 298,406 298,406 298,406 298,406 298,406
ii)Preference shares 0 0 0 0 0 0
2.Reserves 279,020 184,926 198,640 213,181 264,534 204,589
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 279,020 184,926 198,640 213,181 264,534 204,589
of which: un-appropriated profit(loss) / retained earnings 279,020 184,926 198,640 213,181 264,534 204,589
3.Surplus on revaluation of fixed assets 73,152 61,190 60,421 59,676 58,691 57,755
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 832,564 809,060 693,422 737,517 689,698 715,250
1.Long term borrowings 303,902 315,188 207,279 249,904 198,548 240,410
2.Subordinated loans / Sponsor's loans 265,885 265,884 265,884 265,885 265,885 265,885
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 44,662 51,148 59,308 69,489 75,197 84,313
5.Other non-current liabilities 218,115 176,840 160,951 152,239 150,068 124,642
E.Current Liabilities (E1+E2+E3+E4) 562,822 708,223 924,313 867,120 966,040 1,153,237
1.Trade credit & other accounts payables 232,071 305,013 264,645 313,435 372,040 408,177
of which: i) Trade credits 91,694 96,892 114,748 122,277 97,961 108,854
2.Short term borrowings 191,431 354,759 528,125 490,310 517,422 675,711
3.Current portion of non-current liabilities 120,358 33,353 115,369 50,085 51,376 49,974
4.Other current liabilities 18,962 15,098 16,174 13,290 25,202 19,375
F.Operations:
1.Sales 2,496,767 2,470,387 2,934,545 2,993,265 3,494,805 2,812,843
i)Local sales (Net) 2,496,767 2,470,387 2,934,545 2,993,265 3,494,805 2,812,843
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,328,977 2,428,688 2,771,782 2,814,863 3,236,392 2,689,905
i)Cost of material 1,493,219 1,684,233 1,914,836 2,041,531 2,253,301 1,929,794
3.Gross profit / (loss) (F1-F2) 167,790 41,699 162,763 178,402 258,413 122,938
4.General, administrative and other expenses 98,401 60,190 62,257 55,786 69,384 60,170
i)Selling & distribution expenses 6,817 7,216 9,236 6,747 6,851 8,968
ii)Administrative and other expenses 91,584 52,974 53,021 49,039 62,533 51,202
5.Other income / (loss) 0 0 13 475 1,175 1,122
6.EBIT (F3-F4+F5) 69,389 (18,491) 100,519 123,091 190,204 63,890
7.Financial expenses 97,178 69,944 72,959 76,332 95,434 103,182
of which: (i) Interest expenses 87,347 61,409 66,987 73,083 92,107 100,311
8.Profit / (loss) before taxation (F6-F7) (27,789) (88,435) 27,560 46,759 94,770 (39,292)
9.Tax expenses (10,290) (22,280) 14,253 28,892 42,270 18,913
10.Profit / (loss) after tax (F8-F9) (17,499) (66,155) 13,307 17,867 52,500 (58,205)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 140,331 (39,952) (113,156) 141,620 146,578 (294,724)
2.Net cash flows from investing activities (63,071) (59,715) (14,699) (26,420) (21,119) 1,862
3.Net cash flows from financing activities (85,351) 87,608 139,211 (85,766) (22,952) 198,748
H.Miscellaneous
1.Total capital employed (C+D) 1,483,142 1,353,582 1,250,889 1,308,780 1,311,329 1,276,000
2.Retention in business (F10-F11-F12) (17,499) (66,155) 13,307 17,867 52,500 (58,205)
3.Depreciation for the year 53,194 69,504 66,676 63,906 58,860 56,719
4.Salaries, wages and employee benefits 282,383 282,914 309,867 324,968 352,199 335,349
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.70 -2.68 0.45 0.60 1.50 -2.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.21 1.20 1.39 1.38 1.57 1.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.85 -3.22 0.63 0.82 2.36 -2.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.05 3.44 3.84 3.85 3.73 3.98
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.58 -11.07 2.42 3.17 8.80 -9.85
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.59 -2.22 0.45 0.60 1.76 -1.95
126
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Service Fabrics Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 0 16,629 16,629 16,629 16,629 16,629
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 0 0 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 0 0 0 0 0 0
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 15,629 15,629 15,629 15,629 15,629
6.Other non-current assets 0 1,000 1,000 1,000 1,000 1,000
B.Current Assets (B1+B2+B3+B4+B5+B6) 0 235 415 1,439 809 258
1.Cash & bank balance 0 199 374 1,397 770 221
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 0 36 41 42 39 37
Total Assets (A+B) / Equity & Liabilities (C+D+E) 0 16,864 17,044 18,068 17,438 16,887
C.Shareholders' Equity (C1+C2+C3) (184,601) (191,647) (197,198) (199,735) (201,036) (203,201)
1.Issued, Subscribed & Paid up capital 157,548 157,548 157,548 157,548 157,548 157,548
i)Ordinary shares 157,548 157,548 157,548 157,548 157,548 157,548
ii)Preference shares 0 0 0 0 0 0
2.Reserves (342,149) (349,195) (354,746) (357,283) (358,584) (360,749)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (342,149) (349,195) (354,746) (357,283) (358,584) (360,749)
of which: un-appropriated profit(loss) / retained earnings (342,149) (349,195) (354,746) (357,283) (358,584) (360,749)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 142,356 166,114 166,114 169,928 172,142 172,142
1.Long term borrowings 142,356 166,114 166,114 162,114 162,114 162,114
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 7,814 10,028 10,028
E.Current Liabilities (E1+E2+E3+E4) 42,245 42,397 48,128 47,875 46,332 47,946
1.Trade credit & other accounts payables 40,103 40,255 40,506 40,520 40,650 41,301
of which: i) Trade credits 0 0 0 0 4,750 4,750
2.Short term borrowings 0 0 4,989 4,722 3,049 4,012
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 2,142 2,142 2,633 2,633 2,633 2,633
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 176 7,838 2,401 2,536 1,301 2,166
i)Selling & distribution expenses 0 0 134 24 116 58
ii)Administrative and other expenses 176 7,838 2,267 2,512 1,185 2,108
5.Other income / (loss) 504 906 0 0 0 0
6.EBIT (F3-F4+F5) 328 (6,932) (2,401) (2,536) (1,301) (2,166)
7.Financial expenses 0 0 0 0 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 328 (6,932) (2,401) (2,536) (1,301) (2,166)
9.Tax expenses 0 113 0 0 0 0
10.Profit / (loss) after tax (F8-F9) 328 (7,045) (2,401) (2,536) (1,301) (2,166)
11.Cash dividends 0 3,151 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (101) (7,836) (1,663) (2,524) (1,168) (1,513)
2.Net cash flows from investing activities 0 (14,723) 0 0 0 0
3.Net cash flows from financing activities 62 22,758 1,838 3,546 541 964
H.Miscellaneous
1.Total capital employed (C+D) (42,245) (25,533) (31,084) (29,807) (28,894) (31,059)
2.Retention in business (F10-F11-F12) 328 (10,196) (2,401) (2,536) (1,301) (2,166)
3.Depreciation for the year 0 0 0 0 0 0
4.Salaries, wages and employee benefits 0 588 971 250 390 237
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1,682.05 -83.55 -14.16 -14.45 -7.33 -12.62
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 0.00 -0.04 -0.09 -0.09 -0.09 -0.08
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.18 3.74 1.23 1.28 0.65 1.07
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.02 -0.45 -0.15 -0.16 -0.08 -0.14
127
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Service Industries Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 514,910 509,860 495,100 487,938 714,354 703,605
1.Capital work in progress 3,599 0 0 0 0 0
2.Operating fixed assets at cost 535,923 555,195 561,634 583,599 711,758 740,240
3.Operating fixed assets after deducting accumulated depreciation 501,252 498,418 483,657 476,496 697,318 688,124
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,059 11,442 11,443 11,442 17,036 15,481
B.Current Assets (B1+B2+B3+B4+B5+B6) 54,108 100,561 60,466 118,549 96,705 124,972
1.Cash & bank balance 12,013 11,718 17,627 37,203 22,128 48,244
2.Inventories; of which 31,216 75,171 28,748 65,567 57,899 58,539
i)Raw material 22,919 13,638 20,979 59,377 52,579 48,102
ii)Work in progress 4,812 4,595 5,241 3,561 6,684 7,029
iii)Finished goods 3,485 56,938 2,009 2,203 652 2,553
3.Trade Debt / accounts receivables 836 61 0 1,002 270 1,270
4.Short term loans and advances 0 0 0 490 730 651
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,043 13,611 14,091 14,287 15,678 16,268
Total Assets (A+B) / Equity & Liabilities (C+D+E) 569,018 610,421 555,566 606,487 811,059 828,577
C.Shareholders' Equity (C1+C2+C3) 366,130 343,860 353,055 363,685 571,517 543,911
1.Issued, Subscribed & Paid up capital 44,492 44,492 44,492 44,492 44,492 44,492
i)Ordinary shares 44,492 44,492 44,492 44,492 44,492 44,492
ii)Preference shares 0 0 0 0 0 0
2.Reserves (55,785) (69,406) (52,427) (34,791) 7,578 (2,467)
i)Capital Reserve 0 0 0 150,000 150,000 150,000
ii)Revenue Reserve (55,785) (69,406) (52,427) (184,791) (142,422) (152,467)
of which: un-appropriated profit(loss) / retained earnings (240,785) (254,406) (202,427) (184,791) (142,422) (152,467)
3.Surplus on revaluation of fixed assets 377,423 368,774 360,990 353,984 519,447 501,886
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 129,947 114,582 94,120 75,440 106,764 117,753
1.Long term borrowings 84,700 72,700 60,700 48,699 36,700 26,270
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 10,448 10,509 10,605 9,863 10,182 8,924
5.Other non-current liabilities 34,799 31,373 22,815 16,878 59,882 82,559
E.Current Liabilities (E1+E2+E3+E4) 72,941 151,979 108,391 167,362 132,778 166,913
1.Trade credit & other accounts payables 52,165 123,694 76,114 136,346 105,401 134,432
of which: i) Trade credits 22,652 25,496 35,564 89,666 51,756 51,014
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 12,000 13,410 12,000 12,000 12,000 12,000
4.Other current liabilities 8,776 14,875 20,277 19,016 15,377 20,481
F.Operations:
1.Sales 586,437 483,006 801,430 854,392 979,881 921,250
i)Local sales (Net) 586,437 483,006 801,430 854,392 979,881 921,250
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 547,869 467,970 757,515 806,929 894,627 862,104
i)Cost of material 362,756 330,071 488,309 552,546 620,845 579,629
3.Gross profit / (loss) (F1-F2) 38,568 15,036 43,915 47,463 85,254 59,146
4.General, administrative and other expenses 33,802 24,323 27,997 28,608 41,987 60,182
i)Selling & distribution expenses 712 814 657 780 5,790 6,362
ii)Administrative and other expenses 33,090 23,509 27,340 27,828 36,197 53,820
5.Other income / (loss) 30,753 0 0 0 6,522 6,804
6.EBIT (F3-F4+F5) 35,519 (9,287) 15,918 18,855 49,789 5,768
7.Financial expenses 3,370 8,739 7,786 5,794 7,032 7,600
of which: (i) Interest expenses 2,176 8,190 7,749 5,756 7,007 7,512
8.Profit / (loss) before taxation (F6-F7) 32,149 (18,026) 8,132 13,061 42,757 (1,832)
9.Tax expenses 2,051 4,737 (676) 2,413 5,644 23,211
10.Profit / (loss) after tax (F8-F9) 30,098 (22,763) 8,808 10,648 37,113 (25,043)
11.Cash dividends 166,845 0 0 0 4,449 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 41,483 27,351 25,758 53,541 26,505 67,487
2.Net cash flows from investing activities (17,768) (17,057) (6,439) (21,965) (29,580) (26,927)
3.Net cash flows from financing activities (29,259) (10,590) (13,410) (12,000) (12,000) (14,444)
H.Miscellaneous
1.Total capital employed (C+D) 496,077 458,442 447,175 439,125 678,281 661,664
2.Retention in business (F10-F11-F12) (136,747) (22,763) 8,808 10,648 32,664 (25,043)
3.Depreciation for the year 22,355 22,106 21,200 29,126 29,126 37,676
4.Salaries, wages and employee benefits 94,405 96,584 109,059 117,519 131,218 116,144
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.13 -4.71 1.10 1.25 3.79 -2.72
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.02 0.82 1.37 1.47 1.38 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.22 -3.86 1.51 1.83 5.24 -3.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.97 1.66 1.67 1.62 1.52 1.47
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.27 -6.41 2.53 2.97 7.94 -4.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.76 -5.12 1.98 2.39 8.34 -5.63
128
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shadab Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 398,633 383,957 360,295 340,058 322,601 391,446
1.Capital work in progress 0 0 0 0 0 35,520
2.Operating fixed assets at cost 838,518 862,680 862,085 884,996 873,561 932,507
3.Operating fixed assets after deducting accumulated depreciation 396,246 381,570 357,908 337,671 301,426 338,499
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,387 2,387 2,387 2,387 21,175 17,427
B.Current Assets (B1+B2+B3+B4+B5+B6) 370,595 333,280 360,368 423,679 456,427 985,012
1.Cash & bank balance 18,239 26,834 13,224 10,633 35,881 251,798
2.Inventories; of which 168,775 126,138 122,258 193,371 132,230 224,545
i)Raw material 144,127 106,781 97,889 137,142 105,685 162,609
ii)Work in progress 13,497 13,617 17,696 17,797 23,094 24,514
iii)Finished goods 11,151 5,740 6,224 37,729 3,383 37,172
3.Trade Debt / accounts receivables 103,510 78,850 98,355 86,908 114,590 116,616
4.Short term loans and advances 4,207 4,414 5,140 5,526 9,278 11,113
5.Short term investments 0 0 0 0 0 236,000
6.Other current assets 75,864 97,044 121,391 127,241 164,448 144,940
Total Assets (A+B) / Equity & Liabilities (C+D+E) 769,228 717,237 720,663 763,737 779,028 1,376,458
C.Shareholders' Equity (C1+C2+C3) 370,720 393,327 399,146 416,259 489,354 854,604
1.Issued, Subscribed & Paid up capital 30,000 30,000 30,000 30,000 30,000 166,000
i)Ordinary shares 30,000 30,000 30,000 30,000 30,000 166,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 340,720 363,327 369,146 386,259 459,354 688,604
i)Capital Reserve 0 0 0 0 0 204,000
ii)Revenue Reserve 340,720 363,327 369,146 386,259 459,354 484,604
of which: un-appropriated profit(loss) / retained earnings 80,720 103,327 109,146 126,259 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 82,311 64,039 43,465 26,286 16,859 34,161
1.Long term borrowings 28,333 17,000 10,542 11,729 6,092 1,262
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 53,978 47,039 32,923 14,557 10,767 32,899
E.Current Liabilities (E1+E2+E3+E4) 316,197 259,871 278,052 321,192 272,815 487,693
1.Trade credit & other accounts payables 181,256 160,707 165,946 196,335 216,281 248,737
of which: i) Trade credits 15,903 22,706 23,732 39,455 25,631 37,801
2.Short term borrowings 112,842 69,869 78,210 84,646 15,601 198,078
3.Current portion of non-current liabilities 5,667 11,333 13,264 10,949 5,730 5,091
4.Other current liabilities 16,432 17,962 20,632 29,262 35,203 35,787
F.Operations:
1.Sales 1,852,800 1,861,576 2,042,324 2,271,534 2,813,430 2,290,540
i)Local sales (Net) 1,852,800 1,861,576 2,042,324 2,271,534 2,813,430 2,290,540
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,769,185 1,760,578 1,956,368 2,172,226 2,614,441 2,160,400
i)Cost of material 1,186,949 1,170,589 1,309,779 1,540,541 1,868,271 1,509,749
3.Gross profit / (loss) (F1-F2) 83,615 100,998 85,956 99,308 198,989 130,140
4.General, administrative and other expenses 43,104 47,024 53,061 61,144 82,643 83,712
i)Selling & distribution expenses 400 2,039 4,194 4,521 5,831 5,470
ii)Administrative and other expenses 42,704 44,985 48,867 56,623 76,812 78,242
5.Other income / (loss) 3,548 2,009 985 3,852 2,485 27,552
6.EBIT (F3-F4+F5) 44,059 55,983 33,880 42,016 118,831 73,980
7.Financial expenses 15,818 13,414 9,785 7,583 10,183 10,644
of which: (i) Interest expenses 13,787 12,015 8,330 5,306 7,479 8,266
8.Profit / (loss) before taxation (F6-F7) 28,241 42,569 24,095 34,433 108,648 63,336
9.Tax expenses 2,790 9,762 5,154 9,730 30,603 22,486
10.Profit / (loss) after tax (F8-F9) 25,451 32,807 18,941 24,703 78,045 40,850
11.Cash dividends 10,200 13,122 7,590 4,950 15,600 8,300
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 119,540 93,337 11,326 14,947 128,002 (186,628)
2.Net cash flows from investing activities (46,564) (25,997) (6,943) 3,465 (17,961) (98,993)
3.Net cash flows from financing activities (57,618) (58,745) (17,993) (21,003) (84,793) 501,538
H.Miscellaneous
1.Total capital employed (C+D) 453,031 457,366 442,611 442,545 506,213 888,765
2.Retention in business (F10-F11-F12) 15,251 19,685 11,351 19,753 62,445 32,550
3.Depreciation for the year 40,768 40,946 39,019 35,566 33,218 31,753
4.Salaries, wages and employee benefits 205,554 238,285 251,859 279,372 313,761 315,414
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.37 1.76 0.93 1.09 2.77 1.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.43 2.50 2.84 3.06 3.65 2.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.34 4.41 2.63 3.33 10.12 3.79
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.12 1.95 1.81 1.82 1.70 1.60
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.08 8.59 4.78 6.06 17.24 6.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.48 10.94 6.31 8.23 26.02 2.46
129
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shadman Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,353,451 1,248,865 1,203,047 1,157,366 1,089,161 1,082,578
1.Capital work in progress 0 0 6,502 0 0 1,498
2.Operating fixed assets at cost 2,436,562 2,382,508 2,379,780 1,205,387 1,161,734 1,166,627
3.Operating fixed assets after deducting accumulated depreciation 1,326,203 1,221,421 1,169,100 1,129,500 1,060,980 932,745
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 120,154
6.Other non-current assets 27,248 27,444 27,445 27,866 28,181 28,181
B.Current Assets (B1+B2+B3+B4+B5+B6) 382,390 445,971 200,950 167,498 160,692 127,107
1.Cash & bank balance 386 1,322 576 2,505 24,115 27,406
2.Inventories; of which 180,464 236,829 52,615 60,747 15,480 20,128
i)Raw material 33,375 26,026 9,859 12,775 4,415 4,415
ii)Work in progress 14,771 6,286 101 5,551 531 0
iii)Finished goods 132,318 204,517 42,655 42,421 10,534 15,713
3.Trade Debt / accounts receivables 66,616 71,767 20,844 18,757 76,378 27,039
4.Short term loans and advances 32,742 0 0 9,720 9,308 6,153
5.Short term investments 0 95 86 70 62 13,140
6.Other current assets 102,182 135,958 126,829 75,699 35,349 33,241
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,735,841 1,694,836 1,403,997 1,324,864 1,249,853 1,209,685
C.Shareholders' Equity (C1+C2+C3) 660,824 499,118 421,162 367,525 500,537 501,805
1.Issued, Subscribed & Paid up capital 176,367 176,367 176,367 176,367 176,367 176,367
i)Ordinary shares 176,367 176,367 176,367 176,367 176,367 176,367
ii)Preference shares 0 0 0 0 0 0
2.Reserves (149,484) (171,449) (230,133) (354,895) (182,615) (186,415)
i)Capital Reserve 53,218 53,219 53,219 53,219 173,219 173,219
ii)Revenue Reserve (202,702) (224,668) (283,352) (408,114) (355,834) (359,634)
of which: un-appropriated profit(loss) / retained earnings (204,051) (224,668) (283,352) (408,114) (355,834) (359,634)
3.Surplus on revaluation of fixed assets 633,941 494,200 474,928 546,053 506,785 511,853
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 104,538 51,969 21,745 22,215 21,251 21,247
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 13,245 10,332 3,428 3,898 2,934 2,931
5.Other non-current liabilities 91,293 41,637 18,317 18,317 18,317 18,316
E.Current Liabilities (E1+E2+E3+E4) 970,479 1,143,749 961,090 935,124 728,065 686,633
1.Trade credit & other accounts payables 306,042 419,664 269,480 254,816 143,208 112,770
of which: i) Trade credits 96,831 125,110 145,043 126,035 58,792 50,295
2.Short term borrowings 419,193 485,818 450,058 435,717 341,546 326,762
3.Current portion of non-current liabilities 129,350 132,163 132,163 105,969 105,969 105,969
4.Other current liabilities 115,894 106,104 109,389 138,622 137,342 141,132
F.Operations:
1.Sales 1,171,424 709,839 412,549 546,927 431,006 111,554
i)Local sales (Net) 1,097,695 647,731 349,255 493,765 388,854 107,985
ii)Export sales (Net) 73,729 62,108 63,294 53,162 42,152 3,569
2.Cost of sales 1,300,008 842,819 481,531 596,270 413,356 136,659
i)Cost of material 804,816 470,590 112,096 356,890 125,853 0
3.Gross profit / (loss) (F1-F2) (128,584) (132,980) (68,982) (49,343) 17,650 (25,105)
4.General, administrative and other expenses 57,211 46,305 71,396 63,791 65,132 27,449
i)Selling & distribution expenses 8,049 7,595 4,569 5,098 3,195 421
ii)Administrative and other expenses 49,162 38,710 66,827 58,693 61,937 27,028
5.Other income / (loss) 271,983 3,838 43,523 11,990 65,533 63,472
6.EBIT (F3-F4+F5) 86,188 (175,447) (96,855) (101,144) 18,051 10,918
7.Financial expenses 62,279 369 754 543 277 398
of which: (i) Interest expenses 59,198 0 181 146 178 350
8.Profit / (loss) before taxation (F6-F7) 23,909 (175,816) (97,609) (101,687) 17,774 10,520
9.Tax expenses 11,065 (36,088) (14,183) 45,345 5,132 9,511
10.Profit / (loss) after tax (F8-F9) 12,844 (139,728) (83,426) (147,032) 12,642 1,009
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 15,248 (66,741) 41,799 (2,008) (53,425) 35,389
2.Net cash flows from investing activities (13,463) (1,761) (6,785) 18,277 49,206 (17,314)
3.Net cash flows from financing activities (7,534) 69,439 (35,761) (14,341) 25,829 (14,784)
H.Miscellaneous
1.Total capital employed (C+D) 765,362 551,087 442,907 389,740 521,788 523,052
2.Retention in business (F10-F11-F12) 12,844 (139,728) (83,426) (147,032) 12,642 1,009
3.Depreciation for the year 62,891 59,882 54,138 50,511 26,064 18,562
4.Salaries, wages and employee benefits 160,644 151,411 49,108 75,789 30,634 26,935
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.10 -19.68 -20.22 -26.88 2.93 0.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.64 0.41 0.27 0.40 0.33 0.09
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.70 -8.15 -5.38 -10.78 0.98 0.08
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.80 2.96 3.37 3.46 2.97 2.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.97 -24.09 -18.13 -37.29 2.91 0.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.73 -7.92 -4.73 -8.34 0.72 0.06
130
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shahtaj Textile Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 887,595 829,529 1,045,706 1,191,649 1,131,332 1,185,672
1.Capital work in progress 25,879 12,391 9,895 82,038 2,931 220,516
2.Operating fixed assets at cost 1,671,777 1,703,043 1,943,897 2,215,324 2,302,209 2,194,130
3.Operating fixed assets after deducting accumulated depreciation 832,731 786,770 1,004,835 1,078,610 1,077,895 931,659
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 28,985 30,368 30,976 31,001 50,506 33,497
B.Current Assets (B1+B2+B3+B4+B5+B6) 762,586 806,800 1,032,008 1,491,480 1,767,701 1,638,378
1.Cash & bank balance 13,347 13,141 6,501 24,995 32,169 49,247
2.Inventories; of which 295,904 355,915 420,201 507,909 529,343 690,701
i)Raw material 63,134 110,849 125,803 165,654 207,659 227,682
ii)Work in progress 29,839 48,220 60,632 57,242 66,829 46,464
iii)Finished goods 202,931 196,846 233,766 285,013 254,855 416,555
3.Trade Debt / accounts receivables 267,844 202,989 260,427 619,239 948,907 590,579
4.Short term loans and advances 3,514 1,394 7,466 10,692 1,820 4,208
5.Short term investments 0 7,425 7,592 0 0 0
6.Other current assets 181,977 225,936 329,821 328,645 255,462 303,643
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,650,181 1,636,329 2,077,714 2,683,129 2,899,033 2,824,050
C.Shareholders' Equity (C1+C2+C3) 824,949 895,814 954,840 1,059,140 1,217,734 1,197,016
1.Issued, Subscribed & Paid up capital 96,600 96,600 96,600 96,600 96,600 96,600
i)Ordinary shares 96,600 96,600 96,600 96,600 96,600 96,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 722,403 793,853 853,589 875,593 1,045,151 1,037,350
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 722,403 793,853 853,589 875,593 1,045,151 1,037,350
of which: un-appropriated profit(loss) / retained earnings 132,403 178,853 188,589 165,593 300,151 212,350
3.Surplus on revaluation of fixed assets 5,946 5,361 4,651 86,947 75,983 63,066
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 260,795 177,440 410,957 385,095 449,846 624,671
1.Long term borrowings 171,029 82,276 298,279 287,398 338,888 513,501
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 53,852 65,330 76,599 75,556 72,484 79,547
5.Other non-current liabilities 35,914 29,834 36,079 22,141 38,474 31,623
E.Current Liabilities (E1+E2+E3+E4) 564,437 563,075 711,917 1,238,894 1,231,453 1,002,363
1.Trade credit & other accounts payables 199,929 193,409 236,373 393,512 357,138 544,510
of which: i) Trade credits 109,796 105,897 143,879 269,779 178,112 351,246
2.Short term borrowings 299,611 304,979 430,439 776,296 791,168 390,461
3.Current portion of non-current liabilities 54,749 50,206 29,580 44,236 47,512 27,219
4.Other current liabilities 10,148 14,481 15,525 24,850 35,635 40,173
F.Operations:
1.Sales 3,291,892 3,155,887 3,498,781 3,925,325 4,787,646 4,365,769
i)Local sales (Net) 2,159,810 800,714 1,213,345 1,641,341 1,994,767 1,607,396
ii)Export sales (Net) 1,132,082 2,355,173 2,285,436 2,283,984 2,792,879 2,758,373
2.Cost of sales 2,982,563 2,830,758 3,170,421 3,629,507 4,338,888 3,944,486
i)Cost of material 2,451,691 2,288,012 2,633,264 2,982,131 3,610,197 3,410,535
3.Gross profit / (loss) (F1-F2) 309,329 325,129 328,360 295,818 448,758 421,283
4.General, administrative and other expenses 182,586 171,463 180,015 174,724 197,204 228,249
i)Selling & distribution expenses 68,830 60,346 69,143 72,782 77,125 68,719
ii)Administrative and other expenses 113,756 111,117 110,872 101,942 120,079 159,530
5.Other income / (loss) 3,930 5,959 8,211 20,041 87,178 283
6.EBIT (F3-F4+F5) 130,673 159,625 156,556 141,135 338,732 193,317
7.Financial expenses 56,384 43,112 38,590 56,538 87,341 80,220
of which: (i) Interest expenses 50,015 34,403 35,448 53,329 82,049 74,511
8.Profit / (loss) before taxation (F6-F7) 74,289 116,513 117,966 84,597 251,391 113,097
9.Tax expenses 16,045 17,654 11,988 16,497 63,342 40,525
10.Profit / (loss) after tax (F8-F9) 58,244 98,859 105,978 68,100 188,049 72,572
11.Cash dividends 24,150 43,470 48,300 26,565 96,600 38,640
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 124,943 136,837 23,002 (221,735) 14,729 562,752
2.Net cash flows from investing activities (153,240) (25,447) (307,742) (153,976) (51,356) (204,658)
3.Net cash flows from financing activities (74,653) (117,010) 308,440 (199,475) 28,930 59,691
H.Miscellaneous
1.Total capital employed (C+D) 1,085,744 1,073,254 1,365,797 1,444,235 1,667,580 1,821,687
2.Retention in business (F10-F11-F12) 34,094 55,389 57,678 41,535 91,449 33,932
3.Depreciation for the year 93,298 84,195 84,959 102,253 112,057 106,327
4.Salaries, wages and employee benefits 231,264 240,752 259,838 267,297 307,798 304,512
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.77 3.13 3.03 1.73 3.93 1.66
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.90 1.92 1.88 1.65 1.72 1.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.36 6.02 5.71 2.86 6.74 2.54
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.94 1.91 2.01 2.36 2.45 2.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.54 11.49 11.45 6.76 16.52 6.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.03 10.23 10.97 7.05 19.47 7.51
131
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shahzad Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,976,365 1,934,060 2,069,590 2,311,794 2,626,580 2,868,026
1.Capital work in progress 0 0 75,158 0 452,959 11,836
2.Operating fixed assets at cost 1,673,978 1,857,294 1,766,723 2,000,523 1,993,056 2,575,240
3.Operating fixed assets after deducting accumulated depreciation 1,630,097 1,576,075 1,609,826 1,907,740 1,799,664 2,267,328
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 332,298 344,015 370,635 389,984 370,110 585,015
6.Other non-current assets 13,970 13,970 13,971 14,070 3,847 3,847
B.Current Assets (B1+B2+B3+B4+B5+B6) 621,749 696,297 839,211 1,118,726 1,033,313 1,143,749
1.Cash & bank balance 82,556 88,151 60,340 104,794 90,578 100,248
2.Inventories; of which 299,115 363,390 478,374 656,653 512,371 597,574
i)Raw material 214,384 281,094 389,942 553,612 400,022 425,586
ii)Work in progress 39,455 29,335 33,324 37,451 31,905 40,460
iii)Finished goods 45,276 52,961 55,108 65,590 33,927 131,528
3.Trade Debt / accounts receivables 60,615 45,988 92,684 103,126 73,328 82,669
4.Short term loans and advances 0 0 0 37,236 43,460 28,143
5.Short term investments 1,595 1,184 821 8,440 47,416 14,875
6.Other current assets 177,868 197,584 206,992 208,477 266,160 320,240
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,598,114 2,630,357 2,908,801 3,430,520 3,659,893 4,011,775
C.Shareholders' Equity (C1+C2+C3) 1,703,305 1,714,358 1,752,012 2,113,308 2,223,857 2,347,849
1.Issued, Subscribed & Paid up capital 179,714 179,714 179,714 179,714 179,714 179,714
i)Ordinary shares 179,714 179,714 179,714 179,714 179,714 179,714
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,038,876 1,029,324 1,088,787 1,149,804 1,286,783 1,396,312
i)Capital Reserve 5,796 5,796 5,796 5,796 5,796 5,796
ii)Revenue Reserve 1,033,080 1,023,528 1,082,991 1,144,008 1,280,987 1,390,516
of which: un-appropriated profit(loss) / retained earnings 1,033,080 1,023,528 1,082,991 1,144,008 1,280,987 1,390,516
3.Surplus on revaluation of fixed assets 484,715 505,320 483,511 783,790 757,360 771,823
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 316,359 324,124 391,829 348,066 599,347 695,808
1.Long term borrowings 0 0 98,776 58,036 323,871 336,280
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 88,831 93,332 91,187 117,208 104,978 129,667
5.Other non-current liabilities 227,528 230,792 201,866 172,822 170,498 229,861
E.Current Liabilities (E1+E2+E3+E4) 578,450 591,875 764,960 969,146 836,689 968,118
1.Trade credit & other accounts payables 283,389 228,721 263,158 359,214 431,114 427,584
of which: i) Trade credits 54,316 62,938 34,971 38,978 53,272 52,696
2.Short term borrowings 208,716 320,590 406,847 488,605 285,295 414,776
3.Current portion of non-current liabilities 35,150 0 40,740 40,740 33,815 39,581
4.Other current liabilities 51,195 42,564 54,215 80,587 86,465 86,177
F.Operations:
1.Sales 4,211,487 3,692,132 4,511,169 5,464,278 6,105,230 4,315,237
i)Local sales (Net) 2,896,272 2,713,898 3,657,722 4,350,429 5,169,860 4,171,036
ii)Export sales (Net) 1,315,215 978,234 853,447 1,113,849 935,370 144,201
2.Cost of sales 3,957,835 3,507,377 4,268,172 5,196,692 5,579,332 3,993,183
i)Cost of material 2,726,699 2,448,417 3,045,519 3,663,384 4,135,871 2,886,025
3.Gross profit / (loss) (F1-F2) 253,652 184,755 242,997 267,586 525,898 322,054
4.General, administrative and other expenses 183,342 158,624 194,771 197,832 309,547 219,949
i)Selling & distribution expenses 47,186 33,545 23,906 25,802 55,255 47,932
ii)Administrative and other expenses 136,156 125,079 170,865 172,030 254,292 172,017
5.Other income / (loss) 42,367 27,660 51,724 84,530 30,434 38,705
6.EBIT (F3-F4+F5) 112,677 53,791 99,950 154,284 246,785 140,810
7.Financial expenses 64,109 32,158 35,920 53,100 58,192 78,242
of which: (i) Interest expenses 53,702 25,239 29,266 45,022 47,538 74,259
8.Profit / (loss) before taxation (F6-F7) 48,568 21,633 64,030 101,184 188,593 62,568
9.Tax expenses 12,789 34,990 29,316 28,984 57,867 16,966
10.Profit / (loss) after tax (F8-F9) 35,779 (13,357) 34,714 72,200 130,726 45,602
11.Cash dividends 17,971 0 17,971 17,971 26,957 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 173,073 (69,398) (65,837) 30,234 451,056 46,073
2.Net cash flows from investing activities (42,925) 0 (197,897) (25,013) (502,901) (160,985)
3.Net cash flows from financing activities (126,543) 74,992 235,923 39,233 37,628 124,583
H.Miscellaneous
1.Total capital employed (C+D) 2,019,664 2,038,482 2,143,841 2,461,374 2,823,204 3,043,657
2.Retention in business (F10-F11-F12) 17,808 (13,357) 16,743 54,229 103,769 45,602
3.Depreciation for the year 98,514 90,644 88,140 109,210 106,268 119,394
4.Salaries, wages and employee benefits 488,704 465,451 529,068 619,212 595,469 550,370
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.85 -0.36 0.77 1.32 2.14 1.06
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.61 1.41 1.63 1.72 1.72 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.37 -0.51 1.25 2.28 3.69 1.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.54 1.53 1.60 1.64 1.63 1.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.11 -0.78 2.00 3.74 6.03 1.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.99 -0.74 1.93 4.02 7.27 2.54
132
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shams Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,045,478 997,408 932,604 892,180 889,769 828,075
1.Capital work in progress 44,255 49,429 51,279 2,750 2,114 0
2.Operating fixed assets at cost 2,039,248 2,070,166 2,070,908 2,157,654 2,168,186 2,202,477
3.Operating fixed assets after deducting accumulated depreciation 999,647 946,403 879,749 887,854 817,790 780,355
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 68,289 46,144
6.Other non-current assets 1,576 1,576 1,576 1,576 1,576 1,576
B.Current Assets (B1+B2+B3+B4+B5+B6) 586,535 1,016,169 921,751 849,772 844,456 895,829
1.Cash & bank balance 4,418 8,817 4,608 4,760 27,298 7,074
2.Inventories; of which 211,549 628,707 551,596 336,358 411,980 634,399
i)Raw material 33,705 106,320 48,483 185,122 105,411 172,538
ii)Work in progress 31,545 35,982 33,878 45,449 49,915 44,886
iii)Finished goods 146,299 486,405 460,547 92,619 252,318 392,670
3.Trade Debt / accounts receivables 140,088 85,118 90,437 180,720 223,860 94,477
4.Short term loans and advances 33,137 47,859 4,797 54,772 18,444 11,949
5.Short term investments 59,138 64,323 65,218 50,867 0 0
6.Other current assets 138,205 181,345 205,095 222,295 162,874 147,930
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,632,013 2,013,577 1,854,355 1,741,952 1,734,225 1,723,904
C.Shareholders' Equity (C1+C2+C3) 747,361 641,448 591,951 681,068 676,428 533,616
1.Issued, Subscribed & Paid up capital 86,400 86,400 86,400 86,400 86,400 86,400
i)Ordinary shares 86,400 86,400 86,400 86,400 86,400 86,400
ii)Preference shares 0 0 0 0 0 0
2.Reserves 660,961 555,048 505,551 594,668 590,028 447,216
i)Capital Reserve 124,015 129,200 130,095 118,028 106,839 113,305
ii)Revenue Reserve 536,946 425,848 375,456 476,640 483,189 333,911
of which: un-appropriated profit(loss) / retained earnings (63,054) (174,152) (224,544) (123,360) (116,811) (266,089)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 147,115 110,660 61,192 48,266 26,562 14,036
1.Long term borrowings 141,409 104,234 52,670 27,103 14,036 14,036
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 5,706 6,426 8,522 21,163 12,526 0
E.Current Liabilities (E1+E2+E3+E4) 737,537 1,261,469 1,201,212 1,012,618 1,031,235 1,176,252
1.Trade credit & other accounts payables 542,864 600,039 621,348 657,409 876,422 839,599
of which: i) Trade credits 235,336 320,180 303,596 271,327 357,030 290,214
2.Short term borrowings 115,945 582,060 499,902 322,772 131,806 324,420
3.Current portion of non-current liabilities 73,127 73,127 67,832 25,567 13,067 2,250
4.Other current liabilities 5,601 6,243 12,130 6,870 9,940 9,983
F.Operations:
1.Sales 3,973,517 2,802,613 3,315,682 4,685,847 5,291,753 4,175,298
i)Local sales (Net) 2,788,382 1,746,829 2,634,458 3,467,856 4,447,257 3,414,027
ii)Export sales (Net) 1,185,135 1,055,784 681,224 1,217,991 844,496 761,271
2.Cost of sales 3,830,891 2,749,993 3,198,776 4,409,798 5,057,572 4,080,438
i)Cost of material 2,637,247 2,329,584 2,283,283 2,962,803 3,966,959 3,206,932
3.Gross profit / (loss) (F1-F2) 142,626 52,620 116,906 276,049 234,181 94,860
4.General, administrative and other expenses 114,207 114,560 105,586 108,459 110,891 136,941
i)Selling & distribution expenses 62,943 58,220 36,607 39,857 34,253 40,769
ii)Administrative and other expenses 51,264 56,340 68,979 68,602 76,638 96,172
5.Other income / (loss) 22,974 17,951 15,399 35,816 16,745 5,770
6.EBIT (F3-F4+F5) 51,393 (43,989) 26,719 203,406 140,035 (36,311)
7.Financial expenses 69,531 40,240 44,721 38,696 42,925 57,558
of which: (i) Interest expenses 65,811 35,118 42,374 32,854 39,815 52,563
8.Profit / (loss) before taxation (F6-F7) (18,138) (84,229) (18,002) 164,710 97,110 (93,869)
9.Tax expenses 34,988 26,869 32,390 63,526 53,724 46,337
10.Profit / (loss) after tax (F8-F9) (53,126) (111,098) (50,392) 101,184 43,386 (140,206)
11.Cash dividends 0 0 0 20,304 9,072 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 428,754 (388,587) 143,869 271,536 261,750 (162,090)
2.Net cash flows from investing activities 3,564 (35,931) (8,995) (26,409) (2,803) (31,017)
3.Net cash flows from financing activities (432,410) 428,917 (139,083) (244,975) (236,409) 172,883
H.Miscellaneous
1.Total capital employed (C+D) 894,476 752,108 653,143 729,334 702,990 547,652
2.Retention in business (F10-F11-F12) (53,126) (111,098) (50,392) 80,880 34,314 (140,206)
3.Depreciation for the year 93,051 88,312 84,890 78,612 77,099 71,225
4.Salaries, wages and employee benefits 274,627 259,861 276,623 367,716 398,417 368,779
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.34 -3.96 -1.52 2.16 0.82 -3.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.14 1.54 1.71 2.61 3.04 2.41
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.86 -6.09 -2.61 5.63 2.50 -8.11
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.41 2.62 3.14 2.83 2.56 2.86
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.91 -16.00 -8.17 15.90 6.39 -23.17
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.15 -12.86 -5.83 11.71 5.02 -16.23
133
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sunrays Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,081,821 1,177,636 1,185,010 1,508,584 1,856,885 1,820,362
1.Capital work in progress 0 0 0 2,584 1,139 28,751
2.Operating fixed assets at cost 1,765,219 2,100,988 2,216,466 2,595,468 3,021,633 3,119,018
3.Operating fixed assets after deducting accumulated depreciation 1,072,488 1,168,303 1,175,675 1,496,666 1,846,413 1,782,278
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 2,342 2,342 2,343 2,343 2,342 2,342
6.Other non-current assets 6,991 6,991 6,992 6,991 6,991 6,991
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,753,844 2,278,545 2,859,534 4,184,174 4,185,541 3,091,115
1.Cash & bank balance 44,052 41,506 34,977 61,228 73,497 32,625
2.Inventories; of which 832,152 814,925 1,216,603 2,280,015 1,765,712 1,823,689
i)Raw material 710,131 722,669 1,017,349 1,992,345 1,418,965 1,659,066
ii)Work in progress 21,703 31,135 26,496 30,600 39,143 35,073
iii)Finished goods 100,318 61,121 149,548 201,681 234,253 129,549
3.Trade Debt / accounts receivables 407,735 189,476 304,386 1,364,392 1,886,385 342,661
4.Short term loans and advances 87,555 64,035 78,667 114,232 101,685 121,442
5.Short term investments 0 1,030,913 1,007,808 118,867 112,844 409,227
6.Other current assets 382,350 137,690 217,093 245,440 245,418 361,471
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,835,665 3,456,181 4,044,544 5,692,758 6,042,426 4,911,477
C.Shareholders' Equity (C1+C2+C3) 2,369,463 2,394,531 2,454,698 2,705,500 3,196,128 3,376,735
1.Issued, Subscribed & Paid up capital 69,000 69,000 69,000 69,000 69,000 69,000
i)Ordinary shares 69,000 69,000 69,000 69,000 69,000 69,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,918,675 1,980,577 2,077,532 2,357,904 2,793,148 3,018,546
i)Capital Reserve 3,600 3,600 3,600 3,600 3,600 3,600
ii)Revenue Reserve 1,915,075 1,976,977 2,073,932 2,354,304 2,789,548 3,014,946
of which: un-appropriated profit(loss) / retained earnings 1,165,075 1,226,977 1,323,932 1,604,304 2,039,548 2,264,946
3.Surplus on revaluation of fixed assets 381,788 344,954 308,166 278,596 333,980 289,189
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 43,035 62,493 89,441 588,777 897,942 1,009,315
1.Long term borrowings 0 0 0 494,501 827,705 927,141
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 43,035 44,000 52,823 60,635 70,237 82,174
5.Other non-current liabilities 0 18,493 36,618 33,641 0 0
E.Current Liabilities (E1+E2+E3+E4) 423,167 999,157 1,500,405 2,398,481 1,948,356 525,427
1.Trade credit & other accounts payables 273,639 245,951 249,074 330,775 380,532 338,868
of which: i) Trade credits 80,185 79,264 95,000 129,617 178,189 131,323
2.Short term borrowings 105,016 722,559 1,190,489 2,027,807 1,478,636 18,853
3.Current portion of non-current liabilities 0 0 0 7,387 14,774 42,000
4.Other current liabilities 44,512 30,647 60,842 32,512 74,414 125,706
F.Operations:
1.Sales 4,094,937 3,858,477 4,257,729 4,952,171 6,085,258 6,476,171
i)Local sales (Net) 714,721 1,172,199 1,562,068 706,137 850,833 1,080,985
ii)Export sales (Net) 3,380,216 2,686,278 2,695,661 4,246,034 5,234,425 5,395,186
2.Cost of sales 3,808,038 3,628,143 3,885,950 4,315,188 5,130,703 5,565,454
i)Cost of material 2,938,218 3,224,043 2,855,758 3,187,760 3,995,882 4,243,663
3.Gross profit / (loss) (F1-F2) 286,899 230,334 371,779 636,983 954,555 910,717
4.General, administrative and other expenses 179,700 160,215 181,005 251,822 274,904 266,902
i)Selling & distribution expenses 68,772 52,768 48,644 66,579 78,884 90,870
ii)Administrative and other expenses 110,928 107,447 132,361 185,243 196,020 176,032
5.Other income / (loss) 34,169 19,278 23,561 6,722 15,139 71,396
6.EBIT (F3-F4+F5) 141,368 89,397 214,335 391,883 694,790 715,211
7.Financial expenses 22,137 11,952 22,948 112,974 219,811 68,782
of which: (i) Interest expenses 16,111 10,250 18,680 106,848 210,495 61,346
8.Profit / (loss) before taxation (F6-F7) 119,231 77,445 191,387 278,909 474,979 646,429
9.Tax expenses 43,687 39,689 47,064 (2,976) 3,201 86,267
10.Profit / (loss) after tax (F8-F9) 75,544 37,756 144,323 281,885 471,778 560,162
11.Cash dividends 138,000 34,500 62,100 62,100 172,500 207,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 75,170 388,704 (331,048) (1,698,249) 723,019 2,021,779
2.Net cash flows from investing activities 745,549 1,008,519 (75,987) 416,278 (441,340) (358,877)
3.Net cash flows from financing activities (848,943) 617,269 400,507 1,308,222 (269,411) (1,703,774)
H.Miscellaneous
1.Total capital employed (C+D) 2,412,498 2,457,024 2,544,139 3,294,277 4,094,070 4,386,050
2.Retention in business (F10-F11-F12) (62,456) 3,256 82,223 219,785 299,278 353,162
3.Depreciation for the year 101,749 116,859 111,657 129,600 148,559 173,170
4.Salaries, wages and employee benefits 243,531 225,990 306,523 347,804 362,100 338,821
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.84 0.98 3.39 5.69 7.75 8.65
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.28 1.23 1.14 1.02 1.04 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.36 1.20 3.85 5.79 8.04 10.23
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.33 1.32 1.55 1.89 1.99 1.67
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.14 1.59 5.95 10.93 15.99 17.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.95 5.47 20.92 40.85 68.37 81.18
134
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Suraj Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,090,142 2,587,203 5,122,409 5,667,953 6,294,475 5,879,539
1.Capital work in progress 48,139 121,384 2,508,148 163,195 21,540 71,076
2.Operating fixed assets at cost 4,635,954 5,151,365 5,365,777 8,386,495 8,878,103 8,908,044
3.Operating fixed assets after deducting accumulated depreciation 1,922,472 2,295,940 2,444,382 5,320,157 5,327,574 4,940,565
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 100,000 150,000 150,000 164,722 925,482 846,027
6.Other non-current assets 19,531 19,879 19,879 19,879 19,879 21,871
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,922,248 4,216,759 4,445,286 5,522,790 5,494,030 7,131,926
1.Cash & bank balance 95,556 222,084 41,676 64,827 433,938 207,139
2.Inventories; of which 933,159 988,336 1,407,007 2,714,766 3,087,533 3,718,268
i)Raw material 246,928 988,336 586,763 1,851,773 2,236,861 2,182,402
ii)Work in progress 103,093 0 104,445 148,646 159,344 167,564
iii)Finished goods 583,138 0 702,089 682,551 684,544 1,346,739
3.Trade Debt / accounts receivables 230,127 433,422 371,238 732,216 913,047 974,012
4.Short term loans and advances 43,482 136,659 116,749 88,552 29,064 55,137
5.Short term investments 2,448,452 2,136,361 1,909,120 1,052,384 134,342 1,318,597
6.Other current assets 171,472 299,897 599,496 870,045 896,106 858,773
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,012,390 6,803,962 9,567,695 11,190,743 11,788,505 13,011,465
C.Shareholders' Equity (C1+C2+C3) 4,503,050 4,854,822 5,280,236 5,620,199 6,067,978 6,616,613
1.Issued, Subscribed & Paid up capital 239,580 263,538 289,892 318,881 366,713 366,713
i)Ordinary shares 239,580 263,538 289,892 318,881 366,713 366,713
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,263,470 4,591,284 4,990,344 5,301,318 5,701,265 6,249,900
i)Capital Reserve 111,785 158,129 209,506 70,976 (211,964) (200,568)
ii)Revenue Reserve 4,151,685 4,433,155 4,780,838 5,230,342 5,913,229 6,450,468
of which: un-appropriated profit(loss) / retained earnings 0 0 0 1,516,342 2,199,229 2,736,468
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 304,632 488,154 2,504,490 2,952,339 2,752,823 2,743,483
1.Long term borrowings 90,662 290,359 2,308,673 2,885,828 2,474,995 2,533,850
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 213,970 197,795 195,817 66,511 277,828 209,633
E.Current Liabilities (E1+E2+E3+E4) 1,204,708 1,460,986 1,782,969 2,618,205 2,967,704 3,651,369
1.Trade credit & other accounts payables 987,599 1,041,073 1,339,463 1,581,088 1,870,028 2,270,877
of which: i) Trade credits 363,153 394,540 421,356 451,170 462,209 497,864
2.Short term borrowings 149,857 357,536 379,394 993,116 698,968 1,278,365
3.Current portion of non-current liabilities 54,827 44,801 64,112 40,708 347,602 56,804
4.Other current liabilities 12,425 17,576 0 3,293 51,106 45,323
F.Operations:
1.Sales 8,562,185 7,712,885 8,313,438 11,095,688 13,973,634 12,882,572
i)Local sales (Net) 6,379,119 6,635,490 7,478,403 10,647,322 13,598,803 12,657,124
ii)Export sales (Net) 2,183,066 1,077,395 835,035 448,366 374,831 225,448
2.Cost of sales 7,664,263 7,041,161 7,784,454 10,181,955 12,378,649 11,561,798
i)Cost of material 5,355,700 4,975,345 5,815,322 7,286,908 9,196,667 8,943,975
3.Gross profit / (loss) (F1-F2) 897,922 671,724 528,984 913,733 1,594,985 1,320,774
4.General, administrative and other expenses 334,111 351,013 352,565 433,697 448,190 549,654
i)Selling & distribution expenses 160,620 134,646 125,660 141,279 125,353 119,088
ii)Administrative and other expenses 173,491 216,367 226,905 292,418 322,837 430,566
5.Other income / (loss) 206,282 233,894 382,832 96,596 107,647 269,644
6.EBIT (F3-F4+F5) 770,093 554,605 559,251 576,632 1,254,442 1,040,764
7.Financial expenses 64,518 62,090 76,043 150,626 184,370 189,563
of which: (i) Interest expenses 55,948 55,102 68,673 142,204 175,097 182,065
8.Profit / (loss) before taxation (F6-F7) 705,575 492,515 483,208 426,006 1,070,072 851,201
9.Tax expenses 114,084 67,297 (22,598) (139,455) 211,317 131,652
10.Profit / (loss) after tax (F8-F9) 591,491 425,218 505,806 565,461 858,755 719,549
11.Cash dividends 119,790 131,769 86,968 127,552 183,357 146,685
12.Bonus shares / stock dividends 23,958 26,354 28,989 47,832 0 36,671
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,374,302 (124,368) (89,486) (788,753) 1,313,394 618,688
2.Net cash flows from investing activities (1,191,626) (142,926) (2,150,405) (355,569) (418,710) (1,012,956)
3.Net cash flows from financing activities (277,793) 393,822 2,059,483 1,167,473 (525,573) 167,469
H.Miscellaneous
1.Total capital employed (C+D) 4,807,682 5,342,976 7,784,726 8,572,538 8,820,801 9,360,096
2.Retention in business (F10-F11-F12) 447,743 267,095 389,849 390,076 675,399 536,193
3.Depreciation for the year 201,727 205,131 198,255 405,965 500,542 499,630
4.Salaries, wages and employee benefits 710,423 1,015,079 794,851 828,686 990,018 1,097,271
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.91 5.51 6.08 5.10 6.15 5.59
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.48 1.20 1.02 1.07 1.22 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.23 6.64 6.18 5.45 7.47 5.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.37 1.37 1.62 1.90 1.97 1.96
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.00 9.09 9.98 10.38 14.69 11.35
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 24.69 16.13 17.45 17.73 23.42 19.62
135
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tata Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,292,954 2,895,173 2,948,160 3,938,973 4,712,332 4,735,573
1.Capital work in progress 35,607 62,726 49,866 14,969 21,466 7,857
2.Operating fixed assets at cost 2,672,208 2,963,012 3,177,368 4,011,046 4,750,694 5,037,454
3.Operating fixed assets after deducting accumulated depreciation 2,251,769 2,828,414 2,895,595 3,920,330 4,660,234 4,717,936
4.Intangible assets 3,614 1,956 472 1,004 1,080 6,878
5.Long term investments 0 0 0 0 26,700 0
6.Other non-current assets 1,964 2,077 2,227 2,670 2,852 2,902
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,068,139 1,579,856 2,238,875 2,564,399 3,376,191 3,908,461
1.Cash & bank balance 61,691 60,364 88,322 113,398 153,625 375,892
2.Inventories; of which 1,040,235 857,649 1,114,902 1,089,874 2,039,035 2,102,807
i)Raw material 555,405 514,636 791,265 861,045 1,661,510 1,446,104
ii)Work in progress 42,238 41,588 51,824 47,895 60,210 78,158
iii)Finished goods 442,592 276,999 227,506 118,407 283,008 549,617
3.Trade Debt / accounts receivables 663,881 312,584 408,950 777,983 615,002 1,009,596
4.Short term loans and advances 190,708 229,348 221,309 279,606 340,200 316,269
5.Short term investments 0 14,852 269,361 19,670 19,670 19,670
6.Other current assets 111,624 105,059 136,031 283,868 208,659 84,227
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,361,093 4,475,029 5,187,035 6,503,372 8,088,523 8,644,034
C.Shareholders' Equity (C1+C2+C3) 2,443,597 2,817,965 2,810,288 3,737,464 4,470,134 4,162,364
1.Issued, Subscribed & Paid up capital 173,247 173,247 173,247 173,247 173,248 173,248
i)Ordinary shares 173,247 173,247 173,247 173,247 173,248 173,248
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,457,641 1,287,262 1,400,246 1,723,170 1,820,630 1,594,696
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 1,457,641 1,287,262 1,400,246 1,723,170 1,820,630 1,594,696
of which: un-appropriated profit(loss) / retained earnings 457,641 287,262 400,246 723,170 820,630 594,696
3.Surplus on revaluation of fixed assets 812,709 1,357,456 1,236,795 1,841,047 2,476,256 2,394,420
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 293,366 324,034 470,063 829,963 933,436 1,134,665
1.Long term borrowings 186,412 158,733 234,983 464,100 440,243 670,663
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 78,242 98,285 109,228 117,220 131,454 149,977
5.Other non-current liabilities 28,712 67,016 125,852 248,643 361,739 314,025
E.Current Liabilities (E1+E2+E3+E4) 1,624,130 1,333,030 1,906,684 1,935,945 2,684,953 3,347,005
1.Trade credit & other accounts payables 282,505 349,064 226,801 388,853 298,453 482,197
of which: i) Trade credits 43,014 87,969 40,736 38,452 65,000 116,935
2.Short term borrowings 1,229,470 855,315 1,563,772 1,361,957 2,154,374 2,668,360
3.Current portion of non-current liabilities 54,205 64,394 61,874 118,367 96,174 22,795
4.Other current liabilities 57,950 64,257 54,237 66,768 135,952 173,653
F.Operations:
1.Sales 5,066,353 4,906,547 5,014,434 6,041,556 6,727,419 6,729,650
i)Local sales (Net) 610,589 1,442,626 2,426,243 1,916,444 2,503,885 2,674,765
ii)Export sales (Net) 4,455,764 3,463,921 2,588,191 4,125,112 4,223,534 4,054,885
2.Cost of sales 4,614,332 4,678,633 4,673,998 5,407,032 6,101,937 6,232,089
i)Cost of material 3,600,735 3,421,329 3,500,822 4,068,902 4,928,710 4,684,040
3.Gross profit / (loss) (F1-F2) 452,021 227,914 340,436 634,524 625,482 497,561
4.General, administrative and other expenses 319,450 286,344 220,217 270,217 242,852 392,798
i)Selling & distribution expenses 175,154 129,699 86,157 101,915 78,964 74,049
ii)Administrative and other expenses 144,296 156,645 134,060 168,302 163,888 318,749
5.Other income / (loss) 2,225 5,787 64,870 107,525 6,280 10,663
6.EBIT (F3-F4+F5) 134,796 (52,643) 185,089 471,832 388,910 115,426
7.Financial expenses 86,670 107,722 101,391 150,399 280,675 395,719
of which: (i) Interest expenses 73,794 97,161 90,532 136,997 262,783 382,271
8.Profit / (loss) before taxation (F6-F7) 48,126 (160,365) 83,698 321,433 108,235 (280,293)
9.Tax expenses 46,966 34,051 41,330 75,330 75,426 48,518
10.Profit / (loss) after tax (F8-F9) 1,160 (194,416) 42,368 246,103 32,809 (328,811)
11.Cash dividends 17,325 0 17,325 17,325 8,662 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (179,550) 496,938 (544,907) 345,032 (534,384) (183,743)
2.Net cash flows from investing activities 136,367 (89,461) (209,323) (403,724) (153,936) (256,439)
3.Net cash flows from financing activities (328,049) (459,646) 87,070 53,333 817,232 (506,892)
H.Miscellaneous
1.Total capital employed (C+D) 2,736,963 3,141,999 3,280,351 4,567,427 5,403,570 5,297,029
2.Retention in business (F10-F11-F12) (16,165) (194,416) 25,043 228,778 24,147 (328,811)
3.Depreciation for the year 124,677 130,001 149,719 156,400 196,183 234,579
4.Salaries, wages and employee benefits 373,642 407,086 387,896 423,283 438,447 467,176
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.02 -3.96 0.84 4.07 0.49 -4.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.16 1.11 1.04 1.03 0.92 0.80
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.03 -4.40 0.88 4.21 0.45 -3.93
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.78 1.68 1.72 1.79 1.78 1.94
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.05 -7.39 1.51 7.52 0.80 -7.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.07 -11.22 2.45 14.21 1.89 -18.98
136
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The Crescent Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,026,385 7,951,832 11,670,448 10,215,643 10,658,132 11,253,765
1.Capital work in progress 98,634 126,812 82,293 74,735 107,863 73,165
2.Operating fixed assets at cost 7,294,091 7,775,050 9,980,230 10,091,068 10,596,296 11,617,058
3.Operating fixed assets after deducting accumulated depreciation 4,040,996 4,367,827 6,396,065 6,253,403 6,618,899 7,328,499
4.Intangible assets 0 0 18,472 12,139 5,806 20,180
5.Long term investments 2,879,174 3,449,038 5,166,546 3,736,188 3,792,196 3,693,231
6.Other non-current assets 7,581 8,155 7,072 139,178 133,368 138,690
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,426,924 5,923,221 6,444,109 7,398,443 6,712,671 7,541,103
1.Cash & bank balance 5,195 9,297 3,895 3,413 4,468 38,985
2.Inventories; of which 1,337,524 1,635,911 2,029,134 2,588,958 2,284,668 3,186,554
i)Raw material 199,078 584,701 479,595 950,283 575,072 876,270
ii)Work in progress 102,549 107,784 131,695 159,243 142,034 227,357
iii)Finished goods 1,035,897 938,090 1,404,191 1,467,953 1,563,676 2,082,927
3.Trade Debt / accounts receivables 2,566,707 2,365,485 2,236,170 2,346,338 2,647,825 2,419,493
4.Short term loans and advances 418,287 469,018 576,628 687,038 753,660 800,033
5.Short term investments 66,052 94,449 88,276 94,449 390,358 476,896
6.Other current assets 1,033,159 1,349,061 1,510,006 1,678,247 631,692 619,142
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,453,309 13,875,053 18,114,557 17,614,086 17,370,803 18,794,868
C.Shareholders' Equity (C1+C2+C3) 5,738,972 6,765,946 9,855,294 8,370,329 7,906,735 8,639,704
1.Issued, Subscribed & Paid up capital 615,124 800,000 800,000 800,000 800,000 800,000
i)Ordinary shares 615,124 800,000 800,000 800,000 800,000 800,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,833,144 3,751,934 5,480,186 4,002,813 3,539,278 3,678,938
i)Capital Reserve 523,542 1,204,270 2,919,558 1,426,143 723,980 873,607
ii)Revenue Reserve 2,309,602 2,547,664 2,560,628 2,576,670 2,815,298 2,805,331
of which: un-appropriated profit(loss) / retained earnings 505,959 744,021 756,985 773,027 1,011,655 1,001,688
3.Surplus on revaluation of fixed assets 2,290,704 2,214,012 3,575,108 3,567,516 3,567,457 4,160,766
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 143,139 503,397 1,063,514 845,071 1,120,213 1,120,213
1.Long term borrowings 111,053 445,371 1,063,253 845,071 1,120,213 1,120,213
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 32,086 58,026 261 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 6,571,198 6,605,710 7,195,749 8,398,686 8,343,855 9,034,951
1.Trade credit & other accounts payables 1,191,175 916,264 1,108,670 1,488,144 1,865,597 2,482,544
of which: i) Trade credits 594,979 434,986 520,872 719,653 698,931 1,209,104
2.Short term borrowings 5,078,680 5,484,784 5,790,390 6,416,791 5,935,657 6,239,650
3.Current portion of non-current liabilities 111,795 65,745 190,376 258,038 274,858 34,727
4.Other current liabilities 189,548 138,917 106,313 235,713 267,743 278,030
F.Operations:
1.Sales 11,778,815 10,578,809 10,872,762 11,314,259 13,946,144 13,264,005
i)Local sales (Net) 4,671,110 3,649,240 4,003,707 5,375,577 5,625,858 5,202,099
ii)Export sales (Net) 7,107,705 6,929,569 6,869,055 5,938,682 8,320,286 8,061,906
2.Cost of sales 10,321,726 9,238,638 9,900,768 10,214,002 12,308,973 11,714,594
i)Cost of material 4,455,959 3,790,510 4,251,242 4,070,731 4,855,524 4,835,208
3.Gross profit / (loss) (F1-F2) 1,457,089 1,340,171 971,994 1,100,257 1,637,171 1,549,411
4.General, administrative and other expenses 944,995 942,815 953,647 777,225 1,064,863 1,008,799
i)Selling & distribution expenses 648,384 633,356 643,674 468,190 678,533 573,546
ii)Administrative and other expenses 296,611 309,459 309,973 309,035 386,330 435,253
5.Other income / (loss) 274,793 309,325 349,609 324,846 330,282 116,780
6.EBIT (F3-F4+F5) 786,887 706,681 367,956 647,878 902,590 657,392
7.Financial expenses 428,514 360,006 286,816 637,703 506,750 480,866
of which: (i) Interest expenses 420,037 339,448 274,966 622,703 488,300 463,019
8.Profit / (loss) before taxation (F6-F7) 358,373 346,675 81,140 10,175 395,840 176,526
9.Tax expenses 138,073 96,132 (32,199) 1,720 157,251 142,927
10.Profit / (loss) after tax (F8-F9) 220,300 250,543 113,339 8,455 238,589 33,599
11.Cash dividends 89,193 100,400 0 0 48,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 103,741 (546,624) (268,083) (311,912) 864,284 256,872
2.Net cash flows from investing activities (222,670) (467,179) (785,438) (164,451) (674,057) (286,217)
3.Net cash flows from financing activities 117,189 1,017,905 1,048,119 475,881 (189,172) 63,862
H.Miscellaneous
1.Total capital employed (C+D) 5,882,111 7,269,343 10,918,808 9,215,400 9,026,948 9,759,917
2.Retention in business (F10-F11-F12) 131,107 150,143 113,339 8,455 190,589 33,599
3.Depreciation for the year 192,821 213,847 265,612 296,358 298,092 326,684
4.Salaries, wages and employee benefits 1,080,755 1,163,235 1,212,469 1,206,280 1,323,900 1,508,166
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.87 2.37 1.04 0.07 1.71 0.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.96 0.80 0.68 0.63 0.80 0.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.80 1.90 0.71 0.05 1.36 0.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.20 2.11 1.92 1.96 2.15 2.19
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.97 4.01 1.36 0.09 2.93 0.41
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.58 3.13 1.42 0.11 2.98 0.42
137
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Towellers Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,022,667 1,044,384 1,007,721 1,294,773 1,263,862 1,697,497
1.Capital work in progress 264,525 0 21,952 0 23,856 6,233
2.Operating fixed assets at cost 0 0 1,204,179 1,451,906 1,264,575 1,748,599
3.Operating fixed assets after deducting accumulated depreciation 738,382 1,024,075 967,198 1,264,375 1,207,400 1,657,528
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 19,760 20,309 18,571 30,398 32,606 33,736
B.Current Assets (B1+B2+B3+B4+B5+B6) 951,611 878,200 955,356 1,048,309 1,475,871 1,852,202
1.Cash & bank balance 87,473 80,703 162,311 106,580 287,273 350,296
2.Inventories; of which 334,114 294,845 278,499 373,961 486,952 567,968
i)Raw material 97,464 85,542 86,722 127,215 186,296 189,000
ii)Work in progress 152,083 108,642 81,677 130,350 146,983 225,409
iii)Finished goods 84,567 90,053 106,133 101,552 150,013 153,559
3.Trade Debt / accounts receivables 260,829 219,960 220,284 252,895 402,697 510,349
4.Short term loans and advances 21,477 14,098 11,114 16,677 16,274 13,178
5.Short term investments 0 0 0 0 0 0
6.Other current assets 247,718 268,594 283,148 298,196 282,675 410,411
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,974,278 1,922,584 1,963,077 2,343,082 2,739,733 3,549,699
C.Shareholders' Equity (C1+C2+C3) 876,347 983,719 1,088,393 1,631,240 2,053,845 2,714,251
1.Issued, Subscribed & Paid up capital 170,000 170,000 170,000 170,000 170,000 170,000
i)Ordinary shares 170,000 170,000 170,000 170,000 170,000 170,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 53,529 190,538 321,128 585,396 1,034,004 1,317,202
i)Capital Reserve 53,529 190,538 321,128 0 0 0
ii)Revenue Reserve 0 0 0 585,396 1,034,004 1,317,202
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 652,818 623,181 597,265 875,844 849,841 1,227,049
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 138,621 253,680 204,154 111,449 97,902 163,376
1.Long term borrowings 49,495 114,392 100,001 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 89,126 139,288 104,153 111,449 97,902 163,376
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 959,310 685,185 670,530 600,393 587,986 672,072
1.Trade credit & other accounts payables 605,855 500,302 520,110 598,935 587,986 672,072
of which: i) Trade credits 570,882 460,492 504,850 531,366 543,986 609,991
2.Short term borrowings 199,995 0 3,958 1,458 0 0
3.Current portion of non-current liabilities 19,245 50,668 12,248 0 0 0
4.Other current liabilities 134,215 134,215 134,214 0 0 0
F.Operations:
1.Sales 2,721,485 2,700,457 2,686,140 2,605,809 3,848,285 3,772,254
i)Local sales (Net) (39,425) (50,621) 6,060 12,030 20,767 12,335
ii)Export sales (Net) 2,760,910 2,751,078 2,680,080 2,593,779 3,827,518 3,759,919
2.Cost of sales 2,309,116 2,241,467 2,319,246 2,217,211 2,985,218 3,071,384
i)Cost of material 700,690 699,856 780,040 679,541 1,052,382 1,112,114
3.Gross profit / (loss) (F1-F2) 412,369 458,990 366,894 388,598 863,067 700,870
4.General, administrative and other expenses 289,692 298,555 285,828 342,715 414,116 413,874
i)Selling & distribution expenses 119,578 110,062 117,874 142,394 187,003 157,920
ii)Administrative and other expenses 170,114 188,493 167,954 200,321 227,113 255,954
5.Other income / (loss) 19,420 15,266 13,054 238,924 8,608 34,308
6.EBIT (F3-F4+F5) 142,097 175,701 94,120 284,807 457,559 321,304
7.Financial expenses 6,920 6,957 6,398 5,201 6,482 6,388
of which: (i) Interest expenses 0 0 361 253 662 1,711
8.Profit / (loss) before taxation (F6-F7) 135,177 168,744 87,722 279,606 451,077 314,916
9.Tax expenses 26,091 23,912 26,028 26,000 48,393 39,021
10.Profit / (loss) after tax (F8-F9) 109,086 144,832 61,694 253,606 402,684 275,895
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,088,289 181,185 171,138 13,324 226,109 157,766
2.Net cash flows from investing activities (216,677) (84,280) (40,676) (54,307) (43,957) (94,744)
3.Net cash flows from financing activities (874,047) (103,675) (48,854) (14,748) (1,458) 0
H.Miscellaneous
1.Total capital employed (C+D) 1,014,968 1,237,399 1,292,547 1,742,689 2,151,747 2,877,627
2.Retention in business (F10-F11-F12) 109,086 144,832 61,694 253,606 402,684 275,895
3.Depreciation for the year 32,813 50,361 76,315 81,929 77,468 91,071
4.Salaries, wages and employee benefits 261,340 301,752 336,433 363,357 413,291 470,654
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.01 5.36 2.30 9.73 10.46 7.31
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.24 1.39 1.38 1.21 1.51 1.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.97 7.43 3.18 11.78 15.84 8.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.48 2.10 1.88 1.58 1.38 1.32
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 22.29 15.57 5.95 18.65 21.85 11.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.42 8.52 3.63 14.92 23.69 16.23
138
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Yousaf Weaving Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 714,787 666,885 624,623 800,205 871,656 853,739
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,515,713 1,515,802 1,521,215 1,736,136 1,825,758 1,850,971
3.Operating fixed assets after deducting accumulated depreciation 692,696 645,145 610,709 783,754 825,390 807,552
4.Intangible assets 710 568 455 363 291 233
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 21,381 21,172 13,459 16,088 45,975 45,954
B.Current Assets (B1+B2+B3+B4+B5+B6) 628,667 280,163 211,751 182,593 184,737 131,984
1.Cash & bank balance 20,513 3,923 1,526 2,462 2,347 4,062
2.Inventories; of which 228,372 169,537 77,656 31,133 35,997 15,351
i)Raw material 30,411 38,605 11,942 6,686 5,925 1,146
ii)Work in progress 68,403 59,238 29,595 7,455 3,477 1,850
iii)Finished goods 129,558 71,694 36,119 16,992 26,595 12,355
3.Trade Debt / accounts receivables 30,282 12,928 14,012 23,817 52,697 18,261
4.Short term loans and advances 45,656 15,418 22,349 41,136 10,812 21,965
5.Short term investments 0 0 0 0 7,500 0
6.Other current assets 303,844 78,357 96,208 84,045 75,384 72,345
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,343,454 947,048 836,374 982,798 1,056,393 985,723
C.Shareholders' Equity (C1+C2+C3) (202,189) (612,798) (234,022) (197,704) (80,153) (120,608)
1.Issued, Subscribed & Paid up capital 400,000 400,000 400,000 900,000 900,000 900,000
i)Ordinary shares 400,000 400,000 400,000 900,000 900,000 900,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (602,189) (1,012,798) (634,022) (1,301,537) (1,183,986) (1,224,441)
i)Capital Reserve 0 0 500,000 0 191,631 231,051
ii)Revenue Reserve (602,189) (1,012,798) (1,134,022) (1,301,537) (1,375,617) (1,455,492)
of which: un-appropriated profit(loss) / retained earnings (602,189) (1,012,798) (1,134,022) (1,301,537) (1,375,617) (1,455,492)
3.Surplus on revaluation of fixed assets 0 0 0 203,833 203,833 203,833
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 622,517 579,576 142,589 101,703 21,492 32,431
1.Long term borrowings 570,356 537,189 82,278 66,695 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 38,504 39,305 28,301 28,877 21,492 32,431
5.Other non-current liabilities 13,657 3,082 32,010 6,131 0 0
E.Current Liabilities (E1+E2+E3+E4) 923,126 980,270 927,807 1,078,799 1,115,054 1,073,900
1.Trade credit & other accounts payables 478,237 449,522 277,145 331,415 433,843 403,861
of which: i) Trade credits 389,913 387,194 226,883 253,454 281,561 241,539
2.Short term borrowings 390,963 438,615 518,014 547,054 392,441 392,204
3.Current portion of non-current liabilities 21,547 34,893 30,976 31,906 93,771 93,177
4.Other current liabilities 32,379 57,240 101,672 168,424 194,999 184,658
F.Operations:
1.Sales 1,708,644 1,309,076 1,482,551 1,947,147 1,325,506 415,495
i)Local sales (Net) 1,175,819 1,309,076 1,482,551 1,947,147 1,325,506 415,495
ii)Export sales (Net) 532,825 0 0 0 0 0
2.Cost of sales 1,887,215 1,436,238 1,484,469 2,002,675 1,317,244 447,000
i)Cost of material 1,065,179 837,096 767,990 993,716 537,808 65,652
3.Gross profit / (loss) (F1-F2) (178,571) (127,162) (1,918) (55,528) 8,262 (31,505)
4.General, administrative and other expenses 116,082 225,194 54,655 61,774 60,896 41,271
i)Selling & distribution expenses 41,563 4,298 9,117 10,993 10,062 3,915
ii)Administrative and other expenses 74,519 220,896 45,538 50,781 50,834 37,356
5.Other income / (loss) 20,038 2,150 1,493 0 5 3,777
6.EBIT (F3-F4+F5) (274,615) (350,206) (55,080) (117,302) (52,629) (68,999)
7.Financial expenses 70,244 56,942 50,910 48,147 11,310 178
of which: (i) Interest expenses 53,660 50,883 49,686 47,543 11,060 102
8.Profit / (loss) before taxation (F6-F7) (344,859) (407,148) (105,990) (165,449) (63,939) (69,177)
9.Tax expenses 2,680 2,717 16,556 (469) 10,353 6,303
10.Profit / (loss) after tax (F8-F9) (347,539) (409,865) (122,546) (164,980) (74,292) (75,480)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,530 (89,090) (119,044) (2,388) 82,126 (16,284)
2.Net cash flows from investing activities 1,878 44,669 (3,925) (11,061) (114,431) (20,586)
3.Net cash flows from financing activities 14,861 27,831 120,572 14,385 32,191 38,588
H.Miscellaneous
1.Total capital employed (C+D) 420,328 (33,222) (91,433) (96,001) (58,661) (88,177)
2.Retention in business (F10-F11-F12) (347,539) (409,865) (122,546) (164,980) (74,292) (75,480)
3.Depreciation for the year 53,944 48,646 45,723 41,763 42,886 42,986
4.Salaries, wages and employee benefits 203,575 169,850 240,478 340,934 296,528 136,633
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -20.34 -31.31 -8.27 -8.47 -5.60 -18.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.13 1.14 1.66 2.14 1.30 0.41
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -23.01 -35.79 -13.74 -18.14 -7.29 -7.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -54.21 -2.81 -2.11 -4.21 -7.34 -10.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1,247.27 100.58 28.94 76.43 53.47 75.19
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.69 -10.25 -3.06 -1.83 -0.83 -0.84
139
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Zahidjee Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,155,443 5,101,561 5,892,360 6,569,912 6,448,641 6,977,193
1.Capital work in progress 424,983 830,716 306,970 137,075 305,158 388,727
2.Operating fixed assets at cost 4,071,741 4,453,652 5,342,945 6,392,296 6,580,362 7,409,155
3.Operating fixed assets after deducting accumulated depreciation 3,722,656 3,901,781 5,218,559 6,067,219 5,778,684 6,224,460
4.Intangible assets 3,354 5,413 3,181 1,968 1,123 330
5.Long term investments 0 359,200 359,200 359,200 359,200 359,200
6.Other non-current assets 4,450 4,451 4,450 4,450 4,476 4,476
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,050,816 2,309,843 3,256,897 4,810,745 4,696,860 5,443,587
1.Cash & bank balance 7,110 65,459 56,866 24,778 83,459 63,840
2.Inventories; of which 876,899 1,018,969 1,813,395 2,987,053 2,604,242 2,926,874
i)Raw material 657,633 765,703 1,441,536 2,679,386 2,264,423 2,189,260
ii)Work in progress 81,151 85,968 90,887 84,099 108,031 129,048
iii)Finished goods 138,115 156,673 260,441 206,627 221,675 599,665
3.Trade Debt / accounts receivables 698,024 632,490 6,873 971,774 1,231,080 1,729,035
4.Short term loans and advances 1,051 139,770 129,823 161,680 91,503 249,326
5.Short term investments 60,686 57,388 66,855 87,691 72,985 56,791
6.Other current assets 407,046 395,767 1,183,085 577,769 613,591 417,721
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,206,259 7,411,404 9,149,257 11,380,657 11,145,501 12,420,780
C.Shareholders' Equity (C1+C2+C3) 3,633,389 3,941,676 4,841,649 5,171,026 5,914,665 6,467,116
1.Issued, Subscribed & Paid up capital 1,274,866 1,657,325 1,823,058 1,914,211 1,914,211 1,914,211
i)Ordinary shares 1,274,866 1,657,325 1,823,058 1,914,211 1,914,211 1,914,211
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,635,887 1,578,251 1,646,077 1,935,361 2,771,706 3,395,636
i)Capital Reserve 366,259 366,259 366,259 366,259 366,259 366,259
ii)Revenue Reserve 1,269,628 1,211,992 1,279,818 1,569,102 2,405,447 3,029,377
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 2,105,447 2,729,377
3.Surplus on revaluation of fixed assets 722,636 706,100 1,372,514 1,321,454 1,228,748 1,157,269
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 372,312 601,918 743,227 1,479,683 1,185,062 1,618,623
1.Long term borrowings 330,678 547,300 326,708 927,898 790,419 1,137,357
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 41,634 54,618 416,519 551,785 394,643 481,266
E.Current Liabilities (E1+E2+E3+E4) 2,200,558 2,867,810 3,564,381 4,729,948 4,045,774 4,335,041
1.Trade credit & other accounts payables 527,108 578,091 644,921 781,924 404,702 887,327
of which: i) Trade credits 341,815 405,468 421,551 577,892 182,462 466,076
2.Short term borrowings 1,450,096 2,081,645 2,588,837 3,598,814 3,215,569 2,980,918
3.Current portion of non-current liabilities 187,500 170,318 275,348 195,391 187,575 210,629
4.Other current liabilities 35,854 37,756 55,275 153,819 237,928 256,167
F.Operations:
1.Sales 6,676,002 6,699,199 7,968,111 10,329,177 13,444,689 13,902,387
i)Local sales (Net) 4,369,730 4,740,322 6,200,190 8,214,825 11,077,472 11,020,652
ii)Export sales (Net) 2,306,272 1,958,877 1,767,921 2,114,352 2,367,217 2,881,735
2.Cost of sales 6,110,147 6,040,223 7,159,538 9,295,014 11,982,986 12,225,562
i)Cost of material 4,665,260 4,584,805 5,630,227 7,125,619 9,393,527 9,930,642
3.Gross profit / (loss) (F1-F2) 565,855 658,976 808,573 1,034,163 1,461,703 1,676,825
4.General, administrative and other expenses 239,643 230,901 213,160 276,609 333,613 367,630
i)Selling & distribution expenses 135,365 115,099 95,345 118,951 119,098 155,953
ii)Administrative and other expenses 104,278 115,802 117,815 157,658 214,515 211,677
5.Other income / (loss) 12,696 33,157 25,916 41,303 4,882 13,771
6.EBIT (F3-F4+F5) 338,908 461,232 621,329 798,857 1,132,972 1,322,966
7.Financial expenses 194,276 140,071 206,912 223,893 388,569 329,329
of which: (i) Interest expenses 189,911 136,448 199,848 217,042 378,907 320,342
8.Profit / (loss) before taxation (F6-F7) 144,632 321,161 414,417 574,964 744,403 993,637
9.Tax expenses (98,689) 13,097 197,259 249,036 (37,255) 296,218
10.Profit / (loss) after tax (F8-F9) 243,321 308,064 217,158 325,928 781,658 697,419
11.Cash dividends 0 0 0 66,997 162,708 0
12.Bonus shares / stock dividends 382,460 165,733 911,529 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 245,415 342,766 (262,811) (629,335) 1,105,745 1,041,775
2.Net cash flows from investing activities (419,563) (1,115,407) (137,410) (933,965) (450,968) (1,034,025)
3.Net cash flows from financing activities 176,758 830,990 391,628 1,531,212 (596,096) (27,368)
H.Miscellaneous
1.Total capital employed (C+D) 4,005,701 4,543,594 5,584,876 6,650,709 7,099,727 8,085,739
2.Retention in business (F10-F11-F12) (139,139) 142,332 (694,371) 258,931 618,950 697,419
3.Depreciation for the year 140,368 169,604 200,951 253,071 543,208 518,217
4.Salaries, wages and employee benefits 489,567 585,163 840,742 722,411 811,251 873,093
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.64 4.60 2.73 3.16 5.81 5.02
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.11 0.98 0.96 1.01 1.19 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.05 4.52 2.62 3.18 6.94 5.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.71 1.80 1.89 2.05 2.03 1.90
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.93 8.13 4.94 6.51 14.10 11.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.91 1.86 1.19 1.70 4.08 3.64
140
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Zahur Cotton Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - - - 76,394 73,923 71,452
1.Capital work in progress - - - 0 0 0
2.Operating fixed assets at cost - - - 132,787 132,787 132,787
3.Operating fixed assets after deducting accumulated depreciation - - - 76,326 73,855 71,384
4.Intangible assets - - - 0 0 0
5.Long term investments - - - 0 0 0
6.Other non-current assets - - - 68 68 68
B.Current Assets (B1+B2+B3+B4+B5+B6) - - - 2,116 3,236 802
1.Cash & bank balance - - - 1,993 3,236 801
2.Inventories; of which - - - 0 0 0
i)Raw material - - - 0 0 0
ii)Work in progress - - - 0 0 0
iii)Finished goods - - - 0 0 0
3.Trade Debt / accounts receivables - - - 0 0 0
4.Short term loans and advances - - - 0 0 0
5.Short term investments - - - 0 0 0
6.Other current assets - - - 123 0 1
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - - 78,510 77,159 72,254
C.Shareholders' Equity (C1+C2+C3) - - - (55,752) (57,561) (62,927)
1.Issued, Subscribed & Paid up capital - - - 98,600 98,600 98,600
i)Ordinary shares - - - 98,600 98,600 98,600
ii)Preference shares - - - 0 0 0
2.Reserves - - - (202,486) (203,336) (207,742)
i)Capital Reserve - - - 20,066 20,066 20,066
ii)Revenue Reserve - - - (222,552) (223,402) (227,808)
of which: un-appropriated profit(loss) / retained earnings - - - (222,552) (223,402) (227,808)
3.Surplus on revaluation of fixed assets - - - 48,134 47,175 46,215
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - - 12,445 12,053 11,661
1.Long term borrowings - - - 0 0 0
2.Subordinated loans / Sponsor's loans - - - 0 0 0
3.Debentures/TFCs (bonds payable) - - - 0 0 0
4.Employees benefit obligations - - - 0 0 0
5.Other non-current liabilities - - - 12,445 12,053 11,661
E.Current Liabilities (E1+E2+E3+E4) - - - 121,817 122,667 123,520
1.Trade credit & other accounts payables - - - 6,303 7,522 8,936
of which: i) Trade credits - - - 1,060 1,800 2,538
2.Short term borrowings - - - 115,514 114,849 114,584
3.Current portion of non-current liabilities - - - 0 0 0
4.Other current liabilities - - - 0 296 0
F.Operations:
1.Sales - - - 0 0 0
i)Local sales (Net) - - - 0 0 0
ii)Export sales (Net) - - - 0 0 0
2.Cost of sales - - - 0 0 0
i)Cost of material - - - 0 0 0
3.Gross profit / (loss) (F1-F2) - - - 0 0 0
4.General, administrative and other expenses - - - 5,024 7,357 5,767
i)Selling & distribution expenses - - - 0 0 0
ii)Administrative and other expenses - - - 5,024 7,357 5,767
5.Other income / (loss) - - - 3,126 6,569 10
6.EBIT (F3-F4+F5) - - - (1,898) (788) (5,757)
7.Financial expenses - - - 0 3 1
of which: (i) Interest expenses - - - 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - - (1,898) (791) (5,758)
9.Tax expenses - - - 317 1,018 (392)
10.Profit / (loss) after tax (F8-F9) - - - (2,215) (1,809) (5,366)
11.Cash dividends - - - 0 0 0
12.Bonus shares / stock dividends - - - 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - - - (699) 1,908 (2,170)
2.Net cash flows from investing activities - - - 0 0 0
3.Net cash flows from financing activities - - - (660) (665) (265)
H.Miscellaneous
1.Total capital employed (C+D) - - - (43,307) (45,508) (51,266)
2.Retention in business (F10-F11-F12) - - - (2,215) (1,809) (5,366)
3.Depreciation for the year - - - 2,455 2,470 2,470
4.Salaries, wages and employee benefits - - - 204 231 240
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - - 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - - -2.82 -2.32 -7.18
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - - -1.41 -0.32 -1.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - - 3.97 0.75 8.91
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - - -0.22 -0.18 -0.54
141
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Zephyr Textiles Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,854,956 1,805,338 2,024,519 2,003,934 2,003,934 1,989,223
1.Capital work in progress 10,865 0 9,702 0 0 63,318
2.Operating fixed assets at cost 2,284,916 2,395,263 2,711,144 2,865,326 2,865,326 2,339,396
3.Operating fixed assets after deducting accumulated depreciation 1,836,218 1,797,515 1,995,530 1,981,436 1,981,436 1,903,440
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 7,873 7,823 19,287 22,498 22,498 22,465
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,410,181 1,613,606 1,705,477 2,204,090 2,204,090 2,490,299
1.Cash & bank balance 37,177 64,785 49,889 28,991 28,991 71,785
2.Inventories; of which 714,910 775,086 904,899 1,069,576 1,069,576 1,103,929
i)Raw material 155,647 163,005 152,611 171,084 171,084 89,163
ii)Work in progress 141,720 142,035 143,176 138,176 138,176 95,670
iii)Finished goods 417,543 470,046 609,111 760,316 760,316 919,096
3.Trade Debt / accounts receivables 372,658 446,750 350,242 658,605 658,605 708,870
4.Short term loans and advances 41,118 35,357 33,280 35,965 35,965 76,738
5.Short term investments 15,267 0 1,680 735 735 63,076
6.Other current assets 229,051 291,628 365,487 410,218 410,218 465,901
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,265,137 3,418,944 3,729,996 4,208,024 4,208,024 4,479,522
C.Shareholders' Equity (C1+C2+C3) 1,238,346 1,328,245 1,396,829 1,540,739 1,540,739 1,613,261
1.Issued, Subscribed & Paid up capital 594,287 594,287 594,287 594,287 594,287 594,287
i)Ordinary shares 594,287 594,287 594,287 594,287 594,287 594,287
ii)Preference shares 0 0 0 0 0 0
2.Reserves 253,297 369,712 468,969 595,211 595,211 716,442
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 253,297 369,712 468,969 595,211 595,211 716,442
of which: un-appropriated profit(loss) / retained earnings 253,297 369,712 468,969 595,211 595,211 716,442
3.Surplus on revaluation of fixed assets 390,762 364,246 333,573 351,241 351,241 302,532
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 909,429 802,069 769,449 658,797 658,797 604,411
1.Long term borrowings 676,849 570,447 544,322 416,224 416,224 350,037
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 53,115 66,434 76,457 86,519 86,519 118,181
5.Other non-current liabilities 179,465 165,188 148,670 156,054 156,054 136,193
E.Current Liabilities (E1+E2+E3+E4) 1,117,362 1,288,630 1,563,718 2,008,488 2,008,488 2,261,850
1.Trade credit & other accounts payables 356,313 387,538 366,137 662,789 662,789 818,278
of which: i) Trade credits 182,409 231,026 229,083 431,920 431,920 595,177
2.Short term borrowings 604,897 710,417 981,619 1,158,697 1,158,697 1,320,186
3.Current portion of non-current liabilities 151,587 176,353 199,698 164,905 164,905 65,477
4.Other current liabilities 4,565 14,322 16,264 22,097 22,097 57,909
F.Operations:
1.Sales 3,756,907 3,932,856 3,749,393 4,252,317 4,252,317 4,326,055
i)Local sales (Net) 2,645,917 2,532,478 2,406,314 2,515,470 2,515,470 2,338,749
ii)Export sales (Net) 1,110,990 1,400,378 1,343,079 1,736,847 1,736,847 1,987,306
2.Cost of sales 3,429,043 3,535,642 3,319,300 3,786,846 3,786,846 3,924,323
i)Cost of material 2,227,858 2,499,376 2,380,048 2,348,707 2,348,707 2,592,011
3.Gross profit / (loss) (F1-F2) 327,864 397,214 430,093 465,471 465,471 401,732
4.General, administrative and other expenses 138,742 149,458 220,863 181,712 181,712 238,172
i)Selling & distribution expenses 77,740 73,891 92,384 101,314 101,314 131,308
ii)Administrative and other expenses 61,002 75,567 128,479 80,398 80,398 106,864
5.Other income / (loss) 202,733 10,906 2,351 3,410 3,410 34,452
6.EBIT (F3-F4+F5) 391,855 258,662 211,581 287,169 287,169 198,012
7.Financial expenses 166,341 126,333 121,825 157,956 157,956 121,620
of which: (i) Interest expenses 124,829 73,321 72,986 144,330 144,330 0
8.Profit / (loss) before taxation (F6-F7) 225,514 132,329 89,756 129,213 129,213 76,392
9.Tax expenses 22,447 25,294 20,830 26,038 26,038 21,320
10.Profit / (loss) after tax (F8-F9) 203,067 107,035 68,926 103,175 103,175 55,072
11.Cash dividends 0 0 0 29,714 29,714 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 210,916 142,738 186,506 102,959 102,959 306,597
2.Net cash flows from investing activities (64,158) (102,934) (431,743) (89,206) (89,206) (296,399)
3.Net cash flows from financing activities (190,310) (12,195) 230,340 (34,651) (34,651) 5,966
H.Miscellaneous
1.Total capital employed (C+D) 2,147,775 2,130,314 2,166,278 2,199,536 2,199,536 2,217,672
2.Retention in business (F10-F11-F12) 203,067 107,035 68,926 73,461 73,461 55,072
3.Depreciation for the year 155,458 150,931 155,180 168,906 168,906 169,987
4.Salaries, wages and employee benefits 294,793 359,471 360,438 377,999 377,999 451,887
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.41 2.72 1.84 2.43 2.43 1.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.13 1.18 1.05 1.07 1.01 1.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.12 3.20 1.93 2.60 2.45 1.27
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.86 2.60 2.62 2.70 2.73 2.75
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 17.52 8.34 5.06 7.02 6.70 3.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.42 1.80 1.16 1.74 1.74 0.93
142
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Made-up textile articles - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,546,925 12,611,762 16,682,747 16,958,535 20,061,779 29,712,330
1.Capital work in progress 338,490 1,551,673 2,361,622 1,248,438 952,069 21,543,667
2.Operating fixed assets at cost 18,147,343 551,795 25,744,649 27,596,405 31,552,082 36,288,491
3.Operating fixed assets after deducting accumulated depreciation 9,034,449 10,779,416 14,002,395 15,345,817 18,543,730 2,876,532
4.Intangible assets 15,834 20,492 41,887 32,005 44,646 89,568
5.Long term investments 44,492 75,600 35,183 78,806 76,220 2,437,928
6.Other non-current assets 113,660 184,581 241,660 253,469 445,114 2,764,635
B.Current Assets (B1+B2+B3+B4+B5+B6) 16,751,319 21,207,784 21,868,650 28,416,013 36,017,921 40,948,769
1.Cash & bank balance 172,924 361,190 295,149 538,785 504,702 541,385
2.Inventories; of which 11,680,678 14,333,347 12,960,513 16,842,771 21,756,016 26,276,178
i)Raw material 2,272,798 2,556,181 3,133,697 6,357,895 8,701,138 8,654,771
ii)Work in progress 257,289 248,448 265,229 355,297 405,896 612,634
iii)Finished goods 9,150,591 11,528,718 9,561,587 10,129,579 12,648,982 16,832,024
3.Trade Debt / accounts receivables 2,289,888 2,930,319 3,881,175 5,963,736 7,550,179 6,393,573
4.Short term loans and advances 425,331 810,335 961,631 1,309,627 1,563,692 1,375,255
5.Short term investments 0 0 74,848 26,228 4,177 8,506
6.Other current assets 2,182,498 2,772,593 3,695,334 3,734,866 4,639,155 6,353,872
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,298,244 33,819,546 38,551,397 45,374,548 56,079,700 70,661,099
C.Shareholders' Equity (C1+C2+C3) 7,470,403 9,152,625 11,403,430 13,264,590 15,560,849 14,836,326
1.Issued, Subscribed & Paid up capital 2,495,903 3,159,875 3,786,284 3,786,284 3,786,284 4,499,275
i)Ordinary shares 2,495,903 3,159,875 3,786,284 3,786,284 3,786,284 4,499,275
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,974,500 5,992,750 7,617,146 9,478,306 11,774,565 10,337,051
i)Capital Reserve 399 564,176 1,531,116 1,525,374 1,501,726 791,442
ii)Revenue Reserve 4,974,101 5,428,574 6,086,030 7,952,932 10,272,839 9,545,609
of which: un-appropriated profit(loss) / retained earnings 436,856 676,009 857,567 2,239,491 10,103,021 9,404,661
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,904,765 5,035,137 7,550,901 7,094,288 9,086,328 15,907,863
1.Long term borrowings 2,473,404 4,644,194 7,168,770 6,941,646 8,878,756 15,644,318
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 55,802 52,521 48,415 95,101 117,837 174,791
5.Other non-current liabilities 375,559 338,422 333,716 57,541 89,735 88,754
E.Current Liabilities (E1+E2+E3+E4) 15,923,076 19,631,784 19,597,066 25,015,670 31,432,523 39,916,910
1.Trade credit & other accounts payables 5,647,727 5,681,091 6,127,432 7,548,408 10,144,746 12,452,213
of which: i) Trade credits 4,019,610 3,116,119 2,467,852 2,917,596 3,650,642 4,785,537
2.Short term borrowings 9,169,600 13,185,504 12,430,597 15,717,190 19,596,920 26,093,389
3.Current portion of non-current liabilities 714,008 501,857 695,764 1,392,464 1,212,806 906,402
4.Other current liabilities 391,741 263,332 343,273 357,608 478,051 464,906
F.Operations:
1.Sales 35,342,279 34,622,221 42,530,310 48,414,740 59,171,952 55,649,829
i)Local sales (Net) 13,359,121 13,057,115 14,375,237 17,382,007 25,441,188 19,953,191
ii)Export sales (Net) 21,983,158 21,565,106 28,155,073 31,032,733 33,730,764 35,696,638
2.Cost of sales 28,828,864 26,800,955 34,794,876 38,090,199 47,043,393 46,379,220
i)Cost of material 9,616,336 7,818,025 9,635,210 15,639,362 21,651,888 20,957,540
3.Gross profit / (loss) (F1-F2) 6,513,415 7,821,266 7,735,434 10,324,541 12,128,559 9,270,609
4.General, administrative and other expenses 4,705,748 5,604,021 6,300,895 7,032,670 7,738,610 7,623,517
i)Selling & distribution expenses 2,686,621 3,331,530 3,596,894 4,090,340 4,751,437 4,846,760
ii)Administrative and other expenses 2,019,127 2,272,491 2,704,001 2,942,330 2,987,173 2,776,757
5.Other income / (loss) 345,080 171,552 349,918 185,331 1,152,820 1,028,650
6.EBIT (F3-F4+F5) 2,152,747 2,388,797 1,784,457 3,477,202 5,542,769 2,675,742
7.Financial expenses 1,385,628 936,944 905,396 1,030,056 1,523,255 2,076,737
of which: (i) Interest expenses 1,236,237 824,409 745,131 854,416 322,456 1,729,644
8.Profit / (loss) before taxation (F6-F7) 767,119 1,451,853 879,061 2,447,146 4,019,514 599,005
9.Tax expenses 190,891 218,130 20,414 269,948 405,676 426,844
10.Profit / (loss) after tax (F8-F9) 576,228 1,233,723 858,647 2,177,198 3,613,838 172,161
11.Cash dividends 349,234 897,689 369,150 939,614 896,076 1,074,324
12.Bonus shares / stock dividends 0 0 0 0 712,991 855,589
G.Statement of Cash Flows
1.Net cash flows from operating activities 665,448 (2,033,096) 2,081,734 (1,140,250) 151,119 96,480
2.Net cash flows from investing activities (1,856,247) (4,209,622) (5,434,007) (2,104,057) (4,928,343) (8,827,317)
3.Net cash flows from financing activities 204,400 2,390,096 4,216,010 241,097 908,883 2,242,367
H.Miscellaneous
1.Total capital employed (C+D) 10,375,168 14,187,762 18,954,331 20,358,878 24,647,177 30,744,189
2.Retention in business (F10-F11-F12) 226,994 336,034 489,497 1,237,584 2,004,771 (1,757,752)
3.Depreciation for the year 1,001,455 1,153,154 1,608,353 1,901,002 1,986,014 2,189,746
4.Salaries, wages and employee benefits 6,062,196 6,942,154 8,142,643 8,172,561 9,550,320 9,791,361
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.63 3.56 2.02 4.50 6.11 0.31
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.37 1.15 1.18 1.15 1.17 0.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.23 4.10 2.37 5.19 7.12 0.27
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.61 3.62 3.52 3.40 3.52 4.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.06 14.84 8.35 17.65 25.07 1.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.31 3.90 2.27 5.75 9.54 0.38
143
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Aruj Industries (Formerly Aruj Garment Accessories Ltd.) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 215,976 221,852 339,316 440,615 466,331 446,229
1.Capital work in progress 0 3,985 50,202 52,833 25,213 36,252
2.Operating fixed assets at cost 384,779 406,136 500,201 628,443 704,088 708,454
3.Operating fixed assets after deducting accumulated depreciation 214,353 216,244 284,393 380,709 431,855 400,164
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,623 1,623 4,721 7,073 9,263 9,813
B.Current Assets (B1+B2+B3+B4+B5+B6) 472,181 558,523 717,764 777,259 862,541 802,156
1.Cash & bank balance 28,468 18,351 7,565 17,975 9,948 21,581
2.Inventories; of which 185,738 242,067 272,729 366,060 259,950 286,100
i)Raw material 185,738 206,968 171,510 246,101 164,839 183,198
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 35,099 101,219 119,959 95,111 102,902
3.Trade Debt / accounts receivables 110,370 116,822 180,331 228,227 424,327 326,115
4.Short term loans and advances 75,211 79,367 112,308 113,240 104,848 96,879
5.Short term investments 0 0 0 0 0 0
6.Other current assets 72,394 101,916 144,831 51,757 63,468 71,481
Total Assets (A+B) / Equity & Liabilities (C+D+E) 688,157 780,375 1,057,080 1,217,874 1,328,872 1,248,385
C.Shareholders' Equity (C1+C2+C3) 212,510 302,925 333,927 362,911 380,996 390,922
1.Issued, Subscribed & Paid up capital 104,579 104,579 104,579 104,579 104,579 104,579
i)Ordinary shares 104,579 104,579 104,579 104,579 104,579 104,579
ii)Preference shares 0 0 0 0 0 0
2.Reserves 107,931 198,346 229,348 258,332 276,417 286,343
i)Capital Reserve 0 50,000 100,000 100,000 100,000 100,000
ii)Revenue Reserve 107,931 148,346 129,348 158,332 176,417 186,343
of which: un-appropriated profit(loss) / retained earnings 0 99,352 80,355 74,808 88,548 98,895
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 88,652 37,602 57,045 73,212 69,331 61,761
1.Long term borrowings 65,672 11,912 22,367 29,777 19,806 5,363
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 6,969 11,176 17,382 23,584 31,120 38,031
5.Other non-current liabilities 16,011 14,514 17,296 19,851 18,405 18,367
E.Current Liabilities (E1+E2+E3+E4) 386,995 439,848 666,108 781,751 878,545 795,702
1.Trade credit & other accounts payables 206,040 249,625 312,881 331,590 407,381 233,084
of which: i) Trade credits 146,672 202,398 265,149 286,541 375,272 205,750
2.Short term borrowings 170,535 159,942 315,757 406,018 419,375 508,627
3.Current portion of non-current liabilities 0 13,811 17,253 26,607 32,102 27,749
4.Other current liabilities 10,420 16,470 20,217 17,536 19,687 26,242
F.Operations:
1.Sales 905,884 1,251,873 1,380,753 1,162,366 1,433,016 1,171,355
i)Local sales (Net) 905,884 441,610 531,568 570,689 785,072 488,053
ii)Export sales (Net) 0 810,263 849,185 591,677 647,944 683,302
2.Cost of sales 787,975 1,111,630 1,221,130 1,053,087 1,318,727 1,021,509
i)Cost of material 55,025 72,196 71,489 51,021 1,010,552 749,777
3.Gross profit / (loss) (F1-F2) 117,909 140,243 159,623 109,279 114,289 149,846
4.General, administrative and other expenses 54,578 67,881 95,107 63,855 59,587 75,676
i)Selling & distribution expenses 21,969 32,126 52,619 21,146 19,452 32,644
ii)Administrative and other expenses 32,609 35,755 42,488 42,709 40,135 43,032
5.Other income / (loss) 356 1,467 0 0 5,011 4,175
6.EBIT (F3-F4+F5) 63,687 73,829 64,516 45,424 59,713 78,345
7.Financial expenses 20,731 19,010 20,051 34,146 44,656 55,282
of which: (i) Interest expenses 17,223 23,743 13,930 26,855 35,982 45,170
8.Profit / (loss) before taxation (F6-F7) 42,956 54,819 44,465 11,278 15,057 23,063
9.Tax expenses 11,125 13,151 13,003 4,709 1,932 12,556
10.Profit / (loss) after tax (F8-F9) 31,831 41,668 31,462 6,569 13,125 10,507
11.Cash dividends 0 0 12,654 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (11,391) 19,945 (37,118) 14,355 35,293 (41,921)
2.Net cash flows from investing activities (39,166) (28,512) (125,902) (89,758) (30,506) (11,111)
3.Net cash flows from financing activities 62,587 (1,550) 152,234 85,812 (12,814) 64,664
H.Miscellaneous
1.Total capital employed (C+D) 301,162 340,527 390,972 436,123 450,327 452,683
2.Retention in business (F10-F11-F12) 31,831 41,668 18,808 6,569 13,125 10,507
3.Depreciation for the year 23,022 24,104 25,916 31,927 35,840 37,601
4.Salaries, wages and employee benefits 8,080 57,578 105,263 100,071 111,691 108,497
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.51 3.33 2.28 0.57 0.92 0.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.51 1.70 1.50 1.02 1.13 0.91
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.31 5.67 3.42 0.58 1.03 0.82
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.28 2.85 2.89 3.26 3.42 3.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 17.40 16.17 9.88 1.89 3.53 2.72
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.04 3.98 3.01 0.63 1.26 1.00
144
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fateh Sports Wear Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 15,160 14,402 13,721 13,108 12,292 11,823
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 94,524 94,524 94,524 94,524 90,307 90,307
3.Operating fixed assets after deducting accumulated depreciation 15,160 14,402 13,721 13,108 12,292 11,823
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 28,893 27,349 26,204 24,273 7,287 367,669
1.Cash & bank balance 225 211 73 71 87 30,035
2.Inventories; of which 6,134 6,134 6,134 6,134 6,134 0
i)Raw material 6,134 6,134 6,134 6,134 6,134 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 1,898 1,938 1,934 0 0 336,500
4.Short term loans and advances 873 1,057 1,024 1,029 12 12
5.Short term investments 0 0 0 0 0 0
6.Other current assets 19,763 18,009 17,039 17,039 1,054 1,122
Total Assets (A+B) / Equity & Liabilities (C+D+E) 44,053 41,751 39,925 37,381 19,579 379,492
C.Shareholders' Equity (C1+C2+C3) (250,471) (251,719) (252,966) (256,125) (274,870) 358,415
1.Issued, Subscribed & Paid up capital 20,000 20,000 20,000 20,000 20,000 20,000
i)Ordinary shares 20,000 20,000 20,000 20,000 20,000 20,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (270,471) (271,719) (272,966) (276,125) (294,870) 338,415
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (270,471) (271,719) (272,966) (276,125) (294,870) 338,415
of which: un-appropriated profit(loss) / retained earnings (323,971) (325,219) (326,466) (329,625) (348,370) 284,915
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 294,524 293,470 292,891 293,506 294,449 21,077
1.Trade credit & other accounts payables 18,414 16,936 15,469 15,770 15,452 5,207
of which: i) Trade credits 0 11,259 9,589 9,589 9,589 1,499
2.Short term borrowings 143,617 144,040 144,929 145,243 146,504 15,757
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 132,493 132,494 132,493 132,493 132,493 113
F.Operations:
1.Sales 23,363 0 0 0 0 0
i)Local sales (Net) 1,087 0 0 0 0 0
ii)Export sales (Net) 22,276 0 0 0 0 0
2.Cost of sales 22,840 0 0 0 0 0
i)Cost of material 14,923 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 523 0 0 0 0 0
4.General, administrative and other expenses 8,070 1,928 1,251 3,157 18,745 19,538
i)Selling & distribution expenses 5,143 0 0 0 0 0
ii)Administrative and other expenses 2,927 1,928 1,251 3,157 18,745 19,538
5.Other income / (loss) 84 682 6 0 0 655,206
6.EBIT (F3-F4+F5) (7,463) (1,246) (1,245) (3,157) (18,745) 635,668
7.Financial expenses 63 2 1 1 0 478
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (7,526) (1,248) (1,246) (3,158) (18,745) 635,190
9.Tax expenses 191 0 0 0 0 1,906
10.Profit / (loss) after tax (F8-F9) (7,717) (1,248) (1,246) (3,158) (18,745) 633,284
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (2,141) (437) (1,027) (315) (1,309) 158,266
2.Net cash flows from investing activities 0 0 0 0 65 0
3.Net cash flows from financing activities 2,130 423 889 314 1,261 (128,318)
H.Miscellaneous
1.Total capital employed (C+D) (250,471) (251,719) (252,966) (256,125) (274,870) 358,415
2.Retention in business (F10-F11-F12) (7,717) (1,248) (1,246) (3,158) (18,745) 633,284
3.Depreciation for the year 843 257 681 612 521 469
4.Salaries, wages and employee benefits 6,370 0 0 0 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -33.03 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.50 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -16.61 -2.91 -3.05 -8.17 -65.82 317.38
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.19 -0.17 -0.16 -0.15 -0.11 4.78
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.13 0.50 0.49 1.24 7.06 1,516.03
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.86 -0.62 -0.62 -1.58 -9.37 316.64
145
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gul Ahmed Textile Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,174,601 12,271,052 16,269,323 16,454,572 19,530,496 29,201,248
1.Capital work in progress 337,212 1,545,089 2,311,420 1,195,605 926,856 21,507,415
2.Operating fixed assets at cost 17,518,355 0 25,105,235 26,824,514 30,701,132 35,428,099
3.Operating fixed assets after deducting accumulated depreciation 8,711,930 10,524,519 13,680,577 14,926,272 18,067,449 2,428,602
4.Intangible assets 15,834 20,492 41,887 32,005 44,646 89,568
5.Long term investments 0 0 0 55,794 58,450 2,423,450
6.Other non-current assets 109,625 180,952 235,439 244,896 433,095 2,752,213
B.Current Assets (B1+B2+B3+B4+B5+B6) 16,175,821 20,551,714 20,949,590 27,434,770 34,921,711 39,519,947
1.Cash & bank balance 135,952 339,666 287,175 519,077 491,984 488,884
2.Inventories; of which 11,461,198 14,057,202 12,661,087 16,419,958 21,369,532 25,829,952
i)Raw material 2,076,097 2,337,553 2,951,013 6,089,797 8,503,455 8,441,959
ii)Work in progress 237,034 230,825 252,645 326,803 346,491 566,325
iii)Finished goods 9,148,067 11,488,824 9,457,429 10,003,358 12,519,586 16,644,919
3.Trade Debt / accounts receivables 2,152,073 2,786,782 3,640,608 5,666,199 7,071,272 5,701,537
4.Short term loans and advances 349,247 729,911 846,193 1,192,970 1,454,781 1,273,805
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,077,351 2,638,153 3,514,527 3,636,566 4,534,142 6,225,769
Total Assets (A+B) / Equity & Liabilities (C+D+E) 25,350,422 32,822,766 37,218,913 43,889,342 54,452,207 68,721,195
C.Shareholders' Equity (C1+C2+C3) 7,382,359 8,981,011 11,195,658 13,023,331 15,333,213 13,963,200
1.Issued, Subscribed & Paid up capital 2,285,228 2,970,796 3,564,955 3,564,955 3,564,955 4,277,946
i)Ordinary shares 2,285,228 2,970,796 3,564,955 3,564,955 3,564,955 4,277,946
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,097,131 6,010,215 7,630,703 9,458,376 11,768,258 9,685,254
i)Capital Reserve 0 514,176 1,405,415 1,405,415 1,405,415 692,424
ii)Revenue Reserve 5,097,131 5,496,039 6,225,288 8,052,961 10,362,843 8,992,830
of which: un-appropriated profit(loss) / retained earnings 746,279 884,012 1,103,678 2,494,308 10,362,843 8,992,830
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,816,113 4,995,857 7,493,856 7,021,076 9,014,948 15,844,450
1.Long term borrowings 2,407,732 4,630,604 7,146,403 6,911,869 8,856,901 15,637,303
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 48,833 41,345 31,033 71,517 86,717 136,760
5.Other non-current liabilities 359,548 323,908 316,420 37,690 71,330 70,387
E.Current Liabilities (E1+E2+E3+E4) 15,151,950 18,845,898 18,529,399 23,844,935 30,104,046 38,913,545
1.Trade credit & other accounts payables 5,393,287 5,377,637 5,759,393 7,126,081 9,637,514 12,111,544
of which: i) Trade credits 3,853,558 2,877,225 2,166,884 2,562,700 3,197,093 4,488,485
2.Short term borrowings 8,838,174 12,866,493 11,935,343 15,146,734 18,961,882 25,486,947
3.Current portion of non-current liabilities 714,008 487,400 678,511 1,365,857 1,180,302 878,233
4.Other current liabilities 206,481 114,368 156,152 206,263 324,348 436,821
F.Operations:
1.Sales 34,217,319 33,187,676 40,980,061 46,859,143 57,287,837 53,941,017
i)Local sales (Net) 12,368,827 12,532,266 13,792,327 16,620,158 24,581,725 19,234,355
ii)Export sales (Net) 21,848,492 20,655,410 27,187,734 30,238,985 32,706,112 34,706,662
2.Cost of sales 27,787,984 25,521,668 33,400,582 36,702,692 45,305,673 44,871,541
i)Cost of material 9,425,068 7,671,158 9,490,007 15,514,627 20,393,527 19,947,835
3.Gross profit / (loss) (F1-F2) 6,429,335 7,666,008 7,579,479 10,156,451 11,982,164 9,069,476
4.General, administrative and other expenses 4,620,313 5,519,480 6,190,756 6,947,372 7,637,408 7,505,594
i)Selling & distribution expenses 2,644,798 3,285,630 3,530,626 4,052,193 4,710,208 4,792,657
ii)Administrative and other expenses 1,975,515 2,233,850 2,660,130 2,895,179 2,927,200 2,712,937
5.Other income / (loss) 343,095 154,673 326,587 202,222 1,137,104 367,679
6.EBIT (F3-F4+F5) 2,152,117 2,301,201 1,715,310 3,411,301 5,481,860 1,931,561
7.Financial expenses 1,360,449 915,843 879,457 989,613 1,473,407 2,007,673
of which: (i) Interest expenses 1,216,769 800,614 727,380 825,470 284,172 1,675,084
8.Profit / (loss) before taxation (F6-F7) 791,668 1,385,358 835,853 2,421,688 4,008,453 (76,112)
9.Tax expenses 177,399 203,119 5,764 261,307 399,233 403,253
10.Profit / (loss) after tax (F8-F9) 614,269 1,182,239 830,089 2,160,381 3,609,220 (479,365)
11.Cash dividends 342,784 891,239 356,496 891,239 891,239 1,069,487
12.Bonus shares / stock dividends 0 0 0 0 712,991 855,589
G.Statement of Cash Flows
1.Net cash flows from operating activities 677,996 (2,062,952) 2,105,108 (1,100,223) 160,090 (19,746)
2.Net cash flows from investing activities (1,792,529) (4,177,245) (5,330,929) (2,014,299) (4,899,260) (8,806,344)
3.Net cash flows from financing activities 107,598 2,406,516 4,097,179 99,578 875,103 2,297,924
H.Miscellaneous
1.Total capital employed (C+D) 10,198,472 13,976,868 18,689,514 20,044,407 24,348,161 29,807,650
2.Retention in business (F10-F11-F12) 271,485 291,000 473,594 1,269,142 2,004,990 (2,404,441)
3.Depreciation for the year 968,706 1,125,358 1,578,851 1,865,421 1,945,703 2,147,164
4.Salaries, wages and employee benefits 5,994,064 6,858,536 8,011,229 8,042,329 9,379,165 9,622,137
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.80 3.56 2.03 4.61 6.30 -0.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.37 1.14 1.17 1.16 1.17 0.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.46 4.06 2.37 5.33 7.34 -0.78
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.51 3.56 3.47 3.35 3.47 4.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.63 14.45 8.23 17.84 25.46 -3.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.69 3.98 2.33 6.06 10.12 -1.12
146
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

International Knitwear Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 64,273 104,456 60,387 50,240 52,660 53,030
1.Capital work in progress 1,278 2,599 0 0 0 0
2.Operating fixed assets at cost 44,181 51,135 44,689 48,924 56,555 61,631
3.Operating fixed assets after deducting accumulated depreciation 18,818 24,251 23,704 25,728 32,134 35,943
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 42,677 75,600 35,183 23,012 17,770 14,478
6.Other non-current assets 1,500 2,006 1,500 1,500 2,756 2,609
B.Current Assets (B1+B2+B3+B4+B5+B6) 59,463 70,198 175,092 179,711 226,382 258,997
1.Cash & bank balance 6,188 2,962 336 1,662 2,683 885
2.Inventories; of which 27,608 27,944 20,563 50,619 120,400 160,126
i)Raw material 4,829 5,526 5,040 15,863 26,710 29,614
ii)Work in progress 20,255 17,623 12,584 28,494 59,405 46,309
iii)Finished goods 2,524 4,795 2,939 6,262 34,285 84,203
3.Trade Debt / accounts receivables 15,547 24,777 58,302 69,310 54,580 29,421
4.Short term loans and advances 0 0 2,106 2,388 4,051 4,559
5.Short term investments 0 0 74,848 26,228 4,177 8,506
6.Other current assets 10,120 14,515 18,937 29,504 40,491 55,500
Total Assets (A+B) / Equity & Liabilities (C+D+E) 123,736 174,654 235,479 229,951 279,042 312,027
C.Shareholders' Equity (C1+C2+C3) 90,904 120,408 126,811 134,473 121,510 123,789
1.Issued, Subscribed & Paid up capital 64,500 64,500 96,750 96,750 96,750 96,750
i)Ordinary shares 64,500 64,500 96,750 96,750 96,750 96,750
ii)Preference shares 0 0 0 0 0 0
2.Reserves 26,404 55,908 30,061 37,723 24,760 27,039
i)Capital Reserve 0 0 25,701 19,959 (3,689) (982)
ii)Revenue Reserve 26,404 55,908 4,360 17,764 28,449 28,021
of which: un-appropriated profit(loss) / retained earnings 14,548 17,864 0 0 0 28,021
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 1,678 0 0 2,049 1,652
1.Long term borrowings 0 1,678 0 0 2,049 1,652
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 32,832 52,568 108,668 95,478 155,483 186,586
1.Trade credit & other accounts payables 29,986 36,893 39,689 74,967 84,399 102,378
of which: i) Trade credits 19,380 25,237 26,230 58,766 68,688 89,803
2.Short term borrowings 2,846 15,029 34,568 19,195 69,159 82,058
3.Current portion of non-current liabilities 0 646 0 0 402 420
4.Other current liabilities 0 0 34,411 1,316 1,523 1,730
F.Operations:
1.Sales 184,118 182,672 169,496 393,231 451,099 537,457
i)Local sales (Net) 76,430 83,239 51,342 191,160 74,391 230,783
ii)Export sales (Net) 107,688 99,433 118,154 202,071 376,708 306,674
2.Cost of sales 161,566 167,657 173,164 334,420 418,993 486,170
i)Cost of material 80,238 74,671 73,714 73,714 247,809 259,928
3.Gross profit / (loss) (F1-F2) 22,552 15,015 (3,668) 58,811 32,106 51,287
4.General, administrative and other expenses 13,554 14,732 13,781 18,286 22,870 22,709
i)Selling & distribution expenses 12,692 13,774 13,649 17,001 21,777 21,459
ii)Administrative and other expenses 862 958 132 1,285 1,093 1,250
5.Other income / (loss) 1,545 14,730 23,325 (16,891) 10,705 1,590
6.EBIT (F3-F4+F5) 10,543 15,013 5,876 23,634 19,941 30,168
7.Financial expenses 1,966 2,089 5,887 6,296 5,192 13,304
of which: (i) Interest expenses 0 52 3,821 2,091 2,302 9,390
8.Profit / (loss) before taxation (F6-F7) 8,577 12,924 (11) 17,338 14,749 16,864
9.Tax expenses 1,841 1,860 1,647 3,932 4,511 9,129
10.Profit / (loss) after tax (F8-F9) 6,736 11,064 (1,658) 13,406 10,238 7,735
11.Cash dividends 6,450 6,450 0 48,375 4,838 4,838
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,155) 10,348 14,771 (54,067) (42,955) (119)
2.Net cash flows from investing activities (24,552) (3,865) 22,824 0 1,358 (9,862)
3.Net cash flows from financing activities 32,085 (15,293) (34,292) 55,393 45,333 8,097
H.Miscellaneous
1.Total capital employed (C+D) 90,904 122,086 126,811 134,473 123,559 125,441
2.Retention in business (F10-F11-F12) 286 4,614 (1,658) (34,969) 5,401 2,898
3.Depreciation for the year 3,378 3,435 2,905 3,042 3,950 4,512
4.Salaries, wages and employee benefits 21,065 26,040 26,151 30,161 59,464 60,727
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.66 6.06 -0.98 3.41 2.27 1.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.78 1.22 0.83 1.69 1.77 1.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.51 7.42 -0.81 5.76 4.02 2.62
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.61 1.41 1.66 1.78 1.99 2.41
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.48 10.47 -1.34 10.26 8.00 6.31
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.04 1.72 -0.17 1.39 1.06 0.80
147
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Other textiles n.e.s. - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 48,538,606 51,514,505 42,363,203 42,831,843 45,592,070 53,036,884
1.Capital work in progress 813,864 3,251,941 6,871,111 1,537,491 6,392,317 311,518
2.Operating fixed assets at cost 57,990,070 59,287,311 61,657,168 71,017,164 72,078,421 86,549,586
3.Operating fixed assets after deducting accumulated depreciation 33,985,286 32,478,760 33,846,627 39,261,058 37,054,941 50,617,768
4.Intangible assets 47,087 41,925 36,234 28,425 33,787 39,086
5.Long term investments 13,417,779 15,591,099 1,464,227 1,795,947 1,765,697 1,867,107
6.Other non-current assets 274,590 150,780 145,004 208,922 345,328 201,405
B.Current Assets (B1+B2+B3+B4+B5+B6) 18,067,639 18,822,631 31,426,435 26,549,196 30,118,681 28,861,686
1.Cash & bank balance 209,484 521,600 230,932 395,529 316,065 490,861
2.Inventories; of which 8,326,260 7,236,605 10,712,996 13,156,532 14,779,488 13,436,192
i)Raw material 3,723,829 3,675,842 4,917,304 6,947,464 8,569,215 8,918,913
ii)Work in progress 538,446 478,081 524,152 775,293 983,306 581,361
iii)Finished goods 4,063,985 3,063,893 5,251,228 5,409,983 5,217,231 3,924,385
3.Trade Debt / accounts receivables 1,077,445 1,010,529 1,371,762 1,807,439 2,193,913 2,253,657
4.Short term loans and advances 958,900 1,183,075 1,490,590 2,025,791 2,366,145 1,623,831
5.Short term investments 5,138 1,473 7,583 6,985 6,350 3,193
6.Other current assets 7,490,412 8,869,349 17,612,572 9,156,920 10,456,720 11,053,952
Total Assets (A+B) / Equity & Liabilities (C+D+E) 66,606,245 70,337,136 73,789,638 69,381,039 75,710,751 81,898,570
C.Shareholders' Equity (C1+C2+C3) 30,271,243 39,620,156 41,533,309 43,057,050 43,313,264 45,183,977
1.Issued, Subscribed & Paid up capital 5,070,162 5,070,161 5,034,588 5,272,589 5,390,601 5,670,801
i)Ordinary shares 5,070,162 5,070,161 5,034,588 5,272,589 5,390,601 5,670,801
ii)Preference shares 0 0 0 0 0 0
2.Reserves 19,319,386 27,695,818 27,950,589 30,200,488 30,629,281 31,630,000
i)Capital Reserve 1,955,832 9,506,924 2,328,231 2,292,403 2,243,696 2,246,262
ii)Revenue Reserve 17,363,554 18,188,894 25,622,358 27,908,085 28,385,585 29,383,738
of which: un-appropriated profit(loss) / retained earnings 10,144,144 11,064,637 18,700,185 20,946,912 21,656,742 22,965,016
3.Surplus on revaluation of fixed assets 5,881,695 6,854,177 8,548,132 7,583,973 7,293,382 7,883,176
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 15,050,887 10,532,091 8,205,450 4,946,625 5,816,310 13,910,085
1.Long term borrowings 11,268,546 6,581,264 5,254,244 1,558,550 2,007,399 10,685,791
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,430,088 1,476,395 1,616,918 1,747,570 1,915,434 1,397,468
5.Other non-current liabilities 2,352,253 2,474,432 1,334,288 1,640,505 1,893,477 1,826,826
E.Current Liabilities (E1+E2+E3+E4) 21,284,115 20,184,889 24,050,879 21,377,364 26,581,177 22,804,508
1.Trade credit & other accounts payables 4,744,254 5,206,097 6,296,333 7,492,862 7,548,498 4,797,262
of which: i) Trade credits 2,010,752 2,402,206 2,770,783 3,048,840 3,650,774 2,416,062
2.Short term borrowings 15,106,342 11,517,630 13,894,524 11,436,601 15,726,253 15,524,799
3.Current portion of non-current liabilities 757,531 2,044,435 2,402,515 1,352,040 1,237,687 280,768
4.Other current liabilities 675,988 1,416,727 1,457,507 1,095,861 2,068,739 2,201,679
F.Operations:
1.Sales 45,378,574 42,740,294 49,663,715 67,205,616 84,323,910 61,119,634
i)Local sales (Net) 45,326,768 42,717,964 49,618,596 67,183,450 84,314,549 61,076,855
ii)Export sales (Net) 51,806 22,330 45,119 22,166 9,361 42,779
2.Cost of sales 44,503,544 41,798,834 46,752,081 61,453,633 79,004,143 58,059,487
i)Cost of material 32,965,582 30,425,853 37,519,737 48,837,534 64,829,594 42,151,542
3.Gross profit / (loss) (F1-F2) 875,030 941,460 2,911,634 5,751,983 5,319,767 3,060,147
4.General, administrative and other expenses 1,446,725 1,554,996 1,765,791 2,162,245 2,467,409 2,061,612
i)Selling & distribution expenses 396,740 417,822 474,569 574,838 614,796 577,780
ii)Administrative and other expenses 1,049,985 1,137,174 1,291,222 1,587,407 1,852,613 1,483,832
5.Other income / (loss) 3,003,879 2,991,717 7,292,395 737,208 283,394 2,846,060
6.EBIT (F3-F4+F5) 2,432,184 2,378,181 8,438,238 4,326,946 3,135,752 3,844,595
7.Financial expenses 1,944,199 1,187,593 984,554 772,405 1,197,940 2,386,458
of which: (i) Interest expenses 1,931,691 1,174,289 967,546 720,023 1,180,104 2,326,257
8.Profit / (loss) before taxation (F6-F7) 487,985 1,190,588 7,453,684 3,554,541 1,937,812 1,458,137
9.Tax expenses 559,207 494,624 (666,629) 914,758 1,151,721 531,055
10.Profit / (loss) after tax (F8-F9) (71,222) 695,964 8,120,313 2,639,783 786,091 927,082
11.Cash dividends 28,519 103,572 474,688 568,673 401,455 0
12.Bonus shares / stock dividends 0 0 21,466 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,366,883 2,190,791 (1,844,503) 5,690,313 2,876,903 (581,066)
2.Net cash flows from investing activities (727,010) (2,320,353) (2,028,357) 2,448,778 (5,884,526) (9,714,792)
3.Net cash flows from financing activities (350,501) (235,451) 3,813,911 (8,558,242) 3,712,829 10,315,574
H.Miscellaneous
1.Total capital employed (C+D) 45,322,130 50,152,247 49,738,759 48,003,675 49,129,574 59,094,062
2.Retention in business (F10-F11-F12) (99,741) 592,393 7,624,160 2,071,110 384,636 927,082
3.Depreciation for the year 3,323,690 3,182,573 3,141,729 3,094,122 3,401,899 3,750,229
4.Salaries, wages and employee benefits 2,305,467 2,516,116 2,722,938 3,367,420 3,585,194 3,404,331
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.16 1.63 16.35 3.93 0.93 1.52
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.69 0.62 0.69 0.94 1.16 0.78
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.11 1.02 11.27 3.68 1.08 1.18
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.21 1.96 1.78 1.69 1.68 1.78
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.24 1.99 20.01 6.22 1.82 2.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.15 1.37 16.13 5.01 1.46 1.63
148
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Abid Silk Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,376,660 3,998,734 3,660,656 1,944,036 1,772,426 1,209,485
1.Capital work in progress 16,800 16,800 16,800 16,800 16,800 16,800
2.Operating fixed assets at cost 5,777,268 5,770,486 3,882,742 3,557,874 3,557,874 504,262
3.Operating fixed assets after deducting accumulated depreciation 4,357,913 3,979,987 3,641,969 1,925,349 1,752,025 1,189,394
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,947 1,947 1,887 1,887 3,601 3,291
B.Current Assets (B1+B2+B3+B4+B5+B6) 358,764 349,024 337,385 535,377 474,161 378,614
1.Cash & bank balance 10,312 9,304 9,441 217,633 147,205 102,353
2.Inventories; of which 18,190 16,371 14,552 12,733 10,914 9,095
i)Raw material 18,190 16,371 14,552 12,733 10,914 9,095
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 8,142 2,512 1,957 1,768 1,579 1,390
4.Short term loans and advances 9,331 7,465 5,396 5,018 5,024 9,051
5.Short term investments 0 0 0 0 0 0
6.Other current assets 312,789 313,372 306,039 298,225 309,439 256,725
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,735,424 4,347,758 3,998,041 2,479,413 2,246,587 1,588,099
C.Shareholders' Equity (C1+C2+C3) (2,552,494) (3,310,103) (3,641,579) (4,694,238) (4,820,195) (2,327,404)
1.Issued, Subscribed & Paid up capital 134,096 134,096 134,096 134,096 134,096 134,096
i)Ordinary shares 134,096 134,096 134,096 134,096 134,096 134,096
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,852,559) (6,253,086) (6,371,588) (6,269,593) (6,328,083) (3,758,997)
i)Capital Reserve 372,834 372,834 372,834 372,834 372,834 372,834
ii)Revenue Reserve (6,225,393) (6,625,920) (6,744,422) (6,642,427) (6,700,917) (4,131,831)
of which: un-appropriated profit(loss) / retained earnings (6,225,393) (6,625,920) (6,744,422) (6,642,427) (6,700,917) (4,131,831)
3.Surplus on revaluation of fixed assets 3,165,969 2,808,887 2,595,913 1,441,259 1,373,792 1,297,497
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 884,788 477,465 483,587 0 0 0
1.Long term borrowings 466,019 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 14,266 0 0 0 0 0
5.Other non-current liabilities 404,503 477,465 483,587 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 6,403,130 7,180,396 7,156,033 7,173,651 7,066,782 3,915,503
1.Trade credit & other accounts payables 1,027,501 948,360 943,121 936,570 927,613 763,266
of which: i) Trade credits 700,522 695,093 695,041 694,971 686,111 477,680
2.Short term borrowings 5,067,695 5,514,762 5,531,687 5,553,307 5,497,131 2,665,475
3.Current portion of non-current liabilities 67,119 67,119 67,119 67,119 0 0
4.Other current liabilities 240,815 650,155 614,106 616,655 642,038 486,762
F.Operations:
1.Sales 246,639 0 0 0 0 0
i)Local sales (Net) 221,769 0 0 0 0 0
ii)Export sales (Net) 24,870 0 0 0 0 0
2.Cost of sales 719,998 713,509 332,115 214,460 131,048 103,495
i)Cost of material 114,719 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (473,359) (713,509) (332,115) (214,460) (131,048) (103,495)
4.General, administrative and other expenses 67,752 44,438 31,964 30,794 38,175 81,516
i)Selling & distribution expenses 6,983 0 94 58 266 83
ii)Administrative and other expenses 60,769 44,438 31,870 30,736 37,909 81,433
5.Other income / (loss) 9,348 73,393 38,728 212,791 43,638 2,677,838
6.EBIT (F3-F4+F5) (531,763) (684,554) (325,351) (32,463) (125,585) 2,492,827
7.Financial expenses 273 93 4 5 12 6
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (532,036) (684,647) (325,355) (32,468) (125,597) 2,492,821
9.Tax expenses 4,511 (881) 17,091 (20,353) 360 30
10.Profit / (loss) after tax (F8-F9) (536,547) (683,766) (342,446) (12,115) (125,957) 2,492,791
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (29,823) (18,921) (16,849) 186,572 (124,455) (207,191)
2.Net cash flows from investing activities 17,500 3,959 60 0 51,527 740,181
3.Net cash flows from financing activities 14,296 13,955 16,925 21,620 2,500 (577,843)
H.Miscellaneous
1.Total capital employed (C+D) (1,667,706) (2,832,638) (3,157,992) (4,694,238) (4,820,195) (2,327,404)
2.Retention in business (F10-F11-F12) (536,547) (683,766) (342,446) (12,115) (125,957) 2,492,791
3.Depreciation for the year 418,842 376,047 338,018 215,502 118,294 94,754
4.Salaries, wages and employee benefits 83,387 10,464 6,219 8,254 11,406 11,761
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -217.54 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.05 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -10.78 -15.06 -8.21 -0.37 -5.33 130.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -2.18 -1.55 -1.20 -0.78 -0.50 -0.54
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.49 23.33 9.85 0.29 2.65 -69.75
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -40.01 -50.99 -25.54 -0.90 -9.39 185.90
149
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bannu Woollen Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,229,960 2,318,011 1,921,524 2,189,455 2,169,969 2,377,691
1.Capital work in progress 33,830 20,972 6,792 0 0 0
2.Operating fixed assets at cost 1,131,058 1,427,796 1,457,749 1,473,060 1,478,709 1,473,060
3.Operating fixed assets after deducting accumulated depreciation 828,410 1,121,695 1,113,060 1,089,739 1,068,086 1,278,910
4.Intangible assets 0 150 112 384 277 1,929
5.Long term investments 364,226 1,171,800 763,171 1,096,338 1,097,756 1,093,058
6.Other non-current assets 3,494 3,394 38,389 2,994 3,850 3,794
B.Current Assets (B1+B2+B3+B4+B5+B6) 779,446 748,652 957,879 1,104,569 1,108,769 1,061,079
1.Cash & bank balance 3,506 82,842 12,709 1,726 5,385 1,894
2.Inventories; of which 472,266 486,962 617,366 619,289 533,053 676,110
i)Raw material 194,919 171,664 211,868 184,568 124,525 148,684
ii)Work in progress 31,096 36,524 28,879 29,217 37,841 51,795
iii)Finished goods 246,251 278,774 376,619 405,504 370,687 475,631
3.Trade Debt / accounts receivables 219,551 64,961 184,080 364,030 483,727 282,882
4.Short term loans and advances 240 8,001 14,363 18,092 6,618 9,569
5.Short term investments 0 0 0 0 0 0
6.Other current assets 83,883 105,886 129,361 101,432 79,986 90,624
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,009,406 3,066,663 2,879,403 3,294,024 3,278,738 3,438,770
C.Shareholders' Equity (C1+C2+C3) 1,533,478 2,660,381 2,390,299 2,643,385 2,601,502 2,760,593
1.Issued, Subscribed & Paid up capital 95,063 95,063 95,063 95,063 95,063 95,063
i)Ordinary shares 95,063 95,063 95,063 95,063 95,063 95,063
ii)Preference shares 0 0 0 0 0 0
2.Reserves 881,440 930,537 674,580 942,012 915,358 882,390
i)Capital Reserve 19,445 19,445 19,445 19,445 19,445 19,445
ii)Revenue Reserve 861,995 911,092 655,135 922,567 895,913 862,945
of which: un-appropriated profit(loss) / retained earnings 75,940 78,037 (209,920) 18,512 241,858 208,890
3.Surplus on revaluation of fixed assets 556,975 1,634,781 1,620,656 1,606,310 1,591,081 1,783,140
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 237,009 267,015 203,118 139,021 111,338 123,498
1.Long term borrowings 2,500 0 0 0 0 4,366
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 160,505 185,062 203,118 70,973 57,304 67,096
5.Other non-current liabilities 74,004 81,953 0 68,048 54,034 52,036
E.Current Liabilities (E1+E2+E3+E4) 238,919 139,267 285,986 511,618 565,898 554,679
1.Trade credit & other accounts payables 139,459 101,669 105,866 212,205 150,458 98,186
of which: i) Trade credits 7,487 6,702 7,136 21,218 13,434 14,108
2.Short term borrowings 49,778 0 140,330 250,144 385,248 423,639
3.Current portion of non-current liabilities 10,000 2,500 0 0 0 3,850
4.Other current liabilities 39,682 35,098 39,790 49,269 30,192 29,004
F.Operations:
1.Sales 796,977 749,408 793,305 838,619 684,911 328,713
i)Local sales (Net) 796,977 749,408 793,305 838,619 684,911 328,713
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 548,634 510,606 531,292 565,785 517,942 220,703
i)Cost of material 309,985 268,898 272,343 246,046 219,395 128,796
3.Gross profit / (loss) (F1-F2) 248,343 238,802 262,013 272,834 166,969 108,010
4.General, administrative and other expenses 144,909 159,441 163,103 151,523 150,270 110,144
i)Selling & distribution expenses 33,529 36,098 49,730 79,795 43,253 22,996
ii)Administrative and other expenses 111,380 123,343 113,373 71,728 107,017 87,148
5.Other income / (loss) 5,191 28,708 (836) 343,163 2,266 (59,237)
6.EBIT (F3-F4+F5) 108,625 108,069 98,074 464,474 18,965 (61,371)
7.Financial expenses 12,295 5,507 4,103 17,552 41,759 61,065
of which: (i) Interest expenses 12,166 5,344 3,941 17,372 41,638 60,894
8.Profit / (loss) before taxation (F6-F7) 96,330 102,562 93,971 446,922 (22,794) (122,436)
9.Tax expenses 33,433 27,938 26,246 139,142 (5,711) (13,789)
10.Profit / (loss) after tax (F8-F9) 62,897 74,624 67,725 307,780 (17,083) (108,647)
11.Cash dividends 28,519 47,532 47,532 23,766 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 101,237 194,937 (145,656) (53,305) (69,708) 18,814
2.Net cash flows from investing activities (31,073) (22,357) (14,279) (6,864) (5,881) 2,266
3.Net cash flows from financing activities (67,941) (93,244) 89,802 49,186 79,248 (24,571)
H.Miscellaneous
1.Total capital employed (C+D) 1,770,487 2,927,396 2,593,417 2,782,406 2,712,840 2,884,091
2.Retention in business (F10-F11-F12) 34,378 27,093 20,194 284,014 (17,083) (108,647)
3.Depreciation for the year 38,345 37,844 40,938 39,610 27,302 19,513
4.Salaries, wages and employee benefits 250,212 251,913 191,409 234,011 256,789 210,057
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.89 9.96 8.54 36.70 -2.49 -33.05
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.41 0.30 0.27 0.26 0.21 0.10
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.20 2.94 2.28 9.40 -0.52 -3.23
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.31 1.21 1.18 1.23 1.25 1.25
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.20 3.56 2.68 11.55 -0.65 -4.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.62 7.85 7.12 32.38 -1.80 -11.43
150
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Crescent Jute Products Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 326,386 4,505 4,008 3,574 3,329 2,861
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 210,342 27,706 27,706 27,706 27,706 27,706
3.Operating fixed assets after deducting accumulated depreciation 187,125 4,505 4,008 3,574 3,194 2,861
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,583 0 0 0 135 0
6.Other non-current assets 137,678 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 7,533 369,591 319,549 306,205 189,911 122,907
1.Cash & bank balance 1,827 43,248 12,344 385 314 113
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 17,132 956 420 270 70
5.Short term investments 0 1,473 4,236 3,461 2,598 2,671
6.Other current assets 5,706 307,738 302,013 301,939 186,729 120,053
Total Assets (A+B) / Equity & Liabilities (C+D+E) 333,919 374,096 323,557 309,779 193,240 125,768
C.Shareholders' Equity (C1+C2+C3) (91,381) (138,253) (202,002) (253,455) (266,565) (286,467)
1.Issued, Subscribed & Paid up capital 237,635 237,635 237,635 237,635 237,635 237,635
i)Ordinary shares 237,635 237,635 237,635 237,635 237,635 237,635
ii)Preference shares 0 0 0 0 0 0
2.Reserves (510,799) (557,671) (621,420) (672,873) (504,200) (524,102)
i)Capital Reserve 35,768 35,768 35,768 35,768 35,768 35,633
ii)Revenue Reserve (546,567) (593,439) (657,188) (708,641) (539,968) (559,735)
of which: un-appropriated profit(loss) / retained earnings (546,567) (593,439) (657,188) (708,641) (539,968) (559,735)
3.Surplus on revaluation of fixed assets 181,783 181,783 181,783 181,783 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 425,300 512,349 525,559 563,234 459,805 412,235
1.Trade credit & other accounts payables 28,962 93,932 160,515 161,010 11,452 10,369
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 254,915 257,180 211,407 233,092 276,697 262,983
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 141,423 161,237 153,637 169,132 171,656 138,883
F.Operations:
1.Sales 3,865 0 0 0 0 0
i)Local sales (Net) 3,865 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,516 0 0 0 0 0
i)Cost of material 376 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (651) 0 0 0 0 0
4.General, administrative and other expenses 27,339 29,051 50,616 35,905 48,712 17,433
i)Selling & distribution expenses 54 34 179 58 49 136
ii)Administrative and other expenses 27,285 29,017 50,437 35,847 48,663 17,297
5.Other income / (loss) 15,595 1,803 4,473 217 38,144 209
6.EBIT (F3-F4+F5) (12,395) (27,248) (46,143) (35,688) (10,568) (17,224)
7.Financial expenses 19,819 19,619 17,604 15,755 2,541 2,544
of which: (i) Interest expenses 19,706 19,475 17,401 15,489 2,531 2,531
8.Profit / (loss) before taxation (F6-F7) (32,214) (46,867) (63,747) (51,443) (13,109) (19,768)
9.Tax expenses (8,361) 4 3 9 1 1
10.Profit / (loss) after tax (F8-F9) (23,853) (46,871) (63,750) (51,452) (13,110) (19,769)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 854 39,758 13,365 (20,949) (167,857) (46,871)
2.Net cash flows from investing activities 41,143 1,663 1,730 (10) 153,364 66,803
3.Net cash flows from financing activities (48,432) 0 (46,000) 9,000 14,422 (20,132)
H.Miscellaneous
1.Total capital employed (C+D) (91,381) (138,253) (202,002) (253,455) (266,565) (286,467)
2.Retention in business (F10-F11-F12) (23,853) (46,871) (63,750) (51,452) (13,110) (19,769)
3.Depreciation for the year 6,249 589 497 434 379 333
4.Salaries, wages and employee benefits 18,231 20,789 19,984 14,950 7,119 6,498
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -617.15 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.01 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.72 -13.24 -18.28 -16.25 -5.21 -12.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -4.46 -3.08 -2.05 -1.39 -0.97 -0.58
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 30.02 40.82 37.47 22.59 5.04 7.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.00 -1.97 -2.68 -2.17 -0.55 -0.83
151
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ibrahim Fibres Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 36,822,082 38,579,495 28,609,543 29,273,095 32,115,708 39,610,503
1.Capital work in progress 637,963 2,501,677 6,820,536 1,260,409 6,198,033 169,834
2.Operating fixed assets at cost 40,065,013 40,848,795 42,507,639 50,882,632 51,363,710 68,036,612
3.Operating fixed assets after deducting accumulated depreciation 23,513,765 22,236,283 21,704,266 27,928,594 25,777,909 39,308,114
4.Intangible assets 47,087 41,775 36,122 27,199 33,089 37,157
5.Long term investments 12,594,269 13,762,491 0 0 0 0
6.Other non-current assets 28,998 37,269 48,619 56,893 106,677 95,398
B.Current Assets (B1+B2+B3+B4+B5+B6) 12,781,865 12,478,832 23,671,173 17,735,390 21,454,165 19,977,298
1.Cash & bank balance 163,844 103,129 98,214 46,497 36,844 18,080
2.Inventories; of which 6,461,922 5,197,078 7,392,524 9,158,929 10,817,586 9,703,187
i)Raw material 2,743,076 2,352,520 3,558,118 5,163,731 6,884,939 7,022,348
ii)Work in progress 417,895 402,471 444,370 631,491 622,633 355,881
iii)Finished goods 3,300,951 2,423,516 3,369,724 3,339,915 3,300,278 2,312,818
3.Trade Debt / accounts receivables 178,139 206,035 228,319 404,141 517,034 860,483
4.Short term loans and advances 847,418 1,034,924 1,385,970 1,944,760 2,318,621 1,426,328
5.Short term investments 0 0 0 0 0 0
6.Other current assets 5,130,542 5,937,666 14,566,146 6,181,063 7,764,080 7,969,220
Total Assets (A+B) / Equity & Liabilities (C+D+E) 49,603,947 51,058,327 52,280,716 47,008,485 53,569,873 59,587,801
C.Shareholders' Equity (C1+C2+C3) 27,345,946 36,237,659 37,245,953 38,956,554 39,473,846 37,865,163
1.Issued, Subscribed & Paid up capital 3,105,070 3,105,069 3,105,070 3,105,070 3,105,070 3,105,070
i)Ordinary shares 3,105,070 3,105,069 3,105,070 3,105,070 3,105,070 3,105,070
ii)Preference shares 0 0 0 0 0 0
2.Reserves 24,240,876 33,132,590 34,140,883 35,851,484 36,368,776 34,760,093
i)Capital Reserve 1,072,018 8,499,003 1,072,018 1,072,018 1,072,018 1,072,018
ii)Revenue Reserve 23,168,858 24,633,587 33,068,865 34,779,466 35,296,758 33,688,075
of which: un-appropriated profit(loss) / retained earnings 18,736,959 20,343,841 28,979,192 30,689,793 31,207,086 29,598,403
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 12,477,089 8,220,781 6,137,597 2,680,032 4,589,960 12,306,345
1.Long term borrowings 9,925,000 5,616,667 4,420,833 0 1,500,000 10,000,000
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,119,655 1,137,127 1,246,957 1,488,887 1,649,069 1,110,872
5.Other non-current liabilities 1,432,434 1,466,987 469,807 1,191,145 1,440,891 1,195,473
E.Current Liabilities (E1+E2+E3+E4) 9,780,912 6,599,887 8,897,166 5,371,899 9,506,067 9,416,293
1.Trade credit & other accounts payables 1,833,717 1,841,136 1,475,950 2,289,589 3,405,955 1,123,337
of which: i) Trade credits 261,932 368,883 311,786 348,114 678,816 423,495
2.Short term borrowings 7,385,896 2,690,974 4,923,955 2,097,274 5,107,041 7,040,980
3.Current portion of non-current liabilities 450,000 1,683,333 2,058,333 933,333 0 0
4.Other current liabilities 111,299 384,444 438,928 51,703 993,071 1,251,976
F.Operations:
1.Sales 37,273,570 34,709,815 39,910,715 53,886,574 66,237,950 47,078,366
i)Local sales (Net) 37,263,383 34,698,413 39,871,230 53,866,986 66,230,349 47,035,587
ii)Export sales (Net) 10,187 11,402 39,485 19,588 7,601 42,779
2.Cost of sales 36,435,923 33,729,899 37,485,489 49,390,634 62,390,924 45,127,106
i)Cost of material 27,549,119 25,253,493 29,923,763 39,529,670 51,721,730 33,217,174
3.Gross profit / (loss) (F1-F2) 837,647 979,916 2,425,226 4,495,940 3,847,026 1,951,260
4.General, administrative and other expenses 876,858 916,061 1,064,420 1,227,850 1,258,022 1,174,660
i)Selling & distribution expenses 258,679 275,427 279,788 334,174 343,675 309,970
ii)Administrative and other expenses 618,179 640,634 784,632 893,676 914,347 864,690
5.Other income / (loss) 3,000,516 2,755,245 7,157,002 41,441 67,563 30,659
6.EBIT (F3-F4+F5) 2,961,305 2,819,100 8,517,808 3,309,531 2,656,567 807,259
7.Financial expenses 1,601,283 897,125 693,390 386,786 612,097 1,658,075
of which: (i) Interest expenses 1,600,148 895,670 691,818 385,254 610,162 1,616,442
8.Profit / (loss) before taxation (F6-F7) 1,360,022 1,921,975 7,824,418 2,922,745 2,044,470 (850,816)
9.Tax expenses 557,234 386,698 (655,211) 816,055 1,045,977 444,667
10.Profit / (loss) after tax (F8-F9) 802,788 1,535,277 8,479,629 2,106,690 998,493 (1,295,483)
11.Cash dividends 0 0 310,507 465,761 310,507 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 527,944 1,851,459 (1,893,520) 4,864,088 2,443,286 245,638
2.Net cash flows from investing activities (380,663) (1,569,018) (1,892,162) 3,766,059 (5,566,616) (10,389,681)
3.Net cash flows from financing activities (69,119) (343,155) 3,780,767 (8,681,864) 3,113,677 10,125,278
H.Miscellaneous
1.Total capital employed (C+D) 39,823,035 44,458,440 43,383,550 41,636,586 44,063,806 50,171,508
2.Retention in business (F10-F11-F12) 802,788 1,535,277 8,169,122 1,640,930 687,986 (1,295,483)
3.Depreciation for the year 2,467,054 2,354,469 2,305,115 2,432,076 2,793,647 3,165,806
4.Salaries, wages and employee benefits 1,494,514 1,711,485 1,847,761 2,327,907 2,387,902 2,207,030
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.15 4.42 21.25 3.91 1.51 -2.75
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.76 0.69 0.77 1.09 1.32 0.83
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.65 3.05 16.41 4.24 1.99 -2.29
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.81 1.58 1.41 1.30 1.28 1.46
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.98 4.83 23.08 5.53 2.55 -3.35
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.59 4.94 27.31 6.78 3.22 -4.17
152
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Synthetics Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,261,715 1,713,215 1,566,730 2,313,469 2,363,287 2,123,843
1.Capital work in progress 88,462 653,110 7,696 14,992 74,827 87,313
2.Operating fixed assets at cost 3,647,215 3,701,118 4,395,329 5,235,413 5,374,447 5,480,880
3.Operating fixed assets after deducting accumulated depreciation 1,171,736 1,058,334 1,530,035 2,180,308 2,091,366 1,974,957
4.Intangible assets 0 0 0 842 421 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,517 1,771 28,999 117,327 196,673 61,573
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,634,518 2,160,372 3,329,118 3,746,232 3,570,531 2,975,972
1.Cash & bank balance 3,073 7,636 11,826 64,258 41,270 17,993
2.Inventories; of which 621,731 948,173 1,899,392 2,250,892 1,866,070 1,148,874
i)Raw material 465,488 852,980 719,745 844,174 951,774 616,220
ii)Work in progress 50,378 14,107 18,828 66,918 233,126 109,072
iii)Finished goods 105,865 81,086 1,160,819 1,339,800 681,170 424,189
3.Trade Debt / accounts receivables 633,821 646,135 795,250 644,967 951,465 876,612
4.Short term loans and advances 9,574 27,282 12,246 17,039 12,841 12,326
5.Short term investments 5,138 0 0 0 0 522
6.Other current assets 361,181 531,146 610,404 769,076 698,885 919,645
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,896,233 3,873,587 4,895,848 6,059,701 5,933,818 5,099,815
C.Shareholders' Equity (C1+C2+C3) 1,148,790 1,239,657 1,221,911 1,335,673 1,196,014 1,602,253
1.Issued, Subscribed & Paid up capital 560,400 560,400 560,400 560,400 560,400 840,600
i)Ordinary shares 560,400 560,400 560,400 560,400 560,400 840,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 588,390 679,257 661,511 775,273 635,614 761,653
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 588,390 679,257 661,511 775,273 635,614 761,653
of which: un-appropriated profit(loss) / retained earnings 295,940 386,807 369,061 482,823 343,164 761,653
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 329,352 489,470 303,366 974,110 156,960 319,422
1.Long term borrowings 266,906 429,817 286,478 950,276 126,035 283,326
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 13,484 14,554 16,888 23,834 30,925 36,096
5.Other non-current liabilities 48,962 45,099 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,418,091 2,144,460 3,370,571 3,749,918 4,580,844 3,178,140
1.Trade credit & other accounts payables 507,585 1,026,041 2,356,307 2,787,303 1,110,554 1,267,808
of which: i) Trade credits 142,422 515,638 875,589 1,263,568 906,761 971,256
2.Short term borrowings 732,363 960,873 819,177 729,709 2,432,290 1,793,868
3.Current portion of non-current liabilities 158,147 137,089 143,339 194,280 1,011,806 87,706
4.Other current liabilities 19,996 20,457 51,748 38,626 26,194 28,758
F.Operations:
1.Sales 1,543,633 1,661,248 2,911,967 5,252,627 7,024,935 6,587,155
i)Local sales (Net) 1,543,633 1,655,610 2,911,967 5,250,049 7,024,935 6,587,155
ii)Export sales (Net) 0 5,638 0 2,578 0 0
2.Cost of sales 1,175,018 1,206,571 2,642,741 4,682,668 6,353,221 6,126,504
i)Cost of material 948,685 836,713 3,061,490 4,188,697 4,983,930 4,685,261
3.Gross profit / (loss) (F1-F2) 368,615 454,677 269,226 569,959 671,714 460,651
4.General, administrative and other expenses 70,862 118,796 118,528 303,132 502,599 181,878
i)Selling & distribution expenses 45,907 54,331 63,004 75,884 81,031 108,067
ii)Administrative and other expenses 24,955 64,465 55,524 227,248 421,568 73,811
5.Other income / (loss) (22,859) 142 9,289 21,818 9,227 11,221
6.EBIT (F3-F4+F5) 274,894 336,023 159,987 288,645 178,342 289,994
7.Financial expenses 124,694 114,335 142,986 205,203 328,778 389,303
of which: (i) Interest expenses 123,723 113,580 137,363 172,718 324,150 385,517
8.Profit / (loss) before taxation (F6-F7) 150,200 221,688 17,001 83,442 (150,436) (99,309)
9.Tax expenses (24,755) 20,070 (66,502) (67,054) (26,274) (66)
10.Profit / (loss) after tax (F8-F9) 174,955 201,618 83,503 150,496 (124,162) (99,243)
11.Cash dividends 0 56,040 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 287,255 253,761 355,009 870,641 (187,913) 416,209
2.Net cash flows from investing activities (94,468) (619,550) (51,508) (848,645) (199,476) (121,850)
3.Net cash flows from financing activities 12,097 132,359 36,684 (283,531) 603,429 (471,694)
H.Miscellaneous
1.Total capital employed (C+D) 1,478,142 1,729,127 1,525,277 2,309,783 1,352,974 1,921,675
2.Retention in business (F10-F11-F12) 174,955 145,578 83,503 150,496 (124,162) (99,243)
3.Depreciation for the year 163,722 174,617 226,881 189,816 230,087 239,291
4.Salaries, wages and employee benefits 82,504 94,939 173,456 230,096 277,163 302,835
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.33 12.14 2.87 2.87 -1.77 -1.51
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.49 0.49 0.66 0.96 1.17 1.19
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.60 5.96 1.90 2.75 -2.07 -1.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.70 2.83 3.56 4.28 4.74 3.94
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.11 16.88 6.78 11.77 -9.81 -7.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.12 3.60 1.49 2.69 -2.22 -1.18
153
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Rupali Polyester Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,059,219 2,042,330 3,375,749 3,643,345 3,762,407 3,654,134
1.Capital work in progress 17,945 32,286 7,972 234,019 64,020 10,402
2.Operating fixed assets at cost 4,028,979 4,086,038 5,600,202 5,754,281 6,154,877 6,169,583
3.Operating fixed assets after deducting accumulated depreciation 1,711,913 1,605,683 2,963,381 2,967,430 3,231,491 3,071,951
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 325,000 400,000 400,000 437,500 462,500 567,500
6.Other non-current assets 4,361 4,361 4,396 4,396 4,396 4,281
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,229,181 2,344,460 2,353,222 2,252,399 2,252,188 3,110,413
1.Cash & bank balance 19,568 250,628 62,920 14,482 32,388 310,633
2.Inventories; of which 724,138 531,456 725,481 824,593 873,093 1,042,770
i)Raw material 277,024 237,946 381,086 534,377 258,223 780,209
ii)Work in progress 37,713 22,059 29,981 45,180 67,261 41,172
iii)Finished goods 409,401 271,451 314,414 245,036 547,609 221,389
3.Trade Debt / accounts receivables 1,552 10,081 1,461 12,698 73,362 984
4.Short term loans and advances 22,788 15,324 30,449 24,039 13,571 157,997
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,461,135 1,536,971 1,532,911 1,376,587 1,259,774 1,598,029
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,288,400 4,386,790 5,728,971 5,895,744 6,014,595 6,764,547
C.Shareholders' Equity (C1+C2+C3) 1,366,277 1,032,799 2,337,074 2,401,627 2,419,298 2,432,602
1.Issued, Subscribed & Paid up capital 340,685 340,685 340,685 340,685 340,685 340,685
i)Ordinary shares 340,685 340,685 340,685 340,685 340,685 340,685
ii)Preference shares 0 0 0 0 0 0
2.Reserves 732,204 398,726 277,333 341,886 359,557 372,861
i)Capital Reserve 71,490 71,490 71,490 71,490 71,490 71,490
ii)Revenue Reserve 660,714 327,236 205,843 270,396 288,067 301,371
of which: un-appropriated profit(loss) / retained earnings (1,003,411) (1,336,889) (1,458,282) (1,393,729) (1,393,729) (1,362,754)
3.Surplus on revaluation of fixed assets 293,388 293,388 1,719,056 1,719,056 1,719,056 1,719,056
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 658,917 649,133 592,176 554,584 539,687 534,878
1.Long term borrowings 287,716 248,543 186,151 144,164 94,370 94,369
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 105,313 121,043 138,587 152,458 165,594 169,000
5.Other non-current liabilities 265,888 279,547 267,438 257,962 279,723 271,509
E.Current Liabilities (E1+E2+E3+E4) 2,263,206 2,704,858 2,799,721 2,939,533 3,055,610 3,797,067
1.Trade credit & other accounts payables 927,618 874,772 869,221 690,140 1,345,791 852,044
of which: i) Trade credits 845,985 751,131 776,767 588,082 1,174,450 222,525
2.Short term borrowings 1,306,341 1,743,057 1,839,800 2,146,943 1,564,985 2,837,449
3.Current portion of non-current liabilities 843 62,229 62,302 72,781 95,354 47,185
4.Other current liabilities 28,404 24,800 28,398 29,669 49,480 60,389
F.Operations:
1.Sales 4,841,940 4,890,041 5,025,401 6,044,111 9,053,741 5,914,249
i)Local sales (Net) 4,841,940 4,890,041 5,025,401 6,044,111 9,053,741 5,914,249
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,982,459 4,969,175 4,887,698 5,680,917 8,562,629 5,520,731
i)Cost of material 3,745,990 3,750,664 3,887,087 4,457,057 7,388,148 3,527,395
3.Gross profit / (loss) (F1-F2) (140,519) (79,134) 137,703 363,194 491,112 393,518
4.General, administrative and other expenses 150,856 157,360 175,651 214,155 212,943 197,365
i)Selling & distribution expenses 12,006 13,077 12,726 17,632 24,368 17,909
ii)Administrative and other expenses 138,850 144,283 162,925 196,523 188,575 179,456
5.Other income / (loss) 57,574 100,687 28,564 85,649 64,494 145,615
6.EBIT (F3-F4+F5) (233,801) (135,807) (9,384) 234,688 342,663 341,768
7.Financial expenses 167,297 135,112 113,680 118,867 168,362 232,967
of which: (i) Interest expenses 167,172 134,068 113,001 117,926 167,584 232,447
8.Profit / (loss) before taxation (F6-F7) (401,098) (270,919) (123,064) 115,821 174,301 108,801
9.Tax expenses (16,651) 62,559 (2,981) 51,268 119,327 75,291
10.Profit / (loss) after tax (F8-F9) (384,447) (333,478) (120,083) 64,553 54,974 33,510
11.Cash dividends 0 0 0 34,069 34,069 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 154,937 (155,747) (157,657) 55,925 906,402 (955,936)
2.Net cash flows from investing activities (258,885) (72,061) (64,475) (380,126) (245,668) 43,710
3.Net cash flows from financing activities 142,244 22,213 (62,319) (31,508) (60,893) 1,190,472
H.Miscellaneous
1.Total capital employed (C+D) 2,025,194 1,681,932 2,929,250 2,956,211 2,958,985 2,967,480
2.Retention in business (F10-F11-F12) (384,447) (333,478) (120,083) 30,485 20,906 33,510
3.Depreciation for the year 152,811 164,654 156,724 150,030 154,867 154,867
4.Salaries, wages and employee benefits 305,092 342,982 374,228 406,444 449,704 436,399
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.94 -6.82 -2.39 1.07 0.61 0.57
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.16 1.13 0.99 1.04 1.52 0.93
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.22 -7.69 -2.37 1.11 0.92 0.52
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.95 3.62 3.00 2.45 2.47 2.63
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -27.18 -27.80 -7.13 2.72 2.28 1.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -11.28 -9.79 -3.52 1.89 1.61 0.98
154
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

S.G. Allied Businesses Ltd. (Formerly: S.G. Fibers Ltd.) (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 625,020 585,031 569,972 551,317 531,985 1,124,595
1.Capital work in progress 0 0 10,465 11,271 11,601 0
2.Operating fixed assets at cost 884,278 857,938 633,324 633,324 626,093 1,240,126
3.Operating fixed assets after deducting accumulated depreciation 624,925 584,935 469,454 458,989 447,423 1,053,091
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 89,957 80,961 72,865 71,408
6.Other non-current assets 95 96 96 96 96 96
B.Current Assets (B1+B2+B3+B4+B5+B6) 39,711 46,982 24,888 26,266 21,310 23,708
1.Cash & bank balance 715 8,091 16,970 17,687 13,332 15,933
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 38,996 38,891 7,918 8,579 7,978 7,775
5.Short term investments 0 0 0 0 0 0
6.Other current assets 0 0 0 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 664,731 632,013 594,860 577,583 553,295 1,148,303
C.Shareholders' Equity (C1+C2+C3) 205,080 169,714 151,008 147,307 132,709 547,421
1.Issued, Subscribed & Paid up capital 150,000 150,000 150,000 150,000 150,000 150,000
i)Ordinary shares 150,000 150,000 150,000 150,000 150,000 150,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (422,253) (422,613) (428,877) (421,190) (425,368) (421,474)
i)Capital Reserve 337,400 337,400 337,400 337,400 337,400 337,400
ii)Revenue Reserve (759,653) (760,013) (766,277) (758,590) (762,768) (758,874)
of which: un-appropriated profit(loss) / retained earnings (759,653) (760,013) (766,277) (758,590) (762,768) (758,874)
3.Surplus on revaluation of fixed assets 477,333 442,327 429,885 418,497 408,077 818,895
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 285,006 276,080 266,508 230,446 210,680 365,373
1.Long term borrowings 217,994 197,494 196,569 168,098 154,994 141,889
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 5,364 5,364 5,364 5,364
5.Other non-current liabilities 67,012 78,586 64,575 56,984 50,322 218,120
E.Current Liabilities (E1+E2+E3+E4) 174,645 186,219 177,344 199,830 209,906 235,509
1.Trade credit & other accounts payables 92,449 104,023 89,438 93,667 94,307 102,833
of which: i) Trade credits 2,798 1,244 1,244 1,244 1,244 1,244
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 71,422 71,422 71,422 84,527 84,527 84,527
4.Other current liabilities 10,774 10,774 16,484 21,636 31,072 48,149
F.Operations:
1.Sales 0 0 575 4,168 4,624 5,245
i)Local sales (Net) 0 0 575 4,168 4,624 5,245
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 5,690 4,374 368 532 395 2,650
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (5,690) (4,374) 207 3,636 4,229 2,595
4.General, administrative and other expenses 37,312 38,523 68,017 40,197 54,097 37,750
i)Selling & distribution expenses 37,312 38,523 68,017 40,197 54,097 37,750
ii)Administrative and other expenses 0 0 0 0 0 0
5.Other income / (loss) (70,597) 19,243 46,174 30,426 42,033 37,939
6.EBIT (F3-F4+F5) (113,599) (23,654) (21,636) (6,135) (7,835) 2,784
7.Financial expenses 0 18 6 3 9,971 3,982
of which: (i) Interest expenses 0 0 0 0 9,963 0
8.Profit / (loss) before taxation (F6-F7) (113,599) (23,672) (21,642) (6,138) (17,806) (1,198)
9.Tax expenses 119 (9,072) (827) (541) (1,500) 4,950
10.Profit / (loss) after tax (F8-F9) (113,718) (14,600) (20,815) (5,597) (16,306) (6,148)
11.Cash dividends - 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 292,155 11,679 (7,502) 16,889 2,078 17,867
2.Net cash flows from investing activities 47,705 18,025 17,307 (806) (330) (15,266)
3.Net cash flows from financing activities (340,317) (20,500) (925) (15,366) (6,104) 0
H.Miscellaneous
1.Total capital employed (C+D) 490,086 445,794 417,516 377,753 343,389 912,794
2.Retention in business (F10-F11-F12) (113,718) (14,600) (20,815) (5,597) (16,306) (6,148)
3.Depreciation for the year 31,676 28,151 21,410 10,464 9,305 8,355
4.Salaries, wages and employee benefits 4,220 4,060 6,405 8,625 13,940 14,662
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -3,620.00 -134.29 -352.64 -117.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.01 0.01 0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -18.19 -2.25 -3.39 -0.95 -2.88 -0.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 26.87 3.46 3.83 3.93 4.04 2.50
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -488.64 -7.79 -12.98 -3.75 -11.65 -1.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.58 -0.97 -1.39 -0.37 -1.09 -0.41
155
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Suhail Jute Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 891,275 885,832 1,346,449 1,372,769 1,368,226 1,363,631
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 868,988 866,094 1,401,745 1,414,455 1,414,455 1,414,455
3.Operating fixed assets after deducting accumulated depreciation 823,375 816,430 1,345,997 1,372,317 1,367,774 1,363,441
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 190 190 190 190 190 190
6.Other non-current assets 67,710 69,212 262 262 262 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 28,676 11,668 11,451 11,730 12,194 10,226
1.Cash & bank balance 88 484 161 227 280 1,543
2.Inventories; of which 824 824 824 824 824 824
i)Raw material 824 824 824 824 824 824
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 3,347 3,524 3,752 0
6.Other current assets 27,764 10,360 7,119 7,155 7,338 7,859
Total Assets (A+B) / Equity & Liabilities (C+D+E) 919,951 897,500 1,357,900 1,384,499 1,380,420 1,373,857
C.Shareholders' Equity (C1+C2+C3) 534,901 486,487 821,753 814,722 773,919 728,632
1.Issued, Subscribed & Paid up capital 37,450 37,450 37,450 43,328 43,328 43,328
i)Ordinary shares 37,450 37,450 37,450 43,328 43,328 43,328
ii)Preference shares 0 0 0 0 0 0
2.Reserves (305,263) (347,422) (530,891) (570,907) (607,880) (649,458)
i)Capital Reserve 7,490 7,490 203,491 197,614 197,614 197,614
ii)Revenue Reserve (312,753) (354,912) (734,382) (768,521) (805,494) (847,072)
of which: un-appropriated profit(loss) / retained earnings (316,133) (358,292) (745,252) (779,391) (816,364) (857,942)
3.Surplus on revaluation of fixed assets 802,714 796,459 1,315,194 1,342,301 1,338,471 1,334,762
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,142 4,721 6,004 5,720 6,324 7,178
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 4,142 4,721 6,004 5,720 6,324 7,178
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 380,908 406,292 530,143 564,057 600,177 638,047
1.Trade credit & other accounts payables 95,721 101,912 146,981 158,503 170,073 181,470
of which: i) Trade credits 9,183 6,140 22,780 23,488 23,488 22,897
2.Short term borrowings 231,101 250,294 329,076 351,468 375,635 402,108
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 54,086 54,086 54,086 54,086 54,469 54,469
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 32,925 49,955 50,091 33,138 35,182 38,230
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 32,925 49,955 50,091 33,138 35,182 38,230
5.Other income / (loss) 836 4,345 390 352 1,176 0
6.EBIT (F3-F4+F5) (32,089) (45,610) (49,701) (32,786) (34,006) (38,230)
7.Financial expenses 3,290 2,864 8,274 6,526 6,838 7,198
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (35,379) (48,474) (57,975) (39,312) (40,844) (45,428)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (35,379) (48,474) (57,975) (39,312) (40,844) (45,428)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (18,966) (16,927) (22,100) (19,837) (19,837) (28,962)
2.Net cash flows from investing activities 536 (1,870) 469 128 128 3,852
3.Net cash flows from financing activities 18,376 19,194 21,308 19,775 19,775 26,472
H.Miscellaneous
1.Total capital employed (C+D) 539,043 491,208 827,757 820,442 780,243 735,810
2.Retention in business (F10-F11-F12) (35,379) (48,474) (57,975) (39,312) (40,844) (45,428)
3.Depreciation for the year 7,301 7,019 5,186 5,011 5,011 4,334
4.Salaries, wages and employee benefits 8,194 6,869 10,060 9,436 9,436 10,372
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.83 -5.33 -5.14 -2.87 -2.95 -3.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.67 1.78 1.72 1.68 1.74 1.83
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.40 -9.49 -8.86 -4.80 -5.14 -6.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -9.45 -12.94 -15.48 -9.07 -9.43 -10.48
156
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The National Silk & Rayon Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 414,849 747,457 736,613 719,153 754,254 839,529
1.Capital work in progress 18,014 26,246 0 0 27,036 27,169
2.Operating fixed assets at cost 566,881 891,168 940,000 944,762 969,513 1,077,838
3.Operating fixed assets after deducting accumulated depreciation 369,244 690,360 715,762 698,302 701,661 784,172
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 27,591 30,851 20,851 20,851 25,557 28,188
B.Current Assets (B1+B2+B3+B4+B5+B6) 170,594 250,255 262,948 244,702 370,642 329,125
1.Cash & bank balance 5,185 15,111 4,978 24,439 11,109 20,229
2.Inventories; of which 26,779 49,433 29,594 51,963 125,605 91,256
i)Raw material 23,898 43,127 27,754 49,439 123,293 89,389
ii)Work in progress 1,364 2,920 1,031 1,358 1,255 1,056
iii)Finished goods 1,517 3,386 809 1,166 1,057 811
3.Trade Debt / accounts receivables 35,249 59,793 50,601 61,349 88,809 130,309
4.Short term loans and advances 30,553 34,056 33,292 7,844 1,222 715
5.Short term investments 0 0 0 0 0 0
6.Other current assets 72,828 91,862 144,483 99,107 143,897 86,616
Total Assets (A+B) / Equity & Liabilities (C+D+E) 585,443 997,712 999,561 963,855 1,124,896 1,168,654
C.Shareholders' Equity (C1+C2+C3) 377,691 713,471 726,367 755,645 773,059 806,402
1.Issued, Subscribed & Paid up capital 155,532 155,532 155,532 155,532 155,532 155,532
i)Ordinary shares 155,532 155,532 155,532 155,532 155,532 155,532
ii)Preference shares 0 0 0 0 0 0
2.Reserves 38,561 73,184 89,556 118,834 136,248 89,341
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 38,561 73,184 89,556 118,834 136,248 89,341
of which: un-appropriated profit(loss) / retained earnings 38,561 73,184 89,556 118,834 136,248 89,341
3.Surplus on revaluation of fixed assets 183,598 484,755 481,279 481,279 481,279 561,529
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 53,158 23,951 18,830 3,790 7,405 22,397
1.Long term borrowings 20,743 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 12,723 13,888 0 0 0 0
5.Other non-current liabilities 19,692 10,063 18,830 3,790 7,405 22,397
E.Current Liabilities (E1+E2+E3+E4) 154,594 260,290 254,364 204,420 344,432 339,855
1.Trade credit & other accounts payables 81,276 105,836 116,554 94,055 226,340 192,398
of which: i) Trade credits 40,423 51,118 59,090 74,123 113,013 143,919
2.Short term borrowings 72,410 94,931 94,230 74,664 87,226 98,297
3.Current portion of non-current liabilities 0 20,743 0 0 0 0
4.Other current liabilities 908 38,780 43,580 35,701 30,866 49,160
F.Operations:
1.Sales 671,950 709,705 821,570 857,473 930,937 802,729
i)Local sales (Net) 655,201 704,415 815,936 857,473 929,177 802,729
ii)Export sales (Net) 16,749 5,290 5,634 0 1,760 0
2.Cost of sales 612,554 646,255 754,318 779,719 859,882 769,844
i)Cost of material 296,708 309,837 337,733 343,569 404,079 396,693
3.Gross profit / (loss) (F1-F2) 59,396 63,450 67,252 77,754 71,055 32,885
4.General, administrative and other expenses 27,153 30,722 34,223 39,823 40,033 71,054
i)Selling & distribution expenses 2,270 295 916 235 227 430
ii)Administrative and other expenses 24,883 30,427 33,307 39,588 39,806 70,624
5.Other income / (loss) 5,395 6,179 5,283 2,164 3,095 1,760
6.EBIT (F3-F4+F5) 37,638 38,907 38,312 40,095 34,117 (36,409)
7.Financial expenses 9,096 6,103 4,455 3,839 3,471 6,671
of which: (i) Interest expenses 8,213 5,589 3,979 2,857 3,159 5,868
8.Profit / (loss) before taxation (F6-F7) 28,542 32,804 33,857 36,256 30,646 (43,080)
9.Tax expenses 15,518 (1,796) 17,484 (4,685) 13,232 3,827
10.Profit / (loss) after tax (F8-F9) 13,024 34,600 16,373 40,941 17,414 (46,907)
11.Cash dividends 0 0 116,649 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 66,922 46,683 24,090 55,346 28,302 9,013
2.Net cash flows from investing activities (68,805) (59,268) (22,779) (4,740) (54,194) (30,780)
3.Net cash flows from financing activities (13,791) 31,290 (20,103) 5,221 (23,743) 29,766
H.Miscellaneous
1.Total capital employed (C+D) 430,849 737,422 745,197 759,435 780,464 828,799
2.Retention in business (F10-F11-F12) 13,024 34,600 (100,276) 40,941 17,414 (46,907)
3.Depreciation for the year 20,874 22,367 23,771 22,222 23,183 25,814
4.Salaries, wages and employee benefits 56,927 69,478 75,343 80,159 81,376 79,276
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.94 4.88 1.99 4.77 1.87 -5.84
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.15 0.90 0.82 0.87 0.89 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.23 4.37 1.64 4.17 1.67 -4.09
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.45 1.39 1.32 1.37 1.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.49 6.34 2.27 5.53 2.28 -5.94
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.84 2.22 1.05 2.63 1.12 -3.02
157
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tri-Star Polyester Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 430,080 538,535 570,360 821,630 750,479 730,612
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 805,113 805,237 807,958 1,093,657 1,111,037 1,125,064
3.Operating fixed assets after deducting accumulated depreciation 395,465 379,133 358,667 636,456 614,012 590,877
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 34,511 158,618 210,909 180,958 132,251 134,951
6.Other non-current assets 104 784 784 4,216 4,216 4,784
B.Current Assets (B1+B2+B3+B4+B5+B6) 14,725 40,169 156,700 586,326 664,810 872,344
1.Cash & bank balance 22 2 244 8,195 27,938 2,090
2.Inventories; of which 410 6,089 33,263 237,309 552,343 764,076
i)Raw material 410 410 3,357 157,618 214,723 252,144
ii)Work in progress 0 0 1,063 1,129 21,190 22,385
iii)Finished goods 0 5,680 28,843 78,562 316,430 489,547
3.Trade Debt / accounts receivables 0 20,021 109,103 318,486 77,937 100,997
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 14,293 14,057 14,090 22,336 6,592 5,181
Total Assets (A+B) / Equity & Liabilities (C+D+E) 444,805 578,704 727,060 1,407,956 1,415,289 1,602,956
C.Shareholders' Equity (C1+C2+C3) 334,771 460,160 491,416 949,830 1,029,677 1,054,782
1.Issued, Subscribed & Paid up capital 214,657 214,657 214,657 450,780 568,792 568,792
i)Ordinary shares 214,657 214,657 214,657 450,780 568,792 568,792
ii)Preference shares 0 0 0 0 0 0
2.Reserves (99,821) 33,706 72,393 105,562 79,259 117,693
i)Capital Reserve 39,387 163,494 215,785 185,834 137,127 139,828
ii)Revenue Reserve (139,208) (129,788) (143,392) (80,272) (57,868) (22,135)
of which: un-appropriated profit(loss) / retained earnings (139,208) (129,788) (143,392) (80,272) (57,868) (22,135)
3.Surplus on revaluation of fixed assets 219,935 211,797 204,366 393,488 381,626 368,297
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 94,472 96,521 188,063 358,922 193,956 230,994
1.Long term borrowings 54,979 62,054 158,012 296,012 132,000 161,841
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 334 854 1,862
5.Other non-current liabilities 39,493 34,467 30,051 62,576 61,102 67,291
E.Current Liabilities (E1+E2+E3+E4) 15,562 22,023 47,581 99,204 191,656 317,180
1.Trade credit & other accounts payables 9,966 8,416 32,380 69,820 105,955 205,551
of which: i) Trade credits 0 6,257 21,350 34,032 53,457 138,938
2.Short term borrowings 5,596 5,312 4,862 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 46,000 57,500
4.Other current liabilities 0 8,295 10,339 29,384 39,701 54,129
F.Operations:
1.Sales 0 20,077 200,182 322,044 386,812 403,177
i)Local sales (Net) 0 20,077 200,182 322,044 386,812 403,177
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 18,752 18,445 118,060 138,918 188,102 188,454
i)Cost of material 0 6,248 37,321 72,495 112,312 196,223
3.Gross profit / (loss) (F1-F2) (18,752) 1,632 82,122 183,126 198,710 214,723
4.General, administrative and other expenses 630 520 7,994 85,728 127,376 151,582
i)Selling & distribution expenses 0 37 115 26,805 67,830 80,439
ii)Administrative and other expenses 630 483 7,879 58,923 59,546 71,143
5.Other income / (loss) 908 0 1,356 (813) 11,758 56
6.EBIT (F3-F4+F5) (18,474) 1,112 75,484 96,585 83,092 63,197
7.Financial expenses 5,477 6,142 52 17,869 24,111 24,647
of which: (i) Interest expenses 0 0 43 8,407 20,917 22,558
8.Profit / (loss) before taxation (F6-F7) (23,951) (5,030) 75,432 78,716 58,981 38,550
9.Tax expenses (5,718) 5,227 (2,414) 917 6,309 16,144
10.Profit / (loss) after tax (F8-F9) (18,233) (10,257) 77,846 77,799 52,672 22,406
11.Cash dividends 0 0 0 45,078 56,879 0
12.Bonus shares / stock dividends 0 0 21,466 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,377) (1,636) 5,888 (265,057) 66,605 (49,647)
2.Net cash flows from investing activities 0 124 (2,720) (76,218) (17,380) (14,027)
3.Net cash flows from financing activities 1,389 1,740 (2,925) 349,225 (29,482) 37,826
H.Miscellaneous
1.Total capital employed (C+D) 429,243 556,681 679,479 1,308,752 1,223,633 1,285,776
2.Retention in business (F10-F11-F12) (18,233) (10,257) 56,380 32,721 (4,207) 22,406
3.Depreciation for the year 16,457 16,457 23,186 28,957 39,824 37,162
4.Salaries, wages and employee benefits 0 951 17,606 47,538 90,359 125,441
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -51.09 38.89 24.16 13.62 5.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.04 0.31 0.30 0.27 0.27
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.10 -2.00 11.92 7.29 3.73 1.48
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.33 1.29 1.37 1.48 1.43 1.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -5.45 -2.58 16.36 10.80 5.32 2.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - -0.48 3.63 1.73 0.93 0.39
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sugar

Performance at a Glance
The size of assets of sugar sector decreased by 11.24 percent, to reach at Rs 222.8 billion
during FY20 from Rs 251.04 billion in FY19. Total liabilities decreased by 12.95 percent to
accumulate its balance up to Rs 135.62 billion in FY20. Sales and cost of sales of sugar sector
increased by 1.72 percent and 2.79 percent respectively during the FY20, whereas gross profit
decreased by Rs 1.52 billion or 5.62 percent in FY20 from Rs 27.02 billion in FY19. Exports of
the sector decreased by Rs 14.05 billion. Sector’s profit before taxation decreased with 2.50
billion and profit after taxation also decreased by Rs 4.09 billion in FY20 from Rs 6.96
billion in FY19. Almost all companies in sugar sector are September ended and the year under
review is based on performance and accounts of the sector from 1st October, FY19 and ends on
30th September, FY20.

Assets
Non-current assets of the sector stood at Rs 146.17 billion in FY20 as compared to Rs 148.27
billion in FY19, reflecting decrease of 1.42 percent. Operating fixed assets after deducting
accumulated depreciation decreased with Rs 2.42 billion or showing YoY decline in growth by
1.85 percent during FY20. Long-term investments remained same approximately at Rs 10.22
billion in FY20 from Rs 10.21 billion in FY19. Similarly, decline was observed in all
components of non-current assets during FY20 other non-current assets.
Growth and Composition of Current Assets Growth and Composition of Non-Current Assets
2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
40 150 140 350
139.69 300.68
35 120 300
100
30 250
100
25 200
billion Rs

50
billion Rs

80
percent

percent
20 -6.55 150
60
15 -5.42-24.57 -29.88 0 100
10 40 50
-44.80 -50 -21.80
5 20 -1.85 -2.25 0.08 0
0 -100 - -50
investments
Intangible
Capital work

fixed assets

current assets
investments
Cash & Bank

Other Current
loans & adv
Inventories

Trade Debt /

Short term

Long term
Short term

Operating
in progress

after…

Other non-
Assets
Balances

acc rec

assets

Current assets showed a decrease of Rs 26.11 billion or YoY decline of 25.41 percent during FY20
over FY19. Only short term investments showed positive YoY growth in FY20 remaining
components exhibited negative growth. Cash and bank balances decreased from Rs 8.32 billion in
FY19 to Rs 7.78 billion in FY20 with YoY contraction in growth of 6.55 percent. Short-term loans
and advances decreased from Rs 10.14 billion in FY19 to Rs 7.65 billion in FY20. Trade debt also
decreased with YoY change of 5.42 percent in FY20 over FY19. Inventories decreased to Rs 20.77
billion in FY20 from Rs 37.62 billion in FY19 with YoY decline of Rs 16.85 billion or 44.80
percent.

159
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shareholders’ Equity and Liabilities

Total shareholders’ equity decreased to Rs Shareholders Equity
87.21 billion during FY20 from Rs 95.24 2019 2020 Growth(RHS)
billion in FY19 posted YoY contraction in 45 0
growth of 8.43 percent. Issued, subscribed 40 -2
and paid up capital decreased by Rs 1.14 35 -4
billion or 10.17 percent during FY20 as
30
compared to FY19. Reserves decreased by

billion Rs
-6

percent
25
Rs. 1.18 billion or 2.75 percent of which -8
capital reserves increased by Rs 0.60 billion 20
-10
during FY20 over FY19. Revenue reserves 15
-12
decreased by Rs 1.78 billion or 5.25 percent 10
from Rs 33.88 billion in FY19 to Rs 32.10 5 -14
billion in FY20. 0 -16
Total liabilities decreased by 12.95 percent Issue and Paidup Reserves Surplus on Rev of
Capital FA
during FY20 with the corresponding
decrease of 21.79 percent in current liabilities and 11.79 percent increase in non-current liabilities.
Under non-current liabilities, long-term borrowing increased by 25.96 percent in FY20 over FY19.
Subordinated loans/sponsor's loans and employees benefit obligations increased slightly by Rs 0.71
billion and Rs 0.19 billion respectively in FY20 over FY19.

Current Liabilities Non-Current Liabilities

2019 2020 Growth (RHS) 2019 2020 Growth
35 40
60 0 31.59
30 25.96 30
-5
50
-11.32 -8.70 -10 25 20
40 -11.69 17.47
-12.38 -15
billion Rs
percent

percent
billion Rs

20 10
30 -20
15 0.00 0
-25
20
-30 10 -10
10 -33.97 -20.07
-35 5 -20
0 -40
0 -30
Borrowings

Current portion
Trade credits

Other current
Trade Credit &
other accounts

of non-current
Short term
of which: i)

Sponsor's…
borrowings

Employees
Debentures/T
Subordinated

obligations
Other non-
liabilities

Long term

liabilities
FCs (bonds
liabilities
payables

current
benefit
payable)
loans /

Looking at current liabilities, trade credit & other accounts payables showing YoY decline of 11.32
percent during FY20 over FY19. Short term borrowing which was 38.64 percent share in current
liabilities in FY20 showed decrease of Rs 17.84 billion or 33.97 percent in FY20 as compared to
FY19.

Operating efficiency & Ratio Analysis

Sales related to the sugar sector remained on upward scale in FY20 as increased from Rs 213.95
billion in FY19 to Rs 217.64 billion in FY20. Major increase in sales was due to 10.45 percent
increase in local sales, which reached to Rs 187.52 billion in FY20 from Rs 169.78 billion in FY19.
Export sales decreased by 31.80 percent or Rs 14.05 billion in FY20. Cost of sales increased with
2.79 percent during current year over FY19. Gross profit decreased by 5.62 percent in FY20 over
FY19. General, administrative and other expenses increased by 6.53 percent and other income

160
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

decreased by 24.08 percent during FY20 as Profitability/Efficiency Ratios

compared to previous year. Profit before 2019 2020
taxation shifted down to Rs 5.54 billion in 9
FY20 from Rs 8.04 billion in FY19 and 8
profit after tax reached to Rs 2.87 billion in 7
FY20 from Rs 6.96 billion in FY19. Cash 6

percent
dividend payout of sugar sector decreased 5
by 25. 30 percent in FY20 from Rs 2.84 4
billion in FY19 to Rs 2.12 billion in FY20.
3
2
Net profit margin decreased significantly
1
from 3.25 in FY19 to 1.32 in FY19. Return
0
on assets (ROA) and return on equity(ROE) Net Profit Asset Return on Return on
decreased from 2.68 to 1.21 and from 7.72 margin turnover Assets equity
to 3.15 respectively in FY20 as compared to
previous year.

161
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sugar - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 109,233,168 130,308,718 125,535,376 143,056,949 148,272,573 146,171,975
1.Capital work in progress 5,281,490 7,418,072 9,146,654 6,533,278 6,405,210 5,009,163
2.Operating fixed assets at cost 135,596,626 160,197,473 153,839,976 171,685,475 186,559,946 186,874,361
3.Operating fixed assets after deducting accumulated depreciation 94,105,835 114,565,618 106,223,444 123,568,598 130,439,094 128,021,729
4.Intangible assets 629,911 1,082,053 1,106,528 1,110,642 647,464 632,894
5.Long term investments 8,190,204 6,589,280 8,191,807 11,010,742 10,209,112 10,217,555
6.Other non-current assets 1,025,728 653,695 866,943 833,689 571,693 2,290,634
B.Current Assets (B1+B2+B3+B4+B5+B6) 62,487,052 53,182,201 106,473,492 124,857,806 102,762,446 76,653,187
1.Cash & bank balance 3,428,443 5,125,159 7,200,363 5,444,581 8,320,033 7,775,466
2.Inventories; of which 30,603,303 20,723,774 55,452,145 65,346,104 37,623,468 20,769,302
i)Raw material 1,798,995 1,637,609 4,257,337 4,974,025 2,996,461 3,507,025
ii)Work in progress 181,306 213,764 348,744 686,146 378,926 445,718
iii)Finished goods 28,623,000 18,855,565 50,787,744 59,600,894 34,213,147 17,073,151
3.Trade Debt / accounts receivables 4,059,899 3,046,499 6,950,589 12,470,798 14,778,129 13,976,754
4.Short term loans and advances 3,372,122 4,220,029 7,040,701 5,880,171 10,143,752 7,651,760
5.Short term investments 4,974,330 2,878,678 2,126,992 1,512,138 2,425,577 5,813,813
6.Other current assets 16,048,956 17,188,061 27,702,701 34,204,014 29,471,487 20,666,092
Total Assets (A+B) / Equity & Liabilities (C+D+E) 171,720,220 183,490,919 232,008,868 267,914,755 251,035,019 222,825,162
C.Shareholders' Equity (C1+C2+C3) 52,209,697 72,150,386 75,569,895 84,989,102 95,238,910 87,207,089
1.Issued, Subscribed & Paid up capital 9,881,597 10,286,361 10,769,150 10,915,246 11,167,010 10,030,987
i)Ordinary shares 9,881,597 10,286,361 10,769,150 10,915,246 11,167,010 10,030,987
ii)Preference shares 0 0 0 0 0 0
2.Reserves 21,420,297 28,873,231 35,176,934 36,774,342 42,761,840 41,585,242
i)Capital Reserve 4,807,670 7,666,217 9,240,144 8,528,852 8,886,752 9,489,092
ii)Revenue Reserve 16,612,626 21,207,014 25,936,790 28,245,490 33,875,088 32,096,150
of which: un-appropriated profit(loss) / retained earnings 2,962,800 7,753,946 10,795,334 13,590,875 19,633,642 16,493,059
3.Surplus on revaluation of fixed assets 20,907,804 32,990,794 29,623,811 37,299,514 41,310,060 35,590,860
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 36,615,341 44,418,798 46,117,986 47,532,371 41,095,915 45,916,294
1.Long term borrowings 22,145,166 27,123,018 31,645,420 32,014,545 24,981,125 31,466,819
2.Subordinated loans / Sponsor's loans 1,087,391 1,401,644 1,549,170 1,495,014 2,242,199 2,950,410
3.Debentures/TFCs (bonds payable) 1,705,979 0 0 0 0 0
4.Employees benefit obligations 668,045 747,294 789,426 943,794 1,093,258 1,284,228
5.Other non-current liabilities 11,008,760 15,146,842 12,133,970 13,079,018 12,779,333 10,214,837
E.Current Liabilities (E1+E2+E3+E4) 82,895,181 66,921,735 110,320,987 135,393,282 114,700,194 89,701,779
1.Trade credit & other accounts payables 31,991,984 31,773,387 37,177,282 45,259,251 41,207,439 36,541,121
of which: i) Trade credits 12,455,667 12,301,738 14,240,632 16,548,135 14,780,169 13,494,099
2.Short term borrowings 38,000,497 22,719,276 58,820,424 72,356,661 52,498,982 34,663,887
3.Current portion of non-current liabilities 9,042,014 9,870,887 10,572,365 13,474,781 14,679,112 12,963,715
4.Other current liabilities 3,860,686 2,558,184 3,750,916 4,302,589 6,314,661 5,533,056
F.Operations:
1.Sales 156,542,046 173,269,570 179,796,622 185,447,163 213,952,956 217,643,053
i)Local sales (Net) 128,724,657 153,926,104 148,161,556 122,032,475 169,782,783 187,518,294
ii)Export sales (Net) 27,817,388 19,343,466 31,635,066 63,414,688 44,170,173 30,124,759
2.Cost of sales 141,291,639 154,474,939 164,736,168 171,658,648 186,925,387 192,134,894
i)Cost of material 123,715,645 126,589,810 173,573,983 154,872,389 133,358,798 150,098,887
3.Gross profit / (loss) (F1-F2) 15,250,407 18,794,631 15,060,454 13,788,515 27,027,569 25,508,159
4.General, administrative and other expenses 7,571,055 8,914,184 8,360,318 10,070,785 11,241,455 11,975,931
i)Selling & distribution expenses 1,612,237 1,625,366 2,121,590 3,164,359 2,834,362 2,431,743
ii)Administrative and other expenses 5,958,819 7,288,818 6,238,728 6,906,426 8,407,093 9,544,188
5.Other income / (loss) 4,245,485 3,047,936 3,040,851 7,484,263 4,516,229 3,428,920
6.EBIT (F3-F4+F5) 11,924,837 12,928,383 9,740,987 11,201,993 20,302,343 16,961,148
7.Financial expenses 8,076,667 6,154,585 6,918,604 8,434,829 12,264,043 11,421,479
of which: (i) Interest expenses 7,921,945 5,999,145 6,524,658 7,847,658 12,219,804 11,420,518
8.Profit / (loss) before taxation (F6-F7) 3,848,170 6,773,799 2,822,384 2,767,164 8,038,300 5,539,669
9.Tax expenses 731,573 831,627 632,161 1,004,657 1,081,995 2,668,559
10.Profit / (loss) after tax (F8-F9) 3,116,597 5,942,172 2,190,222 1,762,507 6,956,305 2,871,110
11.Cash dividends 2,297,408 3,512,285 1,881,425 1,955,212 2,842,673 2,123,341
12.Bonus shares / stock dividends 0 0 61,827 48,047 207,024 23,299
G.Statement of Cash Flows
1.Net cash flows from operating activities 16,035,874 21,076,715 (22,776,583) (3,835,784) 39,806,024 28,316,195
2.Net cash flows from investing activities (11,052,297) (5,723,995) (12,252,808) (10,409,084) (7,389,524) (5,180,960)
3.Net cash flows from financing activities (4,490,168) (12,790,968) 28,928,207 10,470,082 (26,285,260) (15,161,772)
H.Miscellaneous
1.Total capital employed (C+D) 88,825,039 116,569,184 121,687,881 132,521,473 136,334,825 133,123,383
2.Retention in business (F10-F11-F12) 819,189 2,429,887 246,970 (240,752) 3,906,608 724,471
3.Depreciation for the year 5,667,301 6,272,149 6,658,460 7,085,377 7,852,924 8,206,515
4.Salaries, wages and employee benefits 9,206,000 10,014,401 11,588,008 12,181,203 12,583,277 14,301,687
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.99 3.43 1.22 0.95 3.25 1.32
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.93 0.98 0.87 0.74 0.82 0.92
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.85 3.35 1.05 0.71 2.68 1.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.29 2.86 2.81 3.11 2.88 2.60
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.11 9.56 2.97 2.20 7.72 3.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.88 5.29 1.87 1.49 5.74 2.61
162
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Abdullah Shah Ghazi Sugar Mills Ltd.(Al-Asif Sugar Mills Ltd (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,906,315 2,640,304 2,607,698 2,481,681 3,734,997 3,544,482
1.Capital work in progress 355,622 1,251,443 46,917 54,272 60,688 60,688
2.Operating fixed assets at cost 2,249,528 2,255,567 3,507,047 3,507,157 4,880,193 4,880,685
3.Operating fixed assets after deducting accumulated depreciation 1,545,336 1,387,535 2,558,955 2,425,583 3,672,483 3,481,968
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 5,357 1,326 1,826 1,826 1,826 1,826
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,678,716 410,011 251,157 321,762 346,928 281,581
1.Cash & bank balance 11,388 2,814 9,997 4,770 5,074 1,521
2.Inventories; of which 1,228,948 246,734 114,915 183,613 202,181 150,911
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,219 30,518 114,915 99,253 150,911 150,911
iii)Finished goods 1,226,729 216,216 0 84,360 51,270 0
3.Trade Debt / accounts receivables 0 2,280 0 0 0 0
4.Short term loans and advances 0 0 0 81,995 81,932 88,272
5.Short term investments 0 0 0 0 0 0
6.Other current assets 438,380 158,183 126,245 51,384 57,741 40,877
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,585,031 3,050,315 2,858,855 2,803,443 4,081,925 3,826,063
C.Shareholders' Equity (C1+C2+C3) 772,179 (92,364) (29,399) (344,755) 576,851 368,033
1.Issued, Subscribed & Paid up capital 792,617 792,617 792,616 792,616 792,616 792,617
i)Ordinary shares 792,617 792,617 792,616 792,616 792,616 792,617
ii)Preference shares 0 0 0 0 0 0
2.Reserves (595,159) (1,430,699) (1,345,597) (1,639,771) (1,666,909) (1,799,638)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (595,159) (1,430,699) (1,345,597) (1,639,771) (1,666,909) (1,799,638)
of which: un-appropriated profit(loss) / retained earnings (595,159) (1,430,699) (1,345,597) (1,639,771) (1,666,909) (1,799,638)
3.Surplus on revaluation of fixed assets 574,722 545,718 523,582 502,400 1,451,144 1,375,054
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 474,351 384,236 134,357 134,369 325,385 237,982
1.Long term borrowings 123,416 142,166 129,507 128,416 127,416 125,389
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,319 4,338 4,850 5,953 6,983 7,733
5.Other non-current liabilities 345,616 237,732 0 0 190,986 104,860
E.Current Liabilities (E1+E2+E3+E4) 2,338,501 2,758,443 2,753,897 3,013,829 3,179,689 3,220,048
1.Trade credit & other accounts payables 1,534,047 2,198,744 2,146,311 2,363,146 2,466,460 2,439,849
of which: i) Trade credits 479,164 1,188,211 1,074,411 1,062,135 1,056,629 1,045,320
2.Short term borrowings 721,607 361,255 74,721 74,721 74,721 74,721
3.Current portion of non-current liabilities 0 56,250 348,398 347,798 347,799 348,798
4.Other current liabilities 82,847 142,194 184,467 228,164 290,709 356,680
F.Operations:
1.Sales 1,057,295 430,564 298,566 118,723 153,110 58,427
i)Local sales (Net) 1,033,728 430,564 298,566 118,723 153,110 58,427
ii)Export sales (Net) 23,567 0 0 0 0 0
2.Cost of sales 1,157,283 754,224 401,310 363,033 327,372 260,827
i)Cost of material 1,110,450 468,625 90,314 163,938 116,138 1,201
3.Gross profit / (loss) (F1-F2) (99,988) (323,660) (102,744) (244,310) (174,262) (202,400)
4.General, administrative and other expenses 44,442 25,680 24,171 20,306 21,564 14,465
i)Selling & distribution expenses 4,767 1,230 980 1,140 928 0
ii)Administrative and other expenses 39,675 24,450 23,191 19,166 20,636 14,465
5.Other income / (loss) 365,660 2 0 0 0 0
6.EBIT (F3-F4+F5) 221,231 (349,338) (126,915) (264,616) (195,826) (216,865)
7.Financial expenses 107,768 60,317 48,262 49,236 62,811 77,878
of which: (i) Interest expenses 106,332 59,691 48,018 49,003 62,116 77,508
8.Profit / (loss) before taxation (F6-F7) 113,462 (409,655) (175,177) (313,852) (258,637) (294,743)
9.Tax expenses 44,778 (25,405) (230,160) 8,759 (204,615) (85,445)
10.Profit / (loss) after tax (F8-F9) 68,685 (384,250) 54,983 (322,611) (54,022) (209,298)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 253,774 43,534 61,683 3,927 7,782 (2,032)
2.Net cash flows from investing activities (178,677) (4,337) (47,455) (7,464) (6,478) (493)
3.Net cash flows from financing activities (68,585) (46,555) (7,045) (1,691) (1,000) (1,028)
H.Miscellaneous
1.Total capital employed (C+D) 1,246,530 291,872 104,958 (210,386) 902,236 606,015
2.Retention in business (F10-F11-F12) 68,685 (384,250) 54,983 (322,611) (54,022) (209,298)
3.Depreciation for the year 89,410 79,506 80,059 133,482 126,135 191,008
4.Salaries, wages and employee benefits 106,630 67,539 62,494 69,775 62,455 16,218
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.50 -89.24 18.42 -271.73 -35.28 -358.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.29 0.13 0.10 0.04 0.04 0.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.92 -11.58 1.86 -11.40 -1.57 -5.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.64 9.76 -48.53 -15.13 29.67 8.35
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.89 -113.05 -90.31 172.45 -46.55 -44.30
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.87 -4.85 0.69 -4.07 -0.68 -2.64
163
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Adam Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,483,433 1,531,224 1,580,858 1,814,660 5,115,456 4,939,030
1.Capital work in progress 17,276 90,148 33,673 0 0 0
2.Operating fixed assets at cost 2,164,984 2,201,773 2,366,611 2,706,187 6,094,410 6,142,592
3.Operating fixed assets after deducting accumulated depreciation 1,466,124 1,441,044 1,547,153 1,814,628 5,115,424 4,938,998
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 32 32 32 32 32 32
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,068,370 756,492 2,483,040 1,883,599 1,317,136 917,691
1.Cash & bank balance 70,381 40,453 70,586 28,661 70,088 100,036
2.Inventories; of which 591,936 82,056 1,830,849 1,244,945 928,869 204,914
i)Raw material 0 0 0 0 0 0
ii)Work in progress 5,191 5,473 6,118 4,843 4,291 4,099
iii)Finished goods 586,745 76,583 1,824,730 1,240,101 924,578 200,815
3.Trade Debt / accounts receivables 37,507 37,508 37,351 54,802 27,963 244,686
4.Short term loans and advances 48,696 167,463 295,257 175,736 87,628 214,750
5.Short term investments 23,518 28,798 23,518 23,636 25,323 25,323
6.Other current assets 296,331 400,214 225,479 355,819 177,265 127,982
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,551,803 2,287,716 4,063,898 3,698,259 6,432,592 5,856,721
C.Shareholders' Equity (C1+C2+C3) 1,095,712 1,218,712 1,153,159 1,087,770 3,315,747 3,644,477
1.Issued, Subscribed & Paid up capital 172,910 172,910 172,910 172,910 172,910 172,910
i)Ordinary shares 172,910 172,910 172,910 172,910 172,910 172,910
ii)Preference shares 0 0 0 0 0 0
2.Reserves 523,972 649,511 586,339 520,606 275,169 708,884
i)Capital Reserve 172,910 172,910 172,910 181,648 181,647 191,510
ii)Revenue Reserve 351,062 476,601 413,429 338,958 93,522 517,374
of which: un-appropriated profit(loss) / retained earnings 151,062 276,601 213,429 138,958 (106,478) 317,374
3.Surplus on revaluation of fixed assets 398,830 396,291 393,910 394,254 2,867,668 2,762,683
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 278,982 176,495 226,172 412,294 1,019,959 982,742
1.Long term borrowings 158,684 61,535 117,406 282,286 172,627 113,194
2.Subordinated loans / Sponsor's loans 16,221 17,682 19,273 21,008 22,899 15,096
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,019 1,235 2,105 9,978 10,770 11,564
5.Other non-current liabilities 103,058 96,043 87,388 99,022 813,663 842,888
E.Current Liabilities (E1+E2+E3+E4) 1,177,109 892,509 2,684,567 2,198,195 2,096,886 1,229,502
1.Trade credit & other accounts payables 256,722 268,473 1,052,621 828,886 734,091 521,803
of which: i) Trade credits 197,205 128,602 730,766 567,384 252,704 120,338
2.Short term borrowings 753,189 479,479 1,487,737 1,233,855 1,194,210 592,161
3.Current portion of non-current liabilities 109,281 109,281 99,264 103,409 109,659 72,569
4.Other current liabilities 57,918 35,276 44,945 32,045 58,926 42,969
F.Operations:
1.Sales 2,589,797 3,261,247 1,849,979 3,762,794 2,314,623 3,553,991
i)Local sales (Net) 1,958,440 2,279,017 1,438,592 2,879,020 2,314,623 3,475,932
ii)Export sales (Net) 631,357 982,230 411,387 883,774 0 78,059
2.Cost of sales 2,588,100 2,948,835 1,787,403 3,658,075 2,295,798 2,846,000
i)Cost of material 1,621,411 2,135,102 3,195,233 2,725,708 1,689,809 1,651,224
3.Gross profit / (loss) (F1-F2) 1,697 312,412 62,576 104,719 18,825 707,991
4.General, administrative and other expenses 59,424 79,326 74,332 146,557 109,994 123,656
i)Selling & distribution expenses 4,266 3,777 7,456 55,438 4,184 9,047
ii)Administrative and other expenses 55,158 75,549 66,876 91,119 105,810 114,609
5.Other income / (loss) 107,369 12,518 122,341 147,790 4,156 17,052
6.EBIT (F3-F4+F5) 49,642 245,604 110,585 105,952 (87,013) 601,387
7.Financial expenses 132,250 77,084 116,318 108,547 228,467 185,626
of which: (i) Interest expenses 127,193 72,191 113,874 75,556 228,467 185,626
8.Profit / (loss) before taxation (F6-F7) (82,608) 168,520 (5,733) (2,595) (315,480) 415,761
9.Tax expenses (12,108) 44,061 (2,745) 28,144 (61,421) 97,204
10.Profit / (loss) after tax (F8-F9) (70,499) 124,459 (2,988) (30,739) (254,059) 318,557
11.Cash dividends 0 60,519 0 0 0 69,164
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 615,718 455,743 (856,567) 348,954 280,458 773,704
2.Net cash flows from investing activities (15,777) (109,532) (113,192) (306,022) (95,952) (45,015)
3.Net cash flows from financing activities (629,972) (370,859) 994,612 169,025 (103,435) (96,691)
H.Miscellaneous
1.Total capital employed (C+D) 1,374,694 1,395,207 1,379,331 1,500,064 4,335,706 4,627,219
2.Retention in business (F10-F11-F12) (70,499) 63,941 (2,988) (30,739) (254,059) 249,393
3.Depreciation for the year 64,156 61,871 64,900 72,102 88,575 227,859
4.Salaries, wages and employee benefits 128,558 157,697 168,565 172,714 187,035 213,471
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.72 3.82 -0.16 -0.82 -10.98 8.96
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.86 1.35 0.58 0.97 0.46 0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.35 5.14 -0.09 -0.79 -5.02 5.18
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.67 2.09 2.68 3.46 2.30 1.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.26 10.76 -0.25 -2.74 -11.54 9.15
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -4.08 7.20 -0.17 -1.78 -14.69 18.42
164
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Abbas Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,940,022 1,896,797 2,307,957 2,179,989 1,817,385 1,880,649
1.Capital work in progress 0 0 0 19,858 179,597 0
2.Operating fixed assets at cost 3,441,296 3,448,361 3,466,266 3,475,871 3,540,401 3,793,189
3.Operating fixed assets after deducting accumulated depreciation 1,793,347 1,683,380 1,586,688 1,493,387 1,454,700 1,601,789
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 134,367 200,762 709,376 654,725 171,234 266,332
6.Other non-current assets 12,308 12,655 11,893 12,019 11,854 12,528
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,586,381 1,416,134 2,863,187 3,426,588 4,595,232 4,608,593
1.Cash & bank balance 41,740 58,365 23,583 112,007 124,131 535,692
2.Inventories; of which 848,785 707,135 1,962,675 1,905,094 1,346,695 1,069,294
i)Raw material 145,437 219,108 606,160 592,542 266,193 266,193
ii)Work in progress 3,312 2,972 4,498 4,061 4,842 4,842
iii)Finished goods 700,036 482,335 1,344,650 1,293,635 1,063,520 1,075,660
3.Trade Debt / accounts receivables 189,018 40,769 28,312 243,771 81,158 286,795
4.Short term loans and advances 39,978 77,910 512,820 326,027 1,438,652 627,076
5.Short term investments 227,911 235,500 600 600 1,029,586 1,769,074
6.Other current assets 238,949 296,455 335,197 839,089 575,010 320,662
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,526,403 3,312,931 5,171,144 5,606,577 6,412,617 6,489,242
C.Shareholders' Equity (C1+C2+C3) 2,228,048 2,335,108 2,508,358 3,593,974 3,227,251 3,394,650
1.Issued, Subscribed & Paid up capital 173,623 173,623 173,623 173,623 173,623 173,623
i)Ordinary shares 173,623 173,623 173,623 173,623 173,623 173,623
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,054,425 2,161,485 2,334,735 3,420,351 3,053,628 3,221,027
i)Capital Reserve (5,366) 25,293 225,421 170,801 (90,223) (823)
ii)Revenue Reserve 2,059,791 2,136,192 2,109,314 3,249,550 3,143,851 3,221,850
of which: un-appropriated profit(loss) / retained earnings 601,791 678,192 651,314 1,791,550 1,685,851 1,763,850
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 68,507 96,497 103,088 109,744 92,041 178,169
1.Long term borrowings 0 0 0 0 0 82,158
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 68,507 96,497 103,088 109,744 92,041 96,011
E.Current Liabilities (E1+E2+E3+E4) 1,229,848 881,326 2,559,698 1,902,859 3,093,325 2,916,423
1.Trade credit & other accounts payables 758,280 851,813 722,719 1,168,506 1,421,211 1,623,041
of which: i) Trade credits 374,834 362,346 375,800 799,538 1,034,798 1,001,739
2.Short term borrowings 456,601 15,637 1,788,526 702,090 1,623,237 1,200,000
3.Current portion of non-current liabilities 0 0 0 0 0 37,991
4.Other current liabilities 14,967 13,876 48,453 32,263 48,877 55,391
F.Operations:
1.Sales 5,867,298 5,793,851 5,327,415 7,494,077 7,164,862 8,153,544
i)Local sales (Net) 3,095,521 3,532,591 2,622,210 635,427 2,884,637 3,726,589
ii)Export sales (Net) 2,771,777 2,261,260 2,705,205 6,858,650 4,280,225 4,426,955
2.Cost of sales 5,042,494 5,030,190 4,755,694 5,429,330 5,399,707 6,048,271
i)Cost of material 4,364,402 4,477,318 5,274,945 4,909,097 4,689,890 5,161,820
3.Gross profit / (loss) (F1-F2) 824,804 763,661 571,721 2,064,747 1,765,155 2,105,273
4.General, administrative and other expenses 302,564 257,113 318,621 702,019 612,355 805,573
i)Selling & distribution expenses 114,250 119,915 195,239 495,036 372,083 297,795
ii)Administrative and other expenses 188,314 137,198 123,382 206,983 240,272 507,778
5.Other income / (loss) 156,442 103,412 66,237 72,032 112,369 123,520
6.EBIT (F3-F4+F5) 678,682 609,960 319,337 1,434,760 1,265,169 1,423,220
7.Financial expenses 125,083 85,390 112,389 64,081 63,942 52,979
of which: (i) Interest expenses 119,160 80,543 105,817 57,141 58,446 47,199
8.Profit / (loss) before taxation (F6-F7) 553,599 524,570 206,948 1,370,679 1,201,227 1,370,241
9.Tax expenses 58,664 66,687 63,972 76,899 89,249 125,894
10.Profit / (loss) after tax (F8-F9) 494,935 457,883 142,976 1,293,780 1,111,978 1,244,347
11.Cash dividends 434,058 329,884 173,623 920,202 868,115 868,115
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,050,575 899,014 (1,565,881) 1,328,177 1,282,544 2,610,396
2.Net cash flows from investing activities 116,377 139 (86,857) (16,437) (990,189) (689,884)
3.Net cash flows from financing activities (1,142,606) (882,528) 1,617,956 (1,223,316) (280,231) (1,508,951)
H.Miscellaneous
1.Total capital employed (C+D) 2,296,555 2,431,605 2,611,446 3,703,718 3,319,292 3,572,819
2.Retention in business (F10-F11-F12) 60,878 127,999 (30,647) 373,578 243,863 376,232
3.Depreciation for the year 133,891 125,135 116,621 107,606 105,176 113,401
4.Salaries, wages and employee benefits 339,287 367,129 394,878 479,281 478,594 485,619
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.44 7.90 2.68 17.26 15.52 15.26
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.48 1.69 1.26 1.39 1.19 1.26
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.51 13.39 3.37 24.01 18.50 19.29
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.78 1.50 1.75 1.77 1.76 1.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 22.22 20.07 5.90 42.40 32.60 37.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 28.51 26.37 8.23 74.52 64.05 71.67
165
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Noor Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,909,418 4,390,510 4,691,061 5,373,941 5,469,675 5,681,346
1.Capital work in progress 90,577 643,348 260,344 271,614 83,803 383,616
2.Operating fixed assets at cost 6,220,627 6,368,830 7,283,272 7,969,802 8,367,663 8,487,392
3.Operating fixed assets after deducting accumulated depreciation 3,549,052 3,467,597 4,157,116 4,570,047 4,687,656 4,523,350
4.Intangible assets 0 0 0 2,583 5,681 2,839
5.Long term investments 260,215 272,070 264,864 522,710 685,385 747,755
6.Other non-current assets 9,574 7,495 8,737 6,987 7,150 23,786
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,239,951 2,616,873 4,829,094 4,067,654 3,784,054 3,025,264
1.Cash & bank balance 98,173 136,892 129,209 92,508 93,221 387,058
2.Inventories; of which 2,495,964 1,968,261 3,928,170 2,219,497 2,153,047 1,181,207
i)Raw material 360,112 300,993 293,821 306,870 386,587 385,658
ii)Work in progress 9,096 11,928 2,854 2,649 2,807 5,886
iii)Finished goods 2,126,756 1,646,842 3,596,450 1,864,499 1,758,560 776,628
3.Trade Debt / accounts receivables 120,106 62,521 205,323 374,374 506,807 461,688
4.Short term loans and advances 83,115 71,133 60,281 69,270 65,993 71,382
5.Short term investments 0 0 0 0 0 0
6.Other current assets 442,593 378,066 506,111 1,312,005 964,986 923,929
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,149,369 7,007,383 9,520,155 9,441,595 9,253,729 8,706,610
C.Shareholders' Equity (C1+C2+C3) 2,622,069 2,712,240 2,599,928 3,001,666 3,131,206 3,272,189
1.Issued, Subscribed & Paid up capital 204,737 204,737 204,737 204,737 204,737 204,737
i)Ordinary shares 204,737 204,737 204,737 204,737 204,737 204,737
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,232,727 1,395,588 1,336,842 1,268,994 1,497,153 1,703,095
i)Capital Reserve (1,998) (2,038) (2,110) (2,714) (2,655) (2,714)
ii)Revenue Reserve 1,234,725 1,397,626 1,338,952 1,271,708 1,499,808 1,705,809
of which: un-appropriated profit(loss) / retained earnings 234,725 397,626 338,952 271,708 499,808 705,809
3.Surplus on revaluation of fixed assets 1,184,605 1,111,915 1,058,349 1,527,935 1,429,316 1,364,357
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,769,094 2,250,625 2,742,714 2,458,599 2,597,726 3,206,374
1.Long term borrowings 1,120,111 1,607,704 2,198,959 2,101,737 2,136,875 2,690,245
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 648,983 642,921 543,755 356,862 460,851 516,129
E.Current Liabilities (E1+E2+E3+E4) 2,758,206 2,044,518 4,177,513 3,981,330 3,524,797 2,228,047
1.Trade credit & other accounts payables 1,067,464 861,248 630,920 1,388,378 1,113,557 1,355,959
of which: i) Trade credits 344,467 384,205 350,634 1,061,535 739,312 424,042
2.Short term borrowings 1,173,087 691,100 3,189,720 1,931,335 1,529,219 402,138
3.Current portion of non-current liabilities 469,541 440,406 278,472 597,222 764,861 417,083
4.Other current liabilities 48,114 51,764 78,401 64,395 117,160 52,867
F.Operations:
1.Sales 6,966,274 8,103,145 6,895,714 9,080,899 9,340,031 10,906,700
i)Local sales (Net) 6,444,332 7,443,037 5,476,025 4,276,039 8,171,175 8,881,136
ii)Export sales (Net) 521,942 660,108 1,419,689 4,804,860 1,168,856 2,025,564
2.Cost of sales 5,938,537 7,139,365 6,190,599 9,733,468 8,172,919 9,214,432
i)Cost of material 5,642,654 5,969,654 7,675,768 7,254,491 6,928,756 7,263,913
3.Gross profit / (loss) (F1-F2) 1,027,737 963,780 705,115 (652,569) 1,167,112 1,692,268
4.General, administrative and other expenses 507,882 495,442 525,148 725,854 699,469 846,700
i)Selling & distribution expenses 23,225 35,555 66,083 198,084 78,915 61,402
ii)Administrative and other expenses 484,657 459,887 459,065 527,770 620,554 785,298
5.Other income / (loss) 84,242 37,997 21,010 1,444,958 485,052 139,144
6.EBIT (F3-F4+F5) 604,097 506,335 200,977 66,535 952,695 984,712
7.Financial expenses 383,008 280,185 327,810 309,881 495,809 554,826
of which: (i) Interest expenses 379,290 276,325 114,364 178,645 483,956 549,795
8.Profit / (loss) before taxation (F6-F7) 221,089 226,150 (126,833) (243,346) 456,886 429,886
9.Tax expenses 54,770 56,070 (96,514) (122,512) 267,552 227,423
10.Profit / (loss) after tax (F8-F9) 166,319 170,080 (30,319) (120,834) 189,334 202,463
11.Cash dividends 67,563 81,895 0 30,711 61,421 61,421
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 121,409 341,644 175,946 51,901 22,184 536,179
2.Net cash flows from investing activities (159,615) (693,820) (531,055) (310,096) 172,559 (386,227)
3.Net cash flows from financing activities (12,130) 390,895 348,401 221,494 172,559 143,885
H.Miscellaneous
1.Total capital employed (C+D) 4,391,163 4,962,865 5,342,642 5,460,265 5,728,932 6,478,563
2.Retention in business (F10-F11-F12) 98,756 88,185 (30,319) (151,545) 127,913 141,042
3.Depreciation for the year 240,925 235,330 242,469 273,599 287,055 287,849
4.Salaries, wages and employee benefits 405,098 482,150 496,775 576,407 605,644 689,363
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.39 2.10 -0.44 -1.33 2.03 1.86
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.02 1.14 0.83 0.96 1.00 1.21
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.43 2.40 -0.37 -1.27 2.03 2.25
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.70 2.65 3.11 3.39 3.05 2.80
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.54 6.38 -1.14 -4.31 6.17 6.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.12 8.31 -1.48 -5.90 9.25 9.89
166
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Baba Farid Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,038,366 2,476,571 2,518,958 2,496,580 2,822,993 2,830,915
1.Capital work in progress 28,519 38,177 117,465 117,465 7,170 66,145
2.Operating fixed assets at cost 2,882,055 3,377,668 3,420,409 3,473,466 3,982,924 4,023,684
3.Operating fixed assets after deducting accumulated depreciation 2,009,259 2,437,806 2,400,905 2,378,527 2,815,823 2,764,596
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 588 588 588 588 0 174
B.Current Assets (B1+B2+B3+B4+B5+B6) 596,369 808,354 965,169 805,554 296,436 897,652
1.Cash & bank balance 1,918 1,695 768 2,220 26,379 356,448
2.Inventories; of which 252,998 381,078 533,035 51,732 0 256,974
i)Raw material 0 0 0 0 0 0
ii)Work in progress 12,672 13,323 30,440 33,866 0 4,882
iii)Finished goods 240,326 367,755 502,595 17,865 0 252,091
3.Trade Debt / accounts receivables 98,575 108,891 121,323 492,486 77,491 8,668
4.Short term loans and advances 77,056 144,705 167,029 109,753 15,136 77,522
5.Short term investments 0 0 0 0 0 0
6.Other current assets 165,823 171,985 143,014 149,363 177,430 198,040
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,634,735 3,284,925 3,484,127 3,302,134 3,119,429 3,728,567
C.Shareholders' Equity (C1+C2+C3) 235,609 656,315 693,579 329,756 (345,370) (631,329)
1.Issued, Subscribed & Paid up capital 94,500 94,500 94,500 94,500 94,500 94,500
i)Ordinary shares 94,500 94,500 94,500 94,500 94,500 94,500
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,266,087) (1,217,959) (1,146,927) (1,480,647) (2,418,741) (2,659,092)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (1,266,087) (1,217,959) (1,146,927) (1,480,647) (2,418,741) (2,659,092)
of which: un-appropriated profit(loss) / retained earnings (1,266,087) (1,217,959) (1,146,927) (1,480,647) (2,418,741) (2,659,092)
3.Surplus on revaluation of fixed assets 1,407,196 1,779,774 1,746,006 1,715,903 1,978,871 1,933,263
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 805,066 847,836 1,013,489 888,234 2,564,357 3,259,890
1.Long term borrowings 8,333 0 200,000 100,000 965,960 901,015
2.Subordinated loans / Sponsor's loans 500,000 500,000 500,000 500,000 1,211,500 1,982,700
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,412 2,051 3,052 3,662 89 2,762
5.Other non-current liabilities 295,321 345,785 310,437 284,572 386,808 373,413
E.Current Liabilities (E1+E2+E3+E4) 1,594,060 1,780,774 1,777,059 2,084,144 900,442 1,100,006
1.Trade credit & other accounts payables 467,794 477,776 360,087 619,496 609,544 764,479
of which: i) Trade credits 152,791 134,934 247,937 180,184 245,700 96,899
2.Short term borrowings 247,127 1,213,445 1,219,402 1,180,424 104,067 148,830
3.Current portion of non-current liabilities 81,743 54,408 125,000 125,000 100,000 505
4.Other current liabilities 797,396 35,145 72,570 159,224 86,831 186,192
F.Operations:
1.Sales 1,638,079 1,264,121 1,932,149 1,311,229 121,607 1,783,548
i)Local sales (Net) 717,575 1,264,121 1,932,149 1,311,229 121,607 1,783,548
ii)Export sales (Net) 920,503 0 0 0 0 0
2.Cost of sales 1,596,208 1,124,993 1,737,483 1,475,058 478,699 1,754,710
i)Cost of material 1,179,866 1,186,136 1,832,288 888,875 122,253 1,621,497
3.Gross profit / (loss) (F1-F2) 41,871 139,128 194,666 (163,829) (357,092) 28,838
4.General, administrative and other expenses 55,534 40,554 43,154 44,688 117,339 150,170
i)Selling & distribution expenses 16,036 3,005 4,224 2,284 472 8,082
ii)Administrative and other expenses 39,499 37,549 38,930 42,404 116,867 142,088
5.Other income / (loss) 1,868 30,629 0 0 22,997 37,564
6.EBIT (F3-F4+F5) (11,796) 129,203 151,512 (208,517) (451,434) (83,768)
7.Financial expenses 193,066 125,965 127,555 169,775 176,193 193,172
of which: (i) Interest expenses 192,235 125,599 126,677 169,666 175,930 193,081
8.Profit / (loss) before taxation (F6-F7) (204,862) 3,238 23,957 (378,292) (627,627) (276,940)
9.Tax expenses (6,148) (9,248) (5,581) (4,226) 55,000 9,138
10.Profit / (loss) after tax (F8-F9) (198,714) 12,486 29,538 (374,066) (682,627) (286,078)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 299,104 (183,279) (155,447) 193,487 (398,170) (219,766)
2.Net cash flows from investing activities (25,777) (28,840) (122,029) (53,057) (53,774) (99,944)
3.Net cash flows from financing activities 5,003 357,223 289,193 (75,805) 502,085 649,778
H.Miscellaneous
1.Total capital employed (C+D) 1,040,675 1,504,151 1,707,068 1,217,990 2,218,987 2,628,561
2.Retention in business (F10-F11-F12) (198,714) 12,486 29,538 (374,066) (682,627) (286,078)
3.Depreciation for the year 70,618 70,430 79,642 75,435 75,726 538,857
4.Salaries, wages and employee benefits 73,166 70,886 87,578 80,017 56,904 153,181
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -12.13 0.99 1.53 -28.53 -561.34 -16.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.58 0.43 0.57 0.39 0.04 0.52
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.05 0.42 0.87 -11.02 -21.26 -8.36
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 8.52 6.64 5.01 6.63 -411.27 -7.01
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -60.05 2.80 4.38 -73.11 8,743.78 58.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -21.03 1.32 3.13 -39.58 -72.24 -30.27
167
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Chashma Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,770,010 8,174,002 7,803,495 9,645,649 9,339,037 10,502,505
1.Capital work in progress 1,550,570 37,410 221,137 472,983 132,876 299,078
2.Operating fixed assets at cost 6,801,414 9,505,922 9,671,796 10,053,971 10,898,394 11,228,538
3.Operating fixed assets after deducting accumulated depreciation 5,214,299 8,131,996 7,568,440 9,058,808 9,091,077 9,593,270
4.Intangible assets 983 433 0 0 0 0
5.Long term investments 0 0 0 100,000 100,000 139,154
6.Other non-current assets 4,158 4,163 13,918 13,858 15,084 471,003
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,495,029 1,898,319 2,770,411 4,170,076 4,187,304 4,387,455
1.Cash & bank balance 79,943 37,511 83,703 188,782 203,931 281,856
2.Inventories; of which 2,044,696 571,183 1,353,534 2,242,638 1,724,824 1,241,999
i)Raw material 0 0 0 0 0 0
ii)Work in progress 10,237 7,865 7,948 7,783 9,140 11,624
iii)Finished goods 2,034,459 563,318 1,345,586 2,234,855 1,715,684 1,230,375
3.Trade Debt / accounts receivables 341,109 143,410 185,372 219,126 57,011 143,049
4.Short term loans and advances 213,904 280,408 270,937 331,743 1,392,880 1,619,493
5.Short term investments 0 0 0 0 0 0
6.Other current assets 815,377 865,807 876,865 1,187,787 808,658 1,101,058
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,265,039 10,072,321 10,573,906 13,815,725 13,526,341 14,889,960
C.Shareholders' Equity (C1+C2+C3) 2,621,405 4,075,359 4,065,179 5,805,482 6,321,459 7,690,524
1.Issued, Subscribed & Paid up capital 286,920 286,920 286,920 286,920 286,920 286,920
i)Ordinary shares 286,920 286,920 286,920 286,920 286,920 286,920
ii)Preference shares 0 0 0 0 0 0
2.Reserves 647,253 1,023,075 1,173,585 1,499,533 2,321,085 3,180,561
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 647,253 1,023,075 1,173,585 1,499,533 2,321,085 3,180,561
of which: un-appropriated profit(loss) / retained earnings 320,253 696,075 846,585 1,172,533 1,994,085 2,853,561
3.Surplus on revaluation of fixed assets 1,687,232 2,765,364 2,604,674 4,019,029 3,713,454 4,223,043
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,890,982 3,370,510 2,792,674 2,825,549 2,672,716 3,177,044
1.Long term borrowings 2,221,071 2,581,351 2,069,568 1,670,755 1,615,814 1,835,489
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 7,625 6,582 9,631
5.Other non-current liabilities 669,911 789,159 723,106 1,147,169 1,050,320 1,331,924
E.Current Liabilities (E1+E2+E3+E4) 4,752,652 2,626,452 3,716,053 5,184,694 4,532,166 4,022,392
1.Trade credit & other accounts payables 339,295 805,062 470,220 712,298 688,982 942,856
of which: i) Trade credits 214,452 169,052 178,997 205,904 217,602 454,970
2.Short term borrowings 3,816,799 1,053,213 2,504,177 3,796,204 3,100,942 2,419,737
3.Current portion of non-current liabilities 413,277 763,636 708,687 668,202 712,757 649,260
4.Other current liabilities 183,281 4,541 32,969 7,990 29,485 10,539
F.Operations:
1.Sales 7,559,896 11,206,209 11,332,390 10,275,004 12,420,711 15,929,690
i)Local sales (Net) 6,134,910 10,126,568 9,831,665 7,768,678 9,770,652 12,293,675
ii)Export sales (Net) 1,424,986 1,079,641 1,500,725 2,506,326 2,650,059 3,636,015
2.Cost of sales 7,102,310 10,100,778 10,224,316 9,004,826 10,183,656 13,040,438
i)Cost of material 6,454,720 7,370,974 9,440,481 8,292,442 7,792,099 10,440,316
3.Gross profit / (loss) (F1-F2) 457,586 1,105,431 1,108,074 1,270,178 2,237,055 2,889,252
4.General, administrative and other expenses 274,124 521,477 499,784 630,770 895,016 1,330,183
i)Selling & distribution expenses 56,303 236,375 132,572 215,377 344,695 696,112
ii)Administrative and other expenses 217,821 285,102 367,212 415,393 550,321 634,071
5.Other income / (loss) 402,584 132,760 16,966 125,470 44,009 87,503
6.EBIT (F3-F4+F5) 586,046 716,714 625,256 764,878 1,386,048 1,646,572
7.Financial expenses 460,077 501,563 492,957 511,714 749,548 903,901
of which: (i) Interest expenses 456,492 495,315 487,931 507,277 764,498 880,223
8.Profit / (loss) before taxation (F6-F7) 125,969 215,151 132,299 253,164 636,500 742,671
9.Tax expenses (48,128) (82,299) 40,147 59,541 57,852 (3,444)
10.Profit / (loss) after tax (F8-F9) 174,097 297,450 92,152 193,623 578,648 746,115
11.Cash dividends 71,730 129,114 43,038 43,038 143,460 143,460
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 340,770 3,246,563 137,450 232,349 2,028,182 2,642,898
2.Net cash flows from investing activities (790,349) (486,989) (361,066) (405,879) (489,701) (667,288)
3.Net cash flows from financing activities 389,104 (2,795,049) (1,145,554) (1,337,983) (818,326) (273,103)
H.Miscellaneous
1.Total capital employed (C+D) 5,512,387 7,445,869 6,857,853 8,631,031 8,994,175 10,867,568
2.Retention in business (F10-F11-F12) 102,367 168,336 49,114 150,585 435,188 602,655
3.Depreciation for the year 400,852 519,015 731,852 667,978 827,521 791,811
4.Salaries, wages and employee benefits 450,942 572,177 689,052 713,554 853,747 971,072
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.30 2.65 0.81 1.88 4.66 4.68
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.77 1.10 1.10 0.84 0.91 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.78 2.93 0.89 1.59 4.23 5.25
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.88 3.04 2.54 2.47 2.25 2.03
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.90 8.88 2.26 3.92 9.54 10.65
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.07 10.37 3.21 6.75 20.17 26.00
168
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,255,983 3,831,112 3,572,615 5,467,732 5,120,634 4,785,402
1.Capital work in progress 145,100 135,078 148,716 150,171 188,598 172,715
2.Operating fixed assets at cost 6,515,073 7,374,782 7,376,019 9,691,464 9,733,619 9,769,872
3.Operating fixed assets after deducting accumulated depreciation 3,110,883 3,696,034 3,423,899 5,317,561 4,932,036 4,612,687
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,011,999 1,364,678 2,853,746 2,205,784 1,058,694 2,007,519
1.Cash & bank balance 39,210 12,462 31,535 90,587 48,348 33,329
2.Inventories; of which 198,918 242,821 1,871,974 1,467,637 273,051 1,033,518
i)Raw material 50,226 115,925 309,421 142,633 44,640 570,948
ii)Work in progress 12,822 3,423 2,030 3,072 4,600 22,319
iii)Finished goods 135,870 123,473 1,560,523 1,321,932 223,811 440,251
3.Trade Debt / accounts receivables 176,518 82,613 81,471 32,774 14,415 25,847
4.Short term loans and advances 905,452 632,484 527,278 309,334 391,149 640,873
5.Short term investments 131,040 0 0 0 0 0
6.Other current assets 560,860 394,298 341,488 305,452 331,731 273,952
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,267,982 5,195,790 6,426,361 7,673,516 6,179,328 6,792,921
C.Shareholders' Equity (C1+C2+C3) 904,460 667,664 (69,232) 1,077,858 534,264 (352,062)
1.Issued, Subscribed & Paid up capital 665,120 665,120 665,120 915,120 915,120 915,120
i)Ordinary shares 665,120 665,120 665,120 915,120 915,120 915,120
ii)Preference shares 0 0 0 0 0 0
2.Reserves (591,705) (1,309,209) (1,954,506) (2,528,757) (2,848,217) (3,548,267)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (591,705) (1,309,209) (1,954,506) (2,528,757) (2,848,217) (3,548,267)
of which: un-appropriated profit(loss) / retained earnings (781,705) 0 (2,144,506) (2,718,757) (3,038,217) (3,738,267)
3.Surplus on revaluation of fixed assets 831,045 1,311,753 1,220,154 2,691,495 2,467,361 2,281,085
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,973,663 1,948,470 1,482,361 1,423,940 1,222,215 892,082
1.Long term borrowings 16,585 1,206,524 718,878 145,630 1,770 0
2.Subordinated loans / Sponsor's loans 236,207 309,162 365,097 309,206 343,000 377,814
3.Debentures/TFCs (bonds payable) 1,705,979 0 0 0 0 0
4.Employees benefit obligations 9,222 0 7,450 6,082 5,971 5,559
5.Other non-current liabilities 5,670 432,784 390,936 963,022 871,474 508,709
E.Current Liabilities (E1+E2+E3+E4) 2,389,859 2,579,656 5,013,232 5,171,718 4,422,849 6,252,901
1.Trade credit & other accounts payables 1,017,374 1,051,567 3,041,137 2,653,531 1,724,527 3,277,779
of which: i) Trade credits 840,380 763,272 2,567,200 2,302,716 1,343,482 2,104,133
2.Short term borrowings 220,760 206,560 215,603 202,726 199,477 208,709
3.Current portion of non-current liabilities 951,367 1,250,623 1,655,542 2,222,276 2,355,682 2,635,833
4.Other current liabilities 200,358 70,906 100,950 93,185 143,163 130,580
F.Operations:
1.Sales 4,442,366 2,567,628 2,984,804 4,738,180 5,707,989 3,824,785
i)Local sales (Net) 2,545,478 1,398,155 1,524,879 2,588,188 2,597,693 1,665,891
ii)Export sales (Net) 1,896,889 1,169,473 1,459,925 2,149,992 3,110,296 2,158,894
2.Cost of sales 4,469,252 3,170,516 3,464,925 5,002,555 5,760,835 4,465,761
i)Cost of material 3,401,874 2,315,726 4,087,448 3,568,148 3,538,149 3,777,155
3.Gross profit / (loss) (F1-F2) (26,886) (602,888) (480,121) (264,375) (52,846) (640,976)
4.General, administrative and other expenses 195,455 167,794 217,652 321,024 459,007 215,370
i)Selling & distribution expenses 98,449 67,465 92,325 199,214 351,116 123,579
ii)Administrative and other expenses 97,006 100,329 125,327 121,810 107,891 91,791
5.Other income / (loss) (122,282) 70,096 3,203 2,495 5,829 (28,300)
6.EBIT (F3-F4+F5) (344,623) (700,586) (694,570) (582,904) (506,024) (884,646)
7.Financial expenses 104,336 71,423 78,740 235,074 54,433 36,364
of which: (i) Interest expenses 102,482 70,825 78,216 47,065 22,714 1,228
8.Profit / (loss) before taxation (F6-F7) (448,958) (772,009) (773,310) (817,978) (560,457) (921,010)
9.Tax expenses 5,172 (76,117) (17,404) (30,180) (13,543) (34,684)
10.Profit / (loss) after tax (F8-F9) (454,131) (695,892) (755,906) (787,798) (546,914) (886,326)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 225,666 (142,321) 46,974 64,727 42,988 14,168
2.Net cash flows from investing activities (185,292) (12,128) (14,876) (5,959) (80,581) (20,370)
3.Net cash flows from financing activities (90,014) 127,702 (13,026) 285 (4,646) (8,817)
H.Miscellaneous
1.Total capital employed (C+D) 2,878,123 2,616,134 1,413,129 2,501,798 1,756,479 540,020
2.Retention in business (F10-F11-F12) (454,131) (695,892) (755,906) (787,798) (546,914) (886,326)
3.Depreciation for the year 253,056 274,558 273,372 421,783 427,679 355,602
4.Salaries, wages and employee benefits 328,949 302,866 309,524 315,372 301,752 266,330
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -10.22 -27.10 -25.33 -16.63 -9.58 -23.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.80 0.49 0.51 0.67 0.82 0.59
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.15 -13.30 -13.01 -11.17 -7.90 -13.66
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.84 6.66 19.42 13.98 8.59 71.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -47.57 -88.53 -252.63 -156.21 -67.85 -972.90
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.83 -10.46 -11.36 -8.61 -5.98 -9.69
169
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Faran Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,918,536 2,305,884 2,541,304 2,921,648 3,169,107 3,036,791
1.Capital work in progress 100,925 92,694 97,864 157,283 51,174 69,039
2.Operating fixed assets at cost 2,120,444 2,472,317 2,588,502 2,772,980 3,117,224 3,212,016
3.Operating fixed assets after deducting accumulated depreciation 1,156,255 1,437,577 1,472,548 1,573,087 1,823,420 1,815,892
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 659,495 773,952 968,421 1,177,435 1,279,384 1,141,756
6.Other non-current assets 1,861 1,661 2,471 13,843 15,129 10,104
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,676,338 1,592,115 2,612,328 2,852,011 2,467,791 1,526,365
1.Cash & bank balance 59,935 443,898 70,323 94,908 395,617 160,262
2.Inventories; of which 2,051,511 677,018 2,003,774 1,295,299 1,070,394 384,561
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,906 7,426 7,169 3,173 8,333 2,913
iii)Finished goods 2,048,606 669,592 1,996,604 1,292,126 1,062,061 381,648
3.Trade Debt / accounts receivables 26,490 3,612 81,979 190,421 128,065 183,348
4.Short term loans and advances 145,489 165,240 318,721 174,177 184,373 104,226
5.Short term investments 0 0 0 48,904 0 1,516
6.Other current assets 392,913 302,347 137,531 1,048,302 689,342 692,452
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,594,874 3,897,999 5,153,632 5,773,659 5,636,898 4,563,156
C.Shareholders' Equity (C1+C2+C3) 1,545,445 1,904,332 1,595,316 2,037,501 2,320,131 2,124,464
1.Issued, Subscribed & Paid up capital 250,070 250,070 250,070 250,070 250,070 250,070
i)Ordinary shares 250,070 250,070 250,070 250,070 250,070 250,070
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,295,375 1,654,262 1,345,246 1,787,431 2,070,061 1,874,394
i)Capital Reserve 8,472 8,472 13,176 12,988 8,949 9,607
ii)Revenue Reserve 1,286,903 1,645,790 1,332,070 1,774,443 2,061,112 1,864,787
of which: un-appropriated profit(loss) / retained earnings 1,233,571 1,591,199 1,282,118 1,724,490 2,011,159 1,814,834
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 525,438 656,416 512,090 712,729 656,327 522,451
1.Long term borrowings 119,464 179,135 126,953 224,485 154,624 126,929
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 405,974 477,281 385,137 488,244 501,703 395,522
E.Current Liabilities (E1+E2+E3+E4) 2,523,991 1,337,251 3,046,226 3,023,429 2,660,440 1,916,241
1.Trade credit & other accounts payables 1,968,278 1,258,945 840,178 941,014 966,417 360,290
of which: i) Trade credits 303,896 322,121 243,233 647,857 229,139 97,044
2.Short term borrowings 500,000 0 2,089,000 1,933,313 1,522,460 1,393,966
3.Current portion of non-current liabilities 47,102 73,106 77,280 84,826 88,253 120,714
4.Other current liabilities 8,611 5,200 39,768 64,276 83,310 41,271
F.Operations:
1.Sales 2,938,402 6,484,885 4,435,671 6,291,202 4,619,072 5,751,429
i)Local sales (Net) 2,297,653 6,484,885 3,527,596 2,850,267 4,126,784 5,129,364
ii)Export sales (Net) 640,749 0 908,075 3,440,935 492,288 622,065
2.Cost of sales 2,615,166 5,844,854 4,533,389 5,742,988 4,336,087 5,482,886
i)Cost of material 3,351,763 3,962,986 5,304,133 4,431,574 3,447,861 4,087,147
3.Gross profit / (loss) (F1-F2) 323,236 640,031 (97,718) 548,214 282,985 268,543
4.General, administrative and other expenses 182,180 173,896 166,437 388,090 236,830 181,950
i)Selling & distribution expenses 11,702 10,320 35,306 210,140 27,587 16,986
ii)Administrative and other expenses 170,478 163,576 131,131 177,950 209,243 164,964
5.Other income / (loss) 260,138 180,553 226,354 620,363 785,454 62,932
6.EBIT (F3-F4+F5) 401,195 646,688 (37,801) 780,487 831,609 149,525
7.Financial expenses 104,656 38,095 140,807 156,099 310,379 301,324
of which: (i) Interest expenses 103,104 36,366 137,610 152,668 307,532 297,241
8.Profit / (loss) before taxation (F6-F7) 296,539 608,593 (178,608) 624,388 521,230 (151,799)
9.Tax expenses (13,227) 125,930 5,438 182,017 140,784 19,518
10.Profit / (loss) after tax (F8-F9) 309,766 482,663 (184,046) 442,371 380,446 (171,317)
11.Cash dividends 168,797 125,035 0 93,776 25,007 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (102,273) 1,269,549 (2,063,792) 306,719 948,929 (163,927)
2.Net cash flows from investing activities (285,353) (340,673) (226,934) (230,941) (79,967) 76,432
3.Net cash flows from financing activities 427,972 (544,913) 1,828,151 (33,193) (497,253) (147,860)
H.Miscellaneous
1.Total capital employed (C+D) 2,070,883 2,560,748 2,107,406 2,750,230 2,976,458 2,646,915
2.Retention in business (F10-F11-F12) 140,969 357,628 (184,046) 348,595 355,439 (171,317)
3.Depreciation for the year 65,387 72,752 85,228 87,851 99,650 104,278
4.Salaries, wages and employee benefits 293,441 311,315 324,803 360,704 382,362 372,533
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.54 7.44 -4.15 7.03 8.24 -2.98
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.79 1.53 0.98 1.15 0.81 1.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.30 11.37 -4.07 8.10 6.67 -3.36
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.62 2.46 2.59 3.01 2.62 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.74 27.98 -10.52 24.35 17.46 -7.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.39 19.30 -7.36 17.69 15.21 -6.85
170
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Habib Rice Products Limited (Formerly Habib ADM Ltd.) (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 331,446 313,224 301,039 395,087 425,432 453,385
1.Capital work in progress 0 1,472 6,894 98,293 0 0
2.Operating fixed assets at cost 944,892 958,078 964,868 971,388 1,138,177 1,163,595
3.Operating fixed assets after deducting accumulated depreciation 327,344 308,650 289,802 269,387 403,841 390,304
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,000 0 0 0 0 0
6.Other non-current assets 3,102 3,102 4,343 27,407 21,591 63,081
B.Current Assets (B1+B2+B3+B4+B5+B6) 617,985 571,147 634,597 668,183 739,360 861,691
1.Cash & bank balance 81,444 111,682 34,396 125,326 150,160 74,504
2.Inventories; of which 193,789 139,939 213,748 226,706 250,739 245,962
i)Raw material 118,829 70,660 143,677 164,389 148,642 159,107
ii)Work in progress 2,958 0 58 0 218 0
iii)Finished goods 72,003 69,279 70,013 62,317 101,879 86,855
3.Trade Debt / accounts receivables 11,992 12,329 42,285 7,543 123 56
4.Short term loans and advances 3,405 2,915 3,523 3,398 3,536 5,211
5.Short term investments 250,254 200,254 200,254 150,254 150,254 360,239
6.Other current assets 77,100 104,028 140,391 154,956 184,548 175,719
Total Assets (A+B) / Equity & Liabilities (C+D+E) 949,431 884,371 935,636 1,063,270 1,164,792 1,315,076
C.Shareholders' Equity (C1+C2+C3) 836,537 749,380 748,030 766,913 840,162 914,681
1.Issued, Subscribed & Paid up capital 200,000 200,000 200,000 200,000 200,000 200,000
i)Ordinary shares 200,000 200,000 200,000 200,000 200,000 200,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 636,537 549,380 548,030 566,913 640,162 714,681
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 636,537 549,380 548,030 566,913 640,162 714,681
of which: un-appropriated profit(loss) / retained earnings 576,537 489,380 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 34,999 7,878 2,930 0 0 695
1.Long term borrowings 0 0 0 0 0 695
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 34,999 7,878 2,930 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 77,895 127,113 184,676 296,357 324,630 399,700
1.Trade credit & other accounts payables 77,895 127,113 184,676 282,038 309,223 369,419
of which: i) Trade credits 3,244 5,348 6,180 9,125 10,455 3,999
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 9,594
4.Other current liabilities 0 0 0 14,319 15,407 20,687
F.Operations:
1.Sales 1,113,985 1,041,050 1,138,211 1,430,162 1,562,700 1,699,067
i)Local sales (Net) 917,585 802,476 874,935 1,244,466 1,092,088 1,485,207
ii)Export sales (Net) 196,400 238,574 263,276 185,696 470,612 213,860
2.Cost of sales 848,581 881,495 965,630 1,222,417 1,258,187 1,321,456
i)Cost of material 521,091 500,126 569,144 741,382 742,073 750,506
3.Gross profit / (loss) (F1-F2) 265,404 159,555 172,581 207,745 304,513 377,611
4.General, administrative and other expenses 145,474 159,805 145,368 162,571 193,441 206,394
i)Selling & distribution expenses 69,366 72,530 61,869 62,996 81,060 85,062
ii)Administrative and other expenses 76,108 87,275 83,499 99,575 112,381 121,332
5.Other income / (loss) 29,685 18,811 18,103 16,485 29,836 41,384
6.EBIT (F3-F4+F5) 149,615 18,561 45,316 61,659 140,908 212,601
7.Financial expenses 1,036 1,424 1,331 1,124 2,932 3,938
of which: (i) Interest expenses 94 5 0 0 0 2,111
8.Profit / (loss) before taxation (F6-F7) 148,579 17,137 43,985 60,535 137,976 208,663
9.Tax expenses 26,448 (15,706) 5,334 (8,347) 14,727 34,145
10.Profit / (loss) after tax (F8-F9) 122,131 32,843 38,651 68,882 123,249 174,518
11.Cash dividends 120,000 40,000 50,000 50,000 100,000 120,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 160,181 113,682 (14,287) 164,747 125,854 235,177
2.Net cash flows from investing activities (8,777) (13,444) (13,000) (34,619) (52,107) (206,788)
3.Net cash flows from financing activities 80,000 (120,000) (39,575) (49,623) (48,912) (104,045)
H.Miscellaneous
1.Total capital employed (C+D) 871,536 757,258 750,960 766,913 840,162 915,376
2.Retention in business (F10-F11-F12) 2,131 (7,157) (11,349) 18,882 23,249 54,518
3.Depreciation for the year 34,468 32,082 28,921 26,935 33,987 38,960
4.Salaries, wages and employee benefits 141,196 145,421 150,321 165,853 194,979 214,862
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.96 3.15 3.40 4.82 7.89 10.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.20 1.14 1.25 1.43 1.40 1.37
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.15 3.58 4.25 6.89 11.06 14.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.14 1.16 1.22 1.32 1.39 1.41
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.98 4.14 5.16 9.09 15.34 19.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.05 0.82 0.97 1.72 3.08 4.36
171
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Habib Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,261,091 4,195,992 5,121,064 5,599,022 4,785,691 5,201,851
1.Capital work in progress 198,988 592,155 196,119 86,111 91,877 151,115
2.Operating fixed assets at cost 2,839,227 3,170,699 4,239,693 4,555,617 4,615,672 4,749,573
3.Operating fixed assets after deducting accumulated depreciation 1,343,992 1,569,730 2,511,382 2,605,565 2,433,439 2,327,244
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,711,136 2,025,968 2,402,965 2,898,619 2,249,658 2,696,602
6.Other non-current assets 6,975 8,139 10,598 8,727 10,717 26,890
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,609,485 4,428,079 4,021,497 4,854,946 5,950,732 5,904,788
1.Cash & bank balance 296,863 3,575,276 924,306 767,781 2,464,979 4,072,254
2.Inventories; of which 719,141 401,847 1,673,612 2,764,095 1,840,405 876,021
i)Raw material 230,373 165,519 251,406 443,865 225,311 187,879
ii)Work in progress 42,180 30,317 32,978 45,989 43,828 30,141
iii)Finished goods 446,588 200,393 1,373,326 2,249,788 1,553,567 650,228
3.Trade Debt / accounts receivables 391,479 64,168 254,380 511,542 387,297 149,005
4.Short term loans and advances 246,303 246,286 803,432 390,470 890,852 520,580
5.Short term investments 2,809,686 0 0 0 0 0
6.Other current assets 146,013 140,502 365,767 421,058 367,199 286,928
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,870,576 8,624,071 9,142,561 10,453,968 10,736,423 11,106,639
C.Shareholders' Equity (C1+C2+C3) 5,860,222 6,531,437 6,983,237 8,097,677 8,063,051 8,623,186
1.Issued, Subscribed & Paid up capital 750,000 750,000 750,000 750,000 750,000 750,000
i)Ordinary shares 750,000 750,000 750,000 750,000 750,000 750,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,110,222 5,781,437 6,233,237 7,347,677 7,313,051 7,873,186
i)Capital Reserve 34,000 34,000 34,000 34,000 34,000 34,000
ii)Revenue Reserve 5,076,222 5,747,437 6,199,237 7,313,677 7,279,051 7,839,186
of which: un-appropriated profit(loss) / retained earnings 817,933 827,753 559,797 896,988 1,195,655 714,316
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 102,000 104,000 98,500 86,000 69,000 42,948
1.Long term borrowings 0 0 0 0 0 13,948
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 102,000 104,000 98,500 86,000 69,000 29,000
E.Current Liabilities (E1+E2+E3+E4) 1,908,354 1,988,634 2,060,824 2,270,291 2,604,372 2,440,505
1.Trade credit & other accounts payables 1,651,555 1,641,396 1,309,421 1,500,314 2,004,137 2,028,196
of which: i) Trade credits 1,264,945 1,283,452 1,043,251 1,191,593 1,702,057 1,508,826
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 5,178
4.Other current liabilities 256,799 347,238 751,403 769,977 600,235 407,131
F.Operations:
1.Sales 8,197,388 8,517,094 7,134,930 7,758,520 9,873,134 10,138,211
i)Local sales (Net) 5,404,466 6,208,967 4,327,554 3,836,062 6,272,207 6,730,234
ii)Export sales (Net) 2,792,922 2,308,127 2,807,376 3,922,458 3,600,927 3,407,977
2.Cost of sales 7,222,293 7,499,710 6,544,790 6,484,368 8,381,862 9,038,874
i)Cost of material 5,724,356 5,687,879 5,998,185 6,042,760 6,087,622 5,985,849
3.Gross profit / (loss) (F1-F2) 975,095 1,017,384 590,140 1,274,152 1,491,272 1,099,337
4.General, administrative and other expenses 397,760 353,971 365,327 492,051 550,281 679,137
i)Selling & distribution expenses 191,582 153,447 175,440 252,147 274,294 231,394
ii)Administrative and other expenses 206,178 200,524 189,887 239,904 275,987 447,743
5.Other income / (loss) 481,945 369,775 246,099 116,974 260,734 122,951
6.EBIT (F3-F4+F5) 1,059,280 1,033,188 470,912 899,075 1,201,725 543,151
7.Financial expenses 89,050 62,226 (26,407) (53,630) (134,211) (274,013)
of which: (i) Interest expenses 78,637 47,302 (41,391) (70,131) 0 0
8.Profit / (loss) before taxation (F6-F7) 970,230 970,962 497,319 952,705 1,335,936 817,164
9.Tax expenses 155,000 146,000 (60,000) 57,624 140,009 110,003
10.Profit / (loss) after tax (F8-F9) 815,230 824,962 557,319 895,081 1,195,927 707,161
11.Cash dividends 375,000 412,500 262,500 412,500 412,500 412,500
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,506,409 1,475,186 (1,683,215) 284,786 2,249,254 2,322,906
2.Net cash flows from investing activities (3,039,761) 2,170,335 (563,745) (186,936) (153,778) (303,835)
3.Net cash flows from financing activities (368,344) (367,108) (404,010) (254,375) (398,278) (411,796)
H.Miscellaneous
1.Total capital employed (C+D) 5,962,222 6,635,437 7,081,737 8,183,677 8,132,051 8,666,134
2.Retention in business (F10-F11-F12) 440,230 412,462 294,819 482,581 783,427 294,661
3.Depreciation for the year 119,336 151,723 192,486 259,479 250,784 240,649
4.Salaries, wages and employee benefits 469,338 506,124 487,967 581,282 633,286 620,512
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.94 9.69 7.81 11.54 12.11 6.98
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.10 1.03 0.80 0.79 0.93 0.93
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.98 10.00 6.27 9.14 11.29 6.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.31 1.33 1.31 1.30 1.31 1.31
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.42 13.31 8.25 11.87 14.80 8.48
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.43 5.50 3.72 5.97 7.97 4.71
172
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Haseeb Waqas Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,708,763 3,752,236 3,686,152 3,483,737 3,304,259 3,135,643
1.Capital work in progress 127,233 0 0 0 0 0
2.Operating fixed assets at cost 3,835,947 4,199,487 4,336,905 4,336,722 4,995,529 4,335,529
3.Operating fixed assets after deducting accumulated depreciation 3,568,278 3,738,964 3,674,162 3,483,247 3,303,769 3,135,153
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 13,252 13,272 11,990 490 490 490
B.Current Assets (B1+B2+B3+B4+B5+B6) 523,455 459,795 476,749 189,585 142,837 119,836
1.Cash & bank balance 5,657 7,917 2,658 2,103 1,745 1,712
2.Inventories; of which 3,867 5,506 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 3,867 5,506 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 43,808 20,638
5.Short term investments 0 0 0 0 0 0
6.Other current assets 513,931 446,372 474,091 187,482 97,284 97,486
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,232,218 4,212,031 4,162,901 3,673,322 3,447,096 3,255,479
C.Shareholders' Equity (C1+C2+C3) 319,516 249,326 (134,263) (597,829) (922,841) (1,284,865)
1.Issued, Subscribed & Paid up capital 324,000 324,000 324,000 324,000 324,000 324,000
i)Ordinary shares 324,000 324,000 324,000 324,000 324,000 324,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,773,288) (1,758,210) (2,061,302) (2,448,853) (2,702,062) (2,996,243)
i)Capital Reserve 0 615,211 804,315 829,647 841,632 841,732
ii)Revenue Reserve (1,773,288) (2,373,421) (2,865,617) (3,278,500) (3,543,694) (3,837,975)
of which: un-appropriated profit(loss) / retained earnings (1,773,288) (2,373,421) (2,865,617) (3,278,500) (3,543,694) (3,837,975)
3.Surplus on revaluation of fixed assets 1,768,804 1,683,536 1,603,039 1,527,024 1,455,221 1,387,378
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,485,966 2,183,545 1,862,979 1,286,275 1,052,118 595,026
1.Long term borrowings 1,589,370 1,370,430 1,050,739 549,373 408,000 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 30,035 34,397 39,159 17,343 18,005 17,805
5.Other non-current liabilities 866,561 778,718 773,081 719,559 626,113 577,221
E.Current Liabilities (E1+E2+E3+E4) 1,426,736 1,779,160 2,434,185 2,984,876 3,317,819 3,945,318
1.Trade credit & other accounts payables 438,829 662,764 961,587 814,473 801,393 791,606
of which: i) Trade credits 219,018 453,500 249,342 196,191 185,711 176,277
2.Short term borrowings 710,820 312,262 574,535 669,579 657,542 656,463
3.Current portion of non-current liabilities 187,406 540,740 612,949 1,102,814 1,244,187 1,652,188
4.Other current liabilities 89,681 263,394 285,114 398,010 614,697 845,061
F.Operations:
1.Sales 1,380,222 879,366 847,275 250,773 0 0
i)Local sales (Net) 1,380,222 879,366 847,275 250,773 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,986,998 1,445,254 1,242,883 590,988 187,476 168,406
i)Cost of material 1,028,919 1,057,132 850,352 304,047 0 0
3.Gross profit / (loss) (F1-F2) (606,776) (565,888) (395,608) (340,215) (187,476) (168,406)
4.General, administrative and other expenses 38,801 44,182 60,781 57,565 23,786 12,243
i)Selling & distribution expenses 89 157 0 0 0 0
ii)Administrative and other expenses 38,712 44,025 60,781 57,565 23,786 12,243
5.Other income / (loss) 6 588 628 1,080 653 0
6.EBIT (F3-F4+F5) (645,571) (609,482) (455,761) (396,700) (210,609) (180,649)
7.Financial expenses 144,107 163,598 122,589 145,725 216,698 230,367
of which: (i) Interest expenses 141,150 163,387 122,432 145,676 216,687 230,364
8.Profit / (loss) before taxation (F6-F7) (789,678) (773,080) (578,350) (542,425) (427,307) (411,016)
9.Tax expenses (9,855) (87,790) (5,642) (53,524) (90,310) (48,892)
10.Profit / (loss) after tax (F8-F9) (779,823) (685,290) (572,708) (488,901) (336,997) (362,124)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (220,352) (111,824) (72,314) (120,990) (1,005) 946
2.Net cash flows from investing activities (305,754) (236,963) (136,839) 11,559 700 0
3.Net cash flows from financing activities 521,158 351,048 203,893 108,877 (53) (979)
H.Miscellaneous
1.Total capital employed (C+D) 2,805,482 2,432,871 1,728,716 688,446 129,277 (689,839)
2.Retention in business (F10-F11-F12) (779,823) (685,290) (572,708) (488,901) (336,997) (362,124)
3.Depreciation for the year 181,782 194,047 203,513 191,045 179,431 168,616
4.Salaries, wages and employee benefits 86,573 100,870 120,623 73,377 11,028 8,293
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -56.50 -77.93 -67.59 -194.96 - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.31 0.21 0.20 0.06 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.42 -16.23 -13.68 -12.48 -9.47 -10.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.31 14.84 72.79 -10.70 -4.68 -3.04
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -109.92 -240.94 -995.47 133.56 44.32 32.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -24.07 -21.15 -17.68 -15.09 -10.40 -11.18
173
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Husein Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,631,575 2,567,860 3,106,040 3,243,011 3,340,125 4,525,126
1.Capital work in progress 93,584 176,197 282,154 296,782 551,821 799,151
2.Operating fixed assets at cost 3,379,821 3,382,741 2,821,897 3,171,526 3,119,217 3,791,941
3.Operating fixed assets after deducting accumulated depreciation 2,516,399 2,388,975 2,814,639 2,934,344 2,766,231 3,690,849
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 20,812 0 0 0 0 0
6.Other non-current assets 779 2,688 9,247 11,885 22,073 35,126
B.Current Assets (B1+B2+B3+B4+B5+B6) 706,207 571,260 626,880 1,894,448 1,300,873 2,366,836
1.Cash & bank balance 102,706 16,206 60,830 18,259 70,929 41,757
2.Inventories; of which 321,669 180,513 233,028 888,743 180,206 652,811
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,519 8,251 7,264 7,428 7,158 15,437
iii)Finished goods 319,150 172,262 225,763 881,314 173,048 637,374
3.Trade Debt / accounts receivables 42 104,448 49,290 682,485 659,068 955,665
4.Short term loans and advances 26,126 0 79,014 30,411 146,750 299,254
5.Short term investments 0 0 0 0 22,607 6,716
6.Other current assets 255,664 270,093 204,718 274,550 221,313 410,633
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,337,782 3,139,120 3,732,920 5,137,459 4,640,998 6,891,962
C.Shareholders' Equity (C1+C2+C3) 1,324,414 1,652,984 2,483,734 2,532,815 2,847,621 2,967,105
1.Issued, Subscribed & Paid up capital 170,000 170,000 250,000 250,000 360,000 385,200
i)Ordinary shares 170,000 170,000 250,000 250,000 360,000 385,200
ii)Preference shares 0 0 0 0 0 0
2.Reserves (340,310) 29,436 411,642 505,323 761,114 473,129
i)Capital Reserve 442,847 630,775 753,311 751,812 658,169 611,017
ii)Revenue Reserve (783,158) (601,339) (341,669) (246,489) 102,945 (137,888)
of which: un-appropriated profit(loss) / retained earnings (952,608) (770,789) (511,119) (415,939) 102,945 (137,888)
3.Surplus on revaluation of fixed assets 1,494,725 1,453,548 1,822,092 1,777,492 1,726,507 2,108,776
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 282,327 209,585 196,995 165,126 397,996 974,094
1.Long term borrowings 0 0 0 0 277,663 705,742
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 282,327 209,585 196,995 165,126 120,333 268,352
E.Current Liabilities (E1+E2+E3+E4) 1,731,041 1,276,551 1,052,191 2,439,518 1,395,381 2,950,763
1.Trade credit & other accounts payables 1,280,293 761,062 368,016 593,173 386,445 893,103
of which: i) Trade credits 830,129 579,969 219,726 333,490 208,391 556,107
2.Short term borrowings 417,404 508,947 511,502 1,580,875 411,382 1,407,999
3.Current portion of non-current liabilities 19,469 0 5,875 0 74,911 123,749
4.Other current liabilities 13,875 6,542 166,798 265,470 522,643 525,912
F.Operations:
1.Sales 1,995,710 3,144,147 3,856,538 2,755,736 3,715,573 2,954,630
i)Local sales (Net) 1,797,197 2,761,936 3,086,123 2,637,698 2,745,451 2,951,401
ii)Export sales (Net) 198,513 382,211 770,415 118,038 970,122 3,229
2.Cost of sales 2,205,039 2,898,595 3,371,219 2,496,642 3,475,490 2,660,365
i)Cost of material 2,074,549 2,416,858 3,036,895 2,736,225 2,371,278 2,720,443
3.Gross profit / (loss) (F1-F2) (209,329) 245,552 485,319 259,094 240,083 294,265
4.General, administrative and other expenses 171,949 177,422 198,966 187,173 165,568 246,600
i)Selling & distribution expenses 17,625 15,389 17,277 16,070 18,030 17,271
ii)Administrative and other expenses 154,324 162,033 181,689 171,103 147,538 229,329
5.Other income / (loss) 26,470 91,697 29,719 102,770 460,021 117,482
6.EBIT (F3-F4+F5) (354,808) 159,827 316,072 174,691 534,536 165,147
7.Financial expenses 61,335 61,569 87,220 141,900 221,351 374,089
of which: (i) Interest expenses 58,228 54,383 79,528 135,474 205,198 363,181
8.Profit / (loss) before taxation (F6-F7) (416,143) 98,258 228,852 32,791 313,185 (208,942)
9.Tax expenses 2,198 (17,407) 27,262 (2,375) 19,642 77,265
10.Profit / (loss) after tax (F8-F9) (418,341) 115,665 201,590 35,166 293,543 (286,207)
11.Cash dividends 0 0 0 0 10,800 0
12.Bonus shares / stock dividends 0 0 0 0 25,200 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (204,192) (244,951) 73,386 (850,753) 1,069,838 (743,703)
2.Net cash flows from investing activities (153,050) (119,862) (140,807) (254,071) (216,986) (715,737)
3.Net cash flows from financing activities 353,484 278,313 108,698 1,065,597 (800,561) 1,429,495
H.Miscellaneous
1.Total capital employed (C+D) 1,606,741 1,862,569 2,680,729 2,697,941 3,245,617 3,941,199
2.Retention in business (F10-F11-F12) (418,341) 115,665 201,590 35,166 257,543 (286,207)
3.Depreciation for the year 25,377 132,762 118,055 120,872 124,082 126,509
4.Salaries, wages and employee benefits 211,358 218,532 267,775 247,950 237,348 251,555
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -20.96 3.68 5.23 1.28 7.90 -9.69
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.62 0.97 1.12 0.62 0.76 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -12.90 3.57 5.87 0.79 6.00 -4.96
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.36 2.18 1.66 1.77 1.82 1.98
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -30.40 7.77 9.75 1.40 10.91 -9.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -24.61 6.80 8.06 1.41 8.15 -7.43
174
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

JDW Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 25,687,054 25,985,573 28,019,290 28,565,376 27,700,475 26,666,739
1.Capital work in progress 1,448,349 1,968,331 2,953,219 1,781,976 1,290,407 14,599
2.Operating fixed assets at cost 26,915,994 30,231,597 32,138,246 35,736,298 37,334,655 37,747,295
3.Operating fixed assets after deducting accumulated depreciation 20,673,980 22,612,735 23,713,141 25,453,300 25,523,227 24,636,889
4.Intangible assets 625,162 1,078,099 1,076,016 1,073,948 616,849 614,796
5.Long term investments 2,583,508 196,468 218,600 218,600 219,015 185,854
6.Other non-current assets 356,055 129,940 58,314 37,552 50,977 1,214,601
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,721,014 12,113,338 21,352,435 38,641,120 26,663,575 19,943,707
1.Cash & bank balance 58,379 31,741 170,705 125,630 145,753 318,004
2.Inventories; of which 5,482,609 5,287,410 11,331,791 24,252,934 12,119,181 4,709,114
i)Raw material 95,879 181,773 530,172 1,333,717 549,823 316,448
ii)Work in progress 0 0 13,762 0 0 0
iii)Finished goods 5,386,729 5,105,637 10,787,855 22,919,216 11,569,358 4,392,666
3.Trade Debt / accounts receivables 1,185,677 890,824 3,294,827 6,118,517 8,353,455 8,742,611
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 4,994,349 5,903,363 6,555,112 8,144,039 6,045,186 6,173,978
Total Assets (A+B) / Equity & Liabilities (C+D+E) 37,408,068 38,098,911 49,371,725 67,206,496 54,364,050 46,610,446
C.Shareholders' Equity (C1+C2+C3) 7,048,623 9,934,828 10,259,193 9,310,310 10,771,614 11,741,118
1.Issued, Subscribed & Paid up capital 597,766 597,767 597,767 597,767 597,767 597,767
i)Ordinary shares 597,766 597,767 597,767 597,767 597,767 597,767
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,450,857 9,337,061 9,661,426 8,712,543 10,173,847 11,143,351
i)Capital Reserve 678,646 1,164,747 1,161,493 1,159,313 1,054,659 1,058,701
ii)Revenue Reserve 5,772,211 8,172,314 8,499,933 7,553,230 9,119,188 10,084,650
of which: un-appropriated profit(loss) / retained earnings 5,772,211 8,172,314 8,499,933 7,553,230 9,119,188 10,084,650
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 10,586,686 12,658,496 12,095,707 12,925,182 7,334,695 15,634,665
1.Long term borrowings 9,078,553 10,682,296 10,315,362 11,191,622 6,620,100 14,459,913
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 75,845 106,839 36,373 53,784 75,117 104,616
5.Other non-current liabilities 1,432,288 1,869,361 1,743,972 1,679,776 639,478 1,070,136
E.Current Liabilities (E1+E2+E3+E4) 19,772,759 15,505,587 27,016,825 44,971,004 36,257,741 19,234,663
1.Trade credit & other accounts payables 6,212,691 7,934,497 9,285,218 11,723,685 13,384,341 7,335,899
of which: i) Trade credits 1,185,440 1,214,498 1,603,181 2,389,889 2,179,116 1,403,018
2.Short term borrowings 10,078,673 3,594,348 13,783,388 27,855,950 17,127,247 7,680,242
3.Current portion of non-current liabilities 3,184,313 3,816,448 3,606,729 4,714,800 4,901,556 3,781,259
4.Other current liabilities 297,082 160,294 341,490 676,569 844,597 437,263
F.Operations:
1.Sales 40,801,125 45,361,035 51,631,302 44,530,694 60,946,402 59,441,254
i)Local sales (Net) 37,993,742 43,886,873 47,483,421 34,369,425 53,776,500 59,282,154
ii)Export sales (Net) 2,807,383 1,474,162 4,147,881 10,161,269 7,169,902 159,100
2.Cost of sales 34,899,838 37,216,340 46,526,885 41,622,508 53,882,043 50,915,640
i)Cost of material 30,414,527 32,221,971 45,724,180 46,511,471 35,441,581 37,479,520
3.Gross profit / (loss) (F1-F2) 5,901,287 8,144,695 5,104,417 2,908,186 7,064,359 8,525,614
4.General, administrative and other expenses 1,324,101 2,907,654 1,533,452 1,264,547 2,395,368 2,707,781
i)Selling & distribution expenses 138,078 173,088 90,521 61,287 68,450 66,066
ii)Administrative and other expenses 1,186,023 2,734,566 1,442,931 1,203,260 2,326,918 2,641,715
5.Other income / (loss) 153,266 300,110 598,898 534,237 661,595 968,409
6.EBIT (F3-F4+F5) 4,730,452 5,537,151 4,169,863 2,177,876 5,330,586 6,786,242
7.Financial expenses 2,685,095 1,971,053 1,956,637 2,722,018 4,130,513 3,931,513
of which: (i) Interest expenses 2,632,316 1,909,689 1,914,365 2,662,978 4,086,713 3,874,882
8.Profit / (loss) before taxation (F6-F7) 2,045,357 3,566,098 2,213,226 (544,142) 1,200,073 2,854,729
9.Tax expenses (65,393) 624,848 384,944 216,046 (269,149) 1,296,320
10.Profit / (loss) after tax (F8-F9) 2,110,751 2,941,250 1,828,282 (760,188) 1,469,222 1,558,409
11.Cash dividends 597,766 1,195,534 777,097 0 597,767 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,056,248 9,747,743 (2,715,608) (11,348,111) 20,799,759 10,274,666
2.Net cash flows from investing activities (3,448,685) (2,246,294) (3,457,302) (2,084,494) (1,549,080) (466,108)
3.Net cash flows from financing activities (3,634,185) (6,425,837) 5,269,746 11,214,268 (18,121,330) (8,981,676)
H.Miscellaneous
1.Total capital employed (C+D) 17,635,309 22,593,324 22,354,900 22,235,492 18,106,309 27,375,783
2.Retention in business (F10-F11-F12) 1,512,985 1,745,716 1,051,185 (760,188) 871,455 1,558,409
3.Depreciation for the year 1,311,062 1,604,566 1,583,733 1,757,042 1,671,636 1,552,885
4.Salaries, wages and employee benefits 2,059,448 2,669,669 3,078,244 3,206,779 3,023,435 4,602,551
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.17 6.48 3.54 -1.71 2.41 2.62
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.12 1.20 1.18 0.76 1.00 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.82 7.79 4.18 -1.30 2.42 3.09
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.82 4.45 4.33 5.96 6.05 4.49
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.86 34.64 18.11 -7.77 14.63 13.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 35.31 49.20 30.59 -12.72 24.58 26.07
175
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Jauharabad Sugar Mills Limtied (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,198,258 2,786,497 3,083,362 3,240,663 3,276,400 5,128,055
1.Capital work in progress 144,543 54,245 300,904 416,525 444,125 494,590
2.Operating fixed assets at cost 2,737,937 3,557,137 3,709,805 3,852,083 3,968,308 5,879,179
3.Operating fixed assets after deducting accumulated depreciation 2,053,261 2,731,069 2,781,631 2,823,088 2,829,629 4,630,505
4.Intangible assets 0 787 563 386 259 173
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 454 396 264 664 2,387 2,787
B.Current Assets (B1+B2+B3+B4+B5+B6) 551,977 441,667 837,502 1,448,769 1,084,691 748,310
1.Cash & bank balance 34,263 19,538 27,113 46,519 58,855 223,834
2.Inventories; of which 59,088 30,432 556,411 753,446 390,002 193,621
i)Raw material 2,565 0 0 0 0 0
ii)Work in progress 0 1,999 1,958 1,929 2,674 3,810
iii)Finished goods 56,523 28,433 554,453 751,517 387,328 189,811
3.Trade Debt / accounts receivables 116,518 0 1,366 327,299 270,266 1,346
4.Short term loans and advances 44,268 44,493 50,533 75,643 124,835 69,598
5.Short term investments 15,000 0 0 0 0 17,129
6.Other current assets 282,840 347,204 202,079 245,862 240,733 242,782
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,750,235 3,228,164 3,920,864 4,689,432 4,361,091 5,876,365
C.Shareholders' Equity (C1+C2+C3) 1,978,478 2,666,012 2,593,829 2,744,983 2,899,934 4,696,283
1.Issued, Subscribed & Paid up capital 109,098 109,098 247,308 284,404 341,285 341,285
i)Ordinary shares 109,098 109,098 247,308 284,404 341,285 341,285
ii)Preference shares 0 0 0 0 0 0
2.Reserves 819,644 1,173,118 985,543 1,126,619 1,257,216 1,465,519
i)Capital Reserve 929,695 1,150,815 911,251 1,039,286 983,080 984,231
ii)Revenue Reserve (110,051) 22,303 74,292 87,333 274,136 481,288
of which: un-appropriated profit(loss) / retained earnings (172,051) (39,696) 74,292 87,333 274,136 481,288
3.Surplus on revaluation of fixed assets 1,049,736 1,383,796 1,360,978 1,333,960 1,301,433 2,889,479
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 286,474 347,788 497,641 509,235 380,357 502,237
1.Long term borrowings 129,396 148,954 275,610 269,011 119,377 147,933
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 157,078 198,834 222,031 240,224 260,980 354,304
E.Current Liabilities (E1+E2+E3+E4) 485,283 214,364 829,394 1,435,214 1,080,800 677,845
1.Trade credit & other accounts payables 261,871 201,257 392,382 208,811 500,526 345,925
of which: i) Trade credits 158,506 26,595 15,842 55,231 36,166 84,028
2.Short term borrowings 197,408 0 408,121 1,114,463 409,061 198,321
3.Current portion of non-current liabilities 13,087 4,541 9,495 58,700 108,396 74,183
4.Other current liabilities 12,917 8,566 19,396 53,240 62,817 59,416
F.Operations:
1.Sales 1,455,105 2,096,363 2,581,987 2,195,040 3,441,483 3,502,837
i)Local sales (Net) 1,455,105 1,141,231 2,371,282 1,944,702 2,870,532 3,502,837
ii)Export sales (Net) 0 955,132 210,705 250,338 570,951 0
2.Cost of sales 1,349,775 1,888,218 2,281,868 2,149,334 2,787,754 2,898,771
i)Cost of material 1,173,440 1,617,296 2,508,485 2,020,427 2,078,448 2,347,841
3.Gross profit / (loss) (F1-F2) 105,330 208,145 300,119 45,706 653,729 604,066
4.General, administrative and other expenses 75,808 91,444 116,284 138,285 201,338 184,408
i)Selling & distribution expenses 7,549 9,003 9,035 11,264 45,828 14,141
ii)Administrative and other expenses 68,259 82,441 107,249 127,021 155,510 170,267
5.Other income / (loss) 28,640 18,961 5,098 266,607 10,557 7,911
6.EBIT (F3-F4+F5) 58,162 135,662 188,933 174,028 462,948 427,569
7.Financial expenses 51,010 53,626 124,441 138,061 205,679 231,178
of which: (i) Interest expenses 50,701 50,309 119,326 132,647 201,348 227,325
8.Profit / (loss) before taxation (F6-F7) 7,151 82,036 64,492 35,967 257,269 196,391
9.Tax expenses 2,031 (23,961) 32,636 30,851 74,552 (16,937)
10.Profit / (loss) after tax (F8-F9) 5,121 105,997 31,856 5,116 182,717 213,328
11.Cash dividends 0 10,910 24,731 0 34,129 34,129
12.Bonus shares / stock dividends 0 0 61,827 0 68,257 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (72,505) 41,991 (113,982) (756,922) 957,815 597,801
2.Net cash flows from investing activities (92,145) (106,439) (396,068) (244,664) (112,480) (166,315)
3.Net cash flows from financing activities 191,568 49,722 517,625 314,690 (127,966) (38,774)
H.Miscellaneous
1.Total capital employed (C+D) 2,264,952 3,013,800 3,091,470 3,254,218 3,280,291 5,198,520
2.Retention in business (F10-F11-F12) 5,121 95,087 (54,702) 5,116 80,332 179,200
3.Depreciation for the year 62,069 88,551 103,396 108,149 110,692 110,973
4.Salaries, wages and employee benefits 124,295 145,099 190,602 207,234 237,260 273,768
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.35 5.06 1.23 0.23 5.31 6.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.54 0.70 0.72 0.51 0.76 0.68
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.19 3.55 0.89 0.12 4.04 4.17
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.36 1.29 1.36 1.61 1.60 1.35
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.26 4.56 1.21 0.19 6.47 5.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.47 9.72 1.29 0.18 5.35 6.25
176
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Khairpur Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,514,372 1,437,656 1,605,238 1,615,876 2,327,479 2,342,388
1.Capital work in progress 0 5,657 127,844 16,087 21,661 24,403
2.Operating fixed assets at cost 2,611,666 1,512,241 1,599,412 1,827,783 2,603,781 2,735,146
3.Operating fixed assets after deducting accumulated depreciation 1,514,110 1,431,737 1,442,751 1,591,925 2,295,532 2,307,699
4.Intangible assets 0 0 0 6,307 6,307 6,307
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 262 262 34,643 1,557 3,979 3,979
B.Current Assets (B1+B2+B3+B4+B5+B6) 816,687 449,420 2,055,137 2,112,912 1,645,810 1,321,677
1.Cash & bank balance 59,978 25,102 37,048 23,908 80,503 50,373
2.Inventories; of which 389,016 97,976 1,618,663 1,174,143 854,265 426,209
i)Raw material 0 0 0 0 0 0
ii)Work in progress 872 914 1,226 926 985 1,333
iii)Finished goods 388,144 97,062 1,617,437 1,173,217 853,280 424,876
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 250,660 218,608 276,283 309,452 352,219 453,609
5.Short term investments 0 0 0 0 0 0
6.Other current assets 117,033 107,734 123,143 605,409 358,823 391,486
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,331,059 1,887,076 3,660,375 3,728,788 3,973,289 3,664,065
C.Shareholders' Equity (C1+C2+C3) 140,787 175,504 199,991 207,374 990,887 957,463
1.Issued, Subscribed & Paid up capital 160,175 160,175 160,175 160,175 160,175 160,175
i)Ordinary shares 160,175 160,175 160,175 160,175 160,175 160,175
ii)Preference shares 0 0 0 0 0 0
2.Reserves (328,846) (257,707) (224,767) (208,130) 148,329 140,698
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (328,846) (257,707) (224,767) (208,130) 148,329 140,698
of which: un-appropriated profit(loss) / retained earnings (328,846) (257,707) (224,767) (208,130) 148,329 140,698
3.Surplus on revaluation of fixed assets 309,458 273,036 264,583 255,329 682,383 656,590
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,105,915 1,098,299 1,030,037 1,118,127 810,519 901,971
1.Long term borrowings 904,895 971,856 945,091 1,018,602 681,629 832,571
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 74,486 81,202 58,817 64,111 66,547 24,133
5.Other non-current liabilities 126,534 45,241 26,129 35,414 62,343 45,267
E.Current Liabilities (E1+E2+E3+E4) 1,084,357 613,273 2,430,347 2,403,287 2,171,883 1,804,631
1.Trade credit & other accounts payables 857,543 559,404 1,072,169 1,479,815 751,210 433,690
of which: i) Trade credits 369,820 249,928 255,217 477,615 106,446 35,500
2.Short term borrowings 210,339 17,507 1,306,048 894,107 1,345,324 1,248,043
3.Current portion of non-current liabilities 0 0 0 4,709 4,963 52,708
4.Other current liabilities 16,475 36,362 52,130 24,656 70,386 70,190
F.Operations:
1.Sales 3,492,708 4,146,495 2,933,180 4,237,317 4,252,277 4,290,858
i)Local sales (Net) 3,492,708 4,146,495 2,933,180 3,265,039 4,056,362 4,290,858
ii)Export sales (Net) 0 0 0 972,278 195,915 0
2.Cost of sales 3,025,393 3,819,753 2,739,274 4,195,459 3,856,845 3,781,737
i)Cost of material 2,805,398 3,231,098 3,917,665 3,395,701 3,164,754 3,014,075
3.Gross profit / (loss) (F1-F2) 467,315 326,742 193,906 41,858 395,432 509,121
4.General, administrative and other expenses 182,674 157,042 147,341 273,143 221,132 194,387
i)Selling & distribution expenses 11,102 11,783 16,956 77,714 26,249 15,084
ii)Administrative and other expenses 171,572 145,259 130,385 195,429 194,883 179,303
5.Other income / (loss) 4,831 5,362 11,932 502,596 20,364 27,025
6.EBIT (F3-F4+F5) 289,472 175,062 58,497 271,311 194,664 341,759
7.Financial expenses 135,887 132,426 169,237 179,351 279,787 336,401
of which: (i) Interest expenses 135,406 131,945 168,235 174,599 278,186 335,443
8.Profit / (loss) before taxation (F6-F7) 153,585 42,636 (110,740) 91,960 (85,123) 5,358
9.Tax expenses 62,649 (14,134) (17,248) 88,286 (21,120) 39,330
10.Profit / (loss) after tax (F8-F9) 90,936 56,770 (93,492) 3,674 (64,003) (33,972)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 260,151 206,814 (1,063,217) 496,805 (142,680) 92,780
2.Net cash flows from investing activities (101,560) (44,838) (209,358) (93,984) (247,922) (111,742)
3.Net cash flows from financing activities (119,818) (196,852) 1,284,521 (415,961) 447,197 (11,168)
H.Miscellaneous
1.Total capital employed (C+D) 1,246,702 1,273,803 1,230,028 1,325,501 1,801,406 1,859,434
2.Retention in business (F10-F11-F12) 90,936 56,770 (93,492) 3,674 (64,003) (33,972)
3.Depreciation for the year 82,849 76,592 76,157 79,197 101,629 120,639
4.Salaries, wages and employee benefits 185,282 162,439 202,456 229,939 251,563 237,087
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.60 1.37 -3.19 0.09 -1.51 -0.79
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.56 1.97 1.06 1.15 1.10 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.06 2.69 -3.37 0.10 -1.66 -0.89
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 23.50 13.34 14.77 18.14 6.33 3.92
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 95.53 35.90 -49.80 1.80 -10.52 -3.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.68 3.54 -5.84 0.23 -4.00 -2.12
177
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mehran Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,302,495 2,719,341 3,166,922 3,359,423 3,553,920 3,508,162
1.Capital work in progress 47,909 295,522 196,238 103,803 125,730 92,721
2.Operating fixed assets at cost 2,681,922 2,792,451 3,273,357 3,508,895 3,669,208 3,766,194
3.Operating fixed assets after deducting accumulated depreciation 1,601,166 1,657,403 1,991,895 2,064,525 2,064,953 2,098,420
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 652,365 765,563 977,676 1,190,223 1,362,375 1,235,647
6.Other non-current assets 1,055 853 1,113 872 862 81,374
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,584,420 1,797,396 2,555,804 3,474,975 3,409,529 1,692,561
1.Cash & bank balance 45,554 34,438 28,761 15,954 672,984 10,141
2.Inventories; of which 1,462,633 412,036 1,205,457 1,167,157 1,060,596 60,781
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,923 2,702 2,519 1,279 2,589 3,832
iii)Finished goods 1,459,710 409,333 1,202,938 1,165,877 1,058,007 56,949
3.Trade Debt / accounts receivables 42,097 10,560 174,514 130,583 79,134 18,206
4.Short term loans and advances 137,352 108,221 148,345 116,067 116,691 46,274
5.Short term investments 725,422 1,105,801 830,319 1,258,744 995,383 1,108,083
6.Other current assets 171,362 126,340 168,408 786,470 484,741 449,076
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,886,915 4,516,737 5,722,726 6,834,398 6,963,449 5,200,723
C.Shareholders' Equity (C1+C2+C3) 1,861,765 2,323,415 2,218,254 2,609,321 2,414,897 2,607,507
1.Issued, Subscribed & Paid up capital 320,312 320,312 320,312 320,312 405,195 465,975
i)Ordinary shares 320,312 320,312 320,312 320,312 405,195 465,975
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,541,453 2,003,103 1,897,942 2,289,009 2,009,702 2,141,532
i)Capital Reserve 0 0 0 131,004 (174,447) 76,282
ii)Revenue Reserve 1,541,453 2,003,103 1,897,942 2,158,005 2,184,149 2,065,250
of which: un-appropriated profit(loss) / retained earnings 0 0 0 2,073,005 2,099,149 1,980,250
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 735,744 842,974 958,788 1,175,683 1,103,440 1,482,074
1.Long term borrowings 291,630 326,058 480,434 763,621 756,423 1,155,077
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 9,414 4,647 4,878 4,785 4,762 4,445
5.Other non-current liabilities 434,700 512,269 473,476 407,277 342,255 322,552
E.Current Liabilities (E1+E2+E3+E4) 2,289,406 1,350,348 2,545,684 3,049,394 3,445,112 1,111,142
1.Trade credit & other accounts payables 1,772,940 1,113,134 1,088,931 695,154 676,957 454,312
of which: i) Trade credits 47,053 90,862 131,673 97,586 325,916 157,083
2.Short term borrowings 190,889 0 1,117,040 1,966,893 1,750,706 297,982
3.Current portion of non-current liabilities 153,200 171,473 159,781 227,882 329,364 131,993
4.Other current liabilities 172,377 65,741 179,932 159,465 688,085 226,855
F.Operations:
1.Sales 4,361,360 7,113,226 5,500,836 4,790,789 5,311,773 6,424,676
i)Local sales (Net) 4,361,360 7,113,226 3,814,975 1,977,672 4,856,768 6,265,324
ii)Export sales (Net) 0 0 1,685,861 2,813,117 455,005 159,352
2.Cost of sales 3,681,453 6,370,347 5,232,832 4,201,109 4,491,461 5,960,056
i)Cost of material 4,058,190 4,656,800 5,346,872 3,383,644 3,661,033 4,245,307
3.Gross profit / (loss) (F1-F2) 679,907 742,879 268,004 589,680 820,312 464,620
4.General, administrative and other expenses 241,609 275,529 335,630 457,105 327,302 272,108
i)Selling & distribution expenses 40,491 36,886 83,037 111,448 59,559 47,077
ii)Administrative and other expenses 201,118 238,643 252,593 345,657 267,743 225,031
5.Other income / (loss) 255,145 299,283 462,847 509,557 403,911 312,453
6.EBIT (F3-F4+F5) 693,443 766,633 395,221 642,132 896,921 504,965
7.Financial expenses 146,566 98,626 196,674 212,409 384,774 342,319
of which: (i) Interest expenses 144,243 96,946 187,315 195,416 379,999 339,219
8.Profit / (loss) before taxation (F6-F7) 546,877 668,007 198,547 429,723 512,147 162,646
9.Tax expenses 116,842 126,200 66,870 16,825 108,313 115,620
10.Profit / (loss) after tax (F8-F9) 430,034 541,807 131,677 412,898 403,834 47,026
11.Cash dividends 192,187 208,203 88,086 96,094 135,740 58,247
12.Bonus shares / stock dividends 0 0 0 48,047 101,299 23,299
G.Statement of Cash Flows
1.Net cash flows from operating activities 854,168 993,358 (1,078,012) (647,400) 1,149,387 440,524
2.Net cash flows from investing activities (396,144) (634,825) 16,976 (515,775) (167,928) 276,152
3.Net cash flows from financing activities (445,663) (369,649) 1,055,358 1,150,368 (324,429) (1,379,519)
H.Miscellaneous
1.Total capital employed (C+D) 2,597,509 3,166,389 3,177,042 3,785,004 3,518,337 4,089,581
2.Retention in business (F10-F11-F12) 237,847 333,604 43,591 268,758 166,795 (34,520)
3.Depreciation for the year 130,145 137,411 152,920 166,710 170,874 156,920
4.Salaries, wages and employee benefits 306,720 345,429 351,595 364,561 374,591 340,225
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.86 7.62 2.39 8.62 7.60 0.73
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.05 1.51 1.07 0.76 0.77 1.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.36 11.52 2.57 6.58 5.85 0.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.36 2.25 2.25 2.60 2.75 2.42
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 24.48 25.89 5.80 17.11 16.08 1.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 13.43 16.91 4.11 12.89 9.97 1.01
178
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mirpurkhas Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,347,034 2,789,570 3,248,943 4,228,602 3,973,441 4,414,133
1.Capital work in progress 141,530 392,298 92,210 69,822 71,423 123,842
2.Operating fixed assets at cost 2,224,067 2,386,927 3,087,354 3,229,730 3,377,778 3,377,778
3.Operating fixed assets after deducting accumulated depreciation 1,540,282 1,644,396 2,274,139 2,346,187 2,410,997 2,494,647
4.Intangible assets 367 0 8,258 6,448 4,638 2,828
5.Long term investments 660,274 749,993 872,627 1,794,775 1,474,259 1,780,538
6.Other non-current assets 4,581 2,883 1,709 11,370 12,124 12,278
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,889,474 2,472,894 4,131,912 2,276,581 1,827,130 1,965,049
1.Cash & bank balance 56,156 21,033 22,623 18,311 42,395 35,168
2.Inventories; of which 387,049 218,560 2,029,952 1,074,451 976,972 652,878
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,869 3,578 2,713 1,555 2,888 4,787
iii)Finished goods 384,180 214,982 2,027,239 1,072,896 974,084 648,091
3.Trade Debt / accounts receivables 34,609 58,949 104,069 37,817 27,840 90,703
4.Short term loans and advances 107,413 183,568 228,319 137,598 135,312 72,686
5.Short term investments 791,498 1,308,325 986,301 0 1,710 421,952
6.Other current assets 512,749 682,459 760,648 1,008,404 642,901 691,662
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,236,508 5,262,464 7,380,855 6,505,183 5,800,571 6,379,182
C.Shareholders' Equity (C1+C2+C3) 2,245,330 2,940,653 2,507,968 2,250,305 1,983,905 2,845,870
1.Issued, Subscribed & Paid up capital 122,682 122,682 122,682 122,682 122,682 134,950
i)Ordinary shares 122,682 122,682 122,682 122,682 122,682 134,950
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,566,899 2,262,222 1,568,715 1,311,052 1,045,158 1,866,661
i)Capital Reserve 0 0 1,049,165 718,258 163,072 1,112,576
ii)Revenue Reserve 1,566,899 2,262,222 519,550 592,794 882,086 754,085
of which: un-appropriated profit(loss) / retained earnings 709,555 816,685 485,300 558,544 847,836 719,835
3.Surplus on revaluation of fixed assets 555,749 555,749 816,571 816,571 816,065 844,259
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 773,235 856,347 1,377,166 1,340,778 1,269,197 1,684,659
1.Long term borrowings 540,000 590,000 972,857 777,143 581,429 1,040,977
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 233,235 266,347 404,309 563,635 687,768 643,682
E.Current Liabilities (E1+E2+E3+E4) 1,217,943 1,465,464 3,495,721 2,914,100 2,547,469 1,848,653
1.Trade credit & other accounts payables 548,469 664,465 536,657 495,851 474,524 563,154
of which: i) Trade credits 186,581 229,506 55,615 130,518 99,038 61,401
2.Short term borrowings 597,690 723,843 2,739,342 2,159,622 1,798,333 1,099,279
3.Current portion of non-current liabilities 50,000 50,000 155,714 195,714 195,714 141,215
4.Other current liabilities 21,784 27,156 64,008 62,913 78,898 45,005
F.Operations:
1.Sales 3,061,737 3,762,892 2,802,150 4,170,397 3,728,986 4,637,141
i)Local sales (Net) 3,061,737 3,762,892 1,632,753 1,342,256 3,465,321 4,592,711
ii)Export sales (Net) 0 0 1,169,397 2,828,141 263,665 44,430
2.Cost of sales 2,736,332 3,434,737 2,849,191 3,788,510 3,121,032 4,332,418
i)Cost of material 2,664,539 3,070,945 3,851,709 2,483,664 2,760,147 3,593,824
3.Gross profit / (loss) (F1-F2) 325,405 328,155 (47,041) 381,887 607,954 304,723
4.General, administrative and other expenses 168,768 131,675 172,751 620,346 206,387 187,265
i)Selling & distribution expenses 8,494 9,066 48,081 220,794 30,536 16,934
ii)Administrative and other expenses 160,274 122,609 124,670 399,552 175,851 170,331
5.Other income / (loss) 143,829 162,282 155,015 560,483 420,460 200,685
6.EBIT (F3-F4+F5) 300,466 358,762 (64,777) 322,024 822,027 318,143
7.Financial expenses 152,869 133,202 229,421 210,375 404,358 366,148
of which: (i) Interest expenses 150,680 130,914 226,603 208,042 401,801 363,783
8.Profit / (loss) before taxation (F6-F7) 147,597 225,560 (294,198) 111,649 417,669 (48,005)
9.Tax expenses 43,657 75,491 (22,883) 38,405 110,481 67,728
10.Profit / (loss) after tax (F8-F9) 103,940 150,069 (271,315) 73,244 307,188 (115,733)
11.Cash dividends 76,063 61,341 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 12,268 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 47,568 374,186 (2,115,465) 840,379 882,009 603,979
2.Net cash flows from investing activities (141,856) (379,821) (133,105) 102,213 105,853 99,472
3.Net cash flows from financing activities 130,105 (29,488) 2,250,160 (946,904) (963,778) (710,678)
H.Miscellaneous
1.Total capital employed (C+D) 3,018,565 3,797,000 3,885,134 3,591,083 3,253,102 4,530,529
2.Retention in business (F10-F11-F12) 27,877 88,728 (271,315) 73,244 294,920 (115,733)
3.Depreciation for the year 61,769 63,325 76,599 89,721 93,334 96,300
4.Salaries, wages and employee benefits 297,149 317,245 327,793 367,713 386,693 398,230
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.39 3.99 -9.68 1.76 8.24 -2.50
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.82 0.79 0.44 0.60 0.61 0.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.78 3.16 -4.29 1.05 4.99 -1.90
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.92 1.83 2.32 2.92 2.91 2.52
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.33 5.79 -9.96 3.08 14.51 -4.79
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.47 12.23 -22.12 5.97 25.04 -8.58
179
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Noon Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 945,685 1,020,371 1,137,085 1,370,616 1,492,330 1,534,519
1.Capital work in progress 29,392 35,404 175,363 225,813 26,031 152,307
2.Operating fixed assets at cost 2,470,538 2,629,490 2,706,484 2,994,435 3,475,442 3,523,024
3.Operating fixed assets after deducting accumulated depreciation 906,036 964,178 939,521 1,124,636 1,452,618 1,368,939
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 8,064 7,997 7,934 7,874 7,817 7,763
6.Other non-current assets 2,193 12,792 14,267 12,293 5,864 5,510
B.Current Assets (B1+B2+B3+B4+B5+B6) 607,642 687,282 2,865,040 2,609,533 2,719,124 2,738,872
1.Cash & bank balance 71,765 26,724 309,615 46,008 58,606 51,526
2.Inventories; of which 356,230 385,265 2,152,748 1,997,542 1,147,288 1,006,162
i)Raw material 14,749 1,502 47,707 95,765 78,364 0
ii)Work in progress 5,234 9,940 13,273 6,605 15,332 34,269
iii)Finished goods 336,247 373,823 2,091,768 1,894,928 1,053,592 971,893
3.Trade Debt / accounts receivables 11,706 74,253 132,266 39,553 679,756 677,173
4.Short term loans and advances 19,292 44,381 65,537 110,106 431,559 587,660
5.Short term investments 0 0 0 0 0 0
6.Other current assets 148,649 156,659 204,874 416,324 401,915 416,351
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,553,327 1,707,653 4,002,125 3,980,149 4,211,454 4,273,391
C.Shareholders' Equity (C1+C2+C3) 426,756 465,824 591,933 742,051 928,841 1,133,010
1.Issued, Subscribed & Paid up capital 165,175 165,175 165,175 165,175 165,175 165,175
i)Ordinary shares 165,175 165,175 165,175 165,175 165,175 165,175
ii)Preference shares 0 0 0 0 0 0
2.Reserves 261,581 300,649 426,758 576,876 763,666 967,835
i)Capital Reserve 0 119,217 119,217 119,217 119,217 119,217
ii)Revenue Reserve 261,581 181,432 307,541 457,659 644,449 848,618
of which: un-appropriated profit(loss) / retained earnings (287,636) 51,432 177,541 327,659 514,449 718,618
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 94,402 98,905 345,619 273,769 205,723 208,840
1.Long term borrowings 60,000 62,112 306,951 229,778 159,797 153,258
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 33,326 35,626 38,668 43,991 45,926 55,582
5.Other non-current liabilities 1,076 1,167 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,032,169 1,142,924 3,064,573 2,964,329 3,076,890 2,931,541
1.Trade credit & other accounts payables 484,285 464,294 558,230 366,796 369,000 440,727
of which: i) Trade credits 303,840 164,997 167,837 189,214 226,106 173,042
2.Short term borrowings 467,834 582,742 2,333,655 2,386,078 2,402,453 2,277,596
3.Current portion of non-current liabilities 37,500 63,320 64,743 77,039 118,008 43,991
4.Other current liabilities 42,550 32,568 107,945 134,416 187,429 169,227
F.Operations:
1.Sales 3,027,256 2,588,546 4,835,588 6,273,476 5,671,219 6,138,166
i)Local sales (Net) 2,508,824 2,254,315 3,997,111 4,433,702 3,653,299 4,530,073
ii)Export sales (Net) 518,432 334,231 838,477 1,839,774 2,017,920 1,608,093
2.Cost of sales 2,902,182 2,353,460 4,263,805 5,562,171 4,805,768 5,178,147
i)Cost of material 2,304,753 2,010,634 5,473,198 4,850,127 3,383,521 4,447,796
3.Gross profit / (loss) (F1-F2) 125,074 235,086 571,783 711,305 865,451 960,019
4.General, administrative and other expenses 163,707 136,259 230,474 258,186 289,065 346,822
i)Selling & distribution expenses 54,327 26,043 85,348 104,464 106,952 139,884
ii)Administrative and other expenses 109,380 110,216 145,126 153,722 182,113 206,938
5.Other income / (loss) 73,153 39,530 53,359 68,720 36,466 44,620
6.EBIT (F3-F4+F5) 34,520 138,357 394,668 521,839 612,852 657,817
7.Financial expenses 122,113 86,576 204,721 251,655 340,520 335,449
of which: (i) Interest expenses 120,270 83,817 189,367 233,291 332,854 321,337
8.Profit / (loss) before taxation (F6-F7) (87,593) 51,781 189,947 270,184 272,332 322,368
9.Tax expenses 27,987 11,660 45,680 59,399 47,015 66,308
10.Profit / (loss) after tax (F8-F9) (115,580) 40,121 144,267 210,785 225,317 256,060
11.Cash dividends 0 16,518 0 42,946 49,553 57,811
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 496,450 64,332 (1,317,078) 374,683 676,016 792,484
2.Net cash flows from investing activities 42,731 (175,921) (226,658) (347,486) (280,981) (197,677)
3.Net cash flows from financing activities (491,502) 66,548 1,826,627 (290,804) (382,437) (601,887)
H.Miscellaneous
1.Total capital employed (C+D) 521,158 564,729 937,552 1,015,820 1,134,564 1,341,850
2.Retention in business (F10-F11-F12) (115,580) 23,604 144,267 167,840 175,765 198,249
3.Depreciation for the year 102,049 102,079 108,434 110,489 159,680 155,295
4.Salaries, wages and employee benefits 212,289 201,143 262,847 251,083 266,727 145,785
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.82 1.55 2.98 3.36 3.97 4.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.81 1.59 1.69 1.57 1.38 1.45
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.91 2.46 5.05 5.28 5.50 6.04
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.53 3.65 5.40 5.98 4.90 4.12
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -24.40 8.99 27.28 31.60 26.97 24.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.00 2.43 8.73 12.76 13.64 15.50
180
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sakrand Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,612,140 2,508,119 3,116,576 3,106,700 3,256,595 3,198,770
1.Capital work in progress 0 0 0 83,534 72,284 0
2.Operating fixed assets at cost 3,582,640 3,578,695 3,801,776 3,944,244 4,176,330 4,176,330
3.Operating fixed assets after deducting accumulated depreciation 2,468,869 2,347,815 2,936,016 3,015,830 3,178,175 3,193,721
4.Intangible assets 0 0 0 4,915 3,293 2,206
5.Long term investments 141,520 158,715 178,590 0 0 0
6.Other non-current assets 1,750 1,589 1,970 2,421 2,843 2,843
B.Current Assets (B1+B2+B3+B4+B5+B6) 276,037 103,997 512,992 833,972 1,042,735 662,350
1.Cash & bank balance 7,353 1,331 141,775 46,439 4,478 28,337
2.Inventories; of which 8,633 0 3,374 518,655 49,192 79,304
i)Raw material 2 0 0 0 0 0
ii)Work in progress 1,628 0 3,374 400,897 49,171 79,304
iii)Finished goods 7,003 0 0 117,758 21 0
3.Trade Debt / accounts receivables 132,548 0 160,287 94 845,561 356,733
4.Short term loans and advances 45,873 16,600 54,847 18,874 27,498 45,664
5.Short term investments 0 0 86,000 30,000 0 0
6.Other current assets 81,630 86,066 66,709 219,910 116,006 152,312
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,888,176 2,612,116 3,629,568 3,940,672 4,299,330 3,861,120
C.Shareholders' Equity (C1+C2+C3) 743,696 582,920 1,526,222 1,762,211 1,920,216 1,268,429
1.Issued, Subscribed & Paid up capital 223,080 223,080 446,160 446,160 446,160 446,160
i)Ordinary shares 223,080 223,080 446,160 446,160 446,160 446,160
ii)Preference shares 0 0 0 0 0 0
2.Reserves (881,714) (979,857) (731,522) (473,381) (294,616) (865,706)
i)Capital Reserve 0 65,767 92,767 92,767 92,767 92,767
ii)Revenue Reserve (881,714) (1,045,624) (824,289) (566,148) (387,383) (958,473)
of which: un-appropriated profit(loss) / retained earnings (881,714) (1,045,624) (824,289) (566,148) (387,383) (958,473)
3.Surplus on revaluation of fixed assets 1,402,329 1,339,697 1,811,584 1,789,432 1,768,672 1,687,975
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 747,699 494,572 1,067,525 1,376,669 1,260,388 922,709
1.Long term borrowings 236,326 234,163 676,407 921,937 763,849 538,352
2.Subordinated loans / Sponsor's loans 65,767 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 11,861 11,693 19,609 20,350 22,540 16,654
5.Other non-current liabilities 433,745 248,716 371,509 434,382 473,999 367,703
E.Current Liabilities (E1+E2+E3+E4) 1,396,782 1,534,624 1,035,821 801,792 1,118,726 1,669,982
1.Trade credit & other accounts payables 1,085,767 1,200,762 1,008,130 618,993 837,179 1,079,788
of which: i) Trade credits 1,001,096 967,680 740,062 234,734 203,680 204,503
2.Short term borrowings 124,997 124,997 0 0 0 0
3.Current portion of non-current liabilities 156,726 168,476 23,747 124,909 205,319 378,636
4.Other current liabilities 29,292 40,389 3,944 57,890 76,228 211,558
F.Operations:
1.Sales 2,613,738 1,528,012 2,347,921 1,821,745 3,387,534 1,966,828
i)Local sales (Net) 2,613,738 1,528,012 2,347,921 1,576,536 3,387,534 1,966,828
ii)Export sales (Net) 0 0 0 245,209 0 0
2.Cost of sales 2,616,495 1,703,121 2,343,397 1,318,198 2,877,233 2,425,503
i)Cost of material 1,880,805 1,461,957 2,103,906 1,582,495 2,078,131 2,166,025
3.Gross profit / (loss) (F1-F2) (2,756) (175,109) 4,524 503,547 510,301 (458,675)
4.General, administrative and other expenses 148,508 269,713 96,959 148,620 128,421 121,241
i)Selling & distribution expenses 4,283 3,765 3,194 5,494 5,764 5,492
ii)Administrative and other expenses 144,225 265,948 93,765 143,126 122,657 115,749
5.Other income / (loss) 10,356 18,379 351,466 139,351 437 92
6.EBIT (F3-F4+F5) (140,908) (426,443) 259,031 494,278 382,317 (579,824)
7.Financial expenses 49,671 32,357 35,084 106,201 158,967 162,112
of which: (i) Interest expenses 48,782 31,127 34,974 106,041 158,810 161,896
8.Profit / (loss) before taxation (F6-F7) (190,579) (458,800) 223,947 388,077 223,350 (741,936)
9.Tax expenses 37,582 (232,255) 26,687 119,845 66,701 (142,690)
10.Profit / (loss) after tax (F8-F9) (228,161) (226,545) 197,260 268,232 156,649 (599,246)
11.Cash dividends 0 0 0 89,232 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 190,973 546 (230,833) (403,980) 231,434 94,378
2.Net cash flows from investing activities (2,745) 1,764 (113,756) (3,388) (191,260) (16,202)
3.Net cash flows from financing activities (13,565) (8,333) 485,033 312,032 (82,135) (54,317)
H.Miscellaneous
1.Total capital employed (C+D) 1,491,394 1,077,492 2,593,747 3,138,880 3,180,604 2,191,138
2.Retention in business (F10-F11-F12) (228,161) (226,545) 197,260 179,000 156,649 (599,246)
3.Depreciation for the year 127,806 119,620 75,488 62,654 69,744 70,997
4.Salaries, wages and employee benefits 160,067 145,453 136,792 176,958 181,997 152,458
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -8.73 -14.83 8.40 14.72 4.62 -30.47
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.85 0.56 0.75 0.48 0.82 0.48
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.42 -8.24 6.32 7.09 3.80 -14.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.58 4.15 2.96 2.30 2.24 2.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -26.59 -34.15 18.71 16.31 8.51 -37.59
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.23 -10.16 4.42 6.01 3.51 -13.43
181
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sanghar Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,211,847 1,509,700 1,784,469 2,937,010 2,825,018 2,733,046
1.Capital work in progress 2,362 344,334 682,406 15,000 3,455 9,873
2.Operating fixed assets at cost 1,589,738 1,610,797 1,608,096 1,804,670 1,702,729 1,723,715
3.Operating fixed assets after deducting accumulated depreciation 1,164,277 1,120,570 1,063,540 2,894,416 2,804,240 2,702,942
4.Intangible assets 869 444 19 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 44,339 44,352 38,504 27,594 17,323 20,231
B.Current Assets (B1+B2+B3+B4+B5+B6) 688,656 915,207 1,302,916 1,131,843 815,755 606,939
1.Cash & bank balance 9,749 123,255 19,721 7,071 37,662 69,424
2.Inventories; of which 560,944 606,067 1,095,532 790,044 604,943 249,959
i)Raw material 0 0 0 0 0 0
ii)Work in progress 736 1,788 787 1,374 1,357 1,585
iii)Finished goods 560,208 604,279 1,094,745 788,670 603,586 248,374
3.Trade Debt / accounts receivables 11,635 0 0 28,726 0 27,924
4.Short term loans and advances 24,603 104,960 116,285 38,841 34,336 125,193
5.Short term investments 0 0 0 0 0 0
6.Other current assets 81,725 80,925 71,378 267,161 138,814 134,439
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,900,503 2,424,907 3,087,385 4,068,853 3,640,773 3,339,985
C.Shareholders' Equity (C1+C2+C3) 860,635 863,437 569,165 1,330,699 1,223,854 1,108,108
1.Issued, Subscribed & Paid up capital 119,460 119,460 119,460 119,460 119,460 119,460
i)Ordinary shares 119,460 119,460 119,460 119,460 119,460 119,460
ii)Preference shares 0 0 0 0 0 0
2.Reserves 331,805 347,806 74,487 111,367 67,276 3,397
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 331,805 347,806 74,487 111,367 67,276 3,397
of which: un-appropriated profit(loss) / retained earnings 331,805 347,806 74,487 111,367 67,276 3,397
3.Surplus on revaluation of fixed assets 409,370 396,171 375,218 1,099,872 1,037,118 985,251
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 428,989 557,599 645,365 854,653 665,586 756,120
1.Long term borrowings 103,640 262,532 345,291 250,863 145,670 247,536
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 45,379 50,541 54,884 72,330 79,413 92,091
5.Other non-current liabilities 279,970 244,526 245,190 531,460 440,503 416,493
E.Current Liabilities (E1+E2+E3+E4) 610,879 1,003,871 1,872,855 1,883,501 1,751,333 1,475,757
1.Trade credit & other accounts payables 242,365 275,679 378,599 688,073 781,975 922,401
of which: i) Trade credits 184,294 241,922 268,439 589,033 542,637 374,487
2.Short term borrowings 317,304 644,680 1,293,557 1,021,483 797,350 390,571
3.Current portion of non-current liabilities 37,454 49,474 124,310 130,966 106,052 119,395
4.Other current liabilities 13,756 34,038 76,389 42,979 65,956 43,390
F.Operations:
1.Sales 2,869,164 2,832,657 2,583,232 3,405,535 2,770,439 2,938,182
i)Local sales (Net) 2,869,164 2,832,657 2,583,232 3,043,809 2,574,874 2,938,182
ii)Export sales (Net) 0 0 0 361,726 195,565 0
2.Cost of sales 2,612,077 2,681,075 2,653,892 3,307,015 2,638,661 2,782,021
i)Cost of material 2,708,922 2,678,277 3,109,983 2,871,755 2,222,014 2,252,663
3.Gross profit / (loss) (F1-F2) 257,087 151,582 (70,660) 98,520 131,778 156,161
4.General, administrative and other expenses 86,263 100,689 97,355 140,662 110,198 107,024
i)Selling & distribution expenses 769 522 796 41,879 12,698 710
ii)Administrative and other expenses 85,494 100,167 96,559 98,783 97,500 106,314
5.Other income / (loss) 81 9,026 2,617 188,944 2,479 5,463
6.EBIT (F3-F4+F5) 170,905 59,919 (165,398) 146,802 24,059 54,600
7.Financial expenses 81,122 48,859 94,280 121,934 172,667 153,446
of which: (i) Interest expenses 80,286 48,062 93,284 120,543 171,269 151,795
8.Profit / (loss) before taxation (F6-F7) 89,783 11,060 (259,678) 24,868 (148,608) (98,846)
9.Tax expenses 32,383 (2,893) 27,426 5,442 (49,753) 19,909
10.Profit / (loss) after tax (F8-F9) 57,400 13,953 (287,104) 19,426 (98,855) (118,755)
11.Cash dividends 23,892 7,168 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 180,015 (21,685) (566,933) 573,884 445,179 381,985
2.Net cash flows from investing activities (86,385) (363,097) (343,073) (226,644) (54,690) (27,731)
3.Net cash flows from financing activities 61,599 147,020 157,595 (87,816) (135,765) 85,839
H.Miscellaneous
1.Total capital employed (C+D) 1,289,624 1,421,036 1,214,530 2,185,352 1,889,440 1,864,228
2.Retention in business (F10-F11-F12) 33,508 6,785 (287,104) 19,426 (98,855) (118,755)
3.Depreciation for the year 65,455 65,625 62,613 87,031 148,777 143,307
4.Salaries, wages and employee benefits 168,806 172,718 197,374 223,022 228,475 225,244
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.00 0.49 -11.11 0.57 -3.57 -4.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.54 1.31 0.94 0.95 0.72 0.84
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.08 0.65 -10.42 0.54 -2.56 -3.40
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.25 2.51 3.85 3.77 3.02 2.99
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.92 1.62 -40.08 2.04 -7.74 -10.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.80 1.17 -24.03 1.63 -8.28 -9.94
182
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shahmurad Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,433,518 2,548,790 3,139,984 5,389,769 5,530,419 5,391,611
1.Capital work in progress 80,197 57,730 584,737 241,928 155,778 14,505
2.Operating fixed assets at cost 3,739,280 4,006,071 4,120,435 6,685,614 7,312,534 7,711,124
3.Operating fixed assets after deducting accumulated depreciation 2,344,078 2,483,345 2,467,576 5,073,393 5,342,921 5,372,447
4.Intangible assets 508 0 0 0 0 0
5.Long term investments 3,759 3,097 2,673 1,815 1,351 1,006
6.Other non-current assets 4,976 4,618 84,998 72,633 30,369 3,653
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,696,867 1,407,923 3,537,186 4,529,303 4,860,438 5,919,925
1.Cash & bank balance 306,585 57,363 38,492 45,452 62,249 36,389
2.Inventories; of which 1,838,959 991,768 2,359,550 2,568,492 1,967,859 1,603,448
i)Raw material 257,804 131,354 565,121 1,020,559 571,241 473,232
ii)Work in progress 3,894 8,698 31,495 8,317 9,588 13,442
iii)Finished goods 1,577,261 851,716 1,762,934 1,539,616 1,387,030 1,116,774
3.Trade Debt / accounts receivables 84,959 31,455 454,573 387,967 459,571 207,178
4.Short term loans and advances 167,980 119,958 483,153 662,935 1,586,334 1,467,802
5.Short term investments 0 0 0 0 200,714 2,103,781
6.Other current assets 298,384 207,379 201,418 864,457 583,711 501,327
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,130,385 3,956,713 6,677,170 9,919,072 10,390,857 11,311,536
C.Shareholders' Equity (C1+C2+C3) 1,657,176 1,717,124 1,678,019 3,333,720 4,377,803 4,779,041
1.Issued, Subscribed & Paid up capital 211,187 211,187 211,187 211,187 211,187 211,187
i)Ordinary shares 211,187 211,187 211,187 211,187 211,187 211,187
ii)Preference shares 0 0 0 0 0 0
2.Reserves 858,025 937,213 920,125 1,539,574 2,690,419 3,178,204
i)Capital Reserve (1,773) (1,813) (1,885) (2,501) (2,441) (2,501)
ii)Revenue Reserve 859,798 939,026 922,010 1,542,075 2,692,860 3,180,705
of which: un-appropriated profit(loss) / retained earnings 779,798 859,026 842,010 1,462,075 2,612,860 3,100,705
3.Surplus on revaluation of fixed assets 587,964 568,724 546,707 1,582,959 1,476,197 1,389,650
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 831,133 810,804 1,542,234 1,659,686 1,340,813 1,180,824
1.Long term borrowings 673,839 756,942 1,542,234 1,659,686 1,340,813 1,163,612
2.Subordinated loans / Sponsor's loans 100,836 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 56,458 53,862 0 0 0 17,212
E.Current Liabilities (E1+E2+E3+E4) 2,642,076 1,428,785 3,456,917 4,925,666 4,672,241 5,351,671
1.Trade credit & other accounts payables 781,699 562,567 325,217 1,012,970 1,106,764 1,328,710
of which: i) Trade credits 210,994 232,637 277,282 917,904 960,178 922,779
2.Short term borrowings 1,558,857 662,131 2,917,656 3,620,279 3,160,965 3,689,423
3.Current portion of non-current liabilities 272,361 179,397 172,222 233,472 358,560 292,123
4.Other current liabilities 29,159 24,690 41,822 58,945 45,952 41,415
F.Operations:
1.Sales 5,199,162 5,909,743 5,055,682 7,220,127 9,497,552 11,143,607
i)Local sales (Net) 2,289,848 3,891,476 1,420,731 1,100,189 2,597,003 3,698,629
ii)Export sales (Net) 2,909,314 2,018,267 3,634,951 6,119,938 6,900,549 7,444,978
2.Cost of sales 4,393,971 5,239,364 4,471,788 6,982,335 7,487,357 9,551,967
i)Cost of material 4,220,902 4,105,445 5,091,425 5,612,672 5,804,490 7,732,103
3.Gross profit / (loss) (F1-F2) 805,191 670,379 583,894 237,792 2,010,195 1,591,640
4.General, administrative and other expenses 373,246 337,260 480,280 354,807 439,165 390,487
i)Selling & distribution expenses 128,373 135,032 279,522 71,942 84,727 14,777
ii)Administrative and other expenses 244,873 202,228 200,758 282,865 354,438 375,710
5.Other income / (loss) 109,252 9,796 24,710 900,203 133,849 74,459
6.EBIT (F3-F4+F5) 541,197 342,915 128,324 783,188 1,704,879 1,275,612
7.Financial expenses 278,414 172,779 202,721 234,939 350,347 344,024
of which: (i) Interest expenses 274,377 172,148 201,337 230,693 346,517 340,433
8.Profit / (loss) before taxation (F6-F7) 262,783 170,136 (74,397) 548,249 1,354,532 931,588
9.Tax expenses 78,060 44,988 (81,665) (53,009) 148,986 171,273
10.Profit / (loss) after tax (F8-F9) 184,723 125,148 7,268 601,258 1,205,546 760,315
11.Cash dividends 73,915 50,685 10,559 147,831 359,018 253,424
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 344,671 (30,013) (89,199) 1,176,918 1,215,766 2,735,503
2.Net cash flows from investing activities (124,979) (244,433) (642,104) (1,310,703) (539,606) (259,104)
3.Net cash flows from financing activities 53,971 25,224 712,432 140,745 (458,649) (599,192)
H.Miscellaneous
1.Total capital employed (C+D) 2,488,309 2,527,928 3,220,253 4,993,406 5,718,616 5,959,865
2.Retention in business (F10-F11-F12) 110,808 74,463 (3,291) 453,427 846,528 506,891
3.Depreciation for the year 127,250 130,572 133,288 181,747 357,711 372,285
4.Salaries, wages and employee benefits 184,511 195,437 215,666 295,845 348,000 318,408
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.55 2.12 0.14 8.33 12.69 6.82
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.06 1.30 0.95 0.87 0.94 1.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.77 2.75 0.14 7.25 11.87 7.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.05 2.69 3.13 3.31 2.63 2.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 11.49 7.42 0.43 23.99 31.27 16.61
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.75 5.93 0.34 28.47 57.08 36.00
183
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shahtaj Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 872,649 960,739 1,679,351 2,055,328 3,749,667 3,910,903
1.Capital work in progress 22,812 195,615 988,959 1,410,132 1,626,314 1,793,494
2.Operating fixed assets at cost 1,619,969 1,643,031 1,660,621 1,648,331 3,148,802 3,174,630
3.Operating fixed assets after deducting accumulated depreciation 658,871 615,665 571,398 524,726 1,977,111 1,972,638
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 98,366 109,575 113,196 116,039 139,023 140,373
6.Other non-current assets 92,600 39,884 5,798 4,431 7,219 4,398
B.Current Assets (B1+B2+B3+B4+B5+B6) 953,926 660,264 1,379,615 1,034,114 990,072 883,834
1.Cash & bank balance 13,203 38,579 50,240 56,274 30,661 52,962
2.Inventories; of which 570,463 162,713 804,212 383,474 293,938 258,663
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,581 3,108 3,156 3,236 4,258 8,908
iii)Finished goods 567,882 159,605 801,056 380,238 289,680 249,755
3.Trade Debt / accounts receivables 25,926 2,074 44,342 55,926 108,793 55,348
4.Short term loans and advances 62,205 66,130 54,904 37,597 17,164 28,421
5.Short term investments 0 0 0 0 0 0
6.Other current assets 282,129 390,768 425,917 500,843 539,516 488,440
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,826,575 1,621,003 3,058,966 3,089,442 4,739,739 4,794,737
C.Shareholders' Equity (C1+C2+C3) 1,003,090 1,182,175 1,264,173 797,907 2,459,828 2,435,745
1.Issued, Subscribed & Paid up capital 120,111 120,111 120,111 120,111 120,111 120,111
i)Ordinary shares 120,111 120,111 120,111 120,111 120,111 120,111
ii)Preference shares 0 0 0 0 0 0
2.Reserves 882,979 1,062,064 1,144,062 677,796 833,606 809,523
i)Capital Reserve 27,534 27,534 27,534 27,534 147,534 177,534
ii)Revenue Reserve 855,445 1,034,530 1,116,528 650,262 686,072 631,989
of which: un-appropriated profit(loss) / retained earnings (70,555) 108,530 160,528 (365,738) (329,968) (384,011)
3.Surplus on revaluation of fixed assets 0 0 0 0 1,506,111 1,506,111
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 102,613 53,454 875,568 1,174,751 1,097,268 1,279,694
1.Long term borrowings 75,000 25,000 771,742 1,133,248 1,065,860 1,247,266
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 27,613 28,454 32,238 31,755 31,408 32,428
5.Other non-current liabilities 0 0 71,588 9,748 0 0
E.Current Liabilities (E1+E2+E3+E4) 720,872 385,374 919,225 1,116,784 1,182,643 1,079,298
1.Trade credit & other accounts payables 68,579 60,225 102,576 322,609 159,677 175,575
of which: i) Trade credits 39,021 30,000 48,379 267,973 62,419 56,678
2.Short term borrowings 547,402 224,666 696,911 595,003 485,353 471,172
3.Current portion of non-current liabilities 50,000 50,000 25,000 103,694 257,388 104,114
4.Other current liabilities 54,891 50,483 94,738 95,478 280,225 328,437
F.Operations:
1.Sales 3,860,292 4,707,035 5,807,237 4,878,366 4,609,540 4,539,679
i)Local sales (Net) 3,860,292 4,707,035 5,807,237 4,878,366 4,609,540 4,539,679
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,741,001 4,180,351 5,147,313 5,009,896 4,189,472 4,151,015
i)Cost of material 3,709,537 3,349,157 5,253,041 4,078,300 3,626,362 3,671,468
3.Gross profit / (loss) (F1-F2) 119,291 526,684 659,924 (131,530) 420,068 388,664
4.General, administrative and other expenses 188,484 218,241 280,018 249,290 242,825 254,510
i)Selling & distribution expenses 8,772 9,710 12,753 11,969 11,150 9,428
ii)Administrative and other expenses 179,712 208,531 267,265 237,321 231,675 245,082
5.Other income / (loss) 23,719 19,050 16,626 25,416 40,356 17,130
6.EBIT (F3-F4+F5) (45,474) 327,493 396,532 (355,404) 217,599 151,284
7.Financial expenses 98,671 47,543 74,571 55,803 129,610 138,785
of which: (i) Interest expenses 97,103 45,980 72,930 53,502 127,437 136,385
8.Profit / (loss) before taxation (F6-F7) (144,145) 279,950 321,961 (411,207) 87,989 12,499
9.Tax expenses (52,666) 100,494 179,049 (2,362) 54,746 70,950
10.Profit / (loss) after tax (F8-F9) (91,479) 179,456 142,912 (408,845) 33,243 (58,451)
11.Cash dividends 0 60,056 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (534,350) 593,754 (312,413) 155,704 89,766 159,771
2.Net cash flows from investing activities (17,935) (195,640) (810,102) (428,282) (211,979) (156,689)
3.Net cash flows from financing activities 473,424 (372,738) 1,134,176 278,612 96,600 19,219
H.Miscellaneous
1.Total capital employed (C+D) 1,105,703 1,235,629 2,139,741 1,972,658 3,557,096 3,715,439
2.Retention in business (F10-F11-F12) (91,479) 119,401 142,912 (408,845) 33,243 (58,451)
3.Depreciation for the year 74,626 68,255 65,708 61,335 54,425 30,301
4.Salaries, wages and employee benefits 305,422 342,279 441,334 405,212 390,608 417,371
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.37 3.81 2.46 -8.38 0.72 -1.29
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.37 2.73 2.48 1.59 1.18 0.95
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.61 10.41 6.11 -13.30 0.85 -1.23
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.54 1.58 1.91 2.98 2.40 1.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -8.62 16.42 11.68 -39.65 2.04 -2.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.62 14.94 11.90 -34.04 2.77 -4.87
184
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shakarganj Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,561,128 10,025,793 9,670,820 12,821,718 12,475,003 11,477,489
1.Capital work in progress 53,496 46,408 100,813 119,235 144,411 141,679
2.Operating fixed assets at cost 10,735,925 10,698,193 10,646,959 11,259,945 11,258,261 11,314,046
3.Operating fixed assets after deducting accumulated depreciation 9,545,987 8,941,152 8,386,457 10,706,426 10,109,369 9,603,953
4.Intangible assets 775 685 0 0 0 0
5.Long term investments 901,845 954,356 1,084,476 1,938,565 2,131,209 1,679,003
6.Other non-current assets 59,025 83,192 99,074 57,492 90,014 52,854
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,767,463 814,003 1,599,932 1,485,414 992,065 1,257,098
1.Cash & bank balance 1,528,456 18,640 5,255 28,271 83,702 8,099
2.Inventories; of which 804,951 347,650 1,115,847 1,028,311 576,860 615,116
i)Raw material 293,549 136,245 338,471 29,820 2,652 38,827
ii)Work in progress 6,419 12,489 12,540 7,958 20,724 16,100
iii)Finished goods 504,983 198,916 764,836 990,533 553,484 560,189
3.Trade Debt / accounts receivables 30,564 13,154 167,717 39,431 35,078 203,093
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 403,492 434,559 311,113 389,401 296,425 430,790
Total Assets (A+B) / Equity & Liabilities (C+D+E) 13,328,591 10,839,796 11,270,752 14,307,132 13,467,068 12,734,587
C.Shareholders' Equity (C1+C2+C3) 4,491,253 4,965,421 6,136,764 8,682,872 7,958,472 6,858,474
1.Issued, Subscribed & Paid up capital 695,238 1,100,000 1,250,000 1,250,000 1,250,000 1,250,000
i)Ordinary shares 695,238 1,100,000 1,250,000 1,250,000 1,250,000 1,250,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,407,048) (1,119,900) 166,858 607,468 351,612 (479,284)
i)Capital Reserve 0 57,205 47,055 0 0 0
ii)Revenue Reserve (1,407,048) (1,177,105) 119,803 607,468 351,612 (479,284)
of which: un-appropriated profit(loss) / retained earnings (2,303,988) (2,083,219) (1,606,671) (1,588,974) (1,861,115) (2,678,821)
3.Surplus on revaluation of fixed assets 5,203,063 4,985,321 4,719,906 6,825,404 6,356,860 6,087,758
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 864,353 1,307,067 1,171,986 1,572,164 1,338,240 1,309,268
1.Long term borrowings 0 491,213 405,767 442,703 128,291 223,350
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 160,503
5.Other non-current liabilities 864,353 815,854 766,219 1,129,461 1,209,949 925,415
E.Current Liabilities (E1+E2+E3+E4) 7,972,985 4,567,308 3,962,002 4,052,096 4,170,356 4,566,845
1.Trade credit & other accounts payables 3,737,147 3,230,484 2,059,100 1,663,125 2,028,140 2,808,451
of which: i) Trade credits 1,673,208 1,033,362 879,003 688,998 1,074,294 1,303,472
2.Short term borrowings 2,584,737 969,199 1,661,160 2,243,284 1,804,077 1,415,698
3.Current portion of non-current liabilities 1,034,356 147,543 123,707 97,703 256,453 245,419
4.Other current liabilities 616,745 220,082 118,035 47,984 81,686 97,277
F.Operations:
1.Sales 6,578,986 4,373,219 11,360,157 7,404,243 6,256,738 6,409,384
i)Local sales (Net) 3,867,126 3,859,794 9,233,252 4,635,910 4,389,571 5,831,922
ii)Export sales (Net) 2,711,860 513,425 2,126,905 2,768,333 1,867,167 577,462
2.Cost of sales 6,647,610 4,668,941 10,704,342 7,047,093 6,283,349 7,081,059
i)Cost of material 4,872,171 2,816,084 8,526,554 5,212,224 3,669,014 5,356,989
3.Gross profit / (loss) (F1-F2) (68,624) (295,722) 655,815 357,150 (26,611) (671,675)
4.General, administrative and other expenses 477,035 305,499 473,899 355,683 487,582 425,496
i)Selling & distribution expenses 174,258 55,965 161,084 31,322 137,699 66,676
ii)Administrative and other expenses 302,777 249,534 312,815 324,361 349,883 358,820
5.Other income / (loss) 741,131 752,312 337,928 357,158 70,757 265,315
6.EBIT (F3-F4+F5) 195,472 151,091 519,844 358,625 (443,436) (831,856)
7.Financial expenses 238,124 182,754 169,832 200,464 331,034 338,799
of which: (i) Interest expenses 232,111 178,415 150,194 165,851 318,519 289,422
8.Profit / (loss) before taxation (F6-F7) (42,652) (31,663) 350,012 158,161 (774,470) (1,170,655)
9.Tax expenses 100,104 (13,770) 139,193 172,169 (46,059) (173,072)
10.Profit / (loss) after tax (F8-F9) (142,756) (17,893) 210,819 (14,008) (728,411) (997,583)
11.Cash dividends 0 640,310 156,250 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,071,615 211,854 (1,589,749) (62,720) 685,075 285,242
2.Net cash flows from investing activities 394,002 417,687 43,337 (293,859) (34,541) (56,406)
3.Net cash flows from financing activities (32,153) (2,139,357) 1,533,027 379,595 (595,103) (304,439)
H.Miscellaneous
1.Total capital employed (C+D) 5,355,606 6,272,488 7,308,750 10,255,036 9,296,712 8,167,742
2.Retention in business (F10-F11-F12) (142,756) (658,203) 54,569 (14,008) (728,411) (997,583)
3.Depreciation for the year 633,833 582,804 534,478 499,496 615,605 569,363
4.Salaries, wages and employee benefits 564,658 431,216 621,362 623,226 695,892 716,688
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.17 -0.41 1.86 -0.19 -11.64 -15.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.51 0.36 1.03 0.58 0.45 0.49
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.11 -0.15 1.91 -0.11 -5.25 -7.61
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.82 2.56 1.99 1.73 1.67 1.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.13 -0.38 3.80 -0.19 -8.75 -13.47
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.05 -0.16 1.69 -0.11 -5.83 -7.98
185
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sindh Abadgar'S Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,354,715 2,013,366 1,934,020 2,804,556 2,606,151 2,397,428
1.Capital work in progress 76 22,820 54,178 15,900 68,543 64,303
2.Operating fixed assets at cost 2,122,987 2,906,889 2,986,073 4,074,014 4,077,645 4,100,482
3.Operating fixed assets after deducting accumulated depreciation 1,353,437 1,989,439 1,878,776 2,785,855 2,536,203 2,331,550
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,202 1,107 1,066 2,801 1,405 1,575
B.Current Assets (B1+B2+B3+B4+B5+B6) 868,488 594,957 1,558,721 646,227 891,378 919,262
1.Cash & bank balance 81,360 83,195 20,020 25,762 23,126 39,876
2.Inventories; of which 466,771 32,963 1,012,996 9,292 460,551 59,809
i)Raw material 0 0 0 0 0 0
ii)Work in progress 6,889 7,915 11,351 9,292 3,741 5,067
iii)Finished goods 459,883 25,048 1,001,645 0 456,810 54,742
3.Trade Debt / accounts receivables 550 27,343 105,621 252,395 0 435,254
4.Short term loans and advances 52,781 95,647 112,024 57,615 106,683 90,529
5.Short term investments 0 0 0 0 0 0
6.Other current assets 267,026 355,809 308,060 301,163 301,018 293,794
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,223,204 2,608,323 3,492,741 3,450,783 3,497,529 3,316,690
C.Shareholders' Equity (C1+C2+C3) 615,438 1,149,521 748,930 1,544,757 1,577,731 1,401,909
1.Issued, Subscribed & Paid up capital 104,250 104,250 104,250 104,250 104,250 104,250
i)Ordinary shares 104,250 104,250 104,250 104,250 104,250 104,250
ii)Preference shares 0 0 0 0 0 0
2.Reserves 107,721 130,021 (167,499) (35,742) 115,974 46,687
i)Capital Reserve 260,000 260,000 260,000 260,000 260,000 260,000
ii)Revenue Reserve (152,279) (129,979) (427,499) (295,742) (144,026) (213,313)
of which: un-appropriated profit(loss) / retained earnings (152,279) (129,979) (427,499) (295,742) (144,026) (213,313)
3.Surplus on revaluation of fixed assets 403,467 915,250 812,179 1,476,249 1,357,507 1,250,972
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 725,811 1,017,434 1,186,032 1,413,379 1,116,348 1,067,513
1.Long term borrowings 356,000 451,000 697,002 595,833 350,000 350,000
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 904 356 356 356 278 278
5.Other non-current liabilities 368,907 566,078 488,674 817,190 766,070 717,235
E.Current Liabilities (E1+E2+E3+E4) 881,954 441,368 1,557,779 492,647 803,450 847,268
1.Trade credit & other accounts payables 767,263 250,809 481,512 288,633 334,273 565,595
of which: i) Trade credits 195,217 191,307 283,996 262,196 211,728 248,494
2.Short term borrowings 0 0 878,678 0 338,349 209,355
3.Current portion of non-current liabilities 103,000 178,000 151,957 183,334 100,000 50,000
4.Other current liabilities 11,691 12,559 45,632 20,680 30,828 22,318
F.Operations:
1.Sales 2,100,603 3,160,907 2,015,772 4,216,372 2,211,305 3,025,752
i)Local sales (Net) 1,446,524 3,160,907 902,244 2,582,898 1,949,460 2,949,851
ii)Export sales (Net) 654,078 0 1,113,528 1,633,474 261,845 75,901
2.Cost of sales 2,017,880 3,015,525 2,274,930 3,867,186 1,876,976 2,940,402
i)Cost of material 2,079,311 2,405,751 3,109,361 2,759,746 2,128,356 2,419,919
3.Gross profit / (loss) (F1-F2) 82,723 145,382 (259,158) 349,186 334,329 85,350
4.General, administrative and other expenses 96,519 91,797 126,064 201,322 116,103 133,562
i)Selling & distribution expenses 7,581 5,096 18,917 89,511 6,142 16,878
ii)Administrative and other expenses 88,938 86,701 107,147 111,811 109,961 116,684
5.Other income / (loss) 38,946 40,695 65,507 93,741 21,430 47,046
6.EBIT (F3-F4+F5) 25,150 94,280 (319,715) 241,605 239,656 (1,166)
7.Financial expenses 72,272 92,966 135,137 116,133 198,464 164,983
of which: (i) Interest expenses 71,707 92,358 133,664 115,227 197,323 163,358
8.Profit / (loss) before taxation (F6-F7) (47,122) 1,314 (454,852) 125,472 41,192 (166,149)
9.Tax expenses (7,485) 26,351 (54,262) 57,261 (8,462) (753)
10.Profit / (loss) after tax (F8-F9) (39,637) (25,037) (400,590) 68,211 49,654 (165,396)
11.Cash dividends 0 0 0 16,680 10,425 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 85,157 (124,703) (1,056,736) 1,098,358 54,985 223,124
2.Net cash flows from investing activities (29,098) (43,463) (105,075) (144,146) (52,119) (18,172)
3.Net cash flows from financing activities 84,000 170,000 219,958 (69,792) (343,850) (59,208)
H.Miscellaneous
1.Total capital employed (C+D) 1,341,249 2,166,955 1,934,962 2,958,136 2,694,079 2,469,422
2.Retention in business (F10-F11-F12) (39,637) (25,037) (400,590) 51,531 39,229 (165,396)
3.Depreciation for the year 139,309 149,775 195,924 184,345 253,299 227,489
4.Salaries, wages and employee benefits 139,638 149,944 167,527 163,299 175,476 184,064
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.89 -0.79 -19.87 1.62 2.25 -5.47
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.99 1.31 0.66 1.21 0.64 0.89
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.86 -1.04 -13.13 1.96 1.43 -4.85
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.28 2.74 3.21 3.03 2.23 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -6.10 -2.84 -42.20 5.95 3.18 -11.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.80 -2.40 -38.43 6.54 4.76 -15.87
186
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tandlianwala Sugar Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 11,060,284 11,276,110 13,919,907 15,900,131 16,237,858 16,393,316
1.Capital work in progress 12,422 560,593 713,793 34,581 54,571 54,571
2.Operating fixed assets at cost 13,859,596 14,172,946 17,146,397 20,436,409 21,671,431 22,502,575
3.Operating fixed assets after deducting accumulated depreciation 10,941,621 10,686,598 13,082,041 15,683,153 16,100,858 16,114,374
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 106,241 28,919 124,073 182,397 82,429 224,371
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,980,907 4,927,452 11,928,201 13,330,504 7,354,754 7,004,541
1.Cash & bank balance 155,533 66,937 687,766 83,068 176,214 283,685
2.Inventories; of which 4,022,347 2,978,868 8,814,401 9,662,665 3,022,242 2,384,437
i)Raw material 2,530 44,359 873,609 546,093 425,236 1,108,733
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 4,019,816 2,934,509 7,940,792 9,116,572 2,597,006 1,275,704
3.Trade Debt / accounts receivables 233,927 21,247 20,114 25,328 314,759 5,809
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,569,101 1,860,400 2,405,920 3,559,443 3,841,539 4,330,610
Total Assets (A+B) / Equity & Liabilities (C+D+E) 17,041,191 16,203,562 25,848,108 29,230,635 23,592,612 23,397,857
C.Shareholders' Equity (C1+C2+C3) 4,876,408 5,729,820 6,180,004 6,953,254 9,997,078 9,846,234
1.Issued, Subscribed & Paid up capital 1,177,063 1,177,063 1,177,063 1,177,063 1,177,063 1,177,063
i)Ordinary shares 1,177,063 1,177,063 1,177,063 1,177,063 1,177,063 1,177,063
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,699,345 4,552,757 5,002,941 5,776,191 8,820,015 8,669,171
i)Capital Reserve 2,262,704 2,225,791 2,225,791 2,225,791 3,831,791 3,925,955
ii)Revenue Reserve 1,436,641 2,326,966 2,777,150 3,550,400 4,988,224 4,743,216
of which: un-appropriated profit(loss) / retained earnings 1,436,641 2,326,966 2,777,150 3,550,400 4,988,224 4,743,216
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,048,168 2,964,055 4,134,162 3,815,623 2,821,146 2,982,158
1.Long term borrowings 1,389,672 953,312 3,261,120 3,359,348 2,312,709 2,417,451
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 187,602 245,194 310,561 414,694 508,437 564,707
5.Other non-current liabilities 1,470,893 1,765,549 562,481 41,581 0 0
E.Current Liabilities (E1+E2+E3+E4) 9,116,615 7,509,687 15,533,942 18,461,758 10,774,388 10,569,465
1.Trade credit & other accounts payables 1,942,606 1,532,156 4,447,069 8,481,337 3,374,669 2,708,080
of which: i) Trade credits 376,202 483,271 1,045,716 916,944 854,154 632,316
2.Short term borrowings 6,518,818 5,259,369 10,196,025 8,523,390 5,513,273 6,160,656
3.Current portion of non-current liabilities 450,239 608,488 630,532 1,188,080 1,366,250 985,680
4.Other current liabilities 204,952 109,674 260,316 268,951 520,196 715,049
F.Operations:
1.Sales 16,520,294 18,675,054 13,903,985 17,522,464 27,295,875 21,271,885
i)Local sales (Net) 11,786,975 14,001,212 9,560,717 10,491,180 21,646,915 18,017,490
ii)Export sales (Net) 4,733,319 4,673,842 4,343,268 7,031,284 5,648,960 3,254,395
2.Cost of sales 14,301,181 16,258,134 11,769,616 14,665,516 23,142,769 19,430,945
i)Cost of material 12,565,856 13,442,643 15,639,038 13,139,706 13,892,919 16,438,534
3.Gross profit / (loss) (F1-F2) 2,219,113 2,416,920 2,134,369 2,856,948 4,153,106 1,840,940
4.General, administrative and other expenses 684,179 731,135 821,177 995,532 1,038,746 863,401
i)Selling & distribution expenses 298,156 306,351 350,893 452,932 406,649 313,628
ii)Administrative and other expenses 386,023 424,784 470,284 542,600 632,097 549,773
5.Other income / (loss) 70,303 108,495 36,246 79,728 65,485 97,730
6.EBIT (F3-F4+F5) 1,605,237 1,794,280 1,349,438 1,941,144 3,179,845 1,075,269
7.Financial expenses 1,021,444 860,644 888,312 1,091,933 1,499,646 1,064,328
of which: (i) Interest expenses 991,511 840,811 868,910 1,056,572 1,481,856 1,036,979
8.Profit / (loss) before taxation (F6-F7) 583,794 933,636 461,126 849,211 1,680,199 10,941
9.Tax expenses (7,833) 35,670 (9,634) 41,566 234,276 292,666
10.Profit / (loss) after tax (F8-F9) 591,627 897,966 470,760 807,645 1,445,923 (281,725)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,402,113 2,305,378 (3,545,632) 3,620,223 3,503,381 559,200
2.Net cash flows from investing activities (1,536,665) (840,448) (2,596,525) (2,119,526) (1,137,648) (662,904)
3.Net cash flows from financing activities 313,705 (1,553,615) 6,702,922 (2,045,394) (2,272,090) 211,175
H.Miscellaneous
1.Total capital employed (C+D) 7,924,576 8,693,875 10,314,166 10,768,877 12,818,224 12,828,392
2.Retention in business (F10-F11-F12) 591,627 897,966 470,760 807,645 1,445,923 (281,725)
3.Depreciation for the year 519,820 569,349 581,202 690,667 818,616 823,248
4.Salaries, wages and employee benefits 563,777 665,484 827,030 877,552 993,759 921,296
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.58 4.81 3.39 4.61 5.30 -1.32
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.99 1.12 0.66 0.64 1.03 0.91
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.53 5.40 2.24 2.93 5.47 -1.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.60 3.13 3.53 4.19 3.12 2.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.71 16.93 7.91 12.30 17.06 -2.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.03 7.63 4.00 6.86 12.28 -2.39
187
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The Premier Sugar Mills & Distillery Co. Ltd. (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,497,519 1,328,521 1,493,750 1,399,585 1,265,092 1,600,476
1.Capital work in progress 604 0 0 0 105,566 0
2.Operating fixed assets at cost 1,190,680 1,194,878 1,198,622 1,109,369 1,198,969 1,200,004
3.Operating fixed assets after deducting accumulated depreciation 1,015,338 927,819 1,014,332 921,214 837,371 1,403,441
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 201,047 199,801 198,660 197,613 196,653 195,772
6.Other non-current assets 280,530 200,901 280,758 280,758 125,502 1,263
B.Current Assets (B1+B2+B3+B4+B5+B6) 867,444 552,744 951,456 790,651 659,157 429,988
1.Cash & bank balance 56,014 55,387 53,602 51,720 53,274 52,563
2.Inventories; of which 582,721 172,212 644,205 371,602 420,358 187,760
i)Raw material 0 0 0 0 0 0
ii)Work in progress 2,711 2,588 3,370 2,117 3,003 7,832
iii)Finished goods 580,010 169,624 640,835 369,485 417,355 179,928
3.Trade Debt / accounts receivables 27,396 28,855 2,061 178,054 0 16,883
4.Short term loans and advances 31,505 50,715 55,044 14,423 6,842 4,451
5.Short term investments 0 0 0 0 0 0
6.Other current assets 169,808 245,575 196,544 174,852 178,683 168,331
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,364,963 1,881,265 2,445,206 2,190,236 1,924,249 2,030,464
C.Shareholders' Equity (C1+C2+C3) 1,352,350 1,203,899 1,181,014 992,816 993,464 1,324,441
1.Issued, Subscribed & Paid up capital 37,500 37,500 37,500 37,500 37,500 37,500
i)Ordinary shares 37,500 37,500 37,500 37,500 37,500 37,500
ii)Preference shares 0 0 0 0 0 0
2.Reserves 750,335 640,273 535,738 389,720 436,402 429,765
i)Capital Reserve 0 1 1 1 1 1
ii)Revenue Reserve 750,335 640,272 535,737 389,719 436,401 429,764
of which: un-appropriated profit(loss) / retained earnings (149,666) (259,728) (364,263) (510,281) (463,599) (470,236)
3.Surplus on revaluation of fixed assets 564,515 526,126 607,776 565,596 519,562 857,176
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 275,128 150,724 83,160 17,144 31,774 192,939
1.Long term borrowings 203,384 136,576 71,034 3,009 2,283 25,707
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 13,764 14,148 12,126 14,135 15,139 18,479
5.Other non-current liabilities 57,980 0 0 0 14,352 148,753
E.Current Liabilities (E1+E2+E3+E4) 737,485 526,642 1,181,032 1,180,276 899,011 513,084
1.Trade credit & other accounts payables 48,594 42,416 237,045 114,237 185,447 166,763
of which: i) Trade credits 20,965 14,854 17,253 14,747 20,547 12,960
2.Short term borrowings 668,000 379,670 826,306 945,384 653,000 290,000
3.Current portion of non-current liabilities 2,249 69,741 69,438 68,995 1,980 18,876
4.Other current liabilities 18,642 34,815 48,243 51,660 58,584 37,445
F.Operations:
1.Sales 225,479 1,470,677 892,219 1,262,508 1,072,460 938,404
i)Local sales (Net) 225,479 1,470,677 892,219 1,262,508 1,072,460 709,974
ii)Export sales (Net) 0 0 0 0 0 228,430
2.Cost of sales 192,385 1,614,636 1,013,798 1,329,872 931,724 942,163
i)Cost of material 327,630 894,215 1,175,200 734,366 661,088 454,898
3.Gross profit / (loss) (F1-F2) 33,094 (143,959) (121,579) (67,364) 140,736 (3,759)
4.General, administrative and other expenses 55,185 82,787 69,671 77,130 74,287 72,305
i)Selling & distribution expenses 841 20,338 5,117 12,548 7,928 13,910
ii)Administrative and other expenses 54,344 62,449 64,554 64,582 66,359 58,395
5.Other income / (loss) 117,627 94,080 97,578 63,506 83,610 123,212
6.EBIT (F3-F4+F5) 95,536 (132,666) (93,672) (80,988) 150,059 47,148
7.Financial expenses 88,973 62,864 78,259 85,525 119,189 95,618
of which: (i) Interest expenses 87,664 61,725 76,804 83,768 117,595 94,357
8.Profit / (loss) before taxation (F6-F7) 6,563 (195,530) (171,931) (166,513) 30,870 (48,470)
9.Tax expenses (9,459) (45,737) (24,753) 29,222 30,686 279
10.Profit / (loss) after tax (F8-F9) 16,022 (149,793) (147,178) (195,735) 184 (48,749)
11.Cash dividends 7,500 7,500 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (221,090) 311,731 (394,981) (13,870) 418,767 208,856
2.Net cash flows from investing activities 43,675 51,316 79,110 42,264 (54,879) 82,458
3.Net cash flows from financing activities 175,712 (363,674) 314,086 (30,276) (362,334) (292,025)
H.Miscellaneous
1.Total capital employed (C+D) 1,627,478 1,354,623 1,264,174 1,009,960 1,025,238 1,517,380
2.Retention in business (F10-F11-F12) 8,522 (157,293) (147,178) (195,735) 184 (48,749)
3.Depreciation for the year 104,418 95,104 86,037 94,981 85,578 83,831
4.Salaries, wages and employee benefits 135,561 145,058 171,510 185,680 182,395 135,999
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.11 -10.19 -16.50 -15.50 0.02 -5.19
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.10 0.69 0.41 0.54 0.52 0.47
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.72 -7.06 -6.80 -8.45 0.01 -2.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.67 1.66 1.81 2.13 2.07 1.71
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.20 -11.72 -12.34 -18.01 0.02 -4.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.27 -39.94 -39.25 -52.20 0.05 -13.00
188
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The Thal Industries Corporation Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,526,958 3,223,917 3,940,384 4,511,732 4,919,569 4,957,815
1.Capital work in progress 33,978 211,823 595,537 104,940 678,137 26,729
2.Operating fixed assets at cost 4,254,157 4,985,578 5,597,163 7,052,764 7,294,750 8,364,233
3.Operating fixed assets after deducting accumulated depreciation 2,482,515 2,967,584 3,281,102 4,352,221 4,201,221 4,913,464
4.Intangible assets 0 0 20,597 14,980 9,362 3,745
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,465 44,510 43,148 39,591 30,849 13,877
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,822,311 3,564,768 4,908,410 5,702,867 4,342,857 3,653,803
1.Cash & bank balance 32,877 58,574 76,643 172,896 165,553 468,656
2.Inventories; of which 1,253,863 1,508,712 2,797,126 2,937,537 1,542,450 983,869
i)Raw material 0 0 0 0 0 0
ii)Work in progress 5,683 5,621 4,216 6,779 4,723 12,395
iii)Finished goods 1,248,180 1,503,091 2,792,910 2,930,758 1,537,727 971,474
3.Trade Debt / accounts receivables 302,753 625,127 404,821 1,270,683 903,640 679,686
4.Short term loans and advances 289,168 452,539 422,536 316,102 502,442 370,596
5.Short term investments 0 0 0 0 0 0
6.Other current assets 943,650 919,816 1,207,284 1,005,649 1,228,772 1,150,996
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,349,269 6,788,685 8,848,794 10,214,599 9,262,426 8,611,618
C.Shareholders' Equity (C1+C2+C3) 1,304,708 1,889,921 2,333,733 1,885,557 2,223,824 3,472,404
1.Issued, Subscribed & Paid up capital 150,232 150,232 150,232 150,232 150,232 150,232
i)Ordinary shares 150,232 150,232 150,232 150,232 150,232 150,232
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,154,476 1,739,689 2,183,501 1,735,325 2,073,592 3,322,172
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 1,154,476 1,739,689 2,183,501 1,735,325 2,073,592 3,322,172
of which: un-appropriated profit(loss) / retained earnings 1,060,676 1,645,889 2,089,701 1,641,525 1,979,792 3,228,372
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,448,545 1,743,660 2,145,997 2,222,187 2,068,429 1,741,126
1.Long term borrowings 1,147,137 892,159 1,129,445 1,375,184 1,271,871 869,012
2.Subordinated loans / Sponsor's loans 0 574,800 574,800 574,800 574,800 574,800
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 67,272 77,020 111,345 135,186 155,947 155,258
5.Other non-current liabilities 234,136 199,681 330,407 137,017 65,811 142,056
E.Current Liabilities (E1+E2+E3+E4) 2,596,016 3,155,104 4,369,064 6,106,855 4,970,173 3,398,088
1.Trade credit & other accounts payables 283,230 469,461 1,162,472 1,824,941 1,740,022 1,843,671
of which: i) Trade credits 105,306 147,900 337,508 252,879 234,644 234,644
2.Short term borrowings 1,891,779 2,143,221 2,555,849 3,552,334 2,322,965 730,825
3.Current portion of non-current liabilities 229,453 333,563 455,785 477,987 438,631 470,661
4.Other current liabilities 191,554 208,859 194,958 251,593 468,555 352,931
F.Operations:
1.Sales 11,244,798 10,673,418 14,918,562 14,104,443 14,359,613 16,220,378
i)Local sales (Net) 10,283,632 10,380,635 14,800,542 12,585,365 12,480,269 16,220,378
ii)Export sales (Net) 961,166 292,783 118,020 1,519,078 1,879,344 0
2.Cost of sales 10,321,392 9,331,263 13,075,580 13,735,161 12,621,318 13,460,624
i)Cost of material 8,232,440 8,545,452 13,053,169 12,271,552 9,355,160 11,016,854
3.Gross profit / (loss) (F1-F2) 923,406 1,342,155 1,842,982 369,282 1,738,295 2,759,754
4.General, administrative and other expenses 369,385 448,845 603,639 556,996 778,423 902,693
i)Selling & distribution expenses 110,097 99,641 161,753 147,866 266,668 144,328
ii)Administrative and other expenses 259,288 349,204 441,886 409,130 511,755 758,365
5.Other income / (loss) 185,844 94,614 47,787 521,022 310,786 516,138
6.EBIT (F3-F4+F5) 739,865 987,924 1,287,130 333,308 1,270,658 2,373,199
7.Financial expenses 425,142 321,374 345,608 486,448 728,082 775,925
of which: (i) Interest expenses 419,641 317,327 333,345 480,834 714,419 756,347
8.Profit / (loss) before taxation (F6-F7) 314,723 666,550 941,522 (153,140) 542,576 1,597,274
9.Tax expenses 53,705 6,368 233,126 7,311 200,276 333,503
10.Profit / (loss) after tax (F8-F9) 261,018 660,182 708,396 (160,451) 342,300 1,263,771
11.Cash dividends 88,937 75,116 283,338 0 22,535 45,070
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,169,489 390,070 400,654 125,669 2,253,962 2,858,956
2.Net cash flows from investing activities (376,457) (948,282) (1,000,861) (941,872) (815,194) (440,843)
3.Net cash flows from financing activities (991,064) 583,909 618,276 912,456 (1,446,111) (2,115,010)
H.Miscellaneous
1.Total capital employed (C+D) 2,753,253 3,633,581 4,479,730 4,107,744 4,292,253 5,213,530
2.Retention in business (F10-F11-F12) 172,081 585,066 425,058 (160,451) 319,765 1,218,701
3.Depreciation for the year 220,896 252,040 298,190 393,181 433,146 507,283
4.Salaries, wages and employee benefits 443,805 505,687 710,951 692,042 766,500 969,504
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.32 6.19 4.75 -1.14 2.38 7.79
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.93 1.76 1.91 1.48 1.47 1.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.47 10.88 9.06 -1.68 3.51 14.14
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.91 3.80 3.70 4.52 4.74 3.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.98 41.33 33.54 -7.61 16.66 44.37
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 17.37 43.94 47.15 -10.68 22.78 84.12
189
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Food Sector

Performance at Glance
Assets of other food sector improved with YoY growth of 9.58 percent or with an amount of
Rs 21.54 billion during FY20. Shareholders’ equity increased by 9.38 percent over the
previous year to stand at Rs 77.87 billion during FY20. Total liabilities of the food sector
grew by Rs 14.86 billion or 9.68 percent during FY20 over FY19 to reach Rs 168.40 billion
in current year. Sales of the sector increased by 11.66 percent and reached at Rs 363.35
billion during current year. Export sales, which constitute 8.76 percent share of total sales in
FY20 increased by 39.78 percent over FY19. Profit before taxation and profit after taxation
showed increase of 20.19 percent and 39.75 percent respectively during current year over
previous year.

Assets
Non-current assets of the sector reached to Rs 123.05 billion in FY20 with an increase of Rs
8.53 billion or 7.45 percent over FY19. Components of non-current assets reveals that long-
term investments and capital work in progress increased significantly by 57.09 percent and
15.46 percent during FY20 over FY19 respectively. Operating fixed assets after deducting
accumulated depreciation constituting 78.27 percent share of non-current assets in the current
year, depicted YoY increase of 1.45 percent in FY20 when compared with FY19.
Current Assets Non-Current Assets
FY19 FY20 FY19 FY20
60 55.51 120
52.51
94.94 96.31
50 100

40 80
billion Rs

billion Rs

30 60
21.53
17.57
20 13.64 40
9.94
10 4.893.00 20 10.49 12.11
1.781.48 3.185.00
0 0
Cash/bank Inventories Trade debt Short term Capital work Oper. fixed Intangible Long term
balance loans and in progress assets minus assets investments
advances accc. Dep

Current assets increased to Rs 123.22 billion in FY20 with a YoY growth of 11.81 percent
over FY19. Short-term investment recorded an increase of Rs 3.18 billion during FY20 over
FY19. Inventories increased from Rs 52.51 billion in FY19 to Rs 55.51 billion in FY20
showing growth of 5.72 percent over FY19. Trade debt and cash & bank balances also
showed 22.57 percent and 37.21 percent YoY growth during FY20 over FY19 respectively.

Shareholders’ Equity and Liabilities

Total shareholders’ equity touched Rs 77.87 billion in FY20 from Rs 71.20 billion in FY19
showing a YoY increase of Rs 6.68 billion or 9.38 percent. Issued and paid up capital (I &
PC), increased with YoY growth of 12.35 percent or Rs 3.29 billion during FY20 as compare
to FY19. Reserves increased with YoY growth of 5.49 percent during FY20 over FY19 of
which, capital reserves and revenue reserves increased by 3.63 percent and 6.13 percent
respectively in FY20 over previous year. Surplus on revaluation of fixed assets (SRFA) also
showed YoY increase of 20.49 percent during FY20 over FY19.

190
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Total liabilities increased from Rs 153.33 billion in FY19 to Rs 168.40 billion in FY20
reflecting a YoY growth of 9.68 percent during FY20. Non–current liabilities constitute 30.21
percent share of total liabilities in FY20, witnessed a YoY increase of 68.51 percent from Rs
30.19 billion in FY19 to Rs 50.87 billion in FY20.

Current Liabilities Non-Current Liabilities

FY19 FY20 Growth(RHS) FY19 FY20 Growth(RHS)
140 80 45 150
72.41
120 40 105.83
60 100
35
100
40 30 50

billion Rs
billion Rs

percent
80 25 12.76

percent
17.99 20 0.21 0
60 20
0 15 -50
40 -4.72
10
-15.50 -20 -100.00 -100
20 5
-33.45 0 -150
0 -40
long term…

borrowings

Sponsor's loans

Employees

obligations

Other non-
Long term
portion of

Other current

liabilities
Subordinated
Trade credits

Borrowings
liabilities

Current

current
benefit
Current

liabilities

loans /
On the other hand, current liabilities (CL) showed a YoY decrease of Rs 5.82 billion or 4.72
percent during FY20, from Rs 123.34 billion in FY19 to Rs 117.52 billion in FY20. Trade
credit & other accounts payable increased by Rs 9.91 billion or 17.99 percent to touch Rs
64.99 billion in FY20. Short-term borrowing decreased from Rs 53.63 billion in FY19 to Rs
35.69 billion in FY20 posted a significant YoY decrease in growth by 33.45 percent during
FY20.

Composition of Operations & Ratio Analysis

A rise of 11.66 percent or Rs 37.94 billion was recorded in overall sales of other food sector
of which Rs 28.89 billion raise was
against local sales which constitute Ratio Analysis
91.24 percent share of total sales FY19 FY20
during FY20. Cost of sales increased 30
by Rs 31.90 billion or 12.83 percent in 25.38
the current year to stand at Rs 280.44 25

billion during FY20. Gross profit 19.27

20
reached to Rs 82.90 billion, showing a
percent

YoY increase of 7.86 percent during 15

FY20. Financial expenses increased 10 8.03
and tax expenses decreased by 4.71 5.21 6.25
4.16
percent and 9.14 percent during FY20 5 3.08 3.16
1.50 1.54
over FY19. Profit before and after tax 0
showed an increase of 20.19 percent Net profit Asset Return on Financial Return on
and 39.75 percent respectively in FY20 margin turnover assets leverage equity
when compared with FY19.
Net profit margin ratio increased from 4.16 in FY19 to 5.21 in FY20. Return on assets (ROA)
and return on equity (ROE) were 6.25 percent and 19.27 percent in FY19 and increased to
8.03 percent and 25.38 in FY20 respectively.

191
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Food Sector - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 72,654,081 85,436,013 95,332,736 109,326,110 114,519,199 123,047,747
1.Capital work in progress 4,552,219 10,061,287 11,229,387 11,479,337 10,491,366 12,113,631
2.Operating fixed assets at cost 98,396,739 111,281,407 126,173,516 152,069,114 165,732,422 178,288,652
3.Operating fixed assets after deducting accumulated depreciation 62,433,791 68,221,727 76,022,075 88,059,807 94,936,144 96,308,102
4.Intangible assets 228,679 241,654 797,650 1,006,135 1,780,724 1,481,088
5.Long term investments 3,452,987 4,276,642 4,137,228 3,814,298 3,183,708 5,001,195
6.Other non-current assets 1,986,405 2,634,703 3,146,396 4,966,533 4,127,257 8,143,731
B.Current Assets (B1+B2+B3+B4+B5+B6) 61,084,798 69,716,163 76,101,145 99,049,679 110,212,310 123,223,950
1.Cash & bank balance 7,617,958 8,261,121 8,328,305 10,424,634 9,937,488 13,635,617
2.Inventories; of which 28,082,831 33,677,126 37,392,656 48,782,090 52,511,555 55,513,573
i)Raw material 16,157,752 21,033,377 25,025,351 33,532,123 33,904,397 35,656,143
ii)Work in progress 2,414,274 3,161,859 2,789,910 3,850,175 4,055,592 4,045,088
iii)Finished goods 8,885,626 8,595,070 8,139,414 9,812,767 12,854,457 14,503,581
3.Trade Debt / accounts receivables 4,838,588 6,519,891 8,227,045 12,955,802 17,567,020 21,531,357
4.Short term loans and advances 595,547 1,574,718 2,144,385 3,538,853 4,885,900 2,995,599
5.Short term investments 1,200,974 1,655,632 1,369,897 1,257,781 1,356,932 4,533,106
6.Other current assets 18,748,900 18,027,675 18,638,857 22,090,519 23,953,415 25,014,698
Total Assets (A+B) / Equity & Liabilities (C+D+E) 133,738,879 155,152,176 171,433,881 208,375,789 224,731,509 246,271,697
C.Shareholders' Equity (C1+C2+C3) 59,682,882 67,966,633 58,798,500 69,310,807 71,198,921 77,874,760
1.Issued, Subscribed & Paid up capital 11,194,552 13,437,741 17,719,007 22,191,238 26,678,689 29,972,834
i)Ordinary shares 11,194,552 13,437,741 17,719,007 22,191,238 26,678,689 29,972,834
ii)Preference shares 0 0 0 0 0 0
2.Reserves 44,911,391 50,840,772 35,834,675 40,772,602 38,258,504 40,357,313
i)Capital Reserve 2,832,211 7,354,697 6,508,820 9,027,962 8,933,226 9,233,680
ii)Revenue Reserve 42,079,180 43,486,075 29,325,855 31,744,640 29,325,278 31,123,633
of which: un-appropriated profit(loss) / retained earnings 40,208,632 41,396,309 23,548,034 29,201,299 26,422,646 28,379,698
3.Surplus on revaluation of fixed assets 3,576,939 3,688,120 5,244,818 6,346,967 6,261,728 7,544,613
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 21,530,133 19,539,584 35,429,451 34,960,231 30,189,891 50,874,490
1.Long term borrowings 13,336,341 10,894,144 25,593,708 25,084,410 19,914,111 40,988,559
2.Subordinated loans / Sponsor's loans 602,152 902,152 902,152 915,358 915,358 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,620,598 1,907,548 2,339,650 3,089,339 4,031,071 4,545,295
5.Other non-current liabilities 5,971,042 5,835,740 6,593,941 5,871,124 5,329,351 5,340,636
E.Current Liabilities (E1+E2+E3+E4) 52,525,864 67,645,959 77,205,930 104,104,749 123,342,697 117,522,446
1.Trade credit & other accounts payables 30,904,503 41,528,582 47,295,198 56,042,004 55,084,509 64,993,051
of which: i) Trade credits 9,252,764 15,545,846 23,082,806 30,038,153 30,981,157 36,465,527
2.Short term borrowings 12,384,390 18,227,626 23,979,554 39,925,904 53,626,102 35,689,478
3.Current portion of non-current liabilities 7,477,931 4,186,137 3,359,942 4,773,344 9,540,663 8,061,961
4.Other current liabilities 1,759,040 3,703,614 2,571,236 3,363,497 5,091,423 8,777,956
F.Operations:
1.Sales 232,703,897 253,374,193 266,878,277 294,201,855 325,405,285 363,345,791
i)Local sales (Net) 223,008,668 240,461,881 255,625,022 275,658,927 302,644,190 331,530,750
ii)Export sales (Net) 9,695,229 12,912,312 11,253,255 18,542,928 22,761,095 31,815,041
2.Cost of sales 165,650,149 177,356,127 187,842,768 214,531,949 248,546,491 280,444,329
i)Cost of material 123,700,305 132,715,157 142,638,340 160,568,303 191,539,112 216,739,150
3.Gross profit / (loss) (F1-F2) 67,053,748 76,018,066 79,035,509 79,669,906 76,858,794 82,901,462
4.General, administrative and other expenses 37,793,994 43,982,853 46,815,803 49,110,799 48,644,794 50,212,145
i)Selling & distribution expenses 28,213,890 33,453,348 35,644,828 36,220,609 34,126,149 35,079,881
ii)Administrative and other expenses 9,580,104 10,529,505 11,170,975 12,890,190 14,518,645 15,132,264
5.Other income / (loss) 1,564,709 1,947,780 2,179,447 2,820,613 2,985,740 3,472,395
6.EBIT (F3-F4+F5) 30,824,463 33,982,993 34,399,153 33,379,720 31,199,740 36,161,712
7.Financial expenses 3,669,782 2,599,272 3,067,203 4,720,292 8,634,731 9,041,361
of which: (i) Interest expenses 3,251,795 2,299,986 2,654,750 4,374,948 8,245,124 8,576,828
8.Profit / (loss) before taxation (F6-F7) 27,154,681 31,383,721 31,331,950 28,659,428 22,565,009 27,120,351
9.Tax expenses 7,919,760 9,267,331 9,500,461 8,769,898 9,028,602 8,203,307
10.Profit / (loss) after tax (F8-F9) 19,234,921 22,116,390 21,831,489 19,889,530 13,536,407 18,917,044
11.Cash dividends 5,337,478 17,980,313 7,730,841 8,580,029 21,755,087 14,640,467
12.Bonus shares / stock dividends 0 617,902 0 215,985 233,000 819,267
G.Statement of Cash Flows
1.Net cash flows from operating activities 28,615,288 34,938,537 28,437,947 25,013,247 19,723,426 43,323,021
2.Net cash flows from investing activities (8,788,423) (14,911,049) (13,917,187) (15,156,878) (14,387,073) (16,698,963)
3.Net cash flows from financing activities (16,594,385) (22,464,081) (13,233,387) (15,090,660) (11,048,717) (7,196,759)
H.Miscellaneous
1.Total capital employed (C+D) 81,213,015 87,506,217 94,227,951 104,271,038 101,388,812 128,749,250
2.Retention in business (F10-F11-F12) 13,897,443 3,518,175 14,100,648 11,093,516 (8,451,680) 3,457,310
3.Depreciation for the year 7,057,565 7,808,734 8,229,266 9,324,302 10,111,564 12,178,930
4.Salaries, wages and employee benefits 18,580,135 22,167,595 24,617,314 28,750,751 30,859,266 33,235,164
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.27 8.73 8.18 6.76 4.16 5.21
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.79 1.75 1.63 1.55 1.50 1.54
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 14.76 15.31 13.37 10.47 6.25 8.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.37 2.26 2.58 2.96 3.08 3.16
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 34.98 34.65 34.44 31.05 19.27 25.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 17.18 16.46 11.97 8.96 5.07 6.31
192
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Shaheer Corporation (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 2,783,266 3,624,557 5,020,851 5,308,477 2,661,606
1.Capital work in progress - 1,478,453 2,276,170 2,983,149 3,297,393 7,400
2.Operating fixed assets at cost - 1,342,841 1,414,370 2,054,922 2,046,471 4,120,753
3.Operating fixed assets after deducting accumulated depreciation - 1,171,895 1,165,963 1,822,270 1,737,336 999,930
4.Intangible assets - 3,840 4,861 5,217 3,913 0
5.Long term investments - 0 0 0 74,593 0
6.Other non-current assets - 129,078 177,563 210,215 195,242 1,654,276
B.Current Assets (B1+B2+B3+B4+B5+B6) - 2,217,545 2,192,899 2,336,596 2,292,674 584,713
1.Cash & bank balance - 25,216 28,687 52,462 20,052 73,240
2.Inventories; of which - 167,654 116,618 107,959 84,453 188,231
i)Raw material - 118,697 91,867 83,980 73,816 7,566
ii)Work in progress - 0 0 0 0 173,383
iii)Finished goods - 48,957 24,751 23,979 10,637 7,283
3.Trade Debt / accounts receivables - 1,096,688 1,191,151 1,211,970 1,480,172 84,280
4.Short term loans and advances - 426,607 499,314 568,422 283,161 67,794
5.Short term investments - 215,893 566 590 626 4,619
6.Other current assets - 285,487 356,563 395,193 424,210 166,549
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 5,000,811 5,817,456 7,357,447 7,601,151 3,246,319
C.Shareholders' Equity (C1+C2+C3) - 3,848,901 3,807,829 4,418,064 4,609,368 2,404,967
1.Issued, Subscribed & Paid up capital - 1,235,804 1,421,175 1,421,175 1,421,175 1,613,337
i)Ordinary shares - 1,235,804 1,421,175 1,421,175 1,421,175 1,613,337
ii)Preference shares - 0 0 0 0 0
2.Reserves - 2,416,019 2,199,732 2,144,750 2,363,999 791,630
i)Capital Reserve - 1,722,503 1,531,612 1,528,314 1,514,795 209,472
ii)Revenue Reserve - 693,516 668,120 616,436 849,204 582,158
of which: un-appropriated profit(loss) / retained earnings - 693,516 668,120 616,436 849,204 582,158
3.Surplus on revaluation of fixed assets - 197,078 186,922 852,139 824,194 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 57,849 443,940 767,716 664,166 198,930
1.Long term borrowings - 29,552 400,414 708,077 590,780 133,799
2.Subordinated loans / Sponsor's loans - 0 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0 0
4.Employees benefit obligations - 28,297 43,526 59,639 73,386 65,131
5.Other non-current liabilities - 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - 1,094,061 1,565,687 2,171,667 2,327,617 642,422
1.Trade credit & other accounts payables - 315,048 455,068 566,386 745,518 274,422
of which: i) Trade credits - 176,394 358,775 453,287 519,876 174,624
2.Short term borrowings - 734,583 1,044,918 1,123,374 1,074,360 301,836
3.Current portion of non-current liabilities - 33,189 40,416 179,183 353,416 55,653
4.Other current liabilities - 11,241 25,285 302,724 154,323 10,511
F.Operations:
1.Sales - 6,895,580 6,396,642 5,373,148 4,188,673 3,107,325
i)Local sales (Net) - 2,040,146 6,396,642 5,373,148 4,188,673 3,107,325
ii)Export sales (Net) - 4,855,434 0 0 0 0
2.Cost of sales - 5,067,517 4,869,940 4,151,927 2,951,079 2,307,192
i)Cost of material - 4,830,145 4,602,739 3,931,743 2,741,223 1,883,275
3.Gross profit / (loss) (F1-F2) - 1,828,063 1,526,702 1,221,221 1,237,594 800,133
4.General, administrative and other expenses - 1,508,928 1,483,527 1,313,049 1,067,340 635,500
i)Selling & distribution expenses - 0 39,926 69,617 32,366 264,883
ii)Administrative and other expenses - 1,508,928 1,443,601 1,243,432 1,034,974 370,617
5.Other income / (loss) - 69,638 18,492 115,527 227,822 7,622
6.EBIT (F3-F4+F5) - 388,773 61,667 23,699 398,076 172,255
7.Financial expenses - 53,867 81,204 56,032 156,281 53,652
of which: (i) Interest expenses - 7,536 1,651 1,823 140,951 52,345
8.Profit / (loss) before taxation (F6-F7) - 334,906 (19,537) (32,333) 241,795 118,603
9.Tax expenses - (22,638) 12,535 22,376 41,840 63,719
10.Profit / (loss) after tax (F8-F9) - 357,544 (32,072) (54,709) 199,955 54,884
11.Cash dividends - 0 0 0 0 59,693
12.Bonus shares / stock dividends - 617,902 0 0 0 161,334
G.Statement of Cash Flows
1.Net cash flows from operating activities - (469,492) 351,692 293,456 505,805 11,212
2.Net cash flows from investing activities - (1,711,576) (653,188) (768,784) (420,819) (330,062)
3.Net cash flows from financing activities - 393,930 304,967 499,103 (117,396) 118,003
H.Miscellaneous
1.Total capital employed (C+D) - 3,906,750 4,251,769 5,185,780 5,273,534 2,603,897
2.Retention in business (F10-F11-F12) - (260,358) (32,072) (54,709) 199,955 (166,143)
3.Depreciation for the year - 71,193 78,682 76,680 80,848 62,685
4.Salaries, wages and employee benefits - 348,416 434,157 390,628 362,569 266,465
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 5.19 -0.50 -1.02 4.77 1.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 1.38 1.18 0.82 0.56 0.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 7.15 -0.59 -0.83 2.67 1.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.30 1.41 1.60 1.66 1.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 9.29 -0.84 -1.33 4.43 1.56
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.89 -0.23 -0.38 1.41 0.34
193
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Tahur Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,642,607 2,235,909 2,661,606
1.Capital work in progress - 230,979 79,427 7,400
2.Operating fixed assets at cost - 3,181,040 3,851,171 4,120,753
3.Operating fixed assets after deducting accumulated depreciation - 629,874 965,855 999,930
4.Intangible assets - 0 0 0
5.Long term investments - 0 0 0
6.Other non-current assets - 781,754 1,190,627 1,654,276
B.Current Assets (B1+B2+B3+B4+B5+B6) - 854,093 687,544 584,713
1.Cash & bank balance - 464,915 274,087 73,240
2.Inventories; of which - 84,734 126,280 188,231
i)Raw material - 1,195 253 7,566
ii)Work in progress - 80,603 132,283 173,383
iii)Finished goods - 2,936 5,134 7,283
3.Trade Debt / accounts receivables - 74,527 73,773 84,280
4.Short term loans and advances - 69,737 49,496 67,794
5.Short term investments - 0 0 4,619
6.Other current assets - 160,180 163,908 166,549
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 2,496,700 2,923,453 3,246,319
C.Shareholders' Equity (C1+C2+C3) - 1,850,864 2,404,020 2,404,967
1.Issued, Subscribed & Paid up capital - 1,100,000 1,466,670 1,613,337
i)Ordinary shares - 1,100,000 1,466,670 1,613,337
ii)Preference shares - 0 0 0
2.Reserves - 750,864 937,350 791,630
i)Capital Reserve - 419,200 356,139 209,472
ii)Revenue Reserve - 331,664 581,211 582,158
of which: un-appropriated profit(loss) / retained earnings - 331,664 581,211 582,158
3.Surplus on revaluation of fixed assets - 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 229,594 144,575 198,930
1.Long term borrowings - 201,516 95,172 133,799
2.Subordinated loans / Sponsor's loans - 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0
4.Employees benefit obligations - 28,078 49,403 65,131
5.Other non-current liabilities - 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - 416,242 374,858 642,422
1.Trade credit & other accounts payables - 161,198 159,398 274,422
of which: i) Trade credits - 91,038 77,931 174,624
2.Short term borrowings - 127,548 150,000 301,836
3.Current portion of non-current liabilities - 110,308 62,594 55,653
4.Other current liabilities - 17,188 2,866 10,511
F.Operations:
1.Sales - 1,909,399 2,699,811 3,107,325
i)Local sales (Net) - 1,909,399 2,699,811 3,107,325
ii)Export sales (Net) - 0 0 0
2.Cost of sales - 1,358,974 1,908,918 2,307,192
i)Cost of material - 1,073,669 1,567,143 1,883,275
3.Gross profit / (loss) (F1-F2) - 550,425 790,893 800,133
4.General, administrative and other expenses - 413,311 539,932 635,500
i)Selling & distribution expenses - 187,048 237,602 264,883
ii)Administrative and other expenses - 226,263 302,330 370,617
5.Other income / (loss) - 32,647 20,715 7,622
6.EBIT (F3-F4+F5) - 169,761 271,676 172,255
7.Financial expenses - 9,209 22,465 53,652
of which: (i) Interest expenses - 8,521 21,548 52,345
8.Profit / (loss) before taxation (F6-F7) - 160,552 249,211 118,603
9.Tax expenses - (17,128) (20,888) 63,719
10.Profit / (loss) after tax (F8-F9) - 177,680 270,099 54,884
11.Cash dividends - 0 146,667 59,693
12.Bonus shares / stock dividends - 0 54,267 161,334
G.Statement of Cash Flows
1.Net cash flows from operating activities - 85,110 (81,415) 11,212
2.Net cash flows from investing activities - (397,941) (253,007) (330,062)
3.Net cash flows from financing activities - 712,356 143,592 118,003
H.Miscellaneous
1.Total capital employed (C+D) - 2,080,458 2,548,595 2,603,897
2.Retention in business (F10-F11-F12) - 177,680 69,165 (166,143)
3.Depreciation for the year - 38,784 65,720 62,685
4.Salaries, wages and employee benefits - 166,680 237,294 266,465
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 9.31 10.00 1.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.76 1.00 1.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 7.12 9.97 1.78
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.35 1.27 1.28
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 9.60 12.70 2.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 1.62 1.84 0.34
194
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bunnys Limited (Thousand Rupees)

Items 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,802,216 1,863,616 1,975,070
1.Capital work in progress 89,405 80,866 143,333
2.Operating fixed assets at cost 2,193,054 2,330,596 2,451,876
3.Operating fixed assets after deducting accumulated depreciation 1,636,070 1,705,776 1,754,334
4.Intangible assets 70,302 70,276 70,256
5.Long term investments 0 0 0
6.Other non-current assets 6,439 6,698 7,147
B.Current Assets (B1+B2+B3+B4+B5+B6) 555,999 632,883 701,804
1.Cash & bank balance 4,935 7,589 426
2.Inventories; of which 241,751 265,661 273,735
i)Raw material 163,563 199,632 207,409
ii)Work in progress 2,147 1,713 1,616
iii)Finished goods 76,041 64,316 64,710
3.Trade Debt / accounts receivables 211,276 246,307 270,068
4.Short term loans and advances 81,716 96,712 140,822
5.Short term investments 0 0 0
6.Other current assets 16,321 16,614 16,753
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,358,215 2,496,499 2,676,874
C.Shareholders' Equity (C1+C2+C3) 1,416,749 1,476,042 1,601,649
1.Issued, Subscribed & Paid up capital 513,887 513,887 513,887
i)Ordinary shares 513,887 513,887 513,887
ii)Preference shares 0 0 0
2.Reserves 902,862 962,155 1,087,762
i)Capital Reserve 461,850 461,850 461,850
ii)Revenue Reserve 441,012 500,305 625,912
of which: un-appropriated profit(loss) / retained earnings 441,012 500,305 625,912
3.Surplus on revaluation of fixed assets 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 415,372 519,996 574,000
1.Long term borrowings 226,716 307,523 334,819
2.Subordinated loans / Sponsor's loans 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0
4.Employees benefit obligations 0 0 0
5.Other non-current liabilities 188,656 212,473 239,181
E.Current Liabilities (E1+E2+E3+E4) 526,094 500,461 501,225
1.Trade credit & other accounts payables 269,899 227,563 179,068
of which: i) Trade credits 178,294 138,425 93,181
2.Short term borrowings 162,208 135,416 113,615
3.Current portion of non-current liabilities 82,595 117,765 174,236
4.Other current liabilities 11,392 19,717 34,306
F.Operations:
1.Sales 2,314,220 2,568,870 2,791,858
i)Local sales (Net) 2,314,220 2,568,870 2,791,858
ii)Export sales (Net) 0 0 0
2.Cost of sales 1,640,311 1,880,389 2,025,109
i)Cost of material 1,091,406 1,224,801 1,306,601
3.Gross profit / (loss) (F1-F2) 673,909 688,481 766,749
4.General, administrative and other expenses 455,533 475,368 500,243
i)Selling & distribution expenses 281,918 310,634 328,531
ii)Administrative and other expenses 173,615 164,734 171,712
5.Other income / (loss) 854 407 6,611
6.EBIT (F3-F4+F5) 219,230 213,520 273,117
7.Financial expenses 63,550 64,819 93,548
of which: (i) Interest expenses 58,394 61,446 87,811
8.Profit / (loss) before taxation (F6-F7) 155,680 148,701 179,569
9.Tax expenses 17,516 36,324 51,766
10.Profit / (loss) after tax (F8-F9) 138,164 112,377 127,803
11.Cash dividends 51,389 0 0
12.Bonus shares / stock dividends 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 123,447 87,801 104,115
2.Net cash flows from investing activities (144,329) (123,774) (183,302)
3.Net cash flows from financing activities 8,839 65,420 93,824
H.Miscellaneous
1.Total capital employed (C+D) 1,832,121 1,996,038 2,175,649
2.Retention in business (F10-F11-F12) 86,775 112,377 127,803
3.Depreciation for the year 69,000 67,837 75,903
4.Salaries, wages and employee benefits 321,735 358,162 386,599
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.97 4.37 4.58
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.98 1.06 1.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.86 4.63 4.94
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.66 1.68 1.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.75 7.77 8.31
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.69 2.19 2.49
195
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Clover Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 146 51 10 518 590,973 432,817
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 5,990 1,067 0 508 45,181 52,862
3.Operating fixed assets after deducting accumulated depreciation 112 31 0 508 21,455 22,139
4.Intangible assets 0 0 0 0 549,186 386,259
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 34 20 10 10 20,332 24,419
B.Current Assets (B1+B2+B3+B4+B5+B6) 740,013 189,498 179,109 307,549 545,087 534,497
1.Cash & bank balance 3,808 34,184 4,142 78,795 43,315 6,763
2.Inventories; of which 10,605 0 0 0 77,824 335,526
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 10,605 0 0 0 0 0
3.Trade Debt / accounts receivables 1,462 0 0 103,836 199,247 68,360
4.Short term loans and advances 44 13 10 851 42,390 24,806
5.Short term investments 653,253 101,067 123,711 0 12,619 7,780
6.Other current assets 70,841 54,234 51,246 124,067 169,692 91,262
Total Assets (A+B) / Equity & Liabilities (C+D+E) 740,159 189,549 179,119 308,067 1,136,060 967,314
C.Shareholders' Equity (C1+C2+C3) 734,817 183,953 174,450 197,924 1,027,366 872,148
1.Issued, Subscribed & Paid up capital 94,349 94,349 94,349 94,349 249,145 311,431
i)Ordinary shares 94,349 94,349 94,349 94,349 249,145 311,431
ii)Preference shares 0 0 0 0 0 0
2.Reserves 640,468 89,604 80,101 103,575 778,221 560,717
i)Capital Reserve 640,468 89,604 0 0 515,055 452,769
ii)Revenue Reserve 0 0 80,101 103,575 263,166 107,948
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 9,209 9,918
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 9,209 9,918
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 5,342 5,596 4,669 110,143 99,485 85,248
1.Trade credit & other accounts payables 4,778 5,596 507 58,659 92,237 79,450
of which: i) Trade credits 1,706 5 204 57,868 90,042 73,561
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 564 0 4,162 51,484 7,248 5,798
F.Operations:
1.Sales 30,352 11,013 600 157,241 1,243,965 394,428
i)Local sales (Net) 30,352 11,013 600 157,241 1,243,965 394,428
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 22,721 11,692 487 125,658 766,377 309,444
i)Cost of material 0 0 0 0 754,969 273,020
3.Gross profit / (loss) (F1-F2) 7,631 (679) 113 31,583 477,588 84,984
4.General, administrative and other expenses 33,912 9,896 4,707 4,152 131,248 118,544
i)Selling & distribution expenses 10,630 1,835 166 164 26,465 62,386
ii)Administrative and other expenses 23,282 8,061 4,541 3,988 104,783 56,158
5.Other income / (loss) 54,758 33,333 8,108 7,007 (9,528) (116,136)
6.EBIT (F3-F4+F5) 28,477 22,758 3,514 34,438 336,812 (149,696)
7.Financial expenses 35 386 86 1,115 2,051 3,046
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 28,442 22,372 3,428 33,323 334,761 (152,742)
9.Tax expenses 7,375 7,949 3,097 9,668 59,331 2,476
10.Profit / (loss) after tax (F8-F9) 21,067 14,423 331 23,655 275,430 (155,218)
11.Cash dividends 23,587 551,942 0 0 74,744 0
12.Bonus shares / stock dividends 0 0 0 0 0 77,858
G.Statement of Cash Flows
1.Net cash flows from operating activities (2,594) 12,731 (1,841) (53,006) 11,308 (36,382)
2.Net cash flows from investing activities 129,717 580,732 82,175 27,665 (24,255) 2,220
3.Net cash flows from financing activities (127,012) (563,523) (10,375) (6) (22,533) (2,390)
H.Miscellaneous
1.Total capital employed (C+D) 734,817 183,953 174,450 197,924 1,036,575 882,066
2.Retention in business (F10-F11-F12) (2,520) (537,519) 331 23,655 200,687 (233,076)
3.Depreciation for the year 339 62 11 0 8,441 6,997
4.Salaries, wages and employee benefits 5,568 2,723 903 600 83,562 90,491
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 69.41 130.96 55.17 15.04 22.14 -39.35
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.04 0.02 0.00 0.65 1.72 0.38
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.65 3.10 0.18 9.71 38.14 -14.76
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.01 1.01 1.03 1.31 1.18 1.11
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.67 3.14 0.18 12.70 44.96 -16.34
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.23 1.53 0.04 2.51 11.06 -4.98
196
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fauji Foods Ltd. (Formerly Noon Pakistan) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,041,410 5,571,678 7,901,844 9,584,783 8,152,036 7,577,052
1.Capital work in progress 0 1,116,324 184,778 1,067,982 241,054 223,380
2.Operating fixed assets at cost 1,393,556 4,390,131 7,909,072 8,825,446 8,825,446 10,058,407
3.Operating fixed assets after deducting accumulated depreciation 1,037,778 3,821,427 6,637,496 6,885,161 7,864,982 7,326,713
4.Intangible assets 947 4,441 17,378 59,158 39,394 20,353
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,685 629,486 1,062,192 1,572,482 6,606 6,606
B.Current Assets (B1+B2+B3+B4+B5+B6) 541,687 2,108,973 4,005,422 3,971,395 4,000,770 4,156,134
1.Cash & bank balance 141,057 333,540 1,195,302 98,221 114,134 888,888
2.Inventories; of which 158,126 684,806 1,021,156 1,380,401 1,443,223 543,983
i)Raw material 118,680 436,759 871,564 1,093,055 1,050,589 214,935
ii)Work in progress 33,845 72,763 26,135 37,295 128,028 173,007
iii)Finished goods 5,601 175,284 123,457 257,882 264,606 156,041
3.Trade Debt / accounts receivables 38,626 77,969 129,705 124,573 181,171 350,850
4.Short term loans and advances 7,239 48,480 75,943 61,527 64,646 151,200
5.Short term investments 0 0 0 0 0 0
6.Other current assets 196,639 964,178 1,583,316 2,306,673 2,197,596 2,221,213
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,583,097 7,680,651 11,907,266 13,556,178 12,152,806 11,733,186
C.Shareholders' Equity (C1+C2+C3) 335,310 2,241,540 4,945,390 2,142,476 (3,677,786) (3,989,009)
1.Issued, Subscribed & Paid up capital 313,632 1,321,018 5,284,072 5,284,072 5,284,072 8,032,936
i)Ordinary shares 313,632 1,321,018 5,284,072 5,284,072 5,284,072 8,032,936
ii)Preference shares 0 0 0 0 0 0
2.Reserves (441,601) 480,166 (1,797,650) (4,565,974) (10,271,276) (13,265,669)
i)Capital Reserve 0 1,966,772 1,925,341 1,925,341 1,925,341 1,922,317
ii)Revenue Reserve (441,601) (1,486,606) (3,722,991) (6,491,315) (12,196,617) (15,187,986)
of which: un-appropriated profit(loss) / retained earnings (441,601) (1,486,606) (3,722,991) (6,491,315) (12,196,617) (15,187,986)
3.Surplus on revaluation of fixed assets 463,279 440,356 1,458,968 1,424,378 1,309,418 1,243,724
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 12,841 162,741 4,608,668 4,567,107 3,040,524 6,381,694
1.Long term borrowings 2,796 129,919 4,553,055 4,480,939 2,963,889 6,304,524
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 10,045 32,822 55,613 86,168 76,635 77,170
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,234,946 5,276,370 2,353,208 6,846,595 12,790,068 9,340,501
1.Trade credit & other accounts payables 416,948 1,290,331 790,781 1,255,265 1,166,742 873,500
of which: i) Trade credits 291,459 1,008,175 438,319 0 777,093 443,910
2.Short term borrowings 751,314 3,917,499 1,451,765 5,001,263 9,321,944 7,800,298
3.Current portion of non-current liabilities 47,093 36,098 38,583 403,632 1,745,609 117,788
4.Other current liabilities 19,591 32,442 72,079 186,435 555,773 548,915
F.Operations:
1.Sales 1,866,018 3,370,507 7,000,955 8,094,123 5,744,872 7,373,162
i)Local sales (Net) 1,866,018 3,370,507 7,000,955 8,094,123 5,744,872 7,373,162
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,712,492 3,265,001 6,805,830 7,711,020 6,423,699 7,310,900
i)Cost of material 997,676 1,701,883 5,260,448 6,037,858 4,926,685 3,876,828
3.Gross profit / (loss) (F1-F2) 153,526 105,506 195,125 383,103 (678,827) 62,262
4.General, administrative and other expenses 499,110 1,501,427 2,842,422 3,038,507 1,974,348 1,452,494
i)Selling & distribution expenses 168,065 1,216,258 2,335,149 2,475,995 1,309,605 854,143
ii)Administrative and other expenses 331,045 285,169 507,273 562,512 664,743 598,351
5.Other income / (loss) 8,668 28,918 29,356 17,812 98,313 98,704
6.EBIT (F3-F4+F5) (336,916) (1,367,003) (2,617,941) (2,637,592) (2,554,862) (1,291,528)
7.Financial expenses 83,684 150,937 398,346 674,797 1,698,167 1,752,267
of which: (i) Interest expenses 81,045 102,206 249,762 623,502 1,692,675 1,663,305
8.Profit / (loss) before taxation (F6-F7) (420,600) (1,517,940) (3,016,287) (3,312,389) (4,253,029) (3,043,795)
9.Tax expenses (70,837) (551,020) (728,024) (463,150) 1,535,909 14,316
10.Profit / (loss) after tax (F8-F9) (349,763) (966,920) (2,288,263) (2,849,239) (5,788,938) (3,058,111)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (201,723) (1,573,454) (3,597,667) (2,539,892) (1,960,936) (321,559)
2.Net cash flows from investing activities (9,483) (3,826,197) (1,050,585) (1,456,341) (739,335) (67,252)
3.Net cash flows from financing activities 134,139 4,168,840 6,159,323 (292,430) 2,215,323 4,659,344
H.Miscellaneous
1.Total capital employed (C+D) 348,151 2,404,281 9,554,058 6,709,583 (637,262) 2,392,685
2.Retention in business (F10-F11-F12) (349,763) (966,920) (2,288,263) (2,849,239) (5,788,938) (3,058,111)
3.Depreciation for the year 62,522 192,698 538,749 673,735 774,183 699,926
4.Salaries, wages and employee benefits 181,212 555,380 678,202 690,473 727,347 534,628
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -18.74 -28.69 -32.69 -35.20 -100.77 -41.48
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.24 0.73 0.71 0.64 0.45 0.62
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -23.30 -20.88 -23.36 -22.38 -45.03 -25.61
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 7.07 3.59 2.73 3.59 -16.75 -3.12
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -164.62 -75.05 -63.68 -80.40 754.11 79.78
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -11.15 -7.32 -4.33 -5.39 -10.96 -3.81
197
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Frieslandcampina Engro Pakistan Limited (Formerly Engro F (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 15,230,354 14,246,416 13,686,609 13,190,947 12,975,543 13,014,386
1.Capital work in progress 419,755 732,411 537,737 670,774 439,746 205,848
2.Operating fixed assets at cost 21,893,898 22,443,452 23,341,204 23,880,436 24,723,276 26,047,474
3.Operating fixed assets after deducting accumulated depreciation 13,281,414 12,388,282 12,021,636 11,148,509 10,473,469 10,242,606
4.Intangible assets 63,923 44,378 71,635 92,420 95,135 67,084
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,465,262 1,081,345 1,055,601 1,279,244 1,967,193 2,498,848
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,055,032 10,467,356 8,531,721 9,577,519 10,590,554 10,283,540
1.Cash & bank balance 289,049 702,944 68,468 100,665 65,915 570,462
2.Inventories; of which 3,071,379 3,763,898 2,645,994 3,020,190 3,717,730 3,538,892
i)Raw material 2,103,805 2,668,770 2,173,157 2,076,103 2,686,256 2,316,776
ii)Work in progress 169,194 429,762 200,171 401,252 428,480 355,030
iii)Finished goods 798,380 665,366 322,775 592,694 602,994 867,086
3.Trade Debt / accounts receivables 117,568 69,654 170,639 400,313 915,728 801,387
4.Short term loans and advances 92,113 75,469 114,699 223,998 210,050 29,771
5.Short term investments 0 0 0 0 0 0
6.Other current assets 7,484,923 5,855,391 5,531,921 5,832,353 5,681,131 5,343,028
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,285,386 24,713,772 22,218,330 22,768,466 23,566,097 23,297,926
C.Shareholders' Equity (C1+C2+C3) 14,912,801 17,150,519 9,721,024 9,341,060 8,384,665 8,547,644
1.Issued, Subscribed & Paid up capital 7,665,961 7,665,961 7,665,961 7,665,961 7,665,961 7,665,961
i)Ordinary shares 7,665,961 7,665,961 7,665,961 7,665,961 7,665,961 7,665,961
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,246,840 9,484,558 2,055,063 1,675,099 718,704 881,683
i)Capital Reserve 1,374,372 1,225,378 1,082,547 945,438 848,386 819,368
ii)Revenue Reserve 5,872,468 8,259,180 972,516 729,661 (129,682) 62,315
of which: un-appropriated profit(loss) / retained earnings 5,872,468 8,259,180 972,516 729,661 (129,682) 62,315
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,012,845 2,105,824 5,408,658 4,616,413 3,613,752 5,039,675
1.Long term borrowings 2,195,988 500,000 4,121,344 4,000,000 3,613,752 4,921,223
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 1,816,857 1,605,824 1,287,314 616,413 0 118,452
E.Current Liabilities (E1+E2+E3+E4) 7,359,740 5,457,429 7,088,648 8,810,993 11,567,680 9,710,607
1.Trade credit & other accounts payables 3,666,927 3,664,234 5,125,725 6,427,662 8,226,126 7,814,922
of which: i) Trade credits 1,482,176 1,349,846 3,270,847 4,407,531 6,047,547 5,437,604
2.Short term borrowings 409,757 65,120 1,204,201 2,076,516 1,816,150 0
3.Current portion of non-current liabilities 3,174,539 1,696,510 651,956 121,506 1,035,692 1,518,668
4.Other current liabilities 108,517 31,565 106,766 185,309 489,712 377,017
F.Operations:
1.Sales 49,834,089 44,346,031 34,653,486 32,439,451 38,857,336 44,155,023
i)Local sales (Net) 49,834,089 44,346,031 34,653,486 32,439,451 38,857,336 44,155,023
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 38,303,002 34,307,066 29,017,336 27,285,392 33,687,049 38,202,175
i)Cost of material 30,776,179 27,532,090 21,198,337 20,259,414 25,924,715 30,033,630
3.Gross profit / (loss) (F1-F2) 11,531,087 10,038,965 5,636,150 5,154,059 5,170,287 5,952,848
4.General, administrative and other expenses 6,706,203 6,321,650 4,907,217 5,271,308 5,462,036 4,992,766
i)Selling & distribution expenses 4,952,143 5,068,408 3,933,248 4,205,762 3,969,309 3,661,213
ii)Administrative and other expenses 1,754,060 1,253,242 973,969 1,065,546 1,492,727 1,331,553
5.Other income / (loss) 325,520 148,509 358,541 622,269 412,968 546,438
6.EBIT (F3-F4+F5) 5,150,404 3,865,824 1,087,474 505,020 121,219 1,506,520
7.Financial expenses 856,419 348,038 524,497 675,340 1,221,574 1,238,840
of which: (i) Interest expenses 828,825 319,662 505,343 660,180 1,203,891 1,221,262
8.Profit / (loss) before taxation (F6-F7) 4,293,985 3,517,786 562,977 (170,320) (1,100,355) 267,680
9.Tax expenses 1,131,530 1,131,074 183,680 (234,103) (145,490) 90,754
10.Profit / (loss) after tax (F8-F9) 3,162,455 2,386,712 379,297 63,783 (954,865) 176,926
11.Cash dividends 0 7,665,961 306,638 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,516,967 5,121,505 4,515,672 1,230,810 1,522,056 1,933,710
2.Net cash flows from investing activities (790,020) (1,188,097) (900,654) (1,112,823) (838,382) (1,315,731)
3.Net cash flows from financing activities (1,721,870) (3,175,878) (5,393,274) (958,105) (458,058) 1,702,718
H.Miscellaneous
1.Total capital employed (C+D) 18,925,646 19,256,343 15,129,682 13,957,473 11,998,417 13,587,319
2.Retention in business (F10-F11-F12) 3,162,455 (5,279,249) 72,659 63,783 (954,865) 176,926
3.Depreciation for the year 1,977,294 1,929,817 1,890,780 1,919,121 1,945,499 3,520,697
4.Salaries, wages and employee benefits 3,114,651 2,817,873 2,679,430 2,693,208 3,016,658 3,064,761
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.35 5.38 1.09 0.20 -2.46 0.40
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.92 1.74 1.48 1.44 1.68 1.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.17 9.36 1.62 0.28 -4.12 0.76
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.96 1.59 1.75 2.36 2.61 2.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.88 14.89 2.82 0.67 -10.77 2.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.13 3.11 0.49 0.08 -1.25 0.23
198
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ismail Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,598,116 12,560,289 14,730,021 15,247,818 16,323,594 24,435,341
1.Capital work in progress 239,139 1,522,178 2,108,054 198,660 638,034 5,843,053
2.Operating fixed assets at cost 6,445,296 11,028,117 13,732,319 17,516,136 19,995,436 19,995,436
3.Operating fixed assets after deducting accumulated depreciation 4,132,934 7,301,104 9,254,679 12,039,726 13,310,212 14,814,026
4.Intangible assets 0 11,959 11,959 11,959 97,412 67,252
5.Long term investments 3,178,355 3,666,454 3,319,693 2,954,477 2,229,950 3,670,320
6.Other non-current assets 47,688 58,594 35,636 42,996 47,986 40,690
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,677,851 8,307,551 7,899,674 8,603,186 11,109,028 13,121,625
1.Cash & bank balance 29,092 61,459 34,126 81,116 36,602 358,884
2.Inventories; of which 5,196,390 5,749,920 4,863,526 5,007,427 5,261,895 6,412,002
i)Raw material 3,537,779 4,305,955 3,464,182 3,507,004 3,461,085 3,494,910
ii)Work in progress 36,844 65,927 151,166 129,522 82,183 175,502
iii)Finished goods 1,621,767 1,378,038 1,248,178 1,370,901 1,718,627 2,741,591
3.Trade Debt / accounts receivables 778,548 1,181,827 1,442,853 1,569,862 2,768,429 3,370,612
4.Short term loans and advances 115,953 147,707 376,351 738,013 1,634,108 952,136
5.Short term investments 0 37,448 0 0 0 200,000
6.Other current assets 557,868 1,129,190 1,182,818 1,206,768 1,407,994 1,827,991
Total Assets (A+B) / Equity & Liabilities (C+D+E) 14,275,967 20,867,840 22,629,695 23,851,004 27,432,622 37,556,966
C.Shareholders' Equity (C1+C2+C3) 3,975,163 6,238,110 6,482,780 7,394,245 7,269,651 9,448,719
1.Issued, Subscribed & Paid up capital 505,208 505,207 638,048 638,048 638,048 663,569
i)Ordinary shares 505,208 505,207 638,048 638,048 638,048 663,569
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,469,955 5,732,903 5,844,732 6,756,197 6,631,603 8,785,150
i)Capital Reserve 687,564 2,250,998 1,666,903 1,376,742 821,237 2,626,679
ii)Revenue Reserve 2,782,391 3,481,905 4,177,829 5,379,455 5,810,366 6,158,471
of which: un-appropriated profit(loss) / retained earnings 2,782,391 3,481,905 4,177,829 5,379,455 5,810,366 6,158,471
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,070,782 6,198,205 8,960,952 7,989,059 9,179,913 16,063,805
1.Long term borrowings 2,820,890 4,494,855 6,842,971 5,634,425 6,620,926 13,972,553
2.Subordinated loans / Sponsor's loans 602,152 902,152 902,152 915,358 915,358 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 93,335 126,681 178,357 239,552 369,541 458,656
5.Other non-current liabilities 554,405 674,517 1,037,472 1,199,724 1,274,088 1,632,596
E.Current Liabilities (E1+E2+E3+E4) 6,230,022 8,431,525 7,185,963 8,467,700 10,983,058 12,044,442
1.Trade credit & other accounts payables 820,337 1,607,306 1,063,477 1,454,810 2,106,807 3,491,938
of which: i) Trade credits 612,057 1,345,421 660,543 1,015,599 1,395,260 2,256,405
2.Short term borrowings 4,039,906 4,447,780 3,783,294 4,191,429 6,299,904 6,789,925
3.Current portion of non-current liabilities 1,276,872 2,185,614 2,158,485 2,578,425 2,170,050 1,113,783
4.Other current liabilities 92,907 190,825 180,707 243,036 406,297 648,796
F.Operations:
1.Sales 12,241,530 17,007,971 19,604,861 23,906,218 30,187,005 33,424,762
i)Local sales (Net) 12,241,530 17,007,971 18,723,015 22,591,224 28,367,696 28,925,892
ii)Export sales (Net) 0 0 881,846 1,314,994 1,819,309 4,498,870
2.Cost of sales 9,765,722 13,898,515 15,883,601 18,544,995 23,881,825 26,592,383
i)Cost of material 5,462,337 8,359,855 13,203,712 14,892,957 19,488,683 21,734,417
3.Gross profit / (loss) (F1-F2) 2,475,808 3,109,456 3,721,260 5,361,223 6,305,180 6,832,379
4.General, administrative and other expenses 1,273,372 1,691,147 2,098,419 3,564,807 4,539,746 5,654,548
i)Selling & distribution expenses 1,053,432 1,367,415 1,663,044 2,896,267 3,780,871 4,780,162
ii)Administrative and other expenses 219,940 323,732 435,375 668,540 758,875 874,386
5.Other income / (loss) 298,902 672,535 663,556 626,027 259,144 848,131
6.EBIT (F3-F4+F5) 1,501,338 2,090,844 2,286,397 2,422,443 2,024,578 2,025,962
7.Financial expenses 730,351 798,382 671,271 618,097 956,336 1,211,530
of which: (i) Interest expenses 709,543 761,499 646,877 587,098 912,653 1,131,625
8.Profit / (loss) before taxation (F6-F7) 770,987 1,292,462 1,615,126 1,804,346 1,068,242 814,432
9.Tax expenses 131,421 290,595 477,208 425,822 436,942 390,739
10.Profit / (loss) after tax (F8-F9) 639,566 1,001,867 1,137,918 1,378,524 631,300 423,693
11.Cash dividends 303,125 328,385 175,463 287,122 191,414 26,543
12.Bonus shares / stock dividends 0 0 0 0 0 232,249
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,496,125 1,721,839 2,532,495 1,874,412 1,945,138 5,071,904
2.Net cash flows from investing activities (2,444,311) (1,933,150) (2,907,069) (1,416,544) (2,818,283) (8,180,167)
3.Net cash flows from financing activities 805,838 264,768 1,248,090 (1,572,066) (503,955) 5,015,730
H.Miscellaneous
1.Total capital employed (C+D) 8,045,945 12,436,315 15,443,732 15,383,304 16,449,564 25,512,524
2.Retention in business (F10-F11-F12) 336,441 673,482 962,455 1,091,402 439,886 164,901
3.Depreciation for the year 394,458 710,428 781,988 1,048,095 987,514 987,514
4.Salaries, wages and employee benefits 959,359 1,327,632 1,642,791 2,840,038 3,829,487 4,706,902
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.22 5.89 5.80 5.77 2.09 1.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.95 0.97 0.90 1.03 1.18 1.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.94 5.70 5.23 5.93 2.46 1.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.58 3.44 3.42 3.35 3.50 3.89
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 17.70 19.62 17.89 19.87 8.61 5.07
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.66 19.83 17.83 21.61 9.89 6.39
199
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Matco Foods Limited (Thousand Rupees)

Items 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 2,212,718 2,744,601 5,166,137
1.Capital work in progress - 5,422 6,258 61,980
2.Operating fixed assets at cost - 3,181,040 3,851,171 6,221,948
3.Operating fixed assets after deducting accumulated depreciation - 2,163,163 2,697,321 4,876,056
4.Intangible assets - 0 0 0
5.Long term investments - 31,084 31,083 55,583
6.Other non-current assets - 13,049 9,939 172,518
B.Current Assets (B1+B2+B3+B4+B5+B6) - 6,835,696 6,830,363 8,670,146
1.Cash & bank balance - 823,079 78,381 298,290
2.Inventories; of which - 5,138,981 5,204,979 6,642,523
i)Raw material - 4,265,985 4,337,664 5,520,495
ii)Work in progress - 0 0 0
iii)Finished goods - 872,997 867,315 1,141,723
3.Trade Debt / accounts receivables - 674,464 941,093 1,334,501
4.Short term loans and advances - 83,732 355,385 118,620
5.Short term investments - 500 255 263
6.Other current assets - 114,940 250,270 275,949
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 9,048,414 9,574,964 13,836,283
C.Shareholders' Equity (C1+C2+C3) - 4,128,667 4,506,974 6,768,047
1.Issued, Subscribed & Paid up capital - 1,165,721 1,224,007 1,224,007
i)Ordinary shares - 1,165,721 1,224,007 1,224,007
ii)Preference shares - 0 0 0
2.Reserves - 2,416,164 2,837,822 2,921,847
i)Capital Reserve - 739,367 680,467 680,467
ii)Revenue Reserve - 1,676,797 2,157,355 2,241,380
of which: un-appropriated profit(loss) / retained earnings - 1,676,797 2,157,355 2,241,380
3.Surplus on revaluation of fixed assets - 546,782 445,145 2,622,193
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 420,108 457,028 725,379
1.Long term borrowings - 275,841 309,955 517,425
2.Subordinated loans / Sponsor's loans - 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0
4.Employees benefit obligations - 59,423 76,715 105,602
5.Other non-current liabilities - 84,844 70,358 102,352
E.Current Liabilities (E1+E2+E3+E4) - 4,499,637 4,610,962 6,342,857
1.Trade credit & other accounts payables - 225,928 248,078 1,015,172
of which: i) Trade credits - 158,896 154,254 962,036
2.Short term borrowings - 4,106,664 4,197,893 5,167,876
3.Current portion of non-current liabilities - 96,256 99,804 82,977
4.Other current liabilities - 70,789 65,187 76,832
F.Operations:
1.Sales - 6,722,731 7,863,053 11,289,962
i)Local sales (Net) - 1,770,372 2,580,267 2,398,444
ii)Export sales (Net) - 4,952,359 5,282,786 8,891,518
2.Cost of sales - 5,862,040 6,948,543 10,273,972
i)Cost of material - 5,560,105 6,231,711 9,555,614
3.Gross profit / (loss) (F1-F2) - 860,691 914,510 1,015,990
4.General, administrative and other expenses - 373,906 438,102 497,721
i)Selling & distribution expenses - 153,476 167,111 207,021
ii)Administrative and other expenses - 220,430 270,991 290,700
5.Other income / (loss) - 90,708 259,590 70,528
6.EBIT (F3-F4+F5) - 577,493 735,998 588,797
7.Financial expenses - 239,704 275,503 350,288
of which: (i) Interest expenses - 236,026 273,419 348,204
8.Profit / (loss) before taxation (F6-F7) - 337,789 460,495 238,509
9.Tax expenses - 29,496 46,658 86,581
10.Profit / (loss) after tax (F8-F9) - 308,293 413,837 151,928
11.Cash dividends - 81,600 85,680 55,080
12.Bonus shares / stock dividends - 58,286 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - 123,418 (163,932) (422,187)
2.Net cash flows from investing activities - (184,168) (593,945) (333,476)
3.Net cash flows from financing activities - 772,197 12,891 975,536
H.Miscellaneous
1.Total capital employed (C+D) - 4,548,775 4,964,002 7,493,426
2.Retention in business (F10-F11-F12) - 168,406 328,157 96,848
3.Depreciation for the year - 162,254 171,098 228,318
4.Salaries, wages and employee benefits - 410,028 477,645 610,210
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 4.59 5.26 1.35
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.74 0.84 0.96
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 3.41 4.44 1.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 2.19 2.16 2.08
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 7.47 9.58 2.69
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.64 3.38 1.24
200
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mitchell's Fruit Farms Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 709,345 681,248 703,413 696,295 638,792 614,348
1.Capital work in progress 24,214 8,403 27,053 2,435 0 557
2.Operating fixed assets at cost 1,155,082 1,205,776 1,239,098 1,276,828 1,269,843 1,288,979
3.Operating fixed assets after deducting accumulated depreciation 672,107 660,589 647,616 642,854 595,453 572,288
4.Intangible assets 2,254 2,077 2,923 2,380 4,264 3,844
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,770 10,179 25,821 48,626 39,075 37,659
B.Current Assets (B1+B2+B3+B4+B5+B6) 658,673 733,751 861,160 797,014 704,702 766,271
1.Cash & bank balance 13,216 19,686 15,240 13,111 18,787 35,392
2.Inventories; of which 313,067 376,430 413,164 461,616 277,274 335,419
i)Raw material 166,624 112,258 161,317 167,849 136,986 132,183
ii)Work in progress 68,636 123,234 125,548 101,006 62,983 93,034
iii)Finished goods 81,095 144,233 129,584 200,499 90,415 128,089
3.Trade Debt / accounts receivables 109,964 119,517 207,632 63,720 132,934 138,824
4.Short term loans and advances 34,603 8,671 11,027 16,472 2,236 2,445
5.Short term investments 0 0 0 0 0 0
6.Other current assets 187,823 209,447 214,097 242,095 273,471 254,191
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,368,018 1,414,999 1,564,573 1,493,309 1,343,494 1,380,619
C.Shareholders' Equity (C1+C2+C3) 572,587 540,922 501,489 209,300 126,445 74,310
1.Issued, Subscribed & Paid up capital 78,750 78,750 78,750 78,750 78,750 78,750
i)Ordinary shares 78,750 78,750 78,750 78,750 78,750 78,750
ii)Preference shares 0 0 0 0 0 0
2.Reserves 493,837 462,172 422,739 130,550 47,695 (4,440)
i)Capital Reserve 9,336 9,336 9,336 9,336 9,636 9,636
ii)Revenue Reserve 484,501 452,836 413,403 121,214 38,059 (14,076)
of which: un-appropriated profit(loss) / retained earnings 484,201 452,536 413,103 120,914 38,059 (14,076)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 264,387 149,019 161,443 119,730 134,123 134,230
1.Long term borrowings 106,667 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 97,931 88,563 108,992 111,266 134,123 134,230
5.Other non-current liabilities 59,789 60,456 52,451 8,464 0 0
E.Current Liabilities (E1+E2+E3+E4) 531,044 725,058 901,641 1,164,279 1,082,926 1,172,079
1.Trade credit & other accounts payables 105,115 126,610 215,603 298,120 255,324 399,806
of which: i) Trade credits 59,812 66,585 167,453 0 134,627 224,476
2.Short term borrowings 376,642 486,102 610,222 830,658 805,332 760,616
3.Current portion of non-current liabilities 42,667 106,667 64,000 21,333 0 0
4.Other current liabilities 6,620 5,679 11,816 14,168 22,270 11,657
F.Operations:
1.Sales 1,696,332 1,679,462 1,894,406 1,628,008 1,987,552 2,112,493
i)Local sales (Net) 1,416,247 1,414,402 1,592,373 1,426,353 1,688,726 1,764,427
ii)Export sales (Net) 280,085 265,060 302,033 201,655 298,826 348,066
2.Cost of sales 1,292,628 1,286,380 1,445,303 1,375,119 1,375,119 1,670,070
i)Cost of material 964,579 1,087,036 1,129,525 1,057,606 1,059,842 1,342,061
3.Gross profit / (loss) (F1-F2) 403,704 393,082 449,103 252,889 612,433 442,423
4.General, administrative and other expenses 346,230 367,135 431,492 546,544 423,227 407,569
i)Selling & distribution expenses 240,216 261,060 317,444 407,887 282,634 253,637
ii)Administrative and other expenses 106,014 106,075 114,048 138,657 140,593 153,932
5.Other income / (loss) 16,866 19,067 13,465 25,480 15,592 12,162
6.EBIT (F3-F4+F5) 74,340 45,014 31,076 (268,175) 204,798 47,016
7.Financial expenses 48,486 42,920 42,187 49,244 78,300 74,272
of which: (i) Interest expenses 44,272 38,703 38,128 45,064 73,378 69,003
8.Profit / (loss) before taxation (F6-F7) 25,854 2,094 (11,111) (317,419) 126,498 (27,256)
9.Tax expenses (1,215) 14,202 19,772 (24,800) 28,482 28,189
10.Profit / (loss) after tax (F8-F9) 27,069 (12,108) (30,883) (292,619) 98,016 (55,445)
11.Cash dividends 19,688 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 56,578 (4,732) (14,974) (147,501) 47,249 84,352
2.Net cash flows from investing activities (71,489) (36,132) (70,773) (32,397) 5,087 (23,031)
3.Net cash flows from financing activities (50,855) (62,126) (42,820) 107,333 (21,333) 50,000
H.Miscellaneous
1.Total capital employed (C+D) 836,974 689,941 662,932 329,030 260,568 208,540
2.Retention in business (F10-F11-F12) 7,382 (12,108) (30,883) (292,619) 98,016 (55,445)
3.Depreciation for the year 61,487 64,526 50,802 47,924 47,565 42,884
4.Salaries, wages and employee benefits 261,934 266,305 312,926 351,607 311,165 317,753
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.60 -0.72 -1.63 -17.97 4.93 -2.62
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.22 1.21 1.27 1.06 1.40 1.55
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.95 -0.87 -2.07 -19.14 6.91 -4.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.41 2.50 2.86 4.30 8.45 13.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.70 -2.17 -5.93 -82.34 58.39 -55.24
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.44 -1.54 -3.92 -37.16 12.45 -7.04
201
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Murree Brewery Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,199,163 4,583,668 5,574,830 5,980,496 6,363,911 6,507,390
1.Capital work in progress 492,667 35,786 190,298 211,188 169,848 760
2.Operating fixed assets at cost 4,337,758 4,598,578 5,393,638 5,703,331 6,617,867 6,866,619
3.Operating fixed assets after deducting accumulated depreciation 3,406,233 3,907,120 4,485,204 4,635,033 5,226,194 5,156,460
4.Intangible assets 0 0 0 2,339 1,820 1,301
5.Long term investments 272,274 608,067 814,658 826,070 845,604 876,100
6.Other non-current assets 27,989 32,695 84,670 305,866 120,445 472,769
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,280,295 4,908,050 4,781,956 4,925,540 5,388,158 5,532,904
1.Cash & bank balance 3,013,619 1,701,696 1,642,306 1,998,714 1,694,452 1,335,329
2.Inventories; of which 994,816 1,477,354 1,398,046 1,184,336 1,372,402 1,654,156
i)Raw material 494,117 908,169 929,404 791,133 1,039,986 1,153,133
ii)Work in progress 76,668 68,666 68,326 66,755 188,404 251,080
iii)Finished goods 99,846 249,898 165,603 197,215 144,012 304,686
3.Trade Debt / accounts receivables 24,383 57,736 82,342 26,058 14,563 25,926
4.Short term loans and advances 37,943 45,339 42,177 107,668 367,059 191,837
5.Short term investments 43,873 1,283,131 1,221,042 1,243,524 1,337,179 1,723,243
6.Other current assets 165,661 342,794 396,043 365,240 602,503 602,413
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,479,458 9,491,718 10,356,786 10,906,036 11,752,069 12,040,294
C.Shareholders' Equity (C1+C2+C3) 7,407,755 8,350,876 9,016,457 9,467,134 10,025,959 9,985,672
1.Issued, Subscribed & Paid up capital 230,530 230,530 230,530 230,530 276,636 276,636
i)Ordinary shares 230,530 230,530 230,530 230,530 276,636 276,636
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,571,294 5,548,410 5,819,558 6,322,951 6,912,212 6,815,857
i)Capital Reserve 50,681 30,681 30,681 30,681 30,681 30,681
ii)Revenue Reserve 4,520,613 5,517,729 5,788,877 6,292,270 6,881,531 6,785,176
of which: un-appropriated profit(loss) / retained earnings 4,193,571 5,170,687 1,983,881 5,945,228 6,534,489 6,438,134
3.Surplus on revaluation of fixed assets 2,605,931 2,571,936 2,966,369 2,913,653 2,837,111 2,893,179
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 219,115 296,409 394,864 423,109 568,681 520,401
1.Long term borrowings 0 12,345 7,988 1,319 86,866 22,561
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 113,042 176,286 189,008 254,334 260,286 267,977
5.Other non-current liabilities 106,073 107,778 197,868 167,456 221,529 229,863
E.Current Liabilities (E1+E2+E3+E4) 852,588 844,433 945,465 1,015,793 1,157,429 1,534,221
1.Trade credit & other accounts payables 830,068 751,116 820,366 716,148 783,306 1,204,077
of which: i) Trade credits 195,452 241,283 243,648 0 328,409 447,331
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 1,360 8,059 11,467 6,669 95,368 89,859
4.Other current liabilities 21,160 85,258 113,632 292,976 278,755 240,285
F.Operations:
1.Sales 6,029,292 6,657,314 7,139,601 9,058,672 9,983,292 8,996,909
i)Local sales (Net) 6,029,292 6,657,314 7,139,601 9,058,672 9,983,292 8,996,909
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,887,109 4,413,950 4,972,774 6,189,422 7,236,021 6,695,444
i)Cost of material 4,321,412 4,776,892 5,167,974 4,686,431 5,383,143 4,777,448
3.Gross profit / (loss) (F1-F2) 2,142,183 2,243,364 2,166,827 2,869,250 2,747,271 2,301,465
4.General, administrative and other expenses 774,244 895,394 1,026,123 1,303,715 1,453,156 1,650,272
i)Selling & distribution expenses 424,442 522,096 595,279 756,711 939,381 870,114
ii)Administrative and other expenses 349,802 373,298 430,844 547,004 513,775 780,158
5.Other income / (loss) 263,997 220,748 226,929 282,467 385,764 414,843
6.EBIT (F3-F4+F5) 1,631,936 1,568,718 1,367,633 1,848,002 1,679,879 1,066,036
7.Financial expenses 1,968 2,023 16,690 20,134 17,053 28,064
of which: (i) Interest expenses 0 0 12,226 15,974 15,759 25,561
8.Profit / (loss) before taxation (F6-F7) 1,629,968 1,566,695 1,350,943 1,827,868 1,662,826 1,037,972
9.Tax expenses 633,885 435,013 430,136 531,507 439,888 356,244
10.Profit / (loss) after tax (F8-F9) 996,083 1,131,682 920,807 1,296,361 1,222,938 681,728
11.Cash dividends 149,845 461,060 461,060 691,590 829,908 691,590
12.Bonus shares / stock dividends 0 0 0 46,106 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 791,426 530,973 1,055,120 1,558,961 745,327 1,000,406
2.Net cash flows from investing activities (182,851) (1,709,543) (439,551) (453,654) (226,233) (388,803)
3.Net cash flows from financing activities (119,786) (133,353) (674,959) (748,899) (823,356) (970,727)
H.Miscellaneous
1.Total capital employed (C+D) 7,626,870 8,647,285 9,411,321 9,890,243 10,594,640 10,506,073
2.Retention in business (F10-F11-F12) 846,239 670,622 459,747 558,665 393,030 (9,862)
3.Depreciation for the year 159,487 241,967 284,131 262,266 354,478 421,495
4.Salaries, wages and employee benefits 555,631 699,498 761,371 922,039 969,782 1,038,970
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.52 17.00 12.90 14.31 12.25 7.58
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.75 0.74 0.72 0.85 0.88 0.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.38 12.59 9.28 12.19 10.79 5.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.15 1.14 1.14 1.15 1.16 1.19
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.27 14.36 10.60 14.03 12.55 6.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 43.21 49.09 39.94 56.23 44.21 24.64
202
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

National Foods Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,592,292 2,089,384 3,822,331 5,232,602 5,888,431 6,857,887
1.Capital work in progress 307,593 770,019 955,766 794,866 498,543 359,551
2.Operating fixed assets at cost 2,078,897 2,278,802 3,631,487 5,414,971 6,393,374 7,243,247
3.Operating fixed assets after deducting accumulated depreciation 1,210,842 1,227,091 2,248,623 3,736,772 4,538,908 4,893,322
4.Intangible assets 39,089 61,295 583,725 659,555 810,134 767,259
5.Long term investments 0 0 0 0 0 30,000
6.Other non-current assets 34,768 30,979 34,217 41,409 40,846 807,755
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,003,621 4,653,005 5,592,653 5,699,490 7,395,016 8,317,877
1.Cash & bank balance 174,547 249,667 364,022 376,794 876,244 1,250,547
2.Inventories; of which 2,269,636 3,280,590 3,418,314 3,682,064 4,934,693 5,142,062
i)Raw material 1,157,269 1,743,973 1,322,749 1,068,050 1,324,875 1,678,874
ii)Work in progress 817,850 963,780 1,056,507 1,368,021 1,640,477 1,344,413
iii)Finished goods 294,517 572,837 1,039,058 1,245,993 1,969,341 2,118,775
3.Trade Debt / accounts receivables 1,072,111 933,274 1,364,571 1,164,931 1,091,974 1,383,679
4.Short term loans and advances 50,651 138,928 229,113 176,735 117,463 141,861
5.Short term investments 389,245 0 0 0 0 0
6.Other current assets 47,431 50,546 216,633 298,966 374,642 399,728
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,595,913 6,742,389 9,414,984 10,932,092 13,283,447 15,175,764
C.Shareholders' Equity (C1+C2+C3) 2,791,448 2,543,756 3,391,405 4,004,232 5,029,962 6,063,516
1.Issued, Subscribed & Paid up capital 518,034 518,034 518,034 518,034 621,641 745,969
i)Ordinary shares 518,034 518,034 518,034 518,034 621,641 745,969
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,273,414 2,025,722 2,873,371 3,486,198 4,408,321 5,317,547
i)Capital Reserve 0 2,849 186,479 252,469 414,815 473,929
ii)Revenue Reserve 2,273,414 2,022,873 2,686,892 3,233,729 3,993,506 4,843,618
of which: un-appropriated profit(loss) / retained earnings 2,272,475 2,022,873 2,686,892 3,233,729 3,993,506 4,843,618
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 112,909 95,800 690,939 418,945 1,297,485 2,220,246
1.Long term borrowings 0 0 376,181 233,729 966,761 1,835,123
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 19,495 14,866 7,977 45,065 75,760 86,814
5.Other non-current liabilities 93,414 80,934 306,781 140,151 254,964 298,309
E.Current Liabilities (E1+E2+E3+E4) 2,691,556 4,102,833 5,332,640 6,508,915 6,956,000 6,892,002
1.Trade credit & other accounts payables 1,679,010 2,066,355 3,037,035 3,232,678 4,092,713 4,438,574
of which: i) Trade credits 455,306 204,304 668,784 1,027,268 1,393,660 1,333,463
2.Short term borrowings 384,094 1,311,326 1,549,528 2,204,869 1,901,632 554,404
3.Current portion of non-current liabilities 0 0 188,692 721,634 325,479 638,144
4.Other current liabilities 628,452 725,152 557,385 349,734 636,176 1,260,880
F.Operations:
1.Sales 11,715,640 13,569,350 16,781,813 21,591,559 24,253,797 28,713,146
i)Local sales (Net) 10,446,223 12,134,234 13,394,469 14,624,535 14,834,243 16,993,458
ii)Export sales (Net) 1,269,417 1,435,116 3,387,344 6,967,024 9,419,554 11,719,688
2.Cost of sales 7,558,786 9,073,765 11,382,955 14,887,820 17,269,476 20,345,845
i)Cost of material 4,608,449 5,610,836 8,375,379 12,940,135 15,299,670 17,236,854
3.Gross profit / (loss) (F1-F2) 4,156,854 4,495,585 5,398,858 6,703,739 6,984,321 8,367,301
4.General, administrative and other expenses 2,777,848 3,303,669 4,074,082 5,388,070 5,226,200 5,967,049
i)Selling & distribution expenses 2,183,508 2,682,631 3,444,333 4,244,652 3,954,314 4,586,800
ii)Administrative and other expenses 594,340 621,038 629,749 1,143,418 1,271,886 1,380,249
5.Other income / (loss) 99,509 24,648 98,997 53,467 248,281 250,585
6.EBIT (F3-F4+F5) 1,478,515 1,216,564 1,423,773 1,369,136 2,006,402 2,650,837
7.Financial expenses 44,669 81,097 104,817 195,728 283,506 342,688
of which: (i) Interest expenses 22,446 37,879 44,197 131,010 157,930 223,151
8.Profit / (loss) before taxation (F6-F7) 1,433,846 1,135,467 1,318,956 1,173,408 1,722,896 2,308,149
9.Tax expenses 438,690 338,277 345,666 146,374 352,381 657,625
10.Profit / (loss) after tax (F8-F9) 995,156 797,190 973,290 1,027,034 1,370,515 1,650,524
11.Cash dividends 1,036,068 284,919 440,329 388,526 497,313 745,969
12.Bonus shares / stock dividends 0 0 0 103,607 124,328 186,492
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,413,738 490,125 1,425,435 1,310,528 1,922,845 2,991,535
2.Net cash flows from investing activities (353,978) (312,308) (1,556,075) (1,676,323) (1,106,638) (918,544)
3.Net cash flows from financing activities (712,840) (731,839) 167,455 (1,134) (109,892) (558,887)
H.Miscellaneous
1.Total capital employed (C+D) 2,904,357 2,639,556 4,082,344 4,423,177 6,327,447 8,283,762
2.Retention in business (F10-F11-F12) (40,912) 512,271 532,961 534,902 748,874 718,063
3.Depreciation for the year 175,324 193,581 235,076 363,509 491,235 575,494
4.Salaries, wages and employee benefits 1,138,742 1,496,625 1,792,413 2,497,672 2,881,290 3,156,191
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.49 5.87 5.80 4.76 5.65 5.75
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.22 2.20 2.08 2.12 2.00 2.02
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.82 12.92 12.05 10.10 11.32 11.60
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.10 2.31 2.72 2.75 2.68 2.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 39.57 29.88 32.80 27.77 30.34 29.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.21 15.39 9.39 19.83 22.05 22.13
203
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nestle Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 31,237,866 31,213,949 33,221,130 34,363,432 34,021,082 32,956,358
1.Capital work in progress 882,230 2,765,730 4,059,585 3,679,302 3,441,066 4,097,316
2.Operating fixed assets at cost 47,306,483 48,185,973 51,740,618 56,877,052 60,136,070 61,633,901
3.Operating fixed assets after deducting accumulated depreciation 29,996,095 28,046,124 28,734,507 30,363,333 30,333,121 28,679,851
4.Intangible assets 39,668 31,600 23,532 15,464 7,396 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 319,873 370,495 403,506 305,333 239,499 179,191
B.Current Assets (B1+B2+B3+B4+B5+B6) 18,029,598 19,567,821 25,124,489 32,796,579 31,091,601 27,950,007
1.Cash & bank balance 253,267 353,167 1,333,984 745,694 318,753 789,055
2.Inventories; of which 9,474,681 11,207,230 15,358,288 19,711,784 18,876,441 16,252,021
i)Raw material 5,696,699 7,049,391 11,181,630 15,282,519 14,334,466 11,859,305
ii)Work in progress 1,042,516 1,277,141 1,000,011 1,345,036 1,050,456 1,070,727
iii)Finished goods 2,393,877 2,819,891 2,794,801 2,545,192 2,787,204 3,321,989
3.Trade Debt / accounts receivables 314,836 564,460 781,116 3,116,948 2,164,888 1,930,333
4.Short term loans and advances 98,775 403,468 444,099 947,189 1,402,801 711,029
5.Short term investments 0 0 0 0 0 0
6.Other current assets 7,888,039 7,039,496 7,207,002 8,274,964 8,328,718 8,267,569
Total Assets (A+B) / Equity & Liabilities (C+D+E) 49,267,464 50,781,770 58,345,619 67,160,011 65,112,683 60,906,365
C.Shareholders' Equity (C1+C2+C3) 12,637,762 8,812,052 4,634,340 4,020,224 3,255,966 4,190,442
1.Issued, Subscribed & Paid up capital 453,496 453,496 453,496 453,496 453,496 453,496
i)Ordinary shares 453,496 453,496 453,496 453,496 453,496 453,496
ii)Preference shares 0 0 0 0 0 0
2.Reserves 12,184,266 8,358,556 4,180,844 3,566,728 2,802,470 3,736,946
i)Capital Reserve 252,255 239,435 257,884 249,527 249,527 249,527
ii)Revenue Reserve 11,932,011 8,119,121 3,922,960 3,317,201 2,552,943 3,487,419
of which: un-appropriated profit(loss) / retained earnings 11,652,011 7,839,121 3,642,960 3,037,201 2,272,943 3,207,419
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 11,486,590 8,942,371 13,445,584 13,823,477 8,661,650 16,567,237
1.Long term borrowings 8,000,000 5,637,473 9,291,755 9,282,260 3,923,298 12,116,657
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,215,067 1,361,555 1,660,762 2,098,020 2,777,502 3,117,661
5.Other non-current liabilities 2,271,523 1,943,343 2,493,067 2,443,197 1,960,850 1,332,919
E.Current Liabilities (E1+E2+E3+E4) 25,143,112 33,027,347 40,265,695 49,316,310 53,195,067 40,148,686
1.Trade credit & other accounts payables 16,752,543 24,920,599 27,355,515 31,745,031 25,782,895 26,563,482
of which: i) Trade credits 4,818,264 9,959,356 15,940,424 19,671,470 16,187,860 13,479,615
2.Short term borrowings 5,461,648 6,358,277 12,359,894 16,661,101 23,358,798 7,247,718
3.Current portion of non-current liabilities 2,845,400 0 116,343 420,285 3,395,084 3,734,310
4.Other current liabilities 83,521 1,748,471 433,943 489,893 658,290 2,603,176
F.Operations:
1.Sales 102,985,916 112,392,654 122,214,698 120,701,038 115,962,473 118,781,274
i)Local sales (Net) 97,273,591 107,527,903 117,133,640 118,384,676 113,799,346 116,784,138
ii)Export sales (Net) 5,712,325 4,864,751 5,081,058 2,316,362 2,163,127 1,997,136
2.Cost of sales 68,859,344 72,609,392 77,458,749 81,887,248 82,613,501 84,016,549
i)Cost of material 49,880,360 53,300,962 57,401,329 58,787,185 59,371,577 59,569,412
3.Gross profit / (loss) (F1-F2) 34,126,572 39,783,262 44,755,949 38,813,790 33,348,972 34,764,725
4.General, administrative and other expenses 20,019,772 22,144,997 22,985,671 20,246,368 19,714,357 19,723,446
i)Selling & distribution expenses 15,411,236 17,875,408 18,406,725 15,625,633 14,656,501 14,256,719
ii)Administrative and other expenses 4,608,536 4,269,589 4,578,946 4,620,735 5,057,856 5,466,727
5.Other income / (loss) 137,742 340,660 313,857 255,308 268,790 354,830
6.EBIT (F3-F4+F5) 14,244,542 17,978,925 22,084,135 18,822,730 13,903,405 15,396,109
7.Financial expenses 1,724,420 959,005 1,095,630 1,855,789 3,187,695 2,805,015
of which: (i) Interest expenses 1,428,124 917,982 1,058,418 1,814,751 3,155,760 2,782,173
8.Profit / (loss) before taxation (F6-F7) 12,520,122 17,019,920 20,988,505 16,966,941 10,715,710 12,591,094
9.Tax expenses 3,759,192 5,172,947 6,346,723 5,355,382 3,361,243 3,706,499
10.Profit / (loss) after tax (F8-F9) 8,760,930 11,846,973 14,641,782 11,611,559 7,354,467 8,884,595
11.Cash dividends 861,642 1,927,358 1,451,187 1,124,670 689,314 879,782
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 16,609,732 22,755,024 16,000,698 13,542,555 10,078,310 21,868,147
2.Net cash flows from investing activities (2,352,297) (3,519,264) (5,206,728) (4,306,369) (3,588,593) (2,985,367)
3.Net cash flows from financing activities (13,757,413) (18,687,332) (8,313,941) (10,728,869) (11,639,682) (13,101,398)
H.Miscellaneous
1.Total capital employed (C+D) 24,124,352 17,754,423 18,079,924 17,843,701 11,917,616 20,757,679
2.Retention in business (F10-F11-F12) 7,899,288 9,919,615 13,190,595 10,486,889 6,665,153 8,004,813
3.Depreciation for the year 3,426,930 3,495,831 3,374,550 3,710,516 4,005,088 4,147,235
4.Salaries, wages and employee benefits 9,280,208 11,177,251 12,499,152 13,201,783 12,685,362 13,646,954
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.51 10.54 11.98 9.62 6.34 7.48
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.04 2.25 2.24 1.92 1.75 1.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 17.35 23.68 26.83 18.50 11.12 14.08
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.00 4.66 8.12 14.50 18.18 16.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 69.35 110.46 217.78 268.33 202.15 238.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 193.19 261.24 322.86 256.05 162.17 195.91
204
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Punjab Oil Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 396,896 433,831 675,292 670,839 717,486 702,076
1.Capital work in progress 3,027 1,834 47,421 3,255 66,828 2,295
2.Operating fixed assets at cost 479,472 536,009 653,633 728,105 733,998 822,454
3.Operating fixed assets after deducting accumulated depreciation 383,981 416,109 607,483 641,196 607,267 655,463
4.Intangible assets 0 0 0 0 11,503 4,930
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 9,888 15,888 20,388 26,388 31,888 39,388
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,157,568 1,292,419 1,375,742 1,375,490 1,481,133 1,715,099
1.Cash & bank balance 138,908 166,704 49,958 34,020 21,040 32,960
2.Inventories; of which 268,726 274,621 301,119 332,410 329,389 404,004
i)Raw material 141,094 125,043 165,668 183,202 172,544 181,194
ii)Work in progress 40,610 44,065 57,653 68,042 48,430 88,270
iii)Finished goods 87,022 108,551 80,838 84,218 108,415 137,630
3.Trade Debt / accounts receivables 492,288 556,211 674,446 639,667 702,283 815,615
4.Short term loans and advances 22,750 27,433 28,619 35,766 69,572 88,513
5.Short term investments 0 0 0 0 0 0
6.Other current assets 234,896 267,450 321,600 333,627 358,849 374,007
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,554,464 1,726,250 2,051,034 2,046,329 2,198,619 2,417,175
C.Shareholders' Equity (C1+C2+C3) 757,705 891,412 1,142,111 1,159,647 1,242,493 1,289,146
1.Issued, Subscribed & Paid up capital 53,907 53,907 53,907 53,907 53,907 53,907
i)Ordinary shares 53,907 53,907 53,907 53,907 53,907 53,907
ii)Preference shares 0 0 0 0 0 0
2.Reserves 458,722 600,693 679,390 706,938 798,077 872,446
i)Capital Reserve 23,137 23,137 23,137 23,137 23,137 23,137
ii)Revenue Reserve 435,585 577,556 656,253 683,801 774,940 849,309
of which: un-appropriated profit(loss) / retained earnings 426,985 568,956 647,653 675,201 766,340 840,709
3.Surplus on revaluation of fixed assets 245,076 236,812 408,814 398,802 390,509 362,793
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 63,496 70,318 86,700 93,038 99,820 142,717
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 56,601 66,546 77,566 85,348 95,320 122,395
5.Other non-current liabilities 6,895 3,772 9,134 7,690 4,500 20,322
E.Current Liabilities (E1+E2+E3+E4) 733,263 764,520 822,223 793,644 856,306 985,312
1.Trade credit & other accounts payables 528,116 509,329 506,592 470,685 483,393 542,222
of which: i) Trade credits 34,832 37,671 64,441 0 166,361 229,319
2.Short term borrowings 15,306 23,467 94,451 86,314 123,945 174,099
3.Current portion of non-current liabilities 0 0 0 0 0 6,774
4.Other current liabilities 189,841 231,724 221,180 236,645 248,968 262,217
F.Operations:
1.Sales 4,251,242 4,210,608 4,441,221 4,950,808 5,504,226 5,268,462
i)Local sales (Net) 4,234,793 4,181,417 4,410,080 4,915,219 5,504,226 5,268,462
ii)Export sales (Net) 16,449 29,191 31,141 35,589 0 0
2.Cost of sales 3,579,755 3,409,614 3,746,167 4,211,145 4,696,000 4,479,364
i)Cost of material 3,029,437 2,842,793 3,142,425 3,811,314 4,300,955 4,066,936
3.Gross profit / (loss) (F1-F2) 671,487 800,994 695,054 739,663 808,226 789,098
4.General, administrative and other expenses 390,186 486,497 491,642 564,120 573,851 578,290
i)Selling & distribution expenses 228,481 316,055 331,048 392,322 365,753 364,584
ii)Administrative and other expenses 161,705 170,442 160,594 171,798 208,098 213,706
5.Other income / (loss) 9,460 9,635 7,681 6,923 10,062 17,677
6.EBIT (F3-F4+F5) 290,761 324,132 211,093 182,466 244,437 228,485
7.Financial expenses 2,141 2,722 2,897 8,178 15,956 21,685
of which: (i) Interest expenses 965 1,162 1,325 6,179 13,652 19,800
8.Profit / (loss) before taxation (F6-F7) 288,620 321,410 208,196 174,288 228,481 206,800
9.Tax expenses 99,406 115,590 64,419 105,133 121,104 122,620
10.Profit / (loss) after tax (F8-F9) 189,214 205,820 143,777 69,155 107,377 84,180
11.Cash dividends 64,688 70,079 53,907 36,118 40,430 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 118,141 85,221 (100,943) 28,838 37,930 (38,001)
2.Net cash flows from investing activities (31,324) (65,586) (86,788) (36,639) (88,540) (27,329)
3.Net cash flows from financing activities 15,306 8,161 70,985 (8,137) 37,630 77,250
H.Miscellaneous
1.Total capital employed (C+D) 821,201 961,730 1,228,811 1,252,685 1,342,313 1,431,863
2.Retention in business (F10-F11-F12) 124,526 135,741 89,870 33,037 66,947 84,180
3.Depreciation for the year 25,401 31,317 32,746 41,816 40,561 40,650
4.Salaries, wages and employee benefits 132,056 166,824 143,798 167,203 202,641 220,056
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.45 4.89 3.24 1.40 1.95 1.60
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.92 2.57 2.35 2.42 2.59 2.28
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.99 12.55 7.61 3.38 5.06 3.65
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.15 1.99 1.86 1.78 1.77 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.88 24.96 14.14 6.01 8.94 6.65
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 35.10 38.18 26.67 12.83 19.92 15.62
205
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Quice Food Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 362,663 364,879 404,081 404,133 355,431 358,558
1.Capital work in progress 165,818 114,484 162,381 174,368 55,876 19,593
2.Operating fixed assets at cost 294,657 361,220 372,495 380,875 471,530 538,203
3.Operating fixed assets after deducting accumulated depreciation 195,746 248,401 239,881 227,946 297,736 337,096
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,099 1,994 1,819 1,819 1,819 1,869
B.Current Assets (B1+B2+B3+B4+B5+B6) 349,621 362,757 344,988 357,716 387,359 377,951
1.Cash & bank balance 6,527 4,207 601 1,856 10,686 7,191
2.Inventories; of which 68,638 159,607 268,860 288,153 329,273 324,623
i)Raw material 42,546 96,490 181,907 221,213 221,099 214,091
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 26,092 63,117 86,953 66,940 108,174 120,887
3.Trade Debt / accounts receivables 119,860 105,700 15,665 9,310 9,885 20,262
4.Short term loans and advances 0 63,889 21,116 19,426 15,350 5,111
5.Short term investments 114,603 18,093 24,578 13,167 6,253 4,188
6.Other current assets 39,993 11,261 14,168 25,804 15,912 16,576
Total Assets (A+B) / Equity & Liabilities (C+D+E) 712,284 727,636 749,069 761,849 742,790 736,509
C.Shareholders' Equity (C1+C2+C3) 682,462 679,106 640,356 593,576 562,316 523,770
1.Issued, Subscribed & Paid up capital 984,618 984,618 984,618 984,618 984,618 984,618
i)Ordinary shares 984,618 984,618 984,618 984,618 984,618 984,618
ii)Preference shares 0 0 0 0 0 0
2.Reserves (328,751) (329,546) (366,538) (415,669) (448,877) (485,286)
i)Capital Reserve (275,914) (275,914) (275,914) (275,913) (260,124) (275,913)
ii)Revenue Reserve (52,837) (53,632) (90,624) (139,756) (188,753) (209,373)
of which: un-appropriated profit(loss) / retained earnings (52,837) (53,632) (90,624) (139,756) (188,753) (209,373)
3.Surplus on revaluation of fixed assets 26,595 24,034 22,276 24,627 26,575 24,438
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,704 3,206 3,167 12,892 61,203 50,497
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,704 3,206 3,167 3,762 4,603 4,997
5.Other non-current liabilities 0 0 0 9,130 56,600 45,500
E.Current Liabilities (E1+E2+E3+E4) 27,118 45,324 105,546 155,381 119,271 162,242
1.Trade credit & other accounts payables 27,118 45,324 105,546 155,381 118,043 161,014
of which: i) Trade credits 4,009 14,608 6,809 31,643 31,728 15,753
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 1,228 1,228
4.Other current liabilities 0 0 0 0 0 0
F.Operations:
1.Sales 209,616 231,402 153,492 127,472 116,775 186,688
i)Local sales (Net) 209,616 231,402 153,492 114,518 109,601 138,081
ii)Export sales (Net) 0 0 0 12,954 7,174 48,607
2.Cost of sales 141,391 151,872 128,445 118,691 105,321 173,755
i)Cost of material 101,219 141,411 95,175 48,380 92,866 107,675
3.Gross profit / (loss) (F1-F2) 68,225 79,530 25,047 8,781 11,454 12,933
4.General, administrative and other expenses 72,679 87,578 68,898 50,729 55,435 51,628
i)Selling & distribution expenses 45,887 58,453 45,945 25,923 24,103 31,482
ii)Administrative and other expenses 26,792 29,125 22,953 24,806 31,332 20,146
5.Other income / (loss) 7,247 5,588 5,781 939 1,170 1,655
6.EBIT (F3-F4+F5) 2,793 (2,460) (38,070) (41,009) (42,811) (37,040)
7.Financial expenses 41 72 103 173 183 209
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 2,752 (2,532) (38,173) (41,182) (42,994) (37,249)
9.Tax expenses 819 1,317 1,520 (1,075) 8,061 2,196
10.Profit / (loss) after tax (F8-F9) 1,933 (3,849) (39,693) (40,107) (51,055) (39,445)
11.Cash dividends 250,979 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (17,744) (78,419) 61,480 8,281 (81,888) 36,635
2.Net cash flows from investing activities (137,704) 76,099 (65,085) (7,027) 34,118 (28,980)
3.Net cash flows from financing activities 160,000 0 0 0 56,600 (11,150)
H.Miscellaneous
1.Total capital employed (C+D) 685,166 682,312 643,523 606,468 623,519 574,267
2.Retention in business (F10-F11-F12) (249,046) (3,849) (39,693) (40,107) (51,055) (39,445)
3.Depreciation for the year 11,223 13,908 20,134 20,314 20,865 27,314
4.Salaries, wages and employee benefits 40,397 48,674 44,919 29,466 39,344 29,899
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.92 -1.66 -25.86 -31.46 -43.72 -21.13
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.40 0.32 0.21 0.17 0.16 0.25
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.37 -0.53 -5.38 -5.31 -6.79 -5.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.05 1.06 1.12 1.22 1.30 1.36
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.39 -0.57 -6.02 -6.50 -8.83 -7.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.02 -0.04 -0.40 -0.41 -0.52 -0.40
206
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Rafhan Maize Products Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,412,256 7,057,662 7,250,345 6,970,877 6,738,242 6,669,938
1.Capital work in progress 1,822,290 1,305,729 505,159 57,761 102,775 203,675
2.Operating fixed assets at cost 7,904,242 9,275,866 10,803,019 11,423,753 11,629,375 11,860,939
3.Operating fixed assets after deducting accumulated depreciation 4,567,109 5,500,059 6,521,945 6,706,841 6,504,400 6,264,513
4.Intangible assets 1,161 427 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 21,696 251,447 223,241 206,275 131,067 201,750
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,193,977 9,367,040 9,493,470 9,930,738 11,840,294 16,175,255
1.Cash & bank balance 2,786,410 3,788,730 3,149,236 4,262,536 5,329,222 6,565,424
2.Inventories; of which 3,523,547 3,692,891 4,377,194 3,422,783 3,773,261 4,453,097
i)Raw material 1,305,097 2,410,945 3,146,501 1,847,745 1,416,757 2,678,422
ii)Work in progress 86,447 90,112 78,396 83,945 134,750 60,322
iii)Finished goods 2,149,547 1,194,950 1,159,072 1,495,261 2,221,754 1,714,353
3.Trade Debt / accounts receivables 1,004,129 981,253 1,121,006 1,234,886 1,675,573 1,551,968
4.Short term loans and advances 93,234 88,524 98,162 111,085 121,794 37,653
5.Short term investments 0 0 0 0 0 2,588,394
6.Other current assets 786,657 815,642 747,872 899,448 940,444 978,719
Total Assets (A+B) / Equity & Liabilities (C+D+E) 14,606,233 16,424,702 16,743,815 16,901,615 18,578,536 22,845,193
C.Shareholders' Equity (C1+C2+C3) 11,673,786 13,033,500 12,302,179 13,144,279 14,604,178 16,130,981
1.Issued, Subscribed & Paid up capital 92,364 92,364 92,364 92,364 92,364 92,364
i)Ordinary shares 92,364 92,364 92,364 92,364 92,364 92,364
ii)Preference shares 0 0 0 0 0 0
2.Reserves 11,581,422 12,941,136 12,209,815 13,051,915 14,511,814 16,038,617
i)Capital Reserve 37,887 37,887 37,887 37,887 37,887 37,887
ii)Revenue Reserve 11,543,535 12,903,249 12,171,928 13,014,028 14,473,927 16,000,730
of which: un-appropriated profit(loss) / retained earnings 11,543,328 12,903,042 12,171,721 13,013,821 14,473,720 16,000,523
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 644,890 968,406 854,513 758,830 871,499 976,076
1.Long term borrowings 0 0 0 0 0 106,041
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 644,890 968,406 854,513 758,830 871,499 870,035
E.Current Liabilities (E1+E2+E3+E4) 2,287,557 2,422,796 3,587,123 2,998,506 3,102,859 5,738,136
1.Trade credit & other accounts payables 2,099,989 2,284,354 3,461,555 2,696,764 2,606,764 3,913,410
of which: i) Trade credits 497,589 391,329 353,293 315,021 423,447 1,052,383
2.Short term borrowings 0 0 0 0 5,211 0
3.Current portion of non-current liabilities 0 0 0 0 0 135,016
4.Other current liabilities 187,568 138,442 125,568 301,742 490,884 1,689,710
F.Operations:
1.Sales 24,618,077 25,297,585 26,018,104 29,564,160 35,260,665 35,873,330
i)Local sales (Net) 23,370,139 24,003,114 24,632,573 27,823,778 32,767,090 33,365,017
ii)Export sales (Net) 1,247,938 1,294,471 1,385,531 1,740,382 2,493,575 2,508,313
2.Cost of sales 19,163,936 18,345,146 18,592,634 21,374,866 26,288,635 26,091,010
i)Cost of material 13,689,844 12,059,373 12,667,249 14,923,363 18,579,164 16,799,586
3.Gross profit / (loss) (F1-F2) 5,454,141 6,952,439 7,425,470 8,189,294 8,972,030 9,782,320
4.General, administrative and other expenses 1,016,921 1,427,770 1,552,021 1,633,314 1,611,489 1,735,000
i)Selling & distribution expenses 289,904 583,454 638,768 694,381 491,783 524,481
ii)Administrative and other expenses 727,017 844,316 913,253 938,933 1,119,706 1,210,519
5.Other income / (loss) 177,476 200,541 193,181 255,066 389,185 471,947
6.EBIT (F3-F4+F5) 4,614,696 5,725,210 6,066,630 6,811,046 7,749,726 8,519,267
7.Financial expenses 15,295 17,835 15,615 25,822 23,257 46,366
of which: (i) Interest expenses 28 9 0 7,602 3,078 9,850
8.Profit / (loss) before taxation (F6-F7) 4,599,401 5,707,375 6,051,015 6,785,224 7,726,469 8,472,901
9.Tax expenses 1,324,236 1,827,944 1,658,758 2,013,519 2,282,903 2,378,670
10.Profit / (loss) after tax (F8-F9) 3,275,165 3,879,431 4,392,257 4,771,705 5,443,566 6,094,231
11.Cash dividends 1,616,370 4,341,108 3,463,650 3,925,470 4,618,200 5,080,020
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,644,295 4,560,404 4,262,705 6,154,895 5,062,877 7,217,533
2.Net cash flows from investing activities (1,666,864) (868,588) (734,643) (186,339) (28,689) 123,151
3.Net cash flows from financing activities (1,306,852) (2,689,496) (4,167,556) (4,855,257) (3,967,502) (3,516,088)
H.Miscellaneous
1.Total capital employed (C+D) 12,318,676 14,001,906 13,156,692 13,903,109 15,475,677 17,107,057
2.Retention in business (F10-F11-F12) 1,658,795 (461,677) 928,607 846,235 825,366 1,014,211
3.Depreciation for the year 441,038 452,253 519,638 452,347 475,908 485,702
4.Salaries, wages and employee benefits 1,691,679 1,907,874 2,093,470 2,172,920 2,440,922 2,334,766
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.30 15.34 16.88 16.14 15.44 16.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.79 1.63 1.57 1.76 1.99 1.72
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 23.82 25.00 26.48 28.36 30.69 29.23
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.29 1.26 1.31 1.32 1.28 1.35
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 30.67 31.40 34.67 37.50 39.24 39.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 354.59 420.02 475.54 516.62 589.36 659.81
207
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

S.S. Oil Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 507,696 474,334 465,935 458,762 767,841 728,717
1.Capital work in progress 10,924 0 0 0 0 0
2.Operating fixed assets at cost 577,992 809,226 839,956 872,217 1,221,173 1,242,157
3.Operating fixed assets after deducting accumulated depreciation 493,429 470,991 462,591 455,418 764,497 724,373
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 3,343 3,343 3,344 3,344 3,344 4,344
B.Current Assets (B1+B2+B3+B4+B5+B6) 928,071 1,028,705 1,384,709 1,199,536 1,707,629 2,319,975
1.Cash & bank balance 31,744 22,023 21,236 9,786 29,694 22,548
2.Inventories; of which 320,438 645,873 844,120 554,321 688,134 1,250,252
i)Raw material 281,773 107,720 346,088 314,861 537,080 757,611
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 38,665 538,153 273,363 144,771 151,054 166,150
3.Trade Debt / accounts receivables 249,979 204,179 347,299 555,743 900,529 922,933
4.Short term loans and advances 0 1,014 6,433 3,541 4,535 4,617
5.Short term investments 0 0 0 0 0 0
6.Other current assets 325,910 155,616 165,621 76,145 84,737 119,625
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,435,767 1,503,039 1,850,644 1,658,298 2,475,470 3,048,692
C.Shareholders' Equity (C1+C2+C3) 639,036 660,738 685,382 697,275 969,925 1,010,752
1.Issued, Subscribed & Paid up capital 56,584 56,584 56,584 56,584 56,584 56,584
i)Ordinary shares 56,584 56,584 56,584 56,584 56,584 56,584
ii)Preference shares 0 0 0 0 0 0
2.Reserves 346,394 386,250 427,329 454,105 484,565 555,882
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 346,394 386,250 427,329 454,105 484,565 555,882
of which: un-appropriated profit(loss) / retained earnings 346,394 386,250 427,329 454,105 484,565 555,882
3.Surplus on revaluation of fixed assets 236,058 217,904 201,469 186,586 428,776 398,286
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 134,432 114,368 94,855 78,841 138,705 95,105
1.Long term borrowings 0 0 0 14,769 12,307 9,845
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 6,687 6,274 5,337 4,684 4,447 3,886
5.Other non-current liabilities 127,745 108,094 89,518 59,388 121,951 81,374
E.Current Liabilities (E1+E2+E3+E4) 662,299 727,933 1,070,407 882,182 1,366,840 1,942,835
1.Trade credit & other accounts payables 0 0 53,661 42,881 58,389 78,568
of which: i) Trade credits 0 0 28,442 28,425 42,211 46,379
2.Short term borrowings 584,047 657,195 1,005,015 822,780 1,276,679 1,840,964
3.Current portion of non-current liabilities 0 0 0 1,231 2,462 2,462
4.Other current liabilities 78,252 70,738 11,731 15,290 29,310 20,841
F.Operations:
1.Sales 1,837,061 1,421,340 2,674,123 3,479,732 3,890,162 5,011,834
i)Local sales (Net) 1,837,061 1,421,340 2,674,123 3,479,732 3,890,162 5,011,834
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,746,879 1,319,820 2,543,101 3,318,028 3,660,642 4,693,181
i)Cost of material 1,523,368 1,564,511 1,920,527 2,753,091 3,279,705 4,140,534
3.Gross profit / (loss) (F1-F2) 90,182 101,520 131,022 161,704 229,520 318,653
4.General, administrative and other expenses 23,279 32,172 41,910 39,508 46,440 48,384
i)Selling & distribution expenses 6,268 11,809 14,247 6,218 11,325 4,141
ii)Administrative and other expenses 17,011 20,363 27,663 33,290 35,115 44,243
5.Other income / (loss) 1,584 1,751 404 436 705 1,687
6.EBIT (F3-F4+F5) 68,487 71,099 89,516 122,632 183,785 271,956
7.Financial expenses 65,216 55,340 51,421 89,052 140,106 191,715
of which: (i) Interest expenses 64,162 54,190 49,170 87,695 138,372 189,302
8.Profit / (loss) before taxation (F6-F7) 3,271 15,759 38,095 33,580 43,679 80,241
9.Tax expenses 12,369 5,222 17,313 21,223 30,545 51,613
10.Profit / (loss) after tax (F8-F9) (9,098) 10,537 20,782 12,357 13,134 28,628
11.Cash dividends 0 5,658 8,488 5,658 5,658 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (307,705) (75,762) (317,878) 187,047 (426,762) (546,985)
2.Net cash flows from investing activities (3,061) (7,106) (30,730) (32,261) (5,999) (21,985)
3.Net cash flows from financing activities 316,887 73,148 347,820 (166,235) 452,668 561,823
H.Miscellaneous
1.Total capital employed (C+D) 773,468 775,106 780,237 776,116 1,108,630 1,105,857
2.Retention in business (F10-F11-F12) (9,098) 4,879 12,294 6,699 7,476 28,628
3.Depreciation for the year 25,836 41,272 39,129 39,433 39,877 61,109
4.Salaries, wages and employee benefits 33,906 39,237 50,632 56,249 55,003 67,274
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.50 0.74 0.78 0.36 0.34 0.57
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.56 0.97 1.59 1.98 1.88 1.81
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.77 0.72 1.24 0.70 0.64 1.04
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.06 2.26 2.49 2.54 2.48 2.79
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -1.59 1.62 3.09 1.79 1.58 2.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.61 1.86 3.67 2.18 2.32 5.06
208
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shezan International Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,205,253 1,193,385 1,184,006 1,380,074 1,975,643 2,079,435
1.Capital work in progress 90,432 77,400 86,975 131,221 139,378 138,681
2.Operating fixed assets at cost 1,867,282 2,043,631 2,174,205 2,402,334 3,149,147 3,212,247
3.Operating fixed assets after deducting accumulated depreciation 1,108,902 1,109,611 1,088,971 1,197,817 1,789,939 1,724,758
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 2,358 2,121 2,877 2,667 2,478 2,650
6.Other non-current assets 3,561 4,253 5,183 48,369 43,848 213,346
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,210,327 2,074,373 2,339,390 2,852,472 2,829,500 2,689,701
1.Cash & bank balance 143,255 102,906 73,227 152,949 233,723 233,723
2.Inventories; of which 1,453,506 1,238,081 1,358,515 1,720,889 1,645,062 1,527,152
i)Raw material 543,930 449,222 429,175 600,441 507,693 594,729
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 909,576 197,198 206,392 223,733 197,899 179,907
3.Trade Debt / accounts receivables 305,770 269,494 259,853 116,219 136,615 156,598
4.Short term loans and advances 27,062 75,312 185,138 175,095 28,032 125,595
5.Short term investments 0 0 0 0 0 0
6.Other current assets 280,734 388,580 462,657 687,320 786,068 646,634
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,415,580 3,267,758 3,523,396 4,232,546 4,805,143 4,769,136
C.Shareholders' Equity (C1+C2+C3) 1,728,162 1,834,365 2,022,705 2,309,477 2,233,580 1,949,654
1.Issued, Subscribed & Paid up capital 79,860 79,860 79,860 79,860 87,846 87,846
i)Ordinary shares 79,860 79,860 79,860 79,860 87,846 87,846
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,648,302 1,754,505 1,942,845 2,229,617 2,145,734 1,861,808
i)Capital Reserve 5,000 4,606 5,502 5,292 5,103 5,275
ii)Revenue Reserve 1,643,302 1,749,899 1,937,343 2,224,325 2,140,631 1,856,533
of which: un-appropriated profit(loss) / retained earnings 393,459 299,899 337,343 424,325 140,631 (143,467)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 284,498 159,374 62,038 51,465 422,882 348,174
1.Long term borrowings 210,000 90,000 0 0 422,882 345,465
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 74,498 69,374 62,038 51,465 0 2,709
E.Current Liabilities (E1+E2+E3+E4) 1,402,920 1,274,019 1,438,653 1,871,604 2,148,681 2,471,308
1.Trade credit & other accounts payables 778,894 668,625 678,784 832,469 869,963 738,533
of which: i) Trade credits 319,910 295,525 318,507 345,049 485,687 335,260
2.Short term borrowings 280,000 226,277 292,525 553,262 376,383 744,035
3.Current portion of non-current liabilities 90,000 120,000 90,000 0 105,720 244,965
4.Other current liabilities 254,026 259,117 377,344 485,873 796,615 743,775
F.Operations:
1.Sales 6,817,635 6,816,540 7,159,015 7,503,273 7,704,097 7,313,042
i)Local sales (Net) 5,871,469 6,648,251 6,974,713 7,323,489 7,452,163 6,945,200
ii)Export sales (Net) 946,166 168,289 184,302 179,784 251,934 367,842
2.Cost of sales 4,877,580 4,931,776 5,083,750 5,405,841 6,172,758 6,213,833
i)Cost of material 4,325,794 4,408,739 3,630,823 3,662,517 4,981,472 4,982,258
3.Gross profit / (loss) (F1-F2) 1,940,055 1,884,764 2,075,265 2,097,432 1,531,339 1,099,209
4.General, administrative and other expenses 1,624,574 1,680,969 1,715,224 1,620,492 1,402,474 1,254,394
i)Selling & distribution expenses 1,245,656 1,249,860 1,230,186 1,050,436 939,875 799,910
ii)Administrative and other expenses 378,918 431,109 485,038 570,056 462,599 454,484
5.Other income / (loss) 59,796 51,859 38,321 51,480 91,264 59,501
6.EBIT (F3-F4+F5) 375,277 255,654 398,362 528,420 220,129 (95,684)
7.Financial expenses 60,967 52,178 36,419 39,188 68,195 206,985
of which: (i) Interest expenses 55,730 49,323 33,390 36,502 64,822 203,240
8.Profit / (loss) before taxation (F6-F7) 314,310 203,476 361,943 489,232 151,934 (302,669)
9.Tax expenses 19,332 9,190 102,625 94,439 38,860 (66,886)
10.Profit / (loss) after tax (F8-F9) 294,978 194,286 259,318 394,793 113,074 (235,783)
11.Cash dividends 87,846 71,874 107,811 119,790 48,315 48,315
12.Bonus shares / stock dividends 0 0 0 7,986 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 306,458 345,158 382,245 656,594 550,164 (144,943)
2.Net cash flows from investing activities (544,001) (208,138) (220,402) (379,716) (879,686) (199,057)
3.Net cash flows from financing activities 227,382 (177,369) (191,522) (197,156) 410,296 312,818
H.Miscellaneous
1.Total capital employed (C+D) 2,012,660 1,993,739 2,084,743 2,360,942 2,656,462 2,297,828
2.Retention in business (F10-F11-F12) 207,132 122,412 151,507 267,017 64,759 (284,098)
3.Depreciation for the year 188,841 211,394 218,376 206,662 260,499 327,166
4.Salaries, wages and employee benefits 568,874 691,523 776,498 941,654 991,992 880,746
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.33 2.85 3.62 5.26 1.47 -3.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.23 2.04 2.11 1.93 1.70 1.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.67 5.81 7.64 10.18 2.50 -4.93
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.89 1.88 1.76 1.79 1.99 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 18.25 10.91 13.45 18.23 4.98 -11.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 36.94 24.33 32.47 49.44 12.87 -26.84
209
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Unilever Pakistan Foods Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,159,725 2,181,400 2,087,816 2,914,357 3,762,828 3,832,687
1.Capital work in progress 94,130 132,536 88,010 1,055,384 455,748 201,546
2.Operating fixed assets at cost 2,634,158 2,768,589 2,907,817 2,955,441 4,569,541 5,184,424
3.Operating fixed assets after deducting accumulated depreciation 1,946,209 1,952,320 1,904,964 1,728,165 3,198,712 3,530,582
4.Intangible assets 81,637 81,637 81,637 81,637 81,637 81,637
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 37,749 14,907 13,205 49,171 26,731 18,922
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,257,568 2,436,695 1,993,132 3,056,526 3,326,005 3,614,686
1.Cash & bank balance 593,252 694,779 347,558 1,114,816 724,556 929,895
2.Inventories; of which 959,276 958,171 1,007,742 963,034 902,351 999,124
i)Raw material 568,339 499,985 560,142 566,266 555,907 593,057
ii)Work in progress 41,664 26,409 25,997 25,021 25,022 31,071
iii)Finished goods 369,036 438,597 484,589 371,747 321,422 374,996
3.Trade Debt / accounts receivables 209,064 301,929 438,767 509,288 868,282 455,214
4.Short term loans and advances 15,180 23,864 12,184 13,107 13,854 69,256
5.Short term investments 0 0 0 0 0 0
6.Other current assets 480,796 457,952 186,881 456,281 816,962 1,161,197
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,417,293 4,618,095 4,080,948 5,970,883 7,088,833 7,447,373
C.Shareholders' Equity (C1+C2+C3) 1,678,594 1,804,918 181,470 1,892,563 2,304,197 2,747,694
1.Issued, Subscribed & Paid up capital 61,576 61,576 61,576 63,699 63,699 63,699
i)Ordinary shares 61,576 61,576 61,576 63,699 63,699 63,699
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,617,018 1,743,342 119,894 1,828,864 2,240,498 2,683,995
i)Capital Reserve 25,258 25,258 25,258 1,297,127 1,297,127 1,297,127
ii)Revenue Reserve 1,591,760 1,718,084 94,636 531,737 943,371 1,386,868
of which: un-appropriated profit(loss) / retained earnings 1,591,622 1,717,946 94,498 531,599 943,233 1,386,730
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 220,644 215,694 213,130 174,535 304,680 410,824
1.Long term borrowings 0 0 0 24,819 0 24,047
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,691 2,452 9,345 14,000 24,141 25,727
5.Other non-current liabilities 214,953 213,242 203,785 135,716 280,539 361,050
E.Current Liabilities (E1+E2+E3+E4) 2,518,055 2,597,483 3,686,348 3,903,785 4,479,956 4,288,855
1.Trade credit & other accounts payables 2,348,513 2,424,678 2,773,124 2,835,390 4,225,724 4,112,349
of which: i) Trade credits 480,107 455,237 562,170 599,622 811,244 932,470
2.Short term borrowings 81,676 0 583,741 938,994 35,217 0
3.Current portion of non-current liabilities 0 0 0 30,287 30,392 11,519
4.Other current liabilities 87,866 172,805 329,483 99,114 188,623 164,987
F.Operations:
1.Sales 8,571,097 9,466,836 10,745,260 11,898,430 13,291,424 15,572,747
i)Local sales (Net) 8,348,248 9,466,836 10,745,260 11,898,430 13,291,424 15,572,747
ii)Export sales (Net) 222,849 0 0 0 0 0
2.Cost of sales 4,738,804 5,264,621 5,911,696 6,549,353 7,861,105 8,894,178
i)Cost of material 4,019,651 4,498,631 4,842,698 5,051,129 6,266,087 7,126,455
3.Gross profit / (loss) (F1-F2) 3,832,293 4,202,215 4,833,564 5,349,077 5,430,319 6,678,569
4.General, administrative and other expenses 2,233,692 2,520,330 3,089,609 3,148,017 2,791,782 3,010,515
i)Selling & distribution expenses 1,954,022 2,238,606 2,649,320 2,690,609 2,270,003 2,274,181
ii)Administrative and other expenses 279,670 281,724 440,289 457,408 521,779 736,334
5.Other income / (loss) 103,174 120,343 202,771 342,115 304,339 409,454
6.EBIT (F3-F4+F5) 1,701,775 1,802,228 1,946,726 2,543,175 2,942,876 4,077,508
7.Financial expenses 36,090 34,470 26,020 47,300 135,076 22,550
of which: (i) Interest expenses 16,655 9,835 14,263 31,903 122,559 10,354
8.Profit / (loss) before taxation (F6-F7) 1,665,685 1,767,758 1,920,706 2,495,875 2,807,800 4,054,958
9.Tax expenses 433,557 491,669 565,033 761,418 354,862 217,546
10.Profit / (loss) after tax (F8-F9) 1,232,128 1,276,089 1,355,673 1,734,457 2,452,938 3,837,412
11.Cash dividends 923,640 2,271,970 1,262,308 1,783,572 2,458,781 2,493,943
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,191,568 1,517,410 1,883,709 1,705,568 3,639,947 3,908,226
2.Net cash flows from investing activities (330,757) (182,195) (77,091) (1,042,445) (1,064,794) (264,533)
3.Net cash flows from financing activities (457,309) (1,152,012) (2,737,580) (251,118) (2,061,636) (3,403,137)
H.Miscellaneous
1.Total capital employed (C+D) 1,899,238 2,020,612 394,600 2,067,098 2,608,877 3,158,518
2.Retention in business (F10-F11-F12) 308,488 (995,881) 93,365 (49,115) (5,843) 1,343,469
3.Depreciation for the year 107,283 158,402 164,417 169,067 213,036 283,794
4.Salaries, wages and employee benefits 615,864 621,706 706,598 833,387 912,392 1,049,250
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.38 13.48 12.62 14.58 18.46 24.64
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.17 2.10 2.47 2.37 2.04 2.14
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 31.26 28.25 31.17 34.51 37.56 52.80
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.20 2.59 4.38 4.85 3.11 2.88
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 100.09 73.26 136.50 167.25 116.90 151.92
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 200.10 207.24 220.16 272.29 385.08 602.43
210
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Unity Foods Limited (Thousand Rupees)

Items 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,551,269 3,094,247 3,816,338
1.Capital work in progress - 123,186 778,526 597,263
2.Operating fixed assets at cost - 3,181,040 3,851,171 5,325,973
3.Operating fixed assets after deducting accumulated depreciation - 1,398,635 2,302,995 2,733,662
4.Intangible assets - 5,704 8,654 10,913
5.Long term investments - 0 0 366,542
6.Other non-current assets - 23,744 4,072 107,958
B.Current Assets (B1+B2+B3+B4+B5+B6) - 3,015,914 7,371,379 15,127,051
1.Cash & bank balance - 9,958 40,044 163,360
2.Inventories; of which - 1,479,257 3,201,230 5,048,540
i)Raw material - 1,297,959 1,847,709 4,043,887
ii)Work in progress - 141,530 132,383 54,250
iii)Finished goods - 39,768 1,221,138 950,402
3.Trade Debt / accounts receivables - 1,148,211 3,063,574 7,765,667
4.Short term loans and advances - 104,773 7,256 64,739
5.Short term investments - 0 0 0
6.Other current assets - 273,715 1,059,275 2,084,745
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 4,567,183 10,465,626 18,943,389
C.Shareholders' Equity (C1+C2+C3) - 1,773,918 5,694,467 5,849,691
1.Issued, Subscribed & Paid up capital - 1,690,500 5,440,500 5,440,500
i)Ordinary shares - 1,690,500 5,440,500 5,440,500
ii)Preference shares - 0 0 0
2.Reserves - 83,418 253,967 409,191
i)Capital Reserve - 0 0 0
ii)Revenue Reserve - 83,418 253,967 409,191
of which: un-appropriated profit(loss) / retained earnings - 83,418 253,967 409,191
3.Surplus on revaluation of fixed assets - 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 0 0 216,652
1.Long term borrowings - 0 0 210,678
2.Subordinated loans / Sponsor's loans - 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0
4.Employees benefit obligations - 0 0 0
5.Other non-current liabilities - 0 0 5,974
E.Current Liabilities (E1+E2+E3+E4) - 2,793,265 4,771,159 12,877,046
1.Trade credit & other accounts payables - 1,744,791 1,983,667 8,838,122
of which: i) Trade credits - 1,656,995 1,775,348 8,753,133
2.Short term borrowings - 1,038,924 2,747,238 3,892,256
3.Current portion of non-current liabilities - 0 0 78,926
4.Other current liabilities - 9,550 40,254 67,742
F.Operations:
1.Sales - 2,782,172 14,097,237 29,872,021
i)Local sales (Net) - 1,960,347 13,072,427 28,437,020
ii)Export sales (Net) - 821,825 1,024,810 1,435,001
2.Cost of sales - 2,534,099 12,820,034 27,842,733
i)Cost of material - 0 10,064,701 26,043,271
3.Gross profit / (loss) (F1-F2) - 248,073 1,277,203 2,029,288
4.General, administrative and other expenses - 132,510 715,424 1,298,282
i)Selling & distribution expenses - 55,590 356,514 690,610
ii)Administrative and other expenses - 76,920 358,910 607,672
5.Other income / (loss) - 34,074 1,150 8,534
6.EBIT (F3-F4+F5) - 149,637 562,929 739,540
7.Financial expenses - 51,840 288,208 544,989
of which: (i) Interest expenses - 22,724 193,231 487,497
8.Profit / (loss) before taxation (F6-F7) - 97,797 274,721 194,551
9.Tax expenses - (23,719) 19,647 (15,079)
10.Profit / (loss) after tax (F8-F9) - 121,516 255,074 209,630
11.Cash dividends - 84,525 12,068,661 4,499,838
12.Bonus shares / stock dividends - 0 54,405 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - (1,130,273) (3,718,397) 594,091
2.Net cash flows from investing activities - (1,550,443) (1,625,306) (1,226,653)
3.Net cash flows from financing activities - 2,588,924 5,282,206 681,969
H.Miscellaneous
1.Total capital employed (C+D) - 1,773,918 5,694,467 6,066,343
2.Retention in business (F10-F11-F12) - 36,991 (11,867,992) (4,290,208)
3.Depreciation for the year - 22,722 61,255 121,362
4.Salaries, wages and employee benefits - 63,327 276,595 566,784
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 4.37 1.81 0.70
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.61 1.88 2.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 2.66 3.39 1.43
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 2.57 2.01 2.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 6.85 6.83 3.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 0.72 0.47 0.39
211
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Chemical, Chemical Products & Pharmaceuticals

Performance at Glance
The balance sheet size of the Chemical, Chemical Products and Pharma sector improved by Rs 60.29
billion and touch to Rs 1,079.76 billion during FY20 from Rs 1,019.47 billion during FY19.
Shareholders’ equity improved by 13.33 percent during current year to stand at Rs 444.54 billion in
the FY20. Sales of Chemical, Chemical Products and Pharma sector were decreased by 4.85 percent
during FY20 and reached to Rs 773.51 billion during FY20 from Rs 812.94 billion during FY19.
However, profit before tax and profit after tax increased during the period under review. Profit before
tax increased by Rs 17.56 billion (16.12 percent) and profit after tax dropped by Rs 19.15 billion
during current year, recording growth of 26.40 percent during FY20 over FY19.

Assets
Non-Current Assets shared 55.10 percent of total assets and stood at Rs 594.95 billion during FY20 as
compared to Rs 568.97 billion during FY19 reflecting an increase of Rs 25.98 billion during FY20.
Operating fixed assets after deducting accumulated depreciation increased by Rs 33.26 billion during
FY20 and reached to Rs 402.04 billion during FY20 as compared to Rs 386.53 billion during FY19.
Long-term investments moved up to Rs 115.67 billion during FY20 from Rs 105.00 billion during
FY19 recording an increase of 10.15 percent during FY20. Despite improvements in all components
of non-current assets, capital work in progress recorded a contraction of 11.89 percent during FY20.
Current assets during the year FY20 increased with an amount of Rs 34.30 billion and reached to Rs
484.81 billion during FY20 from Rs 450.50 billion during FY19. Rise in current assets was mainly
Current Assets Non-Current Assets
2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
140 80 46.41
73.41 440 50
120 60 390 40
340
100 40 30
290 10.15

percent
240 20
percent

80 20 4.01
billion Rs
billion Rs

190 0.15 10
60 -4.48 0 140
-11.89 0
-14.52 -16.08 90
40 -20 40 -10

20 -36.51 -40 -10 -20

CW in progress

OFA less acc

Other NCA
Intangible Assets

Long term Inv.

0 -60
dep.
Invento.

Short term
balances

Trade

Other CA
Loans and
Advances
Debt
Cash &

due to improvement in short-term investments, which increased by Rs 65.84 billion (77.50 percent)
and contributed 31.11 percent share of current assets. Cash & bank balance improved by Rs 22.72
billion (73.41 percent). All the other components of current assets showed contraction during FY20.
Inventories, contributed 19.42 percent share of current assets during FY20, decreasedby Rs 15.99
billion (14.52 percent) in current year over previous year. Short-term loans and advances recorded a
contraction of 16.08 percent to reach at Rs 17.47 billion during FY20 from Rs 20.81 billion during
FY19. Trade debt were decreased by Rs 29.40 billion (36.51 percent) during FY20.

Shareholders’ Equity & Liabilities

Shareholders’ equity increased to Rs 444.54 billion during the current year from Rs 392.23 billion in
the previous year showing growth of 13.33 percent during FY20. Issued subscribed and paid-up
Capital and reserves remained significant factors and contributed 25.82 percent and 64.29 percent
shares respectively in overall shareholders equity during FY20. Issued subscribed and Paid up capital
consist of ordinary shares and preferences share and during the year paid up capital showed rise of Rs
3.21 billion. This rise in paid-up capital is due to improvement of Rs 3.00 billion in preferences

212
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

shares. Ordinary shares however, posted an increase of 0.19 percent during FY20. Overall reserves
stood up to Rs 285.79 billion during FY20 from Rs 233.83 billion during FY19, with an increase of
Rs 51.97 billion. A significant increase of Rs 44.59 billion was witnessed against revenue reserves.
Similarly, a positive uptick of Rs 7.38 billion was noted for capital reserves.

Shareholders Equity Liabilities

2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
250 120
350 22.22 25
102.35 100
300 20 200
80
250 15 150 60

percent
billion Rs

40

billion Rs
200 10

percent
100 20
-14.37
150 2.88 5 -5.09 -2.60
-15.67 0
50
100 0 -20
-6.14 0 -40
50 -5

Trade Credits

Other CL

Borrowings

Other NCL
Borrowings

LT
0 -10

ST
Paid up capital Reserves Surplus on FA

Non-Current Liabilities increased from Rs 160.48 billion during FY19 to Rs 226.67 billion during
current year mainly due to improvement of Rs 68.94 billion in other non-current liabilities, which
presently holds 55.20 percent share of non-current liabilities. Employee benefits remained to Rs 7.47
billion during FY20, which is 30.88 percent more during FY20 than that amount in previous year.
Long-term borrowings decrease to Rs 91.03 billion in FY20 posting a contraction of 2.60 percent over
the previous year. While current liabilities showed contrary behavior to non-current liabilities and
dropped to Rs 408.56 billion during FY20 from Rs 466.76 billion during FY19. Except other current
liabilities all component showed the downfall in current year. Trade credits remained the significant
component with 48.34 percent share during FY20 of current liabilities showed decrease of Rs 33.16
billion (14.37 percent). Short term borrowings decreased to Rs 103.79 billion during FY20 from Rs
123.08 billion in the previous year, showing contraction of 15.67 percent during FY20.

Operating Efficiency & Ratio Analysis

Sales of Chemical, Chemical product and Ratio Analysis
pharma sector dropped to Rs 773.51 billion 2019 2020
during FY20 from Rs 812.94 billion
corresponding year. Cost of Sales also 25
decreased by Rs 45.82 billion (7.51 percent)
comparatively higher than the sales in the 20
current year, facilitated to enhanced the gross
15
percent

profit of sector. General, Administrative and

other expenses were increased by Rs 2.01 10
billion in FY20 as compared to FY19 and
reached to Rs 96.53 billion. Financial expenses 5
of the sector reduced by 8.05 percent and
touched to Rs 26.52 billion in FY20 from Rs. -
28.84 billion in FY19 resultantly ended with a ROA ROE NPM
growth in profit before tax. Profit before
taxation moved up to Rs 126.46 billion during FY20 from Rs 108.90 billion during FY19 i.e.
registering an increase of Rs 17.56 billion (16.12 percent). Decrease of Rs 1.59 billion in tax expense
during FY20 improved profit after tax to Rs 91.69 billion in the current year with growth of 26.40
percent over the previous year.

213
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Performance indicators of the sector were improved in current year with reference to
earnings/profitability and efficiency. Net Profit margin increased from 8.92 during FY19 to 11.85
during FY20. The sector showed more efficiency with reference to the utilization of its assets and
equity during FY20 as compared to FY19. Return on assets moved up from 7.65during FY19 to 8.74
during FY20, and return on equity reached to Rs 21.92 during FY20 from 19.51 during FY19.

214
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Chemicals, Chemical Products and Pharma. - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 443,780,168 452,558,459 461,580,796 486,588,668 568,970,009 594,954,396
1.Capital work in progress 18,933,444 17,782,904 21,302,069 20,682,887 42,463,070 37,413,938
2.Operating fixed assets at cost 531,439,337 549,783,111 573,089,561 613,715,181 689,644,213 722,901,543
3.Operating fixed assets after deducting accumulated depreciation 323,651,335 326,110,349 329,084,690 345,942,739 386,533,781 402,043,813
4.Intangible assets 16,302,315 16,256,207 17,202,756 23,662,836 24,577,775 24,615,508
5.Long term investments 78,047,590 85,344,853 86,504,059 88,330,763 105,002,389 115,665,056
6.Other non-current assets 6,845,483 7,064,146 7,487,222 7,969,443 10,392,994 15,216,081
B.Current Assets (B1+B2+B3+B4+B5+B6) 223,742,083 267,073,419 294,440,379 389,650,190 450,502,630 484,807,264
1.Cash & bank balance 33,761,079 43,618,022 35,060,506 34,990,084 30,943,184 53,659,548
2.Inventories; of which 62,536,125 64,412,639 59,152,163 93,993,392 110,130,704 94,142,779
i)Raw material 26,301,574 22,858,093 28,952,827 37,361,562 43,046,342 48,175,036
ii)Work in progress 3,245,054 2,709,802 3,178,924 3,646,998 3,808,056 4,503,086
iii)Finished goods 32,908,554 36,292,644 26,508,028 51,308,308 58,717,441 38,034,889
3.Trade Debt / accounts receivables 25,204,602 40,531,686 41,807,652 53,555,864 80,542,312 51,138,263
4.Short term loans and advances 7,049,692 6,921,921 9,842,340 16,679,604 20,813,726 17,466,998
5.Short term investments 33,042,372 34,894,354 63,046,507 90,361,711 84,959,309 150,801,757
6.Other current assets 62,148,213 76,694,797 85,531,211 100,069,534 123,113,395 117,597,919
Total Assets (A+B) / Equity & Liabilities (C+D+E) 667,522,251 719,631,878 756,021,175 876,238,858 1,019,472,639 1,079,761,660
C.Shareholders' Equity (C1+C2+C3) 271,560,609 294,086,178 310,631,934 351,376,577 392,232,752 444,535,451
1.Issued, Subscribed & Paid up capital 102,581,068 104,748,053 105,696,290 111,821,329 111,592,154 114,801,179
i)Ordinary shares 100,987,725 102,054,710 103,002,947 109,127,986 109,998,811 110,207,836
ii)Preference shares 1,593,343 2,693,343 2,693,343 2,693,343 1,593,343 4,593,343
2.Reserves 148,597,547 167,388,188 182,983,631 215,454,774 233,826,653 285,793,356
i)Capital Reserve 11,159,335 14,499,884 15,615,383 20,644,217 22,952,870 30,331,461
ii)Revenue Reserve 137,438,211 152,888,304 167,368,248 194,810,557 210,873,783 255,461,895
of which: un-appropriated profit(loss) / retained earnings 92,536,540 106,388,870 115,628,725 141,778,443 152,977,994 192,029,115
3.Surplus on revaluation of fixed assets 20,381,994 21,949,937 21,952,013 24,100,474 46,813,945 43,940,916
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 142,320,914 157,218,924 139,531,192 133,118,097 160,484,618 226,665,636
1.Long term borrowings 94,408,598 101,628,245 86,700,784 80,991,198 93,451,573 91,025,613
2.Subordinated loans / Sponsor's loans 0 0 12,888 33,492 363,134 363,134
3.Debentures/TFCs (bonds payable) 6,583,561 12,397,844 8,321,653 4,200,000 4,795,833 2,695,834
4.Employees benefit obligations 3,341,729 4,003,427 4,526,552 5,186,911 5,708,524 7,471,290
5.Other non-current liabilities 37,987,025 39,189,408 39,969,315 42,706,496 56,165,554 125,109,765
E.Current Liabilities (E1+E2+E3+E4) 253,640,729 268,326,776 305,858,049 391,744,185 466,755,269 408,560,573
1.Trade credit & other accounts payables 111,084,480 117,921,083 164,029,197 206,827,863 230,673,274 197,517,108
of which: i) Trade credits 103,858,221 49,312,643 74,426,350 106,284,235 133,199,660 79,984,597
2.Short term borrowings 74,938,382 83,467,263 65,213,345 95,707,605 123,080,035 103,794,374
3.Current portion of non-current liabilities 30,448,550 43,348,824 42,505,900 53,707,256 75,362,911 68,128,602
4.Other current liabilities 37,169,317 23,589,606 34,109,607 35,501,461 37,639,049 39,120,489
F.Operations:
1.Sales 518,450,955 519,785,743 581,249,563 718,103,943 812,942,830 773,505,354
i)Local sales (Net) 506,186,470 514,719,925 567,917,085 704,252,744 799,549,515 763,088,951
ii)Export sales (Net) 12,264,485 5,065,818 13,332,478 13,851,199 13,393,315 10,416,403
2.Cost of sales 379,959,087 394,904,920 440,395,328 528,470,463 610,068,085 564,246,343
i)Cost of material 220,655,312 224,235,191 224,313,302 289,229,916 356,720,620 310,234,848
3.Gross profit / (loss) (F1-F2) 138,491,868 124,880,823 140,854,235 189,633,480 202,874,745 209,259,011
4.General, administrative and other expenses 61,387,662 67,218,166 76,113,938 88,854,361 94,520,350 96,529,372
i)Selling & distribution expenses 44,290,398 47,813,665 54,389,384 60,154,841 62,808,603 61,603,771
ii)Administrative and other expenses 17,097,264 19,404,501 21,724,554 28,699,520 31,711,747 34,925,601
5.Other income / (loss) 37,828,790 34,883,646 29,749,523 24,508,143 29,385,019 40,246,463
6.EBIT (F3-F4+F5) 114,932,997 92,546,303 94,489,820 125,287,262 137,739,414 152,976,102
7.Financial expenses 17,932,673 17,237,734 15,800,702 15,680,471 28,842,385 26,520,958
of which: (i) Interest expenses 16,854,615 15,845,733 14,455,179 13,608,210 25,533,891 39,449,461
8.Profit / (loss) before taxation (F6-F7) 97,000,324 75,308,569 78,689,118 109,606,791 108,897,029 126,455,144
9.Tax expenses 24,939,174 22,752,076 23,515,425 30,931,756 36,358,860 34,764,325
10.Profit / (loss) after tax (F8-F9) 72,061,150 52,556,493 55,173,693 78,675,035 72,538,169 91,690,819
11.Cash dividends 36,843,831 41,016,430 43,202,989 49,144,787 49,768,732 54,146,708
12.Bonus shares / stock dividends 214,484 362,382 635,559 738,682 130,274 222,230
G.Statement of Cash Flows
1.Net cash flows from operating activities 8,113,325 44,622,470 117,071,627 84,911,617 70,506,984 183,034,136
2.Net cash flows from investing activities 2,480,734 (26,609,978) (25,945,272) (37,989,798) (39,366,853) (48,599,089)
3.Net cash flows from financing activities (18,102,101) (13,508,604) (76,667,141) (48,728,002) (35,098,864) (59,421,291)
H.Miscellaneous
1.Total capital employed (C+D) 413,881,522 451,305,102 450,163,126 484,494,674 552,717,370 671,201,087
2.Retention in business (F10-F11-F12) 35,002,835 11,177,681 11,335,145 28,791,566 22,639,163 37,321,881
3.Depreciation for the year 21,314,786 22,501,538 23,342,759 26,835,294 28,032,625 28,106,031
4.Salaries, wages and employee benefits 46,099,557 65,916,083 51,107,957 58,515,268 64,963,321 70,522,214
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.90 10.11 9.49 10.96 8.92 11.85
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.81 0.75 0.79 0.88 0.86 0.74
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.21 7.58 7.48 9.64 7.65 8.74
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.53 2.45 2.44 2.47 2.55 2.51
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.40 18.58 18.25 23.77 19.51 21.92
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.03 5.02 5.22 7.04 6.56 7.99
215
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

AGP Limited (Thousand Rupees)

Items 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,095,214 7,385,133 7,615,215
1.Capital work in progress 79,444 130,492 344,143
2.Operating fixed assets at cost 1,885,847 2,215,140 2,326,754
3.Operating fixed assets after deducting accumulated depreciation 1,605,590 1,846,072 1,858,858
4.Intangible assets 5,398,256 5,395,055 5,397,875
5.Long term investments 0 0 0
6.Other non-current assets 11,924 13,514 14,339
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,868,176 2,216,487 2,575,451
1.Cash & bank balance 24,423 117,154 369,780
2.Inventories; of which 797,017 1,013,401 1,184,441
i)Raw material 463,692 549,832 568,212
ii)Work in progress 37,858 50,985 54,298
iii)Finished goods 295,467 412,583 561,931
3.Trade Debt / accounts receivables 483,439 522,535 705,290
4.Short term loans and advances 66,915 33,863 30,016
5.Short term investments 0 0 0
6.Other current assets 496,382 529,534 285,924
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,963,390 9,601,620 10,190,666
C.Shareholders' Equity (C1+C2+C3) 6,367,625 7,462,899 8,210,326
1.Issued, Subscribed & Paid up capital 2,800,000 2,800,000 2,800,000
i)Ordinary shares 2,800,000 2,800,000 2,800,000
ii)Preference shares 0 0 0
2.Reserves 3,567,625 4,662,899 5,410,326
i)Capital Reserve 0 0 0
ii)Revenue Reserve 3,567,625 4,662,899 5,410,326
of which: un-appropriated profit(loss) / retained earnings 3,567,625 4,662,899 5,410,326
3.Surplus on revaluation of fixed assets 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,251,152 787,985 472,222
1.Long term borrowings 1,192,366 717,065 399,732
2.Subordinated loans / Sponsor's loans 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0
4.Employees benefit obligations 0 0 0
5.Other non-current liabilities 58,786 70,920 72,490
E.Current Liabilities (E1+E2+E3+E4) 1,344,613 1,350,736 1,508,118
1.Trade credit & other accounts payables 660,428 845,557 837,209
of which: i) Trade credits 345,956 464,112 464,351
2.Short term borrowings 144,977 0 0
3.Current portion of non-current liabilities 489,600 490,961 665,338
4.Other current liabilities 49,608 14,218 5,571
F.Operations:
1.Sales 5,382,055 6,253,239 6,946,355
i)Local sales (Net) 5,333,151 5,900,484 6,208,131
ii)Export sales (Net) 48,904 352,755 738,224
2.Cost of sales 2,341,406 2,594,117 3,085,723
i)Cost of material 1,282,506 1,622,284 1,836,384
3.Gross profit / (loss) (F1-F2) 3,040,649 3,659,122 3,860,632
4.General, administrative and other expenses 1,432,054 1,618,745 1,813,748
i)Selling & distribution expenses 1,153,352 1,293,946 1,403,883
ii)Administrative and other expenses 278,702 324,799 409,865
5.Other income / (loss) 16,964 11,264 31,588
6.EBIT (F3-F4+F5) 1,625,559 2,051,641 2,078,472
7.Financial expenses 199,937 226,858 151,792
of which: (i) Interest expenses 194,130 218,314 144,012
8.Profit / (loss) before taxation (F6-F7) 1,425,622 1,824,783 1,926,680
9.Tax expenses 218,932 378,395 339,253
10.Profit / (loss) after tax (F8-F9) 1,206,690 1,446,388 1,587,427
11.Cash dividends 350,000 910,000 560,000
12.Bonus shares / stock dividends 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 966,877 1,506,897 1,589,506
2.Net cash flows from investing activities (318,384) (415,162) (360,127)
3.Net cash flows from financing activities (799,351) (854,027) (976,753)
H.Miscellaneous
1.Total capital employed (C+D) 7,618,777 8,250,884 8,682,548
2.Retention in business (F10-F11-F12) 856,690 536,388 1,027,427
3.Depreciation for the year 102,848 125,937 137,420
4.Salaries, wages and employee benefits 1,001,412 1,169,349 1,395,283
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 22.42 23.13 22.85
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.60 0.67 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.46 15.58 16.04
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.41 1.34 1.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 18.95 20.92 20.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.31 5.17 5.67
216
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Abbott Laboratories (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,108,183 4,523,033 5,492,322 7,283,126 8,414,818 9,214,007
1.Capital work in progress 718,242 803,393 740,239 1,192,083 1,268,799 911,993
2.Operating fixed assets at cost 6,363,679 7,178,460 8,487,975 10,242,050 11,683,859 13,165,162
3.Operating fixed assets after deducting accumulated depreciation 3,299,161 3,639,626 4,678,815 5,999,523 6,998,758 8,158,467
4.Intangible assets 21,983 16,250 10,650 24,879 78,372 66,255
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 68,797 63,764 62,618 66,641 68,889 77,292
B.Current Assets (B1+B2+B3+B4+B5+B6) 12,380,092 13,122,151 13,695,788 12,998,131 12,337,862 15,701,737
1.Cash & bank balance 8,320,913 7,944,429 8,571,721 5,678,136 2,757,519 7,488,881
2.Inventories; of which 2,908,690 3,575,927 3,475,745 4,428,893 6,049,215 4,981,489
i)Raw material 1,624,428 1,962,457 1,915,370 2,162,746 3,026,509 2,648,514
ii)Work in progress 224,347 226,490 312,100 293,352 189,602 95,245
iii)Finished goods 1,059,915 1,553,410 1,540,436 1,972,795 2,833,104 2,237,729
3.Trade Debt / accounts receivables 476,403 880,297 914,972 1,143,015 903,829 935,468
4.Short term loans and advances 100,194 160,388 159,591 147,183 133,171 277,661
5.Short term investments 0 0 0 0 0 0
6.Other current assets 573,892 561,110 573,759 1,600,904 2,494,128 2,018,238
Total Assets (A+B) / Equity & Liabilities (C+D+E) 16,488,275 17,645,184 19,188,110 20,281,257 20,752,680 24,915,744
C.Shareholders' Equity (C1+C2+C3) 12,949,247 14,593,240 14,355,835 13,235,011 13,372,393 15,590,252
1.Issued, Subscribed & Paid up capital 979,003 979,003 979,003 979,003 979,003 979,003
i)Ordinary shares 979,003 979,003 979,003 979,003 979,003 979,003
ii)Preference shares 0 0 0 0 0 0
2.Reserves 11,970,244 13,614,237 13,376,832 12,256,008 12,393,390 14,611,249
i)Capital Reserve 381,945 414,380 459,761 533,783 649,470 767,608
ii)Revenue Reserve 11,588,299 13,199,857 12,917,071 11,722,225 11,743,920 13,843,641
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 219,144 203,477 231,147 429,124 537,336 2,491,670
1.Long term borrowings 0 0 0 173,719 297,727 626,294
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 1,464,964
5.Other non-current liabilities 219,144 203,477 231,147 255,405 239,609 400,412
E.Current Liabilities (E1+E2+E3+E4) 3,319,884 2,848,467 4,601,128 6,617,122 6,842,951 6,833,822
1.Trade credit & other accounts payables 3,319,884 2,843,217 4,568,002 6,510,381 6,710,714 6,593,576
of which: i) Trade credits 114,398 86,358 628,603 930,787 607,594 967,798
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 40,533 83,412 189,955
4.Other current liabilities 0 5,250 33,126 66,208 48,825 50,291
F.Operations:
1.Sales 21,170,446 23,387,915 26,088,233 29,719,279 30,155,875 35,283,377
i)Local sales (Net) 20,008,705 21,979,029 24,547,200 28,000,684 27,725,809 33,522,318
ii)Export sales (Net) 1,161,741 1,408,886 1,541,033 1,718,595 2,430,066 1,761,059
2.Cost of sales 12,943,213 14,020,416 15,999,247 19,917,837 21,628,135 23,061,526
i)Cost of material 7,566,213 7,885,582 8,828,102 10,910,414 12,344,764 12,010,591
3.Gross profit / (loss) (F1-F2) 8,227,233 9,367,499 10,088,986 9,801,442 8,527,740 12,221,851
4.General, administrative and other expenses 3,691,740 4,194,536 4,682,298 5,900,721 6,315,932 6,662,078
i)Selling & distribution expenses 2,876,407 3,258,175 3,611,882 4,503,521 5,061,510 5,311,541
ii)Administrative and other expenses 815,333 936,361 1,070,416 1,397,200 1,254,422 1,350,537
5.Other income / (loss) 476,868 420,937 445,317 458,654 352,023 760,691
6.EBIT (F3-F4+F5) 5,012,361 5,593,900 5,852,005 4,359,375 2,563,831 6,320,464
7.Financial expenses 5,884 6,759 10,060 15,606 53,090 76,905
of which: (i) Interest expenses 0 0 0 6,199 43,185 70,390
8.Profit / (loss) before taxation (F6-F7) 5,006,477 5,587,141 5,841,945 4,343,769 2,510,741 6,243,559
9.Tax expenses 1,419,741 1,565,349 1,636,713 1,649,436 1,210,856 1,708,310
10.Profit / (loss) after tax (F8-F9) 3,586,736 4,021,792 4,205,232 2,694,333 1,299,885 4,535,249
11.Cash dividends 2,937,009 3,916,012 3,916,012 1,958,006 734,252 3,916,012
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,062,034 3,119,545 5,764,509 2,937,218 (160,128) 8,147,958
2.Net cash flows from investing activities (672,470) (558,237) (1,222,232) (1,928,955) (1,588,010) (956,779)
3.Net cash flows from financing activities (1,450,032) (2,937,792) (3,914,985) (3,901,848) (1,172,479) (2,459,817)
H.Miscellaneous
1.Total capital employed (C+D) 13,168,391 14,796,717 14,586,982 13,664,135 13,909,729 18,081,922
2.Retention in business (F10-F11-F12) 649,727 105,780 289,220 736,327 565,633 619,237
3.Depreciation for the year 463,444 522,357 601,485 727,118 881,746 964,742
4.Salaries, wages and employee benefits 2,915,267 3,298,044 3,383,025 4,000,030 3,990,681 4,770,395
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.94 17.20 16.12 9.07 4.31 12.85
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.40 1.37 1.42 1.51 1.47 1.55
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 23.71 23.57 22.83 13.65 6.34 19.86
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.27 1.24 1.27 1.43 1.54 1.58
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 30.11 29.20 29.05 19.53 9.77 31.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 36.64 41.08 42.95 27.52 13.28 46.33
217
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Agritech Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 44,557,423 43,415,061 42,410,372 41,219,780 62,669,968 61,174,030
1.Capital work in progress 36,734 47,887 67,851 36,320 46,671 18,568
2.Operating fixed assets at cost 55,150,536 55,107,258 54,916,965 55,130,436 92,357,505 92,474,510
3.Operating fixed assets after deducting accumulated depreciation 41,859,633 40,721,680 39,705,778 38,555,912 59,996,710 58,517,325
4.Intangible assets 2,575,782 2,570,072 2,567,502 2,567,311 2,567,311 2,567,310
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 85,274 75,422 69,241 60,237 59,276 70,827
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,426,810 4,489,534 4,678,308 4,989,661 6,465,951 6,002,524
1.Cash & bank balance 483,287 147,294 197,675 326,555 562,499 795,339
2.Inventories; of which 630,948 337,248 386,159 293,321 787,565 456,581
i)Raw material 29,401 73,886 49,386 72,621 54,776 95,748
ii)Work in progress 16,914 111,856 91,804 86,242 95,566 89,279
iii)Finished goods 584,634 151,506 244,969 134,458 637,222 271,553
3.Trade Debt / accounts receivables 61,149 51,016 16,531 34,865 0 490
4.Short term loans and advances 0 0 85,174 630,641 481,539 502,390
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,251,425 3,953,976 3,992,769 3,704,279 4,634,348 4,247,724
Total Assets (A+B) / Equity & Liabilities (C+D+E) 48,984,233 47,904,595 47,088,680 46,209,441 69,135,919 67,176,554
C.Shareholders' Equity (C1+C2+C3) 6,899,940 4,406,667 (72,561) (3,295,199) 12,329,435 8,034,007
1.Issued, Subscribed & Paid up capital 5,517,643 5,517,643 5,517,643 5,517,643 5,517,643 5,517,643
i)Ordinary shares 3,924,300 3,924,300 3,924,300 3,924,300 3,924,300 3,924,300
ii)Preference shares 1,593,343 1,593,343 1,593,343 1,593,343 1,593,343 1,593,343
2.Reserves (7,931,977) (10,191,286) (14,438,678) (17,507,570) (17,934,049) (21,621,116)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (7,931,977) (10,191,286) (14,438,678) (17,507,570) (17,934,049) (21,621,116)
of which: un-appropriated profit(loss) / retained earnings (7,940,977) (10,200,286) (14,447,678) (17,516,570) (17,943,049) (21,630,116)
3.Surplus on revaluation of fixed assets 9,314,274 9,080,310 8,848,474 8,694,728 24,745,841 24,137,480
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 11,961,043 8,801,340 6,627,307 3,515,680 11,418,725 10,632,386
1.Long term borrowings 2,290,876 1,183,233 597,546 0 2,241,503 1,740,316
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 6,583,561 3,997,844 2,021,653 0 0 0
4.Employees benefit obligations 22,891 28,699 31,759 13,534 17,569 6,930
5.Other non-current liabilities 3,063,714 3,591,564 3,976,349 3,502,146 9,159,653 8,885,140
E.Current Liabilities (E1+E2+E3+E4) 30,123,251 34,696,588 40,533,934 45,988,960 45,387,759 48,510,161
1.Trade credit & other accounts payables 4,105,651 3,467,252 4,708,220 5,449,311 1,816,409 2,296,715
of which: i) Trade credits 3,581,599 3,126,219 4,406,400 4,858,710 1,319,557 1,881,736
2.Short term borrowings 3,674,801 3,410,526 3,526,881 3,625,350 3,626,036 3,646,985
3.Current portion of non-current liabilities 10,460,165 14,138,278 16,744,531 19,306,932 19,304,062 19,278,672
4.Other current liabilities 11,882,633 13,680,532 15,554,302 17,607,367 20,641,252 23,287,789
F.Operations:
1.Sales 3,542,570 8,238,583 3,551,519 4,533,316 12,174,419 5,699,723
i)Local sales (Net) 3,542,570 8,238,583 3,446,188 4,533,316 12,174,419 5,699,723
ii)Export sales (Net) 0 0 105,331 0 0 0
2.Cost of sales 4,252,904 6,987,338 4,781,882 4,841,635 10,643,276 6,872,442
i)Cost of material 1,846,521 3,527,984 2,090,255 2,427,725 7,505,600 3,154,613
3.Gross profit / (loss) (F1-F2) (710,334) 1,251,245 (1,230,363) (308,319) 1,531,143 (1,172,719)
4.General, administrative and other expenses 782,267 821,532 532,124 784,041 780,791 551,271
i)Selling & distribution expenses 160,946 395,185 228,634 170,130 524,761 222,430
ii)Administrative and other expenses 621,321 426,347 303,490 613,911 256,030 328,841
5.Other income / (loss) 40,393 22,327 11,361 35,274 1,579,059 182,606
6.EBIT (F3-F4+F5) (1,452,207) 452,040 (1,751,126) (1,057,086) 2,329,411 (1,541,384)
7.Financial expenses 2,229,732 2,178,480 2,300,481 2,582,522 3,300,422 2,945,134
of which: (i) Interest expenses 2,848,142 1,884,777 2,070,272 2,363,529 3,115,488 2,535,048
8.Profit / (loss) before taxation (F6-F7) (3,681,939) (1,726,440) (4,051,607) (3,639,608) (971,011) (4,486,518)
9.Tax expenses (191,722) 582,485 432,076 (295,936) (318,234) (189,618)
10.Profit / (loss) after tax (F8-F9) (3,490,217) (2,308,925) (4,483,683) (3,343,672) (652,777) (4,296,900)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 117,538 (8,294) 76,032 243,396 515,566 351,233
2.Net cash flows from investing activities (3,557) (25,172) 9,466 (6,384) (10,901) (57,708)
3.Net cash flows from financing activities (138,997) (89,300) 14,609 (359,416) (269,407) (81,638)
H.Miscellaneous
1.Total capital employed (C+D) 18,860,982 13,208,007 6,554,746 220,481 23,748,160 18,666,393
2.Retention in business (F10-F11-F12) (3,490,217) (2,308,925) (4,483,683) (3,343,672) (652,777) (4,296,900)
3.Depreciation for the year 1,076,306 1,072,385 1,057,832 1,052,053 1,048,241 1,596,307
4.Salaries, wages and employee benefits 556,279 608,492 638,896 561,981 719,196 725,680
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -98.52 -28.03 -126.25 -73.76 -5.36 -75.39
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.07 0.17 0.07 0.10 0.21 0.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.08 -4.77 -9.44 -7.17 -1.13 -6.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.87 8.57 21.92 -27.70 12.77 6.69
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -41.52 -40.84 -206.90 198.57 -14.45 -42.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.33 -4.18 -8.13 -6.06 -1.18 -7.79
218
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Archroma Pakistan Ltd. (Formerly Clariant Pakistan Ltd) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,955,567 1,826,482 1,755,518 1,961,274 1,921,739 1,998,418
1.Capital work in progress 5,074 13,546 84,306 74,068 44,615 145,581
2.Operating fixed assets at cost 3,721,187 3,803,366 3,941,199 4,393,574 4,623,895 4,832,351
3.Operating fixed assets after deducting accumulated depreciation 1,929,326 1,801,858 1,659,967 1,878,620 1,869,849 1,831,239
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 21,167 11,078 11,245 8,586 7,275 21,598
B.Current Assets (B1+B2+B3+B4+B5+B6) 7,086,800 6,857,347 7,995,376 8,999,754 9,541,052 7,798,704
1.Cash & bank balance 351,554 337,515 587,885 532,105 598,957 269,235
2.Inventories; of which 1,709,874 1,641,480 2,107,644 2,694,526 3,056,054 3,089,893
i)Raw material 1,026,297 989,137 1,187,285 1,524,421 1,644,739 1,932,820
ii)Work in progress 96,964 49,203 55,260 168,386 108,614 99,836
iii)Finished goods 586,613 603,140 865,099 1,001,719 1,302,701 1,057,237
3.Trade Debt / accounts receivables 2,733,375 2,755,252 3,165,832 3,733,326 3,916,346 2,788,159
4.Short term loans and advances 16,294 10,722 8,661 3,416 448 700
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,275,703 2,112,378 2,125,354 2,036,381 1,969,247 1,650,717
Total Assets (A+B) / Equity & Liabilities (C+D+E) 9,042,367 8,683,829 9,750,894 10,961,028 11,462,791 9,797,122
C.Shareholders' Equity (C1+C2+C3) 4,632,908 5,387,412 5,017,646 4,805,212 5,117,437 4,503,860
1.Issued, Subscribed & Paid up capital 341,179 341,179 341,179 341,179 341,179 341,179
i)Ordinary shares 341,179 341,179 341,179 341,179 341,179 341,179
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,291,729 5,046,233 4,676,467 4,464,033 4,776,258 4,162,681
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 4,291,729 5,046,233 4,676,467 4,464,033 4,776,258 4,162,681
of which: un-appropriated profit(loss) / retained earnings 1,308,729 1,798,233 1,868,467 1,496,033 1,680,258 924,681
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 310,141 351,690 249,132 233,690 213,342 740,685
1.Long term borrowings 37,311 51,069 82,273 92,070 90,572 399,547
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 9,481 176,505 13,955 14,164 63,189 76,166
5.Other non-current liabilities 263,349 124,116 152,904 127,456 59,581 264,972
E.Current Liabilities (E1+E2+E3+E4) 4,099,318 2,944,727 4,484,116 5,922,126 6,132,012 4,552,577
1.Trade credit & other accounts payables 2,367,666 2,312,853 2,666,660 3,293,095 3,027,570 2,118,389
of which: i) Trade credits 550,286 396,232 439,149 476,642 518,839 477,680
2.Short term borrowings 1,698,740 604,765 1,732,030 2,489,701 2,920,070 2,143,046
3.Current portion of non-current liabilities 13,440 19,936 29,374 33,421 36,400 205,753
4.Other current liabilities 19,472 7,173 56,052 105,909 147,972 85,389
F.Operations:
1.Sales 8,828,624 11,350,227 12,242,715 14,290,088 17,353,050 15,038,941
i)Local sales (Net) 7,820,740 11,349,123 12,241,069 14,287,546 17,353,050 12,198,967
ii)Export sales (Net) 1,007,884 1,104 1,646 2,542 0 2,839,974
2.Cost of sales 6,295,488 7,680,189 8,377,749 9,771,812 12,006,899 10,834,222
i)Cost of material 4,425,830 5,557,722 6,266,995 7,727,700 9,865,485 8,590,148
3.Gross profit / (loss) (F1-F2) 2,533,136 3,670,038 3,864,966 4,518,276 5,346,151 4,204,719
4.General, administrative and other expenses 989,966 1,275,234 1,510,563 2,107,988 2,388,434 2,241,716
i)Selling & distribution expenses 642,111 762,766 841,291 1,480,214 1,744,329 1,569,555
ii)Administrative and other expenses 347,855 512,468 669,272 627,774 644,105 672,161
5.Other income / (loss) 171,261 53,907 21,464 (36,370) (127,428) 12,734
6.EBIT (F3-F4+F5) 1,714,431 2,448,711 2,375,867 2,373,918 2,830,289 1,975,737
7.Financial expenses 134,367 128,319 135,483 429,939 680,270 439,244
of which: (i) Interest expenses 87,338 81,236 76,600 152,473 272,107 234,274
8.Profit / (loss) before taxation (F6-F7) 1,580,064 2,320,392 2,240,384 1,943,979 2,150,019 1,536,493
9.Tax expenses 338,082 600,361 618,911 407,704 427,639 367,227
10.Profit / (loss) after tax (F8-F9) 1,241,982 1,720,031 1,621,473 1,536,275 1,722,380 1,169,266
11.Cash dividends 852,948 1,023,537 1,705,895 1,364,716 1,535,306 1,023,537
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,397,742 2,034,609 1,306,818 1,335,986 1,216,261 1,786,490
2.Net cash flows from investing activities (1,402,854) (82,671) (121,653) (421,217) (217,065) (154,703)
3.Net cash flows from financing activities (946,266) (1,307,002) (1,562,060) (1,328,220) (219,990) (1,243,212)
H.Miscellaneous
1.Total capital employed (C+D) 4,943,049 5,739,102 5,266,778 5,038,902 5,330,779 5,244,545
2.Retention in business (F10-F11-F12) 389,035 696,494 (84,422) 171,559 187,075 145,729
3.Depreciation for the year 171,993 247,655 259,632 251,035 256,023 277,972
4.Salaries, wages and employee benefits 895,214 968,005 1,066,359 994,673 1,023,386 1,028,921
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.07 15.15 13.24 10.75 9.93 7.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.12 1.28 1.33 1.38 1.55 1.41
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.75 19.41 17.59 14.83 15.36 11.00
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.79 1.77 1.77 2.11 2.26 2.21
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.19 34.33 31.17 31.28 34.72 24.31
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 36.40 50.41 47.53 45.03 50.48 34.27
219
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bawany Air Products Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 174,683 173,450 187,111 180,721 163,732 150,493
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 290,375 290,031 303,751 302,571 245,723 312,046
3.Operating fixed assets after deducting accumulated depreciation 171,468 170,229 183,890 177,560 160,731 147,492
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 3,215 3,221 3,221 3,161 3,001 3,001
B.Current Assets (B1+B2+B3+B4+B5+B6) 16,955 17,818 15,434 16,223 10,528 8,930
1.Cash & bank balance 646 600 603 311 601 45
2.Inventories; of which 1,306 896 705 1,295 326 50
i)Raw material 351 351 343 343 50 50
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 955 545 362 952 276 0
3.Trade Debt / accounts receivables 3,427 3,665 4,238 3,604 553 106
4.Short term loans and advances 2,956 2,683 2,811 3,661 1,795 1,631
5.Short term investments 0 0 58 57 41 38
6.Other current assets 8,620 9,974 7,019 7,295 7,212 7,060
Total Assets (A+B) / Equity & Liabilities (C+D+E) 191,638 191,268 202,545 196,944 174,260 159,423
C.Shareholders' Equity (C1+C2+C3) 87,438 79,299 64,340 52,051 37,896 15,222
1.Issued, Subscribed & Paid up capital 75,025 75,025 75,025 75,025 75,025 75,025
i)Ordinary shares 75,025 75,025 75,025 75,025 75,025 75,025
ii)Preference shares 0 0 0 0 0 0
2.Reserves (3,866) (17,021) (47,387) (58,859) (72,248) (158,810)
i)Capital Reserve 0 4,225 0 0 0 0
ii)Revenue Reserve (3,866) (21,246) (47,387) (58,859) (72,248) (158,810)
of which: un-appropriated profit(loss) / retained earnings (3,866) (21,246) (47,387) (58,859) (72,248) (158,810)
3.Surplus on revaluation of fixed assets 16,279 21,295 36,702 35,885 35,119 99,007
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 44,811 48,221 62,722 61,007 51,220 50,064
1.Long term borrowings 3,933 707 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 40,878 47,514 62,722 61,007 51,220 50,064
E.Current Liabilities (E1+E2+E3+E4) 59,389 63,748 75,483 83,886 85,144 94,137
1.Trade credit & other accounts payables 19,912 21,408 5,067 9,955 7,999 6,679
of which: i) Trade credits 2,111 2,467 2,052 2,652 2,585 2,036
2.Short term borrowings 35,899 37,221 13,157 12,007 12,007 12,007
3.Current portion of non-current liabilities 3,203 3,718 0 0 0 0
4.Other current liabilities 375 1,401 57,259 61,924 65,138 75,451
F.Operations:
1.Sales 99,632 94,437 82,702 89,088 51,910 12,796
i)Local sales (Net) 99,632 94,437 82,702 89,088 51,910 12,796
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 94,907 89,324 80,462 84,696 51,527 16,145
i)Cost of material 81,004 76,217 69,287 75,354 41,348 9,656
3.Gross profit / (loss) (F1-F2) 4,725 5,113 2,240 4,392 383 (3,349)
4.General, administrative and other expenses 21,566 21,472 20,495 20,093 26,130 83,616
i)Selling & distribution expenses 4,052 4,324 4,311 3,529 3,141 1,493
ii)Administrative and other expenses 17,514 17,148 16,184 16,564 22,989 82,123
5.Other income / (loss) 1,499 1,142 991 1,289 6,726 2,371
6.EBIT (F3-F4+F5) (15,342) (15,217) (17,264) (14,412) (19,021) (84,594)
7.Financial expenses 2,961 2,444 1,872 935 796 636
of which: (i) Interest expenses 1,618 2,387 1,836 907 785 634
8.Profit / (loss) before taxation (F6-F7) (18,303) (17,661) (19,136) (15,347) (19,817) (85,230)
9.Tax expenses 996 3 (3,107) (2,707) (5,350) 1,957
10.Profit / (loss) after tax (F8-F9) (19,299) (17,664) (16,029) (12,640) (14,467) (87,187)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (13,278) (12,004) (4,609) (3,360) (6,475) (9,825)
2.Net cash flows from investing activities (30) 2,486 1,088 4 3,501 0
3.Net cash flows from financing activities 13,453 10,580 3,549 3,064 3,263 9,270
H.Miscellaneous
1.Total capital employed (C+D) 132,249 127,520 127,062 113,058 89,116 65,286
2.Retention in business (F10-F11-F12) (19,299) (17,664) (16,029) (12,640) (14,467) (87,187)
3.Depreciation for the year 6,736 6,103 5,936 6,278 8,035 7,036
4.Salaries, wages and employee benefits 13,778 13,980 17,548 16,182 12,235 8,399
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -19.37 -18.70 -19.38 -14.19 -27.87 -681.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.51 0.49 0.42 0.45 0.28 0.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.80 -9.23 -8.14 -6.33 -7.79 -52.26
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.03 2.30 2.74 3.43 4.13 6.28
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -19.88 -21.19 -22.32 -21.72 -32.17 -328.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.57 -2.35 -2.14 -1.68 -1.93 -11.62
220
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Berger Paints Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,197,781 1,208,391 1,337,479 1,414,173 1,378,053 1,756,085
1.Capital work in progress 38,269 27,255 51,658 4,153 24,032 67,274
2.Operating fixed assets at cost 1,127,700 1,222,596 1,372,611 1,560,852 1,526,377 1,526,377
3.Operating fixed assets after deducting accumulated depreciation 1,015,666 1,044,021 1,094,794 1,224,962 1,156,461 1,572,561
4.Intangible assets 44,467 48,532 44,767 40,297 26,696 25,516
5.Long term investments 9,978 49,117 70,143 63,532 51,199 48,885
6.Other non-current assets 89,401 39,466 76,117 81,229 119,665 41,849
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,408,036 2,550,523 2,909,922 2,934,623 3,034,352 2,875,274
1.Cash & bank balance 195,600 95,951 49,755 26,569 79,253 41,550
2.Inventories; of which 717,550 754,610 1,022,809 1,024,042 932,717 1,099,028
i)Raw material 361,698 435,994 574,709 622,425 568,231 0
ii)Work in progress 73,760 58,017 65,064 76,940 72,480 0
iii)Finished goods 282,092 260,599 383,036 324,677 292,006 0
3.Trade Debt / accounts receivables 1,122,879 1,201,830 1,291,939 1,237,001 1,479,490 1,134,459
4.Short term loans and advances 88,212 101,437 110,305 200,825 105,794 162,877
5.Short term investments 10,018 37,080 42,275 42,275 32,195 32,195
6.Other current assets 273,777 359,615 392,839 403,911 404,903 405,165
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,605,817 3,758,914 4,247,401 4,348,796 4,412,405 4,631,359
C.Shareholders' Equity (C1+C2+C3) 1,218,487 1,395,328 1,457,826 1,555,222 1,610,945 2,078,870
1.Issued, Subscribed & Paid up capital 181,864 181,864 181,864 181,864 204,597 204,597
i)Ordinary shares 181,864 181,864 181,864 181,864 204,597 204,597
ii)Preference shares 0 0 0 0 0 0
2.Reserves 476,850 671,151 754,599 864,227 934,336 1,041,323
i)Capital Reserve 81,012 83,424 103,965 99,125 60,345 336,972
ii)Revenue Reserve 395,838 587,727 650,634 765,102 873,991 704,351
of which: un-appropriated profit(loss) / retained earnings 110,838 302,727 365,634 480,102 588,991 704,351
3.Surplus on revaluation of fixed assets 559,773 542,313 521,363 509,131 472,012 832,950
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 124,551 116,325 261,972 221,819 244,770 263,401
1.Long term borrowings 48,131 6,855 141,995 72,064 90,721 120,122
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 76,420 103,925 119,977 142,592 154,049 134,369
5.Other non-current liabilities 0 5,545 0 7,163 0 8,910
E.Current Liabilities (E1+E2+E3+E4) 2,262,779 2,247,261 2,527,603 2,571,755 2,556,690 2,289,088
1.Trade credit & other accounts payables 1,082,230 1,327,000 1,466,896 1,342,753 1,225,162 962,674
of which: i) Trade credits 552,708 634,266 724,690 620,815 588,750 542,827
2.Short term borrowings 1,047,570 865,307 950,508 1,137,989 1,204,747 1,051,551
3.Current portion of non-current liabilities 105,600 40,600 68,088 69,792 81,369 228,845
4.Other current liabilities 27,379 14,354 42,111 21,221 45,412 46,018
F.Operations:
1.Sales 4,420,826 5,262,149 5,318,753 5,701,402 5,304,887 4,306,249
i)Local sales (Net) 4,254,753 5,114,196 5,184,169 5,538,818 5,169,667 4,202,297
ii)Export sales (Net) 166,073 147,953 134,584 162,584 135,220 103,952
2.Cost of sales 3,221,818 3,674,236 3,778,417 4,441,266 4,141,189 3,393,259
i)Cost of material 2,749,788 3,159,104 3,241,906 3,757,187 3,397,589 2,866,998
3.Gross profit / (loss) (F1-F2) 1,199,008 1,587,913 1,540,336 1,260,136 1,163,698 912,990
4.General, administrative and other expenses 912,577 1,301,713 1,243,051 1,044,120 917,224 686,166
i)Selling & distribution expenses 715,235 961,709 1,044,023 821,585 701,811 500,765
ii)Administrative and other expenses 197,342 340,004 199,028 222,535 215,413 185,401
5.Other income / (loss) 32,156 131,593 45,193 28,472 25,641 75,417
6.EBIT (F3-F4+F5) 318,587 417,793 342,478 244,488 272,115 302,241
7.Financial expenses 148,767 90,178 75,456 88,504 165,483 190,646
of which: (i) Interest expenses 143,654 83,680 69,500 84,570 149,557 176,476
8.Profit / (loss) before taxation (F6-F7) 169,820 327,615 267,022 155,984 106,632 111,595
9.Tax expenses 59,502 141,874 67,843 48,500 9,839 44,116
10.Profit / (loss) after tax (F8-F9) 110,318 185,741 199,179 107,484 96,793 67,479
11.Cash dividends 45,466 81,839 81,839 22,733 20,460 20,460
12.Bonus shares / stock dividends 0 0 0 22,733 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 326,536 406,763 10,054 27,066 (29,917) 19,016
2.Net cash flows from investing activities (100,543) (187,793) (165,900) (145,253) 7,492 (63,100)
3.Net cash flows from financing activities (247,501) 211,615 24,449 (94,253) (291,650) 200,611
H.Miscellaneous
1.Total capital employed (C+D) 1,343,038 1,511,653 1,719,798 1,777,041 1,855,715 2,342,271
2.Retention in business (F10-F11-F12) 64,852 103,902 117,340 62,018 76,333 47,019
3.Depreciation for the year 64,095 103,548 75,751 82,126 80,010 80,016
4.Salaries, wages and employee benefits 504,182 551,050 589,119 556,030 760,710 609,539
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.50 3.53 3.74 1.89 1.82 1.57
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.29 1.43 1.33 1.33 1.21 0.95
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.21 5.04 4.98 2.50 2.21 1.49
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.44 2.82 2.81 2.85 2.77 2.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 11.02 14.21 13.96 7.13 6.11 3.66
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.07 10.21 10.95 5.91 4.73 3.30
221
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Biafo Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 557,950 568,524 570,564 563,855 1,078,401 1,089,095
1.Capital work in progress 0 0 0 1,519 30,266 0
2.Operating fixed assets at cost 573,483 569,473 590,747 605,488 1,085,364 1,117,646
3.Operating fixed assets after deducting accumulated depreciation 556,371 534,102 536,943 529,511 1,016,085 1,057,818
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 32,643 31,827 31,031 30,256 29,499
6.Other non-current assets 1,579 1,779 1,794 1,794 1,794 1,778
B.Current Assets (B1+B2+B3+B4+B5+B6) 815,368 901,171 854,241 1,044,980 1,193,880 1,163,410
1.Cash & bank balance 34,401 29,908 28,433 25,630 40,534 43,269
2.Inventories; of which 125,944 171,452 142,752 180,985 319,848 383,602
i)Raw material 96,216 103,329 103,404 125,590 236,784 344,929
ii)Work in progress 2,620 5,821 3,331 5,102 7,507 5,224
iii)Finished goods 19,108 38,470 22,526 31,658 48,041 19,765
3.Trade Debt / accounts receivables 249,482 231,358 208,638 353,437 279,538 373,239
4.Short term loans and advances 0 0 4,715 5,767 14,151 11,373
5.Short term investments 386,908 439,428 429,432 455,593 491,618 267,619
6.Other current assets 18,633 29,025 40,271 23,568 48,191 84,308
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,373,318 1,469,695 1,424,805 1,608,835 2,272,281 2,252,505
C.Shareholders' Equity (C1+C2+C3) 916,111 924,547 913,516 963,089 1,405,239 1,477,769
1.Issued, Subscribed & Paid up capital 200,000 200,000 220,000 220,000 264,000 348,480
i)Ordinary shares 200,000 200,000 220,000 220,000 264,000 348,480
ii)Preference shares 0 0 0 0 0 0
2.Reserves 441,194 452,035 422,429 472,997 429,984 421,956
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 441,194 452,035 422,429 472,997 429,984 421,956
of which: un-appropriated profit(loss) / retained earnings 441,194 452,035 422,429 472,997 429,984 421,956
3.Surplus on revaluation of fixed assets 274,917 272,512 271,087 270,092 711,255 707,333
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 28,246 37,322 34,132 29,994 55,219 77,482
1.Long term borrowings 0 0 0 0 0 37,901
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,063 2,958 3,731 4,256 5,439 5,183
5.Other non-current liabilities 26,183 34,364 30,401 25,738 49,780 34,398
E.Current Liabilities (E1+E2+E3+E4) 428,961 507,826 477,157 615,752 811,823 697,254
1.Trade credit & other accounts payables 234,020 195,904 140,372 166,516 182,056 189,505
of which: i) Trade credits 0 119,001 72,318 58,874 92,741 91,646
2.Short term borrowings 182,385 285,691 302,543 425,190 595,079 458,812
3.Current portion of non-current liabilities 0 0 0 0 0 12,846
4.Other current liabilities 12,556 26,231 34,242 24,046 34,688 36,091
F.Operations:
1.Sales 1,401,982 1,447,883 1,199,632 1,689,356 1,409,578 1,586,550
i)Local sales (Net) 1,249,105 1,291,498 939,679 1,234,819 1,035,526 1,229,685
ii)Export sales (Net) 152,877 156,385 259,953 454,537 374,052 356,865
2.Cost of sales 780,524 772,383 641,341 841,706 800,814 1,022,846
i)Cost of material 627,105 654,977 464,363 625,998 599,363 690,481
3.Gross profit / (loss) (F1-F2) 621,458 675,500 558,291 847,650 608,764 563,704
4.General, administrative and other expenses 125,514 161,011 157,412 208,575 188,303 243,958
i)Selling & distribution expenses 19,005 22,479 24,224 39,575 39,514 59,851
ii)Administrative and other expenses 106,509 138,532 133,188 169,000 148,789 184,107
5.Other income / (loss) 34,948 27,104 31,298 47,353 103,025 56,384
6.EBIT (F3-F4+F5) 530,892 541,593 432,177 686,428 523,486 376,130
7.Financial expenses 21,972 21,044 24,954 22,998 63,245 71,603
of which: (i) Interest expenses 21,003 19,710 23,345 20,165 42,477 68,966
8.Profit / (loss) before taxation (F6-F7) 508,920 520,549 407,223 663,430 460,241 304,527
9.Tax expenses 116,379 122,114 86,646 130,820 100,349 58,656
10.Profit / (loss) after tax (F8-F9) 392,541 398,435 320,577 532,610 359,892 245,871
11.Cash dividends 280,000 390,000 319,000 462,000 330,000 435,600
12.Bonus shares / stock dividends 0 0 44,000 44,000 52,800 69,696
G.Statement of Cash Flows
1.Net cash flows from operating activities 436,927 343,741 294,528 376,492 271,869 29,418
2.Net cash flows from investing activities (73,614) (57,767) 11,061 (13,444) (89,733) 244,103
3.Net cash flows from financing activities (314,539) (393,775) (323,916) (489,061) (350,158) (134,520)
H.Miscellaneous
1.Total capital employed (C+D) 944,357 961,869 947,648 993,083 1,460,458 1,555,251
2.Retention in business (F10-F11-F12) 112,541 8,435 (42,423) 26,610 (22,908) (259,425)
3.Depreciation for the year 15,999 19,473 20,013 21,882 20,642 3,912
4.Salaries, wages and employee benefits 85,530 134,168 154,961 205,424 180,567 207,555
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 28.00 27.52 26.72 31.53 25.53 15.50
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.16 1.02 0.83 1.11 0.73 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 32.55 28.03 22.15 35.11 18.55 10.87
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.56 1.54 1.57 1.62 1.64 1.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 50.64 43.29 34.88 56.76 30.39 17.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.63 19.92 14.57 24.21 13.63 7.06
222
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Buxly Paints Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 69,023 68,996 68,302 139,975 140,984 142,711
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 63,743 63,797 63,987 133,479 133,611 133,611
3.Operating fixed assets after deducting accumulated depreciation 62,145 62,117 62,218 131,608 131,637 131,554
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 4,742 4,510 4,290 4,589 4,390 4,201
6.Other non-current assets 2,136 2,369 1,794 3,778 4,957 6,956
B.Current Assets (B1+B2+B3+B4+B5+B6) 102,420 106,612 147,513 180,541 183,823 181,911
1.Cash & bank balance 12,221 16,632 18,192 1,139 18,284 10,859
2.Inventories; of which 20,988 14,554 32,254 61,146 63,546 72,243
i)Raw material 1,078 519 551 3,059 3,742 1,142
ii)Work in progress 1,309 757 895 8,817 420 3,060
iii)Finished goods 18,601 13,278 30,808 49,270 59,384 68,041
3.Trade Debt / accounts receivables 40,898 43,020 65,477 80,757 64,284 79,244
4.Short term loans and advances 642 742 15,942 15,886 15,434 10,600
5.Short term investments 0 0 7,217 7,217 7,217 0
6.Other current assets 27,671 31,664 8,431 14,396 15,058 8,965
Total Assets (A+B) / Equity & Liabilities (C+D+E) 171,443 175,608 215,815 320,516 324,807 324,622
C.Shareholders' Equity (C1+C2+C3) 69,616 74,751 83,227 147,749 132,054 132,106
1.Issued, Subscribed & Paid up capital 14,400 14,400 14,400 14,400 14,400 14,400
i)Ordinary shares 14,400 14,400 14,400 14,400 14,400 14,400
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,219) (84) 8,392 2,997 (12,698) (12,646)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (5,219) (84) 8,392 2,997 (12,698) (12,646)
of which: un-appropriated profit(loss) / retained earnings (11,212) (6,077) 2,399 (2,996) (18,691) (18,639)
3.Surplus on revaluation of fixed assets 60,435 60,435 60,435 130,352 130,352 130,352
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 1,385
1.Long term borrowings 0 0 0 0 0 1,385
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 101,827 100,857 132,588 172,767 192,753 191,131
1.Trade credit & other accounts payables 61,827 60,538 91,630 128,268 128,724 143,243
of which: i) Trade credits 57,692 56,456 88,380 124,034 124,211 138,261
2.Short term borrowings 0 40,000 39,834 43,193 62,303 45,882
3.Current portion of non-current liabilities 0 0 0 0 0 462
4.Other current liabilities 40,000 319 1,124 1,306 1,726 1,544
F.Operations:
1.Sales 169,766 209,733 269,224 314,298 256,670 275,216
i)Local sales (Net) 169,766 209,733 269,224 314,298 256,670 275,216
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 138,341 164,372 204,528 266,145 225,710 222,117
i)Cost of material 115,174 151,718 204,206 263,851 206,156 214,983
3.Gross profit / (loss) (F1-F2) 31,425 45,361 64,696 48,153 30,960 53,099
4.General, administrative and other expenses 30,590 41,951 55,634 50,400 43,101 46,120
i)Selling & distribution expenses 24,498 34,430 44,770 40,283 33,143 35,136
ii)Administrative and other expenses 6,092 7,521 10,864 10,117 9,958 10,984
5.Other income / (loss) 3,185 4,223 4,360 5,060 5,538 4,258
6.EBIT (F3-F4+F5) 4,020 7,633 13,422 2,813 (6,603) 11,237
7.Financial expenses 197 352 1,571 4,278 5,884 7,057
of which: (i) Interest expenses 0 0 805 3,705 5,267 6,407
8.Profit / (loss) before taxation (F6-F7) 3,823 7,281 11,851 (1,465) (12,487) 4,180
9.Tax expenses 1,757 2,146 3,375 3,929 3,208 4,128
10.Profit / (loss) after tax (F8-F9) 2,066 5,135 8,476 (5,394) (15,695) 52
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,146 6,862 1,044 (19,841) (2,740) (582)
2.Net cash flows from investing activities (3,079) (2,451) 682 (571) 775 7,731
3.Net cash flows from financing activities 0 0 (166) 3,359 19,110 (14,574)
H.Miscellaneous
1.Total capital employed (C+D) 69,616 74,751 83,227 147,749 132,054 133,491
2.Retention in business (F10-F11-F12) 2,066 5,135 8,476 (5,394) (15,695) 52
3.Depreciation for the year 90 82 89 102 103 83
4.Salaries, wages and employee benefits 13,726 19,223 24,261 25,678 22,827 24,279
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.22 2.45 3.15 -1.72 -6.11 0.02
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.97 1.21 1.38 1.17 0.80 0.85
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.18 2.96 4.33 -2.01 -4.86 0.02
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.56 2.40 2.48 2.32 2.31 2.46
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.01 7.11 10.73 -4.67 -11.22 0.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.43 3.57 5.89 -3.75 -10.90 0.04
223
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Colgate-Palmolive (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,976,993 2,824,619 2,816,541 3,729,411 4,243,778 5,170,927
1.Capital work in progress 89,588 107,932 265,826 887,261 778,836 1,375,804
2.Operating fixed assets at cost 5,353,759 5,655,102 5,997,333 6,863,617 8,185,882 8,806,617
3.Operating fixed assets after deducting accumulated depreciation 2,846,001 2,662,034 2,465,377 2,757,033 3,389,732 3,727,145
4.Intangible assets 7,552 6,091 23,157 24,818 14,435 13,675
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 33,852 48,562 62,181 60,299 60,775 54,303
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,566,704 10,882,809 12,133,883 13,020,557 14,751,657 17,337,687
1.Cash & bank balance 936,419 1,122,602 989,140 1,528,039 1,214,300 2,339,835
2.Inventories; of which 2,607,106 2,827,048 3,107,762 4,110,978 4,974,814 6,173,696
i)Raw material 1,764,188 1,830,712 1,961,803 2,846,080 3,330,768 4,057,034
ii)Work in progress 196,392 261,086 297,372 311,269 478,627 1,353,206
iii)Finished goods 646,526 540,336 629,651 703,191 989,617 763,456
3.Trade Debt / accounts receivables 666,378 537,994 742,032 736,373 749,550 837,141
4.Short term loans and advances 164,821 208,587 242,512 253,582 404,795 126,670
5.Short term investments 3,101,198 5,436,147 6,570,291 5,354,454 5,546,618 6,030,408
6.Other current assets 1,090,782 750,431 482,146 1,037,131 1,861,580 1,829,937
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,543,697 13,707,428 14,950,424 16,749,968 18,995,435 22,508,614
C.Shareholders' Equity (C1+C2+C3) 9,053,616 10,677,367 11,753,926 13,304,253 14,868,245 17,251,181
1.Issued, Subscribed & Paid up capital 479,549 479,549 479,549 479,549 575,459 575,459
i)Ordinary shares 479,549 479,549 479,549 479,549 575,459 575,459
ii)Preference shares 0 0 0 0 0 0
2.Reserves 8,573,019 10,190,522 11,270,334 12,824,699 14,297,003 16,675,463
i)Capital Reserve 13,456 13,456 13,456 13,456 13,456 13,456
ii)Revenue Reserve 8,559,563 10,177,066 11,256,878 12,811,243 14,283,547 16,662,007
of which: un-appropriated profit(loss) / retained earnings 2,224,032 2,819,048 2,537,499 2,538,131 2,562,366 3,570,481
3.Surplus on revaluation of fixed assets 1,048 7,296 4,043 5 (4,217) 259
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 410,657 317,267 267,797 249,412 341,125 856,008
1.Long term borrowings 0 0 0 0 0 592,754
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 37,088 2,683 0 0 90,112 47,293
5.Other non-current liabilities 373,569 314,584 267,797 249,412 251,013 215,961
E.Current Liabilities (E1+E2+E3+E4) 2,079,424 2,712,794 2,928,701 3,196,303 3,786,065 4,401,425
1.Trade credit & other accounts payables 2,079,424 2,712,794 2,919,005 3,183,656 3,763,934 4,308,804
of which: i) Trade credits 517,478 632,767 715,303 790,063 802,825 743,183
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 70,862
4.Other current liabilities 0 0 9,696 12,647 22,131 21,759
F.Operations:
1.Sales 24,310,162 25,817,969 29,336,725 32,340,933 36,961,042 43,530,322
i)Local sales (Net) 24,310,162 25,817,969 29,336,725 32,340,933 36,961,042 43,530,322
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 16,631,197 16,502,405 18,344,900 20,850,970 26,490,454 30,912,914
i)Cost of material 11,599,694 11,779,810 13,323,237 15,167,116 20,210,893 23,872,704
3.Gross profit / (loss) (F1-F2) 7,678,965 9,315,564 10,991,825 11,489,963 10,470,588 12,617,408
4.General, administrative and other expenses 4,745,485 5,533,024 6,593,333 7,259,944 6,081,062 6,810,036
i)Selling & distribution expenses 4,214,248 4,870,647 5,803,719 6,392,044 5,132,341 5,503,832
ii)Administrative and other expenses 531,237 662,377 789,614 867,900 948,721 1,306,204
5.Other income / (loss) 361,719 416,927 459,509 467,233 613,160 1,000,208
6.EBIT (F3-F4+F5) 3,295,199 4,199,467 4,858,001 4,697,252 5,002,686 6,807,580
7.Financial expenses 20,410 23,476 24,534 29,240 38,496 95,813
of which: (i) Interest expenses 3 0 0 0 0 53,750
8.Profit / (loss) before taxation (F6-F7) 3,274,789 4,175,991 4,833,467 4,668,012 4,964,190 6,711,767
9.Tax expenses 1,052,621 1,357,102 1,577,045 1,410,957 1,453,387 1,846,951
10.Profit / (loss) after tax (F8-F9) 2,222,168 2,818,889 3,256,422 3,257,055 3,510,803 4,864,816
11.Cash dividends 1,198,873 1,438,647 1,678,422 1,678,422 2,100,425 2,647,111
12.Bonus shares / stock dividends 0 0 0 95,910 0 57,546
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,929,174 3,719,173 3,313,511 2,179,117 2,817,537 4,570,686
2.Net cash flows from investing activities (232,163) (2,459,926) 1,457,761 (627,746) (2,652,153) 288,743
3.Net cash flows from financing activities (814,548) (1,197,439) (2,154,359) (1,675,472) (1,899,123) (2,189,894)
H.Miscellaneous
1.Total capital employed (C+D) 9,464,273 10,994,634 12,021,723 13,553,665 15,209,370 18,107,189
2.Retention in business (F10-F11-F12) 1,023,296 1,380,242 1,578,001 1,482,724 1,410,378 2,160,159
3.Depreciation for the year 515,509 541,312 578,502 675,096 806,006 752,871
4.Salaries, wages and employee benefits 1,451,759 1,715,020 2,007,879 2,192,687 2,433,648 2,775,961
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.14 10.92 11.10 10.07 9.50 11.18
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.24 2.04 2.05 2.04 2.07 2.10
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 20.43 22.33 22.73 20.55 19.64 23.44
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.29 1.28 1.28 1.27 1.27 1.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 26.46 28.57 29.03 26.00 24.92 30.29
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 46.34 58.78 67.91 67.92 61.01 84.54
224
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Data Agro Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 59,300 87,581 83,023 75,660 99,028 93,072
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 204,053 236,046 239,548 239,217 241,158 272,080
3.Operating fixed assets after deducting accumulated depreciation 59,300 87,581 83,023 75,660 99,028 93,072
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 58,914 64,921 81,636 92,271 104,260 116,507
1.Cash & bank balance 3,565 8,023 4,618 8,659 5,218 12,641
2.Inventories; of which 17,257 13,716 30,225 30,033 31,059 36,035
i)Raw material 8,708 5,728 24,471 17,547 23,679 28,704
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 8,549 7,988 5,754 12,486 7,380 6,878
3.Trade Debt / accounts receivables 0 0 34,120 40,243 51,183 51,556
4.Short term loans and advances 4,609 6,381 6,246 6,674 9,466 7,757
5.Short term investments 0 0 0 0 0 0
6.Other current assets 33,483 36,801 6,427 6,662 7,334 8,518
Total Assets (A+B) / Equity & Liabilities (C+D+E) 118,214 152,502 164,659 167,931 203,288 209,579
C.Shareholders' Equity (C1+C2+C3) 58,070 88,740 87,755 90,951 99,583 155,439
1.Issued, Subscribed & Paid up capital 40,000 40,000 40,000 40,000 40,000 40,000
i)Ordinary shares 40,000 40,000 40,000 40,000 40,000 40,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (15,948) (17,471) (4,263) 2,011 (10,082) 53,683
i)Capital Reserve 0 0 0 0 0 24,379
ii)Revenue Reserve (15,948) (17,471) (4,263) 2,011 (10,082) 29,304
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 34,018 66,211 52,018 48,940 69,665 61,756
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 18,349 24,991 27,541 27,883 51,620 25,805
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,753 5,933 6,603 7,956 9,182 11,666
5.Other non-current liabilities 12,596 19,058 20,938 19,927 42,438 14,139
E.Current Liabilities (E1+E2+E3+E4) 41,795 38,771 49,363 49,097 52,085 28,335
1.Trade credit & other accounts payables 12,535 9,533 21,186 20,563 20,067 23,106
of which: i) Trade credits 4,160 2,197 8,794 7,531 5,970 8,139
2.Short term borrowings 27,879 26,378 24,379 24,379 27,879 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,381 2,860 3,798 4,155 4,139 5,229
F.Operations:
1.Sales 71,368 83,232 122,376 130,598 148,444 146,878
i)Local sales (Net) 71,368 83,232 122,376 130,598 148,444 146,878
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 60,187 61,565 95,118 103,293 117,718 113,685
i)Cost of material 19,729 26,702 43,668 68,631 62,957 66,111
3.Gross profit / (loss) (F1-F2) 11,181 21,667 27,258 27,305 30,726 33,193
4.General, administrative and other expenses 9,382 20,687 21,529 20,418 23,698 24,551
i)Selling & distribution expenses 3,304 11,273 9,002 7,131 6,956 6,305
ii)Administrative and other expenses 6,078 9,414 12,527 13,287 16,742 18,246
5.Other income / (loss) 81 3,938 78 898 293 941
6.EBIT (F3-F4+F5) 1,880 4,918 5,807 7,785 7,321 9,583
7.Financial expenses 723 853 741 907 1,018 1,136
of which: (i) Interest expenses 16 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 1,157 4,065 5,066 6,878 6,303 8,447
9.Tax expenses 1,880 8,654 2,728 3,767 21,883 2,610
10.Profit / (loss) after tax (F8-F9) (723) (4,589) 2,338 3,111 (15,580) 5,837
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,901 1,982 2,097 3,901 (5,001) 13,254
2.Net cash flows from investing activities (733) 3,977 (3,502) 141 (1,941) (2,331)
3.Net cash flows from financing activities (4,745) (1,500) (2,000) 0 3,500 (3,500)
H.Miscellaneous
1.Total capital employed (C+D) 76,419 113,731 115,296 118,834 151,203 181,244
2.Retention in business (F10-F11-F12) (723) (4,589) 2,338 3,111 (15,580) 5,837
3.Depreciation for the year 5,868 6,083 8,060 7,595 7,165 8,266
4.Salaries, wages and employee benefits 12,122 13,715 19,172 17,915 21,029 13,815
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.01 -5.51 1.91 2.38 -10.50 3.97
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.59 0.61 0.77 0.79 0.80 0.71
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.60 -3.39 1.47 1.87 -8.39 2.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.07 1.84 1.80 1.86 1.95 1.62
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -1.24 -6.25 2.65 3.48 -16.35 4.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.18 -1.15 0.58 0.78 -3.90 1.46
225
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Descon Oxychem Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,015,524 1,835,460 1,624,889 1,454,742 1,531,271 2,076,079
1.Capital work in progress 18,631 7,098 400 2,338 213,388 823,346
2.Operating fixed assets at cost 2,758,017 2,801,106 2,809,166 2,828,725 2,916,336 2,972,690
3.Operating fixed assets after deducting accumulated depreciation 1,752,421 1,648,385 1,518,588 1,390,498 1,270,506 1,207,861
4.Intangible assets 4,914 3,127 1,813 733 29,723 27,318
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 239,558 176,850 104,088 61,173 17,654 17,554
B.Current Assets (B1+B2+B3+B4+B5+B6) 638,323 711,677 535,482 584,650 716,916 760,606
1.Cash & bank balance 75,479 221,560 21,760 113,085 30,993 6,945
2.Inventories; of which 103,551 32,601 47,803 26,317 72,454 183,058
i)Raw material 96,424 28,119 16,024 17,738 49,587 67,377
ii)Work in progress 291 291 2,680 5,285 4,218 8,702
iii)Finished goods 6,836 4,191 29,099 3,294 18,649 106,979
3.Trade Debt / accounts receivables 87,365 53,780 67,322 39,439 80,742 54,940
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 371,928 403,736 398,597 405,809 532,727 515,663
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,653,847 2,547,137 2,160,371 2,039,392 2,248,187 2,836,685
C.Shareholders' Equity (C1+C2+C3) 377,413 1,512,524 1,717,449 1,775,728 783,559 1,935,315
1.Issued, Subscribed & Paid up capital 1,020,000 2,120,000 2,120,000 2,120,000 1,020,000 1,508,889
i)Ordinary shares 1,020,000 1,020,000 1,020,000 1,020,000 1,020,000 1,508,889
ii)Preference shares 0 1,100,000 1,100,000 1,100,000 0 0
2.Reserves (642,587) (607,476) (402,551) (344,272) (236,441) 426,426
i)Capital Reserve 0 0 0 0 0 244,444
ii)Revenue Reserve (642,587) (607,476) (402,551) (344,272) (236,441) 181,982
of which: un-appropriated profit(loss) / retained earnings (642,587) (607,476) (402,551) (344,272) (236,441) 181,982
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,879,134 111,822 0 0 1,010,885 429,305
1.Long term borrowings 1,455,350 111,822 0 0 877,631 239,977
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 423,784 0 0 0 133,254 189,328
E.Current Liabilities (E1+E2+E3+E4) 397,300 922,791 442,922 263,664 453,743 472,065
1.Trade credit & other accounts payables 161,301 163,397 209,488 211,561 312,085 409,043
of which: i) Trade credits 34,000 71,756 84,964 90,247 174,746 200,213
2.Short term borrowings 52,070 50,000 42,231 0 124,317 32,283
3.Current portion of non-current liabilities 163,435 244,742 0 0 0 22,431
4.Other current liabilities 20,494 464,652 191,203 52,103 17,341 8,308
F.Operations:
1.Sales 1,409,082 1,581,547 1,961,005 2,088,225 2,704,957 2,641,615
i)Local sales (Net) 1,176,170 1,456,162 1,937,711 2,070,055 2,693,514 2,619,384
ii)Export sales (Net) 232,912 125,385 23,294 18,170 11,443 22,231
2.Cost of sales 1,140,866 1,238,213 1,454,383 1,471,864 1,874,206 1,780,357
i)Cost of material 492,644 529,082 574,640 576,360 763,070 793,627
3.Gross profit / (loss) (F1-F2) 268,216 343,334 506,622 616,361 830,751 861,258
4.General, administrative and other expenses 154,567 150,807 172,687 185,017 194,616 201,730
i)Selling & distribution expenses 87,211 76,040 75,868 66,532 37,844 50,719
ii)Administrative and other expenses 67,356 74,767 96,819 118,485 156,772 151,011
5.Other income / (loss) 18,608 17,713 11,338 27,847 21,520 10,754
6.EBIT (F3-F4+F5) 132,257 210,240 345,273 459,191 657,655 670,282
7.Financial expenses 212,188 76,564 11,739 5,373 79,181 81,420
of which: (i) Interest expenses 207,656 71,407 8,023 2,775 76,421 77,180
8.Profit / (loss) before taxation (F6-F7) (79,931) 133,676 333,534 453,818 578,474 588,862
9.Tax expenses 38,918 88,687 128,609 131,539 184,205 170,439
10.Profit / (loss) after tax (F8-F9) (118,849) 44,989 204,925 322,279 394,269 418,423
11.Cash dividends 0 0 0 0 0 150,889
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 145,449 365,824 216,696 448,808 609,280 668,691
2.Net cash flows from investing activities (8,046) (44,474) (52,163) (51,262) (309,268) (671,320)
3.Net cash flows from financing activities (60,000) (173,199) (356,564) (263,990) (506,421) 70,615
H.Miscellaneous
1.Total capital employed (C+D) 2,256,547 1,624,346 1,717,449 1,775,728 1,794,444 2,364,620
2.Retention in business (F10-F11-F12) (118,849) 44,989 204,925 322,279 394,269 267,534
3.Depreciation for the year 165,859 169,884 181,592 172,108 173,584 181,136
4.Salaries, wages and employee benefits 104,166 123,334 151,694 175,207 172,871 233,298
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -8.43 2.84 10.45 15.43 14.58 15.84
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.53 0.61 0.83 0.99 1.26 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.47 1.73 8.71 15.35 18.39 16.46
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.08 2.75 1.46 1.20 1.68 1.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -27.18 4.76 12.69 18.45 30.81 30.78
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.17 0.21 0.97 1.52 - 2.77
226
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Salman Fibre Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,207,078 5,579,185 8,331,200 7,608,252 6,957,792 6,315,545
1.Capital work in progress 142,813 142,813 142,813 142,813 142,813 142,813
2.Operating fixed assets at cost 23,670,187 23,670,187 26,922,025 26,921,263 26,920,259 26,784,486
3.Operating fixed assets after deducting accumulated depreciation 5,918,062 5,386,791 8,163,182 7,440,234 6,789,774 6,172,732
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 146,203 49,581 25,205 25,205 25,205 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,014,829 2,820,546 2,642,563 2,415,319 2,167,292 1,828,012
1.Cash & bank balance 9,002 8,696 11,331 12,872 16,080 14,704
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 1,583,419 1,377,334 1,250,625 1,083,005 928,042 736,647
4.Short term loans and advances 0 9,385 8,522 12,199 13,440 13,611
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,422,408 1,425,131 1,372,085 1,307,243 1,209,730 1,063,050
Total Assets (A+B) / Equity & Liabilities (C+D+E) 9,221,907 8,399,731 10,973,763 10,023,571 9,125,084 8,143,557
C.Shareholders' Equity (C1+C2+C3) (9,967,951) (10,741,748) (9,028,551) (10,164,633) (11,831,606) (12,759,482)
1.Issued, Subscribed & Paid up capital 3,663,211 3,663,211 3,663,211 3,663,211 3,663,211 3,663,211
i)Ordinary shares 3,663,211 3,663,211 3,663,211 3,663,211 3,663,211 3,663,211
ii)Preference shares 0 0 0 0 0 0
2.Reserves (15,551,315) (16,251,765) (16,771,229) (17,628,165) (19,039,719) (19,700,033)
i)Capital Reserve 0 2,336 0 0 0 0
ii)Revenue Reserve (15,551,315) (16,254,101) (16,771,229) (17,628,165) (19,039,719) (19,700,033)
of which: un-appropriated profit(loss) / retained earnings (15,902,527) (16,254,101) (16,771,229) (17,978,165) (19,389,719) (20,050,033)
3.Surplus on revaluation of fixed assets 1,920,153 1,846,806 4,079,467 3,800,321 3,544,902 3,277,340
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,015,075 937,630 1,784,052 1,617,355 1,477,071 1,398,019
1.Long term borrowings 146,383 162,734 180,911 201,120 223,585 248,559
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 167,983 163,368 160,883 160,075 160,626 165,886
5.Other non-current liabilities 700,709 611,528 1,442,258 1,256,160 1,092,860 983,574
E.Current Liabilities (E1+E2+E3+E4) 18,174,783 18,203,849 18,218,262 18,570,849 19,479,619 19,505,020
1.Trade credit & other accounts payables 7,602,995 927,402 934,609 938,597 946,467 952,028
of which: i) Trade credits 54,977,101 646,081 646,081 642,136 642,136 637,378
2.Short term borrowings 7,153,055 13,794,714 13,794,715 13,794,714 13,794,714 13,770,926
3.Current portion of non-current liabilities 0 3,320,869 3,327,169 3,675,769 4,576,669 4,619,074
4.Other current liabilities 3,418,733 160,864 161,769 161,769 161,769 162,992
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 632,724 567,466 518,909 759,429 689,392 624,114
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (632,724) (567,466) (518,909) (759,429) (689,392) (624,114)
4.General, administrative and other expenses 350,844 221,106 179,460 195,505 221,180 283,749
i)Selling & distribution expenses 1,380 1,403 1,657 1,913 1,837 1,670
ii)Administrative and other expenses 349,464 219,703 177,803 193,592 219,343 282,079
5.Other income / (loss) 17,716 0 13,996 498 0 8,151
6.EBIT (F3-F4+F5) (965,852) (788,572) (684,373) (954,436) (910,572) (899,712)
7.Financial expenses 76,501 79,167 24,467 367,744 920,652 136,227
of which: (i) Interest expenses 0 0 0 0 0 21,697
8.Profit / (loss) before taxation (F6-F7) (1,042,353) (867,739) (708,840) (1,322,180) (1,831,224) (1,035,939)
9.Tax expenses (103,542) (90,346) (58,806) (139,573) (121,429) (108,063)
10.Profit / (loss) after tax (F8-F9) (938,811) (777,393) (650,034) (1,182,607) (1,709,795) (927,876)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (12,760) (1,052) (32,840) 1,103 3,596 27,156
2.Net cash flows from investing activities 14,538 0 35,475 438 (388) 42,101
3.Net cash flows from financing activities 0 0 0 0 0 (70,633)
H.Miscellaneous
1.Total capital employed (C+D) (8,952,876) (9,804,118) (7,244,499) (8,547,278) (10,354,535) (11,361,463)
2.Retention in business (F10-F11-F12) (938,811) (777,393) (650,034) (1,182,607) (1,709,795) (927,876)
3.Depreciation for the year 590,714 531,271 477,780 723,009 650,353 583,681
4.Salaries, wages and employee benefits 49,321 29,394 53,379 54,821 56,113 56,774
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.66 -8.82 -6.71 -11.26 -17.86 -10.75
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.02 -0.85 -0.98 -1.09 -0.87 -0.70
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.89 7.51 6.58 12.32 15.55 7.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.56 -2.12 -1.77 -3.23 -4.67 -2.53
227
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dynea Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 322,390 252,062 276,307 549,015 509,924 479,215
1.Capital work in progress 1,155 558 65,891 12,039 250 11,351
2.Operating fixed assets at cost 814,353 815,903 822,902 1,127,868 1,205,403 1,229,715
3.Operating fixed assets after deducting accumulated depreciation 311,370 238,398 186,079 529,264 490,149 403,446
4.Intangible assets 3,506 3,163 1,375 848 559 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 6,359 9,943 22,962 6,864 18,966 64,418
B.Current Assets (B1+B2+B3+B4+B5+B6) 972,582 937,943 1,016,021 1,726,127 1,850,750 1,866,666
1.Cash & bank balance 86,971 161,240 141,832 128,412 101,772 323,719
2.Inventories; of which 373,207 323,917 355,071 699,511 683,110 698,834
i)Raw material 319,625 280,211 310,655 621,643 585,004 651,619
ii)Work in progress 5,565 0 0 0 0 0
iii)Finished goods 48,017 43,706 44,416 70,998 91,599 39,992
3.Trade Debt / accounts receivables 315,762 381,871 446,487 728,086 929,059 788,497
4.Short term loans and advances 39,383 3,991 3,641 14,167 29,998 22,918
5.Short term investments 0 0 0 0 0 0
6.Other current assets 157,259 66,924 68,990 155,951 106,811 32,698
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,294,972 1,190,005 1,292,328 2,275,142 2,360,674 2,345,881
C.Shareholders' Equity (C1+C2+C3) 837,138 925,304 1,055,100 1,274,497 1,378,728 1,584,896
1.Issued, Subscribed & Paid up capital 94,362 94,362 94,362 94,362 94,362 94,362
i)Ordinary shares 94,362 94,362 94,362 94,362 94,362 94,362
ii)Preference shares 0 0 0 0 0 0
2.Reserves 742,776 830,942 960,738 1,180,135 1,284,366 1,490,534
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 742,776 830,942 960,738 1,180,135 1,284,366 1,490,534
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 155,564 0 0 369,041 258,970 145,777
1.Long term borrowings 140,625 0 0 365,625 258,970 145,777
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 14,939 0 0 3,416 0 0
E.Current Liabilities (E1+E2+E3+E4) 302,270 264,701 237,228 631,604 722,976 615,208
1.Trade credit & other accounts payables 210,625 216,900 234,365 269,760 316,941 485,191
of which: i) Trade credits 3,761 6,727 4,912 3,015 6,576 6,332
2.Short term borrowings 20,039 647 0 266,668 274,784 0
3.Current portion of non-current liabilities 62,500 46,875 0 84,375 115,570 119,974
4.Other current liabilities 9,106 279 2,863 10,801 15,681 10,043
F.Operations:
1.Sales 2,387,736 2,418,400 2,497,540 3,858,318 5,140,030 4,492,455
i)Local sales (Net) 2,387,736 2,418,400 2,497,540 3,858,318 5,140,030 4,492,455
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,035,707 2,007,370 2,033,171 3,170,642 4,441,154 3,709,112
i)Cost of material 1,573,040 1,545,715 1,592,877 2,643,154 3,787,141 2,976,462
3.Gross profit / (loss) (F1-F2) 352,029 411,030 464,369 687,676 698,876 783,343
4.General, administrative and other expenses 162,204 199,540 208,229 292,367 308,542 375,467
i)Selling & distribution expenses 89,119 109,317 118,416 168,849 167,768 237,442
ii)Administrative and other expenses 73,085 90,223 89,813 123,518 140,774 138,025
5.Other income / (loss) 6,939 647 6,204 12,950 6,861 8,809
6.EBIT (F3-F4+F5) 196,764 212,137 262,344 408,259 397,195 416,685
7.Financial expenses 40,566 12,908 3,435 29,163 75,715 58,021
of which: (i) Interest expenses 39,111 11,494 1,656 27,133 72,978 55,516
8.Profit / (loss) before taxation (F6-F7) 156,198 199,229 258,909 379,096 321,480 358,664
9.Tax expenses 51,611 63,881 81,932 84,209 94,579 105,315
10.Profit / (loss) after tax (F8-F9) 104,587 135,348 176,977 294,887 226,901 253,349
11.Cash dividends 23,591 23,591 0 122,671 47,181 94,362
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 243,343 301,287 147,808 (283,924) 228,772 697,805
2.Net cash flows from investing activities (5,214) (4,195) (72,513) (371,538) (56,530) (35,430)
3.Net cash flows from financing activities (70,466) (203,431) (94,056) 375,374 (206,997) (165,644)
H.Miscellaneous
1.Total capital employed (C+D) 992,702 925,304 1,055,100 1,643,538 1,637,698 1,730,673
2.Retention in business (F10-F11-F12) 80,997 111,758 176,977 172,216 179,720 158,987
3.Depreciation for the year 77,800 77,097 66,096 91,845 120,093 123,858
4.Salaries, wages and employee benefits 212,759 237,877 266,854 325,872 363,208 376,845
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.38 5.60 7.09 7.64 4.41 5.64
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.76 1.95 2.01 2.16 2.22 1.91
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.73 10.89 14.26 16.53 9.79 10.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.70 1.41 1.25 1.53 1.75 1.59
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.13 15.36 17.87 25.32 17.10 17.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.54 7.17 9.38 15.63 12.02 13.42
228
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Engro Fertilizers Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 76,893,934 74,739,509 73,533,204 72,834,371 71,174,890 70,892,485
1.Capital work in progress 1,946,598 2,443,486 3,396,331 3,159,249 2,588,146 5,171,126
2.Operating fixed assets at cost 99,737,431 102,281,328 104,350,893 108,830,999 111,667,741 113,860,036
3.Operating fixed assets after deducting accumulated depreciation 70,251,795 67,724,780 65,526,864 65,044,707 63,351,950 60,474,670
4.Intangible assets 4,461,716 4,450,606 4,475,474 4,487,771 5,071,003 5,164,817
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 233,825 120,637 134,535 142,644 163,791 81,872
B.Current Assets (B1+B2+B3+B4+B5+B6) 29,191,792 28,064,003 38,283,045 44,909,660 55,871,922 60,820,890
1.Cash & bank balance 923,555 84,426 1,795,929 729,836 3,413,473 3,611,441
2.Inventories; of which 7,029,437 6,799,015 7,636,214 11,538,309 12,477,638 7,533,174
i)Raw material 1,303,780 582,270 1,246,224 1,674,428 1,086,411 1,152,261
ii)Work in progress 20,688 30,233 18,526 27,517 48,169 121,160
iii)Finished goods 5,704,969 6,186,512 6,371,464 9,836,364 11,343,058 6,259,752
3.Trade Debt / accounts receivables 2,261,747 7,585,312 5,418,748 9,109,671 14,174,520 2,906,353
4.Short term loans and advances 594,608 682,595 502,692 364,127 1,396,265 1,297,413
5.Short term investments 11,650,389 1,039,782 8,188,275 7,722,469 5,511,544 26,762,992
6.Other current assets 6,732,056 11,872,873 14,741,187 15,445,248 18,898,482 18,709,517
Total Assets (A+B) / Equity & Liabilities (C+D+E) 106,085,726 102,803,512 111,816,249 117,744,031 127,046,812 131,713,375
C.Shareholders' Equity (C1+C2+C3) 42,331,729 41,648,384 42,469,711 45,523,155 43,279,460 46,730,740
1.Issued, Subscribed & Paid up capital 13,309,323 13,309,323 13,352,993 13,352,993 13,352,993 13,352,993
i)Ordinary shares 13,309,323 13,309,323 13,352,993 13,352,993 13,352,993 13,352,993
ii)Preference shares 0 0 0 0 0 0
2.Reserves 29,022,406 28,339,061 29,116,718 32,170,162 29,926,467 33,377,747
i)Capital Reserve 3,141,450 3,142,983 3,468,087 3,793,721 3,384,904 3,384,904
ii)Revenue Reserve 25,880,956 25,196,078 25,648,631 28,376,441 26,541,563 29,992,843
of which: un-appropriated profit(loss) / retained earnings 25,921,266 25,222,724 25,695,946 28,421,170 26,598,202 30,043,254
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 31,374,995 37,098,279 32,412,354 33,069,313 34,631,927 35,975,276
1.Long term borrowings 25,289,658 29,379,946 22,784,014 25,715,045 22,192,098 13,514,080
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 124,653 157,225 174,784 244,214 255,785 273,684
5.Other non-current liabilities 5,960,684 7,561,108 9,453,556 7,110,054 12,184,044 22,187,512
E.Current Liabilities (E1+E2+E3+E4) 32,379,002 24,056,849 36,934,184 39,151,563 49,135,425 49,007,359
1.Trade credit & other accounts payables 17,701,544 14,969,365 21,966,241 29,094,910 18,227,372 30,218,988
of which: i) Trade credits 11,224,015 7,355,052 4,135,937 4,482,782 4,525,282 6,945,304
2.Short term borrowings 75,300 1,909,843 5,264,228 1,009,968 1,985,910 1,425,120
3.Current portion of non-current liabilities 0 5,220,672 0 5,147,071 28,274,231 17,042,877
4.Other current liabilities 14,602,158 1,956,969 9,703,715 3,899,614 647,912 320,374
F.Operations:
1.Sales 85,420,742 69,537,253 77,129,343 109,196,586 121,354,758 105,846,314
i)Local sales (Net) 85,420,742 69,537,253 77,129,343 109,196,586 121,354,758 105,846,314
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 55,723,866 52,098,086 53,910,755 73,880,139 81,814,870 71,591,626
i)Cost of material 18,586,567 15,417,290 12,094,227 17,168,622 21,590,127 23,889,519
3.Gross profit / (loss) (F1-F2) 29,696,876 17,439,167 23,218,588 35,316,447 39,539,888 34,254,688
4.General, administrative and other expenses 8,395,286 8,761,681 9,771,904 11,025,267 12,607,197 12,269,513
i)Selling & distribution expenses 5,465,926 6,704,962 7,244,739 8,007,915 8,736,345 8,456,799
ii)Administrative and other expenses 2,929,360 2,056,719 2,527,165 3,017,352 3,870,852 3,812,714
5.Other income / (loss) 4,393,008 8,143,250 5,865,860 2,061,954 4,351,782 1,667,110
6.EBIT (F3-F4+F5) 25,694,598 16,820,736 19,312,544 26,353,134 31,284,473 23,652,285
7.Financial expenses 4,626,907 3,186,755 2,647,774 2,070,933 3,886,870 3,236,285
of which: (i) Interest expenses 3,931,844 3,108,986 2,597,810 2,070,310 3,714,741 3,189,845
8.Profit / (loss) before taxation (F6-F7) 21,067,691 13,633,981 16,664,770 24,282,201 27,397,603 20,416,000
9.Tax expenses 6,248,661 4,350,528 5,509,148 6,868,683 10,526,380 3,165,130
10.Profit / (loss) after tax (F8-F9) 14,819,030 9,283,453 11,155,622 17,413,518 16,871,223 17,250,870
11.Cash dividends 7,985,594 9,316,526 11,350,044 14,688,292 17,358,891 17,358,891
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,047,540 1,047,279 22,783,689 23,404,842 21,988,785 51,381,173
2.Net cash flows from investing activities 19,179,780 (1,676,472) (8,108,610) (6,634,997) 4,502,608 (25,655,875)
3.Net cash flows from financing activities (20,309,288) (10,823,254) (15,062,490) (16,981,218) (22,547,158) (24,628,876)
H.Miscellaneous
1.Total capital employed (C+D) 73,706,724 78,746,663 74,882,065 78,592,468 77,911,387 82,706,016
2.Retention in business (F10-F11-F12) 6,833,436 (33,073) (194,422) 2,725,226 (487,668) (108,021)
3.Depreciation for the year 4,733,821 5,019,338 5,066,037 5,387,883 6,704,054 6,167,043
4.Salaries, wages and employee benefits 4,698,769 3,824,807 4,233,845 5,166,276 5,601,299 5,236,004
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 17.35 13.35 14.46 15.95 13.90 16.30
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.78 0.67 0.72 0.95 0.99 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.61 8.89 10.40 15.17 13.78 13.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.84 2.49 2.55 2.61 2.76 2.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 38.59 22.11 26.52 39.58 38.00 38.33
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 11.13 6.98 8.35 13.04 12.63 12.92
229
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Engro Polymer & Chemicals Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 17,313,870 16,718,520 16,202,744 19,589,001 39,869,259 44,712,008
1.Capital work in progress 728,470 762,704 923,342 2,751,067 13,064,300 18,264,204
2.Operating fixed assets at cost 24,004,109 24,872,135 25,484,985 28,063,683 30,806,844 32,978,308
3.Operating fixed assets after deducting accumulated depreciation 15,520,580 15,245,662 15,087,728 16,646,696 21,116,942 21,655,714
4.Intangible assets 90,345 90,855 104,663 106,773 78,966 101,971
5.Long term investments 0 0 0 0 5,421,150 4,660,833
6.Other non-current assets 974,475 619,299 87,011 84,465 187,901 29,286
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,897,894 7,702,241 8,161,582 16,434,286 17,649,958 24,381,653
1.Cash & bank balance 169,222 376,147 682,750 1,362,042 792,057 945,728
2.Inventories; of which 2,941,206 3,024,268 3,681,162 3,581,387 4,350,059 6,194,509
i)Raw material 1,975,662 1,876,110 2,440,340 2,439,712 2,608,770 5,402,730
ii)Work in progress 23,533 2,635 28,846 15,856 25,120 28,354
iii)Finished goods 942,011 1,145,523 1,211,976 1,125,819 1,716,169 763,425
3.Trade Debt / accounts receivables 436,852 456,396 505,123 430,400 469,613 586,212
4.Short term loans and advances 0 0 0 637,855 10,989 59,021
5.Short term investments 300,000 740,000 240,410 7,798,012 9,395,614 14,395,643
6.Other current assets 3,050,614 3,105,430 3,052,137 2,624,590 2,631,626 2,200,540
Total Assets (A+B) / Equity & Liabilities (C+D+E) 24,211,764 24,420,761 24,364,326 36,023,287 57,519,217 69,093,661
C.Shareholders' Equity (C1+C2+C3) 5,333,728 6,004,179 7,760,109 16,796,184 17,776,156 26,126,131
1.Issued, Subscribed & Paid up capital 6,634,688 6,634,688 6,634,688 9,089,233 9,089,233 12,089,233
i)Ordinary shares 6,634,688 6,634,688 6,634,688 9,089,233 9,089,233 9,089,233
ii)Preference shares 0 0 0 0 0 3,000,000
2.Reserves (1,300,960) (630,509) 1,125,421 7,706,951 8,686,923 14,036,898
i)Capital Reserve 952,036 962,554 964,029 3,874,953 3,874,953 3,874,953
ii)Revenue Reserve (2,252,996) (1,593,063) 161,392 3,831,998 4,811,970 10,161,945
of which: un-appropriated profit(loss) / retained earnings (2,252,996) (1,593,063) 161,392 3,831,998 4,811,970 10,161,945
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,279,994 8,750,000 8,750,000 7,890,146 23,932,710 27,579,075
1.Long term borrowings 5,262,612 8,750,000 8,750,000 7,500,000 23,932,710 23,404,464
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 17,382 0 0 390,146 0 4,174,611
E.Current Liabilities (E1+E2+E3+E4) 13,598,042 9,666,582 7,854,217 11,336,957 15,810,351 15,388,455
1.Trade credit & other accounts payables 6,310,020 6,731,452 4,522,808 6,435,906 6,547,455 9,482,498
of which: i) Trade credits 4,474,429 4,964,249 1,714,553 3,446,781 2,844,907 3,876,083
2.Short term borrowings 2,957,086 329,638 0 0 2,158,836 0
3.Current portion of non-current liabilities 3,064,064 416,903 0 0 987,487 2,916,894
4.Other current liabilities 1,266,872 2,188,589 3,331,409 4,901,051 6,116,573 2,989,063
F.Operations:
1.Sales 22,263,742 22,854,024 27,730,736 35,271,635 37,836,632 35,331,398
i)Local sales (Net) 20,391,299 22,438,265 27,311,398 34,499,200 37,367,468 35,173,339
ii)Export sales (Net) 1,872,443 415,759 419,338 772,435 469,164 158,059
2.Cost of sales 19,490,499 18,919,015 21,665,326 27,663,022 29,730,593 24,382,129
i)Cost of material 11,277,158 10,874,303 12,764,487 16,956,345 17,274,480 11,425,736
3.Gross profit / (loss) (F1-F2) 2,773,243 3,935,009 6,065,410 7,608,613 8,106,039 10,949,269
4.General, administrative and other expenses 2,053,159 1,848,802 2,268,172 1,789,147 2,203,237 1,704,000
i)Selling & distribution expenses 1,211,496 1,179,769 1,328,024 384,790 396,145 294,393
ii)Administrative and other expenses 841,663 669,033 940,148 1,404,357 1,807,092 1,409,607
5.Other income / (loss) 62,967 20,677 137,338 1,249,393 930,269 1,179,635
6.EBIT (F3-F4+F5) 783,051 2,106,884 3,934,576 7,068,859 6,833,071 10,424,904
7.Financial expenses 1,143,122 919,587 819,775 605,556 1,793,775 2,191,135
of which: (i) Interest expenses 956,941 833,055 730,763 567,604 1,632,965 2,037,668
8.Profit / (loss) before taxation (F6-F7) (360,071) 1,187,297 3,114,801 6,463,303 5,039,296 8,233,769
9.Tax expenses 284,053 527,364 1,061,785 1,533,132 1,343,259 2,503,533
10.Profit / (loss) after tax (F8-F9) (644,124) 659,933 2,053,016 4,930,171 3,696,037 5,730,236
11.Cash dividends 0 0 829,336 3,363,016 727,139 1,133,427
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,191,441) 3,106,877 1,848,625 9,915,891 7,756,778 11,192,412
2.Net cash flows from investing activities (611,120) (636,768) (1,034,260) (3,914,203) (17,679,605) (6,252,544)
3.Net cash flows from financing activities (98,192) (245,736) (977,714) 2,235,206 8,787,051 1,407,105
H.Miscellaneous
1.Total capital employed (C+D) 10,613,722 14,754,179 16,510,109 24,686,330 41,708,866 53,705,206
2.Retention in business (F10-F11-F12) (644,124) 659,933 1,223,680 1,567,155 2,968,898 4,596,809
3.Depreciation for the year 1,269,108 863,732 931,565 958,607 1,027,200 1,292,160
4.Salaries, wages and employee benefits 1,285,126 1,336,422 1,556,568 1,999,169 2,315,258 2,634,523
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.89 2.89 7.40 13.98 9.77 16.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.88 0.94 1.14 1.17 0.81 0.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.55 2.71 8.42 16.33 7.90 9.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.47 4.29 3.54 2.46 2.71 2.88
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.40 11.64 29.83 40.15 21.38 26.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.97 0.99 3.09 5.42 4.07 4.74
230
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fatima Fertilizer Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 96,047,353 96,072,914 95,842,874 100,097,407 110,577,390 114,999,261
1.Capital work in progress 4,384,747 2,680,157 3,078,678 6,776,845 13,612,134 4,213,168
2.Operating fixed assets at cost 90,672,174 93,578,086 95,050,830 99,933,770 104,880,729 121,386,937
3.Operating fixed assets after deducting accumulated depreciation 83,429,526 84,258,748 83,626,121 84,941,860 87,108,526 100,724,565
4.Intangible assets 5,928,128 5,918,675 5,938,386 5,978,747 5,973,548 5,991,019
5.Long term investments 2,285,806 3,084,946 3,084,946 2,145,135 3,801,419 3,956,830
6.Other non-current assets 19,146 130,388 114,743 254,820 81,763 113,679
B.Current Assets (B1+B2+B3+B4+B5+B6) 18,962,846 38,382,158 21,817,667 28,110,881 44,538,915 42,557,629
1.Cash & bank balance 762,620 11,583,670 832,088 717,431 514,739 555,762
2.Inventories; of which 7,077,536 9,310,614 4,207,756 6,099,971 11,517,911 13,530,945
i)Raw material 2,791,376 1,705,358 1,379,658 1,479,573 4,870,290 2,758,146
ii)Work in progress 77,526 100,459 80,380 214,040 203,837 311,053
iii)Finished goods 4,208,634 7,208,998 2,451,009 3,514,931 2,851,480 8,373,200
3.Trade Debt / accounts receivables 525,663 2,716,095 1,930,632 2,564,524 7,206,970 4,450,476
4.Short term loans and advances 2,700,000 1,191,723 1,241,723 3,241,723 6,375,061 4,075,950
5.Short term investments 0 200,460 198,113 623,273 530,134 2,523,862
6.Other current assets 7,897,027 13,379,596 13,407,355 14,863,959 18,394,100 17,420,634
Total Assets (A+B) / Equity & Liabilities (C+D+E) 115,010,199 134,455,072 117,660,541 128,208,288 155,116,305 157,556,890
C.Shareholders' Equity (C1+C2+C3) 53,837,930 60,621,865 65,644,998 69,594,972 78,008,298 87,102,656
1.Issued, Subscribed & Paid up capital 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000
i)Ordinary shares 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 32,837,930 39,621,865 44,644,998 48,594,972 57,008,298 66,102,656
i)Capital Reserve 1,790,000 1,790,000 1,790,000 1,790,000 1,790,000 1,790,000
ii)Revenue Reserve 31,047,930 37,831,865 42,854,998 46,804,972 55,218,298 64,312,656
of which: un-appropriated profit(loss) / retained earnings 31,062,714 37,831,111 42,899,054 46,904,969 55,299,651 64,374,342
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 33,349,365 36,517,304 28,634,141 27,043,239 26,536,086 29,303,057
1.Long term borrowings 17,634,124 12,408,734 7,451,619 4,176,578 2,332,266 2,976,979
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 8,400,000 6,300,000 4,200,000 4,200,000 2,100,000
4.Employees benefit obligations 410,865 438,402 591,534 760,023 873,133 986,830
5.Other non-current liabilities 15,304,376 15,270,168 14,290,988 17,906,638 19,130,687 23,239,248
E.Current Liabilities (E1+E2+E3+E4) 27,822,904 37,315,903 23,381,402 31,570,077 50,571,921 41,151,177
1.Trade credit & other accounts payables 10,103,383 20,323,080 13,839,497 18,069,248 26,483,859 22,871,117
of which: i) Trade credits 4,658,918 4,664,895 5,811,232 8,049,367 8,140,595 4,001,508
2.Short term borrowings 10,517,595 11,076,980 2,116,673 5,494,802 16,264,983 11,443,557
3.Current portion of non-current liabilities 6,812,119 5,518,025 7,140,715 7,630,942 6,796,386 6,345,071
4.Other current liabilities 389,807 397,818 284,517 375,085 1,026,693 491,432
F.Operations:
1.Sales 32,318,145 42,395,739 45,371,156 51,309,994 74,964,214 71,267,316
i)Local sales (Net) 32,318,145 42,395,739 42,768,880 49,839,835 74,828,910 71,117,229
ii)Export sales (Net) 0 0 2,602,276 1,470,159 135,304 150,087
2.Cost of sales 14,902,428 23,701,282 26,685,583 25,639,375 47,065,331 42,472,530
i)Cost of material 7,398,659 14,049,762 8,075,608 10,004,752 22,382,081 22,848,385
3.Gross profit / (loss) (F1-F2) 17,415,717 18,694,457 18,685,573 25,670,619 27,898,883 28,794,786
4.General, administrative and other expenses 3,754,847 4,831,085 6,261,128 7,709,720 8,059,257 8,936,866
i)Selling & distribution expenses 1,802,992 2,724,645 3,610,140 3,684,686 3,800,064 3,890,808
ii)Administrative and other expenses 1,951,855 2,106,440 2,650,988 4,025,034 4,259,193 5,046,058
5.Other income / (loss) 14,131,202 469,482 403,094 652,312 1,114,436 2,354,138
6.EBIT (F3-F4+F5) 27,792,072 14,332,854 12,827,539 18,613,211 20,954,062 22,212,058
7.Financial expenses 2,625,167 3,236,395 2,707,253 1,822,902 3,760,909 3,469,303
of which: (i) Interest expenses 2,519,482 2,855,357 2,351,462 1,704,285 3,411,800 3,075,537
8.Profit / (loss) before taxation (F6-F7) 25,166,905 11,096,459 10,120,286 16,790,309 17,193,153 18,742,755
9.Tax expenses 2,319,526 1,703,062 852,343 4,876,754 5,123,471 5,468,064
10.Profit / (loss) after tax (F8-F9) 22,847,379 9,393,397 9,267,943 11,913,555 12,069,682 13,274,691
11.Cash dividends 0 6,846,000 4,725,000 3,675,000 4,200,000 5,250,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 6,901,719 6,675,121 17,596,558 17,279,509 6,878,849 16,558,641
2.Net cash flows from investing activities (6,829,981) (3,766,160) (1,577,539) (10,851,469) (10,322,080) (3,488,938)
3.Net cash flows from financing activities (257,925) 7,912,089 (26,770,601) (6,542,697) 3,240,539 (13,028,680)
H.Miscellaneous
1.Total capital employed (C+D) 87,187,295 97,139,169 94,279,139 96,638,211 104,544,384 116,405,713
2.Retention in business (F10-F11-F12) 22,847,379 2,547,397 4,542,943 8,238,555 7,869,682 8,024,691
3.Depreciation for the year 1,789,996 2,084,433 2,117,378 3,576,719 2,794,600 2,932,670
4.Salaries, wages and employee benefits 4,422,389 2,922,773 4,517,498 5,475,534 5,910,907 7,230,468
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 70.70 22.16 20.43 23.22 16.10 18.63
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.33 0.34 0.36 0.42 0.53 0.46
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 23.06 7.53 7.35 9.69 8.52 8.49
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.19 2.18 2.00 1.82 1.92 1.89
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 50.44 16.41 14.68 17.62 16.35 16.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.88 4.47 4.41 5.67 5.75 6.32
231
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fauji Fertilizer Bin Qasim Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 30,099,367 31,480,182 34,892,292 36,892,986 39,834,690 41,811,355
1.Capital work in progress 1,299,511 224,667 312,720 436,949 187,151 301,674
2.Operating fixed assets at cost 29,421,440 30,037,312 30,636,829 31,535,478 33,772,452 33,976,943
3.Operating fixed assets after deducting accumulated depreciation 10,826,592 11,073,524 10,114,060 9,310,588 10,240,760 9,891,107
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 17,894,621 20,080,773 23,064,751 24,564,751 26,179,751 24,546,403
6.Other non-current assets 78,643 101,218 1,400,761 2,580,698 3,227,028 7,072,171
B.Current Assets (B1+B2+B3+B4+B5+B6) 29,307,989 32,314,319 30,759,508 43,470,998 51,331,879 49,157,097
1.Cash & bank balance 8,940,288 5,823,175 3,547,187 3,689,589 5,294,341 25,048,432
2.Inventories; of which 4,549,432 2,427,140 1,854,349 5,654,660 14,756,054 2,861,568
i)Raw material 2,790,803 1,209,158 1,567,534 2,650,202 2,759,496 2,469,289
ii)Work in progress 108,069 80,055 103,812 95,760 194,733 100,364
iii)Finished goods 1,650,560 1,137,927 183,002 2,816,175 11,712,363 221,132
3.Trade Debt / accounts receivables 1,024,702 3,523,559 1,004,582 5,719,424 8,606,885 1,656,387
4.Short term loans and advances 0 0 0 1,458,474 923,231 772,702
5.Short term investments 4,607,748 9,949,067 14,194,289 10,935,646 1,009,029 0
6.Other current assets 10,185,819 10,591,378 10,159,101 16,013,205 20,742,339 18,818,008
Total Assets (A+B) / Equity & Liabilities (C+D+E) 59,407,356 63,794,501 65,651,800 80,363,984 91,166,569 90,968,452
C.Shareholders' Equity (C1+C2+C3) 14,281,016 12,757,058 13,150,638 13,897,456 6,833,961 13,959,405
1.Issued, Subscribed & Paid up capital 9,341,100 9,341,100 9,341,100 9,341,100 9,341,100 9,341,100
i)Ordinary shares 9,341,100 9,341,100 9,341,100 9,341,100 9,341,100 9,341,100
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,939,916 3,415,958 3,809,538 4,556,356 (2,507,139) 4,618,305
i)Capital Reserve 228,350 228,350 228,350 228,350 228,350 5,114,137
ii)Revenue Reserve 4,711,566 3,187,608 3,581,188 4,328,006 (2,735,489) (495,832)
of which: un-appropriated profit(loss) / retained earnings 4,711,566 3,187,608 3,581,188 4,328,006 (2,735,489) (495,832)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 12,109,408 18,026,749 15,857,635 17,032,250 15,370,318 29,955,386
1.Long term borrowings 9,375,000 16,541,667 15,333,333 16,083,333 13,791,667 15,425,006
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 439,942 523,627 524,302 554,969 556,737 477,186
5.Other non-current liabilities 2,294,466 961,455 0 393,948 1,021,914 14,053,194
E.Current Liabilities (E1+E2+E3+E4) 33,016,932 33,010,694 36,643,527 49,434,278 68,962,290 47,053,661
1.Trade credit & other accounts payables 12,828,378 13,380,007 23,328,113 29,825,284 34,993,385 21,637,647
of which: i) Trade credits 8,686,667 9,277,843 16,263,487 25,375,179 30,987,333 16,869,631
2.Short term borrowings 17,987,560 15,723,561 9,934,276 13,913,497 28,227,084 15,822,065
3.Current portion of non-current liabilities 625,000 2,833,333 3,208,333 5,125,000 4,566,667 6,816,662
4.Other current liabilities 1,575,994 1,073,793 172,805 570,497 1,175,154 2,777,287
F.Operations:
1.Sales 52,182,072 45,011,359 52,732,954 61,510,528 66,839,286 83,234,360
i)Local sales (Net) 52,182,072 45,011,359 52,732,954 61,510,528 66,839,286 83,234,360
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 44,967,864 43,792,387 46,705,351 53,327,113 60,954,649 70,655,385
i)Cost of material 37,978,771 34,761,379 31,998,751 39,448,936 52,419,540 42,823,676
3.Gross profit / (loss) (F1-F2) 7,214,208 1,218,972 6,027,603 8,183,415 5,884,637 12,578,975
4.General, administrative and other expenses 5,645,652 6,188,256 7,022,502 7,333,066 8,925,108 11,166,788
i)Selling & distribution expenses 3,819,533 4,371,228 4,871,699 4,525,306 5,345,447 5,517,769
ii)Administrative and other expenses 1,826,119 1,817,028 2,150,803 2,807,760 3,579,661 5,649,019
5.Other income / (loss) 5,683,100 8,726,060 4,377,262 3,181,634 4,370,245 7,924,751
6.EBIT (F3-F4+F5) 7,251,656 3,756,776 3,382,363 4,031,983 1,329,774 9,336,938
7.Financial expenses 1,867,774 2,156,165 1,941,020 2,222,874 5,198,681 4,444,122
of which: (i) Interest expenses 1,618,323 2,126,095 1,926,318 2,188,391 5,176,853 4,249,045
8.Profit / (loss) before taxation (F6-F7) 5,383,882 1,600,611 1,441,343 1,809,109 (3,868,907) 4,892,816
9.Tax expenses 1,322,295 262,303 437,017 372,577 2,051,838 2,700,379
10.Profit / (loss) after tax (F8-F9) 4,061,587 1,338,308 1,004,326 1,436,532 (5,920,745) 2,192,437
11.Cash dividends 3,549,618 467,055 793,994 934,110 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (6,071,916) (459,588) 12,009,023 (6,548,944) (16,843,437) 25,386,365
2.Net cash flows from investing activities 1,853,747 (3,444,732) (3,718,674) (3,832,429) 3,327,432 (2,994,743)
3.Net cash flows from financing activities 8,341,383 4,574,243 (8,872,837) 1,399,554 4,167,163 267,482
H.Miscellaneous
1.Total capital employed (C+D) 26,390,424 30,783,807 29,008,273 30,929,706 22,204,279 43,914,791
2.Retention in business (F10-F11-F12) 511,969 871,253 210,333 502,422 (5,920,745) 2,192,437
3.Depreciation for the year 1,398,223 1,507,855 1,600,412 1,633,725 1,667,495 926,336
4.Salaries, wages and employee benefits 3,758,403 3,977,071 4,399,974 3,630,334 3,289,684 4,302,952
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.78 2.97 1.90 2.34 -8.86 2.63
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.98 0.73 0.81 0.84 0.78 0.91
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.60 2.17 1.55 1.97 -6.90 2.41
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.75 4.56 5.00 5.40 8.27 8.76
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.47 9.90 7.75 10.62 -57.12 21.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.35 1.43 1.08 1.54 -6.34 2.35
232
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fauji Fertilizer Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 84,709,729 85,271,517 82,965,431 80,896,728 85,190,585 99,018,945
1.Capital work in progress 2,521,872 1,112,053 2,721,908 621,090 2,258,030 935,638
2.Operating fixed assets at cost 61,823,520 63,610,899 66,583,520 68,008,218 71,074,448 74,024,351
3.Operating fixed assets after deducting accumulated depreciation 32,706,405 33,183,402 31,629,702 32,153,880 30,500,128 31,660,299
4.Intangible assets 1,940,047 1,948,538 1,951,383 1,941,784 1,945,305 1,937,957
5.Long term investments 46,702,026 48,063,891 45,665,306 45,035,025 49,258,736 62,512,198
6.Other non-current assets 839,379 963,633 997,132 1,144,949 1,228,386 1,972,853
B.Current Assets (B1+B2+B3+B4+B5+B6) 28,970,564 39,441,976 57,804,829 98,127,909 100,197,599 117,191,407
1.Cash & bank balance 3,409,135 2,699,228 2,772,312 4,671,027 6,015,192 1,438,253
2.Inventories; of which 5,127,591 4,317,247 640,655 13,286,402 7,014,838 473,371
i)Raw material 65,439 95,250 113,885 254,632 152,277 186,251
ii)Work in progress 106,097 108,269 165,182 165,343 142,402 101,407
iii)Finished goods 4,956,055 4,113,728 361,588 12,624,141 6,720,159 185,714
3.Trade Debt / accounts receivables 2,198,576 5,072,016 4,817,924 4,850,235 15,605,892 5,869,244
4.Short term loans and advances 527,907 599,610 585,527 541,903 866,734 810,995
5.Short term investments 11,187,720 15,498,649 31,657,685 55,773,304 49,207,470 83,188,113
6.Other current assets 6,519,635 11,255,226 17,330,726 19,005,038 21,487,473 25,411,431
Total Assets (A+B) / Equity & Liabilities (C+D+E) 113,680,293 124,713,493 140,770,260 179,024,637 185,388,184 216,210,352
C.Shareholders' Equity (C1+C2+C3) 49,432,779 51,365,831 51,878,196 57,417,844 60,664,856 79,132,088
1.Issued, Subscribed & Paid up capital 12,722,382 12,722,382 12,722,382 12,722,382 12,722,382 12,722,382
i)Ordinary shares 12,722,382 12,722,382 12,722,382 12,722,382 12,722,382 12,722,382
ii)Preference shares 0 0 0 0 0 0
2.Reserves 34,479,687 35,917,238 38,395,922 43,941,941 46,743,648 65,017,113
i)Capital Reserve 853,511 2,045,748 2,101,184 3,371,904 4,950,718 6,736,633
ii)Revenue Reserve 33,626,176 33,871,490 36,294,738 40,570,037 41,792,930 58,280,480
of which: un-appropriated profit(loss) / retained earnings 26,823,816 27,069,130 26,557,645 32,401,749 34,247,091 48,814,236
3.Surplus on revaluation of fixed assets 2,230,710 2,726,211 759,892 753,521 1,198,826 1,392,593
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 30,058,394 30,118,020 27,143,967 18,898,723 15,439,207 53,618,182
1.Long term borrowings 24,751,723 24,020,624 21,170,597 12,826,324 9,442,532 12,277,807
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,227,196 1,387,091 1,470,781 1,560,942 1,802,846 1,624,860
5.Other non-current liabilities 4,079,475 4,710,305 4,502,589 4,511,457 4,193,829 39,715,515
E.Current Liabilities (E1+E2+E3+E4) 34,189,120 43,229,642 61,748,097 102,708,070 109,284,121 83,460,082
1.Trade credit & other accounts payables 8,540,491 11,277,382 39,288,679 61,097,611 76,309,123 46,928,291
of which: i) Trade credits 1,722,705 4,833,451 24,003,117 43,173,802 63,148,051 27,383,627
2.Short term borrowings 18,020,602 22,382,525 11,941,649 29,366,484 22,492,953 25,277,286
3.Current portion of non-current liabilities 5,801,752 7,964,843 8,633,497 8,625,697 6,137,138 5,900,418
4.Other current liabilities 1,826,275 1,604,892 1,884,272 3,618,278 4,344,907 5,354,087
F.Operations:
1.Sales 87,340,258 75,377,857 93,583,447 109,433,588 109,817,389 102,744,223
i)Local sales (Net) 87,340,258 75,377,857 88,302,823 109,071,243 109,747,801 102,744,223
ii)Export sales (Net) 0 0 5,280,624 362,345 69,588 0
2.Cost of sales 56,796,687 56,365,605 74,478,825 80,282,515 77,039,227 68,303,906
i)Cost of material 27,022,783 26,370,724 25,317,857 27,268,343 33,207,143 22,234,232
3.Gross profit / (loss) (F1-F2) 30,543,571 19,012,252 19,104,622 29,151,073 32,778,162 34,440,317
4.General, administrative and other expenses 9,252,903 9,286,957 10,725,844 11,619,885 11,248,309 10,912,903
i)Selling & distribution expenses 9,110,286 7,524,439 9,093,469 9,167,326 8,630,206 8,149,251
ii)Administrative and other expenses 142,617 1,762,518 1,632,375 2,452,559 2,618,103 2,763,652
5.Other income / (loss) 8,847,880 11,695,757 11,631,832 8,447,240 5,372,252 18,452,905
6.EBIT (F3-F4+F5) 30,138,548 21,421,052 20,010,610 25,978,428 26,902,105 41,980,319
7.Financial expenses 2,485,182 3,360,425 3,228,723 2,244,609 3,311,837 2,413,248
of which: (i) Interest expenses 2,462,197 3,257,012 3,098,961 2,217,842 3,278,517 2,326,195
8.Profit / (loss) before taxation (F6-F7) 27,653,366 18,060,627 16,781,887 23,733,819 23,590,268 39,567,071
9.Tax expenses 8,220,070 6,044,875 5,285,987 7,295,615 6,256,488 9,816,265
10.Profit / (loss) after tax (F8-F9) 19,433,296 12,015,752 11,495,900 16,438,204 17,333,780 29,750,806
11.Cash dividends 15,088,745 10,050,682 8,905,667 11,259,308 13,740,173 14,249,068
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (21,101,831) 6,746,846 35,173,898 22,943,484 26,172,275 37,900,625
2.Net cash flows from investing activities 70,632 1,200,678 (56,319) 3,414,235 128,542 (1,249,076)
3.Net cash flows from financing activities 604,885 (9,680,084) (10,739,622) (18,267,859) (20,725,061) (11,432,915)
H.Miscellaneous
1.Total capital employed (C+D) 79,491,173 81,483,851 79,022,163 76,316,567 76,104,063 132,750,270
2.Retention in business (F10-F11-F12) 4,344,551 1,965,070 2,590,233 5,178,896 3,593,607 15,501,738
3.Depreciation for the year 2,591,162 3,000,127 3,057,152 3,058,974 3,175,999 3,197,317
4.Salaries, wages and employee benefits 9,355,797 9,040,351 9,381,031 10,676,264 12,779,257 13,214,438
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 22.25 15.94 12.28 15.02 15.78 28.96
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.76 0.63 0.71 0.68 0.60 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 16.96 10.08 8.66 10.28 9.51 14.82
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.46 2.37 2.57 2.93 3.09 2.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 41.75 23.84 22.27 30.08 29.36 42.56
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 15.27 9.44 9.04 12.92 13.62 23.38
233
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ferozsons Laboratories Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,751,166 3,024,952 3,096,476 3,167,681 3,117,425 4,090,001
1.Capital work in progress 0 354,218 219,480 105,136 4,298 97,462
2.Operating fixed assets at cost 2,589,237 2,907,402 3,407,529 3,825,479 4,207,411 4,333,431
3.Operating fixed assets after deducting accumulated depreciation 1,742,246 2,654,857 2,862,770 2,970,028 3,021,391 3,898,409
4.Intangible assets 1,489 5,539 3,173 2,358 731 424
5.Long term investments 0 0 0 78,546 79,372 79,372
6.Other non-current assets 7,431 10,338 11,053 11,613 11,633 14,334
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,474,428 3,838,279 3,744,678 3,800,737 3,986,950 4,877,471
1.Cash & bank balance 782,042 382,758 244,367 290,867 267,854 151,393
2.Inventories; of which 1,389,868 2,071,317 1,764,902 1,346,996 1,328,151 2,049,993
i)Raw material 365,200 0 481,960 392,398 428,049 633,499
ii)Work in progress 67,865 0 78,514 71,287 94,962 154,579
iii)Finished goods 956,803 0 1,149,308 773,415 644,180 1,061,495
3.Trade Debt / accounts receivables 280,771 447,355 429,774 604,467 950,788 1,092,780
4.Short term loans and advances 41,486 43,691 77,152 48,225 27,608 66,264
5.Short term investments 857,925 667,167 855,943 941,746 864,945 760,708
6.Other current assets 122,336 225,991 372,540 568,435 547,604 756,333
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,225,594 6,863,231 6,841,154 6,968,418 7,104,375 8,967,472
C.Shareholders' Equity (C1+C2+C3) 3,668,606 5,773,288 5,718,230 5,602,528 5,639,039 6,648,424
1.Issued, Subscribed & Paid up capital 301,868 301,868 301,868 301,868 301,868 301,868
i)Ordinary shares 301,868 301,868 301,868 301,868 301,868 301,868
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,950,309 4,486,670 4,471,526 4,379,481 4,474,534 4,872,843
i)Capital Reserve 138,976 206,991 206,186 184,683 169,822 228,216
ii)Revenue Reserve 2,811,333 4,279,679 4,265,340 4,194,798 4,304,712 4,644,627
of which: un-appropriated profit(loss) / retained earnings 2,811,333 4,279,679 4,265,340 4,194,798 4,304,712 4,644,627
3.Surplus on revaluation of fixed assets 416,429 984,750 944,836 921,179 862,637 1,473,713
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 100,560 268,664 246,491 222,502 216,668 525,978
1.Long term borrowings 0 0 0 0 0 99,750
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 100,560 268,664 246,491 222,502 216,668 426,228
E.Current Liabilities (E1+E2+E3+E4) 1,456,428 821,279 876,433 1,143,388 1,248,668 1,793,070
1.Trade credit & other accounts payables 1,432,773 710,419 769,043 960,178 1,075,545 1,527,942
of which: i) Trade credits 1,099,346 359,183 439,118 590,013 793,411 998,525
2.Short term borrowings 1,875 42,852 24,889 100,526 20,191 51,017
3.Current portion of non-current liabilities 0 0 0 0 0 33,250
4.Other current liabilities 21,780 68,008 82,501 82,684 152,932 180,861
F.Operations:
1.Sales 5,705,869 11,294,980 5,002,430 5,002,680 5,802,856 6,191,816
i)Local sales (Net) 5,430,072 11,067,599 4,781,775 4,847,350 5,621,347 5,956,545
ii)Export sales (Net) 275,797 227,381 220,655 155,330 181,509 235,271
2.Cost of sales 3,114,692 6,700,678 3,090,966 3,483,750 3,761,902 3,873,653
i)Cost of material 845,503 1,002,760 805,691 973,850 1,221,717 1,369,567
3.Gross profit / (loss) (F1-F2) 2,591,177 4,594,302 1,911,464 1,518,930 2,040,954 2,318,163
4.General, administrative and other expenses 1,289,550 1,844,446 1,366,133 1,560,942 1,890,149 1,820,350
i)Selling & distribution expenses 1,071,320 1,249,627 1,023,217 1,161,082 1,353,586 1,326,697
ii)Administrative and other expenses 218,230 594,819 342,916 399,860 536,563 493,653
5.Other income / (loss) 74,026 121,284 63,547 139,586 212,019 122,650
6.EBIT (F3-F4+F5) 1,375,653 2,871,140 608,878 97,574 362,824 620,463
7.Financial expenses 16,043 12,603 17,701 12,002 24,760 28,525
of which: (i) Interest expenses 2,760 623 4,387 6,266 18,869 22,163
8.Profit / (loss) before taxation (F6-F7) 1,359,610 2,858,537 591,177 85,572 338,064 591,938
9.Tax expenses 415,822 625,448 196,572 102,583 150,069 169,359
10.Profit / (loss) after tax (F8-F9) 943,788 2,233,089 394,605 (17,011) 187,995 422,579
11.Cash dividends 573,549 664,110 211,308 60,374 181,121 120,747
12.Bonus shares / stock dividends 0 0 0 0 0 60,374
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,370,313 740,653 863,820 560,384 406,519 100,239
2.Net cash flows from investing activities (357,999) (436,325) (530,239) (456,953) (200,625) (231,146)
3.Net cash flows from financing activities (397,506) (744,463) (456,009) (132,567) (148,573) (16,379)
H.Miscellaneous
1.Total capital employed (C+D) 3,769,166 6,041,952 5,964,721 5,825,030 5,855,707 7,174,402
2.Retention in business (F10-F11-F12) 370,239 1,568,979 183,297 (77,385) 6,874 241,458
3.Depreciation for the year 197,306 233,406 326,993 360,841 394,892 378,938
4.Salaries, wages and employee benefits 771,939 1,084,907 878,048 1,022,492 1,208,253 1,272,359
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.54 19.77 7.89 -0.34 3.24 6.82
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.27 1.87 0.73 0.72 0.82 0.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 21.01 36.94 5.76 -0.25 2.67 5.26
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.32 1.28 1.19 1.22 1.25 1.31
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.84 47.30 6.87 -0.30 3.34 6.88
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 31.26 73.98 13.07 -0.56 6.23 14.00
234
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gatron (Industries) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 5,970,245 6,187,676 7,258,409 8,562,061 11,674,134 14,140,424
1.Capital work in progress 58,802 63,013 202,129 187,829 266,019 959,051
2.Operating fixed assets at cost 8,171,328 8,632,217 7,584,386 9,027,006 9,602,538 11,340,477
3.Operating fixed assets after deducting accumulated depreciation 2,292,206 2,380,867 2,392,856 2,399,123 2,973,233 4,256,888
4.Intangible assets 0 0 0 0 0 17,614
5.Long term investments 3,616,764 3,740,883 4,661,006 5,970,689 8,432,060 8,903,623
6.Other non-current assets 2,473 2,913 2,418 4,420 2,822 3,248
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,413,767 4,963,490 6,274,058 6,644,339 7,344,436 7,053,631
1.Cash & bank balance 91,428 861,956 1,221,217 1,377,617 1,381,563 1,135,360
2.Inventories; of which 2,510,177 2,020,492 2,196,552 2,734,755 2,840,779 2,394,758
i)Raw material 560,692 584,807 1,001,613 1,070,923 1,172,151 647,999
ii)Work in progress 779,088 296,340 451,615 482,041 484,446 589,548
iii)Finished goods 1,170,397 1,139,345 743,324 1,181,791 1,184,182 1,157,211
3.Trade Debt / accounts receivables 767,713 748,713 1,623,415 1,128,940 1,528,561 2,230,264
4.Short term loans and advances 46,126 29,191 43,154 114,155 79,492 87,875
5.Short term investments 0 0 0 0 0 0
6.Other current assets 998,323 1,303,138 1,189,720 1,288,872 1,514,041 1,205,374
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,384,012 11,151,166 13,532,467 15,206,400 19,018,570 21,194,055
C.Shareholders' Equity (C1+C2+C3) 7,158,264 6,929,966 7,823,147 9,797,052 12,728,774 13,138,962
1.Issued, Subscribed & Paid up capital 383,645 383,645 383,645 383,645 383,645 383,645
i)Ordinary shares 383,645 383,645 383,645 383,645 383,645 383,645
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,774,619 6,546,321 7,439,502 9,413,407 12,345,129 12,755,317
i)Capital Reserve 458,645 458,645 383,645 383,645 383,645 383,645
ii)Revenue Reserve 6,315,974 6,087,676 7,055,857 9,029,762 11,961,484 12,371,672
of which: un-appropriated profit(loss) / retained earnings 3,530,974 3,802,676 4,695,857 6,669,762 8,426,484 8,836,672
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 786,385 822,629 1,131,978 1,148,969 1,680,910 2,842,408
1.Long term borrowings 0 0 122,431 0 126,540 1,174,783
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 244,510 289,560 318,830 335,858 374,611 409,186
5.Other non-current liabilities 541,875 533,069 690,717 813,111 1,179,759 1,258,439
E.Current Liabilities (E1+E2+E3+E4) 2,439,363 3,398,571 4,577,342 4,260,379 4,608,886 5,212,685
1.Trade credit & other accounts payables 1,596,628 1,795,434 2,365,129 3,584,631 3,698,476 3,434,092
of which: i) Trade credits 242,456 301,630 267,422 429,481 681,858 312,221
2.Short term borrowings 762,879 1,506,252 2,143,874 580,017 864,718 1,671,941
3.Current portion of non-current liabilities 0 0 13,603 0 0 3,170
4.Other current liabilities 79,856 96,885 54,736 95,731 45,692 103,482
F.Operations:
1.Sales 9,998,606 8,531,561 12,091,429 13,006,437 17,707,325 12,938,377
i)Local sales (Net) 9,659,023 8,220,140 11,957,272 12,970,363 17,583,819 12,861,867
ii)Export sales (Net) 339,583 311,421 134,157 36,074 123,506 76,510
2.Cost of sales 9,552,725 8,390,821 11,542,989 11,481,720 15,679,770 11,873,344
i)Cost of material 6,969,154 5,141,660 8,190,544 8,190,818 11,176,689 7,639,264
3.Gross profit / (loss) (F1-F2) 445,881 140,740 548,440 1,524,717 2,027,555 1,065,033
4.General, administrative and other expenses 560,797 518,953 459,068 618,319 678,398 572,389
i)Selling & distribution expenses 234,300 237,748 186,656 194,294 187,631 172,446
ii)Administrative and other expenses 326,497 281,205 272,412 424,025 490,767 399,943
5.Other income / (loss) 303,576 345,118 1,003,714 1,484,865 3,048,904 1,632,254
6.EBIT (F3-F4+F5) 188,660 (33,095) 1,093,086 2,391,263 4,398,061 2,124,898
7.Financial expenses 105,315 59,774 33,308 14,814 18,137 206,479
of which: (i) Interest expenses 103,283 56,634 29,745 12,806 15,697 203,845
8.Profit / (loss) before taxation (F6-F7) 83,345 (92,869) 1,059,778 2,376,449 4,379,924 1,918,419
9.Tax expenses 352,410 55,369 165,903 308,640 678,394 468,420
10.Profit / (loss) after tax (F8-F9) (269,065) (148,238) 893,875 2,067,809 3,701,530 1,449,999
11.Cash dividends 134,276 0 0 393,236 1,016,659 479,556
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 618,637 395,661 122,038 2,282,280 981,358 268,221
2.Net cash flows from investing activities (195,660) (297,225) (520,460) (349,539) (636,109) (1,323,188)
3.Net cash flows from financing activities (161,302) (71,281) 120,061 (212,484) (626,004) 1,541
H.Miscellaneous
1.Total capital employed (C+D) 7,944,649 7,752,595 8,955,125 10,946,021 14,409,684 15,981,370
2.Retention in business (F10-F11-F12) (403,341) (148,238) 893,875 1,674,573 2,684,871 970,443
3.Depreciation for the year 368,387 382,994 312,444 384,196 426,718 523,094
4.Salaries, wages and employee benefits 1,055,948 843,293 952,628 1,152,735 1,367,117 1,280,491
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.69 -1.74 7.39 15.90 20.90 11.21
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.93 0.79 0.98 0.91 1.03 0.64
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.51 -1.38 7.24 14.39 21.63 7.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.45 1.53 1.67 1.63 1.52 1.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.63 -2.10 12.12 23.47 32.86 11.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -7.01 -3.86 23.30 53.90 96.48 37.80
235
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghani Global Holdings Limited (Formerly Ghani Gases Limit (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,680,026 2,830,694 3,553,247 3,696,083 5,293,759 5,883,352
1.Capital work in progress 41,612 74,409 100,830 33,176 81,045 75,155
2.Operating fixed assets at cost 2,830,662 2,896,575 3,421,139 3,735,383 5,750,343 6,513,137
3.Operating fixed assets after deducting accumulated depreciation 2,525,060 2,534,455 2,957,732 3,173,893 4,784,927 5,357,365
4.Intangible assets 70 70 70 14,631 360,293 357,331
5.Long term investments 45,133 0 436,859 406,126 0 0
6.Other non-current assets 68,151 221,760 57,756 68,257 67,494 93,501
B.Current Assets (B1+B2+B3+B4+B5+B6) 963,017 2,071,006 1,405,466 1,619,615 2,644,786 2,236,162
1.Cash & bank balance 226,739 1,090,018 262,303 177,733 170,317 152,182
2.Inventories; of which 36,206 26,282 37,740 94,343 307,891 331,727
i)Raw material 0 0 0 0 42,713 79,367
ii)Work in progress 0 0 0 0 8,116 4,932
iii)Finished goods 36,206 26,282 37,740 94,343 257,062 247,428
3.Trade Debt / accounts receivables 294,870 406,397 529,520 468,959 788,680 736,995
4.Short term loans and advances 139,002 150,296 135,160 203,100 396,798 115,571
5.Short term investments 0 0 0 0 0 0
6.Other current assets 266,200 398,013 440,743 675,480 981,100 899,687
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,643,043 4,901,700 4,958,713 5,315,698 7,938,545 8,119,514
C.Shareholders' Equity (C1+C2+C3) 1,114,373 2,713,260 2,981,740 2,726,833 3,889,568 3,800,606
1.Issued, Subscribed & Paid up capital 742,746 1,247,813 1,247,813 1,322,682 1,533,059 1,533,059
i)Ordinary shares 742,746 1,247,813 1,247,813 1,322,682 1,533,059 1,533,059
ii)Preference shares 0 0 0 0 0 0
2.Reserves 371,627 1,465,447 1,733,927 1,404,151 2,356,509 2,267,547
i)Capital Reserve 30,000 1,036,267 1,181,766 726,227 1,816,637 1,866,644
ii)Revenue Reserve 341,627 429,180 552,161 677,924 539,872 400,903
of which: un-appropriated profit(loss) / retained earnings 341,627 429,180 552,161 677,924 539,872 400,903
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,706,999 653,989 1,322,006 1,162,215 1,405,975 1,710,593
1.Long term borrowings 1,603,233 439,962 1,040,938 846,356 473,510 847,972
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 595,833 595,834
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 103,766 214,027 281,068 315,859 336,632 266,787
E.Current Liabilities (E1+E2+E3+E4) 821,671 1,534,451 654,967 1,426,650 2,643,002 2,608,315
1.Trade credit & other accounts payables 139,271 296,853 101,865 135,129 336,702 481,761
of which: i) Trade credits 49,000 205,108 33,105 93,854 136,836 222,486
2.Short term borrowings 420,689 431,034 273,000 955,986 1,683,471 1,786,151
3.Current portion of non-current liabilities 206,695 734,807 229,179 242,280 522,350 212,998
4.Other current liabilities 55,016 71,757 50,923 93,255 100,479 127,405
F.Operations:
1.Sales 1,720,131 1,766,743 1,804,472 2,048,597 3,074,726 3,312,417
i)Local sales (Net) 1,720,131 1,766,743 1,804,472 2,048,597 3,073,188 3,220,579
ii)Export sales (Net) 0 0 0 0 1,538 91,838
2.Cost of sales 1,150,207 1,191,108 1,235,838 1,409,899 2,433,999 2,531,430
i)Cost of material 0 0 0 0 158,801 258,425
3.Gross profit / (loss) (F1-F2) 569,924 575,635 568,634 638,698 640,727 780,987
4.General, administrative and other expenses 216,862 260,005 314,773 375,147 519,800 533,730
i)Selling & distribution expenses 119,625 137,463 179,993 227,161 291,369 288,015
ii)Administrative and other expenses 97,237 122,542 134,780 147,986 228,431 245,715
5.Other income / (loss) 10,190 78,426 9,616 (13,239) 21,362 26,782
6.EBIT (F3-F4+F5) 363,252 394,056 263,477 250,312 142,289 274,039
7.Financial expenses 114,013 117,597 96,516 123,489 313,734 456,647
of which: (i) Interest expenses 112,535 113,886 96,041 120,471 311,923 400,741
8.Profit / (loss) before taxation (F6-F7) 249,239 276,459 166,961 126,823 (171,445) (182,608)
9.Tax expenses 90,743 114,631 43,981 1,080 40,655 (62,856)
10.Profit / (loss) after tax (F8-F9) 158,496 161,828 122,980 125,743 (212,100) (119,752)
11.Cash dividends 118,839 1,185,422 0 0 0 0
12.Bonus shares / stock dividends 0 0 74,869 66,134 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 20,103 (298,739) (95,309) 67,488 (111,648) 436,394
2.Net cash flows from investing activities (290,697) (223,036) (821,948) (279,313) (299,629) (653,691)
3.Net cash flows from financing activities 262,844 787,576 89,542 127,255 331,181 199,162
H.Miscellaneous
1.Total capital employed (C+D) 2,821,372 3,367,249 4,303,746 3,889,048 5,295,543 5,511,199
2.Retention in business (F10-F11-F12) 39,657 (1,023,594) 48,111 59,609 (212,100) (119,752)
3.Depreciation for the year 74,496 66,949 84,233 106,142 193,201 198,922
4.Salaries, wages and employee benefits 136,904 161,085 168,295 198,901 378,545 364,085
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.21 9.16 6.82 6.14 -6.90 -3.62
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.51 0.41 0.37 0.40 0.46 0.41
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.68 3.79 2.49 2.45 -3.20 -1.49
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.21 2.23 1.73 1.80 2.00 2.09
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.99 8.46 4.32 4.41 -6.41 -3.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.13 1.30 0.99 0.95 -1.38 -0.78
236
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

GlaxoSmithKline Pakistan Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,264,685 9,428,830 10,018,032 10,102,322 10,647,037 11,022,592
1.Capital work in progress 1,767,094 2,723,576 2,487,470 501,397 599,311 1,028,825
2.Operating fixed assets at cost 8,731,389 9,376,660 10,869,473 13,452,506 14,384,092 14,870,082
3.Operating fixed assets after deducting accumulated depreciation 5,387,352 5,594,858 6,377,864 8,419,808 8,880,750 8,907,177
4.Intangible assets 1,039,072 1,039,072 1,039,072 1,082,072 1,041,742 991,742
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 71,167 71,324 113,626 99,045 125,234 94,848
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,855,497 11,736,277 11,855,900 12,074,025 12,582,145 15,049,404
1.Cash & bank balance 2,946,612 3,515,638 1,818,900 3,185,011 2,347,033 5,604,548
2.Inventories; of which 4,707,918 5,548,083 6,082,218 5,944,050 6,070,253 5,743,505
i)Raw material 2,071,159 2,229,555 3,528,994 2,908,577 3,108,251 2,543,927
ii)Work in progress 342,790 495,716 566,707 535,881 277,318 48,796
iii)Finished goods 2,293,969 2,822,812 1,986,517 2,499,592 2,684,683 3,150,783
3.Trade Debt / accounts receivables 328,948 530,413 2,362,703 1,594,900 1,126,700 1,204,143
4.Short term loans and advances 340,491 177,653 453,116 247,788 347,465 378,482
5.Short term investments 695,586 793,873 348,810 247,840 342,863 447,526
6.Other current assets 2,835,942 1,170,617 790,153 854,436 2,347,831 1,671,200
Total Assets (A+B) / Equity & Liabilities (C+D+E) 20,120,182 21,165,107 21,873,932 22,176,347 23,229,182 26,071,996
C.Shareholders' Equity (C1+C2+C3) 13,070,211 13,542,785 13,461,857 15,419,450 16,137,396 17,478,264
1.Issued, Subscribed & Paid up capital 3,184,672 3,184,672 3,184,672 3,184,672 3,184,672 3,184,672
i)Ordinary shares 3,184,672 3,184,672 3,184,672 3,184,672 3,184,672 3,184,672
ii)Preference shares 0 0 0 0 0 0
2.Reserves 9,885,539 10,358,113 10,277,185 12,234,778 12,952,724 14,293,592
i)Capital Reserve 2,184,238 1,126,923 1,126,923 1,126,923 1,126,923 1,126,923
ii)Revenue Reserve 7,701,301 9,231,190 9,150,262 11,107,855 11,825,801 13,166,669
of which: un-appropriated profit(loss) / retained earnings 3,701,331 5,231,220 5,150,292 7,107,885 7,825,831 9,166,699
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 646,542 723,185 830,917 986,686 916,956 1,191,367
1.Long term borrowings 0 0 0 0 42,564 7,778
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 15,861 78,014 294,031 370,799 228,437 508,622
5.Other non-current liabilities 630,681 645,171 536,886 615,887 645,955 674,967
E.Current Liabilities (E1+E2+E3+E4) 6,403,429 6,899,137 7,581,158 5,770,211 6,174,830 7,402,365
1.Trade credit & other accounts payables 5,255,587 6,246,759 6,556,260 5,607,688 5,987,372 7,215,123
of which: i) Trade credits 1,984,687 2,039,728 1,495,496 1,962,101 1,579,556 1,008,882
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 8,867 31,559
4.Other current liabilities 1,147,842 652,378 1,024,898 162,523 178,591 155,683
F.Operations:
1.Sales 23,821,926 27,563,533 32,773,770 34,006,840 36,581,749 35,090,112
i)Local sales (Net) 22,773,382 27,460,723 32,668,598 33,961,704 36,524,033 35,073,217
ii)Export sales (Net) 1,048,544 102,810 105,172 45,136 57,716 16,895
2.Cost of sales 17,397,755 20,099,062 24,095,384 25,593,240 28,870,246 27,555,732
i)Cost of material 10,823,187 13,280,953 14,931,984 18,399,570 19,019,851 19,163,019
3.Gross profit / (loss) (F1-F2) 6,424,171 7,464,471 8,678,386 8,413,600 7,711,503 7,534,380
4.General, administrative and other expenses 4,014,721 4,133,114 4,701,034 5,045,725 4,813,058 4,524,623
i)Selling & distribution expenses 2,787,942 2,816,163 3,278,792 3,571,512 3,320,549 2,766,755
ii)Administrative and other expenses 1,226,779 1,316,951 1,422,242 1,474,213 1,492,509 1,757,868
5.Other income / (loss) 1,159,017 1,040,556 1,036,344 1,471,634 1,991,462 1,977,036
6.EBIT (F3-F4+F5) 3,568,467 4,371,913 5,013,696 4,839,509 4,889,907 4,986,793
7.Financial expenses 54,361 19,032 88,282 147,392 289,611 84,111
of which: (i) Interest expenses 0 0 0 0 93,879 6,504
8.Profit / (loss) before taxation (F6-F7) 3,514,106 4,352,881 4,925,414 4,692,117 4,600,296 4,902,682
9.Tax expenses 1,003,380 1,707,969 1,898,180 1,460,195 1,559,173 1,527,442
10.Profit / (loss) after tax (F8-F9) 2,510,726 2,644,912 3,027,234 3,231,922 3,041,123 3,375,240
11.Cash dividends 1,273,869 1,910,803 2,229,270 2,229,270 1,910,803 2,070,037
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,043,971 4,255,524 2,135,122 3,001,028 2,565,902 6,294,855
2.Net cash flows from investing activities (248,596) (1,622,789) (1,348,309) (479,033) (1,081,054) (1,029,022)
3.Net cash flows from financing activities (1,805,288) (1,196,529) (2,928,614) (1,256,854) (2,227,803) (1,903,655)
H.Miscellaneous
1.Total capital employed (C+D) 13,716,753 14,265,970 14,292,774 16,406,136 17,054,352 18,669,631
2.Retention in business (F10-F11-F12) 1,236,857 734,109 797,964 1,002,652 1,130,320 1,305,203
3.Depreciation for the year 497,280 526,746 581,215 669,822 761,494 698,547
4.Salaries, wages and employee benefits 3,497,737 3,388,789 4,368,987 4,234,750 4,427,329 5,198,191
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.54 9.60 9.24 9.50 8.31 9.62
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.21 1.34 1.52 1.54 1.61 1.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.80 12.81 14.07 14.67 13.40 13.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.55 1.59 1.53 1.44 1.47
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.07 19.88 22.42 22.38 19.27 20.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.88 8.31 9.51 10.15 9.55 10.60
237
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Highnoon Laboratories Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 882,524 989,314 1,264,697 1,301,858 1,463,022 1,861,137
1.Capital work in progress 18,036 177,551 0 30,983 126,147 88,570
2.Operating fixed assets at cost 1,619,939 1,647,210 2,440,718 2,536,340 2,569,323 3,146,612
3.Operating fixed assets after deducting accumulated depreciation 814,615 761,522 1,227,714 1,223,954 1,256,441 1,690,307
4.Intangible assets 39,293 22,600 7,476 2,606 2,243 1,756
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,580 27,641 29,507 44,315 78,191 80,504
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,416,568 1,928,729 2,193,197 2,549,177 3,268,474 4,780,152
1.Cash & bank balance 377,569 750,293 617,551 780,739 859,029 858,133
2.Inventories; of which 860,324 992,638 1,127,919 1,367,924 1,830,647 2,182,900
i)Raw material 594,341 694,690 805,208 935,587 1,079,507 1,500,954
ii)Work in progress 54,006 51,610 78,153 112,614 173,098 148,825
iii)Finished goods 211,977 246,336 244,558 319,723 578,042 533,121
3.Trade Debt / accounts receivables 67,898 75,154 250,692 281,501 391,163 322,554
4.Short term loans and advances 79,941 74,773 59,904 76,377 146,171 219,204
5.Short term investments 0 0 100,000 0 0 1,093,847
6.Other current assets 30,836 35,871 37,131 42,636 41,464 103,514
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,299,092 2,918,043 3,457,894 3,851,035 4,731,496 6,641,289
C.Shareholders' Equity (C1+C2+C3) 1,450,054 1,801,369 2,386,398 2,847,162 3,447,865 4,592,168
1.Issued, Subscribed & Paid up capital 203,622 228,056 255,423 286,074 314,681 346,149
i)Ordinary shares 203,622 228,056 255,423 286,074 314,681 346,149
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,029,752 1,363,429 1,746,972 2,190,679 2,776,848 3,785,509
i)Capital Reserve 10,440 0 0 0 0 0
ii)Revenue Reserve 1,019,312 1,363,429 1,746,972 2,190,679 2,776,848 3,785,509
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 216,680 209,884 384,003 370,409 356,336 460,510
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 325,156 452,013 494,693 507,817 524,373 869,094
1.Long term borrowings 11,162 111,844 85,692 88,821 109,207 340,517
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 256,413 300,907 342,209 356,835 415,166 525,420
5.Other non-current liabilities 57,581 39,262 66,792 62,161 0 3,157
E.Current Liabilities (E1+E2+E3+E4) 523,882 664,661 576,803 496,056 759,258 1,180,027
1.Trade credit & other accounts payables 410,431 465,365 408,088 358,332 619,367 583,375
of which: i) Trade credits 162,005 123,303 136,628 121,798 322,443 182,490
2.Short term borrowings 0 0 21,149 22,012 36,442 32,210
3.Current portion of non-current liabilities 25,202 27,105 51,316 62,289 46,113 221,586
4.Other current liabilities 88,249 172,191 96,250 53,423 57,336 342,856
F.Operations:
1.Sales 4,403,995 5,070,755 5,971,229 7,503,101 9,047,693 10,697,634
i)Local sales (Net) 4,123,872 4,780,143 5,576,315 7,111,509 8,653,597 10,142,383
ii)Export sales (Net) 280,123 290,612 394,914 391,592 394,096 555,251
2.Cost of sales 2,312,802 2,692,735 3,119,718 3,959,686 4,815,219 5,455,348
i)Cost of material 1,739,018 2,096,247 1,998,395 2,515,459 3,554,103 3,750,603
3.Gross profit / (loss) (F1-F2) 2,091,193 2,378,020 2,851,511 3,543,415 4,232,474 5,242,286
4.General, administrative and other expenses 1,448,658 1,611,193 1,977,406 2,490,961 2,911,638 3,313,787
i)Selling & distribution expenses 1,125,961 1,279,005 1,599,737 2,026,738 2,386,789 2,645,474
ii)Administrative and other expenses 322,697 332,188 377,669 464,223 524,849 668,313
5.Other income / (loss) 29,837 19,414 28,825 31,422 83,031 102,138
6.EBIT (F3-F4+F5) 672,372 786,241 902,930 1,083,876 1,403,867 2,030,637
7.Financial expenses 8,764 6,086 6,786 18,256 35,044 31,749
of which: (i) Interest expenses 5,792 3,635 4,526 15,231 32,019 25,728
8.Profit / (loss) before taxation (F6-F7) 663,608 780,155 896,144 1,065,620 1,368,823 1,998,888
9.Tax expenses 222,684 254,899 286,207 333,462 368,219 525,071
10.Profit / (loss) after tax (F8-F9) 440,924 525,256 609,937 732,158 1,000,604 1,473,817
11.Cash dividends 152,717 193,848 255,423 371,896 409,085 519,224
12.Bonus shares / stock dividends 24,435 27,367 30,651 28,607 31,468 34,615
G.Statement of Cash Flows
1.Net cash flows from operating activities 334,483 628,553 274,635 467,634 721,847 1,459,862
2.Net cash flows from investing activities (136,589) (172,361) (232,709) 8,535 (173,923) (1,375,786)
3.Net cash flows from financing activities (155,812) (83,479) (174,667) (312,981) (469,633) (84,973)
H.Miscellaneous
1.Total capital employed (C+D) 1,775,210 2,253,382 2,881,091 3,354,979 3,972,238 5,461,262
2.Retention in business (F10-F11-F12) 263,773 304,042 323,863 331,654 560,051 919,979
3.Depreciation for the year 82,428 83,263 85,319 125,919 144,611 155,351
4.Salaries, wages and employee benefits 889,992 999,041 1,349,793 1,493,043 1,817,592 2,303,579
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.01 10.36 10.21 9.76 11.06 13.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.08 1.94 1.87 2.05 2.11 1.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 20.78 20.14 19.13 20.03 23.32 25.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.64 1.60 1.52 1.40 1.36 1.41
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 34.12 32.31 29.13 27.98 31.79 36.66
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 21.65 23.03 23.88 25.59 31.80 42.58
238
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

ICI Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 15,549,258 18,536,127 22,129,555 25,684,217 29,543,495 29,012,967
1.Capital work in progress 1,675,698 1,162,951 4,424,453 2,025,105 5,967,524 1,268,790
2.Operating fixed assets at cost 32,604,559 37,938,103 39,720,082 46,955,222 49,046,797 55,726,398
3.Operating fixed assets after deducting accumulated depreciation 12,713,226 16,001,818 15,534,162 20,350,838 19,906,253 24,044,009
4.Intangible assets 28,318 16,460 783,356 1,688,377 1,695,889 1,704,435
5.Long term investments 774,724 963,667 966,536 1,132,504 1,478,273 1,109,287
6.Other non-current assets 357,292 391,231 421,048 487,393 495,556 886,446
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,981,799 11,939,589 14,672,373 19,328,315 19,897,926 19,372,037
1.Cash & bank balance 120,447 258,962 1,266,464 1,687,351 423,888 549,559
2.Inventories; of which 4,943,409 5,317,357 5,913,901 9,010,634 10,105,003 10,224,760
i)Raw material 2,078,367 2,278,727 2,570,287 4,672,914 5,663,721 5,992,417
ii)Work in progress 96,034 140,179 110,090 101,131 240,816 250,271
iii)Finished goods 2,769,008 2,898,451 3,233,524 4,236,589 4,200,466 3,982,072
3.Trade Debt / accounts receivables 1,431,094 1,640,067 2,589,878 2,718,120 2,449,659 2,386,116
4.Short term loans and advances 325,259 392,362 441,985 552,752 583,691 637,072
5.Short term investments 0 0 0 0 0 0
6.Other current assets 4,161,590 4,330,841 4,460,145 5,359,458 6,335,685 5,574,530
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,531,057 30,475,716 36,801,928 45,012,532 49,441,421 48,385,004
C.Shareholders' Equity (C1+C2+C3) 13,710,790 15,570,081 17,725,773 20,032,834 21,392,566 22,523,874
1.Issued, Subscribed & Paid up capital 923,591 923,591 923,591 923,591 923,591 923,591
i)Ordinary shares 923,591 923,591 923,591 923,591 923,591 923,591
ii)Preference shares 0 0 0 0 0 0
2.Reserves 12,064,830 13,651,160 15,899,394 18,287,261 19,724,709 20,927,167
i)Capital Reserve 309,643 309,643 797,003 1,735,851 1,747,260 1,825,818
ii)Revenue Reserve 11,755,187 13,341,517 15,102,391 16,551,410 17,977,449 19,101,349
of which: un-appropriated profit(loss) / retained earnings 11,755,187 13,341,517 15,102,391 16,551,410 17,977,449 19,101,349
3.Surplus on revaluation of fixed assets 722,369 995,330 902,788 821,982 744,266 673,116
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,762,532 5,174,242 6,260,389 10,271,692 11,315,566 10,564,213
1.Long term borrowings 1,493,943 3,652,586 4,920,277 8,243,012 9,454,188 8,969,037
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 87,422 90,867 115,030 125,586 113,012 114,703
5.Other non-current liabilities 1,181,167 1,430,789 1,225,082 1,903,094 1,748,366 1,480,473
E.Current Liabilities (E1+E2+E3+E4) 10,057,735 9,731,393 12,815,766 14,708,006 16,733,289 15,296,917
1.Trade credit & other accounts payables 7,212,275 7,252,115 9,853,143 6,066,938 7,155,477 8,638,939
of which: i) Trade credits 1,224,198 1,309,635 1,846,046 1,329,659 1,667,805 1,834,033
2.Short term borrowings 1,833,247 1,937,184 2,128,905 7,332,327 7,356,142 4,898,672
3.Current portion of non-current liabilities 955,555 393,783 649,676 967,866 1,694,503 1,373,230
4.Other current liabilities 56,658 148,311 184,042 340,875 527,167 386,076
F.Operations:
1.Sales 37,394,831 36,954,437 41,771,218 49,992,068 59,382,411 55,256,473
i)Local sales (Net) 37,394,831 36,954,437 41,771,218 49,992,068 59,382,411 55,256,473
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 31,491,085 30,382,757 33,755,435 41,005,429 49,637,402 44,339,713
i)Cost of material 19,247,646 16,946,134 18,283,941 23,438,150 30,306,103 30,306,103
3.Gross profit / (loss) (F1-F2) 5,903,746 6,571,680 8,015,783 8,986,639 9,745,009 10,916,760
4.General, administrative and other expenses 2,990,717 3,291,864 4,003,529 4,710,520 5,074,754 5,747,919
i)Selling & distribution expenses 2,026,827 2,118,142 2,688,234 3,103,257 3,344,129 3,762,672
ii)Administrative and other expenses 963,890 1,173,722 1,315,295 1,607,263 1,730,625 1,985,247
5.Other income / (loss) 344,639 491,237 772,822 311,617 219,459 214,688
6.EBIT (F3-F4+F5) 3,257,668 3,771,053 4,785,076 4,587,736 4,889,714 5,383,529
7.Financial expenses 403,568 384,245 390,119 654,094 1,485,754 1,891,014
of which: (i) Interest expenses 292,444 260,200 315,829 560,308 1,298,932 16,667,640
8.Profit / (loss) before taxation (F6-F7) 2,854,100 3,386,808 4,394,957 3,933,642 3,403,960 3,492,515
9.Tax expenses 577,786 656,987 1,114,848 635,988 867,330 1,130,899
10.Profit / (loss) after tax (F8-F9) 2,276,314 2,729,821 3,280,109 3,297,654 2,536,630 2,361,616
11.Cash dividends 1,062,130 1,431,566 1,662,464 1,523,925 831,232 1,477,746
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,716,518 3,920,274 5,173,482 (1,337,474) 4,080,381 6,483,327
2.Net cash flows from investing activities (4,295,502) (4,289,740) (4,745,826) (6,353,533) (6,108,944) (1,485,137)
3.Net cash flows from financing activities (1,554,652) 404,044 432,952 2,908,472 741,284 (2,415,050)
H.Miscellaneous
1.Total capital employed (C+D) 16,473,322 20,744,323 23,986,162 30,304,526 32,708,132 33,088,087
2.Retention in business (F10-F11-F12) 1,214,184 1,298,255 1,617,645 1,773,729 1,705,398 883,870
3.Depreciation for the year 1,664,563 1,932,729 2,267,731 2,465,102 2,699,973 2,699,973
4.Salaries, wages and employee benefits 2,431,656 2,915,852 3,315,600 4,081,360 4,264,223 4,264,223
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.09 7.39 7.85 6.60 4.27 4.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.52 1.30 1.24 1.22 1.26 1.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.23 9.58 9.75 8.06 5.37 4.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.91 1.95 2.02 2.17 2.28 2.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 17.61 18.65 19.70 17.47 12.25 10.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 24.65 29.56 35.51 35.70 27.46 25.57
239
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ittehad Chemicals Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,914,130 4,235,075 4,531,425 5,708,118 6,561,630 6,172,395
1.Capital work in progress 21,606 452,146 238,094 70,129 35,541 46,476
2.Operating fixed assets at cost 5,896,598 6,079,573 6,816,756 8,397,937 9,642,221 9,589,727
3.Operating fixed assets after deducting accumulated depreciation 3,756,179 3,637,902 4,127,596 5,452,040 6,334,613 5,872,413
4.Intangible assets 12,788 6,445 6,445 6,445 6,445 6,445
5.Long term investments 87,000 104,400 117,600 128,400 133,125 195,019
6.Other non-current assets 36,557 34,182 41,690 51,104 51,906 52,042
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,437,172 2,013,861 2,064,790 2,031,494 2,914,723 2,968,161
1.Cash & bank balance 119,390 126,405 108,012 94,072 109,892 134,501
2.Inventories; of which 171,440 476,639 391,744 266,083 788,704 685,118
i)Raw material 74,357 132,120 62,178 89,540 304,545 253,715
ii)Work in progress 25,666 21,107 28,133 33,941 38,143 38,912
iii)Finished goods 71,417 323,412 301,433 142,602 446,016 392,491
3.Trade Debt / accounts receivables 461,589 500,801 551,326 524,262 664,516 799,171
4.Short term loans and advances 80,635 143,579 197,664 198,118 216,651 208,399
5.Short term investments 0 0 0 0 0 0
6.Other current assets 604,118 766,437 816,044 948,959 1,134,960 1,140,972
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,351,302 6,248,936 6,596,215 7,739,612 9,476,353 9,140,556
C.Shareholders' Equity (C1+C2+C3) 2,373,037 2,779,418 3,216,302 3,709,575 4,003,685 4,053,804
1.Issued, Subscribed & Paid up capital 500,000 650,000 770,000 770,000 847,000 847,000
i)Ordinary shares 500,000 650,000 770,000 770,000 847,000 847,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,078,189 1,334,570 1,651,454 1,966,841 2,183,951 2,234,070
i)Capital Reserve 0 150,000 330,000 330,000 330,000 330,000
ii)Revenue Reserve 1,078,189 1,184,570 1,321,454 1,636,841 1,853,951 1,904,070
of which: un-appropriated profit(loss) / retained earnings 1,078,189 1,184,570 1,321,454 1,636,841 1,853,951 1,904,070
3.Surplus on revaluation of fixed assets 794,848 794,848 794,848 972,734 972,734 972,734
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 933,131 1,343,779 944,392 1,023,099 2,011,884 2,578,972
1.Long term borrowings 751,349 1,081,024 682,622 801,291 1,680,295 1,782,048
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 73,287 85,092 99,674 120,312 142,380
5.Other non-current liabilities 181,782 189,468 176,678 122,134 211,277 654,544
E.Current Liabilities (E1+E2+E3+E4) 2,045,134 2,125,739 2,435,521 3,006,938 3,460,784 2,507,780
1.Trade credit & other accounts payables 801,591 820,680 1,005,727 1,200,669 1,648,478 1,201,550
of which: i) Trade credits 177,176 89,298 84,327 86,741 154,604 88,539
2.Short term borrowings 862,742 948,986 890,499 1,176,496 1,379,519 1,138,575
3.Current portion of non-current liabilities 332,725 328,081 505,937 580,437 306,193 88,261
4.Other current liabilities 48,076 27,992 33,358 49,336 126,594 79,394
F.Operations:
1.Sales 4,045,537 4,557,440 4,990,137 5,742,792 6,644,377 8,856,601
i)Local sales (Net) 4,045,537 4,557,440 4,990,137 5,742,792 6,644,377 8,856,601
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,622,599 3,766,514 4,170,427 4,779,809 5,265,491 7,674,958
i)Cost of material 425,937 640,073 633,391 626,043 890,921 2,473,694
3.Gross profit / (loss) (F1-F2) 422,938 790,926 819,710 962,983 1,378,886 1,181,643
4.General, administrative and other expenses 406,047 440,828 485,277 594,295 688,244 770,009
i)Selling & distribution expenses 245,744 256,003 260,530 361,906 412,025 501,041
ii)Administrative and other expenses 160,303 184,825 224,747 232,389 276,219 268,968
5.Other income / (loss) 18,078 39,246 62,870 146,462 70,114 146,273
6.EBIT (F3-F4+F5) 34,969 389,344 397,303 515,150 760,756 557,907
7.Financial expenses 108,886 165,249 177,152 154,284 255,668 480,180
of which: (i) Interest expenses 100,458 160,844 172,675 146,217 246,747 469,366
8.Profit / (loss) before taxation (F6-F7) (73,917) 224,095 220,151 360,866 505,088 77,727
9.Tax expenses (158,404) 56,722 (13,196) (54,621) 100,037 16,927
10.Profit / (loss) after tax (F8-F9) 84,487 167,373 233,347 415,487 405,051 60,800
11.Cash dividends 50,000 97,500 100,100 84,700 0 84,700
12.Bonus shares / stock dividends 0 0 0 77,000 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 653,956 (68,484) 719,264 961,407 626,754 571,903
2.Net cash flows from investing activities (981,681) (585,816) (661,463) (1,354,545) (1,334,261) (140,037)
3.Net cash flows from financing activities 302,091 661,315 (76,194) 379,198 723,327 (407,257)
H.Miscellaneous
1.Total capital employed (C+D) 3,306,168 4,123,197 4,160,694 4,732,674 6,015,569 6,632,776
2.Retention in business (F10-F11-F12) 34,487 69,873 133,247 253,787 405,051 (23,900)
3.Depreciation for the year 190,098 306,839 334,120 355,069 491,852 572,747
4.Salaries, wages and employee benefits 455,386 511,813 532,875 605,596 628,054 659,274
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.09 3.67 4.68 7.23 6.10 0.69
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.80 0.79 0.78 0.80 0.77 0.95
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.68 2.89 3.63 5.80 4.71 0.65
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.15 2.25 2.14 2.07 2.23 2.31
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.61 6.50 7.78 12.00 10.50 1.51
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.69 2.57 3.03 5.40 4.78 0.72
240
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Leiner Pak Gelatine Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 290,373 407,914 401,341 414,430 487,435 502,210
1.Capital work in progress 21,933 0 4,021 10,046 13,188 11,397
2.Operating fixed assets at cost 510,413 660,686 662,836 681,402 761,644 794,452
3.Operating fixed assets after deducting accumulated depreciation 268,303 407,654 397,060 404,129 473,992 490,558
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 137 260 260 255 255 255
B.Current Assets (B1+B2+B3+B4+B5+B6) 228,686 244,936 260,533 301,339 372,756 492,682
1.Cash & bank balance 1,214 1,175 1,890 607 321 465
2.Inventories; of which 159,707 194,638 179,041 197,264 200,206 308,556
i)Raw material 104,280 52,866 89,491 111,519 111,519 248,160
ii)Work in progress 0 0 0 63,465 63,465 48,013
iii)Finished goods 55,427 141,772 89,550 22,280 22,280 12,383
3.Trade Debt / accounts receivables 9,071 3,784 13,334 14,672 24,392 7,477
4.Short term loans and advances 2,300 1,980 5,241 1,736 1,991 1,354
5.Short term investments 0 0 0 0 0 0
6.Other current assets 56,394 43,359 61,027 87,060 145,846 174,830
Total Assets (A+B) / Equity & Liabilities (C+D+E) 519,059 652,850 661,874 715,769 860,191 994,892
C.Shareholders' Equity (C1+C2+C3) 235,614 353,142 350,133 346,177 406,062 407,990
1.Issued, Subscribed & Paid up capital 75,000 75,000 75,000 75,000 75,000 75,000
i)Ordinary shares 75,000 75,000 75,000 75,000 75,000 75,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (3,520) (772) (3,781) (7,737) (5,200) (3,272)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (3,520) (772) (3,781) (7,737) (5,200) (3,272)
of which: un-appropriated profit(loss) / retained earnings (3,520) (772) (3,781) (7,737) (5,200) (3,272)
3.Surplus on revaluation of fixed assets 164,134 278,914 278,914 278,914 336,262 336,262
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 856 504 1,043 864 13,423
1.Long term borrowings 0 856 504 1,043 864 13,423
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 283,445 298,852 311,237 368,549 453,265 573,479
1.Trade credit & other accounts payables 161,775 131,425 96,301 143,023 180,097 255,540
of which: i) Trade credits 100,957 93,926 71,868 97,523 112,374 135,824
2.Short term borrowings 119,900 164,032 211,129 221,160 268,335 306,207
3.Current portion of non-current liabilities 1,770 334 352 689 184 5,601
4.Other current liabilities 0 3,061 3,455 3,677 4,649 6,131
F.Operations:
1.Sales 691,778 727,664 692,372 752,297 779,659 660,888
i)Local sales (Net) 590,063 678,136 644,624 703,970 623,689 508,547
ii)Export sales (Net) 101,715 49,528 47,748 48,327 155,970 152,341
2.Cost of sales 623,171 649,181 616,359 678,011 684,898 559,040
i)Cost of material 350,809 397,271 295,893 375,804 324,751 263,837
3.Gross profit / (loss) (F1-F2) 68,607 78,483 76,013 74,286 94,761 101,848
4.General, administrative and other expenses 59,301 58,712 60,155 59,086 63,413 62,295
i)Selling & distribution expenses 3,904 3,023 3,423 2,379 5,001 5,951
ii)Administrative and other expenses 55,397 55,689 56,732 56,707 58,412 56,344
5.Other income / (loss) 2,484 198 151 1,564 723 611
6.EBIT (F3-F4+F5) 11,790 19,969 16,009 16,764 32,071 40,164
7.Financial expenses 10,249 9,343 11,549 13,022 20,641 28,926
of which: (i) Interest expenses 9,095 8,497 10,629 12,466 18,828 27,428
8.Profit / (loss) before taxation (F6-F7) 1,541 10,626 4,460 3,742 11,430 11,238
9.Tax expenses 15,943 7,878 7,469 7,698 8,893 9,310
10.Profit / (loss) after tax (F8-F9) (14,402) 2,748 (3,009) (3,956) 2,537 1,928
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,820 (31,678) (39,874) 12,617 (18,361) (25,012)
2.Net cash flows from investing activities (18,505) (13,683) (6,171) (24,726) (28,675) (24,025)
3.Net cash flows from financing activities 13,399 45,322 46,760 10,826 46,750 49,181
H.Miscellaneous
1.Total capital employed (C+D) 235,614 353,998 350,637 347,220 406,926 421,413
2.Retention in business (F10-F11-F12) (14,402) 2,748 (3,009) (3,956) 2,537 1,928
3.Depreciation for the year 10,662 10,922 12,744 12,158 12,737 16,451
4.Salaries, wages and employee benefits 82,749 63,552 94,305 99,736 106,199 108,330
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.08 0.38 -0.43 -0.53 0.33 0.29
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.38 1.24 1.05 1.09 0.99 0.71
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.88 0.47 -0.46 -0.57 0.32 0.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.06 1.99 1.87 1.98 2.10 2.28
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -5.93 0.93 -0.86 -1.14 0.67 0.47
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.92 0.37 -0.40 -0.53 0.34 0.26
241
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Lotte Chemical Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,645,727 6,876,953 7,388,857 5,703,934 7,156,960 7,344,248
1.Capital work in progress 63,562 244,173 373,677 133,746 374,920 428,263
2.Operating fixed assets at cost 32,903,350 32,959,984 33,588,460 33,810,593 33,944,411 35,206,343
3.Operating fixed assets after deducting accumulated depreciation 6,061,577 4,903,048 5,277,381 5,008,430 4,324,579 4,562,599
4.Intangible assets 2,235 1,566 1,154 759 374 20
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,518,353 1,728,166 1,736,645 560,999 2,457,087 2,353,366
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,601,349 10,661,369 13,152,180 15,570,196 21,989,450 24,151,885
1.Cash & bank balance 1,789,081 3,319,250 5,043,188 4,220,756 40,772 35,588
2.Inventories; of which 3,168,280 3,143,174 3,361,974 5,238,450 4,482,468 4,298,785
i)Raw material 2,460,103 1,599,579 2,843,041 2,779,589 2,411,469 3,644,232
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 708,177 1,543,595 518,933 2,458,861 2,070,999 654,553
3.Trade Debt / accounts receivables 1,778,079 1,891,825 2,817,600 3,401,047 3,440,258 2,998,642
4.Short term loans and advances 24,233 22,714 27,292 27,150 59,413 42,833
5.Short term investments 0 0 0 0 11,521,377 14,999,418
6.Other current assets 2,841,676 2,284,406 1,902,126 2,682,793 2,445,162 1,776,619
Total Assets (A+B) / Equity & Liabilities (C+D+E) 17,247,076 17,538,322 20,541,037 21,274,130 29,146,410 31,496,133
C.Shareholders' Equity (C1+C2+C3) 9,956,805 10,275,082 10,677,080 12,519,225 15,610,091 17,748,991
1.Issued, Subscribed & Paid up capital 15,142,072 15,142,072 15,142,072 15,142,072 15,142,072 15,142,072
i)Ordinary shares 15,142,072 15,142,072 15,142,072 15,142,072 15,142,072 15,142,072
ii)Preference shares 0 0 0 0 0 0
2.Reserves (5,185,267) (4,866,990) (4,464,992) (2,622,847) 468,019 2,606,919
i)Capital Reserve 2,345 2,345 2,345 2,345 2,345 2,345
ii)Revenue Reserve (5,187,612) (4,869,335) (4,467,337) (2,625,192) 465,674 2,604,574
of which: un-appropriated profit(loss) / retained earnings (5,187,612) (4,869,335) (4,467,337) (2,625,192) 465,674 2,604,574
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 61,436 75,364 98,280 125,482 1,838,121 3,431,936
1.Long term borrowings 0 0 0 0 1,704,473 1,582,188
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 61,436 75,364 98,280 125,482 133,648 125,787
5.Other non-current liabilities 0 0 0 0 0 1,723,961
E.Current Liabilities (E1+E2+E3+E4) 7,228,835 7,187,876 9,765,677 8,629,423 11,698,198 10,315,206
1.Trade credit & other accounts payables 7,069,252 7,028,293 9,585,372 6,682,630 11,273,779 9,863,361
of which: i) Trade credits 3,489,503 2,932,583 4,775,613 876,202 4,618,261 4,758,150
2.Short term borrowings 0 0 0 0 154,420 177,625
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 159,583 159,583 180,305 1,946,793 269,999 274,220
F.Operations:
1.Sales 33,862,567 34,785,035 37,034,324 57,400,241 60,539,754 38,964,851
i)Local sales (Net) 30,177,872 34,785,035 36,797,619 57,400,241 60,539,754 38,964,851
ii)Export sales (Net) 3,684,695 0 236,705 0 0 0
2.Cost of sales 34,119,300 34,080,207 35,836,664 50,018,605 52,509,365 36,322,627
i)Cost of material 28,445,171 29,902,932 30,064,341 46,592,756 46,212,937 29,027,555
3.Gross profit / (loss) (F1-F2) (256,733) 704,828 1,197,660 7,381,636 8,030,389 2,642,224
4.General, administrative and other expenses 444,918 438,452 498,987 1,045,442 1,169,030 914,960
i)Selling & distribution expenses 81,272 78,004 93,462 102,444 103,581 107,275
ii)Administrative and other expenses 363,646 360,448 405,525 942,998 1,065,449 807,685
5.Other income / (loss) 99,183 213,573 248,610 514,501 1,228,637 1,422,069
6.EBIT (F3-F4+F5) (602,468) 479,949 947,283 6,850,695 8,089,996 3,149,333
7.Financial expenses 25,868 9,539 52,398 505,129 567,074 150,248
of which: (i) Interest expenses 38 0 250 23 228,140 223,144
8.Profit / (loss) before taxation (F6-F7) (628,336) 470,410 894,885 6,345,566 7,522,922 2,999,085
9.Tax expenses 119,314 146,579 482,589 1,914,466 2,162,552 873,980
10.Profit / (loss) after tax (F8-F9) (747,650) 323,831 412,296 4,431,100 5,360,370 2,125,105
11.Cash dividends 0 0 302,841 2,271,311 2,271,311 1,135,655
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 917,870 1,764,196 2,877,501 236,958 5,186,139 5,186,139
2.Net cash flows from investing activities (154,633) (234,005) (1,153,569) (208,867) 1,519,920 1,519,920
3.Net cash flows from financing activities (46) (22) 6 (850,523) (389,193) (389,193)
H.Miscellaneous
1.Total capital employed (C+D) 10,018,241 10,350,446 10,775,360 12,644,707 17,448,212 21,180,927
2.Retention in business (F10-F11-F12) (747,650) 323,831 109,455 2,159,789 3,089,059 989,450
3.Depreciation for the year 1,409,137 1,214,805 649,231 845,484 231,018 231,018
4.Salaries, wages and employee benefits 623,940 662,645 764,836 1,281,327 1,452,236 1,134,306
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.21 0.93 1.11 7.72 8.85 5.45
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.98 2.00 1.95 2.75 2.40 1.32
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.38 1.86 2.17 21.19 21.26 7.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.65 1.72 1.82 1.80 1.79 1.76
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -7.24 3.20 3.94 38.21 38.11 12.67
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.49 0.21 0.27 2.93 3.54 1.40
242
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

MACTER INTERNATIONAL Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - - - 1,271,137 1,408,610 1,541,626
1.Capital work in progress - - - 238,780 31,475 26,490
2.Operating fixed assets at cost - - - 1,623,806 1,979,455 2,107,536
3.Operating fixed assets after deducting accumulated depreciation - - - 943,524 1,216,837 1,323,502
4.Intangible assets - - - 8,049 65,218 60,410
5.Long term investments - - - 0 0 0
6.Other non-current assets - - - 80,784 95,080 131,224
B.Current Assets (B1+B2+B3+B4+B5+B6) - - - 1,772,915 1,876,451 2,396,221
1.Cash & bank balance - - - 46,995 144,969 139,056
2.Inventories; of which - - - 878,742 841,849 1,101,269
i)Raw material - - - 508,048 432,764 701,810
ii)Work in progress - - - 37,222 56,543 57,324
iii)Finished goods - - - 333,472 352,542 342,135
3.Trade Debt / accounts receivables - - - 561,444 599,532 785,142
4.Short term loans and advances - - - 102,215 76,887 91,270
5.Short term investments - - - 0 0 0
6.Other current assets - - - 183,519 213,214 279,484
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - - 3,044,052 3,285,061 3,937,847
C.Shareholders' Equity (C1+C2+C3) - - - 1,167,527 1,160,027 1,072,544
1.Issued, Subscribed & Paid up capital - - - 391,444 391,444 391,444
i)Ordinary shares - - - 391,444 391,444 391,444
ii)Preference shares - - - 0 0 0
2.Reserves - - - 776,083 768,583 681,100
i)Capital Reserve - - - 0 4,031 13,956
ii)Revenue Reserve - - - 776,083 764,552 667,144
of which: un-appropriated profit(loss) / retained earnings - - - 0 0 0
3.Surplus on revaluation of fixed assets - - - 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - - 443,770 532,789 834,452
1.Long term borrowings - - - 271,902 354,330 631,324
2.Subordinated loans / Sponsor's loans - - - 0 0 0
3.Debentures/TFCs (bonds payable) - - - 0 0 0
4.Employees benefit obligations - - - 171,029 177,771 196,286
5.Other non-current liabilities - - - 839 688 6,842
E.Current Liabilities (E1+E2+E3+E4) - - - 1,432,755 1,592,245 2,030,851
1.Trade credit & other accounts payables - - - 712,610 648,245 990,959
of which: i) Trade credits - - - 432,891 358,597 616,215
2.Short term borrowings - - - 622,930 815,751 891,231
3.Current portion of non-current liabilities - - - 83,286 102,516 120,919
4.Other current liabilities - - - 13,929 25,733 27,742
F.Operations:
1.Sales - - - 4,053,174 4,194,932 5,704,724
i)Local sales (Net) - - - 3,929,142 4,131,654 5,505,472
ii)Export sales (Net) - - - 124,032 63,278 199,252
2.Cost of sales - - - 2,230,743 2,403,621 3,575,157
i)Cost of material - - - 1,614,416 1,717,326 2,761,845
3.Gross profit / (loss) (F1-F2) - - - 1,822,431 1,791,311 2,129,567
4.General, administrative and other expenses - - - 1,461,964 1,620,883 1,893,208
i)Selling & distribution expenses - - - 1,235,391 1,385,500 1,656,635
ii)Administrative and other expenses - - - 226,573 235,383 236,573
5.Other income / (loss) - - - 27,655 20,778 15,308
6.EBIT (F3-F4+F5) - - - 388,122 191,206 251,667
7.Financial expenses - - - 67,507 125,395 243,308
of which: (i) Interest expenses - - - 66,493 124,555 241,841
8.Profit / (loss) before taxation (F6-F7) - - - 320,615 65,811 8,359
9.Tax expenses - - - 74,332 22,763 53,994
10.Profit / (loss) after tax (F8-F9) - - - 246,283 43,048 (45,635)
11.Cash dividends - - - 127,219 35,230 0
12.Bonus shares / stock dividends - - - 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - - - 401,258 52,189 (118,043)
2.Net cash flows from investing activities - - - (392,484) (140,953) (139,839)
3.Net cash flows from financing activities - - - (63,867) 92,062 181,969
H.Miscellaneous
1.Total capital employed (C+D) - - - 1,611,297 1,692,816 1,906,996
2.Retention in business (F10-F11-F12) - - - 119,064 7,818 (45,635)
3.Depreciation for the year - - - 68,895 91,040 106,403
4.Salaries, wages and employee benefits - - - 1,140,723 1,255,488 1,378,044
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - 6.08 1.03 -0.80
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - - 1.33 1.33 1.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - - 8.09 1.36 -1.26
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - - 2.61 2.72 3.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - - 21.09 3.70 -4.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - - 6.29 1.10 -1.17
243
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mandviwala Mauser Plastic Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 73,292 73,292 63,337 58,599 61,201 57,506
1.Capital work in progress 0 0 0 0 4,625 4,842
2.Operating fixed assets at cost 378,848 378,848 378,848 378,848 378,848 376,611
3.Operating fixed assets after deducting accumulated depreciation 52,853 52,853 42,898 38,662 36,639 32,727
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 20,439 20,439 20,439 19,937 19,937 19,937
B.Current Assets (B1+B2+B3+B4+B5+B6) 54,887 54,887 18,034 18,012 20,254 26,407
1.Cash & bank balance 51 51 26 28 275 30
2.Inventories; of which 23,033 23,033 7,178 7,178 7,178 11,591
i)Raw material 17,700 17,700 761 761 761 5,174
ii)Work in progress 0 0 1,085 1,085 1,085 1,085
iii)Finished goods 5,333 5,333 5,332 5,332 5,332 5,332
3.Trade Debt / accounts receivables 17,370 17,370 110 110 0 0
4.Short term loans and advances 3,721 3,721 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,712 10,712 10,720 10,696 12,801 14,786
Total Assets (A+B) / Equity & Liabilities (C+D+E) 128,179 128,179 81,371 76,611 81,455 83,913
C.Shareholders' Equity (C1+C2+C3) (287,496) (287,496) (285,537) (295,845) (382,601) (418,170)
1.Issued, Subscribed & Paid up capital 73,554 73,554 73,554 73,554 73,554 73,554
i)Ordinary shares 73,554 73,554 73,554 73,554 73,554 73,554
ii)Preference shares 0 0 0 0 0 0
2.Reserves (361,050) (361,050) (359,091) (369,399) (456,155) (491,724)
i)Capital Reserve 64,668 64,668 64,668 64,668 0 0
ii)Revenue Reserve (425,718) (425,718) (423,759) (434,067) (456,155) (491,724)
of which: un-appropriated profit(loss) / retained earnings 0 0 (423,759) (434,067) (456,155) (491,724)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 7,330 7,330 212,935 273,232 341,331 340,389
1.Long term borrowings 0 0 207,068 264,713 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 329,642 329,642
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 7,330 7,330 5,867 8,519 11,689 10,747
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 408,345 408,345 153,973 99,224 122,725 161,694
1.Trade credit & other accounts payables 198,920 198,920 106,845 97,015 99,953 109,053
of which: i) Trade credits 5,490 5,490 83,860 83,547 84,474 85,033
2.Short term borrowings 164,532 164,532 0 0 20,562 50,431
3.Current portion of non-current liabilities 44,893 44,893 44,893 0 0 0
4.Other current liabilities 0 0 2,235 2,209 2,210 2,210
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 7,553 7,553 6,293 6,328 12,067 26,741
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (7,553) (7,553) (6,293) (6,328) (12,067) (26,741)
4.General, administrative and other expenses 7,792 7,792 1,456 1,834 7,146 9,335
i)Selling & distribution expenses 34 34 0 0 3 153
ii)Administrative and other expenses 7,758 7,758 1,456 1,834 7,143 9,182
5.Other income / (loss) 438 438 7,772 0 0 0
6.EBIT (F3-F4+F5) (14,907) (14,907) 23 (8,162) (19,213) (36,076)
7.Financial expenses 3 3 0 2 5 7
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (14,910) (14,910) 23 (8,164) (19,218) (36,083)
9.Tax expenses 0 0 4 0 0 0
10.Profit / (loss) after tax (F8-F9) (14,910) (14,910) 19 (8,164) (19,218) (36,083)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (10,550) (10,550) (2,293) (13,252) (13,731) (29,860)
2.Net cash flows from investing activities 820 820 0 502 (6,845) (253)
3.Net cash flows from financing activities 9,727 9,727 2,293 12,752 20,823 29,868
H.Miscellaneous
1.Total capital employed (C+D) (280,166) (280,166) (72,602) (22,613) (41,270) (77,781)
2.Retention in business (F10-F11-F12) (14,910) (14,910) 19 (8,164) (19,218) (36,083)
3.Depreciation for the year 5,834 5,834 4,393 4,236 4,243 3,758
4.Salaries, wages and employee benefits 3,367 3,368 2,501 3,228 5,498 7,549
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -11.35 -11.63 0.02 -10.34 -24.32 -43.64
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.47 -0.45 -0.37 -0.27 -0.23 -0.21
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.33 5.19 -0.01 2.81 5.67 9.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.03 -2.03 0.00 -1.11 -2.61 -4.91
244
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nimir Industrial Chemicals Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,658,821 2,062,684 2,547,922 2,862,291 3,438,148 4,079,134
1.Capital work in progress 125,742 190,420 573,023 292,816 28,358 128,567
2.Operating fixed assets at cost 2,464,891 2,683,468 2,907,361 3,751,857 4,789,451 5,671,363
3.Operating fixed assets after deducting accumulated depreciation 1,503,130 1,585,033 1,657,414 2,260,376 3,094,530 3,697,705
4.Intangible assets 995 561 1,754 962 283 0
5.Long term investments 0 20,000 281,852 281,852 281,852 216,896
6.Other non-current assets 28,954 266,670 33,879 26,285 33,125 35,966
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,494,154 1,966,458 2,926,461 4,726,091 5,075,880 6,769,460
1.Cash & bank balance 13,961 61,677 15,516 6,446 30,759 101,723
2.Inventories; of which 758,414 637,996 1,274,615 2,258,597 2,466,536 3,601,157
i)Raw material 491,388 360,106 1,021,342 1,786,909 1,917,719 3,075,360
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 267,026 277,890 253,273 471,688 548,817 525,797
3.Trade Debt / accounts receivables 482,312 820,653 983,440 1,621,680 1,757,640 2,127,175
4.Short term loans and advances 34,881 64,384 55,336 77,640 71,135 66,387
5.Short term investments 0 0 0 0 8,200 0
6.Other current assets 204,586 381,748 597,554 761,728 741,610 873,018
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,152,975 4,029,142 5,474,383 7,588,382 8,514,028 10,848,594
C.Shareholders' Equity (C1+C2+C3) 1,680,616 1,787,861 2,144,330 2,614,864 3,034,884 3,623,324
1.Issued, Subscribed & Paid up capital 1,105,905 1,105,905 1,105,905 1,105,905 1,105,905 1,105,905
i)Ordinary shares 1,105,905 1,105,905 1,105,905 1,105,905 1,105,905 1,105,905
ii)Preference shares 0 0 0 0 0 0
2.Reserves 574,711 681,956 1,038,425 1,508,959 1,928,979 2,517,419
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 574,711 681,956 1,038,425 1,508,959 1,928,979 2,517,419
of which: un-appropriated profit(loss) / retained earnings 574,711 681,956 1,038,425 1,508,959 1,928,979 2,517,419
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 273,456 457,688 566,977 699,070 913,301 1,380,561
1.Long term borrowings 165,756 348,127 353,877 480,193 591,680 1,004,470
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 48,493 0 0 0 0 0
5.Other non-current liabilities 59,207 109,561 213,100 218,877 321,621 376,091
E.Current Liabilities (E1+E2+E3+E4) 1,198,903 1,783,593 2,763,076 4,274,449 4,565,843 5,844,709
1.Trade credit & other accounts payables 213,202 327,843 414,756 876,395 914,307 1,380,672
of which: i) Trade credits 113,003 128,728 174,197 505,500 376,627 853,521
2.Short term borrowings 868,377 1,161,330 1,898,527 2,820,477 2,849,881 3,387,285
3.Current portion of non-current liabilities 102,833 100,000 127,604 174,159 265,273 296,693
4.Other current liabilities 14,491 194,420 322,189 403,418 536,382 780,059
F.Operations:
1.Sales 3,663,499 5,011,269 7,369,140 12,091,242 14,850,122 17,172,580
i)Local sales (Net) 3,663,499 5,009,519 7,368,828 12,091,242 14,850,122 17,172,580
ii)Export sales (Net) 0 1,750 312 0 0 0
2.Cost of sales 3,102,622 4,039,193 6,304,070 10,541,804 12,820,523 14,626,318
i)Cost of material 2,657,662 3,232,518 5,325,260 9,517,454 11,347,668 12,941,581
3.Gross profit / (loss) (F1-F2) 560,877 972,076 1,065,070 1,549,438 2,029,599 2,546,262
4.General, administrative and other expenses 172,140 254,800 280,755 386,143 382,169 481,247
i)Selling & distribution expenses 76,565 104,893 114,756 86,670 102,302 140,464
ii)Administrative and other expenses 95,575 149,907 165,999 299,473 279,867 340,783
5.Other income / (loss) 11,862 (23,320) 51,930 (71,924) (129,280) (114,365)
6.EBIT (F3-F4+F5) 400,599 693,956 836,245 1,091,371 1,518,150 1,950,650
7.Financial expenses 106,331 90,520 135,427 204,254 359,498 601,538
of which: (i) Interest expenses 96,196 78,412 117,726 198,740 352,455 593,542
8.Profit / (loss) before taxation (F6-F7) 294,268 603,436 700,818 887,117 1,158,652 1,349,112
9.Tax expenses 72,489 162,751 229,385 191,582 348,556 422,635
10.Profit / (loss) after tax (F8-F9) 221,779 440,685 471,433 695,535 810,096 926,477
11.Cash dividends 110,591 221,181 221,181 331,772 331,772 331,772
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (140,051) 442,157 (70,705) (247,845) 1,036,857 472,197
2.Net cash flows from investing activities (356,242) (539,798) (615,585) (630,193) (819,570) (896,403)
3.Net cash flows from financing activities 308,174 145,199 640,129 868,968 (192,975) 495,170
H.Miscellaneous
1.Total capital employed (C+D) 1,954,072 2,245,549 2,711,307 3,313,934 3,948,185 5,003,885
2.Retention in business (F10-F11-F12) 111,189 219,504 250,252 363,764 478,325 594,706
3.Depreciation for the year 118,732 137,903 165,724 247,341 284,833 368,496
4.Salaries, wages and employee benefits 199,402 304,484 359,552 472,718 570,637 648,615
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.05 8.79 6.40 5.75 5.46 5.40
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.27 1.40 1.55 1.85 1.84 1.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.68 12.27 9.92 10.65 10.06 9.57
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.84 2.07 2.42 2.74 2.85 2.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.13 25.41 23.98 29.23 28.68 27.83
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.01 3.98 4.26 6.29 7.33 8.38
245
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nimir Resins Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 514,673 485,140 525,721 518,100 537,205 997,132
1.Capital work in progress 98 4,482 17,149 8,340 15,862 43,662
2.Operating fixed assets at cost 960,347 965,315 958,744 996,722 1,002,256 1,453,426
3.Operating fixed assets after deducting accumulated depreciation 486,004 469,965 495,331 498,025 507,861 940,281
4.Intangible assets 18,483 1,659 1,327 995 663 332
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,088 9,034 11,914 10,740 12,819 12,857
B.Current Assets (B1+B2+B3+B4+B5+B6) 774,338 1,207,798 1,580,628 2,260,327 2,515,142 2,532,059
1.Cash & bank balance 1,947 70,966 16,136 39,170 23,772 14,453
2.Inventories; of which 310,962 489,992 621,164 984,001 857,166 1,271,977
i)Raw material 190,684 379,772 458,291 837,711 667,006 976,284
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 120,278 110,220 162,873 146,289 190,160 311,476
3.Trade Debt / accounts receivables 321,962 404,115 601,680 769,511 1,020,297 819,321
4.Short term loans and advances 115,996 48,469 56,424 69,879 33,065 40,487
5.Short term investments 0 0 0 0 46,700 0
6.Other current assets 23,471 194,256 285,224 397,766 534,142 385,821
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,289,011 1,692,938 2,106,349 2,778,427 3,052,347 3,529,191
C.Shareholders' Equity (C1+C2+C3) 249,309 584,149 909,762 1,010,949 1,165,872 1,712,122
1.Issued, Subscribed & Paid up capital 997,789 997,789 1,382,789 1,413,210 1,413,211 1,413,211
i)Ordinary shares 997,789 997,789 1,382,789 1,413,210 1,413,211 1,413,211
ii)Preference shares 0 0 0 0 0 0
2.Reserves (795,629) (460,581) (558,158) (487,005) (331,696) (202,665)
i)Capital Reserve 9,671 290,751 118,391 118,391 118,391 118,391
ii)Revenue Reserve (805,300) (751,332) (676,549) (605,396) (450,087) (321,056)
of which: un-appropriated profit(loss) / retained earnings (806,228) (753,750) (679,247) (605,396) (450,087) (321,056)
3.Surplus on revaluation of fixed assets 47,149 46,941 85,131 84,744 84,357 501,576
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 150,439 129,950 30,444 20,061 16,308 58,844
1.Long term borrowings 121,278 99,249 2,007 4,828 5,356 22,749
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 7,618 10,952 16,396
5.Other non-current liabilities 29,161 30,701 28,437 7,615 0 19,699
E.Current Liabilities (E1+E2+E3+E4) 889,263 978,839 1,166,143 1,747,417 1,870,167 1,758,225
1.Trade credit & other accounts payables 287,350 179,376 298,230 476,855 288,835 601,269
of which: i) Trade credits 98,085 108,006 265,790 427,742 236,147 523,238
2.Short term borrowings 479,571 771,366 816,279 1,212,177 1,484,829 1,056,653
3.Current portion of non-current liabilities 89,667 0 485 1,446 2,257 8,996
4.Other current liabilities 32,675 28,097 51,149 56,939 94,246 91,307
F.Operations:
1.Sales 1,806,427 1,778,018 2,668,805 3,580,119 4,883,237 4,499,105
i)Local sales (Net) 1,802,515 1,778,018 2,668,805 3,580,119 4,883,237 4,499,105
ii)Export sales (Net) 3,912 0 0 0 0 0
2.Cost of sales 1,651,145 1,543,831 2,371,467 3,250,464 4,383,297 3,993,380
i)Cost of material 1,522,092 1,369,868 2,241,810 3,008,806 4,121,123 3,779,705
3.Gross profit / (loss) (F1-F2) 155,282 234,187 297,338 329,655 499,940 505,725
4.General, administrative and other expenses 136,010 134,081 132,506 178,130 181,504 147,761
i)Selling & distribution expenses 62,010 45,676 45,437 51,996 64,383 56,995
ii)Administrative and other expenses 74,000 88,405 87,069 126,134 117,121 90,766
5.Other income / (loss) 13,047 22,745 7,237 8,742 12,656 14,204
6.EBIT (F3-F4+F5) 32,319 122,851 172,069 160,267 331,092 372,168
7.Financial expenses 94,645 49,972 60,993 75,114 167,592 185,128
of which: (i) Interest expenses 92,952 46,879 54,565 66,412 165,703 183,262
8.Profit / (loss) before taxation (F6-F7) (62,326) 72,879 111,076 85,153 163,500 187,040
9.Tax expenses 20,041 19,796 36,738 (17,959) 9,483 59,824
10.Profit / (loss) after tax (F8-F9) (82,367) 53,083 74,338 103,112 154,017 127,216
11.Cash dividends 0 0 304,214 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 156,137 (391,444) (175,920) (347,556) (231,045) 397,480
2.Net cash flows from investing activities 59,077 (16,999) (36,817) (23,633) (58,344) (2,756)
3.Net cash flows from financing activities (222,158) 477,462 157,907 394,223 273,991 (404,044)
H.Miscellaneous
1.Total capital employed (C+D) 399,748 714,099 940,206 1,031,010 1,182,180 1,770,966
2.Retention in business (F10-F11-F12) (82,367) 53,083 (229,876) 103,112 154,017 127,216
3.Depreciation for the year 30,109 116,850 143,603 156,632 186,355 201,821
4.Salaries, wages and employee benefits 251,405 26,908 37,654 35,284 43,285 42,655
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -4.56 2.99 2.79 2.88 3.15 2.83
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.30 1.19 1.40 1.47 1.67 1.37
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.93 3.56 3.91 4.22 5.28 3.87
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.86 3.58 2.54 2.54 2.68 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -28.79 12.74 9.95 10.74 14.15 8.84
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.83 0.53 0.54 0.73 1.09 0.90
246
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Otsuka Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 755,489 724,212 602,964 515,012 524,587 520,510
1.Capital work in progress 13,952 8,624 9,045 7,230 10,698 30,356
2.Operating fixed assets at cost 1,295,056 1,286,210 1,303,901 1,343,456 1,361,549 1,400,538
3.Operating fixed assets after deducting accumulated depreciation 617,307 533,565 458,398 413,124 350,998 304,687
4.Intangible assets 0 0 100 2,527 1,945 1,781
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 124,230 182,023 135,421 92,131 160,946 183,686
B.Current Assets (B1+B2+B3+B4+B5+B6) 807,170 858,445 852,478 1,068,788 1,006,057 1,159,771
1.Cash & bank balance 4,253 10,785 17,901 18,445 10,975 22,825
2.Inventories; of which 487,680 429,037 432,101 553,508 574,810 680,918
i)Raw material 164,953 173,909 150,413 216,140 213,361 304,958
ii)Work in progress 4,600 11,554 5,132 15,309 6,354 8,356
iii)Finished goods 318,127 243,574 276,556 322,059 355,095 387,961
3.Trade Debt / accounts receivables 94,539 165,054 198,403 294,367 249,393 283,707
4.Short term loans and advances 13,532 26,592 31,312 34,462 26,987 61,532
5.Short term investments 0 0 0 0 0 0
6.Other current assets 207,166 226,977 172,761 168,006 143,892 110,789
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,562,659 1,582,657 1,455,442 1,583,800 1,530,644 1,680,281
C.Shareholders' Equity (C1+C2+C3) 141,914 29,478 137,864 202,812 23,455 116,787
1.Issued, Subscribed & Paid up capital 110,000 110,000 110,000 121,000 121,000 121,000
i)Ordinary shares 110,000 110,000 110,000 121,000 121,000 121,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 31,914 (80,522) 27,864 81,812 (97,545) (4,213)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 31,914 (80,522) 27,864 81,812 (97,545) (4,213)
of which: un-appropriated profit(loss) / retained earnings 31,914 (80,522) 27,864 81,812 (97,545) (4,213)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 108,333 0 0 0 0 0
1.Long term borrowings 108,333 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,312,412 1,553,179 1,317,578 1,380,988 1,507,189 1,563,494
1.Trade credit & other accounts payables 278,199 260,463 363,177 454,663 337,350 530,407
of which: i) Trade credits 48,033 44,319 48,735 68,706 59,310 63,105
2.Short term borrowings 898,843 1,169,424 953,214 915,848 1,141,257 1,015,116
3.Current portion of non-current liabilities 108,334 108,333 0 0 0 0
4.Other current liabilities 27,036 14,959 1,187 10,477 28,582 17,971
F.Operations:
1.Sales 1,452,196 1,550,709 1,829,624 1,869,013 1,884,753 2,226,989
i)Local sales (Net) 1,452,196 1,550,709 1,829,624 1,869,013 1,884,753 2,226,989
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,291,086 1,282,074 1,329,751 1,299,217 1,488,573 1,627,818
i)Cost of material 602,365 439,679 563,264 499,379 577,108 634,388
3.Gross profit / (loss) (F1-F2) 161,110 268,635 499,873 569,796 396,180 599,171
4.General, administrative and other expenses 289,235 398,294 336,468 434,847 575,154 464,867
i)Selling & distribution expenses 184,106 182,898 205,753 234,623 257,148 266,808
ii)Administrative and other expenses 105,129 215,396 130,715 200,224 318,006 198,059
5.Other income / (loss) 51,649 41,165 78,804 41,582 51,241 45,961
6.EBIT (F3-F4+F5) (76,476) (88,494) 242,209 176,531 (127,733) 180,265
7.Financial expenses 103,463 64,983 46,035 38,523 65,978 72,708
of which: (i) Interest expenses 103,463 64,983 46,035 38,523 65,978 72,708
8.Profit / (loss) before taxation (F6-F7) (179,939) (153,477) 196,174 138,008 (193,711) 107,557
9.Tax expenses (33,774) (41,300) 86,423 72,702 (18,363) 16,491
10.Profit / (loss) after tax (F8-F9) (146,165) (112,177) 109,751 65,306 (175,348) 91,066
11.Cash dividends 0 0 0 14,520 0 0
12.Bonus shares / stock dividends 0 0 0 12,100 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (136,604) (145,129) 361,968 72,399 (55,334) 218,574
2.Net cash flows from investing activities (22,779) (10,586) (21,076) (43,779) (25,017) (46,893)
3.Net cash flows from financing activities 152,092 179,775 (229,349) (89,050) (6,503) (6,016)
H.Miscellaneous
1.Total capital employed (C+D) 250,247 29,478 137,864 202,812 23,455 116,787
2.Retention in business (F10-F11-F12) (146,165) (112,177) 109,751 38,686 (175,348) 91,066
3.Depreciation for the year 110,342 100,712 97,782 92,939 85,581 89,549
4.Salaries, wages and employee benefits 374,977 367,958 412,513 429,058 435,152 480,577
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -10.07 -7.23 6.00 3.49 -9.30 4.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.92 0.99 1.20 1.23 1.21 1.39
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.29 -7.13 7.22 4.30 -11.26 5.67
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 7.28 18.35 18.16 8.92 13.76 22.90
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -67.67 -130.90 131.17 38.34 -154.99 129.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -13.29 -10.20 9.98 5.40 -14.49 7.53
247
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Oxygen Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,193,016 3,212,333 3,030,626 4,661,754 4,575,999 4,597,390
1.Capital work in progress 153,361 147,783 198,960 162,425 17,072 66,120
2.Operating fixed assets at cost 5,648,843 5,992,882 6,088,739 8,087,993 8,480,498 8,833,270
3.Operating fixed assets after deducting accumulated depreciation 2,966,954 2,982,317 2,749,332 4,395,765 4,469,512 4,444,285
4.Intangible assets 20,781 16,192 12,471 33,701 32,326 29,818
5.Long term investments 10 10 10 10 10 10
6.Other non-current assets 51,910 66,031 69,853 69,853 57,079 57,157
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,472,345 1,725,269 2,056,656 2,035,484 2,487,070 2,791,787
1.Cash & bank balance 94,026 110,092 434,239 144,780 19,099 219,839
2.Inventories; of which 299,169 354,576 264,728 406,146 604,481 653,012
i)Raw material 86,716 144,855 83,581 160,304 160,304 275,211
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 212,453 209,721 181,147 245,842 245,842 377,801
3.Trade Debt / accounts receivables 439,332 519,720 666,736 674,550 838,909 595,604
4.Short term loans and advances 19,950 57,529 22,159 18,543 27,488 48,706
5.Short term investments 0 0 0 0 0 0
6.Other current assets 619,868 683,352 668,794 791,465 997,093 1,274,626
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,665,361 4,937,602 5,087,282 6,697,238 7,063,069 7,389,177
C.Shareholders' Equity (C1+C2+C3) 1,719,520 1,813,361 1,967,362 3,898,980 4,143,739 4,501,825
1.Issued, Subscribed & Paid up capital 250,387 250,387 250,387 250,387 325,503 390,604
i)Ordinary shares 250,387 250,387 250,387 250,387 325,503 390,604
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,469,133 1,562,974 1,716,975 1,850,443 2,020,086 2,313,071
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 1,469,133 1,562,974 1,716,975 1,850,443 2,020,086 2,313,071
of which: un-appropriated profit(loss) / retained earnings 110,104 187,561 241,637 271,181 294,836 358,086
3.Surplus on revaluation of fixed assets 0 0 0 1,798,150 1,798,150 1,798,150
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,595,183 833,241 813,374 502,630 505,849 604,150
1.Long term borrowings 1,040,000 270,000 270,000 0 29,530 132,915
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 15,016 6,952 7,376 7,613 9,550 10,065
5.Other non-current liabilities 540,167 556,289 535,998 495,017 466,769 461,170
E.Current Liabilities (E1+E2+E3+E4) 1,350,658 2,291,000 2,306,546 2,295,628 2,413,481 2,283,202
1.Trade credit & other accounts payables 1,080,658 1,431,889 1,164,860 1,024,246 1,059,883 1,063,879
of which: i) Trade credits 514,042 747,699 468,046 246,056 255,191 290,454
2.Short term borrowings 0 89,111 739,700 978,568 1,330,865 1,083,064
3.Current portion of non-current liabilities 270,000 770,000 385,000 270,000 2,588 116,314
4.Other current liabilities 0 0 16,986 22,814 20,145 19,945
F.Operations:
1.Sales 3,914,176 3,954,638 4,412,652 4,860,059 4,666,590 5,545,137
i)Local sales (Net) 3,914,176 3,954,638 4,412,652 4,860,059 4,666,590 5,545,137
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,084,953 3,058,644 3,420,925 3,750,528 3,600,834 4,441,568
i)Cost of material 514,786 529,401 594,855 919,786 976,541 829,985
3.Gross profit / (loss) (F1-F2) 829,223 895,994 991,727 1,109,531 1,065,756 1,103,569
4.General, administrative and other expenses 531,980 496,787 583,561 470,470 523,202 550,559
i)Selling & distribution expenses 244,393 235,127 285,079 207,554 253,805 249,234
ii)Administrative and other expenses 287,587 261,660 298,482 262,916 269,397 301,325
5.Other income / (loss) 20,876 20,992 27,232 15,789 27,375 63,296
6.EBIT (F3-F4+F5) 318,119 420,199 435,398 654,850 569,929 616,306
7.Financial expenses 126,314 110,610 95,377 116,319 173,050 163,589
of which: (i) Interest expenses 123,931 109,664 94,350 112,558 171,222 159,876
8.Profit / (loss) before taxation (F6-F7) 191,805 309,589 340,021 538,531 396,879 452,717
9.Tax expenses 50,951 92,703 99,988 139,836 96,293 106,436
10.Profit / (loss) after tax (F8-F9) 140,854 216,886 240,033 398,695 300,586 346,281
11.Cash dividends 125,194 125,194 137,713 175,271 65,101 78,121
12.Bonus shares / stock dividends 0 0 0 75,116 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 199,075 676,108 310,195 310,873 88,892 626,188
2.Net cash flows from investing activities (273,008) (346,810) (166,660) (197,121) (238,777) (398,729)
3.Net cash flows from financing activities 203,540 (402,343) (469,977) (642,079) (328,093) 221,082
H.Miscellaneous
1.Total capital employed (C+D) 3,314,703 2,646,602 2,780,736 4,401,610 4,649,588 5,105,975
2.Retention in business (F10-F11-F12) 15,661 91,693 102,320 148,308 235,485 268,160
3.Depreciation for the year 324,124 340,370 355,030 363,864 352,390 370,916
4.Salaries, wages and employee benefits 404,453 424,705 433,670 495,745 555,743 601,173
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.60 5.48 5.44 8.20 6.44 6.24
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.85 0.82 0.88 0.82 0.68 0.77
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.04 4.52 4.79 6.77 4.37 4.79
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.72 2.72 2.65 2.01 1.71 1.67
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.26 12.28 12.70 13.59 7.47 8.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.63 8.66 9.59 15.92 9.23 8.87
248
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan PVC Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 156,101 146,263 137,429 187,201 181,111 174,948
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 188,598 188,597 188,597 197,276 198,060 198,060
3.Operating fixed assets after deducting accumulated depreciation 156,031 146,184 137,339 187,096 180,989 174,805
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 70 79 90 105 122 143
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,281 3,064 2,287 4,956 5,926 4,683
1.Cash & bank balance 106 1,058 109 134 58 32
2.Inventories; of which 680 919 718 726 785 731
i)Raw material 57 54 180 23 73 48
ii)Work in progress 38 66 6 30 24 22
iii)Finished goods 585 800 532 673 688 661
3.Trade Debt / accounts receivables 1,805 410 705 1,188 1,045 749
4.Short term loans and advances 397 390 392 1,042 1,123 146
5.Short term investments 0 0 0 0 0 0
6.Other current assets 293 287 363 1,866 2,915 3,025
Total Assets (A+B) / Equity & Liabilities (C+D+E) 159,382 149,327 139,716 192,157 187,037 179,631
C.Shareholders' Equity (C1+C2+C3) (146,544) (171,258) (193,857) (154,794) (172,273) (188,032)
1.Issued, Subscribed & Paid up capital 149,580 149,580 149,580 149,580 149,580 149,580
i)Ordinary shares 149,580 149,580 149,580 149,580 149,580 149,580
ii)Preference shares 0 0 0 0 0 0
2.Reserves (437,534) (453,616) (468,446) (479,505) (491,138) (501,636)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (437,534) (453,616) (468,446) (479,505) (491,138) (501,636)
of which: un-appropriated profit(loss) / retained earnings (437,534) (453,616) (468,446) (479,505) (491,138) (501,636)
3.Surplus on revaluation of fixed assets 141,410 132,778 125,009 175,131 169,285 164,024
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 184 189 192 198 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 184 189 192 198 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 305,742 320,396 333,381 346,753 359,310 367,663
1.Trade credit & other accounts payables 70,063 78,087 80,977 85,546 90,656 90,463
of which: i) Trade credits 2,946 3,179 3,546 3,491 3,332 3,861
2.Short term borrowings 39,138 38,790 40,989 40,663 40,322 41,123
3.Current portion of non-current liabilities 32,991 32,991 32,991 32,991 32,991 32,991
4.Other current liabilities 163,550 170,528 178,424 187,553 195,341 203,086
F.Operations:
1.Sales 7,740 7,031 7,612 7,563 8,888 5,515
i)Local sales (Net) 7,740 7,031 7,612 7,563 8,888 5,515
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 24,895 23,844 24,185 23,670 24,966 21,553
i)Cost of material 3,831 3,643 4,299 4,602 5,102 3,031
3.Gross profit / (loss) (F1-F2) (17,155) (16,813) (16,573) (16,107) (16,078) (16,038)
4.General, administrative and other expenses 6,826 6,845 6,104 6,447 7,917 9,130
i)Selling & distribution expenses 3,223 3,049 2,162 2,594 3,237 3,727
ii)Administrative and other expenses 3,603 3,796 3,942 3,853 4,680 5,403
5.Other income / (loss) 6,411 7,436 9,355 14,517 17,021 20,559
6.EBIT (F3-F4+F5) (17,570) (16,222) (13,322) (8,037) (6,974) (4,609)
7.Financial expenses 7,252 7,245 7,247 7,247 7,246 7,249
of which: (i) Interest expenses 7,239 7,239 7,241 7,240 7,239 7,239
8.Profit / (loss) before taxation (F6-F7) (24,822) (23,467) (20,569) (15,284) (14,220) (11,858)
9.Tax expenses 1,391 1,246 2,030 2,766 3,258 3,901
10.Profit / (loss) after tax (F8-F9) (26,213) (24,713) (22,599) (18,050) (17,478) (15,759)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (6,022) (7,377) (10,637) (12,045) (14,809) (21,461)
2.Net cash flows from investing activities 5,605 8,676 7,491 12,396 15,075 20,634
3.Net cash flows from financing activities 346 (347) 2,198 (326) (341) 801
H.Miscellaneous
1.Total capital employed (C+D) (146,360) (171,069) (193,665) (154,596) (172,273) (188,032)
2.Retention in business (F10-F11-F12) (26,213) (24,713) (22,599) (18,050) (17,478) (15,759)
3.Depreciation for the year 10,969 9,847 8,845 7,978 6,891 6,184
4.Salaries, wages and employee benefits 6,853 5,326 7,847 7,723 9,907 10,088
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -338.67 -351.49 -296.89 -238.66 -196.65 -285.75
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.05 0.05 0.05 0.05 0.05 0.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -15.90 -16.01 -15.64 -10.88 -9.22 -8.60
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.24 -0.97 -0.79 -0.95 -1.16 -1.02
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 19.64 15.55 12.38 10.35 10.69 8.75
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.75 -1.65 -1.51 -1.21 -1.17 -1.05
249
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sanofi-aventis Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,034,567 1,887,157 1,727,554 1,722,441 1,785,155 1,907,512
1.Capital work in progress 1,842,490 163,124 116,822 97,222 103,308 155,087
2.Operating fixed assets at cost 3,782,858 3,937,929 4,120,755 4,385,356 4,645,595 4,966,359
3.Operating fixed assets after deducting accumulated depreciation 171,056 1,703,331 1,584,463 1,563,910 1,546,805 1,586,496
4.Intangible assets 1,467 873 1,041 2,706 5,646 3,604
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 19,554 19,829 25,228 58,603 129,396 162,325
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,372,603 4,931,595 4,897,508 6,083,289 5,910,884 6,745,834
1.Cash & bank balance 25,484 50,440 15,844 254,648 30,779 53,235
2.Inventories; of which 2,851,317 2,644,100 2,406,335 2,879,645 2,544,188 3,210,363
i)Raw material 1,338,378 1,340,021 1,027,107 1,416,185 1,022,113 1,222,840
ii)Work in progress 81,534 64,145 37,598 94,040 62,973 96,071
iii)Finished goods 1,431,405 1,239,934 1,341,630 1,369,420 1,459,102 1,891,452
3.Trade Debt / accounts receivables 0 707,359 683,932 582,001 691,325 538,646
4.Short term loans and advances 1,002,472 73,517 59,939 133,735 119,103 88,694
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,493,330 1,456,179 1,731,458 2,233,260 2,525,489 2,854,896
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,407,170 6,818,752 6,625,062 7,805,730 7,696,039 8,653,346
C.Shareholders' Equity (C1+C2+C3) 2,410,026 3,412,340 4,148,618 4,297,665 4,089,452 4,562,098
1.Issued, Subscribed & Paid up capital 96,448 96,448 96,448 96,448 96,448 96,448
i)Ordinary shares 96,448 96,448 96,448 96,448 96,448 96,448
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,313,578 3,315,892 4,052,170 4,201,217 3,993,004 4,465,650
i)Capital Reserve 206,753 233,018 262,044 289,967 321,587 353,307
ii)Revenue Reserve 2,106,825 3,082,874 3,790,126 3,911,250 3,671,417 4,112,343
of which: un-appropriated profit(loss) / retained earnings 171,287 1,047,336 1,054,588 575,712 135,879 576,805
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 598,015 556,676 0 0 1,592 207,236
1.Long term borrowings 500,000 500,000 0 0 1,592 164,962
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 98,015 56,676 0 0 0 42,274
E.Current Liabilities (E1+E2+E3+E4) 4,399,129 2,849,736 2,476,444 3,508,065 3,604,995 3,884,012
1.Trade credit & other accounts payables 2,002,832 2,168,257 2,203,713 3,499,761 3,054,420 3,396,136
of which: i) Trade credits 905,658 934,467 714,558 1,830,036 1,170,593 1,390,359
2.Short term borrowings 1,852,875 675,441 271,296 0 447,553 232,833
3.Current portion of non-current liabilities 500,000 0 0 0 1,407 182,238
4.Other current liabilities 43,422 6,038 1,435 8,304 101,615 72,805
F.Operations:
1.Sales 10,785,879 11,890,235 12,446,052 12,960,839 14,500,678 14,107,802
i)Local sales (Net) 10,095,124 11,421,647 12,261,888 12,752,511 14,122,583 13,448,373
ii)Export sales (Net) 690,755 468,588 184,164 208,328 378,095 659,429
2.Cost of sales 7,979,762 7,869,106 8,010,281 9,014,226 10,775,718 10,303,005
i)Cost of material 4,022,255 3,803,825 3,907,487 4,922,836 5,148,988 4,758,387
3.Gross profit / (loss) (F1-F2) 2,806,117 4,021,129 4,435,771 3,946,613 3,724,960 3,804,797
4.General, administrative and other expenses 2,499,475 2,530,759 2,919,187 3,052,031 3,198,651 2,916,315
i)Selling & distribution expenses 2,194,878 2,083,427 2,136,935 2,121,042 2,328,707 1,978,071
ii)Administrative and other expenses 304,597 447,332 782,252 930,989 869,944 938,244
5.Other income / (loss) 162,279 76,345 64,981 46,056 92,442 49,675
6.EBIT (F3-F4+F5) 468,921 1,566,715 1,581,565 940,638 618,751 938,157
7.Financial expenses 292,670 159,327 35,409 14,793 72,372 58,305
of which: (i) Interest expenses 280,831 147,405 23,161 3,333 58,421 36,587
8.Profit / (loss) before taxation (F6-F7) 176,251 1,407,388 1,546,156 925,845 546,379 879,852
9.Tax expenses 109,774 388,466 540,035 313,053 391,543 386,785
10.Profit / (loss) after tax (F8-F9) 66,477 1,018,922 1,006,121 612,792 154,836 493,067
11.Cash dividends 28,934 33,757 434,016 289,344 77,158 192,896
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 792,056 1,909,686 1,329,491 1,248,077 (31,058) 398,249
2.Net cash flows from investing activities (312,671) (178,452) (171,843) (306,605) (350,951) (394,703)
3.Net cash flows from financing activities 1,632,811 (1,828,844) (1,288,099) (431,372) (289,413) 233,630
H.Miscellaneous
1.Total capital employed (C+D) 3,008,041 3,969,016 4,148,618 4,297,665 4,091,044 4,769,334
2.Retention in business (F10-F11-F12) 37,543 985,165 572,105 323,448 77,678 300,171
3.Depreciation for the year 319,317 325,342 335,674 340,847 352,903 337,928
4.Salaries, wages and employee benefits 1,733,541 12,771,641 1,908,176 1,728,209 1,992,498 2,320,190
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.62 8.57 8.08 4.73 1.07 3.49
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.42 1.67 1.85 1.80 1.87 1.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.87 14.32 14.97 8.49 2.00 6.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.17 2.44 1.78 1.71 1.85 1.89
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.77 35.00 26.61 14.51 3.69 11.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.89 105.64 104.32 63.54 16.05 51.12
250
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sardar Chemical Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 22,947 24,284 20,360 21,338 29,469 30,683
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 121,974 123,835 124,704 127,659 135,677 140,065
3.Operating fixed assets after deducting accumulated depreciation 21,206 21,659 19,476 20,283 27,412 27,850
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,741 2,625 884 1,055 2,057 2,833
B.Current Assets (B1+B2+B3+B4+B5+B6) 135,961 133,260 119,174 130,223 146,440 174,651
1.Cash & bank balance 6,546 11,002 13,898 21,543 11,269 12,713
2.Inventories; of which 32,670 21,977 12,458 8,924 12,870 40,363
i)Raw material 14,770 10,057 6,087 2,995 6,256 20,789
ii)Work in progress 2,492 840 850 1,057 1,245 3,626
iii)Finished goods 15,408 11,080 5,521 4,872 6,369 15,948
3.Trade Debt / accounts receivables 68,600 66,540 68,159 79,916 93,014 95,430
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 28,145 33,741 24,659 19,840 29,287 26,145
Total Assets (A+B) / Equity & Liabilities (C+D+E) 158,908 157,544 139,534 151,561 175,909 205,334
C.Shareholders' Equity (C1+C2+C3) 110,625 114,394 116,849 127,412 141,565 162,584
1.Issued, Subscribed & Paid up capital 60,000 60,000 60,000 60,000 60,000 60,000
i)Ordinary shares 60,000 60,000 60,000 60,000 60,000 60,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 50,625 54,394 56,849 67,412 81,565 102,584
i)Capital Reserve 30,000 30,000 30,000 30,000 30,000 30,000
ii)Revenue Reserve 20,625 24,394 26,849 37,412 51,565 72,584
of which: un-appropriated profit(loss) / retained earnings 20,625 24,394 26,849 37,412 51,565 72,584
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,553 5,229 1,520 2,426 5,850 6,109
1.Long term borrowings 4,279 5,229 1,335 2,426 5,850 6,109
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 274 0 185 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 43,730 37,921 21,165 21,723 28,494 36,641
1.Trade credit & other accounts payables 10,412 9,742 6,079 8,788 9,904 15,727
of which: i) Trade credits 3,287 2,330 2,034 1,961 1,582 6,885
2.Short term borrowings 31,127 24,910 9,427 9,613 14,358 17,059
3.Current portion of non-current liabilities 1,449 2,757 3,890 1,700 999 1,453
4.Other current liabilities 742 512 1,769 1,622 3,233 2,402
F.Operations:
1.Sales 202,178 195,557 190,662 204,826 268,426 257,958
i)Local sales (Net) 199,742 193,025 188,142 202,162 266,844 257,958
ii)Export sales (Net) 2,436 2,532 2,520 2,664 1,582 0
2.Cost of sales 163,707 158,003 151,941 151,965 204,814 180,643
i)Cost of material 137,732 114,088 111,001 114,863 165,382 151,203
3.Gross profit / (loss) (F1-F2) 38,471 37,554 38,721 52,861 63,612 77,315
4.General, administrative and other expenses 29,053 30,467 30,599 36,644 38,961 47,196
i)Selling & distribution expenses 9,252 10,107 10,720 10,477 11,246 10,863
ii)Administrative and other expenses 19,801 20,360 19,879 26,167 27,715 36,333
5.Other income / (loss) 918 938 932 560 830 563
6.EBIT (F3-F4+F5) 10,336 8,025 9,054 16,777 25,481 30,682
7.Financial expenses 4,352 3,562 2,284 1,588 2,062 4,476
of which: (i) Interest expenses 3,658 3,392 2,135 1,385 1,931 4,276
8.Profit / (loss) before taxation (F6-F7) 5,984 4,463 6,770 15,189 23,419 26,206
9.Tax expenses 2,341 693 2,815 4,627 4,765 5,187
10.Profit / (loss) after tax (F8-F9) 3,643 3,770 3,955 10,562 18,654 21,019
11.Cash dividends 0 3,000 0 4,500 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (5,793) 12,147 23,505 10,546 (5,055) 2,821
2.Net cash flows from investing activities 1,642 686 (869) 882 (4,316) (2,503)
3.Net cash flows from financing activities 4,934 (8,378) (19,740) (3,782) (902) 1,127
H.Miscellaneous
1.Total capital employed (C+D) 115,178 119,623 118,369 129,838 147,415 168,693
2.Retention in business (F10-F11-F12) 3,643 770 3,955 6,062 18,654 21,019
3.Depreciation for the year 3,337 3,247 3,053 2,692 3,218 4,247
4.Salaries, wages and employee benefits 24,815 27,788 29,804 31,578 33,715 38,683
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.80 1.93 2.07 5.16 6.95 8.15
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.28 1.24 1.28 1.41 1.64 1.35
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.31 2.38 2.66 7.26 11.39 11.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.45 1.41 1.28 1.19 1.22 1.25
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.35 3.35 3.42 8.65 13.87 13.82
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.61 0.63 0.66 1.76 3.11 3.50
251
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shaffi Chemical Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 108,616 46,679 51,063 18,882 44,384 39,794
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 128,506 74,848 74,848 74,848 74,848 74,848
3.Operating fixed assets after deducting accumulated depreciation 67,721 16,702 15,692 14,765 13,912 13,127
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 40,671 29,753 35,147 3,893 30,248 26,443
6.Other non-current assets 224 224 224 224 224 224
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,190 2,576 2,863 3,313 3,367 3,531
1.Cash & bank balance 539 509 606 612 480 443
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 198 420 449 553 665 637
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,453 1,647 1,808 2,148 2,222 2,451
Total Assets (A+B) / Equity & Liabilities (C+D+E) 110,806 49,255 53,926 22,195 47,751 43,325
C.Shareholders' Equity (C1+C2+C3) 38,002 3,449 10,038 (49,370) (28,969) (39,228)
1.Issued, Subscribed & Paid up capital 120,000 120,000 120,000 120,000 120,000 120,000
i)Ordinary shares 120,000 120,000 120,000 120,000 120,000 120,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (140,146) (124,463) (117,457) (176,479) (155,722) (165,652)
i)Capital Reserve 7 14 89 56 36 26
ii)Revenue Reserve (140,153) (124,477) (117,546) (176,535) (155,758) (165,678)
of which: un-appropriated profit(loss) / retained earnings (140,153) (124,477) (117,546) (176,535) (155,758) (165,678)
3.Surplus on revaluation of fixed assets 58,148 7,912 7,495 7,109 6,753 6,424
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 12,888 33,492 33,492 33,492
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 12,888 33,492 33,492 33,492
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 72,804 45,806 31,000 38,073 43,228 49,061
1.Trade credit & other accounts payables 9,755 9,624 6,890 7,164 7,189 6,776
of which: i) Trade credits 463 341 40 160 78 212
2.Short term borrowings 60,114 15,166 4,475 23,785 25,655 35,106
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 2,935 21,016 19,635 7,124 10,384 7,179
F.Operations:
1.Sales 208 0 0 0 0 0
i)Local sales (Net) 208 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 208 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 28,325 7,050 2,963 3,550 2,677 2,644
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 28,325 7,050 2,963 3,550 2,677 2,644
5.Other income / (loss) (6,937) 22,815 12,503 (54,394) (1,429) (808)
6.EBIT (F3-F4+F5) (35,262) 15,765 9,540 (57,944) (4,106) (3,452)
7.Financial expenses 1,944 971 450 815 3,276 3,809
of which: (i) Interest expenses 1,918 959 438 799 3,260 3,796
8.Profit / (loss) before taxation (F6-F7) (37,206) 14,794 9,090 (58,759) (7,382) (7,261)
9.Tax expenses 7,952 (44) 3,106 873 (1,172) (93)
10.Profit / (loss) after tax (F8-F9) (45,158) 14,838 5,984 (59,632) (6,210) (7,168)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (109) 43,118 (2,101) (2,804) (2,002) (9,486)
2.Net cash flows from investing activities 0 1,800 0 0 0 0
3.Net cash flows from financing activities 0 (44,948) 2,198 2,810 1,870 9,450
H.Miscellaneous
1.Total capital employed (C+D) 38,002 3,449 22,926 (15,878) 4,523 (5,736)
2.Retention in business (F10-F11-F12) (45,158) 14,838 5,984 (59,632) (6,210) (7,168)
3.Depreciation for the year 5,761 5,257 1,009 927 0 785
4.Salaries, wages and employee benefits 1,406 276 276 288 168 168
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -21,710.58 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -37.11 18.54 11.60 -156.68 -17.76 -15.74
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.47 3.86 7.65 -1.94 -0.89 -1.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -91.50 71.59 88.74 303.22 15.85 21.02
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.76 1.24 0.50 -4.97 -0.52 -0.60
252
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sitara Chemical Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,997,843 13,152,838 13,763,415 14,103,134 20,037,436 19,515,911
1.Capital work in progress 351,293 3,481,910 185,194 80,000 87,111 137,021
2.Operating fixed assets at cost 7,344,259 7,549,512 12,153,223 13,330,351 19,898,650 16,613,752
3.Operating fixed assets after deducting accumulated depreciation 5,439,242 5,307,233 9,227,921 9,492,027 15,429,126 14,798,050
4.Intangible assets 16,160 14,544 13,089 11,780 11,120 10,008
5.Long term investments 2,815,655 2,973,117 2,958,149 3,059,007 3,316,145 3,340,579
6.Other non-current assets 1,375,493 1,376,034 1,379,062 1,460,320 1,193,934 1,230,253
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,446,080 4,702,365 5,761,477 5,693,966 6,790,055 6,914,791
1.Cash & bank balance 256,977 188,425 131,002 79,663 102,510 81,643
2.Inventories; of which 717,460 1,103,514 1,194,327 950,647 1,328,480 2,326,955
i)Raw material 229,404 441,133 628,634 300,919 423,564 1,283,736
ii)Work in progress 8,102 9,670 11,630 14,928 0 27,136
iii)Finished goods 479,954 652,711 554,063 634,800 899,807 1,005,304
3.Trade Debt / accounts receivables 1,187,078 1,124,985 1,163,485 1,137,768 1,176,876 1,201,406
4.Short term loans and advances 0 1,597,384 2,335,623 2,414,018 2,871,978 2,224,221
5.Short term investments 0 0 0 352,254 336,175 196,569
6.Other current assets 2,284,565 688,057 937,040 759,616 974,036 883,997
Total Assets (A+B) / Equity & Liabilities (C+D+E) 14,443,923 17,855,203 19,524,892 19,797,100 26,827,491 26,430,702
C.Shareholders' Equity (C1+C2+C3) 8,197,883 8,891,102 9,851,096 10,637,427 14,619,623 14,692,555
1.Issued, Subscribed & Paid up capital 214,294 214,294 214,294 214,294 214,294 214,294
i)Ordinary shares 214,294 214,294 214,294 214,294 214,294 214,294
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,677,894 7,321,113 8,410,669 9,258,402 9,891,688 10,240,549
i)Capital Reserve 97,490 97,490 177,818 140,496 144,324 132,786
ii)Revenue Reserve 6,580,404 7,223,623 8,232,851 9,117,906 9,747,364 10,107,763
of which: un-appropriated profit(loss) / retained earnings 5,314,313 5,958,347 7,007,851 7,892,906 8,522,364 8,882,763
3.Surplus on revaluation of fixed assets 1,305,695 1,355,695 1,226,133 1,164,731 4,513,641 4,237,712
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,952,386 2,677,233 3,149,898 2,389,287 4,530,235 3,846,368
1.Long term borrowings 858,001 1,655,407 2,143,017 1,174,947 2,054,447 1,375,943
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 24,160 27,554 27,165 32,488 30,715 38,753
5.Other non-current liabilities 1,070,225 994,272 979,716 1,181,852 2,445,073 2,431,672
E.Current Liabilities (E1+E2+E3+E4) 4,293,654 6,286,868 6,523,898 6,770,386 7,677,633 7,891,779
1.Trade credit & other accounts payables 2,121,585 2,776,105 2,537,365 2,293,219 2,416,097 1,991,302
of which: i) Trade credits 756,035 855,581 1,306,571 833,966 855,670 552,780
2.Short term borrowings 1,836,486 2,672,034 2,976,170 3,525,027 4,333,342 4,983,544
3.Current portion of non-current liabilities 280,357 741,116 872,020 844,894 722,016 724,038
4.Other current liabilities 55,226 97,613 138,343 107,246 206,178 192,895
F.Operations:
1.Sales 8,722,880 9,813,778 10,074,068 12,264,826 12,698,107 11,792,672
i)Local sales (Net) 8,722,880 9,813,778 10,074,068 12,264,826 12,698,107 11,792,672
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 7,151,199 7,684,836 7,762,171 9,632,096 9,938,577 9,513,538
i)Cost of material 1,827,288 2,090,516 2,150,395 2,713,057 2,714,106 2,266,786
3.Gross profit / (loss) (F1-F2) 1,571,681 2,128,942 2,311,897 2,632,730 2,759,530 2,279,134
4.General, administrative and other expenses 756,186 820,994 852,710 973,527 1,193,899 1,030,367
i)Selling & distribution expenses 230,738 224,861 205,502 269,014 343,179 317,838
ii)Administrative and other expenses 525,448 596,133 647,208 704,513 850,720 712,529
5.Other income / (loss) 630,190 66,059 91,743 92,161 140,965 155,762
6.EBIT (F3-F4+F5) 1,445,685 1,374,007 1,550,930 1,751,364 1,706,596 1,404,529
7.Financial expenses 333,242 250,950 370,921 439,420 641,593 994,986
of which: (i) Interest expenses 331,211 248,086 365,281 427,826 631,989 987,779
8.Profit / (loss) before taxation (F6-F7) 1,112,443 1,123,057 1,180,009 1,311,944 1,065,003 409,543
9.Tax expenses 126,012 353,835 13,626 225,759 179,545 110,781
10.Profit / (loss) after tax (F8-F9) 986,431 769,222 1,166,383 1,086,185 885,458 298,762
11.Cash dividends 192,865 246,438 267,868 278,582 214,294 214,294
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 576,004 1,510,418 1,245,060 1,616,269 1,410,373 464,389
2.Net cash flows from investing activities (576,030) (3,474,727) (1,314,477) (965,879) (2,681,275) (269,873)
3.Net cash flows from financing activities (179,764) 1,895,756 11,995 (701,729) 1,293,749 (215,383)
H.Miscellaneous
1.Total capital employed (C+D) 10,150,269 11,568,335 13,000,994 13,026,714 19,149,858 18,538,923
2.Retention in business (F10-F11-F12) 793,566 522,784 898,516 807,603 671,164 84,468
3.Depreciation for the year 520,368 492,672 696,269 922,250 967,587 1,172,377
4.Salaries, wages and employee benefits 587,261 9,885,610 748,570 395,515 933,492 890,877
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.31 7.84 11.58 8.86 6.97 2.53
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.63 0.61 0.54 0.62 0.54 0.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.09 4.76 6.24 5.52 3.80 1.12
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.78 1.89 1.99 1.92 1.85 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.61 9.00 12.45 10.60 7.01 2.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 46.03 35.90 54.43 50.69 41.32 13.94
253
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sitara Peroxide Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,331,338 2,149,861 1,992,963 2,734,314 2,584,331 2,378,166
1.Capital work in progress 0 0 0 7,500 35,700 0
2.Operating fixed assets at cost 2,718,179 2,718,704 2,736,448 2,872,331 2,876,742 2,888,709
3.Operating fixed assets after deducting accumulated depreciation 2,327,433 2,146,156 1,989,258 2,722,609 2,544,426 2,373,961
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 3,905 3,705 3,705 4,205 4,205 4,205
B.Current Assets (B1+B2+B3+B4+B5+B6) 993,091 1,006,935 977,125 1,011,371 1,225,187 1,226,279
1.Cash & bank balance 6,379 35,861 4,762 1,634 3,008 42,472
2.Inventories; of which 509,269 430,790 468,637 485,789 526,695 609,268
i)Raw material 69,509 40,409 35,458 14,360 14,813 31,647
ii)Work in progress 433,639 389,564 411,377 459,184 494,933 445,671
iii)Finished goods 6,121 817 21,802 2,679 4,751 102,299
3.Trade Debt / accounts receivables 51,924 47,636 88,822 105,042 132,124 161,974
4.Short term loans and advances 126,333 161,046 180,592 211,414 233,675 109,910
5.Short term investments 0 0 0 0 0 0
6.Other current assets 299,186 331,602 234,312 207,492 329,685 302,655
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,324,429 3,156,796 2,970,088 3,745,685 3,809,518 3,604,445
C.Shareholders' Equity (C1+C2+C3) 1,226,750 1,244,579 1,156,644 1,750,859 1,952,788 2,029,463
1.Issued, Subscribed & Paid up capital 551,000 551,000 551,000 551,000 551,000 551,000
i)Ordinary shares 551,000 551,000 551,000 551,000 551,000 551,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (253,678) (181,157) (213,607) (223,264) 75,418 247,355
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (253,678) (181,157) (213,607) (223,264) 75,418 247,355
of which: un-appropriated profit(loss) / retained earnings (253,678) (181,157) (213,607) (223,264) 75,418 247,355
3.Surplus on revaluation of fixed assets 929,428 874,736 819,251 1,423,123 1,326,370 1,231,108
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,144,163 930,037 644,926 999,533 895,801 852,198
1.Long term borrowings 662,165 416,307 155,766 324,993 249,223 148,675
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 16,759 19,538 23,632 26,607 31,110 32,652
5.Other non-current liabilities 465,239 494,192 465,528 647,933 615,468 670,871
E.Current Liabilities (E1+E2+E3+E4) 953,516 982,180 1,168,518 995,293 960,929 722,784
1.Trade credit & other accounts payables 308,722 388,313 371,655 376,135 393,475 244,025
of which: i) Trade credits 262,281 301,329 312,187 306,848 272,386 152,010
2.Short term borrowings 334,283 272,103 330,907 315,412 242,228 183,098
3.Current portion of non-current liabilities 277,658 295,830 437,247 198,464 160,672 180,491
4.Other current liabilities 32,853 25,934 28,709 105,282 164,554 115,170
F.Operations:
1.Sales 1,325,024 1,310,036 1,059,689 1,322,217 2,036,216 1,745,356
i)Local sales (Net) 1,312,273 1,310,036 1,059,689 1,322,217 2,036,216 1,745,356
ii)Export sales (Net) 12,751 0 0 0 0 0
2.Cost of sales 1,212,521 1,119,601 1,014,116 1,170,382 1,506,048 1,422,135
i)Cost of material 539,925 350,476 350,080 398,919 450,988 335,022
3.Gross profit / (loss) (F1-F2) 112,503 190,435 45,573 151,835 530,168 323,221
4.General, administrative and other expenses 103,749 110,780 102,541 141,492 200,438 197,624
i)Selling & distribution expenses 28,154 30,660 25,695 52,837 78,675 80,553
ii)Administrative and other expenses 75,595 80,120 76,846 88,655 121,763 117,071
5.Other income / (loss) 60,522 36,292 1,333 28,525 39,563 45,354
6.EBIT (F3-F4+F5) 69,276 115,947 (55,635) 38,868 369,293 170,951
7.Financial expenses 139,363 88,946 72,455 71,670 89,771 81,996
of which: (i) Interest expenses 137,151 86,180 69,638 67,898 84,728 77,736
8.Profit / (loss) before taxation (F6-F7) (70,087) 27,001 (128,090) (32,802) 279,522 88,955
9.Tax expenses (18,906) 10,297 (40,899) 32,601 72,137 14,713
10.Profit / (loss) after tax (F8-F9) (51,181) 16,704 (87,191) (65,403) 207,385 74,242
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 127,141 319,711 54,211 89,687 220,629 155,571
2.Net cash flows from investing activities (18,181) (364) (24,990) (7,764) (32,508) 23,750
3.Net cash flows from financing activities (175,931) (289,865) (60,321) (85,051) (186,746) (139,858)
H.Miscellaneous
1.Total capital employed (C+D) 2,370,913 2,174,616 1,801,570 2,750,392 2,848,589 2,881,661
2.Retention in business (F10-F11-F12) (51,181) 16,704 (87,191) (65,403) 207,385 74,242
3.Depreciation for the year 181,420 182,290 180,541 180,323 183,679 183,128
4.Salaries, wages and employee benefits 103,703 965,241 120,753 135,997 174,595 155,324
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.86 1.28 -8.23 -4.95 10.18 4.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.40 0.40 0.35 0.39 0.54 0.47
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.53 0.52 -2.85 -1.95 5.49 2.00
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.66 2.62 2.55 2.31 2.04 1.86
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -4.09 1.35 -7.26 -4.50 11.20 3.73
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.93 0.30 -1.58 -1.19 3.76 1.35
254
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The Searle Company Ltd. (formerly Searle Pakistan Ltd.) (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,631,197 6,000,647 5,392,406 6,053,508 7,196,245 7,858,418
1.Capital work in progress 688,354 27,319 201,770 302,119 150,726 91,121
2.Operating fixed assets at cost 1,339,070 1,463,658 1,099,255 1,499,563 2,873,773 3,758,625
3.Operating fixed assets after deducting accumulated depreciation 0 781,373 1,033,870 1,412,022 2,728,713 3,616,514
4.Intangible assets 39,845 69,885 207,732 189,068 164,913 131,438
5.Long term investments 2,802,698 5,120,121 3,946,800 4,142,751 4,144,227 3,890,076
6.Other non-current assets 100,300 1,949 2,234 7,548 7,666 129,269
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,748,781 5,468,936 8,453,369 12,040,133 16,105,325 17,522,747
1.Cash & bank balance 152,876 87,888 92,153 137,036 204,547 299,624
2.Inventories; of which 1,221,235 1,167,587 1,052,632 2,228,608 2,114,995 2,500,335
i)Raw material 586,350 604,524 653,886 1,406,766 1,528,727 2,075,824
ii)Work in progress 238,515 105,456 98,427 101,792 96,524 133,341
iii)Finished goods 396,370 457,607 300,319 720,050 489,744 291,170
3.Trade Debt / accounts receivables 2,434,515 2,541,056 2,977,613 3,290,016 4,866,132 7,801,828
4.Short term loans and advances 314,660 770,147 2,458,745 4,327,289 4,516,941 4,712,052
5.Short term investments 126,929 0 0 0 0 100,000
6.Other current assets 498,566 902,258 1,872,226 2,057,184 4,402,710 2,108,908
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,379,978 11,469,583 13,845,775 18,093,641 23,301,570 25,381,165
C.Shareholders' Equity (C1+C2+C3) 5,316,258 8,477,178 10,368,358 12,314,522 14,517,905 16,870,818
1.Issued, Subscribed & Paid up capital 858,407 1,227,523 1,539,314 1,847,177 2,124,253 2,124,253
i)Ordinary shares 858,407 1,227,523 1,539,314 1,847,177 2,124,253 2,124,253
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,160,890 6,952,694 8,385,533 9,893,014 11,342,852 13,300,048
i)Capital Reserve 0 1,630,974 1,630,974 1,630,974 1,630,974 1,630,974
ii)Revenue Reserve 4,160,890 5,321,720 6,754,559 8,262,040 9,711,878 11,669,074
of which: un-appropriated profit(loss) / retained earnings 3,562,012 5,041,469 6,474,308 7,981,789 9,431,627 11,388,823
3.Surplus on revaluation of fixed assets 296,961 296,961 443,511 574,331 1,050,800 1,446,517
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 712,841 508,423 261,317 76,532 149,060 619,823
1.Long term borrowings 642,857 428,571 214,285 0 0 514,686
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 39,810 42,248 47,032 50,630 55,820 54,994
5.Other non-current liabilities 30,174 37,604 0 25,902 93,240 50,143
E.Current Liabilities (E1+E2+E3+E4) 2,350,879 2,483,982 3,216,100 5,702,587 8,634,605 7,890,524
1.Trade credit & other accounts payables 1,546,745 1,777,915 1,739,638 2,861,682 4,529,480 2,719,812
of which: i) Trade credits 394,961 418,187 529,284 983,557 2,531,434 399,804
2.Short term borrowings 682,334 689,863 1,423,114 2,737,763 3,954,776 4,974,646
3.Current portion of non-current liabilities 107,143 0 0 0 0 11,420
4.Other current liabilities 14,657 16,204 53,348 103,142 150,349 184,646
F.Operations:
1.Sales 9,048,041 9,561,490 10,753,751 12,675,110 14,537,198 16,567,219
i)Local sales (Net) 8,524,014 8,710,273 9,722,044 11,294,843 12,705,810 14,268,054
ii)Export sales (Net) 524,027 851,217 1,031,707 1,380,267 1,831,388 2,299,165
2.Cost of sales 4,645,151 5,796,101 6,574,400 8,237,736 9,616,862 8,295,187
i)Cost of material 2,492,808 2,538,667 2,693,689 3,081,924 4,020,639 5,565,668
3.Gross profit / (loss) (F1-F2) 4,402,890 3,765,389 4,179,351 4,437,374 4,920,336 8,272,032
4.General, administrative and other expenses 2,398,979 2,872,924 3,506,964 4,227,649 4,762,033 5,106,340
i)Selling & distribution expenses 1,965,775 2,237,612 2,644,535 3,149,899 3,698,801 3,762,599
ii)Administrative and other expenses 433,204 635,312 862,429 1,077,750 1,063,232 1,343,741
5.Other income / (loss) 97,199 1,749,394 2,328,810 3,228,408 3,099,915 780,277
6.EBIT (F3-F4+F5) 2,101,110 2,641,859 3,001,197 3,438,133 3,258,218 3,945,969
7.Financial expenses 192,291 121,564 126,264 204,910 428,038 641,491
of which: (i) Interest expenses 178,891 95,623 73,300 125,898 326,607 617,558
8.Profit / (loss) before taxation (F6-F7) 1,908,819 2,520,295 2,874,933 3,233,223 2,830,180 3,304,478
9.Tax expenses 456,428 430,907 236,188 184,059 188,234 849,401
10.Profit / (loss) after tax (F8-F9) 1,452,391 2,089,388 2,638,745 3,049,164 2,641,946 2,455,077
11.Cash dividends 171,681 613,762 1,539,314 923,589 531,063 531,063
12.Bonus shares / stock dividends 171,681 294,606 461,794 277,077 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 854,862 1,114,118 887,070 227,954 569,120 (307,054)
2.Net cash flows from investing activities (404,390) (2,385,751) (545,278) (101,778) (842,241) (493,729)
3.Net cash flows from financing activities (290,847) 1,445,457 (1,026,778) (1,259,943) (880,666) (200,135)
H.Miscellaneous
1.Total capital employed (C+D) 6,029,099 8,985,601 10,629,675 12,391,054 14,666,965 17,490,641
2.Retention in business (F10-F11-F12) 1,109,028 1,181,021 637,637 1,848,499 2,110,883 1,924,014
3.Depreciation for the year 80,265 64,457 83,148 116,834 162,976 224,123
4.Salaries, wages and employee benefits 1,114,286 1,133,506 1,376,049 1,680,105 1,794,478 2,462,145
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.05 21.85 24.54 24.06 18.17 14.82
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.20 0.96 0.85 0.79 0.70 0.68
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 19.32 21.05 20.85 19.09 12.76 10.09
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.64 1.44 1.34 1.41 1.54 1.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 31.71 30.30 28.00 26.89 19.69 15.64
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.92 17.02 17.14 16.51 12.44 11.56
255
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

United Distributors Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 828,348 1,031,338 1,190,203 1,287,488 2,373,836 2,189,598
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 70,167 62,216 74,970 76,984 95,835 120,213
3.Operating fixed assets after deducting accumulated depreciation 35,001 19,910 27,402 19,537 28,580 37,080
4.Intangible assets 248 4,158 5,317 5,915 6,971 4,637
5.Long term investments 790,774 1,004,720 1,153,542 1,257,612 2,334,849 2,144,759
6.Other non-current assets 2,325 2,550 3,942 4,424 3,436 3,122
B.Current Assets (B1+B2+B3+B4+B5+B6) 229,875 254,957 257,395 281,002 410,451 459,836
1.Cash & bank balance 5,353 10,561 6,029 13,076 6,246 3,585
2.Inventories; of which 179,371 146,986 144,548 152,040 282,237 265,925
i)Raw material 39,559 10,457 14,969 33,024 26,351 26,732
ii)Work in progress 752 1,063 0 0 0 0
iii)Finished goods 139,060 135,466 129,579 119,016 255,886 211,065
3.Trade Debt / accounts receivables 13,986 43,790 74,502 78,655 80,272 150,123
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 31,165 53,620 32,316 37,231 41,696 40,203
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,058,223 1,286,295 1,447,598 1,568,490 2,784,287 2,649,434
C.Shareholders' Equity (C1+C2+C3) 859,955 1,033,657 1,171,636 1,264,758 2,322,808 2,225,786
1.Issued, Subscribed & Paid up capital 183,679 202,047 242,456 266,702 306,707 352,713
i)Ordinary shares 183,679 202,047 242,456 266,702 306,707 352,713
ii)Preference shares 0 0 0 0 0 0
2.Reserves 676,276 831,610 929,180 998,056 2,016,101 1,873,073
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 676,276 831,610 929,180 998,056 2,016,101 1,873,073
of which: un-appropriated profit(loss) / retained earnings 502,820 0 0 28,548 28,548 559,841
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 50,725 72,942 97,873 135,531 144,330 91,807
1.Long term borrowings 10,516 1,692 8,677 6,143 11,530 15,548
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 10,282
5.Other non-current liabilities 40,209 71,250 89,196 129,388 132,800 65,977
E.Current Liabilities (E1+E2+E3+E4) 147,543 179,696 178,089 168,201 317,149 331,841
1.Trade credit & other accounts payables 123,466 176,169 172,764 163,760 223,775 245,937
of which: i) Trade credits 87,844 138,508 135,254 127,165 165,709 185,200
2.Short term borrowings 8,688 3,485 4,730 0 85,654 71,782
3.Current portion of non-current liabilities 0 0 0 3,708 7,202 13,221
4.Other current liabilities 15,389 42 595 733 518 901
F.Operations:
1.Sales 339,619 335,352 399,687 451,049 540,600 644,318
i)Local sales (Net) 339,619 335,352 399,687 451,049 540,600 644,318
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 273,265 237,026 244,938 264,232 322,313 408,332
i)Cost of material 194,788 94,434 82,087 103,714 210,081 285,339
3.Gross profit / (loss) (F1-F2) 66,354 98,326 154,749 186,817 218,287 235,986
4.General, administrative and other expenses 118,704 120,391 143,563 172,865 180,450 190,079
i)Selling & distribution expenses 104,558 100,367 121,304 138,635 148,848 159,776
ii)Administrative and other expenses 14,146 20,024 22,259 34,230 31,602 30,303
5.Other income / (loss) 198,585 176,414 175,722 211,506 76,565 (305,340)
6.EBIT (F3-F4+F5) 146,235 154,349 186,908 225,458 114,402 (259,433)
7.Financial expenses 8,552 3,455 1,382 1,486 41,542 17,386
of which: (i) Interest expenses 5,637 2,585 909 1,163 6,418 17,116
8.Profit / (loss) before taxation (F6-F7) 137,683 150,894 185,526 223,972 72,860 (276,819)
9.Tax expenses 20,741 41,126 29,277 57,533 22,489 (53,780)
10.Profit / (loss) after tax (F8-F9) 116,942 109,768 156,249 166,439 50,371 (223,039)
11.Cash dividends 0 0 0 66,676 7,668 0
12.Bonus shares / stock dividends 18,368 40,409 24,246 40,005 46,006 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (8,221) 35,183 (16,840) (10,360) (81,237) 17,510
2.Net cash flows from investing activities 13,844 246 4,986 22,126 (11,482) 8,008
3.Net cash flows from financing activities (4,089) (15,456) 7,322 (4,719) 19,035 2,181
H.Miscellaneous
1.Total capital employed (C+D) 910,680 1,106,599 1,269,509 1,400,289 2,467,138 2,317,593
2.Retention in business (F10-F11-F12) 98,574 69,359 132,003 59,758 (3,303) (223,039)
3.Depreciation for the year 10,392 10,023 64,699 77,338 84,419 91,026
4.Salaries, wages and employee benefits 62,145 54,882 10,057 10,850 10,206 17,155
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 34.43 32.73 39.09 36.90 9.32 -34.62
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.33 0.29 0.29 0.30 0.25 0.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.53 9.36 11.43 11.04 2.31 -8.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.29 1.24 1.24 1.24 1.21 1.19
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.90 11.59 14.17 13.66 2.81 -9.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.37 5.43 6.44 6.24 1.64 -6.32
256
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Wah Nobel Chemicals Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 189,745 171,364 176,601 307,614 332,755 307,981
1.Capital work in progress 0 0 28,470 143,370 0 0
2.Operating fixed assets at cost 326,317 329,104 336,231 373,384 566,934 558,124
3.Operating fixed assets after deducting accumulated depreciation 159,030 148,722 142,172 164,244 332,755 297,682
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 30,715 22,642 0 0 0 0
6.Other non-current assets 0 0 5,959 0 0 10,299
B.Current Assets (B1+B2+B3+B4+B5+B6) 677,275 701,975 835,027 1,020,091 1,526,566 1,499,437
1.Cash & bank balance 4,463 7,795 4,384 19,064 20,661 24,609
2.Inventories; of which 105,117 112,714 187,228 281,258 377,656 306,618
i)Raw material 48,174 74,844 84,584 214,011 317,562 257,717
ii)Work in progress 43,822 651 373 912 1,190 412
iii)Finished goods 13,121 19,785 21,057 66,334 58,903 48,489
3.Trade Debt / accounts receivables 358,481 396,262 423,456 442,532 819,312 845,019
4.Short term loans and advances 20,785 2,551 26,462 32,233 28,646 32,805
5.Short term investments 2,583 2,583 2,583 2,680 2,678 2,819
6.Other current assets 185,846 180,070 190,914 242,324 277,613 287,567
Total Assets (A+B) / Equity & Liabilities (C+D+E) 867,020 873,339 1,011,628 1,327,705 1,859,321 1,807,418
C.Shareholders' Equity (C1+C2+C3) 492,460 561,764 658,611 778,380 887,645 983,632
1.Issued, Subscribed & Paid up capital 90,000 90,000 90,000 90,000 90,000 90,000
i)Ordinary shares 90,000 90,000 90,000 90,000 90,000 90,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 402,460 471,764 568,611 688,380 797,645 893,632
i)Capital Reserve 944 944 944 944 944 944
ii)Revenue Reserve 401,516 470,820 567,667 687,436 796,701 892,688
of which: un-appropriated profit(loss) / retained earnings 41,516 95,820 142,666 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 10,406 5,495 5,445 88,789 63,174 47,038
1.Long term borrowings 0 0 0 82,286 54,857 40,036
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 1,201 5,445 5,250 7,064 0
5.Other non-current liabilities 10,406 4,294 0 1,253 1,253 7,002
E.Current Liabilities (E1+E2+E3+E4) 364,154 306,080 347,572 460,536 908,502 776,748
1.Trade credit & other accounts payables 129,041 150,422 119,985 222,726 263,446 156,818
of which: i) Trade credits 74,334 38,126 25,086 146,545 173,749 62,943
2.Short term borrowings 230,101 151,572 217,968 217,899 608,062 579,485
3.Current portion of non-current liabilities 0 0 0 13,915 30,047 34,039
4.Other current liabilities 5,012 4,086 9,619 5,996 6,947 6,406
F.Operations:
1.Sales 1,209,911 1,181,518 1,250,740 1,680,925 2,262,829 1,950,049
i)Local sales (Net) 1,209,911 1,181,518 1,250,740 1,680,925 2,262,829 1,950,049
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,081,857 945,171 980,288 1,363,775 1,907,955 1,624,056
i)Cost of material 863,233 767,841 788,859 1,134,976 1,636,406 1,365,535
3.Gross profit / (loss) (F1-F2) 128,054 236,347 270,452 317,150 354,874 325,993
4.General, administrative and other expenses 79,787 95,772 76,860 42,206 43,953 35,767
i)Selling & distribution expenses 59,115 51,709 30,787 7,988 10,266 9,862
ii)Administrative and other expenses 20,672 44,063 46,073 34,218 33,687 25,905
5.Other income / (loss) 4,667 (5,514) 3,109 (18,506) (12,625) (30,089)
6.EBIT (F3-F4+F5) 52,934 135,061 196,701 256,438 298,296 260,137
7.Financial expenses 26,450 14,976 7,641 6,981 48,691 77,192
of which: (i) Interest expenses 26,066 14,811 7,126 6,717 48,285 76,946
8.Profit / (loss) before taxation (F6-F7) 26,484 120,085 189,060 249,457 249,605 182,945
9.Tax expenses 14,221 41,616 57,955 75,354 73,112 52,638
10.Profit / (loss) after tax (F8-F9) 12,263 78,469 131,105 174,103 176,493 130,307
11.Cash dividends 9,000 36,000 54,000 45,000 36,000 36,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,091 93,455 (21,206) 125,224 (283,362) 74,500
2.Net cash flows from investing activities (5,057) (2,594) (12,601) (152,393) (50,179) 4,578
3.Net cash flows from financing activities (36,000) (9,000) (36,000) 42,667 253,299 (46,530)
H.Miscellaneous
1.Total capital employed (C+D) 502,866 567,259 664,056 867,169 950,819 1,030,670
2.Retention in business (F10-F11-F12) 3,263 42,469 77,105 129,103 140,493 94,307
3.Depreciation for the year 13,144 13,095 111,326 127,646 134,179 129,004
4.Salaries, wages and employee benefits 79,203 97,350 13,677 15,898 25,039 33,292
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.01 6.64 10.48 10.36 7.80 6.68
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.36 1.36 1.33 1.44 1.42 1.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.38 9.02 13.91 14.88 11.08 7.11
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.76 1.65 1.54 1.63 1.91 1.96
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.43 14.89 21.49 24.23 21.19 13.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.36 8.72 14.57 19.34 19.61 14.48
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Wyeth Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 403,139 46,223 12,933 26,374 23,395 19,815
1.Capital work in progress 142,278 140 0 0 0 0
2.Operating fixed assets at cost 583,169 55,934 40,424 39,069 38,765 38,765
3.Operating fixed assets after deducting accumulated depreciation 239,961 16,760 6,650 13,485 15,123 9,411
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 20,900 29,323 6,283 12,889 8,272 10,404
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,288,636 1,923,697 2,558,997 1,664,455 1,971,330 1,272,090
1.Cash & bank balance 230,124 10,549 1,367,165 907,654 1,149,185 705,119
2.Inventories; of which 646,967 906,617 623,612 254,484 567,552 389,678
i)Raw material 273,094 239,764 136,559 6,099 4,755 7,810
ii)Work in progress 97,853 74,796 61,765 0 73,204 74,978
iii)Finished goods 276,020 574,221 326,246 225,857 489,593 389,678
3.Trade Debt / accounts receivables 19,133 34,470 34,711 17,405 2,545 89
4.Short term loans and advances 46,576 37,006 132,747 85,498 51,483 48,812
5.Short term investments 0 0 0 0 0 0
6.Other current assets 345,836 935,055 400,762 399,414 200,565 128,392
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,691,775 1,969,920 2,571,930 1,690,829 1,994,725 1,291,905
C.Shareholders' Equity (C1+C2+C3) 1,140,762 1,224,526 1,711,659 1,268,019 1,237,719 973,479
1.Issued, Subscribed & Paid up capital 142,161 142,161 142,161 142,161 142,161 142,161
i)Ordinary shares 142,161 142,161 142,161 142,161 142,161 142,161
ii)Preference shares 0 0 0 0 0 0
2.Reserves 998,601 1,082,365 1,569,498 1,125,858 1,095,558 831,318
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 998,601 1,082,365 1,569,498 1,125,858 1,095,558 831,318
of which: un-appropriated profit(loss) / retained earnings 47,422 129,764 615,656 596,852 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 551,013 745,394 860,271 422,810 757,006 318,426
1.Trade credit & other accounts payables 551,013 745,394 838,820 412,051 745,821 307,487
of which: i) Trade credits 238,196 446,388 318,820 94,957 507,067 20,094
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 0 21,451 10,759 11,185 10,939
F.Operations:
1.Sales 1,379,405 1,252,239 1,126,669 1,192,352 948,237 932,673
i)Local sales (Net) 1,201,950 1,137,142 1,009,271 1,169,109 948,237 932,673
ii)Export sales (Net) 177,455 115,097 117,398 23,243 0 0
2.Cost of sales 1,188,422 1,078,087 943,971 985,842 843,143 947,029
i)Cost of material 437,557 542,151 287,791 190,528 0 0
3.Gross profit / (loss) (F1-F2) 190,983 174,152 182,698 206,510 105,094 (14,356)
4.General, administrative and other expenses 223,292 231,347 261,036 224,612 158,622 172,595
i)Selling & distribution expenses 170,839 169,919 175,140 174,756 113,783 120,225
ii)Administrative and other expenses 52,453 61,428 85,896 49,856 44,839 52,370
5.Other income / (loss) 21,895 13,009 50,257 70,530 148,331 128,154
6.EBIT (F3-F4+F5) (10,414) (44,186) (28,081) 52,428 94,803 (58,797)
7.Financial expenses 573 593 1,567 28,232 26,735 184
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (10,987) (44,779) (29,648) 24,196 68,068 (58,981)
9.Tax expenses 19,774 7,701 29,209 35,314 44,892 72,208
10.Profit / (loss) after tax (F8-F9) (30,761) (52,480) (58,857) (11,118) 23,176 (131,189)
11.Cash dividends 28,432 49,756 852,966 71,081 142,161 35,540
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 223,083 (186,961) 34,962 (84,566) 208,043 (393,389)
2.Net cash flows from investing activities (142,872) (4,143) 1,797,403 44,726 104,142 91,730
3.Net cash flows from financing activities (18) (219,575) (475,749) (419,671) (70,654) (142,407)
H.Miscellaneous
1.Total capital employed (C+D) 1,140,762 1,224,526 1,711,659 1,268,019 1,237,719 973,479
2.Retention in business (F10-F11-F12) (59,193) (102,236) (911,823) (82,199) (118,985) (166,729)
3.Depreciation for the year 19,528 37,525 181,848 112,530 88,178 108,419
4.Salaries, wages and employee benefits 228,981 209,118 10,167 4,638 7,364 5,712
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -2.23 -4.19 -5.22 -0.93 2.44 -14.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.83 0.68 0.50 0.56 0.51 0.57
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.85 -2.87 -2.59 -0.52 1.26 -7.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.49 1.55 1.55 1.43 1.47 1.49
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.75 -4.44 -4.01 -0.75 1.85 -11.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -21.64 -36.92 -41.40 -7.82 16.30 -92.28
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Manufacturing

Performance at a Glance
Overall balance sheet size of manufacturing sector improved during FY20 grew by an amount of Rs 34.58
billion, showing YoY increase of 8.01 percent to reach Rs 466.12 billion during FY20 from Rs 431.54
billion during FY19. Shareholders’ equity improved by 1.93 percent over the previous year and stood at
Rs 197.96 billion in the current year. Total liabilities increased by 12.99 percent with corresponding
increase of Rs 25.16 billion and Rs 5.67 billion in current liabilities and non-current liabilities
respectively during FY20 over FY19. Sales of the sector contracted by 4.92 percent and reached to Rs
402.94 billion during FY20 as compared to Rs 423.79 billion in previous year. However, in term of
profitability, performance of the sector deteriorated in current year, profit before taxation and profit after
tax faced a decline of 18.78 percent and 12.48 percent respectively during the year FY20 as compared to
FY19.

Assets
Non-current assets of the sector grew to Rs 230.40 billion during FY20 from Rs 217.57 billion during
FY19, reflecting a growth of 5.90 percent over previous year. Operating fixed assets after deducting
accumulated depreciation, which constituted 78.01 percent share of non-current assets during FY20,
increase by 4.34 percent during FY20 as compared to previous year. Similarly, long-term investments
grew up by Rs 2.64 billion during FY20 over FY19 with corresponding growth of 14.40 percent. Capital
work in progress showed growth of 10.44 percent in current year over the previous year and stood at Rs
15.94 billion during FY20 from Rs 14.44 billion during FY19.

Current assets increased by Rs 21.75 billion (10.16 percent) during FY20 when compare with FY19.
Inventories comprises 50.51 percent share in current assets, nearly remained at same level Rs 119.06
billion in current year when compared with previous year (Rs. 118.99 billion). Cash & bank balance and
Short term investments improved by Rs 7.87 billion (80.57 percent) and Rs 4.54 billion (35.72 percent)
respectively during FY20 over FY19.On the other hand, short term loans and advances faced downfall
during current year, Other current assets posted a growth of 28.11 percent during FY20 over FY19.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Liabilities & Shareholders’ Equity

Shareholders’ equity increased to Rs 197.96 billion Shareholders' Equity
in the current year from Rs 194.21 billion in the
2019 2020 Growth(RHS)
previous year. Slight increase observed in issued,
120 5
subscribed and paid-up capital and Preference
4
shares remained unchanged during the period. 100 3.82
Growth in shareholders’ equity was due to increase 4

in reserves. Reserves slightly increased to Rs 80 3

billion Rs

percent
112.87 billion during FY20 from Rs 110.75 billion 3
60
during FY19, which participated 57.02 percent 1.92 2
share of shareholders’ equity during FY20. 40 2
Revenue reserves constituted 75.64 percent share 20
1
of total reserves during FY20. Surplus on 0.58 1
revaluation of fixed assets, which have 18.53 0 -
percent share in total equity during FY20, raised to Paid up capital Reserves Surplus on Fixed
Assets
Rs 36.67 billion during FY20.

Non-current liabilities increased to Rs 59.15 billion in current year from Rs 53.49 billion in previous year.
Long-term borrowing was increased by Rs 6.76 billion (16.72 percent) during FY20 over FY19.
Employee benefits obligation showed 9.66 percent expansion and drifted to Rs 2.49 billion during FY20.

Current liabilities increased from Rs 183.85 billion during FY19 to Rs 209.01 billion during FY20. Trade
credits and other accounts payable increased by Rs 18.20 billion (28.76 percent) in current year and
remained the one of the significant component of current liabilities with shares of 38.99 percent and 34.42
percent during FY20 and FY19 respectively. Short term borrowings scaled up from Rs 99.14 billion
during FY19 to Rs 101.83 billion during FY20, showing an increase of 2.72 percent in the current year.

Operating efficiency & Ratio Analysis:

Sales related to the manufacturing sector showed downward scale trend during FY20 and decreased from
Rs 423.79 billion during FY19 to Rs 402.94 billion during FY20. Local sales and exports sales showed
offsetting behavior, local sales decreased by Rs 35.91 billion (9.11 percent) but exports somehow

260
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

compensated the decline in overall sales by showing improvement of Rs 15.05 billion (50.53 percent)
during FY20. Cost of sales decreased by an amount of Rs 17.27 billion (5.03 percent) in current year
when compared with previous year. Gross profit decreased by Rs 3.59 billion (4.47 percent) during FY20.
General, administrative and other expenses decreased by 6.39 percent and other income increased by
11.69 percent during FY20 as compared to previous year. Financial expenses increased by 46.29 percent
during FY20, due to which profit before tax dropped to Rs 26.27 billion during FY20 from 32.35 billion
during FY19. Even tax expenses were decreased by 32.14 percent, profit after tax still decreased by Rs
2.74 billion during FY20 which is 12.48 percent less as compare to previous year.

Growth and Composition of Operations Profitability/Efficiency Ratios

2019 2020
2019 2020 Growth (RHS)
14
90 5 11.51
12
80
0.36 10
70 0 9.81
8

percent
billion Rs

60 (4.47)
-5 5.18 5.40
50 Percent 6
4.77 4.28
40 4
-10 2.13
30 (12.48) 1.04 2.29
2
20 0.90
-15 0
10

Financial
Net Profit

leverage
turnover

Return on

Return on
margin

Asset

Assets

equity
0 (18.78) -20
Gross EBIT Profit Profit after
Profit before tax tax

Key performance indicators of the sector showed a decline in current year with reference to profitability
and efficiency. Return on assets decreased to 4.28 from 5.40. Return on equity moved down to 9.81 from
11.51 in the current year as compared to the previous year. Basic earnings per share decreased from 4.56
during FY19 to 3.97 during FY20. Net profit margin decreased from 5.18 to 4.77 during the year. Further,
asset turnover was decrease to 0.90 from 1.04 but ratio of the financial leverage of the sector increased
from 2.13 to 2.29 during FY20 as compared to FY19.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Manufacturing - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 118,156,244 142,482,230 157,942,198 184,994,238 217,569,502 230,398,791
1.Capital work in progress 11,247,111 10,288,431 21,111,284 20,911,587 14,435,200 15,941,810
2.Operating fixed assets at cost 137,966,890 160,542,897 170,634,104 204,206,848 226,744,846 258,223,209
3.Operating fixed assets after deducting accumulated depreciation 97,707,131 114,827,128 117,475,336 142,528,896 172,258,604 179,740,750
4.Intangible assets 154,488 229,328 447,250 466,439 588,969 824,079
5.Long term investments 5,943,868 14,060,064 15,362,775 17,194,164 18,326,081 20,965,358
6.Other non-current assets 3,103,646 3,077,279 3,545,553 3,893,152 11,960,648 12,926,794
B.Current Assets (B1+B2+B3+B4+B5+B6) 109,586,970 127,269,354 164,053,664 197,818,820 213,974,223 235,720,047
1.Cash & bank balance 6,310,580 4,490,448 8,644,845 10,588,601 9,772,663 17,646,899
2.Inventories; of which 60,275,940 68,088,311 85,711,518 108,889,187 118,994,176 119,056,066
i)Raw material 39,882,812 45,599,736 55,987,781 75,724,501 73,325,098 71,366,642
ii)Work in progress 3,976,135 5,230,124 6,782,216 8,125,210 9,303,215 11,377,490
iii)Finished goods 16,416,993 17,261,976 22,741,029 24,687,759 34,993,189 35,264,298
3.Trade Debt / accounts receivables 13,365,775 17,957,763 20,622,131 23,437,773 31,135,930 30,966,747
4.Short term loans and advances 1,468,946 1,905,019 2,588,234 5,873,376 6,393,464 6,003,012
5.Short term investments 8,640,123 10,403,677 19,801,934 19,412,011 12,706,413 17,245,073
6.Other current assets 19,525,606 24,424,136 26,685,002 29,617,872 34,971,577 44,802,250
Total Assets (A+B) / Equity & Liabilities (C+D+E) 227,743,214 269,751,584 321,995,862 382,813,058 431,543,725 466,118,838
C.Shareholders' Equity (C1+C2+C3) 96,677,085 143,798,533 167,411,373 187,746,355 194,205,330 197,955,234
1.Issued, Subscribed & Paid up capital 21,105,084 36,558,586 42,958,869 46,997,713 48,135,396 48,414,795
i)Ordinary shares 18,659,110 23,654,642 32,021,977 36,061,441 37,199,124 37,478,523
ii)Preference shares 2,445,974 12,903,944 10,936,892 10,936,272 10,936,272 10,936,272
2.Reserves 56,666,392 78,465,767 94,382,520 108,919,131 110,745,161 112,867,093
i)Capital Reserve 12,881,947 19,890,844 21,724,774 23,024,577 24,557,172 27,492,785
ii)Revenue Reserve 43,784,445 58,574,923 72,657,746 85,894,554 86,187,989 85,374,308
of which: un-appropriated profit(loss) / retained earnings (131,950) 10,036,239 20,658,467 51,410,625 50,227,067 46,946,879
3.Surplus on revaluation of fixed assets 18,905,608 28,774,180 30,069,984 31,829,511 35,324,773 36,673,346
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 34,515,537 33,099,497 34,002,036 42,294,178 53,488,114 59,154,205
1.Long term borrowings 27,410,615 22,765,362 21,588,349 30,659,890 40,450,602 47,213,410
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 731,950 537,000 357,583 178,166 0 0
4.Employees benefit obligations 913,531 1,123,903 1,609,333 1,916,803 2,266,324 2,485,145
5.Other non-current liabilities 5,459,441 8,673,232 10,446,771 9,539,319 10,771,188 9,455,650
E.Current Liabilities (E1+E2+E3+E4) 96,550,593 92,853,554 120,582,453 152,772,525 183,850,281 209,009,399
1.Trade credit & other accounts payables 43,649,771 47,764,322 54,660,293 58,862,186 63,284,504 81,483,420
of which: i) Trade credits 14,062,332 18,872,076 22,404,965 22,695,054 21,305,657 30,578,262
2.Short term borrowings 44,827,852 33,869,773 51,251,512 76,163,014 99,136,688 101,829,129
3.Current portion of non-current liabilities 4,046,450 4,977,169 5,794,216 6,467,752 7,978,312 9,311,449
4.Other current liabilities 4,026,521 6,242,290 8,876,432 11,279,573 13,450,777 16,385,401
F.Operations:
1.Sales 228,418,762 260,680,402 298,717,736 373,001,258 423,790,776 402,937,151
i)Local sales (Net) 205,224,538 242,203,673 277,640,574 348,370,605 393,999,919 358,093,818
ii)Export sales (Net) 23,194,224 18,476,729 21,077,162 24,630,653 29,790,857 44,843,333
2.Cost of sales 178,738,309 192,511,502 226,601,437 290,663,608 343,454,055 326,188,760
i)Cost of material 101,689,100 106,115,100 118,279,832 189,989,620 232,285,990 255,636,403
3.Gross profit / (loss) (F1-F2) 49,680,454 68,168,900 72,116,299 82,337,650 80,336,721 76,748,391
4.General, administrative and other expenses 28,883,885 32,502,582 33,772,274 38,209,938 43,061,258 40,307,869
i)Selling & distribution expenses 16,080,582 16,769,161 17,158,180 20,842,198 21,581,226 21,043,053
ii)Administrative and other expenses 12,803,303 15,733,421 16,614,094 17,367,740 21,480,032 19,264,816
5.Other income / (loss) 4,924,577 5,863,454 8,475,906 6,400,580 8,553,870 9,553,931
6.EBIT (F3-F4+F5) 25,721,145 41,529,772 46,819,931 50,528,292 45,829,333 45,994,453
7.Financial expenses 7,569,437 5,878,815 4,555,082 6,471,612 13,481,765 19,722,408
of which: (i) Interest expenses 7,272,718 5,325,613 4,190,461 5,800,375 12,634,268 17,748,451
8.Profit / (loss) before taxation (F6-F7) 18,151,708 35,650,957 42,264,849 44,056,680 32,347,568 26,272,045
9.Tax expenses 5,611,060 10,470,643 11,759,829 12,594,034 10,374,035 7,040,165
10.Profit / (loss) after tax (F8-F9) 12,540,648 25,180,314 30,505,020 31,462,646 21,973,533 19,231,880
11.Cash dividends 9,322,243 11,950,862 32,395,867 17,423,813 17,073,864 28,237,559
12.Bonus shares / stock dividends 0 57,443 192,558 176,372 248,549 234,937
G.Statement of Cash Flows
1.Net cash flows from operating activities 18,994,266 24,889,588 22,576,112 14,785,693 16,974,469 44,389,256
2.Net cash flows from investing activities (13,246,890) (11,675,996) (18,731,959) (32,209,320) (26,768,069) (19,321,686)
3.Net cash flows from financing activities (3,147,873) (3,396,113) 5,166,884 (4,319,716) (13,542,805) (10,565,030)
H.Miscellaneous
1.Total capital employed (C+D) 131,192,621 176,898,030 201,413,409 230,040,533 247,693,444 257,109,439
2.Retention in business (F10-F11-F12) 3,218,405 13,172,010 (2,083,405) 13,862,462 4,651,120 (9,240,616)
3.Depreciation for the year 6,578,911 7,994,160 7,873,359 9,106,556 10,443,505 12,176,322
4.Salaries, wages and employee benefits 21,885,557 24,990,612 27,449,792 31,298,144 32,923,519 33,224,837
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.49 9.66 10.21 8.43 5.18 4.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.06 1.05 1.01 1.06 1.04 0.90
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.81 10.12 10.31 8.94 5.40 4.28
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.38 2.07 1.90 1.99 2.13 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.83 20.94 19.60 17.76 11.51 9.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.83 6.22 7.10 6.76 4.56 3.97
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

AISHA STEEL MILLS LTD . (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 11,169,559 10,883,812 11,958,842 14,366,261 21,560,292 21,226,344
1.Capital work in progress 1,104,194 12,241 12,721 1,996,649 0 623
2.Operating fixed assets at cost 9,480,262 10,623,339 11,512,340 12,365,618 21,546,059 20,650,586
3.Operating fixed assets after deducting accumulated depreciation 8,891,432 9,676,552 10,529,854 11,377,173 20,133,384 19,006,716
4.Intangible assets 13,267 11,246 9,143 7,412 5,826 4,126
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,160,666 1,183,773 1,407,124 985,027 1,421,082 2,214,879
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,167,303 4,468,463 6,225,023 6,059,527 11,170,617 13,283,055
1.Cash & bank balance 132,273 44,716 861,392 45,565 208,648 182,561
2.Inventories; of which 2,433,460 2,813,517 3,715,962 4,312,261 6,919,983 7,916,499
i)Raw material 1,826,168 1,828,229 2,503,782 2,528,435 4,897,937 4,137,373
ii)Work in progress 188,001 25,742 132,970 396,844 18,171 511,976
iii)Finished goods 419,291 959,546 1,079,210 1,381,704 1,288,734 3,187,972
3.Trade Debt / accounts receivables 76,261 76,998 152,075 105,243 598,537 162,714
4.Short term loans and advances 0 0 0 0 925,603 975,238
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,525,309 1,533,232 1,495,594 1,596,458 2,517,846 4,046,043
Total Assets (A+B) / Equity & Liabilities (C+D+E) 15,336,862 15,352,275 18,183,865 20,425,788 32,730,909 34,509,399
C.Shareholders' Equity (C1+C2+C3) 2,810,748 2,655,343 6,700,473 8,491,106 8,746,828 8,097,437
1.Issued, Subscribed & Paid up capital 5,157,301 5,157,301 7,328,931 8,795,251 8,127,565 8,127,565
i)Ordinary shares 2,711,327 2,717,357 6,856,039 8,322,979 7,655,293 7,655,293
ii)Preference shares 2,445,974 2,439,944 472,892 472,272 472,272 472,272
2.Reserves (2,737,365) (2,883,779) (1,853,085) (1,861,869) (892,297) (1,475,960)
i)Capital Reserve 0 0 4,986 (1,313,789) (646,102) (646,103)
ii)Revenue Reserve (2,737,365) (2,883,779) (1,858,071) (548,080) (246,195) (829,857)
of which: un-appropriated profit(loss) / retained earnings (2,737,365) (2,883,779) (1,858,071) (548,080) (246,195) (829,857)
3.Surplus on revaluation of fixed assets 390,812 381,821 1,224,627 1,557,724 1,511,560 1,445,832
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,627,616 5,355,404 5,077,537 4,933,536 7,272,985 9,467,754
1.Long term borrowings 5,604,654 5,324,439 5,036,661 4,882,000 7,208,492 9,360,157
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 22,962 30,965 40,876 51,536 64,493 97,601
5.Other non-current liabilities 0 0 0 0 0 9,996
E.Current Liabilities (E1+E2+E3+E4) 6,898,498 7,341,528 6,405,855 7,001,146 16,711,096 16,944,208
1.Trade credit & other accounts payables 2,744,429 2,772,572 3,561,377 1,209,923 1,233,907 6,292,635
of which: i) Trade credits 45,174 684,931 666,719 112,108 275,045 557,541
2.Short term borrowings 3,876,224 3,869,538 2,434,916 5,045,107 14,111,977 9,946,416
3.Current portion of non-current liabilities 12,988 503,385 251,637 507,664 511,176 50,301
4.Other current liabilities 264,857 196,033 157,925 238,452 854,036 654,856
F.Operations:
1.Sales 9,491,748 9,634,297 14,075,876 18,903,907 20,230,797 29,776,828
i)Local sales (Net) 9,491,748 9,634,297 14,075,876 18,903,907 20,226,951 29,542,237
ii)Export sales (Net) 0 0 0 0 3,846 234,591
2.Cost of sales 9,451,422 8,654,034 11,988,484 15,589,753 18,552,531 27,410,644
i)Cost of material 7,961,683 7,823,775 10,825,969 14,626,168 16,673,290 24,890,275
3.Gross profit / (loss) (F1-F2) 40,326 980,263 2,087,392 3,314,154 1,678,266 2,366,184
4.General, administrative and other expenses 161,996 176,264 272,701 354,978 277,100 361,478
i)Selling & distribution expenses 37,964 19,640 19,386 19,128 25,070 41,889
ii)Administrative and other expenses 124,032 156,624 253,315 335,850 252,030 319,589
5.Other income / (loss) 5,957 24,760 16,127 35,345 51,711 38,186
6.EBIT (F3-F4+F5) (115,713) 828,759 1,830,818 2,994,521 1,452,877 2,042,892
7.Financial expenses 1,372,527 1,020,580 948,642 1,078,941 1,865,306 3,386,116
of which: (i) Interest expenses 1,360,687 1,005,625 927,475 795,935 1,479,843 2,790,167
8.Profit / (loss) before taxation (F6-F7) (1,488,240) (191,821) 882,176 1,915,580 (412,429) (1,343,224)
9.Tax expenses (277,418) (36,930) (137,973) 631,598 (666,127) (726,651)
10.Profit / (loss) after tax (F8-F9) (1,210,822) (154,891) 1,020,149 1,283,982 253,698 (616,573)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,765,875) (13,588) 1,130,140 (725,365) (3,833,365) 3,054,654
2.Net cash flows from investing activities (133,581) (53,817) (253,212) (2,817,618) (7,267,212) (621,226)
3.Net cash flows from financing activities 1,496,087 1,006,551 85,953 291,965 2,021,790 1,706,046
H.Miscellaneous
1.Total capital employed (C+D) 8,438,364 8,010,747 11,778,010 13,424,642 16,019,813 17,565,191
2.Retention in business (F10-F11-F12) (1,210,822) (154,891) 1,020,149 1,283,982 253,698 (616,573)
3.Depreciation for the year 897,399 1,256,506 392,427 427,277 505,805 799,275
4.Salaries, wages and employee benefits 224,467 247,010 337,841 466,959 403,638 577,003
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -12.76 -1.61 7.25 6.79 1.25 -2.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.60 0.63 0.84 0.98 0.76 0.89
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -7.66 -1.01 6.08 6.65 0.95 -1.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.92 5.61 3.58 2.54 3.08 3.99
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -45.31 -5.67 21.81 16.90 2.94 -7.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.35 -0.30 1.39 1.46 0.31 -0.76
263
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

AMRELI STEELS (Pvt) Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,615,034 12,418,167 15,707,430 17,150,563 17,897,923
1.Capital work in progress 1,106,992 5,098,359 2,285,016 2,235,884 2,720,375
2.Operating fixed assets at cost 8,604,137 8,740,602 15,246,980 17,413,586 18,461,114
3.Operating fixed assets after deducting accumulated depreciation 7,334,606 7,154,740 13,243,637 14,729,718 14,930,576
4.Intangible assets 26,743 20,401 27,889 31,926 24,266
5.Long term investments 15,289 15,289 15,289 15,289 15,289
6.Other non-current assets 131,404 129,378 135,599 137,746 207,417
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,150,398 5,790,896 10,935,429 12,460,212 17,571,523
1.Cash & bank balance 81,124 69,558 131,074 147,039 509,361
2.Inventories; of which 4,410,124 3,404,199 7,459,068 6,586,598 8,040,331
i)Raw material 1,382,621 2,244,283 5,314,951 3,463,281 4,725,167
ii)Work in progress 1,128,669 793,767 1,000,057 746,594 1,023,943
iii)Finished goods 1,898,833 366,148 1,144,060 2,376,723 2,291,221
3.Trade Debt / accounts receivables 2,070,502 1,455,202 1,787,704 3,402,722 4,900,333
4.Short term loans and advances 125,636 22,221 23,377 18,798 28,916
5.Short term investments 300,000 0 0 0 0
6.Other current assets 1,163,012 839,716 1,534,206 2,305,055 4,092,582
Total Assets (A+B) / Equity & Liabilities (C+D+E) 16,765,432 18,209,063 26,642,859 29,610,775 35,469,446
C.Shareholders' Equity (C1+C2+C3) 10,690,202 11,145,752 12,880,152 12,243,584 11,113,186
1.Issued, Subscribed & Paid up capital 2,970,114 2,970,114 2,970,114 2,970,114 2,970,114
i)Ordinary shares 2,970,114 2,970,114 2,970,114 2,970,114 2,970,114
ii)Preference shares 0 0 0 0 0
2.Reserves 5,890,507 6,420,623 7,475,597 6,912,270 5,854,461
i)Capital Reserve 2,788,742 2,788,742 2,788,742 2,788,742 2,788,742
ii)Revenue Reserve 3,101,765 3,631,881 4,686,855 4,123,528 3,065,719
of which: un-appropriated profit(loss) / retained earnings 3,108,107 3,662,703 4,727,294 4,179,934 3,125,905
3.Surplus on revaluation of fixed assets 1,829,581 1,755,015 2,434,441 2,361,200 2,288,611
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,736,116 1,933,908 3,366,716 2,892,476 6,341,166
1.Long term borrowings 524,525 712,069 2,204,389 1,786,914 5,842,544
2.Subordinated loans / Sponsor's loans 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0
4.Employees benefit obligations 72,176 116,943 155,678 205,420 254,748
5.Other non-current liabilities 1,139,415 1,104,896 1,006,649 900,142 243,874
E.Current Liabilities (E1+E2+E3+E4) 4,339,114 5,129,403 10,395,991 14,474,715 18,015,094
1.Trade credit & other accounts payables 1,080,935 1,116,784 2,188,435 3,560,081 3,731,308
of which: i) Trade credits 132,024 100,338 107,496 241,853 413,625
2.Short term borrowings 2,726,371 3,627,592 7,053,114 9,087,930 11,912,828
3.Current portion of non-current liabilities 483,586 310,235 775,245 1,186,554 824,466
4.Other current liabilities 48,222 74,792 379,197 640,150 1,546,492
F.Operations:
1.Sales 12,400,191 13,283,811 15,500,542 28,595,976 26,532,144
i)Local sales (Net) 12,370,931 13,244,396 15,461,127 28,516,441 26,445,643
ii)Export sales (Net) 29,260 39,415 39,415 79,535 86,501
2.Cost of sales 9,608,236 10,815,624 12,742,134 26,172,392 24,556,406
i)Cost of material 5,117,665 5,075,362 7,841,515 17,360,387 16,925,054
3.Gross profit / (loss) (F1-F2) 2,791,955 2,468,187 2,758,408 2,423,584 1,975,738
4.General, administrative and other expenses 722,624 778,649 910,197 1,235,538 1,465,097
i)Selling & distribution expenses 341,326 337,266 385,733 716,485 682,078
ii)Administrative and other expenses 381,298 441,383 524,464 519,053 783,019
5.Other income / (loss) 15,398 7,358 22,543 7,096 8,167
6.EBIT (F3-F4+F5) 2,084,729 1,696,896 1,870,754 1,195,142 518,808
7.Financial expenses 335,534 251,583 476,323 1,262,303 2,299,271
of which: (i) Interest expenses 326,275 246,136 468,359 1,253,360 2,285,550
8.Profit / (loss) before taxation (F6-F7) 1,749,195 1,445,313 1,394,431 (67,161) (1,780,463)
9.Tax expenses 470,446 371,260 (190,805) (99,984) (653,846)
10.Profit / (loss) after tax (F8-F9) 1,278,749 1,074,053 1,585,236 32,823 (1,126,617)
11.Cash dividends 594,023 594,023 653,425 0 0
12.Bonus shares / stock dividends 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,001,384) 3,649,430 (2,218,721) 749,109 (1,934,951)
2.Net cash flows from investing activities (1,278,922) (4,133,066) (2,923,549) (2,136,678) (1,360,941)
3.Net cash flows from financing activities 2,581,709 172,069 5,203,786 953,396 3,757,452
H.Miscellaneous
1.Total capital employed (C+D) 12,426,318 13,079,660 16,246,868 15,136,060 17,454,352
2.Retention in business (F10-F11-F12) 684,726 480,030 931,811 32,823 (1,126,617)
3.Depreciation for the year 346,820 321,311 426,551 684,898 859,352
4.Salaries, wages and employee benefits 528,810 635,694 878,601 1,076,630 1,141,732
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.31 8.09 10.23 0.11 -4.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.48 0.76 0.69 1.02 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.25 6.14 7.07 0.12 -3.46
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.60 1.87 2.24 2.79
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.92 9.84 13.20 0.26 -9.65
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.31 3.62 5.34 0.11 -3.79
264
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Khair Gadoon Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 99,191 85,197 92,856 77,450 136,018 140,362
1.Capital work in progress 341 0 0 8,701 3,129 202
2.Operating fixed assets at cost 91,316 92,260 171,843 171,843 161,614 236,744
3.Operating fixed assets after deducting accumulated depreciation 81,735 79,382 81,291 64,355 129,205 138,642
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 17,115 5,815 11,565 4,394 3,684 1,518
B.Current Assets (B1+B2+B3+B4+B5+B6) 420,380 383,242 328,382 408,828 371,124 345,494
1.Cash & bank balance 1,467 2,953 2,889 2,781 3,130 5,276
2.Inventories; of which 197,192 185,189 158,502 178,644 198,862 204,981
i)Raw material 98,315 92,960 76,325 107,824 112,239 138,625
ii)Work in progress 51,524 44,237 42,518 39,251 46,857 34,170
iii)Finished goods 47,352 47,992 39,659 31,569 39,766 32,185
3.Trade Debt / accounts receivables 13,278 14,773 12,936 48,557 50,008 50,387
4.Short term loans and advances 0 0 0 0 6,150 6,264
5.Short term investments 0 0 0 0 0 0
6.Other current assets 208,443 180,327 154,055 178,846 112,974 78,586
Total Assets (A+B) / Equity & Liabilities (C+D+E) 519,571 468,439 421,238 486,278 507,142 485,856
C.Shareholders' Equity (C1+C2+C3) 178,464 185,661 195,470 203,758 222,316 230,123
1.Issued, Subscribed & Paid up capital 100,000 100,000 100,000 100,000 100,000 100,000
i)Ordinary shares 100,000 100,000 100,000 100,000 100,000 100,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 78,464 85,661 95,470 103,758 122,316 130,123
i)Capital Reserve 25,000 25,000 25,000 25,000 25,000 25,000
ii)Revenue Reserve 53,464 60,661 70,470 78,758 97,316 105,123
of which: un-appropriated profit(loss) / retained earnings 53,464 60,661 70,470 78,758 97,316 105,123
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 33,476 35,167 37,359 35,295 12,760 15,903
1.Long term borrowings 25,000 25,000 25,000 25,000 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 8,476 10,167 12,359 10,295 12,760 15,903
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 307,631 247,611 188,409 247,225 272,066 239,830
1.Trade credit & other accounts payables 185,135 164,402 131,368 54,507 128,828 155,482
of which: i) Trade credits 180,658 160,808 119,119 39,594 115,236 141,152
2.Short term borrowings 111,515 67,775 50,105 185,377 141,362 81,840
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 10,981 15,434 6,936 7,341 1,876 2,508
F.Operations:
1.Sales 400,292 351,321 366,693 370,232 574,519 437,358
i)Local sales (Net) 400,292 351,321 366,693 370,232 574,519 437,358
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 345,132 303,649 320,663 314,214 488,378 367,020
i)Cost of material 379,180 280,255 294,061 287,403 486,986 324,319
3.Gross profit / (loss) (F1-F2) 55,160 47,672 46,030 56,018 86,141 70,338
4.General, administrative and other expenses 40,499 35,494 33,230 43,064 46,189 48,717
i)Selling & distribution expenses 19,326 13,991 12,755 12,814 18,958 20,104
ii)Administrative and other expenses 21,173 21,503 20,475 30,250 27,231 28,613
5.Other income / (loss) 474 614 1,016 1,590 197 2,485
6.EBIT (F3-F4+F5) 15,135 12,792 13,816 14,544 40,149 24,106
7.Financial expenses 13,730 2,589 1,918 3,382 12,376 8,090
of which: (i) Interest expenses 12,998 2,141 1,546 3,065 11,758 7,493
8.Profit / (loss) before taxation (F6-F7) 1,405 10,203 11,898 11,162 27,773 16,016
9.Tax expenses 5,104 2,482 3,569 3,786 8,379 8,017
10.Profit / (loss) after tax (F8-F9) (3,699) 7,721 8,329 7,376 19,394 7,999
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,677) 37,574 25,658 (135,135) 138,951 78,796
2.Net cash flows from investing activities (2,105) 7,653 (8,052) (245) (69,587) (17,129)
3.Net cash flows from financing activities (1,367) (43,740) (17,669) 135,271 (69,014) (59,522)
H.Miscellaneous
1.Total capital employed (C+D) 211,939 220,828 232,829 239,053 235,076 246,026
2.Retention in business (F10-F11-F12) (3,699) 7,721 8,329 7,376 19,394 7,999
3.Depreciation for the year 9,512 8,725 9,261 8,887 10,308 12,616
4.Salaries, wages and employee benefits 23,613 23,849 24,654 23,190 28,372 30,993
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.92 2.20 2.27 1.99 3.38 1.83
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.83 0.71 0.82 0.82 1.16 0.88
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.76 1.56 1.87 1.63 3.90 1.61
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.69 2.71 2.33 2.27 2.33 2.19
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.05 4.24 4.37 3.70 9.10 3.54
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.37 0.77 0.83 0.74 1.94 0.80
265
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bata Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,555,195 1,499,424 1,594,179 1,722,675 6,618,724 6,402,877
1.Capital work in progress 16,093 4,935 9,153 125 43,453 45,516
2.Operating fixed assets at cost 2,730,519 2,869,442 3,106,896 3,418,355 3,781,288 4,040,512
3.Operating fixed assets after deducting accumulated depreciation 1,454,728 1,415,822 1,502,756 1,642,903 1,823,444 1,904,351
4.Intangible assets 4,260 2,079 1,713 578 44,328 164,744
5.Long term investments 45,000 45,000 45,000 45,008 45,032 45,094
6.Other non-current assets 35,114 31,588 35,557 34,061 4,662,467 4,243,172
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,684,071 7,585,132 7,930,147 8,970,446 9,259,645 7,602,604
1.Cash & bank balance 455,334 556,941 610,138 1,545,032 1,273,248 549,740
2.Inventories; of which 2,967,199 2,901,903 3,482,354 3,970,853 4,055,327 2,812,812
i)Raw material 188,141 162,153 163,690 182,930 179,452 250,945
ii)Work in progress 25,199 40,996 49,498 43,965 46,908 40,540
iii)Finished goods 2,753,859 2,698,754 3,269,166 3,743,958 3,828,967 2,521,327
3.Trade Debt / accounts receivables 788,405 1,336,061 1,563,635 2,167,114 2,621,262 1,385,617
4.Short term loans and advances 42,990 24,752 432,424 84,860 267,638 116,006
5.Short term investments 1,300,000 1,600,000 550,000 0 0 1,950,000
6.Other current assets 1,130,143 1,165,475 1,291,596 1,202,587 1,042,170 788,429
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,239,266 9,084,556 9,524,326 10,693,121 15,878,369 14,005,481
C.Shareholders' Equity (C1+C2+C3) 6,051,192 6,662,594 7,126,724 7,491,327 7,444,589 6,372,599
1.Issued, Subscribed & Paid up capital 75,600 75,600 75,600 75,600 75,600 75,600
i)Ordinary shares 75,600 75,600 75,600 75,600 75,600 75,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,975,592 6,586,994 7,051,124 7,415,727 7,368,989 6,296,999
i)Capital Reserve 483 483 483 483 483 483
ii)Revenue Reserve 5,975,109 6,586,511 7,050,641 7,415,244 7,368,506 6,296,516
of which: un-appropriated profit(loss) / retained earnings 1,053,109 952,511 918,641 818,244 411,506 (660,484)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 162,540 157,630 161,829 149,931 4,108,109 3,749,722
1.Long term borrowings 0 0 0 0 3,999,916 3,602,826
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 68,805 72,150 76,030 81,421 83,476 68,592
5.Other non-current liabilities 93,735 85,480 85,799 68,510 24,717 78,304
E.Current Liabilities (E1+E2+E3+E4) 2,025,534 2,264,332 2,235,773 3,051,863 4,325,671 3,883,160
1.Trade credit & other accounts payables 1,403,702 1,656,060 1,599,036 2,312,920 2,722,185 2,774,550
of which: i) Trade credits 686,575 861,148 922,372 1,508,497 2,041,060 2,199,546
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 984,652 878,454
4.Other current liabilities 621,832 608,272 636,737 738,943 618,834 230,156
F.Operations:
1.Sales 14,781,520 15,082,171 15,496,810 16,795,231 17,424,894 11,710,771
i)Local sales (Net) 14,677,412 14,995,996 15,424,701 16,736,721 17,362,522 11,679,234
ii)Export sales (Net) 104,108 86,175 72,109 58,510 62,372 31,537
2.Cost of sales 8,776,323 8,888,245 8,875,974 9,269,358 9,554,950 7,339,804
i)Cost of material 3,516,740 3,406,304 3,567,216 3,381,564 3,579,601 2,671,250
3.Gross profit / (loss) (F1-F2) 6,005,197 6,193,926 6,620,836 7,525,873 7,869,944 4,370,967
4.General, administrative and other expenses 3,964,761 4,160,807 4,468,131 5,263,836 5,606,409 4,951,179
i)Selling & distribution expenses 2,852,455 3,030,729 3,312,220 3,951,287 4,304,357 3,749,248
ii)Administrative and other expenses 1,112,306 1,130,078 1,155,911 1,312,549 1,302,052 1,201,931
5.Other income / (loss) 91,348 107,461 67,453 45,903 30,944 473,283
6.EBIT (F3-F4+F5) 2,131,784 2,140,580 2,220,158 2,307,940 2,294,479 (106,929)
7.Financial expenses 30,504 39,935 39,888 42,038 790,200 801,120
of which: (i) Interest expenses 5,083 11,354 7,645 6,150 744,936 764,573
8.Profit / (loss) before taxation (F6-F7) 2,101,280 2,100,645 2,180,270 2,265,902 1,504,279 (908,049)
9.Tax expenses 655,780 658,629 655,804 764,493 415,417 (280,704)
10.Profit / (loss) after tax (F8-F9) 1,445,500 1,442,016 1,524,466 1,501,409 1,088,862 (627,345)
11.Cash dividends 725,760 945,000 1,058,400 1,134,000 1,134,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,183,529 1,389,440 359,311 1,866,174 2,072,225 2,999,834
2.Net cash flows from investing activities (307,452) (163,993) (308,251) (357,407) (548,364) (526,798)
3.Net cash flows from financing activities (634,432) (823,840) (1,047,863) (1,127,850) (1,798,149) (1,247,199)
H.Miscellaneous
1.Total capital employed (C+D) 6,213,732 6,820,224 7,288,553 7,641,258 11,552,698 10,122,321
2.Retention in business (F10-F11-F12) 719,740 497,016 466,066 367,409 (45,138) (627,345)
3.Depreciation for the year 206,342 204,835 207,249 226,862 256,983 273,591
4.Salaries, wages and employee benefits 1,888,789 1,984,549 2,010,688 2,184,097 2,231,162 1,893,331
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.78 9.56 9.84 8.94 6.25 -5.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.89 1.74 1.67 1.66 1.31 0.78
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.50 16.65 16.38 14.85 8.20 -4.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.38 1.36 1.35 1.38 1.78 2.16
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.57 22.68 22.11 20.54 14.58 -9.08
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 191.20 190.74 201.65 198.60 144.03 -82.98
266
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Crescent Steel & Allied Products Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,845,737 5,933,208 6,455,525 6,350,796 6,885,938 6,806,890
1.Capital work in progress 791,193 174,601 112,240 112,291 89,577 91,471
2.Operating fixed assets at cost 2,734,262 3,881,660 4,170,373 4,361,366 4,464,219 4,458,633
3.Operating fixed assets after deducting accumulated depreciation 1,227,329 2,293,213 2,453,130 2,483,743 2,405,467 2,015,212
4.Intangible assets 68,211 112,685 129,226 137,005 143,535 145,728
5.Long term investments 2,710,993 3,163,660 3,566,394 3,400,524 4,011,047 3,869,641
6.Other non-current assets 48,011 189,049 194,535 217,233 236,312 684,838
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,990,954 5,524,068 8,354,714 5,708,227 3,114,974 4,489,075
1.Cash & bank balance 101,408 73,887 85,629 193,655 29,620 23,748
2.Inventories; of which 453,108 2,531,238 3,384,752 2,268,108 821,369 2,130,741
i)Raw material 410,799 2,275,421 2,875,555 1,825,994 655,826 1,858,552
ii)Work in progress 13,480 86,922 85,524 19,713 24,996 46,508
iii)Finished goods 28,829 168,895 414,069 416,590 131,598 214,215
3.Trade Debt / accounts receivables 60,639 472,121 890,794 82,320 96,432 225,799
4.Short term loans and advances 58,395 44,994 21,187 29,897 34,477 54,017
5.Short term investments 823,918 879,380 1,201,262 1,054,848 404,787 339,692
6.Other current assets 493,486 1,522,448 2,771,090 2,079,399 1,728,289 1,715,078
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,836,691 11,457,276 14,810,239 12,059,023 10,000,912 11,295,965
C.Shareholders' Equity (C1+C2+C3) 5,390,217 7,319,191 8,601,367 7,613,689 6,956,082 7,008,263
1.Issued, Subscribed & Paid up capital 621,060 776,325 776,325 776,325 776,325 776,325
i)Ordinary shares 621,060 776,325 776,325 776,325 776,325 776,325
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,769,157 6,542,866 7,825,042 6,837,364 6,179,757 6,231,938
i)Capital Reserve 395,534 1,139,136 1,242,763 1,158,663 1,083,450 1,091,622
ii)Revenue Reserve 4,373,623 5,403,730 6,582,279 5,678,701 5,096,307 5,140,316
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 384,765 709,118 803,811 490,935 429,197 285,921
1.Long term borrowings 285,242 471,395 386,087 354,165 280,194 255,155
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 100,546 23,713
5.Other non-current liabilities 99,523 237,723 417,724 136,770 48,457 7,053
E.Current Liabilities (E1+E2+E3+E4) 1,061,709 3,428,967 5,405,061 3,954,399 2,615,633 4,001,781
1.Trade credit & other accounts payables 642,765 954,129 2,144,839 1,805,207 739,050 1,115,336
of which: i) Trade credits 24,034 119,102 137,621 201,473 108,569 263,949
2.Short term borrowings 301,822 2,278,930 2,904,166 1,956,125 1,638,092 2,702,863
3.Current portion of non-current liabilities 104,266 172,489 186,348 147,978 168,102 102,027
4.Other current liabilities 12,856 23,419 169,708 45,089 70,389 81,555
F.Operations:
1.Sales 2,302,528 7,575,429 12,285,548 9,929,756 6,853,568 3,822,202
i)Local sales (Net) 2,262,268 7,575,429 12,228,379 9,916,636 6,853,568 3,822,202
ii)Export sales (Net) 40,260 0 57,169 13,120 0 0
2.Cost of sales 2,281,931 5,559,590 10,598,021 9,390,054 6,977,733 3,771,306
i)Cost of material 1,545,643 4,710,377 9,088,330 7,615,385 4,990,072 2,772,609
3.Gross profit / (loss) (F1-F2) 20,597 2,015,839 1,687,527 539,702 (124,165) 50,896
4.General, administrative and other expenses 220,006 741,984 768,829 325,471 299,415 289,268
i)Selling & distribution expenses 27,247 15,980 32,281 19,405 15,888 13,324
ii)Administrative and other expenses 192,759 726,004 736,548 306,066 283,527 275,944
5.Other income / (loss) 454,393 479,377 877,902 197,226 376,722 271,051
6.EBIT (F3-F4+F5) 254,984 1,753,232 1,796,600 411,457 (46,858) 32,679
7.Financial expenses 87,315 253,921 204,626 263,964 317,819 315,109
of which: (i) Interest expenses 84,330 242,719 191,474 257,549 306,673 305,111
8.Profit / (loss) before taxation (F6-F7) 167,669 1,499,311 1,591,974 147,493 (364,677) (282,430)
9.Tax expenses (32,362) 377,132 404,853 208,912 54,699 (262,563)
10.Profit / (loss) after tax (F8-F9) 200,031 1,122,179 1,187,121 (61,419) (419,376) (19,867)
11.Cash dividends 43,474 388,163 407,571 155,265 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 94,050 (2,345,059) (48,835) 1,505,075 (79,939) (1,399,366)
2.Net cash flows from investing activities (309,207) (534,053) (69,414) 154,594 402,761 429,934
3.Net cash flows from financing activities 98,847 2,846,220 38,558 (1,606,994) (940,221) 1,261,081
H.Miscellaneous
1.Total capital employed (C+D) 5,774,982 8,028,309 9,405,178 8,104,624 7,385,279 7,294,184
2.Retention in business (F10-F11-F12) 156,557 734,017 779,550 (216,684) (419,376) (19,867)
3.Depreciation for the year 121,522 147,624 200,053 216,018 229,105 224,086
4.Salaries, wages and employee benefits 267,095 441,445 596,585 445,826 453,693 488,521
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.69 14.81 9.66 -0.62 -6.12 -0.52
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.35 0.83 0.94 0.74 0.62 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.08 12.27 9.04 -0.46 -3.80 -0.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.22 1.44 1.65 1.66 1.51 1.53
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.76 17.66 14.91 -0.76 -5.76 -0.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.22 14.46 15.29 -0.79 -5.40 -0.26
267
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dadex Eternit Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,640,933 1,971,583 1,913,769 1,876,896 1,964,533 1,799,906
1.Capital work in progress 8,733 5,581 10,065 9,229 4,226 7,683
2.Operating fixed assets at cost 2,423,245 2,845,393 2,858,172 2,918,870 3,048,399 3,042,490
3.Operating fixed assets after deducting accumulated depreciation 1,497,782 1,820,110 1,778,065 1,755,395 1,805,036 1,569,762
4.Intangible assets 0 0 431 334 204 88
5.Long term investments 6 44,416 41,877 39,338 36,799 34,260
6.Other non-current assets 134,412 101,476 83,331 72,600 118,268 188,113
B.Current Assets (B1+B2+B3+B4+B5+B6) 947,512 982,810 1,271,611 1,453,623 1,411,721 1,606,893
1.Cash & bank balance 15,712 13,339 36,668 23,935 30,310 25,010
2.Inventories; of which 561,514 518,289 714,275 815,537 654,276 597,668
i)Raw material 178,931 234,109 379,552 374,070 214,965 142,523
ii)Work in progress 114,915 75,489 122,179 114,926 141,342 141,612
iii)Finished goods 267,668 208,691 212,544 326,541 297,969 313,533
3.Trade Debt / accounts receivables 80,926 118,458 137,409 184,711 348,689 268,897
4.Short term loans and advances 33,103 80,160 80,549 58,358 80,851 85,360
5.Short term investments 0 0 0 0 0 0
6.Other current assets 256,257 252,564 302,710 371,082 297,595 629,958
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,588,445 2,954,393 3,185,380 3,330,519 3,376,254 3,406,799
C.Shareholders' Equity (C1+C2+C3) 918,233 1,263,384 1,280,228 1,278,730 1,106,891 923,050
1.Issued, Subscribed & Paid up capital 107,640 107,640 107,640 107,640 107,640 107,640
i)Ordinary shares 107,640 107,640 107,640 107,640 107,640 107,640
ii)Preference shares 0 0 0 0 0 0
2.Reserves 44,275 67,169 108,358 131,205 (42,131) (378,866)
i)Capital Reserve 5,655 5,655 5,655 5,655 5,655 5,655
ii)Revenue Reserve 38,620 61,514 102,703 125,550 (47,786) (384,521)
of which: un-appropriated profit(loss) / retained earnings (121,380) (98,486) (57,297) (34,450) (207,786) (384,521)
3.Surplus on revaluation of fixed assets 766,318 1,088,575 1,064,230 1,039,885 1,041,382 1,194,276
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 117,554 160,320 93,256 64,723 75,006 141,932
1.Long term borrowings 117,554 160,320 81,102 57,430 72,574 84,442
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 12,154 7,293 2,432 57,490
E.Current Liabilities (E1+E2+E3+E4) 1,552,658 1,530,689 1,811,896 1,987,066 2,194,357 2,341,817
1.Trade credit & other accounts payables 494,474 455,055 525,804 633,871 734,705 1,033,279
of which: i) Trade credits 230,568 221,144 302,796 397,234 447,863 696,787
2.Short term borrowings 841,643 839,053 1,110,300 1,272,612 1,346,272 1,159,018
3.Current portion of non-current liabilities 119,702 191,693 137,210 41,219 56,274 49,461
4.Other current liabilities 96,839 44,888 38,582 39,364 57,106 100,059
F.Operations:
1.Sales 2,174,731 2,163,119 2,391,591 2,921,715 2,813,520 2,374,110
i)Local sales (Net) 2,174,731 2,163,119 2,391,591 2,911,343 2,793,035 2,334,747
ii)Export sales (Net) 0 0 0 10,372 20,485 39,363
2.Cost of sales 1,716,151 1,782,094 1,964,982 2,462,941 2,492,215 2,139,045
i)Cost of material 1,340,618 1,247,894 1,562,178 2,011,523 1,889,974 1,629,166
3.Gross profit / (loss) (F1-F2) 458,580 381,025 426,609 458,774 321,305 235,065
4.General, administrative and other expenses 286,748 244,050 291,251 342,291 420,175 449,066
i)Selling & distribution expenses 96,671 103,827 134,850 145,287 170,966 141,402
ii)Administrative and other expenses 190,077 140,223 156,401 197,004 249,209 307,664
5.Other income / (loss) 33,049 59,251 46,393 63,633 82,049 55,263
6.EBIT (F3-F4+F5) 204,881 196,226 181,751 180,116 (16,821) (158,738)
7.Financial expenses 139,261 126,376 117,741 121,530 178,715 213,533
of which: (i) Interest expenses 136,746 115,697 112,819 114,988 170,642 207,934
8.Profit / (loss) before taxation (F6-F7) 65,620 69,850 64,010 58,586 (195,536) (372,271)
9.Tax expenses 38,861 69,651 47,166 53,304 (8) (10,752)
10.Profit / (loss) after tax (F8-F9) 26,759 199 16,844 5,282 (195,528) (361,519)
11.Cash dividends 0 0 2,153 6,781 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 295,859 87,501 48,631 12,217 9,453 194,787
2.Net cash flows from investing activities (19,575) 5,724 17,349 (60,897) (104,609) (26,690)
3.Net cash flows from financing activities (268,038) 129,238 (105,662) 44,590 74,711 (107,815)
H.Miscellaneous
1.Total capital employed (C+D) 1,035,787 1,423,704 1,373,484 1,343,453 1,181,897 1,064,982
2.Retention in business (F10-F11-F12) 26,759 199 14,691 (1,499) (195,528) (361,519)
3.Depreciation for the year 66,903 78,807 88,932 83,367 79,888 85,518
4.Salaries, wages and employee benefits 194,634 216,971 242,990 274,139 260,517 242,477
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.23 0.01 0.70 0.18 -6.95 -15.23
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.83 0.78 0.78 0.90 0.84 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.03 0.01 0.55 0.16 -5.83 -10.66
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.88 2.54 2.41 2.55 2.81 3.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.96 0.02 1.32 0.41 -16.39 -35.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.49 0.02 1.56 0.49 -18.16 -33.59
268
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Diamond Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 413,238 289,775 271,688 253,096 240,293 265,414
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 444,253 452,461 444,230 444,230 442,124 268,286
3.Operating fixed assets after deducting accumulated depreciation 231,138 221,680 200,995 186,822 173,839 199,295
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 181,696 67,766 70,362 65,943 66,123 65,788
6.Other non-current assets 404 329 331 331 331 331
B.Current Assets (B1+B2+B3+B4+B5+B6) 701,399 630,131 459,502 170,931 145,739 136,079
1.Cash & bank balance 7,230 8,192 6,125 4,007 701 2,532
2.Inventories; of which 309,395 276,920 97,797 8,416 8,416 0
i)Raw material 158,754 136,488 91,775 8,416 8,416 0
ii)Work in progress 61,740 45,621 2,803 0 0 0
iii)Finished goods 88,901 94,811 3,219 0 0 0
3.Trade Debt / accounts receivables 61,642 29,426 71,177 17,775 4,227 1,511
4.Short term loans and advances 67,227 75,981 168,431 56,115 59,112 66,527
5.Short term investments 93,495 77,202 73,927 82,649 71,314 65,509
6.Other current assets 162,411 162,410 42,045 1,969 1,969 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,114,636 919,906 731,190 424,027 386,032 401,493
C.Shareholders' Equity (C1+C2+C3) 663,069 661,104 21,604 219,784 163,134 192,758
1.Issued, Subscribed & Paid up capital 90,000 90,000 90,000 90,000 90,000 90,000
i)Ordinary shares 90,000 90,000 90,000 90,000 90,000 90,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 401,228 408,360 (222,549) (16,484) (65,788) (61,678)
i)Capital Reserve 63,022 27,586 21,828 30,549 22,501 22,501
ii)Revenue Reserve 338,206 380,774 (244,377) (47,033) (88,289) (84,179)
of which: un-appropriated profit(loss) / retained earnings 338,206 380,774 (244,377) (47,033) (88,289) (84,179)
3.Surplus on revaluation of fixed assets 171,841 162,744 154,153 146,268 138,922 164,436
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 31,683 69,277 78,879 26,134 58,679 56,898
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 16,113 21,799 27,891 0 0 0
5.Other non-current liabilities 15,569 47,478 50,988 26,134 58,679 56,898
E.Current Liabilities (E1+E2+E3+E4) 419,885 189,525 630,707 178,109 164,219 151,837
1.Trade credit & other accounts payables 63,221 63,760 524,276 37,707 26,488 12,378
of which: i) Trade credits 16,750 7,449 141,476 19,781 8,886 2,096
2.Short term borrowings 349,331 109,240 97,402 138,978 137,298 137,298
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 7,333 16,525 9,029 1,424 433 2,161
F.Operations:
1.Sales 637,194 774,114 940,884 96,742 0 9,230
i)Local sales (Net) 637,194 774,114 940,884 96,742 0 9,230
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 546,872 643,055 937,463 93,896 0 8,416
i)Cost of material 566,573 569,907 737,855 87,873 0 8,416
3.Gross profit / (loss) (F1-F2) 90,322 131,059 3,421 2,846 0 814
4.General, administrative and other expenses 101,133 93,592 621,193 29,441 30,946 22,019
i)Selling & distribution expenses 58,007 51,946 104,542 0 0 0
ii)Administrative and other expenses 43,125 41,646 516,651 29,441 30,946 22,019
5.Other income / (loss) (3,679) 54,555 9,004 19,848 18,180 31,503
6.EBIT (F3-F4+F5) (14,490) 92,022 (608,768) (6,747) (12,766) 10,298
7.Financial expenses 32,003 9,619 11,434 1,797 4 3
of which: (i) Interest expenses 31,977 9,338 10,700 1,676 0 0
8.Profit / (loss) before taxation (F6-F7) (46,492) 82,403 (620,202) (8,544) (12,770) 10,295
9.Tax expenses 10,931 48,934 13,539 (23,209) 15,504 2,064
10.Profit / (loss) after tax (F8-F9) (57,423) 33,469 (633,741) 14,665 (28,274) 8,231
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (159,576) 93,206 1,444 (48,599) (1,626) (12,006)
2.Net cash flows from investing activities (18,865) 147,846 8,329 4,905 0 13,837
3.Net cash flows from financing activities 179,523 (240,090) (11,839) 41,577 (1,680) 0
H.Miscellaneous
1.Total capital employed (C+D) 694,752 730,381 100,483 245,918 221,813 249,656
2.Retention in business (F10-F11-F12) (57,423) 33,469 (633,741) 14,665 (28,274) 8,231
3.Depreciation for the year 12,924 18,118 16,987 14,187 12,983 0
4.Salaries, wages and employee benefits 67,845 86,670 91,478 7,860 13,200 15,600
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -9.01 4.32 -67.36 15.16 - 89.18
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.66 0.76 1.14 0.17 0.00 0.02
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -5.91 3.29 -76.77 2.54 -6.98 2.09
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.56 1.54 2.42 4.79 2.12 2.21
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -9.23 5.06 -185.66 12.15 -14.77 4.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.38 3.72 -70.42 1.63 -3.14 0.91
269
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dost Steels Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,039,611 2,423,868 2,376,954 2,664,199 2,638,898 2,615,990
1.Capital work in progress 1,863,874 2,245,869 2,198,826 4,022 0 0
2.Operating fixed assets at cost 171,187 175,166 176,984 2,643,560 2,646,769 2,645,656
3.Operating fixed assets after deducting accumulated depreciation 160,491 163,679 164,218 2,619,296 2,597,017 2,574,802
4.Intangible assets 0 0 0 0 1,000 667
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 15,246 14,320 13,910 40,881 40,881 40,521
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,203 15,455 787,369 470,046 144,303 76,020
1.Cash & bank balance 67 6,505 781,200 31,492 1,887 903
2.Inventories; of which 0 0 0 256,502 47,536 31,708
i)Raw material 0 0 0 120,913 4,781 4,781
ii)Work in progress 0 0 0 19,429 18,910 17,955
iii)Finished goods 0 0 0 116,160 23,845 8,972
3.Trade Debt / accounts receivables 0 0 0 112,744 46,397 6,417
4.Short term loans and advances 6,455 3,895 3,387 52,542 8,467 2,035
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,681 5,055 2,782 16,766 40,016 34,957
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,048,814 2,439,323 3,164,323 3,134,245 2,783,201 2,692,010
C.Shareholders' Equity (C1+C2+C3) 203,339 173,651 1,209,846 1,106,750 792,527 551,421
1.Issued, Subscribed & Paid up capital 674,645 674,645 3,157,338 3,157,338 3,157,338 3,157,338
i)Ordinary shares 674,645 674,645 3,157,338 3,157,338 3,157,338 3,157,338
ii)Preference shares 0 0 0 0 0 0
2.Reserves (471,306) (500,994) (1,947,492) (2,050,588) (2,364,811) (2,605,917)
i)Capital Reserve 0 0 (1,365,481) (1,365,481) (1,365,481) (1,365,481)
ii)Revenue Reserve (471,306) (500,994) (582,011) (685,107) (999,330) (1,240,436)
of which: un-appropriated profit(loss) / retained earnings (471,306) (500,994) (582,011) (685,107) (999,330) (1,240,436)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,385,129 2,135,118 1,793,012 1,793,429 1,722,134 1,656,769
1.Long term borrowings 838,188 1,518,304 1,173,829 1,141,226 1,092,550 1,022,687
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 705 1,874 4,243 37,263 14,644 19,142
5.Other non-current liabilities 546,236 614,940 614,940 614,940 614,940 614,940
E.Current Liabilities (E1+E2+E3+E4) 460,346 130,554 161,465 234,066 268,540 483,820
1.Trade credit & other accounts payables 29,830 29,986 23,233 85,227 88,617 84,707
of which: i) Trade credits 23,802 11,096 4,365 34,013 25,112 42,121
2.Short term borrowings 337,396 45,692 112,395 94,481 94,394 159,349
3.Current portion of non-current liabilities 93,120 54,876 21,621 41,344 59,891 129,754
4.Other current liabilities 0 0 4,216 13,014 25,638 110,010
F.Operations:
1.Sales 0 0 0 375,626 576,658 11,270
i)Local sales (Net) 0 0 0 375,626 576,658 11,270
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 359,333 684,938 60,986
i)Cost of material 0 0 0 (10,000) 436,629 0
3.Gross profit / (loss) (F1-F2) 0 0 0 16,293 (108,280) (49,716)
4.General, administrative and other expenses 23,871 30,675 87,472 83,677 151,748 103,464
i)Selling & distribution expenses 0 0 0 490 477 96
ii)Administrative and other expenses 23,871 30,675 87,472 83,187 151,271 103,368
5.Other income / (loss) 84 671 6,150 20,932 1,604 4,258
6.EBIT (F3-F4+F5) (23,787) (30,004) (81,322) (46,452) (258,424) (148,922)
7.Financial expenses 75,413 109 168 21,175 78,081 92,015
of which: (i) Interest expenses 75,380 0 0 18,387 77,862 91,943
8.Profit / (loss) before taxation (F6-F7) (99,200) (30,113) (81,490) (67,627) (336,505) (240,937)
9.Tax expenses 0 0 0 35,549 (23,197) 169
10.Profit / (loss) after tax (F8-F9) (99,200) (30,113) (81,490) (103,176) (313,308) (241,106)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (17,770) (30,821) (138,632) (457,462) (532) (14,260)
2.Net cash flows from investing activities (3,539) (312,909) 107,141 (279,366) 1,144 368
3.Net cash flows from financing activities 21,002 350,168 806,185 (12,880) (30,216) 12,907
H.Miscellaneous
1.Total capital employed (C+D) 1,588,468 2,308,769 3,002,858 2,900,179 2,514,661 2,208,190
2.Retention in business (F10-F11-F12) (99,200) (30,113) (81,490) (103,176) (313,308) (241,106)
3.Depreciation for the year 553 792 1,279 11,498 26,807 22,102
4.Salaries, wages and employee benefits 7,378 5,893 28,335 60,943 156,229 69,848
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - -27.47 -54.33 -2,139.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.12 0.19 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.84 -1.34 -2.91 -3.28 -10.59 -8.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 8.05 11.91 4.05 2.72 3.12 4.07
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -38.98 -15.98 -11.78 -8.91 -32.99 -35.88
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.47 -0.45 -0.26 -0.33 -0.99 -0.76
270
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Eco Pack Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,062,558 1,025,634 1,010,987 1,381,721 1,463,845 1,426,356
1.Capital work in progress 0 15,086 12,025 15,888 16,695 935
2.Operating fixed assets at cost 2,046,742 1,944,564 2,004,113 2,396,517 2,586,677 2,719,393
3.Operating fixed assets after deducting accumulated depreciation 1,055,461 999,085 989,248 1,346,684 1,410,177 1,407,107
4.Intangible assets 1,033 5,399 6,492 7,402 6,623 6,105
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 6,064 6,064 3,222 11,747 30,350 12,209
B.Current Assets (B1+B2+B3+B4+B5+B6) 618,037 671,674 690,979 999,833 1,102,483 729,134
1.Cash & bank balance 38,118 59,858 22,942 79,733 35,513 20,278
2.Inventories; of which 202,785 241,424 246,650 224,659 324,830 235,808
i)Raw material 79,471 121,160 116,087 76,647 84,001 89,057
ii)Work in progress 83,158 46,824 63,558 132,514 198,170 99,846
iii)Finished goods 40,156 76,968 70,533 15,498 42,659 46,905
3.Trade Debt / accounts receivables 216,664 158,308 149,400 454,623 402,706 214,694
4.Short term loans and advances 26,992 49,887 53,748 61,510 123,641 31,183
5.Short term investments 0 0 36,000 0 0 0
6.Other current assets 133,478 162,197 182,239 179,308 215,793 227,171
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,680,595 1,697,308 1,701,966 2,381,554 2,566,328 2,155,490
C.Shareholders' Equity (C1+C2+C3) 522,504 637,422 771,249 868,294 907,422 804,629
1.Issued, Subscribed & Paid up capital 229,770 229,770 287,212 301,573 346,809 381,489
i)Ordinary shares 229,770 229,770 287,212 301,573 346,809 381,489
ii)Preference shares 0 0 0 0 0 0
2.Reserves 129,109 249,747 308,150 405,169 415,651 284,558
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 129,109 249,747 308,150 405,169 415,651 284,558
of which: un-appropriated profit(loss) / retained earnings 129,109 249,747 308,150 405,169 415,651 284,558
3.Surplus on revaluation of fixed assets 163,625 157,905 175,887 161,552 144,962 138,582
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 499,721 451,054 411,471 563,948 558,291 525,361
1.Long term borrowings 323,094 247,379 149,906 325,194 268,604 290,599
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 66,981 75,821 92,319 106,325 125,695 104,884
5.Other non-current liabilities 109,646 127,854 169,246 132,429 163,992 129,878
E.Current Liabilities (E1+E2+E3+E4) 658,370 608,832 519,246 949,312 1,100,615 825,500
1.Trade credit & other accounts payables 271,862 183,735 165,716 297,614 203,452 239,665
of which: i) Trade credits 238,180 114,632 121,451 237,527 132,214 160,753
2.Short term borrowings 287,994 343,697 241,898 484,941 737,682 525,209
3.Current portion of non-current liabilities 87,020 75,713 111,172 165,455 156,954 57,907
4.Other current liabilities 11,494 5,687 460 1,302 2,527 2,719
F.Operations:
1.Sales 1,847,868 2,097,028 2,205,360 3,312,401 4,074,873 3,053,947
i)Local sales (Net) 1,847,868 2,097,028 2,205,360 3,312,401 4,074,873 3,053,947
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,562,629 1,748,506 1,848,006 2,949,201 3,689,056 2,905,983
i)Cost of material 1,094,324 1,231,365 1,318,046 2,261,731 2,979,983 2,068,386
3.Gross profit / (loss) (F1-F2) 285,239 348,522 357,354 363,200 385,817 147,964
4.General, administrative and other expenses 141,577 159,550 190,821 203,868 170,047 154,080
i)Selling & distribution expenses 66,355 39,677 64,113 23,771 27,397 27,878
ii)Administrative and other expenses 75,222 119,873 126,708 180,097 142,650 126,202
5.Other income / (loss) 15,204 17,918 37,691 39,800 20,149 18,448
6.EBIT (F3-F4+F5) 158,866 206,890 204,224 199,132 235,919 12,332
7.Financial expenses 103,987 70,034 54,302 66,821 127,088 157,213
of which: (i) Interest expenses 99,876 44,162 33,653 52,380 111,448 0
8.Profit / (loss) before taxation (F6-F7) 54,879 136,856 149,922 132,311 108,831 (144,881)
9.Tax expenses 28,404 34,938 44,061 8,855 34,020 (41,181)
10.Profit / (loss) after tax (F8-F9) 26,475 101,918 105,861 123,456 74,811 (103,700)
11.Cash dividends 0 0 28,721 30,157 17,340 0
12.Bonus shares / stock dividends 0 57,443 14,361 15,079 34,681 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (39,884) 134,986 234,016 77,422 71,980 439,442
2.Net cash flows from investing activities (78,816) (81,927) (66,459) (103,279) (191,635) (98,488)
3.Net cash flows from financing activities 174,946 (87,022) (66,674) 81,511 79,424 (383,195)
H.Miscellaneous
1.Total capital employed (C+D) 1,022,225 1,088,476 1,182,720 1,432,242 1,465,713 1,329,990
2.Retention in business (F10-F11-F12) 26,475 44,476 62,779 78,220 22,790 (103,700)
3.Depreciation for the year 94,640 99,034 107,159 118,643 132,397 134,546
4.Salaries, wages and employee benefits 179,185 195,348 228,176 266,271 290,963 276,630
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.43 4.86 4.80 3.73 1.84 -3.40
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.11 1.24 1.30 1.62 1.65 1.29
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.58 6.03 6.23 6.05 3.02 -4.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.60 2.91 2.41 2.49 2.79 2.76
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.71 17.57 15.03 15.06 8.43 -12.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.15 4.44 3.69 4.09 2.16 -2.72
271
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Emco Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,186,369 1,353,520 1,495,015 1,185,475 1,233,078 1,415,633
1.Capital work in progress 18,014 33,526 30,389 11,673 0 377
2.Operating fixed assets at cost 2,573,845 2,819,931 3,021,587 2,269,851 2,233,029 2,513,214
3.Operating fixed assets after deducting accumulated depreciation 1,164,054 1,315,165 1,437,944 1,131,168 1,149,255 1,362,289
4.Intangible assets 1,998 2,675 2,520 2,240 1,961 1,682
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,303 2,154 24,162 40,394 81,862 51,285
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,015,980 921,680 1,013,178 1,163,329 1,224,386 1,275,529
1.Cash & bank balance 6,699 8,856 2,559 10,135 5,273 43,950
2.Inventories; of which 369,573 381,895 426,127 376,764 449,783 610,422
i)Raw material 107,088 188,580 145,722 161,233 174,742 303,837
ii)Work in progress 30,572 21,296 29,735 49,737 51,773 69,306
iii)Finished goods 231,913 172,019 250,670 165,794 207,787 237,280
3.Trade Debt / accounts receivables 379,227 292,247 350,931 300,911 533,533 366,067
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 260,481 238,682 233,561 475,519 235,797 255,090
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,202,349 2,275,200 2,508,193 2,348,804 2,457,464 2,691,162
C.Shareholders' Equity (C1+C2+C3) 554,134 767,711 992,625 1,016,126 1,165,822 1,473,576
1.Issued, Subscribed & Paid up capital 350,000 350,000 350,000 350,000 350,000 350,000
i)Ordinary shares 350,000 350,000 350,000 350,000 350,000 350,000
ii)Preference shares - - 0 0 0 0
2.Reserves (378,326) (328,692) (277,908) (224,679) 57,968 197,441
i)Capital Reserve 155,608 155,607 155,607 155,607 155,607 155,607
ii)Revenue Reserve (533,934) (484,299) (433,515) (380,286) (97,639) 41,834
of which: un-appropriated profit(loss) / retained earnings (623,935) (574,299) (523,515) (470,286) (187,639) (48,166)
3.Surplus on revaluation of fixed assets 582,460 746,403 920,533 890,805 757,854 926,135
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 379,922 364,626 471,469 396,657 294,750 306,257
1.Long term borrowings 279,586 238,885 331,989 315,810 237,092 218,597
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 36,852 34,855 37,851 45,419 57,658 64,031
5.Other non-current liabilities 63,484 90,886 101,629 35,428 0 23,629
E.Current Liabilities (E1+E2+E3+E4) 1,268,294 1,142,863 1,044,099 936,021 996,892 911,329
1.Trade credit & other accounts payables 315,914 263,501 330,908 241,050 271,981 272,259
of which: i) Trade credits 156,342 147,435 180,163 136,667 144,782 135,928
2.Short term borrowings 715,920 645,460 492,719 537,413 614,434 547,187
3.Current portion of non-current liabilities 75,895 62,567 87,868 70,643 66,847 65,012
4.Other current liabilities 160,565 171,335 132,604 86,915 43,630 26,871
F.Operations:
1.Sales 782,867 1,058,447 1,006,698 1,147,897 1,385,893 1,598,033
i)Local sales (Net) 738,530 1,044,628 985,428 1,094,980 1,364,202 1,555,915
ii)Export sales (Net) 44,337 13,819 21,270 52,917 21,691 42,118
2.Cost of sales 680,084 868,716 781,725 991,035 1,038,364 1,218,460
i)Cost of material 304,524 341,565 361,860 375,906 451,427 497,696
3.Gross profit / (loss) (F1-F2) 102,783 189,731 224,973 156,862 347,529 379,573
4.General, administrative and other expenses 139,503 84,801 129,047 182,982 177,180 124,545
i)Selling & distribution expenses 59,146 25,886 51,357 25,130 27,753 30,876
ii)Administrative and other expenses 80,357 58,915 77,690 157,852 149,427 93,669
5.Other income / (loss) 19,863 11,012 30,755 63,135 50,169 5,429
6.EBIT (F3-F4+F5) (16,857) 115,942 126,681 37,015 220,518 260,457
7.Financial expenses 92,226 78,292 59,033 61,946 81,772 97,378
of which: (i) Interest expenses 88,998 73,688 56,405 59,585 76,710 94,792
8.Profit / (loss) before taxation (F6-F7) (109,083) 37,650 67,648 (24,931) 138,746 163,079
9.Tax expenses (11,215) 10,428 38,528 (60,881) (5,794) 45,179
10.Profit / (loss) after tax (F8-F9) (97,868) 27,222 29,120 35,950 144,540 117,900
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (140,756) 158,534 76,219 10,830 (63,944) 199,234
2.Net cash flows from investing activities (14,594) (34,238) (20,138) 38,725 81,314 (53,369)
3.Net cash flows from financing activities 160,195 (122,139) (62,378) (41,980) (22,231) (107,188)
H.Miscellaneous
1.Total capital employed (C+D) 934,056 1,132,337 1,464,094 1,412,783 1,460,572 1,779,833
2.Retention in business (F10-F11-F12) (97,868) 27,222 29,120 35,950 144,540 117,900
3.Depreciation for the year 78,315 78,789 82,374 82,164 71,998 74,877
4.Salaries, wages and employee benefits 221,758 256,939 280,178 295,533 319,995 371,590
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -12.50 2.57 2.89 3.13 10.43 7.38
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.36 0.47 0.42 0.47 0.58 0.62
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.53 1.22 1.22 1.48 6.01 4.58
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.00 3.39 2.72 2.42 2.20 1.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -18.09 4.12 3.31 3.58 13.25 8.93
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.80 0.78 0.83 1.03 4.13 3.37
272
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fateh Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 24,525 22,336 20,489 18,415 16,750 15,460
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 177,349 177,349 177,553 177,553 177,553 177,553
3.Operating fixed assets after deducting accumulated depreciation 23,805 21,556 19,761 17,998 16,440 15,061
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 720 780 728 417 310 399
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 31,898 31,076 29,508 38,008 30,164 41,622
1.Cash & bank balance 5,789 1,514 3,337 954 2,674 6,295
2.Inventories; of which 15,160 11,945 3,385 10,964 5,268 18,618
i)Raw material 155 1,064 942 362 0 18,618
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 15,005 10,881 2,443 10,602 5,268 0
3.Trade Debt / accounts receivables 809 5,731 17,442 20,510 6,938 13,931
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,140 11,886 5,344 5,580 15,284 2,778
Total Assets (A+B) / Equity & Liabilities (C+D+E) 56,423 53,412 49,997 56,423 46,914 57,082
C.Shareholders' Equity (C1+C2+C3) (226,675) (235,511) (236,359) (240,412) (251,045) (75,245)
1.Issued, Subscribed & Paid up capital 20,000 20,000 20,000 20,000 20,000 20,000
i)Ordinary shares 20,000 20,000 20,000 20,000 20,000 20,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (246,675) (255,511) (256,359) (260,412) (271,045) (95,245)
i)Capital Reserve 702 763 710 400 293 382
ii)Revenue Reserve (247,377) (256,274) (257,069) (260,812) (271,338) (95,627)
of which: un-appropriated profit(loss) / retained earnings (247,377) (256,274) (257,069) (260,812) (271,338) (95,627)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 283,098 288,923 286,356 296,835 297,959 132,327
1.Trade credit & other accounts payables 110,084 115,846 185,962 195,943 174,997 120,576
of which: i) Trade credits 909 3,125 5,957 26,644 18,686 12,943
2.Short term borrowings 173,014 173,014 100,220 100,622 122,548 11,134
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 63 174 270 414 617
F.Operations:
1.Sales 77,664 113,699 135,322 39,706 30,812 27,400
i)Local sales (Net) 3,487 6,607 73,226 4,957 11,467 13,418
ii)Export sales (Net) 74,177 107,092 62,096 34,749 19,345 13,982
2.Cost of sales 76,303 104,197 67,834 36,570 28,755 25,418
i)Cost of material 67,298 88,155 52,868 28,072 21,748 15,342
3.Gross profit / (loss) (F1-F2) 1,361 9,502 67,488 3,136 2,057 1,982
4.General, administrative and other expenses 9,928 12,032 6,132 5,328 8,371 6,430
i)Selling & distribution expenses 3,086 4,221 1,186 1,472 1,301 1,769
ii)Administrative and other expenses 6,842 7,811 4,946 3,856 7,070 4,661
5.Other income / (loss) 4,186 (4,463) 911 (1,146) (3,682) 182,827
6.EBIT (F3-F4+F5) (4,381) (6,993) 62,267 (3,338) (9,996) 178,379
7.Financial expenses 276 781 395 102 144 544
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (4,657) (7,774) 61,872 (3,440) (10,140) 177,835
9.Tax expenses 942 1,122 570 303 385 2,125
10.Profit / (loss) after tax (F8-F9) (5,599) (8,896) 61,302 (3,743) (10,525) 175,710
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 6,903 (4,294) (7,889) (2,808) (20,234) 115,009
2.Net cash flows from investing activities (3,633) 18 (181) 23 28 27
3.Net cash flows from financing activities 0 0 9,894 402 21,925 (111,414)
H.Miscellaneous
1.Total capital employed (C+D) (226,675) (235,511) (236,359) (240,412) (251,045) (75,245)
2.Retention in business (F10-F11-F12) (5,599) (8,896) 61,302 (3,743) (10,525) 175,710
3.Depreciation for the year 1,946 2,249 1,999 1,763 1,558 1,379
4.Salaries, wages and employee benefits 0 0 10,125 5,484 4,993 6,777
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.21 -7.82 45.30 -9.43 -34.16 641.28
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.50 2.26 2.62 0.75 0.60 0.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -10.80 -17.68 118.56 -7.03 -20.37 337.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.23 -0.22 -0.22 -0.22 -0.21 -0.32
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.50 3.90 -25.98 1.57 4.28 -107.70
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.80 -4.45 30.65 -1.87 -5.26 87.86
273
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

GOC (Pak) Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 74,372 70,142 74,674 85,085 93,541 105,324
1.Capital work in progress 80 80 0 0 8,374 19,857
2.Operating fixed assets at cost 94,808 95,268 104,432 119,051 126,618 135,509
3.Operating fixed assets after deducting accumulated depreciation 45,296 41,223 45,586 57,723 58,524 60,243
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 28,347 28,189 27,963 26,235 25,458 24,039
6.Other non-current assets 650 650 1,125 1,127 1,185 1,185
B.Current Assets (B1+B2+B3+B4+B5+B6) 210,362 239,659 221,079 241,790 285,396 292,586
1.Cash & bank balance 33,337 48,781 24,007 58,260 39,029 47,820
2.Inventories; of which 119,136 128,658 119,894 126,212 142,849 139,420
i)Raw material 21,879 32,441 23,483 19,493 26,542 31,422
ii)Work in progress 64,264 74,201 67,449 67,302 64,132 79,556
iii)Finished goods 32,994 22,016 28,962 39,417 52,175 28,443
3.Trade Debt / accounts receivables 22,629 16,756 30,496 10,958 58,382 61,406
4.Short term loans and advances 17,143 24,474 17,356 20,475 21,926 15,139
5.Short term investments 0 0 0 0 0 0
6.Other current assets 18,117 20,990 29,326 25,885 23,210 28,801
Total Assets (A+B) / Equity & Liabilities (C+D+E) 284,734 309,801 295,753 326,875 378,937 397,910
C.Shareholders' Equity (C1+C2+C3) 233,967 257,283 253,787 275,211 339,306 343,509
1.Issued, Subscribed & Paid up capital 73,493 73,494 73,494 73,494 73,494 73,494
i)Ordinary shares 73,493 73,494 73,494 73,494 73,494 73,494
ii)Preference shares 0 0 0 0 0 0
2.Reserves 160,473 183,789 180,293 201,717 265,812 270,015
i)Capital Reserve 0 0 1,503 1,415 1,343 1,310
ii)Revenue Reserve 160,473 183,789 178,790 200,302 264,469 268,705
of which: un-appropriated profit(loss) / retained earnings 0 0 74,334 95,846 160,014 164,250
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 50,767 52,518 41,966 51,664 39,631 54,401
1.Trade credit & other accounts payables 48,748 49,337 39,130 47,617 38,649 53,299
of which: i) Trade credits 15,566 12,614 10,994 13,891 21,566 40,482
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 2,019 3,181 2,836 4,047 982 1,102
F.Operations:
1.Sales 243,130 264,790 214,442 239,095 305,077 256,996
i)Local sales (Net) 10,656 8,205 8,547 8,698 5,487 5,268
ii)Export sales (Net) 232,474 256,585 205,895 230,397 299,590 251,728
2.Cost of sales 164,864 177,480 150,304 157,764 192,918 171,261
i)Cost of material 111,225 95,485 78,628 79,720 96,831 62,688
3.Gross profit / (loss) (F1-F2) 78,266 87,310 64,138 81,331 112,159 85,735
4.General, administrative and other expenses 40,281 46,433 50,679 50,370 59,993 68,504
i)Selling & distribution expenses 10,378 12,601 10,570 11,080 12,190 10,541
ii)Administrative and other expenses 29,903 33,832 40,109 39,290 47,803 57,963
5.Other income / (loss) 401 1,669 1,100 (230) 23,656 5,301
6.EBIT (F3-F4+F5) 38,387 42,546 14,559 30,731 75,822 22,532
7.Financial expenses 616 1,127 607 663 832 1,014
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 37,771 41,419 13,952 30,068 74,990 21,518
9.Tax expenses 1,346 3,512 2,125 3,769 3,459 2,639
10.Profit / (loss) after tax (F8-F9) 36,424 37,907 11,827 26,299 71,531 18,879
11.Cash dividends 14,699 15,434 4,777 7,349 14,699 7,349
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 31,128 29,411 (367) 57,254 4,206 41,926
2.Net cash flows from investing activities (8,275) 250 (8,626) (18,240) (16,163) (18,557)
3.Net cash flows from financing activities (51) (14,218) (15,780) (4,760) (7,275) (14,577)
H.Miscellaneous
1.Total capital employed (C+D) 233,967 257,283 253,787 275,211 339,306 343,509
2.Retention in business (F10-F11-F12) 21,726 22,473 7,050 18,950 56,832 11,530
3.Depreciation for the year 5,995 5,404 5,446 6,853 8,170 8,098
4.Salaries, wages and employee benefits 70,174 79,008 73,377 80,605 91,811 97,263
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.98 14.32 5.52 11.00 23.45 7.35
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.93 0.89 0.71 0.77 0.86 0.66
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.90 12.75 3.91 8.45 20.27 4.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.21 1.21 1.18 1.18 1.15 1.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.88 15.43 4.63 9.94 23.28 5.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.96 5.16 1.61 3.58 9.73 2.57
274
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gillette Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 616 616 616 616 616 32,859
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 0 0 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 0 0 0 0 0 0
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 616 616 616 616 616 32,859
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,597,431 1,065,436 1,431,217 845,966 1,189,379 1,429,724
1.Cash & bank balance 166,576 13,920 13,864 1,092 5,625 14,558
2.Inventories; of which 650,445 565,767 582,269 382,081 326,792 511,860
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 650,445 565,767 582,269 382,081 326,792 511,860
3.Trade Debt / accounts receivables 241,018 192,618 248,020 168,062 156,356 193,290
4.Short term loans and advances 471 9,664 2,945 0 0 0
5.Short term investments 0 186,538 94,536 5,000 557,312 478,957
6.Other current assets 538,921 96,929 489,583 289,731 143,294 231,059
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,598,047 1,066,052 1,431,833 846,582 1,189,995 1,462,583
C.Shareholders' Equity (C1+C2+C3) 838,099 716,585 521,946 532,350 641,914 782,269
1.Issued, Subscribed & Paid up capital 192,000 192,000 192,000 192,000 192,000 192,000
i)Ordinary shares 192,000 192,000 192,000 192,000 192,000 192,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 646,099 524,585 329,946 340,350 449,914 590,269
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 646,099 524,585 329,946 340,350 449,914 590,269
of which: un-appropriated profit(loss) / retained earnings 646,099 524,585 329,946 340,350 449,914 590,269
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,360 6,080 9,166 10,725 11,572 46,097
1.Long term borrowings 0 0 0 0 0 25,781
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 4,360 6,080 9,166 10,725 11,572 20,316
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 755,588 343,387 900,721 303,507 536,509 634,217
1.Trade credit & other accounts payables 755,588 343,387 886,958 96,859 449,186 517,012
of which: i) Trade credits 605,665 221,809 697,202 0 235,245 377,374
2.Short term borrowings 0 0 0 144,774 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 9,661
4.Other current liabilities 0 0 13,763 61,874 87,323 107,544
F.Operations:
1.Sales 2,079,790 1,902,154 1,834,575 1,828,717 1,962,721 1,971,294
i)Local sales (Net) 2,079,790 1,902,154 1,834,575 1,804,020 1,962,721 1,971,294
ii)Export sales (Net) 0 0 0 24,697 0 0
2.Cost of sales 1,551,442 1,472,853 1,506,003 1,233,559 1,310,766 1,313,194
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 528,348 429,301 328,572 595,158 651,955 658,100
4.General, administrative and other expenses 376,238 383,124 423,534 472,570 416,135 360,650
i)Selling & distribution expenses 313,440 291,378 302,272 336,221 328,538 287,045
ii)Administrative and other expenses 62,798 91,746 121,262 136,349 87,597 73,605
5.Other income / (loss) 80,390 28,344 11,562 2,910 30,244 59,972
6.EBIT (F3-F4+F5) 232,500 74,521 (83,400) 125,498 266,064 357,422
7.Financial expenses 95 27 17 8,930 7,593 5,891
of which: (i) Interest expenses 0 0 0 8,679 7,376 5,530
8.Profit / (loss) before taxation (F6-F7) 232,405 74,494 (83,417) 116,568 258,471 351,531
9.Tax expenses 115,808 103,817 110,045 112,246 94,078 12,407
10.Profit / (loss) after tax (F8-F9) 116,597 (29,323) (193,462) 4,322 164,393 339,124
11.Cash dividends 96,000 0 0 24,000 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 72,772 (337,658) (108,500) (235,824) 694,551 (64,582)
2.Net cash flows from investing activities 34,618 18,972 11,442 1,600 27,593 (199,864)
3.Net cash flows from financing activities 0 (82,841) 0 (12,858) (20,525) (64,976)
H.Miscellaneous
1.Total capital employed (C+D) 842,459 722,665 531,112 543,075 653,486 828,366
2.Retention in business (F10-F11-F12) 20,597 (29,323) (193,462) (19,678) 164,393 339,124
3.Depreciation for the year 0 0 0 0 0 1,233
4.Salaries, wages and employee benefits 79,037 73,915 10,279 35,805 60,548 71,662
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.61 -1.54 -10.55 0.24 8.38 17.20
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.39 1.43 1.47 1.61 1.93 1.49
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.82 -2.20 -15.49 0.38 16.14 25.57
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.91 1.71 2.02 2.16 1.73 1.86
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.97 -3.77 -31.24 0.82 28.00 47.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.07 -1.53 -10.08 0.23 8.56 17.66
275
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Goodluck Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 213,451 210,208 366,812 356,691 347,551 342,637
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 245,545 247,425 408,878 409,129 409,391 413,331
3.Operating fixed assets after deducting accumulated depreciation 213,096 209,853 366,451 356,330 347,190 342,274
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 355 355 361 361 361 363
B.Current Assets (B1+B2+B3+B4+B5+B6) 39,396 43,159 46,764 49,368 58,809 62,461
1.Cash & bank balance 11,533 5,168 4,002 5,386 19,675 9,041
2.Inventories; of which 12,593 18,819 6,778 14,110 3,326 36,053
i)Raw material 10,775 18,083 2,246 8,407 1,229 28,944
ii)Work in progress 0 0 2,876 4,398 376 4,142
iii)Finished goods 1,818 736 1,656 1,305 1,721 2,967
3.Trade Debt / accounts receivables 6,925 9,052 25,328 19,156 24,062 9,164
4.Short term loans and advances 585 2,085 585 585 585 585
5.Short term investments 0 0 0 0 0 0
6.Other current assets 7,761 8,035 10,071 10,131 11,161 7,618
Total Assets (A+B) / Equity & Liabilities (C+D+E) 252,847 253,367 413,576 406,059 406,360 405,098
C.Shareholders' Equity (C1+C2+C3) 226,935 226,152 367,194 369,559 373,104 373,680
1.Issued, Subscribed & Paid up capital 3,000 3,000 3,000 3,000 3,000 3,000
i)Ordinary shares 3,000 3,000 3,000 3,000 3,000 3,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 33,743 35,645 37,314 45,483 54,347 60,540
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 33,743 35,645 37,314 45,483 54,347 60,540
of which: un-appropriated profit(loss) / retained earnings 33,743 35,645 37,314 45,483 54,347 60,540
3.Surplus on revaluation of fixed assets 190,192 187,507 326,880 321,076 315,757 310,140
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 21,522 22,665 36,629 33,410 29,174 27,617
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 7,939 9,538 5,984 7,062 8,254 7,930
5.Other non-current liabilities 13,583 13,127 30,645 26,348 20,920 19,687
E.Current Liabilities (E1+E2+E3+E4) 4,390 4,550 9,753 3,090 4,082 3,801
1.Trade credit & other accounts payables 3,086 3,052 8,195 1,408 2,276 1,888
of which: i) Trade credits 1,975 2,095 2,266 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,303 1,498 1,558 1,682 1,806 1,913
F.Operations:
1.Sales 762,260 871,085 786,490 843,666 896,780 859,757
i)Local sales (Net) 762,260 871,085 786,490 843,666 896,780 859,757
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 746,811 856,285 773,455 827,050 879,268 840,800
i)Cost of material 711,757 823,269 746,054 790,336 833,326 801,117
3.Gross profit / (loss) (F1-F2) 15,449 14,800 13,035 16,616 17,512 18,957
4.General, administrative and other expenses 9,177 10,728 10,602 12,705 14,142 15,793
i)Selling & distribution expenses 145 83 120 56 151 91
ii)Administrative and other expenses 9,031 10,645 10,482 12,649 13,991 15,702
5.Other income / (loss) 0 0 0 0 0 0
6.EBIT (F3-F4+F5) 6,273 4,072 2,433 3,911 3,370 3,164
7.Financial expenses 125 15 4 18 19 8
of which: (i) Interest expenses 118 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 6,147 4,057 2,429 3,893 3,351 3,156
9.Tax expenses 1,925 2,994 3,127 1,418 (764) 2,120
10.Profit / (loss) after tax (F8-F9) 4,222 1,063 (698) 2,475 4,115 1,036
11.Cash dividends 1,500 525 1,008 1,020 1,005 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,000 (3,180) 1,910 2,379 15,447 (5,793)
2.Net cash flows from investing activities (2,490) (1,879) (2,610) (251) (262) (3,942)
3.Net cash flows from financing activities (542) (1,305) (465) (884) (895) (899)
H.Miscellaneous
1.Total capital employed (C+D) 248,457 248,817 403,823 402,969 402,278 401,297
2.Retention in business (F10-F11-F12) 2,722 538 (1,706) 1,455 3,110 1,036
3.Depreciation for the year 5,576 5,123 4,856 10,372 9,402 8,857
4.Salaries, wages and employee benefits 9,372 10,554 11,897 13,759 15,272 17,148
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.55 0.12 -0.09 0.29 0.46 0.12
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 3.02 3.44 2.36 2.06 2.21 2.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.67 0.42 -0.21 0.60 1.01 0.26
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.12 1.12 1.12 1.11 1.09 1.09
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.88 0.47 -0.24 0.67 1.11 0.28
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 14.07 3.54 -2.33 8.25 13.72 3.45
276
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hashimi Can Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - - - 90,048 89,994 13,254
1.Capital work in progress - - - 0 0 0
2.Operating fixed assets at cost - - - 104,612 104,612 15,474
3.Operating fixed assets after deducting accumulated depreciation - - - 89,303 89,249 12,509
4.Intangible assets - - - 0 0 0
5.Long term investments - - - 0 0 0
6.Other non-current assets - - - 745 745 745
B.Current Assets (B1+B2+B3+B4+B5+B6) - - - 13,110 13,110 112,957
1.Cash & bank balance - - - 27 27 101,457
2.Inventories; of which - - - 0 0 0
i)Raw material - - - 0 0 0
ii)Work in progress - - - 0 0 0
iii)Finished goods - - - 0 0 0
3.Trade Debt / accounts receivables - - - 2,130 2,130 2,130
4.Short term loans and advances - - - 10,178 10,178 0
5.Short term investments - - - 0 0 0
6.Other current assets - - - 775 775 9,370
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - - 103,158 103,104 126,211
C.Shareholders' Equity (C1+C2+C3) - - - (31,588) (36,110) 99,428
1.Issued, Subscribed & Paid up capital - - - 16,335 16,335 16,335
i)Ordinary shares - - - 16,335 16,335 16,335
ii)Preference shares - - - 0 0 0
2.Reserves - - - (124,153) (128,675) 83,093
i)Capital Reserve - - - 1,670 1,670 0
ii)Revenue Reserve - - - (125,823) (130,345) 83,093
of which: un-appropriated profit(loss) / retained earnings - - - (125,823) (130,345) 83,093
3.Surplus on revaluation of fixed assets - - - 76,230 76,230 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - - 72,726 77,219 0
1.Long term borrowings - - - 48,975 53,502 0
2.Subordinated loans / Sponsor's loans - - - 0 0 0
3.Debentures/TFCs (bonds payable) - - - 0 0 0
4.Employees benefit obligations - - - 23,751 23,717 0
5.Other non-current liabilities - - - 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - - - 62,020 61,995 26,783
1.Trade credit & other accounts payables - - - 47,810 47,785 2,586
of which: i) Trade credits - - - 35,549 35,549 0
2.Short term borrowings - - - 0 0 23,625
3.Current portion of non-current liabilities - - - 0 0 0
4.Other current liabilities - - - 14,210 14,210 572
F.Operations:
1.Sales - - - 0 0 0
i)Local sales (Net) - - - 0 0 0
ii)Export sales (Net) - - - 0 0 0
2.Cost of sales - - - 400 0 0
i)Cost of material - - - 0 0 0
3.Gross profit / (loss) (F1-F2) - - - (400) 0 0
4.General, administrative and other expenses - - - 284 4,522 1,971
i)Selling & distribution expenses - - - 0 0 0
ii)Administrative and other expenses - - - 284 4,522 1,971
5.Other income / (loss) - - - 0 0 137,510
6.EBIT (F3-F4+F5) - - - (684) (4,522) 135,539
7.Financial expenses - - - 0 0 0
of which: (i) Interest expenses - - - 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - - (684) (4,522) 135,539
9.Tax expenses - - - 0 0 0
10.Profit / (loss) after tax (F8-F9) - - - (684) (4,522) 135,539
11.Cash dividends - - - 0 0 0
12.Bonus shares / stock dividends - - - 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - - - (548) (4,492) (59,140)
2.Net cash flows from investing activities - - - 0 0 214,200
3.Net cash flows from financing activities - - - 548 4,492 (53,629)
H.Miscellaneous
1.Total capital employed (C+D) - - - 41,138 41,109 99,428
2.Retention in business (F10-F11-F12) - - - (684) (4,522) 135,539
3.Depreciation for the year - - - 61 55 49
4.Salaries, wages and employee benefits - - - 0 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - - 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - - -0.66 -4.43 118.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - - -3.27 -0.86 3.62
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - - 2.17 3.81 428.12
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - - -0.42 -2.77 82.97
277
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Huffaz Seamless Pipe Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 5,770,570 5,643,169 5,476,686 5,451,475 5,329,339 5,890,664
1.Capital work in progress 39,107 47,780 73,102 0 52,275 56,786
2.Operating fixed assets at cost 6,710,758 6,777,510 6,778,073 6,749,572 6,753,589 7,378,424
3.Operating fixed assets after deducting accumulated depreciation 5,722,651 5,586,911 5,394,131 5,201,352 5,028,007 5,585,473
4.Intangible assets 1,876 1,542 208 0 0 0
5.Long term investments 0 0 2,309 243,187 242,121 241,469
6.Other non-current assets 6,936 6,936 6,936 6,936 6,936 6,936
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,499,597 1,706,165 1,736,851 1,592,481 1,745,770 1,762,168
1.Cash & bank balance 5,787 104,273 68,147 40,951 10,428 4,576
2.Inventories; of which 901,281 1,258,474 1,272,776 1,211,228 1,470,640 1,582,744
i)Raw material 225,204 459,979 375,568 131,299 68,234 73,145
ii)Work in progress 259,734 122,975 161,085 38,023 61,620 102,972
iii)Finished goods 416,343 675,520 652,336 835,718 1,054,302 1,059,493
3.Trade Debt / accounts receivables 421,027 88,656 120,818 103,498 71,201 11,862
4.Short term loans and advances 13,798 24,120 34,311 46,319 28,950 25,708
5.Short term investments 0 0 0 0 0 0
6.Other current assets 157,704 230,642 240,799 190,485 164,551 137,278
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,270,167 7,349,334 7,213,537 7,043,956 7,075,109 7,652,832
C.Shareholders' Equity (C1+C2+C3) 4,734,907 4,822,191 4,843,925 5,056,253 5,054,439 5,582,556
1.Issued, Subscribed & Paid up capital 554,844 554,844 554,844 554,844 554,844 554,844
i)Ordinary shares 554,844 554,844 554,844 554,844 554,844 554,844
ii)Preference shares 0 0 0 0 0 0
2.Reserves 788,478 923,530 1,047,397 1,409,227 1,502,246 1,559,394
i)Capital Reserve 109,437 109,437 109,437 109,437 109,437 109,437
ii)Revenue Reserve 679,041 814,093 937,960 1,299,790 1,392,809 1,449,957
of which: un-appropriated profit(loss) / retained earnings 639,041 774,093 897,960 1,259,790 1,352,809 1,409,957
3.Surplus on revaluation of fixed assets 3,391,585 3,343,817 3,241,684 3,092,182 2,997,349 3,468,318
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,428,619 1,351,867 1,295,652 1,183,738 1,175,302 1,254,289
1.Long term borrowings 3,304 2,532 2,315 1,986 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 95,703 81,311 94,495 107,460 129,680 88,562
5.Other non-current liabilities 1,329,612 1,268,024 1,198,842 1,074,292 1,045,622 1,165,727
E.Current Liabilities (E1+E2+E3+E4) 1,106,641 1,175,276 1,073,960 803,965 845,368 815,987
1.Trade credit & other accounts payables 1,090,016 1,095,193 830,775 697,659 758,607 733,241
of which: i) Trade credits 14,167 21,602 9,698 22,354 23,519 44,013
2.Short term borrowings 15,074 79,222 223,957 100,665 83,180 82,746
3.Current portion of non-current liabilities 729 861 1,018 1,141 619 0
4.Other current liabilities 822 0 18,210 4,500 2,962 0
F.Operations:
1.Sales 1,973,972 1,002,394 946,616 854,804 501,103 341,615
i)Local sales (Net) 1,973,972 1,002,394 943,240 827,009 501,103 341,615
ii)Export sales (Net) 0 0 3,376 27,795 0 0
2.Cost of sales 1,795,452 928,932 848,368 727,554 368,540 268,159
i)Cost of material 1,057,153 449,933 443,069 405,448 148,893 112,288
3.Gross profit / (loss) (F1-F2) 178,520 73,462 98,248 127,250 132,563 73,456
4.General, administrative and other expenses 211,689 83,844 85,447 101,646 92,248 62,389
i)Selling & distribution expenses 72,244 6,161 10,949 13,069 13,929 16,825
ii)Administrative and other expenses 139,445 77,683 74,498 88,577 78,319 45,564
5.Other income / (loss) 11,784 46,822 33,525 30,817 41,170 13,079
6.EBIT (F3-F4+F5) (21,385) 36,440 46,326 56,421 81,485 24,146
7.Financial expenses 37,117 32,053 23,984 41,722 48,577 33,622
of which: (i) Interest expenses 33,277 28,478 21,742 38,274 46,404 33,154
8.Profit / (loss) before taxation (F6-F7) (58,502) 4,387 22,342 14,699 32,908 (9,476)
9.Tax expenses (45,811) (15,633) (3,221) (53,175) 30,703 (3,381)
10.Profit / (loss) after tax (F8-F9) (12,691) 20,020 25,563 67,874 2,205 (6,095)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (9,063) 44,134 (152,572) 130,865 80,965 80,965
2.Net cash flows from investing activities (23,346) (9,153) (28,194) (34,563) (56,465) (56,465)
3.Net cash flows from financing activities (50,766) 63,505 (15,360) 1,474 (19,994) (19,994)
H.Miscellaneous
1.Total capital employed (C+D) 6,163,526 6,174,058 6,139,577 6,239,991 6,229,741 6,836,845
2.Retention in business (F10-F11-F12) (12,691) 20,020 25,563 67,874 2,205 (6,095)
3.Depreciation for the year 210,792 202,492 193,343 184,337 177,369 67,369
4.Salaries, wages and employee benefits 181,365 152,939 144,600 163,762 139,017 98,877
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.64 2.00 2.70 7.94 0.44 -1.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.27 0.14 0.13 0.12 0.07 0.05
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.17 0.27 0.35 0.95 0.03 -0.08
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.56 1.53 1.51 1.44 1.40 1.38
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.27 0.42 0.53 1.37 0.04 -0.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.23 0.36 0.46 1.22 0.04 -0.11
278
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

International Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 16,331,626 17,894,587 19,184,948 25,110,032 28,248,188 28,853,401
1.Capital work in progress 1,808,256 238,670 1,173,025 3,697,427 682,778 111,499
2.Operating fixed assets at cost 18,295,706 21,924,545 23,302,565 27,133,925 34,074,009 36,618,532
3.Operating fixed assets after deducting accumulated depreciation 14,241,739 17,326,125 17,640,951 20,334,179 26,541,019 27,608,027
4.Intangible assets 13,762 13,429 19,894 11,200 6,087 2,907
5.Long term investments 260,069 270,097 299,503 1,004,132 1,014,685 1,113,256
6.Other non-current assets 7,800 46,266 51,575 63,094 3,619 17,712
B.Current Assets (B1+B2+B3+B4+B5+B6) 13,545,653 14,676,740 23,367,662 30,390,808 34,440,025 35,114,555
1.Cash & bank balance 64,853 70,405 106,657 473,671 759,543 581,074
2.Inventories; of which 8,187,329 9,489,551 17,857,450 23,164,108 25,585,569 23,999,119
i)Raw material 4,127,555 5,304,082 10,313,408 15,514,183 13,481,256 11,641,751
ii)Work in progress 962,394 1,128,175 2,188,580 2,597,105 3,458,783 4,180,318
iii)Finished goods 3,097,380 3,057,294 5,265,805 4,922,892 8,446,608 7,875,199
3.Trade Debt / accounts receivables 2,662,620 2,036,714 2,582,530 2,700,318 3,521,626 4,085,937
4.Short term loans and advances 200,994 192,807 107,477 1,087,438 122,216 164,411
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,429,857 2,887,263 2,713,548 2,965,273 4,451,071 6,284,014
Total Assets (A+B) / Equity & Liabilities (C+D+E) 29,877,279 32,571,327 42,552,610 55,500,840 62,688,213 63,967,956
C.Shareholders' Equity (C1+C2+C3) 9,463,608 12,028,593 14,115,637 18,364,426 20,625,609 19,808,781
1.Issued, Subscribed & Paid up capital 1,198,926 1,198,926 1,198,926 1,198,926 1,198,926 1,318,819
i)Ordinary shares 1,198,926 1,198,926 1,198,926 1,198,926 1,198,926 1,318,819
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,728,121 7,322,562 9,492,138 13,817,109 15,802,339 14,873,923
i)Capital Reserve 2,169,114 2,689,025 3,304,346 4,655,715 5,467,309 5,471,233
ii)Revenue Reserve 3,559,007 4,633,537 6,187,792 9,161,394 10,335,030 9,402,690
of which: un-appropriated profit(loss) / retained earnings 567,749 1,642,279 3,196,534 6,170,136 7,343,772 6,411,432
3.Surplus on revaluation of fixed assets 2,536,561 3,507,105 3,424,573 3,348,391 3,624,344 3,616,039
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,598,246 6,221,283 6,608,332 10,832,807 10,779,241 8,543,133
1.Long term borrowings 5,983,759 5,083,027 4,799,619 8,736,815 8,069,315 6,631,406
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 91,263 69,331 108,699 146,253 118,409 82,314
5.Other non-current liabilities 523,224 1,068,925 1,700,014 1,949,739 2,591,517 1,829,413
E.Current Liabilities (E1+E2+E3+E4) 13,815,425 14,321,451 21,828,641 26,303,607 31,283,363 35,616,042
1.Trade credit & other accounts payables 3,675,367 6,553,825 8,911,599 6,725,540 8,473,948 10,887,408
of which: i) Trade credits 1,681,208 3,751,982 4,210,803 2,240,120 2,734,738 5,449,018
2.Short term borrowings 8,780,348 6,767,004 10,938,643 16,771,867 19,616,349 20,914,861
3.Current portion of non-current liabilities 999,878 857,221 1,306,780 1,382,598 1,200,856 1,902,351
4.Other current liabilities 359,832 143,401 671,619 1,423,602 1,992,210 1,911,422
F.Operations:
1.Sales 34,458,808 33,201,188 44,117,667 64,541,879 75,387,444 65,656,669
i)Local sales (Net) 25,011,116 26,243,036 35,741,215 55,658,607 67,619,066 54,138,514
ii)Export sales (Net) 9,447,692 6,958,152 8,376,452 8,883,272 7,768,378 11,518,155
2.Cost of sales 31,069,717 27,777,312 35,301,138 53,721,740 66,300,102 59,773,426
i)Cost of material 7,003,663 4,316,233 4,930,520 51,589,135 62,055,988 53,994,969
3.Gross profit / (loss) (F1-F2) 3,389,091 5,423,876 8,816,529 10,820,139 9,087,342 5,883,243
4.General, administrative and other expenses 1,212,759 1,827,199 2,363,146 3,032,642 2,865,732 2,660,398
i)Selling & distribution expenses 755,360 1,030,808 1,236,315 1,601,936 1,628,463 1,711,034
ii)Administrative and other expenses 457,399 796,391 1,126,831 1,430,706 1,237,269 949,364
5.Other income / (loss) 265,596 221,642 301,978 390,813 661,976 215,712
6.EBIT (F3-F4+F5) 2,441,928 3,818,319 6,755,361 8,178,310 6,883,586 3,438,557
7.Financial expenses 1,516,705 1,068,799 679,731 980,924 2,213,650 3,547,458
of which: (i) Interest expenses 1,499,357 1,047,173 647,233 953,455 2,185,679 3,197,704
8.Profit / (loss) before taxation (F6-F7) 925,223 2,749,520 6,075,630 7,197,386 4,669,936 (108,901)
9.Tax expenses 239,132 794,951 2,010,547 1,928,980 1,381,044 211,477
10.Profit / (loss) after tax (F8-F9) 686,091 1,954,569 4,065,083 5,268,406 3,288,892 (320,378)
11.Cash dividends 479,570 539,517 1,079,033 1,019,087 659,409 0
12.Bonus shares / stock dividends 0 0 0 0 119,893 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,649,163 4,779,275 (504,139) (1,043,781) 3,771,176 2,298,260
2.Net cash flows from investing activities (3,504,041) (1,300,006) (2,347,939) (6,979,037) (3,545,922) (2,394,466)
3.Net cash flows from financing activities 2,174,776 (1,460,373) 3,436,340 (179,222) (474,927) (3,460,556)
H.Miscellaneous
1.Total capital employed (C+D) 16,061,854 18,249,876 20,723,969 29,197,233 31,404,850 28,351,914
2.Retention in business (F10-F11-F12) 206,521 1,415,052 2,986,050 4,249,319 2,509,590 (320,378)
3.Depreciation for the year 782,612 983,285 1,151,147 1,242,738 1,540,427 1,931,551
4.Salaries, wages and employee benefits 1,413,858 1,829,419 2,218,769 2,714,948 2,495,574 2,109,014
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.99 5.89 9.21 8.16 4.36 -0.49
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.14 1.06 1.17 1.32 1.28 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.27 6.26 10.82 10.75 5.57 -0.51
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.23 2.91 2.87 3.02 3.03 3.13
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.31 18.19 31.09 32.44 16.87 -1.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.72 16.30 33.91 43.94 27.43 -2.43
279
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

International Steel Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,332,694 12,620,122 13,643,454 18,265,275 19,865,138 20,689,028
1.Capital work in progress 1,609,564 173,641 1,090,094 3,551,329 663,029 107,338
2.Operating fixed assets at cost 12,710,005 14,936,346 15,780,699 18,784,955 24,058,544 26,735,121
3.Operating fixed assets after deducting accumulated depreciation 10,722,479 12,446,381 12,549,357 14,711,281 19,199,273 20,531,016
4.Intangible assets 551 0 3,903 2,565 2,736 1,197
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 100 100 100 100 100 49,477
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,742,081 8,364,006 12,727,641 17,327,314 19,896,904 22,172,184
1.Cash & bank balance 37,731 37,615 53,228 99,822 402,912 106,196
2.Inventories; of which 4,437,944 5,314,131 9,537,846 14,132,742 14,647,959 15,132,206
i)Raw material 2,520,340 3,124,854 4,841,387 10,384,215 6,730,862 7,087,852
ii)Work in progress 365,261 546,887 1,190,872 1,187,243 1,942,101 2,532,031
iii)Finished goods 1,552,343 1,642,390 3,505,587 2,561,284 5,850,831 5,290,148
3.Trade Debt / accounts receivables 419,359 561,314 807,030 677,453 907,032 1,055,137
4.Short term loans and advances 47,918 35,069 48,463 43,578 80,849 86,053
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,799,129 2,415,877 2,281,074 2,373,719 3,858,152 5,792,592
Total Assets (A+B) / Equity & Liabilities (C+D+E) 19,074,775 20,984,128 26,371,095 35,592,589 39,762,042 42,861,212
C.Shareholders' Equity (C1+C2+C3) 5,529,942 7,142,626 8,554,247 11,825,008 12,878,270 12,725,815
1.Issued, Subscribed & Paid up capital 4,350,000 4,350,000 4,350,000 4,350,000 4,350,000 4,350,000
i)Ordinary shares 4,350,000 4,350,000 4,350,000 4,350,000 4,350,000 4,350,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 628,114 1,818,328 3,250,374 6,532,704 7,240,140 7,121,607
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 628,114 1,818,328 3,250,374 6,532,704 7,240,140 7,121,607
of which: un-appropriated profit(loss) / retained earnings 628,114 1,818,328 3,250,374 6,532,704 7,240,140 7,121,607
3.Surplus on revaluation of fixed assets 551,828 974,298 953,873 942,304 1,288,130 1,254,208
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,132,696 4,880,217 5,101,271 8,476,513 8,597,759 6,579,726
1.Long term borrowings 5,740,767 4,044,973 3,621,272 6,768,281 6,367,141 5,080,280
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 20,686 24,496 23,578 0 0 0
5.Other non-current liabilities 371,243 810,748 1,456,421 1,708,232 2,230,618 1,499,446
E.Current Liabilities (E1+E2+E3+E4) 7,412,137 8,961,285 12,715,577 15,291,068 18,286,013 23,555,671
1.Trade credit & other accounts payables 2,280,259 4,694,416 6,134,306 4,503,754 5,612,295 8,921,279
of which: i) Trade credits 1,610,845 3,622,348 4,081,902 2,029,925 2,525,391 5,183,883
2.Short term borrowings 4,069,462 3,523,755 5,039,236 8,462,310 10,191,219 11,520,404
3.Current portion of non-current liabilities 849,878 699,016 1,197,073 1,201,679 909,943 1,504,389
4.Other current liabilities 212,538 44,098 344,962 1,123,325 1,572,556 1,609,599
F.Operations:
1.Sales 17,938,077 20,492,097 33,732,622 47,620,719 55,061,879 48,081,937
i)Local sales (Net) 15,448,075 18,021,901 29,820,779 43,403,923 51,088,700 39,088,479
ii)Export sales (Net) 2,490,002 2,470,196 3,911,843 4,216,796 3,973,179 8,993,458
2.Cost of sales 16,452,775 17,585,833 27,826,505 39,989,559 48,612,827 43,869,080
i)Cost of material 2,388,667 2,576,275 2,739,463 4,219,066 7,117,488 40,012,993
3.Gross profit / (loss) (F1-F2) 1,485,302 2,906,264 5,906,117 7,631,160 6,449,052 4,212,857
4.General, administrative and other expenses 357,848 633,016 973,621 1,381,284 1,520,032 1,491,402
i)Selling & distribution expenses 167,707 206,862 333,794 434,292 701,827 894,334
ii)Administrative and other expenses 190,141 426,154 639,827 946,992 818,205 597,068
5.Other income / (loss) 136,368 112,773 131,778 92,552 39,413 35,523
6.EBIT (F3-F4+F5) 1,263,822 2,386,021 5,064,274 6,342,428 4,968,433 2,756,978
7.Financial expenses 1,028,277 731,525 455,500 539,116 1,289,315 2,314,807
of which: (i) Interest expenses 1,025,628 722,568 446,507 527,363 1,274,178 2,158,687
8.Profit / (loss) before taxation (F6-F7) 235,545 1,654,496 4,608,774 5,803,312 3,679,118 442,171
9.Tax expenses 33,765 475,532 1,564,752 1,438,354 1,014,745 (52,680)
10.Profit / (loss) after tax (F8-F9) 201,780 1,178,964 3,044,022 4,364,958 2,664,373 494,851
11.Cash dividends 0 543,750 1,522,500 1,957,500 1,305,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,498,302 2,871,600 1,568,756 293,548 3,486,111 1,968,216
2.Net cash flows from investing activities (3,095,455) (479,346) (1,787,168) (5,470,778) (2,257,935) (2,248,797)
3.Net cash flows from financing activities 2,405,169 (1,846,663) 505,738 2,479,575 (2,384,558) (2,056,101)
H.Miscellaneous
1.Total capital employed (C+D) 11,662,638 12,022,843 13,655,518 20,301,521 21,476,029 19,305,541
2.Retention in business (F10-F11-F12) 201,780 635,214 1,521,522 2,407,458 1,359,373 494,851
3.Depreciation for the year 539,205 710,551 768,598 856,901 1,077,059 1,392,151
4.Salaries, wages and employee benefits 455,224 599,490 947,213 1,254,134 1,049,503 805,447
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.12 5.75 9.02 9.17 4.84 1.03
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.00 1.02 1.42 1.54 1.46 1.16
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.12 5.89 12.86 14.09 7.07 1.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.18 3.16 3.02 3.04 3.05 3.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.57 18.61 38.79 42.84 21.57 3.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.46 2.71 7.00 10.03 6.12 1.14
280
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ittefaq Iron Industries (Thousand Rupees)

Items 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,801,939 1,722,483 1,965,487
1.Capital work in progress 10,326 11,770 103,005
2.Operating fixed assets at cost 2,783,922 2,820,203 3,009,692
3.Operating fixed assets after deducting accumulated depreciation 1,772,805 1,691,741 1,765,317
4.Intangible assets 0 0 0
5.Long term investments 0 0 0
6.Other non-current assets 18,808 18,972 97,165
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,222,431 4,692,214 4,442,819
1.Cash & bank balance 152,333 136,050 77,214
2.Inventories; of which 2,488,104 2,331,036 1,619,456
i)Raw material 1,960,510 1,653,172 690,098
ii)Work in progress 0 0 0
iii)Finished goods 527,594 677,864 929,358
3.Trade Debt / accounts receivables 826,767 1,113,617 1,615,818
4.Short term loans and advances 243,359 645,357 389,288
5.Short term investments 0 0 0
6.Other current assets 511,868 466,154 741,043
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,024,370 6,414,697 6,408,306
C.Shareholders' Equity (C1+C2+C3) 3,959,516 4,098,932 3,979,360
1.Issued, Subscribed & Paid up capital 1,312,212 1,443,434 1,443,434
i)Ordinary shares 1,312,212 1,443,434 1,443,434
ii)Preference shares 0 0 0
2.Reserves 1,992,109 2,026,843 1,935,278
i)Capital Reserve 824,589 800,627 891,130
ii)Revenue Reserve 1,167,520 1,226,216 1,044,148
of which: un-appropriated profit(loss) / retained earnings 1,167,520 1,226,216 1,044,148
3.Surplus on revaluation of fixed assets 655,195 628,655 600,648
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 412,539 480,572 463,840
1.Long term borrowings 266,248 290,210 248,325
2.Subordinated loans / Sponsor's loans 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0
4.Employees benefit obligations 26,015 34,675 44,848
5.Other non-current liabilities 120,276 155,687 170,667
E.Current Liabilities (E1+E2+E3+E4) 1,652,315 1,835,193 1,965,106
1.Trade credit & other accounts payables 408,794 515,169 501,149
of which: i) Trade credits 206,432 162,844 133,897
2.Short term borrowings 1,225,234 1,232,283 1,378,553
3.Current portion of non-current liabilities 0 0 10,026
4.Other current liabilities 18,287 87,741 75,378
F.Operations:
1.Sales 6,197,999 6,809,786 3,385,125
i)Local sales (Net) 6,197,999 6,809,786 3,385,125
ii)Export sales (Net) 0 0 0
2.Cost of sales 5,578,258 6,170,256 3,367,569
i)Cost of material 4,469,405 5,210,672 2,343,008
3.Gross profit / (loss) (F1-F2) 619,741 639,530 17,556
4.General, administrative and other expenses 107,964 139,033 149,347
i)Selling & distribution expenses 20,450 31,509 51,111
ii)Administrative and other expenses 87,514 107,524 98,236
5.Other income / (loss) 7,057 5,298 3,762
6.EBIT (F3-F4+F5) 518,834 505,795 (128,029)
7.Financial expenses 103,693 5,298 63,088
of which: (i) Interest expenses 74,741 144,132 30,868
8.Profit / (loss) before taxation (F6-F7) 415,141 500,497 (191,117)
9.Tax expenses 102,126 124,444 47,807
10.Profit / (loss) after tax (F8-F9) 313,015 376,053 (238,924)
11.Cash dividends 65,611 0 0
12.Bonus shares / stock dividends 131,221 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (1,092,405) 68,845 101,619
2.Net cash flows from investing activities (72,491) (42,157) (286,785)
3.Net cash flows from financing activities 206,419 (42,971) 126,330
H.Miscellaneous
1.Total capital employed (C+D) 4,372,055 4,579,504 4,443,200
2.Retention in business (F10-F11-F12) 116,183 376,053 (238,924)
3.Depreciation for the year 131,392 122,497 116,060
4.Salaries, wages and employee benefits 308,208 326,000 240,661
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.05 5.52 -7.06
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.03 1.09 0.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.20 6.05 -3.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.52 1.54 1.59
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.91 9.33 -5.92
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.39 2.61 -1.66
281
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

KSB Pumps Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 432,983 503,184 1,258,829 1,344,110 1,266,252 1,159,586
1.Capital work in progress 9,160 81,695 759,563 29,212 16,871 23,692
2.Operating fixed assets at cost 897,826 954,664 1,098,261 1,958,896 2,018,437 1,958,844
3.Operating fixed assets after deducting accumulated depreciation 407,579 404,317 484,057 1,237,972 1,162,474 1,050,902
4.Intangible assets 1,056 663 1,793 2,452 17,651 14,083
5.Long term investments 0 586 373 160 0 0
6.Other non-current assets 15,188 15,923 13,043 74,314 69,256 70,909
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,948,287 3,131,467 3,527,361 3,777,560 3,674,411 3,533,700
1.Cash & bank balance 182,504 259,331 464,513 171,442 182,604 66,107
2.Inventories; of which 713,590 821,106 953,029 955,486 794,015 676,523
i)Raw material 381,335 299,691 441,550 535,201 512,784 423,189
ii)Work in progress 321,285 521,013 465,442 399,059 277,209 241,578
iii)Finished goods 10,970 402 46,037 21,226 4,022 11,756
3.Trade Debt / accounts receivables 1,437,371 1,557,229 1,632,116 1,319,210 1,305,533 1,396,912
4.Short term loans and advances 0 0 0 49,394 48,272 68,134
5.Short term investments 0 0 0 0 0 0
6.Other current assets 614,822 493,801 477,703 1,282,028 1,343,987 1,326,024
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,381,271 3,634,651 4,786,190 5,121,670 4,940,663 4,693,286
C.Shareholders' Equity (C1+C2+C3) 1,310,250 1,593,217 1,871,369 1,901,552 1,957,898 1,967,112
1.Issued, Subscribed & Paid up capital 132,000 132,000 132,000 132,000 132,000 132,000
i)Ordinary shares 132,000 132,000 132,000 132,000 132,000 132,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,178,250 1,461,217 1,739,369 1,769,552 1,825,898 1,835,112
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 1,178,250 1,461,217 1,739,369 1,769,552 1,825,898 1,835,112
of which: un-appropriated profit(loss) / retained earnings 275,250 375,617 390,769 188,953 96,298 29,512
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 83,728 137,703 413,515 433,783 273,576 344,785
1.Long term borrowings 0 42,689 304,033 250,000 125,000 250,231
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 63,950 67,010 82,064 100,853 90,692 72,223
5.Other non-current liabilities 19,779 28,004 27,418 82,930 57,884 22,331
E.Current Liabilities (E1+E2+E3+E4) 1,987,292 1,903,731 2,501,306 2,786,335 2,709,189 2,381,389
1.Trade credit & other accounts payables 1,542,692 1,594,507 2,081,847 1,708,075 1,402,721 1,393,226
of which: i) Trade credits 449,804 518,558 764,408 777,759 619,437 701,389
2.Short term borrowings 381,372 150,059 167,870 841,760 1,086,456 670,300
3.Current portion of non-current liabilities 0 0 101,344 125,000 125,000 234,148
4.Other current liabilities 63,229 159,165 150,245 111,500 95,012 83,715
F.Operations:
1.Sales 4,007,244 4,950,602 5,115,215 4,952,915 3,755,532 3,606,605
i)Local sales (Net) 3,676,036 4,609,893 4,807,784 4,510,983 3,038,870 2,955,568
ii)Export sales (Net) 331,207 340,709 307,431 441,932 716,662 651,037
2.Cost of sales 3,099,652 3,902,841 3,970,150 4,289,529 3,023,595 3,012,089
i)Cost of material 1,718,825 2,628,433 2,265,875 2,557,777 1,443,632 1,657,350
3.Gross profit / (loss) (F1-F2) 907,592 1,047,761 1,145,065 663,386 731,937 594,516
4.General, administrative and other expenses 553,401 574,716 638,688 584,087 539,981 520,772
i)Selling & distribution expenses 328,342 310,023 334,702 342,263 311,085 303,269
ii)Administrative and other expenses 225,060 264,693 303,986 241,824 228,896 217,503
5.Other income / (loss) 53,644 69,061 60,854 226,664 95,498 84,850
6.EBIT (F3-F4+F5) 407,834 542,106 567,231 305,963 287,454 158,594
7.Financial expenses 39,156 32,617 27,908 54,467 170,539 134,957
of which: (i) Interest expenses 28,953 22,354 19,183 45,624 162,435 126,145
8.Profit / (loss) before taxation (F6-F7) 368,678 509,489 539,323 251,496 116,915 23,637
9.Tax expenses 91,312 131,793 143,255 55,459 29,035 7,254
10.Profit / (loss) after tax (F8-F9) 277,366 377,696 396,068 196,037 87,880 16,383
11.Cash dividends 92,400 112,200 158,426 39,600 19,800 6,600
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 142,454 493,411 765,491 (629,999) 12,972 127,114
2.Net cash flows from investing activities (112,687) (136,170) (832,959) (148,947) (82,895) (45,362)
3.Net cash flows from financing activities (65,395) (49,101) 254,837 (188,013) (163,611) 217,906
H.Miscellaneous
1.Total capital employed (C+D) 1,393,978 1,730,920 2,284,884 2,335,335 2,231,474 2,311,897
2.Retention in business (F10-F11-F12) 184,966 265,496 237,642 156,437 68,080 9,783
3.Depreciation for the year 62,613 67,549 76,527 125,116 154,955 150,422
4.Salaries, wages and employee benefits 506,020 562,508 648,134 646,232 586,132 583,516
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.92 7.63 7.74 3.96 2.34 0.45
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.27 1.41 1.21 1.00 0.75 0.75
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.82 10.77 9.41 3.96 1.75 0.34
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.61 2.42 2.43 2.63 2.61 2.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.00 26.02 22.86 10.39 4.55 0.83
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 21.01 24.32 30.01 14.85 6.66 1.24
282
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Khyber Tobacco Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 375,878 347,820 657,656 679,167 621,650 823,546
1.Capital work in progress 23,254 0 0 75,460 0 0
2.Operating fixed assets at cost 467,122 477,493 830,328 922,046 931,957 1,216,495
3.Operating fixed assets after deducting accumulated depreciation 348,412 342,283 652,720 598,977 610,790 818,898
4.Intangible assets 1,453 1,527 926 263 6,212 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,759 4,010 4,010 4,467 4,648 4,648
B.Current Assets (B1+B2+B3+B4+B5+B6) 735,235 790,730 1,063,932 1,255,412 1,244,915 1,778,785
1.Cash & bank balance 51,195 17,665 82,947 77,043 271,131 81,581
2.Inventories; of which 459,523 546,317 528,336 743,022 604,936 730,487
i)Raw material 448,841 528,498 522,265 720,902 595,951 713,458
ii)Work in progress 77 0 964 8,649 311 3,856
iii)Finished goods 10,606 17,819 5,107 13,471 8,674 13,173
3.Trade Debt / accounts receivables 202,054 184,027 441,195 302,297 244,381 386,489
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 22,463 42,721 11,454 133,050 124,467 580,228
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,111,113 1,138,550 1,721,588 1,934,579 1,866,565 2,602,331
C.Shareholders' Equity (C1+C2+C3) 695,681 751,739 1,163,088 1,343,909 1,262,993 1,298,472
1.Issued, Subscribed & Paid up capital 12,018 12,018 12,018 48,073 48,073 48,073
i)Ordinary shares 12,018 12,018 12,018 48,073 48,073 48,073
ii)Preference shares 0 0 0 0 0 0
2.Reserves 535,116 612,304 807,666 969,925 930,405 998,901
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 535,116 612,304 807,666 969,925 930,405 998,901
of which: un-appropriated profit(loss) / retained earnings 531,804 608,992 804,353 966,612 927,092 995,588
3.Surplus on revaluation of fixed assets 148,547 127,417 343,404 325,911 284,515 251,498
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 61,167 71,718 192,450 163,469 131,310 123,030
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 17,338 22,389 27,067 28,156 23,434 34,974
5.Other non-current liabilities 43,829 49,329 165,383 135,313 107,876 88,056
E.Current Liabilities (E1+E2+E3+E4) 354,264 315,093 366,050 427,201 472,262 1,180,829
1.Trade credit & other accounts payables 354,264 306,793 302,628 328,272 440,374 1,023,649
of which: i) Trade credits 238,404 157,248 120,356 97,832 67,699 443,857
2.Short term borrowings 0 0 0 0 0 140,000
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 8,300 63,422 98,929 31,888 17,180
F.Operations:
1.Sales 882,717 758,264 1,027,260 1,125,703 1,070,173 1,828,703
i)Local sales (Net) 674,567 707,272 1,027,260 1,120,269 834,410 1,254,235
ii)Export sales (Net) 208,150 50,992 0 5,434 235,763 574,468
2.Cost of sales 684,045 581,636 633,376 630,841 892,617 1,510,666
i)Cost of material 558,448 454,951 479,221 451,546 667,033 1,251,156
3.Gross profit / (loss) (F1-F2) 198,672 176,628 393,884 494,862 177,556 318,037
4.General, administrative and other expenses 81,269 101,573 112,648 246,995 232,126 254,433
i)Selling & distribution expenses 7,710 23,391 3,860 63,127 83,908 101,828
ii)Administrative and other expenses 73,559 78,182 108,788 183,868 148,218 152,605
5.Other income / (loss) 24,204 10,597 2,761 45,838 42,179 (1,677)
6.EBIT (F3-F4+F5) 141,608 85,652 283,997 293,705 (12,391) 61,927
7.Financial expenses 4,569 4,431 3,542 9,573 46,130 19,914
of which: (i) Interest expenses 3,565 3,427 2,348 2,165 46,130 15,986
8.Profit / (loss) before taxation (F6-F7) 137,039 81,221 280,455 284,132 (58,521) 42,013
9.Tax expenses 35,611 11,611 90,521 84,268 (20,254) 3,475
10.Profit / (loss) after tax (F8-F9) 101,428 69,610 189,934 199,864 (38,267) 38,538
11.Cash dividends 7,211 12,018 39,912 39,949 0 0
12.Bonus shares / stock dividends 0 0 36,054 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (38,056) (19,075) 67,636 86,439 254,973 (43,323)
2.Net cash flows from investing activities 62,564 (14,455) (2,354) (92,342) (60,884) (286,227)
3.Net cash flows from financing activities 0 0 0 0 0 140,000
H.Miscellaneous
1.Total capital employed (C+D) 756,849 823,457 1,355,538 1,507,378 1,394,303 1,421,502
2.Retention in business (F10-F11-F12) 94,217 57,592 113,968 159,915 (38,267) 38,538
3.Depreciation for the year 31,553 39,755 42,397 70,001 90,838 76,430
4.Salaries, wages and employee benefits 94,029 96,829 112,358 127,779 112,672 184,718
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.49 9.18 18.49 17.75 -3.58 2.11
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.90 0.67 0.72 0.62 0.56 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.34 6.19 13.28 10.93 -2.01 1.72
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.50 1.55 1.49 1.46 1.46 1.74
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.49 9.62 19.84 15.94 -2.94 3.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 84.39 57.92 158.04 41.58 -7.96 8.02
283
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Leather Up Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 17,999 17,830 17,867 3,952 3,661 3,401
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 30,721 30,901 30,901 17,697 17,697 17,697
3.Operating fixed assets after deducting accumulated depreciation 17,999 17,830 17,867 3,952 3,661 3,401
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 73,513 109,784 114,279 171,609 106,159 98,962
1.Cash & bank balance 659 5,465 2,523 36,338 2,023 1,600
2.Inventories; of which 58,805 83,095 101,096 95,416 76,361 85,831
i)Raw material 41,324 64,193 0 85,638 69,538 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 17,481 18,902 101,096 9,778 6,823 0
3.Trade Debt / accounts receivables 2,114 4,791 0 0 1,409 48
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 11,935 16,433 10,660 39,855 26,366 11,483
Total Assets (A+B) / Equity & Liabilities (C+D+E) 91,512 127,614 132,146 175,561 109,820 102,363
C.Shareholders' Equity (C1+C2+C3) 35,252 45,778 59,123 105,481 96,941 96,460
1.Issued, Subscribed & Paid up capital 60,000 60,000 60,000 60,000 60,000 60,000
i)Ordinary shares 60,000 60,000 60,000 60,000 60,000 60,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (24,748) (14,222) (877) 45,481 36,941 36,460
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (24,748) (14,222) (877) 45,481 36,941 36,460
of which: un-appropriated profit(loss) / retained earnings 0 (15,591) (2,246) 44,112 35,572 35,091
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,595 3,517 3,169 2,323 3,021 1,780
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,595 3,517 3,169 2,323 3,021 1,780
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 53,666 78,319 69,854 67,757 9,858 4,123
1.Trade credit & other accounts payables 35,608 54,895 46,376 21,707 5,248 1,225
of which: i) Trade credits 23,645 36,010 34,652 12,655 4,299 454
2.Short term borrowings 16,714 21,935 19,630 42,815 1,457 2
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,343 1,489 3,848 3,235 3,153 2,896
F.Operations:
1.Sales 114,147 127,716 133,216 51,698 48,015 27,424
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 114,147 127,716 133,216 51,698 48,015 27,424
2.Cost of sales 89,999 98,000 101,861 50,201 45,789 25,676
i)Cost of material 59,292 57,003 48,426 21,307 23,578 13,056
3.Gross profit / (loss) (F1-F2) 24,148 29,716 31,355 1,497 2,226 1,748
4.General, administrative and other expenses 12,756 15,491 15,145 11,776 8,022 4,262
i)Selling & distribution expenses 6,247 7,854 8,703 3,267 2,831 714
ii)Administrative and other expenses 6,509 7,637 6,442 8,509 5,191 3,548
5.Other income / (loss) 74 6 (70) 57,243 559 2,139
6.EBIT (F3-F4+F5) 11,466 14,231 16,140 46,964 (5,237) (375)
7.Financial expenses 1,590 1,961 1,763 1,299 2,840 205
of which: (i) Interest expenses 613 1,099 638 918 490 0
8.Profit / (loss) before taxation (F6-F7) 9,876 12,270 14,377 45,665 (8,077) (580)
9.Tax expenses 1,181 1,339 1,077 434 462 280
10.Profit / (loss) after tax (F8-F9) 8,695 10,931 13,300 45,231 (8,539) (860)
11.Cash dividends 0 1,500 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (5,859) (1,844) 210 (29,659) (16,968) 1,032
2.Net cash flows from investing activities (137) (180) (387) 42,174 21,998 0
3.Net cash flows from financing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) 37,847 49,295 62,292 107,804 99,962 98,240
2.Retention in business (F10-F11-F12) 8,695 9,431 13,300 45,231 (8,539) (860)
3.Depreciation for the year 370 349 350 324 290 260
4.Salaries, wages and employee benefits 10,043 12,551 10,456 12,616 12,030 8,118
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.62 8.56 9.98 87.49 -17.78 -3.14
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.33 1.17 1.03 0.34 0.34 0.26
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.09 9.98 10.24 29.40 -5.98 -0.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.73 2.70 2.48 1.87 1.41 1.10
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.55 26.98 25.36 54.96 -8.44 -0.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.45 1.82 2.22 - -1.42 -0.14
284
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

MACPAC Films Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 836,020 813,145 819,329 1,188,286 1,422,877 1,949,157
1.Capital work in progress 52,461 49,153 54,048 427,316 111,710 8,806
2.Operating fixed assets at cost 1,409,939 1,455,325 1,533,469 1,603,486 2,252,959 2,777,895
3.Operating fixed assets after deducting accumulated depreciation 776,183 750,254 754,166 749,945 1,303,968 1,926,857
4.Intangible assets 948 1,310 1,134 907 798 638
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 6,429 12,428 9,981 10,118 6,401 12,856
B.Current Assets (B1+B2+B3+B4+B5+B6) 537,326 743,620 741,462 1,043,934 1,073,282 1,024,795
1.Cash & bank balance 14,633 13,243 5,562 33,835 52,983 18,194
2.Inventories; of which 244,044 465,318 443,968 491,246 375,660 328,538
i)Raw material 97,310 262,954 212,820 193,799 242,788 254,403
ii)Work in progress 88,458 91,854 160,615 184,547 86,766 61,012
iii)Finished goods 58,277 110,510 70,533 112,900 46,096 13,123
3.Trade Debt / accounts receivables 263,421 232,860 239,828 398,482 437,176 258,327
4.Short term loans and advances 2,714 5,372 3,686 16,951 13,113 13,695
5.Short term investments 0 0 0 0 0 0
6.Other current assets 12,514 26,827 48,418 103,420 194,350 406,041
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,373,346 1,556,765 1,560,791 2,232,220 2,496,159 2,973,952
C.Shareholders' Equity (C1+C2+C3) 507,490 553,885 593,478 905,103 652,639 1,211,827
1.Issued, Subscribed & Paid up capital 388,860 388,860 388,860 593,011 593,011 593,011
i)Ordinary shares 388,860 388,860 388,860 593,011 593,011 593,011
ii)Preference shares 0 0 0 0 0 0
2.Reserves 118,630 165,025 204,618 312,092 59,628 (4,224)
i)Capital Reserve 79,930 79,930 79,930 173,567 173,567 173,567
ii)Revenue Reserve 38,700 85,095 124,688 138,525 (113,939) (177,791)
of which: un-appropriated profit(loss) / retained earnings 38,700 85,095 124,688 138,525 (113,939) (177,791)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 623,040
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 380,661 191,739 168,234 149,717 446,942 421,226
1.Long term borrowings 221,840 46,276 17,063 3,624 291,125 269,605
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 15,533 0 0 0 0 0
4.Employees benefit obligations 17,306 19,778 20,232 120,750 25,412 41,526
5.Other non-current liabilities 125,983 125,685 130,939 25,343 130,405 110,095
E.Current Liabilities (E1+E2+E3+E4) 485,195 811,141 799,079 1,177,400 1,396,578 1,340,899
1.Trade credit & other accounts payables 416,060 595,705 506,371 892,470 848,601 732,579
of which: i) Trade credits 67,135 63,080 38,502 46,765 64,221 151,724
2.Short term borrowings 9,000 143,361 253,260 267,583 438,729 356,347
3.Current portion of non-current liabilities 59,294 71,547 37,854 13,440 100,343 234,723
4.Other current liabilities 841 528 1,594 3,907 8,905 17,250
F.Operations:
1.Sales 1,342,753 1,309,860 1,515,692 2,125,159 2,415,339 2,164,954
i)Local sales (Net) 1,337,759 1,309,860 1,515,692 2,125,159 2,415,339 2,162,849
ii)Export sales (Net) 4,994 0 0 0 0 2,105
2.Cost of sales 1,095,951 1,080,580 1,263,003 1,902,337 2,311,925 2,107,605
i)Cost of material 896,115 861,897 947,840 1,580,712 1,680,140 1,429,922
3.Gross profit / (loss) (F1-F2) 246,802 229,280 252,689 222,822 103,414 57,349
4.General, administrative and other expenses 82,783 96,416 106,220 141,596 235,398 265,101
i)Selling & distribution expenses 13,278 22,615 22,679 24,833 29,607 26,941
ii)Administrative and other expenses 69,506 73,801 83,541 116,763 205,791 238,160
5.Other income / (loss) 1,714 6,519 6,268 7,390 20,020 203,349
6.EBIT (F3-F4+F5) 165,733 139,383 152,737 88,616 (111,964) (4,403)
7.Financial expenses 37,028 23,227 26,644 22,534 88,709 157,005
of which: (i) Interest expenses 36,104 22,835 26,109 21,442 85,384 152,686
8.Profit / (loss) before taxation (F6-F7) 128,705 116,156 126,093 66,082 (200,673) (161,408)
9.Tax expenses 66,882 29,784 47,821 11,234 33,245 (98,553)
10.Profit / (loss) after tax (F8-F9) 61,823 86,372 78,272 54,848 (233,918) (62,855)
11.Cash dividends 38,886 38,886 27,220 11,860 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 102,018 121,048 70,635 397,123 (13,656) (16,491)
2.Net cash flows from investing activities (124,014) (3,694) (79,309) (442,506) (404,758) (14,636)
3.Net cash flows from financing activities 25,293 (118,742) (9,008) 75,442 435,789 6,326
H.Miscellaneous
1.Total capital employed (C+D) 888,152 745,624 761,712 1,054,820 1,099,581 1,633,053
2.Retention in business (F10-F11-F12) 22,937 47,486 51,052 42,988 (233,918) (62,855)
3.Depreciation for the year 55,954 73,317 74,233 74,237 95,449 117,436
4.Salaries, wages and employee benefits 74,587 96,776 118,868 140,590 168,418 177,269
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.60 6.59 5.16 2.58 -9.68 -2.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.01 0.89 0.97 1.12 1.02 0.79
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.66 5.90 5.02 2.89 -9.89 -2.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.78 2.76 2.72 2.53 3.04 2.93
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.96 16.28 13.64 7.32 -30.03 -6.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.59 0.22 2.01 0.92 -3.94 -1.06
285
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Metropolitan Steel Corporation Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - - 496,893 581,488 608,320 595,920
1.Capital work in progress - - 7,477 15,112 49,866 51,149
2.Operating fixed assets at cost - - 548,281 588,327 556,892 674,997
3.Operating fixed assets after deducting accumulated depreciation - - 489,416 556,892 555,245 541,150
4.Intangible assets - - 0 0 0 0
5.Long term investments - - 0 9,434 0 0
6.Other non-current assets - - 0 50 3,209 3,621
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 332,350 267,574 196,587 191,004
1.Cash & bank balance - - 5,975 813 2,581 15
2.Inventories; of which - - 138,018 65,248 14,202 26,262
i)Raw material - - 138,018 65,248 14,202 10,439
ii)Work in progress - - 0 0 0 538
iii)Finished goods - - 0 0 0 15,285
3.Trade Debt / accounts receivables - - 44,106 56,734 47,298 45,865
4.Short term loans and advances - - 31,030 5,214 200 200
5.Short term investments - - 0 37,879 23,705 13,910
6.Other current assets - - 113,221 101,686 108,601 104,752
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - 829,243 849,062 804,907 786,924
C.Shareholders' Equity (C1+C2+C3) - - 668,887 742,096 723,472 706,756
1.Issued, Subscribed & Paid up capital - - 309,776 309,776 309,776 309,776
i)Ordinary shares - - 309,776 309,776 309,776 309,776
ii)Preference shares - - 0 0 0 0
2.Reserves - - 103,618 94,947 81,356 69,420
i)Capital Reserve - - 0 327 0 0
ii)Revenue Reserve - - 103,618 94,620 81,356 69,420
of which: un-appropriated profit(loss) / retained earnings - - 23,118 14,120 856 (11,080)
3.Surplus on revaluation of fixed assets - - 255,493 337,373 332,340 327,560
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - 38,929 35,187 32,997 31,044
1.Long term borrowings - - 0 0 0 0
2.Subordinated loans / Sponsor's loans - - 0 0 0 0
3.Debentures/TFCs (bonds payable) - - 0 0 0 0
4.Employees benefit obligations - - 206 0 0 0
5.Other non-current liabilities - - 38,723 35,187 32,997 31,044
E.Current Liabilities (E1+E2+E3+E4) - - 121,427 71,779 48,438 49,124
1.Trade credit & other accounts payables - - 82,996 43,324 18,373 13,522
of which: i) Trade credits - - 9,863 1,100 0 20
2.Short term borrowings - - 12,075 2,099 3,709 9,246
3.Current portion of non-current liabilities - - 0 0 0 0
4.Other current liabilities - - 26,356 26,356 26,356 26,356
F.Operations:
1.Sales - - 0 55,287 28,229 27,399
i)Local sales (Net) - - 0 55,287 28,229 27,399
ii)Export sales (Net) - - 0 0 0 0
2.Cost of sales - - 29,970 86,858 61,017 46,253
i)Cost of material - - 0 0 31,174 41,381
3.Gross profit / (loss) (F1-F2) - - (29,970) (31,571) (32,788) (18,854)
4.General, administrative and other expenses - - 15,499 33,404 7,578 5,094
i)Selling & distribution expenses - - 210 37 17 203
ii)Administrative and other expenses - - 15,289 33,367 7,561 4,891
5.Other income / (loss) - - 13,796 45,091 21,964 3,187
6.EBIT (F3-F4+F5) - - (31,673) (19,884) (18,402) (20,761)
7.Financial expenses - - 19 11 111 96
of which: (i) Interest expenses - - 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - (31,692) (19,895) (18,513) (20,857)
9.Tax expenses - - 0 (2,983) 111 (4,141)
10.Profit / (loss) after tax (F8-F9) - - (31,692) (16,912) (18,624) (16,716)
11.Cash dividends - - 0 0 0 0
12.Bonus shares / stock dividends - - 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - - (18,754) 58,234 40,046 (19,769)
2.Net cash flows from investing activities - - 24,396 (53,420) (42,002) 11,666
3.Net cash flows from financing activities - - 0 (9,976) 3,724 5,537
H.Miscellaneous
1.Total capital employed (C+D) - - 707,816 777,283 756,469 737,800
2.Retention in business (F10-F11-F12) - - (31,692) (16,912) (18,624) (16,716)
3.Depreciation for the year - - 28,193 31,435 14,441 13,683
4.Salaries, wages and employee benefits - - 2,561 3,234 2,774 4,889
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - -30.59 -65.97 -61.01
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - 0.00 0.07 0.03 0.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - -3.82 -2.02 -2.25 -2.10
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - 1.24 1.19 1.13 1.11
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - -4.74 -2.40 -2.54 -2.34
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - -1.02 -0.55 -0.60 -0.54
286
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mughal Iron & Steel Industries (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,354,165 3,928,429 4,274,764 6,344,432 8,627,828 9,965,805
1.Capital work in progress 396,387 8,784 211,196 1,927,893 3,656,729 5,054,715
2.Operating fixed assets at cost 3,198,923 4,260,512 4,366,203 4,999,814 5,699,578 5,804,764
3.Operating fixed assets after deducting accumulated depreciation 2,937,768 3,899,478 4,039,670 4,376,855 4,927,583 4,863,299
4.Intangible assets 0 0 0 12,268 9,382 6,495
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 20,010 20,167 23,898 27,416 34,134 41,296
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,113,194 7,851,863 11,748,963 11,130,324 14,013,180 15,640,301
1.Cash & bank balance 450,324 576,058 2,338,892 1,251,171 3,201,750 2,376,790
2.Inventories; of which 4,812,364 4,220,729 5,381,802 5,319,720 4,650,970 6,732,151
i)Raw material 4,431,317 4,129,852 5,292,091 5,080,582 3,033,018 5,756,023
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 381,047 90,876 89,711 239,138 1,617,952 976,126
3.Trade Debt / accounts receivables 473,243 939,887 1,347,039 1,263,280 3,304,003 2,182,004
4.Short term loans and advances 335,954 201,799 289,765 373,908 373,906 280,203
5.Short term investments 524,620 108,493 0 0 0 0
6.Other current assets 1,516,689 1,804,897 2,391,465 2,922,245 2,482,551 4,069,153
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,467,359 11,780,292 16,023,727 17,474,756 22,641,008 25,606,106
C.Shareholders' Equity (C1+C2+C3) 3,404,958 4,235,428 6,637,098 7,466,333 7,503,933 8,157,573
1.Issued, Subscribed & Paid up capital 1,093,911 1,257,998 2,515,997 2,515,997 2,515,997 2,515,997
i)Ordinary shares 1,093,911 1,257,998 2,515,997 2,515,997 2,515,997 2,515,997
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,311,047 2,977,430 4,121,101 4,950,336 4,987,936 5,641,576
i)Capital Reserve 1,086,527 865,102 2,643,450 2,343,450 1,585,245 1,919,413
ii)Revenue Reserve 1,224,520 2,112,328 1,477,651 2,606,886 3,402,691 3,722,163
of which: un-appropriated profit(loss) / retained earnings 0 0 1,477,651 2,606,886 3,402,691 3,722,163
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,250,475 1,683,226 643,053 1,599,956 3,781,257 3,439,460
1.Long term borrowings 950,937 973,844 0 829,000 2,808,582 2,644,089
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 59,652 81,675 107,115 150,776 218,601 250,575
5.Other non-current liabilities 239,886 627,707 535,938 620,180 754,074 544,796
E.Current Liabilities (E1+E2+E3+E4) 6,811,926 5,861,638 8,743,576 8,408,467 11,355,818 14,009,073
1.Trade credit & other accounts payables 4,270,377 2,253,821 615,104 463,465 496,003 1,191,427
of which: i) Trade credits 112,032 1,276,622 271,950 41,787 117,501 507,129
2.Short term borrowings 2,358,905 3,498,798 8,014,084 7,840,376 10,001,633 11,638,876
3.Current portion of non-current liabilities 139,422 72,461 31,713 0 531,373 816,948
4.Other current liabilities 43,222 36,558 82,675 104,626 326,809 361,822
F.Operations:
1.Sales 12,241,271 18,983,479 18,802,811 22,225,843 30,828,089 27,304,991
i)Local sales (Net) 10,605,374 18,534,925 18,747,966 22,207,996 30,825,155 26,894,479
ii)Export sales (Net) 1,635,897 448,554 54,845 17,847 2,934 410,512
2.Cost of sales 10,914,917 16,924,658 16,837,364 19,431,431 27,639,095 24,687,543
i)Cost of material 8,440,579 12,851,721 12,303,372 13,597,288 22,007,029 18,994,141
3.Gross profit / (loss) (F1-F2) 1,326,354 2,058,821 1,965,447 2,794,412 3,188,994 2,617,448
4.General, administrative and other expenses 267,356 388,896 520,575 672,924 691,930 604,367
i)Selling & distribution expenses 61,845 94,723 164,049 246,333 201,591 143,886
ii)Administrative and other expenses 205,511 294,173 356,526 426,591 490,339 460,481
5.Other income / (loss) 14,776 47,357 33,977 34,700 26,688 55,432
6.EBIT (F3-F4+F5) 1,073,774 1,717,282 1,478,849 2,156,188 2,523,752 2,068,513
7.Financial expenses 439,678 425,033 256,551 552,460 786,328 1,514,786
of which: (i) Interest expenses 341,058 270,055 232,018 503,623 767,463 1,330,242
8.Profit / (loss) before taxation (F6-F7) 634,096 1,292,249 1,222,298 1,603,728 1,737,424 553,727
9.Tax expenses (25,070) 398,836 231,538 313,513 364,493 (39,145)
10.Profit / (loss) after tax (F8-F9) 659,166 893,413 990,760 1,290,215 1,372,931 592,872
11.Cash dividends 54,696 377,399 654,159 553,519 301,920 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,715,556 (577,272) (1,272,826) 932,328 1,011,489 (1,160,962)
2.Net cash flows from investing activities (1,033,063) (238,028) (452,412) (2,179,843) (2,423,758) (1,469,541)
3.Net cash flows from financing activities (632,579) 391,154 3,667,284 159,886 3,223,591 1,908,374
H.Miscellaneous
1.Total capital employed (C+D) 4,655,433 5,918,654 7,280,151 9,066,289 11,285,190 11,597,033
2.Retention in business (F10-F11-F12) 604,470 516,014 336,601 736,696 1,071,011 592,872
3.Depreciation for the year 92,047 102,218 128,906 134,859 151,046 182,199
4.Salaries, wages and employee benefits 373,265 521,661 673,108 914,112 1,033,817 1,081,166
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.38 4.71 5.27 5.81 4.45 2.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.07 1.63 1.35 1.33 1.54 1.13
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.75 7.69 7.13 7.70 6.84 2.46
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.37 3.04 2.56 2.38 2.68 3.08
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 19.36 23.39 18.23 18.30 18.34 7.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.03 7.10 3.94 5.13 5.46 2.36
287
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pak Leather Crafts Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 19,425 19,313 18,483 25,607 25,304 24,936
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 121,630 122,737 123,097 129,332 131,088 132,450
3.Operating fixed assets after deducting accumulated depreciation 18,016 17,903 17,073 24,197 23,894 23,526
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,410 1,410 1,410 1,410 1,410 1,410
B.Current Assets (B1+B2+B3+B4+B5+B6) 132,308 129,897 124,665 126,758 139,714 90,361
1.Cash & bank balance 502 253 1,369 389 2,292 5,837
2.Inventories; of which 42,601 42,904 38,023 50,579 47,639 46,324
i)Raw material (62,126) (61,180) 9,026 8,589 6,836 9,096
ii)Work in progress 40,147 39,505 0 22,097 3,647 3,246
iii)Finished goods 64,580 64,579 28,997 19,893 37,156 33,982
3.Trade Debt / accounts receivables 88,493 86,023 82,714 72,251 86,946 23,151
4.Short term loans and advances 32 177 1,694 2,599 1,646 6,715
5.Short term investments 0 0 0 0 0 0
6.Other current assets 680 540 865 940 1,191 8,334
Total Assets (A+B) / Equity & Liabilities (C+D+E) 151,733 149,210 143,148 152,365 165,018 115,297
C.Shareholders' Equity (C1+C2+C3) (349,213) (356,095) (361,338) (366,627) (294,277) (253,536)
1.Issued, Subscribed & Paid up capital 34,000 34,000 34,000 34,000 34,000 34,000
i)Ordinary shares 34,000 34,000 34,000 34,000 34,000 34,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (383,213) (390,095) (395,338) (400,627) (328,277) (287,536)
i)Capital Reserve 0 0 0 0 68,204 60,157
ii)Revenue Reserve (383,213) (390,095) (395,338) (400,627) (396,481) (347,693)
of which: un-appropriated profit(loss) / retained earnings (383,213) (390,095) (395,338) (400,627) (396,481) (347,693)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,655 1,655 449,453 85,353 17,377 17,377
1.Long term borrowings 0 0 254,432 85,353 12,987 14,601
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,655 1,655 1,655 0 0 0
5.Other non-current liabilities 0 0 193,366 0 4,390 2,776
E.Current Liabilities (E1+E2+E3+E4) 499,290 503,650 55,033 433,639 441,918 351,456
1.Trade credit & other accounts payables 54,809 58,569 55,033 25,286 32,685 60,526
of which: i) Trade credits 46,958 46,934 45,471 16,101 22,592 49,058
2.Short term borrowings 273,549 274,149 0 237,420 237,420 152,530
3.Current portion of non-current liabilities 46,903 46,903 0 46,904 46,904 46,904
4.Other current liabilities 124,029 124,029 0 124,029 124,909 91,496
F.Operations:
1.Sales 17,171 20,914 45,286 51,688 76,581 214,451
i)Local sales (Net) 15,992 20,436 18,801 12,806 45,573 26,287
ii)Export sales (Net) 1,179 478 26,485 38,882 31,008 188,164
2.Cost of sales 28,801 23,226 45,225 49,813 61,675 195,538
i)Cost of material 0 32 19,140 33,603 28,790 148,966
3.Gross profit / (loss) (F1-F2) (11,630) (2,312) 61 1,875 14,906 18,913
4.General, administrative and other expenses 4,280 4,545 5,371 7,874 9,907 81,695
i)Selling & distribution expenses 219 631 1,618 2,859 2,699 13,957
ii)Administrative and other expenses 4,061 3,914 3,753 5,015 7,208 67,738
5.Other income / (loss) 563 244 1,080 1,866 861 117,300
6.EBIT (F3-F4+F5) (15,348) (6,613) (4,230) (4,133) 5,860 54,518
7.Financial expenses 22 59 561 640 798 3,434
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (15,371) (6,672) (4,791) (4,773) 5,062 51,084
9.Tax expenses 162 210 452 517 916 2,296
10.Profit / (loss) after tax (F8-F9) (15,533) (6,882) (5,243) (5,290) 4,146 48,788
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 179 859 1,475 (7,008) 3,890 18,019
2.Net cash flows from investing activities 0 (1,108) (360) (8,334) (1,758) (1,428)
3.Net cash flows from financing activities 0 0 0 14,361 (229) (13,047)
H.Miscellaneous
1.Total capital employed (C+D) (347,557) (354,440) 88,115 (281,274) (276,900) (236,159)
2.Retention in business (F10-F11-F12) (15,533) (6,882) (5,243) (5,290) 4,146 48,788
3.Depreciation for the year 1,306 1,220 1,190 1,548 2,060 2,194
4.Salaries, wages and employee benefits 3,387 9,359 9,014 10,312 17,120 24,586
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -90.46 -32.91 -11.58 -10.23 5.41 22.75
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.11 0.14 0.31 0.35 0.48 1.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.96 -4.57 -3.59 -3.58 2.61 34.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.46 -0.43 -0.41 -0.41 -0.48 -0.51
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.55 1.95 1.46 1.45 -1.25 -17.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -4.57 -2.02 -1.54 -1.56 1.22 14.35
288
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Engineering Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,905,309 14,567,672 14,558,541 14,562,172 14,562,172 14,562,172
1.Capital work in progress 17,759 31,398 2,982 49,992 49,992 49,992
2.Operating fixed assets at cost 8,702,105 14,597,334 14,597,663 14,501,262 14,501,262 14,501,262
3.Operating fixed assets after deducting accumulated depreciation 8,571,502 14,533,107 14,552,186 14,508,758 14,508,758 14,508,758
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 704 1,335 1,320 819 819 819
6.Other non-current assets 315,344 1,832 2,053 2,603 2,603 2,603
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,049,978 2,004,380 1,892,699 1,406,277 1,406,277 1,406,277
1.Cash & bank balance 22,500 21,936 36,903 38,108 38,108 38,108
2.Inventories; of which 411,431 256,813 446,910 347,621 347,621 347,621
i)Raw material 96,997 152,989 178,218 150,024 150,024 150,024
ii)Work in progress 160,886 83,578 154,168 143,688 143,688 143,688
iii)Finished goods 153,548 20,246 114,524 53,909 53,909 53,909
3.Trade Debt / accounts receivables 381,153 1,119,940 781,691 382,497 382,497 382,497
4.Short term loans and advances 8,613 6,687 6,191 6,499 6,499 6,499
5.Short term investments 0 0 0 0 0 0
6.Other current assets 226,281 599,004 621,004 631,552 631,552 631,552
Total Assets (A+B) / Equity & Liabilities (C+D+E) 9,955,287 16,572,052 16,451,240 15,968,449 15,968,449 15,968,449
C.Shareholders' Equity (C1+C2+C3) 7,460,957 13,657,796 13,732,096 13,667,998 13,667,998 13,667,998
1.Issued, Subscribed & Paid up capital 56,902 56,902 56,902 56,902 56,902 56,902
i)Ordinary shares 56,902 56,902 56,902 56,902 56,902 56,902
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,155,358) (915,610) (822,934) (874,307) (874,307) (874,307)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (1,155,358) (915,610) (822,934) (874,307) (874,307) (874,307)
of which: un-appropriated profit(loss) / retained earnings (1,165,358) (925,610) (832,934) (884,307) (884,307) (884,307)
3.Surplus on revaluation of fixed assets 8,559,413 14,516,504 14,498,128 14,485,403 14,485,403 14,485,403
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,916,163 184,415 146,859 83,791 83,791 83,791
1.Long term borrowings 1,859,104 48,753 29,250 9,747 9,747 9,747
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,225 8,097 15,245 21,195 21,195 21,195
5.Other non-current liabilities 55,834 127,565 102,364 52,849 52,849 52,849
E.Current Liabilities (E1+E2+E3+E4) 578,167 2,729,841 2,572,285 2,216,660 2,216,660 2,216,660
1.Trade credit & other accounts payables 526,012 797,533 657,519 313,569 313,569 313,569
of which: i) Trade credits 387,113 629,243 549,975 214,755 214,755 214,755
2.Short term borrowings 20,000 49,984 74,919 61,494 61,494 61,494
3.Current portion of non-current liabilities 19,503 19,503 19,503 19,503 19,503 19,503
4.Other current liabilities 12,652 1,862,821 1,820,344 1,822,094 1,822,094 1,822,094
F.Operations:
1.Sales 923,261 2,329,076 1,353,172 1,424,449 1,424,449 1,424,449
i)Local sales (Net) 923,261 2,329,076 1,353,172 1,424,449 1,424,449 1,424,449
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 781,391 1,856,634 1,187,003 1,399,407 1,399,407 1,399,407
i)Cost of material 654,540 1,232,487 1,034,692 945,805 945,805 945,805
3.Gross profit / (loss) (F1-F2) 141,870 472,442 166,169 25,042 25,042 25,042
4.General, administrative and other expenses 72,644 130,651 111,902 109,905 109,905 109,905
i)Selling & distribution expenses 15,978 26,232 10,542 12,024 12,024 12,024
ii)Administrative and other expenses 56,666 104,419 101,360 97,881 97,881 97,881
5.Other income / (loss) 11,878 4,652 23,332 3,449 3,449 3,449
6.EBIT (F3-F4+F5) 81,104 346,443 77,599 (81,414) (81,414) (81,414)
7.Financial expenses 17,520 15,362 17,072 17,559 17,559 17,559
of which: (i) Interest expenses 14,733 11,000 11,918 12,545 12,545 12,545
8.Profit / (loss) before taxation (F6-F7) 63,584 331,081 60,527 (98,973) (98,973) (98,973)
9.Tax expenses 18,312 111,595 (6,212) (29,017) (29,017) (29,017)
10.Profit / (loss) after tax (F8-F9) 45,272 219,486 66,739 (69,956) (69,956) (69,956)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,928 8,109 25,910 74,873 74,873 74,873
2.Net cash flows from investing activities 10,013 (19,154) (16,322) (41,609) (41,609) (41,609)
3.Net cash flows from financing activities (592) 10,481 5,379 (32,059) (32,059) (32,059)
H.Miscellaneous
1.Total capital employed (C+D) 9,377,120 13,842,211 13,878,955 13,751,789 13,751,789 13,751,789
2.Retention in business (F10-F11-F12) 45,272 219,486 66,739 (69,956) (69,956) (69,956)
3.Depreciation for the year 37,081 36,594 37,677 38,027 38,027 38,027
4.Salaries, wages and employee benefits 100,932 143,584 135,520 137,455 137,455 137,455
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.90 9.42 4.93 -4.91 -4.91 -4.91
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.09 0.18 0.08 0.09 0.09 0.09
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.46 1.65 0.40 -0.43 -0.44 -0.44
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.32 1.26 1.21 1.18 1.17 1.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.61 2.08 0.49 -0.51 -0.51 -0.51
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.96 38.57 11.73 -12.29 -12.29 -12.29
289
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Tobacco Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,239,091 8,688,054 8,668,133 10,127,378 12,534,372 15,851,339
1.Capital work in progress 1,140,632 368,218 481,253 960,551 732,634 2,423,616
2.Operating fixed assets at cost 15,501,441 16,638,804 18,189,270 19,486,905 23,693,926 25,276,058
3.Operating fixed assets after deducting accumulated depreciation 8,069,387 8,286,265 7,858,442 8,170,276 11,590,196 12,678,139
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 5,000 5,000 5,000 5,000
6.Other non-current assets 29,072 33,571 323,438 991,551 206,542 744,584
B.Current Assets (B1+B2+B3+B4+B5+B6) 15,515,589 16,709,466 23,465,833 30,325,224 27,901,242 29,154,435
1.Cash & bank balance 53,089 147,324 390,128 293,165 535,905 842,296
2.Inventories; of which 14,007,537 13,618,530 14,460,890 18,489,390 21,422,543 19,482,676
i)Raw material 11,154,057 12,381,375 13,099,476 16,850,741 19,481,862 16,886,834
ii)Work in progress 79,438 68,530 37,760 93,386 91,312 90,823
iii)Finished goods 2,774,042 1,168,625 1,323,654 1,545,263 1,849,369 2,505,019
3.Trade Debt / accounts receivables 906 1,839 2,636 1,553 4,260 1,392
4.Short term loans and advances 181,594 178,561 72,685 95,503 125,644 335,205
5.Short term investments 0 979,903 6,763,842 8,699,508 3,001,058 6,401,215
6.Other current assets 1,272,463 1,783,309 1,775,652 2,746,105 2,811,832 2,091,651
Total Assets (A+B) / Equity & Liabilities (C+D+E) 24,754,680 25,397,520 32,133,966 40,452,602 40,435,614 45,005,774
C.Shareholders' Equity (C1+C2+C3) 10,366,159 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
1.Issued, Subscribed & Paid up capital 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938
i)Ordinary shares 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,811,221 10,421,692 14,356,260 15,210,686 15,735,917 16,957,919
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 7,811,221 10,421,692 14,356,260 15,210,686 15,735,917 16,957,919
of which: un-appropriated profit(loss) / retained earnings 0 0 0 15,210,686 15,735,917 16,957,919
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,454,120 1,447,413 1,368,275 873,921 1,987,550 2,462,398
1.Long term borrowings 415,123 314,950 260,050 284,845 1,341,607 1,573,892
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 1,038,997 1,132,463 1,108,225 589,076 645,943 888,506
E.Current Liabilities (E1+E2+E3+E4) 12,934,401 10,973,477 13,854,493 21,813,057 20,157,209 23,030,519
1.Trade credit & other accounts payables 10,417,067 9,095,009 10,532,562 18,621,368 16,295,217 19,202,867
of which: i) Trade credits 3,459,191 2,347,681 4,608,112 9,069,627 5,206,714 6,765,058
2.Short term borrowings 1,373,866 259,722 165,245 223,787 382,941 678,730
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,143,468 1,618,746 3,156,686 2,967,902 3,479,051 3,148,922
F.Operations:
1.Sales 42,907,191 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511
i)Local sales (Net) 42,907,191 44,866,504 43,279,149 53,069,899 50,241,721 55,907,014
ii)Export sales (Net) 0 0 0 42,185 1,733,175 4,983,497
2.Cost of sales 24,351,991 22,092,836 23,075,361 29,828,556 25,764,813 29,328,821
i)Cost of material 18,450,695 14,249,779 15,414,846 19,862,243 19,222,929 23,622,134
3.Gross profit / (loss) (F1-F2) 18,555,200 22,773,668 20,203,788 23,283,528 26,210,083 31,561,690
4.General, administrative and other expenses 8,357,307 8,126,904 7,612,363 8,890,223 9,318,366 10,464,560
i)Selling & distribution expenses 4,854,542 4,743,638 3,762,202 4,950,293 4,666,122 5,015,427
ii)Administrative and other expenses 3,502,765 3,383,266 3,850,161 3,939,930 4,652,244 5,449,133
5.Other income / (loss) 453,042 781,213 476,258 920,377 1,595,753 1,531,464
6.EBIT (F3-F4+F5) 10,650,935 15,427,977 13,067,683 15,313,682 18,487,470 22,628,594
7.Financial expenses 71,862 45,829 56,338 33,828 202,553 240,699
of which: (i) Interest expenses 71,862 45,829 56,338 33,828 202,553 240,699
8.Profit / (loss) before taxation (F6-F7) 10,579,073 15,382,148 13,011,345 15,279,854 18,284,917 22,387,895
9.Tax expenses 3,532,639 5,020,796 3,437,783 4,941,862 5,395,688 5,895,405
10.Profit / (loss) after tax (F8-F9) 7,046,434 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
11.Cash dividends 6,131,851 6,387,345 7,664,814 9,964,258 12,519,196 16,096,109
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,179,230 10,554,845 12,279,668 12,809,618 8,564,292 22,215,393
2.Net cash flows from investing activities (1,014,891) 17,045 (739,535) (1,358,815) (834,841) (3,191,584)
3.Net cash flows from financing activities (4,917,454) (8,379,590) (5,418,051) (9,687,642) (13,109,619) (15,317,261)
H.Miscellaneous
1.Total capital employed (C+D) 11,820,279 14,424,043 18,279,473 18,639,545 20,278,405 21,975,255
2.Retention in business (F10-F11-F12) 914,583 3,974,007 1,908,748 373,734 370,033 396,381
3.Depreciation for the year 988,629 1,087,234 1,112,342 925,778 1,367,476 1,500,059
4.Salaries, wages and employee benefits 5,329,171 5,958,727 5,609,383 6,168,709 6,512,705 6,690,217
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.42 23.09 22.12 19.46 24.80 27.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.84 1.79 1.50 1.46 1.29 1.43
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 30.18 41.32 33.28 28.48 31.87 38.61
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.54 2.15 1.92 2.09 2.24 2.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 76.69 88.78 64.06 59.62 71.49 87.25
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 27.58 40.55 37.47 40.46 50.45 64.55
290
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Philip Morris (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,023,198 9,318,256 8,543,369 8,058,337 7,566,614 7,180,110
1.Capital work in progress 1,650,223 822,576 538,160 1,100,341 1,285,067 618,273
2.Operating fixed assets at cost 11,318,747 13,003,921 13,421,377 13,807,214 12,191,799 13,593,179
3.Operating fixed assets after deducting accumulated depreciation 6,375,460 7,664,685 7,260,775 6,223,419 4,347,312 5,004,535
4.Intangible assets 22,708 29,909 20,023 24,270 5,975 60,592
5.Long term investments 1 1 1 1 1 1
6.Other non-current assets 974,806 801,085 724,410 710,306 1,928,259 1,496,709
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,284,423 8,708,755 7,858,482 10,099,815 8,791,207 12,023,850
1.Cash & bank balance 74,610 108,093 256,100 2,965,229 330,283 5,383,334
2.Inventories; of which 8,468,495 7,273,187 6,204,581 5,800,812 6,141,376 4,866,357
i)Raw material 7,934,418 6,992,580 5,747,841 4,610,723 5,082,504 3,856,116
ii)Work in progress 74,011 124,732 107,962 143,281 177,687 174,886
iii)Finished goods 460,066 155,875 348,778 1,046,808 881,185 835,355
3.Trade Debt / accounts receivables 95,928 1,523 36,458 0 0 0
4.Short term loans and advances 52,960 33,278 35,160 22,288 22,078 123,897
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,592,430 1,292,674 1,326,183 1,311,486 2,297,470 1,650,262
Total Assets (A+B) / Equity & Liabilities (C+D+E) 19,307,621 18,027,011 16,401,851 18,158,152 16,357,821 19,203,960
C.Shareholders' Equity (C1+C2+C3) 2,649,327 13,590,036 12,901,276 12,610,646 10,650,883 11,073,499
1.Issued, Subscribed & Paid up capital 615,803 11,079,803 11,079,803 11,079,803 11,079,803 11,079,803
i)Ordinary shares 615,803 615,803 615,803 615,803 615,803 615,803
ii)Preference shares 0 10,464,000 10,464,000 10,464,000 10,464,000 10,464,000
2.Reserves 2,033,524 2,510,233 1,821,473 1,530,843 (428,920) (6,304)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 2,033,524 2,510,233 1,821,473 1,530,843 (428,920) (6,304)
of which: un-appropriated profit(loss) / retained earnings (4,168,328) (3,593,171) (3,374,946) 1,564,754 (395,009) 27,607
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 416,752 325,422
1.Long term borrowings 0 0 0 0 416,752 325,422
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 16,658,294 4,436,975 3,500,575 5,547,506 5,290,186 7,805,039
1.Trade credit & other accounts payables 3,053,270 2,643,360 3,144,291 4,951,859 4,296,586 4,898,438
of which: i) Trade credits 1,058,901 1,179,281 1,601,482 2,140,855 1,570,580 1,570,580
2.Short term borrowings 13,538,365 1,338,557 0 0 846,475 0
3.Current portion of non-current liabilities 0 0 0 0 93,955 110,657
4.Other current liabilities 66,659 455,058 356,284 595,647 53,170 2,795,944
F.Operations:
1.Sales 14,416,905 14,213,338 13,966,525 16,199,912 13,334,498 16,596,036
i)Local sales (Net) 14,416,905 14,213,338 13,966,525 16,199,912 13,060,674 13,983,373
ii)Export sales (Net) 0 0 0 0 273,824 2,612,663
2.Cost of sales 9,561,847 8,192,406 8,888,275 10,175,924 9,144,670 10,138,881
i)Cost of material 6,405,948 4,070,369 4,878,678 6,166,311 6,212,698 7,790,952
3.Gross profit / (loss) (F1-F2) 4,855,058 6,020,932 5,078,250 6,023,988 4,189,828 6,457,155
4.General, administrative and other expenses 5,962,392 5,077,821 4,678,343 5,647,030 7,344,618 4,658,391
i)Selling & distribution expenses 3,395,731 2,941,858 2,926,658 3,570,578 2,663,662 2,601,318
ii)Administrative and other expenses 2,566,661 2,135,963 1,751,685 2,076,452 4,680,956 2,057,073
5.Other income / (loss) 213,516 189,480 165,210 263,044 710,607 843,664
6.EBIT (F3-F4+F5) (893,818) 1,132,591 565,117 640,002 (2,444,183) 2,642,428
7.Financial expenses 783,121 362,703 88,802 23,094 48,807 88,036
of which: (i) Interest expenses 763,739 219,831 63,076 487 24,770 64,901
8.Profit / (loss) before taxation (F6-F7) (1,676,939) 769,888 476,315 616,908 (2,492,990) 2,554,392
9.Tax expenses (361,931) 194,731 285,307 73,757 (512,991) 789,544
10.Profit / (loss) after tax (F8-F9) (1,315,008) 575,157 191,008 543,151 (1,979,999) 1,764,848
11.Cash dividends 0 0 16,619,705 0 0 11,079,803
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (474,350) 3,178,194 2,934,997 4,422,979 (1,754,194) 6,737,617
2.Net cash flows from investing activities (1,567,217) (1,392,171) (537,363) (1,197,125) (1,341,230) (496,462)
3.Net cash flows from financing activities (1,584,800) 3,085,407 (911,070) (751,581) (151,141) (341,629)
H.Miscellaneous
1.Total capital employed (C+D) 2,649,327 13,590,036 12,901,276 12,610,646 11,067,635 11,398,921
2.Retention in business (F10-F11-F12) (1,315,008) 575,157 (16,428,697) 543,151 (1,979,999) (9,314,955)
3.Depreciation for the year 866,395 896,744 1,100,030 1,560,336 921,547 927,029
4.Salaries, wages and employee benefits 2,455,105 2,242,129 2,558,242 2,508,951 2,439,776 2,888,547
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -9.12 4.05 1.37 3.35 -14.85 10.63
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.76 0.76 0.81 0.94 0.77 0.93
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.95 3.08 1.11 3.14 -11.47 9.93
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 5.70 2.30 1.30 1.35 1.48 1.64
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -39.62 7.08 1.44 4.26 -17.02 16.25
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -21.35 0.52 0.17 0.49 -1.79 1.59
291
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Service Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,771,095 5,090,216 6,673,216 7,720,528 9,376,223 11,914,851
1.Capital work in progress 141,928 629,310 1,218,770 1,219,779 252,224 858,827
2.Operating fixed assets at cost 5,024,219 6,220,211 7,368,411 8,973,860 10,863,386 13,328,922
3.Operating fixed assets after deducting accumulated depreciation 3,240,772 4,116,625 4,842,097 5,835,196 7,016,077 8,708,099
4.Intangible assets 5,640 2,720 39,546 43,179 40,790 39,507
5.Long term investments 323,520 248,174 455,648 506,914 542,646 557,757
6.Other non-current assets 59,235 93,387 117,155 115,460 1,524,486 1,750,661
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,472,223 7,605,485 9,312,349 10,601,747 13,025,736 18,512,388
1.Cash & bank balance 459,846 288,245 84,448 72,841 103,548 4,195,565
2.Inventories; of which 2,719,856 2,729,738 3,973,831 4,122,156 5,903,758 6,335,260
i)Raw material 1,252,094 1,025,925 1,406,686 1,620,807 2,605,846 2,805,817
ii)Work in progress 392,647 288,944 311,171 423,069 474,140 474,140
iii)Finished goods 1,075,115 1,414,869 2,255,974 2,078,280 2,823,772 3,055,303
3.Trade Debt / accounts receivables 1,527,479 2,483,211 2,741,731 3,273,650 3,617,736 4,633,123
4.Short term loans and advances 233,671 354,029 305,841 479,530 684,295 892,136
5.Short term investments 0 103,745 0 0 0 0
6.Other current assets 1,531,371 1,646,517 2,206,498 2,653,570 2,716,399 2,456,304
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,243,318 12,695,701 15,985,565 18,322,275 22,401,959 30,427,239
C.Shareholders' Equity (C1+C2+C3) 3,603,069 4,382,864 4,743,964 5,483,164 6,183,939 9,839,024
1.Issued, Subscribed & Paid up capital 120,288 120,288 120,288 120,288 187,950 234,937
i)Ordinary shares 120,288 120,288 120,288 120,288 187,950 234,937
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,482,781 4,262,576 4,623,676 5,362,876 5,995,989 9,604,087
i)Capital Reserve 123,947 123,947 137,702 155,805 143,650 2,621,235
ii)Revenue Reserve 3,358,834 4,138,629 4,485,974 5,207,071 5,852,339 6,982,852
of which: un-appropriated profit(loss) / retained earnings 0 2,580,421 2,927,766 3,648,863 4,294,131 5,424,644
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,228,846 1,394,081 2,973,784 3,142,026 4,799,823 5,856,367
1.Long term borrowings 881,850 998,021 2,431,930 2,617,155 4,392,307 5,230,675
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 21,054 20,685 128,449 180,446 215,979 259,994
5.Other non-current liabilities 325,942 375,375 413,405 344,425 191,537 365,698
E.Current Liabilities (E1+E2+E3+E4) 5,411,403 6,918,756 8,267,817 9,697,085 11,418,197 14,731,848
1.Trade credit & other accounts payables 3,223,831 3,259,519 2,936,698 2,881,556 4,006,199 5,218,389
of which: i) Trade credits 1,245,430 1,242,305 1,435,099 1,631,051 2,293,590 2,293,590
2.Short term borrowings 1,662,360 3,242,870 4,589,272 5,722,630 6,284,209 7,868,831
3.Current portion of non-current liabilities 221,170 223,058 451,642 699,725 947,685 1,541,612
4.Other current liabilities 304,042 193,309 290,205 393,174 180,104 103,016
F.Operations:
1.Sales 17,544,736 18,984,428 20,958,955 24,229,643 30,058,321 31,160,011
i)Local sales (Net) 12,392,272 14,065,698 15,840,157 16,617,881 19,898,563 21,302,052
ii)Export sales (Net) 5,152,464 4,918,730 5,118,798 7,611,762 10,159,758 9,857,959
2.Cost of sales 14,528,670 15,208,729 17,408,777 19,901,407 24,327,246 24,852,381
i)Cost of material 10,209,743 10,117,425 10,872,749 11,809,379 15,484,029 15,442,531
3.Gross profit / (loss) (F1-F2) 3,016,066 3,775,699 3,550,178 4,328,236 5,731,075 6,307,630
4.General, administrative and other expenses 1,678,801 2,170,712 2,553,275 2,859,909 3,563,667 3,701,032
i)Selling & distribution expenses 724,425 973,590 1,303,730 1,542,734 1,994,315 1,872,870
ii)Administrative and other expenses 954,376 1,197,122 1,249,545 1,317,175 1,569,352 1,828,162
5.Other income / (loss) 246,158 100,079 360,944 305,124 481,642 284,676
6.EBIT (F3-F4+F5) 1,583,423 1,705,066 1,357,847 1,773,451 2,649,050 2,891,274
7.Financial expenses 316,416 236,847 343,044 596,649 1,062,429 999,373
of which: (i) Interest expenses 265,690 196,683 306,810 555,067 1,001,256 940,364
8.Profit / (loss) before taxation (F6-F7) 1,267,007 1,468,219 1,014,803 1,176,802 1,586,621 1,891,901
9.Tax expenses 321,160 223,808 145,139 147,105 227,612 567,469
10.Profit / (loss) after tax (F8-F9) 945,847 1,244,411 869,664 1,029,697 1,359,009 1,324,432
11.Cash dividends 451,080 481,152 384,922 360,864 375,900 352,406
12.Bonus shares / stock dividends 0 0 0 30,072 93,975 234,937
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,031,566 400,381 (1,012,069) 248,880 563,661 2,258,490
2.Net cash flows from investing activities (791,279) (1,796,810) (1,728,179) (1,566,138) (980,027) (2,135,458)
3.Net cash flows from financing activities (798,883) 1,224,828 2,536,451 1,304,245 452,877 3,968,592
H.Miscellaneous
1.Total capital employed (C+D) 4,831,915 5,776,945 7,717,748 8,625,190 10,983,762 15,695,391
2.Retention in business (F10-F11-F12) 494,767 763,259 484,742 638,761 889,134 737,090
3.Depreciation for the year 315,910 382,996 465,556 611,234 718,394 803,899
4.Salaries, wages and employee benefits 3,027,444 3,348,194 3,686,213 3,993,239 4,908,158 5,296,347
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.39 6.55 4.15 4.25 4.52 4.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.84 1.66 1.46 1.41 1.48 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.90 10.85 6.06 6.00 6.67 5.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.91 2.87 3.14 3.35 3.49 3.30
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.81 31.17 19.06 20.14 23.30 16.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 78.63 103.45 72.30 85.60 72.31 56.37
292
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shield Corporation Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 359,185 362,438 448,959 445,980 616,677 794,212
1.Capital work in progress 1,106 6,207 762 2,422 10,439 22,750
2.Operating fixed assets at cost 629,593 664,971 790,754 798,380 967,278 1,196,749
3.Operating fixed assets after deducting accumulated depreciation 352,359 351,097 443,511 438,701 597,427 762,126
4.Intangible assets 546 0 67 33 0 467
5.Long term investments 0 0 0 0 4,000 3,496
6.Other non-current assets 5,173 5,134 4,619 4,824 4,811 5,373
B.Current Assets (B1+B2+B3+B4+B5+B6) 324,406 349,274 343,221 404,865 523,973 649,889
1.Cash & bank balance 745 1,023 1,089 1,257 1,544 1,460
2.Inventories; of which 246,771 275,375 269,904 251,156 392,317 452,377
i)Raw material 120,490 133,825 153,890 147,488 294,961 371,014
ii)Work in progress 14,671 12,996 10,501 12,282 19,440 17,609
iii)Finished goods 111,610 128,554 105,513 91,386 54,395 63,754
3.Trade Debt / accounts receivables 3,576 10,700 15,978 49,188 22,974 43,734
4.Short term loans and advances 6,368 9,281 19,596 10,573 2,796 12,331
5.Short term investments 0 0 0 0 0 0
6.Other current assets 66,945 52,895 36,654 92,691 104,342 139,987
Total Assets (A+B) / Equity & Liabilities (C+D+E) 683,591 711,712 792,180 850,845 1,140,650 1,444,101
C.Shareholders' Equity (C1+C2+C3) 301,771 326,151 352,810 401,214 428,921 493,893
1.Issued, Subscribed & Paid up capital 39,000 39,000 39,000 39,000 39,000 39,000
i)Ordinary shares 39,000 39,000 39,000 39,000 39,000 39,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 262,771 287,151 313,810 362,214 389,921 454,893
i)Capital Reserve 10,000 10,000 10,000 10,000 31,700 120,000
ii)Revenue Reserve 252,771 277,151 303,810 352,214 358,221 334,893
of which: un-appropriated profit(loss) / retained earnings 197,771 222,151 248,810 297,214 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 133,646 81,257 158,763 87,784 143,838 348,882
1.Long term borrowings 46,726 1,640 77,000 55,000 94,263 306,316
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 43,648 47,526 54,331 0 0 0
5.Other non-current liabilities 43,271 32,091 27,432 32,784 49,575 42,566
E.Current Liabilities (E1+E2+E3+E4) 248,174 304,304 280,607 361,847 567,891 601,326
1.Trade credit & other accounts payables 130,989 123,220 107,559 113,944 81,356 113,503
of which: i) Trade credits 92,206 97,842 67,283 61,854 48,079 62,462
2.Short term borrowings 68,690 147,349 146,940 221,708 380,917 441,954
3.Current portion of non-current liabilities 30,278 14,586 23,640 22,000 91,497 26,064
4.Other current liabilities 18,217 19,149 2,468 4,195 14,121 19,805
F.Operations:
1.Sales 1,248,961 1,548,322 1,662,086 1,678,898 1,778,795 1,708,621
i)Local sales (Net) 1,242,154 1,545,265 1,650,904 1,661,566 1,773,489 1,707,951
ii)Export sales (Net) 6,807 3,057 11,182 17,332 5,306 670
2.Cost of sales 870,751 1,041,713 1,089,614 1,067,417 1,222,058 1,292,602
i)Cost of material 598,486 684,673 654,594 558,587 602,140 842,534
3.Gross profit / (loss) (F1-F2) 378,210 506,609 572,472 611,481 556,737 416,019
4.General, administrative and other expenses 300,384 433,282 498,349 496,272 430,028 345,718
i)Selling & distribution expenses 257,654 388,299 427,702 418,215 338,494 277,343
ii)Administrative and other expenses 42,730 44,983 70,647 78,057 91,534 68,375
5.Other income / (loss) 1,751 2,119 22,972 1,630 505 10,728
6.EBIT (F3-F4+F5) 79,578 75,446 97,095 116,839 127,214 81,029
7.Financial expenses 15,747 7,755 11,167 18,714 41,595 100,883
of which: (i) Interest expenses 15,475 7,483 10,730 18,196 40,897 100,371
8.Profit / (loss) before taxation (F6-F7) 63,830 67,691 85,928 98,125 85,619 (19,854)
9.Tax expenses 16,181 20,848 37,315 30,222 61,289 (1,401)
10.Profit / (loss) after tax (F8-F9) 47,649 46,843 48,613 67,903 24,330 (18,453)
11.Cash dividends 19,500 19,500 19,500 13,650 4,875 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 148,306 42,894 45,475 6,841 (63,081) (45,264)
2.Net cash flows from investing activities (31,562) (41,114) (109,998) (38,114) (212,985) (245,523)
3.Net cash flows from financing activities (53,185) (80,161) 123,683 (632) 177,793 295,120
H.Miscellaneous
1.Total capital employed (C+D) 435,417 407,408 511,573 488,998 572,759 842,775
2.Retention in business (F10-F11-F12) 28,149 27,343 29,113 54,253 19,455 (18,453)
3.Depreciation for the year 37,817 37,200 43,841 32,443 37,321 67,774
4.Salaries, wages and employee benefits 187,656 222,353 273,180 499,295 321,961 350,991
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.82 3.03 2.92 4.04 1.37 -1.08
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.76 2.22 2.21 2.04 1.79 1.32
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.73 6.71 6.46 8.27 2.44 -1.43
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.52 2.22 2.21 2.18 2.40 2.80
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.94 14.92 14.32 18.01 5.86 -4.00
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.22 12.01 12.46 17.41 6.24 -4.73
293
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Siddiqsons Tin Plate Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 657,764 630,456 677,507 596,858 1,746,902 2,431,602
1.Capital work in progress 3,444 3,444 79,044 19,877 125,579 1,305,020
2.Operating fixed assets at cost 1,356,384 1,360,834 1,364,683 1,371,219 1,564,607 1,573,389
3.Operating fixed assets after deducting accumulated depreciation 643,822 616,520 591,281 569,802 733,370 710,963
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,498 10,492 7,182 7,179 887,953 415,619
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,164,496 1,019,931 1,346,287 1,761,767 2,810,490 2,800,847
1.Cash & bank balance 10,641 4,824 34,714 22,552 27,179 155,839
2.Inventories; of which 517,813 495,414 526,531 830,796 1,223,388 1,535,132
i)Raw material 224,674 224,752 164,025 303,122 648,039 563,164
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 293,139 270,662 362,506 527,674 575,349 971,968
3.Trade Debt / accounts receivables 436,215 300,923 515,788 523,859 614,194 472,090
4.Short term loans and advances 84,266 5,078 10,537 74,303 70,716 76,352
5.Short term investments 0 496 507 406 620,937 165,564
6.Other current assets 115,562 213,196 258,210 309,851 254,076 395,870
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,822,260 1,650,387 2,023,794 2,358,625 4,557,392 5,232,449
C.Shareholders' Equity (C1+C2+C3) 763,033 821,921 919,715 851,982 2,717,717 2,694,574
1.Issued, Subscribed & Paid up capital 785,201 785,201 785,201 785,201 2,292,788 2,292,788
i)Ordinary shares 785,201 785,201 785,201 785,201 2,292,788 2,292,788
ii)Preference shares 0 0 0 0 0 0
2.Reserves (22,168) 36,720 134,514 66,781 424,929 401,786
i)Capital Reserve 0 0 0 0 301,517 301,517
ii)Revenue Reserve (22,168) 36,720 134,514 66,781 123,412 100,269
of which: un-appropriated profit(loss) / retained earnings (22,168) 36,720 134,514 66,781 123,412 100,269
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 0 0 17,419
1.Long term borrowings 0 0 0 0 0 17,419
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,059,227 828,466 1,104,079 1,506,643 1,839,675 2,520,456
1.Trade credit & other accounts payables 100,639 121,352 149,206 151,050 204,140 303,182
of which: i) Trade credits 5,198 22,567 27,775 22,149 61,147 118,306
2.Short term borrowings 943,890 699,682 938,165 1,325,142 1,583,740 2,065,988
3.Current portion of non-current liabilities 0 0 0 0 0 12,489
4.Other current liabilities 14,698 7,432 16,708 30,451 51,795 138,797
F.Operations:
1.Sales 2,341,355 2,119,459 2,537,686 2,646,261 3,408,744 3,556,448
i)Local sales (Net) 2,341,355 2,084,465 2,255,571 2,550,620 3,262,195 3,491,281
ii)Export sales (Net) 0 34,994 282,115 95,641 146,549 65,167
2.Cost of sales 2,201,009 1,864,274 2,227,714 2,480,566 3,073,937 3,375,373
i)Cost of material 2,100,062 1,600,456 1,479,884 1,796,135 2,589,951 3,447,265
3.Gross profit / (loss) (F1-F2) 140,346 255,185 309,972 165,695 334,807 181,075
4.General, administrative and other expenses 55,590 99,204 101,983 89,984 100,514 125,955
i)Selling & distribution expenses 9,787 11,978 22,528 22,054 21,101 45,786
ii)Administrative and other expenses 45,804 87,226 79,455 67,930 79,413 80,169
5.Other income / (loss) 2,064 341 1,555 16,423 71,521 151,963
6.EBIT (F3-F4+F5) 86,820 156,322 209,544 92,134 305,814 207,083
7.Financial expenses 83,450 76,361 50,474 132,779 176,890 180,137
of which: (i) Interest expenses 80,691 61,054 47,101 170,173 161,908 161,205
8.Profit / (loss) before taxation (F6-F7) 3,370 79,961 159,070 (40,645) 128,924 26,946
9.Tax expenses 23,540 21,073 30,741 27,088 42,034 50,091
10.Profit / (loss) after tax (F8-F9) (20,170) 58,888 128,329 (67,733) 86,890 (23,145)
11.Cash dividends 0 39,260 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (46,346) 257,340 (92,246) (447,403) (51,915) 40,627
2.Net cash flows from investing activities 22,170 (18,950) (85,811) 48,264 (1,780,900) (260,561)
3.Net cash flows from financing activities 235,217 (321,069) 374,736 216,398 1,778,841 669,687
H.Miscellaneous
1.Total capital employed (C+D) 763,033 821,921 919,715 851,982 2,717,717 2,711,993
2.Retention in business (F10-F11-F12) (20,170) 19,628 128,329 (67,733) 86,890 (23,145)
3.Depreciation for the year 33,956 31,753 29,903 29,228 31,251 31,189
4.Salaries, wages and employee benefits 120,323 143,299 158,997 161,361 188,402 192,191
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.86 2.78 5.06 -2.56 2.55 -0.65
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.28 1.22 1.38 1.21 0.99 0.73
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.10 3.39 6.99 -3.09 2.51 -0.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.36 2.19 2.11 2.47 1.94 1.81
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -2.61 7.43 14.74 -7.65 4.87 -0.86
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.26 0.75 1.63 -0.86 0.38 -0.10
294
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Synthetic Products Enterprises Ltd (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,041,835- 1,536,876 1,898,951 2,209,071 2,298,602 2,357,591
1.Capital work in progress 39,838- 43,783 210,863 177,811 60,994 139,780
2.Operating fixed assets at cost 1,457,663- 2,026,522 2,336,166 2,829,253 3,146,728 3,314,509
3.Operating fixed assets after deducting accumulated depreciation 990,526- 1,471,571 1,665,006 2,016,335 2,169,305 2,177,777
4.Intangible assets 4,207- 4,291 3,241 1,949 98 489
5.Long term investments 0- 0 6,321 1,893 1,078 1,808
6.Other non-current assets 7,264- 17,231 13,520 11,083 67,127 37,737
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,323,273- 944,272 1,086,233 1,281,467 1,426,998 1,515,028
1.Cash & bank balance 37,975- 51,195 57,874 17,419 42,021 8,880
2.Inventories; of which 321,691- 316,545 427,684 627,420 568,886 639,457
i)Raw material 288,319- 285,588 378,892 463,482 421,696 526,517
ii)Work in progress 12,712- 11,658 15,445 125,585 88,456 39,665
iii)Finished goods 20,660- 19,298 33,345 38,352 58,733 73,275
3.Trade Debt / accounts receivables 249,451- 281,158 339,046 325,902 487,003 509,335
4.Short term loans and advances 7,695- 10,069 23,540 37,272 15,971 3,269
5.Short term investments 582,103- 75,000 0 0 0 0
6.Other current assets 124,358- 210,305 238,089 273,454 313,117 354,087
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,365,108- 2,481,148 2,985,184 3,490,538 3,725,600 3,872,619
C.Shareholders' Equity (C1+C2+C3) 1,555,643- 1,833,976 2,094,928 2,499,747 2,655,133 2,863,572
1.Issued, Subscribed & Paid up capital 773,500- 773,500 850,850 850,850 850,850 884,884
i)Ordinary shares 773,500- 773,500 850,850 850,850 850,850 884,884
ii)Preference shares 0- 0 0 0 0 0
2.Reserves 555,200- 833,533 1,017,135 1,318,865 1,474,251 1,648,656
i)Capital Reserve 347,391- 347,391 347,391 347,391 344,228 344,904
ii)Revenue Reserve 207,809- 486,142 669,744 971,474 1,130,023 1,303,752
of which: un-appropriated profit(loss) / retained earnings 207,809- 486,142 669,744 971,474 1,130,023 1,303,752
3.Surplus on revaluation of fixed assets 226,943- 226,943 226,943 330,032 330,032 330,032
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 218,128- 203,061 379,660 509,910 479,433 501,430
1.Long term borrowings 93,757- 41,332 202,292 323,131 271,388 282,521
2.Subordinated loans / Sponsor's loans 0- 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0- 0 0 0 0 0
4.Employees benefit obligations 0- 0 0 0 0 0
5.Other non-current liabilities 124,371- 161,729 177,368 186,779 208,045 218,909
E.Current Liabilities (E1+E2+E3+E4) 591,337- 444,111 510,596 480,881 591,034 507,617
1.Trade credit & other accounts payables 127,659- 128,169 162,785 167,951 166,244 155,206
of which: i) Trade credits 57,998- 54,348 72,318 68,156 72,570 49,339
2.Short term borrowings 380,451- 251,844 303,083 246,351 309,139 220,107
3.Current portion of non-current liabilities 76,154- 59,956 39,229 60,675 107,737 124,345
4.Other current liabilities 7,073- 4,142 5,499 5,904 7,914 7,959
F.Operations:
1.Sales 2,166,769- 2,321,735 2,699,673 2,987,315 3,431,045 3,097,558
i)Local sales (Net) 2,143,027- 2,303,172 2,685,015 2,973,622 3,418,540 3,081,696
ii)Export sales (Net) 23,742- 18,563 14,658 13,693 12,505 15,862
2.Cost of sales 1,673,471- 1,739,357 1,983,897 2,373,059 2,857,843 2,524,615
i)Cost of material 1,278,955- 1,338,097 1,494,815 1,880,824 2,156,721 1,741,669
3.Gross profit / (loss) (F1-F2) 493,298- 582,378 715,776 614,256 573,202 572,943
4.General, administrative and other expenses 174,128- 193,998 233,593 215,063 223,266 212,944
i)Selling & distribution expenses 43,036- 47,447 53,525 18,782 21,429 25,663
ii)Administrative and other expenses 131,092- 146,551 180,068 196,281 201,837 187,281
5.Other income / (loss) 30,474- 43,621 14,524 17,703 14,197 35,721
6.EBIT (F3-F4+F5) 349,644- 432,001 496,707 416,896 364,133 395,720
7.Financial expenses 59,031- 38,443 32,744 46,249 76,045 73,715
of which: (i) Interest expenses 57,593- 37,283 30,457 44,915 75,617 72,440
8.Profit / (loss) before taxation (F6-F7) 290,613- 393,558 463,963 370,647 288,088 322,005
9.Tax expenses 58,811- 37,752 46,801 26,374 46,902 63,192
10.Profit / (loss) after tax (F8-F9) 231,802- 355,806 417,162 344,273 241,186 258,813
11.Cash dividends 77,350- 116,025 127,628 127,628 51,051 88,488
12.Bonus shares / stock dividends 0- 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 200,704- 342,937 403,893 293,034 281,387 377,347
2.Net cash flows from investing activities (757,659)
- (55,083) (430,278) (367,692) (230,235) (296,424)
3.Net cash flows from financing activities 404,476- (135,565) 49,113 (15,017) (131,968) (45,461)
H.Miscellaneous
1.Total capital employed (C+D) 1,773,771- 2,037,037 2,474,588 3,009,657 3,134,566 3,365,002
2.Retention in business (F10-F11-F12) 154,452- 239,781 289,535 216,646 190,135 170,325
3.Depreciation for the year 74,346- 89,120 132,582 158,710 186,447 180,200
4.Salaries, wages and employee benefits 179,206- 201,660 248,085 266,481 290,676 307,272
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.70
- 15.33 15.45 11.52 7.03 8.36
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.92
- 0.96 0.99 0.98 0.95 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.80
- 14.68 15.26 11.27 6.68 6.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.52
- 1.43 1.39 1.39 1.40 1.38
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.90
- 20.99 21.24 15.69 9.36 9.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.00
- 4.60 4.90 4.05 2.83 2.92
295
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Thal Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,699,281 11,031,965 11,829,291 13,537,159 15,471,130 19,066,599
1.Capital work in progress 21,293 70,076 90,330 413,068 140,547 61,214
2.Operating fixed assets at cost 11,503,703 2,864,119 3,227,041 3,869,063 5,852,687 7,310,118
3.Operating fixed assets after deducting accumulated depreciation 8,440,867 866,323 1,111,247 1,534,660 3,224,656 4,162,166
4.Intangible assets 8,713 9,262 10,249 17,521 94,193 178,827
5.Long term investments 2,132,047 9,857,977 10,378,678 11,327,783 11,824,480 14,548,026
6.Other non-current assets 96,361 228,327 238,787 244,127 187,254 116,366
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,905,340 11,448,117 15,816,292 16,567,864 17,782,672 18,151,252
1.Cash & bank balance 645,884 937,128 842,399 1,325,900 1,068,600 1,384,288
2.Inventories; of which 2,543,659 2,824,550 2,992,333 4,047,147 5,788,036 5,945,770
i)Raw material 1,901,087 2,127,407 2,311,966 3,293,979 5,079,881 5,090,091
ii)Work in progress 192,326 213,115 156,863 226,833 263,699 377,192
iii)Finished goods 450,246 484,028 523,504 526,335 444,456 478,487
3.Trade Debt / accounts receivables 1,210,643 1,048,514 1,094,863 1,593,086 2,431,440 2,639,796
4.Short term loans and advances 39,517 53,271 71,198 105,905 28,224 50,181
5.Short term investments 5,053,988 5,594,911 10,510,173 9,069,237 7,551,952 7,525,548
6.Other current assets 411,649 989,743 305,326 426,589 914,420 605,669
Total Assets (A+B) / Equity & Liabilities (C+D+E) 20,604,621 22,480,082 27,645,583 30,105,023 33,253,802 37,217,851
C.Shareholders' Equity (C1+C2+C3) 18,409,500 20,373,843 24,968,892 26,847,213 29,570,012 31,553,499
1.Issued, Subscribed & Paid up capital 405,150 405,150 405,150 405,150 405,150 405,150
i)Ordinary shares 405,150 405,150 405,150 405,150 405,150 405,150
ii)Preference shares 0 0 0 0 0 0
2.Reserves 18,004,350 19,968,693 24,563,742 26,442,063 29,164,862 31,148,349
i)Capital Reserve 5,966,588 5,975,182 6,184,552 6,552,023 6,664,423 6,519,514
ii)Revenue Reserve 12,037,762 13,993,511 18,379,190 19,890,040 22,500,439 24,628,835
of which: un-appropriated profit(loss) / retained earnings 3,334,888 4,060,226 7,027,888 6,152,487 7,240,431 6,835,221
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 309,708 311,155 316,762 319,720 323,777 1,502,552
1.Long term borrowings 0 0 0 0 0 1,173,692
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 309,708 311,155 316,762 319,720 323,777 328,860
E.Current Liabilities (E1+E2+E3+E4) 1,885,413 1,795,084 2,359,929 2,938,090 3,360,013 4,161,800
1.Trade credit & other accounts payables 1,847,549 1,765,523 2,271,212 2,732,729 2,889,070 3,191,560
of which: i) Trade credits 503,096 181,544 318,634 607,202 710,917 710,419
2.Short term borrowings 23,807 22,790 9,137 600 274,131 438,000
3.Current portion of non-current liabilities 0 0 0 0 0 153,434
4.Other current liabilities 14,057 6,771 79,580 204,761 196,812 378,806
F.Operations:
1.Sales 18,938,928 16,823,104 18,136,903 20,308,071 23,544,641 17,202,937
i)Local sales (Net) 18,008,606 16,296,171 17,875,011 19,871,826 23,057,734 15,991,154
ii)Export sales (Net) 930,322 526,933 261,892 436,245 486,907 1,211,783
2.Cost of sales 15,504,550 13,157,360 14,167,064 16,619,922 19,469,021 15,256,801
i)Cost of material 10,993,021 11,025,212 11,994,271 13,819,671 16,476,681 11,951,490
3.Gross profit / (loss) (F1-F2) 3,434,378 3,665,744 3,969,839 3,688,149 4,075,620 1,946,136
4.General, administrative and other expenses 1,751,099 2,860,430 2,092,270 1,776,637 2,122,668 1,926,763
i)Selling & distribution expenses 237,708 259,568 192,674 225,757 259,328 202,994
ii)Administrative and other expenses 1,513,391 2,600,862 1,899,596 1,550,880 1,863,340 1,723,769
5.Other income / (loss) 2,299,710 3,130,382 5,374,547 3,198,429 3,682,556 4,480,137
6.EBIT (F3-F4+F5) 3,982,989 3,935,696 7,252,116 5,109,941 5,635,508 4,499,510
7.Financial expenses 17,405 5,902 9,348 10,206 24,842 172,679
of which: (i) Interest expenses 10,511 1,297 156 221 14,622 154,088
8.Profit / (loss) before taxation (F6-F7) 3,965,584 3,929,794 7,242,768 5,099,735 5,610,666 4,326,831
9.Tax expenses 1,192,345 1,026,509 1,740,022 1,547,656 1,648,356 1,095,094
10.Profit / (loss) after tax (F8-F9) 2,773,239 2,903,285 5,502,746 3,552,079 3,962,310 3,231,737
11.Cash dividends 1,012,875 810,300 1,600,343 1,093,905 648,240 405,150
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,942,297 1,519,926 3,005,681 1,280,022 158,529 2,269,007
2.Net cash flows from investing activities (199,607) 105,068 (549,300) (3,017,557) (281,566) (1,448,064)
3.Net cash flows from financing activities (971,817) (879,943) (916,209) (1,689,279) (877,358) (335,001)
H.Miscellaneous
1.Total capital employed (C+D) 18,719,208 20,684,998 25,285,654 27,166,933 29,893,789 33,056,051
2.Retention in business (F10-F11-F12) 1,760,364 2,092,985 3,902,404 2,458,174 3,314,070 2,826,587
3.Depreciation for the year 187,763 167,266 171,411 233,607 327,095 551,839
4.Salaries, wages and employee benefits 1,874,203 1,841,244 2,318,805 2,637,221 2,819,126 2,726,988
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.64 17.26 30.34 17.49 16.83 18.79
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.96 0.78 0.72 0.70 0.74 0.49
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.99 13.48 21.96 12.30 12.51 9.17
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.13 1.11 1.11 1.11 1.12 1.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.84 14.97 24.27 13.71 14.05 10.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 34.22 35.83 135.82 87.67 97.80 79.77
296
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Treet Corporation Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,528,439 8,209,232 12,060,218 13,975,898 18,376,137 16,024,733
1.Capital work in progress 526,948 3,984,979 7,380,108 2,626,884 3,872,203 1,531,898
2.Operating fixed assets at cost 4,612,578 4,995,717 5,335,486 12,316,426 1,654,644 16,762,270
3.Operating fixed assets after deducting accumulated depreciation 3,675,732 3,836,248 3,984,280 10,661,782 13,809,237 13,740,751
4.Intangible assets 0 0 171,297 163,693 155,317 152,087
5.Long term investments 260,765 316,794 446,009 477,087 491,193 439,216
6.Other non-current assets 64,994 71,211 78,524 46,452 48,187 160,781
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,462,531 4,335,134 5,717,417 7,025,973 7,846,942 8,123,411
1.Cash & bank balance 2,790,287 650,509 1,002,213 1,118,210 358,990 476,937
2.Inventories; of which 1,286,841 1,098,072 1,350,427 1,950,670 2,956,983 2,296,876
i)Raw material 904,813 680,335 799,931 1,249,072 1,920,158 1,482,229
ii)Work in progress 132,494 150,573 106,567 319,758 645,973 504,442
iii)Finished goods 249,534 267,164 443,929 381,840 390,852 310,205
3.Trade Debt / accounts receivables 482,818 616,893 888,344 1,035,898 1,235,283 878,646
4.Short term loans and advances 0 348,311 368,916 2,105,364 2,503,208 1,855,062
5.Short term investments 844,102 498,009 571,687 462,484 435,348 244,678
6.Other current assets 1,058,483 1,123,340 1,535,830 353,347 357,130 2,371,212
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,990,970 12,544,366 17,777,635 21,001,871 26,223,079 24,148,144
C.Shareholders' Equity (C1+C2+C3) 6,980,402 8,798,693 9,281,533 9,065,394 10,485,669 8,155,256
1.Issued, Subscribed & Paid up capital 539,507 1,378,043 1,421,436 1,600,846 1,654,508 1,698,313
i)Ordinary shares 539,507 1,378,043 1,421,436 1,600,846 1,654,508 1,698,313
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,110,412 6,100,461 6,548,490 6,162,771 4,188,734 1,563,027
i)Capital Reserve 2,690,400 4,548,751 5,027,063 5,364,252 5,794,997 5,881,853
ii)Revenue Reserve 2,420,012 1,551,710 1,521,427 798,519 (1,606,263) (4,318,826)
of which: un-appropriated profit(loss) / retained earnings 1,371,939 1,285,310 1,255,027 539,197 (1,606,263) (4,318,826)
3.Surplus on revaluation of fixed assets 1,330,483 1,320,189 1,311,607 1,301,777 4,642,427 4,893,916
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,039,895 878,934 667,162 517,093 549,031 970,952
1.Long term borrowings 169,093 112,670 56,426 0 0 181,183
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 716,417 537,000 357,583 178,166 0 0
4.Employees benefit obligations 153,635 216,881 251,939 325,698 481,508 714,039
5.Other non-current liabilities 750 12,383 1,214 13,229 67,523 75,730
E.Current Liabilities (E1+E2+E3+E4) 2,970,673 2,866,739 7,828,940 11,419,384 15,188,379 15,021,936
1.Trade credit & other accounts payables 564,865 701,202 1,077,593 1,023,516 1,278,665 1,304,130
of which: i) Trade credits 152,581 266,026 391,809 200,091 633,540 460,087
2.Short term borrowings 1,806,375 1,557,993 6,049,596 9,700,404 13,066,427 13,034,254
3.Current portion of non-current liabilities 236,019 247,364 254,082 290,577 201,266 54,164
4.Other current liabilities 363,414 360,180 447,669 404,887 642,021 629,388
F.Operations:
1.Sales 6,900,175 7,615,231 8,418,188 9,410,276 11,972,060 11,111,578
i)Local sales (Net) 5,189,500 5,739,890 6,540,998 7,322,577 9,321,860 8,993,213
ii)Export sales (Net) 1,710,675 1,875,341 1,877,190 2,087,699 2,650,200 2,118,365
2.Cost of sales 5,462,785 5,694,233 6,403,304 7,943,085 10,725,170 9,866,412
i)Cost of material 3,754,113 3,711,676 3,817,083 4,617,276 6,955,549 5,952,418
3.Gross profit / (loss) (F1-F2) 1,437,390 1,920,998 2,014,884 1,467,191 1,246,890 1,245,166
4.General, administrative and other expenses 1,210,980 1,535,115 1,589,503 1,611,220 2,152,824 1,736,346
i)Selling & distribution expenses 951,174 1,012,822 1,143,458 1,064,894 1,365,875 1,226,826
ii)Administrative and other expenses 259,806 522,293 446,045 546,326 786,949 509,520
5.Other income / (loss) 420,529 231,817 270,043 151,108 243,562 (26,176)
6.EBIT (F3-F4+F5) 646,939 617,700 695,424 7,079 (662,372) (517,356)
7.Financial expenses 397,035 349,904 390,848 485,914 1,286,392 1,731,560
of which: (i) Interest expenses 380,755 332,958 371,542 464,847 1,257,601 1,700,510
8.Profit / (loss) before taxation (F6-F7) 249,904 267,796 304,576 (478,835) (1,948,764) (2,248,916)
9.Tax expenses (28,081) 53,482 88,666 151,677 176,482 100,911
10.Profit / (loss) after tax (F8-F9) 277,985 214,314 215,910 (630,512) (2,125,246) (2,349,827)
11.Cash dividends 53,951 137,804 0 0 0 0
12.Bonus shares / stock dividends 0 0 142,144 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (340,851) 396,628 (357,256) (1,541,469) (2,489,940) 431,177
2.Net cash flows from investing activities (854,136) (3,777,910) (3,815,312) (2,261,344) (1,686,594) (412,330)
3.Net cash flows from financing activities 2,711,452 1,447,605 1,105,214 905,079 63,558 (177,765)
H.Miscellaneous
1.Total capital employed (C+D) 8,020,297 9,677,627 9,948,695 9,582,487 11,034,700 9,126,208
2.Retention in business (F10-F11-F12) 224,034 76,510 73,766 (630,512) (2,125,246) (2,349,827)
3.Depreciation for the year 199,654 216,977 222,683 345,523 667,934 770,318
4.Salaries, wages and employee benefits 1,256,774 1,415,045 1,656,418 2,208,098 2,428,042 2,251,457
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.03 2.81 2.56 -6.70 -17.75 -21.15
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.76 0.65 0.56 0.49 0.51 0.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.05 1.82 1.42 -3.25 -9.00 -9.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.62 1.49 1.68 2.11 2.42 2.70
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 4.95 2.72 2.39 -6.87 -21.74 -25.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.15 1.56 1.52 -3.94 -12.85 -13.84
297
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tri-Pack Films Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,741,328 6,353,016 6,183,335 6,081,354 6,061,948 7,039,744
1.Capital work in progress 0 107,610 230,483 151,590 252,192 507,878
2.Operating fixed assets at cost 11,771,628 11,865,758 12,154,824 12,755,482 12,963,194 14,357,021
3.Operating fixed assets after deducting accumulated depreciation 6,731,234 6,239,151 5,944,223 5,922,165 5,583,782 6,317,477
4.Intangible assets 6,979 2,897 4,330 2,352 12,909 10,946
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 3,115 3,358 4,299 5,247 213,065 203,443
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,573,597 4,792,064 5,011,279 6,523,434 6,267,526 6,113,366
1.Cash & bank balance 378,033 176,741 205,024 43,870 212,295 137,358
2.Inventories; of which 1,293,873 1,380,062 1,454,257 2,143,897 1,730,900 1,890,959
i)Raw material 896,971 912,041 890,846 1,536,044 1,303,076 1,123,724
ii)Work in progress 232,886 226,807 314,965 304,655 205,104 350,386
iii)Finished goods 164,016 241,214 248,446 303,198 222,720 416,849
3.Trade Debt / accounts receivables 1,227,890 1,508,480 1,653,372 2,324,698 2,292,142 1,696,150
4.Short term loans and advances 0 0 90,985 63,188 62,098 80,108
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,673,801 1,726,781 1,607,641 1,947,781 1,970,091 2,308,791
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,314,925 11,145,080 11,194,614 12,604,788 12,329,474 13,153,110
C.Shareholders' Equity (C1+C2+C3) 2,113,802 3,800,818 3,954,469 3,731,479 3,259,360 3,875,925
1.Issued, Subscribed & Paid up capital 300,000 388,000 388,000 388,000 388,000 388,000
i)Ordinary shares 300,000 388,000 388,000 388,000 388,000 388,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,813,802 3,412,818 3,566,469 3,343,479 2,871,360 3,487,925
i)Capital Reserve 0 999,107 999,107 999,107 999,107 999,107
ii)Revenue Reserve 1,813,802 2,413,711 2,567,362 2,344,372 1,872,253 2,488,818
of which: un-appropriated profit(loss) / retained earnings 0 0 962,362 739,372 267,253 883,818
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,753,951 2,762,429 1,853,374 1,342,308 1,247,379 3,012,414
1.Long term borrowings 3,664,793 2,544,408 1,424,024 1,070,001 900,185 2,173,048
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 32,875 164,414 78,823 88,328 90,221
5.Other non-current liabilities 89,158 185,146 264,936 193,484 258,866 749,145
E.Current Liabilities (E1+E2+E3+E4) 5,447,172 4,581,833 5,386,771 7,531,001 7,822,735 6,264,771
1.Trade credit & other accounts payables 2,234,051 2,900,505 1,519,721 1,705,841 3,718,282 3,651,099
of which: i) Trade credits 33,471 63,346 45,285 39,438 21,494 21,494
2.Short term borrowings 2,182,897 511,925 2,569,012 4,860,114 3,569,522 2,182,687
3.Current portion of non-current liabilities 950,384 1,120,384 1,224,247 854,021 399,999 291,786
4.Other current liabilities 79,840 49,019 73,791 111,025 134,932 139,199
F.Operations:
1.Sales 11,954,171 11,778,067 12,255,793 13,224,068 14,683,267 15,089,802
i)Local sales (Net) 11,288,839 11,568,684 12,016,068 13,045,805 13,643,437 14,177,578
ii)Export sales (Net) 665,332 209,383 239,725 178,263 1,039,830 912,224
2.Cost of sales 10,096,906 9,784,453 10,489,889 11,847,875 13,193,443 12,649,012
i)Cost of material 7,943,192 7,337,479 7,794,844 9,090,428 10,004,332 9,648,570
3.Gross profit / (loss) (F1-F2) 1,857,265 1,993,614 1,765,904 1,376,193 1,489,824 2,440,790
4.General, administrative and other expenses 663,846 686,678 646,461 705,370 789,243 1,022,996
i)Selling & distribution expenses 286,228 295,959 306,060 371,630 462,173 473,583
ii)Administrative and other expenses 377,618 390,719 340,401 333,740 327,070 549,413
5.Other income / (loss) 60,675 61,705 46,770 56,770 99,781 164,710
6.EBIT (F3-F4+F5) 1,254,094 1,368,641 1,166,213 727,593 800,362 1,582,504
7.Financial expenses 781,916 454,983 355,197 507,524 819,480 808,992
of which: (i) Interest expenses 773,892 439,409 281,055 462,861 734,094 558,572
8.Profit / (loss) before taxation (F6-F7) 472,178 913,658 811,016 220,069 (19,118) 773,512
9.Tax expenses (26,013) 159,176 238,374 62,712 290,696 159,401
10.Profit / (loss) after tax (F8-F9) 498,191 754,482 572,642 157,357 (309,814) 614,111
11.Cash dividends 87,990 388,000 388,000 155,200 0 194,000
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,957,526 2,149,861 110,135 (360,411) 3,576,427 2,418,637
2.Net cash flows from investing activities (113,606) (192,999) (445,793) (537,626) (569,842) (1,673,540)
3.Net cash flows from financing activities (2,821,942) (1,787,182) 48,854 (1,134,219) (2,958,543) (61,093)
H.Miscellaneous
1.Total capital employed (C+D) 5,867,753 6,563,247 5,807,843 5,073,787 4,506,739 6,888,339
2.Retention in business (F10-F11-F12) 410,201 366,482 184,642 2,157 (309,814) 420,111
3.Depreciation for the year 596,804 580,671 614,908 641,844 624,496 684,170
4.Salaries, wages and employee benefits 843,650 1,086,313 957,499 908,598 869,667 1,146,076
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.17 6.41 4.67 1.19 -2.11 4.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.98 1.05 1.10 1.11 1.18 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.08 6.72 5.13 1.32 -2.49 4.82
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.51 3.80 2.88 3.10 3.57 3.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 26.58 25.51 14.77 4.09 -8.86 17.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.61 19.45 14.76 - -7.98 15.83
298
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

United Brands Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,267 1,492 1,349 30,336 6,918 17,933
1.Capital work in progress 0 0 0 132 0 8,449
2.Operating fixed assets at cost 15,131 15,346 15,465 19,736 19,574 25,019
3.Operating fixed assets after deducting accumulated depreciation 2,007 1,005 812 4,391 5,487 6,621
4.Intangible assets 83 373 423 699 1,317 949
5.Long term investments 0 0 0 25,000 0 0
6.Other non-current assets 177 114 114 114 114 1,914
B.Current Assets (B1+B2+B3+B4+B5+B6) 719,142 819,898 1,767,230 2,593,734 2,539,701 1,827,356
1.Cash & bank balance 63,219 55,363 47,283 175,515 203,854 57,890
2.Inventories; of which 428,072 436,549 835,451 970,112 1,194,899 811,593
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 428,072 436,549 835,451 970,112 1,194,899 811,593
3.Trade Debt / accounts receivables 38,227 74,201 116,460 678,446 610,238 745,049
4.Short term loans and advances 7,185 5,582 264,326 606,294 0 152,295
5.Short term investments 0 0 0 0 0 0
6.Other current assets 182,439 248,203 503,710 163,367 530,710 60,529
Total Assets (A+B) / Equity & Liabilities (C+D+E) 721,409 821,390 1,768,579 2,624,070 2,546,619 1,845,289
C.Shareholders' Equity (C1+C2+C3) 77,493 95,134 101,155 876,541 306,536 46,990
1.Issued, Subscribed & Paid up capital 108,000 108,000 108,000 918,000 918,000 918,000
i)Ordinary shares 108,000 108,000 108,000 918,000 918,000 918,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (30,507) (12,866) (6,845) (41,459) (611,464) (871,010)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (30,507) (12,866) (6,845) (41,459) (611,464) (871,010)
of which: un-appropriated profit(loss) / retained earnings (30,507) (12,866) (6,845) (41,459) (611,464) (871,010)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 212,000 0 0 9,012
1.Long term borrowings 0 0 212,000 0 0 9,012
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 643,916 726,256 1,455,424 1,747,529 2,240,083 1,789,287
1.Trade credit & other accounts payables 615,218 726,256 1,099,254 936,024 748,802 1,010,605
of which: i) Trade credits 586,584 533,256 236,304 218,224 153,714 439,400
2.Short term borrowings 28,698 0 355,675 805,111 1,453,269 766,452
3.Current portion of non-current liabilities 0 0 0 0 0 4,737
4.Other current liabilities 0 0 495 6,394 38,012 7,493
F.Operations:
1.Sales 1,342,485 1,483,737 1,389,745 3,776,649 4,048,617 3,574,526
i)Local sales (Net) 1,342,485 1,483,737 1,389,745 3,776,649 4,048,617 3,574,526
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,151,220 1,254,493 1,046,814 2,793,084 3,020,437 2,668,312
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 191,265 229,244 342,931 983,565 1,028,180 906,214
4.General, administrative and other expenses 159,529 171,539 273,390 730,568 1,077,331 942,469
i)Selling & distribution expenses 112,587 128,528 208,951 616,024 734,333 645,263
ii)Administrative and other expenses 46,942 43,011 64,439 114,544 342,998 297,206
5.Other income / (loss) 0 0 0 0 2,049 40,137
6.EBIT (F3-F4+F5) 31,736 57,705 69,541 252,997 (47,102) 3,882
7.Financial expenses 9,832 6,076 15,395 126,902 324,708 125,523
of which: (i) Interest expenses 8,674 4,716 10,478 65,830 130,829 128,673
8.Profit / (loss) before taxation (F6-F7) 21,904 51,629 54,146 126,095 (371,810) (121,641)
9.Tax expenses 9,656 23,188 48,125 155,309 178,104 138,085
10.Profit / (loss) after tax (F8-F9) 12,248 28,441 6,021 (29,214) (549,914) (259,726)
11.Cash dividends 10,800 0 5,400 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 34,296 31,991 (575,530) (884,147) (620,287) 538,692
2.Net cash flows from investing activities (1,010) (505) (178) (29,753) (2,251) (11,570)
3.Net cash flows from financing activities (78,537) (39,342) 567,628 1,042,132 617,728 (673,083)
H.Miscellaneous
1.Total capital employed (C+D) 77,493 95,134 313,155 876,541 306,536 56,002
2.Retention in business (F10-F11-F12) 1,448 28,441 621 (29,214) (549,914) (259,726)
3.Depreciation for the year 1,629 1,217 312 692 1,053 1,874
4.Salaries, wages and employee benefits 64,958 77,495 65,802 143,457 231,726 229,180
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.91 1.92 0.43 -0.77 -13.58 -7.27
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.08 1.92 1.07 1.72 1.57 1.66
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.89 3.69 0.46 -1.33 -21.27 -12.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 8.42 8.94 13.19 4.49 4.37 12.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.95 32.95 6.13 -5.98 -92.96 -146.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.13 2.63 0.56 -0.32 -5.99 -2.83
299
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

ZIL Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 432,572 520,601 499,847 716,550 770,133 729,745
1.Capital work in progress 3,068 22,196 26,246 11,471 6,963 10,084
2.Operating fixed assets at cost 475,398 520,932 543,084 758,541 868,870 881,307
3.Operating fixed assets after deducting accumulated depreciation 364,816 461,123 458,029 702,474 757,397 706,633
4.Intangible assets 1,404 578 290 228 101 7,489
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 63,284 36,704 15,282 2,377 5,672 5,539
B.Current Assets (B1+B2+B3+B4+B5+B6) 354,125 315,923 370,807 391,987 446,236 537,558
1.Cash & bank balance 27,996 38,005 32,547 43,599 23,640 103,230
2.Inventories; of which 202,551 156,163 173,431 186,932 179,267 205,426
i)Raw material 105,635 96,687 86,435 89,178 104,999 121,814
ii)Work in progress 26,567 8,785 6,379 7,814 5,050 9,554
iii)Finished goods 70,349 50,691 59,648 85,429 69,218 74,058
3.Trade Debt / accounts receivables 42,815 25,829 33,543 46,188 45,560 41,028
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 40,000 60,000
6.Other current assets 80,763 95,926 131,286 115,268 157,769 127,874
Total Assets (A+B) / Equity & Liabilities (C+D+E) 786,697 836,524 870,654 1,108,537 1,216,369 1,267,303
C.Shareholders' Equity (C1+C2+C3) 254,469 342,537 351,917 567,467 611,094 606,288
1.Issued, Subscribed & Paid up capital 61,226 61,226 61,226 61,226 61,226 61,226
i)Ordinary shares 61,226 61,226 61,226 61,226 61,226 61,226
ii)Preference shares 0 0 0 0 0 0
2.Reserves 71,300 77,940 97,737 123,279 186,157 190,390
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 71,300 77,940 97,737 123,279 186,157 190,390
of which: un-appropriated profit(loss) / retained earnings 0 0 0 117,279 180,157 184,390
3.Surplus on revaluation of fixed assets 121,943 203,371 192,954 382,962 363,711 354,672
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 91,078 91,252 103,013 104,075 195,034 222,479
1.Long term borrowings 0 0 0 4,515 60,155 89,158
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 90,628 91,252 103,013 98,580 107,155 106,034
5.Other non-current liabilities 450 0 0 980 27,724 27,287
E.Current Liabilities (E1+E2+E3+E4) 441,150 402,735 415,724 436,995 410,241 438,536
1.Trade credit & other accounts payables 147,990 159,193 191,272 188,335 260,163 254,681
of which: i) Trade credits 68,164 60,841 50,445 58,348 124,650 164,033
2.Short term borrowings 279,622 230,004 210,000 190,000 0 0
3.Current portion of non-current liabilities 0 0 0 941 11,182 56,126
4.Other current liabilities 13,538 13,538 14,452 57,719 138,896 127,729
F.Operations:
1.Sales 1,342,843 1,463,042 1,599,376 1,894,705 2,423,185 2,443,461
i)Local sales (Net) 1,342,843 1,463,042 1,599,376 1,894,705 2,423,185 2,443,461
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,095,917 1,055,056 1,148,227 1,357,923 1,706,308 1,843,796
i)Cost of material 856,993 814,953 958,023 1,140,478 1,420,484 1,585,487
3.Gross profit / (loss) (F1-F2) 246,926 407,986 451,149 536,782 716,877 599,665
4.General, administrative and other expenses 371,454 388,394 412,211 474,503 568,931 539,269
i)Selling & distribution expenses 277,597 284,889 300,353 344,873 385,373 373,513
ii)Administrative and other expenses 93,857 103,505 111,858 129,630 183,558 165,756
5.Other income / (loss) 4,860 6,457 20,382 15,003 3,583 7,119
6.EBIT (F3-F4+F5) (119,668) 26,049 59,320 77,282 151,529 67,515
7.Financial expenses 22,913 20,006 18,092 18,125 25,918 16,575
of which: (i) Interest expenses 21,950 19,082 17,169 17,047 24,673 15,518
8.Profit / (loss) before taxation (F6-F7) (142,581) 6,043 41,228 59,157 125,611 50,940
9.Tax expenses (22,019) 2,107 24,352 31,224 59,869 37,679
10.Profit / (loss) after tax (F8-F9) (120,562) 3,936 16,876 27,933 65,742 13,261
11.Cash dividends 0 3,061 7,653 9,184 21,429 7,653
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (59,731) 99,678 59,006 80,302 283,084 84,396
2.Net cash flows from investing activities (8,072) (39,998) (41,456) (40,719) (87,783) (47,882)
3.Net cash flows from financing activities 50,000 (20,053) (23,004) (28,531) (215,260) 43,076
H.Miscellaneous
1.Total capital employed (C+D) 345,547 433,789 454,930 671,542 806,128 828,767
2.Retention in business (F10-F11-F12) (120,562) 875 9,223 18,749 44,313 5,608
3.Depreciation for the year 35,194 32,826 37,897 41,743 65,676 64,610
4.Salaries, wages and employee benefits 280,217 278,076 314,270 330,280 425,745 389,280
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -8.98 0.27 1.06 1.47 2.71 0.54
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.67 1.80 1.87 1.91 2.08 1.97
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -14.96 0.48 1.98 2.82 5.66 1.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.57 2.72 2.46 2.15 1.97 2.04
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -38.42 1.32 4.86 6.08 11.16 2.18
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -19.69 0.64 2.76 4.56 10.74 2.17
300
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mineral Products

Performance at Glance
The balance sheet size of the mineral products sector improved by Rs 5.75 billion or 10.89 percent during
current year, to reach Rs 58.53 billion in FY20 from Rs 52.78 billion in the previous year. Shareholders’
equity improved by 1.50 percent during FY20 over the previous year to stand at Rs 25.70 billion in the
current year. Mineral products sector posted a decrease of Rs 3.02 billion in profit after tax during FY20
whn compared with FY19.

Assets
Non-current assets of the sector stood at Rs 34.96 billion in FY20 as compared to Rs 32.46 billion in
FY19 reflecting an increase of 7.70 percent or Rs 2.50 billion during FY20. Capital work in progress
showed an increase of 101.83 percent in FY20 when compared with the previous year. Operating fixed
assets after deducting accumulated depreciation constitutes 75.66 percent share of non-current assets in

Current Assets Non-Current Assets

2020 2019 Growth(RHS) 2020 2019 Growth (RHS)
14 30 30 120
26.62
12 20 25 100
108.20
10 13.78 12.65 101.83 80
10 20
billion Rs

billion Rs
percent

percent
60
0 15
6 40
-10 10
4 20
2 -21.01-20 5 6.30
0
-3.91
0 -30 0 -20
Cash/bank Inventories Trade debt Short term Capital Oper. fixed Long term Other non-
balance loans and work in assets minus investments current
advances progress accc. Dep assets

FY20 and shown YoY decrease of 3.91 percent during FY20. Long term investments moved up and
reached to Rs 1.54 billion during FY20 from Rs 1.44 billion in FY19 recording an increase of 6.30
percent in FY20 over FY19.
Under current assets, the inventories increased to Rs 11.59 billion in current year from Rs 9.15 billion in
previous year. Trade debt recorded a YoY increase of 12.65 percent during FY20 and stood at Rs 5.06
billion in FY20 from Rs 4.49 billion in FY19.

Shareholders’ Equity and Liabilities

Shareholders’ equity beefed up to Rs 25.70 billion in the current year from Rs 25.32 billion in the
previous year. Paid-up capital and reserves remained significant factors in overall shareholders equity.
Paid up capital increased by 4.73 percent in FY20 over FY19.
Capital reserves, comprising 15.60 percent share of overall reserves in FY20 registered an increase of
17.18 percent during FY20 over FY19. Revenue reserves, containing 84.40 percent share of total reserves
in FY20 moved up to Rs 8.66 billion in FY20 as compared to Rs 9.04 billion in FY19. Unappropriated
profit decreased with 2.02 percent during FY20 as compared to FY19.

301
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Current liabilities increased to Rs 19.97 billion in FY20 from Rs 17.70 billion in FY19, showing YoY
increase of 12.79 percent during FY20. Short term borrowings increased to Rs 5.62 billion in FY20 from
Rs 5.37 billion in FY19. Trade credit and other account payables constituted 57.44 percent share of total
current liabilities during FY20, increased from Rs 10.52 billion in FY19 to Rs 11.47 billion in FY20,
showing YoY growth of 9.00 percent during FY20 when compared with FY19.

Current Liabilities Non-Current Liabilities

2020 2019 2020 2019
14 6 5.71
11.47
12 10.52 5
10 4 3.54 3.64 3.64 3.40

billion Rs
billion Rs

8 3 2.46
6 5.37 5.62
2
4 1
0.12 0.12
2 0.76 0.47 0

borrowings

current liabilities
loans / Sponsor's

Employees

obligations
Long term
0

Subordinated

benefit

Other non-
Trade credits Borrowings Current portion of

loans
long term
liabilities

Non-current liabilities increased to Rs 12.86 billion in FY20 from Rs 9.75 billion in FY19. Long term
borrowing showed a YoY decrease of 61.16 percent during FY20 and reached to Rs 5.71 billion in FY20
from Rs 3.54 billion in FY19.

Profitability
Sales of mineral products showed downward stride mainly attributing to decrease in local sales. Due to a
moderate increase in cost of sales gross profit also decreased. In the FY20 general, administrative and

Ratio Analysis Sales and Profitability

2020 2019 2020 2019
25 50 45.05 44.04
20.18 45
20 40 35.57 37.39
35
billion Rs

15
percent

30
10.39 9.90 25
10 20
6.49
15
5 3.76 2.98 2.18
2.04 10 5.46
0.95
0.79 4.68
5 2.02 1.66
0
0
Net profit Asset Return on Financial Return on
Sales Cost of Profit Profit after
margin turnover assets leverage equity
sales before tax tax

other expenses decreased by 0.22 percent when compared with previous year. Profit before tax decreased
by 62.99 percent during current year and profit after tax also decreased to Rs 1.66 billion in FY20 from
Rs 4.68 billion in FY19.

302
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Return on equity (ROE) and return on assets (ROA) decreased to 6.49 and 2.98 respectively from 20.18
and 9.90 in FY20 when compared with FY19. Basic earnings per share was 3.52 in FY19 as compared to
1.19 in FY20.

303
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mineral products - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 19,102,373 21,358,886 21,689,600 26,232,723 32,457,104 34,956,114
1.Capital work in progress 747,950 653,840 1,057,480 3,320,432 3,171,040 6,400,007
2.Operating fixed assets at cost 28,651,532 32,103,748 34,443,991 38,906,084 44,690,999 45,927,936
3.Operating fixed assets after deducting accumulated depreciation 17,498,658 19,656,685 19,348,045 21,557,660 27,523,082 26,446,361
4.Intangible assets 6,615 25,016 47,769 47,914 72,033 61,291
5.Long term investments 733,831 845,799 986,800 1,102,154 1,444,685 1,535,729
6.Other non-current assets 115,319 177,546 249,506 204,563 246,264 512,726
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,412,488 13,805,850 16,164,855 15,479,251 20,321,255 23,571,852
1.Cash & bank balance 702,793 1,168,326 3,030,100 2,579,967 1,167,993 1,328,918
2.Inventories; of which 4,079,852 4,914,077 5,091,360 4,767,985 9,153,502 11,590,338
i)Raw material 1,102,099 1,651,807 1,748,865 2,148,199 2,746,128 2,975,558
ii)Work in progress 389,056 220,805 220,065 209,840 349,706 257,152
iii)Finished goods 2,584,184 3,015,758 3,122,430 2,409,945 6,053,477 8,354,629
3.Trade Debt / accounts receivables 3,325,989 4,137,752 4,151,441 3,286,038 4,492,555 5,061,024
4.Short term loans and advances 360,320 489,381 677,327 755,581 873,767 690,164
5.Short term investments 0 0 10,995 155,470 4,067 203,826
6.Other current assets 2,943,534 3,096,314 3,203,632 3,934,210 4,629,371 4,697,582
Total Assets (A+B) / Equity & Liabilities (C+D+E) 30,514,861 35,164,736 37,854,455 41,711,974 52,778,359 58,527,966
C.Shareholders' Equity (C1+C2+C3) 13,452,300 15,881,910 16,573,656 21,059,427 25,323,564 25,702,927
1.Issued, Subscribed & Paid up capital 5,841,971 7,413,402 7,913,402 10,861,514 12,111,227 12,684,435
i)Ordinary shares 5,841,971 7,413,402 7,913,402 10,861,514 12,111,227 12,684,435
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,313,666 6,790,194 7,008,918 8,177,404 10,406,797 10,261,310
i)Capital Reserve 887,772 1,158,842 2,223,188 1,331,493 1,366,094 1,600,794
ii)Revenue Reserve 5,425,894 5,631,352 4,785,730 6,845,911 9,040,703 8,660,516
of which: un-appropriated profit(loss) / retained earnings 4,555,133 4,877,223 4,183,085 5,789,796 7,534,297 7,382,417
3.Surplus on revaluation of fixed assets 1,296,663 1,678,314 1,651,336 2,020,509 2,805,540 2,757,182
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 7,003,476 7,879,525 7,868,836 8,296,206 9,753,770 12,859,699
1.Long term borrowings 3,270,301 4,289,176 5,050,985 5,619,903 3,542,765 5,709,532
2.Subordinated loans / Sponsor's loans 482,080 482,080 482,080 482,080 3,635,082 3,635,082
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 128,682 119,509 111,404 116,339 119,138 119,966
5.Other non-current liabilities 3,122,413 2,988,760 2,224,367 2,077,884 2,456,785 3,395,119
E.Current Liabilities (E1+E2+E3+E4) 10,059,085 11,403,301 13,411,963 12,356,341 17,701,025 19,965,340
1.Trade credit & other accounts payables 4,833,556 6,645,566 7,325,666 8,656,984 10,520,504 11,467,447
of which: i) Trade credits 1,309,960 1,672,045 1,361,416 1,987,789 2,447,258 3,043,221
2.Short term borrowings 3,763,764 3,582,772 4,100,786 2,028,229 5,366,615 5,616,620
3.Current portion of non-current liabilities 1,065,145 797,455 958,631 595,522 756,878 469,173
4.Other current liabilities 396,620 377,508 1,026,880 1,075,606 1,057,028 2,412,100
F.Operations:
1.Sales 28,041,080 28,783,222 31,449,084 36,731,259 45,052,791 44,040,558
i)Local sales (Net) 25,950,095 27,741,262 30,303,938 35,976,004 42,999,516 41,193,476
ii)Export sales (Net) 2,090,985 1,041,960 1,145,146 755,255 2,053,275 2,847,082
2.Cost of sales 22,333,725 23,005,265 24,731,721 28,956,415 35,574,908 37,389,027
i)Cost of material 8,037,234 8,785,879 8,914,038 9,405,731 13,903,492 13,263,991
3.Gross profit / (loss) (F1-F2) 5,707,355 5,777,957 6,717,363 7,774,844 9,477,883 6,651,531
4.General, administrative and other expenses 2,656,347 2,995,332 3,076,795 3,201,901 3,921,486 3,913,041
i)Selling & distribution expenses 1,918,294 1,857,573 1,753,599 1,547,406 1,901,426 1,845,342
ii)Administrative and other expenses 738,053 1,137,759 1,323,196 1,654,495 2,020,060 2,067,699
5.Other income / (loss) 201,372 298,425 309,097 485,734 614,378 356,568
6.EBIT (F3-F4+F5) 3,252,380 3,081,050 3,949,665 5,058,677 6,170,775 3,095,058
7.Financial expenses 1,266,132 745,003 708,311 469,775 713,681 1,075,537
of which: (i) Interest expenses 826,592 601,015 578,868 422,576 639,167 1,000,529
8.Profit / (loss) before taxation (F6-F7) 1,986,248 2,336,047 3,241,354 4,588,902 5,457,094 2,019,521
9.Tax expenses 415,089 603,380 1,004,767 612,715 778,016 362,879
10.Profit / (loss) after tax (F8-F9) 1,571,159 1,732,667 2,236,587 3,976,187 4,679,078 1,656,642
11.Cash dividends 775,610 2,281,193 1,620,339 2,350,651 3,059,955 1,257,179
12.Bonus shares / stock dividends 0 0 0 0 0 550,935
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,357,773 3,933,096 5,019,076 7,511,453 3,054,171 4,734,381
2.Net cash flows from investing activities (1,615,922) (2,260,191) (2,078,499) (6,126,495) (6,955,232) (4,770,376)
3.Net cash flows from financing activities (2,125,607) (1,126,687) (771,782) (1,176,305) 1,147,576 67,498
H.Miscellaneous
1.Total capital employed (C+D) 20,455,776 23,761,435 24,442,492 29,355,633 35,077,334 38,562,626
2.Retention in business (F10-F11-F12) 795,549 (548,526) 616,248 1,625,536 1,619,123 (151,472)
3.Depreciation for the year 1,697,133 1,751,272 1,969,641 2,044,310 2,394,992 2,898,851
4.Salaries, wages and employee benefits 3,520,240 5,265,390 5,201,917 5,665,387 7,198,240 6,687,644
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.60 6.02 7.11 10.83 10.39 3.76
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.94 0.88 0.86 0.92 0.95 0.79
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.26 5.28 6.13 9.99 9.90 2.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.45 2.24 2.25 2.11 2.04 2.18
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.90 11.81 13.78 21.13 20.18 6.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.23 2.01 2.46 3.30 3.52 1.19
304
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Balochistan Glass Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,450,322 1,377,110 1,580,255 2,234,444 2,115,469 2,033,314
1.Capital work in progress 2,355 2,283 2,283 345,947 27,011 27,011
2.Operating fixed assets at cost 3,226,904 3,276,935 3,290,505 4,029,577 4,389,464 4,449,470
3.Operating fixed assets after deducting accumulated depreciation 1,447,967 1,374,827 1,370,389 1,754,401 1,962,827 1,880,672
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 125,631 125,631 125,631 125,631
6.Other non-current assets 0 0 81,952 8,465 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 548,844 717,844 775,741 552,757 1,029,331 716,321
1.Cash & bank balance 10,715 19,806 192,593 4,829 9,733 145,484
2.Inventories; of which 65,003 234,760 163,374 131,459 495,183 249,439
i)Raw material 26,269 48,547 38,516 38,529 57,181 45,915
ii)Work in progress 6,148 2,966 705 811 3,213 837
iii)Finished goods 32,586 183,247 124,153 92,119 434,789 202,687
3.Trade Debt / accounts receivables 80,467 69,858 127,292 123,433 216,308 106,181
4.Short term loans and advances 50,301 47,305 43,030 38,230 39,970 38,123
5.Short term investments 0 0 0 0 0 0
6.Other current assets 342,358 346,115 249,452 254,806 268,137 177,094
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,999,166 2,094,954 2,355,996 2,787,201 3,144,800 2,749,635
C.Shareholders' Equity (C1+C2+C3) (2,418,163) (2,946,707) (3,438,458) (2,459,216) (2,594,839) (3,059,044)
1.Issued, Subscribed & Paid up capital 1,716,000 1,716,000 1,716,000 2,616,000 2,616,000 2,616,000
i)Ordinary shares 1,716,000 1,716,000 1,716,000 2,616,000 2,616,000 2,616,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (4,441,304) (4,960,353) (5,443,457) (5,719,681) (5,840,436) (6,291,166)
i)Capital Reserve (514,800) (514,800) (514,800) (514,800) (514,800) (514,800)
ii)Revenue Reserve (3,926,504) (4,445,553) (4,928,657) (5,204,881) (5,325,636) (5,776,366)
of which: un-appropriated profit(loss) / retained earnings (3,926,504) (4,445,553) (4,928,657) (5,204,881) (5,325,636) (5,776,366)
3.Surplus on revaluation of fixed assets 307,141 297,646 288,999 644,465 629,597 616,122
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,780,227 3,180,489 4,130,199 3,990,021 4,053,382 4,213,944
1.Long term borrowings 1,101,947 1,592,116 3,409,616 3,272,950 348,210 511,073
2.Subordinated loans / Sponsor's loans 482,080 482,080 482,080 482,080 3,635,082 3,635,082
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 45,095 31,823 14,654 12,522 12,212 10,995
5.Other non-current liabilities 1,151,105 1,074,470 223,849 222,469 57,878 56,794
E.Current Liabilities (E1+E2+E3+E4) 1,637,102 1,861,172 1,664,255 1,256,396 1,686,257 1,594,735
1.Trade credit & other accounts payables 837,024 1,042,320 878,625 703,275 810,328 739,409
of which: i) Trade credits 176,163 242,819 216,039 231,227 310,065 247,058
2.Short term borrowings 388,868 411,562 367,721 249,986 684,727 712,058
3.Current portion of non-current liabilities 231,017 222,567 284,057 188,251 83,131 25,920
4.Other current liabilities 180,193 184,723 133,852 114,884 108,071 117,348
F.Operations:
1.Sales 1,605,793 1,494,503 674,149 475,518 1,121,781 1,494,183
i)Local sales (Net) 1,529,029 1,462,763 660,741 471,166 1,111,195 1,473,617
ii)Export sales (Net) 76,764 31,740 13,408 4,352 10,586 20,566
2.Cost of sales 1,747,667 1,774,518 939,381 682,200 1,225,689 1,538,632
i)Cost of material 592,064 651,584 228,892 117,070 504,214 411,633
3.Gross profit / (loss) (F1-F2) (141,874) (280,015) (265,232) (206,682) (103,908) (44,449)
4.General, administrative and other expenses 67,409 51,873 40,162 50,063 89,097 290,651
i)Selling & distribution expenses 57,455 43,296 31,734 39,614 84,880 100,309
ii)Administrative and other expenses 9,954 8,577 8,428 10,449 4,217 190,342
5.Other income / (loss) 118 9,599 26,243 20,811 131,732 1,819
6.EBIT (F3-F4+F5) (209,165) (322,289) (279,151) (235,934) (61,273) (333,281)
7.Financial expenses 252,432 205,792 209,512 53,620 82,766 113,964
of which: (i) Interest expenses 232,348 198,944 197,585 50,260 73,341 110,951
8.Profit / (loss) before taxation (F6-F7) (461,597) (528,081) (488,663) (289,554) (144,039) (447,245)
9.Tax expenses (2,110) (3,752) 3,088 (5,520) (8,416) 16,960
10.Profit / (loss) after tax (F8-F9) (459,487) (524,329) (491,751) (284,034) (135,623) (464,205)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (83,682) (189,075) (320,576) (299,099) (456,139) 234,521
2.Net cash flows from investing activities (45,573) (62,637) (221,404) (374,552) (63,484) (60,842)
3.Net cash flows from financing activities 90,695 260,803 714,767 485,887 524,527 (37,928)
H.Miscellaneous
1.Total capital employed (C+D) 362,064 233,782 691,741 1,530,805 1,458,543 1,154,900
2.Retention in business (F10-F11-F12) (459,487) (524,329) (491,751) (284,034) (135,623) (464,205)
3.Depreciation for the year 131,159 132,482 123,020 116,929 151,461 144,053
4.Salaries, wages and employee benefits 358,323 355,110 152,889 127,462 282,215 211,659
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -28.61 -35.08 -72.94 -59.73 -12.09 -31.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.78 0.73 0.30 0.18 0.38 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -22.39 -25.61 -22.10 -11.05 -4.57 -15.75
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.92 -0.76 -0.70 -0.87 -1.17 -1.04
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.68 19.55 15.40 9.63 5.37 16.42
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.68 -3.06 -2.87 -1.09 -0.52 -1.77
305
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Frontier Ceramics Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 831,611 853,116 851,304 977,093 1,590,023 1,538,515
1.Capital work in progress 44,500 97,212 107,682 242,692 0 58,575
2.Operating fixed assets at cost 995,344 1,016,855 1,056,784 1,101,243 1,367,658 0
3.Operating fixed assets after deducting accumulated depreciation 781,252 747,351 733,648 724,871 1,580,069 1,468,280
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 817 777 738 701 666 632
6.Other non-current assets 5,042 7,776 9,236 8,829 9,288 11,028
B.Current Assets (B1+B2+B3+B4+B5+B6) 185,059 244,108 238,088 233,103 344,564 489,397
1.Cash & bank balance 1,352 1,966 3,317 4,120 1,500 59,248
2.Inventories; of which 83,847 110,022 87,990 89,886 173,719 169,222
i)Raw material 44,000 42,173 29,224 45,246 78,342 85,913
ii)Work in progress 17,679 19,917 27,897 22,678 57,967 57,667
iii)Finished goods 22,168 47,932 30,869 21,962 37,410 25,642
3.Trade Debt / accounts receivables 0 0 0 10,543 482 2,493
4.Short term loans and advances 45,731 43,720 53,164 35,038 51,492 100,013
5.Short term investments 0 0 0 0 0 0
6.Other current assets 54,129 88,400 93,617 93,516 117,371 158,421
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,016,670 1,097,224 1,089,392 1,210,196 1,934,587 2,027,912
C.Shareholders' Equity (C1+C2+C3) 642,271 647,941 655,457 697,134 1,127,064 1,170,915
1.Issued, Subscribed & Paid up capital 378,738 378,738 378,738 378,738 378,738 378,738
i)Ordinary shares 378,738 378,738 378,738 378,738 378,738 378,738
ii)Preference shares 0 0 0 0 0 0
2.Reserves (182,684) (158,941) (135,162) (78,072) (150,640) (92,465)
i)Capital Reserve (180,796) (180,796) (180,796) (180,796) (180,796) (180,796)
ii)Revenue Reserve (1,888) 21,855 45,634 102,724 30,156 88,331
of which: un-appropriated profit(loss) / retained earnings (1,888) 21,855 45,634 102,724 30,156 88,331
3.Surplus on revaluation of fixed assets 446,217 428,144 411,881 396,468 898,966 884,642
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 149,969 113,122 124,074 269,860 436,281 372,020
1.Long term borrowings 54,173 25,625 38,281 185,247 209,578 168,249
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 95,796 87,497 85,793 84,613 226,703 203,771
E.Current Liabilities (E1+E2+E3+E4) 224,430 336,161 309,861 243,202 371,242 484,977
1.Trade credit & other accounts payables 218,408 286,412 267,135 159,284 246,954 321,920
of which: i) Trade credits 48,785 54,441 52,223 82,725 98,705 183,907
2.Short term borrowings 2,645 8,525 2,645 38,650 63,480 80,639
3.Current portion of non-current liabilities 0 29,356 26,433 27,087 6,228 227
4.Other current liabilities 3,377 11,868 13,648 18,181 54,580 82,191
F.Operations:
1.Sales 371,697 408,447 426,926 664,996 781,835 1,115,224
i)Local sales (Net) 371,697 408,447 426,926 664,996 781,835 1,115,224
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 341,448 377,322 396,004 559,338 764,920 1,002,502
i)Cost of material 65,153 96,416 77,028 136,686 213,475 250,871
3.Gross profit / (loss) (F1-F2) 30,249 31,125 30,922 105,658 16,915 112,722
4.General, administrative and other expenses 22,327 21,470 25,190 51,011 39,093 44,837
i)Selling & distribution expenses 4,132 4,358 4,359 7,104 11,724 12,297
ii)Administrative and other expenses 18,195 17,112 20,831 43,907 27,369 32,540
5.Other income / (loss) 726 1,677 9,974 21,241 2,040 2,923
6.EBIT (F3-F4+F5) 8,648 11,332 15,706 75,888 (20,138) 70,808
7.Financial expenses 4,807 9,643 10,301 12,493 42,627 36,833
of which: (i) Interest expenses 1,765 5,880 7,141 8,933 37,697 29,970
8.Profit / (loss) before taxation (F6-F7) 3,841 1,689 5,405 63,395 (62,765) 33,975
9.Tax expenses (14,334) (867) 696 23,972 25,710 (9,877)
10.Profit / (loss) after tax (F8-F9) 18,175 2,556 4,709 39,423 (88,475) 43,852
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (45,903) 76,763 37,118 36,347 18,370 169,696
2.Net cash flows from investing activities (45,777) (74,222) (40,439) (179,469) (24,003) (61,855)
3.Net cash flows from financing activities 85,247 (1,926) 4,672 143,926 3,013 (50,092)
H.Miscellaneous
1.Total capital employed (C+D) 792,240 761,063 779,531 966,994 1,563,345 1,542,935
2.Retention in business (F10-F11-F12) 18,175 2,556 4,709 39,423 (88,475) 43,852
3.Depreciation for the year 48,099 55,637 53,632 53,237 54,772 115,905
4.Salaries, wages and employee benefits 44,030 47,422 55,980 75,883 93,459 143,913
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.89 0.63 1.10 5.93 -11.32 3.93
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.41 0.39 0.39 0.58 0.50 0.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.99 0.24 0.43 3.43 -5.63 2.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.64 1.64 1.68 1.70 1.72 1.72
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.26 0.40 0.72 5.83 -9.70 3.82
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.48 0.07 0.12 1.04 -2.34 1.16
306
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghani Glass Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,197,200 8,510,967 8,465,104 10,951,347 13,587,278 14,103,320
1.Capital work in progress 271,274 313,597 464,570 2,294,047 1,221,827 770,222
2.Operating fixed assets at cost 10,383,073 11,074,466 12,406,934 13,667,845 17,916,266 20,043,948
3.Operating fixed assets after deducting accumulated depreciation 7,176,114 7,334,848 7,099,365 7,631,525 10,998,532 11,884,228
4.Intangible assets 0 0 24,145 25,683 26,298 20,909
5.Long term investments 725,562 838,272 848,428 965,061 1,308,869 1,401,189
6.Other non-current assets 24,250 24,250 28,596 35,031 31,752 26,772
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,443,764 5,474,101 7,122,104 6,990,218 9,227,860 11,106,002
1.Cash & bank balance 359,939 707,750 2,419,360 2,026,060 725,982 360,911
2.Inventories; of which 1,727,804 1,880,765 1,680,655 1,292,545 3,704,064 6,032,112
i)Raw material 452,571 635,682 479,785 568,286 738,594 816,005
ii)Work in progress 148,274 77,934 75,981 63,892 139,867 92,285
iii)Finished goods 1,126,959 1,167,147 1,124,889 660,367 2,825,603 5,123,822
3.Trade Debt / accounts receivables 1,011,753 1,670,346 1,888,101 1,645,140 2,240,196 2,263,315
4.Short term loans and advances 219,124 285,076 428,844 529,675 596,740 456,660
5.Short term investments 0 0 10,995 155,470 4,067 3,826
6.Other current assets 1,125,144 930,164 694,149 1,341,328 1,956,811 1,989,178
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,640,964 13,985,068 15,587,208 17,941,565 22,815,138 25,209,322
C.Shareholders' Equity (C1+C2+C3) 9,040,710 10,254,268 10,880,503 12,903,818 15,576,210 16,050,051
1.Issued, Subscribed & Paid up capital 1,232,190 2,192,480 2,192,480 4,165,713 5,415,427 5,415,427
i)Ordinary shares 1,232,190 2,192,480 2,192,480 4,165,713 5,415,427 5,415,427
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,808,520 8,061,788 8,688,023 8,738,105 10,160,783 10,634,624
i)Capital Reserve 1,023,514 867,883 2,149,077 867,883 867,883 867,883
ii)Revenue Reserve 6,785,006 7,193,905 6,538,946 7,870,222 9,292,900 9,766,741
of which: un-appropriated profit(loss) / retained earnings 6,785,006 7,193,905 6,538,946 7,611,158 8,698,226 9,014,770
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,033,716 1,145,727 1,255,656 1,111,753 1,358,404 2,472,533
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 1,033,716 1,145,727 1,255,656 1,111,753 1,358,404 2,472,533
E.Current Liabilities (E1+E2+E3+E4) 2,566,538 2,585,073 3,451,049 3,925,994 5,880,524 6,686,738
1.Trade credit & other accounts payables 1,719,690 2,585,073 2,803,797 3,494,513 4,834,618 5,383,783
of which: i) Trade credits 557,145 640,920 336,390 481,442 750,782 899,702
2.Short term borrowings 831,264 0 0 0 680,500 26,000
3.Current portion of non-current liabilities 412 0 0 0 0 32,926
4.Other current liabilities 15,172 0 647,252 431,481 365,406 1,244,029
F.Operations:
1.Sales 11,260,190 11,784,846 13,210,117 14,181,518 17,248,127 17,096,244
i)Local sales (Net) 10,510,578 11,470,133 12,820,816 14,181,518 16,007,192 15,409,960
ii)Export sales (Net) 749,612 314,713 389,301 0 1,240,935 1,686,284
2.Cost of sales 8,024,068 8,162,052 8,914,439 10,178,924 12,869,809 14,490,569
i)Cost of material 3,067,699 3,200,002 3,403,654 3,531,025 5,643,312 6,222,290
3.Gross profit / (loss) (F1-F2) 3,236,122 3,622,794 4,295,678 4,002,594 4,378,318 2,605,675
4.General, administrative and other expenses 1,034,742 1,341,142 1,528,333 1,276,868 1,451,935 1,171,045
i)Selling & distribution expenses 631,108 710,236 771,309 396,997 438,218 341,518
ii)Administrative and other expenses 403,634 630,906 757,024 879,871 1,013,717 829,527
5.Other income / (loss) 149,850 165,643 175,715 334,593 317,006 202,706
6.EBIT (F3-F4+F5) 2,351,230 2,447,295 2,943,060 3,060,319 3,243,389 1,637,336
7.Financial expenses 328,473 37,437 9,529 9,762 12,521 33,972
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 2,022,757 2,409,858 2,933,531 3,050,557 3,230,868 1,603,364
9.Tax expenses 435,998 436,465 631,249 184,445 87,347 90,288
10.Profit / (loss) after tax (F8-F9) 1,586,759 1,973,393 2,302,282 2,866,112 3,143,521 1,513,076
11.Cash dividends 739,314 2,082,856 1,315,488 1,666,285 2,436,942 1,083,085
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,125,343 2,752,566 3,551,681 3,911,716 2,001,524 2,022,096
2.Net cash flows from investing activities (643,795) (863,695) (625,931) (3,216,722) (2,977,717) (1,424,837)
3.Net cash flows from financing activities (2,358,987) (1,541,060) (1,214,139) (1,088,294) (323,884) (962,331)
H.Miscellaneous
1.Total capital employed (C+D) 10,074,426 11,399,995 12,136,159 14,015,571 16,934,614 18,522,584
2.Retention in business (F10-F11-F12) 847,445 (109,463) 986,794 1,199,827 706,579 429,991
3.Depreciation for the year 699,076 690,211 743,215 741,056 896,367 1,246,512
4.Salaries, wages and employee benefits 1,130,300 1,767,932 2,054,057 1,993,466 2,546,556 2,104,330
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.09 16.75 17.43 20.21 18.23 8.85
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.91 0.89 0.89 0.85 0.85 0.71
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.78 14.82 15.57 17.10 15.43 6.30
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.53 1.38 1.40 1.41 1.43 1.52
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 19.57 20.45 21.79 24.10 22.08 9.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.88 9.00 10.50 6.88 5.80 2.79
307
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghani Global Glass Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,337,305 1,444,015 1,569,650 1,555,697 1,519,046
1.Capital work in progress - 6,633 16,273 30,427 31,242 31,242
2.Operating fixed assets at cost - 1,333,436 1,524,210 1,732,595 1,789,864 1,828,503
3.Operating fixed assets after deducting accumulated depreciation - 1,306,203 1,401,180 1,511,631 1,499,776 1,462,989
4.Intangible assets - 19,794 19,794 19,794 19,794 19,794
5.Long term investments - 0 0 0 0 0
6.Other non-current assets - 4,675 6,768 7,798 4,885 5,021
B.Current Assets (B1+B2+B3+B4+B5+B6) - 379,950 738,122 907,632 897,043 915,765
1.Cash & bank balance - 34,915 68,124 72,680 60,350 64,427
2.Inventories; of which - 140,319 322,545 416,362 264,374 277,071
i)Raw material - 23,211 21,849 27,900 42,713 79,367
ii)Work in progress - 4,886 4,284 2,999 8,116 4,932
iii)Finished goods - 112,222 296,412 385,463 213,545 192,772
3.Trade Debt / accounts receivables - 35,455 76,134 138,623 194,326 254,544
4.Short term loans and advances - 9,633 19,236 20,540 101,974 22,733
5.Short term investments - 0 0 0 0 0
6.Other current assets - 159,628 252,083 259,427 276,019 296,990
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 1,717,255 2,182,137 2,477,282 2,452,740 2,434,811
C.Shareholders' Equity (C1+C2+C3) - 924,993 1,168,267 1,434,837 1,319,190 1,372,367
1.Issued, Subscribed & Paid up capital - 500,000 1,000,000 1,000,000 1,000,000 1,000,000
i)Ordinary shares - 500,000 1,000,000 1,000,000 1,000,000 1,000,000
ii)Preference shares - 0 0 0 0 0
2.Reserves - 424,993 168,267 434,837 319,190 372,367
i)Capital Reserve - 485,661 344,861 734,361 768,961 781,661
ii)Revenue Reserve - (60,668) (176,594) (299,524) (449,771) (409,294)
of which: un-appropriated profit(loss) / retained earnings - (60,668) (176,594) (299,524) (449,771) (409,294)
3.Surplus on revaluation of fixed assets - 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 528,537 376,109 224,914 262,163 287,997
1.Long term borrowings - 528,169 375,709 224,514 261,763 286,575
2.Subordinated loans / Sponsor's loans - 0 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0 0
4.Employees benefit obligations - 0 0 0 0 0
5.Other non-current liabilities - 368 400 400 400 1,422
E.Current Liabilities (E1+E2+E3+E4) - 263,725 637,761 817,531 871,387 774,447
1.Trade credit & other accounts payables - 93,477 106,799 108,387 91,014 107,477
of which: i) Trade credits - 78,688 0 90,672 30,330 51,027
2.Short term borrowings - 84,452 364,231 544,077 495,936 521,174
3.Current portion of non-current liabilities - 78,823 153,405 151,727 241,743 111,011
4.Other current liabilities - 6,973 13,326 13,340 42,694 34,785
F.Operations:
1.Sales - 66,022 330,008 496,002 792,024 1,297,084
i)Local sales (Net) - 66,022 330,008 496,002 790,486 1,205,246
ii)Export sales (Net) - 0 0 0 1,538 91,838
2.Cost of sales - 62,569 317,104 486,736 739,851 1,009,798
i)Cost of material - 37,966 152,852 122,634 177,031 258,425
3.Gross profit / (loss) (F1-F2) - 3,453 12,904 9,266 52,173 287,286
4.General, administrative and other expenses - 31,690 62,718 84,645 103,515 106,718
i)Selling & distribution expenses - 8,364 16,906 23,595 35,040 38,186
ii)Administrative and other expenses - 23,326 45,812 61,050 68,475 68,532
5.Other income / (loss) - 239 5,886 26,658 6,802 1,619
6.EBIT (F3-F4+F5) - (27,998) (43,928) (48,721) (44,540) 182,187
7.Financial expenses - 17,541 68,698 77,510 103,058 141,710
of which: (i) Interest expenses - 16,661 64,393 74,646 99,560 134,625
8.Profit / (loss) before taxation (F6-F7) - (45,539) (112,626) (126,231) (147,598) 40,477
9.Tax expenses - 5,696 3,300 (3,300) 0 0
10.Profit / (loss) after tax (F8-F9) - (51,235) (115,926) (122,931) (147,598) 40,477
11.Cash dividends - 0 0 0 0 0
12.Bonus shares / stock dividends - 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - (302,653) (327,437) (188,348) (70,530) 122,459
2.Net cash flows from investing activities - (219,610) (200,459) (223,569) (55,524) (51,422)
3.Net cash flows from financing activities - 550,364 581,102 416,473 113,724 (66,959)
H.Miscellaneous
1.Total capital employed (C+D) - 1,453,530 1,544,376 1,659,751 1,581,353 1,660,364
2.Retention in business (F10-F11-F12) - (51,235) (115,926) (122,931) (147,598) 40,477
3.Depreciation for the year - 24,821 95,851 97,934 69,651 88,079
4.Salaries, wages and employee benefits - 21,331 104,039 142,141 158,789 199,107
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -77.60 -35.13 -24.78 -18.64 3.12
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.04 0.17 0.21 0.32 0.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - -2.98 -5.95 -5.28 -5.99 1.66
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.86 1.86 1.79 1.79 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - -5.54 -11.08 -9.44 -10.72 3.01
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - -1.02 -1.16 -1.23 -1.48 0.40
308
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghani Value Glass Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 356,479 377,102 407,456 451,159 464,622 494,445
1.Capital work in progress 123,756 16,240 3,469 3,468 3,469 0
2.Operating fixed assets at cost 301,565 456,334 521,986 595,340 642,221 713,289
3.Operating fixed assets after deducting accumulated depreciation 228,090 356,139 393,247 435,057 450,412 484,515
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 4,633 4,723 10,740 12,634 10,741 9,930
B.Current Assets (B1+B2+B3+B4+B5+B6) 353,271 586,280 548,342 635,022 713,600 819,773
1.Cash & bank balance 21,103 18,294 41,819 104,012 67,254 161,502
2.Inventories; of which 79,489 175,423 131,954 117,107 188,933 239,336
i)Raw material 57,974 62,705 84,547 102,375 104,805 161,648
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 21,515 112,718 47,407 14,731 84,128 77,688
3.Trade Debt / accounts receivables 156,534 235,761 191,128 226,397 224,957 149,367
4.Short term loans and advances 0 37,187 44,132 38,071 27,451 10,455
5.Short term investments 0 0 0 0 0 0
6.Other current assets 96,145 119,615 139,309 149,435 205,005 259,113
Total Assets (A+B) / Equity & Liabilities (C+D+E) 709,750 963,382 955,798 1,086,181 1,178,222 1,314,218
C.Shareholders' Equity (C1+C2+C3) 373,761 484,610 504,914 675,861 838,790 951,033
1.Issued, Subscribed & Paid up capital 188,375 299,516 299,516 374,395 374,395 580,313
i)Ordinary shares 188,375 299,516 299,516 374,395 374,395 580,313
ii)Preference shares 0 0 0 0 0 0
2.Reserves 71,779 71,487 91,791 156,846 319,775 226,100
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 71,779 71,487 91,791 156,846 319,775 226,100
of which: un-appropriated profit(loss) / retained earnings 68,099 67,807 88,111 153,166 316,095 222,420
3.Surplus on revaluation of fixed assets 113,607 113,607 113,607 144,620 144,620 144,620
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 16,916 17,624 9,967 26,639 27,448 27,477
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 16,916 17,624 9,967 26,639 27,448 27,477
E.Current Liabilities (E1+E2+E3+E4) 319,073 461,148 440,917 383,681 311,984 335,708
1.Trade credit & other accounts payables 256,493 460,915 440,484 287,350 285,959 307,874
of which: i) Trade credits 0 0 49,398 35,105 16,956 23,076
2.Short term borrowings 55,000 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 7,580 233 433 96,331 26,025 27,834
F.Operations:
1.Sales 670,192 841,209 826,785 1,189,294 1,468,336 1,639,595
i)Local sales (Net) 667,500 833,431 821,200 1,189,294 1,466,705 1,634,403
ii)Export sales (Net) 2,692 7,778 5,585 0 1,631 5,192
2.Cost of sales 597,567 748,425 765,568 886,584 965,546 1,166,243
i)Cost of material 444,473 606,029 483,049 608,648 787,972 893,166
3.Gross profit / (loss) (F1-F2) 72,625 92,784 61,217 302,710 502,790 473,352
4.General, administrative and other expenses 58,883 85,211 63,998 125,060 197,921 269,647
i)Selling & distribution expenses 23,176 24,448 14,310 38,454 21,957 28,332
ii)Administrative and other expenses 35,707 60,763 49,688 86,606 175,964 241,315
5.Other income / (loss) 14,732 13,396 15,738 20,218 36,268 25,671
6.EBIT (F3-F4+F5) 28,474 20,969 12,957 197,868 341,137 229,376
7.Financial expenses 232 1,274 233 0 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 28,242 19,695 12,724 197,868 341,137 229,376
9.Tax expenses 7,235 1,149 (7,581) 27,983 (8,989) (801)
10.Profit / (loss) after tax (F8-F9) 21,007 18,546 20,305 169,885 350,126 230,177
11.Cash dividends 18,838 0 0 112,319 262,077 174,094
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 59,152 6,972 82,422 (78,944) 271,028 278,176
2.Net cash flows from investing activities (128,181) (47,343) (58,898) (45,025) (46,659) (66,789)
3.Net cash flows from financing activities 55,180 37,563 0 45,258 (261,128) (117,139)
H.Miscellaneous
1.Total capital employed (C+D) 390,677 502,234 514,881 702,500 866,238 978,510
2.Retention in business (F10-F11-F12) 2,170 18,546 20,305 57,567 88,050 56,083
3.Depreciation for the year 11,658 26,720 28,544 32,334 32,634 36,965
4.Salaries, wages and employee benefits 72,279 760,572 107,087 84,850 231,725 256,273
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.13 2.20 2.46 14.28 23.85 14.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.08 1.01 0.86 1.16 1.30 1.32
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.38 2.22 2.12 16.64 30.92 18.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.76 1.95 1.94 1.73 1.49 1.39
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.95 4.32 4.10 28.78 46.23 25.72
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.12 0.62 0.68 4.54 9.35 3.97
309
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Karam Ceramics Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 982,176 969,054 884,269 808,181 1,146,132 1,072,080
1.Capital work in progress 279,937 16,670 0 0 0 0
2.Operating fixed assets at cost 1,907,356 2,220,264 2,243,169 2,250,637 2,665,965 2,693,147
3.Operating fixed assets after deducting accumulated depreciation 701,341 951,487 883,372 807,284 1,143,533 1,069,821
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 898 897 897 897 2,599 2,259
B.Current Assets (B1+B2+B3+B4+B5+B6) 333,869 579,570 525,560 433,440 450,838 634,440
1.Cash & bank balance 44,304 8,660 3,228 4,591 5,820 15,808
2.Inventories; of which 90,550 215,004 274,885 290,087 307,036 427,206
i)Raw material 62,554 115,955 156,541 193,256 204,769 251,066
ii)Work in progress 6,409 8,378 7,911 7,144 6,403 11,444
iii)Finished goods 21,587 90,672 110,433 89,687 91,673 161,697
3.Trade Debt / accounts receivables 127,364 260,681 140,349 37,237 22,244 101,449
4.Short term loans and advances 11,551 1,505 931 757 2,575 640
5.Short term investments 0 0 0 0 0 0
6.Other current assets 60,100 93,720 106,167 100,768 113,163 89,337
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,316,045 1,548,624 1,409,829 1,241,621 1,596,970 1,706,520
C.Shareholders' Equity (C1+C2+C3) 398,580 364,722 288,214 303,195 625,545 579,641
1.Issued, Subscribed & Paid up capital 145,487 145,487 145,487 145,487 145,487 145,487
i)Ordinary shares 145,487 145,487 145,487 145,487 145,487 145,487
ii)Preference shares 0 0 0 0 0 0
2.Reserves 178,398 146,800 72,360 89,234 114,183 88,838
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 178,398 146,800 72,360 89,234 114,183 88,838
of which: un-appropriated profit(loss) / retained earnings 178,398 146,800 72,360 89,234 114,183 88,838
3.Surplus on revaluation of fixed assets 74,695 72,435 70,367 68,474 365,875 345,316
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 627,047 704,016 656,621 564,748 569,458 673,855
1.Long term borrowings 206,914 523,552 477,380 390,188 313,355 471,921
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 78,483 81,009 89,892 96,130 99,989 105,049
5.Other non-current liabilities 341,650 99,455 89,349 78,430 156,114 96,885
E.Current Liabilities (E1+E2+E3+E4) 290,418 479,886 464,994 373,678 401,967 453,024
1.Trade credit & other accounts payables 176,134 128,777 136,519 171,761 166,842 118,969
of which: i) Trade credits 0 65,432 94,380 110,502 105,347 45,553
2.Short term borrowings 57,175 217,263 209,904 100,594 92,158 259,309
3.Current portion of non-current liabilities 47,824 112,601 94,160 77,060 101,350 19,521
4.Other current liabilities 9,285 21,245 24,411 24,263 41,617 55,225
F.Operations:
1.Sales 1,304,166 1,196,043 860,670 1,210,391 1,439,294 927,013
i)Local sales (Net) 1,304,166 1,196,043 860,670 1,210,391 1,439,294 927,013
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,169,802 1,137,370 838,541 1,073,960 1,251,818 993,756
i)Cost of material 342,241 339,419 236,878 396,698 436,807 288,611
3.Gross profit / (loss) (F1-F2) 134,364 58,673 22,129 136,431 187,476 (66,743)
4.General, administrative and other expenses 60,293 47,677 49,339 67,171 79,135 37,255
i)Selling & distribution expenses 34,890 26,308 23,402 40,711 38,561 11,751
ii)Administrative and other expenses 25,403 21,369 25,937 26,460 40,574 25,504
5.Other income / (loss) 222 36,344 653 478 4,965 90,233
6.EBIT (F3-F4+F5) 74,293 47,340 (26,557) 69,738 113,306 (13,765)
7.Financial expenses 27,314 47,405 58,020 53,527 61,809 81,284
of which: (i) Interest expenses 23,567 42,521 41,965 43,377 37,915 79,868
8.Profit / (loss) before taxation (F6-F7) 46,979 (65) (84,577) 16,211 51,497 (95,049)
9.Tax expenses 10,000 22,382 (10,106) 2,422 22,619 (51,275)
10.Profit / (loss) after tax (F8-F9) 36,979 (22,447) (74,471) 13,789 28,878 (43,774)
11.Cash dividends 17,458 0 0 11,639 7,274 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 92,932 (105,498) 73,303 231,310 122,017 (275,418)
2.Net cash flows from investing activities (406,592) (56,467) (6,385) (8,144) (40,984) (27,917)
3.Net cash flows from financing activities 339,632 126,320 (72,350) (112,211) (71,354) 236,997
H.Miscellaneous
1.Total capital employed (C+D) 1,025,627 1,068,738 944,835 867,943 1,195,003 1,253,496
2.Retention in business (F10-F11-F12) 19,521 (22,447) (74,471) 2,150 21,604 (43,774)
3.Depreciation for the year 67,286 79,353 91,824 84,709 80,987 101,836
4.Salaries, wages and employee benefits 154,013 167,905 167,086 172,504 166,911 146,535
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.84 -1.88 -8.65 1.14 2.01 -4.72
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.20 0.84 0.58 0.91 1.01 0.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.40 -1.57 -5.03 1.04 2.03 -2.65
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.79 3.75 4.53 4.48 3.06 2.74
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.48 -5.88 -22.81 4.66 6.22 -7.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.54 -1.54 -5.12 0.95 1.98 -3.01
310
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Safe Mix Concrete Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 226,169 235,038 238,397 335,743 345,248 287,201
1.Capital work in progress 4,631 3,287 6,003 16,704 7,913 6,694
2.Operating fixed assets at cost 295,130 253,272 257,041 342,672 358,525 278,323
3.Operating fixed assets after deducting accumulated depreciation 195,265 170,888 166,123 241,654 241,579 176,473
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 26,273 60,863 66,271 77,385 95,756 104,034
B.Current Assets (B1+B2+B3+B4+B5+B6) 233,923 218,949 265,506 417,765 263,226 202,861
1.Cash & bank balance 17,569 9,846 16,846 4,372 2,735 13,450
2.Inventories; of which 24,290 25,706 27,605 76,725 53,118 13,081
i)Raw material 0 0 27,605 76,725 53,118 13,081
ii)Work in progress 24,290 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 134,566 93,538 104,016 203,430 122,916 104,812
4.Short term loans and advances 13,500 48,355 64,866 79,887 43,014 29,854
5.Short term investments 0 0 0 0 0 0
6.Other current assets 43,998 41,504 52,173 53,351 41,443 41,664
Total Assets (A+B) / Equity & Liabilities (C+D+E) 460,092 453,987 503,903 753,508 608,474 490,062
C.Shareholders' Equity (C1+C2+C3) 294,808 256,442 238,695 241,056 188,149 177,356
1.Issued, Subscribed & Paid up capital 250,000 250,000 250,000 250,000 250,000 250,000
i)Ordinary shares 250,000 250,000 250,000 250,000 250,000 250,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 44,808 6,442 (11,305) (8,944) (61,851) (72,644)
i)Capital Reserve 14,729 14,729 14,729 14,728 14,729 101,729
ii)Revenue Reserve 30,079 (8,287) (26,034) (23,672) (76,580) (174,373)
of which: un-appropriated profit(loss) / retained earnings 30,079 (8,287) (26,034) (23,672) (76,580) (174,373)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,104 64,913 49,976 62,093 29,101 4,235
1.Long term borrowings 0 47,036 35,278 49,926 21,044 313
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,104 6,677 6,858 7,687 6,937 3,922
5.Other non-current liabilities 0 11,200 7,840 4,480 1,120 0
E.Current Liabilities (E1+E2+E3+E4) 160,180 132,632 215,232 450,359 391,224 308,471
1.Trade credit & other accounts payables 92,907 129,272 179,760 365,384 267,198 282,613
of which: i) Trade credits 67,345 74,386 105,776 259,249 197,216 150,152
2.Short term borrowings 66,122 0 11,759 0 0 0
3.Current portion of non-current liabilities 0 3,360 23,360 23,922 33,014 24,785
4.Other current liabilities 1,151 0 353 61,053 91,012 1,073
F.Operations:
1.Sales 690,184 304,467 197,858 590,070 879,312 409,448
i)Local sales (Net) 690,184 304,467 197,858 590,070 879,312 409,448
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 629,516 281,687 190,970 551,691 865,539 422,447
i)Cost of material 485,926 122,162 8,739 348,993 659,760 281,352
3.Gross profit / (loss) (F1-F2) 60,668 22,780 6,888 38,379 13,773 (12,999)
4.General, administrative and other expenses 32,683 86,497 29,455 34,294 50,061 50,668
i)Selling & distribution expenses 30,395 25,056 28,468 4,544 25,119 26,255
ii)Administrative and other expenses 2,288 61,441 987 29,750 24,942 24,413
5.Other income / (loss) 8,657 15,541 12,335 11,614 11,061 (33,402)
6.EBIT (F3-F4+F5) 36,642 (48,176) (10,232) 15,699 (25,227) (97,069)
7.Financial expenses 7,621 6,722 9,525 11,279 13,925 12,953
of which: (i) Interest expenses 6,570 5,703 8,591 11,133 13,807 12,877
8.Profit / (loss) before taxation (F6-F7) 29,021 (54,898) (19,757) 4,420 (39,152) (110,022)
9.Tax expenses 7,372 (17,647) (2,989) 2,005 (9,382) (11,246)
10.Profit / (loss) after tax (F8-F9) 21,649 (37,251) (16,768) 2,415 (29,770) (98,776)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,577 (10,206) (3,806) 26,710 (8,725) 26,358
2.Net cash flows from investing activities (34,732) 21,569 (9,195) (102,635) (3,122) 14,077
3.Net cash flows from financing activities 41,500 47,037 20,000 63,451 10,211 (29,720)
H.Miscellaneous
1.Total capital employed (C+D) 299,912 321,355 288,671 303,149 217,250 181,591
2.Retention in business (F10-F11-F12) 21,649 (37,251) (16,768) 2,415 (29,770) (98,776)
3.Depreciation for the year 10,455 10,277 10,237 13,376 17,563 11,901
4.Salaries, wages and employee benefits 59,718 54,734 48,907 78,556 93,438 68,328
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.14 -12.23 -8.47 0.41 -3.39 -24.12
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.63 0.67 0.41 0.94 1.29 0.75
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.10 -8.15 -3.50 0.38 -4.37 -17.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.64 1.66 1.93 2.62 3.17 3.01
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.35 -13.52 -6.77 1.01 -13.87 -54.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.87 -1.49 -0.67 0.10 -1.19 -3.95
311
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shabbir Tiles And Ceramics Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,773,664 2,762,456 2,860,357 3,400,276 3,146,147 2,971,331
1.Capital work in progress 20,896 157,575 133,842 97,960 37,832 52,956
2.Operating fixed assets at cost 5,057,430 5,164,311 5,556,750 6,512,687 6,664,224 6,802,129
3.Operating fixed assets after deducting accumulated depreciation 2,735,753 2,590,540 2,707,126 3,277,313 3,078,484 2,619,310
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 7,452 6,750 12,003 10,761 9,519 8,277
6.Other non-current assets 9,563 7,591 7,386 14,242 20,312 290,788
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,076,318 1,898,162 2,419,175 2,076,768 2,440,767 2,417,550
1.Cash & bank balance 72,981 103,881 63,315 104,474 127,127 295,592
2.Inventories; of which 748,090 639,870 976,358 1,107,933 1,494,300 1,219,046
i)Raw material 218,554 328,735 484,229 569,371 698,264 645,772
ii)Work in progress 55,281 37,392 27,578 11,693 19,599 13,307
iii)Finished goods 469,742 273,743 464,551 526,869 776,437 559,967
3.Trade Debt / accounts receivables 1,059,101 919,174 948,703 243,365 148,251 256,951
4.Short term loans and advances 20,113 16,600 23,124 13,383 10,551 31,686
5.Short term investments 0 0 0 0 0 200,000
6.Other current assets 176,033 218,637 407,675 607,613 660,538 414,275
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,849,982 4,660,618 5,279,532 5,477,044 5,586,914 5,388,881
C.Shareholders' Equity (C1+C2+C3) 2,063,682 1,947,050 1,795,566 1,989,972 2,104,652 1,719,048
1.Issued, Subscribed & Paid up capital 1,196,601 1,196,601 1,196,601 1,196,601 1,196,600 1,196,600
i)Ordinary shares 1,196,601 1,196,601 1,196,601 1,196,601 1,196,600 1,196,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 867,081 750,449 598,965 793,371 908,052 522,448
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 867,081 750,449 598,965 793,371 908,052 522,448
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 921,794 760,783 460,510 1,043,506 649,113 540,095
1.Long term borrowings 750,000 625,000 375,000 905,219 449,100 407,584
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 171,794 135,783 85,510 138,287 200,013 132,511
E.Current Liabilities (E1+E2+E3+E4) 1,864,506 1,952,785 3,023,456 2,443,566 2,833,149 3,129,738
1.Trade credit & other accounts payables 849,279 1,227,897 1,621,267 2,163,702 2,469,461 2,457,984
of which: i) Trade credits 139,650 178,237 208,213 227,008 350,661 306,804
2.Short term borrowings 462,776 410,093 990,265 0 191,381 125,255
3.Current portion of non-current liabilities 440,883 250,000 250,000 0 49,900 151,197
4.Other current liabilities 111,568 64,795 161,924 279,864 122,407 395,302
F.Operations:
1.Sales 4,098,691 4,611,670 5,020,008 5,767,082 6,933,077 6,474,469
i)Local sales (Net) 4,012,442 4,573,274 5,016,317 5,765,367 6,933,077 6,474,469
ii)Export sales (Net) 86,249 38,396 3,691 1,715 0 0
2.Cost of sales 3,397,200 4,079,325 4,485,107 4,509,865 5,321,210 5,377,723
i)Cost of material 1,252,573 1,310,918 1,614,599 1,628,619 2,127,214 1,853,901
3.Gross profit / (loss) (F1-F2) 701,491 532,345 534,901 1,257,217 1,611,867 1,096,746
4.General, administrative and other expenses 534,507 614,035 669,800 947,516 1,218,434 1,334,384
i)Selling & distribution expenses 429,821 488,260 514,307 748,488 927,447 1,036,180
ii)Administrative and other expenses 104,686 125,775 155,493 199,028 290,987 298,204
5.Other income / (loss) 14,229 48,491 38,555 35,603 66,017 43,899
6.EBIT (F3-F4+F5) 181,213 (33,199) (96,344) 345,304 459,450 (193,739)
7.Financial expenses 226,295 82,888 93,426 98,121 86,946 87,078
of which: (i) Interest expenses 220,953 78,614 89,102 92,049 78,914 80,386
8.Profit / (loss) before taxation (F6-F7) (45,082) (116,087) (189,770) 247,183 372,504 (280,817)
9.Tax expenses 17,060 545 (38,286) 52,777 138,163 44,957
10.Profit / (loss) after tax (F8-F9) (62,142) (116,632) (151,484) 194,406 234,341 (325,774)
11.Cash dividends 0 0 0 119,660 59,830 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 208,765 654,747 22,338 1,677,582 671,109 988,295
2.Net cash flows from investing activities (85,280) (255,281) (393,076) (926,377) (315,896) (181,573)
3.Net cash flows from financing activities 585,414 (315,883) (250,000) 280,219 (523,941) (372,131)
H.Miscellaneous
1.Total capital employed (C+D) 2,985,476 2,707,833 2,256,076 3,033,478 2,753,765 2,259,143
2.Retention in business (F10-F11-F12) (62,142) (116,632) (151,484) 74,746 174,511 (325,774)
3.Depreciation for the year 269,466 267,781 304,732 393,768 592,313 626,677
4.Salaries, wages and employee benefits 776,210 899,465 1,022,370 1,035,926 1,154,207 1,134,595
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.52 -2.53 -3.02 3.37 3.38 -5.03
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.85 0.97 1.01 1.07 1.25 1.18
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.29 -2.45 -3.05 3.61 4.24 -5.94
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.56 2.37 2.66 2.84 2.70 2.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.31 -5.82 -8.10 10.27 11.45 -17.04
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.26 -0.49 -0.63 0.81 0.98 -1.36
312
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tariq Glass Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,284,752 4,936,738 4,958,443 5,504,830 8,506,488 10,936,862
1.Capital work in progress 601 40,343 323,358 289,187 1,841,746 5,453,307
2.Operating fixed assets at cost 6,484,730 7,307,875 7,586,612 8,673,488 8,896,812 9,119,127
3.Operating fixed assets after deducting accumulated depreciation 4,232,876 4,824,402 4,593,595 5,173,924 6,567,870 5,400,073
4.Intangible assets 6,615 5,222 3,830 2,437 25,941 20,588
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 44,660 66,771 37,660 39,282 70,931 62,894
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,237,440 3,706,886 3,532,217 3,232,546 4,954,026 6,269,743
1.Cash & bank balance 174,830 263,208 221,498 254,829 167,492 212,496
2.Inventories; of which 1,260,779 1,492,208 1,425,994 1,245,881 2,472,775 2,963,825
i)Raw material 240,177 394,799 426,569 526,511 768,342 876,791
ii)Work in progress 130,975 69,332 75,709 100,623 114,541 76,680
iii)Finished goods 889,627 1,028,077 923,716 618,747 1,589,892 2,010,354
3.Trade Debt / accounts receivables 756,204 852,939 675,718 657,870 1,322,875 1,821,912
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,045,627 1,098,531 1,209,007 1,073,966 990,884 1,271,510
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,522,192 8,643,624 8,490,660 8,737,376 13,460,514 17,206,605
C.Shareholders' Equity (C1+C2+C3) 3,056,651 3,948,591 4,480,498 5,272,770 6,138,803 6,741,560
1.Issued, Subscribed & Paid up capital 734,580 734,580 734,580 734,580 734,580 1,101,870
i)Ordinary shares 734,580 734,580 734,580 734,580 734,580 1,101,870
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,967,068 2,447,529 2,979,436 3,771,708 4,637,741 4,873,208
i)Capital Reserve 545,125 486,165 410,117 410,117 410,117 545,117
ii)Revenue Reserve 1,421,943 1,961,364 2,569,319 3,361,591 4,227,624 4,328,091
of which: un-appropriated profit(loss) / retained earnings 1,421,943 1,961,364 2,569,319 3,361,591 4,227,624 4,328,091
3.Surplus on revaluation of fixed assets 355,003 766,482 766,482 766,482 766,482 766,482
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,468,703 1,364,314 805,724 1,002,672 2,368,420 4,267,543
1.Long term borrowings 1,157,267 947,678 339,721 591,859 1,939,715 3,863,817
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 311,436 416,636 466,003 410,813 428,705 403,726
E.Current Liabilities (E1+E2+E3+E4) 2,996,838 3,330,719 3,204,438 2,461,934 4,953,291 6,197,502
1.Trade credit & other accounts payables 683,621 691,423 891,280 1,203,328 1,348,130 1,747,418
of which: i) Trade credits 320,872 337,122 298,997 469,859 587,196 1,135,942
2.Short term borrowings 1,899,914 2,450,877 2,154,261 1,094,922 3,158,433 3,892,185
3.Current portion of non-current liabilities 345,009 100,748 127,216 127,475 241,512 103,586
4.Other current liabilities 68,294 87,671 31,681 36,209 205,216 454,313
F.Operations:
1.Sales 8,040,167 8,076,015 9,902,563 12,156,388 14,389,005 13,587,298
i)Local sales (Net) 6,864,499 7,426,682 9,169,402 11,407,200 13,590,420 12,544,096
ii)Export sales (Net) 1,175,668 649,333 733,161 749,188 798,585 1,043,202
2.Cost of sales 6,426,457 6,381,997 7,884,607 10,027,117 11,570,526 11,387,357
i)Cost of material 1,787,105 2,421,383 2,708,347 2,515,358 3,353,707 2,803,742
3.Gross profit / (loss) (F1-F2) 1,613,710 1,694,018 2,017,956 2,129,271 2,818,479 2,199,941
4.General, administrative and other expenses 845,503 715,737 607,800 565,273 692,295 607,836
i)Selling & distribution expenses 707,317 527,247 348,804 247,899 318,480 250,514
ii)Administrative and other expenses 138,186 188,490 258,996 317,374 373,815 357,322
5.Other income / (loss) 12,838 7,495 23,998 14,518 38,487 21,100
6.EBIT (F3-F4+F5) 781,045 985,776 1,434,154 1,578,516 2,164,671 1,613,205
7.Financial expenses 418,958 336,301 249,067 153,463 310,029 567,743
of which: (i) Interest expenses 341,389 252,692 170,091 142,178 297,933 551,852
8.Profit / (loss) before taxation (F6-F7) 362,087 649,475 1,185,087 1,425,053 1,854,642 1,045,462
9.Tax expenses (46,132) 159,409 425,396 327,931 530,964 283,873
10.Profit / (loss) after tax (F8-F9) 408,219 490,066 759,691 1,097,122 1,323,678 761,589
11.Cash dividends 0 198,337 304,851 440,748 293,832 0
12.Bonus shares / stock dividends 0 0 0 0 0 550,935
G.Statement of Cash Flows
1.Net cash flows from operating activities 996,589 1,049,480 1,904,033 2,194,179 505,517 1,168,198
2.Net cash flows from investing activities (225,992) (702,505) (522,712) (1,050,002) (3,427,843) (2,909,218)
3.Net cash flows from financing activities (964,288) (289,905) (555,834) (1,411,014) 1,676,408 1,466,801
H.Miscellaneous
1.Total capital employed (C+D) 4,525,354 5,312,905 5,286,222 6,275,442 8,507,223 11,009,103
2.Retention in business (F10-F11-F12) 408,219 291,729 454,840 656,374 1,029,846 210,654
3.Depreciation for the year 459,934 463,990 518,586 510,967 499,244 526,923
4.Salaries, wages and employee benefits 925,367 1,190,919 1,489,502 1,954,599 2,470,940 2,422,904
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.08 6.07 7.67 9.03 9.20 5.61
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.06 1.00 1.16 1.41 1.30 0.89
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.40 6.06 8.87 12.74 11.93 4.97
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.65 2.31 2.03 1.77 1.95 2.38
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 14.30 13.99 18.03 22.50 23.20 11.83
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.56 6.67 10.34 14.94 18.02 6.91
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Cement

Performance at Glance
The balance sheet size of the cement sector improved by Rs 88.64 billion (11.00 percent), to
reach Rs 894.72 billion during FY20 from Rs 806.08 billion during FY19. Shareholders’
equity showed slight declined of 0.38 percent over the previous year to stand at Rs 427.81
billion during the current year. Gross profit decreased by 65.94 percent during the current
year, mainly due to the increase in cost of sales and material. Furthermore, financial expenses
increase significantly during FY20 due to which the profit after tax of the sector decreased by
117.79 percent during the current year, accrued loss of Rs 6.92 billion during FY20 as
compared to profit of Rs 38.91 billion during FY19.

Assets
Non-current assets of the sector stood at Rs 699.11 billion during FY20 as compared to Rs
622.16 billion during FY19 reflecting a YoY increase of 12.37 percent. Capital work in
progress moved to Rs 135.11 billion during FY20 from Rs 130.77 billion during FY19,
showing an increase of 3.32 percent during the current year. Operating fixed assets after
deducting accumulated depreciation having 70.01 percent share of non-current assets during
FY20 increased with YoY growth of 15.41 percent when compared with FY19, indicating an
increment of production capacity of cement sector. Long term investments moved up to Rs
56.10 billion during FY20 from Rs 49.81 billion during FY19, recording an increase of 12.64
percent during FY20.
Non-Current Assets Current Assets
FY 19 FY 20 Growth (RHS) FY 19 FY 20 Growth (RHS)
45 20
600 18
15.41 16 40
500 12.64 14.99 15
14 35
12 10.61
400 30 10
10
billion Rs

billion Rs
percent

percent
8 25
300 5
6 20
200 3.32 4
15 0
2 -4.76
100 0 10
-6.40 -5
-2.58 -2 5
0 -4
0 -10
CW in Op. F.A Intangible L.T Inv.
Cash/bank Inventories Trade Debt S T Inv.
progress min accc. Assets
balance
Dep

Current assets, of the cement sector also improved by Rs 11.69 billion during FY20 from Rs
183.92 billion during FY19, reflecting a YoY increase of 6.36 percent. Other current assets
also demonstrated increase of Rs 10.19 billion (12.67 percent) during the current year over
FY19.
Shareholders’ Equity
Shareholders’ equity showed slight decrease and stood at Rs 427.81 billion during FY20 from
Rs 429.44 billion during FY19. Issued, subscribed and paid-up capital (IS & PC) increased
by Rs 4.24 billion (6.62 percent) during FY20 as compared to FY19. Reserves and un-
appropriate profit showed a decrease of 3.32 percent and 12.81 percent respectively during

314
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

FY20 over FY19. Surplus on Shareholder's Equity

Revaluation of fixed asset (SRFA) FY 19 FY 20 Growth (RHS)
increased by 22.39 percent during 400 25
FY20 when compare with FY19. 350 20
22.39
300 15
Liabilities

billion Rs
250 6.62 10

percent
Total liabilities was at Rs 376.64 billion 200 5
during FY19, increased with YoY 150 -3.32 0
growth of 23.97 percent to consolidate 100 -5
its position up to Rs 466.91 billion -12.81
50 -10
during FY20. Share of total liabilities in
0 -15
total size of balance sheet of cement

I & PC

SRFA
Reserves

Un-appr P/L
sector recorded as 52.18 percent during
FY20, whereas share of non-current and
current liabilities in total liabilities
remained 54.73 percent and 45.27 percent respectively during FY20. Current liabilities
increased with YoY growth of 14.51 percent and reach at Rs 211.36 billion during FY20 from
Rs 184.58 billion during FY19. Trade credits & other account payable increased by 21.16
percent during FY20. Short-term borrowing showed an increase of 25.68 percent as it reached
at Rs 85.40 billion during FY20 from Rs 67.95 billion during FY19.
Non-Current Liabilities Current Liabilities
FY 19 FY 20 Growth (RHS) FY 19 FY 20 Growth (RHS)
250 60 120 30
25.68
50.84 21.16 20
50 100
200 6.62 10
40 80
billion Rs

0
billion Rs

150 30
60 -10
100 20 -20
40
11.46 10 -30
50 20 -45.18
0 -40
-5.76 0 -50
0 -10
Trade Borrowings Current Other
Other NC
borrowing

benefit
Emps

credits portion of current

lib
LT

long term liabilities

liabilities
Non-current liabilities also increased by 33.05 percent and reached to 255.55 billion during
FY20. Long term borrowing which constituted 76.97 percent share of non-current liabilities
during FY20, showed a YoY increase of 50.84 percent. Other non-current liabilities decreased
to Rs 52.07 billion during FY20 from Rs 55.25 billion in FY19.

Operating Efficiency and Ratio Analysis

Sales of cement sector confronted declined during the current year. A decline of Rs 27.66
billion (7.86 percent) was recorded in overall sales of which Rs 32.35 billion decline were
against local sales. However, exports sales showed improvement during the year, increased by
Rs 4.69 billion (12.82 percent) during the current year as compared to the previous year. On
expense side, cost of sales increased significantly by an amount of Rs 22.41 billion (8.12
percent) during the current year to reached to Rs 298.55 billion during FY20. This significant
increase in the cost of sales led to a decrease in gross profit by an amount of Rs 50.07 billion
or YoY decline of 65.94 percent during FY20. Further, a slight decrease of 0.73 percent in
general, administrative and other expenses but a higher increase of 9.48 billion (86.61
percent) in financial expenses during FY20 is witnessed. Profit before tax decreased by Rs
58.78 billion (120.61 percent) during FY20 and profit after tax decrease by Rs 45.83 billion
(117.79 percent).

315
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ratio analysis is also not showing good Ratio Analysis

performance of the sector during FY20. FY 19 FY 20
Almost all ratios portrayed negative 20 18.70
performance of sector. Net profit 18 15.93
margin, a ratio of profit after tax to 16
14
sales moved down from 11.05 during 11.05

percent
12 9.69 9.35
FY19 to -2.13 during FY20. Sector 10
showed lower efficiency with reference 8
to the utilization of its assets and equity 5.21
6
during FY20 as compared to FY19. 4 1.80
1.64
Return on assets decrease to -0.81 2 0.52 0.47
0
during FY20 from 5.21 in FY19, and Net Profit Asset Return on Financial Return on
return on equity also decline from 9.35 margin turnover Assets leverage equity
to -1.62 during the current year as
compared to the previous year. Assets
turnover decreased to 0.38 during FY20 from 0.47 during FY19.

316
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Cement - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 333,226,912 354,525,888 401,652,090 500,602,392 622,162,869 699,105,200
1.Capital work in progress 17,521,499 20,283,040 69,806,744 79,096,854 130,774,474 135,114,795
2.Operating fixed assets at cost 369,076,158 392,301,308 398,838,226 505,948,257 599,467,292 691,549,641
3.Operating fixed assets after deducting accumulated depreciation 258,237,331 276,452,559 267,431,604 356,836,690 424,077,825 489,440,368
4.Intangible assets 18,875,524 18,104,425 16,731,800 15,818,118 15,496,646 15,096,747
5.Long term investments 32,519,626 36,143,375 46,263,712 47,115,003 49,806,265 56,100,245
6.Other non-current assets 6,072,932 3,542,489 1,418,230 1,735,727 2,007,659 3,353,045
B.Current Assets (B1+B2+B3+B4+B5+B6) 135,011,423 151,880,117 163,239,588 188,137,750 183,917,380 195,612,180
1.Cash & bank balance 30,481,424 41,107,528 43,305,423 40,125,044 22,645,347 21,197,153
2.Inventories; of which 19,950,686 16,583,327 21,485,737 27,249,753 35,375,959 39,130,925
i)Raw material 5,949,744 5,662,344 6,089,665 8,969,995 9,891,068 10,409,612
ii)Work in progress 8,819,344 5,741,561 9,361,150 10,803,227 15,915,457 17,470,656
iii)Finished goods 5,181,598 4,974,433 6,034,922 7,476,441 9,569,434 11,252,029
3.Trade Debt / accounts receivables 8,114,222 9,127,280 10,242,205 13,442,781 16,128,903 18,547,307
4.Short term loans and advances 4,952,244 5,390,203 6,877,214 11,182,121 10,967,136 8,625,451
5.Short term investments 33,261,733 32,206,348 25,706,612 22,858,754 18,401,840 17,526,044
6.Other current assets 38,251,114 47,465,431 55,622,397 73,279,297 80,398,195 90,585,300
Total Assets (A+B) / Equity & Liabilities (C+D+E) 468,238,335 506,406,005 564,891,678 688,740,142 806,080,249 894,717,380
C.Shareholders' Equity (C1+C2+C3) 282,753,328 324,114,292 359,682,360 402,545,859 429,436,955 427,809,264
1.Issued, Subscribed & Paid up capital 75,242,193 71,463,808 55,707,012 63,343,923 64,036,494 68,277,215
i)Ordinary shares 74,755,201 71,463,808 55,707,012 63,343,923 64,036,494 68,277,215
ii)Preference shares 486,992 0 0 0 0 0
2.Reserves 187,665,430 231,582,758 281,942,120 316,278,239 341,100,661 329,791,696
i)Capital Reserve 59,943,463 56,718,102 66,936,483 66,326,037 68,029,685 76,071,401
ii)Revenue Reserve 127,721,967 174,864,656 215,005,637 249,952,202 273,070,976 253,720,295
of which: un-appropriated profit(loss) / retained earnings 84,608,519 118,367,312 152,444,954 177,128,718 187,510,202 163,481,038
3.Surplus on revaluation of fixed assets 19,845,705 21,067,726 22,033,228 22,923,697 24,299,800 29,740,353
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 97,165,862 99,853,655 109,419,765 144,420,976 192,064,593 255,550,457
1.Long term borrowings 52,842,356 45,687,560 51,332,009 89,125,530 130,397,088 196,686,713
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 3,460,000 3,160,000 3,110,000 3,110,000 3,110,000 3,110,000
4.Employees benefit obligations 2,100,306 2,494,129 2,968,259 3,499,820 3,307,769 3,686,691
5.Other non-current liabilities 38,763,200 48,511,966 52,009,497 48,685,626 55,249,736 52,067,053
E.Current Liabilities (E1+E2+E3+E4) 88,319,145 82,438,058 95,789,553 141,773,307 184,578,701 211,357,659
1.Trade credit & other accounts payables 47,127,216 51,434,505 54,595,876 68,307,680 84,421,126 102,287,349
of which: i) Trade credits 9,958,144 12,309,796 20,227,202 24,925,227 29,562,972 30,633,975
2.Short term borrowings 15,047,632 15,443,509 27,236,541 49,979,360 67,949,983 85,401,267
3.Current portion of non-current liabilities 17,471,663 10,330,674 6,347,777 16,067,805 21,690,276 11,890,274
4.Other current liabilities 8,672,634 5,229,370 7,609,359 7,418,462 10,517,316 11,778,769
F.Operations:
1.Sales 270,358,915 298,167,549 303,794,236 324,768,473 352,067,164 324,410,760
i)Local sales (Net) 232,328,376 264,502,803 279,072,432 300,515,460 315,482,795 283,136,927
ii)Export sales (Net) 38,030,539 33,664,746 24,721,804 24,253,013 36,584,369 41,273,833
2.Cost of sales 182,476,406 185,262,268 197,065,776 235,635,877 276,136,665 298,545,479
i)Cost of material 38,937,736 42,357,062 42,972,355 52,927,999 63,449,608 86,134,259
3.Gross profit / (loss) (F1-F2) 87,882,509 112,905,281 106,728,460 89,132,596 75,930,499 25,865,281
4.General, administrative and other expenses 22,544,787 26,430,749 25,411,709 27,786,272 26,756,687 26,560,203
i)Selling & distribution expenses 10,120,502 10,026,597 10,224,065 10,375,758 12,457,635 14,538,049
ii)Administrative and other expenses 12,424,285 16,404,152 15,187,644 17,410,514 14,299,052 12,022,154
5.Other income / (loss) 9,126,464 10,155,259 9,811,725 10,526,667 10,504,736 11,070,628
6.EBIT (F3-F4+F5) 74,464,186 96,629,791 91,128,476 71,872,991 59,678,548 10,375,706
7.Financial expenses 5,623,979 5,268,805 3,463,497 4,398,899 10,942,457 20,419,387
of which: (i) Interest expenses 4,239,876 4,197,197 2,838,834 3,891,404 10,135,132 19,315,215
8.Profit / (loss) before taxation (F6-F7) 68,840,207 91,360,986 87,664,979 67,474,092 48,736,091 (10,043,681)
9.Tax expenses 16,434,999 27,104,544 24,949,274 6,750,294 9,826,127 (3,119,746)
10.Profit / (loss) after tax (F8-F9) 52,405,208 64,256,442 62,715,705 60,723,798 38,909,964 (6,923,935)
11.Cash dividends 21,308,873 23,415,440 24,708,285 21,154,072 12,714,463 480,995
12.Bonus shares / stock dividends 176,632 0 0 692,571 176,632 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 74,161,767 83,321,471 64,103,398 58,610,787 66,651,216 14,347,718
2.Net cash flows from investing activities (57,454,680) (32,109,499) (62,799,032) (122,833,077) (131,642,663) (74,979,193)
3.Net cash flows from financing activities 1,170,265 (39,998,461) (10,181,564) 33,095,407 29,893,716 59,377,414
H.Miscellaneous
1.Total capital employed (C+D) 379,919,190 423,967,947 469,102,125 546,966,835 621,501,548 683,359,721
2.Retention in business (F10-F11-F12) 30,919,703 40,841,002 38,007,420 38,877,155 26,018,870 (7,404,930)
3.Depreciation for the year 14,105,099 15,627,248 16,297,102 21,634,959 22,450,487 25,768,934
4.Salaries, wages and employee benefits 16,775,869 24,271,952 25,678,616 24,956,836 29,410,333 27,039,687
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 19.38 21.55 20.64 18.70 11.05 -2.13
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.61 0.61 0.57 0.52 0.47 0.38
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.91 13.19 11.71 9.69 5.21 -0.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.64 1.61 1.57 1.64 1.80 1.98
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 19.59 21.18 18.34 15.93 9.35 -1.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.96 8.99 11.26 9.59 6.08 -1.01
317
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Attock Cement Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,102,903 7,229,526 17,538,018 19,677,104 19,669,658 19,252,810
1.Capital work in progress 120,343 1,797,029 11,333,108 820,977 204,459 4,195
2.Operating fixed assets at cost 10,705,906 10,885,470 11,271,981 23,593,069 23,931,961 24,490,228
3.Operating fixed assets after deducting accumulated depreciation 5,879,326 5,343,479 5,327,230 17,141,954 17,481,125 17,251,768
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 4,500 4,500 786,112 1,435,379 1,836,541 1,858,089
6.Other non-current assets 98,734 84,518 91,568 278,794 147,533 138,758
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,131,635 7,196,874 3,171,362 6,728,950 7,646,946 8,169,634
1.Cash & bank balance 858,698 581,318 121,847 324,936 302,586 785,559
2.Inventories; of which 763,715 599,753 456,601 977,687 1,406,666 1,352,684
i)Raw material 188,514 196,298 168,881 248,918 262,863 263,982
ii)Work in progress 450,950 302,245 182,580 529,009 975,008 913,751
iii)Finished goods 124,251 101,210 105,140 199,760 168,795 174,951
3.Trade Debt / accounts receivables 124,414 211,112 180,490 709,917 795,061 494,535
4.Short term loans and advances 61,115 81,935 76,383 78,499 87,931 162,443
5.Short term investments 3,104,907 4,273,362 0 0 0 0
6.Other current assets 1,218,786 1,449,394 2,336,041 4,637,911 5,054,702 5,374,413
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,234,538 14,426,400 20,709,380 26,406,054 27,316,604 27,422,444
C.Shareholders' Equity (C1+C2+C3) 8,935,134 10,446,843 11,947,635 14,872,635 16,099,459 16,552,656
1.Issued, Subscribed & Paid up capital 1,145,225 1,145,225 1,145,225 1,145,225 1,374,270 1,374,270
i)Ordinary shares 1,145,225 1,145,225 1,145,225 1,145,225 1,374,270 1,374,270
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,789,909 9,301,618 10,802,410 13,727,410 14,725,189 15,178,386
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 7,789,909 9,301,618 10,802,410 13,727,410 14,725,189 15,178,386
of which: un-appropriated profit(loss) / retained earnings 7,789,909 9,301,618 10,802,410 13,727,410 14,725,189 15,178,386
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,073,670 1,238,878 2,808,233 3,835,386 2,813,576 1,723,481
1.Long term borrowings 7,956 4,029 1,501,033 3,448,293 2,195,415 282,706
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 252,336 425,333 489,453 387,093 266,878 359,643
5.Other non-current liabilities 813,378 809,516 817,747 0 351,283 1,081,132
E.Current Liabilities (E1+E2+E3+E4) 2,225,734 2,740,679 5,953,512 7,698,033 8,403,569 9,146,307
1.Trade credit & other accounts payables 1,772,101 2,680,056 3,823,679 4,983,843 3,577,440 4,185,436
of which: i) Trade credits 201,659 235,303 286,576 461,269 497,738 438,828
2.Short term borrowings 0 0 2,080,847 1,362,508 3,419,202 4,869,000
3.Current portion of non-current liabilities 3,927 3,927 2,996 1,253,911 1,252,878 47,865
4.Other current liabilities 449,706 56,696 45,990 97,771 154,049 44,006
F.Operations:
1.Sales 13,086,120 13,918,340 14,735,172 16,495,659 20,780,934 18,500,574
i)Local sales (Net) 8,809,402 10,685,696 11,761,391 13,279,513 13,685,598 9,513,529
ii)Export sales (Net) 4,276,718 3,232,644 2,973,781 3,216,146 7,095,336 8,987,045
2.Cost of sales 8,689,940 8,331,840 8,842,960 11,697,583 15,978,032 14,251,503
i)Cost of material 859,869 1,743,494 1,749,309 2,439,960 3,375,919 2,902,213
3.Gross profit / (loss) (F1-F2) 4,396,180 5,586,500 5,892,212 4,798,076 4,802,902 4,249,071
4.General, administrative and other expenses 1,572,440 1,670,580 1,656,554 1,478,329 2,069,725 2,430,156
i)Selling & distribution expenses 986,673 954,746 903,531 782,218 1,414,820 1,830,945
ii)Administrative and other expenses 585,767 715,834 753,023 696,111 654,905 599,211
5.Other income / (loss) 422,910 341,095 236,632 60,804 318,468 239,470
6.EBIT (F3-F4+F5) 3,246,650 4,257,015 4,472,290 3,380,551 3,051,645 2,058,385
7.Financial expenses 25,999 21,309 28,369 251,172 648,444 525,894
of which: (i) Interest expenses 1,395 920 527 178,614 598,114 458,736
8.Profit / (loss) before taxation (F6-F7) 3,220,651 4,235,706 4,443,921 3,129,379 2,403,201 1,532,491
9.Tax expenses 1,015,000 1,345,683 1,409,864 (1,270,405) 330,000 425,000
10.Profit / (loss) after tax (F8-F9) 2,205,651 2,890,023 3,034,057 4,399,784 2,073,201 1,107,491
11.Cash dividends 1,717,838 1,431,531 1,546,054 916,180 549,708 480,995
12.Bonus shares / stock dividends 0 0 0 229,045 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,923,540 3,363,591 2,566,142 1,987,487 1,403,483 3,082,545
2.Net cash flows from investing activities 130,696 (2,435,361) (5,172,488) (2,703,597) (1,313,620) (349,502)
3.Net cash flows from financing activities (1,663,373) (1,205,610) 166,028 1,537,538 (2,168,907) (3,728,868)
H.Miscellaneous
1.Total capital employed (C+D) 10,008,804 11,685,721 14,755,868 18,708,021 18,913,035 18,276,137
2.Retention in business (F10-F11-F12) 487,814 1,458,492 1,488,003 3,254,559 1,523,493 626,497
3.Depreciation for the year 273,217 428,202 437,171 2,428,490 794,912 820,751
4.Salaries, wages and employee benefits 1,644,575 1,944,140 2,157,570 536,808 2,406,177 2,375,334
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.85 20.76 20.59 26.67 9.98 5.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.08 1.04 0.84 0.70 0.77 0.68
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.26 21.68 17.27 18.68 7.72 4.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.39 1.38 1.57 1.76 1.73 1.68
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.38 29.82 27.10 32.81 13.39 6.78
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.26 25.24 26.49 38.42 15.09 8.06
318
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bestway Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 67,887,632 66,055,533 66,231,147 75,667,954 77,928,666 77,572,085
1.Capital work in progress 113,941 1,024,516 2,340,636 1,454,471 355,691 1,543,722
2.Operating fixed assets at cost 51,813,761 52,259,961 54,471,169 68,728,612 73,776,785 73,981,841
3.Operating fixed assets after deducting accumulated depreciation 43,334,193 41,930,513 42,391,564 54,631,262 56,886,395 54,245,747
4.Intangible assets 11,446,629 11,022,747 9,262,737 7,816,902 7,794,154 7,710,293
5.Long term investments 10,983,221 11,943,284 12,101,521 11,632,842 12,774,388 13,953,905
6.Other non-current assets 2,009,648 134,473 134,689 132,477 118,038 118,418
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,973,559 11,764,621 15,533,975 19,302,686 15,053,645 17,234,410
1.Cash & bank balance 2,487,932 382,557 208,441 290,264 462,912 347,691
2.Inventories; of which 2,718,225 1,452,357 3,490,716 4,358,080 2,689,443 2,291,473
i)Raw material 401,499 439,517 473,181 631,560 504,315 324,131
ii)Work in progress 1,942,205 795,489 2,415,219 3,090,185 1,638,538 1,422,506
iii)Finished goods 374,521 275,449 602,316 636,335 546,590 544,836
3.Trade Debt / accounts receivables 862,701 1,175,809 1,462,355 1,785,728 2,101,856 1,727,790
4.Short term loans and advances 443,745 861,913 1,384,348 671,366 407,771 175,924
5.Short term investments 0 0 0 0 0 0
6.Other current assets 5,460,956 7,891,985 8,988,115 12,197,248 9,391,663 12,691,532
Total Assets (A+B) / Equity & Liabilities (C+D+E) 79,861,191 77,820,154 81,765,122 94,970,640 92,982,311 94,806,495
C.Shareholders' Equity (C1+C2+C3) 36,443,043 41,983,375 47,769,255 53,309,872 57,605,918 54,653,200
1.Issued, Subscribed & Paid up capital 5,793,849 5,793,849 5,962,528 5,962,528 5,962,528 5,962,528
i)Ordinary shares 5,793,849 5,793,849 5,962,528 5,962,528 5,962,528 5,962,528
ii)Preference shares 0 0 0 0 0 0
2.Reserves 30,649,194 36,189,526 41,806,727 47,347,344 51,643,390 48,690,672
i)Capital Reserve 8,499,271 8,015,327 7,227,825 6,784,945 7,504,621 8,217,695
ii)Revenue Reserve 22,149,923 28,174,199 34,578,902 40,562,399 44,138,769 40,472,977
of which: un-appropriated profit(loss) / retained earnings 22,149,923 28,174,199 34,578,902 38,429,043 41,865,483 38,037,767
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 30,921,068 26,102,355 20,470,138 15,108,699 10,642,381 21,478,044
1.Long term borrowings 23,298,584 16,500,000 10,000,000 5,500,000 0 11,542,250
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 236,483 315,760 380,872 497,337 24,890 27,915
5.Other non-current liabilities 7,386,001 9,286,595 10,089,266 9,111,362 10,617,491 9,907,879
E.Current Liabilities (E1+E2+E3+E4) 12,497,080 9,734,424 13,525,729 26,552,069 24,734,012 18,675,251
1.Trade credit & other accounts payables 6,131,988 7,047,658 8,390,642 9,602,383 8,059,754 7,654,365
of which: i) Trade credits 1,157,335 2,528,678 3,452,540 3,825,506 2,513,365 1,871,342
2.Short term borrowings 2,052,862 2,440,678 4,887,967 12,260,179 10,835,368 10,710,748
3.Current portion of non-current liabilities 3,875,000 0 0 4,633,544 5,625,093 272,171
4.Other current liabilities 437,230 246,088 247,120 55,963 213,797 37,967
F.Operations:
1.Sales 32,693,050 45,721,040 51,623,476 52,883,667 53,601,512 37,128,726
i)Local sales (Net) 29,871,381 40,599,384 46,387,134 47,676,528 49,559,190 35,236,367
ii)Export sales (Net) 2,821,669 5,121,656 5,236,342 5,207,139 4,042,322 1,892,359
2.Cost of sales 19,900,086 24,573,384 29,090,753 33,928,169 37,556,552 36,011,992
i)Cost of material 3,272,366 4,554,941 5,137,014 6,002,595 6,493,590 6,482,774
3.Gross profit / (loss) (F1-F2) 12,792,964 21,147,656 22,532,723 18,955,498 16,044,960 1,116,734
4.General, administrative and other expenses 2,332,688 4,531,792 5,193,340 4,908,111 2,877,249 1,390,264
i)Selling & distribution expenses 811,078 1,176,860 1,558,903 1,627,168 1,339,086 794,213
ii)Administrative and other expenses 1,521,610 3,354,932 3,634,437 3,280,943 1,538,163 596,051
5.Other income / (loss) 2,064,420 2,284,630 2,155,498 1,517,512 1,576,312 1,918,751
6.EBIT (F3-F4+F5) 12,524,696 18,900,494 19,494,881 15,564,899 14,744,023 1,645,221
7.Financial expenses 456,928 1,822,500 830,715 600,435 1,498,473 2,151,701
of which: (i) Interest expenses 413,377 1,765,172 802,740 565,959 1,465,193 2,121,899
8.Profit / (loss) before taxation (F6-F7) 12,067,768 17,077,994 18,664,166 14,964,464 13,245,550 (506,480)
9.Tax expenses 2,446,950 5,197,577 5,371,526 1,806,758 3,148,265 (555,732)
10.Profit / (loss) after tax (F8-F9) 9,620,818 11,880,417 13,292,640 13,157,706 10,097,285 49,252
11.Cash dividends 5,793,849 5,793,849 7,155,034 7,155,034 6,558,781 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 9,758,751 15,334,103 13,684,366 11,948,648 15,806,570 (1,960,914)
2.Net cash flows from investing activities (26,040,395) (299,235) (2,948,864) (12,083,392) (3,250,837) (422,176)
3.Net cash flows from financing activities 19,390,143 (17,528,058) (13,356,907) (7,137,509) (10,958,274) 2,392,489
H.Miscellaneous
1.Total capital employed (C+D) 67,364,111 68,085,730 68,239,393 68,418,571 68,248,299 76,131,244
2.Retention in business (F10-F11-F12) 3,826,969 6,086,568 6,137,606 6,002,672 3,538,504 49,252
3.Depreciation for the year 1,325,784 1,966,331 2,035,685 3,065,027 2,938,682 3,017,573
4.Salaries, wages and employee benefits 1,794,884 2,626,225 3,092,388 2,229,817 3,298,389 2,097,231
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 29.43 25.98 25.75 24.88 18.84 0.13
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.54 0.58 0.65 0.60 0.57 0.40
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.87 15.07 16.66 14.89 10.74 0.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.86 2.01 1.78 1.75 1.69 1.67
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 29.59 30.30 29.62 26.03 18.21 0.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.61 20.51 22.29 22.07 16.93 0.08
319
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Cherat Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,197,236 13,457,150 14,237,982 24,237,739 27,186,488 26,237,166
1.Capital work in progress 3,586,575 73,723 723,580 11,528,272 626,166 159,633
2.Operating fixed assets at cost 7,438,041 7,567,558 17,962,575 18,358,053 33,706,876 34,314,501
3.Operating fixed assets after deducting accumulated depreciation 3,244,178 12,643,232 12,909,284 12,277,573 26,264,797 25,129,951
4.Intangible assets 13,998 11,287 19,210 15,406 18,462 17,371
5.Long term investments 334,377 710,133 566,275 396,794 254,970 390,863
6.Other non-current assets 18,108 18,775 19,633 19,694 22,093 539,348
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,266,600 2,004,822 4,568,768 6,281,822 8,093,339 6,684,679
1.Cash & bank balance 18,354 23,002 45,814 47,052 29,535 36,558
2.Inventories; of which 463,456 304,530 843,820 753,638 1,268,194 962,470
i)Raw material 66,573 58,633 120,557 146,179 200,060 181,018
ii)Work in progress 343,520 171,321 556,621 422,652 811,030 527,009
iii)Finished goods 53,363 74,575 166,642 184,807 257,104 254,443
3.Trade Debt / accounts receivables 0 0 130,767 188,272 311,488 300,648
4.Short term loans and advances 17,429 13,586 37,323 84,081 143,862 46,855
5.Short term investments 600,118 0 0 0 0 0
6.Other current assets 1,167,243 1,663,704 3,511,044 5,208,779 6,340,260 5,338,148
Total Assets (A+B) / Equity & Liabilities (C+D+E) 9,463,836 15,461,972 18,806,750 30,519,561 35,279,827 32,921,845
C.Shareholders' Equity (C1+C2+C3) 8,026,041 9,140,188 10,461,707 11,173,748 11,756,169 10,053,558
1.Issued, Subscribed & Paid up capital 1,766,318 1,766,318 1,766,318 1,766,318 1,766,318 1,942,950
i)Ordinary shares 1,766,318 1,766,318 1,766,318 1,766,318 1,766,318 1,942,950
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,259,723 7,373,870 8,695,389 9,407,430 9,989,851 8,110,608
i)Capital Reserve 1,098,558 1,098,558 1,098,558 1,098,558 1,098,558 1,098,558
ii)Revenue Reserve 5,161,165 6,275,312 7,596,831 8,308,872 8,891,293 7,012,050
of which: un-appropriated profit(loss) / retained earnings 4,310,825 5,009,486 6,391,997 7,729,273 8,785,509 6,539,137
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 610,934 4,511,023 5,773,555 15,693,307 17,327,530 16,979,856
1.Long term borrowings 122,312 3,982,107 4,840,508 14,700,000 16,900,000 16,938,437
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 488,622 528,916 933,047 993,307 427,530 41,419
E.Current Liabilities (E1+E2+E3+E4) 826,861 1,810,761 2,571,488 3,652,506 6,196,128 5,888,431
1.Trade credit & other accounts payables 653,940 1,444,716 812,964 1,990,431 1,863,434 2,151,495
of which: i) Trade credits 26,719 36,924 142,276 388,149 276,238 171,120
2.Short term borrowings 87,523 207,876 1,500,411 963,947 2,902,527 2,662,241
3.Current portion of non-current liabilities 40,770 40,770 60,057 400,000 800,000 449,957
4.Other current liabilities 44,628 117,399 198,056 298,128 630,167 624,738
F.Operations:
1.Sales 6,565,416 7,079,368 9,645,399 14,388,349 15,862,647 17,090,155
i)Local sales (Net) 4,890,509 5,754,801 8,556,474 12,832,259 13,836,016 14,321,841
ii)Export sales (Net) 1,674,907 1,324,567 1,088,925 1,556,090 2,026,631 2,768,314
2.Cost of sales 4,581,871 4,445,307 6,432,281 11,249,153 12,979,533 16,703,668
i)Cost of material 777,955 825,761 1,088,597 1,871,197 2,514,404 3,335,290
3.Gross profit / (loss) (F1-F2) 1,983,545 2,634,061 3,213,118 3,139,196 2,883,114 386,487
4.General, administrative and other expenses 475,531 582,308 648,496 716,356 799,623 652,778
i)Selling & distribution expenses 205,796 234,241 279,998 337,132 396,338 362,003
ii)Administrative and other expenses 269,735 348,067 368,498 379,224 403,285 290,775
5.Other income / (loss) 201,029 43,352 133,384 81,112 106,836 70,561
6.EBIT (F3-F4+F5) 1,709,043 2,095,105 2,698,006 2,503,952 2,190,327 (195,730)
7.Financial expenses 37,855 43,708 188,215 356,585 1,142,559 2,526,997
of which: (i) Interest expenses 807 38,321 177,446 340,085 1,127,713 2,505,079
8.Profit / (loss) before taxation (F6-F7) 1,671,188 2,051,397 2,509,791 2,147,367 1,047,768 (2,722,727)
9.Tax expenses 383,024 646,205 553,229 15,248 (714,995) (829,619)
10.Profit / (loss) after tax (F8-F9) 1,288,164 1,405,192 1,956,562 2,132,119 1,762,763 (1,893,108)
11.Cash dividends 529,895 574,053 794,843 883,159 176,632 0
12.Bonus shares / stock dividends 176,632 0 0 0 176,632 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,670,947 2,306,111 204,492 2,660,213 1,415,499 3,521,816
2.Net cash flows from investing activities (3,101,527) (5,557,312) (1,554,647) (11,169,748) (3,890,660) (293,770)
3.Net cash flows from financing activities 1,431,818 3,255,849 1,372,967 8,510,773 2,457,644 (3,221,023)
H.Miscellaneous
1.Total capital employed (C+D) 8,636,975 13,651,211 16,235,262 26,867,055 29,083,699 27,033,414
2.Retention in business (F10-F11-F12) 581,637 831,139 1,161,719 1,248,960 1,409,499 (1,893,108)
3.Depreciation for the year 258,609 277,202 689,913 1,086,046 1,389,264 1,754,452
4.Salaries, wages and employee benefits 821,104 1,053,786 1,314,263 1,629,275 1,839,652 1,865,009
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 19.62 19.85 20.28 14.82 11.11 -11.08
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.69 0.57 0.56 0.58 0.48 0.50
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.61 11.27 11.42 8.64 5.36 -5.55
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.18 1.45 1.75 2.28 2.87 3.13
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.05 16.37 19.96 19.71 15.38 -17.36
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.29 7.96 11.08 12.07 9.98 -9.74
320
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

D.G. Khan Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 45,296,140 54,228,189 81,070,635 92,813,391 92,318,165 95,456,434
1.Capital work in progress 1,894,473 7,684,010 31,365,859 2,967,935 3,008,937 6,369,586
2.Operating fixed assets at cost 49,682,809 55,423,976 52,347,241 98,242,064 105,201,100 108,928,455
3.Operating fixed assets after deducting accumulated depreciation 31,798,605 35,383,606 31,081,878 73,526,049 76,971,297 77,179,036
4.Intangible assets 18,452 0 0 0 0 0
5.Long term investments 10,364,409 10,441,240 18,564,054 16,259,564 12,276,961 11,849,828
6.Other non-current assets 1,220,201 719,333 58,844 59,843 60,970 57,984
B.Current Assets (B1+B2+B3+B4+B5+B6) 32,958,549 32,016,601 27,300,684 29,075,626 33,623,260 34,095,100
1.Cash & bank balance 265,977 7,022,094 421,880 469,104 488,918 347,834
2.Inventories; of which 1,913,314 1,338,211 1,162,914 1,377,596 3,714,058 4,352,995
i)Raw material 1,026,194 464,509 308,079 498,539 482,960 579,606
ii)Work in progress 508,578 166,940 522,557 493,431 2,802,481 3,361,646
iii)Finished goods 378,542 292,094 332,278 385,626 428,617 411,743
3.Trade Debt / accounts receivables 431,072 524,974 220,182 188,293 1,191,881 2,286,084
4.Short term loans and advances 980,024 225,686 1,104,606 3,623,452 2,064,369 1,378,166
5.Short term investments 24,855,842 17,833,748 17,044,084 16,018,594 14,129,075 13,126,388
6.Other current assets 4,512,320 5,071,888 7,347,018 7,398,587 12,034,959 12,603,633
Total Assets (A+B) / Equity & Liabilities (C+D+E) 78,254,689 86,244,790 108,371,319 121,889,017 125,941,425 129,551,534
C.Shareholders' Equity (C1+C2+C3) 64,674,619 67,736,097 74,868,879 77,134,421 70,928,415 66,644,157
1.Issued, Subscribed & Paid up capital 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191
i)Ordinary shares 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191
ii)Preference shares 0 0 0 0 0 0
2.Reserves 60,293,428 63,354,906 70,487,688 72,753,230 66,547,224 62,262,966
i)Capital Reserve 34,473,681 31,135,718 32,942,510 29,689,798 23,851,125 22,154,831
ii)Revenue Reserve 25,819,747 32,219,188 37,545,178 43,063,432 42,696,099 40,108,135
of which: un-appropriated profit(loss) / retained earnings 20,708,896 27,108,337 32,473,351 37,991,605 37,624,272 35,036,308
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,021,533 8,082,837 18,652,637 22,201,403 20,765,958 25,283,120
1.Long term borrowings 945,511 2,513,750 12,520,000 17,730,324 15,985,030 21,972,000
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 137,585 111,335 186,837 278,379 449,194 521,834
5.Other non-current liabilities 4,938,437 5,457,752 5,945,800 4,192,700 4,331,734 2,789,286
E.Current Liabilities (E1+E2+E3+E4) 7,558,537 10,425,856 14,849,803 22,553,193 34,247,052 37,624,257
1.Trade credit & other accounts payables 4,353,727 5,296,293 5,454,447 7,595,299 8,029,874 11,298,187
of which: i) Trade credits 933,036 1,604,173 1,526,506 3,558,517 3,261,220 4,325,320
2.Short term borrowings 2,348,534 3,750,006 8,571,228 12,209,667 20,258,570 23,495,967
3.Current portion of non-current liabilities 780,056 1,284,046 523,778 2,336,910 5,080,511 2,048,901
4.Other current liabilities 76,220 95,511 300,350 411,317 878,097 781,202
F.Operations:
1.Sales 28,221,467 31,946,614 30,136,165 30,668,428 40,516,525 38,033,124
i)Local sales (Net) 26,215,417 28,091,595 26,742,091 27,938,573 35,253,561 28,647,863
ii)Export sales (Net) 2,006,050 3,855,019 3,394,074 2,729,855 5,262,964 9,385,261
2.Cost of sales 18,545,841 19,514,551 18,291,600 21,928,207 35,154,086 36,447,218
i)Cost of material 2,818,388 2,781,955 2,350,577 2,697,822 3,983,065 3,916,533
3.Gross profit / (loss) (F1-F2) 9,675,626 12,432,063 11,844,565 8,740,221 5,362,439 1,585,906
4.General, administrative and other expenses 2,070,533 2,832,336 2,421,779 3,877,537 2,472,419 2,971,936
i)Selling & distribution expenses 764,832 965,870 979,045 898,156 1,305,695 1,783,422
ii)Administrative and other expenses 1,305,701 1,866,466 1,442,734 2,979,381 1,166,724 1,188,514
5.Other income / (loss) 2,299,094 2,362,110 2,118,216 3,026,661 2,404,923 2,283,128
6.EBIT (F3-F4+F5) 9,904,187 11,961,837 11,541,002 7,889,345 5,294,943 897,098
7.Financial expenses 356,858 171,845 382,895 519,267 3,304,102 4,653,286
of which: (i) Interest expenses 329,394 144,129 333,313 488,281 3,272,382 4,633,871
8.Profit / (loss) before taxation (F6-F7) 9,547,329 11,789,992 11,158,107 7,370,078 1,990,841 (3,756,188)
9.Tax expenses 1,692,172 3,408,616 3,182,766 (1,467,530) 381,082 (1,597,527)
10.Profit / (loss) after tax (F8-F9) 7,855,157 8,381,376 7,975,341 8,837,608 1,609,759 (2,158,661)
11.Cash dividends 2,190,596 2,628,715 3,285,893 1,862,006 438,119 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 9,980,873 10,671,379 5,877,328 8,910,698 (1,530,631) (343,131)
2.Net cash flows from investing activities (7,723,006) (5,076,150) (24,430,219) (16,070,791) (5,444,043) (5,082,796)
3.Net cash flows from financing activities (2,477,662) (170,210) 6,861,444 3,705,515 (872,069) 2,519,577
H.Miscellaneous
1.Total capital employed (C+D) 70,696,152 75,818,934 93,521,516 99,335,824 91,694,373 91,927,277
2.Retention in business (F10-F11-F12) 5,664,562 5,752,661 4,689,448 6,975,602 1,171,640 (2,158,661)
3.Depreciation for the year 2,075,639 2,168,072 2,061,811 2,304,249 3,500,067 3,691,100
4.Salaries, wages and employee benefits 1,803,564 3,125,309 3,061,825 3,134,334 3,828,926 3,959,747
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 27.83 26.24 26.46 28.82 3.97 -5.68
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.37 0.39 0.31 0.27 0.33 0.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.26 10.19 8.20 7.68 1.30 -1.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.21 1.24 1.36 1.51 1.67 1.86
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.41 12.66 11.19 11.63 2.17 -3.14
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 17.93 19.13 18.20 20.17 3.67 -4.93
321
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dandot Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,968,925 3,579,597 3,459,479 4,490,140 4,393,879 4,336,389
1.Capital work in progress 0 0 2,742 0 0 0
2.Operating fixed assets at cost 4,313,189 5,985,873 5,988,125 7,141,999 7,196,106 7,264,597
3.Operating fixed assets after deducting accumulated depreciation 1,958,250 3,568,930 3,446,070 4,479,853 4,383,558 4,306,965
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,675 10,667 10,667 10,287 10,321 29,424
B.Current Assets (B1+B2+B3+B4+B5+B6) 789,721 910,577 1,015,515 765,872 875,393 569,759
1.Cash & bank balance 21,102 45,543 20,552 13,490 48,910 6,764
2.Inventories; of which 84,998 27,216 162,405 214,407 220,018 119,154
i)Raw material 10,330 1,489 13,622 35,033 78,627 89,992
ii)Work in progress 36,858 13,948 105,919 115,847 99,408 29,161
iii)Finished goods 37,810 11,779 42,864 63,527 41,983 1,644
3.Trade Debt / accounts receivables 137,402 166,041 167,546 144,323 105,296 11,442
4.Short term loans and advances 294,240 315,106 326,073 34,677 32,678 11,373
5.Short term investments 0 0 0 0 0 0
6.Other current assets 251,979 356,671 338,939 358,975 468,491 421,026
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,758,646 4,490,174 4,474,994 5,256,012 5,269,272 4,906,148
C.Shareholders' Equity (C1+C2+C3) (2,261,787) (1,375,801) (1,874,967) (1,726,566) 666,355 730,384
1.Issued, Subscribed & Paid up capital 948,400 948,400 948,400 948,400 948,400 948,400
i)Ordinary shares 948,400 948,400 948,400 948,400 948,400 948,400
ii)Preference shares 0 0 0 0 0 0
2.Reserves (4,206,139) (4,439,958) (4,605,747) (5,260,127) (2,782,269) (2,637,649)
i)Capital Reserve 31,801 31,801 31,801 31,801 1,805,242 2,564,328
ii)Revenue Reserve (4,237,940) (4,471,759) (4,637,548) (5,291,928) (4,587,511) (5,201,977)
of which: un-appropriated profit(loss) / retained earnings (4,237,940) (4,471,759) (4,637,548) (5,291,928) (4,587,511) (5,201,977)
3.Surplus on revaluation of fixed assets 995,952 2,115,757 1,782,380 2,585,161 2,500,224 2,419,633
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 963,195 1,556,015 1,861,898 2,061,907 3,018,785 3,015,387
1.Long term borrowings 961,313 1,041,049 1,109,633 1,106,606 2,096,402 2,022,114
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 1,882 514,966 752,265 955,301 922,383 993,273
E.Current Liabilities (E1+E2+E3+E4) 4,057,238 4,309,960 4,488,063 4,920,671 1,584,132 1,160,377
1.Trade credit & other accounts payables 2,007,216 2,237,880 1,797,765 2,143,844 905,966 699,142
of which: i) Trade credits 714,205 1,009,972 1,467,560 1,871,455 684,979 501,399
2.Short term borrowings 1,427,909 1,427,909 1,427,909 1,720,257 0 0
3.Current portion of non-current liabilities 87,515 89,429 75,591 92,581 185,293 92,082
4.Other current liabilities 534,598 554,742 1,186,798 963,989 492,873 369,153
F.Operations:
1.Sales 2,138,895 2,346,937 1,806,252 1,306,529 1,593,517 296,106
i)Local sales (Net) 2,138,895 2,346,937 1,806,252 1,306,529 1,593,517 296,106
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,426,242 2,359,394 2,053,298 1,755,560 1,937,197 489,593
i)Cost of material 163,815 175,214 173,139 124,512 147,292 6,249
3.Gross profit / (loss) (F1-F2) (287,347) (12,457) (247,046) (449,031) (343,680) (193,487)
4.General, administrative and other expenses 48,613 74,864 82,195 96,686 80,210 55,503
i)Selling & distribution expenses 6,175 18,782 24,157 5,118 8,929 2,402
ii)Administrative and other expenses 42,438 56,082 58,038 91,568 71,281 53,101
5.Other income / (loss) 563 2,536 1,846 2,024 1,193,873 568
6.EBIT (F3-F4+F5) (335,397) (84,785) (327,395) (543,693) 769,983 (248,422)
7.Financial expenses 161,861 171,990 184,438 185,109 160,202 371,291
of which: (i) Interest expenses 161,466 155,495 164,773 183,636 158,044 233,376
8.Profit / (loss) before taxation (F6-F7) (497,258) (256,775) (511,833) (728,802) 609,781 (619,713)
9.Tax expenses 0 23,478 (11,716) (10,893) (14,764) 75,343
10.Profit / (loss) after tax (F8-F9) (497,258) (280,253) (500,117) (717,909) 624,545 (695,056)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (239,542) 54,000 10,654 (384,650) (327,036) (227,494)
2.Net cash flows from investing activities (698) (6,652) (5,059) (54,464) (54,252) (88,626)
3.Net cash flows from financing activities 220,878 (22,907) (30,585) 432,052 416,708 273,973
H.Miscellaneous
1.Total capital employed (C+D) (1,298,592) 180,214 (13,069) 335,341 3,685,140 3,745,771
2.Retention in business (F10-F11-F12) (497,258) (280,253) (500,117) (717,909) 624,545 (695,056)
3.Depreciation for the year 65,485 62,822 125,570 120,091 120,090 145,906
4.Salaries, wages and employee benefits 303,000 292,862 268,070 260,722 150,791 51,075
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -23.25 -11.94 -27.69 -54.95 39.19 -234.73
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.76 0.65 0.40 0.27 0.30 0.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.68 -7.73 -11.16 -14.76 11.87 -13.66
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.40 -1.99 -2.76 -2.70 -9.93 7.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 24.79 15.41 30.77 39.87 -117.82 -99.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.24 -2.96 -5.27 -7.57 6.59 -7.33
322
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 21,401,819 22,240,657 27,141,885 26,936,370 27,005,615 34,877,054
1.Capital work in progress 2,621,860 950,642 1,137,839 1,758,451 1,596,288 1,796,280
2.Operating fixed assets at cost 23,573,482 26,657,606 32,057,218 32,065,501 33,066,943 41,215,967
3.Operating fixed assets after deducting accumulated depreciation 18,669,661 21,170,668 25,879,394 25,032,818 25,268,924 32,943,427
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 110,298 119,347 124,652 145,101 140,403 137,347
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,236,793 3,194,112 3,125,579 3,310,800 2,889,561 2,455,785
1.Cash & bank balance 328,880 203,001 122,722 98,485 71,018 90,542
2.Inventories; of which 765,142 593,925 697,138 828,195 471,698 115,844
i)Raw material 120,104 193,609 248,524 322,928 195,822 57,909
ii)Work in progress 536,939 297,824 359,820 411,034 167,914 49,223
iii)Finished goods 108,099 102,492 88,794 94,233 107,962 8,712
3.Trade Debt / accounts receivables 575,669 523,420 245,463 293,660 313,952 343,599
4.Short term loans and advances 286,317 109,720 146,233 145,095 170,093 151,980
5.Short term investments 23,620 32,307 48,234 9,551 291 224
6.Other current assets 1,257,165 1,731,739 1,865,789 1,935,814 1,862,509 1,753,596
Total Assets (A+B) / Equity & Liabilities (C+D+E) 24,638,612 25,434,769 30,267,464 30,247,170 29,895,176 37,332,839
C.Shareholders' Equity (C1+C2+C3) 11,644,755 13,123,210 16,380,364 17,265,808 17,017,112 21,601,815
1.Issued, Subscribed & Paid up capital 4,341,133 4,841,133 4,841,133 4,841,133 4,841,133 4,841,133
i)Ordinary shares 4,341,133 4,841,133 4,841,133 4,841,133 4,841,133 4,841,133
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,467,321 3,578,723 5,001,066 6,122,758 6,043,059 4,873,153
i)Capital Reserve 500,000 0 629,444 629,444 629,444 629,444
ii)Revenue Reserve 1,967,321 3,578,723 4,371,622 5,493,314 5,413,615 4,243,709
of which: un-appropriated profit(loss) / retained earnings 0 0 4,371,622 5,493,314 5,413,615 4,243,709
3.Surplus on revaluation of fixed assets 4,836,301 4,703,354 6,538,165 6,301,917 6,132,920 11,887,529
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 7,653,434 7,540,881 8,524,813 7,685,281 7,750,154 9,529,062
1.Long term borrowings 1,162,892 475,427 358,974 241,267 122,207 79,958
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 3,460,000 3,160,000 3,110,000 3,110,000 3,110,000 3,110,000
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 3,030,542 3,905,454 5,055,839 4,334,014 4,517,947 6,339,104
E.Current Liabilities (E1+E2+E3+E4) 5,340,423 4,770,678 5,362,287 5,296,081 5,127,910 6,201,962
1.Trade credit & other accounts payables 1,522,683 1,054,928 1,713,061 1,748,548 1,563,824 2,319,131
of which: i) Trade credits 611,075 570,785 1,141,222 1,188,153 950,807 792,253
2.Short term borrowings 560,875 560,875 560,875 579,159 579,159 579,159
3.Current portion of non-current liabilities 2,120,083 2,039,497 2,030,270 2,030,270 2,030,270 2,012,450
4.Other current liabilities 1,136,782 1,115,378 1,058,081 938,104 954,657 1,291,222
F.Operations:
1.Sales 11,245,246 12,879,095 12,856,279 13,423,885 12,054,025 5,832,951
i)Local sales (Net) 9,920,401 11,912,532 11,991,381 13,035,645 11,400,141 5,642,315
ii)Export sales (Net) 1,324,845 966,563 864,898 388,240 653,884 190,636
2.Cost of sales 9,656,597 10,232,405 10,322,230 11,355,978 10,826,727 6,349,360
i)Cost of material 1,161,758 1,173,433 1,549,589 1,376,624 1,369,091 711,249
3.Gross profit / (loss) (F1-F2) 1,588,649 2,646,690 2,534,049 2,067,907 1,227,298 (516,409)
4.General, administrative and other expenses 832,379 1,010,611 1,066,919 998,593 931,643 952,752
i)Selling & distribution expenses 324,000 301,217 261,854 156,596 139,089 118,087
ii)Administrative and other expenses 508,379 709,394 805,065 841,997 792,554 834,665
5.Other income / (loss) 19,458 297,432 128,029 200,131 3,551 3,274
6.EBIT (F3-F4+F5) 775,728 1,933,511 1,595,159 1,269,445 299,206 (1,465,887)
7.Financial expenses 43,864 21,677 25,571 21,789 20,742 12,703
of which: (i) Interest expenses 0 0 0 18,543 15,471 2,043
8.Profit / (loss) before taxation (F6-F7) 731,864 1,911,834 1,569,588 1,247,656 278,464 (1,478,590)
9.Tax expenses 22,196 411,893 263,797 345,414 553,768 154,125
10.Profit / (loss) after tax (F8-F9) 709,668 1,499,941 1,305,791 902,242 (275,304) (1,632,715)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 434,680 1,578,495 2,743,351 1,642,451 1,282,923 464,450
2.Net cash flows from investing activities (1,175,871) (1,416,511) (2,966,366) (645,783) (826,880) (199,077)
3.Net cash flows from financing activities 920,349 (287,863) 142,736 (1,020,905) (483,510) (245,849)
H.Miscellaneous
1.Total capital employed (C+D) 19,298,189 20,664,091 24,905,177 24,951,089 24,767,266 31,130,877
2.Retention in business (F10-F11-F12) 709,668 1,499,941 1,305,791 902,242 (275,304) (1,632,715)
3.Depreciation for the year 530,419 584,340 693,741 866,861 767,968 475,265
4.Salaries, wages and employee benefits 653,268 582,332 1,083,378 1,267,186 1,241,157 1,134,050
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.31 11.65 10.16 6.72 -2.28 -27.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.47 0.51 0.46 0.44 0.40 0.17
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.96 5.99 4.69 2.98 -0.92 -4.86
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.24 2.02 1.89 1.80 1.75 1.74
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.63 12.11 8.85 5.36 -1.61 -8.46
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.63 3.10 2.70 1.86 -0.57 -3.37
323
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fauji Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 24,114,694 21,857,983 22,090,544 22,711,014 23,289,531 22,224,595
1.Capital work in progress 40,768 20,639 1,559,170 157,763 287,638 2,808
2.Operating fixed assets at cost 32,594,264 31,502,210 33,088,352 35,089,299 37,152,568 37,607,299
3.Operating fixed assets after deducting accumulated depreciation 23,839,785 21,680,611 20,444,773 22,466,650 22,915,292 22,062,364
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 234,141 156,733 86,601 86,601 86,601 159,423
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,413,596 7,499,669 5,661,675 6,338,432 5,675,651 7,152,550
1.Cash & bank balance 2,296,603 1,665,579 517,837 531,759 402,847 561,174
2.Inventories; of which 888,536 540,588 1,071,970 1,244,805 944,022 1,187,752
i)Raw material 145,147 125,247 146,330 249,944 212,849 269,467
ii)Work in progress 607,869 251,313 693,604 808,315 524,636 779,940
iii)Finished goods 135,520 164,028 232,036 186,546 206,537 138,345
3.Trade Debt / accounts receivables 566,141 569,101 1,148,618 1,168,343 947,046 1,050,640
4.Short term loans and advances 11,190 218,947 83,001 37,927 36,176 73,695
5.Short term investments 0 1,324,485 0 0 0 0
6.Other current assets 2,651,126 3,180,969 2,840,249 3,355,598 3,345,560 4,279,289
Total Assets (A+B) / Equity & Liabilities (C+D+E) 30,528,290 29,357,652 27,752,219 29,049,446 28,965,182 29,377,145
C.Shareholders' Equity (C1+C2+C3) 17,418,984 18,427,855 19,681,125 20,488,940 20,898,562 19,804,320
1.Issued, Subscribed & Paid up capital 13,798,150 13,798,150 12,433,765 12,433,765 12,433,765 12,433,765
i)Ordinary shares 13,311,158 13,798,150 12,433,765 12,433,765 12,433,765 12,433,765
ii)Preference shares 486,992 0 0 0 0 0
2.Reserves 3,620,834 4,629,705 7,247,360 8,055,175 8,464,797 7,370,555
i)Capital Reserve (1,437,280) (1,384,259) 0 0 0 0
ii)Revenue Reserve 5,058,114 6,013,964 7,247,360 8,055,175 8,464,797 7,370,555
of which: un-appropriated profit(loss) / retained earnings 5,058,114 6,013,964 7,247,360 8,055,175 8,464,797 7,370,555
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 8,378,929 5,968,616 5,402,555 4,301,684 4,314,791 4,390,367
1.Long term borrowings 4,000,119 1,486,178 1,063,045 636,868 317,835 504,983
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 43,743 55,214 58,014 64,178 71,216 72,547
5.Other non-current liabilities 4,335,067 4,427,224 4,281,496 3,600,638 3,925,740 3,812,837
E.Current Liabilities (E1+E2+E3+E4) 4,730,377 4,961,181 2,668,539 4,258,822 3,751,829 5,182,458
1.Trade credit & other accounts payables 2,055,628 1,968,031 595,672 1,024,758 948,864 1,244,933
of which: i) Trade credits 157,147 117,959 273,663 532,310 310,154 354,586
2.Short term borrowings 5,758 78,037 312,441 1,638,886 990,112 1,869,167
3.Current portion of non-current liabilities 2,524,978 2,525,955 441,421 443,284 339,433 352,357
4.Other current liabilities 144,013 389,158 1,319,005 1,151,894 1,473,420 1,716,001
F.Operations:
1.Sales 18,642,358 20,044,438 20,423,356 21,160,878 20,798,082 17,231,709
i)Local sales (Net) 16,174,557 17,915,528 19,698,210 19,725,446 19,534,556 15,813,705
ii)Export sales (Net) 2,467,801 2,128,910 725,146 1,435,432 1,263,526 1,418,004
2.Cost of sales 11,615,261 10,879,156 15,985,679 16,124,517 15,474,771 16,582,605
i)Cost of material 1,787,016 1,833,267 1,349,077 2,193,902 1,265,214 2,861,789
3.Gross profit / (loss) (F1-F2) 7,027,097 9,165,282 4,437,677 5,036,361 5,323,311 649,104
4.General, administrative and other expenses 832,565 1,099,428 797,222 894,493 953,003 673,562
i)Selling & distribution expenses 141,018 208,777 166,361 197,707 210,335 204,344
ii)Administrative and other expenses 691,547 890,651 630,861 696,786 742,668 469,218
5.Other income / (loss) 191,386 268,798 442,726 104,094 148,358 84,991
6.EBIT (F3-F4+F5) 6,385,918 8,334,652 4,083,181 4,245,962 4,518,666 60,533
7.Financial expenses 706,027 503,346 152,960 147,813 106,758 233,800
of which: (i) Interest expenses 551,610 387,559 129,714 129,045 88,576 219,514
8.Profit / (loss) before taxation (F6-F7) 5,679,891 7,831,306 3,930,221 4,098,149 4,411,908 (173,267)
9.Tax expenses 1,563,726 2,464,106 1,317,010 668,685 1,587,610 (113,886)
10.Profit / (loss) after tax (F8-F9) 4,116,165 5,367,200 2,613,211 3,429,464 2,824,298 (59,381)
11.Cash dividends 3,449,538 3,794,491 1,119,039 2,486,753 1,865,065 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,408,740 7,899,501 2,230,215 3,219,300 5,557,926 1,013,426
2.Net cash flows from investing activities (1,339,118) (1,006,738) 482,432 (1,413,028) (2,025,760) (545,109)
3.Net cash flows from financing activities (4,579,528) (7,596,066) (4,094,793) (3,118,795) (3,012,304) (1,181,854)
H.Miscellaneous
1.Total capital employed (C+D) 25,797,913 24,396,471 25,083,680 24,790,624 25,213,353 24,194,687
2.Retention in business (F10-F11-F12) 666,628 1,572,709 1,494,172 942,711 959,233 (59,381)
3.Depreciation for the year 1,291,054 1,357,090 1,315,997 1,417,274 1,520,457 1,713,737
4.Salaries, wages and employee benefits 1,201,023 2,029,185 1,800,277 2,119,666 2,332,941 1,932,672
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 22.08 26.78 12.80 16.21 13.58 -0.34
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.62 0.67 0.72 0.75 0.72 0.59
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.74 17.92 9.15 12.08 9.74 -0.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.80 1.67 1.50 1.41 1.40 1.43
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 24.79 29.95 13.71 17.07 13.65 -0.29
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.98 3.89 2.10 2.76 2.27 -0.05
324
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fecto Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,973,002 1,879,232 1,985,999 2,019,339 2,285,176 2,145,443
1.Capital work in progress 3,640 806 31,578 2,469 0 0
2.Operating fixed assets at cost 4,195,483 4,214,070 4,249,483 4,387,035 4,426,351 4,386,254
3.Operating fixed assets after deducting accumulated depreciation 1,957,505 1,866,838 1,929,688 1,995,531 1,946,434 1,792,313
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 319,650 284,350
6.Other non-current assets 11,857 11,588 24,733 21,339 19,092 68,780
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,280,121 2,197,476 2,835,059 3,210,309 2,781,387 2,688,363
1.Cash & bank balance 220,450 328,942 457,368 472,804 164,355 117,691
2.Inventories; of which 1,062,162 922,043 1,277,174 1,329,041 1,258,191 1,276,269
i)Raw material 635,203 668,285 792,402 846,140 954,833 1,010,186
ii)Work in progress 394,190 227,848 452,115 441,613 266,851 231,816
iii)Finished goods 32,769 25,910 32,657 41,288 36,507 34,267
3.Trade Debt / accounts receivables 13,549 12,563 16,087 75,428 68,006 24,892
4.Short term loans and advances 159,399 32,623 46,932 104,253 40,000 90,000
5.Short term investments 0 0 102,390 206,895 189,436 117,422
6.Other current assets 824,561 901,305 935,108 1,021,888 1,061,399 1,062,089
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,253,123 4,076,708 4,821,058 5,229,648 5,066,563 4,833,806
C.Shareholders' Equity (C1+C2+C3) 2,921,225 3,233,450 3,893,823 4,210,161 4,331,567 3,508,011
1.Issued, Subscribed & Paid up capital 501,600 501,600 501,600 501,600 501,600 501,600
i)Ordinary shares 501,600 501,600 501,600 501,600 501,600 501,600
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,419,625 2,731,850 3,392,223 3,708,561 3,829,967 3,006,411
i)Capital Reserve 0 0 0 550,000 132,751 104,346
ii)Revenue Reserve 2,419,625 2,731,850 3,392,223 3,158,561 3,697,216 2,902,065
of which: un-appropriated profit(loss) / retained earnings 1,869,625 2,181,850 2,842,223 3,158,561 3,147,216 2,352,065
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 516,830 403,944 377,960 356,623 390,214 155,932
1.Long term borrowings 80,000 0 0 14,757 34,322 112,026
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 436,830 403,944 377,960 341,866 355,892 43,906
E.Current Liabilities (E1+E2+E3+E4) 815,068 439,314 549,275 662,864 344,782 1,169,863
1.Trade credit & other accounts payables 435,068 439,314 531,062 628,683 320,896 527,345
of which: i) Trade credits 67,632 35,339 168,809 352,768 51,164 123,598
2.Short term borrowings 200,000 0 0 0 0 570,514
3.Current portion of non-current liabilities 180,000 0 0 3,646 8,837 42,945
4.Other current liabilities 0 0 18,213 30,535 15,049 29,059
F.Operations:
1.Sales 4,779,145 5,031,622 5,130,744 4,902,784 4,740,496 3,463,904
i)Local sales (Net) 3,746,546 4,204,696 4,551,604 4,546,512 4,332,388 3,033,739
ii)Export sales (Net) 1,032,599 826,926 579,140 356,272 408,108 430,165
2.Cost of sales 3,313,796 3,408,172 3,573,968 3,875,479 4,146,193 4,179,341
i)Cost of material 540,167 617,307 668,171 628,171 707,262 690,817
3.Gross profit / (loss) (F1-F2) 1,465,349 1,623,450 1,556,776 1,027,305 594,303 (715,437)
4.General, administrative and other expenses 432,930 463,857 494,321 535,667 504,994 336,073
i)Selling & distribution expenses 174,435 139,266 172,034 195,636 203,122 94,164
ii)Administrative and other expenses 258,495 324,591 322,287 340,031 301,872 241,909
5.Other income / (loss) (51,656) 11,766 30,491 111,256 46,411 45,837
6.EBIT (F3-F4+F5) 980,763 1,171,359 1,092,946 602,894 135,720 (1,005,673)
7.Financial expenses 81,127 12,483 1,454 3,266 5,377 28,573
of which: (i) Interest expenses 72,001 10,490 2 1,181 3,201 25,877
8.Profit / (loss) before taxation (F6-F7) 899,636 1,158,876 1,091,492 599,628 130,343 (1,034,246)
9.Tax expenses 282,166 345,051 330,799 157,890 41,368 (264,175)
10.Profit / (loss) after tax (F8-F9) 617,470 813,825 760,693 441,738 88,975 (770,071)
11.Cash dividends 250,800 351,120 100,320 45,144 25,080 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 693,960 1,053,964 464,651 325,550 (9,607) (735,513)
2.Net cash flows from investing activities (100,210) (18,915) (170,705) (212,173) (172,941) 56,134
3.Net cash flows from financing activities (521,009) (926,557) (165,520) (97,941) (125,901) 351,681
H.Miscellaneous
1.Total capital employed (C+D) 3,438,055 3,637,394 4,271,783 4,566,784 4,721,781 3,663,943
2.Retention in business (F10-F11-F12) 366,670 462,705 660,373 396,594 63,895 (770,071)
3.Depreciation for the year 109,041 112,616 110,188 113,739 119,634 112,387
4.Salaries, wages and employee benefits 465,315 625,550 669,636 686,248 641,378 561,658
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 12.92 16.17 14.83 9.01 1.88 -22.23
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.18 1.21 1.15 0.98 0.92 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.23 19.54 17.10 8.79 1.73 -15.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.53 1.35 1.25 1.24 1.21 1.26
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.30 26.45 21.35 10.90 2.08 -19.65
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.31 16.22 15.17 8.81 1.77 -15.35
325
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Flying Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 5,205,773 5,300,968 5,655,486 6,671,178 11,249,334 13,319,754
1.Capital work in progress 538,974 538,974 995,691 2,083,369 4,304,012 6,511,814
2.Operating fixed assets at cost 5,538,208 5,748,491 5,716,351 5,723,670 8,170,227 8,170,227
3.Operating fixed assets after deducting accumulated depreciation 4,625,006 4,743,401 4,641,202 4,556,392 6,912,442 6,775,060
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 41,793 18,593 18,593 31,417 32,880 32,880
B.Current Assets (B1+B2+B3+B4+B5+B6) 895,760 1,018,605 1,573,418 3,090,357 2,178,084 3,003,401
1.Cash & bank balance 24,331 46,349 15,100 114,882 58,688 23,393
2.Inventories; of which 396,880 218,230 210,155 316,862 457,639 1,307,317
i)Raw material 69,902 17,051 19,834 20,743 89,737 145,093
ii)Work in progress 322,739 197,471 188,257 284,575 343,225 1,145,937
iii)Finished goods 4,239 3,708 2,064 11,544 24,677 16,287
3.Trade Debt / accounts receivables 6,360 1,119 3,430 8,590 10,032 3,489
4.Short term loans and advances 288,109 479,523 377,796 746,851 772,472 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 180,080 273,384 966,937 1,903,172 879,253 1,669,202
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,101,533 6,319,573 7,228,904 9,761,535 13,427,418 16,323,155
C.Shareholders' Equity (C1+C2+C3) 3,430,092 3,575,851 3,737,182 3,918,730 8,231,738 8,156,063
1.Issued, Subscribed & Paid up capital 1,760,000 1,760,000 1,760,000 1,760,000 1,760,000 1,760,000
i)Ordinary shares 1,760,000 1,760,000 1,760,000 1,760,000 1,760,000 1,760,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 109,219 287,027 479,767 692,095 2,380,802 2,368,397
i)Capital Reserve 126,979 126,979 126,979 126,979 1,642,654 2,097,654
ii)Revenue Reserve (17,760) 160,048 352,788 565,116 738,148 270,743
of which: un-appropriated profit(loss) / retained earnings (17,760) 160,048 352,788 565,116 738,148 270,743
3.Surplus on revaluation of fixed assets 1,560,873 1,528,824 1,497,415 1,466,635 4,090,936 4,027,666
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 865,696 971,798 1,670,403 3,178,940 2,649,020 4,366,433
1.Long term borrowings 265,384 364,188 1,063,502 2,572,521 2,052,583 3,769,674
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 673 652 845 964 1,260 0
5.Other non-current liabilities 599,639 606,958 606,056 605,455 595,177 596,759
E.Current Liabilities (E1+E2+E3+E4) 1,805,745 1,771,924 1,821,319 2,663,865 2,546,660 3,800,659
1.Trade credit & other accounts payables 1,576,765 1,601,325 1,706,409 1,681,338 1,981,577 2,200,036
of which: i) Trade credits 1,506,887 1,550,856 1,618,122 309,109 630,314 948,145
2.Short term borrowings 77,747 110,353 81,052 705,598 506,778 1,582,311
3.Current portion of non-current liabilities 18,522 0 0 237,249 58,252 18,252
4.Other current liabilities 132,711 60,246 33,858 39,680 53 60
F.Operations:
1.Sales 2,222,798 2,475,778 2,470,225 2,910,361 3,271,375 1,079,508
i)Local sales (Net) 2,222,798 2,475,778 2,470,225 2,910,361 3,271,375 1,079,508
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,103,185 2,309,063 2,266,868 2,653,476 3,080,762 1,541,892
i)Cost of material 55,190 239,960 271,501 465,766 115,702 26,162
3.Gross profit / (loss) (F1-F2) 119,613 166,715 203,357 256,885 190,613 (462,384)
4.General, administrative and other expenses 44,797 46,846 60,766 71,610 72,193 65,969
i)Selling & distribution expenses 4,789 5,200 6,059 7,314 9,091 8,290
ii)Administrative and other expenses 40,008 41,646 54,707 64,296 63,102 57,679
5.Other income / (loss) 114,976 78,382 64,375 91,725 98,460 95,491
6.EBIT (F3-F4+F5) 189,792 198,251 206,966 277,000 216,880 (432,862)
7.Financial expenses 1,418 2,915 8,084 43,865 32,719 79,963
of which: (i) Interest expenses 937 1,214 6,676 42,106 31,639 79,557
8.Profit / (loss) before taxation (F6-F7) 188,374 195,336 198,882 233,135 184,161 (512,825)
9.Tax expenses 71,239 49,639 37,625 51,627 41,799 17,895
10.Profit / (loss) after tax (F8-F9) 117,135 145,697 161,257 181,508 142,362 (530,720)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 397,002 172,277 (222,684) (1,119,844) 1,335,382 (1,035,066)
2.Net cash flows from investing activities (23,559) (187,083) (450,056) (1,107,821) (2,013,766) (2,207,852)
3.Net cash flows from financing activities (356,897) 4,218 670,791 1,702,902 821,009 2,132,090
H.Miscellaneous
1.Total capital employed (C+D) 4,295,788 4,547,649 5,407,585 7,097,670 10,880,758 12,522,496
2.Retention in business (F10-F11-F12) 117,135 145,697 161,257 181,508 142,362 (530,720)
3.Depreciation for the year 93,840 91,889 94,075 92,129 90,508 137,451
4.Salaries, wages and employee benefits 75,183 78,518 79,235 91,948 102,062 107,944
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.27 5.88 6.53 6.24 4.35 -49.16
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.37 0.40 0.36 0.34 0.28 0.07
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.93 2.35 2.38 2.14 1.23 -3.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.80 1.77 1.85 2.22 1.91 2.00
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 3.47 4.16 4.41 4.74 2.34 -7.14
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.67 0.83 0.92 1.03 0.81 -3.02
326
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Gharibwal Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 13,813,200 15,486,884 18,768,066 19,251,030 18,315,268 20,352,356
1.Capital work in progress 1,163,696 2,986,937 1,699,193 655,907 783,446 45,219
2.Operating fixed assets at cost 15,751,496 16,273,936 17,216,088 19,667,931 23,943,011 28,881,559
3.Operating fixed assets after deducting accumulated depreciation 12,558,974 12,410,236 16,978,605 18,481,048 17,458,527 20,222,654
4.Intangible assets 4,834 3,551 2,268 4,185 2,902 1,619
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 85,696 86,160 88,000 109,890 70,393 82,864
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,070,404 2,565,406 2,847,000 3,591,975 4,947,128 5,157,726
1.Cash & bank balance 178,699 384,868 103,571 107,869 431,760 431,400
2.Inventories; of which 624,954 290,099 624,850 632,241 898,581 527,599
i)Raw material 39,623 59,980 63,833 75,208 135,187 145,421
ii)Work in progress 551,919 212,808 463,734 506,902 673,348 316,627
iii)Finished goods 33,412 3,952 97,283 50,131 90,046 65,551
3.Trade Debt / accounts receivables 240,255 368,553 509,068 557,366 626,963 592,680
4.Short term loans and advances 176,066 257,407 278,287 274,001 363,870 558,078
5.Short term investments 0 104,172 20,000 0 0 0
6.Other current assets 850,430 1,160,307 1,311,224 2,020,498 2,625,954 3,047,969
Total Assets (A+B) / Equity & Liabilities (C+D+E) 15,883,604 18,052,290 21,615,066 22,843,005 23,262,396 25,510,082
C.Shareholders' Equity (C1+C2+C3) 7,737,654 10,071,067 11,381,046 12,490,557 12,481,446 14,506,114
1.Issued, Subscribed & Paid up capital 4,002,739 4,002,739 4,002,739 4,002,739 4,002,739 4,002,739
i)Ordinary shares 4,002,739 4,002,739 4,002,739 4,002,739 4,002,739 4,002,739
ii)Preference shares 0 0 0 0 0 0
2.Reserves 299,058 2,559,381 4,004,398 5,082,961 5,392,574 5,476,138
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 299,058 2,559,381 4,004,398 5,082,961 5,392,574 5,476,138
of which: un-appropriated profit(loss) / retained earnings 299,058 2,559,381 4,004,398 5,082,961 5,392,574 5,476,138
3.Surplus on revaluation of fixed assets 3,435,857 3,508,947 3,373,909 3,404,857 3,086,133 5,027,237
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,436,956 4,931,143 5,951,314 5,307,880 6,279,723 6,342,805
1.Long term borrowings 1,910,685 3,364,726 3,675,833 2,994,763 2,909,384 2,488,998
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 116,772 92,160 85,170 90,840 99,153 102,727
5.Other non-current liabilities 1,409,499 1,474,257 2,190,311 2,222,277 3,271,186 3,751,080
E.Current Liabilities (E1+E2+E3+E4) 4,708,994 3,050,080 4,282,706 5,044,568 4,501,227 4,661,163
1.Trade credit & other accounts payables 1,466,913 1,700,247 2,560,649 3,626,746 3,282,647 3,596,641
of which: i) Trade credits 467,625 372,944 1,166,823 1,959,937 1,455,758 1,739,795
2.Short term borrowings 137,847 0 0 1,343,624 1,099,749 805,393
3.Current portion of non-current liabilities 1,625,245 527,738 830,375 0 0 0
4.Other current liabilities 1,478,989 822,095 891,682 74,198 118,831 259,129
F.Operations:
1.Sales 9,601,246 10,522,318 11,222,789 11,704,607 11,174,327 8,714,089
i)Local sales (Net) 9,235,476 10,314,178 10,984,938 11,562,050 11,134,088 8,714,089
ii)Export sales (Net) 365,770 208,140 237,851 142,557 40,239 0
2.Cost of sales 6,632,635 6,350,064 7,368,843 8,771,957 8,715,542 8,627,816
i)Cost of material 541,847 737,955 1,398,308 1,563,555 963,457 1,063,172
3.Gross profit / (loss) (F1-F2) 2,968,611 4,172,254 3,853,946 2,932,650 2,458,785 86,273
4.General, administrative and other expenses 373,997 552,435 564,089 757,226 520,155 408,855
i)Selling & distribution expenses 20,633 20,703 27,530 246,543 32,070 22,121
ii)Administrative and other expenses 353,364 531,732 536,559 510,683 488,085 386,734
5.Other income / (loss) 1,890 353,672 62,879 37,660 49,152 367,500
6.EBIT (F3-F4+F5) 2,596,504 3,973,491 3,352,736 2,213,084 1,987,782 44,918
7.Financial expenses 504,737 278,862 308,059 429,535 607,873 606,607
of which: (i) Interest expenses 447,307 189,951 210,991 316,809 238,048 488,150
8.Profit / (loss) before taxation (F6-F7) 2,091,767 3,694,629 3,044,677 1,783,549 1,379,909 (561,689)
9.Tax expenses 807,898 1,013,573 760,980 273,895 643,497 (693,006)
10.Profit / (loss) after tax (F8-F9) 1,283,869 2,681,056 2,283,697 1,509,654 736,412 131,317
11.Cash dividends 0 1,000,685 1,200,822 600,411 200,137 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,237,310 3,353,684 3,491,105 2,490,330 1,327,101 1,152,999
2.Net cash flows from investing activities (1,299,159) (2,543,922) (3,795,935) (1,336,824) (170,108) (190,751)
3.Net cash flows from financing activities (792,416) (499,365) (60,695) (1,169,208) (833,102) (962,607)
H.Miscellaneous
1.Total capital employed (C+D) 11,174,610 15,002,210 17,332,360 17,798,437 18,761,169 20,848,919
2.Retention in business (F10-F11-F12) 1,283,869 1,680,371 1,082,875 909,243 536,275 131,317
3.Depreciation for the year 679,339 667,470 712,824 950,871 990,296 939,024
4.Salaries, wages and employee benefits 320,793 651,242 660,255 661,471 646,070 595,553
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.37 25.48 20.35 12.90 6.59 1.51
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.62 0.62 0.57 0.53 0.48 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.27 15.80 11.51 6.79 3.19 0.54
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.21 1.91 1.85 1.86 1.85 1.81
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 18.28 30.11 21.29 12.65 5.90 0.97
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.21 6.70 5.71 3.77 1.84 0.33
327
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohat Cement Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,687,831 10,126,767 11,263,417 12,909,271 25,708,607 26,519,043
1.Capital work in progress 1,699,137 173,299 681,621 1,153,041 13,865,772 164,578
2.Operating fixed assets at cost 10,115,519 11,785,786 11,950,794 13,011,792 13,629,355 29,018,906
3.Operating fixed assets after deducting accumulated depreciation 6,465,043 7,698,457 7,378,863 7,960,021 8,008,187 22,613,088
4.Intangible assets 445 594 14,742 15,259 13,879 11,211
5.Long term investments 476,750 2,156,012 3,062,824 3,655,623 3,691,840 3,691,840
6.Other non-current assets 46,456 98,405 125,367 125,327 128,929 38,326
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,373,637 9,218,376 8,928,774 10,407,063 5,606,262 5,358,056
1.Cash & bank balance 2,924,446 473,635 495,659 824,428 433,886 891,606
2.Inventories; of which 355,138 628,906 949,142 658,729 709,232 1,016,024
i)Raw material 84,054 98,499 78,575 74,887 35,782 105,152
ii)Work in progress 168,068 405,860 703,144 491,774 592,673 664,762
iii)Finished goods 103,016 124,547 167,423 92,068 80,777 246,109
3.Trade Debt / accounts receivables 220,619 258,811 343,776 645,524 714,060 494,315
4.Short term loans and advances 486,562 690,130 419,861 505,761 281,927 313,667
5.Short term investments 3,354,540 5,563,777 5,219,113 5,159,792 1,947,139 160,131
6.Other current assets 1,032,332 1,603,117 1,501,223 2,612,829 1,520,018 2,482,313
Total Assets (A+B) / Equity & Liabilities (C+D+E) 17,061,468 19,345,143 20,192,191 23,316,334 31,314,869 31,877,099
C.Shareholders' Equity (C1+C2+C3) 10,797,254 13,770,090 15,306,258 17,976,738 19,672,639 18,726,673
1.Issued, Subscribed & Paid up capital 1,545,087 1,545,087 1,545,087 1,545,087 2,008,613 2,008,613
i)Ordinary shares 1,545,087 1,545,087 1,545,087 1,545,087 2,008,613 2,008,613
ii)Preference shares 0 0 0 0 0 0
2.Reserves 9,252,167 12,225,003 13,761,171 16,431,651 17,664,026 16,718,060
i)Capital Reserve 95,227 50,566 50,532 50,034 49,823 49,746
ii)Revenue Reserve 9,156,940 12,174,437 13,710,639 16,381,617 17,614,203 16,668,314
of which: un-appropriated profit(loss) / retained earnings 9,086,940 12,104,437 13,640,639 16,311,617 17,544,203 16,598,314
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,141,344 2,313,269 2,102,230 1,660,565 6,118,326 6,923,751
1.Long term borrowings 994,737 710,526 426,316 142,105 4,399,930 5,439,226
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 13,617 16,496 15,257 21,241
5.Other non-current liabilities 1,146,607 1,602,743 1,662,297 1,501,964 1,703,139 1,463,284
E.Current Liabilities (E1+E2+E3+E4) 4,122,870 3,261,784 2,783,703 3,679,031 5,523,904 6,226,675
1.Trade credit & other accounts payables 1,917,428 2,366,178 2,177,574 3,351,466 3,800,459 4,293,205
of which: i) Trade credits 371,378 550,792 233,657 1,133,129 283,989 1,091,301
2.Short term borrowings 598,000 598,000 200,000 0 243,000 1,301,609
3.Current portion of non-current liabilities 430,710 284,211 284,211 284,211 1,004,220 248,496
4.Other current liabilities 1,176,732 13,395 121,918 43,354 476,225 383,365
F.Operations:
1.Sales 12,472,197 14,019,843 13,540,305 13,438,843 15,645,649 11,300,241
i)Local sales (Net) 10,942,574 12,803,787 12,890,517 12,919,993 14,939,276 10,699,834
ii)Export sales (Net) 1,529,623 1,216,056 649,788 518,850 706,373 600,407
2.Cost of sales 7,657,276 7,523,278 7,712,937 9,113,482 11,472,502 11,324,561
i)Cost of material 464,806 1,475,313 1,328,295 1,403,153 1,868,700 1,889,503
3.Gross profit / (loss) (F1-F2) 4,814,921 6,496,565 5,827,368 4,325,361 4,173,147 (24,320)
4.General, administrative and other expenses 545,774 723,686 700,586 610,175 799,631 319,444
i)Selling & distribution expenses 94,163 154,584 129,666 96,879 85,342 64,260
ii)Administrative and other expenses 451,611 569,102 570,920 513,296 714,289 255,184
5.Other income / (loss) 462,035 479,305 393,104 361,697 348,620 196,152
6.EBIT (F3-F4+F5) 4,731,182 6,252,184 5,519,886 4,076,883 3,722,136 (147,612)
7.Financial expenses 93,742 78,117 84,962 106,531 46,065 409,703
of which: (i) Interest expenses 45,270 45,825 75,708 52,537 34,169 399,675
8.Profit / (loss) before taxation (F6-F7) 4,637,440 6,174,067 5,434,924 3,970,352 3,676,071 (557,315)
9.Tax expenses 1,315,172 1,765,991 1,890,110 990,357 1,207,415 (113,579)
10.Profit / (loss) after tax (F8-F9) 3,322,268 4,408,076 3,544,814 2,979,995 2,468,656 (443,736)
11.Cash dividends 1,390,578 927,052 2,163,122 772,544 502,153 0
12.Bonus shares / stock dividends 0 0 0 463,526 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,554,144 2,979,188 3,565,091 3,026,005 4,745,271 (502,396)
2.Net cash flows from investing activities 1,776,178 (1,350,292) (1,305,493) (3,271,934) (13,089,733) (18,793)
3.Net cash flows from financing activities 38,783 (1,816,880) (2,684,888) (790,815) 4,453,920 838,909
H.Miscellaneous
1.Total capital employed (C+D) 12,938,598 16,083,359 17,408,488 19,637,303 25,790,965 25,650,424
2.Retention in business (F10-F11-F12) 1,931,690 3,481,024 1,381,692 1,743,925 1,966,503 (443,736)
3.Depreciation for the year 391,033 439,413 496,876 522,411 585,181 794,273
4.Salaries, wages and employee benefits 310,686 790,894 842,035 826,873 1,248,007 652,631
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 26.64 31.44 26.18 22.17 15.78 -3.93
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.80 0.77 0.68 0.62 0.57 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 21.29 24.22 17.93 13.70 9.04 -1.40
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.61 1.48 1.36 1.31 1.45 1.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 34.28 35.89 24.38 17.91 13.11 -2.31
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 21.50 28.53 22.94 19.29 12.29 -2.21
328
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Lucky Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 67,707,640 70,507,581 78,600,835 96,040,088 162,286,156 223,083,540
1.Capital work in progress 3,162,473 2,057,564 9,912,057 13,245,714 51,809,686 87,324,921
2.Operating fixed assets at cost 65,543,955 73,439,179 77,557,284 93,745,336 122,594,248 149,778,665
3.Operating fixed assets after deducting accumulated depreciation 46,737,710 50,300,082 49,689,176 60,619,288 83,666,110 103,464,039
4.Intangible assets 7,360,811 7,022,261 7,388,387 7,943,988 7,653,720 7,341,737
5.Long term investments 10,007,198 10,654,528 11,098,870 13,642,987 18,554,210 23,970,762
6.Other non-current assets 439,448 473,146 512,345 588,111 602,430 982,081
B.Current Assets (B1+B2+B3+B4+B5+B6) 38,756,987 52,900,183 62,388,625 69,082,977 64,735,131 68,803,107
1.Cash & bank balance 18,155,599 28,448,471 36,273,319 34,382,272 18,270,313 15,731,810
2.Inventories; of which 6,524,154 6,905,826 8,423,173 12,088,621 18,299,229 21,292,185
i)Raw material 2,605,133 2,704,810 3,152,648 5,353,905 6,231,395 6,617,753
ii)Work in progress 710,130 1,027,152 1,511,849 1,682,310 5,141,412 6,285,766
iii)Finished goods 3,208,891 3,335,805 3,758,676 5,052,406 6,926,422 8,388,666
3.Trade Debt / accounts receivables 3,473,293 3,821,855 4,172,567 5,142,591 4,508,468 5,834,590
4.Short term loans and advances 578,609 852,484 1,061,146 1,117,485 1,997,339 1,636,587
5.Short term investments 0 400,000 45,452 34,956 1,055,754 2,970,999
6.Other current assets 10,025,332 12,471,547 12,412,968 16,317,052 20,604,028 21,336,936
Total Assets (A+B) / Equity & Liabilities (C+D+E) 106,464,627 123,407,764 140,989,460 165,123,065 227,021,287 291,886,647
C.Shareholders' Equity (C1+C2+C3) 68,495,802 81,459,311 96,205,550 109,575,171 125,270,456 131,487,051
1.Issued, Subscribed & Paid up capital 3,233,750 3,233,750 3,233,750 3,233,750 3,233,750 3,233,750
i)Ordinary shares 3,233,750 3,233,750 3,233,750 3,233,750 3,233,750 3,233,750
ii)Preference shares 0 0 0 0 0 0
2.Reserves 65,262,052 78,225,561 92,971,800 106,341,421 122,036,706 128,253,301
i)Capital Reserve 14,414,656 15,231,795 16,578,747 19,771,686 23,592,650 29,678,152
ii)Revenue Reserve 50,847,396 62,993,766 76,393,053 86,569,735 98,444,056 98,575,149
of which: un-appropriated profit(loss) / retained earnings 14,540,906 17,071,822 20,729,031 21,601,033 21,305,260 16,935,842
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 18,354,118 21,270,100 21,528,010 22,956,965 49,371,598 99,600,890
1.Long term borrowings 8,854,165 8,741,955 8,825,938 8,789,887 32,771,993 82,777,731
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,094,133 1,219,653 1,420,420 1,770,164 1,957,008 2,104,551
5.Other non-current liabilities 8,405,820 11,308,492 11,281,652 12,396,914 14,642,597 14,718,608
E.Current Liabilities (E1+E2+E3+E4) 19,614,707 20,678,353 23,255,900 32,590,929 52,379,233 60,798,706
1.Trade credit & other accounts payables 15,819,145 15,978,691 19,034,911 20,242,935 36,059,184 42,536,979
of which: i) Trade credits 1,891,677 2,063,108 7,278,830 5,356,862 11,755,139 11,812,312
2.Short term borrowings 1,833,247 1,937,184 2,128,905 7,332,327 12,161,232 12,830,116
3.Current portion of non-current liabilities 1,797,105 1,549,183 649,676 2,620,338 1,694,503 2,716,707
4.Other current liabilities 165,210 1,213,295 1,442,408 2,395,329 2,464,314 2,714,904
F.Operations:
1.Sales 82,117,802 82,062,750 87,382,525 97,541,884 108,295,645 123,767,589
i)Local sales (Net) 67,312,231 72,673,317 81,126,916 90,967,329 96,626,942 110,106,053
ii)Export sales (Net) 14,805,571 9,389,433 6,255,609 6,574,555 11,668,703 13,661,536
2.Cost of sales 56,430,360 54,214,956 58,445,580 71,943,557 84,506,680 104,810,654
i)Cost of material 23,634,283 21,006,951 21,837,139 27,642,806 35,425,194 54,154,091
3.Gross profit / (loss) (F1-F2) 25,687,442 27,847,794 28,936,945 25,598,327 23,788,965 18,956,935
4.General, administrative and other expenses 8,304,656 7,913,789 8,292,279 9,527,005 11,033,744 13,073,634
i)Selling & distribution expenses 4,653,188 3,898,109 4,138,496 4,736,174 5,855,390 7,648,737
ii)Administrative and other expenses 3,651,468 4,015,680 4,153,783 4,790,831 5,178,354 5,424,897
5.Other income / (loss) 2,059,349 2,658,040 3,667,728 4,631,997 4,012,507 5,414,699
6.EBIT (F3-F4+F5) 19,442,135 22,592,045 24,312,394 20,703,319 16,767,728 11,298,000
7.Financial expenses 1,016,406 762,222 682,173 829,919 1,609,882 2,367,101
of which: (i) Interest expenses 998,235 701,825 598,574 723,642 1,404,044 2,073,978
8.Profit / (loss) before taxation (F6-F7) 18,425,729 21,829,823 23,630,221 19,873,400 15,157,846 8,930,899
9.Tax expenses 3,770,486 5,838,794 6,239,587 3,699,847 2,810,891 1,613,692
10.Profit / (loss) after tax (F8-F9) 14,655,243 15,991,029 17,390,634 16,173,553 12,346,955 7,317,207
11.Cash dividends 2,910,375 3,233,750 3,880,500 3,880,500 2,101,938 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 25,728,052 20,791,394 22,025,037 15,491,464 24,984,449 6,840,433
2.Net cash flows from investing activities (17,072,054) (7,019,843) (10,387,492) (28,649,786) (66,282,881) (52,450,367)
3.Net cash flows from financing activities (2,223,647) (3,582,616) (3,959,591) (1,823,162) 20,359,023 48,338,107
H.Miscellaneous
1.Total capital employed (C+D) 86,849,920 102,729,411 117,733,560 132,532,136 174,642,054 231,087,941
2.Retention in business (F10-F11-F12) 11,744,868 12,757,279 13,510,134 12,293,053 10,245,018 7,317,207
3.Depreciation for the year 3,972,409 4,520,389 4,861,519 5,467,254 6,121,947 7,731,391
4.Salaries, wages and employee benefits 4,726,432 6,742,664 7,262,666 8,115,779 8,290,638 8,232,819
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 17.85 19.49 19.90 16.58 11.40 5.91
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.84 0.71 0.66 0.64 0.55 0.48
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.07 13.91 13.15 10.57 6.30 2.82
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.55 1.53 1.49 1.49 1.67 2.02
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 23.43 21.33 19.58 15.72 10.51 5.70
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 45.32 49.45 53.78 50.01 38.18 22.63
329
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Maple Leaf Cement Factory Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 23,782,112 23,680,421 28,383,762 46,551,493 52,186,591 49,624,475
1.Capital work in progress 116,016 1,201,848 5,944,809 16,873,730 428,416 871,386
2.Operating fixed assets at cost 38,798,391 39,243,676 40,653,180 49,141,591 74,890,801 76,602,921
3.Operating fixed assets after deducting accumulated depreciation 23,604,525 22,417,078 22,351,474 29,594,926 51,667,942 48,668,450
4.Intangible assets 0 0 25,206 16,811 13,529 9,023
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 61,571 61,495 62,273 66,026 76,704 75,616
B.Current Assets (B1+B2+B3+B4+B5+B6) 7,439,205 8,344,486 10,678,829 13,686,897 14,726,704 17,373,553
1.Cash & bank balance 244,400 441,728 449,482 684,954 524,805 1,058,882
2.Inventories; of which 1,206,573 872,820 1,301,235 1,193,506 1,739,014 1,779,404
i)Raw material 180,791 207,383 274,135 224,311 310,810 300,388
ii)Work in progress 697,357 395,257 819,353 665,606 928,144 903,522
iii)Finished goods 328,425 270,180 207,747 303,589 500,060 575,494
3.Trade Debt / accounts receivables 570,571 564,866 681,293 1,131,753 2,683,758 3,052,130
4.Short term loans and advances 974,082 842,724 1,072,615 2,490,667 816,946 492,623
5.Short term investments 10,530 12,000 77,659 32,062 17,887 75,245
6.Other current assets 4,433,049 5,610,348 7,096,545 8,153,955 8,944,294 10,915,269
Total Assets (A+B) / Equity & Liabilities (C+D+E) 31,221,317 32,024,907 39,062,591 60,238,390 66,913,295 66,998,028
C.Shareholders' Equity (C1+C2+C3) 17,662,740 21,295,349 23,665,506 30,809,188 32,407,597 34,549,574
1.Issued, Subscribed & Paid up capital 5,277,340 5,277,340 5,277,340 5,937,007 5,937,007 10,983,462
i)Ordinary shares 5,277,340 5,277,340 5,277,340 5,937,007 5,937,007 10,983,462
ii)Preference shares 0 0 0 0 0 0
2.Reserves 7,634,318 11,430,754 14,064,257 20,607,638 22,586,110 19,898,956
i)Capital Reserve 2,058,137 2,058,137 2,058,137 5,640,300 5,640,300 6,588,813
ii)Revenue Reserve 5,576,181 9,372,617 12,006,120 14,967,338 16,945,810 13,310,143
of which: un-appropriated profit(loss) / retained earnings 5,576,181 9,372,617 12,006,120 14,967,338 16,945,810 13,310,143
3.Surplus on revaluation of fixed assets 4,751,082 4,587,255 4,323,909 4,264,543 3,884,480 3,667,156
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 5,414,116 5,657,496 7,344,681 16,863,465 20,278,671 16,408,121
1.Long term borrowings 2,599,355 1,406,541 3,160,841 12,942,080 15,990,227 12,438,996
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 109,688 119,783 150,778 183,764 205,354 214,952
5.Other non-current liabilities 2,705,073 4,131,172 4,033,062 3,737,621 4,083,090 3,754,173
E.Current Liabilities (E1+E2+E3+E4) 8,144,461 5,072,062 8,052,404 12,565,737 14,227,027 16,040,333
1.Trade credit & other accounts payables 3,163,873 3,197,305 3,867,500 5,573,314 7,595,265 8,175,531
of which: i) Trade credits 998,898 738,684 932,981 2,056,356 2,638,965 3,257,091
2.Short term borrowings 2,555,742 1,424,911 3,138,159 5,784,902 4,693,036 7,181,815
3.Current portion of non-current liabilities 2,179,462 167,519 423,534 810,616 1,315,135 125,000
4.Other current liabilities 245,384 282,327 623,211 396,905 623,591 557,987
F.Operations:
1.Sales 20,720,054 23,416,196 23,885,410 25,684,164 26,005,944 29,117,734
i)Local sales (Net) 17,177,136 19,966,722 21,431,444 23,994,692 23,797,874 27,957,499
ii)Export sales (Net) 3,542,918 3,449,474 2,453,966 1,689,472 2,208,070 1,160,235
2.Cost of sales 13,224,431 13,403,591 14,509,777 17,652,193 19,944,348 28,532,280
i)Cost of material 789,966 2,285,630 2,263,054 2,625,277 3,206,821 5,435,991
3.Gross profit / (loss) (F1-F2) 7,495,623 10,012,605 9,375,633 8,031,971 6,061,596 585,454
4.General, administrative and other expenses 1,958,246 2,527,789 2,447,721 2,169,221 2,223,073 1,768,855
i)Selling & distribution expenses 1,313,696 1,359,896 1,275,182 736,142 933,244 817,058
ii)Administrative and other expenses 644,550 1,167,893 1,172,539 1,433,079 1,289,829 951,797
5.Other income / (loss) 46,173 26,466 115,922 63,036 51,626 145,879
6.EBIT (F3-F4+F5) 5,583,550 7,511,282 7,043,834 5,925,786 3,890,149 (1,037,522)
7.Financial expenses 1,082,639 435,530 174,247 589,946 1,231,011 2,896,971
of which: (i) Interest expenses 983,541 372,518 140,364 552,393 1,198,145 2,553,335
8.Profit / (loss) before taxation (F6-F7) 4,500,911 7,075,752 6,869,587 5,335,840 2,659,138 (3,934,493)
9.Tax expenses 1,046,616 2,232,953 2,093,275 763,035 198,877 (375,134)
10.Profit / (loss) after tax (F8-F9) 3,454,295 4,842,799 4,776,312 4,572,805 2,460,261 (3,559,359)
11.Cash dividends 1,055,468 2,110,936 1,979,003 1,484,252 296,850 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 6,571,743 8,155,614 5,310,859 5,912,973 7,232,444 1,134,910
2.Net cash flows from investing activities (699,989) (1,832,697) (6,600,813) (20,524,585) (8,278,335) (850,851)
3.Net cash flows from financing activities (5,447,431) (6,059,908) 1,051,525 13,663,731 637,229 893,033
H.Miscellaneous
1.Total capital employed (C+D) 23,076,856 26,952,845 31,010,187 47,672,653 52,686,268 50,957,695
2.Retention in business (F10-F11-F12) 2,398,827 2,731,863 2,797,310 3,088,553 2,163,411 (3,559,359)
3.Depreciation for the year 1,772,554 1,817,803 1,895,719 2,358,819 2,649,755 3,697,321
4.Salaries, wages and employee benefits 772,195 1,457,790 1,712,186 1,793,545 1,784,846 1,999,217
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.67 20.68 20.00 17.80 9.46 -12.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.66 0.74 0.67 0.52 0.41 0.43
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.94 15.31 13.44 9.21 3.87 -5.32
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.95 1.62 1.58 1.82 2.01 2.00
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.39 24.86 21.25 16.79 7.78 -10.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.55 9.18 9.05 7.70 4.14 -3.24
330
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pioneer Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 7,440,211 10,500,188 12,352,246 23,040,485 36,247,367 41,708,388
1.Capital work in progress 61,052 1,531,857 1,825,930 11,569,955 25,053,163 6,907,111
2.Operating fixed assets at cost 12,524,250 15,990,259 18,008,820 20,323,471 20,532,299 44,555,039
3.Operating fixed assets after deducting accumulated depreciation 7,269,621 8,852,173 10,411,469 11,350,064 11,053,352 34,650,824
4.Intangible assets 2,805 7,799 4,480 1,690 0 0
5.Long term investments 67,410 68,910 70,836 78,690 83,605 85,531
6.Other non-current assets 39,323 39,449 39,531 40,086 57,247 64,922
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,674,141 4,267,511 5,407,922 6,070,883 6,030,044 7,326,129
1.Cash & bank balance 2,091,913 660,479 309,019 493,261 210,924 366,214
2.Inventories; of which 331,586 181,319 235,743 470,397 325,812 418,089
i)Raw material 64,821 70,145 64,844 101,638 58,755 99,148
ii)Work in progress 202,999 92,788 109,176 301,807 201,136 239,397
iii)Finished goods 63,766 18,386 61,723 66,862 65,921 79,544
3.Trade Debt / accounts receivables 61,125 108,481 224,828 433,814 482,724 974,170
4.Short term loans and advances 17,771 35,254 62,512 127,239 306,458 855,637
5.Short term investments 1,006,176 2,356,497 2,623,180 1,006,904 728,359 741,736
6.Other current assets 1,165,570 925,481 1,952,640 3,539,268 3,975,767 3,970,283
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,114,352 14,767,699 17,760,168 29,111,368 42,277,411 49,034,517
C.Shareholders' Equity (C1+C2+C3) 8,333,077 10,670,166 12,247,532 13,628,959 13,321,343 13,128,226
1.Issued, Subscribed & Paid up capital 2,271,489 2,271,489 2,271,489 2,271,489 2,271,489 2,271,489
i)Ordinary shares 2,271,489 2,271,489 2,271,489 2,271,489 2,271,489 2,271,489
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,448,828 5,549,208 7,247,623 8,245,916 8,233,777 8,145,605
i)Capital Reserve 0 197,517 197,517 197,517 197,517 197,517
ii)Revenue Reserve 4,448,828 5,351,691 7,050,106 8,048,399 8,036,260 7,948,088
of which: un-appropriated profit(loss) / retained earnings 0 5,351,691 7,050,106 8,048,399 8,036,260 7,948,088
3.Surplus on revaluation of fixed assets 1,612,760 2,849,469 2,728,420 3,111,554 2,816,077 2,711,132
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,101,158 2,355,446 3,825,567 11,031,781 19,268,473 21,545,010
1.Long term borrowings 337,369 0 1,387,500 7,890,631 14,856,329 18,908,251
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 80,080 92,258 107,165 115,939 141,892 150,387
5.Other non-current liabilities 1,683,709 2,263,188 2,330,902 3,025,211 4,270,252 2,486,372
E.Current Liabilities (E1+E2+E3+E4) 1,680,117 1,742,087 1,687,069 4,450,628 9,687,595 14,361,281
1.Trade credit & other accounts payables 843,291 889,127 667,428 1,380,197 2,275,190 5,101,747
of which: i) Trade credits 105,019 140,477 181,842 867,562 1,600,656 2,657,044
2.Short term borrowings 621,174 644,597 806,855 2,439,751 4,830,550 6,392,041
3.Current portion of non-current liabilities 37,218 0 112,500 375,000 1,765,116 1,720,406
4.Other current liabilities 178,434 208,363 100,286 255,680 816,739 1,147,087
F.Operations:
1.Sales 8,425,768 9,366,533 10,630,994 10,121,320 9,733,653 6,286,951
i)Local sales (Net) 8,082,350 9,132,738 10,442,408 9,737,852 9,363,526 6,223,370
ii)Export sales (Net) 343,418 233,795 188,586 383,468 370,127 63,581
2.Cost of sales 5,260,265 5,361,331 6,202,685 7,310,647 7,598,967 6,390,045
i)Cost of material 367,848 988,778 1,106,052 1,240,462 1,347,627 1,892,212
3.Gross profit / (loss) (F1-F2) 3,165,503 4,005,202 4,428,309 2,810,673 2,134,686 (103,094)
4.General, administrative and other expenses 454,181 427,045 480,621 562,141 613,514 367,092
i)Selling & distribution expenses 56,969 59,982 94,064 166,913 182,383 252,699
ii)Administrative and other expenses 397,212 367,063 386,557 395,228 431,131 114,393
5.Other income / (loss) 846,458 285,922 156,511 59,049 72,766 107,559
6.EBIT (F3-F4+F5) 3,557,780 3,864,079 4,104,199 2,307,581 1,593,938 (362,627)
7.Financial expenses 56,323 17,471 34,694 94,896 270,704 392,754
of which: (i) Interest expenses 0 1,265 11,595 89,744 257,559 387,257
8.Profit / (loss) before taxation (F6-F7) 3,501,457 3,846,608 4,069,505 2,212,685 1,323,234 (755,381)
9.Tax expenses 1,005,322 1,327,830 1,151,969 568,665 532,857 (545,759)
10.Profit / (loss) after tax (F8-F9) 2,496,135 2,518,778 2,917,536 1,644,020 790,377 (209,622)
11.Cash dividends 1,419,681 1,419,681 1,249,319 924,496 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,556,730 3,149,408 1,751,075 1,775,380 3,284,900 524,516
2.Net cash flows from investing activities 457,126 (2,729,256) (2,429,400) (9,051,390) (13,591,027) (5,854,152)
3.Net cash flows from financing activities (1,812,347) (1,851,586) 326,865 7,460,252 10,023,790 5,484,926
H.Miscellaneous
1.Total capital employed (C+D) 10,434,235 13,025,612 16,073,099 24,660,740 32,589,816 34,673,236
2.Retention in business (F10-F11-F12) 1,076,454 1,099,097 1,668,217 719,524 790,377 (209,622)
3.Depreciation for the year 348,559 380,028 461,836 511,230 507,365 425,268
4.Salaries, wages and employee benefits 368,848 713,838 804,028 744,430 682,918 582,632
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 29.63 26.89 27.44 16.24 8.12 -3.33
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.70 0.70 0.65 0.43 0.27 0.14
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 20.81 18.74 17.94 7.02 2.21 -0.46
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.59 1.41 1.42 1.81 2.65 3.45
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 32.98 26.51 25.46 12.71 5.87 -1.59
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.99 11.09 12.84 7.24 3.48 -0.92
331
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Power Cement (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,443,009 4,473,609 5,290,308 19,877,180 33,389,321 38,068,900
1.Capital work in progress 29,858 13,384 235,751 14,610,588 27,373,414 23,413,542
2.Operating fixed assets at cost 5,930,853 6,057,527 6,728,873 7,071,618 7,256,115 15,598,811
3.Operating fixed assets after deducting accumulated depreciation 4,337,651 4,431,608 5,012,725 5,232,756 5,568,881 13,809,010
4.Intangible assets 413 8,982 8,977 1,077 0 5,493
5.Long term investments 0 0 13,220 13,124 14,100 15,077
6.Other non-current assets 75,087 19,635 19,635 19,635 432,926 825,778
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,545,200 1,769,369 6,096,806 4,640,126 6,619,082 7,126,065
1.Cash & bank balance 47,267 14,983 3,588,319 1,121,591 624,641 339,436
2.Inventories; of which 284,975 165,221 224,731 301,909 603,185 737,152
i)Raw material 66,826 86,007 49,164 62,479 70,466 165,087
ii)Work in progress 175,962 34,973 73,846 173,256 480,056 310,723
iii)Finished goods 42,187 47,241 101,721 66,174 52,663 261,342
3.Trade Debt / accounts receivables 259,722 271,667 331,301 456,212 386,499 418,745
4.Short term loans and advances 96,306 295,812 364,524 1,088,526 3,397,779 2,641,148
5.Short term investments 0 0 220,500 84,000 27,899 27,899
6.Other current assets 856,930 1,021,686 1,367,431 1,587,888 1,579,079 2,961,685
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,988,209 6,242,978 11,387,114 24,517,306 40,008,403 45,194,965
C.Shareholders' Equity (C1+C2+C3) 1,862,170 2,348,110 8,394,241 11,299,062 12,221,540 9,228,394
1.Issued, Subscribed & Paid up capital 3,656,900 3,656,900 3,656,900 10,634,144 10,634,144 10,634,144
i)Ordinary shares 3,656,900 3,656,900 3,656,900 10,634,144 10,634,144 10,634,144
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,794,730) (1,308,790) 4,737,341 664,918 1,587,396 (1,405,750)
i)Capital Reserve (914,225) (914,225) 5,134,832 750,714 750,714 1,720,541
ii)Revenue Reserve (880,505) (394,565) (397,491) (85,796) 836,682 (3,126,291)
of which: un-appropriated profit(loss) / retained earnings (960,505) (394,565) (397,491) (85,796) 485,601 (3,126,291)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,319,225 1,949,740 611,650 9,980,185 18,017,017 16,459,216
1.Long term borrowings 2,074,452 1,268,892 110,000 9,460,000 17,959,094 16,364,285
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 46,341 57,389 78,782 57,923 94,931
5.Other non-current liabilities 244,773 634,507 444,261 441,403 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,806,814 1,945,128 2,381,223 3,238,059 9,769,846 19,507,355
1.Trade credit & other accounts payables 608,019 723,160 784,356 1,844,801 3,534,574 5,830,748
of which: i) Trade credits 182,485 216,165 255,015 972,030 2,512,936 511,049
2.Short term borrowings 688,032 709,485 1,108,404 1,033,625 4,905,179 10,244,642
3.Current portion of non-current liabilities 495,108 507,154 477,123 110,000 175,995 1,654,693
4.Other current liabilities 15,655 5,329 11,340 249,633 1,154,098 1,777,272
F.Operations:
1.Sales 3,831,069 4,144,455 4,480,623 4,343,240 3,858,455 4,132,362
i)Local sales (Net) 3,569,026 4,008,967 4,412,952 4,288,303 3,805,107 3,636,894
ii)Export sales (Net) 262,043 135,488 67,671 54,937 53,348 495,468
2.Cost of sales 2,859,929 3,197,480 3,500,092 3,668,172 3,701,175 4,229,520
i)Cost of material 219,215 475,495 428,063 467,006 472,809 665,826
3.Gross profit / (loss) (F1-F2) 971,140 946,975 980,531 675,068 157,280 (97,158)
4.General, administrative and other expenses 305,357 236,136 182,520 318,724 408,149 893,946
i)Selling & distribution expenses 181,597 113,709 106,154 115,806 122,443 445,544
ii)Administrative and other expenses 123,760 122,427 76,366 202,918 285,706 448,402
5.Other income / (loss) 311,244 336,813 15,437 114,035 15,539 22,637
6.EBIT (F3-F4+F5) 977,027 1,047,652 813,448 470,379 (235,330) (968,467)
7.Financial expenses 361,022 282,880 248,273 121,601 177,066 2,991,017
of which: (i) Interest expenses 67,367 207,311 64,259 118,781 171,350 2,973,106
8.Profit / (loss) before taxation (F6-F7) 616,005 764,772 565,175 348,778 (412,396) (3,959,484)
9.Tax expenses 182,171 278,381 98,382 28,871 (994,502) (343,032)
10.Profit / (loss) after tax (F8-F9) 433,834 486,391 466,793 319,907 582,106 (3,616,452)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 226,968 335,048 (200,799) 49,144 (837,267) 970,116
2.Net cash flows from investing activities (128,292) (146,285) (1,150,841) (14,244,219) (12,096,326) (6,942,544)
3.Net cash flows from financing activities (210,000) (250,000) 4,533,557 11,803,126 8,565,089 5,261,859
H.Miscellaneous
1.Total capital employed (C+D) 4,181,395 4,297,850 9,005,891 21,279,247 30,238,557 25,687,610
2.Retention in business (F10-F11-F12) 433,834 486,391 466,793 319,907 582,106 (3,616,452)
3.Depreciation for the year 107,509 108,418 116,180 149,793 150,111 126,351
4.Salaries, wages and employee benefits 308,941 344,546 334,201 402,602 535,554 544,333
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.32 11.74 10.42 7.37 15.09 -87.52
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.65 0.68 0.51 0.24 0.12 0.10
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.37 7.95 5.30 1.78 1.80 -8.49
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.58 2.91 1.64 1.82 2.74 3.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 26.37 23.10 8.69 3.25 4.95 -33.72
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.19 1.33 1.28 0.30 0.55 -3.40
332
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Thatta Cement Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,682,858 3,577,689 3,272,868 3,399,203 4,393,634 4,326,768
1.Capital work in progress 1,234,471 18,187 17,180 214,212 1,077,386 0
2.Operating fixed assets at cost 3,748,027 5,097,452 5,151,515 5,238,039 5,573,369 6,754,371
3.Operating fixed assets after deducting accumulated depreciation 2,091,313 3,387,153 3,248,799 3,181,095 3,315,152 4,325,672
4.Intangible assets 6,418 6,485 5,793 2,800 0 0
5.Long term investments 279,341 164,768 0 0 0 0
6.Other non-current assets 71,315 1,096 1,096 1,096 1,096 1,096
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,536,200 1,793,216 2,105,582 2,552,960 2,435,748 2,413,863
1.Cash & bank balance 172,853 247,659 154,478 147,878 119,234 60,599
2.Inventories; of which 230,907 238,407 353,970 504,039 370,977 394,514
i)Raw material 64,174 90,026 115,056 77,583 66,607 55,279
ii)Work in progress 135,351 114,614 203,356 384,911 269,597 288,870
iii)Finished goods 31,382 33,767 35,558 41,545 34,773 50,095
3.Trade Debt / accounts receivables 477,102 464,681 404,434 512,967 881,813 937,558
4.Short term loans and advances 19,066 22,764 35,574 52,241 47,465 37,275
5.Short term investments 306,000 306,000 306,000 306,000 306,000 306,000
6.Other current assets 330,272 513,705 851,126 1,029,835 710,259 677,917
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,219,058 5,370,905 5,378,450 5,952,163 6,829,382 6,740,631
C.Shareholders' Equity (C1+C2+C3) 2,575,481 3,023,844 3,526,283 4,027,494 4,435,698 4,479,068
1.Issued, Subscribed & Paid up capital 997,181 997,181 997,181 997,181 997,181 997,181
i)Ordinary shares 997,181 997,181 997,181 997,181 997,181 997,181
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,578,300 2,026,663 2,529,102 3,030,313 3,438,517 3,481,887
i)Capital Reserve 696,642 633,947 620,816 765,476 895,501 969,776
ii)Revenue Reserve 881,658 1,392,716 1,908,286 2,264,837 2,543,016 2,512,111
of which: un-appropriated profit(loss) / retained earnings 881,658 1,392,716 1,908,286 2,264,837 2,543,016 2,512,111
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,799,254 1,561,110 837,287 520,071 1,381,542 1,348,982
1.Long term borrowings 1,646,862 1,356,641 548,182 214,724 1,065,633 1,045,078
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 15,093 15,640 17,699 15,884 17,744 15,963
5.Other non-current liabilities 137,299 188,829 271,406 289,463 298,165 287,941
E.Current Liabilities (E1+E2+E3+E4) 844,323 785,951 1,014,880 1,404,598 1,012,142 912,581
1.Trade credit & other accounts payables 364,658 424,449 483,635 694,972 428,056 472,428
of which: i) Trade credits 52,034 33,039 49,041 40,376 87,811 38,792
2.Short term borrowings 135,449 19,168 191,047 364,489 285,080 306,544
3.Current portion of non-current liabilities 298,177 333,458 333,458 333,458 251,953 87,992
4.Other current liabilities 46,039 8,876 6,740 11,679 47,053 45,617
F.Operations:
1.Sales 3,205,421 2,856,103 3,824,522 3,793,875 4,134,378 2,435,037
i)Local sales (Net) 3,191,158 2,842,372 3,818,495 3,793,875 3,349,640 2,214,215
ii)Export sales (Net) 14,263 13,731 6,027 0 784,738 220,822
2.Cost of sales 2,163,096 1,821,590 2,466,225 2,607,747 3,063,598 2,073,431
i)Cost of material 225,829 235,378 274,470 185,191 193,461 100,388
3.Gross profit / (loss) (F1-F2) 1,042,325 1,034,513 1,358,297 1,186,128 1,070,780 361,606
4.General, administrative and other expenses 244,975 251,970 308,739 250,836 383,800 199,384
i)Selling & distribution expenses 37,735 71,522 101,031 70,256 220,258 89,760
ii)Administrative and other expenses 207,240 180,448 207,708 180,580 163,542 109,624
5.Other income / (loss) 63,696 114,075 72,038 46,965 40,425 74,131
6.EBIT (F3-F4+F5) 861,046 896,618 1,121,596 982,257 727,405 236,353
7.Financial expenses 156,884 183,093 128,386 97,168 80,478 171,026
of which: (i) Interest expenses 146,913 175,202 122,152 90,048 71,484 159,762
8.Profit / (loss) before taxation (F6-F7) 704,162 713,525 993,210 885,089 646,927 65,327
9.Tax expenses 118,950 52,188 274,429 143,188 87,317 25,648
10.Profit / (loss) after tax (F8-F9) 585,212 661,337 718,781 741,901 559,610 39,679
11.Cash dividends 129,634 149,577 234,338 143,594 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 648,732 636,077 606,810 679,933 984,104 447,021
2.Net cash flows from investing activities (690,159) (60,565) 86,914 (293,542) 858,506 461,039
3.Net cash flows from financing activities 327,944 (384,426) (958,784) (566,433) 609,085 230,971
H.Miscellaneous
1.Total capital employed (C+D) 4,374,735 4,584,954 4,363,570 4,547,565 5,817,240 5,828,050
2.Retention in business (F10-F11-F12) 455,578 511,760 484,443 598,307 559,610 39,679
3.Depreciation for the year 85,109 0 178,883 171,561 195,136 186,684
4.Salaries, wages and employee benefits 370,348 415,088 534,792 454,321 379,016 347,782
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 18.26 23.16 18.79 19.56 13.54 1.63
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.65 0.54 0.71 0.67 0.65 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.88 12.49 13.37 13.10 8.76 0.58
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.18 1.89 1.64 1.50 1.51 1.52
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.83 23.62 21.95 19.64 13.22 0.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.87 6.63 7.21 7.44 5.61 0.40
333
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Motor Vehicles, Trailers & Auto parts

Performance at a Glance
The size of motor vehicles, trailers and auto parts sector decreased by 0.08 percent, to reach at Rs
316.41 billion in 2020 from Rs 316.67 billion in 2019. Shareholders’ Equity decreased by 2.28
percent over the previous year to stood at Rs 140.83 billion in 2020. Total liabilities decreased by
1.75 percent to accumulate its balance up to Rs 175.58 billion in 2020. Total sales of the sector
decreased by 30.88 percent and reached to Rs 409.31 billion in 2020. However, exports sales
increased by Rs 138.89 billion in 2020 which is 1.13 percent greater than previous year. Cost of
sales decreased by Rs 162.05 billion in 2020 from Rs 538.92 billion in 2019 to Rs 376.86 billion
in 2020. Gross profit decreased with YoY decline of 39.07 percent in 2020 with Rs 20.81 billion
lower when compare with 2019. Sector’s profit before taxation and Profit after taxation decreased
by 66.68 percent and 80.13 percent in 2020.

Assets
Non-current assets of the sector stood at Rs 93.96 billion in 2020 as compared to Rs 85.72 billion
in 2019, reflecting YoY increase of 9.61 percent in 2020. Operating fixed assets after deducting
accumulated depreciation constituting 75.77 percent share of non-current assets in 2020,

Non-Current Assets Current Assets

2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
80 100 120 67.72 80
86.31 90 50.56
70 60
80 100
60 40
70 80
billion Rs.

billion Rs.

50 20

percent
percent

60 (2.67)
40 50 60 (21.73) 0
(28.31)
30 40 -20
30 40
20 -40
20 20 (67.43)
10 10 -60
3.23 5.59 5.27 Investme…
- - - -80

Other CA
Cash &

Inventories

S.T Loans
Trade Debt
Long term
progress

Other NCA
minus acc.
CW in

/ Ac Rec
BB

ST
OFA

Depr

adv
Inv.

increased with YoY growth of 5.59 percent or Rs 3.77 billion in 2020. Intangible assets showed a
slight decrease of 0.01 billion in current year. Long term investments moved up to Rs 4.82 billion
in 2020 from Rs 4.58 billion in 2019 recording an increase of 5.27 percent in 2020. During the
current year capital work in progress recorded an increase of Rs 0.26 billion or 3.23 percent
during 2020 over 2019.
Current assets showed a decrease of Rs 8.51 billion or YoY decrease of 3.68 percent in 2020
from Rs 230.95 billion in 2019 to Rs 222.44 billion in 2020. All components of currents assets
showed negative YoY growth in 2020 except cash & bank balance and short term investments, as
both increased by 67.72 percent and 50.56 percent in 2020. Short-term loans and advances
decreased by 67.43 percent from Rs 14.97 billion in 2019 to reach at Rs 4.88 billion in 2020.

Shareholders’ Equity and Liabilities

Shareholders’ equity decreased to Rs 140.83 billion in the current year from Rs 144.11 billion in
the previous year. Issued, subscribed and paid-up capital were increased by Rs 0.61 billion or
5.39 percent during current year as compared to previous year. Reserves decreased by 4.98

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

percent during 2020, of which capital reserves increased by 9.45 percent and revenue reserves
decreased by 5.69 percent in 2020.
Total liabilities increased by 1.75 percent in 2020 with the corresponding increase of 47.21
percent in current liabilities in 2020. Under non-current liabilities, long-term borrowings and
employees benefit obligations increased by Rs 3.82 billion and Rs 0.21 billion respectively in

Components of Sharesholders' Equity Components of liabilities

2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
140 35 90 222.94 250
30.82 30 80 168.67 200
120
25 70
100 150
20 60

percent
50 100
biliion Rs

biliion Rs.
percent
80 15
40 18.67 50
60 10 (2.35)
30 (17.14)
5.39 5 (37.64) 0
40 20
0
20 10 -50
(4.98) -5

portion of…
0 -10 0 -100

Other CL
borrowings

Other NCL

borrowings
T.C & other

Current
revaluation
Reserves
Subscribed

Surplus on
& Paid up

A/c…
of fixed
Issued,

capital

assets

LT

ST
2020 over 2019. Other non-current liabilities also posted a decrease of 31.58 percent in 2020.
Trade Credit & other accounts payables, which contained 46.52 percent shares of current
liabilities in 2020, showed a decrease of Rs 1.86 billion or 2.35 percent in 2020 as compared to
2019. Short-term borrowing that has decreased its share in total current liabilities from 41.48
percent in 2019 to 25.87 percent in 2020, witnessed a decrease of Rs. 25.95 billion with YoY
decrease of 37.64 percent in 2020.

Operating efficiency & Ratio Analysis

Sales related to the motor vehicles, trailers and auto parts sector decreased from Rs 592.17 billion
in 2019 to Rs 409.31 billion in 2020. Major decrease in sales was due to Rs 183.99 billion or
31.11 percent in local sales which contained 99.53 percent shares of total sales in 2020, and
reached to Rs 407.37 billion in 2020 from Rs 591.36 billion in 2019. Cost of sales decreased
with 30.07 percent in current year as compared to previous year. Gross profit decreased by Rs
Growth and Composition of Operations Profitability/Efficiency Ratios
2019 2020
2019 2020 Growth (RHS)
16 14.66
60 0 14
-10 12
50
-20 10
percent
billion Rs

40 -30 8 6.47
percent

(39.07) -40
30 6
(50.15) -50 3.60
2.98
4 2.272.22
20 -60 1.04 1.791.29 1.34
2
(66.68) -70
10 (80.13) 0
-80
Financial
Net Profit

leverage
turnover

Return on

Return on
margin

Asset

Assets

equity

0 -90
Gross EBIT Profit Profit after
Profit before tax tax

335
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

20.81 billion or 39.07 percent in 2020. General, administrative and other expenses also decreased
by 14.94 percent and other income decreased by 17.45 percent in 2020 as compared to previous
year. Financial expenses increased by 33.09 percent in 2020. Profit before tax shifted down to Rs
10.28 billion in 2020 from Rs 30.87 billion in 2019 showing 66.68 percent YoY decrease in
2020. Profit after tax decreased to Rs 4.24 billion in 2020 from Rs 21.35 billion in 2019 showing
YoY decrease of 80.13 percent or Rs 17.10 billion in 2020.
Net Profit margin decreased from 3.60 in 2019 to 1.04 in 2020. Return on assets (ROA) and
Return on equity (ROE) also decreased from 6.47 to 1.34 and from 14.66 to 2.98 respectively in
current year as compared to previous year.

336
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Motor Vehicles, Trailers & Autoparts - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 41,671,427 48,866,964 54,656,748 68,688,957 85,720,611 93,961,235
1.Capital work in progress 2,562,305 5,878,274 4,138,285 11,753,888 8,192,489 8,457,329
2.Operating fixed assets at cost 73,037,465 80,724,094 96,249,199 107,031,831 131,973,281 144,032,384
3.Operating fixed assets after deducting accumulated depreciation 31,082,757 34,059,377 44,632,565 49,861,642 67,432,172 71,198,570
4.Intangible assets 224,706 253,873 752,080 661,275 904,659 895,399
5.Long term investments 6,485,746 7,413,049 3,817,298 4,081,032 4,583,258 4,824,872
6.Other non-current assets 1,315,913 1,262,391 1,316,520 2,331,120 4,608,033 8,585,065
B.Current Assets (B1+B2+B3+B4+B5+B6) 137,561,517 152,333,624 229,377,472 275,017,684 230,950,253 222,444,450
1.Cash & bank balance 36,552,055 31,954,934 38,861,053 35,016,936 18,530,755 31,080,041
2.Inventories; of which 43,121,724 48,705,090 67,887,632 86,741,345 104,245,789 81,596,401
i)Raw material 29,032,578 30,362,063 43,429,224 50,748,751 60,155,995 56,691,777
ii)Work in progress 4,216,911 3,181,894 3,484,723 3,424,943 3,358,716 4,456,115
iii)Finished goods 10,018,419 15,036,185 20,199,120 22,251,386 25,611,332 16,528,881
3.Trade Debt / accounts receivables 8,299,404 9,557,545 7,960,566 12,395,218 15,879,415 11,384,599
4.Short term loans and advances 4,376,453 3,135,251 12,408,782 18,672,012 14,972,544 4,876,445
5.Short term investments 13,695,748 44,366,731 80,319,106 93,314,772 34,281,631 51,615,563
6.Other current assets 31,516,133 14,614,073 21,940,333 28,877,401 43,040,119 41,891,401
Total Assets (A+B) / Equity & Liabilities (C+D+E) 179,232,944 201,200,588 284,034,220 343,706,641 316,670,864 316,405,685
C.Shareholders' Equity (C1+C2+C3) 96,395,296 107,796,839 131,249,949 147,063,061 144,108,821 140,830,027
1.Issued, Subscribed & Paid up capital 8,599,429 8,599,429 10,274,429 10,447,873 11,269,204 11,876,605
i)Ordinary shares 8,599,429 8,599,429 10,274,429 10,447,873 11,269,204 11,876,605
ii)Preference shares 0 0 0 0 0 0
2.Reserves 82,900,923 94,045,175 115,364,246 130,801,160 125,207,545 118,969,407
i)Capital Reserve 1,478,215 1,847,398 4,714,331 5,047,965 5,813,623 6,363,049
ii)Revenue Reserve 81,422,708 92,197,777 110,649,915 125,753,195 119,393,922 112,606,357
of which: un-appropriated profit(loss) / retained earnings 22,980,686 24,222,723 33,419,182 39,837,742 28,461,967 19,167,389
3.Surplus on revaluation of fixed assets 4,894,944 5,152,235 5,611,274 5,814,028 7,632,072 9,984,015
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,116,157 4,012,906 4,836,211 5,627,609 6,384,016 9,398,056
1.Long term borrowings 442,700 996,508 1,144,233 1,357,959 1,711,235 5,526,291
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 932,778 1,190,553 1,172,429 1,390,900 1,464,538 1,676,543
5.Other non-current liabilities 1,740,679 1,825,845 2,519,549 2,878,750 3,208,243 2,195,223
E.Current Liabilities (E1+E2+E3+E4) 79,721,491 89,390,843 147,948,060 191,015,971 166,178,028 166,177,603
1.Trade credit & other accounts payables 45,878,791 54,995,880 102,597,375 120,558,007 79,164,883 77,305,523
of which: i) Trade credits 9,855,845 11,436,842 13,370,889 16,227,590 15,376,299 15,470,170
2.Short term borrowings 7,877,477 6,342,423 8,539,685 31,517,726 68,935,647 42,990,229
3.Current portion of non-current liabilities 7,642,407 1,425,910 1,639,103 1,630,634 1,791,227 2,125,699
4.Other current liabilities 18,322,816 26,626,630 35,171,897 37,309,604 16,286,271 43,756,152
F.Operations:
1.Sales 369,764,290 377,420,203 489,926,902 600,296,171 592,170,036 409,311,106
i)Local sales (Net) 368,614,944 376,328,014 488,248,186 599,109,230 591,356,188 407,366,933
ii)Export sales (Net) 1,149,346 1,092,189 1,678,716 1,186,941 813,848 1,944,173
2.Cost of sales 314,868,879 329,236,051 414,414,478 519,653,906 538,917,462 376,864,155
i)Cost of material 269,550,874 284,274,380 354,841,239 445,504,499 457,957,807 303,535,990
3.Gross profit / (loss) (F1-F2) 54,895,411 48,184,152 75,512,424 80,642,265 53,252,574 32,446,950
4.General, administrative and other expenses 16,798,090 18,042,410 22,094,512 25,482,901 23,283,674 19,806,020
i)Selling & distribution expenses 7,927,963 8,655,118 10,737,808 11,505,964 11,303,384 9,747,734
ii)Administrative and other expenses 8,870,127 9,387,292 11,356,704 13,976,937 11,980,290 10,058,286
5.Other income / (loss) 6,281,393 6,371,734 8,310,445 10,136,225 7,033,353 5,805,702
6.EBIT (F3-F4+F5) 44,378,714 36,513,476 61,728,357 65,295,589 37,002,253 18,446,632
7.Financial expenses 1,034,461 1,109,795 1,164,741 2,691,813 6,132,651 8,162,103
of which: (i) Interest expenses 1,010,177 561,601 874,226 1,734,892 4,743,306 7,552,729
8.Profit / (loss) before taxation (F6-F7) 43,344,253 35,403,681 60,563,616 62,603,776 30,869,602 10,284,530
9.Tax expenses 13,828,563 15,207,066 18,824,265 19,320,880 9,521,963 6,041,728
10.Profit / (loss) after tax (F8-F9) 29,515,690 20,196,615 41,739,351 43,282,896 21,347,639 4,242,802
11.Cash dividends 18,833,354 18,967,880 43,872,271 29,199,096 17,791,155 5,621,800
12.Bonus shares / stock dividends 0 0 173,445 713,825 465,401 107,301
G.Statement of Cash Flows
1.Net cash flows from operating activities 57,937,547 33,898,146 65,866,053 26,308,041 (68,017,376) 71,626,107
2.Net cash flows from investing activities (5,989,421) (8,592,016) (21,847,291) (10,894,223) 8,945,000 (8,311,710)
3.Net cash flows from financing activities (16,104,620) (19,333,487) (1,075,104) (24,526,023) (25,893,035) 5,167,113
H.Miscellaneous
1.Total capital employed (C+D) 99,511,453 111,809,745 136,086,160 152,690,670 150,492,837 150,228,083
2.Retention in business (F10-F11-F12) 10,682,336 1,228,735 (2,306,365) 13,369,975 3,091,083 (1,486,299)
3.Depreciation for the year 5,010,415 4,980,298 5,891,233 7,010,280 7,966,352 10,295,977
4.Salaries, wages and employee benefits 14,149,168 17,055,835 41,045,314 24,419,127 35,625,810 28,201,603
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.98 5.35 8.52 7.21 3.60 1.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.27 1.98 2.02 1.92 1.79 1.29
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.11 10.62 17.20 13.88 6.47 1.34
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.86 1.86 2.03 2.27 2.27 2.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.62 19.78 34.92 31.49 14.66 2.98
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 32.67 22.90 39.51 40.31 18.47 3.45
337
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Agriauto Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,328,929 1,537,152 1,618,998 1,605,709 2,109,564 2,247,843
1.Capital work in progress 1,093 87,639 690 103,066 572,176 192,558
2.Operating fixed assets at cost 1,898,334 2,172,885 2,505,035 2,569,005 2,769,111 3,479,013
3.Operating fixed assets after deducting accumulated depreciation 1,314,818 1,436,495 1,605,290 1,481,752 1,517,299 1,966,910
4.Intangible assets 0 0 0 7,863 6,651 59,586
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 13,018 13,018 13,018 13,028 13,438 28,789
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,333,971 2,505,900 3,078,484 3,709,267 4,031,199 3,945,931
1.Cash & bank balance 331,891 329,202 349,541 425,961 174,378 131,195
2.Inventories; of which 899,337 947,124 1,087,399 1,496,940 1,601,264 1,937,205
i)Raw material 636,619 680,899 756,629 1,035,520 1,089,602 1,735,838
ii)Work in progress 231,561 230,218 47,379 48,913 43,441 49,188
iii)Finished goods 31,157 36,007 44,203 66,401 75,914 65,860
3.Trade Debt / accounts receivables 558,583 447,410 508,023 574,251 985,768 492,234
4.Short term loans and advances 0 0 0 0 0 6,011
5.Short term investments 390,524 536,356 691,785 743,488 187,513 494,329
6.Other current assets 153,636 245,808 441,736 468,627 1,082,276 884,957
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,662,900 4,043,052 4,697,482 5,314,976 6,140,763 6,193,774
C.Shareholders' Equity (C1+C2+C3) 3,127,477 3,578,534 4,072,163 4,700,680 5,424,178 5,114,140
1.Issued, Subscribed & Paid up capital 144,000 144,000 144,000 144,000 144,000 144,000
i)Ordinary shares 144,000 144,000 144,000 144,000 144,000 144,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,983,477 3,434,534 3,928,163 4,556,680 5,280,178 4,970,140
i)Capital Reserve 0 0 0 0 0 12,598
ii)Revenue Reserve 2,983,477 3,434,534 3,928,163 4,556,680 5,280,178 4,957,542
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 2,642,542
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 54,777 41,404 92,313 76,011 64,780 70,835
1.Long term borrowings 0 0 0 0 0 8,712
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 54,777 41,404 92,313 76,011 64,780 62,123
E.Current Liabilities (E1+E2+E3+E4) 480,646 423,114 533,006 538,285 651,805 1,008,799
1.Trade credit & other accounts payables 366,896 423,114 511,744 512,265 621,539 970,232
of which: i) Trade credits 98,817 90,990 90,999 88,226 102,165 100,992
2.Short term borrowings 111,609 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 6,325
4.Other current liabilities 2,141 0 21,262 26,020 30,266 32,242
F.Operations:
1.Sales 5,635,595 7,137,114 7,115,296 8,315,021 10,128,569 5,244,651
i)Local sales (Net) 5,635,595 7,137,114 7,115,296 8,315,021 10,128,569 5,244,651
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,561,518 5,810,856 5,697,055 6,722,821 8,447,418 4,993,185
i)Cost of material 3,664,353 4,607,353 4,491,520 32,552 32,552 3,791,044
3.Gross profit / (loss) (F1-F2) 1,074,077 1,326,258 1,418,241 1,592,200 1,681,151 251,466
4.General, administrative and other expenses 309,489 387,533 431,130 454,512 496,232 330,112
i)Selling & distribution expenses 88,090 128,258 128,368 127,153 138,249 75,446
ii)Administrative and other expenses 221,399 259,275 302,762 327,359 357,983 254,666
5.Other income / (loss) 38,046 32,898 46,778 70,665 72,461 56,886
6.EBIT (F3-F4+F5) 802,634 971,623 1,033,889 1,208,353 1,257,380 (21,760)
7.Financial expenses 8,676 3,698 522 597 628 3,209
of which: (i) Interest expenses 4,135 1,401 48 0 0 2,991
8.Profit / (loss) before taxation (F6-F7) 793,958 967,925 1,033,367 1,207,756 1,256,752 (24,969)
9.Tax expenses 248,338 228,868 287,738 248,309 202,054 83,469
10.Profit / (loss) after tax (F8-F9) 545,620 739,057 745,629 959,447 1,054,698 (108,438)
11.Cash dividends 216,000 252,000 288,000 360,000 288,000 28,800
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 108,390 880,700 644,675 580,746 160,705 834,026
2.Net cash flows from investing activities (129,794) (343,167) (222,466) (126,237) (690,701) (359,916)
3.Net cash flows from financing activities (142,446) (283,613) (249,150) (326,442) (326,954) (208,293)
H.Miscellaneous
1.Total capital employed (C+D) 3,182,254 3,619,938 4,164,476 4,776,691 5,488,958 5,184,975
2.Retention in business (F10-F11-F12) 329,620 487,057 457,629 599,447 766,698 (137,238)
3.Depreciation for the year 152,451 158,883 177,490 200,031 191,779 279,566
4.Salaries, wages and employee benefits 455,043 549,452 607,644 678,519 688,110 566,760
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.68 10.36 10.48 11.54 10.41 -2.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.68 1.85 1.63 1.66 1.77 0.85
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 16.23 19.18 17.06 19.17 18.41 -1.76
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.15 1.15 1.14 1.14 1.13 1.17
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 18.64 22.04 19.49 21.87 20.83 -2.06
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 18.95 25.66 51.78 66.63 73.24 -3.77
338
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Al-Ghazi Tractors Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 615,121 655,715 719,392 833,500 1,160,229 1,219,868
1.Capital work in progress 2,460 38,631 73,100 117,799 226,500 275,878
2.Operating fixed assets at cost 947,561 991,502 1,058,457 1,174,728 1,377,115 1,391,351
3.Operating fixed assets after deducting accumulated depreciation 609,303 609,838 639,742 707,293 837,935 788,937
4.Intangible assets 445 1,428 1,890 3,712 3,947 2,159
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,913 5,818 4,660 4,696 91,847 152,894
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,789,546 3,988,601 5,161,939 5,951,957 4,315,154 3,963,576
1.Cash & bank balance 2,330,238 1,316,770 1,340,511 293,910 189,093 230,518
2.Inventories; of which 2,115,034 1,408,886 2,283,945 3,476,928 2,756,159 1,982,942
i)Raw material 1,558,286 1,023,345 2,012,275 2,538,161 1,972,110 894,098
ii)Work in progress 136,681 51,118 102,209 108,584 125,256 550,987
iii)Finished goods 420,067 330,738 161,338 822,097 648,957 537,857
3.Trade Debt / accounts receivables 27,759 279,759 12,023 56,606 9,624 0
4.Short term loans and advances 62,048 94,042 201,688 132,337 93,216 86,561
5.Short term investments 25,000 0 0 0 0 0
6.Other current assets 1,229,467 889,144 1,323,772 1,992,176 1,267,062 1,663,555
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,404,667 4,644,316 5,881,331 6,785,457 5,475,383 5,183,444
C.Shareholders' Equity (C1+C2+C3) 5,788,580 3,359,469 2,125,816 1,369,397 903,717 2,288,122
1.Issued, Subscribed & Paid up capital 289,821 289,821 289,821 289,821 289,821 289,821
i)Ordinary shares 289,821 289,821 289,821 289,821 289,821 289,821
ii)Preference shares 0 0 0 0 0 0
2.Reserves 5,498,759 3,069,648 1,835,995 1,079,576 613,896 1,998,301
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 5,498,759 3,069,648 1,835,995 1,079,576 613,896 1,998,301
of which: un-appropriated profit(loss) / retained earnings 4,498,759 2,069,648 835,995 1,079,576 613,896 949,301
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 67,008 82,520 85,260 116,099 129,588 46,083
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 35,023 51,655 49,521 85,659 129,588 46,083
5.Other non-current liabilities 31,985 30,865 35,739 30,440 0 0
E.Current Liabilities (E1+E2+E3+E4) 549,079 1,202,327 3,670,255 5,299,961 4,442,078 2,849,239
1.Trade credit & other accounts payables 549,079 1,156,858 3,065,636 1,247,226 736,098 1,188,227
of which: i) Trade credits 52,849 114,780 239,171 454,621 32,811 270,351
2.Short term borrowings 0 0 0 3,973,206 3,628,896 1,588,636
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 45,469 604,619 79,529 77,084 72,376
F.Operations:
1.Sales 9,636,109 1,316,126 18,765,274 19,342,677 13,992,388 11,935,172
i)Local sales (Net) 9,636,109 1,198,077 18,710,613 19,301,592 13,978,872 11,844,161
ii)Export sales (Net) 0 118,049 54,661 41,085 13,516 91,011
2.Cost of sales 7,136,631 8,750,087 13,611,710 14,707,038 11,447,672 9,164,670
i)Cost of material 6,700,571 7,854,351 12,604,325 14,224,898 10,361,257 8,756,920
3.Gross profit / (loss) (F1-F2) 2,499,478 (7,433,961) 5,153,564 4,635,639 2,544,716 2,770,502
4.General, administrative and other expenses 586,384 624,127 817,872 837,138 859,152 755,604
i)Selling & distribution expenses 111,907 162,088 240,830 240,381 263,946 221,904
ii)Administrative and other expenses 474,477 462,039 577,042 596,757 595,206 533,700
5.Other income / (loss) 480,052 153,929 144,076 61,902 61,423 58,798
6.EBIT (F3-F4+F5) 2,393,146 (7,904,159) 4,479,768 3,860,403 1,746,987 2,073,696
7.Financial expenses 1,100 1,018 929 125,568 398,463 145,789
of which: (i) Interest expenses 0 0 274 123,032 394,350 143,965
8.Profit / (loss) before taxation (F6-F7) 2,392,046 (7,905,177) 4,478,839 3,734,835 1,348,524 1,927,907
9.Tax expenses 799,763 950,641 1,461,893 1,282,321 370,872 578,250
10.Profit / (loss) after tax (F8-F9) 1,592,283 (8,855,818) 3,016,946 2,452,514 977,652 1,349,657
11.Cash dividends 4,926,957 3,622,763 5,071,868 2,260,604 869,463 1,239,854
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 619,833 3,239,509 3,827,376 (1,155,682) 1,936,798 2,123,646
2.Net cash flows from investing activities 3,702,394 986,817 10,187 (151,004) (303,716) (37,253)
3.Net cash flows from financing activities (4,321,698) (4,339,794) (3,803,822) (3,713,121) (1,393,589) (4,708)
H.Miscellaneous
1.Total capital employed (C+D) 5,855,588 3,441,989 2,211,076 1,485,496 1,033,305 2,334,205
2.Retention in business (F10-F11-F12) (3,334,674) (12,478,581) (2,054,922) 191,910 108,189 109,803
3.Depreciation for the year 45,960 57,871 58,264 68,288 78,471 79,147
4.Salaries, wages and employee benefits 644,560 674,586 21,413,263 664,126 708,557 699,693
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.52 -672.87 16.08 12.68 6.99 11.31
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.18 0.24 3.57 3.05 2.28 2.24
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 19.43 -160.30 57.33 38.72 15.95 25.32
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.14 1.21 1.92 3.62 5.39 3.34
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 22.21 -193.61 110.00 140.34 86.02 84.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 27.47 -152.78 52.05 42.31 16.87 23.28
339
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Atlas Battery Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,020,578 2,693,424 3,177,574 3,614,419 3,946,688 4,160,118
1.Capital work in progress 99,981 69,931 68,023 256,831 572,787 93,489
2.Operating fixed assets at cost 2,624,577 3,515,262 4,214,854 4,724,501 5,015,576 5,617,686
3.Operating fixed assets after deducting accumulated depreciation 1,894,974 2,602,811 3,090,004 3,334,426 3,352,171 4,045,897
4.Intangible assets 10,743 4,883 1,467 1,002 160 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 14,880 15,799 18,080 22,160 21,570 20,732
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,377,537 4,012,613 5,119,645 6,521,834 4,265,230 3,679,988
1.Cash & bank balance 78,318 45,257 14,873 381,180 423,649 45,507
2.Inventories; of which 1,608,783 1,889,810 1,706,859 2,689,010 1,760,092 1,999,313
i)Raw material 876,094 942,334 513,461 511,227 589,650 920,691
ii)Work in progress 652,005 619,827 770,730 687,340 695,094 751,225
iii)Finished goods 80,684 327,649 422,668 1,411,039 474,704 327,271
3.Trade Debt / accounts receivables 131,810 119,477 364,642 1,754,311 1,096,449 692,998
4.Short term loans and advances 27,727 5,561 5,234 13,835 4,887 8,647
5.Short term investments 918,737 1,558,861 2,464,851 861,921 127,055 138,268
6.Other current assets 612,162 393,647 563,186 821,577 853,098 795,255
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,398,115 6,706,037 8,297,219 10,136,253 8,211,918 7,840,106
C.Shareholders' Equity (C1+C2+C3) 3,414,661 4,472,178 5,678,846 5,654,691 5,281,009 4,954,804
1.Issued, Subscribed & Paid up capital 173,998 173,998 173,998 173,998 243,597 243,597
i)Ordinary shares 173,998 173,998 173,998 173,998 243,597 243,597
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,046,777 4,104,294 5,310,962 5,286,807 4,448,226 4,122,021
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 3,046,777 4,104,294 5,310,962 5,286,807 4,448,226 4,122,021
of which: un-appropriated profit(loss) / retained earnings 1,019,277 1,276,794 1,483,462 589,307 (589,274) (915,479)
3.Surplus on revaluation of fixed assets 193,886 193,886 193,886 193,886 589,186 589,186
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 268,407 282,239 334,800 323,841 315,925 1,222,909
1.Long term borrowings 0 0 0 0 0 916,263
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 60,226 65,359 79,868 72,813 69,345 69,515
5.Other non-current liabilities 208,181 216,880 254,932 251,028 246,580 237,131
E.Current Liabilities (E1+E2+E3+E4) 1,715,047 1,951,620 2,283,573 4,157,721 2,614,984 1,662,393
1.Trade credit & other accounts payables 910,253 1,172,431 1,305,112 1,643,053 1,037,880 1,195,743
of which: i) Trade credits 73,970 39,198 155,876 734,168 249,546 194,989
2.Short term borrowings 709,763 735,989 882,770 2,459,687 1,408,152 71,297
3.Current portion of non-current liabilities 0 0 0 0 0 148,588
4.Other current liabilities 95,031 43,200 95,691 54,981 168,952 246,765
F.Operations:
1.Sales 15,961,413 14,019,507 17,169,908 18,332,861 12,773,113 12,546,152
i)Local sales (Net) 15,961,413 14,019,507 17,125,441 18,328,429 12,730,763 12,546,152
ii)Export sales (Net) 0 0 44,467 4,432 42,350 0
2.Cost of sales 13,583,708 11,272,034 14,205,436 16,330,483 12,506,602 11,667,365
i)Cost of material 9,609,561 8,568,351 10,514,150 13,220,930 8,254,734 8,254,734
3.Gross profit / (loss) (F1-F2) 2,377,705 2,747,473 2,964,472 2,002,378 266,511 878,787
4.General, administrative and other expenses 841,845 902,989 1,085,466 1,126,425 863,543 706,907
i)Selling & distribution expenses 449,347 438,088 606,223 721,325 598,645 487,020
ii)Administrative and other expenses 392,498 464,901 479,243 405,100 264,898 219,887
5.Other income / (loss) 91,526 95,577 254,361 73,988 385,464 32,601
6.EBIT (F3-F4+F5) 1,627,386 1,940,061 2,133,367 949,941 (211,568) 204,481
7.Financial expenses 146,675 71,875 68,170 117,845 213,222 348,496
of which: (i) Interest expenses 140,409 65,538 61,050 110,987 206,951 342,261
8.Profit / (loss) before taxation (F6-F7) 1,480,711 1,868,186 2,065,197 832,096 (424,790) (144,015)
9.Tax expenses 466,787 597,359 588,571 241,502 167,673 183,084
10.Profit / (loss) after tax (F8-F9) 1,013,924 1,270,827 1,476,626 590,594 (592,463) (327,099)
11.Cash dividends 208,798 269,697 608,993 1,739,980 0 0
12.Bonus shares / stock dividends 0 0 0 69,599 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,898,513 1,600,463 1,525,082 (1,458,876) 437,193 519,380
2.Net cash flows from investing activities (742,731) (1,455,121) (1,437,598) 848,334 827,681 (159,104)
3.Net cash flows from financing activities (1,083,553) (178,403) (117,868) 976,849 (1,222,405) (738,418)
H.Miscellaneous
1.Total capital employed (C+D) 3,683,068 4,754,417 6,013,646 5,978,532 5,596,934 6,177,713
2.Retention in business (F10-F11-F12) 805,126 1,001,130 867,633 (1,218,985) (592,463) (327,099)
3.Depreciation for the year 159,221 203,969 257,192 294,500 316,363 367,074
4.Salaries, wages and employee benefits 1,053,321 1,192,696 1,090,843 1,249,919 1,291,088 1,277,185
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.35 9.06 8.60 3.22 -4.64 -2.61
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.98 2.32 2.29 1.99 1.39 1.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 18.91 21.00 19.68 6.41 -6.46 -4.08
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.80 1.53 1.48 1.63 1.68 1.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.95 32.23 29.09 10.42 -10.84 -6.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 58.27 73.04 84.86 33.94 -24.32 -13.43
340
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Atlas Honda Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 5,251,793 6,111,551 7,301,745 8,399,959 9,490,403 10,548,552
1.Capital work in progress 230,357 511,703 63,333 117,800 35,405 61,562
2.Operating fixed assets at cost 9,664,804 10,546,127 12,572,104 13,829,655 15,882,690 17,707,338
3.Operating fixed assets after deducting accumulated depreciation 4,752,195 5,305,997 6,898,586 7,858,301 8,915,228 9,979,933
4.Intangible assets 12,774 5,379 37 44,905 168,924 135,121
5.Long term investments 216,283 245,508 292,342 324,899 323,497 322,240
6.Other non-current assets 40,184 42,964 47,447 54,054 47,349 49,696
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,529,880 14,257,411 18,341,005 23,427,380 22,464,513 20,510,952
1.Cash & bank balance 3,409,200 4,755,020 7,053,784 9,981,615 7,480,159 6,308,616
2.Inventories; of which 1,660,529 1,863,482 2,123,831 2,599,530 5,069,836 4,888,616
i)Raw material 1,174,432 1,365,459 1,279,491 1,730,235 4,181,758 3,688,399
ii)Work in progress 174,878 2,858 4,636 5,980 582 10,245
iii)Finished goods 311,219 391,372 537,763 474,868 865,428 864,308
3.Trade Debt / accounts receivables 704,597 608,420 623,331 861,224 1,116,000 813,980
4.Short term loans and advances 41,235 35,877 38,921 40,107 43,794 42,752
5.Short term investments 4,119,696 5,876,554 7,080,669 8,400,246 5,261,724 5,248,268
6.Other current assets 594,623 1,118,058 1,420,469 1,544,658 3,493,000 3,208,720
Total Assets (A+B) / Equity & Liabilities (C+D+E) 15,781,673 20,368,962 25,642,750 31,827,339 31,954,916 31,059,504
C.Shareholders' Equity (C1+C2+C3) 9,238,545 11,002,123 13,257,533 16,000,721 15,365,764 16,580,408
1.Issued, Subscribed & Paid up capital 1,034,066 1,034,066 1,034,066 1,034,066 1,034,066 1,240,879
i)Ordinary shares 1,034,066 1,034,066 1,034,066 1,034,066 1,034,066 1,240,879
ii)Preference shares 0 0 0 0 0 0
2.Reserves 8,204,479 9,968,057 12,223,467 14,966,655 14,331,698 15,339,529
i)Capital Reserve 40,118 40,118 40,118 40,118 40,118 40,118
ii)Revenue Reserve 8,164,361 9,927,939 12,183,349 14,926,537 14,291,580 15,299,411
of which: un-appropriated profit(loss) / retained earnings 2,832,361 3,765,939 5,191,349 6,934,537 4,799,580 5,807,411
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 773,394 781,369 899,411 960,924 996,433 1,155,942
1.Long term borrowings 0 0 0 0 0 209,148
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 195,145 214,620 228,443 262,882 296,409 342,594
5.Other non-current liabilities 578,249 566,749 670,968 698,042 700,024 604,200
E.Current Liabilities (E1+E2+E3+E4) 5,769,734 8,585,470 11,485,806 14,865,694 15,592,719 13,323,154
1.Trade credit & other accounts payables 5,769,734 8,585,470 11,430,802 14,802,091 15,500,137 13,191,935
of which: i) Trade credits 2,185,464 2,411,945 2,717,244 3,005,807 5,060,110 4,871,563
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 30,234
4.Other current liabilities 0 0 55,004 63,603 92,582 100,985
F.Operations:
1.Sales 45,772,177 55,022,415 64,534,021 77,478,845 82,412,548 84,775,972
i)Local sales (Net) 45,306,763 54,617,265 64,096,809 77,019,954 82,162,168 84,612,782
ii)Export sales (Net) 465,414 405,150 437,212 458,891 250,380 163,190
2.Cost of sales 41,098,571 49,376,506 57,754,987 69,188,101 75,856,677 78,660,040
i)Cost of material 32,061,982 38,581,898 45,018,128 53,758,498 60,629,205 63,216,788
3.Gross profit / (loss) (F1-F2) 4,673,606 5,645,909 6,779,034 8,290,744 6,555,871 6,115,932
4.General, administrative and other expenses 1,991,985 2,266,749 2,637,856 2,931,688 3,028,064 3,022,812
i)Selling & distribution expenses 1,314,231 1,456,152 1,630,773 1,852,057 1,924,062 1,981,571
ii)Administrative and other expenses 677,754 810,597 1,007,083 1,079,631 1,104,002 1,041,241
5.Other income / (loss) 570,207 680,549 977,417 928,515 1,113,334 1,375,391
6.EBIT (F3-F4+F5) 3,251,828 4,059,709 5,118,595 6,287,571 4,641,141 4,468,511
7.Financial expenses 8,190 15,280 25,853 22,725 25,818 56,718
of which: (i) Interest expenses 601 341 484 538 2,809 30,632
8.Profit / (loss) before taxation (F6-F7) 3,243,638 4,044,429 5,092,742 6,264,846 4,615,323 4,411,793
9.Tax expenses 892,747 1,042,630 1,340,263 1,601,211 1,406,664 1,333,393
10.Profit / (loss) after tax (F8-F9) 2,350,891 3,001,799 3,752,479 4,663,635 3,208,659 3,078,400
11.Cash dividends 1,240,879 1,499,396 1,913,022 2,791,978 2,068,132 1,489,055
12.Bonus shares / stock dividends 0 0 0 0 206,813 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,808,104 5,523,178 6,435,417 7,803,002 (12,804) 2,313,045
2.Net cash flows from investing activities (1,216,243) (2,947,543) (2,643,558) (2,970,748) 1,308,414 (1,585,723)
3.Net cash flows from financing activities (1,026,399) (1,229,815) (1,493,095) (1,904,423) (3,797,066) (1,898,865)
H.Miscellaneous
1.Total capital employed (C+D) 10,011,939 11,783,492 14,156,944 16,961,645 16,362,197 17,736,350
2.Retention in business (F10-F11-F12) 1,110,012 1,502,403 1,839,457 1,871,657 933,714 1,589,345
3.Depreciation for the year 648,797 685,795 797,279 899,057 1,063,590 1,115,586
4.Salaries, wages and employee benefits 1,560,909 1,858,307 2,135,965 2,403,349 3,437,550 2,325,443
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.14 5.46 5.81 6.02 3.89 3.63
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 3.04 3.04 2.81 2.70 2.58 2.69
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.60 16.61 16.31 16.23 10.06 9.77
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.76 1.79 1.90 1.96 2.03 1.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.41 29.66 30.94 31.88 20.46 19.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 22.73 29.03 36.29 45.10 31.03 24.81
341
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Baluchistan Wheels Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 317,761 313,806 376,607 504,599 457,603 422,535
1.Capital work in progress 0 3,524 130 59,081 0 0
2.Operating fixed assets at cost 1,012,968 1,026,921 1,122,618 1,224,623 1,257,714 1,250,447
3.Operating fixed assets after deducting accumulated depreciation 307,284 302,423 367,139 435,886 449,581 414,291
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,739 0 0 0 0 0
6.Other non-current assets 8,738 7,859 9,338 9,632 8,022 8,244
B.Current Assets (B1+B2+B3+B4+B5+B6) 876,483 1,024,776 1,083,073 958,237 1,015,947 1,086,124
1.Cash & bank balance 255,013 44,051 27,530 31,116 44,994 60,362
2.Inventories; of which 452,579 468,685 518,874 532,188 525,105 413,575
i)Raw material 128,439 136,884 168,872 211,283 211,283 151,671
ii)Work in progress 137,175 179,219 222,337 143,066 143,066 135,686
iii)Finished goods 186,965 152,582 91,969 91,969 91,969 126,218
3.Trade Debt / accounts receivables 59,981 77,347 95,781 165,572 144,187 108,542
4.Short term loans and advances 15,043 29,276 32,592 24,805 15,914 16,331
5.Short term investments 0 354,064 261,671 5,516 102,827 333,906
6.Other current assets 93,867 51,353 146,625 199,040 182,920 153,408
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,194,244 1,338,582 1,459,680 1,462,836 1,473,550 1,508,659
C.Shareholders' Equity (C1+C2+C3) 1,077,213 1,185,373 1,241,085 1,268,990 1,288,019 1,294,654
1.Issued, Subscribed & Paid up capital 133,343 133,343 133,343 133,343 133,343 133,343
i)Ordinary shares 133,343 133,343 133,343 133,343 133,343 133,343
ii)Preference shares 0 0 0 0 0 0
2.Reserves 943,870 1,052,030 1,107,742 1,135,647 1,154,676 1,161,311
i)Capital Reserve 0 0 0 0 0 (10,493)
ii)Revenue Reserve 943,870 1,052,030 1,107,742 1,135,647 1,154,676 1,171,804
of which: un-appropriated profit(loss) / retained earnings 0 0 953,592 988,044 1,019,553 1,171,804
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 20,867 20,622 35,011 41,974 41,249 73,377
1.Long term borrowings 2,569 0 4,958 5,306 989 39,102
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 18,298 20,622 30,053 36,668 40,260 34,275
E.Current Liabilities (E1+E2+E3+E4) 96,164 132,587 183,584 151,872 144,282 140,629
1.Trade credit & other accounts payables 83,631 120,079 171,734 133,499 125,289 116,995
of which: i) Trade credits 19,870 26,534 50,198 49,236 32,024 32,875
2.Short term borrowings 2,523 2,576 2,948 5,257 3,747 5,302
3.Current portion of non-current liabilities 0 0 0 0 0 11,606
4.Other current liabilities 10,010 9,932 8,902 13,116 15,246 6,726
F.Operations:
1.Sales 1,378,332 1,471,558 1,533,650 1,882,640 1,587,558 912,820
i)Local sales (Net) 1,367,805 1,461,317 1,530,373 1,875,374 1,580,717 905,332
ii)Export sales (Net) 10,527 10,241 3,277 7,266 6,841 7,488
2.Cost of sales 1,170,149 1,098,211 1,234,745 1,612,676 1,341,776 795,406
i)Cost of material 763,926 772,015 933,012 1,179,107 1,027,905 476,907
3.Gross profit / (loss) (F1-F2) 208,183 373,347 298,905 269,964 245,782 117,414
4.General, administrative and other expenses 131,359 141,023 150,722 160,475 150,162 119,356
i)Selling & distribution expenses 38,511 37,980 49,401 60,116 44,945 35,424
ii)Administrative and other expenses 92,848 103,043 101,321 100,359 105,217 83,932
5.Other income / (loss) 37,339 21,505 25,404 180 5,126 27,990
6.EBIT (F3-F4+F5) 114,163 253,829 173,587 109,669 100,746 26,048
7.Financial expenses 2,949 827 1,378 1,927 6,791 2,353
of which: (i) Interest expenses 2,615 297 759 1,558 6,520 2,133
8.Profit / (loss) before taxation (F6-F7) 111,214 253,002 172,209 107,742 93,955 23,695
9.Tax expenses 15,278 99,730 45,867 19,953 22,443 (4,775)
10.Profit / (loss) after tax (F8-F9) 95,936 153,272 126,342 87,789 71,512 28,470
11.Cash dividends 40,003 66,672 53,337 40,003 26,669 20,001
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 141,456 201,467 27,109 (28,659) 164,481 220,587
2.Net cash flows from investing activities 121,225 (369,405) 18,433 84,406 (99,797) (212,188)
3.Net cash flows from financing activities (36,573) (43,024) (62,063) (52,161) (50,806) 6,969
H.Miscellaneous
1.Total capital employed (C+D) 1,098,080 1,205,995 1,276,096 1,310,964 1,329,268 1,368,031
2.Retention in business (F10-F11-F12) 55,933 86,601 73,005 47,786 44,843 8,469
3.Depreciation for the year 43,614 35,609 37,838 45,671 50,323 46,346
4.Salaries, wages and employee benefits 189,799 224,055 208,405 212,088 233,494 210,761
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.96 10.42 8.24 4.66 4.50 3.12
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.17 1.16 1.10 1.29 1.08 0.61
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.17 12.10 9.03 6.01 4.87 1.91
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.12 1.12 1.15 1.16 1.15 1.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.19 13.55 10.41 6.99 5.59 2.20
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.19 11.49 9.47 6.58 5.36 2.14
342
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Bolan Castings Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 254,873 266,747 253,656 284,152 373,853 372,094
1.Capital work in progress 3,241 4,116 6,101 10,198 8,160 9,660
2.Operating fixed assets at cost 645,619 657,300 671,979 722,536 766,924 755,689
3.Operating fixed assets after deducting accumulated depreciation 183,817 180,313 178,841 222,483 251,056 219,241
4.Intangible assets 202 0 0 0 0 0
5.Long term investments 16,718 23,288 42,694 31,110 17,581 17,460
6.Other non-current assets 50,895 59,030 26,020 20,361 97,056 125,733
B.Current Assets (B1+B2+B3+B4+B5+B6) 948,798 658,261 641,461 772,745 808,414 561,022
1.Cash & bank balance 8,891 12,953 9,554 20,681 12,822 6,408
2.Inventories; of which 489,320 280,698 290,062 391,228 307,235 172,158
i)Raw material 247,403 113,018 170,811 149,402 153,844 90,810
ii)Work in progress 86,121 70,791 32,502 108,002 25,786 14,963
iii)Finished goods 155,796 96,889 87,090 133,822 127,605 66,385
3.Trade Debt / accounts receivables 183,250 141,879 59,632 69,328 130,691 28,228
4.Short term loans and advances 9,615 4,612 4,997 3,821 11,301 8,327
5.Short term investments 0 0 0 0 0 0
6.Other current assets 257,722 218,119 277,216 287,687 346,365 345,901
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,203,671 925,008 895,117 1,056,897 1,182,267 933,116
C.Shareholders' Equity (C1+C2+C3) 476,605 452,662 574,148 639,518 381,803 94,395
1.Issued, Subscribed & Paid up capital 114,725 114,725 114,725 114,725 114,725 114,725
i)Ordinary shares 114,725 114,725 114,725 114,725 114,725 114,725
ii)Preference shares 0 0 0 0 0 0
2.Reserves 361,880 337,937 459,423 524,793 267,078 (20,330)
i)Capital Reserve 12,156 12,156 12,156 12,156 12,156 12,156
ii)Revenue Reserve 349,724 325,781 447,267 512,637 254,922 (32,486)
of which: un-appropriated profit(loss) / retained earnings (85,994) (116,507) 410,073 62,527 (181,660) (468,947)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 39,850 84,953 86,855 84,406 55,234 115,773
1.Long term borrowings 0 0 0 0 0 17,889
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 34,724 79,954 81,212 77,807 49,618 92,652
5.Other non-current liabilities 5,126 4,999 5,643 6,599 5,616 5,232
E.Current Liabilities (E1+E2+E3+E4) 687,216 387,393 234,114 332,973 745,230 722,948
1.Trade credit & other accounts payables 83,091 107,523 105,957 100,305 133,449 219,148
of which: i) Trade credits 57,067 83,751 71,272 62,367 80,381 154,973
2.Short term borrowings 592,917 274,202 125,501 228,378 607,846 493,845
3.Current portion of non-current liabilities 845 899 1,013 1,191 411 6,469
4.Other current liabilities 10,363 4,769 1,643 3,099 3,524 3,486
F.Operations:
1.Sales 1,695,718 1,333,476 1,744,098 2,299,931 1,513,636 1,332,568
i)Local sales (Net) 1,695,718 1,333,476 1,743,748 2,299,931 1,513,636 1,332,568
ii)Export sales (Net) 0 0 350 0 0 0
2.Cost of sales 1,506,268 1,192,600 1,497,470 1,971,729 1,663,413 1,420,700
i)Cost of material 839,355 549,885 729,564 1,139,765 767,611 710,252
3.Gross profit / (loss) (F1-F2) 189,450 140,876 246,628 328,202 (149,777) (88,132)
4.General, administrative and other expenses 84,655 78,679 104,446 143,192 125,794 103,523
i)Selling & distribution expenses 45,197 34,256 47,146 58,595 49,354 38,176
ii)Administrative and other expenses 39,458 44,423 57,300 84,597 76,440 65,347
5.Other income / (loss) 13,164 10,360 10,239 11,936 16,709 10,368
6.EBIT (F3-F4+F5) 117,959 72,557 152,421 196,946 (258,862) (181,287)
7.Financial expenses 46,319 33,138 10,996 12,507 51,258 78,330
of which: (i) Interest expenses 45,751 32,664 10,542 12,158 49,234 73,069
8.Profit / (loss) before taxation (F6-F7) 71,640 39,419 141,425 184,439 (310,120) (259,617)
9.Tax expenses 24,726 13,550 43,649 51,037 (71,121) 12,071
10.Profit / (loss) after tax (F8-F9) 46,914 25,869 97,776 133,402 (238,999) (271,688)
11.Cash dividends 22,945 11,473 57,363 28,681 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (135,539) 364,002 175,083 31,437 (307,982) 74,369
2.Net cash flows from investing activities (13,565) (18,453) (18,834) (67,765) (51,543) 7,010
3.Net cash flows from financing activities 0 (22,771) (11,403) (55,906) (28,256) 26,207
H.Miscellaneous
1.Total capital employed (C+D) 516,455 537,615 661,003 723,924 437,037 210,168
2.Retention in business (F10-F11-F12) 23,969 14,397 40,414 104,721 (238,999) (271,688)
3.Depreciation for the year 21,441 21,394 21,492 23,654 28,083 27,255
4.Salaries, wages and employee benefits 122,285 142,539 161,197 201,114 237,540 147,485
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.77 1.94 5.61 5.80 -15.79 -20.39
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.52 1.25 1.92 2.36 1.35 1.26
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.20 2.43 10.74 13.67 -21.35 -25.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.44 2.29 1.77 1.61 2.19 4.44
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.23 5.57 19.04 21.98 -46.80 -114.11
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.09 2.25 8.52 11.63 -20.83 -23.68
343
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dewan Farooque Motors Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,620,438 2,206,830 2,264,452 2,320,418 2,214,063 1,971,508
1.Capital work in progress 1,241,244 0 0 0 0 0
2.Operating fixed assets at cost 3,370,545 3,378,035 3,378,036 3,378,036 3,387,443 3,387,443
3.Operating fixed assets after deducting accumulated depreciation 0 1,158,584 1,075,925 1,010,088 940,899 877,147
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 343,194 1,012,246 1,188,527 1,310,330 1,273,164 1,094,361
6.Other non-current assets 36,000 36,000 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,807,873 1,284,640 1,297,086 1,286,706 1,210,839 1,212,638
1.Cash & bank balance 122,202 138,609 123,680 128,234 125,267 125,606
2.Inventories; of which 89,065 95,907 63,574 48,553 46,992 35,320
i)Raw material 144,225 144,225 144,225 144,225 144,225 144,225
ii)Work in progress 73,092 0 0 0 0 0
iii)Finished goods 17,932 3,742 2,980 2,980 2,980 2,980
3.Trade Debt / accounts receivables 22,259 22,859 83,663 95,183 12,124 5,620
4.Short term loans and advances 738,984 154,879 154,879 154,879 154,879 154,879
5.Short term investments 406,110 0 0 0 0 0
6.Other current assets 429,253 872,386 871,290 859,857 871,577 891,213
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,428,311 3,491,470 3,561,538 3,607,124 3,424,902 3,184,146
C.Shareholders' Equity (C1+C2+C3) (2,282,623) (2,025,683) (2,038,895) (2,108,327) (2,352,631) (2,645,153)
1.Issued, Subscribed & Paid up capital 1,087,353 1,087,353 1,387,353 1,387,353 1,387,353 1,387,353
i)Ordinary shares 1,087,353 1,087,353 1,387,353 1,387,353 1,387,353 1,387,353
ii)Preference shares 0 0 0 0 0 0
2.Reserves (3,369,976) (3,113,036) (3,426,248) (3,495,680) (3,739,984) (4,032,506)
i)Capital Reserve 0 300,000 0 0 0 0
ii)Revenue Reserve (3,369,976) (3,413,036) (3,426,248) (3,495,680) (3,739,984) (4,032,506)
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 21,227 21,214 21,214 20,931 16,931 16,931
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 4,527 4,514 4,514 4,231 4,231 4,231
5.Other non-current liabilities 16,700 16,700 16,700 16,700 12,700 12,700
E.Current Liabilities (E1+E2+E3+E4) 5,689,707 5,495,939 5,579,219 5,694,520 5,760,602 5,812,368
1.Trade credit & other accounts payables 2,292,117 2,291,766 2,341,061 2,376,777 312,666 355,648
of which: i) Trade credits 2,129,811 2,128,126 2,128,126 2,166,153 48,264 48,063
2.Short term borrowings 2,218,161 2,024,744 2,094,091 2,218,999 4,349,192 4,357,976
3.Current portion of non-current liabilities 1,179,429 1,179,429 1,142,253 1,096,930 1,096,930 1,096,930
4.Other current liabilities 0 0 1,814 1,814 1,814 1,814
F.Operations:
1.Sales 54,161 19,801 84,517 52,656 1,529 250
i)Local sales (Net) 54,161 19,801 84,517 52,656 1,529 250
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 186,907 150,543 235,972 191,537 203,854 102,440
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (132,746) (130,742) (151,455) (138,881) (202,325) (102,190)
4.General, administrative and other expenses 96,890 83,405 48,724 48,243 26,888 20,170
i)Selling & distribution expenses 53,643 39,244 19,263 15,847 0 0
ii)Administrative and other expenses 43,247 44,161 29,461 32,396 26,888 20,170
5.Other income / (loss) 116,491 171,224 187,952 134,977 (14,929) (170,155)
6.EBIT (F3-F4+F5) (113,145) (42,923) (12,227) (52,147) (244,142) (292,515)
7.Financial expenses 142 137 140 14,643 143 3
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (113,287) (43,060) (12,367) (66,790) (244,285) (292,518)
9.Tax expenses 0 0 845 2,642 19 4
10.Profit / (loss) after tax (F8-F9) (113,287) (43,060) (13,212) (69,432) (244,304) (292,522)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (11,724) (147,346) (94,937) (65,361) (14,597) (8,445)
2.Net cash flows from investing activities (7,763) 57,169 11,837 (9,670) (674) 0
3.Net cash flows from financing activities 11,699 261,981 76,318 79,585 12,304 8,784
H.Miscellaneous
1.Total capital employed (C+D) (2,261,396) (2,004,469) (2,017,681) (2,087,396) (2,335,700) (2,628,222)
2.Retention in business (F10-F11-F12) (113,287) (43,060) (13,212) (69,432) (244,304) (292,522)
3.Depreciation for the year 96,655 90,150 82,661 75,507 70,104 63,752
4.Salaries, wages and employee benefits 100,420 97,391 102,633 121,772 130,924 45,392
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -209.17 -217.46 -15.63 -131.86 -15,978.02 -117,008.80
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.02 0.01 0.02 0.01 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.28 -1.24 -0.37 -1.95 -6.95 -8.85
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.55 -1.61 -1.74 -1.72 -1.58 -1.32
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.09 2.00 0.65 3.35 10.95 11.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.04 -0.40 -0.10 -0.50 -1.76 -2.11
344
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Exide Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,347,847 1,393,323 1,478,331 1,670,993 1,555,499 1,383,050
1.Capital work in progress 117,536 39,146 183,700 115,608 716 360
2.Operating fixed assets at cost 2,067,710 2,235,897 2,319,151 2,677,582 2,824,465 2,801,436
3.Operating fixed assets after deducting accumulated depreciation 1,195,616 1,316,226 1,258,825 1,501,590 1,498,279 1,338,944
4.Intangible assets 0 0 0 14,662 8,881 775
5.Long term investments 224 224 224 224 224 0
6.Other non-current assets 34,471 37,727 35,582 38,909 47,399 42,971
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,104,366 6,388,521 7,897,218 7,201,204 7,000,564 6,987,829
1.Cash & bank balance 1,673,231 399,357 1,017,896 880,414 149,083 140,253
2.Inventories; of which 2,396,343 2,770,081 3,866,881 2,266,384 2,176,433 1,881,076
i)Raw material 1,162,307 1,159,902 1,551,855 1,136,753 1,043,932 1,031,491
ii)Work in progress 439,801 497,624 486,098 452,817 440,877 321,260
iii)Finished goods 794,235 1,112,555 1,828,928 706,272 724,931 562,587
3.Trade Debt / accounts receivables 1,335,269 2,510,293 2,331,845 3,146,701 3,565,856 3,155,002
4.Short term loans and advances 41,406 26,629 30,678 33,551 26,480 31,020
5.Short term investments 0 0 0 0 0 0
6.Other current assets 658,117 682,161 649,918 874,154 1,082,712 1,780,478
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,452,213 7,781,844 9,375,549 8,872,197 8,556,063 8,370,879
C.Shareholders' Equity (C1+C2+C3) 3,092,525 3,576,771 4,230,553 4,287,106 3,780,870 3,802,598
1.Issued, Subscribed & Paid up capital 77,686 77,686 77,686 77,686 77,686 77,686
i)Ordinary shares 77,686 77,686 77,686 77,686 77,686 77,686
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,604,358 2,983,383 3,649,635 3,584,627 3,094,052 2,629,076
i)Capital Reserve 259 259 259 259 259 259
ii)Revenue Reserve 2,604,099 2,983,124 3,649,376 3,584,368 3,093,793 2,628,817
of which: un-appropriated profit(loss) / retained earnings 498,285 577,310 893,562 228,554 (262,021) (726,997)
3.Surplus on revaluation of fixed assets 410,481 515,702 503,232 624,793 609,132 1,095,836
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 47,043 7,201 3,097 9,595 0 221,894
1.Long term borrowings 0 0 0 0 0 221,894
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 47,043 7,201 3,097 9,595 0 0
E.Current Liabilities (E1+E2+E3+E4) 4,312,645 4,197,872 5,141,899 4,575,496 4,775,193 4,346,387
1.Trade credit & other accounts payables 1,177,568 1,593,745 1,988,623 1,377,747 1,182,221 1,785,019
of which: i) Trade credits 281,047 743,368 461,579 329,354 408,250 656,185
2.Short term borrowings 3,068,701 2,569,132 3,117,456 3,155,881 3,505,213 2,456,559
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 66,376 34,995 35,820 41,868 87,759 104,809
F.Operations:
1.Sales 13,138,079 11,695,892 12,909,940 12,301,411 9,506,579 8,722,283
i)Local sales (Net) 13,138,079 11,695,892 12,909,940 12,301,411 9,506,579 8,722,283
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 11,131,069 9,613,108 10,342,279 10,944,793 8,534,355 7,995,164
i)Cost of material 10,160,519 8,837,505 9,864,529 8,628,117 7,476,984 6,653,955
3.Gross profit / (loss) (F1-F2) 2,007,010 2,082,784 2,567,661 1,356,618 972,224 727,119
4.General, administrative and other expenses 1,147,343 1,261,171 1,447,488 1,032,398 1,142,475 926,429
i)Selling & distribution expenses 926,102 1,035,219 1,228,058 868,292 938,232 757,940
ii)Administrative and other expenses 221,241 225,952 219,430 164,106 204,243 168,489
5.Other income / (loss) 12,040 4,093 5,727 11,000 18,519 166,560
6.EBIT (F3-F4+F5) 871,707 825,706 1,125,900 335,220 (151,732) (32,750)
7.Financial expenses 254,226 174,164 64,965 141,258 259,106 403,128
of which: (i) Interest expenses 253,826 173,992 64,831 141,258 259,106 403,128
8.Profit / (loss) before taxation (F6-F7) 617,481 651,542 1,060,935 193,962 (410,838) (435,878)
9.Tax expenses 169,796 226,926 321,679 172,341 93,673 123,033
10.Profit / (loss) after tax (F8-F9) 447,685 424,616 739,256 21,621 (504,511) (558,911)
11.Cash dividends 58,265 77,686 97,108 0 0 209,830
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (339,157) (657,246) 379,347 136,057 (1,037,681) 824,002
2.Net cash flows from investing activities (184,981) (59,572) (231,587) (212,898) (42,982) 216,547
3.Net cash flows from financing activities (57,627) (57,487) (77,545) 206,484 0 (195,000)
H.Miscellaneous
1.Total capital employed (C+D) 3,139,568 3,583,972 4,233,650 4,296,701 3,780,870 4,024,492
2.Retention in business (F10-F11-F12) 389,421 346,930 642,149 21,621 (504,511) (768,741)
3.Depreciation for the year 126,424 136,204 146,565 155,120 159,998 152,855
4.Salaries, wages and employee benefits 460,133 512,090 593,231 532,134 513,464 525,624
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.41 3.63 5.73 0.18 -5.31 -6.41
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.94 1.54 1.50 1.35 1.09 1.03
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.62 5.57 8.62 0.24 -5.79 -6.60
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.33 2.28 2.20 2.14 2.16 2.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.45 12.73 18.94 0.51 -12.51 -14.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 57.63 54.66 95.16 2.78 -64.94 -71.94
345
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

General Tyre & Rubber Co. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,985,287 3,254,488 3,777,919 4,335,922 5,196,632 5,124,611
1.Capital work in progress 48,964 876,635 78,171 519,100 695,214 233,688
2.Operating fixed assets at cost 4,196,775 4,759,440 6,285,069 6,735,011 7,811,482 8,623,130
3.Operating fixed assets after deducting accumulated depreciation 1,886,894 2,292,064 3,590,980 3,728,209 4,431,955 4,810,177
4.Intangible assets 2,048 36,215 62,480 46,584 26,562 2,655
5.Long term investments 3,321 6,019 10,114 15,363 16,091 13,240
6.Other non-current assets 44,060 43,555 36,174 26,666 26,810 64,851
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,362,778 3,558,021 4,824,967 6,350,173 7,278,420 6,746,654
1.Cash & bank balance 241,769 116,851 99,572 91,120 155,931 182,749
2.Inventories; of which 1,456,593 1,570,594 2,074,728 3,324,857 3,721,748 3,318,231
i)Raw material 849,925 1,204,824 1,492,732 2,402,608 1,851,711 1,462,476
ii)Work in progress 195,481 162,244 117,897 179,905 194,266 189,727
iii)Finished goods 411,187 203,526 464,099 742,344 1,675,771 1,666,028
3.Trade Debt / accounts receivables 851,269 1,024,670 879,333 1,027,027 1,237,309 1,157,946
4.Short term loans and advances 61,501 101,474 310,247 254,497 174,359 59,428
5.Short term investments 0 0 0 0 0 0
6.Other current assets 751,646 744,432 1,461,087 1,652,672 1,989,073 2,028,300
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,348,065 6,812,509 8,602,886 10,686,095 12,475,052 11,871,265
C.Shareholders' Equity (C1+C2+C3) 2,358,147 2,949,522 3,796,386 3,571,196 3,340,782 2,954,291
1.Issued, Subscribed & Paid up capital 597,713 597,713 597,713 597,713 1,016,112 1,219,334
i)Ordinary shares 597,713 597,713 597,713 597,713 1,016,112 1,219,334
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,760,434 2,351,809 3,198,673 2,973,483 2,324,670 1,734,957
i)Capital Reserve 0 0 1,000,000 1,000,000 1,000,000 1,000,000
ii)Revenue Reserve 1,760,434 2,351,809 2,198,673 1,973,483 1,324,670 734,957
of which: un-appropriated profit(loss) / retained earnings 1,760,434 2,351,809 2,198,673 1,973,483 1,324,670 734,957
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 844,352 1,438,774 1,667,453 1,900,177 1,665,731 1,518,641
1.Long term borrowings 383,334 920,276 1,018,583 1,247,285 1,020,748 1,135,773
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 241,157 277,287 308,417 373,221 336,229 318,917
5.Other non-current liabilities 219,861 241,211 340,453 279,671 308,754 63,951
E.Current Liabilities (E1+E2+E3+E4) 2,145,566 2,424,213 3,139,047 5,214,722 7,468,539 7,398,333
1.Trade credit & other accounts payables 1,183,356 1,293,036 1,348,074 1,928,381 1,783,757 1,794,516
of which: i) Trade credits 45,845 24,614 109,859 187,693 201,215 179,660
2.Short term borrowings 86,030 143,889 1,240,616 2,688,753 4,876,185 5,047,618
3.Current portion of non-current liabilities 116,666 224,057 438,717 471,298 608,223 316,262
4.Other current liabilities 759,514 763,231 111,640 126,290 200,374 239,937
F.Operations:
1.Sales 9,491,652 9,479,045 9,645,367 11,785,457 10,486,282 8,793,341
i)Local sales (Net) 9,447,597 9,444,754 9,645,367 11,753,299 10,386,332 8,672,113
ii)Export sales (Net) 44,055 34,291 0 32,158 99,950 121,228
2.Cost of sales 7,553,193 7,157,029 7,589,305 9,699,779 8,896,798 7,744,581
i)Cost of material 4,274,620 3,876,899 4,343,879 5,783,099 5,948,543 4,309,179
3.Gross profit / (loss) (F1-F2) 1,938,459 2,322,016 2,056,062 2,085,678 1,589,484 1,048,760
4.General, administrative and other expenses 649,087 759,442 814,808 969,752 823,053 711,873
i)Selling & distribution expenses 331,593 399,335 452,016 497,851 395,422 415,593
ii)Administrative and other expenses 317,494 360,107 362,792 471,901 427,631 296,280
5.Other income / (loss) 65,964 68,328 67,032 80,901 72,238 65,255
6.EBIT (F3-F4+F5) 1,355,336 1,630,902 1,308,286 1,196,827 838,669 402,142
7.Financial expenses 258,301 136,159 124,064 256,782 585,032 848,806
of which: (i) Interest expenses 252,781 130,540 117,971 251,310 579,141 840,995
8.Profit / (loss) before taxation (F6-F7) 1,097,035 1,494,743 1,184,222 940,045 253,637 (446,664)
9.Tax expenses 364,180 462,456 302,825 224,494 130,761 (114,573)
10.Profit / (loss) after tax (F8-F9) 732,855 1,032,287 881,397 715,551 122,876 (332,091)
11.Cash dividends 418,399 0 896,570 358,628 0 0
12.Bonus shares / stock dividends 0 0 0 418,399 203,222 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,402,875 1,069,950 (35,942) 89,969 (409,565) 476,638
2.Net cash flows from investing activities (187,291) (1,437,288) (769,728) (916,934) (1,263,612) (289,780)
3.Net cash flows from financing activities (680,233) 287,789 326,531 158,827 (45,631) (584,102)
H.Miscellaneous
1.Total capital employed (C+D) 3,202,499 4,388,296 5,463,839 5,471,373 5,006,513 4,472,932
2.Retention in business (F10-F11-F12) 314,456 1,032,287 (15,173) (61,476) (80,346) (332,091)
3.Depreciation for the year 162,244 178,835 253,581 342,789 381,587 449,507
4.Salaries, wages and employee benefits 1,351,793 1,297,176 1,879,699 2,288,073 2,122,755 1,850,905
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.72 10.89 9.14 6.07 1.17 -3.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.59 1.56 1.25 1.22 0.91 0.72
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.31 16.98 11.44 7.42 1.06 -2.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.71 2.29 2.29 2.62 3.35 3.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.39 38.90 26.13 19.42 3.56 -10.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 12.26 17.27 14.75 11.97 1.21 -2.72
346
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghandhara Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,769,501 2,046,178 2,148,774 2,569,333 2,973,545 4,571,820
1.Capital work in progress 0 3,293 78,228 418,176 89,149 56,178
2.Operating fixed assets at cost 1,884,611 2,145,196 2,183,947 2,330,004 3,045,433 4,820,193
3.Operating fixed assets after deducting accumulated depreciation 1,674,230 1,937,957 1,943,225 2,045,429 2,681,578 4,397,769
4.Intangible assets 45 0 462 384 260 136
5.Long term investments 90,795 90,545 90,301 88,657 89,813 89,569
6.Other non-current assets 4,431 14,383 36,558 16,687 112,745 28,168
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,577,926 3,114,021 6,446,030 9,463,369 12,949,157 14,357,634
1.Cash & bank balance 135,710 585,735 805,135 497,261 500,441 340,906
2.Inventories; of which 512,623 1,623,753 3,779,300 6,888,220 10,359,425 7,547,063
i)Raw material 297,923 1,125,310 2,058,827 4,815,750 7,300,167 4,567,106
ii)Work in progress 60,051 105,023 136,688 109,209 153,698 116,438
iii)Finished goods 154,649 393,420 1,409,943 1,594,755 2,295,343 2,100,456
3.Trade Debt / accounts receivables 42,653 259,680 485,472 95,230 88,406 638,588
4.Short term loans and advances 255,449 142,349 143,340 168,661 133,759 150,547
5.Short term investments 0 0 0 0 0 0
6.Other current assets 631,491 502,504 1,232,783 1,813,997 1,867,126 5,680,530
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,347,427 5,160,199 8,594,804 12,032,702 15,922,702 18,929,454
C.Shareholders' Equity (C1+C2+C3) 2,249,387 3,108,553 3,690,168 4,724,945 4,648,384 5,074,659
1.Issued, Subscribed & Paid up capital 213,044 213,044 213,044 213,044 426,088 426,088
i)Ordinary shares 213,044 213,044 213,044 213,044 426,088 426,088
ii)Preference shares 0 0 0 0 0 0
2.Reserves 365,002 1,022,517 1,612,010 2,651,887 2,172,735 897,105
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 365,002 1,022,517 1,612,010 2,651,887 2,172,735 897,105
of which: un-appropriated profit(loss) / retained earnings 365,002 1,022,517 1,612,010 2,651,882 2,172,735 897,105
3.Surplus on revaluation of fixed assets 1,671,341 1,872,992 1,865,114 1,860,014 2,049,561 3,751,466
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 88,638 132,105 71,251 125,551 84,549 103,464
1.Long term borrowings 10,584 35,999 19,563 34,526 51,745 66,237
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 30,545 6,409 6,073 10,844 13,045 15,802
5.Other non-current liabilities 47,509 89,697 45,615 80,181 19,759 21,425
E.Current Liabilities (E1+E2+E3+E4) 1,009,402 1,919,541 4,833,385 7,182,206 11,189,769 13,751,331
1.Trade credit & other accounts payables 783,464 1,674,229 3,960,103 3,424,737 4,582,157 6,872,811
of which: i) Trade credits 141,607 231,214 349,281 501,650 517,496 452,497
2.Short term borrowings 204,977 202,627 810,302 3,640,075 6,310,049 6,518,396
3.Current portion of non-current liabilities 0 0 0 0 0 29,410
4.Other current liabilities 20,961 42,685 62,980 117,394 297,563 330,714
F.Operations:
1.Sales 3,293,329 5,825,579 10,740,631 16,772,383 13,909,913 11,788,254
i)Local sales (Net) 3,293,329 5,814,302 10,740,631 16,761,761 13,879,898 11,744,753
ii)Export sales (Net) 0 11,277 0 10,622 30,015 43,501
2.Cost of sales 2,603,405 4,278,941 8,537,668 13,661,379 12,308,321 11,095,490
i)Cost of material 2,184,646 4,014,109 8,799,206 12,617,511 11,618,880 9,539,407
3.Gross profit / (loss) (F1-F2) 689,924 1,546,638 2,202,963 3,111,004 1,601,592 692,764
4.General, administrative and other expenses 249,563 366,112 753,828 1,079,620 828,986 788,911
i)Selling & distribution expenses 166,310 220,946 359,159 584,046 534,954 493,750
ii)Administrative and other expenses 83,253 145,166 394,669 495,574 294,032 295,161
5.Other income / (loss) 53,770 30,652 22,127 154,796 117,383 54,656
6.EBIT (F3-F4+F5) 494,131 1,211,178 1,471,262 2,186,180 889,989 (41,491)
7.Financial expenses 167,115 113,073 224,637 222,036 751,019 970,785
of which: (i) Interest expenses 154,476 99,689 202,461 194,263 730,656 934,361
8.Profit / (loss) before taxation (F6-F7) 327,016 1,098,105 1,246,625 1,964,144 138,970 (1,012,276)
9.Tax expenses 103,226 352,244 450,612 601,650 78,961 270,607
10.Profit / (loss) after tax (F8-F9) 223,790 745,861 796,013 1,362,494 60,009 (1,282,883)
11.Cash dividends 95,870 213,044 319,566 332,349 0 0
12.Bonus shares / stock dividends 0 0 0 225,827 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,002,281 588,679 (65,554) (2,372,485) (2,138,425) (302,435)
2.Net cash flows from investing activities (12,428) (73,468) (110,061) (471,631) (211,639) (94,677)
3.Net cash flows from financing activities (9,835) (58,075) (203,342) (303,223) (311,519) 15,795
H.Miscellaneous
1.Total capital employed (C+D) 2,338,025 3,240,658 3,761,419 4,850,496 4,732,933 5,178,123
2.Retention in business (F10-F11-F12) 127,920 532,817 476,447 804,319 60,009 (1,282,883)
3.Depreciation for the year 23,540 27,464 36,084 48,969 141,656 168,963
4.Salaries, wages and employee benefits 164,784 266,882 584,946 701,920 12,001,008 9,890,596
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.80 12.80 7.41 8.12 0.43 -10.88
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.93 1.37 1.56 1.63 1.00 0.68
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.33 17.53 11.57 13.21 0.43 -7.36
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.66 1.59 2.02 2.45 2.98 3.58
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.48 27.84 23.42 32.38 1.28 -26.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.50 - 37.36 63.95 1.41 -30.11
347
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghandhara Nissan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,294,658 2,537,297 2,878,112 3,057,292 4,887,855 4,978,416
1.Capital work in progress 0 5,764 63,113 192,371 296,720 520,794
2.Operating fixed assets at cost 2,025,149 2,205,790 2,342,653 2,468,724 3,961,247 4,067,665
3.Operating fixed assets after deducting accumulated depreciation 1,762,699 1,857,185 1,928,917 1,947,962 3,631,186 3,604,087
4.Intangible assets 88 344 258 2,900 2,654 1,991
5.Long term investments 508,761 647,079 857,012 886,352 915,674 800,676
6.Other non-current assets 23,110 26,925 28,812 27,707 41,621 50,868
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,955,123 2,527,471 2,186,151 4,793,071 4,619,240 3,515,995
1.Cash & bank balance 351,724 394,789 573,693 1,323,012 202,173 353,516
2.Inventories; of which 878,968 1,249,977 699,540 1,767,583 2,127,741 1,649,965
i)Raw material 735,654 1,084,164 322,727 1,044,528 1,061,481 513,375
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 143,314 165,813 376,813 723,055 1,066,260 1,136,590
3.Trade Debt / accounts receivables 375,973 448,895 516,167 1,201,044 987,340 674,771
4.Short term loans and advances 40,405 51,993 51,235 76,224 33,171 12,055
5.Short term investments 30,092 0 0 100,928 392,878 0
6.Other current assets 277,961 381,817 345,516 324,280 875,937 825,688
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,249,781 5,064,768 5,064,263 7,850,363 9,507,095 8,494,411
C.Shareholders' Equity (C1+C2+C3) 2,748,236 3,233,203 3,766,426 5,867,518 7,453,730 7,021,001
1.Issued, Subscribed & Paid up capital 450,025 450,025 450,025 450,025 570,025 570,025
i)Ordinary shares 450,025 450,025 450,025 450,025 570,025 570,025
ii)Preference shares 0 0 0 0 0 0
2.Reserves 895,125 1,413,081 1,926,497 4,130,885 4,309,556 3,878,690
i)Capital Reserve 104,164 106,527 108,452 110,279 1,174,590 1,176,080
ii)Revenue Reserve 790,961 1,306,554 1,818,045 4,020,606 3,134,966 2,702,610
of which: un-appropriated profit(loss) / retained earnings 790,961 1,306,554 1,818,045 2,966,287 3,134,966 2,702,610
3.Surplus on revaluation of fixed assets 1,403,086 1,370,097 1,389,904 1,286,608 2,574,149 2,572,286
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 436,477 322,944 384,654 340,855 441,912 483,918
1.Long term borrowings 45,365 40,177 92,194 65,828 71,017 142,695
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 111,953 11 6 0 0 0
5.Other non-current liabilities 279,159 282,756 292,454 275,027 370,895 341,223
E.Current Liabilities (E1+E2+E3+E4) 1,065,068 1,508,621 913,183 1,641,990 1,611,453 989,492
1.Trade credit & other accounts payables 894,635 1,489,973 862,747 1,429,111 633,470 542,533
of which: i) Trade credits 75,773 163,078 106,560 145,064 76,953 63,591
2.Short term borrowings 151,061 0 0 153,661 875,673 355,929
3.Current portion of non-current liabilities 11,387 13,659 38,313 39,015 50,213 57,889
4.Other current liabilities 7,985 4,989 12,123 20,203 52,097 33,141
F.Operations:
1.Sales 5,596,436 5,761,498 6,568,846 4,896,644 5,946,358 2,497,942
i)Local sales (Net) 5,595,076 5,759,319 6,567,363 4,896,644 5,946,358 2,497,942
ii)Export sales (Net) 1,360 2,179 1,483 0 0 0
2.Cost of sales 4,448,751 4,565,798 5,356,508 4,117,779 5,169,681 2,355,806
i)Cost of material 3,573,881 3,736,073 4,472,159 2,790,184 3,734,093 1,437,481
3.Gross profit / (loss) (F1-F2) 1,147,685 1,195,700 1,212,338 778,865 776,677 142,136
4.General, administrative and other expenses 285,202 330,579 323,586 324,918 430,435 386,355
i)Selling & distribution expenses 56,819 61,959 54,473 66,768 99,650 102,812
ii)Administrative and other expenses 228,383 268,620 269,113 258,150 330,785 283,543
5.Other income / (loss) 46,114 199,470 237,437 1,208,562 197,835 (92,329)
6.EBIT (F3-F4+F5) 908,597 1,064,591 1,126,189 1,662,509 544,077 (336,548)
7.Financial expenses 87,482 19,950 9,620 31,152 318,670 132,652
of which: (i) Interest expenses 70,304 8,834 6,784 27,695 113,452 129,737
8.Profit / (loss) before taxation (F6-F7) 821,115 1,044,641 1,116,569 1,631,357 225,407 (469,200)
9.Tax expenses 283,188 309,808 397,369 283,001 82,388 2,361
10.Profit / (loss) after tax (F8-F9) 537,927 734,833 719,200 1,348,356 143,019 (471,561)
11.Cash dividends 202,511 270,015 225,013 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 641,695 552,785 685,425 (1,061,796) (1,354,927) 506,092
2.Net cash flows from investing activities (12,982) (108,022) (268,738) 865,964 (606,931) 154,268
3.Net cash flows from financing activities (448,431) (401,698) (237,783) 945,151 841,019 (509,017)
H.Miscellaneous
1.Total capital employed (C+D) 3,184,713 3,556,147 4,151,080 6,208,373 7,895,642 7,504,919
2.Retention in business (F10-F11-F12) 335,416 464,818 494,188 1,348,356 143,019 (471,561)
3.Depreciation for the year 78,064 89,663 97,321 109,909 121,342 145,819
4.Salaries, wages and employee benefits 333,722 414,681 480,462 463,122 545,545 574,120
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.61 12.75 10.95 27.54 2.41 -18.88
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.38 1.24 1.30 0.76 0.69 0.28
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.31 15.78 14.20 20.88 1.65 -5.24
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.61 1.56 1.45 1.34 1.30 1.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.41 24.57 20.55 27.99 2.15 -6.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 11.95 16.33 15.98 29.96 2.51 -8.27
348
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ghani Automobiles Industries Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 61,171 82,442 53,418 49,614 46,125 43,062
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 75,602 97,953 99,767 98,777 98,693 98,693
3.Operating fixed assets after deducting accumulated depreciation 35,962 55,216 52,882 49,016 45,526 42,463
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 25,209 27,226 536 598 599 599
B.Current Assets (B1+B2+B3+B4+B5+B6) 375,545 274,298 275,161 295,002 244,913 190,330
1.Cash & bank balance 4,050 1,304 2,055 3,012 2,892 5,193
2.Inventories; of which 103,107 46,328 41,993 74,344 52,233 57,942
i)Raw material 74,337 27,137 28,073 50,486 30,457 35,372
ii)Work in progress 13,041 11,303 5,605 5,379 5,378 9,723
iii)Finished goods 15,729 7,888 8,315 18,479 16,398 12,847
3.Trade Debt / accounts receivables 194,391 163,421 149,999 146,201 109,264 60,854
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 73,997 63,245 81,114 71,445 80,524 66,341
Total Assets (A+B) / Equity & Liabilities (C+D+E) 436,716 356,740 328,579 344,616 291,038 233,392
C.Shareholders' Equity (C1+C2+C3) 217,331 142,340 89,186 81,233 57,745 8,561
1.Issued, Subscribed & Paid up capital 500,000 500,000 500,000 500,000 500,289 500,289
i)Ordinary shares 500,000 500,000 500,000 500,000 500,289 500,289
ii)Preference shares 0 0 0 0 0 0
2.Reserves (282,669) (357,660) (410,814) (418,767) (442,544) (491,728)
i)Capital Reserve (150,000) (150,000) (150,000) (150,000) (150,029) (150,029)
ii)Revenue Reserve (132,669) (207,660) (260,814) (268,767) (292,515) (341,699)
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 39,500 39,500 39,500
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 39,500 39,500 39,500
E.Current Liabilities (E1+E2+E3+E4) 219,385 214,400 239,393 223,883 193,793 185,331
1.Trade credit & other accounts payables 94,893 98,734 126,678 223,273 193,183 184,721
of which: i) Trade credits 79,166 78,879 89,978 190,969 161,191 150,259
2.Short term borrowings 122,570 115,105 112,105 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,922 561 610 610 610 610
F.Operations:
1.Sales 126,664 56,071 116,198 192,037 148,992 70,294
i)Local sales (Net) 126,664 56,071 116,198 192,037 148,992 70,294
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 148,294 90,367 128,311 189,865 168,259 88,193
i)Cost of material 131,683 54,635 102,440 177,779 142,677 74,437
3.Gross profit / (loss) (F1-F2) (21,630) (34,296) (12,113) 2,172 (19,267) (17,899)
4.General, administrative and other expenses 20,254 71,310 34,856 33,158 45,795 20,070
i)Selling & distribution expenses 11,765 12,868 16,342 13,086 12,000 4,364
ii)Administrative and other expenses 8,489 58,442 18,514 20,072 33,795 15,706
5.Other income / (loss) 56,064 29,001 22,418 25,276 44,273 6,125
6.EBIT (F3-F4+F5) 14,180 (76,605) (24,551) (5,710) (20,789) (31,844)
7.Financial expenses 3,568 290 172 319 182 56
of which: (i) Interest expenses 0 258 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 10,612 (76,895) (24,723) (6,029) (20,971) (31,900)
9.Tax expenses 1,845 (1,903) 28,431 1,922 2,776 1,046
10.Profit / (loss) after tax (F8-F9) 8,767 (74,992) (53,154) (7,951) (23,747) (32,946)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (14,444) 26,741 5,641 111,934 (441) 2,301
2.Net cash flows from investing activities (64) (21,903) (1,890) 1,128 60 0
3.Net cash flows from financing activities 8,511 (7,583) (3,000) (112,105) 260 0
H.Miscellaneous
1.Total capital employed (C+D) 217,331 142,340 89,186 120,733 97,245 48,061
2.Retention in business (F10-F11-F12) 8,767 (74,992) (53,154) (7,951) (23,747) (32,946)
3.Depreciation for the year 2,357 3,097 4,148 3,868 3,425 3,063
4.Salaries, wages and employee benefits 20,685 25,415 20,101 20,609 21,296 10,160
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.92 -133.74 -45.74 -4.14 -15.94 -46.87
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.29 0.14 0.34 0.57 0.47 0.27
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.04 -18.90 -15.51 -2.36 -7.47 -12.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.12 2.21 2.96 3.95 4.57 7.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.36 -41.70 -45.92 -9.33 -34.17 -99.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.18 -1.50 -1.06 -0.16 -0.47 -0.66
349
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hinopak Motors Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,040,195 2,228,313 2,874,317 3,138,662 3,185,487 3,685,989
1.Capital work in progress 21,969 64,251 2,649 99,016 57,953 59,026
2.Operating fixed assets at cost 2,737,007 2,984,674 3,619,074 3,923,212 4,187,112 4,866,794
3.Operating fixed assets after deducting accumulated depreciation 1,973,574 2,123,096 2,821,316 2,997,017 3,069,788 3,579,760
4.Intangible assets 10,649 20,374 17,733 13,335 7,769 3,163
5.Long term investments 423 72 72 72 0 0
6.Other non-current assets 33,580 20,520 32,547 29,222 49,977 44,040
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,181,541 7,436,013 7,188,418 11,330,872 11,105,189 5,770,771
1.Cash & bank balance 2,665,997 3,664,707 2,872,070 4,838,879 49,683 138,607
2.Inventories; of which 1,814,191 2,769,839 3,259,661 4,914,595 8,019,351 3,826,491
i)Raw material 1,292,485 2,063,636 2,698,235 4,431,788 4,431,788 3,064,435
ii)Work in progress 245,966 50,732 30,330 33,054 33,054 30,413
iii)Finished goods 275,740 585,941 429,726 343,457 343,457 731,643
3.Trade Debt / accounts receivables 1,287,210 503,964 249,536 714,935 959,682 369,410
4.Short term loans and advances 17,465 40,510 88,788 23,274 22,545 17,999
5.Short term investments 0 0 0 0 0 0
6.Other current assets 396,678 456,993 718,363 839,189 2,053,928 1,418,264
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,221,736 9,664,326 10,062,735 14,469,534 14,290,676 9,456,760
C.Shareholders' Equity (C1+C2+C3) 3,986,075 4,288,297 4,767,638 5,292,099 3,560,412 1,709,088
1.Issued, Subscribed & Paid up capital 124,006 124,006 124,006 124,006 124,006 124,006
i)Ordinary shares 124,006 124,006 124,006 124,006 124,006 124,006
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,645,919 2,964,733 2,984,494 3,319,366 1,626,362 (390,159)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 2,645,919 2,964,733 2,984,494 3,319,366 1,626,362 (390,159)
of which: un-appropriated profit(loss) / retained earnings 0 0 0 3,028,366 1,335,362 (681,159)
3.Surplus on revaluation of fixed assets 1,216,150 1,199,558 1,659,138 1,848,727 1,810,044 1,975,241
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 181,391 241,721 281,192 291,813 298,314 303,229
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 105,289 145,913 154,922 168,377 181,388 168,020
5.Other non-current liabilities 76,102 95,808 126,270 123,436 116,926 135,209
E.Current Liabilities (E1+E2+E3+E4) 4,054,270 5,134,308 5,013,905 8,885,622 10,431,950 7,444,443
1.Trade credit & other accounts payables 4,054,270 4,840,417 4,708,753 8,393,894 3,343,029 2,317,882
of which: i) Trade credits 210,654 303,264 314,037 394,307 176,166 170,443
2.Short term borrowings 0 0 0 0 6,766,074 4,115,238
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 293,891 305,152 491,728 322,847 1,011,323
F.Operations:
1.Sales 12,636,288 18,086,850 22,477,498 26,615,071 19,130,839 13,191,060
i)Local sales (Net) 12,636,288 18,086,850 22,477,498 26,615,071 19,130,839 13,191,060
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 10,662,904 15,324,774 20,011,397 23,580,631 18,017,525 13,361,471
i)Cost of material 9,035,290 13,888,432 17,998,975 21,210,969 15,896,222 10,857,447
3.Gross profit / (loss) (F1-F2) 1,973,384 2,762,076 2,466,101 3,034,440 1,113,314 (170,411)
4.General, administrative and other expenses 800,010 922,992 943,672 986,679 759,331 706,780
i)Selling & distribution expenses 303,227 397,964 427,304 440,146 379,128 351,114
ii)Administrative and other expenses 496,783 525,028 516,368 546,533 380,203 355,666
5.Other income / (loss) 261,044 192,661 254,505 300,789 147,640 67,972
6.EBIT (F3-F4+F5) 1,434,418 2,031,745 1,776,934 2,348,550 501,623 (809,219)
7.Financial expenses (118,171) 304,703 80,224 679,002 1,021,797 1,034,779
of which: (i) Interest expenses 37 0 15,225 23,925 187,502 835,656
8.Profit / (loss) before taxation (F6-F7) 1,552,589 1,727,042 1,696,710 1,669,548 (520,174) (1,843,998)
9.Tax expenses 479,365 613,667 576,809 520,173 353,123 210,978
10.Profit / (loss) after tax (F8-F9) 1,073,224 1,113,375 1,119,901 1,149,375 (873,297) (2,054,976)
11.Cash dividends 804,923 1,113,326 839,893 862,090 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,876,129 2,144,210 586,938 2,866,994 (10,259,459) 3,229,199
2.Net cash flows from investing activities (163,174) (343,554) (269,486) (239,605) (258,037) (489,220)
3.Net cash flows from financing activities (466,447) (801,946) (1,110,089) (660,580) (1,037,774) (219)
H.Miscellaneous
1.Total capital employed (C+D) 4,167,466 4,530,018 5,048,830 5,583,912 3,858,726 2,012,317
2.Retention in business (F10-F11-F12) 268,301 49 280,008 287,285 (873,297) (2,054,976)
3.Depreciation for the year 129,708 144,278 173,797 211,138 227,780 226,193
4.Salaries, wages and employee benefits 1,188,187 1,268,659 1,359,481 1,548,736 1,134,576 957,169
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.49 6.16 4.98 4.32 -4.56 -15.58
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.60 2.02 2.28 2.17 1.33 1.11
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 13.62 12.45 11.35 9.37 -6.07 -17.31
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.14 2.16 2.18 2.44 3.25 4.51
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 29.12 26.91 24.73 22.85 -19.73 -78.00
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 86.55 89.78 90.31 92.69 -70.42 -165.72
350
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Honda Atlas Cars (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,377,788 3,866,750 5,085,579 5,566,436 5,805,065 5,239,647
1.Capital work in progress 38,776 1,198,229 199,194 76,348 123,487 97,062
2.Operating fixed assets at cost 8,124,859 8,220,642 10,479,228 11,398,913 12,007,587 12,332,664
3.Operating fixed assets after deducting accumulated depreciation 2,822,852 2,511,897 4,402,000 4,991,899 4,905,667 4,518,634
4.Intangible assets 71,373 71,035 373,092 305,124 215,951 289,015
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 444,787 85,589 111,293 193,065 559,960 334,936
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,548,281 12,338,148 46,411,455 53,242,343 26,296,126 26,602,167
1.Cash & bank balance 3,358,383 5,963,117 9,536,380 10,993,000 1,391,842 1,521,707
2.Inventories; of which 5,523,796 4,009,825 6,658,735 8,208,043 8,670,614 11,268,644
i)Raw material 3,637,182 2,034,451 5,328,519 6,659,408 6,896,477 8,348,583
ii)Work in progress 514,259 330,953 537,655 429,540 482,331 577,187
iii)Finished goods 1,372,355 1,644,421 792,561 1,119,095 1,291,806 2,342,874
3.Trade Debt / accounts receivables 44,224 86,242 49,536 92,441 1,122,986 868,505
4.Short term loans and advances 1,489,154 1,006,233 9,088,890 13,135,180 10,173,428 977,079
5.Short term investments 0 1,149,777 20,943,345 20,674,900 4,768,252 4,053,057
6.Other current assets 132,724 122,954 134,569 138,779 169,004 7,913,175
Total Assets (A+B) / Equity & Liabilities (C+D+E) 13,926,069 16,204,898 51,497,034 58,808,779 32,101,191 31,841,814
C.Shareholders' Equity (C1+C2+C3) 5,119,752 7,940,949 13,064,847 17,073,492 17,626,652 16,557,254
1.Issued, Subscribed & Paid up capital 1,428,000 1,428,000 1,428,000 1,428,000 1,428,000 1,428,000
i)Ordinary shares 1,428,000 1,428,000 1,428,000 1,428,000 1,428,000 1,428,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,691,752 6,512,949 11,636,847 15,645,492 16,198,652 15,129,254
i)Capital Reserve 76,000 76,000 76,000 76,000 76,000 76,000
ii)Revenue Reserve 3,615,752 6,436,949 11,560,847 15,569,492 16,122,652 15,053,254
of which: un-appropriated profit(loss) / retained earnings 3,165,752 3,556,949 6,130,847 5,939,492 3,892,652 823,254
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 64,175 225,767 439,631 539,814 464,653 474,432
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 82,824 61,645 93,385 164,766 187,484
5.Other non-current liabilities 64,175 142,943 377,986 446,429 299,887 286,948
E.Current Liabilities (E1+E2+E3+E4) 8,742,142 8,038,182 37,992,556 41,195,473 14,009,886 14,810,128
1.Trade credit & other accounts payables 8,735,729 8,031,319 37,654,150 41,169,065 13,957,974 12,159,148
of which: i) Trade credits 731,412 847,306 1,386,940 1,791,626 1,552,689 821,700
2.Short term borrowings 0 0 0 0 0 2,332,246
3.Current portion of non-current liabilities 0 6,194 4,480 3,026 5,232 20,498
4.Other current liabilities 6,413 669 333,926 23,382 46,680 298,236
F.Operations:
1.Sales 37,764,159 40,085,521 62,802,753 91,522,872 95,128,289 55,046,264
i)Local sales (Net) 37,764,159 40,085,521 62,802,753 91,522,872 95,128,289 55,046,264
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 32,991,341 34,038,741 53,681,061 81,073,777 87,824,215 50,955,042
i)Cost of material 29,886,562 30,544,709 47,822,352 74,684,759 80,771,728 46,185,802
3.Gross profit / (loss) (F1-F2) 4,772,818 6,046,780 9,121,692 10,449,095 7,304,074 4,091,222
4.General, administrative and other expenses 1,206,094 1,170,684 1,577,113 2,839,077 3,012,834 2,455,196
i)Selling & distribution expenses 434,257 333,046 542,321 916,906 931,787 667,901
ii)Administrative and other expenses 771,837 837,638 1,034,792 1,922,171 2,081,047 1,787,295
5.Other income / (loss) 218,979 309,777 1,115,189 1,883,025 1,313,522 638,618
6.EBIT (F3-F4+F5) 3,785,703 5,185,873 8,659,768 9,493,043 5,604,762 2,274,644
7.Financial expenses 18,666 6,991 23,443 14,476 11,189 727,444
of which: (i) Interest expenses 12,297 1,200 14,123 696 0 593,418
8.Profit / (loss) before taxation (F6-F7) 3,767,037 5,178,882 8,636,325 9,478,567 5,593,573 1,547,200
9.Tax expenses 604,660 1,623,100 2,501,335 2,984,117 1,742,460 865,448
10.Profit / (loss) after tax (F8-F9) 3,162,377 3,555,782 6,134,990 6,494,450 3,851,113 681,752
11.Cash dividends 714,000 999,600 18,564,000 3,845,604 1,735,020 142,800
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,858,220 5,553,375 25,192,054 3,989,036 (22,061,177) (535,483)
2.Net cash flows from investing activities (428,154) (1,492,579) (5,492,155) (2,783,704) 6,708,368 (161,046)
3.Net cash flows from financing activities (425,833) (710,685) (995,796) (2,445,286) (3,224,637) 439,295
H.Miscellaneous
1.Total capital employed (C+D) 5,183,927 8,166,716 13,504,478 17,613,306 18,091,305 17,031,686
2.Retention in business (F10-F11-F12) 2,448,377 2,556,182 (12,429,010) 2,648,846 2,116,093 538,952
3.Depreciation for the year 628,481 421,363 509,018 733,870 881,619 826,544
4.Salaries, wages and employee benefits 1,189,107 1,386,918 1,881,726 2,620,357 2,469,841 1,849,901
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.37 8.87 9.77 7.10 4.05 1.24
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.88 2.66 1.86 1.66 2.09 1.72
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 24.10 23.60 18.12 11.78 8.47 2.13
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.49 2.31 3.22 3.66 2.62 1.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 84.21 54.45 58.41 43.10 22.20 3.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 22.15 24.90 42.96 45.48 26.97 4.77
351
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Indus Motor Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,174,299 10,156,445 6,438,224 7,383,936 13,925,068 16,661,342
1.Capital work in progress 73,483 208,200 1,067,088 291,468 443,721 1,166,993
2.Operating fixed assets at cost 14,877,734 15,959,859 17,741,404 21,276,799 29,493,049 33,965,288
3.Operating fixed assets after deducting accumulated depreciation 5,110,267 4,710,786 5,190,839 6,933,371 13,360,788 15,334,649
4.Intangible assets 9,727 19,291 87,517 86,540 93,524 72,550
5.Long term investments 4,954,764 5,005,805 0 0 0 0
6.Other non-current assets 26,058 212,363 92,780 72,557 27,035 87,150
B.Current Assets (B1+B2+B3+B4+B5+B6) 40,225,150 47,380,549 57,441,499 74,543,128 50,857,994 63,617,222
1.Cash & bank balance 5,365,388 2,737,569 3,221,120 2,200,772 3,281,782 1,171,064
2.Inventories; of which 6,150,448 7,785,245 9,317,883 11,150,736 13,560,393 15,932,791
i)Raw material 5,639,599 6,782,141 8,380,620 3,369,570 3,369,570 12,584,495
ii)Work in progress 261,221 549,799 516,783 518,329 518,329 970,298
iii)Finished goods 249,628 453,305 420,480 201,619 201,619 388,161
3.Trade Debt / accounts receivables 447,750 1,131,702 758,872 1,453,670 2,547,915 1,141,711
4.Short term loans and advances 1,220,574 1,125,490 1,652,906 3,714,654 3,728,026 2,990,543
5.Short term investments 6,756,886 33,696,804 41,487,709 55,031,103 23,402,464 41,194,878
6.Other current assets 20,284,104 903,739 1,003,009 992,193 4,337,414 1,186,235
Total Assets (A+B) / Equity & Liabilities (C+D+E) 50,399,449 57,536,994 63,879,723 81,927,064 64,783,062 80,278,564
C.Shareholders' Equity (C1+C2+C3) 24,035,520 27,629,609 31,196,962 36,744,342 40,045,309 41,169,391
1.Issued, Subscribed & Paid up capital 786,000 786,000 786,000 786,000 786,000 786,000
i)Ordinary shares 786,000 786,000 786,000 786,000 786,000 786,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 23,249,520 26,843,609 30,410,962 35,958,342 39,259,309 40,383,391
i)Capital Reserve 196,500 196,500 196,500 196,500 196,500 196,500
ii)Revenue Reserve 23,053,020 26,647,109 30,214,462 35,761,842 39,062,809 40,186,891
of which: un-appropriated profit(loss) / retained earnings 6,201,970 6,796,059 6,763,412 8,310,792 7,111,759 3,735,841
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 3,933 22,711 558,920 483,125
1.Long term borrowings 0 0 0 0 80,540 479,326
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 3,933 22,711 478,380 3,799
E.Current Liabilities (E1+E2+E3+E4) 26,363,929 29,907,385 32,678,828 45,160,011 24,178,833 38,626,048
1.Trade credit & other accounts payables 9,180,705 10,035,145 9,515,578 15,731,241 15,950,203 13,593,480
of which: i) Trade credits 1,289,940 1,567,071 1,358,759 2,258,449 2,637,597 2,129,136
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 3,933 3,300 141,845
4.Other current liabilities 17,183,224 19,872,240 23,163,250 29,424,837 8,225,330 24,890,723
F.Operations:
1.Sales 96,516,322 108,758,668 112,271,656 140,207,524 157,996,212 86,167,016
i)Local sales (Net) 96,516,322 108,758,668 112,257,320 140,207,524 157,996,212 86,167,016
ii)Export sales (Net) 0 0 14,336 0 0 0
2.Cost of sales 82,272,092 91,027,369 92,449,955 115,830,771 138,804,538 78,716,157
i)Cost of material 73,210,265 81,396,691 79,637,694 100,408,741 120,953,815 66,049,227
3.Gross profit / (loss) (F1-F2) 14,244,230 17,731,299 19,821,701 24,376,753 19,191,674 7,450,859
4.General, administrative and other expenses 2,966,575 3,421,022 3,876,361 4,705,866 3,048,621 3,050,701
i)Selling & distribution expenses 996,017 1,060,891 1,227,647 1,283,889 1,403,611 1,468,862
ii)Administrative and other expenses 1,970,558 2,360,131 2,648,714 3,421,977 1,645,010 1,581,839
5.Other income / (loss) 2,906,797 3,164,440 3,593,425 3,900,685 2,900,283 2,972,938
6.EBIT (F3-F4+F5) 14,184,452 17,474,717 19,538,765 23,571,572 19,043,336 7,373,096
7.Financial expenses 51,883 77,271 397,998 572,406 67,407 85,737
of which: (i) Interest expenses 36 0 329,112 492,095 72 6,494
8.Profit / (loss) before taxation (F6-F7) 14,132,569 17,397,446 19,140,767 22,999,166 18,975,929 7,287,359
9.Tax expenses 5,022,318 5,942,506 6,139,502 7,227,306 5,260,954 2,205,332
10.Profit / (loss) after tax (F8-F9) 9,110,251 11,454,940 13,001,265 15,771,860 13,714,975 5,082,027
11.Cash dividends 6,288,000 7,860,000 9,039,000 11,004,000 9,039,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 28,750,249 11,412,770 12,610,888 22,128,829 (15,289,265) 21,641,397
2.Net cash flows from investing activities (5,995,315) 1,496,573 (357,727) 3,457,049 4,211,577 (3,064,127)
3.Net cash flows from financing activities (4,889,130) (7,894,662) 9,391,010 (10,142,419) (10,281,245) (3,395,620)
H.Miscellaneous
1.Total capital employed (C+D) 24,035,520 27,629,609 31,200,895 36,767,053 40,604,229 41,652,516
2.Retention in business (F10-F11-F12) 2,822,251 3,594,940 3,962,265 4,767,860 4,675,975 5,082,027
3.Depreciation for the year 1,541,964 1,624,816 1,602,941 1,923,734 2,091,038 2,803,625
4.Salaries, wages and employee benefits 2,417,446 3,266,940 3,355,891 4,556,573 3,996,314 2,644,617
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.44 10.53 11.58 11.25 8.68 5.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.52 2.02 1.85 1.92 2.15 1.19
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 23.81 21.23 21.42 21.63 18.70 7.01
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.74 2.09 2.06 2.15 1.91 1.79
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 41.46 44.34 44.20 46.43 35.72 12.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 115.91 145.74 165.41 200.66 174.49 64.66
352
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Loads Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 1,450,807 2,304,605 4,395,828 5,108,376
1.Capital work in progress - 109,809 1,096,921 3,737,869 4,137,673
2.Operating fixed assets at cost - 1,231,018 1,610,113 1,435,898 1,645,108
3.Operating fixed assets after deducting accumulated depreciation - 672,498 782,742 371,218 794,857
4.Intangible assets - 2,089 2,249 1,138 345
5.Long term investments - 639,025 399,118 278,706 158,739
6.Other non-current assets - 27,386 23,575 6,897 16,762
B.Current Assets (B1+B2+B3+B4+B5+B6) - 2,403,813 3,284,246 3,327,059 2,698,808
1.Cash & bank balance - 343,121 535,897 32,771 95,282
2.Inventories; of which - 1,181,967 1,662,759 1,404,713 1,381,184
i)Raw material - 933,433 1,466,986 1,342,036 1,336,158
ii)Work in progress - 140,014 150,979 80,696 74,332
iii)Finished goods - 110,143 49,683 0 0
3.Trade Debt / accounts receivables - 223,972 350,810 601,589 328,704
4.Short term loans and advances - 92,414 155,422 69,089 67,823
5.Short term investments - 107,436 74,292 34,736 9,002
6.Other current assets - 454,903 505,066 1,184,161 816,813
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 3,854,620 5,588,851 7,722,887 7,807,184
C.Shareholders' Equity (C1+C2+C3) - 3,402,579 3,651,343 3,576,136 3,097,422
1.Issued, Subscribed & Paid up capital - 1,375,000 1,512,500 1,512,500 1,512,500
i)Ordinary shares - 1,375,000 1,512,500 1,512,500 1,512,500
ii)Preference shares - 0 0 0 0
2.Reserves - 2,027,579 2,138,843 2,063,636 1,584,922
i)Capital Reserve - 1,129,079 1,428,658 1,425,469 1,354,820
ii)Revenue Reserve - 898,500 710,185 638,167 230,102
of which: un-appropriated profit(loss) / retained earnings - 898,500 696,945 641,560 231,918
3.Surplus on revaluation of fixed assets - 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 94,811 96,339 248,787 1,749,809
1.Long term borrowings - 8,935 5,014 168,334 1,733,660
2.Subordinated loans / Sponsor's loans - 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0
4.Employees benefit obligations - 287 0 10,467 16,149
5.Other non-current liabilities - 85,589 91,325 69,986 0
E.Current Liabilities (E1+E2+E3+E4) - 357,230 1,841,169 3,897,965 2,959,953
1.Trade credit & other accounts payables - 313,568 364,665 501,533 491,986
of which: i) Trade credits - 173,607 201,308 257,046 60,946
2.Short term borrowings - 28,395 1,439,632 3,274,028 2,088,194
3.Current portion of non-current liabilities - 13,258 14,049 4,105 49,079
4.Other current liabilities - 2,009 22,823 118,299 330,694
F.Operations:
1.Sales - 4,405,127 4,889,664 5,709,735 2,778,631
i)Local sales (Net) - 4,405,127 4,889,664 5,709,735 2,778,631
ii)Export sales (Net) - 0 0 0 0
2.Cost of sales - 3,857,544 4,369,075 5,072,556 2,726,361
i)Cost of material - 3,111,378 3,435,377 4,114,376 1,768,210
3.Gross profit / (loss) (F1-F2) - 547,583 520,589 637,179 52,270
4.General, administrative and other expenses - 213,798 263,346 278,877 254,408
i)Selling & distribution expenses - 185,266 227,024 258,502 239,016
ii)Administrative and other expenses - 28,532 36,322 20,375 15,392
5.Other income / (loss) - 89,698 78,814 (109,532) (279,936)
6.EBIT (F3-F4+F5) - 423,483 336,057 248,770 (482,074)
7.Financial expenses - 45,751 90,961 188,329 235,609
of which: (i) Interest expenses - 36,610 48,130 105,804 215,195
8.Profit / (loss) before taxation (F6-F7) - 377,732 245,096 60,441 (717,683)
9.Tax expenses - 71,304 83,537 116,702 (70,956)
10.Profit / (loss) after tax (F8-F9) - 306,428 161,559 (56,261) (646,727)
11.Cash dividends - 137,500 0 0 0
12.Bonus shares / stock dividends - 137,500 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - 411,558 (437,261) 338,981 664,904
2.Net cash flows from investing activities - (479,660) (878,491) (2,789,010) (896,788)
3.Net cash flows from financing activities - 1,446,925 97,291 112,508 1,480,229
H.Miscellaneous
1.Total capital employed (C+D) - 3,497,390 3,747,682 3,824,923 4,847,231
2.Retention in business (F10-F11-F12) - 31,428 161,559 (56,261) (646,727)
3.Depreciation for the year - 94,095 104,143 105,820 101,180
4.Salaries, wages and employee benefits - 378,085 536,928 484,436 454,253
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 6.96 3.30 -0.99 -23.28
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 1.14 0.87 0.86 0.36
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 7.95 2.89 -0.85 -8.33
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.13 1.53 1.84 2.33
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 9.01 4.42 -1.56 -19.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.23 1.07 -0.37 -4.28
353
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Millat Tractors Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,012,364 1,923,233 2,304,149 2,491,459 3,456,094 3,864,789
1.Capital work in progress 215,558 270,631 145,508 83,917 30,912 34,425
2.Operating fixed assets at cost 1,264,530 2,988,172 3,445,837 3,671,506 3,951,394 3,910,800
3.Operating fixed assets after deducting accumulated depreciation 1,264,530 1,238,495 1,581,995 1,666,736 1,789,809 1,645,923
4.Intangible assets 23,091 22,169 19,671 18,707 22,710 81,469
5.Long term investments 349,524 382,263 488,901 695,633 1,342,583 2,050,427
6.Other non-current assets 159,661 9,675 68,074 26,466 270,080 52,545
B.Current Assets (B1+B2+B3+B4+B5+B6) 8,224,894 10,148,007 17,715,851 17,327,387 10,070,560 9,829,889
1.Cash & bank balance 1,195,761 2,734,452 2,213,683 839,384 1,040,318 1,955,126
2.Inventories; of which 3,336,095 3,149,366 4,438,217 5,374,605 3,924,036 4,589,238
i)Raw material 2,476,493 2,055,420 3,480,817 4,316,920 3,012,518 3,553,486
ii)Work in progress 300,063 221,196 249,712 375,499 244,314 236,406
iii)Finished goods 559,539 872,750 707,688 682,186 667,204 799,346
3.Trade Debt / accounts receivables 324,059 433,764 285,300 255,533 357,962 221,150
4.Short term loans and advances 145,400 135,257 136,376 137,115 216,086 110,503
5.Short term investments 1,048,703 1,194,315 7,281,640 7,422,378 4,182 143,855
6.Other current assets 2,174,876 2,500,853 3,360,635 3,298,372 4,527,976 2,810,017
Total Assets (A+B) / Equity & Liabilities (C+D+E) 10,237,258 12,071,240 20,020,000 19,818,846 13,526,654 13,694,678
C.Shareholders' Equity (C1+C2+C3) 6,451,707 5,996,617 8,011,003 8,053,888 6,731,349 5,635,983
1.Issued, Subscribed & Paid up capital 442,926 442,926 442,926 442,926 442,926 498,292
i)Ordinary shares 442,926 442,926 442,926 442,926 442,926 498,292
ii)Preference shares 0 0 0 0 0 0
2.Reserves 6,008,781 5,553,691 7,568,077 7,610,962 6,288,423 5,137,691
i)Capital Reserve 1,199,018 1,265,838 1,457,171 1,489,399 1,193,964 1,253,038
ii)Revenue Reserve 4,809,763 4,287,853 6,110,906 6,121,563 5,094,459 3,884,653
of which: un-appropriated profit(loss) / retained earnings 1,496,683 1,105,960 3,635,597 3,646,254 2,619,150 1,409,344
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 101,803 211,516 196,989 261,735 75,194 482,774
1.Long term borrowings 0 0 0 0 0 186,445
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 34,724 168,513 81,212 102,411 49,619 212,988
5.Other non-current liabilities 67,079 43,003 115,777 159,324 25,575 83,341
E.Current Liabilities (E1+E2+E3+E4) 3,683,748 5,863,107 11,812,008 11,503,223 6,720,111 7,575,921
1.Trade credit & other accounts payables 2,964,231 5,461,736 11,315,245 10,805,686 5,330,628 6,158,096
of which: i) Trade credits 982,577 976,328 1,177,147 1,062,386 1,790,640 1,972,026
2.Short term borrowings 592,917 274,159 125,501 243,700 887,798 899,181
3.Current portion of non-current liabilities 846 899 1,013 1,192 411 78,926
4.Other current liabilities 125,754 126,313 370,249 452,645 501,274 439,718
F.Operations:
1.Sales 24,045,441 17,961,175 31,612,367 39,586,362 32,030,959 23,896,549
i)Local sales (Net) 23,417,451 17,505,895 30,553,872 39,040,032 31,722,451 22,439,548
ii)Export sales (Net) 627,990 455,280 1,058,495 546,330 308,508 1,457,001
2.Cost of sales 18,513,326 13,736,444 22,825,374 29,129,335 25,202,514 19,004,725
i)Cost of material 15,331,581 10,883,370 18,887,884 25,598,430 21,705,576 16,232,974
3.Gross profit / (loss) (F1-F2) 5,532,115 4,224,731 8,786,993 10,457,027 6,828,445 4,891,824
4.General, administrative and other expenses 1,471,931 1,237,943 1,838,217 2,187,358 2,097,517 1,770,835
i)Selling & distribution expenses 590,011 429,450 635,049 730,588 698,181 670,672
ii)Administrative and other expenses 881,920 808,493 1,203,168 1,456,770 1,399,336 1,100,163
5.Other income / (loss) 252,928 160,135 400,940 635,902 468,793 148,703
6.EBIT (F3-F4+F5) 4,313,112 3,146,923 7,349,716 8,905,571 5,199,721 3,269,692
7.Financial expenses 59,059 52,666 16,001 20,190 121,552 359,413
of which: (i) Interest expenses 55,681 44,612 11,323 14,934 115,431 349,221
8.Profit / (loss) before taxation (F6-F7) 4,254,053 3,094,257 7,333,715 8,885,381 5,078,169 2,910,279
9.Tax expenses 1,483,873 1,056,595 2,410,888 2,921,862 1,562,972 946,089
10.Profit / (loss) after tax (F8-F9) 2,770,180 2,037,662 4,922,827 5,963,519 3,515,197 1,964,190
11.Cash dividends 2,325,362 2,214,630 4,207,797 5,315,112 3,764,871 2,491,460
12.Bonus shares / stock dividends 0 0 0 0 55,366 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,769,236 4,373,854 9,097,197 4,318,805 (2,032,279) 4,254,429
2.Net cash flows from investing activities (747,111) (266,312) (6,170,046) 1,001,572 5,345,015 (503,337)
3.Net cash flows from financing activities (2,097,753) (2,569,735) (3,448,114) (5,751,317) (5,035,099) (2,728,830)
H.Miscellaneous
1.Total capital employed (C+D) 6,553,510 6,208,133 8,207,992 8,315,623 6,806,543 6,118,757
2.Retention in business (F10-F11-F12) 444,819 (176,968) 715,030 648,407 (305,040) (527,270)
3.Depreciation for the year 149,228 145,390 157,952 181,441 198,245 200,333
4.Salaries, wages and employee benefits 1,371,662 1,395,379 1,984,783 2,215,855 1,897,014 1,566,603
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.52 11.34 15.57 15.06 10.97 8.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.45 1.61 1.97 1.99 1.92 1.76
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 28.22 18.27 30.68 29.94 21.08 14.43
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.79 2.29 2.48 2.26 2.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 44.23 32.74 70.29 74.24 47.55 31.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 62.54 46.00 111.14 134.64 79.36 39.42
354
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pak Suzuki Motor Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,936,581 7,333,722 9,904,380 17,828,015 19,514,607 20,986,532
1.Capital work in progress 458,525 2,496,091 1,731,931 7,834,219 652,229 535,447
2.Operating fixed assets at cost 15,187,155 16,395,148 20,494,313 22,630,729 32,094,518 32,704,036
3.Operating fixed assets after deducting accumulated depreciation 4,052,264 4,175,966 7,068,071 7,820,608 15,033,621 12,503,154
4.Intangible assets 83,288 72,619 185,333 113,297 345,419 246,357
5.Long term investments 0 0 208,086 329,274 325,925 278,160
6.Other non-current assets 342,504 589,046 710,959 1,730,617 3,157,413 7,423,414
B.Current Assets (B1+B2+B3+B4+B5+B6) 32,515,406 30,518,243 41,006,087 43,681,834 58,145,219 45,717,833
1.Cash & bank balance 15,006,007 8,548,293 9,189,552 1,516,163 3,267,510 17,818,607
2.Inventories; of which 13,084,447 16,288,608 23,946,058 29,397,056 37,516,571 18,054,537
i)Raw material 7,663,315 8,112,011 11,754,415 14,397,889 21,137,374 12,152,494
ii)Work in progress 678,530 83,499 70,600 56,425 160,626 387,484
iii)Finished goods 4,742,602 8,093,098 12,121,043 12,929,908 14,903,629 4,574,565
3.Trade Debt / accounts receivables 1,561,823 1,205,269 211,358 237,538 690,658 503,759
4.Short term loans and advances 197,712 163,019 364,800 590,254 55,390 119,838
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,665,417 4,313,054 7,294,319 11,940,823 16,615,090 9,221,092
Total Assets (A+B) / Equity & Liabilities (C+D+E) 37,451,987 37,851,965 50,910,467 61,509,849 77,659,826 66,704,365
C.Shareholders' Equity (C1+C2+C3) 24,679,238 26,216,907 29,549,716 29,232,865 25,950,886 24,349,450
1.Issued, Subscribed & Paid up capital 822,999 822,999 822,999 822,999 822,999 822,999
i)Ordinary shares 822,999 822,999 822,999 822,999 822,999 822,999
ii)Preference shares 0 0 0 0 0 0
2.Reserves 23,856,239 25,393,908 28,726,717 28,409,866 25,127,887 23,526,451
i)Capital Reserve 0 0 844,596 844,596 844,596 844,596
ii)Revenue Reserve 23,856,239 25,393,908 27,882,121 27,565,270 24,283,291 22,681,855
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 0 0 0 215,730 515,679 370,934
1.Long term borrowings 0 0 0 0 116,192 111,939
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 215,730 399,487 258,995
E.Current Liabilities (E1+E2+E3+E4) 12,772,749 11,635,058 21,360,751 32,061,254 51,193,261 41,983,981
1.Trade credit & other accounts payables 6,441,748 6,300,123 11,377,815 14,409,566 12,723,689 13,753,833
of which: i) Trade credits 1,160,016 1,353,778 1,991,718 2,215,730 1,598,600 2,805,688
2.Short term borrowings 0 0 0 11,310,497 32,442,794 12,659,812
3.Current portion of non-current liabilities 6,331,001 0 0 0 0 0
4.Other current liabilities 0 5,334,935 9,982,936 6,341,191 6,026,778 15,570,336
F.Operations:
1.Sales 84,548,757 76,516,040 101,811,611 119,853,898 116,548,013 76,720,132
i)Local sales (Net) 84,548,757 76,460,318 101,747,176 119,767,741 116,485,725 76,689,623
ii)Export sales (Net) 0 55,722 64,435 86,157 62,288 30,509
2.Cost of sales 73,061,309 69,167,463 92,159,038 112,809,033 114,563,486 73,418,619
i)Cost of material 66,264,020 63,809,188 82,798,926 103,654,365 102,070,300 53,088,021
3.Gross profit / (loss) (F1-F2) 11,487,448 7,348,577 9,652,573 7,044,865 1,984,527 3,301,513
4.General, administrative and other expenses 3,829,863 3,877,417 4,818,068 5,162,137 5,067,674 3,479,167
i)Selling & distribution expenses 1,945,832 2,337,827 2,804,256 2,706,853 2,539,251 1,639,791
ii)Administrative and other expenses 1,884,031 1,539,590 2,013,812 2,455,284 2,528,423 1,839,376
5.Other income / (loss) 1,058,426 1,039,851 852,797 562,731 219,155 656,629
6.EBIT (F3-F4+F5) 8,716,011 4,511,011 5,687,302 2,445,459 (2,863,992) 478,975
7.Financial expenses 30,840 95,775 68,088 362,523 2,087,752 2,664,734
of which: (i) Interest expenses 11,183 593 1,597 287,984 1,968,500 2,586,450
8.Profit / (loss) before taxation (F6-F7) 8,685,171 4,415,236 5,619,214 2,082,936 (4,951,744) (2,185,759)
9.Tax expenses 2,842,500 1,642,601 1,793,393 784,828 (2,031,259) (596,273)
10.Profit / (loss) after tax (F8-F9) 5,842,671 2,772,635 3,825,821 1,298,108 (2,920,485) (1,589,486)
11.Cash dividends 1,234,499 452,649 1,530,778 260,068 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 13,535,491 (3,041,252) 4,199,509 (9,333,754) (16,191,764) 34,888,257
2.Net cash flows from investing activities 39,149 (2,186,740) (3,105,150) (8,127,513) (2,829,338) (500,636)
3.Net cash flows from financing activities (410,017) (1,229,722) (453,100) (1,522,619) (328,091) 12,574,513
H.Miscellaneous
1.Total capital employed (C+D) 24,679,238 26,216,907 29,549,716 29,448,595 26,466,565 24,720,384
2.Retention in business (F10-F11-F12) 4,608,173 2,319,986 2,295,043 1,038,040 (2,920,485) (1,589,486)
3.Depreciation for the year 979,953 935,714 1,362,801 1,568,523 1,835,213 3,219,941
4.Salaries, wages and employee benefits 1,292,325 2,230,303 2,477,735 3,038,360 3,339,415 2,182,615
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.91 3.62 3.76 1.08 -2.51 -2.07
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.57 2.03 2.29 2.13 1.67 1.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 17.76 7.36 8.62 2.31 -4.20 -2.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.50 1.48 1.59 1.91 2.52 2.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 26.61 10.90 13.72 4.42 -10.58 -6.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 70.99 33.69 46.49 15.77 -35.49 -19.31
355
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sazgar Engineering Works Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 262,243 259,548 550,314 729,934 1,026,403 1,371,083
1.Capital work in progress 9,118 490 267,517 361,969 649,491 982,536
2.Operating fixed assets at cost 431,925 443,291 484,655 587,377 605,830 607,610
3.Operating fixed assets after deducting accumulated depreciation 241,478 244,028 265,490 346,834 348,588 335,797
4.Intangible assets 233 136 51 11 109 77
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 11,414 14,894 17,256 21,120 28,215 52,673
B.Current Assets (B1+B2+B3+B4+B5+B6) 826,419 918,130 858,129 876,929 944,516 1,449,087
1.Cash & bank balance 18,282 166,898 67,303 35,325 5,967 448,819
2.Inventories; of which 550,466 486,882 548,125 477,786 645,848 660,110
i)Raw material 437,860 306,903 353,207 336,012 336,012 416,574
ii)Work in progress 16,985 15,490 13,548 11,922 11,922 30,553
iii)Finished goods 95,621 164,489 181,370 137,357 137,357 222,905
3.Trade Debt / accounts receivables 146,544 92,494 72,081 97,613 115,605 122,597
4.Short term loans and advances 12,735 18,050 10,797 13,396 16,220 16,102
5.Short term investments 0 0 0 0 0 0
6.Other current assets 98,392 153,806 159,823 252,809 160,876 201,459
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,088,662 1,177,678 1,408,443 1,606,863 1,970,919 2,820,170
C.Shareholders' Equity (C1+C2+C3) 616,920 689,415 773,789 957,364 1,044,707 1,768,959
1.Issued, Subscribed & Paid up capital 179,724 179,724 179,724 215,668 215,668 357,668
i)Ordinary shares 179,724 179,724 179,724 215,668 215,668 357,668
ii)Preference shares 0 0 0 0 0 0
2.Reserves 437,196 509,691 594,065 741,696 829,039 1,411,291
i)Capital Reserve 0 0 0 0 0 557,406
ii)Revenue Reserve 437,196 509,691 594,065 741,696 829,039 853,884
of which: un-appropriated profit(loss) / retained earnings 437,196 509,691 594,065 741,696 829,039 853,884
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 106,748 118,557 138,336 159,603 370,637 464,486
1.Long term borrowings 848 56 0 0 201,670 257,208
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 79,465 93,494 116,309 139,270 159,833 202,108
5.Other non-current liabilities 26,435 25,007 22,027 20,333 9,134 5,171
E.Current Liabilities (E1+E2+E3+E4) 364,994 369,706 496,318 489,896 555,575 586,725
1.Trade credit & other accounts payables 313,391 320,182 493,995 485,425 515,981 413,570
of which: i) Trade credits 239,960 252,618 398,538 388,476 393,155 334,233
2.Short term borrowings 16,248 0 0 0 0 0
3.Current portion of non-current liabilities 2,233 773 56 0 22,402 131,638
4.Other current liabilities 33,122 48,751 2,267 4,471 17,192 41,517
F.Operations:
1.Sales 2,473,658 2,873,867 3,618,144 3,968,217 3,218,524 2,891,755
i)Local sales (Net) 2,473,658 2,873,867 3,618,144 3,968,217 3,218,524 2,861,510
ii)Export sales (Net) 0 0 0 0 0 30,245
2.Cost of sales 2,239,443 2,585,180 3,238,663 3,523,304 2,887,802 2,598,740
i)Cost of material 1,858,059 2,298,916 2,711,118 2,959,418 2,451,349 2,133,205
3.Gross profit / (loss) (F1-F2) 234,215 288,687 379,481 444,913 330,722 293,014
4.General, administrative and other expenses 129,561 139,233 176,501 196,919 198,241 196,811
i)Selling & distribution expenses 65,104 69,547 83,913 95,041 93,465 96,378
ii)Administrative and other expenses 64,457 69,686 92,588 101,878 104,776 100,433
5.Other income / (loss) 2,442 7,284 2,923 11,581 3,656 8,632
6.EBIT (F3-F4+F5) 107,096 156,738 205,903 259,575 136,137 104,835
7.Financial expenses 7,441 2,780 1,790 4,896 24,293 64,062
of which: (i) Interest expenses 6,045 1,642 1,032 4,329 23,778 63,023
8.Profit / (loss) before taxation (F6-F7) 99,655 153,958 204,113 254,679 111,844 40,774
9.Tax expenses 25,973 46,288 61,292 68,674 29,848 13,140
10.Profit / (loss) after tax (F8-F9) 73,682 107,670 142,821 186,005 81,996 27,634
11.Cash dividends 35,945 44,931 22,466 0 0 0
12.Bonus shares / stock dividends 0 0 35,945 0 0 107,301
G.Statement of Cash Flows
1.Net cash flows from operating activities 25,939 212,307 259,187 165,106 54,832 (99,802)
2.Net cash flows from investing activities (10,593) (9,448) (309,064) (196,476) (308,135) (335,740)
3.Net cash flows from financing activities (28,855) (54,244) (49,718) (608) 223,946 878,393
H.Miscellaneous
1.Total capital employed (C+D) 723,668 807,972 912,125 1,116,967 1,415,344 2,233,445
2.Retention in business (F10-F11-F12) 37,737 62,739 84,411 186,005 81,996 (79,667)
3.Depreciation for the year 20,313 19,803 20,714 20,068 19,916 19,228
4.Salaries, wages and employee benefits 232,987 252,366 329,224 365,573 372,883 422,321
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.98 3.75 3.95 4.69 2.55 0.96
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.40 2.54 2.80 2.63 1.80 1.21
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.15 9.50 11.05 12.34 4.58 1.15
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.72 1.73 1.77 1.74 1.79 1.70
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 12.29 16.48 19.52 21.49 8.19 1.96
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.10 5.99 7.95 8.62 3.80 0.77
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fuel and Energy Sector

Performance at a Glance
The balance sheet size of fuel and energy sector improved by Rs 446.75 billion during current
year, to stand at Rs 3,793.59 billion during FY20 from Rs 3,346.84 billion during FY19.
Shareholders’ equity improved by 14.46 percent during FY20 over the previous year to stand
at Rs 1,307.91 billion in the current year. The share of total liabilities to total assets remained
65.52 percent during FY20. Total liabilities increased with YoY growth of 12.77 percent
during FY20 to stand at Rs 2,485.68 billion in current year.
Sales of the sector decreased by 4.88 percent as compared to last year and reached Rs
1,908.49 billion during FY20. Whereas cost of sales also decreased with YoY contraction of
7.45 percent during FY20 and reached Rs 1,508.09 billion during current year, i.e. Rs 121.39
billion lesser than previous year. Sector’s profit before taxation decreased with Rs 1.86
billion or 0.69 percent during current year over the previous year. Profit after tax was also
decreased by Rs 3.20 billion or 1.63 percent during FY20.

Assets
Non-current assets of the sector stood at Rs 1,309.11 billion during FY20 as compared to Rs
1,163.37 billion during FY19 reflecting a YoY increase of 12.53 percent. Operating fixed
assets after deducting accumulated depreciation constituted 75.12 percent share of non-
current assets during FY20, increased by 2.28 percent or Rs 21.95 billion during the current
year. Long term investments moved up to Rs 119.16 billion during FY20 from Rs 60.10
billion during FY20 recording YoY increase of 98.28 percent during FY20. Capital work in
progress increased by Rs 25.47 billion or 20.50 percent during FY20 over FY19.

Non-Current Assets Current Assets

2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
1,190 300 1400 30

990 250 1200 20

200 1000 10
790
billion Rs

percent
billion Rs

150 800 0
percent

590
100 600 -10

390 400 -20

50

190 200 -30

0
0 -40
-10 -50 Cash & Invento. Trade Short term Other CA
CW in OFA less Intangible Long term Other balances Debt Loans and
progress acc dep. Assets Inv. NCA Advances

Current assets during the year under review increased by 13.79 percent or Rs 301.01 billion
during FY20. Components of current assets showed increasing pattern except inventories
which faced a decline in current year during FY20. Inventories decreased from Rs 32.15
billion in the previous year to Rs 22.80 billion in current year showing YoY decline of 29.10
percent during FY20. Short term loans and advances were moved up by 24.64 percent during
FY20, from Rs 24.05 billion during FY19 to Rs 29.97 billion during FY20. Besides, trade

357
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

debt containing 47.87 percent share of current assets during FY20, increased with Rs 135.23
billion or 12.83 percent when compared with FY19. Cash and bank balances remained
approximately at same level during current year over the previous year. Short term investments posted
a growth of 62.43 percent in current year when compared with previous year.

Shareholders’ equity and Liabilities

Shareholders’ equity soared up to Rs
1,307.91 billion in the current year from Shareholders' Equity 2019 2020
Rs 1,142.67 billion in the previous year. 100%
Paid-up capital decreased slightly to Rs 90%
205.65 billion in FY20 due to exclusion 80%
205.65 81.56 63.65 957.05
of one company from the sector despite 70%
60%
an increase witnessed in one company’s
50%
shares. Reserves increased to Rs 1,020.70 40%
billion during FY20 from Rs 846.60 30%
207.08 88.98 58.37 788.23
billion during FY19, contributing 78.04 20%
percent share of shareholders’ equity 10%
0%
during FY20. Revenue reserve was the Ordinary Surplus on Capital Revenue
main factor consisting of 93.76 percent Shares rev.of fixed Reserves Reserves
share of total reserves during FY20, asset

increased by 21.42 percent and touched to

Rs 957.05 billion during FY20 from Rs 788.23 billion during FY19.
Current liabilities increased to Rs 1,953.94 billion during FY20 from Rs 1,756.84 billion
during FY19 posting a YoY growth of 11.22 percent over previous year. Trade credits and
other accounts payable remained significant component with 76.02 percent share of current
liabilities during FY20 and was increased by 15.99 percent during the current year. Short
term borrowings scaled down to Rs 245.66 billion in the current year from Rs 278.78 billion
in previous year with a YoY contraction of 11.88 percent during FY20 over previous year.
Non-current liabilities also increased from Rs 447.33 billion in previous year to Rs 531.74
billion in the current year. An increase of 35.66 percent or Rs 59.01 billion during FY20 was
observed in long term borrowings, which has 42.22 percent share of non-current liabilities

Current Liabilities Non-Current Liabilities

2019 2020 Growth (RHS) 2019 2020 Growth(RHS)
1600 25 300 40

1400 20 30
250
1200 15
20
1000 10 200
percent
billion Rs
billion Rs

percent

10
800 5
150
600 0 0
400 -5 100
-10
200 -10
50 -20
0 -15
Payables Borrowings Current Other CL
0 -30
incl. Trade Portion of
Borrowings Sub-ord Emp Other NCL
Credits LT
Loans benefits
Liabilities

358
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

during FY20. Employee benefits and other non-current liabilities also moved up by Rs 7.65
billion and 17.90 billion respectively during FY20.

Operating Efficiency and Ratio Analysis

Sales of fuel and energy sector decreased
Ratio Analysis 2019 2020
by Rs 97.95 billion which is 4.88 percent
20
less during FY20 than the sales during
18
FY19. Cost of sales also decreased by Rs
16
121.39 billion with decrease of 7.45
14
percent in the current year over the
12

percent
previous year. On contrary, gross profit
10
was increased by YoY growth of 6.22
8
percent over previous year or Rs 23.44
6
billion during FY20. General, 4
administrative and other expenses 2
increased by 1.68 percent and another 0
higher increase of 15.79 percent in other ROA ROE ROCE
income during FY20 caused to inflate
EBIT to Rs 35.85 billion or to attain 10.72 percent YoY growth during FY20. Profit after
taxation decreased by Rs 3.20 billion or decline in growth by 1.63 percent in current year
over the previous year.
Key performance indicators of the sector showed mix behavior during current year with
reference to earnings/profitability ratios. Return on assets decreased from 6.48 during FY19
to 5.39 during FY20, and return on equity moved from 18.36 during FY19 to 15.71 during
FY20. Basic earnings per share also increased from 5.57 during FY19 to 5.50 during FY20.
Net profit margin increased from 9.76 during FY19 to 10.09 during FY20. During the year,
assets turnover was also decreased from 0.66 during FY19 to 0.53 during FY20 and ratio of
the financial leverage of the sector increased from 2.82 during FY19 to 2.91 during FY20.

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Fuel and Energy Sector - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 957,158,620 1,008,622,853 1,011,738,950 1,061,321,924 1,163,372,355 1,309,111,789
1.Capital work in progress 94,767,005 131,926,988 79,513,936 96,414,674 124,251,810 149,724,368
2.Operating fixed assets at cost 1,115,894,315 1,060,314,120 1,307,527,017 1,691,562,767 1,811,672,299 1,913,468,231
3.Operating fixed assets after deducting accumulated depreciation 626,295,685 636,026,678 748,250,145 910,849,430 961,455,540 983,403,627
4.Intangible assets 82,469,872 93,162,279 105,011,978 2,507,831 2,450,153 2,299,404
5.Long term investments 132,199,874 114,185,977 45,333,767 37,079,461 60,099,976 119,163,743
6.Other non-current assets 21,426,184 33,320,931 33,629,124 14,470,528 15,114,876 54,520,647
B.Current Assets (B1+B2+B3+B4+B5+B6) 980,013,791 1,004,596,816 1,239,696,625 1,629,743,482 2,183,464,603 2,484,476,107
1.Cash & bank balance 30,129,804 32,659,283 24,266,180 25,416,929 53,553,267 53,868,831
2.Inventories; of which 14,132,323 11,508,324 25,949,428 51,996,004 32,152,653 22,797,837
i)Raw material 11,676,760 9,236,968 13,895,806 18,758,152 29,866,142 20,812,188
ii)Work in progress 19,374 7,328 7,921 31,922 12,203 12,203
iii)Finished goods 1,610,756 1,510,360 896,763 938,857 1,535,626 1,504,679
3.Trade Debt / accounts receivables 605,837,786 598,685,960 630,908,394 837,549,903 1,054,096,106 1,189,325,115
4.Short term loans and advances 12,351,518 18,041,816 24,944,298 30,544,203 24,047,508 29,972,543
5.Short term investments 10,041,126 3,194,362 3,740,886 8,565,430 20,763,589 33,727,105
6.Other current assets 307,521,234 340,507,071 529,887,439 675,671,013 998,851,480 1,154,784,676
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,937,172,411 2,013,219,669 2,251,435,575 2,691,065,406 3,346,836,958 3,793,587,896
C.Shareholders' Equity (C1+C2+C3) 762,637,110 832,106,622 907,248,650 995,673,437 1,142,665,349 1,307,908,958
1.Issued, Subscribed & Paid up capital 206,790,677 206,790,677 206,940,677 206,940,677 207,084,169 205,645,068
i)Ordinary shares 206,790,677 206,790,677 206,940,677 206,940,677 207,084,169 205,645,068
ii)Preference shares 0 0 0 0 0 0
2.Reserves 490,195,244 562,413,192 639,829,822 719,824,731 846,600,497 1,020,699,859
i)Capital Reserve 32,667,013 37,480,158 40,177,547 44,194,020 58,367,190 63,650,147
ii)Revenue Reserve 457,528,230 524,933,034 599,652,275 675,630,711 788,233,307 957,049,712
of which: un-appropriated profit(loss) / retained earnings 448,751,805 516,105,453 583,446,385 651,509,601 771,935,693 940,889,013
3.Surplus on revaluation of fixed assets 65,651,190 62,902,753 60,478,151 68,908,029 88,980,683 81,564,031
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 340,209,007 352,209,919 403,490,642 410,711,900 447,326,713 531,735,571
1.Long term borrowings 151,116,938 154,319,907 169,333,812 159,122,116 165,499,983 224,514,959
2.Subordinated loans / Sponsor's loans 327,731 722,933 762,253 799,618 714,425 554,616
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 33,748,340 38,434,335 44,966,315 40,994,398 42,589,326 50,239,449
5.Other non-current liabilities 155,015,998 158,732,744 188,428,262 209,795,768 238,522,979 256,426,547
E.Current Liabilities (E1+E2+E3+E4) 834,326,294 828,903,128 940,696,283 1,284,680,069 1,756,844,896 1,953,943,366
1.Trade credit & other accounts payables 595,701,613 581,699,656 658,399,476 921,937,574 1,280,651,670 1,485,429,299
of which: i) Trade credits 389,281,660 370,532,197 442,518,891 658,348,267 941,301,782 1,089,195,639
2.Short term borrowings 107,437,797 116,807,474 132,889,843 187,892,031 278,780,369 245,657,820
3.Current portion of non-current liabilities 40,727,431 37,935,712 48,938,750 58,288,030 48,165,826 42,970,579
4.Other current liabilities 90,459,453 92,460,286 100,468,214 116,562,434 149,247,031 179,885,668
F.Operations:
1.Sales 1,245,762,218 1,115,505,632 1,273,387,299 1,537,644,823 2,006,443,726 1,908,492,326
i)Local sales (Net) 1,245,762,218 1,115,505,632 1,273,387,299 1,537,644,823 2,006,443,726 1,908,492,326
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 997,344,688 916,574,449 1,040,056,014 1,260,180,773 1,629,476,575 1,508,087,257
i)Cost of material 697,848,687 625,661,521 290,434,727 320,847,775 372,217,974 308,678,394
3.Gross profit / (loss) (F1-F2) 248,417,529 198,931,183 233,331,285 277,464,050 376,967,151 400,405,069
4.General, administrative and other expenses 78,145,798 91,518,248 95,617,974 107,420,679 135,414,023 137,692,896
i)Selling & distribution expenses 8,993,693 8,415,410 7,280,657 7,018,903 7,416,130 8,184,612
ii)Administrative and other expenses 69,152,105 83,102,838 88,337,317 100,401,776 127,997,893 129,508,284
5.Other income / (loss) 57,511,308 67,163,237 57,176,431 66,184,495 92,999,569 107,688,302
6.EBIT (F3-F4+F5) 227,783,040 174,576,172 194,889,742 236,227,866 334,552,697 370,400,475
7.Financial expenses 49,451,735 30,006,229 29,158,770 40,216,787 66,376,335 104,086,646
of which: (i) Interest expenses 44,373,216 22,735,593 23,378,953 36,032,748 62,339,448 96,765,283
8.Profit / (loss) before taxation (F6-F7) 178,331,305 144,569,943 165,730,972 196,011,079 268,176,362 266,313,829
9.Tax expenses 28,547,317 17,209,125 36,766,713 54,493,041 72,435,968 73,771,253
10.Profit / (loss) after tax (F8-F9) 149,783,987 127,360,818 128,964,259 141,518,038 195,740,394 192,542,576
11.Cash dividends 62,524,923 54,082,258 50,241,010 69,029,684 58,507,532 40,866,472
12.Bonus shares / stock dividends 0 0 0 110,250 121,275 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 168,232,151 180,690,996 118,231,104 155,252,752 127,817,694 167,731,187
2.Net cash flows from investing activities (104,888,882) (129,975,697) (115,990,880) (77,137,093) (129,876,978) (125,368,088)
3.Net cash flows from financing activities (75,748,338) (67,641,153) (29,029,164) (66,926,276) (32,024,429) (29,830,391)
H.Miscellaneous
1.Total capital employed (C+D) 1,102,846,117 1,184,316,541 1,310,739,292 1,406,385,337 1,589,992,062 1,839,644,529
2.Retention in business (F10-F11-F12) 87,259,065 73,278,560 78,723,249 72,378,104 137,111,587 151,676,104
3.Depreciation for the year 44,980,853 52,924,923 59,279,266 75,714,342 79,707,635 79,486,486
4.Salaries, wages and employee benefits 65,756,782 70,075,219 84,550,329 85,288,318 86,631,706 91,280,523
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 12.02 11.42 10.13 9.20 9.76 10.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.68 0.56 0.60 0.62 0.66 0.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.17 6.45 6.05 5.73 6.48 5.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.60 2.48 2.45 2.60 2.82 2.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 21.22 15.97 14.83 14.87 18.31 15.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.88 3.30 3.34 4.03 5.57 5.50
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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Altern Energy Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 23,308,607 21,899,334 20,389,955 19,137,618 17,845,586 16,076,908
1.Capital work in progress 650 9,430 645 9,267 0 1,083
2.Operating fixed assets at cost 42,968,059 43,224,391 43,399,859 43,845,555 44,376,546 44,324,383
3.Operating fixed assets after deducting accumulated depreciation 23,294,582 21,868,759 20,376,143 19,122,403 17,843,296 16,073,620
4.Intangible assets 5,817 7,374 3,742 418 134 292
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 7,558 13,771 9,425 5,530 2,156 1,913
B.Current Assets (B1+B2+B3+B4+B5+B6) 18,157,888 18,565,654 19,547,660 17,331,408 19,563,685 17,109,839
1.Cash & bank balance 4,989,084 9,220,127 4,743,887 1,558,086 2,202,611 416,586
2.Inventories; of which 480,301 476,632 471,793 468,560 464,510 460,772
i)Raw material 480,301 476,632 471,793 468,560 464,510 464,510
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 10,989,272 7,649,133 12,864,950 13,751,910 15,321,768 14,027,093
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,699,231 1,219,762 1,467,030 1,552,852 1,574,796 2,205,388
Total Assets (A+B) / Equity & Liabilities (C+D+E) 41,466,495 40,464,988 39,937,615 36,469,026 37,409,271 33,186,747
C.Shareholders' Equity (C1+C2+C3) 23,512,798 25,829,985 26,264,114 27,209,488 28,009,218 29,797,916
1.Issued, Subscribed & Paid up capital 3,633,800 3,633,800 3,633,800 3,633,800 3,633,800 3,633,800
i)Ordinary shares 3,633,800 3,633,800 3,633,800 3,633,800 3,633,800 3,633,800
ii)Preference shares 0 0 0 0 0 0
2.Reserves 19,878,998 22,196,185 22,630,314 23,575,688 24,375,418 26,164,116
i)Capital Reserve 9,281,249 10,144,469 10,250,722 10,654,694 11,068,633 11,526,140
ii)Revenue Reserve 10,597,749 12,051,716 12,379,592 12,920,994 13,306,785 14,637,976
of which: un-appropriated profit(loss) / retained earnings 10,597,749 12,051,716 12,379,592 12,920,994 13,306,785 14,637,976
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 7,859,114 5,361,511 4,982,076 2,544,852 1,028,354 21,912
1.Long term borrowings 6,774,098 4,440,613 4,045,532 1,561,704 0 0
2.Subordinated loans / Sponsor's loans 261,763 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 19,094 2,637 3,402 20,228 23,292 21,912
5.Other non-current liabilities 804,159 918,261 933,142 962,920 1,005,062 0
E.Current Liabilities (E1+E2+E3+E4) 10,094,583 9,273,492 8,691,425 6,714,686 8,371,699 3,366,919
1.Trade credit & other accounts payables 6,733,523 2,919,361 3,230,681 1,680,570 3,035,852 936,356
of which: i) Trade credits 462,487 90,629 316,155 437,927 560,369 472,694
2.Short term borrowings 0 0 0 1,816,641 2,927,075 2,344,701
3.Current portion of non-current liabilities 3,159,772 4,362,362 2,697,021 3,123,407 2,112,666 0
4.Other current liabilities 201,288 1,991,769 2,763,723 94,068 296,106 85,862
F.Operations:
1.Sales 20,585,491 27,287,258 27,757,933 31,443,772 19,946,781 10,430,641
i)Local sales (Net) 20,585,491 27,287,258 27,757,933 31,443,772 19,946,781 10,430,641
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 15,703,434 21,924,076 23,472,480 26,785,009 15,721,983 5,759,805
i)Cost of material 12,579,347 18,813,409 19,899,257 23,543,189 12,754,945 2,933,288
3.Gross profit / (loss) (F1-F2) 4,882,057 5,363,182 4,285,453 4,658,763 4,224,798 4,670,836
4.General, administrative and other expenses 145,634 228,837 248,432 242,678 323,162 199,207
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 145,634 228,837 248,432 242,678 323,162 199,207
5.Other income / (loss) 276,467 301,311 234,455 221,855 151,609 135,162
6.EBIT (F3-F4+F5) 5,012,890 5,435,656 4,271,476 4,637,940 4,053,245 4,606,791
7.Financial expenses 1,345,717 1,407,558 1,158,500 1,039,514 1,111,430 358,218
of which: (i) Interest expenses 1,343,970 1,407,478 717,970 375,453 434,867 298,594
8.Profit / (loss) before taxation (F6-F7) 3,667,173 4,028,098 3,112,976 3,598,426 2,941,815 4,248,573
9.Tax expenses 157,540 174,448 187,871 164,425 170,878 (832,897)
10.Profit / (loss) after tax (F8-F9) 3,509,633 3,853,650 2,925,105 3,434,001 2,770,937 5,081,470
11.Cash dividends 0 846,675 14,535 14,535 22,348 9,630
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,889,626 5,654,525 (768,389) 2,900,379 4,826,258 4,233,802
2.Net cash flows from investing activities 229,782 186,960 (20,131) 56,063 57,142 62,862
3.Net cash flows from financing activities (4,128,082) (1,610,442) (3,687,720) (7,958,884) (5,349,309) (5,500,315)
H.Miscellaneous
1.Total capital employed (C+D) 31,371,912 31,191,496 31,246,190 29,754,340 29,037,572 29,819,828
2.Retention in business (F10-F11-F12) 3,509,633 3,006,975 2,910,570 3,419,466 2,748,589 5,071,840
3.Depreciation for the year 1,662,704 1,688,645 1,705,344 1,724,725 1,739,909 1,720,487
4.Salaries, wages and employee benefits 89,594 100,470 119,054 132,118 129,021 125,254
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 17.05 14.12 10.54 10.92 13.89 48.72
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.51 0.67 0.69 0.82 0.54 0.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.66 9.41 7.28 8.99 7.50 14.40
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.86 1.66 1.54 1.43 1.34 1.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.12 15.62 11.23 12.84 10.04 17.58
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 9.66 10.61 8.05 9.45 7.63 13.98
361
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Arshad Energy Limited (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 142,786 152,024 156,042 156,528 154,543 143,456
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 408,208 424,128 430,799 436,538 439,543 439,385
3.Operating fixed assets after deducting accumulated depreciation 139,866 152,013 156,031 156,517 154,532 143,446
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,920 11 11 11 11 10
B.Current Assets (B1+B2+B3+B4+B5+B6) 53,355 47,752 51,086 37,166 35,773 31,271
1.Cash & bank balance 1,191 1,884 776 1,181 328 521
2.Inventories; of which 24,198 12,087 8,024 12,107 11,204 11,204
i)Raw material 24,198 12,087 8,024 12,107 11,204 11,204
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 6,181 15,970 21,183 919 1,456 0
4.Short term loans and advances 0 3,053 2,623 2,581 2,424 2,044
5.Short term investments 0 0 0 0 0 0
6.Other current assets 21,784 14,758 18,480 20,378 20,361 17,502
Total Assets (A+B) / Equity & Liabilities (C+D+E) 196,141 199,776 207,128 193,694 190,316 174,727
C.Shareholders' Equity (C1+C2+C3) 121,588 144,236 155,194 139,312 124,257 97,251
1.Issued, Subscribed & Paid up capital 80,000 80,000 80,000 80,000 80,000 80,000
i)Ordinary shares 80,000 80,000 80,000 80,000 80,000 80,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 9,693 21,721 34,506 16,097 (1,453) (27,497)
i)Capital Reserve 80,000 80,000 80,000 80,000 80,000 80,000
ii)Revenue Reserve (70,307) (58,279) (45,494) (63,903) (81,453) (107,497)
of which: un-appropriated profit(loss) / retained earnings (84,716) (72,688) (59,903) (78,311) (95,863) (121,906)
3.Surplus on revaluation of fixed assets 31,896 42,515 40,688 43,215 45,710 44,748
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,413 2,889 3,394 3,838 5,441 7,635
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,413 2,889 3,394 3,838 5,441 7,635
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 72,140 52,651 48,540 50,544 60,618 69,841
1.Trade credit & other accounts payables 58,838 39,320 29,914 33,363 14,137 11,800
of which: i) Trade credits 41,320 30,080 18,641 25,915 11,322 10,420
2.Short term borrowings 13,302 13,300 18,595 17,150 46,450 58,010
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 31 31 31 31 31
F.Operations:
1.Sales 119,381 235,991 241,920 227,473 6,252 0
i)Local sales (Net) 119,381 235,991 241,920 227,473 6,252 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 122,904 226,220 228,534 242,277 17,437 16,322
i)Cost of material 111,707 205,840 209,041 225,505 6,027 0
3.Gross profit / (loss) (F1-F2) (3,523) 9,771 13,386 (14,804) (11,185) (16,322)
4.General, administrative and other expenses 2,501 4,411 6,067 5,600 6,379 10,368
i)Selling & distribution expenses 0 0 0 0 0 119
ii)Administrative and other expenses 2,501 4,411 6,067 5,600 6,379 10,249
5.Other income / (loss) 7 5,951 3,942 1,300 1,884 832
6.EBIT (F3-F4+F5) (6,018) 11,311 11,261 (19,104) (15,680) (25,858)
7.Financial expenses 8 7 48 42 3 2,014
of which: (i) Interest expenses 0 0 37 34 34 0
8.Profit / (loss) before taxation (F6-F7) (6,026) 11,304 11,213 (19,146) (15,683) (27,872)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (6,026) 11,304 11,213 (19,146) (15,683) (27,872)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 16,962 5,273 1,095 4,615 (30,153) (11,367)
2.Net cash flows from investing activities (15,860) (4,578) (7,497) (2,765) 0 0
3.Net cash flows from financing activities (796) (2) 5,295 (1,445) 29,300 11,560
H.Miscellaneous
1.Total capital employed (C+D) 124,001 147,125 158,588 143,150 129,698 104,886
2.Retention in business (F10-F11-F12) (6,026) 11,304 11,213 (19,146) (15,683) (27,872)
3.Depreciation for the year 5,558 9,724 6,594 6,527 6,347 6,140
4.Salaries, wages and employee benefits 4,026 7,746 10,406 8,742 7,128 8,004
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.05 4.79 4.64 -8.42 -250.85 -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.66 1.19 1.19 1.14 0.03 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.34 5.71 5.51 -9.55 -8.17 -15.27
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.45 1.49 1.36 1.36 1.46 1.65
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -4.82 8.50 7.49 -13.00 -11.90 -25.17
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.75 1.41 1.40 -2.39 -1.96 -3.48
362
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Burshane LPG (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,147,764 1,228,418 1,292,035 1,297,943 1,243,975 1,279,227
1.Capital work in progress 314 100 0 0 0 0
2.Operating fixed assets at cost 1,490,971 1,517,965 1,551,029 1,565,658 1,593,442 1,675,833
3.Operating fixed assets after deducting accumulated depreciation 760,038 750,668 758,226 742,636 732,090 827,317
4.Intangible assets 280,635 389,026 462,793 453,002 388,230 328,661
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 106,777 88,624 71,016 102,305 123,655 123,249
B.Current Assets (B1+B2+B3+B4+B5+B6) 492,847 342,269 302,225 402,881 438,540 420,996
1.Cash & bank balance 284,079 103,872 113,156 112,179 175,069 266,636
2.Inventories; of which 41,489 37,536 50,755 95,341 75,422 43,901
i)Raw material 6,478 5,188 3,674 2,794 1,959 1,385
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 35,011 32,348 47,081 92,547 73,463 42,516
3.Trade Debt / accounts receivables 17,581 11,400 5,001 17,654 23,422 24,776
4.Short term loans and advances 0 169,664 75,209 120,714 59,615 53,084
5.Short term investments 3,081 0 0 0 0 0
6.Other current assets 146,617 19,797 58,104 56,993 105,012 32,599
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,640,611 1,570,687 1,594,260 1,700,824 1,682,515 1,700,223
C.Shareholders' Equity (C1+C2+C3) 811,408 782,399 778,636 772,857 819,962 689,750
1.Issued, Subscribed & Paid up capital 224,888 224,888 224,888 224,888 224,888 224,888
i)Ordinary shares 224,888 224,888 224,888 224,888 224,888 224,888
ii)Preference shares 0 0 0 0 0 0
2.Reserves 311,755 282,746 278,983 273,204 320,309 128,447
i)Capital Reserve 153,458 153,458 153,458 153,458 153,458 110,076
ii)Revenue Reserve 158,297 129,288 125,525 119,746 166,851 18,371
of which: un-appropriated profit(loss) / retained earnings 68,297 50,130 56,739 53,965 60,770 (71,629)
3.Surplus on revaluation of fixed assets 274,765 274,765 274,765 274,765 274,765 336,415
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 538,986 463,746 382,437 377,031 388,579 431,771
1.Long term borrowings 184,994 93,103 3,940 938 2,177 17,511
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 353,992 370,643 378,497 376,093 386,402 414,260
E.Current Liabilities (E1+E2+E3+E4) 290,217 324,542 433,187 550,936 473,974 578,702
1.Trade credit & other accounts payables 145,191 111,027 104,264 179,524 91,492 138,922
of which: i) Trade credits 73,177 48,064 56,177 92,174 62,914 72,225
2.Short term borrowings 27,146 18,818 0 0 0 0
3.Current portion of non-current liabilities 91,923 171,280 257,441 257,441 256,006 259,553
4.Other current liabilities 25,957 23,417 71,482 113,971 126,476 180,227
F.Operations:
1.Sales 2,391,891 2,012,770 1,826,825 2,926,076 3,249,870 2,582,454
i)Local sales (Net) 2,391,891 2,012,770 1,826,825 2,926,076 3,249,870 2,582,454
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,063,874 1,871,442 1,617,005 2,693,563 3,034,515 2,448,638
i)Cost of material 1,988,397 1,785,243 1,518,254 2,584,855 2,909,186 2,325,603
3.Gross profit / (loss) (F1-F2) 328,017 141,328 209,820 232,513 215,355 133,816
4.General, administrative and other expenses 187,382 169,232 174,001 184,378 188,111 194,998
i)Selling & distribution expenses 90,100 65,283 62,752 64,224 68,780 70,600
ii)Administrative and other expenses 97,282 103,949 111,249 120,154 119,331 124,398
5.Other income / (loss) 27,520 47,514 50,074 35,590 42,737 35,281
6.EBIT (F3-F4+F5) 168,155 19,610 85,893 83,725 69,981 (25,901)
7.Financial expenses 18,375 31,786 35,167 29,976 4,892 44,559
of which: (i) Interest expenses 14,671 26,417 31,736 25,355 854 40,878
8.Profit / (loss) before taxation (F6-F7) 149,780 (12,176) 50,726 53,749 65,089 (70,460)
9.Tax expenses 54,541 (5,844) 21,628 34,035 39,150 39,299
10.Profit / (loss) after tax (F8-F9) 95,239 (6,332) 29,098 19,714 25,939 (109,759)
11.Cash dividends 0 44,978 22,489 16,867 22,489 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 172,821 (2,314) 187,716 68,540 93,123 153,991
2.Net cash flows from investing activities (24,510) (151,642) (151,331) (61,429) (22,261) (48,003)
3.Net cash flows from financing activities (182,109) (26,251) (27,101) (8,088) (7,972) (14,421)
H.Miscellaneous
1.Total capital employed (C+D) 1,350,394 1,246,145 1,161,073 1,149,888 1,208,541 1,121,521
2.Retention in business (F10-F11-F12) 95,239 (51,310) 6,609 2,847 3,450 (109,759)
3.Depreciation for the year 64,877 36,364 25,506 30,219 43,012 41,436
4.Salaries, wages and employee benefits 104,727 85,498 95,858 110,491 114,344 107,841
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.98 -0.31 1.59 0.67 0.80 -4.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.94 1.25 1.15 1.78 1.92 1.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.72 -0.39 1.84 1.20 1.53 -6.49
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.03 2.01 2.03 2.12 2.12 2.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.70 -0.79 3.73 2.54 3.26 -14.54
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.23 -0.28 1.29 0.88 1.15 -4.88
363
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Engro Powergen Qadirpur Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 14,199,405 13,647,363 13,287,990 13,837,755 13,405,364 12,771,994
1.Capital work in progress 100,499 45,513 948,659 341,375 335,951 433,024
2.Operating fixed assets at cost 17,211,247 16,871,457 17,210,240 19,077,283 19,531,361 19,618,885
3.Operating fixed assets after deducting accumulated depreciation 13,978,360 13,479,207 12,220,553 13,322,804 12,963,529 12,252,704
4.Intangible assets 83,381 80,740 77,044 70,945 68,651 60,459
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 37,165 41,903 41,734 102,631 37,233 25,807
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,352,214 6,444,694 8,002,572 10,335,850 14,135,887 12,738,300
1.Cash & bank balance 14,153 39,623 7,409 12,740 12,386 13,041
2.Inventories; of which 826,259 843,008 881,182 895,149 863,183 853,335
i)Raw material 444 381,244 379,524 379,474 379,474 853,335
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 382 0 0 0 0 0
3.Trade Debt / accounts receivables 2,760,311 3,896,828 5,571,570 7,601,705 9,806,697 7,040,059
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 50,000 50,000 50,000 50,004 49,963 49,321
6.Other current assets 1,701,491 1,615,235 1,492,411 1,776,252 3,403,658 4,782,544
Total Assets (A+B) / Equity & Liabilities (C+D+E) 19,551,619 20,092,057 21,290,562 24,173,605 27,541,251 25,510,294
C.Shareholders' Equity (C1+C2+C3) 7,488,770 8,454,652 9,812,757 11,532,775 13,963,183 15,636,726
1.Issued, Subscribed & Paid up capital 3,238,000 3,238,000 3,238,000 3,238,000 3,238,000 3,238,000
i)Ordinary shares 3,238,000 3,238,000 3,238,000 3,238,000 3,238,000 3,238,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,250,770 5,216,652 6,574,757 8,294,775 10,725,183 12,398,726
i)Capital Reserve 249,209 238,543 258,353 322,158 321,284 320,408
ii)Revenue Reserve 4,001,561 4,978,109 6,316,404 7,972,617 10,403,899 12,078,318
of which: un-appropriated profit(loss) / retained earnings 4,001,084 4,979,272 6,316,404 7,972,617 10,403,899 12,078,318
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,394,878 4,610,647 2,819,315 758,568 0 986,605
1.Long term borrowings 6,394,878 4,610,647 2,819,315 758,568 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 986,605
E.Current Liabilities (E1+E2+E3+E4) 5,667,971 7,026,758 8,658,490 11,882,262 13,578,068 8,886,963
1.Trade credit & other accounts payables 1,845,188 2,290,697 3,346,430 5,241,411 8,406,839 5,190,675
of which: i) Trade credits 286,972 284,650 1,724,553 3,665,443 6,503,511 1,258,967
2.Short term borrowings 2,136,842 2,919,000 3,208,672 3,758,495 3,712,840 3,618,445
3.Current portion of non-current liabilities 1,650,776 1,792,353 2,051,918 2,804,531 857,047 0
4.Other current liabilities 35,165 24,708 51,470 77,825 601,342 77,843
F.Operations:
1.Sales 13,353,543 11,451,782 11,589,512 11,874,365 13,201,094 8,097,818
i)Local sales (Net) 13,353,543 11,451,782 11,589,512 11,874,365 13,201,094 8,097,818
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 10,888,779 9,209,292 8,877,874 8,864,263 9,584,745 6,358,895
i)Cost of material 9,257,660 7,556,051 7,198,726 7,039,278 7,535,693 4,404,545
3.Gross profit / (loss) (F1-F2) 2,464,764 2,242,490 2,711,638 3,010,102 3,616,349 1,738,923
4.General, administrative and other expenses 232,063 191,818 161,499 187,206 154,316 170,074
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 232,063 191,818 161,499 187,206 154,316 170,074
5.Other income / (loss) 7,050 98,761 110,224 1,785 1,633 79,681
6.EBIT (F3-F4+F5) 2,239,751 2,149,433 2,660,363 2,824,681 3,463,666 1,648,530
7.Financial expenses 441,492 361,088 269,221 196,005 57,663 (445,715)
of which: (i) Interest expenses 269,187 0 0 0 570,364 463,758
8.Profit / (loss) before taxation (F6-F7) 1,798,259 1,788,345 2,391,142 2,628,676 3,406,003 2,094,245
9.Tax expenses 771 657 497 1,063 3,321 15,075
10.Profit / (loss) after tax (F8-F9) 1,797,488 1,787,688 2,390,645 2,627,613 3,402,682 2,079,170
11.Cash dividends 1,133,300 971,400 1,052,350 485,700 971,400 971,400
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,861,624 2,311,283 3,051,685 3,376,823 3,376,823 2,457,308
2.Net cash flows from investing activities (263,016) (179,401) (83,532) (162,582) (162,582) (53,889)
3.Net cash flows from financing activities (2,768,969) (2,888,570) (3,290,039) (3,758,729) (4,124,606) (2,308,369)
H.Miscellaneous
1.Total capital employed (C+D) 13,883,648 13,065,299 12,632,072 12,291,343 13,963,183 16,623,331
2.Retention in business (F10-F11-F12) 664,188 816,288 1,338,295 2,141,913 2,431,282 1,107,770
3.Depreciation for the year 716,610 725,539 742,824 765,548 813,353 798,349
4.Salaries, wages and employee benefits 558,697 600,378 582,755 629,450 195,385 78,870
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.46 15.61 20.63 22.13 25.78 25.68
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.69 0.58 0.56 0.52 0.51 0.31
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.32 9.02 11.55 11.56 13.16 7.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.76 2.49 2.27 2.13 2.03 1.79
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.68 22.43 26.17 24.62 26.69 14.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.55 5.52 7.38 8.11 10.51 6.42
364
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

K-Electric (formerly KESC) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 214,039,145 223,576,066 237,981,455 277,732,710 326,857,102 364,369,326
1.Capital work in progress 15,567,659 30,029,255 30,344,588 57,079,585 62,224,406 75,849,191
2.Operating fixed assets at cost 296,227,193 302,457,863 328,858,849 355,212,891 413,329,337 452,569,609
3.Operating fixed assets after deducting accumulated depreciation 198,301,590 193,448,746 207,386,187 220,323,561 264,325,147 285,131,670
4.Intangible assets 134,152 63,860 215,406 291,757 274,610 312,822
5.Long term investments 0 0 0 0 0 3,047,856
6.Other non-current assets 35,744 34,205 35,274 37,807 32,939 27,787
B.Current Assets (B1+B2+B3+B4+B5+B6) 166,761,768 154,221,640 157,961,974 195,965,089 272,007,731 339,044,608
1.Cash & bank balance 1,267,633 2,178,070 2,077,916 1,132,674 2,664,841 3,088,813
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 91,330,982 101,044,031 103,419,754 115,371,262 99,928,057 99,831,863
4.Short term loans and advances 798,387 771,863 774,217 889,124 871,189 1,806,416
5.Short term investments 0 3,000,000 0 0 0 0
6.Other current assets 73,364,766 47,227,676 51,690,087 78,572,029 168,543,644 234,317,516
Total Assets (A+B) / Equity & Liabilities (C+D+E) 380,800,913 377,797,706 395,943,429 473,697,799 598,864,833 703,413,934
C.Shareholders' Equity (C1+C2+C3) 139,559,049 171,288,029 184,316,316 207,293,038 214,489,461 210,658,371
1.Issued, Subscribed & Paid up capital 96,261,551 96,261,551 96,261,551 96,261,551 96,261,551 96,261,551
i)Ordinary shares 96,261,551 96,261,551 96,261,551 96,261,551 96,261,551 96,261,551
ii)Preference shares 0 0 0 0 0 0
2.Reserves (10,843,528) 25,059,668 40,449,571 56,944,092 52,347,473 55,164,484
i)Capital Reserve 2,009,172 2,009,172 2,009,172 2,009,172 2,009,172 2,009,172
ii)Revenue Reserve (12,852,700) 23,050,496 38,440,399 54,934,920 50,338,301 53,155,312
of which: un-appropriated profit(loss) / retained earnings (18,225,056) 17,700,303 33,068,043 49,562,564 44,965,945 47,782,956
3.Surplus on revaluation of fixed assets 54,141,026 49,966,810 47,605,194 54,087,395 65,880,437 59,232,336
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 66,163,792 60,532,056 53,822,348 60,450,511 89,026,966 113,289,274
1.Long term borrowings 28,072,947 29,115,503 20,146,932 24,902,668 49,914,318 71,494,237
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,521,630 5,119,160 4,881,949 4,441,177 5,094,674 5,262,039
5.Other non-current liabilities 32,569,215 26,297,393 28,793,467 31,106,666 34,017,974 36,532,998
E.Current Liabilities (E1+E2+E3+E4) 175,078,072 145,977,621 157,804,765 205,954,250 295,348,406 379,466,289
1.Trade credit & other accounts payables 122,331,154 106,274,671 117,066,651 140,458,457 190,794,648 267,630,980
of which: i) Trade credits 88,267,606 62,751,135 73,813,388 93,372,796 140,879,855 217,624,560
2.Short term borrowings 36,743,121 23,851,923 20,423,506 41,317,360 71,921,721 72,544,367
3.Current portion of non-current liabilities 3,027,915 2,926,610 8,833,753 6,584,620 7,674,552 11,544,150
4.Other current liabilities 12,975,882 12,924,417 11,480,855 17,593,813 24,957,485 27,746,792
F.Operations:
1.Sales 190,358,954 188,606,854 183,855,106 217,126,507 289,119,070 288,807,383
i)Local sales (Net) 190,358,954 188,606,854 183,855,106 217,126,507 289,119,070 288,807,383
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 147,095,144 131,452,278 144,333,733 171,829,331 238,412,961 244,914,079
i)Cost of material 59,950,311 57,266,315 61,466,583 77,454,783 215,770,126 219,469,745
3.Gross profit / (loss) (F1-F2) 43,263,810 57,154,576 39,521,373 45,297,176 50,706,109 43,893,304
4.General, administrative and other expenses 24,760,448 33,763,911 36,599,447 36,811,850 43,102,685 35,307,300
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 24,760,448 33,763,911 36,599,447 36,811,850 43,102,685 35,307,300
5.Other income / (loss) 6,332,850 6,660,303 9,398,778 8,470,214 7,563,950 8,509,741
6.EBIT (F3-F4+F5) 24,836,212 30,050,968 12,320,704 16,955,540 15,167,374 17,095,745
7.Financial expenses 9,759,729 5,099,520 3,608,978 3,236,292 6,284,677 16,736,638
of which: (i) Interest expenses 5,043,544 3,600,132 3,053,083 2,949,876 5,628,493 13,265,876
8.Profit / (loss) before taxation (F6-F7) 15,076,483 24,951,448 8,711,726 13,719,248 8,882,697 359,107
9.Tax expenses (13,248,228) (6,855,908) (1,707,557) 1,407,418 (8,390,920) 3,318,318
10.Profit / (loss) after tax (F8-F9) 28,324,711 31,807,356 10,419,283 12,311,830 17,273,617 (2,959,211)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 18,585,077 41,097,076 27,835,918 19,334,825 (16,884,354) 22,647,916
2.Net cash flows from investing activities (14,846,819) (28,653,970) (19,593,174) (43,725,632) (33,842,380) (49,411,084)
3.Net cash flows from financing activities (7,023,096) (10,795,407) (11,848,819) 6,039,839 52,011,721 26,414,649
H.Miscellaneous
1.Total capital employed (C+D) 205,722,841 231,820,085 238,138,664 267,743,549 303,516,427 323,947,645
2.Retention in business (F10-F11-F12) 28,324,711 31,807,356 10,419,283 12,311,830 17,273,617 (2,959,211)
3.Depreciation for the year 9,258,843 12,877,988 13,433,110 15,351,859 15,917,099 19,356,636
4.Salaries, wages and employee benefits 11,086,436 12,313,074 13,313,938 13,601,165 13,992,236 13,569,561
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.88 16.86 5.67 5.67 5.97 -1.02
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.55 0.50 0.48 0.50 0.54 0.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.24 8.39 2.69 2.83 3.22 -0.45
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.26 2.44 2.18 2.22 2.54 3.06
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 26.91 20.46 5.86 6.29 8.19 -1.39
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 1.03 1.16 0.38 0.51 0.72 -0.12
365
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Energy Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,141,922 3,934,259 3,690,802 3,503,541 3,549,660 3,219,285
1.Capital work in progress 45,256 66,316 73,843 58,683 116,770 83,666
2.Operating fixed assets at cost 8,809,871 8,914,492 9,005,137 9,180,254 9,557,674 9,681,988
3.Operating fixed assets after deducting accumulated depreciation 4,079,514 3,852,559 3,600,913 3,432,549 3,425,226 3,129,907
4.Intangible assets 2,534 5,776 5,111 4,606 4,101 3,594
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 14,618 9,608 10,935 7,703 3,563 2,118
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,818,886 4,854,913 6,184,818 8,022,394 7,974,127 9,156,796
1.Cash & bank balance 142,235 33,615 144,919 154,573 75,627 302,408
2.Inventories; of which 237,548 158,857 234,340 381,717 190,045 48,965
i)Raw material 237,548 158,857 234,340 381,717 381,717 48,965
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 3,551,810 3,607,405 4,910,059 6,645,211 7,155,022 8,035,685
4.Short term loans and advances 0 0 531,838 535,126 232,280 461,692
5.Short term investments 0 0 0 0 0 0
6.Other current assets 887,293 1,055,036 363,662 305,767 321,153 308,046
Total Assets (A+B) / Equity & Liabilities (C+D+E) 8,960,808 8,789,172 9,875,620 11,525,935 11,523,787 12,376,081
C.Shareholders' Equity (C1+C2+C3) 6,336,472 6,091,681 6,056,909 6,005,463 5,870,624 6,542,591
1.Issued, Subscribed & Paid up capital 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586
i)Ordinary shares 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,641,886 4,397,095 4,362,323 4,310,877 4,176,038 4,848,005
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 4,641,886 4,397,095 4,362,323 4,310,877 4,176,038 4,848,005
of which: un-appropriated profit(loss) / retained earnings 4,641,886 4,397,095 4,362,323 4,310,877 4,176,038 4,848,005
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 30,597 0 0 0 0 0
1.Long term borrowings 30,597 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 2,593,739 2,697,491 3,818,711 5,520,472 5,653,163 5,833,490
1.Trade credit & other accounts payables 195,328 149,664 182,766 84,120 53,867 150,594
of which: i) Trade credits 39,265 18,255 16,137 17,092 4,819 13,614
2.Short term borrowings 2,245,901 2,473,983 3,578,671 5,285,780 5,354,474 5,389,907
3.Current portion of non-current liabilities 128,649 30,413 0 0 0 0
4.Other current liabilities 23,861 43,431 57,274 150,572 244,822 292,989
F.Operations:
1.Sales 11,661,064 7,283,936 8,223,861 8,282,641 7,504,738 7,548,782
i)Local sales (Net) 11,661,064 7,283,936 8,223,861 8,282,641 7,504,738 7,548,782
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 10,292,710 6,174,928 6,988,329 7,019,967 5,946,315 5,391,882
i)Cost of material 9,337,869 5,280,068 6,100,116 6,092,886 5,028,860 4,424,400
3.Gross profit / (loss) (F1-F2) 1,368,354 1,109,008 1,235,532 1,262,674 1,558,423 2,156,900
4.General, administrative and other expenses 265,258 274,268 254,976 266,101 707,978 289,925
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 265,258 274,268 254,976 266,101 707,978 289,925
5.Other income / (loss) 3,784 1,390 2,294 1,869 206,857 324
6.EBIT (F3-F4+F5) 1,106,880 836,130 982,850 998,442 1,057,302 1,867,299
7.Financial expenses 263,121 140,469 177,972 268,304 505,710 830,547
of which: (i) Interest expenses 262,019 138,919 176,587 266,839 504,431 828,731
8.Profit / (loss) before taxation (F6-F7) 843,759 695,661 804,878 730,138 551,592 1,036,752
9.Tax expenses 1,283 445 711 240 115 94
10.Profit / (loss) after tax (F8-F9) 842,476 695,216 804,167 729,898 551,477 1,036,658
11.Cash dividends 932,022 889,658 889,658 593,105 847,293 847,293
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,044,188 843,384 (4,861) (737,193) 936,141 663,368
2.Net cash flows from investing activities (150,230) (120,639) (110,170) (193,702) (445,731) (93,243)
3.Net cash flows from financing activities (1,135,852) (1,059,447) (878,353) (766,560) (638,050) (378,777)
H.Miscellaneous
1.Total capital employed (C+D) 6,367,069 6,091,681 6,056,909 6,005,463 5,870,624 6,542,591
2.Retention in business (F10-F11-F12) (89,546) (194,442) (85,491) 136,793 (295,816) 189,365
3.Depreciation for the year 326,639 347,954 360,047 371,435 399,841 423,435
4.Salaries, wages and employee benefits 317,654 360,904 353,729 381,891 378,346 459,234
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 7.22 9.54 9.78 8.81 7.35 13.73
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.22 0.82 0.88 0.77 0.65 0.63
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.80 7.83 8.62 6.82 4.79 8.68
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.49 1.43 1.54 1.77 1.94 1.93
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.13 11.19 13.24 12.10 9.29 16.70
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.97 4.10 4.75 4.31 3.25 6.12
366
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kohinoor Power Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 117,069 125,525 118,501 111,963 105,682 98,327
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 343,781 0 0 321,796 324,326 324,326
3.Operating fixed assets after deducting accumulated depreciation 117,069 119,388 112,978 106,992 101,208 94,300
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 6,137 5,523 4,971 4,474 4,027
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 83,261 65,455 65,725 52,110 43,805 38,666
1.Cash & bank balance 47,694 419 902 2,811 1,963 1,219
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 1,109 1,878 1,272 2,048 5,203
4.Short term loans and advances 7,771 164 152 496 485 474
5.Short term investments 0 34,201 28,475 20,257 8,726 3,932
6.Other current assets 27,796 29,562 34,318 27,274 30,583 27,838
Total Assets (A+B) / Equity & Liabilities (C+D+E) 200,330 190,980 184,226 164,073 149,487 136,993
C.Shareholders' Equity (C1+C2+C3) 195,821 185,490 179,779 160,660 146,408 134,013
1.Issued, Subscribed & Paid up capital 126,000 126,000 126,000 126,000 126,000 126,000
i)Ordinary shares 126,000 126,000 126,000 126,000 126,000 126,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 69,821 59,490 53,779 34,660 20,408 8,013
i)Capital Reserve 34,000 34,000 34,000 34,000 34,000 34,000
ii)Revenue Reserve 35,821 25,490 19,779 660 (13,592) (25,987)
of which: un-appropriated profit(loss) / retained earnings (199,679) (210,010) (215,721) (234,840) (249,092) (261,487)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 920 1,048 1,005 1,196 1,444 1,715
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 920 1,048 1,005 1,196 1,444 1,715
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 3,590 4,442 3,442 2,217 1,635 1,264
1.Trade credit & other accounts payables 2,207 2,030 2,693 1,687 1,107 736
of which: i) Trade credits 1,419 1,203 1,122 1,192 447 34
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,383 2,412 749 530 528 528
F.Operations:
1.Sales 0 4,643 16,075 15,118 15,430 16,605
i)Local sales (Net) 0 4,643 16,075 15,118 15,430 16,605
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 2,891 14,130 22,413 16,915 15,897
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 1,752 1,945 (7,295) (1,485) 708
4.General, administrative and other expenses 61,156 11,012 10,613 12,437 13,382 13,263
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 61,156 11,012 10,613 12,437 13,382 13,263
5.Other income / (loss) 5,349 164 1,841 963 962 286
6.EBIT (F3-F4+F5) (55,808) (9,096) (6,827) (18,769) (13,905) (12,269)
7.Financial expenses 42 7 22 28 2 21
of which: (i) Interest expenses 37 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (55,850) (9,103) (6,849) (18,797) (13,907) (12,290)
9.Tax expenses 1,184 1,228 (808) 255 254 79
10.Profit / (loss) after tax (F8-F9) (57,034) (10,331) (6,041) (19,052) (14,161) (12,369)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (15,528) 3,852 (7,065) (1,425) (2,699) (2,248)
2.Net cash flows from investing activities 63,500 (51,127) 7,548 3,324 1,853 1,555
3.Net cash flows from financing activities (978) 0 0 0 (2) 0
H.Miscellaneous
1.Total capital employed (C+D) 196,741 186,538 180,784 161,856 147,852 135,728
2.Retention in business (F10-F11-F12) (57,034) (10,331) (6,041) (19,052) (14,161) (12,369)
3.Depreciation for the year 898 7,006 7,024 6,250 5,656 5,288
4.Salaries, wages and employee benefits 1,260 4,238 10,536 1,213 1,480 1,530
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - -222.51 -37.58 -126.02 -91.78 -74.49
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.02 0.09 0.09 0.10 0.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -24.25 -5.28 -3.22 -10.94 -9.03 -8.64
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.05 1.03 1.03 1.02 1.02 1.02
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -25.42 -5.42 -3.31 -11.19 -9.22 -8.82
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -4.53 -0.82 -0.48 -1.51 -1.12 -0.98
367
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Kot Addu Power Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 14,893,517 12,759,238 11,047,485 8,662,934 6,755,235 4,145,267
1.Capital work in progress 726,221 29,226 71,383 7,327 4,988 0
2.Operating fixed assets at cost 45,034,837 45,863,764 46,307,798 46,211,312 46,252,728 46,254,822
3.Operating fixed assets after deducting accumulated depreciation 14,117,718 12,632,019 10,742,029 8,557,250 6,337,095 4,106,460
4.Intangible assets 13,193 9,527 9,577 7,462 4,252 7,235
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 36,385 88,466 224,496 90,895 408,900 31,572
B.Current Assets (B1+B2+B3+B4+B5+B6) 81,368,577 79,453,972 104,953,096 129,783,054 132,511,811 130,377,912
1.Cash & bank balance 675,312 597,650 629,718 684,955 1,349,922 835,246
2.Inventories; of which 3,539,023 3,134,827 5,914,402 6,717,597 9,466,456 2,700,672
i)Raw material 3,539,023 3,134,827 5,914,402 6,717,597 9,466,456 2,700,672
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 71,069,093 69,376,790 89,987,164 115,472,114 115,798,387 119,903,511
4.Short term loans and advances 0 1,949,668 4,144,643 2,635,369 2,425,113 1,533,155
5.Short term investments 0 0 0 0 0 0
6.Other current assets 6,085,149 4,395,037 4,277,169 4,273,019 3,471,933 5,405,328
Total Assets (A+B) / Equity & Liabilities (C+D+E) 96,262,094 92,213,210 116,000,581 138,445,988 139,267,046 134,523,179
C.Shareholders' Equity (C1+C2+C3) 29,728,609 30,955,088 32,503,209 35,092,888 41,161,147 60,350,511
1.Issued, Subscribed & Paid up capital 8,802,532 8,802,532 8,802,532 8,802,532 8,802,532 8,802,532
i)Ordinary shares 8,802,532 8,802,532 8,802,532 8,802,532 8,802,532 8,802,532
ii)Preference shares 0 0 0 0 0 0
2.Reserves 20,926,077 22,152,556 23,700,677 26,290,356 32,358,615 51,547,979
i)Capital Reserve 444,451 444,451 444,451 444,451 444,451 444,451
ii)Revenue Reserve 20,481,626 21,708,105 23,256,226 25,845,905 31,914,164 51,103,528
of which: un-appropriated profit(loss) / retained earnings 20,481,626 21,708,105 23,256,226 25,845,905 31,914,164 51,103,528
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,060,160 2,945,780 2,202,707 2,748,572 1,787,330 8,516,900
1.Long term borrowings 984,963 434,177 64,161 38,487 25,106 11,065
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 857,828 670,274 713,176 817,831 803,979 1,245,150
5.Other non-current liabilities 2,217,369 1,841,329 1,425,370 1,892,254 958,245 7,260,685
E.Current Liabilities (E1+E2+E3+E4) 62,473,325 58,312,342 81,294,665 100,604,528 96,318,569 65,655,768
1.Trade credit & other accounts payables 29,034,166 16,397,140 34,169,485 49,754,942 40,138,658 20,784,614
of which: i) Trade credits 11,037,932 700,079 18,173,889 31,314,040 19,187,312 705,209
2.Short term borrowings 32,871,918 41,346,145 46,133,174 49,874,599 54,180,294 44,062,195
3.Current portion of non-current liabilities 567,241 569,057 411,635 15,960 12,976 14,288
4.Other current liabilities 0 0 580,371 959,027 1,986,641 794,671
F.Operations:
1.Sales 101,480,570 64,178,389 81,846,981 91,915,894 84,830,617 71,543,299
i)Local sales (Net) 101,480,570 64,178,389 81,846,981 91,915,894 84,830,617 71,543,299
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 86,334,572 50,770,461 67,666,625 78,536,832 70,625,377 50,065,134
i)Cost of material 81,833,907 44,821,350 62,063,351 73,032,960 64,013,511 44,709,841
3.Gross profit / (loss) (F1-F2) 15,145,998 13,407,928 14,180,356 13,379,062 14,205,240 21,478,165
4.General, administrative and other expenses 431,452 528,628 673,547 836,872 717,662 872,749
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 431,452 528,628 673,547 836,872 717,662 872,749
5.Other income / (loss) 6,321,217 4,040,713 4,991,238 9,453,211 13,781,099 20,806,245
6.EBIT (F3-F4+F5) 21,035,763 16,920,013 18,498,047 21,995,401 27,268,677 41,411,661
7.Financial expenses 6,248,083 3,236,733 4,424,942 6,187,594 8,306,164 8,457,417
of which: (i) Interest expenses 6,240,702 3,180,533 4,392,591 6,137,752 8,276,351 8,453,754
8.Profit / (loss) before taxation (F6-F7) 14,787,680 13,683,280 14,073,105 15,807,807 18,962,513 32,954,244
9.Tax expenses 4,988,971 4,612,229 4,626,056 5,190,722 5,850,973 9,341,051
10.Profit / (loss) after tax (F8-F9) 9,798,709 9,071,051 9,447,049 10,617,085 13,111,540 23,613,193
11.Cash dividends 7,702,216 7,922,279 7,966,291 8,054,317 3,961,139 1,320,380
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 9,974,881 130,989 4,172,677 4,684,184 1,276,919 14,060,228
2.Net cash flows from investing activities (996,402) (83,953) (462,789) (32,708) (38,298) 67,293
3.Net cash flows from financing activities (7,451,402) (8,598,925) (8,464,849) (8,337,664) (4,879,349) (4,524,098)
H.Miscellaneous
1.Total capital employed (C+D) 33,788,769 33,900,868 34,705,916 37,841,460 42,948,477 68,867,411
2.Retention in business (F10-F11-F12) 2,096,494 1,148,772 1,480,758 2,562,768 9,150,401 22,292,813
3.Depreciation for the year 2,105,136 2,222,620 2,280,072 2,287,080 2,304,859 2,255,076
4.Salaries, wages and employee benefits 1,433,244 1,456,392 1,543,934 1,635,563 1,900,607 1,856,299
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.66 14.13 11.54 11.55 15.46 33.01
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.06 0.68 0.79 0.72 0.61 0.52
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.23 9.63 9.07 8.35 9.44 17.25
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.39 3.11 3.28 3.76 3.64 2.70
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 34.68 29.90 29.77 31.41 34.39 46.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 11.13 10.31 10.73 12.06 14.90 26.83
368
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

LALPIR POWER Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,313,647 9,933,753 9,093,329 9,137,451 7,987,287 6,876,654
1.Capital work in progress 596,571 235,417 224,876 194,525 122,402 478
2.Operating fixed assets at cost 15,215,514 15,990,406 16,110,211 16,781,835 16,744,174 16,874,876
3.Operating fixed assets after deducting accumulated depreciation 9,659,852 9,643,118 8,793,917 8,814,685 7,743,066 6,767,565
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 969 10,201 10,118 94,835 93,481 92,767
6.Other non-current assets 56,255 45,017 64,418 33,406 28,338 15,844
B.Current Assets (B1+B2+B3+B4+B5+B6) 11,172,980 13,884,049 14,580,099 18,007,231 21,569,716 22,982,335
1.Cash & bank balance 681,102 501,747 622 3,770 153,340 128,937
2.Inventories; of which 406,970 349,471 299,334 450,924 447,890 1,018,582
i)Raw material 406,970 349,471 299,334 450,924 447,890 1,018,582
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 6,677,326 8,596,673 10,849,196 13,658,828 17,665,105 18,831,180
4.Short term loans and advances 0 0 436,898 1,450,433 656,044 667,421
5.Short term investments 0 0 0 0 0 5,733
6.Other current assets 3,407,582 4,436,158 2,994,049 2,443,276 2,647,337 2,330,482
Total Assets (A+B) / Equity & Liabilities (C+D+E) 21,486,627 23,817,802 23,673,428 27,144,682 29,557,003 29,858,989
C.Shareholders' Equity (C1+C2+C3) 12,386,063 12,618,630 12,804,303 13,172,717 14,827,339 17,524,346
1.Issued, Subscribed & Paid up capital 3,798,387 3,798,387 3,798,387 3,798,387 3,798,387 3,798,387
i)Ordinary shares 3,798,387 3,798,387 3,798,387 3,798,387 3,798,387 3,798,387
ii)Preference shares 0 0 0 0 0 0
2.Reserves 8,587,676 8,820,243 9,005,916 9,374,330 11,028,952 13,725,959
i)Capital Reserve 107,004 107,004 107,004 107,004 107,004 107,004
ii)Revenue Reserve 8,480,672 8,713,239 8,898,912 9,267,326 10,921,948 13,618,955
of which: un-appropriated profit(loss) / retained earnings 8,480,672 8,713,239 8,898,912 9,267,326 10,921,948 13,618,955
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,358,444 802,645 268,703 6,298 21,135 72,742
1.Long term borrowings 1,336,453 783,438 230,423 0 0 54,453
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 21,991 19,207 38,280 6,298 21,135 17,284
5.Other non-current liabilities 0 0 0 0 0 1,005
E.Current Liabilities (E1+E2+E3+E4) 7,742,120 10,396,527 10,600,422 13,965,667 14,708,529 12,261,901
1.Trade credit & other accounts payables 442,653 1,116,226 1,271,586 1,885,626 542,252 999,793
of which: i) Trade credits 248,988 894,503 1,086,931 1,708,095 292,870 501,048
2.Short term borrowings 6,609,569 8,631,862 8,664,776 11,646,851 13,778,044 10,980,235
3.Current portion of non-current liabilities 553,015 553,015 553,015 230,423 0 54,776
4.Other current liabilities 136,883 95,424 111,045 202,767 388,233 227,097
F.Operations:
1.Sales 22,078,537 15,366,041 18,313,076 16,809,658 12,840,474 12,402,237
i)Local sales (Net) 22,078,537 15,366,041 18,313,076 16,809,658 12,840,474 12,402,237
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 20,039,190 13,510,090 16,508,376 14,918,104 8,711,954 7,378,149
i)Cost of material 18,450,870 11,761,499 14,548,041 12,595,580 6,388,146 5,001,962
3.Gross profit / (loss) (F1-F2) 2,039,347 1,855,951 1,804,700 1,891,554 4,128,520 5,024,088
4.General, administrative and other expenses 392,504 172,819 204,455 286,181 421,629 202,388
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 392,504 172,819 204,455 286,181 421,629 202,388
5.Other income / (loss) 10,509 29,679 111,321 105,071 100,511 43,630
6.EBIT (F3-F4+F5) 1,657,352 1,712,811 1,711,566 1,710,444 3,807,402 4,865,330
7.Financial expenses 807,489 718,114 739,226 962,972 1,763,623 1,313,936
of which: (i) Interest expenses 801,389 710,506 723,453 949,415 1,750,066 1,300,368
8.Profit / (loss) before taxation (F6-F7) 849,863 994,697 972,340 747,472 2,043,779 3,551,394
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) 849,863 994,697 972,340 747,472 2,043,779 3,551,394
11.Cash dividends 759,677 759,677 759,677 379,839 0 1,234,476
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,434,364 (434,310) 934,962 86,116 (1,918,881) 3,488,569
2.Net cash flows from investing activities (216,401) (455,142) (156,543) (2,132,481) 547,774 31,198
3.Net cash flows from financing activities (860,178) (1,312,196) (1,312,458) (931,562) (610,516) (740,628)
H.Miscellaneous
1.Total capital employed (C+D) 13,744,507 13,421,275 13,073,006 13,179,015 14,848,474 17,597,088
2.Retention in business (F10-F11-F12) 90,186 235,020 212,663 367,633 2,043,779 2,316,918
3.Depreciation for the year 766,544 828,874 992,215 997,607 1,087,103 1,106,449
4.Salaries, wages and employee benefits 235,666 268,319 302,687 333,916 336,538 358,615
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.85 6.47 5.31 4.45 15.92 28.64
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.98 0.68 0.77 0.66 0.45 0.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.77 4.39 4.09 2.94 7.21 11.95
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.83 1.81 1.87 1.96 2.03 1.84
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.89 7.96 7.65 5.75 14.60 21.95
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.24 2.62 2.56 1.97 5.38 9.35
369
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Mari Petroleum Co. Ltd. (Formerly Mari Gas Co. Ltd.) (Thousand Rupees)
Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 23,785,743 26,832,365 28,291,199 29,760,170 36,407,254 42,165,189
1.Capital work in progress 596,012 713,905 703,867 1,135,128 1,421,393 3,787,885
2.Operating fixed assets at cost 14,857,613 17,217,730 20,315,849 41,002,209 48,749,823 58,005,588
3.Operating fixed assets after deducting accumulated depreciation 9,178,521 10,309,547 11,984,803 26,707,575 34,063,960 36,101,546
4.Intangible assets 2,187,715 3,002,063 7,409,878 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 11,823,495 12,806,850 8,192,651 1,917,467 921,901 2,275,758
B.Current Assets (B1+B2+B3+B4+B5+B6) 41,868,075 32,727,282 65,303,768 114,405,530 183,654,952 239,912,114
1.Cash & bank balance 4,900,635 626,154 3,323,196 7,268,908 6,635,818 16,700,278
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 32,355,308 26,887,469 54,426,085 95,294,994 148,939,878 179,301,640
4.Short term loans and advances 1,755,283 1,437,456 1,640,065 2,532,344 4,752,460 7,055,770
5.Short term investments 0 0 3,604,596 8,437,354 20,700,000 33,634,126
6.Other current assets 2,856,849 3,776,203 2,309,826 871,930 2,626,796 3,220,300
Total Assets (A+B) / Equity & Liabilities (C+D+E) 65,653,818 59,559,647 93,594,967 144,165,700 220,062,206 282,077,303
C.Shareholders' Equity (C1+C2+C3) 11,496,218 16,965,923 25,537,670 40,191,738 63,606,729 93,149,106
1.Issued, Subscribed & Paid up capital 1,102,500 1,102,500 1,102,500 1,102,500 1,212,750 1,334,025
i)Ordinary shares 1,102,500 1,102,500 1,102,500 1,102,500 1,212,750 1,334,025
ii)Preference shares 0 0 0 0 0 0
2.Reserves 10,393,718 15,863,423 24,435,170 39,089,238 62,393,979 91,815,081
i)Capital Reserve 10,358,181 11,116,868 11,825,242 12,906,745 13,795,613 14,667,900
ii)Revenue Reserve 35,537 4,746,555 12,609,928 26,182,493 48,598,366 77,147,181
of which: un-appropriated profit(loss) / retained earnings 35,537 4,746,555 12,609,928 26,182,493 48,598,366 77,147,181
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 14,758,974 7,576,575 11,656,539 7,952,336 10,057,962 10,342,139
1.Long term borrowings 9,290,001 1,000,000 4,172,727 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 388,642 596,468 713,989 819,797 946,137 1,107,054
5.Other non-current liabilities 5,080,331 5,980,107 6,769,823 7,132,539 9,111,825 9,235,085
E.Current Liabilities (E1+E2+E3+E4) 39,398,626 35,017,149 56,400,758 96,021,626 146,397,515 178,586,058
1.Trade credit & other accounts payables 36,656,379 34,669,221 55,165,162 93,774,013 140,246,439 170,144,182
of which: i) Trade credits 717,249 907,989 782,016 1,758,493 2,647,125 929,048
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 1,632,505 151,774 955,037 119,045 115,655 0
4.Other current liabilities 1,109,742 196,154 280,559 2,128,568 6,035,421 8,441,876
F.Operations:
1.Sales 88,239,537 94,997,719 96,775,974 100,042,839 117,542,103 126,847,608
i)Local sales (Net) 88,239,537 94,997,719 96,775,974 100,042,839 117,542,103 126,847,608
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 71,382,542 76,035,050 72,184,009 64,547,340 65,668,611 63,638,272
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 16,856,995 18,962,669 24,591,965 35,495,499 51,873,492 63,209,336
4.General, administrative and other expenses 9,069,352 12,754,973 12,057,098 14,747,997 18,456,791 26,258,025
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 9,069,352 12,754,973 12,057,098 14,747,997 18,456,791 26,258,025
5.Other income / (loss) 552,321 927,814 (587,322) 183,770 2,093,393 5,313,710
6.EBIT (F3-F4+F5) 8,339,964 7,135,510 11,947,545 20,931,272 35,510,094 42,265,021
7.Financial expenses 1,788,092 574,058 798,086 639,728 801,760 985,576
of which: (i) Interest expenses 1,786,379 45,860 209,239 26,567 0 0
8.Profit / (loss) before taxation (F6-F7) 6,551,872 6,561,452 11,149,459 20,291,544 34,708,334 41,279,445
9.Tax expenses 901,559 509,997 2,013,265 4,917,204 10,381,246 10,966,573
10.Profit / (loss) after tax (F8-F9) 5,650,313 6,051,455 9,136,194 15,374,340 24,327,088 30,312,872
11.Cash dividends 575,615 573,300 562,275 661,500 727,650 813,755
12.Bonus shares / stock dividends 0 0 0 110,250 121,275 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 6,609,010 12,638,329 7,120,289 20,225,239 20,436,053 31,613,046
2.Net cash flows from investing activities (5,393,894) (5,287,579) (4,081,586) (5,543,564) (8,051,536) (7,818,319)
3.Net cash flows from financing activities (1,621,744) (11,625,231) 3,262,935 (5,903,205) (754,961) (796,141)
H.Miscellaneous
1.Total capital employed (C+D) 26,255,192 24,542,498 37,194,209 48,144,074 73,664,691 103,491,245
2.Retention in business (F10-F11-F12) 5,074,698 5,478,155 8,573,919 14,602,590 23,478,163 29,499,117
3.Depreciation for the year 995,528 1,175,227 1,435,274 3,670,890 8,963,516 9,530,383
4.Salaries, wages and employee benefits 3,211,261 3,901,244 5,463,994 9,649,327 8,184,369 9,085,991
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 6.40 6.37 9.44 15.37 20.70 23.90
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.41 1.52 1.26 0.84 0.65 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 9.03 9.67 11.93 12.93 13.36 12.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.42 4.40 3.60 3.62 3.51 3.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 39.91 42.52 42.99 46.78 46.87 38.68
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 51.25 54.89 82.87 139.45 200.59 227.23
370
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nishat Chunian Power Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 13,398,408 12,824,295 12,004,961 11,391,166 11,497,764 10,574,636
1.Capital work in progress 11,321 902 1,907 1,801 3,157 1,907
2.Operating fixed assets at cost 18,347,176 18,409,936 18,315,978 18,110,305 18,284,937 17,943,682
3.Operating fixed assets after deducting accumulated depreciation 13,376,170 12,811,179 11,980,793 11,372,422 11,482,924 10,565,965
4.Intangible assets 0 2,800 17,156 12,843 8,530 4,217
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 10,918 9,414 5,105 4,100 3,153 2,547
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,848,741 8,856,599 11,808,694 15,014,916 18,072,999 20,376,070
1.Cash & bank balance 2,135 2,308 115,560 98,237 146,416 2,346
2.Inventories; of which 920,453 524,883 846,831 1,337,183 1,076,755 153,368
i)Raw material 920,453 524,883 846,831 1,337,183 1,076,755 153,368
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 8,109,775 6,424,185 9,052,621 11,706,117 15,430,602 19,006,151
4.Short term loans and advances 0 0 36,282 1,208,684 814,438 697,322
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,816,377 1,905,223 1,757,400 664,695 604,788 516,883
Total Assets (A+B) / Equity & Liabilities (C+D+E) 24,247,149 21,680,894 23,813,655 26,406,082 29,570,763 30,950,706
C.Shareholders' Equity (C1+C2+C3) 7,383,272 7,292,576 9,190,288 12,229,326 14,360,170 18,965,940
1.Issued, Subscribed & Paid up capital 3,673,469 3,673,469 3,673,469 3,673,469 3,673,469 3,673,469
i)Ordinary shares 3,673,469 3,673,469 3,673,469 3,673,469 3,673,469 3,673,469
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,709,803 3,619,107 5,516,819 8,555,857 10,686,701 15,292,471
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 3,709,803 3,619,107 5,516,819 8,555,857 10,686,701 15,292,471
of which: un-appropriated profit(loss) / retained earnings 3,709,803 3,619,107 5,516,819 8,555,857 10,686,701 15,292,471
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 9,171,718 7,507,386 5,573,611 3,326,769 716,184 730,267
1.Long term borrowings 9,171,718 7,507,386 5,573,611 3,326,769 716,184 730,267
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 7,692,158 6,880,932 9,049,756 10,849,987 14,494,409 11,254,499
1.Trade credit & other accounts payables 574,393 844,633 452,099 636,482 382,449 593,183
of which: i) Trade credits 386,638 24,584 271,990 405,562 112,762 60,468
2.Short term borrowings 5,341,720 4,100,625 6,393,219 7,655,933 10,767,661 9,705,011
3.Current portion of non-current liabilities 1,432,432 1,664,333 1,933,775 2,246,839 2,610,585 559,703
4.Other current liabilities 343,613 271,341 270,663 310,733 733,714 396,602
F.Operations:
1.Sales 22,574,562 13,853,806 16,147,843 16,594,018 15,021,084 13,022,871
i)Local sales (Net) 22,574,562 13,853,806 16,147,843 16,594,018 15,021,084 13,022,871
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 17,448,989 9,660,067 11,827,672 11,954,459 9,945,451 6,267,119
i)Cost of material 15,634,351 8,083,254 10,142,578 10,302,630 8,187,008 4,907,341
3.Gross profit / (loss) (F1-F2) 5,125,573 4,193,739 4,320,171 4,639,559 5,075,633 6,755,752
4.General, administrative and other expenses 179,427 246,337 265,661 222,871 429,572 147,315
i)Selling & distribution expenses 1,473 0 0 0 0 0
ii)Administrative and other expenses 177,953 246,337 265,661 222,871 429,572 147,315
5.Other income / (loss) 28,620 27,956 36,458 35,964 112,565 31,613
6.EBIT (F3-F4+F5) 4,974,767 3,975,358 4,090,968 4,452,652 4,758,626 6,640,050
7.Financial expenses 1,884,454 1,219,116 1,092,520 1,046,267 1,342,068 2,034,280
of which: (i) Interest expenses 1,880,464 1,215,160 1,089,366 1,043,017 1,338,632 2,031,586
8.Profit / (loss) before taxation (F6-F7) 3,090,313 2,756,242 2,998,448 3,406,385 3,416,558 4,605,770
9.Tax expenses 0 0 (1,303) 0 0 0
10.Profit / (loss) after tax (F8-F9) 3,090,313 2,756,242 2,999,751 3,406,385 3,416,558 4,605,770
11.Cash dividends 2,755,102 2,663,265 918,367 551,020 734,694 734,694
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,262,089 5,476,875 1,563,865 1,474,442 1,653,591 3,067,682
2.Net cash flows from investing activities (417,090) (596,736) (335,490) (453,354) (1,184,587) 187,362
3.Net cash flows from financing activities (4,529,065) (3,638,870) (3,057,717) (2,651,125) (3,532,553) (2,336,464)
H.Miscellaneous
1.Total capital employed (C+D) 16,554,991 14,799,962 14,763,899 15,556,095 15,076,354 19,696,207
2.Retention in business (F10-F11-F12) 335,211 92,977 2,081,384 2,855,365 2,681,864 3,871,076
3.Depreciation for the year 1,142,323 1,171,178 1,152,648 1,066,019 1,081,402 737,443
4.Salaries, wages and employee benefits 132,488 194,323 208,276 231,326 237,477 232,763
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.69 19.90 18.58 20.53 22.75 35.37
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.87 0.60 0.71 0.66 0.54 0.43
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 11.97 12.00 13.19 13.57 12.21 15.22
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.58 3.13 2.76 2.34 2.11 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 42.83 37.56 36.40 31.81 25.70 27.64
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.41 7.50 8.17 9.27 9.30 12.54
371
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Nishat Power Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,321,122 11,659,505 11,391,297 10,659,326 10,006,590 9,395,029
1.Capital work in progress 5,227 1,950 0 14,284 21,726 35,952
2.Operating fixed assets at cost 17,367,970 17,453,954 17,402,384 17,479,322 17,297,759 17,310,571
3.Operating fixed assets after deducting accumulated depreciation 12,313,332 11,645,735 11,381,377 10,639,536 9,981,091 9,353,310
4.Intangible assets 0 7,291 5,783 4,275 2,767 2,767
5.Long term investments 1,299 1,396 1,343 1,000 1,000 0
6.Other non-current assets 1,264 3,133 2,794 231 6 3,000
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,708,578 9,415,126 11,871,898 16,248,399 19,079,786 19,928,993
1.Cash & bank balance 103,481 673,994 162,201 140,305 20,776 4,834
2.Inventories; of which 1,268,908 702,678 975,559 1,569,339 1,719,399 170,349
i)Raw material 1,268,908 702,678 975,559 1,569,339 1,719,399 170,349
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 8,049,605 6,384,250 8,944,440 12,328,941 15,643,517 18,232,531
4.Short term loans and advances 0 0 0 0 1,138 52,658
5.Short term investments 0 0 0 0 0 17,677
6.Other current assets 1,286,584 1,654,204 1,789,698 2,209,814 1,694,956 1,450,944
Total Assets (A+B) / Equity & Liabilities (C+D+E) 23,029,700 21,074,631 23,263,195 26,907,725 29,086,376 29,324,022
C.Shareholders' Equity (C1+C2+C3) 11,613,068 12,251,079 13,898,197 16,401,436 19,108,719 23,697,225
1.Issued, Subscribed & Paid up capital 3,540,885 3,540,885 3,540,885 3,540,885 3,540,885 3,540,885
i)Ordinary shares 3,540,885 3,540,885 3,540,885 3,540,885 3,540,885 3,540,885
ii)Preference shares 0 0 0 0 0 0
2.Reserves 8,072,183 8,710,194 10,357,312 12,860,551 15,567,834 20,156,340
i)Capital Reserve 0 0 0 0 3,153,633 3,153,633
ii)Revenue Reserve 8,072,183 8,710,194 10,357,312 12,860,551 12,414,201 17,002,707
of which: un-appropriated profit(loss) / retained earnings 8,072,183 8,710,194 10,357,312 12,860,551 12,414,201 17,002,707
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 8,376,351 6,857,693 5,092,325 3,040,170 654,638 55,367
1.Long term borrowings 8,376,351 6,857,693 5,092,325 3,040,170 654,638 55,367
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 3,040,281 1,965,859 4,272,673 7,466,119 9,323,019 5,571,430
1.Trade credit & other accounts payables 531,198 251,118 509,079 637,586 261,601 612,463
of which: i) Trade credits 250,960 77,896 352,689 469,811 62,937 68,560
2.Short term borrowings 932,163 0 1,798,577 4,578,891 6,420,312 4,750,749
3.Current portion of non-current liabilities 1,306,427 1,518,659 1,765,368 2,052,155 2,385,532 18,456
4.Other current liabilities 270,493 196,082 199,649 197,487 255,574 189,762
F.Operations:
1.Sales 22,313,634 13,896,036 15,041,692 16,929,085 15,581,918 11,738,487
i)Local sales (Net) 22,313,634 13,896,036 15,041,692 16,929,085 15,581,918 11,738,487
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 17,622,108 10,008,691 11,175,473 12,702,691 10,584,021 5,318,630
i)Cost of material 15,602,217 8,292,264 9,363,373 10,882,284 8,801,876 3,839,229
3.Gross profit / (loss) (F1-F2) 4,691,526 3,887,345 3,866,219 4,226,394 4,997,897 6,419,857
4.General, administrative and other expenses 177,942 203,071 256,433 327,849 290,007 342,014
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 177,942 203,071 256,433 327,849 290,007 342,014
5.Other income / (loss) 32,719 33,352 22,981 50,190 7,305 7,283
6.EBIT (F3-F4+F5) 4,546,303 3,717,626 3,632,767 3,948,735 4,715,195 6,085,126
7.Financial expenses 1,429,594 866,561 749,052 737,319 945,646 1,142,531
of which: (i) Interest expenses 1,427,584 863,788 746,487 734,923 941,089 1,139,406
8.Profit / (loss) before taxation (F6-F7) 3,116,709 2,851,065 2,883,715 3,211,416 3,769,549 4,942,595
9.Tax expenses 0 0 (2,714) 0 0 0
10.Profit / (loss) after tax (F8-F9) 3,116,709 2,851,065 2,886,429 3,211,416 3,769,549 4,942,595
11.Cash dividends 2,124,531 2,124,531 1,416,354 531,133 531,133 708,177
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,510,346 5,332,338 1,134,611 (82,904) 1,330,677 5,073,890
2.Net cash flows from investing activities (63,867) (310,702) (687,550) (246,295) (182,375) (96,472)
3.Net cash flows from financing activities (3,272,557) (3,518,960) (2,757,431) (2,473,011) (3,109,252) (3,323,797)
H.Miscellaneous
1.Total capital employed (C+D) 19,989,419 19,108,772 18,990,522 19,441,606 19,763,357 23,752,592
2.Retention in business (F10-F11-F12) 992,178 726,534 1,470,075 2,680,283 3,238,416 4,234,418
3.Depreciation for the year 1,013,937 1,005,750 984,437 976,010 824,310 697,994
4.Salaries, wages and employee benefits 118,332 189,754 323,803 341,106 401,332 376,551
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.97 20.52 19.19 18.97 24.19 42.11
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.90 0.63 0.68 0.67 0.56 0.40
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 12.58 12.93 13.02 12.80 13.46 16.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.26 1.85 1.70 1.66 1.58 1.36
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.37 23.89 22.08 21.20 21.23 23.09
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.80 8.05 8.15 9.07 10.65 13.96
372
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Oil & Gas Development Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 334,012,768 334,764,869 284,827,754 260,619,292 256,811,364 304,694,828
1.Capital work in progress 44,041,169 49,663,128 14,156,074 2,363,737 2,340,751 3,579,973
2.Operating fixed assets at cost 179,991,869 70,879,276 201,899,470 476,085,074 496,961,129 531,172,873
3.Operating fixed assets after deducting accumulated depreciation 74,082,006 70,879,276 114,179,944 222,629,006 222,621,790 230,644,798
4.Intangible assets 78,260,687 87,990,960 95,159,850 0 0 0
5.Long term investments 131,193,328 112,517,292 42,665,810 27,617,446 22,895,586 61,217,831
6.Other non-current assets 6,435,578 13,714,213 18,666,076 8,009,103 8,953,237 9,252,226
B.Current Assets (B1+B2+B3+B4+B5+B6) 219,778,551 254,800,670 342,460,219 405,857,905 509,785,826 556,768,817
1.Cash & bank balance 13,002,748 7,903,766 4,159,073 3,670,480 20,569,709 16,842,305
2.Inventories; of which 317,476 291,904 376,390 346,829 446,645 472,505
i)Raw material 317,476 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 121,411,485 111,204,186 118,574,468 163,691,820 242,731,940 325,620,971
4.Short term loans and advances 8,043,768 10,459,609 14,079,704 17,300,931 9,669,299 13,322,160
5.Short term investments 9,814,481 0 0 0 0 0
6.Other current assets 67,188,593 124,941,205 205,270,584 220,847,845 236,368,233 200,510,876
Total Assets (A+B) / Equity & Liabilities (C+D+E) 553,791,319 589,565,539 627,287,973 666,477,197 766,597,190 861,463,645
C.Shareholders' Equity (C1+C2+C3) 442,520,968 478,632,567 512,984,337 550,556,422 625,365,248 688,858,007
1.Issued, Subscribed & Paid up capital 43,009,284 43,009,284 43,009,284 43,009,284 43,009,284 43,009,284
i)Ordinary shares 43,009,284 43,009,284 43,009,284 43,009,284 43,009,284 43,009,284
ii)Preference shares 0 0 0 0 0 0
2.Reserves 399,511,684 435,623,283 469,975,053 507,547,138 582,355,964 645,848,723
i)Capital Reserve 7,456,000 10,529,373 11,994,000 13,244,000 14,494,000 17,269,580
ii)Revenue Reserve 392,055,684 425,093,910 457,981,053 494,303,138 567,861,964 628,579,143
of which: un-appropriated profit(loss) / retained earnings 392,055,684 425,093,910 457,881,766 494,180,516 567,741,481 628,579,143
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 49,368,374 51,963,824 60,693,192 60,725,888 68,588,471 78,258,796
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 12,457,915 14,971,638 19,026,984 21,280,694 22,154,000 26,531,023
5.Other non-current liabilities 36,910,459 36,992,186 41,666,208 39,445,194 46,434,471 51,727,773
E.Current Liabilities (E1+E2+E3+E4) 61,901,977 58,969,148 53,610,444 55,194,887 72,643,471 94,346,842
1.Trade credit & other accounts payables 61,901,977 46,328,588 39,170,859 36,705,914 49,477,743 68,578,248
of which: i) Trade credits 1,159,807 115,148 392,923 1,208,256 953,478 670,392
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 0 12,640,560 14,439,585 18,488,973 23,165,728 25,768,594
F.Operations:
1.Sales 210,624,908 162,866,578 171,829,364 205,335,000 261,481,188 244,856,754
i)Local sales (Net) 210,624,908 162,866,578 171,829,364 205,335,000 261,481,188 244,856,754
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 78,657,997 74,977,039 76,825,178 83,855,257 94,419,625 95,778,686
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 131,966,911 87,889,539 95,004,186 121,479,743 167,061,563 149,078,068
4.General, administrative and other expenses 22,621,323 22,556,133 22,199,662 26,206,082 25,923,279 30,814,074
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 22,621,323 22,556,133 22,199,662 26,206,082 25,923,279 30,814,074
5.Other income / (loss) 20,229,932 16,891,870 17,847,572 19,082,986 37,153,667 27,812,364
6.EBIT (F3-F4+F5) 129,575,520 82,225,276 90,652,096 114,356,647 178,291,951 146,076,358
7.Financial expenses 2,550,067 1,717,889 1,514,634 1,729,886 1,692,538 3,011,454
of which: (i) Interest expenses 2,536,838 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 127,025,453 80,507,387 89,137,462 112,626,761 176,599,413 143,064,904
9.Tax expenses 39,776,421 20,536,585 25,334,060 33,890,466 58,213,625 42,983,233
10.Profit / (loss) after tax (F8-F9) 87,249,032 59,970,802 63,803,402 78,736,295 118,385,788 100,081,671
11.Cash dividends 33,332,195 22,364,828 25,805,570 43,009,284 47,310,212 29,031,267
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 74,012,510 55,852,363 47,767,019 50,135,913 72,175,235 22,546,538
2.Net cash flows from investing activities (53,647,820) (35,586,113) (27,720,813) 39,689,264 (17,240,255) (28,645,719)
3.Net cash flows from financing activities (37,950,811) (23,759,105) (24,006,545) (36,809,433) (42,633,457) (26,428,401)
H.Miscellaneous
1.Total capital employed (C+D) 491,889,342 530,596,391 573,677,529 611,282,310 693,953,719 767,116,803
2.Retention in business (F10-F11-F12) 53,916,837 37,605,974 37,997,832 35,727,011 71,075,576 71,050,404
3.Depreciation for the year 6,622,268 8,222,218 10,033,682 11,543,242 11,960,597 12,697,822
4.Salaries, wages and employee benefits 25,461,048 24,417,347 29,392,801 25,764,279 25,942,562 29,691,494
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 41.42 36.82 37.13 38.35 45.28 40.87
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.40 0.28 0.28 0.32 0.36 0.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 16.62 10.49 10.49 12.17 16.52 12.29
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.25 1.24 1.23 1.22 1.22 1.24
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.82 13.02 12.87 14.81 20.13 15.23
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 20.29 13.94 14.83 18.31 27.53 23.27
373
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakgen Power Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 10,020,251 9,370,960 8,525,637 7,710,768 6,832,035 5,957,842
1.Capital work in progress 795,645 71,206 42,734 45,564 48,577 628
2.Operating fixed assets at cost 14,730,487 15,589,815 15,652,724 15,589,815 15,749,941 15,799,646
3.Operating fixed assets after deducting accumulated depreciation 9,223,337 9,298,612 8,482,603 7,634,699 6,760,597 5,942,491
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 969 842 0 0 0 0
6.Other non-current assets 300 300 300 30,505 22,861 14,723
B.Current Assets (B1+B2+B3+B4+B5+B6) 15,529,189 15,747,801 18,336,319 21,101,212 24,623,019 23,527,432
1.Cash & bank balance 803 591,078 61,689 3,178 151,975 23,360
2.Inventories; of which 186,875 319,573 420,331 516,398 416,965 1,262,026
i)Raw material 186,875 319,573 420,331 516,398 416,965 1,262,026
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 10,833,800 11,634,502 14,166,522 16,939,272 20,586,064 18,913,240
4.Short term loans and advances 0 0 0 1,000,000 1,009,086 350,000
5.Short term investments 0 0 0 0 0 11,416
6.Other current assets 4,507,711 3,202,648 3,687,777 2,642,364 2,458,929 2,967,390
Total Assets (A+B) / Equity & Liabilities (C+D+E) 25,549,440 25,118,761 26,861,956 28,811,980 31,455,054 29,485,274
C.Shareholders' Equity (C1+C2+C3) 15,261,651 15,034,377 15,604,190 16,693,680 19,054,062 22,634,403
1.Issued, Subscribed & Paid up capital 3,720,816 3,720,816 3,720,816 3,720,816 3,720,816 3,720,816
i)Ordinary shares 3,720,816 3,720,816 3,720,816 3,720,816 3,720,816 3,720,816
ii)Preference shares 0 0 0 0 0 0
2.Reserves 11,540,835 11,313,561 11,883,374 12,972,864 15,333,246 18,913,587
i)Capital Reserve 116,959 116,959 116,959 116,959 116,959 116,959
ii)Revenue Reserve 11,423,876 11,196,602 11,766,415 12,855,905 15,216,287 18,796,628
of which: un-appropriated profit(loss) / retained earnings 11,423,876 11,196,602 11,766,415 12,855,905 15,216,287 18,796,628
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,226,019 780,194 334,369 29,349 20,941 49,943
1.Long term borrowings 1,226,019 780,194 334,369 0 0 48,986
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 29,349 20,941 0
5.Other non-current liabilities 0 0 0 0 0 957
E.Current Liabilities (E1+E2+E3+E4) 9,061,770 9,304,190 10,923,397 12,088,951 12,380,051 6,800,928
1.Trade credit & other accounts payables 3,474,597 1,521,863 1,174,937 527,540 525,088 740,426
of which: i) Trade credits 142,660 722,492 1,014,495 350,481 226,685 141,839
2.Short term borrowings 5,080,859 7,249,291 9,194,511 11,093,800 11,535,517 5,870,818
3.Current portion of non-current liabilities 445,825 445,825 445,825 334,369 0 49,326
4.Other current liabilities 60,489 87,211 108,124 133,242 319,446 140,358
F.Operations:
1.Sales 6,523,043 16,044,135 19,754,785 16,218,296 12,185,385 10,645,671
i)Local sales (Net) 6,523,043 16,044,135 19,754,785 16,218,296 12,185,385 10,645,671
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,543,926 14,728,099 17,771,748 13,792,637 7,618,200 5,078,317
i)Cost of material 2,342,186 12,172,440 15,747,159 11,783,398 5,396,062 2,924,214
3.Gross profit / (loss) (F1-F2) 1,979,117 1,316,036 1,983,037 2,425,659 4,567,185 5,567,354
4.General, administrative and other expenses 156,489 199,543 195,973 179,273 285,191 216,109
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 156,489 199,543 195,973 179,273 285,191 216,109
5.Other income / (loss) 96,135 4,073 205,446 97,863 161,771 66,946
6.EBIT (F3-F4+F5) 1,918,763 1,120,566 1,992,510 2,344,249 4,443,765 5,418,191
7.Financial expenses 321,037 603,676 678,533 859,108 1,532,724 1,006,909
of which: (i) Interest expenses 315,307 594,474 662,702 844,820 1,505,626 992,991
8.Profit / (loss) before taxation (F6-F7) 1,597,726 516,890 1,313,977 1,485,141 2,911,041 4,411,282
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) 1,597,726 516,890 1,313,977 1,485,141 2,911,041 4,411,282
11.Cash dividends 744,163 744,163 744,163 558,122 0 1,209,265
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 157,736 (190,140) (1,198,537) (62,930) 541,162 5,555,966
2.Net cash flows from investing activities (2,390,889) (199,549) (83,888) (1,078,358) 59,465 723,038
3.Net cash flows from financing activities 928,447 (1,188,468) (1,192,184) (816,512) (893,547) (731,504)
H.Miscellaneous
1.Total capital employed (C+D) 16,487,670 15,814,571 15,938,559 16,723,029 19,075,003 22,684,346
2.Retention in business (F10-F11-F12) 853,563 (227,273) 569,814 927,019 2,911,041 3,202,017
3.Depreciation for the year 592,263 820,363 917,556 921,517 906,258 867,811
4.Salaries, wages and employee benefits 235,657 268,471 291,820 308,258 308,503 294,623
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 24.49 3.22 6.65 9.16 23.89 41.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.28 0.63 0.76 0.58 0.40 0.35
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.87 2.04 5.06 5.34 9.66 14.48
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.57 1.67 1.70 1.72 1.69 1.46
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.77 3.41 8.58 9.20 16.29 21.16
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.29 1.39 3.53 3.99 7.82 11.86
374
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

S.G. Power Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 51,958 49,576 14,267 13,780 13,273 12,842
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 195,947 195,947 199,611 199,611 199,611 199,611
3.Operating fixed assets after deducting accumulated depreciation 46,608 44,226 8,917 8,430 7,973 7,542
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 5,350 5,350 5,350 5,350 5,300 5,300
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,410 6,466 227 455 1,939 5,005
1.Cash & bank balance 480 510 227 434 5 389
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 1,913 4,595
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 5,930 5,956 0 21 21 21
Total Assets (A+B) / Equity & Liabilities (C+D+E) 58,369 56,042 14,494 14,235 15,212 17,847
C.Shareholders' Equity (C1+C2+C3) 41,994 36,377 12,544 10,336 11,387 13,569
1.Issued, Subscribed & Paid up capital 178,333 178,333 178,333 178,333 178,333 178,333
i)Ordinary shares 178,333 178,333 178,333 178,333 178,333 178,333
ii)Preference shares 0 0 0 0 0 0
2.Reserves (136,339) (141,956) (165,789) (167,997) (166,946) (164,764)
i)Capital Reserve 89,116 89,116 89,116 89,116 89,116 89,116
ii)Revenue Reserve (225,455) (231,072) (254,905) (257,113) (256,062) (253,880)
of which: un-appropriated profit(loss) / retained earnings (225,455) (231,072) (254,905) (257,113) (256,062) (253,880)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 116 113 0 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 3 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 113 113 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 16,259 19,552 1,950 3,899 3,825 4,278
1.Trade credit & other accounts payables 11,134 11,284 20 170 780 1,233
of which: i) Trade credits 6,750 6,750 6 0 0 0
2.Short term borrowings 0 3,262 3 3 46 46
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 5,125 5,006 1,927 3,726 2,999 2,999
F.Operations:
1.Sales 0 0 500 1,750 5,788 8,999
i)Local sales (Net) 0 0 500 1,750 5,788 8,999
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 5,045 5,429 4,551 4,330 4,488 6,663
i)Cost of material 741 1,255 1,376 2,048 4,034 6,235
3.Gross profit / (loss) (F1-F2) (5,045) (5,429) (4,051) (2,580) 1,300 2,336
4.General, administrative and other expenses 178 243 5,854 248 250 153
i)Selling & distribution expenses 0 0 50 0 0 0
ii)Administrative and other expenses 178 243 5,804 248 250 153
5.Other income / (loss) 356 247 (13,673) 715 0 0
6.EBIT (F3-F4+F5) (4,868) (5,425) (23,578) (2,113) 1,050 2,183
7.Financial expenses 0 191 254 95 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (4,868) (5,616) (23,832) (2,208) 1,050 2,183
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (4,868) (5,616) (23,832) (2,208) 1,050 2,183
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 42 31 3,381 207 (522) 384
2.Net cash flows from investing activities 0 0 (3,664) 0 50 0
3.Net cash flows from financing activities 0 0 0 0 43 0
H.Miscellaneous
1.Total capital employed (C+D) 42,110 36,490 12,544 10,336 11,387 13,569
2.Retention in business (F10-F11-F12) (4,868) (5,616) (23,832) (2,208) 1,050 2,183
3.Depreciation for the year 2,514 2,382 1,382 486 458 431
4.Salaries, wages and employee benefits 0 0 0 0 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - -4,766.40 -126.17 18.14 24.26
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.01 0.12 0.39 0.54
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -8.17 -9.82 -67.57 -15.37 7.13 13.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.34 1.46 1.44 1.26 1.36 1.32
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -10.96 -14.33 -97.43 -19.30 9.67 17.49
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.27 -0.31 -1.34 -0.12 0.06 0.12
375
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

SAIF POWER Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 14,803,456 14,217,676 13,691,445 14,003,772 13,679,780 13,151,875
1.Capital work in progress 0 0 0 234,486 325,866 368,599
2.Operating fixed assets at cost 18,044,194 18,040,082 18,105,448 18,722,894 18,638,961 18,715,282
3.Operating fixed assets after deducting accumulated depreciation 14,802,174 14,213,513 13,687,610 13,710,908 13,218,254 12,649,997
4.Intangible assets 0 0 0 11,531 11,531 11,531
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,281 4,163 3,835 46,847 124,129 121,748
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,556,013 5,016,234 5,984,112 9,137,770 11,147,753 12,367,505
1.Cash & bank balance 4,765 152,763 4,425 14,473 14,152 26,728
2.Inventories; of which 128,211 128,115 127,996 134,110 133,036 169,300
i)Raw material 128,211 128,115 127,996 134,110 133,036 169,300
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 5,075,065 4,377,319 5,383,548 8,415,730 9,650,653 11,363,291
4.Short term loans and advances 5,099 2,320 1,483 921 98,349 105,740
5.Short term investments 0 0 0 0 0 0
6.Other current assets 342,872 355,717 466,660 572,536 1,251,563 702,446
Total Assets (A+B) / Equity & Liabilities (C+D+E) 20,359,469 19,233,910 19,675,557 23,141,542 24,827,533 25,519,380
C.Shareholders' Equity (C1+C2+C3) 7,871,705 9,215,779 10,396,098 12,046,451 14,832,079 15,953,878
1.Issued, Subscribed & Paid up capital 3,864,718 3,864,718 3,864,718 3,864,718 3,864,718 3,864,718
i)Ordinary shares 3,864,718 3,864,718 3,864,718 3,864,718 3,864,718 3,864,718
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,006,987 5,351,061 6,531,380 8,181,733 10,967,361 12,089,160
i)Capital Reserve 0 0 0 19 27,802 28,869
ii)Revenue Reserve 4,006,987 5,351,061 6,531,380 8,181,714 10,939,559 12,060,291
of which: un-appropriated profit(loss) / retained earnings 4,006,987 5,351,061 6,531,380 8,181,714 10,939,559 12,060,291
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,507,471 5,486,226 3,631,739 1,461,141 767,934 601,834
1.Long term borrowings 6,410,397 4,763,293 2,869,486 661,523 50,547 45,575
2.Subordinated loans / Sponsor's loans 65,965 722,933 762,253 799,618 714,425 554,616
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 31,109 0 0 0 2,962 1,643
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 5,980,292 4,531,905 5,647,720 9,633,950 9,227,520 8,963,668
1.Trade credit & other accounts payables 2,656,971 1,163,048 1,424,572 1,114,196 2,098,783 923,922
of which: i) Trade credits 2,302,345 741,912 992,031 588,197 1,587,032 722,766
2.Short term borrowings 865,803 1,266,873 1,927,514 5,473,051 5,260,383 6,973,705
3.Current portion of non-current liabilities 2,079,671 1,742,260 1,909,107 2,486,085 1,157,227 431,556
4.Other current liabilities 377,847 359,724 386,527 560,618 711,127 634,485
F.Operations:
1.Sales 14,981,247 11,946,156 12,257,197 16,690,327 14,910,381 8,925,175
i)Local sales (Net) 14,981,247 11,946,156 12,257,197 16,690,327 14,910,381 8,925,175
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 11,691,575 8,758,049 8,779,523 12,625,323 9,892,199 5,595,214
i)Cost of material 10,079,727 7,238,427 7,208,100 11,000,232 8,118,149 3,702,313
3.Gross profit / (loss) (F1-F2) 3,289,673 3,188,107 3,477,674 4,065,004 5,018,182 3,329,961
4.General, administrative and other expenses 102,858 127,836 182,396 140,567 165,141 165,100
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 102,858 127,836 182,396 140,567 165,141 165,100
5.Other income / (loss) 27,800 12,736 4,185 2,428 3,277 2,287
6.EBIT (F3-F4+F5) 3,214,615 3,073,007 3,299,463 3,926,865 4,856,318 3,167,148
7.Financial expenses 1,152,000 760,674 707,339 894,557 1,209,887 799,499
of which: (i) Interest expenses 1,151,642 760,266 655,097 750,109 1,106,713 704,673
8.Profit / (loss) before taxation (F6-F7) 2,062,615 2,312,333 2,592,124 3,032,308 3,646,431 2,367,649
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) 2,062,615 2,312,333 2,592,124 3,032,308 3,646,431 2,367,649
11.Cash dividends 1,449,269 1,410,622 1,410,622 1,140,092 1,159,415 1,449,269
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,572,601 2,030,905 2,350,817 269,943 3,337,414 541,932
2.Net cash flows from investing activities 26,385 9,555 (5,089) (487,821) (71,908) (40,704)
3.Net cash flows from financing activities (4,128,028) (1,892,462) (2,494,066) 227,927 (3,265,826) (488,653)
H.Miscellaneous
1.Total capital employed (C+D) 14,379,176 14,702,005 14,027,837 13,507,592 15,600,013 16,555,712
2.Retention in business (F10-F11-F12) 613,346 901,711 1,181,502 1,892,216 2,487,016 918,380
3.Depreciation for the year 588,386 588,248 591,532 594,521 1,432,333 610,099
4.Salaries, wages and employee benefits 69,548 77,359 417,084 104,616 123,983 117,045
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.77 19.36 21.15 18.17 24.46 26.53
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.73 0.60 0.63 0.78 0.62 0.35
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.00 11.68 13.32 14.16 15.20 9.41
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.78 2.32 1.98 1.91 1.78 1.64
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 27.80 27.06 26.43 27.02 27.13 15.38
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.34 5.98 6.71 7.85 9.44 6.13
376
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sitara Energy Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,781,905 1,708,743 1,681,388 1,615,863 1,393,164 1,250,359
1.Capital work in progress 137,180 139,026 140,602 141,607 0 0
2.Operating fixed assets at cost 2,361,076 2,428,098 2,387,252 2,378,646 2,377,006 2,252,688
3.Operating fixed assets after deducting accumulated depreciation 1,643,600 1,518,374 1,457,104 1,394,643 902,345 786,566
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 49,995 82,335 79,102 489,308 461,282
6.Other non-current assets 1,125 1,348 1,347 511 1,511 2,511
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,513,765 1,850,913 2,092,220 2,065,888 2,024,519 2,113,831
1.Cash & bank balance 44,340 318,648 62,481 20,594 214,370 274,642
2.Inventories; of which 103,252 55,046 263,302 43,140 22,157 19,385
i)Raw material 103,252 55,046 263,302 43,140 22,157 19,385
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 859,907 862,430 749,630 755,558 561,033 516,750
4.Short term loans and advances 39,069 246,440 591,957 676,394 631,526 639,671
5.Short term investments 63,403 0 0 0 0 0
6.Other current assets 403,794 368,349 424,850 570,202 595,433 663,383
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,295,670 3,559,656 3,773,608 3,681,751 3,417,683 3,364,190
C.Shareholders' Equity (C1+C2+C3) 1,948,975 2,089,655 1,954,910 1,873,053 1,681,243 1,545,613
1.Issued, Subscribed & Paid up capital 190,920 190,920 190,920 190,920 190,920 190,920
i)Ordinary shares 190,920 190,920 190,920 190,920 190,920 190,920
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,758,055 1,898,735 1,763,990 1,682,133 1,490,323 1,354,693
i)Capital Reserve 143,190 143,190 143,190 143,190 143,190 143,190
ii)Revenue Reserve 1,614,865 1,755,545 1,620,800 1,538,943 1,347,133 1,211,503
of which: un-appropriated profit(loss) / retained earnings 694,858 835,545 650,800 568,943 377,133 241,503
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 202,500 5,673 2,460 0 20,833 4,167
1.Long term borrowings 202,500 5,673 2,460 0 20,833 4,167
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,144,195 1,464,328 1,816,238 1,808,698 1,715,607 1,814,410
1.Trade credit & other accounts payables 401,775 462,023 743,891 714,561 632,337 548,961
of which: i) Trade credits 246,853 326,610 665,547 642,879 555,795 448,786
2.Short term borrowings 711,627 771,874 1,036,617 1,058,327 982,314 1,013,751
3.Current portion of non-current liabilities 1,876 204,304 2,595 2,461 20,833 25,000
4.Other current liabilities 28,918 26,127 33,135 33,349 80,123 226,698
F.Operations:
1.Sales 3,658,739 3,074,266 2,116,461 2,412,173 1,036,691 958,056
i)Local sales (Net) 3,658,739 3,074,266 2,116,461 2,412,173 1,036,691 958,056
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,432,515 2,705,568 1,986,124 2,359,464 1,035,379 866,385
i)Cost of material 3,092,838 2,357,361 1,782,742 2,160,664 932,830 804,506
3.Gross profit / (loss) (F1-F2) 226,224 368,698 130,337 52,709 1,312 91,671
4.General, administrative and other expenses 104,471 114,647 122,285 120,300 115,958 75,495
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 104,471 114,647 122,285 120,300 115,958 75,495
5.Other income / (loss) 120,831 15,875 11,934 109,920 77,896 18,385
6.EBIT (F3-F4+F5) 242,584 269,926 19,986 42,329 (36,750) 34,561
7.Financial expenses 139,051 107,505 116,548 124,185 152,722 168,734
of which: (i) Interest expenses 137,436 104,557 112,144 119,736 149,087 164,843
8.Profit / (loss) before taxation (F6-F7) 103,533 162,421 (96,562) (81,856) (189,472) (134,173)
9.Tax expenses 0 0 0 0 2,337 1,457
10.Profit / (loss) after tax (F8-F9) 103,533 162,421 (96,562) (81,856) (191,809) (135,630)
11.Cash dividends 23,865 38,184 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (30,978) 214,171 (296,936) (111,420) 17,808 (91,259)
2.Net cash flows from investing activities 40,203 31,669 (6,992) 50,477 212,780 132,595
3.Net cash flows from financing activities (26,316) 33,871 22,158 19,057 (36,813) 18,937
H.Miscellaneous
1.Total capital employed (C+D) 2,151,475 2,095,328 1,957,370 1,873,053 1,702,076 1,549,780
2.Retention in business (F10-F11-F12) 79,668 124,237 (96,562) (81,856) (191,809) (135,630)
3.Depreciation for the year 99,912 95,971 35,795 35,990 28,383 17,515
4.Salaries, wages and employee benefits 112,270 114,073 113,618 105,839 68,441 42,921
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.83 5.28 -4.56 -3.39 -18.50 -14.16
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.11 0.90 0.58 0.65 0.29 0.28
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.14 4.74 -2.63 -2.20 -5.40 -4.00
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.72 1.70 1.81 1.95 2.00 2.10
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 5.40 8.04 -4.77 -4.28 -10.79 -8.41
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 5.42 8.51 -5.06 -4.29 -10.05 -7.10
377
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sui Northern Gas Pipelines Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 116,754,857 139,487,798 167,081,379 194,063,019 204,750,902 248,044,834
1.Capital work in progress 22,384,225 27,211,818 23,297,830 19,203,112 25,372,465 23,323,279
2.Operating fixed assets at cost 189,539,406 217,017,942 262,167,386 309,076,428 331,206,040 357,812,413
3.Operating fixed assets after deducting accumulated depreciation 92,092,283 108,788,233 140,804,573 171,406,578 175,465,092 182,674,503
4.Intangible assets 47,470 118,929 89,214 116,432 185,727 96,952
5.Long term investments 4,900 4,900 4,900 4,900 0 0
6.Other non-current assets 2,225,979 3,363,918 2,884,862 3,331,997 3,727,618 41,950,100
B.Current Assets (B1+B2+B3+B4+B5+B6) 88,334,651 112,225,717 157,105,429 267,094,224 424,630,620 552,951,769
1.Cash & bank balance 555,197 1,780,793 3,647,782 7,075,033 6,152,552 7,512,919
2.Inventories; of which 1,030,463 967,110 10,270,890 31,404,569 9,007,232 6,824,823
i)Raw material 0 0 0 0 9,007,232 6,824,823
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 1,030,463 967,110 0 0 0 0
3.Trade Debt / accounts receivables 56,195,903 57,879,916 10,270,890 66,314,600 157,573,161 164,761,685
4.Short term loans and advances 911,452 1,798,537 1,496,789 1,260,945 2,119,986 2,526,672
5.Short term investments 0 0 0 0 4,900 4,900
6.Other current assets 29,641,636 49,799,361 131,419,078 161,039,077 249,772,789 371,320,770
Total Assets (A+B) / Equity & Liabilities (C+D+E) 205,089,508 251,713,515 324,186,808 461,157,243 629,381,522 800,996,603
C.Shareholders' Equity (C1+C2+C3) 3,573,318 3,697,331 10,595,793 18,676,681 21,042,213 25,136,859
1.Issued, Subscribed & Paid up capital 6,342,167 6,342,167 6,342,167 6,342,167 6,342,167 6,342,167
i)Ordinary shares 6,342,167 6,342,167 6,342,167 6,342,167 6,342,167 6,342,167
ii)Preference shares 0 0 0 0 0 0
2.Reserves (2,768,849) (2,644,836) 4,253,626 12,334,514 14,700,046 18,794,692
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (2,768,849) (2,644,836) 4,253,626 12,334,514 14,700,046 18,794,692
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 10,092,364 14,187,010
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 88,562,843 119,076,582 150,280,396 161,766,344 162,812,183 190,785,796
1.Long term borrowings 14,218,778 34,994,903 49,863,866 50,835,232 39,633,229 64,590,585
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 9,748,887 12,332,455 14,681,746 7,617,333 7,640,091 10,168,764
5.Other non-current liabilities 64,595,178 71,749,224 85,734,784 103,313,779 115,538,863 116,026,447
E.Current Liabilities (E1+E2+E3+E4) 112,953,347 128,939,602 163,310,619 280,714,218 445,527,126 585,073,948
1.Trade credit & other accounts payables 90,847,016 103,966,219 131,661,741 233,679,577 351,430,265 452,394,419
of which: i) Trade credits 80,489,687 95,125,698 109,965,962 208,856,628 337,700,934 437,756,097
2.Short term borrowings 142,203 996,200 999,258 3,986,546 28,486,666 29,724,262
3.Current portion of non-current liabilities 2,920,820 1,834,376 5,363,722 11,572,645 11,294,872 15,352,670
4.Other current liabilities 19,043,308 22,142,807 25,285,898 31,475,450 54,315,323 87,602,597
F.Operations:
1.Sales 212,520,573 250,646,588 346,308,284 503,782,390 781,899,964 744,555,413
i)Local sales (Net) 212,520,573 250,646,588 346,308,284 503,782,390 781,899,964 744,555,413
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 210,374,232 246,424,169 326,609,632 476,785,651 746,103,955 690,218,497
i)Cost of material 195,527,043 229,383,689 0 0 0 0
3.Gross profit / (loss) (F1-F2) 2,146,341 4,222,419 19,698,652 26,996,739 35,796,009 54,336,916
4.General, administrative and other expenses 12,051,869 11,856,274 12,801,880 14,874,670 15,876,241 14,254,385
i)Selling & distribution expenses 7,440,768 6,875,706 5,646,155 5,282,717 5,526,850 6,293,393
ii)Administrative and other expenses 4,611,101 4,980,568 7,155,725 9,591,953 10,349,391 7,960,992
5.Other income / (loss) 10,525,247 11,896,988 10,992,947 14,159,487 17,006,296 17,310,090
6.EBIT (F3-F4+F5) 619,719 4,263,133 17,889,719 26,281,556 36,926,064 57,392,621
7.Financial expenses 3,982,728 4,402,741 5,350,520 10,806,155 25,776,847 48,975,690
of which: (i) Interest expenses 3,856,344 1,751,512 3,403,257 10,797,700 25,767,042 48,968,345
8.Profit / (loss) before taxation (F6-F7) (3,363,009) (139,608) 12,539,199 15,475,401 11,149,217 8,416,931
9.Tax expenses (868,509) (263,621) 3,924,699 4,353,926 4,073,383 2,419,222
10.Profit / (loss) after tax (F8-F9) (2,494,500) 124,013 8,614,500 11,121,475 7,075,834 5,997,709
11.Cash dividends 0 0 0 4,471,228 2,219,758 2,536,867
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 11,635,935 10,954,255 21,876,902 39,589,745 17,339,137 35,320,742
2.Net cash flows from investing activities (18,540,378) (30,218,519) (38,476,828) (41,582,308) (27,832,011) (23,546,553)
3.Net cash flows from financing activities 7,814,602 19,635,863 18,463,857 2,432,526 (14,929,727) (11,651,418)
H.Miscellaneous
1.Total capital employed (C+D) 92,136,161 122,773,913 160,876,189 180,443,025 183,854,396 215,922,655
2.Retention in business (F10-F11-F12) (2,494,500) 124,013 8,614,500 6,650,247 4,856,076 3,460,842
3.Depreciation for the year 9,728,843 11,204,227 13,669,650 17,116,996 19,032,575 20,032,923
4.Salaries, wages and employee benefits 10,680,617 12,881,910 17,674,986 18,141,986 19,429,037 20,206,461
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.17 0.05 2.49 2.21 0.90 0.81
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.13 1.10 1.20 1.28 1.43 1.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.32 0.05 2.99 2.83 1.30 0.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 39.11 62.83 40.29 26.83 27.46 30.97
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -51.75 3.41 120.54 75.99 35.63 25.98
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.93 0.20 13.58 17.54 11.16 9.46
378
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Sui Southern Gas Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 77,542,448 102,562,563 121,041,633 123,791,360 133,678,098 133,678,098
1.Capital work in progress 9,547,514 23,444,460 8,791,150 11,133,660 11,572,877 11,572,877
2.Operating fixed assets at cost 118,873,801 132,871,405 172,366,126 182,879,942 200,381,285 200,381,285
3.Operating fixed assets after deducting accumulated depreciation 66,609,660 75,433,139 108,383,400 111,557,090 121,230,695 121,230,695
4.Intangible assets 35,911 24,643 81,574 56,597 29,475 29,475
5.Long term investments 754,175 605,809 560,327 376,432 236,148 236,148
6.Other non-current assets 595,188 3,054,512 3,225,182 667,581 608,903 608,903
B.Current Assets (B1+B2+B3+B4+B5+B6) 198,988,658 176,102,285 194,815,123 262,204,408 395,258,809 395,258,809
1.Cash & bank balance 1,056,930 1,357,962 1,147,188 791,931 836,483 836,483
2.Inventories; of which 947,061 834,656 1,288,147 1,198,474 1,889,640 1,889,640
i)Raw material 382,787 316,426 430,544 320,242 415,274 415,274
ii)Work in progress 19,374 7,328 7,921 31,922 12,203 12,203
iii)Finished goods 544,900 510,902 849,682 846,310 1,462,163 1,462,163
3.Trade Debt / accounts receivables 90,417,718 86,307,335 82,150,985 76,782,729 84,191,799 84,191,799
4.Short term loans and advances 603,220 934,200 932,959 782,814 651,391 651,391
5.Short term investments 110,161 110,161 57,815 57,815 0 0
6.Other current assets 105,853,568 86,557,971 109,238,029 182,590,645 307,689,496 307,689,496
Total Assets (A+B) / Equity & Liabilities (C+D+E) 276,531,106 278,664,848 315,856,756 385,995,768 528,936,907 528,936,907
C.Shareholders' Equity (C1+C2+C3) 17,887,693 13,461,055 15,536,443 2,904,342 (7,584,041) (7,584,041)
1.Issued, Subscribed & Paid up capital 8,809,163 8,809,163 8,809,163 8,809,163 8,809,163 8,809,163
i)Ordinary shares 8,809,163 8,809,163 8,809,163 8,809,163 8,809,163 8,809,163
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,173,416) (7,076,373) (5,000,985) (19,578,236) (38,343,736) (38,343,736)
i)Capital Reserve 234,868 234,868 234,868 234,868 234,868 234,868
ii)Revenue Reserve (1,408,284) (7,311,241) (5,235,853) (19,813,104) (38,578,604) (38,578,604)
of which: un-appropriated profit(loss) / retained earnings (6,320,809) (12,185,561) (10,427,085) (24,820,442) (43,450,758) (43,450,758)
3.Surplus on revaluation of fixed assets 10,251,946 11,728,265 11,728,265 13,673,415 21,950,532 21,950,532
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 41,784,406 47,709,524 76,419,655 76,244,755 73,864,910 73,864,910
1.Long term borrowings 24,607,438 28,415,525 48,790,294 44,721,775 36,919,543 36,919,543
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 4,696,573 4,716,523 4,902,390 5,956,657 5,875,230 5,875,230
5.Other non-current liabilities 12,480,395 14,577,476 22,726,971 25,566,323 31,070,137 31,070,137
E.Current Liabilities (E1+E2+E3+E4) 216,859,007 217,494,269 223,900,658 306,846,671 462,656,038 462,656,038
1.Trade credit & other accounts payables 173,056,280 189,684,080 196,333,561 267,355,474 417,723,048 417,723,048
of which: i) Trade credits 145,778,188 143,781,566 168,180,429 234,635,180 376,907,620 376,907,620
2.Short term borrowings 989,191 4,860,212 2,900,655 9,759,947 9,759,947 9,759,947
3.Current portion of non-current liabilities 8,613,322 6,225,080 7,045,427 11,573,691 10,232,540 10,232,540
4.Other current liabilities 34,200,214 16,724,897 17,621,015 18,157,559 24,940,503 24,940,503
F.Operations:
1.Sales 162,583,170 138,616,102 156,673,275 177,404,423 297,166,704 297,166,704
i)Local sales (Net) 162,583,170 138,616,102 156,673,275 177,404,423 297,166,704 297,166,704
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 169,020,109 163,440,128 157,524,022 187,195,880 295,127,307 295,127,307
i)Cost of material 154,261,300 147,284,596 0 0 0 0
3.Gross profit / (loss) (F1-F2) (6,436,939) (24,824,026) (850,747) (9,791,457) 2,039,397 2,039,397
4.General, administrative and other expenses 5,424,382 6,272,111 7,713,231 10,090,359 26,478,047 26,478,047
i)Selling & distribution expenses 1,461,352 1,474,421 1,571,700 1,671,962 1,820,500 1,820,500
ii)Administrative and other expenses 3,963,030 4,797,690 6,141,531 8,418,397 24,657,547 24,657,547
5.Other income / (loss) 12,751,546 26,082,368 13,744,600 14,190,110 14,409,908 14,409,908
6.EBIT (F3-F4+F5) 890,225 (5,013,769) 5,180,622 (5,691,706) (10,028,742) (10,028,742)
7.Financial expenses 9,698,218 2,618,868 1,694,734 5,065,105 6,759,183 6,759,183
of which: (i) Interest expenses 9,698,218 2,618,868 1,694,734 5,065,105 6,759,183 6,759,183
8.Profit / (loss) before taxation (F6-F7) (8,807,993) (7,632,637) 3,485,888 (10,756,811) (16,787,925) (16,787,925)
9.Tax expenses (3,378,305) (1,771,750) 2,011,093 4,047,715 1,574,884 1,574,884
10.Profit / (loss) after tax (F8-F9) (5,429,688) (5,860,887) 1,474,795 (14,804,526) (18,362,809) (18,362,809)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,827,258 21,636,513 (4,039,195) 3,155,922 12,841,940 12,841,940
2.Net cash flows from investing activities (7,190,347) (26,691,761) (21,718,342) (10,830,073) (9,618,431) (9,618,431)
3.Net cash flows from financing activities 2,958,490 1,485,259 27,506,320 459,600 (9,713,247) (9,713,247)
H.Miscellaneous
1.Total capital employed (C+D) 59,672,099 61,170,579 91,956,098 79,149,097 66,280,869 66,280,869
2.Retention in business (F10-F11-F12) (5,429,688) (5,860,887) 1,474,795 (14,804,526) (18,362,809) (18,362,809)
3.Depreciation for the year 4,925,726 5,383,440 6,355,430 7,910,586 8,164,176 8,164,176
4.Salaries, wages and employee benefits 10,850,172 11,217,652 12,385,100 11,454,258 12,362,697 12,362,697
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -3.34 -4.23 0.94 -8.35 -6.18 -6.18
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.64 0.50 0.53 0.51 0.65 0.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -2.13 -2.11 0.50 -4.22 -4.01 -3.47
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 12.46 17.71 20.50 38.06 -195.51 -69.74
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -26.58 -37.39 10.17 -160.56 784.79 242.12
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.16 -6.65 1.67 -16.81 -20.85 -20.85
379
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

The Hub Power Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 59,729,758 57,758,763 56,167,910 64,156,058 106,331,542 131,104,546
1.Capital work in progress 86,091 139,885 590,327 4,325,082 20,215,030 30,685,826
2.Operating fixed assets at cost 94,814,580 95,714,260 96,432,368 97,996,900 101,273,645 102,043,195
3.Operating fixed assets after deducting accumulated depreciation 57,952,873 55,134,158 52,034,108 49,492,686 48,272,279 44,914,860
4.Intangible assets 1,418,377 1,459,290 1,474,850 1,477,963 1,472,145 1,441,399
5.Long term investments 244,234 989,405 1,924,412 8,823,879 36,302,726 54,026,930
6.Other non-current assets 28,183 36,025 144,213 36,448 69,362 35,531
B.Current Assets (B1+B2+B3+B4+B5+B6) 86,387,207 96,089,373 103,451,890 121,849,495 118,936,076 129,283,860
1.Cash & bank balance 2,346,924 6,572,532 3,860,355 2,654,315 12,131,754 6,537,425
2.Inventories; of which 3,469,528 2,563,327 3,442,694 6,347,109 5,844,656 6,699,010
i)Raw material 3,469,528 2,563,327 3,442,694 6,347,109 5,844,656 6,699,010
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 74,895,994 79,542,544 85,613,761 98,856,377 85,646,949 99,700,245
4.Short term loans and advances 187,469 268,842 194,617 147,327 52,685 46,873
5.Short term investments 0 0 0 0 0 0
6.Other current assets 5,487,292 7,142,128 10,340,463 13,844,367 15,260,032 16,300,307
Total Assets (A+B) / Equity & Liabilities (C+D+E) 146,116,965 153,848,136 159,619,800 186,005,553 225,267,618 260,388,406
C.Shareholders' Equity (C1+C2+C3) 36,839,773 33,244,610 34,998,501 39,033,930 57,422,708 83,931,342
1.Issued, Subscribed & Paid up capital 11,571,544 11,571,544 11,571,544 11,571,544 12,971,544 12,971,544
i)Ordinary shares 11,571,544 11,571,544 11,571,544 11,571,544 12,971,544 12,971,544
ii)Preference shares 0 0 0 0 0 0
2.Reserves 25,268,229 21,673,066 23,426,957 27,462,386 44,451,164 70,959,798
i)Capital Reserve 1,910,156 2,038,687 2,367,012 3,584,186 12,024,007 13,244,781
ii)Revenue Reserve 23,358,073 19,634,379 21,059,945 23,878,200 32,427,157 57,715,017
of which: un-appropriated profit(loss) / retained earnings 23,358,073 19,634,379 21,059,945 23,878,200 32,427,157 57,715,017
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 31,231,098 28,396,295 23,572,292 27,522,203 35,932,356 53,713,798
1.Long term borrowings 31,224,973 28,388,247 23,572,292 27,522,203 35,932,356 50,543,203
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,225 1,923 0 0 0 0
5.Other non-current liabilities 4,900 6,125 0 0 0 3,170,595
E.Current Liabilities (E1+E2+E3+E4) 78,046,094 92,207,231 101,049,007 119,449,420 131,912,554 122,743,266
1.Trade credit & other accounts payables 60,243,868 68,903,628 67,758,021 82,872,983 70,529,859 77,322,905
of which: i) Trade credits 57,115,144 63,658,388 64,468,834 78,573,435 52,963,243 50,831,292
2.Short term borrowings 10,963,045 16,540,219 24,846,559 28,804,770 53,478,425 38,861,671
3.Current portion of non-current liabilities 5,597,249 5,818,361 6,410,028 6,581,275 6,028,206 4,428,561
4.Other current liabilities 1,241,932 945,023 2,034,399 1,190,392 1,876,064 2,130,129
F.Operations:
1.Sales 137,836,254 91,594,876 101,188,378 99,999,433 58,128,888 48,321,335
i)Local sales (Net) 137,836,254 91,594,876 101,188,378 99,999,433 58,128,888 48,321,335
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 118,588,280 73,012,704 83,928,576 81,720,455 36,640,036 17,830,929
i)Cost of material 107,771,532 63,328,000 73,153,421 72,114,874 26,339,339 9,225,172
3.Gross profit / (loss) (F1-F2) 19,247,974 18,582,172 17,259,802 18,278,978 21,488,852 30,490,406
4.General, administrative and other expenses 1,528,652 1,735,744 1,442,203 1,634,913 1,733,682 1,681,137
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 1,528,652 1,735,744 1,442,203 1,634,913 1,733,682 1,681,137
5.Other income / (loss) 131,109 59,401 (28,585) (61,212) 92,982 13,101,621
6.EBIT (F3-F4+F5) 17,850,431 16,905,829 15,789,014 16,582,853 19,848,152 41,910,890
7.Financial expenses 5,689,608 4,134,576 4,081,317 4,432,498 7,401,123 11,905,155
of which: (i) Interest expenses 5,689,608 3,820,307 3,847,282 4,082,859 6,967,431 11,352,297
8.Profit / (loss) before taxation (F6-F7) 12,160,823 12,771,253 11,707,697 12,150,355 12,447,029 30,005,735
9.Tax expenses 160,089 270,659 359,215 485,572 516,722 3,944,865
10.Profit / (loss) after tax (F8-F9) 12,000,734 12,500,594 11,348,482 11,664,783 11,930,307 26,060,870
11.Cash dividends 10,992,967 12,728,698 8,678,658 8,562,943 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 16,710,909 17,148,250 6,552,485 10,933,441 6,453,777 3,583,303
2.Net cash flows from investing activities (1,094,679) (1,618,020) (2,298,569) (10,408,699) (32,063,687) (7,201,574)
3.Net cash flows from financing activities (12,369,871) (16,881,796) (15,272,433) (5,688,993) 10,413,694 12,640,696
H.Miscellaneous
1.Total capital employed (C+D) 68,070,871 61,640,905 58,570,793 66,556,133 93,355,064 137,645,140
2.Retention in business (F10-F11-F12) 1,007,767 (228,104) 2,669,824 3,101,840 11,930,307 26,060,870
3.Depreciation for the year 3,674,436 3,812,131 3,848,600 4,149,651 4,694,874 416,108
4.Salaries, wages and employee benefits 984,024 1,576,281 1,904,530 2,325,668 2,494,613 2,302,852
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 8.71 13.65 11.22 11.66 20.52 53.93
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.91 0.61 0.65 0.58 0.28 0.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.97 8.33 7.24 6.75 5.80 10.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.22 4.28 4.59 4.67 4.26 3.44
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 33.60 35.67 33.26 31.51 24.74 36.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 10.37 10.80 9.81 10.08 9.20 20.09
380
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Tri-Star Power Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - - 133,761 130,182 122,103 101,267
1.Capital work in progress - - 0 0 0 0
2.Operating fixed assets at cost - - 177,290 177,290 67,290 67,290
3.Operating fixed assets after deducting accumulated depreciation - - 14,762 13,286 4,850 4,365
4.Intangible assets - - 0 0 0 0
5.Long term investments - - 78,999 76,896 77,253 76,902
6.Other non-current assets - - 40,000 40,000 40,000 20,000
B.Current Assets (B1+B2+B3+B4+B5+B6) - - 32,590 41,216 54,414 81,179
1.Cash & bank balance - - 371 13,745 42,034 53,715
2.Inventories; of which - - 0 0 0 0
i)Raw material - - 0 0 0 0
ii)Work in progress - - 0 0 0 0
iii)Finished goods - - 0 0 0 0
3.Trade Debt / accounts receivables - - 20,142 18,343 0 12,847
4.Short term loans and advances - - 4,862 0 0 0
5.Short term investments - - 0 0 0 0
6.Other current assets - - 7,215 9,128 12,380 14,617
Total Assets (A+B) / Equity & Liabilities (C+D+E) - - 166,351 171,398 176,517 182,446
C.Shareholders' Equity (C1+C2+C3) - - 156,786 165,168 170,193 175,582
1.Issued, Subscribed & Paid up capital - - 150,000 150,000 150,000 150,000
i)Ordinary shares - - 150,000 150,000 150,000 150,000
ii)Preference shares - - 0 0 0 0
2.Reserves - - 6,786 15,168 20,193 25,582
i)Capital Reserve - - 70,000 70,000 70,000 70,000
ii)Revenue Reserve - - (63,214) (54,832) (49,807) (44,418)
of which: un-appropriated profit(loss) / retained earnings - - (63,908) (53,423) (48,755) (43,016)
3.Surplus on revaluation of fixed assets - - 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - - 0 0 0 0
1.Long term borrowings - - 0 0 0 0
2.Subordinated loans / Sponsor's loans - - 0 0 0 0
3.Debentures/TFCs (bonds payable) - - 0 0 0 0
4.Employees benefit obligations - - 0 0 0 0
5.Other non-current liabilities - - 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) - - 9,565 6,230 6,324 6,864
1.Trade credit & other accounts payables - - 2,891 1,205 1,299 1,839
of which: i) Trade credits - - 305 0 0 0
2.Short term borrowings - - 1,649 0 0 0
3.Current portion of non-current liabilities - - 0 0 0 0
4.Other current liabilities - - 5,025 5,025 5,025 5,025
F.Operations:
1.Sales - - 60,387 51,715 29,575 16,034
i)Local sales (Net) - - 60,387 51,715 29,575 16,034
ii)Export sales (Net) - - 0 0 0 0
2.Cost of sales - - 52,132 45,239 23,609 12,437
i)Cost of material - - 0 0 0 0
3.Gross profit / (loss) (F1-F2) - - 8,255 6,476 5,966 3,597
4.General, administrative and other expenses - - 711 697 773 770
i)Selling & distribution expenses - - 0 0 0 0
ii)Administrative and other expenses - - 711 697 773 770
5.Other income / (loss) - - 11 4,706 (527) 2,913
6.EBIT (F3-F4+F5) - - 7,555 10,485 4,666 5,740
7.Financial expenses - - 1 1 0 0
of which: (i) Interest expenses - - 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) - - 7,554 10,484 4,666 5,740
9.Tax expenses - - 0 0 0 0
10.Profit / (loss) after tax (F8-F9) - - 7,554 10,484 4,666 5,740
11.Cash dividends - - 0 0 0 0
12.Bonus shares / stock dividends - - 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - - (2,251) 13,374 17,686 (14,544)
2.Net cash flows from investing activities - - 0 0 0 0
3.Net cash flows from financing activities - - 0 0 0 20,000
H.Miscellaneous
1.Total capital employed (C+D) - - 156,786 165,168 170,193 175,582
2.Retention in business (F10-F11-F12) - - 7,554 10,484 4,666 5,740
3.Depreciation for the year - - 1,641 1,476 539 485
4.Salaries, wages and employee benefits - - 2,030 7,090 3,591 1,917
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - 12.51 20.27 15.78 35.80
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - - 0.36 0.31 0.17 0.09
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - - 4.54 6.21 2.68 3.20
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - - 1.06 1.05 1.04 1.04
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - - 4.82 6.51 2.78 3.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - - 0.50 0.70 0.31 0.38
381
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Information Communication and Transport

Performance at a Glance
Information and communication sector exhibited an expansion in their balance sheet size during the
period under review. Total assets increased by Rs 56.63 billion or 7.11 percent in current year.
Shareholders’ equity increased with Rs 14.90 billion or 9.54 percent in FY20 as compared to FY19. Total
liabilities increased by Rs 41.73 billion or 4.38 percent in FY20. Sales and cost of services of information
and communication sector increased by 2.04 percent and 1.23 percent respectively in the FY20. Similarly,
gross profit of the sector increased by Rs 3.66 billion or 5.70 percent in FY20 from Rs 64.16 billion in
FY19 to Rs 67.81 billion in FY20. Information and communication sector posted a YoY decrease 15.76
percent and 12.47 percent in loss before and after tax in FY20 respectively.

Assets
Total assets increased with a YoY growth of 7.11 percent or with amount of Rs 56.63 billion to reach at
Rs 853.32 billion in FY20 from Rs 796.69 billion in FY19. Non-current assets, which contribute 68.61
percent share of total assets in FY20, increased with YoY growth of only 0.53 percent or Rs 3.07 billion
during FY20 as compare to previous year. Current assets, which comprise 31.39 percent share of total
assets in FY20, increased with YoY growth of 24.99 percent. Main components of current assets are cash
and bank balances, trade debts, short term loans and advances and short term investments, which
increased with YoY growth of 26.80 percent, 15.02 percent, 29.84 percent and 116.76 percent
respectively in FY20 over FY19.

By looking at the components of non-current assets, it is observed that intangible assets decreased from
Rs 37.51 billion in FY19 to Rs 34.17 billion in FY20 with YoY contraction in growth by -8.91 percent in
current year. Capital work in progress, which contribute only 4.61 percent share of non-current assets in
FY20, decreased with YoY growth of -6.15 percent in FY20. However, operating fixed assets after
deducting accumulating depreciation with share of 78.61 percent of non-current assets in FY20, increased
with YoY growth 0.53 percent in current year.

382
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shareholders’ Equity and Liabilities

Total shareholders’ equity increased and reached to Rs -141.30 billion in FY20 from Rs -156.20 billion in
FY19 posted YoY growth of 9.54 percent in FY20. Paid up capital showed a slight increase of Rs 0.30
billion or 0.20 percent in FY20. Reserves increased by 3.35 percent. The increase in reserves is mainly
attributed to revenue reserves, which increased by Rs 22.77 billion during current year as compared to
previous year. However, capital reserves decreased from Rs 27.41 billion in FY19 to Rs 18.14 billion in
FY20.

Total liabilities increased by 4.38 percent in FY20 with the corresponding increase of 6.97 percent in
current liabilities and 1.53 percent in non-current liabilities. Long-term borrowing increased by Rs 6.49
billion or 2.26 percent in FY20. Debentures/TFCs (bonds payable) and Subordinated loans posted decline
of 8.54 percent and 3.55 percent respectively in FY20. Other components of non-current liabilities
showed YoY growth of 3.31 percent in FY20.
Looking at the current liabilities all components showed increasing trend in FY20. Trade credit and short-
term borrowing showed YoY growth of 2.66 percent and 7.68 percent respectively in FY20 when
compared with FY19. Current portion of non-current liabilities, which comprise 21.06 percent share of
current liabilities in FY20, increased by 0.91 percent or Rs 1.01 billion in FY20.

Profitability
During FY20 overall sales of services by information and communication sector grew by Rs 7.21 billion
or 2.04 percent. Export services sales, which holds 6.03 percent share in total services in FY20 increased
by Rs 2.61 billion or 13.66 percent in current year as compared to last year. Similarly, local sales of
services of the sector posted increase of 1.38 percent in FY20 over FY19. Cost of services increased with
YoY growth of 1.23 percent or with amount of Rs 3.55 billion in the FY20 to reach at Rs 292.20 billion
in FY20 from Rs 288.65 billion in FY19. Gross profit increased by Rs 3.66 billion or 5.70 percent in
FY20 over FY19. During the year 2020 general, administrative and other expenses and other income
decreased and showed YoY growth of -5.43 percent and -6.06 percent respectively. Loss before and after
tax exhibited decrease of Rs 6.25 billion and 5.27 billion respectively during FY20 as compared to
previous year.

383
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Return on equity (ROE) decreased from 29.82 Profitability/Efficiency Ratios

percent in FY19 to 24.87 percent in FY20 and
2019 2020
return on asset (ROA) increased from -5.55 percent 35
in FY19 to -4.48 percent in FY20. Net profit 30 29.82
margin increased from -11.98 percent in FY19 to - 25 24.87
20

percent
10.28 percent in FY20 and asset turnover decreased
15
from 0.46 percent in FY19 to 0.44 percent in FY20.
10
5
0 0.46
0.44 -5.55 -5.55
-5 -5.37
-10.28 -4.48
-10
-11.98
-15
Net Profit Asset Return on Financial Return on
margin turnover Assets leverage equity

384
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Information, Comm. and Transport Services - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 435,298,280 467,443,227 463,408,277 513,557,213 582,381,586 585,453,741
1.Capital work in progress 15,353,903 30,458,212 39,754,630 25,943,025 28,769,889 27,001,132
2.Operating fixed assets at cost 691,697,361 758,702,363 818,420,111 929,223,793 995,658,170 1,017,905,730
3.Operating fixed assets after deducting accumulated depreciation 342,931,285 360,699,392 354,055,588 415,727,208 457,772,918 460,201,052
4.Intangible assets 53,099,145 50,130,868 48,711,910 46,128,911 37,511,737 34,171,121
5.Long term investments 6,379,804 6,614,432 3,936,864 4,656,785 21,326,944 26,820,862
6.Other non-current assets 17,534,143 19,540,323 16,949,285 21,101,284 37,000,098 37,259,574
B.Current Assets (B1+B2+B3+B4+B5+B6) 144,935,794 172,403,012 180,286,052 211,431,898 214,312,958 267,867,937
1.Cash & bank balance 17,499,484 27,862,587 35,341,794 27,950,366 27,644,095 35,053,792
2.Inventories; of which 379,714 345,101 356,562 535,366 737,019 605,448
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 379,714 345,101 356,562 533,849 734,975 604,593
3.Trade Debt / accounts receivables 37,522,107 40,367,468 46,520,275 59,929,934 54,392,956 62,561,481
4.Short term loans and advances 5,060,275 9,156,632 15,695,134 21,899,888 26,802,629 34,800,301
5.Short term investments 29,952,824 33,281,011 14,205,148 22,502,937 20,345,679 44,101,357
6.Other current assets 54,521,390 61,390,213 68,167,139 78,613,407 84,390,580 90,745,558
Total Assets (A+B) / Equity & Liabilities (C+D+E) 580,234,074 639,846,239 643,694,329 724,989,111 796,694,544 853,321,678
C.Shareholders' Equity (C1+C2+C3) (24,858,367) (43,696,053) (80,744,022) (127,239,931) (156,198,846) (141,300,415)
1.Issued, Subscribed & Paid up capital 138,826,505 144,952,210 148,339,291 148,711,654 152,696,330 152,997,344
i)Ordinary shares 135,288,805 141,414,510 145,189,055 146,126,008 150,581,679 151,034,166
ii)Preference shares 3,537,700 3,537,700 3,150,236 2,585,646 2,114,651 1,963,178
2.Reserves (195,875,855) (238,880,777) (301,242,498) (366,696,912) (403,497,691) (390,000,274)
i)Capital Reserve 8,734,245 7,798,613 7,832,956 12,157,023 27,412,023 18,142,582
ii)Revenue Reserve (204,610,100) (246,679,390) (309,075,454) (378,853,935) (430,909,714) (408,142,856)
of which: un-appropriated profit(loss) / retained earnings (241,769,600) (306,190,329) (372,147,665) (443,167,166) (496,141,065) (472,110,256)
3.Surplus on revaluation of fixed assets 32,190,983 50,232,514 72,159,185 90,745,327 94,602,515 95,702,515
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 283,143,046 326,859,302 326,051,823 390,954,049 453,763,012 460,709,079
1.Long term borrowings 106,803,811 139,797,866 155,186,754 224,727,837 286,861,482 293,346,680
2.Subordinated loans / Sponsor's loans 0 0 1,275,893 1,855,571 2,016,039 1,944,449
3.Debentures/TFCs (bonds payable) 26,707,209 25,289,606 17,072,007 3,638,164 1,567,104 1,433,280
4.Employees benefit obligations 58,457,757 55,308,175 58,356,352 67,978,224 67,886,412 65,396,714
5.Other non-current liabilities 91,174,269 106,463,655 94,160,817 92,754,253 95,431,975 98,587,956
E.Current Liabilities (E1+E2+E3+E4) 321,949,395 356,682,990 398,386,528 461,274,993 499,130,378 533,913,014
1.Trade credit & other accounts payables 192,012,089 218,198,227 239,541,929 275,648,329 299,964,986 307,944,430
of which: i) Trade credits 57,781,860 66,477,290 73,571,900 88,202,556 94,244,317 96,022,728
2.Short term borrowings 40,369,759 39,829,224 42,824,231 38,868,283 40,166,974 43,250,618
3.Current portion of non-current liabilities 67,287,601 68,354,599 86,931,872 102,791,614 111,433,369 112,445,032
4.Other current liabilities 22,279,946 30,300,940 29,088,496 43,966,767 47,565,049 70,272,934
F.Operations:
1.Sales 290,938,081 291,249,993 300,614,611 341,237,220 352,801,084 360,008,956
i)Local sales (Net) 277,428,521 274,111,690 283,738,921 322,967,595 333,703,460 338,302,379
ii)Export sales (Net) 13,509,560 17,138,303 16,875,690 18,269,625 19,097,624 21,706,577
2.Cost of sales 244,596,975 253,666,934 262,376,677 291,605,830 288,645,618 292,196,288
i)Cost of material 3,937,846 3,284,629 2,969,909 3,504,225 4,574,513 5,124,088
3.Gross profit / (loss) (F1-F2) 46,341,106 37,583,059 38,237,934 49,631,390 64,155,466 67,812,668
4.General, administrative and other expenses 56,710,158 63,609,087 71,790,737 75,746,618 60,763,555 57,467,111
i)Selling & distribution expenses 14,990,434 14,677,086 12,593,510 14,414,688 16,030,027 15,548,090
ii)Administrative and other expenses 41,719,724 48,932,001 59,197,227 61,331,930 44,733,528 41,919,021
5.Other income / (loss) 2,970,538 9,367,425 19,881,864 (1,465,806) 5,807,956 5,455,811
6.EBIT (F3-F4+F5) (7,398,514) (16,658,603) (13,670,939) (27,581,034) 9,199,867 15,801,368
7.Financial expenses 21,162,676 19,188,409 24,887,981 33,383,022 48,880,251 49,229,255
of which: (i) Interest expenses 17,633,538 16,490,235 21,533,891 26,509,226 44,248,215 44,617,212
8.Profit / (loss) before taxation (F6-F7) (28,561,190) (35,847,012) (38,558,920) (60,964,056) (39,680,384) (33,427,887)
9.Tax expenses 8,669,412 3,560,451 4,269,598 1,777,915 2,582,612 3,565,596
10.Profit / (loss) after tax (F8-F9) (37,230,602) (39,407,463) (42,828,518) (62,741,971) (42,262,996) (36,993,483)
11.Cash dividends 14,240,106 8,764,374 8,733,367 7,707,080 7,897,233 3,739,326
12.Bonus shares / stock dividends 0 264,242 0 657,509 192,536 557,987
G.Statement of Cash Flows
1.Net cash flows from operating activities 32,653,671 30,874,556 13,256,920 8,102,258 51,369,631 68,452,336
2.Net cash flows from investing activities (48,404,569) (44,608,383) (19,506,993) (53,364,620) (64,391,520) (77,450,048)
3.Net cash flows from financing activities 8,597,089 25,528,851 16,193,450 49,455,732 17,637,054 21,795,104
H.Miscellaneous
1.Total capital employed (C+D) 258,284,679 283,163,249 245,307,801 263,714,118 297,564,166 319,408,664
2.Retention in business (F10-F11-F12) (51,470,708) (48,436,079) (51,561,885) (71,106,559) (50,352,766) (41,290,796)
3.Depreciation for the year 37,585,736 37,993,752 42,172,299 40,277,503 39,418,558 39,148,387
4.Salaries, wages and employee benefits 69,022,306 75,575,516 79,177,261 67,868,124 75,716,944 79,000,707
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -12.80 -13.53 -14.25 -18.39 -11.98 -10.28
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.49 0.48 0.47 0.50 0.46 0.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.33 -6.46 -6.67 -9.23 -5.55 -4.48
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -37.22 -17.80 -10.31 -6.36 -5.37 -5.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 235.67 114.97 68.83 58.65 29.82 24.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.53 -2.57 -2.73 -3.99 -2.62 -2.29
385
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

AVANCEON Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 827,075 831,204 909,790 1,121,140 1,378,253 1,417,080
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 337,875 337,842 395,173 479,997 619,104 673,460
3.Operating fixed assets after deducting accumulated depreciation 231,195 233,107 277,105 337,141 433,829 431,326
4.Intangible assets 0 124 78 32 0 20,029
5.Long term investments 568,547 567,349 599,345 746,059 843,129 874,023
6.Other non-current assets 27,333 30,624 33,262 37,908 101,295 91,702
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,036,945 2,453,692 3,687,172 4,872,350 6,978,894 8,577,084
1.Cash & bank balance 134,282 115,818 169,330 52,763 105,226 527,329
2.Inventories; of which 59,474 101,234 93,387 85,333 160,929 123,783
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 59,474 101,234 93,387 85,333 160,929 123,783
3.Trade Debt / accounts receivables 1,499,063 1,837,932 2,892,596 3,981,886 2,431,404 3,586,027
4.Short term loans and advances 34,669 81,954 97,169 87,631 166,695 169,327
5.Short term investments 180,936 155,554 194,769 1,257 1,444 2,955
6.Other current assets 128,521 161,200 239,921 663,480 4,113,196 4,167,663
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,864,020 3,284,896 4,596,962 5,993,490 8,357,147 9,994,164
C.Shareholders' Equity (C1+C2+C3) 2,062,929 2,191,995 2,738,149 3,433,856 4,507,313 5,621,799
1.Issued, Subscribed & Paid up capital 1,056,968 1,056,969 1,321,211 1,363,238 1,925,364 2,117,900
i)Ordinary shares 1,056,968 1,056,969 1,321,211 1,363,238 1,925,364 2,117,900
ii)Preference shares 0 0 0 0 0 0
2.Reserves 895,577 1,022,565 1,270,823 1,902,703 2,372,228 3,262,072
i)Capital Reserve 316,904 322,525 376,558 622,726 809,694 852,572
ii)Revenue Reserve 578,673 700,040 894,265 1,279,977 1,562,534 2,409,500
of which: un-appropriated profit(loss) / retained earnings 578,673 700,040 894,265 1,279,977 1,562,534 2,409,500
3.Surplus on revaluation of fixed assets 110,384 112,461 146,115 167,915 209,721 241,827
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 74,977 109,083 121,155 153,649 148,538 167,155
1.Long term borrowings 35,432 44,567 72,214 65,473 67,637 42,817
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 18,783 28,246 36,946 63,749 80,901 100,787
5.Other non-current liabilities 20,762 36,270 11,995 24,427 0 23,551
E.Current Liabilities (E1+E2+E3+E4) 726,114 983,818 1,737,658 2,405,985 3,701,296 4,205,210
1.Trade credit & other accounts payables 517,631 582,510 1,280,265 1,766,230 1,670,783 2,739,492
of which: i) Trade credits 235,038 408,046 535,866 926,548 1,322,305 2,202,123
2.Short term borrowings 190,545 265,637 339,604 312,079 599,339 487,386
3.Current portion of non-current liabilities 17,938 21,522 43,790 44,602 47,069 65,288
4.Other current liabilities 0 114,149 73,999 283,074 1,384,105 913,044
F.Operations:
1.Sales 1,635,641 2,063,627 2,813,898 3,480,942 4,896,158 6,444,692
i)Local sales (Net) 1,318,843 1,808,742 2,507,883 2,508,159 4,896,158 6,444,692
ii)Export sales (Net) 316,798 254,885 306,015 972,783 0 0
2.Cost of sales 1,097,849 1,317,408 1,839,168 2,513,661 3,412,208 4,603,147
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 537,792 746,219 974,730 967,281 1,483,950 1,841,545
4.General, administrative and other expenses 295,572 331,617 411,663 591,181 709,719 688,824
i)Selling & distribution expenses 4,202 5,985 19,748 1,254 3,696 3,250
ii)Administrative and other expenses 291,370 325,632 391,915 589,927 706,023 685,574
5.Other income / (loss) 61,031 31,636 104,646 464,754 313,051 162,990
6.EBIT (F3-F4+F5) 303,251 446,238 667,713 840,854 1,087,282 1,315,711
7.Financial expenses 30,625 50,455 69,660 60,567 124,342 132,337
of which: (i) Interest expenses 18,044 27,704 50,356 37,398 80,114 103,399
8.Profit / (loss) before taxation (F6-F7) 272,626 395,783 598,053 780,287 962,940 1,183,374
9.Tax expenses 30,713 63,716 34,583 88,642 50,764 138,395
10.Profit / (loss) after tax (F8-F9) 241,913 332,067 563,470 691,645 912,176 1,044,979
11.Cash dividends 211,394 105,697 297,272 0 0 211,790
12.Bonus shares / stock dividends 0 264,242 0 545,295 192,536 423,580
G.Statement of Cash Flows
1.Net cash flows from operating activities 180,604 (23,199) 134,490 72,132 (97,794) 691,334
2.Net cash flows from investing activities 26,564 38,905 (28,748) 638 (22,052) 100,005
3.Net cash flows from financing activities (112,882) (34,170) (52,230) (189,337) 172,308 (369,236)
H.Miscellaneous
1.Total capital employed (C+D) 2,137,906 2,301,078 2,859,304 3,587,505 4,655,851 5,788,954
2.Retention in business (F10-F11-F12) 30,519 (37,872) 266,198 146,350 719,640 409,609
3.Depreciation for the year 27,582 25,462 27,149 33,834 64,554 65,478
4.Salaries, wages and employee benefits 283,331 335,073 354,505 538,747 675,836 791,762
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.79 16.09 20.02 19.87 18.63 16.21
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.57 0.67 0.71 0.66 0.68 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.45 10.80 14.30 13.06 12.71 11.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.39 1.45 1.60 1.72 1.81 1.81
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 11.73 15.61 22.86 22.41 22.97 20.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.29 3.14 4.26 5.07 4.74 4.93
386
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hallmark Company Limited (Thousand Rupees)

Items 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 5,329 4,193 4,010
1.Capital work in progress - 0 0 0
2.Operating fixed assets at cost - 3,596 3,806 3,867
3.Operating fixed assets after deducting accumulated depreciation - 782 908 845
4.Intangible assets - 4,047 1,785 1,605
5.Long term investments - 0 0 0
6.Other non-current assets - 500 1,500 1,560
B.Current Assets (B1+B2+B3+B4+B5+B6) - 2,894 4,081 3,491
1.Cash & bank balance - 281 587 221
2.Inventories; of which - 1,517 2,044 855
i)Raw material - 0 0 0
ii)Work in progress - 0 0 0
iii)Finished goods - 0 0 0
3.Trade Debt / accounts receivables - 1,003 1,297 1,578
4.Short term loans and advances - 93 153 837
5.Short term investments - 0 0 0
6.Other current assets - 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 8,223 8,274 7,501
C.Shareholders' Equity (C1+C2+C3) - 6,815 6,630 6,713
1.Issued, Subscribed & Paid up capital - 5,000 5,000 5,000
i)Ordinary shares - 5,000 5,000 5,000
ii)Preference shares - 0 0 0
2.Reserves - 1,815 1,630 1,713
i)Capital Reserve - 1,800 300 0
ii)Revenue Reserve - 15 1,330 1,713
of which: un-appropriated profit(loss) / retained earnings - 15 1,330 1,713
3.Surplus on revaluation of fixed assets - 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 34 66 0
1.Long term borrowings - 0 0 0
2.Subordinated loans / Sponsor's loans - 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0
4.Employees benefit obligations - 0 0 0
5.Other non-current liabilities - 34 66 0
E.Current Liabilities (E1+E2+E3+E4) - 1,374 1,578 788
1.Trade credit & other accounts payables - 183 315 156
of which: i) Trade credits - 0 0 0
2.Short term borrowings - 0 0 0
3.Current portion of non-current liabilities - 0 0 0
4.Other current liabilities - 1,191 1,263 632
F.Operations:
1.Sales - 14,844 18,121 15,875
i)Local sales (Net) - 14,844 18,121 15,875
ii)Export sales (Net) - 0 0 0
2.Cost of sales - 10,552 12,105 11,398
i)Cost of material - 0 0 0
3.Gross profit / (loss) (F1-F2) - 4,292 6,016 4,477
4.General, administrative and other expenses - 3,812 4,235 4,088
i)Selling & distribution expenses - 72 1,857 2,129
ii)Administrative and other expenses - 3,740 2,378 1,959
5.Other income / (loss) - 1,780 215 0
6.EBIT (F3-F4+F5) - 2,260 1,996 389
7.Financial expenses - 0 0 0
of which: (i) Interest expenses - 0 0 0
8.Profit / (loss) before taxation (F6-F7) - 2,260 1,996 389
9.Tax expenses - 131 681 6
10.Profit / (loss) after tax (F8-F9) - 2,129 1,315 383
11.Cash dividends - 0 0 0
12.Bonus shares / stock dividends - 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - 1,347 802 (5)
2.Net cash flows from investing activities - (1,865) 1,004 (61)
3.Net cash flows from financing activities - 300 (1,500) (300)
H.Miscellaneous
1.Total capital employed (C+D) - 6,849 6,696 6,713
2.Retention in business (F10-F11-F12) - 2,129 1,315 383
3.Depreciation for the year - 91 85 123
4.Salaries, wages and employee benefits - 1,534 1,987 2,122
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 14.34 7.26 2.41
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 1.81 2.20 2.01
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 25.89 15.94 4.86
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.21 1.23 1.18
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 31.24 19.56 5.74
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 4.26 2.63 0.77
387
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hum Network Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 826,026 948,999 810,949 2,147,769 2,080,039 2,133,401
1.Capital work in progress 19,972 0 4,078 39,849 59,032 15,934
2.Operating fixed assets at cost 557,510 653,031 720,634 2,100,967 2,275,379 2,186,983
3.Operating fixed assets after deducting accumulated depreciation 244,107 269,133 268,867 1,533,138 1,471,808 1,383,782
4.Intangible assets 47,951 58,145 83,609 122,355 127,508 110,838
5.Long term investments 0 0 0 0 77,196 73,387
6.Other non-current assets 513,996 621,721 454,395 452,427 344,495 549,460
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,958,582 2,317,324 2,783,392 3,488,178 3,918,698 3,205,760
1.Cash & bank balance 26,451 50,368 453,827 376,301 361,610 268,698
2.Inventories; of which 4,479 2,226 2,315 29,694 61,877 44,131
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 4,479 2,226 2,315 29,694 61,877 44,131
3.Trade Debt / accounts receivables 1,099,373 1,530,579 1,755,840 1,789,046 1,888,526 2,089,811
4.Short term loans and advances 240,649 186,572 242,770 213,520 154,149 106,122
5.Short term investments 0 0 0 600,248 838,041 241,505
6.Other current assets 587,630 547,579 328,640 479,369 614,495 455,493
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,784,608 3,266,323 3,594,341 5,635,947 5,998,737 5,339,161
C.Shareholders' Equity (C1+C2+C3) 1,616,234 1,937,992 2,956,817 3,764,477 3,276,603 3,042,468
1.Issued, Subscribed & Paid up capital 945,000 945,000 945,000 945,000 945,000 945,000
i)Ordinary shares 945,000 945,000 945,000 945,000 945,000 945,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 671,234 992,992 2,011,817 2,819,477 2,331,603 2,097,468
i)Capital Reserve 0 0 0 0 55,144 1,064
ii)Revenue Reserve 671,234 992,992 2,011,817 2,819,477 2,276,459 2,096,404
of which: un-appropriated profit(loss) / retained earnings 0 0 0 0 0 0
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 39,939 27,067 12,069 1,107,069 989,909 971,126
1.Long term borrowings 39,939 27,067 12,069 1,107,069 989,909 942,673
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 28,453
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 1,128,435 1,301,264 625,455 764,401 1,732,225 1,325,567
1.Trade credit & other accounts payables 700,542 699,298 590,200 707,573 1,033,303 895,681
of which: i) Trade credits 379,281 411,421 245,454 344,341 683,157 683,157
2.Short term borrowings 299,539 473,988 0 17,803 299,853 189,067
3.Current portion of non-current liabilities 18,664 23,098 29,179 30,439 387,343 231,455
4.Other current liabilities 109,690 104,880 6,076 8,586 11,726 9,364
F.Operations:
1.Sales 3,851,077 4,229,263 5,105,347 5,191,714 4,786,716 4,645,326
i)Local sales (Net) 3,851,077 4,229,263 5,105,347 5,191,714 4,786,716 4,645,326
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,961,400 2,659,956 2,917,159 3,218,696 4,182,984 3,628,540
i)Cost of material 1,759,827 1,868,566 1,651,684 1,946,459 2,406,492 2,052,700
3.Gross profit / (loss) (F1-F2) 1,889,677 1,569,307 2,188,188 1,973,018 603,732 1,016,786
4.General, administrative and other expenses 947,860 927,491 1,195,697 1,142,982 1,187,941 1,318,552
i)Selling & distribution expenses 471,037 416,061 359,288 453,200 453,623 356,437
ii)Administrative and other expenses 476,823 511,430 836,409 689,782 734,318 962,115
5.Other income / (loss) 116,942 120,413 86,743 133,521 207,357 283,738
6.EBIT (F3-F4+F5) 1,058,759 762,229 1,079,234 963,557 (376,852) (18,028)
7.Financial expenses 23,666 40,202 21,637 33,510 144,477 244,973
of which: (i) Interest expenses 21,577 33,196 19,116 29,657 139,129 242,956
8.Profit / (loss) before taxation (F6-F7) 1,035,093 722,027 1,057,597 930,047 (521,329) (263,001)
9.Tax expenses 301,670 235,417 34,483 86,046 128,351 (15,832)
10.Profit / (loss) after tax (F8-F9) 733,423 486,610 1,023,114 844,001 (649,680) (247,169)
11.Cash dividends 496,125 0 94,500 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 129,785 115,202 998,383 990,904 (57,214) (57,214)
2.Net cash flows from investing activities (142,367) (92,719) (112,012) (2,088,200) (539,269) (539,269)
3.Net cash flows from financing activities (381,025) (173,015) (8,924) 1,001,966 299,743 299,743
H.Miscellaneous
1.Total capital employed (C+D) 1,656,173 1,965,059 2,968,886 4,871,546 4,266,512 4,013,594
2.Retention in business (F10-F11-F12) 237,298 486,610 928,614 844,001 (649,680) (247,169)
3.Depreciation for the year 54,313 71,713 79,370 123,881 267,975 221,764
4.Salaries, wages and employee benefits 778,463 851,860 1,010,831 1,257,555 1,405,815 883,465
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 19.04 11.51 20.04 16.26 -13.57 -5.32
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.64 1.40 1.49 1.12 0.82 0.82
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 31.14 16.08 29.83 18.29 -11.17 -4.36
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.58 1.70 1.40 1.37 1.65 1.79
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 49.33 27.38 41.80 25.11 -18.45 -7.82
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.78 0.51 1.08 0.89 -0.69 -0.26
388
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Media Times Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 616,843 511,960 423,812 341,029 275,743 226,127
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,474,943 1,471,528 1,470,099 1,429,728 1,383,870 1,378,220
3.Operating fixed assets after deducting accumulated depreciation 608,174 503,681 415,484 333,180 267,951 218,482
4.Intangible assets 2,110 1,843 1,577 1,310 1,043 776
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 6,559 6,436 6,751 6,539 6,749 6,869
B.Current Assets (B1+B2+B3+B4+B5+B6) 161,740 170,480 153,977 124,014 50,449 55,765
1.Cash & bank balance 2,844 5,430 2,687 711 588 3,469
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 110,837 120,394 132,019 99,366 40,975 45,547
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 48,059 44,656 19,271 23,937 8,886 6,749
Total Assets (A+B) / Equity & Liabilities (C+D+E) 778,583 682,440 577,789 465,043 326,192 281,892
C.Shareholders' Equity (C1+C2+C3) (20,876) (169,506) (247,481) (478,598) (741,601) (844,832)
1.Issued, Subscribed & Paid up capital 1,788,510 1,788,510 1,788,510 1,788,510 1,788,510 1,788,510
i)Ordinary shares 1,788,510 1,788,510 1,788,510 1,788,510 1,788,510 1,788,510
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,809,386) (1,958,016) (2,035,991) (2,267,108) (2,530,111) (2,633,342)
i)Capital Reserve 76,223 76,223 76,223 76,223 76,223 76,223
ii)Revenue Reserve (1,885,609) (2,034,239) (2,112,214) (2,343,331) (2,606,334) (2,709,565)
of which: un-appropriated profit(loss) / retained earnings (1,885,609) (2,034,239) (2,112,214) (2,343,331) (2,606,334) (2,709,565)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 189,946 212,081 227,406 280,545 291,217 284,649
1.Long term borrowings 163,605 183,368 194,188 248,588 264,757 264,615
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 26,341 28,713 33,218 31,957 26,460 20,034
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 609,513 639,865 597,864 663,096 776,576 842,075
1.Trade credit & other accounts payables 481,017 495,107 473,714 474,867 527,913 545,414
of which: i) Trade credits 157,537 154,998 123,526 125,597 146,169 145,422
2.Short term borrowings 65,296 67,567 68,730 68,916 71,576 74,235
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 63,200 77,191 55,420 119,313 177,087 222,426
F.Operations:
1.Sales 325,619 377,892 385,849 354,888 177,166 156,452
i)Local sales (Net) 325,619 377,892 385,849 354,888 177,166 156,452
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 405,692 394,220 337,956 315,651 208,936 138,482
i)Cost of material 124,032 109,596 72,149 81,018 56,882 43,502
3.Gross profit / (loss) (F1-F2) (80,073) (16,328) 47,893 39,237 (31,770) 17,970
4.General, administrative and other expenses 148,760 147,498 148,766 228,153 131,904 84,355
i)Selling & distribution expenses 0 0 0 28,632 15,310 2,698
ii)Administrative and other expenses 148,760 147,498 148,766 199,521 116,594 81,657
5.Other income / (loss) 31,364 39,608 47,536 37,156 (27,556) 10,871
6.EBIT (F3-F4+F5) (197,469) (124,218) (53,337) (151,760) (191,230) (55,514)
7.Financial expenses 19,047 19,827 20,542 67,623 52,458 52,105
of which: (i) Interest expenses 15,989 16,742 17,275 66,982 51,936 51,647
8.Profit / (loss) before taxation (F6-F7) (216,516) (144,045) (73,879) (219,383) (243,688) (107,619)
9.Tax expenses 0 4,318 6,193 9,888 818 2,400
10.Profit / (loss) after tax (F8-F9) (216,516) (148,363) (80,072) (229,271) (244,506) (110,019)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (40,730) (13,825) (13,089) (52,223) (26,812) 233
2.Net cash flows from investing activities 708 (2,963) 1,022 (1,676) 10,521 2,790
3.Net cash flows from financing activities 41,815 19,374 9,324 51,924 16,169 (142)
H.Miscellaneous
1.Total capital employed (C+D) 169,070 42,575 (20,075) (198,053) (450,384) (560,183)
2.Retention in business (F10-F11-F12) (216,516) (148,363) (80,072) (229,271) (244,506) (110,019)
3.Depreciation for the year 108,090 108,109 90,503 70,538 55,270 48,083
4.Salaries, wages and employee benefits 152,283 158,027 158,027 187,041 120,634 86,306
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -66.49 -39.26 -20.75 -64.60 -138.01 -70.32
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.39 0.52 0.61 0.68 0.45 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -25.90 -20.31 -12.71 -43.97 -61.80 -36.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 9.69 -7.67 -3.02 -1.44 -0.65 -0.38
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -250.89 155.86 38.41 63.15 40.08 13.87
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.21 -0.83 -0.45 -1.28 -1.37 -0.62
389
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Netsol Technologies Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,990,533 4,474,984 3,961,638 3,561,529 3,187,415 2,682,300
1.Capital work in progress 23,651 1,836 6,961 30,997 22,854 0
2.Operating fixed assets at cost 3,781,237 3,938,188 4,013,785 3,939,012 3,991,484 4,117,580
3.Operating fixed assets after deducting accumulated depreciation 2,453,985 2,259,885 1,949,137 1,728,892 1,656,311 1,550,068
4.Intangible assets 2,511,297 2,195,996 1,801,409 1,507,905 1,214,401 920,897
5.Long term investments 0 17,267 203,685 293,379 293,379 209,764
6.Other non-current assets 1,600 0 446 356 470 1,571
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,873,444 2,785,977 3,819,199 5,495,457 6,263,232 6,408,079
1.Cash & bank balance 514,011 326,902 1,070,904 2,123,337 1,951,746 2,115,872
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 783,280 1,692,592 822,323 1,340,024 2,531,603 2,200,933
4.Short term loans and advances 10,227 25,625 31,623 38,489 52,261 14,145
5.Short term investments 0 0 0 0 0 0
6.Other current assets 565,926 740,858 1,894,349 1,993,607 1,727,622 2,077,129
Total Assets (A+B) / Equity & Liabilities (C+D+E) 6,863,977 7,260,961 7,780,837 9,056,986 9,450,647 9,090,379
C.Shareholders' Equity (C1+C2+C3) 5,687,087 5,896,011 6,007,350 7,078,915 7,319,594 6,908,142
1.Issued, Subscribed & Paid up capital 890,464 891,544 896,359 897,029 897,229 898,369
i)Ordinary shares 890,464 891,544 896,359 897,029 897,229 898,369
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,796,623 5,004,467 5,110,991 6,181,886 6,422,365 6,009,773
i)Capital Reserve 506,511 584,737 465,630 636,678 695,339 493,905
ii)Revenue Reserve 4,290,112 4,419,730 4,645,361 5,545,208 5,727,026 5,515,868
of which: un-appropriated profit(loss) / retained earnings 4,288,345 4,418,123 4,569,812 5,545,208 5,727,026 5,515,868
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 30,503 49,681 29,846 39,627 65,687 187,424
1.Long term borrowings 27,743 40,744 24,537 31,115 55,404 187,424
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 2,760 8,937 5,309 8,512 10,283 0
E.Current Liabilities (E1+E2+E3+E4) 1,146,387 1,315,269 1,743,641 1,938,444 2,065,366 1,994,813
1.Trade credit & other accounts payables 452,694 482,488 443,468 503,417 491,754 194,276
of which: i) Trade credits 56,916 50,084 41,072 27,908 41,680 33,332
2.Short term borrowings 412,645 514,561 1,113,713 1,000,000 1,053,000 1,380,000
3.Current portion of non-current liabilities 43,053 46,641 43,989 27,124 46,947 103,106
4.Other current liabilities 237,995 271,579 142,471 407,903 473,665 317,431
F.Operations:
1.Sales 3,317,243 4,074,187 3,925,697 4,284,800 5,389,535 4,708,374
i)Local sales (Net) 26,908 32,737 11,721 9,998 11,278 12,097
ii)Export sales (Net) 3,290,335 4,041,450 3,913,976 4,274,802 5,378,257 4,696,277
2.Cost of sales 2,484,709 2,709,099 2,687,252 2,348,314 3,319,789 3,142,330
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 832,534 1,365,088 1,238,445 1,936,486 2,069,746 1,566,044
4.General, administrative and other expenses 804,661 1,007,616 1,142,733 1,319,668 1,706,801 1,498,867
i)Selling & distribution expenses 208,081 260,075 442,704 571,810 669,419 455,264
ii)Administrative and other expenses 596,580 747,541 700,029 747,858 1,037,382 1,043,603
5.Other income / (loss) 28,394 13,669 60,024 522,603 1,045,046 187,930
6.EBIT (F3-F4+F5) 56,267 371,141 155,736 1,139,421 1,407,991 255,107
7.Financial expenses 12,323 23,991 29,290 43,521 39,812 48,518
of which: (i) Interest expenses 1,583 16,338 27,966 42,314 38,459 47,445
8.Profit / (loss) before taxation (F6-F7) 43,944 347,150 126,446 1,095,900 1,368,179 206,589
9.Tax expenses 39,216 38,180 41,787 49,983 77,527 162,476
10.Profit / (loss) after tax (F8-F9) 4,728 308,970 84,659 1,045,917 1,290,652 44,113
11.Cash dividends 0 44,577 129,972 224,257 251,224 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 343,309 (106,642) 381,418 1,433,598 (244,549) (544,383)
2.Net cash flows from investing activities (181,961) (178,063) (220,642) (154,644) (26,583) 99,760
3.Net cash flows from financing activities (37,324) 97,596 583,226 (114,586) 88,962 507,393
H.Miscellaneous
1.Total capital employed (C+D) 5,717,590 5,945,692 6,037,196 7,118,542 7,385,281 7,095,566
2.Retention in business (F10-F11-F12) 4,728 264,393 (45,313) 821,660 1,039,428 44,113
3.Depreciation for the year 464,720 391,518 319,790 232,496 194,407 176,290
4.Salaries, wages and employee benefits 1,618,643 2,028,861 2,469,055 2,188,166 2,544,327 2,772,083
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.14 7.58 2.16 24.41 23.95 0.94
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.48 0.58 0.52 0.51 0.58 0.51
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.07 4.37 1.13 12.42 13.95 0.48
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.20 1.22 1.26 1.29 1.29 1.30
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.08 5.33 1.42 15.98 17.93 0.62
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.05 3.47 0.94 11.66 14.38 0.49
390
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pak Datacom Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 259,377 247,660 245,139 248,757 266,691 269,670
1.Capital work in progress 0 0 0 0 0 39,358
2.Operating fixed assets at cost 1,719,174 1,755,232 888,954 880,953 885,609 865,932
3.Operating fixed assets after deducting accumulated depreciation 248,584 234,322 230,598 226,070 197,975 162,416
4.Intangible assets 6,725 6,298 5,871 5,444 5,017 4,590
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 4,068 7,040 8,670 17,243 63,699 63,306
B.Current Assets (B1+B2+B3+B4+B5+B6) 845,973 872,645 882,471 907,436 1,006,151 1,125,605
1.Cash & bank balance 85,461 76,125 96,221 83,931 205,937 268,684
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 99,953 86,870 377,861 252,192 343,316 566,729
4.Short term loans and advances 166,695 25,209 5,400 9,115 17,247 20,630
5.Short term investments 334,844 342,012 186,000 256,000 112,000 108,000
6.Other current assets 159,020 342,429 216,989 306,198 327,651 161,562
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,105,350 1,120,305 1,127,610 1,156,193 1,272,842 1,395,275
C.Shareholders' Equity (C1+C2+C3) 815,279 828,251 799,229 780,650 805,088 842,870
1.Issued, Subscribed & Paid up capital 98,010 98,010 98,010 98,010 98,010 98,010
i)Ordinary shares 98,010 98,010 98,010 98,010 98,010 98,010
ii)Preference shares 0 0 0 0 0 0
2.Reserves 717,269 730,241 701,219 682,640 707,078 744,860
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 717,269 730,241 701,219 682,640 707,078 744,860
of which: un-appropriated profit(loss) / retained earnings 185,769 130,762 114,719 91,140 115,578 153,360
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 39,330 42,012 44,940 56,014 53,028 75,102
1.Long term borrowings 0 0 3,206 12,378 6,977 29,445
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 39,330 42,012 41,734 43,636 46,051 45,657
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 250,741 250,042 283,441 319,529 414,726 477,303
1.Trade credit & other accounts payables 87,219 120,336 148,501 163,633 195,261 245,119
of which: i) Trade credits 54,064 72,292 73,172 87,470 157,510 213,515
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 1,492 5,306 4,819 10,483
4.Other current liabilities 163,522 129,706 133,448 150,590 214,646 221,701
F.Operations:
1.Sales 706,422 654,603 704,297 798,063 933,876 770,442
i)Local sales (Net) 706,422 654,603 704,297 798,063 933,876 770,442
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 487,017 494,261 553,093 649,070 715,657 624,435
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 219,405 160,342 151,204 148,993 218,219 146,007
4.General, administrative and other expenses 124,094 134,925 133,255 145,735 174,209 143,276
i)Selling & distribution expenses 22,871 22,998 23,784 23,666 25,415 25,172
ii)Administrative and other expenses 101,223 111,927 109,471 122,069 148,794 118,104
5.Other income / (loss) 37,966 29,879 9,665 34,233 101,590 50,200
6.EBIT (F3-F4+F5) 133,277 55,296 27,614 37,491 145,600 52,931
7.Financial expenses 1,536 717 1,037 1,931 1,870 5,658
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 131,741 54,579 26,577 35,560 143,730 47,273
9.Tax expenses 43,595 17,483 14,887 16,595 55,266 39,859
10.Profit / (loss) after tax (F8-F9) 88,146 37,096 11,690 18,965 88,464 7,414
11.Cash dividends 49,005 41,654 34,304 39,204 39,204 9,801
12.Bonus shares / stock dividends 0 0 0 0 0 9,801
G.Statement of Cash Flows
1.Net cash flows from operating activities 130,748 57,845 (66,067) 114,780 (22,198) 97,755
2.Net cash flows from investing activities (19,954) (26,303) 127,107 (85,161) 136,931 14,729
3.Net cash flows from financing activities (57,907) 0 (40,944) (41,909) (36,220) (50,973)
H.Miscellaneous
1.Total capital employed (C+D) 854,609 870,263 844,169 836,664 858,116 917,972
2.Retention in business (F10-F11-F12) 39,141 (4,558) (22,614) (20,239) 49,260 (12,188)
3.Depreciation for the year 13,987 6,754 23,016 (3,533) 32,518 25,074
4.Salaries, wages and employee benefits 227,099 253,551 246,128 237,618 239,186 278,435
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 12.48 5.67 1.66 2.38 9.47 0.96
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.63 0.59 0.63 0.70 0.77 0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.92 3.33 1.04 1.66 7.28 0.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.38 1.35 1.38 1.45 1.53 1.62
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.93 4.51 1.44 2.40 11.16 0.90
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.99 3.78 1.19 1.94 9.03 0.76
391
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Int. Container Terminal Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,712,525 3,320,598 2,973,043 2,609,964 2,189,506 1,645,570
1.Capital work in progress 68,901 100,279 78,797 164,282 207,442 88,042
2.Operating fixed assets at cost 7,991,270 8,014,602 8,258,144 8,369,152 8,560,350 8,801,852
3.Operating fixed assets after deducting accumulated depreciation 3,631,075 3,161,837 2,842,247 2,335,855 1,901,008 1,457,635
4.Intangible assets 11,002 56,935 43,270 99,403 70,632 45,633
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,547 1,547 8,729 10,424 10,424 54,260
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,854,839 1,319,792 1,205,165 1,558,589 2,406,814 3,186,650
1.Cash & bank balance 816,352 462,705 162,854 425,339 1,315,635 1,875,085
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 409,538 302,068 335,914 419,206 438,165 672,761
4.Short term loans and advances 34,727 43,517 17,231 35,415 6,389 22,199
5.Short term investments 0 0 0 0 0 0
6.Other current assets 594,222 511,502 689,166 678,629 646,625 616,605
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,567,364 4,640,390 4,178,208 4,168,553 4,596,320 4,832,220
C.Shareholders' Equity (C1+C2+C3) 2,693,684 2,145,882 2,340,457 2,299,959 2,843,730 2,455,593
1.Issued, Subscribed & Paid up capital 1,091,532 1,091,532 1,091,532 1,091,532 1,091,532 1,091,532
i)Ordinary shares 1,091,532 1,091,532 1,091,532 1,091,532 1,091,532 1,091,532
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,602,152 1,054,350 1,248,925 1,208,427 1,752,198 1,364,061
i)Capital Reserve 0 0 180,000 180,000 180,000 180,000
ii)Revenue Reserve 1,602,152 1,054,350 1,068,925 1,028,427 1,572,198 1,184,061
of which: un-appropriated profit(loss) / retained earnings 0 0 0 1,028,427 1,572,198 1,184,061
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 933,614 495,156 385,585 260,297 145,199 58,166
1.Long term borrowings 298,755 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 42,972 51,327 53,458 54,323 57,871 58,166
5.Other non-current liabilities 591,887 443,829 332,127 205,974 87,328 0
E.Current Liabilities (E1+E2+E3+E4) 1,940,066 1,999,352 1,452,166 1,608,297 1,607,391 2,318,461
1.Trade credit & other accounts payables 1,283,652 1,565,560 1,387,344 1,478,512 1,518,866 2,223,884
of which: i) Trade credits 421,632 485,387 355,057 395,598 370,886 427,848
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 597,511 298,755 0 0 0 0
4.Other current liabilities 58,903 135,037 64,822 129,785 88,525 94,577
F.Operations:
1.Sales 8,828,244 9,295,474 9,291,440 8,250,377 7,927,129 9,009,171
i)Local sales (Net) 8,828,244 9,295,474 9,291,440 8,250,377 7,927,129 9,009,171
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,543,089 4,667,997 4,745,471 4,499,383 4,468,237 4,888,515
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 4,285,155 4,627,477 4,545,969 3,750,994 3,458,892 4,120,656
4.General, administrative and other expenses 511,520 514,835 435,754 486,059 539,403 540,663
i)Selling & distribution expenses 4,847 4,736 6,732 14,191 14,592 7,826
ii)Administrative and other expenses 506,673 510,099 429,022 471,868 524,811 532,837
5.Other income / (loss) 73,384 71,472 67,150 26,310 92,051 184,896
6.EBIT (F3-F4+F5) 3,847,019 4,184,114 4,177,365 3,291,245 3,011,540 3,764,889
7.Financial expenses 115,349 46,942 8,543 1,060 489 617
of which: (i) Interest expenses 115,116 46,683 7,987 177 6 0
8.Profit / (loss) before taxation (F6-F7) 3,731,670 4,137,172 4,168,822 3,290,185 3,011,051 3,764,272
9.Tax expenses 1,275,089 1,388,549 1,370,944 1,155,260 873,644 1,091,753
10.Profit / (loss) after tax (F8-F9) 2,456,581 2,748,623 2,797,878 2,134,925 2,137,407 2,672,519
11.Cash dividends 2,947,136 3,001,713 2,617,494 1,921,096 1,964,758 2,787,773
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,076,201 3,595,671 2,840,722 2,632,301 2,724,946 3,590,495
2.Net cash flows from investing activities (39,589) (108,357) (199,110) (271,182) (174,321) 21,792
3.Net cash flows from financing activities (2,944,304) (3,840,961) (2,941,463) (2,098,634) (1,660,329) (3,052,837)
H.Miscellaneous
1.Total capital employed (C+D) 3,627,298 2,641,038 2,726,042 2,560,256 2,988,929 2,513,759
2.Retention in business (F10-F11-F12) (490,555) (253,090) 180,384 213,829 172,649 (115,254)
3.Depreciation for the year 558,882 559,348 597,844 639,899 652,040 688,964
4.Salaries, wages and employee benefits 776,089 802,067 746,806 813,446 801,225 840,521
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 27.83 29.57 30.11 25.88 26.96 29.66
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.51 1.82 2.11 1.98 1.81 1.91
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 41.91 53.85 63.45 51.16 48.77 56.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.22 2.11 1.97 1.80 1.70 1.78
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 93.09 113.59 124.73 92.01 83.11 100.86
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 22.51 25.18 25.63 19.56 19.58 24.48
392
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan International Airlines Corporation Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 153,269,264 174,374,748 170,909,091 209,755,213 237,548,979 237,548,979
1.Capital work in progress 360,769 739,386 1,440,708 4,321,171 6,151,181 6,151,181
2.Operating fixed assets at cost 128,656,017 166,649,961 196,513,266 256,128,360 290,207,606 290,207,606
3.Operating fixed assets after deducting accumulated depreciation 137,737,718 159,857,974 156,240,251 190,487,244 219,581,561 219,581,561
4.Intangible assets 3,490,204 3,444,521 3,937,693 4,803,127 5,439,399 5,439,399
5.Long term investments 164,897 221,960 243,042 272,790 271,905 271,905
6.Other non-current assets 11,515,676 10,110,907 9,047,397 9,870,881 6,104,933 6,104,933
B.Current Assets (B1+B2+B3+B4+B5+B6) 31,953,597 35,757,213 41,465,195 43,019,864 61,250,317 61,250,317
1.Cash & bank balance 7,625,242 8,175,442 9,785,542 6,564,972 11,464,808 11,464,808
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 9,870,517 9,403,911 11,791,002 17,114,487 19,370,185 19,370,185
4.Short term loans and advances 1,580,917 2,156,722 2,642,118 2,592,419 3,800,793 3,800,793
5.Short term investments 208,066 24,981 19,220 19,220 6,316,620 6,316,620
6.Other current assets 12,668,855 15,996,157 17,227,313 16,728,766 20,297,911 20,297,911
Total Assets (A+B) / Equity & Liabilities (C+D+E) 185,222,861 210,131,961 212,374,286 252,775,077 298,799,296 298,799,296
C.Shareholders' Equity (C1+C2+C3) (170,965,812) (189,594,106) (230,125,478) (273,744,585) (329,572,597) (329,572,597)
1.Issued, Subscribed & Paid up capital 52,345,110 52,345,110 52,345,110 52,345,110 52,345,110 52,345,110
i)Ordinary shares 52,345,110 52,345,110 52,345,110 52,345,110 52,345,110 52,345,110
ii)Preference shares 0 0 0 0 0 0
2.Reserves (254,260,389) (290,199,594) (352,735,059) (413,955,779) (473,825,609) (473,825,609)
i)Capital Reserve 4,273,552 4,320,322 6,009,450 10,673,560 13,090,424 13,090,424
ii)Revenue Reserve (258,533,941) (294,519,916) (358,744,509) (424,629,339) (486,916,033) (486,916,033)
of which: un-appropriated profit(loss) / retained earnings (260,313,615) (296,299,590) (360,524,183) (426,409,013) (488,695,707) (488,695,707)
3.Surplus on revaluation of fixed assets 30,949,467 48,260,378 70,264,471 87,866,084 91,907,902 91,907,902
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 149,699,650 184,163,245 181,079,775 235,801,525 300,305,522 300,305,522
1.Long term borrowings 77,580,523 95,151,547 104,024,081 164,734,645 226,973,193 226,973,193
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 26,707,209 25,289,606 17,072,007 2,054,401 0 0
4.Employees benefit obligations 24,862,040 30,124,728 33,722,950 38,250,351 39,465,802 39,465,802
5.Other non-current liabilities 20,549,878 33,597,364 26,260,737 30,762,128 33,866,527 33,866,527
E.Current Liabilities (E1+E2+E3+E4) 206,489,023 215,562,822 261,419,989 290,718,137 328,066,371 328,066,371
1.Trade credit & other accounts payables 109,315,077 121,450,924 140,988,560 167,721,412 193,867,031 193,867,031
of which: i) Trade credits 36,665,261 43,345,663 55,549,415 63,397,386 74,052,951 74,052,951
2.Short term borrowings 36,940,201 34,351,311 34,358,474 34,447,358 31,580,219 31,580,219
3.Current portion of non-current liabilities 48,364,426 46,386,959 71,361,035 71,636,392 80,891,299 80,891,299
4.Other current liabilities 11,869,319 13,373,628 14,711,920 16,912,975 21,727,822 21,727,822
F.Operations:
1.Sales 104,514,672 102,426,552 103,911,181 117,982,168 164,646,354 164,646,354
i)Local sales (Net) 104,514,672 102,426,552 103,911,181 117,982,168 164,646,354 164,646,354
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 101,733,108 112,531,524 116,784,451 132,790,485 151,997,761 151,997,761
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 2,781,564 (10,104,972) (12,873,270) (14,808,317) 12,648,593 12,648,593
4.General, administrative and other expenses 17,027,793 21,546,225 21,103,280 18,757,487 23,117,845 23,117,845
i)Selling & distribution expenses 4,947,130 5,599,538 5,493,562 6,340,848 7,330,405 7,330,405
ii)Administrative and other expenses 12,080,663 15,946,687 15,609,718 12,416,639 15,787,440 15,787,440
5.Other income / (loss) (1,393,490) 359,508 (1,456,643) (12,897,591) (9,222,697) (9,222,697)
6.EBIT (F3-F4+F5) (15,639,719) (31,291,689) (35,433,193) (46,463,395) (19,691,949) (19,691,949)
7.Financial expenses 13,911,907 13,585,691 15,781,979 21,108,002 36,386,772 36,386,772
of which: (i) Interest expenses 12,160,850 12,088,333 14,227,733 19,946,520 35,322,805 35,322,805
8.Profit / (loss) before taxation (F6-F7) (29,551,626) (44,877,380) (51,215,172) (67,571,397) (56,078,721) (56,078,721)
9.Tax expenses 2,579,556 (117,916) (231,351) (911,833) (41,986) (41,986)
10.Profit / (loss) after tax (F8-F9) (32,131,182) (44,759,464) (50,983,821) (66,659,564) (56,036,735) (56,036,735)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (9,778,684) (8,997,184) (17,273,464) (24,059,743) 1,569,009 1,569,009
2.Net cash flows from investing activities (3,163,255) (1,737,737) (4,350,262) (13,037,870) (15,278,821) (15,278,821)
3.Net cash flows from financing activities 14,079,540 12,422,856 23,315,399 34,111,061 25,583,962 25,583,962
H.Miscellaneous
1.Total capital employed (C+D) (21,266,162) (5,430,861) (49,045,703) (37,943,060) (29,267,075) (29,267,075)
2.Retention in business (F10-F11-F12) (32,131,182) (44,759,464) (50,983,821) (66,659,564) (56,036,735) (56,036,735)
3.Depreciation for the year 4,718,250 4,941,896 7,468,879 5,654,251 7,141,189 7,141,189
4.Salaries, wages and employee benefits 21,577,398 26,168,994 24,734,786 35,171,536 38,904,761 38,904,761
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -30.74 -43.70 -49.06 -56.50 -34.03 -34.03
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.56 0.52 0.49 0.50 0.60 0.55
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.22 -22.64 -24.13 -28.16 -20.32 -18.75
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.20 -1.10 -1.01 -0.95 -0.91 -0.91
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.64 24.83 24.29 26.76 18.58 17.00
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -6.14 -8.55 -9.74 -12.73 -10.71 -10.71
393
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan International Bulk Terminal Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 6,416,287 16,871,219 25,489,369 27,770,101 27,209,019 26,254,000
1.Capital work in progress 5,800,320 16,415,584 25,008,470 65,312 237,345 320,545
2.Operating fixed assets at cost 77,235 100,498 134,474 27,860,679 28,129,455 28,547,167
3.Operating fixed assets after deducting accumulated depreciation 45,894 60,076 76,080 26,614,209 25,671,133 24,879,073
4.Intangible assets 343,486 330,481 317,684 383,751 366,576 344,247
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 226,587 65,078 87,135 706,829 933,965 710,135
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,411,245 2,427,049 3,036,569 1,404,317 2,694,782 3,413,538
1.Cash & bank balance 1,410,123 2,197,437 1,994,203 232,070 430,686 432,956
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 259,529 699,682 884,172
4.Short term loans and advances 0 0 0 1,405 144,164 18,073
5.Short term investments 403 0 0 0 0 0
6.Other current assets 719 229,612 1,042,366 911,313 1,420,250 2,078,337
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,827,532 19,298,268 28,525,938 29,174,418 29,903,801 29,667,538
C.Shareholders' Equity (C1+C2+C3) 7,621,213 12,776,921 14,956,945 12,282,662 12,844,981 13,994,685
1.Issued, Subscribed & Paid up capital 7,586,145 12,706,793 14,859,959 14,859,959 17,860,928 17,860,928
i)Ordinary shares 7,586,145 12,706,793 14,859,959 14,859,959 17,860,928 17,860,928
ii)Preference shares 0 0 0 0 0 0
2.Reserves 35,068 70,128 96,986 (2,577,297) (5,015,947) (3,866,243)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 35,068 70,128 96,986 (2,577,297) (5,015,947) (3,866,243)
of which: un-appropriated profit(loss) / retained earnings 35,068 70,128 96,986 (2,577,297) (5,015,947) (3,866,243)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 159,329 6,034,041 12,429,909 12,532,095 13,651,922 12,409,625
1.Long term borrowings 0 5,072,404 12,085,131 12,449,253 13,523,138 12,324,685
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 9,919 13,211 17,382 82,842 128,784 73,319
5.Other non-current liabilities 149,410 948,426 327,396 0 0 11,621
E.Current Liabilities (E1+E2+E3+E4) 46,990 487,306 1,139,084 4,359,661 3,406,898 3,263,228
1.Trade credit & other accounts payables 46,990 470,028 60,403 1,903,161 1,751,970 1,369,021
of which: i) Trade credits 0 0 56,761 169,580 252,018 935,890
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 1,036,798 1,866,730 1,586,915 1,844,949
4.Other current liabilities 0 17,278 41,883 589,770 68,013 49,258
F.Operations:
1.Sales 0 0 0 1,960,607 8,004,395 9,459,196
i)Local sales (Net) 0 0 0 1,960,607 8,004,395 9,459,196
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 2,777,388 5,772,499 6,409,714
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 (816,781) 2,231,896 3,049,482
4.General, administrative and other expenses 54,139 55,924 80,521 1,181,887 3,175,803 648,980
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 54,139 55,924 80,521 1,181,887 3,175,803 648,980
5.Other income / (loss) 181,040 112,307 128,921 49,734 236,452 371,081
6.EBIT (F3-F4+F5) 126,901 56,383 48,400 (1,948,934) (707,455) 2,771,583
7.Financial expenses 0 0 0 1,264,601 1,823,296 1,125,920
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 126,901 56,383 48,400 (3,213,535) (2,530,751) 1,645,663
9.Tax expenses 45,520 21,323 21,542 (578,965) (127,081) 501,378
10.Profit / (loss) after tax (F8-F9) 81,381 35,060 26,858 (2,634,570) (2,403,670) 1,144,285
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 248,532 1,014,483 (1,287,111) (418,424) (1,459,975) 1,146,614
2.Net cash flows from investing activities (2,311,584) (10,581,545) (8,503,333) (1,151,708) (352,008) (515,090)
3.Net cash flows from financing activities 947,456 10,354,376 9,481,415 (191,001) 2,010,599 (659,321)
H.Miscellaneous
1.Total capital employed (C+D) 7,780,542 18,810,962 27,386,854 24,814,757 26,496,903 26,404,310
2.Retention in business (F10-F11-F12) 81,381 35,060 26,858 (2,634,570) (2,403,670) 1,144,285
3.Depreciation for the year 12,651 15,555 21,296 1,194,416 1,212,757 1,230,220
4.Salaries, wages and employee benefits 8,100 12,060 19,779 398,708 588,093 701,230
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - -134.38 -30.03 12.10
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.07 0.27 0.32
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.04 0.26 0.11 -9.13 -8.14 3.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.03 1.33 1.72 2.12 2.35 2.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.07 0.34 0.19 -19.34 -19.13 8.53
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.11 0.03 0.02 -1.77 -1.35 0.64
394
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan National Shipping Corporation. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 27,097,334 26,542,204 25,962,828 25,354,038 33,279,851 32,398,292
1.Capital work in progress 476,721 456,047 328,522 56,881 56,881 56,881
2.Operating fixed assets at cost 29,973,520 30,166,526 30,684,735 31,135,034 40,044,205 40,527,750
3.Operating fixed assets after deducting accumulated depreciation 24,701,889 23,759,371 22,867,046 22,101,373 29,780,991 28,617,341
4.Intangible assets 0 0 0 0 0 12,891
5.Long term investments 1,820,907 2,241,987 2,720,609 3,112,831 3,298,580 3,461,712
6.Other non-current assets 97,817 84,799 46,651 82,953 143,399 249,467
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,172,848 9,995,841 11,689,551 12,261,832 11,775,579 13,429,395
1.Cash & bank balance 2,812,430 2,000,069 2,711,772 2,642,749 2,884,137 2,471,831
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 2,263,510 564,157 756,750 562,923 870,512 3,141,103
4.Short term loans and advances 102,562 91,004 91,348 110,290 69,996 74,833
5.Short term investments 1,961,375 3,921,504 4,127,045 4,094,860 3,182,550 3,999,025
6.Other current assets 2,032,971 3,419,107 4,002,636 4,851,010 4,768,384 3,742,603
Total Assets (A+B) / Equity & Liabilities (C+D+E) 36,270,182 36,538,045 37,652,379 37,615,870 45,055,430 45,827,687
C.Shareholders' Equity (C1+C2+C3) 25,406,739 27,581,597 29,844,723 31,340,940 32,608,336 34,693,967
1.Issued, Subscribed & Paid up capital 1,320,634 1,320,634 1,320,634 1,320,634 1,320,634 1,320,634
i)Ordinary shares 1,320,634 1,320,634 1,320,634 1,320,634 1,320,634 1,320,634
ii)Preference shares 0 0 0 0 0 0
2.Reserves 22,954,973 25,099,137 27,380,739 28,775,320 30,049,976 32,139,315
i)Capital Reserve 134,305 134,660 135,058 135,508 135,954 136,565
ii)Revenue Reserve 22,820,668 24,964,477 27,245,681 28,639,812 29,914,022 32,002,750
of which: un-appropriated profit(loss) / retained earnings 23,163,573 0 0 0 0 0
3.Surplus on revaluation of fixed assets 1,131,132 1,161,826 1,143,350 1,244,986 1,237,726 1,234,018
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,599,596 4,754,292 3,536,547 2,345,119 8,047,184 6,882,877
1.Long term borrowings 5,748,035 4,141,525 2,944,191 1,744,186 7,335,925 6,119,357
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 851,561 612,767 592,356 600,933 711,259 763,520
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 4,263,847 4,202,156 4,271,109 3,929,811 4,399,910 4,250,843
1.Trade credit & other accounts payables 2,440,420 2,886,798 2,966,176 2,424,248 2,293,766 2,563,914
of which: i) Trade credits 157,468 336,942 145,650 183,486 279,528 448,792
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 1,702,054 1,210,172 1,210,172 1,210,172 1,747,543 1,341,287
4.Other current liabilities 121,373 105,186 94,761 295,391 358,601 345,642
F.Operations:
1.Sales 15,536,288 12,543,985 12,477,685 9,909,991 10,862,459 13,803,576
i)Local sales (Net) 15,536,288 12,543,985 12,477,685 9,909,991 10,862,459 13,803,576
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 12,369,348 8,989,808 8,963,790 7,810,416 8,154,103 9,234,891
i)Cost of material 2,053,987 1,306,467 1,246,076 1,476,748 2,111,139 3,027,886
3.Gross profit / (loss) (F1-F2) 3,166,940 3,554,177 3,513,895 2,099,575 2,708,356 4,568,685
4.General, administrative and other expenses 2,405,230 2,107,258 2,360,807 1,733,730 1,619,003 1,386,507
i)Selling & distribution expenses 12,494 13,358 20,317 23,930 13,701 13,684
ii)Administrative and other expenses 2,392,736 2,093,900 2,340,490 1,709,800 1,605,302 1,372,823
5.Other income / (loss) 2,121,287 1,627,014 2,279,086 1,738,594 1,815,231 535,032
6.EBIT (F3-F4+F5) 2,882,997 3,073,933 3,432,174 2,104,439 2,904,584 3,717,210
7.Financial expenses 669,949 558,581 330,411 250,402 450,153 1,135,464
of which: (i) Interest expenses 845,509 504,772 327,060 246,017 443,642 1,127,248
8.Profit / (loss) before taxation (F6-F7) 2,213,048 2,515,352 3,101,763 1,854,037 2,454,431 2,581,746
9.Tax expenses 96,638 192,298 624,948 212,916 260,057 167,868
10.Profit / (loss) after tax (F8-F9) 2,116,410 2,323,054 2,476,815 1,641,121 2,194,374 2,413,878
11.Cash dividends 198,095 264,127 264,127 198,095 264,127 293,841
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,084,453 3,589,130 2,499,823 1,270,944 2,017,662 2,684,111
2.Net cash flows from investing activities (2,825,631) (2,422,390) 1,989,539 (2,207,660) (5,131,477) (1,647,488)
3.Net cash flows from financing activities 1,403,727 (2,335,792) (1,470,968) (1,460,877) 5,927,773 (2,102,739)
H.Miscellaneous
1.Total capital employed (C+D) 32,006,335 32,335,889 33,381,270 33,686,059 40,655,520 41,576,844
2.Retention in business (F10-F11-F12) 1,918,315 2,058,927 2,212,688 1,443,026 1,930,247 2,120,037
3.Depreciation for the year 1,086,978 1,213,275 1,414,238 1,421,145 1,296,327 1,734,979
4.Salaries, wages and employee benefits 1,263,024 1,345,578 1,432,428 1,413,912 1,627,943 1,852,740
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 13.62 18.52 19.85 16.56 20.20 17.49
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.45 0.34 0.34 0.26 0.26 0.30
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.17 6.38 6.68 4.36 5.31 5.31
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.41 1.37 1.29 1.23 1.29 1.35
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.70 8.77 8.63 5.36 6.86 7.17
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.03 17.59 18.75 12.43 16.62 18.28
395
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Telecommunication Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 213,163,795 210,251,615 204,802,722 210,365,630 240,339,759 241,953,952
1.Capital work in progress 8,326,928 12,106,215 12,583,996 21,185,660 21,942,560 20,316,963
2.Operating fixed assets at cost 490,686,341 516,384,560 544,631,291 567,446,966 600,729,468 621,237,307
3.Operating fixed assets after deducting accumulated depreciation 161,962,080 158,693,829 157,193,242 156,293,468 168,066,793 173,398,683
4.Intangible assets 40,326,443 37,111,800 34,164,307 31,177,147 28,099,965 25,582,008
5.Long term investments 188,556 139,737 93,600 83,900 51,427 51,427
6.Other non-current assets 2,359,788 2,200,034 767,577 1,625,455 22,179,014 22,604,871
B.Current Assets (B1+B2+B3+B4+B5+B6) 78,781,031 92,359,961 90,141,821 109,231,963 105,478,259 149,413,563
1.Cash & bank balance 3,134,442 8,775,467 15,057,748 8,443,354 7,170,910 12,492,568
2.Inventories; of which 248,586 174,351 193,602 214,045 307,392 231,902
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 248,586 174,351 193,602 214,045 307,392 231,902
3.Trade Debt / accounts receivables 15,549,034 15,008,567 16,805,595 19,383,276 21,701,204 25,436,953
4.Short term loans and advances 2,643,569 6,282,398 12,203,057 18,426,684 21,962,971 30,126,584
5.Short term investments 26,621,541 28,433,161 9,394,153 17,198,237 9,076,445 30,736,733
6.Other current assets 30,583,859 33,686,017 36,487,666 45,566,367 45,259,337 50,388,823
Total Assets (A+B) / Equity & Liabilities (C+D+E) 291,944,826 302,611,576 294,944,543 319,597,593 345,818,018 391,367,515
C.Shareholders' Equity (C1+C2+C3) 96,586,066 88,186,718 86,498,618 83,239,485 83,438,353 86,993,390
1.Issued, Subscribed & Paid up capital 51,000,000 51,000,000 51,000,000 51,000,000 51,000,000 51,000,000
i)Ordinary shares 51,000,000 51,000,000 51,000,000 51,000,000 51,000,000 51,000,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 45,586,066 37,186,718 35,498,618 32,239,485 32,438,353 35,993,390
i)Capital Reserve 1,012 21,159 84,809 221,572 276,234 512,182
ii)Revenue Reserve 45,585,054 37,165,559 35,413,809 32,017,913 32,162,119 35,481,208
of which: un-appropriated profit(loss) / retained earnings 12,668,976 7,047,199 5,109,744 1,535,145 1,492,423 7,984,136
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 121,191,528 118,030,047 112,287,754 112,779,903 122,039,458 131,156,683
1.Long term borrowings 21,000,293 26,138,555 25,584,999 24,423,890 37,028,601 45,749,334
2.Subordinated loans / Sponsor's loans 0 0 600,000 599,640 599,400 599,160
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 32,173,440 24,121,967 23,590,276 28,594,794 27,123,119 24,581,798
5.Other non-current liabilities 68,017,795 67,769,525 62,512,479 59,161,579 57,288,338 60,226,391
E.Current Liabilities (E1+E2+E3+E4) 74,167,232 96,394,811 96,158,171 123,578,205 140,340,207 173,217,442
1.Trade credit & other accounts payables 59,189,010 70,001,837 74,742,890 81,544,420 87,830,054 94,177,147
of which: i) Trade credits 10,998,951 11,207,133 9,143,874 14,975,397 12,670,240 12,988,191
2.Short term borrowings 427,428 0 834,233 1,225,137 4,058,444 6,680,285
3.Current portion of non-current liabilities 9,805,433 15,057,559 11,485,357 20,712,663 26,263,647 27,189,656
4.Other current liabilities 4,745,361 11,335,415 9,095,691 20,095,985 22,188,062 45,170,354
F.Operations:
1.Sales 118,561,034 117,202,376 117,019,265 126,862,364 129,542,521 129,422,497
i)Local sales (Net) 110,624,848 106,787,964 107,432,198 117,813,200 121,591,620 120,316,038
ii)Export sales (Net) 7,936,186 10,414,412 9,587,067 9,049,164 7,950,901 9,106,459
2.Cost of sales 88,054,308 87,025,891 90,538,326 92,914,836 95,658,891 96,312,058
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 30,506,726 30,176,485 26,480,939 33,947,528 33,883,630 33,110,439
4.General, administrative and other expenses 26,500,656 28,666,628 23,469,058 24,487,941 23,976,383 24,080,393
i)Selling & distribution expenses 8,209,247 7,111,055 6,132,586 6,819,420 7,291,153 7,119,067
ii)Administrative and other expenses 18,291,409 21,555,573 17,336,472 17,668,521 16,685,230 16,961,326
5.Other income / (loss) 5,227,725 6,388,006 9,834,542 5,721,522 9,382,387 11,652,331
6.EBIT (F3-F4+F5) 9,233,795 7,897,863 12,846,423 15,181,109 19,289,634 20,682,377
7.Financial expenses 5,218,817 3,628,626 6,457,612 8,231,624 9,202,708 9,334,626
of which: (i) Interest expenses 3,748,243 2,873,259 4,874,971 3,924,672 7,698,671 7,336,779
8.Profit / (loss) before taxation (F6-F7) 4,014,978 4,269,237 6,388,811 6,949,485 10,086,926 11,347,751
9.Tax expenses 2,146,512 2,646,390 2,071,158 1,239,481 1,258,840 1,293,877
10.Profit / (loss) after tax (F8-F9) 1,868,466 1,622,847 4,317,653 5,710,004 8,828,086 10,053,874
11.Cash dividends 10,200,000 5,100,000 5,100,000 5,100,000 5,100,000 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 35,580,730 35,618,979 28,844,874 30,871,009 44,944,657 56,292,375
2.Net cash flows from investing activities (36,660,872) (27,449,133) (3,042,448) (30,574,265) (41,867,127) (57,515,002)
3.Net cash flows from financing activities (5,647,347) (1,929,156) (19,421,134) 5,082,820 (14,805,073) 1,058,233
H.Miscellaneous
1.Total capital employed (C+D) 217,777,594 206,216,765 198,786,372 196,019,388 205,477,811 218,150,073
2.Retention in business (F10-F11-F12) (8,331,534) (3,477,153) (782,347) 610,004 3,728,086 10,053,874
3.Depreciation for the year 28,319,629 28,708,336 29,967,982 28,321,568 27,442,869 27,038,734
4.Salaries, wages and employee benefits 18,257,036 17,851,546 18,506,207 21,232,600 23,201,649 25,049,742
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.58 1.38 3.69 4.50 6.81 7.77
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.41 0.39 0.39 0.41 0.39 0.35
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.64 0.55 1.45 1.86 2.65 2.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.83 3.22 3.42 3.62 3.99 4.33
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.81 1.76 4.94 6.73 10.59 11.80
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.37 0.32 0.85 1.12 1.73 1.97
396
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Systems Ltd (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 458,647 724,534 1,095,425 1,280,226 1,848,766 1,967,445
1.Capital work in progress 166,810 381,726 52,274 22,472 24,025 746
2.Operating fixed assets at cost 479,120 505,448 1,225,116 1,334,834 1,935,605 2,244,186
3.Operating fixed assets after deducting accumulated depreciation 195,893 189,449 844,354 939,163 1,408,439 1,517,921
4.Intangible assets 83,233 118,945 146,682 173,061 186,746 204,249
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 12,711 34,414 52,115 145,530 229,556 244,529
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,341,904 2,382,551 2,890,571 4,087,082 5,529,451 9,508,482
1.Cash & bank balance 193,594 274,133 697,875 761,652 1,516,152 2,985,105
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 961,695 1,108,405 992,592 1,691,798 1,749,074 2,372,717
4.Short term loans and advances 72,878 33,872 63,761 69,696 145,240 95,913
5.Short term investments 557,799 253,000 225,000 295,000 780,000 2,644,845
6.Other current assets 555,938 713,141 911,343 1,268,936 1,338,985 1,409,902
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,800,551 3,107,085 3,985,996 5,367,308 7,378,217 11,475,927
C.Shareholders' Equity (C1+C2+C3) 2,413,574 2,800,100 3,224,623 4,169,090 5,528,934 7,976,013
1.Issued, Subscribed & Paid up capital 1,106,809 1,110,785 1,118,277 1,122,135 1,235,203 1,246,060
i)Ordinary shares 1,106,809 1,110,785 1,118,277 1,122,135 1,235,203 1,246,060
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,306,765 1,689,315 2,106,346 3,046,955 4,293,731 6,729,953
i)Capital Reserve 410,844 445,206 496,795 558,611 619,707 1,103,001
ii)Revenue Reserve 895,921 1,244,109 1,609,551 2,488,344 3,674,024 5,626,952
of which: un-appropriated profit(loss) / retained earnings 895,921 1,244,109 1,609,551 2,488,344 3,674,024 5,626,952
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 9,269 14,921 21,230 25,202 185,203 397,219
1.Long term borrowings 0 0 0 0 129,189 287,423
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 1,617 4,010 9,011 6,637 27,361 47,599
5.Other non-current liabilities 7,652 10,911 12,219 18,565 28,653 62,197
E.Current Liabilities (E1+E2+E3+E4) 377,708 292,064 740,143 1,173,016 1,664,080 3,102,695
1.Trade credit & other accounts payables 262,880 271,567 431,208 643,438 771,932 1,186,130
of which: i) Trade credits 40,230 16,868 160,799 79,484 49,439 496,583
2.Short term borrowings 0 0 210,424 460,424 672,000 1,449,000
3.Current portion of non-current liabilities 5,017 6,110 4,906 9,661 42,505 152,590
4.Other current liabilities 109,811 14,387 93,605 59,493 177,643 314,975
F.Operations:
1.Sales 2,470,726 3,112,102 3,832,429 5,323,923 7,535,648 9,876,828
i)Local sales (Net) 504,485 684,546 763,797 1,351,047 1,767,182 1,972,987
ii)Export sales (Net) 1,966,241 2,427,556 3,068,632 3,972,876 5,768,466 7,903,841
2.Cost of sales 1,669,924 2,222,534 2,683,691 3,795,123 5,166,302 6,619,640
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 800,802 889,568 1,148,738 1,528,800 2,369,346 3,257,188
4.General, administrative and other expenses 468,003 440,296 678,778 801,517 1,039,601 1,143,471
i)Selling & distribution expenses 72,778 47,757 58,939 90,539 178,002 201,025
ii)Administrative and other expenses 395,225 392,539 619,839 710,978 861,599 942,446
5.Other income / (loss) 88,507 28,940 114,981 408,461 318,492 235,201
6.EBIT (F3-F4+F5) 421,306 478,212 584,941 1,135,744 1,648,237 2,348,918
7.Financial expenses 3,066 5,498 15,787 27,073 47,022 66,660
of which: (i) Interest expenses 381 681 4,207 5,762 38,216 62,094
8.Profit / (loss) before taxation (F6-F7) 418,240 472,714 569,154 1,108,671 1,601,215 2,282,258
9.Tax expenses 12,991 (8,500) 8,435 47,388 33,282 117,960
10.Profit / (loss) after tax (F8-F9) 405,249 481,214 560,719 1,061,283 1,567,933 2,164,298
11.Cash dividends 138,351 206,606 195,698 224,427 277,921 436,121
12.Bonus shares / stock dividends 0 0 0 112,214 0 124,606
G.Statement of Cash Flows
1.Net cash flows from operating activities 74,912 215,913 794,140 367,217 1,769,527 2,344,630
2.Net cash flows from investing activities (756,971) (10,516) (426,695) (413,538) (1,025,844) (2,052,228)
3.Net cash flows from financing activities (111,389) (124,508) 54,148 85,122 (11,617) 1,166,445
H.Miscellaneous
1.Total capital employed (C+D) 2,422,843 2,815,021 3,245,853 4,194,292 5,714,137 8,373,232
2.Retention in business (F10-F11-F12) 266,898 274,608 365,021 724,643 1,290,012 1,603,571
3.Depreciation for the year 71,757 75,365 73,969 115,037 155,899 222,336
4.Salaries, wages and employee benefits 1,485,280 1,917,618 2,228,117 3,178,536 4,425,655 5,801,260
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 16.40 15.46 14.63 19.93 20.81 21.91
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.88 1.05 1.08 1.14 1.18 1.05
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 14.47 16.29 15.81 22.69 24.60 22.96
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.16 1.13 1.18 1.27 1.31 1.40
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.79 18.46 18.61 28.71 32.34 32.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 3.66 4.33 5.01 9.46 12.69 17.37
397
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

TRG Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,469,003 11,720,715 10,824,442 14,540,132 17,972,350 21,778,820
1.Capital work in progress 4,415 131,015 119,032 0 0 0
2.Operating fixed assets at cost 5,475,407 7,214,923 9,031,273 11,338,880 1,396 1,396
3.Operating fixed assets after deducting accumulated depreciation 1,960,755 2,679,226 3,254,531 3,693,320 101 59
4.Intangible assets 2,219,712 2,193,714 4,170,345 5,462,073 0 0
5.Long term investments 3,598,377 3,387,612 30,783 47,616 16,392,528 21,778,686
6.Other non-current assets 685,744 3,329,148 3,249,751 5,337,123 1,579,721 75
B.Current Assets (B1+B2+B3+B4+B5+B6) 5,280,214 12,744,765 11,335,858 17,574,429 1,685 1,583,862
1.Cash & bank balance 605,876 5,259,909 3,073,986 6,189,004 1,685 3,308
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 3,465,859 6,781,627 7,400,484 10,019,768 0 0
4.Short term loans and advances 58,173 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,150,306 703,229 861,388 1,365,657 0 1,580,554
Total Assets (A+B) / Equity & Liabilities (C+D+E) 13,749,217 24,465,480 22,160,300 32,114,561 17,974,035 23,362,682
C.Shareholders' Equity (C1+C2+C3) 2,002,701 2,917,653 (4,437,243) (7,507,256) 15,153,739 19,404,372
1.Issued, Subscribed & Paid up capital 4,453,907 5,453,907 5,453,907 5,453,907 5,453,907 5,453,907
i)Ordinary shares 4,453,907 5,453,907 5,453,907 5,453,907 5,453,907 5,453,907
ii)Preference shares 0 0 0 0 0 0
2.Reserves (2,451,206) (2,536,254) (9,891,150) (12,961,163) 9,699,832 13,950,465
i)Capital Reserve 1,498,038 96,981 (1,178,165) (2,506,093) 10,225,636 533,376
ii)Revenue Reserve (3,949,244) (2,633,235) (8,712,985) (10,455,070) (525,804) 13,417,089
of which: un-appropriated profit(loss) / retained earnings (3,949,244) (2,633,235) (8,712,985) (10,455,070) (525,804) 13,417,089
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 1,415,741 8,630,410 11,024,814 20,446,003 2,791,380 3,929,183
1.Long term borrowings 1,161,295 8,371,321 10,085,726 19,367,003 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 50,279 0 0 0 0 0
5.Other non-current liabilities 204,167 259,089 939,088 1,079,000 2,791,380 3,929,183
E.Current Liabilities (E1+E2+E3+E4) 10,330,775 12,917,417 15,572,729 19,175,814 28,916 29,127
1.Trade credit & other accounts payables 5,219,322 5,913,696 6,868,987 7,759,703 0 0
of which: i) Trade credits 761,210 1,596,918 1,816,209 2,414,339 0 0
2.Short term borrowings 1,290,775 3,002,611 5,042,031 0 4,579 4,807
3.Current portion of non-current liabilities 704,920 0 0 7,083,785 0 0
4.Other current liabilities 3,115,758 4,001,110 3,661,711 4,332,326 24,337 24,320
F.Operations:
1.Sales 26,355,190 30,694,527 35,990,660 49,056,553 0 0
i)Local sales (Net) 26,355,190 30,694,527 35,990,660 49,056,553 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 23,579,458 26,601,507 26,285,206 32,509,447 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 2,775,732 4,093,020 9,705,454 16,547,106 0 0
4.General, administrative and other expenses 4,845,239 4,951,105 18,110,836 21,533,045 238,576 234,437
i)Selling & distribution expenses 978,209 1,159,883 0 0 0 0
ii)Administrative and other expenses 3,867,030 3,791,222 18,110,836 21,533,045 238,576 234,437
5.Other income / (loss) 214,622 (59,267) 436,825 217,297 240,969 324,125
6.EBIT (F3-F4+F5) (1,854,885) (917,352) (7,968,557) (4,768,642) 2,393 89,688
7.Financial expenses 299,839 594,526 1,719,815 1,975,882 0 0
of which: (i) Interest expenses 200,770 448,007 1,642,164 1,926,237 0 0
8.Profit / (loss) before taxation (F6-F7) (2,154,724) (1,511,878) (9,688,372) (6,744,524) 2,393 89,688
9.Tax expenses 105,485 150,773 (46,939) 28,900 538 13,523
10.Profit / (loss) after tax (F8-F9) (2,260,209) (1,662,651) (9,641,433) (6,773,424) 1,855 76,165
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 406,838 (3,990,176) (4,864,627) (4,845,558) 1,013 1,623
2.Net cash flows from investing activities (1,955,433) (1,878,605) (4,515,101) (3,094,462) (127) 0
3.Net cash flows from financing activities 1,707,210 10,707,247 6,804,656 12,670,773 0 0
H.Miscellaneous
1.Total capital employed (C+D) 3,418,442 11,548,063 6,587,571 12,938,747 17,945,119 23,333,555
2.Retention in business (F10-F11-F12) (2,260,209) (1,662,651) (9,641,433) (6,773,424) 1,855 76,165
3.Depreciation for the year 674,256 933,158 1,252,188 1,583,853 52 42
4.Salaries, wages and employee benefits 21,489,011 22,785,437 26,220,146 0 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -8.58 -5.42 -26.79 -13.81 - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.01 1.61 1.54 1.81 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -17.24 -8.70 -41.36 -24.96 0.01 0.37
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.57 7.77 -30.68 -4.54 6.55 1.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -113.23 -67.58 1,268.95 113.41 0.05 0.44
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -5.07 -3.05 -17.68 -12.42 0.00 0.14
398
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Telecard Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,085,349 2,774,398 2,556,857 1,390,841 1,320,787 1,379,922
1.Capital work in progress 5,578 7,752 21,089 0 0 0
2.Operating fixed assets at cost 7,367,952 7,483,861 7,587,628 7,843,030 7,939,884 8,101,104
3.Operating fixed assets after deducting accumulated depreciation 924,988 839,575 782,626 883,664 817,797 808,537
4.Intangible assets 1,704,943 1,523,346 1,341,749 82,605 82,050 81,304
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 449,840 403,725 411,393 424,572 420,940 490,081
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,744,185 4,900,894 5,229,866 4,652,389 4,967,682 4,717,250
1.Cash & bank balance 108,476 22,812 42,625 46,644 194,305 87,418
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 928,202 1,169,104 1,381,554 1,340,873 1,430,264 1,385,086
4.Short term loans and advances 34,619 88,370 128,946 111,775 93,102 141,645
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,672,888 3,620,608 3,676,741 3,153,097 3,250,011 3,103,101
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,829,534 7,675,292 7,786,723 6,043,230 6,288,469 6,097,172
C.Shareholders' Equity (C1+C2+C3) 2,869,563 2,921,774 2,833,966 2,811,671 2,743,206 2,668,582
1.Issued, Subscribed & Paid up capital 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
i)Ordinary shares 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (130,437) (78,226) (166,034) (188,329) (256,794) (331,418)
i)Capital Reserve 0 0 0 0 (1,221) (1,933)
ii)Revenue Reserve (130,437) (78,226) (166,034) (188,329) (255,573) (329,485)
of which: un-appropriated profit(loss) / retained earnings (130,437) (78,226) (166,034) (188,329) (255,573) (329,485)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,296,267 2,957,949 2,751,191 917,280 569,745 529,724
1.Long term borrowings 658,832 583,881 112,416 530,344 223,837 184,408
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 7,477 6,264 5,808 7,982 8,008 8,446
5.Other non-current liabilities 1,629,958 2,367,804 2,632,967 378,954 337,900 336,870
E.Current Liabilities (E1+E2+E3+E4) 2,663,704 1,795,569 2,201,566 2,314,279 2,975,518 2,898,866
1.Trade credit & other accounts payables 1,276,878 1,468,927 1,740,695 1,573,102 1,918,367 1,707,012
of which: i) Trade credits 939,449 1,088,719 1,135,307 753,131 1,062,058 1,055,584
2.Short term borrowings 179,428 192,872 293,086 635,008 893,918 918,259
3.Current portion of non-current liabilities 797,528 56,764 109,482 0 0 24,047
4.Other current liabilities 409,870 77,006 58,303 106,169 163,233 249,548
F.Operations:
1.Sales 2,644,373 2,755,699 2,835,113 3,379,033 4,223,936 3,910,039
i)Local sales (Net) 2,644,373 2,755,699 2,835,113 3,379,033 4,223,936 3,910,039
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 2,028,650 2,204,557 2,093,387 2,393,289 3,215,499 2,710,540
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 615,723 551,142 741,726 985,744 1,008,437 1,199,499
4.General, administrative and other expenses 529,741 616,318 593,373 1,236,569 800,194 947,754
i)Selling & distribution expenses 51,004 34,788 31,359 37,309 30,822 29,691
ii)Administrative and other expenses 478,737 581,530 562,014 1,199,260 769,372 918,063
5.Other income / (loss) 162,898 411,905 23,188 502,709 160,787 70,575
6.EBIT (F3-F4+F5) 248,880 346,729 171,541 251,884 369,030 322,320
7.Financial expenses 178,760 67,024 83,974 83,733 113,013 159,580
of which: (i) Interest expenses 173,387 63,394 79,789 79,623 107,808 0
8.Profit / (loss) before taxation (F6-F7) 70,120 279,705 87,567 168,151 256,017 162,740
9.Tax expenses 56,225 227,494 175,375 210,178 278,982 237,871
10.Profit / (loss) after tax (F8-F9) 13,895 52,211 (87,808) (42,027) (22,965) (75,131)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 164,044 34,185 162,122 232,132 295,503 136,034
2.Net cash flows from investing activities (78,814) (118,588) (111,033) (234,314) (100,245) (162,668)
3.Net cash flows from financing activities (152,863) (1,261) (31,276) 6,201 (47,597) (80,253)
H.Miscellaneous
1.Total capital employed (C+D) 5,165,830 5,879,723 5,585,157 3,728,951 3,312,951 3,198,306
2.Retention in business (F10-F11-F12) 13,895 52,211 (87,808) (42,027) (22,965) (75,131)
3.Depreciation for the year 301,176 202,444 161,740 154,364 169,283 170,480
4.Salaries, wages and employee benefits 395,953 443,185 532,314 621,799 658,871 665,001
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.53 1.89 -3.10 -1.24 -0.54 -1.92
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.34 0.36 0.37 0.49 0.69 0.63
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.18 0.67 -1.14 -0.61 -0.37 -1.22
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.74 2.68 2.69 2.45 2.22 2.29
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.49 1.80 -3.05 -1.49 -0.83 -2.79
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.05 0.17 -0.29 -0.14 -0.08 -0.25
399
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Worldcall Telecom Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,106,222 13,848,389 12,443,172 13,065,515 13,480,235 13,794,173
1.Capital work in progress 99,838 118,372 110,703 56,401 68,569 11,482
2.Operating fixed assets at cost 13,119,760 14,026,163 12,865,539 8,932,605 8,950,949 9,011,320
3.Operating fixed assets after deducting accumulated depreciation 7,984,948 7,957,927 6,814,020 8,219,709 6,516,313 6,193,323
4.Intangible assets 2,352,039 3,088,720 2,697,636 2,306,651 1,916,615 1,402,655
5.Long term investments 38,520 38,520 45,800 100,210 98,800 99,958
6.Other non-current assets 1,630,877 2,644,850 2,775,013 2,382,544 4,879,938 6,086,755
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,519,247 1,914,828 1,965,245 2,751,104 1,986,884 1,989,096
1.Cash & bank balance 29,900 119,970 22,220 7,258 40,083 56,440
2.Inventories; of which 67,175 67,290 67,258 204,777 204,777 204,777
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 67,175 67,290 67,258 204,777 204,777 204,777
3.Trade Debt / accounts receivables 481,246 761,262 1,075,745 1,674,557 896,749 807,879
4.Short term loans and advances 80,590 141,389 171,711 203,356 189,469 209,200
5.Short term investments 87,860 150,799 58,961 38,115 38,579 51,674
6.Other current assets 1,772,476 674,118 569,350 623,041 617,227 659,126
Total Assets (A+B) / Equity & Liabilities (C+D+E) 14,625,469 15,763,217 14,408,417 15,816,619 15,467,119 15,783,269
C.Shareholders' Equity (C1+C2+C3) (3,646,748) (4,117,335) 1,865,303 3,281,988 3,038,845 4,508,420
1.Issued, Subscribed & Paid up capital 12,143,416 12,143,416 13,100,782 13,421,590 13,729,903 13,826,384
i)Ordinary shares 8,605,716 8,605,716 9,950,546 10,835,944 11,615,252 11,863,206
ii)Preference shares 3,537,700 3,537,700 3,150,236 2,585,646 2,114,651 1,963,178
2.Reserves (15,790,164) (16,958,600) (11,840,728) (11,605,944) (11,938,224) (11,636,732)
i)Capital Reserve 1,516,856 1,796,800 1,186,598 1,556,438 1,248,589 1,165,203
ii)Revenue Reserve (17,307,020) (18,755,400) (13,027,326) (13,162,382) (13,186,813) (12,801,935)
of which: un-appropriated profit(loss) / retained earnings (17,307,020) (18,755,400) (13,027,326) (13,162,382) (13,186,813) (12,801,935)
3.Surplus on revaluation of fixed assets 0 697,849 605,249 1,466,342 1,247,166 2,318,768
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 463,357 1,339,317 2,099,602 4,209,687 4,478,954 3,354,624
1.Long term borrowings 89,359 42,887 43,996 13,893 262,915 241,306
2.Subordinated loans / Sponsor's loans 0 0 675,893 1,255,931 1,416,639 1,345,289
3.Debentures/TFCs (bonds payable) 0 0 0 1,583,763 1,567,104 1,433,280
4.Employees benefit obligations 373,998 274,930 253,213 241,020 210,796 203,133
5.Other non-current liabilities 0 1,021,500 1,126,500 1,115,080 1,021,500 131,616
E.Current Liabilities (E1+E2+E3+E4) 17,808,860 18,541,235 10,443,512 8,324,944 7,949,320 7,920,225
1.Trade credit & other accounts payables 10,738,757 11,789,151 7,419,518 6,984,430 6,093,671 6,230,153
of which: i) Trade credits 6,914,823 7,302,819 4,189,738 4,322,291 3,156,376 2,339,340
2.Short term borrowings 563,902 960,677 563,936 701,558 934,046 487,360
3.Current portion of non-current liabilities 5,231,057 5,247,019 1,605,672 164,740 415,282 590,872
4.Other current liabilities 1,275,144 544,388 854,386 474,216 506,321 611,840
F.Operations:
1.Sales 2,191,552 1,819,706 2,321,750 4,386,953 3,857,070 3,140,134
i)Local sales (Net) 2,191,552 1,819,706 2,321,750 4,386,953 3,857,070 3,140,134
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 4,182,423 1,848,172 1,947,727 3,059,519 2,360,647 1,874,837
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (1,990,871) (28,466) 374,023 1,327,434 1,496,423 1,265,297
4.General, administrative and other expenses 2,046,890 2,161,351 1,926,216 2,096,852 2,341,938 1,629,099
i)Selling & distribution expenses 8,534 852 4,491 9,817 2,032 1,442
ii)Administrative and other expenses 2,038,356 2,160,499 1,921,725 2,087,035 2,339,906 1,627,657
5.Other income / (loss) (3,981,132) 192,335 8,145,200 1,573,111 1,144,581 609,538
6.EBIT (F3-F4+F5) (8,018,893) (1,997,482) 6,593,007 803,693 299,066 245,736
7.Financial expenses 677,792 566,329 347,694 233,493 493,839 536,025
of which: (i) Interest expenses 332,089 371,126 255,267 203,867 327,429 322,839
8.Profit / (loss) before taxation (F6-F7) (8,696,685) (2,563,811) 6,245,313 570,200 (194,773) (290,289)
9.Tax expenses 1,936,202 (1,299,074) 143,553 123,305 (267,071) (143,952)
10.Profit / (loss) after tax (F8-F9) (10,632,887) (1,264,737) 6,101,760 446,895 72,298 (146,337)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 52,929 (235,826) 105,306 (508,158) (44,946) 499,725
2.Net cash flows from investing activities (295,410) (40,369) (115,277) (48,713) (22,103) 21,503
3.Net cash flows from financing activities (137,618) 366,265 (87,779) 541,909 99,874 (504,871)
H.Miscellaneous
1.Total capital employed (C+D) (3,183,391) (2,778,018) 3,964,905 7,491,675 7,517,799 7,863,044
2.Retention in business (F10-F11-F12) (10,632,887) (1,264,737) 6,101,760 446,895 72,298 (146,337)
3.Depreciation for the year 1,173,465 740,819 674,335 735,663 733,333 384,631
4.Salaries, wages and employee benefits 710,596 621,659 518,132 626,926 520,962 371,279
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -485.18 -69.50 262.81 10.19 1.87 -4.66
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.11 0.12 0.15 0.29 0.25 0.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -53.59 -8.32 40.45 2.96 0.46 -0.94
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 10.38 -3.91 -13.40 5.87 4.95 4.14
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -556.04 32.58 -541.89 17.36 2.29 -3.88
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.76 -1.04 4.66 0.33 0.05 -0.11
400
 Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange 2020

Coke and refined petroleum products

Performance at glance
The balance sheet size of the coke and refined petroleum products sector showed a slight contraction of
0.74 percent in FY20 over FY19 because of offsetting impact of current assets and non-current assets.
Non-current assets posted an increase of Rs 37.09 billion (6.92 percent) and current assets showed a
decrease of Rs 48.23 billion (4.99 percent) during FY20 as compared to FY19. Sales of coke and refined
petroleum sector posted a major decrease of Rs 255.95 billion (9.87 percent) during FY20. Similarly,
profit before tax and profit after tax posted a YoY decrease of 61.06 percent and 70.46 percent
respectively in FY20 over the previous year. Despite

Analysis of Assets
Overall assets size of the coke and refined petroleum sector decreased to Rs 1,490.70 billion in FY20
from Rs 1,501.84 billion in FY19, showed a decrease of Rs 11.14 billion (0.74 percent) in FY20 over the
previous year. Non-current asset increased by Rs 37.09 billion and reached at Rs 572.99 billion in FY20
from Rs 535.90 billion in FY19. The analysis of components of non-current assets reveals that operating
fixed assets after deducting accumulated depreciation having 56.27 percent share of total non-current
assets in FY20 amounted to Rs 322.41 billion in FY20 and depicted a YoY increase of 6.42 percent in
FY20. Majority of the components of non-current assets showed improvement, however long-term
investments decreased by 5.55 percent in FY20 as compared to FY19.
Non-Current Assets Current Assets
2019 2020 Growth(RHS) 2019 2020 Growth(RHS)
15.89
350 70 600 20
58.80
300 60 6.25
500 10
250 50
400 (8.80) -
billion Rs.

billion Rs.

40
percent

percent
200
30 300 (10)
150
20 (26.39)
200 (20)
100 10 (30.04)
0.51 6.42 100 (30)
50 -
(5.55)
- (10) - (40)
Cash &

Inventories

Other CA
Trade Debt

S.T Loans
progress

Long term

Other NCA
minus acc.
CW in

/ Ac Rec
BB
OFA

Depr

adv
Inv.

Current assets inclined down to Rs 917.71 billion in FY20 from Rs 965.94 billion in FY19 showing a
YoY decrease of 48.23 percent in FY20. Inventories, that holds 16.31 percent share of total current assets
in FY20, shrink by 30.04 percent in FY20 and touched to Rs 149.71 billion in FY20 from Rs 213.99
billion in FY19. Interestingly, short-term investments posted an increase in FY20, reached to Rs 29.19
billion in FY20 from Rs 10.05 billion in FY19, improved by an amount of Rs 19.14 billion in FY20.
Similarly, short-term loan & advances also posted a YoY increase of 15.89 percent during FY20. Trade
debt remained major component of the current assets in FY20 with a share of 62.16 percent of total
current assets and increased by Rs 33.56 billion (6.25 percent) in FY20 over FY19.

401
 Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange 2020

Analysis of Shareholders’ Equity and Sharesholders' Equity

Liabilities 2019 2020 Growth (RHS)
500 45
Total shareholders’ equity touched Rs 604.04 39.16 40 450
billion in FY20 from Rs 569.25 billion in FY19 35 400
reflecting a YoY increase of 6.11 percent in 30 350
FY20. Growth of shareholders’ equity is mainly 300

billion Rs

percent
25
250
attributed due to reserves that holds, 75.47 20
200
percent share of total equity in FY20 and grew 15 150
by Rs 14.91 billion (3.38 percent) in FY20. 10 100
Issued, subscribed and paid up capital posted an 6.03 3.38 5 50
increase of Rs 5.53 billion (6.04 percent) in - 0
Issued, Reserves Surplus on
FY20 over FY19. Similarly, surplus on Subscribed & revaluation of
revaluation of fixed assets witnessed an increase Paid up capital fixed assets
of 14.36 billion (39.17 percent) in FY20 over the
previous year.
Total liabilities decreased by 4.93 percent and reached to Rs 886.66 billion in FY20 from Rs 932.59
billion in FY19. Total non-current liabilites of the sector posted growth in FY20 and increase to Rs
160.34 billion in FY20 from Rs 140.46 billion in FY19 witnessing an increase of Rs 19.88 billion (14.15
percent) over the previous year. The components of non-current liabilities reveal that long-term
borrowings increased by Rs 15.21 billion (41.27 percent) in FY20. However, minor decline of Rs 1.04
billion and Rs 1.31 billion is observed in Debenture/TFCs (bonds payables) and employs benefits
obligations, in the year FY20 when compared with previous year.
Non- Current Liabilities Current Liabilities
2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
120 50 600 35.11 40
41.26 40 30
100 500 20
30 10
billion Rs.

80 400
-
billion Rs.

percent

percent
20 (4.33)
60 300 (10)
6.49 10 (20)
(21.43)
40 200
- (30)
20 100 (40)
(11.43) (10)
(50.29) (50)
0 (20) 0 (60)
borrowings

Employees

Other NCL

borrowings

portion of

current
other A/c
payables

Other
Current

liab.
T.C &
benefit

NCL
oblig.
LT

ST

The analyses of current liabilities reveals that total current liabilities showed a decrease of Rs 65.82
billion (8.31 percent) in FY20 over the previous year and reached at Rs 726.31 billion in FY20. It should
be noted that during the year all of the components of current liabilities contracted except other current
liabilities. Trade credit, which hold 71.72 percent share of current liabilities, showed decrease of 4.33
percent in FY20 over FY19. Similarly, short-term borrowings with 22.43 percent share in current
liabilities decreased by Rs 44.42 billion (21.43 percent) in FY20 when compared with FY19. Other
current liabilities witnessed a growth of 35.09 percent in FY20 and reached to Rs 35.56 billion in FY20
from Rs 26.32 billion in FY19.

402
 Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange 2020

Profitability and Efficiency

Sales, gross profit, profit before tax and profit after tax are yardsticks of operational performance of
companies. Sales of the sector reduced to Rs 2,336.64 billion in FY20 of which local sales remained
dominant with 99.13 percent share of overall sales. In addition, exports sales also decreased by Rs 9.94
billion (32.94 percent) in FY20 as compared to FY19. Cost of sales of coke and refined petroleum sector
decreased by 8.29 percent during FY20. Gross profit of the sector dropped to Rs 116.77 billion with a
decrease of 55.37 billion (32.16 percent) in FY20 over FY19. Similarly, profit before tax and profit after
tax posted a decline in FY20 as compared with FY19. Profit before tax dropped to Rs 29.11 billion in
FY20 from Rs 74.76 billion in FY19 witnessed a decline of Rs 45.65 billion (61.06 percent) in FY20 as
compare to FY19. Profit after tax with a decline of Rs 29.85 billion (70.46 percent) in FY20 dropped to
Rs 12.51 billion in FY20 form Rs 42.37 billion in FY19.
Growth and Composition of Operations Profitability/Efficiency Ratios
2019 2020
2019 2020 Growth(RHS)
9
200 - 7.64
8
180 (10) 7
160 percent 6
(20)
140
billion Rs

5
120 (32.17) (30)
percent

4
100 (40) 2.98 2.55
(42.40) 3 2.56
80 1.82 1.56 2.13
(50) 1.63
60 2
(60) 0.54 0.84
40 (61.06) (70.47) 1
20 (70) 0

Financial
Net Profit

leverage
turnover

Return on

Return on
0 (80)
margin

Asset

Assets

equity
Gross EBIT Profit Profit after
Profit before tax tax

Return on equity (ROE) and Return on assets (ROA) are parameters of companies’ profitability, both
posted decline in FY20. ROE and ROA decreased from 7.64 percent and 2.98 percent in FY19 to 2.13
percent and 0.84 percent respectively in FY20 when comparing with FY19. Similar pattern can be
observe in other profitability ratios. Net profit margin and basic earnings per share, decreased to 0.54 and
1.79 in FY20, which were at 1.63 and 4.63 respectively in FY19. However, financial leverage ratio
showed a slight decrease to 2.55 percent from 2.56 percent in FY20 when compared with FY19.

403
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Coke and Refined Petroleum Products - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 381,452,019 446,022,818 460,608,302 495,842,956 535,901,429 572,991,442
1.Capital work in progress 68,488,471 86,794,645 95,804,503 84,825,189 99,925,114 100,441,340
2.Operating fixed assets at cost 252,718,855 317,343,506 416,077,350 482,917,317 526,106,989 574,638,871
3.Operating fixed assets after deducting accumulated depreciation 148,634,369 186,074,814 258,891,043 294,993,311 302,965,314 322,410,378
4.Intangible assets 364,298 513,918 479,742 649,103 653,903 454,238
5.Long term investments 134,176,582 138,636,163 73,142,591 84,362,815 93,982,753 88,757,736
6.Other non-current assets 29,788,299 34,003,278 32,290,423 31,012,538 38,374,345 60,927,750
B.Current Assets (B1+B2+B3+B4+B5+B6) 575,380,691 560,103,136 744,352,975 846,559,327 965,936,725 917,707,933
1.Cash & bank balance 56,724,668 65,146,126 73,036,414 72,690,591 86,454,074 78,842,002
2.Inventories; of which 116,500,403 113,272,166 137,202,521 191,154,795 213,987,169 149,705,310
i)Raw material 12,962,667 14,865,365 19,471,273 33,764,522 36,016,228 31,404,692
ii)Work in progress 2,499,870 3,479,602 4,428,665 4,726,963 15,309,143 13,094,770
iii)Finished goods 99,583,500 44,088,961 46,965,622 71,042,311 72,991,064 47,991,080
3.Trade Debt / accounts receivables 295,163,885 282,780,104 366,656,996 466,211,451 536,857,812 570,418,196
4.Short term loans and advances 5,496,767 5,066,209 8,318,156 6,783,308 5,353,278 6,202,896
5.Short term investments 28,499,285 20,946,887 81,939,890 16,706,310 10,050,752 29,191,593
6.Other current assets 72,995,683 72,891,644 77,198,998 93,012,872 113,233,640 83,347,936
Total Assets (A+B) / Equity & Liabilities (C+D+E) 956,832,710 1,006,125,954 1,204,961,277 1,342,402,283 1,501,838,154 1,490,699,375
C.Shareholders' Equity (C1+C2+C3) 395,214,240 423,868,649 496,920,176 540,476,112 569,248,143 604,044,083
1.Issued, Subscribed & Paid up capital 39,687,154 42,277,154 86,038,772 86,944,182 91,587,037 97,114,457
i)Ordinary shares 39,687,030 42,277,032 86,038,652 86,944,068 91,586,929 97,114,339
ii)Preference shares 124 122 120 114 108 118
2.Reserves 325,686,529 352,647,821 381,050,412 420,519,111 440,993,857 455,899,650
i)Capital Reserve 16,125,955 19,760,521 32,497,644 31,057,147 35,954,113 37,906,737
ii)Revenue Reserve 309,560,574 332,887,300 348,552,768 389,461,964 405,039,744 417,992,913
of which: un-appropriated profit(loss) / retained earnings 188,293,092 211,331,009 225,617,521 262,478,687 272,763,422 284,183,799
3.Surplus on revaluation of fixed assets 29,840,557 28,943,674 29,830,992 33,012,819 36,667,249 51,029,976
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 90,794,269 110,155,702 139,510,307 136,608,329 140,461,640 160,342,559
1.Long term borrowings 26,752,662 28,464,293 45,121,911 35,047,759 36,860,872 52,073,329
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 3,120,000 2,860,000 1,820,000
4.Employees benefit obligations 11,436,336 9,592,593 11,490,394 8,987,929 11,461,129 10,146,406
5.Other non-current liabilities 52,605,271 72,098,816 82,898,002 89,452,641 89,279,639 96,302,824
E.Current Liabilities (E1+E2+E3+E4) 470,824,201 472,101,603 568,530,794 665,317,842 792,128,371 726,312,733
1.Trade credit & other accounts payables 334,412,670 326,637,889 384,995,345 505,824,124 544,484,630 520,894,850
of which: i) Trade credits 184,112,497 164,018,652 190,457,339 265,601,721 276,398,340 216,863,787
2.Short term borrowings 115,865,342 124,652,706 146,766,776 124,659,291 207,307,824 162,886,333
3.Current portion of non-current liabilities 4,848,784 6,875,886 12,364,370 14,308,747 14,015,188 6,973,732
4.Other current liabilities 15,697,405 13,935,122 24,404,303 20,525,680 26,320,729 35,557,818
F.Operations:
1.Sales 1,958,437,429 1,462,973,998 1,871,439,698 2,338,811,199 2,592,588,920 2,336,636,832
i)Local sales (Net) 1,910,979,279 1,425,418,834 1,840,869,215 2,303,126,767 2,562,398,652 2,316,390,954
ii)Export sales (Net) 47,458,150 37,555,164 30,570,483 35,684,432 30,190,268 20,245,878
2.Cost of sales 1,838,624,776 1,344,124,502 1,706,133,847 2,159,603,032 2,420,453,657 2,219,867,286
i)Cost of material 438,136,565 329,221,663 410,877,099 631,772,337 810,154,353 625,512,031
3.Gross profit / (loss) (F1-F2) 119,812,653 118,849,496 165,305,851 179,208,167 172,135,263 116,769,546
4.General, administrative and other expenses 39,816,314 58,874,984 60,136,903 70,251,039 94,922,630 79,579,888
i)Selling & distribution expenses 19,276,400 17,512,779 19,464,081 21,047,547 23,446,694 24,408,121
ii)Administrative and other expenses 20,539,914 41,362,205 40,672,822 49,203,492 71,475,936 55,171,767
5.Other income / (loss) 31,882,176 28,392,239 25,749,277 25,774,270 37,259,293 28,740,358
6.EBIT (F3-F4+F5) 111,878,515 88,366,751 130,918,225 134,731,398 114,471,926 65,930,016
7.Financial expenses 18,673,690 13,796,745 12,607,024 17,904,887 39,713,611 36,818,886
of which: (i) Interest expenses 13,474,702 10,757,840 10,506,267 10,563,401 24,324,259 32,041,251
8.Profit / (loss) before taxation (F6-F7) 93,204,825 74,570,006 118,311,201 116,826,511 74,758,315 29,111,130
9.Tax expenses 26,245,493 20,369,875 30,651,062 34,384,539 32,390,865 16,597,010
10.Profit / (loss) after tax (F8-F9) 66,959,332 54,200,131 87,660,139 82,441,972 42,367,450 12,514,120
11.Cash dividends 26,343,697 32,930,503 43,417,683 32,905,140 25,218,663 17,809,534
12.Bonus shares / stock dividends 513,044 0 543,372 5,536,419 5,905,430 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 46,187,647 81,803,066 67,497,698 64,671,333 19,763,375 111,283,004
2.Net cash flows from investing activities (37,257,087) (56,808,526) (33,367,790) (13,333,989) (71,136,998) (60,194,998)
3.Net cash flows from financing activities (26,981,610) (11,168,864) (23,017,296) (59,824,773) (13,013,891) (36,289,710)
H.Miscellaneous
1.Total capital employed (C+D) 486,008,509 534,024,351 636,430,483 677,084,441 709,709,783 764,386,642
2.Retention in business (F10-F11-F12) 40,102,591 21,269,628 43,699,084 44,000,413 11,243,357 (5,295,414)
3.Depreciation for the year 12,511,871 18,411,510 26,334,651 30,974,621 37,606,692 38,304,072
4.Salaries, wages and employee benefits 23,709,358 27,454,907 34,369,293 36,795,817 37,383,022 37,332,403
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.42 3.70 4.68 3.52 1.63 0.54
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.04 1.49 1.69 1.84 1.82 1.56
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 6.98 5.52 7.93 6.47 2.98 0.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.50 2.40 2.40 2.46 2.56 2.55
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 17.45 13.23 19.04 15.89 7.64 2.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 16.87 12.82 10.19 9.48 4.63 1.79
404
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Attock Petroleum Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,788,077 4,523,465 5,867,006 7,982,762 9,299,767 15,583,639
1.Capital work in progress 287,365 876,599 1,631,309 1,783,163 2,691,058 1,846,684
2.Operating fixed assets at cost 3,727,031 4,007,094 4,882,209 7,196,160 8,792,823 10,501,260
3.Operating fixed assets after deducting accumulated depreciation 2,156,799 2,135,066 2,707,992 4,634,624 5,657,884 11,992,977
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 1,295,389 1,408,141 1,497,777 1,561,053 903,965 807,973
6.Other non-current assets 48,524 103,659 29,928 3,922 46,860 936,005
B.Current Assets (B1+B2+B3+B4+B5+B6) 26,123,577 26,001,840 32,499,946 38,148,564 37,102,945 35,654,693
1.Cash & bank balance 4,865,814 9,162,282 10,933,386 4,198,160 2,920,168 3,482,386
2.Inventories; of which 5,572,867 4,836,653 7,234,415 12,460,539 12,865,862 9,464,503
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 4,118,501 4,832,448 7,230,502 12,454,995 12,860,159 9,464,503
3.Trade Debt / accounts receivables 9,674,833 7,668,520 10,801,077 16,475,576 16,838,255 13,970,178
4.Short term loans and advances 35,919 24,793 25,735 29,015 99,184 118,598
5.Short term investments 5,437,504 1,867,894 910,353 1,641,485 890,788 4,797,007
6.Other current assets 536,640 2,441,698 2,594,980 3,343,789 3,488,688 3,822,021
Total Assets (A+B) / Equity & Liabilities (C+D+E) 29,911,654 30,525,305 38,366,952 46,131,326 46,402,712 51,238,332
C.Shareholders' Equity (C1+C2+C3) 13,559,805 14,317,166 16,294,491 18,417,662 18,926,735 18,446,021
1.Issued, Subscribed & Paid up capital 829,440 829,440 829,440 829,440 995,328 995,328
i)Ordinary shares 829,440 829,440 829,440 829,440 995,328 995,328
ii)Preference shares 0 0 0 0 0 0
2.Reserves 12,730,365 13,487,726 15,465,051 17,588,222 17,931,407 17,450,693
i)Capital Reserve 2,826 126,411 214,608 250,034 219,785 219,855
ii)Revenue Reserve 12,727,539 13,361,315 15,250,443 17,338,188 17,711,622 17,230,838
of which: un-appropriated profit(loss) / retained earnings 12,727,539 13,361,315 15,250,443 17,338,188 17,711,622 17,230,838
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 604,814 626,159 733,581 911,540 792,993 4,883,583
1.Long term borrowings 0 0 0 0 0 4,099,255
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 604,814 626,159 733,581 911,540 792,993 784,328
E.Current Liabilities (E1+E2+E3+E4) 15,747,035 15,581,980 21,338,880 26,802,124 26,682,984 27,908,728
1.Trade credit & other accounts payables 15,747,035 15,466,823 21,061,447 26,138,159 26,633,386 27,561,324
of which: i) Trade credits 400,648 779,568 2,230,888 2,649,038 3,473,839 2,162,348
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 255,501
4.Other current liabilities 0 115,157 277,433 663,965 49,598 91,903
F.Operations:
1.Sales 171,729,782 109,234,361 138,660,665 177,216,737 223,054,352 201,078,720
i)Local sales (Net) 171,450,079 109,229,723 138,438,167 177,041,752 222,817,547 200,819,340
ii)Export sales (Net) 279,703 4,638 222,498 174,985 236,805 259,380
2.Cost of sales 166,803,273 103,485,300 131,325,344 167,473,443 214,833,185 197,440,830
i)Cost of material 153,177,059 89,764,129 116,956,285 154,250,126 192,207,712 161,101,077
3.Gross profit / (loss) (F1-F2) 4,926,509 5,749,061 7,335,321 9,743,294 8,221,167 3,637,890
4.General, administrative and other expenses 2,188,975 1,700,072 1,880,857 2,980,089 3,903,630 3,196,605
i)Selling & distribution expenses 499,851 579,789 661,328 11,281 15,683 6,361
ii)Administrative and other expenses 1,689,124 1,120,283 1,219,529 2,968,808 3,887,947 3,190,244
5.Other income / (loss) 1,932,264 1,784,833 2,569,165 2,090,440 2,254,312 2,659,000
6.EBIT (F3-F4+F5) 4,669,798 5,833,822 8,023,629 8,853,645 6,571,849 3,100,285
7.Financial expenses 131,943 200,372 324,461 564,333 848,992 1,597,199
of which: (i) Interest expenses 101,850 174,713 295,223 517,417 784,571 1,527,951
8.Profit / (loss) before taxation (F6-F7) 4,537,855 5,633,450 7,699,168 8,289,312 5,722,857 1,503,086
9.Tax expenses 1,251,471 1,804,865 2,400,000 2,632,963 1,762,251 494,792
10.Profit / (loss) after tax (F8-F9) 3,286,384 3,828,585 5,299,168 5,656,349 3,960,606 1,008,294
11.Cash dividends 2,861,568 3,317,760 3,525,120 3,317,760 1,990,656 895,795
12.Bonus shares / stock dividends 0 0 0 165,888 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,735,369 3,700,253 4,848,276 (1,030,368) 2,998,293 7,414,512
2.Net cash flows from investing activities (3,999,956) 3,660,211 235,566 (2,620,019) (789,943) (1,681,346)
3.Net cash flows from financing activities (3,521,257) (3,064,694) (3,312,880) (3,088,661) (3,492,842) (1,851,147)
H.Miscellaneous
1.Total capital employed (C+D) 14,164,619 14,943,325 17,028,072 19,329,202 19,719,728 23,329,604
2.Retention in business (F10-F11-F12) 424,816 510,825 1,774,048 2,172,701 1,969,950 112,499
3.Depreciation for the year 291,047 318,172 347,700 421,946 591,595 683,888
4.Salaries, wages and employee benefits 824,028 969,576 652,335 1,269,638 1,407,182 1,292,918
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.91 3.50 3.82 3.19 1.78 0.50
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 5.37 3.61 4.03 4.19 4.82 4.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.27 12.67 15.38 13.39 8.56 2.07
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.34 2.17 2.25 2.43 2.48 2.61
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 24.02 27.47 34.62 32.59 21.21 5.40
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 39.62 46.16 63.89 68.19 39.79 10.13
405
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Attock Refinery Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 50,138,178 56,445,629 59,338,380 58,167,975 55,792,143 67,523,710
1.Capital work in progress 19,804,158 22,733,687 142,057 303,043 622,573 979,206
2.Operating fixed assets at cost 16,185,282 16,793,557 41,799,658 42,041,791 42,163,671 55,433,651
3.Operating fixed assets after deducting accumulated depreciation 11,686,366 12,239,301 35,222,027 32,949,096 30,543,735 41,585,172
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 18,055,282 20,787,112 23,939,539 24,830,227 20,709,543 18,520,569
6.Other non-current assets 592,372 685,529 34,757 85,609 3,916,292 6,438,763
B.Current Assets (B1+B2+B3+B4+B5+B6) 35,194,662 26,738,964 42,094,247 53,290,555 54,940,990 35,487,465
1.Cash & bank balance 10,698,591 9,689,269 21,650,017 21,972,186 16,622,691 8,158,690
2.Inventories; of which 6,574,704 6,708,327 5,713,476 9,789,826 10,020,227 7,166,651
i)Raw material 2,430,346 2,200,687 1,382,589 1,981,197 2,394,892 1,995,340
ii)Work in progress 765,918 571,674 791,726 1,434,159 1,602,259 1,809,951
iii)Finished goods 3,378,440 3,935,966 3,539,161 6,374,470 6,023,076 3,361,360
3.Trade Debt / accounts receivables 14,417,800 6,889,447 10,678,578 15,748,306 22,411,940 12,728,517
4.Short term loans and advances 48,718 57,573 100,064 99,272 2,105,033 2,896,151
5.Short term investments 0 0 0 985,846 0 0
6.Other current assets 3,454,849 3,394,348 3,952,112 4,695,119 3,781,099 4,537,456
Total Assets (A+B) / Equity & Liabilities (C+D+E) 85,332,840 83,184,593 101,432,627 111,458,530 110,733,133 103,011,175
C.Shareholders' Equity (C1+C2+C3) 37,611,753 40,701,797 48,907,780 49,628,076 40,499,547 48,895,531
1.Issued, Subscribed & Paid up capital 852,930 852,930 852,930 852,930 1,066,163 1,066,163
i)Ordinary shares 852,930 852,930 852,930 852,930 1,066,163 1,066,163
ii)Preference shares 0 0 0 0 0 0
2.Reserves 25,946,874 29,036,918 36,002,274 36,722,570 27,380,808 22,735,949
i)Capital Reserve 10,049,853 10,527,984 15,074,487 14,062,037 13,270,602 13,278,538
ii)Revenue Reserve 15,897,021 18,508,934 20,927,787 22,660,533 14,110,206 9,457,411
of which: un-appropriated profit(loss) / retained earnings 11,361,240 13,216,285 14,628,728 15,606,528 7,029,489 2,376,795
3.Surplus on revaluation of fixed assets 10,811,949 10,811,949 12,052,576 12,052,576 12,052,576 25,093,419
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 11,108,993 14,613,682 18,325,111 12,642,916 7,986,382 7,726,808
1.Long term borrowings 11,108,993 14,613,682 17,672,166 12,642,916 7,981,422 7,720,935
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 652,945 0 4,960 5,873
E.Current Liabilities (E1+E2+E3+E4) 36,612,094 27,869,114 34,199,736 49,187,538 62,247,204 46,388,836
1.Trade credit & other accounts payables 31,950,015 23,089,140 28,212,632 44,552,948 57,285,622 43,207,620
of which: i) Trade credits 21,957,936 13,379,122 16,160,601 24,294,232 31,769,084 21,240,821
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 550,000 550,000 2,200,000 2,200,000 2,200,000 214,899
4.Other current liabilities 4,112,079 4,229,974 3,787,104 2,434,590 2,761,582 2,966,317
F.Operations:
1.Sales 128,905,431 66,564,924 101,411,792 129,667,056 176,838,603 119,901,155
i)Local sales (Net) 110,259,412 53,836,859 90,778,621 122,617,484 167,001,928 116,433,408
ii)Export sales (Net) 18,646,019 12,728,065 10,633,171 7,049,572 9,836,675 3,467,747
2.Cost of sales 128,352,371 67,466,755 97,078,919 130,675,227 180,815,670 124,999,908
i)Cost of material 119,682,035 63,267,526 87,812,553 122,516,323 166,189,437 110,686,024
3.Gross profit / (loss) (F1-F2) 553,060 (901,831) 4,332,873 (1,008,171) (3,977,067) (5,098,753)
4.General, administrative and other expenses 620,977 576,884 846,730 746,515 797,236 940,685
i)Selling & distribution expenses 46,483 50,538 49,047 50,156 52,019 48,028
ii)Administrative and other expenses 574,494 526,346 797,683 696,359 745,217 892,657
5.Other income / (loss) 1,447,874 927,384 1,434,222 2,084,256 2,641,493 2,436,999
6.EBIT (F3-F4+F5) 1,379,957 (551,331) 4,920,365 329,570 (2,132,810) (3,602,439)
7.Financial expenses 413,347 156,881 1,263,141 2,925,299 6,623,676 1,063,548
of which: (i) Interest expenses 0 1,054,338 1,527,118 1,528,675 1,882,912 935,158
8.Profit / (loss) before taxation (F6-F7) 966,610 (708,212) 3,657,224 (2,595,729) (8,756,486) (4,665,987)
9.Tax expenses 561,808 (4,819) (42,111) (1,593,206) (2,240,405) (1,292,787)
10.Profit / (loss) after tax (F8-F9) 404,802 (703,393) 3,699,335 (1,002,523) (6,516,081) (3,373,200)
11.Cash dividends 426,465 426,465 511,758 0 0 0
12.Bonus shares / stock dividends 0 0 0 213,233 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 400,403 (2,722,882) 7,156,808 7,356,674 2,330,634 (6,142,038)
2.Net cash flows from investing activities (11,834,256) (175,439) 1,963,217 2,486,164 2,587,035 1,562,338
3.Net cash flows from financing activities 10,859,045 1,887,578 2,826,744 (8,542,684) (11,270,011) (3,888,738)
H.Miscellaneous
1.Total capital employed (C+D) 48,720,746 55,315,479 67,232,891 62,270,992 48,485,929 56,622,339
2.Retention in business (F10-F11-F12) (21,663) (1,129,858) 3,187,577 (1,215,756) (6,516,081) (3,373,200)
3.Depreciation for the year 143,179 153,342 2,068,369 2,570,824 2,583,323 2,599,006
4.Salaries, wages and employee benefits 1,176,596 345,521 1,604,345 1,501,222 1,601,842 1,646,275
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.31 -1.06 3.65 -0.77 -3.68 -2.81
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.63 0.79 1.10 1.22 1.59 1.12
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.51 -0.83 4.01 -0.94 -5.87 -3.16
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.14 2.15 2.06 2.16 2.47 2.39
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.09 -1.80 8.26 -2.03 -14.46 -7.55
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.75 -8.25 43.37 -11.75 -61.12 -31.64
406
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Byco Petroleum (Formerly Bosicor Pakistan Ltd.) (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 40,092,563 37,460,887 85,427,716 84,364,370 83,968,855 84,693,110
1.Capital work in progress 783,200 435,509 31,608,062 19,910,082 20,959,424 23,119,047
2.Operating fixed assets at cost 47,417,022 47,906,071 69,279,762 83,807,738 86,550,000 88,258,646
3.Operating fixed assets after deducting accumulated depreciation 37,189,732 35,216,520 52,854,762 63,497,878 62,113,652 60,738,433
4.Intangible assets 23,746 23,746 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,095,885 1,785,112 964,892 956,410 895,779 835,630
B.Current Assets (B1+B2+B3+B4+B5+B6) 17,345,973 18,382,716 20,949,258 41,022,001 41,001,806 35,575,864
1.Cash & bank balance 692,425 240,532 249,577 746,096 1,135,249 2,319,220
2.Inventories; of which 4,859,615 7,331,755 12,582,849 29,391,250 29,260,294 22,878,892
i)Raw material 682,874 2,389,729 6,784,377 21,081,770 18,238,048 18,740,294
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 4,176,741 4,942,026 5,798,472 8,309,480 11,022,246 4,138,598
3.Trade Debt / accounts receivables 8,690,271 8,278,080 4,858,318 5,463,784 5,336,657 4,356,855
4.Short term loans and advances 683,429 555,535 1,056,064 1,360,410 1,182,132 1,362,133
5.Short term investments 0 0 0 0 0 0
6.Other current assets 2,420,233 1,976,814 2,202,450 4,060,461 4,087,474 4,658,764
Total Assets (A+B) / Equity & Liabilities (C+D+E) 57,438,536 55,843,603 106,376,974 125,386,371 124,970,661 120,268,974
C.Shareholders' Equity (C1+C2+C3) (2,586,346) (2,200,072) 15,127,275 23,821,200 21,209,739 18,687,860
1.Issued, Subscribed & Paid up capital 9,778,587 9,778,587 53,298,847 53,298,847 53,298,847 53,298,847
i)Ordinary shares 9,778,587 9,778,587 53,298,847 53,298,847 53,298,847 53,298,847
ii)Preference shares 0 0 0 0 0 0
2.Reserves (26,839,084) (25,469,576) (51,426,271) (42,050,806) (43,380,000) (45,365,203)
i)Capital Reserve 0 0 761,129 841,249 857,140 857,140
ii)Revenue Reserve (26,839,084) (25,469,576) (52,187,400) (42,892,055) (44,237,140) (46,222,343)
of which: un-appropriated profit(loss) / retained earnings (26,839,084) (25,469,576) (52,187,400) (42,892,055) (44,237,140) (46,222,343)
3.Surplus on revaluation of fixed assets 14,474,151 13,490,917 13,254,699 12,573,159 11,290,892 10,754,216
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 19,515,895 17,328,850 34,982,076 28,842,334 28,290,422 30,053,303
1.Long term borrowings 12,934,941 8,832,746 22,399,166 13,981,994 16,921,456 19,207,227
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 3,120,000 2,860,000 1,820,000
4.Employees benefit obligations 52,997 57,880 180,184 127,481 58,834 98,922
5.Other non-current liabilities 6,527,957 8,438,224 12,402,726 11,612,859 8,450,132 8,927,154
E.Current Liabilities (E1+E2+E3+E4) 40,508,987 40,714,825 56,267,623 72,722,837 75,470,500 71,527,811
1.Trade credit & other accounts payables 31,984,348 26,905,483 41,877,992 58,325,401 47,941,713 41,092,243
of which: i) Trade credits 17,250,734 19,677,480 34,505,895 47,773,023 42,349,348 33,312,085
2.Short term borrowings 3,264,912 6,940,999 3,371,784 2,322,667 15,849,021 23,907,984
3.Current portion of non-current liabilities 3,905,028 5,601,127 7,932,304 8,766,174 7,897,428 2,684,871
4.Other current liabilities 1,354,699 1,267,216 3,085,543 3,308,595 3,782,338 3,842,713
F.Operations:
1.Sales 95,372,404 78,356,698 88,420,362 166,290,362 197,830,720 173,898,930
i)Local sales (Net) 86,506,090 70,774,797 83,402,276 154,390,529 196,726,035 172,164,295
ii)Export sales (Net) 8,866,314 7,581,901 5,018,086 11,899,833 1,104,685 1,734,635
2.Cost of sales 90,810,151 75,235,149 85,116,134 158,050,618 196,627,252 171,739,740
i)Cost of material 68,441,804 35,561,446 39,473,037 132,453,860 166,958,841 136,141,864
3.Gross profit / (loss) (F1-F2) 4,562,253 3,121,549 3,304,228 8,239,744 1,203,468 2,159,190
4.General, administrative and other expenses 4,102,351 2,368,410 2,233,256 2,568,910 2,149,005 2,738,832
i)Selling & distribution expenses 2,600,286 694,431 324,210 405,365 497,889 578,186
ii)Administrative and other expenses 1,502,065 1,673,979 1,909,046 2,163,545 1,651,116 2,160,646
5.Other income / (loss) 2,015,422 1,557,281 1,616,079 1,660,086 1,017,536 1,371,541
6.EBIT (F3-F4+F5) 2,475,324 2,310,420 2,687,051 7,330,920 71,999 791,899
7.Financial expenses 3,413,267 2,778,621 2,284,632 2,878,071 3,069,557 3,960,395
of which: (i) Interest expenses 3,064,425 2,507,597 2,173,814 2,275,225 2,857,539 3,812,790
8.Profit / (loss) before taxation (F6-F7) (937,943) (468,201) 402,419 4,452,849 (2,997,558) (3,168,496)
9.Tax expenses (290,045) (854,526) (1,059,591) 151,781 (705,937) (233,230)
10.Profit / (loss) after tax (F8-F9) (647,898) 386,325 1,462,010 4,301,068 (2,291,621) (2,935,266)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 9,587,396 (3,084,008) 11,978,911 7,722,450 (8,675,222) (1,595,423)
2.Net cash flows from investing activities (949,257) 185,700 (3,647,814) (3,289,408) (2,904,868) (3,346,740)
3.Net cash flows from financing activities (8,419,249) 2,446,415 (9,088,379) (3,724,023) 12,089,058 7,393,819
H.Miscellaneous
1.Total capital employed (C+D) 16,929,549 15,128,778 50,109,351 52,663,534 49,500,161 48,741,163
2.Retention in business (F10-F11-F12) (647,898) 386,325 1,462,010 4,301,068 (2,291,621) (2,935,266)
3.Depreciation for the year 1,962,098 2,471,021 3,558,535 3,903,895 4,275,629 4,287,693
4.Salaries, wages and employee benefits 912,326 996,565 1,375,534 1,521,916 2,042,995 2,392,143
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -0.68 0.49 1.65 2.59 -1.16 -1.69
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.61 1.38 1.09 1.44 1.58 1.42
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.09 0.68 1.80 3.71 -1.83 -2.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -25.82 -23.67 12.55 5.95 5.56 6.15
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 28.24 -16.14 22.62 22.09 -10.18 -14.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.66 0.40 0.27 0.81 -0.43 -0.55
407
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Hascol Petroleum Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,703,487 11,600,873 15,910,149 24,486,957 37,942,779 37,942,779
1.Capital work in progress 2,057,344 3,589,787 3,811,322 4,447,801 6,181,144 6,181,144
2.Operating fixed assets at cost 4,788,409 6,794,898 11,333,591 20,523,408 32,223,627 32,223,627
3.Operating fixed assets after deducting accumulated depreciation 4,220,584 5,834,477 9,869,027 18,115,431 29,849,032 29,849,032
4.Intangible assets 1,522 0 0 2,565 5,232 5,232
5.Long term investments 1,955,310 1,886,977 1,898,263 1,373,388 1,322,305 1,322,305
6.Other non-current assets 468,727 289,632 331,537 547,772 585,066 585,066
B.Current Assets (B1+B2+B3+B4+B5+B6) 17,916,051 33,527,916 42,292,190 49,440,388 49,611,303 49,611,303
1.Cash & bank balance 4,072,003 7,834,911 9,736,439 8,799,447 13,847,510 13,847,510
2.Inventories; of which 8,470,018 16,477,668 18,557,106 22,615,303 19,724,092 19,724,092
i)Raw material 63,757 79,694 97,636 54,577 0 0
ii)Work in progress 0 1,110,137 1,535,950 40,224 8,741,861 8,741,861
iii)Finished goods 8,406,261 15,287,837 16,923,520 22,520,502 10,982,231 10,982,231
3.Trade Debt / accounts receivables 4,263,595 7,871,281 11,518,218 13,552,235 11,156,299 11,156,299
4.Short term loans and advances 150,606 44,605 181,365 65,104 153,757 153,757
5.Short term investments 0 0 0 0 103,688 103,688
6.Other current assets 959,829 1,299,451 2,299,062 4,408,299 4,625,957 4,625,957
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,619,538 45,128,789 58,202,339 73,927,345 87,554,082 87,554,082
C.Shareholders' Equity (C1+C2+C3) 5,784,726 6,566,051 9,535,001 11,328,575 (8,922,393) (8,922,393)
1.Issued, Subscribed & Paid up capital 1,206,792 1,206,792 1,448,150 1,810,188 1,991,207 1,991,207
i)Ordinary shares 1,206,792 1,206,792 1,448,150 1,810,188 1,991,207 1,991,207
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,321,405 4,216,379 7,061,062 5,129,231 (14,946,653) (14,946,653)
i)Capital Reserve 1,755,549 1,695,758 5,089,443 4,549,896 10,251,305 10,251,305
ii)Revenue Reserve 1,565,856 2,520,621 1,971,619 579,335 (25,197,958) (25,197,958)
of which: un-appropriated profit(loss) / retained earnings 1,565,856 2,050,907 1,971,619 579,335 (25,197,958) (25,197,958)
3.Surplus on revaluation of fixed assets 1,256,529 1,142,880 1,025,789 4,389,156 4,033,053 4,033,053
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 598,171 3,924,061 3,718,648 4,088,488 4,257,257 4,257,257
1.Long term borrowings 499,081 2,779,480 2,617,766 3,641,843 3,970,413 3,970,413
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 99,090 135,791 188,825 250,593 286,844 286,844
5.Other non-current liabilities 0 1,008,790 912,057 196,052 0 0
E.Current Liabilities (E1+E2+E3+E4) 20,236,641 34,638,677 44,948,690 58,510,282 92,219,218 92,219,218
1.Trade credit & other accounts payables 17,421,090 29,234,263 35,363,849 36,166,824 50,283,737 50,283,737
of which: i) Trade credits 12,070,681 21,660,329 25,112,678 26,686,559 45,451,669 45,451,669
2.Short term borrowings 1,515,652 4,038,016 6,944,699 18,877,466 37,017,653 37,017,653
3.Current portion of non-current liabilities 285,636 599,079 1,642,892 2,791,342 3,011,828 3,011,828
4.Other current liabilities 1,014,263 767,319 997,250 674,650 1,906,000 1,906,000
F.Operations:
1.Sales 76,856,768 99,715,781 174,239,633 234,444,131 156,334,587 156,334,587
i)Local sales (Net) 76,856,768 99,715,781 174,239,633 234,444,131 156,334,587 156,334,587
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 74,017,815 94,585,669 166,850,657 223,479,465 157,956,356 157,956,356
i)Cost of material 736,010 689,726 1,052,801 904,056 1,204,176 1,204,176
3.Gross profit / (loss) (F1-F2) 2,838,953 5,130,112 7,388,976 10,964,666 (1,621,769) (1,621,769)
4.General, administrative and other expenses 1,419,862 2,941,342 3,841,102 5,905,095 14,091,409 14,091,409
i)Selling & distribution expenses 1,053,474 1,746,237 2,666,666 3,927,590 4,470,211 4,470,211
ii)Administrative and other expenses 366,388 1,195,105 1,174,436 1,977,505 9,621,198 9,621,198
5.Other income / (loss) 210,541 209,018 (379,547) (3,681,222) (1,879,385) (1,879,385)
6.EBIT (F3-F4+F5) 1,629,632 2,397,788 3,168,327 1,378,349 (17,592,563) (17,592,563)
7.Financial expenses 433,061 442,163 582,785 1,324,262 7,466,587 7,466,587
of which: (i) Interest expenses 166,041 427,704 569,189 1,293,367 7,401,463 7,401,463
8.Profit / (loss) before taxation (F6-F7) 1,196,571 1,955,625 2,585,542 54,087 (25,059,150) (25,059,150)
9.Tax expenses 63,484 752,349 1,257,451 272,324 817,611 817,611
10.Profit / (loss) after tax (F8-F9) 1,133,087 1,203,276 1,328,091 (218,237) (25,876,761) (25,876,761)
11.Cash dividends 603,396 844,754 1,013,705 633,566 0 0
12.Bonus shares / stock dividends 241,358 0 0 633,566 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,375,459 2,599,757 1,276,063 (7,819,876) (4,325,522) (4,325,522)
2.Net cash flows from investing activities (2,290,263) (3,581,802) (5,829,347) (5,516,647) (14,618,259) (14,618,259)
3.Net cash flows from financing activities 92,346 2,259,615 4,846,833 1,518,038 3,413,292 3,413,292
H.Miscellaneous
1.Total capital employed (C+D) 6,382,897 10,490,112 13,253,649 15,417,063 (4,665,136) (4,665,136)
2.Retention in business (F10-F11-F12) 288,333 358,522 314,386 (1,485,369) (25,876,761) (25,876,761)
3.Depreciation for the year 238,697 399,142 509,563 977,342 1,309,722 1,309,722
4.Salaries, wages and employee benefits 408,124 720,839 1,075,318 1,416,161 1,424,562 1,424,562
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 1.47 1.21 0.76 -0.09 -16.55 -16.55
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 3.64 2.78 3.37 3.55 1.94 1.79
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.37 3.35 2.57 -0.33 -32.05 -29.56
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.75 5.81 6.42 6.33 67.11 -9.81
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 25.51 19.49 16.50 -2.09 -2,150.86 290.02
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 9.39 9.97 9.17 -1.21 -129.96 -129.96
408
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

National Refinery Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 8,161,277 23,703,944 38,634,352 38,266,309 38,678,349 41,967,193
1.Capital work in progress 5,007,238 20,153,752 7,443,967 2,005,866 2,604,318 3,468,738
2.Operating fixed assets at cost 1,037,606 10,765,479 38,900,749 46,550,825 47,411,900 48,608,937
3.Operating fixed assets after deducting accumulated depreciation 3,033,707 3,455,415 31,064,391 35,523,490 32,987,338 30,729,932
4.Intangible assets 25,169 18,753 39,004 189,366 103,678 19,254
5.Long term investments 0 0 0 0 13,346 12,942
6.Other non-current assets 95,163 76,024 86,990 547,587 2,969,669 7,736,327
B.Current Assets (B1+B2+B3+B4+B5+B6) 39,901,373 29,956,587 22,751,593 27,547,962 37,489,001 21,345,597
1.Cash & bank balance 17,272,944 11,870,898 2,769,491 541,837 978,680 552,605
2.Inventories; of which 13,585,660 11,252,503 10,931,017 12,627,661 25,668,594 11,820,278
i)Raw material 4,541,367 4,998,782 4,567,911 3,529,638 8,750,748 2,351,008
ii)Work in progress 1,733,952 1,797,791 2,100,989 3,252,580 4,965,023 2,542,958
iii)Finished goods 7,310,341 4,455,930 4,262,117 5,845,443 11,952,823 6,926,312
3.Trade Debt / accounts receivables 7,253,035 5,297,198 6,032,874 7,986,214 7,499,049 4,022,171
4.Short term loans and advances 74,602 84,718 64,276 58,253 31,400 43,941
5.Short term investments 123,543 0 0 0 0 0
6.Other current assets 1,591,589 1,451,270 2,953,935 6,333,997 3,311,278 4,906,602
Total Assets (A+B) / Equity & Liabilities (C+D+E) 48,062,650 53,660,531 61,385,945 65,814,271 76,167,350 63,312,790
C.Shareholders' Equity (C1+C2+C3) 30,133,707 36,822,443 43,339,880 43,251,537 33,873,469 29,837,286
1.Issued, Subscribed & Paid up capital 799,666 799,666 799,666 799,666 799,666 799,666
i)Ordinary shares 799,666 799,666 799,666 799,666 799,666 799,666
ii)Preference shares 0 0 0 0 0 0
2.Reserves 29,334,041 36,022,777 42,540,214 42,451,871 33,073,803 29,037,620
i)Capital Reserve 14,259 5,697,492 9,646,173 9,646,173 9,646,173 9,646,173
ii)Revenue Reserve 29,319,782 30,325,285 32,894,041 32,805,698 23,427,630 19,391,447
of which: un-appropriated profit(loss) / retained earnings 4,485,682 6,264,285 4,833,041 1,744,698 (8,546,716) (12,582,495)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 766,019 597,542 1,362,880 356,723 293,310 492,208
1.Long term borrowings 0 0 689,490 12,870 0 183,656
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 594,464 462,173 264,824 343,853 293,310 308,552
5.Other non-current liabilities 171,555 135,369 408,566 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 17,162,924 16,240,546 16,683,185 22,206,011 42,000,571 32,983,296
1.Trade credit & other accounts payables 16,433,021 15,030,594 16,402,206 20,550,989 16,418,255 15,492,187
of which: i) Trade credits 10,924,859 9,841,409 7,988,321 13,853,258 9,851,697 7,116,002
2.Short term borrowings 0 0 0 1,340,273 25,007,898 16,777,521
3.Current portion of non-current liabilities 0 0 76,610 76,610 0 3,851
4.Other current liabilities 729,903 1,209,952 204,369 238,139 574,418 709,737
F.Operations:
1.Sales 148,456,509 93,788,378 107,447,444 136,984,940 160,906,197 125,612,646
i)Local sales (Net) 134,420,883 80,869,047 96,291,777 123,609,722 148,431,346 116,032,006
ii)Export sales (Net) 14,035,626 12,919,331 11,155,667 13,375,218 12,474,851 9,580,640
2.Cost of sales 141,610,755 82,745,292 97,647,936 133,172,931 165,355,337 136,730,486
i)Cost of material 0 74,867,463 92,499,350 125,540,380 162,547,921 118,472,130
3.Gross profit / (loss) (F1-F2) 6,845,754 11,043,086 9,799,508 3,812,009 (4,449,140) (11,117,840)
4.General, administrative and other expenses 1,958,156 2,192,718 2,026,629 1,697,154 1,663,633 1,612,946
i)Selling & distribution expenses 879,124 685,635 734,788 756,507 814,479 730,848
ii)Administrative and other expenses 1,079,032 1,507,083 1,291,841 940,647 849,154 882,098
5.Other income / (loss) 1,525,316 1,514,185 724,818 558,088 369,511 380,939
6.EBIT (F3-F4+F5) 6,412,914 10,364,553 8,497,697 2,672,943 (5,743,262) (12,349,847)
7.Financial expenses 852,694 275,527 182,526 1,765,615 5,285,749 2,513,245
of which: (i) Interest expenses 0 13,947 349 72,080 1,195,842 2,236,233
8.Profit / (loss) before taxation (F6-F7) 5,560,220 10,089,026 8,315,171 907,328 (11,029,011) (14,863,092)
9.Tax expenses 1,851,240 2,400,950 269,390 (863,356) (2,336,584) (10,799,330)
10.Profit / (loss) after tax (F8-F9) 3,708,980 7,688,076 8,045,781 1,770,684 (8,692,427) (4,063,762)
11.Cash dividends 799,666 1,599,332 1,799,249 799,666 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,821,236 9,983,597 6,401,194 1,178,195 (20,877,716) 9,680,120
2.Net cash flows from investing activities (2,228,749) (14,713,664) (14,679,700) (2,279,999) (1,468,937) (1,844,157)
3.Net cash flows from financing activities 5,591,263 (795,067) (822,901) (2,466,123) (884,129) (31,661)
H.Miscellaneous
1.Total capital employed (C+D) 30,899,726 37,419,985 44,702,760 43,608,260 34,166,779 30,329,494
2.Retention in business (F10-F11-F12) 2,909,314 6,088,744 6,246,533 971,018 (8,692,427) (4,063,762)
3.Depreciation for the year 336,148 349,897 615,630 3,230,051 3,453,602 3,501,249
4.Salaries, wages and employee benefits 2,015,549 2,543,392 2,278,175 2,025,681 1,801,363 1,791,107
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.50 8.20 7.49 1.29 -5.40 -3.24
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.94 1.84 1.87 2.15 2.27 1.80
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 7.36 15.12 13.99 2.78 -12.24 -5.83
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.78 1.52 1.44 1.47 1.84 2.19
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.08 22.96 20.07 4.09 -22.54 -12.76
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 46.38 96.14 100.61 22.14 -108.70 -50.82
409
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Oilfields Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 35,199,422 35,541,556 34,751,241 34,223,636 29,247,053 32,313,856
1.Capital work in progress 2,213,318 792,372 912,728 650,464 751,571 485,562
2.Operating fixed assets at cost 15,766,186 18,482,331 19,269,730 20,620,892 21,167,416 21,941,840
3.Operating fixed assets after deducting accumulated depreciation 8,275,395 9,629,028 8,941,806 8,754,987 7,747,259 7,056,837
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 9,621,329 9,621,578 9,621,858 9,615,603 9,615,603 9,615,603
6.Other non-current assets 15,089,380 15,498,578 15,274,849 15,202,582 11,132,620 15,155,854
B.Current Assets (B1+B2+B3+B4+B5+B6) 20,244,898 20,175,700 22,900,340 35,943,147 52,242,772 59,282,069
1.Cash & bank balance 10,613,993 10,763,801 14,181,528 21,532,841 35,761,440 36,680,607
2.Inventories; of which 147,929 375,521 221,893 292,981 297,331 399,205
i)Raw material 147,929 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 375,521 221,893 292,981 297,331 399,205
3.Trade Debt / accounts receivables 3,476,993 3,335,961 3,292,966 8,242,487 8,908,128 7,633,883
4.Short term loans and advances 126,469 948,661 955,397 226,716 178,357 423,348
5.Short term investments 0 0 0 6,479 813,478 6,367,740
6.Other current assets 5,879,514 4,751,756 4,248,556 5,641,643 6,284,038 7,777,286
Total Assets (A+B) / Equity & Liabilities (C+D+E) 55,444,320 55,717,256 57,651,581 70,166,783 81,489,825 91,595,925
C.Shareholders' Equity (C1+C2+C3) 32,364,518 30,153,731 31,497,928 32,768,739 38,070,997 40,266,870
1.Issued, Subscribed & Paid up capital 2,365,459 2,365,459 2,365,459 2,365,459 2,838,551 2,838,551
i)Ordinary shares 2,365,459 2,365,459 2,365,459 2,365,459 2,838,551 2,838,551
ii)Preference shares 0 0 0 0 0 0
2.Reserves 29,999,059 27,788,272 29,132,469 30,403,280 35,232,446 37,428,319
i)Capital Reserve 202,059 201,995 202,003 202,227 200,000 200,000
ii)Revenue Reserve 29,797,000 27,586,277 28,930,466 30,201,053 35,032,446 37,228,319
of which: un-appropriated profit(loss) / retained earnings 28,239,206 26,028,483 27,372,672 28,643,259 33,474,652 35,670,525
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 14,543,526 16,467,757 15,846,360 16,480,602 17,902,156 20,888,114
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 13,138 10,553 10,075 8,475 0 0
5.Other non-current liabilities 14,530,388 16,457,204 15,836,285 16,472,127 17,902,156 20,888,114
E.Current Liabilities (E1+E2+E3+E4) 8,536,276 9,095,768 10,307,293 20,917,442 25,516,672 30,440,941
1.Trade credit & other accounts payables 4,876,036 5,550,547 5,763,626 15,967,452 19,329,256 23,409,306
of which: i) Trade credits 256,605 371,168 495,084 638,924 341,011 480,174
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 3,660,240 3,545,221 4,543,667 4,949,990 6,187,416 7,031,635
F.Operations:
1.Sales 30,881,116 24,848,218 27,280,449 32,664,982 43,977,307 38,195,804
i)Local sales (Net) 30,881,116 24,848,218 27,280,449 32,664,982 43,977,307 38,195,804
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 14,613,897 13,605,420 13,208,773 15,529,271 18,567,355 15,827,498
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 16,267,219 11,242,798 14,071,676 17,135,711 25,409,952 22,368,306
4.General, administrative and other expenses 1,079,032 2,751,983 2,386,248 4,126,425 3,958,233 2,980,706
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 1,079,032 2,751,983 2,386,248 4,126,425 3,958,233 2,980,706
5.Other income / (loss) 1,525,316 1,411,080 1,473,230 3,262,471 7,176,600 4,558,413
6.EBIT (F3-F4+F5) 16,713,503 9,901,895 13,158,658 16,271,757 28,628,319 23,946,013
7.Financial expenses 852,694 1,021,946 746,365 1,919,008 3,773,626 2,211,617
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 15,860,809 8,879,949 12,412,293 14,352,749 24,854,693 21,734,396
9.Tax expenses 1,851,240 1,646,134 2,733,787 2,968,815 7,982,986 5,358,546
10.Profit / (loss) after tax (F8-F9) 14,009,569 7,233,815 9,678,506 11,383,934 16,871,707 16,375,850
11.Cash dividends 799,666 8,279,107 9,461,836 10,053,201 14,192,755 14,192,755
12.Bonus shares / stock dividends 0 0 0 473,092 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 7,821,236 12,467,418 15,674,184 19,327,077 21,425,184 23,262,557
2.Net cash flows from investing activities (2,228,749) (3,070,850) (3,916,284) (3,360,771) 137,489 (2,706,122)
3.Net cash flows from financing activities 17,396,032 (9,443,706) (8,274,820) (10,022,207) (11,570,301) (14,169,614)
H.Miscellaneous
1.Total capital employed (C+D) 46,908,044 46,621,488 47,344,288 49,249,341 55,973,153 61,154,984
2.Retention in business (F10-F11-F12) 13,209,903 (1,045,292) 216,670 857,641 2,678,952 2,183,095
3.Depreciation for the year 336,148 1,423,822 1,577,936 1,557,858 1,632,016 1,498,588
4.Salaries, wages and employee benefits 2,015,549 560,332 808,911 966,703 1,727,994 1,382,967
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 45.37 29.11 35.48 34.85 38.36 42.87
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.55 0.45 0.48 0.51 0.58 0.44
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 24.73 13.01 17.07 17.81 22.25 18.92
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.68 1.78 1.84 1.99 2.14 2.21
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 41.47 23.14 31.40 35.43 47.63 41.81
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 59.23 30.58 40.92 48.13 59.44 57.69
410
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Petroleum Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 145,419,712 180,858,249 168,832,861 192,912,772 205,733,545 196,374,263
1.Capital work in progress 34,973,554 34,652,628 46,345,767 51,501,129 60,513,793 56,177,360
2.Operating fixed assets at cost 114,904,190 159,856,404 174,379,529 200,127,987 216,927,285 241,108,835
3.Operating fixed assets after deducting accumulated depreciation 58,893,563 93,267,558 92,948,876 103,201,973 99,328,260 102,481,315
4.Intangible assets 259,519 414,876 405,249 420,287 481,135 338,417
5.Long term investments 49,040,342 50,978,610 27,661,070 37,690,970 45,284,852 37,285,870
6.Other non-current assets 2,252,734 1,544,577 1,471,899 98,413 125,505 91,301
B.Current Assets (B1+B2+B3+B4+B5+B6) 98,608,811 91,604,072 155,450,715 174,407,996 252,557,257 345,527,553
1.Cash & bank balance 1,278,971 3,273,024 6,080,890 7,714,754 8,021,760 5,159,749
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 58,777,643 57,835,214 99,283,854 142,636,089 227,382,001 312,151,494
4.Short term loans and advances 2,160,336 1,328,228 3,982,991 2,885,376 1,077,697 669,269
5.Short term investments 22,938,238 19,078,993 37,074,896 14,072,500 8,242,798 17,923,158
6.Other current assets 13,453,623 10,088,613 9,028,084 7,099,277 7,833,001 9,623,883
Total Assets (A+B) / Equity & Liabilities (C+D+E) 244,028,523 272,462,321 324,283,576 367,320,768 458,290,802 541,901,816
C.Shareholders' Equity (C1+C2+C3) 188,270,224 192,648,937 216,068,877 240,391,971 298,608,988 344,597,919
1.Issued, Subscribed & Paid up capital 19,717,295 19,717,295 19,717,295 19,717,295 22,674,872 27,209,836
i)Ordinary shares 19,717,171 19,717,173 19,717,175 19,717,181 22,674,764 27,209,718
ii)Preference shares 124 122 120 114 108 118
2.Reserves 168,552,929 172,931,642 196,351,582 220,674,676 275,934,116 317,388,083
i)Capital Reserve 1,428 1,428 1,428 1,428 1,428 1,428
ii)Revenue Reserve 168,551,501 172,930,214 196,350,154 220,673,248 275,932,688 317,386,655
of which: un-appropriated profit(loss) / retained earnings 105,707,866 110,086,579 135,971,165 160,294,259 215,553,699 257,007,666
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 32,732,158 48,018,132 54,432,912 62,834,988 64,744,154 67,011,324
1.Long term borrowings 209,647 238,385 143,323 68,136 12,107 414
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 2,099,559 2,366,677 2,363,123 2,651,531 2,754,275 2,840,852
5.Other non-current liabilities 30,422,952 45,413,070 51,926,466 60,115,321 61,977,772 64,170,058
E.Current Liabilities (E1+E2+E3+E4) 23,026,141 31,795,252 53,781,787 64,093,809 94,937,660 130,292,573
1.Trade credit & other accounts payables 22,918,021 31,669,572 48,239,917 61,550,474 88,086,584 115,328,566
of which: i) Trade credits 543,199 498,975 458,490 1,371,618 858,920 1,026,673
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 108,120 125,680 112,564 74,621 56,029 19,361
4.Other current liabilities 0 0 5,429,306 2,468,714 6,795,047 14,944,646
F.Operations:
1.Sales 104,837,991 80,151,211 116,986,307 126,209,613 163,889,602 157,593,092
i)Local sales (Net) 104,837,991 80,151,211 116,986,307 125,692,920 161,914,023 155,824,780
ii)Export sales (Net) 0 0 0 516,693 1,975,579 1,768,312
2.Cost of sales 54,516,047 35,204,703 52,504,389 51,994,210 64,481,295 66,559,060
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 50,321,944 44,946,508 64,481,918 74,215,403 99,408,307 91,034,032
4.General, administrative and other expenses 4,063,475 22,998,952 20,696,396 19,654,520 35,263,779 25,944,368
i)Selling & distribution expenses 0 55,638 59,820 54,018 46,511 68,135
ii)Administrative and other expenses 4,063,475 22,943,314 20,636,576 19,600,502 35,217,268 25,876,233
5.Other income / (loss) 7,610,931 5,418,127 4,804,234 9,318,998 16,527,696 6,464,998
6.EBIT (F3-F4+F5) 53,869,400 27,365,683 48,589,756 63,879,881 80,672,224 71,554,662
7.Financial expenses 554,288 658,967 461,081 443,568 741,020 1,069,908
of which: (i) Interest expenses 485 658,617 460 38,322 13,735 6,407
8.Profit / (loss) before taxation (F6-F7) 53,315,112 26,706,716 48,128,675 63,436,313 79,931,204 70,484,754
9.Tax expenses 14,916,376 9,464,697 12,450,032 17,748,677 18,298,840 20,228,484
10.Profit / (loss) after tax (F8-F9) 38,398,736 17,242,019 35,678,643 45,687,636 61,632,364 50,256,270
11.Cash dividends 16,759,701 11,337,445 17,745,566 10,844,512 4,534,974 2,720,984
12.Bonus shares / stock dividends 0 0 0 2,957,594 4,534,974 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 36,445,975 52,422,138 42,222,456 39,569,450 42,081,510 30,322,309
2.Net cash flows from investing activities (11,348,591) (41,275,448) (9,104,832) (40,496,455) (48,557,847) (29,132,601)
3.Net cash flows from financing activities (23,740,329) (12,430,137) (12,829,186) (19,859,703) (3,062,657) (4,585,963)
H.Miscellaneous
1.Total capital employed (C+D) 221,002,382 240,667,069 270,501,789 303,226,959 363,353,142 411,609,243
2.Retention in business (F10-F11-F12) 21,639,035 5,904,574 17,933,078 31,885,530 52,562,415 47,535,286
3.Depreciation for the year 9,180,537 10,677,166 14,911,089 15,495,361 20,673,011 21,028,495
4.Salaries, wages and employee benefits 8,321,853 9,788,720 13,833,561 15,467,551 15,843,974 15,008,992
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 36.63 21.51 30.50 36.20 37.61 31.89
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.43 0.31 0.39 0.36 0.40 0.32
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 15.86 6.68 11.96 13.21 14.93 10.05
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.31 1.36 1.46 1.52 1.53 1.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 20.77 9.05 17.46 20.02 22.87 15.63
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 19.47 8.74 18.10 23.17 27.18 -
411
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Refinery Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 12,692,123 12,475,405 12,390,081 13,571,399 19,084,350 21,492,660
1.Capital work in progress 391,491 577,522 1,221,871 1,069,777 1,497,136 525,910
2.Operating fixed assets at cost 13,536,043 14,514,070 15,054,740 17,337,243 22,985,348 27,134,940
3.Operating fixed assets after deducting accumulated depreciation 11,726,708 11,522,733 11,024,958 12,374,377 17,478,096 20,682,178
4.Intangible assets 0 9,214 6,080 2,444 108 0
5.Long term investments 91,470 85,432 84,012 71,428 62,036 65,294
6.Other non-current assets 482,454 280,504 53,160 53,373 46,974 219,278
B.Current Assets (B1+B2+B3+B4+B5+B6) 18,060,850 12,301,776 13,535,125 16,946,590 23,796,272 13,959,688
1.Cash & bank balance 2,814,526 586,791 712,186 575,214 253,889 2,189,707
2.Inventories; of which 5,516,120 5,089,534 6,128,132 7,477,669 9,072,299 7,526,757
i)Raw material 3,714,124 4,155,155 4,993,586 5,548,558 5,458,539 6,050,842
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 1,801,996 934,379 1,134,546 1,929,111 3,613,760 1,475,915
3.Trade Debt / accounts receivables 6,230,785 5,211,050 4,470,649 7,265,482 13,195,089 3,667,153
4.Short term loans and advances 13,807 62,291 29,919 30,094 159,885 22,491
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,485,612 1,352,110 2,194,239 1,598,131 1,115,110 553,580
Total Assets (A+B) / Equity & Liabilities (C+D+E) 30,752,973 24,777,181 25,925,206 30,517,989 42,880,622 35,452,348
C.Shareholders' Equity (C1+C2+C3) 1,784,735 2,167,489 3,101,282 4,062,555 3,509,241 (174,853)
1.Issued, Subscribed & Paid up capital 350,000 2,940,000 2,940,000 2,940,000 2,940,000 3,150,000
i)Ordinary shares 350,000 2,940,000 2,940,000 2,940,000 2,940,000 3,150,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (1,863,193) (4,270,439) (3,336,646) (2,875,373) (8,721,487) (14,474,141)
i)Capital Reserve 2,592,805 2,277 1,197 (3,073) 504 1,945,122
ii)Revenue Reserve (4,455,998) (4,272,716) (3,337,843) (2,872,300) (8,721,991) (16,419,263)
of which: un-appropriated profit(loss) / retained earnings (4,853,066) (4,753,066) (4,744,206) (4,816,826) (10,666,517) (18,362,739)
3.Surplus on revaluation of fixed assets 3,297,928 3,497,928 3,497,928 3,997,928 9,290,728 11,149,288
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,138,463 2,261,495 1,925,297 5,056,744 4,680,394 4,827,839
1.Long term borrowings 2,000,000 2,000,000 1,600,000 4,700,000 4,300,000 4,367,594
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 138,463 241,495 299,921 342,985 367,090 450,323
5.Other non-current liabilities 0 20,000 25,376 13,759 13,304 9,922
E.Current Liabilities (E1+E2+E3+E4) 26,829,775 20,348,197 20,898,627 21,398,690 34,690,987 30,799,362
1.Trade credit & other accounts payables 17,007,133 11,766,233 14,919,918 16,757,444 19,967,440 18,036,132
of which: i) Trade credits 14,041,514 7,185,764 8,452,000 9,634,499 11,053,722 10,234,066
2.Short term borrowings 6,983,816 8,560,762 5,556,790 4,219,390 14,301,779 12,599,469
3.Current portion of non-current liabilities 0 0 400,000 400,000 400,000 3,370
4.Other current liabilities 2,838,826 21,202 21,919 21,856 21,768 160,391
F.Operations:
1.Sales 91,174,700 64,732,948 69,997,823 92,229,260 115,740,971 90,524,260
i)Local sales (Net) 87,320,686 61,622,144 66,456,762 89,561,129 111,179,298 87,089,096
ii)Export sales (Net) 3,854,014 3,110,804 3,541,061 2,668,131 4,561,673 3,435,164
2.Cost of sales 91,851,724 62,743,236 67,418,422 91,184,232 118,915,466 94,892,607
i)Cost of material 88,845,172 59,137,434 64,871,398 87,980,958 114,393,373 88,255,093
3.Gross profit / (loss) (F1-F2) (677,024) 1,989,712 2,579,401 1,045,028 (3,174,495) (4,368,347)
4.General, administrative and other expenses 492,156 1,234,987 1,033,904 714,219 759,391 708,901
i)Selling & distribution expenses 212,897 170,473 191,188 201,163 250,171 206,096
ii)Administrative and other expenses 279,259 1,064,514 842,716 513,056 509,220 502,805
5.Other income / (loss) 202,895 640,678 499,113 1,089,215 131,402 167,159
6.EBIT (F3-F4+F5) (966,285) 1,395,403 2,044,610 1,420,024 (3,802,484) (4,910,089)
7.Financial expenses 706,697 908,780 603,728 591,228 1,442,624 1,995,012
of which: (i) Interest expenses 754,366 872,034 591,471 512,151 1,251,340 1,897,581
8.Profit / (loss) before taxation (F6-F7) (1,672,982) 486,623 1,440,882 828,796 (5,245,108) (6,905,101)
9.Tax expenses (491,320) 203,232 380,604 325,007 576,015 685,625
10.Profit / (loss) after tax (F8-F9) (1,181,662) 283,391 1,060,278 503,789 (5,821,123) (7,590,726)
11.Cash dividends 306,250 91,140 0 1,617,000 588,000 0
12.Bonus shares / stock dividends 0 0 0 441,000 588,000 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (56,391) (1,071,556) 4,353,480 (455,690) (8,888,691) 3,305,784
2.Net cash flows from investing activities (4,615,732) (519,736) (1,124,595) (1,468,723) (1,135,430) (1,283,275)
3.Net cash flows from financing activities (1,788,916) 2,941,247 (5,020,425) 3,094,937 (629,478) 1,832,068
H.Miscellaneous
1.Total capital employed (C+D) 3,923,198 4,428,984 5,026,579 9,119,299 8,189,635 4,652,986
2.Retention in business (F10-F11-F12) (1,487,912) 192,251 1,060,278 (1,554,211) (6,997,123) (7,590,726)
3.Depreciation for the year 337,987 858,882 857,452 805,436 896,699 957,883
4.Salaries, wages and employee benefits 705,170 812,413 1,000,559 1,005,663 1,014,698 1,016,836
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.30 0.44 1.51 0.55 -5.03 -8.39
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 3.06 2.33 2.76 3.27 3.15 2.31
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.97 1.02 4.18 1.79 -15.86 -19.38
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 25.32 14.05 9.62 7.88 9.69 23.49
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -100.42 14.34 40.25 14.06 -153.76 -455.30
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -33.76 0.96 3.61 1.71 -19.80 -24.10
412
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan State Oil Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 65,558,522 68,142,134 23,883,370 24,560,954 32,854,248 48,813,722
1.Capital work in progress 1,807,855 1,191,842 1,139,564 686,507 1,073,784 2,806,482
2.Operating fixed assets at cost 20,934,396 22,734,006 23,986,736 25,743,498 27,112,761 28,247,914
3.Operating fixed assets after deducting accumulated depreciation 4,525,441 5,415,554 5,804,945 6,640,969 7,113,375 7,187,082
4.Intangible assets 54,342 47,329 29,409 19,732 52,193 82,930
5.Long term investments 50,680,952 50,132,753 4,388,257 4,783,585 11,439,851 16,190,758
6.Other non-current assets 8,489,932 11,354,656 12,521,195 12,430,161 13,175,045 22,546,470
B.Current Assets (B1+B2+B3+B4+B5+B6) 275,748,711 274,173,810 368,559,594 378,001,378 384,225,277 292,904,404
1.Cash & bank balance 2,311,884 5,736,213 4,131,036 4,636,643 4,593,141 3,908,652
2.Inventories; of which 58,492,301 50,834,033 66,333,048 81,615,455 89,665,031 57,214,768
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 58,492,301 0 0 0 0 0
3.Trade Debt / accounts receivables 180,778,298 178,271,018 212,619,281 245,577,071 219,586,332 196,759,839
4.Short term loans and advances 2,135,165 1,896,038 1,873,942 1,919,400 234,734 414,315
5.Short term investments 0 0 43,954,641 0 0 0
6.Other current assets 32,031,063 37,436,508 39,647,646 44,252,809 70,146,039 34,606,830
Total Assets (A+B) / Equity & Liabilities (C+D+E) 341,307,233 342,315,944 392,442,964 402,562,332 417,079,525 341,718,126
C.Shareholders' Equity (C1+C2+C3) 82,310,296 91,581,325 102,849,602 110,452,475 119,180,687 113,061,001
1.Issued, Subscribed & Paid up capital 2,716,860 2,716,860 2,716,860 3,260,232 3,912,278 4,694,734
i)Ordinary shares 2,716,860 2,716,860 2,716,860 3,260,232 3,912,278 4,694,734
ii)Preference shares 0 0 0 0 0 0
2.Reserves 79,593,436 88,864,465 100,132,742 107,192,243 115,268,409 108,366,267
i)Capital Reserve 3,373 3,373 3,373 3,373 3,373 3,373
ii)Revenue Reserve 79,590,063 88,861,092 100,129,369 107,188,870 115,265,036 108,362,894
of which: un-appropriated profit(loss) / retained earnings 52,649,104 62,244,337 74,782,728 81,912,851 85,647,015 77,092,695
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 8,320,764 6,234,132 8,089,633 5,165,024 7,527,709 11,663,763
1.Long term borrowings 0 0 0 0 0 4,314,789
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 8,320,764 6,234,132 8,089,633 5,165,024 7,527,709 5,989,347
5.Other non-current liabilities 0 0 0 0 0 1,359,627
E.Current Liabilities (E1+E2+E3+E4) 250,676,173 244,500,487 281,503,729 286,944,833 290,371,129 216,993,362
1.Trade credit & other accounts payables 147,045,253 137,887,407 146,269,601 192,145,744 180,042,553 147,460,348
of which: i) Trade credits 85,509,464 70,613,576 76,516,841 116,946,274 104,967,346 65,098,633
2.Short term borrowings 102,075,514 105,112,929 130,498,503 89,846,517 106,977,130 66,433,196
3.Current portion of non-current liabilities 0 0 0 0 0 37,092
4.Other current liabilities 1,555,406 1,500,151 4,735,625 4,952,572 3,351,446 3,062,726
F.Operations:
1.Sales 913,094,377 677,939,877 878,146,786 1,056,900,563 1,154,297,980 1,108,357,723
i)Local sales (Net) 913,094,377 677,939,877 878,146,786 1,056,900,563 1,154,297,980 1,108,357,723
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 889,515,267 655,414,551 841,011,250 1,017,264,455 1,118,280,614 1,096,130,521
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 23,579,110 22,525,326 37,135,536 39,636,108 36,017,366 12,227,202
4.General, administrative and other expenses 14,932,116 12,497,294 13,616,041 15,263,097 17,113,224 14,857,720
i)Selling & distribution expenses 9,018,504 8,088,492 8,758,929 9,159,330 9,911,519 11,489,637
ii)Administrative and other expenses 5,913,612 4,408,802 4,857,112 6,103,767 7,201,705 3,368,083
5.Other income / (loss) 14,403,307 13,410,768 11,750,628 7,910,813 7,511,710 10,923,811
6.EBIT (F3-F4+F5) 23,050,301 23,438,800 35,270,123 32,283,824 26,415,852 8,293,293
7.Financial expenses 11,016,553 7,149,592 5,923,256 5,123,344 8,939,012 13,427,312
of which: (i) Interest expenses 9,306,417 5,037,501 5,296,439 4,121,134 7,593,716 12,809,097
8.Profit / (loss) before taxation (F6-F7) 12,033,748 16,289,208 29,346,867 27,160,480 17,476,840 (5,134,019)
9.Tax expenses 5,097,384 6,016,078 11,121,242 11,699,223 6,890,287 1,331,533
10.Profit / (loss) after tax (F8-F9) 6,936,364 10,273,130 18,225,625 15,461,257 10,586,553 (6,465,552)
11.Cash dividends 2,716,860 3,396,075 6,792,150 4,890,348 3,912,278 0
12.Bonus shares / stock dividends 271,686 0 543,372 652,046 782,456 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (29,574,067) (994,379) (27,964,694) 2,580,556 (9,231,735) 48,259,521
2.Net cash flows from investing activities 3,489,557 4,098,324 3,924,649 45,225,613 (2,534,478) (4,842,804)
3.Net cash flows from financing activities (22,618,803) 6,206,455 12,811,629 (14,228,797) 3,223,289 (27,829,777)
H.Miscellaneous
1.Total capital employed (C+D) 90,631,060 97,815,457 110,939,235 115,617,499 126,708,396 124,724,764
2.Retention in business (F10-F11-F12) 3,947,818 6,877,055 10,890,103 9,918,863 5,891,819 (6,465,552)
3.Depreciation for the year (973,956) 998,515 1,026,114 1,057,490 1,115,727 1,191,457
4.Salaries, wages and employee benefits 4,570,937 7,903,641 8,705,333 9,057,004 8,155,666 8,824,515
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.76 1.52 2.08 1.46 0.92 -0.58
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 2.56 1.98 2.39 2.66 2.82 2.92
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.94 3.01 4.96 3.89 2.58 -1.70
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.43 3.93 3.78 3.73 3.57 3.27
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.62 11.82 18.75 14.50 9.22 -5.57
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 25.53 37.81 67.08 47.42 27.06 -13.77
413
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Shell Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 11,698,658 15,270,676 15,573,146 17,305,822 23,300,340 26,286,510
1.Capital work in progress 1,162,948 1,790,947 1,547,856 2,467,357 3,030,313 4,851,207
2.Operating fixed assets at cost 14,422,690 15,489,596 17,190,646 18,967,775 20,772,158 21,179,221
3.Operating fixed assets after deducting accumulated depreciation 6,926,074 7,359,162 8,452,259 9,300,486 10,146,683 10,107,420
4.Intangible assets 0 0 0 14,709 11,557 8,405
5.Long term investments 3,436,508 3,735,560 4,051,815 4,436,561 4,631,252 4,936,422
6.Other non-current assets 173,128 2,385,007 1,521,216 1,086,709 5,480,535 6,383,056
B.Current Assets (B1+B2+B3+B4+B5+B6) 26,235,785 27,239,755 23,319,967 31,810,746 32,969,102 28,359,297
1.Cash & bank balance 2,103,517 5,988,405 2,591,864 1,973,413 2,319,546 2,542,876
2.Inventories; of which 13,281,189 10,366,172 9,500,585 14,884,111 17,413,439 13,510,164
i)Raw material 1,382,270 1,041,318 1,645,174 1,568,782 1,174,001 2,267,208
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 11,898,919 9,324,854 7,855,411 13,315,329 16,239,438 11,242,956
3.Trade Debt / accounts receivables 1,600,632 2,122,335 3,101,181 3,264,207 4,544,062 3,971,807
4.Short term loans and advances 67,716 63,767 48,403 109,668 131,099 98,893
5.Short term investments 0 0 0 0 0 0
6.Other current assets 9,182,731 8,699,076 8,077,934 11,579,347 8,560,956 8,235,557
Total Assets (A+B) / Equity & Liabilities (C+D+E) 37,934,443 42,510,431 38,893,113 49,116,568 56,269,442 54,645,807
C.Shareholders' Equity (C1+C2+C3) 5,980,822 11,109,782 10,198,060 6,353,322 4,291,133 (651,159)
1.Issued, Subscribed & Paid up capital 1,070,125 1,070,125 1,070,125 1,070,125 1,070,125 1,070,125
i)Ordinary shares 1,070,125 1,070,125 1,070,125 1,070,125 1,070,125 1,070,125
ii)Preference shares 0 0 0 0 0 0
2.Reserves 4,910,697 10,039,657 9,127,935 5,283,197 3,221,008 (1,721,284)
i)Capital Reserve 1,503,803 1,503,803 1,503,803 1,503,803 1,503,803 1,503,803
ii)Revenue Reserve 3,406,894 8,535,854 7,624,132 3,779,394 1,717,205 (3,225,087)
of which: un-appropriated profit(loss) / retained earnings 3,248,749 8,301,460 7,738,731 4,068,450 1,995,276 (2,829,185)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 465,466 83,892 93,809 228,970 3,986,863 8,538,360
1.Long term borrowings 0 0 0 0 3,675,474 8,209,046
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 117,861 83,892 93,809 97,987 173,067 171,566
5.Other non-current liabilities 347,605 0 0 130,983 138,322 157,748
E.Current Liabilities (E1+E2+E3+E4) 31,488,155 31,316,757 28,601,244 42,534,276 47,991,446 46,758,606
1.Trade credit & other accounts payables 29,030,718 30,037,827 26,884,157 33,668,689 38,496,084 39,023,387
of which: i) Trade credits 21,156,857 20,011,261 18,536,541 21,754,296 26,281,704 30,741,316
2.Short term borrowings 2,025,448 0 395,000 8,052,978 8,154,343 6,150,510
3.Current portion of non-current liabilities 0 0 0 0 449,903 742,959
4.Other current liabilities 431,989 1,278,930 1,322,087 812,609 891,116 841,750
F.Operations:
1.Sales 197,128,351 167,641,602 168,848,437 186,203,555 199,718,601 165,139,915
i)Local sales (Net) 195,351,877 166,431,177 168,848,437 186,203,555 199,718,601 165,139,915
ii)Export sales (Net) 1,776,474 1,210,425 0 0 0 0
2.Cost of sales 186,533,476 153,638,427 153,972,023 170,779,180 184,621,127 157,590,280
i)Cost of material 7,254,485 5,933,939 8,211,675 8,126,634 6,652,893 9,651,667
3.Gross profit / (loss) (F1-F2) 10,594,875 14,003,175 14,876,414 15,424,375 15,097,474 7,549,635
4.General, administrative and other expenses 8,959,214 9,612,342 11,575,740 16,595,015 15,223,090 12,507,716
i)Selling & distribution expenses 4,965,781 5,441,546 6,018,105 6,482,137 7,388,212 6,810,619
ii)Administrative and other expenses 3,993,433 4,170,796 5,557,635 10,112,878 7,834,878 5,697,097
5.Other income / (loss) 1,008,310 1,518,885 1,257,335 1,481,125 1,508,418 1,656,883
6.EBIT (F3-F4+F5) 2,643,971 5,909,718 4,558,009 310,485 1,382,802 (3,301,198)
7.Financial expenses 299,146 203,896 235,049 370,159 1,522,768 1,514,063
of which: (i) Interest expenses 81,118 11,389 52,204 205,030 1,343,141 1,414,571
8.Profit / (loss) before taxation (F6-F7) 2,344,825 5,705,822 4,322,960 (59,674) (139,966) (4,815,261)
9.Tax expenses 1,433,855 (1,059,085) 1,140,258 1,042,311 1,345,801 5,766
10.Profit / (loss) after tax (F8-F9) 910,970 6,764,907 3,182,702 (1,101,985) (1,485,767) (4,821,027)
11.Cash dividends 1,070,125 3,638,425 2,568,300 749,088 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,631,031 8,502,728 1,551,020 (3,757,135) 2,926,640 1,101,184
2.Net cash flows from investing activities (1,251,091) (1,415,822) (1,188,650) (2,013,744) (1,851,760) (2,302,032)
3.Net cash flows from financing activities (831,742) (1,176,570) (4,153,911) (2,505,550) (830,112) 3,428,011
H.Miscellaneous
1.Total capital employed (C+D) 6,446,288 11,193,674 10,291,869 6,582,292 8,277,996 7,887,201
2.Retention in business (F10-F11-F12) (159,155) 3,126,482 614,402 (1,851,073) (1,485,767) (4,821,027)
3.Depreciation for the year 659,986 761,551 862,263 954,418 1,075,368 1,246,091
4.Salaries, wages and employee benefits 2,759,226 2,813,908 3,035,222 2,564,278 2,362,746 2,552,088
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.46 4.04 1.88 -0.59 -0.74 -2.92
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 5.15 4.17 4.15 4.23 3.79 2.98
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 2.38 16.82 7.82 -2.50 -2.82 -8.69
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 6.45 4.71 3.82 5.32 9.90 30.47
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.34 79.17 29.87 -13.32 -27.92 -264.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.51 63.22 29.74 -10.30 -13.88 -45.05
414
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Paper, Paperboard and Products

Performance at a Glance
The balance sheet size of paper, paperboard and products sector decrease byRs 2.31 billion to touch Rs
153.71 billion in FY20 from Rs 156.02 billion in FY19 posting YoY decrease of 1.48 percent during
FY20. Total liabilities of the sector showed a YoY decrease of 3.50 percent or Rs 2.55 billion in FY20
over FY19 and decreased to Rs 70.30 billion in FY20 from Rs 72.84 billion in FY19. However, total
shareholders’ equity shown a different picture during the year and witnessed an increase of Rs 0.24
billion or a growth of 0.29 percent during FY20 as compared to previous year.

Assets
Non-current assets of the sector dropped to Rs 96.97 billion in FY20 from Rs 103.58 billion in the last
year, showing a YoY decrease of 6.38 percent in FY20. In non-current assets, long-term investments
decreased by an amount of Rs 5.79 billion or 11.76 percent in FY20 that dropped to Rs 43.44 billion in
FY20 from Rs 49.22 billion in FY19. Capital work in progress reached to Rs 3.58 billion in FY20 and
decreased by an amount of Rs 0.14 billion in FY20 over FY19. Operating fixed assets after deducting
accumulated depreciation, showed decrease of 1.14 percent or Rs 0.56 billion in current year over the
previous year.
Non-Current Assets Current Assets
2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
60 0 25 138.35 160
(1.14) 140
50 -2
20 120
(3.71) -4 100
40 (3.30)
billion Rs.

billion Rs.

15 80

percent
-6
percent

30 60
-8 10 40
11.93
20 (0.72) 20
(11.76) -10 (10.26)
5 (18.46) 0
10 -12 -20
- -14 - -40
Cash &

Inventories

Investment
S.T Loans
Trade Debt
Long term
Intangible
progress

minus acc.
CW in

/ Ac Rec
Assets

BB
OFA

Depr

adv
Inv.

ST

s
Current assets of the sector grew by 8.20 percent during FY20, increased from Rs 52.44 billion in FY19
to Rs 56.74 billion in FY20. All components of the current assets posted growth in FY20 except cash and
bank balances, short term loans and advances and trade debt which faced YoY decline of 10.26, percent
0.72 percent and 18.46 percent respectively in FY20 when compared with FY19. On the other hand,
highest growth of 138.35 percent was observed in short term investments in current year over FY19 and
touched to Rs 3.97 billion in FY20 from Rs 1.67 billion in FY19. Similarly, inventory increased from
19.44 billion in FY19 to Rs 21.76 billion in FY20 showing an increase of 11.93 percent during current
year over previous year. Other current assets scaled up with YoY growth of 2.64 percent during the
period under review.

Liabilities & Shareholders’ Equity

Total shareholder’ equity of the paper and paperboard product sector increased by Rs 0.24 billion from Rs
83.18 billion in FY19 to Rs 83.42 billion in FY20. Reserves which comprises 89.09 percent of total
shareholders’ equity in FY20, and declined by Rs 1.23 billion or 1.63 percent in FY20 as compared to
last year. Issued subscribed and paid-up captial of the sector witnessed an increase of 0.61 percent in
FY20 over FY19.

415
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Non-current liabilities of the sector witnessed an increase of Rs 0.42 billion or YoY growth of 1.40
percent in FY20 over FY19. Long-term borrowings which constituted 78.79 percent share of the total
non-current liabilities in FY20 grew by 2.75 percent to touch Rs 23.93 billion in FY20. From remaining
portion of non-current liabilities (NCL), other non-current liabilities posted respective decline of 5.22
percent in FY20 over FY19.
Components of Sharesholders' Equity Currnet & Non-current Liabilities
2019 2020 Growth (RHS) 2019 2020
80 120 30

70 109.98 100 25 23.29 23.93

21.13
60 80 18.30
20
50 15.36
biliion Rs

biliion Rs.
percent
60 13.76
40 15
40
30 10
20 6.01
20 4.81
5
10 0.61 (1.63) 0 0.93 0.95
0 -20 0

borrowings

borrowings

portion of
T.C & other
Employees
Reserves

revaluation
Subscribed

Current
Surplus on
& Paid up

payables

NCL
of fixed
Issued,

capital

BO
assets

LT

ST
A/c
On the other hand, current liabilities containing 56.80 percent share of total liabilities in FY20,
decreasedby an amount of Rs 2.97 billion or 6.92 percent in FY20 as comapred to FY19 and touched to
Rs 39.93 billion in FY20 from Rs 42.89 billion in FY19. All components of current liabilities except trade
credit & other accounts payables indicated decrease during FY20 when compared with corresponding
period previous year. During the year FY20, highest decrease of Rs 2.88 billion or 13.36 percent is
observed in short term borrowings, which holds 45.84 percent share of total current liabilities. Trade
credit & other accounts payables increased by 11.63 percent during FY20 when compared with FY19.
Other current liabilities showed downward trend with YoY decrease of 27.44 percent in FY20 over FY19.

Profitability and operating efficiency

Sales of paper, paperboard and products sector reached to Rs 111.97 billion in FY20 of which local sales
with amount Rs 111.05 billion remained dominant with 99.81 percent share of overall sales during FY20
as compared to FY19. Exports sales which contributed only 0.82 percent share in total sales increased
with YoY growth of 124.8 percent during FY20 with respect to FY19. Cost of sales also increased by Rs
Growth and Composition of Operations Profitability/Efficiency Ratios
2019 2020
2019 2020 Growth (RHS) 8.36
9
25 250 8
221.62
7 6.22
20 200 6
4.50
billion Rs

5
percent

15 150 4
percent

1.86 2.53
3 2.07
0.72 1.81
10 100 2 1.40
82.16 0.67
1
5 50 0
26.88 38.55
Financial
Net Profit

leverage
turnover

Return on

Return on
margin

Asset

Assets

equity

0 0
Gross EBIT Profit Profit after
Profit before tax tax

3.21 billion or 3.65 percent during the period under review. Gross profit of the sector boosted up with

416
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

yearly increase of 26.88 percent in FY20, to touch Rs 20.69 billion in FY20 from Rs 16.31 billion in
FY19. General, administrative and other expenses decreased by Rs 4.82 billion during FY20 as compared
to FY19.Profit before tax increased to Rs 8.55 billion in FY20 from Rs 4.69 billion in FY19 with an
increase of 82.16 percent during FY20 as compared to previous year. Overall profit after tax of sector
boosted up to Rs 6.96 billion in FY20 which was Rs 2.16 billion in FY19.

Asset turnover ratio reached to 0.72 in FY20 from 0.67 in FY19. Net profit margin, which measure
profitability ratio over sales increased from 2.07 in FY19 to 6.22 in FY20. Return on assets (ROA)
increased and return on equity (ROE) also increased during FY20 when compared to last year’s position.
Basic earnings per share increased to Rs 10.89 in FY20 from Rs 3.41 in FY19.

417
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Paper, Paperboard and Products - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 68,699,669 81,249,232 111,834,686 104,369,840 103,579,471 96,969,875
1.Capital work in progress 2,122,445 736,004 3,035,313 4,060,215 3,721,349 3,583,418
2.Operating fixed assets at cost 33,283,182 38,858,250 63,574,161 67,326,010 79,663,929 83,439,893
3.Operating fixed assets after deducting accumulated depreciation 17,294,388 21,332,817 42,278,305 45,578,477 48,864,532 48,306,329
4.Intangible assets 159,007 170,630 300,271 399,234 425,170 411,128
5.Long term investments 49,040,128 58,933,939 65,978,861 53,969,747 49,223,401 43,436,297
6.Other non-current assets 83,701 75,842 241,936 362,167 1,345,019 1,232,703
B.Current Assets (B1+B2+B3+B4+B5+B6) 20,394,361 22,149,354 40,219,169 49,066,803 52,443,181 56,742,858
1.Cash & bank balance 748,109 840,407 3,413,401 3,055,136 2,137,557 1,918,168
2.Inventories; of which 6,326,263 6,823,008 13,478,049 18,306,991 19,436,679 21,755,485
i)Raw material 4,413,759 4,725,145 8,172,474 12,140,802 12,064,952 14,186,360
ii)Work in progress 877,925 761,534 1,186,950 1,272,129 1,595,645 1,705,441
iii)Finished goods 1,032,737 1,302,342 4,107,491 4,861,276 5,765,290 5,844,901
3.Trade Debt / accounts receivables 5,549,104 6,281,068 10,777,114 12,676,728 14,947,084 14,838,900
4.Short term loans and advances 1,422,926 1,099,085 1,257,872 1,540,025 1,771,847 1,444,802
5.Short term investments 834,660 1,608,966 1,832,612 2,205,703 1,666,544 3,972,171
6.Other current assets 5,513,299 5,496,820 9,460,121 11,282,220 12,483,470 12,813,332
Total Assets (A+B) / Equity & Liabilities (C+D+E) 89,094,030 103,398,586 152,053,855 153,436,643 156,022,652 153,712,733
C.Shareholders' Equity (C1+C2+C3) 61,918,065 69,453,349 98,238,643 87,612,433 83,178,852 83,416,569
1.Issued, Subscribed & Paid up capital 5,965,976 5,293,171 6,368,171 6,918,780 6,324,470 6,363,113
i)Ordinary shares 3,755,080 3,785,735 4,860,735 5,411,344 5,718,248 5,756,891
ii)Preference shares 2,210,896 1,507,436 1,507,436 1,507,436 606,222 606,222
2.Reserves 55,504,409 63,598,627 90,250,549 79,081,797 75,552,162 74,319,019
i)Capital Reserve 31,849,011 5,335,185 56,006,649 45,988,411 42,953,012 37,558,001
ii)Revenue Reserve 23,655,398 58,263,442 34,243,900 33,093,386 32,599,150 36,761,018
of which: un-appropriated profit(loss) / retained earnings 6,081,879 4,688,645 15,199,876 10,976,920 9,692,557 11,520,985
3.Surplus on revaluation of fixed assets 447,680 561,551 1,619,923 1,611,856 1,302,220 2,734,437
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 13,562,371 17,860,536 26,692,869 26,793,179 29,950,008 30,370,219
1.Long term borrowings 11,401,119 15,211,737 20,313,876 20,476,605 23,288,664 23,930,121
2.Subordinated loans / Sponsor's loans 100,000 100,000 509,380 320,916 304,455 353,191
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 48,782 113,962 587,584 772,632 934,831 948,119
5.Other non-current liabilities 2,012,470 2,434,837 5,282,029 5,223,026 5,422,058 5,138,788
E.Current Liabilities (E1+E2+E3+E4) 13,613,594 16,084,701 27,122,343 39,031,031 42,893,792 39,925,945
1.Trade credit & other accounts payables 6,966,938 8,202,728 11,566,620 13,855,338 13,761,526 15,361,346
of which: i) Trade credits 2,616,326 2,986,365 5,242,003 6,303,809 6,594,362 8,239,453
2.Short term borrowings 4,583,455 5,336,408 9,591,326 18,219,873 21,125,060 18,302,705
3.Current portion of non-current liabilities 1,455,571 1,946,034 4,955,993 5,621,414 6,008,845 4,811,841
4.Other current liabilities 607,630 599,531 1,008,404 1,334,406 1,998,361 1,450,053
F.Operations:
1.Sales 46,211,256 49,577,515 62,926,311 89,715,025 104,373,875 111,968,582
i)Local sales (Net) 45,324,095 48,616,727 61,780,191 88,667,562 103,965,544 111,050,636
ii)Export sales (Net) 887,161 960,788 1,146,120 1,047,463 408,331 917,946
2.Cost of sales 38,308,303 40,163,384 52,100,914 77,474,470 88,064,177 91,274,274
i)Cost of material 26,812,750 28,328,437 35,239,541 50,690,225 58,960,275 60,129,935
3.Gross profit / (loss) (F1-F2) 7,902,953 9,414,131 10,825,397 12,240,555 16,309,698 20,694,308
4.General, administrative and other expenses 3,492,649 4,250,811 5,304,168 7,404,429 8,796,914 8,372,903
i)Selling & distribution expenses 1,130,110 1,477,507 1,866,601 2,777,010 3,081,035 3,255,980
ii)Administrative and other expenses 2,362,539 2,773,304 3,437,567 4,627,419 5,715,879 5,116,923
5.Other income / (loss) 3,271,685 6,592,690 12,094,734 3,045,081 2,866,817 2,059,444
6.EBIT (F3-F4+F5) 7,681,989 11,756,010 17,615,963 7,881,207 10,379,601 14,380,849
7.Financial expenses 1,671,362 2,019,017 1,850,062 3,132,397 5,685,422 5,829,863
of which: (i) Interest expenses 732,060 493,554 1,636,925 2,901,948 5,451,377 5,535,412
8.Profit / (loss) before taxation (F6-F7) 6,010,627 9,736,993 15,765,901 4,748,810 4,694,179 8,550,986
9.Tax expenses 1,593,507 2,475,181 2,391,297 1,377,403 2,529,585 1,589,243
10.Profit / (loss) after tax (F8-F9) 4,417,120 7,261,812 13,374,604 3,371,407 2,164,594 6,961,743
11.Cash dividends 3,862,531 4,508,517 5,395,850 3,507,853 2,637,113 4,323,276
12.Bonus shares / stock dividends 355,710 355,710 107,500 306,901 38,643 294,037
G.Statement of Cash Flows
1.Net cash flows from operating activities 4,785,377 4,545,311 2,742,864 346,206 3,313,937 11,675,694
2.Net cash flows from investing activities (5,120,712) (4,097,049) (5,346,961) (6,808,804) (5,333,383) (3,859,780)
3.Net cash flows from financing activities 426,905 (1,350,646) 974,542 (1,622,902) 523,549 (3,867,855)
H.Miscellaneous
1.Total capital employed (C+D) 75,480,436 87,313,885 124,931,512 114,405,612 113,128,860 113,786,788
2.Retention in business (F10-F11-F12) 198,879 2,397,586 7,871,254 (443,347) (511,162) 2,344,430
3.Depreciation for the year 1,955,666 2,116,153 3,210,935 5,127,194 5,159,643 5,020,928
4.Salaries, wages and employee benefits 4,415,901 5,485,004 6,757,961 8,830,792 9,768,702 10,491,188
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.56 14.65 21.25 3.76 2.07 6.22
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.53 0.52 0.49 0.59 0.67 0.72
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.03 7.55 10.47 2.21 1.40 4.50
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.41 1.47 1.52 1.64 1.81 1.86
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.09 11.06 15.95 3.63 2.53 8.36
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 7.37 13.64 20.90 4.85 3.41 10.89
418
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Balochistan Particle Board Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,769 2,572 2,395 2,235 2,090 2,090
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 22,852 22,852 22,852 22,852 22,852 22,852
3.Operating fixed assets after deducting accumulated depreciation 2,644 2,447 2,270 2,110 1,965 1,965
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 125 125 125 125 125 125
B.Current Assets (B1+B2+B3+B4+B5+B6) 9,229 9,748 10,146 4,668 4,445 4,445
1.Cash & bank balance 5,642 5,961 6,359 1,400 1,387 1,387
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 200 200 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,587 3,787 3,587 3,068 3,058 3,058
Total Assets (A+B) / Equity & Liabilities (C+D+E) 11,998 12,320 12,541 6,903 6,535 6,535
C.Shareholders' Equity (C1+C2+C3) (6,698) (6,466) (6,338) (6,519) (7,426) (7,426)
1.Issued, Subscribed & Paid up capital 30,000 30,000 30,000 30,000 30,000 30,000
i)Ordinary shares 30,000 30,000 30,000 30,000 30,000 30,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (36,698) (36,466) (36,338) (36,519) (37,426) (37,426)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (36,698) (36,466) (36,338) (36,519) (37,426) (37,426)
of which: un-appropriated profit(loss) / retained earnings (36,698) (36,466) (36,338) (36,519) (37,426) (37,426)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 18,000 18,000 18,000 0 0 0
1.Long term borrowings 18,000 18,000 18,000 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 696 786 879 13,422 13,961 13,961
1.Trade credit & other accounts payables 395 401 144 677 692 692
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 0 0 0 12,000 12,500 12,500
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 301 385 735 745 769 769
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 1,491 1,553 1,964 1,831 2,662 2,662
i)Selling & distribution expenses 1,491 1,553 1,964 1,831 2,662 2,662
ii)Administrative and other expenses 0 0 0 0 0 0
5.Other income / (loss) 1,802 2,027 2,283 1,943 2,380 2,380
6.EBIT (F3-F4+F5) 311 474 319 112 (282) (282)
7.Financial expenses 141 133 134 135 132 132
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) 170 341 185 (23) (414) (414)
9.Tax expenses 322 109 57 158 493 493
10.Profit / (loss) after tax (F8-F9) (152) 232 128 (181) (907) (907)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (273) 319 398 1,042 (513) (513)
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 0 0 0 (6,001) 500 500
H.Miscellaneous
1.Total capital employed (C+D) 11,302 11,534 11,662 (6,519) (7,426) (7,426)
2.Retention in business (F10-F11-F12) (152) 232 128 (181) (907) (907)
3.Depreciation for the year 219 197 177 160 145 145
4.Salaries, wages and employee benefits 94 0 158 172 180 180
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.24 1.91 1.03 -1.86 -13.50 -13.88
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -1.85 -1.85 -1.94 -1.51 -0.96 -0.88
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.30 -3.52 -2.00 2.82 13.01 12.21
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.03 0.04 0.02 -0.03 -0.15 -0.15
419
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Century Paper & Board Mills Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 9,425,936 10,092,852 9,733,199 9,613,404 9,395,320 9,320,554
1.Capital work in progress 1,812,177 49,037 302,278 467,547 241,653 128,397
2.Operating fixed assets at cost 15,027,104 18,322,966 18,603,430 19,171,769 20,139,459 20,612,112
3.Operating fixed assets after deducting accumulated depreciation 7,602,231 10,037,714 9,420,548 9,122,170 9,131,201 9,161,796
4.Intangible assets 3,645 2,390 1,685 2,575 9,033 11,829
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 7,883 3,711 8,688 21,112 13,433 18,532
B.Current Assets (B1+B2+B3+B4+B5+B6) 4,681,692 4,887,897 5,704,281 7,690,791 9,058,422 9,276,441
1.Cash & bank balance 120,987 217,494 226,476 415,508 351,700 237,166
2.Inventories; of which 1,982,334 1,731,864 1,963,091 2,897,285 3,484,174 3,727,784
i)Raw material 1,572,553 1,302,458 1,529,645 2,090,214 2,634,244 3,161,089
ii)Work in progress 298,416 50,053 96,961 58,857 87,584 103,498
iii)Finished goods 111,365 379,353 336,485 748,214 762,346 463,197
3.Trade Debt / accounts receivables 1,173,624 1,265,432 1,585,378 2,366,324 3,046,320 2,907,929
4.Short term loans and advances 16,156 15,199 7,235 68,566 95,874 102,192
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,388,591 1,657,908 1,922,101 1,943,108 2,080,354 2,301,370
Total Assets (A+B) / Equity & Liabilities (C+D+E) 14,107,628 14,980,749 15,437,480 17,304,195 18,453,742 18,596,995
C.Shareholders' Equity (C1+C2+C3) 5,518,746 5,850,566 5,713,025 6,442,873 6,188,934 7,582,274
1.Issued, Subscribed & Paid up capital 2,371,398 2,371,398 2,371,398 2,371,398 1,470,184 1,470,184
i)Ordinary shares 1,470,184 1,470,184 1,470,184 1,470,184 1,470,184 1,470,184
ii)Preference shares 901,214 901,214 901,214 901,214 0 0
2.Reserves 3,147,348 3,479,168 3,341,627 4,071,475 4,718,750 6,112,090
i)Capital Reserve 2,761,301 2,761,301 2,761,301 2,761,301 3,662,515 3,662,515
ii)Revenue Reserve 386,047 717,867 580,326 1,310,174 1,056,235 2,449,575
of which: un-appropriated profit(loss) / retained earnings 72,821 404,641 267,100 996,948 856,235 1,649,575
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 4,727,737 4,573,300 3,921,994 4,131,423 4,720,180 3,688,550
1.Long term borrowings 4,149,238 3,878,066 2,987,500 2,821,963 3,511,434 2,151,120
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 578,499 695,234 934,494 1,309,460 1,208,746 1,537,430
E.Current Liabilities (E1+E2+E3+E4) 3,861,145 4,556,883 5,802,461 6,729,899 7,544,628 7,326,171
1.Trade credit & other accounts payables 1,245,364 1,580,938 1,841,418 2,215,766 2,528,063 2,893,270
of which: i) Trade credits 302,422 510,181 523,739 634,381 572,741 885,549
2.Short term borrowings 1,951,943 1,988,443 2,840,150 3,426,688 4,247,267 3,616,772
3.Current portion of non-current liabilities 621,439 946,172 1,081,816 1,046,577 671,451 754,643
4.Other current liabilities 42,399 41,330 39,077 40,868 97,847 61,486
F.Operations:
1.Sales 13,186,182 13,389,130 15,401,157 18,964,573 22,240,624 24,344,956
i)Local sales (Net) 13,186,182 13,389,130 15,401,157 18,964,573 22,240,624 24,272,059
ii)Export sales (Net) 0 0 0 0 0 72,897
2.Cost of sales 12,308,379 12,121,851 13,609,628 16,458,803 19,578,326 20,408,583
i)Cost of material 7,433,203 7,739,036 8,566,475 11,060,555 12,750,665 12,577,876
3.Gross profit / (loss) (F1-F2) 877,803 1,267,279 1,791,529 2,505,770 2,662,298 3,936,373
4.General, administrative and other expenses 546,695 539,288 594,650 689,638 753,590 896,907
i)Selling & distribution expenses 113,049 113,871 115,088 129,204 153,438 171,216
ii)Administrative and other expenses 433,646 425,417 479,562 560,434 600,152 725,691
5.Other income / (loss) 68,442 64,136 113,859 75,438 92,434 103,308
6.EBIT (F3-F4+F5) 399,550 792,127 1,310,738 1,891,570 2,001,142 3,142,774
7.Financial expenses 575,987 355,751 406,945 460,354 762,165 987,037
of which: (i) Interest expenses 0 0 401,647 450,127 756,399 963,376
8.Profit / (loss) before taxation (F6-F7) (176,437) 436,376 903,793 1,431,216 1,238,977 2,155,737
9.Tax expenses 28,961 113,985 301,577 439,357 354,823 633,965
10.Profit / (loss) after tax (F8-F9) (205,398) 322,391 602,216 991,859 884,154 1,521,772
11.Cash dividends 0 0 0 533,565 147,018 220,528
12.Bonus shares / stock dividends 355,710 355,710 0 0 0 294,037
G.Statement of Cash Flows
1.Net cash flows from operating activities 961,494 1,535,687 1,301,752 727,496 862,257 2,895,153
2.Net cash flows from investing activities (1,897,233) (1,529,027) (664,007) (684,083) (961,846) (948,674)
3.Net cash flows from financing activities 640,829 53,561 (1,480,437) (440,919) (784,798) (1,430,518)
H.Miscellaneous
1.Total capital employed (C+D) 10,246,483 10,423,866 9,635,019 10,574,296 10,909,114 11,270,824
2.Retention in business (F10-F11-F12) (561,108) (33,319) 602,216 458,294 737,136 1,007,208
3.Depreciation for the year 905,865 875,948 911,533 987,239 982,433 1,085,326
4.Salaries, wages and employee benefits 818,505 932,718 1,035,481 1,168,467 1,307,796 1,583,557
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -1.56 2.41 3.91 5.23 3.98 6.25
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.97 0.92 1.01 1.16 1.24 1.31
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -1.51 2.22 3.96 6.06 4.95 8.21
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.42 2.56 2.63 2.69 2.83 2.69
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -3.65 5.67 10.42 16.32 14.00 22.10
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.87 1.36 2.54 4.18 6.01 10.35
420
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Cherat Packaging Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,765,831 2,174,501 2,703,235 5,273,537 5,328,751 5,580,510
1.Capital work in progress 177 33,567 39,153 1,241,650 133,682 143,152
2.Operating fixed assets at cost 1,874,128 2,217,579 2,517,349 4,467,314 6,243,477 6,507,530
3.Operating fixed assets after deducting accumulated depreciation 1,382,663 1,616,160 1,777,012 3,540,801 5,022,828 4,953,165
4.Intangible assets 4,775 3,859 7,301 5,940 6,321 5,635
5.Long term investments 369,300 511,999 870,516 475,518 154,567 469,080
6.Other non-current assets 8,916 8,916 9,253 9,628 11,353 9,478
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,176,458 2,510,213 2,863,159 4,095,137 6,022,692 5,580,221
1.Cash & bank balance 10,484 17,515 15,428 8,638 13,139 15,022
2.Inventories; of which 896,013 1,342,482 1,494,637 2,009,317 3,128,554 2,622,464
i)Raw material 743,210 1,195,471 1,354,121 1,795,183 2,624,109 2,051,916
ii)Work in progress 35,186 25,151 35,455 58,257 175,331 207,436
iii)Finished goods 117,617 120,992 97,830 149,521 318,322 344,330
3.Trade Debt / accounts receivables 819,895 718,262 898,551 1,054,285 1,569,135 1,966,580
4.Short term loans and advances 5,197 4,149 4,884 19,888 1,769 776
5.Short term investments 0 0 0 0 0 0
6.Other current assets 444,869 427,805 449,659 1,003,009 1,310,095 975,379
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,942,289 4,684,714 5,566,394 9,368,674 11,351,443 11,160,731
C.Shareholders' Equity (C1+C2+C3) 2,198,965 3,316,291 4,016,877 4,516,005 4,466,238 4,774,404
1.Issued, Subscribed & Paid up capital 275,400 296,055 296,055 336,022 386,426 425,069
i)Ordinary shares 275,400 296,055 296,055 336,022 386,426 425,069
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,923,565 3,020,236 3,720,822 4,179,983 4,079,812 4,349,335
i)Capital Reserve 283,174 545,314 545,314 998,628 998,628 998,628
ii)Revenue Reserve 1,640,391 2,474,922 3,175,508 3,181,355 3,081,184 3,350,707
of which: un-appropriated profit(loss) / retained earnings 1,174,608 1,866,330 2,287,125 2,723,760 2,971,612 2,906,598
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 816,728 440,975 774,085 2,997,929 3,033,486 2,875,037
1.Long term borrowings 660,000 220,000 570,000 2,735,000 2,695,000 2,638,802
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 156,728 220,975 204,085 262,929 338,486 236,235
E.Current Liabilities (E1+E2+E3+E4) 926,596 927,448 775,432 1,854,740 3,851,719 3,511,290
1.Trade credit & other accounts payables 225,905 714,568 546,806 752,240 506,202 534,434
of which: i) Trade credits 36,654 39,269 44,215 124,716 93,722 228,537
2.Short term borrowings 545,211 140,195 161,369 936,625 2,950,345 2,630,780
3.Current portion of non-current liabilities 120,000 60,000 40,000 85,000 190,000 157,789
4.Other current liabilities 35,480 12,685 27,257 80,875 205,172 188,287
F.Operations:
1.Sales 6,223,832 6,888,605 6,443,932 7,091,653 8,093,407 9,436,193
i)Local sales (Net) 5,946,369 6,539,821 5,997,809 6,786,752 7,947,512 9,191,879
ii)Export sales (Net) 277,463 348,784 446,123 304,901 145,895 244,314
2.Cost of sales 4,916,581 5,306,538 5,187,454 5,993,321 6,692,758 8,262,464
i)Cost of material 4,332,696 4,633,125 4,398,640 5,143,641 5,759,995 6,818,425
3.Gross profit / (loss) (F1-F2) 1,307,251 1,582,067 1,256,478 1,098,332 1,400,649 1,173,729
4.General, administrative and other expenses 181,291 230,690 239,925 234,158 263,993 313,179
i)Selling & distribution expenses 72,739 84,536 117,198 98,022 129,294 164,781
ii)Administrative and other expenses 108,552 146,154 122,727 136,136 134,699 148,398
5.Other income / (loss) 6,828 29,018 20,508 28,971 29,978 21,631
6.EBIT (F3-F4+F5) 1,132,788 1,380,395 1,037,061 893,145 1,166,634 882,181
7.Financial expenses 210,153 72,404 64,118 128,262 506,554 783,503
of which: (i) Interest expenses 208,345 11,580 61,959 125,115 502,848 779,508
8.Profit / (loss) before taxation (F6-F7) 922,635 1,307,991 972,943 764,883 660,080 98,678
9.Tax expenses 271,224 389,752 270,894 53,804 97,207 28,443
10.Profit / (loss) after tax (F8-F9) 651,411 918,239 702,049 711,079 562,873 70,235
11.Cash dividends 192,780 296,055 281,252 235,215 193,213 42,507
12.Bonus shares / stock dividends 0 0 0 50,403 38,643 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,207,494 1,314,053 375,353 (1,024) (776,483) 1,572,080
2.Net cash flows from investing activities (119,082) (363,085) (397,814) (3,135,215) (650,862) (274,392)
3.Net cash flows from financing activities (1,096,419) (943,937) 20,374 3,129,449 1,431,846 (1,295,805)
H.Miscellaneous
1.Total capital employed (C+D) 3,015,693 3,757,266 4,790,962 7,513,934 7,499,724 7,649,441
2.Retention in business (F10-F11-F12) 458,631 622,184 420,797 425,460 331,017 27,728
3.Depreciation for the year 92,040 114,509 144,899 190,907 296,656 340,010
4.Salaries, wages and employee benefits 301,139 363,491 382,017 448,291 597,249 588,105
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 10.47 13.33 10.89 10.03 6.95 0.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.61 1.60 1.26 0.95 0.78 0.84
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 16.81 21.29 13.70 9.52 5.43 0.62
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.16 1.56 1.40 1.75 2.31 2.44
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 36.35 33.30 19.15 16.67 12.53 1.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 23.65 31.02 23.71 21.16 14.57 1.65
421
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Dadabhoy Sack Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 24,209 185,419 167,777 168,514 152,563 152,563
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 55,272 188,503 188,503 205,544 205,544 205,544
3.Operating fixed assets after deducting accumulated depreciation 19,790 185,419 167,777 168,514 152,563 152,563
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 4,419 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 21,280 20,843 20,843 3 3 3
1.Cash & bank balance 0 1 1 3 3 3
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 20,842 20,842 20,842 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 438 0 0 0 0 0
Total Assets (A+B) / Equity & Liabilities (C+D+E) 45,489 206,262 188,620 168,517 152,566 152,566
C.Shareholders' Equity (C1+C2+C3) 30,906 147,049 136,266 124,513 112,352 112,352
1.Issued, Subscribed & Paid up capital 40,000 40,000 40,000 40,000 40,000 40,000
i)Ordinary shares 40,000 40,000 40,000 40,000 40,000 40,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (18,774) (20,246) (20,564) (22,744) (25,039) (25,039)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (18,774) (20,246) (20,564) (22,744) (25,039) (25,039)
of which: un-appropriated profit(loss) / retained earnings (18,774) (20,246) (20,564) (22,744) (25,039) (25,039)
3.Surplus on revaluation of fixed assets 9,680 127,295 116,830 107,257 97,391 97,391
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 3,952 49,010 42,130 42,008 37,920 37,920
1.Long term borrowings 2,699 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 103 0 0 0 0 0
5.Other non-current liabilities 1,150 49,010 42,130 42,008 37,920 37,920
E.Current Liabilities (E1+E2+E3+E4) 10,631 10,203 10,224 1,996 2,294 2,294
1.Trade credit & other accounts payables 6,484 5,698 5,259 965 1,007 1,007
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 3,397 3,339 3,799 615 871 871
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 750 1,166 1,166 416 416 416
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 2,015 5,229 18,111 17,884 16,250 16,250
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 2,015 5,229 18,111 17,884 16,250 16,250
5.Other income / (loss) 0 3,735 500 5,259 0 0
6.EBIT (F3-F4+F5) (2,015) (1,494) (17,611) (12,625) (16,250) (16,250)
7.Financial expenses 0 4,984 51 0 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (2,015) (6,478) (17,662) (12,625) (16,250) (16,250)
9.Tax expenses 1,512 (3,517) (5,336) 518 (4,088) (4,088)
10.Profit / (loss) after tax (F8-F9) (3,527) (2,961) (12,326) (13,143) (12,162) (12,162)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (198) (461) (460) 20,226 (256) (256)
2.Net cash flows from investing activities 0 3,218 0 (17,041) 0 0
3.Net cash flows from financing activities 198 (2,757) 460 (3,183) 256 256
H.Miscellaneous
1.Total capital employed (C+D) 34,858 196,059 178,396 166,521 150,272 150,272
2.Retention in business (F10-F11-F12) (3,527) (2,961) (12,326) (13,143) (12,162) (12,162)
3.Depreciation for the year 1,752 2,748 17,642 16,304 15,951 15,951
4.Salaries, wages and employee benefits 164 181 165 531 0 0
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -6.95 -2.35 -6.24 -7.36 -7.58 -7.97
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.40 1.41 1.39 1.37 1.36 1.36
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -9.74 -3.33 -8.70 -10.08 -10.27 -10.82
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.88 -0.74 -3.08 -3.29 -3.04 -3.04
422
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Merit Packaging Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 762,158 1,475,125 1,946,272 2,381,553 3,153,009 3,069,831
1.Capital work in progress 69,046 539,288 513,570 107,527 669,149 0
2.Operating fixed assets at cost 1,126,861 1,364,355 1,883,913 2,739,415 3,139,260 3,980,196
3.Operating fixed assets after deducting accumulated depreciation 686,595 928,705 1,386,982 2,195,365 2,373,584 2,884,732
4.Intangible assets 150 87 48 1,092 823 574
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 6,367 7,045 45,672 77,569 109,453 184,525
B.Current Assets (B1+B2+B3+B4+B5+B6) 928,366 934,176 1,099,501 1,384,523 1,470,190 1,643,657
1.Cash & bank balance 46,437 1,436 2,051 7,788 4,140 9,335
2.Inventories; of which 263,543 297,712 326,353 384,901 547,388 520,444
i)Raw material 197,918 193,635 231,414 266,041 391,373 333,657
ii)Work in progress 43,948 63,106 42,882 61,446 83,031 56,988
iii)Finished goods 19,835 37,207 52,057 57,414 72,984 129,799
3.Trade Debt / accounts receivables 306,593 296,304 383,986 609,587 406,754 547,514
4.Short term loans and advances 3,892 7,516 9,447 3,403 7,063 13,063
5.Short term investments 0 0 0 0 0 0
6.Other current assets 307,901 331,208 377,664 378,844 504,845 553,301
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,690,524 2,409,301 3,045,773 3,766,076 4,623,199 4,713,488
C.Shareholders' Equity (C1+C2+C3) 522,444 581,261 613,162 996,100 1,018,206 571,294
1.Issued, Subscribed & Paid up capital 403,142 403,142 403,142 806,284 806,284 806,284
i)Ordinary shares 403,142 403,142 403,142 806,284 806,284 806,284
ii)Preference shares 0 0 0 0 0 0
2.Reserves (45,912) (36,998) (4,327) (23,788) (117,489) (562,682)
i)Capital Reserve 0 0 0 0 216,299 465,338
ii)Revenue Reserve (45,912) (36,998) (4,327) (23,788) (333,788) (1,028,020)
of which: un-appropriated profit(loss) / retained earnings (45,912) (36,998) (4,327) (23,788) (333,788) (1,134,820)
3.Surplus on revaluation of fixed assets 165,214 215,117 214,347 213,604 329,411 327,692
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 613,125 768,632 1,293,969 1,167,372 1,442,484 2,449,405
1.Long term borrowings 513,125 668,491 1,193,324 1,066,830 1,361,823 2,353,908
2.Subordinated loans / Sponsor's loans 100,000 100,000 100,000 100,000 80,225 93,084
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 141 645 542 436 2,413
E.Current Liabilities (E1+E2+E3+E4) 554,955 1,059,408 1,138,642 1,602,604 2,162,509 1,692,789
1.Trade credit & other accounts payables 121,139 177,592 229,470 544,054 826,177 593,067
of which: i) Trade credits 106,825 163,590 209,925 516,597 744,237 551,704
2.Short term borrowings 408,364 822,459 738,390 800,006 1,012,701 938,535
3.Current portion of non-current liabilities 16,875 47,106 151,882 233,706 269,084 106,593
4.Other current liabilities 8,577 12,251 18,900 24,838 54,547 54,594
F.Operations:
1.Sales 2,023,249 1,606,868 1,801,452 2,449,541 2,859,838 2,158,386
i)Local sales (Net) 2,023,249 1,606,868 1,801,452 2,449,541 2,859,838 2,150,449
ii)Export sales (Net) 0 0 0 0 0 7,937
2.Cost of sales 1,850,913 1,478,123 1,617,464 2,223,722 2,854,539 2,357,089
i)Cost of material 1,503,484 1,169,654 1,252,008 1,751,214 2,273,140 1,738,519
3.Gross profit / (loss) (F1-F2) 172,336 128,745 183,988 225,819 5,299 (198,703)
4.General, administrative and other expenses 70,269 73,349 84,079 135,045 138,924 221,246
i)Selling & distribution expenses 31,185 34,670 35,473 39,524 40,196 43,123
ii)Administrative and other expenses 39,084 38,679 48,606 95,521 98,728 178,123
5.Other income / (loss) 19,223 26,864 2,902 4,621 7,091 3,519
6.EBIT (F3-F4+F5) 121,290 82,260 102,811 95,395 (126,534) (416,430)
7.Financial expenses 96,280 72,738 100,036 135,258 223,923 353,011
of which: (i) Interest expenses 95,404 71,747 99,170 133,930 222,439 350,599
8.Profit / (loss) before taxation (F6-F7) 25,010 9,522 2,775 (39,863) (350,457) (769,441)
9.Tax expenses 9,976 6,355 (29,902) (31,599) (39,921) (76,761)
10.Profit / (loss) after tax (F8-F9) 15,034 3,167 32,677 (8,264) (310,536) (692,680)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (21,622) (60,844) (49,870) 79,774 87,805 (752,586)
2.Net cash flows from investing activities (91,994) (705,536) (495,055) (482,284) (775,581) (91,426)
3.Net cash flows from financing activities 90,000 485,597 579,609 96,631 621,433 923,374
H.Miscellaneous
1.Total capital employed (C+D) 1,135,569 1,349,893 1,907,131 2,163,472 2,460,690 3,020,699
2.Retention in business (F10-F11-F12) 15,034 3,167 32,677 (8,264) (310,536) (692,680)
3.Depreciation for the year 47,461 44,126 62,299 113,809 161,215 248,780
4.Salaries, wages and employee benefits 144,284 144,527 176,928 227,841 247,640 236,643
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.74 0.20 1.81 -0.34 -10.86 -32.09
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.25 0.78 0.66 0.72 0.68 0.46
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.93 0.15 1.20 -0.24 -7.40 -14.84
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.13 3.71 4.57 4.23 4.16 5.87
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.91 0.57 5.47 -1.03 -30.83 -87.16
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.37 0.08 0.81 -0.10 -3.85 -8.59
423
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Packages Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 52,938,976 64,401,939 90,562,241 80,597,903 77,037,127 70,078,849
1.Capital work in progress 237,361 108,659 1,999,477 2,054,719 2,582,814 2,914,827
2.Operating fixed assets at cost 11,296,595 12,809,111 31,868,076 31,868,076 38,930,623 40,975,193
3.Operating fixed assets after deducting accumulated depreciation 5,301,065 6,441,417 23,993,329 25,029,838 25,342,793 24,481,307
4.Intangible assets 150,437 164,294 286,621 385,100 405,617 372,521
5.Long term investments 47,209,729 57,647,711 64,125,606 52,982,854 47,766,617 41,556,174
6.Other non-current assets 40,384 39,858 157,208 145,392 939,286 754,020
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,482,598 10,707,502 22,323,516 27,069,081 27,873,950 31,781,058
1.Cash & bank balance 441,694 411,801 1,088,790 461,346 417,933 638,343
2.Inventories; of which 2,715,346 2,846,446 8,439,160 11,836,992 11,031,511 13,416,931
i)Raw material 1,666,601 1,724,365 4,180,635 6,996,857 5,286,207 7,397,827
ii)Work in progress 324,838 393,587 727,962 973,939 1,174,044 1,186,536
iii)Finished goods 723,907 699,139 3,526,660 3,839,768 4,571,260 4,832,567
3.Trade Debt / accounts receivables 2,874,022 3,561,210 5,946,606 6,660,220 7,578,383 7,586,305
4.Short term loans and advances 1,283,308 1,008,102 972,548 1,184,623 1,413,084 1,064,991
5.Short term investments 0 0 0 0 80,000 1,450,000
6.Other current assets 3,168,228 2,879,943 5,876,412 6,925,900 7,353,039 7,624,488
Total Assets (A+B) / Equity & Liabilities (C+D+E) 63,421,574 75,109,441 112,885,757 107,666,984 104,911,077 101,859,907
C.Shareholders' Equity (C1+C2+C3) 49,092,277 54,758,816 77,259,150 65,056,960 59,900,708 57,776,680
1.Issued, Subscribed & Paid up capital 2,193,477 1,500,017 1,500,017 1,500,017 1,500,017 1,500,017
i)Ordinary shares 883,795 893,795 893,795 893,795 893,795 893,795
ii)Preference shares 1,309,682 606,222 606,222 606,222 606,222 606,222
2.Reserves 46,898,800 53,258,799 75,759,133 63,556,943 58,400,691 56,276,663
i)Capital Reserve 28,804,536 2,028,570 50,360,869 39,996,817 36,080,781 30,436,731
ii)Revenue Reserve 18,094,264 51,230,229 25,398,264 23,560,126 22,319,910 25,839,932
of which: un-appropriated profit(loss) / retained earnings 4,316,773 1,879,569 11,087,931 6,249,793 4,009,577 6,529,599
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,936,872 11,634,648 19,150,419 17,607,881 19,746,211 20,404,012
1.Long term borrowings 5,954,859 10,379,857 14,675,649 13,587,286 15,567,958 16,622,610
2.Subordinated loans / Sponsor's loans 0 0 409,380 220,916 224,230 260,107
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 40,425 102,825 516,586 692,767 847,464 807,523
5.Other non-current liabilities 941,588 1,151,966 3,548,804 3,106,912 3,106,559 2,713,772
E.Current Liabilities (E1+E2+E3+E4) 7,392,425 8,715,977 16,476,188 25,002,143 25,264,158 23,679,215
1.Trade credit & other accounts payables 4,784,041 5,126,373 7,390,625 8,986,971 8,299,420 9,488,819
of which: i) Trade credits 2,132,321 2,227,002 3,790,051 4,370,850 4,391,399 5,431,788
2.Short term borrowings 1,661,809 2,381,009 5,091,722 11,618,495 11,386,824 9,959,308
3.Current portion of non-current liabilities 551,640 828,884 3,437,080 3,584,794 4,351,490 3,516,939
4.Other current liabilities 394,935 379,711 556,761 811,883 1,226,424 714,149
F.Operations:
1.Sales 22,060,709 24,495,674 31,679,743 52,922,723 60,905,852 64,981,483
i)Local sales (Net) 21,451,011 23,883,670 30,979,746 52,180,161 60,643,416 64,388,685
ii)Export sales (Net) 609,698 612,004 699,997 742,562 262,436 592,798
2.Cost of sales 17,307,773 19,061,596 25,852,219 46,183,738 50,719,265 51,738,720
i)Cost of material 12,594,280 13,734,624 16,944,962 28,337,158 32,117,225 32,815,585
3.Gross profit / (loss) (F1-F2) 4,752,936 5,434,078 5,827,524 6,738,985 10,186,587 13,242,763
4.General, administrative and other expenses 2,422,547 3,097,952 3,784,031 5,465,498 6,592,126 6,089,995
i)Selling & distribution expenses 895,060 1,225,621 1,480,314 2,423,374 2,587,000 2,690,770
ii)Administrative and other expenses 1,527,487 1,872,331 2,303,717 3,042,124 4,005,126 3,399,225
5.Other income / (loss) 2,891,942 6,171,633 11,390,427 2,722,351 2,319,220 1,387,598
6.EBIT (F3-F4+F5) 5,222,331 8,507,759 13,433,920 3,995,838 5,913,681 8,540,366
7.Financial expenses 757,823 1,494,508 1,175,701 2,268,319 3,975,906 3,455,909
of which: (i) Interest expenses 398,657 394,561 984,930 2,071,550 3,778,145 3,207,480
8.Profit / (loss) before taxation (F6-F7) 4,464,508 7,013,251 12,258,219 1,727,519 1,937,775 5,084,457
9.Tax expenses 1,067,850 1,661,744 1,458,435 567,341 1,659,714 548,753
10.Profit / (loss) after tax (F8-F9) 3,396,658 5,351,507 10,799,784 1,160,178 278,061 4,535,704
11.Cash dividends 3,290,216 3,750,043 4,500,051 2,250,026 1,800,020 3,375,038
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,186,901 1,285,472 950,808 (1,080,812) 2,815,851 5,985,491
2.Net cash flows from investing activities (2,875,807) (1,597,555) (2,999,729) (2,069,334) (2,580,175) (1,818,620)
3.Net cash flows from financing activities 1,094,187 (452,190) (447,733) (4,004,071) 32,582 (1,148,945)
H.Miscellaneous
1.Total capital employed (C+D) 56,029,149 66,393,464 96,409,569 82,664,841 79,646,919 78,180,692
2.Retention in business (F10-F11-F12) 106,443 1,601,465 6,299,733 (1,089,848) (1,521,959) 1,160,666
3.Depreciation for the year 681,726 839,945 1,657,163 3,439,754 3,315,290 2,961,978
4.Salaries, wages and employee benefits 2,619,187 3,435,419 4,237,165 5,973,996 6,557,075 6,839,572
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 15.40 21.85 34.09 2.19 0.46 6.98
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.35 0.35 0.34 0.48 0.57 0.63
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.41 7.73 11.49 1.05 0.26 4.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.25 1.33 1.42 1.55 1.70 1.76
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 6.79 10.31 16.36 1.63 0.45 7.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 15.49 35.68 72.00 7.73 1.85 30.24
424
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Paper Products Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 456,029 416,961 510,751 494,888 784,273 825,219
1.Capital work in progress 0 0 12,816 0 0 0
2.Operating fixed assets at cost 483,231 467,452 576,983 607,302 928,550 999,350
3.Operating fixed assets after deducting accumulated depreciation 455,470 416,288 497,027 493,974 783,359 824,265
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 559 673 908 914 914 954
B.Current Assets (B1+B2+B3+B4+B5+B6) 267,737 306,225 333,044 375,781 449,908 551,132
1.Cash & bank balance 8,322 38,834 10,175 5,510 5,712 4,410
2.Inventories; of which 102,900 117,498 131,057 155,678 171,696 229,816
i)Raw material 76,770 94,113 102,241 120,053 133,963 164,688
ii)Work in progress 15,265 15,336 20,465 22,894 22,710 39,473
iii)Finished goods 10,865 8,049 8,351 12,731 15,023 25,655
3.Trade Debt / accounts receivables 101,364 108,126 118,247 128,329 173,477 214,588
4.Short term loans and advances 44,202 37,629 68,358 20,959 27,563 20,258
5.Short term investments 0 0 0 0 0 0
6.Other current assets 10,949 4,138 5,207 65,305 71,460 82,060
Total Assets (A+B) / Equity & Liabilities (C+D+E) 723,766 723,186 843,795 870,669 1,234,181 1,376,351
C.Shareholders' Equity (C1+C2+C3) 541,255 556,343 597,018 634,269 947,258 955,050
1.Issued, Subscribed & Paid up capital 60,000 60,000 60,000 60,000 80,000 80,000
i)Ordinary shares 60,000 60,000 60,000 60,000 80,000 80,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 262,821 278,830 322,163 361,793 348,809 360,912
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 262,821 278,830 322,163 361,793 348,809 360,912
of which: un-appropriated profit(loss) / retained earnings 118,921 0 0 0 0 0
3.Surplus on revaluation of fixed assets 218,434 217,513 214,855 212,476 518,449 514,138
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 103,437 85,741 136,968 108,345 84,288 78,045
1.Long term borrowings 51,271 32,121 78,326 53,089 27,851 25,322
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 8,254 11,137 11,222 13,852 13,440 15,809
5.Other non-current liabilities 43,912 42,483 47,420 41,404 42,997 36,914
E.Current Liabilities (E1+E2+E3+E4) 79,074 81,102 109,809 128,055 202,635 343,256
1.Trade credit & other accounts payables 45,505 44,633 62,968 58,159 95,789 220,146
of which: i) Trade credits 15,397 31,412 51,182 43,410 79,147 197,433
2.Short term borrowings 12,731 963 256 37,017 73,408 95,645
3.Current portion of non-current liabilities 20,838 19,150 25,238 26,183 26,183 19,971
4.Other current liabilities 0 16,356 21,347 6,696 7,255 7,494
F.Operations:
1.Sales 576,333 613,672 659,935 788,229 875,439 913,309
i)Local sales (Net) 576,333 613,672 659,935 788,229 875,439 913,309
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 459,422 488,330 535,264 658,509 776,168 816,398
i)Cost of material 362,834 369,236 404,626 511,372 616,184 669,848
3.Gross profit / (loss) (F1-F2) 116,911 125,342 124,671 129,720 99,271 96,911
4.General, administrative and other expenses 40,598 50,192 46,589 50,403 48,563 52,630
i)Selling & distribution expenses 10,448 11,959 13,161 14,920 13,184 15,076
ii)Administrative and other expenses 30,150 38,233 33,428 35,483 35,379 37,554
5.Other income / (loss) 1,356 (5,323) 781 369 277 160
6.EBIT (F3-F4+F5) 77,669 69,827 78,863 79,686 50,985 44,441
7.Financial expenses 4,214 7,255 5,804 15,226 27,016 22,825
of which: (i) Interest expenses 3,827 6,789 4,903 9,858 15,724 16,758
8.Profit / (loss) before taxation (F6-F7) 73,455 62,572 73,059 64,460 23,969 21,616
9.Tax expenses 16,275 24,206 12,226 14,391 5,994 6,046
10.Profit / (loss) after tax (F8-F9) 57,180 38,366 60,833 50,069 17,975 15,570
11.Cash dividends 24,000 18,000 33,000 15,000 8,000 10,000
12.Bonus shares / stock dividends 0 0 0 19,998 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 15,554 76,873 57,678 27,047 9,963 64,271
2.Net cash flows from investing activities (57,877) 7,439 (121,914) (17,529) (6,474) (72,790)
3.Net cash flows from financing activities 24,088 (42,033) 36,285 (50,944) (39,679) (15,020)
H.Miscellaneous
1.Total capital employed (C+D) 644,692 642,084 733,986 742,614 1,031,546 1,033,095
2.Retention in business (F10-F11-F12) 33,180 20,366 27,833 15,071 9,975 5,570
3.Depreciation for the year 22,700 26,223 28,852 33,398 32,073 31,960
4.Salaries, wages and employee benefits 68,996 75,201 95,974 101,088 97,811 106,241
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.92 6.25 9.22 6.35 2.05 1.70
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.85 0.85 0.84 0.92 0.83 0.70
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.40 5.30 7.76 5.84 1.71 1.19
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.30 1.32 1.36 1.39 1.33 1.37
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 10.89 6.99 10.55 8.13 2.27 1.64
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 9.53 6.39 10.14 8.34 2.25 1.95
425
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Roshan Packages Ltd. (Thousand Rupees)

Items 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) - 3,835,297 3,843,406 5,014,876 4,870,629
1.Capital work in progress - 118,911 172,890 89,647 97,745
2.Operating fixed assets at cost - 4,403,351 4,498,530 6,164,759 6,170,276
3.Operating fixed assets after deducting accumulated depreciation - 3,491,447 3,452,468 4,545,886 4,426,416
4.Intangible assets - 4,616 3,198 1,780 363
5.Long term investments - 203,563 111,376 111,376 111,376
6.Other non-current assets - 16,760 103,474 266,187 234,729
B.Current Assets (B1+B2+B3+B4+B5+B6) - 4,558,991 4,548,780 4,190,599 3,991,557
1.Cash & bank balance - 2,034,191 1,749,293 1,138,630 328,563
2.Inventories; of which - 575,197 631,652 709,586 708,935
i)Raw material - 470,370 569,086 693,322 697,207
ii)Work in progress - 42,527 20,776 0 0
iii)Finished goods - 62,300 41,790 16,264 11,728
3.Trade Debt / accounts receivables - 1,191,625 1,231,373 1,269,505 1,255,085
4.Short term loans and advances - 143,097 206,951 214,551 223,068
5.Short term investments - 0 0 0 486,018
6.Other current assets - 614,881 729,511 858,327 989,888
Total Assets (A+B) / Equity & Liabilities (C+D+E) - 8,394,288 8,392,186 9,205,475 8,862,186
C.Shareholders' Equity (C1+C2+C3) - 5,309,026 5,142,681 5,614,486 5,862,275
1.Issued, Subscribed & Paid up capital - 1,075,000 1,182,500 1,419,000 1,419,000
i)Ordinary shares - 1,075,000 1,182,500 1,419,000 1,419,000
ii)Preference shares - 0 0 0 0
2.Reserves - 3,160,135 2,881,662 3,838,517 2,648,059
i)Capital Reserve - 2,339,165 2,231,665 1,994,789 1,994,789
ii)Revenue Reserve - 820,970 649,997 1,843,728 653,270
of which: un-appropriated profit(loss) / retained earnings - 820,970 649,997 1,843,728 653,270
3.Surplus on revaluation of fixed assets - 1,073,891 1,078,519 356,969 1,795,216
D.Non-Current Liabilities (D1+D2+D3+D4+D5) - 1,127,036 539,656 740,751 694,452
1.Long term borrowings - 779,169 195,996 105,863 118,741
2.Subordinated loans / Sponsor's loans - 0 0 0 0
3.Debentures/TFCs (bonds payable) - 0 0 0 0
4.Employees benefit obligations - 59,776 66,013 73,592 122,088
5.Other non-current liabilities - 288,091 277,647 561,296 453,623
E.Current Liabilities (E1+E2+E3+E4) - 1,958,226 2,709,849 2,850,238 2,305,459
1.Trade credit & other accounts payables - 977,407 711,640 964,259 959,971
of which: i) Trade credits - 586,333 593,314 691,505 890,829
2.Short term borrowings - 755,640 1,333,809 1,353,114 1,048,294
3.Current portion of non-current liabilities - 213,227 638,365 493,541 248,835
4.Other current liabilities - 11,952 26,035 39,324 48,359
F.Operations:
1.Sales - 4,098,007 4,031,388 5,397,124 5,232,971
i)Local sales (Net) - 4,098,007 4,031,388 5,397,124 5,232,971
ii)Export sales (Net) - 0 0 0 0
2.Cost of sales - 3,545,206 3,782,682 5,026,766 4,686,045
i)Cost of material - 2,978,360 3,029,824 4,252,776 3,882,615
3.Gross profit / (loss) (F1-F2) - 552,801 248,706 370,358 546,926
4.General, administrative and other expenses - 233,968 274,392 382,296 329,588
i)Selling & distribution expenses - 100,549 67,128 151,647 165,539
ii)Administrative and other expenses - 133,419 207,264 230,649 164,049
5.Other income / (loss) - 42,774 72,989 239,788 180,777
6.EBIT (F3-F4+F5) - 361,607 47,303 227,850 398,115
7.Financial expenses - 93,144 120,528 186,633 223,124
of which: (i) Interest expenses - 80,942 109,096 173,814 214,326
8.Profit / (loss) before taxation (F6-F7) - 268,463 (73,225) 41,217 174,991
9.Tax expenses - 16,873 17,324 68,115 (72,971)
10.Profit / (loss) after tax (F8-F9) - 251,590 (90,549) (26,898) 247,962
11.Cash dividends - 107,500 0 0 141,900
12.Bonus shares / stock dividends - 107,500 236,500 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities - (165,068) (441,852) (326,648) 251,319
2.Net cash flows from investing activities - (802,838) (86,231) 22,372 3,097
3.Net cash flows from financing activities - 2,715,088 52,638 (276,710) (376,963)
H.Miscellaneous
1.Total capital employed (C+D) - 6,436,062 5,682,337 6,355,237 6,556,727
2.Retention in business (F10-F11-F12) - 36,590 (327,049) (26,898) 106,062
3.Depreciation for the year - 182,589 137,222 140,965 141,053
4.Salaries, wages and employee benefits - 292,723 290,193 347,458 378,910
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - 6.14 -2.25 -0.50 4.74
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) - 0.49 0.48 0.61 0.58
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} - 3.00 -1.08 -0.31 2.74
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current - 1.58 1.61 1.64 1.57
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} - 4.74 -1.73 -0.50 4.32
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) - 2.34 -0.77 -0.19 1.75
426
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Security Papers Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,323,761 2,499,863 2,373,519 1,994,400 2,711,462 3,069,630
1.Capital work in progress 3,684 5,453 49,108 15,882 4,404 299,297
2.Operating fixed assets at cost 3,397,139 3,465,432 3,509,704 3,745,208 3,889,405 3,966,840
3.Operating fixed assets after deducting accumulated depreciation 1,843,930 1,704,667 1,541,913 1,573,237 1,510,353 1,420,120
4.Intangible assets 0 0 0 1,329 1,596 20,206
5.Long term investments 1,461,099 774,229 779,176 399,999 1,190,841 1,299,667
6.Other non-current assets 15,048 15,514 3,322 3,953 4,268 30,340
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,827,001 2,772,750 3,305,688 3,898,039 3,372,972 3,914,344
1.Cash & bank balance 114,543 147,365 29,930 405,650 204,913 683,939
2.Inventories; of which 366,127 487,006 548,554 391,166 363,770 529,111
i)Raw material 156,707 215,103 304,048 303,368 301,734 379,976
ii)Work in progress 160,272 214,301 220,698 75,960 52,945 111,510
iii)Finished goods 49,148 57,602 23,808 11,838 9,091 37,625
3.Trade Debt / accounts receivables 252,764 310,892 631,879 626,610 903,510 360,899
4.Short term loans and advances 70,171 26,490 52,103 35,435 11,943 20,454
5.Short term investments 834,660 1,608,966 1,832,612 2,205,703 1,586,544 2,036,153
6.Other current assets 188,736 192,031 210,610 233,475 302,292 283,788
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,150,762 5,272,613 5,679,207 5,892,439 6,084,434 6,983,974
C.Shareholders' Equity (C1+C2+C3) 4,020,170 4,249,489 4,600,457 4,705,551 4,938,096 5,789,666
1.Issued, Subscribed & Paid up capital 592,559 592,559 592,559 592,559 592,559 592,559
i)Ordinary shares 592,559 592,559 592,559 592,559 592,559 592,559
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,373,259 3,655,304 4,007,898 4,112,992 4,345,537 5,197,107
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 3,373,259 3,655,304 4,007,898 4,112,992 4,345,537 5,197,107
of which: un-appropriated profit(loss) / retained earnings 500,140 631,815 797,979 439,473 407,658 979,228
3.Surplus on revaluation of fixed assets 54,352 1,626 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 342,520 290,230 228,268 198,565 144,688 142,798
1.Long term borrowings 51,927 15,202 11,908 16,441 18,735 19,618
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 335 2,699
5.Other non-current liabilities 290,593 275,028 216,360 182,124 125,618 120,481
E.Current Liabilities (E1+E2+E3+E4) 788,072 732,894 850,482 988,323 1,001,650 1,051,510
1.Trade credit & other accounts payables 538,105 552,525 512,523 584,866 539,917 669,940
of which: i) Trade credits 22,707 14,911 36,558 20,541 21,611 53,613
2.Short term borrowings 0 0 0 54,618 88,030 0
3.Current portion of non-current liabilities 124,779 44,722 6,750 6,789 7,096 7,071
4.Other current liabilities 125,188 135,647 331,209 342,050 366,607 374,499
F.Operations:
1.Sales 2,140,951 2,583,566 2,842,085 3,466,918 4,001,591 4,901,284
i)Local sales (Net) 2,140,951 2,583,566 2,842,085 3,466,918 4,001,591 4,901,284
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,465,235 1,706,946 1,753,679 2,173,695 2,416,355 3,004,975
i)Cost of material 586,253 682,762 694,470 856,461 1,190,290 1,627,067
3.Gross profit / (loss) (F1-F2) 675,716 876,620 1,088,406 1,293,223 1,585,236 1,896,309
4.General, administrative and other expenses 227,743 252,558 300,851 535,580 598,510 450,446
i)Selling & distribution expenses 6,138 5,297 2,854 3,007 3,614 2,813
ii)Administrative and other expenses 221,605 247,261 297,997 532,573 594,896 447,633
5.Other income / (loss) 282,092 300,600 520,700 133,140 175,649 360,071
6.EBIT (F3-F4+F5) 730,065 924,662 1,308,255 890,783 1,162,375 1,805,934
7.Financial expenses 26,764 11,244 4,129 4,315 3,093 4,322
of which: (i) Interest expenses 25,827 8,877 3,374 2,272 2,008 3,365
8.Profit / (loss) before taxation (F6-F7) 703,301 913,418 1,304,126 886,468 1,159,282 1,801,612
9.Tax expenses 197,387 282,547 366,473 316,109 387,248 525,363
10.Profit / (loss) after tax (F8-F9) 505,914 630,871 937,653 570,359 772,034 1,276,249
11.Cash dividends 355,535 444,419 474,047 474,047 488,861 533,303
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 436,027 394,212 272,273 1,014,309 641,961 1,660,735
2.Net cash flows from investing activities (78,719) 87,497 134,396 (317,087) (380,817) (656,975)
3.Net cash flows from financing activities (325,978) (448,887) (449,104) (396,502) (461,881) (524,734)
H.Miscellaneous
1.Total capital employed (C+D) 4,362,690 4,539,719 4,828,725 4,904,116 5,082,784 5,932,464
2.Retention in business (F10-F11-F12) 150,379 186,452 463,606 96,312 283,173 742,946
3.Depreciation for the year 203,903 212,457 205,781 208,401 214,915 195,725
4.Salaries, wages and employee benefits 463,532 533,467 537,350 620,213 613,493 757,980
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 23.63 24.42 32.99 16.45 19.29 26.04
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.43 0.50 0.52 0.60 0.67 0.75
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.07 12.10 17.12 9.86 12.89 19.53
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.31 1.26 1.24 1.24 1.24 1.22
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 13.16 15.26 21.19 12.26 16.01 23.79
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 8.54 10.65 15.82 9.63 13.03 21.54
427
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Electrical Machinery & Apparatus

Performance at Glance
The balance sheet size of the Electrical machinery and apparatus sector increased by Rs 10.23 billion
to touch Rs 95.78 billion in FY20 from Rs 85.55 billion in the previous year recording a YoY increase
of 11.96 percent. The share of shareholder’s equity in total assets increased and reached to Rs 50.04
billion in FY20 from Rs 42.40 billion in FY19, although YoY growth in shareholder’s equity was
18.02 percent during FY20. Operational performance of the sector faced a decline in FY20 as
compared to the previous year. Profit/loss before tax decreased by Rs 1.85 billion during FY20 and
profit after tax decreased by Rs 1.61 billion during FY20.

Assets
Non-current assets of the sector touched Rs 40.51 billion in FY20 as compared to Rs 38.13 billion in
the last year, posted an increase of Rs 2.38 billion during FY20. Operating fixed assets after deducting
accumulated depreciation contributing 82.48 percent share in non-current assets in FY20, showing an
increase of Rs 0.84 billion i.e. 2.59 percent in FY20. Capital work in progress increased and reached
to Rs 1.14 billion during FY20 from Rs 0.35 billion in FY19.

Current Assets 2019 2020 Growth (RHS) Non-Current Assets 2019 2020 Growth (RHS)
30 120 40 40.85 45

97.35 100 35 40
25
80 30 35
20
25 30
billion Rs

60
billion Rs

percent
percent

45.87 20 25
15 40
3.00 1.34 20 15 20
10
0 10 15
5 5 14.12 10
-17.16 -20
0 -40 0 2.59 5
Cash & Inventory Trade Loans Other CA OFA less Intangible Long term Other NCA
-5 acc dep. Assets Inv. 0
balances Debt and
Advances -10 -1.19 -5

The current assets reached at Rs 55.27 billion in FY20 as compared to Rs 47.43 billion in the last year
with increase of 16.55 percent during FY20. Short term loans and advances, short term investments
and trade debts increased by 97.35 percent, 47.62 percent and 45.87 percent respectively during FY20
as compared to FY19. On the other hand, other current assets posted a decline of 17.16 percent during
FY20 as compared to FY19.

Shareholders’ Equity and Liabilities

Shareholder’s equity of electrical machinery and apparatus sector increased by Rs 7.64 billion during
FY20 as compared with the previous year recording an increase of 18.02 percent. Reserves increased
by Rs 7.97 billion or 30.55 percent during FY20 over FY19. Revenue reserves contributing 67.35
percent share in reserves during FY20, showing an increase of 53.24 percent during current year when
compared with FY19.
Total liabilities of the sector slightly increased and stood at Rs 45.74 billion in FY20 from Rs 43.15
billion in FY19. Current liabilities which contribute 73.54 percent share of total liabilities in FY20,
showing a YoY decrease of 4.08 percent in FY20 over FY19. Short term borrowing and other current
liabilities posted a downward trend during the year. Short term borrowings which has 48.82 percent
share of current liabilities in FY20, decreased by 5.81 percent or Rs 1.01 billion in FY20 when
compared with previous year position.

428
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Current Liabilities 2019 2020 Growth (RHS) Non-Current Liabilities 2019 2020 Growth (RHS)
20 10
7.72 10 100
18
2.60 5 9 86.09
16 80
14 0 8
12 7 60
-5.81 -5

percent
billion Rs
6
billion Rs

10

percent
40
8 -10 5
6 4 20
-15
4 3
2
-20
-21.38 -3.70 0
2
0 -25 -23.00 -20
1
Trade Credits Borrowings Current Other CL
& other Portion of 0 -40
account LT Borrowings Employees Other NCL
Payable Liabilities benefits

Non-current liabilities which have 26.46 percent share in total labilities in FY20, showed an increase
of Rs 4.02 billion or 49.71 percent in FY20 when compared with FY19. Long term borrowings
showed increase of Rs 4.16 billion or 86.09 percent during FY20 compared to FY19.

Profitability and Operating Efficiency

Sales related to electrical machinery and
apparatus increased to Rs 59.29 billion in FY20 Profitability 2019 2020
of which local (sales) remained dominant with 3.5
99.36 percent share in overall sales and showed 3
an increase of Rs 1.33 billion during FY20 2.83
2.5
when compared with FY19. Cost of sales
increased by Rs 0.64 billion or 1.31 percent 2
during FY20 over the previous year. Gross 1.5 1.64
1.44
profit and general, administrative and other 1
expenses increased by 4.17 percent and 38.47 0.65
percent respectively during FY20. Selling and 0.5
distribution expenses contributed 62.63 percent 0
share in general, administrative and other ROCE ROA ROE EPS
-0.5
expenses during FY20. Profit/loss before tax -0.35 -0.69 -…
-1
reduced by 87.73 percent for the current year as
compared to previous year. Profit/loss after tax touched Rs 0.32 billion in FY20 from Rs 1.29 billion
profit in FY19 with a significant decrease of 124.78 percent in FY20 over FY19. Net profit margin,
return on assets (ROA), return on equity (ROE), asset turnover and basic earnings per share all
showed major downward trend in FY20.

429
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Electrical Machinery and Apparatus - Overall (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 21,845,131 24,226,836 30,975,264 35,566,911 38,127,207 40,508,639
1.Capital work in progress 130,560 253,137 185,485 153,904 348,362 1,142,056
2.Operating fixed assets at cost 27,768,239 30,589,345 35,821,985 43,071,670 47,468,328 50,095,773
3.Operating fixed assets after deducting accumulated depreciation 18,706,031 20,482,516 24,667,096 29,275,113 32,565,717 33,409,797
4.Intangible assets 369,981 362,327 3,305,257 3,289,775 3,264,734 3,225,856
5.Long term investments 35,727 385,202 85,496 103,911 50,255 57,349
6.Other non-current assets 2,602,832 2,743,654 2,731,930 2,744,208 1,898,139 2,673,581
B.Current Assets (B1+B2+B3+B4+B5+B6) 35,332,973 40,934,256 47,383,946 57,487,307 47,426,078 55,274,145
1.Cash & bank balance 1,443,807 6,060,549 4,627,537 2,616,660 1,186,228 1,221,768
2.Inventories; of which 9,281,584 11,337,515 14,427,333 17,283,977 15,028,970 15,229,716
i)Raw material 4,833,391 6,161,577 7,713,035 10,177,185 8,438,767 9,388,436
ii)Work in progress 1,900,380 1,424,897 2,317,597 1,916,887 1,991,224 1,879,260
iii)Finished goods 2,547,813 3,751,041 4,149,202 5,005,333 4,459,469 3,751,455
3.Trade Debt / accounts receivables 14,416,603 14,734,958 19,317,978 22,743,390 17,879,211 26,081,013
4.Short term loans and advances 1,094,595 1,080,909 1,076,169 1,990,430 1,470,250 2,901,487
5.Short term investments 121,524 23,106 21,824 22,071 21,596 31,881
6.Other current assets 8,974,860 7,697,219 7,913,105 12,830,779 11,839,823 9,808,280
Total Assets (A+B) / Equity & Liabilities (C+D+E) 57,178,104 65,161,092 78,359,210 93,054,218 85,553,285 95,782,784
C.Shareholders' Equity (C1+C2+C3) 27,129,876 35,408,707 43,842,610 48,604,550 42,404,640 50,044,113
1.Issued, Subscribed & Paid up capital 5,405,624 6,400,987 6,400,987 7,578,271 7,861,008 7,861,008
i)Ordinary shares 4,956,048 5,951,411 5,951,411 7,128,695 7,411,432 7,411,432
ii)Preference shares 449,576 449,576 449,576 449,576 449,576 449,576
2.Reserves 15,101,052 21,953,022 31,779,264 32,751,122 26,076,319 34,041,345
i)Capital Reserve 4,055,829 5,466,666 11,469,714 10,292,430 11,115,068 11,115,068
ii)Revenue Reserve 11,045,223 16,486,356 20,309,550 22,458,692 14,961,251 22,926,277
of which: un-appropriated profit(loss) / retained earnings 7,699,524 11,136,504 14,504,735 16,611,615 9,394,744 17,462,178
3.Surplus on revaluation of fixed assets 6,623,200 7,054,698 5,662,359 8,275,157 8,467,313 8,141,760
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 9,073,220 8,346,037 7,997,101 7,746,502 8,085,437 12,104,660
1.Long term borrowings 2,439,419 2,300,627 4,881,949 3,886,653 4,835,099 8,997,795
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 3,879,209 3,151,594 68,750 0 0 0
4.Employees benefit obligations 129,846 141,587 145,168 144,070 120,478 92,773
5.Other non-current liabilities 2,624,746 2,752,229 2,901,234 3,715,779 3,129,860 3,014,092
E.Current Liabilities (E1+E2+E3+E4) 20,975,008 21,406,348 26,519,499 36,703,166 35,063,208 33,634,011
1.Trade credit & other accounts payables 9,506,676 11,135,228 9,940,517 11,508,412 10,295,661 10,563,316
of which: i) Trade credits 4,127,581 4,551,069 5,601,775 7,059,748 6,384,095 5,905,448
2.Short term borrowings 6,869,872 6,662,060 11,172,621 19,536,427 17,432,787 16,419,211
3.Current portion of non-current liabilities 2,048,431 1,830,229 2,197,682 2,198,510 3,040,983 3,275,644
4.Other current liabilities 2,550,029 1,778,831 3,208,679 3,459,817 4,293,777 3,375,840
F.Operations:
1.Sales 43,507,701 45,947,339 57,807,772 66,186,615 58,253,104 59,290,798
i)Local sales (Net) 38,169,322 41,709,369 56,512,434 65,192,304 57,576,741 58,908,849
ii)Export sales (Net) 5,338,379 4,237,970 1,295,338 994,311 676,363 381,949
2.Cost of sales 34,343,521 35,087,579 43,900,736 52,362,305 48,652,810 49,289,794
i)Cost of material 21,558,372 23,158,121 25,383,130 28,844,403 29,208,410 30,039,942
3.Gross profit / (loss) (F1-F2) 9,164,180 10,859,760 13,907,036 13,824,310 9,600,294 10,001,004
4.General, administrative and other expenses 4,259,190 4,916,382 7,024,964 6,940,483 5,043,431 6,983,514
i)Selling & distribution expenses 2,542,089 3,226,095 4,655,311 4,562,025 3,129,519 4,373,805
ii)Administrative and other expenses 1,717,101 1,690,287 2,369,653 2,378,458 1,913,912 2,609,709
5.Other income / (loss) 469,661 2,775,416 1,039,965 396,077 395,204 796,046
6.EBIT (F3-F4+F5) 5,374,651 8,718,794 7,922,037 7,279,904 4,952,067 3,813,536
7.Financial expenses 2,134,089 1,755,798 1,933,687 2,756,777 2,848,446 3,555,454
of which: (i) Interest expenses 1,860,456 1,328,031 1,499,426 2,122,787 2,606,078 3,297,400
8.Profit / (loss) before taxation (F6-F7) 3,240,562 6,962,996 5,988,350 4,523,127 2,103,621 258,082
9.Tax expenses 853,227 901,676 827,789 1,454,308 815,839 577,172
10.Profit / (loss) after tax (F8-F9) 2,387,335 6,061,320 5,160,561 3,068,819 1,287,782 (319,090)
11.Cash dividends 754,649 2,745,638 2,439,262 993,216 694,565 1,020,491
12.Bonus shares / stock dividends 0 0 0 244,701 281,406 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 3,775,504 3,469,864 463,488 (5,002,838) 4,117,129 2,633,299
2.Net cash flows from investing activities (2,377,170) 975,796 (498,797) (2,871,928) (3,308,654) (4,538,635)
3.Net cash flows from financing activities (576,455) 402,956 (1,152,006) 3,308,853 (1,364,782) 3,592,293
H.Miscellaneous
1.Total capital employed (C+D) 36,203,096 43,754,744 51,839,711 56,351,052 50,490,077 62,148,773
2.Retention in business (F10-F11-F12) 1,632,686 3,315,682 2,721,299 1,830,902 311,811 (1,339,581)
3.Depreciation for the year 1,678,881 1,125,647 1,337,669 1,417,991 1,696,634 1,948,751
4.Salaries, wages and employee benefits 4,031,812 3,842,600 5,182,353 6,250,997 5,804,484 6,718,730
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 5.49 13.19 8.93 4.64 2.21 -0.54
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.77 0.75 0.81 0.77 0.65 0.65
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.23 9.91 7.19 3.58 1.44 -0.35
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.25 1.96 1.81 1.85 1.96 1.96
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 9.50 19.38 13.02 6.64 2.83 -0.69
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 4.42 9.47 8.06 4.05 1.64 -0.41
430
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Ados Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 48,016 77,728 84,527 55,691 48,601 55,583
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 167,478 202,291 202,971 206,605 192,421 192,421
3.Operating fixed assets after deducting accumulated depreciation 45,339 70,907 60,542 54,786 46,026 39,327
4.Intangible assets 0 0 0 0 1,695 1,356
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,677 6,821 23,985 905 880 14,900
B.Current Assets (B1+B2+B3+B4+B5+B6) 611,023 398,194 351,641 236,462 231,428 209,398
1.Cash & bank balance 92,641 48,677 22,119 12,560 1,561 1,697
2.Inventories; of which 66,336 66,770 58,305 55,481 75,311 57,294
i)Raw material 64,852 65,286 55,893 51,294 71,203 51,136
ii)Work in progress 0 0 2,016 2,016 0 0
iii)Finished goods 1,484 1,484 396 2,171 4,108 6,158
3.Trade Debt / accounts receivables 269,768 105,610 126,587 23,936 12,591 11,262
4.Short term loans and advances 49,597 15,207 17 4,470 924 577
5.Short term investments 0 0 0 0 0 0
6.Other current assets 132,681 161,930 144,613 140,015 141,041 138,568
Total Assets (A+B) / Equity & Liabilities (C+D+E) 659,039 475,922 436,168 292,153 280,029 264,981
C.Shareholders' Equity (C1+C2+C3) 267,519 240,528 207,892 114,739 46,687 19,384
1.Issued, Subscribed & Paid up capital 65,826 65,826 65,826 65,826 65,826 65,826
i)Ordinary shares 65,826 65,826 65,826 65,826 65,826 65,826
ii)Preference shares 0 0 0 0 0 0
2.Reserves 201,693 174,702 142,066 48,913 (19,139) (46,442)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 201,693 174,702 142,066 48,913 (19,139) (46,442)
of which: un-appropriated profit(loss) / retained earnings 201,693 174,702 142,066 48,913 (19,139) (46,442)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,553 6,957 5,096 5,913 6,323 18,324
1.Long term borrowings 0 0 0 0 0 12,246
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 6,553 6,957 5,096 5,913 6,323 6,078
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 384,967 228,437 223,180 171,501 227,019 227,273
1.Trade credit & other accounts payables 381,489 222,607 84,626 97,334 111,152 43,125
of which: i) Trade credits 362,436 197,805 62,059 75,749 77,496 1,670
2.Short term borrowings 0 0 100,000 32,000 61,152 0
3.Current portion of non-current liabilities 0 0 0 0 0 3,460
4.Other current liabilities 3,478 5,830 38,554 42,167 54,715 180,688
F.Operations:
1.Sales 580,257 613,952 427,291 107,962 38,068 73,894
i)Local sales (Net) 580,257 613,952 427,291 107,962 38,068 73,894
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 475,178 518,784 334,995 94,149 37,754 63,730
i)Cost of material 405,568 465,409 294,435 49,482 10,167 34,950
3.Gross profit / (loss) (F1-F2) 105,079 95,168 92,296 13,813 314 10,164
4.General, administrative and other expenses 99,943 94,746 144,298 75,477 65,385 43,793
i)Selling & distribution expenses 29,018 30,752 21,365 0 0 0
ii)Administrative and other expenses 70,925 63,994 122,933 75,477 65,385 43,793
5.Other income / (loss) 9,426 12,392 39,253 1,117 1,752 19,275
6.EBIT (F3-F4+F5) 14,562 12,814 (12,749) (60,547) (63,319) (14,354)
7.Financial expenses 2,323 3,484 3,917 4,323 4,518 6,068
of which: (i) Interest expenses 1,347 2,028 2,508 3,974 4,260 5,967
8.Profit / (loss) before taxation (F6-F7) 12,239 9,330 (16,666) (64,870) (67,837) (20,422)
9.Tax expenses 8,171 3,623 15,692 27,113 726 7,801
10.Profit / (loss) after tax (F8-F9) 4,068 5,707 (32,358) (91,983) (68,563) (28,223)
11.Cash dividends 32,913 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (147,298) 20,104 (28,647) (6,239) (8,952) 260
2.Net cash flows from investing activities (6,607) (33,506) 2,111 (3,305) (2,041) 2,445
3.Net cash flows from financing activities 1,213 (30,561) (22) (16) (6) (2,569)
H.Miscellaneous
1.Total capital employed (C+D) 274,072 247,485 212,988 120,652 53,010 37,708
2.Retention in business (F10-F11-F12) (28,845) 5,707 (32,358) (91,983) (68,563) (28,223)
3.Depreciation for the year 6,513 9,244 11,045 9,442 8,705 10,783
4.Salaries, wages and employee benefits 30,930 27,287 37,843 38,563 76,648 56,479
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.70 0.93 -7.57 -85.20 -180.11 -38.19
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.80 1.08 0.94 0.30 0.13 0.27
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.56 1.01 -7.10 -25.26 -23.97 -10.36
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.74 2.23 2.03 2.26 3.54 8.25
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.53 2.25 -14.43 -57.02 -84.95 -85.43
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.62 0.87 -4.92 -13.97 -10.42 -4.29
431
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Johnson & Philips (Pakistan) Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 193,760 185,575 176,884 14,753 467,743 475,750
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 243,185 243,185 243,307 49,630 508,716 518,091
3.Operating fixed assets after deducting accumulated depreciation 192,820 184,009 175,318 14,194 467,184 475,433
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 940 1,566 1,566 559 559 317
B.Current Assets (B1+B2+B3+B4+B5+B6) 82,039 119,643 52,786 504,981 29,051 5,115
1.Cash & bank balance 1,731 1,245 13,810 4,556 219 1,793
2.Inventories; of which 45,324 55,355 13,788 1,926 1,956 0
i)Raw material 27,557 43,715 9,402 1,426 1,570 0
ii)Work in progress 17,446 4,172 4,386 500 386 0
iii)Finished goods 321 7,468 0 0 0 0
3.Trade Debt / accounts receivables 9,009 6,372 2,156 0 165 0
4.Short term loans and advances 16,828 17,956 16,641 62 35 68
5.Short term investments 0 0 0 0 0 0
6.Other current assets 9,147 38,715 6,391 498,437 26,676 3,254
Total Assets (A+B) / Equity & Liabilities (C+D+E) 275,799 305,218 229,670 519,734 496,794 480,865
C.Shareholders' Equity (C1+C2+C3) 53,551 (3,750) (74,900) 189,841 145,166 110,768
1.Issued, Subscribed & Paid up capital 54,500 54,500 54,500 54,500 54,500 54,500
i)Ordinary shares 54,500 54,500 54,500 54,500 54,500 54,500
ii)Preference shares 0 0 0 0 0 0
2.Reserves (177,581) (232,212) (296,528) (339,039) (367,230) (411,236)
i)Capital Reserve 29,727 29,727 29,727 29,727 29,727 29,727
ii)Revenue Reserve (207,308) (261,939) (326,255) (368,766) (396,957) (440,963)
of which: un-appropriated profit(loss) / retained earnings (230,381) (285,012) (349,328) (391,839) (420,030) (464,036)
3.Surplus on revaluation of fixed assets 176,632 173,962 167,128 474,380 457,896 467,504
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 92,521 95,040 106,368 131,247 13,106 7,175
1.Long term borrowings 77,331 81,582 96,121 116,743 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 5,816 6,007 4,011 4,144 4,027 0
5.Other non-current liabilities 9,374 7,451 6,236 10,360 9,079 7,175
E.Current Liabilities (E1+E2+E3+E4) 129,727 213,928 198,202 198,646 338,522 362,922
1.Trade credit & other accounts payables 121,459 171,269 182,447 179,984 188,195 24,854
of which: i) Trade credits 106,849 128,039 131,801 124,652 124,875 5,338
2.Short term borrowings 0 33,831 6,927 9,834 10,434 242,232
3.Current portion of non-current liabilities 4,000 4,000 4,000 4,000 135,065 31,831
4.Other current liabilities 4,268 4,828 4,828 4,828 4,828 64,005
F.Operations:
1.Sales 39,230 35,448 22,924 6,312 4,078 905
i)Local sales (Net) 39,230 35,448 22,924 6,312 4,078 905
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 60,346 46,344 59,469 24,645 10,504 6,682
i)Cost of material 26,158 22,644 16,222 11,507 2,155 237
3.Gross profit / (loss) (F1-F2) (21,116) (10,896) (36,545) (18,333) (6,426) (5,777)
4.General, administrative and other expenses 31,090 37,631 31,441 28,878 21,936 40,957
i)Selling & distribution expenses 2,132 3,538 1,484 812 853 252
ii)Administrative and other expenses 28,958 34,093 29,957 28,066 21,083 40,705
5.Other income / (loss) 485 - 0 3,057 344 695
6.EBIT (F3-F4+F5) (51,721) (48,527) (67,986) (44,154) (28,018) (46,039)
7.Financial expenses 6,510 5,153 4,883 5,144 8,315 9,483
of which: (i) Interest expenses 6,478 4,473 4,410 4,410 8,242 9,467
8.Profit / (loss) before taxation (F6-F7) (58,231) (53,680) (72,869) (49,298) (36,333) (55,522)
9.Tax expenses (1,417) (823) (862) (638) (835) (1,139)
10.Profit / (loss) after tax (F8-F9) (56,814) (52,857) (72,007) (48,660) (35,498) (54,383)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (3,206) 6,010 7,090 (20,799) (12,091) (184,945)
2.Net cash flows from investing activities (25) 0 22,244 2,124 1,074 0
3.Net cash flows from financing activities 3,896 (6,659) (16,769) 18,797 6,680 186,519
H.Miscellaneous
1.Total capital employed (C+D) 146,072 91,290 31,468 321,088 158,272 117,943
2.Retention in business (F10-F11-F12) (56,814) (52,857) (72,007) (48,660) (35,498) (54,383)
3.Depreciation for the year 8,835 8,811 8,813 7,245 7,961 4,732
4.Salaries, wages and employee benefits 15,467 17,582 19,551 13,561 11,727 10,695
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -144.82 -149.11 -314.11 -770.91 -870.48 -6,009.17
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.13 0.12 0.09 0.02 0.01 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -18.31 -18.19 -26.92 -12.99 -6.98 -11.13
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.76 11.67 -6.80 6.52 3.03 3.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -68.91 -212.27 183.11 -84.67 -21.19 -42.50
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.42 -9.70 -13.21 -8.93 -6.51 -9.98
432
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pak Elektron Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 16,718,614 18,067,527 18,898,865 23,752,403 23,611,435 25,507,031
1.Capital work in progress 63,147 133,302 0 0 0 0
2.Operating fixed assets at cost 22,229,462 23,963,904 25,753,579 32,591,115 34,477,986 36,733,789
3.Operating fixed assets after deducting accumulated depreciation 15,446,465 16,309,076 17,405,713 21,957,015 22,939,060 24,119,420
4.Intangible assets 338,321 323,656 315,525 313,352 306,332 297,730
5.Long term investments 8,906 26,341 8,848 6,985 5,863 10,653
6.Other non-current assets 861,775 1,275,152 1,168,779 1,475,051 360,180 1,079,228
B.Current Assets (B1+B2+B3+B4+B5+B6) 19,430,662 22,259,357 25,017,151 28,347,536 19,218,041 29,286,312
1.Cash & bank balance 577,687 552,210 484,194 471,258 379,733 552,278
2.Inventories; of which 6,181,986 7,845,800 8,149,848 10,786,157 7,789,297 9,499,264
i)Raw material 3,919,146 4,924,229 5,187,289 7,204,362 5,268,848 6,941,280
ii)Work in progress 1,143,657 1,033,340 848,453 758,928 656,835 1,046,705
iii)Finished goods 1,119,183 1,888,231 2,114,106 2,822,867 1,863,614 1,511,279
3.Trade Debt / accounts receivables 7,700,373 8,433,424 10,727,632 9,558,024 2,490,298 10,436,154
4.Short term loans and advances 913,881 954,881 845,826 1,663,220 1,094,157 2,637,536
5.Short term investments 85,524 23,106 21,824 22,071 21,596 31,881
6.Other current assets 3,971,211 4,449,936 4,787,827 5,846,806 7,442,960 6,129,199
Total Assets (A+B) / Equity & Liabilities (C+D+E) 36,149,276 40,326,884 43,916,016 52,099,939 42,829,476 54,793,343
C.Shareholders' Equity (C1+C2+C3) 19,995,776 25,511,232 27,000,590 30,279,695 23,007,553 31,714,722
1.Issued, Subscribed & Paid up capital 4,431,029 5,426,392 5,426,392 5,426,392 5,426,392 5,426,392
i)Ordinary shares 3,981,453 4,976,816 4,976,816 4,976,816 4,976,816 4,976,816
ii)Preference shares 449,576 449,576 449,576 449,576 449,576 449,576
2.Reserves 10,760,547 15,414,078 17,300,179 18,274,254 11,557,529 20,565,179
i)Capital Reserve 2,869,110 4,279,947 4,279,947 4,279,947 4,279,947 4,279,947
ii)Revenue Reserve 7,891,437 11,134,131 13,020,232 13,994,307 7,277,582 16,285,232
of which: un-appropriated profit(loss) / retained earnings 7,891,437 11,134,131 13,020,232 13,994,307 7,277,582 16,285,232
3.Surplus on revaluation of fixed assets 4,804,200 4,670,762 4,274,019 6,579,049 6,023,632 5,723,151
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 8,431,861 6,971,018 6,501,991 5,830,413 4,938,963 8,313,687
1.Long term borrowings 2,247,860 1,452,476 3,981,173 2,705,810 2,299,540 5,782,589
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 3,879,209 3,151,594 68,750 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 2,304,792 2,366,948 2,452,068 3,124,603 2,639,423 2,531,098
E.Current Liabilities (E1+E2+E3+E4) 7,721,639 7,844,634 10,413,435 15,989,831 14,882,960 14,764,934
1.Trade credit & other accounts payables 815,179 915,100 980,030 922,850 1,074,549 1,543,791
of which: i) Trade credits 318,331 326,895 399,217 414,995 468,541 656,211
2.Short term borrowings 4,668,901 4,981,662 7,227,368 12,843,848 10,955,490 10,605,608
3.Current portion of non-current liabilities 1,976,655 1,788,450 2,027,692 1,814,311 2,348,957 2,228,633
4.Other current liabilities 260,904 159,422 178,345 408,822 503,964 386,902
F.Operations:
1.Sales 25,122,267 26,834,317 31,000,042 28,445,311 22,349,749 28,799,018
i)Local sales (Net) 20,652,177 22,596,347 29,707,123 27,556,354 21,743,695 28,560,573
ii)Export sales (Net) 4,470,090 4,237,970 1,292,919 888,957 606,054 238,445
2.Cost of sales 17,688,038 18,550,387 21,883,842 21,448,040 19,021,046 22,397,517
i)Cost of material 14,015,138 15,970,005 16,792,254 16,936,321 16,289,944 18,463,200
3.Gross profit / (loss) (F1-F2) 7,434,229 8,283,930 9,116,200 6,997,271 3,328,703 6,401,501
4.General, administrative and other expenses 2,277,144 2,705,605 3,978,570 3,352,147 1,583,316 3,854,826
i)Selling & distribution expenses 1,331,075 1,627,796 2,683,532 2,207,445 953,701 2,346,473
ii)Administrative and other expenses 946,069 1,077,809 1,295,038 1,144,702 629,615 1,508,353
5.Other income / (loss) 22,383 37,620 12,439 15,522 5,847 7,623
6.EBIT (F3-F4+F5) 5,179,468 5,615,945 5,150,069 3,660,646 1,751,234 2,554,298
7.Financial expenses 1,665,305 1,496,503 1,546,604 2,103,343 1,539,898 2,198,358
of which: (i) Interest expenses 1,447,754 1,101,998 1,149,289 1,643,551 1,379,380 2,008,826
8.Profit / (loss) before taxation (F6-F7) 3,514,163 4,119,442 3,603,465 1,557,303 211,336 355,940
9.Tax expenses 634,142 449,502 295,211 185,833 33,494 132,091
10.Profit / (loss) after tax (F8-F9) 2,880,021 3,669,940 3,308,254 1,371,470 177,842 223,849
11.Cash dividends 553,879 1,627,918 1,465,126 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 2,064,581 2,132,644 1,848,762 (1,123,116) 3,733,055 466,254
2.Net cash flows from investing activities (2,537,392) (2,465,988) (2,223,461) (2,341,034) (1,899,221) (3,230,052)
3.Net cash flows from financing activities 710,412 307,867 306,683 3,451,214 (1,812,011) 2,779,986
H.Miscellaneous
1.Total capital employed (C+D) 28,427,637 32,482,250 33,502,581 36,110,108 27,946,516 40,028,409
2.Retention in business (F10-F11-F12) 2,326,142 2,042,022 1,843,128 1,371,470 177,842 223,849
3.Depreciation for the year 739,742 835,191 869,876 840,901 974,654 1,148,923
4.Salaries, wages and employee benefits 1,818,699 1,650,452 2,134,990 2,248,596 1,738,119 2,741,167
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 11.46 13.68 10.67 4.82 0.80 0.78
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.73 0.70 0.74 0.59 0.47 0.53
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 8.39 9.60 7.85 2.86 0.37 0.41
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.93 1.68 1.60 1.68 1.78 1.73
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 16.18 16.13 12.60 4.79 0.67 0.71
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.50 6.76 6.10 2.53 0.33 0.41
433
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Pakistan Cables Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,639,927 2,148,946 2,252,148 2,295,622 3,460,941 4,222,181
1.Capital work in progress 62,094 25,683 90,419 69,098 295,451 1,038,154
2.Operating fixed assets at cost 2,659,698 3,314,015 3,511,572 3,753,807 4,857,164 4,997,227
3.Operating fixed assets after deducting accumulated depreciation 1,528,325 2,064,352 2,075,647 2,116,986 3,083,572 3,028,324
4.Intangible assets 5,397 11,243 7,054 6,891 9,097 9,091
5.Long term investments 26,821 41,661 76,648 96,926 44,392 46,696
6.Other non-current assets 17,290 6,007 2,380 5,721 28,429 99,916
B.Current Assets (B1+B2+B3+B4+B5+B6) 2,526,505 2,926,580 3,537,579 4,875,412 4,970,613 4,195,014
1.Cash & bank balance 10,506 54,738 52,470 572,866 87,942 85,140
2.Inventories; of which 1,262,471 1,547,242 1,914,835 1,954,584 2,203,201 1,902,397
i)Raw material 643,386 701,986 917,039 878,375 1,021,593 806,130
ii)Work in progress 276,117 351,362 476,583 503,424 543,260 404,966
iii)Finished goods 342,968 493,894 485,427 523,037 598,511 653,522
3.Trade Debt / accounts receivables 960,409 1,020,030 1,318,916 1,971,710 2,088,764 1,652,652
4.Short term loans and advances 19,481 16,691 19,681 66,619 47,180 24,001
5.Short term investments 0 0 0 0 0 0
6.Other current assets 273,638 287,879 231,677 309,633 543,526 530,824
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,166,432 5,075,526 5,789,727 7,171,034 8,431,554 8,417,195
C.Shareholders' Equity (C1+C2+C3) 2,523,215 2,980,886 3,111,558 3,757,997 4,877,791 4,770,158
1.Issued, Subscribed & Paid up capital 284,623 284,623 284,623 284,623 355,779 355,779
i)Ordinary shares 284,623 284,623 284,623 284,623 355,779 355,779
ii)Preference shares 0 0 0 0 0 0
2.Reserves 1,415,692 1,582,144 1,723,823 2,369,041 2,898,771 2,801,445
i)Capital Reserve 527,800 527,800 527,800 527,800 1,595,139 1,595,139
ii)Revenue Reserve 887,892 1,054,344 1,196,023 1,841,241 1,303,632 1,206,306
of which: un-appropriated profit(loss) / retained earnings 179,892 252,344 270,023 215,336 76,632 (61,694)
3.Surplus on revaluation of fixed assets 822,900 1,114,119 1,103,112 1,104,333 1,623,241 1,612,934
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 149,152 360,308 321,024 419,671 845,123 794,752
1.Long term borrowings 50,000 227,500 198,125 289,375 680,625 687,732
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 49,112 60,236 64,412 67,746 68,917 48,085
5.Other non-current liabilities 50,040 72,572 58,487 62,550 95,581 58,935
E.Current Liabilities (E1+E2+E3+E4) 1,494,065 1,734,332 2,357,145 2,993,366 2,708,640 2,852,285
1.Trade credit & other accounts payables 821,588 1,262,183 1,316,338 1,096,047 812,558 1,077,799
of which: i) Trade credits 129,755 357,834 343,281 175,743 183,029 463,061
2.Short term borrowings 667,094 452,967 921,995 1,779,139 1,498,488 1,234,430
3.Current portion of non-current liabilities 0 12,500 64,375 68,750 108,750 273,327
4.Other current liabilities 5,383 6,682 54,437 49,430 288,844 266,729
F.Operations:
1.Sales 6,956,670 6,849,559 8,083,511 9,560,954 9,704,311 9,086,125
i)Local sales (Net) 6,956,670 6,849,559 8,083,511 9,469,786 9,652,162 8,966,696
ii)Export sales (Net) 0 0 0 91,168 52,149 119,429
2.Cost of sales 6,087,480 5,766,671 6,815,996 8,423,835 8,558,638 8,225,834
i)Cost of material 5,181,517 5,097,060 5,877,701 7,311,032 7,469,949 6,944,708
3.Gross profit / (loss) (F1-F2) 869,190 1,082,888 1,267,515 1,137,119 1,145,673 860,291
4.General, administrative and other expenses 515,830 633,844 684,884 687,167 790,571 661,870
i)Selling & distribution expenses 296,486 405,694 406,018 438,265 509,832 435,104
ii)Administrative and other expenses 219,344 228,150 278,866 248,902 280,739 226,766
5.Other income / (loss) 19,214 38,997 107,240 27,430 9,857 20,422
6.EBIT (F3-F4+F5) 372,574 488,041 689,871 477,382 364,959 218,843
7.Financial expenses 122,243 80,856 65,620 133,616 188,600 283,279
of which: (i) Interest expenses 107,735 60,246 57,838 122,051 183,087 235,878
8.Profit / (loss) before taxation (F6-F7) 250,331 407,185 624,251 343,766 176,359 (64,436)
9.Tax expenses 61,034 142,905 145,795 38,423 50,126 27,350
10.Profit / (loss) after tax (F8-F9) 189,297 264,280 478,456 305,343 126,233 (91,786)
11.Cash dividends 85,387 128,080 298,854 170,774 88,945 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 465,057 490,254 109,999 (544,097) (287,282) 1,104,992
2.Net cash flows from investing activities (172,788) (338,199) (263,305) (229,183) (823,256) (889,245)
3.Net cash flows from financing activities (56,454) (201,160) 52,505 1,099,529 269,742 515,509
H.Miscellaneous
1.Total capital employed (C+D) 2,672,367 3,341,194 3,432,582 4,177,668 5,722,914 5,564,910
2.Retention in business (F10-F11-F12) 103,910 136,200 179,602 134,569 37,288 (91,786)
3.Depreciation for the year 141,832 161,414 191,955 209,000 213,078 201,572
4.Salaries, wages and employee benefits 414,498 617,575 684,162 748,536 793,319 744,453
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 2.72 3.86 5.92 3.19 1.30 -1.01
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.63 1.48 1.49 1.48 1.24 1.08
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 4.44 5.72 8.81 4.71 1.62 -1.09
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.71 1.68 1.78 1.89 1.81 1.75
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.59 9.60 15.71 8.89 2.92 -1.90
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 6.65 9.29 16.81 10.73 3.55 -2.58
434
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Siemens (Pakistan) Engineering Co. Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,834,855 1,680,385 1,823,794 1,619,188 1,845,284 1,698,877
1.Capital work in progress 128 17,147 1,271 20,825 6,707 20,907
2.Operating fixed assets at cost 857,444 900,857 1,039,272 1,151,962 1,264,865 1,299,682
3.Operating fixed assets after deducting accumulated depreciation 138,188 223,685 311,376 367,270 371,413 259,028
4.Intangible assets 189 5,083 4,216 3,842 1,342 389
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 1,696,350 1,434,470 1,506,931 1,227,251 1,465,822 1,418,553
B.Current Assets (B1+B2+B3+B4+B5+B6) 10,591,443 13,058,342 12,623,080 16,390,641 14,493,932 12,260,095
1.Cash & bank balance 679,202 5,234,379 3,748,015 1,449,708 553,204 437,657
2.Inventories; of which 1,291,605 1,180,684 1,617,439 1,314,431 1,305,741 807,716
i)Raw material 101,889 262,904 327,407 417,521 380,758 241,673
ii)Work in progress 446,603 0 778,753 438,543 587,848 254,032
iii)Finished goods 743,113 917,780 299,566 323,543 237,462 139,226
3.Trade Debt / accounts receivables 4,175,017 4,045,675 4,927,341 7,909,930 9,040,768 8,096,229
4.Short term loans and advances 78,640 56,935 129,685 227,741 253,478 182,796
5.Short term investments 0 0 0 0 0 0
6.Other current assets 4,366,979 2,540,669 2,200,600 5,488,831 3,340,741 2,735,697
Total Assets (A+B) / Equity & Liabilities (C+D+E) 12,426,298 14,738,727 14,446,874 18,009,829 16,339,216 13,958,972
C.Shareholders' Equity (C1+C2+C3) 3,203,451 5,231,441 5,326,604 5,778,169 5,987,444 4,968,657
1.Issued, Subscribed & Paid up capital 82,470 82,470 82,470 82,470 82,470 82,470
i)Ordinary shares 82,470 82,470 82,470 82,470 82,470 82,470
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,120,981 5,148,971 5,244,134 5,695,699 5,904,974 4,886,187
i)Capital Reserve 624,192 624,192 624,192 624,192 624,192 624,192
ii)Revenue Reserve 2,496,789 4,524,779 4,619,942 5,071,507 5,280,782 4,261,995
of which: un-appropriated profit(loss) / retained earnings 0 0 (235,800) 873,408 964,348 88,969
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 20,822 23,750 68,668 170,904 90,033 342,158
1.Long term borrowings 0 0 0 0 0 243,020
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 20,822 23,750 68,668 170,904 90,033 99,138
E.Current Liabilities (E1+E2+E3+E4) 9,202,025 9,483,536 9,051,602 12,060,756 10,261,739 8,648,157
1.Trade credit & other accounts payables 6,748,998 7,908,477 6,026,776 7,330,409 6,244,694 6,188,345
of which: i) Trade credits 3,049,203 3,253,256 4,137,369 5,528,372 4,511,442 3,961,979
2.Short term borrowings 212,209 16,204 167,415 1,876,320 793,642 1,489
3.Current portion of non-current liabilities 0 0 0 0 0 160,499
4.Other current liabilities 2,240,818 1,558,855 2,857,411 2,854,027 3,223,403 2,297,824
F.Operations:
1.Sales 9,266,909 10,173,868 14,552,923 19,522,120 16,672,924 12,805,375
i)Local sales (Net) 8,398,620 10,173,868 14,552,923 19,522,120 16,672,924 12,805,375
ii)Export sales (Net) 868,289 0 0 0 0 0
2.Cost of sales 8,773,019 9,238,795 12,118,831 16,220,171 14,170,266 11,914,927
i)Cost of material 1,198,940 901,475 262,904 410,932 417,521 457,089
3.Gross profit / (loss) (F1-F2) 493,890 935,073 2,434,092 3,301,949 2,502,658 890,448
4.General, administrative and other expenses 709,041 909,603 1,134,559 1,142,200 1,093,959 957,898
i)Selling & distribution expenses 441,453 713,245 814,849 753,896 737,527 671,493
ii)Administrative and other expenses 267,588 196,358 319,710 388,304 356,432 286,405
5.Other income / (loss) 58,640 2,383,669 168,843 153,740 29,053 19,337
6.EBIT (F3-F4+F5) (156,511) 2,409,139 1,468,376 2,313,489 1,437,752 (48,113)
7.Financial expenses 179,369 27,968 16,408 79,828 239,265 178,571
of which: (i) Interest expenses 147,034 24,195 16,408 79,828 239,265 178,571
8.Profit / (loss) before taxation (F6-F7) (335,880) 2,381,171 1,451,968 2,233,661 1,198,487 (226,684)
9.Tax expenses 192,354 277,219 348,572 1,074,441 489,019 269,331
10.Profit / (loss) after tax (F8-F9) (528,234) 2,103,952 1,103,396 1,159,220 709,468 (496,015)
11.Cash dividends 82,470 989,640 618,525 618,525 371,115 82,470
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 1,430,752 754,812 (624,268) (3,195,999) 942,633 888,604
2.Net cash flows from investing activities 252,432 4,078,840 (28,645) (197,888) (140,220) (68,550)
3.Net cash flows from financing activities (1,508,950) (82,470) (984,662) (613,325) (616,239) (143,448)
H.Miscellaneous
1.Total capital employed (C+D) 3,224,273 5,255,191 5,395,272 5,949,073 6,077,477 5,310,815
2.Retention in business (F10-F11-F12) (610,704) 1,114,312 484,871 540,695 338,353 (578,485)
3.Depreciation for the year 733,908 42,084 118,934 157,373 163,110 195,008
4.Salaries, wages and employee benefits 1,521,865 1,287,158 1,796,329 2,105,731 2,084,467 2,054,916
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -5.70 20.68 7.58 5.94 4.26 -3.87
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.70 0.75 1.00 1.20 0.97 0.85
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.97 15.49 7.56 7.14 4.13 -3.27
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.80 3.22 2.76 2.92 2.92 2.77
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -15.11 49.89 20.90 20.88 12.06 -9.05
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -64.05 255.12 133.79 140.56 86.03 -60.14
435
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Waves Singer Pakistan Ltd. (Thousand Rupees)

Items 2015 2016 2017 2018 2019 2020
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,359,453 2,015,791 7,686,631 7,753,985 8,693,203 8,549,217
1.Capital work in progress 334 72,148 86,363 33,507 46,204 82,995
2.Operating fixed assets at cost 1,566,760 1,883,952 5,004,054 5,252,330 6,167,176 6,354,563
3.Operating fixed assets after deducting accumulated depreciation 1,309,665 1,585,584 4,594,641 4,721,191 5,658,462 5,488,265
4.Intangible assets 26,074 22,345 2,978,462 2,965,690 2,946,268 2,917,290
5.Long term investments 0 317,200 0 0 0 0
6.Other non-current assets 23,380 18,514 27,165 33,597 42,269 60,667
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,783,205 1,917,541 5,516,459 6,958,685 8,483,013 9,318,211
1.Cash & bank balance 76,240 150,097 291,647 105,247 163,569 143,203
2.Inventories; of which 291,180 509,039 2,592,330 3,091,701 3,653,464 2,963,045
i)Raw material 76,561 163,457 1,199,736 1,608,054 1,694,795 1,348,217
ii)Work in progress 16,557 36,023 151,990 154,885 202,895 173,557
iii)Finished goods 198,062 309,559 1,240,604 1,328,762 1,755,774 1,441,270
3.Trade Debt / accounts receivables 1,182,580 1,063,317 2,156,791 3,246,483 4,246,625 5,884,716
4.Short term loans and advances 1,862 3,698 45,874 21,665 74,476 56,509
5.Short term investments 36,000 0 0 0 0 0
6.Other current assets 195,343 191,390 429,817 493,589 344,879 270,738
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,142,658 3,933,332 13,203,090 14,712,670 17,176,216 17,867,428
C.Shareholders' Equity (C1+C2+C3) 1,016,925 1,404,404 8,166,643 8,389,125 8,339,999 8,460,424
1.Issued, Subscribed & Paid up capital 454,056 454,056 454,056 1,631,340 1,876,041 1,876,041
i)Ordinary shares 454,056 454,056 454,056 1,631,340 1,876,041 1,876,041
ii)Preference shares 0 0 0 0 0 0
2.Reserves (256,599) (145,507) 7,594,487 6,640,390 6,101,414 6,246,212
i)Capital Reserve 5,000 5,000 6,008,048 4,830,764 4,586,063 4,586,063
ii)Revenue Reserve (261,599) (150,507) 1,586,439 1,809,626 1,515,351 1,660,149
of which: un-appropriated profit(loss) / retained earnings (379,436) (150,507) 1,586,439 1,809,626 1,515,351 1,660,149
3.Surplus on revaluation of fixed assets 819,468 1,095,855 118,100 117,395 362,544 338,171
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 289,389 809,581 919,888 1,127,013 2,191,889 2,628,564
1.Long term borrowings 64,228 539,069 606,530 774,725 1,854,934 2,272,208
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 47,803 51,612 54,527 61,823 41,211 38,610
5.Other non-current liabilities 177,358 218,900 258,831 290,465 295,744 317,746
E.Current Liabilities (E1+E2+E3+E4) 1,836,344 1,719,347 4,116,559 5,196,532 6,644,328 6,778,440
1.Trade credit & other accounts payables 411,735 473,471 1,190,937 1,789,617 1,864,513 1,685,402
of which: i) Trade credits 159,634 285,867 526,675 739,901 1,018,712 817,189
2.Short term borrowings 1,321,668 1,177,396 2,748,916 2,995,286 4,113,581 4,335,452
3.Current portion of non-current liabilities 67,776 25,279 101,615 311,449 448,211 577,894
4.Other current liabilities 35,165 43,201 75,091 100,180 218,023 179,692
F.Operations:
1.Sales 1,487,934 1,399,606 3,685,623 8,516,016 9,483,974 8,525,481
i)Local sales (Net) 1,487,934 1,399,606 3,683,204 8,501,830 9,465,814 8,501,406
ii)Export sales (Net) 0 0 2,419 14,186 18,160 24,075
2.Cost of sales 1,189,361 910,317 2,588,339 6,121,811 6,854,602 6,681,104
i)Cost of material 686,142 669,089 2,110,890 4,110,226 5,018,674 4,139,758
3.Gross profit / (loss) (F1-F2) 298,573 489,289 1,097,284 2,394,205 2,629,372 1,844,377
4.General, administrative and other expenses 573,560 525,843 1,043,157 1,648,230 1,488,264 1,424,170
i)Selling & distribution expenses 441,705 444,943 727,966 1,161,544 927,606 920,483
ii)Administrative and other expenses 131,855 80,900 315,191 486,686 560,658 503,687
5.Other income / (loss) 241,459 302,725 577,621 195,035 348,351 728,694
6.EBIT (F3-F4+F5) (33,528) 266,171 631,748 941,010 1,489,459 1,148,901
7.Financial expenses 158,295 141,799 296,235 430,503 867,850 879,695
of which: (i) Interest expenses 150,108 135,091 268,973 268,973 791,844 858,691
8.Profit / (loss) before taxation (F6-F7) (191,823) 124,372 335,513 510,507 621,609 269,206
9.Tax expenses (41,057) 29,250 23,381 128,432 243,309 141,738
10.Profit / (loss) after tax (F8-F9) (150,766) 95,122 312,132 382,075 378,300 127,468
11.Cash dividends 0 0 56,757 203,918 234,505 938,021
12.Bonus shares / stock dividends 0 0 0 244,701 281,406 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 19,073 52,183 (718,382) (120,696) (250,234) 358,134
2.Net cash flows from investing activities 34,818 (264,647) 1,859,452 (79,764) (444,990) (353,233)
3.Net cash flows from financing activities 273,181 415,692 (504,079) (647,299) 787,052 256,296
H.Miscellaneous
1.Total capital employed (C+D) 1,306,314 2,213,985 9,086,531 9,516,138 10,531,888 11,088,988
2.Retention in business (F10-F11-F12) (150,766) 95,122 255,375 (66,544) (137,611) (810,553)
3.Depreciation for the year 47,582 68,434 136,814 193,829 329,126 387,733
4.Salaries, wages and employee benefits 207,105 223,377 493,201 1,081,202 1,100,204 1,111,020
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -10.13 6.80 8.47 4.49 3.99 1.50
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.47 0.40 0.43 0.61 0.59 0.49
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -4.81 2.69 3.64 2.74 2.37 0.73
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.25 2.92 1.79 1.69 1.91 2.09
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -15.65 7.86 6.52 4.62 4.52 1.52
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -3.32 2.09 6.87 2.34 2.02 0.68
436
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Other Services Activities

Performance at Glance
Other services sector mainly comprises of services sector companies and such companies which can’t
be classified into the other defined sectors. The balance sheet size of the other services activities
sector grew by 6.15 percent or with an increase of Rs 8.00 billion to touch Rs 138.10 billion in FY20
from Rs 130.09 billion in the previous year. The size of equity, also increased by Rs 1.91 billion to
register a growth of 2.43 percent in FY20. Total liabilities also showed YoY growth of 11.80 percent
in FY20 over FY19. Operational performance of the sector showed downward trend with decrease of
Rs 2.61billlion in profit /loss after tax in FY20 when compared with FY19.

Assets
The non-current assets of the sector touched at Rs 90.25 billion in FY20 as compared to Rs 85.31
billion in the previous year indicating YoY growth of 5.79 percent in FY20. Operating fixed assets
(OFA) after deducting accumulated depreciation is the biggest component and having 69.70 percent
share of non-current assets in FY20, was grown by 4.50 percent in current year, indicating enhancing
in production capacity. However, long term investments decreased to Rs 4.80 billion during FY20
from Rs 11.57 billion in FY19 with YoY decrease of 58.53 percent during current year when
compared with previous year.
Non-Current Assets 2019 2020 Growth (RHS) Current Assets 2019 2020 Growth (RHS)
70 40 5 94.21 100
33.67
5
60 20 80
4
50 4.50 4.63 4
0 60
3
percent

percent
40
billion Rs
billion Rs

-20 3 40
30 2
-40 3.18 20
20 2
1 6.52
-58.53-60 0
10 -2.82
1
-12.31
- -80 - -20
Inventories

TD/AR

L&A
Intangible
progress

C & BB
OFA minus

Investments

Investments
CW in

acc. depr

assets

The current assets touched Rs 47.85 billion in FY20 with an increase of 6.83 percent when compared
to FY19. Components of current assets reveal that a decrease of 2.82 percent is observed in the areas
of short-term loans and advances (L & A) in the current year. On the other hand, cash & bank balance
and inventories posted increase of 94.21 percent and 6.52 percent respectively during the year under
review.

Shareholders’ Equity and Liabilities

Current liabilities increased by Rs 6.37 billion from Rs 29.26 billion in FY19 to Rs 35.62 billion in
FY20 showing 21.76 percent YoY increase in current year. Trade credit & other accounts payables
(T.C & other A/P) have share of 26.95 percent of current liabilities in FY20, showed increase of 12.58
percent during the current year. Non-current liabilities (NCL) posted a decrease of 1.19 percent in the
year FY20 over FY19. Long term borrowings remained major component of non-current liabilities
constituting 90.39 percent share in FY20 decreased with Rs 0.25 billion or 1.22 percent in the year
FY20.
Shareholders’ equity increased by Rs 1.91 billion in FY20 as compared with the previous year,
recording YoY growth of 2.43 percent. Issued and paid-up capital (I & PC) increased by 3.54 percent
in FY20. Capital reserves posted increase of 19.23 in FY20, while 43.11 percent share of reserves
belongs to revenue reserves in FY20 which decreased by 15.98 percent. Surplus on revaluation of
fixed assets (SRFA) showed an increase of 2.82 percent during FY20 when compare with FY19.

437
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2020

Non-Current Liabilities Current Liabilities

2019 2020 Growth (RHS) 2019 2020 Growth (RHS)
25 2 12 5