MIRA INFORM REPORT

 

 

Report Date :           

17.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ENGRO CORPORATION LTD

 

 

Formerly Known As :

Engro Chemical Pakistan Ltd

 

 

Registered Office :

PNSC Building, M. T. Khan Road, Karachi, 74000

 

 

Country :

Pakistan

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1965

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacturing, purchasing and marketing of fertilizer

 

 

No. of Employees :

873 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Pakistan

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Engro Corporation Ltd

PNSC Building

M. T. Khan Road

Karachi, 74000

Pakistan

Tel:       92-21-561106069

Fax:      92-21-5610688

 

 

Synthesis     

 

Employees:                  873

Company Type:            Public Independent

Traded:                         Karachi Stock Exchange:           ENGRO

Incorporation Date:         1965

Auditor:                         KPMG LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Pakistan Rupee

Annual Sales:               938.9  1

Net Income:                  79.7

Total Assets:                1,924.0  2

Market Value:               561.6

(25-Nov-2011)

 

 

Business Description     

 

Engro Corporation Limited, formerly Engro Chemical Pakistan Limited, is a Pakistan-based company. The Company is engaged in the manufacturing, purchasing and marketing of fertilizer. The Company also owns joint venture/subsidiaries, which are engaged in chemical terminal and storage, polyvinyl chloride (PVC) resin manufacturing and marketing, control and automation, food and energy businesses. As of December 31, 2010, the Company had 12 direct wholly-owned subsidiaries. For the fiscal year ended 31 December 2010, Engro Chemical Pakistan Limited's revenues increased 38% to PKR79.98B. Net income increased 78% to PKR6.79B. Revenues reflect an increase in income from Fertilizer segment, higher income from Polymer segment and a rise in income from Food segment. Net income also reflects higher gross profit margin, an increase in other operating income, increased income from Joint venture share income.

 

Industry

Industry            Chemical Manufacturing

ANZSIC 2006:    1831 - Fertiliser Manufacturing

NACE 2002:      2415 - Manufacture of fertilisers and nitrogen compounds

NAICS 2002:     325311 - Nitrogenous Fertilizer Manufacturing

UK SIC 2003:    2415 - Manufacture of fertilisers and nitrogen compounds

US SIC 1987:    2873 - Nitrogenous Fertilizers

 

Key Executives   

 

Name

Title

Asad Umar

President, Chief Executive Officer, Director

Ruhail Mohammed

Chief Financial Officer, Senior Vice President, Director

Andalib Alavi

Vice President - Legal, Company Secretary

Hussain Dawood

Independent Non-Executive Chairman of the Board

Khalid Mansoor

Senior Vice President, Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Litigation

2

Engro Corporation Ltd Announces Court Order

1-Jun-2011

Mergers / Acquisitions

1

Engro Corporation Ltd Purchases Al Safa Halal's Halal Food Business

25-Jan-2011

Dividends

2

Engro Corporation Ltd Announces H1 2011 Dividend

12-Aug-2011

 

* number of significant developments within the last 12 months

 

 

news

 

Title

Date

KSE ends up in choppy trade
South Asian Media Network (Pakistan) (980 Words)

16-Dec-2011

Engro Foods to invest in ice cream distribution channel
South Asian Media Network (Pakistan) (676 Words)

16-Dec-2011

Bourse rises marginally amid dismal volumes
South Asian Media Network (Pakistan) (328 Words)

16-Dec-2011

Bourse drops to 11-week low on panic selling
South Asian Media Network (Pakistan) (333 Words)

15-Dec-2011

Roundup: Karachi bourse inches up 0.2 pct amid choppy trade
Xinhua News Agency (693 Words)

14-Dec-2011

 

 

Financial Summary    

 

As of 30-Sep-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   0.83                  2.18

Quick Ratio (MRQ)                     0.44                  1.35

Debt to Equity (MRQ)                 3.09                  0.82

Sales 5 Year Growth                  33.65                6.26

Net Profit Margin (TTM) %           7.43                  10.56

Return on Assets (TTM) %          4.61                  8.26

Return on Equity (TTM) %           24.62                22.07

 

 

Stock Snapshot

 

 

Traded: Karachi Stock Exchange: ENGRO

 

As of 25-Nov-2011

   Financials in: PKR

Recent Price

125.60

 

EPS

16.64

52 Week High

208.40

 

Price/Sales

0.62

52 Week Low

108.00

 

Dividend Rate

5.67

Avg. Volume (mil)

2.79

 

Price/Earnings

7.04

Market Value (mil)

49,396.49

 

Price/Book

1.35

 

 

 

Beta

1.16

 

Price % Change

Rel S&P 500%

4 Week

11.64%

10.81%

13 Week

7.65%

0.75%

52 Week

-17.50%

-21.14%

Year to Date

-22.13%

-19.63%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 85.18328

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 85.645

 

 

Corporate Overview

 

Location

PNSC Building

M. T. Khan Road

Karachi, 74000

Pakistan

Tel:       92-21-561106069

Fax:      92-21-5610688

           

Quote Symbol - Exchange

ENGRO - Karachi Stock Exchange

Sales PKR(mil):             79,975.8

Assets PKR(mil):           164,778.5

Employees:                   873

Fiscal Year End:            31-Dec-2010

Industry:                        Chemical Manufacturing

Incorporation Date:         1965

Company Type:             Public Independent

Quoted Status:              Quoted

Previous Name:             Engro Chemical Pakistan Ltd

President, Chief

Executive Officer,

Director:            Asad Umar

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Employment Opportunities

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

·         Market Data

·         Shareholders

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

6240     -          Financial Asset Investing

1831     -          Fertiliser Manufacturing

 

NACE 2002 Codes:

7415     -          Management activities of holding companies

2415     -          Manufacture of fertilisers and nitrogen compounds

 

NAICS 2002 Codes:

551112  -          Offices of Other Holding Companies

325312  -          Phosphatic Fertilizer Manufacturing

325314  -          Fertilizer (Mixing Only) Manufacturing

325311  -          Nitrogenous Fertilizer Manufacturing

 

US SIC 1987:

6719     -          Offices of Holding Companies, Not Elsewhere Classified

2874     -          Phosphatic Fertilizers

2875     -          Fertilizers, Mixing only

2873     -          Nitrogenous Fertilizers

 

UK SIC 2003:

7415     -          Management activities of holding companies

2415     -          Manufacture of fertilisers and nitrogen compounds

 

Business Description

Engro Corporation Limited, formerly Engro Chemical Pakistan Limited, is a Pakistan-based company. The Company is engaged in the manufacturing, purchasing and marketing of fertilizer. The Company also owns joint venture/subsidiaries, which are engaged in chemical terminal and storage, polyvinyl chloride (PVC) resin manufacturing and marketing, control and automation, food and energy businesses. As of December 31, 2010, the Company had 12 direct wholly-owned subsidiaries. For the fiscal year ended 31 December 2010, Engro Chemical Pakistan Limited's revenues increased 38% to PKR79.98B. Net income increased 78% to PKR6.79B. Revenues reflect an increase in income from Fertilizer segment, higher income from Polymer segment and a rise in income from Food segment. Net income also reflects higher gross profit margin, an increase in other operating income, increased income from Joint venture share income.

 

More Business Descriptions

·         Holding company with an interest in the manufacture and distribution of fertilisers.

·         All Other Chemical Product and Preparation Manufacturing

 

Brand/Trade Names

Engro

 

 

Financial Data

Financials in:

PKR(mil)

 

Revenue:

79,975.8

Net Income:

6,790.0

Assets:

164,778.5

Long Term Debt:

89,170.8

 

Total Liabilities:

134,179.5

 

Working Capital:

14.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

37.5%

78.4%

24.7%

 

Market Data

Quote Symbol:

ENGRO

Exchange:

Karachi Stock Exchange

Currency:

PKR

Stock Price:

125.6

Stock Price Date:

11-25-2011

52 Week Price Change %:

-17.5

Market Value (mil):

49,396,488.0

 

SEDOL:

6317867

ISIN:

PK0012101017

 

Equity and Dept Distribution:

03/2008, Rights Issue,10 new shares for every 100 shares held @ PKR 175 (Factor:1.046735). 02/2009, Rights Issue, 4 new shares for every 10 shares held @ PKR 50 (Factor: 1.192593).02/2010, Bonus Issue, 1 new share for every 10 shares held.03/2011, Scrip Issue, 1 new share for every 5 shares held.

 

Subsidiaries

Company

Percentage Owned

Country

Engro Fertilizers Limited

100%

PAKISTAN

 

 

 

 

Shareholders

 

 

Major Shareholders

Dawood Hercules Chemicals Ltd

 

 

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

Bank:

Summit Bank, Allied Bank Limited, Askari Bank Limited, Bank Al-Habib Limited

 

Auditor:

A F Ferguson & Co, KPMG LLP

 

 

 

 

 

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Diversified Portfolio

·        Awards and Recognition

·        Improved Profitability Ratios

Weaknesses

·        Legal Proceedings

·        Limited Liquidity

·        Geographical Concentration

External Origin
(attributes of the environment)

Opportunities

·        Rising Demand for Fertilizers

·        Business Expansion

·        Expansion of Operations in the Middle East

Threats

·        Growing Competition

·        Stringent Regulations

·        Unfavorable Weather Conditions

 

Overview

 

Engro Corporation (Engro) is one of the Pakistan's largest business conglomerates. It is an agro-based company, which is involved in the manufacture and marketing of chemical fertilizers. It is the second largest producer of urea in Pakistan. Engro Corporation has a diversified portfolio of products running through seven businesses: chemical fertilizers, PVC resin, power generation, industrial automation, bulk liquid chemical terminal, foods, and commodity trade. The company’s diversified business portfolio reduces the business risks associated with overdependence on a particular market segment, besides offering new opportunities for growth. However, the challenging economic situation in the world may thwart the ambitious expansion plans of the company.

 

Strengths

 

Diversified Portfolio

Engro’s wide range of products reduces various risks associated with overdependence on a particular market segment. Engro has a diversified business in terms of product mix and customers. Engro’s portfolio consists of seven businesses which include chemical fertilizers, PVC resin, power generation, industrial automation, bulk liquid chemical terminal, foods, and commodity trade. Its fertilizers business is involved in manufacturing and marketing primary and secondary fertilizers such as Engro Urea, Engro DAP, Engro Zorawar, Engro Zarkhez and Zingro. The company also sells phosphate fertilizers for balanced fertility and improved farm yields. The food business of the company carries out the manufacture, processing and selling of dairy food products. Through its polymer business, the company manufactures and markets polyvinyl chloride (PVC) resin. Its power generation business is involved in developing power projects in Pakistan. Through its joint venture with Royal Vopak of the Netherlands, it has been providing services to the growing chemical and petrochemical industry in Pakistan. It offers storage and handling solutions for liquid and gaseous chemicals, oil products, petrochemicals, biofuels, vegetable oils and liquefied natural gas (LNG). The automation business of the company provides process and control solutions, power and energy management integrated solutions and high end software integrating production and business applications. The company also trades in commodity fertilizers such as DAP, MAP, MOP and SOP, and micro-nutrients like Zinc Sulphate. Engro's products are offered to diversified markets indicating broad revenue generation sources. The company through its subsidiaries offers products such as fertilizers, dairy products, power projects, urea to industries including chemical, agricultural, automotive, food and dairy, and power. For the fiscal year ended 2010, the company earned 27% of its total revenue from Food, followed by Fertilizers with 24%, Eximp with 22%, Polymers with 18%, Power generation with 7% and Avanceon with 2%. Diversified business operations provide the company an advantage over its competitors, besides serving the diverse needs of its customer base.

 

Awards and Recognition

Awards and recognition for the company from external corporate and government bodies for its expertise in various areas signifies its achievements. In May 2010, two core products of Engro Fertilizers obtained “Brands of the year award” from The Exhibitor Group, Pakistan Standards and Quality Control Authority (PSQCA) and the Intellectual Property Organization (IPO-Pakistan). Engro Fertilizers Limited has been recognized for extraordinary performance in the sectors of macronutrients (Engro Urea) and micronutrients (Zingro). Engro Fertilizers Limited is a subsidiary of the company. This recognition strengthens the company’s brands and also its brand teams. Such awards enable the company to be a premier brand owner in the fertilizer industry. In April 2010, the company and Engro Polymer & Chemicals Limited received awards at the 8th Annual ACCA-WWF Pakistan Environmental Reporting Awards (PERA) 2009. Recognition of the company through such awards reflects its commendable achievement and strengthen the company’s image.

 

Improved Profitability Ratios

The operating profit of the company was PKR 11,025.97 million during the fiscal year 2010, an increase of 71.34% over 2009. The net profit of the company was PKR 6,790.05 million during the fiscal year 2010, an increase of 78.36% over 2009. The company reported an operating profit of PKR11,025.97m during the fiscal year ended 2010, an increase of 71.34% over 2009. The improved operating profit led to increased net profit. It reported net profit of PKR6,790.05m during the fiscal year ended 2010, an increase of 78.36% over 2009. The improved operating and net profits resulted in increased profitability ratios. The company also reported increased return on equity (ROE) in 2010. Its return on equity (ROE) was 22.19% for fiscal year ended 2010, compared to 14.57% in 2009. A higher ROE indicates that the company is efficiently using the shareholders' money and that it is generating higher returns. Its return on capital employed was 8.68% in fiscal year ended 2010, compared to 5.54% in 2009. Also, the company’s return on assets and return on fixed assets improved in 2010, over that in 2009. Improved profitability ratios indicate the company’s sturdy performance and its ability to deliver returns expected by its shareholders.

 

Weaknesses

 

Legal Proceedings

Engro's involvement in legal proceedings, regardless of the outcome, could drain its financial resources. The company is involved in legal proceedings related to its ordinary course of business. In June 2011, a lawsuit has been filed against Engro Foods Supply Chain (Private) Limited), a subsidiary of Engro Foods Limited in the Civil Court, Sheikhupura by certain previous co-workers claiming pre-emptive rights over a portion of the land, acquired by Engro Foods Supply Chain (Private) Limited of rice processing plant. These legal actions, regardless of the outcome, could drain the company’s financial resources and divert the time and effort of its management. The company's involvement in such claims not only black-lists its reputation, but also result in additional costs and valuable time for the company in defending them.

 

Limited Liquidity

Declining liquidity assumes significance as the company will be compelled to spend a significant amount of money to enhance its business and revenue stream. The company reported a decline in all the liquidity ratios. Its liquidity ratios decreased due to the increase in current liabilities. Its total current liabilities increased to PKR37,751.04m in the fiscal year 2010 from PKR15,970.22 in 2009. This led to a marginal decline in its liquidity indicators such as current ratio, quick ratio and cash ratio. During the fiscal year ended December 2010, it reported current ratio of 0.89 times as against 1.24 times in 2009, followed by quick ratio of 0.52 times as against 0.91 times, and cash ratio of 0.22 times in 2010 as against 0.46 times in 2009. The declining current ratio indicates that the company is in a weak position to meet its short-term obligations. The company also reported a decrease in cash and cash equivalents in fiscal year 2010. The company had PKR4,120.03m in cash and cash equivalents as of December, 2010, as compared to cash and cash equivalents of PKR6,880.41m in 2009. The decrease in cash reserves was principally due to the decrease in cash flow from operating activities. As a result, the company recorded negative net change in cash of PKR3,259.45m during 2010, as compared to a net change in cash of PKR6,416.43m in 2009. The decreasing cash reserves indicate the company’s inability to obtain additional debt to finance acquisitions, capture business opportunities and meet capital expenditure or other capital requirements in the future.

 

Geographical Concentration

Engro's overdependence on the Pakistan market increases its business risk. All the business activities of Engro Corporation's are based principally in Pakistan. The company generates most of its revenue from its domestic sales. Majority of the assets, offices, production plants, distribution system and customers are located in Pakistan. The company's concentration in only one geographical territory makes it susceptible to various risks arising out of political and regulatory issues. There is a high probability of the performance of the company could be affected by any deterioration in the economic conditions, scarcity of resources and internal or external security issues. Besides, by relying on only one market, the company misses opportunities in various other markets, which have the potential of generating higher revenue for the company.

Opportunities

 

Rising Demand for Fertilizers

Growing demand for fertilizers will benefit Engro. The requirement of food commodities has been increasing globally and more particularly, in developing countries. To meet this growing demand, governments all over the world are focusing on measures that would improve agricultural output. As a result, the usage of fertilizers and other nutrients to increase the farm yields is on the rise. During 2009-2010, the global fertilizer demand increased 3.7% and reached 63.5 million tons. The demand for N and P fertilizers increased 3.1% and 8.8% respectively. In addition, depleting oil reserves and volatile oil prices have drawn global attention to the development and use of alternative energy sources. An important source of alternate energy is biofuels, which are obtained from cereals and processed foods. This has resulted in increased consumption of cereals and processed foods, which has increased the demand for fertilizers. Rising demand for fertilizers gives the company an opportunity to expand its business and revenues.

 

Business Expansion

 

Engro intends to expand by developing new product lines and entering new territories. It plans to build a $$1 billion phosphate fertilizer plant in North Africa, the biggest hub of phosphate fertilizer in the world, to cater to demand in Pakistan and Western Europe. This would be the largest overseas investment by a privately-owned Pakistani company. This proposed North African fertilizer plant is likely to produce about one million metric tons of fertilizer a year. Though Pakistan produces a lot of nitrogenous fertilizer indigenously, it does not have the raw material for phosphatic and potassium fertilizers. The company plans to import half of the output from the proposed African plant into Pakistan and the other half would be sold abroad. Engro could benefit from this proposed plant as it would assure consistent supply of fertilizer. The dividend generated by the investment in the project would add to the company’s earnings. Engro also plans to invest $5 billion in the next five years to expand in other areas such as power generation and food exports. International Finance Corporation (IFC), a member of the World Bank Group, agreed to provide Engro with an assistance of $50m for business expansion. Of this, $35m will be given as loan, while the remaining $15m will be in the form of a quasi-equity loan, convertible into stock. The company constructed one of the world’s largest single train state of art ammonia urea plant, which would increase the company's capacity to 2.3 million tons. The petrochemical business of the company started its production from VCM plant. The company's power generation business began its operations at Qadirpur energy plan. In January 2011, the company's subsidiary, Engro Fertilizers Limited started the operation of its new fertilizer plant in Daharki, Pakistan. The plant’s production capacity is of 1.3 million tons per year. This expansion project is the largest private sector industrial investment worth $1.1 billion in Pakistan. It is one of the most energy efficient fertilizer plant in Pakistan with the lowest consumption of gas per ton of urea. Engro Fertilizers, through the addition of this capacity offers Pakistan the ability to lower the import bill and save on valuable foreign exchange. The expansion of the company’s operations would enable it to attain enhanced product base.

 

Expansion of Operations in the Middle East

Engro operates in the petrochemical industry through its joint venture, Engro Vopak Terminal Limited. The company could benefit from the expansion of the petrochemical sector in the Middle East. Due to abundant feedstock, the region has been attracting investments into its petrochemical industry. The growth has been led by Saudi Arabia, and supported by Qatar, Kuwait, and Abu Dhabi. The region has built modern and competitive petrochemical production facilities, mainly due to their use of low-cost ethane, which is a byproduct of crude oil production. Although investment in the Middle East is mainly in ethylene and polyethylene, this is bound to change, as there is greater focus on broadening the product portfolio. The region has become the leading ethylene glycol producer, overtaking North America, accounting for about one-third of the global capacity. It is expected to become the leading producer of polyethylene by 2015 with its share in global capacity increasing to 20%, according to in-house research. The Middle Eastern governments’ support through tax incentives and their need to focus on diverse industries to reduce the dependence on revenues from oil have fuelled investment in this sector. This will broaden the range of chemicals being produced in the Middle East, which is likely to emerge as a major petrochemical hub in the coming years. The company could, therefore, benefit by expanding its presence in the Middle East.

 

Threats

 

Growing Competition

 

Growing competition could adversely affect the ability of Engro to maintain or raise prices, retain its market position and successfully enter new markets. Engro operates in the chemical industry, which is highly competitive. Competition also limits the commercial opportunities for the company. Engro is facing intense competition in all its business segments. The main factors of competition are price, product quality and performance, product deliverability and customer service. The company’s inability to meet its customers’ requirements in terms of the quality and price of its products may result in loss of customers. This would eventually lead to business loss for the company.

 

Stringent Regulations

 

The company’s business might be affected adversely by the highly regulated environment where it operates. The company’s products are in compliance with the regulations of Pakistan and other similar foreign governmental authorities. These regulations might be troublesome as they might substantially delay or avoid the launch of new products; materially enhance the prices of any new product introductions; hinder or require cessation of the manufacture and marketing of the products; and might lead to product recalls. Implementation of new regulations or any modifications to applicable regulations would harm the company’s business. The highly regulated environment might have a material adverse effect on its business, financial condition and also results of operations of the company.

 

Unfavorable Weather Conditions

The company’s business operations are subject to weather conditions. Change in weather conditions can result in crop failures or significantly reduce harvests, which can adversely affect the supply and pricing of the agricultural commodities. It also reduces demand for fertilizer products and can adversely affect the creditworthiness of agricultural producers who do business with the company. Hurricanes or severe storms may result in extensive property damage, extended business interruption and other losses. This will adversely affect the operating and financial results of the company.

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

Hussain Dawood

 

Independent Non-Executive Chairman of the Board

Chairman

 

Reuters Biography (Engro Corporation Ltd)

Mr. Hussain Dawood is Independent Non-Executive Chairman of the Board of Engro Corporation Ltd. He joined the Board in 2003. He is Chairman of the Board Compensation Committee of the Company. He is Chairman of the Board of Dawood Hercules Chemicals Limited, Pakistan Poverty Alleviation Fund and The Dawood Foundation. His social responsibilities include Chairmanship of the International Advisory Council of the Cradle to Cradle Institute in San Francisco, Karachi Education Initiative/Karachi School for Business and Leadership. He also serves as Member of the Government of Pakistan Education Task Force, Director of the Pakistan Business Council, Pakistan Centre for Philanthropy, Beaconhouse National University and Global Charter Member of The Indus Entrepreneurs (TiE). He is Honorary Consul of Italy in Lahore and was conferred the award "Ufficiale Ordine al Merito della Repubblica Italiana" by the Italian Government. He holds a Masters of Business Administration from Kellogg School of Management of Northwestern University, the United States and a degree in Metallurgy from Sheffield University in United Kingdom.



MBA , Northwestern University
Metallurgy, University of Sheffield

Isar Ahmad

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Isar Ahmad has been Non-Executive Independent Director of Engro Corporation Ltd since October 19, 2006. He is Member of the Board Audit Committee and Member of the Board Investment Committee of the Company. He is Chief Executive Officer of Dawood Hercules Chemicals Limited. He also serves as Chairman of Dawood Lawrencepur Limited, Central Insurance Company Limited and Tenaga Generasi Limited. He has diversified experience of working in senior management positions in multinational and large Pakistani organizations, having served as Finance Director, Supply Chain Director and Head of Business Unit of Reckitt Benckiser (previously Reckitt & Colman), Managing Director of Haleeb Foods (previously CDL Foods Limited) and Financial Advisor of Indus Motor Company Limited. He holds a Masters degree in Economics. He is a Chartered Accountant from the Institute of Chartered Accountants of England and Wales.

Muhammad Aliuddin Ansari

 

Non-Executive Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Muhammad Aliuddin Ansari has been Non-Executive Director of Engro Corporation Ltd since 2009. He is Member of the Board Audit Committee and Member of the Board Investment Committee of the Company. He is Chief Executive Officer of Dewan Driling, Pakistan's first independent Oil & Gas drilling company. He started his career as Investment Manager at Worldinvest/Bank of America in London and has served as CEO of AKD Securities and COO of Emerging Europe for Credit Lyonnais Securities. He is also on the Board of National Clearing Company of Pakistan & Al-Meezan Investment Management.

Abdul Samad Dawood

 

Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Abdul Samad Dawood has been Director of Engro Corporation Ltd since April 22, 2009. He is Member of the Board Audit Committee and Member of the Board Investment Committee of the Company. He is Chief Executive of Central Insurance Company Limited and Dawood Corporation (Pvt.) Limited. He is Director on the Boards of Dawood Hercules Chemicals Limited, Sui Northern Gas Pipeline Limited, Dawood Lawrencepur Limited, Engro Fertilizers Limited, DH Fertilizers Limited, Tenaga Generasi Limited, WWF Pakistan, Inbox Business Technologies (Pvt.) Limited and Pebbles (Pvt.) Limited. He is Member of Young President Organization, Pakistan Chapter. He holds a degree in Economics from University College London. He is a Certified Director of Corporate Governance from the Pakistan Institute of Corporate Governance.



Economics, University College London

Shahzada Dawood

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Shahzada Dawood has been Non-Executive Independent Director of Engro Corporation Ltd since 2003. He is Member of the Board Compensation Committee of the Company. He is Director of Dawood Lawrencepur Limited & Dawood Hercules Chemicals Ltd. He is Member of the Board of Governors of National Management Foundation (LUMS) and Member of the Board of Trustees of Dawood Foundation. He holds a Master of Science in Global Textile Marketing from Philadelphia University in the United States and Bachelor of Laws from Buckingham University in the United Kingdom.



MS Marketing, Philadelphia University
LLB , Buckingham University

Shabbir Hashmi

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Shabbir Hashmi has been Non-Executive Independent Director of Engro Corporation Ltd since 2006. He is Chairman of the Board Audit Committee and of the Board Investment Committee and Member of the Board Compensation Committee of the Company. He has more than 25 years of project finance and private equity experience. Until recently, he led the regional operations of Actis Capital (formerly CDC Group Plc) for Pakistan and Bangladesh. Prior to joining Actis, he worked for eight years at the World Bank and United States Aid specializing in the energy sector. He joined the Company's Board in February 2001 as nominee of CDC. He holds a degree in Engineering from Dawood College of Engineering and Technology in Pakistan and a Masters of Business Administration from John F. Kennedy University in the United States.



MBA , John F. Kennedy University
Engineering, Dawood College of Engineering and Technology

Khalid Mansoor

 

Senior Vice President, Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Khalid Mansoor is Senior Vice President and Director of Engro Corporation Ltd. He has been on the Company's Board since 2006. He is Member of the Board of Trustees of Engro Foundation. He is Chief Executive of Engro Powergen Qadirpur Limited, Engro Powergen Limited and Sindh Engro Coal Mining Company and is Director of Engro Polymer & Chemicals Ltd. He has held various key assignments at Engro and with Esso Chemical, Canada including the development and execution of various expansion projects. He holds a degree in Chemical Engineering with distinction and honors.

Ruhail Mohammed

 

Chief Financial Officer, Senior Vice President, Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Ruhail Mohammed is Chief Financial Officer, Senior Vice President and Director of Engro Corporation Ltd. He has been on the Company's Board since 2006. He has served at various senior positions in Pakistan, UAE and Europe. He is Member of the Boards of Directors of Engro Foods Limited, Engro Powergen Qadirpur Limited, Avanceon Limited, Engro Powergen Limited, Engro Fertilizers Limited, Engro Eximp (Pvt.) Limited and Sigma Leasing Corporation Limited, as well as Chief Executive Of Engro Management Services (Pvt.) Limited. He holds an MBA in Finance.

Arshad Nasar

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Arshad Nasar has been Non-Executive Independent Director of Engro Corporation Ltd since 2002. He is Member of the Board Compensation Committee of the Company. He has worked as Chairman and Managing Director of Caltex Oil Pakistan Limited and has undertaken several key assignments in the country and overseas. He was subsequently Chairman and Chief Executive of OGDCL and served as Director on the Boards of Pakistan Refinery Limited, Park Arab Pipeline Company Limited and Mari Gas Company Limited. He is former President of the American Business Council of Pakistan. He is Director on the Boards of PIDC, Foundation for Advancement of Sciences & Technology (FAST), National University, Funds for Inclusion of People with Disabilities (FIPD) and Engro Fertilizers Limited. He holds a Masters degree in Economics and Political Science.

Asif Qadir

 

Senior Vice President, Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Asif Qadir is Senior Vice President and Director of Engro Corporation Ltd. He has been on the Company's Board since 1997. He is Chief Executive of Engro Polymer & Chemicals Ltd. He is Chairman of the Board of Inbox Business Technologies (Pvt) Ltd and Unicol Limited. He also serves on the Managing Committee of the Overseas Investors Chamber of Commerce & Industry and is Director of the Karachi Stock Exchange. He has held key assignments with the Company and with Exxon Chemical Canada. He is a Chemical Engineer.

Saad Raja

 

Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Saad Raja has been Director of Engro Corporation Ltd since December 29, 2009. He is Member of the Board Investment Committee of the Company. He joined DFJ ePlant Ventures in 2002, prior to which, he has worked at senior management levels in the international asset management and investments sector. His diverse experiences have included tenures with Diachi Life Mizuho Asset Management and Industrial Bank of Japan - Asset Management International. He is an Engineer from University of Engineering & Technolohy, Lahore with an MBA from the London Business School of the University of London.



MBA , University of London
Engineering, University of Engineering & Technology, Lahore

Khalid Siraj Subhani

 

Senior Vice President, Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Khalid Siraj Subhani is Senior Vice President and Director of Engro Corporation Ltd. He has been on the Company's Board since 2006. He is Member of the Board of Trustees of Engro Foundation. He is President and Chief Executive Officer of Engro Fertilizers Limited. He is Director of Engro Fertilizers Limited, Engro Vopak Terminal Limited, Engro Eximp (Pvt.) Limited and Engro Polymer & Chemicals Limited. He also served as Chairman of the Board of Avanceon. He holds a degree in Chemical Engineering.

Asad Umar

 

President, Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Asad Umar is President, Chief Executive and Director of Engro Corporation Ltd. He joined the Company's Board in 2000. He is Chairman of the EXCOM. He is also Chairman of the Board of Trustees of Engro Foundation. He started his career with HSBC, Pakistan and joined Exxon Chemical Pakistan Limited (now Engro Corporation Ltd) in 1985. During his years with Engro, he has worked in all the divisions of the business and took over as President and Chief Executive Officer in January 2004. He is Chairman of all Engro subsidiaries and affiliates, as well as the Pakistan Business Council, Pakistan Chemical & Energy Sector Skill Development Company and Pubjab Skill Development Fund. He is Member of the Board of Directors of Karachi Education Initiative, Pakistan Institute of Corporate Governance, State Bank of Pakistan and Board of Trustees of Lahore University Management Sciences. He was awarded Sitra-i-lmtiaz in 2010. He holds a Masters of Business Administration from Institute of Business Administration, Karachi in 1984.



MBA , Institute of Business Administration, Karachi


Compensation/Salary: 42,194

 

Executives

 

Name

Title

Function

 

Asad Umar

 

President, Chief Executive Officer, Director

Chief Executive Officer

 

Reuters Biography (Engro Corporation Ltd)

Mr. Asad Umar is President, Chief Executive and Director of Engro Corporation Ltd. He joined the Company's Board in 2000. He is Chairman of the EXCOM. He is also Chairman of the Board of Trustees of Engro Foundation. He started his career with HSBC, Pakistan and joined Exxon Chemical Pakistan Limited (now Engro Corporation Ltd) in 1985. During his years with Engro, he has worked in all the divisions of the business and took over as President and Chief Executive Officer in January 2004. He is Chairman of all Engro subsidiaries and affiliates, as well as the Pakistan Business Council, Pakistan Chemical & Energy Sector Skill Development Company and Pubjab Skill Development Fund. He is Member of the Board of Directors of Karachi Education Initiative, Pakistan Institute of Corporate Governance, State Bank of Pakistan and Board of Trustees of Lahore University Management Sciences. He was awarded Sitra-i-lmtiaz in 2010. He holds a Masters of Business Administration from Institute of Business Administration, Karachi in 1984.



MBA , Institute of Business Administration, Karachi


Compensation/Salary: 42,194

Andalib Alavi

 

Vice President - Legal, Company Secretary

Company Secretary

 

 

Ruhail Mohammed

 

Chief Financial Officer, Senior Vice President, Director

Finance Executive

 

 

Reuters Biography (Engro Corporation Ltd)

Mr. Ruhail Mohammed is Chief Financial Officer, Senior Vice President and Director of Engro Corporation Ltd. He has been on the Company's Board since 2006. He has served at various senior positions in Pakistan, UAE and Europe. He is Member of the Boards of Directors of Engro Foods Limited, Engro Powergen Qadirpur Limited, Avanceon Limited, Engro Powergen Limited, Engro Fertilizers Limited, Engro Eximp (Pvt.) Limited and Sigma Leasing Corporation Limited, as well as Chief Executive Of Engro Management Services (Pvt.) Limited. He holds an MBA in Finance.

Significant Developments

 

Engro Corporation Ltd Announces H1 2011 Dividend Aug 12, 2011

 

Engro Corporation Ltd announced that it is to pay an interim dividend at PKR 2.00 per share for the half year ended June 30, 2011 to shareholders whose names appear on the Register of Members on September 23, 2011.

 

Engro Corporation Ltd Announces Court Order Jun 01, 2011

 

Engro Corporation Ltd announced that the Honorable High Court of Sindh in the petition filed by the Company and its subsidiary has ordered Sui Northern Gas Pipelines Limited to supply from 80 million to 100 million cubic feet of gas per day (MMSCFD) to the subsidiary's new fertilizer plant till further orders on May 31, 2011. On June 1, 2011, 55 million MMSCFD was being supplied against a contracted quantity of 100 MMSCFD and it is expected that the gas supply will be increased to at least 80 MMSCFD soon.

 

Engro Corporation Ltd Files Lawsuit Against Sui Northern Gas Pipelines Limited May 19, 2011

 

Engro Corporation Ltd announced that on May 17, 2011, Sui Northern Gas Pipelines Limited (SNGPL) stopped the supply of gas to the new fertilizer plant of its wholly owned subsidiary, Engro Fertilizers Limited, claiming shortage in the system. The Company has filed a contempt of court application against SNGPL in the High Court of Sindh that the gas supply of its new plant should not be disconnected.

 

Engro Chemical Pakistan Ltd. Announces Dividend and Bonus Shares Feb 14, 2011

 

Engro Chemical Pakistan Ltd. announced that it will pay a final cash dividend for the year ended December 31, 2010, at PKR 2.00 per share. It paid interim dividend for the same year at PKR 4.00 per share. The Company will issue bonus shares to existing shareholders at ratio 5:1. The estimated record date is March 17, 2011.

 

Engro Corporation Ltd Purchases Al Safa Halal's Halal Food Business Jan 25, 2011

 

Engro Corporation Ltd announced that it has signed an agreement with Al Safa Halal to purchase its halal food business. The acquisition is subject to obtaining requisite regulatory approvals and closing of the agreement with the sellers. The Company will be setting up companies based in the United States and Canada to acquire and operate the business. It is expected that the cost of acquisition of the business, inventories, and brand building would initially be in the range of USD 10 - 15 million.

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.183279

81.692096

70.718347

60.729836

60.283969

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

561.8

335.7

    Gross Revenue

975.0

739.3

611.5

-

-

    Excise Tax Receipts

-36.1

-27.4

-32.1

-

-

Revenue

938.9

711.8

579.4

561.8

335.7

Total Revenue

938.9

711.8

579.4

561.8

335.7

 

 

 

 

 

 

    Cost of Revenue

700.9

546.7

425.8

430.4

250.4

Cost of Revenue, Total

700.9

546.7

425.8

430.4

250.4

Gross Profit

238.0

165.2

153.6

131.4

85.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

50.3

37.8

31.4

31.3

22.9

    Labor & Related Expense

24.6

16.7

15.5

14.1

8.0

    Advertising Expense

19.6

20.0

11.8

12.5

7.0

Total Selling/General/Administrative Expenses

94.4

74.4

58.7

57.9

37.8

Research & Development

0.5

0.3

0.0

0.3

0.6

    Depreciation

2.5

1.4

1.5

1.1

0.7

    Amortization of Intangibles

0.4

0.2

-

-

-

    Amortization of Acquisition Costs

-

-

-

-

0.0

Depreciation/Amortization

2.9

1.6

1.5

1.1

0.7

        Investment Income - Operating

2.5

3.6

3.3

-

-

    Interest/Investment Income - Operating

2.5

3.6

3.3

-

-

Interest Expense (Income) - Net Operating Total

2.5

3.6

3.3

-

-

    Loss (Gain) on Sale of Assets - Operating

0.1

0.0

0.0

-

-

Unusual Expense (Income)

0.1

0.0

0.0

-

-

    Other Operating Expense

8.2

6.4

10.4

7.7

4.4

    Other, Net

-1.8

-0.8

-

-

-

Other Operating Expenses, Total

6.4

5.6

10.4

7.7

4.4

Total Operating Expense

807.7

632.3

499.7

497.3

293.9

 

 

 

 

 

 

Operating Income

131.2

79.6

79.7

64.5

41.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-48.2

-26.6

-23.9

-11.3

-7.3

    Interest Expense, Net Non-Operating

-48.2

-26.6

-23.9

-11.3

-7.3

        Investment Income - Non-Operating

11.5

9.2

9.1

4.1

6.8

    Interest/Investment Income - Non-Operating

11.5

9.2

9.1

4.1

6.8

Interest Income (Expense) - Net Non-Operating Total

-36.6

-17.4

-14.8

-7.3

-0.5

Gain (Loss) on Sale of Assets

3.8

0.4

1.0

0.0

-

    Other Non-Operating Income (Expense)

-1.2

-0.6

7.4

7.8

7.0

Other, Net

-1.2

-0.6

7.4

7.8

7.0

Income Before Tax

97.2

62.0

73.3

65.1

48.4

 

 

 

 

 

 

Total Income Tax

21.6

16.4

13.8

18.4

12.9

Income After Tax

75.6

45.5

59.5

46.7

35.5

 

 

 

 

 

 

    Minority Interest

4.1

1.1

-1.1

0.7

-0.5

Net Income Before Extraord Items

79.7

46.6

58.3

47.4

34.9

Net Income

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Basic EPS Excl Extraord Items

0.20

0.12

0.18

0.16

0.12

Basic/Primary EPS Incl Extraord Items

0.20

0.12

0.18

0.16

0.12

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

79.7

46.6

58.3

47.4

34.9

Diluted Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Diluted EPS Excl Extraord Items

0.20

0.12

0.18

0.16

0.12

Diluted EPS Incl Extraord Items

0.20

0.12

0.18

0.16

0.12

Dividends per Share - Common Stock Primary Issue

0.06

0.06

0.05

0.07

0.09

Gross Dividends - Common Stock

23.1

-

18.1

21.5

25.1

Interest Expense, Supplemental

48.2

26.6

23.9

11.3

7.3

Depreciation, Supplemental

35.0

21.5

16.1

16.1

12.0

Total Special Items

-3.7

-0.3

-1.0

0.0

0.0

Normalized Income Before Tax

93.5

61.6

72.3

65.1

48.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.8

-0.1

-0.2

0.0

0.0

Inc Tax Ex Impact of Sp Items

20.7

16.4

13.6

18.4

12.9

Normalized Income After Tax

72.7

45.3

58.7

46.6

35.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

76.8

46.4

57.5

47.4

34.9

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.12

0.18

0.16

0.12

Diluted Normalized EPS

0.20

0.12

0.18

0.16

0.12

Amort of Acquisition Costs, Supplemental

-

-

-

-

0.0

Amort of Intangibles, Supplemental

0.5

0.3

0.3

0.2

0.2

Rental Expenses

6.2

4.5

2.8

2.6

1.5

Advertising Expense, Supplemental

19.6

20.0

11.8

12.5

7.0

Research & Development Exp, Supplemental

0.5

0.3

0.0

0.3

0.6

Normalized EBIT

133.8

83.2

83.0

64.5

41.9

Normalized EBITDA

169.3

105.0

99.5

80.8

54.0

    Current Tax - Domestic

15.7

19.8

16.7

18.5

14.3

    Current Tax - Other

-4.8

2.1

0.0

-

-

Current Tax - Total

10.9

21.8

16.7

18.5

14.3

    Deferred Tax - Domestic

12.2

-2.4

-2.9

-1.0

-1.4

    Deferred Tax - Other

-1.5

-3.0

0.0

-

-

Deferred Tax - Total

10.7

-5.4

-2.9

-1.0

-1.4

    Other Tax

-

-

0.0

0.9

-

Income Tax - Total

21.6

16.4

13.8

18.4

12.9

Interest Cost - Domestic

0.1

0.5

0.7

0.9

0.8

Service Cost - Domestic

0.0

0.2

0.2

0.2

0.2

Prior Service Cost - Domestic

0.0

0.0

-

-

-

Expected Return on Assets - Domestic

-0.1

-0.5

-0.9

-0.9

-0.9

Actuarial Gains and Losses - Domestic

0.0

0.0

-0.3

-0.1

0.0

Curtailments & Settlements - Domestic

-

-

0.0

-0.3

-1.9

Transition Costs - Domestic

0.0

0.0

-

-

-

Other Pension, Net - Domestic

-

-

-

0.0

0.0

Domestic Pension Plan Expense

0.0

0.1

-0.2

-0.2

-1.8

Other Post-Retirement, Net

1.6

1.3

1.0

-

-

Post-Retirement Plan Expense

1.6

1.3

1.0

-

-

Defined Contribution Expense - Domestic

0.1

1.5

1.4

1.3

1.1

Total Pension Expense

1.7

2.9

2.1

1.2

-0.6

Discount Rate - Domestic

14.50%

14.00%

15.00%

10.00%

10.00%

Expected Rate of Return - Domestic

13.50%

13.00%

10.00%

10.00%

10.00%

Compensation Rate - Domestic

14.50%

14.00%

15.00%

10.00%

10.00%

Pension Payment Rate - Domestic

-

-

7.50%

6.00%

6.00%

Total Plan Interest Cost

0.1

0.5

0.7

0.9

0.8

Total Plan Service Cost

0.0

0.2

0.2

0.2

0.2

Total Plan Expected Return

-0.1

-0.5

-0.9

-0.9

-0.9

Total Plan Other Expense

1.6

1.3

1.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.645

84.325

79.125

61.625

60.88

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

48.1

81.6

27.8

34.6

40.2

    Short Term Investments

51.7

6.1

26.1

167.5

3.8

Cash and Short Term Investments

99.8

87.7

53.9

202.1

44.0

        Accounts Receivable - Trade, Gross

61.5

42.4

10.0

31.3

19.4

        Provision for Doubtful Accounts

-1.6

-0.5

-0.4

-0.4

-0.2

    Trade Accounts Receivable - Net

59.9

41.9

9.6

31.0

19.2

    Other Receivables

33.4

26.8

57.1

51.5

26.9

Total Receivables, Net

93.4

68.7

66.7

82.5

46.1

    Inventories - Finished Goods

41.9

15.0

58.5

41.8

23.7

    Inventories - Work In Progress

0.6

0.7

0.8

0.7

0.4

    Inventories - Raw Materials

55.7

29.3

30.8

18.0

13.7

    Inventories - Other

62.4

17.4

14.1

14.9

13.4

Total Inventory

160.6

62.5

104.2

75.4

51.2

Prepaid Expenses

10.5

3.0

2.9

6.7

1.8

    Deferred Income Tax - Current Asset

29.1

12.3

11.0

9.7

0.0

    Other Current Assets

0.1

2.1

22.4

6.0

0.0

Other Current Assets, Total

29.2

14.4

33.4

15.7

0.0

Total Current Assets

393.4

236.3

261.1

382.5

143.1

 

 

 

 

 

 

        Buildings

76.3

39.2

28.5

30.9

22.3

        Land/Improvements

9.9

9.4

7.2

7.4

6.7

        Machinery/Equipment

739.8

378.5

215.8

263.0

242.0

        Construction in Progress

811.8

998.3

591.4

199.3

10.2

        Leases

0.9

1.0

1.2

-

-

        Natural Resources

9.2

5.4

3.9

0.2

0.0

        Other Property/Plant/Equipment

5.7

5.1

4.1

5.3

4.8

    Property/Plant/Equipment - Gross

1,653.6

1,436.9

852.0

506.1

286.1

    Accumulated Depreciation

-154.1

-122.7

-111.4

-125.0

-109.4

Property/Plant/Equipment - Net

1,499.4

1,314.1

740.6

381.1

176.6

    Goodwill - Gross

-

-

5.3

6.8

0.3

    Accumulated Goodwill Amortization

-

-

-

-

0.0

Goodwill, Net

-

-

5.3

6.8

0.3

    Intangibles - Gross

12.4

8.5

3.4

3.9

1.7

    Accumulated Intangible Amortization

-2.1

-1.6

-1.5

-1.6

-1.3

Intangibles, Net

10.2

6.9

1.9

2.4

0.4

    LT Investment - Affiliate Companies

6.0

5.9

6.2

8.0

7.8

Long Term Investments

6.0

5.9

6.2

8.0

7.8

Note Receivable - Long Term

2.3

1.8

4.3

15.4

1.2

    Other Long Term Assets

12.6

1.5

1.8

2.8

-

Other Long Term Assets, Total

12.6

1.5

1.8

2.8

-

Total Assets

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

Accounts Payable

56.6

26.6

19.3

66.9

29.3

Accrued Expenses

77.2

60.0

38.5

19.2

12.2

Notes Payable/Short Term Debt

66.7

15.4

58.0

14.6

33.2

Current Portion - Long Term Debt/Capital Leases

181.6

28.4

4.3

24.1

21.9

    Dividends Payable

2.1

1.2

4.0

3.1

1.4

    Customer Advances

31.1

20.6

16.8

10.0

1.8

    Security Deposits

4.8

22.8

-

-

-

    Other Current Liabilities

20.6

14.4

14.1

16.0

5.3

Other Current liabilities, Total

58.6

59.0

35.0

29.2

8.5

Total Current Liabilities

440.8

189.4

155.2

154.1

105.1

 

 

 

 

 

 

    Long Term Debt

1,040.9

997.8

514.9

296.7

39.1

    Capital Lease Obligations

0.2

0.2

0.4

0.5

0.4

Total Long Term Debt

1,041.2

998.1

515.2

297.2

39.5

Total Debt

1,289.6

1,041.9

577.6

336.0

94.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

28.9

20.0

31.7

48.3

22.9

Deferred Income Tax

28.9

20.0

31.7

48.3

22.9

Minority Interest

41.1

38.2

39.4

48.7

9.1

    Pension Benefits - Underfunded

1.4

1.1

1.2

1.1

1.0

    Other Long Term Liabilities

13.5

10.0

20.3

1.6

-

Other Liabilities, Total

14.8

11.2

21.5

2.8

1.0

Total Liabilities

1,566.7

1,256.9

762.9

551.0

177.6

 

 

 

 

 

 

    Common Stock

38.3

35.3

26.9

31.4

27.6

Common Stock

38.3

35.3

26.9

31.4

27.6

Additional Paid-In Capital

123.2

125.1

90.4

64.3

17.5

Retained Earnings (Accumulated Deficit)

205.1

155.8

138.4

133.2

103.3

Unrealized Gain (Loss)

1.2

1.4

1.6

2.2

3.2

    Translation Adjustment

0.3

-0.5

-0.4

-

-

    Other Comprehensive Income

-10.8

-7.3

1.3

16.8

-

Other Equity, Total

-10.5

-7.8

0.9

16.8

-

Total Equity

357.3

309.7

258.3

247.9

151.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

327.7

357.5

280.9

318.8

277.2

Total Common Shares Outstanding

327.7

357.5

280.9

318.8

277.2

Number of Common Shareholders

13,939

13,980

13,163

-

2,049

Accumulated Goodwill Amortization Suppl.

-

-

-

-

0.0

Accumulated Intangible Amort, Suppl.

2.1

1.6

1.5

1.6

1.3

Deferred Revenue - Current

31.1

20.6

16.8

10.0

1.8

Total Long Term Debt, Supplemental

1,222.4

1,026.0

577.0

-

21.9

Long Term Debt Maturing within 1 Year

181.5

28.2

62.1

-

21.9

Long Term Debt Matur. in Year 6 & Beyond

1,040.9

997.8

514.9

-

0.0

    Interest Costs

-

-

-

-

-0.1

Total Capital Leases, Supplemental

0.4

0.5

0.5

0.8

0.6

Capital Lease Payments Due in Year 1

0.2

0.2

0.2

0.3

0.0

Capital Lease Payments Due in Year 2

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 3

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 4

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 5

0.1

0.1

0.1

0.1

0.1

Capital Lease Payments Due in 2-3 Years

0.1

0.1

0.1

0.2

0.4

Capital Lease Payments Due in 4-5 Years

0.1

0.1

0.1

0.2

0.2

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

-

0.0

Total Operating Leases, Supplemental

2.0

2.0

0.0

0.8

-

Operating Lease Payments Due in Year 1

0.7

0.5

0.0

0.3

-

Operating Lease Payments Due in Year 2

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 3

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 4

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 5

0.2

0.2

0.0

0.1

-

Operating Lease Pymts. Due in 2-3 Years

0.3

0.3

0.0

0.2

-

Operating Lease Pymts. Due in 4-5 Years

0.3

0.3

0.0

0.2

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.6

0.8

0.0

0.0

-

Pension Obligation - Domestic

1.4

4.0

-

9.5

8.8

Plan Assets - Domestic

1.5

4.9

-

11.1

11.9

Funded Status - Domestic

0.1

0.8

-

1.6

3.1

Unfunded Plan Obligations

-

-

-

0.0

0.1

Total Funded Status

0.1

0.8

-

1.5

3.0

Discount Rate - Domestic

-

-

-

10.00%

10.00%

Expected Rate of Return - Domestic

-

-

-

6.00%

6.00%

Compensation Rate - Domestic

-

-

-

10.00%

10.00%

Pension Payment Rate - Domestic

-

-

-

10.00%

10.00%

Prepaid Benefits - Domestic

0.0

0.0

-

0.3

1.2

Accrued Liabilities - Domestic

0.0

0.0

-

0.0

-0.1

Net Assets Recognized on Balance Sheet

0.0

0.0

-

0.3

1.1

Total Plan Obligations

1.4

4.0

-

9.5

8.9

Total Plan Assets

1.5

4.9

-

11.1

11.9

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.183279

81.692096

70.718347

60.729836

60.283969

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

97.2

62.0

73.3

65.1

48.4

    Depreciation

33.4

20.9

16.0

16.2

12.2

Depreciation/Depletion

33.4

20.9

16.0

16.2

12.2

    Amortization of Intangibles

0.4

0.3

0.3

-

-

Amortization

0.4

0.3

0.3

-

-

    Unusual Items

-2.5

1.0

0.0

0.4

-0.1

    Equity in Net Earnings (Loss)

-6.5

-5.6

-3.5

-4.0

-

    Other Non-Cash Items

48.3

30.2

21.1

7.1

-2.4

Non-Cash Items

39.3

25.6

17.7

3.5

-2.6

    Accounts Receivable

-14.9

29.0

-33.9

-47.9

-21.2

    Inventories

-99.8

36.2

-53.2

-26.1

-8.9

    Accounts Payable

-19.9

-34.1

16.1

-11.4

-8.0

    Payable/Accrued

33.2

48.8

-11.3

62.0

15.1

    Other Operating Cash Flow

-70.6

-44.1

-32.8

-28.5

-22.5

Changes in Working Capital

-172.0

35.8

-115.0

-51.9

-45.5

Cash from Operating Activities

-1.7

144.5

-7.8

32.9

12.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-248.3

-659.7

-512.1

-175.5

-19.1

Capital Expenditures

-248.3

-659.7

-512.1

-175.5

-19.1

    Acquisition of Business

-

-

-

-

-7.1

    Sale of Fixed Assets

5.6

1.2

1.7

0.9

0.7

    Other Investing Cash Flow

11.0

6.8

7.6

6.5

7.6

Other Investing Cash Flow Items, Total

16.6

8.0

9.3

7.4

1.2

Cash from Investing Activities

-231.7

-651.7

-502.8

-168.2

-17.8

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

-4.3

6.4

17.4

0.0

Financing Cash Flow Items

0.0

-4.3

6.4

17.4

0.0

    Cash Dividends Paid - Common

-21.5

-22.4

-19.8

-18.4

-29.7

Total Cash Dividends Paid

-21.5

-22.4

-19.8

-18.4

-29.7

        Sale/Issuance of Common

7.4

52.0

54.1

51.8

20.3

    Common Stock, Net

7.4

52.0

54.1

51.8

20.3

Issuance (Retirement) of Stock, Net

7.4

52.0

54.1

51.8

20.3

        Long Term Debt Issued

232.8

563.8

335.0

285.4

13.3

        Long Term Debt Reduction

-23.5

-3.3

-33.2

-21.8

-11.5

    Long Term Debt, Net

209.3

560.5

301.9

263.9

2.2

Issuance (Retirement) of Debt, Net

209.3

560.5

301.9

263.9

2.2

Cash from Financing Activities

195.2

585.7

342.6

314.7

-7.2

Net Change in Cash

-38.3

78.5

-168.0

179.4

-12.5

Net Cash - Beginning Balance

71.5

-4.0

163.4

10.8

23.4

Net Cash - Ending Balance

33.2

74.5

-4.6

190.3

10.9

Cash Interest Paid

39.7

20.2

14.1

5.6

6.9

Cash Taxes Paid

27.9

23.9

14.5

19.6

14.6

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.183279

81.692096

70.718347

60.729836

60.283969

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

-

-

-

561.8

335.7

    Own Manufactured Products

741.9

545.4

499.2

-

-

    Purchase Products and Services Rendered

233.1

193.9

112.3

-

-

    Sales Taxes

-36.1

-27.4

-32.1

-

-

Total Revenue

938.9

711.8

579.4

561.8

335.7

 

 

 

 

 

 

    Cost of Goods Sold

700.9

546.7

425.8

430.4

250.4

    Depreciation and Amortization

2.5

1.4

1.5

1.1

0.7

    Amortization

0.4

0.2

-

-

-

    Salaries, Wages/ Staff Recruitment

24.6

16.7

15.5

14.1

8.0

    Other Operating Expense

8.2

6.4

10.4

7.7

4.4

    Advertising Expenses

19.6

20.0

11.8

12.5

7.0

    Selling/Distribution

50.3

37.8

31.4

31.3

22.9

    Research/Development

0.5

0.3

0.0

0.3

0.6

    Loss on Sale of Fixed Assets

-

0.0

0.0

-

-

    Loss on Death/ Sales of Biological Asset

0.1

0.0

0.0

-

-

    Foreig Exchange Loss

2.2

3.6

3.3

-

-

    Loss on Fair value of Derivative

0.3

0.0

0.0

-

-

    Other Operating Inc.

-1.8

-0.8

-

-

-

    Amortization of Goodwill

-

-

-

-

0.0

Total Operating Expense

807.7

632.3

499.7

497.3

293.9

 

 

 

 

 

 

    Income on Deposist/ Other Finan. Assets

4.7

1.6

3.7

-

-

    Fair Value of Interest Rate Swaps

-

0.0

0.0

0.0

-

    Disp./Fixed Assets

3.8

0.4

1.0

0.0

-

    Gain Arising from Changes in Fair Value

0.2

1.7

0.8

0.0

-

    Foreign Exchange

0.1

0.3

1.2

0.0

-

    Other Income

-

-

8.0

8.3

7.0

    Financial Charges

-48.2

-26.6

-23.9

-11.3

-7.3

    Other Fin. Charges

-1.2

-0.6

-0.7

-0.5

-

    Share of Income from JV Before Taxation

6.5

5.6

3.5

4.0

6.8

Net Income Before Taxes

97.2

62.0

73.3

65.1

48.4

 

 

 

 

 

 

Provision for Income Taxes

21.6

16.4

13.8

18.4

12.9

Net Income After Taxes

75.6

45.5

59.5

46.7

35.5

 

 

 

 

 

 

    Minority Interest

4.1

1.1

-1.1

0.7

-0.5

Net Income Before Extra. Items

79.7

46.6

58.3

47.4

34.9

Net Income

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Basic Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Basic EPS Excluding ExtraOrdinary Items

0.20

0.12

0.18

0.16

0.12

Basic EPS Including ExtraOrdinary Item

0.20

0.12

0.18

0.16

0.12

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

79.7

46.6

58.3

47.4

34.9

Diluted Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Diluted EPS Excluding ExtraOrd Items

0.20

0.12

0.18

0.16

0.12

Diluted EPS Including ExtraOrd Items

0.20

0.12

0.18

0.16

0.12

DPS-Ordinary Shares

0.06

0.06

0.05

0.07

0.09

Gross Dividends - Common Stock

23.1

-

18.1

21.5

25.1

Normalized Income Before Taxes

93.5

61.6

72.3

65.1

48.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

20.7

16.4

13.6

18.4

12.9

Normalized Income After Taxes

72.7

45.3

58.7

46.6

35.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

76.8

46.4

57.5

47.4

34.9

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.12

0.18

0.16

0.12

Diluted Normalized EPS

0.20

0.12

0.18

0.16

0.12

Amortization of Acquisition Cost

-

-

-

-

0.0

Advertising and Sales Promotion

19.6

20.0

11.8

12.5

7.0

Rent

6.2

4.5

2.8

2.6

1.5

Research & Development Exp

0.5

0.3

0.0

0.3

0.6

Financial Charges

48.2

26.6

23.9

11.3

7.3

Depreciation

35.0

21.5

16.1

16.1

12.0

Amortisation of Intangibles

0.5

0.3

0.3

0.2

0.2

    Current Tax - Total

15.7

19.8

16.7

18.5

14.3

    Prior Year

-4.8

2.1

0.0

-

-

Current Tax - Total

10.9

21.8

16.7

18.5

14.3

    Deferred Tax - Total

12.2

-2.4

-2.9

-1.0

-1.4

    For Prior Year

-1.5

-3.0

0.0

-

-

Deferred Tax - Total

10.7

-5.4

-2.9

-1.0

-1.4

    Other Tax

-

-

0.0

0.9

-

Income Tax - Total

21.6

16.4

13.8

18.4

12.9

Current Service Cost - Pension/Gratuity

0.0

0.2

0.2

0.2

0.2

Interest Cost - Pension/Gratuity

0.1

0.5

0.7

0.9

0.8

Expected Return on Assets - Pension/Grat

-0.1

-0.5

-0.9

-0.9

-0.9

Unrecognized past service cost

0.0

0.0

-

-

-

Transitional Obligation Recognized

0.0

0.0

-

-

-

Prior Service Cost

0.0

0.0

-

-

-

Actuarial Gain/Loss - Pension/Gratuity

0.0

0.0

-0.3

-0.1

0.0

Reversal Made - Pension/Gratuity

-

-

-

0.0

0.0

Curtailments Gain/Losses - Pension/Gra

-

-

0.0

-0.3

-1.9

Domestic Pension Plan Expense

0.0

0.1

-0.2

-0.2

-1.8

Staff Retirement Benefits

1.6

1.3

1.0

-

-

Post-Retirement Plan Expense

1.6

1.3

1.0

-

-

Defined Contribution Plans

0.1

1.5

1.4

1.3

1.1

Total Pension Expense

1.7

2.9

2.1

1.2

-0.6

Discount Rate - Pension/Gratuity

14.50%

14.00%

15.00%

10.00%

10.00%

Salary Increase Rate - Pension/Gratuity

14.50%

14.00%

15.00%

10.00%

10.00%

Pension Payment Rate - Pension/Gratuity

-

-

7.50%

6.00%

6.00%

Expected Rate of Return - Pension/Gratui

13.50%

13.00%

10.00%

10.00%

10.00%

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal
31-Dec-2009

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.645

84.325

79.125

61.625

60.88

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Consumable Store

5.2

2.1

2.1

2.0

1.5

    Spares

53.0

15.7

12.4

13.2

12.1

    Loose Tools

-

-

-

-

0.0

    Provision for Surplus/Slow Moving Items

-0.8

-0.6

-0.4

-0.3

-0.2

    Raw Materials

35.8

29.3

30.8

18.0

13.7

    Unprocessed Rice

19.9

0.0

-

-

-

    Inventory of Fuel Stock

5.5

0.3

0.0

-

-

    Work in Progress

0.6

0.7

0.8

0.7

0.4

    Finished/Own

24.6

10.2

18.3

19.4

15.7

    Finished/Purch.

17.3

4.8

40.3

22.5

8.0

    Provision for Slow Moving Inventory

-0.4

0.0

0.0

0.0

-

    Trde Debts Gross

61.5

42.4

10.0

31.3

19.4

    Privision for Doubtful Debts

-1.6

-0.5

-0.4

-0.3

-0.1

    Deferred Employee compensation expense

0.1

1.2

1.3

1.2

-

    Loans

13.1

5.7

1.4

1.2

0.9

    Advances

5.3

7.6

7.9

4.8

3.2

    TRansaction Cost Paid

-

-

2.4

4.8

0.0

    Prepaid Insurance

0.9

1.0

1.0

2.8

-

    Prepayments

9.6

1.9

1.9

3.9

1.8

    Prov. for impairment

0.0

-0.1

-

-

-

    Provision for Doubtful Receivables

-

-

-

-0.1

-0.1

    Other Receivable

15.0

13.5

47.8

45.5

22.9

    Derivative Financial Instruments

0.0

0.9

18.7

-

-

    Taxation

29.1

12.3

11.0

9.7

0.0

    Short Term Investmnet

51.7

6.1

26.1

167.5

3.8

    Cash/Bank

48.1

81.6

27.8

34.6

40.2

Total Current Assets

393.4

236.3

261.1

382.5

143.1

 

 

 

 

 

 

    Exploration & evaluation Expenditure

4.2

0.2

-

-

-

    Freehold Land

5.7

5.6

3.1

2.0

1.3

    Leasehold Land

4.1

3.8

4.1

5.4

5.4

    Building/Freehld

66.8

30.0

20.9

21.2

12.4

    Building/Leashld

9.5

9.2

7.6

9.8

9.9

    Pipelines

20.4

5.6

1.4

1.7

1.7

    Plant/Machinery

693.7

353.3

197.2

241.7

226.5

    Plant/Machinery - Leased

0.2

0.2

0.2

-

-

    Plant and Machinery Held for Disposal

-

-

0.0

2.5

0.0

    Roads/Fences

5.7

5.1

4.1

5.3

4.8

    Furn/Fixt/Equip.

11.8

9.8

9.1

9.3

8.1

    Furn/Fixt/Equip. - Leased

0.3

0.3

0.3

-

-

    Vehicles

13.8

9.8

8.1

7.7

5.8

    Vehicles - Leased

0.5

0.6

0.7

-

-

    Depreciation

-154.1

-122.7

-111.4

-125.0

-109.4

    Capital-work-in progress

811.8

998.3

591.4

199.3

10.2

    Capital spares

12.6

1.5

-

-

-

    Biological Assets

5.0

5.2

3.9

0.2

0.0

    Software

4.8

2.3

2.0

2.1

1.6

    Rights for Future Gas

1.2

1.2

1.3

1.7

0.0

    Development Cost

0.1

0.1

0.1

0.1

0.1

    Covenants

6.3

5.0

0.0

0.0

0.0

    Goodwill

-

-

5.3

6.8

0.3

    Accumulated Amortization of Goodwill

-

-

-

-

0.0

    Amort./Intngbls.

-2.1

-1.6

-1.5

-1.6

-1.3

    Software

-

-

-

0.1

-

    LT Investments

6.0

5.9

6.2

8.0

7.8

    Deferred Employee Costs

0.0

0.0

1.3

2.8

-

    Derivative Financial Intsruments

-

-

0.5

-

-

    LT Loans/Advance

2.3

1.8

4.3

15.4

1.2

Total Assets

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

    Loans/Related

-

-

-

0.6

1.1

    Creditors

56.6

26.6

19.3

66.9

29.3

    Accrued

46.0

38.5

23.0

19.2

11.5

    Adv./Customers

31.1

20.6

16.8

10.0

1.8

    Sales Taxes

0.6

0.1

0.0

-

0.7

    Security deposits

4.8

22.8

-

-

-

    Other Liabs.

8.1

5.3

11.9

15.7

4.9

    Accrued Interest / Mark up

30.6

21.4

15.5

-

-

    Red. Capital

181.5

28.2

4.1

23.2

20.6

    Liability Against Assets Lease

0.2

0.2

0.3

0.3

0.2

    Deferred Liabilities

0.3

0.3

0.3

0.3

0.4

    ST Running Fin.

66.7

15.4

58.0

14.6

33.2

    Derivative Financial Instruments

12.2

8.8

2.0

-

-

    Proposed Div.

2.1

1.2

4.0

3.1

1.4

Total Current Liabilities

440.8

189.4

155.2

154.1

105.1

 

 

 

 

 

 

    LT Loans

-

-

-

-

0.6

    Red. Capital

1,040.9

997.8

514.9

296.7

38.6

    Liabilities Against Assets Lease

0.2

0.2

0.4

0.5

0.4

Total Long Term Debt

1,041.2

998.1

515.2

297.2

39.5

 

 

 

 

 

 

    Derivative

9.4

7.5

12.4

0.0

-

    Deferred Tax

28.9

20.0

31.7

48.3

22.9

    Employee Housing Subsidiary

4.1

2.5

0.9

0.0

-

    Retirement Ben.

1.4

1.1

1.2

1.1

1.0

    Income on sales & Leaseback agreements o

0.0

0.0

-

-

-

    Retention Money Against Project Payments

-

-

7.0

1.6

-

    Minority Interest

41.1

38.2

39.4

48.7

9.1

Total Liabilities

1,566.7

1,256.9

762.9

551.0

177.6

 

 

 

 

 

 

    Share Capital

38.3

35.3

26.9

31.4

27.6

    Share Premium

123.2

125.1

90.4

64.3

17.5

    Revenue Reserve

-

-

-

-

72.8

    Employee Share Option Compensation

1.9

3.8

4.1

4.4

-

    Hedging Reserve

-10.8

-7.3

1.3

16.8

-

    Revaluation Reserve

1.2

1.4

1.6

2.2

3.2

    Maintenance Reserve

2.3

0.0

-

-

-

    Exchange Revaluation Reserve

0.3

-0.5

-0.4

-

-

    General Reserve

51.7

52.5

56.0

71.9

-

    Unapprop. Profit

149.2

99.5

78.3

56.9

30.6

Total Equity

357.3

309.7

258.3

247.9

151.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

    S/O-Ordinary Shares

327.7

357.5

280.9

318.8

277.2

Total Common Shares Outstanding

327.7

357.5

280.9

318.8

277.2

Deferred Revenue - Current

31.1

20.6

16.8

10.0

1.8

Accumulated Amortizatin of Goodwill

-

-

-

-

0.0

Accumulated Intangible Amortization

2.1

1.6

1.5

1.6

1.3

Number of Common Shareholders

13,939

13,980

13,163

-

2,049

Long Term Debt Maturing Within 1 Year

181.5

28.2

62.1

-

21.9

Long Term Debt Maturing after 1Year

1,040.9

997.8

514.9

-

-

Total Long Term Debt, Supplemental

1,222.4

1,026.0

577.0

-

21.9

Capital Lease Mat. Pay. Within 1 Year

0.2

0.2

0.2

0.3

0.0

Capital Lease Mat. Pay. Within 2 Years

-

-

-

-

0.2

Capital Lease Mat. Pay. Within 3 Years

-

-

-

-

0.2

Capital Lease Mat. Pay. Within 4 Years

-

-

-

-

0.2

Capital Lease Mat. Pay. Within 5 Years

0.2

0.2

0.3

0.5

0.1

Capital Lease Mat. Pay. Within 6 Years

-

-

-

-

0.0

Interest Costs

-

-

-

-

-0.1

Total Capital Leases

0.4

0.5

0.5

0.8

0.6

Operating Lease Payable Within One Year

0.7

0.5

0.0

0.3

-

Operating Lease Payable 1-5 Years

0.7

0.7

0.0

0.5

-

Operating Lease Payable after 5 Years

0.6

0.8

0.0

-

-

Total Operating Leases

2.0

2.0

0.0

0.8

-

PV of Funded Obligations - Pension

0.0

0.3

-

5.8

5.5

FV of Plan Assets - Pension

0.0

0.7

-

7.1

8.0

Funded Status - Pension

0.0

0.4

-

1.3

2.4

PV of Funded Obligations - Gratuity

1.4

3.7

-

3.7

3.3

FV of Plan Assets - Gratuity

1.5

4.1

-

4.0

3.9

Funded Status - Gratuity

0.1

0.4

-

0.3

0.6

PV of Unfunded Obligations - Gratuity

-

-

-

0.0

0.1

Total Funded Status

0.1

0.8

-

1.5

3.0

Discount Rate - Pension/Gratuity

-

-

-

10.00%

10.00%

Salary Increase Rate - Pension/Gratuity

-

-

-

10.00%

10.00%

Expected Rate of Return - Pension/Gratui

-

-

-

6.00%

6.00%

Pension Payment Rate - Pension/Gratuity

-

-

-

10.00%

10.00%

Asset - Pension

0.0

0.0

-

0.3

1.2

Liability - Unfunded - Gratuity

0.0

0.0

-

0.0

-0.1

Net Assets Recognized on Balance Sheet

0.0

0.0

-

0.3

1.1

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.183279

81.692096

70.718347

60.729836

60.283969

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Profit Before Tax

97.2

62.0

73.3

65.1

48.4

    Depreciation

33.4

20.9

16.0

16.2

12.2

    Dividend Income

-

-

-

-

-6.8

    Employee Share Compensation Exp.

-0.4

1.0

1.0

0.0

-

    Amortization of Intangibles

0.4

0.3

0.3

-

-

    Disp./Fixed Assets

-3.8

-0.4

-1.0

0.3

-0.1

    Interest expense

49.3

27.2

24.6

11.8

7.3

    Loss on Sale of Biological Asset

0.1

0.0

0.0

0.0

-

    Prov./Retirement

2.5

2.3

1.9

2.1

1.2

    Negative Goodwill

0.0

0.0

-4.4

-3.8

-3.2

    Prov. for dimunition in Inv

-

-

-

-

-0.1

    Deposits/Bonds

-4.6

-1.6

-3.7

-3.3

-0.8

    Share of Income from J V

-6.5

-5.6

-3.5

-4.0

-

    Negative Goodwill

1.2

1.3

1.0

0.0

-

    Provision for Slow Moving Inventory

0.2

0.2

0.1

0.1

0.0

    Provision for Doubtful Debts

1.2

0.1

0.2

0.1

0.0

    Provision for Loans and Advances

-0.1

0.0

0.0

0.0

0.0

    Provision for Receivables

0.0

1.0

1.4

0.0

0.0

    Fair Value Hedging Derivative

-

-

-

-

0.0

    Stores/Spares/Tools

-40.8

-4.4

-5.2

-1.8

-2.5

    Stock in Trade

-59.0

40.5

-48.0

-24.3

-6.5

    Trade Debts

-19.9

-34.1

16.1

-11.4

-8.0

    Loans/Adv./Prepay.

-12.9

-2.7

-1.1

-12.1

-2.0

    Other Receivable

-2.0

31.7

-32.8

-35.8

-19.2

    Creditors/Accrued

33.2

48.8

-11.3

62.0

15.1

    Ret. Ben. Paid

-2.5

-2.2

-1.5

-1.9

-1.0

    Fin. Charges Paid

-39.7

-20.2

-14.1

-5.6

-6.9

    Tax Paid

-27.9

-23.9

-14.5

-19.6

-14.6

    LT Loans/Advances

-0.5

2.3

-2.6

-1.3

-0.1

    Adjustment

0.0

-

-

-

-

Cash from Operating Activities

-1.7

144.5

-7.8

32.9

12.6

 

 

 

 

 

 

    Exploration & Evaluation Expenditure inc

-4.0

-

-

-

-

    Capital Exp.

-244.3

-659.7

-512.1

-175.5

-19.1

    Disp./Fixed Assets

5.6

1.2

1.7

0.9

0.7

    Deposits/Bonds

4.4

1.6

4.1

2.8

0.8

    Acquisition of Subsidiary

-

-

-

-

-7.1

    Dividend Received

6.6

5.2

3.5

3.7

6.8

Cash from Investing Activities

-231.7

-651.7

-502.8

-168.2

-17.8

 

 

 

 

 

 

    Proceeds from Issue of Share Capital

0.0

52.0

47.8

-

-

    Proc./Red. Capital

232.8

563.8

335.0

285.4

11.6

    Repay./Red. Capital

-23.5

-3.3

-33.2

-

-11.5

    Assets Subject to Finance Lease

-0.1

-0.1

0.0

0.2

0.4

    Repay./ LT Loans

-

-

-

-21.8

0.0

    Proceeds from Share Issue

-

-

-

51.8

20.3

    Retention Money Against Project

0.0

-6.8

6.4

0.0

-

    Advance Againest Issue of Shares

0.0

2.4

0.0

17.4

0.0

    Proceeds from Issuance of Shares

7.4

0.0

6.3

0.0

-

    Dividends Paid

-21.5

-22.4

-19.8

-18.4

-29.7

    Proceeds from Long Term Loans

-

-

-

-

1.7

Cash from Financing Activities

195.2

585.7

342.6

314.7

-7.2

 

 

 

 

 

 

Net Change in Cash

-38.3

78.5

-168.0

179.4

-12.5

 

 

 

 

 

 

Net Cash - Beginning Balance

71.5

-4.0

163.4

10.8

23.4

Net Cash - Ending Balance

33.2

74.5

-4.6

190.3

10.9

    Cash Interest Paid

39.7

20.2

14.1

5.6

6.9

    Cash Taxes Paid

27.9

23.9

14.5

19.6

14.6

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

377.4

64.98%

938.9

37.53%

32.84%

33.65%

Research & Development1 

-

-

0.5

60.60%

38.23%

-8.95%

Operating Income1 

83.1

204.48%

131.2

71.90%

41.83%

29.96%

Income Available to Common Excl Extraord Items1 

25.5

121.84%

79.7

78.36%

33.15%

24.40%

Basic EPS Excl Extraord Items1 

0.06

121.84%

0.20

69.20%

22.03%

15.03%

Capital Expenditures2 

83.1

-58.93%

248.3

-60.75%

25.66%

81.03%

Cash from Operating Activities2 

62.1

-

-1.7

-

-

-

Free Cash Flow 

-20.7

-

-248.6

-

-

-

Total Assets3 

2,064.5

-

1,924.0

24.73%

49.58%

62.83%

Total Liabilities3 

1,651.8

-

1,566.7

26.60%

58.09%

80.99%

Total Long Term Debt3 

958.6

-

1,041.2

5.95%

69.49%

98.30%

Total Common Shares Outstanding3 

393.3

-

327.7

-8.33%

0.93%

4.16%

1-ExchangeRate: PKR to USD Average for Period

86.759355

 

85.183279

 

 

 

2-ExchangeRate: PKR to USD Average for Period

85.851927

 

85.183279

 

 

 

3-ExchangeRate: PKR to USD Period End Date

87.425000

 

85.645000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin 

25.35%

23.20%

26.51%

23.39%

25.41%

Operating Margin 

13.97%

11.18%

13.76%

11.48%

12.47%

Pretax Margin 

10.35%

8.71%

12.65%

11.58%

14.41%

Net Profit Margin 

8.49%

6.55%

10.07%

8.43%

10.41%

Financial Strength

Current Ratio 

0.89

1.25

1.68

2.48

1.36

Long Term Debt/Equity 

2.91

3.22

2.00

1.20

0.26

Total Debt/Equity 

3.61

3.36

2.24

1.36

0.62

Management Effectiveness

Return on Assets 

4.34%

3.49%

6.47%

8.18%

12.42%

Return on Equity 

23.94%

16.36%

23.11%

23.47%

25.19%

Efficiency

Receivables Turnover 

11.60

10.50

7.91

8.65

10.32

Inventory Turnover 

6.28

6.61

4.67

6.73

5.30

Asset Turnover 

0.54

0.55

0.63

0.98

1.18

Market Valuation USD (mil)

P/E (TTM) 

6.19

.

Enterprise Value2 

1,776.7

Price/Sales (TTM) 

0.47

.

Enterprise Value/Revenue (TTM) 

1.48

Price/Book (MRQ) 

1.37

.

Enterprise Value/EBITDA (TTM) 

5.84

Market Cap as of 25-Nov-20111 

561.6

.

 

 

1-ExchangeRate: PKR to USD on 25-Nov-2011

87.955000

 

 

 

2-ExchangeRate: PKR to USD on 30-Sep-2011

87.425000

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio 

0.89

1.25

1.68

2.48

1.36

Quick/Acid Test Ratio 

0.44

0.83

0.78

1.85

0.86

Working Capital1 

-47.3

46.9

105.9

228.4

38.0

Long Term Debt/Equity 

2.91

3.22

2.00

1.20

0.26

Total Debt/Equity 

3.61

3.36

2.24

1.36

0.62

Long Term Debt/Total Capital 

0.63

0.74

0.62

0.51

0.16

Total Debt/Total Capital 

0.78

0.77

0.69

0.58

0.38

Payout Ratio 

28.96%

44.55%

30.08%

44.71%

74.90%

Effective Tax Rate 

22.18%

26.54%

18.85%

28.31%

26.68%

Total Capital1 

1,646.8

1,351.7

835.8

583.9

246.4

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.54

0.55

0.63

0.98

1.18

Inventory Turnover 

6.28

6.61

4.67

6.73

5.30

Days In Inventory 

58.16

55.24

78.15

54.23

68.88

Receivables Turnover 

11.60

10.50

7.91

8.65

10.32

Days Receivables Outstanding 

31.47

34.76

46.16

42.21

35.38

 

 

 

 

 

 

Profitability

Gross Margin 

25.35%

23.20%

26.51%

23.39%

25.41%

Operating Margin 

13.97%

11.18%

13.76%

11.48%

12.47%

EBITDA Margin 

17.75%

14.25%

16.60%

14.38%

16.10%

EBIT Margin 

13.97%

11.18%

13.76%

11.48%

12.47%

Pretax Margin 

10.35%

8.71%

12.65%

11.58%

14.41%

Net Profit Margin 

8.49%

6.55%

10.07%

8.43%

10.41%

R&D Expense/Revenue 

0.05%

0.05%

0.01%

0.05%

0.17%

COGS/Revenue 

74.65%

76.80%

73.49%

76.61%

74.59%

SG&A Expense/Revenue 

10.06%

10.46%

10.13%

10.31%

11.27%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

4.34%

3.49%

6.47%

8.18%

12.42%

Return on Equity 

23.94%

16.36%

23.11%

23.47%

25.19%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-0.76

-1.40

-1.65

-0.44

-0.02

Operating Cash Flow/Share 2 

-0.01

0.39

-0.02

0.10

0.04

1-ExchangeRate: PKR to USD Period End Date

85.645

84.325

79.125

61.625

60.88

2-ExchangeRate: PKR to USD Average for Period

85.645

84.325

79.125

61.625

60.88

 

Current Market Multiples

Market Cap/Earnings (TTM) 

6.19

Market Cap/Equity (MRQ) 

1.37

Market Cap/Revenue (TTM) 

0.47

Market Cap/EBIT (TTM) 

2.39

Market Cap/EBITDA (TTM) 

1.86

Enterprise Value/Earnings (TTM) 

19.48

Enterprise Value/Equity (MRQ) 

4.31

Enterprise Value/Revenue (TTM) 

1.48

Enterprise Value/EBIT (TTM) 

7.52

Enterprise Value/EBITDA (TTM) 

5.84

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.183279

81.692096

70.718347

60.729836

60.283969

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

561.8

335.7

    Gross Revenue

975.0

739.3

611.5

-

-

    Excise Tax Receipts

-36.1

-27.4

-32.1

-

-

Revenue

938.9

711.8

579.4

561.8

335.7

Total Revenue

938.9

711.8

579.4

561.8

335.7

 

 

 

 

 

 

    Cost of Revenue

700.9

546.7

425.8

430.4

250.4

Cost of Revenue, Total

700.9

546.7

425.8

430.4

250.4

Gross Profit

238.0

165.2

153.6

131.4

85.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

50.3

37.8

31.4

31.3

22.9

    Labor & Related Expense

24.6

16.7

15.5

14.1

8.0

    Advertising Expense

19.6

20.0

11.8

12.5

7.0

Total Selling/General/Administrative Expenses

94.4

74.4

58.7

57.9

37.8

Research & Development

0.5

0.3

0.0

0.3

0.6

    Depreciation

2.5

1.4

1.5

1.1

0.7

    Amortization of Intangibles

0.4

0.2

-

-

-

    Amortization of Acquisition Costs

-

-

-

-

0.0

Depreciation/Amortization

2.9

1.6

1.5

1.1

0.7

        Investment Income - Operating

2.5

3.6

3.3

-

-

    Interest/Investment Income - Operating

2.5

3.6

3.3

-

-

Interest Expense (Income) - Net Operating Total

2.5

3.6

3.3

-

-

    Loss (Gain) on Sale of Assets - Operating

0.1

0.0

0.0

-

-

Unusual Expense (Income)

0.1

0.0

0.0

-

-

    Other Operating Expense

8.2

6.4

10.4

7.7

4.4

    Other, Net

-1.8

-0.8

-

-

-

Other Operating Expenses, Total

6.4

5.6

10.4

7.7

4.4

Total Operating Expense

807.7

632.3

499.7

497.3

293.9

 

 

 

 

 

 

Operating Income

131.2

79.6

79.7

64.5

41.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-48.2

-26.6

-23.9

-11.3

-7.3

    Interest Expense, Net Non-Operating

-48.2

-26.6

-23.9

-11.3

-7.3

        Investment Income - Non-Operating

11.5

9.2

9.1

4.1

6.8

    Interest/Investment Income - Non-Operating

11.5

9.2

9.1

4.1

6.8

Interest Income (Expense) - Net Non-Operating Total

-36.6

-17.4

-14.8

-7.3

-0.5

Gain (Loss) on Sale of Assets

3.8

0.4

1.0

0.0

-

    Other Non-Operating Income (Expense)

-1.2

-0.6

7.4

7.8

7.0

Other, Net

-1.2

-0.6

7.4

7.8

7.0

Income Before Tax

97.2

62.0

73.3

65.1

48.4

 

 

 

 

 

 

Total Income Tax

21.6

16.4

13.8

18.4

12.9

Income After Tax

75.6

45.5

59.5

46.7

35.5

 

 

 

 

 

 

    Minority Interest

4.1

1.1

-1.1

0.7

-0.5

Net Income Before Extraord Items

79.7

46.6

58.3

47.4

34.9

Net Income

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

79.7

46.6

58.3

47.4

34.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Basic EPS Excl Extraord Items

0.20

0.12

0.18

0.16

0.12

Basic/Primary EPS Incl Extraord Items

0.20

0.12

0.18

0.16

0.12

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

79.7

46.6

58.3

47.4

34.9

Diluted Weighted Average Shares

393.3

373.1

325.6

302.8

288.9

Diluted EPS Excl Extraord Items

0.20

0.12

0.18

0.16

0.12

Diluted EPS Incl Extraord Items

0.20

0.12

0.18

0.16

0.12

Dividends per Share - Common Stock Primary Issue

0.06

0.06

0.05

0.07

0.09

Gross Dividends - Common Stock

23.1

-

18.1

21.5

25.1

Interest Expense, Supplemental

48.2

26.6

23.9

11.3

7.3

Depreciation, Supplemental

35.0

21.5

16.1

16.1

12.0

Total Special Items

-3.7

-0.3

-1.0

0.0

0.0

Normalized Income Before Tax

93.5

61.6

72.3

65.1

48.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.8

-0.1

-0.2

0.0

0.0

Inc Tax Ex Impact of Sp Items

20.7

16.4

13.6

18.4

12.9

Normalized Income After Tax

72.7

45.3

58.7

46.6

35.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

76.8

46.4

57.5

47.4

34.9

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.12

0.18

0.16

0.12

Diluted Normalized EPS

0.20

0.12

0.18

0.16

0.12

Amort of Acquisition Costs, Supplemental

-

-

-

-

0.0

Amort of Intangibles, Supplemental

0.5

0.3

0.3

0.2

0.2

Rental Expenses

6.2

4.5

2.8

2.6

1.5

Advertising Expense, Supplemental

19.6

20.0

11.8

12.5

7.0

Research & Development Exp, Supplemental

0.5

0.3

0.0

0.3

0.6

Normalized EBIT

133.8

83.2

83.0

64.5

41.9

Normalized EBITDA

169.3

105.0

99.5

80.8

54.0

    Current Tax - Domestic

15.7

19.8

16.7

18.5

14.3

    Current Tax - Other

-4.8

2.1

0.0

-

-

Current Tax - Total

10.9

21.8

16.7

18.5

14.3

    Deferred Tax - Domestic

12.2

-2.4

-2.9

-1.0

-1.4

    Deferred Tax - Other

-1.5

-3.0

0.0

-

-

Deferred Tax - Total

10.7

-5.4

-2.9

-1.0

-1.4

    Other Tax

-

-

0.0

0.9

-

Income Tax - Total

21.6

16.4

13.8

18.4

12.9

Interest Cost - Domestic

0.1

0.5

0.7

0.9

0.8

Service Cost - Domestic

0.0

0.2

0.2

0.2

0.2

Prior Service Cost - Domestic

0.0

0.0

-

-

-

Expected Return on Assets - Domestic

-0.1

-0.5

-0.9

-0.9

-0.9

Actuarial Gains and Losses - Domestic

0.0

0.0

-0.3

-0.1

0.0

Curtailments & Settlements - Domestic

-

-

0.0

-0.3

-1.9

Transition Costs - Domestic

0.0

0.0

-

-

-

Other Pension, Net - Domestic

-

-

-

0.0

0.0

Domestic Pension Plan Expense

0.0

0.1

-0.2

-0.2

-1.8

Other Post-Retirement, Net

1.6

1.3

1.0

-

-

Post-Retirement Plan Expense

1.6

1.3

1.0

-

-

Defined Contribution Expense - Domestic

0.1

1.5

1.4

1.3

1.1

Total Pension Expense

1.7

2.9

2.1

1.2

-0.6

Discount Rate - Domestic

14.50%

14.00%

15.00%

10.00%

10.00%

Expected Rate of Return - Domestic

13.50%

13.00%

10.00%

10.00%

10.00%

Compensation Rate - Domestic

14.50%

14.00%

15.00%

10.00%

10.00%

Pension Payment Rate - Domestic

-

-

7.50%

6.00%

6.00%

Total Plan Interest Cost

0.1

0.5

0.7

0.9

0.8

Total Plan Service Cost

0.0

0.2

0.2

0.2

0.2

Total Plan Expected Return

-0.1

-0.5

-0.9

-0.9

-0.9

Total Plan Other Expense

1.6

1.3

1.0

0.0

0.0

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

86.759355

85.292258

85.487912

85.79172

85.692742

 

 

 

 

 

 

    Net Sales

377.4

284.2

255.6

307.8

231.6

Revenue

377.4

284.2

255.6

307.8

231.6

Total Revenue

377.4

284.2

255.6

307.8

231.6

 

 

 

 

 

 

    Cost of Revenue

267.9

203.1

183.9

227.7

183.5

Cost of Revenue, Total

267.9

203.1

183.9

227.7

183.5

Gross Profit

109.4

81.1

71.7

80.1

48.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

31.3

13.1

12.5

42.8

11.7

    Labor & Related Expense

-

7.6

6.1

-15.0

6.3

    Advertising Expense

-

6.4

5.5

1.3

4.8

Total Selling/General/Administrative Expenses

31.3

27.0

24.2

29.0

22.8

    Depreciation

-

0.9

1.1

0.8

0.6

Depreciation/Amortization

-

0.9

1.1

0.8

0.6

    Other, Net

-4.9

-3.0

-4.0

-0.4

-2.9

Other Operating Expenses, Total

-4.9

-3.0

-4.0

-0.4

-2.9

Total Operating Expense

294.3

228.0

205.2

257.2

203.9

 

 

 

 

 

 

Operating Income

83.1

56.2

50.4

50.6

27.6

 

 

 

 

 

 

        Investment Income - Non-Operating

1.7

1.4

1.4

1.8

1.6

    Interest/Investment Income - Non-Operating

1.7

1.4

1.4

1.8

1.6

    Interest Income (Expense) - Net Non-Operating

-39.6

-29.3

-13.7

-12.9

-14.2

Interest Income (Expense) - Net Non-Operating Total

-37.9

-27.9

-12.3

-11.1

-12.6

    Other Non-Operating Income (Expense)

-9.4

-5.4

-3.3

1.5

-6.0

Other, Net

-9.4

-5.4

-3.3

1.5

-6.0

Income Before Tax

35.8

22.9

34.8

41.0

9.0

 

 

 

 

 

 

Total Income Tax

11.4

8.0

10.9

13.2

-1.0

Income After Tax

24.4

14.9

23.9

27.8

10.1

 

 

 

 

 

 

    Minority Interest

1.1

0.6

0.1

0.2

1.6

Net Income Before Extraord Items

25.5

15.6

24.0

27.9

11.6

Net Income

25.5

15.6

24.0

27.9

11.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

25.5

15.6

24.0

27.9

11.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

25.5

15.6

24.0

27.9

11.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

393.3

393.3

393.5

393.3

393.3

Basic EPS Excl Extraord Items

0.06

0.04

0.06

0.07

0.03

Basic/Primary EPS Incl Extraord Items

0.06

0.04

0.06

0.07

0.03

Diluted Net Income

25.5

15.6

24.0

27.9

11.6

Diluted Weighted Average Shares

393.3

395.7

394.2

393.3

393.3

Diluted EPS Excl Extraord Items

0.06

0.04

0.06

0.07

0.03

Diluted EPS Incl Extraord Items

0.06

0.04

0.06

0.07

0.03

Dividends per Share - Common Stock Primary Issue

0.00

0.02

0.00

0.04

0.02

Gross Dividends - Common Stock

0.0

-

0.0

-

-

Depreciation, Supplemental

22.8

10.6

10.0

25.7

0.6

Normalized Income Before Tax

35.8

22.9

34.8

41.0

9.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

11.4

8.0

10.9

13.2

-1.0

Normalized Income After Tax

24.4

14.9

23.9

27.8

10.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.5

15.6

24.0

27.9

11.6

 

 

 

 

 

 

Basic Normalized EPS

0.06

0.04

0.06

0.07

0.03

Diluted Normalized EPS

0.06

0.04

0.06

0.07

0.03

Rental Expenses

-

2.0

1.5

1.9

1.4

Advertising Expense, Supplemental

-

6.4

5.5

1.3

4.8

Normalized EBIT

83.1

56.2

50.4

50.6

27.6

Normalized EBITDA

105.9

66.8

60.3

76.3

28.2

    Current Tax - Total

12.0

-2.8

7.5

-1.3

-1.4

Current Tax - Total

12.0

-2.8

7.5

-1.3

-1.4

    Deferred Tax - Total

-0.5

10.7

3.4

14.5

0.4

Deferred Tax - Total

-0.5

10.7

3.4

14.5

0.4

Income Tax - Total

11.4

8.0

10.9

13.2

-1.0

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.645

84.325

79.125

61.625

60.88

Auditor

A F Ferguson & Co.

A F Ferguson & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

48.1

81.6

27.8

34.6

40.2

    Short Term Investments

51.7

6.1

26.1

167.5

3.8

Cash and Short Term Investments

99.8

87.7

53.9

202.1

44.0

        Accounts Receivable - Trade, Gross

61.5

42.4

10.0

31.3

19.4

        Provision for Doubtful Accounts

-1.6

-0.5

-0.4

-0.4

-0.2

    Trade Accounts Receivable - Net

59.9

41.9

9.6

31.0

19.2

    Other Receivables

33.4

26.8

57.1

51.5

26.9

Total Receivables, Net

93.4

68.7

66.7

82.5

46.1

    Inventories - Finished Goods

41.9

15.0

58.5

41.8

23.7

    Inventories - Work In Progress

0.6

0.7

0.8

0.7

0.4

    Inventories - Raw Materials

55.7

29.3

30.8

18.0

13.7

    Inventories - Other

62.4

17.4

14.1

14.9

13.4

Total Inventory

160.6

62.5

104.2

75.4

51.2

Prepaid Expenses

10.5

3.0

2.9

6.7

1.8

    Deferred Income Tax - Current Asset

29.1

12.3

11.0

9.7

0.0

    Other Current Assets

0.1

2.1

22.4

6.0

0.0

Other Current Assets, Total

29.2

14.4

33.4

15.7

0.0

Total Current Assets

393.4

236.3

261.1

382.5

143.1

 

 

 

 

 

 

        Buildings

76.3

39.2

28.5

30.9

22.3

        Land/Improvements

9.9

9.4

7.2

7.4

6.7

        Machinery/Equipment

739.8

378.5

215.8

263.0

242.0

        Construction in Progress

811.8

998.3

591.4

199.3

10.2

        Leases

0.9

1.0

1.2

-

-

        Natural Resources

9.2

5.4

3.9

0.2

0.0

        Other Property/Plant/Equipment

5.7

5.1

4.1

5.3

4.8

    Property/Plant/Equipment - Gross

1,653.6

1,436.9

852.0

506.1

286.1

    Accumulated Depreciation

-154.1

-122.7

-111.4

-125.0

-109.4

Property/Plant/Equipment - Net

1,499.4

1,314.1

740.6

381.1

176.6

    Goodwill - Gross

-

-

5.3

6.8

0.3

    Accumulated Goodwill Amortization

-

-

-

-

0.0

Goodwill, Net

-

-

5.3

6.8

0.3

    Intangibles - Gross

12.4

8.5

3.4

3.9

1.7

    Accumulated Intangible Amortization

-2.1

-1.6

-1.5

-1.6

-1.3

Intangibles, Net

10.2

6.9

1.9

2.4

0.4

    LT Investment - Affiliate Companies

6.0

5.9

6.2

8.0

7.8

Long Term Investments

6.0

5.9

6.2

8.0

7.8

Note Receivable - Long Term

2.3

1.8

4.3

15.4

1.2

    Other Long Term Assets

12.6

1.5

1.8

2.8

-

Other Long Term Assets, Total

12.6

1.5

1.8

2.8

-

Total Assets

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

Accounts Payable

56.6

26.6

19.3

66.9

29.3

Accrued Expenses

77.2

60.0

38.5

19.2

12.2

Notes Payable/Short Term Debt

66.7

15.4

58.0

14.6

33.2

Current Portion - Long Term Debt/Capital Leases

181.6

28.4

4.3

24.1

21.9

    Dividends Payable

2.1

1.2

4.0

3.1

1.4

    Customer Advances

31.1

20.6

16.8

10.0

1.8

    Security Deposits

4.8

22.8

-

-

-

    Other Current Liabilities

20.6

14.4

14.1

16.0

5.3

Other Current liabilities, Total

58.6

59.0

35.0

29.2

8.5

Total Current Liabilities

440.8

189.4

155.2

154.1

105.1

 

 

 

 

 

 

    Long Term Debt

1,040.9

997.8

514.9

296.7

39.1

    Capital Lease Obligations

0.2

0.2

0.4

0.5

0.4

Total Long Term Debt

1,041.2

998.1

515.2

297.2

39.5

Total Debt

1,289.6

1,041.9

577.6

336.0

94.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

28.9

20.0

31.7

48.3

22.9

Deferred Income Tax

28.9

20.0

31.7

48.3

22.9

Minority Interest

41.1

38.2

39.4

48.7

9.1

    Pension Benefits - Underfunded

1.4

1.1

1.2

1.1

1.0

    Other Long Term Liabilities

13.5

10.0

20.3

1.6

-

Other Liabilities, Total

14.8

11.2

21.5

2.8

1.0

Total Liabilities

1,566.7

1,256.9

762.9

551.0

177.6

 

 

 

 

 

 

    Common Stock

38.3

35.3

26.9

31.4

27.6

Common Stock

38.3

35.3

26.9

31.4

27.6

Additional Paid-In Capital

123.2

125.1

90.4

64.3

17.5

Retained Earnings (Accumulated Deficit)

205.1

155.8

138.4

133.2

103.3

Unrealized Gain (Loss)

1.2

1.4

1.6

2.2

3.2

    Translation Adjustment

0.3

-0.5

-0.4

-

-

    Other Comprehensive Income

-10.8

-7.3

1.3

16.8

-

Other Equity, Total

-10.5

-7.8

0.9

16.8

-

Total Equity

357.3

309.7

258.3

247.9

151.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,924.0

1,566.6

1,021.2

799.0

329.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

327.7

357.5

280.9

318.8

277.2

Total Common Shares Outstanding

327.7

357.5

280.9

318.8

277.2

Number of Common Shareholders

13,939

13,980

13,163

-

2,049

Accumulated Goodwill Amortization Suppl.

-

-

-

-

0.0

Accumulated Intangible Amort, Suppl.

2.1

1.6

1.5

1.6

1.3

Deferred Revenue - Current

31.1

20.6

16.8

10.0

1.8

Total Long Term Debt, Supplemental

1,222.4

1,026.0

577.0

-

21.9

Long Term Debt Maturing within 1 Year

181.5

28.2

62.1

-

21.9

Long Term Debt Matur. in Year 6 & Beyond

1,040.9

997.8

514.9

-

0.0

    Interest Costs

-

-

-

-

-0.1

Total Capital Leases, Supplemental

0.4

0.5

0.5

0.8

0.6

Capital Lease Payments Due in Year 1

0.2

0.2

0.2

0.3

0.0

Capital Lease Payments Due in Year 2

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 3

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 4

0.1

0.1

0.1

0.1

0.2

Capital Lease Payments Due in Year 5

0.1

0.1

0.1

0.1

0.1

Capital Lease Payments Due in 2-3 Years

0.1

0.1

0.1

0.2

0.4

Capital Lease Payments Due in 4-5 Years

0.1

0.1

0.1

0.2

0.2

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

-

0.0

Total Operating Leases, Supplemental

2.0

2.0

0.0

0.8

-

Operating Lease Payments Due in Year 1

0.7

0.5

0.0

0.3

-

Operating Lease Payments Due in Year 2

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 3

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 4

0.2

0.2

0.0

0.1

-

Operating Lease Payments Due in Year 5

0.2

0.2

0.0

0.1

-

Operating Lease Pymts. Due in 2-3 Years

0.3

0.3

0.0

0.2

-

Operating Lease Pymts. Due in 4-5 Years

0.3

0.3

0.0

0.2

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.6

0.8

0.0

0.0

-

Pension Obligation - Domestic

1.4

4.0

-

9.5

8.8

Plan Assets - Domestic

1.5

4.9

-

11.1

11.9

Funded Status - Domestic

0.1

0.8

-

1.6

3.1

Unfunded Plan Obligations

-

-

-

0.0

0.1

Total Funded Status

0.1

0.8

-

1.5

3.0

Discount Rate - Domestic

-

-

-

10.00%

10.00%

Expected Rate of Return - Domestic

-

-

-

6.00%

6.00%

Compensation Rate - Domestic

-

-

-

10.00%

10.00%

Pension Payment Rate - Domestic

-

-

-

10.00%

10.00%

Prepaid Benefits - Domestic

0.0

0.0

-

0.3

1.2

Accrued Liabilities - Domestic

0.0

0.0

-

0.0

-0.1

Net Assets Recognized on Balance Sheet

0.0

0.0

-

0.3

1.1

Total Plan Obligations

1.4

4.0

-

9.5

8.9

Total Plan Assets

1.5

4.9

-

11.1

11.9

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Updated Normal 
30-Sep-2010

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

87.425

85.97

85.4

85.645

86.285

 

 

 

 

 

 

    Cash

25.2

37.4

51.2

48.1

35.8

    Short Term Investments

83.3

73.2

9.8

51.7

30.1

Cash and Short Term Investments

108.5

110.6

61.1

99.8

65.9

        Accounts Receivable - Trade, Gross

-

48.8

53.2

61.5

50.4

        Provision for Doubtful Accounts

-

-1.0

-1.4

-1.6

-0.5

    Trade Accounts Receivable - Net

58.1

47.8

51.7

59.9

49.9

    Other Receivables

95.0

79.3

72.2

73.0

62.2

Total Receivables, Net

153.1

127.1

123.9

133.0

112.1

    Inventories - Finished Goods

-

73.3

47.0

41.9

100.1

    Inventories - Work In Progress

-

2.6

3.6

0.6

0.9

    Inventories - Raw Materials

-

89.4

78.0

55.7

40.8

    Inventories - Other

230.5

72.7

66.4

62.4

41.8

Total Inventory

230.5

238.0

195.1

160.6

183.6

Prepaid Expenses

-

6.4

-

-

-

    Other Current Assets

0.1

0.1

0.1

0.1

1.3

Other Current Assets, Total

0.1

0.1

0.1

0.1

1.3

Total Current Assets

492.2

482.2

380.2

393.4

362.8

 

 

 

 

 

 

        Construction in Progress

40.6

40.3

865.4

811.8

876.8

        Natural Resources

9.9

9.6

9.3

9.2

6.1

    Property/Plant/Equipment - Gross

50.5

50.0

874.7

821.0

882.9

Property/Plant/Equipment - Net

1,536.6

1,561.2

1,553.7

1,499.4

1,455.4

Intangibles, Net

14.6

14.9

10.4

10.2

7.0

    LT Investment - Affiliate Companies

5.5

5.1

5.3

6.0

6.7

Long Term Investments

5.5

5.1

5.3

6.0

6.7

Note Receivable - Long Term

2.5

2.2

2.4

2.3

2.7

    Deferred Charges

-

-

-

0.0

0.0

    Other Long Term Assets

13.1

13.3

14.3

12.6

3.5

Other Long Term Assets, Total

13.1

13.3

14.3

12.6

3.5

Total Assets

2,064.5

2,078.9

1,966.2

1,924.0

1,838.2

 

 

 

 

 

 

Accounts Payable

233.8

105.9

63.6

56.6

50.1

Accrued Expenses

25.4

79.0

70.5

77.2

74.5

Notes Payable/Short Term Debt

62.5

80.0

76.6

66.7

106.3

Current Portion - Long Term Debt/Capital Leases

253.1

219.4

207.9

181.6

90.8

    Dividends Payable

9.9

0.9

8.5

2.1

8.5

    Customer Advances

-

54.3

39.1

31.1

9.1

    Security Deposits

-

2.6

3.3

4.8

7.3

    Other Payables

-

12.6

10.2

6.6

8.2

    Other Current Liabilities

5.5

7.2

11.9

9.7

15.0

Other Current liabilities, Total

15.3

77.6

73.0

54.3

48.0

Total Current Liabilities

590.1

561.9

491.6

436.5

369.6

 

 

 

 

 

 

    Long Term Debt

958.2

1,018.5

1,011.0

1,040.9

1,062.1

    Capital Lease Obligations

0.3

0.4

0.2

0.2

0.2

Total Long Term Debt

958.6

1,018.9

1,011.1

1,041.2

1,062.3

Total Debt

1,274.1

1,318.3

1,295.6

1,289.6

1,259.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

42.7

39.4

35.4

28.9

13.1

Deferred Income Tax

42.7

39.4

35.4

28.9

13.1

Minority Interest

46.1

44.9

41.1

41.1

40.1

    Other Long Term Liabilities

14.4

13.6

9.5

19.1

19.3

Other Liabilities, Total

14.4

13.6

9.5

19.1

19.3

Total Liabilities

1,651.8

1,678.7

1,588.7

1,566.7

1,504.4

 

 

 

 

 

 

    Common Stock

45.0

45.7

46.1

38.3

38.0

Common Stock

45.0

45.7

46.1

38.3

38.0

Additional Paid-In Capital

120.7

122.7

123.5

123.2

122.3

Retained Earnings (Accumulated Deficit)

253.0

237.4

214.4

205.1

183.4

Unrealized Gain (Loss)

1.1

1.2

1.2

1.2

1.2

    Translation Adjustment

0.4

0.4

0.3

0.3

-0.5

    Other Comprehensive Income

-7.5

-7.2

-8.0

-10.8

-10.6

Other Equity, Total

-7.1

-6.7

-7.6

-10.5

-11.2

Total Equity

412.7

400.2

377.5

357.3

333.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,064.5

2,078.9

1,966.2

1,924.0

1,838.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

393.3

393.3

393.3

327.7

393.3

Total Common Shares Outstanding

393.3

393.3

393.3

327.7

393.3

Deferred Revenue - Current

-

54.3

39.1

31.1

9.1

Total Long Term Debt, Supplemental

-

219.4

207.9

-

90.7

Long Term Debt Maturing within 1 Year

-

219.4

207.9

-

90.7

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

-

0.0

Total Operating Leases, Supplemental

0.0