MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	UNILEVER PAKISTAN LIMITED
Formerly Known As :	Lever Brothers (Pakistan) Ltd
Registered Office :	Avari Plaza, Fatima Jinnah Road,, P.O Box 220, Karachi, 75530
Country :	Pakistan
Financials (as on) :	31.03.2012
Year of Establishment :	1947
Legal Form :	Public Subsidiary Company
Line of Business :	manufacturing and marketing home and personal care products, beverages, ice cream and spreads
No. of Employees :	1,677

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

Unilever Pakistan Limited

Avari Plaza, Fatima Jinnah Road,

P.O Box 220

Karachi, 75530

Pakistan

Tel: 92-21-5660062

Fax: 92-21-5681705

Web: www.unileverpakistan.com.pk

Synthesis

Employees: 1,677

Company Type: Public Subsidiary

Corporate Family: 555 Companies

Ultimate Parent: Unilever plc

Traded: Karachi Stock Exchange: ULEVER

Incorporation Date: 1947

Auditor: A F Ferguson & Co.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Pakistan Rupee

Annual Sales: 600.8 1

Net Income: 47.6

Total Assets: 178.4 2

Market Value: 1,040.4 (25-May-2012)

Business Description

Unilever Pakistan Limited is a Pakistan-based company engaged in manufacturing and marketing home and personal care products, beverages, ice cream and spreads. The Company operates in four segments: Home and Personal Care, Beverages, Ice Cream and Spreads. During the year ended December 31, 2011, the Company produced 48,313 metric tons of home and personal care products, 28,909 metric tons of beverages and 43 million liters of ice cream out of its annual capacity of 60,446 metric tons of home and personal care products, 62,377 metric tons of beverages and 77 million liters of ice cream. As of December 31, 2011, the Company had three subsidiaries, namely Lever Chemicals (Private) Limited and Levers Associated Pakistan Trust (Private) Limited, which act as trustees of Union Pakistan Provident Fund (Unilever Provident Fund), and Sadiq (Private) Limited, which is not carrying on any business operations. For the three months ended 31 March 2011, Unilever Pakistan Limited's revenue increased 19% to PKR12.17B. Net income increased 54% to PKR899.5M. Revenues reflect an increase in sales from Home & Personal Care segment, higher income from Beverages segment, spreads segment and Ice Cream business segments. Net income also reflects higher gross profit, an increase in operating income, a fall in finance costs.

Industry

Industry Personal and Household Products

ANZSIC 2006: 1852 - Cosmetic and Toiletry Preparation Manufacturing

NACE 2002: 2452 - Manufacture of perfumes and toilet preparations

NAICS 2002: 32562 - Toilet Preparation Manufacturing

UK SIC 2003: 2452 - Manufacture of perfumes and toilet preparations

US SIC 1987: 2844 - Perfumes, Cosmetics, and Other Toilet Preparations

Key Executives

Name	Title
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer
Imran Husain	Chief Financial Officer, Executive Director
Amar Naseer	Company Secretary
Mian Zulfikar H Mannoo	Director
M. Qaysar Alam	Executive Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Unilever Pakistan Limited to Pay FY 2011 Final Dividend	10-Feb-2012

* number of significant developments within the last 12 months

News

Title	Date
Roundup: KSE sheds intraday gains on global sell-off amid choppy trade Xinhua News Agency (643 Words)	7-May-2012
Roundup: KSE ends week on 4-year high, vols hit 15-month high Xinhua News Agency (877 Words)	4-May-2012
Roundup: KSE jumps 1.96 pct as foreigners buy big Xinhua News Agency (580 Words)	3-May-2012
CGT hopes lift stocks South Asian Media Network (Pakistan) (503 Words)	26-Apr-2012
Roundup: KSE gains 0.35pc despite institutional selling Xinhua News Agency (582 Words)	24-Apr-2012

Financial Summary

As of 31-Mar-2012

Key Ratios Company Industry

Current Ratio (MRQ) 0.71 1.40

Quick Ratio (MRQ) 0.32 0.80

Debt to Equity (MRQ) 0.01 0.91

Sales 5 Year Growth 19.84 6.30

Net Profit Margin (TTM) % 7.99 16.38

Return on Assets (TTM) % 25.20 10.81

Return on Equity (TTM) % 168.63 28.10

stock Snapshot

Traded: Karachi Stock Exchange: ULEVER

As of 25-May-2012

   Financials in: PKR

Recent Price	7,200.00	EPS	327.52
52 Week High	7,763.80	Price/Sales	1.85
52 Week Low	4,915.70	Dividend Rate	307.00
Avg. Volume (mil)	0.0002	Price/Earnings	17.52
Market Value (mil)	95,715.86	Price/Book	22.57
		Beta	0.42

	Price % Change	Rel S&P 500%
4 Week	12.52%	13.47%
13 Week	27.43%	16.28%
52 Week	43.86%	26.02%
Year to Date	28.59%	4.79%

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 86.34652

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 89.91

Corporate Overview

Location

Avari Plaza, Fatima Jinnah Road,

P.O Box 220

Karachi, 75530

Pakistan

Tel: 92-21-5660062

Fax: 92-21-5681705

Web: www.unileverpakistan.com.pk

Quote Symbol - Exchange

ULEVER - Karachi Stock Exchange

Sales PKR(mil): 51,876.0

Assets PKR(mil): 16,041.9

Employees: 1,677

Fiscal Year End: 31-Dec-2011

Industry: Personal and Household Products

Incorporation Date: 1947

Company Type: Public Subsidiary

Quoted Status: Quoted

Previous Name: Lever Brothers (Pakistan) Ltd

Chairman of the Board,

Chief Executive Officer: Ehsan Ali Malik

Company Web Links

Corporate History/Profile

Employment Opportunities

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:

1132 - Ice Cream Manufacturing

1199 - Other Food Product Manufacturing Not Elsewhere Classified

1852 - Cosmetic and Toiletry Preparation Manufacturing

1851 - Cleaning Compound Manufacturing

NACE 2002 Codes:

2452 - Manufacture of perfumes and toilet preparations

1589 - Manufacture of other food products not elsewhere classified

2451 - Manufacture of soap and detergents, cleaning and polishing preparations

1552 - Manufacture of ice cream

NAICS 2002 Codes:

311520 - Ice Cream and Frozen Dessert Manufacturing

311999 - All Other Miscellaneous Food Manufacturing

32562 - Toilet Preparation Manufacturing

325611 - Soap and Other Detergent Manufacturing

US SIC 1987:

2024 - Ice Cream and Frozen Desserts

2099 - Food Preparations, Not Elsewhere Classified

2844 - Perfumes, Cosmetics, and Other Toilet Preparations

2841 - Soap and Other Detergents, Except Specialty Cleaners

UK SIC 2003:

2452 - Manufacture of perfumes and toilet preparations

1589 - Manufacture of other food products not elsewhere classified

24511 - Manufacture of soap and detergents

1552 - Manufacture of ice cream

Business Description

Unilever Pakistan Limited is a Pakistan-based company engaged in manufacturing and marketing home and personal care products, beverages, ice cream and spreads. The Company operates in four segments: Home and Personal Care, Beverages, Ice Cream and Spreads. During the year ended December 31, 2011, the Company produced 48,313 metric tons of home and personal care products, 28,909 metric tons of beverages and 43 million liters of ice cream out of its annual capacity of 60,446 metric tons of home and personal care products, 62,377 metric tons of beverages and 77 million liters of ice cream. As of December 31, 2011, the Company had three subsidiaries, namely Lever Chemicals (Private) Limited and Levers Associated Pakistan Trust (Private) Limited, which act as trustees of Union Pakistan Provident Fund (Unilever Provident Fund), and Sadiq (Private) Limited, which is not carrying on any business operations. For the three months ended 31 March 2011, Unilever Pakistan Limited's revenue increased 19% to PKR12.17B. Net income increased 54% to PKR899.5M. Revenues reflect an increase in sales from Home & Personal Care segment, higher income from Beverages segment, spreads segment and Ice Cream business segments. Net income also reflects higher gross profit, an increase in operating income, a fall in finance costs.

More Business Descriptions

Manufacture and distribution of branded consumer goods, including tea, margarine, cooking oil, soap, detergents, personal care products, shampoo, toothpaste and shaving cream

Food, Detergent & Personal Care Products Mfr

Unilever Pakistan Limited (UNPL) is a subsidiary of Unilever Overseas Holdings Limited, UK, whereas its ultimate parent company is Unilever PLC, UK. The company is engaged in the manufacturing and marketing of home and personal care products, beverages, ice creams and spreads. UNPL operates in four reportable segments, namely, Home and Personal Care, Beverages (Tea), Ice Cream, and Others. Home and Personal Care segment includes laundry and a wide range of cleaning, skin care, hair care and oral care products. The company under home care division offers soaps and washing powders under Comfort and Surf excel brands. Under Personal care division, it offers a wide range of shampoos, tooth pastes, fairness creams, and soaps under various brands including Clear, Close-Up, Lifebuoy, Lux, Rexona, Pond’s, Sunsilk, and Fair & Lovely. Some of the key brands in in Home and Personal Care segment include Surf, Sunsilk, Lifebuoy and Fair & Lovely fairness cream. Surf is a washing powder brand Sunsilk is a key brand in the shampoo products. It offers various products for specific hair types including thick and long hair, anti hair fall and anti dandruff, soft and smooth, color protection and for curly and straight hair, Additionally, the company launched Clear, an international anti dandruff shampoo with distinct variants for women and men. Lifebuoy is one of Unilever's oldest brands, which is a disinfectant soap.The Home and Personal Care segment contributed 56% of the total revenue of the company for fiscal year 2009. Under Beverages segment, the company offers tea powder under the brand name Lipton and Brooke Bond Supreme. Lipton is the star tea brand of the company. The Beverages segment contributed 30.6% of the total revenue of the company for fiscal year 2009 . Under Ice Creams and Spreads segment, the company offers a broad range of frozen dessers and ice creams. The company offers ice creams under key brands as Badami, Walls, Cornetto, Donut, Paddle Pop and Moo. It also offers premium imported ice cream brand Magnum. Also in the category of Spreads offers cheese spreads under the brand BlueBand. , the Ice Cream segment contributed 10.9% of the total revenue of the company for fiscal year 2009. The Other business segment of the company contributed 2.5% of the total revenue of the company for fiscal year 2009.The company operates through five regional offices and its production process is conducted through four wholly owned and six third party manufacturing sites across Pakistan. The company holds three subsidiaries, namely, Lever Chemicals (Private) Limited, Levers Associated Pakistan Trust (Private) Limited and Sadiq (Private) Limited.

Unilever Pakistan Limited (UNPL) is an FMCG company, principally engaged in the manufacturing and marketing of home and personal care products, beverages, ice creams and spreads. UNPL is a subsidiary of Unilever Overseas Holdings Limited, UK, whereas its ultimate parent company is Unilever PLC, UK. It offers a broad range of cleaning, skin care, hair care and oral care products, tea, ice creams, and margarine.UNPL operates five regional offices, four wholly owned and six third party manufacturing sites across Pakistan. UNPL holds three subsidiaries, namely, Lever Chemicals (Private) Limited, Levers Associated Pakistan Trust (Private) Limited and Sadiq (Private) Limited. The company is headquartered in Karachi, Pakistan.The company reported revenues of (Pakistan Rupee) PKR 44,671.51 million during the fiscal year ended December 2010, an increase of 16.98% over 2009. The operating profit of the company was PKR 4,986.31 million during the fiscal year 2010, an increase of 0.52% over 2009. The net profit of the company was PKR 3,283.83 million during the fiscal year 2010, an increase of 7.07% over 2009.

Brand/Trade Names
Blue Band Dalda Lux Rexona Lifebuoy Surf Sunsilk	Signal Gibbs Wall's Brooke Bond Lipton Knorr Fair & Lovely

Financial Data

Financials in:	PKR(mil)
Revenue:	51,876.0
Net Income:	4,105.8
Assets:	16,041.9
Long Term Debt:	3.3
Total Liabilities:	11,795.4
Working Capital:	-0.6
Date of Financial Data:	31-Dec-2011

1 Year Growth

16.1%

25.0%

18.4%

Market Data

Quote Symbol:	ULEVER
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	7,200.0
Stock Price Date:	05-25-2012
52 Week Price Change %:	43.9
Market Value (mil):	95,715,856.0
SEDOL:	6513193
ISIN:	PK0024901016

Subsidiaries

Company	Percentage Owned	Country
Lever Chemicals	100%	PAKISTAN

Shareholders

Major Shareholders

Unilever PLC via Unilever Overseas Holdings Limited (75.07%)

Key Corporate Relationships

Auditor:	A F Ferguson & Co.
Bank:	Habib Bank Ltd, National Bank of Pakistan, MCB Bank Limited
Auditor:	A F Ferguson & Co, A F Ferguson & Co.

Corporate Family	Corporate Structure News:
	Unilever plc Unilever Pakistan Limited
Unilever Pakistan Limited Total Corporate Family Members: 555

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Unilever plc	Parent	London	United Kingdom	Food Processing	64,610.2	169,000
Acquisition of Kontsern Kalina OAO proposed/announced.See corporate structure news on Unilever plc for details
Unilever US Inc	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing	43,650.0	25,000
Unilever de México S. de R.L. de C.V	Subsidiary	México	Mexico	Food Processing	20.0	5,000
Unilever Bestfoods	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing	10,000.0	700
Unilever Covington Plant	Branch	Covington, TN	United States	Food Processing	121.5	300
Unilever Bestfoods	Branch	Little Rock, AR	United States	Crops	312.7	129
Unilever Bestfoods	Branch	Harrisburg, PA	United States	Food Processing	20.3	50
Unilever Bestfoods	Branch	Chicago, IL	United States	Food Processing	1.2	3
Unilever Home & Personal Care	Subsidiary	Chicago, IL	United States	Healthcare Facilities	1,265.6	500
Unilever Home & Personal Care	Branch	Raeford, NC	United States	Miscellaneous Capital Goods	472.0	500
Unilever Home & Personal Care	Branch	Jefferson City, MO	United States	Personal and Household Products	359.5	500
Unilever Home & Personal Care	Branch	Hammond, IN	United States	Business Services	121.1	350
Unilever Hpc USA	Branch	Salt Lake City, UT	United States	Personal and Household Products	16.4	15
Unilever HPCUSA	Branch	Issaquah, WA	United States	Miscellaneous Capital Goods	2.8	3
Unilever Hpc	Branch	Rolling Meadows, IL	United States	Miscellaneous Capital Goods	2.8	3
Unilever	Branch	Independence, MO	United States	Food Processing	121.5	300
Unilever	Branch	Baltimore, MD	United States	Food Processing	284.3	250
Good Humor-Breyers Ice Cream	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		240
Unilever Ice Cream	Branch	Sikeston, MO	United States	Food Processing	308.5	500
Good Humor-Breyers Ice Cream	Branch	Hagerstown, MD	United States	Food Processing	302.3	490
Good Humor-Breyers Ice Cream	Branch	Clearwater, FL	United States	Food Processing	288.0	300
Good Humor-Breyers Ice Cream	Branch	Framingham, MA	United States	Food Processing	240.0	250
Good Humor-Breyers Ice Cream	Branch	Henderson, NV	United States	Food Processing	123.4	200
Good Humor-Breyers Ice Cream	Branch	Huntington, IN	United States	Food Processing	92.6	150
Unilever	Branch	New Century, KS	United States	Food Processing	118.8	220
Unilever	Branch	Atlanta, GA	United States	Retail (Department and Discount)	32.4	200
Unilever United States Inc	Branch	Los Angeles, CA	United States	Retail (Department and Discount)	25.6	158
Unilever	Branch	City Of Industry, CA	United States	Business Services	45.0	130
Unilever	Branch	Sunnyvale, CA	United States	Food Processing	40.5	100
Unilever	Branch	Minnetonka, MN	United States	Healthcare Facilities	2.2	40
Unilever Cresskill Warehouse	Branch	Cresskill, NJ	United States	Miscellaneous Transportation	1.3	10
Unilever	Branch	Cumberland, RI	United States	Retail (Technology)	1.6	5
Unilever	Branch	Washington, DC	United States	Chemical Manufacturing	5.0	4
Unilever	Branch	Eldon, MO	United States	Miscellaneous Transportation	0.4	3
Hindustan Unilever Limited	Subsidiary	Mumbai	India	Personal and Household Products	4,947.2	15,000
Hindustan Unilever Limited	Branch	Hosur, Tamil Nadu	India	Personal and Household Products		132
Hindustan Unilever Limited	Branch	Vadodara, Gujarat	India	Food Processing	1.3	59
Unilever Nepal Limited	Subsidiary	Kathmandu	Nepal	Personal and Household Products	34.6
Pond's Exports Limited	Subsidiary	Chennai, Tamil Nadu	India	Footwear	24.7
Ponds Exports Limited	Subsidiary	Chennai, Tamil Nadu	India	Apparel and Accessories	22.8
Hindustan Unilever Limited	Branch	Pondicherry, Pondicherry	India	Food Processing
Unilever India Exports Limited	Subsidiary	Mumbai, Maharashtra	India	Food Processing
Hindlever Trust Limited	Subsidiary	Mumbai, Maharashtra	India	Investment Services
Levindra Trust Limited	Subsidiary	Mumbai, Maharashtra	India	Investment Services
Unilever United States, Inc.	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		14,000
Unilever Capital Corporation	Subsidiary	Englewood Cliffs, NJ	United States	Investment Services	25.6	158
Unilever US Government & Public Affairs	Unit	Washington, DC	United States	Business Services		4
Conopco, Inc.	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		3
Conopco	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		3,500
Conopco	Facility	Hagerstown, MD	United States	Food Processing		480
Conopco	Facility	Henderson, NV	United States	Food Processing		400
Conopco	Facility	Framingham, MA	United States	Food Processing		250
Conopco	Facility	Loveland, OH	United States	Food Processing		1
Unilever Home & Personal Care USA	Facility	Clinton, CT	United States	Personal and Household Products	476.0	500
Conopco	Facility	Raeford, NC	United States	Personal and Household Products		400
Unilever Research & Development Co.	Unit	Trumbull, CT	United States	Business Services		350
Conopco	Facility	Baltimore, MD	United States	Food Processing		300
Unilever Foodsolutions	Division	Lisle, IL	United States	Food Processing	1,750.0	250
Unilever Foods North America	Branch	Owensboro, KY	United States	Food Processing	511.7	450
Lipton	Branch	Suffolk, VA	United States	Consumer Financial Services		360
Unilever Foodsolutions	Branch	Stockton, CA	United States	Food Processing	171.2	350
Unilever	Facility	Chicago, IL	United States	Food Processing		300
Unilever Food Solutions	Facility	Little Rock, AR	United States	Food Processing		125
Conopco	Facility	Greenwich, CT	United States	Personal and Household Products		250
Conopco	Facility	City of Industry, CA	United States	Personal and Household Products		250
Conopco	Facility	Independence, MO	United States	Food Processing		220
Conopco	Facility	New Century, KS	United States	Food Processing		210
Conopco	Facility	Atlanta, GA	United States	Food Processing		175
Slim-Fast Foods Company	Subsidiary	Englewood Cliffs, NJ	United States	Food Processing		150
Conopco - Slim-Fast Foods	Facility	Covington, TN	United States	Food Processing	1.0	400
Conopco	Facility	Trumbull, CT	United States	Personal and Household Products		135
Ben & Jerry's Homemade, Inc.	Subsidiary	South Burlington, VT	United States	Food Processing	237.0	115
Ben & Jerry's	Branch	Waterbury, VT	United States	Restaurants	7.0	175
Ben & Jerry's Homemade	Facility	Waterbury, VT	United States	Restaurants		150
Ben & Jerry's	Branch	Memphis, TN	United States	Restaurants	4.0	100
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	1.6	40
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	1.6	40
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	1.6	40
Ben & Jerry's	Branch	Freeport, ME	United States	Restaurants	1.4	35
Ben & Jerry's	Branch	North Eastham, MA	United States	Restaurants	1.2	30
Ben & Jerry's	Branch	Germantown, TN	United States	Restaurants	1.1	27
Ben & Jerry's	Branch	Uncasville, CT	United States	Restaurants	1.1	27
Ben & Jerry's	Branch	Burlington, VT	United States	Restaurants	1.0	25
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	1.0	25
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	1.0	25
Ben & Jerry's	Branch	Englewood, NJ	United States	Restaurants	1.0	25
Ben & Jerry's	Branch	Mt Kisco, NY	United States	Restaurants	1.0	25
Ben & Jerry's	Branch	Wayzata, MN	United States	Restaurants	0.8	20
Ben & Jerry's	Branch	Silver Spring, MD	United States	Restaurants	0.8	20
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.8	20
Ben & Jerry's	Branch	Minneapolis, MN	United States	Restaurants	0.8	20
Ben & Jerry's	Branch	Ridgewood, NJ	United States	Restaurants	0.8	19
Ben & Jerry's	Branch	Charleston, SC	United States	Restaurants	0.8	19
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	0.7	18
Ben & Jerry's	Branch	Cleveland, OH	United States	Restaurants	0.7	18
Ben & Jerry's	Branch	Saratoga Springs, NY	United States	Restaurants	0.7	17
Ben & Jerry's	Branch	Lake Placid, NY	United States	Restaurants	0.7	17
Ben & Jerry's	Branch	Charlottesville, VA	United States	Restaurants	0.6	16
Ben & Jerry's	Branch	Issaquah, WA	United States	Restaurants	0.6	16
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.6	16
Ben & Jerry's	Branch	Providence, RI	United States	Restaurants	0.6	16
Ben & Jerry's	Branch	Nashville, TN	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Chattanooga, TN	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Detroit, MI	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Sevierville, TN	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Atlanta, GA	United States	Restaurants	0.6	15
Ben & Jerry's	Branch	Atlantic City, NJ	United States	Restaurants	0.6	15
Ben & Jerry's Ice Cream	Branch	Avon, OH	United States	Restaurants	0.6	15
Ben & Jerry's Homemade Ltd.	Subsidiary	Windsor	United Kingdom	Food Processing		15
Ben & Jerry's	Branch	Eugene, OR	United States	Restaurants	0.6	14
Ben & Jerry's	Branch	Williamsburg, VA	United States	Restaurants	0.6	14
Ben & Jerry's	Branch	Fort Collins, CO	United States	Restaurants	0.5	13
Ben & Jerry's	Branch	Gatlinburg, TN	United States	Restaurants	0.5	13
Ben & Jerry's	Branch	Franklin, TN	United States	Restaurants	0.5	13
Ben & Jerry's	Branch	Roanoke, VA	United States	Restaurants	0.5	13
Ben & Jerry's	Branch	Myrtle Beach, SC	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Sugar Land, TX	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Foxboro, MA	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Biloxi, MS	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	San Jose, CA	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Emerald Isle, NC	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Galveston, TX	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Tukwila, WA	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Christiansburg, VA	United States	Restaurants	0.5	12
Ben & Jerry's	Branch	Boulder, CO	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Hoboken, NJ	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Oakland, CA	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Cambridge, MA	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Davis, CA	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	West Hartford, CT	United States	Restaurants	0.4	11
Ben & Jerry's	Branch	Rancho Mirage, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Round Rock, TX	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Davie, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Reston, VA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Naples, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Davidson, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Atlanta, GA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Natick, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Concord, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Metairie, LA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Pittsfield, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Pittsford, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Athens, GA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Frederick, MD	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Universal City, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Troy, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Royal Oak, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Staten Island, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Rochester, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	West Springfield, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Bolton Landing, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Aurora, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Boise, ID	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Bakersfield, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Lewisville, TX	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Sonoma, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Gig Harbor, WA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Manchester, VT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Oxon Hill, MD	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Huntington, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Collierville, TN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Jacksonville, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Happy Valley, OR	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ventura, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Orlando, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hyannis, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hollywood, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Kahului, HI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Edina, MN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Salem, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Mckinney, TX	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Overland Park, KS	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Nashville, IN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Evanston, IL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ann Arbor, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Newport, RI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Provincetown, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Morristown, NJ	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Greensboro, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Mt Sinai, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	White Plains, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Kissimmee, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Revere, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Dedham, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ypsilanti, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Raleigh, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Elmsford, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Jamaica, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Perrysburg, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Beavercreek, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Huber Heights, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Pittsburgh, PA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Jeffersonville, VT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Dallas, TX	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Ledyard, CT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Orlando, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Louisville, KY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Lowell, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Springfield, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Lawrence, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Flint, MI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Shakopee, MN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cape May, NJ	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Albuquerque, NM	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Bronx, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Flushing, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Brooklyn, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Holtsville, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Milford, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cincinnati, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Sundance, UT	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Madison, WI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Randolph, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Worcester, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Atlantic City, NJ	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Edgewater, NJ	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Bronx, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Yonkers, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cincinnati, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Cleveland, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Pittsburgh, PA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Warwick, RI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Merrifield, VA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Kenosha, WI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hyannis, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Chicago, IL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Florence, IN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Woburn, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	North Attleboro, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	South Portland, ME	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	St Paul, MN	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	St Peters, MO	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hazelwood, MO	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hazlet, NJ	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Mason, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Toledo, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Maumee, OH	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Warwick, RI	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Seattle, WA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Seattle, WA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Montauk, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Virginia Beach, VA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Virginia Beach, VA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Northridge, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Montauk, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Boston, MA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Hallandale Beach, FL	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Houston, TX	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Bolton Landing, NY	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Roseville, CA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.4	10
Ben & Jerry's	Branch	Glenview, IL	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	San Jose, CA	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	St Louis, MO	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Mcallen, TX	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Kennebunkport, ME	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	High Point, NC	United States	Restaurants	0.4	9
Joe Cimprich Airport-90oi	Branch	Dayton, OH	United States	Restaurants	0.4	9
Ben Jerry's Ice Cream Shop	Branch	Houston, TX	United States	Restaurants	0.4	9
Ben & Jerry's	Branch	Santa Barbara, CA	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Spokane, WA	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Washington, DC	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Berkeley, CA	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Durham, NC	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	New York, NY	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Canton, CT	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Albany, NY	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Olympic Valley, CA	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Nashville, TN	United States	Restaurants	0.3	8
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Salt Lake City, UT	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Fort Myers, FL	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Sherman Oaks, CA	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Napa, CA	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Chapel Hill, NC	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Tampa, FL	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Dayton, OH	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Rutland, VT	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Delray Beach, FL	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Palatine, IL	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Portland, OR	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Niagara Falls, NY	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.3	7
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Lakewood, CO	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	San Antonio, TX	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Santa Monica, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Mammoth Lakes, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Branford, CT	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Long Beach, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Bend, OR	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Las Vegas, NV	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Manchester Ctr, VT	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Etiwanda, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Burbank, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Scottsdale, AZ	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Seattle, WA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	West New York, NJ	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Eugene, OR	United States	Restaurants	0.2	6
Ben & Jerry's Catering	Branch	San Francisco, CA	United States	Restaurants	0.2	6
Ben & Jerry's	Branch	Palm Springs, CA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Webster, TX	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Huntsville, AL	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Rockville, MD	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Los Angeles, CA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Bethesda, MD	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Sarasota, FL	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Norfolk, VA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Tustin, CA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Kaneohe, HI	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	St Charles, IL	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Radford, VA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Philadelphia, PA	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Plano, TX	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Charlotte, NC	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Isle Of Palms, SC	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Orange Park, FL	United States	Restaurants	0.2	5
Ben & Jerry's	Branch	Sterling, VA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Ventura, CA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	San Diego, CA	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Oak Park, IL	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Coral Gables, FL	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	North Conway, NH	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	Ogunquit, ME	United States	Restaurants	0.2	4
Ben & Jerry's	Branch	San Francisco, CA	United States	Restaurants	0.1	3
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.1	3
Ben & Jerry's	Branch	Santa Clarita, CA	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	St Albans, VT	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	Meredith, NH	United States	Restaurants	0.1	2
Ben & Jerry's	Branch	Henderson, NV	United States	Restaurants	0.0	1
Ben & Jerry's	Branch	Kirkland, WA	United States	Restaurants	0.0	1
Conopco	Facility	Jefferson City, MO	United States	Personal and Household Products		100
Conopco	Facility	Harrisburg, PA	United States	Food Processing		50
Unilever Brasil Ltda.	Subsidiary	São Paulo, SP	Brazil	Personal and Household Products	6,760.1	12,064
Knorr Cica S.A	Subsidiary	São Paulo	Brazil	Crops	250.0	2,470
Unilever Brasil Gelados Nordeste S.A	Subsidiary	Jaboatão dos Guararapes	Brazil	Food Processing	75.0	600
Arisco Industrial Ltda	Subsidiary	São Paulo, SP	Brazil	Food Processing
Unilever Bangladesh Limited	Subsidiary	Dhaka	Bangladesh	Personal and Household Products		10,000
Unilever Rus	Subsidiary	Moscow	Russian Federation	Personal and Household Products	839.3	6,500
Unilever Brothers (Bangladesh) Ltd	Subsidiary	Dhaka	Bangladesh	Food Processing		5,000
Unilever Italy Holdings Srl	Subsidiary	Rome	Italy	Food Processing		5,000
Unilever de Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Food Processing	1,348.2	4,300
Unilever Deutschland Holding GmbH	Subsidiary	Hamburg	Germany	Food Processing	3,656.7	3,700
Unilever Turkiye	Subsidiary	Umraniye, Istanbul	Turkey	Food Processing	840.0	3,500
Kalina Concern Joint Stock Company	Subsidiary	Ekaterinburg	Russian Federation	Personal and Household Products	420.6	3,200
Acquisition by Unilever plc proposed/announced.See corporate structure news on Unilever plc for details
Dr Scheller Cosmetics AG	Subsidiary	Eislingen	Germany	Personal and Household Products	140.5	240
Dr. Scheller Cosmetics Polska Sp. z o.o.	Subsidiary	Wroclaw, Lower Silesian	Poland	Personal and Household Products		35
Dr. Scheller Duro Dont GmbH	Subsidiary	Eislingen	Germany	Retail (Drugs)	1.0
Lady Manhattan Cosmetics GmbH	Subsidiary	Stuttgart, Baden-Wurttemberg	Germany	Personal and Household Products
Kalina Finance LLC	Subsidiary	Ekaterinburg, Sverdlovsk	Russian Federation	Investment Services		2
Kalina International SA	Subsidiary	Lausanne, Vaud	Switzerland	Personal and Household Products
Glavskazka International LLC	Subsidiary	Yekaterinburg, Sverdlovsk	Russian Federation	Personal and Household Products
Sun Products Corp	Subsidiary	Salt Lake City, UT	United States	Business Services	1,038.0	3,000
Sun Products Corp	Subsidiary	Salt Lake City, UT	United States	Personal and Household Products	94.4	100
Unilever South Africa (Pty) Limited	Subsidiary	Durban	South Africa	Food Processing	750.0	3,000
Lipton (SA) (Pty.) Ltd.	Subsidiary	Durban	South Africa	Food Processing		2,000
Unilever Ceylon Ltd	Subsidiary	Colombo	Sri Lanka	Scientific and Technical Instruments		3,000
Unilever de Mexico S de RL de CV	Subsidiary	Mexico, DF	Mexico	Food Processing		2,500
Unilever Canada Inc.	Subsidiary	Toronto, ON	Canada	Food Processing	1,398.0	2,350
Breyers	Subsidiary	Toronto, ON	Canada	Food Processing	305.7	450
Breyers	Branch	Calgary, AB	Canada	Restaurants	1.9	35
R&B Distribution	Subsidiary	Chatham, ON	Canada	Restaurants	0.5	10
West Distributor	Subsidiary	Penetanguishene, ON	Canada	Restaurants	0.2	4
Unilever Canada Inc	Branch	Markham, ON	Canada	Beverages (Non-Alcoholic)	53.8	100
Ben & Jerry's	Branch	Concord, ON	Canada	Restaurants	0.5	10
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.5	10
Unilever Foodsolutions	Branch	Langley, BC	Canada	Food Processing	10.4	7
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.4	7
Ben & Jerry's	Branch	Montreal, QC	Canada	Restaurants	0.3	5
Unilever Thai Trading Limited	Subsidiary	Bangkok	Thailand	Food Processing	750.0	2,000
Binzagr Co	Joint Venture	Jeddah	Saudi Arabia	Retail (Grocery)	175.0	1,700
Binzagr Factory for Insulation Materials Ltd.	Subsidiary	Al Khobar	Saudi Arabia	Oil Well Services and Equipment		2,500
Abdullah & Said M.O. Binzagr Company	Subsidiary	Jeddah	Saudi Arabia	Miscellaneous Financial Services		40
Binzagr Industrial Cleaning Services	Division	Jeddah	Saudi Arabia	Business Services
Unilever Pakistan Limited	Subsidiary	Karachi	Pakistan	Personal and Household Products	600.8	1,677
Unilever Australasia	Subsidiary	Epping, NSW	Australia	Personal and Household Products	1,281.0	1,596
Unilever Pension Trust Pty Ltd	Subsidiary	Epping, NSW	Australia	Investment Services	1,018.1	2
Unilever Australia Limited	Subsidiary	Epping, NSW	Australia	Personal and Household Products	926.0	1,520
Streets Ice Cream Pty. Ltd.	Subsidiary	Epping, NSW	Australia	Food Processing		400
Unilever New Zealand Ltd.	Subsidiary	Auckland	New Zealand	Personal and Household Products	350.0	350
Unilever Schweiz GmbH	Subsidiary	Thayngen	Switzerland	Personal and Household Products	577.4	1,200
Unilever Philippines Inc	Subsidiary	Manila	Philippines	Personal and Household Products	666.0	1,100
Unilever Vietnam	Subsidiary	Ho Chi Minh City	Viet Nam	Miscellaneous Capital Goods	350.0	1,000
Unilever Arabia	Subsidiary	Jeddah	Saudi Arabia	Personal and Household Products	270.0	1,000
Unilever Hong Kong Ltd	Subsidiary	New Territories, New Territories	Hong Kong	Food Processing	90.0	1,000
Unilever Magyarország Kereskedelmi Kft	Subsidiary	Budapest	Hungary	Personal and Household Products	378.5	978
Unilever Ghana Limited	Subsidiary	Accra	Ghana	Personal and Household Products	155.8	900
Unilever Kenya Ltd.	Subsidiary	Nairobi	Kenya	Food Processing		800
Unilever Foods Philippines (CMC) Inc	Subsidiary	Manila	Philippines	Food Processing		750
Unilever Japan KK	Subsidiary	Tokyo	Japan	Food Processing	1,750.0	720
Unilever Pakistan Ltd.	Subsidiary	Karachi	Pakistan	Food Processing	584.0	700
Unilever Pakistan Food Ltd.	Subsidiary	Karachi	Pakistan	Food Processing	57.2	192
Unilever Andina Colombia Ltda	Subsidiary	Bogotá DC	Colombia	Personal and Household Products	359.6	700
Unilever Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Food Processing	203.0	675
Unilever España Sa	Subsidiary	Viladecans, Barcelona	Spain	Food Processing	841.0	619
Frigo S.A.	Subsidiary	Barcelona	Spain	Food Processing	175.0	100
Unilever Services España Sa	Subsidiary	Barcelona	Spain	Business Services	3.4	20
Unilever Foods España S.A.	Subsidiary	Lamiako-Leoia	Spain	Food Processing	625.0
Unilever Nederland B.V.	Subsidiary	Oss	Netherlands	Food Processing		500
Unilever	Subsidiary	Rotterdam	Netherlands	Miscellaneous Financial Services
PT Unilever Indonesia Tbk	Subsidiary	Jakarta	Indonesia	Personal and Household Products	2,678.3	6,124
Technopia Lever, PT	Subsidiary	Jakarta	Indonesia	Chemical Manufacturing
Sara Lee Body Care Indonesia Tbk, PT	Subsidiary	Jakarta	Indonesia	Personal and Household Products
Marga BV	Subsidiary	Rotterdam	Netherlands	Miscellaneous Financial Services
Unilever Caribbean Limited	Subsidiary	Champs Fleurs	Trinidad and Tobago	Personal and Household Products	78.0	416
Unilever Belgium - Unilever Belgique - Unilever Belgie	Subsidiary	Bruxelles	Belgium	Personal and Household Products	831.6	415
Brooklyn	Subsidiary	Harelbeke	Belgium	Apparel and Accessories	13.3	42
Unilever Sverige AB	Subsidiary	Solna	Sweden	Personal and Household Products	495.5	399
Unilever Bestfood AB	Subsidiary	Helsingborg	Sweden	Fish and Livestock	250.0
GB Glace AB	Subsidiary	Stockholm	Sweden	Food Processing	125.0
Unilever Tunisie	Subsidiary	Tunis	Tunisia	Personal and Household Products		380
Binzagr Lever Ltd	Joint Venture	Jeddah, Makkah	Saudi Arabia	Miscellaneous Capital Goods		350
Spa & Salon International Ltd.	Subsidiary	London	United Kingdom	Business Services	12.9	339
Serve Health And Beauty Ltd.	Subsidiary	London	United Kingdom	Personal Services	7.9	208
Cielo Day Spa Ltd.	Subsidiary	London	United Kingdom	Personal Services
Serve Works Ltd.	Subsidiary	London	United Kingdom	Personal Services
Re - Aqua Hp Ltd.	Subsidiary	London	United Kingdom	Business Services
Serve Consulting Ltd.	Subsidiary	London	United Kingdom	Personal Services
Unilever Polska S.A.	Subsidiary	Warsaw	Poland	Food Processing	3,728.5	302
Unilever Jerónimo Martins Lda	Subsidiary	Lisboa	Portugal	Food Processing	480.8	290
Olá - Produção De Gelados E Outros Produtos Alimentares, S.A.	Subsidiary	Lisboa, Lisboa	Portugal	Food Processing	46.3	197
Fima - Produtos Alimentares, S.A.	Subsidiary	Lisboa, Lisboa	Portugal	Food Processing	73.9	139
Al Gurg Unilever Co	Subsidiary	Dubai	United Arab Emirates	Miscellaneous Capital Goods		250
Unilever Deutschland Holding GmbH	Subsidiary	Hamburg, Hamburg	Germany	Commercial Banks	79.4	235
Unilever Deutschland Supply Chain Services GmbH	Subsidiary	Hamburg, Hamburg	Germany	Personal Services	65.8	450
Sime Darby Unimills B.V.	Subsidiary	Zwijndrecht	Netherlands	Food Processing	515.7	230
Unilever Danmark A/S	Subsidiary	Brøndby	Denmark	Miscellaneous Financial Services	201.3	218
Unilever Chile S.A.	Subsidiary	Santiago	Chile	Personal and Household Products	257.0	200
Unilever Ukraine LLC	Subsidiary	Kyiv	Ukraine	Food Processing	60.0	200
Unilever Mashreq - Tea, Foods, Home Care & Personal Care	Subsidiary	Smouha, Alexandria	Egypt	Miscellaneous Capital Goods	51.0	200
Unilever Services (Hei Fei) Co. Limited	Subsidiary	Beijing	China	Food Processing		170
Knorr Alimentaria S.A.	Subsidiary	Santo Domingo	Dominican Republic	Food Processing		160
Unilever Global Infrastructure Organisation	Subsidiary	Singapore	Singapore			150
Unilever Finland Oy	Subsidiary	Helsinki	Finland	Food Processing	297.4	137
Unilever Andina Peru S.A.	Subsidiary	Lima	Peru	Personal and Household Products	150.0	120
Unilever Croatia doo	Subsidiary	Zagreb	Croatia	Food Processing	30.0	100
Unilever Asia Private Ltd.	Subsidiary	Singapore	Singapore	Business Services	920.4	72
Loders Croklaan for Oils SAE	Subsidiary	Cairo	Egypt	Food Processing	12.0	60
TIGI HAIRCARE GmbH	Subsidiary	Herrenberg, Baden-Württemberg	Germany	Miscellaneous Capital Goods		60
Unilever Tanzania Limited	Subsidiary	Mufindi	Tanzania	Food Processing		40
Unilever International Paris SAS	Subsidiary	Rueil Malmaison	France	Chemical Manufacturing	8.5	20
Unilever Eesti OU	Subsidiary	Tallinn	Estonia	Food Processing	3.0	10
Unilever Produktion ApS	Subsidiary	Odense C	Denmark	Personal and Household Products	0.9	5
Alleggra Foods Ltd.	Subsidiary	Kingston Upon Thames	United Kingdom	Food Processing	0.6	3
Toni & Guy Products Ltd.	Subsidiary	London	United Kingdom	Personal Services	6.0
Unilever Us Investments Ltd.	Subsidiary	London	United Kingdom	Business Services
Mixhold Investments Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever International Market Development Co. Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
United Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Uac International Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Unilever Overseas Buying Services Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Brooke Bond Foods Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Employee Benefit Trustees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Twenty Six Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Foodsolutions Singapore	Subsidiary	Singapore	Singapore	Food Processing
Unilever Bestfoods HK Ltd.	Subsidiary	Tai Po	Hong Kong	Food Processing
Unilever Zimbabwe	Subsidiary	Harare	Zimbabwe	Chemical Manufacturing
Bbg Investments (France) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Superannuation Trustees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Uk Pension Fund Trustees Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unidis Nineteen Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Bluerock Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Sixty Six Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Sixteen Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Eleven Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Thames Side Properties Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Margarine Union (1930) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Usf Nominees Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unilever Pension Trust Ltd.	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Unilever General Partner (Colworth Park) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Elais Unilever Hellas SA	Subsidiary	Marousi	Greece	Food Processing
Unilever Levant SARL	Subsidiary	Sin El Fil, Beirut	Lebanon	Food Processing
Unilever Baltic LLC, SIA	Subsidiary	Riga	Latvia	Food Processing
Unilever SCE	Subsidiary	Bucharest	Romania	Miscellaneous Capital Goods
Unilever Maghreb SA	Subsidiary	Casablanca	Morocco	Food Processing
Unilever Bestfoods Uk Ltd.	Subsidiary		United Kingdom
Unilever U.K. Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Psl Recoveries Ltd.	Subsidiary	London	United Kingdom	Personal Services		395
Persil Services Ltd	UK Branch/Trading address	Brentwood	United Kingdom	Personal Services		5
Walnut Tree Dry Cleaners Ltd.	Subsidiary	London	United Kingdom	Personal Services
Myhome	UK Branch/Trading address	Wantage	United Kingdom	Personal Services
Myhome Services Ltd	UK Branch/Trading address	Maidstone	United Kingdom	Personal Services
Iota Nanosolutions Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	0.8	14
Unilever Ventures Ltd.	Subsidiary	London	United Kingdom	Food Processing	7.0	12
Imperative Health Ltd.	Subsidiary	London	United Kingdom	Recreational Activities	0.1	11
Hydra Polymers Ltd.	Subsidiary	London	United Kingdom	Chemical Manufacturing	0.0	8
Unilever UK & Cn Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Total Refrigeration Ltd.	Subsidiary	Hyde	United Kingdom	Personal Services	15.6	30
Unidis Forty Six Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unidis Forty Nine Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Ventures Coinvestment (General Partner) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Froosh International Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Kappametrics Ltd.	Subsidiary	London	United Kingdom	Medical Equipment and Supplies
Colororb Ltd.	Subsidiary	London	United Kingdom	Business Services
Hydra Dispersants Ltd.	Subsidiary	London	United Kingdom
Brooke Bond Group Ltd.	Subsidiary		United Kingdom	Business Services
Brooke Bond Assam Estates Ltd.	Subsidiary	London	United Kingdom	Business Services
New Hovema Ltd. (The)	Subsidiary	London	United Kingdom	Commercial Banks
Unilever Uk Supplementary Pension Fund Trustee Ltd.	Subsidiary	Leatherhead	United Kingdom	Personal Services		1,600
Blackfriars Nominees, Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever U.K. Central Resources Ltd.	Subsidiary	London	United Kingdom	Biotechnology and Drugs	1,079.0	2,622
Unilever Lp(Colworth Park) Ltd.	Subsidiary	London	United Kingdom	Business Services	4.4
Unilever Overseas Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services		300
Tigi Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services	8.1
Innovia Design Ltd.	Subsidiary	London	United Kingdom	Personal Services
Tigi (Canada) Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Australia Services Ltd.	Subsidiary	London	United Kingdom	Business Services
Unilever Co. For Regional Marketing And Research Ltd.	Subsidiary	London	United Kingdom	Business Services		4
Unilever Co. For Industrial Development Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods		2
C.W.A. Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Lever Brothers Port Sunlight Ltd.	Subsidiary	London	United Kingdom	Business Services
U. A. C. Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
Brooke Bond South India Estates Ltd.	Subsidiary	London	United Kingdom	Business Services
Co. Of African Merchants Ltd., (The)	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Uml Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Australia Partnership Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Associated Enterprises Ltd.	Subsidiary		United Kingdom	Nonclassifiable Industries
Unidis Thirty Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Pamol (Sabah) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Unilever Corporate Ventures Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services
Unilever Bulgaria	Subsidiary	Sofia	Bulgaria	Food Processing
Unilever Lietuva UAB	Subsidiary	Vilnius	Lithuania	Food Processing

Competitors Report

Company Name	Location	Employees	Ownership
Church & Dwight Co., Inc.	Princeton, New Jersey, United States	3,500	Public
Gillette Pakistan Limited	Karachi, Pakistan	38	Public
National Foods Ltd.	Karachi, Pakistan	411	Public
Sara Lee Body Care Indonesia Tbk, PT	Jakarta, Indonesia		Private
The Procter & Gamble Company	Cincinnati, Ohio, United States	129,000	Public

Executive report

Board of Directors

Name	Title	Function
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer	Chairman
Biography Mr. Ehsan Ali Malik has been Chairman and Chief Executive Officer at Unilever Pakistan Limited since September 1, 2006. He was Chairman and CEO at Unilever Sri Lanka Ltd. from 2001 to 2006. His earlier international appointments include: Finance Director Unilever Mashreq, and Special Investigations Manager at Unilever Head Office, London.
M. Qaysar Alam	Executive Director	Director/Board Member
Biography Mr. M. Qaysar Alam serves as Executive Director of Unilever Pakistan Limited. From 2003 to 2004 worked at the HPC Asia business group at Singapore in Supply Chain and Innovation, providing support to 17 countries of the Asia region. He has 23 years of experience in various areas of the supply chain function and is currently also Member of the Board of Directors of Rafhan Best Foods Ltd.
Imran Husain	Chief Financial Officer, Executive Director	Director/Board Member
Zaffar A. Khan	Non-Executive Director	Director/Board Member
Biography Mr. Zaffar A. Khan serves as Non-Executive Director of Unilever Pakistan Limited. Currently he is Chairman of Karachi Stock Exchange while other directorships include State Bank of Pakistan, Pakistan Steel, National Commodity Exchange, Pakistan Institute of Corporate Governance and The Aga Khan Education Board. Previous appointments include President and CEO of Engro Chemicals and Chairman, Pakistan Telecommunication Ltd. (PTCL). Recipient of the Sitara-e-Imtiaz.
Amir R. Paracha	Executive Director	Director/Board Member
Khalid Rafi	Non-Executive Director	Director/Board Member
Fariyha Subhani	Executive Director	Director/Board Member
Education: Lahore University of Management Sciences, MBA
Shazia Syed	Executive Director	Director/Board Member

Executives

Name	Title	Function
Ehsan Ali Malik	Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Biography Mr. Ehsan Ali Malik has been Chairman and Chief Executive Officer at Unilever Pakistan Limited since September 1, 2006. He was Chairman and CEO at Unilever Sri Lanka Ltd. from 2001 to 2006. His earlier international appointments include: Finance Director Unilever Mashreq, and Special Investigations Manager at Unilever Head Office, London.
Amar Naseer	Company Secretary	Company Secretary
Biography Mr. Amar Naseer is Company Secretary of Unilever Pakistan Limited. He also heads the Tax and Brands Protection functions at the Company. He joined Unilever in 1999. He served as Director of the company till April 19, 2008.
Imran Husain	Chief Financial Officer, Executive Director	Finance Executive
Mian Zulfikar H Mannoo	Director	Other
Kamal Monnoo	Director	Other
Badaruddin F Vellani	Director	Other

Significant Developments

Unilever Pakistan Limited to Pay FY 2011 Final Dividend Feb 10, 2012

Unilever Pakistan Limited announced that it will pay PKR 202 per share as final cash dividend for the fiscal year 2011 to shareholders of record on March 27, 2012. It paid PKR 157 per share as final cash dividend for the fiscal year 2010.

Unilever Pakistan Limited to Pay FY 2011 Interim Dividend Aug 09, 2011

Unilever Pakistan Limited announced that its Directors recommended an interim dividend for fiscal year 2011 of PKR 105 per share or 210% per ordinary shares of PKR 50 each to shareholders of record on September 5, 2011. It paid interim dividend for fiscal year 2010 of PKR 89 per share.

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	775.4	676.3	601.1	459.4	411.2
Sales Returns and Allowances	-36.0	-30.4	-29.8	-21.6	-27.0
Excise Tax Receipts	-138.6	-121.4	-103.8	-	-
Revenue	600.8	524.4	467.5	437.7	384.2
Total Revenue	600.8	524.4	467.5	437.7	384.2
Cost of Revenue	391.4	353.3	304.2	285.9	234.6
Cost of Revenue, Total	391.4	353.3	304.2	285.9	234.6
Gross Profit	209.4	171.1	163.2	151.8	149.6
Selling/General/Administrative Expense	59.6	47.4	39.9	96.9	99.3
Labor & Related Expense	20.8	17.4	17.3	-	-
Advertising Expense	56.5	47.4	46.8	-	-
Total Selling/General/Administrative Expenses	136.9	112.3	103.9	96.9	99.3
Depreciation	0.9	0.9	1.0	-	-
Amortization of Intangibles	0.3	0.0	0.1	-	-
Depreciation/Amortization	1.2	0.9	1.1	-	-
Interest Income - Operating	-0.4	-0.1	-0.2	-0.2	-0.4
Investment Income - Operating	-0.2	-0.1	0.0	0.0	0.0
Interest/Investment Income - Operating	-0.6	-0.2	-0.2	-0.2	-0.4
Interest Expense (Income) - Net Operating Total	-0.6	-0.2	-0.2	-0.2	-0.4
Restructuring Charge	3.5	1.1	0.0	6.9	6.1
Loss (Gain) on Sale of Assets - Operating	0.6	-0.3	0.1	0.0	-
Unusual Expense (Income)	4.2	0.8	0.1	6.9	6.1
Other Operating Expense	-	-	-	3.5	3.9
Other, Net	-3.6	-1.1	-2.3	-3.4	-3.0
Other Operating Expenses, Total	-3.6	-1.1	-2.3	0.1	0.9
Total Operating Expense	529.4	465.9	406.7	389.6	340.5
Operating Income	71.4	58.5	60.7	48.1	43.7
Interest Expense - Non-Operating	-1.1	-2.0	-3.3	-2.9	-1.8
Interest Expense, Net Non-Operating	-1.1	-2.0	-3.3	-2.9	-1.8
Investment Income - Non-Operating	-1.5	-0.3	-1.9	-3.7	-
Interest/Investment Income - Non-Operating	-1.5	-0.3	-1.9	-3.7	-
Interest Income (Expense) - Net Non-Operating Total	-2.6	-2.2	-5.2	-6.6	-1.8
Income Before Tax	68.8	56.3	55.5	41.5	41.9
Total Income Tax	21.3	17.8	17.9	13.4	13.9
Income After Tax	47.6	38.6	37.5	28.2	28.0
Net Income Before Extraord Items	47.6	38.6	37.5	28.2	28.0
Net Income	47.6	38.6	37.5	28.2	28.0
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	47.5	38.5	37.5	28.2	28.0
Income Available to Common Incl Extraord Items	47.5	38.5	37.5	28.2	28.0
Basic/Primary Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excl Extraord Items	3.58	2.90	2.82	2.12	2.10
Basic/Primary EPS Incl Extraord Items	3.58	2.90	2.82	2.12	2.10
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	47.5	38.5	37.5	28.2	28.0
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excl Extraord Items	3.58	2.90	2.82	2.12	2.10
Diluted EPS Incl Extraord Items	3.58	2.90	2.82	2.12	2.10
Dividends per Share - Common Stock Primary Issue	3.56	2.89	2.80	1.74	2.03
Gross Dividends - Common Stock	47.3	38.4	37.3	23.1	26.9
Interest Expense, Supplemental	0.6	1.7	3.0	2.4	0.5
Depreciation, Supplemental	6.8	6.5	6.1	6.4	6.1
Total Special Items	4.2	0.8	0.1	6.9	6.1
Normalized Income Before Tax	73.0	57.1	55.6	48.5	48.0
Effect of Special Items on Income Taxes	1.3	0.2	0.0	2.2	2.0
Inc Tax Ex Impact of Sp Items	22.6	18.0	18.0	15.6	16.0
Normalized Income After Tax	50.4	39.1	37.6	32.9	32.1
Normalized Inc. Avail to Com.	50.4	39.1	37.6	32.9	32.1
Basic Normalized EPS	3.79	2.94	2.83	2.47	2.41
Diluted Normalized EPS	3.79	2.94	2.83	2.47	2.41
Amort of Intangibles, Supplemental	0.6	0.0	0.1	0.1	0.1
Rental Expenses	6.0	4.4	4.2	3.9	2.6
Advertising Expense, Supplemental	56.5	47.4	46.8	40.9	43.1
Normalized EBIT	75.0	59.1	60.6	54.8	49.4
Normalized EBITDA	82.4	65.6	66.7	61.3	55.7
Current Tax - Domestic	23.1	18.1	14.4	12.2	12.0
Current Tax - Other	0.4	0.4	0.3	0.3	0.2
Current Tax - Total	23.5	18.5	14.7	12.5	12.2
Deferred Tax - Domestic	-2.3	-0.7	3.3	0.9	1.7
Deferred Tax - Total	-2.3	-0.7	3.3	0.9	1.7
Income Tax - Total	21.3	17.8	17.9	13.4	13.9
Interest Cost - Domestic	3.0	2.6	3.0	2.7	3.2
Service Cost - Domestic	0.3	0.3	0.3	0.9	1.1
Expected Return on Assets - Domestic	-2.6	-2.1	-2.4	-2.4	-3.4
Actuarial Gains and Losses - Domestic	0.2	0.4	0.8	0.2	0.5
Curtailments & Settlements - Domestic	1.5	0.3	4.8	4.8	1.8
Domestic Pension Plan Expense	2.4	1.5	6.4	6.1	3.1
Interest Cost - Post-Retirement	0.3	0.3	0.3	0.2	0.3
Service Cost - Post-Retirement	0.0	0.0	0.0	0.0	0.0
Prior Service Cost - Post-Retirement	0.0	0.0	-0.1	0.0	0.0
Actuarial Gains and Losses - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Curtailments & Settlements - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	0.4	0.3	0.3	0.2	0.3
Defined Contribution Expense - Domestic	1.4	1.2	1.2	1.1	0.7
Total Pension Expense	4.2	3.0	7.8	7.5	4.1
Discount Rate - Domestic	13.00%	14.25%	12.75%	16.00%	11.00%
Expected Rate of Return - Domestic	7.50%	8.75%	7.38%	10.48%	11.00%
Compensation Rate - Domestic	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate - Domestic	7.25%	8.00%	6.66%	9.73%	5.70%
Total Plan Interest Cost	3.3	2.9	3.3	2.9	3.5
Total Plan Service Cost	0.3	0.3	0.3	0.9	1.1
Total Plan Expected Return	-2.6	-2.1	-2.4	-2.4	-3.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	85.645	84.325	79.125	61.625
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	5.0	7.7	2.8	1.3	3.1
Short Term Investments	7.5	14.5	1.7	1.6	1.9
Cash and Short Term Investments	12.4	22.3	4.5	2.9	4.9
Accounts Receivable - Trade, Gross	9.7	6.6	6.5	3.5	4.8
Provision for Doubtful Accounts	-0.4	-0.5	-0.5	-0.6	-0.9
Trade Accounts Receivable - Net	9.3	6.1	6.0	2.9	3.9
Other Receivables	13.6	10.1	8.7	9.4	8.4
Total Receivables, Net	22.9	16.2	14.7	12.3	12.3
Inventories - Finished Goods	24.5	14.8	15.3	19.6	17.4
Inventories - Work In Progress	3.2	1.5	0.9	1.3	1.1
Inventories - Raw Materials	35.1	34.3	31.1	36.7	29.6
Inventories - Other	-0.5	-0.5	-0.3	0.2	0.0
LIFO Reserve	-0.6	-0.5	-0.6	-1.0	-1.2
Total Inventory	61.7	49.5	46.4	56.8	46.9
Prepaid Expenses	0.3	0.2	1.8	3.7	2.7
Other Current Assets	0.3	0.2	0.2	1.7	1.2
Other Current Assets, Total	0.3	0.2	0.2	1.7	1.2
Total Current Assets	97.7	88.4	67.6	77.3	68.1
Buildings	10.3	11.7	11.9	11.6	12.2
Land/Improvements	0.3	0.3	0.3	0.3	0.4
Machinery/Equipment	79.2	80.5	75.8	70.5	75.9
Construction in Progress	13.2	3.6	2.1	5.6	7.0
Leases	0.0	0.0	0.0	0.0	0.0
Property/Plant/Equipment - Gross	103.0	96.1	90.1	88.0	95.6
Accumulated Depreciation	-39.4	-38.9	-33.9	-32.1	-38.3
Property/Plant/Equipment - Net	63.6	57.2	56.2	56.0	57.3
Intangibles - Gross	15.2	9.9	4.5	0.3	0.3
Accumulated Intangible Amortization	-0.9	-0.3	-0.3	-0.2	-0.1
Intangibles, Net	14.3	9.6	4.2	0.1	0.2
LT Investments - Other	0.3	0.3	4.7	6.8	0.1
Long Term Investments	0.3	0.3	4.7	6.8	0.1
Note Receivable - Long Term	1.3	1.0	1.2	1.5	1.9
Pension Benefits - Overfunded	1.3	1.7	2.2	2.6	4.1
Other Long Term Assets, Total	1.3	1.7	2.2	2.6	4.1
Total Assets	178.4	158.3	136.0	144.3	131.6
Accounts Payable	16.3	15.3	10.3	8.9	4.2
Accrued Expenses	57.6	55.5	47.0	36.3	46.6
Notes Payable/Short Term Debt	3.3	3.5	12.3	40.9	6.9
Current Portion - Long Term Debt/Capital Leases	0.1	0.3	0.3	0.4	0.3
Dividends Payable	1.6	1.5	1.4	1.3	1.6
Customer Advances	1.7	1.5	1.7	1.1	1.2
Security Deposits	0.3	0.2	0.2	0.2	0.3
Income Taxes Payable	0.0	0.0	0.0	0.0	0.4
Other Payables	34.9	22.3	8.5	9.5	23.0
Other Current Liabilities	5.9	4.6	2.6	8.4	6.3
Other Current liabilities, Total	44.4	30.2	14.4	20.6	32.7
Total Current Liabilities	121.8	104.8	84.3	107.1	90.7
Capital Lease Obligations	0.0	0.2	0.7	1.0	0.9
Total Long Term Debt	0.0	0.2	0.7	1.0	0.9
Total Debt	3.4	4.0	13.3	42.2	8.0
Deferred Income Tax - LT Liability	4.2	6.7	7.5	4.7	5.0
Deferred Income Tax	4.2	6.7	7.5	4.7	5.0
Pension Benefits - Underfunded	5.1	4.2	3.9	3.0	2.3
Other Liabilities, Total	5.1	4.2	3.9	3.0	2.3
Total Liabilities	131.2	115.9	96.4	115.8	98.9
Preferred Stock - Non Redeemable	0.1	0.1	0.1	-	-
Preferred Stock - Non Redeemable, Net	0.1	0.1	0.1	-	-
Common Stock	7.4	7.8	7.9	8.5	10.9
Common Stock	7.4	7.8	7.9	8.5	10.9
Additional Paid-In Capital	4.4	4.6	4.7	5.0	7.6
Retained Earnings (Accumulated Deficit)	35.3	29.8	26.9	15.0	14.0
Unrealized Gain (Loss)	0.1	0.1	0.2	0.2	0.2
Total Equity	47.2	42.3	39.7	28.5	32.7
Total Liabilities & Shareholders’ Equity	178.4	158.3	136.0	144.3	131.6
Shares Outstanding - Common Stock Primary Issue	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
Shares Outstanding - Preferred Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Total Preferred Stock Outstanding	0.0	0.0	0.0	0.0	0.0
Number of Common Shareholders	3,755	3,818	-	4,010	4,171
Accumulated Intangible Amort, Suppl.	0.9	0.3	0.3	0.2	0.1
Deferred Revenue - Current	1.7	1.5	1.7	1.1	1.2
Total Long Term Debt, Supplemental	-	0.3	0.3	-	-
Long Term Debt Maturing within 1 Year	-	0.3	0.3	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	-	-
Total Capital Leases, Supplemental	0.2	0.6	1.0	1.4	1.1
Capital Lease Payments Due in Year 1	0.1	0.3	0.3	0.4	0.3
Capital Lease Payments Due in Year 2	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 3	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 4	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 5	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.3	0.5	0.4
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.3	0.5	0.4
Total Operating Leases, Supplemental	4.8	3.6	2.3	2.5	1.3
Operating Lease Payments Due in Year 1	1.3	0.9	0.5	1.2	0.8
Operating Lease Payments Due in Year 2	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 3	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 4	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 5	0.9	0.7	0.4	0.3	0.1
Operating Lease Pymts. Due in 2-3 Years	1.7	1.3	0.9	0.7	0.2
Operating Lease Pymts. Due in 4-5 Years	1.7	1.3	0.9	0.7	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	22.6	22.1	21.5	23.8	30.9
Post-Retirement Obligation	2.4	2.4	2.3	2.1	2.1
Plan Assets - Domestic	19.4	19.8	18.0	22.8	30.7
Funded Status - Domestic	-3.1	-2.4	-3.4	-1.0	-0.2
Funded Status - Post-Retirement	-2.4	-2.4	-2.3	-2.1	-2.1
Total Funded Status	-5.5	-4.8	-5.7	-3.1	-2.3
Discount Rate - Domestic	13.00%	14.25%	12.75%	16.00%	11.00%
Expected Rate of Return - Domestic	7.50%	8.75%	7.38%	-	-
Compensation Rate - Domestic	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate - Domestic	7.25%	8.00%	6.66%	9.73%	5.70%
Prepaid Benefits - Domestic	0.1	-	-	1.3	0.4
Accrued Liabilities - Domestic	-3.2	-2.4	-3.4	-2.3	-0.6
Accrued Liabilities - Post-Retirement	-2.4	-2.4	-2.3	-2.1	-2.1
Net Assets Recognized on Balance Sheet	-5.5	-4.8	-5.7	-3.1	-2.3
Equity % - Domestic	11.80%	11.70%	9.70%	1.30%	-
Debt Securities % - Domestic	87.00%	87.80%	59.00%	7.30%	-
Other Investments % - Domestic	1.20%	0.50%	31.30%	91.40%	-
Total Plan Obligations	25.0	24.5	23.8	25.9	33.0
Total Plan Assets	19.4	19.8	18.0	22.8	30.7

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	68.8	56.3	55.5	-	-
Depreciation	6.8	6.5	6.1	-	-
Depreciation/Depletion	6.8	6.5	6.1	-	-
Amortization of Intangibles	0.6	0.0	0.1	-	-
Amortization	0.6	0.0	0.1	-	-
Unusual Items	0.6	-0.3	0.1	-	-
Other Non-Cash Items	2.7	3.3	9.1	-	-
Non-Cash Items	3.3	3.0	9.3	-	-
Accounts Receivable	-4.9	0.0	-1.8	-	-
Inventories	-15.2	-3.8	7.1	-	-
Other Assets	-3.8	1.0	-2.0	-	-
Accounts Payable	21.4	25.4	16.3	-	-
Other Liabilities	1.6	2.1	-4.6	-	-
Other Operating Cash Flow	-24.8	-18.0	-22.0	1.3	39.6
Changes in Working Capital	-25.7	6.7	-7.1	1.3	39.6
Cash from Operating Activities	53.9	72.5	63.8	1.3	39.6
Purchase of Fixed Assets	-17.4	-8.5	-10.7	-19.4	-28.2
Purchase/Acquisition of Intangibles	-6.1	-2.3	-0.8	-	-
Capital Expenditures	-23.4	-10.8	-11.5	-19.4	-28.2
Sale of Fixed Assets	0.4	0.4	0.8	1.7	0.7
Investment, Net	0.0	-0.4	-1.2	0.0	-
Other Investing Cash Flow	0.4	0.1	0.2	0.2	0.5
Other Investing Cash Flow Items, Total	0.9	0.1	-0.2	1.9	1.2
Cash from Investing Activities	-22.5	-10.7	-11.7	-17.5	-27.1
Cash Dividends Paid - Common	-40.2	-35.1	-24.1	-24.2	-25.5
Total Cash Dividends Paid	-40.2	-35.1	-24.1	-24.2	-25.5
Long Term Debt Reduction	-0.4	-0.6	-0.5	-0.5	-0.4
Long Term Debt, Net	-0.4	-0.6	-0.5	-0.5	-0.4
Issuance (Retirement) of Debt, Net	-0.4	-0.6	-0.5	-0.5	-0.4
Cash from Financing Activities	-40.6	-35.7	-24.6	-24.6	-25.9
Net Change in Cash	-9.2	26.1	27.5	-40.8	-13.3
Net Cash - Beginning Balance	17.0	-8.9	-36.8	-1.7	11.4
Net Cash - Ending Balance	7.8	17.2	-9.3	-42.5	-2.0
Cash Interest Paid	-	-	-	5.7	1.8
Cash Taxes Paid	22.7	19.8	15.7	15.1	13.9

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales	775.4	676.3	601.1	459.4	411.2
Sales Tax & Excise Duty	-138.6	-121.4	-103.8	-	-
Rebates and Allowances	-36.0	-30.4	-29.8	-21.6	-27.0
Total Revenue	600.8	524.4	467.5	437.7	384.2
Cost of Goods Sold	391.4	353.3	304.2	285.9	234.6
Staff Expenses	15.6	13.3	13.2	-	-
Advertisement	56.5	47.4	46.8	-	-
Depreciation	0.9	0.9	1.0	-	-
Amortisation	0.3	0.0	0.1	-	-
Distribution Costs	46.8	37.8	31.6	82.7	82.7
Administrative Expenses	12.3	9.3	7.9	14.2	16.6
Donations	0.4	0.4	0.4	-	-
Workers' Profits Participation Fund - no	3.7	3.0	3.0	-	-
Workers' Welfare Fund	1.5	1.1	1.1	-	-
Loss on disposal of property, plant and	0.6	0.0	0.1	-	-
Other Operating Expenses	-	-	-	3.5	3.9
Dividend Income	0.0	0.0	0.0	0.0	0.0
Return From Other Finan. Assets	-0.4	-0.1	-0.2	-0.2	-0.4
Return on Investment	-0.2	-0.1	0.0	0.0	-
Loss on disposal of property, plant and	0.0	-0.3	0.0	0.0	-
Other Operating Income	-3.6	-1.1	-2.3	-3.4	-3.0
Restructuring Costs	3.5	1.1	0.0	6.9	6.1
Total Operating Expense	529.4	465.9	406.7	389.6	340.5
Finance Costs	-1.1	-2.0	-3.3	-2.9	-1.8
Exchange Loss	-1.5	-0.3	-1.9	-3.7	-
Net Income Before Taxes	68.8	56.3	55.5	41.5	41.9
Provision for Income Taxes	21.3	17.8	17.9	13.4	13.9
Net Income After Taxes	47.6	38.6	37.5	28.2	28.0
Net Income Before Extra. Items	47.6	38.6	37.5	28.2	28.0
Net Income	47.6	38.6	37.5	28.2	28.0
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	47.5	38.5	37.5	28.2	28.0
Income Available to Com Incl ExtraOrd	47.5	38.5	37.5	28.2	28.0
Basic Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excluding ExtraOrdinary Items	3.58	2.90	2.82	2.12	2.10
Basic EPS Including ExtraOrdinary Item	3.58	2.90	2.82	2.12	2.10
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	47.5	38.5	37.5	28.2	28.0
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excluding ExtraOrd Items	3.58	2.90	2.82	2.12	2.10
Diluted EPS Including ExtraOrd Items	3.58	2.90	2.82	2.12	2.10
DPS-Ordinary Shares	3.56	2.89	2.80	1.74	2.03
Gross Dividends - Common Stock	47.3	38.4	37.3	23.1	26.9
Normalized Income Before Taxes	73.0	57.1	55.6	48.5	48.0
Inc Tax Ex Impact of Sp Items	22.6	18.0	18.0	15.6	16.0
Normalized Income After Taxes	50.4	39.1	37.6	32.9	32.1
Normalized Inc. Avail to Com.	50.4	39.1	37.6	32.9	32.1
Basic Normalized EPS	3.79	2.94	2.83	2.47	2.41
Diluted Normalized EPS	3.79	2.94	2.83	2.47	2.41
Advertising Expense	56.5	47.4	46.8	40.9	43.1
Interest Expense	0.6	1.7	3.0	2.4	0.5
Rental Expense	6.0	4.4	4.2	3.9	2.6
Depreciation	6.8	6.5	6.1	6.4	6.1
Amortization of Intangibles	0.6	0.0	0.1	0.1	0.1
Current Tax-Pakistan	23.1	18.1	14.4	12.2	12.0
Current Tax-Azad Kashmir	0.4	0.4	0.3	0.3	0.2
Current Tax - Total	23.5	18.5	14.7	12.5	12.2
Deferred Tax	-2.3	-0.7	3.3	0.9	1.7
Deferred Tax - Total	-2.3	-0.7	3.3	0.9	1.7
Income Tax - Total	21.3	17.8	17.9	13.4	13.9
Current Service Cost - Pension	0.1	0.1	0.1	0.5	0.5
Interest Cost - Pension	2.6	2.2	2.5	2.1	2.5
Expected Return on Assets - Pension	-2.5	-2.1	-2.3	-1.9	-2.6
Curtailments & Settlements - Pension	0.0	0.0	-0.4	0.0	-0.2
Recog of Actuarial Gain/Loss - Pension	0.2	0.3	0.2	0.2	0.2
Current Service Cost - Gratuity	0.2	0.2	0.1	0.4	0.5
Interest Cost - Gratuity	0.4	0.4	0.5	0.6	0.7
Expected Return on Assets - Gratuity	-0.1	0.0	-0.1	-0.5	-0.9
Curtailments & Settlements - Gratuity	1.5	0.3	5.1	4.8	2.0
Recog of Actuarial Gain/Loss - Gratuity	0.0	0.0	0.6	0.0	0.3
Domestic Pension Plan Expense	2.4	1.5	6.4	6.1	3.1
Current Service Cost - Medical Plan	0.0	0.0	0.0	0.0	0.0
Interest Cost - Medical Plan	0.3	0.3	0.3	0.2	0.3
Curtailments & Settlements - Post-Ret.Mp	0.0	0.0	0.0	0.0	0.0
Past Service Cost - Post-Retirement Mp	0.0	0.0	-0.1	0.0	0.0
RecoActuarial Gain/Loss - Medical Plan	0.0	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	0.4	0.3	0.3	0.2	0.3
Defined Contribution Plans	1.4	1.2	1.2	1.1	0.7
Total Pension Expense	4.2	3.0	7.8	7.5	4.1
Discount Rate - Pension	13.00%	14.25%	12.75%	16.00%	11.00%
Salary Increase Rate - Pension	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate	7.25%	8.00%	6.66%	9.73%	5.70%
Expected Rate of Return - Pension	7.50%	8.75%	7.38%	10.48%	11.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	85.645	84.325	79.125	61.625
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores & Spares	4.4	4.7	3.6	3.1	2.6
Provision for slow moving and obsolete s	-0.5	-0.5	-0.5	-	-
Raw Materials	30.7	29.6	27.5	33.6	26.9
Work in Process	3.2	1.5	0.9	1.3	1.1
Finished Goods	24.5	14.8	15.3	19.6	17.4
By-Product	0.0	0.0	0.1	0.2	0.0
Less:Provision-Slow Moving/Obselete Stk.	-0.6	-0.5	-0.6	-1.0	-1.2
Trade Debts Gross	9.7	6.6	6.5	3.5	4.8
Provision for Doubtful Debts	-0.4	-0.5	-0.5	-0.6	-0.9
Loans/Advances	1.8	1.5	1.6	1.6	2.0
Accrued Interest/Mark Up	0.0	0.0	0.0	0.0	0.1
Trade Deposits	0.3	0.2	0.2	1.7	1.2
Prepayments	0.3	0.2	1.8	3.6	2.7
Others	5.8	2.4	1.9	1.2	-
Other Receivables	1.6	0.8	1.0	2.8	4.0
Investment - held to maturity	1.7	1.7	1.2	0.0	-
Tax Refunds Due from Government	4.4	5.4	4.2	3.8	2.4
Cash	0.0	0.0	0.0	1.3	3.1
current accounts	5.0	7.7	2.8	-	-
savings accounts	5.7	3.5	0.0	-	-
Deposit Account	0.0	9.3	0.5	1.6	1.9
Total Current Assets	97.7	88.4	67.6	77.3	68.1
Freehold Land	0.3	0.3	0.3	0.3	0.4
Leasehold Land	0.0	0.0	0.0	0.0	0.0
Buildings on Freehold Land	8.6	9.1	8.9	8.4	9.2
Buildings on Leasehold Land	0.9	0.9	1.0	1.0	1.2
Plant and Machinery	69.4	70.0	65.7	60.8	61.3
Electrical and Mechanical Equipment	8.0	8.9	8.2	6.8	9.1
Furniture and Fittings	0.5	0.5	0.5	0.5	0.6
Motor Vehicles	1.2	1.1	1.4	2.5	4.9
Asset/Finance Lease	0.8	1.7	2.0	2.3	1.8
Capital Work in Progress	13.2	3.6	2.1	5.6	7.0
Accumulated Depreciation	-39.4	-38.9	-33.9	-32.1	-38.3
Intangible asset under development - not	0.0	9.6	4.2	-	-
Intangibles-Computer Software	15.2	0.3	0.3	0.3	0.3
Amortisation	-0.9	-0.3	-0.3	-0.2	-0.1
Long Term Loans	1.3	1.0	1.2	1.5	1.9
Long Term Deposit/Prepayments	0.3	0.3	4.7	6.8	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Retirement Benefit Obligations	1.3	1.7	2.2	2.6	4.1
Total Assets	178.4	158.3	136.0	144.3	131.6
Liability Against Assets- Finance Lease	0.1	0.3	0.3	0.4	0.3
Short Term Borrowings	3.3	3.5	12.3	40.9	6.9
Accrued Interest Mark Up	0.1	0.2	0.3	0.8	0.1
Creditors	16.3	15.3	10.3	8.9	4.2
Bills Payable	26.9	16.0	3.1	5.2	19.6
Accrued Liabilities	53.6	49.7	42.7	33.2	44.9
Royalty and Technical Services Fee	5.2	4.2	3.5	3.1	2.1
Advance Payment from Customers	1.7	1.5	1.7	1.1	1.2
Sales Tax Payable	2.9	4.2	2.6	1.2	0.8
Excise Duty Payable	1.0	1.4	1.4	1.1	0.8
Worker's Welfare Fund	1.5	1.2	1.1	1.2	1.2
Workers' Profits Participation Fund - no	0.0	0.0	0.0	-	-
Security Deposits from Dealers	0.3	0.2	0.2	0.2	0.3
Unclaimed Dividend	1.6	1.5	1.4	1.3	1.6
Liability for share-based compensation p	1.0	0.6	0.6	-	-
Others	0.2	0.3	0.2	-	-
Other Payables	-	-	-	0.9	0.2
Taxation-Provisions Less Payments	0.0	0.0	0.0	0.0	0.4
Provision	5.9	4.6	2.6	7.5	6.0
Total Current Liabilities	121.8	104.8	84.3	107.1	90.7
Liability Against Assets- Finance Lease	0.0	0.2	0.7	1.0	0.9
Total Long Term Debt	0.0	0.2	0.7	1.0	0.9
Deferred Taxation	4.2	6.7	7.5	4.7	5.0
Retirement Benefit Obligations	5.1	4.2	3.9	3.0	2.3
Total Liabilities	131.2	115.9	96.4	115.8	98.9
Share Capital	7.4	7.8	7.9	8.5	10.9
Preferred Capital	0.1	0.1	0.1	-	-
Capital Reserves	4.4	4.6	4.7	5.0	7.6
Surplus on Revaluation of Fixed Assets	0.1	0.1	0.2	0.2	0.2
Revenue Reserves	35.3	29.8	26.9	15.0	14.0
Total Equity	47.2	42.3	39.7	28.5	32.7
Total Liabilities & Shareholders' Equity	178.4	158.3	136.0	144.3	131.6
S/O-Ordinary Shares	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
S/O-5% Cumulative Pref. Shares	0.0	0.0	0.0	0.0	0.0
Total Preferred Shares Outstanding	0.0	0.0	0.0	0.0	0.0
Deferred Revenue - Current	1.7	1.5	1.7	1.1	1.2
Accumulated Intangible Amortisation	0.9	0.3	0.3	0.2	0.1
Number of Common Shareholders	3,755	3,818	-	4,010	4,171
Current maturities	-	0.3	0.3	-	-
Total Long Term Debt, Supplemental	-	0.3	0.3	-	-
Capital Leases Maturing within 1 Year	0.1	0.3	0.3	0.4	0.3
Capital Leases Maturing within 5 Years	0.0	0.2	0.7	1.0	0.9
Total Capital Leases	0.2	0.6	1.0	1.4	1.1
Operating Leases Maturing Within 1 Year	1.3	0.9	0.5	1.2	0.8
Operating Leases Maturing Within 1-5 Yrs	3.5	2.7	1.7	1.4	0.4
Total Operating Leases	4.8	3.6	2.3	2.5	1.3
PV of Benefit Obligation - Pension	18.7	19.0	18.5	18.6	24.3
FV of Plan Assets - Pension	18.8	19.0	17.6	19.9	24.7
Funded Status - Pension	0.1	0.0	-0.9	1.3	0.4
PV of Funded Obligations - Gratuity	3.9	3.1	2.9	5.3	6.6
FV of Plan Assets - Gratuity	0.7	0.7	0.4	2.9	6.0
Funded Status - Gratuity	-3.2	-2.4	-2.5	-2.3	-0.6
PV of Funded Obligations - Medical Plan	2.4	2.4	2.3	2.1	2.1
Funded Status - Medical Plan	-2.4	-2.4	-2.3	-2.1	-2.1
Total Funded Status	-5.5	-4.8	-5.7	-3.1	-2.3
Discount Rate - Pension	13.00%	14.25%	12.75%	16.00%	11.00%
Salary Increase Rate - Pension	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate	7.25%	8.00%	6.66%	9.73%	5.70%
Expected Rate of Return - Pension	7.50%	8.75%	7.38%	-	-
Asset - Pension	0.1	-	-	1.3	0.4
Liabilities- Pension	-	0.0	-0.9	-	-
Liabilities- Gratuity	-3.2	-2.4	-2.5	-2.3	-0.6
Liability - Medical Plan	-2.4	-2.4	-2.3	-2.1	-2.1
Net Assets Recognized on Balance Sheet	-5.5	-4.8	-5.7	-3.1	-2.3
Equity	11.80%	11.70%	9.70%	1.30%	-
Debt	87.00%	87.80%	59.00%	7.30%	-
Cash & Bank Balance	1.20%	0.50%	31.30%	91.40%	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	68.8	56.3	55.5	-	-
Depreciation	6.8	6.5	6.1	-	-
Amortisation of software	0.6	0.0	0.1	-	-
(Gain) / Loss on disposal of property, p	0.6	-0.3	0.1	-	-
Dividend income	0.0	0.0	0.0	-	-
Mark-up on short term borrowings	0.5	1.6	2.8	-	-
Finance charge on finance leases	0.0	0.1	0.2	-	-
Provision for staff retirement benefits	2.8	1.8	6.4	-	-
Return on savings accounts and deposit a	-0.4	-0.1	-0.2	-	-
Return on investment - held to maturity	-0.2	-0.1	0.0	-	-
Stores & Spares	0.1	-1.1	-0.3	-	-
Stock in trade	-15.3	-2.7	7.4	-	-
Trade debts	-3.6	-0.2	-3.4	-	-
Loans and advances	-0.4	0.1	-0.1	-	-
Trade deposits and short term prepayment	-3.8	1.0	-2.0	-	-
Other receivables	-0.9	0.1	1.7	-	-
Trade & Other Payables	21.4	25.4	16.3	-	-
Provisions	1.6	2.1	-4.6	-	-
Mark-up on short term borrowings paid	-0.6	-1.7	-3.2	-	-
Tax Paid	-22.7	-19.8	-15.7	-15.1	-13.9
Retirement Obligations	-1.2	-1.0	-5.1	-4.3	-
Long Term Loans, Net	-0.4	0.2	0.3	-0.1	-0.3
Long Term Deposit/Prepayments Net	0.0	4.3	1.8	-7.6	0.3
Cash from Operations	-	-	-	531.0	463.8
Cash Paid - Suppliers	-	-	-	-378.0	-408.7
Payment of Indirect Taxes	-	-	-	-105.0	-
Payment of Royalty and Technical Fees	-	-	-	-13.9	-
Interest Paid	-	-	-	-5.7	-1.8
Cash from Operating Activities	53.9	72.5	63.8	1.3	39.6
Capital Expenditures	-17.4	-8.5	-10.7	-19.4	-28.2
Purchase of Intangibles	-6.1	-2.3	-0.8	-	-
Disposal Fixed Assets	0.4	0.4	0.8	1.7	0.7
Investment in treasury bills	0.0	-0.4	-1.2	0.0	-
Returns Received on Deposits	0.4	0.1	0.2	0.2	0.5
Dividend Received	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-22.5	-10.7	-11.7	-17.5	-27.1
Liability Against Assets- Finance Lease	-0.4	-0.6	-0.5	-0.5	-0.4
Dividends Paid	-40.2	-35.1	-24.1	-24.2	-25.5
Cash from Financing Activities	-40.6	-35.7	-24.6	-24.6	-25.9
Net Change in Cash	-9.2	26.1	27.5	-40.8	-13.3
Cash Interest Paid	-	-	-	5.7	1.8
Cash Taxes Paid	22.7	19.8	15.7	15.1	13.9
Net Cash - Beginning Balance	17.0	-8.9	-36.8	-1.7	11.4
Net Cash - Ending Balance	7.8	17.2	-9.3	-42.5	-2.0

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	148.9	10.78%	600.8	16.13%	18.78%	19.84%
Operating Income1	16.6	9.64%	71.4	23.69%	21.92%	19.93%
Income Available to Common Excl Extraord Items1	11.5	16.13%	47.5	25.03%	27.26%	21.29%
Basic EPS Excl Extraord Items1	0.87	16.13%	3.58	25.03%	27.26%	21.28%
Capital Expenditures2	3.0	34.80%	23.4	119.52%	13.88%	24.20%
Cash from Operating Activities2	24.5	223.84%	53.9	-24.60%	269.07%	13.90%
Free Cash Flow	21.5	302.25%	29.3	-49.89%	-	8.59%
Total Assets3	192.6	7.43%	178.4	18.35%	12.00%	20.01%
Total Liabilities3	163.9	7.52%	131.2	18.78%	8.80%	20.78%
Total Long Term Debt3	0.0	-	0.0	-83.39%	-65.09%	-25.43%
Total Common Shares Outstanding3	13.3	0.00%	13.3	0.00%	0.00%	0.00%
1-ExchangeRate: PKR to USD Average for Period	90.572051	Â	86.346516	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	90.572051	Â	86.346516	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	90.716531	Â	89.910000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	34.86%	32.63%	34.92%	34.69%	38.93%
Operating Margin	11.89%	11.16%	12.99%	10.99%	11.37%
Pretax Margin	11.46%	10.74%	11.87%	9.49%	10.91%
Net Profit Margin	7.91%	7.35%	8.03%	6.44%	7.28%
Financial Strength
Current Ratio	0.80	0.84	0.80	0.72	0.75
Long Term Debt/Equity	0.00	0.01	0.02	0.03	0.03
Total Debt/Equity	0.07	0.10	0.34	1.48	0.25
Management Effectiveness
Return on Assets	27.75%	26.24%	26.80%	20.41%	23.34%
Return on Equity	104.46%	94.37%	109.55%	93.22%	87.75%
Efficiency
Receivables Turnover	30.06	34.00	34.61	35.77	33.55
Inventory Turnover	6.90	7.38	5.91	5.48	5.43
Asset Turnover	3.51	3.57	3.34	3.17	3.21

Market Valuation USD (mil)
P/E (TTM)	22.52	.	Enterprise Value2	1,024.5
Price/Sales (TTM)	1.80	.	Enterprise Value/Revenue (TTM)	1.75
Price/Book (MRQ)	36.74	.	Enterprise Value/EBITDA (TTM)	13.24
Market Cap as of 25-May-20121		.
1-ExchangeRate: PKR to USD on 25-May-2012	Â
2-ExchangeRate: PKR to USD on 31-Mar-2012	90.716531

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	0.80	0.84	0.80	0.72	0.75
Quick/Acid Test Ratio	0.29	0.37	0.23	0.14	0.19
Working Capital1	-24.1	-16.4	-16.7	-29.8	-22.7
Long Term Debt/Equity	0.00	0.01	0.02	0.03	0.03
Total Debt/Equity	0.07	0.10	0.34	1.48	0.25
Long Term Debt/Total Capital	0.00	0.01	0.01	0.01	0.02
Total Debt/Total Capital	0.07	0.09	0.25	0.60	0.20
Payout Ratio	99.41%	99.60%	99.27%	82.08%	96.28%
Effective Tax Rate	30.91%	31.54%	32.34%	32.17%	33.25%
Total Capital1	50.7	46.4	53.0	70.8	40.7
Efficiency
Asset Turnover	3.51	3.57	3.34	3.17	3.21
Inventory Turnover	6.90	7.38	5.91	5.48	5.43
Days In Inventory	52.87	49.44	61.74	66.64	67.27
Receivables Turnover	30.06	34.00	34.61	35.77	33.55
Days Receivables Outstanding	12.14	10.73	10.55	10.20	10.88
Profitability
Gross Margin	34.86%	32.63%	34.92%	34.69%	38.93%
Operating Margin	11.89%	11.16%	12.99%	10.99%	11.37%
EBITDA Margin	13.13%	12.41%	14.30%	12.48%	12.99%
EBIT Margin	11.89%	11.16%	12.99%	10.99%	11.37%
Pretax Margin	11.46%	10.74%	11.87%	9.49%	10.91%
Net Profit Margin	7.91%	7.35%	8.03%	6.44%	7.28%
COGS/Revenue	65.14%	67.37%	65.08%	65.31%	61.07%
SG&A Expense/Revenue	22.78%	21.42%	22.22%	22.13%	25.84%
Management Effectiveness
Return on Assets	27.75%	26.24%	26.80%	20.41%	23.34%
Return on Equity	104.46%	94.37%	109.55%	93.22%	87.75%
Valuation
Free Cash Flow/Share2	2.20	4.61	3.81	-1.21	0.84
Operating Cash Flow/Share 2	3.89	5.42	4.65	0.09	2.93
1-ExchangeRate: PKR to USD Period End Date	89.91	85.645	84.325	79.125	61.625
2-ExchangeRate: PKR to USD Average for Period	89.91	85.645	84.325	79.125	61.625

Current Market Multiples
Market Cap/Earnings (TTM)	22.52
Market Cap/Equity (MRQ)	36.74
Market Cap/Revenue (TTM)	1.80
Market Cap/EBIT (TTM)	15.19
Market Cap/EBITDA (TTM)	13.64
Enterprise Value/Earnings (TTM)	21.86
Enterprise Value/Equity (MRQ)	35.67
Enterprise Value/Revenue (TTM)	1.75
Enterprise Value/EBIT (TTM)	14.75
Enterprise Value/EBITDA (TTM)	13.24

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	775.4	676.3	601.1	459.4	411.2
Sales Returns and Allowances	-36.0	-30.4	-29.8	-21.6	-27.0
Excise Tax Receipts	-138.6	-121.4	-103.8	-	-
Revenue	600.8	524.4	467.5	437.7	384.2
Total Revenue	600.8	524.4	467.5	437.7	384.2
Cost of Revenue	391.4	353.3	304.2	285.9	234.6
Cost of Revenue, Total	391.4	353.3	304.2	285.9	234.6
Gross Profit	209.4	171.1	163.2	151.8	149.6
Selling/General/Administrative Expense	59.6	47.4	39.9	96.9	99.3
Labor & Related Expense	20.8	17.4	17.3	-	-
Advertising Expense	56.5	47.4	46.8	-	-
Total Selling/General/Administrative Expenses	136.9	112.3	103.9	96.9	99.3
Depreciation	0.9	0.9	1.0	-	-
Amortization of Intangibles	0.3	0.0	0.1	-	-
Depreciation/Amortization	1.2	0.9	1.1	-	-
Interest Income - Operating	-0.4	-0.1	-0.2	-0.2	-0.4
Investment Income - Operating	-0.2	-0.1	0.0	0.0	0.0
Interest/Investment Income - Operating	-0.6	-0.2	-0.2	-0.2	-0.4
Interest Expense (Income) - Net Operating Total	-0.6	-0.2	-0.2	-0.2	-0.4
Restructuring Charge	3.5	1.1	0.0	6.9	6.1
Loss (Gain) on Sale of Assets - Operating	0.6	-0.3	0.1	0.0	-
Unusual Expense (Income)	4.2	0.8	0.1	6.9	6.1
Other Operating Expense	-	-	-	3.5	3.9
Other, Net	-3.6	-1.1	-2.3	-3.4	-3.0
Other Operating Expenses, Total	-3.6	-1.1	-2.3	0.1	0.9
Total Operating Expense	529.4	465.9	406.7	389.6	340.5
Operating Income	71.4	58.5	60.7	48.1	43.7
Interest Expense - Non-Operating	-1.1	-2.0	-3.3	-2.9	-1.8
Interest Expense, Net Non-Operating	-1.1	-2.0	-3.3	-2.9	-1.8
Investment Income - Non-Operating	-1.5	-0.3	-1.9	-3.7	-
Interest/Investment Income - Non-Operating	-1.5	-0.3	-1.9	-3.7	-
Interest Income (Expense) - Net Non-Operating Total	-2.6	-2.2	-5.2	-6.6	-1.8
Income Before Tax	68.8	56.3	55.5	41.5	41.9
Total Income Tax	21.3	17.8	17.9	13.4	13.9
Income After Tax	47.6	38.6	37.5	28.2	28.0
Net Income Before Extraord Items	47.6	38.6	37.5	28.2	28.0
Net Income	47.6	38.6	37.5	28.2	28.0
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	47.5	38.5	37.5	28.2	28.0
Income Available to Common Incl Extraord Items	47.5	38.5	37.5	28.2	28.0
Basic/Primary Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excl Extraord Items	3.58	2.90	2.82	2.12	2.10
Basic/Primary EPS Incl Extraord Items	3.58	2.90	2.82	2.12	2.10
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	47.5	38.5	37.5	28.2	28.0
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excl Extraord Items	3.58	2.90	2.82	2.12	2.10
Diluted EPS Incl Extraord Items	3.58	2.90	2.82	2.12	2.10
Dividends per Share - Common Stock Primary Issue	3.56	2.89	2.80	1.74	2.03
Gross Dividends - Common Stock	47.3	38.4	37.3	23.1	26.9
Interest Expense, Supplemental	0.6	1.7	3.0	2.4	0.5
Depreciation, Supplemental	6.8	6.5	6.1	6.4	6.1
Total Special Items	4.2	0.8	0.1	6.9	6.1
Normalized Income Before Tax	73.0	57.1	55.6	48.5	48.0
Effect of Special Items on Income Taxes	1.3	0.2	0.0	2.2	2.0
Inc Tax Ex Impact of Sp Items	22.6	18.0	18.0	15.6	16.0
Normalized Income After Tax	50.4	39.1	37.6	32.9	32.1
Normalized Inc. Avail to Com.	50.4	39.1	37.6	32.9	32.1
Basic Normalized EPS	3.79	2.94	2.83	2.47	2.41
Diluted Normalized EPS	3.79	2.94	2.83	2.47	2.41
Amort of Intangibles, Supplemental	0.6	0.0	0.1	0.1	0.1
Rental Expenses	6.0	4.4	4.2	3.9	2.6
Advertising Expense, Supplemental	56.5	47.4	46.8	40.9	43.1
Normalized EBIT	75.0	59.1	60.6	54.8	49.4
Normalized EBITDA	82.4	65.6	66.7	61.3	55.7
Current Tax - Domestic	23.1	18.1	14.4	12.2	12.0
Current Tax - Other	0.4	0.4	0.3	0.3	0.2
Current Tax - Total	23.5	18.5	14.7	12.5	12.2
Deferred Tax - Domestic	-2.3	-0.7	3.3	0.9	1.7
Deferred Tax - Total	-2.3	-0.7	3.3	0.9	1.7
Income Tax - Total	21.3	17.8	17.9	13.4	13.9
Interest Cost - Domestic	3.0	2.6	3.0	2.7	3.2
Service Cost - Domestic	0.3	0.3	0.3	0.9	1.1
Expected Return on Assets - Domestic	-2.6	-2.1	-2.4	-2.4	-3.4
Actuarial Gains and Losses - Domestic	0.2	0.4	0.8	0.2	0.5
Curtailments & Settlements - Domestic	1.5	0.3	4.8	4.8	1.8
Domestic Pension Plan Expense	2.4	1.5	6.4	6.1	3.1
Interest Cost - Post-Retirement	0.3	0.3	0.3	0.2	0.3
Service Cost - Post-Retirement	0.0	0.0	0.0	0.0	0.0
Prior Service Cost - Post-Retirement	0.0	0.0	-0.1	0.0	0.0
Actuarial Gains and Losses - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Curtailments & Settlements - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	0.4	0.3	0.3	0.2	0.3
Defined Contribution Expense - Domestic	1.4	1.2	1.2	1.1	0.7
Total Pension Expense	4.2	3.0	7.8	7.5	4.1
Discount Rate - Domestic	13.00%	14.25%	12.75%	16.00%	11.00%
Expected Rate of Return - Domestic	7.50%	8.75%	7.38%	10.48%	11.00%
Compensation Rate - Domestic	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate - Domestic	7.25%	8.00%	6.66%	9.73%	5.70%
Total Plan Interest Cost	3.3	2.9	3.3	2.9	3.5
Total Plan Service Cost	0.3	0.3	0.3	0.9	1.1
Total Plan Expected Return	-2.6	-2.1	-2.4	-2.4	-3.4

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	90.572051	87.814194	86.759355	85.292258	85.487912
Net Sales	148.9	156.1	154.1	148.1	142.4
Revenue	148.9	156.1	154.1	148.1	142.4
Total Revenue	148.9	156.1	154.1	148.1	142.4
Cost of Revenue	98.3	100.0	98.6	97.7	95.0
Cost of Revenue, Total	98.3	100.0	98.6	97.7	95.0
Gross Profit	50.6	56.1	55.5	50.4	47.4
Selling/General/Administrative Expense	34.0	26.7	35.3	39.6	31.0
Total Selling/General/Administrative Expenses	34.0	26.7	35.3	39.6	31.0
Restructuring Charge	0.0	3.0	0.0	0.3	0.2
Unusual Expense (Income)	0.0	3.0	0.0	0.3	0.2
Other Operating Expense	1.2	2.5	1.4	1.0	1.2
Other, Net	-1.2	-1.2	-0.3	-1.6	-1.1
Other Operating Expenses, Total	0.0	1.4	1.1	-0.6	0.1
Total Operating Expense	132.3	131.1	135.0	137.0	126.3
Operating Income	16.6	25.0	19.1	11.1	16.0
Interest Income (Expense) - Net Non-Operating	-0.3	-1.8	-0.2	-0.3	-0.2
Interest Income (Expense) - Net Non-Operating Total	-0.3	-1.8	-0.2	-0.3	-0.2
Income Before Tax	16.3	23.2	18.8	10.8	15.8
Total Income Tax	4.7	5.8	6.9	3.3	5.3
Income After Tax	11.5	17.4	12.0	7.5	10.5
Net Income Before Extraord Items	11.5	17.4	12.0	7.5	10.5
Net Income	11.5	17.4	12.0	7.5	10.5
Preferred Dividends	-	0.0	-	-	-
Total Adjustments to Net Income	-	0.0	-	-	-
Income Available to Common Excl Extraord Items	11.5	17.4	12.0	7.5	10.5
Income Available to Common Incl Extraord Items	11.5	17.4	12.0	7.5	10.5
Basic/Primary Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excl Extraord Items	0.87	1.31	0.90	0.56	0.79
Basic/Primary EPS Incl Extraord Items	0.87	1.31	0.90	0.56	0.79
Diluted Net Income	11.5	17.4	12.0	7.5	10.5
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excl Extraord Items	0.87	1.31	0.90	0.56	0.79
Diluted EPS Incl Extraord Items	0.87	1.31	0.90	0.56	0.79
Dividends per Share - Common Stock Primary Issue	0.72	2.30	0.00	1.23	0.00
Gross Dividends - Common Stock	9.5	30.6	0.0	16.4	0.0
Depreciation, Supplemental	1.6	1.7	1.9	1.6	1.6
Total Special Items	0.0	3.0	0.0	0.3	0.2
Normalized Income Before Tax	16.3	26.2	18.8	11.1	16.0
Effect of Special Items on Income Taxes	0.0	0.7	0.0	0.1	0.1
Inc Tax Ex Impact of Sp Items	4.7	6.5	6.9	3.4	5.4
Normalized Income After Tax	11.5	19.7	12.0	7.7	10.7
Normalized Inc. Avail to Com.	11.5	19.7	12.0	7.7	10.7
Basic Normalized EPS	0.87	1.48	0.90	0.58	0.80
Diluted Normalized EPS	0.87	1.48	0.90	0.58	0.80
Amort of Intangibles, Supplemental	0.7	0.6	0.0	0.0	0.0
Normalized EBIT	16.6	28.0	19.1	11.4	16.3
Normalized EBITDA	19.0	30.3	20.9	13.0	17.9

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	85.645	84.325	79.125	61.625
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	5.0	7.7	2.8	1.3	3.1
Short Term Investments	7.5	14.5	1.7	1.6	1.9
Cash and Short Term Investments	12.4	22.3	4.5	2.9	4.9
Accounts Receivable - Trade, Gross	9.7	6.6	6.5	3.5	4.8
Provision for Doubtful Accounts	-0.4	-0.5	-0.5	-0.6	-0.9
Trade Accounts Receivable - Net	9.3	6.1	6.0	2.9	3.9
Other Receivables	13.6	10.1	8.7	9.4	8.4
Total Receivables, Net	22.9	16.2	14.7	12.3	12.3
Inventories - Finished Goods	24.5	14.8	15.3	19.6	17.4
Inventories - Work In Progress	3.2	1.5	0.9	1.3	1.1
Inventories - Raw Materials	35.1	34.3	31.1	36.7	29.6
Inventories - Other	-0.5	-0.5	-0.3	0.2	0.0
LIFO Reserve	-0.6	-0.5	-0.6	-1.0	-1.2
Total Inventory	61.7	49.5	46.4	56.8	46.9
Prepaid Expenses	0.3	0.2	1.8	3.7	2.7
Other Current Assets	0.3	0.2	0.2	1.7	1.2
Other Current Assets, Total	0.3	0.2	0.2	1.7	1.2
Total Current Assets	97.7	88.4	67.6	77.3	68.1
Buildings	10.3	11.7	11.9	11.6	12.2
Land/Improvements	0.3	0.3	0.3	0.3	0.4
Machinery/Equipment	79.2	80.5	75.8	70.5	75.9
Construction in Progress	13.2	3.6	2.1	5.6	7.0
Leases	0.0	0.0	0.0	0.0	0.0
Property/Plant/Equipment - Gross	103.0	96.1	90.1	88.0	95.6
Accumulated Depreciation	-39.4	-38.9	-33.9	-32.1	-38.3
Property/Plant/Equipment - Net	63.6	57.2	56.2	56.0	57.3
Intangibles - Gross	15.2	9.9	4.5	0.3	0.3
Accumulated Intangible Amortization	-0.9	-0.3	-0.3	-0.2	-0.1
Intangibles, Net	14.3	9.6	4.2	0.1	0.2
LT Investments - Other	0.3	0.3	4.7	6.8	0.1
Long Term Investments	0.3	0.3	4.7	6.8	0.1
Note Receivable - Long Term	1.3	1.0	1.2	1.5	1.9
Pension Benefits - Overfunded	1.3	1.7	2.2	2.6	4.1
Other Long Term Assets, Total	1.3	1.7	2.2	2.6	4.1
Total Assets	178.4	158.3	136.0	144.3	131.6
Accounts Payable	16.3	15.3	10.3	8.9	4.2
Accrued Expenses	57.6	55.5	47.0	36.3	46.6
Notes Payable/Short Term Debt	3.3	3.5	12.3	40.9	6.9
Current Portion - Long Term Debt/Capital Leases	0.1	0.3	0.3	0.4	0.3
Dividends Payable	1.6	1.5	1.4	1.3	1.6
Customer Advances	1.7	1.5	1.7	1.1	1.2
Security Deposits	0.3	0.2	0.2	0.2	0.3
Income Taxes Payable	0.0	0.0	0.0	0.0	0.4
Other Payables	34.9	22.3	8.5	9.5	23.0
Other Current Liabilities	5.9	4.6	2.6	8.4	6.3
Other Current liabilities, Total	44.4	30.2	14.4	20.6	32.7
Total Current Liabilities	121.8	104.8	84.3	107.1	90.7
Capital Lease Obligations	0.0	0.2	0.7	1.0	0.9
Total Long Term Debt	0.0	0.2	0.7	1.0	0.9
Total Debt	3.4	4.0	13.3	42.2	8.0
Deferred Income Tax - LT Liability	4.2	6.7	7.5	4.7	5.0
Deferred Income Tax	4.2	6.7	7.5	4.7	5.0
Pension Benefits - Underfunded	5.1	4.2	3.9	3.0	2.3
Other Liabilities, Total	5.1	4.2	3.9	3.0	2.3
Total Liabilities	131.2	115.9	96.4	115.8	98.9
Preferred Stock - Non Redeemable	0.1	0.1	0.1	-	-
Preferred Stock - Non Redeemable, Net	0.1	0.1	0.1	-	-
Common Stock	7.4	7.8	7.9	8.5	10.9
Common Stock	7.4	7.8	7.9	8.5	10.9
Additional Paid-In Capital	4.4	4.6	4.7	5.0	7.6
Retained Earnings (Accumulated Deficit)	35.3	29.8	26.9	15.0	14.0
Unrealized Gain (Loss)	0.1	0.1	0.2	0.2	0.2
Total Equity	47.2	42.3	39.7	28.5	32.7
Total Liabilities & Shareholders’ Equity	178.4	158.3	136.0	144.3	131.6
Shares Outstanding - Common Stock Primary Issue	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
Shares Outstanding - Preferred Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Total Preferred Stock Outstanding	0.0	0.0	0.0	0.0	0.0
Number of Common Shareholders	3,755	3,818	-	4,010	4,171
Accumulated Intangible Amort, Suppl.	0.9	0.3	0.3	0.2	0.1
Deferred Revenue - Current	1.7	1.5	1.7	1.1	1.2
Total Long Term Debt, Supplemental	-	0.3	0.3	-	-
Long Term Debt Maturing within 1 Year	-	0.3	0.3	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	-	-
Total Capital Leases, Supplemental	0.2	0.6	1.0	1.4	1.1
Capital Lease Payments Due in Year 1	0.1	0.3	0.3	0.4	0.3
Capital Lease Payments Due in Year 2	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 3	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 4	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in Year 5	0.0	0.1	0.2	0.2	0.2
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.3	0.5	0.4
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.3	0.5	0.4
Total Operating Leases, Supplemental	4.8	3.6	2.3	2.5	1.3
Operating Lease Payments Due in Year 1	1.3	0.9	0.5	1.2	0.8
Operating Lease Payments Due in Year 2	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 3	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 4	0.9	0.7	0.4	0.3	0.1
Operating Lease Payments Due in Year 5	0.9	0.7	0.4	0.3	0.1
Operating Lease Pymts. Due in 2-3 Years	1.7	1.3	0.9	0.7	0.2
Operating Lease Pymts. Due in 4-5 Years	1.7	1.3	0.9	0.7	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	22.6	22.1	21.5	23.8	30.9
Post-Retirement Obligation	2.4	2.4	2.3	2.1	2.1
Plan Assets - Domestic	19.4	19.8	18.0	22.8	30.7
Funded Status - Domestic	-3.1	-2.4	-3.4	-1.0	-0.2
Funded Status - Post-Retirement	-2.4	-2.4	-2.3	-2.1	-2.1
Total Funded Status	-5.5	-4.8	-5.7	-3.1	-2.3
Discount Rate - Domestic	13.00%	14.25%	12.75%	16.00%	11.00%
Expected Rate of Return - Domestic	7.50%	8.75%	7.38%	-	-
Compensation Rate - Domestic	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate - Domestic	7.25%	8.00%	6.66%	9.73%	5.70%
Prepaid Benefits - Domestic	0.1	-	-	1.3	0.4
Accrued Liabilities - Domestic	-3.2	-2.4	-3.4	-2.3	-0.6
Accrued Liabilities - Post-Retirement	-2.4	-2.4	-2.3	-2.1	-2.1
Net Assets Recognized on Balance Sheet	-5.5	-4.8	-5.7	-3.1	-2.3
Equity % - Domestic	11.80%	11.70%	9.70%	1.30%	-
Debt Securities % - Domestic	87.00%	87.80%	59.00%	7.30%	-
Other Investments % - Domestic	1.20%	0.50%	31.30%	91.40%	-
Total Plan Obligations	25.0	24.5	23.8	25.9	33.0
Total Plan Assets	19.4	19.8	18.0	22.8	30.7

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	90.716531	89.91	87.425	85.97	85.4
Cash	29.2	10.7	11.7	4.8	25.6
Short Term Investments	1.8	1.7	1.7	1.7	0.5
Cash and Short Term Investments	31.0	12.4	13.4	6.5	26.1
Trade Accounts Receivable - Net	8.2	9.3	13.7	8.3	8.2
Other Receivables	5.4	7.8	10.9	14.6	10.0
Total Receivables, Net	13.6	17.1	24.6	22.9	18.2
Inventories - Other	60.2	61.7	53.4	71.3	72.2
Total Inventory	60.2	61.7	53.4	71.3	72.2
Prepaid Expenses	-	0.0	-	0.0	0.0
Other Current Assets	5.4	6.4	4.7	4.1	3.5
Other Current Assets, Total	5.4	6.4	4.7	4.1	3.5
Total Current Assets	110.1	97.7	96.0	104.7	120.0
Construction in Progress	9.5	13.2	11.6	5.6	3.0
Property/Plant/Equipment - Gross	9.5	13.2	11.6	5.6	3.0
Property/Plant/Equipment - Net	64.4	63.6	62.7	59.3	56.9
Intangibles, Net	13.5	14.3	12.8	11.9	10.8
LT Investments - Other	0.1	0.3	0.2	0.3	0.3
Long Term Investments	0.1	0.3	0.2	0.3	0.3
Note Receivable - Long Term	1.3	1.3	1.3	1.2	0.9
Pension Benefits - Overfunded	3.2	1.3	1.6	1.5	1.6
Other Long Term Assets, Total	3.2	1.3	1.6	1.5	1.6
Total Assets	192.6	178.4	174.5	178.8	190.5
Accounts Payable	118.9	112.3	120.8	124.5	119.5
Accrued Expenses	0.0	0.1	0.2	0.0	0.1
Notes Payable/Short Term Debt	0.2	3.3	7.7	1.6	1.3
Current Portion - Long Term Debt/Capital Leases	0.1	0.1	0.2	0.2	0.3
Dividends Payable	29.6	0.0	-	-	24.4
Income Taxes Payable	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	5.6	5.9	3.6	5.5	4.9
Other Current liabilities, Total	35.2	6.0	3.6	5.5	29.3
Total Current Liabilities	154.5	121.8	132.6	132.0	150.6
Capital Lease Obligations	0.0	0.0	0.1	0.1	0.2
Total Long Term Debt	0.0	0.0	0.1	0.1	0.2
Total Debt	0.3	3.4	8.0	1.9	1.8
Deferred Income Tax - LT Liability	4.9	4.2	6.2	6.5	6.8
Deferred Income Tax	4.9	4.2	6.2	6.5	6.8
Pension Benefits - Underfunded	4.4	5.1	4.7	4.5	4.4
Other Liabilities, Total	4.4	5.1	4.7	4.5	4.4
Total Liabilities	163.9	131.2	143.5	143.1	162.0
Preferred Stock - Non Redeemable	-	0.1	-	-	-
Preferred Stock - Non Redeemable, Net	-	0.1	-	-	-
Common Stock	7.4	7.4	7.7	7.8	7.8
Common Stock	7.4	7.4	7.7	7.8	7.8
Additional Paid-In Capital	4.3	4.4	4.5	4.6	4.6
Retained Earnings (Accumulated Deficit)	16.9	35.3	18.8	23.3	15.9
Unrealized Gain (Loss)	0.1	0.1	0.1	0.1	0.1
Total Equity	28.7	47.2	31.1	35.7	28.5
Total Liabilities & Shareholders’ Equity	192.6	178.4	174.5	178.8	190.5
Shares Outstanding - Common Stock Primary Issue	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
Shares Outstanding - Preferred Stock Primary Issue	-	0.0	-	-	-
Total Preferred Stock Outstanding	-	0.0	-	-	-
Total Long Term Debt, Supplemental	-	-	-	-	0.3
Long Term Debt Maturing within 1 Year	-	-	-	-	0.3
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	-	0.0
Total Operating Leases, Supplemental	-	4.8	-	-	-
Operating Lease Payments Due in Year 1	-	1.3	-	-	-
Operating Lease Payments Due in Year 2	-	0.9	-	-	-
Operating Lease Payments Due in Year 3	-	0.9	-	-	-
Operating Lease Payments Due in Year 4	-	0.9	-	-	-
Operating Lease Payments Due in Year 5	-	0.9	-	-	-
Operating Lease Pymts. Due in 2-3 Years	-	1.7	-	-	-
Operating Lease Pymts. Due in 4-5 Years	-	1.7	-	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	0.0	-	-	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	68.8	56.3	55.5	-	-
Depreciation	6.8	6.5	6.1	-	-
Depreciation/Depletion	6.8	6.5	6.1	-	-
Amortization of Intangibles	0.6	0.0	0.1	-	-
Amortization	0.6	0.0	0.1	-	-
Unusual Items	0.6	-0.3	0.1	-	-
Other Non-Cash Items	2.7	3.3	9.1	-	-
Non-Cash Items	3.3	3.0	9.3	-	-
Accounts Receivable	-4.9	0.0	-1.8	-	-
Inventories	-15.2	-3.8	7.1	-	-
Other Assets	-3.8	1.0	-2.0	-	-
Accounts Payable	21.4	25.4	16.3	-	-
Other Liabilities	1.6	2.1	-4.6	-	-
Other Operating Cash Flow	-24.8	-18.0	-22.0	1.3	39.6
Changes in Working Capital	-25.7	6.7	-7.1	1.3	39.6
Cash from Operating Activities	53.9	72.5	63.8	1.3	39.6
Purchase of Fixed Assets	-17.4	-8.5	-10.7	-19.4	-28.2
Purchase/Acquisition of Intangibles	-6.1	-2.3	-0.8	-	-
Capital Expenditures	-23.4	-10.8	-11.5	-19.4	-28.2
Sale of Fixed Assets	0.4	0.4	0.8	1.7	0.7
Investment, Net	0.0	-0.4	-1.2	0.0	-
Other Investing Cash Flow	0.4	0.1	0.2	0.2	0.5
Other Investing Cash Flow Items, Total	0.9	0.1	-0.2	1.9	1.2
Cash from Investing Activities	-22.5	-10.7	-11.7	-17.5	-27.1
Cash Dividends Paid - Common	-40.2	-35.1	-24.1	-24.2	-25.5
Total Cash Dividends Paid	-40.2	-35.1	-24.1	-24.2	-25.5
Long Term Debt Reduction	-0.4	-0.6	-0.5	-0.5	-0.4
Long Term Debt, Net	-0.4	-0.6	-0.5	-0.5	-0.4
Issuance (Retirement) of Debt, Net	-0.4	-0.6	-0.5	-0.5	-0.4
Cash from Financing Activities	-40.6	-35.7	-24.6	-24.6	-25.9
Net Change in Cash	-9.2	26.1	27.5	-40.8	-13.3
Net Cash - Beginning Balance	17.0	-8.9	-36.8	-1.7	11.4
Net Cash - Ending Balance	7.8	17.2	-9.3	-42.5	-2.0
Cash Interest Paid	-	-	-	5.7	1.8
Cash Taxes Paid	22.7	19.8	15.7	15.1	13.9

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	90.572051	86.346516	85.851927	85.391421	85.487912
Net Income/Starting Line	16.3	68.8	45.5	26.6	15.8
Depreciation	1.6	6.8	5.1	3.2	1.6
Depreciation/Depletion	1.6	6.8	5.1	3.2	1.6
Amortization of Intangibles	0.7	0.6	0.0	0.0	0.0
Amortization	0.7	0.6	0.0	0.0	0.0
Unusual Items	-0.1	0.6	-0.2	-0.1	0.0
Other Non-Cash Items	-0.1	2.7	1.2	0.7	0.2
Non-Cash Items	-0.1	3.3	1.0	0.6	0.2
Accounts Receivable	2.3	-4.9	-9.7	-3.3	-4.7
Inventories	1.0	-15.2	-5.0	-22.1	-22.5
Other Assets	1.0	-3.8	-1.9	-1.2	-0.6
Accounts Payable	7.6	21.4	27.1	33.5	23.0
Other Liabilities	-0.3	1.6	-0.9	0.9	0.2
Other Assets & Liabilities, Net	0.0	-	-	-	0.0
Other Operating Cash Flow	-5.6	-24.8	-18.7	-15.5	-5.0
Changes in Working Capital	6.0	-25.7	-9.1	-7.9	-9.6
Cash from Operating Activities	24.5	53.9	42.5	22.6	8.0
Purchase of Fixed Assets	-3.0	-17.4	-12.0	-5.7	-1.2
Purchase/Acquisition of Intangibles	0.0	-6.1	-3.5	-6.9	-1.2
Capital Expenditures	-3.0	-23.4	-15.5	-12.6	-2.3
Sale of Fixed Assets	0.1	0.4	0.3	0.2	0.1
Sale/Maturity of Investment	0.4	-	-	-	1.2
Investment, Net	-	0.0	-	-	-
Purchase of Investments	-0.4	-	0.0	0.0	-
Other Investing Cash Flow	0.1	0.4	0.6	0.5	0.3
Other Investing Cash Flow Items, Total	0.2	0.9	0.8	0.7	1.5
Cash from Investing Activities	-2.8	-22.5	-14.7	-11.9	-0.8
Cash Dividends Paid - Common	0.0	-40.2	-40.6	-24.4	0.0
Total Cash Dividends Paid	0.0	-40.2	-40.6	-24.4	0.0
Long Term Debt Reduction	-0.1	-0.4	-0.3	-0.3	-0.1
Long Term Debt, Net	-0.1	-0.4	-0.3	-0.3	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.4	-0.3	-0.3	-0.1
Cash from Financing Activities	-0.1	-40.6	-40.9	-24.6	-0.1
Net Change in Cash	21.6	-9.2	-13.1	-14.0	7.1
Net Cash - Beginning Balance	7.4	17.0	17.1	17.2	17.1
Net Cash - Ending Balance	29.0	7.8	4.0	3.2	24.3
Cash Interest Paid	-	-	0.8	0.7	0.3
Cash Taxes Paid	2.9	22.7	17.5	14.6	4.8

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales	775.4	676.3	601.1	459.4	411.2
Sales Tax & Excise Duty	-138.6	-121.4	-103.8	-	-
Rebates and Allowances	-36.0	-30.4	-29.8	-21.6	-27.0
Total Revenue	600.8	524.4	467.5	437.7	384.2
Cost of Goods Sold	391.4	353.3	304.2	285.9	234.6
Staff Expenses	15.6	13.3	13.2	-	-
Advertisement	56.5	47.4	46.8	-	-
Depreciation	0.9	0.9	1.0	-	-
Amortisation	0.3	0.0	0.1	-	-
Distribution Costs	46.8	37.8	31.6	82.7	82.7
Administrative Expenses	12.3	9.3	7.9	14.2	16.6
Donations	0.4	0.4	0.4	-	-
Workers' Profits Participation Fund - no	3.7	3.0	3.0	-	-
Workers' Welfare Fund	1.5	1.1	1.1	-	-
Loss on disposal of property, plant and	0.6	0.0	0.1	-	-
Other Operating Expenses	-	-	-	3.5	3.9
Dividend Income	0.0	0.0	0.0	0.0	0.0
Return From Other Finan. Assets	-0.4	-0.1	-0.2	-0.2	-0.4
Return on Investment	-0.2	-0.1	0.0	0.0	-
Loss on disposal of property, plant and	0.0	-0.3	0.0	0.0	-
Other Operating Income	-3.6	-1.1	-2.3	-3.4	-3.0
Restructuring Costs	3.5	1.1	0.0	6.9	6.1
Total Operating Expense	529.4	465.9	406.7	389.6	340.5
Finance Costs	-1.1	-2.0	-3.3	-2.9	-1.8
Exchange Loss	-1.5	-0.3	-1.9	-3.7	-
Net Income Before Taxes	68.8	56.3	55.5	41.5	41.9
Provision for Income Taxes	21.3	17.8	17.9	13.4	13.9
Net Income After Taxes	47.6	38.6	37.5	28.2	28.0
Net Income Before Extra. Items	47.6	38.6	37.5	28.2	28.0
Net Income	47.6	38.6	37.5	28.2	28.0
Preferred Dividends	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	47.5	38.5	37.5	28.2	28.0
Income Available to Com Incl ExtraOrd	47.5	38.5	37.5	28.2	28.0
Basic Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excluding ExtraOrdinary Items	3.58	2.90	2.82	2.12	2.10
Basic EPS Including ExtraOrdinary Item	3.58	2.90	2.82	2.12	2.10
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	47.5	38.5	37.5	28.2	28.0
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excluding ExtraOrd Items	3.58	2.90	2.82	2.12	2.10
Diluted EPS Including ExtraOrd Items	3.58	2.90	2.82	2.12	2.10
DPS-Ordinary Shares	3.56	2.89	2.80	1.74	2.03
Gross Dividends - Common Stock	47.3	38.4	37.3	23.1	26.9
Normalized Income Before Taxes	73.0	57.1	55.6	48.5	48.0
Inc Tax Ex Impact of Sp Items	22.6	18.0	18.0	15.6	16.0
Normalized Income After Taxes	50.4	39.1	37.6	32.9	32.1
Normalized Inc. Avail to Com.	50.4	39.1	37.6	32.9	32.1
Basic Normalized EPS	3.79	2.94	2.83	2.47	2.41
Diluted Normalized EPS	3.79	2.94	2.83	2.47	2.41
Advertising Expense	56.5	47.4	46.8	40.9	43.1
Interest Expense	0.6	1.7	3.0	2.4	0.5
Rental Expense	6.0	4.4	4.2	3.9	2.6
Depreciation	6.8	6.5	6.1	6.4	6.1
Amortization of Intangibles	0.6	0.0	0.1	0.1	0.1
Current Tax-Pakistan	23.1	18.1	14.4	12.2	12.0
Current Tax-Azad Kashmir	0.4	0.4	0.3	0.3	0.2
Current Tax - Total	23.5	18.5	14.7	12.5	12.2
Deferred Tax	-2.3	-0.7	3.3	0.9	1.7
Deferred Tax - Total	-2.3	-0.7	3.3	0.9	1.7
Income Tax - Total	21.3	17.8	17.9	13.4	13.9
Current Service Cost - Pension	0.1	0.1	0.1	0.5	0.5
Interest Cost - Pension	2.6	2.2	2.5	2.1	2.5
Expected Return on Assets - Pension	-2.5	-2.1	-2.3	-1.9	-2.6
Curtailments & Settlements - Pension	0.0	0.0	-0.4	0.0	-0.2
Recog of Actuarial Gain/Loss - Pension	0.2	0.3	0.2	0.2	0.2
Current Service Cost - Gratuity	0.2	0.2	0.1	0.4	0.5
Interest Cost - Gratuity	0.4	0.4	0.5	0.6	0.7
Expected Return on Assets - Gratuity	-0.1	0.0	-0.1	-0.5	-0.9
Curtailments & Settlements - Gratuity	1.5	0.3	5.1	4.8	2.0
Recog of Actuarial Gain/Loss - Gratuity	0.0	0.0	0.6	0.0	0.3
Domestic Pension Plan Expense	2.4	1.5	6.4	6.1	3.1
Current Service Cost - Medical Plan	0.0	0.0	0.0	0.0	0.0
Interest Cost - Medical Plan	0.3	0.3	0.3	0.2	0.3
Curtailments & Settlements - Post-Ret.Mp	0.0	0.0	0.0	0.0	0.0
Past Service Cost - Post-Retirement Mp	0.0	0.0	-0.1	0.0	0.0
RecoActuarial Gain/Loss - Medical Plan	0.0	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	0.4	0.3	0.3	0.2	0.3
Defined Contribution Plans	1.4	1.2	1.2	1.1	0.7
Total Pension Expense	4.2	3.0	7.8	7.5	4.1
Discount Rate - Pension	13.00%	14.25%	12.75%	16.00%	11.00%
Salary Increase Rate - Pension	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate	7.25%	8.00%	6.66%	9.73%	5.70%
Expected Rate of Return - Pension	7.50%	8.75%	7.38%	10.48%	11.00%

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	90.572051	87.814194	86.759355	85.292258	85.487912
Sales	148.9	156.1	154.1	148.1	142.4
Total Revenue	148.9	156.1	154.1	148.1	142.4
Cost of Goods Sold	98.3	100.0	98.6	97.7	95.0
Distribution Costs	29.3	21.4	30.3	35.0	27.2
Administrative Expenses	4.7	5.4	5.0	4.6	3.8
Other Operating Expenses	1.2	2.5	1.4	1.0	1.2
Restructuring Costs	0.0	3.0	0.0	0.3	0.2
Other Operating Income	-1.2	-1.2	-0.3	-1.6	-1.1
Total Operating Expense	132.3	131.1	135.0	137.0	126.3
Financial Income/Cost	-0.3	-1.8	-0.2	-0.3	-0.2
Net Income Before Taxes	16.3	23.2	18.8	10.8	15.8
Provision for Income Taxes	4.7	5.8	6.9	3.3	5.3
Net Income After Taxes	11.5	17.4	12.0	7.5	10.5
Net Income Before Extra. Items	11.5	17.4	12.0	7.5	10.5
Net Income	11.5	17.4	12.0	7.5	10.5
Preferred Dividends	-	0.0	-	-	-
Income Available to Com Excl ExtraOrd	11.5	17.4	12.0	7.5	10.5
Income Available to Com Incl ExtraOrd	11.5	17.4	12.0	7.5	10.5
Basic Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Basic EPS Excluding ExtraOrdinary Items	0.87	1.31	0.90	0.56	0.79
Basic EPS Including ExtraOrdinary Item	0.87	1.31	0.90	0.56	0.79
Diluted Net Income	11.5	17.4	12.0	7.5	10.5
Diluted Weighted Average Shares	13.3	13.3	13.3	13.3	13.3
Diluted EPS Excluding ExtraOrd Items	0.87	1.31	0.90	0.56	0.79
Diluted EPS Including ExtraOrd Items	0.87	1.31	0.90	0.56	0.79
DPS-Ordinary Shares	0.72	2.30	0.00	1.23	0.00
Gross Dividends - Common Stock	9.5	30.6	0.0	16.4	0.0
Normalized Income Before Taxes	16.3	26.2	18.8	11.1	16.0
Inc Tax Ex Impact of Sp Items	4.7	6.5	6.9	3.4	5.4
Normalized Income After Taxes	11.5	19.7	12.0	7.7	10.7
Normalized Inc. Avail to Com.	11.5	19.7	12.0	7.7	10.7
Basic Normalized EPS	0.87	1.48	0.90	0.58	0.80
Diluted Normalized EPS	0.87	1.48	0.90	0.58	0.80
Depreciation	1.6	1.7	1.9	1.6	1.6
Amortization	0.7	0.6	0.0	0.0	0.0

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	85.645	84.325	79.125	61.625
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores & Spares	4.4	4.7	3.6	3.1	2.6
Provision for slow moving and obsolete s	-0.5	-0.5	-0.5	-	-
Raw Materials	30.7	29.6	27.5	33.6	26.9
Work in Process	3.2	1.5	0.9	1.3	1.1
Finished Goods	24.5	14.8	15.3	19.6	17.4
By-Product	0.0	0.0	0.1	0.2	0.0
Less:Provision-Slow Moving/Obselete Stk.	-0.6	-0.5	-0.6	-1.0	-1.2
Trade Debts Gross	9.7	6.6	6.5	3.5	4.8
Provision for Doubtful Debts	-0.4	-0.5	-0.5	-0.6	-0.9
Loans/Advances	1.8	1.5	1.6	1.6	2.0
Accrued Interest/Mark Up	0.0	0.0	0.0	0.0	0.1
Trade Deposits	0.3	0.2	0.2	1.7	1.2
Prepayments	0.3	0.2	1.8	3.6	2.7
Others	5.8	2.4	1.9	1.2	-
Other Receivables	1.6	0.8	1.0	2.8	4.0
Investment - held to maturity	1.7	1.7	1.2	0.0	-
Tax Refunds Due from Government	4.4	5.4	4.2	3.8	2.4
Cash	0.0	0.0	0.0	1.3	3.1
current accounts	5.0	7.7	2.8	-	-
savings accounts	5.7	3.5	0.0	-	-
Deposit Account	0.0	9.3	0.5	1.6	1.9
Total Current Assets	97.7	88.4	67.6	77.3	68.1
Freehold Land	0.3	0.3	0.3	0.3	0.4
Leasehold Land	0.0	0.0	0.0	0.0	0.0
Buildings on Freehold Land	8.6	9.1	8.9	8.4	9.2
Buildings on Leasehold Land	0.9	0.9	1.0	1.0	1.2
Plant and Machinery	69.4	70.0	65.7	60.8	61.3
Electrical and Mechanical Equipment	8.0	8.9	8.2	6.8	9.1
Furniture and Fittings	0.5	0.5	0.5	0.5	0.6
Motor Vehicles	1.2	1.1	1.4	2.5	4.9
Asset/Finance Lease	0.8	1.7	2.0	2.3	1.8
Capital Work in Progress	13.2	3.6	2.1	5.6	7.0
Accumulated Depreciation	-39.4	-38.9	-33.9	-32.1	-38.3
Intangible asset under development - not	0.0	9.6	4.2	-	-
Intangibles-Computer Software	15.2	0.3	0.3	0.3	0.3
Amortisation	-0.9	-0.3	-0.3	-0.2	-0.1
Long Term Loans	1.3	1.0	1.2	1.5	1.9
Long Term Deposit/Prepayments	0.3	0.3	4.7	6.8	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Retirement Benefit Obligations	1.3	1.7	2.2	2.6	4.1
Total Assets	178.4	158.3	136.0	144.3	131.6
Liability Against Assets- Finance Lease	0.1	0.3	0.3	0.4	0.3
Short Term Borrowings	3.3	3.5	12.3	40.9	6.9
Accrued Interest Mark Up	0.1	0.2	0.3	0.8	0.1
Creditors	16.3	15.3	10.3	8.9	4.2
Bills Payable	26.9	16.0	3.1	5.2	19.6
Accrued Liabilities	53.6	49.7	42.7	33.2	44.9
Royalty and Technical Services Fee	5.2	4.2	3.5	3.1	2.1
Advance Payment from Customers	1.7	1.5	1.7	1.1	1.2
Sales Tax Payable	2.9	4.2	2.6	1.2	0.8
Excise Duty Payable	1.0	1.4	1.4	1.1	0.8
Worker's Welfare Fund	1.5	1.2	1.1	1.2	1.2
Workers' Profits Participation Fund - no	0.0	0.0	0.0	-	-
Security Deposits from Dealers	0.3	0.2	0.2	0.2	0.3
Unclaimed Dividend	1.6	1.5	1.4	1.3	1.6
Liability for share-based compensation p	1.0	0.6	0.6	-	-
Others	0.2	0.3	0.2	-	-
Other Payables	-	-	-	0.9	0.2
Taxation-Provisions Less Payments	0.0	0.0	0.0	0.0	0.4
Provision	5.9	4.6	2.6	7.5	6.0
Total Current Liabilities	121.8	104.8	84.3	107.1	90.7
Liability Against Assets- Finance Lease	0.0	0.2	0.7	1.0	0.9
Total Long Term Debt	0.0	0.2	0.7	1.0	0.9
Deferred Taxation	4.2	6.7	7.5	4.7	5.0
Retirement Benefit Obligations	5.1	4.2	3.9	3.0	2.3
Total Liabilities	131.2	115.9	96.4	115.8	98.9
Share Capital	7.4	7.8	7.9	8.5	10.9
Preferred Capital	0.1	0.1	0.1	-	-
Capital Reserves	4.4	4.6	4.7	5.0	7.6
Surplus on Revaluation of Fixed Assets	0.1	0.1	0.2	0.2	0.2
Revenue Reserves	35.3	29.8	26.9	15.0	14.0
Total Equity	47.2	42.3	39.7	28.5	32.7
Total Liabilities & Shareholders' Equity	178.4	158.3	136.0	144.3	131.6
S/O-Ordinary Shares	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
S/O-5% Cumulative Pref. Shares	0.0	0.0	0.0	0.0	0.0
Total Preferred Shares Outstanding	0.0	0.0	0.0	0.0	0.0
Deferred Revenue - Current	1.7	1.5	1.7	1.1	1.2
Accumulated Intangible Amortisation	0.9	0.3	0.3	0.2	0.1
Number of Common Shareholders	3,755	3,818	-	4,010	4,171
Current maturities	-	0.3	0.3	-	-
Total Long Term Debt, Supplemental	-	0.3	0.3	-	-
Capital Leases Maturing within 1 Year	0.1	0.3	0.3	0.4	0.3
Capital Leases Maturing within 5 Years	0.0	0.2	0.7	1.0	0.9
Total Capital Leases	0.2	0.6	1.0	1.4	1.1
Operating Leases Maturing Within 1 Year	1.3	0.9	0.5	1.2	0.8
Operating Leases Maturing Within 1-5 Yrs	3.5	2.7	1.7	1.4	0.4
Total Operating Leases	4.8	3.6	2.3	2.5	1.3
PV of Benefit Obligation - Pension	18.7	19.0	18.5	18.6	24.3
FV of Plan Assets - Pension	18.8	19.0	17.6	19.9	24.7
Funded Status - Pension	0.1	0.0	-0.9	1.3	0.4
PV of Funded Obligations - Gratuity	3.9	3.1	2.9	5.3	6.6
FV of Plan Assets - Gratuity	0.7	0.7	0.4	2.9	6.0
Funded Status - Gratuity	-3.2	-2.4	-2.5	-2.3	-0.6
PV of Funded Obligations - Medical Plan	2.4	2.4	2.3	2.1	2.1
Funded Status - Medical Plan	-2.4	-2.4	-2.3	-2.1	-2.1
Total Funded Status	-5.5	-4.8	-5.7	-3.1	-2.3
Discount Rate - Pension	13.00%	14.25%	12.75%	16.00%	11.00%
Salary Increase Rate - Pension	10.75%	12.00%	10.60%	13.79%	8.90%
Pension Payment Rate	7.25%	8.00%	6.66%	9.73%	5.70%
Expected Rate of Return - Pension	7.50%	8.75%	7.38%	-	-
Asset - Pension	0.1	-	-	1.3	0.4
Liabilities- Pension	-	0.0	-0.9	-	-
Liabilities- Gratuity	-3.2	-2.4	-2.5	-2.3	-0.6
Liability - Medical Plan	-2.4	-2.4	-2.3	-2.1	-2.1
Net Assets Recognized on Balance Sheet	-5.5	-4.8	-5.7	-3.1	-2.3
Equity	11.80%	11.70%	9.70%	1.30%	-
Debt	87.00%	87.80%	59.00%	7.30%	-
Cash & Bank Balance	1.20%	0.50%	31.30%	91.40%	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	90.716531	89.91	87.425	85.97	85.4
Stores & Spares	4.3	3.9	4.0	4.4	4.5
Stock in Trade	55.9	57.9	49.3	66.9	67.7
Trade Debts	8.2	9.3	13.7	8.3	8.2
Loans/Advances	1.0	1.8	2.1	1.4	3.5
Accrued Interest/Mark Up	-	0.0	-	0.0	0.0
Trade Deposits/Short Term Prepayments	5.4	6.4	4.7	4.1	3.5
Other Receivables	1.1	1.6	1.9	2.0	1.4
Tax Refunds Due from Government	3.3	4.4	6.8	11.2	5.1
Investment - held to maturity	1.8	1.7	1.7	1.7	0.5
Cash and Bank Balances	29.2	10.7	11.7	4.8	25.6
Total Current Assets	110.1	97.7	96.0	104.7	120.0
Property, Plant & Equipment	54.9	50.3	51.1	53.7	53.9
Capital Work in Progress	9.5	13.2	11.6	5.6	3.0
Intangibles	13.5	14.3	12.8	11.9	10.8
Long Term Loans	1.3	1.3	1.3	1.2	0.9
Long Term Deposit/Prepayments	0.1	0.3	0.2	0.3	0.3
Investments	0.0	0.0	0.0	0.0	0.0
Retirement Benefit Obligations	3.2	1.3	1.6	1.5	1.6
Total Assets	192.6	178.4	174.5	178.8	190.5
Trade and Other Payables	118.9	112.3	120.8	124.5	119.5
Taxation-Provisions Less Payments	0.0	0.0	0.0	0.0	0.0
Accrued Interest/Mark Up	0.0	0.1	0.2	0.0	0.1
Short Term Running Finance	0.2	3.3	7.7	1.6	1.3
Liability Against Assets- Finance Lease	0.1	0.1	0.2	0.2	0.3
Provisions	5.6	5.9	3.6	5.5	4.9
Dividend payable	29.6	0.0	-	-	24.4
Total Current Liabilities	154.5	121.8	132.6	132.0	150.6
Liability Against Assets- Finance Lease	0.0	0.0	0.1	0.1	0.2
Total Long Term Debt	0.0	0.0	0.1	0.1	0.2
Deferred Taxation	4.9	4.2	6.2	6.5	6.8
Retirement Benefit Obligations	4.4	5.1	4.7	4.5	4.4
Total Liabilities	163.9	131.2	143.5	143.1	162.0
Share Capital	7.4	7.4	7.7	7.8	7.8
Preferred Capital	-	0.1	-	-	-
Capital Reserves	4.3	4.4	4.5	4.6	4.6
Surplus on Revaluation of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Revenue Reserves	16.9	35.3	18.8	23.3	15.9
Total Equity	28.7	47.2	31.1	35.7	28.5
Total Liabilities & Shareholders' Equity	192.6	178.4	174.5	178.8	190.5
S/O-Ordinary Shares	13.3	13.3	13.3	13.3	13.3
Total Common Shares Outstanding	13.3	13.3	13.3	13.3	13.3
S/O-5% Cumulative Pref. Shares	-	0.0	-	-	-
Total Preferred Shares Outstanding	-	0.0	-	-	-
Current maturities	-	-	-	-	0.3
Total Long Term Debt, Supplemental	-	-	-	-	0.3
Optg leases-year 1	-	1.3	-	-	-
Optg leases-year 5	-	3.5	-	-	-
Total Operating Leases	-	4.8	-	-	-

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.346516	85.183279	81.692096	70.718347	60.729836
Auditor	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	68.8	56.3	55.5	-	-
Depreciation	6.8	6.5	6.1	-	-
Amortisation of software	0.6	0.0	0.1	-	-
(Gain) / Loss on disposal of property, p	0.6	-0.3	0.1	-	-
Dividend income	0.0	0.0	0.0	-	-
Mark-up on short term borrowings	0.5	1.6	2.8	-	-
Finance charge on finance leases	0.0	0.1	0.2	-	-
Provision for staff retirement benefits	2.8	1.8	6.4	-	-
Return on savings accounts and deposit a	-0.4	-0.1	-0.2	-	-
Return on investment - held to maturity	-0.2	-0.1	0.0	-	-
Stores & Spares	0.1	-1.1	-0.3	-	-
Stock in trade	-15.3	-2.7	7.4	-	-
Trade debts	-3.6	-0.2	-3.4	-	-
Loans and advances	-0.4	0.1	-0.1	-	-
Trade deposits and short term prepayment	-3.8	1.0	-2.0	-	-
Other receivables	-0.9	0.1	1.7	-	-
Trade & Other Payables	21.4	25.4	16.3	-	-
Provisions	1.6	2.1	-4.6	-	-
Mark-up on short term borrowings paid	-0.6	-1.7	-3.2	-	-
Tax Paid	-22.7	-19.8	-15.7	-15.1	-13.9
Retirement Obligations	-1.2	-1.0	-5.1	-4.3	-
Long Term Loans, Net	-0.4	0.2	0.3	-0.1	-0.3
Long Term Deposit/Prepayments Net	0.0	4.3	1.8	-7.6	0.3
Cash from Operations	-	-	-	531.0	463.8
Cash Paid - Suppliers	-	-	-	-378.0	-408.7
Payment of Indirect Taxes	-	-	-	-105.0	-
Payment of Royalty and Technical Fees	-	-	-	-13.9	-
Interest Paid	-	-	-	-5.7	-1.8
Cash from Operating Activities	53.9	72.5	63.8	1.3	39.6
Capital Expenditures	-17.4	-8.5	-10.7	-19.4	-28.2
Purchase of Intangibles	-6.1	-2.3	-0.8	-	-
Disposal Fixed Assets	0.4	0.4	0.8	1.7	0.7
Investment in treasury bills	0.0	-0.4	-1.2	0.0	-
Returns Received on Deposits	0.4	0.1	0.2	0.2	0.5
Dividend Received	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-22.5	-10.7	-11.7	-17.5	-27.1
Liability Against Assets- Finance Lease	-0.4	-0.6	-0.5	-0.5	-0.4
Dividends Paid	-40.2	-35.1	-24.1	-24.2	-25.5
Cash from Financing Activities	-40.6	-35.7	-24.6	-24.6	-25.9
Net Change in Cash	-9.2	26.1	27.5	-40.8	-13.3
Cash Interest Paid	-	-	-	5.7	1.8
Cash Taxes Paid	22.7	19.8	15.7	15.1	13.9
Net Cash - Beginning Balance	17.0	-8.9	-36.8	-1.7	11.4
Net Cash - Ending Balance	7.8	17.2	-9.3	-42.5	-2.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	90.572051	86.346516	85.851927	85.391421	85.487912
Net Income	16.3	68.8	45.5	26.6	15.8
Depreciation	1.6	6.8	5.1	3.2	1.6
Amortisation of software	0.7	0.6	0.0	0.0	0.0
(Gain) / Loss on disposal of property, p	-0.1	0.6	-0.2	-0.1	0.0
Finance cost	0.0	-	0.8	0.6	0.2
Dividend income	-	0.0	-	-	-
Mark-up on short term borrowings	0.1	0.5	-	-	0.0
Finance charge on finance leases	-	0.0	-	-	-
Provision for staff retirement benefits	0.1	2.8	1.0	0.6	0.3
Return on savings accounts and deposit a	-0.2	-0.4	-0.6	-0.5	-0.3
Return on investment - held to maturity	-	-0.2	-	-	-
Stores & Spares	-0.4	0.1	0.1	-0.2	-0.3
Stock in trade	1.4	-15.3	-5.0	-21.9	-22.2
Trade debts	1.0	-3.6	-7.9	-2.2	-2.1
Loans and advances	0.8	-0.4	-0.7	0.1	-2.0
Accured interest/mark up	0.0	-	-	-	0.0
Trade deposits and short term prepayment	1.0	-3.8	-1.9	-1.2	-0.6
Other receivables	0.5	-0.9	-1.1	-1.2	-0.5
Trade & Other Payables	7.6	21.4	27.1	33.5	23.0
Provisions	-0.3	1.6	-0.9	0.9	0.2
Mark-up on short term borrowings paid	-0.1	-0.6	-	-	-
Tax Paid	-2.9	-22.7	-17.5	-14.6	-4.8
Retirement Benefit Obligations	-2.7	-1.2	-0.3	-0.1	0.0
Long Term Loans, Net	0.0	-0.4	-0.3	-0.2	0.1
Long Term Deposit/Prepayments Net	0.2	0.0	0.1	0.1	0.0
Interest Paid	-	-	-0.8	-0.7	-0.3
Cash from Operating Activities	24.5	53.9	42.5	22.6	8.0
Capital Expenditures	-3.0	-17.4	-12.0	-5.7	-1.2
Purchase of Intangibles	0.0	-6.1	-3.5	-6.9	-1.2
Disposal Property Plant Equipment	0.1	0.4	0.3	0.2	0.1
Investment in treasury bills	-	0.0	-	-	-
Purchase of investments held to maturity	-0.4	-	-	-	-
Encashment of held to maturity investmen	-	-	0.0	0.0	-
Encashment of held to maturity investmen	0.4	-	-	-	1.2
Returns Received on Deposits	0.1	0.4	0.6	0.5	0.3
Dividend Received	-	0.0	-	-	-
Cash from Investing Activities	-2.8	-22.5	-14.7	-11.9	-0.8
Liability Against Assets- Finance Lease	-0.1	-0.4	-0.3	-0.3	-0.1
Dividends Paid	0.0	-40.2	-40.6	-24.4	0.0
Cash from Financing Activities	-0.1	-40.6	-40.9	-24.6	-0.1
Net Change in Cash	21.6	-9.2	-13.1	-14.0	7.1
Cash Interest Paid	-	-	0.8	0.7	0.3
Cash Taxes Paid	2.9	22.7	17.5	14.6	4.8
Net Cash - Beginning Balance	7.4	17.0	17.1	17.2	17.1
Net Cash - Ending Balance	29.0	7.8	4.0	3.2	24.3

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10
Pakistan	594.2	98.9 %	515.5	98.3 %
Outside Pakistan	6.6	1.1 %	8.9	1.7 %
Segment Total	600.8	100 %	524.4	100 %
Consolidated Total	600.8	100 %	524.4	100 %
Exchange Rate: PKR to USD	86.346516		85.183279
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10
Pakistan	594.2	98.9 %	515.5	98.3 %
Outside Pakistan	6.6	1.1 %	8.9	1.7 %
Segment Total	600.8	100 %	524.4	100 %
Consolidated Total	600.8	100 %	524.4	100 %
Exchange Rate: PKR to USD	86.346516		85.183279

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Home and Personal Care	338.1	56.3 %	290.2	55.3 %	261.8	56 %	237.7	54.3 %	194.3	50.6 %
Beverages	173.0	28.8 %	155.8	29.7 %	143.2	30.6 %	135.6	31 %	129.4	33.7 %
Ice Cream	71.4	11.9 %	65.1	12.4 %	51.0	10.9 %	54.1	12.4 %	50.6	13.2 %
Spreads	18.4	3.1 %	13.3	2.5 %	11.5	2.5 %	-	-	-	-
Other	-	-	-	-	-	-	10.3	2.4 %	9.8	2.6 %
Segment Total	600.8	100 %	524.4	100 %	467.5	100 %	437.7	100 %	384.2	100 %
Consolidated Total	600.8	100 %	524.4	100 %	467.5	100 %	437.7	100 %	384.2	100 %
Exchange Rate: PKR to USD	86.346516		85.183279		81.692096		70.718347		60.729836
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Home and Personal Care	338.1	56.3 %	290.2	55.3 %	261.8	56 %	237.7	54.3 %	194.3	50.6 %
Beverages	173.0	28.8 %	155.8	29.7 %	143.2	30.6 %	135.6	31 %	129.4	33.7 %
Ice Cream	71.4	11.9 %	65.1	12.4 %	51.0	10.9 %	54.1	12.4 %	50.6	13.2 %
Spreads	18.4	3.1 %	13.3	2.5 %	11.5	2.5 %	-	-	-	-
Other	-	-	-	-	-	-	10.3	2.4 %	9.8	2.6 %
Segment Total	600.8	100 %	524.4	100 %	467.5	100 %	437.7	100 %	384.2	100 %
Consolidated Total	600.8	100 %	524.4	100 %	467.5	100 %	437.7	100 %	384.2	100 %
Exchange Rate: PKR to USD	86.346516		85.183279		81.692096		70.718347		60.729836

Depreciation USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Home and Personal Care	2.8	40.6 %	2.5	38.2 %	2.0	32.9 %	1.8	28.2 %	2.0	31.8 %
Beverages	0.6	8.8 %	0.5	8 %	0.5	8.9 %	0.7	10.7 %	1.0	16.3 %
Ice Cream	3.3	48 %	3.4	51.9 %	3.4	56.3 %	3.8	59.7 %	3.1	51.2 %
Spreads	0.2	2.7 %	0.1	1.9 %	0.1	1.8 %	-	-	-	-
Other	-	-	-	-	-	-	0.1	1.3 %	0.0	0.7 %
Segment Total	6.8	100 %	6.5	100 %	6.1	100 %	6.4	100 %	6.1	100 %
Consolidated Total	6.8	100 %	6.5	100 %	6.1	100 %	6.4	100 %	6.1	100 %
Exchange Rate: PKR to USD	86.346516		85.183279		81.692096		70.718347		60.729836
Operating Income/Loss USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Home and Personal Care	53.3	69.3 %	46.7	74.8 %	49.7	79.2 %	41.8	82.9 %	35.3	80.9 %
Beverages	16.9	21.9 %	11.3	18 %	8.1	12.9 %	9.3	18.5 %	4.9	11.3 %
Ice Cream	4.5	5.9 %	3.2	5.1 %	3.4	5.4 %	-0.2	-0.4 %	3.0	6.8 %
Spreads	2.3	2.9 %	1.3	2.1 %	1.6	2.5 %	-	-	-1.0	-2.4 %
Other	-	-	-	-	-	-	-0.5	-1.1 %	1.5	3.4 %
Segment Total	77.0	100 %	62.5	100 %	62.7	100 %	50.4	100 %	43.7	100 %
Consolidated Total	77.0	100 %	62.5	100 %	62.7	100 %	50.4	100 %	43.7	100 %
Exchange Rate: PKR to USD	86.346516		85.183279		81.692096		70.718347		60.729836

Operating Margin (%)
				31-Dec-11			31-Dec-10				31-Dec-09			31-Dec-08		31-Dec-07
Home and Personal Care				15.8		-	16.1		-		19.0		-	17.6	-	18.2		-
Beverages				9.8		-	7.2		-		5.6		-	6.9	-	3.8		-
Ice Cream				6.3		-	4.9		-		6.6		-	-0.3	-	5.8		-
Spreads				12.2		-	10.1		-		13.7		-	-	-	-		-
Other				-		-	-		-		-		-	-5.2	-	15.3		-
Segment Total				12.8		-	11.9		-		13.4		-	11.5	-	11.4		-
Consolidated Total				12.8		-	11.9		-		13.4		-	11.5	-	11.4		-
Total Assets USD (mil)
	31-Dec-11		31-Dec-10					31-Dec-09				31-Dec-08			31-Dec-07
Home and Personal Care	61.7	47.8 %	49.0		38.3 %			45.5		42.1 %		43.6		39.3 %	38.0		34.8 %
Beverages	24.1	18.7 %	37.0		28.9 %			25.3		23.4 %		22.5		20.3 %	22.7		20.7 %
Ice Cream	41.0	31.8 %	40.2		31.4 %			35.8		33.1 %		43.9		39.6 %	47.6		43.5 %
Spreads	2.2	1.7 %	1.7		1.3 %			1.5		1.4 %		-		-	-		-
Other	-	-	-		-			-		-		0.8		0.8 %	1.0		0.9 %
Segment Total	129.0	100 %	127.8		100 %			108.2		100 %		110.8		100 %	109.3		100 %
Unallocated	49.4	38.3 %	30.5		23.9 %			27.9		25.8 %		33.5		30.3 %	22.2		20.3 %
Consolidated Total	178.4	138.3 %	158.3		123.9 %			136.0		125.8 %		144.3		130.3 %	131.6		120.3 %
Exchange Rate: PKR to USD	89.910000		85.645000					84.325000				79.125000			61.625000

Operating Return on Assets (%)
				31-Dec-11			31-Dec-10				31-Dec-09			31-Dec-08		31-Dec-07
Home and Personal Care				83.0		-	94.9		-		105.7		-	85.7	-	91.6		-
Beverages				67.2		-	30.4		-		30.9		-	37.0	-	21.5		-
Ice Cream				10.6		-	7.8		-		9.2		-	-0.4	-	6.1		-
Spreads				98.7		-	80.2		-		100.8		-	-	-	-		-
Other				-		-	-		-		-		-	-57.3	-	142.7		-
Segment Total				57.3		-	48.7		-		56.2		-	40.7	-	39.4		-
Consolidated Total				41.4		-	39.3		-		44.7		-	31.2	-	32.7		-
Total Liabilities USD (mil)
	31-Dec-11		31-Dec-10					31-Dec-09				31-Dec-08			31-Dec-07
Home and Personal Care	49.7	62.4 %	37.5		60.7 %			24.0		56.9 %		22.0		58 %	24.0		40 %
Beverages	17.4	21.8 %	14.9		24.1 %			9.9		23.5 %		9.3		24.5 %	29.8		49.6 %
Ice Cream	10.2	12.8 %	6.3		10.2 %			6.0		14.3 %		5.0		13.1 %	4.8		7.9 %
Spreads	2.4	3 %	3.1		5 %			2.2		5.3 %		-		-	-		-
Other	-	-	-		-			-		-		1.7		4.4 %	1.5		2.5 %
Segment Total	79.6	100 %	61.8		100 %			42.2		100 %		37.9		100 %	60.0		100 %
Unallocated	51.6	64.8 %	54.1		87.5 %			54.2		128.6 %		77.8		205.3 %	38.8		64.7 %
Consolidated Total	131.2	164.8 %	115.9		187.5 %			96.4		228.6 %		115.8		305.3 %	98.9		164.7 %
Exchange Rate: PKR to USD	89.910000		85.645000					84.325000				79.125000			61.625000

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Home and Personal Care	83.8	56.3 %	91.9	58.9 %	88.9	57.7 %	81.0	54.7 %	76.0	53.4 %
Beverages	49.0	32.9 %	46.7	29.9 %	40.9	26.5 %	36.2	24.5 %	49.1	34.5 %
Ice Cream	11.3	7.6 %	12.3	7.9 %	19.9	12.9 %	26.1	17.6 %	13.1	9.2 %
Spreads	4.8	3.2 %	5.1	3.3 %	4.3	2.8 %	4.7	3.2 %	4.2	3 %
Segment Total	148.9	100 %	156.1	100 %	154.1	100 %	148.1	100 %	142.4	100 %
Consolidated Total	148.9	100 %	156.1	100 %	154.1	100 %	148.1	100 %	142.4	100 %
Exchange Rate: PKR to USD	90.572051		87.814194		86.759355		85.292258		85.487912
Total Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Home and Personal Care	83.8	56.3 %	91.9	58.9 %	88.9	57.7 %	81.0	54.7 %	76.0	53.4 %
Beverages	49.0	32.9 %	46.7	29.9 %	40.9	26.5 %	36.2	24.5 %	49.1	34.5 %
Ice Cream	11.3	7.6 %	12.3	7.9 %	19.9	12.9 %	26.1	17.6 %	13.1	9.2 %
Spreads	4.8	3.2 %	5.1	3.3 %	4.3	2.8 %	4.7	3.2 %	4.2	3 %
Segment Total	148.9	100 %	156.1	100 %	154.1	100 %	148.1	100 %	142.4	100 %
Consolidated Total	148.9	100 %	156.1	100 %	154.1	100 %	148.1	100 %	142.4	100 %
Exchange Rate: PKR to USD	90.572051		87.814194		86.759355		85.292258		85.487912

Operating Income/Loss USD (mil)
	31-Mar-12		31-Dec-11					30-Sep-11				30-Jun-11				31-Mar-11
Home and Personal Care	11.3	68.2 %	23.4		79.9 %			11.8		58.2 %		6.7			62 %	11.2			68.3 %
Beverages	5.9	35.7 %	4.5		15.5 %			6.1		30.4 %		1.4			12.7 %	4.8			29.4 %
Ice Cream	-2.0	-12 %	0.3		1 %			1.7		8.7 %		2.7			24.6 %	-0.1			-0.9 %
Spreads	1.3	8.1 %	1.1		3.7 %			0.6		2.8 %		0.1			0.7 %	0.5			3.2 %
Segment Total	16.6	100 %	29.3		100 %			20.2		100 %		10.8			100 %	16.3			100 %
Consolidated Total	16.6	100 %	29.3		100 %			20.2		100 %		10.8			100 %	16.3			100 %
Exchange Rate: PKR to USD	90.572051		87.814194					86.759355				85.292258				85.487912
Operating Margin (%)
				31-Mar-12			31-Dec-11				30-Sep-11			30-Jun-11				31-Mar-11
Home and Personal Care				13.5		-	25.5		-		13.2		-	8.3			-	14.7		-
Beverages				12.1		-	9.7		-		15.0		-	3.8			-	9.8		-
Ice Cream				-17.7		-	2.3		-		8.8		-	10.1			-	-1.1		-
Spreads				28.2		-	21.1		-		12.9		-	1.7			-	12.3		-
Segment Total				11.1		-	18.8		-		13.1		-	7.3			-	11.5		-
Consolidated Total				11.1		-	18.8		-		13.1		-	7.3			-	11.5		-

Total Assets USD (mil)
	31-Mar-12			31-Dec-11				30-Sep-11				30-Jun-11					31-Mar-11
Home and Personal Care	69.0	55.1 %		61.7	47.8 %			76.6		52.5 %		65.5			48.1 %		56.0		38.8 %
Beverages	22.2	17.7 %		24.1	18.7 %			20.2		13.9 %		23.4			17.2 %		42.1		29.2 %
Ice Cream	31.0	24.7 %		41.0	31.8 %			46.0		31.5 %		44.7			32.9 %		44.8		31 %
Spreads	3.1	2.5 %		2.2	1.7 %			3.2		2.2 %		2.4			1.8 %		1.5		1.1 %
Segment Total	125.3	100 %		129.0	100 %			146.0		100 %		136.0			100 %		144.5		100 %
Unallocated Assets/Liabilities	67.3	53.7 %		49.4	38.3 %			28.5		19.5 %		42.8			31.5 %		46.0		31.9 %
Consolidated Total	192.6	153.7 %		178.4	138.3 %			174.5		119.5 %		178.8			131.5 %		190.5		131.9 %
Exchange Rate: PKR to USD	90.716531			89.910000				87.425000				85.970000					85.400000
Operating Return on Assets (%)
			31-Mar-12				31-Dec-11				30-Sep-11			30-Jun-11				31-Mar-11
Home and Personal Care			16.4			-	37.1		-		15.2		-	10.1		-		20.0		-
Beverages			26.6			-	18.4		-		30.1		-	5.8		-		11.4		-
Ice Cream			-6.4			-	0.7		-		3.8		-	5.9		-		-0.3		-
Spreads			43.0			-	48.2		-		17.4		-	3.2		-		33.6		-
Segment Total			13.2			-	22.2		-		13.7		-	7.9		-		11.3		-
Consolidated Total			8.6			-	16.1		-		11.5		-	6.0		-		8.6		-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.56
UK Pound	1	Rs.85.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.