PKR IN MILLION

2018 2017 2016 2015 2014

Non-current assets
property, plant and equipment 78,261 72,990 72941 73409 68823
intangible assets 78 38 18 26 30
long term investments 2,240 2238 2238 2106 86
long term loan to associated company 1,999 2999 2999 2200 -
long term deposits 254 114 130 19 13
total non current assets 82,832 78380 78327 77760 68952

current assets
stores and spares 5,058 4745 4972 4460 4090
stock in trade 5,028 3814 6243 7003 2681
trade debts 2,397 1796 2116 335 448
short term loans 6,072 3967 2449 500 3000
advances, deposits, prepayments and others 7,398 5627 5191 4436 3000
short term investment 623 198 200 - -
cash and bank balances 537 810 11100 295 949
total current assets 27,113 20957 32271 17029 14169

total assets 109,945 99336 110597 94789 83121

share capital and revenues

issued, subscribed and paid up capital 21,000 21000 21000 21000 21000
reserve 41,261 32742 26374 19229 15757
total share capital and reserves 62,261 53742 47374 40229 36757

non-current liabilities
long term finance 6,887 10774 16343 13168 17335
deferred liabilities 15,807 15764 15642 15412 14421
long term deposits 49 51 51 33
total non-current liabilities 22,743 26589 32035 28613 31789

current liabilities
trade and other payables 13,688 11460 17399 8646 7341
accrued finance cost 224 168 259 260 259
short term finance secured 4,821 1726 8011 10229 600
current portion of long term finances 6,142 5652 5518 6812 6375
total current liabilities 24,875 19005 31188 25948 14575

total debt 47,618 34,602 46,570 41,099 28,737

Equity 62,261 53741 43374 21094 36757

total current liabilities and equity 109,945 99336 110597 94789 83121
 2013 2012

67588 67,545
43 34
85 85
- -
10 11
67726 67676

3850 3,231
2702 2,508
99 138
3000 -
2456 1,468
- -
238 984
12346 8,329

80072 76,005

21000 21000
11759 7,948
32759 28,948

22647 27,024
9391 4,844
- -
32038 34,785

6651 4997
383 499
2303 2,690
5938 4085
15275 12,272

24,283 16,616

32758 28,950

80072 76,005
 PKR MILLION
income statement 2018 2017 2016 2015 2014 2013 2012
sales 45,963 37612 33765 30226 36196 33496 29,519
less: COGS -19,482 -17275 -15780 -13209 -14708 -13785 -12,252
Gross profit 26,481 20337 17985 17017 21461 19711 17,266
less: operating expense
distribution cost -3,629 -3482 -2383 -1782 -1449 -1430 -1,234
admin expense -2,097 -1534 -1308 -1021 -1346 -1076 -739
other operating expense -1,708 -913 -631 -861 -1374 -1010 -506
total operating expense -7,434 5929 4322 3664 4169 3516 2,479
profit from operations 19,047 14408 13663 13353 17292 16195 14,787
add: other income 915 527 702 574 624 295 67
EBIT 19962 14929 14365 13927 17916 16490 14,854
less: finance cost -1450 -2198 -2739 -2379 -3767 -4169 -5,774
EBT 18512 12736 11626 11548 14149 12321 9,080
less: tax -5238 -2160 10576 -2294 -4891 -4298 -2,969
EAT 13274 10576 9782 9254 9258 8022 6,111
PKR MILLION
 PKR MILLION
PURCHASES 2018 2017 2016 2015 2014 2013

raw material consumed 7,511 5,044 6,268 1,826 5,797 5,458

packaging material consumed 1,045 837 811 216 818 705
8,556 5,881 7,079 2,042 6,615 6,163

DEBT
trade and other payables 6,617 11460 17399 8646 7341 6651
short term finances 4,821 1,726 8,011 10,229 600 2,303
deferred liabilities 15,807 15,764 15,642 15,412 14,421 9,391
current portion of long term finances 6,142 5,652 5,518 6,812 6,375 5,938

PROFIT FROM OPERATIONS

gross profit 26,481 20337 17985 17017 21461 19711
less: admin exp -2,097 -1534 -1308 -1021 -1346 -1076
less: distribution exp -3,629 -3482 -2383 -1782 -1449 -1430
less: other exp (operating) -1,708 -809 -1419 -10900 -1374 -912
PROFIT FROM OPERATIONS 19,074 14512 12875 3314 17292 16293
 2012

4,330
553
4,883

4997 (interest)
2,690 (secured)
4,844 (gratuity)
4,085 (markup)

17266
-739
-1234
-477
14816
INCOME STATEMENT 2017 2016 2015 2014
sales 127% 114% 102% 123%
less: COGS 141% 129% 108% 120%
Gross profit 118% 104% 99% 124%
less: operating expense
distribution cost 282% 193% 144% 117%
admin expense 208% 177% 138% 182%
other operating expense 180% 125% 170% 272%
total operating expense 239% 174% 148% 168%
profit from operations 97% 92% 90% 117%
add: other income 787% 1048% 857% 931%
EBIT 101% 97% 94% 121%
less: finance cost 38% 47% 41% 65%
EBT 140% 128% 127% 156%
less: tax 73% -356% 77% 165%
EAT 173% 160% 151% 151%

BALANCE SHEET 2018 2017 2016 2015 2014

Non-current assets
property, plant and equipment 108% 108% 109% 102%
intangible assets 112% 53% 76% 88%
long term investments 2633% 2633% 2478% 101%
long term loan to associated company
long term deposits 1036% 1182% 173% 118%
total non current assets 116% 116% 115% 102%

current assets
stores and spares 147% 154% 138% 127%
stock in trade 152% 249% 279% 107%
trade debts 1301% 1533% 243% 325%
short term loans
advances, deposits, prepayments and others 383% 354% 302% 204%
short term investment
cash and bank balances 82% 1128% 30% 96%
total current assets 252% 387% 204% 170%

total assets 131% 146% 125% 109%

share capital and revenues

issued, subscribed and paid up capital 100% 100% 100% 100%
reserve 412% 332% 242% 198%
total share capital and reserves 186% 164% 139% 127%
non-current liabilities
long term finance 40% 60% 49% 64%
deferred liabilities 325% 323% 318% 298%
dividend and markup payable to related parties
long term deposits
total non-current liabilities 76% 92% 82% 91%

current liabilities
trade and other payables 229% 348% 173% 147%
accrued finance cost 34% 52% 52% 52%
short term finance secured 64% 298% 380% 22%
current portion of long term finances 138% 135% 167% 156%
total current liabilities 155% 254% 211% 119%

total current liabilities and equity 146% 125% 109%

2013 2012
113% 100%
113% 100%
114% 100%

116% 100%
146% 100%
200% 100%
142% 100%
110% 100%
440% 100%
111% 100%
72% 100%
136% 100%
145% 100%
131% 100%

2013 2012

100% 100%
126% 100%
100% 100%

91% 100%
100% 100%

119% 100%
108% 100%
72% 100%
0%
167% 100%

24% 100%
148% 100%

105% 100%

100% 100%
148% 100%
113% 100%
 84% 100%
194% 100%
Err:509

92% 100%

133% 100%
77% 100%
86% 100%
145% 100%
124% 100%

105% 100%
INCOME STATEMENT 2018 2017 2016 2015
sales 100% 100% 100%
less: COGS -46% -47% -44%
Gross profit 54% 53% 56%
less: operating expense -9% -7% -6%
distribution cost -9% -7% -6%
admin expense -4% -4% -3%
other operating expense -2% -2% -3%
total operating expense 16% 13% 12%
profit from operations 38% 40% 44%
add: other income 1% 2% 2%
EBIT 40% 43% 46%
less: finance cost -6% -8% -8%
EBT 34% 34% 38%
less: tax -6% 31% -8%
EAT 28% 29% 31%

BALANCE SHEET 2017 2016 2015

Non-current assets
property, plant and equipment 73% 66% 77%
intangible assets 0% 0% 0%
long term investments 2% 2% 2%
long term loan to associated company 3% 3% 2%
long term deposits 0% 0% 0%
total non current assets 79% 71% 82%

current assets
stores and spares 5% 4% 5%
stock in trade 4% 6% 7%
trade debts 2% 2% 0%
short term loans 4% 2% 1%
advances, deposits, prepayments and others 6% 5% 5%
short term investment 0% 0% 0%
cash and bank balances 1% 10% 0%
total current assets 21% 29% 18%

total assets 100% 100% 100%

share capital and revenues

issued, subscribed and paid up capital 21% 19% 22%
reserve 33% 24% 20%
total share capital and reserves 54% 43% 42%

non-current liabilities
long term finance 11% 15% 14%
deferred liabilities 16% 14% 16%
dividend and markup payable to related parties 0% 0% 0%
long term deposits 0% 0% 0%
total non-current liabilities 27% 29% 30%

current liabilities
trade and other payables 12% 16% 9%
accrued finance cost 0% 0% 0%
short term finance secured 2% 7% 11%
current portion of long term finances 6% 5% 7%
total current liabilities 19% 28% 27%

total current liabilities and equity 100% 100% 100%

2014 2013 2012
100% 100% 100%
-41% -41% -42%
59% 59% 58%
-4% -4% -4%
-4% -4% -4%
-4% -3% -3%
-4% -3% -2%
12% 10% 8%
48% 48% 50%
2% 1% 0%
49% 49% 50%
-10% -12% -20%
39% 37% 31%
-14% -13% -10%
26% 24% 21%

2014 2013 2012

83% 84% 89%

0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
83% 85% 89%

5% 5% 4%
3% 3% 3%
1% 0% 0%
4% 4% 0%
4% 3% 2%
0% 0% 0%
1% 0% 1%
17% 15% 11%

100% 100% 100%

25% 26% 28%

19% 15% 10%
44% 41% 38%
21% 28% 36%
17% 12% 6%
0% 0% Err:509
0% 0% 0%
38% 40% 46%

9% 8% 7%
0% 0% 1%
1% 3% 4%
8% 7% 5%
18% 19% 16%

100% 100% 100%

LIQUIDITY 2018 2017 2016 2015 2014 2013 2012
current ratio 1.10 1.03 0.66 0.97 0.81 0.68
quick ratio 0.15 0.21 0.60 0.08 0.29 0.27
cash ratio 0.04 0.03 0.43 0.02 0.06 0.02

cash conversion cycle -667 -396 -1171 -217 -181 0

ACTIVITY 2018 2017 2016 2015 2014 2013
inventory turnover 1.74 1.39 1.44 2.2 2.24
days of inventory turnover 210 263 253 166 163
receivable turnover 19.23 27.55 77.21 132.34 282.67
days sales outstanding 19 13 5 3 1
payable turnover 0.41 0.54 0.26 0.95 1.06
days of payable turnover 896 671 1429 386 345
net working capital turnover 24.79 -8.62 -6.48 -21.71 -9.75
net fixed assets turnover 0.48 0.43 0.41 0.53 0.49
total assets turnover 0.36 0.33 0.34 0.44 0.43
2012
SOLVENCY 2018 2017 2016 2015 2014 2013
debt to asset ratio 34% 42% 48% 46% 50%
debt to capital ratio 25% 29% 32% 32% 33%
debt to equity ratio 34% 41% 48% 47% 50%
financial leverage ratio 2.2 3.2 3.1 2.3 2.5
interest coverage ratio -679% -524% -585% -476% -396%
 2012
54%
35%
55%
2.6
-257%
PROFITABILITY 2018 2017 2016 2015 2014 2013 2012
gross profit margin 54% 53% 56% 59% 59% 58%
operating profit margin 39% 38% 11% 48% 49% 50%
EBIT-to-sales 34% 34% 38% 39% 37% 31%
net profit margin 28% 29% 31% 26% 24% 21%
return on asset 11% 9% 10% 11% 10% 8%
return on equity 20% 23% 44% 25% 24% 21%
return on total capital 12% 11% 15% 14% 14% 13%