FINANCIAL STATEMENT

December 31,
2018 2017 2016
Fixed Assets
- property, plant and equipment 7,191,606 5,419,054 4,443,019
- intangible assets 24,879 10,650 16,250
Other Non-Current Assets 66,641 62,618 63,764
Current Assets 12,998,131 13,695,788 13,122,151
Total Assets 20,281,257 19,188,110 17,645,184
Issued, subscribed and paid-up
979,003 979,003 979,003
capital
Capital Reserves 533,783 459,761 414,380
Revenue Reserves 11,722,225 12,917,071 13,199,857
Total Equity 13,235,011 14,355,835 14,593,240

Non-Current Liabilities 429,124 231,147 203,477

Current Liabilities 6,617,122 4,601,128 2,848,467
Total Liabilities 7,046,246 4,832,275 3,051,944

Total Equity and Liabilities 20,281,257 19,188,110 17,645,184

OPERATING AND FINANCIAL TRENDS

Net sales including toll manufacturing
29,719,279 26,088,233 23,387,915
service fee
Gross profit 9,775,265 10,088,986 9,367,499
Operating profit 4,359,375 5,852,005 5,593,900
Profit before taxation 4,343,769 5,841,945 5,587,141
Taxation 1,649,436 1,636,713 1,565,349
Profit after taxation 2,694,333 4,205,232 4,021,792
Ordinary cash dividends* 1,958,006 3,916,012 3,916,012
EBITDA** 5,096,544 6,459,090 6,128,490

Statement of Cash Flows

Operating activities 2,937,218 5,764,509 3,119,545

Investing activities -2,146,519 -1,222,232 -558,237
Financing activities -3,684,284 -3,914,985 -2,937,792
Cash and cash equivalents at the end of
5,678,136 8,571,721 7,944,429
the year
 (Rupees in ‘000) KPI's 2018

December 31, SALES Rs.29.72BN

2015 2014 SALES GROWTH 13.9% (incrs)
MARKET SHARE 6.10%
4,017,403 3,359,092 DIVIDEND PER SHARE Rs.20
21,983 24,395 GROSS PROFIT MARGIN 32.90%
68,797 62,980 NET PROFIT MARGIN 9.10%
12,380,092 10,319,128 EARNINGS PER SHARE Rs.27.52
16,488,275 13,765,595 RETURN ON EQUITY 20.40%
979,003 979,003

381,945 339,481
11,588,299 9,553,116
12,949,247 10,871,600

219,144 223,953
3,319,884 2,670,042
3,539,028 2,893,995

16,488,275 13,765,595

AL TRENDS
21,170,446 19,692,354

8,227,233 7,550,142
5,012,361 4,323,341
5,006,477 4,318,567
1,419,741 1,502,255
3,586,736 2,816,312
2,937,009 763,622
5,496,717 4,758,663

4,062,034 3,331,081
-672,470 -159,370
-1,450,032 -687,381

8,320,913 6,381,381
Profitability Ratios
2018 2017 2016

Gross profit margin % 32.9 38.7 40.1

Net profit margin % 9.1 16.1 17.2
EBITDA* margin % 17.1 24.8 26.2
EBIT margin % 14.7 22.4 23.9
Return on equity % 20.4 29.3 27.6
Return on capital employed % 20 29.3 27.6
Return on capital employed (average equity and debt) % 19.4 29.1 29.2
Return on assets % 13.3 21.9 22.8

Liquidity Ratios
2018 2017 2016

Current ratio Times 1.96 2.98 4.61

Quick / Acid test ratio Times 1.27 2.19 3.31
Cash to Current Liabilities Times 0.86 1.86 2.79
Cash flows from operations to Sales Times 0.1 0.22 0.13

Activity / Turnover Ratios

2018 2017 2016

No. of days in inventory Days 72.28 80.4 84.72

No. of days in receivables Days 12.64 12.56 10.61
No. of days in payables Days 76.68 61.14 55.54
Inventory Turnover Times 5.05 4.54 4.32
Debtors Turnover Times 28.88 29.06 34.48
Creditors Turnover Times 4.76 5.97 6.59
Operating Cycle Days 8.24 31.82 39.79
Total assets turnover ratio (average assets) Times 1.51 1.42 1.37
Total assets turnover ratio Times 1.47 1.36 1.33
Fixed assets turnover ratio (average assets) Times 4.7 5.28 5.5
Fixed assets turnover ratio Times 4.12 4.8 5.24

Investment / Market Ratios

2018 2017 2016

Basic / Diluted Earnings per share Rs 27.52 42.95 41.08

Price earnings ratio Times 22.93 16.24 23.3
Dividend yield ratio % 3.2 5.7 4.2
Dividend pay out ratio Times 0.73 0.93 0.97
Dividend cover ratio Times 1.38 1.07 1.03
Cash dividend per share** Rs 20 40 40
2015 2014
PROFITABILITY RATIO

45
38.9 38.5
16.9 14.3 40
26 24.2
23.7 22 35
27.7 25.9
30
27.7 25.9
30.1 28.7
25
21.8 20.5
20

2015 2014 15

10
3.73 3.86
2.81 2.76
5
2.51 2.39
0.19 0.14 0
2018 2017 2016 2015 2014

Gross profit margin %

2015 2014 Net profit margin %
EBITDA* margin %
EBIT margin %
80.75 83.91 Return on equity %
8.27 9.54 Return on capital employed %
54.89 47.59 Return on capital employed (average equity and debt) %
Return on assets %
4.52 4.35
44.14 38.28
6.65 7.67
MARKET RATIO
34.13 45.86
1.4 1.58 50
45
1.28 1.43
40
5.7 5.96
35
5.24 5.82
30
25
20
2015 2014 15
10
36.64 28.77 5
17.33 24.7 0
2018 2017 2016 2015 2014
4.7 1.1
0.82 0.27 Basic / Diluted Earnings per share Rs Price earnings ratio Times
1.22 3.69 Dividend yield ratio % Dividend pay out ratio Times
Dividend cover ratio Times Cash dividend per share** Rs
30 7.8
 LIQUIDITY RATIO
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2018 2017 2016 2015 2014

Current ratio Times

Quick / Acid test ratio Times
Cash to Current Liabilities Times
Cash flows from operations to Sales Times

ACTIVITY RATIO
90

80

70

60

50

40

30

20

10

0
2018 2017 2016 2015 2014

No. of days in inventory Days

No. of days in receivables Days
No. of days in payables Days
Inventory Turnover Times
Debtors Turnover Times
Creditors Turnover Times
Operating Cycle Days
Total assets turnover ratio (average assets) Times
Total assets turnover ratio Times
Fixed assets turnover ratio (average assets) Times
Fixed assets turnover ratio Times
Debtors Turnover Times
Creditors Turnover Times
Operating Cycle Days
Total assets turnover ratio (average assets) Times
Total assets turnover ratio Times
Fixed assets turnover ratio (average assets) Times
Fixed assets turnover ratio Times