BALANCE SHEET

2014 2015 2016 2017

ASSETS
NON - CURRENT ASSETS
Property, plant and equipment 20,093,898 21,381,702 21,232,732 22,312,363
Intangible assets 1,611,204 1,576,720 1,585,211 1,585,018
Long term investments 1,611,204 29,129,475 29,656,283 27,868,846
Long term loans and advances 823,188 814,298 934,150 965,959
Long term deposits and prepayments 15,624 13,001 13,975 13,896
50,678,434 52,915,196 53,422,351 52,746,082
CURRENT ASSETS
Stores, spares and loose tools 3,314,823 3,395,762 3,428,235 3,496,117
Stock in trade 981,750 5,100,020 4,237,327 395,113
Trade debts 822,460 1,773,698 4,305,951 3,721,587
Loans and advances 1,058,754 1,024,594 903,440 1,633,916
Deposits and prepayments 26,376 39,323 50,241 77,792
Other receivables 1,072,461 2,807,262 7,691,822 13,964,851
Short term investments 27,432,837 10,334,720 14,143,829 30,882,685
Cash and bank balances 1,173,767 2,739,314 2,525,888 1,712,725
35,883,228 27,214,693 37,286,733 55,884,786
TOTAL ASSETS 86,561,662 80,129,889 90,709,084 108,630,868

EQUITY AND LIABILITIES

EQUITY
Share capital 12,722,382 12,722,382 12,722,382 12,722,382
Capital reserves 160,000 160,000 160,000 160,000
Revenue reserves 12,483,585 13,894,676 14,841,963 16,176,474
Surplus on remeasurement of investments
available for sale to fair value 303,564 534,407 486,950 293,523
25,669,531 27,311,465 28,211,295 29,352,379
NON - CURRENT LIABILITIES
Long term borrowings 2,500,000 15,892,599 16,653,294 15,571,491
Deferred liabilities 4,574,028 4,600,324 4,811,884 4,697,189
7,074,028 20,492,923 21,465,178 20,268,680
CURRENT LIABILITIES
Trade and other payables 37,904,434 8,113,918 10,851,877 39,218,435
Mark-up and profit accrued 0 0 321,091 190,707
Unclaimed dividend 0 0 0 0
Interest and mark-up accrued 30,117 268,094 0 0
Short term borrowings 11,602,443 18,020,602 22,176,525 11,539,083
Current portion of long term borrowings 1,780,000 4,509,839 6,434,304 6,831,804
Taxation 2,501,109 1,413,048 1,248,814 1,229,780
53,818,103 32,325,501 41,032,611 59,009,809
TOTAL EQUITY AND LIABILITIES 86,561,662 80,129,889 90,709,084 108,630,868
current ratio 0.67 0.84 0.91 0.95
liquid ratio 0.65 0.68 0.80 0.94
cash ratio 2.18% 8.47% 6.16% 2.90%
account receivable turnover 49.63 18.56 14.71
account receivable turnover in days 7.35 19.67 24.81
account receivable turnover in days 7.35 19.67 24.81
inventory turnover ratio 15.84 7.60 16.37
inventory turnover ratio in dayes 23.04 48.06 22.29
operating cycle 65.47 26.15 31.09
day sales in inventory 7.15 33.27 28.21 1.99
 2014 2015 2016 2017
Debt ratio 70.35 65.92 68.90 72.98
Debt equity ratio 2.37 1.93 2.22 2.70
Debt to tengibale ratio 2.53 2.05 2.35 2.86
Time intrest earned 29.06 14.96 4.53 3.85
 HOREZANTAL
2018 2014 2015 2016 2017 2018

21,533,696 100.00% 106.41% 105.67% 111.04% 107.17%

1,575,624 100.00% 97.86% 98.39% 98.37% 97.79%
26,898,152 100.00% 1807.93% 1840.63% 1729.69% 1669.44%
1,113,854 100.00% 98.92% 113.48% 117.34% 135.31%
13,604 100.00% 83.21% 89.45% 88.94% 87.07%
51,134,930 100.00% 104.41% 105.41% 104.08% 100.90%

3,473,851 100.00% 102.44% 103.42% 105.47% 104.80%

12,931,714 100.00% 519.48% 431.61% 40.25% 1317.21%
3,678,698 100.00% 215.66% 523.55% 452.49% 447.28%
1,060,098 100.00% 96.77% 85.33% 154.32% 100.13%
81,671 100.00% 149.09% 190.48% 294.93% 309.64%
15,724,971 100.00% 261.76% 717.21% 1302.13% 1466.25%
54,585,604 100.00% 37.67% 51.56% 112.58% 198.98%
3,817,997 100.00% 233.38% 215.20% 145.92% 325.28%
95,354,604 100.00% 75.84% 103.91% 155.74% 265.74%
146,489,534 100.00% 92.57% 104.79% 125.50% 169.23%

12,722,382 100.00% 100.00% 100.00% 100.00% 100.00%

160,000 100.0% 100.0% 100.0% 100.0% 100.0%
20,522,513 100.00% 111.30% 118.89% 129.58% 164.40%

-21,950 100.00% 176.04% 160.41% 96.69% -7.23%

33,382,945 100.00% 106.40% 109.90% 114.35% 130.05%

8,583,749 100.00% 635.70% 666.13% 622.86% 343.35%

4,578,148 100.00% 100.57% 105.20% 102.69% 100.09%
13,161,897 100.00% 289.69% 303.44% 286.52% 186.06%

60,599,330 100.00% 21.41% 28.63% 103.47% 159.87%

300,574 100.00% 59.39% 93.61%
638,783 100.00%
0 100.00% 890.17% 0.00% 0.00% 0.00%
28,526,484 100.00% 155.32% 191.14% 99.45% 245.87%
7,237,742 100.00% 253.36% 361.48% 383.81% 406.61%
2,641,779 100.00% 56.50% 49.93% 49.17% 105.62%
99,944,692 100.00% 60.06% 76.24% 109.65% 185.71%
146,489,534 100.00% 92.57% 104.79% 125.50% 169.23%
0.95
 0.82
3.82%
19.06
19.15
19.15
11.37
32.11
30.42
60.52
2018
77.21
3.39
3.56
11.70
347385100.00%

1709309 3926674 6166745 5560936 3678698

3531760 7218684 4434884 6860970 6465857
 INCOM STATEMENT
2014 2015 2016 2017 2018
sales 81,240,187 84,831,024 72,876,687 90,714,114 105,964,471
Cost of sales 50,136,749 55,949,370 54,827,041 72,620,911 77,985,886
GROSS PROFIT 31,103,438 28,881,654 18,049,646 18,093,203 27,978,585
Distribution cost 6,431,667 6,813,591 7,154,244 8,574,081 8,833,490
24,671,771 22,068,063 10,895,402 9,519,122 19,145,095
Finance cost 848,940 1,474,801 2,405,589 2,470,672 1,636,976
Other expenses 2,302,937 2,284,624 1,760,663 1,630,750 2,108,585
21,519,894 18,308,638 6,729,150 5,417,700 15,399,534
Other income 4,720,866 6,194,231 10,664,843 10,323,615 6,283,051
PROFIT BEFORE TAX 26,240,760 24,502,869 17,393,993 15,741,315 21,682,585
Provision for taxation 8,070,000 7,737,000 5,612,000 5,030,000 7,244,000
PROFIT FOR THE YEAR 18,170,760 16,765,869 11,781,993 10,711,315 14,438,585
 HOREZANTAL
2014 2015 2016 2017 2018
100.00% 104.42% 89.71% 111.66% 130.43%
100.00% 111.59% 109.35% 144.85% 155.55%
100.00% 92.86% 58.03% 58.17% 89.95%
100.00% 105.94% 111.23% 133.31% 137.34%
100.00% 89.45% 44.16% 38.58% 77.60%
100.00% 173.72% 283.36% 291.03% 192.83%
100.00% 99.20% 76.45% 70.81% 91.56%
100.00% 85.08% 31.27% 25.18% 71.56%
100.00% 131.21% 225.91% 218.68% 133.09%
100.00% 93.38% 66.29% 59.99% 82.63%
100.00% 95.87% 69.54% 62.33% 89.76%
100.00% 92.27% 64.84% 58.95% 79.46%
 BALANCE SHEET
2014 2015 2016 2017
ASSETS
NON - CURRENT ASSETS
Property, plant and equipment 20,093,898 21,381,702 21,232,732 22,312,363
Intangible assets 1,611,204 1,576,720 1,585,211 1,585,018
Long term investments 1,611,204 29,129,475 29,656,283 27,868,846
Long term loans and advances 823,188 814,298 934,150 965,959
Long term deposits and prepayments 15,624 13,001 13,975 13,896
50,678,434 52,915,196 53,422,351 52,746,082
CURRENT ASSETS
Stores, spares and loose tools 3,314,823 3,395,762 3,428,235 3,496,117
Stock in trade 981,750 5,100,020 4,237,327 395,113
Trade debts 822,460 1,773,698 4,305,951 3,721,587
Loans and advances 1,058,754 1,024,594 903,440 1,633,916
Deposits and prepayments 26,376 39,323 50,241 77,792
Other receivables 1,072,461 2,807,262 7,691,822 13,964,851
Short term investments 27,432,837 10,334,720 14,143,829 30,882,685
Cash and bank balances 1,173,767 2,739,314 2,525,888 1,712,725
35,883,228 27,214,693 37,286,733 55,884,786
TOTAL ASSETS 86,561,662 80,129,889 90,709,084 108,630,868

EQUITY AND LIABILITIES

EQUITY
Share capital 12,722,382 12,722,382 12,722,382 12,722,382
Capital reserves 160,000 160,000 160,000 160,000
Revenue reserves 12,483,585 13,894,676 14,841,963 16,176,474
Surplus on remeasurement of investments
available for sale to fair value 303,564 534,407 486,950 293,523
25,669,531 27,311,465 28,211,295 29,352,379
NON - CURRENT LIABILITIES
Long term borrowings 2,500,000 15,892,599 16,653,294 15,571,491
Deferred liabilities 4,574,028 4,600,324 4,811,884 4,697,189
7,074,028 20,492,923 21,465,178 20,268,680
CURRENT LIABILITIES
Trade and other payables 37,904,434 8,113,918 10,851,877 39,218,435
Mark-up and profit accrued 0 0 321,091 190,707
Unclaimed dividend 0 0 0 0
Interest and mark-up accrued 30,117 268,094 0 0
Short term borrowings 11,602,443 18,020,602 22,176,525 11,539,083
Current portion of long term borrowings 1,780,000 4,509,839 6,434,304 6,831,804
Taxation 2,501,109 1,413,048 1,248,814 1,229,780
53,818,103 32,325,501 41,032,611 59,009,809
TOTAL EQUITY AND LIABILITIES 86,561,662 80,129,889 90,709,084 108,630,868
 VERTICAL
2018 2014 2015 2016 2017 2018

21,533,696 23.21% 26.68% 23.41% 20.54% 14.70%

1,575,624 1.86% 1.97% 1.75% 1.46% 1.08%
26,898,152 1.86% 36.35% 32.69% 25.65% 18.36%
1,113,854 0.95% 1.02% 1.03% 0.89% 0.76%
13,604 0.02% 0.02% 0.02% 0.01% 0.01%
51,134,930 58.55% 66.04% 58.89% 48.56% 34.91%

3,473,851 3.83% 4.24% 3.78% 3.22% 2.37%

12,931,714 1.13% 6.36% 4.67% 0.36% 8.83%
3,678,698 0.95% 2.21% 4.75% 3.43% 2.51%
1,060,098 1.22% 1.28% 1.00% 1.50% 0.72%
81,671 0.03% 0.05% 0.06% 0.07% 0.06%
15,724,971 1.24% 3.50% 8.48% 12.86% 10.73%
54,585,604 31.69% 12.90% 15.59% 28.43% 37.26%
3,817,997 1.36% 3.42% 2.78% 1.58% 2.61%
95,354,604 41.45% 33.96% 41.11% 51.44% 65.09%
146,489,534 100.00% 100.00% 100.00% 100.00% 100.00%

12,722,382 14.70% 15.88% 14.03% 11.71% 8.68%

160,000 0.18% 0.20% 0.18% 0.15% 0.11%
20,522,513 14.42% 17.34% 16.36% 14.89% 14.01%

-21,950 0.35% 0.67% 0.54% 0.27% -0.01%

33,382,945 29.65% 34.08% 31.10% 27.02% 22.79%

8,583,749 2.89% 19.83% 18.36% 14.33% 5.86%

4,578,148 5.28% 5.74% 5.30% 4.32% 3.13%
13,161,897 8.17% 25.57% 23.66% 18.66% 8.98%

60,599,330 43.79% 10.13% 11.96% 36.10% 41.37%

300,574 0.00% 0.00% 0.35% 0.18% 0.21%
638,783 0.00% 0.00% 0.00% 0.00% 0.44%
0 0.03% 0.33% 0.00% 0.00% 0.00%
28,526,484 13.40% 22.49% 24.45% 10.62% 19.47%
7,237,742 2.06% 5.63% 7.09% 6.29% 4.94%
2,641,779 2.89% 1.76% 1.38% 1.13% 1.80%
99,944,692 62.17% 40.34% 45.24% 54.32% 68.23%
146,489,534 100.00% 100.00% 100.00% 100.00% 100.00%
 INCOM STATMENT
2014 2015 2016 2017 2018
Turnover 81,240,187 84,831,024 72,876,687 90,714,114 105,964,471
Cost of sales 50,136,749 55,949,370 54,827,041 72,620,911 77,985,886
GROSS PROFIT 31,103,438 28,881,654 18,049,646 18,093,203 27,978,585
Distribution cost 6,431,667 6,813,591 7,154,244 8,574,081 8,833,490
24,671,771 22,068,063 10,895,402 9,519,122 19,145,095
Finance cost 848,940 1,474,801 2,405,589 2,470,672 1,636,976
Other expenses 2,302,937 2,284,624 1,760,663 1,630,750 2,108,585
21,519,894 18,308,638 6,729,150 5,417,700 15,399,534
Other income 4,720,866 6,194,231 10,664,843 10,323,615 6,283,051
PROFIT BEFORE TAX 26,240,760 24,502,869 17,393,993 15,741,315 21,682,585
Provision for taxation 8,070,000 7,737,000 5,612,000 5,030,000 7,244,000
PROFIT FOR THE YEAR 18,170,760 16,765,869 11,781,993 10,711,315 14,438,585
 VERTICAL
2014 2015 2016 2017 2018
100.00% 100.00% 100.00% 100.00% 100.00%
61.71% 65.95% 75.23% 80.05% 73.60%
38.29% 34.05% 24.77% 19.95% 26.40%
7.92% 8.03% 9.82% 9.45% 8.34%
30.37% 26.01% 14.95% 10.49% 18.07%
1.04% 1.74% 3.30% 2.72% 1.54%
2.83% 2.69% 2.42% 1.80% 1.99%
26.49% 21.58% 9.23% 5.97% 14.53%
5.81% 7.30% 14.63% 11.38% 5.93%
32.30% 28.88% 23.87% 17.35% 20.46%
9.93% 9.12% 7.70% 5.54% 6.84%
22.37% 19.76% 16.17% 11.81% 13.63%
 2014 2015 2016 2017 2018
grass profit margin 38.28578 34.0461 24.76738 19.9453 26.40374
operating profit margin 30.36892 26.01414 14.95046 10.49354 18.06747
net profit margion 22.36671 19.76384 16.16703 11.80777 13.62587
return on asset 20.99169 20.92336 12.98877 9.860287 9.856394
reyurn on equity 0.707873 0.613877 0.417634 0.364922 0.432514 45 0.8
35
25
total asset turnover 0.938524 1.058669 0.803411 0.835068 0.723359 25 40 0.7
30
35 0.6 20
20 1.2
25
30
0.5
251
20 15
15 0.4
20
15
0.8 0.3
15 10
10
10 0.2
0.6
10
5 55 0.1 5
0.4
00 0
2014
0 2014
0 2014 201
0.2
2014 20

0
2014
 operating reyurn
grass profit on
margin
profit equity
margin
return
net profit margion on asset
45 0.8
35
25
40 0.7
30 total asset turnover
35 0.6 20
1.2
25
30
0.5
251
20 15
0.4
20
15
0.8 0.3
15 10
10 0.2
0.6
10
55 0.1 5
0.4
00 0
2014
0 2014 2015 2015 2016 2016 2017 2017 2018 2018
2014 2014 2015 2015 2016 2016 2017 2017 2018 2018
0.2
2014 2015 2016 2017 2018

0
2014 2015 2016 2017 2018
 2014 2015 2016 2017 2018
dividend paid 17582658 15443066 11109510 8557834 9912803
no of comman share outstanding 1500000000 1500000000 1500000000 1500000000 1500000000
earning par share 0.01211384 0.011177246 0.007854662 0.007140877 0.009625723
dividend par share 0.011721772 0.010295377 0.00740634 0.005705223 0.006608535
dividend pay out ratio 96.76347054 92.11014353 94.29228145 79.89526963 68.65494784
persantage earning retained 3.236529457 7.88985647 5.70771855 20.10473037 31.34505216
price/earning ratio 9667.454746 10624.2629 13287.65006 11070.06936 9769.655406
book value par share 0.017113021 0.018207643 0.01880753 0.019568253 0.022255297
dividend yield 0.010009198 0.008669791 0.007096235 0.007217233 0.007027366
degree of financial leverage 0.732618002 0.587149578 0.719410179 0.344112395
market price 117.11 118.75 104.37 79.05 94.04

change in net incom -0.07731603 -0.29726321 -0.0908741 0.347975015

change in ebit -0.10553389 -0.50628191 -0.12631751 1.01122488