Berger Interim September 2017 - Welcome to Berger Paints...

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Interim Financial Reportfor the quarter ended

September ��, ��

ContentsCompany Information

Directors’ Report

Director’s Report - Urdu

Condensed Interim Unconsolidated Balance Sheet

Condensed Interim Unconsolidated Profit and Loss Account

Condensed Interim Unconsolidated Statement of Comprehensive Income

Condensed Interim Unconsolidated Cash Flow Statement

Condensed Interim Unconsolidated Statement of Changes in Equity

Notes to the Condensed Interim Unconsolidated Financial Information

Consolidated Financial Statements

Condensed Interim Consolidated Balance Sheet

Condensed Interim Consolidated Profit and Loss Account

Condensed Interim Consolidated Statement of Comprehensive Income

Condensed Interim Consolidated Cash Flow Statement

Condensed Interim Consolidated Statement of Changes in Equity

ContentsCompany Information

Directors’ Report

Director’s Report - Urdu

Condensed Interim Unconsolidated Balance Sheet

Condensed Interim Unconsolidated Profit and Loss Account

Condensed Interim Unconsolidated Statement of Comprehensive Income

Condensed Interim Unconsolidated Cash Flow Statement

Condensed Interim Unconsolidated Statement of Changes in Equity

Notes to the Condensed Interim Unconsolidated Financial Information

Consolidated Financial Statements

Condensed Interim Consolidated Balance Sheet

Condensed Interim Consolidated Profit and Loss Account

Condensed Interim Consolidated Statement of Comprehensive Income

Condensed Interim Consolidated Cash Flow Statement

Condensed Interim Consolidated Statement of Changes in Equity

02 | Berger Paints Pakistan Limited Interim Financ 7 03ial Report September 30, 201 |

Company Information

Board of Directors

Mr. Maqbool H.H. Rahimtoola - ChairmanDr. Mahmood Ahmad - Chief ExecutiveMr. Hamid Masood SohailMr. Muhammad NaseemMr. Ilyas SharifMr. Shahzad M. HusainMr. Zafar A. Osmani

Audit Committee

Mr. Hamid Masood Sohail - ChairmanMr. Maqbool H.H. RahimtoolaMr. Muhammad Naseem

Human Resource Committee

Mr. Zafar A. Osmani - ChairmanDr. Mahmood AhmadMr. Shahzad M. Husain

CFO & Company Secretary

Mr. Abdul Wahid Qureshi

Bankers

MCB Bank LimitedUnited Bank LimitedNational Bank of PakistanFaysal Bank LimitedJS Bank LimitedSummit Bank LimitedHabib Metropolitan Bank Limited

Auditors

KPMG Taseer Hadi & Co.Chartered Accountants

Solicitors

Surridge & Beecheno

Company Registrar

THK Associates (Private) Limited

Registered Office

36 Industrial Estate, Kot Lakhpat, Lahore.Tel: 92 42 111 237 437Fax: 92 42 35151549

Factory

28 Km, Multan Road, Lahore.Tel: 92 42 38102775Fax: 92 42 37543450

Web Presence

www.berger.com.pk

Directors’ Report

The Directors of the Company are pleased to present their review along with the interim financial statements of the Company for the quarter ending on September 30, 2017.

Operational Results

During the quarter under review, besides tough competition, change in economic scenario in the country and the raw material prices witnessed an increasing trend. These factors adversely affected the performance of the Company. Despite these challenges, however, your Company managed to achieve sales target in line with last year sales for the same period. Due to increased input costs and the change in product mix, gross margins stood at 24% at the end of September 30, 2017, compared with 34% for the same period last year.

Administrative and Selling expenditure remained under control and marketing activities were executed according to the marketing plan.

As a result of these factors, Earning per Share at the end of the first quarter resulted at Rs. 0.08 as compared with Rs. 2.09 for the same quarter of the previous year.

Future Outlook

Economic outlook of the country appears positive due to the progress on CPEC related projects and the focus of the government on mega projects in anticipation of general election next year. We are hopeful of a profitable growth in over the remaining months.

The Directors take this opportunity to thank our shareholders and valued customers for their continued trust as indeed the Company appreciates the dedication demonstrated by all tiers of the Company employees.

Lahore:Dated: 19 October 2017

Dr. Mahmood AhmadChief Executive

On behalf of the Board

30 September 30 June

2017 2017

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 1,148,840

1,138,904

Intangibles 8,280

Goodwill 36,750

36,750

Investments - related parties 73,761

74,568

Long-term loans 55,973

50,929

Long term loan to related party - Secured 40,000

40,000

Long-term deposits 22,277

20,774

Deferred taxation 1,859

1,387,740

1,371,801

CURRENT ASSETS

Stores 15,961

16,924

Stock in trade 891,848

1,018,236

Trade debts 1,081,927

1,249,455

Loans and advances 143,028 102,524

Trade deposits and short-term prepayments 28,958

30,387

Other receivables 10,662

13,732

Taxation - net 254,111

241,160

Sales tax refundable 12,357

58,129

Short term investments 42,275

42,275

Cash and bank balances 21,899

44,356

2,503,026

2,817,178

TOTAL ASSETS 3,890,766

4,188,979

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised share capital

25,000,000 ordinary shares of Rs.10 each 250,000

250,000

Issued, Subscribed and paid-up capital 181,864 181,864

Reserves 370,000 370,807

Accumulated Profit 361,250 353,611

913,114 906,282

SURPLUS ON REVALUATION OF FIXED ASSETS - NET OF TAX 515,260 521,363

NON-CURRENT LIABILITIES

Long term financing 121,246 138,263

Staff retirement and other long term benefits 121,821 119,977

Deferred taxation - -

CURRENT LIABILITIES

Trade and other payables 1,171,877 1,472,877

Current maturity of long-term financing 68,088 68,088

Accrued finance cost 14,165 13,394

Short term borrowings - secured 965,195 948,735

2,219,325 2,503,094

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 3,890,766 4,188,979

The annexed notes 1 to 8 form an integral part of these condensed interim financial statements.

Rupees in thousand

As on 30 September 2017

Condensed InterimUnconsolidated Balance Sheet (Un-audited)

Chief Financial Officer Chief Executive Director

243,067 258,240

2017 2017

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 1,148,840

1,138,904

Intangibles 8,280

Goodwill 36,750

36,750

Investments - related parties 73,761

74,568

Long-term loans 55,973

50,929

Long term loan to related party - Secured 40,000

40,000

Long-term deposits 22,277

20,774

Deferred taxation 1,859

1,387,740

1,371,801

CURRENT ASSETS

Stores 15,961

16,924

Stock in trade 891,848

1,018,236

Trade debts 1,081,927

1,249,455

Loans and advances 143,028 102,524

Trade deposits and short-term prepayments 28,958

30,387

Other receivables 10,662

13,732

Taxation - net 254,111

241,160

Sales tax refundable 12,357

58,129

42,275

Cash and bank balances 21,899

44,356

2,503,026

2,817,178

TOTAL ASSETS 3,890,766

4,188,979

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

25,000,000 ordinary shares of Rs.10 each 250,000

250,000

Issued, Subscribed and paid-up capital 181,864 181,864

Reserves 370,000 370,807

Accumulated Profit 361,250 353,611

913,114 906,282

SURPLUS ON REVALUATION OF FIXED ASSETS - NET OF TAX 515,260 521,363

NON-CURRENT LIABILITIES

Long term financing 121,246 138,263

Staff retirement and other long term benefits 121,821 119,977

Deferred taxation - -

CURRENT LIABILITIES

Trade and other payables 1,171,877 1,472,877

Current maturity of long-term financing 68,088 68,088

Accrued finance cost 14,165 13,394

Short term borrowings - secured 965,195 948,735

2,219,325 2,503,094

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 3,890,766 4,188,979

Rupees in thousand

Condensed InterimUnconsolidated Balance Sheet (Un-audited)

243,067 258,240

Sales - net 1,149,930 1,135,663

Cost of sales 878,862 753,549

Gross Profit 271,068 382,114

Marketing and Distribution expenses 207,867 262,988

Administrative expenses 47,159 44,513

255,026 307,501

Operating Profit 16,042 74,613

Other operating income 10,787 1,370

26,829 75,983

Finance cost 22,117 16,029

Other operating expenses 2,486 4,137

24,603 20,166

Profit before taxation 2,226 55,817

Taxation 690 17,862

Profit after taxation 1,536 37,955

Earning per share - basic and diluted Rs.0.08 Rs.2.09

Condensed InterimUnconsolidated Profit and Loss Account (Un-audited)For the period ended 30 September 2017

30 September 30 September

2017 2016Rupees in thousand

Profit after taxation

Other comprehensive income

Items that may be reclassified to profit and loss

Fair value (loss)/gain on 'Available for sale' investments

Total comprehensive income for the period

37,955

12,077

50,032

Condensed InterimUnconsolidated Statement of Comprehensive Income (Un-audited)For the period ended 30 September 2017

Sales - net 1,149,930 1,135,663

Cost of sales 878,862 753,549

Gross Profit 271,068 382,114

Marketing and Distribution expenses 207,867 262,988

255,026 307,501

Operating Profit 16,042 74,613

Other operating income 10,787 1,370

26,829 75,983

Other operating expenses 2,486 4,137

24,603 20,166

Taxation 690 17,862

Profit after taxation 1,536 37,955

Earning per share - basic and diluted Rs.0.08 Rs.2.09

Condensed InterimUnconsolidated Profit and Loss Account (Un-audited)For the period ended 30 September 2017

Profit after taxation

Fair value (loss)/gain on 'Available for sale' investments

37,955

12,077

50,032

Condensed InterimUnconsolidated Statement of Comprehensive Income (Un-audited)For the period ended 30 September 2017

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustment for non cash items:

Depreciation on propery, plant and equipment

Provision against slow moving stock

Provision against bad debts

Provision for staff retirement and other long term benefits

Amortization on intangibles

Gain on disposal of property, plant and equipment

Finance costs

Operating profit before working capital changes

(Increase) / Decrease in Current Assets

Stores

Stocks in Trade

Trade debts

Loans and advances

Trade deposits short-term prepayments

Others receivables

Increase / (Decrease) in Current Liabilities

Trade and other payables

Cash generated from operations

Finance costs paid

Income tax paid

Sales tax paid

Staff retirement and other long term benefits paid

Long-term loans - net

Long-term deposits - net

Net cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure

Sales proceeds on disposal of property, plant and equipment

Long term loans to / investment in related party - secured

Short term investments

Net cash outflow from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing

Dividend Paid

Net cash generated from / (used in) financing activities

Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

For the period ended 30 September 2017

Condensed InterimUnconsolidated Statement of Changes in Equity (Un-audited)

Condensed InterimUnconsolidated Cash Flow Statement (Un-audited)

55,817

19,331

19,997

16,029

69,071

124,888

(75,614)

(21,441)

(29,600)

93,804

(31,298)

(38,643)

54,947

(19,272)

(41,790)

(9,581)

(70,560)

(15,613)

(9,180)

20,000

10,832

(20,150)

(24,931)

(368,257)

(393,188)

19,245

22,117

51,648

53,874

124,598

167,421

(40,504)

256,977

(277,055)

33,796

(21,346)

(13,641)

45,772

(6,307)

(5,044)

(1,503)

(2,069)

31,727

(31,977)

(29,682)

(17,017)

(23,945)

(40,962)

(38,917)

(504,379)

(543,296)

Balance as at 1 July 2016

Balance as at 30 September 2016

Balance as at 30 Jun 2017

Total comprehensive income for the period ended

30 September 2017

- Profit for the period

Other Comprehensive income for the period

Fair value loss on 'Available for sale' investments

Surplus on revaluation of property plant and

equipment realized through incremental

depreciation charged on related assets during the

period

Remeasurement of defined benefit obligation

period

Transaction with owners of the Company

recognized directly in equity - Distributions

Interim dividend for the year ended 30 June 2017

@ Rs. 4.50 per share.

Final dividend for the year ended 30 June 2016 @

Rs. 4.5 per share.

Fair value gain on 'Available for sale' investments

Measurement of defined benefit obligation

period

ended 30 Jun 2017

30 September 2016

Rupees in thousand

Share Fair value

premium reserve

General

reserve

Accumulated

Profit

181,864

56,819

6,977 285,000 289,242 819,902

- - - 37,955 37,955

- 12,077 - - 12,077

- - - - -

- 12,077 - - 12,077

181,864

56,819 19,054 285,000 327,197 869,934

- - - 7,565 7,565

181,864

56,819 19,054 285,000 334,762 877,499

- - - 164,156 164,156

- 9,934 - - 9,934

- - - 4,986 4,986

- 9,934 - 4,986 14,920

181,864 56,819 28,988 285,000 503,904 1,056,575

- - - - 13,385 13,385

- - - - (81,839) (81,839)

181,864 56,819 28,988 285,000 353,611 906,282

- - - - 1,536 1,536

- - (807) - - (807)

181,864 56,819 28,181 285,000 355,147 907,011

- - - - 6,103 6,103

181,864 56,819 28,181 285,000 361,250 913,114

capital

Capital reserve Revenue reserve Total share

capital and

reserve

Profit before taxation

Adjustment for non cash items:

Depreciation on propery, plant and equipment

Provision against slow moving stock

Provision against bad debts

Provision for staff retirement and other long term benefits

Amortization on intangibles

Gain on disposal of property, plant and equipment

Finance costs

Operating profit before working capital changes

(Increase) / Decrease in Current Assets

Stores

Stocks in Trade

Trade debts

Loans and advances

Trade deposits short-term prepayments

Others receivables

Increase / (Decrease) in Current Liabilities

Cash generated from operations

Finance costs paid

Income tax paid

Sales tax paid

Staff retirement and other long term benefits paid

Long-term loans - net

Long-term deposits - net

Net cash generated from operating activities

Fixed capital expenditure

Sales proceeds on disposal of property, plant and equipment

Long term loans to / investment in related party - secured

Net cash outflow from investing activities

Repayment of long term financing

Dividend Paid

Net cash generated from / (used in) financing activities

Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

Condensed InterimUnconsolidated Statement of Changes in Equity (Un-audited)

Condensed InterimUnconsolidated Cash Flow Statement (Un-audited)

55,817

19,331

19,997

16,029

69,071

124,888

(75,614)

(21,441)

(29,600)

93,804

(31,298)

(38,643)

54,947

(19,272)

(41,790)

(9,581)

(70,560)

(15,613)

(9,180)

20,000

10,832

(20,150)

(24,931)

(368,257)

(393,188)

19,245

22,117

51,648

53,874

124,598

167,421

(40,504)

256,977

(277,055)

33,796

(21,346)

(13,641)

45,772

(6,307)

(5,044)

(1,503)

(2,069)

31,727

(31,977)

(29,682)

(17,017)

(23,945)

(40,962)

(38,917)

(504,379)

(543,296)

Balance as at 30 Jun 2017

30 September 2017

Fair value loss on 'Available for sale' investments

period

Remeasurement of defined benefit obligation

period

Transaction with owners of the Company

recognized directly in equity - Distributions

@ Rs. 4.50 per share.

Final dividend for the year ended 30 June 2016 @

Rs. 4.5 per share.

Measurement of defined benefit obligation

period

ended 30 Jun 2017

30 September 2016

Rupees in thousand

Share Fair value

premium reserve

General

reserve

Accumulated

Profit

181,864

56,819

6,977 285,000 289,242 819,902

- - - 37,955 37,955

- 12,077 - - 12,077

- - - - -

- 12,077 - - 12,077

181,864

56,819 19,054 285,000 327,197 869,934

- - - 7,565 7,565

181,864

56,819 19,054 285,000 334,762 877,499

- - - 164,156 164,156

- 9,934 - - 9,934

- - - 4,986 4,986

- 9,934 - 4,986 14,920

181,864 56,819 28,988 285,000 503,904 1,056,575

- - - - 13,385 13,385

- - - - (81,839) (81,839)

181,864 56,819 28,988 285,000 353,611 906,282

- - - - 1,536 1,536

- - (807) - - (807)

181,864 56,819 28,181 285,000 355,147 907,011

- - - - 6,103 6,103

181,864 56,819 28,181 285,000 361,250 913,114

capital

Capital reserve Revenue reserve Total share

capital and

reserve

Berger Road Safety (Private) Limited - a subsidiary 25,076 23,301

Buxly Paints Limited - related party 51,800 41,252

Dadex Eternit 532

TOLL MANUFACTURING INCOME

Buxly Paints Limited - related party 4,453

RENTAL INCOME AND OTHER SERVICES CHARGED

Buxly Paints Limited - related party 300

Berger Road Safety (Private) Limited - a subsidiary 1,511

RENTAL EXPENSES

ROYALTY

Slotrapid Limited B.V.I - holding company 7,206

Notes to the Condensed InterimUnconsolidated Financial Information (Un-audited)

Additions 31,977 9,180

1 . THE COMPANY AND ITS OPERATIONS

The company was incorporated in Pakistan on March 25, 1950 as a Private Limited Company under the

Companies Act, 1913 and was subsequently converted into a public Limited Company. The Company's

shares are quoted on Pakistan Stock Exchange (previously known as Karachi and Islamabad Stock

Exchanges). The Company is engaged in the manufacturing of paints, varnishes and other related items.

Slotrapid Limited is the holding Company of Berger Paints Pakistan Limited.

The registered office of the Company is situated at 36, Industrial Estate Kot Lakhpat Lahore and the

production facility of the Company is located at 28 Km Multan Road, Lahore.

2 . BASIS OF PREPARATION

These interim condensed financial statements are unaudited and are being submitted to the shareholders in

accordance with section 245 of the Companies Ordinance, 1984 and have been prepared in accordance with

the requirements of International Accounting Standard (IAS) - 34 "Interim Financial Reporting", as applicable

in Pakistan.

The interim condensed financial statements do not include all the information and disclosures required in the

annual financial statements, and should be read in conjunction with the Company's annual financial

statements as at June 30, 2017.

3 . SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation followed in the preparation of interim condensed

financial statements are same as those published in the annual financial statements for the year ended June

30, 2017.

4 . PROPERTY, PLANT AND EQUIPMENT

5 . CONTINGENCIES AND COMMITMENTS

5.1 Contingencies

There is no change in the status of contingency, set out in note 29 to the annual financial statements of the

company for the year ended 30 June 2017.

5.2 Commitments

5.2.1 Outstanding letter of credit as at September 30, 2017 amounted to Rs. 455.63 million [June 30, 2017: Rs.

482.70 million].

5.2.2 Outstanding letter of guarantees as at September 30, 2017 amounted to Rs. 77.69 million [June 30, 2017: Rs.

61.28 million].

7 . These interim condensed financial statements were authorized for issue on 19 October 2017 by the Board of

Directors of the Company.

8. GENERAL

Figures presented in these interim condensed financial statements have been rounded off to the nearest

thousand rupees.

6 . TRANSACTION WITH RELATED PARTIES

The following table provides details in respect of transactions entered into with related parties during the

quarter ended on September 30, 2017. All transactions were carried out at arms length price.

Berger Road Safety (Private) Limited - a subsidiary 25,076 23,301

Buxly Paints Limited - related party 51,800 41,252

Dadex Eternit 532

TOLL MANUFACTURING INCOME

Buxly Paints Limited - related party 4,453

RENTAL INCOME AND OTHER SERVICES CHARGED

Berger Road Safety (Private) Limited - a subsidiary 1,511

RENTAL EXPENSES

ROYALTY

Slotrapid Limited B.V.I - holding company 7,206

Notes to the Condensed InterimUnconsolidated Financial Information (Un-audited)

Additions 31,977 9,180

1 . THE COMPANY AND ITS OPERATIONS

The company was incorporated in Pakistan on March 25, 1950 as a Private Limited Company under the

Companies Act, 1913 and was subsequently converted into a public Limited Company. The Company's

shares are quoted on Pakistan Stock Exchange (previously known as Karachi and Islamabad Stock

Exchanges). The Company is engaged in the manufacturing of paints, varnishes and other related items.

Slotrapid Limited is the holding Company of Berger Paints Pakistan Limited.

The registered office of the Company is situated at 36, Industrial Estate Kot Lakhpat Lahore and the

production facility of the Company is located at 28 Km Multan Road, Lahore.

2 . BASIS OF PREPARATION

These interim condensed financial statements are unaudited and are being submitted to the shareholders in

accordance with section 245 of the Companies Ordinance, 1984 and have been prepared in accordance with

the requirements of International Accounting Standard (IAS) - 34 "Interim Financial Reporting", as applicable

in Pakistan.

The interim condensed financial statements do not include all the information and disclosures required in the

annual financial statements, and should be read in conjunction with the Company's annual financial

statements as at June 30, 2017.

3 . SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation followed in the preparation of interim condensed

financial statements are same as those published in the annual financial statements for the year ended June

30, 2017.

4 . PROPERTY, PLANT AND EQUIPMENT

5 . CONTINGENCIES AND COMMITMENTS

5.1 Contingencies

There is no change in the status of contingency, set out in note 29 to the annual financial statements of the

company for the year ended 30 June 2017.

5.2 Commitments

5.2.1 Outstanding letter of credit as at September 30, 2017 amounted to Rs. 455.63 million [June 30, 2017: Rs.

482.70 million].

5.2.2 Outstanding letter of guarantees as at September 30, 2017 amounted to Rs. 77.69 million [June 30, 2017: Rs.

61.28 million].

7 . These interim condensed financial statements were authorized for issue on 19 October 2017 by the Board of

Directors of the Company.

8. GENERAL

Figures presented in these interim condensed financial statements have been rounded off to the nearest

thousand rupees.

6 . TRANSACTION WITH RELATED PARTIES

The following table provides details in respect of transactions entered into with related parties during the

quarter ended on September 30, 2017. All transactions were carried out at arms length price.

Berger Paints Pakistan LimitedConsolidated Financial Statements

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Berger Paints Pakistan LimitedConsolidated Financial Statements

This page has been left blank intentionally

Sales - net 1,190,644 1,188,595

Cost of sales 907,346 794,162

Gross profit 283,298 394,433

Marketing and Distribution costs 215,394 273,510

264,755 318,336

Operating profit 18,543 76,097

Other income 8,272 93

26,815 76,190

Other charges 2,486 4,137

25,873 20,308

Share of profit of associated Company 254 247

Taxation 1,512 18,756

Profit after taxation (316) 37,373

Attributable to:

Equity holders of the parent 688 37,780

Non-controlling interest (1,004) (407)

Earning per share - basic and diluted 0.04 2.08

Rupees

Condensed InterimConsolidated Balance Sheet (Un-audited)

Chief Financial Officer Chief Executive Director Chief Financial Officer Chief Executive Director

2017 2017

1,155,803 1,146,452

45,030 44,767

69,590 70,143

55,973 50,929

24,981 23,478

1,710 1,710

1,353,087 1,337,479

15,961 16,924

897,239 1,022,809

1,159,011 1,291,939

148,893 110,305

28,958 30,387

12,764 15,834

299,361 329,694

42,275 42,275

21,817 49,755

2,626,279 2,909,922

3,979,366 4,247,401

250,000 250,000

181,864 181,864

742,425 736,441

924,289 918,305

17,154 18,158

515,260 521,363

121,246 138,263

121,821 119,977

3,732 3,732

246,799 261,972

1,227,086 1,495,613

14,165 13,394

68,088 68,088

1,330 1,773

965,195 948,735

2,275,864 2,527,603

2,522,663 2,789,575

Non-current assets

Property, plant and equipment

Intangibles

Investments - related parties

Long term loans

Long term deposits

Deferred taxation

Current assets

Stores

Stock in trade

Trade debts

Loans and advances

Trade deposits and short term prepayments

Other receivables

Taxation - net

Cash and bank balances

Share capital and reserves

25,000,000 ordinary shares of Rs.10 each

Share capital

Reserves

Non-controlling intrest

Surplus on revaluation of fixed assets

Non-current liabilities

Long-term financing

Staff retirement benefits

Liabilities against assets subject to finance lease

Deferred taxation

Current liabilities

Accrued finance cost

Current maturity of long-term financing

Current maturity of liabilities against assets subject to finance lease

Short term borrowings

Contingencies and commitments

3,979,366 4,247,401

Rupees in thousand

Rupees

30 September

2016Rupees in thousand

Condensed InterimConsolidated Profit and Loss Account (Un-audited)For the period ended 30 September 2017

Sales - net 1,190,644 1,188,595

Cost of sales 907,346 794,162

Gross profit 283,298 394,433

Marketing and Distribution costs 215,394 273,510

264,755 318,336

Operating profit 18,543 76,097

Other income 8,272 93

26,815 76,190

Other charges 2,486 4,137

25,873 20,308

Share of profit of associated Company 254 247

Taxation 1,512 18,756

Profit after taxation (316) 37,373

Attributable to:

Equity holders of the parent 688 37,780

Non-controlling interest (1,004) (407)

Earning per share - basic and diluted 0.04 2.08

Rupees

Condensed InterimConsolidated Balance Sheet (Un-audited)

2017 2017

1,155,803 1,146,452

45,030 44,767

69,590 70,143

55,973 50,929

24,981 23,478

1,710 1,710

1,353,087 1,337,479

15,961 16,924

897,239 1,022,809

1,159,011 1,291,939

148,893 110,305

28,958 30,387

12,764 15,834

299,361 329,694

42,275 42,275

21,817 49,755

2,626,279 2,909,922

3,979,366 4,247,401

250,000 250,000

181,864 181,864

742,425 736,441

924,289 918,305

17,154 18,158

515,260 521,363

121,246 138,263

121,821 119,977

3,732 3,732

246,799 261,972

1,227,086 1,495,613

14,165 13,394

68,088 68,088

1,330 1,773

965,195 948,735

2,275,864 2,527,603

2,522,663 2,789,575

Non-current assets

Property, plant and equipment

Intangibles

Investments - related parties

Long term loans

Long term deposits

Deferred taxation

Current assets

Stores

Stock in trade

Trade debts

Loans and advances

Trade deposits and short term prepayments

Other receivables

Taxation - net

Cash and bank balances

Share capital and reserves

25,000,000 ordinary shares of Rs.10 each

Share capital

Reserves

Surplus on revaluation of fixed assets

Non-current liabilities

Long-term financing

Staff retirement benefits

Liabilities against assets subject to finance lease

Deferred taxation

Current liabilities

Accrued finance cost

Current maturity of long-term financing

Current maturity of liabilities against assets subject to finance lease

Short term borrowings

Contingencies and commitments

3,979,366 4,247,401

Rupees in thousand

Rupees

30 September

Condensed InterimConsolidated Profit and Loss Account (Un-audited)For the period ended 30 September 2017

Cash generated from operations 38,994

Finance cost paid (19,414)

Income taxes - net (46,677)

Staff retirement benefits 8,617

Long term loans (9,581)

Long term deposits (1)

Net cash inflows / (outflows) from operating activities (28,062)

Capital expenditure (9,179)

Sale proceeds on disposal of property, plant and equipment -

Net cash (outflows) / inflows from investing activities 10,821

Repayment of long term financing (20,150)

Lease liability (442)

Net cash (outflows) from financing activities (20,592)

Net increase / (decrease) in cash and cash equivalents (37,833)

Cash and cash equivalents at 1 Jul (350,503)

Cash and cash equivalents at 30 Sep (388,336)

Profit after taxation 37,373

Fair value (loss)/gain on 'Available for sale' investments 12,077

Total comprehensive (loss)/income for the period 49,450

Attributable to :

Equity holder of the parent 49,857

(1,123)

(1,004) (407)

Condensed InterimConsolidated Statement of Comprehensive Income (Un-audited)For the period ended 30 September 2017

30 September

(22,616)

28,821

(6,307)

(5,044)

(1,503)

(31,977)

(29,682)

(17,017)

(17,460)

(44,398)

(498,980)

(543,378)

Condensed InterimConsolidated Cash Flow Statement (Un-audited)

Cash generated from operations 38,994

Finance cost paid (19,414)

Income taxes - net (46,677)

Staff retirement benefits 8,617

Long term loans (9,581)

Long term deposits (1)

Net cash inflows / (outflows) from operating activities (28,062)

Capital expenditure (9,179)

Sale proceeds on disposal of property, plant and equipment -

Net cash (outflows) / inflows from investing activities 10,821

Repayment of long term financing (20,150)

Lease liability (442)

Net cash (outflows) from financing activities (20,592)

Net increase / (decrease) in cash and cash equivalents (37,833)

Cash and cash equivalents at 1 Jul (350,503)

Cash and cash equivalents at 30 Sep (388,336)

Profit after taxation 37,373

Fair value (loss)/gain on 'Available for sale' investments 12,077

Total comprehensive (loss)/income for the period 49,450

Attributable to :

Equity holder of the parent 49,857

(1,123)

(1,004) (407)

Condensed InterimConsolidated Statement of Comprehensive Income (Un-audited)For the period ended 30 September 2017

30 September

(22,616)

28,821

(6,307)

(5,044)

(1,503)

(31,977)

(29,682)

(17,017)

(17,460)

(44,398)

(498,980)

(543,378)

Condensed InterimConsolidated Cash Flow Statement (Un-audited)

30 September 2016

Profit for the period ended 30 September 2016

- Fair value gain on 'Available for sale' investments

30 September 2016

Surplus on revaluation of property, plant and

equipment realized through incremental depreciation

Transaction with owners of the Parent Company

Final dividend for the year ended 30 June 2016

@ Rs. 4.50 per share

30 June 2017

Profit for the period

- Remeasurement of defined benefit obligation

Total comprehensive income for the period ended 30 June 2017

charged on related assets during the period

Balance as at 30 June 2017

30 September 2017

- Fair value (loss) on 'Available for sale' investments

30 September 2017

Total equity

attributable

to owners of the

parent

Company

181,864 56,819 6,977 285,000 302,727 833,387 19,628 853,015

37,780

(407) 37,373

12,077

- 12,077

12,077

- 12,077

12,077

37,780

49,857

(407) 49,450

181,864 56,819

19,054 285,000 348,073

charged on related assets during the period - - - - 7,566 7,566 - 7,566

890,810

19,221 910,031

(81,839)

- (81,839)

(81,839)

- (81,839)

162,869

(1,063) 161,806

9,934 - 9,934

4,986 - 4,986

14,920

- 14,920

167,855

177,789

(1,063) 176,726

13,384

- 13,384

181,864 56,819

28,988

285,000

365,634

918,305

18,158 936,463

- - - - 688 688 (1,004) (316)

- - (807) - - (807) - (807)

- - (807) - 688 (119) (1,004) (1,123)

- - - - 6,103 6,103 - 6,103

181,864 56,819 28,181 285,000 372,425 924,289 17,154 941,443

Reserves

Total equity

Revenue

Share capital Share premium General reserve

Accumulated

Profit Fair value reserve

Capital

Non controlling

Intrest

Rupees in thousand

Condensed InterimConsolidated Statement of Changes in Equity (Un-audited)

30 September 2016

Transaction with owners of the Parent Company

Final dividend for the year ended 30 June 2016

30 June 2017

Profit for the period

- Remeasurement of defined benefit obligation

Total comprehensive income for the period ended 30 June 2017

Balance as at 30 June 2017

30 September 2017

- Fair value (loss) on 'Available for sale' investments

30 September 2017

Total equity

attributable

to owners of the

parent

Company

181,864 56,819 6,977 285,000 302,727 833,387 19,628 853,015

37,780

(407) 37,373

12,077

- 12,077

12,077

- 12,077

12,077

37,780

49,857

(407) 49,450

181,864 56,819

19,054 285,000 348,073

charged on related assets during the period - - - - 7,566 7,566 - 7,566

890,810

19,221 910,031

(81,839)

- (81,839)

(81,839)

- (81,839)

162,869

(1,063) 161,806

9,934 - 9,934

4,986 - 4,986

14,920

- 14,920

167,855

177,789

(1,063) 176,726

13,384

- 13,384

181,864 56,819

28,988

285,000

365,634

918,305

18,158 936,463

- - - - 688 688 (1,004) (316)

- - (807) - - (807) - (807)

- - (807) - 688 (119) (1,004) (1,123)

- - - - 6,103 6,103 - 6,103

181,864 56,819 28,181 285,000 372,425 924,289 17,154 941,443

Reserves

Total equity

Revenue

Share capital Share premium General reserve

Accumulated

Profit Fair value reserve

Capital

Non controlling

Intrest

Rupees in thousand

Condensed InterimConsolidated Statement of Changes in Equity (Un-audited)

For Free Color Advisory111-BERGER (111-237-437) KHI, LHR, ISB.

Faisalabad: 041-8554044, 8724050 Peshawar: 091-5703127 Quetta: 081-2822772-3Gujranwala: 055-3250744, 3843450 Multan: 061-6300624, 6300475

Berger Paints Pakistan Limited 28 Km, Multan Road, Lahore, Pakistan.111-BERGER (111-237-437) KHI, LHR, ISB.

www.berger.com.pk

www.facebook.com/berger.pak

BERGER HELPLINE

08000-2000

www.twitter.com/BergerPakistan

20 | Berger Paints Pakistan Limited

For Free Color Advisory111-BERGER (111-237-437) KHI, LHR, ISB.

Faisalabad: 041-8554044, 8724050 Peshawar: 091-5703127 Quetta: 081-2822772-3Gujranwala: 055-3250744, 3843450 Multan: 061-6300624, 6300475

Berger Paints Pakistan Limited 28 Km, Multan Road, Lahore, Pakistan.111-BERGER (111-237-437) KHI, LHR, ISB.

www.berger.com.pk

www.facebook.com/berger.pak

BERGER HELPLINE

08000-2000

www.twitter.com/BergerPakistan

20 | Berger Paints Pakistan Limited

Berger Interim September 2017 - Welcome to Berger Paints...

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