ENGRO LATEST UPDATED modified
Transcript of ENGRO LATEST UPDATED modified
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EPS
Rs mn CY03 CY04 CY05Urea capacity 850,000 850,000 850,000Urea production 954,923 870,321 911,672Effeciency 112% 102% 107%NPK capacity 100,000 100,000 100,000NPK production 72,180 120,566 157,013Effeciency 72% 121% 157%NP productionUrea imports offtake 112,000
Domestic urea sales 890,000NPK (Zarkhez) 86,000 114,000 115,000NP - 28,000Zorawar MAP/MOP imports offtake 76,000 78,000 96,000DAP imports offtake 135,000 281,000
Closing Inventory UreaClosing Inventory DAPClosing Inventory NPClosing Inventory NPKClosing Inventory MAPClosing Inventory Imported urea
Urea importsDAP importsMAP imports
NPK as % of production 95% 73%NP as % of production 0% 18%Zorawar MAP/MOP growth 3% 23%DAP imports growth 108%Urea imports growth
Prices
Urea price growthDAP price growthMAP price growthNPK price growth
NP price growth
Domestic urea price per bag 485Ex factory per bag 470Urea per ton 9,400
DAP per bag importedEx factory per bag
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DAP per ton
MAP/MOP price per ton Us $Ex factory MAP priceRupee/ US $MAP price per ton Rs
NPK price per bagEx factory NPK priceNPK per ton
NP price per bagNP ex factory priceNP per ton
Urea import price per tonGrowthUS $ / RsUrea import cost per ton
DAP import priceGrowthUS $ / Rs
DAP import cost per ton
MAP import priceUS $ / RsMAP import cost per ton
Import margin
Urea subsidy per ton
DAP subsidy per tonMAP subsidy per tonNP subsidy per tonNPK subsidy per ton
Subsidized margin ureaSubsidized margin DAP
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Subsidized margin MAPSubsidized margin NPSubsidized margin NPK
DAP price
JanFebMarAprMayJunJulAugSepOctNovDec
DAP price growth
JanFebMarAprMayJunJul
AugSepOctNovDec
MAP prices ($)
JanFebMar
AprMayJunJulAugSepOctNov
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Dec
MAP price growth
JanFebMarAprMayJunJulAugSepOctNov
Dec
NPK prices
JanFebMarAprMayJun
JulAugSepOctNovDec
NPK prices growthJanFebMarAprMayJunJul
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AugSepOctNovDec
NP prices
JanFebMarAprMayJunJulAug
SepOctNovDec
NP prices growth
JanFeb
MarAprMayJunJulAugSepOctNovDec
Urea priceDAP priceMAP priceNPK priceNP price
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Sales
Domestic urea salesImported urea salesNPK salesNP salesDAP salesMAP/MOP sales
Gross sales domestic 8,753 9,503 10,694Sales tax 1,066 1,018 967
7,686 8,485 9,727Rate 12% 11% 9%Purchased product 4,801 4,592 9,123Sales tax 602 279 574
4,198 4,313 8,549Rate 13% 6% 6%
Net sales 11,884 12,798 18,276
Gas charges
Feedstock consumption 26,954 27,543Fuelstock consumption 7,165 6,695Feedstock charges 70 77Fuelstock charges 209 241Feedstock/capacity 3% 3%Fuelstock/capacity 1% 1%
Feedstock cost 1,714 1,949
Fuelstock cost 1,365 1,473
Raw material 574 1,076Raw material per ton 579 1,007Growth
Power 96 1837% 12%
Growth 91%
Raw materials consumed 2,288 3,025Fuel and power 1,460 1,656Salaries, wages 542 544Repairs & maintenance 269 236 284Consumable stores 81 76 75Staff recruitment and other 24 24 32Purchased services 92 99 102Travel 18 21 23
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Communication 28 29 29Insurance 69 54 51Rent, rates and taxes 4 5 5Other expenses 27 26 12Depreciation/ Amortization 560 584Manufacturing cost 5,421 6,420Opening stock WIP 18 10 3Closing stock WIP (10) (3) (1)COGM 5,427 6,422Opening stock FG 230 156 140Closing stock FG (156) (140) (319)Purchased product 3,886 4,085 8,089Subsidy
5,444 6,243
COGS 9,528 14,333
Selling & distribution expenses
Salaries 211 203Staff recruitment 18 25Product transportation 595 803Repairs & maintenance 13 11Advertising 61 63Rent 30 39Communication 26 20Travel 22 22
Depreciation/ Amortization 23 25Purchased services 12 13Donations 52Other expenses 26 26
1,037 1,302
% of sales
Salaries 2% 1%Staff recruitment 0% 0%Product transportation 5% 4%Repairs & maintenance 0% 0%
Advertising 0% 0%Rent 0% 0%Communication 0% 0%Travel 0% 0%Depreciation/ Amortization 0% 0%Purchased services 0% 0%Donations 0%Other expenses 0% 0%
Cost of gods sold- own manufacturedproduct
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Other income
Dividned income 491 964Income on deposits 45 59Service charges 6 20
- 65Reversal - 25
-Profit on disposal 13 -Net FOREX gain 3 1Others - 12
- 558 1,145
Dividend income 96%Income on deposits 31%
Service charges 235%Fair valueReversalProfit on disposal -100%Net FOREX gain -61%Others
Other operating expenses
WPPF 124 172Workers' welfare fund 33 43
R&D 32 69- (1)
Auditors' remunerationstatutory audit 1 1fee for other any services 1 1reimbursement of expenses 0 0
2 2190 284
Less: shown under capital WIP (1) (0)Professional tax 1 0
Other expenses 231,370,000 190 284Welfare fund 2050% 158%
-100% 49%
Current
Gain on change in fair value of interest rate swap
Gain on curtailment of defined benefit pensionplan
Reversal of provision for diminution in value ofinvestment
Loss on disposal of property, plant andequipment
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for the year 587 864for prior year - -
587 864Deferredfor the year 118 37for prior year - -
118 37
Taxation 766,468,000 704 900
rate 33% 25% 27%
Deferred 20% 4%
No. of shares 153 152.94
Issued paid up capital ### 1,529 1,529Reserves ### 4,429 4,429Unappropriated profit 540,189,000 627 1,417
Equity ### 6,586 7,376
1st interim dividnd as % of total 29% 27%
2nd interim dividend as % of total 24% 27%
Proposed dividend 47% 45%
ROE 24% 31%
Depreciation
Cost at start
Freehold land 13 13Leasehold land 187 187Building freehold 478 504Building leasehold 271 272Planat & machinery 8,912 9,226
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Planat & machinery held for disposalCatalyst 160Furnitur 361 364Vehiclesown 152 143Vehicles leased - 7Total 10,374 10,877
Additions
Freehold land - -Leasehold land - -Building freehold 26 30Building leasehold 1 2Planat & machinery 315 304Planat & machinery held for disposal 55Catalyst 22 24Furnitur 36 45
Vehiclesown 7 -Vehicles leasedTotal 407 459
Disposals
Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery (0) (14)
Planat & machinery held for disposal -Catalyst (14) (7)Furniture (45) (17)Vehiclesown - -Vehicles leasedTotal (59) (38)
Transfer in/(out)
Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery 160 -Planat & machinery held for disposal - -Catalyst (5) -Furnitur - -Vehiclesown - -Vehicles leasedTotal 155 -
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Cost at end
Freehold land 13 13Leasehold land 187 187Building freehold 504 534Building leasehold 272 274Planat % machinery 9,387 9,516Planat & machinery held for disposal - 215Catalyst 364 381Furnitur 143 170Vehiclesown 7 7Vehicles leasedTotal 10,877 11,298
Depriciation rate
Freehold land 0% 0%Leasehold land 2% 2%Building freehold 4% 4%Building leasehold 2% 3%Planat % machinery 5% 5%Planat & machinery held for disposal 17%Catalyst 11% 13%Furnitur 17% 15%Vehiclesown 5% 20%Vehicles leasedTotal
Depriciation at start
Freehold land - -Leasehold land 34 38Building freehold 180 200Building leasehold 18 25Planat % machinery 3,307 3,744Planat & machinery held for disposal - 88Catalyst 189 215Furnitur 94 85Vehiclesown - 0Vehicles leasedTotal 3,822 4,395
Depriciation for the year
Freehold land - -Leasehold land 4 4Building freehold 20 22
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Building leasehold 7 7Planat % machinery 477 455Planat & machinery held for disposal - 37Catalyst 41 48Furnitur 24 26Vehiclesown 0 1Vehicles leasedTotal 573 600
Disposals
Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery (0) (8)Planat & machinery held for disposal -
Catalyst (13) (6)Furnitur (34) (11)Vehiclesown - -Vehicles leasedTotal (47) (26)
Adjustments
Freehold land - -Leasehold land - -Building freehold - -
Building leasehold - -Planat % machinery 48 -Planat & machinery held for disposal - -Catalyst (2) -Furnitur - -Vehiclesown - -Vehicles leasedTotal 46 -
Depriciation at end
Freehold land - -Leasehold land 38 42Building freehold 200 222Building leasehold 25 32Planat % machinery 3,832 4,191Planat & machinery held for disposal - 125Catalyst 215 257Furnitur 85 99Vehiclesown 0 2
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Vehicles leasedTotal 4,395 4,969
Net book value at endFreehold land 13 13Leasehold land 150 146Building freehold 304 313Building leasehold 247 242Planat % machinery 5,555 5,325Planat & machinery held for disposal - 90Catalyst 149 124Furnitur 58 71Vehiclesown 6 5Vehicles leasedTotal 6,482 6,329
Capital WIP
Plant and machinery 464 361Building and civil works 110 96Furnitures, fixtures and equipment 25 48Advances to suppliers 16 6
615 511
Property, plant and equipment 7,096 6,840
Plant and machinery 7% 6%
Building and civil works 2% 2%Furnitures, fixtures and equipment 0% 1%Advances to suppliers 0% 0%
Depreciation allocation
Depreciation for the year 573 600Amortization for the year 9 9
582 609
Cost of sales 560 584Selling & distribution expenses 23 25
582 609
96% 96%4% 4%
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Disposal of fixed assetsVehicles
CostBVSale proceedsGain / (loss) on dsiposal of vehicles
FurnitureCostBVSale proceedsGain / (loss) on dsiposal of furniture
LandCostBVSale proceedsGain / (loss) on dsiposal of land
Gain / (loss) on disposal (1)
Sale proceeds 11
% -754%
LandCost
BVSale proceeds
FurnitureCostBVSale proceeds
Amortization
Cost 62 64Additions 2 21
64 86Amortization
Beginning 45 54Amortization cost 9.2060 9.4490
54 64
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Net BV 10 22
BS assumptions
Issued, subscribed and paid up 1,529 1,529Reserves -revenues 4,429 4,429Unappropriated profit 627 1,417
Share premium - -
CY05 2 -CY06 2 2CY07 2 2
7 5Less: financial charges not due 1 0
7 5
2 25 2
Deferred taxation
Accelerated depreciation allowance 1,026 1,036
Provision for - retirement benefits (32) (22)slow moving stores and spares (23) (6)
doubtful receivables (5) (5)966 1,003
Accelerated depreciation allowance 106% 103%Provision for - retirement benefits -3% -2%
slow moving stores and spares -2% -1%doubtful receivables -1% 0%
Retiement and other service benefits
Opening balance 177 20Reversal of expense 53 (4)Amounts received/ (contributions made) - (12)Contributions made (210) -Closing balance 20 4
Liability against assets subject to financiallease
Less: current portion shown under currentliabilities
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Less: payable to gratuity funds (6) 0Less: receivable from pension fund - -
(6) 025 3
Other service benefit plan 66 60
22 2043 4069 43
Pension fund
PV 358Fair value (402)Surplus (44)Unrecognized gain 44Net (asset) / liability at the year end -
Gratuity fund
PV 180Fair value (204)Surplus (24)Unrecognized gain 24Net (asset) / liability at the year end 0
Defined benefit plans
Curent service cost 38 28Interest cost 53 45Reversal made - (25)Expected return on plan assets (38) (52)Recognition of curtailment gain -
0 053 (4)
Defind cotribution plan 27 44
Current portion 34% 34%
Short term borrowings - secured
ST running finance 2,400 2,400Convertible into LT financing 2,400 2,400
- -
Less: current portion shown under currentlisbilities
Net acturial (gain) / loss recognizd in currentyear
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Trade and other payables
Creditors 297 839Accrued liabilities 282 328Payable to pension fund - 0Payable to gratuity fund - -Advances from customers 583 656Financial charges accrued on :redeemable capital and long term loans 40 61short term borrowings 2 27
Deposits from dealers refundable 7 7Contractors' deposits and retentions - 11WPPF 9 7Workers' welfare fund 2 27Others 16 5
1,237 1,969
Taxation - 434%
Unclaimed dividends 43 785% 5%
Long term investments
UnquotedSubsidiary company - at cost 85 833Joint venture company - at cost 1,340 1,340Others - at costArabian sea country club 5 5Less: provision for diminutionin value 5 5
- -Associated company Agrimall limited - -
1,425 2,173
Subsidiary companies
Engro eximp 0 0Engro management 3 3Engro foods - 150Advance against issue of share capital - 598Engro energy - -Advance against issue of share capital - -
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Engro asahi - -Engro innovative autimation 82 82
85 833
Joint venture company
Engro VOPAK 450 450Engro asahi 890 890
1,340 1,340
Executives 70 57
Other employees 35 6104 6452 31
Fair value of interest rate SWAP - 65Less: current portion - 32
- 33
52 66
Reconciliation of loans
Beginning balance 93 70Disbursements 16 39Repayment (38) (52)Ending balance 70 57
Disbursements 17% 56%Repayment -41% -74%
49% 11%50% 49%
2%
49%
Stores, spares and loose tools
Consumable stores 97 95Spares 543 585Loose tools 4 3
644 683
Long term loans, advances and otherreceivables
Less: installemnt recoverable within twelvemonths
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0% 0%Sun-ordinated loan to engro eximp 2% 1%Advances and deposits 0% 0%
Statutory authorities 0% 0%Others 0% 0%Margins against LoC 1% 0%Prepayments 0% 0%Less: provision for doubtful receivables -2% -3%
Other receivables and other assets
Receivable from government for:customers duty and sales tax 22
grant receivable from GoP (subsidy) -Others 14
- 36Accrued income on deposits / financial assets 6Receivable from pension fund -WPPF -
Sales tax refundable 7Current portion of fair value of interest rate swap 32Due from:engro eximp 10engro foods 2
engro asahi 3engro asahi -engro innovative 0engro management services 0engro vopak terminal 135
Claims on foreign suppliers 7Less: provision for doubtful receivables 0
- 7Non-current assets held for disposal -Others 0Less: provision for doubtful receivables 0
- 0
65 238
WPPF
Current portion of long term loans and advances- considered good
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Balance at the beginning (2)Interest on funds (0)Allocation for the year (172)Less: amount paid to the trustee 167Receivable / (payable) to the fund (7)
Interest 5%Amount paid -97%
ST investments
CoD 50 25Fixed income / money market fund 103 113GoP special US dollar bond 687
CoI 25864 138
10%
Financial assets at fair value through profitor loss
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13.17
CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07
975,000968,585
99%160,000107,994
67%
65,000
945,00077,00039,00092,000
295,000
71%36%-4%5%
-42%
10%5%5%7%
523508
10,160
1,025984
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19,680
14,70014,406
710696
14,200
710
300
6118,300
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1,0891,0841,0681,0571,0561,0621,0751,0771,077
911870871
1,025
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10,16019,680
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9,840,823,600660,400,000
-
5,805,600,000-
11,3961,005
10,3919%
7,676465
7,2116%
17,602
28,0007,300
862652%1%
2,202
1,766
273254
30918%69%
2,475 688 581 7082,075 523 496 495
638 160 151 167212 43 80 5193 23 29 2143 12 13 9
100 28 28 2131 4 10 6
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22 5 6 560 19 19 198 2 3 3
22 9 15 11600 - - - -
6,380 1,516 1,431 1,516 -1 4 1 2
(4) (1) (2) (3)6,378 1,519 1,430 1,515 -
319 163 647 555(163) (647) (555) (530)
6,832 29 3,213 2,093(1,018)
6,533 1,035 1,522 1,540 -
13,365 1,064 4,735 3,633 -
240 57 54 6329 4 12 4
942 115 260 2279 2 1 1
69 11 18 757 14 22 2219 5 4 327 4 9 7
23 - - - -7 1 2 1
35 - - -25 10 11 12
1,482 224 393 346 -
1%0%5%0%
0%0%0%0%0%0%0%0%
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97146215
-113137
140
51,339
10%10%
12%
5%0%
18566
34-
1102
287-0
28794%
1%
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215381170
711,298
--4559
364782470
-
639 - - - -
-(21)
--(7)
-(14)(24)
-
(65) (80) (80) (80) (80)
----
(151)----
(151) 151 151 151 151
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13167579333
9,722293392216
7
11,720 - - - -
0%2%4%3%5%
14%12%12%20%
-42
22232
4,191125257992
4,969 - - - -
-4
22
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94644148261
614
-(5)--(2)-
(12)(17)
-
(36) (61) (61) (61) (61)
---
-(126)----
(126) (126) (126) (126) (126)
-41
24341
4,528166292107
3
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5,421 5,864 5,864 5,864 5,864
13126336292
5,19412799
1094
6,300 6,231 6,231 6,231 6,231
194173611
258
6,558
3%
0%1%0%
6149
623
60023
623
96%4%
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247
147
2066
(1)
2116
146131
137
166
121%
11%
29%200%
5%31%91%
865
91
648.973
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18
1,9354,4292,190
1,068
--2
202
2-
1,156
(20)(4)(4)
1,127
103%-2%0%0%
4(108)
35-
(69)
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-(73)(73)
454
163741
338(485)(148)
74(73)
198(238)(39)39-
1247-
(52)(113)
(1)(108)
69
31%
3,0001,0002,000
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509342
-4
40
5533106
-7013
1,082
726%
824%
3,203450
5-5
-3,658
03
1,0006031583
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14689
0%3%0%
2%
3234
163433923
5%6%
6238
6318
623
4%
42190
110---79(3)
417
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0%1%1%
0%0%0%0%
-7%
22
64514
6813
733
1526
260
390
10-90717
2500
0
999
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(7)(0)
(185)195
3
7%-106%
8%
-229
229
102%
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16.31 Err:522 (1.45) (1.87) (2.77)
CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08
975,000 243,750Err:522 255,536Err:522 105%
160,000128,000 28,793
80%4,880
66,300 14,843
Err:522 307,29792,507 19,51635,493 20598,606 28,243
330,400 14,949
4,962150,240
4,73513,12111,401
51
6,86427,46326,324
72%28%7%
12%2%
7%7%7%
10%
4%
559 608544 588
10,889 11,760
1,063 2,2201,021 1,998
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105%25%25%
873882944
1,1131,0881,0991,1101,1101,1211,1321,1431,143
1,0634%
1%7%
18%-2%1%1%
0%1%1%1%
320330400
415420441450454454468473
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473
425
0%3%
21%4%1%5%2%1%0%3%1%
0%
614615636703749756
772772772810818818
736
0%0%3%
11%7%1%2%
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0%0%5%1%0%
614615636703749756772772
772810818818
736
0%0%
3%11%7%1%2%0%0%5%1%0%
10,889 11,76020,414 39,96021,979 47,03913,989 26,62213,989 26,622
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Err:522 3,613,812,720721,944,811 174,553,680
1,294,083,811 519,554,952496,507,762 5,457,510
6,744,790,950 597,362,0402,167,218,223 1,328,533,774
11,695 4,139947 350
10,749 3,7898% 8%
12,973 2,100538 107
12,435 1,9934% 5%
23,183 5,782
29,183 7,4367,297 1,859
95 90238 2473% 3%1% 1%
2,525 613
1,589 420
224 Err:522Err:522 Err:522
7% 15%
437 11327%15%
2,749 Err:5222,025 532
708 203274 70106 2649 12
115 3032 -
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26 771 169 2
19 3609 175
6,793 Err:522 - - -4 (8)
(8) 86,789 Err:522 - - -
163 397(397) Err:522
11,708 2,628- (507)
6,555 Err:522 - - -
18,263 Err:522 - - -
26529
1,0171783812128
258
4126
1,642
1%0%5%0%
0%0%0%0%0%0%0%0%
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1,61916314
1861
-
111,831
10%10%
12%
5%0%
22987
219
1113
3401
-
339126%
10%
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293392216
711,720
9-13-
104334493
-
297 - - - -
-----
--(64)(10)(7)
(80) (69) (69) (69) (69)
----
151-----
151 151 151 151 151
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22167592333
9,977326436246
(4)
12,095 - - - -
0%2%4%3%5%
16%12%13%20%
-41
24341
4,528166292107
3
5,421 - - - -
-4
23
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8462
-5340351
627
------
-(52)(4)(4)
(61) (46) (46) (46) (46)
---
-(126)-----
(126) (126) (126) (126) (126)
-44
26649
4,8641663459634
-
8/14/2019 ENGRO LATEST UPDATED modified
55/139
5,864 6,407 6,407 6,407 6,407
22123326284
5,11416190
150(38)
6,231 7,004 7,004 7,004 7,004
331723511
450
6,681
5%
1%1%0%
6278
635
60925
635
96%4%
-
8/14/2019 ENGRO LATEST UPDATED modified
56/139
216
126
2376
(1)
-
6
7
121%
11%
29%200%
5%31%91%
9113
104
738
81
-
8/14/2019 ENGRO LATEST UPDATED modified
57/139
23
1,9354,4294,116
3,964
-
-
-
-
1,308
(31)(14)(6)
1,257
104%-2%-1%0%
1,257
(69)248
-(37)
-
8/14/2019 ENGRO LATEST UPDATED modified
58/139
0(37)(36)(1)60
204039
348(444)(96)59
(37)
189(221)(31)320
2648(8)
(47)(57)(0)
(39)
33%
3,0001,0002,000
-
8/14/2019 ENGRO LATEST UPDATED modified
59/139
548317
01
426
522186
4911
1,440
675%
1905%
3,603450
5-5
-4,058
03
1,60340098-
-
8/14/2019 ENGRO LATEST UPDATED modified
60/139
1,41882
3,603
450-
450
75
219646442618
68
7748
(50)75
62%-64%
27%48%2%
60%
136845
5986
-
8/14/2019 ENGRO LATEST UPDATED modified
61/139
44942
1%4%0%
4%
5028
397726
1,632
7%6%
8198
8278
819
4%
63285
86---83(2)
514
-
8/14/2019 ENGRO LATEST UPDATED modified
62/139
0%1%0%
0%0%0%0%
-4%
22
#REF!14
#REF!
374
26
181
21050
113717
00
0
#REF!
-
8/14/2019 ENGRO LATEST UPDATED modified
63/139
(3)-
229(222)
4
6%-101%
8%
-308
308
35%
-
8/14/2019 ENGRO LATEST UPDATED modified
64/139
Err:522 Err:522 Err:522 6.69
CY08 CY09 CY10 1Q Jan Feb
975,000 975,000 975,000975,000 1,023,750 1,023,750 255,536 86,290 83,006
100% 105% 105%160,000 160,000 160,000128,000 160,000 160,000 33,673 8,905 12,523
80% 100% 100%
67,626 68,979 70,358 14,843 14,643 56
975,000 1,023,750 1,023,750 307,297 142,818 84,23791,886 115,246 115,051 19,516 5,541 7,92736,114 44,754 44,949 205 13 -
107,182 111,366 118,709 28,243 4,414 10,460356,832 385,379 416,209 14,949 6,878 4,382
72% 72% 72%28% 28% 28%9% 4% 7%8% 8% 8%2% 2% 2%
9% 8% 8%8% 45% 0%
28% 25% 25%8% 8% 8%
8% 8% 8%
610 660 714 608 593 610595 640 694 588 573 590
11,890 12,791 13,874 11,767
1,149 1,666 1,674 2,220 1,702 2,2291,103 1,599 1,607 1,998 1,532 2,006
-
8/14/2019 ENGRO LATEST UPDATED modified
65/139
22,068 31,988 32,134 39,954 30,636 40,122
544 682 855 843 680 850533 668 837 759 612 76560 59 59 61 62 62
28,984 36,421 46,412 44,058 37,944 47,430
797 863 934 1,479 1,146 1,468757 820 888 1,331 1,031 1,321
15,147 16,399 17,754 26,628 20,628 26,424
797 863 934 1,479 1,146 1,468757 820 888 1,405 1,089 1,395
15,147 16,399 17,754 28,107 21,774 27,892
363 399 439 37010% 10% 10%
60 59 59 6121,780 23,559 25,915 22,570
518 595 655 51015% 15% 10%
61 60 60 62
31,568 35,708 39,278 31,620
544 682 855 50060 59 59 62
32,637 40,226 50,420 31,000
5% 5% 5% 5%
11,098 12,083 13,512 10,000
11,399 4,464 8,573 9,4003,835 3,995 4,209 3,5003,790 4,103 4,442 3,5003,790 4,103 4,442 3,500
112% 112% 112%120% 120% 120%
-
8/14/2019 ENGRO LATEST UPDATED modified
66/139
105% 105% 105%25% 25% 25%25% 25% 25%
1,143 1,658 2,7001,201 1,741 2,7001,261 1,828 2,8351,324 1,919 2,9771,390 2,015 2,9771,404 2,116 2,9771,418 2,222 2,9771,489 2,333 3,1261,563 2,449 3,2821,641 2,572 3,4461,658 2,700 3,6191,658 2,700 3,619
1,429 2,188 3,10334% 53% 42%
0% 0% 0%5% 5% 0%5% 5% 5%5% 5% 5%5% 5% 0%1% 5% 0%1% 5% 0%
5% 5% 5%5% 5% 5%5% 5% 5%1% 5% 5%
473 623 783477 630 791482 636 799
487 642 807493 650 816517 682 857528 696 874533 703 883560 703 883588 738 927594 746 936
-
8/14/2019 ENGRO LATEST UPDATED modified
67/139
623 783 983
530 686 86225% 30% 26%
0% 0% 0%1% 1% 1%1% 1% 1%1% 1% 1%1% 1% 1%5% 5% 5%2% 2% 2%1% 1% 1%5% 0% 0%5% 5% 5%1% 1% 1%
5% 5% 5%
818 1,091 1,453820 1,092 1,456848 1,130 1,506937 1,249 1,664998 1,330 1,773
1,008 1,344 1,791
1,028 1,371 1,8271,028 1,371 1,8271,028 1,371 1,8271,080 1,439 1,9181,091 1,453 1,9371,091 1,453 1,937
981 1,308 1,74333% 33% 33%
0% 0% 0%0% 0% 0%3% 3% 3%
11% 11% 11%7% 7% 7%1% 1% 1%2% 2% 2%
-
8/14/2019 ENGRO LATEST UPDATED modified
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0% 0% 0%0% 0% 0%5% 5% 5%1% 1% 1%0% 0% 0%
818 1,091 1,453820 1,092 1,456848 1,130 1,506937 1,249 1,664998 1,330 1,773
1,008 1,344 1,7911,028 1,371 1,8271,028 1,371 1,827
1,028 1,371 1,8271,080 1,439 1,9181,091 1,453 1,9371,091 1,453 1,937
981 1,308 1,74333% 33% 33%
0% 0% 0%0% 0% 0%
3% 3% 3%11% 11% 11%7% 7% 7%1% 1% 1%2% 2% 2%0% 0% 0%0% 0% 0%5% 5% 5%1% 1% 1%0% 0% 0%
11,890 12,791 13,874 11,76722,068 31,988 32,134 39,95428,984 36,421 46,412 44,05815,147 16,399 17,754 26,62815,147 16,399 17,754 28,107
-
8/14/2019 ENGRO LATEST UPDATED modified
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11,593,220,973 13,095,115,598 14,203,844,538 3,615,861,367804,105,807 882,326,440 976,171,309 174,652,633
1,391,800,103 1,889,900,362 2,042,642,056 519,672,048547,024,168 733,921,216 798,023,713 5,762,003
7,874,655,633 12,327,321,465 13,374,413,219 597,272,3463,106,575,568 4,056,099,097 5,509,466,459 1,244,330,094
13,532 15,719 17,045 4,1411,096 1,273 1,380 365
12,436 14,446 15,665 3,7768% 8% 8% 9%
11,785 17,266 19,860 2,016707 1,036 1,192 122
11,078 16,230 18,668 1,8946% 6% 6% 6%
23,515 30,676 34,333 5,670
28,592 28,986 28,789 7,3367,299 7,298 7,298 1,860
104 115 132 90262 287 315 2523% 3% 3% 3%1% 1% 1% 1%
2,721 3,047 3,480 604
1,743 1,913 2,099 427
Err:522 Err:522 Err:522 73Err:522 Err:522 Err:522 254
7% 7% 7%
451 550 573 6522% 25% 24% 15%15% 15% 15% 2%
Err:522 Err:522 Err:522 6782,194 2,462 2,672 493
811 917 1,044 170280 285 291 150103 100 97 2550 52 54 13
120 125 130 2835 38 42 6
-
8/14/2019 ENGRO LATEST UPDATED modified
70/139
26 27 27 564 58 53 209 9 9 3
11 13 11 11702 775 844 165
Err:522 Err:522 Err:522 1,7668 13 18 8
(13) (18) (26) (8)Err:522 Err:522 Err:522 1,766
397 457 Err:522 397(457) Err:522 Err:522 (100)
16,235 19,866 24,157 1,683(5,714) (3,655) (5,729) (506)
Err:522 Err:522 Err:522 2,063
Err:522 Err:522 Err:522 3,241
297 380 42936 46 52
1,167 1,493 1,68712 16 1887 112 12668 84 9725 33 3633 42 48
28 31 3411 16 1750 53 5232 43 48
1,845 2,348 2,642
1% 1% 1%0% 0% 0%5% 5% 5%0% 0% 0%
0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%
-
8/14/2019 ENGRO LATEST UPDATED modified
71/139
1,781 1,959 2,154180 198 21716 18 20
5 5 51 1 1
- - -
1,982 2,180 2,398
10% 10% 10%10% 10% 10%
12% 12% 12%
5% 5% 5%0% 0% 0%
(246) (265) (285)65 64 65
18 10 14- - -
1 1 11 1 10 1 03 3 3
(160) (188) (204)- - -0 0 0
(160) (188) (203)110% 118% 114%
10% 5% 5%
-
8/14/2019 ENGRO LATEST UPDATED modified
72/139
Err:522 Err:522 Err:522- - -
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522- - -
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
21% 21% 21%
7% 6% 7%
193 193 193
1,935 1,935 1,9354,429 4,429 4,429
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
28% 28% 28%
26% 26% 26%
46% 46% 46%
Err:522 Err:522 Err:522
22 27 34167 157 151592 621 642333 362 377
9,977 11,125 12,275
-
8/14/2019 ENGRO LATEST UPDATED modified
73/139
326 382 427436 463 498246 283 317
(4) (9) (16)12,095 13,411 14,705
5 7 6- - -29 21 2529 15 22
1,000 1,000 1,00056 45 5034 39 3781 87 84
- - -
1,234 1,213 1,224
- - -(10) (5) (8)
- - -- - -(3) (2) (3)
- - -(7) (3) (5)(44) (54) (49)(5) (8) (6)
(69) (72) (70)
- - -- - -- - -- - -
151 151 151- - -- - -- - -- - -- - -
151 151 151
-
8/14/2019 ENGRO LATEST UPDATED modified
74/139
0 0 00 0 00 0 0
27 34 40157 151 144621 642 667362 377 399
11,125 12,275 13,424382 427 477463 498 530283 317 352
(9) (16) (23)
13,411 14,705 16,009
0% 0% 0%2% 2% 2%4% 4% 4%3% 3% 3%5% 5% 5%
15% 15% 15%12% 12% 12%13% 13% 13%20% 20% 20%
- - -44 45 47
266 290 31449 59 69
4,864 5,268 5,728166 222 287345 396 45496 97 9534 30 24
5,864 6,407 7,018
- - -4 3 3
24 25 26
-
8/14/2019 ENGRO LATEST UPDATED modified
75/139
10 10 11531 586 64156 65 7157 61 6536 41 45(2) (3) (5)
715 789 858
- - -(2) (1) (2)- - -- - -(1) (0) (1)- - -
(6) (3) (5)(35) (43) (39)(2) (3) (3)
(46) (51) (49)
- - -- - -- - -
- - -(126) (126) (126)- - -- - -- - -- - -- - -
(126) (126) (126)
- - -45 47 49
290 314 34059 69 80
5,268 5,728 6,242222 287 358396 454 51597 95 10130 24 16
-
8/14/2019 ENGRO LATEST UPDATED modified
76/139
6,407 7,018 7,701
27 34 40111 104 95331 327 327303 308 319
5,857 6,547 7,182160 140 11967 44 15
186 222 251(39) (40) (39)
7,004 7,687 8,308
329 335 39869 62 8244 45 4911 13 14
453 455 543
7,457 8,142 8,851
5% 4% 5%
1% 1% 1%1% 1% 1%0% 0% 0%
715 789 85814 17 20
729 806 878
702 775 84428 31 34
729 806 878
96% 96% 96%4% 4% 4%
-
8/14/2019 ENGRO LATEST UPDATED modified
77/139
21 21 216 6 6
12 12 126 6 6
24 26 287 7 86 7 7
(1) (1) (1)
- - -
5 5 5
6 6 6
121% 121% 121%
11% 11% 11%
29% 29% 29%200% 200% 200%
5% 5% 5%31% 31% 31%91% 91% 91%
104 113 1259 11 12
113 125 137
81 95 11214 17 2095 112 132
-
8/14/2019 ENGRO LATEST UPDATED modified
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19 13 5
1,935 1,935 1,9354,429 4,429 4,429
Err:522 Err:522 Err:522
- - -
- - -
- - -
- - -
- - -
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522Err:522 Err:522 Err:522Err:522 Err:522 Err:522Err:522 Err:522 Err:522
103% 103% 104%-2% -2% -2%-1% -1% -1%0% 0% 0%
Err:522 Err:522 Err:522
(37) (83) (107)(56) (42) (16)10 18 12- - -
(83) (107) (112)
-
8/14/2019 ENGRO LATEST UPDATED modified
79/139
0 0 0(55) (46) (50)(55) (46) (50)(28) (62) (61)58 57 58
19 18 1939 39 3911 (23) (22)
343 345 344(464) (454) (459)(122) (109) (115)
67 63 65(55) (46) (50)
194 192 193(229) (225) (227)(35) (33) (34)35 33 340 0 0
22 20 2246 47 47
(11) (6) (9)(51) (50) (49)(57) (75) (63)(0) (1) (0)
(50) (66) (52)
32% 32% 32%
3,000 3,000 3,0001,000 1,000 1,0002,000 2,000 2,000
-
8/14/2019 ENGRO LATEST UPDATED modified
80/139
632 563 581329 329 325
0 0 02 2 2
374 280 360
56 54 5427 27 259 9 98 6 6
59 54 5712 12 12
1,508 1,337 1,431
Err:522 Err:522 Err:5226% 6% 6%
Err:522 Err:522 Err:5225% 4% 5%
3,603 3,603 3,603450 450 450
5 5 5- - -5 5 5
- - -4,058 4,058 4,058
0 0 03 3 3
2,003 2,003 2,003- - -98 98 98- - -
-
8/14/2019 ENGRO LATEST UPDATED modified
81/139
-
8/14/2019 ENGRO LATEST UPDATED modified
82/139
28 39 50911 1,212 1,361
1% 1% 1%3% 4% 4%0% 0% 0%
3% 3% 4%
Err:522 Err:522 Err:52213 18 26
457 Err:522 Err:5221,209 1,324 1,635
Err:522 Err:522 Err:522
8% 7% 8%7% 7% 7%
787 1,066 1,1858 8 8
795 1,074 1,1938 8 8
787 1,066 1,185
3% 3% 3%
53 75 85262 350 399
116 152 156- - -- - -- - -85 119 126(2) (4) (4)
514 692 762
-
8/14/2019 ENGRO LATEST UPDATED modified
83/139
0% 0% 0%1% 1% 1%0% 0% 0%
0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%
-5% -5% -5%
22 22 22
14 14 1436 36 36
55 46 50(5) (11) (20)
35 45 40
22 20 210 1 1
30 25 280 0 08 7 70 0 0
101 107 1047 7 71 1 17 7 7
0 0 00 0 0
0 0 0
290 281 273
-
8/14/2019 ENGRO LATEST UPDATED modified
84/139
4 (5) (11)0 (0) (1)
246 265 285(255) (271) (293)
(5) (11) (20)
7% 6% 6%-103% -102% -103%
8% 8% 8%
- - -355 408 469
355 408 469
15% 15% 15%
-
8/14/2019 ENGRO LATEST UPDATED modified
85/139
Mar
86,240
12,245
144
80,2426,048
19213,3693,689
622602
2,7282,455 242.15 10 5
-
8/14/2019 ENGRO LATEST UPDATED modified
86/139
49,104 15.14 120 4615.99 11.98 10.22
1,00090062
55,800
1,8241,642
32,832
1,8241,733
34,656
-
8/14/2019 ENGRO LATEST UPDATED modified
87/139
-
8/14/2019 ENGRO LATEST UPDATED modified
88/139
-
8/14/2019 ENGRO LATEST UPDATED modified
89/139
-
8/14/2019 ENGRO LATEST UPDATED modified
90/139
-
8/14/2019 ENGRO LATEST UPDATED modified
91/139
-
8/14/2019 ENGRO LATEST UPDATED modified
92/139
-
8/14/2019 ENGRO LATEST UPDATED modified
93/139
-
8/14/2019 ENGRO LATEST UPDATED modified
94/139
-
8/14/2019 ENGRO LATEST UPDATED modified
95/139
-
8/14/2019 ENGRO LATEST UPDATED modified
96/139
-
8/14/2019 ENGRO LATEST UPDATED modified
97/139
-
8/14/2019 ENGRO LATEST UPDATED modified
98/139
-
8/14/2019 ENGRO LATEST UPDATED modified
99/139
-
8/14/2019 ENGRO LATEST UPDATED modified
100/139
-
8/14/2019 ENGRO LATEST UPDATED modified
101/139
-
8/14/2019 ENGRO LATEST UPDATED modified
102/139
-
8/14/2019 ENGRO LATEST UPDATED modified
103/139
-
8/14/2019 ENGRO LATEST UPDATED modified
104/139
-
8/14/2019 ENGRO LATEST UPDATED modified
105/139
-
8/14/2019 ENGRO LATEST UPDATED modified
106/139
EPS 2.11 1.63 3.22
Rs mn 1Q-CY05 2Q-CY05 3Q-CY05Sales 2,471 3,458 4,865
Cost of sales 1,608 2,881 3,708
Gross profit 863 577 1,158
S & A expenses 206 247 3058%
Other income 78 201 188
Other charges 56 28 64
Financial charges 59 85 82
EBT 620 418 895
Taxation 211 102 271
EAT 409 316 623
EPS (diluted) 2.11 1.63 3.22
DPS
Net margin
Payout
Retention
Unappropriated profit b/fDivivdend from prior yearProfit for the year
Disposable for appropriation
First interim dividendSecond interim dividend
Unappropriatd c/f
-
8/14/2019 ENGRO LATEST UPDATED modified
107/139
Transfer to general reserve
Reserves opening
Transfer
Reserves ending
ROE
EBITDA
PriceShares
Market capMV of DebtCash and investments
-
8/14/2019 ENGRO LATEST UPDATED modified
108/139
5.02 11.99 2.44 2.45 2.18
4Q-CY05 CY05 1Q-CY06 2Q-CY06 3Q-CY06
7,483 18,276 2,928 4,005 2,879
6,137 14,333 1,964 3,082 2,032
1,346 3,943 964 924 84822% 33% 23% 29%
544 1,302 291 312 26210% 8% 9%
677 1,145 177 218 170
140 287 100 53 40
53 280 76 110 96
1,286 3,220 674 666 620
316 900 203 193 199
970 2,319 471 473 421
5.02 11.99 2.44 2.45 2.18
11.00
13%
92%8%
30% 29% 32%627
(612)2,319
2,335
(459)(459)
1,417
1,417
-
8/14/2019 ENGRO LATEST UPDATED modified
109/139
-
4,429
-
4,429
31%
-
8/14/2019 ENGRO LATEST UPDATED modified
110/139
6.11 13.17 2.49 4.85 3.35 5.63
4Q-CY06 CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07
7,789 17,602 1,918 6,201 4,964 10,100
6,287 13,365 1,064 4,735 3,633 8,831
1,502 4,237 854 1,467 1,330 1,26919% 24% 45% 24% 27% 13%617 1,482 224 393 346 6798% 12% 6% 7% 7%
774 1,339 142 404 105 1,180
94 287 36 83 53 168
80 363 106 135 142 152
1,484 3,445 631 1,260 896 1,450
302 897 150 321 248 361
1,182 2,547 481 938 647 1,089
6.11 13.17 2.49 4.85 3.35 5.63
3.00 9.00 2.00 2.00 3.00
14% 25% 15% 13% 11%
68%32%
20% 24% 26% 28% 25%1,417(765) 15
2,547 95.96
3,199
(505)(505)
2,190
2,190
-
8/14/2019 ENGRO LATEST UPDATED modified
111/139
-
4,429
-
4,429
26%
13 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4,430 737 1,395 1,037 1,602
295 295 295 295 295
-
8/14/2019 ENGRO LATEST UPDATED modified
112/139
-
8/14/2019 ENGRO LATEST UPDATED modified
113/139
- -
4,429 4,429
- -
4,429 4,429
22% Err:522
16 Err:522 #DIV/0! #DIV/0! #DIV/0! Err:522
5,405 Err:522 - - - Err:522
295 229 229 229 229 295
-
8/14/2019 ENGRO LATEST UPDATED modified
114/139
Err:522 Err:522 6.69
CY09 CY10 4Q % chng
30,676 34,333 5,670 23,183 0%
Err:522 Err:522 3,241 18,263 0%
Err:522 Err:522 2,429 4,920 0%Err:522 Err:522 42.84% 21.22% 0%2,348 2,642 500 1,642 0%
2,180 2,398 140 1,831 0%
(188) (203) 80 24 1288%
198 320 286 850 -37%
Err:522 Err:522 1,703 4,236 0%
Err:522 Err:522 409 1,081 0%
Err:522 Err:522 1,294 3,155 0%
Err:522 Err:522 6.69 16.31 0%
12.00 14.00 2.00 3.00
Err:522 Err:522 23% 14% 0%
Err:522 Err:522Err:522 Err:522
24% 26% 0%Err:522 Err:522(1,069) (1,067)Err:522 Err:522
Err:522 Err:522
(649) (759)(606) (704)
Err:522 Err:522
Err:522 Err:522
-
8/14/2019 ENGRO LATEST UPDATED modified
115/139
- -
4,429 4,429
- -
4,429 4,429
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
295 295
-
8/14/2019 ENGRO LATEST UPDATED modified
116/139
sequential
196% 6,201 -9%
205% 4,886 -34%
184% 1,315 85%-4% 21% 102%
123% 400 25%
-1% 404 -65%
123%
171%
170%
172%
169% 2,713
169% 14.02
12.19
96
15.14
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EPS 11.99 13.17
Rs mn CY05 CY06 1Q-CY07
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up 1,529 1,935 1,682ReservesSahre premium - 1,068 1,068Revenue 4,429 4,429 4,429Hedge reserve -Unappropriated profit 1,417 2,190 2,009
5,846 7,687 7,507
7,376 9,622 9,189
NON CURRENT LIABILITIES
Redeemable capital 2,888 1,800 4,684
2 - -Deferred taxation 1,003 1,127 1,122Retirement and other service benefits 43 41 28
3,936 2,968 5,835
CURRENT LIABILITIES
Current portion of:redemable capital 688 1,088 1,088liability against asset subject to finance lease 2 2 2other service benefits 20 16 19
Short term borrowings - secured - 1,300 2,573Trade and other payables 1,969 1,082 1,193Taxation 43 72 75Unclaimed dividends 78 82 67
2,800 3,642 5,017
14,112 16,233 20,041
FIXED ASSETS
Property, plant and equipment 6,840 6,558 6,571Intangible assets 22 18 117
6,862 6,576 6,687
LONG TERM INVESTMENTS 2,173 3,658 4,001
Liability against assets subject to financial lease
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66 63 55
CURRENT ASSETS
Stores, spares and loose tools 666 689 730
Stock-in-trade 1,923 923 1,901Trade debts 543 623 589Loans, advances, deposits and prepayments 361 417 444Other receivables and other assets 238 999 997Taxation -Short term investments 138 229 235Cash and bank balances * 1,142 1,805 4,402
5,012 5,684 9,297
14,112 15,981 20,041
Check - (252) (0)
Net debt 3,575 4,187Net debt change
LONG TERM LOANS, ADVANCES ANDOTHER RECEIVABLES
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16.31 Err:522 Err:522 Err:522
2Q-CY07 3Q-CY08 4Q-FY07 CY07 CY08 CY09 CY10
1,682 1,935 1,935 1,935 1,935 1,935
1,068 3,964 3,964 - - -4,429 4,429 4,429 4,429 4,429 4,429
(38)2,788 2,942 4,116 Err:522 Err:522 Err:5228,248 11,335 12,510 Err:522 Err:522 Err:522
9,931 13,270 14,444 Err:522 Err:522 Err:522
7,700 14,800 1,786 2,663 4,275 2,436
- - - - - -1,109 1,178 1,257 Err:522 Err:522 Err:522
31 32 39 11 (23) (22)
8,840 16,010 3,083 Err:522 Err:522 Err:522
1,565 844 1,051 837 612 1,7261 1 - - - -
19 23 20 19 18 19
2,774 68 2,000 2,000 2,000 2,0002,200 6,819 1,440 1,508 1,337 1,431
360 - 67 Err:522 Err:522 Err:52251 106 190 Err:522 Err:522 Err:522
6,969 7,861 4,768 Err:522 Err:522 Err:522
25,740 37,140 22,295 Err:522 Err:522 Err:522
10,654 12,371 6,681 7,457 8,142 8,851116 114 23 19 13 5
10,770 12,485 6,705 7,476 8,155 8,856
5,056 6,061 4,058 4,058 4,058 4,058
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53 67 68 69 85 84
716 745 942 911 1,212 1,361
2,208 5,473 1,632 Err:522 Err:522 Err:5221,274 2,259 819 787 1,066 1,185
394 501 514 514 692 762846 264 #REF! 290 281 273
- 78886 6,742 308 355 408 469
3,537 2,465 #REF! Err:522 Err:522 Err:522
9,861 18,528 #REF! Err:522 Err:522 Err:522
25,740 37,140 #REF! Err:522 Err:522 Err:522
- - #REF! Err:522 Err:522 Err:522
4,837 5,500 6,888 6,162649 663 1,388 (726)
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1,359 1,384 1,435 1,577
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EPS 11.99 13.17 16.31 Err:522
Rs mn CY05 CY06 CY07 CY08
Cash generated from operationsProfit before taxation 3,220 3,445 4,236 Err:522
Depreciation and amortization 609 623 635 729Profit/loss on disposal of fixed assets 1 (137) (6) (5)
39 74
- (5) - -(59) (46) (163) (180)
Dividend income (964) (971) (1,619) (1,781)Financial charges 280 363 535 140Working capital changes (778) (784) #REF! Err:522
2,349 2,561 #REF! Err:522
Decrease / (increase) in current assetsStores, spares and loose tools (79) (23) (254) 31Stock-in-trade (1,438) 1,000 (709) Err:522Trade debts (21) (80) (196) 31
117 (56) (97) (0)
Other receivables and other assets * (43) (700) #REF! #REF!(1,464) 141 #REF! Err:522(Decrease) / increase in current liabilities
686 (925) 361 67(778) (784) #REF! Err:522
Cash generated from operations 2,349 2,561 #REF! Err:522
(61) (76.445)Payment of finance cost * (234) (363) (535) (614)Taxes paid * (660) (745) (951) Err:522Long term loans and advances (14) 3 (5) (1)Net cash flow from operating activities 1,380 1,380 #REF! Err:522
CASH FLOW FROM OPERATINGACTIVITIES
Adjustment for non-cash charges andother items
Provision for retirement and other servicebenefits *
Reversal of provision for diminution invalue of investment
Income on deposits other financial assets
Loans, advances, deposits andprepayments
Trade and other payables includingservice benefits *
CASH FLOW FROM OPERATINGACTIVITIES
Retirement and other service benefitspaid *
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Capital expenditure * (377) (391) (489) (1,237)
11 166 7 6
53 49 163 180Investment in subsidiary companies (748) (1,480) (400) -Divivdends received * 834 967 1,619 1,781Net cash outflow from investing activities (228) (689) 900 730
Proceeds from redeemable capital 1,000 - 1,000 1,500Proceeds from issue of shares (net) - 1,221Repayment of redeemable capital (1,087) (688) (1,051) (837)
(2) (2) - -Repayment of long term loans * (595) -Dividends paid (1,494) (1,770) (1,120) Err:522Net cash outflow from financing activities (2,177) (1,238) (1,171) Err:522
(1,025) (547) #REF! Err:522
2,305 1,281 734 #REF!
1,281 734 #REF! Err:522
7.13 #REF! Err:522
CASH FLOWS FROM INVESTINGACTIVITIES
Sales proceeds from disposal ofpropoerty, plant and equipmentIncome on deposits / other financial
assets *
CASH FLOWS FROM FINANCINGACTIVITIES
Liability against asset subject to financiallease *
Net increase in cash and cash equivalents
Cash and cash equivalents at thebeginning of the year
Cash and cash equivalents at the end ofthe year
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Err:522 Err:522
CY09 CY10
Err:522 Err:522
806 878(5) (5)
- -(198) (217)
(1,959) (2,154)198 320
Err:522 Err:522Err:522 Err:522
(301) (149)Err:522 Err:522
(278) (119)
(178) (70)
8 8Err:522 Err:522
(171) 95Err:522 Err:522
Err:522 Err:522
(198) (320)Err:522 Err:522
(16) 2Err:522 Err:522
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(1,216) (1,311)
6 6
198 217- -
1,959 2,154947 1,067
2,000 1,000
(612) (1,603)
- -
Err:522 Err:522Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
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EPS 16.31 Err:522 Err:522
Rs mn CY07 CY08 CY09Net income 3,155 Err:522 Err:522Plus: Depreciation and amortization 635 729 806Plus: Interest expensex(1-tax rate) 674 614 198Less: Investment in fixed capital (900) (730) (947)Less: Investment in working capital #REF! Err:522 Err:522FCFF #REF! Err:522 Err:522
Less: Interestx (1-tax rate) 674 614 198Plus: Net borrowing 649 663 1,388
FCFE #REF! Err:522 Err:522TV
PV of FCFE #REF! Err:522 Err:522
PV of TV
FCFE #REF!Fair value #REF!
CAPM
Beta 1.00Risk free rate 10.1%Risk premium 5.0%Required rate of return 15.1%
Terminal growth rate 6%Tax rate 26%
DDM 7 12 12
6 9 8
110
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Retention 57% Err:522 Err:522ROE 22% Err:522 Err:522
12% Err:522 Err:522Err:522
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Err:522
CY10Err:522
878320
(1,067)Err:522Err:522
320(726)
Err:522Err:522
Err:522
Err:522
141388
79
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Err:522
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EPS - 11.99 13.17 16.31
Rs mn CY04 CY05 CY06 CY07
Intetrest on WPPF 0 0 0 -Long term charges 280 238 313 472Short term borrowing costs 3 41 49 63Others 3 1 0 0
286 280 363 535
Redeemable capital 3,662 3,575 2,888 2,837Current portion 1,087 688 1,088 1,051
2,575 2,888 1,800 1,786
Proceeds 1,000
ST borrowing costs 4% 4%
NBP
Amount outstanding 200No of installments remaining 2No of installments per year 2Interest rate 9%Installments 107
Date Balance Installment
1H2007 200 1072H2007 102 107
NBP 2
Amount outstanding 88No of installments remaining 2No of installments per year 2Interest rate 9%Installments 47
Date Balance Installment
1H2007 88 47
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2H2007 45 47
UBL
Amount outstanding 736No of installments remaining 4No of installments per year 2Interest rate 9%Installments 206
Date Balance Installment
1H2007 736 2062H2007 565 2061H2008 385 2062H2008 197 206
MCB
Amount outstanding 544No of installments remaining 4
No of installments per year 2Interest rate 9%Installments 152
Date Balance Installment
1H2007 544 1522H2007 417 1521H2008 285 1522H2008 146 152
SCB
Amount outstanding 320
No of installments remaining 4No of installments per year 2Interest rate 9%Installments 90
Date Balance Installment
1H2007 320 902H2007 245 901H2008 167 902H2008 86 90
NBP3
Amount outstanding 600No of installments remaining 8No of installments per year 4Interest rate 11%Installments 84
Date Balance Installment
3Q2009 600 844Q2009 532 84
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1Q2010 462 842Q2010 390 843Q2010 316 844Q2010 240 841Q2011 162 842Q2011 82 84
MCB 2
Amount outstanding 400No of installments remaining 8No of installments per year 4Interest rate 11%Installments 56
Date Balance Installment
1Q2010 400 562Q2010 354 563Q2010 308 56
4Q2010 260 561Q2011 210 562Q2011 160 563Q2011 108 564Q2011 55 56
New loan 2007
Amount outstanding 1,000No of installments remaining 8No of installments per year 4Interest rate 11%
Installments 140 Date Balance Installment1Q2009 1,000 1402Q2009 886 1403Q2009 769 1404Q2009 649 1401Q2010 526 1402Q2010 400 1403Q2010 270 1404Q2010 137 140
New loan 2008
Amount outstanding 1,500No of installments remaining 8No of installments per year 4Interest rate 11%Installments 211
Date Balance Installment
1Q2010 1,500 211
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2Q2010 1,329 2113Q2010 1,154 2114Q2010 974 2111Q2011 789 2112Q2011 600 2113Q2011 405 2114Q2011 205 211
New loan 2009
Amount outstanding 2,000No of installments remaining 8No of installments per year 4Interest rate 11%Installments 281
Date Balance Installment
1Q2011 2,000 2812Q2011 1,772 281
3Q2011 1,539 2814Q2011 1,299 2811Q2012 1,052 2812Q2012 799 2813Q2012 540 2814Q2012 273 281
New loan 2010
Amount outstanding 1,000No of installments remaining 8No of installments per year 4
Interest rate 11%Installments 140Date Balance Installment
1Q2012 1,000 1402Q2012 886 1403Q2012 769 1404Q2012 649 1401Q2013 526 1402Q2013 400 1403Q2013 270 1404Q2013 137 140
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Err:522 Err:522 Err:522
CY08 CY09 CY10
(0) 0 160 118 23980 80 800 0 0
140 198 320
3,500 4,888 4,162837 612 1,726
2,663 4,275 2,436
1,500 2,000 1,000
4% 4% 4%
Principle Interest Interest Rate Balance
98 9 5% 102102 5 5% (0)
Principle Interest Interest Rate Balance
43 4 5% 45
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45 2 5% (0)
Principle Interest Interest Rate Balance
171 35 5% 565180 27 5% 385188 18 5% 197197 9 5% (0)
Principle Interest Interest Rate Balance
127 26 5% 417133 20 5% 285139 13 5% 146146 7 5% (0)
Principle Interest Interest Rate Balance
75 15 0 24578 12 0 16782 8 0 8686 4 0 (0)
Principle Interest Interest Rate Balance
68 16 3% 53270 14 3% 462
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72 12 3% 39074 10 3% 31676 8 3% 24078 6 3% 16280 4 3% 8282 2 3% (0)
Principle Interest Interest Rate Balance
46 11 3% 35447 9 3% 30848 8 3% 260
49 7 3% 21051 6 3% 16052 4 3% 10853 3 3% 5555 1 3% (0)
Principle Interest Interest Rate Balance
114 27 3% 886117 24 3% 769120 20 3% 649123 17 3% 526126 14 3% 400130 11 3% 270133 7 3% 137137 4 3% (0)
Principle Interest Interest Rate Balance
171 40 3% 1,329
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