Balance Sheet Analysis- SBP 1999-2004-1

BALANCE SHEET ANALYSIS

OF

JOINT STOCK COMPANIES

LISTED ON THE KARACHI STOCK EXCHANGE

(1999-2004)

STATE BANK OF PAKISTAN STATISTICS DEPARTMENT

C o n t e n t s Page # Introduction iii

Methodology iv - xiii

Executive Summary xiv - xix

Analytical Tables

I. Overall 1

(a) Private Sector 2

(b) Public Sector 3

II. Economic Groups

1. Cotton & other Textiles

(a) Cotton Textiles 4

(b) Other Textiles 5

2. Chemicals 6

3. Engineering 7

4. Sugar & Allied Industries 8

5. Paper & Board 9

6. Cement 10

7. Fuel & Energy 11

8. Transport 12

9. Miscellaneous

(a) Tobacco 13

(b) Jute 14

(c) Vanaspati & Allied Industries 15

(d) Others 16

III. Individual Companies Data 18 - 468

IV. Individual Companies Profile 470 - 697

V. Appendices

i. List of companies, data covered in the Balance 698 - 701

Sheet Analysis for the year 2004

ii. List of companies, Profile covered in the Balance 702 - 705

Sheet Analysis for the year 2004

The Team

Abdul Hamid Akhtar [email protected] Muhammad Jaweed Akhtar [email protected] Musharraf Husain [email protected]

Introduction I. Preliminaries The analysis is based on the published balance sheets of non-financial companies listed at the Karachi Stock Exchange during the year 2004. For the purpose of comparison, the analysis of the previous five years data from 1999 through 2004 is also included in the publication. The number of companies included in the statistical analysis has varied from year to year. All the listed companies during 2004 have been classified into economic groups based on the classification adopted by the Karachi Stock Exchange (except financial sector, grouping Tobacco, Jute, Vanaspati & Allied and others into miscellaneous). The year-wise distribution of companies classified according to the respective economic group is as under: - Table: 1 Distribution of companies according to their economic group.

Years Economic Groups 1999 2000 2001 2002 2003 2004 Cotton and Other Textiles Chemicals Engineering Sugar and Allied Industries Paper and Board Cement Fuel and Energy Transport Miscellaneous Total:

239

39 47 38 14 21 28

6 98

530

232

39 48 38 14 21 27

7 94

520

225

38 47 37 14 22 26

7 90

506

208

36 46 37 14 22 24

7 87

481

199 38

44 37 13 22 24

7 79

463

189 36

42 35 12 22 25 13 77

451

During 2004, nine companies were added whereas twenty companies were excluded from the analysis. Balance sheets of twenty-four companies were not available at the time of the analysis therefore, to present a comparable and consolidated picture the last available data in respect of these companies have been repeated. The sum of Assets and Liabilities of a company may exhibit minor differences due to rounding off separate items. Ratios and percentages have been worked out after rounding off the figures in thousands, which may, therefore, slightly differ from ratios obtained from actual balance sheet amounts. The symbol (..) appearing in the statement stands for the amounts less than Rs.50,000 in case of individual companies, the consolidated statements by economic groups and the overall statements whereas the symbols (-) and N.A. stand for Nil and Not Available respectively. The publication is based on the two sets of analysis:

(a) Overall summary: This gives the consolidated financial analysis of companies listed at KSE.

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(b) Company-wise analysis: These provide us financial analysis of the individual companies.

II. Methodology A. Capital Structure 1. Ordinary Share Capital This represents the total paid-up capital against issue of ordinary shares. These are amount of capital actually paid by the shareholders to the institution for acquiring its shares. It includes shares paid in cash (subscribed/right issued), issued as bonus shares and shares issued for consideration other than cash (eg. for settlement of receivables/debts or debts redeemable into stock etc.). 2. Reserves It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and doubtful debts plus the balance of profit and loss account and subtracting there from intangible or fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and adverse balance of profit and loss figures. The reserves entering into the calculation are: - (i) General (ii) Capital (iii) Development (iv) Dividend equalization (v) Proposed issue of bonus shares (vi) Profit on re-issue of forfeited shares

(vii) Premium on shares (viii) Capital profit arising from the sale of fixed assets (ix) Special reserves under relevant provision of Income Tax Act (x) Raw material price equalization (xi) Tax equalization (xii) Contingency (xiii) Leave passage (xiv) Workmens compensation fund (xv) Gratuity, pension or provident fund (xvi) Investment depreciation but not including provision for actual shortfall of market

value as compared with book value (xvii) Publicity (xviii) Employees housing and welfare fund (xix) Charities (xx) Deferred liabilities (xxi) Taxation reserves including deferred taxation reserves, but not

including provision for tax assessed or estimated on actual or part of profits 3. Shareholders Equity This item purports to represent the total stake of the shareholders in the business and has been obtained by adding the ordinary share capital to the surplus.

iv

4. Preference Shares As the name indicates these are ordinary shares of a company and pays a fixed dividend (whether the company is earning profit or making loss during operation), but its shareholders have no voting privilege. In case of liquidation of the company its status is normally considered prior to the status of ordinary shareholders. The difference between ordinary shares and preference shares is as follows:

a) Ordinary shareholder will receive dividend, which varies according to the prosperity of the company but preference shareholder will receive a fixed amount dividend every year.

b) Ordinary shareholder has a right of voting in the companys annual general meeting while the preference shareholder has no voting right.

c) Ordinary shareholders have to claim on the net assets of the company in case of liquidation, while the claim of the preference shareholders is paid earlier.

5. Debentures These are bonds/certificates issued by a company to raise funds for long-term period (generally more than one year) for a specific purpose, sometimes convertible into stock. At present, debentures have been replaced by TFCs (Term Finance Certificates). 6. Other Fixed Liabilities The liabilities, which are required to be discharge after a period of more than one year from the date of balance sheet, are termed as other fixed liabilities or loan capital. They may consist of the following items:

(i) Loans from financial institutions. (ii) Loans from non bank financial institutions. (iii) Loans from specialized financial institutions (iv) Foreign loans (v) Vendors account 7. Total Fixed Liabilities It is the sum of the preference shares, debentures and other fixed liabilities. 8. Total Capital Employed It is the sum of shareholders equity and total fixed liabilities. B. Liquidity 1.Current Assets: An asset is to be a current asset, which can be readily convertible into cash or equivalent without any significant loss in value. The current assets comprise of liquid assets, inventories and other current assets.

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a) Liquid Assets Broadly speaking, liquid assets comprise of all assets like cash, bank balance, marketable security, etc., which are easily realisable almost at book value. While there can not be two opinions regarding the status of cash, current accounts and government securities in this context, the treatment of savings and fixed deposits and of shares of joint stock companies not quoted on stock exchange leaves the analyst in doubt. The classification of borderline cases had therefore, to be made partly in keeping with the objective of the analysis and partly on ones own subjective judgment. For this study, liquid assets that are also sometimes referred to as liquid capital have been bifurcated as cash and investments and comprise of the following items: - (i) Cash in hand (ii) Cash in transit (iii) Current deposits (iv) Saving deposits (v) Call deposits (vi) Fixed deposits (vii) Deposits held abroad (viii) Government and corporate securities (ix) Savings and Unit Trust Certificates

(x) Debentures stock of local or foreign companies

b) Inventories It comprises of stocks of raw material in hand, work in progress and finished goods at the closing date c) Other Current Assets The following items are taken as other current assets: (i) Book debts including bad and doubtful debts (ii) Stores (iii) Work in progress(current) (iv) Advances, prepayments, etc. 2. Current Liabilities All liabilities, which are required to be discharge within one year, are termed as current liabilities. Alternatively, these cover those obligations whose liquidation is expected to be made out of current assets. They are usually incurred in the normal course of business and are required to be paid at fairly definite dates. The current liability consists of the following items. (a) Sundry Creditors (i) Income tax payable (ii) For expenses (iii) For other finance (iv) Bills payable (v) Advances from customers against orders vi

(b) Payment become due but outstanding (i) Income tax payable (ii) Proposed, unpaid and unclaimed dividends (iii) Estimated liabilities in respect of outstanding claims whether due or intimated (iv) Gratuities becoming payable (v) Provident Fund becoming payable (vi) Current installment and interest payable on fixed liabilities (vii) Provision for taxation estimated on current profits

(viii) Workers profit participation fund (c) Loans, Deposits and Advances (i) Loans secured by stock or other current assets (ii) Bank overdrafts and other unsecured loans

(iii) Short term loans acquired against the security of fixed assets (iv) Unsecured loan from directors, parent company, and subordinate loan

(v) Due to managing agents (vi) Advances by directors (vii) Guarantee and security deposits of customers and staff 3. Total Liabilities This item pertains to sum of total fixed liabilities and current liabilities except shareholders equity. 4. Net Current Assets It has been obtained by deducting the amount of current liabilities from current assets.

5. Contractual Liabilities This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and bank overdraft (Interest bearing secured loans). 6. Net Liquid Assets This is the difference of liquid assets and the current liabilities. C. Fixed Assets 1. Fixed Assets at Cost In contra distinction to current assets, fixed assets consist of items, which are not readily convertible into cash during the course of normal operations of an enterprise. These items are not subject to periodical exchange through sales and purchases. Fixed assets are of permanent nature and are not normally liquidated or intended to be turns into cash except in the form of depreciation, which is added to the cost of goods sold. The following balance sheet items are included in the category of fixed assets: - vii

(a) Real Estate (i) Freehold and leasehold land (ii) Factory and office buildings (iii) Residential buildings

(iv) Capital projects in progress at cost (b) Plant, Machinery and Rolling Stock

(i) All types of plant and machinery used for production and not for sale (ii) Crockery, cutlery, silverware and enamelware in hotels (iii) Construction tools

(iv) Livestock in farming company (v) Cars, lorries, trucks, ships, launches etc.

(vi) Railway siding and trolley lines (vii) Computers and other electronic equipments.

(c) Furniture, Fixtures, Fittings and Allied Equipment

(i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings (ii) Laboratory equipment (iii) All types of office furnitures and equipment (iv) Advertising, fixtures and fittings 2. Fixed Assets After Deducting Accumulated Depreciation Deducting the accumulated depreciation from the fixed assets of the company gives this item. 3. Depreciation for the year It includes all the depreciation charges to the profit and loss account. Owing to the absence of uniform accounting standards, depreciation is a subjective item and very from company to company. It is important for the analyst to know what effect such variation could have on the net profit. 4. Total Assets This item is sum of fixed assets at cost after deducting accumulated depreciation, and current assets. D. Operations 1. Gross Sales

This item represents the sale proceeds of the company. Sales revenue is classified as local sales and export sales. 2. Gross Profit Subtracting cost of sales from sales revenue arrives at gross profit. viii

3. Overhead and Other Expenses These are total expenses that are incurred on the operational activities of a company except financial expenses and include:

i) Cost of sales ii) Administrative and general expenses

iii) Selling and distribution expenses iv) Other expenses

4. Operating Profit Subtracting overhead and other expenses from gross sales and adding thereto-non-operating income gives operating profit. 5. Financial Expenses These are interest expense incurred on borrowing of long and short terms loans. It includes the following items;

(i) Mark-up and interest on long term loan (ii) Mark-up and interest on debentures and redeemable capital

(iii) Mark-up and interest on short term loan (iv) Interest on private loan

(iv) Financial charges against assets subject to finance lease (v) Interest and mark-up on supplier credit

(vi) Interest on workers profit participation fund. (vii) Bank charges and commission.

(viii) Excise duty on long and short-term finance. (ix) Discounting charges on receivables. (x) Exchange losses.

6. Net Profit before Tax Provision It is the profit earned by the company during the year before tax provision. 7. Tax Provision It is provision of taxation made on current years profit. 8. Total Amount of Dividend It is the total dividend including interim dividend distributed or proposed to be distribute out of the current years profit 9. Total Value of Bonus Shares Issued This is the total amount of bonus shares issued to the shareholders as appropriation net profit after tax of the company during the year. ix

E. Source of Increase in Capital Employed 1.Increase/ Decrease in Capital Employed The difference in value of total capital employed (i.e., share capital, surplus, preference capital, debentures and other fixed liabilities) at the beginning of the year and the corresponding figures at the end of the year and shown as increase (+)/ decrease (-). 2. Retention in Business This item is obtained by deducting the provision for the tax and the total dividend distributed or proposed to be distributed from the net profit for the year. 3. Finance from outside the company The difference between the increase in the capital employed and the retention in the business is the finance from out side the company. It is possible for this item to be negative. Indeed in some circumstances it is also possible for the increase in the capital employed as well as the retention in business to be negative, for instance where dividends are distributed not out of the current earnings but out of the reserves. F. Cash Flow Data 1. Depreciation for the year plus Retention in Business The total funds that corporation generates internally for investment in the modernization and expansion of plant and equipment. 2. Depreciation for the year plus changes in Capital Employed Depreciation for the year is added in the difference of two successive years figures of total capital employed. G. Operating Financial & Investment Ratios 1. Gearing Ratio This item shows the proportion that the loan capital bears to the total capital employed. Where there is preference capital, there is an item of Gearing i.e., the loan capital plus the preference capital as the ratio of the total capital employed. The justification for taking the preference capital together with the fixed liabilities is that, from the ordinary shareholders point of view, both items represent a fixed charge on the profits. Total capital employed is shareholders equity plus total fixed liabilities. 2. Current Ratio This item tells a lender about the liquidity of the assets and as a result its ability to pay the short- term debts. x

3. Acid Tests or Quick Ratio The acid test or quick ratio is used to determine how quickly a company would be able to pay off its current liabilities if it needs to convert its quick assets into cash. 4. Debt Equity Ratio In debt equity ratio, the total debt is compared with the shareholders equity; the lower the ratio the better the companys solvency, the higher ratio is a risk to a present or future creditor. 5. Return on assets This ratio is considered a measure of how effectively assets are used to generate a return. 6. Self -Financing Ratio The ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital employed. 7. Cash Flow Ratio This ratio has a purpose somewhat similar to the self-financing ratio described under F.3 the only difference being that it takes into account the amount of depreciation. 8. Shareholders Equity as % of Ordinary Share Capital It is the shareholders equity to the ordinary share capital, which means the stake of ordinary shareholders in the total equity of the company.

9. Overhead and Other Expenses as % of Gross Sales It shows the ratio of overhead and other expenses to the gross sales. This is an important ratio, which indicates the contribution of operating expenses in the operating revenue through sales of the company. Lowering the percentage, the company is more viable and efficient. 10 Financial Expenses as % of Operating Profit This shows the ratio of financial expenses to operating profit. It identifies how much weight the company will bear from its operating profit before reaching to the net profit before tax. Smaller ratio is a good for a company. 11. Financial Expenses as % of Gross Sales It shows the ratio of financial expenses to gross sales. Lowering the ratio indicates the financial discipline of the company and the increasing ratio indicates that the company is facing financial expense burden out of its gross sales revenue xi

12. Financial Expenses as % of Contractual Liabilities It shows cost incurred (interest/mark up paid) on contractual liabilities. 13. Tax Provision as % of Net Pre-tax Profit It shows the portion of net profit set aside for tax provisions. 14. Sundry Debtors as % of Gross Sales It is the ratio of outstanding credit (all sales receivables) to the total sale proceeds of the company. Higher the percentage, the company is increasing its debtors and credit risk and reducing its liquidity position. 15. Net Profit as % of Shareholders Equity It is worked out by dividing the net profit before tax by the shareholders equity, expressing the result in percentage. H. Key Performance Indicators 1. Dividend Cover Ratio The ratio of net profit after tax to total amount of dividend. 2. Dividend Ratio to Equity This item has been worked out by dividing the total amount of dividend by the shareholders equity, expressing the result in percentage 3. Net Profit Margin. This ratio shows how much profit comes from every rupee of sales. 4. Earning per Share It has been arrived by dividing the net profit (before/after tax) by the number of ordinary shares.

5. Average annual % Depreciation on Written Down Fixed Assets This item is simple depreciation rate and is intended to give some idea of the companys practice with regard to depreciation. Since there are so many items in the fixed assets schedule, it is not practicable to calculate depreciation rate for all the items individually. Therefore, an aggregate depreciation rate for all the item taken together has been worked out. The method is to take total depreciation provided during the financial year and dividing it by the written down value of the total fixed assets at the beginning of the financial year. The result is expressed in percentage.

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6. Sales as % of Total Assets: This item indicates how efficiently the business of a company generates sales on each rupee of assets. 7. Sales Growth (Current Years Sales Last Years Sales): Sales growth is the percentage increase or decrease in sales between two time periods. 8. Break-up Value of Ordinary Shares It is obtained by dividing the sum of ordinary share capital and the surplus by the number of ordinary shares. xiii

Executive Summary The growth momentum of non-financial companies listed at Karachi Stock Exchange (KSE), which started in 2002 also continued during the year 2004. The robust increase was seen in fuel & energy, transport & communication, textiles, and engineering. All indicators showed improvement in terms of total capital employed, liquidity, working capital, fixed assets, operational activities, net profit, etc. Brief review of the important indicators during years 2003 and 2004 is given below.

Capital Structure The overall position of non-financial companies listed at Karachi Stock Exchange (KSE) during 2003 and 2004 indicates that total paid up capital of ordinary shareholders increased by Rs.58.7 billion i.e. 23.8 % from Rs.246.9 billion in 2003 to Rs.305.6 billion in 2004,where as the same was increased by Rs.18.8 billion or 8.2% in 2003 over 2002. Sector wise position of capital structure is as under: Total Capital Employed by Economic Sectors (Million Rupees)

TOTAL CAPITAL EMPLOYEDECONOMIC SECTOR 2004 2003 CHANGE (%)Cotton Textile 113,768.4 95,556.6 19.1Other Textile 32,213.7 27,070.2 19.0Chemicals 78,962.8 70,021.4 12.8Engineering 36,717.4 27,119.4 35.4Sugar and allied industries 19,081.1 13,650.5 39.8Paper and board 9,514.0 7,779.2 22.3Cement 58,940.8 60,560.4 -2.7Fuel and energy 263,597.5 185,726.4 41.9Transport and communications 170,475.1 131,574.2 29.6Tobacco 5,750.8 4,932.5 16.6Jute 814.1 704.0 15.6Vanaspati and allied industries -2,197.3 -2,119.9 3.7Others 28,483.0 20,712.6 37.5

Total shareholders equity increased by 32.9% from Rs. 447.5 billion to Rs.594.8 billion during 2004. Total fixed liabilities have been increased by 13.0% with Rs.195.8 billion in 2003 and Rs.221.3 billion in 2004. A comparison of growth, in the compositions of capital structure in the current year with that of the previous year yields: 2003 over 2002 2004 over 2003Shareholders equity 3.4 % 32.9 % Total fixed liabilities 6.9 % 13.0 % Total capital employed 4.4 % 26.9 %

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This shows that significant improvement have been seen in all areas particularly the growth of shareholders equity which remained more than the demand of finance from banks and other financial institutions. The increase in ordinary share capital was 23.8% and 44.2% in reserve & surpluses during the current year. This was due to the induction of OGDC as listed company with paid-up capital of Rs.43.6 billion

305.6 289.2

594.8

221.3

816.1

0

100

200

300

400

500

600

700

800

900

Bill

ion

Rup

ees

Paid-up Capital Surplus Shareholders equity Total fixedliabilities

Total capitalemployed

Figure 1: Capital Structure of Non-Financial sector-2004

Liquidity

Figure 2: Aggregate Composition of Assets

-100.0

0.0

100.0

200.0

300.0

Bill

ion

Rup

ees

Cash and bankbalances

55.8 60.9 70.6 74.3 97.2 160.9

Investments 24.5 32.7 36.9 45.6 65.2 80.3

Liquid Assets 80.3 93.6 107.5 119.9 162.5 241.1

Working capital -6.5 -30.0 -46.4 10.2 23.6 95.8

1999 2000 2001 2002 2003 2004

The analysis indicates that the overall liquid assets of non-financial sector increased by 48.4% with Rs. 162.5 billion in 2003 to Rs. 241.2 billion in 2004. The major increases were in the sectors of fuel & energy by Rs. 35.9 billion, transport and communicate-on by Rs.15.1 billion, chemicals by Rs. 9.0 billion, cotton and other textile by Rs. 7.6 billion and engineering by Rs.4.5 billion. The position of cash and bank balance showed an increase of Rs.63.7 billion i.e.65.5% and short-term investment increased by Rs.15.1 billion-i.e.23.2% during the year under review.

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The position of working capital (net current assets) was Rs.23.5 billion in 2003 and increased by 307.7% to Rs.95.8 billion in 2004. Further, it is mentioned that the total liabilities of corporate sector increased from Rs.681.6 billion in 2003 to Rs.818.2 billion in 2004, i.e by 20.0%, while financial expenses decreased from Rs.32.0 billion in 2003 to Rs.23.8 billion in 2004. This means that companies increased their liabilities, relying more on the increase in equity level than obtaining finance from banks and financial institutions.

Fixed Assets The fixed assets after deducting accumulated depreciation (book value) of overall position amounted to Rs.619.8 billion in 2003 and increased to Rs.720.3 billion in 2004 by 16.2%. The total assets which were Rs.1,129.1 billion in 2003 increased by 25.1% with amount of Rs.1,413.0 billion in 2004. This indicates that during current year the amount invested in the capital expenditure was significantly high as compared to the previous year. Comparison of fixed assets in terms of book value and market value from 1999 through 2004 is illustrated in figure3.

Figure 3: Composition of Assets

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

Bill

ion

Rup

ees

Fixed Assets (book value) 567.2 583.9 591.5 605.8 619.8 720.3

Total assets 950.5 986.8 1043.6 1070.0 1129.1 1413.0

1999 2000 2001 2002 2003 2004

Operational Activities The gross sales of all non-financial listed companies were Rs.1,382.4 billion in 2003 and increased by Rs.250.4 billion i.e.18.1% to Rs.1,632.8 billion in 2004. The local sale increased by Rs.240.2 billion or 19.0% with Rs.1,266.9 billion in 2003 to Rs.1,507.1 billion in 2004

Figure 4: Gross Sales and Cost of Sales

-200.0

300.0

800.0

1300.0

1800.0

Bill

ion

Rup

ee

Gross sales 861.4 1003.2 1177.5 1222.5 1382.4 1632.8

Cost of sales 728.8 853.3 1025.7 1035.7 1172.4 1360.2

1999 2000 2001 2002 2003 2004

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and export sales increased only by Rs.10.2 billion or 8.8% in the current year over the preceding year. Cost of goods sold stood at Rs.1,360.2 billion in 2004, showing an increase of 16.0% compared with the previous year. The gross profit also increased by Rs.62.7 billion or 29.9% with Rs.210.0 billion in 2003 and Rs.272.7 billion in 2004. The major sectors which contributed in increase were fuel and energy by Rs.40.8 billion, chemicals by Rs.9.7, cement by Rs.6.0 billion and engineering by Rs.2.1 billion. Net profit before taxes, which stood at Rs.98.9 billion in 2003, increased by Rs.76.6 billion and amounted to Rs.175.5 billion in 2004 (i.e. 77.5% increase during the year). Major sectors whose profit increased were fuel and energy with Rs.40.8 billion, chemicals with 18.6 billion, transport & communication with Rs.6.2 billion and cement with Rs.5.6 billion.Out of the profit amount retained in the business were Rs.10.7 billion in 2003 and increased by 386.9% to Rs.41.4 billion, amounting to Rs.52.1 billion in 2004. The finance inducted from outside source of the business was Rs.16.6 billion in 2003, stood at Rs.120.7 billion in 2004 (i.e. an increase of 627.1% in current year as compared to a decrease of 76.7% in the previous year 2003). This indicates that overall listed companies, expansion of business got flourished during the year, i.e. increasing dependencies on debts from banks and financial institutions and also widening their equity base. Return on assets, which was 8.8% in 2003 increased by 12.4% in 2004. This is only due to the emerging culture of capital market in the country during the year.

Figure 5: Net Profit and Retention

-50.0

0.0

50.0

100.0

150.0

200.0

Bill

ion

Rup

ee

Net profit (beforetaxes)

36.4 37.7 54.5 69.7 98.9 175.4

Retention in business 4.1 -12.1 -5.4 -0.2 10.7 52.1

1999 2000 2001 2002 2003 2004

Key Financial Ratios Sundry debtors ratio to gross sales indicates a decrease of 1.0%, from 8.0% in 2003 to 7.0% in 2004. This is a good sign for corporate business that debt receivable on sales have declined and more sales been settled as cash transactions. Dividend ratio to equity, which was 11.7% in 2003 increased up to 12.4% in 2004. This is also a good indicator that although paid-up capital of corporate sectors increased by 23.8%, but increase in

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dividend yield remained consistent. Earning per share after tax, which was Rs.2.6 per share in 2003, increased to Rs.4.1 per share in 2004 (i.e. net increase of 57.7% in the value per share during the current year). The ratio of gross sales to total assets, which

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Perc

enta

geFigure 6: Key Financial Ratios

Sundry debtots as % of grosssales

12.1 10.7 10.2 9.3 8.0 7.0

Dividend ratio to equity 7.2 9.0 11.3 10.3 11.7 12.4

1999 2000 2001 2002 2003 2004

was 122.4% in 2003, was decreased to 115.6% in 2004. This is a causative sign for the growth of corporate sector that rising assets failed to promote more sales. Overall it is evident that during the year 2004 the listed companies of non-financial sector performed well in all respective areas of financial analysis as compared to the previous year.

.

xviii

Table: Key performance Indicators According to Economic Groups for the

Year 2004

(Million Rupees) Economic Groups

Key

Performance Indicators

Overall

Text

ile S

ecto

r

Oth

er T

extil

es

Che

mic

als

Engi

neer

ing

Suga

r and

Alli

ed

Indu

stire

s

Pape

r and

Boa

rd

Cem

ent

Fuel

and

Ene

rgy

Tran

spor

t

Toba

cco

Jute

V

anas

pati

&

Alli

ed In

dust

ries

Oth

ers

Paid -up-Capital 305,607.6 23,063.4 9,061.4 36,404.8 7,223.1 5,002.5 1,421.0 27,287.3 109,308.0 76,325.2 3,086.1 437.9 391.4 6,595.6

Total amount 73,715.2 1,124.2 212.5 6,678.4 2,608.7 187.6 729.3 1,131.9 31,441.2 25,628.6 897.2 88.8 3.0 2,983.7of dividend

Total value of 2,263.2 101.6 255.6 671.8 240.6 5.2 12.2 677.8 124.3 57.2 0.0 0.0 0.0 116.9bonus shares issued

Return on capitral 172,834.0 18,211.7 5,143.5 8,941.4 9,598.0 5,430.6 1,734.8 -1,619.6 77,871.1 38,901.0 818.3 110.1 -77.5 7,770.4employed

Dividend cover ratio 170.7 250.8 980.0 318.1 309.9 220.7 229.0 360.2 148.5 121.8 263.1 353 5336.7 160.5

Dividend ratio to equity 12.4 1.6 1.1 9.8 8.6 2.1 8.1 3.2 15.2 21.2 15.6 11.3 -0.1 13.5

Net profit margin 10.7 3.1 4.5 16.2 8.7 1.8 15.3 10.3 9.3 29.9 6.6 12.4 3.4 9.1

Net profit as% of 29.5 10.1 13.8 39.2 39.7 7.5 24.1 13.3 29.6 39.6 52.0 56.7 -7.7 10.0shareholders' equity

Earning per 5.7 3.1 3 7.4 16.8 1.3 15.2 1.7 5.6 6.3 9.7 10.2 5.5 7.3share before tax

Earning per 4.1 1.2 2.3 5.8 11.2 0.8 11.8 1.5 4.3 4.1 7.6 7.2 4.1 147.9share after tax

Depreciation charge 9.2 11.9 9.5 8.9 12.5 7.7 9.7 4.1 8.4 10.7 12.8 8.4 2.9 11.2as % of fixed assets

Sale as % of total assets 115.6 101.1 107.5 115.4 158.4 88.3 97.2 53.8 148.2 63.8 375.4 142 245.6 33.5

Sales growth 18.1 20.4 17.3 19.2 41.0 1.4 3.0 18.8 15.6 17.6 17.6 14.8 6.0 11.2

Breakup value of 19.5 30.2 22.1 18.8 42.2 17.9 63.2 12.9 18.9 15.9 18.6 18.0 -71.6 33.5ordinary shares (in Rs)

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ANALYTICAL TABLES

A.Capital Structure:

B.Liquidity:

C.Fixed Assets:

D.Operation:

E.Sources of Increase In Capital Employed:

F.Cash Flow Data

G.Operating Financial & Investment Ratios:

H.Key Performance Indicators:

1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7)

1.Liquid Assets: (1)Cash (II)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5)

1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2)

1.Gross sales (1)Local sales (2)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued

1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2)

1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1)

1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Net profit as % of shareholders' equity (D7 as % of A3)

1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

1999 2000 2001 2002 2003 2004

184691.2 191622.5 189760.6 228069.5 246857.4 305607.6 124072.1 126645.4 128977.1 204867.4 200606.5 289229.7 308763.3 318267.9 318737.7 432936.9 447463.9 594837.3

187.2 194.4 187.2 889.6 1083.4 1083.4 38816.0 41441.0 53363.9 43881.9 40128.1 23473.5

212910.0 194032.9 172799.3 138313.0 154612.0 196727.2 251913.2 235668.3 226350.4 183084.5 195823.5 221284.1 560676.1 553936.2 545088.1 616021.4 643287.4 816121.4

80253.7 93648.7 107563.7 119967.8 162465.4 241184.3 55763.6 60933.5 70642.3 74346.5 97228.2 160856.8 24490.7 32715.2 36921.4 45621.3 65237.2 80327.5

303019.9 309237.1 344591.7 344220.7 234267.6 267962.8 112597.1 183539.6

383273.5 402885.8 452155.4 464188.5 509330.1 692686.7 389788.0 432861.7 498535.8 453948.4 485825.3 596893.4 641701.2 668530.0 724886.2 637032.9 681648.8 818177.5

-6514.5 -29975.9 -46380.4 10240.1 23504.8 95793.3 251442.0 419627.3 331725.1 341082.2 373561.8-309534.6 -339213.0 -390972.1 -333980.6 -323359.9 -355709.1

843925.8 897625.4 955846.4 1018106.4 1070184.5 1150211.4 567191.3 583912.1 591468.6 605781.2 619782.4 720328.2

45222.7 44451.7 50577.8 58696.6 54992.4 60445.2 950464.8 986797.9 1043624.0 1069969.7 1129112.5 1413014.9

861391.4 1003217.3 1177502.5 1222526.2 1382479.4 1632833.9 1062582.4 1114222.2 1266939.7 1507135.3

114920.1 108304.0 115539.7 125698.6 728772.4 853298.0 1025683.9 1035742.9 1172438.6 1360160.9 132619.2 149919.3 151818.6 186783.3 210040.8 272673.0

1091766.7 1124120.7 1277734.1 1471056.3 108926.0 117713.5 130931.4 199205.3

54376.9 47999.2 32029.6 23751.7 36377.7 37659.6 54549.1 69714.3 98901.8 175453.6 10128.9 21014.8 23956.0 25405.3 36045.8 49604.0 22125.6 28783.7 35969.6 44537.1 52182.3 73715.2

2137.5 3791.8 3258.2 1878.8 1240.2 2263.2

41399.3 -6740.4 -8848.1 70933.3 27265.8 172834.0 4123.4 -12138.9 -5376.5 -228.1 10673.7 52134.4

37276.4 5398.4 -3471.6 71161.4 16592.1 120699.6

49376.1 32312.8 45201.3 58468.5 65666.1 112579.6 86653.0 37711.3 41729.7 129629.9 82258.4 233279.2

44.9 42.5 41.5 29.7 30.4 27.1 98.3 93.1 90.7 102.3 104.8 116.0 98.3 93.1 90.7 102.3 81.7 85.3

207.8 210.1 227.4 147.1 152.3 137.5 3.8 3.8 5.2 6.5 8.8 12.4

10.0 180.1 60.8 -0.3 39.1 30.2 56.9 85.7 108.3 45.1 79.8 48.3

167.4 166.1 168.0 189.8 181.3 194.6 92.7 92.0 92.4 90.1 49.9 40.8 24.5 11.9

4.6 3.9 2.3 1.5 13.0 14.5 9.4 6.4

27.8 55.8 43.9 36.4 36.5 28.3 12.1 10.7 10.2 9.3 8.0 7.0 11.8 11.8 17.1 16.1 22.1 29.5

118.6 57.8 85.1 99.5 120.5 170.7 7.2 9.0 11.3 10.3 11.7 12.4 4.2 3.8 4.6 5.7 7.2 10.7 2.0 2.0 2.9 3.1 4.0 5.7 1.4 0.9 1.6 1.9 2.6 4.1 8.3 8.3 8.8 10.0 9.1 9.2

90.7 101.7 112.8 114.3 122.4 115.6 5.2 42.4 6.9 29.0 39.0-0.7 16.5 17.4 3.8 13.1 18.1

16.7 16.6 16.8 19.0 18.1 19.5

Overall (Million Rupees)Items

1

Overall

Operating, Financial & Investment Ratios

0

50

100

150

200

250

1999 2000 2001 2002 2003 2004

%

Gearing ratio Debt to equity ratio Current ratio

0

2

4

6

8

10

12

14

16

18

20

Rup

ees

1999 2000 2001 2002 2003 2004

Key performance indicators

EPS (Before tax) EPS (After tax)Break-up value per share

0

2

4

6

8

10

12

14

%

1999 2000 2001 2002 2003 2004

Key prformance ratios

Dividend ratio to equity Net profit margin


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data



1.Ordinary Share Capital2.Surplus3.Shareholder's Equity (A1+A2)4.Prefrence Shares5.Debentures6.Other Fixed Laibilities7.Total Fixed Laibilities (A4+A5+A6)8.Total Capital Employed (A3+A7)

1.Liquid Assets: (1)Cash (II)Investments2.Other Current Assets3.Inventories4.Current Assets (B1+B2+B3)5.Current Liabilities6.Total Liabilities(A7+B5)7.Net Current Assets(B4-B5)8.Contractual Liabilities9.Net liquid assets (B1-B5)

1.Fixed Asset At Cost2.Fixed assets after deducting accumulated depreciation3.Depreciation for the year4.Total assets (B4+C2)

1.Gross sales (1)Local sales (2)Export sales2.Cost of Sales3.Gross profit4.Overhead and Other Expenses5.Operating profit6.Financial expenses7.Net profit before tax (D5-D6)8.Tax provision9.Total amount of dividend10.Total value of bonus shares issued

1.Increase/decrease in capital employed (A8 - A8 of preceding year)2.Retention in business (D7-D8-D9)3.Finance from outside the company (E1-E2)

1.Depreciation for the year plus retention in business: cash flow (C3+E2)2.Depreciation for the year plus changes in capital employed (C3+E1)

1.Gearing ratio (A7 as % of A8)2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5)4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4)6.Self financing ratio (E2 as % of E1)7.Cash flow ratio F1 as % of F28.Shareholders equity as % of ordinary share capital (A3 as % of A1)9.Overhead and other expenses as % of gross sales (D4 as % D1)10.Financial expenses as % of operating profit (D6 as % of D5)11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8)13.Tax provision as % of net pre-tax profit (D8 as % of D7)14.Sundry debtors as % of gross sales15.Net profit as % of shareholders' equity (D7 as % of A3)

1.Dividend cover ratio [(D7 - D8) as % of D9]2.Dividend ratio to equity (D9 as % of A3)3.Net profit margin (D7 as % of D1)4.Earning per share before tax (D7/No. of ordinary shares)5.Earning per share after tax [(D7-D8)/No. of ordinary shares]6.Average annual % depreciation on written down fixed assets7.Sales as % of total assets (D1 as % of C4)8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)9.Sales growth (current year's 'sales - last year's sales / last year's sales)10.Break-up value of ordinary shares (in rupees)

1999 2000 2001 2002 2003 2004

111878.5 117117.5 113610.2 130775.8 135930.3 189177.8 89783.2 98858.0 109625.3 120089.6 135265.9 211634.0

201661.7 215975.5 223235.5 250865.4 271196.2 400811.8 36.2 43.4 36.2 738.6 1082.4 1082.4

15872.7 21443.0 34612.7 31593.9 22739.8 7546.9 130119.1 123333.6 109051.9 120416.4 112764.5 131238.9 146028.0 144820.0 143700.8 152748.9 136586.6 139868.2 347689.7 360795.5 366936.3 403614.3 407828.8 540680.0

50453.3 58616.0 64541.1 80406.8 105348.1 160047.9 30897.2 31614.5 37403.9 46443.6 53645.4 90921.4 19556.1 27001.5 27137.2 33963.2 51702.7 69126.5

192256.9 195408.9 220787.8 220198.3 130407.7 168720.4 99210.3 144697.0

242710.2 254024.9 285328.9 300605.1 334966.1 473465.3 233042.9 248883.5 285710.7 277107.6 314100.3 393110.6 379070.9 393703.5 429411.5 429856.5 450686.9 532978.8

9667.3 5141.4 -381.8 23497.5 20865.8 80354.7 278989.4 263751.9 255371.0 270828.5

-182589.6 -190267.5 -221169.6 -196700.8 -208752.2 -233062.7

473791.4 506006.0 548059.5 578171.1 616267.3 724104.7 338022.4 355654.2 367318.1 380116.7 386917.0 460325.2

24926.1 21873.7 26683.1 31051.2 29158.0 37306.1 580732.6 609679.1 652647.0 680721.8 721883.1 933790.5

550526.2 626320.7 715948.8 744098.0 841226.5 1031308.4 607178.3 639188.0 732742.5 913080.1 108770.5 104910.0 108483.9 118228.3

468363.5 523772.4 617179.8 634151.0 719248.3 853942.3 82162.6 102548.3 98769.0 109947.0 121978.2 177366.1

661119.0 683603.1 781340.1 922263.0 69947.9 70507.6 71311.7 126206.0 38658.5 32093.8 23339.4 18046.2

20758.8 24896.9 31289.4 38413.8 47972.4 108159.8 7425.3 9885.2 10491.0 10924.4 14716.4 26730.9

11221.1 14904.0 18811.1 24450.2 25468.9 39909.3 940.2 2128.5 1687.6 1592.9 747.4 2206.0

17578.7 13105.9 6140.8 36678.0 4168.5 133840.3 2110.2 107.8 1987.3 3039.2 7787.1 41519.6

15468.5 12998.1 4153.5 33638.8 -3618.6 92320.7

27036.3 21981.5 28670.4 34090.4 36945.1 78825.7 42504.8 34979.6 32823.9 67729.2 33326.5 171146.4

42.0 40.1 39.2 37.8 33.4 25.9 104.2 102.1 99.9 108.5 106.7 120.4 104.2 102.1 99.9 108.5 75.1 83.6 188.0 182.3 192.4 171.3 166.2 133.0

3.6 4.1 4.8 5.6 6.7 11.6 12.0 0.8 32.4 8.3 186.8 31.0 63.6 62.8 87.3 50.3 110.9 46.1

180.6 184.4 196.5 191.8 199.5 211.9 92.3 91.9 92.9 89.4 55.3 45.5 32.7 14.3

5.4 4.3 2.8 1.7 13.9 12.2 9.1 6.7

35.8 39.7 33.5 28.4 30.7 24.7 8.6 7.5 7.7 6.5 5.9 6.9

10.3 11.5 14.0 15.3 17.7 27.0

118.8 100.7 110.6 112.4 130.7 204.0 5.6 6.9 8.4 9.7 9.4 10.0 3.8 4.0 4.4 5.2 5.7 10.5 1.9 2.1 2.8 2.9 3.5 5.7 1.2 1.3 1.8 2.1 2.5 4.3 7.8 7.1 7.6 8.5 7.7 8.9

94.8 102.7 109.7 109.3 116.5 110.4 5.6 10.5 33.3 3.6 20.7 54.1 1.0 13.8 14.3 3.9 13.1 22.8

18.1 18.4 19.7 19.2 20.0 21.2

Private (Million Rupees)Items

2

Private


0

50

100

150

200

250

300

350

1999 2000 2001 2002 2003 2004

%


0

2

4

6

8

10

%

1999 2000 2001 2002 2003 2004

Key performance ratios


0

5

10

15

20

Rup

ees

1999 2000 2001 2002 2003 2004


EPS (Before tax) EPS (After tax)

Break-up value per share


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data



1.Ordinary Share Capital2.Surplus3.Shareholder's Equity (A1+A2)4.Prefrence Shares5.Debentures6.Other Fixed Laibilities7.Total Fixed Laibilities (A4+A5+A6)8.Total Capital Employed (A3+A7)

1.Liquid Assets: (1)Cash (II)Investments2.Other Current Assets3.Inventories4.Current Assets (B1+B2+B3)5.Current Liabilities6.Total Liabilities(A7+B5)7.Net Current Assets(B4-B5)8.Contractual Liabilities9.Net liquid assets (B1-B5)

1.Fixed Asset At Cost2.Fixed assets after deducting accumulated depreciation3.Depreciation for the year4.Total assets (B4+C2)

1.Gross sales (1)Local sales (2)Export sales2.Cost of Sales3.Gross profit4.Overhead and Other Expenses5.Operating profit6.Financial expenses7.Net profit before tax (D5-D6)8.Tax provision9.Total amount of dividend10.Total value of bonus shares issued

1.Increase/decrease in capital employed (A8 - A8 of preceding year)2.Retention in business (D7-D8-D9)3.Finance from outside the company (E1-E2)

1.Depreciation for the year plus retention in business: cash flow (C3+E2)2.Depreciation for the year plus changes in capital employed (C3+E1)

1.Gearing ratio (A7 as % of A8)2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5)4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4)6.Self financing ratio (E2 as % of E1)7.Cash flow ratio F1 as % of F28.Shareholders equity as % of ordinary share capital (A3 as % of A1)9.Overhead and other expenses as % of gross sales (D4 as % D1)10.Financial expenses as % of operating profit (D6 as % of D5)11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8)13.Tax provision as % of net pre-tax profit (D8 as % of D7)14.Sundry debtors as % of gross sales15.Net profit as % of shareholders' equity (D7 as % of A3)

1.Dividend cover ratio [(D7 - D8) as % of D9]2.Dividend ratio to equity (D9 as % of A3)3.Net profit margin (D7 as % of D1)4.Earning per share before tax (D7/No. of ordinary shares)5.Earning per share after tax [(D7-D8)/No. of ordinary shares]6.Average annual % depreciation on written down fixed assets7.Sales as % of total assets (D1 as % of C4)8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)9.Sales growth (current year's 'sales - last year's sales / last year's sales)10.Break-up value of ordinary shares (in rupees)

1999 2000 2001 2002 2003 2004

72812.7 74505.0 76150.4 97293.6 110927.1 116429.8 34288.9 27787.4 19351.8 84777.8 65340.6 77595.7

107101.6 102292.4 95502.2 182071.4 176267.7 194025.5 151.0 151.0 151.0 151.0 1.0 1.0

22943.4 19998.0 18751.3 12287.9 17388.2 15926.7 82790.9 70699.2 63747.4 17896.7 41847.5 65488.4

105885.3 90848.2 82649.7 30335.6 59236.7 81416.1 212986.9 193140.6 178151.9 212407.0 235504.4 275441.6

29800.3 35032.7 43022.6 39561.0 57117.3 81136.3 24865.8 29319.0 33238.4 27902.9 43582.8 69935.3

4934.5 5713.7 9784.2 11658.1 13534.5 11201.0 110763.0 113828.2 123803.8 124022.4 103859.9 99242.3

13386.8 38842.6 140563.3 148860.9 166826.4 163583.4 174364.0 219221.2 156745.3 183978.1 212825.1 176840.8 171725.0 203782.8 262630.6 274826.3 295474.8 207176.4 230961.7 285198.9-16182.0 -35117.2 -45998.7 -13257.4 2639.0 15438.4

140638.0 67973.2 85711.1 102733.5-126945.0 -148945.4 -169802.5 -137279.8 -114607.7 -122646.5

370134.3 391619.4 407786.9 439935.3 453917.3 426106.6 229168.9 228257.9 224150.5 225664.5 232865.4 260003.1

20327.3 22578.0 23894.6 27645.4 25834.4 23139.1 369732.2 377118.8 390976.9 389247.9 407229.4 479224.3

310865.6 376896.6 461553.7 478428.2 541252.9 601525.5 455404.2 475034.2 534197.2 594055.2

6149.6 3394.0 7055.7 7470.3 260408.9 329525.6 408504.1 401591.9 453190.3 506218.6

50456.7 47371.0 53049.7 76836.3 88062.6 95306.9 430647.7 440517.6 496394.0 548793.3

38978.1 47205.9 59619.5 72999.2 15718.3 15905.4 8690.2 5705.4

15619.1 12762.7 23259.8 31300.5 50929.3 67293.8 2701.4 11129.6 13465.0 14480.9 21329.3 22873.1

10904.5 13879.7 17158.6 20086.9 26713.5 33805.9 1197.2 1663.3 1570.5 285.9 492.8 57.2

23820.9 -19846.3 -14988.7 34255.1 23097.4 39937.2 2013.2 -12246.6 -7363.8 -3267.3 2886.5 10614.8

21807.9 -7599.7 -7624.9 37522.4 20210.9 29322.4

22340.5 10331.4 16530.8 24378.1 28720.9 33753.9 44148.2 2731.7 8905.9 61900.5 48931.8 63076.3

49.7 47.0 46.4 14.3 25.2 29.6 89.7 80.9 78.4 92.5 101.5 107.6 89.7 80.9 78.4 92.5 93.7 88.5

245.2 268.7 309.4 113.8 131.0 147.0 4.2 3.4 5.9 8.0 12.5 14.0 8.5 61.7 49.1 -9.5 12.5 26.6

50.6 378.2 185.6 39.4 58.7 53.5 147.1 137.3 125.4 187.1 158.9 166.6

93.3 92.1 91.7 91.2 40.3 33.7 14.6 7.8

3.4 3.3 1.6 0.9 11.2 23.4 10.1 5.6

17.3 87.2 57.9 46.3 41.9 34.0 18.4 15.9 14.2 13.6 11.2 7.1 14.6 12.5 24.4 17.2 28.9 34.7

118.5 11.8 57.1 83.7 110.8 131.4 10.2 13.6 18.0 11.0 15.2 17.4

5.0 3.4 5.0 6.5 9.4 11.2 2.2 1.7 3.1 3.2 4.6 5.8 1.8 0.2 1.3 1.7 2.7 3.8 8.9 9.9 10.5 12.3 11.5 9.7

84.1 99.9 118.1 122.9 132.9 125.5-22.7 82.4 3.2 43.8 26.1

-3.6 21.2 22.5 3.7 13.1 11.1 14.7 13.7 12.5 18.7 15.9 16.7

Public (Million Rupees)Items

3

Public


0

50

100

150

200

250

300

350

1999 2000 2001 2002 2003 2004

%


0

2

4

6

8

10

12

14

16

18

20

Rup

ees

1999 2000 2001 2002 2003 2004


EPS (Before tax) EPS (After tax)Break-up value per share

0

2

4

6

8

10

12

14

16

18

20

%

1999 2000 2001 2002 2003 2004

Key performance ratios



B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

20815.6 21439.7 22257.7 21457.3 21783.6 23063.4 9531.8 19220.6 24090.5 27871.6 37219.4 46532.9

30347.5 40660.3 46348.2 49328.9 59003.0 69596.3 7.2 241.9 241.9 241.9

3168.2 3921.3 5054.9 3103.3 3821.8 1232.3 27783.6 27195.3 25895.9 27143.3 32490.0 42697.9 30951.8 31123.8 30950.8 30488.5 36553.7 44172.1 61299.2 71784.1 77299.0 79817.4 95556.7 113768.4

8002.2 10952.2 10422.9 10620.6 16460.1 18250.6 3749.7 5263.1 4072.5 3492.4 4272.0 4183.1 4252.5 5689.1 6350.4 7128.2 12188.1 14067.5

60050.4 58233.6 65932.8 63049.8 40714.2 47823.8 31851.3 48221.5

68052.6 69185.8 76355.7 73670.4 89025.6 114295.9 76707.7 72171.4 82664.2 80747.1 90334.5 110989.6

107659.5 103295.2 113615.0 111235.6 126888.2 155161.7-8655.1 -2985.6 -6308.5 -7076.7 -1308.9 3306.3

82175.5 76386.6 89737.3 106246.1-68705.5 -61219.2 -72241.3 -70126.5 -73874.4 -92739.0

111150.6 121631.1 132902.2 138188.2 151305.8 169461.8 69954.3 74769.7 83607.6 86894.1 96865.6 110462.1

5527.3 5884.0 6694.2 7381.4 8218.3 11239.1 138006.9 143955.5 159963.3 160564.5 185891.2 224758.0

145777.0 161834.6 180500.2 175510.6 188662.0 227136.5 89464.5 88314.0 94170.1 123172.6 91035.7 87196.6 94491.9 103963.9

127868.8 132578.5 156204.7 156573.9 168848.0 207428.3 17908.3 29256.1 24295.5 18936.7 19814.0 19708.2

164807.1 165213.1 177097.3 216704.8 17398.9 11882.6 13855.5 12821.1 12697.4 10089.3 7208.6 5788.8

2872.6 13834.1 4701.5 1793.3 6646.9 7032.3 998.6 1764.8 1580.8 1424.3 1471.3 4212.5

2235.3 3886.1 2268.3 1372.7 1517.2 1124.2 50.8 667.4 49.0 324.7 65.8 101.6

2324.5 10484.8 5514.9 2518.4 15739.3 18211.7-361.3 8183.2 852.4 -1003.7 3658.4 1695.6

2685.7 2301.6 4662.5 3522.1 12080.9 16516.1

5166.0 14067.2 7546.6 6377.7 11876.7 12934.7 7851.7 16368.8 12209.1 9899.8 23957.6 29450.8

50.5 43.4 40.0 38.2 38.3 38.8 88.7 95.9 92.4 91.2 98.6 103.0 88.7 95.9 92.4 91.2 63.3 59.5

354.8 254.0 245.1 225.5 215.1 222.9 2.1 9.6 2.9 1.1 3.6 3.1

-15.5 78.0 15.5 -39.9 23.2 9.3 65.8 85.9 61.8 64.4 49.6 43.9

145.8 189.6 208.2 229.9 270.9 301.8 91.3 94.1 93.9 95.4 73.0 84.9 52.0 45.2

7.0 5.7 3.8 2.5 15.5 13.2 8.0 5.4

34.8 12.8 33.6 79.4 22.1 59.9 10.8 11.5 11.4 8.9 10.2 10.7

9.5 34.0 10.1 3.6 11.3 10.1

83.8 310.6 137.6 26.9 341.1 250.8 7.4 9.6 4.9 2.8 2.6 1.6 2.0 8.5 2.6 1.0 3.5 3.1 1.4 6.5 416.1 0.8 3.1 3.0 0.9 5.6 276.2 0.2 2.4 1.2 8.3 8.5 9.0 9.1 9.6 11.9

105.6 112.4 112.8 109.3 101.5 101.1-300.0 364.3 -68.1 -61.9 287.5 -3.2

3.4 11.0 11.5 -2.8 7.5 20.4 14.6 19.0 20.8 23.0 27.1 30.2

Textile Sector (Million Rupees)Items

4


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

10229.6 10428.6 8858.6 9300.6 9231.2 9061.4 6326.7 5916.6 8435.7 9679.7 10436.0 10936.7

16556.3 16345.2 17294.3 18980.3 19667.3 19998.1 26.0 26.0 26.0

1269.6 4285.4 5920.3 5245.9 1076.3 169.6 5763.7 6940.3 5027.3 5110.6 6326.7 12046.0 7059.2 11251.7 10973.6 10356.5 7403.0 12215.6

23615.5 27596.9 28267.9 29336.8 27070.2 32213.7

2993.2 2915.3 2840.5 1849.5 2068.9 7973.8 2539.5 2560.0 2486.1 1429.7 1379.7 1417.7

453.7 355.3 354.4 419.8 689.2 6556.1 11127.2 14657.9 15645.1 17584.3 8580.8 8070.7

10042.3 13952.0 14120.4 17573.2 18485.6 19433.8 20692.0 29996.5 12409.8 17691.5 17029.6 17255.3 20292.3 24230.0 19469.0 28943.3 28003.2 27611.8 27695.2 36445.6

1710.6 -118.4 1456.0 2178.5 399.8 5766.5 17597.4 18291.6 16456.3 20945.5

-9416.6 -14776.2 -14189.1 -15405.8 -18223.3 -16256.2

34254.3 43839.3 42558.7 44833.5 54458.7 47397.5 21904.9 27715.3 26812.0 27158.4 26670.4 26447.1

1888.7 1799.9 2322.6 2700.4 2706.2 2517.4 36025.3 45288.5 45297.6 46592.2 47362.4 56443.6

24062.5 29858.5 44438.7 44253.5 51727.5 60698.7 40079.2 38693.1 45081.5 57035.3

4359.5 5560.4 6645.9 3663.4 21009.9 25736.4 38355.9 38649.0 47064.4 54954.7

3052.7 4122.1 6082.8 5604.5 4663.1 5744.0 40010.6 40254.4 48863.2 56975.4

4788.5 4142.7 3067.6 3898.6 1795.4 2055.0 1661.5 1145.8

637.2 1901.1 2993.1 2087.7 1406.0 2752.8 173.0 264.2 397.5 380.6 417.6 670.4 597.4 836.0 1068.6 995.3 887.0 212.5 209.2 1102.6 378.6 105.2 255.6

2505.0 3981.3 670.9 1068.9 -2266.8 5143.5-133.2 800.9 1527.0 711.8 101.4 1869.9

2638.1 3180.4 -856.1 357.1 -2368.2 3273.6

1755.5 2600.8 3849.6 3412.2 2807.6 4387.3 4393.7 5781.4 2993.5 3769.3 439.6 7660.9

29.9 40.8 38.8 35.3 27.4 37.9 113.8 99.3 108.5 112.6 102.0 123.8 113.8 99.3 108.5 112.6 52.5 66.2 117.6 177.1 161.9 145.5 140.8 182.2

1.8 4.2 6.6 4.5 3.0 4.9-5.3 20.1 227.6 66.6 -4.5 36.4

40.0 45.0 128.6 90.5 639.0 57.3 161.8 156.7 195.2 204.1 213.1 220.7

90.0 91.0 94.5 93.9 37.5 49.6 54.2 29.4

4.0 4.6 3.2 1.9 10.2 11.2 10.1 5.5

27.1 13.9 13.3 18.2 29.7 24.4 5.3 4.9 3.7 5.3 6.4 5.7 3.9 11.6 17.3 11.0 7.2 13.8

77.7 195.8 242.9 171.5 111.4 980.0 3.6 5.1 6.2 5.2 4.5 1.1 2.7 6.4 6.7 4.7 2.7 4.5 0.6 1.8 3.4 2.2 1.5 3.0 0.5 1.6 2.9 1.8 1.1 2.3 9.5 8.9 9.4 10.1 10.0 9.5

66.8 65.9 98.1 95.0 109.2 107.5 50.0 200.0 88.9 -35.3 -31.8 100.0-8.9 24.1 48.8 -0.4 16.9 17.3

16.2 15.7 19.5 20.4 21.3 22.1

Other Textile Sector (Million Rupees)Items

5


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

23877.8 24788.6 19387.6 34352.1 36530.3 36404.8 17489.9 21264.4 21576.0 20738.2 18531.3 31887.1 41367.6 46053.0 40963.6 55090.3 55061.6 68291.9

8211.4 9524.9 9272.3 10009.5 4198.5 499.3 18843.3 15284.0 11499.2 18155.0 10761.3 10171.6 27054.7 24808.9 20771.5 28164.5 14959.9 10670.9 68422.3 70861.9 61735.1 83254.8 70021.4 78962.8

15212.3 18503.2 19804.4 27958.8 34136.5 43067.2 7320.2 4775.9 7910.6 10852.3 13724.7 17981.7 7892.1 13727.3 11893.8 17106.5 20411.8 25085.5

26279.6 29813.4 32610.6 30619.4 20109.0 20776.4 11832.4 15574.4

41491.9 48316.6 52415.0 58578.2 66077.9 79418.0 39775.6 49579.4 58387.0 49098.5 60326.5 64149.9 66830.3 74388.3 79158.5 77263.0 75286.4 74820.8

1716.2 -1262.8 -5972.0 9479.7 5751.4 15268.1 47751.8 45527.9 29101.2 23612.4

-24563.3 -31076.2 -38582.6 -21139.7 -26190.0 -21082.7

90654.5 93099.0 105693.3 118343.7 111878.8 116523.5 66706.1 72124.7 67707.1 73775.0 64270.0 63694.7

4514.5 3342.1 6283.0 6822.1 6153.3 5705.7 108197.9 120441.2 120122.1 132353.2 130348.0 143112.7

66118.7 74912.3 93249.3 109271.5 138487.1 165091.0 88968.2 104898.9 137468.2 163942.3

4281.1 4372.6 1018.9 1148.7 49522.1 57643.0 73951.3 83888.0 108796.1 125739.3 16596.6 17269.3 19298.0 25383.5 29691.0 39351.7

84627.6 96727.0 130004.6 142173.0 11042.9 15323.2 11154.5 29403.5

8216.8 5266.1 2930.3 2622.3 4579.2 4111.0 2826.1 10057.1 8224.2 26781.2 2750.3 3225.9 3663.8 4392.6 5075.5 5534.0 3957.6 4272.9 5328.0 5600.8 6573.9 6678.4

294.7 173.8 454.2 440.2 226.8 671.8

-9.4 2439.6 -9126.8 21519.7 -13233.3 8941.4-2128.6 -3387.9 -6165.7 63.7 -3425.2 14568.8 2119.3 5827.5 -2961.1 21456.0 -9808.1 -5627.4

2385.9 -45.8 117.3 6885.8 2728.1 20274.5 4505.1 5781.7 -2843.7 28341.8 -7080.0 14647.1

39.5 35.0 33.6 33.8 21.4 13.5 104.3 97.5 89.8 119.3 109.5 123.8 104.3 97.5 89.8 119.3 89.9 99.5 161.6 161.5 193.2 140.2 136.7 109.6

4.2 3.4 2.4 7.6 6.3 18.7 22765.9 -138.9 67.6 0.3 25.9 162.9

53.0 -0.8 -4.1 24.3 -38.9 138.4 173.3 185.8 211.3 160.4 150.7 187.6

90.8 88.5 93.9 86.1 74.4 34.4 26.3 8.9

8.8 4.8 2.1 1.6 17.2 11.6 10.1 11.1

60.1 78.5 129.6 43.7 61.7 20.7 7.2 7.3 6.4 6.7 5.3 4.3

11.1 8.9 6.9 18.3 14.9 39.2

46.2 20.7 -15.7 101.1 47.4 318.1 9.6 9.3 13.0 10.2 11.9 9.8 6.9 5.5 3.0 9.2 5.9 16.2 1.9 1.7 1.5 2.9 2.3 7.4 0.8 0.4 -0.4 1.6 0.9 5.8 7.1 8.4 9.3 10.1 8.3 8.9

61.1 62.2 77.6 82.6 106.2 115.4-51.3 -10.5 -11.8 93.3 -20.7 221.7

-1.3 13.3 24.5 17.2 26.7 19.2 17.3 18.6 21.1 16.0 15.1 18.8

Chemical Sector (Million Rupees)Items

6


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

5640.4 6688.0 6602.8 6654.1 7032.1 7223.1 6891.9 7647.8 9386.5 11000.1 14760.7 23270.8

12532.3 14335.9 15989.3 17654.2 21792.8 30493.9

943.7 1170.1 386.3 296.0 4574.0 4932.6 5452.8 5434.7 5326.6 5927.5 5517.7 6102.7 5839.1 5434.7 5326.6 6223.5

18050.0 20438.5 21828.4 23088.9 27119.4 36717.4

5445.4 5266.4 5460.4 13512.3 22471.9 27015.7 3767.6 3966.8 3437.5 11148.4 17355.5 23007.7 1677.8 1299.7 2022.9 2363.9 5116.4 4008.0

24750.4 24728.1 24621.8 25589.4 12852.8 16798.1 15608.6 23183.8

30195.8 29994.5 30082.2 39101.7 50933.4 66997.6 25652.5 25510.7 24907.9 32358.9 40387.6 51414.1 31170.2 31613.3 30747.0 37793.6 45714.2 57637.6

4543.3 4483.8 5174.3 6742.7 10545.8 15583.5 5517.7 14537.6 12416.6 13451.5 15796.1

-20207.1 -20244.2 -19447.5 -18846.6 -17915.7 -24398.4

22788.1 26133.2 27565.5 27204.0 30313.7 34333.6 13506.7 15954.7 16654.1 16346.2 16573.6 21134.0

1204.4 1316.7 1329.6 1757.6 1754.9 2018.0 43702.5 45949.2 46736.2 55447.8 67507.0 88131.6

56633.6 62583.2 59971.2 74827.3 99059.9 139637.5 56633.6 58397.9 73546.6 97572.3 138285.1

1573.3 1280.7 1487.5 1352.4 49883.8 54973.2 52631.0 64880.7 83969.1 122465.6

6749.8 7610.0 7340.2 9946.6 15090.7 17171.9 56436.3 56463.9 69304.5 89058.7 128362.3

1104.3 4537.4 6671.1 12300.8 13104.2 1888.0 1850.0 1478.3 995.4

1104.3 2272.8 2649.3 4821.0 10822.4 12108.8 1168.0 1266.7 1357.8 1868.6 2808.2 4025.6

976.7 1028.0 1111.8 1608.8 2551.2 2608.7 90.2 83.6 15.4 158.9 64.4 240.6

2388.6 1389.8 1260.6 4030.5 9598.0-1040.4 -21.9 179.7 1343.7 5463.0 5474.5

2410.5 1210.1 -83.1 -1432.5 4123.5

164.0 1294.8 1509.3 3101.3 7217.9 7492.5 3705.3 2719.5 3018.1 5785.4 11616.0

30.6 29.9 26.8 23.5 19.6 16.9 117.7 117.6 120.8 120.8 126.1 130.3 117.7 117.6 120.8 120.8 87.5 85.2 248.7 220.5 192.3 214.1 209.8 189.0

2.5 5.0 5.7 8.7 16.0 13.7-0.9 12.9 106.6 135.5 57.0

35.0 55.5 102.8 124.8 64.5 222.2 214.4 242.2 265.3 309.9 422.2

99.7 94.2 92.6 89.9 91.9 41.6 27.7 12.0 7.6

3.2 2.5 1.5 0.7 13.0 14.9 11.0 6.3

105.8 55.7 51.3 38.8 25.9 33.2 10.5 10.4 8.0 7.0 5.9 4.3

8.8 15.9 16.6 27.3 49.7 39.7

-6.5 97.9 116.2 183.5 314.1 309.9 7.8 7.2 7.0 9.1 11.7 8.6 1.9 3.6 4.4 6.4 10.9 8.7 2.0 3.4 4.0 7.3 15.4 16.8-0.1 1.5 2.0 4.4 11.4 11.2

10.7 9.9 8.6 10.7 10.9 12.5 129.6 136.2 128.3 135.0 146.7 158.4-242.9 70.0 17.7 82.5 111.0 9.1

14.7 10.5 -4.2 24.8 32.4 41.0 22.2 21.4 24.2 26.5 31.0 42.2

Engineering Sector (Million Rupees)Items

7


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

5018.0 5031.7 5040.1 5040.6 5045.6 5002.5 4253.9 4066.5 2957.1 1885.0 1782.8 3974.8 9271.9 9098.2 7997.2 6925.6 6828.4 8977.3

5.5 5.5 5.5 5.0 1065.1 920.1 1613.9 998.4 716.2 501.5 4854.6 6119.4 4662.1 4590.0 6105.9 9602.3 5925.2 7045.0 6281.5 5593.4 6822.1 10103.8

15197.1 16143.2 14278.7 12519.0 13650.5 19081.1

1961.5 2825.1 2177.2 2386.9 2696.5 5164.7 1245.2 1953.7 1139.8 1116.7 824.8 1359.8

716.3 871.5 1037.3 1270.2 1871.7 3804.9 7780.2 6368.1 11675.3 10987.4 6108.0 7566.8

5793.2 5608.7 9741.6 9193.3 13852.5 13374.3 14597.7 18340.2

12355.9 11331.9 16903.0 18756.6 20658.6 22900.0 18281.1 18376.9 23184.5 24350.0 27480.7 33003.8-2614.2 -2138.6 -3050.5 -5382.3 -6060.9 -4559.8

15638.4 14299.9 15802.8 19225.0-10394.4 -8506.8 -14725.9 -16369.7 -17962.1 -17735.3

28509.1 30098.0 30289.2 30737.3 34726.3 37619.3 17811.2 18281.9 17329.2 17901.2 19711.2 23641.0

1186.8 1233.1 1235.6 1157.9 1378.4 1445.9 27552.9 27475.1 31181.7 31275.5 34308.9 41981.2

35930.1 32828.4 39422.6 36142.6 36542.7 37058.8 37381.4 33392.9 35221.3 34105.6

2041.2 2749.7 1321.4 2953.2 31906.3 29134.5 36345.7 33244.8 34266.9 34223.6

4023.8 3693.9 3076.9 2897.8 2275.8 2835.2 38157.4 34962.1 35929.0 35953.0

1746.1 1848.3 1382.4 1882.1 2559.0 2305.1 1647.7 1207.9

187.5 197.6 -812.9 -456.8 -265.3 674.2 266.1 298.7 276.5 263.5 283.6 260.2 338.8 491.0 243.6 383.2 233.4 187.6

16.7 13.8 80.4 5.2

721.0 946.2 -1864.5 -1759.7 1131.5 5430.6-417.3 -592.1 -1332.9 -1103.5 -782.3 226.4

1138.3 1538.2 -531.5 -656.2 1913.8 5204.2

769.5 641.0 -97.4 54.4 596.1 1672.3 1097.8 2179.2 -629.0 -601.8 2509.9 6876.5

39.0 43.6 44.0 44.7 50.0 53.0 78.8 81.1 82.0 71.3 70.7 80.1 78.8 81.1 82.0 71.3 42.6 55.6

197.2 202.0 289.9 351.6 402.4 367.6 0.7 0.7 -2.6 -1.5 -0.8 1.6

-57.9 -62.6 71.5 62.7 -69.1 4.2 40.3 29.4 15.5 -9.0 23.7 24.3

184.8 180.8 158.7 137.4 135.3 179.5 96.8 96.7 98.3 97.0

146.6 124.7 119.2 64.2 6.5 6.4 4.5 3.3

16.4 16.1 10.4 6.3 141.9 151.2 -34.0 -57.7 -106.9 38.6

2.0 1.7 2.0 2.7 2.0 1.9 2.0 2.2 -10.2 -6.6 -3.9 7.5

-23.2 -20.6 -447.2 -188.0 -235.2 220.7 3.7 5.4 3.0 5.5 3.4 2.1 0.5 0.6 -2.1 -1.3 -0.7 1.8 0.4 0.4 -1.6 -0.9 -0.5 1.3-0.2 -0.2 -2.2 -1.4 -1.1 0.8 6.9 6.9 7.1 6.7 7.7 7.7

130.4 119.5 126.4 115.6 106.5 88.3-122.2 -500.0 -43.8 -44.4 -360.0

9.2 -8.6 20.1 -8.3 1.1 1.4 18.5 18.1 15.9 13.7 13.5 17.9

Sugar Sector (Million Rupees)Items

8


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











1999 2000 2001 2002 2003 2004

1297.2 1302.2 1409.9 1414.9 1431.0 1421.0 3094.8 3779.4 4217.9 5001.5 5690.7 7565.0 4391.9 5081.5 5627.8 6416.4 7121.6 8986.0

210.1 350.8 1144.1 854.1 4.1 1896.0 1241.2 293.7 403.2 653.4 528.0 2106.1 1591.9 1437.8 1257.3 657.5 528.0 6498.1 6673.5 7065.6 7673.7 7779.2 9514.0

1963.9 2000.2 2207.2 1403.7 1459.9 1986.7 1070.8 840.4 1052.8 264.4 363.0 492.9

893.1 1159.8 1154.4 1139.3 1096.9 1493.8 4194.5 3758.1 3680.7 3782.5 2231.2 2484.3

1721.3 2407.9 6158.4 5758.3 5887.9 5186.2 5412.4 6878.9 4113.4 3620.5 3605.2 3144.3 4875.8 5043.5 6219.5 5212.4 5043.0 4401.6 5533.3 5571.5 2044.9 2137.9 2282.7 2041.9 536.7 1835.4

3336.6 2579.7 1972.8 1798.2-2149.6 -1620.3 -1398.0 -1740.6 -3415.8 -3056.8

8058.3 8579.4 9511.1 10808.2 1281

Documents

Balance Sheet Analysis- SBP 1999-2004-1