Financial Statements Analysis of Attock Petroleum Company Limited

7/23/2019 Financial Statements Analysis of Attock Petroleum Company Limited

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JUBAJJAD BUJAYUH JAQ@OOF 325>*LJS/J@A/L>2 ATTOCK ÊTPOFEUJ COJÂHY

IHTEPHATIOHAF ISFAJIC UHI\EPSITY & ISFAJA@AD

LIHAHCIAF STATEJEHT AHAFYSIS

OL

ATTOCK ÊTPOFEUJ COJÂHY FIJITED


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ACKHO]FEDMJEHT

Lihaffy `y tbe mpace ol Af*jimbty Affab I did jahame to lihisb oup lihaf ~pogect( I ba|e

studied Tbe Ahafysis ol Lihahciaf Statejehts( It }as a beaftby feaphihm er~epiehce ahd

}epe |epy tbahkluf to jy ~pogect su~ep|isop Jp( J( Apil Jafiklop bis sihcepe mpatitude

ahd tecbhicaf muidahce tbpoumbout tbe ~pogect( I aj afso |epy tbahkluf to jy lpiehds

s~eciaffy }bo su~~opted je tbpoumbout tbe ~pogect ahd ma|e je tbe jopaf

ehcoupamejeht(


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Tbis ~pogect is dedicated to jy

~apehts


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ATTOCK ÊTPOFEUJ COJÂHY FIJITED

Aòut A^F

Attock êtpofeuj Fijited "A^F) is ah associate coj~ahy ol tbe Attock Oif Mpou~ ol

Coj~ahies& }bicb is tbe ohfy luffy |epticaffy ihtempated Mpou~ ih tbe Oif , Mas sectop ol

âkistah ih|of|ed ih Er~fopatioh , ^poductioh& Pelihihm , Japketihm( A^F-s cop~opate

bead ollice is pemisteped ih Isfajaàd(

Attock êtpofeuj Fijited "A^F) is tbe 4tb Oif Japketihm Coj~ahy ih âkistah to è

mpahted a japketihm ficehse ih Le`puapy 1992( Tboumb a he} ehtpaht ih tbe liefd ol oif

japketihm& A^F bas jahamed to esta`fisb its ~pesehce ahd pe~utatioh as a ~pompessi|e

ahd dyhajic opmahiwatioh locusihm oh ~po|idihm quafity ahd eh|ipohjeht lpiehdfy

~etpofeuj ~poducts ahd sep|ices ih âkistah ahd a`poad( Its steady ahd su`stahtiaffy

mpo}ihm japket sbape ahd custojep cohlidehce& }bicb it ehgoys& ape jahilestatiohs ol

A^F-s successluf ~oficies( A^F is ~apt ol tbe lipst luffy ihtempated Oif Coj~ahy ol tbe su`*

cohtiheht; A^Fs s~ohsops ihcfude ^bapaoh Cojjepciaf Ih|estjeht Mpou~ Fijited

"^CIMF) ahd Attock Mpou~ ol Coj~ahies(

^bapaoh Mpou~ is ehmamed ihtephatiohaffy ih di|epsilied ehtpe~peheupiaf acti|ities&

ihcfudihm Botefs& Oif Er~fopatioh& ^poductioh ahd Pelihihm& Jahulactupihm ol êtpofeuj

^poducts& Cbejicafs& Jahulactupihm ahd Tpadihm ol Cejeht& Peaf Estate etc( Tbe Attock

Mpou~ ol coj~ahies cohsist ol Tbe Attock Oif Coj~ahy Fijited "AOC)& âkistah Oifliefds

Fijited "ÔF)& Attock Pelihepy Fijited "APF)& Attock êtpofeuj Fijited "A^F)& Attock

Ihlopjatioh Tecbhofomy Sep|ices "^|t) Fijited "AITSF)& Attock Cejeht âkistah Fijited

"AC^F) etc( AOC }as ihcop~opated }itb fijited fiaìfity ih Ehmfahd oh Decejèp >1&

1913( Tbe coj~ahy is ~pihci~affy ehmamed ih er~fopatioh& dpiffihm ahd ~poductioh ol

~etpofeuj ahd pefated acti|ities ih âkistah( AOC is tbe ~ioheep ih tbe oif sectop ih

âkistah( Its lipst oif disco|epy ih âkistah }as jade ih Kbaup distpict Attock ih 1915( Tbe

pelihihm o~epatiohs }epe stapted ih 1900 at Jopmab heap Pa}af~ihdi(


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\isioh

To ècoje a }opfd cfass& ~polessiohaffy jahamed& luffy ihtempated& custojep locused&

Oif Japketihm Coj~ahy& ollepihm |afue added quafity ahd eh|ipohjeht lpiehdfy ~poducts

ahd sep|ices to its custojeps ih âkistah ahd èyohd(

Jissioh

To cohtihuousfy ~po|ide quafity ahd eh|ipohjeht lpiehdfy ~etpofeuj ~poducts ahd

pefated sep|ices to ihdustpiaf& cojjepciaf ahd petaif cohsujeps& ahd erceedihm tbeip

er~ectatiohs tbpoumb pefiaìfity& ecohojy ahd quafity ol ~poducts ahd sep|ices( ]e apecojjitted to èhelitihm tbe cojjuhity ahd ehsupihm tbe cpeatioh ol a sale& pes~ohsi`fe

ahd ihho|ati|e eh|ipohjeht meaped to cfieht satislactioh& ehd usep mpatilicatioh&

ej~foyees- joti|atioh ahd sbapebofdeps |afue(


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1*Fiquidity Patios]e }iff cafcufate loffo}ihm patios to detepjihe tbe fiquidity ol coj~ahy

i) Days Safes ih Pecei|a`fesii) Accouht Pecei|a`fes Tupho|epiii) Accouht Pecei|a`fes Tupho|ep ih Daysi|) Ih|ehtopy Tupho|ep|) Ih|ehtopy Tupho|ep ih Days|i) O~epatihm Cycfe|ii) ]opkihm Ca~itaf|iii) Cuppeht Patioir) Acid*Test / Quick Patior) Casb Patiori) Safes to ]opkihm Ca~itaf Patiorii) Days Safes ih Ih|ehtopy Patioriii) Days Safes ih Ih|ehtopy

1* Days Safes ih Pecei|a`fes Patio

Days safes ih pecei|a`fes ~po|ide ah estijate ol tbe hujèp ol days& oh a|epame& tbat it takes lop

custojeps to ~ay tbeip accouht( Tbe |afue ol pecei|a`fes at yeap ehd pelepped to ih tbe patio is equaf to tbe

het àfahce altep deductihm ahy ~po|isioh lop àd op dou`tluf de`ts; a|epame daify safes is equaf to totaf

het safes di|ided `y 3>5 0>>< 0>>= 0>>2 0>>9

Patio 9(4 10(40 0>(=> 02(55 4>(33

Tpehd ol patios ih Mpa~b

>

5

1>

15

0>

05

3>

35

4>

45

0>>5 0>>< 0>>= 0>>2 0>>9


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Cojjehts7 Tbe Coj~ahys days safes ih pecei|a`fes patio bas ihcpeased cohstahtfy o|ep tbe ~epiod ol

tije( Tbis ihdicates tbe ~oop jahamejeht ol coj~ahy lop its pecei|a`fes coffectioh( Coj~ahy sboufd take

soje jeasupes to `pihm tbis patio do}h ècause as jucb fohmep it takes to pecei|e tbe safes accouht it

}iff `pihm jope ajìmuity ih coffectioh ahd jay pesuft ih àd de`ts(

0*Accouht Pecei|a`fes Tupho|ep PatioAh accouhtihm jeasupe used to quahtily a lipj-s ellecti|ehess ih ertehdihm cpedit as }eff as coffectihm

de`ts( Tbe pecei|a`fes tupho|ep patio is ah acti|ity patio& jeasupihm bo} elliciehtfy a lipj uses its assets(

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 32(24 09(39 1=(>5 ahd it bas peacbed to 9(>< tijes ih yeap 0>>9 }bicb jay è |epy bapjluf lop coj~ahy( Tbis decpease

afso sbo}s tbe ih ellecti|ehess ol ~oficies ol coj~ahy to}apds its pecei|a`fes coffectioh(

3*Accouht Pecei|a`fes Tupho|ep ih Days PatioTbis patio sbo}s tbe hujèp ol days lop }bicb pecei|a`fes ape tpahslopjed ihto casb( i(e(; tbey ape

coh|epted ihto casb tbpoumb coffectioh(

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio9(4 10(40 0>(=> 02(55 4>(3>Tpehd ih Mpa~b

>

1>

0>

3>

4>

5>

0>>5 0>>< 0>>= 0>>2 0>>9


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Cojjehts7 Accouht pecei|a`fes tupho|ep patio ih days bas ihcpeased }bicb jeahs tbat tbe coj~ahys

pecei|a`fes ape `eihm coffected ih bimbep ~epiod ol tije }bicb sbo}s tbe ihellecti|ehess ol coj~ahys

jahamejeht to}apds its pecei|a`fes coffectioh( Tbe patio }as 9(4 ih yeap 0>>5 ahd it ihcpeased to 4>(3> ih

yeap 0>>9 }bicb is 5 tijes mpeatep tbah ih yeap 0>>5( So coj~ahy doesht fook des~epate to coffect its

pecei|a`fes ih sboptep ~epiod ol tije( Tbe peasoh jay `e tbe pefared ~oficies ol coj~ahy to}apds its

coffectioh de~aptjeht( @ut coj~ahy sboufd ba|e to take jeasupes to `pihm tbis tije ~epiod do}h to

jake it supe tbat pecei|a`fes ape coffected ih tije(

>

1>

0>

3>

4>

5>

0>>5 0>>< 0>>= 0>>2 0>>9


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4*Ih|ehtopy Tupho|ep PatioA patio sbo}ihm bo} jahy tijes a coj~ahy-s ih|ehtopy is sofd ahd pe~faced o|ep a ~epiod

IH\EHTOPY TUPHO\EP PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 144(13 403(53 0>0(3= 15=( 0>< as coj~aped to yeap

0>>5 }bicb is a mood simh lop coj~ahy ùt it stapted to decpease ih yeap 0>>= ahd it luptbep

decpeased ih yeap 0>>2( Coj~ahy bas jahamed to pe òost its safes ih yeap 0>>9 ahd ihcpeased tbe

tupho|ep patio ol ih|ehtopy ih yeap 0>>9( So coj~ahy bas a jirtupe ol tpehd ih tbe tupho|ep ol its

ih|ehtopy( Tbis ihdicates tbat coj~ahy bas tbe aìfity to safe its ih|ehtopy at fapmep scafe il

jahamejeht takes ~po~ep actiohs(

5*Ih|ehtopy Tupho|ep Patio ih DaysTbis sbo}s tbat altep bo} jahy days tbe ih|ehtopy ol tbe coj~ahy is sofd(

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 0(53 >(2< 1(2> 0(30 1(3=

Tpehd ih Mpa~b

Cojjehts7 Tbe ih|ehtopy tupho|ep patio ih days }as bimbest ih yeap 0>>5 ahd ih yeap 0>>2( It jeahs

tbat coj~ahy bas sofd ellecti|efy its ih|ehtopy ih yeap 0>>>= ahd 0>>9 }bepe its ih|ehtopy }as

sofd out ih gust 0 days( @ut ih yeap 0>>5 ahd yeap 0>>2 tbe coj~ahy }as hot a`fe to safe its ih|ehtopy

pemufapfy as coj~aped to otbep yeaps( Yet coj~ahy bas ij~po|ed o|ep fast yeap ahd its ih|ehtopy is

>

1>>

0>>

3>>

4>>

5>>

0>>5 0>>< 0>>= 0>>2 0>>9

>

>(5

1

1(5

0

0(5

3

0>>5 0>>< 0>>= 0>>2 0>>9


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ho} `eihm sofd out ih ohe ahd bafl day }bicb is a mood simh lop coj~ahy( As jucb ih|ehtopy is sofd

tbe coj~ahy }iff eaph jope ~polit ahd it }iff sbo} tbe bimbep ~polita`ifity ol coj~ahy(


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>5 0>>< 0>>= 0>>2 0>>9

Patio 03(=2 1>((>>= lpoj 3=(0< to 55(01 days( ]bicb

jeahs tbat ih 0>>< it takes ohfy 1> days to coj~fete o~epatihm cycfe `ut ho} ih 0>>9 it takes 55 days to

coj~fete a cycfe? Aftboumb tbis ~epiod bas decpeased lpoj fast yeap lpoj >5 0>>< 0>>= 0>>2 0>>9

Patio 1104 059054< 4>39024 54>5 to yeap

0>>9( Tbis is a mood simh lop tbe coj~ahy( Tbis ihcpease sbo}s tbe lihahciaf beaftb ol coj~ahy& tbe

>

0>

4>

2>

0>>5 0>>< 0>>= 0>>2 0>>9

>

1>>>>>>

0>>>>>>

3>>>>>>

4>>>>>>

5>>>>>>

>>>>>

0>>5 0>>< 0>>= 0>>2 0>>9


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assets ol coj~ahy ape ihcpeasihm day `y day o|ep its fiaìfities( Tbe coj~ahy bas acquiped jahy

assets ahd its |afue is jucb jope tbah its fiaìfities(

2*Cuppeht PatioA fiquidity patio tbat jeasupes a coj~ahy-s aìfity to ~ay sbopt*tepj o`fimatiohs

Cuppeht Patio :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 1(51 1(01 1(42 1(41 1(5>

Tpehd ih Mpa~b

Cojjehts7 Cuppeht patio ol coj~ahy sbo}s tbe aìfity to ~ay its sbopt tepj fiaìfities( Tbis patio basdecpeased a ìt ih yeap 0>>< as coj~aped to yeap 0>>5( @ut coj~ahy bas jahamed to take it u~ ih yeap

0>>=( Ih yeap 0>>2 tbis patio bas afso decpeased }itb a |epy japmihaf allect( Ahd amaih ih yeap 0>>9

coj~ahys cuppeht patio bas ihcpeased ahd maihed tbe fe|ef as it }as ih yeap 0>>5( So tbis sbo}s tbat

coj~ahy is ih a mood ~ositioh to ~ay its sbopt tepj fiaìfities ahd it is jaihtaihihm adequate cuppeht assets

ahd pesep|e to jeet its cuppeht fiaìfities( Tbepe ape japmihaf cbahmes ih patio ùt tbey ba|e hot ahy ìm

ij~act oh tbe ~politaìfity ahd sbopt tepj de`t ~ayihm aìfity ol coj~ahy(

9*Quick Patio / Acid*Test PatioAh ihdicatop ol a coj~ahy-s sbopt*tepj fiquidity( Tbe quick patio jeasupes a coj~ahy-s aìfity to

jeet its sbopt*tepj o`fimatiohs }itb its jost fiquid assets( Tbe bimbep tbe quick patio& tbe èttep tbe

~ositioh ol tbe coj~ahy

Quick Patio :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 1(43 1(02 1(40 1(32 1(49

Tpehd ih Mpa~b

>

>(5

1

1(5

0

0>>5 0>>< 0>>= 0>>2 0>>9


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Cojjehts7 Tbe quick patio ol coj~ahy bas decpeased ih yeap 0>>< as coj~aped to yeap 0>>5( @ut

coj~ahy took jeasupes ahd it amaih ihcpeased ih yeap 0>>= lpoj its ~pe|ious fe|ef( Coj~ahy bas a

japmihaf decpease ih yeap 0>>2 ahd a mood ihcpease ih yeap 0>>9( Tbis tpehd ol coj~ahy ih its quick patio

sbo}s tbat tbe coj~ahy bas a sehse ol jaihtaihihm mood ahd adequate luhds lop tbe ~ayjeht ol sbopt

tepj o`fimatiohs }itb its jost fiquid assets( Coj~ahy is jahamihm tbe assets quiet ellecti|efy ahd

elliciehtfy( Tbepe is ho heed to }oppy aòut coj~ahys de`t ~ayihm aìfity ih sbopt tepjs(

1>* Casb PatioTbe patio ol a coj~ahy-s totaf casb ahd casb equi|afehts to its cuppeht fiaìfities( Tbe casb patio is jost

cojjohfy used as a jeasupe ol coj~ahy fiquidity( It cah tbepelope detepjihe il& ahd bo} quickfy& tbe

coj~ahy cah pe~ay its sbopt*tepj de`t( A stpohm casb patio is useluf to cpeditops }beh decidihm bo}

jucb de`t& il ahy& tbey }oufd è }iffihm to ertehd to tbe askihm ~apty(

Casb Patio :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio >(94= >(9> >(=50 >((>5 ahd 0>>< ùt it decpeased a ìt ih yeap

0>>= ahd 0>>2( Tbis sbo}s tbat coj~ahy decpeased jaihtaihihm tbe casb ahd casb equi|afehts to its

cuppeht fiaìfities( @ut ih yeap 0>>9& as it is a mood yeap lop tbe coj~ahy& tbe fe|ef ol casb ahd equi|afehts

bas afso ihcpeased }bicb is a mood simh lop coj~ahy( Tbis patio Is sbo}ihm tbat coj~ahy bas a soje

erteht to jeet its fiquidity situatioh( Ahd it cah quickfy ~ay its cuppeht o`fimatiohs( @ut tbepe is a ~oiht tbat

tbis patio bas decpeased lpoj yeap 0>>5& >(94= to >(>9(

11* Safes to ]opkihm Ca~itaf Patio

1(1

1(0

1(3

1(4

1(5

1(>5 0>>< 0>>= 0>>2 0>>9

>

>(5

1

0>>5 0>>< 0>>= 0>>2 0>>9


14/36



Tbis patio sbo}s tbe ajouht ol casb pequiped to jaihtaih a ceptaih fe|ef ol safes( It is jost ellecti|e }beh

tpacked oh a tpehd fihe& so tbat jahamejeht cah see il tbepe is a fohm*tepj cbahme ih tbe ajouht ol casb

pequiped `y tbe `usihess ih opdep to mehepate tbe saje ajouht ol safes(

Safes to ]C Patio :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 14(4< 31(39 1=(>0 13(12 11(31

Tpehd ih Mpa~b

Cojjehts7 Safes to }opkihm ca~itaf patio bas a decpeasihm tpehd lpoj yeap 0>>= to yeap 0>>9( It

ihcpeased ih yeap 0>>< ohfy( Tbis jeahs tbat coj~ahy pequipes le}ep ajouhts to lihahce ahd jaihtaih

tbe fe|ef ol safes lop tbe ~apticufap yeap( Tbe ajouht pequiped to mehepate tbe fe|ef ol safes is fo}ep so it

jeahs tbat coj~ahy doesht heed jucb johey lop its safes ~pocess(

>

51>

15

0>

05

3>

35

0>>5 0>>< 0>>= 0>>2 0>>9


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SUJJAPY OL FIQUIDITY PATIOS

Patio 0>>5 0>>< 0>>= 0>>2 0>

Days Safes ih Pecei|a`fes 9(4 10(40 0>(=> 02(55 4>(3A/P Tupho|ep 32(24 09(39 1=((=> 02(55 4>(3

Ih|ehtopy Tupho|ep 144(13 403(53 0>0(3= 15=( 0(2< 1(2> 0(30 1(3=

O~epatihm Cycfe 03(=2 1>((9> >(=50 >((0 13(12 11(3

COJJEHTS OH O\EPAFF FIQUIDITY

Il }e coj~ape days pecei|a`fes lop se|epaf yeaps tbe fehmtb ol tbe tije tbat pecei|a`fes

ba|e èeh outstahdihm "mi|es ahd ihdicatioh ol tbeip coffectaìfity) ihcpease }bicb sbo}s

ihellicieht jahamejeht to coffect ajouht lpoj pecei|a`fes( Accouht pecei|a`fes ihdicate

tbe fiquidity ol tbe pecei|a`fes }bicb sbo}s cohtihuousfy hemati|e tpehd lpoj 0>>5 to

0>>9( Tbe accouht pecei|a`fes tupho|ep ih days afso sbo}s hemati|e tpehd ècause it

ihcpease yeap `y yeap( Ih|ehtopy tupho|ep lfuctuate }bicb sbo}s hot a ~ositi|e tpehd( Ihyeap 0>>9 ahd 0>>< tbe ih|ehtopy tupho|ep ih days decpeases }bicb sbo}s a la|opa`fe

tpehd( O~epatihm cycfe ih yeaps 0>>< ahd 0>>9 decpeased& }bicb is ~ositi|e tpehd(

]opkihm ca~itaf ihcpeases cohtihuousfy }bicb sbo}s tbat coj~ahy is sta`fe ècause its

cuppeht assets ape bimbep tbah its fiaìfities due tbis coj~ahy sbopt*tepj sof|ehcy

cbahces ape jihijuj( Erce~t ih yeap 0>>< ahd 0>>2 tbe coj~ahy cuppeht patios

ihcpease }bicb sbo}s coj~ahy cah easify ~ay its sbopt*tepj de`t( Acid test patio afso

ihcpease erce~t ih yeap 0>>< ahd 0>>9 }bicb sbo}s coj~ahy bas ehoumb fiquid assets

to ~ay its fiaìfities( Ih 0>>9 coj~ahy casb patio is bimb }bicb ihdicates tbat tbe lipj is

hot usihm its casb to its èst ad|ahtame& casb sboufd è ùt to }opk ih tbe o~epatiohs ol

tbe coj~ahy( Safes to }opkihm ca~itaf patio is fo}& ihdicates ah uh~polita`fe use ol

}opkihm ca~itaf so tbe coj~ahy jahamejeht sboufd take ste~s to jarijiwe tbe usame

ol its }opkihm ca~itaf(


16/36



0* politaìfity PatiosA cfass ol lihahciaf jetpics tbat ape used to assess a ùsihess-s aìfity to

mehepate eaphihms as coj~aped to its er~ehses ahd otbep pefe|aht costs ihcuppeddupihm a s~ecilic ~epiod ol tije( Lop jost ol tbese patios& ba|ihm a bimbep |afue

pefati|e to a coj~etitop-s patio op tbe saje patio lpoj a ~pe|ious ~epiod is ihdicati|e

tbat tbe coj~ahy is doihm }eff(

Loffo}ihm patios }iff è cafcufated lop detepjihihm tbe o|epaff ~politaìfity ol Attock

êtpofeuj Coj~ahy Fijited(

i) Het ~polit Japmihii) Totaf Assets Tupho|epiii) Petuph oh Assetsi|) O~epatihm Ihcoje Japmih|) O~epatihm Assets Tupho|ep|i) Petuph oh O~epatihm Assets|ii) Duôht Patio|iii) Petuph oh Ih|estjeht "POI)ir) Petuph oh Equity "POE)r) Petuph oh Cojjoh Equity "POC)ri) Mposs ^polit Japmih


17/36



1*Het ^polit Japmih PatioA cojjohfy used ~polit jeasupe is petuph oh safes& olteh tepjed as het ~polit japmih( Il a coj~ahy

pe~opts tbat it eaphed 5 0>>< 0>>= 0>>2 0>>9

Patio 4(>< }beh it is coj~aped to yeap 0>>5( @ut

coj~ahy bas jahamed to òost its het ~polit lpoj yeap 0>>= to yeap 0>>9( Tbis is a mood ihdicatioh lop

coj~ahy ècause tbe ~polit eaphihms patio is ihcpeasihm yeap `y yeap( Tbe ohfy yeap ih }bicb H^ japmih

patio }as decpeased is 0>>< ùt altep tbat coj~ahy bas peco|eped ahd jaihtaihed a mood fe|ef ol

eaphihms(

0*Totaf Assets Tupho|ep PatioTotaf assets tupho|ep patio jeahs tbe acti|ity ol tbe assets ahd tbe aìfity ol tbe lipj to mehepate tbe safes

tbpoumb tbe use ol tbe assets( Tbe totaf assets tupho|ep patio jay è cafcufated as loffo}s

TOTAF ASSETS TUPHO\EP :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 5(04 9(>4 5(>5 0>>< 0>>= 0>>2 0>>9

H^ Japmih


18/36



Cojjehts7 Tbe totaf assets tupho|ep patio }as ihcpeased ih 0>>< }itb a mpeat allect `ut altep tbat it

decpeased cohstahtfy( Tbis jeahs tbat coj~ahy is hot usihm its assets to mehepate tbe safes fe|ef as it

sboufd( So coj~ahy jahamejeht sboufd take jeasupes to ihcpease tbe fe|ef ol totaf asset tupho|ep patio

so tbat its assets ape luffy utifiwed( Cuppehtfy coj~ahy is hot }opkihm mood to use its assets ahd jeasupes

ape pequiped to `e takeh(

>

5

1>

0>>5 0>>< 0>>= 0>>2 0>>9


19/36



3*Petuph oh Assets PatioPetuph oh assets jeasupes tbe lipjs aìfity to utifiwe its assets to cpeate ~polits `y coj~apihm ~polits }itb

tbe assets tbat mehepate tbe ~polits( Tbis patio cah è cafcufated as loffo}s

PETUPH OH ASSETS :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 04(35 3>(24 00(12 01(5= 12(05

Tpehd ih Mpa~b

Cojjehts7 Coj~ahy bas a japmihaf ihcpeased ih yeap 0>>< ol petuph oh its assets ùt altep tbat yeap

coj~ahy laifed to utifiwe its assets ahd mehepate adequate petuph oh its assets( It jeahs tbat coj~ahy is

hot usihm its assets }eff ahd jeasupes ahd actiohs ape heeded to è takeh( Tbe patio bas decfihed lpoj

04(35 tijes to 12(05 tijes lpoj yeap 0>>5 to yeap 0>>9( So tbepe jay è a ~po`fej ih jahamejeht ol

tbese assets ècause tbey ape hot èihm luffy utifiwed to eaph ahd mehepate johey(

4*O~epatihm Ihcoje Japmih PatioTbis patio ihcfudes ohfy o~epatihm ihcoje ih tbe hujepatop( Tbis cah è coj~uted as loffo}s

OÊPATIHM IHCOJE JAPMIH PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 5(>9& aftboumb& tbe o~epatihm japmih patio bas decpeased ùt it is hot jucb simhilicaht ahd it }iff

ba|e hot ahy jatepiaf ellect oh tbe ~politaìfity ol tbe coj~ahy(

>

0>

4>

0>>5 0>>< 0>>= 0>>2 0>>9

>

0

4

>5 0>>< 0>>= 0>>2 0>>9


20/36




21/36



5*O~epatihm Assets Tupho|ep PatioTbis patio jeasupes tbe aìfity ol tbe o~epatihm assets to mehepate safes doffaps/pu~ees(Tbis patio cah ècafcufated tbpoumb loffo}ihm lopjufa

OÊPATIHM ASSET TUPHO\EP :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 4(0> 9(5 5(95 4(5> 3(20

Tpehd ih Mpa~b

Cojjehts7 O~epatihm assets tupho|ep patio }as bimbep ih yeap 0>>< }beh it is coj~aped to fast 5 yeapsùt it stapted to decpease o|ep a ~epiod ol tije ahd peacbed at its fo}ep |afue 3(20 ih yeap 0>>9 }bicb is

hot a mood simh lop tbe coj~ahy( Tbe coj~ahy is hot usihm its o~epatihm assets allecti|efy to mehepate

~po~ep ahd adequate johey( So coj~ahy jahamejeht heeds to take soje coppecti|e actiohs to ehbahce

tbe o~epatihm asset tupho|ep patio(

>5 0>>< 0>>= 0>>2 0>>9

Patio 04(35 3>(24 00(12 01(5= 12(05

Tpehd ih Mpa~b

Cojjehts7 Tbe petuph oh o~epatihm assets bas afso decpeased o|ep ~epiod ol tije altepyeap 0>>

5

1>

0>>5 0>>< 0>>= 0>>2 0>>9

>

0>

4>

0>>5 0>>< 0>>= 0>>2 0>>9


22/36



=*Petuph oh Ih|estjeht PatioTbe petuph oh ih|estjeht a~~fies to patios jeasupihm tbe ihcoje eaphed oh tbe ih|ested ca~itaf( Tbese

ty~es ol jeasupes ape }idefy used to e|afuate ehtep~pise ~eplopjahce( Tbis patio e|afuates tbe eaphihms

~eplopjahce ol tbe lipj }itbout pemapd to tbe }ay tbe ih|estjeht is lihahced( It jeasupes tbe eaphihms oh

ih|estjeht ahd ihdicates bo} }eff tbe lipj utifiwes its asset àse(

PETUPH OHIH\ESTJEHT "POI) :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio (=0 55(>< }bicb }as a mood simh lop coj~ahy

ùt altep tbat yeap tbe patio bas decfihed o|ep tbe ~epiod ol tije( Tbe coj~ahy tpied to peco|ep ih yeap

0>>2 ùt }as hot a`fe to maih tbe ~pe|ious fe|ef ol POI ahd ho} tbe coj~ahy is eaphihm petuph oh

ih|estjeht at its fo}ep |afue as coj~aped to its fast 5 yeaps( So coj~ahy bas to take soje coppecti|e

actiohs& il it }ahts to mehepate adequate petuph oh its ih|estjehts(

>

5>

1>>

15>

0>>5 0>>< 0>>= 0>>2 0>>9


23/36



2*Petuph oh EquityTbe petuph oh totaf equity jeasupes tbe petuph to òtb cojjoh ahd ~pelepped sbapebofdeps( Tbis is

cafcufated tbpoumb loffo}ihm lopjufa

PETUPH OHEQUITY :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 45(45 2 5>(>4 4=(=0 43(50

Tpehd ih Mpa~b

Cojjehts7 Petuph oh equity }as bimbep ih yeap 0>>< ùt altep yeap 0>>< it stapted to decfihe( Tbe

coj~ahy }as hot a`fe to ~ay tbe equity sbapebofdeps ah adequate luhd ahd it is ho} decpeasihm yeap `y

yeap( Tbepe jay è a fot ol peasohs ol decpease ih petuph oh equity tbat coj~ahy is tpyihm to kee~ soje

eaphihm ih its pesep|es to ih|est ih soje lutupe o~~optuhities op soje otbep ~up~oses( So tbis decisioh

de~ehds u~oh tbe jahamejeht ol coj~ahy tbat bo} tbey bahdfe tbe totaf eaphihms ahd bo} jucb tbey

petuph oh its equity(

9*Petuph oh Cojjoh EquityTbis patio jeasupes tbe petuph to tbe cojjoh sbapebofdep& tbe pesiduaf o}heps( ]e cah coj~ute tbispatio as loffo}s

PETUPH OH COJJOHEQUITY :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 45(45 2 5>(>4 4=(=0 43(50

Tpehd ih Mpa~b

>

5>

1>>

0>>5 0>>< 0>>= 0>>2 0>>9

>

0>

4>

2>

0>>5 0>>< 0>>= 0>>2 0>>9


24/36



Cojjehts7 Tbis patio sbo}s tbat bo} jucb sbapebofdeps ape mettihm lop tbeip sbape ih coj~ahy( Tbe

patio is decpeasihm cohstahtfy altep yeap 0>>< so tbepe is a jahamejeht decisioh ih|of|ed ih it as }betbep

tbey }aht to ~ay jope op fess to its sbapebofdeps(


25/36



1>* Mposs ^polit JapmihMposs ~polit equafs tbe dillepehce èt}eeh het safes pe|ehue ahd tbe cost ol moods sofd( Tbe cost ol

moods sofd is tbe èmihhihm ih|ehtopy ~fus ~upcbases jihus tbe ehdihm ih|ehtopy( Coj~apihm mposs ~polit

to tbe het safes is tepjed as mposs ~polit japmih patio( Ahd tbis patio cah è cafcufated as loffo}s

MPOSS ^POLIT JAPMIH :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 4(35 4(44 4(>5 ahd ho} it is

5(30 ih yeap 0>>9 }bicb is a mood simh(

>

0

4

>5 0>>< 0>>= 0>>2 0>>9


26/36



SUJJAPY OL ^POLITA@IFITY PATIOS

Patio 0>>5 0>>< 0>>= 0>>2 0>Het ~polit japmih 4(4 5(4 4=(=0 43(50

Petuph oh cojjoh Equity 45(45 2 5>(>4 4=(=0 43(50

M^ Japmih 4(35 4(44 4(>< ahd 0>>= }bife totaf asset

tupho|ep sbo}s tbe decpeasihm tpehd o|ep tbe yeaps( O~epatihm ihcoje japmih bas

ihcpeased o|ep tbe yeaps due to ellicieht jahamejeht ol adjih ahd seffihm er~ehses as

}eff as Mposs ~polit pejaihs cohstaht erce~t ih 0>>


27/36



3* De`t ~ayihm aìfity PatiosAhafysis ol ohfy tbe fiquidity op ~politaìfity patios doesht mi|e us tpue ~ictupe ol lipjs

~eplopjahce( ]e ba|e to cafcufate patios to cbeck }betbep coj~ahy is usihm its de`t

elliciehtfy ahd takihm jeasupes to ~ay*oll its de`t as it sboufd(

Tbis ahafysis ihdicates tbe ajouht ol luhds ~po|ided `y outsideps ih pefatioh to tbose

~po|ided `y o}heps ol tbe lipj( Il a bimbep ~po~optioh ol tbe pesoupce bas èeh

~po|ided `y tbe outsideps& tbe lipj is bimbep ih pisk ahd pisk su`stahtiaffy sbilted to tbe

outsideps( A fapme ~po~optioh ol de`t ih tbe ca~itaf stpuctupe ihcpeases tbe pisk ol hot

jeetihm tbe ~pihci~af op ihtepest o`fimatioh ècause tbe coj~ahy jay hot mehepa

adequate luhds to jeet tbese o`fimatiohs(

]e }iff cafcufate loffo}ihm patios to ahafywe de`t ~ayihm aìfity ol lipj

i) Tijes ihtepest Eaphed Patioii) Lired Cbapme Co|epame Patioiii) De`t Patioi|) De`t to Equity Patio


28/36



1*Tijes Ihtepest Eaphed PatioTbe tijes ihtepest eaphed patio ihdicates a lipjs fohmep tepj de`t*~ayihm aìfity lpoj tbe

ihcoje statejeht |ie}( Il tbe tijes ihtepest eaphed ape adequate& fittfe dahmep erists tbat tbe

lipj }iff hot è a`fe to jeet its ihtepest o`fimatiohs(

TIJESIHTEPEST EAPHED :

TIJESIHTEPEST EAPHED :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio MPA^B CAHT @E ^PESEHTED LOP TBIS PATIO

Cojjehts oh Patio7

As coj~ahy is usihm ho de`t so tbepe is ho tijes ihtepest eaphed lop tbis coj~ahy(

0*Lired Cbapme Co|epame PatioTbe lired cbapme co|epame patio ihdicates a lipjs aìfity to co|ep lired cbapme( It is coj~uted as

loffo}s

LIRED CBAPME CO\EPAME PATIO :

LIRED CBAPME CO\EPAME PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio

MPA^B CAHT @E ^PESEHTED LOP TBIS PATIO

Cojjehts oh Patio7

Tbe coj~ahy is usihm ho de`t so lired cbapme co|epame patio cahhot è cafcufated


29/36



3*De`t PatioTbe de`t patio ihdicates tbe lipjs fohm tepj de`t ~ayihm aìfity( It is coj~uted as loffo}s

DE@T PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio >(52 >((((>< as coj~aped to 0>>5 loffo}ihm

yeap 0>>2 ùt it bas decpeased ih yeap 0>>= ahd 0>>9 so tbepe is a jirtupe ol tpehd ih de`t patio

ol coj~ahy( Tbe coj~ahys totaf fiaìfities bas ihcpeased ih yeap 0>>< ahd 0>>2 ùt coj~ahy

bas jahamed to `pihm it do}h heap to yeap 0>>5 patio as it is >(>9 ahd >(52 ih 0>>5( So

tbepe is ho jatepiaf ellect ol tbis patio oh coj~ahys de`t ~ayihm aìfity(

4*De`t to Equity PatioTbe De`t/Equity patio is ahotbep coj~utatioh tbat detepjihes tbe ehtitys fohm tepj de`t ~ayihm

aìfity ahd is coj~uted as loffo}s

DE@T TO EQUITY PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio >71>> >71>> >71>> >71>> >71>>Tpehd ih Mpa~b

>(5

>(55

>(((=

0>>5 0>>< 0>>= 0>>2 0>>9


30/36



Cojjehts7 Tbe Coj~ahy is usihm ho de`t so tbe de`t to equity patio af}ays pejaihs >71>>(

Ahd tbepe is ho cbahme tbpoumbout tbe ~epiod ol 5 yeaps(

>

5>

1>>

15>

De`t

Equity


31/36



SUJJAPY OL DE@T ÂYIHM PATIOS

Patio 0>>5 0>>< 0>>= 0>>2 0>>9Tijes ihtepest eaphed

Lired cbapme co|epame

De`t Patio >(52 >((((71>> >71>> >71>> >71>> >71>>

COJJEHTS OH O\EPAFF PATIOSTbe coj~ahy& as sbo}h ih aò|e cafcufatiohs& is usihm ho de`t( So tbepe is ho tijes

ihtepest eaphed patio ahd lired cbapme co|epame patio( Tbe coj~ahys de`t patio bas

|apied lpoj yeap 0>>5 to yeap 0>>9 lpoj >(52 to >(71>> ècause coj~ahy is

puhhihm oh 1>>% equity ahd ho de`t ape used(

Lihaffy il coj~ahy is cohsidepihm takihm foah lop its ca~itaf er~ehditupe ~up~oses

it cah do so ècause tbis coj~ahy bas mood aìfity to ~ay its de`t ahd òhd patihm ol

coj~ahy is afso mood(


32/36



4* Patios lpoj Ih|estops \ie}Loffo}ihm ape tbe patios }e }iff cafcufate

i( Dempee ol o~epatihm Fe|epameii( Eaphihms ~ep sbapeiii( ^pice Eaphihms Patioi|( Di|idehd âyout Patio|( Di|idehd Yiefd|i( @ook \afue êp Sbape|ii( Casb Di|idehds

1*Dempee ol O~epatihm Fe|epameTbis detepjihes tbe patio erteht to }bicb coj~ahy is usihm fe|epame lop its o~epatiohs( T is cafcufated as

loffo}s

DEMPEE OL OÊPATIHM FE\EPAME :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio > > > > >Dempee ol o~epatihm fe|epame is wepo so its mpa~b cah&t è sbo}h

Cojjehts7Tbe use ol de`t ih lihahcihm tbe asset is caffed lihahciaf fe|epame( Attock ~etpofeuj fijited is

1>>% equity lihahced coj~ahy so it does hot use ahy de`t tbat is }by its dempee ol lihahciaf fe|epame }iff

pejaih wepo tbpoumbout tbe }bofe li|e yeaps(


33/36



0*Eaphihms êp SbapeTbis patio sbo}s tbat bo} jucb sbapebofdeps ape mettihm lop tbeip ohe sbape( It is cafcufated as loffo}s

EAPHIHMS ÊPSBAPE :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio =(99 04(12 3>(>1 45(2< 53(51

Tpehd ih mpa~b

Cojjehts7 Eaphihm ~ep sbape is tbe ajouht ol het ihcoje oh tbe sbape ol cojjoh stock( Tbe bimbep tbis

patio tbe jope tbe attpactioh lop tbe ih|estop( Ih tbe aò|e cafcufated patios ol Attock ~etpofeuj fijited

eaphihm ~ep sbape moes oh ihcpeasihm lpoj yeap 0>>5 to 0>>9 }bicb is a mood simh lop tbe coj~ahy ahd

afso lop tbe ih|estop(

3* pice Eaphihms PatioTbis patio cah è cafcufated as loffo}s

^PICEEAPHIHM PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 13(=3 9(02 13(90 9(43 5(94

Tpehd ih mpa~b

>

0>

4>

0>>5 0>>< 0>>= 0>>2 0>>9

>

5

1>

15

0>>5 0>>< 0>>= 0>>2 0>>9


34/36



Cojjehts7 ^pice eaphihm sbo}s bo} jucb ajouht ah ih|estop is peady to ~ay to eaph ohe doffap (Bepe

~pice eaphihms patio is 13(=3 ih 0>>5 }bife it is 5(94 ih 0>>9 tbat it kee~ oh decpeasihm tbat sbo}s a mood

simh lop tbe ih|estop(

4*Di|idehd âyout PatioTbis patio sbo}s tbat bo} jucb tbe coj~ahy is ~ayihm out ol its ihcoje ahd tbis is coj~uted ih %ame(

Tbe lopjufa lop cafcufatihm tbis patio is as uhdep

DI\IDEHD ÂYOUT PATIO :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 43(44 34(4= 30(4< 3< to 0>>9(tbat is a mood simh lop tbe ih|estop( Tbispatio is èheliciaf es~eciaffy lop tbe sbopt tepj ih|estop }bo mehepaffy fooks o|ep tbe ~ayout patio(

>

0>

4>

0>>5 0>>< 0>>= 0>>2 0>>9


35/36



5*Di|idehd YiefdTbis is coj~uted `y loffo}ihm lopjufa

DI\IDEHD YIEFD :

Yeap 0>>5 0>>< 0>>= 0>>2 0>>9

Patio 3(11 4(>= 3(5= 3(25 9(15 0>>< 0>>= 0>>2 0>>9

Patio 05 5>(0> 2

5

0>>5 0>>< 0>>= 0>>2 0>>9


36/36


Tpehd ih mpa~b

Cojjehts7 Tbe `ook |afue ~ep sbape bas ihcpeased o|ep tbe fast 5 yeap `y Ps(9=/sbape( Tbis sbo}s tbe

coj~ahys sta`ifity ahd ~pesehce ih japket(

SUJJAPY OL IH\ESTOP PATIOS

Patio 0>>5 0>>< 0>>= 0>>2 0>>9Dempee ol O~epatihm fe|epame * * * * *

Eaphihm ~ep sbape =(99 04(12 3>(>1 45(2< 53(51

^pice Eaphihm Patio 13(=3 9(02 13(90 9(43 5(94

Di|idehd ~ayout Patio 43(44% 34(4=% 30(41

>>

15>

0>>9 0>>2 0>>= 0>>< 0>>5

Documents

Financial Statements Analysis of Attock Petroleum Company Limited