PSO at Glance

Sales Volume (Million Tons)

Profit and Loss

Account
Sales Revenue
Net Revenue
Gross Profit
Operating Profit/ (Loss)
Marketing & Administrative Expense
Profit / (Loss) Before Tax
Profit / (Loss) after Tax
EBITDA
Capex

40,000
35,000

Rupees in Million

30,000
25,000
20,000
15,000
10,000
5,000
(5,000)
(10,000)

2012

PSO at Glance
Share Capital
Reserves
Shareholders' Equity
Property Plant & Equipment
Net Current Assets
Long Term Liabilities

60,000

Rupees in Million

50,000
40,000
30,000
20,000
10,000
2012

PSO at Glance
Profitability Ratios
Gross Profit Ratio
Net Profit Ratio

EBITDA Margin
Return on Shareholders' Equity
Return on Total Assets
Return on Captial Employed

12
10
8
6
Times

4
2
0
2012

-2
-4
-6

Inventory turnover ratio

Debt Turnover Ratio
Creditor Turnover Ratio
Total asset turnover ratio
Fixed asset turnover ratio

30
25

Times

20
15
10
5

5
0
2008

PSO at Glance
Earning per share
Market value per share (Year End)
Highest Price
Lowest Price
Break-Up Value
Price Earning Ratio
Dividend per share
Bonus share
Dividend Pay out
Dividend yield
Dividend cover ratio

350
300
250
200
150
100
50
0
2012

Interest Coverage Ratio

2009

Current Ratio
Quick ratio

Composition of Balance Sheet

Assets FY 12

Assets FY 11

Composition of Balance Sheet

Equities and Liabilities FY 11
Trade paybles and other shorterm
liabilities
73%

Equities and Liabilities FY 12

Trade paybles and other shorterm liabilities
71%

Financial Analysis
Balance Sheet

Property, Plant and Equipment

Long term investments
Long term loans, advances and receivables
Long term deposits and prepayments
Deffered tax
Total Non-Current Assets
Other Current Assets
Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and short term prepayments
Other receivables
Taxation-net
Cash and bank balances
Total Current Assets
Total Assets

Equity and Liabilities

Share Capital
Reserves
Total Shareholders Equity
Long term deposits
Retirement and other benefits
Total long term liabilities
Trade and other payables
Provisions
Accrued interest/Mark-up
Short term borrowings
Tax payables
Total Current Liabilities
Horizontal Analysis
Property, Plant and Equipment
Total Non-Current Assets
Stock-in-trade
Trade debts
Other receivables
Cash and bank balances
Total Current Assets
Total Assets
Share Capital
Reserves
Total Shareholders Equity
Total long term liabilities
Trade and other payables
Total Current Liabilities
Total Equity & Liabilities

Financial Analysis
Vertical Analysis
Profit and loss account
Sales
Sales Tax
IFEM/Levies

Net sales
Cost of product sold
Gross Profit
Operating Costs
Transportation
Administrative & Marketing Expenses
Depreciation
Other operating expenses
Total Operating Costts
Other / Other operating income
Profit / (Loss) from Operations
Finance cost
Share of profit associates
Profit / (Loss) before Taxation
Taxation
Net Profit / (Loss)
Horizontal Analysis

Sales
Sales Tax
IFEM/Levies
Net Sales
Cost of products sold
Gross Profit
Operating Cost
Transportation
Administrative & Marketing Expenses
Depreciation
Other operating expenses
Total Operating Costs
Other/ Other Operating Income
Profit/ (Loss) from operations
Finance cost
Share of Profit of Associates
Profit / (Loss) before taxation
Taxation
Net Profit/loss

Balance Sheet (As at June 30, 2012

Assets
Non Current Assets
Property, Plant and Equipment
Intangible Assets
Long term Investment
Long term loans, advances and receivables
Long term deposits and prepayments
deferred tax
Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and Short term prepayments
Other receiables
Taxation - Net
Cash and bank balances
Net Assets in Bangladesh
Total Assets
Equity and Liabilities
Share Capital
Capital Reserves
Revenue Reserves
Non-Current Liabilities
Long term deposits
Retirement and other benefits
Current Liabilities
Trade and other payables
Provisions
Accrued interest / Markup
Short term borrowings
Total Equity and Liabilities
Contingencies and Commitments

Profit & Loss Account (For the year ended June 30, 2012)
Sales
less:
Salex Tax
Inland freight equalization margin
Net sales
Cost of product sold
Gross Profit
Other Operating Income
Operating Cost
Transportation Costs
Distribution and Marketing Expenses
Administrative Expenses
Depreciation
Amortisation of intengible assets
Other operating expenses
Profit from operations

Other income
Finance Cost
Share of Profit Associates
Profit before taxation
Taxation
Profit for the year
Earning Per share - basic and diluted

The annexed notes 1 to 44 form an integral part of these financial s

Statement of Comprehensive Income (For the year ended June 30, 2012)

Statement of Comprehensive Income (For the year ended June 30, 2012)

Profit for the year

Other Comprehensive Income

Unrealised (loss) / gain due to change in fair value of other long term
Share of unrealised gain due to change in fair values of available for

Total compehensive income for the year

Cash flow Statement (For the year ended June 30, 2012)

Cash Generated From Operating Activities

Cash (used in) generated from operations
(Increase) in long term-loans, advances and receivables
Decrease / (Increase) in long-term deposits and prepayments
Increase in long-term deposits received
Taxes paid
Finance cost paid
Retirement benefits paid
Net cash used in operating activities
Cash Flow from Investing Activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from disposal of operating assets
Divident received
Net cash generated from / (used in) investing activities
Cash Flows From Financing Activities
Short-term finances obtained / (repaid)
Dividend paid
Net cash used in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at the end of the year

ce
2012

2011

2010

2009

12.4

12.9

14.2

13.2

1,199,928
1,024,424
34,323
17,313

974,917
820,530
34,280
25,217

877,173
742,758
29,166
21,233

719,282
612,696
3,010
(5,577)

7,523
13,674
9,056
26,476
894

6,690
17,974
14,779
31,017
862

5,181
17,963
9,050
29,028
559

5,113
(11,357)
(6,699)
(3,983)
694

PSO at Glance
Profit & Loss Account

2011

2010
No of Years

2009

2008

ce
2012

2011

2010

2009

1,715
48,245
49,960
5,862
44,023
3,695

1,715
40,188
41,903
6,114
35,302
3,257

1,715
27,621
29,336
6,411
23,298
2,836

1,715
19,156
20,871
7,056
8,666
2,528

Shareholders' Equity

2011

2010

2009

Years

ce

%
%

2012

2011

2.9
0.8

3.5
1.5

2010
3.3
1 -0.9

2009
0.4

%
%
%
%

2.2
18.1
2.6
47.2

3.2
35.3
5.6
66.2

3.3 -0.6
30.8 -32.1
4.5
86.6 (21.9)

-4.40

Profitability Ratios

2011

2010

2009

2008

2009

2010

2011

12.7
24.6
9.6
5.78
74.3

14
12.6
6.3
5.13
98.4

17.7
8.9
6.1
4.93
130.3

12.7
8
5.7
4.19
155.7

Asset Utilisation Ratios

Inventory turnover ratio

Debt Turnover Ratio
Creditor Turnover Ratio
Total asset turnover ratio

2009

2010

2011

2012

ce
2012
Rs.
Rs.
Rs.
Rs.
Rs.
x
Rs.
%
%
%
x

53
236
271
206
290
4.5
5.5
20 14.2
2.3
9.6

2011

2010

2009

86
265
314
237
244

53
260
343
218
171

-39
214
429
96
121

10

8
-

11.6
3.8
8.6

5
-

15.2
3.1
6.6

-12.8
2.3
-7.8

Break-Up Value

2011

2010

2009

2008

2012

2011

2010

2009

2.17

2.51

2.77

-0.89

x
x

1.15
0.84

1.16
0.72

1.14
0.79

1.07
0.75

Cash & Bank

Trade Debts
Stock-in-trade
Other Receivables Balances
63%
26%
6%
0.50%

Assets FY 12

34%
43%

1%
0%
4%
18%

Trade Debts
Stock-in-trade
Other Receivables Cash & Bank Balances
48%
36%
9%
1.00%

Assets FY 11

1%3%
2%
1%
9%

48%

36%

Short term borrowings

Share Capital
10%

Reserves
1%

Total Long term

liabilities
15%
1%

Equities and Liabilities FY 11

15%

1%

1%
10%

73%

Short term borrowings

Share Capital
13%

Reserves
1%

14%

Total Long term liabilities

1%

Equities and Liabilities FY 12

Equities and Liabilities FY 12

14%

1%

1%
13%

71%

receivables

2012

2011

2010

2009

1.69%
0.57%
0.11%
0.04%
0.37%
2.78%

2.33%
0.88%
0.12%
0.06%
0.36%
3.75%

3.17%
1%
0.16%
0.06%
0.00%
4.39%

4.60%
1.40%
0.26%
0.05%
3.28%
9.59%

0.04%
25.48%
62.75%
0.15%
0.73%
6.08%
1.53%
0.47%

0.04%
36.31%
47.48%
0.16%
0.39%
8.57%
2.40%
0.88%

0.06%
28.97%
58.10%
0.20%
0.18%
7.20%
0.02%
0.88%

0.07%
26.53%
52.48%
0.27%
0.36%
8.35%
0.46%
1.88%

97.23%

96.23%

95.61%

90.40%

100.00%

100.00%

100.00%

100.00%

0.49%
13.89%
14.38%

0.65%
15.30%
15.95%

0.855
13.66%
14.51%

1.12%
12.49%
13.61%

0.34%
0.72%
1.06%

0.39%
0.85%
1.24%

0.47%
0.93%
1.40%

0.56%
1.09%
1.65%

71.03%
0.20%
0.16%
13.17%
0.00%
100.00%

73.04%
0.26%
0.16%
9.34%
0.00%
99.99%

77.15%
0.34%
0.16%
6.44%
0.00%
100.00%

71.78%
0.45%
0.36%
12.16%
0.00%
100.01%

76%
79%
314%
1861%
145%
86%
582%
495%
100%
253%
240%
161%
670%
624%
495%

80%
81%
339%
1065%
155%
122%
436%
374%
100%
210%
201%
142%
521%
462%
374%

84%
73%
208%
1003%
100%
94%
333%
288%
100%
145%
141%
123%
424%
361%
288%

92%
121%
144%
687%
88%
152%
239%
219%
100%
100%
100%
110%
299%
276%
219%

100%
13.66%
0.97%

100%
14.15%
1.68%

100%
13.52%
1.81%

100%
13.54%
1.28%

85.37%
82.51%
2.86%

84.17%
80.65%
3.52%

84.67%
81.34%
3.33%

85.18%
84.76%
0.42%

0.10%
0.63%
0.10%
0.77%
1.60%
1.26%
0.81%
2.41%
0.97%
0.04%
1.40%
-0.38%
0.75%

0.08%
0.69%
0.12%
0.23%
1.12%
2.40%
0.61%
1.73%
1.22%
0.05%
0.46%
-0.33%
1.52%

0.07%
0.59%
0.13%
0.28%
1.07%
2.26%
0.86%
1.93%
1.13%
0.06%
0.74%
-1.02%
1.03%

0.07%
0.71%
0.17%
0.56%
1.51%
-1.09%
0.31%
1.82%
0.87%
0.06%
0.89%
0.65%
-0.93%

2012
340%

2011
277%

2010
249%

2009
204%

368%
120%
323%
343%
352%
199%

310%
169%
285%
275%
280%
199%

266%
163%
248%
249%
254%
169%

219%
95%
196%
205%
217%
17%

330%
219%
106%
377%
261%
154%
695%
221%
1319%
127%
45%
120%
119%

222%
195%
105%
91%
148%
237%
428%
261%
1346%
168%
50%
15%
82%

173%
151%
109%
98%
128%
200%
543%
243%
1118%
168%
50%
157%
229%

140%
149%
110%
162%
147%
-79%
160%
-50%
705%
-144%
43%
-99%
-120%

120%

196%

120%

-89%

Note

receivables

2012
Rupees in '000

2011

4
5
6
7
8
9

5,831,993
29,991
1,968,073
385,497
123,740
1,292,316
9,631,610

6,084,731
28,822
2,314,168
324,554
148,748
957,487
9,858,510

10
11
12
13
14
15

134,431
88,523,794
218,022,292
526,118
2,528,406
21,122,166
5,314,752
1,624,025
337,795,984

115,339
95,378,393
124,721,832
430,716
1,027,381
22,520,278
6,311,951
2,309,006
252,814,896

16
17 -

347,427,594

262,673,406

18
19
19

1,715,190
351,652
47,893,066
49,959,908

1,715,190
493,189
39,694,606
41,902,985

20
21

1,176,078
2,518,502
3,694,580

1,023,531
2,233,717
3,257,248

22
23

246,767,460
688,512
544,485
45,772,649
293,773,106
347,427,594

191,851,017
688,512
432,133
24,541,511
217,513,173
262,673,406

24

25

m an integral part of these financial statements.

2012
1,199,927,907

2011
974,917,064

163,861,410
11,642,892
175,504,302
1,024,423,605

137,969,158
16,417,542
154,386,700
820,530,364

(990,101,083)
34,322,522

(786,250,059)
34,280,305

2,133,994

1,815,951

(1,205,394)
(5,863,170)
(1,659,530)
(1,127,587)
(15,491)
(9,272,048)
(19,143,220)
17,313,296

(810,423)
(5,175,233)
(1,514,532)
(1,120,999)
(18,210)
(2,239,725)
(10,879,122)
25,217,134

7,550,581
(11,658,928)
13,204,949
469,468
13,674,417

4,143,710
(11,903,162)
17,457,682
516,752
17,974,434

(4,618,362)
9,056,055

(3,195,120)
14,779,314

52.80

86.17

2,012
2,011
(Rupees in '000)
9,056,055
14,779,314

change in fair value of other long term investments

o change in fair values of available for sale investment associates

(144,903)
3,366
(141,537)
8,914,518

ng Activities
36

advances and receivables

erm deposits and prepayments

d equipment

(11,844)
5,516
(6,328)
14,796,674

2,012
2,011
Rupees in '000
(13,525,483)
5,617,109
(60,943)
(6,655)
25,008
(22,797)
152,547
75,055
(3,955,992)
(10,417,978)
(3,138,027)
(3,182,997)
(824,170)
(478,081)
(21,327,060)
(8,416,354)

ed in) investing activities

(877,017)
(16,660)
14,847
883,522
4,692

(851,555)
(10,782)
56,764
405,810
(399,763)

sh and cash equivalents

eginning of the year
he end of the year

23,331,017
(593,751)
22,737,266
1,414,898
(19,531,039)
(18,116,141)

(132,165)
(2,173,429)
2,305,594
(11,121,711)
(8,409,328)
(19,531,039)

rating assets

37

2008
13

583,214
495,279
30,024
22,451
4,425
21,377
14,054
23,912
620

Gross Profit
Operating Profit/ (Loss)
Profit / (Loss) after Tax
EBITDA

2008

2008
1,715
29,250
30,965
7,567
22,143
2,409

2012
2011
2010
2009
2008
2008

2008
5.1
2.4

4.1
45.4
11.1
68.1

Gross Profit Ratio

Net Profit Ratio
EBITDA Margin
Return on Total Assets

2012

ventory turnover ratio

ebt Turnover Ratio

editor Turnover Ratio

otal asset turnover ratio

13
7
5.4
3.9
200.4

2008
82
417
540
318
180
23.5
28.7
5.6
3.5

2012
2011
2010
2009
2008

2008
16.41

1.24
0.57

Other Current Property, Pland and Long term

Assets
Equipment
Investments
0.20%
2%

0.5

Trade Debts
Stock-in-trade
Other Receivables
Cash & Bank Balances
Other Current Assets
Property, Pland and Equipment
Long term Investments

Other Current Assets

Property, Pland and Equipment
Long term Investments
2.00%
1%
3%

Trade Debts
Stock-in-trade

Stock-in-trade
Other Receivables
Cash & Bank Balances
Other Current Assets
Property, Pland and Equipment
Long term Investments

Trade paybles and other shorterm liabilities

Short term borrowings
Share Capital
Reserves
Total Long term liabilities

Trade paybles and other shorterm liabilities

Short term borrowings
Share Capital
Reserves
Total Long term liabilities

2008
5.95%
2.13%
0.38%
0.06%
0.32%
8.84%

0.18%
49.06%
26.67%
0.31%
0.32%
12.34%
0.00%
2.37%
91.25%
100.00%

1.35%
23.01%
24.36%
0.66%
1.24%
1.90%
63.78%
0.57%
0.17%
8.65%
0.57%
100.00%

99%
93%
221%
289%
108%
159%
200%
181%
100%
149%
149%
105%
220%
199%
181%

100%
12.70%
2.35%

84.95%
79.77%
5.18%
0.06%
0.71%
0.20%
0.57%
1.54%
3.64%
0.29%
1.83%
0.23%
0.05%
1.55%
-1.26%
2.41%

2008
165%
167%
141%
162%
166%
166%
174%

92%
129%
108%
136%
127%
210%
123%
199%
155%
203%
28%
187%
188%
187%

% Change

-4.2%
4.1%
-15.0%
18.8%
-16.8%
35.0%
-2.3%
16.6%
-7.2%
74.8%
22.1%
146.1%
-6.2%
-15.8%
-29.7%
33.6%
32.3%
0.0%
-28.7%
20.7%
19.2%
14.9%
12.7%
13.4%
28.6%
0.0%
26.0%
86.5%
35.1%
32.3%

Note

2012

Assets
Non Current Assets
Property, Plant and Equipment
Intangible Assets
Long term Investment
Long term loans, advances and receivables
Long term deposits and prepayments
deferred tax
Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and Short term prepayments
Other receiables
Taxation - Net
Cash and bank balances
Net Assets in Bangladesh
Total Assets
Equity and Liabilities
Share Capital
Capital Reserves
Revenue Reserves
Non-Current Liabilities
Long term deposits
Retirement and other benefits
Current Liabilities
Trade and other payables
Provisions
Accrued interest / Markup
Short term borrowings

Rupees in '000
4
5
6
7
8
9

5,831,993
29,991
1,968,073
385,497
123,740
1,292,316
9,631,610

10
11
12
13
14
15

134,431
88,523,794
218,022,292
526,118
2,528,406
21,122,166
5,314,752
1,624,025
337,795,984

16
17 -

347,427,594
18
19
19

1,715,190
351,652
47,893,066
49,959,908

20
21

1,176,078
2,518,502
3,694,580

22
23

246,767,460
688,512
544,485
45,772,649
293,773,106
347,427,594

24

Total Equity and Liabilities

Contingencies and Commitments

25

2011 % Change
Rupees in '000
6,084,731
28,822
2,314,168
324,554
148,748
957,487
9,858,510

-4.2%
4.1%
-15.0%
18.8%
-16.8%
35.0%
-2.3%

115,339
95,378,393
124,721,832
430,716
1,027,381
22,520,278
6,311,951
2,309,006
252,814,896

16.6%
-7.2%
74.8%
22.1%
146.1%
-6.2%
-15.8%
-29.7%
33.6%

262,673,406

32.3%

1,715,190
493,189
39,694,606
41,902,985

0.0%
-28.7%
20.7%
19.2%

1,023,531
2,233,717
3,257,248

14.9%
12.7%
13.4%

191,851,017
688,512
432,133
24,541,511
217,513,173
262,673,406

28.6%
0.0%
26.0%
86.5%
35.1%
32.3%

Note
Sales
less:
Salex Tax
Inland freight equalization margin

2012
2011
Rupees in '000
1,199,927,907
974,917,064
163,861,410
11,642,892
175,504,302
1,024,423,605

Net sales
Cost of product sold
Gross Profit

26

Other Operating Income

27

2,133,994

1,815,951

Operating Cost
Transportation Costs
Distribution and Marketing Expenses
Administrative Expenses
Depreciation
Amortisation of intengible assets
Other operating expenses

28
29
30
4.1
5
31

(1,205,394)
(5,863,170)
(1,659,530)
(1,127,587)
(15,491)
(9,272,048)
(19,143,220)
17,313,296

(810,423)
(5,175,233)
(1,514,532)
(1,120,999)
(18,210)
(2,239,725)
(10,879,122)
25,217,134

32
33

7,550,581
(11,658,928)
13,204,949
469,468
13,674,417

4,143,710
(11,903,162)
17,457,682
516,752
17,974,434

(4,618,362)
9,056,055

(3,195,120)
14,779,314

Profit from operations

Other income
Finance Cost
Share of Profit Associates
Profit before taxation
Taxation
Profit for the year

Earning Per share - basic and diluted

6.1.1

34

35

(990,101,083)
34,322,522

137,969,158
16,417,542
154,386,700
820,530,364
(786,250,059)
34,280,305

(Rupees)
52.80

86.17

% Change
23%
19%
-29%
14%
25%
26%
0%
18%

49%
13%
10%
1%
-15%
314%
76%
-31%

82%
-2%
-24%
-9%
-24%
45%
-39%

-39%

Profit for the year

2012
(Rupees in '000)
9,056,055

Other Comprehensive Income

Unrealised (loss) / gain due to change in fair value of
other long term investments
Share of unrealised gain due to change in fair values of
available for sale investment associates

Total compehensive income for the year

(144,903)

3,366
(141,537)
8,914,518

2011
% Change
(Rupees in '000)
14,779,314 -0.38725

(11,844)

5,516
(6,328)
14,796,674

-0.39753

Cash Generated From Operating Activities

Cash (used in) generated from operations
(Increase) in long term-loans, advances and
receivables
Decrease / (Increase) in long-term deposits and
prepayments
Increase in long-term deposits received
Taxes paid
Finance cost paid
Retirement benefits paid
Net cash used in operating activities

36

Cash Flow from Investing Activities

Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from disposal of operating assets
Divident received
Net cash generated from / (used in) investing activities
Cash Flows From Financing Activities
Short-term finances obtained / (repaid)
Dividend paid
Net cash used in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at the end of the year

37

2012
2011
% Change
Rupees in '000
(13,525,483)
5,617,109
(60,943)

(6,655)

25,008
152,547
(3,955,992)
(3,138,027)
(824,170)
(21,327,060)

(22,797)
75,055
(10,417,978)
(3,182,997)
(478,081)
(8,416,354)

(877,017)
(16,660)
14,847
883,522

(851,555)
(10,782)
56,764
405,810

4,692

(399,763)

23,331,017
(593,751)
22,737,266

(132,165)
(2,173,429)
2,305,594

1,414,898

(11,121,711)

(19,531,039)

(8,409,328)

(18,116,141)

(19,531,039)

-153%

101%

7%

#
Sales Volume (Million Tons)

12

Sales Revenue
Net Revenue
Gross Profit
Operating Profit/ (Loss)
Marketing & Administrative Expense
Profit / (Loss) Before Tax
Profit / (Loss) after Tax
EBITDA
Capex

##
##
##
##
##
##
##
##
##

2011

2010

12.9

14.2

974,917
820,530
34,280
25,217
6,690
17,974
14,779
31,017
862

877,173
742,758
29,166
21,233
5,181
17,963
9,050
29,028
559

2012

2011

2.9
0.8
2.2
18.1
2.6
47.2

3.5
1.5
3.2
35.3
5.6
66.2

Profitability Ratios
Gross Profit Ratio
Net Profit Ratio
EBITDA Margin
Return on Shareholders' Equity
Return on Total Assets
Return on Captial Employed

%
%
%
%
%
%

2009

2008

13.2

13

719,282
612,696
3,010
(5,577)
5,113
(11,357)
(6,699)
(3,983)
694

583,214
495,279
30,024
22,451
4,425
21,377
14,054
23,912
620

2010

2009

2008

3.3
1
3.3
30.8
4.5
86.6

0.4

5.1
2.4
4.1
45.4
11.1
68.1

-0.9
-0.6
-32.1
-4.40
(21.9)

Share Capital
Reserves
Shareholders' Equity
Property Plant & Equipment
Net Current Assets
Long Term Liabilities

Inventory turnover ratio

Debt Turnover Ratio
Creditor Turnover Ratio
Total asset turnover ratio
Fixed asset turnover ratio

Sales
Sales Tax
IFEM/Levies
Net sales
Cost of product sold
Gross Profit
Operating Costs
Transportation
Administrative & Marketing
Expenses
Depreciation
Other operating expenses
Total Operating Costts
Other / Other operating
income

2011

2010

2009

1,715
40,188
41,903
6,114
35,302
3,257

1,715
27,621
29,336
6,411
23,298
2,836

1,715
19,156
20,871
7,056
8,666
2,528

2008

2009

2010

12.7
24.6
9.6
5.78
74.3

14
12.6
6.3
5.13
98.4

17.7
8.9
6.1
4.93
130.3

2012

2011

2010

100%
13.66%
0.97%
85.37%
82.51%
2.86%

100%
14.15%
1.68%
84.17%
80.65%
3.52%

100%
13.52%
1.81%
84.67%
81.34%
3.33%

0.10%

0.08%

0.07%

0.63%
0.10%

0.69%
0.12%

0.59%
0.13%

0.77%
1.60%
1.26%

0.23%
1.12%
2.40%

0.28%
1.07%
2.26%

0.81%

0.61%

0.86%

Profit / (Loss) from

Operations
Finance cost
Share of profit associates
Profit / (Loss) before
Taxation
Taxation
Net Profit / (Loss)

Sales
Sales Tax
IFEM/Levies
Net Sales
Cost of products sold
Gross Profit
Operating Cost
Transportation
Administrative & Marketing
Expenses
Depreciation
Other operating expenses
Total Operating Costs
Other/ Other Operating
Income
Profit/ (Loss) from
operations
Finance cost

2.41%
0.97%
0.04%

1.73%
1.22%
0.05%

1.93%
1.13%
0.06%

1.40%
-0.38%
0.75%

0.46%
-0.33%
1.52%

0.74%
-1.02%
1.03%

2012
340%

2011
277%

2010
249%

368%
120%
323%
343%
352%
199%

310%
169%
285%
275%
280%
199%

266%
163%
248%
249%
254%
169%

330%

222%

173%

219%
106%

195%
105%

151%
109%

377%
261%
154%

91%
148%
237%

98%
128%
200%

695%

428%

543%

221%
1319%
127%

261%
1346%
168%

243%
1118%
168%

Share of Profit of Associates

Profit / (Loss) before
taxation
Taxation

45%

50%

50%

120%
119%

15%
82%

157%
229%

Net Profit/loss

120%

196%

120%

2008
1,715
29,250
30,965
7,567
22,143
2,409

2011

2012

12.7
8
5.7
4.19
155.7

13
7
5.4
3.9
200.4

2009

2008

100%
13.54%
1.28%
85.18%
84.76%
0.42%

100%
12.70%
2.35%
84.95%
79.77%
5.18%

0.07%

0.06%

0.71%
0.17%

0.71%
0.20%

0.56%
1.51%
-1.09%

0.57%
1.54%
3.64%

0.31%

0.29%

1.82%
0.87%
0.06%

1.83%
0.23%
0.05%

0.89%
0.65%
-0.93%

1.55%
-1.26%
2.41%

2009
204%

2008
165%

219%
95%
196%
205%
217%
17%

167%
141%
162%
166%
166%
174%

140%

92%

149%
110%

129%
108%

162%
147%
-79%

136%
127%
210%

160%

123%

-50%
705%
-144%

199%
155%
203%

43%

28%

-99%
-120%

187%
188%

-89%

187%

2012

2011

Property, Plant and Equipment

Long term investments
Long term loans, advances and
receivables

1.69%
0.57%

2.33%
0.88%

0.11%

0.12%

Long term deposits and prepayments

Deffered tax
Total Non-Current Assets

0.04%
0.37%
2.78%

0.06%
0.36%
3.75%

0.04%
25.48%
62.75%
0.15%

0.04%
36.31%
47.48%
0.16%

0.73%
6.08%
1.53%
0.47%

0.39%
8.57%
2.40%
0.88%

97.23%

96.23%

100.00%

100.00%

0.49%
13.89%
14.38%

0.65%
15.30%
15.95%

0.34%
0.72%
1.06%

0.39%
0.85%
1.24%

71.03%
0.20%
0.16%
13.17%
0.00%
100.00%

73.04%
0.26%
0.16%
9.34%
0.00%
99.99%

Other Current Assets

Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and short term prepayments
Other receivables
Taxation-net
Cash and bank balances
Total Current Assets
Total Assets
Equity and Liabilities
Share Capital
Reserves
Total Shareholders Equity
Long term deposits
Retirement and other benefits
Total long term liabilities
Trade and other payables
Provisions
Accrued interest/Mark-up
Short term borrowings
Tax payables
Total Current Liabilities

Horizontal Analysis
Property, Plant and Equipment
Total Non-Current Assets
Stock-in-trade
Trade debts
Other receivables
Cash and bank balances
Total Current Assets
Total Assets
Share Capital
Reserves
Total Shareholders Equity
Total long term liabilities
Trade and other payables
Total Current Liabilities
Total Equity & Liabilities

2012

2011

76%
79%
314%
1861%
145%
86%
582%
495%
100%
253%
240%
161%
670%
624%
495%

80%
81%
339%
1065%
155%
122%
436%
374%
100%
210%
201%
142%
521%
462%
374%

2010

2009

2008

3.17%
1%

4.60%
1.40%

5.95%
2.13%

0.16%

0.26%

0.38%

0.06%
0.00%
4.39%

0.05%
3.28%
9.59%

0.06%
0.32%
8.84%

0.06%
28.97%
58.10%
0.20%

0.07%
26.53%
52.48%
0.27%

0.18%
49.06%
26.67%
0.31%

0.18%
7.20%
0.02%
0.88%

0.36%
8.35%
0.46%
1.88%

0.32%
12.34%
0.00%
2.37%

95.61%

90.40%

91.25%

100.00%

100.00%

100.00%

0.855
13.66%
14.51%

1.12%
12.49%
13.61%

1.35%
23.01%
24.36%

0.47%
0.93%
1.40%

0.56%
1.09%
1.65%

0.66%
1.24%
1.90%

77.15%
0.34%
0.16%
6.44%
0.00%
100.00%

71.78%
0.45%
0.36%
12.16%
0.00%
100.01%

63.78%
0.57%
0.17%
8.65%
0.57%
100.00%

2010

2009

2008

84%
73%
208%
1003%
100%
94%
333%
288%
100%
145%
141%
123%
424%
361%
288%

92%
121%
144%
687%
88%
152%
239%
219%
100%
100%
100%
110%
299%
276%
219%

99%
93%
221%
289%
108%
159%
200%
181%
100%
149%
149%
105%
220%
199%
181%