FFBL Hussain Adjusted

EPS 2.62 2.62 2.
72
Rs mn CY05 CY06 CY07E
Urea capacity 551,100 551,100 594,000
Urea production 588,799 601,044 488,000
Effeciency 107% 109% 82%
Capacity per day 1,670 1,670 1,800
Working days 330 300 249
DAP capacity 445,500 445,500 457,050
DAP production 454,672 450,400 357,000
Effeciency 102% 101% 110%
Capacity per day 1,350 1,350 1,650
Working days 330 330 277
Total production 1,043,471 1,051,444 845,000
Imported urea 64,000 70,400 77,440
Opening Urea inventory 5,427

Domestic Urea Sales 474,191
Ending Urea inventory 18,299
Opening DAP inventory 4,328
Domestic DAP sales 351,700
Ending DAP inventory 9,195
Urea per bag retail prices 496 523 554

Ex factory price 513 539
Urea per ton 9,920 10,251 10,775
Urea price growth
DAP per bag 1,050 1,147

Ex factory price 998 1,090
5.9%
Imported urea price US ($) 325

Growth
Rupee/ US $ 61
Imported urea per ton Rs 19,825
Imported urea sales price 10,775
Imported urea cost per ton 10,452
Import margin 3%
Urea subsidy per ton 9,050

DAP subsidy per bag 398
DAP subsidy changes
DAP subsidy per ton 7,960
DAP price
Jan 873
Feb 882
Mar 944
Apr 1,113
May 1,088
Jun 1,099
Jul 1,190
Aug 1,256
Sep 1,275
Oct 1,303
Nov 1,355
Dec 1,386
Average price 663 700 1,147
DAP price US $
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Rs/US$
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Urea prices
Jan 539
Feb 542
Mar 538
Apr 538
May 538
Jun 538
Jul 565
Aug 565
Sep 565
Oct 565
Nov 565
Dec 587
Average price 554
DAP price growth

Jan
Feb 0%
Mar 1%
Apr 18%
May 1%
Jun 0%
Jul 2%
Aug 12%
Sep 0%
Oct 0%
Nov 0%
Dec 2%
Average growth
Urea prices growth

Jan
Feb 1%
Mar 0%
Apr 0%
May 0%
Jun 0%
Jul 5%
Aug 0%
Sep 0%
Oct 0%
Nov 0%
Dec 4%
Average growth
Urea price/50kg bag 482 513 539

Urea price per ton 9,640 10,251 10,775
DAP price/50kg bag 1,000 998 1,090
DAP price per ton 20,000 19,950 21,793
Imported urea sales price 10,775
Urea cost per ton 7,942 8,436 8,868
Domestic urea sales revenue 5,676 6,161 5,258
DAP sales revenue 9,093 8,985 7,780
Imported urea revenue 617 722 834
Gross sales revenue 15,277 15,778 13,167

Commission 22 23 17
Trade allowance 116 126 190
Sales tax 885 922 717
Net sales revenue 14,255 14,707 12,243
% of sales
Commission 0% 0% 0%
Trade allowance 1% 1% 1%
Sales tax 6% 6% 5%
Imported urea 13% 10% 10%
Gas charges
Feedstock consumption 21,173 21,613 16,790
Fuelstock consumption 4,547 4,582 3,682
Feedstock charges Rs/MMBTU 37 37 37
Fuelstock charges Rs/MMBTU 228 257 241
Feedstock/production 4% 4% 3%
Fuelstock/production 0% 0% 0%
1MMBTU into MMCF 913

Feedstock cost 710,985,842 726 564
Fuelstock cost 946,562,895 1,075 809
Phosphoric acid
Import price $/ton 445 465 568
Conversion factor 0.49 0.49 0.49
Phosphoric acid consumed 176,666
Rs/ US $ 60.00 60.00 61
Phosphoric acid cost 5,910,545,158 6,118 6,117
Phosphoric acid available
5% 4% 22%
DAP margin 100% 101% 134%
Raw material consumed 6,622 7,098 6,527

Fuel 983 1,231 1,100
Packing materials consumed 271 304 257
packing material cost/ton 260 289 304
Growth 9% 11% 5%
Chemicals and supplies 64 73 84

Chemical/ton 61 69 67
Growth (0) 0 -4%
Salaries wages and benefits 333 332 435

Growth 40% 0% 31%
Rent, rates and taxes 20 22 23

Growth 2% 5% 2%
Insurance 44 48 45
Growth 2% 8% 2%
Travel and conveyance 28 31 34

growth 25% 9% 12%
Repairs and maintenance 207 257 606

% of FA 1% 1% 3%
Communication, establishment 38 47 30
growth 65% 25% 86%
Provision for doubtful advances 0 - -
Depreciation 925 986 1,051
Amortization - - -
Provision for obselete inventory 4 - 30
Opening stock-WIP 4 1.504 5
Closing stock-WIP (2) (5) (13)
Subsidy on DAP fertilizer from govt of

Pakistan (1,322) (2,797)
COGM 9,542 9,104 7,416
Opening stock- own manufactured

fertilizers 39 399 99
Closing stock- own manufactured
fertilizers (399) (99) (252)
Cost of sales- own manufactured urea 9,182 9,403 7,263
Opening stock- purchased fertilizer 5 3 140
Purchase of fertilizers 508 756 19
Closing stock- purchased fertilizers (3) (140) (1)
Cost of sales- purchased fertilizer 510 620 158
COGS 9,692 10,023 7,420
68% 68% 61%
Distribution costs
Product transportation 1,044 1,170 829

Salaries, wages and benefits 129 156 149
Rent, rates and taxes 20 20 19
Technical services 1 2 2
Sales promotion 11 9 9
Warehouse expenss 12 14 15
Export sales - - -
Communication and other 11 15 13
Depreciation charged to associated 4 5 5
1,258 1,420 1,069

% of sales 9% 10% 9%
Product transportation 7% 8% 8%
Salaries, wages and benefits 15% 21% 18%
Rent, rates and taxes 0% 0% 0%
Travel and conveyance 0% 0% 0%
Technical services 0% 0% 0%
Sales promotion 0% 0% 0%
Warehouse expenss 0% 0% 0%
Export sales 0% 0% 0%
Communication and other 0% 0% 0%
Depreciation charged to associated 0% 0% 0%
Administrative expenses
Salaries wages 52 70 88
Utilities 1 1 2
Priniting 2 2 3
Repairs 2 1 3
Communication 9 9 9
Rent, rates 2 2 3
Listing fee 0 0 0
Donation 18 0 1
Legal 4 2 2
Depreciation 14 4 5
Amortization of deferred 3 - -
Miscellaneous 4 5
Entertainment
Advertisement
114 103 131

% of sales 0.803% 0.701% 1.073%
Salaries wages 2.4% 35.1% 19%
Travel and conveyance 0.0% 0.0% 0%
Utilities 0.0% 0.0% 0%
Priniting 0.0% 0.0% 0%
Repairs 0.0% 0.0% 0%
Communication 0.1% 0.1% 0%
Rent, rates 0.0% 0.0% 0%
Listing fee 0.0% 0.0% 0%
Donation 0.1% 0.0% 0%
Legal 0.0% 0.0% 0%
Depreciation 0.1% 0.0% 0%
Amortization of deferred 0.0% 0.0% 0%
Miscellaneous 0.0% 0.0% 0%
Entertainment 0.0% 0.0% 0%
Advertisement 0.0% 0.0% 0%
Cost at start
Leasehold land 213 213 213
Buildings on leasehold land 1,461 1,465 1,468
Plant and machinery 17,192 17,219 18,037
Furniture, fixture and office equipment 56 61 61
Vehicles 40 49 77
Computer equipment 29 34 42
Library books 1 2 2
Freehold land - 120 120
Catalyst 23 53 67
Plant subject to financial lease - - -
Vehicles subject to financial lease 27 20 14
Capital WIP 122 885 1,372
Total 19,165 20,121 21,472
Additions
Leasehold land - 0 -
Buildings on leasehold lands 4 3 13
Plant and machinery 28 7 202
Vehicles 11 28 23
Library books 0 0 0
Freehold land 120 - -
Catalyst 30 15 41
Vehicles subject to financial lease - - -
Capital WIP 762 1,298 2,459
Total 966 1,358 2,751
Disposals
Leasehold land - - -
Buildings on leasehold lans - - -
Plant and machinery - - (155)
Furniture, fixture and office equipment (0) - -
Vehicles (10) (7) (12)
Computer equipment - (0) (0)
Library books - - -
Freehold land - - -
Catalyst - -
Capital WIP - -
Total (10) (7) (168)
Adjustments
Plant and machinery - 811 (62)
Furniture, fixture and office equipment - - (3)
Vehicles 7 6 -
Computer equipment - - (1)
Library books - - (0)
Freehold land - - -
Catalyst - (0) -
Vehicles subject to financial lease (7) (6) -
Capital WIP - (811) -
Total - (0) (65)
Transfer in/(out)
Buildings on leasehold lans - - (11)
Plant and machinery - - 2,355
Furniture, fixture and office equipment - - 11
Vehicles - - 3
Library books - - -
Freehold land - - -
Catalyst - - -
Vehicles subject to financial lease - - (3)
Capital WIP - - (2,344)
Total - - (0)
Cost at end
Buildings on leasehold lans 1,465 1,468 1,469
Vehicles 49 77 91
Library books 2 2 2
Freehold land 120 120 120
Catalyst 53 67 108
Capital WIP 885 1,372 1,486
Total 20,121 21,472 23,989
Depriciation rate
Leasehold land 2% 2%
Buildings on leasehold land 3% 3%
Plant and machinery 5% 5%
Furniture, fixture and office equipment 10% 10%
Vehicles 20% 20%
Computer equipment 20% 20%
Library books 30% 30%
Freehold land 0% 0%
Catalyst 25% 25%
Plant subject to financial lease 0% 0%
Vehicles subject to financial lease 20% 20%
Capital WIP 0% 0%
Total
Depriciation at start
Buildings on leasehold lans 219 263 307
Vehicles 29 31 44
Library books 1 1 1
Freehold land - - -
Catalyst 5 13 28
Capital WIP - - -
Total 4,625 5,557 6,541
Depriciation for the year

Buildings on leasehold land 44 44 44
Plant and machinery 863 902 953
Vehicles 6 14 15
Library books 0 0 0
Freehold land - - -
Catalyst 9 15 21
Capital WIP - - -
Total 939 990 1,056
Disposals
Buildings on leasehold land - - -
Plant and machinery - - (52)
Furniture, fixture and office equipment (0) - -
Vehicles (7) (6) (10)
Computer equipment - (0) (0)
Library books - - -
Freehold land - - -
Catalyst - - -
Capital WIP - - -
Plant and machinery - - -
Quarry equipment - - -
Furniture, fixture and office equipment - - -
Total (7) (6) (63)
Adjustments
Plant and machinery - - -
Furniture, fixture and office equipment - - (3)
Vehicles 4 4 -
Library books - - (0)
Freehold land - - -
Catalyst - (0) -
Vehicles subject to financial lease (4) (4) -
Capital WIP - - -
Total - (0) (4)
Depriciation at end
Buildings on leasehold lans 263 307 351
Vehicles 31 44 48
Library books 1 1 2
Freehold land - - -
Catalyst 13 28 49
Capital WIP - - -
Total 5,557 6,541 7,532
Net book value at end

Buildings on leasehold land 1,202 1,161 1,118
Vehicles 18 33 43
Computer equipment 4 4 (5)
Library books 0 0 0
Freehold land 120 120 120
Catalyst 39 39 59
Vehicles subject to financial lease 7 3 (2)
Capital WIP 885 1,372 1,486
Total 14,563 14,930 16,458
Depreciation allocation
Cost of sales 925 986 1,047
Administrative expenses 14 4 9
939 990 1,056
cost of sales 98% 100% 99%
Administrative expenses 2% 0% 1%
Property, pland and equipment sold

Cost 10 7 9
Book value 3 1 2
Sale proceeds 6 4 6
Cost 0% 0% 0%
Book value 28% 14% 25%
Sale proceeds 202% 420% 267%
Other operating expnses
Workers' participation fund 169 165 178

Workers' welfare
Loss on sale fund
of property, plant and 78 78
equipment - - 87
Auditor's remuneration 1 0 1
Adjustment - 0 0
170 243 344

% of sales 1% 2% 3%
Auditor's remuneration -13% -7% 5%

Adjustment 0% 0% 0%
Other income
Profit on bank balances 425 518 519

Surplus on rmeasurement at fair value
through profit or loss 2 89
Gain on sale of investments - - 6
Income on payments made on FF 0 - -
Scrap sales 26 29 38
Gain on sales of property 3 3 -
Dividend income from PMP -
Sale of Phosphoric acid at 25% premium -
Dividend from power plant -
454 552 652

Growth
Profit on bank balances 2% 5%
Income on payments made on FF 1% 1%
Scrap sales 1% 6%
Gain on sales of property 2% 2%
Dividend income from PMP -
Sale of Phosphoric acid at 15% premium -
Taxation
Current - - -
Deferred-for the year 1,465,811,000 1,312 1,360
Deferred- for prior years - - -
1,466 1,312 1,360

Effective tax rate 37% 35% 35%
Govt.Compensation 700 700 600
Number of shares 934 934 934
1st interim dividend as % of total 50% 50% 50%

2nd interim dividend as % of total 30% 30% 30%
Proposed dividend 20% 20% 20%
ROE 32% 29% 30%

Retention rate 5% 40% 8%
Growth 1% 11% 2%
CAGR
Balance Sheet Assumptions

Share capital 9,341
Capital reserve 228
Accumulated loss (1,842)
7,728
Current portion as % of long term 18% 17% 17%

Current portion as % of murabaha 18% 17% 17%
Current portion as % of lease 4% 7% 6%
Cuurent portion as % of lease not later 11% 15% 13%
Long termgovt
Deferred loanassistance
growth as % of Long term -5% -4% -5%
loans 51% 58% 56%
Current portion of long term loans as % of
long term 8% 8% 8%
Trade and other payables

Creditors as % of sales 11% 9% 9%
Accrued liabilities as % of sales 2% 3% 2%
Advances from customers as % of sales 4% 4% 5%
Workers' profit participation fund as % of
sales 0% 0% 0%
Interest accrued on redeemable capital
Interest accrued on secured long term loans
Sales tax payable
Unclaimed dividend as % of total dividends 17% 31% 24%
Payable to provident fund
Tax deducted at source as % of tax 0% 2% 3%
Other payables as % of sales 0% 0% 0%
Mark upterm
On long accrued
financing as a % of LT
financing 2% 2% 2%
On long term murabaha as a % of LT
murabha 2% 2% 2%
On short term borrowings as a % of ST
borrowings
current portion ofLiabilities against assets

subject to FL as % 64% 53% 58%
Long term deposits

Security deposit growth -6% -15% -12%
current portion of long term deposits as a %
of security deposit 4% 4% 4%
Current assets
Stores & spares
Stores as a % of sales 0% 0% 0%
Spares as a % of sales 3% 3% 3%
Loose tools as a % of sales 0% 0% 0%
Items in transit as a % of sales 0% 0% 0%
Provision for obsolescene as a % of spares 1% 0% 0%
Stock in trade as a % of sales 7% 4% 4%
Trade debts as a % of sales 1% 1% 1%
Advances considered good 26.11

Provision for doubtful advances as a % of
Advances 0% 6% 2%
Growth 5%
Trade deposits and short term

prepayments growth 41% 16% 29%
Other recievables as a % of sales 2% 2% 2%
Income and sales tax refundable as a % of

sales 1% 1% 1%
Gratuity fund growth 14% 14% 14%
Provision for gratuity as a % of gratuity fund -100% -100% -100%
Propery plant and equipment sold as a % of

fixed assets 0% 0% 0%
Deferred tax liability as % of tax 90% 90% 90%
Mark up accrued on long term financing as

% of long term 3% 2% 2%
On long term murabaha as a % of murabaha 3% 2% 2%
On short term borrowings as a % of ST
borrowings 2% 1% 1%
Profit received on bank balances 85% 99% 92%
Share capital 9,341 9,341 9,341

Capital reserve 228 228 228
Accumulated loss (1,842) (1,031) (1,060)
7,728 8,538 8,509
Liabilities against assets subject to financial

lease 7 3 9
0 0 1
6 3 8
Current portion ofLiabilities against assets
subject to FL 4 3 5

lease not later 4 4 5
0 1 1
4 4 4
Long term loan 5,148 4,861 4,636

Deferred govt assistance 2,630 2,270 2,609
7,778 7,130 7,245
Current portion of long term loans 648 648 648
7,130 6,482 6,597
Trade and other payables

Creditors 1,616 1,498 1,088
Accrued liabilities 331 398 291
Advances from customers 605 472 617
Workers' profit participation fund 9 15 14
Workers' welfare fund 78 85
Interest accrued on redeemable capital - - -
Interest accrued on secured long term loans - - -
Sales tax payable - - -
Unclaimed dividend 322 183 340
Payable to provident fund - - -
Tax deducted at source 3 2 35
Other payables 21 30 19
2,906 2,675 2,489
WPPF
Balance at beginning 13 9 15
Interest on funds utilized in the company's
business 0 0 0
Allocation for the year 169 165 167
182 174 182
Payment to WPPF during the year 173 159 168
9 15 14
Interest on funds utilized in the company's
business 1% 2% 1%
Allocation for the year
Payment to WPPF during the year 95% 91% 92%
Welfare fund 10%
Mark up accrued
On long term financing 51 43 29
On long term murabaha 5 4 3
On short term borrowings 39 58
94 105 32
Short term running finance 2,237 4,532 3,000

As % of additions 232% 334% 322%
Long term investments

PMP 734 1,411 1,536
Investmetns in power plant 100
investments available for sale 3 3 3
Impairment value (3) (3) (3)
734 1,411 1,636
Commitments PMP 623 125 125
Long term deposits

Security deposit 18 17 15
current portion of long term deposits 1 - 1
17 17 15
Current assets
Stores & spares
Stores 35 31 53
Spares 496 656 426
Loose tools - - -
Items in transit 51 114 44
581 802 523
Provision for obsolescene (4) (4) (1)
577 797 522
Stock in trade
Packing matrials 10 14 16
Raw materials 342 206 248
Raw materials in transit 268 336 191
WIP 2 5 7
Finished goods 402 239 60
Stock in trade 1,023 801 522
Packing matrials 4% 5% 6%
Raw materials 5% 3% 4%
Raw materials in transit 4% 5% 3%
WIP 34% 319% 141%
Finished goods 1020% 60% 60%
Trade debts 115 231 99
Advances considered good 38 61 64

Provision for doubtful advances 0 0 2
38 61 63
Current portion of loong term deposits 1 - 1

Security deopsits 1 1 1
Prepaymetns
Trade deposits and short term 2 4 2
prepayments 3 5 4
Interest accrued 86 91 41
Due from the holding company-unsecured,

considred good 268 375 422
Other considered good 67 970
Considred doubtful 53 53 53
Provision for doubtful receivables (53) (53) (53)
Insurance claims 1 2
Other recievables 336 1,347 422
Due from the holding company-unsecured,

considred good -15% 40% 12%
Receivable from Fauji Foundation 1 1 1
Receivable from GOP against subsidy on
DAP - 946 2,002
Receivable from GOP against compensation
of prior losses 52 52 52
53 999 2,054
Receivable from GOP against subsidy on

DAP as % of total subsidy 72% 72%
Income and sales tax refundable 157 122 103
Gratuity fund (8) (9) (10)
Provision for gratuity 8 11 10
Propery plant and equipment sold 6 4 5
Deferred tax liability 1,322 2,634 1,227
On long term financing 51 27 30

On long term murabaha 5 2 3
On short term borrowings 39 47 42
Mark up accrued 94 76 74
Investmetns at fair value through profit or

loss
Fixed income/money market funds - 500 575
Surplus on remeasurement - 2 3
- 502 578
Return on mutual funds 15%
0% 0%
0.25 0.53 1.10 1.42 3.30 1.45
1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09
636,900
145,500 159,000 159,000 162,000 636,900 159,225
100%
1,930
315
470,580
7,568 156,860 156,860 156,860 470,580 168,795
100%
2,046
230
153,068 315,860 315,860 318,860 1,107,480 328,020
8,000 15,000 15,000 15,000 85,184 -
18,299 (10,907) 49,093 34,093 18,299 93

166,706 84,000 159,000 181,000 159,225
(10,907) 49,093 34,093 93 655,199 93
9,195 - 5,860 8,146 9,195 8,145
16,763 151,000 154,574 156,861 168,795
- 5,860 8,146 8,145 479,775 8,145
604 622 647 663 604 684

584 602 627 643 589 664
11,687 12,046 12,547 12,851 11,772 13,290
9%
2,220 3,439 4,468 5,175 3,826 5,552

1,998 3,095 4,022 4,657 3,634 5,274
9.3%
360 390 420 425 399 440

10%
61 65 66 67 61 62
22,032 25,350 27,720 28,475 24,404 27,060
11,687 12,046 12,547 12,851 11,772 13,290
11,336 11,684 12,170 12,465 11,301 12,891
3% 3% 3% 3% 4% 3%
10,345 13,304 15,173 15,624 13,612 13,770

470 470 470 470 470 494
0% 5%
9,400 9,400 9,400 9,400 9,400 9,870
1,702
2,229
2,728
2,779
3,559
3,980
4,197
4,449
4,760
4,925
5,171
5,429
2,220 3,439 4,468 5,175 3,826 5,552
27
36
43
48
52
58
62
65
70
74
77
81
62
63
63
64
68
69
68
68
68
67
67
67
63 67 68 67 66 67
593
610
610
610
622
635
647
647
647
654
654
680
604 622 647 663 634 684

8%
10%
10%
10%
10%
10%
7%
6%
7%
5%
5%
5%
292%
1%
0%
0%
2%
2%
2%
0%
0%
1%
0%
4%
15%
584 602 627 643 589 664

11,687 12,046 12,547 12,851 11,772 13,290
1,998 3,095 4,022 4,657 3,634 5,274
39,954 61,907 80,433 93,147 72,686 105,485
11,687 12,046 12,547 12,851 11,772 13,290
9,618 9,914 10,326 10,576 9,688 10,938
1,948 1,012 1,995 2,326 7,497 2,116
670 9,348 12,433 14,611 34,204 17,805
93 181 188 193 1,003 -
2,711 10,540 14,616 17,130 44,998 19,921

3 14 19 22 58 26
39 152 211 248 651 288
158 616 854 1,001 2,629 1,164
2,510 9,759 13,532 15,859 41,660 18,444
0% 0% 0% 0% 0% 0%
1% 1% 1% 1% 1% 1%
6% 6% 6% 6% 6% 6%
10% 10% 10% 10% 10% 10%
5,232 5,717 5,717 5,825 22,492 5,726

667 1,376 1,376 1,390 4,809 1,429
37 37 37 37 37 109
252 252 277 277 264 270
4% 4% 4% 4% 3% 4%
0% 0% 0% 0% 0% 0%
913 913 913 913 913 913

176 192 192 196 755 571
153 316 348 351 1,168 353
576 1,985 2,184 2,402 1,787 2,594

0.49 0.49 0.49 0.49 0.49 0.49
3,745 77,624 77,624 77,624 236,617 83,530
61 67 68 67 66 67
132 10,328 11,525 12,492 34,476 14,517
375,000
8%
255% 104% 122% 130% 132% 129%

10% 10% 10%
307 10,520 11,717 12,687 35,232 15,088

153 316 348 351 1,168 353
47 100 102 105 354 111
310 316 322 329 329 339
2% 2% 2% 2% 8% 3%
10 22 22 23 78 23
68 69 71 72 70 71
2% 2% 2% 2% 5% 2%
140 150 160 170 620 182

8% 8% 7% 7% 25% 7%
7 7 7 7 28 7
2% 2%
12 12 12 12 48 12
4% 2%
10 10 10 10 40 10
6% 2%
350 100 100 75 625 111

2%
8 9 9 10 36 10
72% 2%
286 286 286 286 1,143 292
13 13 13 13 13 13
(13) (13) (13) (13) (7) (13)
(71) (1,474) (1,474) (1,474) (4,495) (1,666)
1,375 9,307 10,446 11,667 34,883 14,534
252 (102) 763 866 252 608

102 (763) (866) (608) (252) (688)
1,730 8,442 10,343 11,925 34,883 14,453
1 91 175 183 1 187
91 175 183 187 963 -
(91) (175) (183) (187) (1) (187)
1 91 175 183 963 -
1,731 8,532 10,518 12,108 32,889 14,453
69% 87% 78% 76% 79% 78%
3,183
177
58
80
5
27
39
-
40
14
238 901 1,245 1,407 3,791 1,649

9.47% 9.24% 9.20% 8.87% 9.01% 8.94%
8%
18%
0%
0%
0%
0%
0%
0%
0%
0%
112
18
4
6
4
10
7
1
1
7
11
-
8
24 97 133 159 413 192

0.972% 0.989% 0.981% 1.003% 1.025% 1.040%
27%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
213
1,469
20,378
70
91
41
2
120
108
-
11
1,486
23,989
0
4
102
2
15
6
0
24
28
-
3
600
784
-
-
(31)
(1)
(8)
(0)
-
-
-
-
(0)
-
(40)
-
-
174
(1)
5
(0)
(0)
-
(0)
(1)
(5)
(231)
(59)
-
-
-
-
-
-
-
-
-
-
-
-
-
213
1,474
20,622
71
104
47
2
144
135
(1)
9
1,855
24,675
2%
3%
5%
10%
20%
20%
30%
0%
25%
0%
20%
0%
64
351
6,901
58
48
46
2
-
49
-
13
-
7,532
4
44
1,031
7
21
9
1
-
34
-
2
-
1,153
-
-
(10)
(0)
(6)
(0)
-
-
-
-
(0)
-
-
-
-
(17)
-
-
0
(1)
4
(0)
(0)
-
(0)
(0)
(4)
-
(1)
68
395
7,922
64
66
55
2
-
82
(0)
11
-
8,667
145
1,078
12,700
7
38
(8)
(0)
144
53
(1)
(2)
1,855
16,008
1,143
11
1,153
99%
1%
10
2
6
0%
22%
296%
166
94
87
1
2
100 100 100 180 480 110

2% 2% 2% 2% 2% 2%
5%
0%
571
42
4
-
-
-
620
10%
1%
10%
2%
123 267 549 712 14,891 756

35% 35% 35% 35% 36% 36%
600
934 934 934 934 934 934
50%
30%
20%
37%
2%
1%
17%
17%
5%
13%
-5%
55%
8%
10%
2%
5%
0%
28%
2%
0%
2%
2%
58%
-10%
4%
0%
3%
0%
0%
0%
4%
1%
3%
22%
2%
1%
14%
-100%
0%
90%
2%
2%
1%
96%
9,341
228
(1,339)
8,230
11
1
10
6
1
5
4,419
2,445
6,864
648
6,216
4,125
1,017
1,907
13
94
-
-
-
675
-
26
66
7,923
14
0
166
180
168
13
1%
93%
10%
20
2
22
3,000
1,660
400
3
(3)
2,060
125
14
1
13
50
1,450
-
149
1,648
(4)
1,644
17
1,394
1,376
22
151
2,961
5%
4%
4%
164%
60%
336
67
2
66
1
1
3
4
50
533
53
(53)
533
26%
1
3,216
52
3,270
72%
385
(11)
11
1,490
20
2
36
58
661
3
664
15%
0%
0.69 0.90 0.92 3.97 0.88 0.82
2Q-CY09 3Q-CY09 4Q-CY09 CY09F 1Q-CY10 2Q-CY10
636,900
159,225 159,225 159,225 636,900 159,318 159,225
100%
1,930
330
675,180
168,795 168,795 168,795 675,180 168,795 168,795
100%
2,046
330
328,020 328,020 328,020 1,312,080 328,113 328,020
- - - - - -
93 93 93 93 93
159,225 159,225 159,225 159,318 159,225
93 93 93 636,900 93 93
- -
168,795 168,795 168,795 168,795 168,795
- - - 675,180 - -
687 700 717 653 741 743

667 680 697 633 721 723
13,335 13,610 13,939 12,663 14,414 14,463
8%
5,629 5,863 6,168 5,803 6,353 6,664

5,347 5,570 5,859 5,513 6,035 6,331
9.3%
450 460 470 439 480 490

10%
62 62 62 62 62 62
27,675 28,336 28,952 26,997 29,616 30,282
13,335 13,610 13,939 12,663 14,414 14,463
12,802 13,202 13,381 12,283 14,414 14,463
4% 3% 4% 3%
14,340 14,726 15,013 14,334 15,202 15,819

518 544 571 532 594 618
5% 5% 5% 13% 4% 4%
10,364 10,882 11,426 10,635 11,883 12,358
5,460
5,570
5,626
5,572
5,629
5,685
5,717
5,922
5,951
6,044
6,167
6,292
5,629 5,863 6,168 5,803 6,353 6,664
82
83
84
85
86
87
88
89
91
93
95
97
67
67
67
66
66
66
66
67
66
66
66
66
66 66 66 66 65 65
680
687
687
687
687
687
700
700
700
708
708
736
687 700 717 697 741 743
0
2%
1%
1%
1%
1%
1%
2%
2%
2%
2%
2%
16%
1%
0%
0%
0%
0%
2%
0%
0%
1%
0%
4%
10%
667 680 697 633 721 723

13,335 13,610 13,939 12,663 14,414 14,463
5,347 5,570 5,859 5,513 6,035 6,331
106,946 111,400 117,186 110,254 120,709 126,619
13,335 13,610 13,939 12,663 14,414 14,463
10,975 11,201 11,472 10,422 11,863 11,903
2,123 2,167 2,219 8,065 2,296 2,303
18,052 18,804 19,780 74,442 20,375 21,373
- - - - - -
20,175 20,971 22,000 83,067 22,672 23,676

26 27 28 107 29 30
292 303 318 1,201 328 342
1,179 1,225 1,285 4,853 1,325 1,383
18,679 19,415 20,368 76,906 20,990 21,920
0% 0% 0% 0% 0% 0%
1% 1% 1% 1% 1% 1%
6% 6% 6% 6% 6% 6%
10% 10% 10% 10%
5,726 5,726 5,726 22,902 5,729 5,726

1,429 1,429 1,429 5,718 1,430 1,429
109 120 122 115 126 126
275 279 287 278 297 301
4% 4% 4% 4% 4% 4%
0% 0% 0% 0% 0% 0%
913 913 913 913 913 913

571 628 638 2,408 660 659
359 364 375 1,450 387 393
2,750 2,915 3,089 2,837 3,244 3,439

0.49 0.49 0.49 0.49 0.49 0.49
83,530 83,530 83,530 334,121 83,530 83,530
66 66 66 66 65 65
15,159 16,149 17,032 62,858 17,703 18,670
375,000
6% 6% 6% 59% 5% 6%
125% 123% 122% 125% 121% 121%
15,730 16,777 17,671 65,266 18,363 19,329

359 364 375 1,450 387 393
114 118 121 465 125 129
349 359 370 340 381 392
3% 3% 3% 3% 3% 3%
24 24 25 96 25 26
73 74 76 71 77 78
2% 2% 2% 2% 2% 2%
195 208 223 808 236 250

7% 7% 7% 5% 6% 6%
7 7 8 29 8 8
2% 2% 2% 5% 2% 2%
12 13 13 50 13 14
2% 2% 2% 3% 2% 2%
10 11 11 43 11 11
2% 2% 2% 7% 2% 2%
111 111 111 444 125 125

2%
10 11 11 42 11 11
2% 2% 2% 66% 2% 2%
292 292 292 1,167 298 298
13 13 13 7 13 13
(13) (13) (13) (11) (13) (13)
(1,749) (1,837) (1,929) (7,181) (2,006) (2,086)
15,115 16,099 16,930 62,674 17,597 18,508
688 1 1 252 1
(1) (1) (1) (252) (1)
15,802 16,099 16,930 62,674 17,597 18,508
187 187 187 1 187 187
- - - - - -
(187) (187) (187) (1) (187) (187)
- - - - - -
15,802 16,099 16,930 62,674 17,597 18,508
85% 83% 83% 81% 84% 84%
5,875
209
107
145
8
52
71
-
72
26
1,648 1,726 1,814 6,566 1,897 1,971

8.82% 8.89% 8.91% 9.01% 9.04% 8.99%
8%
18%
0%
0%
0%
0%
0%
0%
0%
0%
138
34
7
11
7
49
12
1
3
14
11
-
13
196 207 218 299 240 250

1.049% 1.066% 1.073% 1.116% 1.143% 1.142%
23%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
213
1,474
20,622
71
104
47
2
144
135
(1)
9
1,855
24,675
0
5
73
2
18
7
0
29
34
-
1
300
468
-
-
(37)
(0)
(8)
(0)
-
-
-
-
(0)
-
(46)
-
-
208
(1)
5
(0)
(0)
-
(0)
(1)
(5)
(231)
(25)
-
-
-
-
-
-
-
-
-
-
-
-
-
213
1,479
20,865
72
119
54
3
173
170
(3)
4
1,924
25,072
2%
3%
5%
10%
20%
20%
30%
0%
25%
0%
20%
0%
68
395
7,922
64
66
55
2
-
82
(0)
11
-
8,667
4
44
1,043
7
24
11
1
-
42
-
1
-
1,178
-
-
(13)
(0)
(6)
(0)
-
-
-
-
(0)
-
-
-
-
(19)
-
-
0
(1)
3
(0)
(0)
-
(0)
(0)
(3)
-
(1)
72
440
8,953
70
87
66
3
-
125
(1)
9
-
9,824
141
1,039
11,912
2
32
(12)
(1)
173
45
(2)
(4)
1,924
15,249
1,167
11
1,178
99%
1%
9
2
6
0%
21%
328%
167
103
1
4
100 150 140 500 100 120

2% 2% 2% 2% 2% 2%
5%
0%
600
44
4
100
-
-
752
5%
1%
6%
2%
360 468 479 26,919 447 418

36% 36% 36% 35% 35% 35%
600 600
934 934 934 934 934 934
50%
30%
20%
54%
-7%
-4%
17%
17%
6%
14%
-5%
55%
8%
9%
2%
5%
0%
26%
2%
0%
2%
2%
56%
-11%
4%
0%
3%
0%
0%
0%
4%
1%
4%
25%
2%
1%
14%
-100%
0%
90%
2%
2%
1%
94%
9,341
228
(2,675)
6,895
8
0
8
6
1
5
4,216
2,331
6,547
648
5,899
7,248
1,909
3,605
14
103
-
-
-
826
-
42
126
13,874
13
0
167
180
166
14
1%
92%
10%
13
2
15
3,000
1,785
1,000
3
(3)
2,785
125
12
0
12
45
2,676
-
274
2,996
(8)
2,988
24
2,321
2,517
15
151
5,030
5%
4%
4%
208%
60%
621
71
3
68
0
1
3
4
58
636
53
(53)
636
19%
2
5,138
52
5,192
72%
665
(13)
13
1,861
13
2
39
54
760
4
764
15%
0%
0.79 1.98 4.48 0.89
3Q-CY10 4Q-CY10 CY10F 4QCY07E Oct Nov Dec
636,900
159,225 159,225 636,900 204,223 33,877 80,346 90,000
100%
1,930
330
675,180
168,795 168,795 675,180 111,833 50,239 46,394 15,200
100%
2,046
330
328,020 328,020 1,312,080 316,056 84,116 126,740 105,200
- - - - - - -
93 93
159,225 159,225
93 93 636,900
- -
168,795 168,795
- - 675,180
758 776 707 547 545 547 550

738 756 687 525 525 527 530
14,760 15,116 13,736 10,507 10,500 10,540 10,600
8%
7,059 8,094 7,043 1,353 1,303 1,355 1,400

6,706 7,690 6,691 1,217 1,173 1,220 1,260
9.3%
500 510 495 350

10%
62 62 62 61
30,950 31,620 30,616 21,350
14,760 15,116 13,736 10,507
14,760 15,116 13,324 10,191
3% 3%
16,190 16,504 16,880 10,843

643 668 631 470 470 470 470
4% 4% 10%
12,852 13,367 12,615 9,400 9,400 9,400 9,400
6,173
6,333
6,553
6,596
6,664
6,732
6,791
6,985
7,401
7,693
8,088
8,502
7,059 8,094 7,043
97
98
103
104
105
106
108
110
116
121
127
134
65
66
65
65
65
65
65
65
66
65
65
65
65 65 65
736
743
743
743
743
743
758
758
758
766
766
796
758 776 754
1%
5%
1%
1%
1%
2%
2%
5%
5%
5%
5%
35%
1%
0%
0%
0%
0%
2%
0%
0%
1%
0%
4%
8%
738 756 687 525

14,760 15,116 13,736 10,507
6,706 7,690 6,691 1,217
134,122 153,794 133,811 24,348
14,760 15,116 13,736 10,507
12,148 12,441 11,305 8,931
2,350 2,407 8,748 2,146
22,639 25,960 90,347 2,723
- - - -
24,989 28,367 99,703 4,869

32 36 129 6
361 410 1,380 69
1,460 1,657 5,776 283
23,136 26,263 92,308 4,511
0% 0% 0% 0%
1% 1% 1% 1%
6% 6% 6% 6%
10% 10%
5,726 5,726 22,906 5,920 168,195 80,332

1,429 1,429 5,718 1,094
139 139 132 37
306 315 305 238 238 238 238
4% 4% 4% 4%
0% 0% 0% 0%
Opening
Balance
913 913 913 913 Urea DAP
725 725 2,769 199
399 411 1,591 238
3,645 3,864 3,177 570

0.49 0.49 0.49 0.50
83,530 83,530 334,121 39,764
65 65 65 61
19,790 20,977 77,141 1,387
375,000
6% 6% 12%
120% 130% 138% 0%
20,515 21,703 79,910 1,586

399 411 1,591 280
133 137 523 120
404 416 353 304
3% 3% 4%
26 26 103 24
79 80 73 67
2% 2% 2%
265 281 1,033 100

6% 6% 5%
8 8 32 6
2% 2% 2%
14 14 52 11
2% 2% 2%
11 12 45 8
2% 2% 5%
125 125 499 220

2%
11 12 46 6
2% 2% 19%
298 298 1,191 260
13 13 11 21
(13) (13) (13) (3)
(2,169) (2,256) (8,517) (755)
19,636 20,770 76,506 1,884
252 683
(252) -
19,636 20,770 76,506 2,567
187 187 1 -
- - - -
(187) (187) (1) -
- - - -
19,636 20,770 76,506 2,567
85% 79% 83% 57%
7,052 115
248 37
129 6
175 9
10 0
62 3
85 4
- -
88 4
31 2
2,075 2,349 7,880 181

8.97% 8.95% 8.95%
8% 8%
18% 18%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
172 22
41 2
8 0
13 1
9 0
59 3
15 1
1 0
3 0
16 1
11 1
- 0
17 1
235 275 364 32

1.015% 1.047% 1.049%
25%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
0% 0%
213
1,479
20,865
72
119
54
3
173
170
(3)
4
1,924
25,072
0
6
82
2
19
8
0
35
31
-
1
300
483
-
-
(45)
(0)
(9)
(0)
-
-
-
-
(0)
-
(54)
-
-
226
(1)
5
(0)
(0)
-
(0)
(1)
(5)
(254)
(30)
-
-
-
-
-
-
-
-
-
-
-
-
-
213
1,484
21,129
73
134
61
3
207
200
(3)
0
1,970
25,472
2%
3%
5%
10%
20%
20%
30%
0%
25%
0%
20%
0%
72
440
8,953
70
87
66
3
-
125
(1)
9
-
9,824
4
45
1,056
7
27
12
1
-
50
-
0
-
1,203
-
-
(15)
(0)
(7)
(0)
-
-
-
-
(0)
-
-
-
-
(22)
-
-
0
(1)
3
(0)
(0)
-
(0)
(0)
(3)
-
(1)
77
484
9,995
76
110
78
4
-
175
(1)
5
-
11,003
137
1,000
11,134
(3)
24
(17)
(1)
207
26
(2)
(5)
1,970
14,469
1,191
11
1,203
99%
1%
10
2
6
0%
23%
297%
166 44
114 19
1 0
4 0
165 123 508 64

2% 2% 2%
5%
0%
660 130
4 22
47 9
4 -
110
-
50
875 161
10%
1%
6%
2%
10%
403 1,011 32,566

35% 35% 35% 37%
- 600
934 934 934 934
50%
30%
20%
58%
11%
6%
17%
17%
6%
13%
-5%
56%
8%
9%
2%
5%
0%
27%
2%
0%
2%
2%
58%
-12%
4%
0%
3%
0%
0%
0%
5%
1%
3%
24%
2%
1%
14%
-100%
0%
90%
2%
2%
1%
95%
9,341
228
(2,411)
7,159
7
0
7
5
1
4
4,021
2,265
6,286
648
5,638
8,680
2,246
4,401
14
114
-
-
-
804
-
47
147
16,452
14
0
166
181
167
14
1%
92%
10%
4
1
3,000
1,909
-
3
(3)
1,909
125
11
0
10
43
3,212
-
329
3,584
(12)
3,573
29
3,015
2,848
19
151
6,062
5%
4%
4%
171%
60%
745
74
2
72
0
1
3
4
65
781
53
(53)
781
23%
2
6,095
52
6,149
72%
810
(15)
15
2,056
4
1
38
44
875
4
879
15%
0%
O6 O7
CY 596 500 -16% Urea
9M 463 296 -36% Urea
4Q 133 204 53% Urea
CY 472 363 -23% DAP
9M 212 251 18% DAP
4Q 260 112 -57% DAP
EPS 0.40 1.02 0.69
Rs mn 1Q-CY05 2Q-CY05 3Q-CY05

Sales 2,460 3,478 4,533
Cost of sales 1,582 2,347 3,124
Gross profit 878 1,131 1,409
GP margin 35.69% 32.51% 31.09%
Distribution costs 272 303 295
Administrartive expenses 21 38 31
Finance cost 50 56 60
Other operating expenses 31 41 57
Other income 87 79 121
Compensation from GoP - 700 -
EBT 591 1,472 1,087
Tax 215 521 444
EAT 375 951 643
Extraordianry items
Profit after extraordinary items 375 951 643
EPS (diluted) 0.40 1.02 0.69
DPS
Payout ratio
Earnings growth
Net margins 15% 27% 14%
Unappropriated profit b/f

Divivdend from prior year
Profit for the year
Disposable for appropriation
First interim dividend

Second interim dividend
Transfer to general reserve
Unappropriatd c/f
ROE
Rtention rate
Growth
Price
No. of shares
Market Cap
Plus: market value of debt

Less: cash and investments
EV
EV/share
EV/EBITDA
EBITDA
0.52 2.62 0.30 0.77 0.36 1.20
4Q-CY05 CY05 1Q-CY06 2Q-CY06 3Q-CY06 4Q-CY06

3,784 14,255 2,694 3,166 2,703 6,144
2,636 9,692 1,936 2,431 1,784 3,872
1,147 4,563 758 735 919 2,272
30.32% 32.007% 28.135% 23.228% 33.995% 36.979%
387 1,258 317 305 336 463
25 114 24 26 26 28
94 260 99 101 96 117
41 170 23 39 53 128
168 454 137 133 112 170
- 700 - 700 - -
768 3,915 433 1,098 520 1,706
285 1,466 156 383 185 588
483 2,449 277 715 335 1,118
483 2,449 277 715 335 1,118
0.52 2.62 0.30 0.77 0.36 1.20
2.50
95%
34%
13% 17% 10% 23% 12% 18%
(2,423)
-
2,449
26
(1,168)
(701)
(1,842)
2.62 0.40 0.17 1.08 1.06 2.72
CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07 CY07E

14,707 3,034 906 3,885 4,417 12,243
10,023 2,114 1,165 1,847 2,294 7,420
4,684 920 (259) 2,039 2,123 4,823
31.85% 30.33% -28.60% 52.47% 48.06% 39.39%
1,420 307 74 338 349 1,069
103 34 26 27 43 131
412 145 166 143 177 631
243 45 (12) 109 202 344
552 186 152 124 190 652
700 - 600 - - 600
3,757 575 238 1,545 1,542 3,900
1,312 198 79 534 549 1,360
2,445 376 159 1,011 993 2,540
- - -
2,445 376 159 1,011 993 2,540
2.62 0.40 0.17 1.08 1.06 2.72
1.25 - 0.50 1.00 1.00 2.50
60% 92%
0% 4%
17% 12% 18% 26% 22% 21%
(1,842) (1,031)
(467) (1,168)
2,445 2,540
136 341
(467) (467)
(701) (934)
- -
(1,031) (1,060)
30%
8%
2%
1%
13
40
934
36,991
854
4,628
33,216
36
6
5,587
0.25 0.53 1.10 1.42 3.30 1.45
1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09

2,510 9,759 13,532 15,859 41,660 18,444
1,731 8,532 10,518 12,108 32,889 14,453
780 1,226 3,014 3,751 8,771 3,991
31.05% 12.57% 22.27% 23.65% 21.05% 21.64%
238 901 1,245 1,407 3,791 1,649
24 97 133 159 413 192
166 117 117 117 468 113
100 100 100 180 480 110
100 155 155 155 620 188
- 600 600 -
352 766 1,574 2,043 4,735 2,115
123 267 549 712 1,651 756
229 499 1,025 1,331 3,084 1,359
- -
229 499 1,025 1,331 3,084 1,359
0.25 0.53 1.10 1.42 3.30 1.45
- 0.25 1.00 2.00 3.25 1.25
98%
21%
9% 5% 8% 8% 7% 7%
(1,060)
(934) (2,335)
3,084
1,090
(1,518)
(911)
(1,339)
37%
2%
1%
3 10 14 17 45 20
40 40 40 40 40 40
934 934 934 934 934 934
36,991 36,991 36,991 36,991 36,991 36,991
- - - - 2,746 -
- - - - 6,860 -
36,991 36,991 36,991 36,991 32,876 36,991
40 40 40 40 35 40
71 42 22 17 5 17
518 883 1,692 2,160 6,357 2,227
0.69 0.90 0.92 3.97 0.88 0.82
2Q-CY09 3Q-CY09 4Q-CY09 CY09F 1Q-CY10 2Q-CY10

18,679 19,415 20,368 76,906 20,990 21,920
15,802 16,099 16,930 63,284 17,597 18,508
2,877 3,317 3,438 13,622 3,393 3,412
15.40% 17.08% 16.88% 17.71% 16.17% 15.57%
1,648 1,726 1,814 6,838 1,897 1,971
196 207 218 813 240 250
113 113 113 451 102 102
100 150 140 500 100 120
188 188 188 752 219 219
- - - - - -
1,008 1,309 1,340 5,771 1,274 1,188
360 468 479 2,063 447 418
647 841 861 3,708 827 770
647 841 861 3,708 827 770
0.69 0.90 0.92 3.97 0.88 0.82
1.00 1.00 1.00 4.25 1.25 1.50
107%
20%
3% 4% 4% 5% 4% 4%
(1,339)
- (234) (934) (1,868) (3,036) (1,168)
3,708
501
(1,985)
(1,191)
(2,675)
54%
-7%
-4%
20 21 22 82 22 23
40 40 40 40 40 40
934 934 934 934 934 934
36,991 36,991 36,991 36,991 36,991 36,991
- - - 5,943 - -
- - - 10,101 - -
36,991 36,991 36,991 32,833 36,991 36,991
40 40 40 35 40 40
33 26 25 4 27 29
1,120 1,422 1,453 7,400 1,376 1,289
0.79 1.98 4.48
3Q-CY10 4Q-CY10 CY10F

23,136 26,263 92,308
19,636 20,770 76,511
3,500 5,493 15,797
15.13% 20.91% 17.11%
2,075 2,349 8,292
235 275 1,000
102 102 407
165 123 508
219 219 875
- - -
1,142 2,863 6,466
403 1,011 2,279
739 1,852 4,187
739 1,852 4,187
0.79 1.98 4.48
1.00 0.75 4.00
89%
13%
3% 7% 5%
(2,675)
(934) (934) (934)
4,187
579
(1,868)
(1,121)
(2,411)
58%
11%
6%
25 28 99
40 40 40
934 934 934
36,991 36,991 36,991
- - 6,883
- - 12,809
36,991 36,991 31,065
40 40 33
30 12 4
1,244 2,964 8,075
EPS 2.62 2.62
Balance Shet_______FFBL (Rs mn) CY05 CY06 1Q-CY07

Share capital 9,341 9,341 9,341
Capital reserve 228 228 228
Accumulated loss (1,842) (1,031) (1,825)
7,728 8,538 7,744
NON-CURRENT LIABILITIES
Long term financing 1,876 1,459 1,355
lease 6 3 2
Long term murabaha 174 135 126
Deferred tax liability 1,322 2,634 2,833
Long term loan 7,130 6,482 6,482
CURRENT LIABILITIES AND PROVISIONS

Trade and other payables 2,906 2,675 2,229
Mark up accrued 94 105 128
Short term running finance 2,237 4,532 4,490
Current portion of:
Long term financing 417 417 417
Liabilities against assets subject to
financial lease 4 3 2
Short term finances - - -
Long term loan 648 648 648
Sales tax payable - 11 -
6,345 8,429 7,954
CONTINGCIES AND COMMITMENTS
24,581 27,682 26,496
PROPERTY, PLANT AND EQUIPMENT 14,563 14,930 15,660

INTANGIBLE ASSETS - - -
LONG TERM INVESTMENTS 734 1,411 1,411
LONG TERM DEPOSITS 17 17 17
DEFERRED COSTS - - -
DEFERRED TAX ASSET - - -
CURRENT ASSETS:
Stores and spares 577 797 967
Stock in trade 1,023 801 604
Trade debts 115 231 142
Advances 38 61 185
Trade deposits and short term
prepayments 3 5 8
Interest accrued 86 91 63
Other recievables 336 1,347 1,459
Income andatsales
Investmetns tax refundable
fair value through profit or 157 251 319
loss - 502 538
Bank balances 6,932 7,236 5,124
9,267 11,323 9,408
24,581 27,681 26,496
Check (0) 0 -
Net debt 4,569 6,447

Net debt change
2.72 3.30 3.97
2Q-CY07 3Q-CY07 4Q-CY07 CY07 CY08 CY09

9,341 9,341 9,341 9,341 9,341
228 228 228 228 228
(1,666) (1,121) (1,060) (1,339) (2,675)
7,904 8,448 - 8,509 8,230 6,895
1,251 1,147 1,315 980 614
2 - 8 10 8
116 106 112 93 77
2,912 3,445 1,227 1,490 1,861
5,834 5,834 6,597 6,216 5,899
2,575 2,977 2,489 7,923 13,874

114 88 32 22 15
5,427 4,877 3,000 3,000 3,000
417 417 271 202 126
2 3 5 6 4
39 39 23 19 16
- - - - -
648 648 648 648 648
- - - - -
9,221 9,049 - 6,467 11,820 17,683
27,239 28,029 - 24,236 28,839 33,037
16,284 16,317 16,458 16,008 15,249

- - - - -
1,411 1,411 1,636 2,060 2,785
16 15 15 13 12
- - - - -
- - - - -
950 1,180 522 1,644 2,988

1,275 1,320 522 2,961 5,030
138 231 99 336 621
92 103 63 66 68
6 8 4 4 4
87 90 41 50 58
421 1,294 422 533 636
359 400 103 385 665
830 1,627 578 664 764
5,369 4,032 4,628 6,860 10,101
9,528 10,287 - 6,982 13,503 20,935
27,239 28,029 - 25,090 31,585 38,980
0 - - 854 2,746 5,943
4,608 4,201 3,756

(1,838) (407) (445)
4.48
CY10
9,341
228
(2,411)
7,159
214
7
64
2,056
5,638
16,452
6
3,000
44
4
13
-
648
-
20,168
35,305
14,469
-
1,909
10
-
-
3,573
6,062
745
72
4
65
781
810
879
12,809
25,799
42,188
6,883
3,271
(485)
EPS 1.96 2.62 2.62
Cash Flow Statement
Rs mn CY04 CY05 CY06
CF from operating activities
Cash generated from operations

Profit before tax 2,849 3,915 3,757
Adjusments for:
Provision for gratuity 7 8 11
Provision for WPPF 165
Depreciation 930 939 990
Amortization/Deferred costs 29 - -
Finance costs 85 260 413
Compensation from GOP (700) (700) (700)
Provision for doubtful advances (0) 0 -
Provision for inventory obsolescene - 4 -
Surplus on remeasurment of investment at
fair value through profit or loss - - (2)
Profit on bank balances and interest on
related party (0) (0) (518)
Gain on sale of Property, plant & equipment (0) (0) (3)
Operating profit before working capital
changes 3,199 4,426 4,113
Changes in working capital
Stores and spares (64) (61) (220)
Stock in trade (43) (771) 222
Trade debts (39) 316 (116)
Advances (195) 170 (23)
Trade deposits and short term prepayments 0 (1) (2)
Other recievables (80) 38 (1,011)
Trade and other payables * 810 898 (97)
Sales tax * 62 (59) 24
451 529 (1,223)
Cash generated from operations 3,650 4,955 2,890

Finance cost paid (60) (193) (402)
Compensation received from GoP * 52 - 52
Taxes paid * (43) (129) (107)
Payment to gratuity fund (7) (8) (11)
Payment to WPPF (173) (159)
Net cash generated from operating activities 3,592 4,452 2,261
CF from investing activities

Proceeds from sale of plant property &
equipment 4 6 4
Fixed capital expenditure (293) (966) (1,358)
Investment in Pak Maroc Phosphore (359) (376) (677)
Long term deposits 1 1 0
Investment at fair value (500)
Profit received on bank balances * 75 364 513
Net cash used in investing activities (571) (971) (2,019)
CF from financing activities
Issue of share capital 242 - -

Long term financing-repayments (208) (417) (417)
Repayment redeemable ***
Principal portion of lease rentals paid (10) (7) (4.413)
Long term murabaha-repayments (19) (39) (38.678)
Dividend paid (510) (1,970) (1,733.316)
Net cash used in financing activities (506) (2,433) (2,233)
Net increase in cash and cash equivalents 2,515 1,048 (1,991)
Cash and cash equivalents at beginning of
the year
Cash and cash equivalents at end of the 1,482 3,996 4,695
year 3,996 5,044 2,704
2.72 3.30 3.97 4.48
CY07F CY08F CY09F CY10F
3,900 4,735 5,771 6,466
10 11 13 15
167 166 167 166
1,056 1,153 1,178 1,203
- - - -
631 468 451 407
(600) (600) - -
2 2 3 2
1 4 8 12
(3) (3) (4) (4)
(519) (571) (600) (660)

- (4) (4) (4)
4,644 5,361 6,983 7,602
279 (1,125) (1,348) (588)

278 (2,439) (2,069) (1,033)
132 (237) (285) (124)
(2) (3) (3) (4)
1 (0) (0) 0
925 (111) (103) (145)
(342) 5,101 5,798 2,601
(205) 1,912 2,224 922
1,067 3,098 4,215 1,630
5,712 8,459 11,198 9,232

(703) (479) (458) (416)
52 52 52 52
(2,620) (1,670) (1,972) (2,229)
(10) (11) (13) (15)
(168) (168) (166) (167)
2,262 6,183 8,641 6,458
6 6 6 6
(2,751) (784) (468) (483)
(125) (125) (125) (125)
2 1 1 10
(575) (661) (760) (875)
479 546 563 625
(2,964) (1,017) (783) (841)
- - - -
(291) (404) (441) (483)
1,193 (416) (1,130) 602
6 3 (3) (1)
(39) (23) (19) (16)
(1,245) (2,094) (3,024) (3,011)
(375) (2,934) (4,618) (2,909)
(1,076) 2,232 3,241 2,708
2,704 1,628 3,860 7,101

1,628 3,860 7,101 9,809
2 7 9 7
EPS 2.72 3.30 3.97
DCF & DDM valuations
Rs mn CY07 CY08 CY09
Net income 2,540 3,084 3,708

Plus: Depreciation 1,056 1,153 1,178
Plus: Interest expensex(1-tax rate) 410 305 293
Less: Investment in fixed capital (2,964) (1,017) (783)
Less: Investment in working capital 1,067 3,098 4,215
FCFF 5,903 2,461 1,747
Less: Interestx (1-tax rate) 410 305 293

Plus: Net borrowing (1,838) (407) (445)
FCFE 3,655 1,749 1,009

TV
PV of FCFE 3,143 1,504 746

PV of TV
FCFE 30,269
Fair value / share 32
CAPM
Beta 0.67
Risk free rate 12.95%
Risk premium 5%
Required rate of return 16.30%
Terminal growth rate 6%

Tax rate 35%
DDM CY07 CY08 CY09

1.50 3.25 4.25
1.50 3.25 4.25

2.79 3.14
Fair value/ share $35.82
Risk free rate 12.95%

Risk premium 5%
BETA 0.60
Terminal growth 7%
Cost of Equity 16.30%
ROE 29% 31% 45%

Retention rate 8% 2% -7%
Growth 2% 0% -3%
Terminal growth rate 1%
3
3
4
4.48
CY10
4,187
1,203
264
(841)
1,630
4,865
264
(485)
4,116
39,960
2,617
25,403
CY10
4.00
43.01
47.01
29.89
40
3
6%
52%
11%
6%
0
0
9%
EPS (3.45) 2.29 1.29
Finance cost
Rs mn FY01 FY02 FY03
Mark up on long term financing
Mark up on long term financing
522,493,000 365,805,000 114,989,000
Fianance charges on plant property - 1,504,000 2,469,000
Mark up on long term murabaha ### 142,618,000 6,032,000
Mark up on ST borrowings 302,813,000 203,835,000 14,987,000
Interest on WPPF - - 101,000
Bank charges 3,662,000 3,511,000 413,000
Exchange loss 38,560,000 10,529,000 7,585,000
Reversal - (681,948,000) -
Other charges 2,428,000 5,178,000 -
Guarantee fee 147,490,000 58,863,000 10,129,000
Interest on supplier's credit - 164,612,000 -
Mark up charged by holding company 96,772,000 47,144,000 -
Total 2,559 322 157
Mark up on ST
Long term financing 2,919 3,523 2,919
Current portion 1,161 173 208
1,758 3,351 2,710
Rate on lease
Interest on WPPF
Bank charges -88%

Current portion - - 19
316 271 251
Banks loan
PKIC
Long trem murabaha
HBL
Amount outstanding 713,875,000
No of installments remaining 22
No of installments per year 4
Interest rate 9%
Installments 41,496,273
Date Balance
1Q2006 713,875,000
2Q2006 688,440,915
3Q2006 662,434,563
4Q2006 635,843,067
1Q2007 608,653,264
2Q2007 580,851,689
3Q2007 552,424,580
4Q2007 523,357,860
1Q2008 493,637,139
2Q2008 463,247,702
3Q2008 432,174,503
4Q2008 400,402,156
1Q2009 367,914,932
2Q2009 334,696,745
3Q2009 300,731,149
4Q2009 266,001,327
1Q2010 230,490,084
2Q2010 194,179,838
3Q2010 157,052,612
4Q2010 119,090,023
1Q2011 80,273,276
2Q2011 40,583,152
SCB
Interest rate 9%
Date Balance
1Q2006 408,210,000
2Q2006 393,666,210
3Q2006 378,795,185
4Q2006 363,589,562
1Q2007 348,041,812
2Q2007 332,144,238
3Q2007 315,888,969
4Q2007 299,267,956
1Q2008 282,272,970
2Q2008 264,895,597
3Q2008 247,127,233
4Q2008 228,959,081
1Q2009 210,382,146
2Q2009 191,387,229
3Q2009 171,964,927
4Q2009 152,105,623
1Q2010 131,799,485
2Q2010 111,036,459
3Q2010 89,806,264
4Q2010 68,098,390
1Q2011 45,902,089
2Q2011 23,206,371
MCB
Interest rate 0.09
Date Balance
1Q2006 703,727,000
2Q2006 678,654,470
3Q2006 653,017,808
4Q2006 626,804,321
1Q2007 600,001,030
2Q2007 572,594,666
3Q2007 544,571,658
4Q2007 515,918,132
1Q2008 486,619,903
2Q2008 456,662,463
3Q2008 426,030,980
4Q2008 394,710,290
1Q2009 362,684,884
2Q2009 329,938,906
3Q2009 296,456,143
4Q2009 262,220,019
1Q2010 227,213,582
2Q2010 191,419,499
3Q2010 154,820,050
4Q2010 117,397,114
1Q2011 79,132,161
2Q2011 40,006,247
ACBL
Interest rate 9%
Date Balance
1Q2006 157,143,000
2Q2006 151,544,277
3Q2006 145,819,583
4Q2006 139,966,083
1Q2007 133,980,879
2Q2007 127,861,008
3Q2007 121,603,440
4Q2007 115,205,077
1Q2008 108,662,750
2Q2008 101,973,222
3Q2008 95,133,179
4Q2008 88,139,234
1Q2009 80,987,927
2Q2009 73,675,714
3Q2009 66,198,977
4Q2009 58,554,014
1Q2010 50,737,038
2Q2010 42,744,181
3Q2010 34,571,485
4Q2010 26,214,902
1Q2011 17,670,297
2Q2011 8,933,438
SAPICO
Interest rate 0.09
Date Balance
1Q2006 58,808,000
2Q2006 56,712,776
3Q2006 54,570,410
4Q2006 52,379,841
1Q2007 50,139,984
2Q2007 47,849,730
3Q2007 45,507,946
4Q2007 43,113,471
1Q2008 40,665,120
2Q2008 38,161,682
3Q2008 35,601,917
4Q2008 32,984,556
1Q2009 30,308,305
2Q2009 27,571,838
3Q2009 24,773,801
4Q2009 21,912,808
1Q2010 18,987,443
2Q2010 15,996,257
3Q2010 12,937,769
4Q2010 9,810,466
1Q2011 6,612,797
2Q2011 3,343,182
PKIC
Interest rate 0.09
Date Balance
1Q2006 251,429,000
2Q2006 242,471,036
3Q2006 233,311,518
4Q2006 223,945,910
1Q2007 214,369,577
2Q2007 204,577,775
3Q2007 194,565,659
4Q2007 184,328,269
1Q2008 173,860,539
2Q2008 163,157,284
3Q2008 152,213,207
4Q2008 141,022,887
1Q2009 129,580,786
2Q2009 117,881,237
3Q2009 105,918,448
4Q2009 93,686,497
1Q2010 81,179,326
2Q2010 68,390,744
3Q2010 55,314,419
4Q2010 41,943,877
1Q2011 28,272,498
2Q2011 14,293,513
Long term murabaha

Interest rate 0.09
Date Balance
1Q2006 212,730,000
2Q2006 205,150,812
3Q2006 197,401,092
4Q2006 189,477,003
1Q2007 181,374,623
2Q2007 173,089,939
3Q2007 164,618,849
4Q2007 155,957,160
1Q2008 147,100,583
2Q2008 138,044,733
3Q2008 128,785,126
4Q2008 119,317,178
1Q2009 109,636,202
2Q2009 99,737,403
3Q2009 89,615,881
4Q2009 79,266,626
1Q2010 68,684,511
2Q2010 57,864,300
3Q2010 46,800,633
4Q2010 35,488,034
1Q2011 23,920,902
2Q2011 12,093,509
Short term borrowing

Date Balance
CY06 ###
CY07 ###
CY08 ###
CY09 ###
CY10 ###
1.96 2.62 2.62 2.72 3.30 3.97
FY04 FY05 FY06 FY07 FY08 FY09

59 149 160 131 115 82
7 18 20 16 14 10
67 168 180 148 129 92
2 1 0 0 0 0
6 16 17 14 12 9
9 74 205 430 300 315
0 0 0 0 0 0
1 1 2 3 4 6
0 0 9 36 23 30
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
85 260 413 631 468 451
6% 10% 10% 11%

2,710 2,293 1,876 1,586 1,182 740
417 417 417 271 202 126
2,293 1,876 1,459 1,315 980 614
0% 0% 4% 1% 2% 2%
0% 0% 1% 0% 1% 1%
26% 71% 49% 60% 54%
251 212 174 135 112 93

39 39 39 23 19 16
212 174 135 112 93 77
173,790,047 143 115 82

21 18 14 10
18,107,075 15 12 9
Installment Principle Interest Interest Rate Balance
41,496,273 25,434,085 16,062,188 2% 688,440,915
41,496,273 26,006,352 15,489,921 2% 662,434,563
41,496,273 26,591,495 14,904,778 2% 635,843,067
41,496,273 27,189,804 14,306,469 2% 608,653,264
41,496,273 27,801,574 13,694,698 2% 580,851,689
41,496,273 28,427,110 13,069,163 2% 552,424,580
41,496,273 29,066,720 12,429,553 2% 523,357,860
41,496,273 29,720,721 11,775,552 2% 493,637,139
41,496,273 30,389,437 11,106,836 2% 463,247,702
41,496,273 31,073,199 10,423,073 2% 432,174,503
41,496,273 31,772,346 9,723,926 2% 400,402,156
41,496,273 32,487,224 9,009,049 2% 367,914,932
41,496,273 33,218,187 8,278,086 2% 334,696,745
41,496,273 33,965,596 7,530,677 2% 300,731,149
41,496,273 34,729,822 6,766,451 2% 266,001,327
41,496,273 35,511,243 5,985,030 2% 230,490,084
41,496,273 36,310,246 5,186,027 2% 194,179,838
41,496,273 37,127,226 4,369,046 2% 157,052,612
41,496,273 37,962,589 3,533,684 2% 119,090,023
41,496,273 38,816,747 2,679,526 2% 80,273,276
41,496,273 39,690,124 1,806,149 2% 40,583,152
41,496,273 40,583,152 913,121 2% (0)

23,728,515 14,543,790 9,184,725 2% 393,666,210
23,728,515 14,871,025 8,857,490 2% 378,795,185
23,728,515 15,205,623 8,522,892 2% 363,589,562
23,728,515 15,547,750 8,180,765 2% 348,041,812
23,728,515 15,897,574 7,830,941 2% 332,144,238
23,728,515 16,255,269 7,473,245 2% 315,888,969
23,728,515 16,621,013 7,107,502 2% 299,267,956
23,728,515 16,994,986 6,733,529 2% 282,272,970
23,728,515 17,377,373 6,351,142 2% 264,895,597
23,728,515 17,768,364 5,960,151 2% 247,127,233
23,728,515 18,168,152 5,560,363 2% 228,959,081
23,728,515 18,576,935 5,151,579 2% 210,382,146
23,728,515 18,994,917 4,733,598 2% 191,387,229
23,728,515 19,422,302 4,306,213 2% 171,964,927
23,728,515 19,859,304 3,869,211 2% 152,105,623
23,728,515 20,306,138 3,422,377 2% 131,799,485
23,728,515 20,763,026 2,965,488 2% 111,036,459
23,728,515 21,230,194 2,498,320 2% 89,806,264
23,728,515 21,707,874 2,020,641 2% 68,098,390
23,728,515 22,196,301 1,532,214 2% 45,902,089
23,728,515 22,695,718 1,032,797 2% 23,206,371
23,728,515 23,206,371 522,143 2% (0)

40,906,388 25,072,530 15,833,858 2% 678,654,470
40,906,388 25,636,662 15,269,726 2% 653,017,808
40,906,388 26,213,487 14,692,901 2% 626,804,321
40,906,388 26,803,291 14,103,097 2% 600,001,030
40,906,388 27,406,365 13,500,023 2% 572,594,666
40,906,388 28,023,008 12,883,380 2% 544,571,658
40,906,388 28,653,525 12,252,862 2% 515,918,132
40,906,388 29,298,230 11,608,158 2% 486,619,903
40,906,388 29,957,440 10,948,948 2% 456,662,463
40,906,388 30,631,482 10,274,905 2% 426,030,980
40,906,388 31,320,691 9,585,697 2% 394,710,290
40,906,388 32,025,406 8,880,982 2% 362,684,884
40,906,388 32,745,978 8,160,410 2% 329,938,906
40,906,388 33,482,762 7,423,625 2% 296,456,143
40,906,388 34,236,124 6,670,263 2% 262,220,019
40,906,388 35,006,437 5,899,950 2% 227,213,582
40,906,388 35,794,082 5,112,306 2% 191,419,499
40,906,388 36,599,449 4,306,939 2% 154,820,050
40,906,388 37,422,937 3,483,451 2% 117,397,114
40,906,388 38,264,953 2,641,435 2% 79,132,161
40,906,388 39,125,914 1,780,474 2% 40,006,247
40,906,388 40,006,247 900,141 2% (0)
9,134,441 5,598,723 3,535,718 2% 151,544,277
9,134,441 5,724,694 3,409,746 2% 145,819,583
9,134,441 5,853,500 3,280,941 2% 139,966,083
9,134,441 5,985,204 3,149,237 2% 133,980,879
9,134,441 6,119,871 3,014,570 2% 127,861,008
9,134,441 6,257,568 2,876,873 2% 121,603,440
9,134,441 6,398,363 2,736,077 2% 115,205,077
9,134,441 6,542,326 2,592,114 2% 108,662,750
9,134,441 6,689,529 2,444,912 2% 101,973,222
9,134,441 6,840,043 2,294,397 2% 95,133,179
9,134,441 6,993,944 2,140,497 2% 88,139,234
9,134,441 7,151,308 1,983,133 2% 80,987,927
9,134,441 7,312,212 1,822,228 2% 73,675,714
9,134,441 7,476,737 1,657,704 2% 66,198,977
9,134,441 7,644,964 1,489,477 2% 58,554,014
9,134,441 7,816,975 1,317,465 2% 50,737,038
9,134,441 7,992,857 1,141,583 2% 42,744,181
9,134,441 8,172,697 961,744 2% 34,571,485
9,134,441 8,356,582 777,858 2% 26,214,902
9,134,441 8,544,605 589,835 2% 17,670,297
9,134,441 8,736,859 397,582 2% 8,933,438
9,134,441 8,933,438 201,002 2% (0)

3,418,404 2,095,224 1,323,180 2% 56,712,776
3,418,404 2,142,366 1,276,037 2% 54,570,410
3,418,404 2,190,569 1,227,834 2% 52,379,841
3,418,404 2,239,857 1,178,546 2% 50,139,984
3,418,404 2,290,254 1,128,150 2% 47,849,730
3,418,404 2,341,785 1,076,619 2% 45,507,946
3,418,404 2,394,475 1,023,929 2% 43,113,471
3,418,404 2,448,350 970,053 2% 40,665,120
3,418,404 2,503,438 914,965 2% 38,161,682
3,418,404 2,559,766 858,638 2% 35,601,917
3,418,404 2,617,360 801,043 2% 32,984,556
3,418,404 2,676,251 742,153 2% 30,308,305
3,418,404 2,736,467 681,937 2% 27,571,838
3,418,404 2,798,037 620,366 2% 24,773,801
3,418,404 2,860,993 557,411 2% 21,912,808
3,418,404 2,925,365 493,038 2% 18,987,443
3,418,404 2,991,186 427,217 2% 15,996,257
3,418,404 3,058,488 359,916 2% 12,937,769
3,418,404 3,127,304 291,100 2% 9,810,466
3,418,404 3,197,668 220,735 2% 6,612,797
3,418,404 3,269,616 148,788 2% 3,343,182
3,418,404 3,343,182 75,222 2% (0)

14,615,117 8,957,964 5,657,153 2% 242,471,036
14,615,117 9,159,518 5,455,598 2% 233,311,518
14,615,117 9,365,607 5,249,509 2% 223,945,910
14,615,117 9,576,334 5,038,783 2% 214,369,577
14,615,117 9,791,801 4,823,315 2% 204,577,775
14,615,117 10,012,117 4,603,000 2% 194,565,659
14,615,117 10,237,389 4,377,727 2% 184,328,269
14,615,117 10,467,731 4,147,386 2% 173,860,539
14,615,117 10,703,254 3,911,862 2% 163,157,284
14,615,117 10,944,078 3,671,039 2% 152,213,207
14,615,117 11,190,319 3,424,797 2% 141,022,887
14,615,117 11,442,102 3,173,015 2% 129,580,786
14,615,117 11,699,549 2,915,568 2% 117,881,237
14,615,117 11,962,789 2,652,328 2% 105,918,448
14,615,117 12,231,952 2,383,165 2% 93,686,497
14,615,117 12,507,170 2,107,946 2% 81,179,326
14,615,117 12,788,582 1,826,535 2% 68,390,744
14,615,117 13,076,325 1,538,792 2% 55,314,419
14,615,117 13,370,542 1,244,574 2% 41,943,877
14,615,117 13,671,379 943,737 2% 28,272,498
14,615,117 13,978,985 636,131 2% 14,293,513
14,615,117 14,293,513 321,604 2% (0)
12,365,613 7,579,188 4,786,425 2% 205,150,812
12,365,613 7,749,720 4,615,893 2% 197,401,092
12,365,613 7,924,089 4,441,525 2% 189,477,003
12,365,613 8,102,381 4,263,233 2% 181,374,623
12,365,613 8,284,684 4,080,929 2% 173,089,939
12,365,613 8,471,090 3,894,524 2% 164,618,849
12,365,613 8,661,689 3,703,924 2% 155,957,160
12,365,613 8,856,577 3,509,036 2% 147,100,583
12,365,613 9,055,850 3,309,763 2% 138,044,733
12,365,613 9,259,607 3,106,006 2% 128,785,126
12,365,613 9,467,948 2,897,665 2% 119,317,178
12,365,613 9,680,977 2,684,637 2% 109,636,202
12,365,613 9,898,799 2,466,815 2% 99,737,403
12,365,613 10,121,522 2,244,092 2% 89,615,881
12,365,613 10,349,256 2,016,357 2% 79,266,626
12,365,613 10,582,114 1,783,499 2% 68,684,511
12,365,613 10,820,212 1,545,402 2% 57,864,300
12,365,613 11,063,666 1,301,947 2% 46,800,633
12,365,613 11,312,599 1,053,014 2% 35,488,034
12,365,613 11,567,132 798,481 2% 23,920,902
12,365,613 11,827,393 538,220 2% 12,093,509
12,365,613 12,093,509 272,104 2% (0)
Installment Principle Interest Interest Rate

### ### 207,000,000 9%
### ### 207,000,000 9%
### ### 184,000,000 8%
### ### 184,000,000 8%
### ### 184,000,000 8%
4.48
FY10
45 48
6 4
51 52
(0) 0
5 3
315 107
0 0
10 1
26 9
- -
- -
- -
- -
- -
407 173
11%
258
44
214
2%
1%
57%
77
13
64
45
6
5
1Q
54,374,411
-
54,374,411
0
-
51
0
0
2
103
Model Assumptions
CY05 CY06 CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09 2Q-CY09 3Q-CY09
Urea Capacity 551,100 551,100 594,000 159,225 159,225 159,225 159,225 636,900 159,225 159,225 159,225
Urea Production 588,799 601,044 488,000 145,500 159,000 159,000 162,000 636,900 159,225 159,225 159,225
Urea efficiency 107% 109% 82% 91% 100% 100% 102% 100% 100% 100% 100%
DAP capacity 445,500 445,500 457,050 117,645 117,645 117,645 117,645 470,580 168,795 168,795 168,795
DAP production 454,672 450,400 357,000 7,568 156,860 156,860 156,860 470,580 168,795 168,795 168,795
DAP efficiency 102% 101% 110% 6% 133% 133% 133% 100% 100% 100% 100%
Domestic Urea Sales 495,202 497,325 474,191 166,706 84,000 159,000 181,000 590,706 159,225 159,225 159,225
DAP sales 379,254 381,254 351,700 16,763 151,000 154,574 156,861 479,198 168,795 168,795 168,795
Imported Urea sales 64,000 70,400 77,440 8,000 15,000 15,000 15,000 53,000 - - -
Feedstock gas consumed 21,173 21,613 16,790 5,232 5,717 5,717 5,825 22,492 5,726 5,726 5,726
Fuelstock gas consumed 4,547 4,582 3,682 667 1,376 1,376 1,390 4,809 1,429 1,429 1,429
Feedstock/MMBTU 37 37 37 37 37 37 37 37 109 109 120
FuelStock /MMBTU 228 257 241 252 252 277 277 264 270 275 279
Urea Price 482 513 539 584 602 627 643 614 664 667 680
DAP price 1,000 998 1,090 1,998 3,095 4,022 4,657 3,443 5,274 5,347 5,570
PhosAcid price 445 465 568 576 1,985 2,184 2,402 1,787 2,594 2,750 2,915
DAP % of revenue 60% 57% 59% 25% 89% 85% 85% 76% 89% 89% 90%
Urea % of revenue 40% 43% 41% 80% 12% 16% 16% 25% 12% 12% 12%
Payout ratio 95% 48% 92% 0% 47% 91% 140% 98% 86% 144% 111%
DAP subsidy - - 398 470 470 470 470 470 494 518 544
PhosAcid consumed n/a n/a 176,666 3,745 77,624 77,624 77,624 236,617 83,530 83,530 83,530
Source: Capital One Equities Research, Company reports
Income Statement
CY05 CY06 CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09 2Q-CY09 3Q-CY09
Sales 14,255 14,707 12,243 2,510 9,759 13,532 15,859 41,660 18,444 18,679 19,415
Cost of sales 9,692 10,023 7,420 1,731 8,532 10,518 12,108 32,889 14,453 15,802 16,099
Gross profit 4,563 4,684 4,823 780 1,226 3,014 3,751 8,771 3,991 2,877 3,317
GP margin 32% 32% 39% 31% 13% 22% 24% 21% 22% 15% 17%
Distribution costs 1,258 1,420 1,069 238 901 1,245 1,407 3,791 1,649 1,648 1,726
Administrative expenses 114 103 131 24 97 133 159 413 192 196 207
Finance cost 260 412 631 166 117 117 117 468 113 113 113
Other operating expenses 170 243 344 100 100 100 180 480 110 100 150
Other income 454 552 652 100 155 155 155 620 188 188 188
Compensation from GoP 700 700 600 - 600 - - 600 - - -
EBT 3,915 3,757 3,900 352 766 1,574 2,043 4,735 2,115 1,008 1,309
Tax 1,466 1,312 1,360 123 267 549 712 1,651 756 360 468
EAT 2,449 2,445 2,540 229 499 1,025 1,331 3,084 1,359 647 841
Profit after extraordinary item 2,449 2,445 2,540 229 499 1,025 1,331 3,084 1,359 647 841
EPS (diluted) 2.62 2.62 2.72 0.25 0.53 1.10 1.42 3.30 1.45 0.69 0.90
DPS 2.50 1.25 2.50 - 0.50 1.00 2.00 3.25 1.00 0.75 1.00
Payout ratio 95% 60% 92% 0% 0% 0% 0% 98% 0% 0% 0%
Earnings growth 34% 0% 4% 0% 0% 0% 0% 21% 0% 0% 0%
Net margins 17% 17% 21% 9% 5% 8% 8% 7% 7% 3% 4%
Source: Capital One Equities Research, Company reports
FFBL financials (Rs mn) CY06 CY07 CY08 CY09 CY10

Net sales 14,707 12,243 41,660 76,906 92,308
Cost of Sales 10,023 7,420 32,889 63,284 76,511
Gross Profit 4,684 4,823 8,771 13,622 15,797
GP Margin 32% 39% 21% 18% 17%
Other Income 1,252 1,252 1,220 752 875
Finance cost 412 631 468 451 407
Tax 1,312 1,360 1,651 2,063 2,279
PAT 2,445 2,540 3,084 3,708 4,187
EPS (Rs) 2.62 2.72 3.30 3.97 4.48
DPS (Rs) 1.25 2.50 3.25 4.25 4.00
Source: Capital One Equities Research
DAP/PhosAcid margin % CY06 CY07 CY08 CY09 CY10

Import price $/ton 465 568 1,787 2,837 3,177
Conversion factor 0.49 0.49 0.49 0.49 0.49
Rs/ US $ 60 61 66 66 65
Phosphoric acid cost 6,118 6,117 34,476 62,858 77,141
DAP price 1,000 1,090 3,443 5,513 6,305
DAP margins 101% 134% 132% 125% 138%
Source: Capital One equities Research
DDM Value CY08 CY09 CY10

DPS 3.25 4.25 4.00
TV 43
PV of TV 3 3 30
Per share Value (Rs) 36
Source: Capital One Equities Research
41
39
-5%
3 6
41
13.14
4Q-CY09 CY09F 1Q-CY10 2Q-CY10 3Q-CY10 4Q-CY10 CY10F
159,225 636,900 159,225 159,225 159,225 159,225 636,900
159,225 636,900 159,318 159,225 159,225 159,225 636,900
100% 100% 100% 100% 100% 100% 100%
168,795 675,180 168,795 168,795 168,795 168,795 675,180
168,795 675,180 168,795 168,795 168,795 168,795 675,180
100% 100% 100% 100% 100% 100% 100%
159,225 636,900 159,318 159,225 159,225 159,225 636,993
168,795 675,180 168,795 168,795 168,795 168,795 675,180
- - - - - - -
5,726 22,902 5,729 5,726 5,726 5,726 22,906
1,429 5,718 1,430 1,429 1,429 1,429 5,718
122 115 126 126 139 139 132
287 278 297 301 306 315 305
697 677 721 723 738 756 734
5,859 5,513 6,035 6,331 6,706 6,146 6,305
3,089 2,837 3,244 3,439 3,645 3,864 3,548
90% 90% 90% 90% 91% 92% 91%
12% 12% 12% 11% 11% 11% 11%
108% 107% 141% 182% 126% 38% 89%
571 532 594 618 643 668 631
83,530 334,121 83,530 83,530 83,530 83,530 334,121
4Q-CY09 CY09F 1Q-CY10 2Q-CY10 3Q-CY10 4Q-CY10 CY10F

20,368 76,906 20,990 21,920 23,136 26,263 92,308
16,930 63,284 17,597 18,508 19,636 20,770 76,511
3,438 13,622 3,393 3,412 3,500 5,493 15,797
17% 18% 16% 16% 15% 21% 17%
1,814 6,838 1,897 1,971 2,075 2,349 8,292
218 813 240 250 235 275 1,000
113 451 102 102 102 102 407
140 500 100 120 165 123 508
188 752 219 219 219 219 875
- - - - - - -
1,340 5,771 1,274 1,188 1,142 2,863 6,466
479 2,063 447 418 403 1,011 2,279
861 3,708 827 770 739 1,852 4,187
861 3,708 827 770 739 1,852 4,187
0.92 3.97 0.88 0.82 0.79 1.98 4.48
0.75 4.25 0.75 1.00 1.00 1.00 4.00
0% 107% 0% 0% 0% 0% 89%
0% 20% 0% 0% 0% 0% 13%
4% 5% 4% 4% 3% 7% 5%
Covariance 0.0000085
Variance 0.0002160
Beta 0.04
Price Index Price change Index change

Mon/16/Aug/04 21.55 5,329.67
Tue/17/Aug/04 21.30 5,377.75 -1% 1%
Wed/18/Aug/04 22.20 5,417.44 4% 1%
Thu/19/Aug/04 22.45 5,377.71 1% -1%
Fri/20/Aug/04 22.10 5,409.05 -2% 1%
Mon/23/Aug/04 22.65 5,401.38 2% 0%
Tue/24/Aug/04 22.15 5,368.23 -2% -1%
Wed/25/Aug/04 21.60 5,355.22 -2% 0%
Thu/26/Aug/04 21.85 5,381.09 1% 0%
Fri/27/Aug/04 22.05 5,393.99 1% 0%
Mon/30/Aug/04 22.45 5,329.86 2% -1%
Tue/31/Aug/04 21.90 5,346.15 -2% 0%
Wed/01/Sep/04 22.00 5,320.38 0% 0%
Thu/02/Sep/04 21.80 5,327.53 -1% 0%
Fri/03/Sep/04 21.50 5,318.73 -1% 0%
Mon/06/Sep/04 21.25 5,195.42 -1% -2%
Tue/07/Sep/04 20.25 5,168.77 -5% -1%
Wed/08/Sep/04 20.35 5,199.39 0% 1%
Thu/09/Sep/04 20.50 5,184.12 1% 0%
Fri/10/Sep/04 20.40 5,172.21 0% 0%
Mon/13/Sep/04 20.45 5,118.39 0% -1%
Tue/14/Sep/04 20.05 5,087.37 -2% -1%
Wed/15/Sep/04 19.75 4,997.35 -1% -2%
Thu/16/Sep/04 19.25 5,055.03 -3% 1%
Fri/17/Sep/04 19.80 5,045.91 3% 0%
Mon/20/Sep/04 19.55 5,044.77 -1% 0%
Tue/21/Sep/04 19.45 4,958.41 -1% -2%
Wed/22/Sep/04 18.85 4,890.22 -3% -1%
Thu/23/Sep/04 18.15 4,970.57 -4% 2%
Fri/24/Sep/04 18.60 5,080.67 2% 2%
Mon/27/Sep/04 19.15 5,125.04 3% 1%
Tue/28/Sep/04 19.65 5,128.13 3% 0%
Wed/29/Sep/04 19.60 5,196.28 0% 1%
Thu/30/Sep/04 19.65 5,217.65 0% 0%
Fri/01/Oct/04 19.80 5,245.82 1% 1%
Mon/04/Oct/04 19.70 5,267.21 -1% 0%
Tue/05/Oct/04 19.70 5,233.28 0% -1%
Wed/06/Oct/04 19.40 5,299.53 -2% 1%
Thu/07/Oct/04 19.50 5,295.76 1% 0%
Fri/08/Oct/04 19.75 5,342.94 1% 1%
Mon/11/Oct/04 21.25 5,372.13 8% 1%
Tue/12/Oct/04 21.15 5,421.07 0% 1%
Wed/13/Oct/04 21.45 5,445.50 1% 0%
Thu/14/Oct/04 21.20 5,469.62 -1% 0%
Fri/15/Oct/04 21.20 5,433.48 0% -1%
Mon/18/Oct/04 20.80 5,380.72 -2% -1%
Tue/19/Oct/04 20.25 5,467.06 -3% 2%
Wed/20/Oct/04 20.70 5,465.36 2% 0%
Thu/21/Oct/04 21.25 5,452.87 3% 0%
Fri/22/Oct/04 20.85 5,458.32 -2% 0%
Mon/25/Oct/04 20.80 5,468.12 0% 0%
Tue/26/Oct/04 20.35 5,390.35 -2% -1%
Wed/27/Oct/04 20.90 5,383.42 3% 0%
Thu/28/Oct/04 21.05 5,367.68 1% 0%
Fri/29/Oct/04 20.85 5,332.24 -1% -1%
Mon/01/Nov/04 20.65 5,246.91 -1% -2%
Tue/02/Nov/04 20.10 5,329.88 -3% 2%
Wed/03/Nov/04 20.95 5,351.51 4% 0%
Thu/04/Nov/04 20.85 5,347.72 0% 0%
Fri/05/Nov/04 20.95 5,352.30 0% 0%
Mon/08/Nov/04 21.20 5,378.85 1% 0%
Wed/10/Nov/04 21.40 5,427.45 1% 1%
Fri/12/Nov/04 21.80 5,483.88 2% 1%
Thu/18/Nov/04 22.30 5,515.43 2% 1%
Fri/19/Nov/04 22.70 5,520.17 2% 0%
Mon/22/Nov/04 22.35 5,502.56 -2% 0%
Tue/23/Nov/04 22.95 5,514.49 3% 0%
Wed/24/Nov/04 23.30 5,533.22 2% 0%
Thu/25/Nov/04 24.00 5,523.27 3% 0%
Fri/26/Nov/04 24.20 5,556.87 1% 1%
Mon/29/Nov/04 24.50 5,571.88 1% 0%
Tue/30/Nov/04 24.65 5,567.79 1% 0%
Wed/01/Dec/04 24.50 5,560.50 -1% 0%
Thu/02/Dec/04 24.60 5,552.50 0% 0%
Fri/03/Dec/04 24.50 5,575.96 0% 0%
Mon/06/Dec/04 25.35 5,633.13 3% 1%
Tue/07/Dec/04 24.75 5,675.79 -2% 1%
Wed/08/Dec/04 24.75 5,698.64 0% 0%
Thu/09/Dec/04 25.20 5,738.49 2% 1%
Fri/10/Dec/04 25.55 5,700.82 1% -1%
Mon/13/Dec/04 25.35 5,758.28 -1% 1%
Tue/14/Dec/04 25.90 5,766.62 2% 0%
Wed/15/Dec/04 26.35 5,824.25 2% 1%
Thu/16/Dec/04 28.30 5,827.84 7% 0%
Fri/17/Dec/04 28.50 5,842.59 1% 0%
Mon/20/Dec/04 28.50 5,852.87 0% 0%
Tue/21/Dec/04 28.70 5,874.19 1% 0%
Wed/22/Dec/04 29.50 5,966.05 3% 2%
Thu/23/Dec/04 29.20 5,978.32 -1% 0%
Fri/24/Dec/04 28.95 6,045.80 -1% 1%
Mon/27/Dec/04 29.05 6,046.16 0% 0%
Tue/28/Dec/04 29.10 6,077.83 0% 1%
Wed/29/Dec/04 30.25 6,123.67 4% 1%
Thu/30/Dec/04 30.55 6,106.93 1% 0%
Fri/31/Dec/04 30.00 6,218.40 -2% 2%
Mon/03/Jan/05 30.60 6,220.28 2% 0%
Tue/04/Jan/05 30.35 6,297.70 -1% 1%
Wed/05/Jan/05 30.30 6,285.68 0% 0%
Thu/06/Jan/05 30.55 6,353.27 1% 1%
Fri/07/Jan/05 30.70 6,318.90 0% -1%
Mon/10/Jan/05 30.20 6,484.14 -2% 3%
Tue/11/Jan/05 30.60 6,710.03 1% 3%
Wed/12/Jan/05 30.80 6,657.40 1% -1%
Thu/13/Jan/05 31.80 6,424.80 3% -3%
Fri/14/Jan/05 30.25 6,559.83 -5% 2%
Mon/17/Jan/05 30.55 6,633.01 1% 1%
Tue/18/Jan/05 31.00 6,603.55 1% 0%
Wed/19/Jan/05 30.70 6,746.40 -1% 2%
Mon/24/Jan/05 31.50 6,861.97 3% 2%
Tue/25/Jan/05 32.20 6,887.58 2% 0%
Wed/26/Jan/05 30.60 6,904.56 -5% 0%
Thu/27/Jan/05 30.15 6,952.82 -1% 1%
Fri/28/Jan/05 29.10 6,798.01 -3% -2%
Mon/31/Jan/05 28.50 6,747.39 -2% -1%
Tue/01/Feb/05 28.25 6,869.28 -1% 2%
Wed/02/Feb/05 29.15 6,949.88 3% 1%
Thu/03/Feb/05 29.50 7,014.71 1% 1%
Fri/04/Feb/05 29.40 6,968.46 0% -1%
Mon/07/Feb/05 28.70 7,091.14 -2% 2%
Tue/08/Feb/05 29.35 7,154.83 2% 1%
Wed/09/Feb/05 29.25 7,156.55 0% 0%
Thu/10/Feb/05 29.90 7,196.63 2% 1%
Fri/11/Feb/05 29.70 7,238.76 -1% 1%
Mon/14/Feb/05 29.60 7,341.69 0% 1%
Tue/15/Feb/05 31.25 7,402.80 6% 1%
Wed/16/Feb/05 30.70 7,508.80 -2% 1%
Thu/17/Feb/05 30.70 7,579.98 0% 1%
Fri/18/Feb/05 31.50 7,734.03 3% 2%
Mon/21/Feb/05 32.10 7,865.94 2% 2%
Tue/22/Feb/05 32.65 7,925.70 2% 1%
Wed/23/Feb/05 32.55 8,180.79 0% 3%
Thu/24/Feb/05 33.75 8,253.12 4% 1%
Fri/25/Feb/05 32.25 8,285.40 -4% 0%
Mon/28/Feb/05 31.90 8,260.06 -1% 0%
Tue/01/Mar/05 31.65 8,404.52 -1% 2%
Wed/02/Mar/05 32.40 8,206.14 2% -2%
Thu/03/Mar/05 31.50 8,496.73 -3% 4%
Fri/04/Mar/05 32.45 8,793.69 3% 3%
Mon/07/Mar/05 32.45 8,863.48 0% 1%
Tue/08/Mar/05 31.70 9,218.68 -2% 4%
Wed/09/Mar/05 31.85 9,588.47 0% 4%
Thu/10/Mar/05 32.60 9,571.92 2% 0%
Fri/11/Mar/05 33.50 9,603.73 3% 0%
Mon/14/Mar/05 35.30 9,998.05 5% 4%
Tue/15/Mar/05 37.90 10,303.13 7% 3%
Wed/16/Mar/05 40.70 10,077.89 7% -2%
Thu/17/Mar/05 38.75 9,636.37 -5% -4%
Fri/18/Mar/05 36.85 9,499.42 -5% -1%
Mon/21/Mar/05 35.05 9,097.92 -5% -4%
Tue/22/Mar/05 33.30 8,694.61 -5% -4%
Thu/24/Mar/05 31.65 8,314.00 -5% -4%
Fri/25/Mar/05 30.10 7,964.95 -5% -4%
Mon/28/Mar/05 28.60 7,708.29 -5% -3%
Tue/29/Mar/05 27.20 7,855.14 -5% 2%
Wed/30/Mar/05 29.20 8,085.56 7% 3%
Thu/31/Mar/05 31.35 7,770.33 7% -4%
Fri/01/Apr/05 29.80 7,596.87 -5% -2%
Mon/04/Apr/05 29.60 8,050.25 -1% 6%
Tue/05/Apr/05 31.80 7,820.83 7% -3%
Wed/06/Apr/05 30.50 7,613.63 -4% -3%
Thu/07/Apr/05 29.75 7,784.34 -2% 2%
Fri/08/Apr/05 30.40 7,593.30 2% -2%
Mon/11/Apr/05 30.10 7,244.49 -1% -5%
Tue/12/Apr/05 28.60 6,939.03 -5% -4%
Wed/13/Apr/05 27.20 7,123.62 -5% 3%
Thu/14/Apr/05 29.20 7,202.84 7% 1%
Fri/15/Apr/05 31.35 7,512.91 7% 4%
Mon/18/Apr/05 32.35 7,234.21 3% -4%
Tue/19/Apr/05 30.75 6,952.72 -5% -4%
Wed/20/Apr/05 29.25 7,030.83 -5% 1%
Thu/21/Apr/05 29.35 7,101.38 0% 1%
Mon/25/Apr/05 30.90 6,996.82 5% -1%
Tue/26/Apr/05 29.40 7,164.73 -5% 2%
Wed/27/Apr/05 30.45 7,275.74 4% 2%
Thu/28/Apr/05 29.85 7,144.48 -2% -2%
Fri/29/Apr/05 29.50 7,104.65 -1% -1%
Mon/02/May/05 29.30 6,832.74 -1% -4%
Tue/03/May/05 27.85 6,887.93 -5% 1%
Wed/04/May/05 28.40 6,898.72 2% 0%
Thu/05/May/05 28.25 7,098.22 -1% 3%
Fri/06/May/05 29.05 7,183.25 3% 1%
Mon/09/May/05 28.50 7,384.98 -2% 3%
Tue/10/May/05 29.30 7,367.69 3% 0%
Wed/11/May/05 28.85 7,497.62 -2% 2%
Thu/12/May/05 28.90 7,284.05 0% -3%
Fri/13/May/05 28.00 7,411.33 -3% 2%
Mon/16/May/05 27.80 7,315.50 -1% -1%
Tue/17/May/05 27.25 7,437.95 -2% 2%
Wed/18/May/05 27.30 7,348.06 0% -1%
Thu/19/May/05 26.55 7,413.70 -3% 1%
Fri/20/May/05 26.90 7,300.09 1% -2%
Mon/23/May/05 27.10 6,983.30 1% -4%
Tue/24/May/05 25.75 7,034.84 -5% 1%
Wed/25/May/05 25.65 6,942.42 0% -1%
Thu/26/May/05 25.25 6,664.86 -2% -4%
Fri/27/May/05 24.00 6,467.15 -5% -3%
Mon/30/May/05 22.80 6,707.56 -5% 4%
Tue/31/May/05 23.75 6,857.67 4% 2%
Wed/01/Jun/05 24.25 7,019.60 2% 2%
Thu/02/Jun/05 24.80 7,322.38 2% 4%
Fri/03/Jun/05 26.00 7,213.17 5% -1%
Mon/06/Jun/05 25.50 7,104.40 -2% -2%
Tue/07/Jun/05 24.70 7,391.18 -3% 4%
Wed/08/Jun/05 25.90 7,263.56 5% -2%
Thu/09/Jun/05 25.70 7,307.02 -1% 1%
Fri/10/Jun/05 26.95 7,345.29 5% 1%
Mon/13/Jun/05 27.70 7,441.77 3% 1%
Tue/14/Jun/05 27.65 7,368.95 0% -1%
Wed/15/Jun/05 26.95 7,488.73 -3% 2%
Thu/16/Jun/05 27.15 7,330.91 1% -2%
Fri/17/Jun/05 26.30 7,398.73 -3% 1%
Mon/20/Jun/05 26.45 7,663.04 1% 4%
Tue/21/Jun/05 27.35 7,489.71 3% -2%
Wed/22/Jun/05 26.70 7,409.07 -2% -1%
Thu/23/Jun/05 26.30 7,417.70 -1% 0%
Fri/24/Jun/05 25.90 7,350.46 -2% -1%
Mon/27/Jun/05 25.75 7,255.44 -1% -1%
Tue/28/Jun/05 25.55 7,431.80 -1% 2%
Wed/29/Jun/05 26.15 7,494.75 2% 1%
Thu/30/Jun/05 26.65 7,450.12 2% -1%
Fri/01/Jul/05 26.90 7,464.60 1% 0%
Mon/04/Jul/05 26.85 7,408.55 0% -1%
Tue/05/Jul/05 26.75 7,517.52 0% 1%
Wed/06/Jul/05 27.65 7,530.34 3% 0%
Thu/07/Jul/05 29.00 7,589.07 5% 1%
Fri/08/Jul/05 29.40 7,588.94 1% 0%
Mon/11/Jul/05 29.45 7,554.28 0% 0%
Tue/12/Jul/05 29.50 7,511.94 0% -1%
Wed/13/Jul/05 29.65 7,481.17 1% 0%
Thu/14/Jul/05 30.60 7,471.64 3% 0%
Fri/15/Jul/05 31.30 7,535.81 2% 1%
Mon/18/Jul/05 31.00 7,437.55 -1% -1%
Tue/19/Jul/05 29.60 7,319.77 -5% -2%
Wed/20/Jul/05 29.70 7,410.98 0% 1%
Thu/21/Jul/05 29.25 7,410.91 -2% 0%
Fri/22/Jul/05 30.60 7,353.85 5% -1%
Mon/25/Jul/05 30.05 7,305.30 -2% -1%
Tue/26/Jul/05 29.60 7,310.57 -1% 0%
Wed/27/Jul/05 29.35 7,217.60 -1% -1%
Thu/28/Jul/05 28.70 7,215.44 -2% 0%
Fri/29/Jul/05 28.90 7,178.93 1% -1%
Mon/01/Aug/05 28.75 7,195.32 -1% 0%
Tue/02/Aug/05 29.15 7,324.80 1% 2%
Wed/03/Aug/05 29.75 7,442.04 2% 2%
Thu/04/Aug/05 30.50 7,404.95 3% 0%
Fri/05/Aug/05 31.25 7,418.61 2% 0%
Mon/08/Aug/05 31.30 7,318.48 0% -1%
Tue/09/Aug/05 30.90 7,184.48 -1% -2%
Wed/10/Aug/05 30.10 7,064.29 -3% -2%
Thu/11/Aug/05 29.80 6970.59 -1% -1%
Fri/12/Aug/05 29.55 7150.65 -1% 3%
Mon/15/Aug/05 30.45 7122.98 3% 0%
Tue/16/Aug/05 29.90 7139.09 -2% 0%
Wed/17/Aug/05 30.00 7099.22 0% -1%
Fri/19/Aug/05 30.00 7311.92 0% 3%
Mon/22/Aug/05 31.40 7590.10 5% 4%
Tue/23/Aug/05 32.95 7557.87 5% 0%
Wed/24/Aug/05 34.00 7512.34 3% -1%
Thu/25/Aug/05 34.30 7554.01 1% 1%
Fri/26/Aug/05 34.15 7585.70 0% 0%
Mon/29/Aug/05 34.15 7690.60 0% 1%
Tue/30/Aug/05 34.90 7744.19 2% 1%
Wed/31/Aug/05 35.20 7796.86 1% 1%
Thu/01/Sep/05 34.85 7769.21 -1% 0%
Fri/02/Sep/05 34.85 7789.76 0% 0%
Mon/05/Sep/05 34.50 7849.06 -1% 1%
Tue/06/Sep/05 34.80 7807.04 1% -1%
Wed/07/Sep/05 34.55 7804.41 -1% 0%
Thu/08/Sep/05 34.50 7884.21 0% 1%
Fri/09/Sep/05 34.95 7889.25 1% 0%
Mon/12/Sep/05 35.85 7,892.57 3% 0%
Tue/13/Sep/05 34.80 7,894.68 -3% 0%
Wed/14/Sep/05 34.10 7956.50 -2% 1%
Thu/15/Sep/05 34.80 7979.48 2% 0%
Fri/16/Sep/05 34.35 7934.54 -1% -1%
Mon/19/Sep/05 33.75 7972.97 -2% 0%
Tue/20/Sep/05 33.55 8066.17 -1% 1%
Wed/21/Sep/05 34.30 8187.10 2% 1%
Thu/22/Sep/05 34.45 8186.00 0% 0%
Fri/23/Sep/05 35.70 8179.90 4% 0%
Mon/26/Sep/05 36.90 8217.47 3% 0%
Tue/27/Sep/05 36.40 8195.28 -1% 0%
Wed/28/Sep/05 37.55 8196.33 3% 0%
Thu/29/Sep/05 36.95 8151.51 -2% -1%
Fri/30/Sep/05 36.20 8225.66 -2% 1%
Mon/03/Oct/05 36.75 8329.70 2% 1%
Tue/04/Oct/05 36.15 8426.77 -2% 1%
Wed/05/Oct/05 35.95 8581.68 -1% 2%
Thu/06/Oct/05 36.25 8540.24 1% 0%
Fri/07/Oct/05 36.00 8542.38 -1% 0%
Mon/10/Oct/05 36.05 8520.72 0% 0%
Tue/11/Oct/05 35.80 8622.43 -1% 1%
Wed/12/Oct/05 36.60 8791.94 2% 2%
Thu/13/Oct/05 36.65 8761.50 0% 0%
Fri/14/Oct/05 36.65 8863.87 0% 1%
Mon/17/Oct/05 36.35 8900.90 -1% 0%
Tue/18/Oct/05 36.10 8669.39 -1% -3%
Wed/19/Oct/05 34.50 8872.96 -4% 2%
Thu/20/Oct/05 35.60 8558.00 3% -4%
Fri/21/Oct/05 34.65 8289.81 -3% -3%
Mon/24/Oct/05 33.90 8409.16 -2% 1%
Tue/25/Oct/05 35.15 8316.67 4% -1%
Wed/26/Oct/05 34.35 8235.12 -2% -1%
Thu/27/Oct/05 33.70 8317.36 -2% 1%
Mon/31/Oct/05 34.10 8247.34 1% -1%
Wed/02/Nov/05 33.70 8436.62 -1% 2%
Mon/07/Nov/05 34.35 8664.02 2% 3%
Tue/08/Nov/05 34.90 8693.54 2% 0%
Thu/10/Nov/05 35.90 8794.93 3% 1%
Fri/11/Nov/05 36.15 8793.93 1% 0%
Mon/14/Nov/05 34.75 8838.26 -4% 1%
Tue/15/Nov/05 36.45 8889.72 5% 1%
Wed/16/Nov/05 36.35 8895.68 0% 0%
Thu/17/Nov/05 36.75 8864.02 1% 0%
Fri/18/Nov/05 36.30 8933.51 -1% 1%
Mon/21/Nov/05 37.40 8960.88 3% 0%
Tue/22/Nov/05 37.10 9006.26 -1% 1%
Wed/23/Nov/05 38.15 9016.34 3% 0%
Thu/24/Nov/05 38.15 9072.82 0% 1%
Fri/25/Nov/05 37.95 9064.39 -1% 0%
Mon/28/Nov/05 37.95 9147.02 0% 1%
Tue/29/Nov/05 38.25 9135.54 1% 0%
Wed/30/Nov/05 38.20 9025.93 0% -1%
Thu/01/Dec/05 37.00 9080.53 -3% 1%
Fri/02/Dec/05 37.15 9226.41 0% 2%
Mon/05/Dec/05 38.20 9344.70 3% 1%
Tue/06/Dec/05 40.10 9397.33 5% 1%
Wed/07/Dec/05 40.10 9374.86 0% 0%
Thu/08/Dec/05 39.60 9418.35 -1% 0%
Fri/09/Dec/05 39.65 9431.81 0% 0%
Mon/12/Dec/05 39.40 9459.65 -1% 0%
Tue/13/Dec/05 39.25 9451.35 0% 0%
Wed/14/Dec/05 39.40 9403.98 0% -1%
Thu/15/Dec/05 38.60 9488.70 -2% 1%
Fri/16/Dec/05 38.70 9514.83 0% 0%
Mon/19/Dec/05 38.45 9379.66 -1% -1%
Tue/20/Dec/05 37.45 9482.01 -3% 1%
Wed/21/Dec/05 37.65 9504.07 1% 0%
Thu/22/Dec/05 38.35 9470.99 2% 0%
Fri/23/Dec/05 38.50 9491.47 0% 0%
Mon/26/Dec/05 38.45 9371.52 0% -1%
Tue/27/Dec/05 37.60 9446.83 -2% 1%
Wed/28/Dec/05 37.90 9466.47 1% 0%
Thu/29/Dec/05 37.90 9497.35 0% 0%
Fri/30/Dec/05 38.20 9556.61 1% 1%
Mon/02/Jan/06 38.15 9672.47 0% 1%
Tue/03/Jan/06 38.70 9766.90 1% 1%
Wed/04/Jan/06 38.85 9853.31 0% 1%
Thu/05/Jan/06 38.80 9907.14 0% 1%
Fri/06/Jan/06 39.75 9886.30 2% 0%
Mon/09/Jan/06 39.70 9990.19 0% 1%
Mon/16/Jan/06 40.15 10093.52 1% 1%
Tue/17/Jan/06 40.60 10165.91 1% 1%
Wed/18/Jan/06 40.80 10235.17 0% 1%
Thu/19/Jan/06 40.20 10259.86 -1% 0%
Fri/20/Jan/06 40.05 10227.87 0% 0%
Mon/23/Jan/06 39.70 10346.47 -1% 1%
Tue/24/Jan/06 39.45 10170.40 -1% -2%
Wed/25/Jan/06 38.35 10214.01 -3% 0%
Thu/26/Jan/06 38.60 10304.80 1% 1%
Fri/27/Jan/06 39.95 10447.56 3% 1%
Mon/30/Jan/06 40.70 10527.85 2% 1%
Tue/31/Jan/06 41.80 10524.16 3% 0%
Wed/01/Feb/06 41.65 10496.95 0% 0%
Thu/02/Feb/06 41.65 10466.40 0% 0%
Fri/03/Feb/06 42.70 10726.46 3% 2%
Mon/06/Feb/06 43.55 10802.32 2% 1%
Tue/07/Feb/06 43.00 10913.78 -1% 1%
Fri/10/Feb/06 42.60 11052.86 -1% 1%
Mon/13/Feb/06 43.05 11218.03 1% 1%
Tue/14/Feb/06 43.55 10920.09 1% -3%
Wed/15/Feb/06 42.20 11259.29 -3% 3%
Thu/16/Feb/06 42.50 11176.81 1% -1%
Fri/17/Feb/06 41.85 11352.63 -2% 2%
Mon/20/Feb/06 42.10 11441.85 1% 1%
Tue/21/Feb/06 42.65 11537.02 1% 1%
Wed/22/Feb/06 42.50 11444.12 0% -1%
Thu/23/Feb/06 41.80 11609.37 -2% 1%
Fri/24/Feb/06 41.00 11546.79 -2% -1%
Mon/27/Feb/06 39.90 11191.75 -3% -3%
Tue/28/Feb/06 38.45 11456.27 -4% 2%
Wed/01/Mar/06 39.70 11473.99 3% 0%
Thu/02/Mar/06 41.65 11381.61 5% -1%
Fri/03/Mar/06 43.35 11415.29 4% 0%
Mon/06/Mar/06 43.90 10947.09 1% -4%
Tue/07/Mar/06 41.75 11085.03 -5% 1%
Wed/08/Mar/06 42.45 10594.01 2% -4%
Thu/09/Mar/06 40.35 10803.99 -5% 2%
Fri/10/Mar/06 40.75 10474.20 1% -3%
Mon/13/Mar/06 38.75 10093.24 -5% -4%
Tue/14/Mar/06 36.85 10433.17 -5% 3%
Wed/15/Mar/06 38.50 10392.91 4% 0%
Thu/16/Mar/06 38.50 10689.20 0% 3%
Fri/17/Mar/06 40.00 10951.08 4% 2%
Mon/20/Mar/06 40.00 11032.31 0% 1%
Tue/21/Mar/06 40.00 11129.77 0% 1%
Wed/22/Mar/06 40.05 11278.48 0% 1%
Fri/24/Mar/06 40.40 11459.58 1% 2%
Mon/27/Mar/06 40.35 11402.11 0% -1%
Tue/28/Mar/06 40.45 11449.44 0% 0%
Wed/29/Mar/06 41.45 11414.37 2% 0%
Thu/30/Mar/06 40.55 11568.64 -2% 1%
Fri/31/Mar/06 41.75 11485.90 3% -1%
Mon/03/Apr/06 42.55 11573.97 2% 1%
Tue/04/Apr/06 43.00 11664.97 1% 1%
Wed/05/Apr/06 43.10 11666.38 0% 0%
Thu/06/Apr/06 42.85 11685.44 -1% 0%
Fri/07/Apr/06 42.60 11936.59 -1% 2%
Mon/10/Apr/06 43.00 11992.23 1% 0%
Thu/13/Apr/06 42.45 12060.73 -1% 1%
Fri/14/Apr/06 42.10 12136.83 -1% 1%
Mon/17/Apr/06 42.10 12273.77 0% 1%
Tue/18/Apr/06 42.25 12115.46 0% -1%
Wed/19/Apr/06 41.90 12048.11 -1% -1%
Thu/20/Apr/06 41.45 12075.75 -1% 0%
Fri/21/Apr/06 41.25 12007.60 0% -1%
Mon/24/Apr/06 39.90 11802.68 -3% -2%
Tue/25/Apr/06 37.95 11941.82 -5% 1%
Wed/26/Apr/06 38.10 11910.09 0% 0%
Thu/27/Apr/06 37.95 11683.72 0% -2%
Fri/28/Apr/06 37.75 11342.17 -1% -3%
Tue/02/May/06 36.15 11572.58 -4% 2%
Wed/03/May/06 37.95 11728.14 5% 1%
Thu/04/May/06 38.15 11690.25 1% 0%
Fri/05/May/06 38.15 11686.44 0% 0%
Mon/08/May/06 37.85 11775.52 -1% 1%
Tue/09/May/06 37.60 11576.83 -1% -2%
Wed/10/May/06 36.90 11571.83 -2% 0%
Thu/11/May/06 36.95 11531.37 0% 0%
Fri/12/May/06 36.50 11511.54 -1% 0%
Mon/15/May/06 36.25 11096.86 -1% -4%
Tue/16/May/06 34.45 10706.96 -5% -4%
Wed/17/May/06 33.60 11094.41 -2% 4%
Thu/18/May/06 34.95 10687.88 4% -4%
Fri/19/May/06 33.45 10861.31 -4% 2%
Mon/22/May/06 33.85 10930.55 1% 1%
Tue/23/May/06 34.80 10932.58 3% 0%
Wed/24/May/06 35.35 11116.88 2% 2%
Thu/25/May/06 35.75 11018.85 1% -1%
Fri/26/May/06 36.10 10660.39 1% -3%
Mon/29/May/06 34.95 10247.60 -3% -4%
Tue/30/May/06 33.25 10118.73 -5% -1%
Wed/31/May/06 33.75 9800.69 2% -3%
Thu/01/Jun/06 32.10 10183.77 -5% 4%
Fri/02/Jun/06 33.70 10346.23 5% 2%
Mon/05/Jun/06 33.65 10373.86 0% 0%
Tue/06/Jun/06 33.45 10531.86 -1% 2%
Wed/07/Jun/06 34.25 10202.36 2% -3%
Thu/08/Jun/06 32.60 9775.04 -5% -4%
Fri/09/Jun/06 31.00 9849.83 -5% 1%
Mon/12/Jun/06 31.25 9732.86 1% -1%
Tue/13/Jun/06 31.15 9314.91 0% -4%
Wed/14/Jun/06 29.60 8766.98 -5% -6%
Thu/15/Jun/06 26.85 9177.46 -9% 5%
Fri/16/Jun/06 28.15 9607.11 5% 5%
Mon/19/Jun/06 29.55 9943.83 5% 4%
Tue/20/Jun/06 31.00 10105.17 5% 2%
Wed/21/Jun/06 31.00 10103.31 0% 0%
Thu/22/Jun/06 30.40 10171.00 -2% 1%
Fri/23/Jun/06 30.60 9807.53 1% -4%
Mon/26/Jun/06 29.10 9404.70 -5% -4%
Tue/27/Jun/06 27.65 9041.62 -5% -4%
Wed/28/Jun/06 26.65 9434.15 -4% 4%
Thu/29/Jun/06 27.95 9841.43 5% 4%
Fri/30/Jun/06 29.30 9989.41 5% 2%
Mon/03/Jul/06 29.25 9603.65 0% -4%
Tue/04/Jul/06 28.35 9829.40 -3% 2%
Wed/05/Jul/06 28.75 9936.33 1% 1%
Thu/06/Jul/06 30.05 9916.08 5% 0%
Fri/07/Jul/06 30.10 9836.04 0% -1%
Mon/10/Jul/06 29.50 9504.47 -2% -3%
Tue/11/Jul/06 28.50 9655.93 -3% 2%
Wed/12/Jul/06 28.90 9920.66 1% 3%
Thu/13/Jul/06 29.90 10014.88 3% 1%
Fri/14/Jul/06 29.95 10027.09 0% 0%
Mon/17/Jul/06 29.70 9947.80 -1% -1%
Tue/18/Jul/06 29.75 10191.84 0% 2%
Wed/19/Jul/06 30.10 10198.78 1% 0%
Thu/20/Jul/06 29.90 10198.32 -1% 0%
Fri/21/Jul/06 29.40 10257.63 -2% 1%
Mon/24/Jul/06 29.00 10350.63 -1% 1%
Tue/25/Jul/06 28.85 10401.13 -1% 0%
Wed/26/Jul/06 28.75 10343.67 0% -1%
Thu/27/Jul/06 28.20 10430.73 -2% 1%
Fri/28/Jul/06 27.95 10353.52 -1% -1%
Mon/31/Jul/06 27.25 10497.63 -3% 1%
Tue/01/Aug/06 28.50 10507.09 5% 0%
Wed/02/Aug/06 28.10 10558.32 -1% 0%
Thu/03/Aug/06 28.00 10667.49 0% 1%
Fri/04/Aug/06 29.25 10772.58 4% 1%
Mon/07/Aug/06 28.75 10846.74 -2% 1%
Tue/08/Aug/06 28.55 10828.39 -1% 0%
Wed/09/Aug/06 28.40 10655.54 -1% -2%
Thu/10/Aug/06 27.55 10525.09 -3% -1%
Fri/11/Aug/06 27.05 10406.40 -2% -1%
Tue/15/Aug/06 28.00 10317.41 4% -1%
Wed/16/Aug/06 27.30 10576.71 -3% 3%
Thu/17/Aug/06 27.90 10557.25 2% 0%
Fri/18/Aug/06 27.55 10481.64 -1% -1%
Mon/21/Aug/06 27.25 10220.71 -1% -2%
Tue/22/Aug/06 27.40 10244.69 1% 0%
Wed/23/Aug/06 26.90 9955.23 -2% -3%
Thu/24/Aug/06 26.90 9584.79 0% -4%
Fri/25/Aug/06 26.15 9876.51 -3% 3%
Mon/28/Aug/06 25.10 9942.87 -4% 1%
Tue/29/Aug/06 25.80 10086.15 3% 1%
Wed/30/Aug/06 26.00 10064.13 1% 0%
Thu/31/Aug/06 27.00 10170.97 4% 1%
Fri/01/Sep/06 26.60 10125.91 -1% 0%
Mon/04/Sep/06 27.10 10001.79 2% -1%
Tue/05/Sep/06 27.00 10068.70 0% 1%
Wed/06/Sep/06 26.25 9927.10 -3% -1%
Thu/07/Sep/06 26.40 9965.21 1% 0%
Fri/08/Sep/06 26.30 9892.77 0% -1%
Mon/11/Sep/06 26.25 10157.17 0% 3%
Tue/12/Sep/06 26.40 9988.63 1% -2%
Wed/13/Sep/06 27.20 10028.50 3% 0%
Thu/14/Sep/06 26.75 9984.57 -2% 0%
Fri/15/Sep/06 26.65 9876.40 0% -1%
Mon/18/Sep/06 26.45 9908.85 -1% 0%
Tue/19/Sep/06 26.10 10032.57 -1% 1%
Wed/20/Sep/06 26.00 10155.10 0% 1%
Thu/21/Sep/06 26.10 10306.75 0% 1%
Fri/22/Sep/06 26.55 10252.15 2% -1%
Mon/25/Sep/06 27.10 10305.43 2% 1%
Tue/26/Sep/06 27.00 10386.52 0% 1%
Wed/27/Sep/06 27.10 10528.69 0% 1%
Thu/28/Sep/06 27.10 10512.48 0% 0%
Fri/29/Sep/06 27.90 10616.24 3% 1%
Mon/02/Oct/06 27.90 10592.72 0% 0%
Tue/03/Oct/06 27.95 10743.55 0% 1%
Wed/04/Oct/06 27.55 10855.82 -1% 1%
Thu/05/Oct/06 27.55 10926.91 0% 1%
Fri/06/Oct/06 28.10 10942.75 2% 0%
Mon/09/Oct/06 27.90 10959.71 -1% 0%
Tue/10/Oct/06 27.85 10886.42 0% -1%
Wed/11/Oct/06 28.60 10880.29 3% 0%
Thu/12/Oct/06 28.00 10924.55 -2% 0%
Fri/13/Oct/06 27.65 10909.31 -1% 0%
Mon/16/Oct/06 27.65 11167.04 0% 2%
Tue/17/Oct/06 27.55 11399.83 0% 2%
Wed/18/Oct/06 27.95 11566.80 1% 1%
Thu/19/Oct/06 27.80 11528.27 -1% 0%
Mon/30/Oct/06 27.60 11327.71 -1% -2%
Tue/31/Oct/06 28.90 11010.59 5% -3%
Wed/01/Nov/06 28.95 10945.35 0% -1%
Thu/02/Nov/06 28.90 11246.71 0% 3%
Fri/03/Nov/06 29.15 11012.40 1% -2%
Mon/06/Nov/06 30.60 11017.51 5% 0%
Tue/07/Nov/06 30.50 10973.08 0% 0%
Wed/08/Nov/06 29.80 10739.45 -2% -2%
Fri/10/Nov/06 30.25 10743.84 2% 0%
Mon/13/Nov/06 30.50 10869.32 1% 1%
Tue/14/Nov/06 29.75 10811.86 -2% -1%
Wed/15/Nov/06 29.50 10850.04 -1% 0%
Thu/16/Nov/06 28.75 10705.87 -3% -1%
Fri/17/Nov/06 28.75 10430.66 0% -3%
Mon/20/Nov/06 28.75 10622.55 0% 2%
Tue/21/Nov/06 28.25 10646.26 -2% 0%
Wed/22/Nov/06 28.25 10867.11 0% 2%
Thu/23/Nov/06 28.90 10870.90 2% 0%
Fri/24/Nov/06 30.25 10750.41 5% -1%
Mon/27/Nov/06 29.85 10762.16 -1% 0%
Tue/28/Nov/06 29.70 10594.57 -1% -2%
Wed/29/Nov/06 29.40 10618.75 -1% 0%
Thu/30/Nov/06 28.85 10388.19 -2% -2%
Fri/01/Dec/06 28.60 10416.00 -1% 0%
Mon/04/Dec/06 28.15 10550.16 -2% 1%
Tue/05/Dec/06 28.80 10677.38 2% 1%
Wed/06/Dec/06 29.90 10642.68 4% 0%
Thu/07/Dec/06 30.75 10561.97 3% -1%
Fri/08/Dec/06 30.70 10584.48 0% 0%
Mon/11/Dec/06 30.00 10644.36 -2% 1%
Tue/12/Dec/06 29.95 10587.09 0% -1%
Wed/13/Dec/06 30.00 10604.44 0% 0%
Thu/14/Dec/06 29.65 10551.87 -1% 0%
Fri/15/Dec/06 29.70 10341.41 0% -2%
Mon/18/Dec/06 29.40 10055.65 -1% -3%
Tue/19/Dec/06 28.60 10182.33 -3% 1%
Wed/20/Dec/06 28.05 9923.11 -2% -3%
Thu/21/Dec/06 28.60 9893.99 2% 0%
Fri/22/Dec/06 27.85 10025.34 -3% 1%
Tue/26/Dec/06 28.35 10031.46 2% 0%
Wed/27/Dec/06 28.45 10058.46 0% 0%
Thu/28/Dec/06 28.25 10040.50 -1% 0%
Fri/29/Dec/06 28.30 10066.32 0% 0%
Wed/03/Jan/07 28.50 10184.52 1% 1%
Thu/04/Jan/07 28.40 10147.36 0% 0%
Fri/05/Jan/07 28.40 10235.96 0% 1%
Mon/08/Jan/07 28.40 10405.21 0% 2%
Tue/09/Jan/07 28.40 10374.36 0% 0%
Wed/10/Jan/07 28.70 10359.06 1% 0%
Thu/11/Jan/07 29.10 10425.46 1% 1%
Fri/12/Jan/07 28.80 10507.52 -1% 1%
Mon/15/Jan/07 28.85 10590.59 0% 1%
Tue/16/Jan/07 29.00 10617.11 1% 0%
Wed/17/Jan/07 28.80 10640.71 -1% 0%
Thu/18/Jan/07 29.30 10641.31 2% 0%
Fri/19/Jan/07 29.15 10705.87 -1% 1%
Mon/22/Jan/07 30.25 10705.32 4% 0%
Tue/23/Jan/07 30.25 10856.74 0% 1%
Wed/24/Jan/07 29.60 11031.08 -2% 2%
Thu/25/Jan/07 30.15 11105.34 2% 1%
Fri/26/Jan/07 30.25 11272.33 0% 2%
Wed/31/Jan/07 30.70 11348.62 1% 1%
Thu/01/Feb/07 31.15 11589.64 1% 2%
Fri/02/Feb/07 32.40 11632.04 4% 0%
Tue/06/Feb/07 34.00 11728.08 5% 1%
Wed/07/Feb/07 33.10 11867.09 -3% 1%
Thu/08/Feb/07 33.60 11844.65 2% 0%
Fri/09/Feb/07 33.80 11629.75 1% -2%
Mon/12/Feb/07 33.45 11643.53 -1% 0%
Tue/13/Feb/07 32.45 11454.76 -3% -2%
Wed/14/Feb/07 32.10 11467.96 -1% 0%
Thu/15/Feb/07 31.65 11379.40 -1% -1%
Fri/16/Feb/07 32.25 11577.76 2% 2%
Mon/19/Feb/07 32.15 11463.18 0% -1%
Tue/20/Feb/07 33.05 11520.62 3% 1%
Wed/21/Feb/07 31.85 11542.98 -4% 0%
Thu/22/Feb/07 31.40 11607.84 -1% 1%
Fri/23/Feb/07 32.05 11393.97 2% -2%
Mon/26/Feb/07 32.60 11376.12 2% 0%
Tue/27/Feb/07 32.00 11179.97 -2% -2%
Wed/28/Feb/07 31.95 11207.79 0% 0%
Thu/01/Mar/07 30.95 11133.35 -3% -1%
Fri/02/Mar/07 30.40 10899.71 -2% -2%
Mon/05/Mar/07 30.35 10923.90 0% 0%
Tue/06/Mar/07 29.85 11146.27 -2% 2%
Wed/07/Mar/07 30.00 11283.87 1% 1%
Thu/08/Mar/07 30.95 11413.12 3% 1%
Fri/09/Mar/07 31.40 11407.87 1% 0%
Mon/12/Mar/07 32.00 11404.95 2% 0%
Tue/13/Mar/07 32.10 11276.66 0% -1%
Wed/14/Mar/07 32.55 11310.90 1% 0%
Thu/15/Mar/07 32.05 11374.03 -2% 1%
Fri/16/Mar/07 32.15 11141.29 0% -2%
Mon/19/Mar/07 31.50 11331.35 -2% 2%
Tue/20/Mar/07 30.85 11296.62 -2% 0%
Wed/21/Mar/07 31.10 11294.98 1% 0%
Thu/22/Mar/07 30.65 11301.62 -1% 0%
Mon/26/Mar/07 30.40 11328.47 -1% 0%
Tue/27/Mar/07 30.60 11233.56 1% -1%
Wed/28/Mar/07 31.40 11221.51 3% 0%
Thu/29/Mar/07 30.85 11271.59 -2% 0%
Fri/30/Mar/07 31.85 11276.51 3% 0%
Mon/02/Apr/07 31.85 11432.74 0% 1%
Tue/03/Apr/07 31.90 11414.86 0% 0%
Wed/04/Apr/07 32.20 11596.08 1% 2%
Thu/05/Apr/07 33.15 11655.64 3% 1%
Fri/06/Apr/07 33.20 11676.59 0% 0%
Mon/09/Apr/07 33.50 11773.90 1% 1%
Tue/10/Apr/07 33.70 11894.96 1% 1%
Wed/11/Apr/07 33.25 11905.92 -1% 0%
Thu/12/Apr/07 33.25 11977.74 0% 1%
Fri/13/Apr/07 32.70 12004.59 -2% 0%
Mon/16/Apr/07 32.70 12002.77 0% 0%
Tue/17/Apr/07 32.85 12189.29 0% 2%
Wed/18/Apr/07 33.30 12120.80 1% -1%
Thu/19/Apr/07 33.60 12091.53 1% 0%
Fri/20/Apr/07 32.90 12016.18 -2% -1%
Mon/23/Apr/07 32.70 12151.53 -1% 1%
Tue/24/Apr/07 32.95 12166.03 1% 0%
Wed/25/Apr/07 33.00 12208.87 0% 0%
Thu/26/Apr/07 32.65 12235.19 -1% 0%
Fri/27/Apr/07 32.60 12369.70 0% 1%
Mon/30/Apr/07 34.20 12433.22 5% 1%
Wed/02/May/07 35.30 12430.16 3% 0%
Thu/03/May/07 34.90 12512.08 -1% 1%
Fri/04/May/07 36.40 12079.75 4% -3%
Mon/07/May/07 36.25 12331.91 0% 2%
Tue/08/May/07 34.45 12393.28 -5% 0%
Wed/09/May/07 35.40 12346.89 3% 0%
Thu/10/May/07 35.25 12367.62 0% 0%
Fri/11/May/07 34.80 12343.58 -1% 0%
Mon/14/May/07 36.35 12370.99 4% 0%
Tue/15/May/07 37.25 12258.85 2% -1%
Wed/16/May/07 36.85 12250.75 -1% 0%
Thu/17/May/07 36.25 12340.42 -2% 1%
Fri/18/May/07 36.75 12283.23 1% 0%
Mon/21/May/07 36.60 12436.19 0% 1%
Tue/22/May/07 36.15 12496.17 -1% 0%
Wed/23/May/07 36.60 12663.41 1% 1%
Thu/24/May/07 36.75 12732.41 0% 1%
Fri/25/May/07 37.05 12831.09 1% 1%
Mon/28/May/07 37.55 12817.31 1% 0%
Tue/29/May/07 37.45 12806.93 0% 0%
Wed/30/May/07 37.00 12961.26 -1% 1%
Thu/31/May/07 36.65 12933.66 -1% 0%
Fri/01/Jun/07 36.55 12956.94 0% 0%
Mon/04/Jun/07 36.05 13166.77 -1% 2%
Tue/05/Jun/07 37.35 13212.05 4% 0%
Wed/06/Jun/07 37.95 13237.38 2% 0%
Thu/07/Jun/07 37.50 13274.87 -1% 0%
Fri/08/Jun/07 37.25 13268.28 -1% 0%
Mon/11/Jun/07 37.05 13326.17 -1% 0%
Tue/12/Jun/07 37.25 13477.24 1% 1%
Wed/13/Jun/07 37.10 13462.46 0% 0%
Thu/14/Jun/07 37.05 13462.46 0% 0%
Fri/15/Jun/07 38.70 13567.40 4% 1%
Mon/18/Jun/07 37.85 13494.83 -2% -1%
Tue/19/Jun/07 37.95 13556.73 0% 0%
Wed/20/Jun/07 37.65 13,545.80 -1% 0%
Thu/21/Jun/07 37.65 13392.47 0% -1%
Fri/22/Jun/07 38.30 13540.45 2% 1%
Mon/25/Jun/07 38.25 13571.14 0% 0%
Tue/26/Jun/07 38.85 13669.03 2% 1%
Wed/27/Jun/07 38.95 13727.95 0% 0%
Thu/28/Jun/07 39.50 13772.46 1% 0%
Fri/29/Jun/07 39.20 13929.7 -1% 1%
Mon/02/Jul/07 39.00 13809.85 -1% -1%
Tue/03/Jul/07 39.55 13869.03 1% 0%
Wed/04/Jul/07 39.40 13942.00 0% 1%
Thu/05/Jul/07 39.45 13985.89 0% 0%
Fri/06/Jul/07 39.40 14019.05 0% 0%
Mon/09/Jul/07 39.20 13917.43 -1% -1%
Tue/10/Jul/07 41.15 13967.40 5% 0%
Wed/11/Jul/07 40.80 14131.28 -1% 1%
Thu/12/Jul/07 42.75 14202.23 5% 1%
Fri/13/Jul/07 43.05 13945.03 1% -2%
Mon/16/Jul/07 45.20 14053.94 5% 1%
Tue/17/Jul/07 46.10 13659.84 2% -3%
Wed/18/Jul/07 47.40 13193.37 3% -3%
Thu/19/Jul/07 45.80 13351.79 -3% 1%
Fri/20/Jul/07 44.90 13660.36 -2% 2%
Mon/23/Jul/07 45.85 13552.90 2% -1%
Tue/24/Jul/07 46.55 13595.20 2% 0%
Wed/25/Jul/07 45.50 13683.37 -2% 1%
Thu/26/Jul/07 44.95 13630.50 -1% 0%
Fri/27/Jul/07 45.60 13634.08 1% 0%
Mon/30/Jul/07 45.20 13738.87 -1% 1%
Tue/31/Jul/07 45.25 13688.90 0% 0%
Wed/01/Aug/07 45.30 13770.52 0% 1%
Thu/02/Aug/07 45.50 13763.16 0% 0%
Fri/03/Aug/07 46.55 13510.59 2% -2%
Mon/06/Aug/07 47.50 13433.81 2% -1%
Tue/07/Aug/07 46.35 13564.42 -2% 1%
Wed/08/Aug/07 45.50 13179.41 -2% -3%
Thu/09/Aug/07 45.95 13012.96 1% -1%
Fri/10/Aug/07 44.15 12748.62 -4% -2%
Mon/13/Aug/07 43.30 12786.60 -2% 0%
Wed/15/Aug/07 42.00 12708.51 -3% -1%

FFBL Hussain Adjusted

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EPS 2.62 2.62 2.

Opening Urea inventory 5,427

Urea per bag retail prices 496 523 554

DAP per bag 1,050 1,147

Imported urea price US ($) 325

Urea subsidy per ton 9,050

Average price 663 700 1,147

Average price 554

DAP price growth

Urea prices growth

Urea price/50kg bag 482 513 539

Gross sales revenue 15,277 15,778 13,167

1MMBTU into MMCF 913

DAP margin 100% 101% 134%

Raw material consumed 6,622 7,098 6,527

Chemicals and supplies 64 73 84

Salaries wages and benefits 333 332 435

Rent, rates and taxes 20 22 23

Travel and conveyance 28 31 34

Repairs and maintenance 207 257 606

Provision for doubtful advances 0 - -

Depreciation 925 986 1,051

Provision for obselete inventory 4 - 30

Opening stock-WIP 4 1.504 5

Closing stock-WIP (2) (5) (13)

Subsidy on DAP fertilizer from govt of

COGM 9,542 9,104 7,416

Opening stock- own manufactured

Cost of sales- own manufactured urea 9,182 9,403 7,263

Opening stock- purchased fertilizer 5 3 140

Purchase of fertilizers 508 756 19

Closing stock- purchased fertilizers (3) (140) (1)

Cost of sales- purchased fertilizer 510 620 158

COGS 9,692 10,023 7,420

68% 68% 61%

Product transportation 1,044 1,170 829

1,258 1,420 1,069

114 103 131

Depriciation for the year

Net book value at end

Property, pland and equipment sold

Other operating expnses

Workers' participation fund 169 165 178

170 243 344

Auditor's remuneration -13% -7% 5%

Profit on bank balances 425 518 519

454 552 652

1,466 1,312 1,360

Govt.Compensation 700 700 600

Number of shares 934 934 934

1st interim dividend as % of total 50% 50% 50%

Proposed dividend 20% 20% 20%

ROE 32% 29% 30%

Balance Sheet Assumptions

Current portion as % of long term 18% 17% 17%

Trade and other payables

current portion ofLiabilities against assets

Long term deposits

Stock in trade as a % of sales 7% 4% 4%

Trade debts as a % of sales 1% 1% 1%

Advances considered good 26.11

Trade deposits and short term

Other recievables as a % of sales 2% 2% 2%