PAKISTAN PETROLEUM LIMIT

BALANCE SHEET

NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment
Intangible assets

Long-term investments
Long-term deposit
Long-term receivables
Long-term loans - staff
Deferred tax asset

CURRENT ASSETS
Stores and spares
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Accrued financial income
Current maturity of long-term investments
Current maturity of long-term receivables
Other receivables
Short-term investments
Cash and bank balances

SHARE CAPITAL AND RESERVES

Share capital
Reserves

NON-CURRENT LIABILITIES
Provision for decommissioning obligation
Liabilities against assets subject to finance leases
Deferred liabilities
Deferred income
Deferred taxation
Long term liability for gas development surcharge
CURRENT LIABILITIES
Trade and other payables
Current maturity of liabilities against assets subject to finance leases
Current maturity of deferred income
Taxation

CONTINGENCIES AND COMMITMENTS

PROFIT AND LOSS ACCOUNT

For the year ended June, 20XX

Sales - net
Product-wise breakup of sales
Natural gas sales
Federal excise duty
Sales tax
Gas development surcharge

Gas supplied to Sui Villages

Federal excise duty
Sales tax

Internal consumption of gas

Federal excise duty
Sales tax

Condensate sales
sales tax

NGL (condensate sales)

Sales tax

Crude oil sales

Sales tax

LPG sales
Federal excise duty
Sales tax

Field expenditures
Development and drilling
Exploration
Depreciation
 Amortization of intangible assets
Amortization of decommissioning cost
amortisation of prospecting anf development expenditure
Salaries, wages, other benefits
employees' medical benefits
Manpower development
Travelling and conveyance
Communication
Stores and spares consumed
Fuel and power
Rent, rates and taxes
Insurance
Repairs and maintenance
Professional services
Auditors remuneration
free supply of gas to Sui villages
Donations
Social welfare/community development
Other expenses
Recoveries

Royalties

Gross Profit

Share of profit in Bolan Mining Enterprises

Other operating income
Income on loans and bank deposits
Income on term deposits
Income on long term held to maturity investments
Income from investment in treasury bills
Profit on musharika certificates
Gain on re-measurement/dsposal of investments
Rental income on assets
Profit on sale of property, plant and equipment (net)
Profit on sale of stores and spares (net)
Insurance claim
Late payment surcharge received from SSGCL
Foreign exhange gain
Income from joint venture partners under farm-out agreement
Share of profit on LPG sales
Refund of sales tax paid under amnesty scheme
Reversal of provision for obsolete/slow moving stores
Others

Finance cost
Interest on WPPF
 Financial charges for liab against assets subject to finance leases
Unwinding of discount on decommissioning obligation

Other operating expenses

Workers profit participation fund
Workers Welfare fund
Current year
Prior year
Loss on sale of stores and spares
Provision for obsolete/ slow moving stores

Profit before taxation

Taxation
Current
For the year
For prior years (net)
Deferred
For the year
For prior years

Profit after taxation

Basic and diluted earnings per share (Rs)

CASH FLOW STATEMENT

For the year ended June 20XX

CASH FLOWS FROM OPERATING ACTIVITIES

Cash receipts from customers

Receipts of other income
Cash paid to suppliers / service providers and employees
Payment of indirect taxes and Government levies including royalty
Cash generated from operations

Income tax paid

Finance costs paid
Long-term loans - staff (net)

Net cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure
(Purchases) / redemption of long-term investments (net)
(Purchases) / redemption of short-term investments (net)
Long-term deposit
Long-term receivables
Share of profit received from Bolan Mining Enterprises
Financial income received
Proceeds on sale of property, plant and equipment

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of liabilities against assets subject to finance leases

Dividends 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 end of the year
PETROLEUM LIMITED
BALANCE SHEET
30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10
Rs '000 Rs '000 Rs '000 Rs '000 Rs '000

12,763,021 15,226,821 21,187,166 34,763,453 41,695,388

106,562 150,327 180,854 207,264 374,850
12,869,583 15,377,148 21,368,020 34,970,717 42,070,238

308,396 677,384 1,781,469 1,854,333 1,804,498

0 0 0 615,000 630,000
211,858 0 0 27,531 8,502
12,691 10,853 11,752 9,897 9,229
610,272 711,337 0 0 0
14,012,800 16,776,722 23,161,241 37,477,478 44,522,467

1,273,261 1,474,655 1,604,385 1,871,644 2,069,408

6,941,736 9,002,094 13,228,456 27,779,864 30,811,189
60,724 34,001 566,363 414,760 150,096
301,389 408,658 178,172 319,967 324,771
89,527 116,755 212,877 308,003 184,268
0 0 224,665 24,980 224,613
706,309 231,289 0 19,029 19,615
12,317 21,669 8,858 99,347 102,923
16,918,397 21,515,496 20,743,352 13,216,706 27,295,840
749,637 787,786 1,094,892 1,384,353 1,874,393
27,053,297 33,592,403 37,862,020 45,438,653 63,057,116
41,066,097 50,369,125 61,023,261 82,916,131 107,579,583

6,858,376 6,858,376 7,544,200 8,298,606 9,958,298

23,330,171 33,239,675 36,110,071 54,759,951 69,947,933
30,188,547 40,098,051 43,654,271 63,058,557 79,906,231

1,608,707 1,744,823 2,813,374 3,974,307 5,605,226

79,349 69,152 77,564 100,105 87,881
645,431 742,059 859,779 990,685 1,135,029
0 0 0 5,830 3,194
0 0 39,157 138,563 1,218,934
211,858 0 0 0 0
2,545,345 2,556,034 3,789,874 5,209,490 8,050,264
 4,903,960 7,220,468 12,241,943 13,474,434 18,210,479
44,236 50,696 44,795 45,946 1,210,728
706,309 231,289 0 971 2,636
2,677,700 212,587 1,292,378 1,126,733 199,245
8,332,205 7,715,040 13,579,116 14,648,084 19,623,088

0 0 0 0 0
41,066,097 50,369,125 61,023,261 82,916,131 107,579,583

T AND LOSS ACCOUNT

year ended June, 20XX
2006 2007 2008 2009 2010
31,756,712 38,382,645 45,716,789 61,580,072 59,961,616

41,093,490 46,814,696 48,924,909 69,805,448 65,312,167

-1,322,767 -1,291,074 -1,288,099 -1,252,053 -1,212,868
-5,398,422 -6,145,534 -6,421,862 -9,669,284 -9,044,198
-4,754,919 -4,692,729 -3,923,309 -5,124,930 -6,751,369
29,617,382 34,685,359 37,291,639 53,759,181 48,303,732
82,306 99,469 107,625 148,090 134,526
-4,592 -4,469 -4,497 -4,105 -4,364
-10,736 -12,974 -14,038 -20,426 -18,555
66,978 82,026 89,090 123,559 111,607
108,933 131,647 139,830 166,381 144,486
-6,089 -5,920 -5,897 -4,580 -4,695
-14,209 -17,171 -18,239 -22,949 -19,929
88,635 108,556 115,694 138,852 119,862
447,005 1,015,328 1,858,973 1,377,424 3,303,855
-57,014 -132,285 -86,871 - -361
389,991 883,043 1,772,102 1,377,424 3,303,494
769,435 1,465,017 2,271,033 1,697,774 1,852,697
-100,361 -191,089 -115,113 - -
669,074 1,273,928 2,155,920 1,697,774 1,852,697
870,682 1,082,143 3,783,237 3,745,321 5,080,192
-113,567 -141,149 -183,652 - -
757,115 940,994 3,599,585 3,745,321 5,080,192
193,419 471,379 799,072 857,930 1,382,621
-773 -1,156 -1,473 -1,634 -1,883
-25,109 -61,484 -104,840 -118,335 -190,706
167,537 408,739 692,759 737,961 1,190,032

-8171060 -9264776 -10693950 -13161294 -18273006

973112 1285466 1431648 2024175 4222347
2003067 2201017 2448117 3249394 3966500
1266642 1363009 1349718 1262391 1649461
 22199 29488 47751 56388 65038
120668 137694 94790 209859 391703
84097 135644 669858 836415 1396153
1896994 2096103 2522532 3117151 3868609
275863 306790 343128 220051 239721
- - 22177 37058
225001 252734 302881 345420 411047
19366 17522 24357 23414 29906
517288 552669 520406 748188 879829
144018 180836 194033 222168 205774
35043 42232 48067 57125 62797
122989 130111 110124 142690 157703
189691 302452 234448 234074 293560
9204 10255 47658 40943 31631
2067 2950 2956 3308 3801
82306 99469 107625 148090 134526
38705 16465 66489 92539 68327
115670 69763 79271 56215 46957
40795 48428 66366 73642 133258
-13725 -16321 -18273 -24523 -22700

-3744822 -4576591 -5516435 -7463192 -7076111

-11915882 -13841367 -16210385 -20624486 -25349117
19840830 24541278 29506404 40955586 34612499

21048 47632 55777 69116 59658

1484946 2417390 3036365 4080616 2578837
74700 121887 174578 210958 272910
1286171 2111729 2163984 2681110 1396815
33309 37791 81646 194494 189195
- - - - 490928
- - - 4488 1512
- 12616 171032 22156 60330
4554 2103 45340 1881 1430
7335 7592 36179 36044 50904
2289 17032 24237 38707 -
36617 - - - -
6592 - - - -
9074 2772 246063 547694 40343
1801 2103 - 123916 -
12756 90996 63199 186987 39645
- - - 23858 8499
- - - 4735 -
9748 10769 30107 3588 26326

-30096 -49424 -66624 -93628 -154832

888 710 29 708 135
 10213 15274 17042 19236 57910
18995 33440 49553 73684 96787

-1127195 -2600106 -2085367 -3103270 -2567955

1061545 1345360 1623390 2247164 1851228

- 497076 507825 855292 704657

- 754910 -54213 814 -
- - - 1191
65650 2760 8365 - 10879

20189533 24356770 30446555 41908420 34528207

6788532 7588996 10739157 14205629 11207689

6436482 8015087 9366685 14082203 9727779

-32393 -325026 621978 24020 399539

527971 -42970 767945 89341 1497025

-143528 -58095 -17451 10065 -416654

13401001 16767774 19707398 27702791 23320518

20 22 24 28 23
24 26 33

H FLOW STATEMENT
year ended June 20XX
Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Rs '000 Rs '000 Rs '000 Rs '000 Rs '000

53658317 63246960 74179219

408947 926632 114082
-5889602 -11698474 -14624320
-17687629 -24893580 -22100357
19474696 23806485 30490033 27581538 37568624

-6342603 -10155174 -8908873 -14271868 -11054806

-11100 -15984 -17071 -19944 -55732
-1394 1838 -899 3548 1797

13119599 13637165 21563190 13293274 26459883

-3324595 -4028304 -7077377 -14805293 -7862534

20 -116119 -1196561 184249 -75000
 -1300000 -2173406 3430304 -1174442
-615000 -15000
-10203 18443
10000 25000 25000 25000
1356146 2244179 2321352 2982609 2457642
12158 11830 40808 39615 138215

-1946271 -3163414 -8060184 -8768719 -6512676

-54081 -50395 -62627 -55087 -139962

-4457898 -6858270 -16151178 -8298505 -6472844
-4511979 -6908665 -16213805 -8353592 -6612806
6661349 3565086 -2710799 -3829037 13334401

10665554 17326903 20891989 18181190 14352153

17326903 20891989 18181190 14352153 27686554
 PAKISTAN REFINERY LIMITED

BALANCE SHEET (Rupees in

2010
ASSETS
Non-current assets
Property, plant and equipment 5,598,868.00
Intangible assets (- )
5,598,868.00

Investment in associate 66,663.00

Long-term loans and advances 8,742.00
Long-term deposits 13,673.00
Deferred taxation 8,320.00
Retirement benefit obligations - prepayments (- )
5,696,266.00

Current assets
Stores, spares and chemicals 226,353.00
Stock-in-trade 6,810,970.00
Trade debts 16,120,819.00
Loans and advances 23,478.00
Accrued mark-up - (- )
Trade deposits and short-term prepayments 46,776.00
Other receivables 1,387,088.00
Taxation - payments less provision 113,411.00
Tax refunds due from government - Sales tax 424,965.00
investments
Cash and bank balance 9,590.00
###
###

EQUITY
Share capital 350,000.00
Reserves 1,947.00
(Accumulated loss) / Unappropriated profits (1,141,096.00)
Fair value reserve (5,966.00)
special reserve
(795,115.00)

SURPLUS ON REVALUATION OF PROPERTY,PLANT AND EQUIPMENT

3,143,928.00

LIABILITIES
Non-current liabilities
Retirement benefit obligations 1,138.00
Deferred Taxation
1,138.00
Current liabilities
Trade and other payables 25,288,917.00
Short-term borrowing 3,171,710.00
Accrued mark-up 49,138.00
Taxation - provision less payments (- )
28,509,765.00
Total Liabilities ###
Contingencies and commitments
###

PROFIT/LOSS STATEMENT Rupees in

2010

Sales 76,658,272.00
Cost of sales ###
Gross Profit/loss (630,872.00)
Distribution cost (126,394.00)
Administrative expenses (162,373.00)
Other operating expenses (420.00)
Other income 125,303.00
Operating Profit/loss (794,756.00)
Finance cost (1,134,272.00)
Share of income of associate 14,595.00
Profit/Loss before taxation ###
Taxation - (Charge) / Credit (1,060,782.00)
Profit/Loss after taxation ###

Other comprehensive income / (loss)

Change in fair value of available for sale investments of associate 1,166.00
Deferred tax relating to fair value change of available for sale investments
(408.00)
of associate

758.00
Total comprehensive Profit/loss ###
Total number of outstanding shares 35,000.00
Profit/Loss per share (85.01)

CASHFLOW STATEMENT Rupees in

2010
CASH FLOW FROM OPERATING ACTIVITIES
Cash used in operations (1,484,809.00)
Mark-up paid (232,613.00)
Income tax paid (1,104,721.00)
Contribution to defined benefit retirement plans (16,891.00)
Decrease / (Increase) in long-term loans and advances 7,724.00
Decrease in long-term deposits 339.00
Net cash used in operating activities (2,830,971) (1,397,205) ###

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (252,202.00)
Proceeds from sale of property, plant and equipment 1,314.00
Return on deposits 114,391.00
Dividend received 6,378.00
Net cash used in investing activities (130,119.00)

CASH FLOW FROM FINANCING ACTIVITIES

Net (repayment) / receipt of short-term borrowings (1,118,783.00)
Dividend paid (44.00)
Net cash (used in) / generated from financing activities ###

Net (decrease) / increase in cash and cash equivalents (4,079,917.00)

Cash and cash equivalents at the beginning of the year 3,909,833.00
Cash and cash equivalents at the end of the year ###
FINERY LIMITED

(Rupees in Thousnads )
2009 2008 2007 2006

2,336,063.00 975,774.00 930,675.00 795,291.00

6,739.00 14,091.00 21,443.00 21,443.00
2,342,802.00 989,865.00 952,118.00 816,734.00

57,280.00 58,238.00 54,077.00 50,609.00

16,466.00 13,588.00 10,943.00 11,231.00
14,012.00 14,012.00 2,887.00 2,887.00
978,215.00 38,583.00 4,195.00
4,161.00 9,520.00 39,809.00 31,893.00
3,412,936.00 1,085,223.00 1,098,417.00 917,549.00

239,794.00 233,425.00 229,371.00 282,797.00

8,367,282.00 9,102,109.00 5,107,781.00 3,843,622.00
14,431,063.00 10,427,821.00 4,789,762.00 3,674,774.00
14,383.00 18,795.00 22,439.00 25,852.00
13,160.00 47.00 7,726.00 1,271.00
8,542.00 48,844.00 49,091.00 56,025.00
1,969,604.00 21,180.00 15,891.00 3,532.00
188,152.00
200,248.00 365.00 1,476,306.00 833,671.00
201,769.00 2,199.00
3,909,833.00 2,646,115.00 1,698,277.00 2,363,107.00
### ### ### ###
### ### ### ###

350,000.00 350,000.00 300,000.00 250,000.00

1,816,368.00 69,829.00 129,751.00 77,030.00
19,698.00
(6,724.00)
6,386,076.00 4,375,332.00 4224518
2,179,342.00 6,805,905.00 4,805,083.00 4,551,548.00

(- ) (- ) (- )

4,372.00 7,078.00 4,373.00 5,628.00

 40,042.00
4,372.00 47,120.00 4,373.00 5,628.00

25,377,179.00 15,904,758.00 9,537,222.00 7,063,744.00

4,105,936.00 29080
(- ) 77,558.00 1,989.00 8,782.00
900,016.00 936,735.00 348,163.00 345,617.00
30,383,131.00 16,919,051.00 9,887,374.00 7,447,223.00
### ### 9,891,747.00 7,452,851.00

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

Rupees in Thousands
2009 2008 2007 2006

76,861,057.00 95,564,006.00 57,404,065.00 60,963,200.00

### ### ### ###
### 4,331,766.00 775,951.00 2,401,413.00
(120,841.00) (129,400.00) (89,434.00) (84,752.00)
(164,668.00) (698,143.00) (134,977.00) (121,203.00)
(3,127.00) (252,177.00) (46,252.00) (185,246.00)
263,172.00 230,897.00 73,746.00 74,602.00
### 3,482,943.00 579,034.00 2,084,814.00
(2,477,467.00) (253,047.00) (81,718.00) (40,999.00)
14,671.00 24,722.00 6,949.00 19,568.00
### 3,254,618.00 504,265.00 2,063,383.00
929,743.00 (1,143,874.00) (253,451.00) (718,441.00)
### 2,110,744.00 250,814.00 1,344,942.00

(7,550.00)
2,642.00

(4,908.00)
### ### 250,814.00 ###
35,000.00 35,000.00 35,000.00 30,000.00
(130.62) 60.31 7.17 44.83

Rupees in Thousands
2009 2008 2007 2006

(877,803.00) 1,595,463.00 2,783.00 3,275,798.00

(371,877.00) (5,627.00) (83,431.00) (36,529.00)
(122,591.00) (474,147.00) (285,894.00) (839,761.00)
 (22,056.00) 8,210.00 (40,288.00) (49,621.00)
(2,878.00) (2,645.00) 288.00 (3,374.00)
(- ) (11,125.00)
### 1,110,129.00 (406,542.00) 2,346,513.00

(1,492,946.00) (189,458.00) (268,919.00) (217,131.00)

4,028.00 571.00 2,254.00 1,010.00
189,806.00 118,692.00 30,732.00
8,079.00 8,504.00 6,803.00 5,528.00
### (61,691.00) (229,130.00) (210,593.00)

3,997,071.00
(45,115.00) (100,600.00) (78.00) (50,380.00)
3,951,956.00 (100,600.00) (78.00) (50,380.00)

1,263,718.00 947,838.00 (635,750.00) 2,085,540.00

2,646,115.00 1,698,277.00 2,334,027.00 248,487.00
### ### ### ###
 NATIONAL REFINERY LIMITED
BALANCE SHEET (Rupees in Thousnads )
2010 2009
ASSETS
Non-current assets
Property, plant and equipment 3,248,221.00 3,019,311.00
Intangible assets 138.00 5,938.00
3,248,359.00 3,025,249.00

Long-term loans and advances 90,494.00 79,147.00

Long-term deposits - (- )
Deferred taxation 432,732.00 84,498.00
Retirement benefit obligations - prepayments (- ) (- )
3,771,585.00 3,188,894.00

Current assets
Stores, spares and chemicals 904,370.00 936,594.00
Stock-in-trade 11,798,203.00 12,251,181.00
Trade debts 16,291,704.00 14,841,288.00
Loans and advances 21,433.00 25,219.00
Accrued mark-up - 69,231.00 91,500.00
Trade deposits and short-term prepayments 16,301.00 53,749.00
Other receivables 941,591.00 2,382,583.00
Tax refunds due from government - Sales tax 62,028.00 575,902.00
investments 1,553,665.00 197,622.00
Cash and bank balance 16,209,008.00 7,800,079.00
### ###
### ###

EQUITY
Share capital Authorised 100,000.00 1,000,000.00
issued, subscribed and paid up 799,666.00 799,666.00
reserves 18,838,307.00 16,553,075.00
### ###

LIABILITIES
Non-current liabilities
Retirement benefit obligations 139,492.00 135,547.00
139,492.00 135,547.00
Current liabilities
Trade and other payables 29,888,910.00 23,032,238.00
Provisions 298,569.00 301,485.00
Taxation 1,674,175.00 1,522,600.00
31,861,654.00 24,856,323.00
Total Liabilities ### ###
Contingencies and commitments
### ###

PROFIT/LOSS STATEMENT Rupees in Thousands

2010 2009

Sales ### ###

trade discounts, taxes and duties ### ###
Net sales ### ###
Cost of sales ### ###
Gross Profit/loss 6,332,808.00 5,273,466.00
Distribution cost (996,099.00) (844,157.00)
Administrative expenses (373,775.00) (371,655.00)
Other income 1,278,104.00 1,365,148.00
Other operating expenses (409,659.00) (214,958.00)
Operating Profit/loss 5,831,379.00 5,207,844.00
Finance cost (695,757.00) (2,394,388.00)
Profit/Loss before taxation 5,135,622.00 2,813,456.00
Taxation - (Charge) / Credit (1,850,808.00) (1,280,428.00)
Profit/Loss after taxation 3,284,814.00 1,533,028.00

Total number of outstanding shares 79,967.00 79,967.00

Loss per share 41.08 19.17

CASHFLOW STATEMENT Rupees in Thousands

CASH FLOW FROM OPERATING ACTIVITIES
2010 2009
Cash used in operations 12,357,089.00 (5,534,242.00)
Income tax paid (2,047,467.00) (1,590,223.00)
Decrease / (Increase) in long-term loans and advances (11,347.00) 776.00
Gratuity Paid (3,253.00) -
Pension Fund Contribution (61,234.00) (273,558.00)
post retirement medical benefits paid (18,100.00) -
Finance cost paid - (46.00)
Net cash used in investing activities ### ###

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (465,799.00) (647,735.00)
Purchase of intangible asset - (311.00)
Proceeds from sale of property, plant and equipment 4,054.00 2,118.00
Investments encashed 42,113.00 3,492,179.00
Return on treasury bills received 12,159.00 -
Interest received on balances with banks 958,860.00 821,841.00
Net cash used in investing activities 551,387.00 3,668,092.00

CASH FLOW FROM FINANCING ACTIVITIES

Dividend paid (996,116.00) (1,593,649.00)
Net cash (used in) / generated from financing activities
(996,116.00) ###

Net (decrease) / increase in cash and cash equivalents9,770,959.00 (5,322,850.00)

Cash and cash equivalents at the beginning of the year7,800,079.00 13,122,136.00
Exchange gain on foreigh currency bank accounts 260.00 793.00
Cash and cash equivalents at the end of the year ### ###
n Thousnads )
2008

2,601,276.00
11,911.00
2,613,187.00

79,923.00
(- )
164,407.00
(- )
2,857,517.00

779,076.00
13,288,291.00
10,173,051.00
51,028.00
30,780.00
95,899.00
2,183,257.00
408,221.00
3,615,359.00
13,122,136.00
###
###

1,000,000.00
799,666.00
16,619,379.00
###

312,277.00
312,277.00

26,662,420.00
298,569.00
1,912,304.00
28,873,293.00
 ###

###

n Thousands
2008

###
###
###
###
###
(889,008.00)
(376,170.00)
1,404,402.00
(657,019.00)
###
(1,331,669.00)
8,831,292.00
(2,825,860.00)
6,005,432.00

79,967.00
75.10

Thousands

2008
7,770,085.00
(2,606,817.00)
(15,533.00)
(1,508.00)
(3,205.00)
-
(259.00)
5,142,763.00

(497,682.00)
-
3,492.00
(2,443,293.00)
-
749,055.00
 ###

(1,326,308.00)
###

1,628,027.00
11,492,152.00
1,957.00
###
 SHELL PAKISTAN

BALANCE SHEET
30-Jun-06 ###
Rs '000 Rs '000
NON-CURRENT ASSETS
Property, plant and equipment 5,728,075 6,579,993
Intangibles
Long-term investments 1,921,885 2,015,535
Long-term loans and advances 139,640 182,579
Long-term deposit and prepayments 110,445 110,994
Long-term Debtors 328,227
Deferred tax asset 280,967
7,900,045 9,498,295
CURRENT ASSETS
Stores and spares 28,865 30,286
Stock in Trade 9,979,886 8,244,054
Trade debts 5,231,727 4,251,325
Loans and advances 41,821 42,720
Trade deposits and short-term prepayments 167,317 140,239
Other receivables 3,961,541 5,970,763
Taxation 219,715
Cash and bank balances 981,197 814,530
20,392,354 ###
Total Assets 28,292,399 ###

Liabilities
CURRENT LIABILITIES
Current maturity of liabilities against assets subject to finance leases 26,480 32,203
Short-term running finances used under markup arrangments
1,779,860 725,836
Short-term loans 3,250,000 6,810,000
Trade and other payable 12,014,003 ###
Mark-up accrued 77,035 131,580
Taxation 830,632
17,978,010 ###
NON-CURRENT LIABILITIES
Deferred taxation - net 52,304
Liabilities agains assets subject to finance lease 7,019 547
Long-term Loan
Asset obligation 98,320 138,494
157,643 139,041
Total Liabilities 18,135,653 ###
Net Assets 10,156,746 9,460,771

Financed By:
Share capital 438,323 547,904
Reserves 2,233,026 2,233,026
Unappropriated Profit 7,485,397 6,679,841
Share holder's Equity 10,156,746 9,460,771

CONTINGENCIES AND COMMITMENTS

PROFIT AND LOSS ACCOUNT

Year Ended December & Half Year Ended Ju
Dec-08 Jun-09
Sales - net ### ###
Non-fuel retail
Sale 93395 5356
Other 17598 6127
Other Revenue 537854 229960
184823050 82243754
Less: Sales Tax 21672130 10287281
Net Revenue 163150920 71956473
Cost of Products Sold 156699426 66750311
Gross Profit 6451494 5206162

Administrative and Marketing Expenses 2784663 1829737

Distribution Expenses 3198933 1486590
467898 1889835
Other operating Income 602223 156315
1070121 2046150
Workers Profit Participation Fund
Workers welfare fund
Other operating Expenses 2713437 381543
Operating Profit -1643316 1664607
Finance Cost 1522123 902273
-3165439 762334
Share of Profit of associates - net of tax 116702 199879
Profit before taxation -3048737 962213
Taxation -1323147 -51749
Profit after taxation -1725590 1013962
Rupees Rupees
Basic and diluted earnings per share (Rs) -25 15

CASH FLOW STATEMENT

For the year ended
Jun-06 Jun-07
Rs '000 Rs '000
CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 2586000 2259708

Markup on short-term finances and short-term loans paid -235819 -729776
Taxes Paid -1336848 -1055695
Long-term loans and advances (net) -54761 -42939
Long-term deposits and prepayments (net) -62201 -549
Markup received on short-term deposites 10388 5807
Long-term Debtors -328227
Net cash generated from operating activities 906759 108329

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure -729104 -1383390

Proceeds on sale of property, plant and equipment 43700 21080
Dividend recived from associates 28600
Net cash used in investing activities -685404 -1333710

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid -1285490 -1387277

Repayment of Liability under finance lease -70290 -59985
Proceeds from Long-term Loan
Net cash used in financing activities -1355780 -1447262

Net increase / (decrease) in cash and cash equivalents -1134425 -2672643

Cash and Cash equivalent at July 1 -2914238 -4048663
Cash and Cash equivalent at June 30 -4048663 -6721306
HEET
30-Jun-08 31-Dec-09 ###
Rs '000 Rs '000 Rs '000

6,826,848 7,024,787 6,665,275

289,573 1,869,809
2,134,783 2,312,806 2,607,947
146,381 101,058 88,774
201,718 206,542 172,844
134,920 20,919 21,931
2,334,798 2,112,528
9,444,650 12,290,483 ###

13,328 15,719 17,612

18,095,523 13,076,718 ###
4,904,940 1,239,213 1,540,641
47,029 60,283 67,606
207,864 250,050 171,118
6,079,111 5,851,644 6,412,971

872,414 869,623 1,113,923

30,220,209 21,363,250 ###
39,664,859 33,653,733 ###

56,742 38,808 23,699

4,338,339 2,453,001 1,350,463
1,500,000 6,000,000 7,000,000
16,483,008 15,970,996 ###
157,268 200,038 111,700
772,454 506,459 626,700
23,307,811 25,169,302 ###

51,574
2,216 1,790 2,652
2,500,000
191,620 212,038 207,025
2,745,410 213,828 209,677
26,053,221 25,383,130 ###
13,611,638 8,270,603 7,278,615

547,904 684,880 684,880

 2,233,026 2,096,050 2,096,050
10,830,708 5,489,673 4,497,685
13,611,638 8,270,603 7,278,615

ember & Half Year Ended June

Dec-09 Jun-10
### ###

5356
16975 1255
486980 205671
177619519 102222183
21619421 12070457
156000098 90151726
143097916 84422177
12902182 5729549

3846205 1952339
3376353 1787802
5679624 1989408
492001 387206
6171625 2376614

1284990 340338
4886635 2036276
1401211 568983
3485424 1467293
424585 295141
3910009 1762434
1347061 1042224
2562948 720210
Rupees Rupees
37 11

ATEMENT
ended
Jun-08 Dec-08 Jun-09 Dec-09 Jun-10
Rs '000 Rs '000 Rs '000 Rs '000 Rs '000

3033014 1188827 4972522 5650195 3380961

 -848056 -512867 -1184389 -1606985 -554066
-1261536 -379998 -94468 -363543 -699713
36198 24699 8001 20624 12284
-90724 -67306 60561 62482 33698
21162 66464 65812 74215 17250
102785 72821 15216 96587 21449
992843 392640 3843255 3933575 2211863

-933830 -613149 -411796 -1324547 -148351

121860 36144 23340 69074 7808
93000 123114 129977
-718970 -453891 -388456 -1125496 -140543

-986257 -2169913 -5792 -543923 -1701666

-32235 -86490 -69884 -63955 -22816
2500000
1481508 -2256403 -75676 -607878 -1724482

1755381 -2317654 3379123 2200201 346838

-6721306 -4965925 -7283579 -7283579 -5083378
-4965925 -7283579 -3904456 -5083378 -4736540