engro latest updated modified

8/14/2019 ENGRO LATEST UPDATED modified

1/139

EPS

Rs mn CY03 CY04 CY05Urea capacity 850,000 850,000 850,000Urea production 954,923 870,321 911,672Effeciency 112% 102% 107%NPK capacity 100,000 100,000 100,000NPK production 72,180 120,566 157,013Effeciency 72% 121% 157%NP productionUrea imports offtake 112,000

Domestic urea sales 890,000NPK (Zarkhez) 86,000 114,000 115,000NP - 28,000Zorawar MAP/MOP imports offtake 76,000 78,000 96,000DAP imports offtake 135,000 281,000

Closing Inventory UreaClosing Inventory DAPClosing Inventory NPClosing Inventory NPKClosing Inventory MAPClosing Inventory Imported urea

Urea importsDAP importsMAP imports

NPK as % of production 95% 73%NP as % of production 0% 18%Zorawar MAP/MOP growth 3% 23%DAP imports growth 108%Urea imports growth

Prices

Urea price growthDAP price growthMAP price growthNPK price growth

NP price growth

Domestic urea price per bag 485Ex factory per bag 470Urea per ton 9,400

DAP per bag importedEx factory per bag


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DAP per ton

MAP/MOP price per ton Us $Ex factory MAP priceRupee/ US $MAP price per ton Rs

NPK price per bagEx factory NPK priceNPK per ton

NP price per bagNP ex factory priceNP per ton

Urea import price per tonGrowthUS $ / RsUrea import cost per ton

DAP import priceGrowthUS $ / Rs

DAP import cost per ton

MAP import priceUS $ / RsMAP import cost per ton

Import margin

Urea subsidy per ton

DAP subsidy per tonMAP subsidy per tonNP subsidy per tonNPK subsidy per ton

Subsidized margin ureaSubsidized margin DAP


3/139

Subsidized margin MAPSubsidized margin NPSubsidized margin NPK

DAP price

JanFebMarAprMayJunJulAugSepOctNovDec

DAP price growth

JanFebMarAprMayJunJul

AugSepOctNovDec

MAP prices ($)

JanFebMar

AprMayJunJulAugSepOctNov


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Dec

MAP price growth

JanFebMarAprMayJunJulAugSepOctNov

Dec

NPK prices

JanFebMarAprMayJun

JulAugSepOctNovDec

NPK prices growthJanFebMarAprMayJunJul


5/139

AugSepOctNovDec

NP prices

JanFebMarAprMayJunJulAug

SepOctNovDec

NP prices growth

JanFeb

MarAprMayJunJulAugSepOctNovDec

Urea priceDAP priceMAP priceNPK priceNP price


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Sales

Domestic urea salesImported urea salesNPK salesNP salesDAP salesMAP/MOP sales

Gross sales domestic 8,753 9,503 10,694Sales tax 1,066 1,018 967

7,686 8,485 9,727Rate 12% 11% 9%Purchased product 4,801 4,592 9,123Sales tax 602 279 574

4,198 4,313 8,549Rate 13% 6% 6%

Net sales 11,884 12,798 18,276

Gas charges

Feedstock consumption 26,954 27,543Fuelstock consumption 7,165 6,695Feedstock charges 70 77Fuelstock charges 209 241Feedstock/capacity 3% 3%Fuelstock/capacity 1% 1%

Feedstock cost 1,714 1,949

Fuelstock cost 1,365 1,473

Raw material 574 1,076Raw material per ton 579 1,007Growth

Power 96 1837% 12%

Growth 91%

Raw materials consumed 2,288 3,025Fuel and power 1,460 1,656Salaries, wages 542 544Repairs & maintenance 269 236 284Consumable stores 81 76 75Staff recruitment and other 24 24 32Purchased services 92 99 102Travel 18 21 23


7/139

Communication 28 29 29Insurance 69 54 51Rent, rates and taxes 4 5 5Other expenses 27 26 12Depreciation/ Amortization 560 584Manufacturing cost 5,421 6,420Opening stock WIP 18 10 3Closing stock WIP (10) (3) (1)COGM 5,427 6,422Opening stock FG 230 156 140Closing stock FG (156) (140) (319)Purchased product 3,886 4,085 8,089Subsidy

5,444 6,243

COGS 9,528 14,333

Selling & distribution expenses

Salaries 211 203Staff recruitment 18 25Product transportation 595 803Repairs & maintenance 13 11Advertising 61 63Rent 30 39Communication 26 20Travel 22 22

Depreciation/ Amortization 23 25Purchased services 12 13Donations 52Other expenses 26 26

1,037 1,302

% of sales

Salaries 2% 1%Staff recruitment 0% 0%Product transportation 5% 4%Repairs & maintenance 0% 0%

Advertising 0% 0%Rent 0% 0%Communication 0% 0%Travel 0% 0%Depreciation/ Amortization 0% 0%Purchased services 0% 0%Donations 0%Other expenses 0% 0%

Cost of gods sold- own manufacturedproduct


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Other income

Dividned income 491 964Income on deposits 45 59Service charges 6 20

- 65Reversal - 25

-Profit on disposal 13 -Net FOREX gain 3 1Others - 12

- 558 1,145

Dividend income 96%Income on deposits 31%

Service charges 235%Fair valueReversalProfit on disposal -100%Net FOREX gain -61%Others

Other operating expenses

WPPF 124 172Workers' welfare fund 33 43

R&D 32 69- (1)

Auditors' remunerationstatutory audit 1 1fee for other any services 1 1reimbursement of expenses 0 0

2 2190 284

Less: shown under capital WIP (1) (0)Professional tax 1 0

Other expenses 231,370,000 190 284Welfare fund 2050% 158%

-100% 49%

Current

Gain on change in fair value of interest rate swap

Gain on curtailment of defined benefit pensionplan

Reversal of provision for diminution in value ofinvestment

Loss on disposal of property, plant andequipment


9/139

for the year 587 864for prior year - -

587 864Deferredfor the year 118 37for prior year - -

118 37

Taxation 766,468,000 704 900

rate 33% 25% 27%

Deferred 20% 4%

No. of shares 153 152.94

Issued paid up capital ### 1,529 1,529Reserves ### 4,429 4,429Unappropriated profit 540,189,000 627 1,417

Equity ### 6,586 7,376

1st interim dividnd as % of total 29% 27%

2nd interim dividend as % of total 24% 27%

Proposed dividend 47% 45%

ROE 24% 31%

Depreciation

Cost at start

Freehold land 13 13Leasehold land 187 187Building freehold 478 504Building leasehold 271 272Planat & machinery 8,912 9,226


10/139

Planat & machinery held for disposalCatalyst 160Furnitur 361 364Vehiclesown 152 143Vehicles leased - 7Total 10,374 10,877

Additions

Freehold land - -Leasehold land - -Building freehold 26 30Building leasehold 1 2Planat & machinery 315 304Planat & machinery held for disposal 55Catalyst 22 24Furnitur 36 45

Vehiclesown 7 -Vehicles leasedTotal 407 459

Disposals

Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery (0) (14)

Planat & machinery held for disposal -Catalyst (14) (7)Furniture (45) (17)Vehiclesown - -Vehicles leasedTotal (59) (38)

Transfer in/(out)

Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery 160 -Planat & machinery held for disposal - -Catalyst (5) -Furnitur - -Vehiclesown - -Vehicles leasedTotal 155 -


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Cost at end

Freehold land 13 13Leasehold land 187 187Building freehold 504 534Building leasehold 272 274Planat % machinery 9,387 9,516Planat & machinery held for disposal - 215Catalyst 364 381Furnitur 143 170Vehiclesown 7 7Vehicles leasedTotal 10,877 11,298

Depriciation rate

Freehold land 0% 0%Leasehold land 2% 2%Building freehold 4% 4%Building leasehold 2% 3%Planat % machinery 5% 5%Planat & machinery held for disposal 17%Catalyst 11% 13%Furnitur 17% 15%Vehiclesown 5% 20%Vehicles leasedTotal

Depriciation at start

Freehold land - -Leasehold land 34 38Building freehold 180 200Building leasehold 18 25Planat % machinery 3,307 3,744Planat & machinery held for disposal - 88Catalyst 189 215Furnitur 94 85Vehiclesown - 0Vehicles leasedTotal 3,822 4,395

Depriciation for the year

Freehold land - -Leasehold land 4 4Building freehold 20 22


12/139

Building leasehold 7 7Planat % machinery 477 455Planat & machinery held for disposal - 37Catalyst 41 48Furnitur 24 26Vehiclesown 0 1Vehicles leasedTotal 573 600

Disposals

Freehold land - -Leasehold land - -Building freehold - -Building leasehold - -Planat % machinery (0) (8)Planat & machinery held for disposal -

Catalyst (13) (6)Furnitur (34) (11)Vehiclesown - -Vehicles leasedTotal (47) (26)

Adjustments

Freehold land - -Leasehold land - -Building freehold - -

Building leasehold - -Planat % machinery 48 -Planat & machinery held for disposal - -Catalyst (2) -Furnitur - -Vehiclesown - -Vehicles leasedTotal 46 -

Depriciation at end

Freehold land - -Leasehold land 38 42Building freehold 200 222Building leasehold 25 32Planat % machinery 3,832 4,191Planat & machinery held for disposal - 125Catalyst 215 257Furnitur 85 99Vehiclesown 0 2


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Vehicles leasedTotal 4,395 4,969

Net book value at endFreehold land 13 13Leasehold land 150 146Building freehold 304 313Building leasehold 247 242Planat % machinery 5,555 5,325Planat & machinery held for disposal - 90Catalyst 149 124Furnitur 58 71Vehiclesown 6 5Vehicles leasedTotal 6,482 6,329

Capital WIP

Plant and machinery 464 361Building and civil works 110 96Furnitures, fixtures and equipment 25 48Advances to suppliers 16 6

615 511

Property, plant and equipment 7,096 6,840

Plant and machinery 7% 6%

Building and civil works 2% 2%Furnitures, fixtures and equipment 0% 1%Advances to suppliers 0% 0%

Depreciation allocation

Depreciation for the year 573 600Amortization for the year 9 9

582 609

Cost of sales 560 584Selling & distribution expenses 23 25

582 609

96% 96%4% 4%


14/139

Disposal of fixed assetsVehicles

CostBVSale proceedsGain / (loss) on dsiposal of vehicles

FurnitureCostBVSale proceedsGain / (loss) on dsiposal of furniture

LandCostBVSale proceedsGain / (loss) on dsiposal of land

Gain / (loss) on disposal (1)

Sale proceeds 11

% -754%

LandCost

BVSale proceeds

FurnitureCostBVSale proceeds

Amortization

Cost 62 64Additions 2 21

64 86Amortization

Beginning 45 54Amortization cost 9.2060 9.4490

54 64


15/139

Net BV 10 22

BS assumptions

Issued, subscribed and paid up 1,529 1,529Reserves -revenues 4,429 4,429Unappropriated profit 627 1,417

Share premium - -

CY05 2 -CY06 2 2CY07 2 2

7 5Less: financial charges not due 1 0

7 5

2 25 2

Deferred taxation

Accelerated depreciation allowance 1,026 1,036

Provision for - retirement benefits (32) (22)slow moving stores and spares (23) (6)

doubtful receivables (5) (5)966 1,003

Accelerated depreciation allowance 106% 103%Provision for - retirement benefits -3% -2%

slow moving stores and spares -2% -1%doubtful receivables -1% 0%

Retiement and other service benefits

Opening balance 177 20Reversal of expense 53 (4)Amounts received/ (contributions made) - (12)Contributions made (210) -Closing balance 20 4

Liability against assets subject to financiallease

Less: current portion shown under currentliabilities


16/139

Less: payable to gratuity funds (6) 0Less: receivable from pension fund - -

(6) 025 3

Other service benefit plan 66 60

22 2043 4069 43

Pension fund

PV 358Fair value (402)Surplus (44)Unrecognized gain 44Net (asset) / liability at the year end -

Gratuity fund

PV 180Fair value (204)Surplus (24)Unrecognized gain 24Net (asset) / liability at the year end 0

Defined benefit plans

Curent service cost 38 28Interest cost 53 45Reversal made - (25)Expected return on plan assets (38) (52)Recognition of curtailment gain -

0 053 (4)

Defind cotribution plan 27 44

Current portion 34% 34%

Short term borrowings - secured

ST running finance 2,400 2,400Convertible into LT financing 2,400 2,400

- -

Less: current portion shown under currentlisbilities

Net acturial (gain) / loss recognizd in currentyear


17/139

Trade and other payables

Creditors 297 839Accrued liabilities 282 328Payable to pension fund - 0Payable to gratuity fund - -Advances from customers 583 656Financial charges accrued on :redeemable capital and long term loans 40 61short term borrowings 2 27

Deposits from dealers refundable 7 7Contractors' deposits and retentions - 11WPPF 9 7Workers' welfare fund 2 27Others 16 5

1,237 1,969

Taxation - 434%

Unclaimed dividends 43 785% 5%

Long term investments

UnquotedSubsidiary company - at cost 85 833Joint venture company - at cost 1,340 1,340Others - at costArabian sea country club 5 5Less: provision for diminutionin value 5 5

- -Associated company Agrimall limited - -

1,425 2,173

Subsidiary companies

Engro eximp 0 0Engro management 3 3Engro foods - 150Advance against issue of share capital - 598Engro energy - -Advance against issue of share capital - -


18/139

Engro asahi - -Engro innovative autimation 82 82

85 833

Joint venture company

Engro VOPAK 450 450Engro asahi 890 890

1,340 1,340

Executives 70 57

Other employees 35 6104 6452 31

Fair value of interest rate SWAP - 65Less: current portion - 32

- 33

52 66

Reconciliation of loans

Beginning balance 93 70Disbursements 16 39Repayment (38) (52)Ending balance 70 57

Disbursements 17% 56%Repayment -41% -74%

49% 11%50% 49%

2%

49%

Stores, spares and loose tools

Consumable stores 97 95Spares 543 585Loose tools 4 3

644 683

Long term loans, advances and otherreceivables

Less: installemnt recoverable within twelvemonths


19/139


20/139

0% 0%Sun-ordinated loan to engro eximp 2% 1%Advances and deposits 0% 0%

Statutory authorities 0% 0%Others 0% 0%Margins against LoC 1% 0%Prepayments 0% 0%Less: provision for doubtful receivables -2% -3%

Other receivables and other assets

Receivable from government for:customers duty and sales tax 22

grant receivable from GoP (subsidy) -Others 14

- 36Accrued income on deposits / financial assets 6Receivable from pension fund -WPPF -

Sales tax refundable 7Current portion of fair value of interest rate swap 32Due from:engro eximp 10engro foods 2

engro asahi 3engro asahi -engro innovative 0engro management services 0engro vopak terminal 135

Claims on foreign suppliers 7Less: provision for doubtful receivables 0

- 7Non-current assets held for disposal -Others 0Less: provision for doubtful receivables 0

- 0

65 238

WPPF

Current portion of long term loans and advances- considered good


21/139

Balance at the beginning (2)Interest on funds (0)Allocation for the year (172)Less: amount paid to the trustee 167Receivable / (payable) to the fund (7)

Interest 5%Amount paid -97%

ST investments

CoD 50 25Fixed income / money market fund 103 113GoP special US dollar bond 687

CoI 25864 138

10%

Financial assets at fair value through profitor loss


22/139

13.17

CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07

975,000968,585

99%160,000107,994

67%

65,000

945,00077,00039,00092,000

295,000

71%36%-4%5%

-42%

10%5%5%7%

523508

10,160

1,025984


23/139

19,680

14,70014,406

710696

14,200

710

300

6118,300


24/139

1,0891,0841,0681,0571,0561,0621,0751,0771,077

911870871

1,025


25/139


26/139

10,16019,680


27/139

9,840,823,600660,400,000

-

5,805,600,000-

11,3961,005

10,3919%

7,676465

7,2116%

17,602

28,0007,300

862652%1%

2,202

1,766

273254

30918%69%

2,475 688 581 7082,075 523 496 495

638 160 151 167212 43 80 5193 23 29 2143 12 13 9

100 28 28 2131 4 10 6


28/139

22 5 6 560 19 19 198 2 3 3

22 9 15 11600 - - - -

6,380 1,516 1,431 1,516 -1 4 1 2

(4) (1) (2) (3)6,378 1,519 1,430 1,515 -

319 163 647 555(163) (647) (555) (530)

6,832 29 3,213 2,093(1,018)

6,533 1,035 1,522 1,540 -

13,365 1,064 4,735 3,633 -

240 57 54 6329 4 12 4

942 115 260 2279 2 1 1

69 11 18 757 14 22 2219 5 4 327 4 9 7

23 - - - -7 1 2 1

35 - - -25 10 11 12

1,482 224 393 346 -

1%0%5%0%

0%0%0%0%0%0%0%0%


29/139

97146215

-113137

140

51,339

10%10%

12%

5%0%

18566

34-

1102

287-0

28794%

1%


30/139


31/139

215381170

711,298

--4559

364782470

-

639 - - - -

-(21)

--(7)

-(14)(24)

-

(65) (80) (80) (80) (80)

----

(151)----

(151) 151 151 151 151


32/139

13167579333

9,722293392216

7

11,720 - - - -

0%2%4%3%5%

14%12%12%20%

-42

22232

4,191125257992

4,969 - - - -

-4

22


33/139

94644148261

614

-(5)--(2)-

(12)(17)

-

(36) (61) (61) (61) (61)

---

-(126)----

(126) (126) (126) (126) (126)

-41

24341

4,528166292107

3


34/139

5,421 5,864 5,864 5,864 5,864

13126336292

5,19412799

1094

6,300 6,231 6,231 6,231 6,231

194173611

258

6,558

3%

0%1%0%

6149

623

60023

623

96%4%


35/139

247

147

2066

(1)

2116

146131

137

166

121%

11%

29%200%

5%31%91%

865

91

648.973


36/139

18

1,9354,4292,190

1,068

--2

202

2-

1,156

(20)(4)(4)

1,127

103%-2%0%0%

4(108)

35-

(69)


37/139

-(73)(73)

454

163741

338(485)(148)

74(73)

198(238)(39)39-

1247-

(52)(113)

(1)(108)

69

31%

3,0001,0002,000


38/139

509342

-4

40

5533106

-7013

1,082

726%

824%

3,203450

5-5

-3,658

03

1,0006031583


39/139


40/139

14689

0%3%0%

2%

3234

163433923

5%6%

6238

6318

623

4%

42190

110---79(3)

417


41/139

0%1%1%

0%0%0%0%

-7%

22

64514

6813

733

1526

260

390

10-90717

2500

0

999


42/139

(7)(0)

(185)195

3

7%-106%

8%

-229

229

102%


43/139

16.31 Err:522 (1.45) (1.87) (2.77)

CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08

975,000 243,750Err:522 255,536Err:522 105%

160,000128,000 28,793

80%4,880

66,300 14,843

Err:522 307,29792,507 19,51635,493 20598,606 28,243

330,400 14,949

4,962150,240

4,73513,12111,401

51

6,86427,46326,324

72%28%7%

12%2%

7%7%7%

10%

4%

559 608544 588

10,889 11,760

1,063 2,2201,021 1,998


44/139


45/139

105%25%25%

873882944

1,1131,0881,0991,1101,1101,1211,1321,1431,143

1,0634%

1%7%

18%-2%1%1%

0%1%1%1%

320330400

415420441450454454468473


46/139

473

425

0%3%

21%4%1%5%2%1%0%3%1%

0%

614615636703749756

772772772810818818

736

0%0%3%

11%7%1%2%


47/139

0%0%5%1%0%

614615636703749756772772

772810818818

736

0%0%

3%11%7%1%2%0%0%5%1%0%

10,889 11,76020,414 39,96021,979 47,03913,989 26,62213,989 26,622


48/139

Err:522 3,613,812,720721,944,811 174,553,680

1,294,083,811 519,554,952496,507,762 5,457,510

6,744,790,950 597,362,0402,167,218,223 1,328,533,774

11,695 4,139947 350

10,749 3,7898% 8%

12,973 2,100538 107

12,435 1,9934% 5%

23,183 5,782

29,183 7,4367,297 1,859

95 90238 2473% 3%1% 1%

2,525 613

1,589 420

224 Err:522Err:522 Err:522

7% 15%

437 11327%15%

2,749 Err:5222,025 532

708 203274 70106 2649 12

115 3032 -


49/139

26 771 169 2

19 3609 175

6,793 Err:522 - - -4 (8)

(8) 86,789 Err:522 - - -

163 397(397) Err:522

11,708 2,628- (507)

6,555 Err:522 - - -

18,263 Err:522 - - -

26529

1,0171783812128

258

4126

1,642

1%0%5%0%

0%0%0%0%0%0%0%0%


50/139

1,61916314

1861

-

111,831

10%10%

12%

5%0%

22987

219

1113

3401

-

339126%

10%


51/139


52/139

293392216

711,720

9-13-

104334493

-

297 - - - -

-----

--(64)(10)(7)

(80) (69) (69) (69) (69)

----

151-----

151 151 151 151 151


53/139

22167592333

9,977326436246

(4)

12,095 - - - -

0%2%4%3%5%

16%12%13%20%

-41

24341

4,528166292107

3

5,421 - - - -

-4

23


54/139

8462

-5340351

627

------

-(52)(4)(4)

(61) (46) (46) (46) (46)

---

-(126)-----

(126) (126) (126) (126) (126)

-44

26649

4,8641663459634


55/139

5,864 6,407 6,407 6,407 6,407

22123326284

5,11416190

150(38)

6,231 7,004 7,004 7,004 7,004

331723511

450

6,681

5%

1%1%0%

6278

635

60925

635

96%4%


56/139

216

126

2376

(1)

-

6

7

121%

11%

29%200%

5%31%91%

9113

104

738

81


57/139

23

1,9354,4294,116

3,964

-

-

-

-

1,308

(31)(14)(6)

1,257

104%-2%-1%0%

1,257

(69)248

-(37)


58/139

0(37)(36)(1)60

204039

348(444)(96)59

(37)

189(221)(31)320

2648(8)

(47)(57)(0)

(39)

33%

3,0001,0002,000


59/139

548317

01

426

522186

4911

1,440

675%

1905%

3,603450

5-5

-4,058

03

1,60340098-


60/139

1,41882

3,603

450-

450

75

219646442618

68

7748

(50)75

62%-64%

27%48%2%

60%

136845

5986


61/139

44942

1%4%0%

4%

5028

397726

1,632

7%6%

8198

8278

819

4%

63285

86---83(2)

514


62/139

0%1%0%

0%0%0%0%

-4%

22

#REF!14

#REF!

374

26

181

21050

113717

00

0

#REF!


63/139

(3)-

229(222)

4

6%-101%

8%

-308

308

35%


64/139

Err:522 Err:522 Err:522 6.69

CY08 CY09 CY10 1Q Jan Feb

975,000 975,000 975,000975,000 1,023,750 1,023,750 255,536 86,290 83,006

100% 105% 105%160,000 160,000 160,000128,000 160,000 160,000 33,673 8,905 12,523

80% 100% 100%

67,626 68,979 70,358 14,843 14,643 56

975,000 1,023,750 1,023,750 307,297 142,818 84,23791,886 115,246 115,051 19,516 5,541 7,92736,114 44,754 44,949 205 13 -

107,182 111,366 118,709 28,243 4,414 10,460356,832 385,379 416,209 14,949 6,878 4,382

72% 72% 72%28% 28% 28%9% 4% 7%8% 8% 8%2% 2% 2%

9% 8% 8%8% 45% 0%

28% 25% 25%8% 8% 8%

8% 8% 8%

610 660 714 608 593 610595 640 694 588 573 590

11,890 12,791 13,874 11,767

1,149 1,666 1,674 2,220 1,702 2,2291,103 1,599 1,607 1,998 1,532 2,006


65/139

22,068 31,988 32,134 39,954 30,636 40,122

544 682 855 843 680 850533 668 837 759 612 76560 59 59 61 62 62

28,984 36,421 46,412 44,058 37,944 47,430

797 863 934 1,479 1,146 1,468757 820 888 1,331 1,031 1,321

15,147 16,399 17,754 26,628 20,628 26,424

797 863 934 1,479 1,146 1,468757 820 888 1,405 1,089 1,395

15,147 16,399 17,754 28,107 21,774 27,892

363 399 439 37010% 10% 10%

60 59 59 6121,780 23,559 25,915 22,570

518 595 655 51015% 15% 10%

61 60 60 62

31,568 35,708 39,278 31,620

544 682 855 50060 59 59 62

32,637 40,226 50,420 31,000

5% 5% 5% 5%

11,098 12,083 13,512 10,000

11,399 4,464 8,573 9,4003,835 3,995 4,209 3,5003,790 4,103 4,442 3,5003,790 4,103 4,442 3,500

112% 112% 112%120% 120% 120%


66/139

105% 105% 105%25% 25% 25%25% 25% 25%

1,143 1,658 2,7001,201 1,741 2,7001,261 1,828 2,8351,324 1,919 2,9771,390 2,015 2,9771,404 2,116 2,9771,418 2,222 2,9771,489 2,333 3,1261,563 2,449 3,2821,641 2,572 3,4461,658 2,700 3,6191,658 2,700 3,619

1,429 2,188 3,10334% 53% 42%

0% 0% 0%5% 5% 0%5% 5% 5%5% 5% 5%5% 5% 0%1% 5% 0%1% 5% 0%

5% 5% 5%5% 5% 5%5% 5% 5%1% 5% 5%

473 623 783477 630 791482 636 799

487 642 807493 650 816517 682 857528 696 874533 703 883560 703 883588 738 927594 746 936


67/139

623 783 983

530 686 86225% 30% 26%

0% 0% 0%1% 1% 1%1% 1% 1%1% 1% 1%1% 1% 1%5% 5% 5%2% 2% 2%1% 1% 1%5% 0% 0%5% 5% 5%1% 1% 1%

5% 5% 5%

818 1,091 1,453820 1,092 1,456848 1,130 1,506937 1,249 1,664998 1,330 1,773

1,008 1,344 1,791

1,028 1,371 1,8271,028 1,371 1,8271,028 1,371 1,8271,080 1,439 1,9181,091 1,453 1,9371,091 1,453 1,937

981 1,308 1,74333% 33% 33%

0% 0% 0%0% 0% 0%3% 3% 3%

11% 11% 11%7% 7% 7%1% 1% 1%2% 2% 2%


68/139

0% 0% 0%0% 0% 0%5% 5% 5%1% 1% 1%0% 0% 0%

818 1,091 1,453820 1,092 1,456848 1,130 1,506937 1,249 1,664998 1,330 1,773

1,008 1,344 1,7911,028 1,371 1,8271,028 1,371 1,827

1,028 1,371 1,8271,080 1,439 1,9181,091 1,453 1,9371,091 1,453 1,937

981 1,308 1,74333% 33% 33%

0% 0% 0%0% 0% 0%

3% 3% 3%11% 11% 11%7% 7% 7%1% 1% 1%2% 2% 2%0% 0% 0%0% 0% 0%5% 5% 5%1% 1% 1%0% 0% 0%

11,890 12,791 13,874 11,76722,068 31,988 32,134 39,95428,984 36,421 46,412 44,05815,147 16,399 17,754 26,62815,147 16,399 17,754 28,107


69/139

11,593,220,973 13,095,115,598 14,203,844,538 3,615,861,367804,105,807 882,326,440 976,171,309 174,652,633

1,391,800,103 1,889,900,362 2,042,642,056 519,672,048547,024,168 733,921,216 798,023,713 5,762,003

7,874,655,633 12,327,321,465 13,374,413,219 597,272,3463,106,575,568 4,056,099,097 5,509,466,459 1,244,330,094

13,532 15,719 17,045 4,1411,096 1,273 1,380 365

12,436 14,446 15,665 3,7768% 8% 8% 9%

11,785 17,266 19,860 2,016707 1,036 1,192 122

11,078 16,230 18,668 1,8946% 6% 6% 6%

23,515 30,676 34,333 5,670

28,592 28,986 28,789 7,3367,299 7,298 7,298 1,860

104 115 132 90262 287 315 2523% 3% 3% 3%1% 1% 1% 1%

2,721 3,047 3,480 604

1,743 1,913 2,099 427

Err:522 Err:522 Err:522 73Err:522 Err:522 Err:522 254

7% 7% 7%

451 550 573 6522% 25% 24% 15%15% 15% 15% 2%

Err:522 Err:522 Err:522 6782,194 2,462 2,672 493

811 917 1,044 170280 285 291 150103 100 97 2550 52 54 13

120 125 130 2835 38 42 6


70/139

26 27 27 564 58 53 209 9 9 3

11 13 11 11702 775 844 165

Err:522 Err:522 Err:522 1,7668 13 18 8

(13) (18) (26) (8)Err:522 Err:522 Err:522 1,766

397 457 Err:522 397(457) Err:522 Err:522 (100)

16,235 19,866 24,157 1,683(5,714) (3,655) (5,729) (506)

Err:522 Err:522 Err:522 2,063

Err:522 Err:522 Err:522 3,241

297 380 42936 46 52

1,167 1,493 1,68712 16 1887 112 12668 84 9725 33 3633 42 48

28 31 3411 16 1750 53 5232 43 48

1,845 2,348 2,642

1% 1% 1%0% 0% 0%5% 5% 5%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%


71/139

1,781 1,959 2,154180 198 21716 18 20

5 5 51 1 1

- - -

1,982 2,180 2,398

10% 10% 10%10% 10% 10%

12% 12% 12%

5% 5% 5%0% 0% 0%

(246) (265) (285)65 64 65

18 10 14- - -

1 1 11 1 10 1 03 3 3

(160) (188) (204)- - -0 0 0

(160) (188) (203)110% 118% 114%

10% 5% 5%


72/139

Err:522 Err:522 Err:522- - -

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522- - -

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522

21% 21% 21%

7% 6% 7%

193 193 193

1,935 1,935 1,9354,429 4,429 4,429

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522

28% 28% 28%

26% 26% 26%

46% 46% 46%

Err:522 Err:522 Err:522

22 27 34167 157 151592 621 642333 362 377

9,977 11,125 12,275


73/139

326 382 427436 463 498246 283 317

(4) (9) (16)12,095 13,411 14,705

5 7 6- - -29 21 2529 15 22

1,000 1,000 1,00056 45 5034 39 3781 87 84

- - -

1,234 1,213 1,224

- - -(10) (5) (8)

- - -- - -(3) (2) (3)

- - -(7) (3) (5)(44) (54) (49)(5) (8) (6)

(69) (72) (70)

- - -- - -- - -- - -

151 151 151- - -- - -- - -- - -- - -

151 151 151


74/139

0 0 00 0 00 0 0

27 34 40157 151 144621 642 667362 377 399

11,125 12,275 13,424382 427 477463 498 530283 317 352

(9) (16) (23)

13,411 14,705 16,009

0% 0% 0%2% 2% 2%4% 4% 4%3% 3% 3%5% 5% 5%

15% 15% 15%12% 12% 12%13% 13% 13%20% 20% 20%

- - -44 45 47

266 290 31449 59 69

4,864 5,268 5,728166 222 287345 396 45496 97 9534 30 24

5,864 6,407 7,018

- - -4 3 3

24 25 26


75/139

10 10 11531 586 64156 65 7157 61 6536 41 45(2) (3) (5)

715 789 858

- - -(2) (1) (2)- - -- - -(1) (0) (1)- - -

(6) (3) (5)(35) (43) (39)(2) (3) (3)

(46) (51) (49)

- - -- - -- - -

- - -(126) (126) (126)- - -- - -- - -- - -- - -

(126) (126) (126)

- - -45 47 49

290 314 34059 69 80

5,268 5,728 6,242222 287 358396 454 51597 95 10130 24 16


76/139

6,407 7,018 7,701

27 34 40111 104 95331 327 327303 308 319

5,857 6,547 7,182160 140 11967 44 15

186 222 251(39) (40) (39)

7,004 7,687 8,308

329 335 39869 62 8244 45 4911 13 14

453 455 543

7,457 8,142 8,851

5% 4% 5%

1% 1% 1%1% 1% 1%0% 0% 0%

715 789 85814 17 20

729 806 878

702 775 84428 31 34

729 806 878

96% 96% 96%4% 4% 4%


77/139

21 21 216 6 6

12 12 126 6 6

24 26 287 7 86 7 7

(1) (1) (1)

- - -

5 5 5

6 6 6

121% 121% 121%

11% 11% 11%

29% 29% 29%200% 200% 200%

5% 5% 5%31% 31% 31%91% 91% 91%

104 113 1259 11 12

113 125 137

81 95 11214 17 2095 112 132


78/139

19 13 5

1,935 1,935 1,9354,429 4,429 4,429

Err:522 Err:522 Err:522

- - -

- - -

- - -

- - -

- - -

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522Err:522 Err:522 Err:522Err:522 Err:522 Err:522Err:522 Err:522 Err:522

103% 103% 104%-2% -2% -2%-1% -1% -1%0% 0% 0%

Err:522 Err:522 Err:522

(37) (83) (107)(56) (42) (16)10 18 12- - -

(83) (107) (112)


79/139

0 0 0(55) (46) (50)(55) (46) (50)(28) (62) (61)58 57 58

19 18 1939 39 3911 (23) (22)

343 345 344(464) (454) (459)(122) (109) (115)

67 63 65(55) (46) (50)

194 192 193(229) (225) (227)(35) (33) (34)35 33 340 0 0

22 20 2246 47 47

(11) (6) (9)(51) (50) (49)(57) (75) (63)(0) (1) (0)

(50) (66) (52)

32% 32% 32%

3,000 3,000 3,0001,000 1,000 1,0002,000 2,000 2,000


80/139

632 563 581329 329 325

0 0 02 2 2

374 280 360

56 54 5427 27 259 9 98 6 6

59 54 5712 12 12

1,508 1,337 1,431

Err:522 Err:522 Err:5226% 6% 6%

Err:522 Err:522 Err:5225% 4% 5%

3,603 3,603 3,603450 450 450

5 5 5- - -5 5 5

- - -4,058 4,058 4,058

0 0 03 3 3

2,003 2,003 2,003- - -98 98 98- - -


81/139


82/139

28 39 50911 1,212 1,361

1% 1% 1%3% 4% 4%0% 0% 0%

3% 3% 4%

Err:522 Err:522 Err:52213 18 26

457 Err:522 Err:5221,209 1,324 1,635

Err:522 Err:522 Err:522

8% 7% 8%7% 7% 7%

787 1,066 1,1858 8 8

795 1,074 1,1938 8 8

787 1,066 1,185

3% 3% 3%

53 75 85262 350 399

116 152 156- - -- - -- - -85 119 126(2) (4) (4)

514 692 762


83/139

0% 0% 0%1% 1% 1%0% 0% 0%

0% 0% 0%0% 0% 0%0% 0% 0%0% 0% 0%

-5% -5% -5%

22 22 22

14 14 1436 36 36

55 46 50(5) (11) (20)

35 45 40

22 20 210 1 1

30 25 280 0 08 7 70 0 0

101 107 1047 7 71 1 17 7 7

0 0 00 0 0

0 0 0

290 281 273


84/139

4 (5) (11)0 (0) (1)

246 265 285(255) (271) (293)

(5) (11) (20)

7% 6% 6%-103% -102% -103%

8% 8% 8%

- - -355 408 469

355 408 469

15% 15% 15%


85/139

Mar

86,240

12,245

144

80,2426,048

19213,3693,689

622602

2,7282,455 242.15 10 5


86/139

49,104 15.14 120 4615.99 11.98 10.22

1,00090062

55,800

1,8241,642

32,832

1,8241,733

34,656


87/139


88/139


89/139


90/139


91/139


92/139


93/139


94/139


95/139


96/139


97/139


98/139


99/139


100/139


101/139


102/139


103/139


104/139


105/139


106/139

EPS 2.11 1.63 3.22

Rs mn 1Q-CY05 2Q-CY05 3Q-CY05Sales 2,471 3,458 4,865

Cost of sales 1,608 2,881 3,708

Gross profit 863 577 1,158

S & A expenses 206 247 3058%

Other income 78 201 188

Other charges 56 28 64

Financial charges 59 85 82

EBT 620 418 895

Taxation 211 102 271

EAT 409 316 623

EPS (diluted) 2.11 1.63 3.22

DPS

Net margin

Payout

Retention

Unappropriated profit b/fDivivdend from prior yearProfit for the year

Disposable for appropriation

First interim dividendSecond interim dividend

Unappropriatd c/f


107/139

Transfer to general reserve

Reserves opening

Transfer

Reserves ending

ROE

EBITDA

PriceShares

Market capMV of DebtCash and investments


108/139

5.02 11.99 2.44 2.45 2.18

4Q-CY05 CY05 1Q-CY06 2Q-CY06 3Q-CY06

7,483 18,276 2,928 4,005 2,879

6,137 14,333 1,964 3,082 2,032

1,346 3,943 964 924 84822% 33% 23% 29%

544 1,302 291 312 26210% 8% 9%

677 1,145 177 218 170

140 287 100 53 40

53 280 76 110 96

1,286 3,220 674 666 620

316 900 203 193 199

970 2,319 471 473 421

5.02 11.99 2.44 2.45 2.18

11.00

13%

92%8%

30% 29% 32%627

(612)2,319

2,335

(459)(459)

1,417

1,417


109/139

-

4,429

-

4,429

31%


110/139

6.11 13.17 2.49 4.85 3.35 5.63

4Q-CY06 CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07

7,789 17,602 1,918 6,201 4,964 10,100

6,287 13,365 1,064 4,735 3,633 8,831

1,502 4,237 854 1,467 1,330 1,26919% 24% 45% 24% 27% 13%617 1,482 224 393 346 6798% 12% 6% 7% 7%

774 1,339 142 404 105 1,180

94 287 36 83 53 168

80 363 106 135 142 152

1,484 3,445 631 1,260 896 1,450

302 897 150 321 248 361

1,182 2,547 481 938 647 1,089

6.11 13.17 2.49 4.85 3.35 5.63

3.00 9.00 2.00 2.00 3.00

14% 25% 15% 13% 11%

68%32%

20% 24% 26% 28% 25%1,417(765) 15

2,547 95.96

3,199

(505)(505)

2,190

2,190


111/139

-

4,429

-

4,429

26%

13 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

4,430 737 1,395 1,037 1,602

295 295 295 295 295


112/139


113/139

- -

4,429 4,429

- -

4,429 4,429

22% Err:522

16 Err:522 #DIV/0! #DIV/0! #DIV/0! Err:522

5,405 Err:522 - - - Err:522

295 229 229 229 229 295


114/139

Err:522 Err:522 6.69

CY09 CY10 4Q % chng

30,676 34,333 5,670 23,183 0%

Err:522 Err:522 3,241 18,263 0%

Err:522 Err:522 2,429 4,920 0%Err:522 Err:522 42.84% 21.22% 0%2,348 2,642 500 1,642 0%

2,180 2,398 140 1,831 0%

(188) (203) 80 24 1288%

198 320 286 850 -37%

Err:522 Err:522 1,703 4,236 0%

Err:522 Err:522 409 1,081 0%

Err:522 Err:522 1,294 3,155 0%

Err:522 Err:522 6.69 16.31 0%

12.00 14.00 2.00 3.00

Err:522 Err:522 23% 14% 0%

Err:522 Err:522Err:522 Err:522

24% 26% 0%Err:522 Err:522(1,069) (1,067)Err:522 Err:522

Err:522 Err:522

(649) (759)(606) (704)

Err:522 Err:522

Err:522 Err:522


115/139

- -

4,429 4,429

- -

4,429 4,429

Err:522 Err:522

Err:522 Err:522

Err:522 Err:522

295 295


116/139

sequential

196% 6,201 -9%

205% 4,886 -34%

184% 1,315 85%-4% 21% 102%

123% 400 25%

-1% 404 -65%

123%

171%

170%

172%

169% 2,713

169% 14.02

12.19

96

15.14


117/139


118/139

EPS 11.99 13.17

Rs mn CY05 CY06 1Q-CY07

SHARE CAPITAL AND RESERVES

Issued, subscribed and paid-up 1,529 1,935 1,682ReservesSahre premium - 1,068 1,068Revenue 4,429 4,429 4,429Hedge reserve -Unappropriated profit 1,417 2,190 2,009

5,846 7,687 7,507

7,376 9,622 9,189

NON CURRENT LIABILITIES

Redeemable capital 2,888 1,800 4,684

2 - -Deferred taxation 1,003 1,127 1,122Retirement and other service benefits 43 41 28

3,936 2,968 5,835

CURRENT LIABILITIES

Current portion of:redemable capital 688 1,088 1,088liability against asset subject to finance lease 2 2 2other service benefits 20 16 19

Short term borrowings - secured - 1,300 2,573Trade and other payables 1,969 1,082 1,193Taxation 43 72 75Unclaimed dividends 78 82 67

2,800 3,642 5,017

14,112 16,233 20,041

FIXED ASSETS

Property, plant and equipment 6,840 6,558 6,571Intangible assets 22 18 117

6,862 6,576 6,687

LONG TERM INVESTMENTS 2,173 3,658 4,001

Liability against assets subject to financial lease


119/139

66 63 55

CURRENT ASSETS

Stores, spares and loose tools 666 689 730

Stock-in-trade 1,923 923 1,901Trade debts 543 623 589Loans, advances, deposits and prepayments 361 417 444Other receivables and other assets 238 999 997Taxation -Short term investments 138 229 235Cash and bank balances * 1,142 1,805 4,402

5,012 5,684 9,297

14,112 15,981 20,041

Check - (252) (0)

Net debt 3,575 4,187Net debt change

LONG TERM LOANS, ADVANCES ANDOTHER RECEIVABLES


120/139


121/139

16.31 Err:522 Err:522 Err:522

2Q-CY07 3Q-CY08 4Q-FY07 CY07 CY08 CY09 CY10

1,682 1,935 1,935 1,935 1,935 1,935

1,068 3,964 3,964 - - -4,429 4,429 4,429 4,429 4,429 4,429

(38)2,788 2,942 4,116 Err:522 Err:522 Err:5228,248 11,335 12,510 Err:522 Err:522 Err:522

9,931 13,270 14,444 Err:522 Err:522 Err:522

7,700 14,800 1,786 2,663 4,275 2,436

- - - - - -1,109 1,178 1,257 Err:522 Err:522 Err:522

31 32 39 11 (23) (22)

8,840 16,010 3,083 Err:522 Err:522 Err:522

1,565 844 1,051 837 612 1,7261 1 - - - -

19 23 20 19 18 19

2,774 68 2,000 2,000 2,000 2,0002,200 6,819 1,440 1,508 1,337 1,431

360 - 67 Err:522 Err:522 Err:52251 106 190 Err:522 Err:522 Err:522

6,969 7,861 4,768 Err:522 Err:522 Err:522

25,740 37,140 22,295 Err:522 Err:522 Err:522

10,654 12,371 6,681 7,457 8,142 8,851116 114 23 19 13 5

10,770 12,485 6,705 7,476 8,155 8,856

5,056 6,061 4,058 4,058 4,058 4,058


122/139

53 67 68 69 85 84

716 745 942 911 1,212 1,361

2,208 5,473 1,632 Err:522 Err:522 Err:5221,274 2,259 819 787 1,066 1,185

394 501 514 514 692 762846 264 #REF! 290 281 273

- 78886 6,742 308 355 408 469

3,537 2,465 #REF! Err:522 Err:522 Err:522

9,861 18,528 #REF! Err:522 Err:522 Err:522

25,740 37,140 #REF! Err:522 Err:522 Err:522

- - #REF! Err:522 Err:522 Err:522

4,837 5,500 6,888 6,162649 663 1,388 (726)


123/139

1,359 1,384 1,435 1,577


124/139

EPS 11.99 13.17 16.31 Err:522

Rs mn CY05 CY06 CY07 CY08

Cash generated from operationsProfit before taxation 3,220 3,445 4,236 Err:522

Depreciation and amortization 609 623 635 729Profit/loss on disposal of fixed assets 1 (137) (6) (5)

39 74

- (5) - -(59) (46) (163) (180)

Dividend income (964) (971) (1,619) (1,781)Financial charges 280 363 535 140Working capital changes (778) (784) #REF! Err:522

2,349 2,561 #REF! Err:522

Decrease / (increase) in current assetsStores, spares and loose tools (79) (23) (254) 31Stock-in-trade (1,438) 1,000 (709) Err:522Trade debts (21) (80) (196) 31

117 (56) (97) (0)

Other receivables and other assets * (43) (700) #REF! #REF!(1,464) 141 #REF! Err:522(Decrease) / increase in current liabilities

686 (925) 361 67(778) (784) #REF! Err:522

Cash generated from operations 2,349 2,561 #REF! Err:522

(61) (76.445)Payment of finance cost * (234) (363) (535) (614)Taxes paid * (660) (745) (951) Err:522Long term loans and advances (14) 3 (5) (1)Net cash flow from operating activities 1,380 1,380 #REF! Err:522

CASH FLOW FROM OPERATINGACTIVITIES

Adjustment for non-cash charges andother items

Provision for retirement and other servicebenefits *

Reversal of provision for diminution invalue of investment

Income on deposits other financial assets

Loans, advances, deposits andprepayments

Trade and other payables includingservice benefits *

CASH FLOW FROM OPERATINGACTIVITIES

Retirement and other service benefitspaid *


125/139

Capital expenditure * (377) (391) (489) (1,237)

11 166 7 6

53 49 163 180Investment in subsidiary companies (748) (1,480) (400) -Divivdends received * 834 967 1,619 1,781Net cash outflow from investing activities (228) (689) 900 730

Proceeds from redeemable capital 1,000 - 1,000 1,500Proceeds from issue of shares (net) - 1,221Repayment of redeemable capital (1,087) (688) (1,051) (837)

(2) (2) - -Repayment of long term loans * (595) -Dividends paid (1,494) (1,770) (1,120) Err:522Net cash outflow from financing activities (2,177) (1,238) (1,171) Err:522

(1,025) (547) #REF! Err:522

2,305 1,281 734 #REF!

1,281 734 #REF! Err:522

7.13 #REF! Err:522

CASH FLOWS FROM INVESTINGACTIVITIES

Sales proceeds from disposal ofpropoerty, plant and equipmentIncome on deposits / other financial

assets *

CASH FLOWS FROM FINANCINGACTIVITIES

Liability against asset subject to financiallease *

Net increase in cash and cash equivalents

Cash and cash equivalents at thebeginning of the year

Cash and cash equivalents at the end ofthe year


126/139

Err:522 Err:522

CY09 CY10

Err:522 Err:522

806 878(5) (5)

- -(198) (217)

(1,959) (2,154)198 320


(301) (149)Err:522 Err:522

(278) (119)

(178) (70)

8 8Err:522 Err:522

(171) 95Err:522 Err:522

Err:522 Err:522

(198) (320)Err:522 Err:522

(16) 2Err:522 Err:522


127/139

(1,216) (1,311)

6 6

198 217- -

1,959 2,154947 1,067

2,000 1,000

(612) (1,603)

- -


Err:522 Err:522

Err:522 Err:522

Err:522 Err:522

Err:522 Err:522


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EPS 16.31 Err:522 Err:522

Rs mn CY07 CY08 CY09Net income 3,155 Err:522 Err:522Plus: Depreciation and amortization 635 729 806Plus: Interest expensex(1-tax rate) 674 614 198Less: Investment in fixed capital (900) (730) (947)Less: Investment in working capital #REF! Err:522 Err:522FCFF #REF! Err:522 Err:522

Less: Interestx (1-tax rate) 674 614 198Plus: Net borrowing 649 663 1,388

FCFE #REF! Err:522 Err:522TV

PV of FCFE #REF! Err:522 Err:522

PV of TV

FCFE #REF!Fair value #REF!

CAPM

Beta 1.00Risk free rate 10.1%Risk premium 5.0%Required rate of return 15.1%

Terminal growth rate 6%Tax rate 26%

DDM 7 12 12

6 9 8

110


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Retention 57% Err:522 Err:522ROE 22% Err:522 Err:522

12% Err:522 Err:522Err:522


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Err:522

CY10Err:522

878320

(1,067)Err:522Err:522

320(726)

Err:522Err:522

Err:522

Err:522

141388

79


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EPS - 11.99 13.17 16.31

Rs mn CY04 CY05 CY06 CY07

Intetrest on WPPF 0 0 0 -Long term charges 280 238 313 472Short term borrowing costs 3 41 49 63Others 3 1 0 0

286 280 363 535

Redeemable capital 3,662 3,575 2,888 2,837Current portion 1,087 688 1,088 1,051

2,575 2,888 1,800 1,786

Proceeds 1,000

ST borrowing costs 4% 4%

NBP

Amount outstanding 200No of installments remaining 2No of installments per year 2Interest rate 9%Installments 107

Date Balance Installment

1H2007 200 1072H2007 102 107

NBP 2



1H2007 88 47


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2H2007 45 47

UBL



1H2007 736 2062H2007 565 2061H2008 385 2062H2008 197 206

MCB

Amount outstanding 544No of installments remaining 4

No of installments per year 2Interest rate 9%Installments 152


1H2007 544 1522H2007 417 1521H2008 285 1522H2008 146 152

SCB

Amount outstanding 320

No of installments remaining 4No of installments per year 2Interest rate 9%Installments 90


1H2007 320 902H2007 245 901H2008 167 902H2008 86 90

NBP3



3Q2009 600 844Q2009 532 84


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1Q2010 462 842Q2010 390 843Q2010 316 844Q2010 240 841Q2011 162 842Q2011 82 84

MCB 2



1Q2010 400 562Q2010 354 563Q2010 308 56

4Q2010 260 561Q2011 210 562Q2011 160 563Q2011 108 564Q2011 55 56

New loan 2007

Amount outstanding 1,000No of installments remaining 8No of installments per year 4Interest rate 11%

Installments 140 Date Balance Installment1Q2009 1,000 1402Q2009 886 1403Q2009 769 1404Q2009 649 1401Q2010 526 1402Q2010 400 1403Q2010 270 1404Q2010 137 140

New loan 2008

Amount outstanding 1,500No of installments remaining 8No of installments per year 4Interest rate 11%Installments 211


1Q2010 1,500 211


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2Q2010 1,329 2113Q2010 1,154 2114Q2010 974 2111Q2011 789 2112Q2011 600 2113Q2011 405 2114Q2011 205 211

New loan 2009

Amount outstanding 2,000No of installments remaining 8No of installments per year 4Interest rate 11%Installments 281


1Q2011 2,000 2812Q2011 1,772 281

3Q2011 1,539 2814Q2011 1,299 2811Q2012 1,052 2812Q2012 799 2813Q2012 540 2814Q2012 273 281

New loan 2010

Amount outstanding 1,000No of installments remaining 8No of installments per year 4

Interest rate 11%Installments 140Date Balance Installment

1Q2012 1,000 1402Q2012 886 1403Q2012 769 1404Q2012 649 1401Q2013 526 1402Q2013 400 1403Q2013 270 1404Q2013 137 140


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Err:522 Err:522 Err:522

CY08 CY09 CY10

(0) 0 160 118 23980 80 800 0 0

140 198 320

3,500 4,888 4,162837 612 1,726

2,663 4,275 2,436

1,500 2,000 1,000

4% 4% 4%

Principle Interest Interest Rate Balance

98 9 5% 102102 5 5% (0)


43 4 5% 45


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45 2 5% (0)


171 35 5% 565180 27 5% 385188 18 5% 197197 9 5% (0)


127 26 5% 417133 20 5% 285139 13 5% 146146 7 5% (0)


75 15 0 24578 12 0 16782 8 0 8686 4 0 (0)


68 16 3% 53270 14 3% 462


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72 12 3% 39074 10 3% 31676 8 3% 24078 6 3% 16280 4 3% 8282 2 3% (0)


46 11 3% 35447 9 3% 30848 8 3% 260

49 7 3% 21051 6 3% 16052 4 3% 10853 3 3% 5555 1 3% (0)


114 27 3% 886117 24 3% 769120 20 3% 649123 17 3% 526126 14 3% 400130 11 3% 270133 7 3% 137137 4 3% (0)


171 40 3% 1,329


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