Principles of Finance

ACF-261

Engro Chemical Pakistan Limited

Prepared By:

Section 3

Imaad ud din
Shahan Arshad Khan
Syed Mohammad Ali Shah
Rabia Waheed
Silvat Gondal

es of Finance

l Pakistan Limited

ad Ali Shah

07 02 0224
07 02 0325
07 02 0375
06 02 0170
06 02 0402

Engro Chemical Pakistan Limited

Balance Sheet
Rupees in 000's

1983

1984

1985

Cash and bank balances

Net recieveables
Stock in trade
Other current assets
Total current assets
Net Plant Property and Equipment
Long term investments
Other assets
Total long-term assets

18,607
10,550
20,376
111,269
160,802
127,641
0
456
128,097

45,392
70,262
12,627
68,118
196,399
116,794
0
410
117,204

86,348
21,858
15,221
65,204
188,631
105,497
0
1,910
107,407

TOTAL ASSETS

288,899

313,603

296,038

Creditors accrued and other liabilities

Short term borrowings
Other current liabilities
Total current liabilities

99,859
698
66,928
167,485

126,941
10,990
49,504
187,435

107,626
653
50,253
158,532

Total long term liabilities

Common equity + reserves
Retained earnings
Total shareholders' equity

8,821
104,315
8,278
112,593

6,940
114,105
5,123
119,228

1,134
131,000
5,372
136,372

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY

Balancing

288,899
0

313,603
0

296,038
0

1986

1987

1988

1989

1990

1991

1992

133,930
33,596
19,808
133,336
320,670
119,055
0
3,454
122,509

89,635
37,065
42,840
178,486
348,026
137,383
0
3,840
141,223

112,158
37,801
13,748
210,740
374,447
175,741
0
8,116
183,857

201,232
38,179
15,444
222,885
477,740
191,738
0
2,979
194,717

237,536
42,095
39,933
221,673
541,237
275,069
0
16,609
291,678

244,814
40,199
91,444
109,541
485,998
1,473,526
0
5,188
1,478,714

364,079
45,207
9,323
106,941
525,550
2,706,791
0
10,590
2,717,381

443,179

489,249

558,304

672,457

832,915

1,964,712

3,242,931

159,142
0
86,638
245,780

156,411
2,054
80,924
239,389

219,624
265
76,791
296,680

269,678
0
120,459
390,137

408,106
0
108,786
516,892

291,548
33,574
143,850
468,972

253,970
0
178,872
432,842

15,162
179,000
3,237
182,237

17,585
229,000
3,275
232,275

26,976
229,000
5,648
234,648

25,675
254,000
2,645
256,645

59,872
254,000
2,151
256,151

1,080,106
414,000
1,634
415,634

1,780,440
1,028,280
1,369
1,029,649

443,179
0

489,249
0

558,304
0

672,457
0

832,915
0

1,964,712
0

3,242,931
0

1993

1994

1995

1996

1997

1998

1999

497,563
75,729
51,708
133,947
758,947
3,545,986
0
9,114
3,555,100

1,020,544
127,958
122,208
335,758
1,606,468
3,629,606
13,591
51,278
3,694,475

1,030,218
289,846
124,679
459,844
1,904,587
3,804,306
0
49,585
3,853,891

1,298,555
475,925
129,967
460,873
2,365,320
4,070,094
455,000
17,346
4,542,440

1,334,861
524,182
173,288
509,540
2,541,871
5,714,362
642,500
102,403
6,459,265

707,098
421,602
442,141
1,225,267
2,796,108
6,865,533
1,173,500
48,272
8,087,305

565,947
317,245
344,138
1,572,401
2,799,731
6,769,197
1,341,475
176,020
8,286,692

4,314,047

5,300,943

5,758,478

6,907,760

9,001,136

10,883,413

11,086,423

427,801
0
174,179
601,980

466,482
0
642,907
1,109,389

589,851
26,831
855,322
1,472,004

830,713
0
883,923
1,714,636

935,964
45,701
803,837
1,785,502

1,150,967
427,865
748,681
2,327,513

1,067,870
448,727
1,027,429
2,544,026

2,482,018
1,228,280
1,769
1,230,049

2,030,908
2,152,440
8,206
2,160,646

1,693,525
2,592,440
509
2,592,949

1,786,543
3,404,962
1,619
3,406,581

3,263,904
3,949,962
1,768
3,951,730

3,939,496
4,613,252
3,152
4,616,404

3,603,817
4,933,252
5,328
4,938,580

4,314,047
0

5,300,943
0

5,758,478
0

6,907,760
0

9,001,136
0

10,883,413
0

11,086,423
0

2000

2001

2002

2003

2004

2005

2006

508,084
463,202
368,752
1,765,854
3,105,892
6,899,223
1,341,475
216,120
8,456,818

973,412
683,577
424,870
1,928,600
4,010,459
6,861,576
1,340,000
211,677
8,413,253

2,156,541
633,072
771,055
1,847,638
5,408,306
7,194,577
1,340,000
340,829
8,875,406

1,651,068
695,274
385,582
1,492,765
4,224,689
7,095,720
1,424,557
120,031
8,640,308

3,775,958
594,885
458,081
1,638,754
6,467,679
7,839,737
1,424,557
120,031
9,384,325

4,776,698
662,107
509,845
1,638,754
7,587,404
8,667,828
1,424,557
120,031
10,212,416

5,760,668
736,926
567,457
1,638,754
8,703,804
9,589,493
1,424,557
120,031
11,134,081

11,562,710

12,423,712

14,283,712

12,864,997

15,852,004

17,799,820

19,837,885

1,396,479
582,270
467,768
2,446,517

1,650,593
582,270
1,025,928
3,258,791

2,095,963
1,121,330
1,386,757
4,604,050

1,301,570
322,635
1,305,142
2,929,347

2,283,719
322,635
2,091,362
4,697,716

2,541,779
322,635
2,962,721
5,827,135

2,829,000
322,635
3,928,841
7,080,476

3,897,592
5,214,604
3,997
5,218,601

3,925,034
5,234,604
5,283
5,239,887

4,349,386
5,323,640
6,636
5,330,276

4,272,111
5,658,640
4,899
5,663,539

4,894,220
5,658,640
601,429
6,260,069

5,447,266
5,658,640
866,778
6,525,418

6,062,807
5,658,640
1,035,962
6,694,602

11,562,710
0

12,423,712
0

14,283,712
0

12,864,997
0

15,852,004
0

17,799,820
0

19,837,885
0

2007

2008

2009

2010

2011

2012

2013

6,805,646
820,198
631,580
1,638,754
9,896,178
10,615,306
1,424,557
120,031
12,159,894

7,938,866
912,880
702,948
1,638,754
11,193,449
11,757,036
1,424,557
120,031
13,301,624

9,204,410
1,016,036
782,381
1,638,754
12,641,582
13,027,781
1,424,557
120,031
14,572,369

10,617,562
1,130,848
870,790
1,638,754
14,257,955
14,442,121
1,424,557
120,031
15,986,709

12,181,540
1,258,634
969,190
1,638,754
16,048,118
16,016,282
1,424,557
120,031
17,560,870

13,957,685
1,400,860
1,078,708
1,638,754
18,076,007
17,768,322
1,424,557
120,031
19,312,910

15,910,777
1,559,157
1,200,602
1,638,754
20,309,290
19,718,343
1,424,557
120,031
21,262,931

22,056,072

24,495,073

27,213,951

30,244,664

33,608,987

37,388,917

41,572,221

3,148,677
322,635
5,000,428
8,471,741

3,504,478
322,635
6,189,402
10,016,515

3,900,484
322,635
7,509,027
11,732,146

4,341,238
322,635
8,974,066
13,637,939

4,831,798
322,635
10,600,951
15,755,384

5,377,791
322,635
12,407,971
18,108,397

5,985,482
322,635
14,415,480
20,723,597

6,747,905
5,658,640
1,177,787
6,836,427

7,510,418
5,658,640
1,309,500
6,968,140

8,359,095
5,658,640
1,464,070
7,122,710

9,303,673
5,658,640
1,644,412
7,303,052

10,354,988
5,658,640
1,839,975
7,498,615

11,525,102
5,658,640
2,096,778
7,755,418

12,827,438
5,658,640
2,362,546
8,021,186

22,056,072
0

24,495,073
0

27,213,951
0

30,244,664
0

33,608,987
0

37,388,917
0

41,572,221
0

2014
18,096,020
1,735,341
1,336,270
1,638,754
22,806,385
21,888,716
1,424,557
120,031
23,433,304
46,239,689
6,661,841
322,635
16,646,135
23,630,611
14,276,939
5,658,640
2,673,499
8,332,139
46,239,689
0

Engro Chemical Pakistan Limited

Income Statement
Rupees in 000's

1983

1984

Sales
Sales Growth
Less: Cost of Goods Sold
COGS as a % of Sales
Gross Profit
Gross Margin
Less:Selling and Administrative Exp.
Selling & Administrative expenses as a % of sales
Add: Other Operating Income
Less:Depreciation and Amortization
Depreciation Rate
Operating Profit (EBIT)
Operating Margin

638,122

113,038
17.71%

679,962
6.56%
434,171
63.85%
245,791
36.15%
115,735
17.02%
0
16,087
12.60%
113,969
16.76%

Add:Other Income
Other Income as a % of Sales
Less:Financial Charges
Interest Rate
Less:Other Charges

3,392
0.53%
8,657
90.94%
7,519
5.89%
100,254

8,240
1.21%
6,075
33.88%
8,031
6.94%
108,103

47,519
47.40%
52,735
8.26%
2,343
55,078
46,800
88.7%
0
0
8,278
10,400
5.07
4.50

44,058
40.76%
64,045
9.42%
8,278
72,323
57,200
89.3%
10,000
0
5,123
10,400
6.16
5.50

Other Charges as a % of selling & administrative expense

Pre-tax Income(EBT)
Less:Provision for Taxation
Tax Rate %
Net Income
Net Margin
Unappropriate Profit brought forward
Profit Available for Appropriation
Dividends
Pay out Ratio
Transfer to General Reserve
Transfer to Capital Reserve
Unappropriate Profit carried forward
Weighted average number of Shares(000's)
Earnings per Share
Dividend per share

381,599
59.80%
256,523
40.20%
127,713
20.01%
0
15,772

1985

1986

1987

1988

1989

1990

1991

696,577
2.44%
427,238
61.33%
269,339
38.67%
113,929
16.36%
0
16,561
14.18%
138,849
19.93%

754,354
8.29%
426,903
56.59%
327,451
43.41%
79,792
10.58%
0
16,450
15.59%
231,209
30.65%

826,303
9.54%
529,980
64.14%
296,323
35.86%
70,469
8.53%
0
19,454
16.34%
206,400
24.98%

810,025
-1.97%
533,680
65.88%
276,345
34.12%
73,553
9.08%
0
19,622
14.28%
183,170
22.61%

936,664
15.63%
587,287
62.70%
349,377
37.30%
84,187
8.99%
0
14,468
8.23%
250,722
26.77%

1,276,754
36.31%
952,255
74.58%
324,499
25.42%
91,252
7.15%
0
19,897
10.38%
213,350
16.71%

1,543,629
20.90%
986,537
63.91%
557,092
36.09%
111,175
7.20%
0
24,609
8.95%
421,308
27.29%

9,707
1.39%
5,359
299.89%
10,063
8.83%
133,134

13,520
1.79%
8,214
54.17%
16,417
20.57%
220,098

28,407
3.44%
1,735
8.83%
15,633
22.18%
217,439

26,538
3.28%
6,129
22.50%
13,417
18.24%
190,162

26,032
2.78%
14,646
57.04%
17,913
21.28%
244,195

36,839
2.89%
4,319
7.21%
16,494
18.08%
229,376

21,114
1.37%
21,718
1.95%
28,077
25.25%
392,627

48,277
36.26%
84,857
12.18%
5,123
89,980
62,400
73.5%
22,208
0
5,372
10,400
8.16
6.00

106,633
48.45%
113,465
15.04%
5,372
118,837
67,600
59.6%
48,000
0
3,237
10,400
10.91
6.50

80,041
36.81%
137,398
16.63%
3,237
140,635
87,360
63.6%
50,000
0
3,275
12,480
11.01
7.00

82,957
43.62%
107,205
13.23%
3,275
110,480
104,832
97.8%
0
0
5,648
14,976
7.16
7.00

102,390
41.93%
141,805
15.14%
5,648
147,453
119,808
84.5%
25,000
0
2,645
14,976
9.47
8.00

95,086
41.45%
134,290
10.52%
2,645
136,935
134,784
100.4%
0
0
2,151
14,976
8.97
9.00

165,752
42.22%
226,875
14.70%
2,151
229,026
67,392
29.7%
160,000
0
1,634
14,976
15.15
4.50

1992

1993

1994

1995

1996

1997

1998

1,874,676
21.45%
1,287,505
68.68%
587,171
31.32%
129,817
6.92%
29,263
1.99%
428,091
22.84%

2,324,819
24.01%
1,524,788
65.59%
800,031
34.41%
183,418
7.89%
0
71,369
2.64%
545,244
23.45%

3,567,559
53.46%
1,882,716
52.77%
1,684,843
47.23%
384,627
10.78%
0
199,261
5.62%
1,100,955
30.86%

4,520,004
26.70%
2,520,118
55.75%
1,999,886
44.25%
484,103
10.71%
0
213,455
5.88%
1,302,328
28.81%

7,168,114
58.59%
4,396,579
61.34%
2,771,535
38.66%
622,559
8.69%
0
226,276
5.95%
1,922,700
26.82%

6,658,958
-7.10%
3,892,232
58.45%
2,766,726
41.55%
789,965
11.86%
0
255,949
6.29%
1,720,812
25.84%

8,365,530
25.63%
4,844,025
57.90%
3,521,505
42.10%
983,576
11.76%
0
307,976
5.39%
2,229,953
26.66%

29,722
1.59%
11,915
0.67%
30,647
23.61%
415,251

47,036
2.02%
97,914
3.94%
24,718
13.48%
469,648

47,983
1.34%
337,904
16.64%
77,708
20.20%
733,326

109,677
2.43%
326,119
18.96%
92,513
19.11%
993,373

124,943
1.74%
284,586
15.93%
117,959
18.95%
1,645,098

104,730
1.57%
369,039
11.15%
119,879
15.18%
1,336,624

104,575
1.25%
404,595
9.26%
122,879
12.49%
1,807,054

175,636
42.30%
239,615
12.78%
1,634
241,249
74,880
31.3%
165,000
0
1,369
37,695
6.36
1.99

194,368
41.39%
275,280
11.84%
1,369
276,649
74,880
27.2%
200,000
0
1,769
37,440
7.35
2.00

132,201
18.03%
601,125
16.85%
1,769
602,894
194,688
32.4%
400,000
0
8,206
48,672
12.35
4.00

210,631
21.20%
782,742
17.32%
8,206
790,948
350,439
44.8%
440,000
0
509
58,406
13.40
6.00

259,084
15.75%
1,386,014
19.34%
509
1,386,523
560,701
40.5%
795,000
29,203
1,619
70,087
19.78
8.00

134,403
10.06%
1,202,221
18.05%
1,619
1,203,840
657,072
54.7%
545,000
0
1,768
87,609
13.72
7.50

318,849
17.64%
1,488,205
17.79%
1,768
1,489,973
806,009
54.2%
595,000
85,812
3,152
120,901
12.31
6.67

1999

2000

2001

2002

2003

2004

2005

8,628,367
3.14%
4,847,762
56.18%
3,780,605
43.82%
1,368,471
15.86%
0
432,016
6.29%
1,980,118
22.95%

8,393,880
-2.72%
5,009,021
59.67%
3,384,859
40.33%
1,074,481
12.80%
70,000
466,649
6.89%
1,913,729
22.80%

8,220,158
-2.07%
5,028,358
61.17%
3,191,800
38.83%
987,386
12.01%
0
468,446
6.79%
1,735,968
21.12%

10,893,319
32.52%
6,833,322
62.73%
4,059,997
37.27%
1,211,941
11.13%
10,000
530,958
7.74%
2,327,098
21.36%

12,173,006
11.75%
7,811,824
64.17%
4,361,182
35.83%
1,306,584
10.73%
0
520,260
7.23%
2,534,338
20.82%

13,983,485
14.87%
8,637,886
61.77%
5,345,598
38.23%
1,453,210
10.39%
0
502,305
6.41%
3,390,083
24.24%

15,563,618
11.30%
9,628,580
61.87%
5,935,038
38.13%
1,617,423
10.39%
0
555,363
6.41%
3,762,253
24.17%

142,115
1.65%
674,490
16.64%
105,922
7.74%
1,341,821

218,886
2.61%
683,525
15.26%
99,233
9.24%
1,349,857

198,588
2.42%
645,795
14.33%
97,500
9.87%
1,191,261

231,398
2.12%
575,510
10.52%
147,261
12.15%
1,835,725

392,093
3.22%
371,810
8.09%
231,370
17.71%
2,323,251

283,914
2.03%
713,559
13.68%
192,470
13.24%
2,767,968

315,997
2.03%
789,323
13.68%
214,147
13.24%
3,074,780

294,239
21.93%
1,047,582
12.14%
3,152
1,050,734
725,406
69.2%
320,000
0
5,328
120,901
8.66
6.00

223,528
16.56%
1,126,329
13.42%
5,328
1,131,657
846,308
75.1%
100,000
181,352
3,997
139,036
8.10
6.09

127,201
10.68%
1,064,060
12.94%
3,997
1,068,057
1,042,774
98.0%
20,000
0
5,283
139,036
7.65
7.50

702,562
38.27%
1,133,163
10.40%
5,283
1,138,446
1,042,774
92.0%
(50,000)
139,036
6,636
152,940
7.41
6.82

766,468
32.99%
1,556,783
12.79%
6,636
1,563,419
1,223,520
78.6%
335,000
0
4,899
152,940
10.18
8.00

968,789
35%
1,799,179
12.87%
4,899
1,804,078
1,202,650
66.7%
0
0
601,429
152,940
11.76
7.86

1,076,173
35%
1,998,607
12.84%
601,429
2,600,036
1,733,257
66.7%
0
0
866,778
152,940
13.07
11.33

2006

2007

2008

2009

2010

2011

2012

17,322,307
11.30%
10,700,226
61.77%
6,622,082
38.23%
1,800,192
10.39%
0
614,415
6.41%
4,207,475
24.29%

19,279,728
11.30%
11,913,367
61.79%
7,366,361
38.21%
2,003,613
10.39%
0
680,141
6.41%
4,682,607
24.29%

21,458,337
11.30%
13,312,716
62.04%
8,145,621
37.96%
2,230,021
10.39%
0
753,293
6.41%
5,162,306
24.06%

23,883,129
11.30%
14,793,182
61.94%
9,089,947
38.06%
2,482,014
10.39%
0
834,712
6.41%
5,773,221
24.17%

26,581,923
11.30%
16,414,882
61.75%
10,167,040
38.25%
2,762,481
10.39%
0
925,331
6.41%
6,479,228
24.37%

29,585,680
11.30%
18,256,411
61.71%
11,329,269
38.29%
3,074,642
10.39%
0
1,026,191
6.41%
7,228,437
24.43%

32,928,862
11.30%
20,117,466
61.09%
12,811,395
38.91%
3,422,076
10.39%
0
1,138,447
6.41%
8,250,872
25.06%

351,704
2.03%
873,529
13.68%
238,345
13.24%
3,447,305

391,447
2.03%
967,250
13.68%
265,278
13.24%
3,841,526

435,681
2.03%
1,071,562
13.68%
295,255
13.24%
4,231,170

484,912
2.03%
1,187,661
13.68%
328,619
13.24%
4,741,854

539,708
2.03%
1,316,879
13.68%
365,753
13.24%
5,336,304

600,694
2.03%
1,460,699
13.68%
407,083
13.24%
5,961,350

668,573
2.03%
1,620,770
13.68%
453,083
13.24%
6,845,592

1,206,557
35%
2,240,749
12.94%
866,778
3,107,527
2,071,565
66.7%
0
0
1,035,962
152,940
14.65
13.54

1,344,534
35%
2,496,992
12.95%
1,035,962
3,532,953
2,355,167
66.7%
0
0
1,177,787
152,940
16.33
15.40

1,480,910
35%
2,750,261
12.82%
1,177,787
3,928,048
2,618,548
66.7%
0
0
1,309,500
152,940
17.98
17.12

1,659,649
35%
3,082,205
12.91%
1,309,500
4,391,705
2,927,635
66.7%
0
0
1,464,070
152,940
20.15
19.14

1,867,706
35%
3,468,597
13.05%
1,464,070
4,932,668
3,288,256
66.7%
0
0
1,644,412
152,940
22.68
21.50

2,086,472
35%
3,874,877
13.10%
1,644,412
5,519,289
3,679,314
66.7%
0
0
1,839,975
152,940
25.34
24.06

2,395,957
35%
4,449,635
13.51%
1,839,975
6,289,610
4,192,832
66.7%
0
0
2,096,778
152,940
29.09
27.41

2013

2014

36,649,823
11.30%
22,341,585
60.96%
14,308,238
39.04%
3,808,771
10.39%
0
1,263,388
6.41%
9,236,079
25.20%

40,791,253
11.30%
24,716,244
60.59%
16,075,010
39.41%
4,239,162
10.39%
0
1,402,447
6.41%
10,433,400
25.58%

744,122
2.03%
1,798,930
13.68%
504,281
13.24%
7,676,989

828,207
2.03%
1,997,222
13.68%
561,265
13.24%
8,703,121

2,686,946
35%
4,990,043
13.62%
2,096,778
7,086,821
4,724,275
66.7%
0
0
2,362,546
152,940
32.63
30.89

3,046,092
35%
5,657,029
13.87%
2,362,546
8,019,574
5,346,075
66.7%
0
0
2,673,499
152,940
36.99
34.96

Engro Chemicals Pakistan Limited

Cash Flow Statement
Rupees in 000's

1,993

1,994

1,995

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation
Depreciation
Taxes paid
Provisions & Others
Change in working capital
Net cash inflow from operating activities

469,648
71,369
(71,951)
(118,603)
59,561
410,024

733,326
199,261
(241,044)
75,588
(296,388)
470,743

993,373
213,455
(197,916)
(66,506)
(187,372)
755,034

CASH FLOW FROM INVESTING ACTIVITIES

Net capital expenditure
Income on deposits/bonds
Long term investments
Net cash (outflow) from investing activities

(706,209)
18,784
1,476
(685,949)

(280,372)
28,960
(51,278)
(302,690)

(386,772)
84,328
51,278
(251,166)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of share capital + share premium
Net proceeds/(repayments) of long-term loans
Dividends paid
Tax paid on bouns shares issued
Net cash inflow/(outflow) from financing activities

0
475,690
(66,281)
0
409,409

524,160
(22,885)
(146,347)
0
354,928

0
(237,476)
(283,549)
0
(521,025)

Net increase/(decrease) in cash & cash equivalents

133,484

522,981

(17,157)

1,996

1,997

1,998

1,999

2,000

2,001

2,002

1,645,098
226,276
(219,837)
(57,735)
69,340
1,663,142

1,336,624
255,949
(220,901)
82,513
(315,699)
1,138,486

1,807,054
307,976
(251,884)
(223,244)
(667,039)
972,863

1,341,821
432,016
(102,325)
(276,348)
661,983
2,057,147

1,349,857
466,649
(273,630)
(163,326)
274,291
1,653,841

1,191,261
468,446
(199,488)
(166,928)
30,196
1,323,487

1,835,725
530,958
(288,632)
(246,048)
(32,046)
1,799,957

(488,914)
105,957
(455,000)
(837,957)

(1,913,267)
67,937
(231,814)
(2,077,144)

(1,428,961)
55,181
(531,000)
(1,904,780)

(331,609)
67,875
(171,500)
(435,234)

(563,478)
60,110
0
(503,368)

(425,167)
47,379
45,000
(332,788)

(816,286)
32,815
292,500
(490,971)

0
(69,062)
(449,274)
(11,681)
(530,017)

0
1,456,501
(527,238)
0
929,263

0
546,724
(607,212)
(17,522)
(78,010)

0
(186,408)
(998,082)
0
(1,184,490)

0
(6,372)
(750,354)
0
(756,726)

0
(120,366)
(909,975)
0
(1,030,341)

0
450,373
(983,149)
0
(532,776)

(9,395)

(1,009,927)

295,168

437,423

393,747

(39,642)

776,210

2003

2004

2005

2006

2007

2008

2009

2,323,251
520,260
(450,239)
(355,888)
(190,856)
1,846,528

2,767,968
502,305
(968,789)
0
864,049
3,165,534

3,074,780
555,363
(1,076,173)
0
139,075
2,693,045

3,447,305
614,415
(1,206,557)
0
154,790
3,009,954

3,841,526
680,141
(1,344,534)
0
172,282
3,349,414

4,231,170
753,293
(1,480,910)
0
191,750
3,695,304

4,741,854
834,712
(1,659,649)
0
213,417
4,130,334

(411,631)
367,857
(84,557)
(128,331)

(744,017)
283,914
0
(460,102)

(828,091)
315,997
0
(512,094)

(921,665)
351,704
0
(569,961)

(1,025,813)
391,447
0
(634,366)

(1,141,730)
435,681
0
(706,050)

(1,270,746)
484,912
0
(785,833)

0
(148,875)
(1,258,875)
0
(1,407,750)

0
622,109
(1,202,650)
0
(580,541)

0
553,047
(1,733,257)
0
(1,180,211)

0
615,541
(2,071,565)
0
(1,456,024)

0
685,097
(2,355,167)
0
(1,670,069)

0
762,513
(2,618,548)
0
(1,856,034)

0
848,677
(2,927,635)
0
(2,078,957)

2,124,890

1,000,740

1,044,979

1,133,220

1,265,544

310,447

983,969

2010

2011

2012

2013

2014

5,336,304
925,331
(1,867,706)
0
237,534
4,631,462

5,961,350
1,026,191
(2,086,472)
0
264,375
5,165,443

6,845,592
1,138,447
(2,395,957)
0
294,249
5,882,331

7,676,989
1,263,388
(2,686,946)
0
327,499
6,580,930

8,703,121
1,402,447
(3,046,092)
0
364,507
7,423,983

(1,414,340)
539,708
0
(874,632)

(1,574,160)
600,694
0
(973,466)

(1,752,040)
668,573
0
(1,083,467)

(1,950,021)
744,122
0
(1,205,899)

(2,170,373)
828,207
0
(1,342,166)

0
944,578
(3,288,256)
0
(2,343,678)

0
1,051,315
(3,679,314)
0
(2,627,999)

0
1,170,114
(4,192,832)
0
(3,022,718)

0
1,302,336
(4,724,275)
0
(3,421,939)

0
1,449,501
(5,346,075)
0
(3,896,574)

1,413,152

1,563,978

1,776,145

1,953,092

2,185,242

Engro Chemical Pakistan Limited

Ratio Analysis

1983

1984

1985

40.20%
17.71%
8.26%

36.15%
16.76%
9.42%

38.67%
19.93%
12.18%

0.96
0.84
(6,683)
(0.04)
0.11

1.05
0.98
8,964
0.05
0.24

1.19
1.09
30,099
0.16
0.54

31.32
11.50
60.49
5.95
6.39
56.34
17.45
(38.89)

53.85
6.69
9.68
37.20
5.36
67.21
43.88
(23.32)

45.76
7.87
31.87
11.30
6.47
55.62
19.16
(36.46)

Profitability Ratios
Return on Assets(ROA)
Return on Investment(ROI)
Return on Equity(ROE)

21.25%
50.56%
46.84%

22.36%
55.58%
53.72%

30.47%
65.61%
62.22%

Return on Equity with Dupont

Operating Margin
Earnings Retention
Interest Burden
Asset Turnover
Leverage
ROE

17.71%
52.60%
0.887
2.21
2.57
46.84%

16.76%
59.24%
0.949
2.17
2.63
53.72%

19.93%
63.74%
0.959
2.35
2.17
62.22%

0.61
0.03
0.93
0.07
0.08
13.06

0.62
0.02
0.94
0.06
0.06
18.76

0.54
0.00
0.99
0.01
0.01
25.91

17.71%
46.65%
11.25%

16.76%
56.20%
10.69%

19.93%
61.11%
26.46%

Profitability Ratios
Gross Margin
Operating Margin
Net Margin
Liquidity Ratios
Current Ratio
Quick Acid Ratio
Net Working Capital
Net working Capital to Asset
Cash ratio
Activity Ratios
Inventory Turnover
Inventory Days
Receivables Turnover
Average Collection Period
Payables Turnover
Average Payable Period
Operating Cycle
Net Operating Cycle

Financial Leverage Ratios

Short-term + Long-term Debt to Assets Ratio
Long-term Debt to Assets Ratio
Equity to Long Term Capital ratio
Long-term Debt to Long Term Capital ratio
Long-term Debt to Equity ratio
Interest Coverage Ratio(Times Interest Earned)
Other Ratios
Degree of Operating Leverage(DOL)
Degree of Financial Leverage(DFL)
Plowback Ratio

CAPEX/Sales Ratio
Earnings per share
P/E ratio
Revenue per share
Interest/revenue
Interest/expense
Dividend per Net profit
Dividend per Share
Equity per share
LT Debt/sales
P/CF
P/BV
P/S

5.07

6.16

8.16

61.36
1.36%
6.03%
88.75%
4.50
10.83
1.38%

65.38
0.89%
4.61%
89.31%
5.50
11.46
1.02%

66.98
0.77%
4.11%
73.54%
6.00
13.11
0.16%

1986

1987

1988

1989

1990

1991

1992

43.41%
30.65%
15.04%

35.86%
24.98%
16.63%

34.12%
22.61%
13.23%

37.30%
26.77%
15.14%

25.42%
16.71%
10.52%

36.09%
27.29%
14.70%

31.32%
22.84%
12.78%

1.26
1.22
77,767
0.21
0.38

1.22
1.18
87,603
0.18
0.52

1.05
0.97
24,345
0.04
0.46

1.04
0.84
17,026
0.04
0.52

1.21
1.19
92,708
0.18
0.84

1.30
1.22
74,890
0.23
0.54

1.45
1.27
108,637
0.31
0.37

38.08
9.45
22.45
16.03
4.74
75.95
25.49
(50.46)

19.29
18.66
22.29
16.15
5.28
68.14
34.81
(33.33)

58.92
6.11
21.43
16.80
3.69
97.61
22.91
(74.70)

60.65
5.94
24.53
14.67
3.47
103.65
20.61
(83.04)

31.97
11.26
30.33
11.87
3.13
115.07
23.13
(91.94)

16.88
21.33
38.40
9.38
5.29
67.99
30.70
(37.29)

201.08
1.79
41.47
8.68
7.38
48.77
10.47
(38.30)

27.46%
61.64%
62.26%

28.44%
55.68%
59.15%

20.30%
43.32%
45.69%

23.27%
55.42%
55.25%

16.64%
43.86%
52.43%

12.65%
16.62%
54.59%

7.76%
8.95%
23.27%

30.65%
51.55%
0.952
1.70
2.43
62.26%

24.98%
63.19%
1.053
1.69
2.11
59.15%

22.61%
56.38%
1.038
1.45
2.38
45.69%

26.77%
58.07%
0.974
1.39
2.62
55.25%

16.71%
58.55%
1.075
1.53
3.25
52.43%

27.29%
57.78%
0.932
0.79
4.73
54.59%

22.84%
57.70%
0.970
0.58
3.15
23.27%

0.59
0.03
0.92
0.08
0.08
28.15

0.53
0.04
0.93
0.07
0.08
118.96

0.58
0.05
0.90
0.10
0.11
29.89

0.62
0.04
0.91
0.09
0.10
17.12

0.69
0.07
0.81
0.19
0.23
49.40

0.79
0.55
0.28
0.72
2.60
19.40

0.68
0.55
0.37
0.63
1.73
35.93

30.65%
49.07%
40.42%

24.98%
66.57%
36.42%

22.61%
58.53%
2.21%

26.77%
56.56%
15.51%

16.71%
62.94%
-0.37%

27.29%
53.85%
70.30%

22.84%
55.97%
68.75%

10.91

11.01

7.16

9.47

8.97

15.15

6.36

72.53
1.09%
8.53%
59.58%
6.50
17.52
2.01%

66.21
0.21%
1.93%
63.58%
7.00
18.61
2.13%

54.09
0.76%
6.58%
97.79%
7.00
15.67
3.33%

62.54
1.56%
14.85%
84.49%
8.00
17.14
2.74%

85.25
0.34%
3.89%
100.37%
9.00
17.10
4.69%

103.07
1.41%
15.99%
29.70%
4.50
27.75
69.97%

49.73
0.64%
7.49%
31.25%
1.99
27.32
94.97%

1993

1994

1995

1996

1997

1998

1999

34.41%
23.45%
11.84%

47.23%
30.86%
16.85%

44.25%
28.81%
17.32%

38.66%
26.82%
19.34%

41.55%
25.84%
18.05%

42.10%
26.66%
17.79%

43.82%
22.95%
12.14%

1.26
1.17
156,967
0.21
0.83

1.45
1.34
497,079
0.31
0.92

1.29
1.21
432,583
0.23
0.70

1.38
1.30
650,684
0.28
0.76

1.42
1.33
756,369
0.30
0.75

1.20
1.01
468,595
0.17
0.30

1.10
0.97
255,705
0.09
0.22

44.96
8.01
30.70
11.73
5.43
66.25
19.73
(46.51)

29.19
12.33
27.88
12.91
7.65
47.07
25.24
(21.83)

36.25
9.93
15.59
23.09
7.66
46.98
33.02
(13.96)

55.15
6.53
15.06
23.90
8.63
41.72
30.43
(11.29)

38.43
9.37
12.70
28.34
7.11
50.60
37.71
(12.89)

18.92
19.03
19.84
18.14
7.27
49.53
37.17
(12.36)

25.07
14.36
27.20
13.24
8.08
44.55
27.59
(16.96)

8.65%
10.05%
22.38%

17.71%
22.40%
27.82%

19.26%
25.87%
30.19%

24.18%
32.17%
40.69%

17.46%
21.78%
30.42%

17.39%
22.12%
32.24%

15.53%
20.16%
21.21%

23.45%
58.61%
0.861
0.54
3.51
22.38%

30.86%
81.97%
0.666
0.67
2.45
27.82%

28.81%
78.80%
0.763
0.78
2.22
30.19%

26.82%
84.25%
0.856
1.04
2.03
40.69%

25.84%
89.94%
0.777
0.74
2.28
30.42%

26.66%
82.36%
0.810
0.77
2.36
32.24%

22.95%
78.07%
0.678
0.78
2.24
21.21%

0.71
0.58
0.33
0.67
2.02
5.57

23.45%
50.49%
72.80%

0.59
0.38
0.52
0.48
0.94
3.26

30.86%
54.60%
67.61%

0.55
0.29
0.60
0.40
0.65
3.99

28.81%
60.10%
55.23%

0.51
0.26
0.66
0.34
0.52
6.76

26.82%
72.09%
59.55%

0.56
0.36
0.55
0.45
0.83
4.66

25.84%
69.86%
45.35%

0.58
0.36
0.54
0.46
0.85
5.51

26.66%
66.74%
45.84%

0.55
0.33
0.58
0.42
0.73
2.94

22.95%
52.91%
1.00%

0.30
7.35

0.08
12.35

0.09
13.40

0.07
19.78

0.29
13.72

0.17
12.31

62.09
4.21%
38.43%
27.20%
2.00
32.85
106.76%

73.30
9.47%
57.87%
32.39%
4.00
44.39
56.93%

77.39
7.22%
46.75%
44.77%
6.00
44.40
37.47%

102.27
3.97%
33.53%
40.45%
8.00
48.61
24.92%

76.01
5.54%
35.28%
54.65%
7.50
45.11
49.02%

69.19
4.84%
31.33%
54.16%
6.67
38.18
47.09%

0.04
8.66
10.28
71.37
7.82%
37.46%
69.25%
6.00
40.85
41.77%
0.000203683
1.80408E-05
1.03259E-05

2000

2001

2002

2003

2004

2005

2006

40.33%
22.80%
13.42%

38.83%
21.12%
12.94%

37.27%
21.36%
10.40%

35.83%
20.82%
12.79%

38.23%
24.24%
12.87%

38.13%
24.17%
12.84%

38.23%
24.29%
12.94%

1.27
1.12
659,375
0.21
0.21

1.23
1.10
751,668
0.19
0.30

1.17
1.01
804,256
0.15
0.47

1.44
1.31
1,295,342
0.31
0.56

1.38
1.28
1,769,963
0.27
0.80

1.30
1.21
1,760,269
0.23
0.82

1.23
1.15
1,623,328
0.19
0.81

22.76
15.82
18.12
19.87
6.01
59.89
35.68
(24.21)

19.35
18.61
12.03
29.94
4.98
72.29
48.54
(23.74)

14.13
25.48
17.21
20.92
5.20
69.27
46.40
(22.86)

31.57
11.40
17.51
20.56
9.35
38.49
31.96
(6.53)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

15.65%
19.85%
21.58%

13.76%
18.66%
20.31%

11.96%
17.65%
21.26%

14.99%
19.41%
27.49%

15.85%
22.53%
28.74%

15.66%
23.29%
30.63%

15.70%
24.41%
33.47%

22.80%
83.44%
0.705
0.73
2.22
21.58%

21.12%
89.32%
0.686
0.66
2.37
20.31%

21.36%
61.73%
0.789
0.76
2.68
21.26%

20.82%
67.01%
0.917
0.95
2.27
27.49%

24.24%
65.00%
0.816
0.88
2.53
28.74%

24.17%
65.00%
0.817
0.87
2.73
30.63%

24.29%
65.00%
0.819
0.87
2.96
33.47%

0.55
0.34
0.57
0.43
0.75
2.80

22.80%
58.86%
24.86%

0.58
0.32
0.57
0.43
0.75
2.69

21.12%
61.29%
2.00%

0.63
0.30
0.55
0.45
0.82
4.04

21.36%
48.69%
7.98%

0.56
0.33
0.57
0.43
0.75
6.82

20.82%
61.43%
21.41%

0.61
0.31
0.56
0.44
0.78
4.75

24.24%
53.07%
33.34%

0.63
0.31
0.55
0.45
0.83
4.77

24.17%
53.12%
33.34%

0.66
0.31
0.52
0.48
0.91
4.82

24.29%
53.26%
33.34%

0.07
0.05
0.07
0.03
0.05
8.10
7.65
7.41
10.18
11.76
137.33
0.00
0.01
0.00
60.37
59.12
71.23
79.59
91.43
8.14%
7.86%
5.28%
3.05%
5.10%
44.35%
44.36%
33.02%
20.35%
36.49%
75.14%
98.00%
92.02%
78.59%
66.84%
6.09
7.50
6.82
8.00
7.86
37.53
37.69
34.85
37.03
40.93
46.43%
47.75%
39.93%
35.09%
35.00%
0.000188393 (0.001488846) 0.000083627 0.000277127 0.000046057
1.42144E-05 1.12638E-05 1.21781E-05 1.51907E-05 1.56335E-05
8.83729E-06 7.18001E-06 5.95893E-06 7.06755E-06 6.99873E-06

0.05
13.07

0.05
14.65

101.76
5.07%
36.33%
86.72%
11.33
42.67
35.00%

113.26
5.04%
36.18%
92.45%
13.54
43.77
35.00%

2007

2008

2009

2010

2011

2012

2013

38.21%
24.29%
12.95%

37.96%
24.06%
12.82%

38.06%
24.17%
12.91%

38.25%
24.37%
13.05%

38.29%
24.43%
13.10%

38.91%
25.06%
13.51%

39.04%
25.20%
13.62%

1.00
0.94
(32,390)
(0.00)
0.77

0.98
0.92
(414,307)
(0.02)
0.77

1.17
1.09
1,424,438
0.14
0.80

1.12
1.05
1,176,934
0.11
0.79

1.08
1.01
909,436
0.07
0.78

1.05
0.98
620,016
0.04
0.78

1.02
0.96
292,733
0.02
0.77

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

15.71%
25.50%
36.52%

15.60%
26.40%
39.47%

15.69%
27.58%
43.27%

15.82%
28.82%
47.50%

15.88%
29.89%
51.67%

16.24%
31.48%
57.37%

16.33%
32.56%
62.21%

24.29%
65.00%
0.820
0.87
3.23
36.52%

24.06%
65.00%
0.820
0.88
3.52
39.47%

24.17%
65.00%
0.821
0.88
3.82
43.27%

24.37%
65.00%
0.824
0.88
4.14
47.50%

24.43%
65.00%
0.825
0.88
4.48
51.67%

25.06%
65.00%
0.830
0.88
4.82
57.37%

25.20%
65.00%
0.831
0.88
5.18
62.21%

0.69
0.31
0.50
0.50
0.99
4.84

24.29%
53.32%
33.34%

0.72
0.31
0.48
0.52
1.08
4.82

24.06%
53.28%
33.34%

0.74
0.31
0.46
0.54
1.17
4.86

24.17%
53.39%
33.34%

0.76
0.31
0.44
0.56
1.27
4.92

24.37%
53.53%
33.34%

0.78
0.31
0.42
0.58
1.38
4.95

24.43%
53.61%
33.34%

0.79
0.31
0.40
0.60
1.49
5.09

25.06%
53.93%
33.34%

0.81
0.31
0.38
0.62
1.60
5.13

25.20%
54.03%
33.34%

0.05
16.33

0.05
17.98

0.05
20.15

0.05
22.68

0.05
25.34

0.05
29.09

0.05
32.63

126.06
5.02%
36.04%
94.32%
15.40
44.70
35.00%

140.31
4.99%
35.92%
95.21%
17.12
45.56
35.00%

156.16
4.97%
35.81%
94.99%
19.14
46.57
35.00%

173.81
4.95%
35.71%
94.80%
21.50
47.75
35.00%

193.45
4.94%
35.62%
94.95%
24.06
49.03
35.00%

215.31
4.92%
35.54%
94.23%
27.41
50.71
35.00%

239.64
4.91%
35.47%
94.67%
30.89
52.45
35.00%

2014

39.41%
25.58%
13.87%

0.97
0.91
(824,226)
(0.04)
0.77
30.53
11.79
23.51
15.32
6.12
58.79
27.11
(31.69)

16.55%
33.85%
67.89%

25.58%
65.00%
0.834
0.88
5.55
67.89%

0.82
0.31
0.37
0.63
1.71
5.22

25.58%
54.22%
33.34%

0.05
36.99
266.71
4.90%
35.40%
94.50%
34.96
54.48
35.00%

2004
3,641.40
6%
24%
873.936
6%

2005
3,859.88
6%
24%
926.37
6%

2006
4,091.48
6%
24%
981.95
6%

2007
4,336.97
6%
24%
1,040.87
6%

Urea consumption in tonnes (000's)

Urea consumption growth rate
price of urea per ton
inflation
Sales from Urea (000's)
Engro Urea Market Share
Engro Urea Sales (000's)

4,500
6%
7528
5%
33,876,000
21%
7,113,960

4,770
6%
7,904
5%
37,703,988
21%
7,917,837

5,056
6%
8,300
5%
41,964,539
21%
8,812,553

5,360
6%
8,715
5%
46,706,532
21%
9,808,372

DAP consumption in tonnes (000's)

DAP consumption growth rate
price of DAP per ton
inflation
Sales from DAP (000's)
Engro DAP Market Share
Engro DAP Sales (000's)

1,200
6%
18,085
5%
21,702,000
27%
5,859,540

1,272
6%
18,989
5%
24,154,326
27%
6,521,668

1,348
6%
19,939
5%
26,883,765
27%
7,258,617

1,429
6%
20,936
5%
29,921,630
27%
8,078,840

86
6%
11,686
5%
1,004,996

91
6%
12,270
5%
1,118,561

97
6%
12,884
5%
1,244,958

102
6%
13,528
5%
1,385,638

0.5
6%
249,425
5%
124,713
4%
4,989

0.53
6%
261,896
5%
138,805
4%
5,552

0.56
6%
274,991
5%
154,490
4%
6,180

0.60
6%
288,741
5%
171,947
4%
6,878

GDP (in billions)

GDP growth rate
agricultural contribution rate
agriculture contribution to GDP
Agriculture growth rate
Fertilizer consumption in Pakistan

Engro NPK production in tonnes (000's)

Engro NPK production growth rate
Engro NPK price (per ton)
inflation
Engro NPK Sales (000's)
seed consumption in tonnes (000's)
seed consumption growth rate
price of seeds per ton
inflation
Sales from seeds (000's)
Engro Seed market share
Engro seed sales (000's)
Total Engro Sales (000's)

13,983,485

15,563,618

17,322,307

19,279,728

2008
4,597.18
6%
24%
1,103.32
6%

2009
4,873.01
6%
24%
1,169.52
6%

2010
5,165.40
6%
24%
1,239.69
6%

2011
5,475.32
6%
24%
1,314.08
6%

2012
5,803.84
6%
24%
1,392.92
6%

2013
6,152.07
6%
24%
1,476.50
6%

2014
6,521.19
6%
24%
1,565.09
6%

5,681
6%
9,150
5%
51,984,370
21%
10,916,718

6,022
6%
9,608
5%
57,858,603
21%
12,150,307

6,383
6%
10,088
5%
64,396,626
21%
13,523,291

6,766
6%
10,593
5%
71,673,444
21%
15,051,423

7,172
6%
11,122
5%
79,772,543
21%
16,752,234

7,603
6%
11,678
5%
88,786,841
21%
18,645,237

8,059
6%
12,262
5%
98,819,754
21%
20,752,148

1,515
6%
21,982
5%
33,302,774
27%
8,991,749

1,606
6%
23,082
5%
37,065,988
27%
10,007,817

1,702
6%
24,236
5%
41,254,445
27%
11,138,700

1,804
6%
25,447
5%
45,916,197
27%
12,397,373

1,913
6%
26,720
5%
51,104,727
27%
13,798,276

2,027
6%
28,056
5%
56,879,561
27%
15,357,482

2,149
6%
29,459
5%
63,306,952
27%
17,092,877

109
6%
14,204
5%
1,542,215

115
6%
14,915
5%
1,716,486

122
6%
15,660
5%
1,910,448

129
6%
16,443
5%
2,126,329

137
6%
17,266
5%
2,366,604

145
6%
18,129
5%
2,634,031

154
6%
19,035
5%
2,931,676

0.63
6%
303,178
5%
191,377
4%
7,655

0.67
6%
318,337
5%
213,003
4%
8,520

0.71
6%
334,253
5%
237,072
4%
9,483

0.75
6%
350,966
5%
263,862
4%
10,554

0.80
6%
368,514
5%
293,678
4%
11,747

0.84
6%
386,940
5%
326,864
4%
13,075

0.90
6%
406,287
5%
363,799
4%
14,552

21,458,337

23,883,129

26,581,923

29,585,680

32,928,862

36,649,823

40,791,253

Date
2005
Feb
Jan
2004 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2003 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2002 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2001 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan

Engro Chemical
1
3
1
1
1
1
2
2
1
4
1
3
6
1
1
11
2
2
1
1
2
2
2
3
3
1
2
1
3
2
1
2
3
3
3
1
1
1
4
1
1
5
3
4
1
4
6
1
1
1

KSE-100

122.95

6,869.28

128

6,220.28

111.4

5,560.50

97.55

5,246.91

91

5,245.82

95.2

5,320.38

93.75

5,206.83

98.7

5,347.72

97.55

5,453.57

100.3

5,525.69

102.9

5,141.08

95.6

4,853.83

96.95

4,888.45

93.5

4,473.02

88.75

4,263.06

81.25

3,793.56

83.25

4,067.82

96.8

4,523.52

92.9

4,019.52

85.8

3,432.55

81.4

3,103.90

79.35

2,924.57

79

2,706.15

90.05

2,520.57

83.45

2,471.48

90.4

2,666.53

73.2

2,306.17

75.1

2,294.62

62.7

2,005.44

61.65

1,952.57

59.25

1,783.30

60.7

1,785.14

58.25

1,647.68

64.6

1,895.66

72.5

1,846.84

74

1,774.51

63

1,670.89

54

1,322.06

55.25

1,355.06

56.35

1,377.86

43.65

1,096.70

53.35

1,249.56

50.55

1,247.51

54.55

1,334.48

57.5

1,381.83

63

1,378.01

57.95

1,338.01

63.45

1,425.76

80.9

1,458.09

71.75

1,517.94

% Change in KSE-100 % Change in Share price

10.43%
11.87%
5.98%
0.02%
-1.40%
2.18%
-2.63%
-1.94%
-1.31%
7.48%
5.92%
-0.71%
9.29%
4.93%
12.38%
-6.74%
-10.07%
12.54%
17.10%
10.59%
6.13%
8.07%
7.36%
1.99%
-7.31%
15.63%
0.50%
14.42%
2.71%
9.49%
-0.10%
8.34%
-13.08%
2.64%
4.08%
6.20%
26.39%
-2.44%
-1.65%
25.64%
-12.23%
0.16%
-6.52%
-3.43%
0.28%
2.99%
-6.15%
-2.22%
-3.94%
18.51%

-3.95%
14.90%
14.20%
7.20%
-4.41%
1.55%
-5.02%
1.18%
-2.74%
-2.53%
7.64%
-1.39%
3.69%
5.35%
9.23%
-2.40%
-14.00%
4.20%
8.28%
5.41%
2.58%
0.44%
-12.27%
7.91%
-7.69%
23.50%
-2.53%
19.78%
1.70%
4.05%
-2.39%
4.21%
-9.83%
-10.90%
-2.03%
17.46%
16.67%
-2.26%
-1.95%
29.10%
-18.18%
5.54%
-7.33%
-5.13%
-8.73%
8.71%
-8.67%
-21.57%
12.75%
32.38%

2
2
2
1
1
3
2
2
3
1
1
3
1
1
1
1
2
1
1
3
1
1
1
2
1
2
1
1
3
1

54.2

1,280.80

56.25

1,486.48

55.1

1,582.54

53.15

1,514.38

51.85

1,566.96

59

1,519.63

61.45

1,447.56

81.75

1,920.88

88.2

1,997.69

96

1,874.48

106

1,760.29

127.2

1,457.07

113.7

1,255.21

105.5

1,197.25

82.6

1,198.09

74.95

1,211.70

75.25

1,271.70

72.1

1,066.10

74.6

1,179.94

87.65

1,119.21

104.9

1,058.68

98.15

932.48

87.75

907.59

92

952.41

72.35

1,061.45

51.8

857

64.45

1,104.68

66.15

976.54

61.25

865.13

51.5

863.16

-13.84%
-6.07%
4.50%
-3.36%
3.11%
4.98%
-24.64%
-3.84%
6.57%
6.49%
20.81%
16.08%
4.84%
-0.07%
-1.12%
-4.72%
19.29%
-9.65%
5.43%
5.72%
13.53%
2.74%
-4.71%
-10.27%
23.86%
-22.42%
13.12%
12.88%
0.23%

-3.64%
2.09%
3.67%
2.51%
-12.12%
-3.99%
-24.83%
-7.31%
-8.13%
-9.43%
-16.67%
11.87%
7.77%
27.72%
10.21%
-0.40%
4.37%
-3.35%
-14.89%
-16.44%
6.88%
11.85%
-4.62%
27.16%
39.67%
-19.63%
-2.57%
8.00%
18.93%
Slope

Beta Calculation
50.00%

Change in Share Prices

2000 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
1999 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
1998 Dec
Nov
Oct
Sept
Aug
Jul

40.00%
30.00%
20.00%
10.00%
0.00%
-30.00%

-20.00%

-10.00%
-10.00%
-20.00%

Change in

-20.00%
-30.00%

Change in KSE Index

2004 Yearly average share price

97.87

2003 Yearly average share price

86.03

2002 Yearly average share price

64.91

2001 Yearly average share price

59.02

2000 Yearly average share price

74.18

1999 Yearly average share price

1998 Yearly average share price

89.10

61.25

0.675083915

Beta Calculation
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
0.00%
-10.00%
-20.00%

10.00%

20.00%

30.00%

-20.00%
-30.00%

Change in KSE Index

Computation of market risk

2005
Jan
2004 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2003 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2002 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2001 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan

% change in KSE index

11.87% average monthly market risk
5.98%
0.02% average yearly market risk
-1.40%
2.18%
-2.63%
-1.94%
-1.31%
7.48%
5.92%
-0.71%
9.29%
4.93%
12.38%
-6.74%
-10.07%
12.54%
17.10%
10.59%
6.13%
8.07%
7.36%
1.99%
-7.31%
15.63%
0.50%
14.42%
2.71%
9.49%
-0.10%
8.34%
-13.08%
2.64%
4.08%
6.20%
26.39%
-2.44%
-1.65%
25.64%
-12.23%
0.16%
-6.52%
-3.43%
0.28%
2.99%
-6.15%
-2.22%
-3.94%
18.51%

3.04%
36.50%

2000 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
1999 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
1998 Dec
Nov
Oct
Sept
Aug

-13.84%
-6.07%
4.50%
-3.36%
3.11%
4.98%
-24.64%
-3.84%
6.57%
6.49%
20.81%
16.08%
4.84%
-0.07%
-1.12%
-4.72%
19.29%
-9.65%
5.43%
5.72%
13.53%
2.74%
-4.71%
-10.27%
23.86%
-22.42%
13.12%
12.88%
0.23%

Computation of risk free rate

2005
Feb
Jan
2004 Nov
Oct
Sept
Aug
Jul
2003 Jun
May
Apr
Mar
Feb
Jan
2002 Dec
Nov
Oct
Sept
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2001Dec
Nov
Oct
Sept
Aug
Jul
2000 Dec
Nov
Oct
Sept
Aug
Jul
Apr
Mar
1999 Sept
Jun
Mar
Jan

Date

6- month
2
5
10
13
15
18
21
26
28
2
6
6
9
12
14
17
5
8
11
13
2
4
7
7
10
13
1
4
6
9
12
1
1
2
2
1
5
19
31
24
30
26
4

4.79% average 6-monthly risk free rate

4.16%
3.73% average yearly risk free rate
3.19%
3.01%
2.62%
2.52%
1.66%
1.80%
1.64%
2.09%
3.19%
3.84%
4.32%
6.36%
6.34%
6.39%
6.40%
6.27%
6.42%
6.38%
6.48%
6.47%
5.65%
7.77%
8.14%
8.50%
10.40%
10.49%
11.36%
12.56%
10.96%
10.92%
11.06%
8.14%
7.38%
7.23%
7.13%
8.90%
9.43%
13.17%
11.35%
11.94%

7.46%
14.92%

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
0

Years

Earning Per Share

(Rs/Share)

Sales (Rs 000)

Sales

40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983

Years
Earning Per Share

Earning Per Share

50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Years

Liquidity Ratios
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
(0.20)

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

Ratio

Ratio

Profitability Ratios

Years
Current Ratio

Quick Acid Ratio

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

1983

Ratios

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

ROA, ROI, ROE (%)

Returns

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%
0.00%

Return on Assets

Financial Leverage Ratios

3.00

2.50

2.00

1.50

1.00

0.50

0.00

Years

Total Debt to Asset Ratio

Equity to Long Term Capital Ratio
Long Term Debt to Equity Ratio

Turnover
200.00
190.00
180.00
170.00
160.00
150.00
140.00
130.00
120.00
110.00
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00

Inventory Turnover

Activity Ratios
140.00
120.00

80.00
60.00
40.00
20.00
0.00
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

Nimber of Days

100.00

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

0.00

Inventory Days

Average Collection Period

Operating Cycles
60.00
40.00
20.00

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

(20.00)

1983

0.00

(40.00)
(60.00)
(80.00)
(100.00)
Years
Operating Cycle

Asset Turnover
2.50
2.00
1.50
1.00

1.00
0.50
0.00

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%

Years
Operating Margin

Earnings Retention

Asset Turnover

Leverage

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Sales

2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004

bility Ratios

Gross Margin
Operating Margin

2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Net Margin

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Liquidity Ratios

Years
Quick Acid Ratio

Net working Capital to Asset

Years

2014

2013

2012

2011

2010

2009

2008

2007

Return on Investment

2006

2005

2004

2003

2002

2001

2000

1999

1998

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Returns

Years

Return on Equity

ancial Leverage Ratios

Long Term Debt To Asset Ratio

Long Term Debt to Long Term Capital Ratio

Turnover

Years Turnover
Recievables

Payables Turnover

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Activity Ratios

perating Cycle

Years

Net Operating Cycle

Asset Turnover

Asset Turnover

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Average Collection Period

2004

2003

2002

2001

2000

1999

1998
Years

Averge Payable Period

Operating Cycles
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Asset Turnover

6.00

5.00

3.00

2.00

1.00

0.00

Years

gs Retention

Interest Burden
ROE

ratios

4.00

Engro Chemical Pakistan Limited

Valuation
Years

2004

2005

2006

2007

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

DIVIDEND DISCOUNT MODEL

sustainable growth rate (g)
beta
Market risk premium
risk free rate
required rate of return
dividends paid

5.88%
0.68
21.58%
3.32%
17.89%
1,202,650

Present value of dividends

Pv of all dividends at 2004

total number of shares
Price Per Share

1,733,257

2,071,565

2,355,167

1,470,238

1,490,554

1,437,459

152,940

152,940

152,940

21,749,965
152,940
142

FREE CASH FLOW MODEL

Free cash flow (CFO - CAPEX)

2,421,517

1,864,954

2,088,289

2,323,601

Free cash flow to firm

2,885,330

2,378,013

2,656,083

2,952,313

After tax cost of debt(rd)

8.89%

8.89%

8.89%

8.89%

equity (E)

6,260,069

6,525,418

6,694,602

6,836,427

total debt (short term and long term) (D)

5,216,855

5,769,901

6,385,442

7,070,540

11,476,923

12,295,320

13,080,044

13,906,966

D+E
WACC

13.80%

Present Value
Present Value of free Cash flow to firm
Price of Share
Free Cash Flow to Equity
Present Value

13.67%

13.50%

13.32%

2,095,219

2,343,980

2,609,713

2,418,001

2,703,830

3,008,698

2,051,073

1,945,488

1,836,337

72,217,871
472
3,043,625

Present Value of Free Cash Flow to Equity

Price of Share

23,484,454
154

Price/Earnings
average P/E ratio using past data
expected EPS
Value

8.22
11.76
97

8.22
13.07
107

8.22
14.65
120

8.22
16.33
134

Price/Cash Flow
average P/CF using past data
Price

(0.0001328)
(282)

(0.0001328)
(133)

(0.0001328)
(131)

(0.0001328)
(139)

Price/Book Value
average P/BV using past data
Price

1.92
71

1.92
71

1.92
71

1.92
71

Price/Sales
P/S
Price

7.7819E-06
109

7.7819E-06
121

7.7819E-06
135

7.7819E-06
150

3,165,534

2,693,045
2,369,236

3,009,954
2,336,631

3,349,414
2,313,448

Present Value of Operating Cash Flow

Operating Cash Flow
Present Value
Present Value of Operating Cash Flow
Price of Share

42,372,089
277

2008

2009

2010

2011

2012

2013

2014

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

0.68
21.58%
3.32%
17.89%

2,618,548

2,927,635

3,288,256

3,679,314

4,192,832

4,724,275

5,346,075

1,355,685

1,285,701

1,224,935

1,162,623

1,123,839

1,074,129

1,031,053
9,093,748

152,940

152,940

152,940

152,940

152,940

152,940

152,940

2,553,574

2,859,589

3,217,122

3,591,282

4,130,290

4,630,909

5,253,609

3,250,089

3,631,568

4,073,094

4,540,737

5,183,791

5,800,214

6,551,803

8.89%

8.89%

8.89%

8.89%

8.89%

8.89%

8.89%

6,968,140

7,122,710

7,303,052

7,498,615

7,755,418

8,021,186

8,332,139

7,833,053

8,681,730

9,626,308

10,677,623

11,847,737

13,150,073

14,599,574

14,801,193

15,804,440

16,929,360

18,176,238

19,603,155

21,171,259

22,931,713

13.13%

12.95%

12.77%

12.60%

12.45%

12.30%

12.16%

2,877,534

3,220,235

3,617,185

4,037,947

4,615,983

5,171,318

6,551,803

3,316,087

3,708,266

4,161,700

4,642,597

5,300,404

5,933,246

6,703,110

1,716,818

1,628,523

1,550,309

1,467,010

1,420,711

1,349,006

1,292,773

8.22
17.98
148

(0.0001328)
(150)

1.92
71

8.22
20.15
166

(0.0001328)
(168)

1.92
71

8.22
22.68
187

(0.0001328)
(188)

1.92
71

8.22
25.34
208

(0.0001328)
(208)

1.92
71

8.22
29.09
239

(0.0001328)
(236)

1.92
71

8.22
32.63
268

(0.0001328)
(259)

1.92
71

8.22
36.99
304

(0.0001328)
(290)

1.92
71

7.7819E-06
167

7.7819E-06
186

7.7819E-06
207

7.7819E-06
230

7.7819E-06
256

7.7819E-06
285

7.7819E-06
317

3,695,304
2,256,167

4,130,334
2,247,044

4,631,462
2,251,531

5,165,443
2,250,257

5,882,331
2,300,506

6,580,930
2,316,527

7,423,983
2,356,185

Perpetuity value

5,660,657
47,151,652

110,522,196

35,076,953

37,469,364
7,226,405

61,046,313
19,374,558