Financial Statistical Summary

Attock Refinery Limited

Rupees in million INVESTMENT/ MARKET RATIO

2019 2018 2017 2016 2015 2014 2019 2018 2017 2016 2015 2014

TRADING RESULTS INVESTMENT / MARKET RATIO

Sales (Net of Govt. Levies) 176,754.54 129,588.62 101,386.94 66,564.92 128,905.43 175,067.85 Earnings/(loss) per share (EPS) Rs (50.51) 5.43 63.47 9.57 21.27 29.82
Reimbursement from/(to) Government - 7.95 24.85 - - - (on shares outstanding at 30th June)
Turnover 176,754.54 129,596.57 101,411.79 66,564.92 128,905.43 175,067.85 Dividend % - - 60 50 50 -
Cost of sales 180,815.67 130,675.23 97,078.92 67,466.75 128,352.37 174,930.91 Cash dividend per share Rs - - 6.00 5.00 5.00 -
Gross (loss)/profit (4,061.13) (1,078.66) 4,332.87 (901.83) 553.06 136.94 Bonus share issue % - 25 - - - -
Administration and distribution cost 740.48 695.28 644.07 571.08 539.04 469.43 Bonus share issue Rs - 213.23 - - - -
Other income 2,779.99 1,977.48 1,434.22 927.38 1,349.64 1,764.18 Price earning ratio* Time (1.53) 31.71 6.03 29.27 10.74 7.12
Non-Refinery income 1,155.87 1,591.54 1,714.33 1,519.74 1,409.45 1,847.12 Price to book ratio Time 0.08 0.18 0.36 0.32 0.24 0.27
Operating (loss)/profit (865.76) 1,795.08 6,837.35 974.21 2,773.11 3,278.81 Dividend yield ratio % - - 1.57 1.78 2.19 -
Finance cost and other charges 6,770.21 2,819.03 1,465.80 162.68 397.06 104.61 Dividend cover ratio Time - - 10.58 1.91 4.25 -
(Loss)/profit before tax (7,635.97) (1,023.95) 5,371.55 811.53 2,376.05 3,174.20 Dividend payout ratio % - - 9.45 52.25 23.51 -
Taxation (2,250.73) (1,602.93) (42.11) (4.82) 561.81 630.81 Break-up value (Rs per share) without surplus
(Loss)/profit after tax (5,385.24) 578.98 5,413.66 816.35 1,814.24 2,543.39 on revaluation of freehold land Rs 202.65 319.67 320.40 262.36 258.10 238.54
Dividend - - (511.76) (426.47) (426.47) - Break-up value (Rs per share) with surplus on
Transfer from/(to) special reserves 1,033.26 1,012.56 (3,553.53) - (259.00) (550.48) revaluation of freehold land Rs 315.69 460.98 461.71 389.12 384.86 365.31
STATEMENT OF FINANCIAL POSITION SUMMARY Break-up value (Rs per share) with investment
Paid-up Capital 1,066.16 852.93 852.93 852.93 852.93 852.93 in related party Rs 315.69 460.98 461.71 389.12 384.86 365.31
Reserves 22,193.29 28,767.54 30,227.19 24,399.35 25,445.05 25,551.55 Highest market value per share during the year Rs 235.52 430.88 508.16 288.77 235.11 272.81
Unappropriated Profit brought forward 10,398.64 9,697.79 8,300.70 7,937.28 6,528.17 4,753.55 Lowest market value per share during the year Rs 74.17 187.05 294.14 188.67 146.48 173.85
Shareholders’ funds 33,658.09 39,318.26 39,380.82 33,189.56 32,826.15 31,158.03 Market value per share at 30th June Rs 77.27 215.31 382.58 280.14 228.45 212.29
Financing facilities (Long term including current portion) 10,181.42 14,842.92 19,872.17 15,163.68 11,658.99 480.69 CAPITAL STRUCTURE RATIOS
Property, plant & equipment (less depreciation) 31,145.02 33,239.76 35,356.80 34,965.03 31,571.32 16,858.66 Financial leverage ratio   Time 0.30 0.38 0.50 0.46 0.36 0.02
Net current assets (7,321.81) 4,110.24 7,902.64 (1,102.24) (1,397.99) 1,260.78 Debt to equity ratio % 23 : 77 27 : 73 34 : 66 31 : 69 26 : 74 2 : 98
CASH FLOW SUMMARY Weighted average cost of debt % 7.07 5.54 5.41 6.77 7.61 7.81
Cash flows from operating activities 2,304.92 7,353.16 7,156.81 (2,727.70) 399.96 1,438.58 Interest cover ratio Time (2.97) 0.48 5.42 - - -
Cash flows from investing activities 2,596.49 2,491.91 1,963.22 (172.69) (11,832.72) (1,453.25) * The price earning ratio is without the effect of bonus issue.
Cash flows from financing activities (11,275.19) (8,542.68) 2,826.74 1,887.58 10,859.03 276.64
Increase/(decrease) in cash and cash equivalents (6,373.77) 1,302.39 11,946.77 (1,012.81) (573.72) 261.97 RATIO ANALYSIS
PROFITABILITY RATIOS
Gross profit ratio % (2.30) (0.83) 4.27 (1.35) 0.43 0.08
Net profit ratio % (3.05) 0.45 5.34 1.23 1.41 1.45
EBITDA margin to sales % (1.70) 2.55 8.78 1.71 2.07 2.00
Operating leverage ratio Time (23.87) (3.21) 11.32 1.26 0.96 (0.17)
Return on equity % (16.00) 1.47 13.75 2.46 5.53 8.16
Return on capital employed % (10.99) 1.02 10.06 1.76 4.77 8.71
LIQUIDITY RATIOS
Current ratio Time 0.88 1.08 1.23 0.96 0.96 1.04
Quick/acid test ratio Time 0.66 0.82 1.00 0.65 0.72 0.69
Cash to current liabilities Time 0.27 0.45 0.63 0.35 0.29 0.31
Cash flow from operations to sales Time 0.01 0.06 0.07 (0.04) - 0.01 PROFITABILITY LIQUIDITY ACTIVITY/ INVESTMENT/
RATIOS RATIOS TURNOVER RATIOS MARKET RATIOS
ACTIVITY/TURNOVER RATIOS
Inventory turnover ratio Time 18.26 16.86 15.63 10.16 14.16 15.02
There was a decline in There was a slight There was a slight A decline in overall
profitability ratios of decline in liquidity ratios improvement in certain profitability of the
No. of days in inventory Days 20 22 23 36 26 24
the company due to of the Company due to areas like Assets and company resulted in
Debtor turnover ratio Time 11.25 12.05 14.16 8.41 11.63 14.31
unfavourable fluctuations continuous increase in Inventory turnover ratios, reduction in Market/
No. of days in receivables Days 32 30 26 44 31 26 in international prices the prices of crude oil but overall the turnover Investment Ratios.
Creditor turnover ratio Time 5.55 5.75 5.88 3.64 5.87 8.36 of Petroleum Products and devaluation of ratios have deteriorated Substantial exchange
No. of days in payables Days 66 63 62 101 62 44 as well as decline in Pak Rupee. indicating prevailing loss due to devaluation
Total assets turnover ratio Time 1.70 1.35 1.11 0.88 1.60 2.59 Refinery’s throughput Economic conditions. of Pak Rupees added to
Fixed assets turnover ratio Time 5.68 3.78 2.87 1.90 4.08 10.38 during the year. the aggrieved situation.
Operating cycle (14) (11) (13) (21) (5) 6

Gearing up
for Challenges 64 65 Annual Report
2019