Ferozsons

Assets
Current Assets
Stores, spare parts and loose tools
Stock in trade
Trade debts - considered good
Loans and advances - considered good
Deposits and prepayments
Other receivables
Income tax - net
Short term investments
Cash and bank balances
Derivative asset - interest rate swap
Total current assets
Fixed (Long-Term) Assets
Property, plant and equipment
Intangibles
Long term investments - related parties
Long term deposits
Total fixed assets
Total Assets

[42]

Liabilities and Owner's Equity

Current Liabilities
Trade and other payables
Short term borrowings - secured
Unclaimed dividend
Accrued mark-up
Provision for taxation - net
Current portion of long term financing
Total current liabilities
Long-Term Liabilities
Deferred taxation
Other
Total long-term liabilities
Owner's Equity
Issued, subscribed and paid up capital
Capital reserve
Accumulated profits
Revaluation surplus on property, plant and equipment
Other
Total owner's equity
Authorized share capital, ordinary share Per share Rs.10
Total Liabilities and Owner's Equity
Common Financial Ratios
Debt Ratio (Total Liabilities / Total Assets)
Working Capital (Current Assets - Current Liabilities)
Assets-to-Equity Ratio (Total Assets / Owner's Equity)
Debt-to-Equity Ratio (Total Liabilities / Owner's Equity)
Management Performance Ratios:
Return on Shareholder Equity (PAT/Share Capital+Reserves)
Return on Capital Employed (OP/TA+CL)
Operating Profit on sales (OP/sales)*100
 Ferozsons Income Statem
2011
Sales Revenue 2,202,757,204
Cost of Goods Sold (1,073,340,283)
Gross Profit (Loss) 1,129,416,921

Other Income 15,134,376

[42]

Operating Expenses
Administrative expenses (117,440,687)
Selling and distribution cost (457,033,374)
Finance cost (20,109,389)
Other expenses (42,428,364)
Share in (loss)/profit of Farmacia-owned partnership -
Total Operating Expenses (637,011,814)
Operating Income (Profit/Loss) Before Tax 507,539,483
(Less income tax expense) (81,916,771)

Net Income 425,622,712

ncome Statement
2012 2013 2014 2015 2016
2,766,373,225 1,953,192,682 2,534,928,325 4,433,552,219 10,186,496,154
(1,457,074,704) (902,067,319) (1,231,294,748) (2,417,655,623) (6,077,657,868)
1,309,298,521 1,051,125,363 1,303,633,577 2,015,896,596 4,108,838,286

52,082,875 90,822,495 89,333,419 88,535,346 126,515,313

(153,164,594) (140,304,385) (160,493,145) (192,837,874) (276,235,535)

(658,190,990) (501,773,098) (600,132,625) (733,990,364) (1,033,035,251)
(12,537,845) (11,751,809) (17,085,720) (13,964,279) (11,152,570)
(44,967,789) (32,712,047) (48,180,659) (81,100,687) (260,905,050)
- (4,488,438) -
(868,861,218) (691,029,777) (825,892,149) (1,021,893,204) (1,581,328,406)
492,520,178 450,918,081 567,074,847 1,082,538,738 2,654,025,193
(16,256,184) (42,336,706) (149,546,613) (333,948,031) (549,538,096)

476,263,994 408,581,375 417,528,234 748,590,707 2,104,487,097

 2017 2018 2019
4,311,441,718 4,409,137,684 5,180,803,582
(2,534,669,504) (2,908,895,564) (3,134,954,617)
1,776,772,214 1,500,242,120 2,045,848,965

47,849,556 129,086,882 182,390,571

(289,129,914) (303,096,037) (353,172,864)

(913,763,385) (1,056,932,024) (1,309,653,498)
(16,293,573) (11,048,102) (23,429,965)
(3,216,963) (50,987,393) (123,265,414)

(1,222,403,835) (1,422,063,556) (1,809,521,741)

602,217,935 207,265,446 418,717,795
(208,553,225) (111,859,642) (167,672,113)

393,664,710 95,405,804 251,045,682

 2011
Sales Revenue 100.00%
Cost of Goods Sold -48.73%

Gross Profit (Loss) 51.27%

Other Income 0.69%

Operating Expenses 0.00%
Administrative expenses -5.33%
Selling and distribution cost -20.75%
Finance cost -0.91%
Other expenses -1.93%
Share in (loss)/profit of Farmacia-owned partnership 0.00%
Total Operating Expenses -28.92%
Operating Income (Profit/Loss) Before Tax 23.04%
(Less income tax expense) -3.72%

Net Income 19.32%

Horizontal An
2011 % Change
Sales Revenue
Cost of Goods Sold
Gross Profit (Loss)
Other Income
Operating Expenses
Administrative expenses
Selling and distribution cost
Finance cost
Other expenses
Share in (loss)/profit of Farmacia-owned partnership
Total Operating Expenses
Operating Income (Profit/Loss) Before Tax
(Less income tax expense)
Net Income
 Vertical Analysis
2012 2013 2014
100.00% 100.00% 100.00%
-52.67% -46.18% -48.57%

47.33% 53.82% 51.43%

1.88% 4.65% 3.52%

0.00% 0.00% 0.00%
-5.54% -7.18% -6.33%
-23.79% -25.69% -23.67%
-0.45% -0.60% -0.67%
-1.63% -1.67% -1.90%
0.00% -0.23% 0.00%
-31.41% -35.38% -32.58%
17.80% 23.09% 22.37%
-0.59% -2.17% -5.90%

17.22% 20.92% 16.47%

Horizontal Analysis
2012 % Change 2013 % Change 2014
563,616,021 25.59% (813,180,543) -29.40% 581,735,643
(383,734,421) 35.75% 555,007,385 -38.09% (329,227,429)
179,881,600 15.93% (258,173,158) -19.72% 252,508,214
36,948,499 244.14% 38,739,620 74.38% (1,489,076)
- -
(35,723,907) 30.42% 12,860,209 -8.40% (20,188,760)
(201,157,616) 44.01% 156,417,892 -23.76% (98,359,527)
7,571,544 -37.65% 786,036 -6.27% (5,333,911)
(2,539,425) 5.99% 12,255,742 -27.25% (15,468,612)
- (4,488,438) 4,488,438
(231,849,404) 36.40% 177,831,441 -20.47% (134,862,372)
(15,019,305) -2.96% (41,602,097) -8.45% 116,156,766
65,660,587 -80.16% (26,080,522) 160.43% (107,209,907)
50,641,282 11.90% (67,682,619) -14.21% 8,946,859
 2015 2016
100.00% 100.00%
-54.53% -59.66%

45.47% 40.34%

2.00% 1.24%
0.00% 0.00%
-4.35% -2.71%
-16.56% -10.14%
-0.31% -0.11%
-1.83% -2.56%
0.00% 0.00%
-23.05% -15.52%
24.42% 26.05%
-7.53% -5.39%

16.88% 20.66%

% Change 2015 % Change 2016 % Change

29.78% 1,898,623,894 74.90% 5,752,943,935 129.76%
36.50% (1,186,360,875) 96.35% (3,660,002,245) 151.39%
24.02% 712,263,019 54.64% 2,092,941,690 103.82%
-1.64% (798,073) -0.89% 37,979,967 42.90%

14.39% (32,344,729) 20.15% (83,397,661) 43.25%

19.60% (133,857,739) 22.30% (299,044,887) 40.74%
45.39% 3,121,441 -18.27% 2,811,709 -20.14%
47.29% (32,920,028) 68.33% (179,804,363) 221.71%

19.52% (196,001,055) 23.73% (559,435,202) 54.74%

25.76% 515,463,891 90.90% 1,571,486,455 145.17%
253.23% (184,401,418) 123.31% (215,590,065) 64.56%
2.19% 331,062,473 79.29% 1,355,896,390 181.13%
 2017 2018 2019
100.00% 100.00% 100.00%
-58.79% -65.97% -60.51%

41.21% 34.03% 39.49%

1.11% 2.93% 3.52%

0.00% 0.00% 0.00%
-6.71% -6.87% -6.82%
-21.19% -23.97% -25.28%
-0.38% -0.25% -0.45%
-0.07% -1.16% -2.38%
0.00% 0.00% 0.00%
-28.35% -32.25% -34.93%
13.97% 4.70% 8.08%
-4.84% -2.54% -3.24%

9.13% 2.16% 4.85%

2017 % Change 2018 % Change 2019 % Change

(5,875,054,436) -57.67% 97,695,966 2.27% 771,665,898 17.50%
3,542,988,364 -58.30% (374,226,060) 14.76% (226,059,053) 7.77%
(2,332,066,072) -56.76% (276,530,094) -15.56% 545,606,845 36.37%
(78,665,757) -62.18% 81,237,326 169.78% 53,303,689 41.29%

(12,894,379) 4.67% (13,966,123) 4.83% (50,076,827) 16.52%

119,271,866 -11.55% (143,168,639) 15.67% (252,721,474) 23.91%
(5,141,003) 46.10% 5,245,471 -32.19% (12,381,863) 112.07%
257,688,087 -98.77% (47,770,430) 1484.95% (72,278,021) 141.76%

358,924,571 -22.70% (199,659,721) 16.33% (387,458,185) 27.25%

(2,051,807,258) -77.31% (394,952,489) -65.58% 211,452,349 102.02%
340,984,871 -62.05% 96,693,583 -46.36% (55,812,471) 49.90%
(1,710,822,387) -81.29% (298,258,906) -75.76% 155,639,878 163.13%
 2011 2012
Sales Revenue 25.59%
Cost of Goods Sold 35.75%

Gross Profit (Loss) 15.93%

Other Income 244.14%

Operating Expenses
Administrative expenses 30.42%
Selling and distribution cost 44.01%
Finance cost -37.65%
Other expenses 5.99%
Share in (loss)/profit of Farmacia-owned partnership
Total Operating Expenses 36.40%
Operating Income (Profit/Loss) Before Tax -2.96%
(Less income tax expense) -80.16%

Net Income 11.90%

 Trend Analysis

2013 2014 2015 2016 2017 2018 2019

-11.33% 15.08% 101.27% 362.44% 95.73% 100.16% 135.20%
-15.96% 14.72% 125.25% 466.24% 136.15% 171.01% 192.07%

-6.93% 15.43% 78.49% 263.80% 57.32% 32.83% 81.14%

500.11% 490.27% 485.00% 735.95% 216.16% 752.94% 1105.14%

19.47% 36.66% 64.20% 135.21% 146.19% 158.08% 200.72%

9.79% 31.31% 60.60% 126.03% 99.93% 131.26% 186.56%
-41.56% -15.04% -30.56% -44.54% -18.98% -45.06% 16.51%
-22.90% 13.56% 91.15% 514.93% -92.42% 20.17% 190.53%

8.48% 29.65% 60.42% 148.24% 91.90% 123.24% 184.06%

-11.16% 11.73% 113.29% 422.92% 18.65% -59.16% -17.50%
-48.32% 82.56% 307.67% 570.85% 154.59% 36.55% 104.69%

-4.00% -1.90% 75.88% 394.45% -7.51% -77.58% -41.02%

 Ferozsons
For the Year Ending
Cash at Beginning of Year

Cash flow from operating activities

Profit before taxation
Adjustments for non - cash and other items:
Depreciation on property, plant and equipment
Amortisation
Reversal of loss allowance against trade debts
Earnest money written off
Provision for slow moving stock in trade
(Gain) / loss on sale of property , plant and equipment
Loss on write off of property, plant and equipment
Finance costs
Provision for Workers’ Profit Participation Fund
Provision for Workers’ Welfare Fund
Provision for Central Research Fund
Prior years’ reversal of Workers’ Welfare Fund
Gain on re-measurement of short term investments
Finance costs
Loss / (gain) on re-measurement of short term investments to fair value
Gain on sale of short term investments
Mark-up on long term loan
Dividend income, profit on bank deposits and commissions
Profit on term deposits
Share in profit of Farmacia
Long term investments written off
Fair value adjustment on interest rate swap
Total Adjustments
Profit before working capital changes
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Stores, spare parts and loose tools
Loans, advances, deposits and prepayments
Stock in trade
Trade debts - considered good
Loans and advances - considered good
Deposits and prepayments
Other receivables
 Total cash flow of working capital
Net Cash Flow from Operations
Increase/decrease in current liabilities
Trade and other payables
[42] Cash generated from operations
Taxes paid
Workers’ Profit Participation Fund paid
Workers’ Welfare Fund paid
Long term deposits
Workers’ Central Research Fund paid
Total cash generated from operations
Net cash generated from operating activities
Investing Activities

Fixed capital expenditure

Acquisition of property, plant and equipment
Acquisition of intangibles
Proceeds from sale of property, plant and equipment
Interest income received on long term loan
Profit on term deposits received
Short term investments - net
Recovery of long term loan
Dividend income, profit on bank deposits and commissions
Redemption/Acquisition of short term investments
Proceeds from encashment of short term investments
Net cash used in investing activities
Net Cash Flow from Investing Activities

Repayment of long term financing

Payment of liabilities against assets subject to finance lease
(Payment) / proceeds of short term borrowings
Derivative interest rate swap
Payment to non-controlling interest
Finance cost paid
Dividends paid
Net Cash Flow used in Financing Activities

Net Increase/decrease in Cash

Cash and cash equivalents at the beginning of the year

Cash at End of Year Balance

 Cash Flow Statemen

2011 2012 2013 2014

PKR 56,492,557 PKR 155,394,203 PKR 97,617,923 PKR 107,035,607

PKR 507,539,483 PKR 492,520,178 PKR 523,028,457 PKR 760,719,516

PKR 131,311,863 PKR 137,803,723 PKR 148,527,072 PKR 174,872,366

PKR - PKR 1,829,319 PKR 1,829,328 PKR 2,264,735
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR 1,759,009 PKR (13,236,999) PKR (4,569,587) PKR (13,701,929)
PKR - PKR - PKR - PKR 6,377,986
PKR 19,966,176 PKR 12,537,845 PKR 15,465,171 PKR 18,781,869
PKR 22,966,082 PKR 20,682,801 PKR 23,749,231 PKR 40,506,542
PKR 9,186,433 PKR 8,273,120 PKR 9,499,692 PKR 15,392,486
PKR 5,080,396 PKR 4,989,224 PKR 5,244,372 PKR 8,183,140
PKR - PKR - PKR - PKR -
PKR (3,366,461) PKR (7,189,149) PKR (29,579,962) PKR (37,195,544)
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR (54,038) PKR (617,554) PKR (2,106,603)
PKR - PKR - PKR - PKR -
PKR (4,228,209) PKR (31,602,689) PKR (19,492,489) PKR (25,207,308)
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR 33,085 PKR - PKR - PKR -
PKR (310,724) PKR - PKR - PKR -
PKR 182,397,650 PKR 134,033,157 PKR 150,055,274 PKR 188,167,740
PKR 689,937,133 PKR 626,553,335 PKR 673,083,731 PKR 948,887,256

PKR (164,653) PKR (4,684,459) PKR (10,062,918) PKR (13,672,926)

PKR (6,572,037) PKR (2,753,706) PKR (22,714,809) PKR (4,520,125)
PKR (202,728,551) PKR 9,671,395 PKR (263,854,124) PKR (16,701,507)
PKR (84,152,503) PKR (167,428,726) PKR 119,459,159 PKR 32,053,910
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR (293,617,744) PKR (165,195,496) PKR (177,172,692) PKR (2,840,648)
PKR - 0 0 660,656,283
PKR 51,036,095 PKR 151,619,520 PKR (69,089,518) PKR 100,182,952
PKR 447,355,484 PKR 612,977,359 PKR - PKR -

PKR (40,352,071) PKR (43,611,345) PKR (48,217,693) PKR (157,285,671)

PKR (15,105,721) PKR (23,439,661) PKR (21,350,985) PKR (26,729,838)
PKR (6,844,511) PKR (9,186,433) PKR (8,273,120) PKR (9,499,692)
PKR (2,021,400) PKR (78,100) PKR (189,500) PKR (25,000)
PKR (3,344,013) PKR (5,080,396) PKR (4,988,847) PKR (5,244,372)
PKR (67,667,716) PKR (81,395,935) PKR (83,020,145) PKR (198,784,573)
PKR 379,687,768 PKR 531,581,424 PKR 343,801,376 PKR 847,444,987

PKR (141,830,902) PKR (163,007,299) PKR (189,902,552) PKR (226,923,991)

PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR 2,594,250 PKR 18,848,582 PKR 6,687,971 PKR 15,465,849
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR 4,228,209 PKR 31,602,689 PKR 19,492,489 PKR 25,207,308
PKR (592,000) PKR (337,436,250) PKR (38,054,681) PKR (295,887,277)
PKR - PKR 23,130,445 PKR - PKR -
PKR (135,600,443) PKR (426,861,833) PKR (201,776,773) PKR (482,138,111)

PKR (94,125,000) PKR (79,937,500) PKR 1,241,992 PKR -

PKR (478,082) PKR - PKR - PKR -
PKR 1,277,762 PKR (37,805,811) PKR - PKR (746,163)
PKR (103,350) PKR - PKR - PKR -
PKR - PKR (510,204) PKR - PKR -
PKR (20,888,568) PKR (13,767,750) PKR (12,484,564) PKR (15,858,626)
PKR (30,868,441) PKR (30,474,606) PKR (121,364,347) PKR (289,882,689)
PKR (145,185,679) PKR (162,495,871) PKR (132,606,919) PKR (306,487,478)

PKR 98,901,646 PKR (57,776,280) PKR 9,417,684 PKR 58,819,398

PKR 56,492,557 PKR 155,394,203 PKR 97,617,923 PKR 107,035,607

PKR 155,394,203 PKR 97,617,923 PKR 107,035,607 PKR 165,855,005

Flow Statement

2015 2016 2017 2018

PKR 165,855,005 PKR (306,343,713) PKR 125,507,221 PKR 9,006,336

PKR 1,082,538,738 PKR 2,654,025,193 PKR 602,217,935 PKR 207,265,446

PKR 111,238,016 PKR 138,760,682 PKR 209,789,257 PKR 246,338,313

PKR 296,050 PKR 1,150,797 PKR 1,855,353 PKR 2,044,342
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR 7,430,890
PKR - PKR - PKR 140,000,000 PKR -
PKR (12,193,695) PKR (21,923,497) PKR (10,941,817) PKR (17,231,877)
PKR - PKR - PKR - PKR -
PKR 13,964,279 PKR 11,152,570 PKR 16,293,573 PKR 11,048,102
PKR 57,600,151 PKR 142,536,262 PKR 29,941,741 PKR 11,281,892
PKR 11,864,141 PKR 28,795,204 PKR 10,028,086 PKR 2,717,079
PKR 11,636,394 PKR 54,163,779 PKR 6,048,836 PKR -
PKR - PKR - PKR (43,352,950) PKR -
PKR - PKR - PKR (85,611) PKR (19,138,298)
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR (41,027,036) PKR (58,529,405) PKR (3,171,520) PKR (1,947,077)
PKR (5,367,897) PKR - PKR - PKR -
PKR - PKR (9,364,205) PKR (12,287,391) PKR -
PKR - PKR - PKR (834,747) PKR -
PKR (14,452,886) PKR (21,602,047) PKR (17,638,916) PKR (16,849,410)
PKR - PKR - PKR 15,350,017 PKR -
PKR - PKR - PKR - PKR -
PKR 133,557,517 PKR 265,140,140 PKR 340,993,911 PKR 225,693,956
PKR 1,216,096,255 PKR 2,919,165,333 PKR 943,211,846 PKR 432,959,402

PKR (8,444,818) PKR 1,172,918 PKR 1,297,663 PKR (23,463,850)

PKR (38,385,070) PKR (47,063,425) PKR (37,441,901) PKR 28,941,517
PKR (569,971,758) PKR (650,332,185) PKR 179,084,055 PKR 326,183,148
PKR (87,266,671) PKR (154,655,430) PKR 6,295,285 PKR (170,471,593)
PKR - PKR - PKR - PKR -
PKR - PKR - PKR (59,100,214) PKR (30,969,527)
PKR - PKR - PKR (2,116,118) PKR (74,481,371)
PKR (704,068,317) PKR (850,878,122) PKR 88,018,770 PKR 55,738,324
1,216,096,255 0 0 0
PKR - PKR - PKR 187,451,758 PKR -
PKR 822,043,954 PKR (636,137,384) PKR 1,218,682,374 PKR 116,767,490

PKR (310,363,435) PKR (598,029,926) PKR (227,981,280) PKR (146,491,843)

PKR (33,250,628) PKR (187,211,241) PKR (53,034,847) PKR (18,670,972)
PKR (11,572,956) PKR (11,864,141) PKR (54,163,779)
PKR 327,275 PKR (2,892,500) PKR (715,000) PKR (6,482,366)
PKR (6,152,555) PKR (11,636,394) PKR (28,795,204) PKR (10,028,086)
PKR (361,012,299) PKR (811,634,202) PKR (364,690,110) PKR (181,673,267)
PKR 151,015,639 PKR 1,256,653,009 PKR 853,992,264 PKR 307,024,459

PKR - PKR - PKR - PKR -

PKR (266,687,745) PKR (688,205,229) PKR (395,980,754) PKR (337,417,193)
PKR (991,131) PKR (4,285,326) PKR - PKR (1,740,976)
PKR 16,301,288 PKR 37,600,620 PKR 15,801,732 PKR 25,416,641
PKR 9,789,598 PKR - PKR - PKR -
PKR - PKR - PKR 1,522,185 PKR -
PKR - PKR - PKR - PKR -
PKR 100,000,000 PKR - PKR - PKR -
PKR - PKR 8,676,767 PKR 12,287,391 PKR -
PKR - PKR - PKR (149,627,758) PKR -
PKR (81,394,889) PKR 564,529,405 PKR (18,373,269)
PKR (222,982,879) PKR (81,683,763) PKR (515,997,204) PKR (332,114,797)

PKR - PKR - PKR - PKR -

PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR - PKR - PKR - PKR -
PKR (17,599,263) PKR (11,130,437) PKR (14,679,489) PKR (12,161,240)
PKR (382,632,215) PKR (731,987,875) PKR (439,816,456) PKR (119,458,387)
PKR (400,231,478) PKR (743,118,312) PKR (454,495,945) PKR (131,619,627)

PKR (472,198,718) PKR 431,850,934 PKR (116,500,885) PKR (156,709,965)

PKR 165,855,005 PKR (306,343,713) PKR 125,507,221 PKR 9,006,336

PKR (306,343,713) PKR 125,507,221 PKR 9,006,336 PKR (147,703,629)

 2019
PKR (147,703,629)

PKR 418,717,795

PKR 285,495,105
PKR 1,285,093
PKR (5,235,513)
PKR -
PKR -
PKR (30,806,125)
PKR -
PKR 23,429,965
PKR -
PKR -
PKR 8,872,286
PKR -
PKR 11,014,902
PKR 1,376,020
PKR (45,219,772)
PKR (1,873,744)
PKR -
PKR (16,747,464)
PKR 17,597,332
PKR 3,555,017
PKR 38,876,781
PKR -
PKR 291,619,883
PKR 710,337,678

PKR 25,340,064
PKR -
PKR 25,340,064
PKR (403,114,279)
PKR 19,577,188
PKR 23,871,796
PKR 28,386,249
PKR (280,598,918)
0
PKR 211,173,052

PKR (187,486,714)
PKR (21,081,892)
PKR (7,090,508)
PKR (2,283,549)
PKR (20,000)
PKR (217,962,663)
PKR 422,949,149

PKR -
PKR (373,025,565)
PKR -
PKR 46,676,391
PKR -
PKR 1,873,744
PKR 96,989,005
PKR -
PKR 11,335,727
PKR -
PKR -
PKR (216,150,698)

PKR -
PKR -
PKR -
PKR -
PKR -
PKR (19,531,328)
PKR (127,734,273)
PKR (147,265,601)

PKR 59,532,850
PKR (147,703,629)

PKR (88,170,779)
 Horizontal

For the Year Ending 2011 2012

Cash at Beginning of Year 275.07%

Cash flow from operating activities

Profit before taxation 97.04%
Adjustments for non - cash and other items:
Depreciation on property, plant and equipment 104.94%
Amortisation
Reversal of loss allowance against trade debts
Earnest money written off
Provision for slow moving stock in trade
(Gain) / loss on sale of property , plant and equipment -752.53%
Loss on write off of property, plant and equipment
Finance costs 62.80%
Provision for Workers’ Profit Participation Fund 90.06%
Provision for Workers’ Welfare Fund 90.06%
Provision for Central Research Fund 98.21%
Prior years’ reversal of Workers’ Welfare Fund
Gain on re-measurement of short term investments 213.55%
Finance costs
Loss / (gain) on re-measurement of short term investments to fair value
Gain on sale of short term investments
Mark-up on long term loan
Dividend income, profit on bank deposits and commissions 747.42%
Profit on term deposits
Share in profit of Farmacia
Long term investments written off 0.00%
Fair value adjustment on interest rate swap 0.00%
Total Adjustments 73.48%
Profit before working capital changes 90.81%
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Stores, spare parts and loose tools 2845.05%
Loans, advances, deposits and prepayments 41.90%
Stock in trade -4.77%
Trade debts - considered good 198.96%
Loans and advances - considered good
Deposits and prepayments
Other receivables
Total cash flow of working capital 56.26%
Net Cash Flow from Operations
Increase/decrease in current liabilities 297.08%
Trade and other payables 137.02%
Cash generated from operations
Taxes paid 108.08%
Workers’ Profit Participation Fund paid 155.17%
Workers’ Welfare Fund paid 134.22%
Long term deposits 3.86%
Workers’ Central Research Fund paid 151.93%
Total cash generated from operations 120.29%
Net cash generated from operating activities 140.00%
Investing Activities
0
Fixed capital expenditure 114.93%
Acquisition of property, plant and equipment
Acquisition of intangibles
Proceeds from sale of property, plant and equipment 726.55%
Interest income received on long term loan
Profit on term deposits received
Short term investments - net
Recovery of long term loan
Dividend income, profit on bank deposits and commissions 747.42%
Redemption/Acquisition of short term investments 56999.37%
Proceeds from encashment of short term investments
Net cash used in investing activities 314.79%
Net Cash Flow from Investing Activities
0
Repayment of long term financing 84.93%
Payment of liabilities against assets subject to finance lease
(Payment) / proceeds of short term borrowings -2958.75%
Derivative interest rate swap 0.00%
Payment to non-controlling interest
Finance cost paid 65.91%
Dividends paid 98.72%
Net Cash Flow used in Financing Activities 111.92%
0
Net Increase/decrease in Cash -58.42%
Cash and cash equivalents at the beginning of the year 275.07%
0
Cash at End of Year Balance 62.82%
Horizontal Analysis

2013 2014 2015 2016 2017 2018 2019

62.82% 109.65% 154.95% -184.71% -40.97% 7.18% -1640.00%

106.19% 145.45% 142.30% 245.17% 22.69% 34.42% 202.02%

107.78% 117.74% 63.61% 124.74% 151.19% 117.42% 115.90%

100.00% 123.80% 13.07% 388.72% 161.22% 110.19% 62.86%

0.00%
0.00%
34.52% 299.85% 88.99% 179.79% 49.91% 157.49% 178.77%

123.35% 121.45% 74.35% 79.86% 146.10% 67.81% 212.07%

114.83% 170.56% 142.20% 247.46% 21.01% 37.68% 0.00%
114.83% 162.03% 77.08% 242.71% 34.83% 27.09% 0.00%
105.11% 156.04% 142.20% 465.47% 11.17% 0.00%
0.00%
411.45% 125.75% 0.00% 22354.95% -57.55%

1142.81% 341.12% 1947.54% 142.66% 5.42% 61.39% 96.23%

61.68% 129.32% 0.00% 131.22% 0.00%

0.00%
149.47% 81.65% 95.52% -21.10%
0.00%

111.95% 125.40% 70.98% 198.52% 128.61% 66.19% 129.21%

107.43% 140.98% 128.16% 240.04% 32.31% 45.90% 164.07%

214.81% 135.87% 61.76% -13.89% 110.64% -1808.16% -108.00%

824.88% 19.90% 849.20% 122.61% 79.56% -77.30% 0.00%
-2728.19% 6.33% 3412.70% 114.10% -27.54% 182.14% 7.77%
-71.35% 26.83% -272.25% 177.22% -4.07% -2707.92% 236.47%

52.40% -77.08%
3519.72% -38.11%
107.25% 1.60% 24785.48% 120.85% -10.34% 63.33% -503.42%
184.07% 0.00%
-45.57% -145.00% 0.00% 0.00%
0.00% -77.38% -191.58% 9.58% 0.00%

110.56% 326.20% 197.32% 192.69% 38.12% 64.26% 127.98%

91.09% 125.19% 124.40% 563.03% 28.33% 35.21% 112.91%
90.06% 114.83% 121.82% 102.52% 456.53% 0.00%
242.64% 13.19% -1309.10% -883.81% 24.72% 906.62% 35.23%
98.20% 105.12% 117.32% 189.13% 247.46% 34.83% 0.20%
102.00% 239.44% 181.61% 224.82% 44.93% 49.82% 119.98%
64.68% 246.49% 17.82% 832.13% 67.96% 35.95% 137.76%

116.50% 119.49% 0.00%

258.06% 57.54% 85.21% 110.55%
432.37% 0.00% 0.00%
35.48% 231.25% 105.40% 230.66% 42.03% 160.85% 183.65%

61.68% 129.32% 0.00% 141.61% 0.00%

11.28% 777.53% 0.00% 0.00%
0.00% -693.57% 0.00% 0.00%
47.27% 238.95% 46.25% 36.63% 631.70% 64.36% 65.08%

-1.55% 0.00%

0.00% 0.00%

0.00%
90.68% 127.03% 110.98% 63.24% 131.89% 82.85% 160.60%
398.25% 238.85% 132.00% 191.30% 60.09% 27.16% 106.93%
81.61% 231.12% 130.59% 185.67% 61.16% 28.96% 111.89%

-16.30% 624.56% -802.79% -91.46% -26.98% 134.51% -37.99%

62.82% 109.65% 154.95% -184.71% -40.97% 7.18% -1640.00%

109.65% 154.95% -184.71% -40.97% 7.18% -1640.00% 59.69%

 Trend Ana

For the Year Ending 2011

Cash at Beginning of Year

Cash flow from operating activities

Profit before taxation
Adjustments for non - cash and other items:
Depreciation on property, plant and equipment
Amortisation
Reversal of loss allowance against trade debts
Earnest money written off
Provision for slow moving stock in trade
(Gain) / loss on sale of property , plant and equipment
Loss on write off of property, plant and equipment
Finance costs
Provision for Workers’ Profit Participation Fund
Provision for Workers’ Welfare Fund
Provision for Central Research Fund
Prior years’ reversal of Workers’ Welfare Fund
Gain on re-measurement of short term investments
Finance costs
Loss / (gain) on re-measurement of short term investments to fair value
Gain on sale of short term investments
Mark-up on long term loan
Dividend income, profit on bank deposits and commissions
Profit on term deposits
Share in profit of Farmacia
Long term investments written off
Fair value adjustment on interest rate swap
Total Adjustments
Profit before working capital changes
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Stores, spare parts and loose tools
Loans, advances, deposits and prepayments
Stock in trade
Trade debts - considered good
Loans and advances - considered good
Deposits and prepayments
Other receivables
Total cash flow of working capital
Net Cash Flow from Operations
Increase/decrease in current liabilities
Trade and other payables
Cash generated from operations
Taxes paid
Workers’ Profit Participation Fund paid
Workers’ Welfare Fund paid
Long term deposits
Workers’ Central Research Fund paid
Total cash generated from operations
Net cash generated from operating activities
Investing Activities

Fixed capital expenditure

Acquisition of property, plant and equipment
Acquisition of intangibles
Proceeds from sale of property, plant and equipment
Interest income received on long term loan
Profit on term deposits received
Short term investments - net
Recovery of long term loan
Dividend income, profit on bank deposits and commissions
Redemption/Acquisition of short term investments
Proceeds from encashment of short term investments
Net cash used in investing activities
Net Cash Flow from Investing Activities

Repayment of long term financing

Payment of liabilities against assets subject to finance lease
(Payment) / proceeds of short term borrowings
Derivative interest rate swap
Payment to non-controlling interest
Finance cost paid
Dividends paid
Net Cash Flow used in Financing Activities

Net Increase/decrease in Cash

Cash and cash equivalents at the beginning of the year

Cash at End of Year Balance

Trend Analysis

2012 2013 2014 2015 2016 2017 2018 2019

175.07% 72.80% 89.47% 193.59% -642.27% 122.17% -84.06% -361.46%

-2.96% 3.05% 49.88% 113.29% 422.92% 18.65% -59.16% -17.50%

4.94% 13.11% 33.17% -15.29% 5.67% 59.76% 87.60% 117.42%

-852.53% -359.78% -878.96% -793.21% -1346.36% -722.04% -1079.64% -1851.33%

-37.20% -22.54% -5.93% -30.06% -44.14% -18.39% -44.67% 17.35%

-9.94% 3.41% 76.38% 150.81% 520.64% 30.37% -50.88% -100.00%
-9.94% 3.41% 67.56% 29.15% 213.45% 9.16% -70.42% -100.00%
-1.79% 3.23% 61.07% 129.05% 966.13% 19.06% -100.00% 74.64%

113.55% 778.67% 1004.89% -100.00% -100.00% -97.46% 468.50% -427.20%

647.42% 361.01% 496.17% -100.00% 121.47% 190.61% -100.00% 296.09%

-100.00% -100.00% -100.00% -100.00% -100.00% 46295.70% -100.00% 117405.76%

-100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%
-26.52% -17.73% 3.16% -26.78% 45.36% 86.95% 23.74% 59.88%
-9.19% -2.44% 37.53% 76.26% 323.11% 36.71% -37.25% 2.96%

2745.05% 6011.59% 8204.09% 5028.86% -812.36% -888.12% 14150.48% -15489.98%

-58.10% 245.63% -31.22% 484.07% 616.12% 469.72% -540.37% -100.00%
-104.77% 30.15% -91.76% 181.15% 220.79% -188.34% -260.90% -112.50%
98.96% -241.96% -138.09% 3.70% 83.78% -107.48% 102.57% 379.03%
 -43.74% -39.66% -99.03% 139.79% 189.79% -129.98% -118.98% -4.43%

197.08% -235.37% 96.30% -100.00% -100.00% 267.29% -100.00% 313.77%

37.02% -100.00% -100.00% 83.76% -242.20% 172.42% -73.90% -100.00%

8.08% 19.49% 289.78% 669.14% 1382.03% 464.98% 263.03% 364.63%

55.17% 41.34% 76.95% 120.12% 1139.34% 251.09% 23.60% 39.56%
34.22% 20.87% 38.79% 69.08% 73.34% 691.35% -100.00% 3.59%
-96.14% -90.63% -98.76% -116.19% 43.09% -64.63% 220.69% 12.97%
51.93% 49.19% 56.83% 83.99% 247.98% 761.10% 199.88% -99.40%
20.29% 22.69% 193.77% 433.51% 1099.44% 438.94% 168.48% 222.11%
40.00% -9.45% 123.20% -60.23% 230.97% 124.92% -19.14% 11.39%

14.93% 33.89% 60.00% -100.00% -100.00% -100.00% -100.00% -100.00%

626.55% 157.80% 496.16% 528.36% 1349.38% 509.11% 879.73% 1699.22%

647.42% 361.01% 496.17% 105.21% 190.61% -100.00% 168.10%

56899.37% 6328.16% 49880.96% -100.00% -100.00% 25174.96% -100.00% -100.00%

214.79% 48.80% 255.56% 64.44% -39.76% 280.53% 144.92% 59.40%

-15.07% -101.32% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%

-100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%
-3058.75% -100.00% -158.40% -100.00% -100.00% -100.00% -100.00% -100.00%
-100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00% -100.00%

-34.09% -40.23% -24.08% -15.75% -46.72% -29.72% -41.78% -6.50%

-1.28% 293.17% 839.09% 1139.56% 2271.31% 1324.81% 286.99% 313.80%
11.92% -8.66% 111.10% 175.67% 411.84% 213.04% -9.34% 1.43%

-158.42% -90.48% -40.53% -577.44% 336.65% -217.79% -258.45% -39.81%

175.07% 72.80% 89.47% 193.59% -642.27% 122.17% -84.06% -361.46%

-37.18% -31.12% 6.73% -297.14% -19.23% -94.20% -195.05% -156.74%

 Statem

Capital Reserve

Revaluation
surplus on
Property,
plant and
Share capital Capital reserve equipment
2011 249,994,540 321,843
2012 287,493,720 321,843
2013 301,868,410 321,843
2014 301,868,410 321,843 589,650,185
2015 301,868,410 321,843
2016 301,868,410 321,843
2017 301,868,410 321,843 689,650,185
2018 301,868,410 321,843 789,650,185
2019 301,868,410 321,843 755,732,295
 Statement of Changes in Equity

Revenue Reserve

Accumulated
profit Total Non-controlling Interest Total Avg. Share Price
1,303,293,179 1553609562 1553609562 75
1,744,227,890 2032043453 60,773,274 2092816727 78
2,061,029,564 2363219817 72,090,498 2435310315 109
2,289,472,502 3181312940 98,750,513 3280063453 321
2,811,333,056 3,113,523,309 3113523309 732
4,279,679,051 4,581,869,304 4581869304 870
4,265,339,789 5,257,180,227 5257180227 401
3,735,100,328 4,826,940,766 4826940766 207
3,879,504,557 4,937,427,105 4937427105 158
Dividend
4
4.5
7
3
10
3
4
2
2
 AVG of Inventory
2011 2012 2013 2014 2015 2016
587887658.5 719814720.5 855256838.5 1040099573.5 1541757648
 2017 2018 2019
1707381713 1383846803 1195389886