DGKC

Balance Sheet - Unconsolidated

Year FY15 FY16 FY17 FY18 FY19
Assets
Non Current Assets 42,965,101 52,582,744 81,070,635 92,813,391 92,318,165
Property Plant and Equipment 29,958,970 39,576,830 62,447,737 76,493,984 79,980,234
Intangible Assets 18,452 - - - -
Long Term Investments 12,918,182 12,947,976 18,564,054 16,259,564 12,276,961
Long Term Loans & Deposits 69,497 57,938 58,844 59,843 60,970

Current Assets 31,426,342 30,835,521 27,300,684 29,075,626 33,623,260

Stores, Spare Parts and Loose Tools 3,635,858 4,006,181 4,939,420 5,114,227 9,240,264
Stock in Trade 1,188,376 766,633 1,162,914 1,377,596 3,714,058
Trade Debts 156,899 201,574 220,182 188,293 1,191,881
Short Term Investments 24,855,796 17,819,005 17,044,084 16,018,594 14,129,075
Loans and Advances 648,010 584,447 1,987,849 2,637,675 1,064,369
Loan to Related Party - - 1,000,000 1,000,000 1,000,000
Income Tax Receivable 673,807 433,136 524,355 2,270,137 2,794,695
Derivative Financial Instrument 9,873 14,701 - - -
Cash and Bank Balances 257,723 7,009,844 421,880 469,104 488,918

Total Assets 74,391,443 83,418,265 108,371,319 121,889,017 125,941,425

Equity
Issued, Subscribed and Paid-up Capital 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191
Retained Earning 57,914,880 61,402,238 70,487,688 72,753,230 66,547,224

Total Equity 62,296,071 65,783,429 74,868,879 77,134,421 70,928,415

Non Current Liabilities 5,511,896 7,578,202 18,652,637 22,201,403 20,765,958

Long Term Finances - Secured 714,261 2,400,000 12,520,000 17,730,324 15,985,030
Long Term Deposits 72,003 77,813 79,441 109,726 242,043
Deferred Liabilities 137,585 111,334 186,837 278,379 449,194
Deferred Taxation 4,588,047 4,989,055 5,866,359 4,082,974 4,089,691

Current Liabilities 6,583,476 10,056,634 14,849,803 22,553,193 34,247,052

Trade and Other Payables 4,048,079 5,366,340 5,454,447 7,595,299 8,029,874
Accrued Finance Cost 27,304 52,931 217,204 347,880 809,569
Short Term Borrowings 1,826,072 3,451,352 8,571,228 12,209,667 20,258,570
Current Portion of LT finance 646,931 1,150,921 523,778 2,336,910 5,080,511
Others - - 48,056 28,347 33,438
Provision for Taxation 35,090 35,090 35,090 35,090 35,090

Total Liabilities 12,095,372 17,634,836 33,502,440 44,754,596 55,013,010

Total Equity and Liabilities 74,391,443 83,418,265 108,371,319 121,889,017 125,941,425

AFN
Share Price 142.77 190.49 213.16 114.49 56.54
Number of share 438,119 438,119 438,119 438,119 438,119
 Income Statement (Rs.000)
Sales 26,104,611 29,703,758 30,136,165 30,668,428 40,516,525
Cost of sale 16,649,411 17,035,566 18,291,600 21,928,207 35,154,086
Gross profit 9,455,200 12,668,192 11,844,565 8,740,221 5,362,439
Administration expenses 472,326 572,780 551,221 624,925 628,517
Distribution 746,723 949,628 979,045 898,156 1,305,695
Other operating expenses 727,805 913,642 891,513 2,354,656 538,207
Other operating income 2,320,335 2,379,053 2,118,216 3,026,661 2,427,266
Profit from operations 9,828,681 12,611,195 11,541,002 7,889,145 5,317,286
Finance cost (281,504) (130,451) (382,895) (519,267) (3,304,102)
Impairment on investment
Profit before taxation 9,547,177 12,480,744 11,158,107 7,369,878 2,013,184
Taxation (1,922,497) (3,691,072) (3,182,766) 1,467,530 (381,082)
Profit after taxation 7,624,680 8,789,672 7,975,341 8,837,408 1,632,102
EPS (Rs) 17.40 20.06 18.20 20.17 3.73
Dividend (Rs) 1.00
Gross profit margin 36.22% 42.65% 39.30% 28.50% 13.24%
Distribution cost / Sales -2.86% -3.20% -3.25% -2.93% -3.22%
Administration expenses / Sales -1.81% -1.93% -1.83% -2.04% -1.55%
Effective tax rate 20.14% 29.57% 28.52% -19.91% 18.93%
Net profit margin 29.21% 29.59% 26.46% 28.82% 4.03%
Dividend Payout 27%

Ratios FY15 FY16 FY17 FY18 FY19

Activity Ratio
Inventory Turnover 3.55 3.36 3.48 3.62
Days inventory in Hand 103 109 105 101
Recievable Turnover 41.4 35.7 37.5 14.7
Days Sales outstanding 9 10 10 25
Payable Turnover 3.62 3.38 3.36 4.50
Number of days Payable 101 108 109 81
Working Capital Turnover 1.30 1.81 3.23 13.74
Fixed Asset Turnover 0.85 0.59 0.44 0.52
Total Asset Turnover 0.38 0.31 0.27 0.33
Profitabilty Ratio
Net Income Margins 30% 26% 29% 4%
Gross Profit Margins 43% 39% 28% 13%
Operating Profit Margin 47% 42% 28% 18%
EBITDA Margins
Operating ROA 14% 11% 6% 3%
ROA 11% 8% 8% 1%
ROE 13% 11% 11% 2%
Return on Total Capital 12% 8% 8% 1%
Liquidity Ratio
Current Ratio 3.07 1.84 1.29 0.98
Quick Ratio 2.49 1.19 0.74 0.46
Cash Ratio 2.47 1.18 0.73 0.43
Cash Conversion Cycle 11 11 6 45
Solvency Ratio
Debt Ratio
Debt to Asset Ratio 8% 20% 26% 33%
 Debt to Capital Ratio 10% 22% 30% 37%
Debt to Equity Ratio 11% 29% 42% 58%
Financial Leverage Ratio 1.23 1.36 1.51 1.67
Coverage Ratio
Interest Coverage 96.67 30.14 15.19 1.61
Fixed Charge Coverage
Equity Ratio's
Earning Per Share 20.06 18.20 20.17 3.73
Dividend Per Share - - - 1.00
Book Value Per Share 150.15 170.89 176.06 161.89
Sales Per Share 67.80 68.79 70.00 92.48

Price to Earning 9.49 11.71 5.68 15.18

Price to Book Value 1.27 1.25 0.65 0.35
Price to Sales 2.81 3.10 1.64 0.61
Dividend Yeild 1.77%
Performa 1 Performa 2 Performa 1 Performa 2

Full Capacity Below Capacity AFN=(A*/S0)DS - (

FY 20 FY20 FY 20 FY20

106,165,890 106,165,890 92,318,165 92,318,165

91,977,269 91,977,269 79,980,234 79,980,234
- - - -
14,118,505 14,118,505 12,276,961 12,276,961
70,116 70,116 60,970 60,970

38,666,749 38,666,749 35,745,190 35,745,190

10,626,304 10,626,304 10,626,304 10,626,304
4,271,167 4,271,167 4,271,167 4,271,167
1,370,663 1,370,663 1,370,663 1,370,663
16,248,436 16,248,436 14,129,075 14,129,075
1,224,024 1,224,024 1,064,369 1,064,369
1,150,000 1,150,000 1,000,000 1,000,000
3,213,899 3,213,899 2,794,695 2,794,695
- - - -
562,256 562,256 488,918 488,918
- -
144,832,639 144,832,639 128,063,355 128,063,355

4,381,191 4,381,191 4,381,191 4,381,191

67,914,454 67,914,454 67,914,454 67,914,454

72,295,645 72,295,645 72,295,645 72,295,645

20,765,958 28,864,992 20,765,958 20,194,742

15,985,030 24,084,064 15,985,030 15,413,814
242,043 242,043 242,043 242,043
449,194 449,194 449,194 449,194
4,089,691 4,089,691 4,089,691 4,089,691

35,572,968 43,672,002 35,572,968 35,572,968

9,234,355 9,234,355 9,234,355 9,234,355
931,004 931,004 931,004 931,004
20,258,570 28,357,604 20,258,570 20,258,570
5,080,511 5,080,511 5,080,511 5,080,511
33,438 33,438 33,438 33,438
35,090 35,090 35,090 35,090

56,338,926 72,536,994 56,338,926 55,767,711

128,634,571 144,832,639 128,634,571 128,063,355

Through Equation
16,198,068 - (571,216) - AFN Full Capacity 16,192,217
65.02 65.02 65.02 65.02 AFN Under Capacity (577,066)
438,119 438,119 438,119 438,119
46,594,004 46,594,004
40,427,199 40,427,199
6,166,805 6,166,805
722,795 722,795
1,501,549 1,501,549
618,938 618,938
2,791,356 2,791,356
6,114,879 6,114,879
(3,304,102) (3,304,102)

2,810,777 2,810,777
(532,061) (532,061)
2,278,716 2,278,716
5.20 5.20
2.08 2.08
13.24% 13.24%
-3.22% -3.22%
-1.55% -1.55%
18.93% 18.93%
4.89% 4.89%
40.0% 40.0%

FY20 FY20

2.90 2.71
126 135
9.1 8.5
40 43
4.68 4.38
78 83
37.73 (19.28)
0.54 0.54
0.34 0.34

5% 5%
13% 13%
18% 18%

3% 3%
2% 2%
3% 3%
2% 2%

1.09 1.00
0.51 0.45
0.47 0.41
88 94

29% 32%
 36% 36%
57% 57%
1.89 1.89

1.85 1.85

5.20 5.20
2.08 2.08
165.01 165.01
106.35 106.35

12.50 12.50
0.39 0.39
0.61 0.61
3.20% 3.20%
A*/S0)DS - (L*/S0)DS - M(S1)(1 - d)
 DGKC
Balance Sheet - Unconsolidated
Year FY14 FY15 FY16 FY17 FY18
Assets
Non Current Assets 41,213,443 42,965,101 52,582,744 81,070,635 92,813,391
Property Plant and Equipment 29,832,625 29,958,970 39,576,830 62,447,737 76,493,984
Intangible Assets 36,904 18,452 - - -
Long Term Investments 11,258,370 12,918,182 12,947,976 18,564,054 16,259,564
Long Term Loans & Deposits 85,544 69,497 57,938 58,844 59,843

Current Assets 32,068,626 31,426,342 30,835,521 27,300,684 29,075,626

Stores, Spare Parts and Loose Tools 3,688,795 3,635,858 4,006,181 4,939,420 5,114,227
Stock in Trade 1,348,742 1,188,376 766,633 1,162,914 1,377,596
Trade Debts 168,769 156,899 201,574 220,182 188,293
Short Term Investments 24,405,153 24,855,796 17,819,005 17,044,084 16,018,594
Loans and Advances 764,140 648,010 584,447 1,987,849 2,637,675
Loan to Related Party - - - 1,000,000 1,000,000
Income Tax Receivable 384,001 673,807 433,136 524,355 2,270,137
Derivative Financial Instrument - 9,873 14,701 - -
Cash and Bank Balances 1,309,026 257,723 7,009,844 421,880 469,104

Total Assets 73,282,069 74,391,443 83,418,265 108,371,319 121,889,017

Equity
Issued, Subscribed and Paid-up Capital 4,381,191 4,381,191 4,381,191 4,381,191 4,381,191
Capital Reserves 42,705,394 37,387,772 34,238,885 38,014,337 34,761,625
Retained Earning 14,429,950 20,527,108 27,163,353 32,473,351 37,991,605

Total Equity 61,516,535 62,296,071 65,783,429 74,868,879 77,134,421

Non Current Liabilities 5,824,971 5,511,896 7,578,202 18,652,637 22,201,403

Long Term Finances - Secured 1,321,009 714,261 2,400,000 12,520,000 17,730,324
Long Term Deposits 68,970 72,003 77,813 79,441 109,726
Deferred Liabilities 200,187 137,585 111,334 186,837 278,379
Deferred Taxation 4,234,805 4,588,047 4,989,055 5,866,359 4,082,974

Current Liabilities 5,940,563 6,583,476 10,056,634 14,849,803 22,553,193

Trade and Other Payables 2,476,304 4,048,079 5,366,340 5,454,447 7,595,299
Accrued Finance Cost 59,417 27,304 52,931 217,204 347,880
Short Term Borrowings 2,551,676 1,826,072 3,451,352 8,571,228 12,209,667
Current Portion of LT finance 803,174 646,931 1,150,921 523,778 2,336,910
Derivative Financial Instrument 14,902 - - 48,056 -
Unclaimed Dividednd 28,347
Provision for Taxation 35,090 35,090 35,090 35,090 35,090

Total Liabilities 11,765,534 12,095,372 17,634,836 33,502,440 44,754,596

Total Equity and Liabilities 73,282,069 74,391,443 83,418,265 108,371,319 121,889,017

DGKC
Income Statement - Unconsolidated
Year FY14 FY15 FY16 FY17 FY18
Sales 26,542,509 26,104,611 29,703,758 30,136,165 30,668,428
Cost of sale 17,284,941 16,649,411 17,035,566 18,291,600 21,928,207
Gross profit 9,257,568 9,455,200 12,668,192 11,844,565 8,740,221
Administration expenses 480,468 472,326 572,780 551,221 624,925
Distribution 1,445,225 746,723 949,628 979,045 898,156
Other operating expenses 518,745 727,805 913,642 891,513 2,354,656
Other operating income 1,647,126 2,320,335 2,379,053 2,118,216 3,026,661
Profit from operations 8,460,256 9,828,681 12,611,195 11,541,002 7,889,145
Finance cost 608,859 281,504 130,451 382,895 519,267
Profit before taxation 7,851,397 9,547,177 12,480,744 11,158,107 7,369,878
Taxation 1,885,899 1,922,497 3,691,072 3,182,766 (1,467,530)
Profit after taxation 5,965,498 7,624,680 8,789,672 7,975,341 8,837,408
 DGKC
Vertical Common Sizing - Balance Sheet
FY19 Year FY14 FY15 FY16 FY17 FY18 FY19
Assets
92,318,165 Non Current Assets
79,980,234 Property Plant and Equipment
- Intangible Assets
12,276,961 Long Term Investments
60,970 Long Term Loans & Deposits

33,623,260 Current Assets

9,240,264 Stores, Spare Parts and Loose Tools
3,714,058 Stock in Trade
1,191,881 Trade Debts
14,129,075 Short Term Investments
1,064,369 Loans and Advances
1,000,000 Loan to Related Party
2,794,695 Income Tax Receivable
- Derivative Financial Instrument
488,918 Cash and Bank Balances

125,941,425 Total Assets

Equity
4,381,191 Issued, Subscribed and Paid-up Capital
28,922,952 Capital Reserves
37,624,272 Retained Earning

70,928,415 Total Equity

20,765,958 Non Current Liabilities

15,985,030 Long Term Finances - Secured
242,043 Long Term Deposits
449,194 Deferred Liabilities
4,089,691 Deferred Taxation

34,247,052 Current Liabilities

8,029,874 Trade and Other Payables
809,569 Accrued Finance Cost
20,258,570 Short Term Borrowings
5,080,511 Current Portion of LT finance
- Derivative Financial Instrument
33,438 Unclaimed Dividednd
35,090 Provision for Taxation

55,013,010 Total Liabilities

125,941,425 Total Equity and Liabilities

DGKC
Common Sizing Vertical IS
FY19 Year FY14 FY15 FY16 FY17 FY18 FY19
40,516,525 Sales
35,154,086 Cost of sales
5,362,439 Gross profit
628,517 Administration expenses
1,305,695 Distribution
538,207 Other operating expenses
2,427,266 Other operating income
5,317,286 Profit from operations
3,304,102 Finance cost
2,013,184 Profit before taxation
381,082 Taxation
1,632,102 Profit after taxation
 DGKC
Horizontal Common Sizing - Balance Sheet
Year FY14 FY15 FY16 FY17 FY18 FY19
Assets
Non Current Assets
Property Plant and Equipment
Intangible Assets
Long Term Investments
Long Term Loans & Deposits

Current Assets
Stores, Spare Parts and Loose Tools
Stock in Trade
Trade Debts
Short Term Investments
Loans and Advances
Loan to Related Party
Income Tax Receivable
Derivative Financial Instrument
Cash and Bank Balances

Total Assets

Equity
Issued, Subscribed and Paid-up Capital
Capital Reserves
Retained Earning

Total Equity

Non Current Liabilities

Long Term Finances - Secured
Long Term Deposits
Deferred Liabilities
Deferred Taxation

Current Liabilities
Trade and Other Payables
Accrued Finance Cost
Short Term Borrowings
Current Portion of LT finance
Derivative Financial Instrument
Unclaimed Dividednd
Provision for Taxation

Total Liabilities
Total Equity and Liabilities

DGKC
Horizontal Common Sizing Income Statement
Year FY14 FY15 FY16 FY17 FY18 FY19
Sales
Cost of sale
Gross profit
Administration expenses
Distribution
Other operating expenses
Other operating income
Profit from operations
Finance cost
Profit before taxation
Taxation
Profit after taxation
((P1/P0)-1)*100