2006 2007 2008

GDP 5.8% 6.8% 3.7%

CPI 7.9% 7.8% 12.0%

Exchange Rate (PKR/USD) 60.32 60.73 73.00

Devaluation of Exchange Rate

Reserves of OGDC
Crude Oil (million barrels )
Gas (billion cubic feet)

Production
Crude Oil (Barrels per day)
Gas (MMcf/day)

Quantity Sold
Crude Oil (000 BBL) 12956 13930 15037
Gas (MMcf) 344164 344032 358868
LPG (M. Tons) 128654 139480 125482
Sulphur (M. Tons) 22006 16638 29065
White Petroleum Products (000 BBL) 959 895 547

Prices
$$$
Crude Oil per bareel ( $)
Sulphur (M. Tons) $
White Petroleum Products (000 BBL)

PKR.
Crude Oil per barrel ( PKR)
Gas (Mcf) PKR
LPG (M. Tons) PKR
Sulphur (M. Tons) PKR
White Petroleum Products (000 BBL)

Net Sales (PKR)

Crude Oil (000)
Gas (MMcf)
LPG (M. Tons)
Sulphur (M. Tons)
White Petroleum Products (000 BBL)

Total Sales
Operating Expenses (Rs. 000)
Salaries, wages and benefits
Traveling and transportation
Repairs and maintenance
Stores and supplies consumed
Rent, fee and taxes
Insurance
Communication
Utilities
Land and crops compensation
Contract services
Joint venture expenses
Desalting, decanting and naphtha storage charges
Charges related to minimum supply of gas - liquidated damages
Welfare of locals at fields
Provision for slow moving obsolete and in transit stores
Provision for doubtful debts
Stores inventory written off
Workover charges
Depreciation
Amortization of development and production assets
Transfer from general and administration expenses
Miscellaneous
Sub-total
stock of Cude Oil & other Products:
Balance at beginning
Balance at end
Total

Other Income
Interest on financial assets
dividend Income
Income from Non- financial assets

Total

Exploration and prospecting expenditure

Cost of dry and abandoned wells
Prospecting expenditure

Total
General & Administration Expenses
General Expenses
Allocation of expenses to:
Operations
Technical services
Total
Wells Spudded
2009
2010

Oil & Gas Discoveries

 2009 2010 2011 2012 2013

1.2% 4.1% 4.2% 4.4% 4.7%

20.8% 14.5% 16.7% 19.2% 22.1%

83 87.15 91.51 96.08 100.89

13.7% 5% 5% 5% 5%

142.67 156.94 172.63 189.89 208.88

9967.59 11064.03 12281.07 13631.99 15131.51

41019 38075 42644 47761 53493

1001 876 981.12 1098.85 1230.72

14,438 13,343 14,677 16,145 17,760

364,036 354,327 389,760 428,736 471,609
79,145 73,881 81,269 89,396 98,336
24,673 20,018 22,020 24,222 26,644
148 64 70 77 85

55.53 61.37 110.00 120.00 120.00

165.00 188.93 220.43 262.70 320.63
1000.00 1145.00 1335.93 1592.11 1943.21

4608.99 5348.40 10065.83 11529.95 12106.44

174.78 186.47 217.56 259.28 316.46
9500.00 10877.50 12691.32 15125.04 18460.52
13695.00 16464.81 20170.84 25240.79 32347.42
83000.00 99786.75 122247.50 152974.49 196044.94

66,544,597,620 71,363,641,157 147,739,133,273 186,151,307,923 215,004,760,651

63,626,212,080 66,071,355,690 84,797,629,676 111,164,498,651 149,247,183,964
751,877,500 803,640,578 1,031,412,408 1,352,118,493 1,815,326,655
337,896,735 329,592,642 444,157,808 611,376,866 861,863,189
12,284,000 6,386,352 8,606,224 11,846,344 16,699,893

131,272,868 138,574,616 234,020,939 299,291,148 366,945,834

 4099644 5057107 5900380 7031851 8582563
453856 597660 697320 831040 1014306
942930 562104 655835 781599 953963
828852 1047645 1222340 1456739 1777989
63824 280823 327650 390481 476593
263349 375124 437676 521606 636634
25773 40809 47614 56744 69258
39091 39182 45716 54482 66497
326746 286039 333736 397734 485445
858140 924922 1079153 1286094 1569712
2548307 1903395 2220786 2646650 3230307
71433 83217 97093 115712 141230
7228 132734 154867 184565 225267
189773 419347 489273 583097 711686
251868 414669 483815 576593 703747
3173 82808 96616 115144 140536
298930 8206 9574 11410 13927
840373 575287 671216 799930 976336
3186189 3200766 3734494 4450630 5432113
6208403 6457068 7533784 8978481 10958478
1120797 1299527 1516223 1806978 2205465
4733 3432 4004 4772 5825
22633412 23791871 27759165 33082332 40377876

151782 108301 126360 150591 183801

-108301 -172084 -200779 -239281 -292049
22676893 23728088 27684747 32993643 40269628

1,916,374 1698001 1901761 2129972 2385569

622,181 813,953 895348 984883 1083371
832,268 788,260 867086 953795 1049174

3,370,823 3,300,214 3664195 4068650 4518115

4,339,300 4,535,186 5,291,428 6,306,126 7,696,796

3,120,260 3,367,184 3,928,662 4,682,032 5,714,546

7,459,560 7,902,370 9,220,090 10,988,158 13,411,342

 3,075,223 3,594,139 4,193,462 4,997,610 6,099,718

(1,120,797) (1,299,257) (1,515,908) (1,806,602) (2,205,007)

(621,444) (696,721) (696,721) (696,721) (696,721)
1,332,982 1,598,161 1,980,833 2,494,287 3,197,990
Develpoment Exploration
16 14
11 15

2009 2010 2011 2012 2013

2 6
 2014 2015

5.2% 5.3%
23.4% 26.9%

105.93 111.23
5% 5%

229.77 252.75
16795.98 18643.53

59912 67101
1378.40 1543.81

19,535 21,489
518,770 570,647
108,169 118,986
29,308 32,239
94 103

125.00 130.00
395.58 501.92
2397.46 3041.94

13241.42 14459.63
390.44 495.40
22775.83 28898.47
41904.34 55827.62
253965.72 338349.23

258,677,602,659 310,723,536,314
202,548,477,947 282,697,819,442
2,463,642,135 3,438,516,381
1,228,147,333 1,799,837,280
23,797,197 34,874,548

464,941,667 598,694,584
 10588810 13435318
1251409 1587815
1176960 1493353
2193609 2783300
588001 746068
785452 996600
85448 108418
82041 104096
598922 759926
1936646 2457259
3985419 5056788
174244 221084
277925 352637
878049 1114088
868254 1101660
173387 219998
17182 21801
1204563 1528377
6701916 8503540
13520115 17154623
2721011 3452480
7186 9118
49816547 63208344

226766 287725
-360318 -457179
49682995 63038890

2671837 2992458
1191709 1310879
1154091 1269501

5017638 5572838

9,495,987 12,048,720
7,050,369 8,945,666

16,546,357 20,994,386
 7,525,579 9,548,622

(2,720,446) (3,451,762)
(696,721) (696,721)
4,108,412 5,400,138
2014 2015
Profit and Loss Account for the year ended 30 June 2010
3.03%

Note 2006

Sales - net 24 97,309,036

Royalty (10,944,671)
Operating Expenses 25 (15,815,850)
Transportation Charges (942,163)
Gross Profit 69,606,352

Other income 26 4,364,167

Exploration and prospecting expenditure 27 (3,680,707)
General and administration expenses 28 (1,077,159)
Finance cost 29 (9,981)
Workers' profit participation fund (3,480,082)
Share of profit in associate - net of taxation 15.1 34,638
Profit before taxation 65,757,228

Tax (19,953,830)
Profit for the year 45,803,398

Earnings per share - basic and diluted (Rupees) 31 11

 25.12% 4.29% 8.98% 64.14% 27.89% 22.60%

2007 2008 2009 2010 2011 2012

100,261,191 125,445,674 130,829,579 142,571,863 234,020,939 299,291,148

(10,877,443) (17,262,493) (15,155,667) (16,728,843) (18,401,727) (20,241,900)
(18,497,388) (18,882,365) (22,673,893) (23,727,818) (27,684,747) (30,453,221)
(1,087,931) (1,472,615) (1,522,489) (1,492,267) (1,716,107) (1,973,523)
69,798,429 87,828,201 91,477,530 100,622,935 186,218,358 246,622,504

3,615,231 8,308,684 3,370,823 3,300,214 3,664,195 4,068,650

(7,406,280) (3,615,231) (7,459,560) (7,902,370) (9,220,090) (10,988,158)
(1,285,476) (1,244,030) (1,332,982) (1,598,161) (1,980,833) (2,494,287)
(449,561) (531,799) (926,027) (1,273,312) (1,400,643) (1,540,708)
(3,213,617) (4,387,411) (4,259,364) (4,660,671) (7,718,088) (10,259,138)
nil nil 57,503 64,118 65,400 66,708
61,058,726 86,358,414 80,927,923 88,552,753 169,628,301 225,475,572

(15,428,762) (33,747,216) (25,388,282) (29,375,628) (59,369,905) (78,916,450)

45,629,964 52,611,198 55,539,641 59,177,125 110,258,395 146,559,122

11 12 13 14 26 34
 26.71% 28.77%

2013 2014 2015

366,945,834 464,941,667 598,694,584

(22,266,090) (24,492,699) (26,941,969)
(33,498,543) (36,848,398) (40,533,238)
(2,269,552) (2,609,984) (3,001,482)
308,911,649 400,990,586 528,217,895

4,518,115 5,017,638 5,572,838

(13,411,342) (16,546,357) (20,994,386)
(3,197,990) (4,108,412) (5,400,138)
(1,694,778) (1,864,256) (2,050,682)
(12,846,784) Err:522 Err:522
68,043 69,403 70,791
282,346,912 Err:522 Err:522

(98,821,419) Err:522 Err:522

183,525,493 Err:522 Err:522

43 55 73
Balance Sheet as at 30 June 2010 (Ruees 000)
Note 2006

SHARE CAPITAL AND RESERVES

Share capital 4 43,009,284
Capital reserves 5 3,055,027
Unappropriated profit 55,400,544
101,464,855

NON CURRENT LIABILITIES

Deferred taxation 6 10,195,201
Deferred employee benefits 7 1,420,245
Provision for decommissioning cost 8 5,036,478
16,651,924
CURRENT LIABILITIES
Trade and other payables 9 7,269,645
Provision for taxation 10 3,824,189
11,093,834

129,210,613

NON CURRENT ASSETS

Fixed assets
Property, plant and equipment 12 20,096,218
Development and production assets - intangibles 13 22,651,837
Exploration and evaluation assets 14 2,551,149
Stores held for capital expenditure 677,441
45,976,645
Long term investments 15 2,373,330
Long term loans and receivable 16 2,154,705
Long term prepayments 58,022
50,562,702
CURRENT ASSETS
Stores, spare parts and loose tools 17 13,214,614
Stock in trade 18 65,608
Trade debts 24,500,791
Loans and advances 19 2,152,141
Deposits and short term prepayments 20 305,636
Interest accrued 556,018
Other receivables 21 239,229
Other financial assets 22 36,209,932
Advance Tax
Cash and bank balances 23 1,403,942
78,647,911

129,210,613

38,474,729
(Ruees 000)
2007 2008 2009 2010 2011

43,009,284 43,009,284 43,009,284 43,009,284 43,009,284

2,438,228 2,667,064 3,658,318 3,859,682 3,859,683
55,169,140 63,695,077 79,503,794 110,523,520 122,681,107
100,616,652 109,371,425 126,171,396 157,392,486 169,550,074

11,023,916 12,370,448 17,710,497 21,499,184 26,873,980

1,423,132 1,528,444 2,008,499 2,699,773 3,374,716
5,151,807 6,066,716 10,814,506 12,435,365 16,165,975
17,598,855 19,965,608 30,533,502 36,634,322 46,414,671

11,122,665 17,088,050 18,747,328 28,624,204 31,772,866

4,143,304 2,540,170 6,216,639 6,900,469
11,122,665 21,231,354 21,287,498 34,840,843 38,673,336

129,338,172 150,568,387 177,992,396 228,867,651 254,638,081

21,600,201 23,225,763 29,855,966 34,998,898 36,398,854

28,749,993 36,808,041 49,057,766 58,630,857 71,529,646
6,365,706 7,672,444 8,779,699 9,551,394 11,748,215

56,715,900 67,706,248 87,693,431 103,181,149 119,676,714

2,945,938 3,175,054 2,903,133 3,231,435 3,393,007
1,117,755 1,324,059 1,849,707 1,902,330 1,997,447
39,821 108,937 85,357 118,937 124,884
60,819,414 72,314,298 92,531,628 108,433,851 125,192,051

13,178,295 16,274,079 16,090,579 14,527,278 14,817,824

93,788 151,782 108,301 172,084 185,851
27,873,515 40,626,931 56,140,092 82,992,291 89,631,674
1,538,657 2,339,037 2,643,354 2,216,881 2,261,219
292,928 678,789 419,621 616,641 709,137
253,222 158,863 27,156 17,031 16,179
1,063,389 1,102,044 969,930 926,951 954,760
13,553,959 10,207,516 5,087,917 11,120,823 11,676,864
5,950,713
4,720,292 6,715,048 3,973,818 7,843,820 8,628,202
68,518,758 78,254,089 85,460,768 120,433,800 128,881,709

129,338,172 150,568,387 177,992,396 228,867,651 254,073,761

0%

19,684,650 18,335,253 10,167,122 20,080,709 21,461,856

 2012 2013 2014 2015

43,009,284 43,009,284 43,009,284 43,009,284

3,859,684 3,859,685 3,859,686 3,859,688
136,176,029 151,155,392 167,782,485 186,238,559
183,044,997 198,024,361 214,651,456 233,107,530

33,592,475 41,990,594 52,488,242 65,610,303

4,218,395 5,272,994 6,591,243 8,239,053
21,015,767 27,320,497 35,516,646 46,171,640
58,826,637 74,584,085 94,596,131 120,020,996

35,267,882 39,147,349 43,453,557 48,233,448

7,659,521 8,502,068 9,437,296 10,475,398
42,927,403 47,649,417 52,890,853 58,708,847

284,799,037 320,257,863 362,138,439 411,837,373

37,490,820 38,615,544 39,774,010 40,171,751

89,412,057 111,765,071 137,471,038 170,464,087
13,862,893 16,358,214 19,629,857 24,144,724

140,765,770 166,738,829 196,874,905 234,780,561

3,562,657 3,740,790 3,927,829 4,124,221
2,097,319 2,202,185 2,312,294 2,427,909
131,128 137,684 144,569 151,797
146,556,874 172,819,488 203,259,597 241,484,488

15,114,180 15,416,464 15,724,793 16,039,289

200,719 216,776 234,118 252,848
96,802,208 104,546,385 112,910,096 121,942,903
2,306,443 2,352,572 2,399,623 2,447,616
815,508 856,283 899,097 944,052
15,370 14,602 13,872 13,178
983,402 1,012,904 1,043,292 1,074,590
12,260,707 12,873,743 13,517,430 14,193,301

9,491,022 10,440,124 11,484,137 12,632,551

137,989,560 147,729,853 158,226,458 169,540,328

284,546,434 320,549,342 361,486,055 411,024,816

0% 0% 0% 0%

22,951,221 24,558,150 26,292,848 28,166,468

 Cash Flow Statement 2007 2008

Profit before taxation 61,058,726 86,358,414

Depreciation
Profit after adjustment 78,868,871 106,877,507

Working capital changes

(Increase)/decrease in current assets:
Stores, spare parts and loose tools (2,145,541) (3,095,784)
Stock in trade (28,180) (57,994)
Trade debts (3,374,529) (12,754,861)

(Decrease)/increase in current liabilities:

Trade and other payables 1,207,365 2,183,149
Cash generated from operations 74,527,986 93,152,017

Royalty paid (9,768,793) (13,053,066)

Employee benefits paid (327,302) (880,329)
Payments to Workers' Profit Participation Fund - net (3,469,017) (3,913,617)
Income taxes paid (24,083,508) (22,306,667)
(37,648,620) (40,153,679)
Net cash from operating activities 36,879,366 52,998,338

Cash Flow From Investing Activities

(4.80)
Capital Expenditure (16,444,905) (18,344,330)
Interest Received 3,466,000 2,378,260
Dividends received 300,653 4,452,081
Purchase of Investment (450,000) (450,000)
Proceeds from encashment of investments 73,341 50,061
Proceeds from disposalof Property, Plants & Equipement 35,130 214,535
Long term Prepayments 18,200 (69,116)

Net cash used in Investing Activities (13,001,581) (11,768,509)

Cash Flow From Financing Activities

Dividends Paid (38,154,089) (41,473,422)

Net Cash used In Financing Activities (38,154,089) (41,473,422)

Net Increase / (Decrease) in cash & cash Equivalents (14,276,304) (243,593)

Cash & cash Equivalents at the Beg of the year 32,177,279 17,994,342
Cash & cash Equivalents at the End of the year 33 17,900,975 17,750,749

17,900,975 17,750,749
 2009 2010 2011 2012 2013

80,927,923 88,552,753 169,628,301 225,475,572 282,346,912

3,306,407 3,323,474 3,821,995 4,395,294 5,054,589
111,089,311 121,035,047 131,928,201 143,801,739 156,743,896

(1,400,054) 1,140,426 1,425,533 1,781,916 2,227,395

43,481 (63,783) (73,350) 80,685 (96,823)
(15,437,966) (26,935,007) (28,082,513) (35,914,938) (44,033,500)

3,683,603 (1,018,159) (1,140,338) 1,220,162 (1,305,573)

97,978,375 94,158,524 104,057,532 110,969,564 113,535,395

(17,510,087) (5,019,832) (6,525,782) (8,483,516) (11,028,571)

(1,232,760) (1,305,743) (1,371,030) (1,439,582) (1,511,561)
(4,902,992) (4,459,364) (5,039,081) (5,694,162) (6,434,403)
(21,492,595) (21,910,472) (37,318,226) (49,604,626) (62,116,321)
(45,138,434) (32,695,411) (50,254,119) (65,221,885) (81,090,855)
52,839,941 61,463,113 53,803,413 45,747,679 32,444,539

(0.11) (0.27) (1.73)

(25,072,050) (24,211,339) (27,843,040) (32,019,496) (36,822,420)
2,107,850 1,530,839 1,178,746 907,634 698,879
53,157 67,676 97,927 141,701 205,041
(188,183) (276,970) (240,964) (209,639) (182,386)
nil nil nil nil nil
165,946 84,107 97,312 112,590 130,266
23,581 (33,580) (27,771) (22,966) (18,993)

(22,909,699) (22,839,267) (26,737,789) (31,090,176) (35,989,613)

(39,406,171) (28,770,003) (33,077,519) (43,967,736) (55,057,648)

(39,406,171) (28,770,003) (33,077,519) (43,967,736) (55,057,648)

(9,475,929) 9,853,843 (6,011,895) (29,310,233) (58,602,722)

18,276,380 8,939,828 18,167,571 20,013,641 21,967,910
8,800,451 18,793,671 12,155,677 (9,296,592) (36,634,812)

8,800,451 18,793,671 12,155,677 (9,296,592) (36,634,812)

 2014 2015

366,866,191 483,420,678
5,812,777 6,684,693
170,850,847 186,227,423

2,784,243 3,480,304
116,187 (139,425)
(55,793,000) (71,843,350)

1,396,963 (1,494,751)
119,355,240 116,230,201

(14,337,142) (18,638,285)
(1,587,139) (1,666,496)
(7,270,875) (8,216,089)
(80,710,562) (106,352,549)
(103,905,718) (134,873,419)
15,449,522 (18,643,217)

(42,345,783) (48,697,651)
538,136 414,365
296,694 429,316
(158,675) (138,048)
nil nil
150,718 174,381
(15,707) (12,990)

(41,534,617) (47,830,626)

(71,538,907) (94,267,032)

(71,538,907) (94,267,032)

(97,624,003) (160,740,876)
24,115,361 26,475,179
(73,508,642) (134,265,696)

(73,508,642) (134,265,696)
FIXED ASSET AND DEPRECIATION

CY 08 CY 09 CY 10
Opening Balance
free hold land 155,091 157,130 163,910
leas hold land 376,519 467,294 469,229
building offices and roads on free land 1,938,347 2,209,514 2,280,147
building offices and roads on lease hold land 818,810 818,335 829,333
plant and machinery 35,092,725 37,626,624 43,199,703
rigs 1,020,685 1,114,679 1,242,064
pipeline 8,408,957 8,833,640 8,972,518
offices and domestic equipment 488,875 515,239 594,653
ofices and technical data computers 555,071 441,135 510,499
furniture and fixture 58,770 46,620 36,252
air craft 19,855 99,855 26,114
vehicle 3,013,153 3,123,477 4,089,622
decommisining cost 647,110 671,471 880,485
capital and work in progress 1,806,483 2,365,669 3,620,265
store held for capital expenditure 1,004,784 1,295,891 1,154,469
Total 59,624,690 59,786,573 68,069,263

Additions CY 08 CY 09 CY 10
free hold land 2,039 6,780 20,973
leas hold land 9,075 1,935 28,505
building offices and roads on free land 283,157 70,633 228,959
building offices and roads on lease hold land 62,897 10,998 19,969
plant and machinery 2,798,050 5,646,337 3,078,393
rigs 162,515 129,184 144,995
pipeline 435,820 138,878 287,615
offices and domestic equipment 48,717 84,295 27,235
ofices and technical data computers 31,827 69,364 21,543
furniture and fixture 10,130 9,487 31,384
air craft - - -
vehicle 254,150 966,145 495,868
decommisining cost 24,361 257,062 167,510
capital and work in progress 749,222 1,681,383 5,059,595
store held for capital expenditure 592,746 518,194 1,642,362
Total 5,464,706 9,590,675 11,254,906

Disposals/adjustments CY 08 CY 09 CY 10
free hold land - - -
leas hold land - - -
building offices and roads on free land 11,990 - -
building offices and roads on lease hold land 63,372 - -
plant and machinery 264,151 73,258 17,733
rigs 68,521 1,799 13,572
pipeline 11,137 - -
offices and domestic equipment 22,535 4,881 4,165
ofices and technical data computers 145,763 - 2,421
furniture and fixture 22,280 19,855 -
air craft - 73,741 -
vehicle 143,827 - 155,312
decommisining cost - 48,048 -
capital and work in progress 190,036 426,787 145,357
store held for capital expenditure 301,639 659,616 1,975,903
Total 1,245,251 1,307,985 2,314,463

Closing balance CY 08 CY 09 CY 10
free hold land 157,130 163,910 184,883
leas hold land 385,594 469,229 497,734
building offices and roads on free land 2,209,514 2,280,147 2,509,106
building offices and roads on lease hold land 818,335 829,333 849,302
plant and machinery 37,626,624 43,199,703 46,260,363
rigs 1,114,679 1,242,064 1,373,487
pipeline 8,833,640 8,972,518 9,260,133
offices and domestic equipment 515,057 594,653 617,723
ofices and technical data computers 441,135 510,499 529,621
furniture and fixture 46,620 36,252 67,636
air craft 19,855 26,114 26,114
vehicle 3,123,476 4,089,622 4,430,178
decommisining cost 671,471 880,485 1,047,995
capital and work in progress 2,365,669 3,620,265 8,534,503
store held for capital expenditure 1,295,891 1,154,469 820,928
Total 59,624,690 68,069,263 77,009,706

Accumulated Depreciation CY 08 CY 09 CY 10
free hold land - - -
leas hold land 147,156 167,194 190,643
building offices and roads on free land 646,185 772,054 883,934
building offices and roads on lease hold land 478,428 547,131 615,997
plant and machinery 26,382,164 28,519,922 28,658,048
rigs 639,201 707,028 780,096
pipeline 4,611,173 5,233,636 8,020,193
offices and domestic equipment 358,291 396,889 446,109
ofices and technical data computers 355,113 405,548 453,303
furniture and fixture 25,286 31,885 47,108
air craft 17,869 - -
vehicle 2,169,198 2,529,197 2,917,900
decommisining cost 294,972 384,542 472,622
capital and work in progress - - -
store held for capital expenditure 249,984 358,490 466,996
Total 36,375,020 40,053,516 43,952,949

Written Down Value CY 08 CY 09 CY 10

free hold land 157,130 163,910 184,883
leas hold land 238,438 302,035 307,091
building offices and roads on free land 1,563,329 1,508,093 1,625,172
building offices and roads on lease hold land 339,907 282,202 233,305
plant and machinery 11,244,460 14,679,781 17,602,315
rigs 475,478 535,036 593,391
pipeline 4,222,467 3,738,882 1,239,940
offices and domestic equipment 156,766 197,764 171,614
ofices and technical data computers 86,022 104,951 76,318
furniture and fixture 21,334 4,367 20,528
air craft 1,986 26,114 26,114
vehicle 954,278 1,560,425 1,512,278
decommisining cost 376,499 495,943 575,373
capital and work in progress 2,365,669 3,620,265 8,534,503
store held for capital expenditure 1,045,907 795,979 353,932
Total 23,249,670 28,015,747 33,056,757
FY 11 FY 12 FY 13 FY 14 FY 15

184,883 194,814 207,375 221,863 234,190

497,734 510,906 525,443 544,181 559,663
2,509,106 2,699,359 2,862,641 3,056,805 3,239,372
849,302 859,466 873,176 887,791 900,620
46,260,363 49,982,909 54,101,671 57,735,660 61,560,759
1,373,487 1,491,088 1,616,557 1,741,388 1,864,022
9,260,133 9,543,858 9,780,598 10,049,958 10,313,233
617,723 660,612 709,069 747,208 790,370
529,621 521,138 547,805 560,241 570,447
67,636 70,591 78,582 92,692 101,044
26,114 1,534 (31,240) (50,358) (75,849)
4,430,178 4,902,519 5,495,533 5,964,171 6,475,501
1,047,995 1,181,623 1,351,674 1,508,737 1,662,318
8,534,503 10,777,176 13,581,012 16,901,261 19,690,181
820,928 759,643 580,893 389,701 245,959
77,009,706 84,157,235 92,280,789 100,351,298 108,131,829

FY 11 FY 12 FY 13 FY 14 FY 15
9,931 12,561 14,488 12,327 13,125
13,172 14,537 18,738 15,482 16,252
194,250 164,614 195,941 184,935 181,830
31,288 20,752 24,003 25,348 23,367
3,840,927 4,188,552 3,702,624 3,910,701 3,933,959
145,565 139,915 143,491 142,990 142,132
287,438 237,977 271,010 265,475 258,154
53,416 54,982 45,211 51,203 50,465
40,911 43,939 35,465 40,105 39,836
17,000 19,290 22,558 19,616 20,488
- - - - -
572,054 678,022 581,982 610,686 623,563
149,644 191,405 169,520 170,190 177,038
2,496,733 3,079,237 3,545,188 3,040,386 3,221,604
917,767 1,026,108 1,195,412 1,046,429 1,089,316
8,770,096 9,871,892 9,965,631 9,535,873 9,791,132

FY 11 FY 12 FY 13 FY 14 FY 15
- - - - -
- - - - - -
3,997 1,332 1,776 2,368 1,826
21,124 7,041 9,388 12,518 9,649
118,381 69,791 68,635 85,602 74,676
27,964 14,445 18,660 20,356 17,821
3,712 1,237 1,650 2,200 1,696
10,527 6,524 7,072 8,041 7,213
49,395 17,272 23,029 29,899 23,400
14,045 11,300 8,448 11,264 10,338
 24,580 32,774 19,118 25,491 25,794
99,713 85,008 113,344 99,355 99,236
16,016 21,355 12,457 16,609 16,807
254,060 275,401 224,939 251,467 250,603
979,053 1,204,857 1,386,604 1,190,171 1,260,544
1,622,566 1,748,338 1,895,122 1,755,342 1,799,601

FY 11 FY 12 FY 13 FY 14 FY 15
194,814 207,375 221,863 234,190 247,315
510,906 525,443 544,181 559,663 575,916
2,699,359 2,862,641 3,056,805 3,239,372 3,419,376
859,466 873,176 887,791 900,620 914,338
49,982,909 54,101,671 57,735,660 61,560,759 65,420,042
1,491,088 1,616,557 1,741,388 1,864,022 1,988,334
9,543,858 9,780,598 10,049,958 10,313,233 10,569,691
660,612 709,069 747,208 790,370 833,622
521,138 547,805 560,241 570,447 586,884
70,591 78,582 92,692 101,044 111,194
1,534 (31,240) (50,358) (75,849) (101,643)
4,902,519 5,495,533 5,964,171 6,475,501 6,999,829
1,181,623 1,351,674 1,508,737 1,662,318 1,822,549
10,777,176 13,581,012 16,901,261 19,690,181 22,661,182
759,643 580,893 389,701 245,959 74,731
84,157,235 92,280,789 100,351,298 108,131,829 116,123,360

FY 11 FY 12 FY 13 FY 14 FY 15
- - - - -
217,333 247,760 282,446 321,988 367,067
1,016,524 1,169,003 1,344,353 1,546,006 1,777,907
692,997 779,621 877,074 986,708 1,110,047
28,795,607 28,933,826 29,072,708 29,212,257 29,352,476
861,070 950,449 1,049,106 1,158,003 1,278,203
8,445,263 8,892,862 9,364,184 9,860,486 10,383,091
501,427 563,603 633,490 712,043 800,336
503,166 558,515 619,951 688,146 763,842
69,249 101,796 149,640 219,970 323,356
- - - - -
4,464,387 6,830,512 10,450,684 15,989,546 24,464,005
576,599 703,451 858,210 1,047,016
- - - - -
569,735 695,077 847,994 1,034,552 1,262,154
46,713,356 50,426,474 55,549,838 62,776,721 71,882,485

FY 11 FY 12 FY 13 FY 14 FY 15
194,814 207,375 221,863 234,190 247,315
293,573 277,683 261,735 237,675 208,849
1,682,835 1,693,638 1,712,452 1,693,366 1,641,469
166,469 93,555 10,717 (86,088) (195,708)
21,187,302 25,167,845 28,662,952 32,348,502 36,067,566
630,018 666,108 692,283 706,019 710,130
1,098,595 887,736 685,774 452,747 186,599
159,185 145,466 113,718 78,327 33,286
17,971 (10,709) (59,711) (117,699) (176,958)
1,343 (23,214) (56,948) (118,927) (212,162)
1,534 (31,240) (50,358) (75,849) (101,643)
438,132 (1,334,979) (4,486,513) (9,514,044) (17,464,176)
605,024 648,224 650,527 615,302 1,822,549
10,777,176 13,581,012 16,901,261 19,690,181 22,661,182
189,908 (114,184) (458,292) (788,593) (1,187,423)
37,443,879 41,854,316 44,801,460 45,355,108 44,240,876
 Mil 2010 2011 2012
FREE CASH FLOW TO EQUITY - 1.00 2.00
Net Profit (Mn) 103,181 119,677 140,766
+ Depreciation 3,323 3,822 4,395
- Capex (24,211) (27,843) (32,019)
- Change in WC 94,159 104,058 110,970
- Debt Payment - - -
= FCFE 176,452 199,713 224,111
Terminal Value
Total Cash Flow 176,452 199,713 224,111
Discounted Cash Flow 176,452 172,167 166,551
Equity Value 4,977,678
Shares O/s 43,009
Equity Value / Share 115.73
Market Price 165.00
Valued -29.9%

Assumptions
Risk Free Rate 13.50%
Equity Risk Premium 6.50%
Beta 1.5
Cost of Equity 16.00%

Terminal Growth Rate 12.0%

 2013 2014
3.00 4.00
166,739 196,875
5,055 5,813 1,000
(36,822) (42,346)
113,535 119,355
- -
248,506 279,697
7,831,520
248,506 8,111,217
159,208 4,479,753