Balance Sheet
As at December 31, 2009
([Link] thousands)
2009 2008
Assets
Fixed Assets
Property, plant and equipment 4,736,619 4,428,278
Intangibles 2,433 7,303
Long term investments 95,202 95,202
Long term loans 98,117 120,545
Long term deposits and prepayments 392,896 540,027
Retirement benefit –prepayment 188,054 205,355
Total 5,513,321 5,396,120
Current-Assets
Stores and spares 265,420 241,753
Stock in trade 3,649,070 4,251,914
Trade debts 506,357 228,763
Loans and advances 131,852 123,904
Trade deposits and short term prepayments 682,949 516,443
Other receivables 82,141 218,329
Tax refund due from the Government 355,052 301,813
Cash and bank balances 239,553 106,789
5,912,394 5,989,708
Total Assets 11,425,715 11,386,418
Equity and Liabilities
(Rs. In thousands)
2009 2008
Capital and reserves
Share Capital 669,477 669,477
Reserves 2,621,643 1,546,281
3,291,120 2,215,758
Surplus on revaluation of fixed assets 12,965 13,613
Liabilities
Non-current Liabilities
Liabilities against assets subject to finance leases 56,762 77,327
Deferred taxation 636,130 369,653
Retirement benefit obligations 327,060 239,794
Current Liabilities
Trade and other payables 5,785,766 4,547,794
Accrued interest/markup 28,892 64,075
Short term borrowings 1,037,911 3,232,523
Current maturity of liabilities against finance- 28,419 32,322
Assets subjects to finance leases
Provisions 220,680 593,559
7,101,678 8, 4702,273
Total liabilities 8,121,630 9,157,047
Total equity and liabilities 11,425,715 11,386,418
Profit and Loss Account
(Rs. In thousands)
2009 2008
For the year ended December 31, 2009
Sales 38,187,582 30,956,839
Cost of sales (24,852,625) (20,219,184)
Gross profit 13,334,957 10,737,655
Distribution costs (7,179,694) (5,847,845)
Administrative expenses (1,030,478) (1,002,214)
Other operating expenses (373,785) (247,266)
Other operating income 192,313 239,918
4,943,313 3,880,248
Restructuring cost - (489,280)
Profit from operations 4,943,313 3,390,968
Finance costs (427,708) (466,166)
Profit before taxation 4,515,605 2,924,802
Taxation (1,459,865) (940,476)
Profit after taxation 3,055,740 1,984,326
Earnings per share (Rupees) 230 149
Cash Flow Statement
for the year ended December 31, 2009
(Rs. In thousands)
2009 2008
Profit before taxation 4,515,605 2,924,802
Adjustments for non-cash charges and other items
Depreciation 496,867 453,671
Amortisation of software 4,870 4,870
Loss / (Gain) on disposal of property, plant and equipment 8,901 (29,805)
Dividend income (12) (12)
Finance cost 427,708 466,166
Provision for staff retirement benefits 523,039 449,772
Return on savings accounts (993) (1,065)
1,460,380 1,343,597
Profit before working capital changes 5,975,985 4,268,399
Effect on cash flows due to working capital changes
Decrease / (Increase) in current assets
Stores and spares (23,667) (78,471)
Stock in trade 602,844 (1,525,850)
Trade debts (277,594) 10,550
Loans and advances (7,948) (1,016)
Trade deposits and short term prepayments (166,506) (280,379)
Other receivables 136,188 30,810
Sales tax refundable - 11,457
Increase / (Decrease) in current liabilities
Trade and other payables 1,264,662 (243,457)
Provisions (372,879) 222,532
891,783 (20,925)
1,155,100 (1,853,824)
Cash generated from operations (carried forward) 7,131,085 2,414,575
Cash generated from operations (brought forward) 7,131,085 2,414,575
Finance costs paid (462,891) (405,760)
Income tax paid (1,281,629) (1,066,274)
Retirement benefits obligations paid (418,472) (304,918)
Decrease / (Increase) in long term loans 22,428 (5,157)
Decrease / (Increase) in long term deposits and prepayments 147,131 (535,107)
Net cash from operating activities 5,137,652 97,359
Cash flows from investing activities
Purchase of property, plant and equipment (872,311) (1,369,388)
Sale proceeds of property, plant and equipment 62,155 120,630
Return received on savings accounts 993 2,180
Dividend received 12 12
Net cash used in investing activities (809,151) (1,246,566)
Cash flows from financing activities
Decrease in liabilities against assets subject to finance leases (28,421) (33,370)
Dividends paid (1,972,704) (1,708,282)
Net cash used in financing activities (2,001,125) (1,741,652)
Net increase / (decrease) in cash and cash equivalents 2,327,376 (2,890,859)
Cash and cash equivalents at the beginning of the year (3,125,734) (234,875)
Cash and cash equivalents at the end of the year (798,358) (3,125,734)