Financial Highlights

Amount in PKR. millions

Profit & Loss

2014

2013

2012

2011

2010

2009

Sales

33,013

30,243

24,945

25,464

19,689

13,906

Gross profit

5,976

4,751

3,512

4,655

3,173

2,359

Operating profit

2,659

2,120

1,400

2,664

1,653

1,209

Profit / (loss)
before tax

1,496

852

(1)

1,537

708

170

Profit / (loss)
after tax

1,235

711

(240)

1,196

478

80

Cash dividend

*81

79

Bonus share

457

305

635

8,210

7,132

6,829

6,654

6,140

6,106

Intangible

20

23

27

39

16

29

Long term
investment,
loans, advances
and deposits

151

112

109

96

93

90

Net current
assets

890

666

(98)

422

(224)

(390)

Total assets
employed

9,271

7,933

6,867

7,211

6,025

5,835

Share capital

1,828

1,523

1,270

635

635

635

Reserves

4,832

3,905

3,203

4,078

2,961

2,483

Shareholders'
equity

6,660

5,428

4,473

4,713

3,596

3,118

Balance Sheet
Property, plant
and equipment

Represented by
:

Long term loans

2,239

2,155

2,096

2,199

2,223

2,567

372

350

298

299

207

149

9,271

7,933

6,867

7,211

6,025

5,835

Operating
activities

2,090

(161)

3,497

(2,617)

454

442

Investing
activities

(1,833)

(1,068)

(920)

(1,250)

(711)

(931)

Financing
activities

217

210

(70)

(148)

(170)

398

(7,715)

(8,188)

(7,169)

(9,676)

(5,660)

(5,233)

Deferred
liabilities
Total capital
employed
Cash Flow
Statement

Cash and cash

equivalents at
the end of the
year

*Represents actual dividend amount excluding amount payable to Holding Company and an
Associated Company who have foregone their right to the dividend.

Financial Ratios
Profitability ratios
Gross profit ratio( %)

18.10 15.71

14.08

18.28

16.12 16.96

Operating leverage
ratio(Times)

2.77 2.56

23.48

2.03

0.88 1.57

EBITDA margin to sales(%)

10.66 9.59

8.53

13.19

11.92 13.37

Net profit to sales(%)

3.74 2.35

(0.96)

4.70

2.43 0.58

Return on equity(%)

20.43 14.36

(5.23)

28.80

14.22 2.73

Return on capital
employed(%)

30.91 28.65

19.90

40.25

27.87 21.82

Liquidity ratios

Current ratio

1.06 1.05

0.99

1.03

0.97 0.95

Quick/acid test ratio

0.20 0.27

0.24

0.19

0.34 0.39

Cash to current liabilities

0.01 0.01

0.01

0.01

0.01 0.01

0.14

(0.10)

0.02 0.03

Cash flow from operations to

0.06 (0.01)
sales
Capital structure ratios
Financial leverage ratio

1.62 2.03

2.25

2.67

2.40 2.69

Weighted average cost of

debt

0.10 0.11

0.11

0.10

0.11 0.12

Debt to equity ratio

0.34 0.40

0.47

0.47

0.62 0.82

Interest cover ratio

2.29 1.67

0.98

2.34

1.75 1.16

Inventory turnover (Days)

145

121

151

134

Inventory turnover ratio

2.52 3.00

2.41

2.72

30

31

12.15

11.60

86

82

Turnover ratios

Debtor turnover (Days)

Debtor turnover ratio

22

28

16.76 13.01

107

3.74 3.40
45

66

8.05 5.54

Creditor turnover (Days)

126

Creditor turnover ratio

2.91 3.64

4.23

4.43

4.98 4.77

Fixed assets turnover ratio

4.02 4.24

3.65

3.83

3.21 2.27

Total assets turnover ratio

1.36 1.43

1.41

1.25

1.35 1.02

95

83

Operating cycle (Days)

41

100

98

49

73

70

76

97

Investor information
Earnings per share (Rupees)

6.75 4.09

(1.73)

9.42

3.76 0.73

Price earning ratio

9.48 5.81

(12.18)

5.49

4.93 53.21

Price to book ratio

0.48 0.17

0.15

0.16

0.08 0.18

Dividend yield ratio

*0.02

0.07

Cash dividend per

share(Rupees)

*1.50

1.25

25

20

100

*22.21

16.60

Dividend cover ratio (Times) *4.50

6.02

36.43 35.63

35.23

37.12

28.32 24.56

at the end of the year

(Rupees)
high during the year
(Rupees)
low during the year
(Rupees)

64.01 23.74
72.35 27.64
20.50 19.16

21.11
64.29
16.05

51.73
53.65
18.53

18.53 38.84
38.84 49.00
17.40 28.60

EBITDA (Million)

3,519 2,900

2,129

3,359

2,347 1,860

Bonus shares issued (%)

Dividend payout ratio (%)

Break-up value per

share(Rupees)
Market value per share