(Million Rupees)

Gul Ahmed Textile Mills Ltd.

Items

2001

2002

2003

2004

2005

2006

A.Capital Structure:
1.Ordinary Share Capital

340.7

340.7

340.7

340.7

383.3

460.0

2.Surplus

1382.4

1566.4

1780.1

1962.8

1953.7

1886.2

3.Shareholder's Equity (A1+A2)

1723.1

1907.1

2120.8

2303.5

2337.0

2346.2

0.0

0.0

0.0

0.0

0.0

0.0

4.Prefrence Shares
5.Debentures
6.Other Fixed Laibilities
7.Total Fixed Laibilities (A4+A5+A6)

0.0

0.0

0.0

0.0

0.0

0.0

998.9

757.0

948.0

1386.9

2036.3

2151.3

998.9

757.0

948.0

1386.9

2036.3

2151.3

2722.0

2664.1

3068.8

3690.4

4373.3

4497.5

653.7

638.0

679.3

704.2

725.4

524.5

64.1

92.8

86.3

99.0

115.5

39.9

589.6

545.2

593.0

605.2

609.9

484.6

2732.2

2327.8

1556.4

2858.5

2304.3

2157.0

0.0

0.0

935.1

2043.9

2747.0

2887.2

4.Current Assets (B1+B2+B3)

3385.9

2965.8

3170.8

5606.6

5776.7

5568.7

5.Current Liabilities

3282.1

2871.5

3027.7

5385.8

5432.0

5481.4

6.Total Liabilities(A7+B5)

4281.0

3628.5

3975.7

6772.7

7468.3

7632.7

103.8

94.3

143.1

220.8

344.7

87.3

3508.3

2905.6

3209.2

5928.9

6486.1

6811.6

-2628.4

-2233.5

-2348.4

-4681.6

-4706.6

-4956.9

1.Fixed Asset At Cost

4251.4

4464.6

5097.7

5909.0

6730.2

6590.6

2.Fixed assets after deducting accumulated depreciation

2618.3

2569.9

2925.7

3469.6

4028.5

4410.2

229.0

284.5

294.5

328.2

274.7

379.3

6004.2

5535.7

6096.5

9076.2

9805.2

9978.9

1.Gross sales

5008.6

5779.8

5581.6

6680.9

5893.1

8245.8

(1)Local sales

1818.2

1902.3

2282.3

1791.1

2394.5

3617.3

(2)Export sales

3190.4

3877.5

3299.3

4889.8

3498.6

4628.5

2.Cost of Sales

3794.4

4548.8

4512.8

5625.3

4929.8

7081.2

3.Gross profit

1214.2

1231.0

1068.8

1055.6

963.3

1164.6

4.Overhead and Other Expenses

4198.1

5015.2

5024.7

6329.2

5541.1

7704.7

5.Operating profit

903.9

772.3

593.0

363.2

358.7

548.6

6.Financial expenses

385.2

371.9

211.1

108.5

236.9

536.3

7.Net profit before tax (D5-D6)

518.7

400.4

381.9

254.7

121.8

12.3

25.0

67.0

75.0

60.1

39.0

47.0

170.4

170.4

102.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

38.3

38.3

1.Increase/decrease in capital employed (A8 - A8 of preceding

1019.0
year)

-57.9

404.7

621.6

682.9

124.2

2.Retention in business (D7-D8-D9)

323.3

163.0

204.7

194.6

82.8

-34.7

3.Finance fromoutside the company (E1-E2)

695.7

-220.9

200.0

427.0

600.1

158.9

1.Depreciation for the year plus retention in business: cash flow

552.3
(C3+E2)

447.5

499.2

522.8

357.5

344.6

2.Depreciation for the year plus changes in capital employed 1248.0

(C3+E1)

226.6

699.2

949.8

957.6

503.5

8.Total Capital Employed (A3+A7)

B.Liquidity:
1.Liquid Assets:
(1)Cash
(II)Investments
2.Other Current Assets
3.Inventories

7.Net Current Assets(B4-B5)

8.Contractual Liabilities
9.Net liquid assets (B1-B5)
C.Fixed Assets:

3.Depreciation for the year

4.Total assets (B4+C2)
D.Operation:

8.Tax provision
9.Total amount of dividend
10.Total value of bonus shares issued
E.Sources of Increase In Capital Employed:

F.Cash Flow Data

G.Operating Financial & Investment Ratios:

1.Gearing ratio (A7 as % of A8)

36.7

28.4

30.9

37.6

46.6

47.8

2.Current ratio (B4 as % of B5)

103.2

103.3

104.7

104.1

106.3

101.6

3.Acid test or Quick ratio (B4-B3 as % B5)

103.2

103.3

73.8

66.1

55.8

48.9

4.Debt equity ratio (B6 as % of A3)

248.4

190.3

187.5

294.0

319.6

325.3

5.Return on assets (D7 as % of C4)

8.6

7.2

6.3

2.8

1.2

0.1

6.Self financing ratio (E2 as % of E1)

31.7 -

-27.9

7.Cash flow ratio F1 as % of F2

44.3

50.6

31.3

12.1

197.5

71.4

55.0

37.3

68.4

559.8

622.5

676.1

609.7

510.0

9.Overhead and other expenses as % of gross sales (D4 as % D1)

83.8

86.8

90.0

94.7

94.0

93.4

10.Financial expenses as % of operating profit (D6 as % of D5) 42.6

48.2

35.6

29.9

66.0

97.8

7.7

6.4

3.8

1.6

4.0

6.5

12.Financial expenses as % of contractual liabilities (D6 as % B8)

11.0

12.8

6.6

1.8

3.7

7.9

13.Tax provision as % of net pre-tax profit (D8 as % of D7)

4.8

16.7

19.6

23.6

32.0

382.1

14.Sundry debtors as % of gross sales

24.4

12.8

18.1

30.8

32.7

22.3

15.Return on Equity (D7 as % of A3)

30.1

21.0

18.0

11.1

5.2

0.5

289.7

195.7

300.3 -

9.9

8.9

4.8

0.0

0.0

0.0

3.Net profit margin (D7 as % of D1)

10.4

6.9

6.8

3.8

2.1

0.1

4.Earning per share before tax (D7/No. of ordinary shares)

15.2

11.8

11.2

7.5

3.2

0.3

5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 14.5

9.8

9.0

5.7

2.2

-0.8

10.9

11.5

11.2

7.9

9.5

104.4

91.6

73.6

60.1

82.6

8.Earning per share before tax growth (current year EPS - last year
-30.6EPS/ last year
-22.4
EPS)

-5.1

-33.0

-57.3

-90.6

9.Sales growth (current year's 'sales - last year's sales / last year's
10.7
sales)

15.4

-3.4

19.7

-11.8

39.9

10.Break-up value of ordinary shares (in rupees)

56.0

62.2

67.6

61.0

51.0

8.Shareholders equity as % of ordinary share capital (A3 as %505.8

of A1)

11.Financial expense as % of gross sales (D6 as % of D1)

H.Key Performance Indicators:

1.Dividend cover ratio [(D7 - D8) as % of D9]
2.Dividend ratio to equity (D9 as % of A3)

6.Average annual % depreciation on written down fixed assets 12.6

7.Sales as % of total assets (D1 as % of C4)

83.4

50.6

68

0.0

Financial Statement Analysis of Non Financial Sector

Gul Ahmed Textile Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress

2006

2007

2008

2009

4,449,195

4,733,261

5,855,836

6,177,455

35,608

2.Operating fixed assets at cost

6,590,642

7,929,859

9,200,478

10,473,377

3.Operating fixed assets after deducting accumulated depreciation

4,410,230

4,702,826

5,827,621

6,077,026

379,332

412,276

514,617

639,458

38,965

30,435

28,215

33,525

4.Depreciation for the year

5.Intangible assets
6.Long term investments

7.Other non-current assets

31,296

5,568,754

5,350,979

6,541,866

39,922

27,845

69,034

162,626

2.Inventories

2,887,167

2,254,144

2,915,550

3,940,944

3.Trade Debt

2,672,797

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance

7,630,720

1,839,545

2,164,671

2,490,258

4.Short term investments

484,643

58,450

58,450

5.Other current assets

317,477

845,869

1,008,574

854,353

C.Current Liabilities (C1+C2)

5,481,391

5,653,042

7,151,112

7,852,081

1.Short term Secured loans

4,660,284

4,010,209

5,214,385

5,927,482

821,107

1,642,833

1,936,727

1,924,599

2,151,331

1,772,007

2,484,561

2,717,822

2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans

2.Long term unsecured loans

3.Debentures/TFCs
4.Employees benefit obligations

2,566,604
0
0

0
11,945

5.Other non-current liabilities

2,151,331

1,772,007

2,484,561

139,273

E.Shareholders Equity (E1+E2+E3)

2,385,227

2,659,191

2,762,029

3,238,272

1.Issued, Subscribed & Paid up capital

459,989

551,987

551,987

634,785

i).Ordinary Shares

459,989

551,987

551,987

634,785

ii).Preference shares
2.Reserves

1,925,238

2,107,204

2,210,042

2,603,487

i).Capital Reserve

490,820

ii).Revenue Reserve

2,112,667

3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales

8,245,862

9,871,996

11,751,955

14,207,448

i).Local sales (Net)

3,617,337

4,091,601

4,852,168

5,919,363

ii).Export Sales (Net)

4,628,525

5,780,395

6,899,787

8,288,085

2.Cost of sales

7,081,209

8,446,095

10,052,884

11,685,262

i).Cost of material

ii).Other input cost

3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses

of which: (i) Interest expenses

6,988,773

1,425,901

1,699,071

2,522,186

623,472

693,742

781,553

1,306,429

623,472

621,312

693,742

536,302

6.Financial expenses

4,696,489

1,164,653

ii).Administrative and other expenses

5.Salaries, wages and employee benefits

781,553

476,245

685,117
1,982,288

732,477

1,035,224
963,252

7.Net profit before tax

12,381

262,191

201,838

204,278

8.Tax expense (current year)

47,000

67,352

66,000

83,787

38,332

132,337

9.Total amount of dividend

10.Total value of bonus shares issued

11.Cash flows from operations

442,468

G.Miscellaneous
1.Total capital employed (E+D)

4,536,558

4,431,198

5,246,590

5,956,094

2.Total fixed liabilities (D1+D3)

2,566,604

194,839

135,838

120,491

4,660,284

4,010,209

5,214,385

8,494,086

1.Acid test or quick ratio[(B1+B3+B4) to C]

0.43

0.40

0.37

0.36

2.Financial expenses as % of sales (F6 as % of F1)

6.50

4.82

6.23

7.29

22.31

21.93

21.19

18.81

4.Assets turnover ratio [F1 to (A+B)]

0.82

0.98

0.95

1.03

5.Current ratio (B to C)

1.02

0.95

0.91

0.97

85.88

85.56

85.54

82.25

7.Debt equity ratio [(C+D) to E]

3.20

2.79

3.49

3.26

8.Return on assets [F7 as % of avg.(A+B)]

0.12

2.61

1.80

1.56

9.Return of equity (F7 as % of avg. E)

0.52

10.40

7.45

6.81

10.Return on capital employed ( F7 as % of avg. G1)

0.28

5.85

4.17

3.Retention in business (F7-F8-F9)

(34,619)

4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

3.Trade Debt as % of sales (B3 as % of F1)

6.Cost of goods sold to sales (F2 as % of F1)

11.Dividend cover ratio [(F7-F8) to F9]

2.86

12.Inventory Turnover Ratio (F1 to B2)

13.Interest cover ratio [(F7+ F6(i)) to F6(i)]

4.38

3.65

4.03

3.61
1.21

14.Net profit margin (F7 as % of F1)

0.15

2.66

1.72

1.44

15.Operating cash flow to debt ratio [F11 to (C+D)]

0.00

0.00

0.00

0.04

16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]

-0.75

3.53

2.46

1.90

17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

51.85

48.17

50.04

51.01

158

2011
(Thousand Rupees)
2010

2011

6,204,139

6,741,132

51,332

71,643

11,113,486

12,255,966

6,097,376

6,589,869

681,282

711,737

21,253

42,322

34,178

37,298

8,582,802

13,929,967

157,188

86,638

4,991,811

10,430,214

2,465,556

2,236,402

968,247

1,176,713

8,636,966

13,315,707

6,501,422

10,450,399

2,135,544

2,865,308

2,439,947

2,509,060

2,222,650

2,198,591

15,016

17,717

202,281

292,752

3,710,028

4,846,332

634,785

634,785

634,785

634,785

3,075,243

4,211,547

494,491

503,524

2,580,752

3,708,023

19,885,337

25,643,176

9,116,748

8,399,365

10,768,589

17,243,811

16,582,414

20,892,101

7,297,486

10,733,599

9,284,928

10,158,502

3,302,923

4,751,075

1,662,168

2,131,863

800,060

1,103,962

862,108

1,027,901

2,293,895

713,705

959,259

1,093,713

870,737

1,017,295

707,921

1,551,046

182,027

267,652

79,348

634,785

479,484

(2,670,397)

6,149,975

7,355,392

2,222,650

2,198,591

446,546

648,609

8,724,072

12,648,990

0.30

0.17

4.82

4.27

12.40

8.72

1.34

1.24

0.99

1.05

83.39

81.47

2.99

3.27

4.95

8.75

20.38

36.25

11.70

22.97

6.63

2.02

3.98

2.46

1.81

2.52

3.56

6.05

0.04

-0.17

8.28

20.22

58.45

76.35

RATIOS FOR CAPital structure ( IN MILLION RUPEES )

2001
54.6

2002
51.87

2003
49.66

2004
59.34

103.2

103.3

104.7

104.1

ROA

8.6

7.2

6.3

2.8

ROE

30.1

21.0

18.0

11.1

Total Assets

6004.2

5535.7

6096.5

9076.2

Total Fixed Assets

4251.4

4464.6

5097.7

5909.0

EBIT

903.9

772.3

593.0

363.2

EBT

518.7

400.4

381.9

254.7

Total Debt

Current Ratio

ure ( IN MILLION RUPEES )

2005
55.4

2006
54.715

2007
56.058

2008
57.68

2009
56.865

2010
58.409

2011
64.417

106.3

1.02

0.95

0.91

0.97

0.99

1.05

1.2

0.12

2.61

1.80

1.56

4.95

8.75

5.2

0.52

10.40

7.45

6.81

20.38

36.25

9805.2

10.0

10.08

12.397

13.808

14.786

20.671

6730.2

6.6

6.591

7.920

9.2

10.473

12.250

358.7

0.5

0.732

0.918

1.216

1.641

2.619

121.8

0.013

0.262

0.212

0.204

0.708

1.551