You are on page 1of 29

c 

 

     


Analysis of Financial Statement of

ATTOCK CEMENT PAKISTAN LIMITED

Submitted By: AMMAR AHSAN (6982)

Submitted To: Syed Maqbool-ur-Rehman

Date: 28th April 2010


ð   

     


 
 
 

 

 


  
  
  !


 " 

# 
$

" %
&

 %
  
'


   
  %
c(

)*  c(

$* + c(

,-
$

  c(

c ð((./ð((0c(

ð ð((/ð((c(

. ð((/ð((c(

º  ð((/ð((!cc

%1)#2%%cc

%  cc

1   c.

33
   c

)  c

,-

 " 
$


 c

% $


 ")* 
c

% $


 "$*3
 c

% $


 "$3
 c

   c!


3
c&
.   

     


4 
  ðc

5 4 
ðc

5 4 
  ðð

$ 4 
  ðð

%
4 
  ð.


 " 6,  4 
  ð.

7   ð


 
ð&

8"
3 ð'


   

     


Acknowledgement


+49

  
  
 3"   

3    
3
     
 "
 3   

 
 
  
  
 
   
 , % ,5"

  4  
  

 


3
     

        

       " 

3    3
  3



 
  3 
 33
  3
 

4 

 


   

     


Preface
  
 
39 "   


"
  
"
   

3
3 
"
   "   ) 
33
    
 

     
1 
  
  "


"  8
    

3"


  "    
 
3

) 3
    
    

     ) 3
 
 "33 
"- 

3   5
 3  

 
3
"     
  
3: 3

 3   )         
 

 57 

 ;4 
3
  

;     


 
3: 3
 " 9
5 % 3   "
 
 3
 
 "  

 
  "
 3

;
  


   

     


Industry Overview
   
3c'!9


 
 3
  

 + 
c'&/&9 "
   
 *+ 
" 

  

 
  
    "

)

  

    3+ 
c'&/&9 
"
       
 
 ' + 


3

 < 5  8 
      9   
 9   
;9 
9 
        3 
c'!c/!! +  3

  <//=59 c'!!/&&9
 
; 

     "

     =


 
 
  
    3  3   
  
 )  9 "
    
'
ð. ð

)       "



 3 
  
    

 33
 
3 8
   *c(


 3   
 "  
     *3 
"
*     ; 
     3 
 
  c''c/'ð     
         3 3
 
  
 
*3 c''!

)            3


    
   
   3  
3

 

/


3 ) 
        
   
    3 9   
  
3
 
  "
 
 )  
 "
    ð.9 
         
3" 
     c'   
 "  3  
 )

 

  3" 
 


 
3 
 
  
3  
 


3
 
)  3 
 3

   @  

        

u  
  
 

u    º

    

u  º º 

 
    

@  ð  º


!   

     


Growth Pattern of Cement Industry of Pakistan




  

-
  
         
   3  
3   3  
 )        "  

3

    9  
   3
   

3 = 
   

 

 
  3
3 
   3  
  
 
" 

+  /(!9    


 
.c
3 
 c!. 

      c. 

 

   )       >/ "/(&
 
 9 "
  
   
   
 c&c! 


  )  
        
 !ð 3 

c

   3
 
3
c.


        *3
 

   .! 

   
  c& 

    
 3
 3
   9

 
cc(3 

       3


 
*3
 
 
 "

  
  9 ?$9    9 5  4     )     "  
"  
 

  "

 *3
      >
.(9 ð((! )      
 
 
 .ð    
  
  
 "ð'   *3
  "ccc& ) 

  "
  
 
       cccð'  
  
 
   *3
 
   !c(ð ..cð  3 


&   

     


         "  


 3  *3
    
 
   
  
  9        
  
 
  
 
 *3
 
  
   5

Contribution to National Economy by Cement Sector

)   
 " 4 .("

  
* 5 

 *)   

  "
 4 c(("
3 *3 

  
 ) 



3 9 

3 c3 
3   
 
*  )   
 
"

 )  
  
  
 &! 

  3      "  
 

 "  c. 

  ) 33 
 3 

     
cc!  2(

c.c  2(!

)     


       *3
         " 9   
 "    3  
    

 5  3
  )     
 
      
3
  
   
    %
  c.(9(((
      " *3
 
 
 "

 
'   

     


Current Scenario in the sector

    

     3
3 
 
       
9
  .  )    
3
3   ;" 

       
  

    


  
 9   " 

"
 ð

   
 
8 
    
 ( 
       
 "   1 
 "; 
 
  *3 

 
! 3


) 
 
     *3 

  
 

 
 
 

 9 3
 3 9   " #  9 @      ;
8
   3
- 3  3  9 
  
*3 

    

) 
  
 
    33
  
3
-
" 



 3
 -
" 
"
 !3 
 
3
"



ð

3
 9  c'''/ð((( )     

 
3
 3
      


  A /   "    
  
 53  6 3       
3  
3  
3
   4  6
3 "

"
3 "   B 
 
6,  ) "

 6
$53 
  )    
3
     



"9 
  
           

   
    
 
 c(/cð 
 +   
   8   
 "

3"  3    9  
  
      3

 3
 
 

 -
"
33
   
 
 
  9 /    
 

) 

 3

  

 
?%C.ð 
c''&

)  
 "  
 0(3   "%

+
3 
- D%+E
 
9 3 +
 9 "

  
3 3
- 

   9
3*3
   
*3 
  

 ) 
3 3 
  2( 2( 
c&
ðc

 9  

.!

 " 
 2(!

,

9        *3 
 "
 / 
         
  
 
    
       
 
 
 
   

  
     

  9
 
 
     3   
   

 3
 *
 


c(   

     


Government Attitude towars the Sector

@ 

 
 3
      " 9  
     3;    . 
   *
c& %
 9     ""
3 
  


  "     
  

 =
9 3
" 

 


  
 " 
  %        "    
9 
 
3
 3
 
  


 

  * 

3   
 

 

3 
 
"3
 3

 /  
    % 
 "    

 "  3   
  

 
 
 


3 

    "   

       

 "  
   
 
 "
  
 3 
 ; 

 
 
 
 3
 =
9  
    
   9-
  

3   9

  3 3 
 
  3
 " 


  

" ð((&/ð(('  *  


   "
4 '((3
  
 
* " 
4 !(3
 

Major Economical Changes


c ð ð  )       3
 
   2(./ 2( )  3
  
     3       
    "
 3
 "
   3
 

ð ð ð :  
ð((9 ðc 
3   @%$) 
   

 " 3
 
  
      
3 ; 
  
4 c"

>ð((
4 !"
, .c9
ð((4

 
4 c(3 
. ð ð : )        
   
    
  ) 
   
  
      5  "  3  
  
 
 
" %
 +
3  
 D%+E ) 
 3
 

    

 cðð

   2(/ 2(
3 ccð

 
2(/ 2(F
 
'!  
) "

 3
D>/, E
ð((/( 3

      " 
   

 
  
      
     
3  *3  " 

 +


  
   

cc   

     



   
   
 3 
  *3 
 +

  3
   
4 .(A"
º  ð ð :   :  
 
 
    + 
     ! 
+
  2(!+  2(!9    
 
.c 
c!.


     c.. 

 
   
 3
 3

   

  3"ð  c.&

 9 *3
  
  " 
 &  )    3
       " 4  .(
 4 
.cA"  2(! 

SWOT ANALYSIS

` 

c " 
4, 
ð 3
 , 3 


3 9  3
" 5 


3
 
. +  ð((!/(&9
 *3
 

 !!cð

 DC.
E
     "  3
 
 *3
 
  
 
9 %
      3
- 
          
*3
 
 
C!.
" 
ð((&/(' 

 Cc(.
"
" 
ð(('/c(
 " 

     
    
 3  3
   
 

  
 "    )  
 
  *     
 9
  
 *  

  

         
*3 3     
  

"   
D9 9 9   3E 
    9
   3E 
   
 )  
3        3
   

   )  
   
     *    ð&   )      %% ð.ð/c&&. D4E 6
8   %  8% cð0 c'!& 3
 
 ð&    
 (((   '( 
 3 

 " 
       
3   *3 

"


 
  
   
! $  
+0


  
+
 
 
    0
m = +
   3
 3 
 
cð   

     


m  
   
" +
     
m +
  *3 

 
  3
 3 


 

& =
 

0


 
  

 "
   0
m =
 3
- 
 
 ( 
 
m  (.
  "  
(
m 
    93
'Acc  : 
9  "

 
3
  

m 
 
m $ 
 " 
 



    
 
  

  
/
' 
 : 
3  3 
 
 
0
m 
 
3 *3  
 

 

 

 3 

m    
3  *3     3   
 

     
m    %+/   
  , ) +
3  
 
ð((/c(/ 3 

 
 
m    
3 
  3 
3 3
- 
3
 3 
 
c(        
    *3
    9 -
    

     5  "   3     + " *3
 9 3

 + 
-  5  "  
 3
- 
cc"

      $
3  7 
  
c.   

     


cð  -


Performance Blue Chip 

 ð((!/
(&"     5  
   ð((!/(&9 
"3/
33 
  "
3  4 'c "
9  
   c.c! 3 


 3  @%$   -  ;9+@  9  
3-


c.)
9      "  
   
3
 3  ,

   
3 9   

3 
 
9 
"
 

  9
     "  

3
 

c)  
 
  

 3
 
 53  3
"   -

3  
 3 

‰ 
c )  
 
3 9

   9   


  

 *  "  

  
" 
      9 9 * 9 9"
9  ;9
 9 

97 
ð %      3; 3
 9 5
3        
3
 
 
 
 %
9 

            
 
A  
 
  
        9 
   3 
%  
                    
  
"   " 
" 1  
    
  
 "
. ) 
  

 
   "  
" 
 
 


       
 )      ð( 
  3 ) 3 
 


 
 33     
*3     
     *3   Dandot, Pioneer, Maple Leaf and Garibwal  

   
c(( 
   " 
 3
 
 
     
 
3  
 
 

 
    
   
    
 3     "
   
" 
  3
  ) 
 

 "  
    *3
 

  
    
 
  



3
9              
 3
 


3
) 
"  3
  3  

 

    

3
   * 

c   

     


á 


c )  
         3 
   
 

    

 


9   " 
 9 
   
  
3
 3 53 

  
ð ) 
    *3 

 

   
ð(3
 
"
 
 

  

  

  
 
3 3
 
-
     
. + 
    

   
 1)   *3 

3  



3  
 
  3    )   " 
        


3
 
   
     
    
  3      
  
  
  3     
 "
    :  *3
 
  
  
 "
 
   
"      

    3   




    
 

 

 (3 


3
 
 D  
 E )    5  

      " 
$3   9  
  "  "
          "
  
  #  
 *3
 
   
3 3
  
 
    %      
   
 3
  .(9(((
    

    
         "
  
33
  
9   
     
 %      " 33 .(9(((
 
  


@ 
c ? 3      
  *3 
  
    
  

3
 

ð  

3   3

" 
  
  
 -   

 
   
'(  

 
 

3  
3  ; 
  )   

3  

    
.  3           3   
 
5
 % 33  
 
* 
        " 3 
 *  3     

 
    
  
 
  3  2 9  *3 
     
   3    
 
  
    9

 
      9   
  
 
  
 
  

 , 
3
 
  
      G        
  
3 
 
 
   
 "   3  9 "    3    

c   

     


     
 3 " 
  .(( 3      
 9     
   

3
 

 ) 
      
 9   
   

   
   
 *3
 9  
   
  
 33       
    3 
 *3
 
  
 9   "3 ;
  
 ;  
  
    *3
  
     

 3  
 


* DCð"
  E9" 
  
 
  
! )  "
   3  
  
 " "
 "  
      
 

 9  3
 
 
  " 

"
 
 *  
& 
" 

 33   
0



3
"     
 33   
  0

m 
 3   ; 
   "  
 

 
  = 

   3
 " 
3 
m #3      


3 9  


*3 
3   33 
   3  
 

' ,         


   +  

 
3  
  1  
" 

3
3 
   %
  
  
  


Major contribution in Economic Growth


  :  
 
 
    + 
     !  + 
   2(!
+  2(!9    
 
.c 
c!.

   c..


 
   
 3
 3

    
    3 " ð  
  c.&

 9 *3
   "
& )  3

   "4 .(


4 .cA"  2(!
+     /    
 
  

 

    " 5  
 

  

       
 
 &
3     
)   
 "
 
   
 
 & 3   >/,  ð((!/(&
    
3    D.(! 3 E9 

 3
  Dðc' 3 E9  3
  Dc'
c   

     


3 E9

 6 "  Dccc 3 E9 3 


 3
  D(. 3 E    
D.c 3 E      3 3
  
  0 

 
 D& 3 E 


D..3 E  * 
3F


Dcc3 E9 D..'3 Eand
cement (17.9 percent).
   
ð((!9 ðc 
3    @%$+ 
3
  9  3

   
     %  *

   " c!& 3   >/3 ð((!/ (&      3 ; 
 

 " (ð 3   
 
    ð((!    
    
*3 
    9 33  " 9" 3 
    
  A high interest rate scenario has made the situation challenging for this highly
leveraged sector
+    5  
   ð((!/(&9 
"3/33 
 
"
3  4 'c"
9  
   c.c!3 
 
 3  
@%$   -  ;9+@  9  3-



` 
   
   @  

)   
 
 " 4 .("

  
* 5 

 * 
)   
     "
  4  c(( "
  3  *3 

   
  
)  

 
3 9  
  
3   c 3  
3 
   
  *   )       
 
 "
 
 9  
 

 
 
) 
 
  
&!3  
 
 3      "  
 

 "  c.3 
 
   

` 
   
     
    9     
          3  
 

.ð  /
/"            3
 

"
  .! 

 
3 9
 33 
  )  3       
 *3
 
    
  "
 
                
3
 
*3
   3  
 ,$ 4; 3
3 

  
 

` 
   
      
 *3 

    "
 "
 
  9   3
 "   
9  
  3 ; 
  %
     
         
  

 3
  3
"   )
  
    
 "  . 

 3
  )      

 3
  
   
 9 9
 9 3
 9 
c!   

     


Industry Future

)     
      
 
  3
       

3:   :  D: E 
     " ͚roti, kapra aur makan͛ D"9 
 

 E     
 
 
    


  
      G 

94 3 
    +
  

!     3
 

 
    + 
    )  -
 
      3" 


3 3
 D   E9   
  


8 

   
 9   3
"    
 

  
   4 D4E   

           
   3 


/

  

  

   9  3 
)   
3 9

    3             9    
  
 G 3
3 
)  
 

 
  

   
  "  
 3

3  
 3  *3 
 4   9        3   9
  3
 
   


3 
 
 +  
3
9        
  "  *3
 
3 
  "  
 

 
 
 

  )  9   ";  
   3 9  
3
  3 
 3   ; 
   . Although the local demand dwindled
significantly in the first quarter of FY 09 (around 15% decline), strong growth in exports has
provided support to the industry in the form of largely sustained capacity utilization and price
stability. However, given the global recession, export demand is expected to come down.

)   
   3      3 
3 
 
 3    
 
  3
 
 3
  )  

 33

  


   
 
 3
 

     

 " 
  
  

  3  
    

D
3 
( 

 
E
  *3  

@3  
3 9 
 


  
    3   
4 3  
 3 
         9  3
  
   49 3 
 

 9 


3 
 
9        3     
        33
3 
c&   

     


=
9 
*3
 "  
  
 ?%
 
9
         3 9 
3  
 !( 3 
  
 )  %+

 
  " "4 !"
    
  
,-
 3  
 
         *3 
 

 " 2c( 

       


 
    
   
 3  3
  
 3
 
*3
  

,

9        *3 
 "
 / 
         
  
 
    
       
 
 
 
   

  
     

  9
 
 
     3   
   

 3
 *
 


Company Profile


     DE "
 

3

3 
3 
  G 3
-  
1981   
3
 

>c 
c'&&) 3
-   /%   
 3 
 


Rs.1.5 billion 
* 
3
 

?%C
 3"
 
39 
 @ %
 $*  >ð((ð,"  
 

3     
 9 3 
  

39  
 

              

  
93
   


G   3  


 Tehsil Hub, District Lasbela, Balauchistan9 
 
"
  
  
  
@    %'((c0ð(((
%c(((   
  

 4 B  D4BEð((ðð((
   "  
 " 

 
 G 

3
 
Rs.2,646
million (US$ 31.5 million) 

$* + 9% )*94
 
)*
ð((&/ð(('

)  G 
3  2000 TPD of Clinker     3  
 

"" 
   %?%$#%#94$/=$)$4A4$/#)#93
   


     "     
"  "3 
3 
 

1 
 
 
  "


  9 
3
3 3

.9.(()+
 ð((/ð((! 
  
?%Cc

1    
 
 3 
 
3   
c9!c(9(((,)
 3

) product
 
3 ORDINARY PORTLAND CEMENT (OPCE"  


 
3
 SULPHATE RESISTANT CEMENT (SRCEPORTLAND BLAST FURNACE
c'   

     


CEMENT (PBFCE9      "


H #$,$#)I 
  ) %4  3 9      
  
 3    9  
3   
 
 
  ) 8  
   

3    9"  3
       
  
  
    
 
  


) capital Structure
 
3 60%  5   40% " 
  9 

  
3
  -
  
 

3   &( c'  " "3"

) 
3"    3
3 
$
    
9 

3
   3 
    5   
 
 
 
 3
 
 3
 9 3 
3 
3 3
 "  +
 
     9

3  
9
3
 
 "  
 3   
 
*  3
-    
   ) 
    / 715 employees 3 
 
 
 
  

 
; 


) raw materials     3


 
9 9 9
9

)  9
9  
    


  " 
  
"5 


   
 "/3
 )  
"/3
   
3     
    "
3 

= 

 

 
"
  
3

)  


&9c(9(!c9(((
ð(('% 
D2$>ð(c(E
,  30 9(&9cð9(
%   0 &9'9((

=%  0 !ð9!'9.
)
  Dð(('E    9'!ð9&(c9(((
ð(   

     



ðc   

     


Ratio Analysis

ATTOCK CEMENT
5 
INDUSTRY
4 
 2003 2004 2005 2006 2007 2008 2009 Average AVERAGE
?44$#)4) ððc0c ð(0c ((0c (!0c cð!0c cc0c ð.0c c(0c (&c0c
B?@4) c!ð0c (0c (.!0c (c'0c ('0c (0c c.0c (!!0c (&0c
%= 1
B?+)2 cð'0c (&0c (!&0c ccð0c cc0c (0c ð0c c.(0c (&0c
ð.
4$$78$+2% .  ððc  .ðð    c'  ..  c''  ð  (.
..! .. ð&ð &.(
#7$#)42+2% ð  ð  &      .&      ð!&ð 
&ð '' .&! &ð.c
28$+2% &c'c  &!c  'ð      !ð(!      &.ð 
.c& .c .(c ('c
3    .  &'!&      ð(&      .'.c 
  /ð'c /ð('& /& /'. / /ð''' /ð.ð /.c.& /.c'
         
         
ACTIVITY/EFFICIENCY
RATIOS         
         
4$$78$ cð&& &!( c(c! ðð'ð( c((. c&.(! c.&&
)?4#7$4   '(!               cð(''  
#7$#)42 c(&c ' ' &.
)?4#7$4 '   ð   'c       ''       .c!!  
. ð !! cc
28$)?4#7$4 ð!   ð&'   .c       (       cc  
J$+%%$)%
)?4#7$4 cð&  c'ð  c(c&  &(&ð  c(c.ð  cc.'(  ð(ðcc  c..cc  '  
))%%$)%
)?4#7$4 '&'  c(c!c  !'.  !cð&  !&&ð  &c&  cðð(  '(ð  .!'  
         
         
LEVERAGE/DEBT
RATIOS         
         
+$8)4) c  c.ð  c.(  cð'  c!(  c'  c((  cc  ðc 
+$8))$B?)2
4) (0c ((ð0c (ð!0c (0c (.0c (ð.0c (c.0c (ð'0c c'0c
#)$4,+$8))
)<)#
4) c!  c(  .  .&!&  ð!&  .!!ð  .'  .c&c  '( 
         

COVERAGE RATIOS         
         
),$%#)$4$%) c('. '' ð(cð c( c!(
$4#$+ ð'   &         .&       c'  
%= 1 (!   (!   (.&   (. c( ((' .' c(! 
ðð   

     

+$B?24)          

         
         
PROFITIBILITY
RATIOS         
         
4%%4 )
,4# cc&  .ð(  .'!(  !'(  .c(  ððð!  .c&.  .c'  ðc! 
$4)#4 )
,4# c!&  ð&(  .(  ('(  ð&(  c&  ð!!  ð&.  c.'. 
#$)4 ),4# 'c  c&'  ...(  ðc!  c!  &!(  c!  c&c!  &( 
4 &&!  cc  ðð'  c&  &&ð  !(  ðcc  c(&  &ð& 
4$ cðcð  ð(  (c  .(!!  c(!  cð.ð  .cð  ð..  cc 
$% c&.  .&&  cc'  cð'  cc(ð  (.  ð('  '!c  
         




O


  
  

  
5 9 3


     3 
 
  
$
 5  
  
"    ) 
4" 
 

   
3

     

 

 
3  
  5 5 
+
  



 
   5 

 
 
3 


 

  : 
 
 3  
 ð((.  
ð 9ð((ð((  

  " 

    "   3
 
 
3)  

    
 
 
3 


  =
 
 
3  

      3 
  
 
/ð((!" ð((' 

3    


   " 
/ð.ð

3
    "   

5 3
 
  

3 
 




  
  


  :    "   
 ) 3

 
   
" 
     
3
 
  
3   "

  "  

  



  3
"
  
 *   

   
9 
3: 3
  "

   
  9
3
     )  
   
   ""
 ;     

ð.   

     


`   
  


    5    "  4    

3 
3

 

"  +
   

 


3    "  



 
 

   
  


   3
"      

3
  

3 3
     " 
  9
  
3
 
  8  3      
3 
 9

  :  3
   "
   ,-


    " 
 

 
) 

    "  9 
 
" 
  
3
- 
 
3)
3
-  "
3     9

"
3  
  

  :  
  5  
"    
   
  

  

 " 9 
  : 3
 "   "" 
    "    


)  
3  
39     
33
 3
 


 "
  
 
 
ð   

     



Attock Cement 

Income Statement
Vertical Analysis       
 ð((. ð(( ð(( ð(( ð((! ð((& ð(('
%  cð!& c&&c'c& ð&!(! .!ð&c ((ð ((c.( &c((!c




 %
 cc&!( cð&!c c'&ð c&(!. .((!ð .&&!c! &(c(''
Gross Profit ðc! c.ð( c(ð!&. c(! c! cccð(. ð!(&'!ð
+ " 

 !''.' cð. c&(.c .ð!& &..( cð! .!c'
  
$*3   c'(ð !'(c c((. cc&&ðc cc(!(c c..&ð c&ðð(
 3 
$*3   ( ( ( c(.ð'ð && &c c!(ð
 3 

 (!( c('& &c( & ð.ð'' ð!&( c..
Operating Profit ðc'(&. ''ð& cð.ð('' cc&!.ð cð'' &ð&&! ðc(&&'

 ð.cð ðcc !cðc ð.&! c(ð(!ð c.'(' cc'!.
Profit Before Tax c''ðc !.! cc(&& c.'.. cc'..!! !'! c'&&!ð
)* 
 .!& c!cc ð'&c.c &!. .'' ð.''ð '!!
Net Income c.ðc.! ð&(ðð &ð!ð! '(&(' !'.. .(ð c'ð'c
Sales 100% 100% 100% 100% 100% 100% 100%




 %
 &ð.(  !(  (ð(  ð(  '(  !!!ð  &c 
Gross Profit 17.60% 32.50% 39.71% 47.94% 34.10% 22.28% 31.84%
+ " 

 (  !!(  '(  ('  c&ð  ð(  c. 
  
$*3   cc(  (&  .&(  .ð  ðð  ð!  ðc 
 3 
$*3   ( ( ( ð'!  c'.  c('  c!. 
 3 

 ð(  &(  c&!  (ð  (c  ((  c' 
Operating Profit 15.18% 26.52% 47.60% 40.85% 28.40% 16.57% 24.77%

 c(  ðð(  ð!(  (!.  ðð.  .(!  c( 
Profit Before Tax 13.58% 24.26% 44.90% 40.12% 26.16% 13.49% 23.36%
)* 
 ð  '.(  ccð  c.'  &!(  !'  & 
Net Income 9.15% 14.89% 33.35% 26.16% 17.46% 8.69% 17.54%
ð   

     


Balance Sheet
       
 2003 2004 2005 2006 2007 2008 2009
NON CURRENT
ASSETS       
       
*   &!.( cc('. ð!(ð ð.(' .ððð ..... c..

    (( '( (( (( (( (( ((

 
 
  ((( ð&& !ð c.(! ''cð '!! c'.&

 +3
  c('&( !c&( c('&( ð'&( ð'&( ð'&( ð'&(
Total Non Current
Assets 887820 1131552 2569760 4296648 4500614 4390618 4210452
       
CURRENT ASSETS       
       
%
 9 3 


)

  ð(.!& ðð.'ð .''ð ð&!c .&!c ðð!& ''(


%
   c!c(.ð c'!.ðc cðð& c!c!c ð!ð& (''& c.'.
)+"  !(ð. (&( .'ð ð.cð c'&'! '!'' &

   cð&( cð! cð c!'(c .('' ðcðc. ðð(&
%
  3
 
3  c'( c& '&. .ð. ð&' c(.c cð.ð
   c' c ' cðc ðc ðc !!
 4"  ð&c ðð ðcc( &!ð ð.&' '(. ð'&&
)* 
 c((( &'.& ( ( c(!(!. c&.'( (
    ( ( ( ð(.(ð ð(ð !ð
 8 
8  !ðð c(!!c c&ðð '& ð!! cc('! &!c&ð
Total Current Assets 601129 718624 837427 574858 1285026 1480329 2762349
       
TOTAL ASSETS 1488949 1850176 3407187 4871506 5785640 5870947 6972801
       
       
       
ð   

     


SHARE CAPITAL AND


RESERVES       
       
Authorized Capital 1250000 1250000 1250000 1250000 1250000 1250000 1250000
 9 " "
33  !ðcð' !ðcð' !ðcð' !ðcð' !ðcð' !ðcð' !ðcð'
?33
3 
  .&&' &'c cð(.& ðð.&&. ð!ð ð!&! (.c!
=4   ( /ð(( /!ðð /! ðc' c.(ð
)
% 3 6
4   1090318 1370544 2122001 2953230 3396044 3531579 4777867
       
       
NON CURRENT
LIABILITIES       
  ( c.c' ! cc& c(' ( (

 ,"  ( ( (((( c(((((( &ðð(( ðð(( ðð((
%  4  
8   &c' c''(( ( ( ( ( (
+ )* 
 c'& cð( c!.. c!ð(!c ðc. !.' .&!(
)
#
 
"   157755 198423 731099 1173256 1376822 1358949 1059370
       
CURRENT LIABILITIES       
) 
3"  ððc!& ð!ð.c& !c! ð.c &c'!& !!!' &..(
, 3 ( ( ð. c&ð cc. cð!.c &'c
  ( .(ð ! !' c(! c(' (
%
  "

 ( ( ( ð'&c!. ( ( (
)* 
 c'c'& &&' &ðð ð(. c!!(( ( !(.ð(
 ,  


 ,"  ( ( ( ( ( ð((((( ð(((((
Total Current
Liabilities 240876 281209 554087 745020 1012774 980419 1135564
       
TOTAL LIABILITIES
AND EQUITY 1488949 1850176 3407187 4871506 5785640 5870947 6972801
ð!   

     


NON CURRENT
ASSETS       
       
*   &  (  !  &!  !!  !  ' 

    (  c  (  (  (  (  ( 

 
 
  (  (  (  (  (  (  ( 

 +3
  c  (  (  c  c  c  c 
Total Non Current
Assets 60% 61% 75% 88% 78% 75% 60%
       
CURRENT ASSETS       
       
%
 9 3 


)

  c.!  cðc  c('  .  (  c(  & 


%
   cc  c(!  &  .  &  !(  && 
)+"  (  (.  (c  (  (.  (&  (! 

   (&  (!  (  (  (  (  ( 
%
  3
 
3  .&  .(  ð'  (c  (c  (ð  (ð 
   ((  ((  ((  ((  ((  ((  (c 
 4"  c&  c  (  (ð  (  (&  ( 
)* 
 .  &  ((  ((  c'  .c  (( 
   ((  ((  ((  ((  .  (.  &( 
 8 
8  '  &  '  c'    c'  cð 
Total Current Assets 40.4% 38.8% 24.6% 11.8% 22.2% 25.2% 39.6%
       
TOTAL ASSETS 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
       
       
       
SHARE CAPITAL AND
RESERVES       
       
      
 9 " "
33  &  .'  ðc  c  cð  cð  c( 
?33
3 
  ð  .  ð      !  & 
=4  (  (  /c  (  (  (  ( 
Total Share Capital &
Reserves 73% 74% 62% 61% 59% 60% 69%
ð&   

     


       
       
NON CURRENT
LIABILITIES       
  (  c  (  (  (  (  ( 

 ,"  (  (  c  ðc  c  cc   
%  4  
8   c  c  (  (  (  (  ( 
+ )* 
 c(  '      c(  c.  ' 
Total Non Current
Liabilities 11% 11% 21% 24% 24% 23% 15%
       
CURRENT LIABILITIES       
) 
3"  c  c  c  '  c  c.  cð 
, 3 (  (  (  (  (  (  ( 
  (  (  (  (  (  (  ( 
%
  "

 (  (  (    (  (  ( 
)* 
 c  (  ð  (  .  (  c 
 ,  


 ,"  (  (  (  (  (  .  . 
Total Current
Liabilities 16% 15% 16% 15% 18% 17% 16%
       
TOTAL LIABILITIES
AND EQUITY 100% 100% 100% 100% 100% 100% 100%

) 
   
 

 ;   9    3
 " 

 
   " 9
      " ) 
   
  9 "    
3  ""

 
3 *3  

 
 -


  "  "    
9
     "
 &3  ð((.9   

 
" 3 * "

3: 
 9    

 
 "     "     
 5     

3
ð((.9
  
 
  

"  


Conclusion
) 
   
  
   3
 "    3




   3
 "   
 
3)  
"


 
3  
"  
 
34 
 

3 
  
3    
 3   " ) 
3 
3   "
  
 


3   


ð'   

     


Bibliography



  


 
3 




3 

 
3 

 "3
3