Financial Statements

Particulars FY-18 FY-17 FY-16 FY-15 FY-14 FY-13 FY-12 FY-11 FY-10 FY-09
Volumetric Data
Clinker Production (MT) 4,413,413 4,314,600 3,964,998 3,507,230 3,585,103 3,924,090 3,773,948 3,738,404 4,684,379 3,946,101
Cement Production (MT) 4,857,761 4,588,900 4,426,631 3,849,672 3,988,512 4,031,801 4,004,458 4,176,733 4,908,593 3,877,296
Total Cement Sales (MT) 4,810,250 4,478,065 4,422,691 3,858,070 3,976,272 4,008,276 4,018,956 4,165,635 4,908,962 3,854,949
Local Sales (MT) 4,352,185 3,895,042 3,710,393 3,196,103 2,954,943 2,887,812 2,765,534 2,860,795 4,103,861 2,831,115
Export Sales (MT) 458,065 583,023 712,298 661,967 1,021,329 1,120,464 1,253,422 1,304,840 805,101 1,023,834
Clinker Sales Local (MT) 26,576 - - - - - - - - -
Clinker Export (MT) - - - - - 6,000 5,945 98,521 71,041 177,064
Clinker Purchase (MT) 39,997 - - - - - - - - -
Volumetric Ratios
Clinker Production (% change wrt last year) 2.29 8.82 13.05 2.17 8.64 3.98 0.95 20.19 18.71 4.75
Cement Production (% change wrt last year) 5.86 3.67 14.99 3.48 1.07 0.68 4.12 14.91 26.60 8.29
Volumetric Total Sales (% change wrt last year) 7.42 1.25 14.63 2.97 0.80 0.27 3.52 15.14 27.34 8.95
Volumetric Local Sales (% change wrt last year) 11.74 4.98 16.09 8.16 2.32 4.42 3.33 30.29 44.96 20.74
Volumetric Exports Sales(% change wrt last year) -21.43 18.15 7.60 35.19 8.85 10.61 3.94 62.07 21.36 54.69
Clinker Production Utilisation (%) 109.79 107.33 98.63 87.24 89.18 97.61 93.88 93.00 116.53 98.16
Cement Production Utilisation (%) 115.09 108.72 104.87 91.20 94.49 95.52 94.87 98.95 116.29 91.86
Total Sales Utilisation - Volumetric (%) 113.96 106.09 104.78 91.40 94.20 94.96 95.21 98.69 116.30 91.33
Local Sales Utilisation - Volumetric (%) 103.11 92.28 87.90 75.72 70.01 68.42 65.52 67.78 97.22 67.07
Exports Sales Utilisation -Volumetric (%) 10.85 13.81 16.88 15.68 24.20 26.54 29.69 30.91 19.07 24.26
Sales Mix: Local to Total Sales wrt Qty (%) 90.48 86.98 83.89 82.84 74.31 72.05 68.81 68.68 83.60 73.44
Sales Mix: Exports to Total Sales wrt Qty (%) 9.52 13.02 16.11 17.16 25.69 27.95 31.19 31.32 16.40 26.56
Financial Figures
Equity (PKR in thousands) 77,134,421 74,868,879 65,783,429 62,296,071 61,516,535 47,956,798 32,899,525 30,217,283 26,519,220 20,918,442
Balance Sheet Footing (PK in thousands) 121,889,017 108,371,319 83,418,265 74,391,443 73,282,069 63,526,719 50,685,198 49,703,229 47,046,043 42,723,041
Fair Value Reserves (PKR in thousands) 24,779,125 28,031,837 24,256,385 27,405,272 32,722,894 23,802,704 13,580,112 14,974,881 12,908,175 8,757,417
Equity without FV Reserves (PKR in thousands) 52,355,296 46,837,042 41,527,044 34,890,799 28,793,641 24,154,094 19,319,413 15,242,402 13,611,045 12,161,025
Fixed Assets (PKR in thousands) 76,493,984 62,447,737 39,576,830 29,958,970 29,832,625 28,740,974 27,185,726 25,985,385 25,307,302 24,345,793
Capitalisation (PKR in thousands) 46,233,538 1,264,268 5,730,155 925,479 3,465,403 3,750,420 2,039,499 764,442 2,364,052 2,738,775
Long Term Loan (PKR in thousands) 20,040,471 13,020,000 3,538,251 1,348,522 2,111,513 4,327,841 6,785,851 6,875,127 7,222,988 9,135,311
Short Term Loan (PKR in thousands) 12,209,667 8,571,228 3,451,352 1,826,072 2,551,676 5,420,290 6,733,467 8,691,982 9,585,642 9,068,575
Current Assets (PKR in thousands) 29,075,626 27,300,684 30,835,521 31,426,342 32,068,626 25,789,989 18,265,583 18,325,209 16,417,492 13,287,592
Current Liabilities (PKR in thousands) 22,553,193 14,849,803 10,056,634 6,583,476 5,940,563 9,307,593 11,205,943 12,687,375 13,786,189 15,834,799
Gross Sales (PKR in thousands) 43,407,770 40,384,740 37,045,715 32,468,621 32,344,996 29,599,883 27,404,611 23,473,534 22,036,621 23,392,817
Net Sales (PKR in thousands) 30,668,428 30,136,165 29,703,758 26,104,611 26,542,509 24,915,924 22,949,853 18,577,198 16,275,354 18,038,209
Cost of Sales (PKR in thousands) 21,928,207 18,291,600 17,035,566 16,649,411 17,284,941 15,589,917 15,443,098 14,192,229 13,569,994 12,358,479
GP (PKR in thousands) 8,740,221 11,844,565 12,668,192 9,455,200 9,257,568 9,326,007 7,506,755 4,384,969 2,705,360 5,679,730
Administrative Expenses (PKR in thousands) 624,725 551,221 572,780 472,326 480,468 405,579 267,705 211,362 172,436 141,852
Selling Expenses (PKR in thousands) 898,156 979,045 949,628 746,723 1,445,225 1,751,174 2,202,901 2,470,599 994,418 1,871,517
Other Expenses (PKR in thousands) 2,354,656 891,513 913,642 727,805 518,745 544,806 500,835 37,964 189,015 795,854
Financial Expenses (PKR in thousands) 519,267 382,895 130,451 281,504 608,859 994,879 1,670,784 2,079,146 1,902,760 2,606,358
Other Income (PKR in thousands) 3,026,661 2,118,216 2,379,053 2,320,335 1,647,126 1,466,289 1,187,936 1,134,130 911,672 770,137
Profit Before Tax (PKR in thousands) 7,370,078 11,158,107 12,480,744 9,547,177 7,851,397 7,095,858 4,052,466 601,192 358,403 776,900
Taxation (PKR in thousands) 1,467,530 3,182,766 3,691,072 1,922,497 1,885,899 1,593,689 55,652 430,231 125,381 251,319
Profit After Tax (PKR in thousands) 8,837,608 7,975,341 8,789,672 7,624,680 5,965,498 5,502,169 4,108,118 170,961 233,022 525,581
Popular Profit Variations
Operational Income (PKR in thousands) - 11,541,002 12,611,195 9,828,681 6,813,130 6,624,448 4,535,314 1,665,044 1,349,491 2,870,507
PBT without Dividend (PKR in thousands) 5,435,293 9,214,053 10,610,827 7,843,711 6,417,218 5,800,225 2,993,759 350,162 407,995 69,669
PAT without Dividend (PKR in thousands) 6,902,823 6,031,287 6,919,755 5,921,214 4,531,319 4,206,536 3,049,411 780,393 533,376 181,650
EBITDA (PKR in thousands) 10,193,594 13,602,813 14,483,061 11,709,284 10,250,258 9,668,492 7,170,962 4,110,748 3,653,727 4,752,123
EBITDA-Other Income (PKR in thousands) 7,166,933 11,484,597 12,104,008 9,388,949 8,603,132 8,202,203 5,983,026 2,976,618 2,742,055 3,981,986
EBIT (PKR in thousands) 7,889,345 11,541,002 12,611,195 9,828,681 8,460,256 8,090,737 5,723,250 2,680,338 2,261,163 3,383,258
Depreciation (PKR in thousands) 2,304,249 2,061,811 1,871,866 1,880,603 1,790,002 1,577,755 1,447,712 1,430,410 1,392,564 1,368,865
Profitability Indicators
GP to Sales (%) 28.50 39.30 42.65 36.22 34.88 37.43 32.71 23.60 16.62 31.49
PBT to Sales (%) 24.03 37.03 42.02 36.57 29.58 28.48 17.66 3.24 2.20 4.31
PAT to Sales (%) 28.82 26.46 29.59 29.21 22.48 22.08 17.90 0.92 1.43 2.91
EBITDA to Sales (%) 33.24 45.14 48.76 44.86 38.62 38.80 31.25 22.13 22.45 26.34
ROE (wrt average equity) (%) 11.63 11.34 13.73 12.32 10.90 13.61 13.02 0.60 0.98 2.06
ROA (wrt to average total assets) (%) 7.68 8.32 11.14 10.33 8.72 9.64 8.18 0.35 0.52 1.11
ROE (without fair value reserves) (%) 17.82 18.05 23.00 23.95 22.53 25.31 23.77 1.19 1.81 4.61
ROE(PAT/Equity) (%) 11.46 10.65 13.36 12.24 9.70 11.47 12.49 0.57 0.88 2.51
ROE (PBT/Equity) (%) 9.55 14.90 18.97 15.33 12.76 14.80 12.32 1.99 1.35 3.71
Liquidity Indicators
Operating Cashflows (PKR in thousands) 8,910,698 5,877,328 11,119,972 9,954,056 8,724,257 6,685,968 4,011,634 370,314 842,005 1,147,994
Working Capital (PKR in  thousands) 6,522,433 12,450,881 20,778,887 24,842,866 26,128,063 16,482,396 7,059,640 5,637,834 2,631,303 2,547,207
Current Ratio (times) 1.29 1.84 3.07 4.77 5.40 2.77 1.63 1.44 1.19 0.84
Investors Related Indicators
Ordinary Shares (No.) 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 365,099,266 304,249,388
Dividend/Share (PKR) 4.25 7.50 6.00 5.00 3.50 3.00 1.50
Stock Price/Share on year end (PKR) 114.5 213.16 190.49 142.77 87.96 83.69 39.38 22.99 23.62 29.65
EPS 20.17 18.20 20.06 17.40 13.62 12.56 9.38 0.45 0.72 1.63
PE Ratio 5.68 11.71 9.49 8.21 6.46 6.66 4.20 51.09 32.81 18.19
Divident Payout Ratio (%) 21.07 41.20 29.91 28.74 25.70 23.89 15.99
Dividend Yield Ratio (wrt year end price) (%) 3.71 3.52 3.15 3.50 3.98 3.58 3.81
Break Up Value/Share (PKR) 176.06 170.89 150.15 142.19 140.41 109.46 75.09 68.97 72.64 68.75
Capital Structure Indicators
Debt/ (Debt+Equity) (%) 29.48 22.38 9.60 4.85 7.05 16.89 29.12 34.00 38.79 46.53
Debt to Equity (%) 41.81 28.84 10.63 5.10 7.58 20.33 41.09 51.52 63.38 87.02
Equity to Total Assets (%) 63.28 69.09 78.86 83.74 83.94 75.49 64.91 60.80 56.37 48.96
Interest Coverage (wrt EBITDA) (%) 19.63 35.53 111.02 41.60 16.84 9.72 4.29 1.98 1.92 1.82
DSCR with other income 10.00 8.94 18.94 10.92 5.03 3.07 1.96 0.98 0.55 0.90
DSCR without other income 7.03 7.55 15.83 8.76 4.22 2.60 1.63 0.71 0.41 0.75
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