Sheet1Company Namefauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerAnnual fy201320122011201020091q 20132q 20133q 20131q 20122q 20123q 20124q 2012QuarterRupees000's000's000's000's000's000's000's000's000's000's000's000's
Balance SheetEquityshare capital12,722,3828,481,5886,785,2716,785,27112,722,38212,722,38212,722,38212,722,38212,722,382Balance SheetEquitycapital & other reserves160,000160,000160,000160,000160,000160,000160,000160,000160,000Balance SheetEquityRevenue reserves13,213,66714,428,6368,502,2766,137,17111,434,67211,559,0079,611,31812,249,7949,348,416Balance SheetEquitysurplus on revaluation of investment held for sale7,882Balance SheetLt Liabilitieslong term borrowings3,870,0002,703,7503,819,4054,578,8093,830,0003,510,0002,459,5832,640,0002,550,000Balance SheetLt Liabilitiesdeferred liabilities4,103,3153,832,6143,215,8213,035,7574,014,0223,980,4523,860,4433,887,4753,860,384Balance SheetSt LiabilitiesTrade & other payables15,836,87911,730,9619,614,0268,002,89714,078,00119,486,7475,860,75113,346,44316,456,085Balance SheetSt Liabilitiesmark-up accrued24,92179,826137,968147,329135,40417,327163,12495,561145,396Balance SheetSt Liabilitiesst borrowings4,990,0008,735,6505,640,4206,088,3482,024,0008,953,0368,974,1371,050,0006,620,903Balance SheetSt Liabilitiescurrent portion of lt borrowings1,433,7501,615,6551,759,4051,799,4051,271,2501,335,0001,305,1191,254,2861,077,500Balance SheetSt Liabilitiestaxation4,531,9393,762,2363,426,2641,816,5954,215,6783,097,5994,297,1284,856,0124,719,967Balance SheetLt AssetsPPE17,818,75517,050,95115,933,58813,993,51817,840,68018,376,28117,581,95917,627,09617,833,810Balance SheetLt AssetsIntangible Assets1,678,6391,569,2341,569,2341,569,2341,669,4401,659,4501,569,2341,569,2341,569,234Balance SheetLt AssetsLong term investments9,511,8658,659,0737,870,0277,727,52811,660,12218,183,1958,965,8529,303,0469,351,319Balance SheetLt Assetslong term loans & advances700,786605,883455,328337,541676,427688,927630,754647,493656,407Balance SheetLt Assetslong term deposits & prepayments222,3139,3709,0376,305247,4693,501226,5465,4275,192Balance SheetSt Assetsstore,spare & loose tools3,098,9382,447,4522,440,2012,996,6333,411,8733,084,0622,458,2602,800,5312,884,499Balance SheetSt Assetsstock in trade442,139636,923211,720144,087431,613461,7876,080,3581,351,9963,072,886Balance SheetSt Assetstrade debts3,611,47686,669357,956256,8862,213,0271,400,309229,7341,956,1703,012,017Balance SheetSt Assetsloans & advances677,977431,582336,269130,219575,387609,440547,143518,337552,797Balance SheetSt Assetsdeposits & prepayments35,67053,85250,18837,653485,074173,783325,694385,590299,728Balance SheetSt Assetsother recievables588,667891,673617,664734,062374,9371,249,257824,216716,584946,723Balance SheetSt Assetsst investment18,750,99621,794,48012,020,5816,768,56810,937,12715,986,4918,256,83411,940,3459,144,521Balance SheetSt Assetscash & bank balances3,748,6321,293,7741,189,0633,849,3483,362,2332,952,9491,717,4013,440,1048,331,900
Income statementRevenuesales74,322,61255,221,16844,874,35936,163,17416,360,86218,044,54911,432,82524,697,95213,903,43424,288,401Income statementRevenueother income4,267,8526,629,5013,153,1102,800,9871,500,479493,1772,140,885318,542382,5331,425,892Income statementexpensescost of sales38,324,36120,871,75925,310,40620,515,0448,591,6029,501,6805,674,86613,139,0407,059,42512,451,030Income statementexpensesdistribution cost5,560,6874,372,1513,944,4733,174,5051,294,5471,627,0941,339,9341,291,9061,220,2501,708,597Income statementexpensesfinance cost999,457785,8251,086,741944,947178,296169,919278,090362,920175,237183,210Income statementexpensesother expense2,685,2362,654,8811,376,0001,272,448624,342589,683521,714775,943515,129872,450Income statementexpensesprovision for taxation10,181,00010,674,0005,281,0004,234,1112,263,0002,063,0001,884,0002,987,0001,858,0003,452,000
Cash flow StatementCFOCash flow generated from operations31,758,89033,121,68720,241,36014,487,0164,414,50313,338,785(7,302,217)19,705,4526,910,85112,444,804Cash flow StatementCFOFinance cost paid(1,054,362)(843,967)(1,096,102)(992,188)(67,813)(287,996)(194,792)(430,483)(125,402)-303,685Cash flow StatementCFOIncome tax paid(9,235,297)(10,398,028)(3,488,331)(3,603,877)(2,523,747)(3,182,490)(1,378,034)(2,401,117)(2,022,045)-3,434,101Cash flow StatementCFOOthers(2,822,978)(2,322,307)(1,028,268)(971,876)(139,120)(537,701)(1,120,715)-1,164,562Cash flow StatementCFOTotal CFO18,646,25319,557,38514,628,6598,919,0751,683,8239,868,299(9,412,744)16,873,8523,642,6897,542,456Cash flow StatementCFIFixed capital Expenditure(2,269,802)(2,314,033)(3,313,841)(2,344,076)(392,758)(940,851)(855,887)(386,760)(548,066)-479,089Cash flow StatementCFIProceeds from sale of fixed capital expenditures28,48914,123260,43315,8696,84527,8228,07713,0272,5264,859Cash flow StatementCFIInterest and dividend received1,276,2691,480,703501,482491,326362,086259,514385,626257,1790.0633,464Cash flow StatementCFILT investment(850,000)(800,000)(650,000)(2,000,000)-850,000Cash flow StatementCFIProceeds from LT investmentCash flow StatementCFIOthers6,534,4241,611,3494,303,278464,0751,596,445(7,371,402)3,804,394(785,042)2,400,0171,115,055Cash flow StatementCFITotal CFI4,719,380(7,858)1,101,352(1,372,806)(427,382)(8,024,917)3,342,210(901,596)1,854,477424,289Cash flow StatementCFFLong term financing984,345(1,259,405)(799,405)256,964(202,500)(256,250)(554,703)129,584(266,786)1,676,250Cash flow StatementCFFShort term financingCash flow StatementCFFDividend paid(17,749,717)(14,774,032)(10,622,306)(6,447,973)(5,662,474)(5,044,744)(4,425,190)(3,837,334)(6,303,291)-3,183,902Cash flow StatementCFFOthers0Cash flow StatementCFFEquity Issued0Cash flow StatementCFFTotal CFF(16,765,372)(16,033,437)(11,421,711)(6,191,009)(5,864,974)(5,300,994)0.0(4,979,893)(3,707,750)(6,570,077)(1,507,652)Cash flow StatementLT assetsDepreciation1,370,0501,189,6781,194,4021,069,020369,194403,968324,339341,709341,002363,000Cash flow StatementLT assetsAmortization9,4679,8779,467Cash flow StatementLT assetsOther Non cash items2,407,9922,860,7551,432,239968,577553,717(743,931)352,911(214,515)1,371,773897,823
Notessalessale of fertilizer74,322,61255,221,16844,874,35936,163,17416,360,86218,044,54911,432,82524,697,95213,903,43424,288,401Notescost of salescost of goods manufactured34,052,00420,314,62721,632,74519,162,6288,500,2319,261,3458,312,6988,472,7298,775,8968,490,681Notescost of salesopening stock of manufactured urea7,538105,60973,35366,84280,054152,3987,5383,826,361562,479-4,388,840Notescost of salesclosing stock of manufactured urea80,0557,538105,60973,353152,398108,5063,826,361562,4792,455,972-6,764,757Notescost of salesopening stock of manufactured fertilizer144,09033,683274,029110,314144,0901,958,360657,221-2,615,581Notescost of salespurchase of fertilizer4,474,813603,1513,709,9171,325,244286,4912,995,261101,2902,9831,375,279Notescost of salesclosing stock of purchase fertilizer274,029144,090110,314200,3621,958,360657,221483,182-2,824,734investment breakdowninvestmentinvestment in associatesffcl1,500,0001,500,0001,500,0001,500,000investment in joint venturepak maroc phosphore705,925562,027705,295705,295investment in subsidiariesffbl4,752,3304,752,3304,752,3304,752,330ffcel2,400,0001,450,000650,000available for salecertificate of investment11,528108,96152,100131,376pak investment bond60,491162,04396,846501,103term finance certificate81,591123,712113,456137,424Accounting policyLt AssetsPPES.LS.LS.LS.LS.LS.LS.LS.LS.LAccounting policyLong term investmentsinvestment in subsidiariesEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodAccounting policyLong term investmentsinvestment in associate & jointly controlled entitiesEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodEquity methodAccounting policyLong term investmentsinvestment available for saleF.VF.VF.VF.VF.VF.VF.VF.VF.VAccounting policyLong term investmentsloans & recieveablesN.R.VN.R.VN.R.VN.R.VN.R.VN.R.VN.R.VN.R.VN.R.VAccounting policySt Assetsstock in tradeW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CAccounting policyLt AssetsIntangible AssetsAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAccounting policyIncome statementRevenuef.vf.vf.vf.vf.vf.vf.vf.vf.vf.vf.vAccounting policyIncome statementMark-up bearing borrowingsAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAmortized costAccounting policySt AssetsSTORES,SPARES & TOOLSW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CAccounting policyIncome statementC.O.G.SW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CW.A.CAccounting policyIncome statementtaxationcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawcurrent income tax lawCHECKSTotal Assets60,886,85355,530,91643,060,85638,551,58253,885,40964,829,43249,413,98552,261,95357,661,033Tptal Liabilities34,790,80432,460,69227,613,30925,469,14029,568,35540,380,16126,920,28527,129,77735,430,235Total Equity26,096,04923,070,22415,447,54713,082,44224,317,05424,449,27122,493,70025,132,17622,230,798
DifferenceTotal Revenues78,590,46461,850,66948,027,46938,964,16117,861,34118,537,72613,573,71025,016,49414,285,96725,714,293Total Expenses57,750,74139,358,61636,998,62030,141,05512,951,78713,951,3769,698,60418,556,80910,828,04118,667,287Net Profit or Loss20,839,72322,492,05311,028,8498,823,1064,909,5544,586,3503,875,1066,459,6853,457,9267,047,006
Quantitative datanotesNo. of shares issue during the year1,272,2381,272,238678,527678,5271,272,2381,272,2381,272,2381,272,2381,272,2381,272,238
Earning/loss per share16.380365151817.679123717416.254104847713.00332337553.85899022043.60494655873.04589707275.07741869052.71798672895.5390626597
Notesfrequent itemssales,other income ,cost of sales,distribution cost,finance cost,other expenses,provision for taxation
ACCOUNTING WARNING SIGNS
Aggressive revenue recognitionNONONONONONONONONONONODifferent growth rates of cash flow & earningsNOYESYESYESYESYESNONOAbnormal inventory growth as compare to sales growthYESYESNOYESYESYESNOYESBoosting revenues with nonoperating income & nonrecurring gainsYESYESYESYESYESYESYESYESYESYESYESDelaying expense recognitionNONONONONONONONONONONOAbnormal use of operating leases by lessessNONONONONONONONONONONOHiding expenses by classifying them as exttraordinary or nonrecurringNONONONONONONONONONONOLIFO LiquidationsNONONONONONONONONONONOExtending the useful life of long lived assetsNONONONONONONONONONONOAggressive pension assumptionsNONONONONONONONONONONOYear-end surpriseNONONONONONONONONONONOEquity method investment & off-balance sheet SPE'sYESYESYESYESYESYESYESYESYESYESYESOther off-balance sheet financing arrangments including debt guaranteesNONONONONONONONONONONOcash flow growth-0.04658761890.3369226120.6401542761-0.77675401754.8606510304-2.7926602487-0.78412226211.0705736888earning growth-0.0734628361.03938352950.2499962032-0.3033134923-0.06583164170.6669698842-0.46469123491.0379285155sales growth0.3459080040.23057285340.2408855207-0.32639196790.10290943111.1602667757-0.43706125920.7469353974Inventory growth-0.30582032682.00832703570.4693900213-0.90969644144.8606510304-2.7926602487-0.78412226214.1188155234
ratio analysisCompany Namefauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerfauji fertilizerAnnual fy201320122011201020091q 20132q 20133q 20131q 20122q 20123q 20124q 2012QuarterRupees000's000's000's000's000's000's000's000's000's000's000's000's
ACTIVITY RATIOS:Inventory442,139636,923211,720144,087431,613461,7870.06,080,3581,351,9963,072,886Avg inventory539,531424,322177,9041,752,250446,7003,716,1772,212,441Inventory TurnoverCOGS/Avg Inventory71.0349.19142.27ERROR:#DIV/0!4.9021.27ERROR:#DIV/0!ERROR:#DIV/0!3.543.19Days of Inventory On hand365/inventory turnover5.147.422.57ERROR:#DIV/0!18.564.28ERROR:#DIV/0!ERROR:#DIV/0!25.7428.52Net Premium (annual sales)74,322,61255,221,16844,874,35936,163,17416,360,86218,044,54911,432,82524,697,95213,903,434Recievables491379014637761362077115882036484253432789192678735766814811265Average Recievables31887831412926.51260448.542298451716394.541939732405632.5Receivables TurnoverAnnual sales/Average receivables23.307516378539.082831272535.60189805453.867957809310.51305454545.88891535545.7795336569Days of Sales Oustanding365/Receivables Turnover15.66018421159.339139159510.252262377723.52662683678.655904866315.45276073915.7452149951Total Assets60,886,85355,530,91643,060,85638,551,58253,885,40964,829,43249,413,98552,261,95357,661,033Average total Assets58208884.549295886408062195577322159357420.55083796954961493Revenue74,322,61255,221,16844,874,35936,163,17416,360,86218,044,54911,432,82524,697,95213,903,434Total Asset TurnoverRevenue/Average Total Assets1.27682591131.12019830621.09969411770.29334619210.30399820020.48581704750.2529668181LIQUIDITY RATIOS:Current Assets309544952763640517223642149174562179127125918078204396402310965728245071Current Liabilities26,817,48925,924,32820,578,08317,854,57421,724,33332,889,70920,600,25920,602,30229,019,851Current RatioCurrent assets/Current liabilities1.1542652261.06604132610.83698962630.83549772741.00308124530.78803001880.99220305921.12170266220.9733017237Quick Ratio(cash & bank balance + receivables+st investment)/current liabilities1.02222165540.94706524310.7081184870.65959210230.82616046260.6802197307ERROR:#DIV/0!0.57771225110.9201462050.7680151769Cash Ratiocash & bank balance/ current liabilities0.13978310940.04990578730.0577829820.21559450260.15476806580.08978337270.08336793240.16697668060.2871103646
SOLVENCY RATIOS:Debt to Equitytotal debt/total shareholders' equity0.39445626420.56588332220.72627906550.95292316220.29301452390.5643536775ERROR:#DIV/0!0.56632919440.19673131370.4610002304Debt to capitaltotal debt/total debt+total shareholders' equity0.28287460450.36138281450.42071938430.4879470840.22661348230.3607583666ERROR:#DIV/0!0.36156460370.16439054570.3155374112Debt to assetstotal debt/total assets0.16906359080.23509525760.26054358980.32337355180.13222967280.2128359847ERROR:#DIV/0!0.25779825290.09460584070.1777353347Interest coverageEBIT/interest payments30.369246994940.228916533515.871324019114.1124101481108.398832082323.678346227ERROR:#DIV/0!30.993038728522.787438760643.788480247535.18Total Equity26,096,04923,070,22415,447,54713,082,44224,317,05424,449,27122,493,70025,132,17622,230,798Average Total Equity24,583,13719,258,88614,264,9952327392624383162.52381293823681487Financial LeverageAverage total assets/Average total equity2.36783798932.55964375512.86058427852.39638215742.43436102682.13488856352.3208632549
Profitability RatiosNET INCOME20,839,72322,492,05311,028,8498,823,1064,909,5544,586,3503,875,1066,459,6853,457,9267,047,006Net profit marginnet income/revenue0.28039546030.40730853430.24577173350.24398040950.30007917680.25416817010.33894562370.26154739470.24871021070.2901387374Gross profitsales-c.g.s35,998,25134,349,40919,563,95315,648,1307,769,2608,542,86905,757,95911,558,9126,844,00911,837,371Gross profit margingross profit/revenue0.48435126310.62203336590.43597175390.43270897630.47486862240.47343211520.50363396620.46801095090.49225313690.4873672417EBIT32,020,18033,951,87817,396,59014,002,1647,350,8506,819,2696,037,1969,809,6055,491,16310,682,216Operating Profit marginEBIT/revenue0.43082689290.6148344780.38767328130.38719400020.44929478650.37791296420.52805811340.39718293240.39495012530.4398072973Return on Assets (ROA)Net income/Average total assets0.35801618910.45626633020.27027372960.08802708380.07726666630.12706418310.0629154306Operating Return on AssetsEBIT/ Average total assets0.55009094020.68873654080.4263220270.13179891480.11488486090.19295823950.0999092765Return on EquityNet income/Average total equity0.84772433331.16787926280.77314078180.2109465330.1880949610.27126787130.1460181111CASH FLOW RtiosInterest expenseInt(1-tax rate)685335.3548578.55712466.3644922.244078.45187197.40126614.8279813.9581511.3197395.25Free cash flow to firmCFO+[INT(1-TAX RATE)]-Fcinv17061786.317791930.5512027284.37219921.21335143.459114645.40-10142016.216766905.953176134.37260762.25Free cash flow to equityCFO-Fcinv+net borrowings1736079615983947105154136831963108856586711980-108233341661667628278378739617cash flow to revenueCFO/net revenue0.25088263850.35416463850.32599148660.24663418650.10291774360.5468853225ERROR:#DIV/0!-0.82330867480.68320855110.26199922980.3105373631cash return on assetsCFO/avg total assets0.32033345360.39673462810.3584909202ERROR:#DIV/0!0.03019052820.1662521538ERROR:#DIV/0!ERROR:#DIV/0!0.33191436110.0662771115ERROR:#DIV/0!cash return on equityCFO/avg total equity0.75849772061.01549931331.0254934904ERROR:#DIV/0!0.0723480430.4047177637ERROR:#DIV/0!ERROR:#DIV/0!0.70860017360.1538201127ERROR:#DIV/0!debt coverageCFO/total debt1.81141498481.49806990471.30389153270.71543983020.23631774320.7151959163ERROR:#DIV/0!-0.73890124523.41279853150.3554396719ERROR:#DIV/0!Interest coverage(CFO+interest paid+tax paid)/interest paid27.444001206436.493583279917.528562122913.621551560863.046657720546.3158689704ERROR:#DIV/0!-40.247638506745.775215281446.172596928337.1445478045ReinvestmentCFO/cash paid for long term assets8.21492491428.45164481234.41441185623.80494275784.287176836610.4886948093ERROR:#DIV/0!-10.99764805443.62874133836.646442216815.7433295275Investing and FinancingCFO/cash outflows from investing and financing-1.5479217486-1.2191899095-1.4174564083-1.1791767779-0.2675981779-0.7405346621ERROR:#DIV/0!5.7475982837-3.6607909235-0.772476249-6.9620764231Dupont anlysis(net profit margin)(assets turnover)(financial leverage)0.84772433331.16787926280.773140781800.2109465330.188094961000.27126787130.14601811110
Sheet3
