FINANCIAL STATEMENTS ANALYSIS OF COMPANIES ...Non).pdfprimary purpose of ratio analysis is to point out areas which need further investigation. All the ratios are All the ratios are

FINANCIAL STATEMENTS ANALYSIS

OF

COMPANIES (NON-FINANCIAL)

LISTED AT PAKISTAN STOCK EXCHANGE

(2014-2019)

STATE BANK OF PAKISTAN STATISTICS & DWH DEPARTMENT

Team

Atiya Yusuf Statistical Officer

[email protected]

Bushra Iqbal Statistical Officer

[email protected]

Faisal Altaf Deputy Director

[email protected]

Mirza Kaleem Ullah Joint Director

[email protected]

Team Leader

Muhammad Asif Additional Director

[email protected]

iii

Preface

The non-financial corporate sector is an important segment of a country’s economy and a sound, stable

and robust industrial base is accordingly essential for economic well-being of a country and its populace.

Non-financial corporate sector in Pakistan represents a diversified nature of businesses including Textile,

Sugar, Food products, Chemicals & pharmaceuticals, Manufacturing, Mineral products, Cement, Motor

vehicles, trailers & auto parts, Fuel & energy, Information, communication & transport services, Coke &

refined petroleum products, Paper & paperboard products, Electrical machinery & apparatus and Other

services activities. Disclosure and transparency in information on business activities relating to these

sectors are of critical importance to all stakeholders.

An overview of business and financial conditions of non-financial institutions presented in a structured

manner is published in the form of financial statements. For large industrial concerns, the financial

statements are often complex and are prepared under international accounting standards. These statements

usually include an extensive set of notes to the financial statements. The notes typically describe each

item on the balance sheet, income statement and cash flow statement in further detail.

The stakeholders and users, on the other hand require financial indicators that can provide information on

how well a company is performing and what may happen in future. Keeping in view the need of the users,

Statistics & Data Warehouse Department has provided the analysis of the financial statements of non-

financial listed institutions. All efforts have been made to select useful and accurate data from financial

statements and compute ratios that can provide valuable clues about the financial health of these

institutions. The analysis is published in this publication namely, “Financial Statements Analysis of

Companies (non-financial) Listed at Pakistan Stock Exchange”. The publication contains analysis of

financial statements of non-financial institutions for the period 2014-19.

It is hoped that the publication will provide a tool to researchers, policy makers and investors to gauge the

performance of non-financial sector of Pakistan. Comments on the analysis and suggestions for further

improvements in the publication are very much welcome.

(Dr. Azizullah Khattak)

Director,

Statistics & DWH Department

C o n t e n t s

Page No.

Preface iii

Introduction 1

i) Methodology 2

ii) Concepts & Definitions 2-14

iii) Performance Indicators 15-20

Executive Summary 22-25

Analytical Tables

26

27

28

29-33

34-149

150-154

155-165

166-198

199-221

222-268

269-304

305-317

318-338

339-361

362-386

387-401

402-415

416-428

429-437

I. Sectors

(a) Overall

(b) Private

(c) Public

II. Economic Groups

1. Textile

(i) Spinning, Weaving, Finishing of Textiles

(ii) Made-up Textile Articles

(iii) Other Textiles n.e.s.

2. Sugar

3. Food Products4. Chemicals, Chemical Products & Pharmaceuticals

5. Manufacturing

6. Mineral Products

7. Cement

8. Motor Vehicles, Trailers and Autoparts

9. Fuel & Energy

10. Information, Comm. and Transport Services

11. Coke & Refined Petroleum Products

12. Paper, Paperboard and Products

13. Electrical Machinery and Apparatus

14. Other Services Activities 438-449

III. Appendix I 450-455

Appendix II 456-457

Explanatory Notes 458

1

Introduction

The financial conditions of an institution is presented in a structured manner in its financial statements.

The stakeholders and users, on the other hand require financial indicators that can provide information on

how well a company is performing and what will happen in future. Keeping in view the need of the users,

Statistics & Data Warehouse Department has provided the analysis of the financial statements of non-

financial listed institutions.

These analyses are provided in two formats: one format is designed for a printed publication only, which

contains limited variables and ratios due to constraints of space available on a single page. The other

format containing more variables and financial ratios, primarily prepared for researchers engaged in

economic and investment areas is available on SBP website in electronic format. The analysis data covers

a time series of last six years (from 2014 to 2019). All non-financial listed companies on Pakistan Stock

Exchange Limited have been classified in line with new economic categories. The year-wise distribution

of companies by economic group is as under: -

Table: 1 Distribution of companies by economic groups

The sum of assets and liabilities of a company may exhibit minor differences due to rounding off

of separate items. Ratios and percentages have been worked out after rounding off the figures in

thousands, which may, therefore, slightly differ from ratios calculated on the basis of exact

numbers in balance sheet. The symbol “–’’appearing in the analytical tables stands for ‘not

applicable’ or ‘not available’.

Economic Groups 2018 2019

1) Textiles 133 129

i) Spinning, weaving, finishing of textiles 119 115

ii) Made-up textile articles 4 4

iii) Other textiles n.e.s. 10 10

2) Sugar 29 29

3) Food 16 19

4) Chemicals, chemical products and Pharmaceuticals 43 43

5) Manufacturing 32 32

6) Mineral products 9 9

7) Cement 17 17

8) Motor vehicles, trailers and auto parts 18 19

9) Fuel & Energy 22 21

10) Information, Communication & transport Services 11 11

11) Coke and refined petroleum products 10 10

12) Paper, paperboard and products 9 9

13) Electrical machinery and apparatus 7 6

14) Other services activities 10 9

Total 366 363

I Methodology

Methodology is based on Ratio Analysis because it is a powerful tool to analyze the financial statements

of any company. Ratio analysis measures inter relationship between different sections of the financial

statements. Ratios are taken as guides that are useful in evaluating a company’s financial position in

operation and making comparison with results in previous years or with others in the same industry. The

primary purpose of ratio analysis is to point out areas which need further investigation. All the ratios are

calculated from the following financial statement and relevant notes to accounts.

Balance Sheet

Profit and Loss accounts

Statement of changes in Equity

Cash Flow Statement

Given below are the concepts and definitions used for the financial statement analysis of the non-financial

sector:

II Concepts and Definitions

A. Non-Current Assets

1. Capital work in progress:

Work in progress consists of the unfinished products in a production process. These are not yet complete

but either being fabricated or waiting in a queue for storage. They must be accounted for as funds

(capital) that have been invested for future enhancement in production.

2. Operating fixed assets:

These are owned by an enterprise engaged in production of items (directly or indirectly); which will be

available for sale. These are not readily convertible into cash during the course of normal operations of

an enterprise. These assets are not subject to periodical exchange through sales and purchases. Fixed

assets are of permanent nature and are not normally liquidated or intended to turn into cash except in the

form of depreciation, which is added to the cost of goods sold. The following balance sheet items are

included in the category of fixed assets: -

(a) Real Estate

i. Freehold and leasehold land

ii. Factory and office buildings

iii. Residential buildings

iv. Capital projects in progress at cost

(b) Plant, Machinery and Rolling Stock

i. All types of plant and machinery used for production and not for sale

ii. Crockery, cutlery, silverware and enamelware in hotels

iii. Construction tools

iv. Livestock in farming company

v. Cars, lorries, trucks, ships, launches etc.

vi. Railway siding and trolley lines

2

vii. Computers and other electronic equipments

(c) Furniture, Fixtures, Fittings and Allied Equipment

i. Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings.

ii. Laboratory equipment

iii. All types of office furniture and equipment

iv. Advertising, fixtures and fittings

3. Operating fixed assets after deducting accumulated depreciation

Deducting the accumulated depreciation from the operating fixed assets of the company gives this item.

4. Intangible Assets

Intangible assets are defined as identifiable assets that cannot be seen, touched or physically measured.

These are created through time and/or efforts and that are identifiable as a separate asset. The possible

items are:

i. Copyrights

ii. Patents

iii. Trademarks

iv. Goodwill

v. Exploration accounts

vi. Knowledge accounts

vii. Computer software accounts

5. Long term investment

Investment is acquisition of financial, physical or technology based assets by an investor for their

potential future income, return, yield, profits, or capital gains. The long-term investments account differs

largely from the short-term investments account in that the short-term investments will most likely be

sold within the year, whereas the long-term investments may never be sold in the short run. They may

include:

i. Long-term stocks

ii. Long-term bonds

iii. Long-term investment in real estate

iv. Long-term Government and corporate securities

v. Long-term Savings and Unit Trust Certificates

vi. Long-term Debentures stock of local or foreign companies

Long term investments are further categorized in investments in subsidiaries and associated.

i) Investment in subsidiaries:

A subsidiary is a company with voting stock that is more than 50% controlled by another company,

usually referred to as the parent company or the holding company. A subsidiary is partly or completely

owned by the parent company, which holds a controlling interest in the subsidiary company.

ii) Investment in associates:

An associate company is a corporation whose parent company possesses only a minority stake in the

ownership of the corporation. An associate company is partly owned by another company or group

of companies. The parent company or companies do not consolidate the associate company's financial

statements.

3

6. Other Non- current assets

These include all residual non-current assets items left from the above coverage, but remain in the balance

sheet. It may consist of:

i. Deferred costs

ii. Long-term deposits

iii. Long- term loans and advances

iv. Security deposits

B. Current Assets

1. Cash & bank balances

Cash & bank balances is an integral part of a company's overall operations. It consists of:

i. Cash in hand

ii. Cash in transit

iii. Current deposits

iv. Saving deposits

v. Saving deposits and call deposits

vi. Deposits held abroad

2. Inventories

Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of sale

after processing, which consists of

i) Raw materials

It is basic substance in its natural, modified, or semi-processed state, used as an input to a production

process for subsequent modification

ii) Work in process

The work in process, is the sum of all costs put into the production process to manufacture products that

are partially completed.

iii) Finished Goods

Finished goods are goods that have been completed by the manufacturing process, or purchased in a

completed form, but which have not yet been sold.

3. Trade debt /Account receivable

This refers to an entity from which amounts are due for goods sold or services rendered or in respect of

contractual obligations and also termed: debtor, trade debtor, and account receivable.

4. Short term loans and advances

In general, when a company gives any loan to its employee or its sister concerns or to its director which

are recoverable in future as per term and conditions mentioned there in. This loan is considered as of

company’s asset and is recorded as short term loan if time of recovery of loan is matured within one year.

Advances on the other hand are given by a company to its employee or its sister concerns or to its director

for particular purposes against either goods are to be received by company or services are to be received

in near future but with in the year.

5. Short term investments

Unlike long term investments, short term investments have to be matured within the same accounting cycle. The

basic motive of such an investment is to earn profits or capital gains for short term period. They may

4

include:

i. Short-term stocks

ii. Short -term bonds

iii. Short -term investment in real estate

iv. Short-term Government and corporate securities

v. Short-term Savings and Unit Trust Certificates

vi. Short-term Debentures stock of local or foreign companies

6. Other current assets

These are all remaining items of current assets left from the above coverage, but remained in the balance

sheet. These include:

i. Book debts including bad and doubtful debts

ii. Stores, spare parts and loose tools

iii. Work in progress(current)

iv. Trade deposit and prepayments

v. Balances due to tax department

vi. Tax refundable

vii. other receivables

Following items are separately mentioned in the analysis format against other current assets.

i) Stores, spare parts and loose tools

Spare parts and loose tools are not part of any fixed assets but facilitate the process of production.

ii) Trade deposits & prepayments

Trade Deposits are used to cover any potential losses in the event that the market moves against a given trade

position whereas prepayments are settlement of debts or installment payments before its official due date.

C. Shareholder’s equity:

This item purports to represent the total stake of the shareholders’ in the business and is obtained by

adding the ordinary share capital to the reserves and also surplus on revaluation of fixed assets.

1. Issued, subscribed & paid up capital

This represents the total subscribed and paid-up capital against issue of ordinary shares. These are amounts

of capital actually paid by the shareholders to the institution for acquiring its shares. It includes shares

paid in cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other

than cash (e.g. for settlement of receivables/debts or debts redeemable into stock etc).

a) Ordinary Shares

Ordinary shareholders represent equity ownership in a company and entitled to vote into matters of the

company in proportion to their percentage ownership in the company. Ordinary shareholders are entitled to

receive dividends if any are available after dividends paid to the preferred shareholders (if any). They are

also entitled to share as residual economic value of the company and stood last in line after bondholders and

preferred shareholders for receiving business proceeds in case of company default to pay its obligations. At

the end it may be expressed as that ordinary shareholders are considered unsecured creditors.

b) Preference Shares

Preferred Shares generally have dividends that must be paid out before dividends to common stockholders

and the shares usually do not have voting rights. The precise details as to the structure of preferred stock are

5

specific to each corporation. However, the best way to think of preferred stock is as a financial instrument

that has characteristics of both debt (fixed dividends) and equity (potential appreciation).

The difference between ordinary shares and preference shares is as follows:

Ordinary shareholder receive dividend, which varies according to the prosperity of the company

but preference shareholder will receive a fixed amount dividend every year.

Ordinary shareholder has a right of voting in the company’s annual general meeting while the

preference shareholder has no voting right.

Ordinary shareholders have a residual claim on the net assets of the company in case of

liquidation, while the claim of the preference shareholders is paid earlier.

2. Reserves

It is calculated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and

doubtful debts.

(i) Capital Reserves

These funds are allocated only to be spent on the capital expenditure projects/ future expansionary

projects for which they were initially intended, excluding any unforeseen circumstances. These include:

i. Share premium reserves

ii. Merger reserves

iii. Development reserves

iv. Reserve for issue of bonus shares

v. Reserve for re-issue of forfeited shares

vi. Capital gain on sale of fixed assets

vii. Dividend equalization reserves

viii. Non-controlling interest (minority interest)

ix. Fair value Reserve

x. Subordinated Loans

xi. Interest rate swap revaluation reserve

xii. Hedge reserve

xiii. Advance against subscription for right shares

xiv. Undistributed percentage return reserve

xv. Exploration and evaluation reserve

xvi. Investment revaluation reserve

xvii. Share deposit money

xviii. Exchange difference on translation of foreign subsidiaries

xix. Statutory Reserve

xx. Gain on re-measurement of forward foreign exchange contracts- cash flow hedge

(ii) Revenue Reserves

This is that part of the profit that has been not given to the shareholders but retained in the business for

future growth. These include:

i. General reserves

ii. Un-appropriated reserves

iii. Retained reserves

iv. Reserves on profit & loss account

v. Deferred income

vi. Retained Earnings

6

Un-appropriated profit (loss)/retained earnings

Un-appropriated retained earnings consist of any portion of company profit/(loss) account that are not

classified as appropriated retained earnings. Un-appropriated retained earnings cannot be allocated for a

specific purpose, such as factory construction or marketing. They are generally passed on to shareholders

in the form of dividends.

3. Surplus on revaluation of fixed assets

Revaluation of fixed assets is a technique that may be required to accurately describe the true value of the

capital goods that a business owns. The revaluation surplus has been included in equity because capital

goods like property, plant and equipments participate directly in the revenue generation and transferred

directly to retained earnings.

D. Non-Current Liabilities

1. Long term borrowings

Long-term borrowing in accounting, form part of a section of the balance sheet that lists liabilities not due

within the next 12 months including loans and finance lease etc.

a) Long-term secured loan

These are liabilities which are required to be discharged after a period of more than a year from the date

of balance sheet and are obtained on the basis of secured collaterals. These include:

i. Loans from financial institutions.

ii. Loans from non bank financial institutions.

iii. Loans from specialized financial institutions

iv. Redeemable capital finance

v. Foreign loans

vi. Vendors account

b) Long-term unsecured loan

These are liabilities which are required to be discharged after a period of more than a year from the date

of balance sheet and are obtained without any secured collaterals. These include:

i. Loan to various organizations by governments.

ii. Loan to a company by directors

iii. Long term loan by creditors

iv. Long term loan by suppliers

c) Long-term lease finance

These are liabilities for assets being acquired through lease financing from a financial institution for

period more than one year depending on the specification of asset being leased. For example, commercial

property usually has long- term leased for five of more years, while residential property often carries

long-term leases for more than one year. A long term lease locks in the price one pays for the assets,

which is usually advantageous because prices often trend upward. These include:

i. Assets under lease finance

ii. Lease finance obligation

7

2. Subordinated loan/Sponsor’s loan

Subordinated loan is a security loan that ranks below than other loans with regard to claims on a

company's assets or earnings. Subordinated loan is also known as a junior security. In the case of

borrower default, creditors who own subordinated loan won't be paid out until after senior debt holders

are paid in full. A sponsor’s loan allows a parent to borrow on behalf of a subordinated company and take

full responsibility for the loan. The sponsor loan is under the name of the sponsor borrower only.

3. Debentures/TFC’s

These are bonds/certificates issued by a company to raise funds for long-term period (generally more than

one year) for a specific purpose (usually for capital expenditures), sometimes convertible into stock. At

present, debentures have been replaced by TFCs (Term Finance Certificates)/Sukuk bonds.

4. Employees benefit obligations

These include benefits provided either to employees or their dependants, and may be settled by payments

(or the provision of goods or services) made either directly to the employees, their spouses, children,

other dependants. Its constituents are:

i. Employees salaries

ii. Employees gratuity fund

iii. Pension fund.

iv. Staff compensated absences

v. Staff retirement benefits

4. Other non-current liabilities

These are residuals of non-current liabilities left from the above coverage, but remained in the balance

sheet of the company. These include:

i. Deferred liabilities

ii. Deferred liabilities/ taxation

iii. Long term deposits/key deposits

iv. Retention money payable

E. Current Liabilities

All liabilities, which are required to be discharged within one year, are termed as current liabilities.

Alternatively, these cover those obligations whose liquidation is expected to be made out of current

assets. They are usually incurred in the normal course of business and are required to be paid at fairly

definite dates.

1. Trade credits and other accounts payables

Small businesses generally use accounts payable as their largest source of financing. Accounts payable or

trade credit are what businesses owe to their suppliers of inventory, products, and other types of goods

that are necessary to operate the business.

i) Trade credit

Trade credit is the credit facility extended to a company by supplier who let the company to by now and

pay later or a service that has been acquired but not paid so for due to credit facility given by the provider.

8

2. Short term borrowing

Short-term borrowing account are shown in the current liabilities portion of a company's balance sheet.

These accounts are made up of any debt incurred by a company that is due within one year. The debt in

this liabilities account is usually made up of short-term bank loans taken out by a company, among other

types.

i. Short term secured loans

These are loans which are to be matured within the year and have been obtained against secured

collaterals. These consist of:

i. Secured short term running finance.

ii. Short term loan from bank

ii. Short term unsecured loans

These are loans which are to be matured within the year and have been obtained against unsecured

collaterals. These consist of:

i. Short term loan from various organizations by governments.

ii. Short term loan from a company by directors

iii. Short term loan by creditors

iv. Short term loan by suppliers

iii. Short term lease finance

Short term lease finance consists of lease to be matured within the period of one year

3. Current portion of non-current liabilities

The current portion of long term liabilities is amount of principal that will be due to pay within one year

of the date of the balance sheet. These includes:

i. Current maturities of secured long term loan.

ii. Current maturities of redeemable capital finance

iii. Current maturities of lease finance

4. Other current liabilities

These are all remaining items of current liabilities left from the above coverage, but remained in the

balance sheet. Other current liabilities may include sundry creditors, payment become due but outstanding

and loans, deposits and advances.

(a) Sundry Creditors

i. For expenses

ii. For other finance

iii. Bills payable

iv. Advances from customers against orders

(b) Payment become due but outstanding

i. Income tax payable

ii. Proposed, unpaid and unclaimed dividends

iii. Estimated liabilities in respect of outstanding claims whether due or intimated

iv. Gratuities becoming payable

9

v. Provident Fund becoming payable

vi. Current installment and interest payable on fixed liabilities

vii. Provision for taxation estimated on current profits

viii. Workers profit participation fund

(c) Loans, Deposits and Advances

i. Loans secured by stock or other current assets

ii. Bank overdrafts and other unsecured loans

iii. Short term loans acquired against the security of fixed assets

iv. Unsecured loan from directors, parent company, and subordinate loan

v. Due to managing agents

vi. Advances by directors

vii. Guarantee and security deposits of customers and staff

F. Profit and Loss Accounts

1. Sales (Net)

This item represents the sale proceeds of the company after netting off all components of expenses

associated with sales. Sales revenue is classified as local sales and export sales.

i) Local Sales

Local sales is cover net of local revenues after adjusting sales tax, sales discounts, federal excise duties etc.

ii) Export Sales

Export sales covers net of export sales after adjusting export rebates and excise duties etc.

2. Cost of sales

Cost of sales includes the direct costs attributable to the production of the goods sold by a company. This

amount includes the materials cost used in creating the goods along with the direct labor costs used to

produce the good.

a) Cost of material

This includes cost of all raw and other processing materials incurred in the production of finished goods,

which are available for sale of the company.

b) Cost of Labor

This includes the sum of all wages and employee benefits paid to the labor/employee engaged in

production/processing of the finished or final goods of the company.

c) Cost of Overhead

This include all of the costs that a factory incurs, other than direct costs and allocate the costs of

manufacturing overhead to any inventory items that are classified as work-in-process or finished goods.

Overhead expenses include:

i. Depreciation of factory equipment

ii. Quality control and inspection

iii. Indirect materials and supplies

iv. Repair expenses

v. Indirect materials and supplies

3. Gross Profit

Gross profit is arrived at by subtracting cost of sales from sales revenue.

10

4. General, administrative and other expenses

These expenses consist of the combined payroll costs (salaries, commissions, and travel expenses of

executives, sales people and employees), and advertising expenses that a company incurs. This is usually

understood as a major portion of non-production related costs.

(i) Selling & distribution expenses

These are non-production cost, but directly related with the revenue generation of saleable goods, i.e. cost

incurred to mobilize goods from factory outlet to the market palace. These include:

i. Distribution expenses

ii. Brokerage expenses

iii. Salary, wages and commission expenses

iv. Discount expenses

v. Selling expenses

vi. Forwarding expenses

vii. Advertisements and promotions

Advertisements and promotion covers amount used by the company for product advertisements for both

print and electronic media.

(ii) General administrative and other expenses

These expenses are also non-production costs and fixed in nature. The company is obliged to pay these

expenses which are permanent in nature until the structure of the company is not affected. These include:

i. Postage, telegram and telephone expenses

ii. Conveyance and travelling expenses

iii. Salary, wages and other benefits

iv. Depreciation expenses

v. All other expenses not covered in administrative and distribution expenses

5. Other Income/(loss)

It treats these money flows differently depending on the activities that are responsible for them. "Other

Income" on an income statement usually refers to money that comes in from activities outside the

company's core operations. It also cover share of income received from subsidiaries/associate companies

in case where consolidated accounts are used for parent company.

6. EBIT (Earnings Before Interest and Taxes)

EBIT measures the profit a company generates from its operations, making it synonymous with

"operating profit." By ignoring tax and interest expenses, it focuses solely on a company's ability to

generate earnings from operations, ignoring variables such as the tax burden and capital structure.

Mathematically it is calculated as:

EBIT= Gross Profit less general administrative & other expenses plus other incomes.

It is to be noted that EBIT may not be comparable with operating profit where a parent company shares

the income received from profit/(loss) account of its subsidiaries into its own balance sheet (minority

interest).

11

7. Financial expenses

These are expenses incurred due to borrowing of financial assets (short / long term loans) and acquisition

of financial services by a company during an accounting period. It consists of interest paid expenses on

loan/debts plus:

i. Interest and mark-up on supplier credit

ii. Interest on worker’s profit participation fund.

iii. Bank charges and commission

iv. Excise duty on long and short-term finance

v. Discounting charges on receivables

vi. Exchange commission expenses

(i) Interest expenses on loans/debt

These are interest expenses incurred on borrowing of long and short terms loans. These include the

following items;

i. Mark-up and interest on long term loan

ii. Mark-up and interest on debentures and redeemable capital

iii. Mark-up and interest on short term loan

iv. Interest on private loan

8. Net profit before taxes

It is the profit earned by the company during the year before tax.

9. Tax expenses

Tax expenses are almost "ordinary, necessary, and reasonable" expenses that is necessary to declare

income of a business entity.

a) Current Tax

These are amount of tax of current year period

b) Prior Year/Years Tax

These amount of taxes include the period previous beyond the current year

c) Deferred Tax

A deferred tax liability is an account on a company's balance sheet that is a result of temporary

differences between the company's accounting and tax carrying values.

10. Profit after taxes

It is the profit earned by the company during the year after all its expenses, charge-offs, depreciation

and taxes have been subtracted.

11. Total amount of dividend

It is the total dividend including interim dividend distributed or proposed to be distributed out of the current

year’s profit.

12. Total value of bonus shares issued

This is the total amount of bonus shares issued to the shareholders as appropriation of net profit after tax of

the company during the year.

12

G. Statement of Cash Flows

1. Cash flows from operations

Cash flow from operating activities (CFO) is an accounting item indicating the money a company brings in

from regular business activities, such as manufacturing and selling goods or providing a service. It include

earnings before interest and taxes plus depreciation minus taxes.

Cash from Operating Activities = EBIT + Depreciation

Operating activities include the production, sales and delivery of the company's product as well as

collecting payment from its customers. This could include purchasing raw materials, building inventory,

advertising, and shipping the product, Under IAS 7, operating cash flows include:

Receipts from the sale of goods or services

Receipts for the sale of loans, debt or equity instruments in a trading portfolio

Interest received on loans

Dividends received on equity securities

Payments to suppliers for goods and services

Payments to employees or on behalf of employees

Items which are added back to the net income figure (which is found on the Income Statement) to arrive

at cash flows from operations generally include:

Depreciation (loss of tangible asset value over time)

Deferred tax

Amortization (loss of intangible asset value over time)

Any gains or losses associated with the sale of a non-current asset, because associated cash flows

do not belong to the operating section

2. Cash From Investing Activities

Cash flow from investing activities is an item on the cash flow statement that reports the aggregate

change in a company's cash position resulting from any gains (or losses) from investments in the financial

markets or in operating subsidiaries and changes resulting from amounts spent on investments in capital

assets such as plant and equipment.

3. Cash From Financing Activities

This category in a company’s cash flow statement shows that that accounts for external activities allow a

firm to raise its capital or repay its investors through activities such as issuing cash dividends, adding or

changing loans or issuing more stock. Cash flow from financing activities shows that investors have

confidence on company’s financial strength. A company that frequently turns in to new debt or equity for

cash could have problems if the capital markets become less liquid.

13

H. Miscellaneous

i. Total capital employed

The total of shareholders’ equity and total non-current liabilities engaged in the capital formation

constitute this item.

𝑇𝑜𝑡𝑎𝑙 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 = 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′𝑒𝑞𝑢𝑖𝑡𝑦 + 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 +

𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑢𝑛𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝐷𝑒𝑏𝑒𝑛𝑡𝑢𝑟𝑒𝑠 𝑜𝑟 𝑇𝐹𝐶′𝑠 + 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑒𝑠 𝑏𝑒𝑛𝑒𝑓𝑖𝑡 𝑜𝑏𝑙𝑖𝑔𝑎𝑡𝑖𝑜𝑛𝑠

ii. Retention in business This is the amount that a company retains in business after netting off all possible expenses and is

obtained by deducting the provision for the tax and the total dividend distributed or proposed to be

distributed from the net profit for the year.

𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑖𝑛 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 = 𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑏𝑒𝑓𝑜𝑟𝑒 𝑡𝑎𝑥𝑒𝑠 − 𝑇𝑎𝑥 𝑝𝑟𝑜𝑣𝑖𝑠𝑖𝑜𝑛 − 𝑇𝑜𝑡𝑎𝑙 𝑎𝑚𝑜𝑢𝑛𝑡 𝑜𝑓 𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑑

iii. Depreciation for the year

It includes all the depreciation charged to the profit and loss account. Owing to absence of uniform

accounting standards, depreciation is a subjective item and varies from company to company. It is

important for an analyst to know what effect such variation could have on the net profit.

iv. Salary, wages and employee’s benefits

These are salary; wages and employees benefit expenses that a company has borne in all stages to run the

business activities. These covers the expenses to all employees (temporary, permanent)

v. Total fixed liabilities

It is the sum total of the items debentures (TFC’s) and other fixed liabilities.

𝑇𝑜𝑡𝑎𝑙 𝑓𝑖𝑥𝑒𝑑 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝐷𝑒𝑏𝑒𝑛𝑡𝑢𝑟𝑒𝑠 𝑜𝑟 𝑇𝐹𝐶′𝑠

vi. Contractual liabilities

This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and

bank overdraft.

𝐶𝑜𝑛𝑡𝑟𝑎𝑐𝑡𝑢𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛 + 𝑃𝑟𝑒𝑓𝑒𝑟𝑛𝑐𝑒 𝑠ℎ𝑎𝑟𝑒𝑠 + 𝑇𝐹𝐶′𝑠 +

𝑆ℎ𝑜𝑟𝑡 𝑡𝑒𝑟𝑚 𝑠𝑒𝑐𝑢𝑟𝑒𝑑 𝑙𝑜𝑎𝑛𝑠

vii. Purchases

A temporary account used in the periodic inventory system to record the purchases of merchandise for

resale. (Purchases of equipment or supplies are not recorded in the purchases account.)

𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠 = 𝐶𝑜𝑠𝑡 𝑜𝑓 𝑠𝑎𝑙𝑒𝑠(𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑦𝑒𝑎𝑟) + 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠(𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑦𝑒𝑎𝑟) − 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠(𝑝𝑟𝑒𝑣𝑖𝑜𝑢𝑠 𝑦𝑒𝑎𝑟)

14

III. Key Performance Indicators: A. Profitability Ratios

Profit is the surplus income in raw form it is the total revenue minus total costs. It is mostly concentrated

from the information of income statement or profit and loss account. A set of profitability ratios is given

below:

i. Net Profit Margin

Net profit margin reflects that part of profit which is left for the owners from the rupee of sales after all

expenses and taxes paid.

𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 𝑚𝑎𝑟𝑔𝑖𝑛𝑒 =𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

𝑆𝑎𝑙𝑒𝑠

ii. Asset Turnover Ratio

Asset turnover ratio measures the company’s ability to utilize its total assets in generating sales or

revenues.

𝐴𝑠𝑠𝑒𝑡 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iii. Return on Assets

Return on Assets measures the percentage of profit of a company in relation to its overall resources i.e.

assets. It measures how efficiently company is using its assets to generate earning.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑡𝑠 =𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iv. Financial Leverage

Financial leverage describes the share of the capital injected in an enterprise with reference to the amount

of the total assets.

𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑙𝑒𝑣𝑒𝑟𝑎𝑔𝑒 =𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑜𝑓 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

v. Return on Equity

Return on equity appraises the efficiency of a company in terms of utilizing its shareholders’ equity for

seeking profit.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦 =𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

vi. Gross Profit Margin / Gross Profit to Sales

Gross profit margin is the basic measure to assess a firm's financial health by revealing the proportion of

money left over from sales after accounting for the cost of goods sold.

𝐺𝑟𝑜𝑠𝑠 𝑝𝑟𝑜𝑓𝑖𝑡 𝑚𝑎𝑟𝑔𝑖𝑛 =𝐺𝑟𝑜𝑠𝑠 𝑝𝑟𝑜𝑓𝑖𝑡

𝑆𝑎𝑙𝑒𝑠

15

vii. Operating Return on Assets

Operating income synonym for earnings before interest and tax (EBIT) is a useful measure to gauge the

company’s profitability. Operating return on assets determines the operating income generated in

comparison to each rupee invested in total assets of the company in percentage.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑅𝑂𝐴 =𝐸𝐵𝐼𝑇

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

viii. Return on Capital Employed

Return on capital employed (ROCE) measures a company's profitability and the efficiency with reference

to the capital employed, where capital employed is non-current liabilities and shareholders’ equity.

𝑅𝑂𝐶𝐸 =𝐸𝐵𝐼𝑇

𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑

B. Liquidity RatiosLiquidity position of the company helps to assess the short term financial health of a company. Liquidity

is closely related to cash flows and its short term assets.

i. Current Ratio

The current ratio is a liquidity ratio that measures a company's ability to pay its obligations over the next

12 months.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

ii. Quick (Acid Test) Ratio

The quick ratio also known as the acid-test ratio is a strong indicator of whether a firm has sufficient

short-term assets to cover its immediate liabilities. This metric is more robust than the current ratio, also

known as the working capital ratio, since it ignores less liquid assets such as inventory.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =𝐶𝑎𝑠ℎ + 𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 + 𝑆ℎ𝑜𝑟𝑡 𝑡𝑒𝑟𝑚 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

iii. Cash Ratio

Cash ratio is defined to determine how quickly a company can repay its short term debt. It is obtained by

dividing the total cash and cash equivalents to its current liabilities.

𝐶𝑎𝑠ℎ 𝑟𝑎𝑡𝑖𝑜 =𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝑐𝑎𝑠ℎ 𝑒𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

C. Activity RatiosActivity ratios help to assess the level of productivity in business cycle of an enterprise. A set of activity

ratios is given below:

i. Inventory Turnover

Inventory turnover shows how many times a company's inventory is sold and replaced over a period.

16

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =𝑆𝑎𝑙𝑒𝑠

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦

ii. No. of days Inventory

Days in inventory also known as days inventory outstanding is an efficiency ratio that measures the

average number of days the company holds its inventory before selling it. The ratio measures the number

of days’ funds are tied up in inventory.

𝐷𝑎𝑦𝑠 𝑖𝑛 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 =365

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟

iii. Receivables Turnover Ratio

Receivables turnover ratio measures how efficiently a firm use its assets. It helps to quantify firm's

effectiveness in extending credit and in collecting debts on that credit.

𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =𝑁𝑒𝑡 𝑐𝑟𝑒𝑑𝑖𝑡 𝑠𝑎𝑙𝑒𝑠

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠

Normally, the companies do not segregate their sales into credit and cash. So the net sales are taken as a

proxy of net credit sales to calculate account receivable turnover.

iv. No. of days Receivables

A measure of the average number of days that a company takes to collect revenue after a sale has been

made.

𝐷𝑎𝑦𝑠 𝑖𝑛 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 =365

𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟

v. Payables Turnover Ratio

Payable turnover ratio measures the rate at which a company pays off to its suppliers.

𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =𝑇𝑜𝑡𝑎𝑙 𝑠𝑢𝑝𝑝𝑙𝑖𝑒𝑟 𝑝𝑢𝑟𝑐ℎ𝑎𝑒𝑠

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑝𝑎𝑦𝑎𝑏𝑙𝑒

vi. No. of days Payable

No. of days’ payable is company's average payable period. Days payable outstanding or no. of days in

creditors tells how long it takes a company to pay its invoices from trade creditors, such as suppliers.

𝑁𝑜. 𝑜𝑓 𝑑𝑎𝑦𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 =365

𝑃𝑎𝑦𝑎𝑏𝑙𝑒 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜

vii. Working Capital Turnover

Working capital turnover assess how effectively a company is using its working capital to generate sales.

𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =𝑆𝑎𝑙𝑒𝑠

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙

Where, Working Capital = Current Assets – Current Liabilities

17

viii. Cash Conversion Cycle

The cash conversion cycle (CCC) is a metric that expresses the length of time, in days, that it takes for a

company to convert resource inputs into cash. The cash conversion cycle attempts to measure the amount

of time each net input rupee is tied up in the production and sales process before it is converted into cash

through sales to customers. This metric looks at the amount of time needed to sell inventory, the amount

of time needed to collect receivables and the length of time the company is afforded to pay its bills

without incurring penalties.

The CCC is also referred to as the "cash cycle” and calculated as:

𝐶𝐶𝑂 = 𝐷𝐼𝑂 + 𝐷𝑆𝑂 = 𝐷𝑃𝑂

Where: DIO: Days Inventory outstanding /No. of Day’s inventory

DSO: Days Sales Outstanding /No. of Day’s receivables

DPO: Days Payable Outstanding/No. of Day’s payable

D. Cash Flow Ratios

Cash flows ratio is considered one of the important indicator of a company’s performance.

i. Cash Flow from Operating Activities to Sales

This ratio compares the operating cash flows of a company to its sales. Cash flow from operations to sales

indicates the ability of a company to generate cash from its sales.

𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑡𝑜 𝑠𝑎𝑙𝑒𝑠 =𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝑁𝑒𝑡 𝑠𝑎𝑙𝑒𝑠

ii. Cash Return on Assets

Cash Return on Assets calculates how much cash flow from operation is generated from the total assets of

the company.

𝐶𝑎𝑠ℎ 𝑟𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑡𝑠 =𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iii. Cash Return on Equity

Cash return on equity refers to how much cash flow generated in terms of the equity injected in the

company.

𝐶𝑎𝑠ℎ 𝑟𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦 =𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜𝑤

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑒𝑞𝑢𝑖𝑡𝑦

iv. Cash to Income

Cash to net income is a ratio used to determine the quality of a firm's reported earnings.

𝐶𝑎𝑠ℎ 𝑡𝑜 𝑖𝑛𝑐𝑜𝑚𝑒 =𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜𝑤

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

v. Debt coverage ratio

It provides the information on how much company generates from operations that could be used to pay

off the total debt. Total debt includes all interest-bearing debt, short and long term.

18

𝐷𝑒𝑏𝑡 𝑐𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑟𝑎𝑡𝑖𝑜 =𝑁𝑒𝑡 𝐶𝑎𝑠ℎ 𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠

𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡

E. Valuation ratios

Valuation of an enterprise is an attractive feature for the potential and existing investors of an enterprise.

There are numerous measures to help the investors understand about the investment horizon of a

company.

i. Paid up value of share Rs per share

Paid up value of a share in actual price of share paid by the shareholders of a company.

ii. Market value per share

Market value represent the price at which a share is traded in stock exchange. Market value greater than

its paid up value signify the positive gesture for investors.

iii. Basic earnings per share

Basic earnings per share provide an estimate of the amount to be distributed to each share of the

outstanding stock from company’s net income. Earnings per share also help to gauge the profitability of

the company

𝐵𝑎𝑠𝑖𝑐 𝑒𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒 =𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

𝑇𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠

iv. Price earnings ratio

The price-to-earnings ratio or P/E ratio is a ratio for valuing a company that measures its current share

price relative to its per-share earnings.

The price-earnings ratio can be calculated as:

𝑃𝑟𝑖𝑐𝑒 𝑒𝑎𝑟𝑛𝑖𝑛𝑔 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

v. Dividend Payout Ratio

The percentage of earnings paid to shareholders in dividends is the dividend payout ratio. It is calculated

as:

𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑎𝑦𝑜𝑢𝑡 𝑟𝑎𝑡𝑖𝑜 =𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠

𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

vi. Cash Dividend per Share

Dividend per share (DPS) is the total dividends paid out over an entire year (including interim dividends

but not including special dividends) divided by the number of outstanding ordinary shares issued.

vii. Book Value per Share

Book value per share is a measure used by owners of common shares in a firm to determine the level of

safety associated with each individual share after all debts are paid off.

𝐵𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒 =𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

𝑇𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠

19

F. Solvency Ratios

Solvency or leverage ratio is another indicator similar to liquidity ratio. Unlike liquidity ratio, it measures

the capacity of the enterprise to meet its long-term obligations.

i. Debt to Equity Ratio

Debt/Equity Ratio helps to ascertain the financial leverage of the company. It indicates how much debt a

company is using to finance its assets relative to the amount of value represented in the shareholders’

equity.

𝐷𝑒𝑏𝑡 𝑒𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

This form of D/E may often be referred to as risk or gearing.

ii. Debt to Asset Ratio

Total debt to total assets is another leverage ratio that defines the total amount of debt relative to assets.

This enables comparisons of leverage to be made across different companies. The higher the ratio, higher

the degree of leverage, and consequently the financial risk.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝑎𝑠𝑠𝑒𝑡 =𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡 (𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠

iii. Debt to Capital Ratio

A measurement of a company's financial leverage, calculated as the company's debt divided by its total

capital.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑟𝑎𝑡𝑖𝑜 =𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡 (𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

𝑇𝑜𝑡𝑎𝑙 𝑐𝑎𝑝𝑖𝑡𝑎𝑙Where, Total Capital = company's debt and Shareholders' Equity

iv. Interest Cover Ratio

Interest cover ratio is used to determine how easily a company can pay interest on outstanding debt. It is

achieved by dividing the company’s earnings before interest and taxes (EBIT) during a given period by

the amount a company must pay in interest on its debts during the same period.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑐𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑟𝑎𝑡𝑖𝑜 =𝐸𝐵𝐼𝑇

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒𝑠

20

Review and Financial Analysis

21

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

22

Executive Summary The overall balance sheet size of non-financial companies listed at Pakistan Stock Exchange (PSX)

registered a YoY growth of 13.64 percent during FY19 over FY18 to reach at Rs 9,937.12 billion in FY19

from Rs 8,744.54 billion in FY18. Total liabilities (excluding equity) increased by 17.21 percent during

FY19 to reach Rs 6,496.24 billion in FY19. An increase of 7.45 percent was registered in shareholders’

equity in current year when compared with the previous year. Total assets of public sector contributing

30.46 percent share of overall assets recorded an increase of 16.48 percent during FY19. Growth of total

assets was recorded 12.44 percent for private sector, which contained 69.54 percent share in overall assets

during FY19. Total liabilities for private and public sector showed increase of 16.90 percent and 17.82

percent respectively during FY19. Private and public sectors posted YoY growth of 5.94 percent and

12.84 percent respectively against shareholders’ equity in the current year over previous year. Operational

activities of non-financial listed companies depicted an increase of 10.37 percent and 22.26 percent in

sales for private and public sector respectively during FY19. Private sector companies increased its gross

profit by 4.33 percent and consecutively public sector companies recorded a gain of 43.22 percent in

FY19 when compared with the previous year. Private sector companies’ performance in term of

profitability posted YoY decrease by 16.57 percent in profit before tax and 22.14 percent in profit after

tax during FY19. Contrary to this situation, public sector companies recorded an increase of 55.08 percent

and 80.87 percent in profit before tax and profit after tax, respectively during the year under review.

A brief review on important indicators of Non-financial listed companies during FY19 is given below:

Capital Structure

Total capital employed comprising of total non-current liabilities and shareholders’ equity for all

companies increased by Rs 490.36 billion or 10.34 percent in FY19 from Rs 4,743.85 billion in FY18 to

touch Rs 5,234.21 billion in FY19. Private sector and public sector companies also showed increase in

total capital employed by 9.22 percent and 13.27 percent respectively in FY19 over FY18 with their

respective shares in total capital employed (all sectors) 71.74 percent and 28.26 percent in FY19.

Shareholders’ equity of all sector (overall) increased by 7.45 percent in FY19 from Rs 3,202.28 billion in

FY18 to Rs 3,440.88 billion in FY19, of which 33.51 percent shareholding in equity belonged to fuel and

energy sector in FY19, followed by Coke and Refined Petroleum Sector (16.54 percent) in

FY19.Aggregate issued, subscribed & paid-up capital and long term borrowings indicated YoY increase

of 2.70 percent and 24.10 percent respectively in FY19. Reserves showed an increment of 8.62 percent in

FY19 over FY18, whereas, YoY trend for reserves in private and public sectors grew by 5.76 percent and

18.38 percent respectively in FY19.

Analysis of Assets

During FY19, increase of Rs 1,192.58 billion in total assets of companies of all sectors, which is

attributed due to increase in total assets of Rs 764.45 billion in private sector companies and 428.14

billion in public sector companies. Non-current assets (overall) showed an increase of Rs 511.27 billion

or 11.96 percent in FY19 over FY18, with corresponding increase of Rs 446.80 billion or 13.85 percent in

private sector companies and increase of Rs 64.47 billion or 6.15 percent in public sector companies

during the same period. Components of non-current assets reveal that all major items (overall) except

intangible assets, showed positive YoY growth during the current year FY19. For public sector

companies, other non-current assets showed negative growth of 4.48 percent. Operating fixed assets after

deducting accumulated depreciation for all companies, registered an increase of Rs 319.93 billion or 9.93

percent during FY19. Private and public sector companies posted YoY growth of 11.87 percent and 4.44

percent respectively for operating fixed assets after deducting accumulated depreciation during FY19.

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

23

Long term investments for private sector increased to Rs 442.39 billion during FY19 with an increase of

Rs 31.90 billion. However, for public sector long term investments increased by Rs 10.50 billion during

the same period. Fuel & energy sector, remained on top for contributing in overall assets of all listed with

32.24 percent share companies followed by Coke & Refined Petroleum and Textile Sector with their

respective share of 15.11 percent and 10.54 percent respectively during FY19.

Current assets of over-all sector increased to Rs 5,151.92 billion in FY19 with an increase of Rs 681.31

billion or 15.24 percent from Rs 4,470.61 billion in FY18. Current assets of private sector moved

upwards by 10.88 percent during FY19 and similarly, a growth of 23.46 percent is observed during

current assets of public sector during FY19. All componets except short term investment of current assets

and belonging to private sector reflected upward trend in FY19 as compared to FY18. Cash and bank

balances (overall) scaled up by 9.77 percent during FY19. when compared with previous year. During the

current year, the trade debt for all sectors constituted 38.50 percent share of total current assets in FY19

and increased with YoY growth of 22.59 pecrent during FY19. Trade debt related to private and public

sector companies showed YoY growth of 14.73 percent and 32.53 percent respectivly during FY19.

Short term investments (overall), scaled down by 28.86 percent during the current year. Inventories,

related to public sector recorded a decrease of 12.27 percent in FY19 over FY18.

Analysis of Shareholders’ Equity

Shareholders’ equity (over-all) increased by Rs

238.60 billion or 7.45 percent during FY19 to

touch Rs 3,440.88 billion in FY19 form Rs

3,202.28 billion in FY18. Private and public sector

companies also witnessed growth of 5.94 percent

and 12.84 percent respectively in shareholders’

equity during the year FY19. This growth (overall)

was mainly attributed due to growth of 8.62

percent in reserves where, private and public sector

companies’ reserves grew by 5.76 percent and

18.38 percent respectively during FY19. Issued,

subscribed and paid up capital of all sectors

increased by Rs 20.95 billion with YoY growth of

2.70 percent in FY19. Surplus on revaluation of

fixed assets for sector (over-all) also increased by

32.78

9.93

-0.02

8.75

26.32

-5

0

5

10

15

20

25

30

35

-10

490

990

1,490

1,990

2,490

2,990

3,490

3,990

CW

in

pro

gre

ss

OF

A le

ss

acc d

ep

.

Inta

ngib

le

Assets

Lo

ng

term

In

v.

Oth

er

NC

A

perc

en

t

bil

lio

n R

s

Non-Current Assets

FY18 FY19 Growth (YoY)(RHS)

9.77 9.91

22.59

3.18

22.64

0

5

10

15

20

25

0

500

1000

1500

2000

2500

Cash

&

bal

ance

s

Inv

en

to.

Tra

de

Deb

t

Sh

ort

term

L

oan

s an

d A

dv

ance

s

Oth

er C

A

per

cen

t

bil

lio

n R

s

Current Assets

FY18 FY19 Growth (YoY)(RHS)

2.93

11.75

21.64

9.58

0

5

10

15

20

25

0

500

1000

1500

2000

2500

I, S

& P

aid

up

cap

ital

Res

erv

es

un

-ap

pro

pri

ated

pro

fit(

loss

)

SRFA

per

cen

t

bill

ion

Rs

Shareholders' Equity FY18 FY19 Growth (YoY)(RHS)

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

24

Rs 47.77 billion or 10.48 percent during FY19 from Rs 455.87 billion in FY18 to Rs 503.64 billion in

FY19. Correspondingly, surplus on revaluation of fixed assets (SRFA) of private sector companies which

represented 75.91 percent share of overall sector grew by 12.92 percent during the current period. Public

sector companies showed a growth of 3.44 percent in surplus of revaluation of fixed assets in FY19.

Analysis of Liabilities

Total liabilities (over-all) grew by Rs 953.98 billion or 17.21 percent during FY19 to reach Rs 6,496.24

billion in FY19. Total liabilities of public sector grew by an amount of Rs 338.21 billion or 17.82 percent

during FY19. Similarly an increase of Rs 615.77 billion or 16.90 percent growth in FY19 was observed

in liabilities of private sector.The composition of share of current liabilities and non-current liabilities in

total liabilities of over-all sector remained 72.39 percent and 27.61 percent respectively in FY19, whereas

the YoY growth of current liabilities (overall) and non-current liabilities (overall) for the year FY19

remained 17.55 percent and 16.33 percent respectively in FY19. Public sector companies posted increase

in non-current liabilities and current liabilities by 13.76 percent and 19.72 percent respectively during

FY19 over FY18. Current liabilities of private sector companies scaled up by an amount Rs 447.32 billion

or 16.52 percent during the current year. An increase of 17.99 percent in FY19 was recorded in non-

current liabilities of private sector.

Profitability and Operating Efficiency

The sales of all listed (non-financial) companies posted an increase of Rs 1,051.35 billion or 13.81

percent during FY19 against FY18, with corresponding increase of 14.65 percent in export sales and

13.74 percent increase in local sales during the same period. Cost of sales also moved up during FY19 by

an amount of Rs 907.70 billion or with 14.04 percent. Gross profit of overall sectors increased by an

amount of Rs 143.64 billion during FY19 which is 12.53 percent higher than gross profit earned during

FY18. EBIT (earnings before interest and tax) increased by 15.56 percent to Rs 889.09 billion in the

current year from Rs 769.40 billion in the previous year. Profit before tax increased by only Rs 1.91

billion or 0.31 percent in FY19, whereas profit after tax of overall sectors went down by Rs 20.47 billion

or 4.80 percent during FY19 against FY18.

Gross profit of private sector companies grew by Rs 39.22 billion or 4.33 percent during FY19 to touch

Rs 944.16 billion in FY19 from Rs 904.94 billion in FY18. Likewise, for public sector companies’ gross

13.48

32.66

8.50

11.00

0

5

10

15

20

25

30

35

0

500

1000

1500

2000

2500

3000

Pay

ab

les

incl.

Tra

de

Cre

dit

s

Bo

rro

win

gs

Cu

rren

t P

ort

ion

of

LT

Lia

bil

itie

s

Oth

er C

L

perc

en

t

bil

lio

n R

s

Current Liabilities

FY18 FY19 Growth (YoY)(RHS)

24.10

30.78

6.16

7.94

0

5

10

15

20

25

30

35

0

200

400

600

800

1000

1200

Bo

rro

win

gs

Su

bo

rdin

ated

Lo

ans

Em

plo

yee

s b

enef

its

Oth

er N

CL

per

cen

t

bil

lio

n R

s

Non-Current Liabilities

FY18 FY19 Growth (YoY)(RHS)

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

25

profit posted an increase of Rs 104.42 billion or

43.22 percent during FY19 when compared with

FY18. A YoY growth of 1.06 percent is observed

in EBIT during the year FY19 for private sector

companies, whereas public sector companies faced

a growth of 60.42 percent in EBIT during the same

period. Profit before tax and profit after tax

decreases by 16.57 percent and 22.14 percent

respectively in the year FY19 for private sector

companies. Public sector companies have shown

YoY growth of 55.08 percent and 80.87 percent in

profit before tax and profit after tax respectively

during the period under review.

Net profit margin percentage for all companies

(over-all) decreased to 4.69 in FY19 whereas it was 5.61 in FY18. Net profit margin of private sector

companies decreased during FY19 to touch 4.63 as compared to the parameters of 6.57 in FY18. Contrary

to this, public sector companies recorded an increase for net profit margin from 3.26 percent in FY18 to

4.82 percent in FY19. Return on assets (ROA), and return on equity (ROE) of overall companies touched

4.35 and 12.24 in FY19 as compare to 5.23 and 13.81 in FY18. While comparing ratios for private and

public sector companies, ROA for private sector companies decreased to 4.23 in FY19 from 6.19 in

FY18, and ROE decreased to 10.73 percent in FY19from 14.78 percent in FY18. Public sector companies

ROA moved to 4.62 in FY19 from 2.96 in FY18 and ROE which stood at 10.43 percent in FY18 jumped

to 17.44 percent in FY19 indicating that public sector companies better utilized its assets and equity to

earn profit in FY19.

5.61

0.93

5.23

2.64

13.81

4.584.69

0.93

4.35

2.81

12.23

4.27

0

2

4

6

8

10

12

14

16

Net P

rofi

t M

arg

in

Asset

Tu

rno

ver

Ret

urn

on

A

sset

s

Fin

an

cia

l le

vera

ge

Ret

urn

on

E

qu

ity

Basic

earn

ings p

er

sh

are

percen

t

Ratio Analysis

FY18 FY19

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,280,350,725 3,520,047,481 3,793,425,532 3,943,346,831 4,273,935,402 4,785,206,492

206,339,071 252,960,702 319,592,349 351,322,732 376,851,628 500,364,679

3,730,822,583 4,111,495,050 4,280,680,180 4,833,034,403 5,650,632,764 6,174,979,858

2,275,801,812 2,410,764,141 2,567,475,453 2,790,510,338 3,223,142,387 3,543,074,949

171,099,972 174,094,206 181,771,781 196,394,308 92,535,120 92,518,173

539,702,550 584,555,397 611,516,089 496,016,122 484,745,731 527,146,175

87,407,320 97,673,035 113,069,860 109,103,331 96,660,536 122,102,516

2,670,052,914 2,785,412,265 2,925,767,202 3,641,940,693 4,470,605,196 5,151,917,340

210,879,368 232,860,454 278,047,724 287,369,847 278,295,250 305,480,726

574,754,533 524,331,365 527,883,919 669,953,735 877,389,621 964,246,559

239,147,128 218,734,122 228,267,004 293,118,409 385,531,850 441,944,158

49,207,108 44,334,571 40,065,536 49,629,193 55,928,084 77,467,665

286,335,330 257,131,600 202,657,557 245,402,578 306,615,473 322,305,111

1,043,708,887 1,091,163,698 1,089,354,799 1,238,633,630 1,618,158,794 1,983,688,016

59,588,134 62,564,493 75,934,410 111,500,422 146,806,554 151,475,349

216,600,833 176,085,407 199,262,965 315,970,999 298,748,260 212,535,429

564,521,159 698,406,847 755,283,384 1,018,512,059 1,251,206,716 1,534,491,261

5,950,403,639 6,305,459,746 6,719,192,733 7,585,287,524 8,744,540,599 9,937,123,832

2,234,606,659 2,467,557,088 2,720,040,783 2,978,722,108 3,202,277,783 3,440,881,728

666,518,484 688,387,190 707,386,922 750,854,742 776,675,811 797,628,489

656,568,934 675,394,039 685,146,468 731,005,473 757,391,758 781,616,651

9,949,550 12,993,151 22,240,454 19,849,269 19,284,053 16,011,838

1,260,831,025 1,445,998,421 1,637,492,432 1,828,709,232 1,969,736,929 2,139,617,970

262,680,948 266,735,521 276,541,954 370,748,497 344,193,856 351,089,583

998,150,078 1,179,262,900 1,360,950,477 1,457,960,735 1,625,543,073 1,788,528,387

587,637,625 697,913,120 789,840,965 869,151,057 1,014,134,130 1,144,749,313

307,257,150 333,171,478 375,161,430 399,158,134 455,865,043 503,635,269

1,121,965,482 1,203,369,910 1,301,964,848 1,430,826,883 1,541,574,505 1,793,331,668

553,173,492 598,945,965 642,160,267 735,242,338 826,752,276 1,025,977,236

13,114,232 9,313,655 9,455,080 11,102,721 11,680,441 15,085,803

20,175,941 46,024,037 45,449,402 29,320,467 14,833,902 11,902,753

101,847,742 120,745,741 122,936,359 137,069,303 143,493,360 152,332,888

433,654,075 428,340,512 481,963,740 518,092,054 544,814,526 588,032,988

2,593,831,497 2,634,532,747 2,697,187,103 3,175,738,533 4,000,688,310 4,702,910,436

1,463,204,188 1,525,269,116 1,573,715,067 1,850,616,135 2,384,062,228 2,705,349,620

726,823,166 833,471,658 765,060,521 921,503,450 1,280,558,714 1,481,985,878

678,384,592 650,440,299 660,570,353 779,943,318 975,281,828 1,293,962,513

233,487,432 227,819,006 231,592,441 266,733,925 324,855,575 352,314,254

218,755,285 231,004,327 231,309,241 278,445,155 316,488,679 351,284,049

6,609,170,269 6,043,081,400 5,458,463,895 6,347,729,596 7,611,759,888 8,663,107,807

5,990,778,060 5,509,118,073 4,994,492,079 5,873,031,148 7,043,916,928 8,012,062,497

618,392,209 533,963,327 463,971,816 474,698,448 567,842,960 651,045,310

5,700,199,417 5,134,738,152 4,576,786,089 5,331,586,498 6,465,209,624 7,372,913,524

2,811,932,543 2,445,120,735 2,253,361,067 2,195,813,038 2,751,156,264 3,240,322,388

908,970,852 908,343,248 881,677,806 1,016,143,098 1,146,550,264 1,290,194,283

371,877,074 401,932,309 462,352,124 495,891,311 554,354,046 627,018,079

160,041,298 176,770,150 183,421,613 197,229,256 212,306,410 224,357,373

211,835,776 225,162,159 278,930,511 298,662,055 342,047,636 402,660,706

160,173,162 180,686,860 197,981,477 204,488,884 177,205,162 225,908,805

697,266,940 687,097,799 617,307,159 724,740,671 769,401,380 889,085,009

170,275,722 162,810,399 124,694,905 124,814,214 161,196,750 278,975,041

145,607,818 140,467,813 102,164,996 106,696,403 135,489,938 244,310,369

526,991,218 524,287,400 492,612,255 599,926,458 608,204,630 610,109,968

157,461,558 141,567,450 135,864,381 170,334,601 181,332,795 203,712,963

369,529,660 382,719,949 356,747,874 429,591,856 426,871,835 406,397,005

216,381,148 211,213,690 229,087,677 273,150,595 252,853,375 232,137,046

1,829,024 1,804,795 2,115,947 2,738,242 8,945,708 8,799,667

343,019,349 499,242,674 567,909,268 476,100,769 438,704,751 364,484,227

(328,737,824) (325,688,729) (357,717,080) (372,332,385) (410,368,358) (557,571,481)

(58,020,970) (154,381,899) (166,062,704) (67,633,459) (107,418,146) (44,926,796)

3,356,572,141 3,670,926,998 4,022,005,632 4,409,548,991 4,743,852,288 5,234,213,396

151,319,488 169,701,465 125,544,249 153,703,019 165,072,751 165,460,292

172,524,121 183,647,867 203,587,220 228,674,750 262,397,861 287,818,169

324,383,030 368,401,139 424,744,117 474,939,518 468,783,633 504,168,413

5.59 6.33 6.54 6.77 5.61 4.69

1.16 0.99 0.84 0.89 0.93 0.93

6.50 6.25 5.48 6.01 5.23 4.35

2.65 2.61 2.51 2.51 2.64 2.81

17.24 16.28 13.75 15.08 13.81 12.24

4.32 4.35 3.96 4.56 4.58 4.28

(Thousand Rupees)All Sectors - Overall

26

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,400,800,165 2,587,714,384 2,749,206,408 2,963,454,115 3,225,765,811 3,672,563,163

128,595,336 139,347,452 182,196,189 255,742,557 287,376,187 393,667,768

3,014,731,057 3,314,477,116 3,460,357,558 3,751,704,603 4,149,955,634 4,569,797,680

1,838,716,307 1,941,298,535 2,013,453,530 2,132,814,434 2,378,645,845 2,661,076,949

82,939,980 91,939,348 89,724,225 96,685,448 87,112,172 86,296,509

290,035,541 349,403,378 394,014,572 416,991,611 410,485,959 442,387,309

60,513,001 65,725,671 69,817,892 61,220,065 62,145,648 89,134,628

1,811,328,830 1,858,426,211 1,964,755,844 2,363,478,982 2,920,525,746 3,238,176,090

174,898,190 203,990,085 247,567,234 255,539,126 244,651,935 250,533,069

485,238,785 462,661,389 474,099,683 590,502,568 761,804,249 862,840,130

237,454,259 217,731,981 227,507,642 292,121,015 384,544,205 440,854,596

48,950,149 43,950,217 39,759,678 49,246,033 55,675,602 77,237,920

198,769,410 196,848,119 201,081,912 244,393,507 305,637,082 321,336,898

568,069,590 570,356,273 585,975,098 700,971,513 903,775,244 1,036,942,521

46,630,936 46,760,809 57,209,135 86,310,415 119,871,097 133,655,695

155,151,294 139,880,999 174,173,765 228,716,187 278,039,482 193,029,524

381,340,035 434,776,655 425,730,928 501,439,172 612,383,738 761,175,151

4,212,128,995 4,446,140,595 4,713,962,251 5,326,933,097 6,146,291,558 6,910,739,253

1,661,934,359 1,865,764,796 2,082,734,777 2,301,177,418 2,501,766,958 2,650,445,684

555,084,696 553,289,206 572,288,938 615,756,758 641,034,455 658,377,510

545,135,284 540,296,179 550,048,606 595,907,609 621,750,516 642,365,780

9,949,412 12,993,027 22,240,332 19,849,149 19,283,939 16,011,730

851,633,266 1,030,250,423 1,210,953,009 1,383,896,740 1,522,137,348 1,609,737,351

231,553,405 254,631,051 261,316,986 352,369,376 319,900,175 323,128,592

620,079,862 775,619,372 949,636,022 1,031,527,364 1,202,237,173 1,286,608,759

288,249,311 391,409,250 500,968,503 571,244,236 729,329,653 789,684,338

255,216,397 282,225,168 299,492,831 301,523,920 338,595,155 382,330,823

798,176,354 823,993,700 839,522,965 895,869,261 936,263,703 1,104,717,344

448,978,794 474,670,513 479,154,427 529,432,219 564,527,450 707,210,691

13,114,232 9,313,655 9,455,080 11,102,721 11,680,441 15,085,803

20,175,941 19,316,828 20,159,796 12,248,460 12,779,501 11,902,753

54,511,446 57,667,887 51,526,129 53,627,697 61,900,756 66,048,785

261,395,941 263,024,817 279,227,533 289,458,164 285,375,555 304,469,312

1,752,018,281 1,756,382,098 1,791,704,510 2,129,886,418 2,708,260,896 3,155,576,225

900,745,942 916,464,695 938,220,663 1,143,547,192 1,421,194,591 1,568,742,090

392,286,267 482,630,366 410,488,381 509,608,949 653,490,575 727,991,527

521,862,642 510,043,089 515,048,145 610,893,541 836,907,449 1,116,400,965

178,742,193 165,965,982 175,745,949 181,613,260 228,742,541 246,689,355

150,667,504 163,908,333 162,689,752 193,832,425 221,416,315 223,743,815

4,536,659,031 4,314,388,876 4,026,524,239 4,555,246,420 5,406,865,385 5,967,364,732

3,918,266,822 3,780,425,549 3,562,552,423 4,080,547,972 4,839,539,118 5,318,295,001

618,392,209 533,963,327 463,971,816 474,698,448 567,326,267 649,069,731

3,909,246,145 3,614,736,544 3,274,801,155 3,746,889,723 4,501,927,323 5,023,202,557

2,406,036,027 2,091,174,379 1,872,703,225 2,192,048,941 2,746,742,274 3,234,438,748

627,412,886 699,652,332 751,723,084 808,356,697 904,938,062 944,162,175

297,605,857 322,901,853 361,903,971 394,777,146 446,940,675 497,087,772

138,231,055 153,785,800 161,208,224 175,610,806 189,726,920 199,805,106

159,374,802 169,116,053 200,695,747 219,166,340 257,213,755 297,282,666

83,921,100 114,101,497 121,965,217 143,969,654 123,549,449 140,658,729

413,728,129 490,851,976 511,784,330 557,549,205 581,546,836 587,733,132

130,033,426 120,354,419 93,960,277 93,727,720 116,639,502 199,852,381

110,574,195 101,996,526 79,470,705 81,724,302 95,253,606 170,041,486

283,694,703 370,497,557 417,824,054 463,821,486 464,907,334 387,880,751

75,039,276 83,074,374 101,354,769 114,666,775 109,912,664 111,484,433

208,655,427 287,423,182 316,469,285 349,154,710 354,994,670 276,396,318

149,237,652 157,793,298 191,203,130 221,980,831 188,881,657 173,331,631

1,730,264 1,533,109 2,115,947 2,194,870 5,336,068 3,482,237

291,462,882 408,009,500 432,892,811 410,801,012 325,132,778 234,966,213

(258,100,955) (232,368,547) (223,922,882) (277,108,076) (386,532,619) (429,830,846)

(72,985,934) (95,907,838) (166,840,697) (110,903,296) (71,634,720) (19,218,718)

2,460,110,713 2,689,758,496 2,922,257,743 3,197,046,679 3,438,030,661 3,755,163,028

57,687,510 128,096,775 123,150,208 124,979,009 160,776,945 99,582,450

140,701,957 148,091,106 160,677,583 173,417,868 201,828,249 218,268,518

245,110,523 284,805,324 329,992,323 365,847,848 351,301,923 381,795,039

4.60 6.66 7.86 7.66 6.57 4.63

1.12 1.00 0.88 0.91 0.94 0.91

5.14 6.64 6.91 6.95 6.19 4.23

2.52 2.45 2.32 2.29 2.39 2.53

12.98 16.30 16.03 15.93 14.78 10.73

2.80 3.86 4.13 4.33 4.46 3.41

(Thousand Rupees)Private - Overall

27

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

879,550,560 932,333,097 1,044,219,124 979,892,716 1,048,169,591 1,112,643,329

77,743,735 113,613,250 137,396,160 95,580,175 89,475,441 106,696,911

716,091,526 797,017,934 820,322,622 1,081,329,800 1,500,677,130 1,605,182,178

437,085,505 469,465,606 554,021,923 657,695,904 844,496,542 881,998,000

88,159,992 82,154,858 92,047,556 99,708,860 5,422,948 6,221,664

249,667,009 235,152,019 217,501,517 79,024,511 74,259,772 84,758,866

26,894,319 31,947,364 43,251,968 47,883,266 34,514,888 32,967,888

858,724,084 926,986,054 961,011,358 1,278,461,711 1,550,079,450 1,913,741,250

35,981,178 28,870,369 30,480,490 31,830,721 33,643,315 54,947,657

89,515,748 61,669,976 53,784,236 79,451,167 115,585,372 101,406,429

1,692,869 1,002,141 759,362 997,394 987,645 1,089,562

256,959 384,354 305,858 383,160 252,482 229,745

87,565,920 60,283,481 1,575,645 1,009,071 978,391 968,213

475,639,297 520,807,425 503,379,701 537,662,117 714,383,550 946,745,495

12,957,198 15,803,684 18,725,275 25,190,007 26,935,457 17,819,654

61,449,539 36,204,408 25,089,200 87,254,812 20,708,778 19,505,905

183,181,124 263,630,192 329,552,456 517,072,887 638,822,978 773,316,110

1,738,274,644 1,859,319,151 2,005,230,482 2,258,354,427 2,598,249,041 3,026,384,579

572,672,300 601,792,292 637,306,006 677,544,690 700,510,825 790,436,044

111,433,788 135,097,984 135,097,984 135,097,984 135,641,356 139,250,979

111,433,650 135,097,860 135,097,862 135,097,864 135,641,242 139,250,871

138 124 122 120 114 108

409,197,759 415,747,998 426,539,423 444,812,492 447,599,581 529,880,619

31,127,543 12,104,470 15,224,968 18,379,121 24,293,681 27,960,991

378,070,216 403,643,528 411,314,455 426,433,371 423,305,900 501,919,628

299,388,314 306,503,870 288,872,462 297,906,821 284,804,477 355,064,975

52,040,753 50,946,310 75,668,599 97,634,214 117,269,888 121,304,446

323,789,128 379,376,210 462,441,883 534,957,622 605,310,802 688,614,324

104,194,698 124,275,452 163,005,840 205,810,119 262,224,826 318,766,545

0 0 0 0 0 0

0 26,707,209 25,289,606 17,072,007 2,054,401 0

47,336,296 63,077,854 71,410,230 83,441,606 81,592,604 86,284,103

172,258,134 165,315,695 202,736,207 228,633,890 259,438,971 283,563,676

841,813,216 878,150,649 905,482,593 1,045,852,115 1,292,427,414 1,547,334,211

562,458,246 608,804,421 635,494,404 707,068,943 962,867,637 1,136,607,530

334,536,899 350,841,292 354,572,140 411,894,501 627,068,139 753,994,351

156,521,950 140,397,210 145,522,208 169,049,777 138,374,379 177,561,548

54,745,239 61,853,024 55,846,492 85,120,665 96,113,034 105,624,899

68,087,781 67,095,994 68,619,489 84,612,730 95,072,364 127,540,234

2,072,511,238 1,728,692,524 1,431,939,656 1,792,483,176 2,204,894,503 2,695,743,075

2,072,511,238 1,728,692,524 1,431,939,656 1,792,483,176 2,204,377,810 2,693,767,496

0 0 0 0 516,693 1,975,579

1,790,953,272 1,520,001,608 1,301,984,934 1,584,696,775 1,963,282,301 2,349,710,967

405,896,516 353,946,356 380,657,842 3,764,097 4,413,990 5,883,640

281,557,966 208,690,916 129,954,722 207,786,401 241,612,202 346,032,108

74,271,217 79,030,456 100,448,153 101,114,165 107,413,371 129,930,307

21,810,243 22,984,350 22,213,389 21,618,450 22,579,490 24,552,267

52,460,974 56,046,106 78,234,764 79,495,715 84,833,881 105,378,040

76,252,062 66,585,363 76,016,260 60,519,230 53,655,713 85,250,076

283,538,811 196,245,823 105,522,829 167,191,466 187,854,544 301,351,877

40,242,296 42,455,980 30,734,628 31,086,494 44,557,248 79,122,660

35,033,623 38,471,287 22,694,291 24,972,101 40,236,332 74,268,883

243,296,515 153,789,843 74,788,201 136,104,972 143,297,296 222,229,217

82,422,282 58,493,076 34,509,612 55,667,826 71,420,131 92,228,530

160,874,233 95,296,767 40,278,589 80,437,146 71,877,165 130,000,687

67,143,495 53,420,391 37,884,548 51,169,763 63,971,718 58,805,415

98,760 271,686 0 543,372 3,609,641 5,317,430

51,556,467 91,233,174 135,016,457 65,299,757 113,571,973 129,518,014

(70,636,869) (93,320,182) (133,794,198) (95,224,309) (23,835,739) (127,740,635)

14,964,964 (58,474,061) 777,993 43,269,837 (35,783,426) (25,708,078)

896,461,428 981,168,502 1,099,747,889 1,212,502,312 1,305,821,627 1,479,050,368

93,631,978 41,604,690 2,394,041 28,724,011 4,295,806 65,877,842

31,822,164 35,556,761 42,909,637 55,256,882 60,569,612 69,549,651

79,272,507 83,595,815 94,751,794 109,091,670 117,481,710 122,373,374

7.76 5.51 2.81 4.49 3.26 4.82

1.28 0.96 0.74 0.84 0.91 0.96

9.91 5.30 2.08 3.77 2.96 4.62

3.03 3.06 3.12 3.24 3.52 3.78

30.03 16.23 6.50 12.24 10.43 17.44

14.44 7.05 2.98 5.95 5.30 9.34

(Thousand Rupees)Public - Overall

28

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

3.52 7.54 5.36 3.72 5.33 6.85 6.33 7.40 8.31 8.00

6.31 7.23 10.36 3.41 5.79 9.03 1.81

88.47 86.15 87.41 85.91 91.25 87.36 84.64

92.60 89.88

0

10

20

30

40

50

60

70

80

90

100

No

n

curr

ent

Ass

ets

Cu

rren

t

Ass

ets

Tota

l

Ass

ets

Shar

eho

ld

ers'

Equ

ity

No

n

curr

ent

Lia

bil

itie

s

Cu

rren

t

Lia

bil

itie

s

Tota

l

Sal

es

Exp

ort

Sal

es

Pro

fit

Aft

er T

ax

per

cent

Group-wise participation in textile sectorMade-up textile articles Other textiles n.e.s. Spinning, Weaving, Finishing of Textiles

Textile

Performance at a Glance

In our analysis, companies participating in textile sector were divided in to three categories. In the

first category, companies working in spinning, weaving and finishing group of textiles were taken,

which participated significantly about 89.15 percent share in total number of companies of textile

sector. Second category contained companies related to made-up textile articles and contributed about

3.10 percent share in total number of companies of overall textile sector. Third category contained

companies attached with production of wool, silk, polyester, artificial fiber and synthetics items etc.

and named as other textiles n.e.s., whose contribution in total number of companies of textile sector

remained around 7.75 percent in FY19. Category wise participation in different aspects of textile

sector is given in the graph below.

Overall balance sheet size of textile sector increased by Rs 120.11 billion, showing YoY increase of

12.96 percent during FY19 to reach at Rs 1,047.09 billion in FY19 from Rs 926.99 billion in FY18.

Shareholders’ equity also increased by 10.25 percent over the previous year to stand at Rs 417.89

billion by the end of current year. Total liabilities increased by Rs 81.25 billion or 14.83 percent to

accumulate its balance up to Rs 629.20 billion in FY19. Sales of the sector moved up with 25.32

percent in FY19 and remained Rs 188.79 billion more than total sales of the previous year. Local

sales contributed 51.19 percent share and export sales contributed 48.81 percent share of overall sales

in FY19, were increased with YoY growth of 27.50 percent and 23.12 percent respectively during

FY19 over FY18. Cost of sales inclined with Rs 147.28 billion or 21.99 percent during FY19. Gross

profit also increased by 54.70 percent during FY19 when compared with FY18. Sector’s profit before

taxation also increased with 91.39 percent during FY19, which is Rs 26.05 billion larger than that of

previous year. Similarly, profit after taxation increased to Rs 43.47 billion in FY19 from Rs 21.66

billion in FY18, with a YoY growth of 100.70 percent during current year over previous year. It

should be noted that data of the sector for previous years were revised for some companies and also

the information of some companies that were previously excluded due to unavailability of data, have

been incorporated in this publication.

29

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

112.09

3.88

38.70

(5.03)

235.86

-50

0

50

100

150

200

250

-

50

100

150

200

250

300

350

400

450

CW

in

pro

gre

ss

OF

A

min

us

acc.

Dep

r

Inta

ngib

le

Ass

ets

Long

ter

m

Inv.

Oth

er

NC

A

per

cen

t

bil

lion

R

s

Non-Current Assets

2018 2019 Growth(YoY)

109.92

28.81 26.64 25.32

(23.50)

5.81

-40

-20

0

20

40

60

80

100

120

-

50

100

150

200

250

Cas

h &

BB

Inv

ento

ries

Tra

de

Deb

t

/ A

c R

ec

S.T

Loan

s

adv

S T

Inves

tmen

ts

Oth

er C

A

per

cen

t

bil

lion

Rs

Current Assets

2018 2019 Growth(YoY)

11.87 12.91

2.19

0

2

4

6

8

10

12

14

0

50

100

150

200

250

300

Issued,

Subscribed &

Paid up capital

Reserves Surplus on

revaluation of

fixed assets

per

cen

t

bil

iion

Rs

Shareholders' Equity

2018 2019 Growth(YoY)

Analysis of Assets

Non-current assets of the sector stood at Rs 569.61 billion in FY19 as compared to Rs 538.58 billion

in FY18, reflecting an increase of 5.76 percent during FY19. Operating fixed assets after deducting

accumulated depreciation which constituted 73.15 percent share of non-current assets in FY19,

increased with 3.88 percent during FY19 when compared to FY18. Capital work in progress increased

as well by Rs 13.86 billion or 112.09 percent during FY19 over the previous year. Long-term

investments of the sector decreased by Rs 6.12 billion or 5.03 percent during current year over

previous year.

Current assets increased by Rs 89.07 billion or 22.93 percent during FY19 when compared to FY18.

Inventories containing 47.76 percent share of current assets in FY19, increased to Rs 228.03 billion

during current year from Rs 177.03 billion in the previous year. Raw material was major part of

inventories increased its share in total inventories to 65.15 percent in FY19 from 62.84 percent in

FY18 and grew with YoY growth of 33.54 percent during FY19. Trade debt which contains 24.79

percent share of current assets during FY19, increased by 26.64 percent in FY19 and reached at Rs

118.38 billion in FY19 from Rs 93.47 billion in FY18. Short-term loans and advances were moved up

by 25.32 percent in FY19 from Rs 19.60 billion in FY18 to reach at Rs 24.56 billion in FY19.

Analysis of Liabilities and Shareholders’

Equity

Shareholders’ equity increased to Rs 417.89

billion in the FY19 from Rs 379.04 billion in

the previous year. Paid-up capital increased by

Rs 7.41 billion or 11.87 percent during FY19

when compared to FY18, of which 99.55

percent share contained to ordinary shares.

Total reserves, which comprises of capital

reserves, revenue reserves, constituted 61.77

percent share of total shareholders’ equity

during FY19, reflected an increase in growth

by 12.91 percent during FY19 when compared

with FY18. The increase in reserves of textile

sector is due to increase of 40.81 billion or

24.95 percent in revenue reserves, which reached to Rs 204.36 billion in FY19 from Rs 163.55 billion

in FY18. Capital reserves having 20.83 percent share of total reserves in FY19 posted a decrease of

Rs 11.29 billion or 17.36 percent during FY19. Surplus on revaluation of fixed assets, which has

30

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

18.00 19.04

0.25

22.70

0

5

10

15

20

25

0

50

100

150

200

250

300

T.C

&

oth

er A

/c

pay

able

s

S T

bo

rrow

ing

s

Cu

rren

t

po

rtio

n o

f

NC

L

Oth

er

curr

ent

liab

.

per

cen

t

bil

iion

Rs

Current Liabilities

2018 2019 Growth(YoY)

8.94

(14.31)

35.69

6.93

-20

-10

0

10

20

30

40

0

20

40

60

80

100

120

140

L T

bo

rrow

ing

s

Sub

-

ord

/Spon

so

r's

loan

s

Em

plo

yee

s

ben

efit

ob

lig.

Oth

er N

CL

per

cen

t

bil

iion

Rs

Non-Current Liabilities

2018 2019 Growth(YoY)

21.52 percent share of total equity, witnessed raised up to Rs 89.45 billion in FY19 with YoY increase

of 2.19 percent during FY19 as compare to previous year.

Non-Current liabilities increased with YoY growth of 9.22 percent to reach Rs 170.33 billion during

current year from Rs 155.95 billion in previous year. Long-term borrowing, which has 77.84 percent

share of non-current liabilities in FY19, were increased by Rs 10.88 billion or with 8.94 percent YoY

growth during FY19. Employee benefits obligations stood at Rs 11.37 billion during FY19, which is

Rs 2.99 billion or 35.69 percent more than that of the previous year.

Current liabilities increased from Rs 392.00 billion in FY18 to Rs 458.87 billion in FY19 with YoY

growth of 17.06 percent during the period under review. Trade credits and other accounts payable

comprises of 23.31 percent share of total current liabilities increased by Rs 16.32 billion or 18.00

percent during FY19 when compared with FY18. Short-term borrowings scaled up from Rs 232.40

billion in FY18 to Rs 276.64 billion in FY19 and remained major part of current liabilities with shares

of 59.29 percent and 60.29 percent during FY18 and FY19 respectively. Current portion of non-

current liabilities increased by 0.25 percent during FY19, which constituted 9.09 percent share of total

current liabilities in FY19.

Operating Efficiency and Ratio Analysis

Sales related to the textile sector showed significant improvement during FY19 and witnessed an

increase of Rs 188.79 billion or 25.32 percent during FY19. Total sales of textile sector increased to

Rs 934.30 billion in FY19 from Rs 745.50 billion in FY18, of which 84.64 percent of total sales

related to spinning, weaving and finishing category of textile sector in FY19. Share of local sales in

overall sales remained slightly larger than export sales, and this share improved from 50.32 percent in

FY18 to 51.19 percent in FY19. Moreover, export sales showed a significant increase of Rs 85.63

billion in FY19 which is 23.12 percent more than that of FY18. Cost of sales also increased with Rs

147.28 billion or 21.99 percent during current year as compared to the previous year. Cost of material,

which constitute 69.96 percent share of total cost of sales during FY19 increased with YoY growth of

29.10 percent during FY19. Gross profit of the sector increased from Rs 75.88 billion in FY18 to Rs

117.40 billion in FY19 witnessed a YoY growth of 54.70 percent during current year over previous

year. General, administrative and other expenses increased by 25.99 percent during FY19 to touch Rs

57.87 billion during current year. Other income also grew up during FY19 and increased by Rs 7.98

billion or 38.12 percent during current year as compared to previous year. It shows that EBIT

(Earnings Before Interest and Taxes) increased to Rs 88.43 billion in FY19 form Rs 50.88 billion in

FY18, which is 73.81 percent more than EBIT in FY18. Financial expenses grew by 51.41 percent

during FY19 or Rs 11.50 billion more than that of FY18. Profit before taxation shifted up to Rs 54.55

billion in FY19 from Rs 28.50 billion in FY18. Tax expenses were also increased by 61.91 percent

during FY19. Profit after tax move up by Rs 21.81 billion or 100.70 percent during FY19 to touch Rs

31

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

27.50

23.12

54.70

91.39

100.70

-

20

40

60

80

100

120

-

100

200

300

400

500

600L

oca

l

Sal

es

Expo

r

t

Sal

es

Gro

ss

Pro

fit

Pro

fit

bef

or

e ta

x

Pro

fit

afte

r

tax

per

cen

t

Sales & Profitability 2018 2019 Growth(YoY)

bil

lion

Rs

0

2

4

6

8

10

12

Net profit

margin

Asset

turnover

Return on

Assets

Financial

leverage

Return on

equity

per

cen

t

Ratio Analysis 2018 2019

43.47 billion during FY19 from Rs 21.66 billion in FY18. Cash dividend during FY19 constituted

32.35 percent of profit after taxation.

Key Performance indicators of the sector witnessed rise during current year FY19 as compared to

previous year FY18 with reference to profitability and efficiency. Return on assets increased from

2.41 in FY18 to 4.40 in FY19 and return on equity moved up from 5.76 in FY18 to 10.91 in FY19.

Basic earnings per share increased from 3.39 in FY18 to 6.27 in FY19. Net profit margin increased

from 2.91in FY18 to 4.65 in FY19. Asset turnover was moved up to 0.95 during FY19 from 0.83 in

FY18 and ratio of the financial leverage of the sector shifted up to 2.48 from 2.39 during FY19 as

compared to FY18.

32

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

448,105,735 472,329,293 503,176,341 529,584,065 538,577,386 569,608,316

23,383,059 16,413,576 13,710,830 23,420,221 12,361,255 26,217,332

471,785,758 570,529,109 551,432,660 601,179,433 642,995,274 692,789,735

322,372,227 335,155,252 358,396,664 371,301,024 401,111,216 416,673,150

185,842 166,030 183,738 217,540 166,204 230,530

98,658,787 116,707,452 127,946,726 131,945,777 121,687,770 115,568,596

3,505,820 3,886,983 2,938,383 2,699,503 3,250,941 10,918,708

302,399,385 280,166,412 291,622,760 341,308,053 388,409,064 477,483,350

8,381,816 7,813,234 11,039,558 6,003,770 7,114,667 14,935,123

149,333,862 130,532,402 133,412,899 153,409,955 177,030,131 228,033,964

77,027,476 69,052,697 70,270,981 86,428,055 111,252,109 148,565,945

16,794,411 14,551,382 14,233,821 15,894,120 17,832,515 21,744,700

55,448,825 45,643,345 47,448,040 50,012,496 46,752,641 57,052,512

69,324,895 62,323,355 57,261,191 65,635,427 93,473,185 118,376,924

12,870,585 14,523,634 17,165,572 18,105,409 19,596,390 24,557,652

11,334,426 12,644,972 13,327,241 21,575,996 16,760,165 12,821,082

51,153,801 52,328,815 59,416,299 76,577,496 74,434,526 78,758,605

750,505,120 752,495,705 794,799,101 870,892,118 926,986,450 1,047,091,666

324,063,064 333,171,531 353,452,281 372,600,505 379,037,825 417,892,838

58,107,620 58,893,928 60,970,482 61,412,886 62,421,972 69,829,197

56,954,287 57,745,595 59,822,149 60,301,220 61,310,306 69,517,531

1,153,333 1,148,333 1,148,333 1,111,666 1,111,666 311,666

193,424,508 200,776,257 215,713,435 231,150,171 228,593,022 258,112,723

69,217,164 79,543,025 91,635,391 96,257,222 65,041,494 53,752,630

124,207,344 121,233,232 124,078,044 134,892,949 163,551,528 204,360,093

46,864,246 35,917,315 37,797,586 41,354,859 62,262,035 104,841,806

72,530,936 73,501,346 76,768,364 80,037,448 88,022,831 89,950,918

127,380,880 118,738,363 122,062,281 152,760,568 155,947,442 170,327,238

90,429,712 82,876,579 88,971,192 119,730,996 121,704,737 132,587,830

6,321,803 6,277,300 5,534,128 5,220,080 5,319,567 4,558,088

692,747 2,956,129 913,358 390,474 145,853 0

5,855,629 6,889,286 7,391,419 7,598,538 8,375,600 11,365,224

24,080,989 19,739,069 19,252,184 19,820,480 20,401,685 21,816,096

299,061,176 300,585,811 319,284,539 345,531,045 392,001,183 458,871,590

67,893,163 71,280,383 75,029,554 76,468,058 90,626,802 106,942,491

28,183,352 33,268,904 35,374,856 34,537,153 36,035,778 42,558,803

180,468,339 178,224,812 188,842,726 208,428,248 232,404,271 276,643,024

29,361,611 28,900,956 35,314,047 36,930,085 41,612,527 41,718,166

21,338,063 22,179,660 20,098,212 23,704,654 27,357,583 33,567,909

721,751,201 648,382,449 596,540,344 645,036,516 745,504,913 934,295,657

327,319,567 291,935,632 280,879,155 321,585,761 375,102,911 478,261,437

394,431,634 356,446,817 315,661,189 323,450,755 370,402,002 456,034,220

656,065,506 595,082,347 546,379,303 588,000,467 669,620,449 816,899,872

454,520,751 377,090,968 335,768,549 381,985,089 442,679,904 571,501,927

65,685,695 53,300,102 50,161,041 57,036,049 75,884,464 117,395,785

37,640,266 39,010,813 37,213,398 38,602,686 45,934,369 57,871,463

18,997,199 19,255,952 17,898,888 19,318,667 21,424,551 27,380,472

18,643,067 19,754,861 19,314,510 19,284,019 24,509,818 30,490,991

19,996,517 19,145,707 20,699,693 25,605,384 20,927,889 28,905,657

48,041,946 33,434,996 33,647,336 44,038,747 50,877,984 88,429,979

25,838,870 24,013,397 18,786,624 18,195,043 22,376,841 33,881,368

21,834,360 20,257,617 15,296,939 15,995,936 19,736,339 28,664,539

22,203,076 9,421,599 14,860,712 25,843,704 28,501,143 54,548,611

4,178,789 4,826,277 5,045,373 4,638,896 6,841,222 11,076,894

18,024,287 4,595,322 9,815,339 21,204,808 21,659,921 43,471,717

7,975,479 8,493,383 7,520,045 7,960,902 10,244,221 14,065,102

478,826 485,125 615,619 974,810 79,476 750,491

29,292,818 34,799,564 16,337,197 (6,674,404) 5,208,205 29,636,382

(43,956,932) (34,644,187) (29,352,273) (46,048,394) (23,662,204) (51,706,858)

15,711,581 (268,221) 12,167,409 46,507,316 12,617,464 24,168,376

451,443,944 451,909,894 475,514,562 525,361,073 534,985,267 588,220,076

9,569,982 (4,383,186) 1,679,675 12,269,096 11,336,223 28,656,124

23,047,266 22,740,337 23,547,194 25,570,422 26,883,072 30,358,628

68,181,811 67,935,250 66,727,145 71,950,049 78,724,094 91,225,066

2.50 0.71 1.65 3.29 2.91 4.65

0.98 0.86 0.77 0.77 0.83 0.95

2.44 0.61 1.27 2.55 2.41 4.40

2.33 2.29 2.25 2.29 2.39 2.48

5.68 1.40 2.86 5.84 5.76 10.91

3.06 0.77 1.61 3.43 3.39 6.27

(Thousand Rupees)Textile Sector - Overall

33

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

392,242,886 414,243,762 439,050,074 470,538,115 478,787,008 503,958,916

22,317,647 15,261,222 8,907,216 14,187,488 9,575,326 18,899,982

399,659,164 494,391,696 491,593,554 513,777,616 544,381,705 589,132,196

279,568,078 292,135,517 315,138,488 323,452,002 346,504,341 361,047,443

108,099 103,109 121,321 139,419 105,774 152,097

87,085,933 103,245,181 112,280,027 130,446,367 119,813,017 113,726,679

3,163,129 3,498,733 2,603,022 2,312,839 2,788,550 10,132,715

267,810,546 245,347,454 251,592,345 288,012,968 333,443,855 411,342,299

7,976,247 7,430,826 10,156,768 5,477,689 6,180,353 14,114,356

128,639,814 110,525,464 111,842,947 129,736,446 147,030,828 191,496,667

70,285,113 63,056,070 64,038,958 78,377,054 97,946,750 131,293,799

15,975,641 13,755,647 13,507,292 15,104,739 16,701,925 20,355,498

42,315,910 32,428,769 32,855,429 35,199,681 31,213,079 39,186,299

66,280,627 58,956,022 53,320,343 60,382,490 85,702,010 108,632,832

11,496,039 13,139,403 15,172,162 15,653,188 16,260,972 20,622,324

11,334,426 12,639,834 13,325,768 21,493,565 16,726,952 12,810,555

42,083,393 42,655,905 47,774,357 55,269,590 61,542,740 63,665,565

660,053,432 659,591,216 690,642,419 758,551,083 812,230,863 915,301,215

287,844,487 295,429,885 304,679,500 319,663,766 322,716,185 359,018,725

51,288,570 51,327,863 52,740,446 52,592,014 53,363,099 60,652,312

50,135,237 50,179,530 51,592,113 51,480,348 52,251,433 60,340,646

1,153,333 1,148,333 1,148,333 1,111,666 1,111,666 311,666

169,153,395 176,482,371 182,024,867 195,582,436 188,914,228 215,671,351

67,304,431 77,586,794 81,564,291 92,397,875 61,223,717 50,007,208

101,848,964 98,895,577 100,460,576 103,184,561 127,690,511 165,664,143

35,476,828 25,336,315 26,056,940 21,797,107 39,075,632 73,044,517

67,402,522 67,619,651 69,914,187 71,489,316 80,438,858 82,695,062

108,539,939 100,782,711 106,495,053 137,004,217 143,906,529 155,424,600

75,015,951 69,134,629 77,745,734 107,307,982 113,204,541 121,701,675

6,321,803 6,277,300 5,534,128 5,220,080 5,319,567 4,558,088

692,747 2,956,129 913,358 390,474 145,853 0

4,496,485 5,403,396 5,862,503 5,933,205 6,532,929 9,331,953

22,012,953 17,011,257 16,439,330 18,152,476 18,703,639 19,832,884

263,669,006 263,378,620 279,467,866 301,883,100 345,608,149 400,857,890

56,983,106 60,888,402 64,142,366 64,044,293 75,585,532 89,249,247

27,144,497 27,238,542 29,856,531 29,298,518 30,069,342 35,258,387

161,508,957 153,948,870 164,139,592 182,103,127 205,250,480 241,319,851

25,061,913 27,429,417 32,767,755 33,831,806 38,868,023 39,267,673

20,115,030 21,111,931 18,418,153 21,903,874 25,904,114 31,021,119

630,021,979 567,661,596 519,177,829 552,842,491 629,884,557 790,799,795

257,953,341 233,249,743 225,104,076 257,591,928 290,537,454 368,505,700

372,068,638 334,411,853 294,073,753 295,250,563 339,347,103 422,294,095

571,754,847 521,749,939 477,779,514 506,453,510 570,076,617 690,857,734

401,820,850 334,509,050 297,524,671 334,830,142 378,203,008 485,020,445

58,267,132 45,911,657 41,398,315 46,388,981 59,807,940 99,942,061

32,354,490 32,858,340 30,054,381 30,536,000 36,739,454 47,660,047

16,437,089 16,172,591 14,149,536 15,247,204 16,759,373 22,014,239

15,917,401 16,685,749 15,904,845 15,288,796 19,980,081 25,645,808

16,784,226 15,796,748 17,536,424 17,963,071 20,005,350 27,469,443

42,696,868 28,850,065 28,880,358 33,816,052 43,073,836 79,751,457

22,435,727 20,683,570 16,662,087 16,305,093 20,574,380 31,160,173

18,553,834 17,089,689 13,298,241 14,283,259 18,161,900 27,146,559

20,261,141 8,166,495 12,218,271 17,510,959 22,499,456 48,591,284

3,839,533 4,076,179 4,332,619 5,285,111 5,656,516 9,519,497

16,421,608 4,090,316 7,885,652 12,225,848 16,842,940 39,071,787

6,107,287 8,115,630 6,518,784 7,117,065 8,735,935 12,767,571

21,780 485,125 615,619 953,345 79,476 37,500

25,467,718 32,767,233 16,179,502 (6,911,635) 658,142 26,609,360

(41,956,076) (32,060,930) (22,822,298) (38,586,030) (24,006,925) (40,894,989)

18,021,835 (122,120) 10,012,764 38,477,395 20,934,609 19,546,664

396,384,426 396,212,596 411,174,553 456,667,983 466,622,714 514,443,325

10,292,541 (4,510,439) 751,249 4,155,439 8,027,529 26,266,716

18,607,387 18,415,192 19,211,467 20,820,340 21,887,948 24,970,715

60,771,528 59,567,587 57,268,875 61,084,468 67,184,113 78,089,552

2.61 0.72 1.52 2.21 2.67 4.94

1.00 0.86 0.77 0.76 0.80 0.92

2.60 0.62 1.17 1.69 2.14 4.52

2.29 2.26 2.25 2.32 2.45 2.53

5.96 1.40 2.63 3.92 5.24 11.46

3.15 0.79 1.49 2.31 3.07 6.50

(Thousand Rupees)Spinning, Weaving, Finishing of Textiles - Overall

34

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

890,800 788,506 897,546 952,662 945,253 948,094

2,740 2,740 300 0 2,687 0

917,984 1,393,255 1,485,900 1,420,748 1,431,463 1,481,947

780,713 780,713 886,246 836,982 818,372 828,706

0 0 0 0 0 0

1,266 1,266 7,149 111,880 120,381 115,554

106,081 3,787 3,851 3,800 3,813 3,834

533,963 636,257 579,574 340,281 418,114 657,727

2,765 2,765 5,582 15,729 4,764 50,052

248,513 248,513 282,710 146,219 189,654 423,233

175,948 175,948 158,504 104,089 157,677 395,599

8,245 8,245 1,645 2,906 14,542 19,574

64,320 64,320 122,561 39,224 15,149 4,682

168,910 168,910 89,749 51,617 68,642 31,678

34,597 34,597 49,571 63,634 81,767 82,936

6,622 6,622 0 1,541 6,061 5,500

72,556 174,850 151,962 61,541 67,226 64,328

1,424,763 1,424,763 1,477,120 1,292,943 1,363,367 1,605,821

560,302 560,302 546,745 752,359 747,289 773,605

96,600 96,600 96,600 96,600 96,600 96,600

96,600 96,600 96,600 96,600 96,600 96,600

0 0 0 0 0 0

229,953 229,953 176,241 368,706 368,058 386,074

40,666 40,666 62,028 62,028 422,028 422,028

189,287 189,287 114,213 306,678 (53,970) (35,954)

189,287 189,287 114,213 (53,322) (53,970) (35,954)

233,749 233,749 273,904 287,053 282,631 290,931

110,855 110,855 193,005 63,867 59,614 91,539

15,111 15,111 12,664 0 0 0

76,584 76,584 164,072 0 0 0

0 0 0 0 0 0

1,174 1,174 8,007 8,950 12,144 18,274

17,986 17,986 8,262 54,917 47,470 73,265

753,606 753,606 737,370 476,717 556,464 740,677

128,661 128,661 154,376 140,436 141,889 175,721

74,849 74,849 109,521 102,306 79,372 123,732

605,713 605,713 570,752 325,811 388,244 526,495

0 0 1,552 0 0 0

19,232 19,232 10,690 10,470 26,331 38,461

1,358,792 1,358,792 1,466,267 1,102,932 1,598,473 1,885,310

1,358,792 1,358,792 1,466,267 1,102,932 1,598,473 1,885,310

0 0 0 0 0 0

1,402,838 1,402,838 1,506,150 1,161,404 1,537,855 1,747,080

994,514 994,514 1,147,987 641,650 951,552 1,180,684

(44,046) (44,046) (39,883) (58,472) 60,618 138,230

50,896 50,896 62,138 47,823 41,847 48,319

6,337 6,337 7,342 5,790 2,945 2,111

44,559 44,559 54,796 42,033 38,902 46,208

8,560 (191,744) 22,173 34,255 16,250 18,330

(86,382) (286,686) (79,848) (72,040) 35,021 108,241

24,027 24,027 41,573 62,082 31,604 46,714

22,605 22,605 29,131 26,097 29,649 45,567

(110,409) (310,713) (121,421) (134,122) 3,417 61,527

(37,183) (37,183) (39,293) 46,216 11,020 42,507

(73,226) (273,530) (82,128) (180,338) (7,603) 19,020

0 0 0 0 0 0

0 0 0 0 0 0

470,920 470,920 (32,507) 99,885 (37,253) (74,073)

(36,481) (36,481) (27,268) 7,867 (36,145) (18,890)

(441,665) (441,665) 62,592 (97,605) 62,433 138,251

671,157 671,157 739,750 816,226 806,903 865,144

(73,226) (273,530) (82,128) (180,338) (7,603) 19,020

32,783 49,543 41,122 41,898 40,716 40,205

112,489 112,489 157,083 135,134 152,688 185,573

-5.39 -20.13 -5.60 -16.35 -0.48 1.01

0.71 0.95 1.01 0.80 1.20 1.27

-3.82 -19.20 -5.66 -13.02 -0.57 1.28

2.81 2.54 2.62 2.13 1.77 1.95

-10.74 -48.82 -14.84 -27.76 -1.01 2.50

-7.58 -28.32 -8.50 -18.67 -0.79 1.97

(Thousand Rupees)AN textile Mills Ltd.(Formerly Ishaq Textile Mills Ltd.)

35

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,533,480 2,706,084 2,620,093 2,722,433 2,818,309 2,915,902

59,937 58,111 245 78,485 402 0

3,375,735 3,688,486 3,814,230 3,997,857 4,262,898 4,487,817

2,434,363 2,607,728 2,579,844 2,631,866 2,761,849 2,841,368

0 960 720 695 409 122

0 0 0 0 43,312 61,149

39,180 39,285 39,284 11,387 12,337 13,263

1,100,795 961,355 1,054,581 1,394,197 1,496,593 1,843,524

5,475 4,559 5,304 5,029 19,478 16,765

586,406 540,956 649,312 894,460 869,769 1,108,560

245,306 286,477 302,231 549,833 413,093 634,847

63,915 40,072 44,149 56,458 52,970 73,291

277,185 214,407 302,932 288,169 403,706 400,422

337,489 207,484 179,056 251,116 393,907 481,534

70,821 68,277 70,279 46,773 59,063 111,788

0 5,114 953 105 77 52

100,604 134,965 149,677 196,714 154,299 124,825

3,634,275 3,667,439 3,674,674 4,116,630 4,314,902 4,759,426

1,870,181 1,850,206 1,916,322 1,912,872 1,922,991 1,945,936

144,082 144,082 144,082 144,082 144,082 144,082

144,082 144,082 144,082 144,082 144,082 144,082

0 0 0 0 0 0

791,692 810,182 932,974 963,320 1,005,780 1,059,432

32,746 32,746 137,746 137,746 137,746 137,746

758,946 777,436 795,228 825,574 868,034 921,686

758,946 777,436 795,228 825,574 868,034 921,686

934,407 895,942 839,266 805,470 773,129 742,422

663,368 755,944 589,267 698,568 677,170 713,577

302,707 450,705 390,301 509,411 471,094 499,619

105,000 105,000 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

255,661 200,239 198,966 189,157 206,076 213,958

1,100,726 1,061,289 1,169,085 1,505,190 1,714,741 2,099,913

163,857 163,055 98,690 223,236 404,612 681,409

72,141 83,509 50,639 106,763 216,146 489,583

0 758,444 888,393 1,096,488 1,054,662 1,138,701

934,342 112,833 129,356 131,153 188,357 153,233

2,527 26,957 52,646 54,313 67,110 126,570

3,977,310 3,248,869 3,455,552 4,055,873 5,179,001 7,273,994

1,423,813 1,216,508 2,124,438 1,826,241 1,910,888 3,390,605

2,553,497 2,032,361 1,331,114 2,229,632 3,268,113 3,883,389

3,604,975 3,039,521 3,207,894 3,809,770 4,870,745 6,814,257

2,792,325 2,068,476 2,417,533 2,727,832 3,832,070 5,685,429

372,335 209,348 247,658 246,103 308,256 459,737

192,827 177,777 134,788 134,863 128,728 143,796

135,524 120,987 84,419 76,471 64,462 61,067

57,303 56,790 50,369 58,392 64,266 82,729

2,135 4,292 4,042 20,800 23,174 2,449

181,643 35,863 116,912 132,040 202,702 318,390

100,033 106,333 108,205 122,474 137,795 189,033

99,287 104,068 105,310 115,820 133,068 183,465

81,610 (70,470) 8,707 9,566 64,907 129,357

(14,487) (50,495) 26,824 13,014 54,789 88,401

96,097 (19,975) (18,117) (3,448) 10,118 40,956

0 0 0 0 18,010 18,010

0 0 0 0 0 0

(75,802) 200,333 3,718 (68,719) 269,946 162,424

(285,475) (315,584) (89,043) (260,123) (222,816) (220,753)

318,076 74,226 66,784 356,852 (72,180) 10,535

2,533,549 2,606,150 2,505,589 2,611,440 2,600,161 2,659,513

96,097 (19,975) (18,117) (3,448) (7,892) 22,946

131,818 141,857 153,629 131,605 139,866 145,929

194,262 205,631 261,529 299,527 351,377 357,092

2.42 -0.61 -0.52 -0.09 0.20 0.56

1.15 0.89 0.94 1.04 1.23 1.60

2.78 -0.55 -0.49 -0.09 0.24 0.90

1.85 1.96 1.95 2.03 2.20 2.35

5.15 -1.07 -0.96 -0.18 0.53 2.12

6.67 -1.39 -1.26 -0.24 0.70 2.84

(Thousand Rupees)Ahmed Hassan Textile Mills Ltd.

36

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

391,596 381,089 377,806 373,975 380,581 378,695

0 0 0 0 11,202 0

557,922 558,250 558,372 558,427 558,518 570,889

386,720 377,353 373,920 369,586 365,563 373,462

0 0 0 0 0 0

2,500 1,263 13 15 15 9

2,376 2,473 3,873 4,374 3,801 5,224

51,615 50,828 32,017 32,382 34,674 33,652

1,706 303 342 969 235 381

0 0 0 0 1,980 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 1,980 0

912 0 0 0 0 0

9,636 10,814 3,681 5,288 5,948 7,803

0 0 0 0 0 0

39,361 39,711 27,994 26,125 26,511 25,468

443,211 431,917 409,823 406,357 415,255 412,347

305,175 281,861 268,014 255,742 317,166 319,113

222,133 222,133 222,133 222,133 222,133 222,133

222,133 222,133 222,133 222,133 222,133 222,133

0 0 0 0 0 0

(179,299) (201,478) (214,257) (225,523) (163,152) (160,314)

0 0 0 0 66,067 80,899

(179,299) (201,478) (214,257) (225,523) (229,219) (241,213)

(179,299) (201,478) (214,257) (225,523) (229,219) (241,213)

262,341 261,206 260,138 259,132 258,185 257,294

63,975 81,004 100,756 108,643 60,886 61,068

62,183 60,933 98,430 105,024 58,508 58,508

2 17,902 0 0 0 0

0 0 0 0 0 0

1,162 1,329 1,492 2,785 1,544 1,726

628 840 834 834 834 834

74,061 69,052 41,053 41,972 37,203 32,166

37,748 33,486 21,733 20,531 15,405 13,011

15,221 13,940 9,360 9,397 9,959 5,108

0 0 0 0 0 0

11,410 9,902 8,652 8,652 8,552 8,552

24,903 25,664 10,668 12,789 13,246 10,603

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

13,690 12,378 8,372 11,885 11,624 18,732

0 0 0 0 0 0

(13,690) (12,378) (8,372) (11,885) (11,624) (18,732)

16,760 13,563 14,755 6,869 8,241 5,866

0 0 0 0 0 0

16,760 13,563 14,755 6,869 8,241 5,866

9,530 3,332 10,541 8,731 14,291 12,946

(20,920) (22,609) (12,586) (10,023) (5,574) (11,652)

28 8 18 26 15 39

0 0 0 0 0 0

(20,948) (22,617) (12,604) (10,049) (5,589) (11,691)

0 744 856 1,313 (711) 1,195

(20,948) (23,361) (13,460) (11,362) (4,878) (12,886)

0 0 0 0 0 0

0 0 0 0 0 0

(9,685) (17,587) (14,265) (7,460) (9,681) (9,452)

7,975 813 (475) (628) (10,721) (2,591)

(3,769) 15,371 14,779 8,715 19,668 12,189

369,150 362,865 368,770 364,385 378,052 380,181

(20,948) (23,361) (13,460) (11,362) (4,878) (12,886)

10,775 9,694 4,678 4,388 4,114 4,472

4,916 5,256 6,114 6,584 6,425 3,595

0.00 0.00 0.00 0.00 0.00 0.00

-4.60 -5.34 -3.20 -2.78 -1.19 -3.11

1.44 1.49 1.53 1.56 1.43 1.30

-6.64 -7.96 -4.90 -4.34 -1.70 -4.05

-0.47 -0.53 -0.30 -0.26 -0.11 -0.29

- - - - - -

(Thousand Rupees)Ali Asghar Textile Mills Ltd.

37

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

796,073 759,255 892,856 885,147 853,505 1,434,951

0 12,054 0 0 0 0

875,855 879,247 970,511 991,380 991,380 1,162,808

793,849 744,821 890,476 882,767 851,125 1,432,571

0 0 0 0 0 0

0 0 0 0 0 0

2,224 2,380 2,380 2,380 2,380 2,380

312,639 378,704 454,707 380,235 506,076 650,364

1,430 8,439 3,224 1,281 26,033 19,042

140,435 179,581 252,640 161,021 262,522 292,168

87,966 120,563 159,092 90,573 204,152 259,653

14,716 9,225 8,841 10,261 11,799 14,000

37,753 49,793 84,707 60,187 46,571 18,515

136,348 150,542 146,100 142,818 126,746 215,317

19,851 21,993 33,312 31,981 42,828 59,504

0 0 0 0 0 0

14,575 18,149 19,431 43,134 47,947 64,333

1,108,712 1,137,959 1,347,563 1,265,382 1,359,581 2,085,315

778,087 752,796 844,542 807,453 828,134 1,088,865

8,000 8,000 8,000 8,000 8,000 8,000

8,000 8,000 8,000 8,000 8,000 8,000

0 0 0 0 0 0

298,692 287,491 260,907 235,310 264,668 236,621

2,669 2,669 2,669 2,669 2,669 2,669

296,023 284,822 258,238 232,641 261,999 233,952

216,023 204,822 178,238 152,641 181,999 153,952

471,395 457,305 575,635 564,143 555,466 844,244

131,438 110,163 119,794 106,550 95,745 322,498

0 0 0 0 0 173,250

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

131,438 110,163 119,794 106,550 95,745 149,248

199,187 275,000 383,227 351,379 435,702 673,952

89,695 117,066 90,465 114,447 140,145 292,353

18,087 44,586 18,800 33,285 19,122 173,727

41,584 136,767 271,066 213,938 262,478 326,348

11,343 0 0 0 0 21,750

56,565 21,167 21,696 22,994 33,079 33,501

2,167,183 1,759,165 1,673,157 1,966,037 2,168,465 2,090,559

2,167,183 1,759,165 1,673,157 1,966,037 2,168,465 2,090,559

0 0 0 0 0 0

2,025,925 1,745,507 1,622,615 1,916,982 2,043,593 1,991,860

1,482,959 1,218,954 1,161,494 1,364,112 1,486,455 1,518,386

141,258 13,658 50,542 49,055 124,872 98,699

82,257 57,042 73,499 58,292 65,057 71,451

12,382 13,847 11,831 12,492 14,817 11,459

69,875 43,195 61,668 45,800 50,240 59,992

109 86 755 (2,317) (2,683) 0

59,110 (43,298) (22,202) (11,554) 57,132 27,248

20,376 13,446 13,441 20,562 21,115 36,554

19,436 12,814 12,490 19,303 20,060 35,655

38,734 (56,744) (35,643) (32,116) 36,017 (9,306)

1,799 (37,162) 2,156 8,230 18,384 6,614

36,935 (19,582) (37,799) (40,346) 17,633 (15,920)

8,200 0 0 0 3,000 0

0 0 0 0 0 0

56,224 (53,550) (132,091) 82,898 (23,626) 7,464

(36,912) (14,997) (7,424) (27,710) 0 (270,353)

(51,107) (19,627) 0 (2) (162) 192,028

909,525 862,959 964,336 914,003 923,879 1,411,363

28,735 (19,582) (37,799) (40,346) 14,633 (15,920)

55,325 52,420 28,329 33,103 31,642 29,342

188,368 181,913 215,722 224,928 224,027 203,610

1.70 -1.11 -2.26 -2.05 0.81 -0.76

1.95 1.57 1.35 1.50 1.65 1.21

3.32 -1.74 -3.04 -3.09 1.34 -0.92

1.45 1.47 1.56 1.58 1.60 1.80

4.81 -2.56 -4.73 -4.88 2.16 -1.66

46.17 -24.48 -47.25 -50.43 22.04 -19.90

(Thousand Rupees)Allawasaya Textile & Finishing Mills Ltd.

38

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

4,735,933 4,389,856 4,140,950 3,445,082 2,821,539 2,776,001

26,017 35,232 0 0 0 0

5,224,234 51,509,374 5,204,770 5,076,712 1,928,857 1,898,557

4,673,948 4,299,281 4,078,929 3,388,061 1,750,600 1,622,958

0 0 0 0 0 0

0 0 0 0 1,013,918 1,102,324

35,968 55,343 62,021 57,021 57,021 50,719

8,724,630 7,508,910 6,321,206 5,237,685 1,960,969 1,601,867

151,281 172,408 146,090 191,854 143,771 162,688

2,790,661 2,204,661 1,797,416 1,301,252 885,981 693,576

1,061,226 867,057 747,366 557,221 481,589 359,230

204,980 178,881 135,529 82,525 42,106 16,215

1,524,455 1,158,723 914,521 659,956 361,040 317,140

4,671,393 4,026,404 3,357,836 2,797,095 162,272 200,657

27,819 41,388 21,334 5,256 8,786 4,003

0 0 0 0 0 0

1,083,476 1,064,049 998,530 942,228 760,159 540,943

13,460,563 11,898,766 10,462,156 8,682,767 4,782,508 4,377,868

135,812 (1,467,344) (2,995,397) (4,822,332) (8,090,981) (8,352,956)

2,594,301 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301

2,594,301 2,594,301 2,594,301 2,594,301 2,594,301 2,594,301

0 0 0 0 0 0

(4,353,371) (5,791,754) (7,227,441) (8,543,943) (11,561,087) (11,814,957)

281,039 281,039 281,039 281,039 281,039 281,039

(4,634,410) (6,072,793) (7,508,480) (8,824,982) (11,842,126) (12,095,996)

(4,884,410) (6,322,793) (7,758,480) (9,074,982) (12,092,126) (12,345,996)

1,894,882 1,730,109 1,637,743 1,127,310 875,805 867,700

2,404,265 2,180,868 2,361,256 2,150,996 2,468,948 1,982,809

1,828,729 1,558,110 1,580,940 1,260,060 1,497,730 874,689

0 0 0 0 0 0

0 0 0 0 0 0

33,492 39,257 42,023 50,964 14,482 17,012

542,044 583,501 738,293 839,972 956,736 1,091,108

10,920,486 11,185,242 11,096,297 11,354,103 10,404,541 10,748,015

406,955 387,239 385,792 371,641 345,385 279,030

333,071 279,166 273,978 271,750 251,928 237,161

6,857,130 6,956,028 7,371,076 7,494,863 6,177,590 6,093,087

946,447 1,084,437 739,813 884,052 1,249,202 1,706,794

2,709,954 2,757,538 2,599,616 2,603,547 2,632,364 2,669,104

2,812,437 2,905,181 2,154,385 1,655,150 842,866 629,536

1,928,312 1,782,002 1,043,848 758,390 250,605 142,756

884,125 1,123,179 1,110,537 896,760 592,261 486,780

3,920,740 3,590,902 2,777,482 2,276,345 1,335,487 790,582

1,987,023 1,759,026 1,018,034 636,111 296,272 307,117

(1,108,303) (685,721) (623,097) (621,195) (492,621) (161,046)

753,816 772,326 724,739 670,641 2,586,140 51,438

17,929 24,819 18,311 19,167 14,874 13,183

735,887 747,507 706,428 651,474 2,571,266 38,255

82,669 47,417 (11,265) (14,787) (9,480) 142,216

(1,779,450) (1,410,630) (1,359,101) (1,306,623) (3,088,241) (70,268)

179,907 180,419 155,260 146,853 165,211 182,310

171,081 164,302 141,662 130,691 151,918 179,858

(1,959,357) (1,591,049) (1,514,361) (1,453,476) (3,253,452) (252,578)

7,278 11,069 11,537 16,965 12,227 10,140

(1,966,635) (1,602,118) (1,525,898) (1,470,441) (3,265,679) (262,718)

0 0 0 0 0 0

0 0 0 0 0 0

(66,747) 7,280 (92,723) 17,920 198,467 238,895

5,241 47,578 (26,849) 80,697 467,905 29,972

76,479 (33,732) 93,253 (52,853) (714,455) (249,950)

2,540,077 713,524 (634,141) (2,671,336) (5,622,033) (6,370,147)

(1,966,635) (1,602,118) (1,525,898) (1,470,441) (3,265,679) (262,718)

326,392 302,343 277,002 254,331 129,203 101,446

379,134 394,942 365,262 328,231 449,880 106,979

-69.93 -55.15 -70.83 -88.84 -387.45 -41.73

0.19 0.23 0.19 0.17 0.13 0.14

-13.59 -12.64 -13.65 -15.36 -48.51 -5.74

12.96 -19.05 -5.01 -2.45 -1.04 -0.56

-176.11 240.64 68.38 37.62 50.58 3.20

-7.58 -6.18 -5.88 -5.67 -12.59 -1.01

(Thousand Rupees)Amtex Ltd.

39

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,022,730 945,618 945,618 810,384 751,190 751,190

0 0 0 0 0 0

1,942,836 1,942,836 1,942,837 1,942,836 1,942,836 1,942,836

955,563 878,451 878,451 743,217 684,023 684,023

0 0 0 0 0 0

0 0 0 0 0 0

67,167 67,167 67,167 67,167 67,167 67,167

1,595,185 1,549,061 1,549,061 1,485,960 1,471,107 1,471,107

7,907 4,804 4,804 0 1,005 1,005

1,283,519 1,283,600 1,283,600 1,283,600 1,283,600 1,283,600

298,123 298,517 298,517 298,517 298,517 298,517

985,396 985,083 985,083 985,083 985,083 985,083

0 0 0 0 0 0

86,383 57,342 57,342 6,460 1,129 1,129

26,167 14,088 14,088 14,101 14,109 14,109

0 0 0 0 0 0

191,209 189,227 189,227 181,799 171,264 171,264

2,617,915 2,494,679 2,494,679 2,296,344 2,222,297 2,222,297

557,074 459,377 459,377 352,959 274,228 274,228

82,847 82,847 82,847 82,847 82,847 82,847

82,847 82,847 82,847 82,847 82,847 82,847

0 0 0 0 0 0

227,994 148,015 148,015 64,604 (2,583) (2,583)

0 0 0 0 0 0

227,994 148,015 148,015 64,604 (2,583) (2,583)

85,994 6,015 6,015 0 0 0

246,233 228,515 228,515 205,508 193,964 193,964

518,898 512,685 512,685 445,741 445,741 445,741

398,460 398,460 398,460 398,460 398,460 398,460

0 0 0 0 0 0

0 0 0 0 0 0

12,271 12,271 12,271 12,271 12,271 12,271

108,167 101,954 101,954 35,010 35,010 35,010

1,541,943 1,522,617 1,522,617 1,497,644 1,502,328 1,502,328

58,599 51,357 51,357 26,388 31,072 31,072

36,563 24,992 24,992 13,540 13,501 13,501

1,153,888 1,153,889 1,153,889 1,167,608 1,167,608 1,167,608

77,655 77,655 77,655 63,936 63,936 63,936

251,801 239,716 239,716 239,712 239,712 239,712

1,187,780 373 373 0 0 0

417,674 373 373 0 0 0

770,106 0 0 0 0 0

1,274,226 93,182 93,182 69,854 66,129 66,129

810,370 0 0 0 0 0

(86,446) (92,809) (92,809) (69,854) (66,129) (66,129)

29,349 11,078 11,078 9,196 12,544 12,544

10,911 2 2 0 0 0

18,438 11,076 11,076 9,196 12,544 12,544

0 0 0 0 0 0

(115,795) (103,887) (103,887) (79,050) (78,673) (78,673)

7,284 19 19 31 59 59

0 0 0 0 0 0

(123,079) (103,906) (103,906) (79,081) (78,732) (78,732)

(12,594) (6,208) (6,208) 0 0 0

(110,485) (97,698) (97,698) (79,081) (78,732) (78,732)

0 0 0 0 0 0

0 0 0 0 0 0

(12,726) (3,104) (3,104) 0 1,005 1,005

(78) 0 0 0 0 0

0 0 0 1,153,889 0 0

1,075,972 972,062 972,062 798,700 719,969 719,969

(110,485) (97,698) (97,698) (79,081) (78,732) (78,732)

84,242 0 0 64,640 59,194 59,194

3,539 0 0 6,290 7,371 7,371

-9.30 -26,192.49 -26,192.49

0.43 0.00 0.00 0.00 0.00 0.00

-3.98 -3.82 -3.92 -3.30 -3.48 -3.54

4.53 5.03 5.43 5.90 7.20 8.10

-18.04 -19.22 -21.27 -19.47 -25.11 -28.71

-13.34 -11.79 -11.79 -9.55 -9.50 -9.50

- - -

(Thousand Rupees)Apollo Textile Mills Ltd.

40

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

4,363,862 4,703,206 5,349,797 5,470,192 5,318,114 5,957,757

698,979 524,266 1,010,673 251,270 110,657 863,627

6,007,576 6,847,139 7,358,220 8,670,902 9,119,874 9,391,695

3,655,456 4,170,718 4,329,562 5,206,444 5,194,049 5,043,565

0 0 0 8,119 6,468 4,817

0 0 0 0 0 38,700

9,427 8,222 9,562 4,359 6,940 7,048

3,260,042 2,883,781 3,260,964 4,000,305 4,781,427 7,040,204

7,739 27,385 60,783 63,232 86,896 1,196,961

1,096,838 1,032,582 1,334,594 1,361,115 1,717,868 2,445,741

478,148 568,088 624,804 554,604 891,450 1,185,344

426,431 381,787 564,048 650,583 630,600 969,046

192,259 82,707 145,742 155,928 195,818 291,351

1,538,993 1,115,975 1,034,339 1,495,554 1,807,006 2,520,485

79,359 60,783 65,272 57,308 51,970 21,181

0 0 0 0 0 0

537,113 647,056 765,976 1,023,096 1,117,687 855,836

7,623,904 7,586,987 8,610,761 9,470,497 10,099,541 12,997,961

4,802,782 5,456,653 5,497,468 5,758,905 6,100,145 6,754,159

840,000 840,000 840,000 840,000 840,000 840,000

840,000 840,000 840,000 840,000 840,000 840,000

0 0 0 0 0 0

3,962,782 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159

0 0 0 0 0 0

3,962,782 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159

3,962,782 4,616,653 4,657,468 4,918,905 5,260,145 5,914,159

0 0 0 0 0 0

125,773 242,616 717,231 813,507 837,214 1,500,781

39,985 130,452 577,560 813,507 813,274 1,444,487

0 0 0 0 0 0

0 0 0 0 0 0

85,788 112,164 139,671 0 23,940 56,294

0 0 0 0 0 0

2,695,349 1,887,718 2,396,062 2,898,085 3,162,182 4,743,021

802,444 631,575 1,001,235 1,172,294 1,487,539 1,538,856

442,676 239,718 365,802 406,433 406,586 278,382

1,740,054 1,188,530 1,380,000 1,670,000 1,570,000 3,065,000

128,504 51,645 0 38,392 85,616 105,878

24,347 15,968 14,827 17,399 19,027 33,287

6,467,591 6,998,644 6,461,983 6,906,526 8,239,986 7,767,180

289,075 233,355 412,686 419,022 426,417 178,928

6,178,516 6,765,289 6,049,297 6,487,504 7,813,569 7,588,252

5,318,461 5,820,302 5,758,546 6,166,863 7,448,166 6,879,080

3,217,121 2,890,383 3,039,737 3,304,637 3,870,412 4,244,896

1,149,130 1,178,342 703,437 739,663 791,820 888,100

343,019 339,081 289,973 305,081 366,834 402,771

203,398 204,261 160,814 170,295 198,557 214,006

139,621 134,820 129,159 134,786 168,277 188,765

163,629 58,366 58,788 99,774 267,579 581,993

969,740 897,627 472,252 534,356 692,565 1,067,322

108,762 135,710 72,410 88,203 92,488 111,844

92,353 97,740 49,654 63,675 62,290 83,633

860,978 761,917 399,842 446,153 600,077 955,478

8,481 18,371 21,843 16,716 83,546 88,658

852,497 743,546 377,999 429,437 516,531 866,820

84,000 336,000 168,000 176,400 210,000 252,000

0 0 0 0 0 0

575,843 1,305,987 781,035 154,646 567,591 267,699

(1,101,546) (664,545) (998,914) (548,946) (314,447) (1,094,460)

373,190 (460,980) 268,864 396,749 (229,480) 1,936,826

4,928,555 5,699,269 6,214,699 6,572,412 6,937,359 8,254,940

768,497 407,546 209,999 253,037 306,531 614,820

260,319 326,209 353,230 437,843 465,576 459,321

1,243,293 1,538,699 1,691,487 1,594,618 2,056,363 1,954,550

13.18 10.62 5.85 6.22 6.27 11.16

0.95 0.92 0.80 0.76 0.84 0.67

12.54 9.78 4.67 4.75 5.28 7.51

1.54 1.48 1.48 1.61 1.65 1.80

19.28 14.49 6.90 7.63 8.71 13.49

10.15 8.85 4.50 5.11 6.15 10.32

(Thousand Rupees)Artistic Denim Mills Ltd.

41

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

747,629 726,357 739,657 725,415 729,115 978,871

2,087 2,771 0 0 0 2,881

757,441 766,421 814,993 829,312 867,467 1,146,621

741,037 719,076 735,147 720,905 724,605 971,480

0 0 0 0 0 0

0 0 0 0 0 0

4,505 4,510 4,510 4,510 4,510 4,510

168,258 203,441 217,869 242,456 222,071 196,882

18,655 35,705 45,783 43,038 46,819 4,755

45,327 14,696 14,582 16,715 3,595 3,865

17,040 5,046 3,025 3,592 227 0

3,106 2,665 7,028 11,613 2,427 0

25,181 6,985 4,529 1,510 941 3,865

39,199 62,790 26,811 35,059 37,655 59,276

12,656 29,986 59,543 52,308 48,408 41,686

0 0 0 0 0 0

52,421 60,264 71,150 95,336 85,594 87,300

915,887 929,798 957,526 967,871 951,186 1,175,753

884,744 888,199 892,936 881,298 865,911 1,088,479

349,850 349,850 349,850 349,850 349,850 349,850

349,850 349,850 349,850 349,850 349,850 349,850

0 0 0 0 0 0

164,855 184,444 204,513 207,446 205,908 221,280

0 0 0 0 0 0

164,855 184,444 204,513 207,446 205,908 221,280

164,855 184,444 204,513 207,446 205,908 221,280

370,039 353,905 338,573 324,002 310,153 517,349

15,189 20,539 20,357 41,333 46,914 56,523

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

15,189 20,539 20,357 41,333 46,914 56,523

0 0 0 0 0 0

15,954 21,060 44,233 45,240 38,361 30,751

15,954 16,058 12,712 21,366 15,557 19,539

5,073 6,421 5,793 13,412 7,993 4,683

0 5,000 31,000 20,952 19,963 7,939

0 0 0 0 0 0

0 2 521 2,922 2,841 3,273

518,405 384,695 299,055 285,395 286,602 321,650

283,239 275,370 233,647 258,530 266,480 321,650

235,166 109,325 65,408 26,865 20,122 0

420,934 346,308 266,410 249,665 269,632 279,428

122,178 58,872 39,273 17,662 10,423 19,348

97,471 38,387 32,645 35,730 16,970 42,222

46,644 32,187 28,272 27,286 29,650 33,907

11,188 6,836 4,073 2,952 2,564 1,618

35,456 25,351 24,199 24,334 27,086 32,289

0 0 0 0 0 0

50,827 6,200 4,373 8,444 (12,680) 8,315

9,240 553 1,253 1,877 338 1,861

6,319 0 1,072 1,787 107 1,827

41,587 5,647 3,120 6,567 (13,018) 6,454

0 0 0 2,938 2,731 3,000

41,587 5,647 3,120 3,629 (15,749) 3,454

0 0 0 0 0 0

0 0 0 0 0 0

178,133 24,222 29,879 25,785 41,027 31,635

(51,138) (12,172) (45,801) (18,483) (36,256) (61,676)

(122,964) 5,000 26,000 (10,048) (990) (12,023)

899,933 908,738 913,293 922,631 912,825 1,145,002

41,587 5,647 3,120 3,629 (15,749) 3,454

35,975 33,400 32,500 32,719 32,547 32,277

93,121 87,603 85,201 92,854 104,274 106,841

8.02 1.47 1.04 1.27 -5.50 1.07

0.62 0.42 0.32 0.30 0.30 0.30

5.00 0.61 0.33 0.38 -1.64 0.32

1.14 1.04 1.06 1.09 1.10 1.09

5.69 0.64 0.35 0.41 -1.80 0.35

1.19 0.16 0.09 0.10 -0.45 0.10

(Thousand Rupees)Ashfaq Textile Mills Ltd.

42

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

388,199 363,150 544,444 521,635 504,446 481,756

0 0 0 0 0 0

676,730 681,197 888,166 891,550 888,394 689,382

366,961 352,104 533,398 510,217 489,408 466,718

0 0 0 0 0 0

0 0 0 0 0 0

21,238 11,046 11,046 11,418 15,038 15,038

358,601 357,597 282,636 353,990 406,424 484,858

194,556 183,897 62,588 102,152 120,898 141,701

91,991 66,505 80,220 138,461 170,833 168,649

40,469 49,545 69,782 77,433 113,365 151,462

6,994 5,293 5,150 5,302 6,106 7,638

44,528 11,667 5,288 55,726 51,362 9,549

29,111 34,448 44,344 35,176 45,030 72,623

11,089 44,212 44,005 2,772 5,245 27,040

10,097 10,933 11,111 23,057 19,929 17,358

21,757 17,602 40,368 52,372 44,489 57,487

746,800 720,747 827,080 875,625 910,870 966,614

6,389 (11,209) 67,956 99,221 137,834 191,431

151,770 151,770 151,770 151,770 151,770 151,770

151,770 151,770 151,770 151,770 151,770 151,770

0 0 0 0 0 0

(285,812) (297,861) (301,895) (261,343) (213,784) (151,900)

0 0 0 0 0 0

(285,812) (297,861) (301,895) (261,343) (213,784) (151,900)

(285,812) (297,861) (301,895) (261,343) (213,784) (151,900)

140,431 134,882 218,081 208,794 199,848 191,561

90,012 82,428 114,135 112,585 110,562 106,679

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

1,542 1,198 980 965 597 432

88,470 81,230 113,155 111,620 109,965 106,247

650,399 649,528 644,989 663,819 662,474 668,504

38,647 37,499 33,237 52,067 50,722 51,630

17,119 17,442 17,319 22,516 23,079 27,734

417,591 417,591 417,591 417,591 417,591 417,591

0 0 0 0 0 0

194,161 194,438 194,161 194,161 194,161 199,283

1,314,143 1,129,414 1,092,539 1,214,020 1,433,635 1,786,445

1,314,143 1,102,305 1,092,539 1,214,020 1,433,635 1,786,445

0 27,109 0 0 0 0

1,226,685 1,128,873 1,085,197 1,152,197 1,346,089 1,677,102

896,732 774,525 738,634 849,649 959,861 1,296,634

87,458 541 7,342 61,823 87,546 109,343

27,245 29,923 25,461 25,396 32,192 37,280

0 2,347 14 0 0 0

27,245 27,576 25,447 25,396 32,192 37,280

10,820 16,494 4,881 3,548 3,433 8,586

71,033 (12,888) (13,238) 39,975 58,787 80,649

558 547 45 36 41 56

479 408 0 0 0 0

70,475 (13,435) (13,283) 39,939 58,746 80,593

41,828 4,163 4 10,613 17,010 24,425

28,647 (17,598) (13,287) 29,326 41,736 56,168

0 0 0 0 0 0

0 0 0 0 0 0

43,564 (17,412) (47,441) 49,926 23,116 15,472

(14,537) 6,753 (73,868) (10,362) (4,370) 5,332

0 0 0 0 0 0

96,401 71,219 182,091 211,806 248,396 298,110

28,647 (17,598) (13,287) 29,326 41,736 56,168

19,797 19,324 25,726 26,565 25,161 24,742

102,134 119,603 132,775 144,202 152,776 159,999

2.18 -1.56 -1.22 2.42 2.91 3.14

1.83 1.54 1.41 1.43 1.60 1.90

4.00 -2.40 -1.72 3.44 4.67 5.98

-86.16 -304.47 27.28 10.19 7.54 5.70

-344.56 730.21 -46.83 35.08 35.21 34.12

1.89 -1.16 -0.88 1.93 2.75 3.70

(Thousand Rupees)Asim Textile Mills Ltd.

43

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,776,817 2,716,936 1,224,481 1,019,795 1,000,761 585,480

0 0 0 0 0 0

2,807,284 2,811,948 1,194,982 1,194,982 1,194,982 677,681

2,716,687 2,663,952 1,030,163 1,010,493 991,459 575,833

0 0 0 0 0 0

50,261 42,405 30,383 0 0 0

9,869 10,579 163,935 9,302 9,302 9,647

725,881 508,877 201,011 59,557 55,932 55,507

1,624 1,206 2,136 2,456 281 3,940

366,965 273,562 0 0 0 0

291,476 240,665 0 0 0 0

40,971 23,118 0 0 0 0

34,518 9,779 0 0 0 0

119,149 45,173 6,679 0 1,500 1,650

45,248 5,854 5,216 0 782 1,406

0 0 0 0 0 0

192,895 183,082 186,980 57,101 53,369 48,511

3,502,698 3,225,813 1,425,492 1,079,352 1,056,693 640,987

1,802,342 1,831,503 327,060 133,467 103,514 (308,816)

14,000 14,000 14,000 14,000 14,000 14,000

14,000 14,000 14,000 14,000 14,000 14,000

0 0 0 0 0 0

291,204 303,924 (29,528) (179,665) (205,824) (729,993)

7,078 7,077 7,077 6,124 6,124 6,124

284,126 296,847 (36,605) (185,789) (211,948) (736,117)

213,576 226,297 (107,155) (257,292) (283,451) (807,620)

1,497,138 1,513,579 342,588 299,132 295,338 407,177

727,442 451,904 174,320 229,311 226,308 228,123

271,174 197,115 157,545 196,486 195,336 154,150

124,397 0 0 0 0 0

0 0 0 0 0 0

20,888 15,897 16,775 32,825 0 0

310,983 238,892 0 0 30,972 73,973

972,914 942,406 924,112 716,574 726,871 721,680

356,044 308,655 408,770 233,401 243,698 193,401

246,398 275,724 336,129 175,000 175,000 135,000

451,746 460,155 339,789 289,410 289,410 351,147

111,415 144,559 146,516 161,491 161,491 144,860

53,709 29,037 29,037 32,272 32,272 32,272

3,256,947 2,005,360 364,876 0 0 0

2,759,320 1,910,267 340,657 0 0 0

497,627 95,093 24,219 0 0 0

3,143,450 2,090,608 615,972 0 0 0

2,170,086 1,379,267 401,724 0 0 0

113,497 (85,248) (251,096) 0 0 0

112,292 33,889 9,260 31,114 44,614 574,345

16,480 6,069 1,405 0 0 0

95,812 27,820 7,855 31,114 44,614 574,345

(1,622) 145,029 (7,058) 30,426 16,572 51,536

(417) 25,892 (267,414) (688) (28,042) (522,809)

76,689 70,807 31,086 3,254 10 7

66,123 67,654 28,074 0 0 0

(77,106) (44,915) (298,500) (3,942) (28,052) (522,816)

9,892 (29,188) 3,655 190,737 2,960 2,996

(86,998) (15,727) (302,155) (194,679) (31,012) (525,812)

0 0 0 0 0 0

0 0 0 0 0 0

35,179 5,989 145,893 2,776 (1,025) (34,621)

(15,211) (5,374) 13,018 0 0 8,655

(28,613) (1,033) (157,979) (2,455) (1,025) 29,626

2,529,784 2,283,407 501,380 362,778 329,822 (80,693)

(86,998) (15,727) (302,155) (194,679) (31,012) (525,812)

59,408 57,399 20,187 19,670 19,034 8,260

257,235 181,562 66,452 2,107 2,725 1,285

-2.67 -0.78 -82.81

0.93 0.60 0.16 0.00 0.00 0.00

-2.49 -0.47 -12.99 -15.54 -2.90 -61.94

1.90 1.85 2.15 5.44 9.01 -8.27

-4.73 -0.87 -28.00 -84.55 -26.17 512.23

-62.14 -11.23 -215.83 -139.06 -22.15 -375.58

- - -

(Thousand Rupees)Ayesha Textile Mills Ltd.

44

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

15,237,841 13,410,391 13,444,780 13,421,971 13,484,348 13,678,397

35,938 27,812 76,799 177,390 51,582 88,899

20,497,189 20,529,613 21,071,978 21,392,310 22,017,804 16,493,779

13,501,345 13,069,941 13,117,452 12,991,110 13,163,865 10,078,766

0 0 0 0 0 0

1,681,305 231,897 231,896 231,865 231,865 231,865

19,253 80,741 18,633 21,606 37,036 3,278,867

5,545,152 5,108,152 4,826,184 5,268,016 6,382,833 9,008,089

22,760 133,324 143,318 159,222 142,395 447,993

1,546,299 1,940,504 1,769,137 1,859,014 2,468,070 2,755,896

520,354 448,523 422,989 598,247 717,701 802,227

791,684 662,842 729,638 841,190 1,186,321 1,280,854

234,261 829,139 616,510 419,577 564,048 672,815

2,420,618 1,361,141 1,177,075 1,240,969 1,354,829 3,217,170

79,015 0 0 358,231 405,729 552,177

700,000 306,023 306,023 306,023 306,024 306,023

776,460 1,367,160 1,430,631 1,344,557 1,705,786 1,728,830

20,782,993 18,518,543 18,270,964 18,689,987 19,867,181 22,686,486

3,955,393 728,719 353,028 227,606 428,735 1,063,554

4,548,719 4,548,719 4,548,719 4,548,719 4,548,719 4,548,719

4,548,719 4,548,719 4,548,719 4,548,719 4,548,719 4,548,719

0 0 0 0 0 0

(5,297,014) (8,388,030) (9,074,705) (9,074,779) (8,750,672) (8,334,934)

3,417,655 3,125,220 3,125,219 3,133,362 3,137,869 3,135,488

(8,714,669) (11,513,250) (12,199,924) (12,208,141) (11,888,541) (11,470,422)

(8,714,669) (11,513,250) (12,199,924) (12,208,141) (11,888,541) (11,470,422)

4,703,688 4,568,030 4,879,014 4,753,666 4,630,688 4,849,769

5,313,305 3,428,083 1,287,705 842,425 731,839 351,232

1,514,089 967,403 645,410 501,309 391,795 7,568

0 0 0 0 0 0

0 2,460,680 569,990 199,796 108,002 0

0 0 72,305 141,320 232,042 343,664

3,799,216 0 0 0 0 0

11,514,295 14,361,741 16,630,231 17,619,956 18,706,607 21,271,700

2,214,447 2,444,298 1,659,746 1,533,520 1,846,555 1,732,597

1,701,247 1,871,295 1,307,951 1,146,104 1,253,182 1,116,615

4,925,439 4,813,695 4,782,488 4,691,105 4,590,853 5,647,437

2,068,877 4,097,461 6,496,787 7,105,619 7,439,381 8,170,827

2,305,532 3,006,287 3,691,210 4,289,712 4,829,818 5,720,839

13,301,847 10,701,888 13,176,284 12,802,374 15,971,672 20,214,971

2,060,419 1,511,150 1,317,371 1,201,744 1,839,081 2,150,037

11,241,428 9,190,738 11,858,913 11,600,630 14,132,591 18,064,934

12,339,516 9,638,730 11,677,126 10,916,714 13,391,360 16,726,691

8,459,391 6,467,160 7,656,549 7,007,302 9,275,477 11,895,106

962,331 1,063,158 1,499,158 1,885,660 2,580,312 3,488,280

1,485,780 3,051,004 1,012,020 999,427 1,184,240 1,485,094

598,469 559,249 489,222 517,315 674,270 911,073

887,311 2,491,755 522,798 482,112 509,970 574,021

60,378 342,307 36,884 36,275 57,244 26,418

(463,071) (1,645,539) 524,022 922,508 1,453,316 2,029,604

1,529,841 1,182,711 1,207,625 965,600 1,154,240 1,528,303

1,034,764 868,939 811,827 750,407 789,445 956,484

(1,992,912) (2,828,250) (683,603) (43,092) 299,076 501,301

132,644 105,989 130,545 90,472 102,453 195,989

(2,125,556) (2,934,239) (814,148) (133,564) 196,623 305,312

0 0 0 0 0 0

0 0 0 0 0 0

177,974 (82,353) 223,749 547,860 619,242 (365,642)

(9,880) 311,930 (134,173) (387,710) (433,664) (299,250)

70,466 (137,859) (133,062) 32,357 (285,919) 998,480

9,268,698 4,156,802 1,640,733 1,070,031 1,160,574 1,414,786

(2,125,556) (2,934,239) (814,148) (133,564) 196,623 305,312

489,436 484,157 466,949 454,055 455,661 459,911

1,723,083 1,825,713 2,016,101 2,322,210 2,985,385 3,552,025

-15.98 -27.42 -6.18 -1.04 1.23 1.51

0.64 0.54 0.72 0.69 0.83 0.95

-10.25 -14.93 -4.43 -0.72 1.02 1.43

4.77 8.39 34.01 63.66 58.75 28.52

-48.93 -125.28 -150.52 -46.01 59.91 40.92

-4.67 -6.45 -1.79 -0.29 0.43 0.67

(Thousand Rupees)Azgard Nine Ltd.

45

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,450,783 1,426,609 1,802,278 1,680,117 1,813,864 1,944,395

14,908 0 2,083 5,259 48,287 30,626

1,496,799 1,534,737 1,719,497 1,743,816 1,819,511 2,034,533

1,359,929 1,350,262 1,555,665 1,517,351 1,535,925 1,684,041

0 0 0 0 0 0

73,430 74,415 243,020 155,871 228,008 228,654

2,516 1,932 1,510 1,636 1,644 1,074

698,576 407,179 457,202 723,756 815,533 1,063,252

5,706 7,739 543 477 8,143 2,952

609,172 309,812 379,057 614,915 672,394 885,385

399,795 214,131 223,505 370,771 606,258 777,178

35,702 36,801 36,606 37,987 39,494 51,436

173,675 58,880 118,946 206,157 26,642 56,771

367 165 108 285 369 308

11,179 5,553 6,177 5,052 8,671 11,515

0 0 0 0 0 0

72,152 83,910 71,317 103,027 125,956 163,092

2,149,359 1,833,788 2,259,480 2,403,873 2,629,397 3,007,647

1,279,500 1,202,547 1,538,345 1,452,306 1,360,434 1,321,511

36,522 36,522 36,522 36,522 36,522 36,522

36,522 36,522 36,522 36,522 36,522 36,522

0 0 0 0 0 0

636,591 570,517 556,576 483,519 408,277 386,121

15,096 15,096 17,567 17,451 17,341 17,235

621,495 555,421 539,009 466,068 390,936 368,886

530,757 464,820 445,311 378,068 302,936 280,886

606,387 595,508 945,247 932,265 915,635 898,868

298,175 284,531 253,712 177,942 231,432 278,310

0 33,272 13,841 0 70,096 186,718

0 0 0 0 0 0

7,062 0 0 0 0 0

55,797 62,500 73,104 69,140 78,326 81,520

235,316 188,759 166,767 108,802 83,010 10,072

571,684 346,710 467,423 773,625 1,037,531 1,407,826

138,152 115,557 132,504 171,230 272,552 373,287

23,277 22,581 28,085 38,358 53,444 198,869

380,546 193,653 296,903 561,030 726,128 929,483

32,736 17,114 19,211 13,824 3,644 51,803

20,250 20,386 18,805 27,541 35,207 53,253

1,927,396 1,757,969 1,444,247 1,649,638 1,890,012 2,218,285

1,927,396 1,757,969 1,444,247 1,649,638 1,890,012 2,218,285

0 0 0 0 0 0

1,693,683 1,764,254 1,412,766 1,594,540 1,923,534 2,096,805

1,223,300 1,075,188 926,534 1,096,721 1,138,890 1,461,332

233,713 (6,285) 31,481 55,098 (33,522) 121,480

96,705 78,821 70,614 83,706 86,493 105,242

9,644 9,451 8,359 12,366 14,173 16,539

87,061 69,370 62,255 71,340 72,320 88,703

18,328 9,937 16,701 5,143 80,619 4,273

155,336 (75,169) (22,432) (23,465) (39,396) 20,511

41,421 48,634 27,418 24,656 45,081 115,890

39,947 48,285 22,900 22,293 43,124 113,994

113,915 (123,803) (49,850) (48,121) (84,477) (95,379)

31,895 (39,604) (37,378) (18,520) (38) (56,361)

82,020 (84,199) (12,472) (29,601) (84,439) (39,018)

0 0 0 0 0 0

0 0 0 0 0 0

(51,095) 251,176 (15,803) (196,128) (54,102) (80,997)

(132,423) (19,642) (50,028) (27,069) (125,887) (196,417)

184,438 (229,501) 58,635 223,131 187,655 272,223

1,577,675 1,487,078 1,792,057 1,630,248 1,591,866 1,599,821

82,020 (84,199) (12,472) (29,601) (84,439) (39,018)

49,366 52,444 51,889 62,633 60,061 66,906

292,727 298,332 293,629 321,911 340,242 366,489

4.26 -4.79 -0.86 -1.79 -4.47 -1.76

0.98 0.88 0.71 0.71 0.75 0.79

4.15 -4.23 -0.61 -1.27 -3.36 -1.38

1.58 1.60 1.49 1.56 1.79 2.10

6.56 -6.78 -0.91 -1.98 -6.00 -2.91

22.46 -23.05 -3.41 -8.10 -23.12 -10.68

(Thousand Rupees)Babri Cotton Mills Ltd.

46

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,277,779 2,123,652 1,984,572 2,111,056 2,854,859 3,221,942

725,584 17,325 720 54,912 31,455 24,923

3,509,505 4,117,732 4,180,053 4,418,737 5,357,465 5,942,093

1,540,975 2,080,122 1,957,647 2,029,939 2,794,871 3,168,486

0 0 0 0 0 0

0 0 0 0 0 0

11,220 26,205 26,205 26,205 28,533 28,533

3,039,512 2,597,798 2,720,644 3,784,089 3,790,733 5,183,986

30,435 177,071 65,285 39,786 68,266 143,722

2,164,139 1,511,682 1,742,765 2,713,409 2,347,206 3,569,019

1,699,181 1,178,447 1,346,056 2,184,923 1,984,424 2,993,789

104,975 96,357 94,152 121,133 137,316 167,176

359,983 236,878 302,557 406,754 223,726 406,737

500,933 472,307 413,602 544,451 841,493 758,161

38,556 137,015 91,806 31,621 28,700 68,359

0 0 0 0 0 0

305,449 299,723 407,186 454,822 505,068 644,725

5,317,291 4,721,450 4,705,216 5,895,145 6,645,592 8,405,928

3,288,488 3,427,026 3,639,553 3,886,302 4,262,737 4,913,117

30,000 30,000 30,000 30,000 30,000 30,000

30,000 30,000 30,000 30,000 30,000 30,000

0 0 0 0 0 0

3,258,488 3,397,026 3,609,553 3,856,302 4,232,737 4,883,117

0 0 0 0 0 0

3,258,488 3,397,026 3,609,553 3,856,302 4,232,737 4,883,117

108,488 97,026 109,553 156,302 232,737 183,117

0 0 0 0 0 0

778,353 796,527 572,558 752,188 1,293,400 1,595,287

620,241 583,099 348,588 428,762 885,234 1,121,716

0 0 0 0 0 0

0 0 0 0 0 0

103,621 132,186 114,570 131,861 149,567 148,845

54,491 81,242 109,400 191,565 258,599 324,726

1,250,450 497,897 493,105 1,256,655 1,089,455 1,897,524

426,780 417,411 408,214 487,765 771,695 725,977

237,465 201,108 215,563 169,267 224,379 264,744

802,212 0 0 676,558 220,458 992,657

0 67,142 77,464 77,464 81,367 140,183

21,458 13,344 7,427 14,868 15,935 38,707

8,060,772 7,350,098 6,637,411 6,837,255 8,073,845 9,347,773

1,472,782 5,151,939 4,231,111 4,185,231 5,192,819 6,180,685

6,587,990 2,198,159 2,406,300 2,652,024 2,881,026 3,167,088

7,094,890 6,708,564 5,953,047 6,082,971 7,205,449 8,054,101

4,517,003 4,124,693 3,858,540 4,147,178 4,736,346 6,109,218

965,882 641,534 684,364 754,284 868,396 1,293,672

380,325 298,329 297,657 303,758 344,252 398,293

189,362 161,773 140,891 155,460 184,655 178,151

190,963 136,556 156,766 148,298 159,597 220,142

11,483 8,766 4,316 5,783 111,987 227,826

597,040 351,971 391,023 456,309 636,131 1,123,205

126,836 115,128 69,829 87,064 93,971 166,322

105,975 97,440 54,017 71,761 75,769 139,318

470,204 236,843 321,194 369,245 542,160 956,883

61,941 29,432 100,845 93,508 60,123 124,473

408,263 207,411 220,349 275,737 482,037 832,410

60,000 30,000 30,000 110,400 192,900 167,400

0 0 0 0 0 0

283,247 1,002,656 212,103 (441,552) 991,787 (402,274)

(838,177) (23,876) (69,741) (310,716) (857,331) (397,213)

532,181 (832,144) (254,147) 726,768 (105,976) 874,944

4,066,841 4,223,553 4,212,111 4,638,490 5,556,137 6,508,404

348,263 177,411 190,349 165,337 289,137 665,010

145,168 197,585 195,400 185,752 223,452 250,171

580,788 606,513 681,363 728,286 825,344 820,839

5.06 2.82 3.32 4.03 5.97 8.90

1.66 1.46 1.41 1.29 1.29 1.24

8.40 4.13 4.68 5.20 7.69 11.06

1.56 1.49 1.33 1.41 1.54 1.64

13.09 6.18 6.24 7.33 11.83 18.14

136.09 69.14 73.45 91.91 160.68 277.47

(Thousand Rupees)Bhanero Textile Mills Ltd.

47

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,047,795 1,068,865 1,027,828 976,706 933,787 1,015,562

4,971 1,162 0 0 0 0

1,110,326 1,186,519 1,099,316 1,088,346 1,088,007 424,533

1,039,223 1,064,094 1,024,439 973,317 930,431 471,666

0 0 0 0 0 0

0 0 0 0 0 542,740

3,601 3,609 3,389 3,389 3,356 1,156

303,973 254,201 222,578 91,438 102,463 102,185

9,088 5,844 412 728 369 134

149,668 150,961 140,924 57,873 57,873 57,873

116,210 118,975 57,529 57,529 57,529 57,873

16,665 16,961 0 0 0 0

16,793 15,025 83,051 0 0 0

51,008 35,657 19,873 0 0 0

20,475 25,170 17,089 0 0 0

0 0 0 0 0 0

73,734 36,569 44,280 32,837 44,221 44,178

1,351,768 1,323,066 1,250,406 1,068,144 1,036,250 1,117,747

357,738 234,626 82,588 91,094 12,713 137,767

141,000 141,000 141,000 141,000 141,000 141,000

141,000 141,000 141,000 141,000 141,000 141,000

0 0 0 0 0 0

(106,474) (225,589) (366,258) (350,202) (421,303) (422,136)

14,570 0 0 0 0 0

(121,044) (225,589) (366,258) (350,202) (421,303) (422,136)

(121,044) (235,302) (371,115) (350,202) (421,303) (422,136)

323,212 319,215 307,846 300,296 293,016 418,903

652,081 589,028 510,660 114,629 170,855 124,243

464,981 499,454 482,596 92,372 110,459 117,307

40,633 0 0 0 0 0

0 0 0 0 0 0

19,236 16,600 13,946 0 0 0

127,231 72,974 14,118 22,257 60,396 6,936

341,949 499,412 657,158 862,421 852,682 855,737

68,473 131,032 251,061 58,770 30,467 32,482

33,579 63,762 93,619 28,761 16,474 16,421

89,598 153,912 144,105 143,855 143,856 143,856

87,765 120,116 164,472 562,040 580,603 581,643

96,113 94,352 97,520 97,756 97,756 97,756

2,042,478 1,638,364 1,067,924 95,048 0 0

1,878,811 1,568,330 1,026,949 95,048 0 0

163,667 70,034 40,975 0 0 0

1,936,369 1,708,277 1,222,800 135,866 0 0

1,405,544 1,178,749 835,637 6 0 0

106,109 (69,913) (154,876) (40,818) 0 0

64,203 63,753 50,437 11,079 48,009 55,649

25,662 19,847 18,143 448 0 0

38,541 43,906 32,294 10,631 48,009 55,649

20,249 17,801 16,576 95,673 14,520 10,648

62,155 (115,865) (188,737) 43,776 (33,489) (45,001)

58,644 55,966 24,164 21,307 17,373 13,091

57,753 55,008 23,312 20,815 17,132 13,087

3,511 (171,831) (212,901) 22,469 (50,862) (58,092)

19,786 (45,337) (60,778) 9,105 27,519 (49,410)

(16,275) (126,494) (152,123) 13,364 (78,381) (8,682)

0 0 0 0 0 0

0 0 0 0 0 0

86,404 (9,993) (12,480) 5,892 (22,109) 3,925

(38,860) (73,890) (8,021) 6,775 453 0

(45,146) 80,639 15,069 (12,350) 21,297 (4,160)

1,009,819 823,654 593,248 205,723 183,568 262,010

(16,275) (126,494) (152,123) 13,364 (78,381) (8,682)

50,099 51,648 49,016 42,335 42,747 40,581

154,384 176,845 173,667 6,646 176,845 1,994

-0.80 -7.72 -14.24 14.06

1.51 1.23 0.83 0.08 0.00 0.00

-1.21 -9.46 -11.82 1.15 -7.45 -0.81

4.22 4.52 8.11 13.35 20.27 14.31

-5.09 -42.71 -95.91 15.39 -151.01 -11.54

-1.15 -8.97 -10.79 0.95 -5.56 -0.62

- -

(Thousand Rupees)Bilal Fibres Ltd.

48

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,248,558 3,083,206 3,526,833 3,912,045 3,609,696 3,795,454

191,275 26,841 1,312 29,139 2,967 36,964

4,921,237 5,156,948 5,829,019 6,386,597 6,472,591 6,924,434

3,046,158 3,025,391 3,511,367 3,868,752 3,592,585 3,744,096

0 0 0 0 0 0

0 0 0 0 0 0

11,125 30,974 14,154 14,154 14,144 14,394

2,217,505 1,877,666 2,593,542 3,169,630 5,695,622 5,333,098

59,251 57,187 65,245 35,442 139,828 302,172

1,485,041 1,186,680 1,592,565 1,821,520 3,893,103 3,245,348

989,067 861,165 1,211,886 1,317,563 3,368,820 2,749,054

100,532 85,255 98,794 93,615 109,149 123,825

395,442 240,260 281,885 410,342 415,134 372,469

252,948 234,590 302,465 523,159 926,183 971,215

36,056 0 0 31,343 48,729 19,553

0 0 0 0 0 0

384,209 399,209 633,267 758,166 687,779 794,810

5,466,063 4,960,872 6,120,375 7,081,675 9,305,318 9,128,552

2,619,025 2,678,841 2,759,051 2,973,279 3,251,805 3,755,089

64,320 64,320 64,320 64,320 64,320 64,320

64,320 64,320 64,320 64,320 64,320 64,320

0 0 0 0 0 0

2,554,705 2,614,521 2,694,731 2,908,959 3,187,485 3,690,769

0 0 0 0 0 0

2,554,705 2,614,521 2,694,731 2,908,959 3,187,485 3,690,769

54,705 64,521 94,731 108,959 187,485 190,769

0 0 0 0 0 0

1,442,041 1,243,521 1,596,178 2,262,122 2,072,968 2,188,053

1,321,203 1,063,744 1,376,316 1,817,591 1,543,020 1,600,162

0 0 0 0 0 0

0 0 0 0 0 0

75,912 97,273 91,760 108,130 126,057 118,104

44,926 82,504 128,102 336,401 403,891 469,787

1,404,997 1,038,510 1,765,146 1,846,274 3,980,545 3,185,410

401,351 347,091 330,266 347,609 487,985 544,233

193,993 128,523 153,857 199,316 225,896 172,483

682,905 380,500 1,153,712 1,242,801 3,146,462 2,190,947

274,746 280,492 254,010 221,742 303,439 369,637

45,995 30,427 27,158 34,122 42,659 80,593

7,379,595 7,623,285 6,846,744 8,064,239 10,257,434 12,346,175

3,589,929 3,871,572 3,908,432 4,959,826 6,424,370 7,551,141

3,789,666 3,751,713 2,938,312 3,104,413 3,833,064 4,795,034

6,605,290 6,973,056 6,325,609 7,268,795 9,185,919 10,733,443

4,836,086 4,621,681 4,453,761 5,266,528 6,753,923 8,237,382

774,305 650,229 521,135 795,444 1,071,515 1,612,732

290,484 275,470 254,606 287,635 384,620 459,708

163,557 163,428 127,014 150,628 227,393 223,401

126,927 112,042 127,592 137,007 157,227 236,307

2,618 4,506 29,818 35,742 3,830 6,805

486,439 379,265 296,347 543,551 690,725 1,159,829

257,648 260,190 168,906 166,058 186,788 371,504

239,093 243,252 150,002 150,033 167,188 347,154

228,791 119,075 127,441 377,493 503,937 788,325

(4,746) 37,075 32,502 131,696 135,461 152,900

233,537 82,000 94,939 245,797 368,476 635,425

16,080 32,160 32,160 98,410 147,936 127,354

0 0 0 0 0 0

520,028 719,839 (301,168) 216,385 (1,424,920) 1,701,178

(1,481,492) (151,832) (718,150) (712,626) (83,692) (560,103)

983,737 (570,071) 1,027,377 466,439 1,612,997 (978,936)

4,061,066 3,922,362 4,355,229 5,235,401 5,324,773 5,943,142

217,457 49,840 62,779 147,387 220,540 508,071

239,228 322,726 310,123 360,926 386,665 374,687

442,395 494,178 554,643 616,508 578,538 693,529

3.16 1.08 1.39 3.05 3.59 5.15

1.53 1.46 1.24 1.22 1.25 1.34

4.86 1.57 1.71 3.72 4.50 6.89

1.91 1.97 2.04 2.30 2.63 2.63

9.27 3.10 3.49 8.58 11.84 18.14

36.31 12.75 14.76 38.21 57.29 98.79

(Thousand Rupees)Blessed Textiles Ltd.

49

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,150,131 1,144,259 1,059,333 997,426 919,077 885,005

13,842 802 1,260 0 0 0

1,814,451 1,875,978 1,856,071 1,849,678 1,853,020 1,853,020

1,121,980 1,126,706 1,043,625 984,231 905,708 851,736

0 0 0 0 0 0

0 0 0 0 0 0

14,309 16,751 14,448 13,195 13,369 33,269

599,529 606,551 422,672 90,273 109,185 110,086

9,554 3,941 1,741 552 1,004 377

294,934 342,924 133,051 965 20,500 7,008

213,819 254,588 79,774 965 6,650 6,985

27,018 41,864 45,459 0 9,620 0

54,097 46,472 7,818 0 4,230 23

90,972 54,210 109,817 11,561 16,374 43,726

174,639 187,201 168,619 24,683 12,313 3,597

0 0 0 0 0 0

29,430 18,275 9,444 52,512 58,994 55,378

1,749,660 1,750,810 1,482,005 1,087,699 1,028,262 995,091

604,565 734,342 397,745 218,959 101,405 47,780

200,000 200,000 200,000 200,000 200,000 607,881

200,000 200,000 200,000 200,000 200,000 607,881

0 0 0 0 0 0

211,166 350,119 21,941 (149,115) (239,393) (696,797)

0 271,256 271,256 450,256 450,256 42,375

211,166 78,863 (249,315) (599,371) (689,649) (739,172)

211,166 78,863 (249,315) (599,371) (689,649) (739,172)

193,399 184,223 175,804 168,074 140,798 136,696

367,585 90,748 70,303 35,835 31,143 37,076

11,825 6,097 0 0 0 0

271,256 0 0 0 0 0

0 0 0 0 0 0

34,497 36,645 22,297 6,842 2,150 8,082

50,007 48,006 48,006 28,993 28,993 28,994

777,510 925,720 1,013,957 832,905 895,714 910,235

383,133 520,504 529,589 427,517 429,879 388,365

291,986 371,830 288,214 241,178 237,840 194,709

372,263 375,665 461,681 366,318 390,594 429,898

5,349 5,728 6,800 2,366 2,366 2,366

16,765 23,823 15,887 36,704 72,875 89,606

2,720,953 2,112,614 1,057,846 536,175 201,245 1,072,563

1,377,109 1,119,848 934,254 536,175 201,245 1,072,563

1,343,844 992,766 123,592 0 0 0

2,492,199 2,077,810 1,288,445 827,156 239,769 1,065,623

1,730,203 1,382,224 754,611 405,175 144,062 755,506

228,754 34,804 (230,599) (290,981) (38,524) 6,940

120,025 124,347 72,407 38,254 26,461 45,260

56,260 48,579 13,170 281 887 5,716

63,765 75,768 59,237 37,973 25,574 39,544

697 808 1,237 2,413 7,926 1,783

109,426 (88,735) (301,769) (326,822) (57,059) (36,537)

46,983 42,958 30,935 30,283 33,686 3,585

0 38,068 0 0 33,655 3,322

62,443 (131,693) (332,704) (357,105) (90,745) (40,122)

10,185 7,739 2,032 (1,199) 2,516 13,409

52,258 (139,432) (334,736) (355,906) (93,261) (53,531)

30,000 10,000 0 0 0 0

0 0 0 0 0 0

194,749 62,063 (97,772) (82,070) (20,014) (20,032)

(145,293) (65,416) 14,581 (357) (3,810) (19,899)

(40,630) (2,260) 80,991 79,202 24,276 39,304

972,150 825,090 468,048 254,794 132,548 84,856

22,258 (149,432) (334,736) (355,906) (93,261) (53,531)

1,207 69,884 68,700 64,457 58,292 53,972

200,464 264,579 178,386 139,104 44,446 122,037

1.92 -6.60 -31.64 -66.38 -46.34 -4.99

1.60 1.21 0.65 0.42 0.19 1.06

3.07 -7.97 -20.71 -27.70 -8.82 -5.29

3.25 2.61 2.86 4.17 6.60 13.56

9.97 -20.83 -59.14 -115.42 -58.22 -71.76

2.61 -3.49 -8.37 -8.90 -2.33 -0.44

(Thousand Rupees)Chakwal Spinning Mills Ltd.

50

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

20,803,776 20,519,675 19,836,028 19,836,028 19,470,693 19,334,318

1,319,460 687,404 453,483 453,483 96,428 131,659

11,136 24,235,949 25,154,099 25,154,099 26,113,032 26,849,347

18,703,906 19,103,555 19,157,470 19,157,470 18,398,892 18,330,300

0 0 0 0 0 0

290,602 247,451 175,425 175,425 924,403 821,227

489,808 481,265 49,650 49,650 50,970 51,132

7,311,076 6,973,226 6,884,101 6,884,101 7,850,804 7,838,945

64,881 58,271 56,885 56,885 38,412 37,287

4,682,740 5,238,387 5,184,692 5,184,692 5,415,334 4,705,937

1,128,312 613,612 442,997 442,997 649,392 2,000,067

489,205 414,652 436,792 436,792 453,260 450,135

3,065,223 3,713,376 3,808,156 3,808,156 3,815,935 2,090,735

997,097 515,678 462,075 462,075 694,187 997,955

184,950 190,928 113,912 113,912 281,823 502,000

0 0 0 0 0 0

1,381,408 969,962 1,066,537 1,066,537 1,421,048 1,595,766

28,114,852 27,492,901 26,720,129 26,720,129 27,321,497 27,173,263

9,564,270 8,667,437 7,776,690 7,776,690 7,926,614 9,359,739

4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100

4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100

0 0 0 0 0 0

4,583,558 3,686,801 2,796,116 2,796,116 2,932,790 4,359,059

3,156,388 3,156,388 3,156,388 3,156,388 3,156,388 3,156,388

1,427,170 530,413 (360,272) (360,272) (223,598) 1,202,671

0 0 (364,974) (364,974) (228,300) 1,197,969

612 536 474 474 13,724 20,580

9,674,092 10,186,544 9,823,549 9,823,549 10,154,382 12,338,680

7,391,587 7,795,694 7,255,578 7,255,578 6,943,550 7,682,168

120,000 120,000 120,000 120,000 120,000 385,187

0 0 0 0 0 0

40,117 22,287 48,250 48,250 81,757 109,972

2,122,388 2,248,563 2,399,721 2,399,721 3,009,075 4,161,353

8,876,490 8,638,920 9,119,890 9,119,890 9,240,501 5,474,844

1,499,618 1,965,358 1,993,536 1,993,536 1,326,693 1,058,672

516,965 674,585 997,544 997,544 244,650 312,250

4,495,475 4,315,040 4,302,009 4,302,009 3,890,441 3,188,296

1,705,848 1,021,787 1,456,685 1,456,685 1,970,534 640,975

1,175,549 1,336,735 1,367,660 1,367,660 2,052,833 586,901

22,285,945 15,957,105 11,719,850 11,719,850 16,595,202 23,123,399

14,004,050 10,937,394 9,594,616 9,594,616 14,505,765 20,776,638

8,281,895 5,019,711 2,125,234 2,125,234 2,089,437 2,346,761

20,611,783 15,232,795 11,472,197 11,472,197 15,336,601 21,395,836

15,507,010 10,707,469 7,094,906 7,094,906 10,351,828 13,928,929

1,674,162 724,310 247,653 247,653 1,258,601 1,727,563

550,446 505,916 550,748 550,748 497,108 1,131,171

315,436 250,408 162,648 162,648 202,682 257,876

235,010 255,508 388,100 388,100 294,426 873,295

316,663 90,123 242,654 242,654 231,031 2,134,109

1,440,379 308,517 (60,441) (60,441) 992,524 2,730,501

1,474,062 1,150,368 835,141 835,141 703,830 506,075

1,429,701 1,100,914 803,290 803,290 689,335 487,783

(33,683) (841,851) (895,582) (895,582) 288,694 2,224,426

200,600 54,906 (5,771) (5,771) 248,500 788,641

(234,283) (896,757) (889,811) (889,811) 40,194 1,435,785

0 0 0 0 0 0

0 0 0 0 0 0

1,628,186 1,050,879 491,205 491,205 691,974 1,434,120

(960,690) (597,100) (374,342) (374,342) (446,639) (938,515)

(687,780) (460,389) (118,249) (118,249) (247,206) (496,730)

19,238,362 18,853,981 17,600,239 17,600,239 18,080,996 21,698,419

(234,283) (896,757) (889,811) (889,811) 40,194 1,435,785

837,786 837,786 867,225 867,225 854,798 849,470

1,600,611 1,427,569 1,387,665 1,387,665 1,458,584 2,002,521

-1.05 -5.62 -7.59 -7.59 0.24 6.21

0.79 0.57 0.43 0.44 0.61 0.85

-0.83 -3.23 -3.28 -3.33 0.15 5.27

2.92 3.05 3.30 3.44 3.44 3.15

-2.42 -9.84 -10.82 -11.44 0.51 16.61

-0.47 -1.80 -1.79 -1.79 0.08 2.88

(Thousand Rupees)Colony Textile Mills Limited

51

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,135,007 3,283,748 3,824,053 4,138,297 4,220,623 5,317,375

86,790 191,665 197,737 477,128 4,716 390

3,517,119 3,500,402 4,085,240 4,114,496 4,721,797 5,796,324

2,782,021 2,744,863 3,299,062 3,300,037 3,881,267 4,892,134

0 0 0 0 0 0

196,823 213,786 272,940 326,413 310,991 373,786

69,373 133,434 54,314 34,719 23,649 51,065

914,918 709,870 778,377 838,797 1,114,145 1,249,573

123,313 20,059 35,669 44,907 109,367 53,676

413,869 395,340 385,883 269,885 378,794 474,606

138,418 141,373 131,645 99,505 211,920 357,022

19,335 18,251 16,154 21,293 29,916 37,241

256,116 235,716 236,200 147,640 134,097 77,546

79,410 56,154 40,019 63,873 127,024 200,334

35,988 26,439 36,777 51,911 43,735 66,420

19,306 15,755 106,384 183,329 131,323 110,242

243,032 196,123 173,645 224,892 323,902 344,295

4,049,925 3,993,618 4,602,430 4,977,094 5,334,768 6,566,948

3,226,210 3,209,766 3,676,811 3,763,093 3,703,807 4,693,110

213,775 213,775 213,775 213,775 226,601 226,601

213,775 213,775 213,775 213,775 226,601 226,601

0 0 0 0 0 0

473,736 443,465 383,046 469,328 397,216 329,798

30,615 19,337 49,172 124,710 73,050 35,867

443,121 424,128 333,874 344,618 324,166 293,931

394,146 375,153 284,899 295,643 275,191 191,936

2,538,699 2,552,526 3,079,990 3,079,990 3,079,990 4,136,711

63,969 59,000 66,799 300,584 258,844 231,860

0 0 0 225,787 178,252 130,719

0 0 0 0 0 0

0 0 0 0 0 0

48,157 59,000 66,799 74,797 80,592 101,141

15,812 0 0 0 0 0

759,746 724,852 858,820 913,417 1,372,117 1,641,978

383,440 335,085 351,211 393,741 724,879 785,815

182,020 162,875 157,595 170,947 394,440 395,007

310,109 333,436 451,814 444,919 533,780 665,837

0 0 0 11,883 47,534 59,417

66,197 56,331 55,795 62,874 65,924 130,909

4,958,623 3,809,881 3,453,569 3,984,008 6,094,091 7,393,034

527,558 1,290,658 2,400,718 3,719,661 5,539,017 7,124,774

4,431,065 2,519,223 1,052,851 264,347 555,074 268,260

4,589,610 3,608,714 3,325,337 3,856,798 5,850,287 7,104,456

2,793,997 2,319,714 2,206,472 2,710,218 4,395,854 5,641,720

369,013 201,167 128,232 127,210 243,804 288,578

255,859 226,714 299,722 186,794 219,294 242,543

113,557 84,005 49,850 32,397 57,848 60,031

142,302 142,709 249,872 154,397 161,446 182,512

31,041 39,762 98,454 146,479 61,379 47,402

144,195 14,215 (73,036) 86,895 85,889 93,437

40,243 37,419 32,407 29,864 55,962 84,271

0 29,661 27,080 26,625 51,074 80,378

103,952 (23,204) (105,443) 57,031 29,927 9,166

14,605 9,417 2,537 51,791 44,611 65,430

89,347 (32,621) (107,980) 5,240 (14,684) (56,264)

0 0 0 0 0 0

0 0 0 12,827 13,596 0

54,062 50,870 (20,363) 18,526 115,489 (124,957)

(38,814) (139,022) (80,101) (240,063) (128,004) (24,963)

(31,173) (15,102) 116,074 230,775 76,975 94,229

3,290,179 3,268,766 3,743,610 4,063,677 3,962,651 4,924,970

89,347 (32,621) (107,980) (7,587) (28,280) (56,264)

32,945 32,584 31,962 33,516 82,658 86,163

360,130 390,707 414,702 428,076 580,379 653,673

1.80 -0.86 -3.13 0.13 -0.24 -0.76

1.22 0.95 0.80 0.83 1.18 1.24

2.20 -0.81 -2.51 0.11 -0.28 -0.95

1.26 1.25 1.25 1.29 1.38 1.42

2.79 -1.01 -3.14 0.14 -0.39 -1.34

4.18 -1.53 -5.05 0.25 -0.65 -2.48

(Thousand Rupees)Crescent Cotton Mills Ltd.

52

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

868,879 1,210,017 1,265,966 1,255,123 3,160,885 3,144,386

544 8,259 0 23,765 13,698 0

1,609,424 1,986,291 2,174,697 2,264,707 2,540,750 2,627,056

844,070 1,181,662 1,245,263 1,217,342 1,401,920 1,392,445

0 0 0 0 0 0

2,092 2,232 1,988 918 1,728,568 1,733,464

22,173 17,864 18,715 13,098 16,699 18,477

878,468 959,473 1,079,632 1,423,214 1,712,462 2,006,090

141,018 152,353 183,989 69,421 104,476 132,762

166,894 151,757 239,201 382,609 563,099 651,679

82,307 79,803 147,083 251,628 430,337 537,034

61,332 53,827 48,983 62,051 73,418 83,313

23,255 18,127 43,135 68,930 59,344 31,332

357,821 320,007 489,355 551,088 686,410 878,577

5,429 19,124 5,524 8,255 6,081 11,744

126,388 206,624 53,605 262,211 155,987 110,601

80,918 109,608 107,958 149,630 196,409 220,727

1,747,347 2,169,490 2,345,598 2,678,337 4,873,347 5,150,476

897,400 924,454 935,209 1,055,100 3,068,060 3,150,481

124,179 124,179 124,179 124,179 124,179 124,179

124,179 124,179 124,179 124,179 124,179 124,179

0 0 0 0 0 0

773,221 800,275 811,030 930,921 950,055 1,032,476

28,482 23,423 22,626 129,865 81,070 50,296

744,739 776,852 788,404 801,056 868,985 982,180

744,739 776,852 788,404 801,056 868,985 982,180

0 0 0 0 1,993,826 1,993,826

317,466 601,919 571,807 526,814 389,639 337,777

185,828 409,802 412,183 377,300 263,503 232,505

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

131,638 192,117 159,624 149,514 126,136 105,272

532,481 643,117 838,582 1,096,423 1,415,648 1,662,218

293,394 415,390 476,175 527,340 702,325 949,902

110,252 139,466 161,185 127,905 159,983 264,299

87,290 66,127 235,915 407,234 544,093 543,072

121,735 128,588 89,984 126,057 127,633 112,983

30,062 33,012 36,508 35,792 41,597 56,261

3,524,062 3,113,640 3,501,765 3,887,437 4,439,239 5,289,441

3,502,467 3,106,901 3,501,765 3,887,437 4,439,239 5,289,441

21,595 6,739 0 0 0 0

3,097,094 2,847,729 3,317,253 3,711,107 4,155,531 4,879,000

2,167,393 1,808,909 2,225,425 2,604,538 2,845,247 3,680,986

426,968 265,911 184,512 176,330 283,708 410,441

109,276 116,239 115,318 117,903 143,081 160,978

11,769 12,496 16,668 16,851 17,833 18,647

97,507 103,743 98,650 101,052 125,248 142,331

22,120 30,850 38,662 63,230 33,139 37,625

339,812 180,522 107,856 121,657 173,766 287,088

70,360 54,842 78,339 83,429 80,954 124,520

64,487 48,187 73,621 71,253 67,668 96,427

269,452 125,680 29,517 38,228 92,812 162,568

93,752 81,150 (662) 13,158 24,882 49,374

175,700 44,530 30,179 25,070 67,930 113,194

12,418 18,627 12,418 0 0 0

0 0 0 0 0 0

297,283 323,347 (74,691) (94,495) (26,791) 148,978

(149,546) (512,585) (7,814) (180,475) 54,323 (73,837)

(77,717) 200,573 114,141 160,402 7,522 (46,854)

1,214,866 1,526,373 1,507,016 1,581,914 3,457,699 3,488,258

163,282 25,903 17,761 25,070 67,930 113,194

80,563 91,154 123,123 117,930 115,651 108,049

256,905 315,124 356,774 392,268 405,818 478,088

4.99 1.43 0.86 0.64 1.53 2.14

2.09 1.59 1.55 1.55 1.18 1.06

10.44 2.27 1.34 1.00 1.80 2.26

2.05 2.15 2.43 2.52 1.83 1.61

21.44 4.89 3.25 2.52 3.30 3.64

14.15 3.59 2.43 2.02 5.47 9.12

(Thousand Rupees)Crescent Fibers Ltd.

53

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

812,559 735,914 704,295 631,830 605,583 595,542

0 0 0 0 0 0

1,039,261 1,131,585 1,015,180 940,439 901,794 877,254

774,199 696,188 679,891 601,280 574,652 564,204

0 0 0 0 0 0

0 0 0 6,136 6,517 6,924

38,360 39,726 24,404 24,414 24,414 24,414

24,887 16,913 26,124 62,146 59,942 60,898

134 306 131 90 51 823

3,875 401 0 0 0 0

1,839 401 0 0 0 0

129 0 0 0 0 0

1,907 0 0 0 0 0

567 0 0 0 0 0

345 259 306 183 51 15

2,916 1,142 1,142 1,142 1,180 1,195

17,050 14,805 24,545 60,731 58,660 58,865

837,446 752,827 730,419 693,976 665,525 656,440

502,211 555,678 571,702 543,717 526,202 518,846

30,524 30,524 30,524 30,524 30,524 30,524

30,524 30,524 30,524 30,524 30,524 30,524

0 0 0 0 0 0

(100,060) (5,100) (61,484) (61,826) (75,583) (80,917)

0 0 0 0 0 0

(100,060) (5,100) (61,484) (61,826) (75,583) (80,917)

(100,060) (5,100) (61,484) (61,826) (75,583) (80,917)

571,747 530,254 602,662 575,019 571,261 569,239

136,212 61,797 40,453 30,050 19,618 8,702

60,708 0 8,137 5,131 1,766 0

0 0 0 0 0 0

0 0 0 0 0 0

8,970 9,951 9,839 10,063 10,612 3,356

66,534 51,846 22,477 14,856 7,240 5,346

199,023 135,352 118,264 120,209 119,705 128,892

100,053 88,940 82,898 81,038 82,580 97,200

68,244 53,655 49,300 48,120 46,914 46,584

29,376 24,410 10,760 14,594 11,890 4,804

14,726 2,112 3,185 3,664 4,023 2,425

54,868 19,890 21,421 20,913 21,212 24,463

428,822 3,574 198 0 0 0

428,822 3,574 198 0 0 0

0 0 0 0 0 0

406,944 23,354 206 0 0 0

257,607 0 0 0 0 0

21,878 (19,780) (8) 0 0 0

15,491 15,276 99,939 24,245 38,126 28,362

2,071 1,070 75 0 0 0

13,420 14,206 99,864 24,245 38,126 28,362

150,817 121,551 14,953 15,557 20,630 24,871

157,204 86,495 (84,994) (8,688) (17,496) (3,491)

15,331 43,799 1,948 894 675 418

14,753 43,773 1,916 700 444 236

141,873 42,696 (86,942) (9,582) (18,171) (3,909)

2,454 (10,781) (28,113) (6,807) (2,308) 3,615

139,419 53,477 (58,829) (2,775) (15,863) (7,524)

0 0 0 0 0 0

0 0 0 0 0 0

14,303 (21,573) (20,547) (7,252) (1,438) 5,736

7,537 28,136 22,022 5,904 7,110 5,487

(22,161) (6,391) (1,650) 1,307 (5,710) (10,451)

638,423 617,475 612,155 573,767 545,820 527,548

139,419 53,477 (58,829) (2,775) (15,863) (7,524)

15,049 13,504 10,473 6,960 5,871 4,493

48,615 9,134 10,041 9,201 9,202 8,777

32.51 1,496.28 -29,711.62

0.49 0.00 0.00 0.00 0.00 0.00

16.03 6.73 -7.93 -0.39 -2.33 -1.14

2.01 1.50 1.32 1.28 1.27 1.26

32.22 10.11 -10.44 -0.50 -2.97 -1.44

45.68 17.52 -19.27 -0.91 -5.20 -2.46

- - -

(Thousand Rupees)D.M. Textile Mills Ltd.

54

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

589,324 499,354 643,984 627,488 583,457 476,903

0 0 0 0 0 0

441,897 446,517 663,220 664,328 664,419 561,174

436,193 398,939 544,306 510,776 478,922 371,830

0 0 0 0 0 0

134,059 81,343 80,606 96,706 85,463 72,078

19,072 19,072 19,072 20,006 19,072 32,995

111,425 85,981 88,457 71,519 104,293 36,944

2,717 1,303 982 1,099 2,339 1,805

27,356 18,193 20,211 35,216 54,110 9,316

7,614 1,862 4,887 19,672 40,251 4,560

15,983 12,664 10,752 12,869 10,000 2,790

3,759 3,667 4,572 1,971 2,157 1,966

72,630 54,781 38,471 14,474 30,810 12,942

3,394 0 22,251 8,599 6,103 2,486

640 1,133 753 0 0 0

4,688 10,571 5,789 12,131 10,931 10,395

700,749 585,335 732,441 699,007 687,750 513,847

(287,774) (56,022) 100,542 271,011 197,548 216,453

600,000 600,000 600,000 836,856 836,856 836,856

600,000 600,000 600,000 836,856 836,856 836,856

0 0 0 0 0 0

(989,761) (750,974) (724,847) (780,092) (843,218) (869,224)

0 63,017 63,018 (82,900) (82,900) (82,900)

(989,761) (813,991) (787,865) (697,192) (760,318) (786,324)

(989,761) (813,991) (787,865) (697,192) (760,318) (786,324)

101,987 94,952 225,389 214,247 203,910 248,821

529,379 134,733 24,752 18,826 117,359 5,246

486,196 106,233 0 0 82,745 0

0 0 0 0 0 0

0 0 0 0 0 0

15,126 18,431 18,982 18,826 14,835 5,246

28,057 10,069 5,770 0 19,779 0

459,144 506,624 607,147 409,170 372,843 292,148

326,276 365,153 344,819 180,164 188,264 89,335

91,179 69,909 56,445 64,146 76,295 8,117

10,306 8,100 110,912 90,855 159,405 186,940

110,721 133,133 151,189 128,140 13,000 0

11,841 238 227 10,011 12,174 15,873

1,130,585 820,090 635,026 823,970 717,846 581,735

1,130,585 820,090 635,026 823,970 717,846 581,735

0 0 0 0 0 0

1,117,781 867,695 694,771 879,569 733,451 612,634

724,082 533,973 354,820 542,606 424,816 343,161

12,804 (47,605) (59,745) (55,599) (15,605) (30,899)

73,855 53,440 25,511 47,076 48,295 151,794

2,295 2,718 2,283 2,474 1,852 2,442

71,560 50,722 23,228 44,602 46,443 149,352

18,102 243,309 53,575 187,725 29,739 65,588

(42,949) 142,264 (31,681) 85,050 (34,161) (117,105)

2,676 2,286 1,458 3,934 9,677 17,441

0 1,286 1,322 3,531 9,081 16,574

(45,625) 139,978 (33,139) 81,116 (43,838) (134,546)

2,767 (27,909) (49,669) 4,023 31,945 (53,015)

(48,392) 167,887 16,530 77,093 (75,783) (81,531)

0 0 0 0 0 0

0 0 0 0 0 0

24,641 12,860 (69,240) (47,763) (62,718) (111,729)

(9,979) 19,584 0 48 (91) 109,904

(71,717) (33,857) 68,919 47,831 64,050 1,290

241,605 78,711 125,294 289,837 314,907 221,699

(48,392) 167,887 16,530 77,093 (75,783) (81,531)

43,404 41,874 40,784 34,637 31,946 27,242

132,283 131,690 102,343 129,947 108,754 85,266

-4.28 20.47 2.60 9.36 -10.56 -14.02

1.53 1.28 0.96 1.15 1.04 0.97

-6.55 26.11 2.51 10.77 -10.93 -13.57

-2.74 -3.74 29.60 3.85 2.96 2.90

17.97 -97.67 74.26 41.50 -32.35 -39.39

-0.81 2.80 0.28 0.92 -0.91 -0.97

(Thousand Rupees)D.S. Industries Ltd.

55

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

793,866 725,233 666,878 613,566 1,723 1,426

0 0 0 0 0 0

1,500,291 1,493,377 1,493,377 1,492,411 0 0

791,572 723,034 664,780 611,549 0 0

645 550 449 367 297 0

0 0 0 0 0 0

1,649 1,649 1,649 1,650 1,426 1,426

104,807 73,594 79,671 55,623 458,176 396,754

7,093 589 559 301 18,874 283

10,116 10 10 0 0 0

0 0 0 0 0 0

7,848 0 0 0 0 0

2,268 10 10 0 0 0

6,212 0 0 0 0 0

600 806 806 806 128 1,382

0 0 0 0 0 0

80,786 72,189 78,296 54,516 439,174 395,089

898,673 798,827 746,549 669,189 459,899 398,180

234,536 168,644 108,956 75,430 (100,035) (118,264)

80,000 80,000 80,000 80,000 80,000 80,000

80,000 80,000 80,000 80,000 80,000 80,000

0 0 0 0 0 0

(313,582) (347,319) (363,720) (373,948) (180,035) (198,264)

0 0 0 47,540 75,882 95,522

(313,582) (347,319) (363,720) (421,488) (255,917) (293,786)

(313,582) (347,319) (363,720) (421,488) (255,917) (293,786)

468,118 435,963 392,676 369,378 0 0

110,692 51,740 29,904 6,863 0 0

31,993 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

12,749 0 0 0 0 0

65,950 51,740 29,904 6,863 0 0

553,445 578,443 607,689 586,896 559,934 516,444

223,318 180,097 180,097 179,362 149,843 133,990

182,378 130,051 130,051 136,433 121,218 103,284

172,721 172,674 172,674 148,775 140,869 116,220

126,547 158,540 158,540 149,133 158,613 156,645

30,859 67,132 96,378 109,626 110,609 109,589

1,363,715 32,586 0 0 0 0

1,363,715 32,586 0 0 0 0

0 0 0 0 0 0

1,483,815 114,345 57,089 51,717 0 0

1,070,957 17,835 0 0 0 0

(120,100) (81,759) (57,089) (51,717) 0 0

119,016 30,347 7,188 8,583 173,949 25,289

2,157 36 0 0 0 0

116,859 30,311 7,188 8,583 173,949 25,289

158,082 70,935 12,000 3,690 10,445 20,380

(81,034) (41,171) (52,277) (56,610) (163,504) (4,909)

42,212 39,527 29,247 23,733 264 25

0 36,294 29,247 23,474 0 0

(123,246) (80,698) (81,524) (80,343) (163,768) (4,934)

(13,018) (14,806) (25,740) 723 13,379 0

(110,228) (65,892) (55,784) (81,066) (177,147) (4,934)

0 0 0 0 0 0

0 0 0 0 0 0

34,464 (11,458) (30) (14,973) (35,866) (13,768)

28,426 5,001 0 450 34,523 678

(61,798) (46) 0 14,235 19,931 (5,460)

345,228 220,384 138,860 82,293 (100,035) (118,264)

(110,228) (65,892) (55,784) (81,066) (177,147) (4,934)

64,374 64,374 58,254 52,772 41,671 0

123,744 18,658 1,800 1,923 5,130 5,744

-8.08 -202.21

1.36 0.04 0.00 0.00 0.00 0.00

-10.96 -7.76 -7.22 -11.45 -31.38 -1.15

4.17 4.21 5.57 7.68 -45.89 -3.93

-45.68 -32.69 -40.19 -87.93 1,439.93 4.52

-13.78 -8.24 -6.97 -10.13 -22.14 -0.62

- - - -

(Thousand Rupees)Dar Es Salaam Textile Mills Ltd.

56

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

558 403 345 295 295 295

0 0 0 0 0 0

4,179 4,179 4,179 4,179 4,179 4,179

558 403 345 295 295 295

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

3,472 3,336 3,336 3,336 3,336 3,336

361 225 225 225 225 225

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

3,111 3,111 3,111 3,111 3,111 3,111

4,030 3,739 3,681 3,631 3,631 3,631

(42,900) (43,982) (44,301) (44,808) (44,808) (44,808)

99,096 99,096 99,096 99,096 99,096 99,096

99,096 99,096 99,096 99,096 99,096 99,096

0 0 0 0 0 0

(141,996) (143,078) (143,397) (143,904) (143,904) (143,904)

0 0 0 0 0 0

(141,996) (143,078) (143,397) (143,904) (143,904) (143,904)

0 (143,078) (143,397) (143,904) (143,904) (143,904)

0 0 0 0 0 0

39,222 39,223 39,223 39,222 39,222 39,222

39,222 39,223 39,223 39,222 39,222 39,222

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

7,708 8,498 8,759 9,217 9,217 9,217

0 7,108 7,369 7,827 7,827 7,827

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

7,708 1,390 1,390 1,390 1,390 1,390

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

373 331 320 507 507 507

0 0 0 0 0 0

373 331 320 507 507 507

0 0 0 0 0 0

(373) (331) (320) (507) (507) (507)

105 0 0 0 0 0

0 0 0 0 0 0

(478) (331) (320) (507) (507) (507)

0 0 0 0 0 0

(478) (331) (320) (507) (507) (507)

0 0 0 0 0 0

0 0 0 0 0 0

(488) 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

(3,678) (4,759) (5,078) (5,586) (5,586) (5,586)

(478) (331) (320) (507) (507) (507)

102 102 85 49 49 49

0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00

-11.86 -8.52 -8.63 -13.87 -13.96 -13.96

-0.09 -0.09 -0.08 -0.08 -0.08 -0.08

1.11 0.76 0.72 1.14 1.13 1.13

-0.05 -0.03 -0.03 -0.05 -0.05 -0.05

- - - - - -

(Thousand Rupees)Data Textiles Ltd.

57

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

4,925,918 9,072,304 20,146,035 20,204,515 23,333,473 23,413,491

192,147 3,526,512 136,222 140,357 360,900 561,327

630,339 623,424 11,893,992 12,007,007 13,628,796 14,512,999

147,625 158,339 11,268,890 11,065,489 12,105,365 12,306,783

37,063 34,568 29,267 24,294 23,180 24,585

4,500,467 5,349,755 8,708,829 8,969,639 10,841,231 10,377,169

48,616 3,130 2,827 4,736 2,797 143,627

572,648 1,886,681 1,742,931 1,985,189 2,296,034 4,744,476

35,047 510,644 798,854 941,433 642,585 422,336

280,519 210,307 149,447 96,178 100,273 191,393

0 0 0 0 0 0

0 0 0 0 0 0

280,519 210,307 149,447 96,178 100,273 191,393

51,533 118,944 326,655 739,062 1,284,571 2,794,097

13,762 53,530 19,581 8,481 26,210 32,279

86,001 944,897 0 0 0 419,964

105,786 48,359 448,394 200,035 242,395 884,407

5,498,566 10,958,985 21,888,966 22,189,704 25,629,507 28,157,967

4,574,096 6,830,141 10,603,431 10,684,452 12,958,033 14,102,954

590,578 590,578 590,578 590,578 590,578 590,578

590,578 590,578 590,578 590,578 590,578 590,578

0 0 0 0 0 0

3,983,518 6,239,563 10,012,853 10,093,874 12,367,455 13,512,376

211,609 517,399 929,079 1,035,966 1,156,756 1,417,466

3,771,909 5,722,164 9,083,774 9,057,908 11,210,699 12,094,910

3,771,909 5,722,164 9,083,774 9,057,908 11,210,699 12,094,910

0 0 0 0 0 0

555,325 3,879,911 9,573,661 9,388,370 10,336,397 10,330,839

0 3,198,085 8,471,798 8,026,609 8,693,131 8,826,787

0 0 0 0 0 0

0 0 0 0 0 0

2,581 22,851 23,612 28,228 28,779 42,494

552,744 658,975 1,078,251 1,333,533 1,614,487 1,461,558

369,145 248,933 1,711,874 2,116,882 2,335,077 3,724,174

185,522 203,455 811,030 272,360 553,307 1,223,816

29,582 5,850 542,402 91,465 246,230 707,695

178,491 12,566 466,487 561,820 574,451 811,656

0 0 293,487 1,074,976 952,830 1,157,319

5,132 32,912 140,870 207,726 254,489 531,383

129,199 177,368 519,639 2,537,377 3,079,977 7,267,770

129,199 177,368 519,639 2,537,377 3,079,977 7,267,770

0 0 0 0 0 0

102,148 155,297 512,482 1,262,162 1,550,787 4,645,562

0 155,297 0 0 0 0

27,051 22,071 7,157 1,275,215 1,529,190 2,622,208

265,009 284,902 379,633 413,964 483,527 672,851

118,897 129,043 118,590 154,111 186,236 286,581

146,112 155,859 261,043 259,853 297,291 386,270

419,043 1,522,897 4,174,221 616,196 2,340,907 978,238

181,085 1,260,066 3,801,745 1,477,447 3,386,570 2,927,595

31,999 25,613 170,004 736,882 798,779 946,051

0 24,254 162,256 680,251 781,243 860,254

149,086 1,234,453 3,631,741 740,565 2,587,791 1,981,544

10,551 259,472 476,468 318,081 382,036 105,017

138,535 974,981 3,155,273 422,484 2,205,755 1,876,527

0 295,289 295,289 59,058 354,347 413,405

0 0 0 0 0 0

(195,537) (446,244) (270,317) 804,593 1,149,596 1,268,543

297,261 (2,314,395) (5,217,338) 298,105 572,138 694,664

(2,818) 3,402,161 5,321,944 (1,055,452) (2,033,213) (2,420,661)

5,129,421 10,710,052 20,177,092 20,072,822 23,294,430 24,433,793

138,535 679,692 2,859,984 363,426 1,851,408 1,463,122

98,280 34,217 162,352 557,132 582,766 682,921

186,875 192,747 196,121 264,332 290,223 394,260

107.23 549.69 607.20 16.65 71.62 25.82

0.02 0.02 0.03 0.12 0.13 0.27

2.46 11.52 19.21 1.92 9.23 6.98

1.13 1.36 1.88 2.07 2.02 1.99

2.79 15.73 36.20 3.97 18.66 13.87

2.35 16.51 53.43 7.15 37.35 31.77

(Thousand Rupees)Dawood Lawrencepur Ltd.

58

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,621,917 1,538,044 1,467,378 2,158,693 2,113,111 2,014,686

0 38,480 36,740 0 20,478 0

2,647,743 2,647,410 2,704,635 3,540,991 3,612,920 3,664,046

1,595,170 1,472,817 1,403,926 2,136,982 2,068,556 1,984,915

0 0 0 0 0 0

0 0 0 0 0 0

26,747 26,747 26,712 21,711 24,077 29,771

826,838 786,567 806,722 825,028 432,652 297,930

13,068 1,960 11,176 17,280 7,910 3,483

182,656 155,068 118,637 185,838 28,189 361

3,435 118 4,004 31,701 27,742 0

11,319 7,498 8,337 19,235 0 0

167,902 147,452 106,296 134,902 447 361

316,192 309,537 399,344 354,129 168,476 97,566

77,463 99,156 92,297 71,953 64,609 32,463

0 0 0 0 0 0

237,459 220,846 185,268 195,828 163,468 164,057

2,448,755 2,324,611 2,274,100 2,983,721 2,545,763 2,312,616

1,300,951 1,322,017 1,084,029 1,508,725 1,139,734 936,849

977,507 977,507 977,507 977,507 977,507 977,507

977,507 977,507 977,507 977,507 977,507 977,507

0 0 0 0 0 0

(265,541) (211,828) (419,950) (643,645) (964,608) (1,123,518)

0 0 0 0 0 0

(265,541) (211,828) (419,950) (643,645) (964,608) (1,123,518)

(265,541) (211,828) (419,950) (643,645) (964,608) (1,123,518)

588,985 556,338 526,472 1,174,863 1,126,835 1,082,860

673,964 518,977 384,598 420,283 405,825 396,890

469,150 198,750 99,374 0 0 197,378

0 143,421 154,728 168,250 182,233 0

0 0 0 0 0 0

8,023 7,925 0 0 3,756 7,959

196,791 168,881 130,496 252,033 219,836 191,553

473,840 483,617 805,473 1,054,713 1,000,204 978,877

101,357 63,944 68,939 151,102 105,911 112,213

61,598 42,534 36,414 116,008 70,926 57,077

38,296 26,054 265,982 304,509 274,478 214,083

245,395 279,416 378,792 463,897 463,897 463,897

88,792 114,203 91,760 135,205 155,918 188,684

1,636,369 1,208,179 865,287 952,278 769,189 482,918

1,636,369 1,208,179 865,287 952,278 769,189 482,918

0 0 0 0 0 0

1,554,486 1,172,567 1,010,548 1,072,353 1,016,272 593,035

912,601 658,846 501,536 686,625 332,454 73,267

81,883 35,612 (145,261) (120,075) (247,083) (110,117)

61,581 50,691 72,665 55,520 87,012 49,080

31,180 21,466 19,742 18,059 18,065 9,891

30,401 29,225 52,923 37,461 68,947 39,189

2,054 71,269 1,430 1,869 2,642 238

22,356 56,190 (216,496) (173,726) (331,453) (158,959)

55,575 50,953 59,462 64,970 60,354 66,172

0 49,465 57,958 64,532 59,916 65,789

(33,219) 5,237 (275,958) (238,696) (391,807) (225,131)

20,748 (15,829) (37,971) 12,317 (14,687) (14,918)

(53,967) 21,066 (237,987) (251,013) (377,120) (210,213)

0 0 0 0 0 0

0 0 0 0 0 0

131,872 62,513 (175,262) (27,261) 116,594 92,659

(6,015) (38,780) (55,449) (5,163) (95,932) (36,691)

(150,799) (22,598) 0 0 0 0

1,974,915 1,840,994 1,468,627 1,929,008 1,545,559 1,333,739

(53,967) 21,066 (237,987) (251,013) (377,120) (210,213)

135,731 122,588 126,115 103,300 142,526 135,347

129,010 136,887 135,334 137,576 148,577 158,557

-3.30 1.74 -27.50 -26.36 -49.03 -43.53

0.64 0.51 0.38 0.36 0.28 0.20

-2.11 0.88 -10.35 -9.55 -13.64 -8.65

1.93 1.82 1.91 2.03 2.09 2.34

-4.06 1.61 -19.78 -19.36 -28.48 -20.25

-0.55 0.22 -2.43 -2.57 -3.86 -2.15

(Thousand Rupees)Dewan Farooque Spinning Mills Ltd.

59

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

679,514 652,325 518,634 842,699 760,709 688,305

0 5,825 0 0 0 0

1,211,302 1,211,302 1,217,127 1,633,229 1,633,494 1,633,494

595,856 537,765 492,185 839,808 757,818 685,414

0 0 0 0 0 0

66,819 84,896 0 0 0 0

16,839 23,839 26,449 2,891 2,891 2,891

559,370 497,581 281,353 244,400 124,729 116,174

4,134 1,757 2,263 1,817 1,525 2,031

179,484 194,959 155,716 136,346 69,530 69,530

37,609 46,277 31,841 32,431 32,431 32,431

15,974 18,879 1,190 0 0 0

125,901 129,803 122,685 103,915 37,099 37,099

281,680 206,988 70,789 52,729 8,467 2,173

7,559 7,139 6,763 1,816 428 424

0 0 0 0 0 0

86,513 86,738 45,822 51,692 44,779 42,016

1,238,884 1,149,906 799,987 1,087,099 885,438 804,479

409,380 336,501 (1,527) 193,894 14,452 (56,729)

56,824 66,107 66,107 96,108 96,108 96,107

56,824 66,107 66,107 96,108 96,108 96,107

0 0 0 0 0 0

72,446 14,643 (301,845) (421,465) (561,845) (598,597)

0 0 30,000 0 0 0

72,446 14,643 (331,845) (421,465) (561,845) (598,597)

(62,554) (120,357) (331,845) (421,465) (561,845) (598,597)

280,110 255,751 234,211 519,251 480,189 445,761

232,692 166,033 176,870 242,059 213,511 196,385

0 59,433 29,717 7,429 0 0

0 37,202 40,162 43,642 47,268 51,197

0 0 0 0 0 0

11,882 12,596 16,070 17,295 17,295 17,295

220,810 56,802 90,921 173,693 148,948 127,893

596,812 647,372 624,644 651,146 657,475 664,823

186,281 213,786 198,721 185,994 184,061 180,545

145,415 150,577 139,689 130,625 128,985 125,206

291,084 298,303 292,773 300,131 300,131 300,131

45,560 44,575 74,291 96,579 104,008 104,008

73,887 90,708 58,859 68,442 69,275 80,139

1,246,049 716,613 348,858 36,120 0 0

1,246,049 716,613 348,858 36,120 0 0

0 0 0 0 0 0

1,227,672 800,993 533,265 134,872 93,676 81,501

851,367 461,306 224,927 11,903 0 0

18,377 (84,380) (184,407) (98,752) (93,676) (81,501)

42,927 37,765 49,054 24,215 103,466 10,451

14,604 8,050 3,338 1,989 0 0

28,323 29,715 45,716 22,226 103,466 10,451

0 18,251 0 221 0 17,074

(24,550) (103,894) (233,461) (122,746) (197,142) (74,878)

16,388 16,506 14,794 15,449 14,211 17,357

15,409 15,881 14,169 15,063 10,272 17,177

(40,938) (120,400) (248,255) (138,195) (211,353) (92,235)

23,748 (20,162) 34,389 (14,809) (26,308) (16,090)

(64,686) (100,238) (282,644) (123,386) (185,045) (76,145)

0 0 0 0 0 0

0 0 0 0 0 0

30,309 12,998 (17,200) (28,921) 2,557 3,071

(1,771) (12,825) (2,610) 23,865 (265) 0

(63,836) (9,770) 25,847 (2,748) (2,585) (2,564)

642,072 502,534 175,343 435,953 227,963 139,656

(64,686) (100,238) (282,644) (123,386) (185,045) (76,145)

66,062 58,091 51,405 69,040 82,255 72,405

140,216 135,783 146,979 33,789 17,863 14,265

-5.19 -13.99 -81.02 -341.60

0.96 0.60 0.36 0.04 0.00 0.00

-5.00 -8.39 -28.99 -13.08 -18.76 -9.01

2.88 3.20 5.82 9.81 9.47 -39.97

-14.39 -26.88 -168.76 -128.28 -177.63 360.22

-11.38 -15.16 -42.76 -12.84 -19.25 -7.92

- -

(Thousand Rupees)Dewan Khalid Textile Mills Ltd.

60

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

675,676 646,926 548,606 915,693 853,114 796,450

0 4,700 0 0 0 0

1,283,727 1,283,727 1,288,427 1,723,102 1,723,102 1,723,102

614,126 562,430 520,988 913,363 850,784 794,120

0 0 0 0 0 0

41,120 52,244 0 0 0 0

20,430 27,552 27,618 2,330 2,330 2,330

653,691 436,924 306,772 265,352 183,861 158,809

8,420 6,258 5,480 3,548 3,481 3,439

151,592 86,536 55,570 39,620 37,639 37,639

47,188 6,246 27,762 27,705 26,714 26,714

5,617 7,905 5,305 0 0 0

98,787 72,385 20,710 10,775 9,784 9,784

383,576 247,698 180,679 157,178 82,374 57,418

4,210 5,101 3,845 3,265 3,365 3,284

0 0 0 0 0 0

105,893 91,331 61,198 61,741 57,002 57,029

1,329,367 1,083,850 855,378 1,181,045 1,036,975 955,259

525,981 481,436 237,897 464,956 319,462 268,246

34,340 65,610 65,610 65,610 65,610 115,610

34,340 65,610 65,610 65,610 65,610 115,610

0 0 0 0 0 0

164,509 108,422 (117,555) (258,265) (379,425) (458,671)

0 0 0 0 0 0

164,509 108,422 (117,555) (258,265) (379,425) (458,671)

119,509 63,422 (117,555) (258,265) (379,425) (458,671)

327,132 307,404 289,842 657,611 633,277 611,307

419,456 316,475 287,884 291,751 285,223 282,565

288,049 100,776 50,388 0 0 0

0 107,138 115,663 125,686 136,131 147,444

0 0 0 0 0 0

0 32,750 43,513 43,581 42,681 42,680

131,407 75,811 78,320 122,484 106,411 92,441

383,930 285,939 329,597 424,338 432,290 404,448

100,044 93,555 102,421 102,037 99,931 98,965

49,459 49,441 48,667 48,684 48,298 47,821

116,744 37,499 57,168 84,905 90,146 45,640

96,016 75,582 125,972 176,359 176,359 176,359

71,126 79,303 44,036 61,037 65,854 83,484

1,571,417 959,400 737,421 14,010 0 0

1,571,417 959,400 737,421 14,010 0 0

0 0 0 0 0 0

1,483,135 1,026,119 812,277 113,538 79,706 69,712

1,052,901 650,941 415,500 0 0 0

88,282 (66,719) (74,856) (99,528) (79,706) (69,712)

60,281 52,697 80,141 34,667 64,346 12,979

18,938 14,039 16,421 3,441 0 0

41,343 38,658 63,720 31,226 64,346 12,979

243 52,560 0 0 0 0

28,244 (66,856) (154,997) (134,195) (144,052) (82,691)

33,075 36,573 28,160 29,120 27,109 32,496

31,868 35,749 26,945 28,711 26,873 32,269

(4,831) (103,429) (183,157) (163,315) (171,161) (115,187)

19,126 (16,490) 4,577 (6,910) (21,716) (10,422)

(23,957) (86,939) (187,734) (156,405) (149,445) (104,765)

0 0 0 0 0 0

0 0 0 0 0 0

66,287 128,742 (13,087) (52,720) (3,054) (1,985)

(6,256) (11,822) (65) 25,288 0 0

(131,529) (39,837) (7,294) (2,238) (2,253) (3,552)

945,437 797,911 525,781 756,707 604,685 550,811

(23,957) (86,939) (187,734) (156,405) (149,445) (104,765)

10,544 51,696 46,142 42,301 62,579 56,663

166,713 185,839 181,822 60,391 24,656 17,803

-1.52 -9.06 -25.46 -1,116.38

1.15 0.80 0.76 0.01 0.00 0.00

-1.75 -7.21 -19.36 -15.36 -13.48 -10.52

2.51 2.40 2.70 2.90 2.83 3.39

-4.40 -17.26 -52.20 -44.51 -38.10 -35.65

-6.98 -13.25 -28.61 -23.84 -22.78 -9.06

- -

(Thousand Rupees)Dewan Mushtaq Textile Mills Ltd.

61

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,881,373 1,884,383 1,767,017 1,990,083 1,817,081 1,663,738

0 59,651 10,305 10,305 10,305 10,305

3,898,866 3,999,993 4,088,027 4,547,264 4,545,626 4,544,145

1,827,262 1,756,621 1,680,601 1,967,766 1,794,764 1,641,421

0 0 0 0 0 0

0 0 0 0 0 0

54,111 68,111 76,111 12,012 12,012 12,012

3,119,451 2,769,638 1,854,612 1,382,235 1,116,488 630,486

14,829 33,278 7,064 6,129 8,474 7,199

1,494,282 1,378,329 1,121,836 806,907 706,044 256,311

1,130,187 1,181,022 996,171 683,291 582,428 157,909

20,480 22,907 2,211 2,211 2,211 2,211

343,615 174,400 123,454 121,405 121,405 96,189

1,231,646 981,558 583,080 435,768 300,744 278,657

29,226 22,627 10,710 2,473 2,506 2,360

0 0 0 0 0 0

349,468 353,846 131,922 130,958 98,720 85,959

5,000,824 4,654,021 3,621,629 3,372,318 2,933,569 2,294,224

265,817 152,197 (960,145) (1,332,988) (1,927,222) (2,794,511)

135,046 460,646 460,646 460,646 460,646 460,646

135,046 460,646 460,646 460,646 460,646 460,646

0 0 0 0 0 0

(595,277) (971,263) (2,001,750) (2,687,660) (3,228,889) (4,049,247)

57,359 57,359 0 0 0 0

(652,636) (1,028,622) (2,001,750) (2,687,660) (3,228,889) (4,049,247)

(985,636) (1,361,622) (2,001,750) (3,020,660) (3,561,889) (4,382,247)

726,048 662,814 580,959 894,026 841,021 794,090

3,011,200 2,448,338 2,008,152 1,637,261 369,673 310,388

2,811,361 2,146,722 1,720,243 1,265,799 21,097 16,101

0 111,828 121,122 131,188 142,091 116,665

0 0 0 0 0 0

39,505 39,990 0 0 0 0

160,334 149,798 166,787 240,274 206,485 177,622

1,723,807 2,053,486 2,573,622 3,068,045 4,491,118 4,778,347

411,245 290,429 265,605 179,399 179,386 179,891

218,550 126,706 133,072 117,558 113,765 117,804

816,007 734,271 634,624 586,010 586,010 586,010

462,188 818,944 1,241,478 1,690,926 2,930,631 2,930,631

34,367 209,842 431,915 611,710 795,091 1,081,815

3,414,366 2,155,930 333,620 85,443 0 132,472

2,511,038 2,139,876 333,620 85,443 0 132,472

903,328 16,054 0 0 0 0

3,387,383 2,442,444 705,977 414,575 193,454 569,734

2,211,140 1,315,482 191,892 219,113 0 399,303

26,983 (286,514) (372,357) (329,132) (193,454) (437,262)

126,908 82,824 294,932 226,071 230,061 178,294

83,900 21,831 8,315 0 0 0

43,008 60,993 286,617 226,071 230,061 178,294

12,531 153,398 0 364 652 39,996

(87,394) (215,940) (667,289) (554,839) (422,863) (575,560)

182,673 217,595 203,283 205,214 205,160 318,936

173,515 212,152 199,529 203,467 203,530 317,345

(270,067) (433,535) (870,572) (760,053) (628,023) (894,496)

4,842 (8,125) (17,908) (22,395) (26,038) (20,324)

(274,909) (425,410) (852,664) (737,658) (601,985) (874,172)

0 0 0 0 0 0

0 0 0 0 0 0

699,325 (93,604) 24,418 (61,481) 6,507 41,987

(94,140) (174,778) (46,688) 65,543 835 1,200

(630,762) 286,830 (3,944) (4,996) (4,996) (44,462)

3,277,017 2,600,535 1,048,007 304,273 (1,557,549) (2,484,123)

(274,909) (425,410) (852,664) (737,658) (601,985) (874,172)

184,907 171,769 164,054 173,305 172,820 152,672

400,601 425,217 195,146 20,089 20,639 17,755

-8.05 -19.73 -255.58 -863.33 -659.89

0.64 0.45 0.08 0.02 0.00 0.05

-5.18 -8.81 -20.61 -21.09 -19.09 -33.44

12.83 23.10 -10.24 -3.05 -1.93 -1.11

-66.46 -203.54 211.07 64.34 36.93 37.03

-20.36 -9.24 -18.51 -18.42 -15.03 -18.98

-

(Thousand Rupees)Dewan Textile Mills Ltd.

62

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,688,311 2,676,353 2,619,754 2,911,375 3,558,159 4,005,023

23,209 7,788 23,425 58,482 37,031 34,147

5,237,768 5,454,053 5,724,668 6,253,898 7,189,494 7,916,204

2,575,471 2,543,729 2,562,010 2,837,423 3,505,882 3,953,129

0 0 0 0 0 0

0 0 0 0 0 0

89,631 124,836 34,319 15,470 15,246 17,747

3,388,066 2,849,314 3,009,651 4,410,750 5,393,380 6,531,953

72,766 36,720 72,842 51,367 36,826 24,315

1,325,020 1,181,060 1,130,453 2,311,688 3,124,500 3,466,157

916,798 891,306 847,762 1,729,203 2,678,780 2,797,919

161,104 76,676 87,942 114,191 118,665 163,778

247,118 193,456 176,404 442,175 286,332 466,841

1,193,936 866,157 799,369 708,664 1,230,753 1,532,234

47,450 34,648 57,600 41,119 57,001 343,589

0 0 0 0 0 0

748,894 730,729 949,387 1,297,912 944,300 1,165,658

6,076,377 5,525,667 5,629,405 7,322,125 8,951,539 10,536,976

1,866,291 1,675,522 1,747,688 1,657,969 1,800,811 2,163,056

224,217 224,217 224,217 224,217 224,217 291,482

224,217 224,217 224,217 224,217 224,217 291,482

0 0 0 0 0 0

1,642,074 1,451,305 1,523,471 1,433,752 1,576,594 1,871,574

0 0 0 0 0 0

1,642,074 1,451,305 1,523,471 1,433,752 1,576,594 1,871,574

1,281,230 1,051,305 1,123,471 1,033,752 1,176,594 1,471,574

0 0 0 0 0 0

797,120 969,681 841,283 982,954 2,127,523 2,393,692

658,006 865,601 741,209 855,591 1,946,434 2,247,306

0 0 0 0 0 0

0 0 0 0 0 0

139,114 104,080 100,074 110,828 100,816 116,766

0 0 0 16,535 80,273 29,620

3,412,966 2,880,464 3,040,434 4,681,202 5,023,205 5,980,228

2,241,887 1,554,288 1,613,488 2,379,791 3,509,435 3,081,466

291,960 146,533 160,435 185,361 185,361 286,474

759,600 963,952 942,852 1,807,129 1,078,886 2,228,256

343,269 322,464 447,430 421,255 336,016 474,258

68,210 39,760 36,664 73,027 98,868 196,248

10,211,074 8,552,541 7,602,604 7,421,792 9,479,190 11,560,482

3,959,559 5,402,277 5,206,181 5,412,530 7,477,139 9,058,669

6,251,515 3,150,264 2,396,423 2,009,262 2,002,051 2,501,813

9,536,724 8,126,147 6,942,947 6,944,651 8,671,900 10,243,242

6,970,766 5,642,168 4,648,939 5,060,139 6,039,738 8,145,858

674,350 426,394 659,657 477,141 807,290 1,317,240

259,638 222,433 199,070 195,432 223,367 268,442

127,603 83,901 51,773 53,948 52,545 47,094

132,035 138,532 147,297 141,484 170,822 221,348

7,777 1,326 46 1,791 118 495

422,489 205,287 460,633 283,500 584,041 1,049,293

418,690 372,514 259,505 282,011 352,703 630,752

400,936 357,732 249,788 267,684 338,004 610,387

3,799 (167,227) 201,128 1,489 231,338 418,541

115,093 33,096 140,609 64,786 86,450 56,093

(111,294) (200,323) 60,519 (63,297) 144,888 362,448

56,054 0 28,027 0 0 72,871

0 0 0 0 0 0

655,214 (221,544) 347,286 (387,956) 690,836 (762,702)

(550,851) (205,643) (290,638) (586,003) (982,739) (838,292)

(32,371) 186,789 574 88,206 1,005,605 439,114

2,663,411 2,645,203 2,588,971 2,640,923 3,928,334 4,556,748

(167,348) (200,323) 32,492 (63,297) 144,888 289,578

248,553 257,117 256,906 276,549 331,926 373,747

761,928 747,143 816,599 829,351 889,448 952,117

-1.09 -2.34 0.80 -0.85 1.53 3.14

1.64 1.47 1.36 1.15 1.16 1.19

-1.79 -3.43 1.08 -0.98 1.78 3.72

2.99 3.26 3.23 3.80 4.71 4.92

-5.35 -11.19 3.49 -3.72 8.38 18.29

-4.96 -8.93 2.70 -2.82 6.46 12.43

(Thousand Rupees)Din Textile Mills Ltd.

63

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

102,049 99,397 96,495 93,572 135,905 132,753

0 0 0 636 0 0

173,233 174,648 175,602 175,373 219,165 143,292

100,281 97,401 94,371 90,645 133,020 129,465

0 0 0 0 0 0

0 0 0 0 0 0

1,768 1,996 2,124 2,291 2,885 3,288

17,887 22,016 25,171 27,279 33,872 38,053

3,410 4,789 5,118 8,235 9,694 18,153

9,924 8,105 10,396 9,795 17,932 13,474

4,708 3,486 2,310 4,145 9,089 7,558

2,823 2,386 2,047 1,953 2,195 2,667

2,393 2,233 6,032 3,697 6,641 3,236

1,851 6,117 7,514 7,202 4,598 3,737

1,702 856 673 208 230 405

0 0 0 0 0 0

1,000 2,149 1,470 1,839 1,418 2,284

119,936 121,413 121,666 120,851 169,777 170,806

16,188 16,821 12,987 8,632 54,182 55,036

13,000 13,000 13,000 13,000 13,000 13,000

13,000 13,000 13,000 13,000 13,000 13,000

0 0 0 0 0 0

(73,671) (71,944) (73,963) (76,678) (69,463) (66,292)

0 0 0 0 0 0

(73,671) (71,944) (73,963) (76,678) (69,463) (66,292)

(73,671) (71,944) (73,963) (76,678) (69,463) (66,292)

76,859 75,765 73,950 72,310 110,645 108,328

92,774 15,780 16,060 17,958 23,539 21,821

0 0 0 0 0 0

64,107 0 0 0 0 0

0 0 0 0 0 0

4,481 5,951 7,119 9,791 12,148 11,390

24,186 9,829 8,941 8,167 11,391 10,431

10,974 88,812 92,619 94,261 92,056 93,949

8,474 6,773 10,222 11,298 9,809 12,688

758 195 1,546 127 95 129

0 0 4,350 5,100 5,100 7,600

2,500 81,474 77,799 77,599 67,333 66,783

0 565 248 264 9,814 6,878

301,384 288,805 283,618 320,825 395,284 503,030

301,384 288,805 283,618 320,825 395,284 503,030

0 0 0 0 0 0

291,408 282,288 279,077 318,490 383,658 489,140

217,150 191,984 185,940 212,222 273,764 378,398

9,976 6,517 4,541 2,335 11,626 13,890

4,859 5,315 6,833 5,591 6,314 8,245

0 19 25 51 0 0

4,859 5,296 6,808 5,540 6,314 8,245

119 312 88 1,274 2,389 752

5,236 1,514 (2,204) (1,982) 7,701 6,397

102 103 8 6 2 3

90 92 8 6 2 3

5,134 1,411 (2,212) (1,988) 7,699 6,394

2,443 1,537 1,815 2,351 3,760 5,678

2,691 (126) (4,027) (4,339) 3,939 716

0 0 0 0 0 650

0 0 0 0 0 0

2,046 572 735 2,437 836 11,718

(2,556) (1,643) (1,081) 130 1,474 (1,360)

1,500 2,450 675 550 (850) (1,900)

108,962 32,601 29,047 26,590 77,721 76,857

2,691 (126) (4,027) (4,339) 3,939 66

2,957 4,295 3,984 3,638 3,972 4,511

34,237 42,945 49,694 56,200 61,370 65,386

0.89 -0.04 -1.42 -1.35 1.00 0.14

3.14 2.39 2.33 2.65 2.72 2.95

2.81 -0.10 -3.31 -3.58 2.71 0.42

-20.69 7.31 8.15 11.22 4.63 3.12

-58.07 -0.76 -27.02 -40.14 12.54 1.31

2.07 -0.10 -3.10 -3.34 3.03 0.55

(Thousand Rupees)Elahi Cotton Mills Ltd.

64

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,018,613 1,027,259 1,220,668 1,180,011 2,651,634 2,569,863

962 0 0 5,478 136 0

2,096,757 2,190,070 2,491,875 2,546,810 4,142,218 4,072,712

996,737 1,006,345 1,207,480 1,162,586 2,640,791 2,453,352

13,823 13,823 6,097 4,857 3,617 0

0 0 0 0 0 109,421

7,091 7,091 7,091 7,090 7,090 7,090

1,347,837 1,350,263 1,649,628 2,173,765 3,602,216 3,023,397

133,269 148,675 176,196 15,939 16,953 128,542

768,810 668,865 738,171 850,295 1,821,068 1,510,388

698,182 582,447 527,425 751,263 1,700,658 1,402,455

46,328 46,147 53,274 46,148 58,650 50,421

24,300 40,271 157,472 52,884 61,760 57,512

310,676 216,903 281,424 390,185 738,488 547,519

7,274 1,480 61,122 64,662 147,669 33,838

0 170,494 119,964 546,042 451,034 0

127,808 143,846 272,751 306,642 427,004 803,110

2,366,450 2,377,522 2,870,296 3,353,776 6,253,850 5,593,260

1,407,543 1,384,687 1,418,482 1,449,024 1,549,270 1,634,433

109,500 109,500 109,500 109,500 109,500 109,500

109,500 109,500 109,500 109,500 109,500 109,500

0 0 0 0 0 0

1,298,043 1,275,187 1,308,982 1,339,524 1,439,770 1,524,933

7,760 7,760 8,212 (2,744) 5,979 (54,966)

1,290,283 1,267,427 1,300,770 1,342,268 1,433,791 1,579,899

1,290,283 1,267,427 1,300,770 1,342,268 1,433,791 1,579,899

0 0 0 0 0 0

452,532 489,922 658,653 616,459 1,927,595 1,802,661

332,538 356,426 539,712 494,646 1,793,376 1,704,814

0 0 0 0 0 0

0 0 0 0 0 0

46,469 54,594 66,909 70,671 80,311 90,271

73,525 78,902 52,032 51,142 53,908 7,576

506,375 502,913 793,161 1,288,293 2,776,985 2,156,166

214,767 270,309 239,845 271,335 385,046 456,809

30,288 40,183 34,556 31,472 46,165 47,175

217,659 146,091 452,834 922,678 2,227,456 1,441,743

66,029 76,070 89,280 72,263 108,093 210,622

7,920 10,443 11,202 22,017 56,390 46,992

5,709,484 4,588,788 4,227,910 4,868,596 5,563,119 6,346,642

2,188,915 1,866,992 3,334,050 4,627,935 4,432,214 5,246,813

3,520,569 2,721,796 893,860 240,661 1,130,905 1,099,829

5,115,296 4,296,796 3,982,624 4,551,646 5,156,474 5,705,888

3,895,060 3,145,502 2,778,363 3,242,908 3,395,857 3,828,672

594,188 291,992 245,286 316,950 406,645 640,754

156,574 149,943 146,397 159,541 209,305 246,661

53,093 48,371 37,709 32,359 45,269 63,577

103,481 101,572 108,688 127,182 164,036 183,084

7,796 8,456 11,464 21,444 49,832 57,962

445,410 150,505 110,353 178,853 247,172 452,055

83,975 60,299 50,863 57,841 115,164 284,566

76,821 56,026 47,045 55,144 109,721 278,519

361,435 90,206 59,490 121,012 132,008 167,489

63,864 35,907 (11,675) 43,342 1,494 (37,280)

297,571 54,299 71,165 77,670 130,514 204,769

76,650 38,325 38,325 38,325 65,700 65,700

0 0 0 0 0 0

194,909 403,916 (199,443) (18,833) (1,092,085) 1,082,015

(112,022) (274,934) (238,483) (510,600) (1,499,962) (134,415)

(54,710) (113,577) 465,446 369,176 2,593,029 (836,849)

1,860,075 1,874,609 2,077,135 2,065,483 3,476,865 3,437,094

220,921 15,974 32,840 39,345 64,814 139,069

105,887 101,705 106,512 125,962 138,277 266,169

312,736 357,642 383,203 457,709 487,928 449,231

5.21 1.18 1.68 1.60 2.35 3.23

2.51 1.93 1.61 1.56 1.16 1.07

13.08 2.29 2.71 2.50 2.72 3.46

1.71 1.70 1.87 2.17 3.20 3.72

22.38 3.89 5.08 5.42 8.71 12.86

27.18 4.96 6.50 7.09 11.92 18.70

(Thousand Rupees)Ellcot Spinning Mills Ltd.

65

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,037,079 2,972,156 3,715,228 4,057,634 4,119,871 4,256,361

525,689 808 78 242,440 19,809 23,677

3,946,304 4,597,215 5,229,073 5,496,305 6,030,047 6,306,863

2,019,622 2,466,091 3,196,193 3,256,739 3,491,381 3,533,394

0 0 0 0 0 0

484,210 496,398 510,098 549,596 599,527 689,654

7,558 8,859 8,859 8,859 9,154 9,636

2,801,337 2,465,022 3,290,312 3,269,373 4,245,854 5,925,995

53,654 77,213 53,767 110,715 125,186 165,946

2,176,380 1,703,047 1,998,880 2,010,274 2,403,295 4,005,268

1,709,628 1,196,533 1,432,763 1,420,366 1,942,387 3,346,841

462,181 502,129 96,305 117,592 109,813 149,100

4,571 4,385 466,610 467,455 347,966 508,514

216,178 267,388 497,572 395,872 1,035,167 991,417

41,992 93,802 120,981 71,489 71,454 69,483

0 0 0 0 0 0

313,133 323,572 619,112 681,023 610,752 693,881

5,838,416 5,437,178 7,005,540 7,327,007 8,365,725 10,182,356

3,552,943 3,664,386 3,790,302 4,171,012 4,575,086 5,277,907

100,000 100,000 100,000 100,000 100,000 100,000

100,000 100,000 100,000 100,000 100,000 100,000

0 0 0 0 0 0

3,452,943 3,564,386 3,690,302 4,071,012 4,475,086 5,177,907

3,400,000 3,500,000 3,650,000 3,890,000 4,200,000 4,900,000

52,943 64,386 40,302 181,012 275,086 277,907

52,943 64,386 40,302 181,012 275,086 277,907

0 0 0 0 0 0

1,157,876 886,666 1,574,342 2,253,039 2,293,988 2,437,013

1,041,909 704,433 1,354,512 1,626,135 1,475,536 1,478,484

0 0 0 0 0 0

0 0 0 0 0 0

0 121,773 129,270 134,656 164,908 161,517

115,967 60,460 90,560 492,248 653,544 797,012

1,127,597 886,126 1,640,896 902,956 1,496,651 2,467,436

478,851 552,769 751,075 554,470 599,666 742,759

229,170 186,706 303,140 329,501 274,313 274,328

349,953 0 752,995 164,040 645,652 1,430,911

276,014 320,820 123,681 160,431 224,493 226,342

22,779 12,537 13,145 24,015 26,840 67,424

9,780,481 9,281,027 9,281,955 10,563,663 11,842,981 14,028,566

1,297,634 2,583,661 2,593,314 2,303,580 3,481,894 3,710,439

8,482,847 6,697,366 6,688,641 8,260,083 8,361,087 10,318,127

8,501,885 8,473,950 8,605,975 9,516,681 10,534,519 12,144,528

7,148,533 6,459,572 6,677,670 7,606,600 8,458,417 10,541,027

1,278,596 807,077 675,980 1,046,982 1,308,462 1,884,038

465,891 366,169 402,303 445,465 521,500 639,076

308,910 269,261 293,400 322,323 343,057 359,691

156,981 96,908 108,903 123,142 178,443 279,385

51,699 23,876 47,784 47,363 71,825 147,958

864,404 464,784 321,461 648,880 858,787 1,392,920

231,377 211,756 143,491 154,387 137,361 290,548

204,351 181,987 114,758 118,276 98,656 235,387

633,027 253,028 177,970 494,493 721,426 1,102,372

35,767 78,479 8,755 63,500 143,571 183,872

597,260 174,549 169,215 430,993 577,855 918,500

50,000 50,000 50,000 172,500 232,000 185,000

0 0 0 0 0 0

865,377 877,626 (182,705) 1,025,050 119,711 (176,452)

(962,468) (161,944) (997,236) (638,012) (329,609) (344,051)

67,318 (692,124) 1,156,495 (330,090) 224,370 561,262

4,710,819 4,551,052 5,364,644 6,424,051 6,869,074 7,714,920

547,260 124,549 119,215 258,493 345,855 733,500

210,241 249,829 300,498 339,949 329,423 323,909

499,627 523,354 546,922 623,907 1,198,607 662,211

6.11 1.88 1.82 4.08 4.88 6.55

1.79 1.65 1.49 1.47 1.51 1.51

10.93 3.10 2.72 6.01 7.36 9.90

1.66 1.56 1.67 1.80 1.79 1.88

18.20 4.84 4.54 10.83 13.21 18.64

59.73 17.45 16.92 43.10 57.79 91.85

(Thousand Rupees)Faisal Spinning Mills Ltd.

66

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

7,993,390 7,686,314 7,307,003 6,816,296 7,265,033 7,265,033

3,693 0 0 0 0 0

8,656,441 8,675,445 8,599,892 8,606,451 8,584,351 8,584,351

6,417,427 6,205,541 5,935,612 5,748,565 5,530,783 5,530,783

0 0 0 0 0 0

1,523,967 1,414,344 1,307,237 1,002,257 1,669,127 1,669,127

48,303 66,429 64,154 65,474 65,123 65,123

3,353,650 2,963,740 3,003,423 3,071,707 2,287,180 2,287,180

40,373 34,385 25,741 39,112 39,033 39,033

1,832,517 1,575,766 1,529,743 1,519,115 697,497 697,497

298,243 243,105 248,205 260,525 173,441 173,441

292,291 240,893 222,685 129,744 50,019 50,019

1,241,983 1,091,768 1,058,853 1,128,846 474,037 474,037

233,499 275,413 182,028 188,636 146,453 146,453

207,040 66,590 152,610 181,367 227,915 227,915

0 0 0 0 0 0

1,040,221 1,011,586 1,113,301 1,143,477 1,176,282 1,176,282

11,347,040 10,650,054 10,310,426 9,888,003 9,552,213 9,552,213

5,302,715 4,376,237 3,709,704 2,820,749 2,262,431 2,262,431

142,310 142,310 142,310 142,310 142,310 142,310

142,310 142,310 142,310 142,310 142,310 142,310

0 0 0 0 0 0

916,317 94,084 (416,807) (1,213,523) (1,684,214) (1,684,214)

18,648 18,648 18,648 18,648 18,648 18,648

897,669 75,436 (435,455) (1,232,171) (1,702,862) (1,702,862)

897,669 75,436 (435,455) (1,232,171) (1,702,862) (1,702,862)

4,244,088 4,139,843 3,984,201 3,891,962 3,804,335 3,804,335

1,981,178 1,933,329 2,178,031 2,198,894 2,173,071 2,173,071

1,897,642 636,289 636,288 636,288 636,288 636,288

0 1,212,270 1,460,401 1,484,717 1,459,103 1,459,103

0 0 0 0 0 0

39,802 44,968 41,540 38,087 37,878 37,878

43,734 39,802 39,802 39,802 39,802 39,802

4,063,147 4,340,488 4,422,691 4,868,360 5,116,711 5,116,711

1,332,035 1,870,355 1,713,369 1,885,458 2,107,634 2,107,634

626,797 680,664 569,909 597,214 612,061 612,061

1,668,717 1,523,404 1,559,602 1,625,671 1,640,534 1,640,534

455,704 539,735 539,736 539,736 539,736 539,736

606,691 406,994 609,984 817,495 828,807 828,807

4,071,013 2,619,758 1,560,007 1,978,089 2,587,468 2,587,468

2,897,623 2,386,661 1,558,320 1,576,325 2,090,458 2,090,458

1,173,390 233,097 1,687 401,764 497,010 497,010

4,469,496 3,071,732 1,764,504 2,239,930 3,525,313 3,525,313

3,485,843 1,998,840 1,182,336 1,573,525 2,162,674 2,162,674

(398,483) (451,974) (204,497) (261,841) (937,845) (937,845)

107,365 100,382 106,162 125,948 276,258 276,258

0 22,849 13,548 31,301 32,175 32,175

107,365 77,533 92,614 94,647 244,083 244,083

1,059,047 (64,232) (61,217) (267,992) 63,585 63,585

553,199 (616,588) (371,876) (655,781) (1,150,518) (1,150,518)

322,967 296,699 206,058 189,638 4,772 4,772

305,046 232,136 203,353 187,731 2,913 2,913

230,232 (913,287) (577,934) (845,419) (1,155,290) (1,155,290)

40,710 0 0 19,781 31,101 31,101

189,522 (913,287) (577,934) (865,200) (1,186,391) (1,186,391)

185,003 0 0 0 0 0

0 0 0 0 0 0

476,181 112,223 (282,425) (56,083) (14,990) (14,990)

197,175 76,185 (2,831) (20,931) 25,671 25,671

(680,092) (194,396) 276,612 90,385 (10,760) (10,760)

7,283,893 6,309,566 5,887,735 5,019,643 4,435,502 4,435,502

4,519 (913,287) (577,934) (865,200) (1,186,391) (1,186,391)

157,626 230,891 219,094 207,445 197,107 197,107

309,716 238,215 132,572 155,214 181,299 181,299

4.66 -34.86 -37.05 -43.74 -45.85 -45.85

0.42 0.24 0.15 0.20 0.27 0.27

1.95 -8.30 -5.51 -8.57 -12.21 -12.42

2.75 2.27 2.59 3.09 3.82 4.22

5.37 -18.87 -14.29 -26.50 -46.68 -52.44

13.32 -64.18 -40.61 -60.80 -83.37 -83.37

(Thousand Rupees)Fatima Enterprises Ltd.

67

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

17,676,319 23,329,128 23,504,903 24,880,258 30,230,616 32,336,482

301,839 396,589 227,487 415,547 323,352 485,298

19,994,090 26,291,604 27,367,193 29,168,332 36,012,662 38,444,768

15,259,406 19,494,601 19,666,759 20,567,186 25,382,180 26,743,991

1,188 1,006 824 642 0 0

2,079,794 3,402,514 3,585,387 3,872,437 4,501,013 5,083,122

34,092 34,418 24,446 24,446 24,071 24,071

12,279,708 11,950,518 10,179,944 14,792,234 18,419,423 22,268,494

360,063 177,228 209,689 143,354 134,297 199,476

6,549,617 5,433,568 6,218,623 7,580,000 10,357,338 13,033,292

3,911,782 3,851,604 3,325,656 5,163,806 8,052,540 10,778,926

307,431 279,187 278,621 310,983 359,035 410,363

2,330,404 1,302,777 2,614,346 2,105,211 1,945,763 1,844,002

3,104,021 4,048,617 2,140,698 4,619,059 5,237,758 6,132,305

754,926 531,136 160,723 197,595 164,567 92,746

227,268 545,591 221,289 219,659 198,288 182,682

1,283,813 1,214,378 1,228,922 2,032,567 2,327,175 2,627,993

29,956,027 35,279,646 33,684,847 39,672,492 48,650,039 54,604,976

10,930,432 15,795,757 15,476,657 15,834,734 20,783,088 21,748,995

300,000 300,000 300,000 300,000 300,000 300,000

300,000 300,000 300,000 300,000 300,000 300,000

0 0 0 0 0 0

7,189,609 8,405,375 8,455,465 9,027,261 10,343,488 11,890,385

1,311,261 1,945,611 1,622,452 1,606,703 1,525,441 1,373,544

5,878,348 6,459,764 6,833,013 7,420,558 8,818,047 10,516,841

5,878,348 6,459,764 6,833,013 7,420,558 8,818,047 10,516,841

3,440,823 7,090,382 6,721,192 6,507,473 10,139,600 9,558,610

8,926,560 8,996,479 9,446,005 10,600,671 11,678,550 13,758,411

7,509,412 6,913,246 7,283,908 8,329,340 9,208,525 10,445,388

0 0 0 0 0 0

0 0 0 0 0 0

159,337 220,481 218,741 214,614 268,709 273,812

1,257,811 1,862,752 1,943,356 2,056,717 2,201,316 3,039,211

10,099,035 10,487,410 8,762,185 13,237,087 16,188,401 19,097,570

1,778,317 1,899,626 2,009,184 2,014,405 2,927,436 3,786,287

199,139 238,357 349,015 356,035 252,894 740,705

6,895,216 6,715,275 4,451,122 8,940,728 10,728,557 12,299,901

1,076,909 1,532,064 2,019,571 1,993,980 2,200,557 2,517,786

348,593 340,445 282,308 287,974 331,851 493,596

23,950,709 27,517,174 23,282,102 30,145,613 33,345,188 40,913,729

15,086,578 15,584,232 13,292,918 18,776,454 19,642,160 28,129,934

8,864,131 11,932,942 9,989,184 11,369,159 13,703,028 12,783,795

21,496,409 24,613,636 21,282,338 27,947,566 30,141,180 35,886,846

16,167,689 14,826,674 374,436 19,747,844 21,807,598 26,783,560

2,454,300 2,903,538 1,999,764 2,198,047 3,204,008 5,026,883

600,609 836,372 776,617 826,171 737,069 858,458

266,112 502,373 435,712 506,264 298,619 261,770

334,497 333,999 340,905 319,907 438,450 596,688

240,160 108,985 272,361 391,272 439,877 758,766

2,093,851 2,176,151 1,495,508 1,763,148 2,906,816 4,927,191

1,332,564 1,514,731 1,094,329 1,054,503 1,372,066 2,334,040

0 15,472 7,188 974,598 1,140,332 1,900,863

761,287 661,420 401,179 708,645 1,534,750 2,593,151

(167,730) 163,415 268,089 253,675 258,222 1,005,311

929,017 498,005 133,090 454,970 1,276,528 1,587,840

75,000 75,000 150,000 157,500 255,000 315,000

0 0 0 0 0 0

(776,709) 1,464,330 1,994,914 (3,414,334) 855,511 2,941,351

(4,382,671) (1,251,212) (407,717) (2,091,220) (2,198,269) (3,394,323)

5,302,046 (395,952) (1,554,736) 5,439,219 1,333,700 518,149

19,856,992 24,792,236 24,922,662 26,435,405 32,461,638 35,507,406

854,017 423,005 (16,910) 297,470 1,021,528 1,272,840

616,412 777,481 913,931 912,387 1,021,400 1,158,717

1,710,383 1,865,622 1,954,426 2,009,169 2,205,378 2,533,556

3.88 1.81 0.57 1.51 3.83 3.88

0.90 0.84 0.68 0.82 0.76 0.79

3.48 1.53 0.39 1.24 2.89 3.08

2.57 2.44 2.21 2.34 2.41 2.43

8.96 3.73 0.85 2.91 6.97 7.47

30.97 16.60 4.44 15.17 42.55 52.93

(Thousand Rupees)Fazal Cloth Mills Ltd.

68

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

5,226,510 5,786,486 6,756,261 8,272,229 10,857,181 13,663,267

582,312 535,596 854,663 849,492 1,907,307 2,070,731

7,830,427 8,805,497 9,801,707 11,647,322 13,695,111 16,873,411

4,628,557 5,240,019 5,895,201 7,412,659 8,939,671 11,388,151

10,283 5,141 0 2,975 1,870 1,852

10 10 10 0 0 186,153

5,348 5,720 6,387 7,103 8,333 16,380

7,414,038 6,918,264 8,752,710 10,466,306 12,494,937 20,304,069

233,902 287,909 990,908 93,730 203,534 3,267,698

3,133,460 2,382,563 3,046,969 3,637,710 3,892,270 6,411,087

1,428,291 1,229,094 1,530,681 1,543,479 1,575,528 2,982,549

1,064,591 790,365 971,073 1,574,768 1,470,271 2,330,145

640,578 363,104 545,215 519,463 846,471 1,098,393

2,630,993 2,823,046 2,782,631 4,354,193 5,191,492 7,629,994

0 271,092 253,734 203,672 313,756 146,267

0 0 0 0 0 0

1,415,683 1,153,654 1,678,468 2,177,001 2,893,885 2,849,023

12,640,548 12,704,750 15,508,971 18,738,535 23,352,118 33,967,336

8,140,695 10,013,295 12,767,889 14,507,876 16,167,281 20,103,449

3,768,009 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009

3,768,009 3,768,009 3,768,009 3,768,009 3,768,009 3,768,009

0 0 0 0 0 0

3,292,024 5,164,624 7,919,218 9,240,859 10,900,264 14,836,432

758,663 758,663 758,663 758,820 758,681 758,663

2,533,361 4,405,961 7,160,555 8,482,039 10,141,583 14,077,769

2,533,361 4,405,961 7,160,555 8,482,039 10,141,583 14,077,769

1,080,662 1,080,662 1,080,662 1,499,008 1,499,008 1,499,008

472,093 383,248 434,150 437,142 750,334 2,135,040

472,093 383,248 434,150 437,142 750,334 1,991,546

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 143,494

4,027,760 2,308,207 2,306,932 3,793,517 6,434,503 11,728,847

2,682,767 2,197,618 2,293,479 3,177,288 3,701,979 4,910,688

1,221,013 1,715,593 1,802,301 2,669,633 2,669,633 1,545,488

1,177,725 0 0 500,000 2,550,000 6,490,000

136,147 96,014 5,850 110,008 162,508 275,388

31,121 14,575 7,603 6,221 20,016 52,771

17,697,272 17,533,227 19,664,897 20,937,331 21,775,447 29,243,547

386,485 200,700 221,695 417,623 561,573 295,830

17,310,787 17,332,527 19,443,202 20,519,708 21,213,874 28,947,717

14,351,704 13,622,707 14,089,214 16,063,005 16,950,429 21,605,821

8,954,021 7,494,536 8,222,474 9,621,948 9,385,318 16,199,371

3,345,568 3,910,520 5,575,683 4,874,326 4,825,018 7,637,726

1,122,346 1,350,629 1,461,973 2,213,127 2,653,811 3,309,250

484,488 585,688 506,983 1,421,045 1,511,757 1,921,999

637,858 764,941 954,990 792,082 1,142,054 1,387,251

0 0 0 (156,605) 718,671 2,048,510

2,223,222 2,559,891 4,113,710 2,504,594 2,889,878 6,376,986

331,545 32,278 81,659 55,039 85,729 155,892

216,518 54,218 11,757 15,740 43,494 80,609

1,891,677 2,527,613 4,032,051 2,449,555 2,804,149 6,221,094

194,205 201,987 221,968 (39,977) 52,052 231,284

1,697,472 2,325,626 3,810,083 2,489,532 2,752,097 5,989,810

1,695,604 2,185,445 376,801 1,017,362 1,375,323 2,392,686

0 0 0 0 0 0

2,706,627 2,803,240 3,238,651 1,388,724 2,162,796 3,330,390

(1,033,395) (989,587) (1,441,229) (1,725,278) (3,375,627) (3,507,082)

(589,136) (581,921) (1,094,423) (1,060,624) 1,323,264 3,241,026

8,612,788 10,396,543 13,202,039 14,945,018 16,917,615 22,238,489

1,868 140,181 3,433,282 1,472,170 1,376,774 3,597,124

(354,113) 399,798 435,950 547,927 745,112 933,095

2,109,418 2,332,140 2,706,320 3,082,734 3,727,117 4,421,869

9.59 13.26 19.38 11.89 12.64 20.48

1.48 1.38 1.39 1.22 1.03 1.02

14.17 18.35 27.01 14.54 13.08 20.90

1.61 1.40 1.24 1.26 1.37 1.58

22.81 25.62 33.45 18.25 17.94 33.03

4.50 6.17 10.11 6.61 7.30 15.90

(Thousand Rupees)Feroze1888 Mills Ltd.

69

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

7,387,695 10,052,359 9,962,685 9,971,589 10,541,898 12,942,640

631,034 278,006 257,116 592,551 447,528 260,327

10,033,326 14,778,489 14,990,155 15,002,632 16,080,114 18,786,167

5,366,017 8,044,222 7,469,897 6,855,143 7,344,400 9,610,032

0 0 0 0 0 0

1,358,798 1,683,343 2,194,332 2,472,715 2,686,920 2,869,812

31,846 46,788 41,340 51,180 63,050 202,469

8,717,727 10,491,393 9,344,718 10,028,260 12,600,632 14,336,715

331,879 506,553 387,454 163,926 188,863 106,297

5,699,647 4,895,445 5,148,415 5,700,578 7,469,561 8,397,926

4,811,336 3,676,987 4,256,409 4,157,585 6,316,848 6,713,153

163,724 197,618 250,971 262,525 286,033 345,359

724,587 1,020,840 641,035 1,280,468 866,680 1,339,414

1,079,098 2,021,935 1,547,639 1,750,769 2,464,181 3,517,747

458,417 413,108 579,440 262,541 286,996 199,991

49,008 59,745 75,734 0 0 0

1,099,678 2,594,607 1,606,036 2,150,446 2,191,031 2,114,754

16,105,422 20,543,752 19,307,403 19,999,849 23,142,530 27,279,355

6,499,577 6,817,519 6,533,605 7,366,723 8,213,510 9,189,477

234,375 234,375 280,296 280,296 280,296 280,296

234,375 234,375 280,296 280,296 280,296 280,296

0 0 0 0 0 0

6,265,202 6,583,144 6,253,309 7,086,427 7,933,214 8,909,181

103,125 910,795 137,541 137,541 137,541 137,541

6,162,077 5,672,349 6,115,768 6,948,886 7,795,673 8,771,640

0 0 0 0 0 0

0 0 0 0 0 0

695,361 996,912 1,089,766 1,114,696 1,824,382 4,074,697

8,905 0 0 0 594,338 2,622,363

0 0 0 0 0 0

0 0 0 0 0 0

218,333 348,205 447,453 446,314 533,769 562,984

468,123 648,707 642,313 668,382 696,275 889,350

8,910,484 12,729,321 11,684,032 11,518,430 13,104,638 14,015,181

1,133,845 1,970,757 1,872,207 2,779,417 3,088,479 3,695,695

227,940 269,232 342,058 433,845 459,588 485,154

7,596,319 10,405,623 9,553,768 8,635,992 9,864,906 9,926,683

17,814 8,905 0 0 0 52,728

162,506 344,036 258,057 103,021 151,253 340,075

20,066,084 23,003,447 21,269,477 23,248,578 27,554,687 31,217,479

11,047,830 12,778,932 13,666,007 15,665,623 17,225,136 22,871,633

9,018,254 10,224,515 7,603,470 7,582,955 10,329,551 8,345,846

18,133,918 21,873,625 20,543,285 21,919,785 25,609,797 28,324,756

13,442,308 14,981,515 13,009,669 15,252,169 17,713,068 22,377,157

1,932,166 1,129,822 726,192 1,328,793 1,944,890 2,892,723

607,534 619,002 592,319 473,736 661,556 776,297

306,987 370,304 299,410 279,821 437,311 401,764

300,547 248,698 292,909 193,915 224,245 374,533

154,155 190,380 223,139 572,482 764,994 627,829

1,478,787 701,200 357,012 1,427,539 2,048,328 2,744,255

739,638 791,481 449,176 342,601 574,682 1,097,949

740,764 783,166 434,389 315,729 539,961 1,046,436

739,149 (90,281) (92,164) 1,084,938 1,473,646 1,646,306

158,350 302,053 181,681 277,952 288,350 480,013

580,799 (392,334) (273,845) 806,986 1,185,296 1,166,293

0 0 0 140,148 434,459 238,252

0 0 0 0 0 0

(578,231) 1,503,863 1,271,568 891,770 (890,942) 986,951

(1,024,527) (579,273) (529,849) (197,445) (852,240) (2,520,665)

(309,184) (130,846) (8,963) (77) 271,059 1,835,950

7,194,938 7,814,431 7,623,371 8,481,419 10,037,892 13,264,174

580,799 (392,334) (273,845) 666,838 750,837 928,041

558,815 777,626 811,284 743,950 736,284 794,827

1,219,992 1,891,639 2,060,040 2,211,321 2,204,251 2,597,439

2.89 -1.71 -1.29 3.47 4.30 3.74

1.34 1.26 1.07 1.18 1.28 1.24

3.89 -2.14 -1.37 4.11 5.49 4.63

2.35 2.75 2.99 2.83 2.77 2.90

9.16 -5.89 -4.10 11.61 15.22 13.40

24.78 -16.74 -9.77 28.79 42.29 41.61

(Thousand Rupees)Gadoon Textile Mills Ltd.

70

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,583,324 1,677,349 1,652,254 1,570,677 1,519,368 1,414,028

113,381 129,013 34,210 1,134 90,830 0

2,736,472 2,899,515 3,119,607 3,177,806 3,170,099 3,289,200

1,456,991 1,535,324 1,605,032 1,556,531 1,415,526 1,401,016

0 0 0 0 0 0

0 0 0 0 0 0

12,952 13,012 13,012 13,012 13,012 13,012

1,687,718 1,465,250 1,156,939 1,341,998 1,172,989 1,728,806

4,451 25,006 4,156 6,748 30,450 6,784

1,069,597 804,905 626,434 749,188 449,614 729,191

551,967 285,448 156,085 487,312 78,419 471,108

75,161 68,119 70,423 66,181 80,456 99,490

442,469 451,338 399,926 195,695 290,739 158,593

362,413 261,062 128,668 127,993 126,552 419,711

116,376 154,451 120,113 107,861 244,281 244,569

0 0 0 0 0 0

134,881 219,826 277,568 350,208 322,092 328,551

3,271,042 3,142,599 2,809,193 2,912,675 2,692,357 3,142,834

19,240 1,022,578 828,646 870,784 1,056,159 1,190,620

326,356 326,356 326,356 326,356 326,356 326,356

326,356 326,356 326,356 326,356 326,356 326,356

0 0 0 0 0 0

(307,116) 696,222 502,290 544,428 729,803 864,264

0 1,177,728 1,255,728 1,640,728 1,993,778 2,172,278

(307,116) (481,506) (753,438) (1,096,300) (1,263,975) (1,308,014)

(307,116) (481,506) (753,438) (1,096,300) (1,263,975) (1,308,014)

0 0 0 0 0 0

1,673,022 456,252 410,907 285,863 168,123 300,692

528,666 387,308 350,000 206,250 56,250 131,250

1,091,005 0 0 0 0 0

0 0 0 0 0 0

40,190 40,328 48,589 56,859 58,130 59,695

13,161 28,616 12,318 22,754 53,743 109,747

1,578,780 1,663,769 1,569,640 1,756,028 1,468,075 1,651,522

322,566 392,199 439,317 317,289 274,989 223,855

197,714 247,492 361,384 260,401 174,235 144,193

1,050,660 1,020,173 940,649 1,203,403 983,333 1,255,862

123,796 224,126 143,461 175,000 150,000 80,550

81,758 27,271 46,213 60,336 59,753 91,255

5,338,764 5,114,903 4,819,931 4,255,717 3,797,059 5,418,786

1,435,100 1,179,830 1,664,189 2,071,716 2,249,628 4,159,107

3,903,664 3,935,073 3,155,742 2,184,001 1,547,431 1,259,679

4,822,883 4,815,950 4,647,253 4,174,942 3,571,402 5,033,977

3,489,838 3,373,048 3,206,232 2,784,926 2,459,553 3,727,651

515,881 298,953 172,678 80,775 225,657 384,809

317,486 288,596 268,434 248,224 221,851 202,592

202,177 181,344 150,120 124,770 104,861 85,928

115,309 107,252 118,314 123,454 116,990 116,664

27,074 17,515 9,898 14,045 14,522 24,768

225,469 27,872 (85,858) (153,404) 18,328 206,985

194,232 208,876 149,437 140,140 120,029 145,034

172,328 151,991 108,250 126,702 108,283 134,942

31,237 (181,004) (235,295) (293,544) (101,701) 61,951

20,708 1,985 34,121 40,644 73,502 113,395

10,529 (182,989) (269,416) (334,188) (175,203) (51,444)

0 0 0 0 0 0

0 0 0 0 0 0

56,205 240,465 224,891 (460,539) 155,951 (451,963)

(479,708) (235,057) (126,245) (72,412) (90,193) (28,271)

426,338 15,147 (119,496) 535,543 (42,055) 456,568

1,692,262 1,478,830 1,239,553 1,156,647 1,224,282 1,491,312

10,529 (182,989) (269,416) (334,188) (175,203) (51,444)

119,013 153,156 151,838 147,463 141,895 133,612

414,316 447,199 496,378 470,862 474,583 481,934

0.20 -3.58 -5.59 -7.85 -4.61 -0.95

1.77 1.60 1.62 1.49 1.35 1.86

0.35 -5.71 -9.05 -11.68 -6.25 -1.76

371.24 6.16 3.22 3.37 2.91 2.60

129.29 -35.13 -29.11 -39.33 -18.18 -4.58

0.32 -5.61 -8.26 -10.24 -5.37 -1.58

(Thousand Rupees)Ghazi Fabrics International Ltd.

71

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

135,380 118,380 8,250 6,400 5,120 4,096

0 0 0 0 0 0

679,353 674,126 660,159 658,834 658,534 658,534

84,917 67,917 8,250 6,400 5,120 4,096

0 0 0 0 0 0

0 0 0 0 0 0

50,463 50,463 0 0 0 0

13,222 10,718 64,422 53,745 52,275 52,276

79 45 10 9 2 3

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

2,383 0 0 0 0 0

0 0 0 0 0 0

10,760 10,673 64,412 53,736 52,273 52,273

148,602 129,098 72,672 60,145 57,395 56,372

148,210 125,052 67,475 58,669 56,705 55,367

163,664 163,664 163,664 163,664 163,664 163,664

163,664 163,664 163,664 163,664 163,664 163,664

0 0 0 0 0 0

(15,454) (38,612) (96,189) (104,995) (106,959) (108,297)

0 0 0 0 0 0

(15,454) (38,612) (96,189) (104,995) (106,959) (108,297)

(15,454) (38,612) (96,189) (104,995) (106,959) (108,297)

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

392 4,046 5,197 1,476 690 1,005

392 1,207 1,227 1,476 628 944

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 2,839 3,970 0 62 61

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

37,354 23,547 23,547 9,987 2,118 1,352

0 0 0 0 0 0

37,354 23,547 23,547 9,987 2,118 1,352

587 390 390 582 155 16

(36,767) (23,157) (23,157) (9,405) (1,963) (1,336)

2 1 1 1 1 2

0 0 0 0 0 0

(36,769) (23,158) (23,158) (9,406) (1,964) (1,338)

367 0 0 0 0 0

(37,136) (23,158) (23,158) (9,406) (1,964) (1,338)

0 0 0 0 0 0

0 0 0 0 0 0

(5,665) (2,717) (2,717) (4,240) (1,611) 1

5,716 2,683 2,683 4,239 0 0

0 0 0 0 1,604 0

148,210 125,052 67,475 58,669 56,705 55,367

(37,136) (23,158) (23,158) (9,406) (1,964) (1,338)

21,230 16,979 16,979 1,627 1,280 1,024

1,545 1,601 1,601 15 0 0

0.00 0.00 0.00 0.00 0.00 0.00

-22.22 -16.68 -22.95 -14.16 -3.34 -2.35

1.00 1.02 1.05 1.05 1.02 1.02

-22.27 -16.95 -24.06 -14.91 -3.40 -2.39

-2.27 -1.41 -1.41 -0.57 -0.12 -0.08

- - - - - -

(Thousand Rupees)Globe Textile Mills Ltd.

72

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,545,372 940,405 914,301 889,117 869,429 729,819

0 0 0 0 0 0

1,663,091 1,658,925 1,655,852 1,654,190 1,099,144 975,203

1,531,855 923,855 896,048 869,698 844,863 2,445

0 0 0 0 0 0

10,736 13,769 15,472 17,357 19,466 21,832

2,781 2,781 2,781 2,062 5,100 705,542

316,991 148,115 128,485 101,120 72,891 66,727

5,326 6,439 6,119 6,502 6,106 4,481

232,264 93,522 93,522 70,242 52,379 52,379

200,802 77,590 77,590 58,192 43,644 43,644

31,059 15,529 15,529 0 0 0

403 403 403 11,647 8,735 8,735

23,038 11,859 12,075 9,396 3,549 0

5,989 464 464 104 0 0

0 0 0 0 0 0

50,374 35,831 16,305 14,876 10,857 9,867

1,862,363 1,088,520 1,042,786 990,237 942,320 796,546

(441,820) (967,734) (1,005,250) (1,325,894) (1,409,683) (1,417,118)

146,410 146,410 146,410 146,410 146,410 146,410

146,410 146,410 146,410 146,410 146,410 146,410

0 0 0 0 0 0

(1,365,273) (1,491,111) (1,518,615) (1,829,668) (1,907,887) (1,914,989)

25,000 127,983 127,983 127,983 127,983 127,983

(1,390,273) (1,619,094) (1,646,598) (1,957,651) (2,035,870) (2,042,972)

(1,390,272) (1,619,094) (1,646,598) (1,957,651) (2,035,870) (2,042,972)

777,043 376,967 366,955 357,364 351,794 351,461

518,092 233,154 159,360 1,918,062 1,907,759 1,802,615

177,818 74,818 0 1,775,177 1,779,069 1,802,190

0 0 0 0 0 0

0 0 0 0 0 0

14,276 2,897 709 512 512 425

325,998 155,439 158,651 142,373 128,178 0

1,786,091 1,823,100 1,888,676 398,069 444,244 411,049

423,211 460,593 441,178 64,733 56,075 12,894

162,872 158,430 163,364 0 37,954 0

1,147,576 1,145,120 1,145,120 0 0 0

188,627 186,716 261,534 0 0 0

26,677 30,671 40,844 333,336 388,169 398,155

316,169 0 3,000 11,700 0 0

316,169 0 3,000 11,700 0 0

0 0 0 0 0 0

399,217 218,484 34,715 55,071 43,905 16,960

130,782 123,213 0 19,397 15,398 2,550

(83,048) (218,484) (31,715) (43,371) (43,905) (16,960)

27,435 22,557 5,939 3,456 1,224 17,888

320 60 0 0 0 0

27,115 22,497 5,939 3,456 1,224 17,888

6,028 6,450 14,022 2,269 2,109 95,515

(104,455) (234,591) (23,632) (44,558) (43,020) 60,667

5,897 9,821 10,671 4,493 54,963 82,828

4,575 8,886 10,288 4,068 54,833 54,873

(110,352) (244,412) (34,303) (49,051) (97,983) (22,161)

(13,059) 7,055 3,212 (16,278) (10,565) (10,116)

(97,293) (251,467) (37,515) (32,773) (87,418) (12,045)

0 0 0 0 0 0

0 0 0 0 0 0

27,043 2,932 (1,881) (325) (388) (4,089)

(3,118) 2,550 1,561 1,300 0 2,067

(24,192) (1,912) 0 (599) (8) 397

76,272 (734,580) (845,890) 592,168 498,076 385,497

(97,293) (251,467) (37,515) (32,773) (87,418) (12,045)

54,559 51,461 27,565 27,565 24,835 14,502

88,971 14,067 2,018 464 143 778

-30.77 -1,250.50 -280.11

0.17 0.00 0.00 0.01 0.00 0.00

-5.09 -17.04 -3.52 -3.22 -9.05 -1.39

-4.79 -2.09 -1.08 -0.87 -0.71 -0.62

24.36 35.68 3.80 2.81 6.39 0.85

-6.65 -17.18 -2.56 -2.24 -5.97 -0.82

- - -

(Thousand Rupees)Gulistan Spinning Mills Ltd.

73

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

5,809,555 3,572,490 3,493,673 3,462,444 3,388,645 1,783,920

0 0 0 0 0 0

6,155,610 6,155,610 6,155,610 6,155,610 4,063,293 4,063,293

5,795,845 3,564,384 3,485,717 3,409,557 3,335,758 6,313

0 0 0 0 0 0

5,275 0 0 0 0 0

8,435 8,106 7,956 52,887 52,887 1,777,607

1,122,475 683,831 633,241 434,770 347,643 215,752

36,487 59,551 59,127 58,992 58,992 23,751

742,850 408,543 343,937 237,982 169,325 135,460

487,999 215,045 215,045 153,791 127,239 101,783

18,859 0 0 0 0 0

177,866 131,548 128,892 84,191 42,085 33,676

115,179 55,269 48,136 51,063 43,179 485

24,754 18,176 18,226 489 228 0

0 0 0 0 0 0

203,205 142,292 163,815 86,244 75,919 56,056

6,932,030 4,256,321 4,126,914 3,897,214 3,736,288 1,999,672

(2,689,820) (4,429,793) (4,462,791) (6,437,893) (6,896,868) (8,594,736)

189,839 189,839 189,839 189,839 189,839 189,839

189,839 189,839 189,839 189,839 189,839 189,839

0 0 0 0 0 0

(5,642,377) (5,902,432) (5,917,497) (7,884,616) (8,335,570) (9,695,234)

378,102 796,627 1,000,549 796,627 796,627 796,627

(6,020,479) (6,699,059) (6,918,046) (8,681,243) (9,132,197) (10,491,861)

(6,224,624) (6,903,096) (6,918,046) (8,885,164) (9,336,118) (10,695,782)

2,762,718 1,282,800 1,264,867 1,256,884 1,248,863 910,659

1,581,477 597,254 552,016 8,170,220 8,122,752 7,954,204

423,800 0 0 7,680,020 7,681,215 7,823,403

0 0 0 0 0 0

0 0 0 0 0 0

117,538 134,956 2,172 130,362 130,518 130,801

1,040,139 462,298 549,844 359,838 311,019 0

8,040,373 8,088,860 8,037,689 2,164,887 2,510,404 2,640,204

1,274,303 1,324,682 1,274,311 262,179 252,297 63,257

929,136 969,050 934,733 934,733 89,629 85

5,424,467 5,424,305 5,424,305 0 0 0

1,250,609 1,248,969 1,247,869 0 0 0

90,994 90,904 91,204 1,902,708 2,258,107 2,576,947

1,589,254 359,652 7,925 0 0 0

1,558,610 359,652 7,925 0 0 0

30,644 0 0 0 0 0

2,238,890 910,815 156,817 186,990 154,467 90,833

813,542 323,673 23,372 38,446 26,562 25,446

(649,636) (551,163) (148,892) (186,990) (154,467) (90,833)

304,686 107,018 19,668 39,761 8,671 938,732

9,285 240 0 0 0 0

295,401 106,778 19,668 39,761 8,671 938,732

784,263 1,149 30,495 25,736 12,928 228,557

(170,059) (657,032) (138,065) (201,015) (150,210) (801,008)

33,480 1,871 35 8 355,412 584,184

30,100 0 0 0 355,399 355,399

(203,539) (658,903) (138,100) (201,023) (505,622) (1,385,192)

(28,279) 86,904 (42,374) (52,539) (37,198) (9,257)

(175,260) (745,807) (95,726) (148,484) (468,424) (1,375,935)

0 0 0 0 0 0

0 0 0 0 0 0

62,977 (250) 524 (14,874) 1 (35,529)

(6,566) 338 152 16,367 0 0

(67,473) (769) (1,100) (1,630) 0 288

(1,108,343) (3,832,539) (3,910,775) 1,732,327 1,225,884 (640,532)

(175,260) (745,807) (95,726) (148,484) (468,424) (1,375,935)

143,693 139,145 78,667 76,159 73,799 48,048

388,323 176,388 7,719 6,013 4,281 3,998

-11.03 -207.37 -1,207.90

0.22 0.06 0.00 0.00 0.00 0.00

-2.37 -13.33 -2.28 -3.70 -12.27 -47.98

-2.82 -1.57 -0.94 -0.74 -0.57 -0.37

6.70 20.95 2.15 2.72 7.03 17.76

-9.23 -39.29 -5.04 -7.82 -24.67 -72.48

- - -

(Thousand Rupees)Gulistan Textile Mills Ltd.

74

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,810,562 2,361,348 2,331,395 2,286,096 2,245,514 1,696,118

0 0 0 0 0 0

4,147,267 4,145,038 4,145,038 4,143,422 2,784,355 2,782,237

3,709,851 2,257,519 2,203,634 2,151,494 2,101,318 8,652

0 0 0 0 0 0

92,045 95,352 119,284 126,125 132,302 139,230

8,666 8,477 8,477 8,477 11,894 1,548,236

1,044,968 709,201 435,251 370,881 312,045 179,902

11,490 13,406 18,982 30,515 12,475 16,172

625,037 310,880 189,358 132,267 99,200 97,195

468,863 232,211 117,679 82,276 61,707 61,707

3,861 0 0 0 0 0

147,289 73,645 66,655 49,991 37,493 35,488

137,758 70,620 46,510 33,662 32,511 13,435

32,194 81,150 86,772 82,259 83,314 41,459

9,014 0 0 0 0 0

229,475 233,145 93,629 92,178 84,545 11,641

4,855,530 3,070,549 2,766,646 2,656,977 2,557,559 1,876,020

422,809 (918,482) (1,104,530) (1,824,778) (1,992,554) (2,863,668)

222,250 222,250 222,250 222,250 222,250 222,250

222,250 222,250 222,250 222,250 222,250 222,250

0 0 0 0 0 0

(1,763,231) (2,137,971) (2,283,061) (3,009,808) (3,169,839) (3,817,950)

316,000 316,000 316,000 522,000 522,000 522,000

(2,079,231) (2,453,971) (2,599,061) (3,531,808) (3,691,839) (4,339,950)

(2,285,231) (2,659,971) (2,805,061) (3,531,808) (3,691,839) (4,339,950)

1,963,790 997,239 956,281 962,780 955,035 732,032

956,803 364,371 366,028 3,699,884 3,667,494 3,759,344

71,896 0 0 3,379,925 3,360,161 3,742,494

0 0 0 0 0 0

0 0 0 0 0 0

27,915 23,300 23,534 23,363 22,099 16,850

856,992 341,071 342,494 296,596 285,234 0

3,475,918 3,624,660 3,505,148 781,871 882,619 980,344

588,897 660,958 601,150 57,739 26,406 21,599

48,376 41,836 27,971 26,651 1,816 0

2,738,951 2,735,000 2,739,964 0 0 0

133,990 204,878 133,305 0 0 0

14,080 23,824 30,729 724,132 856,213 958,745

991,069 24,762 85,557 15,333 0 0

991,069 24,762 85,557 15,333 0 0

0 0 0 0 0 0

1,323,592 419,292 188,976 122,383 93,942 40,951

681,008 236,652 114,532 35,404 20,569 11,814

(332,523) (394,530) (103,419) (107,050) (93,942) (40,951)

65,513 91,704 39,892 40,802 16,324 441,340

9,877 5,675 3,663 923 701 514

55,636 86,029 36,229 39,879 15,623 440,826

195,895 263 (34,345) 75,825 63,674 52,199

(202,141) (485,971) (177,656) (72,027) (46,592) (430,092)

6,661 12,175 6,969 606 132,546 269,534

4,392 11,780 6,647 58 132,274 132,097

(208,802) (498,146) (184,625) (72,633) (179,138) (699,626)

(6,057) (81,020) 1,423 (45,898) (2,200) (43,199)

(202,745) (417,126) (186,048) (26,735) (176,938) (656,427)

0 0 0 0 0 0

0 0 0 0 0 0

73,688 5,194 146,136 17,537 (17,088) 0

2,538 1,680 (73,951) (758) 0 0

(82,227) (4,959) (66,609) (5,245) (952) 0

1,379,612 (554,111) (738,502) 1,875,106 1,674,940 895,676

(202,745) (417,126) (186,048) (26,735) (176,938) (656,427)

96,183 92,802 53,885 51,992 50,177 28,251

178,430 29,529 25,008 17,714 352 300

-20.46 -1,684.54 -217.46 -174.36

0.20 0.01 0.03 0.01 0.00 0.00

-4.01 -10.53 -6.37 -0.99 -6.79 -29.61

7.43 -15.99 -2.89 -1.85 -1.37 -0.91

-29.79 168.31 18.39 1.83 9.27 27.03

-9.12 -18.77 -8.37 -1.20 -7.96

- -

-

(Thousand Rupees)Gulshan Spinning Mills Ltd.

75

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

393,156 407,346 430,770 445,644 457,238 478,400

0 0 0 0 0 664

62,973 64,407 65,403 65,403 65,498 64,329

3,037 4,253 4,906 4,132 4,214 3,445

0 0 0 0 0 0

390,119 403,093 425,864 441,512 453,024 474,291

0 0 0 0 0 0

6,578 9,241 6,654 8,513 9,925 10,589

5,040 3,013 3,009 4,011 5,023 4,659

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 3,590 330 544 784 522

0 0 0 0 60 420

0 0 0 0 0 0

1,538 2,638 3,315 3,958 4,058 4,988

399,734 416,587 437,424 454,157 467,163 488,989

389,165 338,595 426,745 442,435 455,252 477,116

12,000 12,000 12,000 12,000 12,000 12,000

12,000 12,000 12,000 12,000 12,000 12,000

0 0 0 0 0 0

377,165 326,595 414,745 430,435 443,252 465,116

377,165 326,595 414,745 430,435 443,252 465,116

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

262 65,276 285 297 311 323

0 65,001 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

262 275 285 297 311 323

0 0 0 0 0 0

10,307 12,716 10,394 11,425 11,600 11,550

7,907 9,275 7,723 6,107 5,924 6,312

1,147 1,147 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

2,400 3,441 2,671 5,318 5,676 5,238

9,217 12,251 12,193 0 0 0

9,217 12,251 12,193 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

9,217 12,251 12,193 0 0 0

4,564 5,380 5,887 5,611 6,178 5,556

0 0 0 38 51 51

4,564 5,380 5,887 5,573 6,127 5,505

16,657 12,894 23,533 27,938 25,263 31,246

21,310 19,765 29,839 22,327 19,085 25,690

25 19 71 17 24 12

0 0 0 0 0 0

21,285 19,746 29,768 22,310 19,061 25,678

2,380 3,231 1,343 2,323 2,109 1,494

18,905 16,515 28,425 19,987 16,952 24,184

1,800 1,800 1,800 1,800 2,100 1,800

0 0 0 0 0 0

4,402 1,209 5,946 5,421 5,261 3,057

0 (1,583) (1,055) 0 (490) (1,804)

(8,345) (1,653) (4,895) (4,419) (3,758) (1,617)

389,427 403,871 427,030 442,732 455,563 477,439

17,105 14,715 26,625 18,187 14,852 22,384

441 689 763 775 505 381

503 884 1,450 497 498 501

205.11 134.81 233.13

0.02 0.03 0.03 0.00 0.00 0.00

4.80 4.05 6.66 4.48 3.68 5.06

1.13 1.23 1.12 1.03 1.03 1.03

5.43 4.99 7.43 4.60 3.78 5.19

15.75 13.76 23.69 16.66 14.13 20.15

- - -

(Thousand Rupees)Hafiz Ltd. (Formerly Hafiz Textile Mills Ltd.)

76

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

50 80 50 50 50 50

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

50 80 50 50 50 50

53,665 51,813 50,287 47,208 37,377 24,430

635 706 23,482 15,446 7,505 6,544

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

47,120 41,046 15,070 25,378 24,026 12,267

5,910 10,061 11,735 6,384 5,846 5,619

53,715 51,893 50,337 47,258 37,427 24,480

46,336 50,342 48,935 47,109 37,271 24,303

119,750 119,750 119,750 119,750 119,750 119,750

119,750 119,750 119,750 119,750 119,750 119,750

0 0 0 0 0 0

(73,414) (69,408) (70,815) (72,641) (82,479) (95,447)

0 0 0 0 0 0

(73,414) (69,408) (70,815) (72,641) (82,479) (95,447)

(73,414) (69,408) (70,815) (72,641) (82,479) (95,447)

0 0 0 0 0 0

0 0 33 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 33 0 0 0

7,379 1,551 1,369 149 156 177

1,700 1,551 1,369 149 156 177

1,551 1,380 0 0 0 0

0 0 0 0 0 0

5,679 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

3,243 1,494 3,148 3,068 3,220 4,352

0 0 0 0 0 0

3,243 1,494 3,148 3,068 3,220 4,352

5,871 7,159 1,547 9,878 (2,025) 351

2,628 5,665 (1,601) 6,810 (5,245) (4,001)

519 2 2 4 2 1

516 0 0 0 0 0

2,109 5,663 (1,603) 6,806 (5,247) (4,002)

586 619 164 602 891 38

1,523 5,044 (1,767) 6,204 (6,138) (4,040)

0 0 0 0 0 0

0 0 0 0 0 0

(34,856) 5,749 22,776 (8,036) (7,941) (961)

0 0 0 0 0 0

0 (5,678) 0 0 0 0

46,336 50,342 48,968 47,109 37,271 24,303

1,523 5,044 (1,767) 6,204 (6,138) (4,040)

0 0 0 0 0 0

425 448 1,680 2,637 2,264 1,398

0.00 0.00 0.00 0.00 0.00 0.00

2.85 9.55 -3.46 12.71 -14.50 -13.05

1.18 1.09 1.03 1.02 1.00 1.01

3.37 10.43 -3.56 12.92 -14.55 -13.12

0.13 0.42 -0.15 0.52 -0.51

- - - - - -

-

(Thousand Rupees)Haji Mohammad Ismail Mills Ltd.

77

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

133,028 121,223 121,491 113,457 108,505 162,590

0 0 0 0 0 0

132,102 120,563 118,995 109,636 109,486 172,099

122,987 107,117 102,993 91,938 87,750 146,057

0 0 0 0 0 0

6,135 10,200 14,592 17,501 16,140 11,494

3,906 3,906 3,906 4,018 4,615 5,039

184,331 202,790 183,306 223,933 219,047 230,259

2,799 2,706 2,995 3,274 2,818 2,715

94,319 87,840 88,268 93,135 85,530 83,957

22,366 19,274 18,554 20,908 17,576 17,011

37,489 35,023 34,188 35,895 33,982 33,988

34,464 33,543 35,526 36,332 33,972 32,958

31,969 35,740 29,045 36,113 32,707 44,784

35,403 11,675 11,666 18,718 15,474 16,688

0 0 0 0 0 0

19,841 64,829 51,332 72,693 82,518 82,115

317,359 324,013 304,797 337,390 327,552 392,849

98,542 105,706 101,906 106,544 110,174 168,544

68,040 68,040 68,040 68,040 68,040 129,963

68,040 68,040 68,040 68,040 68,040 129,963

0 0 0 0 0 0

(61,275) (52,456) (49,944) (43,677) (38,438) (96,936)

54,258 73,214 77,606 80,514 79,152 12,585

(115,533) (125,670) (127,550) (124,191) (117,590) (109,521)

(122,533) (132,670) (134,550) (131,191) (124,590) (116,521)

91,777 90,122 83,810 82,181 80,572 135,517

38,921 41,829 43,794 43,754 44,578 46,031

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

38,380 41,829 43,794 43,754 44,578 46,031

541 0 0 0 0 0

179,896 176,478 159,097 187,092 172,800 178,274

74,525 68,770 51,350 47,684 44,365 41,342

41,061 41,785 30,692 20,658 28,899 24,507

93,432 91,747 92,615 110,225 101,661 108,901

0 0 0 0 0 0

11,939 15,961 15,132 29,183 26,774 28,031

287,227 232,992 208,473 231,101 314,091 385,706

16,949 14,072 11,171 14,849 26,504 14,773

270,278 218,920 197,302 216,252 287,587 370,933

248,669 196,846 178,919 189,480 258,777 315,349

127,297 92,895 90,308 97,448 136,701 218,719

38,558 36,146 29,554 41,621 55,314 70,357

43,482 39,305 33,930 33,301 42,651 56,788

19,050 16,704 14,279 15,651 22,426 32,813

24,432 22,601 19,651 17,650 20,225 23,975

4,669 2,542 4,888 2,692 3,305 7,252

(255) (617) 512 11,012 15,968 20,821

13,837 9,070 6,490 6,503 7,426 8,854

10,868 5,949 4,387 4,617 4,872 5,785

(14,092) (9,687) (5,978) 4,509 8,542 11,967

2,819 2,274 2,223 2,389 3,120 4,128

(16,911) (11,961) (8,201) 2,120 5,422 7,839

0 0 0 0 0 0

0 0 0 0 0 0

(952) (16,466) (4,704) (12,202) 4,290 (11,762)

1,429 336 6,130 5,301 204 (4,052)

0 16,037 (1,137) 7,180 (4,950) 15,711

137,463 147,535 145,700 150,298 154,752 214,575

(16,911) (11,961) (8,201) 2,120 5,422 7,839

3,788 4,337 3,952 3,486 4,658 4,307

57,756 46,290 42,374 44,357 47,156 47,365

-5.89 -5.13 -3.93 0.92 1.73 2.03

0.95 0.73 0.66 0.72 0.94 1.07

-5.57 -3.73 -2.61 0.66 1.63 2.18

3.50 3.14 3.03 3.08 3.07 2.58

-19.53 -11.71 -7.90 2.03 5.00 5.63

-2.49 -1.76 -1.21 0.31 0.80 -

(Thousand Rupees)Hala Enterprises Ltd.

78

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

482,467 445,743 415,700 389,710 514,692 479,553

0 0 0 0 0 0

0 681,607 681,607 702,774 854,346 854,347

482,467 445,743 415,700 388,316 514,692 479,553

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 1,394 0 0

71,608 87,241 77,350 47,228 59,365 61,503

257 2,661 1,733 781 6,321 348

8,914 12,728 36,659 10,916 21,337 21,934

5,919 6,930 14,149 8,798 15,394 18,973

1,104 1,013 2,294 1,244 2,153 1,758

1,891 4,785 20,216 874 3,790 1,203

46,291 58,370 22,630 18,050 16,721 15,771

5,036 1,838 3,497 2,216 579 9,378

0 0 0 0 0 0

11,110 11,644 12,831 15,265 14,407 14,072

554,075 532,984 493,050 436,938 574,057 541,056

257,326 254,222 246,154 240,604 378,024 362,634

132,716 132,716 132,716 132,716 132,716 132,716

132,716 132,716 132,716 132,716 132,716 132,716

0 0 0 0 0 0

(278,841) (264,147) (255,206) (244,516) (231,922) (215,436)

0 0 0 0 0 0

(278,841) (264,147) (255,206) (244,516) (231,922) (215,436)

(278,841) (264,147) (255,206) (244,516) (231,922) (215,436)

403,451 385,653 368,644 352,404 477,230 445,354

78,679 74,249 52,994 46,751 1,147 2,470

0 0 0 0 0 0

34,784 43,089 41,248 46,694 0 0

0 0 0 0 0 0

7,579 8,516 9,903 57 1,147 2,470

36,316 22,644 1,843 0 0 0

218,070 204,513 193,902 149,583 194,886 175,952

99,222 87,816 80,143 39,667 42,378 35,934

43,882 31,575 27,793 10,265 9,924 5,440

30,252 28,100 26,362 24,520 72,443 59,954

53,757 53,757 52,557 50,556 47,389 47,388

34,839 34,840 34,840 34,840 32,676 32,676

251,942 178,751 90,101 171,839 163,850 218,663

250,195 178,751 90,101 171,839 163,850 218,663

1,747 0 0 0 0 0

250,582 183,332 107,787 162,721 163,150 216,778

127,221 91,592 29,194 49,928 44,604 49,608

1,360 (4,581) (17,686) 9,118 700 1,885

9,923 10,697 9,792 17,681 15,441 18,999

607 461 263 659 426 273

9,316 10,236 9,529 17,022 15,015 18,726

0 79 19 1,752 8,882 4,350

(8,563) (15,199) (27,459) (6,811) (5,859) (12,764)

1,264 323 260 257 267 235

899 0 0 0 0 0

(9,827) (15,522) (27,719) (7,068) (6,126) (12,999)

23,577 (11,884) (19,900) (1,520) 3,442 2,733

(33,404) (3,638) (7,819) (5,548) (9,568) (15,732)

0 0 0 0 0 0

0 0 0 0 0 0

20,813 (6,824) 3,850 (2,557) 9,726 6,518

(4,460) 3,075 0 0 (4,615) 0

16,158 6,153 (4,779) 1,604 429 (12,490)

336,005 328,471 299,148 287,355 379,171 365,104

(33,404) (3,638) (7,819) (5,548) (9,568) (15,732)

36,780 33,728 29,650 27,466 25,197 35,139

4,896,356 37,768 25,939 33,217 48,265 58,956

-13.26 -2.04 -8.68 -3.23 -5.84 -7.19

0.46 0.33 0.18 0.37 0.32 0.39

-6.08 -0.67 -1.52 -1.19 -1.89 -2.82

2.01 2.13 2.05 1.91 1.63 1.51

-12.19 -1.42 -3.13 -2.28 -3.09 -4.25

-2.52 -0.27 -0.59 -0.42 -0.72 -

(Thousand Rupees)Hamid Textile Mills Ltd.

79

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,468,617 2,681,183 3,259,137 3,340,060 3,176,991 2,548,435

0 50,874 1,814 3,882 0 0

2,936,687 3,124,515 2,774,546 2,789,336 2,970,559 3,037,328

1,948,545 2,032,876 2,572,644 2,541,475 2,506,220 2,446,541

0 0 0 0 0 0

493,376 570,898 661,419 762,453 637,901 68,867

26,696 26,535 23,260 32,250 32,870 33,027

2,046,423 2,340,096 2,255,468 2,627,405 2,257,623 1,164,764

15,934 21,368 26,735 6,211 68,272 8,317

1,509,707 1,714,457 1,556,917 2,017,329 1,725,676 251,675

1,133,761 1,218,395 1,052,850 1,730,931 1,336,536 191,519

38,534 51,749 55,584 28,968 27,948 39,802

337,412 444,313 448,483 257,430 361,192 20,354

142,893 125,829 75,833 78,288 83,029 605,316

48,442 33,623 119,403 159,658 150,755 186,726

0 0 0 0 0 0

329,447 444,819 476,580 365,919 229,891 112,730

4,515,040 5,021,279 5,514,605 5,967,465 5,434,614 3,713,199

1,828,077 1,918,715 2,495,279 2,497,864 1,947,859 (97,439)

787,072 787,072 865,779 865,779 865,779 865,779

787,072 787,072 865,779 865,779 865,779 865,779

0 0 0 0 0 0

975,112 1,065,750 1,079,458 1,102,850 574,129 (1,428,275)

82,500 82,500 82,500 82,500 82,500 82,500

892,612 983,250 996,958 1,020,350 491,629 (1,510,775)

892,612 983,250 996,958 1,020,350 491,629 (1,510,775)

65,893 65,893 550,042 529,235 507,951 465,057

386,544 673,723 554,795 518,153 1,206,425 1,351,129

330,560 589,701 466,124 426,043 914,216 908,845

0 0 0 0 213,493 213,493

0 0 0 0 0 0

14,967 18,322 14,564 14,250 12,155 7,894

41,017 65,700 74,107 77,860 66,561 220,897

2,300,419 2,428,841 2,464,531 2,951,448 2,280,330 2,459,509

404,641 612,597 576,698 698,978 742,033 809,151

214,009 283,584 217,816 353,339 234,099 698,912

1,706,400 1,606,582 1,683,934 2,056,269 1,448,562 1,345,646

104,482 153,520 146,550 133,634 21,011 59,165

84,896 56,142 57,349 62,567 68,724 245,547

4,775,199 4,061,800 3,523,396 3,361,275 2,171,757 2,645,989

3,927,965 1,298,298 789,686 744,266 1,153,436 2,645,989

847,234 2,763,502 2,733,710 2,617,009 1,018,321 0

4,328,582 3,587,519 3,188,731 3,106,262 2,325,426 3,707,501

3,269,108 2,622,737 2,304,446 1,830,757 1,598,619 1,882,440

446,617 474,281 334,665 255,013 (153,669) (1,061,512)

129,623 132,838 102,065 95,051 60,216 39,594

54,092 50,039 36,677 41,175 12,364 2,893

75,531 82,799 65,388 53,876 47,852 36,701

76,196 79,108 97,280 103,552 (121,643) (537,763)

393,190 420,551 329,880 263,514 (335,528) (1,638,869)

285,866 270,151 228,410 219,556 205,016 220,936

274,278 257,535 217,540 208,783 185,041 219,185

107,324 150,400 101,470 43,958 (540,544) (1,859,805)

(27,047) 58,057 7,862 36,502 6,425 156,037

134,371 92,343 93,608 7,456 (546,969) (2,015,842)

0 0 0 0 0 0

0 78,707 0 0 0 0

71,515 41,448 138,368 (226,762) 176,345 81,332

(104,301) (178,726) (83,077) (107,586) (90,304) (69,339)

27,308 142,713 (49,925) 313,824 (23,980) (71,948)

2,214,621 2,592,438 3,050,074 3,016,017 3,154,284 1,253,690

134,371 13,636 93,608 7,456 (546,969) (2,015,842)

104,930 107,990 112,964 131,286 134,595 131,090

4,896,356 5,271,178 314,341 360,420 297,422 276,518

2.81 2.27 2.66 0.22 -25.19 -76.18

1.07 0.85 0.67 0.59 0.38 0.58

3.00 1.94 1.78 0.13 -9.59 -44.07

2.54 2.55 2.39 2.30 2.56 4.94

7.63 4.93 4.24 0.30 -24.61 -217.88

1.71 1.17 1.08 0.09 -6.32 -

(Thousand Rupees)Hira Textile Mills Ltd.

80

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

964,552 931,109 677,500 864,371 859,161 958,187

0 0 0 0 0 0

1,041,120 941,853 728,844 255,870 29,339 29,180

928,706 928,706 675,842 242,183 13,454 12,296

0 0 0 0 0 0

0 0 0 620,350 844,020 944,348

35,846 2,403 1,658 1,838 1,687 1,543

139,715 173,158 250,847 75,887 76,318 62,974

12,378 12,378 11,442 455 1,362 974

39,747 39,747 14,552 1,036 734 0

6,345 6,345 1,182 204 0 0

12,745 12,745 4,880 69 0 0

20,657 20,657 8,245 763 734 0

15,102 15,102 9,577 127 0 604

4,130 4,130 3,603 430 735 717

0 0 0 0 0 0

68,358 101,801 211,673 73,839 73,487 60,679

1,104,267 1,104,267 928,347 940,258 935,479 1,021,161

247,567 247,567 6,729 116,127 133,263 142,121

300,011 300,011 300,011 300,011 300,011 300,011

300,011 300,011 300,011 300,011 300,011 300,011

0 0 0 0 0 0

(625,212) (625,212) (816,970) (787,599) (741,671) (730,220)

0 0 0 0 0 0

(625,212) (625,212) (816,970) (787,599) (741,671) (730,220)

(625,212) (625,212) (816,970) (787,599) (741,671) (730,220)

572,768 572,768 523,688 603,715 574,923 572,330

440,272 440,272 413,342 614,376 637,414 649,370

274,612 274,612 270,570 501,588 551,524 573,984

0 0 0 0 0 0

0 0 0 0 0 0

69,014 69,014 72,777 43,218 40,074 32,777

96,646 96,646 69,995 69,570 45,816 42,609

416,428 416,428 508,276 209,755 164,802 229,670

116,042 116,042 161,006 104,692 91,950 106,658

69,416 69,416 65,546 13,837 13,837 11,521

149,948 149,948 124,319 4,332 35,811 35,943

138,200 138,200 192,497 65,289 0 0

12,238 12,238 30,454 35,442 37,041 87,069

540,948 540,948 443,604 0 0 0

406,796 406,796 405,112 0 0 0

134,152 134,152 38,492 0 0 0

659,106 659,106 574,238 0 0 0

338,367 338,367 264,440 0 0 0

(118,158) (118,158) (130,634) 0 0 0

47,437 47,437 85,485 595 39,209 42,037

10,331 10,331 4,706 0 369 0

37,106 37,106 80,779 595 38,840 42,037

152,559 152,559 51,233 110,362 105,617 124,544

(13,036) (13,036) (164,886) 109,767 66,408 82,507

62,867 62,867 52,711 21,152 49,638 66,693

51,124 51,124 21,636 9,403 26,522 50,232

(75,903) (75,903) (217,597) 88,615 16,770 15,814

(11,938) (11,938) (6,533) 2,273 2,948 4,587

(63,965) (63,965) (211,064) 86,342 13,822 11,227

0 0 0 0 0 0

0 0 0 0 0 0

(107,481) (107,481) (46,350) (105,366) (66,870) (8,271)

57,421 57,421 584 124,292 74,506 1,699

73,392 60,536 44,830 (29,913) (6,729) 6,184

687,839 687,839 420,071 730,503 770,677 791,491

(63,965) (63,965) (211,064) 86,342 13,822 11,227

46,936 46,936 40,510 25,560 9,240 2,194

120,809 120,809 121,917 595 24,779 26,088

-11.82 -11.82 -47.58

0.46 0.49 0.43 0.00 0.00 0.00

-5.46 -5.79 -20.48 9.24 1.47 1.15

4.59 4.46 10.30 15.21 7.52 7.11

-25.04 -25.84 -210.98 140.56 11.08 8.15

-2.13 2.88 0.46

- - -

- - -

(Thousand Rupees)ICC Textiles Ltd.

81

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

19,169,297

1,254,704

28,237,302

17,644,588

70,083

93,540

106,382

21,446,679

1,542,907

6,297,975

3,735,355

597,562

1,965,058

8,274,062

1,076,724

1,207,251

3,047,760

40,615,976

17,515,883

8,721,975

8,721,975

0

8,793,908

3,791,603

5,002,305

4,949,685

0

6,126,639

3,628,745

0

0

2,497,894

0

16,973,454

3,625,644

848,521

11,855,742

1,247,191

244,877

37,511,062

3,532,294

33,978,768

25,643,715

15,707,302

11,867,347

5,537,235

2,794,393

2,742,842

(44,041)

6,286,071

999,260

893,111

5,286,811

226,260

5,060,551

2,616,593

0

5,684,013

(5,180,155)

1,784,365

23,642,522

2,443,959

1,653,053

7,572,005

13.49

0.92

12.46

2.32

28.89

5.80

---------------------------------------

------------------

---

----

----

--

(Thousand Rupees)INTERLOOP (Pvt) Ltd.

82

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

562,892 622,489 740,244 1,083,169 1,094,708 1,097,542

35,519 54,041 39,091 166,419 4,803 6,350

1,100,968 1,293,655 1,487,173 1,725,353 1,970,104 1,941,467

524,105 565,771 699,190 914,569 1,087,986 1,089,101

0 0 0 0 0 0

0 0 0 0 0 0

3,268 2,677 1,963 2,181 1,919 2,091

431,919 445,661 516,494 567,733 705,780 965,143

32,206 24,676 29,915 8,666 6,383 38,014

234,507 229,141 250,087 307,780 323,286 429,445

77,079 123,161 121,462 182,377 180,619 302,262

16,547 18,174 19,719 20,110 33,204 36,665

140,881 87,806 108,906 105,293 108,240 90,298

77,640 117,215 122,300 59,195 110,003 178,986

39,334 30,013 49,099 70,836 82,482 95,707

0 0 0 0 0 0

48,232 44,616 65,093 121,256 183,626 222,991

994,811 1,068,150 1,256,738 1,650,902 1,800,488 2,062,685

258,807 270,527 305,368 406,228 505,178 549,205

99,200 99,200 99,200 99,200 99,200 99,200

99,200 99,200 99,200 99,200 99,200 99,200

0 0 0 0 0 0

159,607 171,327 121,002 221,862 305,401 349,428

0 46,807 66,497 121,209 363,009 363,009

159,607 124,520 54,505 100,653 (57,608) (13,581)

159,607 124,520 54,505 (61,147) (57,608) (13,581)

0 0 85,166 85,166 100,577 100,577

310,756 337,904 372,193 534,239 407,281 360,856

199,644 247,987 327,485 483,573 341,816 275,672

0 0 0 0 0 0

0 0 0 0 0 0

18,907 27,126 44,708 50,666 62,187 79,809

92,205 62,791 0 0 3,278 5,375

425,248 459,719 579,177 710,435 888,029 1,152,624

136,076 144,198 153,267 190,119 224,691 283,738

76,221 81,371 94,987 125,510 126,616 161,663

214,449 252,337 358,735 403,313 425,447 709,312

49,653 39,576 42,584 101,304 208,769 97,726

25,070 23,608 24,591 15,699 29,122 61,848

2,282,646 2,368,403 2,378,758 2,202,691 2,718,918 3,512,935

2,210,563 2,296,912 2,256,335 1,978,645 2,269,090 2,652,472

72,083 71,491 122,423 224,046 449,828 860,463

2,125,895 2,268,785 2,312,767 2,111,282 2,450,575 3,106,728

1,642,863 1,548,468 1,622,791 1,330,274 1,503,306 1,975,572

156,751 99,618 65,991 91,409 268,343 406,207

99,881 106,293 121,245 129,929 146,509 219,856

18,886 19,329 25,496 27,360 28,502 59,642

80,995 86,964 95,749 102,569 118,007 160,214

387 724 1,416 3,654 6,421 30,040

57,257 (5,951) (53,838) (34,866) 128,255 216,391

40,535 43,286 56,866 79,696 104,073 120,352

38,480 41,545 54,333 73,450 60,906 112,818

16,722 (49,237) (110,704) (114,562) 24,182 96,039

12,540 (14,150) (44,876) 2,776 18,963 36,924

4,182 (35,087) (65,828) (117,338) 5,219 59,115

0 0 0 0 0 11,904

0 0 0 0 0 0

14,579 (8,757) (93,248) (703,373) 54,040 43,718

(93,891) (121,734) (95,559) (407,879) (86,394) (97,516)

59,825 122,961 194,046 457,003 30,071 85,429

569,563 608,431 677,561 940,467 912,459 910,061

4,182 (35,087) (65,828) (117,338) 5,219 47,211

152,192 156,004 62,361 65,477 91,647 96,485

209,053 229,819 277,896 312,695 376,443 452,318

0.18 -1.48 -2.77 -5.33 0.19 1.68

2.43 2.30 2.05 1.52 1.58 1.82

0.44 -3.40 -5.66 -8.07 0.30 3.06

3.65 3.90 4.04 4.09 3.79 3.66

1.62 -13.26 -22.86 -32.98 1.15 11.21

0.42 -3.54 -6.64 -11.83 0.53 -

(Thousand Rupees)Ideal Spinning Mills Ltd.

83

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,441,827 1,482,430 1,587,100 1,515,455 1,562,639 1,757,756

2,139 100 1,399 0 299 0

2,344,121 2,471,184 1,633,902 1,652,016 1,760,934 1,812,075

1,418,973 1,455,724 1,564,932 1,506,539 1,538,222 1,729,414

0 0 0 0 0 0

0 0 0 0 0 0

20,715 26,606 20,769 8,916 24,118 28,342

1,032,634 1,265,990 1,411,773 1,612,516 2,185,229 2,316,076

14,535 9,642 2,412 16,074 2,422 21,323

408,577 668,568 579,045 683,468 1,105,256 1,182,883

174,870 449,724 323,182 526,294 945,967 1,044,760

201,017 192,958 17,736 23,178 25,248 26,053

32,690 25,886 236,284 128,124 117,757 107,834

423,341 429,974 672,059 709,931 793,765 829,318

87,440 66,372 42,047 49,576 91,084 66,867

32,010 33,551 36,051 40,551 46,746 0

66,731 57,883 80,159 112,916 145,956 215,685

2,474,461 2,748,420 2,998,873 3,127,971 3,747,868 4,073,832

1,099,680 1,180,995 1,301,738 1,387,101 1,490,258 1,654,872

180,480 180,480 180,480 180,480 180,480 198,528

180,480 180,480 180,480 180,480 180,480 198,528

0 0 0 0 0 0

391,661 455,620 487,456 615,532 722,603 819,754

0 0 0 0 0 0

391,661 455,620 487,456 615,532 722,603 819,754

391,661 455,620 487,456 615,532 722,603 819,754

527,539 544,895 633,802 591,089 587,175 636,590

529,679 433,686 414,574 396,744 326,069 472,572

67,314 72,214 59,490 26,747 112,312 189,596

100,330 68,045 75,379 82,917 0 0

0 0 0 0 0 0

24,809 28,845 26,440 33,750 37,818 39,047

337,226 264,582 253,265 253,330 175,939 243,929

845,102 1,133,739 1,282,561 1,344,126 1,931,541 1,946,388

202,675 262,158 302,769 233,712 154,050 188,770

117,087 99,002 23,846 34,515 26,456 43,935

539,587 782,092 880,746 1,008,769 1,593,140 1,607,996

61,504 58,247 58,747 52,993 133,561 58,559

41,336 31,242 40,299 48,652 50,790 91,063

2,901,069 2,306,872 1,586,063 2,215,269 2,881,059 3,471,596

2,594,323 1,769,556 1,276,336 1,877,289 2,214,800 2,762,322

306,746 537,316 309,727 337,980 666,259 709,274

2,687,543 2,114,098 1,463,856 1,984,882 2,643,745 3,076,554

1,944,418 1,489,760 927,655 1,269,814 1,780,550 2,212,672

213,526 192,774 122,207 230,387 237,314 395,042

90,607 101,804 93,285 87,551 100,750 123,411

17,520 22,101 11,538 8,170 15,242 18,679

73,087 79,703 81,747 79,381 85,508 104,732

8,772 3,591 33,176 62,666 35,359 3,529

131,691 94,561 62,098 205,502 171,923 275,160

106,021 94,074 97,349 96,821 113,629 209,034

96,632 84,107 94,417 90,270 104,812 188,056

25,670 487 (35,251) 108,681 58,294 66,126

(5,635) (4,681) (23,649) 21,393 (20,111) 33,812

31,305 5,168 (11,602) 87,288 78,405 32,314

18,048 9,024 0 9,024 0 0

0 0 0 0 18,048 0

261,112 (107,024) (30,272) (40,036) (546,305) 115,742

(44,054) (42,006) (23,258) (20,454) (83,307) (149,438)

(120,042) (98,368) (52,354) (53,872) 31,589 37,741

1,629,359 1,614,681 1,716,312 1,783,845 1,816,327 2,127,444

13,257 (3,856) (11,602) 78,264 60,357 32,314

85,843 90,313 91,253 80,958 80,162 83,424

373,652 204,765 172,818 168,602 182,252 198,803

1.08 0.22 -0.73 3.94 2.72 0.93

1.17 0.88 0.55 0.72 0.84 0.89

1.26 0.20 -0.40 2.85 2.28 0.83

2.28 2.29 2.31 2.28 2.39 2.49

2.87 0.45 -0.93 6.49 5.45 2.05

1.73 0.29 -0.64 4.84 4.34 -

(Thousand Rupees)Idrees Textile Mills Ltd.

84

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

10,955,875 11,127,373 10,959,119 10,496,456 10,703,046 11,796,784

103,388 122,786 145,694 126,675 208,985 403,760

14,988,430 16,162,391 16,978,637 17,414,920 18,337,091 20,091,552

10,812,951 10,961,352 10,746,084 10,304,698 10,429,941 11,321,205

0 6,619 30,973 27,759 21,861 16,112

24,198 21,278 21,611 22,567 26,784 31,642

15,338 15,338 14,757 14,757 15,475 24,065

9,316,161 8,264,447 10,025,542 11,487,926 14,938,598 18,831,882

84,640 95,551 619,109 286,212 272,696 779,837

5,712,763 5,313,432 5,514,619 6,550,142 7,384,547 9,179,288

3,766,803 3,575,730 4,190,786 4,774,650 5,474,181 6,992,085

789,693 696,608 467,680 671,686 811,992 845,787

1,156,267 1,041,094 808,900 1,034,081 1,025,684 1,228,870

1,954,394 1,352,881 1,831,228 2,020,014 5,194,308 6,482,457

285,637 302,821 154,345 228,353 256,670 199,416

164,223 169,593 678,877 995,656 0 0

1,114,504 1,030,169 1,227,364 1,407,549 1,830,377 2,190,884

20,272,036 19,391,820 20,984,661 21,984,382 25,641,644 30,628,666

10,649,185 10,674,211 11,115,770 11,966,431 13,509,269 15,544,391

180,737 180,737 180,737 180,737 180,737 180,737

180,737 180,737 180,737 180,737 180,737 180,737

0 0 0 0 0 0

10,465,838 10,493,474 10,935,033 11,785,694 13,328,532 15,363,654

22,400 22,675 21,964 21,876 22,589 23,123

10,443,438 10,470,799 10,913,069 11,763,818 13,305,943 15,340,531

5,443,438 5,470,799 5,913,069 4,786,250 6,328,375 8,362,963

2,610 0 0 0 0 0

2,395,176 1,843,852 1,737,544 1,694,447 2,385,371 3,509,206

2,162,009 1,577,187 1,363,996 1,193,821 1,821,524 2,853,967

0 0 0 0 0 0

0 0 0 0 0 0

231,706 265,898 305,221 352,439 402,184 482,536

1,461 767 68,327 148,187 161,663 172,703

7,227,675 6,873,757 8,131,347 8,323,504 9,747,004 11,575,069

1,350,904 1,482,076 1,687,178 2,124,215 2,742,665 3,377,094

557,390 209,157 170,953 249,225 320,110 348,531

5,011,046 4,618,149 6,096,915 5,691,516 6,541,667 7,696,456

740,765 703,466 313,682 448,442 386,186 323,466

124,960 70,066 33,572 59,331 76,486 178,053

24,034,425 26,560,067 24,900,934 27,573,192 30,630,286 35,372,578

3,994,688 4,171,692 6,956,159 8,772,722 7,868,841 12,187,087

20,039,737 22,388,375 17,944,775 18,800,470 22,761,445 23,185,491

21,546,478 24,376,011 22,993,484 24,931,282 27,616,835 31,676,229

17,236,468 16,410,411 16,051,856 18,411,918 20,776,839 23,590,128

2,487,947 2,184,056 1,907,450 2,641,910 3,013,451 3,696,349

1,013,030 1,277,581 1,083,936 1,159,908 1,292,157 1,546,110

606,333 769,887 617,271 604,382 631,276 697,330

406,697 507,694 466,665 555,526 660,881 848,780

911,587 104,753 158,404 125,723 659,361 1,194,892

2,386,504 1,011,228 981,918 1,607,725 2,380,655 3,345,131

520,077 536,400 315,097 254,998 372,135 656,020

485,144 485,065 282,313 213,168 333,929 610,010

1,866,427 474,828 666,821 1,352,727 2,008,520 2,689,111

(130,216) 174,941 217,752 317,382 226,823 357,614

1,996,643 299,887 449,069 1,035,345 1,781,697 2,331,497

271,106 271,106 90,369 325,327 289,179 451,843

0 0 0 0 0 0

221,326 2,536,369 1,056,382 1,241,805 44,588 1,834,704

(4,331,988) (1,243,291) (1,404,498) (937,537) (615,040) (2,381,363)

711,519 (893,489) (604,783) (235,500) 335,243 681,208

13,044,361 12,518,063 12,853,314 13,660,878 15,894,640 19,053,597

1,725,538 28,782 358,701 710,018 1,492,518 1,879,655

801,969 1,066,229 1,060,424 1,038,549 1,011,809 1,040,901

1,471,162 1,878,380 1,988,423 2,244,623 2,458,346 2,633,063

8.31 1.13 1.80 3.75 5.82 6.59

1.46 1.34 1.23 1.28 1.29 1.26

12.11 1.51 2.22 4.82 7.48 8.29

1.68 1.86 1.85 1.86 1.87 1.94

20.39 2.81 4.12 8.97 13.99 16.05

110.47 16.59 24.85 57.28 98.58 -

(Thousand Rupees)Indus Dyeing & Manufacturing Co. Ltd.

85

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

261,338 246,452 232,652 248,742 234,326 234,326

0 0 0 0 0 0

569,768 569,768 569,768 599,900 599,900 599,900

221,253 206,367 192,567 208,746 195,027 195,027

0 0 0 0 0 0

0 0 0 0 0 0

40,085 40,085 40,085 39,996 39,299 39,299

302,056 174,531 61,617 33,504 18,562 18,562

9,170 3,912 590 5,820 1,380 1,380

222,431 119,773 33,918 4,753 564 564

105,929 25,676 0 0 0 0

13,962 10,383 0 0 0 0

102,540 83,714 0 0 0 0

58,321 35,496 12,393 9,625 5,767 5,767

1,463 1,557 0 0 0 0

0 0 0 0 0 0

10,671 13,793 14,716 13,306 10,851 10,851

563,394 420,983 294,269 282,246 252,888 252,888

203,852 92,025 27,454 17,513 (21,962) (21,962)

42,500 42,500 42,500 42,500 42,500 42,500

42,500 42,500 42,500 42,500 42,500 42,500

0 0 0 0 0 0

63,110 (42,567) (106,406) (132,080) (165,082) (165,082)

0 0 0 0 0 0

63,110 (42,567) (106,406) (132,080) (165,082) (165,082)

63,110 (42,567) (106,406) (132,080) (165,082) (165,082)

98,242 92,092 91,360 107,093 100,620 100,620

131,295 151,459 148,908 161,077 163,799 163,799

45,326 47,547 103,212 107,961 112,994 112,994

39,313 58,498 7,864 8,533 9,258 9,258

0 0 0 0 0 0

3,153 3,673 0 3,038 2,910 2,910

43,503 41,741 37,832 41,545 38,637 38,637

228,247 177,499 117,907 103,656 111,051 111,051

38,931 56,300 27,962 28,017 34,525 34,525

21,456 31,704 0 15,068 15,068 15,068

178,943 117,113 85,636 70,736 71,134 71,134

489 545 720 754 1,482 1,482

9,884 3,541 3,589 4,149 3,910 3,910

586,533 555,766 35,505 35,505 3,616 3,616

510,745 555,766 35,505 35,505 3,616 3,616

75,788 0 0 0 0 0

563,224 629,447 50,666 50,666 28,221 28,221

440,855 437,775 19,842 19,842 0 0

23,309 (73,681) (15,161) (15,161) (24,605) (24,605)

15,724 10,893 9,247 9,247 9,490 9,490

10,923 5,978 993 993 47 47

4,801 4,915 8,254 8,254 9,443 9,443

2,481 0 0 0 0 0

10,066 (84,574) (24,408) (24,408) (34,095) (34,095)

22,052 29,014 8,861 8,861 8,243 8,243

0 0 8,547 8,547 7,946 7,946

(11,986) (113,588) (33,269) (33,269) (42,338) (42,338)

4,848 (1,762) (2,110) (2,110) (2,863) (2,863)

(16,834) (111,826) (31,159) (31,159) (39,475) (39,475)

0 0 0 0 0 0

0 0 0 0 0 0

(40,366) 57,117 20,749 20,749 (4,734) (4,734)

(1,418) (55) 0 0 0 0

44,619 (21,689) 466 466 43 43

335,147 243,484 176,362 178,590 141,837 141,837

(16,834) (111,826) (31,159) (31,159) (39,475) (39,475)

0 16,177 13,897 13,897 13,718 13,718

46,114 53,777 6,841 6,841 4,153 4,153

-2.87 -20.12 -87.76 -87.76 -1,091.68 -1,091.68

1.07 1.13 0.10 0.12 0.01 0.01

-3.08 -22.72 -8.71 -10.81 -14.75 -15.61

2.57 3.33 5.99 12.82 -120.28 -11.51

-7.93 -75.59 -52.16 -138.59 1,774.56 179.74

-3.96 -26.31 -7.33 -7.33 -9.29 -9.29

(Thousand Rupees)Ishtiaq Textile Mills Ltd.

86

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,202,045 4,062,170 4,344,565 4,508,857 4,438,896 6,237,742

109,159 2,936,604 153,790 45,111 12,870 2,250

892,954 927,886 4,163,509 4,698,127 4,342,776 5,708,943

786,433 782,879 3,829,408 4,152,050 3,973,057 5,643,873

3,434 2,347 1,218 113 607 797

302,018 339,339 306,101 309,978 451,070 589,388

1,001 1,001 54,048 1,605 1,292 1,434

947,146 1,828,801 2,069,251 2,368,518 3,015,471 3,652,396

64,323 152,327 34,127 37,317 18,426 21,119

563,588 1,198,742 1,020,678 1,406,651 1,831,841 2,229,105

293,342 1,039,817 684,917 1,231,880 1,592,740 1,956,460

12,260 10,802 38,874 44,957 48,217 63,441

257,986 146,270 284,386 108,876 173,405 209,203

159,227 125,106 340,280 514,263 666,376 868,462

101,474 148,217 391,390 219,032 323,011 389,148

25,600 17,186 0 0

32,934 187,223 282,776 191,255 175,817 144,562

2,149,191 5,890,971 6,413,816 6,877,375 7,454,367 9,890,138

1,754,004 1,730,728 1,515,950 1,768,202 2,411,193 4,352,682

5,000 5,000 5,000 5,000 5,000 5,000

5,000 5,000 5,000 5,000 5,000 5,000

0 0 0 0 0 0

1,295,878 1,251,547 1,045,839 1,085,602 1,577,184 1,790,329

899,920 899,579 898,931 898,991 899,271 900,591

395,958 351,968 146,908 186,611 677,913 889,738

395,958 351,968 146,908 186,611 677,913 889,738

453,126 474,181 465,111 677,600 829,009 2,557,353

115,908 2,777,371 3,047,570 2,613,672 2,377,738 2,002,924

0 2,636,568 2,997,301 2,431,311 2,297,331 1,697,331

0 0 0 0 0 0

0 0 0 0 0 0

27,861 34,227 49,257 58,842 80,407 100,599

88,047 106,576 1,012 123,519 0 204,994

279,279 1,382,872 1,850,296 2,495,501 2,665,436 3,534,532

247,658 304,850 467,437 261,974 303,319 557,742

44,005 55,735 125,148 76,106 99,817 117,443

0 974,482 1,285,589 1,570,789 1,902,984 2,148,499

0 0 0 568,689 361,341 600,000

31,621 103,540 97,270 94,049 97,792 228,291

1,948,956 1,998,353 4,247,958 5,708,276 6,303,217 7,557,243

(33,567) 1,069,055 2,099,448 2,790,587 2,432,865 3,149,695

1,982,523 929,298 2,148,510 2,917,689 3,870,352 4,407,548

1,686,062 1,892,072 4,083,483 5,257,073 5,386,093 6,545,638

1,417,445 1,204,820 3,144,000 3,894,945 4,277,169 5,248,622

262,894 106,281 164,475 451,203 917,124 1,011,605

143,991 110,526 198,995 177,803 262,753 311,156

77,580 55,667 103,261 108,239 119,150 115,504

66,411 54,859 95,734 69,564 143,603 195,652

34,171 (6,103) (44,336) 82,333 74,709 (822)

153,074 (10,348) (78,856) 355,733 729,080 699,627

21,815 15,448 305,712 305,476 318,800 473,162

17,586 11,349 301,859 292,852 314,097 482,657

131,259 (25,796) (384,568) 50,257 410,280 226,465

28,856 31,521 (166,578) 37,741 (49,793) 41,736

102,403 (57,317) (217,990) 12,516 460,073 184,729

7,500 0 0 0 2,500 2,500

0 0 0 0 0 0

(67,844) (827,016) (335,172) (233,292) 3,850 148,398

153,479 (2,693,648) (454,868) (51,415) (13,600) (27,371)

(106,539) 3,321,413 335,904 193,795 (96,299) 7,488

1,869,912 4,508,099 4,563,520 4,381,874 4,788,931 6,355,606

94,903 (57,317) (217,990) 12,516 457,573 182,229

41,935 42,422 190,581 212,629 219,343 208,404

291,372 194,422 342,988 324,918 388,523 414,500

5.25 -2.87 -5.13 0.22 7.30 2.44

0.92 0.50 0.69 0.86 0.88 0.87

4.82 -1.43 -3.54 0.19 6.42 2.13

1.24 2.31 3.79 4.05 3.43 2.56

5.97 -3.29 -13.43 0.76 22.02 5.46

204.81 -114.63 -435.98 25.03 920.15

- -

-

(Thousand Rupees)Island Textile Mills Ltd.

87

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

441,963 458,340 437,722 419,375 415,780 400,606

908 972 1,964 972 0 0

596,596 643,224 642,800 644,203 420,383 419,937

423,883 440,562 418,952 400,981 398,353 383,179

0 0 0 0 0 0

0 0 0 0 0 0

17,172 16,806 16,806 17,422 17,427 17,427

134,941 77,418 51,232 73,519 117,506 186,524

2,215 3,102 17,741 3,778 3,012 42,755

89,918 45,946 6,778 46,582 90,767 74,365

48,516 5,420 6,706 26,421 56,870 62,111

0 0 0 9,648 6,293 10,724

41,402 40,526 72 9,105 26,362 820

497 2,420 374 1,080 6,057 47,623

16,335 2,705 3,415 5,826 1,069 7,941

317 336 352 372 342 303

25,659 22,909 22,572 15,881 16,259 13,537

576,904 535,758 488,954 492,894 533,286 587,130

147,441 120,026 213,894 207,316 247,253 254,448

126,012 126,012 126,012 126,012 126,012 126,012

126,012 126,012 126,012 126,012 126,012 126,012

0 0 0 0 0 0

(204,759) (223,593) (121,659) (120,649) (83,745) (69,429)

0 94 136,377 127,226 125,896 133,133

(204,759) (223,687) (258,036) (247,875) (209,641) (202,562)

(204,759) (223,687) (258,036) (247,875) (209,641) (202,562)

226,188 217,607 209,541 201,953 204,986 197,865

248,343 56,739 64,223 71,907 66,789 67,985

174,111 0 0 4,000 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

74,232 56,739 64,223 67,907 66,789 67,985

181,120 358,993 210,837 213,671 219,244 264,697

152,509 185,004 173,253 202,117 214,801 263,858

134,998 166,946 160,713 184,419 203,356 252,129

0 151,957 15,110 0 0 0

6,579 0 0 11,111 4,000 0

22,032 22,032 22,474 443 443 839

747,137 584,670 211,702 602,288 1,141,797 1,098,229

747,137 584,670 211,702 602,288 1,141,797 1,098,229

0 0 0 0 0 0

806,572 620,893 243,261 607,033 1,116,069 1,075,125

547,264 396,788 111,472 428,673 795,164 772,078

(59,435) (36,223) (31,559) (4,745) 25,728 23,104

12,465 11,839 7,766 6,289 11,824 10,921

222 30 308 401 185 123

12,243 11,809 7,458 5,888 11,639 10,798

3,085 8,748 4,415 23,334 25,814 2,789

(68,815) (39,314) (34,910) 12,300 39,718 14,972

300 24 22 19 40 91

192 0 0 0 0 75

(69,115) (39,338) (34,932) 12,281 39,678 14,881

(26,073) (11,902) 7,483 9,707 8,732 14,923

(43,042) (27,436) (42,415) 2,574 30,946 (42)

0 0 0 0 0 0

0 0 0 0 0 0

11,160 67,824 16,059 (3,782) 13,332 38,493

(27,846) (38,206) (842) (1,010) (1,816) (2,028)

(5,490) (28,731) (578) (9,172) (12,281) 3,277

395,784 176,765 278,117 279,223 314,042 322,433

(43,042) (27,436) (42,415) 2,574 30,946 (42)

20,426 21,830 21,601 20,188 19,188 18,223

78,430 73,897 26,129 61,903 108,608 102,263

-5.76 -4.69 -20.04 0.43 2.71 0.00

1.30 1.05 0.41 1.23 2.23 1.96

-7.49 -4.93 -8.28 0.52 6.03 -0.01

3.40 4.16 3.07 2.33 2.26 2.23

-25.48 -20.52 -25.40 1.22 13.62 -0.02

-3.42 -2.18 -3.37 0.20 2.46 -

(Thousand Rupees)J.A. Textile Mills Ltd.

88

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,320,164 2,302,278 2,755,096 2,801,490 3,570,629 4,347,489

105,150 69,572 229,016 172,074 283,145 148,434

3,615,725 3,812,411 4,332,367 4,646,461 5,525,821 110,779

2,197,669 2,220,450 2,516,291 2,611,702 3,246,183 4,173,329

0 0 0 0 0 0

0 0 0 0 0 0

17,345 12,256 9,789 17,714 41,301 25,726

2,859,313 2,591,382 2,871,135 3,283,358 4,023,195 5,148,004

27,296 69,625 68,237 89,044 28,035 73,747

1,647,836 1,484,015 1,756,108 1,925,999 2,461,185 3,746,854

0 73,045 902,388 1,125,876 1,475,677 2,500,649

0 239,180 308,806 397,647 518,715 477,200

1,647,836 497,102 526,314 360,834 430,234 748,971

691,322 593,632 513,799 688,176 867,009 786,273

83,290 48,513 50,197 41,640 83,625 35,123

0 0 123 33,273 31,277 51,593

409,569 395,597 482,671 505,226 552,064 454,414

5,179,477 4,893,660 5,626,231 6,084,848 7,593,824 9,495,493

2,880,464 2,931,496 3,032,098 3,313,122 3,614,508 4,257,774

609,033 609,033 609,033 730,839 730,839 730,839

609,033 609,033 609,033 730,839 730,839 730,839

0 0 0 0 0 0

2,117,653 2,168,685 2,244,431 2,357,652 2,659,038 3,526,935

289,636 289,636 289,636 350,540 350,540 575,171

1,828,017 1,879,049 1,954,795 2,007,112 2,308,498 2,951,764

1,828,017 1,879,049 1,954,795 2,007,112 2,308,498 2,951,764

153,778 153,778 178,634 224,631 224,631 0

524,271 191,472 524,618 434,955 1,100,872 1,534,708

37,602 21,973 365,449 281,457 895,813 1,233,660

300,000 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

186,669 169,499 159,169 153,498 205,059 301,048

1,774,742 1,770,692 2,069,515 2,336,771 2,878,444 3,703,011

375,519 467,924 400,242 402,278 470,210 661,942

125,696 148,733 147,423 128,226 157,634 219,315

1,202,486 1,191,193 1,517,083 1,730,524 2,097,994 2,644,848

102,360 23,245 135,519 186,506 240,174 255,241

94,377 88,330 16,671 17,463 70,066 140,980

9,734,861 8,813,412 8,289,147 9,049,707 9,901,857 13,687,117

4,559,629 4,580,383 4,656,625 5,375,951 5,855,803 8,479,622

5,175,232 4,233,029 3,632,522 3,673,756 4,046,054 5,207,495

8,765,635 7,971,024 7,638,258 8,292,160 8,855,192 11,772,908

6,519,567 4,976,590 5,288,079 5,738,595 6,185,444 8,984,874

969,226 842,388 650,889 757,547 1,046,665 1,914,209

555,306 543,352 500,008 550,743 590,361 842,738

343,996 325,709 275,913 269,522 276,327 375,200

211,310 217,643 224,095 281,221 314,034 467,538

158,196 24,594 32,375 79,345 176,025 208,549

572,116 323,630 183,256 286,149 632,329 1,280,020

221,186 147,701 96,484 134,378 202,494 386,484

190,100 122,085 72,169 112,571 180,270 359,667

350,930 175,929 86,772 151,771 429,835 893,536

57,668 63,994 11,026 69,002 91,907 177,186

293,262 111,935 75,746 82,769 337,928 716,350

0 60,903 30,452 36,542 73,084 146,168

0 0 0 0 0 0

285,417 716,386 (113,065) (7,742) (17,843) 396,078

(222,047) (184,617) (669,963) (304,129) (1,005,947) (1,177,132)

(95,088) (489,440) 781,640 332,678 962,781 826,766

3,404,735 3,122,968 3,556,716 3,748,077 4,715,380 5,792,482

293,262 51,032 45,294 46,227 264,844 570,182

269,456 273,198 238,689 258,397 258,497 338,171

527,815 563,767 609,849 644,498 727,107 941,019

3.01 1.27 0.91 0.91 3.41 5.23

1.83 1.67 1.58 1.55 1.45 1.60

5.51 2.12 1.44 1.41 4.94 8.38

1.81 1.70 1.76 1.85 1.97 2.17

9.96 3.59 2.54 2.61 9.76 18.20

4.82 1.84 1.24 1.13 4.62 9.80

(Thousand Rupees)J.K. Spinning Mills Ltd.

89

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,508,622 2,471,568 3,583,772 3,635,420 3,432,375 3,437,965

1,421 0 0 110,171 0 1,784

2,662,702 2,680,547 3,507,770 3,533,816 3,654,657 3,732,638

2,323,032 2,265,866 3,129,440 3,072,855 3,117,231 3,121,633

0 0 0 0 0 0

178,740 202,278 451,031 450,039 312,777 312,921

5,429 3,424 3,301 2,355 2,367 1,627

1,068,227 1,016,047 869,769 1,285,961 1,542,192 1,244,097

67,082 84,723 22,038 16,999 12,170 5,130

771,782 658,518 524,175 896,961 1,187,384 1,000,589

694,819 543,561 457,498 769,843 1,063,030 872,748

51,096 46,785 50,920 46,919 60,008 70,736

25,867 68,172 15,757 80,199 64,346 57,105

41,055 36,777 104,989 122,510 45,364 20,003

30,081 31,416 39,186 37,941 20,373 9,476

10,277 0 0 0 0 0

147,950 204,613 179,381 211,550 276,901 208,899

3,576,849 3,487,615 4,453,541 4,921,381 4,974,567 4,682,062

2,310,085 2,309,746 3,412,166 3,404,386 3,238,110 3,246,753

47,848 47,848 47,848 47,848 47,848 47,848

47,848 47,848 47,848 47,848 47,848 47,848

0 0 0 0 0 0

984,741 996,311 1,001,582 1,012,188 867,193 904,529

27,722 18,453 18,453 18,453 18,453 18,453

957,019 977,858 983,129 993,735 848,740 886,076

585,489 606,328 611,599 122,205 (22,790) 514,546

1,277,496 1,265,587 2,362,736 2,344,350 2,323,069 2,294,376

399,346 374,455 433,925 396,031 229,569 231,065

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

104,139 108,911 148,929 153,932 51,343 55,574

295,207 265,544 284,996 242,099 178,226 175,491

867,418 803,414 607,450 1,120,964 1,506,888 1,204,244

164,480 197,828 130,519 257,266 321,569 345,944

23,997 68,194 24,105 43,102 45,684 36,781

636,485 572,609 441,436 821,017 1,142,370 799,867

13,904 0 0 0 0 0

52,549 32,977 35,495 42,681 42,949 58,433

2,983,385 2,542,780 2,497,962 2,515,643 2,782,025 3,379,664

2,983,385 2,542,780 2,497,962 2,515,643 2,782,025 3,379,664

0 0 0 0 0 0

2,554,361 2,344,655 2,339,861 2,398,262 2,655,003 3,114,893

1,662,729 1,542,610 1,478,125 1,516,878 1,657,420 2,132,873

429,024 198,125 158,101 117,381 127,022 264,771

128,735 106,994 114,723 101,388 109,084 128,553

15,440 14,734 18,622 19,816 36,041 45,666

113,295 92,260 96,101 81,572 73,043 82,887

25,960 (4,175) 18,456 5,350 (15,715) 2,115

326,249 86,956 61,834 21,343 2,223 138,333

76,784 72,235 47,720 42,881 74,374 97,061

75,367 70,659 45,996 41,344 72,509 95,257

249,465 14,721 14,114 (21,538) (72,151) 41,272

68,868 (1,550) 1,220 (13,094) (9,627) 34,976

180,597 16,271 12,894 (8,444) (62,524) 6,296

14,354 7,177 5,981 0 0 0

0 0 0 0 0 0

244,839 249,362 135,457 (207,966) (242,198) 519,479

(132,883) (46,546) (16,465) (132,539) (15,794) (87,292)

(58,294) (185,138) (181,677) 355,466 253,163 (439,227)

2,709,431 2,684,201 3,846,091 3,800,417 3,467,679 3,477,818

166,243 9,094 6,913 (8,444) (62,524) 6,296

67,722 71,063 72,621 83,033 84,126 81,706

386,849 371,121 411,221 428,188 471,156 551,209

6.05 0.64 0.52 -0.34 -2.25 0.19

0.86 0.72 0.63 0.54 0.56 0.70

5.22 0.46 0.32 -0.18 -1.26 0.13

1.55 1.53 1.39 1.38 1.49 1.49

8.08 0.70 0.45 -0.25 -1.88 0.19

37.74 3.40 2.69 -1.76 -13.07 -

(Thousand Rupees)Janana De Malucho Textile Mills Ltd.

90

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

643,432 684,405 601,908 645,680 664,589 696,778

5,000 0 0 0 0 0

882,733 880,228 165,452 62,404 64,195 78,679

610,919 582,289 141,507 61,502 63,284 76,921

0 0 0 0 0 0

25,003 96,599 454,269 573,911 587,813 604,662

2,510 5,517 6,132 10,267 13,492 15,195

270,736 239,728 136,718 137,782 133,067 121,417

2,341 1,105 1,600 2,283 5,269 5,777

1,250 0 0 0 0 0

230 0 0 0 0 0

236 0 0 0 0 0

784 0 0 0 0 0

181,830 147,251 24,983 25,185 23,354 20,735

1,756 18,501 27,438 23,323 24,472 23,036

53,851 49,594 47,748 12,199 8,572 0

29,708 23,277 34,949 74,792 71,400 71,869

914,168 924,133 738,626 783,462 797,656 818,195

536,080 596,452 528,172 616,965 647,967 677,189

324,912 324,912 324,912 324,912 324,912 324,912

324,912 324,912 324,912 324,912 324,912 324,912

0 0 0 0 0 0

(396,691) (439,536) (444,168) (355,936) (327,016) (298,879)

59,165 54,741 43,101 10,278 6,556 5,598

(455,856) (494,277) (487,269) (366,214) (333,572) (304,477)

(506,868) (545,289) (538,281) (417,226) (384,584) (355,489)

607,859 711,076 647,428 647,989 650,071 651,156

125,440 126,846 44,733 15,361 15,541 15,758

0 0 0 0 0 0

63,530 81,687 0 0 0 0

0 0 0 0 0 0

43,381 35,101 35,260 3,726 4,288 4,422

18,529 10,058 9,473 11,635 11,253 11,336

252,648 200,835 165,721 151,136 134,148 125,248

218,172 166,255 116,284 101,310 85,246 81,518

97,179 69,126 12,450 9,865 9,481 9,346

0 0 0 0 0 0

0 0 8,386 14,575 14,575 14,575

34,476 34,580 41,051 35,251 34,327 29,155

332,942 14,877 17,895 24,032 37,150 23,682

332,942 14,877 17,895 24,032 37,150 23,682

0 0 0 0 0 0

361,576 29,513 11,044 7,517 12,936 9,307

229,828 0 0 0 0 0

(28,634) (14,636) 6,851 16,515 24,214 14,375

22,146 61,393 25,768 28,063 46,256 46,742

1,394 79 94 470 78 213

20,752 61,314 25,674 27,593 46,178 46,529

11,629 38,531 32,912 152,275 67,368 66,104

(39,151) (37,498) 13,995 140,727 45,326 33,737

2,335 177 99 25 82 43

1,975 0 0 0 0 0

(41,486) (37,675) 13,896 140,702 45,244 33,694

(3,575) 2,687 8,149 25,350 12,380 4,804

(37,911) (40,362) 5,747 115,352 32,864 28,890

0 0 0 0 0 0

0 0 0 0 0 0

35,315 (27,927) 51,571 (94,960) (49,962) (40,488)

11,148 9,691 35,365 95,643 49,723 40,996

(25,484) 17,000 (86,442) 0 0 0

661,520 723,298 572,905 632,326 663,508 692,947

(37,911) (40,362) 5,747 115,352 32,864 28,890

13,908 10,105 3,926 107 8 847

80,744 21,242 4,891 11,900 25,161 29,370

-11.39 -271.30 32.12 479.99 88.46 121.99

0.36 0.02 0.02 0.03 0.05 0.03

-4.10 -4.39 0.69 15.16 4.16 3.58

1.70 1.62 1.48 1.33 1.25 1.22

-6.99 -7.13 1.02 20.15 5.20 4.36

-1.17 -1.24 0.18 3.55 1.01 0.89

(Thousand Rupees)Jubilee Spinning & Weaving Mills Ltd.

91

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

315,569 291,898 449,081 412,994 380,489 351,208

0 0 0 0 0 0

865,672 868,380 1,049,604 1,049,604 1,049,604 1,049,604

297,917 274,246 431,429 395,342 362,837 333,556

0 0 0 0 0 0

0 0 0 0 0 0

17,652 17,652 17,652 17,652 17,652 17,652

135,903 120,551 85,602 83,261 14,158 12,901

1,184 1,043 812 1,874 684 246

42,578 33,853 6,788 3,236 0 0

31,987 24,803 0 0 0 0

9,640 0 0 0 0 0

951 0 0 3,236 0 0

1,094 1,094 1,094 4,028 820 0

719 532 517 3,719 0 0

0 0 0 0 0 0

90,328 84,029 76,391 70,404 12,654 12,655

451,472 412,449 534,683 496,255 394,647 364,109

7,273 (42,970) 43,883 (14,755) (87,823) (125,663)

107,000 107,000 107,000 107,000 107,000 107,000

107,000 107,000 107,000 107,000 107,000 107,000

0 0 0 0 0 0

(250,276) (291,962) (330,578) (371,899) (429,102) (452,411)

0 0 0 0 0 0

(250,276) (291,962) (330,578) (371,899) (429,102) (452,411)

(250,276) (291,962) (330,578) (371,899) (429,102) (452,411)

150,549 141,992 267,461 250,144 234,279 219,748

229,693 246,820 268,086 275,177 259,633 267,436

0 0 0 0 0 0

218,088 243,014 213,378 222,938 226,682 226,769

0 0 0 0 0 0

0 0 6,193 6,193 6,193 6,193

11,605 3,806 48,515 46,046 26,758 34,474

214,506 208,599 222,714 235,833 222,837 222,336

128,739 116,489 113,685 126,804 113,808 113,307

101,434 89,371 86,997 87,747 82,947 0

71,247 68,217 68,180 68,180 68,180 68,180

6,102 7,102 0 0 0 0

8,418 16,791 40,849 40,849 40,849 40,849

278,100 0 17,437 105,226 0 0

278,100 0 17,437 105,226 0 0

0 0 0 0 0 0

324,800 0 24,803 145,576 0 0

191,383 0 24,803 51,300 0 0

(46,700) 0 (7,366) (40,350) 0 0

11,863 50,627 35,925 19,655 96,591 30,124

934 0 180 102 42 98

10,929 50,627 35,745 19,553 96,549 30,026

90 0 0 0 4,387 0

(58,473) (50,627) (43,291) (60,005) (92,204) (30,124)

8,326 8,476 3 35 108 1

7,956 8,373 0 0 0 0

(66,799) (59,103) (43,294) (60,040) (92,312) (30,125)

(4,251) (5,037) 6,652 1,600 (16,536) 10,158

(62,548) (54,066) (49,946) (61,640) (75,776) (40,283)

0 0 0 0 0 0

0 0 0 0 0 0

(29,839) (20,329) 12,486 (8,498) (4,934) (525)

(787) (2,708) 0 0 0 0

25,760 22,896 (12,717) (9,560) 3,744 87

236,966 203,850 311,969 260,422 171,810 141,773

(62,548) (54,066) (49,946) (61,640) (75,776) (40,283)

29,286 26,379 24,041 36,086 32,505 29,281

34,743 7,319 146 32,739 1,374 116

-22.49 -286.44 -58.58

0.58 0.00 0.04 0.20 0.00 0.00

-12.99 -12.52 -10.55 -11.96 -17.01 -10.62

13.12 -24.20 1,037.38 35.39 -8.69 -3.55

-170.43 302.92 -10,941.07 -423.24 147.74 37.74

-5.85 -5.05 -4.67 -5.76 -7.08 -3.76

- - -

(Thousand Rupees)Khalid Siraj Textile Mills Ltd.

92

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

473,005 455,560 433,011 406,071 379,437 360,328

0 1,768 1,768 1,768 1,768 1,768

701,720 716,419 722,941 722,941 722,941 841,933

375,109 352,092 323,331 290,947 261,812 352,827

0 0 0 0 0 0

95,967 95,967 102,179 107,623 110,124 0

1,929 5,733 5,733 5,733 5,733 5,733

180 1,723 4,381 7,290 10,918 14,908

180 115 162 79 216 1,275

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 2,418 5,410 8,901 11,832

0 0 0 0 0 0

0 1,608 1,801 1,801 1,801 1,801

473,185 457,283 437,392 413,361 390,355 375,236

(128,328) (141,871) (156,152) (154,543) (155,674) (163,833)

131,748 131,748 131,748 131,748 131,748 131,748

131,748 131,748 131,748 131,748 131,748 131,748

0 0 0 0 0 0

(452,264) (454,364) (462,125) (450,680) (442,874) (446,306)

0 13,335 13,335 13,335 13,335 13,335

(452,264) (467,699) (475,460) (464,015) (456,209) (459,641)

(452,264) (467,699) (475,460) (464,015) (456,209) (459,641)

192,188 180,745 174,225 164,389 155,452 150,725

518,709 266,745 236,301 204,709 183,604 111,280

385,839 156,476 130,175 103,001 85,884 55,272

45,774 32,439 34,752 37,229 39,883 0

0 0 0 0 0 0

0 0 0 609 637 739

87,096 77,830 71,374 63,870 57,200 55,269

82,804 332,409 357,243 363,195 362,425 427,789

54,454 91,430 111,189 111,577 120,716 550

690 0 0 0 0 0

0 0 208,559 208,559 208,559 373,427

26,531 239,160 33,276 35,840 22,481 36,260

1,819 1,819 4,219 7,219 10,669 17,552

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

50,810 39,575 37,344 34,228 31,200 30,328

0 75 80 78 0 0

50,810 39,500 37,264 34,150 31,200 30,328

53,798 24,692 29,988 47,748 37,001 30,000

2,988 (14,883) (7,356) 13,520 5,801 (328)

22,394 21,261 16,643 15,806 10,152 22,080

0 9,922 6,978 4,270 2,073 10,540

(19,406) (36,144) (23,999) (2,286) (4,351) (22,408)

(9,444) (6,627) (3,378) (2,202) (1,076) (7,953)

(9,962) (29,517) (20,621) (84) (3,275) (14,455)

0 0 0 0 0 0

0 0 0 0 0 0

23,604 27,986 31,032 33,583 35,945 12,704

(44) (37) (28) 0 0 0

(23,734) (28,014) (30,957) (33,666) (35,808) (11,645)

390,381 124,874 80,149 50,166 27,930 (52,553)

(9,962) (29,517) (20,621) (84) (3,275) (14,455)

37,716 (49,054) (35,283) 250,947 29,135 27,977

370 500 474 555 629 889

0.00 0.00 0.00 0.00 0.00 0.00

-2.03 -6.34 -4.61 -0.02 -0.81 -3.78

-3.85 -3.44 -3.00 -2.74 -2.59 -2.40

7.81 21.85 13.84 0.05 2.11 9.05

-0.76 -2.24 -1.57 -0.01 -0.25 -1.10

- - - - - -

(Thousand Rupees)Khurshid Spinning Mills Ltd.

93

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

474,042 460,805 448,647 438,633 428,241 999,366

0 0 0 0 0 0

692,732 692,732 692,732 693,913 693,913 1,274,601

473,953 460,716 448,558 438,544 428,152 999,277

0 0 0 0 0 0

0 0 0 0 0 0

89 89 89 89 89 89

3,318 3,322 371 3,345 5,688 8,356

51 56 105 276 193 44

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

3,267 3,266 266 3,069 5,495 8,312

477,360 464,127 449,018 441,978 433,929 1,007,722

247,209 345,091 338,651 332,967 343,917 906,879

12,275 12,275 12,275 12,275 12,275 12,275

12,275 12,275 12,275 12,275 12,275 12,275

0 0 0 0 0 0

(56,777) (41,845) (38,261) (34,699) (15,214) (10,559)

258 258 258 258 258 258

(57,035) (42,103) (38,519) (34,957) (15,472) (10,817)

(57,035) (42,103) (38,519) (34,957) (15,472) (10,817)

291,711 374,661 364,637 355,391 346,856 905,163

189,568 78,414 69,711 67,543 63,923 74,609

0 0 0 0 0 0

32,493 30,493 26,450 28,500 28,700 28,350

0 0 0 0 0 0

0 0 0 0 0 0

157,075 47,921 43,261 39,043 35,223 46,259

40,583 40,622 40,656 41,468 26,089 26,234

40,583 40,622 40,656 40,495 24,577 24,644

40,203 40,203 40,203 40,202 24,250 24,250

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 973 1,512 1,590

0 0 0 0 1,750 3,516

0 0 0 0 1,750 3,516

0 0 0 0 0 0

0 0 0 0 2,783 2,420

0 0 0 0 1,343 0

0 0 0 0 (1,033) 1,096

1,422 1,460 16,784 13,477 13,439 13,365

13 13 0 0 16 28

1,409 1,447 16,784 13,477 13,423 13,337

80 211 4,507 4,217 23,416 6,855

(1,342) (1,249) (12,277) (9,260) 8,944 (5,414)

0 0 0 4 2 2

0 0 0 0 0 0

(1,342) (1,249) (12,277) (9,264) 8,942 (5,416)

(4,132) (5,149) (4,659) (3,126) (1,765) (1,871)

2,790 3,900 (7,618) (6,138) 10,707 (3,545)

0 0 0 0 0 0

0 0 0 0 0 0

4 4 50 (698) (282) 201

0 0 0 (1,182) 0 0

0 0 0 2,050 200 (350)

436,777 423,505 408,362 400,510 407,840 981,488

2,790 3,900 (7,618) (6,138) 10,707 (3,545)

14,423 12,157 12,157 11,195 10,392 9,562

733 763 811 877 1,880 2,099

611.83 -100.82

0.00 0.00 0.00 0.00 0.00 0.00

0.58 0.83 -1.67 -1.38 2.44 -0.49

1.92 1.59 1.34 1.33 1.29 1.15

1.11 1.32 -2.23 -1.83 3.16 -0.57

2.27 3.18 -6.21 -5.00 8.72 -2.89

- - - -

(Thousand Rupees)Khyber Textile Mills Ltd.

94

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,063,347 1,124,390 1,338,994 1,276,348 1,479,547 2,355,163

458 28,888 10,000 200,000 202,928 219

1,475,575 1,551,014 1,693,617 1,712,505 1,753,095 2,805,243

1,059,944 1,092,247 1,322,206 1,070,674 1,271,370 2,348,493

342 225 3,581 2,767 2,061 1,355

0 0 0 0 0 2,500

2,603 3,030 3,207 2,907 3,188 2,596

743,761 536,160 634,603 860,097 976,398 1,159,022

4,528 9,858 12,880 4,839 9,066 7,305

432,863 188,954 304,908 414,162 482,571 668,237

331,772 133,063 165,204 374,481 416,904 630,713

30,070 21,869 23,746 39,544 34,162 37,524

71,021 34,022 115,958 137 31,505 0

157,724 141,019 150,901 254,242 335,508 307,669

5,425 46,186 3,878 18,677 9,133 6,185

0 0 0 0 0 0

143,221 150,143 162,036 168,177 140,120 169,626

1,807,108 1,660,550 1,973,597 2,136,445 2,455,945 3,514,185

674,400 664,823 807,082 840,715 828,127 1,707,895

208,000 208,000 208,000 208,000 208,000 208,000

208,000 208,000 208,000 208,000 208,000 208,000

0 0 0 0 0 0

156,501 154,676 133,318 182,992 181,864 259,507

0 0 0 0 0 0

156,501 154,676 133,318 182,992 181,864 259,507

156,501 154,676 133,318 182,992 181,864 259,507

309,899 302,147 465,764 449,723 438,263 1,240,388

428,218 493,087 548,767 378,710 551,689 580,693

202,088 245,146 250,754 67,497 202,128 194,520

100,000 100,000 100,000 100,000 100,000 100,000

0 0 0 0 0 0

62,137 80,290 82,806 95,125 108,126 115,979

63,993 67,651 115,207 116,088 141,435 170,194

704,490 502,640 617,748 917,020 1,076,129 1,225,597

234,946 150,662 91,969 347,172 305,257 394,290

18,091 20,899 25,369 37,692 40,553 45,303

354,561 260,235 390,615 471,767 688,336 699,557

87,146 78,558 114,392 81,417 63,456 90,567

27,837 13,185 20,772 16,664 19,080 41,183

2,298,760 2,405,277 2,227,640 2,229,999 2,243,619 2,966,457

2,298,760 2,405,277 2,227,640 2,229,999 2,243,619 2,966,457

0 0 0 0 0 0

2,038,424 2,195,772 2,095,509 2,049,883 2,028,660 2,656,307

1,571,954 1,566,771 1,524,023 1,406,533 1,421,820 1,941,177

260,336 209,505 132,131 180,116 214,959 310,150

85,189 91,259 81,267 79,782 88,921 108,713

10,669 14,952 15,371 11,938 16,899 22,700

74,520 76,307 65,896 67,844 72,022 86,013

13,833 961 466 10,641 907 754

188,980 119,207 51,330 110,975 126,945 202,191

74,089 79,775 69,051 51,555 62,662 115,957

71,144 77,159 65,754 49,707 57,502 114,454

114,891 39,432 (17,721) 59,420 64,283 86,234

41,382 18,581 1,706 24,488 53,812 19,269

73,509 20,851 (19,427) 34,932 10,471 66,965

26,000 15,600 0 20,800 15,600 20,800

0 0 0 0 0 0

255,432 313,307 (38,926) 205,187 15,702 192,479

(269,660) (129,315) (51,343) (24,944) (264,107) (101,396)

12,927 (178,662) 93,291 (188,284) 252,632 (92,844)

1,102,618 1,157,910 1,355,849 1,219,425 1,379,816 2,288,588

47,509 5,251 (19,427) 14,132 (5,129) 46,165

68,997 68,997 75,558 85,504 62,472 72,811

260,577 294,788 275,706 303,961 329,220 374,928

3.20 0.87 -0.87 1.57 0.47 2.26

1.36 1.39 1.23 1.09 0.98 0.99

4.35 1.20 -1.07 1.70 0.46 2.24

2.59 2.59 2.47 2.49 2.75 2.35

11.25 3.11 -2.64 4.24 1.25 5.28

3.53 1.00 -0.93 1.68 0.50 3.22

(Thousand Rupees)Kohat Textile Mills Ltd.

95

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

750,460 738,957 789,370 788,668 815,849 817,136

0 0 0 0 0 0

761,877 761,877 14,387 14,387 14,387 14,387

740,792 729,629 3,961 3,514 3,122 2,778

0 0 0 0 0 0

9,299 8,959 785,040 784,785 812,358 814,192

369 369 369 369 369 166

12,671 13,258 17,509 14,600 19,046 41,174

6,059 2,666 2,269 1,747 5,389 25,320

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

93 77 64 124 78 0

0 0 0 0 0 0

6,519 10,515 15,176 12,729 13,579 15,854

763,131 752,215 806,879 803,268 834,895 858,310

300,139 306,983 379,517 391,479 425,538 453,313

303,025 303,025 303,025 303,025 303,025 303,025

303,025 303,025 303,025 303,025 303,025 303,025

0 0 0 0 0 0

(656,937) (647,306) (574,772) (562,810) (528,751) (500,976)

187,395 187,395 187,395 187,395 187,395 187,395

(844,332) (834,701) (762,167) (750,205) (716,146) (688,371)

(844,332) (834,701) (762,167) (750,205) (716,146) (688,371)

654,051 651,264 651,264 651,264 651,264 651,264

0 0 0 0 0 385

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 385

0 0 0 0 0 0

462,992 445,232 427,362 411,789 409,357 404,612

37,563 37,161 32,051 31,747 30,354 27,811

3,925 0 3,906 4,606 2,733 619

408,991 390,231 371,569 359,480 353,683 353,683

865 865 0 0 0 0

15,573 16,975 23,742 20,562 25,320 23,118

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

50,643 18,062 6,698 17,430 30,642 21,079

93 37 114 101 163 49

50,550 18,025 6,584 17,329 30,479 21,030

27,165 26,344 86,015 32,493 73,702 51,172

(23,478) 8,282 79,317 15,063 43,060 30,093

12 37 16 52 65 44

0 0 0 0 0 0

(23,490) 8,245 79,301 15,011 42,995 30,049

5,010 1,402 6,766 3,124 8,920 2,254

(28,500) 6,843 72,535 11,887 34,075 27,795

0 0 0 0 0 0

0 0 0 0 0 0

4,458 (3,393) 18,264 11,567 9,440 19,931

0 0 0 0 0 0

0 0 (18,662) (12,089) (5,597) 0

300,139 306,983 379,517 391,479 425,538 453,698

(28,500) 6,843 72,535 11,887 34,075 27,795

12,426 11,163 510 447 391 345

3,357 3,472 3,331 13,894 13,647 9,124

0.00 0.00 0.00 0.00 0.00 0.00

-3.70 0.90 9.30 1.48 4.16 3.28

2.45 2.50 2.27 2.09 2.01 1.93

-9.07 2.25 21.13 3.08 8.34 6.33

-0.94 0.23 2.39 0.39 1.12 0.92

- - - - - -

(Thousand Rupees)Kohinoor Industries Ltd.

96

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

3,542,256 3,951,009 3,761,344 3,695,781 5,031,691 4,964,289

34,753 30,995 28,490 217,747 13,150 57,838

5,919,976 6,387,893 6,501,753 6,524,141 8,266,931 8,366,564

3,405,901 3,663,368 3,585,297 3,384,934 4,916,569 4,826,388

0 0 0 0 0 0

81,014 235,693 126,357 71,281 79,940 57,364

20,588 20,953 21,200 21,819 22,032 22,699

2,444,826 2,325,651 2,591,571 2,842,388 3,833,242 5,903,784

155,475 112,292 53,903 69,366 94,990 426,877

698,231 729,678 806,079 909,069 1,153,505 1,815,530

148,616 139,660 197,119 188,007 312,039 664,433

128,250 143,337 136,625 185,313 191,321 241,703

421,365 446,681 472,335 535,749 650,145 909,394

533,484 485,584 465,442 642,492 1,359,171 2,133,326

87,643 78,489 74,812 58,529 120,569 320,536

176,880 0 0 0 0 0

793,113 919,608 1,191,335 1,162,932 1,105,007 1,207,515

5,987,082 6,276,660 6,352,915 6,538,169 8,864,933 10,868,073

1,543,981 1,983,490 1,948,799 2,081,702 3,106,954 3,750,890

509,110 509,110 509,110 509,110 509,110 509,110

509,110 509,110 509,110 509,110 509,110 509,110

0 0 0 0 0 0

266,153 371,888 358,240 511,178 722,414 1,409,892

345,978 332,199 252,930 250,927 259,228 246,168

(79,825) 39,689 105,310 260,251 463,186 1,163,724

(1,233,110) (1,093,484) (952,717) (797,776) (538,839) 222,792

768,718 1,102,492 1,081,449 1,061,414 1,875,430 1,831,888

2,395,646 2,086,378 929,887 808,258 974,161 828,853

1,711,365 1,532,860 735,287 566,531 714,981 535,965

176,742 196,855 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

507,539 356,663 194,600 241,727 259,180 292,888

2,047,455 2,206,792 3,474,229 3,648,209 4,783,818 6,288,330

801,966 848,945 849,017 943,202 1,431,614 1,927,442

447,887 541,331 570,788 694,325 1,054,780 1,463,101

814,195 756,228 2,189,370 2,404,770 3,038,332 3,916,021

249,683 279,032 163,323 160,576 230,251 251,376

181,611 322,587 272,519 139,661 83,621 193,491

7,772,431 7,906,021 8,551,092 10,656,445 10,855,746 13,952,176

1,007,047 1,302,063 1,387,912 2,239,775 2,417,087 3,078,893

6,765,384 6,603,958 7,163,180 8,416,670 8,438,659 10,873,283

6,727,262 6,607,204 7,158,065 9,211,160 9,552,735 11,938,614

4,548,272 4,325,268 4,783,212 6,600,027 6,579,149 8,597,788

1,045,169 1,298,817 1,393,027 1,445,285 1,303,011 2,013,562

736,237 717,377 784,224 1,003,765 886,943 1,196,350

431,562 438,881 497,553 604,602 581,103 729,465

304,675 278,496 286,671 399,163 305,840 466,885

123,767 186,004 44,754 66,088 143,323 429,935

432,699 767,444 653,557 507,608 559,391 1,247,147

378,610 528,121 450,764 273,786 296,844 383,946

344,234 488,356 269,046 141,478 196,189 253,918

54,089 239,323 202,793 233,822 262,547 863,201

(52,540) 116,347 83,960 99,807 23,491 134,451

106,629 122,976 118,833 134,015 239,056 728,750

0 0 0 56,002 61,093 152,733

0 0 0 0 0 0

453,109 412,776 82,849 215,154 (48,010) (134,571)

(301,677) (113,775) (147,560) (194,805) (707,269) (176,826)

(125,179) (342,183) 6,322 (4,886) 780,903 643,284

3,939,627 4,069,868 2,878,686 2,889,960 4,081,115 4,579,743

106,629 122,976 118,833 78,013 177,963 576,017

0 224,273 218,157 206,773 224,512 277,831

0 532,699 589,881 676,428 821,426 958,389

1.37 1.56 1.39 1.26 2.20 5.22

1.31 1.29 1.35 1.65 1.41 1.41

1.80 2.01 1.88 2.08 3.10 7.39

4.16 3.48 3.21 3.20 2.97 2.88

7.48 6.97 6.04 6.65 9.21 21.25

2.09 2.42 2.33 2.63 4.70 14.31

(Thousand Rupees)Kohinoor Mills Ltd.

97

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

2,007,037 2,117,364 2,059,143 1,923,982 1,860,731 1,778,064

278,233 0 0 0 0 0

3,525,860 3,619,241 3,735,276 3,721,936 3,732,634 3,744,576

1,701,590 2,085,557 2,027,132 1,913,005 1,821,122 1,738,573

0 0 0 0 0 0

790 532 416 416 284 166

26,424 31,275 31,595 10,561 39,325 39,325

2,374,472 1,953,183 1,409,723 1,259,213 1,157,290 1,121,796

10,910 10,724 11,413 2,376 4,137 4,299

1,772,659 1,345,357 953,485 853,765 781,325 798,871

0 920,610 636,838 651,795 688,015 709,028

0 138,646 115,617 133,500 29,691 43,072

1,772,659 280,053 194,854 67,374 60,838 46,087

379,249 392,477 276,652 160,346 253,113 208,886

60,624 67,815 41,719 67,463 57,991 63,337

0 0 0 0 0 0

151,030 136,810 126,454 175,263 60,724 46,403

4,381,509 4,070,547 3,468,866 3,183,195 3,018,021 2,899,860

1,138,020 842,304 389,750 (293,099) (106,473) (477,241)

650,000 650,000 650,000 650,000 1,078,571 1,078,571

650,000 650,000 650,000 650,000 1,078,571 1,078,571

0 0 0 0 0 0

488,020 192,304 (260,250) (943,099) (1,185,044) (1,555,812)

0 0 0 0 0 163,839

488,020 192,304 (260,250) (943,099) (1,185,044) (1,719,651)

488,020 192,304 (260,250) 920,376 (1,135,556) (1,707,038)

0 0 0 0 0 0

954,513 1,214,903 1,093,729 1,285,143 553,986 534,743

156,157 700,000 563,146 768,231 88,434 73,150

700,000 397,000 397,000 397,000 397,000 397,000

0 0 0 0 0 0

98,356 117,903 107,821 79,608 68,552 64,593

0 0 25,762 40,304 0 0

2,288,976 2,013,340 1,985,387 2,191,151 2,570,508 2,842,358

469,415 231,634 290,227 305,453 333,803 341,855

58,629 88,738 68,893 66,593 44,735 35,378

1,572,549 1,577,355 1,436,048 1,406,766 1,591,339 1,627,043

184,870 147,966 197,594 200,000 317,648 364,706

62,142 56,385 61,518 278,932 327,718 508,754

6,822,994 6,051,526 4,139,298 2,063,046 3,070,194 4,260,539

4,225,007 3,372,774 2,998,838 2,053,247 3,070,194 4,260,539

2,597,987 2,678,752 1,140,460 9,799 0 0

6,075,561 5,719,869 4,158,348 2,443,291 3,235,487 4,258,906

4,444,333 4,106,848 2,775,330 1,361,212 1,852,563 2,993,358

747,433 331,657 (19,050) (380,245) (165,293) 1,633

298,726 276,393 205,396 96,034 123,291 133,502

152,142 157,628 93,087 9,685 5,695 3,213

146,584 118,765 112,309 86,349 117,596 130,289

291 27,867 7,623 4,192 2,707 10

448,998 83,131 (216,823) (472,087) (285,877) (131,859)

259,815 312,299 207,809 160,432 165,938 174,637

225,890 271,362 184,166 156,762 165,144 173,945

189,183 (229,168) (424,632) (632,519) (451,815) (306,496)

68,230 60,515 41,393 49,728 (37,197) 32,907

120,953 (289,683) (466,025) (682,247) (414,618) (339,403)

97,500 0 0 0 0 0

0 0 0 0 0 0

38,311 (16,597) 257,342 (307,428) (11,914) (17,270)

(505,233) (212,155) (54,409) 35,438 (48,338) (11,942)

468,247 288,567 (202,244) 262,953 62,013 29,373

2,092,533 2,057,207 1,483,479 992,044 447,513 57,502

23,453 (289,683) (466,025) (682,247) (414,618) (339,403)

90,432 103,246 128,786 105,290 98,935 94,489

536,740 600,073 517,461 409,354 418,984 522,300

1.77 -4.79 -11.26 -33.07 -13.50 -7.97

1.68 1.43 1.10 0.62 0.99 1.44

2.99 -6.85 -12.36 -20.51 -13.37 -11.47

3.16 4.27 6.12 68.83 -15.52 -10.14

9.44 -29.26 -75.65 -1,411.77 207.53 116.29

0.93 -2.23 -7.17 -10.50 -1.92 -1.57

(Thousand Rupees)Kohinoor Spinning Mills Ltd.

98

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

10,762,190 12,275,578 13,158,134 15,447,434 18,155,891 18,512,532

11,369 13,566 238,508 112,888 211,451 75,801

10,088,566 11,031,966 11,988,075 13,267,034 13,990,939 14,924,175

5,908,382 6,551,632 7,199,132 8,109,134 8,367,262 8,831,769

0 0 9,305 11,974 0 0

4,795,802 5,650,222 5,651,147 7,156,759 9,527,554 9,552,373

46,637 60,158 60,042 56,679 49,624 52,589

5,359,518 5,338,022 5,997,583 5,297,408 6,716,065 7,034,046

100,937 114,815 229,012 154,935 161,905 216,366

1,888,177 1,987,603 2,203,655 2,009,579 2,574,838 3,814,347

966,405 886,846 1,095,355 841,118 1,430,755 2,277,487

538,859 646,230 620,336 575,961 597,872 800,016

382,913 454,527 487,964 592,500 546,211 740,748

903,312 1,130,300 1,039,529 1,298,968 1,699,015 1,455,119

158,518 153,862 196,419 145,480 718,354 370,271

975,239 721,598 838,756 6,498 8,042 51,441

1,333,335 1,229,844 1,490,212 1,681,948 1,553,911 1,126,502

16,121,708 17,613,600 19,155,717 20,744,842 24,871,956 25,546,578

9,842,746 11,684,053 12,959,673 13,922,796 15,820,626 16,966,815

2,455,262 2,455,262 2,823,551 2,823,551 2,992,964 2,992,964

2,455,262 2,455,262 2,823,551 2,823,551 2,992,964 2,992,964

0 0 0 0 0 0

3,713,659 5,554,966 6,336,788 7,276,792 8,984,618 10,130,807

144,919 144,919 144,919 144,919 986,077 986,077

3,568,740 5,410,047 6,191,869 7,131,873 7,998,541 9,144,730

2,118,249 3,959,556 4,741,378 5,681,382 6,548,050 7,694,239

3,673,825 3,673,825 3,799,334 3,822,453 3,843,044 3,843,044

410,396 743,794 1,205,135 1,776,007 1,850,676 2,129,031

94,436 382,192 787,397 1,295,884 1,335,099 1,535,299

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

315,960 361,602 417,738 480,123 515,577 593,732

5,868,566 5,185,753 4,990,909 5,046,039 7,200,654 6,450,732

1,132,586 1,434,212 1,312,365 1,518,697 1,797,734 2,133,377

715,762 745,294 573,404 734,594 859,849 914,956

4,575,316 3,596,588 3,434,394 3,187,866 4,635,384 3,141,523

67,049 90,792 184,891 278,573 388,301 411,419

93,615 64,161 59,259 60,903 379,235 764,413

15,302,242 15,862,743 16,088,302 17,404,708 17,833,540 21,220,135

6,755,176 7,212,062 7,853,941 9,542,256 11,285,473 14,218,715

8,547,066 8,650,681 8,234,361 7,862,452 6,548,067 7,001,420

13,395,079 13,132,754 13,048,866 14,823,393 15,355,788 17,659,063

8,321,924 7,817,601 7,803,458 9,019,710 9,452,232 11,592,064

1,907,163 2,729,989 3,039,436 2,581,315 2,477,752 3,561,072

925,002 1,062,626 1,141,430 1,136,656 1,144,988 1,477,781

573,592 620,281 574,226 538,294 495,766 561,181

351,410 442,345 567,204 598,362 649,222 916,600

871,815 1,229,860 1,067,529 1,725,445 1,183,527 608,755

1,853,976 2,897,223 2,965,535 3,170,104 2,516,291 2,692,046

565,384 490,917 337,357 267,593 362,200 411,111

522,031 457,919 287,769 238,368 337,747 370,832

1,288,592 2,406,306 2,628,178 2,902,511 2,154,091 2,280,935

118,940 319,473 495,963 550,732 489,769 530,291

1,169,652 2,086,833 2,132,215 2,351,779 1,664,322 1,750,644

0 859,342 1,270,598 988,243 673,417 523,769

0 0 423,533 0 0 0

228,105 1,310,771 1,002,347 1,171,639 394,884 2,493,699

(228,826) (314,592) (247,653) (196,570) (2,202,943) (572,930)

(219,194) (982,301) (640,497) (1,049,146) 1,815,029 (1,866,308)

10,253,142 12,427,847 14,164,808 15,698,803 17,671,302 19,095,846

1,169,652 1,227,491 438,084 1,363,536 990,905 1,226,875

319,296 329,440 364,388 442,552 498,650 530,546

1,269,838 1,494,267 1,759,453 1,908,478 1,943,904 2,060,480

7.64 13.16 13.25 13.51 9.33 8.25

0.97 0.94 0.88 0.87 0.78 0.84

7.44 12.37 11.60 11.79 7.30 6.94

1.70 1.57 1.49 1.48 1.53 1.54

12.63 19.39 17.30 17.50 11.19 10.68

4.76 8.50 7.55 8.33 5.56 5.85

(Thousand Rupees)Kohinoor Textile Mills Ltd.

99

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

241,822 241,819 218,589 212,882 176,776 192,291

0 0 0 0 0 0

298,646 298,646 298,646 313,856 277,750 293,265

241,797 241,794 218,564 212,857 176,751 192,266

0 0 0 0 0 0

0 0 0 0 0 0

25 25 25 25 25 25

119 77 70 54 16 31

80 38 31 15 16 31

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

39 39 39 39 0 0

241,941 241,896 218,659 212,936 176,792 192,322

119,687 107,351 41,185 16,187 (62,309) (51,950)

121,237 121,237 121,237 121,237 121,237 121,237

121,237 121,237 121,237 121,237 121,237 121,237

0 0 0 0 0 0

(102,479) (114,815) (142,287) (172,849) (229,376) (231,418)

0 0 0 0 0 0

(102,479) (114,815) (142,287) (172,849) (229,376) (231,418)

(102,479) (114,815) (142,287) (172,849) (229,376) (231,418)

100,929 100,929 62,235 67,799 45,830 58,231

0 0 177,213 196,297 238,897 243,852

0 0 147,926 165,837 222,574 224,414

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 29,287 30,460 16,323 19,438

122,254 134,545 261 452 204 420

263 281 261 452 204 420

0 0 0 0 0 0

121,991 134,264 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 23,223 22,437 1,916 92

0 0 0 0 0 0

0 0 (23,223) (22,437) (1,916) (92)

17,478 1,138 1,295 3,750 2,709 1,948

0 0 0 0 0 0

17,478 1,138 1,295 3,750 2,709 1,948

0 (11,589) 0 0 0 0

(17,478) (12,727) (24,518) (26,187) (4,625) (2,040)

1 1 12,757 14,054 51,900 3

0 0 0 0 0 0

(17,479) (12,728) (37,275) (40,241) (56,525) (2,043)

0 0 (3,009) (2,626) 0 0

(17,479) (12,728) (34,266) (37,615) (56,525) (2,043)

0 0 0 0 0 0

0 0 0 0 0 0

(4,989) (1,119) (1,310) (5,081) (4,841) (1,826)

0 0 0 0 0 0

4,960 1,076 1,304 5,065 4,841 1,841

119,687 107,351 218,398 212,484 176,588 191,902

(17,479) (12,728) (34,266) (37,615) (56,525) (2,043)

3 3 23,229 20,917 0 0

0 620 736 3,200 1,856 1,024

0.00 0.00 0.00 0.00 0.00 0.00

-7.23 -5.26 -14.88 -17.43 -29.01 -1.11

3.11 3.49 3.10 7.52 -8.45 -3.23

-22.50 -18.35 -46.14 -131.13 245.11 3.58

-1.44 -1.05 -2.83 -3.10 -4.66 -0.17

- - - - - -

(Thousand Rupees)Landmark Spinning Industries Ltd.

100

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

4,259,752 4,405,509 4,166,819 4,699,110 7,141,884 12,839,896

15,240 24,917 32,833 51,906 286,573 8,887,836

5,685,375 5,980,527 6,164,809 6,688,458 9,191,480 13,248,550

3,019,422 3,017,002 2,891,988 3,144,863 5,307,505 53,385

0 0 0 0 0 0

1,212,505 1,353,474 1,233,266 1,493,609 1,538,568 3,888,694

12,585 10,116 8,732 8,732 9,238 9,981

4,862,319 7,085,082 6,529,269 9,669,730 11,213,381 12,426,350

8,773 15,137 24,977 13,360 32,363 24,598

2,667,620 3,402,945 2,542,957 3,336,305 4,247,088 7,593,498

1,727,298 2,559,339 1,894,667 2,691,892 3,610,904 6,625,649

108,940 98,013 82,576 99,058 145,021 179,400

831,382 745,593 565,714 545,355 491,163 788,449

604,766 1,343,004 1,318,915 2,212,371 2,195,470 1,685,878

87,119 74,899 632,943 724,540 1,258,404 598,861

765,596 1,673,501 1,515,060 2,610,301 2,233,763 1,370,406

728,445 575,596 494,417 772,853 1,246,293 1,153,109

9,122,071 11,490,591 10,696,088 14,368,840 18,355,265 25,266,246

4,448,424 4,671,831 4,465,673 4,782,879 4,854,171 8,564,508

150,000 150,000 150,000 150,000 150,000 150,000

150,000 150,000 150,000 150,000 150,000 150,000

0 0 0 0 0 0

4,298,424 4,521,831 4,315,673 4,632,879 4,704,171 5,497,788

7,121 7,121 7,121 7,121 7,121 7,121

4,291,303 4,514,710 4,308,552 4,625,758 4,697,050 5,490,667

4,291,303 4,514,710 4,308,552 4,625,758 4,697,050 5,490,667

0 0 0 0 0 2,916,720

1,155,509 1,034,136 705,450 861,484 2,052,349 3,349,876

1,040,265 918,892 705,450 861,484 2,052,349 3,349,876

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

115,244 115,244 0 0 0 0

3,518,138 5,784,624 5,524,965 8,724,477 11,448,745 13,351,862

527,519 1,013,025 895,956 1,135,986 1,295,290 1,441,644

118,662 104,987 89,109 112,984 219,438 222,252

2,423,900 4,205,053 4,089,627 7,029,862 9,639,163 10,863,086

323,528 317,583 284,644 282,897 243,341 433,941

243,191 248,963 254,738 275,732 270,951 613,191

15,475,222 13,759,434 13,663,708 15,747,947 18,154,144 24,386,740

2,413,020 2,063,636 2,282,678 2,669,262 2,998,747 3,912,345

13,062,202 11,695,798 11,381,030 13,078,685 15,155,397 20,474,395

14,115,777 12,814,321 12,566,324 14,742,034 16,873,903 21,812,854

9,840,997 8,499,456 9,642,554 11,625,907 13,371,900 18,231,713

1,359,445 945,113 1,097,384 1,005,913 1,280,241 2,573,886

789,418 699,538 893,247 780,420 1,108,323 1,682,546

429,637 423,001 371,687 370,210 473,311 498,864

359,781 276,537 521,560 410,210 635,012 1,183,682

466,899 764,412 214,854 713,044 845,631 1,696,674

1,036,926 1,009,987 418,991 938,537 1,017,549 2,588,014

562,289 474,646 416,356 471,384 742,766 1,525,678

507,796 414,266 361,543 391,129 660,400 1,361,258

474,637 535,341 2,635 467,153 274,783 1,062,336

2,937 161,933 58,794 149,947 62,573 231,219

471,700 373,408 (56,159) 317,206 212,210 831,117

150,000 150,000 0 135,000 37,500 0

0 0 0 0 0 37,500

1,307,239 (412,034) 917,362 (1,162,431) (630,668) 283,031

(519,202) (607,410) 28,073 (1,508,532) (2,322,891) (1,613,408)

(793,110) 1,025,808 (935,595) 2,659,347 2,972,562 1,322,613

5,603,933 5,705,967 5,171,123 5,644,363 6,906,520 11,914,384

321,700 223,408 (56,159) 182,206 174,710 793,617

318,290 314,983 314,672 320,862 376,390 597,822

790,741 908,922 933,611 1,074,819 1,182,287 0

3.05 2.71 -0.41 2.01 1.17 3.41

1.69 1.34 1.23 1.26 1.11 1.12

5.15 3.62 -0.51 2.53 1.30 3.81

2.13 2.26 2.43 2.71 3.40 3.25

11.00 8.19 -1.23 6.86 4.40 12.39

31.45 24.89 -3.74 21.15 14.15 55.41

(Thousand Rupees)Mahmood Textile Mills Ltd.

101

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

1,796,495 1,779,366 1,855,950 1,845,688 1,805,610 2,742,432

0 304 555 34,945 390 32,110

2,029,879 2,101,515 2,267,849 2,313,671 2,395,113 3,193,930

1,790,826 1,773,393 1,849,726 1,805,074 1,799,551 2,704,552

0 0 0 0 0 0

0 0 0 0 0 0

5,669 5,669 5,669 5,669 5,669 5,770

779,415 1,144,604 1,305,025 1,261,142 1,626,487 2,043,682

21,089 48,436 17,846 32,176 72,990 20,710

336,884 573,037 787,451 674,239 606,947 994,565

258,718 333,329 449,004 410,825 468,106 878,874

34,616 39,556 49,063 40,218 40,096 56,960

43,550 200,152 289,384 223,196 98,745 58,731

292,576 338,284 320,374 268,592 610,984 641,645

27,335 27,234 20,084 36,295 26,580 52,473

0 0 0 0 0 0

101,531 157,613 159,270 249,840 308,986 334,289

2,575,910 2,923,970 3,160,975 3,106,830 3,432,097 4,786,114

1,303,285 1,243,726 1,186,094 1,235,843 1,292,335 1,893,894

168,000 168,000 168,000 168,000 168,000 168,000

168,000 168,000 168,000 168,000 168,000 168,000

0 0 0 0 0 0

355,944 325,540 294,788 362,868 443,898 538,169

0 0 0 0 0 0

355,944 325,540 294,788 362,868 443,898 538,169

187,944 157,540 126,788 194,868 275,898 370,169

779,341 750,186 723,306 704,975 680,437 1,187,725

499,943 411,317 470,764 411,869 341,110 600,118

193,921 134,401 179,922 145,187 72,362 198,531

62,000 51,240 56,364 46,581 51,460 64,092

0 0 0 0 0 0

15,010 13,221 20,787 23,954 23,331 30,900

229,012 212,455 213,691 196,147 193,957 306,595

772,682 1,268,927 1,504,117 1,459,118 1,798,652 2,292,102

189,696 236,005 193,302 190,365 208,235 619,230

77,823 103,856 102,660 85,638 122,374 482,326

479,231 913,368 1,182,593 1,128,003 1,429,273 1,491,226

62,072 59,519 70,530 68,532 72,825 75,052

41,683 60,035 57,692 72,218 88,319 106,594

4,928,431 4,014,689 4,280,590 4,863,139 5,598,969 6,234,762

3,450,220 2,109,965 2,738,737 3,023,096 3,187,611 4,920,744

1,478,211 1,904,724 1,541,853 1,840,043 2,411,358 1,314,018

4,593,307 3,778,857 4,053,313 4,531,258 5,200,445 5,717,728

3,316,286 2,627,078 2,973,682 3,261,468 3,761,842 4,394,903

335,124 235,832 227,277 331,881 398,524 517,034

177,800 195,753 169,824 184,604 198,588 238,404

75,014 96,369 66,751 77,122 87,111 76,741

102,786 99,384 103,073 107,482 111,477 161,663

34,585 6,644 7,562 19,247 36,924 53,237

191,909 46,723 65,015 166,524 236,860 331,867

118,835 100,688 96,358 103,228 127,337 171,685

115,670 93,884 92,206 97,388 111,836 157,738

73,074 (53,965) (31,343) 63,296 109,523 160,182

37,082 12,733 29,025 37,048 54,816 87,346

35,992 (66,698) (60,368) 26,248 54,707 72,836

0 0 0 0 21,000 29,400

0 0 0 0 0 0

318,323 (267,049) (186,255) 185,869 (144,013) 174,951

(109,909) (77,668) (166,585) (80,211) (47,911) (410,296)

21,089 372,064 322,250 (91,327) 232,738 183,065

1,803,228 1,655,043 1,656,858 1,647,712 1,633,445 2,494,012

35,992 (66,698) (60,368) 26,248 33,707 43,436

239,053 89,796 90,001 90,473 88,776 88,855

309,866 311,164 381,874 409,041 440,607 511,024

0.73 -1.66 -1.41 0.54 0.98 1.17

2.08 1.46 1.41 1.55 1.71 1.52

1.52 -2.43 -1.98 0.84 1.67 1.77

2.38 2.16 2.50 2.59 2.59 2.58

3.61 -5.24 -4.97 2.17 4.33 4.57

2.14 -3.97 -3.59 1.56 3.26 4.34

(Thousand Rupees)Maqbool Textile Mills Ltd.

102

Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2019

2014 2015 2016 2017 2018 2019Items

A.Non-Current Assets (A1+A3+A4+A5+A6) 1.Capital work in progress 2.Operating fixed assets at cost 3.Operating fixed assets after deducting accumulated depreciation 4.Intangible assets 5.Long term investments 6.Other non-current assetsB.Current Assets (B1+B2+B3+B4+B5+B6) 1.Cash & bank balance 2.Inventories; of which i)Raw material ii)Work in progress iii)Finished goods 3.Trade Debt / accounts receivables 4.Short term loans and advances 5.Short term investments 6.Other current assetsTotal Assets (A+B) / Equity & Liabilities (C+D+E)C.Shareholders' Equity (C1+C2+C3) 1.Issued, Subscribed & Paid up capital i)Ordinary shares ii)Preference shares 2.Reserves i)Capital Reserve ii)Revenue Reserveof which: un-appropriated profit(loss) / retained earnings 3.Surplus on revaluation of fixed assetsD.Non-Current Liabilities (D1+D2+D3+D4+D5) 1.Long term borrowings 2.Subordinated loans / Sponsor's loans 3.Debentures/TFCs (bonds payable) 4.Employees benefit obligations 5.Other non-current liabilitiesE.Current Liabilities (E1+E2+E3+E4) 1.Trade credit & other accounts payablesof which: i) Trade credits 2.Short term borrowings 3.Current portion of non-current liabilities 4.Other current liabilitiesF.Operations: 1.Sales i)Local sales (Net) ii)Export sales (Net) 2.Cost of sales i)Cost of material 3.Gross profit / (loss) (F1-F2) 4.General, administrative and other expenses i)Selling & distribution expenses ii)Administrative and other expenses 5.Other income / (loss) 6.EBIT (F3-F4+F5) 7.Financial expenses of which: (i) Interest expenses 8.Profit / (loss) before taxation (F6-F7) 9.Tax expenses 10.Profit / (loss) after tax (F8-F9) 11.Cash dividends 12.Bonus shares / stock dividendsG.Statement of Cash Flows 1.Net cash flows from operating activities 2.Net cash flows from investing activities 3.Net cash flows from financing activitiesH.Miscellaneous 1.Total capital employed (C+D) 2.Retention in business (F10-F11-F12) 3.Depreciation for the year 4.Salaries, wages and employee benefitsI.Key Performance IndicatorsP1. Net Profit margin / Net profit to sales (F10 as % of F1) P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)})P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)}P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current year(C),previous year (C))})P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)}V3. Basic earnings per share (Rs./share) ( F10 to No. of shares)

5,827,424 6,633,625 6,759,486 8,432,853 10,077,261 11,714,774

122,160 170,638 125,413 472,888 685,560 610,295

8,610,976 6,718,044 10,377,637 12,161,085 14,198,979 16,219,768

5,650,738 6,412,091 6,587,982 7,904,429 9,342,777 10,552,232

0 0 0 0 0 0

0 0 0 0 0 476,076

54,526 50,896 46,091 55,536 48,924 76,171

16,286,113 16,337,364 15,970,818 18,465,757 22,143,737 25,419,677

444,849 1,167,579 1,226,653 902,816 620,380 380,463

7,215,963 5,275,563 5,277,633 6,916,511 5,810,871 7,746,252

1,731,300 1,649,836 1,715,467 2,559,226 1,783,689 2,257,744

2,312,186 1,489,086 1,408,214 1,471,451 1,913,300 2,225,565

3,172,477 2,136,641 2,153,952 2,885,834 2,113,882 3,262,943

5,415,608 6,911,990 6,067,959 5,618,714 9,276,084 10,708,309

574,559 315,190 303,928 354,523 380,772 362,144

0 0 0 0 0 100,000

2,635,134 2,667,042 3,094,645 4,673,193 6,055,630 6,122,509

22,113,537 22,970,989 22,730,304 26,898,610 32,220,998 37,134,451

6,425,018 7,061,825 7,724,122 9,347,599 10,335,874 11,497,739

953,333 948,333 948,333 986,666 986,666 986,666

600,000 600,000 600,000 675,000 675,000 675,000

353,333 348,333 348,333 311,666 311,666 311,666

4,865,452 5,507,259 5,875,555 7,460,699 8,448,974 9,610,839

533,333 528,333 528,333 1,503,333 1,503,333 1,503,333

4,332,119 4,978,926 5,347,222 5,957,366 6,945,641 8,107,506

3,617,619 4,264,426 4,632,722 5,242,866 6,231,141 7,393,006

606,233 606,233 900,234 900,234 900,234 900,234

2,038,138 1,475,215 1,724,619 5,751,825 5,381,737 5,091,441

1,611,249 1,043,292 1,157,803 5,141,939 4,657,384 4,321,185

0 0 0 0 0 0

0 0 0 0 0 0

426,889 431,923 566,816 609,886 724,353 770,256

0 0 0 0 0 0

13,650,381 14,433,949 13,281,563 11,799,186 16,503,387 20,545,271

2,445,831 2,205,160 2,146,893 1,961,552 2,676,834 3,889,182

1,677,669 1,483,271 1,431,699 1,143,581 1,362,914 2,548,741

9,933,466 11,044,430 10,056,494 8,907,948 11,962,878 14,280,366

810,797 750,675 788,853 686,368 1,469,563 1,669,188

460,287 433,684 289,323 243,318 394,112 706,535

24,371,128 26,702,735 23,183,485 23,393,876 30,842,159 34,211,379

2,679,427 4,201,462 1,332,026 1,618,243 2,781,585 4,457,557

21,691,701 22,501,273 21,851,459 21,775,633 28,060,574 29,753,822

20,435,316 22,988,317 19,971,238 20,008,592 26,990,855 30,417,532

10,524,140 8,918,140 8,616,984 8,515,987 11,253,192 13,943,741

3,935,812 3,714,418 3,212,247 3,385,284 3,851,304 3,793,847

1,664,539 2,004,963 1,917,172 1,969,464 2,720,854 3,196,001

1,159,311 1,472,973 1,396,012 1,478,067 2,063,381 2,449,678