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Pakistan International Airlines Corporation

Summurized Income Statements


For the year ended as on …..
2005 2006 2007 2008
Turnover net
passenger 55,019,895 60,901,468 62,002,315 79,817,592
cargo 4,914,588 5,741,014 4,849,735 5,458,688
excess baggage 833,173 808,259 865,657 875,530
charter 664,064 388,272 163,806 183,806
engineering services 845,515 1,043,635 718,733 936,578
handling activities 635,034 634,143 712,686 686,755
mail 302,785 350,706 305,265 263,215
others 859,416 6,567,692 862,537 10,949,522
64,074,470 76,435,189 70,480,734 99,171,686
Cost of services
aircraft fuel 26,462,721 33,370,101 30,315,159 45,854,358
salaies,wages and allowances 5,352,545 5,839,712 6,921,590 7,992,134
welfare costs 46,229 78,848 68,723 112,469
retirement benefits 299,569 331,545 375,208 853,456
compensated absences (8,030) 7,149 97,800 148,218
legal chares 9,105 10,378 7,879 6,850
stores and spares 2,409,663 2,196,152 2,188,619 1,547,138
maintenance 4,821,345 6,403,941 3,267,244 3,829,943
others 19,547,689 26,485,439 22,979,754 32,924,673
58,940,836 74,723,265 66,221,976 93,269,239
Gross profit 5,133,634 1,711,924 4,258,758 5,902,447
Distribution cost
salaies,wages and allowances 1,321,765 1,370,247 1,440,391 1,482,987
welfare costs 155,829 167,512 177,831 177,376
retirement benefits 111,918 170,092 192,492 437,512
compensated absences (3,122) 2,264 30,022 45,500
advertising expenses 1,309,953 1,738,570 1,595,112 2,101,761
legal chares 16,467 19,632 14,905 24,498
maintenance 41,299 51,586 73,566 87,046
insurance 13,543 12,279 8,782 12,958
printing and stationery 36,058 28,820 33,543 36,037
rent,rates, taxes 244,319 258,191 276,196 329,766
others 561,140 576,641 605,834 654,191
3,809,169 4,395,834 4,448,674 5,389,632
Adminstrative expenses
salaies,wages and allowances 1,456,059 1,518,815 1,633,976 1,782,063
welfare costs 594,861 661,136 699,819 876,058
retirement benefits 206,832 335,223 379,371 551,162
compensated absences (5,848) 2,502 33,178 50,282
advertising expenses 194,396 - - -
legal chares 203,226 382,174 289,658 224,532
maintenance 142,112 224,954 242,155 289,066
insurance 58,326 16,071 23,234 15,398
printing and stationery 41,745 66,027 77,250 62,598
rent,rates, taxes 264,154 315,545 371,650 371,346
others 1,169,713 1,388,281 1,506,409 1,640,072
4,325,576 4,910,728 5,256,700 5,862,577
Other provisions
provision for slow stores 218,501 100,000 334,519 1,453
provision for doubtful debts 166,353 47,310 402,211 19,330
provision for doubtful advances (4,271) 3,937 2,334 381
provision for construction (100,000) 200,000 - -
exchange loss-net (110,070) 504,300 720,151 24,118,823
others (136,908) 43,443 28,678 1,500,015
33,605 898,990 1,487,893 25,640,002
Other operating income
income from financial assets 745,001 227,147 207,464 166,304
income from investment - 3,708 588,198 -
income from non-financial assets 496,668 567,885 203,771 591,659
1,241,669 798,740 999,433 757,963
Profit/loss from operations (1,725,837) (7,694,888) (5,935,076) (30,231,801)
Finance cost
markup on long term financing 312,918 979,838 1,168,250 2,310,556
profit on TFCs 1,284,118 1,357,869 1,378,177 1,540,209
interest on liabilities 947,187 1,942,027 2,966,224 2,506,124
markup on murabaha 121,662 117,067 47,644 192,228
markup on short term borrowings 3,199 780,058 1,436,326 2,346,199
interest to pension 659 - - -
arrangement fund 80,163 56,341 97,717 88,249
bank charges 37,493 42,160 41,507 43,438
2,787,399 5,275,360 7,135,845 9,027,003
Profit/loss from associates
- (15,023) - (397)
Loss before taxation (4,513,236) (12,985,271) (13,070,921) (39,259,201)
Taxation 101,579 562,455 327,785 3,282,690
Profit/loss of the year (4,411,657) (12,422,816) (12,743,136) (35,976,511)

Pakistan International Airline Corporation


Income statement trend analysis

2005 2006 2007 2008


Turnover net
passenger 100% 111% 113% 145%
cargo 100% 117% 99% 111%
excess baggage 100% 97% 104% 105%
charter 100% 58% 25% 28%
engineering services 100% 123% 85% 111%
handling activities 100% 100% 112% 108%
mail 100% 116% 101% 87%
others 100% 764% 100% 1274%
100% 119% 110% 155%
Cost of services
aircraft fuel 100% 126% 115% 173%
salaies,wages and allowances 100% 109% 129% 149%
welfare costs 100% 171% 149% 243%
retirement benefits 100% 111% 125% 285%
compensated absences 100% -89% -1218% -1846%
legal chares 100% 114% 87% 75%
stores and spares 100% 91% 91% 64%
maintenance 100% 133% 68% 79%
others 100% 135% 118% 168%
100% 127% 112% 158%
Gross profit 100% 33% 83% 115%
Distribution cost
salaies,wages and allowances 100% 104% 109% 112%
welfare costs 100% 107% 114% 114%
retirement benefits 100% 152% 172% 391%
compensated absences 100% -73% -962% -1457%
advertising expenses 100% 133% 122% 160%
legal chares 100% 119% 91% 149%
maintenance 100% 125% 178% 211%
insurance 100% 91% 65% 96%
printing and stationery 100% 80% 93% 100%
rent,rates, taxes 100% 106% 113% 135%
others 100% 103% 108% 117%
100% 115% 117% 141%
Adminstrative expenses
salaies,wages and allowances 100% 104% 112% 122%
welfare costs 100% 111% 118% 147%
retirement benefits 100% 162% 183% 266%
compensated absences 100% -43% -567% -860%
advertising expenses 100% 0% 0% 0%
legal chares 100% 188% 143% 110%
maintenance 100% 158% 170% 203%
insurance 100% 28% 40% 26%
printing and stationery 100% 158% 185% 150%
rent,rates, taxes 100% 119% 141% 141%
others 100% 119% 129% 140%
100% 114% 122% 136%
Other provisions
provision for slow stores 100% 46% 153% 1%
provision for doubtful debts 100% 28% 242% 12%
provision for doubtful advances 100% -92% -55% -9%
provision for construction 100% -200% 0% 0%
exchange loss-net 100% -458% -654% -21912%
others 100% -32% -21% -1096%
100% 2675% 4428% 76298%
Other operating income
income from financial assets 100% 30% 28% 22%
income from investment 0% 100% 15863% 0%
income from non-financial assets 100% 114% 41% 119%
100% 64% 80% 61%
Profit/loss from operations 100% 446% 344% 1752%
Finance cost
markup on long term financing 100% 313% 373% 738%
profit on TFCs 100% 106% 107% 120%
interest on liabilities 100% 205% 313% 265%
markup on murabaha 100% 96% 39% 158%
markup on short term borrowings 100% 24384% 44899% 73342%
interest to pension 100% 0% 0% 0%
arrangement fund 100% 70% 122% 110%
bank charges 100% 112% 111% 116%
100% 189% 256% 324%
Profit/loss from associates
0% 100% 0% 3%
Loss before taxation 0% 288% 290% 870%
Taxation 100% 554% 323% 3232%
Profit/loss of the year 100% 282% 289% 815%

Pakistan International Airlines Corporation


Income Statement vertical analyis

2005 2006 2007 2008


Turnover net
passenger 85.87% 79.68% 87.97% 80.48%
cargo 7.67% 7.51% 6.88% 5.50%
excess baggage 1.30% 1.06% 1.23% 0.88%
charter 1.04% 0.51% 0.23% 0.19%
engineering services 1.32% 1.37% 1.02% 0.94%
handling activities 0.99% 0.83% 1.01% 0.69%
mail 0.47% 0.46% 0.43% 0.27%
others 1.34% 8.59% 1.22% 11.04%
100.00% 100.00% 100.00% 100.00%
Cost of services
aircraft fuel 41.30% 43.66% 43.01% 46.24%
salaies,wages and allowances 8.35% 7.64% 9.82% 8.06%
welfare costs 0.07% 0.10% 0.10% 0.11%
retirement benefits 0.47% 0.43% 0.53% 0.86%
compensated absences -0.01% 0.01% 0.14% 0.15%
legal chares 0.01% 0.01% 0.01% 0.01%
stores and spares 3.76% 2.87% 3.11% 1.56%
maintenance 7.52% 8.38% 4.64% 3.86%
others 30.51% 34.65% 32.60% 33.20%
Cost of services 91.99% 97.76% 93.96% 94.05%
Gross profit 8.01% 2.24% 6.04% 5.95%
Distribution cost
salaies,wages and allowances 2.06% 1.79% 2.04% 1.50%
welfare costs 0.24% 0.22% 0.25% 0.18%
retirement benefits 0.17% 0.22% 0.27% 0.44%
compensated absences 0.00% 0.00% 0.04% 0.05%
advertising expenses 2.04% 2.27% 2.26% 2.12%
legal chares 0.03% 0.03% 0.02% 0.02%
maintenance 0.06% 0.07% 0.10% 0.09%
insurance 0.02% 0.02% 0.01% 0.01%
printing and stationery 0.06% 0.04% 0.05% 0.04%
rent,rates, taxes 0.38% 0.34% 0.39% 0.33%
others 0.88% 0.75% 0.86% 0.66%
5.94% 5.75% 6.31% 5.43%
Adminstrative expenses
salaies,wages and allowances 2.27% 1.99% 2.32% 1.80%
welfare costs 0.93% 0.86% 0.99% 0.88%
retirement benefits 0.32% 0.44% 0.54% 0.56%
compensated absences -0.01% 0.00% 0.05% 0.05%
advertising expenses 0.30% 0.00% 0.00% 0.00%
legal chares 0.32% 0.50% 0.41% 0.23%
maintenance 0.22% 0.29% 0.34% 0.29%
insurance 0.09% 0.02% 0.03% 0.02%
printing and stationery 0.07% 0.09% 0.11% 0.06%
rent,rates, taxes 0.41% 0.41% 0.53% 0.37%
others 1.83% 1.82% 2.14% 1.65%
6.75% 6.42% 7.46% 5.91%
Other provisions
provision for slow stores 0.34% 0.13% 0.47% 0.00%
provision for doubtful debts 0.26% 0.06% 0.57% 0.02%
provision for doubtful advances -0.01% 0.01% 0.00% 0.00%
provision for construction -0.16% 0.26% 0.00% 0.00%
exchange loss-net -0.17% 0.66% 1.02% 24.32%
others -0.21% 0.06% 0.04% 1.51%
0.05% 1.18% 2.11% 25.85%
Other operating income
income from financial assets 1.16% 0.30% 0.29% 0.17%
income from investment 0.00% 0.00% 0.83% 0.00%
income from non-financial assets 0.78% 0.74% 0.29% 0.60%
1.94% 1.04% 1.42% 0.76%
Profit/loss from operations -2.69% -10.07% -8.42% -30.48%
Finance cost
markup on long term financing 0.49% 1.28% 1.66% 2.33%
profit on TFCs 2.00% 1.78% 1.96% 1.55%
interest on liabilities 1.48% 2.54% 4.21% 2.53%
markup on murabaha 0.19% 0.15% 0.07% 0.19%
markup on short term borrowings 0.00% 1.02% 2.04% 2.37%
interest to pension 0.00% 0.00% 0.00% 0.00%
arrangement fund 0.13% 0.07% 0.14% 0.09%
bank charges 0.06% 0.06% 0.06% 0.04%
4.35% 6.90% 10.12% 9.10%
Profit/loss from associates
0.00% -0.02% 0.00% 0.00%
Loss before taxation -7.04% -16.99% -18.55% -39.59%
Taxation 0.16% 0.74% 0.47% 3.31%
Profit/loss of the year -6.89% -16.25% -18.08% -36.28%

Pakistan International Airlines Corporation


Profitabiity Ratios
2005 2006 2007 2008
Gross profit ratio 8.01% 2.24% 6.04% 5.95%
Net profit ratio -6.89% -16.25% -18.08% -36.28%
Operating income ratio -2.69% -10.07% -8.42% -30.48%
Expense ratio 12.75% 12.22% 13.82% 11.38%
Operating cost ratio 104.74% 111.11% 109.84% 131.25%
Net profit to networth ratio -42.23% -206.10% 116.57% 215.44%
Return on capital -42.23% -512.10% 107.05% 79.61%
EPS (2.55) (6.80) (6.61) (17.79)

Pakistan International Airlines Corporation


Liquidity Ratios
2005 2006 2007 2008
Current ratio 0.60 0.49 0.25 0.26
Debt to equity ratio 1.50 5.30 -2.33 -1.04
Absolute liquid ratio 0.14 0.18 0.04 0.06
Net working capital -8480548.00 -21603141.00 -38798211.00 -54652917.00

Pakistan International Airlines Corporation


Efficiency Ratios
2005 2006 2007 2008
Fixed asset turnover ratio 1.15 0.71 0.69 0.58
Networking capital turnover ratio -6.95 -3.46 -1.71 -1.71
Total asset turnover ratio 0.88 0.58 0.59 0.53
Proprietary ratio 0.14 0.05 -0.09 -0.09
Solvency ratio 0.86 0.95 1.09 1.09
2009

84,510,491
4,981,666
1,045,167
988,928
900,795
580,857
352,339
9,890,115
103,250,358

31,371,753
12,558,142
145,743
2,162,010
244,281
7,632
2,463,387
4,911,238
31,824,088
85,688,274
17,562,084

1,648,369
168,649
547,359
65,345
2,249,398
27,218
98,744
16,671
48,015
332,712
921,749
6,124,229

1,994,046
1,198,344
634,722
73,374
-
238,753
345,941
17,243
100,824
419,002
2,704,757
7,727,006

445,684
(112,740)
31,195
-
6,711,336
249,949
7,325,424

34,770
-
525,549
560,319
(3,054,256)

1,924,530
2,003,831
1,854,656
-
3,244,074
189,851
118,534
269,074
9,604,550

(433)
(12,659,239)
7,438,882
(5,220,357)

2009

154%
101%
125%
149%
107%
91%
116%
1151%
161%

119%
235%
315%
722%
-3042%
84%
102%
102%
163%
145%
342%

125%
108%
489%
-2093%
172%
165%
239%
123%
133%
136%
164%
161%

137%
201%
307%
-1255%
0%
117%
243%
30%
242%
159%
231%
179%

204%
-68%
-730%
0%
-6097%
-183%
21799%

5%
0%
106%
45%
177%

615%
156%
196%
0%
101409%
28809%
148%
718%
345%

3%
280%
7323%
118%

2009

81.85%
4.82%
1.01%
0.96%
0.87%
0.56%
0.34%
9.58%
100.00%

30.38%
12.16%
0.14%
2.09%
0.24%
0.01%
2.39%
4.76%
30.82%
82.99%
17.01%

1.60%
0.16%
0.53%
0.06%
2.18%
0.03%
0.10%
0.02%
0.05%
0.32%
0.89%
5.93%

1.93%
1.16%
0.61%
0.07%
0.00%
0.23%
0.34%
0.02%
0.10%
0.41%
2.62%
7.48%

0.43%
-0.11%
0.03%
0.00%
6.50%
0.24%
7.09%

0.03%
0.00%
0.51%
0.54%
-2.96%
0.00%
1.86%
1.94%
1.80%
0.00%
3.14%
0.18%
0.11%
0.26%
9.30%

0.00%
-12.26%
7.20%
-5.06%

2009
17.01%
-5.06%
-2.96%
13.45%
103.50%
120.97%
11.22%
(2.72)

2009
0.31
-1.29
0.07
-48803411.00

2009
0.48
-1.76
0.50
-0.02
1.02
Pakistan International Airlines Corporation
Summurized balance sheets
For the year ended as on …..
2005 2006 2007 2008
NON CURRENT ASSETS
fixed assets
property,plant & equipment 51,263,914 102,579,997 95,497,151 157,811,321
intangibles 112,421 2,075,078 103,475 2,745,223
51,376,335 104,655,075 95,600,626 160,556,544
long term investments 323,705 156,224 4,540,229 140,185
receivable from centre hotel - 459,825 - 596,027
long term advances & other receivables 6,635,933 1,694,077 1,283,000 7,629
long term deposits & prepayments 1,804,977 3,406,397 4,098,388 5,173,580
60,140,950 110,371,598 105,522,243 166,473,965
CURRENT ASSETS
stores & spares 2,790,137 3,382,328 3,251,940 3,764,276
trade debts 5,222,534 6,521,586 5,012,778 6,190,561
advances 513,917 552,856 604,470 1,379,248
trade deposits & prepayments 581,175 1,476,145 1,023,312 1,688,239
accrued interest 39,708 51,010 32,789 1,325
other receivables 481,449 1,100,676 1,043,971 1,623,644
short term investments 363,855 606,868 32,093 97,977
taxation-net 149,087 261,674 274,519 321,855
cash & bank balances 2,614,691 7,079,105 1,975,459 4,059,865
12,756,553 21,032,248 13,251,331 19,126,990
TOTAL ASSETS 72,897,503 131,403,846 118,773,574 185,600,955
EQUITY & LIABILITIES
SHARE CAPITAL & RESERVES
share capital 17,980,659 19,473,631 20,878,074 21,423,014
reserves 4,280,712 4,280,712 4,280,712 (67,359,472)
unrealized gain/(loss) on investment (15,107) 21,013 97,366 -
foregien exchange reserve - 1,847,591 - -
non-controlling interest - 520,692 - 743,935
accumulated loss (11,799,966) (23,717,778) (37,159,710) -
TOTAL EQUITY 10,446,298 2,425,861 (11,903,558) (45,192,523)
surplus on reevaluation of fixed assets - 3,601,840 972,040 28,493,164
10,446,298 6,027,701 (10,931,518) (16,699,359)
NON CURRENT LIABILITIES
long term financing 1,621,099 18,682,829 17,037,075 34,426,312
term finance certificates 14,003,940 13,246,970 10,723,738 12,430,143
liabilties subject to finance lease 21,706,064 42,503,444 46,524,024 65,088,789
long term murabaha finance 768,075 - - -
long term deposits 290,236 261,843 321,547 301,902
advance rent - - - 3,486
deffered liabilities 2,824,690 8,045,670 3,049,166 16,269,775
41,214,104 82,740,756 77,655,550 128,520,407
CURRENT LIABILITIES
trade & other payables 14,983,921 18,023,185 20,055,163 28,860,083
accrued interest 607,769 812,278 978,317 1,475,456
short term borrowing 362,075 15,543,446 18,105,884 30,500,062
tax payable - 89,299 - 23,534
current maturities of:
long term financing 1,621,103 2,714,555 5,662,451 5,649,136
term finance certificates 756,970 756,970 2,523,232 -
liabilties subject to finance lease 2,067,363 3,914,491 4,724,495 7,268,336
long term murabaha finance 837,900 781,165 - -
advance rent 0 0 0 3300
21237101 42635389 52049542 73779907
TOTAL EQUITY & LIABILITIES 72,897,503 131,403,846 118,773,574 185,600,955

Pakistan International Airlines Corporation


balance sheet trend analysis
For the year ended as on …..
2005 2006 2007 2008
NON CURRENT ASSETS
fixed assets
property,plant & equipment 100% 200% 186% 308%
intangibles 100% 1846% 92% 2442%
100% 204% 186% 313%
long term investments 100% 48% 1403% 43%
receivable from centre hotel
long term advances & other receivables 100% 26% 19% 0%
long term deposits & prepayments 100% 189% 227% 287%
NON CURRENT ASSETS 100% 184% 175% 277%
CURRENT ASSETS
stores & spares 100% 121% 117% 135%
trade debts 100% 125% 96% 119%
advances 100% 108% 118% 268%
trade deposits & prepayments 100% 254% 176% 290%
accrued interest 100% 128% 83% 3%
other receivables 100% 229% 217% 337%
short term investments 100% 167% 9% 27%
taxation-net 100% 176% 184% 216%
cash & bank balances 100% 271% 76% 155%
CURRENT ASSETS 100% 165% 104% 150%
TOTAL ASSETS 100% 180% 163% 255%
EQUITY & LIABILITIES
SHARE CAPITAL & RESERVES
share capital 100% 108% 116% 119%
reserves 100% 100% 100% -1574%
unrealized gain/(loss) on investment 100% -139% -645% 0%
foregien exchange reserve
non-controlling interest
accumulated loss 100% 201% 315% 0%
TOTAL EQUITY 100% 23% -114% -433%
surplus on reevaluation of fixed assets
100% 58% -105% -160%
NON CURRENT LIABILITIES
long term financing 100% 1152% 1051% 2124%
term finance certificates 100% 95% 77% 89%
liabilties subject to finance lease 100% 196% 214% 300%
long term murabaha finance 100% 0% 0% 0%
long term deposits 100% 90% 111% 104%
advance rent
deffered liabilities 100% 285% 108% 576%
NON CURRENT LIABILITIES 100% 201% 188% 312%
CURRENT LIABILITIES
trade & other payables 100% 120% 134% 193%
accrued interest 100% 134% 161% 243%
short term borrowing 100% 4293% 5001% 8424%
tax payable
current maturities of:
long term financing 100% 167% 349% 348%
term finance certificates 100% 100% 333% 0%
liabilties subject to finance lease 100% 189% 229% 352%
long term murabaha finance 100% 93% 0% 0%
advance rent
CURRENT LIABILITIES 100% 201% 245% 347%
TOTAL EQUITY & LIABILITIES 100% 180% 163% 255%

Pakistan International Airlines Corporation


balance sheet vertical analysis
For the year ended as on …..
2005 2006 2007 2008
NON CURRENT ASSETS
fixed assets
property,plant & equipment 70.32% 78.06% 80.40% 85.03%
intangibles 0.15% 1.58% 0.09% 1.48%
70.48% 79.64% 80.49% 86.51%
long term investments 0.44% 0.12% 3.82% 0.08%
receivable from centre hotel 0.00% 0.35% 0.00% 0.32%
long term advances & other receivables 9.10% 1.29% 1.08% 0.00%
long term deposits & prepayments 2.48% 2.59% 3.45% 2.79%
NON CURRENT ASSETS 82.50% 83.99% 88.84% 89.69%
CURRENT ASSETS
stores & spares 3.83% 2.57% 2.74% 2.03%
trade debts 7.16% 4.96% 4.22% 3.34%
advances 0.70% 0.42% 0.51% 0.74%
trade deposits & prepayments 0.80% 1.12% 0.86% 0.91%
accrued interest 0.05% 0.04% 0.03% 0.00%
other receivables 0.66% 0.84% 0.88% 0.87%
short term investments 0.50% 0.46% 0.03% 0.05%
taxation-net 0.20% 0.20% 0.23% 0.17%
cash & bank balances 3.59% 5.39% 1.66% 2.19%
CURRENT ASSETS 17.50% 16.01% 11.16% 10.31%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
EQUITY & LIABILITIES
SHARE CAPITAL & RESERVES
share capital 24.67% 14.82% 17.58% 11.54%
reserves 5.87% 3.26% 3.60% -36.29%
unrealized gain/(loss) on investment -0.02% 0.02% 0.08% 0.00%
foregien exchange reserve 0.00% 1.41% 0.00% 0.00%
non-controlling interest 0.00% 0.40% 0.00% 0.40%
accumulated loss -16.19% -18.05% -31.29% 0.00%
TOTAL EQUITY 14.33% 1.85% -10.02% -24.35%
surplus on reevaluation of fixed assets 0.00% 2.74% 0.82% 15.35%
14.33% 4.59% -9.20% -9.00%
NON CURRENT LIABILITIES
long term financing 2.22% 14.22% 14.34% 18.55%
term finance certificates 19.21% 10.08% 9.03% 6.70%
liabilties subject to finance lease 29.78% 32.35% 39.17% 35.07%
long term murabaha finance 1.05% 0.00% 0.00% 0.00%
long term deposits 0.40% 0.20% 0.27% 0.16%
advance rent 0.00% 0.00% 0.00% 0.00%
deffered liabilities 3.87% 6.12% 2.57% 8.77%
56.54% 62.97% 65.38% 69.25%
CURRENT LIABILITIES
trade & other payables 20.55% 13.72% 16.89% 15.55%
accrued interest 0.83% 0.62% 0.82% 0.79%
short term borrowing 0.50% 11.83% 15.24% 16.43%
tax payable 0.00% 0.07% 0.00% 0.01%
current maturities of: 0.00% 0.00% 0.00% 0.00%
long term financing 2.22% 2.07% 4.77% 3.04%
term finance certificates 1.04% 0.58% 2.12% 0.00%
liabilties subject to finance lease 2.84% 2.98% 3.98% 3.92%
long term murabaha finance 1.15% 0.59% 0.00% 0.00%
advance rent 0.00% 0.00% 0.00% 0.00%
29.13% 32.45% 43.82% 39.75%
TOTAL EQUITY & LIABILITIES 100.00% 100.00% 100.00% 100.00%
2009

175,531,555
2,903,518
178,435,073
93,021
636,064
12,051
5,199,986
184,376,195

4,017,865
8,335,142
2,187,319
1,672,701
-
1,003,640
144,060
70,628
4,691,221
22,122,576
206,498,771

23,280,356
(70,568,745)
-
-
760,764
-
(46,527,625)
42,212,154
(4,315,471)

40,300,378
19,592,320
61,321,895
-
365,979
-
18,307,683
139,888,255

30,418,267
1,845,592
23,982,160
874,887

5,655,812
5,120
8,140,663
-
3486
70925987
206,498,771

2009

342%
2583%
347%
29%

0%
288%
307%

144%
160%
426%
288%
0%
208%
40%
47%
179%
173%
283%

129%
-1649%
0%

0%
-445%

-41%

2486%
140%
283%
0%
126%

648%
339%

203%
304%
6624%

349%
1%
394%
0%

334%
283%

2009

85.00%
1.41%
86.41%
0.05%
0.31%
0.01%
2.52%
89.29%

1.95%
4.04%
1.06%
0.81%
0.00%
0.49%
0.07%
0.03%
2.27%
10.71%
100.00%

11.27%
-34.17%
0.00%
0.00%
0.37%
0.00%
-22.53%
20.44%
-2.09%

19.52%
9.49%
29.70%
0.00%
0.18%
0.00%
8.87%
67.74%

14.73%
0.89%
11.61%
0.42%
0.00%
2.74%
0.00%
3.94%
0.00%
0.00%
34.35%
100.00%
Turnover (net)
200%
155% 161%
150%
119% 110%
100%
% age 100%

50%

0%
2005 2006 2007 2008 2009
Year

Gross profit
400% 342%
300%
% age

200%
100% 115%
100% 83%
33%
0%
2005 2006 2007 2008 2009
Year

loss of the year


1000%
815%
800%
600%
% age

400% 282% 289%


200% 100% 118%
0%
2005 2006 2007 2008 2009
Year
400% 282% 289%

%
200% 100% 118%
0%
2005 2006 2007 2008 2009
Year

Total Assets
1000%
800%
600% TOTAL ASSETS283%
255%
% age

CURRENT ASSETS
180% NON CURRENT
400% 163% ASSETS
100%
200%
0%
2005 2006 2007 2008 2009
Year

Total liabilities

400%
300%
NON CURRENT
% age 200% LIABILITIES
100% CURRENT
LIABILITIES
0%
2005 2006 2007 2008 2009
year

Total assets
100.00%

80.00%

60.00%
NON CURRENT CURRENT
% age ASSETS ASSETS
40.00%

20.00%

0.00%
2005 2006 2007 2008 2009
Year

Total liabilties and equity


80.00%
TOTAL EQUITY
60.00%

40.00% NON CURRENT


% age

LIABILITIES
20.00% CURRENT LIABILITIES

0.00%
2005 2006 2007 2008 2009
-20.00%
year
Total liabilties and equity
80.00%
TOTAL EQUITY
60.00%

40.00% NON CURRENT

% age
LIABILITIES
20.00% CURRENT LIABILITIES

0.00%
2005 2006 2007 2008 2009
-20.00%
year

120.00%
100.00%
80.00%
60.00%
40.00%
% age

Cost of services
20.00% Gross profit
0.00% Profit/loss of the year

-20.00%
-40.00%
-60.00%
2005 2006 2007 2008 2009
Year

Absolute liquid ratio


0.20 0.18

0.15 0.14
Times

0.10 Absolute liquid


0.07
0.06 ratio
0.05 0.04

0.00
2005 2006 2007 2008 2009
Year

Current ratio
0.80
0.60
0.60 0.49
Times

0.40 0.31
0.25 0.26 Current ratio
0.20

0.00
2005 2006 2007 2008 2009
Year
Times
0.40 0.31
0.25 0.26 Current ratio
0.20

0.00
2005 2006 2007 2008 2009
Year

Net working capital


0.00
-10000000.00
rupees in '000'
-20000000.00
-30000000.00 Net working
-40000000.00 capital
-50000000.00
-60000000.00
2005 2006 2007 2008 2009
Year

Total asset turnover ratio


1.00 0.88
0.80
0.58 0.59
0.60 0.53 0.50
Times

Total asset
0.40 turnover ratio
0.20
0.00
2005 2006 2007 2008 2009
Year

Fixed asset turnover ratio


1.50
1.15
1.00
0.71 0.69
Times

0.58 Fixed asset


0.48
0.50 turnover ratio

0.00
2005 2006 2007 2008 2009
Year

Networking capital turnover ratio


0.00
-1.71 -1.71 -1.76
-2.00
-3.46
Networking
Times

-4.00
capital
-6.00 turnover ratio
-6.95

-8.00
2005 2006 2007 2008 2009
Networking capital turnover ratio
0.00
-1.71 -1.71 -1.76
-2.00
-3.46
Networking

Times
-4.00
capital
-6.00 turnover ratio
-6.95

-8.00
2005 2006 2007 2008 2009
Year

Proprietary ratio
0.20

0.10
Times

0.00 Proprietary
ratio
-0.10

-0.20
2005 2006 2007 2008 2009
Year

Solvency ratio
1.20 1.09 1.09
1.02
0.95
1.00 0.86
0.80
Times

0.60
Solvency ratio
0.40
0.20
0.00
2005 2006 2007 2008 2009
Year

Gross profit ratio


20.00%
17.01%

15.00%
% age

10.00% 8.01% Gross profit


6.04% 5.95% ratio
5.00%
2.24%

0.00%
2005 2006 2007 2008 2009
Year

Net profit ratio


0.00%
-5.00%
-10.00%
-15.00%
age

-20.00%
Net profit ratio
Net profit ratio
0.00%
-5.00%
-10.00%
-15.00%

% age
-20.00%
Net profit ratio
-25.00%
-30.00%
-35.00%
-40.00%
2005 2006 2007 2008 2009
Year

Operating income ratio


0.00%
-5.00%
-10.00%
-15.00%
% age

Operating
-20.00% income ratio
-25.00%
-30.00%
-35.00%
2005 2006 2007 2008 2009
Year

Operating cost ratio


140.00%
120.00%
100.00%
80.00%
% age

Operating cost
60.00% ratio
40.00%
20.00%
0.00%
2005 2006 2007 2008 2009
Year

Expense ratio
15.00%

10.00%
% age

Expense ratio
5.00%

0.00%
2005 2006 2007 2008 2009
Year
10.00%

% age
Expense ratio
5.00%

0.00%
2005 2006 2007 2008 2009
Year