Fauji Fertilizer Bin Qasim

Balance Sheet
As at December 31, 2010
2010
2009
(Rupees '000)

Notes
SHARE CAPITAL AND RESERVES
Share capital
Capital reserve
Statutory reserve
Translation reserve
Accumulated profit
NON-CURRENT LIABILITIES
Long term financing
Long term murabaha
Long term loan
Deferred liabilities
CURRENT LIABILITIES AND PROVISIONS
Trade and other payables
Mark - up accrued
Short term borrowings
Current portion of:
Long term financing
Long term murabaha
Long term loan
Provision for income tax - net

CONTINGENCIES AND COMMITMENTS

NON-CURRENT ASSETS
Property, plant and equipment
Long term investments
Long term deposits
CURRENT ASSETS
Stores and spares
Stock in trade
Trade debts
Advances
Trade deposits and short term prepayments
Interest accrued
Other receivables
Sales tax refundable
Short term investments

4
5

2010
As Percentage of Total Eq
%
76.50
1.87
0.05
5.61
15.97
100.00
As Percentage of Total Liab

9,341,100
228,350
6,380
684,471
1,949,731
12,210,032

9,341,100
228,350
6,380
698,005
386,066
10,659,901

3,889,203
3,847,730
7,736,933

208,472
19,338
4,537,404
4,052,814
8,818,028

16.82
16.64
33.46

10
11
12

8,469,073
156,095
5,652,724

6,715,839
110,324
7,730,450

36.62
0.67
24.44

6
7
8

208,472
19,338
648,201
235,124
15,389,027
35,335,992

416,944
38,679
648,201
1,086,816
16,747,253
36,225,182

0.90
0.08
2.80
1.02
66.54
100.00

15
16

14,706,760
2,235,255
76,312
17,018,327

15,576,899
2,127,972
76,546
17,781,417

17
18
19
20
21

1,902,238
1,270,667
829,985
114,362
13,982
50,914
99,009
66,457
1,250,000

1,849,794
1,227,013
476,728
111,353
4,807
116,819
230,797
119,487
4,658,936

6
7
8
9

14

22
23

As percentage of total As
41.62
6.33
0.22
48.16
5.38
3.60
2.35
0.32
0.04
0.14
0.28
0.19
3.54

Cash and bank balances

24

12,720,051
18,317,665
35,335,992

9,648,031
18,443,765
36,225,182

36.00
51.84
100.00

sim

2009
Percentage of Total Equity
%
87.63
2.14
0.06
6.55
3.62
100.00
ercentage of Total Liablities
0.82
0.08
17.75
15.85
34.49

2010
2011
As Percentage of Total Assets
%
%
26.44
25.79
0.65
0.63
0.02
0.02
1.94
1.93
5.52
1.07
34.55
29.43

11.01
10.89
21.90

0.58
0.05
12.53
11.19
24.34

26.27
0.43
30.24

23.97
0.44
16.00

18.54
0.30
21.34

1.63
0.15
2.54
4.25
65.51
100.00

0.59
0.05
1.83
0.67
43.55
100.00

1.15
0.11
1.79
3.00
46.23
100.00

percentage of total Assets

43.00
5.87
0.21
49.09

41.62
6.33
0.22
48.16

43.00
5.87
0.21
49.09

5.11
3.39
1.32
0.31
0.01
0.32
0.64
0.33
12.86

5.38
3.60
2.35
0.32
0.04
0.14
0.28
0.19
3.54

5.11
3.39
1.32
0.31
0.01
0.32
0.64
0.33
12.86

26.63
50.91
100.00

36.00
51.84
100.00

26.63
50.91
100.00

Fauji Fertilizer Bin Qasim

Profit and loss account
Turnover (Gross Sales)
Cost of sales
GROSS PROFIT
Selling and distribution expenses
Administrative expenses
Finance cost
Other operating expenses

For the year ended December 31, 2010

2,010
Notes
(Rupees '000)
25
43,256,712
26
-29,793,541
13,463,171
27
-2,584,683
28
-700,172
10,178,316
29
-933,996
30
-712,524
8,531,796

Other operating income

Share of (loss) of joint venture and profit / profit of associate
Others

16
31

PROFIT BEFORE TAXATION

Taxation
PROFIT AFTER TAXATION

32

Earnings per share - basic and diluted (Rupees)

33

120,818
1,033,164
1,153,982
9,685,778
-3,171,329
6,514,449
6.97

in Qasim

account

er 31, 2010
2,009
(Rupees '000)
36,724,920
-27,059,566
9,665,354
-2,236,123
-401,204
7,028,027
-1,459,792
-442,692
5,125,543
-314,908
997,668
682,760
5,808,303
-2,023,938
3,784,365
4.05

2010

2009

%
%
As Percentage of Total Revenue
-68.88
-73.68
31.12
26.32
-5.98
-6.09
-1.62
-1.09
-2.16
-1.65

-3.97
-1.21

0.28
2.39
2.67
22.39
-7.33
15.06

-0.86
2.72
1.86
15.82
-5.51
10.30

Fauji Fertilizer Bin Qasim

Cash Flow Statement
For the year ended December 31, 2010
2010
Notes
(Rupees '000)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
Finance cost paid
Taxes paid
Payment to Gratuity Fund
Compensated absences paid
Payment to Workers' (Profit) Participation Fund
Payment to Workers' Welfare Fund
Net cash generated from operating activities

34

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure
Proceeds from sale of property, plant and equipment
Long term deposits
Dividend received from PMP
Short term investments
Profit received on bank balances and term deposits
Net cash generated from / (used in) investing activities

-457,420
9,317
234
777,926
540,927
870,984

CASH FLOWS FROM FINANCING ACTIVITIES

Long term financing - repayments
Long term murabaha - repayments
Long term loan - repayments
Dividend paid
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
CASH AND CASH EQUIVALENTS
Cash and cash equivalents included in the cash flow
statement comprises the following balance sheet
amounts:
Cash and bank balances
Short term highly liquid investments
Short term borrowings

13,163,938
-845,924
-4,259,738
-28,497
-8,736
-503,549
-129,543
7,387,951

-416,944
-38,679
-648,201
-5,155,365
-6,259,189
1,999,746
6,317,581
8,317,327

24
23
12

12,720,051
1,250,000
-5,652,724
8,317,327

zer Bin Qasim

w Statement

ed December 31, 2010

2009
(Rupees '000)
24,063,353
-1,806,414
-1,108,707
-27,702
-9,771
-278,890
-88,098
20,743,771

2010

2009
%
%
As Percentage of Operating Cash Flow
(6.43)
(32.36)
(0.22)
(0.07)
(3.83)
(0.98)
56.12

(7.51)
(4.61)
(0.12)
(0.04)
(1.16)
(0.37)
86.20

-956,126
6,736
-61,318
95,389
116,756
532,826
-265,737

(3.47)
0.07
0.00

(3.97)
0.03
(0.25)
0.40
0.49
2.21
(1.10)

-416,944
-38,679
-3,389,272
-3,844,895
16,633,139
-10,315,558
6,317,581

(3.17)
(0.29)
(4.92)
(39.16)
(47.55)
15.19
47.99
63.18

(0.16)
(14.08)
(15.98)
69.12
(42.87)
26.25

9,648,031
4,400,000
-7,730,450
6,317,581

96.63
9.50
(42.94)
63.18

40.09
18.29
(32.13)
26.25

5.91
4.11
6.62

(1.73)

Fauji Fertilizer Bin Qasim

Statement of Comprehensive Income
For the year ended December 31, 2010
2010
2009
(Rupees '000)
Profit after tax
3,784,365
Other comprehensive income
Exchange difference on translating a joint venture
-13,534
125,606
Total comprehensive income

-13,534

3,909,971

Statement of Changes in Equity

For the year ended December 31, 2010

Balance as at January 01, 2009

Total comprehensive income
Profit for the year after tax
Other comprehensive income
Total other comprehensive income for the year
Total comprehensive income for the year
Transferred to statutory reserve by a joint venture
Transactions with owners, recorded directly in equity
Distributions to owners
Final dividend 2008 (Rs. 2.25 per ordinary share)
Ist interim dividend 2009 (Rs. 0.5 per ordinary share)
2nd interim dividend 2009 (Rs. 1.25 per ordinary share)
Total transactions with owners
Balance as at December 31, 2009

Balance as at January 01, 2010

Total comprehensive income
Profit for the year after tax
Other comprehensive income
Total other comprehensive income for the year
Total comprehensive income for the year
Transactions with owners, recorded directly in equity
Distributions to owners
Final dividend 2009 (Rs. 2.25 per ordinary share)
Ist interim dividend 2010 (Rs. 0.5 per ordinary share)
2nd interim dividend 2010 (Rs. 1.30 per ordinary share)
3rd interim dividend 2010 (Rs. 1.25 per ordinary share)
Total transactions with owners
Balance as at December 31, 2010

Share capital

Capital Reserve

9,341,100

228,350

Statutory Reserve

Capital Rserves
Translation Reserve
(Rupees '000)
572,399

125,606
125,606
125,606
6,380

Accumulated profit / (loss)

Total

344,522

10,486,371

3,784,365

3,784,365
-6,380

3,784,365
125,606
125,606
3,784,365
0

-2,101,748
-467,055
-1,167,638
-3,736,441

-2,101,748
-467,055
-1,167,638
-3,736,441

9,341,100

228,350

6,380

698,005

386,066

10,659,901

9,341,100

228,350

6,380

698,005

386,066

10,659,901

6,514,449

9,341,100

228,350

6,380

-13,534
-13,534
-13,534

6,514,449

6,514,449
-13,534
-13,534
6,500,915

684,471

-2,101,748
-467,055
-1,214,343
-1,167,638
-4,950,784
1,949,731

-2,101,748
-467,055
-1,214,343
-1,167,638
-4,950,784
12,210,032

Fauji Fertilizer Bin Qasim

Ratio Analysis
Analytical Measurements
Liquidity Measures:
Current Ration
Quick Ratio
Working Capital

Method Of Computation
Current Assets/Current Liablities
Quick Assets/Current Liablities
Current Assets-Current Liablities

Measure of Long Term Credit Risk:

Debt Ratio

Total Liablities/Total Assets

Profitablity Measures:
Percentage Change
Gross Profit Rate
Operating Income
Net Income as% of Net Sales
Earning Per Share (EPS)
Return On Asset (R.O.A)
Return On Equity (R.O.E)

Dollar Amount of Change/Financial Statement Amount

Gross Profit/Net Sales
Gross Profit-Operating Expenses
Net Income/Net Sales
Net Income/Avg Number of Shares Outstanding
Operating Income/Avg Total Assets
Net Income/Avg Total Equity

Measure of Investor Expectation:

Price-Earning Ratio
Taxation

Per-share Market Stock Price/Earning Per Share

Taxation/EBIT

in Qasim

ysis
Results
2010

Average
2009

1.19
0.98
2,928,638.00

1.10
0.92
1,696,512.00

1
1
2,312,575

65.45

70.57

68

31.12
4,931,375.00
0.03
6.97
18.90
0.53

26.32
4,539,811.00
10.65
4.05
12.81
0.36

29
4,735,593
5
6
16
1

8.64
34.85

7
-34

5.02
32.74 -

Fauji Fertilizer Bin Qasim

R.O.E
Analytical MeasurementsMethod Of Computation
Profit Margin
Asset Turnover
Financial Leverage
R.O.E

Net Income/ Sales

Net sales/Assets
Asset/Equity

Results/For the year

2010
2009
0.15
0.10
1.22
1.01
2.89
3.40
0.53
0.36

The amount has been increase by the 50% of

the total amount of2009, although there is
an amount in negative for the financial
leverege, but the company paid the highest
dividend for the current year, PKR 6.1
which has increased the overall equity of the
shareholders.

n Qasim
%Change
0.05
0.21
(0.50)
0.18

increase by the 50% of

2009, although there is
mount in negative for the financial
rege, but the company paid the highest
dend for the current year, PKR 6.1 Billion
ch has increased the overall equity of the

Comments

There is a slight difference between last yar and for the yar 2010, Companies n.i is almost double then prev
Companies assets are less then the previous yar and sales are higher then the previous there fore there is a
For the year 2010 total equity was higher then ever, and assets are less then the previous year, thats why
The amount has been doubled for the year 2010 the 2009, although there was the amount in negative for t

ompanies n.i is almost double then previous yar and also an increase in sales because of larger scale production
er then the previous there fore there is an increase of .21 is cited
less then the previous year, thats why the amount of previous yar is higher, for reference Go to equity sheet.
h there was the amount in negative for the financial leverege, but the company paid the highest dividend for the yar which has increased the overall eq

d for the yar which has increased the overall equity of the shareholders.

Fauji Fertilizer Bin Qasim

FCFF
FCFF

N.i+N.C.C+Intrest(1-tax rate) +-Fixed Capital Investmnt+-Working Capital investment

apital investment