Pakistan

Refinary
Limited

VISION
The Vision of the Company is
TO BE THE REFINERY OF FIRST CHOICE FOR ALL STAKEHOLDERS

MISSION
The Mission of the Company is
PRL IS COMMITTED TO REMAINING A LEADER IN THE OIL REFINING
BUSINESS OF PAKISTAN BY PROVIDING VALUE ADDED PRODUCTS
THAT ARE ENVIRONMENTAL FRIENDLY, AND BY PROTECTING THE
INTEREST OF ALL STAKEHOLDERS IN A COMPETITIVE MARKET
THROUGH SUSTAINABLE DEVELOPMENT AND QUALITY HUMAN
RESOURCES

COMPANY INTRODUCTION
Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May 1960 and is
quoted on the Karachi and Lahore Stock Exchanges. The Refinery is situated on the coastal belt of
Karachi, Pakistan. PRL is a hydro skimming refinery designed to process various imported and local
crude oil to meet the strategic and domestic fuel requirements of the country. The Refinery has a
capacity of processing 47,000 barrels per day of crude oil into a variety of distilled petroleum products
such as Furnace Oil, High Speed Diesel, Kerosene oil, Jet fuel and Motor gasoline etc.
The Refinery is operating at two locations. Main processing facility is located at Korangi Creek with
supporting crude berthing and storage facility at Keamari. Initially, the design capacity of the Refinery
was to process 1 million tons of crude oil annually, which was subsequently expanded to 2.1 million tons
per annum.
Pakistan Refinery Limited (PRL) since inception has been the principal manufacturer and supplier of
petroleum products to the domestic market and Pakistan defense forces. It continues to serve the energy
needs of the country with professional excellence and high degree of commitment. PRL takes pride in
the edge it enjoys over its competitors in respect of efficiency, lower operating cost, high quality human
resources, reliability and introduction of newer generation technologies.
The operations of the Company are managed by the Refinery Leadership Team which is led by the
Managing Director of the Company and is responsible for ensuring that the policies and strategies as
approved by the Board are implemented whilst maintaining a culture of openness, integrity,
accountability and commitment to the Companys principles.

History
The foundation stone of refinery was laid by the then Minister for Fuel, Power and Natural Resources in
late 1950s. Within 4 months the silhouette of the Refinery could be seen as it appears today. In addition

to this construction at Korangi, a Tank Farm at Keamari has been built to facilitate the storage and
transfer the crude oil from Karachi port to the Refinery.
The plant came into operation in October 1962, two months ahead of schedule. The official opening of
the Refinery was commemorated byField Marshal Muhammad Ayub Khan, the then President of
Pakistan on November 14, 1962. The design capacity of the Refinery was 1 million tons of crude oil per
annum, but was increased to 2.1 million tons per annum later.

21

ORGANIZATIONAL CHART

Company Information & Profile

CHIEF FINANCIAL OFFICER

IMRAN AHMAD MIRZA

COMPANY SECRETARY

KASHIF LAWAI

AUDITORS

A. F. FERGUSON & CO.

LEGAL ADVISOR

ORR DIGNAM & CO

REGISTRAR & SHARE

FAMCO ASSOCIATES (PVT) LTD.

STATE LIFE BUILDING 1-A, 1ST FLOOR
I.I. CHUNDRIGAR ROAD, KARACHI74000

BANKERS

ASKARI BANK LIMITED

BANK ALFALAH LIMITED
BANK AL-HABIB LIMITED
CITI BANK N.A.
FAYSAL BANK LIMITED
HABIB METROPOLITAN BANK
LIMITED
HABIB BANK LIMITED
HSBC BANK MIDDLE EAST LIMITED
MCB BANK LIMITED
NATIONAL BANK OF PAKISTAN
NIB BANK LIMITED
SONERI BANK LIMITED
STANDARD CHARTERED BANK
(PAKISTAN) LIMITED
UNITED BANK LIMITED

REGISTERED OFFICE

P.O. BOX 4612 KORANGI CREEK ROAD,

KARACHI-75190
TEL: (92-21) 35122131-40
FAX: (92-21) 35060145, 35091780
WWW.PRL.COM.PK
info@prl.com.pk

BOARD OF DIRECTORS
Mr. Farooq Rahmatullah

Chairman

Mr. Aftab Husain

Mr. Chang Sern Ee

Managing Director &

CEO
Director

Mr. Jehangir Ali Shah

Director

Mr. Khawaja Nimr Majeed

Director

Mr. Mohammad Zubair

Director

Mr. Muqtadar A. Quraishi

Director

Mr. Rafi Haroon Basheer

Director

Mr. Sabar Hussain

Director

Mr. Saleem Butt

Director

Mr. Sarim Sheikh

Director

Refinery Leadership Team

Mr. Ijaz Ali Khan Managing Director & CEO
Mr. Aftab Husain Deputy Managing Director
Mr. Kashif Lawai Company Secretary
Mr. Imran Ahmad Mirza Chief Financial Officer
Mr. Khalid Junejo General Manager Human Resource
Mr. Naman Shah General Manager Technology & Inspection
Mr. Muhammad Azhar General Manager Operations
Mr. Muhammad Ali Mirza General Manager Supply & Oil
Opertations
Mr. Asad Hasan Senior Manager Projects
Mr. Mohammad Khalid Senior Manager Maintenance
Mr. Shehrzad Aminullah Chief Internal Auditor

Products
Product
Motor Spirit
Kerosene
JP1
HSD
JP8

72.75
76.36
78.03
81.99
76.36

Rs./M.Ton

Furnace Oil
LPG

68245
70000

Market Performance

No.of Shares Outstnding

35000000

Market Price Per Share

Rs.62.42

Market Capitalization= No. of Shares Outstanding* Market Price of one

Share
Market Capitalization of PRL=35000000*62.42
=Rs.2.1 Billion

Pattern of Shareholding
as at June 30, 2011
Number of Shareholders
From
1,476
1,173
531
722
114
25
16
13
6
3
1
1
4
3
1
1
2
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
4,111
1
101
501
1,001
5,001
10,001
15,001
20,001
25,001
30,001
35,001
40,001
45,001
50,001
60,001
65,001
75,001
80,001
85,001
100,001
105,001
145,001
150,001
200,001
240,001
285,001
345,001
390,001
575,001
745,001
1,595,001
3,360,001
4,195,001
6,295,001
10,495,001
-

Shareholding
To
100
500
1,000
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
65,000
70,000
80,000
85,000
90,000
105,000
110,000
150,000
155,000
205,000
245,000
290,000
350,000
395,000
580,000
750,000
1,600,000
3,365,000
4,200,000
6,300,000
10,500,000
48,191
354,907
423,856
1,638,054
810,360
305,928
292,190
299,711
168,222

101,450
37,332
41,000
191,663
159,175
64,470
70,000
158,046
85,000
86,049
104,158
105,308
148,632
151,988
202,506
245,000
289,100
350,000
784,136
575,646
750,000
1,596,616
3,361,306
4,200,000
6,300,000
10,500,000
35,000,000
Number of Shares Held

42

43

Shareholders

BALANCE SHEET
as at June 30, 2011
Note
ASSETS
Non-current assets
Fixed assets
Investment in associate
Long-term loans and advances
Long-term deposits
Deferred taxation
Current assets
Stores, spares and chemicals
Stock-in-trade
Trade debts
Loans and advances
Accrued mark-up
Trade deposits and short-term prepayments
Other receivables
Taxation - payments less provision
Tax refunds due from government - sales tax
Cash and bank balances
2011
2010
(Rupees in thousand)
4
5
6
7
9
10
11
12
13
14
15
16
4,359,064
70,576
5,013
13,800
4,448,453
253,888
9,054,172
9,979,708
26,075
900
47,901
1,139,886
20,620
7,164
20,530,314
24,978,767
350,000
1,947
(917,140)
(1,818)
(567,011)
3,143,928
5,598,868
66,663
8,742
13,673
8,320
5,696,266
226,353
6,810,970
16,120,819
23,478
46,776
1,387,088
113,411
424,965
9,590
25,163,450
30,859,716
350,000

1,947
(1,141,096)
(5,966)
(795,115)
3,143,928
EQUITY
Share capital
Reserves
Accumulated loss
Fair value reserve
SURPLUS ON REVALUATION OF
FIXED ASSETS
LIABILITIES
Non-current liabilities
Deferred taxation
Retirement benefit obligations
Current liabilities
Trade and other payables
Short-term borrowings
Accrued mark-up
Payable to government - sales tax
17
18
19
7
8
6,638
12,027
18,665
20,070,080
1,705,128
22,706
585,271
22,383,185
22,401,850
1,138
1,138
25,288,917
3,171,710
49,138
28,509,765
28,510,903
Pakistan Refinery Limited

20
21
22
15
Annual Report 2011

Contingencies and commitments

23
24,978,767
30,859,716
The annexed notes 1 - 41 form an integral part of these financial statements.

52

Farooq Rahmatullah
Chairman
Ijaz Ali Khan
Chief Executive

PROFIT AND LOSS ACCOUNT

for the year ended June 30, 2011

Note
20112010
(Rupees in thousand)
Sales
Cost of sales
Gross profit / (loss)
Distribution cost
Administrative expenses
Other operating expenses
Other income
Operating profit / (loss)
Finance cost
Share of income of associate
Profit / (Loss) before taxation
Taxation
Profit / (Loss) after taxation
Other comprehensive income
Change in fair value of available for sale investments
of associate
Deferred tax relating to fair value change of
available for sale investments of associate
24
25
96,450,545
(94,032,891)
2,417,654
76,658,272
(77,289,144)
(630,872)
(126,394)
(162,373)
(420)
125,303
(794,756)
(1,134,272)
14,595
(1,914,433)
(1,060,782)
(2,975,215)
26
27
28
29
(164,585)
(177,153)
(1,448,262)
309,890
937,544
30
(212,009)
8,587
734,122
31
(510,166)
223,956
6,381
(2,233)
4,148
1,166
(408)
758
(2,974,457)
(Rs 85.01)
Pakistan Refinery Limited

Total comprehensive income / (loss)

Earnings / (Loss) per share
32
228,104
Rs 6.40
The annexed notes 1 - 41 form an integral part of these financial statements.
Farooq Rahmatullah
Chairman
Ijaz Ali Khan
Chief Executive

53

Annual Report 2011

CASH FLOW STATEMENT

for the year ended June 30, 2011
Note
2011
2010
(Rupees in thousand)
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated from / (used in) operations
Mark-up paid
Income tax paid
Contribution to defined benefit retirement plans
Decrease in long-term loans and advances
(Increase) / Decrease in long-term deposits
Net cash generated from / (used in) operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Return on deposits
Dividend received
Net cash used in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Net repayment of short-term borrowings
Dividend paid
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Pakistan Refinery Limited

37
2,225,896
(178,159)
(404,650)
(8,652)
3,729
(127)
1,638,037
(1,484,809)
(232,613)
(1,104,721)
(16,891)
7,724
339
(2,830,971)
(315,664)
1,460
129,335
11,055
(173,814)
(252,202)
1,314
114,391
6,378
(130,119)
(2,992,036)
(67)
(2,992,103)
(1,527,880)
(170,084)
38
(1,697,964)
(1,118,783)
(44)
(1,118,827)
(4,079,917)
3,909,833
(170,084)
The annexed notes 1 - 41 form an integral part of these financial statements.
Annual Report 2011

54

Farooq Rahmatullah
Chairman
Ijaz Ali Khan
Chief Executive

STATEMENT OF CHANGES IN EQUITY

for the year ended June 30, 2011
SHARE
CAPITAL
CAPITAL
Exchange
equalisation
reserve
RESERVES
REVENUESPECIAL FAIR VALUE
GeneralUnappropriated RESERVERESERVE
reserveprofit /note 18.1
(Accumulated
loss)
(Rupees in thousand)
TOTAL
Balance as at July 1, 2009
Loss for the year 2010
Other comprehensive income
Total recognised loss for the
year 2010
Loss for the year transferred to
special reserve
Balance as at June 30, 2010
Profit for the year 2011
Other comprehensive income
Total recognised profit for the
year 2011
Balance as at June 30, 2011
350,000
897
1,050
19,698
(2,975,215)
1,814,421
(6,724)
758
2,179,342
(2,975,215)
758
(2,975,215)
758
(2,974,457)
350,000
897
1,050
1,814,421
(1,141,096)
223,956
(1,814,421)
(5,966)
4,148
(795,115)
223,956
4,148
350,000
897
1,050
223,956
(917,140)
-

4,148
(1,818)
228,104
(567,011)

The annexed notes 1 - 41 form an integral part of these financial statements.

Pakistan Refinery Limited

Farooq Rahmatullah
Chairman
Ijaz Ali Khan
Chief Executive

Ratios Calculation and Analysis

Liquidity Ratios:

Current ratio:
Current ratio=Current Assets/Current Liabilities
Year

Current
Assets

Current
Liabilities

Ratio Calculation

2011

20,530,31
4

22,383,18
5

20,530,314/22,383, 0.92
185

2010

25,163,45
0

28,509,76
5

25,163,450/28,509, 0.88
765

2009

29153909

30383131

29153909/3038313 0.96
1

2008

22686853

16919051

22686853/1691905 1.34
1

2007

13598413

9887374

13598413/9887374 1.37

Comments

Quick / Acid test ratio:

Quick ratio=Cash Equivalents +Marketable Securities+Net

Receivables/Current Liabilities

Ratio

Year

Cash
Equivalents

Marketable
Securities

Net
Receivables

Current
Liabilities

Ratio Calculation

Ratio

2011

7,164

9,979,708

22,383,1
85

(7,164+9,979,708)/22,383,
185

0.45

2010

9,590

16,120,819

28,509,7
65

(9,590+16,120,819)/28,50
9,765

0.57

2009

3909833

14431063

3038313
1

(3909833+14431063)/30 0.60
383131

2008

2646115

10427821

1691905
1

(2646115+10427821)/16 0.77
919051

2007

1698277

4789762

9887374

(1698277+4789762)/98
87374

Comments:

Cash Ratio:

Cash Ratio= Cash Equivalents +Marketable Securities /Current Liabilities

Year

Cash
Equivalents

Marketable
Securities

Current
Liabilities

Ratio Calculation

Ratio

2011

7,164

22,383,185

7,164/22,383,185

0.0003

2010

9,590

28,509,765

9,590/28,509,765

0.0003

2009

3909833

30383131

3909833/30383131

0.12

2008

2646115

16919051

2646115/16919051

0.16

0.66

2007

1698277

9887374

1698277/9887374

0.17

Comments:
Accounts Receivable Turnover:

55
Annual Report 2011

Accounts Receivable Turnover=Net Sales/Average Receivables

Year

Net Sales

Ending
Receivables
9,979,708

Average Receivables

Ratio Calculation

Ratio

2011

Oppening
Receivables
96,450,545 16,120,819

(16,120,819+9,979,708)/2

96,450,545/13268893

7.39

2010

76,658,272 14431063

16,120,819

(14431063+16,120,819)/2

76,658,272/15275941

5.02

2009

76861057

10427821

14431063

(10427821+14431063)/2

76861057/12429442

6.18

2008

95564006

4789762

10427821

(4789762+10427821)/2

95564006/7608791.5

12.56

2007

57404065

4789762

4789762

57404065/4789762

11.98

Comments:
Accounts Receivable Turnover in Days:
Accounts Receivable Turnover in Days=365/ Accounts Receivable Turnover

Year

Ratio Calculation

Days

2011

Accounts Receivable
Turnover
7.39

365/7.39

49.39

2010

5.02

365/5.02

72.71

2009

6.18

365/6.18

59.06

2008

12.56

365/12.56

29.06

2007

11.98

365/11.98

30.47

Comments:

Inventory Turnover:

Inventory Turnover=Cost of Goods Sold/Average Inventory

Year

CGS

Ending
Inventory
9054172

Average Inventory

Calculation

times

2011

Opening
Inventory
94,032,891 6810970

(6810970+9054172)/2

94,032,891/7932571

11.85

2010

77,289,144 8367282

6810970

(8367282+6810970)/2

77,289,144/7589126

10.18

2009

79874195

9102109

8367282

(9102109+8367282)/2

79874195/8734695.5

9.14

2008

91232240

5107781

9102109

(5107781+9102109)/2

91232240/7104945

12.84

2007

56626114

5107781

5107781

56626114/5107781

11.09

Comments:

Inventory Turnover in Days:

Inventory Turnover in Days=365/ Inventory Turnover
Year

Inventory Turnover

Ratio Calculation

Days

2011

11.85

365/11.85

30.81

2010

10.18

365/10.18

35.85

2009

9.14

364/9.14

39.93

2008

12.84

365/12.84

28.43

2007

11.09

365/11.09

32.91

Comments:

Working Capital:

Working Capital=Current Assets-Current Liabilities

Year

Current Assets

Current Liabilities

Calculation

Rupees

2011

20,530,31
4

22,383,185

20,530,31422,383,185

(1852871)

2010

25,163,45
0

28,509,765

25,163,45028509765

(3346315)

2009

29153909

30383131

2915390930383131

(1229222)

2008

22686853

16919051

2268685316919051

5767802

2007

13598413

9887374

13598413-9887374 3711039

Comments:

Operating Cycle:

Operating Cycle= Inventory Turnover in Days + Accounts Receivable Turnover in Days

Year

Inventory
Turnover in Days

Calculation

Days

30.81

Accounts
Receivable
Turnover in Days
49.39

2011

30.81+49.39

80.2

2010

35.85

72.71

35.85+72.71

108.56

2009

39.93

59.06

39.93+59.06

98.99

2008

28.43

29.06

28.43+29.06

57.49

2007

32.91

30.47

32.91+30.47

63.38

Comments:

Sales to Working Capital:

Sales to Working Capital=Sales/ Working Capital

Year

Sales

Working Capital

Calculation

Times

2011

57404065

(1852871)

57404065/(1852871)

(30.98)

2010

95564006

(3346315)

95564006/(3346315)

(28.56)

2009

76861057

(1229222)

76861057/(1229222)

(62.53)

2008

76658272

5767802

76658272/5767802

13.29

2007

96450545

3711039

96450545/3711039

25.99

Comments:

Long Term Debt Paying Ability

Times Interest Earned:

Times Interest Earned=Recurring Earning Excluding Interest and Tax expense, Equity and Minority
Earnings/ Interest expense, Including Capitalized Interest

Year

Recurring
Earning

Interest expense

2011

20,530,314

22,383,185

2010

25,163,450

28,509,765

Calculation

Times

2009
2008
2007

Comments:

Debt Ratio:
Debt Ratio=Total Liabilities/Total Assets
Year

Total Assets

Total Liabilities

Calculation

Times

2011

24978767

22401850

22401850/24978767

0.90

2010

30859716

28510903

28510903/30859716

0.92

2009

32566845

30387503

30387503/32566845

0.93

2008

23772076

16966171

16966171/23772076

0.71

2007

14696830

9891747

9891747/14696830

0.67

Comments:

Debt Equity Ratio:

Debt Equity Ratio=Total Liabilities/Shareholders Equity
Year

Total Liabilities

Shareholders Equity

Calculation

Ratio

2011

22401850

(567011)

22401850/(567011)

(39.5)

2010

28510903

(795115)

28510903/(795115)

(35.9)

2009

30387503

2179342

30387503/2179342

13.9

2008

16966171

6805905

16966171/6805905

2.5

2007

9891747

4805083

9891747/4805083

2.1

Comments:

Profitability:
Net Profit Margin=Net Income Before Minority Share of Earnings and Nonrecurring Items/Net Sales
Year

Net Income

Net Sales

Calculation

2011

215369

57404065

215369/57404065

2010

(2989810)

95564006

(2989810)/ 95564006

2009

(4586326)

76861057

(4586326)/ 76861057

2008

2086022

76658272

2086022/76658272

Ratio

2007

243865

96450545

243865/96450545

Comments:

Total Asset Turnover:

Total Asset Turnover=Net Sales/Average Total Assets
Year

Net Sales

Ending

Average Total Assets

Calculation

times

2011

Opening
Total
Assets
94,032,891 16,120,819

Total
Assets
9,979,708

(16,120,819+9,979,708)/2

96,450,545/13050263.5

7.39

2010

77,289,144 -

16,120,819

9,590/28,509,765

2009
2008
2007

Comments:

Return on Total Assets:

Return on Total Assets= Net Income Before Minority Share of Earnings and Nonrecurring Items/
Average Total Assets
Year
2011

Net Income

Average Total
Assets

96,450,545

Calculation

Ratio

2010

25,163,450

76,658,272

2009
2008
2007

Comments:

Horizontal Analysis of Balance Sheet

Balance Sheet Items

Years
2011

2010

2009

2008

2007

Non-current assets
Fixed assets

468.4

601.6

251.0

104.8

100.0

Investment in associate

130.5

123.3

105.9

107.7

100.0

Long-term loans and advances

45.8

79.9

150.5

124.2

100.0

Long-term deposits

478.0

473.6

485.3

485.3

100.0

Deferred taxation

21.6

2535.4

100.0

Retirement benefit obligations prepayments

10.5

23.9

100.0

Total non-current assets

404.9

518.6

310.7

98.8

100.0

Stores, spares and chemicals

110.7

98.7

104.5

101.8

100.0

Stock-in-trade

177.2

133.3

163.8

178.2

100.0

Trade debts

208.4

336.6

301.3

217.7

100.0

ASSETS

Current assets

Loans and advances

116.2

104.6

64.1

83.8

100.0

Accrued mark-up

11.6

170.3

0.6

100.0

Trade deposits and short-term prepayments

97.6

95.3

17.4

99.5

100.0

Other receivables

7173.2

8728.8

12394.5

133.3

100.0

Taxation - payments less provision

18.2

100

100.0

Tax refunds due from Government - Sales

tax
Investments

28.8

13.6

12.4

100.0

0.2

100.0

Cash and bank balances

0.4

0.6

230.2

155.9

100.0

Total current assets

150.9

185.1

214.4

166.9

100.0

Total assets

169.9

209.9

221.6

161.7

100.0
100.0

EQUITY AND LIABILITIES

Share capital

116.7

116.7

116.7

116.7

100.0

Reserves

1.5

1.5

1399.9

53.8

100.0

Special reserve

145.9

100.0

Total equity

(11.8)

(16.5)

45.4

141.6

100.0

SURPLUS ON REVALUATION OF
PROPERTY,
PLANT AND EQUIPMENT

100

100

100.0

LIABILITIES

100.0

Non-current liabilities

100.0

Retirement benefit obligations

275.0

26.0

99.9

161.9

100.0

Deferred taxation

Total non-current liabilities

426.8

26.0

99.9

1077.5

100.0

Trade and other payables

210.4

265.2

266.1

166.8

100.0

Short-term borrowings / running finance

Current liabilities

Accrued interest / mark-up

1141.6

2470.5

3899.3

100.0

Taxation - provision less payments

168.1

258.5

269.1

100.0

Payable to government - Sales tax

Total current liabilities

226.4

288.3

307.3

171.1

100.0

Total liabilities

226.5

288.3

307.2

171.5

100.0

Total equity and liabilities

169.9

209.9

221.6

161.7

100.0

Vertical Analysis of Balance Sheet

(as a percentage of total assets)

Balance Sheet Items

Years
2011

2010

2009

2008

2007

Non-current assets
Fixed assets

17.5

18.1

7.2

4.2

6.5

Investment in associate

0.3

0.2

0.2

0.2

0.4

Long-term loans and advances

0.0

0.0

0.1

0.1

0.1

Long-term deposits

0.1

0.0

0.0

0.1

0.0

Deferred taxation

0.0

3.0

0.3

Retirement benefit obligations - prepayments

0.0

0.0

0.3

Total non-current assets

17.8

18.5

10.5

4.6

7.5

Current assets
Stores, spares and chemicals

1.0

0.7

0.7

1.0

1.6

Stock-in-trade
Trade debts
Loans and advances
Accrued mark-up
Trade deposits and short-term prepayments

36.2
40.0
0.1
0.0
0.2

22.1
52.2
0.1
0.2

25.7
44.3
0.0
0.0
0.0

38.3
39.8
0.1
0.0
0.2

34.8
32.6
0.2
0.1
0.3

ASSETS

Other receivables
Taxation - payments less provision
Tax refunds due from Government - Sales tax
Investments
Cash and bank balances
Total current assets
Total assets

4.6
0.1
0.0
82.2
100.0

4.5
0.4
1.4
0.0
81.5
100.0

6.0
0.6
12.0
89.5
100.0

4.1
0.8
0.0
11.1
95.4
100.0

0.1
10.0
1.4
11.6
92.5
100.0

Share capital

1.4

1.1

1.1

1.5

2.0

Reserves

(3.7)

(3.7)

0.0

0.3

0.9

5.6

26.9

29.8

Total equity

(2.3)

(2.6)

6.7

28.6

32.7

SURPLUS ON REVALUATION OF
PROPERTY,
PLANT AND EQUIPMENT

12.6

10.2

Retirement benefit obligations

Deferred taxation
Total non-current liabilities
Current liabilities
Trade and other payables
Short-term borrowings / running finance
Accrued interest / mark-up
Taxation - provision less payments
Payable to government - Sales tax
Total current liabilities
Total liabilities

0.05
0.0
0.1

0.00
0.0

0.01
0.0

0.03
0.2
0.2

0.03
0.0

80.3
6.8
0.1
2.3
89.6
89.7

81.9
10.3
0.2
92.4
92.4

77.9
12.6
2.8
93.3
93.3

66.9
0.3
3.9
71.2
71.4

64.9
0.0
2.4
67.3
67.3

Total equity and liabilities

100.0

100.0

100.0

100.0

100.0

EQUITY AND LIABILITIES

Special reserve

LIABILITIES
Non-current liabilities

Horizontal Analysis of Profit and Loss Account

Profit and Loss Account Items

Years
2011

2010

2009

2008

2007

Sales
Cost of sales
Gross profit / (loss)
Distribution cost

168.0
166.1
311.6
184.1

133,5
136.4
81.3
141.3

133.9
141.1
388.3
135.1

166.5
161.1
558.3
144.7

100.0
100.0
100.0
100.0

Administrative expenses

131.2

120.3

121.9

517.2

100.0

Other operating expenses

Other income
Operating profit / (loss)
Finance costs
Share of income of associate
Profit / (Loss) before taxation
Taxation
Profit / (Loss) after taxation

3131.2
420.2
161.9
259.4
123.6
145.6
201.3
90.9

0.9
169.9
137.3
1388.0
210.0
379.6
418.5
1185.9

6.8
356.9
524.8
3031.7
211.1
1090.9
366.8
1824.7

545.2
313.1
601.5
309.7
355.8
645.4
451.3
841.6

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

2008
100.0
(95.0)
5.0
(0.1)
(0.7)
(0.3)
0.2
4.0
(0.6)
0.03
3.4
(1.2)
2.2

2007
100.0
(98.6)
1.4
(0.2)
(0.2)
(0.1)
0.1
1.0
(0.1)
0.01
0.9
(0.4)
0.4

Vertical Analysis of Profit and Loss Account

(as a percentage of sales)

Profit and Loss Account Items

Sales
Cost of sales
Gross profit / (loss)
Distribution cost
Administrative expenses
Other operating expenses
Other income
Operating profit / (loss)
Finance costs
Share of income of associate
Profit / (Loss) before taxation
Taxation
Profit / (Loss) after taxation

Years
2011
100.0
(97.5)
2.5
(0.2)
(0.2)
(1.502)
0.3
1.0
(0.2)
0.01
0.8
(0.5)
0.2

2010
100.0
(100.8)
(0.8)
(0.2)
(0.2)
(0.001)
0.2
(1.0)
(1.5)
0.02
(2.5)
(1.4)
(3.9)

2009
100.0
(103.9)
(3.9)
(0.2)
(0.2)
(0.004)
0.3
(4.0)
(3.2)
0.02
(7.2)
1.2
(5.9)