ENGRO LATEST UPDATED Modified

EPS
Rs mn CY03 CY04 CY05

Urea capacity 850,000 850,000 850,000
Urea production 954,923 870,321 911,672
Effeciency 112% 102% 107%
NPK capacity 100,000 100,000 100,000
NPK production 72,180 120,566 157,013
Effeciency 72% 121% 157%
NP production
Urea imports offtake 112,000
Domestic urea sales 890,000

NPK (Zarkhez) 86,000 114,000 115,000
NP - 28,000
Zorawar MAP/MOP imports offtake 76,000 78,000 96,000
DAP imports offtake 135,000 281,000
Closing Inventory Urea
Closing Inventory DAP
Closing Inventory NP
Closing Inventory NPK
Closing Inventory MAP
Closing Inventory Imported urea
Urea imports
DAP imports
MAP imports
NPK as % of production 95% 73%
NP as % of production 0% 18%
Zorawar MAP/MOP growth 3% 23%
DAP imports growth 108%
Urea imports growth
Prices
Urea price growth
DAP price growth
MAP price growth
NPK price growth
NP price growth
Domestic urea price per bag 485

Ex factory per bag 470
Urea per ton 9,400
DAP per bag imported

Ex factory per bag
DAP per ton
MAP/MOP price per ton Us $

Ex factory MAP price
Rupee/ US $
MAP price per ton Rs
NPK price per bag

Ex factory NPK price
NPK per ton
NP price per bag

NP ex factory price
NP per ton
Urea import price per ton

Growth
US $ / Rs
Urea import cost per ton
DAP import price

Growth
US $ / Rs
DAP import cost per ton
MAP import price

US $ / Rs
MAP import cost per ton
Import margin
Urea subsidy per ton

DAP subsidy per ton
MAP subsidy per ton
NP subsidy per ton
NPK subsidy per ton
Subsidized margin urea

Subsidized margin DAP
Subsidized margin MAP
Subsidized margin NP
Subsidized margin NPK
DAP price
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
DAP price growth

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MAP prices ($)

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MAP price growth

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
NPK prices
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
NPK prices growth

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
NP prices
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
NP prices growth
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Urea price
DAP price
MAP price
NPK price
NP price
Sales
Domestic urea sales
Imported urea sales
NPK sales
NP sales
DAP sales
MAP/MOP sales
Gross sales domestic 8,753 9,503 10,694

Sales tax 1,066 1,018 967
7,686 8,485 9,727
Rate 12% 11% 9%
Purchased product 4,801 4,592 9,123
Sales tax 602 279 574
4,198 4,313 8,549
Rate 13% 6% 6%
Net sales 11,884 12,798 18,276
Gas charges
Feedstock consumption 26,954 27,543
Fuelstock consumption 7,165 6,695
Feedstock charges 70 77
Fuelstock charges 209 241
Feedstock/capacity 3% 3%
Fuelstock/capacity 1% 1%
Feedstock cost 1,714 1,949

Fuelstock cost 1,365 1,473
Raw material 574 1,076

Raw material per ton 579 1,007
Growth
Power 96 183
7% 12%
Growth 91%
Raw materials consumed 2,288 3,025

Fuel and power 1,460 1,656
Salaries, wages 542 544
Repairs & maintenance 269 236 284
Consumable stores 81 76 75
Staff recruitment and other 24 24 32
Purchased services 92 99 102
Travel 18 21 23
Communication 28 29 29
Insurance 69 54 51
Rent, rates and taxes 4 5 5
Other expenses 27 26 12
Depreciation/ Amortization 560 584
Manufacturing cost 5,421 6,420
Opening stock WIP 18 10 3
Closing stock WIP (10) (3) (1)
COGM 5,427 6,422
Opening stock FG 230 156 140
Closing stock FG (156) (140) (319)
Purchased product 3,886 4,085 8,089
Subsidy
Cost of gods sold- own manufactured
product 5,444 6,243
COGS 9,528 14,333
Selling & distribution expenses
Salaries 211 203

Staff recruitment 18 25
Product transportation 595 803
Repairs & maintenance 13 11
Advertising 61 63
Rent 30 39
Communication 26 20
Travel 22 22
Depreciation/ Amortization 23 25
Purchased services 12 13
Donations 52
Other expenses 26 26
1,037 1,302
% of sales
Salaries 2% 1%
Staff recruitment 0% 0%
Product transportation 5% 4%
Repairs & maintenance 0% 0%
Advertising 0% 0%
Rent 0% 0%
Communication 0% 0%
Travel 0% 0%
Depreciation/ Amortization 0% 0%
Purchased services 0% 0%
Donations 0%
Other expenses 0% 0%
Other income
Dividned income 491 964
Income on deposits 45 59
Service charges 6 20
Gain on change in fair value of interest rate swap - 65
Reversal
Gain on curtailment of defined benefit pension - 25
plan -
Profit on disposal 13 -
Net FOREX gain 3 1
Others - 12
Reversal of provision for diminution in value of
investment
- 558 1,145
Dividend income 96%

Income on deposits 31%
Service charges 235%
Fair value
Reversal
Profit on disposal -100%
Net FOREX gain -61%
Others
Other operating expenses

WPPF 124 172
Workers' welfare fund 33 43
R&D
Loss on disposal of property, plant and 32 69
equipment - (1)
Auditors' remuneration
statutory audit 1 1
fee for other any services 1 1
reimbursement of expenses 0 0
2 2
190 284
Less: shown under capital WIP (1) (0)
Professional tax 1 0
Other expenses 231,370,000 190 284

Welfare fund 2050% 158%
-100% 49%
Current
for the year 587 864
for prior year - -
587 864
Deferred
for the year 118 37
for prior year - -
118 37
Taxation 766,468,000 704 900
rate 33% 25% 27%
Deferred 20% 4%
No. of shares 153 152.94
Issued paid up capital ### 1,529 1,529

Reserves ### 4,429 4,429
Unappropriated profit 540,189,000 627 1,417
Equity ### 6,586 7,376
1st interim dividnd as % of total 29% 27%

2nd interim dividend as % of total 24% 27%
Proposed dividend 47% 45%
ROE 24% 31%
Depreciation
Cost at start
Freehold land 13 13
Leasehold land 187 187
Building freehold 478 504
Building leasehold 271 272
Planat & machinery 8,912 9,226
Planat & machinery held for disposal
Catalyst 160
Furnitur 361 364
Vehiclesown 152 143
Vehicles leased - 7
Total 10,374 10,877
Additions
Freehold land - -
Leasehold land - -
Planat & machinery 315 304
Planat & machinery held for disposal 55
Catalyst 22 24
Furnitur 36 45
Vehiclesown 7 -
Vehicles leased
Total 407 459
Disposals
Freehold land - -
Leasehold land - -
Building freehold - -
Building leasehold - -
Planat % machinery (0) (14)
Planat & machinery held for disposal -
Catalyst (14) (7)
Furniture (45) (17)
Vehiclesown - -
Vehicles leased
Total (59) (38)
Transfer in/(out)
Freehold land - -
Leasehold land - -
Planat % machinery 160 -
Planat & machinery held for disposal - -
Catalyst (5) -
Furnitur - -
Vehiclesown - -
Vehicles leased
Total 155 -
Cost at end
Freehold land 13 13
Planat % machinery 9,387 9,516
Planat & machinery held for disposal - 215
Catalyst 364 381
Furnitur 143 170
Vehiclesown 7 7
Vehicles leased
Total 10,877 11,298
Depriciation rate
Freehold land 0% 0%
Leasehold land 2% 2%
Building freehold 4% 4%
Building leasehold 2% 3%
Planat % machinery 5% 5%
Planat & machinery held for disposal 17%
Catalyst 11% 13%
Furnitur 17% 15%
Vehiclesown 5% 20%
Vehicles leased
Total
Depriciation at start
Freehold land - -
Catalyst 189 215
Furnitur 94 85
Vehiclesown - 0
Vehicles leased
Total 3,822 4,395
Depriciation for the year

Freehold land - -
Leasehold land 4 4
Planat % machinery 477 455
Catalyst 41 48
Furnitur 24 26
Vehiclesown 0 1
Vehicles leased
Total 573 600
Disposals
Freehold land - -
Leasehold land - -
Planat % machinery (0) (8)
Planat & machinery held for disposal -
Catalyst (13) (6)
Furnitur (34) (11)
Vehiclesown - -
Vehicles leased
Total (47) (26)
Adjustments
Freehold land - -
Leasehold land - -
Planat % machinery 48 -
Planat & machinery held for disposal - -
Catalyst (2) -
Furnitur - -
Vehiclesown - -
Vehicles leased
Total 46 -
Depriciation at end
Freehold land - -
Catalyst 215 257
Furnitur 85 99
Vehiclesown 0 2
Vehicles leased
Total 4,395 4,969
Net book value at end

Freehold land 13 13
Catalyst 149 124
Furnitur 58 71
Vehiclesown 6 5
Vehicles leased
Total 6,482 6,329
Capital WIP
Plant and machinery 464 361
Building and civil works 110 96
Furnitures, fixtures and equipment 25 48
Advances to suppliers 16 6
615 511
Property, plant and equipment 7,096 6,840
Plant and machinery 7% 6%

Building and civil works 2% 2%
Furnitures, fixtures and equipment 0% 1%
Advances to suppliers 0% 0%
Depreciation allocation
Depreciation for the year 573 600

Amortization for the year 9 9
582 609
Cost of sales 560 584

Selling & distribution expenses 23 25
582 609
96% 96%
4% 4%
Disposal of fixed assets
Vehicles
Cost
BV
Sale proceeds
Gain / (loss) on dsiposal of vehicles
Furniture
Cost
BV
Sale proceeds
Gain / (loss) on dsiposal of furniture
Land
Cost
BV
Sale proceeds
Gain / (loss) on dsiposal of land
Gain / (loss) on disposal (1)
Sale proceeds 11
% -754%
Land
Cost
BV
Sale proceeds
Furniture
Cost
BV
Sale proceeds
Amortization
Cost 62 64
Additions 2 21
64 86
Amortization
Beginning 45 54
Amortization cost 9.2060 9.4490
54 64
Net BV 10 22
BS assumptions
Issued, subscribed and paid up 1,529 1,529
Reserves -revenues 4,429 4,429
Unappropriated profit 627 1,417
Share premium - -
Liability against assets subject to financial

lease
CY05 2 -
CY06 2 2
CY07 2 2
7 5
Less: financial charges not due 1 0
7 5
Less: current portion shown under current
liabilities 2 2
5 2
Deferred taxation
Accelerated depreciation allowance 1,026 1,036

Provision for - retirement benefits (32) (22)
slow moving stores and spares (23) (6)
doubtful receivables (5) (5)
966 1,003
Accelerated depreciation allowance 106% 103%

Provision for - retirement benefits -3% -2%
slow moving stores and spares -2% -1%
doubtful receivables -1% 0%
Retiement and other service benefits

Opening balance 177 20
Reversal of expense 53 (4)
Amounts received/ (contributions made) - (12)
Contributions made (210) -
Closing balance 20 4
Less: payable to gratuity funds (6) 0
Less: receivable from pension fund - -
(6) 0
25 3
Other service benefit plan 66 60
Less: current portion shown under current
lisbilities 22 20
43 40
69 43
Pension fund
PV 358
Fair value (402)
Surplus (44)
Unrecognized gain 44
Net (asset) / liability at the year end -
Gratuity fund
PV 180
Fair value (204)
Surplus (24)
Unrecognized gain 24
Net (asset) / liability at the year end 0
Defined benefit plans

Curent service cost 38 28
Interest cost 53 45
Reversal made - (25)
Expected return on plan assets (38) (52)
Recognition of curtailment
Net acturial (gain) gain
/ loss recognizd in current -
year 0 0
53 (4)
Defind cotribution plan 27 44
Current portion 34% 34%
Short term borrowings - secured

ST running finance 2,400 2,400
Convertible into LT financing 2,400 2,400
- -
Trade and other payables
Creditors 297 839
Accrued liabilities 282 328
Payable to pension fund - 0
Payable to gratuity fund - -
Advances from customers 583 656
Financial charges accrued on :
redeemable capital and long term loans 40 61
short term borrowings 2 27
Deposits from dealers refundable 7 7
Contractors' deposits and retentions - 11
WPPF 9 7
Workers' welfare fund 2 27
Others 16 5
1,237 1,969
Taxation - 43
4%
Unclaimed dividends 43 78
5% 5%
Long term investments

Unquoted
Subsidiary company - at cost 85 833
Joint venture company - at cost 1,340 1,340
Others - at cost
Arabian sea country club 5 5
Less: provision for diminutionin value 5 5
- -
Associated company Agrimall limited - -
1,425 2,173
Subsidiary companies
Engro eximp 0 0
Engro management 3 3
Engro foods - 150
Advance against issue of share capital - 598
Engro energy - -
Advance against issue of share capital - -
Engro asahi - -
Engro innovative autimation 82 82
85 833
Joint venture company

Engro VOPAK 450 450
Engro asahi 890 890
1,340 1,340
Long term loans, advances and other

receivables
Executives 70 57
Other employees 35 6
Less: installemnt recoverable within twelve 104 64
months 52 31
Fair value of interest rate SWAP - 65
Less: current portion - 32
- 33
52 66
Reconciliation of loans
Beginning balance 93 70
Disbursements 16 39
Repayment (38) (52)
Ending balance 70 57
Disbursements 17% 56%

Repayment -41% -74%
49% 11%
50% 49%
2%
49%
Stores, spares and loose tools

Consumable stores 97 95
Spares 543 585
Loose tools 4 3
644 683
Less: provision for surplus and slow moving
items 57 17
587 666
Consumable stores 1% 1%
Spares 4% 3%
Loose tools 0% 0%
Less: provision for surplus and slow moving
items 9% 3%
Stock-in-trade
Raw materials 241 811
WIP 3 1
Finshed goods - own manufactured product 140 319
- purchased product 100 793
485 1,923
Raw materials 4% 13%

Purchased product 2% 10%
Trade debts
Considered good 523 543
Considered doubtful 8 8
531 551
Less: provision for doubtful debts 8 8
523 543
Considered good 4% 3%
Loans, advances, deposits and prepayments

Current portion of long term loans and advances
- considered good 52 31
Sun-ordinated loan to engro eximp 200 190
Advances and deposits 89
Statutory authorities -
Others 47 -
Margins against LoC 136 0
Prepayments 44 51
Less: provision for doubtful receivables (1) (1)
478 361
Current portion of long term loans and advances
- considered good 0% 0%
Sun-ordinated loan to engro eximp 2% 1%
Advances and deposits 0% 0%
Statutory authorities 0% 0%
Others 0% 0%
Margins against LoC 1% 0%
Prepayments 0% 0%
Less: provision for doubtful receivables -2% -3%
Other receivables and other assets

Receivable from government for:
customers duty and sales tax 22
grant receivable from GoP (subsidy) -
Others 14
- 36
Accrued income on deposits / financial assets 6
Receivable from pension fund -
WPPF -
Sales tax refundable 7
Current portion of fair value of interest rate swap 32
Due from:
engro eximp 10
engro foods 2
engro asahi 3
engro asahi -
engro innovative 0
engro management services 0
engro vopak terminal 135
Claims on foreign suppliers 7
Less: provision for doubtful receivables 0
- 7
Non-current assets held for disposal -
Others 0
Less: provision for doubtful receivables 0
- 0
65 238
WPPF
Balance at the beginning (2)
Interest on funds (0)
Allocation for the year (172)
Less: amount paid to the trustee 167
Receivable / (payable) to the fund (7)
Interest 5%
Amount paid -97%
ST investments
Financial assets at fair value through profit
or loss
CoD 50 25
Fixed income / money market fund 103 113
GoP special US dollar bond 687
CoI 25
864 138
10%
13.17
CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07

975,000
968,585
99%
160,000
107,994
67%
65,000
945,000
77,000
39,000
92,000
295,000
71%
36%
-4%
5%
-42%
10%
5%
5%
7%
523
508
10,160
1,025
984
19,680
14,700
14,406
710
696
14,200
710
300
61
18,300
1,089
1,084
1,068
1,057
1,056
1,062
1,075
1,077
1,077
911
870
871
1,025
10,160
19,680
9,840,823,600
660,400,000
-
5,805,600,000
-
11,396
1,005
10,391
9%
7,676
465
7,211
6%
17,602
28,000
7,300
86
265
2%
1%
2,202
1,766
273
254
309
18%
69%
2,475 688 581 708

2,075 523 496 495
638 160 151 167
212 43 80 51
93 23 29 21
43 12 13 9
100 28 28 21
31 4 10 6
22 5 6 5
60 19 19 19
8 2 3 3
22 9 15 11
600 - - - -
6,380 1,516 1,431 1,516 -
1 4 1 2
(4) (1) (2) (3)
6,378 1,519 1,430 1,515 -
319 163 647 555
(163) (647) (555) (530)
6,832 29 3,213 2,093
(1,018)
6,533 1,035 1,522 1,540 -
13,365 1,064 4,735 3,633 -
240 57 54 63
29 4 12 4
942 115 260 227
9 2 1 1
69 11 18 7
57 14 22 22
19 5 4 3
27 4 9 7
23 - - - -
7 1 2 1
35 - - -
25 10 11 12
1,482 224 393 346 -
1%
0%
5%
0%
0%
0%
0%
0%
0%
0%
0%
0%
971
46
21
5
-
113
137
1
40
5
1,339
10%
10%
12%
5%
0%
185
66
34
-
1
1
0
2
287
-
0
287
94%
1%
834
(61)
773
63
61
124
897
24%
8%
193
1,935
4,429
2,190
8,554
28%
25%
46%
30%
13
187
534
274
9,516
215
381
170
7
11,298
-
-
45
59
364
78
24
70
-
639 - - - -
-
(21)
-
-
(7)
-
(14)
(24)
-
(65) (80) (80) (80) (80)
-
-
-
-
(151)
-
-
-
-
(151) 151 151 151 151

13
167
579
333
9,722
293
392
216
7
11,720 - - - -
0%
2%
4%
3%
5%
14%
12%
12%
20%
-
42
222
32
4,191
125
257
99
2
4,969 - - - -
-
4
22
9
464
41
48
26
1
614
-
(5)
-
-
(2)
-
(12)
(17)
-
(36) (61) (61) (61) (61)
-
-
-
-
(126)
-
-
-
-
(126) (126) (126) (126) (126)
-
41
243
41
4,528
166
292
107
3
5,421 5,864 5,864 5,864 5,864
13
126
336
292
5,194
127
99
109
4
6,300 6,231 6,231 6,231 6,231
194
17
36
11
258
6,558
3%
0%
1%
0%
614
9
623
600
23
623
96%
4%
24
7
14
7
20
6
6
(1)
21
16
146
131
137
166
121%
11%
29%
200%
5%
31%
91%
86
5
91
64
8.9
73
18
1,935
4,429
2,190
1,068
-
-
2
2
0
2
2
-
1,156
(20)
(4)
(4)
1,127
103%
-2%
0%
0%
4
(108)
35
-
(69)
-
(73)
(73)
4
54
16
37
41
338
(485)
(148)
74
(73)
198
(238)
(39)
39
-
12
47
-
(52)
(113)
(1)
(108)
69
31%
3,000
1,000
2,000
509
342
-
4
40
55
33
10
6
-
70
13
1,082
72
6%
82
4%
3,203
450
5
-
5
-
3,658
0
3
1,000
603
15
83
1,418
82
3,203
450
-
450
77
17
94
42
37
26
11
63
57
64
(44)
77
112%
-77%
22%
45%
1%
70%
85
615
3
702
14
689
0%
3%
0%
2%
323
4
163
433
923
5%
6%
623
8
631
8
623
4%
42
190
110
-
-
-
79
(3)
417
0%
1%
1%
0%
0%
0%
0%
-7%
22
645
14
681
3
73
3
15
26
26
0
39
0
10
-
90
7
1
7
25
0
0
0
999
(7)
(0)
(185)
195
3
7%
-106%
8%
-
229
229
102%
16.31 Err:522 (1.45) (1.87) (2.77)
CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08

975,000 243,750
Err:522 255,536
Err:522 105%
160,000
128,000 28,793
80%
4,880
66,300 14,843
Err:522 307,297
92,507 19,516
35,493 205
98,606 28,243
330,400 14,949
4,962
150,240
4,735
13,121
11,401
51
6,864
27,463
26,324
72%
28%
7%
12%
2%
7%
7%
7%
10%
4%
559 608
544 588
10,889 11,760
1,063 2,220
1,021 1,998
20,414 39,960
425 843
416 759
60 62
21,979 47,039
736 1,479
699 1,331
13,989 26,622
736 1,479
699 1,331
13,989 26,622
330 380
10%
60 62
19,800 23,560
450 900
61 62
27,450 55,800
425 825
60 62
25,488 51,150
5%
10,000 11,212
7,800 9,400
3,500 3,500
3,500 3,500
3,500 3,500
112%
120%
105%
25%
25%
873
882
944
1,113
1,088
1,099
1,110
1,110
1,121
1,132
1,143
1,143
1,063
4%
1%
7%
18%
-2%
1%
1%
0%
1%
1%
1%
320
330
400
415
420
441
450
454
454
468
473
473
425
0%
3%
21%
4%
1%
5%
2%
1%
0%
3%
1%
0%
614
615
636
703
749
756
772
772
772
810
818
818
736
0%
0%
3%
11%
7%
1%
2%
0%
0%
5%
1%
0%
614
615
636
703
749
756
772
772
772
810
818
818
736
0%
0%
3%
11%
7%
1%
2%
0%
0%
5%
1%
0%
10,889 11,760
20,414 39,960
21,979 47,039
13,989 26,622
13,989 26,622
Err:522 3,613,812,720
721,944,811 174,553,680
1,294,083,811 519,554,952
496,507,762 5,457,510
6,744,790,950 597,362,040
2,167,218,223 1,328,533,774
11,695 4,139
947 350
10,749 3,789
8% 8%
12,973 2,100
538 107
12,435 1,993
4% 5%
23,183 5,782
29,183 7,436
7,297 1,859
95 90
238 247
3% 3%
1% 1%
2,525 613
1,589 420
224 Err:522
Err:522 Err:522
7% 15%
437 113
27%
15%
2,749 Err:522
2,025 532
708 203
274 70
106 26
49 12
115 30
32 -
26 7
71 16
9 2
19 3
609 175
6,793 Err:522 - - -
4 (8)
(8) 8
6,789 Err:522 - - -
163 397
(397) Err:522
11,708 2,628
- (507)
6,555 Err:522 - - -
18,263 Err:522 - - -
265
29
1,017
17
83
81
21
28
25
8
41
26
1,642
1%
0%
5%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1,619
163
14
18
6
1
-
11
1,831
10%
10%
12%
5%
0%
229
87
2
19
1
1
1
3
340
1
-
339
126%
10%
899
52
951
130
-
130
1,081
21%
6%
193 - - - -
1,935
4,429
4,116
10,480
28%
26%
46%
30%
13
167
579
333
9,722
293
392
216
7
11,720
9
-
13
-
104
33
44
93
-
297 - - - -
-
-
-
-
-
-
-
(64)
(10)
(7)
(80) (69) (69) (69) (69)
-
-
-
-
151
-
-
-
-
-
151 151 151 151 151
22
167
592
333
9,977
326
436
246
(4)
12,095 - - - -
0%
2%
4%
3%
5%
16%
12%
13%
20%
-
41
243
41
4,528
166
292
107
3
5,421 - - - -
-
4
23
8
462
-
53
40
35
1
627
-
-
-
-
-
-
-
(52)
(4)
(4)
(61) (46) (46) (46) (46)
-
-
-
-
(126)
-
-
-
-
-
(126) (126) (126) (126) (126)
-
44
266
49
4,864
166
345
96
34
5,864 6,407 6,407 6,407 6,407
22
123
326
284
5,114
161
90
150
(38)
6,231 7,004 7,004 7,004 7,004
331
72
35
11
450
6,681
5%
1%
1%
0%
627
8
635
609
25
635
96%
4%
21
6
12
6
23
7
6
(1)
121%
11%
29%
200%
5%
31%
91%
91
13
104
73
8
81
23
1,935
4,429
4,116
3,964
1,308
(31)
(14)
(6)
1,257
104%
-2%
-1%
0%
1,257
(69)
24
8
-
(37)
0
(37)
(36)
(1)
60
20
40
39
348
(444)
(96)
59
(37)
189
(221)
(31)
32
0
26
48
(8)
(47)
(57)
(0)
(39)
33%
3,000
1,000
2,000
548
317
0
1
426
52
21
8
6
49
11
1,440
67
5%
190
5%
3,603
450
5
-
5
-
4,058
0
3
1,603
400
98
-
1,418
82
3,603
450
-
450
75
21
96
46
44
26
18
68
77
48
(50)
75
62%
-64%
27%
48%
2%
60%
136
845
5
986
44
942
1%
4%
0%
4%
502
8
397
726
1,632
7%
6%
819
8
827
8
819
4%
63
285
86
-
-
-
83
(2)
514
0%
1%
0%
0%
0%
0%
0%
-4%
22
#REF!
14
#REF!
37
4
26
18
1
21
0
5
0
113
7
1
7
0
0
0
#REF!
(3)
-
229
(222)
4
6%
-101%
8%
-
308
308
35%
Err:522 Err:522 Err:522 6.69
CY08 CY09 CY10 1Q Jan Feb

975,000 975,000 975,000
975,000 1,023,750 1,023,750 255,536 86,290 83,006
100% 105% 105%
160,000 160,000 160,000
128,000 160,000 160,000 33,673 8,905 12,523
80% 100% 100%
67,626 68,979 70,358 14,843 14,643 56
975,000 1,023,750 1,023,750 307,297 142,818 84,237

91,886 115,246 115,051 19,516 5,541 7,927
36,114 44,754 44,949 205 13 -
107,182 111,366 118,709 28,243 4,414 10,460
356,832 385,379 416,209 14,949 6,878 4,382
72% 72% 72%

28% 28% 28%
9% 4% 7%
8% 8% 8%
2% 2% 2%
9% 8% 8%
8% 45% 0%
28% 25% 25%
8% 8% 8%
8% 8% 8%
610 660 714 608 593 610

595 640 694 588 573 590
11,890 12,791 13,874 11,767
1,149 1,666 1,674 2,220 1,702 2,229

1,103 1,599 1,607 1,998 1,532 2,006
22,068 31,988 32,134 39,954 30,636 40,122
544 682 855 843 680 850

533 668 837 759 612 765
60 59 59 61 62 62
28,984 36,421 46,412 44,058 37,944 47,430
797 863 934 1,479 1,146 1,468

757 820 888 1,331 1,031 1,321
15,147 16,399 17,754 26,628 20,628 26,424
797 863 934 1,479 1,146 1,468

757 820 888 1,405 1,089 1,395
15,147 16,399 17,754 28,107 21,774 27,892
363 399 439 370

10% 10% 10%
60 59 59 61
21,780 23,559 25,915 22,570
518 595 655 510

15% 15% 10%
61 60 60 62
31,568 35,708 39,278 31,620
544 682 855 500

60 59 59 62
32,637 40,226 50,420 31,000
5% 5% 5% 5%
11,098 12,083 13,512 10,000

11,399 4,464 8,573 9,400
3,835 3,995 4,209 3,500
3,790 4,103 4,442 3,500
3,790 4,103 4,442 3,500
112% 112% 112%

120% 120% 120%
105% 105% 105%
25% 25% 25%
25% 25% 25%
1,143 1,658 2,700

1,201 1,741 2,700
1,261 1,828 2,835
1,324 1,919 2,977
1,390 2,015 2,977
1,404 2,116 2,977
1,418 2,222 2,977
1,489 2,333 3,126
1,563 2,449 3,282
1,641 2,572 3,446
1,658 2,700 3,619
1,658 2,700 3,619
1,429 2,188 3,103

34% 53% 42%
0% 0% 0%
5% 5% 0%
5% 5% 5%
5% 5% 5%
5% 5% 0%
1% 5% 0%
1% 5% 0%
5% 5% 5%
5% 5% 5%
5% 5% 5%
1% 5% 5%
473 623 783

477 630 791
482 636 799
487 642 807
493 650 816
517 682 857
528 696 874
533 703 883
560 703 883
588 738 927
594 746 936
623 783 983
530 686 862

25% 30% 26%
0% 0% 0%
1% 1% 1%
1% 1% 1%
1% 1% 1%
1% 1% 1%
5% 5% 5%
2% 2% 2%
1% 1% 1%
5% 0% 0%
5% 5% 5%
1% 1% 1%
5% 5% 5%
818 1,091 1,453

820 1,092 1,456
848 1,130 1,506
937 1,249 1,664
998 1,330 1,773
1,008 1,344 1,791
1,028 1,371 1,827
1,028 1,371 1,827
1,028 1,371 1,827
1,080 1,439 1,918
1,091 1,453 1,937
1,091 1,453 1,937
981 1,308 1,743

33% 33% 33%
0% 0% 0%
0% 0% 0%
3% 3% 3%
11% 11% 11%
7% 7% 7%
1% 1% 1%
2% 2% 2%
0% 0% 0%
0% 0% 0%
5% 5% 5%
1% 1% 1%
0% 0% 0%
818 1,091 1,453

820 1,092 1,456
848 1,130 1,506
937 1,249 1,664
998 1,330 1,773
1,008 1,344 1,791
1,028 1,371 1,827
1,028 1,371 1,827
1,028 1,371 1,827
1,080 1,439 1,918
1,091 1,453 1,937
1,091 1,453 1,937
981 1,308 1,743

33% 33% 33%
0% 0% 0%
0% 0% 0%
3% 3% 3%
11% 11% 11%
7% 7% 7%
1% 1% 1%
2% 2% 2%
0% 0% 0%
0% 0% 0%
5% 5% 5%
1% 1% 1%
0% 0% 0%
11,890 12,791 13,874 11,767

22,068 31,988 32,134 39,954
28,984 36,421 46,412 44,058
15,147 16,399 17,754 26,628
15,147 16,399 17,754 28,107
11,593,220,973 13,095,115,598 14,203,844,538 3,615,861,367
804,105,807 882,326,440 976,171,309 174,652,633
1,391,800,103 1,889,900,362 2,042,642,056 519,672,048
547,024,168 733,921,216 798,023,713 5,762,003
7,874,655,633 12,327,321,465 13,374,413,219 597,272,346
3,106,575,568 4,056,099,097 5,509,466,459 1,244,330,094
13,532 15,719 17,045 4,141

1,096 1,273 1,380 365
12,436 14,446 15,665 3,776
8% 8% 8% 9%
11,785 17,266 19,860 2,016
707 1,036 1,192 122
11,078 16,230 18,668 1,894
6% 6% 6% 6%
23,515 30,676 34,333 5,670
28,592 28,986 28,789 7,336

7,299 7,298 7,298 1,860
104 115 132 90
262 287 315 252
3% 3% 3% 3%
1% 1% 1% 1%
2,721 3,047 3,480 604

1,743 1,913 2,099 427
Err:522 Err:522 Err:522 73

Err:522 Err:522 Err:522 254
7% 7% 7%
451 550 573 65

22% 25% 24% 15%
15% 15% 15% 2%
Err:522 Err:522 Err:522 678

2,194 2,462 2,672 493
811 917 1,044 170
280 285 291 150
103 100 97 25
50 52 54 13
120 125 130 28
35 38 42 6
26 27 27 5
64 58 53 20
9 9 9 3
11 13 11 11
702 775 844 165
Err:522 Err:522 Err:522 1,766
8 13 18 8
(13) (18) (26) (8)
Err:522 Err:522 Err:522 1,766
397 457 Err:522 397
(457) Err:522 Err:522 (100)
16,235 19,866 24,157 1,683
(5,714) (3,655) (5,729) (506)
Err:522 Err:522 Err:522 2,063
Err:522 Err:522 Err:522 3,241
297 380 429

36 46 52
1,167 1,493 1,687
12 16 18
87 112 126
68 84 97
25 33 36
33 42 48
28 31 34
11 16 17
50 53 52
32 43 48
1,845 2,348 2,642
1% 1% 1%
0% 0% 0%
5% 5% 5%
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%
1,781 1,959 2,154
180 198 217
16 18 20
5 5 5
1 1 1
- - -
1,982 2,180 2,398
10% 10% 10%

10% 10% 10%
12% 12% 12%
5% 5% 5%
0% 0% 0%
(246) (265) (285)

65 64 65
18 10 14
- - -
1 1 1
1 1 1
0 1 0
3 3 3
(160) (188) (204)
- - -
0 0 0
(160) (188) (203)

110% 118% 114%
10% 5% 5%
Err:522 Err:522 Err:522
- - -
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522

- - -
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
21% 21% 21%
7% 6% 7%
193 193 193
1,935 1,935 1,935

4,429 4,429 4,429
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
28% 28% 28%

26% 26% 26%
46% 46% 46%
Err:522 Err:522 Err:522
22 27 34
167 157 151
592 621 642
333 362 377
9,977 11,125 12,275
326 382 427
436 463 498
246 283 317
(4) (9) (16)
12,095 13,411 14,705
5 7 6
- - -
29 21 25
29 15 22
1,000 1,000 1,000
56 45 50
34 39 37
81 87 84
- - -
1,234 1,213 1,224
- - -
(10) (5) (8)
- - -
- - -
(3) (2) (3)
- - -
(7) (3) (5)
(44) (54) (49)
(5) (8) (6)
(69) (72) (70)
- - -
- - -
- - -
- - -
151 151 151
- - -
- - -
- - -
- - -
- - -
151 151 151
0 0 0
0 0 0
0 0 0
27 34 40
157 151 144
621 642 667
362 377 399
11,125 12,275 13,424
382 427 477
463 498 530
283 317 352
(9) (16) (23)
13,411 14,705 16,009
0% 0% 0%
2% 2% 2%
4% 4% 4%
3% 3% 3%
5% 5% 5%
15% 15% 15%
12% 12% 12%
13% 13% 13%
20% 20% 20%
- - -
44 45 47
266 290 314
49 59 69
4,864 5,268 5,728
166 222 287
345 396 454
96 97 95
34 30 24
5,864 6,407 7,018
- - -
4 3 3
24 25 26
10 10 11
531 586 641
56 65 71
57 61 65
36 41 45
(2) (3) (5)
715 789 858
- - -
(2) (1) (2)
- - -
- - -
(1) (0) (1)
- - -
(6) (3) (5)
(35) (43) (39)
(2) (3) (3)
(46) (51) (49)
- - -
- - -
- - -
- - -
(126) (126) (126)
- - -
- - -
- - -
- - -
- - -
(126) (126) (126)
- - -
45 47 49
290 314 340
59 69 80
5,268 5,728 6,242
222 287 358
396 454 515
97 95 101
30 24 16
6,407 7,018 7,701
27 34 40
111 104 95
331 327 327
303 308 319
5,857 6,547 7,182
160 140 119
67 44 15
186 222 251
(39) (40) (39)
7,004 7,687 8,308
329 335 398

69 62 82
44 45 49
11 13 14
453 455 543
7,457 8,142 8,851
5% 4% 5%
1% 1% 1%
1% 1% 1%
0% 0% 0%
715 789 858

14 17 20
729 806 878
702 775 844

28 31 34
729 806 878
96% 96% 96%

4% 4% 4%
21 21 21
6 6 6
12 12 12
6 6 6
24 26 28
7 7 8
6 7 7
(1) (1) (1)
- - -
5 5 5
6 6 6
121% 121% 121%
11% 11% 11%

29% 29% 29%
200% 200% 200%
5% 5% 5%
31% 31% 31%
91% 91% 91%
104 113 125

9 11 12
113 125 137
81 95 112
14 17 20
95 112 132
19 13 5
1,935 1,935 1,935

4,429 4,429 4,429
Err:522 Err:522 Err:522
- - -
- - -
- - -
- - -
- - -
Err:522 Err:522 Err:522

Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
103% 103% 104%

-2% -2% -2%
-1% -1% -1%
0% 0% 0%
Err:522 Err:522 Err:522
(37) (83) (107)

(56) (42) (16)
10 18 12
- - -
(83) (107) (112)
0 0 0
(55) (46) (50)
(55) (46) (50)
(28) (62) (61)
58 57 58
19 18 19
39 39 39
11 (23) (22)
343 345 344

(464) (454) (459)
(122) (109) (115)
67 63 65
(55) (46) (50)
194 192 193

(229) (225) (227)
(35) (33) (34)
35 33 34
0 0 0
22 20 22
46 47 47
(11) (6) (9)
(51) (50) (49)
(57) (75) (63)
(0) (1) (0)
(50) (66) (52)
32% 32% 32%
3,000 3,000 3,000

1,000 1,000 1,000
2,000 2,000 2,000
632 563 581
329 329 325
0 0 0
2 2 2
374 280 360
56 54 54
27 27 25
9 9 9
8 6 6
59 54 57
12 12 12
1,508 1,337 1,431
Err:522 Err:522 Err:522

6% 6% 6%
Err:522 Err:522 Err:522

5% 4% 5%
3,603 3,603 3,603

450 450 450
5 5 5
- - -
5 5 5
- - -
4,058 4,058 4,058
0 0 0
3 3 3
2,003 2,003 2,003
- - -
98 98 98
- - -
1,418 1,418 1,418
82 82 82
3,603 3,603 3,603
450 450 450

- - -
450 450 450
79 88 93
16 20 22
95 109 115
44 51 54
54 71 63
35 45 40
19 27 23
69 85 84
75 79 88
57 66 65
(54) (56) (61)
79 88 93
76% 83% 74%

-72% -71% -69%
20% 23% 24%

47% 46% 47%
2% 1% 2%
65% 62% 64%
125 163 189

810 1,082 1,216
4 6 7
939 1,252 1,411
28 39 50
911 1,212 1,361
1% 1% 1%
3% 4% 4%
0% 0% 0%
3% 3% 4%
Err:522 Err:522 Err:522

13 18 26
457 Err:522 Err:522
1,209 1,324 1,635
Err:522 Err:522 Err:522
8% 7% 8%
7% 7% 7%
787 1,066 1,185

8 8 8
795 1,074 1,193
8 8 8
787 1,066 1,185
3% 3% 3%
53 75 85
262 350 399
116 152 156
- - -
- - -
- - -
85 119 126
(2) (4) (4)
514 692 762
0% 0% 0%
1% 1% 1%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
-5% -5% -5%
22 22 22
14 14 14
36 36 36
55 46 50
(5) (11) (20)
35 45 40
22 20 21
0 1 1
30 25 28
0 0 0
8 7 7
0 0 0
101 107 104
7 7 7
1 1 1
7 7 7
0 0 0
0 0 0
0 0 0
290 281 273

4 (5) (11)
0 (0) (1)
246 265 285
(255) (271) (293)
(5) (11) (20)
7% 6% 6%
-103% -102% -103%
8% 8% 8%
- - -
355 408 469
355 408 469
15% 15% 15%

Mar
86,240
12,245
144
80,242
6,048
192
13,369
3,689
622
602
2,728
2,455 242.15 10 5
49,104 15.14 120 46
15.99 11.98 10.22
1,000
900
62
55,800
1,824
1,642
32,832
1,824
1,733
34,656
EPS 2.11 1.63 3.22
Rs mn CY04
1Q-CY05 2Q-CY05 3Q-CY05
Sales ### 2,471 3,458 4,865
Cost of sales ### 1,608 2,881 3,708
Gross profit ### 863 577 1,158

###
S & A expenses ### 206 247 305
8%
Other income ### 78 201 188
Other charges ### 56 28 64
Financial charges ### 59 85 82
EBT ### 620 418 895
Taxation ### 211 102 271
EAT ### 409 316 623
EPS (diluted) ### 2.11 1.63 3.22
DPS ###
Net margin
Payout ###
Retention ###
Unappropriated profit b/f ###

Divivdend from prior year ###
Profit for the year ###
Disposable for appropriation ###
First interim dividend ###

Second interim dividend ###
###
Unappropriatd c/f ###

Transfer to general reserve ###
Reserves opening ###
Transfer ###
Reserves ending ###
ROE ###
EBITDA
Price
Shares
Market cap
MV of Debt
Cash and investments
5.02 11.99 2.44 2.45 2.18
4Q-CY05 CY05 1Q-CY06 2Q-CY06 3Q-CY06

7,483 18,276 2,928 4,005 2,879
6,137 14,333 1,964 3,082 2,032
1,346 3,943 964 924 848

22% 33% 23% 29%
544 1,302 291 312 262
10% 8% 9%
677 1,145 177 218 170
140 287 100 53 40
53 280 76 110 96
1,286 3,220 674 666 620
316 900 203 193 199
970 2,319 471 473 421
5.02 11.99 2.44 2.45 2.18
11.00
13%
92%
8%
30% 29% 32%
627
(612)
2,319
2,335
(459)
(459)
1,417
1,417
-
4,429
4,429
31%
6.11 13.17 2.49 4.85 3.35 5.63
4Q-CY06 CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07

7,789 17,602 1,918 6,201 4,964 10,100
6,287 13,365 1,064 4,735 3,633 8,831
1,502 4,237 854 1,467 1,330 1,269

19% 24% 45% 24% 27% 13%
617 1,482 224 393 346 679
8% 12% 6% 7% 7%
774 1,339 142 404 105 1,180
94 287 36 83 53 168
80 363 106 135 142 152
1,484 3,445 631 1,260 896 1,450
302 897 150 321 248 361
1,182 2,547 481 938 647 1,089
6.11 13.17 2.49 4.85 3.35 5.63
3.00 9.00 2.00 2.00 3.00
14% 25% 15% 13% 11%
68%
32%
20% 24% 26% 28% 25%
1,417
(765) 15
2,547 9
5.96
3,199
(505)
(505)
2,190
2,190
-
4,429
4,429
26%
13 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4,430 737 1,395 1,037 1,602
295 295 295 295 295

16.31 Err:522 (1.45) (1.87) (2.77) Err:522
CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08

23,183 5,782 23,515
18,263 Err:522 - - - Err:522
4,920 Err:522 - - - Err:522

21% Err:522 Err:522
1,642 409 - - - 1,845
7% 7% 8%
1,831 141 - - - 1,845
339 93 - - - 372
535 161 280 363 535 614
4,236 Err:522 (280) (363) (535) Err:522
1,081 Err:522 - - - Err:522
3,155 Err:522 (280) (363) (535) Err:522
16.31 Err:522 (1.45) (1.87) (2.77) Err:522
7.00 2.00 12.00
14% Err:522 Err:522
43% Err:522
57% Err:522
26% 25% 0
2,190 4,116
(505) (621)
3,155 Err:522
4,840 Err:522
(336) (652)
(387) (601)
4,116 Err:522
4,116 Err:522
- -
4,429 4,429
- -
4,429 4,429
22% Err:522
16 Err:522 #DIV/0! #DIV/0! #DIV/0! Err:522
5,405 Err:522 - - - Err:522
295 229 229 229 229 295

Err:522 Err:522 6.69
CY09 CY10 4Q % chng

30,676 34,333 5,670 23,183 0%
Err:522 Err:522 3,241 18,263 0%
Err:522 Err:522 2,429 4,920 0%

Err:522 Err:522 42.84% 21.22% 0%
2,348 2,642 500 1,642 0%
2,180 2,398 140 1,831 0%
(188) (203) 80 24 1288%
198 320 286 850 -37%
Err:522 Err:522 1,703 4,236 0%
Err:522 Err:522 409 1,081 0%
Err:522 Err:522 1,294 3,155 0%
Err:522 Err:522 6.69 16.31 0%
12.00 14.00 2.00 3.00
Err:522 Err:522 23% 14% 0%
Err:522 Err:522
Err:522 Err:522
24% 26% 0%
Err:522 Err:522
(1,069) (1,067)
Err:522 Err:522
Err:522 Err:522
(649) (759)
(606) (704)
Err:522 Err:522
Err:522 Err:522
- -
4,429 4,429
- -
4,429 4,429
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
295 295
sequential
196% 6,201 -9%
205% 4,886 -34%
184% 1,315 85%

-4% 21% 102%
123% 400 25%
-1% 404 -65%
123%
171%
170%
172%
169% 2,713
169% 14.02
12.19
9
6
15.14
EPS 11.99 13.17
Rs mn CY05 CY06 1Q-CY07

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up 1,529 1,935 1,682

Reserves
Sahre premium - 1,068 1,068
Revenue 4,429 4,429 4,429
Hedge reserve -
Unappropriated profit 1,417 2,190 2,009
5,846 7,687 7,507
7,376 9,622 9,189
NON CURRENT LIABILITIES

Redeemable capital 2,888 1,800 4,684
Liability against assets subject to financial lease 2 - -
Deferred taxation 1,003 1,127 1,122
Retirement and other service benefits 43 41 28
3,936 2,968 5,835
CURRENT LIABILITIES
Current portion of:
redemable capital 688 1,088 1,088
liability against asset subject to finance lease 2 2 2
other service benefits 20 16 19
Short term borrowings - secured - 1,300 2,573
Trade and other payables 1,969 1,082 1,193
Taxation 43 72 75
Unclaimed dividends 78 82 67
2,800 3,642 5,017
14,112 16,233 20,041
FIXED ASSETS
Property, plant and equipment 6,840 6,558 6,571

Intangible assets 22 18 117
6,862 6,576 6,687
LONG TERM INVESTMENTS 2,173 3,658 4,001

LONG TERM LOANS, ADVANCES AND
OTHER RECEIVABLES 66 63 55
CURRENT ASSETS
Stores, spares and loose tools 666 689 730

Stock-in-trade 1,923 923 1,901
Trade debts 543 623 589
Loans, advances, deposits and prepayments 361 417 444
Other receivables and other assets 238 999 997
Taxation -
Short term investments 138 229 235
Cash and bank balances * 1,142 1,805 4,402
5,012 5,684 9,297
14,112 15,981 20,041
Check - (252) (0)
Net debt 3,575 4,187

Net debt change
16.31 Err:522 Err:522 Err:522
2Q-CY07 3Q-CY08 4Q-FY07 CY07 CY08 CY09 CY10
1,682 1,935 1,935 1,935 1,935 1,935
1,068 3,964 3,964 - - -

4,429 4,429 4,429 4,429 4,429 4,429
(38)
2,788 2,942 4,116 Err:522 Err:522 Err:522
8,248 11,335 12,510 Err:522 Err:522 Err:522
9,931 13,270 14,444 Err:522 Err:522 Err:522
7,700 14,800 1,786 2,663 4,275 2,436

- - - - - -
1,109 1,178 1,257 Err:522 Err:522 Err:522
31 32 39 11 (23) (22)
8,840 16,010 3,083 Err:522 Err:522 Err:522
1,565 844 1,051 837 612 1,726

1 1 - - - -
19 23 20 19 18 19
2,774 68 2,000 2,000 2,000 2,000
2,200 6,819 1,440 1,508 1,337 1,431
360 - 67 Err:522 Err:522 Err:522
51 106 190 Err:522 Err:522 Err:522
6,969 7,861 4,768 Err:522 Err:522 Err:522
25,740 37,140 22,295 Err:522 Err:522 Err:522
10,654 12,371 6,681 7,457 8,142 8,851

116 114 23 19 13 5
10,770 12,485 6,705 7,476 8,155 8,856
5,056 6,061 4,058 4,058 4,058 4,058

53 67 68 69 85 84
716 745 942 911 1,212 1,361

2,208 5,473 1,632 Err:522 Err:522 Err:522
1,274 2,259 819 787 1,066 1,185
394 501 514 514 692 762
846 264 #REF! 290 281 273
- 78
886 6,742 308 355 408 469
3,537 2,465 #REF! Err:522 Err:522 Err:522
9,861 18,528 #REF! Err:522 Err:522 Err:522
25,740 37,140 #REF! Err:522 Err:522 Err:522
- - #REF! Err:522 Err:522 Err:522
4,837 5,500 6,888 6,162

649 663 1,388 (726)
1,359 1,384 1,435 1,577
EPS 11.99 13.17 16.31 Err:522
Rs mn CY05 CY06 CY07 CY08

CASH FLOW FROM OPERATING
ACTIVITIES
Cash generated from operations

Profit before taxation 3,220 3,445 4,236 Err:522
Adjustment for non-cash charges and
other items
Depreciation and amortization 609 623 635 729
Profit/loss on disposal of fixed assets 1 (137) (6) (5)
Provision for retirement and other service
benefits * 39 74
Reversal of provision for diminution in
value of investment - (5) - -
Income on deposits other financial assets (59) (46) (163) (180)
Dividend income (964) (971) (1,619) (1,781)
Financial charges 280 363 535 140
Working capital changes (778) (784) #REF! Err:522
2,349 2,561 #REF! Err:522
Decrease / (increase) in current assets

Stores, spares and loose tools (79) (23) (254) 31
Stock-in-trade (1,438) 1,000 (709) Err:522
Trade debts (21) (80) (196) 31
Loans, advances, deposits and
prepayments 117 (56) (97) (0)
Other receivables and other assets * (43) (700) #REF! #REF!
(1,464) 141 #REF! Err:522
(Decrease) / increase in current liabilities
Trade and other payables including
service benefits * 686 (925) 361 67
(778) (784) #REF! Err:522
CASH FLOW FROM OPERATING

ACTIVITIES
Cash generated from operations 2,349 2,561 #REF! Err:522
Retirement and other service benefits
paid * (61) (76.445)
Payment of finance cost * (234) (363) (535) (614)
Taxes paid * (660) (745) (951) Err:522
Long term loans and advances (14) 3 (5) (1)
Net cash flow from operating activities 1,380 1,380 #REF! Err:522
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital expenditure * (377) (391) (489) (1,237)
Sales proceeds from disposal of
propoerty, plant and equipment 11 166 7 6
Income on deposits / other financial
assets * 53 49 163 180
Investment in subsidiary companies (748) (1,480) (400) -
Divivdends received * 834 967 1,619 1,781
Net cash outflow from investing activities (228) (689) 900 730
CASH FLOWS FROM FINANCING

ACTIVITIES
Proceeds from redeemable capital 1,000 - 1,000 1,500
Proceeds from issue of shares (net) - 1,221
Repayment of redeemable capital (1,087) (688) (1,051) (837)
Liability against asset subject to financial
lease * (2) (2) - -
Repayment of long term loans * (595) -
Dividends paid (1,494) (1,770) (1,120) Err:522
Net cash outflow from financing activities (2,177) (1,238) (1,171) Err:522
Net increase in cash and cash equivalents (1,025) (547) #REF! Err:522
Cash and cash equivalents at the

beginning of the year 2,305 1,281 734 #REF!
Cash and cash equivalents at the end of

the year 1,281 734 #REF! Err:522
7.13 #REF! Err:522

Err:522 Err:522
CY09 CY10
Err:522 Err:522
806 878
(5) (5)
- -
(198) (217)
(1,959) (2,154)
198 320
Err:522 Err:522
Err:522 Err:522
(301) (149)
Err:522 Err:522
(278) (119)
(178) (70)
8 8
Err:522 Err:522
(171) 95
Err:522 Err:522
Err:522 Err:522
(198) (320)
Err:522 Err:522
(16) 2
Err:522 Err:522
(1,216) (1,311)
6 6
198 217
- -
1,959 2,154
947 1,067
2,000 1,000
(612) (1,603)
- -
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
EPS 16.31 Err:522 Err:522
Rs mn CY07 CY08 CY09

Net income 3,155 Err:522 Err:522
Plus: Depreciation and amortization 635 729 806
Plus: Interest expensex(1-tax rate) 674 614 198
Less: Investment in fixed capital (900) (730) (947)
Less: Investment in working capital #REF! Err:522 Err:522
FCFF #REF! Err:522 Err:522
Less: Interestx (1-tax rate) 674 614 198

Plus: Net borrowing 649 663 1,388
FCFE #REF! Err:522 Err:522

TV
PV of FCFE #REF! Err:522 Err:522

PV of TV
FCFE #REF!
Fair value #REF!
CAPM
Beta 1.00
Risk free rate 10.1%
Risk premium 5.0%
Required rate of return 15.1%
Terminal growth rate 6%

Tax rate 26%
DDM 7 12 12
6 9 8
110
Retention 57% Err:522 Err:522
ROE 22% Err:522 Err:522
12% Err:522 Err:522

Err:522
Err:522
CY10
Err:522
878
320
(1,067)
Err:522
Err:522
320
(726)
Err:522
Err:522
Err:522
Err:522
14
138
8
79
Err:522
Err:522
Err:522
EPS - 11.99 13.17 16.31
Rs mn CY04 CY05 CY06 CY07

Intetrest on WPPF 0 0 0 -
Long term charges 280 238 313 472
Short term borrowing costs 3 41 49 63
Others 3 1 0 0
286 280 363 535
Redeemable capital 3,662 3,575 2,888 2,837

Current portion 1,087 688 1,088 1,051
2,575 2,888 1,800 1,786
Proceeds 1,000
ST borrowing costs 4% 4%
NBP
Amount outstanding 200
No of installments remaining 2
No of installments per year 2
Interest rate 9%
Installments 107
Date Balance Installment
1H2007 200 107
2H2007 102 107
NBP 2
Interest rate 9%
Installments 47
1H2007 88 47
2H2007 45 47
UBL
Interest rate 9%
Installments 206
1H2007 736 206
2H2007 565 206
1H2008 385 206
2H2008 197 206
MCB
Interest rate 9%
Installments 152
1H2007 544 152
2H2007 417 152
1H2008 285 152
2H2008 146 152
SCB
Interest rate 9%
Installments 90
1H2007 320 90
2H2007 245 90
1H2008 167 90
2H2008 86 90
NBP3
Interest rate 11%
Installments 84
3Q2009 600 84
4Q2009 532 84
1Q2010 462 84
2Q2010 390 84
3Q2010 316 84
4Q2010 240 84
1Q2011 162 84
2Q2011 82 84
MCB 2
Interest rate 11%
Installments 56
1Q2010 400 56
2Q2010 354 56
3Q2010 308 56
4Q2010 260 56
1Q2011 210 56
2Q2011 160 56
3Q2011 108 56
4Q2011 55 56
New loan 2007

Amount outstanding 1,000
Interest rate 11%
Installments 140
1Q2009 1,000 140
2Q2009 886 140
3Q2009 769 140
4Q2009 649 140
1Q2010 526 140
2Q2010 400 140
3Q2010 270 140
4Q2010 137 140
New loan 2008

Interest rate 11%
Installments 211
1Q2010 1,500 211
2Q2010 1,329 211
3Q2010 1,154 211
4Q2010 974 211
1Q2011 789 211
2Q2011 600 211
3Q2011 405 211
4Q2011 205 211
New loan 2009

Interest rate 11%
Installments 281
1Q2011 2,000 281
2Q2011 1,772 281
3Q2011 1,539 281
4Q2011 1,299 281
1Q2012 1,052 281
2Q2012 799 281
3Q2012 540 281
4Q2012 273 281
New loan 2010

Interest rate 11%
Installments 140
1Q2012 1,000 140
2Q2012 886 140
3Q2012 769 140
4Q2012 649 140
1Q2013 526 140
2Q2013 400 140
3Q2013 270 140
4Q2013 137 140
Err:522 Err:522 Err:522
CY08 CY09 CY10

(0) 0 1
60 118 239
80 80 80
0 0 0
140 198 320
3,500 4,888 4,162

837 612 1,726
2,663 4,275 2,436
1,500 2,000 1,000
4% 4% 4%
Principle Interest Interest Rate Balance

98 9 5% 102
102 5 5% (0)

43 4 5% 45
45 2 5% (0)

171 35 5% 565
180 27 5% 385
188 18 5% 197
197 9 5% (0)

127 26 5% 417
133 20 5% 285
139 13 5% 146
146 7 5% (0)

75 15 0 245
78 12 0 167
82 8 0 86
86 4 0 (0)

68 16 3% 532
70 14 3% 462
72 12 3% 390
74 10 3% 316
76 8 3% 240
78 6 3% 162
80 4 3% 82
82 2 3% (0)

46 11 3% 354
47 9 3% 308
48 8 3% 260
49 7 3% 210
51 6 3% 160
52 4 3% 108
53 3 3% 55
55 1 3% (0)

114 27 3% 886
117 24 3% 769
120 20 3% 649
123 17 3% 526
126 14 3% 400
130 11 3% 270
133 7 3% 137
137 4 3% (0)

171 40 3% 1,329
175 35 3% 1,154
180 31 3% 974
185 26 3% 789
190 21 3% 600
195 16 3% 405
200 11 3% 205
205 5 3% (0)

228 53 3% 1,772
234 47 3% 1,539
240 41 3% 1,299
246 34 3% 1,052
253 28 3% 799
260 21 3% 540
266 14 3% 273
273 7 3% (0)

114 27 3% 886
117 24 3% 769
120 20 3% 649
123 17 3% 526
126 14 3% 400
130 11 3% 270
133 7 3% 137
137 4 3% (0)

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EPS

Rs mn CY03 CY04 CY05

Domestic urea sales 890,000

Domestic urea price per bag 485

DAP per bag imported

MAP/MOP price per ton Us $

NPK price per bag

NP price per bag

Urea import price per ton

DAP import price

MAP import price

Urea subsidy per ton

Subsidized margin urea

DAP price growth

MAP prices ($)

MAP price growth

NPK prices growth

Gross sales domestic 8,753 9,503 10,694

Net sales 11,884 12,798 18,276

Feedstock cost 1,714 1,949

Raw material 574 1,076

Raw materials consumed 2,288 3,025

COGS 9,528 14,333

Selling & distribution expenses

Salaries 211 203

Dividend income 96%

Other operating expenses

Other expenses 231,370,000 190 284

Taxation 766,468,000 704 900

rate 33% 25% 27%

No. of shares 153 152.94

Issued paid up capital ### 1,529 1,529

Equity ### 6,586 7,376

1st interim dividnd as % of total 29% 27%

Proposed dividend 47% 45%

ROE 24% 31%

Depriciation for the year

Net book value at end

Property, plant and equipment 7,096 6,840

Plant and machinery 7% 6%

Depreciation for the year 573 600

Cost of sales 560 584

Gain / (loss) on disposal (1)

Liability against assets subject to financial

Accelerated depreciation allowance 1,026 1,036

Accelerated depreciation allowance 106% 103%

Retiement and other service benefits

Defined benefit plans

Defind cotribution plan 27 44

Current portion 34% 34%

Short term borrowings - secured

Long term investments

Joint venture company

Long term loans, advances and other

Disbursements 17% 56%

Stores, spares and loose tools

Raw materials 4% 13%

Loans, advances, deposits and prepayments

Other receivables and other assets

CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07

2,475 688 581 708

6,533 1,035 1,522 1,540 -

13,365 1,064 4,735 3,633 -