Group Members: Adeel Siddiqui

Ali Nisar Ahmed

Furqan Ahmed
Hasan Najib
Mujtaba Mansoor
Zain Ali Shams

Pakistan State Oil Ltd

2013

2012

2011

2010

2009

Gross Profit margin

2.82

2.86

3.52

3.52

0.42

Net Profit margin

0.97

0.75

1.52

1.03

(0.93)

EBITDA margin

2.15

2.21

3.18

3.31

(0.55)

Return on
shareholders equity
Return on total
assets
Return on capital
employed
Operating Leverage
Ratio

20.29

18.13

35.27

30.85

(32.10)

4.46

2.61

5.63

4.47

(4.37)

40.66

47.21

66.16

86.55

(21.90)

67.46

(65.90)

65.49

(2930.77)

(525.19)

Comments:

The Gross Profit and EBITDA ratios have shown a

stable trend.
NP ratio has increased by 29% mainly due to a
decrease in finance cost.
The return on shareholders equity has increased
mainly due to an increase in bottom line by 39% as
compared to FY 2012, which was partly offset by
the impact of bonus issues in equity.

The return on total assets has increased due the

impact of an increase in profit after tax and decline
in total assets by 19% as compared to FY 2012 due
to settlement of circular debt related receivables.
The return on capital employed has decreased as
compared to FY 2012 mainly because of increase in
capital employed due to the impact of bonus issue.

Inventory
Turnover
No. of Days in
Inventory
Debtor Turnover
Ratio
No. of Days in
Receivables
Creditor
Turnover Ratio
No. of Days in
Creditors
Total Asset
Turnover
Fixed Asset
Turnover
Operating Cycle

2013

2012

2011

2010

2009

13.30

13.05

12.66

17.67

13.96

27

28

29

21

26

8.97

7.00

8.05

8.86

12.57

42

52

45

41

29

6.49

5.72

5.66

6.14

6.32

56

64

65

59

58

4.12

3.93

4.19

4.93

5.13

226.77

200.39

155.68

130.27

98.38

13

16

10

(3)

Comments:

As of June 30, 2013, a net reduction in the

operating cycle was witnessed in comparison to FY
2012 mainly due to increase in stock levels and
reduction in debtors and creditors balances on
account of circular debt settlement.
Total asset turnover has increased as compared to
FY 2012 due to increase in turnover and decline in
total assets by 19%.

Fixed asset turnover has increased as compared to

FY 2012 on account of increase in turnover and
decline in property plant and equipment balances
due to low CAPEX and depreciation charge for the
year.

2013

2012

2011

2010

2009

Cash to Current
Liabilities
Cash flow from
operations to Sales
Current Ratio

0.02

(0.06)

(0.09)

(0.05)

0.09

0.06

(0.02)

(0.01)

0.01

(0.01)

1.04

1.15

1.16

1.14

1.07

Quick Ratio

0.55

0.84

0.72

0.79

0.75

Comments:

Cash to Current liabilities and Cash flow from

operations to Sales have improved as compared to
FY 2012 due to improvement in cash flow position
close to year end on account of fund injections by
GoP on June 28, 2013 to settle circular debt.
In comparison to FY 2012, the Current ratio has
remained flat whereas Quick ratio has declined due
to significant decrease in trade debt balances.

2013

2012

2011

2010

2009

Interest Coverage

3.51

2.17

2.51

2.77

(0.89)

Financial Leverage

0.28

0.92

0.59

0.44

0.89

Debt to Equity

Comments:

As of June 30, 2013, Interest coverage ratio has

improved in comparison to FY 2012 due to decline
in finance cost by 35%.
Financial Leverage ratio has also shown
improvement in line with decline of short term
borrowings

Shell Pakistan Ltd

2013

2012

2011

2010

2009

Gross Profit

3.95%

3.80%

4.94%

5.42%

7.28%

Net Profit

0.37%

-0.79%

0.37%

0.7%

1.4%

EBITDA To Sales

1.17%

0.81%

2.16%

1.79%

2.62%

ROE

14.69%

-32.92%

10.97%

20.45%

30.99%

ROA

2.61%

-4.30%

1.84%

4.20%

7.62%

Comments:

Margins are constantly declining.

Share holder Equity also improved lastly due to
improvement in Earnings and Total Equity.
Assets improved but due to Net Loss the company
suffered Negative ROA in 2012.

2013
Inventory
Turnover
Asset Turnover
Creditors
Turnover
No. of Days
Receivables
No. of Days
Payables
No. of Days
Inventory
Inventory
Turnover

2012

2011

2010

13.52

11.56

11.59

6.73

5.19

5.26

0.38

0.40

0.38

970.57

907.04

972.51

27

32

31

13.52

11.56

11.59

2009

14.58

10.94

6.20

5.26

0.44

0.45
3

970.4

975.51

32

33

14.58

10.94

Comments:

Overall due to tight operations, They maintained

there Activities.

2013

Long Term Debt

Ratio
Long Term Debt to
Equity Ratio
Times Interest
Earned

2012

2011

0.0082

0.0075

0.0039

0.0463

0.0578

0.0229

4.51

0.56

2.05

2010

2009

0.0049

0.0064

0.0240

0.0259

2.94

3.49

Comments: