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Analysis of
Financial
Statements
Final Report
Sectorial Analysis of Fauji
Fertilizers
The compilation of this report could not have been realized without the blessings of Almighty
Allah. We are highly indebted to quite a few people who have been there from the beginning till
the completion of our research. Their undue support has been the source of inspiration for us to
complete it efficiently within time.
We would deeply like to thank our teacher Mr. Maqbool – Ur - Rehman, Assistant Professor,
Finance and Accounting, at I.o.B.M for his guidance during the project. His excessive support
has been the source of motivation to perform our best, regarding the report.
The overall financial position of the company is stable, over the year which is one of the reason
of high efficiency and profitability of FFC. All the profitability ratios are also showing
increasing trend on the back of increasing Sales as well as Gross profit which is because of good
investments by the company in high yielding projects. Leverage and Liquidity ratios related to
FFC are also improving from past to present. If the company would be able to continue its
current stability and investments in profitable projects then the company would be able to
increase its market share as well as Profitability.
With a vision to acquire self sufficiency in fertilizer production in the country, FFC was
incorporated in 1978 as a private limited company. This was a joint venture between Fauji
Foundation (a leading charitable trust in Pakistan) and Haldor Topsoe A/S of Denmark.
The initial authorized capital of the company was 813.9 Million Rupees. The present share
capital of the company stands at Rs. 3.0 Billion. Additionally, FFC has Rs. 1.0 Billion stakes in
the subsidiary Fauji Fertilizer Bin Qasim Limited (formerly FFC-Jordan Fertilizer Company
Limited).
FFC commenced commercial production of urea in 1982 with annual capacity of 570,000 metric
tons.
• Through De-Bottle Necking (DBN) program, the production capacity of the existing
plant increased to 695,000 metric tons per year.
• Production capacity was enhanced by establishing a second plant in 1993 with annual
capacity of 635,000 metric tons of urea.
• This excellent performance was due to hard work and dedication of all employees and the
progressive approach and support from the top management.
• In the year 2002, FFC acquired ex Pak Saudi Fertilizers Limited (PSFL) Urea Plant
situated at Mirpur Mathelo, District Ghotki from National Fertilizer Corporation (NFC)
through privatization process of the Government of Pakistan.
This acquisition at Rs. 8,151 million represents one of the largest industrial sector transactions in
Pakistan.
Mission Statement
FFC is committed to play its leading role in industrial and agricultural advancement in Pakistan
by providing quality fertilizers and allied services to its customers and given the passion to excel,
take on fresh challenges, set new goals and take initiatives for development of profitable
business ventures.
Corporate Vision
FFC vision for the 21st Century remains focused on harmonizing the Company with fresh
challenges and encompasses diversification and embarking on ventures within and beyond the
territorial limits of the Country in collaboration with leading business partners.
Manufacturing
The largest urea manufacturing facility of Pakistan consisting of two ammonia/urea units owned
by FFC is built at Goth Machhi in district Rahim Yar Khan. Goth Machhi is situated at a distance
of 2 kms from the main Lahore-Karachi highway and is adjacent to the main railway line.
Over the years, the plants have demonstrated an operational excellence which has become a
reference for the engineering companies whose process technologies are used here. Delegations
from China, Middle East and Far East keep visiting the plant site for gaining firsthand
knowledge before deciding to purchase a new plant.
The Company has three plants and is a shareholder in FFBL. It markets the whole production of
FFBL.
Production Facilities
BASE UNIT-GOTH MACHHI (FFC-1)
Start-up: June 1982
Design Capacity
Ammonia: 330,000 Met/Year
Urea: 570,000 Met/Year
REVAMPED BASE UNIT
Capacity Enhanced: 1992
Fauji Fertilizers | Appendix 3
New Capacity
Ammonia: 403,000 Met/Year
Urea: 695,000 Met/Year
Production Efficiency
Both the plants have been consistently operating in excess of designed capacity reaching as high
115% for the Base Unit and 119% for the Expansion Unit as a result of high efficient operations,
good maintenance and strong technical support.
FFC is a leading manufacturing company with over 60% shares of urea manufacturing and
marketing in Pakistan.
Urea, which represents 65% of total fertilizer consumed and di-ammonium phosphate (DAP),
which accounts for 18%, are the main types of fertilizer used in Pakistan, but there is a total of
eight different fertilizer products which fall into three categories.
Urea, along with calcium ammonium nitrate (CAN) and ammonium sulphate (AS) together make
up almost three fourths of total fertilizer consumption and come under the nitrogenous category.
Under the phosphatic category which makes up about 27%, is DAP, triple super phosphate
(TSP), single super phosphate (SSP) and nitro phosphate (NP). And under the last category,
potassic is sulphate of potash which makes up only 1%.
Since the soil in Pakistan generally tends to be deficient in nitrogen, urea is the most used
fertilizer. DAP is used, as most phosphatic fertilizers are to counter the effect of the acidic urea
and maintain levels of fertility in the soil.
• SONA Granular
o It produces 13% of total production
• SONA DAP
o FFCL produces 31% of country’s demand. It is the sole producer of DAP.
AGRICULTURE SECTOR
The undeniable importance of the agriculture sector to the economy of Pakistan is reflected in its
contribution to national output, employment and export earnings. This sector contributes 22% to
the country's Gross Domestic Product (GDP) and employs 43% of total labor force. Growth in
this area of Economy is vital for poverty alleviation, as about 66 percent of rural population is
directly or indirectly dependent on the agriculture sector for sustenance. Pakistan’s major source
of foreign exchange earnings is the textile sector which also relies on agricultural performance.
The major crops of Pakistan are wheat, cotton, rice and sugarcane, which make up 7% of the
country’s GDP.
Fertilizer has a significant contribution in increasing crop yields and productivity. Proper
application of nutrients helps in efficient utilization of limited natural resources such as land and
water. Fertilizers improve crop yield by removing the deficiency of chemical elements taken
from the soil by harvesting, grazing, leaching or erosion. Coupled with improved seeds, better
insecticides and more effective fungicides, chemical fertilizers play a vital role in boosting
agricultural output. With proper farmer education and increased awareness, the fertilizer off-take
can improve substantially. Nutrient application in suitable quantities can further improve farm
productivity, thereby helping in eradicating poverty.
Urea, which represents 65% of total fertilizer consumed and di-ammonium phosphate (DAP),
which accounts for 18%, are the main types of fertilizer used in Pakistan, but there is a total of
eight different fertilizer products which fall into three categories.
Urea, along with calcium ammonium nitrate (CAN) and ammonium sulphate (AS) together make
up almost three fourths of total fertilizer consumption and come under the nitrogenous category.
Under the phosphatic category which makes up about 27%, is DAP, triple super phosphate
(TSP), single super phosphate (SSP) and nitro phosphate (NP). And under the last category,
potassic is sulphate of potash which makes up only 1%. Since the soil in Pakistan generally
tends to be deficient in nitrogen, urea is the most used fertilizer. DAP is used, as most phosphatic
fertilizers are to counter the effect of the acidic urea and maintain levels of fertility in the soil.
GLOBAL SCENARIO
The world grain consumption has outpaced production in six of the last seven years, with 2005
being the only exception, in which production superseded supply due to favorable weather in
almost all the major grain producing countries. With the growing demand of food and rapid
increase in demand for biofuels, the grain consumption growth has witnessed an increase of 2%
in 2007 from the historical average rate of 1.2% p.a. This has led to a widening gap between
consumption and production resulting in sharp increase in food prices in the global market.
During 2007, total global production of grains was recorded at 2.3bn tons, up 4% YoY. Despite,
the increase in production the global commodity prices have climbed significantly during the
past twelve months on the back of rising demand from emerging economies. Corn, wheat, and
rice account for about 85% of the global grain harvest (in terms of weight), while sorghum,
millet, barley, oats, and other less common grains make up the rest. China, India, and the United
States alone account for 46% of global grain production; Europe, including the former Soviet
states, grow another 21%.
Out of a total of 784mn tons of corn harvested during 2007, about 255mn tons or 32.5% was
used in extracting biofuels which has resulted in sharp increase in price of the commodity.
Higher corn prices prompted many a farmers in various countries (China, Brazil and the United
States) to switch to corn harvesting. Another major consumer of grains is the livestock sector,
which accounted for approximately 627mn tons (27%) in the form of feed for the cattle. Demand
of grains from this sector has grown rapidly over the past few years on account of higher
consumption of dairy products and meat by the developing countries especially China, India and
Brazil.
The amount of grain stored by governments, a good measure of the global cushion against poor
harvests and rising prices continues to decline. Global cereal stocks were expected to stand at
318mn tons by the close of the 2007 season, equivalent to about 14 percent of annual
consumption, lowest since many years. In comparison to the global scenario, Pakistan’s food
grain production has witnessed a rising trend over the years registering a 4-year CAGR (FY02-
06) of 5.7% on the back of good harvest of major crops (wheat & rice) which account for almost
84% of the total grain production of the country.
Local Arena
Urea Prices
DAP Prices
International DAP prices have risen sharply during 2007 (+143% YoY) on the back of rising
demand for the phosphatic fertilizer for harvesting of crops used in production of biofuels. In the
Fauji Fertilizers | Appendix 11
local market, price of DAP fertilizer too has followed suit and has gone up from PKR 873 per
50kg bag at the start of 2007 to around PKR 1,680 per bag at present. Despite the PKR 470 per
bag subsidy by the GOP, the hefty rise in DAP prices has caused its off-take to drop significantly
during the past few months with many farmers reverting to the use of urea. FFBL the only
producer of DAP and caters to only 31% of the DAP demand of Pakistan while the rest of the
demand is met through imports. Since the local prices are highly correlated to global prices we
estimate DAP prices to increase at a 4-year CAGR (CY07-11E) of 6.3%.
There are nine fertilizer plants in Pakistan with a total installed capacity of 4.35mn tons
including urea, Di-ammonium phosphate (DAP), single super phosphate (SSP), calcium
Fauji Fertilizers | Appendix 12
ammonium nitrate (CAN), nitro phosphate (NP) and ammonium sulfate (AS). Total demand of
these fertilizers is estimated to grow at an average of 4% per annum in the medium term. The
shortfall of approximately 1.1mntpa is met through import on which GOP provides subsidies.
During FY08, the GOP allocated a sum of PKR 13.5bn for import of various fertilizers.
The graph above shows the demand trend of both major fertilizers, urea and DAP, which has
increased at a 4-year CAGR (CY02-06) of 4.6% and 7.7% respectively. Given the increase in
crop prices, low per acre usage of fertilizers, increasing awareness among the farming
community and vast cultivable land, we estimate demand growth of fertilizers to average over
4% per annum over the next 4 years.
The share of the private sector in fertilizer marketing is 89 percent, compared to 11 percent for
the public sector. The private sector handles about 90 percent of the urea and 100 percent of the
DAP, the two major fertilizer products consumed in the country. A dealer network of about 8
000 retailers exists in the country. Fertilizer companies select and train the dealers. There is no
government intervention. However, under ‘Fertilizer Acts’ promulgated by provinces, fertilizer
quality is monitored by the provincial governments.
The future outlook of the fertilizer sector is very strong because of supportive government
policies, favorable climatic conditions and gas pricing. The Economic Coordination Committee
(ECC) has directed Sui Northern Gas Pipelines Limited (SNGPL) to market an additional 100
million cubic feet a day of natural gas from the Qadirpur gas field, close to both Engro and the
FFC.
Short term outlook appears encouraging with significant projections for strong demand for our
fertilizers. In the long term, the Company is committed to achieve sustained levels of operations
at demonstrated operating efficiencies through focus on their fundamental strengths.
Customs duty of 5% was withdrawn from imported urea. A similar withdrawal was done on
imported DAP fertilizer last year this will not affect local manufacturers The medium to long
term projected demand supply gap situation together with commissioning of their BMR projects
with enhanced urea production capacities would further consolidate their market presence and
allow improved returns to the Company and its stakeholders.
Prop, PLANT & Equip 1,527,227 9,516,474 9,136,537 9,180,716 9,184,727 9,607,957 10,390,49 12,730,813
0
GOODWILL 1,987,694 1,883,079 1,778,464 1,673,849 1,569,234 1,569,234 1,569,234
LONG TERM INVESTMENTS 2,491,364 7,077,892 7,083,151 5,765,699 6,058,006 6,409,382 6,325,129 7,744,779
L.T LOANS & ADVANCES 45,369 50,137 63,920 67,328 64,545 76,647 142,782 163,102
L.T Dep. & Prep 161,881 128,495 125,511 3,492 3,435 2,474 2,144 1,524
CURRENT ASSETS
Stores, spares and loose tools 1,229,557 1,618,373 1,686,980 1,727,309 2,154,318 2,202,053 2,407,988 3,034,268
Stock in trade 614,327 630,808 681,297 219,180 560,472 952,905 642,836 258,094
Trade debts 880,298 1,400,893 1,876,381 1,407,736 659,713 961,427 1,722,602 495,929
Income Statement
No. of Shares Outstanding 256,496 256,496 256,496 493,474 493,474 493,474 493,474 493,474
The number of shares issued till 2004 was same after which they increased. The company after
2004 raised some share capital to raise fund as their value was Going Up. Although the
shareholder’s equity section was increasing but it was reducing in percentage as compared to the
assets section. The reduction was around 20 to 30 percent.
The long term liabilities also started increasing from year to year and till 2008 it almost doubles
from the previous years. The amount of deferred taxation also was being reduced which seems
that the company started paying off their deferred tax instead to defer it to the next upcoming
years.
In the year 2001 and 2002 we see the redeemable capital which vanished in the upcoming years
which tells us the story that the company position is getting good and strong after year 2002 that
they were not in the need of urgent funds by issuing some temporary shares.
The trade and other payables increased by a huge amount in percentage from year 2004 which
tells the company increased the liabilities in greater proportion of percentage over the last six
years.
The short term borrowing was also been seen but they did not increased that much as the trade
and other payables and remained consistent over the years.
Creditors, accrued & other liabilities was just seen in the year 2001 and 2002 after which
company completely get rid of this liability.
The taxation amount was quiet high as around 30 to 40 percent all of the years being analyzed.
Since the company position starts getting better from year 2002 the Fixed assets section
increased in huge amount which tells us that the company really invested In the buying of the
fixed assets for much better capacity and storage so they can improve and increase their
production.
The current assets section as it is clear that the stores, spares and loose tools and stock in trade
were almost just enough as much they needed. It seems that the company is utilizing their
inventory as much they needed.
The company also made a lot of percentage in short term investment which tells how much the
company is in investing in short term projects to raise more money and this amount was much
better in percentage.
The current assets section was in the greater proportion as compared to rest of assets that how
well the company not in the long term but also in short term is keeping it better in the market and
improved their position over the last few years.
As we seen the company’s strengthens from year 2002 it improved in all kinds of section. If we
talk about their sales are increasing a lot year after years. So because of this the cost of goods
sold also increased in much greater amount but in the year 2008 they not only increased their
sales but also reduced the cost of sales expense by around 5 percent which is quiet good for
future sales growth the profits.
The company also improved year after year in the gross profit section as well which better tells
the company how much they improved over the past few years and the big reason for that in not
only better sales but also a decline in cost of sales percentage.
The company maintained its distribution cost over all the past years which were around 8 to 9
percent.
As the company improved in increasing sales and decreasing their cost of sales and maintain
their distribution cost they also made a healthier operating profit over the last few years.
So because all these reason the company improved in maintain their before tax and after tax
profit to a much better position.
NON CURRENT LIABILITIES 100.00 61.13 223.49 76.44 93.01 208.13 419.03
% % % % % % %
Long Term Liabilities 100.0 573.32 350.46 1281.3 438.24 533.24 1193.2 2402.4
0% % % 0% % % 3% 1%
DEFERRED TAXATION 100.0 3127.9 2932.5 2798.8 2791.8 2786.0 2748.2 2827.7
0% 1% 6% 4% 6% 5% 9% 8%
CURRENT LIABILITIES
Trade and other payables 100.0 116.67 158.33 757.79 875.62 523.20 755.73 778.92
0% % % % % % % %
Interest and mark - up 100.00 100.00 109.98 180.57 248.45 262.11
accrued % % % % % %
Short term borrowings 100.0 423.61 371.54 12.50 313.12 566.39 392.64 389.25
0% % % % % % % %
Creditors, accrued & 100.00 181.23 167.00
other liabilities % % %
Current portion of L.T Fin 100.00 182.45 140.08 450.99 375.10 176.35 203.22 147.68
% % % % % % % %
Taxation 100.0 185.16 62.59 113.51 268.35 247.70 249.13 337.40
0% % % % % % % %
Total Liabilities 100.0 216.54 208.13 213.25 303.46 261.59 275.83 284.17
0% % % % % % % %
Total Liab. & SHE 100.0 201.59 194.81 189.25 203.61 196.32 209.28 228.45
0% % % % % % % %
Prop, PLANT & Equip 100.0 623.12 598.24 601.14 601.40 629.11 680.35 833.59
0% % % % % % % %
GOODWILL 100.00 94.74% 89.47% 84.21% 78.95% 78.95% 78.95%
%
LONG TERM INVESTMENTS 100.0 284.10 284.31 231.43 243.16 257.26 253.88 310.87
0% % % % % % % %
L.T LOANS & ADVANCES 100.00 110.51 140.89 148.40 142.27 168.94 314.71 359.50
% % % % % % % %
L.T Dep. & Prep 100.00 79.38% 77.53% 2.16% 2.12% 1.53% 1.32% 0.94%
%
CURRENT ASSETS
Stores, spares and loose 100.00 131.62 137.20 140.48 175.21 179.09 195.84 246.78
tools % % % % % % % %
Stock in trade 100.00 102.68 110.90 35.68% 91.23% 155.11 104.64 42.01%
% % % % %
The company increased their share capital in the year 2005 and it is still the same until now.
Because of this the company’s issued, subscribed and fully paid section also increased. The total
shareholder equity section increased from year 2002 because from year 2002 the company
position was becoming better in all perspective.
The company’s noncurrent liabilities increased in huge amount from year 2007 and in year 2008.
The Long Term Liabilities and deferred taxation also increased by a huge amount in percentage
over the last two to three years as compared to last eight years.
The trade and other payable section also increased by a huge amount especially from year 2004
so the company increased most of their liabilities in this section. The company also increased the
short term borrowing amount by a much greater percentage from year 2005 until now which tells
the company really increased most of their liabilities in this particular section.
So overall the taxation, total liabilities and SHE section increased in much greater percentage
from year 2002 and until now which tells how much the company increased their liabilities.
The fixed assets section increased by a very greater proportion in percentage as the company’s
position started getting better from year 2002 until now. The percentage increase in the fixed
assets was very huge which tells how much the company has invested to buy more fixed assets to
increase their production and sales.
So over the last seven years we see how much the FFC has improved in perspective of all kinds
of noncurrent and especially current assets and how better they are managing it.
As we know the FFC’S position started getting stronger and stronger from year 2002 they
improved in almost all kinds of sections in which they can earn profit increase their sales and
Since the company bought lot of fixed assets that definitely have improved their production
capacity and this was definitely due to much bigger demand and supply. So the company really
improved in much greater proportion in increasing their sales from year 2002 and continued their
progress until now.
As the increase in the sales we know the cost of sales also increased so the amount of cost of
sales was also quiet high but the company did make some efforts in year 2008 to reduce its cost
of sales in order to make much more profit.
Since the increase in sales much in greater proportion as compare to cost of sales the company’s
gross profit also rose year after year.
With all the increase in the sales and cost of sales the distribution cost also rose with greater
proportion as compare to last eight years.
Due to all the steps taken by the company to reduce their expenses with the increase in the sales
that company also made a huge amount of operating profit which better tells the company’s
position that how better they are getting year after year. This progress tells us also one more
thing that the company will really earn a lot of profit with increased sales the future as well.
Other expense also rose with the increase in the sales and as compared to the country’s condition
this up and down will continue in upcoming years so the company should be aware of it and
should have primitive measures for it.
Other income also rose which tells how better they are managing in almost neglecting the
increase in other expense means that although the other expense also rose but the other income is
playing a big role in order to decreases its effects so the overall before tax and after tax profit
should be good.
The taxation amount also rose especially in the year 2008 due to the increased taxes but the
company’s good progress is not affected by it.
The FFC’s net profit after taxation also rose to much greater proportion over all the last eight
years but raised much in year 2008 as compare to the last few years due to the increased demand
and supply.
Prop, PLANT & Equip 100.0 523.12 - 0.48% 0.04% 4.61% 8.14% 22.52
0% % 3.99% %
GOODWILL - - -5.88% - 0.00% 0.00%
5.26% 5.56% 6.25%
LONG TERM INVESTMENTS 100.00 184.10 0.07% - 5.07% 5.80% - 22.44
% % 18.60 1.31% %
%
L.T LOANS & ADVANCES 100.00 10.51% 27.49 5.33% -4.13% 18.75 86.29 14.23
% % % % %
L.T Dep. & Prep 100.00 - - - -1.63% - - -
% 20.62% 2.32% 97.22 27.98 13.34 28.92
% % % %
CURRENT ASSETS
Stores, spares and loose 100.00 31.62% 4.24% 2.39% 24.72% 2.22% 9.35% 26.01
tools % %
Stock in trade 100.00 2.68% 8.00% - 155.71 70.02 - -
% 67.83 % % 32.54 59.85
% % %
Trade debts 100.00 59.14% 33.94 - - 45.73 79.17 -
% % 24.98 53.14% % % 71.21
% %
Loans & advances Dep. 100.00 4.23% - 3.75% 7.56% 117.53 5.61% -
Other % 39.39 % 10.99
% %
Short term investments 100.00 - - 107.44 35.70% - 23.43 15.98
% 25.07% 21.18 % 60.41 % %
% %
Cash and bank balances 100.00 - - - 11.01% 38.49 - -
The revenue reserve is that part of profit that has not been given to the shareholder but retained
in the business for further growth. Hence the company increased it in the year 2002 and 2003 by
19 and 10 percent respectively but since the company’s position was getting better and better
year after year this revenue reserve declined a lot and still declining as the company is not
relying on this particular item.
The shareholder’s equity section did rise all the years but in the last two years it declined by 2
and 3.5 percent in year 2007 and 2008 respectively.
There was variation in the long term liabilities and deferred taxation but the long term liability
rose by a drastic percentage especially in the year 2008 as compared to deferred taxation which
rose only by a very fewer percentage.
The short term borrowings rose drastically in the year 2005 but later on they declined in the last
two years. The total Liability and SHE also rose drastically in the year 2002 but after that it
increased at very smaller percentage.
The fixed asset portion of the company also rose from year 2002 which was vey vast of around a
523 percent increase and later on it increased at a slow proportion in percentage. But this
particular section is still increasing.
The firm’s short term and long term investment rose also over the last eight years or so. But the
long term investment rose very much I the year 2002 which was almost around a 184 percent
increase and the short term investment rose very much in the year 2005 which was almost around
a 108 percent increase.
So overall the firm’s total assets rose over the last eight years but they raised much in the year
2002 by around 102 percent which tells that from year 2002 the firm’s position was getting very
strong in Pakistan.
Also with the increase in sales the cost of sales also rise but the company did really well in
reducing their cost of sales by almost 10 percent in the year 2007 and around 1 percent in year
2008 which tells that the company is really making efforts in order to increase their sales and
reduce their cost of sales in order to increase the gross profit for the longer term and so far they
have been successful.
The firm’s distribution cost also rose a lot but the company did very well especially in the year
2004 and year 2007 in which they reduced their distributing cost but since in the year 2008 it
rose much due to rising oil prices and the deterioration of the economy of Pakistan which
affected every organization in Pakistan but the company still did well in order to cope such
challenges and did not let such kind of cost disturbs their profits.
The company did well in maintaining as well as increasing their operating profit over all the last
eight years and this tells us that the company is measuring such steps in order to increase the
profitability of the company.
The finance cost also rose too much all of the years since they really have taken lot of loans from
the creditors but overall this did not affected them that much because in the last few years the
short term investments income overcome such costs so the overall effect of this cost was
negligible especially since the last five years or so.
The other expense rose all over the years but the company did well I order that this particular
item do not increase much and effect their profitability and so far over the last eight years or so
they did well in order to keep it just enough that does not affect their profitability.
Since the firm’s did well in reducing most of their expense and increased sales the company did
very well especially in order make a before tax profit much high as compared to the after tax
profit. Since the firm is making more profit especially in the year 2008which was very tough for
NON CURRENT LIABILITIES 128348 (49891 208383 (18873 212672 147750 270696
1 1) 3 25) 0 4
Long Term Liabilities (22386
7)
DEFERRED TAXATION 260400 (16800 (11500 (6000) (5000) (32474) 68369
0 0) 0)
CURRENT LIABILITIES
Trade and other payables 128248 32061 461275 906698 (27118 178935 178398
9 0 77) 0
Interest and mark - up 74233 7411 52395 50391 10140
accrued
Short term borrowings 258889 (41656 (28723 240496 202612 (13900 (27081)
7 4) 33) 3 7 09)
Creditors, accrued & other 126800 (22215 (26068
liabilities 4 4) 54)
Current portion of L.T Fin 414840 (21317 156434 (38183 (99999 135173 (279464
0) 1 7) 8) )
Taxation 448877 (64605 268387 816121 (10881 7500 465255
0) 2)
Total Liabilities 484886 (35005 213261 375335 (17421 592405 347248
6 6) 6 65)
Total Liab. & SHE 141939 (94667 (77636 200603 (10188 181093 267774
19 6) 1) 2 58) 3 9
If we talk about the component percent analysis to dollar of balance sheet we see the revenue
reserve section which declined a lot especially in the year 2004, 2005, 2007 and 2008. As we
know that the revenue reserve is that part of profit that has not been given to the shareholder but
retained in the business for further growth. But since the company started getting better in the
early 90’s they started declining this particular item since they did not feel of keeping this
particular item.
The total shareholder’s equity section also declined a lot especially in the year 2007 and year
2008 which was mostly due to the decline in the revenue reserve portion so this tells that the
company was totally shifting mostly towards the debts side as compared to equity portion of the
balance sheet.
Overall the total liabilities and SHE section increased most of the year except year 2003, 2004
and year 2006.
The asset portion especially the fixed assets increased a lot which tells that the company really
invested a lot in order to get machineries properties in order to expand their business with the
increasing demand and supply of the country.
There was also a lot of long term and short term investment being made by the company in most
of the last eight years in order to make more profit and for the betterment of the organization.
There was a lot decline in the Cash and bank balances section probably due to the company
investing in the long term and short term projects in order to make more profits.
Overall the company’s assets rose very much especially in the last two year mean year 2007 and
2008 by almost 1,810,933,000 and 2,677,749,000 Pakistani rupees respectively.
If we see the income statement percentage analysis to dollars amount we see that how much the
sales amount rose over the last few year or so especially the most sales rose in the year 2003,
2005, 2006 and 2008. Especially in the year 2008 we know how much this difficult year was
that for every organization in Pakistan.
The cost of sales also rose much is amount but as we see that in year 2007 and 2008 the company
did really well in order to reduce the amount with a very greater proportion.
Since there was an increase in sales mostly and a reduction in the cost of sales the gross profit
rose to vast proportion especially over the last year.
The company really made a very good operating profit which in some of the years line 2003,
2004, 2005 and 2008 the finance cost was also less which tells that the company was getting rid
from most of their liabilities and wanted to stand on their own. Overall the company enjoyed lot
of profits as compared to expense and the company did all the last eight years or so.
Current Ratio:
The current ratio deteriorated from the last four years. The reasons for this are that the current
liabilities increased in much greater proportion as compared to current assets. The biggest reason
is that the company started the company started increasing more liabilities and the reduction in
assets was mostly due to cash and cash balances, trade debts and stock in trade.
Quick Ratio:
As we know this ratio is the best ratio for the measure of liquidity of the firm. This tells how
much the firm is better in managing their cash and cash equivalents in managing against their
current liabilities so overall the last eight years the company did very well in not only
maintaining their cash against the company’s current liabilities.
The company was very good in drastic improvement in this particular ratio. One particular
reason for this one was the reduction the net account receivables and an increase in sales. The
company’s receivables collection came to almost 6 days which phenomenal thing for any
organization to improve that much.
The company was very superior in extreme improvement in this particular ratio as well. One
particular reason for this one was the reduction the inventory and an increase in cost of sales. The
Payable Days:
The payable days rose too much which tells that the company increased their payables as
compared to cost of sales which was declining a little bit since the last two years. The company
was not good in managing their payables that much as compared to other two ratios like average
inventory days and average collection period.
TURNOVER/EFFICIENCY RATIO
TURNOVER/EFFICIENCY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
RECEIVABLE TURNOVER 13.61 11.98 11.21 14.94 38.62 31.15 16.50 61.69
INVENTORY TURNOVER 10.36 16.03 20.11 60.03 29.23 21.24 28.49 70.65
PAYABLE TURNOVER 4.08 3.57 4.08 2.26 2.43 5.03 3.15 3.04
FIXED ASSET TURNOVER 7.93 1.79 2.34 2.29 2.77 3.12 2.74 2.40
TOTAL ASSET TURNOVER 0.86 0.60 0.77 0.80 0.90 1.09 0.97 0.96
The receivables improved phenomenally by almost 45 times in a year which was a very big
improvement as compared to last eight years. This tells how much better the company has
improved in managing their receivables into cash. This also tells that the company is very good
in receivables collection. It is an important indicator of a company’s financial and operational
performance.
Inventory Turnover:
The same was with the inventory turnover which also improved severely just like the receivables
collection. This tells how much better the company has improved in managing their efficient
Fauji Fertilizers | Appendix 40
management of inventory. This also ensures that the company is very good in managing their
inventory as much as been required according the requirements.
Payable Turnover:
The payable turnover declined a lot as compared to other two turnover ratios. It is
not good for long term as compared to their position and the way they are going
this ratio also should be improved so they can better improve this ratio as well.
The total asset turnover was just good which tells that how better the company is efficient in the
management of all their assets as compared to sales. The reason for this was because of the
increased in both the things one is the sales and the other are the total assets but the total assets
increased in much percentage as compared to sales.
SOLVENCY/LEVERAGE RATIO
SOLVENCY/LEVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
DEBT RATIO 32% 62% 58% 54% 56% 53% 56% 62%
LTD TO CAPITALIZATION 2% 11% 6% 19% 7% 8% 17% 30%
DEBT TO EQUITY 47% 162% 136% 115% 129% 112% 130% 160%
This tells how better the company the how better the company is good in order to pay off their
loan in times. The percentage increased in a percentage in as compared from the last five years.
This tells that the company increased their debt as compared to total assets.
LTD to Capitalization:
This ratio also rose from the last few six years which tells the company increased the long term
debts in permanent financing of the firm. Debt implies risk but the company still did very well
overall the past few years.
Fauji Fertilizers | Appendix 43
Debt to Equity:
The capital structure of the firm tells us that it is more debt financed as compared to equity
financed. There were two reasons for that one is the increase in debt and the other was the
decrease in equity.
COVERAGE RATIO
COVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
TIMES INTEREST EARNED 16.7 7.81 10.5 16.3 20.6 13.8 10.9 13.93
0 3 6 4 9 4
FIXED CHARGE COVERAGE RATIO 6.67 7.07 3.89 20.3 18.9 -0.79 8.40 11.74
1 5
CASH COVERAGE 13.8 12.3 9.43 24.2 25.6 5.89 13.8 17.23
1 9 0 6 8
Fauji Fertilizers | Appendix 44
CASH FLOW ADEQUACY RATIO 0.61 1.56 0.71 3.50 2.02 -0.06 0.69 0.72
The times interest earned increased in the last few years. This tells that the company was
covering their interest expense almost 14 times in a year which is good. The reason for the
increase was mostly due to the increase in operating profit as compared to interest expense.
Cash Coverage:
The cash coverage was also very good. The company improved very much too almost 17 times
to pay the interest paid by the company. So this tells that the company’s ability of the firm to
cover its interest payment on taxes by cash improved very much.
Fauji Fertilizers | Appendix 46
Cash Flow Adequacy Ratio:
The cash flow adequacy ratio was just satisfactory as which tells that the company was just not
able to pay dividends, capital expenditure and debt repayments from the cash generated by their
operations.
PROFTABILITY RATIO
GPM:
The company’s GPM rose to much greater percentage year after year over the last six years. The
biggest reason for this was mostly due to the increased profit as compared to the increase in
sales. The most reason is mostly due to that the most of the expense reduced over the last two
years.
The operating profit also rose to much greater percentage over the last six years. The major
reason for this was mostly due to the amplified profit as compared to the increase in sales. The
most reason for this is same which is mostly due to that the most of the expense reduced over the
last two to three years.
NPM:
This particular ratio also improved especially over the last two years or so and this trend is
continuing. The sales were increasing in much proportion as compared to cash flow generated
from operations so this ratio does not seems to be increasing that much as compared to other
ratios.
This particular ratio also increased to a much greater portion as with the other profitability ratios.
One reason was same as the increase in net income over the last four years or so and also a
decline in the shareholder’s equity section. Roe measures a firm's efficiency at generating profits
from every unit of shareholders' equity. The company’s ROE shows how well a company uses
investment funds to generate earnings growth.
ROA:
MARKET RATIO
MARKET RATIO
2001 2002 2003 2004 2005 2006 2007 2008
EPS 12.49 11.98 12.26 8.11 9.92 9.39 10.86 13.22
DPS 9.44 8.48 8.81 7.63 9.84 7.63 12.11 14.24
DIVIDEND PAYOUT 76% 71% 72% 94% 99% 81% 112% 108%
EPS:
DPS:
Dividends Per share also rose to very greater proportion in percentage over the last three years
but this is a good improvement especially after year 2003 from which the dividend percentage
rose.
The dividend payout ratio also raised much from year 2003 and until now it was still rising
which tells how much better the company is giving their Dividend over earnings per share. The
trend from the chart seems to be reasonable and the investors will be happy from the company so
as the management of the company because year after year they have been earning profits and
increasing every year.
LIQUIDITY RATIO
LIQUIDITY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
CURRENT RATIO 2.34 1.04 1.03 1.09 0.91 0.90 0.94 0.82
Sectorial Average 1.62 2.94 2.09 2.15 1.99 1.27 2.09 1.91
QUICK RATIO 2.19 0.97 0.95 1.06 0.86 0.81 0.89 0.80
Sectorial Average 1.45 2.72 1.90 2.01 1.67 1.08 1.81 1.59
CASH FLOW LIQUIDITY RATIO 1.88 1.04 0.70 1.49 1.07 0.34 0.90 1.07
Sectorial Average 1.28 2.67 1.71 1.76 1.50 0.88 1.49 1.09
AVERAGE COLLECTION PERIOD 26.82 30.46 32.56 24.44 9.45 11.72 22.12 5.92
If we compare the liquidity ratio of this company with the fertilizer sector we see that the current
ratio during the last six years is been 50 percent of the sector which means that the company is
way behind the industry average.
From the cash flow liquidity ratio we can say that the company did very well specially over in
the year 2008 to match with the industry average. Since this ratio cash flow liquidity ratio is the
best measure of the liquidity of the company. The company did well to at least come towards the
industry level.
But in the average inventory days the company lags behinds very much as compared to the
industry average. In the early 90’s the company was good but later on the company lag behind
the industry average by more than 50 percent which is not good especially over the last two
years.
TURNOVER/EFFICIENCY RATIO
TURNOVER/EFFICIENCY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
RECEIVABLE TURNOVER 13.6 11.98 11.21 14.94 38.6 31.15 16.50 61.69
1 2
Sectorial Average 16.3 23.00 11.28 17.97 33.1 39.33 23.67 88.76
From the receivable turnover it is clear that over the last eight years the company performed very
well to meet the industry average which is god for the company as they led and matched the
industry average most of the time.
The payable turnover of the company was good as compared to the industry average. The
company led from the front and from the above chart it is clear that the company was way better
than the industry average which is very good.
Fauji Fertilizers | Appendix 60
This particular ratio was meeting the industry average over the last 7 years which tells how better
and efficient is the company is managing their fixed assets. That is a good achievement to at least
maintain from several years to the industry average.
The total asset turnover of the company was a bit higher as compared to the industry average. So
after seeing the turnover ratios we can conclude that the company mostly did very well in not
only meeting the industry average but also maintaining from couple of years which is not good
Fauji Fertilizers | Appendix 61
especially in Pakistan to show some consistent performance as far as the economy and condition
of Pakistan from some two to three years.
SOLVENCY/LEVERAGE RATIO
SOLVENCY/LEVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
DEBT RATIO 32% 62% 58% 54% 56% 53% 56% 62%
Sectorial Average 27% 54% 53% 52% 50% 51% 55% 58%
LTD TO CAPITALIZATION 2% 11% 6% 19% 7% 8% 17% 30%
Sectorial Average 13% 30% 25% 25% 21% 17% 33% 36%
DEBT TO EQUITY 47% 162% 136% 115% 129% 112% 130% 160%
Sectorial Average 92% 136% 110% 91% 92% 79% 122% 129%
The debt ratio of the company seems to meet the industry average and fractionally over the
industry average. The percentage increased in a percentage in as compared from the last five
years. This tells that the company increased their debt as compared to total assets. But the
industry average is almost the same as the FFC’s so it seems that the company is meeting the
average industry.
COVERAGE RATIO
COVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
TIMES INTEREST EARNED 16.70 7.81 10.53 16.36 20.64 13.89 10.94 13.93
Sectorial Average 20.16 5.93 11.53 15.58 11.56 7.77 6.22 4.92
FIXED CHARGE COVERAGE RATIO 6.67 7.07 3.89 20.31 18.95 -0.79 8.40 11.74
Sectorial Average 23.31 8.30 27.25 13.43 13.23 4.96 8.29 7.50
CASH FLOW ADEQUACY RATIO 0.61 1.56 0.71 3.50 2.02 -0.06 0.69 0.72
Sectorial Average 0.76 1.12 0.76 1.52 1.05 0.25 0.25 1.22
The fixed charge coverage ratio tells how better the company is good in managing the interest
expense from the cash flow from operations. As compared to the industry average they are quiet
competent as they are meeting the industry average.
PROFTABILITY RATIO
PROFTABILITY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
GPM 46.90% 39.78% 34.86% 37.43% 35.71% 32.42% 35.59% 40.40%
Sectorial Average 30.10% 33.64% 31.16% 30.43% 31.85% 30.53% 33.34% 34.90%
OPM 38.37% 31.09% 26.06% 29.02% 26.40% 23.24% 27.08% 31.67%
Sectorial Average 17.53% 23.85% 21.69% 22.53% 23.84% 22.02% 25.54% 27.78%
NPM 26.74% 18.31% 14.95% 19.04% 19.22% 15.48% 18.86% 21.33%
Sectorial Average 2.25% 21.39% 24.30% 23.39% 34.07% 24.87% 63.86% 22.90%
CASH FLOW MARGIN 15.33% 28.15% 9.64% 36.02% 24.24% -1.32% 20.80% 26.69%
Sectorial Average 12.19% 15.65% 19.96% 21.88% 19.88% 6.86% 14.07% 3.42%
ROE 33.72% 28.56% 27.29% 32.57% 39.36% 35.78% 42.11% 53.11%
Sectorial Average 9.49% 12.49% 12.81% 12.91% 17.65% 15.30% 19.17% 13.68%
ROA 32.91% 18.53% 20.14% 23.08% 23.65% 25.38% 26.33% 30.36%
Sectorial Average 18% 24% 24% 25% 33% 28% 37% 29%
The operating profit was also high This tells that all the year the company was ahead of the
industry average and enjoying profit every year more than the industry average. The operating
profit also rose to much greater percentage over the last six years.
This particular ratio also increased to a much greater portion as with the other profitability ratios.
The company also led all the last eight years from the front and really exceeded the industry
average by quiet a big margin which is not easy to do when your competitors are not that bad.
MARKET RATIO
MARKET RATIO
2001 2002 2003 2004 2005 2006 2007 2008
EPS 12.49 11.98 12.26 8.11 9.92 9.39 10.86 13.22
Sectorial Average 11.46 14.87 18.36 17.36 28.25 24.67 51.14 31.58
DIVIDEND PAYOUT 76% 71% 72% 94% 99% 81% 112% 108%
Sectorial Average 82.48% 85.94% 65.29% 64.24% 64.04% 61.82% 44.99% 43.37%
EPS of the company was not that good as compared to the industry average which tells that they
were not earnings on returned on the initial investment amount. Earnings per share (EPS) are the
earnings returned on the initial investment amount. The EPS as it is clear from the above chart
that this ratio improved over the last five years or so and still continuing as far seen the position
of the company.
The Du Pont identity breaks down Return on Equity five distinct elements. The return on equity
(ROE) ratio is a measure of the rate of return to stockholders. From the above table it is clear
from the above DuPont analysis that over the past few years the return on equity section of the
company rose very much.
We see the N.I/EBT column over the last eight years remained consistent and the same was with
the EBT/EBIT section and we did not see much bigger changes in this column as well. If we now
talk about EBIT/Sales and N.I/Sales this section was sound as well as it is clear from the above
table that overall the last eight years the company did well in maintaining it as well.
Although the Sales/Avg. totals assets section we saw changes but they also became to better
position during the last few years. The N.I/Avg. T.A, Avg. T.A/Avg. S.E we also see that there
was no problem in these two columns as well they were consistent and became better and better
over the last two years especially. So the DuPont analysis of this company tells us the company
is very good in all kinds of distinct elements and this tells how better the company is.
Looking at Pakistan's corporate earnings over the past year and the story they tell for the future
leaves investors with a lot left to hope for. Most sectors of the economy proved disappointing for
shareholders, with some sectors being completely inactive. Amidst such a market, however, the
The government is likely to keep input costs low for some time to come because local
manufacturers are determined to pass on all such increases to consumers. This will preserve the
industry's growth, expansion and move towards self-sufficiency; the entry barriers for new firms
have already been discussed.
This sector has offered excellent shareholder returns and demand is still on the rise as
manufacturers expand aggressively to accommodate this increase. So it is probably fair to
conclude that the industry has sound fundamentals and significant potential for the future.
A particularly bright spot for the sector is the capacity for the export of fertilizer; if investors are
worried about over-supply in the next few years, both India and China are the world's largest
urea importers, and other markets such as Iran, Bangladesh, Sri Lanka and Thailand are also not
too far away.
Future Projections
FFC has progressed remarkably from its inception in 1978 till to date. Three projects in a Span of
less than 20 years have been set up. Each of these have incurred an investment of Over 300
million US$ amounting to one of the largest investments in Pakistan. This Performance record is
considered unparalleled in the country and matches high standards anywhere in the world. At
• Oil Refinery
• Paper Mill Project
• Software Development House
• Off-Shore Fertilizer Complex
• Mineral Acid Production
• Petrochemical
• refurbish of existing FFC facilities
During the peak demand period the three urea manufacturers, Engro, Fauji and Pak Saudi, face
serious logistic problems. This include availability of trucks and railway wagons, heavy traffic
and frequent traffic jams on National Highway as all these units are located within a radius of
Size of the company is very large which produces administrative problems. The company should
focus on this particular problem because if this one is improved the company will improve more
financially.
There are new competitors in the industry. Adding some new unit can enhance the production
capacity of the plants. Company is in a position to set up a new plant in the country. Having a
strong financial position company can start production of the new product line.
No availability of railway wagons. The company should take some steps with the government in
order to improve their distribution and reduce their expense more as they are doing it without it.
Due to rising demand the company is importing urea instead of producing. The company should
try to increase their capacity by adding more units. Adding some new unit can enhance the
production capacity of the plants. Having a strong financial position company can start
production of the new product line. If FFC decides for the export of Urea it can earn much better
revenues. Availability of natural gas from Iran can help setting up a new Urea plant in that
vicinity and thus meeting the demand of Urea in the country at cheap Rates.
There is a phenomenal increase in the prices of basic feedstock’s. Of this problem there is no
such solution because since there is a lot of global disorder going all over the world this
particular effect will be solved later.
Future fertilizer demand the company’s position is so better that they should try to add more
units as the company is financially very strong. Company is having strong dealer network all
References
http://www.ffc.com.pk/contents/annualrep.htm
http://www.google.com.pk
Fauji Fertilizers | Appendix 76
http://en.wikipedia.org/wiki/EPS
http://www.kse.com.pk/market-data/history_by_date.php?id=1&sid=1.20
http://www.sbp.org.pk/
http://www.brecorder.com/
Appendix
TURNOVER/EFFICIENCY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
RECEIVABLE TURNOVER 13.61 11.98 11.21 14.94 38.62 31.15 16.50 61.69
INVENTORY TURNOVER 10.36 16.03 20.11 60.03 29.23 21.24 28.49 70.65
PAYABLE TURNOVER 4.08 3.57 4.08 2.26 2.43 5.03 3.15 3.04
FIXED ASSET TURNOVER 7.93 1.79 2.34 2.29 2.77 3.12 2.74 2.40
TOTAL ASSET TURNOVER 0.86 0.60 0.77 0.80 0.90 1.09 0.97 0.96
SOLVENCY/LEVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
DEBT RATIO 32% 62% 58% 54% 56% 53% 56% 62%
LTD TO CAPITALIZATION 2% 11% 6% 19% 7% 8% 17% 30%
DEBT TO EQUITY 47% 162% 136% 115% 129% 112% 130% 160%
COVERAGE RATIO
2001 2002 2003 2004 2005 2006 2007 2008
TIMES INTEREST EARNED 16.70 7.81 10.53 16.36 20.64 13.89 10.94 13.93
FIXED CHARGE COVERAGE 6.67 7.07 3.89 20.31 18.95 -0.79 8.40 11.74
RATIO
CASH COVERAGE 13.81 12.39 9.43 24.20 25.66 5.89 13.88 17.23
CASH FLOW ADEQUACY RATIO 0.61 1.56 0.71 3.50 2.02 -0.06 0.69 0.72
PROFTABILITY RATIO
2001 2002 2003 2004 2005 2006 2007 2008
GPM 46.90 39.78 34.86 37.43 35.71 32.42 35.59 40.40%
% % % % % % %
OPM 38.37 31.09 26.06 29.02 26.40 23.24 27.08 31.67%
% % % % % % %
NPM 26.74 18.31 14.95 19.04 19.22 15.48 18.86 21.33%
% % % % % % %
CASH FLOW MARGIN 15.33 28.15 9.64% 36.02 24.24 -1.32% 20.80 26.69%
% % % % %
ROE 33.72 28.56 27.29 32.57 39.36 35.78 42.11 53.11%
Fauji Fertilizers | Appendix 78
% % % % % % %
ROA 32.91 18.53 20.14 23.08 23.65 25.38 26.33 30.36%
% % % % % % %
MARKET RATIO
2001 2002 2003 2004 2005 2006 2007 2008
EPS 12.49 11.98 12.26 8.11 9.92 9.39 10.86 13.22
DPS 9.44 8.48 8.81 7.63 9.84 7.63 12.11 14.24
DIVIDEND PAYOUT 76% 71% 72% 94% 99% 81% 112% 108%
TURNOVER/EFFICIENCY
Receivables Turnover 16.36 23.00 11.28 17.97 33.15 39.33 23.67 88.76
Inventory Turnover 10.18 11.84 16.20 29.72 15.68 13.37 14.44 23.16
Payable Turnover 7.36 7.02 9.12 10.73 7.56 9.69 12.51 14.33
Fixed Asset Turnover 4.25 3.18 2.84 2.41 2.63 2.17 2.05 2.48
Total Asset Turnover 0.63 0.53 0.58 0.63 0.76 0.74 0.54 0.55
SOLVENCY/LEVERAGE
Debt Ratio 27.28 54.00% 53.17% 51.83 49.85 51.48 55.49% 58.25%
% % % %
Long Term Debt To 12.88 30.01% 25.18% 24.76 20.86 16.89 33.47% 36.16%
Capitalization % % % %
Debt To Equity Ratio 92.07 135.56 109.79 91.43 92.33 79.42 121.75 129.36%
% % % % % % %
COVERAGE
Times Interest Earned 20.16 5.93 11.53 15.58 11.56 7.77 6.22 4.92
Cash Coverage Ratio 23.31 8.30 27.25 13.43 13.23 4.96 8.29 7.50
Fixed Charge Coverage Ratio 23.88 486.61 14.67 14.10 11.52 0.57 5.24 4.36
Cash Flow Adequacy Ratio 0.76 1.12 0.76 1.52 1.05 0.25 0.25 1.22
PROFTABILITY
Gross Profit Margin 30.10 33.64% 31.16% 30.43 31.85 30.53 33.34% 34.90%
% % % %
Operating Margin 17.53 23.85% 21.69% 22.53 23.84 22.02 25.54% 27.78%
% % % %
Net Profit Margin 2.25% 21.39% 24.30% 23.39 34.07 24.87 63.86% 22.90%
% % %
Cash Flow Margin 12.19 15.65% 19.96% 21.88 19.88 6.86% 14.07% 3.42%
% % %
Return On Asset 9.49% 12.49% 12.81% 12.91 17.65 15.30 19.17% 13.68%
% % %
Return On Equity 17.71 24.30% 24.10% 24.62 33.29 28.44 36.50% 29.20%
% % % %
Cash Return On Asset 8.50% 8.36% 10.39% 8.88% 8.31% 8.98% 7.30% -2.89%