Assumptions

Unit

1) MACRO-ECONOMIC
PkR - USD rate
Exchange Rate devaluation
Inflation

FY02

FY03

61.43

Local Capacity Utilization - Industry

FY04

FY05

FY06F

3.5%

58.51
-4.7%
3.1%

57.57
-1.6%
4.7%

59.35
3.1%
9.3%

60.54
2.0%
8.0%

57.3%

64.0%

73.4%

84.0%

89.4%

2) INCOME STATEMENT
a) Installed Capacity
Grey
Capacity Utilization - Local

TPA

645,000

66.5%

900,000

49.7%

900,000

56.9%

900,000

74.2%

1,350,000
85.0%

b) Production
Production
Grey

TPA

429,000

447,000

512,000

668,000

1,147,500

c) Sales
Grey

TPA

420,000

426,000

495,000

644,000

1,147,500

PKR 3,877

PKR 4,081
5.3%

PKR 4,106
0.6%

PKR 4,281
4.3%

PKR 4,752
11.0%

1,020
18.9%
35.0%
31.2
4.1%

1,032
18.0%
35.0%
5.0
2.0%

772
14.8%
35.0%
13.5
-2180.1%

767
15.0%
35.0%
19.2
6.1%

750
15.0%
35.0%
20.7
5.0%

294

350

325

351
140

e) Cement Prices
Cement Prices-Gray
Growth of Gray Prices

f) Taxes
Central Excise Duty
Sales Tax
Corporate Tax Rate
Commission
Other Charges

PKR / ton

PKR/ton

Rs/ton

3) COST OF GOOD SOLD

Raw material & Packaging cost
Coal Consumption - Grey

Rs/ton
KGS/ton

Electricity consumption - Grey

KWH/ton

Coal cost
Electricity cost

Rs/ton
Rs/ton

Fuel & Power cost

Stores & spares

Rs/ton
Rs/ton

Salaries & Wages

No. of Employees

Rs/person

4) BALANCE SHEET
Payable outstanding
Receivable collection period
Inventory holding period
5) PAYOUT
Payout Ratio
DPS

days
days
days

402

100
4,927
4.00
1,203
36

1,203
33

1,509
39

1,397
29

1,090
31

201,444
214

260,404
183

269,367
207

409,597
211

442,365
237

358.19
99.11
105.28

309.30
88.99
94.19

195.87
1.14
57.88

130.42
2.18
64.05

211.87
5.00
65.00

0.0%
-

6) Average Stock Prices

6.045

8.167

MEAGER

21.517

20.036

19.237

FY07F

FY08F

FY09F

FY10F

FY11F

FY12F

FY13F

62.35
3.0%
5.0%

64.22
3.0%
5.0%

66.15
3.0%
5.0%

68.13
3.0%
5.0%

70.18
3.0%
5.0%

72.28
3.0%
5.0%

74.45
3.0%
5.0%

64.9%

59.8%

63.7%

69.6%

69.6%

69.6%

69.6%

1,800,000
64.9%

1,800,000
59.8%

1,800,000
63.7%

1,800,000
69.6%

1,800,000
69.6%

1,800,000
69.6%

1,800,000
69.6%

1,168,163

1,076,641

1,146,495

1,252,954

1,252,954

1,252,954

1,252,954

1,168,163

1,076,641

1,146,495

1,252,954

1,252,954

1,252,954

1,252,954

PKR 4,752
0.0%

PKR 4,752
0.0%

PKR 4,894
3.0%

PKR 5,041
3.0%

PKR 5,293
5.0%

PKR 5,558
5.0%

PKR 5,836
5.0%

750
15.0%
35.0%
21.8
5.0%

750
15.0%
35.0%
22.9
5.0%

750
15.0%
35.0%
24.0
5.0%

750
15.0%
35.0%
25.2
5.0%

750
15.0%
35.0%
26.5
5.0%

750
15.0%
35.0%
27.8
5.0%

750
15.0%
35.0%
29.2
5.0%

369
140

387
140

407
140

427
140

448
140

471
140

494
140

100

100

100

100

100

100

100

5,075
4.2

5,227
4.4

5,384
4.6

5,545
4.9

5,712
5.1

5,883
5.4

6,059
5.6

1,130
33

1,173
35

1,217
36

1,263
38

1,310
40

1,360
42

1,411
44

464,483
264

487,707
264

512,093
264

537,697
264

564,582
264

592,811
264

622,452
264

211.87
5.00
65.00

211.87
5.00
65.00

211.87
5.00
65.00

211.87
5.00
65.00

211.87
5.00
65.00

211.87
5.00
65.00

211.87
5.00
65.00

0.0%
-

0.0%
-

20.0%
0.74

30.0%
1.42

45.0%
2.51

55.0%
3.59

65.0%
4.76

Balance Sheet
SHAREHOLDERS EQUITY
Authorized Capital - Ordinary
Authorized Capital - Preference

FY02

FY03

1,500
-

FY04

1,500
0

1,500
-

2,000
-

LT LIABILITIES
Long Term Loans
Subordinated Loan
Liabilities against assets subject to financial lease
Redeemable Capital
Long Term Deposits
Deferred Liabilities

237
0
0
5,517
25
-

230
0
0
6,357
24
-

45
0
5
3,347
153
505

500
602
0
3,029
62
467

500
0
2,412
62
868

Total LT Liabilities

5779

6610

4055

4660

3842

CURRENT LIABILITIES
Current Portion of LT Loan
ST finance
Creditors, accrued & other Liabilities
Markup Payable
Provision for taxation
Sales Tax Payable
Total Current Liabilities

201
724
0
925

125
689
814

71
92
622
14
20
15
835

308
460
130
6
30
934

617

7,852

8,643

6,552

7,245

OTHER LT ASSETS
LT Investment
LT Loans, Deposits, Prepayments
CURRENT ASSETS
Stores & Spares
Stock in Trade
Trade Debtors
Loans and Advances
Trade deposits and Short term Prepayments
Due from associated undertaking
Other Receivables
Investments
Cash
Total Current Assets

442
0
5,898
0
6,340

406
0
6,762
7,168

825
152
674
1,651

4,000
1,000

825
323
1,148

TANGIBLE FIXED ASSETS

Operating Assets
Asset Subject to Financial Lease
Capital Work in Progress
INTANGIBLE FIXED ASSETS
Intangible Assets-Software
Net Fixed Assets

825
24
813
1,662

FY06

Paid up Capital - Ordinary

- Preference
Reserves
Surplus on Revaluation of Fixed Assets
Total Equity

Liabilities & Equity

825
393
1,218

FY05

1,650
825
674
3,149

1,119
1,736
8,726

5,049
8
347

4,793
6
673

3,570
0
2,500

0
5,404

3
5,476

3
6,070

800
9

800
9

800
4

800
3

924
3

213
46
29
131
252
2
30
703

210
26
27
85
251
9
3
55
666

184
29
30
44
4
17
7
6
22
344

226
132
87
123
11
239
33
7
108
966

343
143
94

Total Assets

7,852

8,643

6,552

Error Check

7,245
(0)

53
239
0
1,096
1,968
8,966
239

WORKING CAPITAL
Current Assets
- Current Liabilities
= Working Captial
Change in Working Capital
Debt ratio

673
724
(51)

611
689
(78)
(27)

322
671
(350)
(272)

85.38%

85.90%

74.63%

858
626
233
582
77.21%

872
1,119
(247)
(479)

FY07

FY08

FY09

FY10

FY11

FY12

FY13

4,000
1,000

4,000
1,000

4,000
1,000

4,000
1,000

4,000
1,000

4,000
1,000

4,000
1,000

1,650
1,470
674
3,794

1,650
1,948
674
4,272

1,650
2,555
674
4,879

1,650
3,215
674
5,539

1,650
3,901
674
6,225

1,650
4,564
674
6,888

1,650
5,181
674
7,505

500
0
1,795
62
1,226

500
0
1,179
62
1,493

500
0
562
62
1,831

0
62
2,264

0
62
2,772

0
62
3,366

0
62
4,031

3583

3233

2954

2325

2834

3427

4093

617

617

617

562

1,192

1,158

1,274

1,434

1,494

1,557

1,623

1,809

1,774

1,890

1,996

1,494

1,557

1,623

9,186

9,279

9,723

9,860

10,553

11,873

13,221

6,479
0
300
3
6,779

6,333
0
315
3
6,648

6,188
0
331
3
6,518

6,042
0
347
3
6,390

5,897
0
365
3
6,262

5,753
0
383
3
6,136

5,609
0
402
3
6,011

924
3

924
3

924
3

924
3

924
3

924
3

924
3

366
150
99

355
158
104

391
165
109

440
174
114

458
182
120

478
191
126

498
201
132

54
239

50
239

55
239

62
239

66
239

70
239

74
239

0
811
1,718

0
1,038
1,943

0
1,558
2,516

0
1,754
2,782

0
2,537
3,603

0
3,945
5,049

0
5,377
6,522

9,425

9,519

9,962

10,099

10,792

12,112

13,460

239

239

239

239

239

239

239

907
1,192
(285)
(38)

905
1,158
(253)
32

959
1,274
(315)
(62)

1,029
1,434
(405)
(90)

1,066
1,494
(429)
(24)

1,104
1,557
(453)
(25)

1,144
1,623
(479)
(26)

Income Statement
Turnover Local

FY02

FY03

FY04

FY05

FY06

FY07

1,628

1,739

2,032

2,757

5,453

5,551

Excise Duty
Sales Tax
Commission
Turnover Exports
Net Sales

428
259
13

440
266
2

876
724
25

1,031

494
360
12
1,891

861
711
24

928

382
262
7
1
1,382

3,857

3,925

+ Raw & Packaging Cost

+ Fuel & Power Cost
+ Stores and spares
+ Salaries & Wages
+ Repairs and Maintenance

126
516
16
31
38

156
538
15
35
45

206
773
20
35
96

217
933
19
61
97

403
1,251
36
95
105

431
1,321
39
110
110

39

36

212

265

252

329

Insurance

20

21

22

Lab Chemicals
Travelling and Conveyance
Transportation
Consultancy
Handling
+ Other Manufacturing expenses
COGAS
+ Opening RM
- Closing RM
COGM
+ Opening FG
- Closing FG
COGS
Gross Profit

1
3
0

1
4
1

5
4
3
1
7
3
1,370
18
12
1,377
3
9
1,371
11

2
4
4
2
6
4
1,633
11
75
1,570
9
27
1,551
340

2
8
4
2
6
5
2,188
75
81
2,182
27
29
2,180
1,677

2
8
4
2
7
5
2,388
81
85
2,384
29
31
2,383
1,543

3
0
1
4

6
0
1
7

8
18
1
26

9
23
1
33

3
4
25
32

3
4
26
33

+ Depreciation

Salaries & Wages

Depreciation
Other Expenses
Total Distributuion Expenses

8
781
21
25
777
3
3
777
151

7
842
25
18
849
3
3
849
182

3
0
2
5

3
0
2
5

Salaries & Benefit

Depreciation
Other Expenses
Total Administrative Expenses

9
4
63
76

9
3
118
131

17
4
23
44

20
4
23
47

Operating profit

69

46

(37)

287

1,620

1,476

Other Income
Other Charges

21
2

68
1

42
275

72
8

60

54

EBIT

88

112

(270)

351

1,559

1,422

Financial Charges
EBT

45
44

39
73

18
(288)

235
116

414
1,145

400
1,022

5
63
(3)
8

7
(126)
8
(177)

9
44
(14)
77

19
401
725

20
358
645

4.39

3.91

Tax - Current
Tax -deferred
Tax- prior
EAT
EPS

7
31
0.19

0.05

(1.07)

0.46

Profits Brought Forward

Profit after Tax
Profit available for appropriation

Dividend
Transfer to Reserve
Transfer from Revenue Reserve
Accumulated Profit/(Loss) carried forward

100
(100)

24
77
100

100
725
825

825
645
1,470

100

825

1,470

8624598

8,698,668

8,650,364

8527800

8,535,816

8,339,893

8,617,003

8,617,004

8,617,005

FY08

FY09

FY10

FY11

FY12

FY13

5,116

5,612

6,317

6,632

6,964

7,312

807
667
25

860
732
28

940
824
32

940
865
33

940
908
35

940
954
37

3,617

3,992

4,521

4,794

5,081

5,382

417
1,263
37
116
116

466
1,395
42
122
122

535
1,582
48
128
128

562
1,642
50
134
134

590
1,704
53
141
141

619
1,768
56
148
148

418

431

445

460

475

492

23

24

26

27

28

30

2
8
4
2
7
5
2,418
85
89
2,414
31
32
2,412
1,205

2
9
4
2
7
6
2,631
89
94
2,627
32
34
2,625
1,367

2
9
4
2
8
6
2,922
94
99
2,917
34
35
2,916
1,606

2
10
5
2
8
6
3,041
99
104
3,036
35
37
3,035
1,760

2
10
5
2
9
6
3,166
104
109
3,161
37
39
3,159
1,922

2
11
5
2
9
7
3,296
109
114
3,290
39
41
3,288
2,094

10
29
1
40

10
30
1
41

11
31
1
43

11
32
1
44

12
34
1
46

12
35
1
48

3
4
27
35

3
5
29
37

4
5
30
39

4
5
32
41

4
5
33
43

4
6
35
45

1,130

1,289

1,524

1,675

1,834

2,001

40

51

65

76

89

100

1,089

1,238

1,459

1,598

1,744

1,901

326
763

274
964

221
1,238

145
1,453

48
1,697

(0)
1,901

18
267
478

20
337
607

23
433
782

24
509
920

25
594
1,077

27
665
1,209

2.90

3.68

4.74

5.58

6.53

7.33

1,470
478
1,948

1,948
607
2,555

2,555
782
3,337

3,215
920
4,136

3,901
1,077
4,979

4,564
1,209
5,773

1,948

2,555

121
3,215

235
3,901

414
4,564

593
5,181

8,617,006

8,617,007

8,617,008

8,617,009

8,617,010

8,617,011

Equity
Risk Free Rate
Beta
Equity Risk Premium
Cost of Equity (CAPM)
Common Stock
Shares outstanding
Market Price

FY04

FY05

FY06

FY07

FY08

FY09

FY10

9.50%
1.00
7.00%
16.50%

165.0
20.0

165.0
19.2

165.0
19.6

165.0
20.0

165.0
20.4

165.0
20.8

3,306
808
4,114.5

3,174
1,117
4,290.7

3,238
1,117
4,354.2

3,302
1,719
5,020.9

3,368
1,117
4,485.0

3,436
562
3,997.8

Capital Structure
Common Stock
Debt
Total

74.0%
26.0%
100.0%

74.4%
25.6%
100.0%

65.8%
34.2%
100.0%

75.1%
24.9%
100.0%

85.9%
14.1%
100.0%

Capital Cost
Common Stock
Debt
Weighated Average

16.50%
43.0%
19.5%

16.50%
35.8%
18.2%

16.50%
23.0%
16.0%

16.50%
19.3%
15.5%

16.50%
26.4%
16.6%

35.0%

35.0%

35.0%

35.0%

35.0%

Market Capitalization
Common Stock
Debt
Firm Value

Effective Tax Rate

82.5
21.5

FY11

FY12

FY13

165.0
21.2

165.0
21.7

165.0
22.1

3,504
3,504.5

3,575
3,574.6

3,646
3,646.1

100.0%
0.0%
100.0%

100.0%
0.0%
100.0%

100.0%
0.0%
100.0%

16.50%
51.7%
16.5%

16.50%
#DIV/0!
#DIV/0!

16.50%
10.5%
16.5%

35.0%

35.0%

35.0%

Valuation
Shares Outstanding
Current Market Price
Time Line
1) Price to Earning Ratio
EPS

FY04

FY06

FY07

FY08

165.00
19.4

2) PBV/ROE
Return on Equity
BVPS
Book Value Per Share (FY06)
Req. Rate of return
Average ROE
Terminal Growth Rate
Target Price

FY05

31-Dec-04

31-Dec-05

31-Dec-06

31-Dec-07

31-Dec-08

(2.14)

0.93

4.39

3.91

2.90

-10.6%
10.07

4.6%
10.01

23.0%
19.09

17.0%
22.99

11.2%
25.89

(2.14)
43.48

0.93
-

4.39
-

3.91
-

2.90
-

19.1
16.50%
15.54%
5.00%
17.5

3) Dividend Discount Model

EPS
DPS
Terminal Value
PV of Cash Flows
PV Of Terminal Value
Fair Value

0.00
0.0

4) Discounted Cash Flow to Firm

EBIT
Add:
Depreciation and Ammortization
Tax (current)
Capex
Change in WC
Free Cash Flow
Terminal Value
WACC
Present Value
Total PV of Cash Flows
Debt
Equity Value
Target Price

-270

351

1,559

1,422

1,089

216
(7)
(3,614)
272

267
(9)
(11)
(582)

254
(19)
(275)
479

331
(20)
(3,240)
38

421
(18)
(275)
(32)

(3,404)

15

1,998

(1,468)

1,185

0.0%

0.0%

19.5%

18.2%

16.0%

(3,404)

15

(0)

-177

77

725

645

478

216
(3,614)
272
(3,304)

267
(11)
(582)
282
32

254
(275)
479
(308)
875

331
(3,240)
38
(617)
(2,843)

421
(275)
(32)
(617)
(25)

16.5%

16.5%

16.5%

16.5%

16.5%

(0)

(0)

(0)

(54)

618

1,813

1,753

1,510

#DIV/0!
808
#DIV/0!
#DIV/0!

5) Discounted Cash Flow to Equity

Profit After Tax
Add:
Depreciation and Ammortization
Capex
Change in WC
Change in Debt
Free Cash Flow to Equity
Terminal Value
Cost of Equity
Present Value
Total PV of Cash Flow
Equity Value
Target Price
6) EV/EBITDA
EBITDA

0
0
0.0

DG Khan Cement
Ratio Analysis
Shares outstanding
Current Price
Share Price
Book value (CS) - Undiluted
Earning Per Share (CS) - FD
DPS
P/E Ratio
P/BVS

PERFORMANCE EVALUATION
Profitability
GP margins
Operating profit margin
EBITDA margins
EBIT margins
Pre-tax margins
Net profit margin
Return on Equity
Return on Assets
Return on Fixed Assets
Liquidity
Current Ratio
Quick Ratio
Days' R/B
Solvency
Debt to total assets
Total debt to Equity
Long term debt to equity
Interest cover
Assets to equity
Assets Turnover
MARKET MEASURES
Earnings yield
Payout Ratio
Dividend Yield
Price to Book
EV/ton
EV/EBITDA

FY02
165.0
20.6

82.5

FY03
82.5

2004
82.5

2005
82.5

2006
165

2007
165

2008
165

2009
165

2010
165

13.9
0.38

14.8
0.09

20.1
-2.14

20.0
0.93

19.1
4.39

23.0
3.91

25.9
2.90

29.6
3.68

33.6
4.74

54.1
1.5

224.8
1.4

-9.6
1.0

22.2
1.0

4.7
1.1

5.3
0.9

7.1
0.8

5.6
0.7

4.3
0.6

16.2%
7.5%
14.2%
9.5%
4.7%
3.4%
2.7%
0.4%
0.5%

17.7%
4.4%
14.7%
10.9%
7.1%
0.7%
0.6%
0.1%
0.1%

0.8%
-2.7%
-3.9%
-19.6%
-20.8%
-12.8%
-10.6%
-2.7%
-3.3%

18.0%
15.2%
32.7%
18.6%
6.1%
4.0%
4.6%
1.1%
1.4%

43.5%
42.0%
47.0%
40.4%
29.7%
18.8%
23.0%
8.1%
11.9%

39.3%
37.6%
44.7%
36.2%
26.0%
16.4%
17.0%
6.8%
9.5%

33.3%
31.2%
41.8%
30.1%
21.1%
13.2%
11.2%
5.0%
7.2%

34.2%
32.3%
41.9%
31.0%
24.2%
15.2%
12.4%
6.1%
9.3%

35.5%
33.7%
42.2%
32.3%
27.4%
17.3%
14.1%
7.7%
12.2%

0.8
0.7
0.0

0.8
0.8
0.1

0.4
0.3
0.0

1.0
0.8
0.1

1.1
1.0
0.6

0.9
0.8
0.4

1.1
0.9
0.6

1.3
1.2
0.8

1.4
1.2
0.9

FY02
Gross Asset (Beginning)
Building on freehold land (factory)
Plant & Machinery
Others

FY03

FY04

FY05

409
802
231
1,441

409
802
232
1,442

409
803
233
1,445

725
4,054
281
5,060

316
3,250
48
3,614

1
2

0
2
1
3

409
802
232
1,442

409
803
233
1,445

725
4,054
281
5,060

725
4,054
293
5,071

247
574
137
957

258
596
146
1,000

269
617
153
1,040

295
798
163
1,255

Building on freehold land (factory)

Plant & Machinery
Others

Additions/(Disposal)/Adjustment
Building on freehold land (factory)
Plant & Machinery
Others

Gross Asset (Ending)

Building on freehold land (factory)
Plant & Machinery
Others
Net Balance
Accumulated Depreciation (Beg)
Building on freehold land (factory)
Plant & Machinery
Others

Depreciation expense
Building on freehold land (factory)
Plant & Machinery
Others
Total Calculated
Building
Plant & Machinery
Others
Total Actual
Accumulated Depreciation (Ending)
Building on freehold land (factory)
Plant & Machinery
Others

Book Value on June 30

11
11

2.9%
2.8%
3.9%
3.0%

2.7%
2.6%
3.3%
2.7%

3.6%
4.5%
3.3%
4.3%

7.1%
5.1%
3.2%
5.3%

12
23
9
44

11
21
8
39

26
181
9
216

51
207
9
267

258
596
146
1,000

269
617
153
1,040

295
798
163
1,255

346
1,004
172
1,523

Building on freehold land (factory)

Plant & Machinery
Others
Total

151
205
86
442

140
186
80
406

430
3,256
119
3,804

379
3,049
121
3,549

39
4
0
44

36
3
0
39

212
4
0
216

265
4
0
267

98.3%
1.7%
0.1%

99.2%
1.4%
0.0%

Depreciation Breakup
CGS
Admin expenses
Selling expenses
Total Depreciation
CGS
Admin expenses
Selling expenses

90.5%
9.4%
0.2%

91.5%
8.3%
0.1%

FY06

FY07

725
4,054
293
5,071

FY08

775
4,254
318
5,346

FY09

FY10

FY11

1,261
6,846
480
8,586

1,311
7,046
505
8,861

1,364
7,256
531
9,150

1,419
7,476
558
9,453

Grey
486
2,592
162
3,240

50
200
25
275

486
2,592
162
3,240

50
200
25
275

53
210
26
289

55
221
28
303

58
232
29
318

775
4,254
318
5,346

1,261
6,846
480
8,586

1,311
7,046
505
8,861

1,364
7,256
531
9,150

1,419
7,476
558
9,453

1,477
7,708
587
9,772

346
1,004
172
1,523

377
1,217
182
1,776

418
1,494
195
2,107

470
1,847
211
2,528

525
2,209
228
2,963

582
2,583
246
3,411

4.0%
5.0%
3.2%
6.6%

4.0%
5.0%
3.2%
4.9%

4.0%
5.0%
3.2%
6.2%

4.0%
5.0%
3.2%
6.6%

4.0%
5.0%
3.2%
6.9%

4.0%
5.0%
3.2%
7.3%

31
213
10
254

41
277
13
331

52
352
16
421

55
363
17
434

57
374
18
448

59
385
19
463

377
1,217
182
1,776

418
1,494
195
2,107

470
1,847
211
2,528

525
2,209
228
2,963

582
2,583
246
3,411

641
2,969
265
3,874

398
3,037
135
3,570

843
5,351
285
6,479

841
5,199
294
6,333

839
5,046
303
6,188

837
4,893
312
6,042

836
4,739
323
5,897

252
18
0
254

329
23
331

418
29
421

431
30
434

445
31
448

460
32
463

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

FY12

FY13

1,477
7,708
587
9,772

1,537
7,951
618
10,106

61
243
30
334

64
255
32
351

1,537
7,951
618
10,106

1,601
8,206
650
10,457

641
2,969
265
3,874

702
3,366
284
4,353

4.0%
5.0%
3.2%
7.7%

4.0%
5.0%
3.2%
8.1%

61
398
20
479

64
410
21
495

702
3,366
284
4,353

766
3,777
305
4,848

835
4,585
333
5,753

835
4,430
344
5,609

475
34
479

492
35
0
495

99.3%
7.0%
0.0%

99.3%
7.0%
0.0%

Base Rate =

FY02
FY03
FY04
FY05
FY06
FY07
Average of cut-off rates of six months t-bills auctions immediately starting of each quarter

KIBOR interest Rate

TFC Issue
Muslim Commercial Bank
Muslim Commercial Bank
Habib Bank Limited
Muslim Commercial Bank
Faysal Bank Limited
Bank of Punjab
Askari Commercial Bank
First Women Bank Ltd
National Bank Limited
Union Bank
National Bank Limited
PICIC Commercial Bank Ltd
Expansion Loan
Total
Less; Current Portion
Long Term Loans
Interest Charges
Muslim Commercial Bank
Muslim Commercial Bank
Habib Bank Limited
Muslim Commercial Bank
Faysal Bank Limited
Bank of Punjab
Askari Commercial Bank
First Women Bank Ltd
National Bank Limited
Union Bank
National Bank Limited
PICIC Commercial Bank Ltd
Expansion Loan
Working Capital
Sub-Total

2.5%

4.0%

108
534
534
186
325
100
50
35
625
2,496

6.5%

9.00%

9.50%

71
448
445
157
275
80
40
28
521
250
150
130
2,595
508

36
336
334
118
206
60
30
21
417
250
150
130
6,500
8,215
614
7,601

224
222
79
138
40
20
14
313
200
120
104
6,600
7,849
1,898
5,951

8
43
43
15
26
8
4
3
50
11
7
6

6
44
44
15
27
8
4
3
53
28
17
15

2
33
33
12
20
6
3
2
43
26
16
14
385
#DIV/0!
#DIV/0!

223

#DIV/0!
#DIV/0!

FY08
starting of each quarter

FY09

FY10

FY11

FY12

FY13

9.00%

8.00%

8.00%

8.00%

8.00%

8.00%

112
111
39
69
20
10
7
208
150
90
78
5,280
6,063
1,898
4,164

104
100
60
52
3,960
4,276
1,530
2,746

1,320
1,320
1,320
-

19
19
7
12
3
2
1
29
20
12
10
668
#DIV/0!
#DIV/0!

6
6
2
4
1
1
0
16
13
8
7
474
#DIV/0!
#DIV/0!

50
30
26
2,640
2,746
1,426
1,320

5
8
5
4
338
#DIV/0!
#DIV/0!

3
2
1
203
#DIV/0!
#DIV/0!

68
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

1QFY02
Domestic Sales
Export Sales
Total Sales (Tons)
Istalled Capacity (Cement)
Capacity Utilization
Sales - Domestic
- Per Ton
Sales - Export
- Per Ton
Sales - Net
- Per Ton
VARIABLE COSTS
Raw & Packaging
- Per Ton
Electricity
- Per Ton
FO / Coal
- Per Ton
Stores & Spares
- Per Ton
Repairs & Maintenance
- Per Ton
Royalty
- Per Ton
Excise Duty
- Per Ton
Other Expenditure
- Per Ton
Total Variable Cost
- Per Ton
FIXED COSTS
Salaries & Wages
Insurance
Depreciation
Ammortization
Other Expenditure
Total Fixed Cost
COGM
- Per Ton
Work in Process
Opening Stock

2QFY02

2HFY02

3QFY02

4QFY02

Closing Stock
COGAS
Finished Stocks
Opening Stock
Closing Stock
Less own consumption capitalized
COGS
- Per Ton
Gross Profit
- Per Ton
Gross Margin
Admin & General
Selling & Distribution
Operating Profit
Other Income
Other Charges
% of EBIT
EBIT
Financial Charges
Interest Bearing Debt (BEG)
Average Borrowing rate
EBT
Tax
Corporate Tax
Turnover Tax Rate
EAT
EPS (Basic)

2HFY02

FY02

1QFY03

2QFY03

1HFY03

3QFY03

4QFY03

2HFY03

342,938
3,733
346,671

356,780
4,531
361,311

699,718
8,264
707,982

401,660
11,608
413,268

290,687
21,614
312,301

692,347
33,222
725,569

1,732,500
80.0%

1,732,500
83.4%

1,732,500
81.7%

1,732,500
95.4%

1,732,500
72.1%

1,732,500
83.8%

808
2,357
6
1,624
815
2,352

768
2,357
7
1,624
772
2,137

1,576
2,252
13
1,624
1,587
2,242

905
2,252
19
1,624
733
1,773

655
2,252
35
1,624
672
2,152

1,454
2,100
68
2,032
1,405
1,936

71
203.6
50
144.5
221
637.4
61
174.9
2
5.6
6
16.1
1
3.4
2
6.2
413
1,192

78
215.0
50
137.4
289
800.3
56
155.6
1
2.5
7
19.6
1
2.9
5
14.0
487
1,347

148
209.4
100
140.9
510
720.5
117
165.0
3
4.0
13
17.9
2
3.1
7
10.2
900
1,271

95
229.2
55
134.2
239
578.5
47
113.3
2
5.9
7
17.5
2
3.7
2
5.6
450
1,088

74
237.9
47
151.7
262
838.1
61
193.9
3
10.4
9
27.5
2
6.6
2
6.7
460
1,473

169
232.9
103
141.7
501
690.2
107
148.0
6
7.8
16
21.8
4
4.9
4
6.1
909
1,253

30
12
71
1
2
116

39
12
71
2
5
130

69
24
142
4
7
246

39
12
71
3
2
127

44
12
86
3
2
147

84
24
157
5
4
274

529.3
1,527

616.4
1,706

1,145.7
1,618

576.5
1,395

607.2
1,944

1,183.6
1,631

73

26

73

26

12

26

26

26

26

12

89

89

576.2

616.4

1,192.5

590.2

530.7

1,120.9

45
12

12
23

45
23

23
7

7
44

23
44

610
1,758

605.2
1,675

1,215
1,716

606
1,466

494
1,580

1,100
1,516

206
594
25%
10
4

166.8
462
22%
16
6

373
526
23%
27
10

127
306
17%
15
5

179
572
27%
16
7

305
421
22%
31
11

191

144.8

336

107

156

263

73

74

21

90

112

10

5.0%

5.0%

5.0%

5.0%

5.0%

5.0%

187

212.5

400

127

239

366

105

107

212

97

100

198

82

105.1

187

29

139

168

11

(144)

(139)

78

0.9%
98.0

0.7%
176.1

0.5%

0.6%
24

-21.4%
283

-9.9%
308

FY03

1QFY04

2QFY04

1HFY04

3QFY04

4QFY05

2HFY04

FY04

1,392,065
41,486
1,433,551

315,189
38,969
354,158

296,242
37,697
333,939

611,431
76,666
688,097

328,037
44,287
372,324

377,169
48,917
426,086

705,206
93,204
798,410

1,316,637
169,870
1,486,507

1,732,500
82.7%

1,732,500
81.8%

1,732,500
77.1%

1,732,500
79.4%

1,732,500
86.0%

1,732,501
98.4%

1,732,500
92.2%

1,732,500
85.8%

2,923
2,100
68
1,627
2,992
2,087

843
2,676
63
1,624
906
2,557

798
2,693
63
1,682
861.81
2,581

1,641
2,685
127
1,653
1,768
2,570

885
2,697
82
1,856
963
2,586

1,052
2,790
102
2,088
1,155
2,710

1,937
2,747
184
1,978
2,117
2,652

3,885
2,614

317
221.3
203
141.3
1,011
705.2
224
156.4
9
5.9
29
19.9
6
4.1
12
8.1
1,809
1,262

81
228.1
54
153.6
228
644.3
72
203.9
2
5.1
7
19.4
1
4.0
3
7.8
448
1,266

75
225.9
44
130.4
225
674.2
65
194.7
2
5.0
7
20.0
1
4.2
5
14.2
424
1,269

156
227.0
98
142.3
453
658.8
137
199.4
3
5.1
14
19.7
3
4.0
8
10.9
872
1,267

85
227.0
52
140.0
251
675.0
74
200.0
2
5.0
7
20.0
1
4.0
4
10.0
477
1,281

97
227.0
62
145.0
379
890.0
85
200.0
2
5.0
9
20.0
2
4.0
4
10.0
640
1,501

181
227.0
114
142.7
631
789.7
160
200.0
4
5.0
16
20.0
3
4.0
8
10.0
1,117
1,398

153
48
299
9
12
520

36
11
77
2
3
128

45
11
73
2
5
135

81
21
151
3
8
263

40
11
75
2
4
132

40
11
75
2
4
132

80
22
150
4
8
264

161
43
301
7
16
527

2,329.3
1,625

576.67
1,628

559
1,673

1,135
1,650

609
1,636

772
1,811

1,381
1,729

2,516
1,693

73

89

97

89

114

114

114

89

337
212
1,084
297
7
29
6
15
1,988
1,338

89

97

114

114

114

114

114

114

2,313.4

567.8

542.4

1,110.2

609

772

1,380

2,491

45
44

44
45

45
43

44
43

43
43

43
43

43
43

44
43

2,314.3
1,614

567.0
1,601

544
1,629

1,111
1,615

617
1,656

772
1,811

1,380
1,729

2,491
1,676

678
473
23%
57
22

339
956
37%
14
6

318
951
37%
13
11

657
955
37%
27
17

346
930
36%
15
8

383
899
33%
15
9

737
923
35%
29
17

1,394
938

599

318

294

613

323

360

691

1,303

185

84

85

33

34

119

19

13

17

30

14

17.38
5.0%

31

61

5.0%

5.0%

5.1%

5.1%

5.0%

56
34

4.9%

766

306

361

668

310

375

693

1,361

410

56
3,871
5.75%

45
3,587
5.05%

101

42
3,692
4.57%

45
3,750
4.80%

87

188

356

251

315

567

268

330

606

1,173

9
134.00
0.5%
423

5
95
0.5%
168

5
124
0.5%
201

10
218.98
0.5%
377

19
353

0.5%
246

4
134
0.5%
177

1.41

1.00

2.42

0.95

1.15

2.15

4.57

(128)
-4.3%
484

801

1QFY05

2QFY05

1HFY05

3QFY05

4QFY05

2HFY05

FY05

1QFY06

377,001
107,370
484,371

343,833
77,299
421,132

720,834
184,669
905,503

354,401
58,340
412,741

363,825
100,000
463,825

718,226
158,340
876,566

1,439,060
343,009
1,782,069

462,718
53,687
516,405

1,732,501
111.8%

1,732,501
97.2%

1,732,500
104.5%

1,732,501
95.3%

1,732,501
107.1%

1,732,500
101.2%

1,732,500
102.9%

2,055,375
100.5%

1,065
2,825
227
2,117
1,292
2,667

1,033
3,005
186
2,400
1,219
2,894

2,098
2,911
413
2,235
2,511
2,773

1,094
3,086
140
2,400
1,234
2,989

1,123
3,086
248
2,480
1,371
2,955

2,217
3,086
388
2,451
2,605
2,971

4,315
2,998
801

1,665
3,597.83
193
3,600
1,840
3,563

98
201.9
70
144.1
405
835.1
64
132.7
1
2.7
8
17.3
2
3.4
2
4.1
650
1,341

87
207.5
64
152.4
297
705.2
73
173.3
3
7.4
7
15.5
1
2.9
1
3.1
534
1,267

185
204.5
134
147.9
702
774.7
137
151.6
4
4.9
15
16.4
3
3.2
3
3.7
1,183
1,307

89
215.0
66
160.0
351
850.0
78
190.0
3
7.0
7
17.5
2
3.8
2
5.0
598
1,448

105
227.0
74
160.0
417
900.0
90
200.0
3
7.0
9
20.0
2
4.0
5
10.0
706
1,522

194
221.3
140
160.0
768
876.5
168
192.1
6
7.0
16
18.8
3
3.9
7
7.6
1,304
1,487

379

41
6
75
2
2
126

46
6
75
2
6
135

87
12
150
3
8
261

48
9
75
3
7
142

50
10
75
3
8
146

775
1,600

669
1,588

1,444
1,595

740
1,792

211

191

211

83

5,116
2,871

2,487
1,396

106
205.3
113
218.3
468
905.4
114
220.0
2
3.6
10
18.6
4
7.1
1
2.9
817
1,581

98
19
150
6
15
288

185
31
300
9
23
549

47
6
83
4
4
143

852
1,837

1,592
1,816

3,036
1,703

960
1,858

150

83

211

50

274
1,470
4.0
306
11
31
6
10

191

83

83

150

150

150

150

25

795

777

1,572.3

672

852

1,524.4

3,097

985.2

39
24

24
39

39
39

39
39

39
39

39
39

39
39

19
10

810
1,672

762
1,811

1,572
1,736

672
1,629

852
1,837

1,524
1,739

3,096
1,737

482
995
37%
17
15

456
1,083
37%
20
26

939
1,037
37%
36
41

561
1,360
45%
21
25

519
1,119
38%
23
20

1,080
1,232
41%
44
45

2,020
1,133
39%
80
86

864
1,674
47%
18
7

451

410

862

515

476

991

1,853

839

92

94

40

42

136

20.04
5.1%

26.60
6.2%

47

21.87
5.0%

23.04
5.0%

45

92

37

433

475

909

495

493

988

1,897

805

56
3,750
6.03%

75
3,500
8.62%

132

80
3,500
6.50%

55
3,250
5.00%

135

267

93

376
25%

400
9%
38
0.5%
362

415
34%
5
140
0.5%
271

438
31%
5
136
0.5%
297

853
32%
10
276.03
0.5%
423

1,630
25%
10
408

712
29%

95
0.5%
282

777
17%
132.19
0.5%
645

1,212

507

1.53

1.97

3.40

1.47

1.61

2.29

6.57

2.75

600.00
3.16
42%
2.97

610.00
3.21
44.2%
3.02

5.20
184.39

5.30

184.39

5.7%

5.0%

19
976
1,889

5.0%

205

2QFY05

1HFY06

476,227
33,870
510,097

1,194,453
192,210
1,386,663

2,055,375
99.3%

2,055,375
134.9%

1,755
3,684.78
122
3,600
1,877
3,679

3,420
2,863
315
1,640
3,717
2,680

105
205.3
111
218.3
449
880.0
112
220.0
2
3.6
9
18.6
4
7.1
1
2.9
794
1,556

211
152.0
224
161.6
916
660.9
226
162.8
4
2.7
19
13.8
7
5.3
3
2.1
1,610
1,161

47
6
83
4
4
143

286

937
1,836

1,896
1,368

50

50

3QFY06

4QFY06

2HFY06

25

25

962

1,946.9

19
10

19
10

971
1,903

1,946
1,404

906
1,776
48%
18
7

1,770
1,277
48%
36
14

881

1,720

#REF!

#REF!

#REF!
5.0%

#REF!
#REF!

#REF!

#REF!

100

#REF!
#REF!

193

#REF!
0.5%
#REF!

#REF!
#REF!
#REF!
0.5%
#REF!

#REF!

#REF!

184.39

FY03
1) Cash Flow from Operations
Profit before Taxation
Depreciation
Financial Charges
Stores, spares & loose tools
stock-in-trade
trade debts
advances, deposits, prepayments
Trade debt & other payables
Taxes paid
Cash Flow from Operations

FY04
73
39
39
151
3
20
2
0
(35)
142
(6)
137

(288)
216
18
(54)
26
(2)
(4)
247
(67)
145
13
159

FY05

FY06

FY07

FY08

116
267
235
618
(42)
(103)
(57)
(7)
(162)
247
(24)
224

1,145
254
414
1,813
(118)
(11)
(7)
(42)
659
2,296
(25)
2,270

1,022
331
400
1,753
(22)
(7)
(5)
(1)
73
1,791
(20)
1,772

763
421
326
1,510
11
(8)
(5)
4
(35)
1,478
(18)
1,460

Fixed capital expenditure

Cash Flow from investing activity

(866)
(866)

1,548
1,548

(339)
(339)

(848)
(848)

(1,040)
(1,040)

(290)
(290)

Financial Charges paid

Debt Issue
Equity Issue
Dividends paid
Cash Flow from Investing activity

(39)
755
71
786

(18)
(3,027)
(370)
15
(3,399)

(235)
190
129
15
98

(414)
(308)
1,498
(30)
746

(400)
(617)
645
(372)

(326)
(617)
478
(465)

56
30
86
55

(1,693)
55
(1,638)
22

(17)
22
5
108

2,168
108
2,276
1,096

Change in Cash
Cash Beginning
Cash Ending
Cash Ending - Actual

360
1,096
1,456
811

705
811
1,516
1,038

FY09

FY10

FY11

FY12

FY13

964
434
274
1,672
(36)
(8)
(5)
(5)
116
1,734
(20)
1,714

1,238
448
221
1,907
(49)
(8)
(5)
(7)
160
1,998
(23)
1,975

1,453
463
145
2,062
(19)
(9)
(6)
(4)
60
2,085
(24)
2,061

1,697
479
48
2,223
(19)
(9)
(6)
(4)
63
2,248
(25)
2,222

1,901
495
(0)
2,396
(20)
(10)
(6)
(4)
66
2,422
(27)
2,395

(305)
(305)

(320)
(320)

(336)
(336)

(352)
(352)

(370)
(370)

(274)
(617)
607
(284)

(221)
(1,117)
661
(121)
(799)

(145)
(562)
686
(235)
(256)

(48)
663
(414)
201

0
616
(593)
24

1,126
1,038
2,164
1,558

857
1,558
2,414
1,754

1,470
1,754
3,223
2,537

2,071
2,537
4,608
3,945

2,048
3,945
5,994
5,377

Questionnaire for Maple Leaf Management

1) Why is there a difference between company quoted and APCMA quoted figures of capacity?
2) When will the line II be operational?
3) How is the expansion being financed and what is its total cost?
4) What is the expected increase in the number of employees with the introduction of the new
line?
5) When will the shift to coal complete? With the shift to coal as the source of energy, what is
the expected consumption of coal per ton of cement?
6) Which type of coal (Local vs imported) will be used? If both then estimated percentage
consumption? Heat value of each type?
7) What would be the electricity consumption per ton? expected rate of electricity in future?
8) Historical tax loses which can be utilized to offset future earnings?
9) Rumors of the Sell off of Dewan Hattar, Dewan, or both?
10) Why are the margins low as compared to the indusrty?

A quoted figures of capacity?

the introduction of the new

e source of energy, what is

n estimated percentage

te of electricity in future?