Balance Sheet

2008 2009 2010 2011 2012

Rupees'000
SHARE CAPITAL AND RESERVES
Share capital 7,419,887 7,419,887 7,419,887 7,419,887 13,798,150
Advance against issue of shares 0 0- 861,871 0
Reserves 1,864,094 2,270,802 2,190,798 2,732,259 106,955
Total Equity 9283981 9690689 9610685 11014017 13905105
Subordinated loan - unsecured 400,000 3,189,000
NON - CURRENT LIABILITIES
Long term financing - secured 325,000 6,224,227 11,909,030 11,805,480 10,174,513
Fair value of derivative - - 72,026 -
Deferred liability - compensated absences 9,468 10,766 14,707 22,674 1,129,674
Deferred tax liability - net 363,154 728,154 788,636 794,918 0
Retention money payable 18,129 143,739 0 0
Liability against shipment in transit - 2,020,916 0 0
Total Non Current Liabilities 715,751 9,127,802 12,784,399 12,623,072 11,304,187
CURRENT LIABILITIES
Trade and other payables 493,210 1,441,825 1,698,674 1,290,968 1,778,447
Markup accrued 33,186 95,407 349,130 444,297 349,377
Short term borrowings - secured 1,378,365 765,778 865,727 1,901,333 985,954
Current portion of long term financing 550,000 325,000 1,071,384 1,748,142 2,380,395
Total Current Liabilities 2,454,761 2,628,010 3,984,915 5,384,740 5,494,173
Total Equity and liabilities 12,454,493 21,446,501 26,779,999 32,210,829 30,703,465

CONTINGENCIES AND COMMITMENTS

NON - CURRENT ASSETS

Property, plant and equipment 7,106,599 18,777,204 23,819,040 26,658,079 25,897,954
LONG TERM ADVANCE 7,200 6,300 5,400 4,500 3,600
LONG TERM DEPOSITS AND 884,841 756,124 642,093
PREPAYMENTS 46,611 1,008,983
Total Non Current Assets 7,160,410 19,792,487 24,709,281 27,418,703 26,543,647
CURRENT ASSETS
Stores, spares and loose tools 907,591 1,038,078 1,060,533 2,444,173 2,554,433
Stock in trade 230,089 137,451 96,684 493,922 955,337
Trade debts 26,927 54,641 24,514 36,960 64,241
Advances, deposits, prepayments and other recei 345,567 247,897 46,981 40,733 13,077
and balances with statutory authority 601,364 769,467 192,024
Interest accrued 567 836 393
Other receivables 47,858 27,188 165,242
Derivative financial instrument -
Cash and bank balances 3,783,909 175,947 192,217 978,847 215,071
Toatl Current Assets 5,294,083 1,654,014 2,070,718 4,792,126 4,159,818
Total Assets 12,454,493 21,446,501 26,779,999 32,210,829 30,703,465
 Vertical Analysis
Balance Sheet

2013 2008 2009

Rupees'000
SHARE CAPITAL AND RESERVES
13,798,150 Share capital 59.58% 34.60%
0 Advance against issue of shares 0.00% 0.00%
2,138,211 Reserves 14.97% 10.59%
15936361 Total Equity 74.54% 45.19%
Subordinated loan - unsecured 0.00% 0.00%
NON - CURRENT LIABILITIES 0.00% 0.00%
7,924,264 Long term financing - secured 2.61% 29.02%
Fair value of derivative 0.00% 0.00%
2,034,994 Deferred liability - compensated absences 0.08% 0.05%
0 Deferred tax liability - net 2.92% 3.40%
0 Retention money payable 0.15% 0.67%
0 Liability against shipment in transit 0.00% 9.42%
9,959,258 Total Non Current Liabilities 5.75% 42.56%
CURRENT LIABILITIES 0.00% 0.00%
1,483,438 Trade and other payables 3.96% 6.72%
206,362 Markup accrued 0.27% 0.44%
159,685 Short term borrowings - secured 11.07% 3.57%
2,559,945 Current portion of long term financing 4.42% 1.52%
4,409,430 Total Current Liabilities 19.71% 12.25%
30,305,049 Total Equity and liabilities 100.00% 100.00%
0.00% 0.00%
CONTINGENCIES AND COMMITMENTS 0.00% 0.00%
0.00% 0.00%
NON - CURRENT ASSETS 0.00% 0.00%
24,734,325 Property, plant and equipment 57.06% 87.55%
2,700 LONG TERM ADVANCE 0.06% 0.03%
528,934 LONG TERM DEPOSITS AND 0.00% 0.00%
PREPAYMENTS 0.37% 4.70%
25,265,959 Total Non Current Assets 57.49% 92.29%
CURRENT ASSETS 0.00% 0.00%
1,869,919 Stores, spares and loose tools 7.29% 4.84%
981,092 Stock in trade 1.85% 0.64%
205,802 Trade debts 0.22% 0.25%
12,920 Advances, deposits, prepayments and other receivables 2.77% 1.16%
179,119 and balances with statutory authority 0.00% 0.00%
10,472 Interest accrued 0.00% 0.00%
22,201 Other receivables 0.00% 0.00%
55,394 Derivative financial instrument 0.00% 0.00%
1,702,171 Cash and bank balances 30.38% 0.82%
 5,039,090 Toatl Current Assets 42.51% 7.71%
30,305,049 Total Assets 100.00% 100.00%
Analysis
e Sheet

2010 2011 2012 2013

27.71% 23.04% 44.94% 45.53%

0.00% 2.68% 0.00% 0.00%
8.18% 8.48% 0.35% 7.06%
35.89% 34.19% 45.29% 52.59%
1.49% 9.90% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
44.47% 36.65% 33.14% 26.15%
0.00% 0.00% 0.00% 0.00%
0.05% 0.07% 3.68% 6.72%
2.94% 2.47% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
47.74% 39.19% 36.82% 32.86%
0.00% 0.00% 0.00% 0.00%
6.34% 4.01% 5.79% 4.90%
1.30% 1.38% 1.14% 0.68%
3.23% 5.90% 3.21% 0.53%
4.00% 5.43% 7.75% 8.45%
14.88% 16.72% 17.89% 14.55%
100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
88.94% 82.76% 84.35% 81.62%
0.02% 0.01% 0.01% 0.01%
3.30% 2.35% 2.09% 1.75%
0.00% 0.00% 0.00% 0.00%
92.27% 85.12% 86.45% 83.37%
0.00% 0.00% 0.00% 0.00%
3.96% 7.59% 8.32% 6.17%
0.36% 1.53% 3.11% 3.24%
0.09% 0.11% 0.21% 0.68%
0.18% 0.13% 0.04% 0.04%
2.25% 2.39% 0.63% 0.59%
0.00% 0.00% 0.00% 0.03%
0.18% 0.08% 0.54% 0.07%
0.00% 0.00% 0.00% 0.18%
0.72% 3.04% 0.70% 5.62%
 7.73% 14.88% 13.55% 16.63%
100.00% 100.00% 100.00% 100.00%
 Horrizontal Analysis
Balance Sheet

2008 2009 2010 2011 2012

Rupees'000
SHARE CAPITAL AND RESERVES
Share capital 100.00% 0.00% 0.00% 0.00% 85.96%
Advance against issue of shares 0.00% 0.00% 0.00% 100.00% -100.00%
Reserves 100.00% 21.82% 17.53% 46.57% -94.26%
Total Equity 100.00% 4.38% 3.52% 18.63% 49.78%
Subordinated loan - unsecured
NON - CURRENT LIABILITIES
Long term financing - secured 100.00% 1815.15% 3564.32% 3532.46% 3030.62%
Fair value of derivative 0.00% 0 100.00% -100.00% 0.00%
Deferred liability - compensated absences 100.00% 13.71% 55.33% 139.48% 11831.50%
Deferred tax liability - net 100.00% 100.51% 117.16% 118.89% -100.00%
Retention money payable 100.00% 692.87% -100.00% -100.00% -100.00%
Liability against shipment in transit 0.00% 100.00% -100.00% 0.00% 0.00%
Total Non Current Liabilities 100.00% 1175.28% 1686.15% 1663.61% 1479.35%
CURRENT LIABILITIES
Trade and other payables 100.00% 192.33% 244.41% 161.75% 260.59%
Markup accrued 100.00% 187.49% 952.04% 1238.81% 952.78%
Short term borrowings - secured 100.00% -44.44% -37.19% 37.94% -28.47%
Current portion of long term financing 100.00% -40.91% 94.80% 217.84% 332.80%
Total Current Liabilities 100.00% 7.06% 62.33% 119.36% 123.82%
Total Equity and liabilities 100.00% 72.20% 115.02% 158.63% 146.53%

CONTINGENCIES AND COMMITMENTS 0.00% 0.00% 100.00% -100.00% -100.00%

NON - CURRENT ASSETS

Property, plant and equipment 100.00% 164.22% 235.17% 259.28% 264.42%
LONG TERM ADVANCE 100.00% -12.50% -25.00% -99.94% -50.00%
LONG TERM DEPOSITS AND 0.00% 0.00% 100.00% -14.55% -27.43%
PREPAYMENTS 0.00% 100.00% -100.00% -100.00% -100.00%
Total Non Current Assets 100.00% 176.42% 245.08% 269.53% 270.70%
CURRENT ASSETS
Stores, spares and loose tools 100.00% 14.38% 16.85% -67.06% 181.45%
Stock in trade 100.00% -40.26% -57.98% -93.34% 315.20%
Trade debts 100.00% 102.92% -8.96% -99.50% 138.57%
Advances, deposits, prepayments and other receivables 100.00% -28.26% -86.40% -99.45% -96.22%
and balances with statutory authority 0.00% 0.00% 100.00% 27.95% -68.07%
Interest accrued 0.00% 0.00% 100.00% 47.44% -30.69%
Other receivables 0.00% 0.00% 0.00% 100.00% 245.28%
Derivative financial instrument 0.00% 0.00% 0.00% 0.00% 0.00%
Cash and bank balances 100.00% -95.35% -94.92% -86.81% -94.32%
Toatl Current Assets 100.00% -68.76% -60.89% -35.42% -21.43%
Total Assets 100.00% 72.20% 115.02% 334.11% 146.53%
 2013

85.96%
0.00%
14.71%
71.65%

2338.24%
0.00%
21393.39%
-100.00%
-100.00%
0.00%
1291.44%

200.77%
521.83%
-88.41%
365.44%
79.63%
143.33%

0.00%

248.05%
-62.50%
-40.22%
-100.00%
252.86%

106.03%
326.40%
664.30%
-96.26%
-70.21%
1746.91%
-53.61%
100.00%
-55.02%
 -4.82%
143.33%
 Profit and Loss Account

2008 2009 2010 2011 2012 2013

Rupees'000
NET SALES 3,545,902 5,314,538 3,808,455 4,742,593 11,523,050 15,967,900
Less: Cost of sales (2,887,790) (3,627,110) (3,292,871) ### (8,454,600) (10,887,427)
GROSS PROFIT 658,112 1,687,428 515,584 823,053 3,068,450 5,080,473
Other income 107,574 190,424 27,220 28,053 26,519 94,719
Distribution cost (53,383) (50,260) (47,737) (74,149) (101,642) (143,866)
Administrative expenses (76,495) (103,186) (103,490) (147,938) (129,180) (205,074)
Other operating expenses (34,290) (78,173) (25,460) (36,944) (72,457) (228,579)
Finance cost (146,954) (224,716) (41,206) (103,922) (1,825,445) (1,512,148)
NET PROFIT BEFORE TAXATION 454,564 1,421,517 324,911 488,153 966,245 3,085,525
Taxation (40,966) (413,894) (74,732) (62,492) (413,655) (988,458)
NET PROFIT AFTER TAXATION 413,598 1,007,623 250,179 425,661 552,590 2,097,067
Earnings per share - Basic 0.85 1.45 0.31 0.52 0.29 1.42
Earnings per share - Diluted 0.77 1.36 0.30 0.34 0.29 1.42
 Profit and Loss Account

2008 2009 2010 2011 2012 2013

Rupees'000
NET SALES 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Less: Cost of sales -81.44% -68.25% -86.46% -82.65% -73.37% -68.18%
GROSS PROFIT 18.56% 31.75% 13.54% 17.35% 26.63% 31.82%
Other income 3.03% 3.58% 0.71% 0.59% 0.23% 0.59%
Distribution cost -1.51% -0.95% -1.25% -1.56% -0.88% -0.90%
Administrative expenses -2.16% -1.94% -2.72% -3.12% -1.12% -1.28%
Other operating expenses -0.97% -1.47% -0.67% -0.78% -0.63% -1.43%
Finance cost -4.14% -4.23% -1.08% -2.19% -15.84% -9.47%
NET PROFIT BEFORE TAXATION 12.82% 26.75% 8.53% 10.29% 8.39% 19.32%
Taxation -1.16% -7.79% -1.96% -1.32% -3.59% -6.19%
NET PROFIT AFTER TAXATION 11.66% 18.96% 6.57% 8.98% 4.80% 13.13%
Earnings per share - Basic
Earnings per share - Diluted
Cash Flow Statement
For the Year Ended June 30, 2009
2009 2008
Note Rupees'000 Rupees'000
Cash flows from operating activities
Net profit before taxation 1,421,517 454,564
311,749 302,656
Provision for compensated absences 12,833 9,492
Reversal of provision for bad debt - (3,500)
Workers' (Profit) Participation Fund including interest and WWF 77,841 33,690
224,388 146,954
Gain on disposal of property, plant and equipment (2,479) (2,550)
Interest income including interest on long term deposit (184,750) (93,255)
439,582 393,487
Operating cash flows before working capital changes 1,861,099 848,051
Increase in stores and stocks (37,849) (485,602)
Increase in long-term deposits and prepayments (66,534) -
Decrease in long-term advance 900 900
Increase in retention money 125,610 18,129
Increase in trade debts (27,714) (3,869)
Increase in advances, deposits, prepayments and other receivables (20,850) (185,476)
Increase in trade and other payables 300,472 36,128
274,035 (619,790)
Cash generated from operations 2,135,134 228,261
Compensated absences paid (11,145) (8,241)
Payment to Workers' (Profit) Participation Fund (24,741) (41,483)
(103,520) (27,928)
Net cash generated from operating activities 1,995,728 150,609
Cash flows from investing activities
Additions in property, plant and equipment excluding borrowing cost capitalized (5,096,237) (2,116,568)
Proceeds from disposal of property, plant and equipment 4,480 2,594
Interest received on bank deposits 198,861 83,504
Net cash used in investing activities (4,892,896) (2,030,470)
Cash flows from financing activities
Repayment of long term finances (550,000) (550,000)
Proceeds from long-term loans 1,740,000 -
Dividend paid on ordinary shares (55) (3,632)
Dividend paid on preference shares (8,361) (8,361)
Import finances and export refinance (334,988) 754,988
Payment of guarantee premium and other cost (990,518) -
Proceeds from issue of shares - net of transaction cost - 5,059,174
Finance cost paid (289,273) (259,399)
Net cash (used in)/ generated from financing activities (433,195) 4,992,770
(Decrease)/ increase in cash and cash equivalents (3,330,363) 3,112,909
Cash and cash equivalents at beginning of the year 3,160,532 47,623
Cash and cash equivalents at end of the year 31 (169,831) 3,160,532
Cash FlowFCCL

Annual Re 25 Cash Flow Statement for th

2011 2010 2013

Note Rupees'000 Rupees'000 Note Rupees'000
Cash flows from operating activities Cash flows from operating activities
Net profit bef 488,153 324,911 Net profit before taxation 3,085,525
Adjustments for: Adjustments for:
Depreciation 392,137 327,130 Depreciation 1,273,892
Provision fo 28,134 19,435 Provision for compensate 36,757
Reversal of p- (1,567) Workers' (Profit) Particip 227,651
Workers' (Pro 36,033 25,407 Finance cost 1,511,851
Finance cost 103,858 40,284 Gain on disposal of proper (870)
Loss/ (gain) 140 (982) Interest income including (65,885)
Interest inco (9,898) (12,544) 2,983,396
550,404 397,163 Operating cash flows befor 6,068,921
Operating cas 1,038,557 722,074 Decrease/ (increase) in st 658,759
(Increase)/ d ### 18,312 Decrease in long-term dep-
Decrease in 15,559 124,142 Decrease in long-term ad 900
Decrease in 900 900 Increase in trade debts (141,561)
Decrease in - (143,739) Decrease in advances 157
(Increase)/ d (12,446) 31,694 Decrease in trade deposits, short term prepayments and
Decrease/ (in 6,248 (9,622) balance with statutory auth 6,423
Increase in trade deposits, short term prepayments and balance Decrease in other receivab 143,041
with statutory (146,507) (373,013) (Decrease)/ increase in tr (457,096)
Decrease/ (in 20,670 (2,390) 210,623
Increase in t 240,901 206,935 Cash generated from oper 6,279,544
### (146,781) Compensated absences pa (18,178)
Cash (used in (616,996) 575,293 Payment to Workers' (Profi (177,169)
Compensated (17,424) (13,825) Taxes paid (89,957)
Payment to Wo (17,534) (75,874) Net cash generated from op5,994,240
Taxes paid (84,314) (106,678) Cash flows from investing activities
Net cash (use (736,268) 378,916 Additions in property, pla (113,253)
Cash flows from investing activities Proceeds from disposal of 3,860
Additions in ### (3,006,336) Interest received on bank 55,806
Proceeds from 4,809 4,324 Net cash used in investing (53,587)
Interest rece 9,629 12,694 Cash flows from financing activities
Net cash used ### (2,989,318) Repayment of long term fi ###
Cash flows from financing activities Repayment of sub-ordinate-
Repayment of- (325,000) -
Proceeds from issue of shar
Proceeds fro 3,289,000 4,244,000 Dividend paid on preferen (175,573)
Advance again 854,614 - Payment of short term bor (940,000)
Dividend paid (8) (7) Finance cost paid ###
Dividend paid (33,443) (16,721) Net cash used in financing ###
Proceeds fro 607,284 379,090 Net increase/ (decrease 1,373,369
Payment of g (11,238) - Cash and cash equivalen 169,117
Finance cost ### (1,375,549) Cash and ca 31 1,542,486
Net cash gene2,482,701 2,905,813
Increase in 358,308 295,411
Cash and ca 125,580 (169,831)
Cash and ca 34 483,888 125,580
 FCCL

Annual Report 2013

2012
Rupees'000
ting activities
966,245

1,070,083
20,321
71,455
1,825,187
(7,523)
(9,343)
2,970,180
3,936,425
(571,675)
2
900
(27,281)
27,656
ts, short term prepayments and
586,815
2,193
512,827
531,437
4,467,862
(21,651)
(26,464)
(114,248)
4,305,499
ting activities
(142,147)
7,853
9,786
(124,508)
cing activities
(1,671,082)
(3,189,000)
2,325,555
 (66,885)
(466,375)
(1,427,975)
(4,495,762)
(314,771)
483,888
169,117
Column1 Column2 Column8 Column7 Column6 Column5 Column4
2008 2009 2010 2011 2012
Profit
Gross Profit Margin % 18.56 31.75 13.54 17.35 26.63
Operating Profit Margin % 16.96 30.98 9.61 12.48 24.23
Pre Tax Margin % 12.82 26.75 8.53 10.29 8.39
After Tax Margin % 11.66 18.96 6.57 8.98 4.80

Performance
Return on total assets % 3.32 4.70 0.93 1.32 1.80
Total assets turnover Times 0.28 0.25 0.14 0.15 0.38
Fixed assets turnover Times 0.50 0.28 0.16 0.18 0.44

Return on paid up share capital % 5.57 13.58 3.37 5.74 4.00

Leverage
Debt Equity Ratio Times 0.09 0.40 0.57 0.55 0.47
Current Ratio Times 2.16 0.81 0.63 0.89 0.76
Quick Ratio Times 2.06 0.74 0.60 0.80 0.58
Cash Ratio 1.54 0.07 0.05 0.18 0.04
Valuation/Marketability
Earnings per share (basic) Rs 0.85 1.43 0.31 0.52 0.29
Breakup value per share
(basic) Rs 13.39 13.97 13.86 15.89 10.44
Breakup value per share
(diluted) Rs 12.51 13.06 12.95 14.84 10.08
Dividend per share
(Proposed) Rs - - - - -
Dividend payout ratio
(Proposed) % - - - - -
Market price per share
(average) Rs 16.06 6.49 6.67 4.72 4.53
Liquidity Ratios

Current Ratios time ### ### ### ### ###

Quick Test Ratio time ### ### ### ### ###

Working Capital rupees 2839322 -973996 -1914197 -592614 -1334355

Cash to libilities time ### ### ### ### ###

Column3
2013

31.82
28.79
19.32
13.13

6.92
0.53
0.65 Debt Raio 0.25 0.55 0.63 0.56 0.55 0.47

15.2

interst
0.40
1.14
0.92
0.39

1.42

11.97

11.55

1.25

88.00

7.9

###
###
629660
###