Pioneer Cement Limited (PIOC) project started in November 1994 when its first unit

commenced production. The second unit was commissioned in January 2006.

PIOC is a medium-sized company in the cement sector, which began its operations with an
installed capacity of 2000 tons per day clinker. The company underwent many expansion plans
due to which its capacity was increased to 2350 tons per day in 2005 and in 2006 a new
production line of 4300 tons per day clinker capacity started production.

Pioneer Cement was incorporated on 9th February 1986 as a public limited company. Presently,
its shares are quoted on all the three stock exchanges of the country. It is part of the Noon group
which holds the majority stake of 60% in the company, followed by a leading brokerage house,
First National Equity Limited with 9% shareholding. The rest of the shares are held by financial
institutions, insurance companies and the general public.

PIOC is involved in the manufacturing and marketing of cement. Its products include ordinary
portland cement, suitable for concrete construction and sulphate resistant cement, ideal for
construction in or near sea. The company's sulphate resistant cement has less than 2.0 C3A
content whereas the maximum limit of C3A content set by British and Pakistan standards is 3.5.
Thus, the company's sulphate resistant cement is highly preferred in important projects such as
the Thal Greater Canal project. PIOC's products are sold under the brand name of 'Pioneer
Cement' and it was the winner of "Brand of the Year Awards 2006" in cement sector in the
national category. The company's state of the art European (FLS) plant is equipped such that it
allows stringent quality control measures. PIOC is ISO 9001:2000 QMS and ISO: 14001:2004
certified. It meets local as well as international quality standards.
==================================
KEY FACTS
==================================
COMPANY NAME PIONEER CEMENT L
==================================
TICKER PIOC
LOSS AFTER TAX 590 M PKR
SHARE PRICE (JUNE 30, 2010) 6.37 PK
SALES (FY 10) 5.3b PKR
TOTAL EQUITY 2.2b PKR
==================================

PIOC produces and sells clinker and cement domestically and internationally.

Recent results (3Q11) Cement industry's volumetric sales suffered a decline for 9M11 both
locally by 8% and internationally by 14% due to the bearish situation in the local economy
leading from lack of funds by the public sector and inflation eroding the purchasing power of the
private sector. Internationally, a slump in the housing sector along with tensions in ME region
coupled with the fact that recently new capacities have come online caused our traditional export
markets to shrink.

Pioneer cement managed to increase volumetric sales by 2% and sales revenue by 33% on back
of higher prices. Gross turnover was recorded at Rs 4.9 billion as compared to Rs 3.9 billion in
the same period last year. Despite hike in coal and oil prices, along with packaging material
costs, the gross margins improved to 11% as compared to (2%) in the same period last year. The
various operating and administrative expenses tended to show a decline or stability around
previous periods levels. Better margins along with austerity measures allowed the QoQ result to
be in the green, reversing the loss-making trend of past two years.

Financial charges also lowered by 9.4% to be Rs 275 million. However, Loss After Tax for
9M'11 was observed, albeit lower by 52%, at Rs 196 million. FY10 has been one of the worst in
the history for the local cement industry in terms of prices and profitability. The ongoing
recession coupled with capacity expansions in the Pakistani cement sector have created a
situation of excess supply and a free fall in prices due to a severe price war.

The total cement production capacity of the industry stands at 45 million tons by end of FY10,
with capacity utilisation of the industry estimated at 68%. The fierce price war has drastically
eroded retention prices on one hand, while on the other hand input prices have also increased in
general, particularly electricity charges that have increased by 24%.

On the backdrop of declining prices, overall cement volumetric growth registered an increase of
9.3% to stand at 34.2 million tons. The increase in the domestic dispatches of the industry is
14.63 % and the decrease in exports is 0.89%. The increase is small compared to the decline in
prices, which was 27.53% in the local market and a 12.90% drop internationally. While exports
increased considerably during FY09, due to expanding capacity of neighbouring countries the
local cement industry was unable to capitalise the market and only a marginal rise was seen
during FY10.

Production and sales Cement production for the year stood at 1,266,968 tons, a rise of 23%
over last year (FY09: 1,033,587 tons), mainly on account of increase in local cement demand.
Capacity utilization, was however only 58%, due to the recent increase in production capacity.
Despite the increase in volume of cement produced and sold, net sales revenue declined by
22.6%, to Rs 3.87 billion (FY09: Rs 5.00 billion).

This decline is attributed to the price war in the sector, which caused cement companies to slash
prices and sacrifice revenue in return for higher sales volume, and is being experienced by all
cement companies. In terms of volume, cement sales of PIOC rose by 9%, a small rise against
the decline in revenue.

During FY10, exports contributed 17% of the total cement dispatches of the company, while
local sales contributed 84%. Export revenue stood at Rs 680 million, (FY09: Rs 1.04 billion), a
decline of 34.8%; while revenue from local sales stood at Rs 4.65 billion (FY09: Rs 5.64 billion),
a decline of 17.54%. In terms of volume, exports declined by 21.2%, largely a result of increased
capacity of neighbouring countries. Also, during FY09 PIOC was able to export a considerable
amount of clinker which was not feasible this year due to decline in clinker prices
internationally.
Profitability

The cement sector is experiencing growth in cement dispatches but at the same time companies
are facing declining profitability. Sales Revenue is on a decline, with cost of production on a
steady rise. Fuel costs, which form over 60% of production costs, stood at Rs 2.44 million
(FY09: Rs 2.42 million), while costs of packaging material which comprise 10% of costs, rose
by 21%. These costs however, have risen in a smaller proportion as compared to the increase in
sales volume, as a result of cost control in production processes by the company. The decline in
profitability resulted in the company experiencing a loss of Rs 590 million for the year (Profit
FY09: Rs 36 million). The decline of Rs 1.12 billion in net sales resulted in production costs
rising above revenue, leading to an overall loss.

Distribution costs declined by 56%, standing at Rs 158 million (FY09: Rs 360 million), while
administrative expenses declined by 20%. Finance charges and other expenses similarly declined
by 13% and 40% respectively. These declining costs however were not sufficient to maintain
profitability and the company witnessed a loss before tax of Rs 859 million. As a result of a
deferred tax credit, the final figure of loss after tax stood at Rs 590 million.

Profitability ratios of the company, like other cement companies are on a decline. Gross profit
margin and net profit margin are both negative, standing at -2.1% and -15.3% respectively.
Similarly ROA and ROE have witnessed sharp declines, with ROA dropping from 0.35% to
-5.7%; and ROE dropping from 1.5% to -26.6%. While profitability of the sector is on a decline
as a whole, PIOC's figures stand well below the industry average. The industry average gross
profit margin stands at 15.2% while the profit margin stands at 1.4%.

Liquidity The liquidity position of the company has been deteriorating over the years due to
substantial rise in the current liabilities. PIOC felt a liquidity crunch, like many other companies
in the cement sector due to the price war and losses caused by that in FY08 and again in FY09.
The current liabilities of PIOC have increased to Rs 4.91 billion during FY10 (FY09: Rs 3.49
billion), backed mainly by increased short-term borrowings by the company. Trade and other
payables rose by approximately Rs 300 million, while short-term morabaha showed a rise of Rs
400 million. Additionally, current maturities of long-term loans, the largest portion of current
liabilities rose by 24%, to Rs 257 billion (FY09: Rs 2.07 billion).

Current assets, being much less than the current liabilities, stood at Rs 1.33 billion at the end of
FY10 (FY09: Rs 1.00 billion). The composition of current assets changed such that the most
liquid asset, cash and bank balances, declined by 65%, standing at Rs 55.8 million (FY09: Rs
159 million). This is a negative sign as it shows that the ability of the company to handle day to
day operations is on the decline. Stores, spares and loose tools, which make up 70% of current
assets, showed a rise of 84%, standing at Rs 933 million.
The current ratio of PIOC presently stands at 0.27, with a decline of 7% over FY09 (FY09:
0.29). The industry average stands at 0.67, with PIOC being the only company with a current
ratio below 0.5. Thus, while the overall industry's position is not ideal, it is much better than the
position of PIOC.

Asset management Asset management of the company, similar to the other ratios analyzed, saw
a decline during FY10. Inventory Turnover rose from 47 days in FY09 to 99 days during FY10,
largely a result of declining sales over the year. Adding to the effect of declining sales was the
rise in inventory, mainly due to an accumulation of coal, which is used in the production process.
Days Sales Outstanding remained constant at 3 days, which is considerably lesser than the
industry average which is 6 days.

The companies operating cycle for FY10 thus stood at 102 days, as compared to 50 days during
FY09. While this sharp increase in the Operating Cycle reflects negatively on the company's
performance, it is similar to the industry average, which is 97 days. This shows that PIOC was
previously performing extremely well in terms of Asset Management, and its performance is
now similar to the rest of the industry.

Total Asset Turnover and Sales/Equity similarly witnessed declines, albeit much smaller. Total
Asset Turnover fell from 0.48 during FY09 to 0.38 during FY10. This is entirely due to the
decline in sales, as total assets have remained relatively stable over the year. Sales/Equity fell
from 1.1 during FY09 to 0.9 during FY10, again due to the decline in sales.

Debt management Debt Management of PIOC showed moderate deterioration, with rising short
and long-term debt. Debt to Assets rose slightly, standing at 0.58 (FY'09: 0.56). This is due to
the small rise in liabilities, with assets remaining constant. Total liabilities rose by almost 4%,
standing at Rs 5.99 billion (FY09: Rs 5.77 billion). Debt to equity rose from 2.40 at the end of
FY09 to 2.70 at the end of FY10; attributed to declining equity and rising liabilities. PIOC is
seen to be highly leveraged when compared with the industry, which has an industry average
debt to equity ratio of 1.34, which is half of the company's figure.

Long-term debt to equity however showed slight improvement, dropping from 0.95 at the end of
FY09 to 0.49 at the end of FY10. Long-term liabilities declined over the year by almost 53%,
standing at Rs 1.01 billion (FY09: Rs 2.28 billion). Equity declined by 5.3%, at Rs 4.34 billion,
in spite of an increase in the number of shares outstanding. The decline can be attributed to the
sharp drop in reserves, a result of the loss faced by the company in FY10.

During the year, PIOC took steps to restructure its debt, as a result of which the long term debt to
equity position has shown improvement. The company issued National Bank of Pakistan
23,222,813 ordinary shares with a face value of Rs 10 per share, at the rate of Rs 15 per share,
against an outstanding loan that the company was unable to pay off during the period. This
enabled the long-term liabilities to decline. The shares were given at a rate much higher than the
market price, which is Rs 6.37 per share. Despite this, total debt to equity deteriorated due to
liquidity problems and increased short-term borrowing.

While finance costs of the company have declined over the period, due to the company's
operating loss the TIE ratio has plummeted. From 2.00 at the end of FY09, the TIE ratio has
fallen to -0.76; a decline of 138%. This figure is well below the industry average, which stands at
4.35.

Market value Market value of PIOC is seen to be declining steadily with time, with the share
price dropping to Rs 6.37 per share by the end of FY'10 (FY'09: Rs 13.58). The stock has a beta
of 0.35, meaning that it has provides a much smaller return in proportion to the market. This also
means the stock has low risk and may provide risk-averse investors with a stable investment.

Earnings per Share stood at (Rs 2.87), reflecting the loss faced by the company (FY09: Rs 0.18).
The company's EPS stands well below the industry average, which is Rs 2 per share. The Price-
Earnings Ratio fell to -2.22 at the end of FY'10, due to both the fall in market price and the fall in
EPS. Book Value experienced a reasonable decline, falling from 12.03 at the end of FY09 to
9.96 at the end of FY10. This is due to the decline in equity and the increase in number of shares
outstanding. Like other cement manufacturers, PIOC was unable to provide shareholders with a
dividend at the end of the year.

Future outlook

The prospects of the local cement industry are linked to improvements in the economy,
especially macro-economic indicators and the law and order situation. According to the Federal
Budget 2010-11, Rs 663 billion had been allocated to Public Sector Development Programme
(PSDP). However, this amount may be slashed by 50% in the aftermath of the floods, as
resources are limited. On flip side, these funds would ultimately divert to rebuilding of houses
and infrastructures that would balance out the cement demand as the damage to housing and
infrastructures have been enormous. The international agencies and world community in general
are also expected to provide funds for reconstruction activities. Similarly construction of small
and medium-size dams as well as army operations in flood affected areas will provide the
required imputes to the ailing cement industry. The increased demand however will not make an
impact until the second half of FY11.

Until sales increase, PIOC is looking to cut costs so as to regain its profitability. The company is
taking measures to bring down fuel and electricity costs and has started using alternate fuel and
is planning to install waste heat recovery project for further reduction in production cost.
Additionally, the management is pursuing optimum utilization of plant with cost effective
measures for sustained operations. All these measures along with financial restructuring provide
a promising future for the company.
>COURTESY : Economics and Finance Department, Institute of Business Administration,
Karachi, prepared this analytical report for Business Recorder.

DISCLAIMER: No reliance should be placed on the [above information] by any one for making
any financial, investment and business decision. The [above information] is general in nature and
has not been prepared for any specific decision making process. [The newspaper] has not
independently verified all of the [above information] and has relied on sources that have been
deemed reliable in the past. Accordingly, the newspaper or any its staff or sources of information
do not bear any liability or responsibility of any consequences for decisions or actions based on
the [above information].

LIQUDITY COMPAR

LAFR:
. LIQUIDITY In FY'06, Current Ratio and Quick Ratio were low at 0.21 and 0.16. In FY'07 the Current Ratio peaked at
0.91 and the Quick Ratio at 0.75. This year the ratios were the highest compared to the coming years. Lafarge
Cements was again seen in a deteriorating liquidity condition as the Current Ratio and Quick Ratio both decreased in
FY'09. The Current Ratio fell to 0.31x from 0.73 in FY'08 and the Quick Ratio following a similar trend plunged to
0.21x from 0.55x in FY'08. The condition was due to a decrease in Current Assets along with an increase in Current
liabilities for the current period

PIO:
Current assets, being much less than the current liabilities, stood at Rs 1.33 billion at the end of FY10
(FY09: Rs 1.00 billion). The composition of current assets changed such that the most liquid asset, cash
and bank balances, declined by 65%, standing at Rs 55.8 million (FY09: Rs 159 million). This is a
negative sign as it shows that the ability of the company to handle day to day operations is on the decline.
Stores, spares and loose tools, which make up 70% of current assets, showed a rise of 84%, standing at Rs
933 million.

The current ratio of PIOC presently stands at 0.27, with a decline of 7% over FY09 (FY09: 0.29). The
industry average stands at 0.67, with PIOC being the only company with a current ratio below 0.5. Thus,
while the overall industry's position is not ideal, it is much better than the position of PIOC.

Ratios Lafrage Pioneer

Current ratio 0.31 0.27

Quick ratio 0.21 0.19

0.4
0.3
current ratio
0.2 quick ratio
quick ratio
0.1
current ratio
0
lafarage2010 pioneer2010

Lafarge Pakistan Cement, established in December 2006 showed impressive performance over the three years
period in business. After its first year in FY'06 most of the figures were shown a negative range. Gross Profit Margin
was -158.1% followed by Net Profit Margin of -43.15%. ROA and ROE showed similar results in FY'06. However
improved performance was seen in the FY'07, where the negative ratios were improved and minimised. The Gross
Profit Margin was -11.91% with the Net Profit Margin to -12.43%. ROE and ROA both remained in negative
percentages. However we saw a positive value in FY'08; Gross Profit Margin was 7.73%. However, Net Profit Margin
deteriorated because of hefty finance costs that the company had to bear for their debt. ROA and ROE remained
negative. In FY'09, the company continued its improving trend of Gross Profit Margin, mounting to 12.10% from
7.73% in FY'08. However, further analysis show a decline in the Net Profit Margin and Return on Equity and Assets.
The decline in Net Profit is attributed to High Administrative Expense and lower Other Income. Administrative
expense was due to Royalty fees mounting Rs2bn and the other income decreased due to the lower mark-up on
advances, which had reduced because of the loosening of the monetary policy by the State Bank. With this trend the
ROA and ROE reduced by 6.49% and 13.1% respectively
Profitability ratios of the company, like other cement companies are on a decline. Gross profit
margin and net profit margin are both negative, standing at -2.1% and -15.3% respectively.
Similarly ROA and ROE have witnessed sharp declines, with ROA dropping from 0.35% to
-5.7%; and ROE dropping from 1.5% to -26.6%. While profitability of the sector is on a decline
as a whole, PIOC's figures stand well below the industry average. The industry average gross
profit margin stands at 15.2% while the profit margin stands at 1.4%.

ratios Lafarge pioneer

Gross profit margin 12.10 -2.1
Net profit margin -12.43 -15.3
ROA 6.49 5.7
ROE 13.1 -26.6

ratios Lafarge pioneer

Gross profit margin 12.10 -2.1
Net profit margin -12.43 -15.3
ROA 6.49 5.7
ROE 13.1 -26.6

DEBT MANAGEMENT RATIOS The gearing ratio for the company have been varied. In FY'06 the Debt-to-Asset ratio
was 0.50, whereas the Debt-to-Equity was 1.37x. Long Term Debt to Equity was 1.09, showing that emphasis was on
long term debt. In FY'07, conditions improved as the Debt to Asset ratio fell to 0.33x, showing the repayment of their
loans within a years time. This behaviour was also noted in the Debt to equity section where the ratio declined to
0.67x from 1.37x in the previous year. In FY'08, the ratio slightly deteriorated as the Debt to Asset increased to 0.37
followed by the Debt to Equity to 0.70x, reason for this is the short term running finance that increased the debt for
the company(Rs.2.4bn).
Debt Management of PIOC showed moderate deterioration, with rising short and long-term debt. Debt to Assets
rose slightly, standing at 0.58 (FY'09: 0.56). This is due to the small rise in liabilities, with assets remaining
constant. Total liabilities rose by almost 4%, standing at Rs 5.99 billion (FY09: Rs 5.77 billion). Debt to equity rose
from 2.40 at the end of FY09 to 2.70 at the end of FY10; attributed to declining equity and rising liabilities. PIOC is
seen to be highly leveraged when compared with the industry, which has an industry average debt to equity ratio of
1.34, which is half of the company's figure.

Long-term debt to equity however showed slight improvement, dropping from 0.95 at the end of FY09 to 0.49 at the
end of FY10. Long-term liabilities declined over the year by almost 53%, standing at Rs 1.01 billion (FY09: Rs 2.28
billion). Equity declined by 5.3%, at Rs 4.34 billion, in spite of an increase in the number of shares outstanding. The
decline can be attributed to the sharp drop in reserves, a result of the loss faced by the company in FY10.

During the year, PIOC took steps to restructure its debt, as a result of which the long term debt to equity position has
shown improvement. The company issued National Bank of Pakistan 23,222,813 ordinary shares with a face value
of Rs 10 per share, at the rate of Rs 15 per share, against an outstanding loan that the company was unable to pay off
during the period. This enabled the long-term liabilities to decline. The shares were given at a rate much higher than
the market price, which is Rs 6.37 per share. Despite this, total debt to equity deteriorated due to liquidity problems
and increased short-term borrowing.

While finance costs of the company have declined over the period, due to the company's operating loss the TIE ratio
has plummeted. From 2.00 at the end of FY09, the TIE ratio has fallen to -0.76; a decline of 138%. This figure is
well below the industry average, which stands at 4.35.

Ratios Lafarge Pioneer

Debt to asset 0.34 0.56
Debt to equity 0.69 2.40
TIE 0 -0.76
 2.5
2
1.5
debt to asset
1
debt to equity
0.5
TIE
0
longtermdebt to equity
-0.5
-1
lafarge2010 pioneer 2010

Asset management of the company, similar to the other ratios analyzed, saw a decline during
FY10. Inventory Turnover rose from 47 days in FY09 to 99 days during FY10, largely a result of
declining sales over the year. Adding to the effect of declining sales was the rise in inventory,
mainly due to an accumulation of coal, which is used in the production process. Days Sales
Outstanding remained constant at 3 days, which is considerably lesser than the industry average
which is 6 days.

The companies operating cycle for FY10 thus stood at 102 days, as compared to 50 days during
FY09. While this sharp increase in the Operating Cycle reflects negatively on the company's
performance, it is similar to the industry average, which is 97 days. This shows that PIOC was
previously performing extremely well in terms of Asset Management, and its performance is
now similar to the rest of the industry.

Total Asset Turnover and Sales/Equity similarly witnessed declines, albeit much smaller. Total
Asset Turnover fell from 0.48 during FY09 to 0.38 during FY10. This is entirely due to the
decline in sales, as total assets have remained relatively stable over the year. Sales/Equity fell
from 1.1 during FY09 to 0.9 during FY10, again due to the decline in sales.

Ratios Lafarge pioneer

Inventory turnover 32 47
DSO 3.85 3
Operating cycle 35.47 50
Asset turnover 0.41 0.48
Sales to equity 0.63 1.1
 50

40 inventory
turnover
30
operatingcycle
20

10 DSO

0
lafarge pioneer

1.2
1
0.8
0.6 asset turnover

0.4 salesto equity

0.2
0
lafrge pioneer

The company has shown a lot of improvement in terms of asset management since
FY07. Its operating cycle went down to 35.47 days in FY09 compared to 47.46 days
in FY08. This means that the company has decreased the time period taken to
convert inventory into sales and the sales into cash. The inventory turnover of the
company also fell from 45.82 days FY08 to just 32 days in FY09 due to the rise in
sales as well as the fall in inventory.

Total asset turnover ratio for Lafarge Cement was 0.41x in FY09 compared to 0.34x
in FY08. It increased due to higher growth in sales revenue as compared to the
growth in assets over the years. The sales to equity ratio for FY09 was 0.83x
compared to 0.67x in FY08. However this rise was due to the rising accumulated
losses which have decreased the shareholder's equity for last 2 to 3 years.

The asset management performance over these 3 years has improved due to sales
rising more than growth in assets.

Asset management (3Q10)

Asset management performance for 3Q10 has been very poor compared to that in
3Q09. The operating cycle has increased to 44.41 days compared to 36.49 days in
the last period. This was due to the fall in sales as well as the rise in inventory.

Total asset turnover ratio has gone from 0.32x in 3Q09 to 0.26x in 3Q10. This was
due to the fact that the sale fell down by a higher percentage compared to the fall
in total assets. This downfall also led to the fall in sales to equity ratio, which went
from 0.63x in 3Q09 to 0.58x in3Q10.

Debt management (FY09):

The debt to asset ratio for the company was constant at 0.50x for the last 3 years.
This was mostly due to the fact that the rise in total assets was mostly financed
through short-term borrowings. However, the long-term debt to equity ratio has
been falling even though the total debt to equity ratio has been nearly constant for
that period. It was 0.31x in FY09 compared to 0.51x in FY08. This shows that the
company has been relying more on short-term borrowings and less on long-term
ones. Short-term borrowings in an economy with rising interest rates can be a
disadvantage in terms of higher interest costs and refinancing issues. The company
should look to long-term debts, which have constant interest rates as well as a long
maturity period.

Debt to equity ratio for the company has been hovering around 1.00x for the last
three years. This is due to the opposite changes in the total debt and equity during
this period. Times interest earned ratio has gone from +0.05x FY08 to -0.02x in
FY09. This is not a good ratio for a company, which is so heavily dependent on debt
to finance its activity. This could lead to difficulty for the company's future
borrowings to refinance its current short-term loans.
lasf

The loss per share was Rs -0.59 in FY07, Rs -1.01 in FY08 and -0.97 in FY09. The
consistency in last years was due to similar net losses in these periods. However the
average market price has shown a falling trend over the last 3 years due to market
crash at KSE in 2007 and 2008. The average stock price went from Rs 10.95 in FY07
to Rs 7.46 in FY08 and Rs 2.81 in FY09. The price earning ratio went up from
-18.56x in FY07 to -7.39x in FY09 and -2.9x in FY09. This was due to the falling
average market prices as well as the constant loss per share during this era. Due to
accumulated losses, the company has not declared any dividends in the past 3
years. This was also a factor in its stocks being undervalued to its book value.

Pio

Market value of PIOC is seen to be declining steadily with time, with the share price dropping to Rs 6.37 per share
by the end of FY'10 (FY'09: Rs 13.58). The stock has a beta of 0.35, meaning that it has provides a much smaller
return in proportion to the market. This also means the stock has low risk and may provide risk-averse investors with
a stable investment.

Earnings per Share stood at (Rs 2.87), reflecting the loss faced by the company (FY09: Rs 0.18). The company's
EPS stands well below the industry average, which is Rs 2 per share. The Price-Earnings Ratio fell to -2.22 at the
end of FY'10, due to both the fall in market price and the fall in EPS. Book Value experienced a reasonable decline,
falling from 12.03 at the end of FY09 to 9.96 at the end of FY10. This is due to the decline in equity and the
increase in number of shares outstanding. Like other cement manufacturers, PIOC was unable to provide
shareholders with a dividend at the end of the year.

Ratios lafarge pioneer

EPS 2.77 2
P/E ratio -2.90 -2.22
Book value per 5.28 12.30
share
Stock price 3 6.37