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Non-current assets

Fixed assets - property, plant and equipment 64,878 62,951 18.3% 16.9% 1,927 3.1% 1,927 3.1%
Good will 88,653 87,448 25.0% 23.5% 1,205 1.4% 1,205 1.4%
License 56,614 44,426 16.0% 11.9% 12,188 27.4% 12,188 27.4%
Other 3,195 2,357 0.9% 0.6% 838 35.6% 838 35.6%
213,340 197,182 60.2% 52.9% 16,158 8.2% 16,158 8.2%
Current assets
Inventories 56,947 43,232 16.1% 11.6% 13,715 31.7% 13,715 31.7%
Trade debts - considered good 51,769 69,890 14.6% 18.8% (18,121) -25.9% (18,121) -25.9%
Deffered income tax 8,766 5,291 2.5% 1.4% 3,475 65.7% 3,475 65.7%
Prepaied expense 5,920 3,161 1.7% 0.8% 2,759 87.3% 2,759 87.3%
prepaied Royalities 2,834 4,470 0.8% 1.2% (1,636) -36.6% (1,636) -36.6%
Tax receivable 2,126 - 0.6% 0.0% 2,126 #DIV/0! 2,126 #DIV/0!
Market Securities
Cash and bank balances 12,580 49,462 3.6% 13.3% (36,882) -74.6% (36,882) -74.6%
140,942 175,506 39.8% 47.1% (34,564) -19.7% (34,564) -19.7%
Total assets 354,282 372,688 100.0% 100.0% (18,406) -4.9% (18,406) -4.9%
Share capital and reserves
Common Stock 186 185
Additional Paid in Capital 158,429 157,301
Treasury Stock (3,999) (3,999)
Other Income or Loss (1,456) (2,488) -0.41% -0.7% 1,032 -41.5% 1,032 -41.5%
Retained Earning 107,467 110,594 30.33% 29.7% (3,127) -2.8% (3,127) -2.8%
Total Share holder Equity 260,627 261,593 73.56% 70.2% (966) -0.4% (966) -0.4%
Non-current liabilities
Liabilities against asset subject to finance lease 0.00% 0.0% - -
convertiable sub ordinates loan - 29,935
Other Long term Debt 11,882 4,490
Others 298 926
Deferred Income tax 24,979 10,890 7.05% 2.9% 14,089 129.4% 14,089 129.4%
37,159 46,241 10.49% 12.4% (9,082) -19.6% (9,082) -19.6%
Current liabilities
Trade and other payables 28,778 36,734 8.12% 9.9% (7,956) -21.7% (7,956) -21.7%
Accured royalities 10,702 9,692 3.02% 2.6% 1,010 1,010
Accured Expense 8,757 11,764 2.47% 3.2% (3,007) -25.6% (3,007) -25.6%
Tax payable 1,742 3,156 0.49% 0.8% (1,414) (1,414)
Current portion of long term debt 4,009 567 1.13% 0.2% 3,442 3,442
53,988 61,913 15.24% 16.6% (7,925) -12.8% (7,925) -12.8%
Total liabilities 91,147 108,154 25.73% 29.0% (17,007) -15.7% (17,007) -15.7%
Contingency and commitments Minority Intrestests 2,509 2,941
Particulars
ATTOCK CEMENT PAKISTAN LIMITED
As on June 30, 2013 and 2012
Comparative Balance Sheet
2003 2004 Horizontal Analysis
(Trend Analysis)
Vertical Analysis
(Common Size Analysis)
YoY
(Change Analysis) ----------- Rupees 000 -----------
Total equity and liabilities 354,283 372,688 100.00% 100.0% (18,405) -4.9% (18,405) -4.9%
Net sales 344,330 369,458 100.0% 100.0% (25,128) -6.8% (25,128) -6.8%
Cost of sales 247,959 245,879 72.0% 66.6% 2,080 0.8% 2,080 0.8%
Gross profit 96,371 123,579 28.0% 33.4% (27,208) -22.0% (27,208) -22.0%
Distribution costs 0.0% 0.0% - #DIV/0! - #DIV/0!
Administrative expenses 90,713 82,598 26.3% 22.4% 8,115 9.8% 8,115 9.8%
Amortization of intangibles 3,802 3,416 1.1% 0.9% 386 11.3% 386 11.3%
Other income - - 0.0% 0.0% - #DIV/0! - #DIV/0!
Profit from operations 1,856 37,565 0.5% 10.2% (35,709) -95.1% (35,709) -95.1%
Finance cost (1,832) (2,085) -0.5% -0.6% 253 -12.1% 253 -12.1%
Foreign Exchange Gain 1,545 3,574 0.4% 1.0% (2,029) -56.8% (2,029) -56.8%
Gain or loss on extinguishment of debt (322) 34 -0.1% 0.0% (356) -1047.1% (356) -1047.1%
Earning from joint Venture 1,370 62 0.4% 0.0% 1,308 2109.7% 1,308 2109.7%
Other income 204 485 0.1% 0.1% (281) -57.9% (281) -57.9%
Other expense (1,215) (1,909) -0.4% -0.5% 694 -36.4% 694 -36.4%
Profit before taxation 1,606 37,726 0.5% 10.2% (36,120) -95.7% (36,120) -95.7%
Taxation (1,066) (13,499) -0.3% -3.7% 12,433 -92.1% 12,433 -92.1%
Profit after taxation 540 24,227 0.2% 6.6% (23,687) -97.8% (23,687) -97.8%
Currency Translation 1,032 2,118
Total comprehensive income 1,572 26,345 0.5% 7.1% (24,773) -94.0% (24,773) -94.0%
Diluted 0.03 1.33
Basic 0.03 1.36
Comparative Profit and Loss Account
For the year ended June 30, 2013 and 2012
Particulars
ATTOCK CEMENT PAKISTAN LIMITED
YoY
(Change Analysis)
Horizontal Analysis
(Trend Analysis)
Vertical Analysis
(Common Size Analysis)
2003 2004
----------- Rupees 000 -----------
2013 2012
----------- Rupees 000 -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 3,618,608 1,944,836
Finance cost paid (14,894) (15,573)
Income tax paid (470,354) (160,632)
Increase in long-term loans and advances (4,305) (8,111)
Net cash from operating activities 19,813 39,426
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure incurred (876,144) (448,942)
Proceeds from disposal of operating assets 9,082 1,747
Purchase of open ended mutual fund units (4,471,944) (3,130,000)
Proceeds from sale of open ended mutual fund units 3,177,169 2,409,458
Interest received 20,518 22,408
Net cash used in investing activities (2,141,319) (1,145,329)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (817,063) (605,594)
Lease rental paid (1,421)
(818,484) (605,594)
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Cash Flow Statement
For the year ended June 30, 2013 and 2012
Particulars
Current Ratio (X) = Current Asset 140,942
Current Liabilities 53,988
Quick Ratio (X) = Current Asset - Inventory 83,995
Current Liabilities 53,988
= Cash + Market.Securities + CFO 32,393
Current Liabilities 53,988
= Account Receivable 51,769
Net Sales/ 365 943.37
= Inventory 56,947
Cost of Goods Sold/365 679
= Account Payable 28,778
Net Sales/ 365 943
Average Collection period climb up to 11 days from 7 days showing increase of 67% againt correspondent period
of 2012. which shows the relaxtation in creadit term and policiy of the company in order to maintained the previous year
sales
with this change in credit terms company effectively manage the inventory days which remained almost same in CY 13
as company to CY 12 .
Day payable also witness the sluggish market repayment and credit sale showing YOY increase of 21 % from 51 days in CY 12 to 61 days in CY 13
Company Current Ratio shows 10% increase as compare to last year value of 2.5 to 2.8 this increase is a result of increase
in Investments accured intrest and Trade debts which increase by 159% and 83% respectively . Company average . How
ever company still maintaing the best current ratio in cement industry as average current ratio is sector is 1.5
Days Inventory Held
(Days)
Cash Flow Liquidity
Ratio (X)
Average Collection
Period (Days)
Days Payable
Outstanding
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Liquidity Ratios
For the year ended June 30, 2013 and 2012
2004
%agin chage
% p
2.6 175,506 2.8 -8%
61,913
1.6 132,274 2.1 -27%
61,913
0.6 93,358 1.5 -60%
61,913
54.9 69,890 69.0 -21%
1,012
83.8 43,232 64.2 31%
674
30.5 36,734 36.3 -16%
1,012
Average Collection period climb up to 11 days from 7 days showing increase of 67% againt correspondent period
of 2012. which shows the relaxtation in creadit term and policiy of the company in order to maintained the previous year
with this change in credit terms company effectively manage the inventory days which remained almost same in CY 13
Day payable also witness the sluggish market repayment and credit sale showing YOY increase of 21 % from 51 days in CY 12 to 61 days in CY 13
Company Current Ratio shows 10% increase as compare to last year value of 2.5 to 2.8 this increase is a result of increase
in Investments accured intrest and Trade debts which increase by 159% and 83% respectively . Company average . How
ever company still maintaing the best current ratio in cement industry as average current ratio is sector is 1.5
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Liquidity Ratios
For the year ended June 30, 2013 and 2012
2004 2003
= Net Sales
Net Account Receivables
= Cost of Goods Sold
Inventories
= Cost of Goods Sold
Account Payable
= Net Sales
Fixed Asset
= Net Sales
Total Asset
0.0005
932140
466.07
74.5712
540.6412
Total Asset Turnover
(X)
Fixed Asset Turnover
(X)
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Efficiency Ratios
For the year ended June 30, 2013 and 2012
Payables Turnover
(X)
Account Receivable
Turnover (X)
Inventory Turnover
(X)
344,330 6.7 369,458 5.3
51,769 69,890
247,959 4.4 245,879 5.7
56,947 43,232
247,959 8.6 245,879 6.7
28,778 36,734
344,330 5.3 369,458 5.9
64,878 62,951
344,330 1.0 369,458 1.0
354,282 372,688
5%
4660700%
467
75
542
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Efficiency Ratios
For the year ended June 30, 2013 and 2012
2004 2003
= Total Liability
Total Asset
Debt to Equity (X) Total Liabilities
Stock Holder's Equity
Long Term Debt
Long Term Debt+Stock Holder's Equity
= Operating Income
Interest Expenxe
Interest Paid
Operaring Profit + Lease Payment
Interest Expense + Lease Payment
Cash Flow Adequecy Cash Flow from Operating Activities
Capital Expenditures + Debt Repayments +
Dividends Paid
Return on equity
Adjusted return on Asset
Debt Ratio
Cash interest coverage
(X)
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Leverage & Coverage Ratios
For the year ended June 30, 2013 and 2012
Fixed Charge Coverage
(X)
Long Term debt to Total
Capitilization
Financial Leverage
Index (X)
Cash Flow from Operating Activities +
Interest Paid + Taxes Paid
Times Interest Earned
(X)
91,147 26% 108,154 29.0%
354,282 372,688
91,147 35% 108,154 41%
260,627 261,593
- 0.00% - 0.0%
260,627 261,593
1,856 1.0 37,565 18.0
1,832 2,085
491,999 268.56 202,143 96.95
1832 2085
3,277 1.01 37,565 18.02
3,253 2,085
3,618,608 2.13 1,944,836 1.84
1,700,739 1,054,536
0.00 0.27 0.09 1.25
0.01 0.07
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Leverage & Coverage Ratios
For the year ended June 30, 2013 and 2012
2013 2012
= Gross Profit
Net Sales
= Operting Profit
Net Sales
= Net Profit
Net Sales
= Net Income
Total Asset
= Net Income
Stock Holder Equity
Despite of increase in pricies of gas and coal company manage it cost effeciently and increase its gross profit
margin to 30.7 % from 26.8% in CY 12 . Since company is working in his full capacity reflecting and efficent use
of fixed cost which result in good Gross profit margin
Company shows an increase in operating profit from 19.5 % in CY 12 to 23.4% in CY 13 and managed his general and
administration expense showing the 23.3% of Revene in CY 13 as compare to 19.5% in CY12
Low financial cost help the company to increase its net profit margin from 13.7% in CY12 to 18.6 %
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Profitibility Ratios
For the year ended June 30, 2013 and 2012
Operating Profit Margin
Net Profit Margin
Return on Total Asset
Return on Total Equity
Gross Profit Margin
96,371 28.0% 123,579 33.4%
344,330 369,458
1,856 0.5% 37,565 10.2%
344,330 369,458
540 0.2% 24,227 6.6%
344,330 369,458
540 0.2% 24,227 6.5%
354,282 372,688
540 0.2% 24,227 9.3%
260,627 261,593
Despite of increase in pricies of gas and coal company manage it cost effeciently and increase its gross profit
margin to 30.7 % from 26.8% in CY 12 . Since company is working in his full capacity reflecting and efficent use
Company shows an increase in operating profit from 19.5 % in CY 12 to 23.4% in CY 13 and managed his general and
administration expense showing the 23.3% of Revene in CY 13 as compare to 19.5% in CY12
Low financial cost help the company to increase its net profit margin from 13.7% in CY12 to 18.6 %
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Profitibility Ratios
For the year ended June 30, 2013 and 2012
2013 2012
= Net Earning
Avg. Common Share Outstanding
= Market price of Common Stock
Earning Per Share
= Dividends per Share
Earning Per Share
= Dividends per Share
Market price of Common Stock
Company record an increase in EPS up to 21.45 with respect to 16.59 in last year as net profit
increase with a faster rate (50%) then the increase in no of shares.
Price to earnings (X)
Dividend Payout
Dividend Yield
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Market Ratios
For the year ended June 30, 2013 and 2012
Earning per Share (Rs.)
540 0.03 24,227 1.31
18,560 18,464
132 4536.89 81 61.73
0.03 1.31
13 44681.48% 8.5 647.81%
0.03 1.31
13 9.85% 8.5 10.49%
132 81
Company record an increase in EPS up to 21.45 with respect to 16.59 in last year as net profit
increase with a faster rate (50%) then the increase in no of shares.
ATTOCK CEMENT PAKISTAN LIMITED
Comparative Market Ratios
For the year ended June 30, 2013 and 2012
2013 2012