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At Unilever all business activities are

carried out in a socially and
environmentally responsible manner.
To promote a greener Pakistan and as
tangible demonstration of its Corporate
& Social Responsibility, Unilevers annual
report !as been printed on "##$
recycled paper.
%urt!er information on our brands,
business and Corporate & Social
Responsibility initiatives
is available on our &ebsite'
&&&.unileverpakistan.com.pk

contents
(ission #)
Core *alues #+
Company ,nformation #-
.otice of Annual /eneral (eeting #0
1irectors Report ""
2oard (eetings Attendance 33
4perating & %inancial 5ig!lig!ts 3)
Statement of *alue Addition & its 1istribution 30
Pattern of S!are!olding 36
Statement of Compliance &it!
t!e Code of Corporate /overnance 37
Auditors Revie& Report )3
%inancial Statements ))
Consolidated %inancial Statements 8"
%orm of Pro9y

mission
Unilever:s mission is to add
vitality to life. ;e meet everyday
needs for nutrition &it! brands
t!at !elp people feel good, look
good and get more out of life.
#)

values
core
,mpeccable 1emonstrating a ;o&ing our Consumers
,ntegrity Passion for ;inning & Customers
;e are !onest, transparent ;e deliver &!at ;e &in t!e !earts and
and et!ical in our dealings &e promise. minds of our consumers
at all times. and customers.
2ringing out t!e <iving an =nterprise (aking a
2est in All of Us Culture 2etter ;orld
;e are empo&ered leaders, ;e believe in trust, trut! and ;e care about and
&!o are inspired by ne& outstanding team&ork. ;e actively contribute to
c!allenges and !ave a value a creative & fun t!e community in
bias for action. environment. &!ic! &e live.
#+

Company
information
BOARD OF DIRECTORS AUDITORS
(r. =!san A. (alik (essrs A. %. %erguson & Co.
C!airman & C!ief =9ecutive State <ife 2uilding .o. ">C
,.,. C!undrigar Road
(r. ,mran 5usain ?arac!i.
=9ecutive 1irector @ C%4
REGISTERED OFFICE
(r. (. Aayser Alam
=9ecutive 1irector Avari PlaBa
%atima Cinna! Road
(r. .oeman S!iraBi ?arac!i.
=9ecutive 1irector
SHARE REGISTRATION OFFICE
(s. S!aBia Syed
=9ecutive 1irector C@o %amco Associates DPvt.E <td.
F%ormerly %erguson Associates
(r. Gaffar A. ?!an DPvt.E <td.H
.on> =9ecutive 1irector State <ife 2uilding .o. 3>A,
,.,. C!undrigar Road, ?arac!i.
(r. ?!alid Rafi
.on> =9ecutive 1irector WEBSITE ADDRESS
COMPANY SECRETARY &&&.unileverpakistan.com.pk
(r. Amar .aseer
AUDIT COMMITTEE
(r. Gaffar A. ?!an
C!airman
(r. ?!alid Rafi
(ember
(r. Aayser Alam
(ember
(r. ,mtiaB Caleel
5ead of ,nternal Audit
& Secretary
#-

.otice of Annual /eneral (eeting
.otice is !ereby given t!at t!e 0#t! Annual /eneral (eeting of Unilever Pakistan
<imited &ill be !eld at Pearl Continental 5otel, Club Road, ?arac!i, on
;ednesday, #8 April 3##7, at "#'## a.m. to transact t!e follo&ing business'
A. Ordinary Business
". To receive and consider t!e Companys %inancial Statements for t!e year
ended )" 1ecember 3##8, toget!er &it! t!e Reports of t!e Auditors and
1irectors t!ereon.
3. To approve and declare dividend D3##8E on t!e 4rdinary S!ares of t!e Company.
T!e 1irectors !ave recommended final dividend of ""+$ Dor Rs -6.## per
s!areE on t!e 4rdinary S!ares. Toget!er &it! t!e interim dividend of ")3$
Dor Rs 00.## per s!areE already paid, t!e total dividend for 3##8 &ill t!us
amount to 3+0$ Dor Rs "3).## per s!areE.
). To appoint Auditors for t!e ensuing year, and to fi9 t!eir remuneration.
D(essrs A. %. %erguson & Co., C!artered Accountants, retire and being eligible
!ave offered t!emselves for re>appointmentE.
B. Speia! Business
+. To approve t!e remuneration of =9ecutive 1irectors including t!e C!ief
=9ecutive.
2y 4rder of t!e 2oard
?arac!i A"ar Naseer
%ebruary 0, 3##7 Company Secretary
#0

.otice of Annual /eneral (eeting
N#$es%
". S!are Transfer 2ooks &ill be closed from April 3, 3##7 to April 8, 3##7 Dbot!
days inclusiveE.
3. All (embers D&!et!er !olding Preference or 4rdinary S!aresE are entitled to
attend and vote at t!e meeting. A (ember may appoint a pro9y &!o need
not be a (ember of t!e Company.
). 1uly completed instrument of pro9y, and t!e ot!er aut!ority under &!ic! it
is signed, or a notarially certified copy t!ereof, must be lodged &it! t!e
Company Secretary at t!e Companys Registered 4ffice D"st %loor, Avari PlaBa,
%atima Cinna! Road, ?arac!iE at least +8 !ours before t!e time of t!e meeting.
+. Any c!ange of address of (embers s!ould be immediately notified to t!e
Companys S!are Registrars, %amco Associates DPrivateE <imited, F%ormerly
%erguson Associates DPvt.E <td.H, State <ife 2uilding 3>A,D+t! %loorE
,. ,. C!undrigar Road, ?arac!i.
C1C Account 5olders &ill furt!er !ave to follo& t!e under>mentioned
guidelines as laid do&n by t!e Securities and =9c!ange Commission of Pakistan.
A. F#r A$$endin& $'e Mee$in&%
iE ,n case of individuals, t!e account !older or sub>account !older and @ or t!e
person &!ose securities are in group account and t!eir registration details
are uploaded as per t!e Regulations, s!all aut!enticate !is identity by s!o&ing
!is original .ational ,dentity Card D.,CE or original passport at t!e time of
attending t!e meeting.
iiE ,n case of corporate entity, t!e 2oard of 1irectors resolution @ po&er of
attorney &it! specimen signature of t!e nominee s!all be produced at t!e
time of t!e meeting.
#6

.otice of Annual /eneral (eeting
B. F#r App#in$in& Pr#(ies%
iE ,n case of individuals, t!e account !older or sub>account !older and @ or t!e
person &!ose securities are in group account and t!eir registration details
are uploaded as per t!e Regulations, s!all submit t!e pro9y form accordingly.
iiE T!e pro9y form s!all be &itnessed by t&o persons &!ose names, addresses
and .,C numbers s!all be mentioned on t!e form.
iiiE Attested copies of .,C or t!e passport of t!e beneficial o&ners and t!e pro9y
s!all be furnis!ed &it! t!e pro9y form.
ivE T!e pro9y s!all produce !is @ !er original .,C or original passport at t!e time
of meeting.
vE ,n case of corporate entity, t!e 2oard of 1irectors resolution @ po&er of
attorney &it! specimen signature s!all be submitted along &it! pro9y form
to t!e Company.
S$a$e"en$ Under Se$i#n )*+ ,)- ,.- #/ $'e C#"panies Ordinane0 )123.
Statement in respect of Special 2usiness and related 1raft Resolution
T!is Statement sets out t!e material facts concerning t!e Special 2usiness to be
transacted at t!e Annual /eneral (eeting and t!e proposed Resolutions related
t!ereto'
A. I$e" 3 #/ $'e A&enda I Re"unera$i#n #/ E(eu$i4e Dire$#rs in!udin& C'ie/
E(eu$i4e.
F#r $'e year 5++2 ' Rs +#.8 million to =9ecutive 1irectors, and Rs 36.8 million
to C!ief =9ecutive.
#8

.otice of Annual /eneral (eeting
Es$i"a$ed /#r $'e year 5++1 ' Rs -).) million for =9ecutive 1irectors, and
Rs )+.+ million for C!ief =9ecutive, as under'
C!ief =9ecutive
=9ecutive 1irectors
DRs in millionE
(anagerial Remuneration & Allo&ances 33.7 +#."
Retirement 2enefits ".7 ).7
Rent & Allo&ances #.7 >
(edical #." #.+
4t!er =9penses 3.# ".-
36.8 +-.7
Parent Cos S!are 2ased RemunerationJ 0.0 6.+
)+.+ -).)
J C!arged for performance based remuneration in t!e s!ape of Parent
Companys s!are to t!e e9ecutive of t!e Company.
=9ecutive 1irectors and C=4 are also entitled to use of Company car.
=stimated for Canuary 3#"# to (arc! 3#"#' Rs ").) million for =9ecutive
1irectors and Rs 8.0 million for C!ief =9ecutive.
Approval of t!e (embers is reKuired for remuneration for !olding t!eir
respective office of profit in respect of t!e =9ecutive 1irectors. %or t!is purpose
it is proposed t!at, t!e follo&ing resolution be passed as an 4rdinary
Resolution, namely'
#7

.otice of Annual /eneral (eeting
6RESO78ED THAT approval be and is !ereby granted for t!e !olding of offices
of profit in t!e Company by t!e =9ecutive 1irectors including t!e C!airman @
C!ief =9ecutive, and t!e payment of remuneration to t!em for t!eir respective
periods of service in accordance &it! t!eir individual contracts and t!e rules
of t!e CompanyL amounting in t!e aggregate to Rs 08.0 million for t!e year
Canuary to 1ecember 3##8L and Rs 86.6 million appro9imately estimated for
Canuary to 1ecember 3##7 &!ic! includes variable pay for t!e year 3##8.M
"#

Report
1irectors
""

1irectors Report
T!e 1irectors are pleased to present t!e portfolioL an affordable detergent aimed
3##8 Annual Report toget!er &it! t!e at a large section of t!e population.
audited financial statements of t!e 2everages registered a turnover gro&t!
Company for t!e year ended 1ecember
of 33$. 5ig!er ra& tea and conversion
)", 3##8.
costs resulted in reduced margins. ,ce
Cream gre& by 3+.-$L !o&ever due to
T!e year !as been full of c!allenges for
t!e current economic environment and
t!e country &it! unprecedented
po&er cuts it did not meet our ambitious
commodity cost increases, deteriorating
gro&t! target. .eit!er &as it able to fully
security environment, !ig! borro&ing
absorb fi9ed costs.
costs, !eavy devaluation of t!e Rupee,
pressure on disposable incomes and
4perating profit increased by 38$,
debilitating po&er cuts. ,n t!is backdrop,
&!ereas profit after ta9 and earnings per
Unilever Pakistan <imited &as able to
s!are increased by "6$ over t!e previous
ac!ieve a sales gro&t! of ))$ over t!e
period.
previous period, up from a gro&t! rate
of ""$ in 3##6. T!e Company also focused
Su""ary #/ Finania! Per/#r"ane
on increasing e9ports &!ic! tripled over
t!e preceding year and crossed Rupees
5++2 5++9
one billion.
Rs in million
Sales :+01;* 3),))3
4ur brand portfolio straddles t!e socio>
/ross Profit )+01:; 7,#8)
economic pyramid and our category
/ross Profit as a $ of sales :;.:5 )8.7)
footprint covers everyday use consumer Profit from 4perations :0:1) 3,0)7
goods in %oods, 2everages, 5ome & Profit before ta9 5015; 3,-37
Personal Care and ,ce Cream. ;e are also
Profit after ta9 )0123 ",086
&ell positioned across a &ide price range.
=PS> basic DRsE )31 "36
T!is toget!er &it! a deep distribution
reac! and sustained brand investment !as
Di4idend
enabled us to gro& in t!ese difficult times.
/ross margin, !o&ever, declined by )0"
T!e 2oard of 1irectors !as recommended
basis points as &e s!ielded consumers
final cas! dividend of Rs -6 per s!are. ;it!
from t!e full impact of !ig!er input and
t!e interim dividend of Rs 00 per s!are
conversion costs.
already paid during t!e year, t!e total
dividend for t!e year 3##8 amounts to
5ome & Personal Care continues to deliver
Rs "3) D3##6' Rs "3)E per ordinary s!are
double digit gro&t! in our key categoriesL
of Rs -# eac!. ,n arriving at t!e decision
laundry, !air care and skin care. .e&
to maintain total dividend at last years
launc!es, product innovations and market
activations continue to be t!e drivers level, t!e 1irectors !ave been mindful of
be!ind gro&t!. T!e Company is t!e need to balance s!are!olders desire
continuously e9ploring ne& avenues to for income and Companys financing
make offerings more affordable for t!e reKuirement for gro&t!.
common man. Rin &as recently introduced
in t!e market as part of our 5ome Care
")

T'e <ey .usiness "i!es$#nes =ere% Ngerm killM eKuity and is Pakistans O"
c!oice for a !ealt!y family. *olumes &ere
sustained despite price increases follo&ing
H#"e and Pers#na! Care
unprecedented inflation in input costs.
T!e 5ome and Personal Care business
Fair > 7#4e!y delivered its -t! year of
gre& by +3$ on account of bot!
double digit turnover gro&t! &it! strong
inflationary impact and !ealt!y volume
communication on its lo& unit priced
gro&t!. Advertising costs &ere
sac!ets as &ell as t!ematic interpretation
significantly rationalised and t!e business
of N&omens empo&ermentP. Ponds
selectively invested be!ind ne& brands,
transformed its imagery &it! NAnti>
innovations and on>ground activations.
AgingM cream launc!, &!ic! !as been very
/ross margin &as depressed due to
&ell>received by consumers.
unprecedented inflation in international
commodity costs, !o&ever optimal
advertising and lo&er operating costs led
H#"e > Pers#na! Care
to t!e profit gro&t! of )8$.
"8,### ),-##
"0,### ),###
?ey .rand 'i&'!i&'$s =ere% "+,### 3,-##
"3,### 3,###
Surf =9cel !as gro&n impressively
"#,### ",-##
t!roug!out t!e year. T&o campaigns
8, ### ",###
P=very C!ild 5as T!e Rig!tP and t!e
0, ### -##
efficacy led communication of P?!ara
+, ### #
3##) 3##+ 3 ##- 3##0 3##6 3##8
Paani (eet!a PaaniP !ave created a brand . et S ales Seg m ent P rofi ts
eKuity t!at sets Surf =9cel apart from any
Be4era&es
brand in t!e market.
Sales gro&t! of 33$ &as ac!ieved in
Sunsi!<set a !ig! standard in t!e Pakistani
2everages. A s!arp rise in ?enyan tea
5air marketL and Clear s!ampoo, launc!ed
prices of 3+$ as &ell as currency in 3##6 led to incremental turnover in
devaluation resulted in a decline in gross
3##8 &!ic! continues to make !ead&ay
margin. in t!e anti>dandruff market &it! t!e first
ever male s!ampoo range.
7ip$#n&it! a blend of t!e best teas from
various tea gardens around t!e &orld
7i/e.u#ys!ampoo &as t!e fastest gro&ing
s!ampoo brand in rural areas during 3##8, a brings vitality, Kuality and natural
goodness into our life. <ipton Qello&
key beneficiary of consumer do&n trading
<abel, our flags!ip product is synonymous
in t!e current inflationary environment.
&it! great consistent taste and !ealt!y
goodness, based on t!e NT!eanineM
7u(&as impacted due to t!e economic
platform. T!is year t!e main focus &as on
conditions. <u9 Style A&ards &ere
conducted on a smaller scale but &atc!ed <ipton Tea bags &!ic! &as supported by
on>ground activations and successful
by a record audience of over )8 million
consumer promotions. <ipton /reen Tea
&!en aired on T*.
&as launc!ed &it! four ne& flavours
7i/e.u#y &it! its /erm 2uster activation strengt!ening t!e <ipton !ealt!
&as !ig!ly successful in improving its
proposition.
"+

Spreads Br##<e B#nd Supre"e despite
continuous pressure from t!e myriad of
small rural brands and smuggled tea, 2lue 2and (argarines sales gre& by 3)$.
registered gro&t!. T!e brand &as
A ne& Rupee "# pack &as launc!ed &it!
supported t!roug! consumer activation a vie& to make good nutrition accessible
NC!aske Gindagi ?ayM. to every c!ild in Pakistan.
T!e brand also partnered &it! ;orld %ood Be4era&es
Programme D;%PE in its NSc!ool %eeding
ProgramM. T!ese activities !ave been &ell 8 ## #
appreciated by many loyal consumers
3# ##
6 ## #
across t!e country.
0 ## #
"# ##
A ne& brand N%loraM &as introduced to
- ## #
t!e local market, specifically targeting
+ ## # #
!ealt! conscious individuals. 4ne can cook,
3# #) 3 ## + 3# #- 3 ## 0 3# #6 3 ## 8
spread and even s!allo& fry &it! t!is
. e t S a le s Se gm e nt P ro fits
product.
Ie Crea"
5o&ever, due to !ig! input costs t!e
;alls continued its Rourney to&ards !abit profitability of t!e spreads business &as
building and making ice cream @ froBen
adversely affected.
dessert consumption an in!erent part of
occasions and celebrations. T!e gro&t!
Opera$in& #s$s
of 3+.-$ !as been derived t!roug!
innovation. T!e business introduced
A lot of effort and focus &as applied to
products in t!e price range of Rs -@> and
reduce operating costs and a number of
Rs "#@> to make it affordable for t!e
initiatives &ere taken to reduce travelling,
common man.
stationary, entertainment and meeting &
conference costs.
T!e prevailing inflation and &orsening
electricity crisis impacted t!e sales of ,ce
Re@s$ru$urin& #s$s
Cream. As a result, fi9ed factory costs &ere
not fully recovered.
;e are continuously transforming t!e
business to meet t!e c!allenges t!at lie
Ie Crea"
a!ead. T!e previous years re>structuring
proRects !ave started yielding benefits to
+ ,# # #
7 # #
) ,- # #
t!e Company in reduced costs and greater
) ,# # #
agility.
6 # #
3 ,- # #
3 ,# # # - # #
Our Pe#p!e
" ,- # #
) # #
" ,# # #
- # #
" # #
Unilever takes pride in its people. T!e
#
performance of t!e business in suc! >- # # >" # #
3 # #) 3 # # + 3 # # - 3 # # 0 3# # 6 3 # #8
difficult times demonstrates t!e calibre
. e t S a l es S e gm e nt P ro fits
"-

and talent of our people. T!ere is a loss rate, our efforts &ill be focused on
focused approac! to talent management sustaining it in 3##7.
and developing leaders!ip skills.
Sa/e$y and En4ir#n"en$
4ur personal vitality !ealt! passport
Unilever global safety standards are
initiative !as consistently delivered results
applied in Pakistan. Apropos to its mission
in terms of employee &ell>being. ;e
of adding vitality to life, Unilever Pakistan
continue to place emp!asis on &ork life
keeps Safety and =nvironmental Care at
balance and provide gym facility and
t!e !eart of its day to day business
!ealt!y eating options t!roug! a vitality
operations. T!e top management
menu at our cafeteria.
continues to revie& and provide policy
;e believe t!at continuous and consistent guidelines to all business units.
communication is vital for engaging our
T!e Company took a distinctive initiative people. T&o internal pulse surveys
t!is year to gat!er top companies to
conducted in 3##8 s!o&ed furt!er
develop t!e best practices, s!aring culture
strengt!ening of employee engagement
and to facilitate eac! ot!er on t!e reflected in !ig!er level of pride,
common grounds, so t!at t!e best Safety,
satisfaction and passion for &orking for
5ealt! and =nvironment practices are
Unilever. T!e C!airmans Kuarterly &eb
implemented to benefit society. cast remains an important platform to
engage employees, s!are business
Unilever Pakistan also continues to e9cel
initiatives, performance and to reiterate
in Safe Travel. A compre!ensive
our vision. T!is is re>enforced eac! (onday
be!avioural risk assessment study !as been
in t!e values meetings.
conducted to assess t!e driving risk profile
of t!e Sales force. Route risk assessments
Unilever Standards of <eaders!ip DS4<E, a
!ave also been conducted to pro>actively
set of be!aviours t!at are deemed vital
identify and manage driving>related risks.
to be a good leader are &ell embedded.
Unilever Pakistan is fully committed to
;e !ave taken personal development to
continue t!is Rourney in making business
anot!er level of e9cellence t!roug!
operations Safer, Cleaner and /reener.
coac!ing, mentoring and t!e appraisal
system &e call SPerformance 1evelopment
C#""uni$y In4#!4e"en$
Planning.
As a multilocal, multinational company
;e continue to leverage our parent
&it! strong local roots, &e play our part
companys &ealt! of kno&ledge to
in addressing environmental and social
develop talent in leading edge marketing,
concerns t!roug! our o&n actions and
sales, supply c!ain, finance and !uman
&orking in partners!ips at local, national
resource management. Unilever globally
and international level. ;e aim to meet
!as transitioned training from classroom
our consumer needs and provide t!em
to virtual. e><earning provides latest
&it! better, !ealt!ier and environmentally
international training modules online.
friendly products. ;e aim to retain our
T!is !as also !elped to reduce travel costs.
strong roots in local markets t!roug! first>
;e !ave kept talent retention as a top
!and kno&ledge of t!e local culture.
priority and &it! less t!an 3$ regretted
"0

N(aking a better &orldM is a core belief Promotion ProRect & Pakistan
in Unilever and it is reflected in t!e &ay Poverty Alleviation %und.
&e conduct business, in our brands and
t!roug! our people. Unilever believes t!at bE Surf 1irt is /ood > =very C!ild !as
t!e !ig!est standards of corporate t!e Rig!t campaign a partners!ip
be!aviour to&ards society and &orld in &it! ,dara>e>Taleem>4>Aag!ai for
&!ic! &e live are essential to our success. training of teac!ers and =C=
curriculums.
1uring 3##8, our main initiatives includedL
cE U. ;orld %ood & 2lue 2and
aE (aking Kuality primary education partners!ip I continued t!eir 3nd
available to t!e lesser privileged > year of partners!ip and Unilever
&orking &it!' contributed over 07,### meals
T!e CitiBens %oundation DTC%E t!roug! programmes. 4ur
K
Public Private Partners!ips I employees are voluntarily donating
K
/overnment sc!ools on a mont!ly basis for t!e !unger
Aliflaila 2ook 2us SocietyL and campaign.
K
Unilever ,nternational Art ProRect
K
E"p!#yee In4#!4e"en$ for sc!ools.
bE =conomic =mpo&erment t!roug! Community and environment support at
=ducation > Partners!ips &it! <U(S,
Unilever Pakistan, is more t!an Rust a
/,?,, 2eacon!ouse .ational
Company initiative, it is also supported by
University and 5=C>?arac!i its NpeopleM. 4ur employees &ork &it!
University.
various organisations giving monetary as
&ell as skill support' TC%, (icro 1rip,
cE Support to t!e community takes t!e Acumen & Se!at %irst.
form of institutionalised long term
partners!ips &it! !ealt! care
C#n$ri.u$i#n $# Na$i#na! E('eAuer
organisations suc! as <ayton
Re!matulla! 2enevolent Trust, T!e
T!e Company !as contributed Rs 8.+
Aga ?!an 5ospital and (arrie>
billion to&ards t!e national e9c!eKuer on
Adelaide.
account of government levies, ta9es and
import duties. T!is is an increase of 3)$
2rands and Corporate & Social
over 3##6 and represents 03.8)$ of value
Responsibility DCSRE linkages bet&een
generated in 3##8.
community development and Unilever
brands !elp sustain social development
Re#&ni$i#n A=ards
and fuels economic gro&t! over
generations. ;e also develop markets in
T!e a&ards and trop!ies demonstrates t!at
brand led initiatives.
t!e Company !as &orld class standards in
managing t!e business, delivering
aE <ifebuoy (a!fooB Pakistan >
outstanding results, and is a learning ground
partners!ips &it! USA,1 Safe
in t!e country for developing talent of
1rinking ;ater and 5ygiene
international standards.
"6

In4es$"en$ in Re$ire"en$ Bene/i$s Unilever Pakistan &on t!e t&o K
most coveted a&ards &it!in t!e
Asia Africa Central and =astern
T!e cost of investments made by t!e staff
=urope region of Unilever.
retirement funds operated by t!e
%or Kuality competitive gro&t!
Company as per t!eir financial statements
of ))$, it received t!e
at 1ecember )", 3##8 is as follo&s'
N;in ?ey (arketsM a&ard. ,n
addition, your Company also &on
Rs million
t!e N/ro& Superior 2randsM T!e Union Pakistan Provident %und 67)
a&ard for t!e outstanding gro&t!
Unilever Pension Plan ",-3"
Unilever /ratuity Plan "8#
of 0)$ by Surf.
Unilever .on>(anagement
Staff /ratuity %und 8)
Unilever Pakistan !as once again K
received t!e Pakistan Society for T#$a! 50;99
5uman Resource (anagements
Total I 3##6 3,+"+
DPS5R(E N(ost Preferred
/raduate =mployer A&ard 3##8M
D(P/=AE. ""## graduating (2A,
,n 3##7 t!e Company &ill stop offering
engineering and ,T students &ere
1irect 2enefit sc!eme to t!ose Kualifying
polled. Unilevers reputation, t!e
for retirement benefits for t!e first time.
learning and career opportunities
,nstead t!ey &ill be offered a 1irect
it offers, &ere Kuoted as t!e main
Contribution sc!eme. T!ose presently
reasons for selecting Unilever
availing t!e former &ill be offered a c!oice
Pakistan as t!e (ost Preferred
to remain or convert to t!e latter. T!e
/raduate =mployer 3##8.
obRective of s&itc!ing to t!e 1irect
Contribution sc!eme is to eliminate t!e
Unilever Pakistan !as received t!e
uncertainty of retirement cost liability.
K
coveted (anagement Reporting
Cup and stood first in t!e entire
C#de #/ C#rp#ra$e G#4ernane
region for providing Kuality and
accurate financial information &it!
T!e management of t!e Company is
speed. ,n addition, t!e finance
committed to good corporate governance
team !as been consistently
and complying &it! t!e best practices. As
standing first in t!e %inancial
reKuired under t!e Code of Corporate
Reporting A&ard up to 3##6.
/overnance, t!e 1irectors are pleased to
state as follo&s'
Surf Pakistan, t!e fastest gro&ing K
<aundry brand in Unilever &on
T!e financial statements prepared K
t!e (arketing =9cellence A&ard
by t!e management of t!e
during 3##8.
Company present fairly its state
of affairs, t!e result of its
,ce Cream %actory <a!ore &on t!e K
operations, cas! flo&s and
3##8 AA(=T Regional Safety
c!anges in eKuity.
A&ard for its e9emplary safety
management, especially during
Proper books of account of t!e K
t!e factory e9pansion proRect.
listed Company !ave been
"8

maintained. company by its 1irectors, C!ief
=9ecutive, C!ief %inancial
Appropriate accounting policies
4fficer and Company Secretary K
!ave been consistently applied in and t!eir spouses and minor
preparation of financial
c!ildren.
statements and accounting
estimates are based on reasonable
Dire$#rs
and prudent Rudgement.
T!e present directors &ere elected in t!e
,nternational %inancial Reporting
A/( in 3##8, and t!e t!ree years term of
K
Standards !ave been follo&ed in
office of t!e present 1irectors e9pires on
preparation of financial
April "8, 3#"".
statements and any departure
t!ere from !as been adeKuately
Su.sidiary C#"panies and
disclosed.
C#ns#!ida$ed Finania! S$a$e"en$s
T!e system of internal control is K
T!e financial statements of t!e under
sound in design and !as been
mentioned subsidiaries of Unilever
effectively implemented and
Pakistan <imited are included in t!e
monitored. T!e Audit Committee
consolidated financial statements. .one
comprises of t&o non>e9ecutive
!ad any significant or material business
directors including t!e c!airman
transactions during t!e year.
of t!e committee.
<ever C!emicals DPrivateE <imited K
<evers Associated Pakistan Trust K
T!ere are no significant doubts K
DPrivateE <imited
upon t!e Company:s ability to
SadiK DPrivateE <imited K
continue as a going concern.
H#!din& C#"pany
T!ere !as been no departure from K
t!e best practices of corporate
T!roug! its &!olly o&ned subsidiary,
governance, as detailed in t!e
Unilever 4verseas 5oldings <imited
listing regulations.
DU45<E, U?, Unilever P<C, a company
incorporated in t!e United ?ingdom, is
Statements regarding t!e K
t!e !olding company, o&ning 6).#+$ of
follo&ing are anne9ed or are
t!e s!ares in Unilever Pakistan <imited.
disclosed in t!e notes to t!e
financial statements.
Audi$#rs
.umber of 2oard meetings !eld
K
T!e Auditors, (essrs A. %. %erguson & Co.,
and attendance by directors.
C!artered Accountants, retire at t!e
conclusion of t!e meeting. 2eing eligible,
?ey financial data for t!e last
K
t!ey !ave offered t!emselves for re>
si9 years.
appointment. T!ere &ill be a c!ange in
t!e engagement partner s!ould (essrs
Pattern of s!are!olding.
K
A. %. %erguson & Co. be re>appointed as
auditors.
Trading in s!ares of t!e
K
"7

Reser4e Appr#pria$i#ns
Reser4es ,Rs in $'#usand-
Unappr#pria$ed
CAPITA7
pr#/i$ TOTA7
C#n$in&eny O$'er
2alance as at Canuary ", 3##8 6#,737 )0),"#0 )),87- 8+3,+3# ",)"#,)-#
.et profit for t!e year > > > ",78+,)30 ",78+,)30
Transferred from surplus on revaluation of
fi9ed assets > net of deferred ta9ation'
> incremental depreciation for t!e year > > > 0+8 0+8
Transferred from contingency reserve
to unappropriated profit > D+",0)-E > +",0)- >
Reclassification of S!are>based Payment
as liability > > D)),87-E > D)),87-E
1ividends
%or t!e year ended 1ecember )", 3##6
> 4n cumulative preference s!ares > > > D3)7E D3)7E
> %inal dividend on ordinary s!ares T Rs 0)
per s!are > > > D8)6,-"+E D8)6,-"+E
%or t!e year ended 1ecember )", 3##8
> ,nterim dividend on ordinary s!ares T Rs 00
per s!are > > > D866,)7-E D866,)7-E
2alance as at 1ecember )", 3##8 9+0151 :5)039) > )0);:022) )0;3*052)
3#

Business Ris<s and Fu$ure Ou$!##<
5ig! inflation is resulting in lo&er
consumer disposable income. As a result
some consumers are do&n>trading.
5o&ever, your Companys portfolio is
diverse and caters to most segments and
socio>economic strata. Strong innovations
and optimal investment be!ind brands
&ill !elp retain loyalty. 1ecline in global
commodity costs s!ould buffer t!e impact
of devaluation and !ig!er energy costs.
Cost and availability of bank lending may
lead to de>stocking by trade. ,t could also
impact t!e cost of doing business of our
suppliers and co>packers.
Smuggling of black tea t!roug! Afg!an
Transit Trade is an ongoing t!reat to t!e
documented sector in t!e tea category.
Counterfeiting of our popular brands in
tea and ot!er categories impacts revenue
and could be inRurious to public !ealt!.
;e !ave reKuested t!e government to
take appropriate measures to curb
smuggling and counterfeiting.
T!e electricity crisis &ill continue to !ave
a negative impact on froBen dessert
distribution and !ence availability.
T!anking you all
4n be!alf of t!e 2oard
E'san A. Ma!i<
C!airman & C!ief =9ecutive
?arac!i
%ebruary 0, 3##7
3"

2oard (eetings Attendance
1uring t!e year 3##8, four 2oard (eetings &ere !eld and &ere attended as follo&s'
Dire$#rs N#. #/ Mee$in&s a$$ended
(r. =!san A. (alik +
(r. (. Aayser Alam )
(r. ,mran 5usain )
(r. .oeman S!iraBi )
(s. S!aBia Syed )
(r. Gaffar A. k!an +
(r. ?!alid Rafi )
(r. Peter 5arvey "
(r. Syed 2abar Ali "
(r. 4mar 5. ?arim "
(r. Garrar 5aider "
(r. Amar .aseer "
33

4perating and %inancial 5ig!lig!ts
4perating and %inancial 5ig!lig!ts
Uni$ 5++2 3##6 3##0 3##- 3##+ 3##)
Rupees in million
%,.A.C,A< P4S,T,4.
2alance s!eet
Property, plant and eKuipment Rs in M 30352 ),-)" 3,")6 ",60" E ",-3+ E ",++- E
Rs in M 1*1 +67 0#6 0#7 E 0"- E -6) E 4t!er non>current assets
Rs in M ;0121 +,#6- ),080 ),+)6 E ),6-) E +,8#) E
Current assets
Rs in M ))0:2* 8,#8+ 0,+)# -,8#6 E -,873 E 0,83" E
Total assets
4rdinary s!are capital Rs in M **3 00+ 00+ 00+ E 00+ E 00+ E
Rs in M ; - - - E -E - E
Preference s!are capital
Rs in M )0;39 ",)"" ","0" ","68 E ",+)6 E ",)+- E Reserves
Rs in M 505)* ",78# ",8)# ",8+6 E 3,"#0 E 3,#"+ E Total eKuity
Rs in M ): Surplus on revaluation of fi9ed assets "+ "- "0 E "0E "7 E
Rs in M *29 -#3 )+8 )07E 7#E "-) E
.on>current liabilities
Rs in M 2039+ -,-88 +,3)6 ),-6- E ),08# E +,0)- E
Current liabilities
Total liabilities Rs in M 10);9 0,#7# +,-8- ),7++ E ),66# E +,688 E
Rs in M ))0:2* 8,#8+ 0,+)# -,8#6 E -,873 E 0,83" E Total eKuity and liabilities
Rs in M ,5032)- D",-")E D--"E D")8E 6)E "08 E
.et current DliabilitiesE @ assets
4P=RAT,./ A.1 %,.A.C,A< TR=.1S
Profit and loss
Rs in M :+01;9 3),))3 3#,788 "6,06" E "8,3)8 E 3",+63 E
.et sales
Rs in M )+01:* 7,#8) 6,6+) 0,8-+ E -,--7 E 0,67- E /ross profit
Rs in M :0:1) 3,0)7 3,--# 3,--7 E 3,3+3 E 3,0## E 4perating profit
Rs in M 5015; 3,-)# 3,+80 3,+83 E 3,"06 E 3,-3" E
Profit before ta9
Profit after ta9 Rs in M )0123 ",086 ",0)3 ",0#3 E ",63- E ",-77 E
Rs in M )0*:; ",0)- ",033 ",-7- E ",67- E ",06- E
4rdinary cas! dividends
Rs in M )0:*1 ",6"+ 08+ -"# E +67 E 3-# E
Capital e9penditure
Cas' /!#=s
Rs in M 19 3,+#0 3,+)" ",7#"E 3-7E ",)37E
4perating activities
Rs in M ,)053*- D",0-0E D-)+E D+))E ","6)E D"66E ,nvesting activities
Rs in M ,)0935- D",-6#E D",06-E D",803E D",8))E D3,+-8E %inancing activities
Cas! and cas! eKuivalents at t!e end
of t!e year Rs in M ,:0)5*- D3)-E -80 )0-E 6-7E ","0#E
3)

4perating and %inancial 5ig!lig!ts
>continued
Opera$in& and Finania! Hi&'!i&'$s @ #n$inued
Unit 5++2 3##6 3##0 3##- 3##+ 3##)
%,.A.C,A< RAT,4S
Rate of return
Pre ta9 return on eKuity $ ):5 "38 ")0 ")+ "#) "3-
1+
Post ta9 return on eKuity $ 8- 87 86 83 67
Return on average capital employed $ 31 66 83 63 6- -6
,nterest cover times )2 8+ 33) "+" "#6 +)
Profitability
/ross profit margin $ :; )7 )6 )8 )# )3
Pre ta9 profit to sales $ 1 "" "3 "+ "3 "3
Post ta9 profit to sales $ * 6 8 7 7 6
<iKuidity
Current ratio +.9 #.6 #.7 ".# ".# ".#
Auick ratio +.5 #.3 #.+ #.- #.- #.-
%inancial gearing
1ebt eKuity ratio +.* #." > > > >
Total debt ratio +.: #." > > > #."
Capital efficiency
1ebtors turnover days : ) 3 3 0 0
*3
,nventory turnover days 0) -+ -7 0+ -0
Total assets turnover times : ) ) ) ) )
Property, plant and eKuipment turnover times 9 6 "# "# "3 "-
,nvestment measures per ordinary s!are
=arnings Rs )31 "36 "3) "3# ")# "3#
1ividend payout Dincluding proposedE Rs )5: "3) "33 "3# ")- "30
1ividend payout ratio > earnings $ 2: 76 77 "## "#+ "#-
53* 1ividend payout ratio > par value $ 3+0 3++ 3+# 36# 3-3
1ividend yield $ 9 - 0 6 7 7
Price earning ratio times )5 "8 "0 "- "" "3
2reakup value &it!out surplus on revaluation Rs )*9 "+7 ")8 ")7 "-8 "-"
2reakup value &it! surplus on revaluation Rs )*2 "-# ")7 "+# "0# "-)
(arket value > lo& Rs )02+2 3,### ",60# ",38# ",+## ","#)
(arket value > !ig! Rs 50;+) 3,03- 3,#0# ",66- ",0)- ",0##
(arket value > average Rs 50);3 3,380 ",7"# ",-38 ",-"8 ",)-3
(arket value > year end Rs )02+2 3,38# 3,### ",66- ",+6- ",+-#
530+:5
(arket capitalisation > year end Rs in ( )#,)"# 30,-88 3),-76 "7,0#7 "7,360
4rdinary s!ares of Rs -# eac! ):0513 "),37+ "),37+ "),37+ "),37+ "),37+ . o. i n t !ous a nd
N#$e% Previous years figures !ave been restated in accordance &it! t!e audited financial statements.
3+

4perating and %inancial 5ig!lig!ts
Ordinary di4idend pay#u$
3 ### ) ##
36 #
3 6-
" 6-#
3 -3
3 +0
3+ # 3++ 3 +0
3 -#
" -##
3 3-
" 3-#
3 ##
" ### " 6-
" -#
6- #
" 3-
" #- "# + "# # 7 7 76
-# #
" ##
2:
3- #
6 -
# - #
3# #) 3## + 3## - 3# #0 3# #6 3# #8
Qears
1ividend 1PR to par value@s!are 1PR to =PS
Pr#/i$ .e/#re $a( and as B #/ sa!es
)-## "0
"+
)###
"+
"3
3-##
"3 "3 "3
"#
""
3###
8
1
"-##
0
"###
+
-##
3
# #
3##) 3##+ 3##- 3##0 3##6 3##8
Qears
Profit before ta9 Profit before ta9 as $ of sales
Earnin&s per s'are
" 0 -
" + 7
" - #
" ) #
" ) -
" 3 # "3 # " 3 ) " 3 6
" 3 #
" # -
7 #
6 -
0 #
+ -
) #
" -
#
3 # # ) 3# # + 3 ## - 3 # # 0 3 # # 6 3# # 8
Qears
3-

Statement of *alue Addition & its 1istribution
3##8 3##6
Rs in $ Rs in $
S### S###
WEA7TH GENERATED
Total revenue inclusive of sales
ta9 and ot!er income )6,600,080 38,+#-,0#7
2oug!t>in >material and services D3+,)-#,)00E D"6,)-6,070E
"),+"0,)3# "##$ "",#+6,7") "##$
WEA7TH DISTRIBUTION
To =mployees
Salaries, benefits and ot!er costs ",8-3,0)# ").8"$ ",08),-8- "-.3+$
Restructuring Cost +87,38# ).0-$ )63,3)+ ).)6$
T# G#4ern"en$
,ncome ta9, sales ta9, e9cise duty and
custom duty, ;;%, ;PP% 8,+37,803 03.8)$ 0,80+,70) 03."+$
T# S#ie$y
1onation to&ards education,
!ealt! and environment )#,+78 #.3)$ )",-") #.37$
T# Pr#4iders #/ Capi$a!
1ividend to s!are!olders ",0)-,)8- "3."7$ ",0)-,)8+ "+.8#$
(ark>up@ interest e9penses on
borro&ed funds "6","8) ".38$ )#,+"7 #.38$
T# C#"pany
1epreciation, amortisation & retained profit 8#6,+83 0.#3$ )88,"8# ).-"$
Contingency Reserve > #.##$ +",0)- #.)8$
"),+"0,)3# "##$ "",#+6,7") "##$
WEA7TH DISTRIBUTION 5++2 WEA7TH DISTRIBUTION 5++9
#. 3 )$ # .3 7 $
To =mployees To =mployees
" ) .+ 6 $ " - .# 8$
To /overnment To /overnment
To Society To Society
0 .# 3 $ ). 87 $
0 3 .8 ) $ 0 3. " +$
To Providers of To Providers of
Capital Capital
" 6 .+ 0 $ "8 .0 " $
To Company To Company
30

Pattern of S!are!olding
as at 1ecember )", 3##8
Nu".er S'are'#!din& T#$a! Nu".er
#/ S'are@ Fr#" T# #/ S'ares He!dC
'#!ders
3,6"8 " "## 83,8)"
8+3 "#" -## "7",706
"86 -#" ",### "+",00)
3"+ ",##" -,### )63,)70
"7 -,##" "#,### ")+,)8-
8 "#,##" "-,### 76,)30
+ "-,##" 3#,### 63,#6"
3 3#,##" 3-,### ++,333
3 3-,##" )#,### -3,#"+
3 )#,##" )-,### 0+,+8"
3 +#,##" +-,### 8),)+"
" -#,##" --,### -+,-+"
" 0-,##" 6#,### 07,+##
3 ""#,##" ""-,### 330,-)0
" ")-,##" "+#,### ")7,6+#
" "8#,##" "8-,### "83,60#
" "8-,##" "7#,### "86,-3#
" -6-,##" -8#,### -60,#8#
" 83#,##" 83-,### 83),+#3
" 7,6+-,##" 7,6-#,### 7,6+-,#38
30+)+ ):0:3)09+3
S'are'#!dersD Ca$e&#ry Nu".er Nu".er #/ Peren$a&e
#/ S'are@ S'ares He!d B
'#!ders
Associated Co., Undertakings J " 7,6+-,#38 6).#+
.,T and ,CP J 3 330,8+8 ".6#
1irectors, C=4 3 ","3# #.#"
=9ecutives ) 7-0 #.#"
Public Sector Co. and Corporations " 83),+#3 0."6
2anks, 1%,, .2%,:s - "68,"7" ".)+
(odarabas and (utual %unds 3 0,+8# #.#-
,nsurance Companies 8 68,807 #.-7
4t!ers 8- ",))8,-"" "#.#)
,ndividuals J ),7#" 7+3,377 6.#0
30+)+ ):0:3)09+3 )++.++
J ,ncludes *oting Preference S!ares.
36

Pattern of S!are!olding Additional ,nformation
as at 1ecember )", 3##8
S'are'#!dersE Ca$e&#ry Nu".er #/ Nu".er #/
S'are'#!ders S'ares He!d
Ass#ia$ed C#"panies ,na"e =ise de$ai!s-
Unilever 4verseas 5oldings <td. " 7,6+-,#38
NIT > ICP ,na"e =ise de$ai!s-
,nvestment Corporation of Pakistan " 3
.ational 2ank of Pakistan,Trustee 1eptt. " 330,8+0
Dire$#rs0 CEO and $'eir sp#use and
"in#r 'i!dren ,na"e =ise de$ai!s-
(r. Gaffar A. ?!an " ",#3#
(r. Aayser Alam " "##
E(eu$i4es
(r. Amar .aseer " 0
(r. ?!alid 5ussain ?!an " 87#
(rs. (a!vas! ,mad ;@4. Syed ,mad (as!!adi DUnilever =mployeeE " 0#
Pu.!i Se$#r C#"panies > C#rp#ra$i#n " 83),+#3
Ban<s0 De4e!#p"en$ Finane Ins$i$u$i#ns
N#n@Ban<in& Finane Ins$i$u$i#ns 7 "68,"7"
M#dara.as and Mu$ua! Funds 3 0,+8#
Insurane C#"panies 8 68,807
O$'ers 8- ",))8,-""
S'are'#!ders '#!din& )+B #r
"#re 4#$in& in$eres$ ,na"e =ise de$ai!s-
Unilever 4verseas 5oldings <td. " 7,6+-,#38
38

S$a$e"en$ #/ C#"p!iane =i$' $'e C#de #/ C#rp#ra$e G#4ernane
". T!e Company encourages representation of independent non>e9ecutive
directors and directors representing minority interests on its 2oard of 1irectors.
At present t!e 2oard includes t&o independent non>e9ecutive directors.
3. T!e directors !ave confirmed t!at none of t!em is serving as a director in
more t!an ten listed companies, including t!is Company.
). All t!e resident directors of t!e Company are registered as ta9payers and
none of t!em !ave defaulted in payment of any loan to a banking company,
a 1%, or an .2%, or, being a member of a stock e9c!ange, !as been declared
as a defaulter by t!at stock e9c!ange.
+. T!e t!ree years term of office of all t!e 1irectors e9pired on "8>#+>3##8. T!e
2oard !as reduced t!e number of directors from 7 to 6 at its meeting !eld
on"3>#3>3##8. T!e election &as !eld at t!e S!are!olders Annual /eneral
(eeting !eld on 36>#)>3##8. (r. =!san A. (alik, (r. ,mran 5usain, (r. (.
Aayser Alam, (r. .oeman S!iraBi, (s. S!aBia Syed, (r. Gaffar A. ?!an and
(r. ?!alid Rafi &ere elected un>opposed for a fres! term of t!ree years
commencing from "7>#+>3##8.
-. T!e Company !ad already adopted and circulated a :Code of 2usiness
Principles:, &!ic! !as been signed by all t!e directors and employees of t!e
Company.
0. T!e Company !as a (ission Statement, and !as also defined Strategic T!rusts.
T!e Company, traditionally, maintains and follo&s policies designed to align
&it! t!e Unilever group of companies and global best practices in agreement
&it! t!e 2oard. T!e 2oard considers any significant amendments to t!e
policies, as and &!en reKuired. 5o&ever, a complete record of particulars of
significant policies along &it! t!e dates on &!ic! t!ese &ere enacted !as
been maintained.
6. All t!e po&ers of t!e 2oard !ave been duly e9ercised and decisions on
material transactions, based on t!e significance of t!e matters involved,
including appointment and determination of remuneration and terms and
conditions of employment of t!e C=4 and ot!er e9ecutive directors, !ave
been taken by t!e 2oard.
37

8. T!e meetings of t!e 2oard &ere presided over by t!e C!airman, and t!e
2oard met at least once in every Kuarter. ;ritten notices of t!e 2oard
meetings, along &it! agenda and &orking papers, &ere circulated before
t!e meetings. T!e minutes of t!e meetings &ere appropriately recorded and
circulated.
7. T!e Company arranges orientation courses @ meetings for its directors.
"#. T!e 1irectors: Report for t!is year !as been prepared in compliance &it! t!e
reKuirements of t!e Code and fully describes t!e salient matters reKuired to
be disclosed.
"". T!e financial statements of t!e Company &ere duly endorsed by C=4 and
C%4 before approval of t!e 2oard.
"3. T!e directors, C=4 and e9ecutives do not !old any interest in t!e s!ares of
t!e Company ot!er t!an t!at disclosed in t!e pattern of s!are!olding.
"). T!e Company !as complied &it! all t!e corporate and financial reporting
reKuirements of t!e Code.
"+. T!e 2oard !as formed an audit committee. ,t comprises of t!ree members,
of &!om at least t&o are non>e9ecutive directors including t!e c!airman of
t!e committee.
"-. T!e meetings of t!e audit committee &ere !eld at least once every Kuarter
prior to approval of interim and final results of t!e Company and as reKuired
by t!e Code. T!e terms of reference of t!e committee !ave been formed and
advised to t!e committee for compliance.
"0. T!e Company !as an effective internal audit function. T!e staff is considered
to be suitably Kualified and e9perienced for t!e purpose and is conversant
&it! t!e policies and procedures of t!e Company and is involved in t!e
internal audit function on a full time basis.
"6. T!e statutory auditors of t!e Company !ave confirmed t!at t!ey !ave been
given a satisfactory rating under t!e Kuality control revie& programme of
t!e ,nstitute of C!artered Accountants of Pakistan, t!at t!ey or any of t!e
partners of t!e firm, t!eir spouses and minor c!ildren do not !old s!ares of
t!e Company and t!at t!e firm and all its partners are in compliance &it!
)#

,nternational %ederation of Accountants D,%ACE guidelines on code of et!ics
as adopted by ,nstitute of C!artered Accountants of Pakistan.
"8. T!e statutory auditors or t!e persons associated &it! t!em !ave not been
appointed to provide ot!er services e9cept in accordance &it! t!e listing
regulations and t!e auditors !ave confirmed t!at t!ey !ave observed ,%AC
guidelines in t!is regard.
"7. T!e management of t!e Company is committed to good corporate governance,
and appropriate steps are taken to comply &it! t!e best practices.
?arac!i E'san A. Ma!i<
%ebruary 0, 3##7 C!airman & C!ief =9ecutive
)"

Auditors Revie& Report
RE8IEW REPORT TO THE MEMBERS ON STATEMENT OF COMP7IANCE WITH
BEST PRACTICES OF CODE OF CORPORATE GO8ERNANCE
;e !ave revie&ed t!e Statement of Compliance &it! t!e best practices contained
in t!e Code of Corporate /overnance prepared by t!e 2oard of 1irectors of
Unilever Pakistan <imited to comply &it! t!e <isting Regulation .o. )6 of t!e ?arac!i
Stock =9c!ange, C!apter U,,, of <a!ore Stock =9c!ange and C!apter U, of ,slamabad
Stock =9c!ange &!ere t!e Company is listed.
T!e responsibility for compliance &it! t!e Code of Corporate /overnance is t!at of
t!e 2oard of 1irectors of t!e Company. 4ur responsibility is to revie&, to t!e e9tent
&!ere suc! compliance can be obRectively verified, &!et!er t!e Statement of Compliance
reflects t!e status of t!e Companys compliance &it! t!e provisions of t!e Code of
Corporate /overnance and report if it does not. A revie& is limited primarily to inKuiries
of t!e Company personnel and revie& of various documents prepared by t!e Company
to comply &it! t!e Code.
As part of our audit of financial statements &e are reKuired to obtain an understanding
of t!e accounting and internal control systems sufficient to plan t!e audit and develop
an effective audit approac!. ;e !ave not carried out any special revie& of t!e internal
control system to enable us to e9press an opinion as to &!et!er t!e 2oards statement
on internal controls covers all controls and t!e effectiveness of suc! internal controls.
2ased on our revie&, not!ing !as come to our attention &!ic! causes us to believe
t!at t!e Statement of Compliance does not appropriately reflect t!e Companys
compliance, in all material respects, &it! t!e best practices contained in t!e Code of
Corporate /overnance as applicable to t!e Company for t!e year ended
1ecember )", 3##8.
A.F. Fer&us#n > C#.
C!artered Accountants
?arac!i
%ebruary 0, 3##7
)3

Statements
%inancial
Unilever Pakistan <imited
))

Auditors Report to t!e (embers
;e !ave audited t!e anne9ed balance s!eet of Unilever Pakistan <imited as at 1ecember
)", 3##8 and t!e related profit and loss account, cas! flo& statement and statement of
c!anges in eKuity toget!er &it! t!e notes forming part t!ereof, for t!e year t!en ended
and &e state t!at &e !ave obtained all t!e information and e9planations &!ic!, to t!e
best of our kno&ledge and belief, &ere necessary for t!e purposes of our audit.
,t is t!e responsibility of t!e Companys management to establis! and maintain a system
of internal control, and prepare and present t!e above said statements in conformity &it!
t!e approved accounting standards and t!e reKuirements of t!e Companies 4rdinance,
"78+. 4ur responsibility is to e9press an opinion on t!ese statements based on our audit.
;e conducted our audit in accordance &it! t!e auditing standards as applicable in Pakistan.
T!ese standards reKuire t!at &e plan and perform t!e audit to obtain reasonable assurance
about &!et!er t!e above said statements are free of any material misstatement. An audit
includes e9amining, on a test basis, evidence supporting t!e amounts and disclosures in
t!e above said statements. An audit also includes assessing t!e accounting policies and
significant estimates made by management, as &ell as, evaluating t!e overall presentation
of t!e above said statements. ;e believe t!at our audit provides a reasonable basis for
our opinion and, after due verification, &e report t!at'
DaE in our opinion, proper books of accounts !ave been kept by t!e Company as reKuired
by t!e Companies 4rdinance, "78+L
DbE in our opinion'
DiE t!e balance s!eet and profit and loss account toget!er &it! t!e notes t!ereon
!ave been dra&n up in conformity &it! t!e Companies 4rdinance, "78+, and are
in agreement &it! t!e books of accounts and are furt!er in accordance &it!
accounting policies consistently appliedL
DiiE t!e e9penditure incurred during t!e year &as for t!e purpose of t!e company:s
businessL and
DiiiE t!e business conducted, investments made and t!e e9penditure incurred during
t!e year &ere in accordance &it! t!e obRects of t!e companyL
DcE in our opinion and to t!e best of our information and according to t!e e9planations
given to us, t!e balance s!eet, profit and loss account, cas! flo& statement and
statement of c!anges in eKuity toget!er &it! t!e notes forming part t!ereof
conform &it! approved accounting standards as applicable in Pakistan, and, give t!e
information reKuired by t!e Companies 4rdinance, "78+, in t!e manner so reKuired
and respectively give a true and fair vie& of t!e state of t!e company:s affairs as
at 1ecember )", 3##8 and of t!e profit, its cas! flo&s and c!anges in eKuity for t!e
year t!en endedL and
DdE in our opinion Gakat deductible at source under t!e Gakat and Us!r 4rdinance, "78#
DU*,,, of "78#E, &as deducted by t!e company and deposited in t!e Central Gakat
%und establis!ed under section 6 of t!at 4rdinance.
A.F. Fer&us#n > C#.
C!artered Accountants
?arac!i
%ebruary 0, 3##7
)-

2alance S!eet
as at 1ecember )", 3##8
N#$e 5++2 5++9
DRupees in t!ousandE
ASSETS
.on>current assets
Property, plant and eKuipment ) 303520592 ),-)#,-63
,ntangibles + 90:+: "3,"6)
<ong term investments - 1;05+5 7-,3#3
<ong term loans 0 )5+0;3; ""-,)88
<ong term deposits and prepayments 6 ;3+0+59 +,73#
Retirement benefits > prepayments 8 5+;0:;; 3-#,868
;0:1*09)+ +,##7,"))
Current assets
Stores and spares 7 5:)0219 "0),383
Stock in trade "# 305*)099+ 3,630,#0+
Trade debts "" 55209*: 3)7,)")
<oans and advances "3 )5:01+3 "33,888
Accrued interest @ mark up @ ",""-
Trade deposits and s!ort term prepayments ") ;)*033: 3)0,#0+
4t!er receivables "+ 5)20:51 3+7,")7
Ta9 refunds due from /overnment "- :+)02): "+8,+70
Cas! and bank balances "0 )+*0921 "88,083
;012109+2 +,#6-,#+)
T#$a! asse$s ))0:2*03)2 8,#8+,"60
)0

N#$e 5++2 5++9
DRupees in t!ousandE
EFUITY AND 7IABI7ITIES
Capital and reserves
S!are capital "6 **10399 007,+66
Reserves "8 )0;3*052) ",)"#,)-#
505);09;2 ",767,836
Surplus on revaluation of fi9ed assets "7 ):0*): "+,30"
7IABI7ITIES
.on>current liabilities
<iabilities against assets subRect to finance leases 3# 990:59 -3,7)3
1eferred ta9ation 3" :*10*;: )#7,#++
Retirement benefits obligations 8 5:10913 "+#,+0)
*2*0993 -#3,+)7
Current liabilities
Trade and ot!er payables 33 30;390913 +,6-#,+7#
Ta9ation > provisions less payments @ 3",0))
Accrued interest @ mark up *30+9; ),007
Current maturity of liabilities
against assets subRect to finance leases 3# :50:55 "6,36)
S!ort term borro&ings 3) :05:50;5: +3),--6
Provisions 3+ ;1:0;;1 )6",#36
2039+059: -,-86,0+7
T#$a! !ia.i!i$ies 10);90+39 0,#7#,#88
C#n$in&eny and #""i$"en$s 3-
T#$a! eAui$y and !ia.i!i$ies ))0:2*03)2 8,#8+,"60
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
)6

Profit and <oss Account
for t!e year ended 1ecember )", 3##8
N#$e 5++2 5++9
DRupees in t!ousandE
30
Sales :+01;*02:1 3),))",000
36
Cost of sales ,5+0+5)0);1- D"+,3+8,-8"E
/ross profit )+01:;0*2+ 7,#8),#8-
36 1istribution costs ,;02:90;25- D-,#3","66E
36
Administrative e9penses ,)05)+0;+5- D",#33,)30E
38
4t!er operating e9penses ,53905**- D3"7,")#E
37
4t!er operating income 5:101)2 "7#,-88
:022+0532 ),#"",#+#
Restructuring cost ,321052+- D)63,3)+E
Profit from operations :0:1+01*2 3,0)8,8#0
)#
%inance costs ,3**0)**- D"#7,3#8E
Profit before ta9ation 5015302+5 3,-37,-78
)"
Ta9ation ,13+039*- D8+3,3+#E
Profit after ta9ation )01230:5* ",086,)-8
)3
=arnings per s!are DRupeesE )31 "36
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
)8

Cas! %lo& Statement
for t!e year ended 1ecember )", 3##8
N#$e 5++2 5++9
DRupees in t!ousandE
CASH F7OWS FROM OPERATING ACTI8ITIES
Cas! receipts from customers :90;31025; 38,"07,+"6
Cas! paid to suppliers @ service providers and employees ,5*095903::- D"8,#+7,868E
Payment of indirect ta9es and ot!er statutory duties ,903590*;:- D-,773,083E
Payment of royalty and tec!nical services fee ,12+0)*3- D6#0,8#0E
%inance costs paid ,3+;09*+- D"#6,+)6E
,ncome ta9 paid ,)0+**0593- D8)-,607E
Retirement benefits obligations DnetE ,:+301)2- D63,6+6E
<ong term loans DnetE ,;0);9- D"8,76"E
<ong term deposits and prepayments DnetE ,;:;0)+9- 3#,+)6
.et cas! from operating activities 190:;1 3,+#-,-0+
CASH F7OWS FROM IN8ESTING ACTI8ITIES
Purc!ase of property, plant and eKuipment ,)0:*10:22- D",6"),880E
Sale proceeds of property, plant and eKuipment
on disposal )5+0*:+ +",8#0
Return received on savings accounts, term deposits and
balance receivable from provident fund 50)2+ "0,#0"
1ividend received )5 "3
.et cas! used in investing activities ,)053*0;**- D",0-0,##6E
CASH F7OWS FROM FINANCING ACTI8ITIES
<iabilities against assets subRect to finance leases DnetE ,::0:9+- D3+,#8-E
1ividends paid ,)09+20525- D",-+0,##6E
.et cas! used in financing activities ,)093)0*;5- D",-6#,#73E
.et decrease in cas! and cas! eKuivalents ,5021+02;1- D83#,-)-E
Cas! and cas! eKuivalents at t!e beginning of t!e year )8 ,5:3029;- -8-,00#
Cas! and cas! eKuivalents at t!e end of t!e year )8 ,:0)5;09:3- D3)+,86-E
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
)7

Statement of C!anges in =Kuity
for t!e year ended 1ecember )", 3##8
SHARE R E S E R 8 E S TOTA7
CAPITA7
CAPITA7 RE8ENUE SUB TOTA7
Arisin& C#n$in&eny O$'er @ Unappr#pria$ed
under pr#/i$
s'e"es #/
arran&e"en$s
/#r
a"a!&a"a$i#ns
, Rupees in $'#usand -
2alance as at Canuary ", 3##6 007,+66 6#,737 )3",+6" "0,0"- 6-",06# ","0#,08- ",8)#,"03
.et profit for t!e year > > > > ",086,)-8 ",086,)-8 ",086,)-8
Transferred from surplus on revaluation of
fi9ed assets > net of deferred ta9ation'
0+8 0+8
> incremental depreciation for t!e year > > > > 0+8
Transferred from unappropriated profit
to contingency reserve > note 3-." > > +",0)- > D+",0)-E > >
=mployee benefits cost under ,%RS 3 >
> "7,)73 PS!are>based PaymentP > > > "7,)73 "7,)73
> D3,""3E
Utilisation of s!are based payment reserve > > > D3,""3E D3,""3E
1ividends
%or t!e year ended 1ecember )", 3##0
D3)7E D3)7E
> 4n cumulative preference s!ares > > > > D3)7E
> %inal dividend on ordinary s!ares T Rs -6
D6-6,6-#E D6-6,6-#E per s!are > > > > D6-6,6-#E
%or t!e year ended 1ecember )", 3##6
> ,nterim dividend on ordinary s!ares T Rs 0#
D676,0)3E D676,0)3E
per s!are > > > > D676,0)3E
8+3,+3# ",767,836
2alance as at 1ecember )", 3##6 007,+66 6#,737 )0),"#0 )),87- ",)"#,)-#
",78+,)30 ",78+,)30
.et profit for t!e year > > > > ",78+,)30
Transferred from surplus on revaluation of
fi9ed assets > net of deferred ta9ation'
> incremental depreciation for t!e year > > > > 0+8 0+8 0+8
Transferred from contingency reserve
+",0)- >
to unappropriated profit > note 3-." > > D+",0)-E > >
Reclassification of S!are>based Payment
as liability > note 33.) > > > D)),87-E > D)),87-E D)),87-E
1ividends
%or t!e year ended 1ecember )", 3##6
> 4n cumulative preference s!ares > > > > D3)7E D3)7E D3)7E
> %inal dividend on ordinary s!ares T Rs 0)
per s!are > > > > D8)6,-"+E D8)6,-"+E D8)6,-"+E
%or t!e year ended 1ecember )", 3##8
> ,nterim dividend on ordinary s!ares T Rs 00
per s!are > > > > D866,)7-E D866,)7-E D866,)7-E
Ba!ane as a$ Dee".er :)0 5++2 **10399 9+0151 :5)039) @ )0);:022) )0;3*052) 505);09;2
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
+#

.otes to and %orming Part of t!e %inancial Statements
for t!e year ended 1ecember )", 3##8
). THE COMPANY AND ITS OPERATIONS
T!e Company is a limited liability company incorporated in Pakistan and is listed on
t!e ?arac!i, <a!ore and ,slamabad Stock =9c!anges. ,t manufactures and markets
!ome and personal care products, beverages, ice cream and spreads. T!e address of
its registered office is Avari PlaBa, %atima Cinna! Road, ?arac!i.
T!e Company is a subsidiary of Unilever 4verseas 5oldings <imited, U?, &!ereas its
ultimate parent company is Unilever P<C, U?.
5. SIGNIFICANT ACCOUNTING INFORMATION AND PO7ICIES
T!e accounting policies adopted are essentially t!e same as t!ose &!ic! applied for
t!e previous financial year.
5.) Basis #/ prepara$i#n
S$a$e"en$ #/ #"p!iane
T!ese financial statements !ave been prepared in accordance &it! approved
accounting standards as applicable in Pakistan. Approved accounting standards
comprise of suc! ,nternational %inancial Reporting Standards D,%RSE issued by t!e
,nternational Accounting Standards 2oard as are notified under t!e Companies
4rdinance, "78+, provisions of and directives issued under t!e Companies 4rdinance,
"78+. ,n case reKuirements differ, t!e provisions or directives of t!e Companies
4rdinance, "78+ s!all prevail.
Cri$ia! a#un$in& es$i"a$es and Gud&e"en$s
T!e preparation of financial statements in conformity &it! approved accounting
standards reKuire t!e use of certain critical accounting estimates. ,t also reKuires
management to e9ercise its Rudgement in t!e process of applying t!e Company:s
accounting policies. T!e matters involving a !ig!er degree of Rudgement or comple9ity,
or areas &!ere assumptions and estimates are significant to t!e financial statements
are as follo&s'
i. Ta(a$i#n
T!e Company recognises liabilities for anticipated ta9 audit issues based on
estimates of &!et!er additional ta9es &ill be due. ;!ere t!e final ta9 outcome
of t!ese matters is different from t!e amounts t!at &ere initially recorded, suc!
differences &ill impact t!e income ta9 provisions and deferred ta9 in t!e period
in &!ic! suc! determination is made.
ii. P#s$ e"p!#y"en$ .ene/i$s
Significant estimates relating to post employment benefits are disclosed in
note 8.
+"

iii. Pr#4isi#ns
Provisions are considered, among ot!ers, for legal matters, disputed indirect
ta9es, employee termination cost and restructuring &!ere a legal or constructive
obligation e9ists at t!e balance s!eet date and reliable estimate can be made
of t!e likely outcome. T!e nature of t!ese costs is suc! t!at Rudgement !as to
be applied to estimate t!e timing and amount of cas! flo&s.
=stimates and Rudgements are continually evaluated and are based on !istorical
e9perience and ot!er factors, including e9pectations of future events t!at are
believed to be reasonable under t!e circumstances.
T!ere !ave been no critical Rudgements made by t!e Company:s management in
applying t!e accounting policies t!at &ould !ave t!e most significant effect on t!e
amounts recognised in t!e financial statements.
Reen$ a#un$in& de4e!#p"en$s
H Ne= s$andard0 a"end"en$s $# pu.!is'ed s$andard and ne= in$erpre$a$i#n
e//e$i4e in 5++2 @ re!e4an$
,slamic %inancial Accounting Standard 3 I :,Rara!: is mandatory for t!e Companys
accounting periods beginning on or after Culy ", 3##6 for t!ose iRara! agreements
&!ic! commenced on or after t!is date. 1uring t!e year, t!e Company !ad
entered into a sale and leaseback D,Rara!E transaction &!ic! reKuires t!e
recognition of SuRra! payments Dlease rentalsE against iRara! financing as an
e9pense in t!e profit and loss account on a straig!t line basis over t!e iRara!
term. T!e sale price and t!e fair value of t!e assets appro9imate t!eir book
value, !ence no profit or loss arose as a result of t!is transaction.
H A"end"en$s $# pu.!is'ed s$andards0 ne= s$andards and in$erpre$a$i#ns
e//e$i4e in 5++2 .u$ n#$ re!e4an$
T!ere are ot!er accounting standards, ne& interpretations t!at are mandatory
for accounting periods beginning on or after Canuary ", 3##8 but are considered
not to be relevant or !ave any significant effect to t!e Companys operations
and are t!erefore not detailed in t!ese financial statements.
H A"end"en$s $# pu.!is'ed s$andards0 ne= s$andards and in$erpre$a$i#ns n#$
ye$ e//e$i4e .u$ re!e4an$
%ollo&ing amendments to e9isting approved accounting standards !ave been
publis!ed t!at are mandatory for t!e Companys accounting periods beginning
on t!e dates mentioned belo&'
DiE ,AS " :Presentation of financial statements:, issued in September 3##6 revises
t!e e9isting ,AS " and reKuires apart from c!anging t!e names of certain
components of financial statements, presentation of transactions &it! o&ners
in statement of c!anges in eKuity and &it! non>o&ners in t!e Compre!ensive
+3

,ncome statement. T!e revised standard &ill be effective from Canuary ", 3##7.
Adoption of t!is standard &ill only impact t!e presentation of t!e financial
statements.
DiiE ,AS 3) DAmendmentE :2orro&ing costs: Deffective from Canuary ", 3##7E. ,t reKuires
an entity to capitalise borro&ing costs directly attributable to t!e acKuisition,
construction or production of a Kualifying asset Done t!at takes a substantial
period of time to get ready for use or saleE as part of t!e cost of t!at asset. T!e
option of immediately e9pensing borro&ing costs !as been removed. (oreover,
t!e definition of borro&ing costs !as been amended so t!at interest e9pense
is calculated using t!e effective interest met!od defined in ,AS )7 :%inancial
instruments' Recognition and measurement:. T!e management !as assessed t!at
t!e c!ange in interest calculation met!od &ould not !ave a material impact on
t!e Company:s financial statements.
DiiiE ,%RS 8 :4perating segments: Deffective from Canuary ", 3##7E. ,%RS 8 replaces ,AS
"+. T!e ne& standard reKuires a :management approac!:, under &!ic! segment
information is presented on t!e same basis as t!at used for internal reporting
purposes. T!e management is revie&ing t!e implications on t!e Company:s
financial statements: presentation.
DivE ,%R,C ") :Customer loyalty programmes: Deffective from Culy ", 3##8E. ,%R,C ")
clarifies t!at &!ere goods or services are sold toget!er &it! a customer loyalty
incentive Dfor e9ample, loyalty points or free productsE, t!e arrangement is a
multiple>element arrangement and t!e consideration receivable from t!e
customer is allocated bet&een t!e components of t!e arrangement using fair
values. T!ere &ill be no significant impact on its implementation.
5.5 O4era!! 4a!ua$i#n p#!iy
T!ese financial statements !ave been prepared under t!e !istorical cost convention
e9cept as disclosed in t!e accounting policies belo&.
5.: Pr#per$y0 p!an$ and eAuip"en$
Property, plant and eKuipment is stated at cost less depreciation and impairment
e9cept capital &ork in progress &!ic! is stated at cost. 1epreciation is calculated
using t!e straig!t>line met!od on all assets in use at t!e beginning of eac! Kuarter
to c!arge off t!eir cost e9cluding residual value, if not insignificant, over t!eir
estimated useful lives.
Certain land, buildings and plant, and mac!inery &ere revalued in "76), "76-, "768
and "78" by independent valuers, &!ic! are s!o&n at suc! revalued figures. ,n
compliance &it! t!e revised ,nternational Accounting Standard .o. "0, PProperty,
Plant and =KuipmentP, t!e Company adopted cost model for its property, plant and
eKuipment and t!e revalued figures &ere treated as deemed costs. T!e surplus on
revaluation of t!ese assets, !o&ever, is recognised in accordance &it! section 3)-
of t!e Companies 4rdinance, "78+.
Company accounts for impairment, &!ere indication e9ists, by reducing its carrying
value to t!e assessed recoverable amount.
+)

(aintenance and normal repairs are c!arged to income as and &!en incurredL also
individual assets costing up to Rs "#,### are c!arged to income. (aRor rene&als and
improvements are capitalised and assets so replaced, if any, are retired. /ains and
losses on disposal of property, plant and eKuipment are recognised in t!e profit and
loss account.
5.3 In$an&i.!es
,ntangibles are stated at cost less amortisation. (aRor computer soft&are licences
are capitalised on t!e basis of costs incurred to acKuire and bring to use t!e specific
soft&are. T!ese costs are amortised over t!eir estimated useful life of five years
using t!e straig!t>line met!od.
Costs associated &it! maintaining computer soft&are programmes are recognised
as an e9pense as incurred.
5.; In4es$"en$s
i. In su.sidiaries
T!ese are stated at cost.
ii. In un!is$ed en$i$y n#$ .ein& su.sidiary
T!ese are valued at cost and are classified under investment available>for>sale.
5.* Ta(a$i#n
i. Curren$
T!e provision for current ta9ation is based on ta9able income at t!e current
rates of ta9ation.
ii. De/erred
1eferred income ta9 is provided in full, using t!e liability met!od, on temporary
differences arising bet&een t!e ta9 base of assets and liabilities and t!eir carrying
amounts in t!e financial statements. 1eferred income ta9 is determined using
ta9 rates t!at !ave been enacted or substantially enacted by t!e balance s!eet
date and are e9pected to apply &!en t!e related deferred income ta9 asset is
realised or t!e deferred income ta9 liability is settled.
1eferred ta9 assets are recognised to t!e e9tent t!at it is probable t!at future
ta9able profit &ill be available against &!ic! t!e temporary differences can be
utilised.
5.9 Re$ire"en$ .ene/i$s
T!e c!arge is based on actuarial valuations t!at are conducted annually. Actuarial
gains and losses arising from e9perience adRustments and c!anges in actuarial
++

assumptions are c!arged or credited to income over t!e employees e9pected average
remaining &orking lives.
5.2 S$#res and spares
T!ese are valued at average cost and provision is made for slo& moving and obsolete
stores and spares. ,tems in transit are valued at cost comprising invoice values plus
ot!er c!arges incurred t!ereon.
5.1 S$#< in $rade
All stocks are stated at t!e lo&er of cost and estimated net realisable value. Cost is
determined using t!e &eig!ted average met!od e9cept for t!ose in transit &!ere
it represents invoice value and ot!er c!arges paid t!ereon. Cost of &ork in process
includes direct cost of materials &!ereas t!at of finis!ed goods also includes direct
cost of labour and production over!eads. .et realisable value is t!e estimated selling
price in t!e ordinary course of business less cost necessarily to be incurred in order
to make t!e sale.
2y>product DglycerineE is valued at estimated cost e9cept for t!e stock covered by a
firm for&ard sale contract, &!ic! is valued at t!e contracted price.
5.)+ Trade and #$'er de.$s
Trade and ot!er debts are recognised at fair value of consideration receivable. 1ebts
considered irrecoverable are &ritten off and provision is made against t!ose considered
doubtful of recovery.
5.)) Cas' and as' eAui4a!en$s
Cas! and cas! eKuivalents are carried in t!e balance s!eet at cost. %or t!e purposes
of t!e cas! flo& statement, cas! and cas! eKuivalents comprise cas! in !and, &it!
banks on current and savings accounts, term deposits &it! maturities of t!ree mont!s
or less and s!ort term finances.
5.)5 7eases
i. Finane !eases
<eases t!at transfer substantially all t!e risks and re&ards incidental to o&ners!ip
of an asset are classified as finance leases. Assets on finance lease are capitalised
at t!e commencement of t!e lease term at t!e lo&er of t!e fair value of leased
assets and t!e present value of minimum lease payments, eac! determined at
t!e inception of t!e lease. =ac! lease payment is allocated bet&een t!e liability
and finance cost so as to ac!ieve a constant rate on t!e finance balance
outstanding. T!e finance cost is c!arged to profit and loss account and is included
under finance costs.
+-

ii. Opera$in& !eases
<eases in &!ic! a significant portion of t!e risks and re&ards of o&ners!ip are
retained by t!e lessor are classified as operating leases. Payments made under
operating leases are c!arged to profit and loss on a straig!t>line basis over t!e
period of t!e lease.
5.): Trade and #$'er paya.!es
<iabilities for trade and ot!er amounts payable are carried at cost &!ic! is t!e fair
value of t!e consideration to be paid in future for goods and services.
5.)3 B#rr#=in&s and $'eir #s$
2orro&ings are recorded at t!e proceeds received.
2orro&ing costs are recognised as an e9pense in t!e period in &!ic! t!ese are
incurred e9cept to t!e e9tent of borro&ing costs t!at are directly attributable to
t!e acKuisition, construction or production of a Kualifying asset. Suc! borro&ing
costs, if any, are capitalised as part of t!e cost of t!at asset.
5.); Pr#4isi#ns
Provisions are recognised &!en t!e Company !as a present legal or constructive
obligation as a result of past events, it is probable t!at an outflo& of resources &ill
be reKuired to settle t!e obligation, and a reliable estimate of t!e amount can be
made.
Restructuring cost provisions comprise staff redundancy payments, relocation and
dismantling of factory, and are recognised in t!e period in &!ic! t!e Company
becomes legally or constructively committed to incur.
5.)* Finania! ins$ru"en$s
%inancial instruments include investments, loans and advances, trade and ot!er
debts, accrued interest @ mark up and cas! and bank balances, borro&ings, liabilities
against assets subRect to finance leases and trade and ot!er payables. T!e particular
recognition met!ods adopted are disclosed in t!e individual policy statements
associated &it! eac! item.
5.)9 F#rei&n urreny $ransa$i#ns and $rans!a$i#n
%oreign currency transactions are translated into Pak Rupees using t!e e9c!ange
rates prevailing at t!e dates of t!e transactions. All monetary assets and liabilities
in foreign currencies are translated into Pak Rupees at t!e rates of e9c!ange prevailing
at t!e balance s!eet date. %oreign e9c!ange gains and losses on translation are
recognised in t!e profit and loss account.
T!e financial statements are presented in Pak Rupees, &!ic! is t!e Companys
functional and presentation currency.
+0

5.)2 Re4enue re#&ni$i#n
Revenue comprises t!e fair value of t!e consideration received or receivable for t!e
sale of goods and services in t!e ordinary course of t!e Companys activities.
T!e Company recognises revenue &!en t!e amount of revenue can be reliably
measured, it is probable t!at future economic benefits &ill flo& to t!e Company
and specific criteria !as been met for eac! of t!e Companys activities as described
belo&'
i. Sa!e #/ &##ds
Revenue from sale of goods is recognised on despatc! of goods to customers.
Rebates and allo&ances are deducted from revenue and include rebates, price
reductions and incentives given to distributors @ customers, promotional campaigns
and trade communication costs.
ii. In$eres$ I Mar< up in#"e
,nterest @ mark up is recognised on a time proportion basis by reference to t!e
principal outstanding and t!e applicable rate of return.
iii. Di4idend in#"e
1ividend is recognised as income &!en t!e rig!t of receipt is establis!ed.
5.)1 Se&"en$ in/#r"a$i#n
Segment information is provided on t!e basis of product categories.
A business segment is a group of assets and operations engaged in providing products
t!at are subRect to risks and returns t!at are different from t!ose of ot!er business
segments.
Common e9penses are allocated to business segments based on t!eir respective
budgeted revenue.
5.5+ Di4idends
1ividends distribution to t!e Companys s!are!olders is recognised as liability at t!e
time of t!eir approval > interim dividend on declaration by 2oard of 1irectors and
final dividend on approval in Annual /eneral (eeting.
5.5) S'are .ased pay"en$
T!e cost of a&arding s!ares to employees is reflected by recording a c!arge in t!e
profit and loss account eKuivalent to t!e fair value of s!ares over t!e vesting period.
;!ere a&arded s!ares relate to /roup Companies a corresponding provision is
created to reflect t!e liability.
+6

5++2 5++9
DRupees in t!ousandE
:. PROPERTY0 P7ANT AND EFUIPMENT
4perating assets > note )." :012205)* ),#76,"3"
Capital &ork in progress > at cost > note ).3 33+0+*5 +)),+-"
303520592 ),-)#,-63
:.) Opera$in& asse$s
<and 2uildings Plant and =lectrical, %urniture (otor ve!icles T4TA<
mac!inery mec!anical and
%ree!old <ease!old 4n 4n and office fittings 4&ned 5eld under
free!old lease!old eKuipment finance
land land leases
DRupees in t!ousandE
Ne$ arryin& 4a!ue .asis
Year ended Dee".er :)0 5++2
4pening net book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
Additions Dat costE > > 7),70# ),0-" ","--,)3) 6#,#8# ),6"# )0,#-) 63,8"+ ",+)-,-7"
> > > > D"0,-6+E D"),)"0E D)7)E D-8,8+#E D",6#3E D7#,83-E 1isposals Dat .2*E
1epreciation c!arge > D6E D"+,#)6E D838E D)"6,-8)E D)),8++E D3,"+8E D-","##E D)+,"3+E D+-),06"E
Closing net book value D.2*E 3-,-6- +3" -"+,880 "7,)86 ),"#",#7) "-6,)-3 "6,#+8 )+,683 ""6,063 ),788,3"0
Gr#ss arryin& 4a!ue .asis
A$ Dee".er :)0 5++2
3-,-6- 6"0 003,6"7 68,-0+ +,8"#,3"# -)6,+6# )0,+"3 "7+,6+7 "68,"#6 0,-3+,-33
Cost
Accumulated depreciation > D37-E D"+6,8))E D-7,"66E D",6#7,""6E D)8#,""8E D"7,)0+E D"-7,706E D0#,+)-E D3,-)0,)#0E
3-,-6- +3" -"+,880 "7,)86 ),"#",#7) "-6,)-3 "6,#+8 )+,683 ""6,063 ),788,3"0
.et book value
.et carrying value basis
Qear ended 1ecember )", 3##6
3-,-6- +)- 3+),"37 "",#6) ",306,"-" "06,"0# "0,8-- "+0,""8 +",+8# ",7"8,760 4pening net book value D.2*E
Additions Dat costE > > 3##,0#- 0,3#0 ",3+),8)7 38,8"7 ",7"+ )+,+77 0),#-- ",-68,7)6
1isposals Dat .2*E > > > > D"),)83E D3,)))E D0-#E D8,6#+E D),#88E D38,"-6E
1epreciation c!arge > D6E D8,66"E D6"-E D3"8,#"6E D-7,3"+E D3,3+#E D0),3++E D3#,60)E D)63,76"E
> > > > ))0 > > > > ))0
,mpairment reversal
Closing net book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
/ross carrying value basis
At 1ecember )", 3##6
3-,-6- 6"0 -08,6-7 6+,7") ),667,### --8,++6 )-,+6+ )#+,06# ""#,#06 -,+-6,03"
Cost
> D388E D")),670E D-8,)+7E D",+77,#6)E D+3+,#"-E D"7,-7-E D"70,##"E D37,)8)E D3,)0#,-##E
Accumulated depreciation
.et book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
Depreia$i#n ra$e
B per annu" > ".#- ".- to 3.- ".- to 3 8 to 3# 8 to 3# 8 to "+ 3- 3-
+8

5++2 5++9
DRupees in t!ousandE
:.5 Capi$a! W#r< In Pr#&ress J a$ #s$
Civil &orks 5;0*++ "0,"))
Plant and mac!inery 3)303*5 +"6,)"8
33+0+*5 +)),+-"
1etails of property, plant and eKuipment disposed during t!e year are given in note )7.
5++2 5++9
DRupees in t!ousandE
3. INTANGIB7ES @ #"pu$er s#/$=are
Ne$ arryin& 4a!ue .asis
Year ended Dee".er :)0 5++2
4pening net book value )50)9: "6,#+)
Amortisation c!arge ,3029+- D+,86#E
Closing net book value 90:+: "3,"6)
Gr#ss arryin& 4a!ue .asis
A$ Dee".er :)0 5++2
Cost 530:32 3+,)+8
Accumulated amortisation ,)90+3;- D"3,"6-E
.et book value 90:+: "3,"6)
Remaining useful life in years ).;+ 3.-#
+7

5++2 5++9
DRupees in t!ousandE
;. 7ONG TERM IN8ESTMENTS
In4es$"en$s in re!a$ed par$ies
,n unKuoted &!olly o&ned subsidiary companies > at cost
7e4ers Ass#ia$ed Pa<is$an Trus$ ,Pri4a$e- 7i"i$ed
"## fully paid ordinary s!ares of Rs "# eac! ) "
SadiA ,Pri4a$e- 7i"i$ed
"## fully paid ordinary s!ares of Rs "# eac! ) "
7e4er C'e"ia!s ,Pri4a$e- 7i"i$ed
7,-##,### fully paid ordinary s!ares of Rs "# eac! 1;0+++ 7-,###
,nvestment available for sale > at cost
Fu$e'a!!y C'e"ia!s ,Pri4a$e- 7i"i$ed
3,### 0$ redeemable cumulative preference
s!ares of Rs "## eac! 5++ 3##
1;05+5 7-,3#3
*. 7ONG TERM 7OANS @ #nsidered &##d
Related Parties
1irectors 20)52 6,6-"
C!ief =9ecutive ))03;3 "+,-#7
?ey management personnel ot!er t!an
note 0.", 0.3
1irectors and C!ief =9ecutive )02;1 -,76-
and 0.)
5)033) 38,3)-
4t!ers
=9ecutives )550*+5 "#6,"7+
4t!er employees ::0*5: )0,3""
);*055; "+),+#-
)990*** "6",0+#
Recoverable &it!in one year > note "3 ,;90)5)- D-0,3-3E
<ong term portion )5+0;3; ""-,)88
-#

*.) Reconciliation of carrying amount of loans to 1irectors, C!ief =9ecutive, ot!er key
management personnel and e9ecutives'
Dire$#rs C'ie/ E(eu$i4e O$'er ?ey E(eu$i4es
Mana&e"en$
Pers#nne!
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
4pening balance 909;) -+" )30;+1 > ;019; +,83" )+90)13 80,")8
1isbursements @ > @ "-,36) @ "",33" ;10)23 6",0-3
Appointment of e9ecutives
as 1irectors DnetE ,5:9- 8,07# @ > @ D8,"07E 5:9 D-3"E
Appointment of ot!er key
management personnel
as 1irectors :03;5 > @ > ,:03;5- > @ >
Repayments ,502:2- D",+8#E ,:0+;;- D60+E ,**3- D",878E ,330+):- D-#,#6-E
20)52 6,6-" ))03;3 "+,-#7 )02;1 -,76- )550*+5 "#6,"7+
*.5 T!e above loans under t!e terms of employment !ave been provided interest free
to facilitate purc!ase of !ouses, ve!icles and computers repayable in mont!ly
installments over a period of t!ree to five years.
<oans are secured against retirement benefits of t!e employees.
*.: T!e ma9imum aggregate amount of loans due at t!e end of any mont! during t!e
year &as'
5++2 5++9
DRupees in t!ousandE
1irectors 10292 8,3#8
C!ief =9ecutive )305;3 "-,36)
?ey management personnel ot!er t!an
1irectors and C!ief =9ecutive *0)9* "+,800
=9ecutives )5*05;1 "#6,"7+
9. 7ONG TERM DEPOSITS AND PREPAYMENTS
Security deposits 3032+ +,6-#
Prepaid rent > note 6." ;+:0;32 "6#
4t!ers :)0111 >
;3+0+59 +,73#
9.) 1uring t!e year, t!e Company paid rent of !ead office building amounting to
Rs 07".6- million. As at t!e year end, Rs -##.-+ million !as been classified as long
term and Rs "3#.)7 million !as been classified as s!ort term prepayments.
-"

2. RETIREMENT BENEFITS
2.) T!e Company operates a provident fund, a pension plan, management and non>
management gratuity plans and a pensioners medical plan for its employees. T!e
pensioners medical plan is a book reserve plan &!ile t!e ot!er plans are invested
t!roug! e9empt approved trust funds. T!e provident fund is a defined contribution
plan. T!e pension and gratuity plans are defined benefits final salary plans. T!e
pensioners: medical plan reimburses actual medical e9pense as defined in t!e plan.
2.5 T!e latest actuarial valuation of t!e defined benefit plans &as conducted at
1ecember )", 3##8 using t!e proRected unit credit met!od. 1etails of t!e defined
benefit plans are'
Pensi#n Fund Gra$ui$y Funds Pensi#nersD
Media! P!an
5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
Ba!ane S'ee$ Re#ni!ia$i#n
%air value of plan assets )0;9)0311 ",-33,--" 5:)0:+; )08,7+8 @ >
,)03*20:3*- D",+76,883E ,3)*02+:- D+#+,"37E ,)*:0)93- D")3,"8"E Present value of defined benefit obligations
)+:0);: 3+,007 ,)2;0312- D)-,"8"E ,)*:0)93- D")3,"8"E %unded status
Unrecognised net actuarial loss @ DgainE )+505+5 "7+,7+3 1+02;; 00,++8 )20+5: D8,383E
Recognised asset @ DliabilityE 5+;0:;; 3"7,0"" ,130*3:- )",306 ,)3;0);)- D"+#,+0)E
M#4e"en$ in $'e /air 4a!ue #/ p!an asse$s
%air value as at Canuary " )0;550;;) ",+-6,77" :*20132 +6-,-7#
=9pected return on plan assets ):90)13 "--,860 ::05;+ -",763
Actuarial gains @ DlossesE )101)9 D7,#"3E ,);0;13- D),373E
=mployer contributions :20+)1 )-,)8- 5;*03+1 37,#6#
2enefits paid ,)3*0)25- D""6,087E ,3))09+2- D"8+,)73E
)0;9)0311 ",-33,--" 5:)0:+; )08,7+8
%air value as at 1ecember )"
M#4e"en$ in $'e de/ined .ene/i$ #.!i&a$i#ns
4bligation as at Canuary " )03190225 ",+)","-" 3+30)51 +#8,3-) ):50)2) "+-,""8
:503)+ )3,070 :)0);9 )",708 )0;3* ",700 Service cost
,nterest cost )3;015+ "-",#37 35033* +),##8 )30+;5 "-,-"3
@ D"",8#8E :3+052* ""8,-)+ @ 088
Settlement and Curtailment
Actuarial losses @ DgainsE ,*)0*23- "3,-#) )+031: D"),3+3E 5;022; D33,8""E
,)3*0)25- D""6,087E ,3))09+2- D"8+,)73E ,)+031+- D8,373E
2enefits paid
4bligation as at 1ecember )" )03*20:3* ",+76,883 3)*02+: +#+,"37 )*:0)93 ")3,"8"
C#s$
Current service cost :503)+ )3,070 :)0);9 )",708 )0;3* ",700
,nterest cost )3;015+ "-",#37 35033* +),##8 )30+;5 "-,-"3
=9pected return on plan assets ,):90)13- D"--,860E ,::05;+- D-",763E @ >
Settlement and curtailment @ D"",8#8E :3+052* ""8,-)+ @ 088
))0):1 "#,8)7 )0*2+ "6,676 ,35+- 67#
Recognition of actuarial loss
;5059; 30,88# :250:)1 "-7,))- );0)92 "8,7-0 =9pense
);90))) "+0,80+ )90*;* +8,08# Actual return on plan assets
-3

Principal actuarial assumptions used are as follo&s'
5++2 3##6
1iscount rate & e9pected return on plan assets
)*.++B "".##$
%uture salary increases
):.91B 8.7#$
%uture pension increases
1.9:B -.6#$
(edical cost trend rates
)+.32B -.6#$
=9pected contributions to post employment benefit plans for t!e year ending
1ecember )", 3##7 is Rs -0# million D3##8' Rs 3## millionE.
C#"paris#n /#r /i4e years%
5++2 3##6 3##0 3##- 3##+
DRupees in t!ousandE
As at 1ecember )"
%air value of plan assets )02+502+3 ",87",+77 ",7)),-8" ",8"3,308 ",70",-+#
Present value of defined benefit obligations ,50+320:5:- D3,#)+,"73E D",78+,-33E D",6-#,8"+E D",8#3,"+#E
D1eficitE @ surplus ,53;0;)1- D"+3,07)E D-#,7+"E 0",+-+ "-7,+##
E(periene adGus$"en$s
/ain @ DlossE on plan assets Das
percentage of plan assetsE +.5 B D#.6$E #.) $ D0.-$E D#.7$E
D/ainE @ loss on obligations Das
,).5B- D".3$E 6.- $ ".- $ -.+ $
percentage of plan obligationsE
T!e effects of a "$ movement in t!e assumed medical cost trend rate are as follo&s'
Inrease Derease
DRupees in t!ousandE
=ffect on t!e aggregate of current service
and interest costs 50);) ",60-
=ffect on t!e defined benefit obligations )90)32 "+,0-3
Plan assets comprise of t!e follo&ing'
5++2 3##6
Rupees in Rupees in
$
$'#usand t!ousand $
=Kuity 5:0193 ).: > >
1ebt ):+0259 9.: 633,--) )8.3
4t!ers Dinclude cas! and bank balancesE )0*320++: 1).3 ","08,7+0 0".8
)02+502+3 )++ ",87",+77 "##
T!e e9pected return on plan assets &as determined by considering t!e e9pected
returns available on t!e assets underlying t!e current investment policy. =9pected
yields on fi9ed interest investments are based on gross redemption yields as at t!e
balance s!eet date.
-)

T!e actuary conducts separate valuations for calculating contribution rates and t!e
Company contributes to t!e pension and gratuity funds according to t!e actuarys
advice. =9pense of t!e defined benefit plans is calculated by t!e actuary.
2ased on t!e above actuarial valuation t!e retirement benefits > asset amounts to
Rs 3#-.)- million D3##6' Rs 3-#.88 millionE and retirement benefits > liability amounts
to Rs 3)7.67 million D3##6' Rs "+#.+0 millionE.
2.: 1uring t!e year t!e Company contributed Rs -".)7 million D3##6' Rs +-.+) millionE to t!e
provident fund.
5++2 3##6
DRupees in t!ousandE
1. STORES AND SPARES
Stores Dincluding in transit Rs 8.8# millionL *20222 -8,-)"
3##6' Rs 6.60 millionE
Spares Dincluding nil in transitL
3##6' Rs #.-7 millionE )13019) "38,867
4t!ers 5015+ 3,"3#
5**0991 "87,-)#
,:30225- D30,3+8E Provision for slo& moving and obsolete stores and spares
5:)0219 "0),383
T!e Company !as recognised a provision of Rs 8.0) million D3##6' Rs 7.3 millionE for
obsolescence and not &ritten off inventory amounting to Rs nil D3##6' Rs -."7 millionE
by utilising t!e provision.
5++2 3##6
DRupees in t!ousandE
)+. STOC? IN TRADE
Ra& and packing materials at cost Dincluding
in transit Rs -0- millionL 3##6' Rs 0"8 millionE 502)50;); ",6"-,860
Provision for obsolescence ,)3+033+- D-0,0+7E
50*950+9; ",0-7,336
;ork in process )+503** 00,"73
%inis!ed goods Dincluding in transit Rs 30+ millionL
3##6' Rs 3#8 millionE )0;;+0:1) ",#6),30+
2y product > glycerine )209)+ 3,")"
)0;*10)+) ",#6-,)7-
Provision for obsolescence ,2)0295- D6+,6-#E
)03290551 ",###,0+-
305*)099+ 3,630,#0+
-+

)+.) Stock in trade includes Rs 60# million D3##6' Rs )+0 millionE !eld &it! t!ird parties.
)+.5 T!e above balances include items costing Rs ))6.7 million D3##6' Rs 3#8.+ millionE
valued at net realisable value of Rs 8#.6 million D3##6' Rs -#.6 millionE
)+.: T!e Company !as recognised a provision of Rs "70.#0 million for obsolescence
D3##6' Rs 80.#0 millionE and !as &ritten off inventory amounting to Rs "#-."+ million
D3##6' Rs )8.+0 millionE by utilising t!e provision during t!e year ended
1ecember )", 3##8.
5++2 3##6
DRupees in t!ousandE
)). TRADE DEBTS
Considered good 55209*: 3)7,)")
Considered doubtful 39031) -+,"-+
59*05;3 37),+06
Provision for doubtful debts > note ""." ,39031)- D-+,"-+E
55209*: 3)7,)")
)).) T!e Company !as recognised a provision of Rs ).3- million D3##6' reversed a provision
of Rs ".-3 millionE and !as &ritten off debts amounting to Rs 7.7" million D3##6' .ilE
by utilising t!e provision during t!e year ended 1ecember )", 3##8.
5++2 3##6
DRupees in t!ousandE
)5. 7OANS AND AD8ANCES
C#nsidered &##d
Current portion of loans to employees > note 0 ;90)5) -0,3-3
Advances to'
=9ecutives > note "3." )+0:93 -,""#
Suppliers and ot!ers ;*03+1 0",-30
)5:01+3 "33,888
C#nsidered d#u.$/u!
Advances to suppliers and ot!ers *0533 0,3++
):+0)32 "37,")3
Provision for doubtful advances to
suppliers and ot!ers ,*0533- D0,3++E
)5:01+3 "33,888
--

)5.) T!e advances to e9ecutives are given to meet business e9penses and are settled as
and &!en t!e e9penses are incurred.
5++2 3##6
DRupees in t!ousandE
):. TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Trade and margin deposits ):+02+2 6",67#
Prepayments
=RP implementation )3)0593 +",6)3
Rent > note 6." )3*0+9: )",8#6
4t!ers > note ")." 120522 7#,6)-
;)*033: 3)0,#0+
):.) T!is includes prepayment in respect of s!ares matc!ed by t!e Company under t!e
follo&ing s!are>based compensation plan'
8aria.!e Pay In S'ares ,8PIS-%
Under t!is plan, employees eligible as per policy can c!oose to take bet&een "#$
and 3-$, or none at all, of t!eir gross variable pay in s!ares of Unilever P<C or
Unilever .*. ,f t!e employee opts for t!e s!ares, Unilever P<C and Unilever .* &ill
grant matc!ing s!ares, on t!e condition t!at t!e employee stays &it! t!e Company
and !olds t!ese s!ares for at least t!ree years.
8PIS
Unilever P<C Unilever .*
S!ares of
(arc! 3", 3##6 (arc! 3", 3##6
1ate of grant
(arc! 3#, 3##8 (arc! 3#, 3##8
Total number of s!ares 3##6 ",-3- ",-6"
granted 3##8 ",-)3 ",-)7
3##6 V"+.88 V3".))
%air value @ S!are price on grant date 3##8 V"0.63 V3".)#
Contractual life DyearsE ) )
*esting conditions Performance Performance
conditions conditions
Settlement S!ares S!ares
=9pected lapse per year 3#$ 3#$
=9pected outcome of
meeting t!e performance
criteria Dat t!e grant dateE 3#"# by (arc! 3", by (arc! 3",
3#"# 3#"#
3#"" by (arc! 3#, by (arc! 3#,
3#"" 3#""
-0

5++2 3##6
DRupees in t!ousandE
)3. OTHER RECEI8AB7ES
Reei4a.!e /r#" re!a$ed par$ies
Unilever Pakistan %oods <imited *:0**1 "7,+"#
Union Pakistan Provident %und @ )",++6
Unilever /ratuity Plan :905:3 "3),7)6
Associated undertakings 5+03;2 >
;orkers: profits participation fund > note "+." ;;0;9) 7,"38
O$'ers
=9port rebate claims receivable @ 3,#"7
Receivable from distributors on account of
eKuipment supply ;0:5+ "8,836
Receivable from supplier on account of
marketing reimbursement @ "8,333
Receivable in respect of sale of fi9ed assets )*03*3 >
4t!ers 520::) )+,806
5590+39 3-6,8-6
Provision for doubtful receivables ,209)2- D8,6"8E
5)20:51 3+7,")7
)3.) W#r<ersE pr#/i$s par$iipa$i#n /und
2alance as at Canuary " > receivable 10)52 -3,30"
Allocation for t!e year ,);90+92- D")-,80"E
,)3901;+- D8),0##E
Amount paid to t!e trustees 5+:0;5) 73,638
2alance as at 1ecember )" > receivable ;;0;9) 7,"38
);. TAK REFUNDS DUE FROM GO8ERNMENT
Sales ta9 refundable > amounts paid
under protest > note "-." ):90+)5 "+8,+07
Ta9ation > payments less provision )*30993 >
4t!ers 59 36
:+)02): "+8,+70
-6

);.) T!is includes a sum of Rs ")" million D3##6' Rs "+" millionE paid by &ay of abundant
caution under t!e Amnesty Sc!eme, to avoid additional Sales Ta9 and Surc!arge
being levied in t!e event of unfavourable decisions of t!e appeals pending in t!e
5ig! Courts. T!ese appeals &ere filed by t!ird party manufacturers in respect of
disallo&ance of input ta9 claimed by t!em on t!e ground t!at ta9 invoices and bills
of entry &ere in t!e Companys name. T!e contracts &it! suc! manufacturers provided
t!at in t!e event of any liability arising against t!em on t!is account, t!e Company
&ould reimburse t!e ta9. T!e Companys management and legal advisors e9pect a
favourable outcome of t!e appeals, o&ing to t!e fact t!at t!e demands arose as a
result of procedural matters and t!at t!ere &as no loss of revenue to t!e /overnment.
;it!out preRudice to t!e earlier appeals filed, t!e Company !as referred one of t!e
above cases to t!e Alternate 1ispute Resolution Committee, constituted under t!e
Sales Ta9 la&, t!e decision of &!ic! is still a&aited.
5++2 3##6
DRupees in t!ousandE
)*. CASH AND BAN? BA7ANCES
;it! banks on'
current accounts )+30122 3#,"00
savings accounts @ "06,373
,n !and'
cas! )02+)
",33+
)+*0921 "88,083
)9. SHARE CAPITA7
Au$'#rised s'are api$a!
+6,8)- -$ cumulative preference s!ares
of Rs "## eac! 3092:
+,68)
"-,7#+,))# 4rdinary s!ares of Rs -# eac! 91;05)9 67-,3"6
2++0+++ 8##,###
Issued0 su.sri.ed and paid up api$a!
-$ cumulative preference s!ares of Rs "## eac!
S!ares allotted'
+),8)- for consideration paid in cas! 30:2: +,)8)
+,### for acKuisition of an undertaking
3++ +##
+6,8)- 3092:
+,68)
4rdinary s!ares of Rs -# eac!
S!ares allotted'
+06,6#+ for consideration paid in cas! 5:0:2;
3),)8-
+,767,3#8 for consideration ot!er t!an cas!
under sc!emes of arrangements for
amalgamations
53201*) 3+8,70"
6,8+0,7-6 as bonus s!ares :150:32 )73,)+8
"),37),807 **30*13
00+,07+
**10399
007,+66
-8

At 1ecember )", 3##8 Unilever 4verseas 5oldings <imited, U?, a &!olly o&ned
subsidiary of Unilever P<C, U? !olds 7,6"",37) ordinary s!ares and )),6)- preference
s!ares of Unilever Pakistan <imited D1ecember )", 3##6' 7,)-7,+"3 ordinary s!ares
and )),6)- preference s!aresE.
5++2 3##6
DRupees in t!ousandE
)2. RESER8ES
Capi$a! reser4es
Arising under sc!emes of arrangements
for amalgamations > note "8." 9+0151 6#,737
:5)039)
Contingency > note 3-." )0),"#0
4t!er > note 33.) @ )),87-
:1503++ +06,7)#
)0);:022)
Re4enue reser4es 8+3,+3#
Unappropriated profit
)0;3*052) ",)"#,)-#
)2.) T!is represents amounts of Rs "8.)0 million and Rs -3.-6 million t!at arose under
sc!emes of arrangement for amalgamations of former (e!ran ,nternational DPrivateE
<imited, former Ambrosia ,nternational <imited and former Pakistan ,ndustrial
Promoters DPrivateE <imited &it! t!e Company.
)1. SURP7US ON RE8A7UATION OF FIKED ASSETS
T!is represents surplus over book values resulting from t!e revaluations of property,
plant and eKuipment carried out in "76), "76-, "768 and "78", adRusted only by
surplus realised on disposal of revalued assets, incremental depreciation arising out
of revaluation and deferred ta9ation.
5++2 3##6
DRupees in t!ousandE
2alance as at Canuary " )305*) "+,7#7
Transferred to unappropriated profit > net
of deferred ta9ation'
,*32- D0+8E
incremental depreciation for t!e year
):0*): "+,30"
2alance as at 1ecember )"
-7

5++2 3##6
DRupees in t!ousandE
5+. 7IABI7ITIES AGAINST ASSETS SUBLECT
TO FINANCE 7EASES
Present value of minimum lease payments )+10*31 6#,3#-
Current maturity s!o&n under current liabilities ,:50:55- D"6,36)E
990:59 -3,7)3
Mini"u" !ease pay"en$s
.ot later t!an " year 3*0519 3+,68"
<ater t!an " year and not later t!an - years
230331 0",+)-
):+093* 80,3"0
%uture finance c!arges on finance leases ,5)0+19- D"0,#""E
Present value of finance lease liabilities
)+10*31 6#,3#-
Present value of finance lease liabilities
.ot later t!an " year
:50:55 "6,36)
<ater t!an " year and not later t!an - years
990:59 -3,7)3
)+10*31 6#,3#-
T!e above represents finance leases entered into &it! leasing companies for motor
ve!icles. T!e liability is payable by 1ecember 3#"3 in semi annual and Kuarterly
installments.
<ease payments bearing pre>determined markup rates include finance c!arge ranging
from 0.3-$ to 8.33$ per annum D3##6' 8$ to "+.6-$ per annumE &!ic! are used
as discounting factors.
<ease payments bearing variable markup rates include finance c!arge at ?,24R W
#.8-$ > 3$ per annum. ?,24R is determined on semi>annual basis for ne9t t&o
Kuarterly and semi annual rentals.
0#

3##6 C!arge @ 5++2
4pening DreversalE C!#sin&
DRupees in t!ousandE
5). DEFERRED INCOME TAK
7IABI7ITIES I ,ASSETS-
Credit @ DdebitE balance arising in respect of' -#7,-++ 3#),78) 9):0;59
accelerated ta9 depreciation allo&ance 6,08" D070E *012;
surplus on revaluation of fi9ed assets )8,0)8 D-#,""+E ,))039*-
provision for retirement benefits D"",80+E D"3#E ,))0123-
s!are>based payments reserve
provision for stock in trade and stores
and spares D--,"66E D)","#+E ,2*052)-
provision for doubtful debts, advances
and ot!er receivables D)8,--6E 3,#") ,:*0;33-
provision for restructuring D"37,8-7E D)",868E ,)*)09:9-
ot!ers D"",)03E D)",+6-E ,3502:9-
)#7,#++ 0#,0#7 :*10*;:
5++2 3##6
DRupees in t!ousandE
55. TRADE AND OTHER PAYAB7ES
3:+0+29 Creditors 3-7,""+
3)50:3;
2ills payable ",3"#,#76
502110325
Accrued liabilities 3,60-,837
53*0;+9
Royalty and tec!nical services fee ")#,+38
290+))
Advance payment from customers 6+,-#-
1)0:+1 Sales ta9 payable -",+7"
1+02)3
%ederal e9cise duty payable -",66"
1:0319
;orkers: &elfare fund 6-,0)8
)90):9
Security deposits from dealers > note 33." "6,")6
)+*039)
Unclaimed dividend 77,0#-
))01:9 Union Pakistan Provident %und > related party >
))0121
Unilever Pension Plan > related party >
<iability for s!are>based compensation
:;01;:
plans > note 33.) >
):05;;
4t!ers "+,86-
30;390913
+,6-#,+7#
55.) T!is represents security deposits obtained by former Pakistan ,ndustrial Promoters
DPrivateE <imited against freeBer cabinets placed &it! dealers.
0"

55.5 Amounts due to related parties included in trade and ot!er payables are as follo&s'
5++2 3##6
DRupees in t!ousandE
Ultimate parent company 53*0;+9 ")#,+38
Associated companies 2390*;) ",+)#,)"+
Subsidiaries 5 3
T!ird parties &!ose manufacturing
processes are dependent on Unilever 9305)2 -),688
Company in &!ic! close family member
of a 1irector is !olding directors!ip 5203)2 03,"#"
55.: S'are@.ased #"pensa$i#n p!ans
As at 1ecember )", 3##8 t!e company !ad follo&ing s!are>based compensation
plans'
G!#.a! Per/#r"ane S'are P!an ,GPSP- and 7eaders'ip Per/#r"ane
S'are P!an ,7PSP-%
Under t!e plans, employees eligible as per policy can be a&arded conditional s!ares
of Unilever P<C or Unilever .* &!ic! &ill vest t!ree years later depending on
Unilevers ac!ievement of set targets for Underlying Sales /ro&t! DUS/E, Ungeared
%ree Cas! %lo& DU%C%E and Total S!are!older Return DTSRE ranking over t!e t!ree>
year performance period.
T!e details of t!e arrangements are as follo&s '
GPSP 7PSP
S!ares of Unilever P<C Unilever .* Unilever P<C Unilever .*
1ate of grant 3##0 (arc! 3", 3##0 (arc! 3", 3##0 (arc! 3", 3##0 (arc! 3", 3##0
3##6 (arc! 3", 3##6 (arc! 3", 3##6 (ay 33, 3##6 (ay 33, 3##6
3##8 (arc! 3", 3##8 > (arc! 3#, 3##8 (arc! 3#, 3##8
Total number of s!ares
granted 3##0 "+,768 -8- ",++6 ",++#
3##6 "#,+8# "8# ",-)# ",-)#
3##8 0,+7+ > ",33- ",33-
)",7-3 60- +,3#3 +,"7-
%air value @ S!are price on grant date 3##0 V ").#" X"7.#) V ").#" X"7.#)
3##6 V "+.88 X3".)) V"-.83 X33.3#
3##8 V "0.63 > V"0.63 X3".36
Contractual life DyearsE ) ) ) )
*esting conditions Performance Performance Performance Performance
conditions conditions and market and market
conditions conditions
Settlement S!ares S!ares S!ares S!ares
=9pected lapse per year 3#$ 3#$ 3#$ 3#$
=9pected outcome of
meeting t!e performance
criteria Dat t!e grant dateE 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7
3#"# by (arc! 3", 3#"# by (arc! 3", 3#"# by (ay 33, 3#"# by (ay 33, 3#"#
3#"" by (arc! 3#, 3#"" > by (arc! 3#, 3#"" by (arc! 3#, 3#""
.o dividend payments &ere e9pectedL conseKuently, t!e measurement of t!e fair
value did not consider dividends.
03

55.:.) De$ai!s #/ p!an $'a$ 4es$ed durin& $'e year are%
GPSP
S!ares of Unilever P<C Unilever .*
1ate of grant (ay "8, 3##- (ay "8, 3##-
*esting date (ay "8, 3##8 (ay "8, 3##8
%air value @ S!are price on grant date V "".76 X "6.-6
%air value @ S!are price on vesting date V "6.33 X 3#.77
1ifference of grant date and V "-.3- X ).+3
settlement date fair value
Contractual life DyearsE ) )
*esting conditions Performance Performance
conditions conditions
Settlement Cas! Cas!
=9pense arising on settlement "#,"#0 67"
,n vie& of rec!arge arrangements and payments in cas!, t!e Company !as treated t!ese
s!are>based plans as liability.
5:. SHORT TERM BORROWINGS
S'#r$ $er" runnin& /inane @ seured
T!e facilities for running finance available from various banks amount to Rs -.77 billion
D3##6' Rs +.+3 billionE. T!e rates of markup range bet&een ").7#$ to "0.30$ per annum
D3##6' 7.0#$ to "#."+$ per annumE.
T!e arrangements are secured by &ay of pari>passu c!arge against !ypot!ecation of
Company:s stock in trade.
T!e facilities for opening letters of credit and guarantees as at 1ecember )", 3##8
amounted to Rs 3.)6 billion D3##6' Rs +.0- billionE, of &!ic! t!e amount remaining
unutilised at t!e year end &as Rs ".)+ billion D3##6' Rs ).-3 billionE.
0)

5++2 3##6
DRupees in t!ousandE
53. PRO8ISIONS
)+20:3)
Provision for cess less payments > note 3-." >
Res$ru$urin&
2alance as at Canuary " :9)0+59
""#,###
Provision during t!e year > note 3+." 321052+
)63,3)+
Utilised during t!e year ,:9;0+21-
D""",3#6E
2alance as at 1ecember )" 32;05)2
)6",#36
;1:0;;1 )6",#36
53.) T!e provision booked in 3##6 in respect of staff redundancy for beverages business and
relocation @ dismantling cost of a factory !as been fully utilised during t!e year. (oreover,
t!e Company !as also raised provisions for planned staff redundancy for some factory
employees and management staff. T!e full amount of provisions is e9pected to be utilised
during 3##7.
5;. CONTINGENCY AND COMMITMENTS
5;.) C#n$in&eny
/overnment of Sind! t!roug! %inance Act, "77+ levied fee for services rendered in respect
of development and maintenance of infrastructure on t!e import and e9port of goods.
5o&ever, t!e Company filed a constitutional petition against t!e levy of suc! fee in t!e
5ig! Court of Sind! and t!e Court granted stay for t!e payment of t!e fee. 1uring t!e
year 3##", t!e /overnment of Sind! introduced Cess in place of infrastructure fee &it!
retrospective effect. As a result, Unilever:s petition became infractuous and a fres! suit
&as filed by Unilever to c!allenge t!e levy. A stay against recovery of t!e aforesaid levy
of Cess &as also obtained from t!e Court. ,n 3##) t!e 5ig! Court decided t!e issue against
t!e Company. Against t!is order an intra court appeal &as filed &it! t!e 5ig! Court.
T!e appeal &as disposed in August 3##8, &!ereby t!e levy imposed and collected &it!
effect from 1ecember 38, 3##0 &as declared valid and all imposition and collection
before suc! date as invalid. T!e Court furt!er ordered t!at all bank guarantees @ securities
furnis!ed for transactions before 1ecember 38, 3##0 stand disc!arged and are liable to
be returned back and t!ose furnis!ed in respect of transactions after 1ecember 38, 3##0
are liable to be encas!ed. T!e Company as &ell as t!e /overnment of Sind! !ave filed
appeals in t!e Supreme Court against t!e said order. A provision amounting to Rs "3#.78
million concerning t!e levy &it! respect from 1ecember 38, 3##0 !as been recognised
in t!e financial statements. (oreover, t!e Company !as paid an amount of Rs "3.0+
million under protest against t!e said order.
0+

As a matter of prudence, a total of Rs )3".+6 million as at 1ecember )", 3##8
DRs )0)."" million as at 1ecember )", 3##6E out of t!e revenue reserves !as been earmarked
as contingency reserve for t!e levy uptil 1ecember 3##0.
5;.5 C#""i$"en$s
Aggregate commitments for capital e9penditure and for&ard purc!ases as at
1ecember )", 3##8 amounted to Rs "30.3) million D3##6' Rs 0#6.0# millionE and
Rs -)#.6+ million D3##6' Rs 806.0+ millionE respectively.
Aggregate commitments for operating lease rentals as at 1ecember )", 3##8 amounts to'
5++2 3##6
DRupees in t!ousandE
.ot later t!an one year 1:0::+
-",6#"
4ver one year to five years )+90)+5
36,-)7
5++03:5
67,3+#
T!e above includes uRra! payments for ,Rara! financing of motor ve!icles bearing a mark
up of si9 mont!s ?,24R W ".)-$ for rentals payable semi annually.
5*. SEGMENT INFORMATION
Segmental results and ot!er information is provided belo& on t!e basis of product
categories. T!ese categories are'
5ome and Personal Care > represents laundry and a &ide range of cleaning, skin
cleansing, skin care, !air care, deodorants, oral care and
ot!er personal care products
2everages > represents tea
,ce Cream > represents ice cream
4t!er > represents margarine
0-

30." Segment analysis HOME AND BE8ERAGES ICE CREAM OTHER TOTA7
PERSONA7
CARE
DRupees in t!ousandE E
Se&"en$ resu!$s /#r $'e year ended
Dee".er :)0 5++2
/ross sales 3",-3+,7-3 "",6"-,68# -,#-8,7++ 6-6,+70 )7,#-6,"63
Sales ta9 D),#6-,"30E D",6"0,0--E D8+0,387E > D-,0)8,#6#E
%ederal e9cise duty D673,76+E D76,--7E D+",)30E > D7)",8-7E
D),808,"##E D",8"+,3"+E D886,0"-E > D0,-07,737E
Sales e9cluding sales ta9
and federal e9cise duty "6,0-0,8-3 7,7#",-00 +,"6",)37 6-6,+70 )3,+86,3+)
>
Rebates and allo&ances D8+6,783E D)#7,7#)E D)+0,63+E D3-,67-E D",-)#,+#+E
"0,8#8,86# 7,-7",00) ),83+,0#- 6)",6#" )#,7-0,8)7
Cost of sales D7,0)3,)3"E D6,))8,7++E D3,-+),08)E D-#0,3""E D3#,#3","-7E
/ross profit 6,"60,-+7 3,3-3,6"7 ",38#,733 33-,+7# "#,7)-,08#
1istribution costs D),)+8,877E D","7",-#3E D",#07,#6"E D338,""#E D-,8)6,-83E
Administrative and restructuring cost
allocated to segments D863,#67E D+#3,""+E D33+,778E D)-,)08E D",-)+,--7E
Segment result 3,7--,-6" 0-7,"#) D"),"+6E D)6,788E
),-0),-)7
Administrative and restructuring cost
unallocated D"0-,33)E
4t!er operating e9penses D3+6,300E
4t!er operating income 3)7,7"8
Profit from operations ),)7#,708
%inance costs D+00,"00E
Profit before ta9ation 3,73+,8#3
Ta9ation D7+#,+60E
Profit after ta9ation ",78+,)30
Se&"en$ resu!$s /#r $'e year ended
Dee".er :)0 5++9
/ross sales "-,-#-,078 7,683,0+" ),7-#,8"6 0"-,0-" 37,8-+,8#6
Sales ta9 D3,3"-,6+)E D",+#3,787E D0+0,0#-E > D+,30-,))6E
%ederal e9cise duty D-6#,7-+E D)),00"E D"),+#)E > D0"8,#"8E
D3,680,076E D",+)0,0-#E D00#,##8E > D+,88),)--E
Sales e9cluding sales ta9
and federal e9cise duty "3,6"7,##" 8,)+-,77" ),37#,8#7 0"-,0-" 3+,76",+-3
Rebates and allo&ances D7"6,+76E D+8-,7#8E D3"6,"8)E D"7,"78E D",0)7,680E
"",8#",-#+ 6,80#,#8) ),#6),030 -70,+-) 3),))",000
Cost of sales D0,)63,+66E D-,0)0,+")E D",88",670E D)-6,87-E D"+,3+8,-8"E
/ross profit -,+37,#36 3,33),06# ","7",8)# 3)8,--8 7,#8),#8-
1istribution costs D3,8)8,+#0E D",38#,-0)E D66+,83+E D"36,)8+E D-,#3","66E
Administrative and directly attributable
restructuring cost D++),7"3E D0+3,+77E D3)6,--8E D"7,80+E D",)+),8))E
Segment result 3,"+0,6#7 )##,0#8 "67,++8 7",)"#
3,6"8,#6-
Administrative and restructuring cost not
directly related to segments D-#,636E
4t!er operating e9penses D3"7,")#E
4t!er operating income "7#,-88
Profit from operations 3,0)8,8#0
%inance costs D"#7,3#8E
Profit before ta9ation 3,-37,-78
Ta9ation D8+3,3+#E
Profit after ta9ation ",086,)-8
00

30." Segment analysis > continued HOME AND BE8ERAGES ICE CREAM OTHER TOTA7
PERSONA7
CARE
DRupees in t!ousandE E
O$'er se&"en$ in/#r"a$i#n
As a$ Dee".er :)0 5++2
Segment assets ),++8,-3# ",667,"-+ ),+07,7#3 00,)-0 8,60),7)3
Unallocated assets 3,033,+80
"",)80,+"8
Segment liabilities ",6+",)#7 6)-,3"8 )73,378 ")","60 ),###,##"
Unallocated liabilities 0,"-6,#+0
7,"-6,#+6
F#r $'e year ended Dee".er :)0 5++2
Capital e9penditure )00,-#0 +",8+" 8-#,7#6 )-,-"8 ",37+,663
Cost of goods manufactured 7,#33,"8" 6,0+6,68) 3,-00,##8 +#","7+ "7,0)6,"00
4t!er segment items
Staff costs 83+,)6) -80,"+0 +"#,"03 )",7+7 ",8-3,0)#
Advertising ",67#,#)) +#7,+"0 )67,-0# "-3,3## 3,6)",3#7
(arketing and selling 66,-)8 +-,7#0 )#,#0- +,6+6 "-8,3-0
4ut&ard freig!t and !andling +33,--0 "+6,8)6 3#7,)7" 3#,0## 8##,)8+
Royalty and tec!nical
services fee 0#+,6)7 )"8,8+" "+7,78# 33,08) ",#70,3+)
1epreciation "38,"#6 +8,0-6 36#,707 -,7)8 +-),06"
As a$ Dee".er :)0 5++9
Segment assets 3,)+),+37 ",)70,0#) 3,7)),87" 0),78) 0,6)6,7#0
Unallocated assets ",)+0,36#
8,#8+,"60
Segment liabilities ",+68,--" ",8)+,666 373,766 7),+#6 ),077,6"3
Unallocated liabilities 3,)7#,)60
0,#7#,#88
F#r $'e year ended Dee".er :)0 5++9
Capital e9penditure "-7,0+6 "#+,+07 ",-#-,6+) 6,#83 ",660,7+"
Cost of goods manufactured 0,#8-,60- -,6"",3)) ",860,)#- 306,6"- "),7+",#"8
4t!er segment items
Staff costs 6"0,+7) -73,"7# )--,+)6 "7,+0- ",08),-8-
Advertising ",08),"7- -06,808 387,0#8 6-,8+) 3,0"0,-"+
(arketing and selling 03,+"# -",#0) 3-,-)" 3,8)6 "+",8+"
4ut&ard freig!t and !andling )"0,+#+ "30,37# "3",+3- "-,#)3 -67,"-"
Royalty and tec!nical
services fee )67,#0# 3"#,3"# "##,6-# "-,+3# 6#-,++#
1epreciation ""8,0)) 0#,8+0 "7#,830 3,000 )63,76"
4t!er operating e9penses and income represent unallocated corporate e9penses and
income. Segment assets consist primarily of property, plant and eKuipment, intangibles,
stores and spares, stock in trade and trade and ot!er debts. Segment liabilities comprise
operating liabilities and e9clude items suc! as ta9ation and corporate borro&ings. 4t!er
segment items comprise directly attributable segment costs.
06

59. OPERATING COSTS C#s$ #/ Sa!es Dis$ri.u$i#n C#s$s Ad"inis$ra$i4e T#$a!
E(penses
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
Ra& and packing material
consumed )90);)021+ "",730,#+" @ > @ > )90);)021+ "",730,#+"
(anufacturing c!arges
paid to t!ird parties ;:;0*:+ +3+,"+" @ > @ > ;:;0*:+ +3+,"+"
Stores and spares consumed )+20*:3 7-,+)- @ > @ > )+20*:3 7-,+)-
Advertising @ > 509:)05+1 3,0"0,-"+ @ > 509:)05+1 3,0"0,-"+
(arketing and selling @ > );205;* "+",8+" @ > );205;* "+",8+"
4ut&ard freig!t and !andling @ > 2++0:23 -67,"-" @ > 2++0:23 -67,"-"
Royalty and tec!nical
services fee @ > )0+1*053: 6#-,++# @ > )0+1*053: 6#-,++#
Staff costs > note 36." 91;0)93 6"#,)36 ;9;05:; -)),63+ 325055) +)7,-)+ )02;50*:+ ",08),-8-
Utilities :1903:: 36+,+67 20:*9 +,808 :5052* )#,6)0 3:20+2* )"#,#8)
Repairs and maintenance )9905*3 "+),87) 5302;3 0,780 5:0221 3#,+0+ 55*0++9 "6",)+)
Rent, rates and ta9es :;0*2* 3-,"#7 ):50*9; 83,36" )+:013; -#,06) 5950:+* "-8,#-)
1epreciation :3+0*2) 3)7,0)- *:059; 6+,008 3109); -8,008 3;:0*9) )63,76"
Amortisation of computer soft&are @ > 50959 3,636 50)3: 3,"+) 3029+ +,86#
Travelling and entertainment 3;0*+; +0,70- 1:0;*2 "3+,737 *10)51 60,)7" 5+20:+5 3+8,38-
Stationery and office e9penses :903+) +#,7"0 3*0):9 +-,0#+ *9099: 6+,"63 );)0:)) "0#,073
=9penses on information
tec!nology )0:5* -- )0229 )#8 )*30;95 "3",#76 )*9092; "3",+0#
Auditors: remuneration > note 36.) @ > @ > ))019* "#,73+ ))019* "#,73+
Provision for doubtful debts
> ot!ers @ > @ > )+0+++ ),8#) )+0+++ ),8#)
Provision for doubtful debts
> trade @ > @ > :0539 > :0539 >
4t!er e9penses 3*09)* )0,-)0 )+509*; "#3,"+0 )210*+* ")),63" ::10+29 363,+#)
)10*9:033+ "),70),-)3 ;02:90;25 -,#3","66 )05)+0;+5 ",#33,)30 5*095)0;53 3#,##6,#)-
4pening &ork in process **0)15 +),068
)109:10*:5 "+,##6,3"#
Closing &ork in process ,)+503**- D00,"73E
Cost of goods manufactured )10*:90)** "),7+",#"8
4pening stock of
finis!ed goods including
by product glycerine )0+++0*33 076,)8"
%inis!ed goods purc!ased 29+0;92 0"#,830
Closing stock of
finis!ed goods including
by product glycerine ,)03290551- D",###,0++E
5+0+5)0);1 "+,3+8,-8"
08

36." Staff costs C#s$ #/ Sa!es Dis$ri.u$i#n C#s$s Ad"inis$ra$i4e T#$a!
E(penses
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
Salaries and &ages 9;30+23 06",00+ ;+)0+;2 +0+,)78 :92011* )+",7)# )0*:30):2 ",+66,773
(edical 5)0))5 33,008 53: -) )202*; 3#,37" 3+055+ +),#"3
S!are based payments ,93- "08 ):05+1 8,7)) )10;5: "#,37" :50*;2 "7,)73
Pension costs > defined
benefit plan 1059: -,07" )505+3 "+,+07 );0;:5 "8,-38 :90++1 )8,088
/ratuity costs > defined
benefit plan 50)*+ )+- )90;33 "6,668 550:51 33,068 350+:: +#,8#"
Pensioner:s medical plan 50*32 ),678 ;0;): -,78) 90+)9 8,+86 );0)92 "8,308
Provident fund cost > defined
contribution plan ;019) -,77) 5;03*3 33,""# )101;1 "6,)37 ;)0:13 +-,+)3
91;0)93 6"#,)36 ;9;05:; -)),63+ 325055) +)7,-)+ )02;50*:+ ",08),-8-
59.5 <ease rentals amounting to Rs )77.-- million D3##6' Rs 3+#.83 millionE !ave been c!arged
in operating cost for arrangements identified as operating leases upon application of
,%R,C + I N1etermining &!et!er an Arrangement contains a <easeM. T!ese arrangements
include leases of property including offices, cold storage, depots and ot!er arrangements
for use of plant and mac!inery &!ere fulfillment of t!e arrangement is dependent on
t!e use of suc! assets and t!e arrangement conveys a rig!t to use t!e asset.
5++2 3##6
DRupees in t!ousandE
59.: Audi$#rsE re"unera$i#n
Audit fee :0)++ ),###
Ta9ation services 30+5* 3,773
<imited revie&, audit of consolidated financial
statements, pension, provident and gratuity
funds, t!ird party e9pense verifications and
certifications for various government agencies 30;++ +,-8"
4ut of pocket e9penses :;+ )-"
))019* "#,73+
52. OTHER OPERATING EKPENSES
1onations and Corporate Social Responsibility > note 38." :+0312 )",-")
;orkers: profits participation fund > note "+." );90+92 ")-,80"
;orkers: &elfare fund ;10*1+ -",6-0
53905** 3"7,")#
07

52.) D#na$i#ns and #rp#ra$e s#ia! resp#nsi.i!i$y
1onations include t!e follo&ing in &!om a director is interested'
5++2 3##6
DRupees in t!ousandE
Na"e #/ Dire$#r,s- In$eres$ in D#nee Na"e and address
#/ D#nee
". (r. =!san A. (alik 2oard (ember T!e ?idney Centre 50+*; )02++
"63@R, RafiKui S!a!eed
Road, ?arac!i
3. (r. =!san A. (alik Trustee <a!ore University of 50;11 )0)**
& Syed 2abar Ali J Pro>C!ancellor (anagement Sciences,
15A, <a!ore
Corporate (ember ;orld ;ide %und for @ )05++
President>=meritus .ature %eroBepur
Road, <a!ore
). Syed 2abar Ali J Trustee T!e <ayton )01++ )0*5+
Ra!matulla!
2enevolent Trust S>"0,
P!ase ,, 15A, ?arac!i
J Syed 2abar Ali &as a director till April "8, 3##8.
51. OTHER OPERATING INCOME
In#"e /r#" in4es$"en$ in re!a$ed par$y
1ividend from %ute!ally C!emicals DPrivateE <imited
)5 "3
Re$urn /r#" #$'er /inania! asse$s
Return on savings accounts and term deposits > note 37."
)0+*; "3,-6"
In#"e /r#" n#n@/inania! asse$s
Salvage sales
590:)5 +3,7")
Profit on disposal of property, plant and eKuipment
5102+; "),)")
Sundry
3+0)+: 8,-8+
O$'ers
Service fee from related party > note 37.3
:90+3+ )#,"-)
Reversal of impairment loss
@ ))0
Reversal of provision for doubtful debts > trade
@ ",-"-
<iabilities no longer payable &ritten back
)+30;2) 8","7"
5:101)2 "7#,-88
51.) (arkup on saving accounts &as earned at t!e rates ranging from -$ to 8.-$ per annum
D3##6' #."$ to 8$E
51.5 T!is includes amount c!arged by t!e Company for certain management and ot!er services
rendered to its related party > Unilever Pakistan %oods <imited, in accordance &it! t!e
Service Agreement based on commercial terms bet&een t!e t&o companies.
6#

5++2 3##6
DRupees in t!ousandE
:+. FINANCE COSTS
In$eres$ #n !#an /r#" re!a$ed par$y
,nterest on s!ort term loan > note )#." )1039)
>
O$'ers
(ark up on s!ort term borro&ings ):209+;
3),"+#
2ank c!arges :*092+
3),"-3
=9c!ange loss 5;205+:
--,0)6
%inance c!arge on finance leases )502)3 6,")8
4t!ers )1:
"+"
33*0*1;
"#7,3#8
3**0)** "#7,3#8
:+.) 1uring t!e year, t!e Company obtained an unsecured loan amounting to US1 "- million
borro&ed from Unilever %inance ,nternational 2.*., Rotterdam, .et!erlands, an associated
undertaking on (ay 36, 3##8, at a markup rate not e9ceeding si9 mont!s <,24R W "$
to meet &orking capital reKuirements. T!e loan &as repaid in US1 at t!e end of loan
term on .ovember 3", 3##8.
5++2 3##6
DRupees in t!ousandE
:). TAKATION
Current > for t!e year 2;10++5 63+,#0#
Pakistan 5+02*; "3,6)"
ABad ?as!mir
29102*9 6)0,67"
1eferred ta9 c!arge *+0*+1 "#-,++7
13+039* 8+3,3+#
:).) Re!a$i#ns'ip .e$=een $a( e(pense
and a#un$in& pr#/i$
Accounting profit before ta9 5015302+5 3,-37,-78
Ta9 at t!e applicable ta9 rate of )-$ D3##6' )-$E )0+5:0*2) 88-,)-7
Ta9 effect on inadmissible e9penses and
presumptive ta9 ,2:05+;- D+),""7E
Ta9 e9pense for t!e year 13+039* 8+3,3+#
6"

:5. EARNINGS PER SHARE
T!ere is no dilutive effect on t!e basic earnings per s!are of t!e Company, &!ic! is
based on'
5++2 3##6
DRupees in t!ousandE
Profit after ta9 )01230:5* ",086,)-8
Preference dividend on cumulative preference s!ares ,5:1- D3)7E
Profit after ta9ation attributable to ordinary s!are!olders )01230+29 ",086,""7
;eig!ted average number of s!ares in issue during t!e ):0513 "),37+
year Din t!ousandsE
=arnings per s!are DRupeesE )31 "36
::. PROPOSED AND DEC7ARED DI8IDENDS
On #rdinary s'ares
At t!e 2oard meeting on %ebruary 0, 3##7 a final dividend in respect of 3##8 of Rs -6 per
s!are amounting to a total dividend of Rs 6-6.6- million is proposed D3##6' Rs 0) per
s!are amounting to a total dividend of Rs 8)6.-" millionE.
T!e interim dividend declared and already paid in respect of 3##8 &as Rs 00 per s!are
amounting to a total dividend of Rs 866.+# million D3##6' Rs 0# per s!are amounting to
a total dividend of Rs 676.0) millionE.
On u"u!a$i4e pre/erene s'ares
At t!e 2oard meeting on %ebruary 0, 3##7 dividend in respect of 3##8 of Rs 3)7 t!ousand
!as been declared D3##6' Rs 3)7 t!ousandE.
T!ese financial statements do not reflect t!e proposed final ordinary dividend and t!e
dividend declared on cumulative preference s!ares as payable, &!ic! &ill be accounted
for in t!e statement of c!anges in eKuity as an appropriation from t!e unappropriated
profit in t!e year ending 1ecember )", 3##7.
63

:3. RE7ATED PARTY TRANSACTIONS
T!e follo&ing transactions &ere carried out &it! related parties during t!e year'
5++2 3##6
DRupees in t!ousandE
Relations!ip &it! t!e Company .ature of transactions
i. Ultimate parent company Royalty and tec!nical
services fee
)0+)+09+1 6#-,++#
ii. Associated companies Purc!ase of goods
*05190:19 -,))#,+33
Purc!ase of services
:+0+13 )),"3-
Sale of goods
5;5 386
Reciprocal arrangements
for s!aring of common costs
)+05*: 7,6"8
Sale of services
220112 0#,#6-
Purc!ase of fi9ed assets
@ "7,8-+
Sale of fi9ed assets
90*93 +,""-
S!ort term loan received
)0+5:0+++ >
S!ort term loan repaid
)0+*50*++ >
,nterest on s!ort term loan
)1039) >
iii. T!ird parties &!ose
manufacturing processes
are dependent on Unilever Toll manufacturing
3:)0;5* )6",6+8
Purc!ase of operating assets
)5;0193 >
1ividend income
)5 "3
iv. Company in &!ic! close
family member of a
1irector is !olding
directors!ip Purc!ase of goods
993039: ",+#8,-08
v. Company in &!ic! close
family member of a key
management personnel
!olds a key management
position Purc!ase of services
@ "7
vi. ?ey management personnel Salaries and ot!er s!ort>term
employee benefits
9;0;); 00,)06
Post>employment benefits
*0929 -,6-7
Consideration received for
99: >
ve!icle sold
vii. 4t!ers 1onations
*0;*; -,680
Corporate & social responsibility
)0)93 >
Royalty and tec!nical services fee is paid at t!e rates ackno&ledged by t!e State 2ank
of Pakistan. 4t!er transactions &it! related parties are carried out on commercial terms,
at market prices and are settled in t!e ordinary course of business.
T!e related party status of outstanding balances as at 1ecember )", 3##8 is included in
trade debts, ot!er receivables and trade and ot!er payables respectively.
Arrangements &it! parent company and an associated company for granting of t!eir s!ares
to employees of Unilever Pakistan <imited are disclosed in note ")." and note 33.).
6)

:;. REMUNERATION OF DIRECTORS0 CHIEF EKECUTI8E AND EKECUTI8ES
T!e aggregate amounts c!arged in t!e financial statements of t!e year for remuneration
including all benefits to directors, c!ief e9ecutive and e9ecutives of t!e Company are as
follo&s'
=9ecutive 1irectors C!ief =9ecutive =9ecutives
5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
(anagerial remuneration
and allo&ances 5:05:+ 3#,0-# )50352 "",0#- ::90*2: )3-,+"-
S!are based compensation )+0)55 +,#80 )+0;;+ ",+#" ))0129 "),7#-
Retirement benefits J :0)39 ",3"- )099: ",0-6 ;902*+ -6,-6-
Rent and utilities :02;9 +,3#7 )035: ",)+# )+201*+ "#",3+"
(edical e9penses 3*5 ")+ 5:3 )00 90+11 6,--+
4t!er e9penses @ > )0355 ",)78 50332 -,0-#
3+02)2 )#,37+ 5902:+ "6,606 ;5*0+:9 -"",)+#
.umber of persons 3 CC + ) " :++ 308
JJ 1uring t!e year, (r. ,mran 5usain and (s. S!aBia Syed &ere appointed as directors
&it! effect from April ", 3##8 and April "7, 3##8 respectively in place of (r. Peter
5arvey and (r. Amar .aseer. T!e c!arge reflects t!e respective period of e9ecutive
directors!ip !eld by t!em.
,n addition to t!is, a lump sum amount of Rs "-6.#0 million D3##6' Rs "+#."# millionE on
account of variable pay !as been recognised in t!e financial statements for t!e current
year payable in 3##7 after verification of target ac!ievement.
4ut of t!e variable pay recognised for 3##6 and 3##0 follo&ing payments &ere made'
Paid in Paid in
5++2 3##6
re!a$in& $# relating to
5++9 3##0
DRupees in t!ousandE
=9ecutive 1irectors 301+: +,37-
C!ief =9ecutive 30))9 -,+80
=9ecutives 2+05)+ "#-,0+#
4t!er employees 5309+* )-,3"-
)):01:* "-#,0)0
J Retirement benefits represent amount contributed to&ards various retirement benefit plans.
T!e e9ecutive directors, c!ief e9ecutive and certain e9ecutives of t!e Company are
provided &it! free use of cars and !ouse!old eKuipment.
6+

Aggregate amount c!arged in t!ese financial statements for t!e year for fee to - non>
e9ecutive directors &as Rs "0- t!ousand D3##6' 0 non>e9ecutive directors Rs 3-- t!ousandE.
Aggregate amount c!arged in t!ese financial statements for t!e year for remuneration
of directors is Rs +#.78 million D3##6' Rs )#.-- millionE.
:*. CAPACITY
Annua! Capai$y A$ua! Pr#du$i#n
5++2 3##6 5++2 3##6
(etric Tons
O=n "anu/a$ure
5ome and Personal Care ;9093) -6,7") 350)9; +",+70
2everages ;+0+++ 68,333 :*0*29 )6,860
(illion <itres
,ce Cream
99 :1
07 )+
Annual capacity of 2everages &as reduced due to s!ut do&n of t!e ?arac!i Tea %actory.
T!e current capacity &as still under utilised as t!e production &as )0.07 metric tons on
account of lo&er demand.
;!ereas t!e production capacity of ,ce Cream %actory &as increased due to anticipated
!ig!er sales in t!e subseKuent years. Actual production &as )7 million litres only due to
lo&er demand.
:9. FINANCIA7 INSTRUMENTS
Finania! asse$s and !ia.i!i$ies%
I n $e r e s$ I M a r < u p . ea r in & N# n @ in $ e r es $ I N# n @ "a r < u p . e a r in & TO T A7
M a $u r i $ y u p M a $u r i $ y Su . @ $ # $ a ! M a$ u r i $y u p Ma $ u r i$ y S u . @ $# $ a !
$ # # n e y ea r a / $ er # n e y e a r $ # # n e ye a r a/ $ e r # n e y ea r
DR u p e e s in t! o u s a n d E
FINANCIA7 ASSETS
,nvestments > > > > 7-,3#3 7-,3#3 7-,3#3
<oans and advances to
employees > > > -6,"3" "3#,-+- "66,000 "66,000
1eposits > > > ")#,8#8 +,+8# ")-,388 ")-,388
Trade debts > > > 338,60) > 338,60) 338,60)
4t!er receivables > > > "03,6-8 > "03,6-8 "03,6-8
Cas! and bank balances > > > "#0,687 > "#0,687 "#0,687
> > > *2*05:1 55+0559 1+*03** 1+*03**
1ecember )", 3##6 "06,373 > "06,373 -6+,7)6 3"-,)+# 67#,366 7-6,-07
FINANCIA7 7IABI7ITIES
Trade and ot!er payables > > > +,"8-,"0) > +,"8-,"0) +,"8-,"0)
Accrued interest @ mark up > > > 0+,#6- > 0+,#6- 0+,#6-
<iabilities against assets
subRect to finance leases )3,)33 66,)36 "#7,0+7 > > > "#7,0+7
S!ort term borro&ings ),3)3,-3) > ),3)3,-3) > > > ),3)3,-3)
:05*3023; 990:59 :0:350)95 3053105:2 > 3053105:2 90;1)03)+
1ecember )", 3##6 ++#,8)# -3,7)3 +7),603 +,-##,6-+ > +,-##,6-+ +,77+,-"0
OFF BA7ANCE SHEET ITEMS
%inancial Commitments'
4pen letters of credit @
guarantee > > > ",#37,706 > ",#37,706 ",#37,706
> > > )0+5101*9 > )0+5101*9 )0+5101*9
1ecember )", 3##6 > > > ",")#,### > ",")#,### ",")#,###
T!e effective interest @ mark up rates for t!e monetary financial assets and liabilities are
mentioned in respective notes to t!e financial statements.
6-

Finania! ris< "ana&e"en$ #.Ge$i4es and p#!iies
Capi$a! Ris< Mana&e"en$
T!e Company:s obRectives &!en managing capital are to safeguard t!e Company:s ability
to continue as a going concern in order to provide returns for s!are!olders and benefit
for ot!er stake!olders and to maintain an optimal capital structure to reduce t!e cost
of capital.
1uring 3##8 t!e Company:s strategy &as to maintain leveraged gearing. T!e gearing
ratios as at 1ecember )", 3##8 and 3##6 &ere as follo&s'
5++2 3##6
DRupees in t!ousandE
Total borro&ings :0:350)95 +7),603
Cas! and bank ,)+*0921- D"88,083E
.et debt :05:;0:2: )#-,#8#
Total eKuity 505);09;2 ",767,836
Gearin& ra$i# ;1B ")$
T!e Company finances its operations t!roug! eKuity, borro&ings and management of
&orking capital &it! a vie& to maintaining an appropriate mi9 bet&een various sources
of finance. ,n addition t!e Company !as been investing !eavily in capital e9penditure
&!ic! !as been financed t!roug! debt.
i. In$eres$ I "ar< up ra$e ris<
T!e Company:s income and operating cas! flo&s are substantially independent of c!anges
in market interest rates. T!e Company !as no significant interest bearing assets. Company:s
liabilities against finance leases and s!ort term borro&ings are at fi9ed @ variable rates.
ii. C#nen$ra$i#n #/ redi$ ris<
Credit risk represents t!e accounting loss t!at &ould be recognised at t!e reporting date
if counter parties failed to perform as contracted. 4ut of t!e total financial assets of
Rs 7#0 million D3##6' Rs 7-8 millionE, t!e financial assets t!at are subRect to credit risk
amounted to Rs 337 million D3##6' Rs 3)7 millionE. T!e Company believes t!at it is not
e9posed to maRor concentration of credit risk. To manage e9posure to credit risk, t!e
Company applies credit limits to t!eir customers.
iii. 7iAuidi$y ris<
Prudent liKuidity risk management implies maintaining sufficient cas! and marketable
60

securities and t!e availability of funding t!roug! an adeKuate amount of committed
credit facilities. Company treasury aims at maintaining fle9ibility in funding by keeping
committed credit lines available.
i4. F#rei&n e('an&e ris< "ana&e"en$
%oreign currency risk arises mainly &!ere payables e9ist due to t!e transactions &it!
foreign undertakings, specially associated companies. Payables are e9posed to foreign
currency risks as currently t!ere is no instrument available in t!e market to !edge t!e
foreign currency e9posure.
4. Fair 4a!ues #/ /inania! asse$s and !ia.i!i$ies
T!e maRor portion of t!e Company:s financial instruments is of a s!ort term nature and
&ould be settled in t!e near future. T!e carrying values of all financial assets and liabilities
reflected in t!e financial statements appro9imate t!eir fair values. %air value is determined
on t!e basis of obRective evidence at eac! reporting date.
5++2 3##6
DRupees in t!ousandE
:2. CASH AND CASH EFUI8A7ENTS
Cas! and bank balances )+*0921 "88,083
S!ort term borro&ings > s!ort term running finance ,:05:50;5:- D+3),--6E
,:0)5;09:3- D3)+,86-E
66

:1. DETAI7S OF PROPERTY0 P7ANT AND EFUIPMENT DISPOSA7S
T!e details of property, plant and eKuipment disposed during t!e year are given belo&'
C#s$ Au"u!a$ed B##< 8a!ue Sa!e M#de #/ Par$iu!ars #/ Pur'aser
Depreia$i#n I Pr#eeds Disp#sa!
I"pair"en$
DRupees in t!ousandE
Plant and (ac!inery 8,+-) ),7++ +,-#7 6,06+ .egotiation PT Unilever ,ndonesia,
Tbk /ra!a Unilever, C.,.Cend,
/atot Subroto ?av. "-,
Cakarta ,ndonesia
6-,"-" 07,"#0 0,#+- +7# 4pen 2idding ,mran Akk!tar ?abaria,
?ot Abdul (alik,
<a!ore Road, S!eik!upura
"#,"+# 7,-)) 0#6 06- P (a!boob 2rot!ers, 4pp. T!ana .a&a
?ot, (ain 1!olan&al 2aBar,
.ear Qateem ?!ana, <a!ore
+,7#0 +,++0 +0# )"6 P P
),83# ),+80 ))+ 37+ P (r %aBal ?!an C@o (@S Aadir ?!an,
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3,
Sector .o.", 5aidery (arket,
?!yban>e>Sir Syed, Ra&alpindi
),+)6 3,863 -0- "08 P .aeem A!mad,
=agel Pak 4verseas (otor,
5ouse O 2@)7), As!raf .agar,
.ear Re!mania (asRid,
Papos! .agar, ?arac!i
),)"- 3,)77 7"0 "0) P P
3,783 3,8+# "+3 "70 P (a!boob 2rot!ers, 4pp. T!ana .a&a
?ot, (ain 1!olan&al 2aBar,
.ear Qateem ?!ana, <a!ore
3,+77 3,)#+ "7- "73 P (r %aBal ?!an C@o (@S Aadir ?!an,
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3,
Sector .o.", 5aidery (arket,
?!yban>e>Sir Syed, Ra&alpindi
3,)83 3,#36 )-- "") P .aeem A!mad,
=agel Pak 4verseas (otor,
5ouse O 2@)7), As!raf .agar,
.ear Re!mania (asRid,
Papos! .agar, ?arac!i
balance carried forward ""6,#8- "#3,7-6 "+,"38 "#,383
68

C#s$ Au"u!a$ed B##< 8a!ue Sa!e M#de #/ Par$iu!ars #/ Pur'aser
Depreia$i#n I Pr#eeds Disp#sa!
I"pair"en$
DRupees in t!ousandE
Plant and (ac!inery
balance brought forward ""6,#8- "#3,7-6 "+,"38 "#,383
",8+) ",0+0 "76 ")- 4pen 2idding (r. %aBal ?!an C@o (@S Aadir ?!an,
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3,
Sector .o.", 5aidery (arket,
?!ayaban>e>Sir Syed, Ra&alpindi
7)8 7)8 > +60 P So!ail A!mad & 2rot!ers,
/odo&n O36), 1arul A!san To&n,
Sammundari Road, %aisalabad
),#0" 73# 3,"+" 3,"+" Claim .P1 %roBen %oods, Plot O A>"",
S.,.T.=. Super 5ig!&ay, ?arac!i
"33,736 "#0,+0" "0,+00 "),#)+
=lectrical, mec!anical and
office eKuipment 8),)-3 6#,-#+ "3,8+8 "0,+0+ .egotiation 5e&lett>Packard Pakistan DPrivateE
<imited
0+, .aBimuddin Road, %>8, ,slamabad
3,886 3,-6" )"0 "7 4pen 2idding ,mran Akk!tar ?abaria, ?ot Abdul
(alik, <a!ore Road, S!eik!upura
80,3)7 6),#6- "),"0+ "0,+8)
%urniture and %ittings
3++ )+ 3"# 3"# Company Policy (r. Ayendra Cayesing!e
> =9>=9ecutive
(otor *e!icles
08,#67 "8,8+3 +7,3)6 +7,3)6 .egotiation 5abib 2ank <td,
,.,.C!undrigar Road, ?arac!i
",677 ",#") 680 ",33# Company Policy (r. ?!an ?as!if ?!an > =9>=9ecutive
",-#0 )66 ","37 ",3#- P (r. .aBir A!med > =9>=9ecutive
",)7+ 30" ",")) ",3)) P (r. Ayub *o!ra > =9> =9ecutive
",)7+ 86 ",)#6 ",)3+ P Syed Ga!id 5ussain > =9>=9ecutive
",)60 088 088 7)0 P (r. Umar ?!alid > =9ecutive
",)-- 8+ ",36" ",363 P (r. (ustafa A. ?!an > =9>=9ecutive
",388 88+ +#+ 66) P (r. ,mran 5usain > =9ecutive
",367 +8# 677 70# P (r. Gubair 5asnain > =9ecutive
",3+8 ","6) 6- +0# P (r. Ra!eel A!med Aures!i
> =9ecutive
",3"7 0#7 0"# 0-" P (r. Ga!id 5ussain > =9>=9ecutive
",#+) -80 +-6 > P (s. %areena (a!mud>5ameed
> =9>=9ecutive
776 7+# -6 +-# P (r. Amin RaBBaK > =9ecutive
8)- 030 3#7 +8# P (r. 5as!im S!ouket > =9ecutive
-7- +#7 "80 "6" P (r. 2as!arat A!mad > =9>=9ecutive
+,### 3,776 ",##) ",0#3 Auction A!med Ali ?!an > 5. .o 1>8,
2lock>2, .. .aBimabad, ?arac!i
)0- 3) )+3 )0# ,nsurance Claim .e& Cubilee ,nsurance Company <td.
.C, 5ouse, ,.,. C!undrigar Road
?arac!
)0- 376 08 )3- P P
+#7 -" )-8 +#7 P P
7#,-+0 )#,+36 0#,""7 0),#08
Asse$s 'a4in& .##< 4a!ue !ess $'an Rs. ;+0+++
=lectrical, mec!anical and
office eKuipment ),30" ),3)) 38 ""#
(otor *e!icles
0#,3#3 -7,667 +3) 36,63-
Wri$e #//
Plant and (ac!inery ","80 ",#68 "#8 >
=lectrical, mec!anical and
office eKuipment ",--6 ",+)) "3+ >
%urniture and %ittings 3,-38 3,)+- "8) >
)08,07# 366,80- 7#,83- "3#,0)#
67

3+. MONOPO7Y CONTRO7 AUTHORITY ORDER
;it! respect to t!e (onopoly Control Aut!ority 4rder dated 1ecember "7, 3##0,
terminating t!e non>competition agreement and reKuiring t!e Company to refund t!e
amount of Rs 3-# million to 1alda %oods DPrivateE <imited D1%<E &it!in fifteen days of
receipt of t!e 4rder, as disclosed in t!e previous annual financial statements, t!e
management, based on legal advice, is of t!e vie& t!at t!e agreement bet&een t!e
Company and 1%< is not in t!e violation of t!e (onopolies and Restrictive Trade Practices
4rdinance "76#. T!e Company filed an appeal in t!e 5ig! Court against t!e 4rder &!ic!
&as admitted and t!e operation of (CA:s order &as stayed. At present, t!e appeal is
pending for !earing.
3). CORRESPONDING FIGURES
3).) Prior year:s figures !ave been reclassified for t!e purpose of better presentation and
comparison. C!anges made during t!e year are as follo&s'
Re!assi/ia$i#n Re!assi/ia$i#n $# A"#un$
/r#" #"p#nen$ #"p#nen$ ,Rupees in
$'#usand-
Stores and Spares Capital &ork in progress "6,#6)
2ills payable Accrued liabilities +#8,)"6
Creditors Accrued liabilities ""6,38)
Audi$#rsE re"unera$i#n and pr#4isi#n /#r d#u.$/u! de.$s @ $rade and #$'ers /r#"
#$'er #pera$in& e(penses $# ad"inis$ra$i4e e(penses
Auditors: remuneration Auditors: remuneration "#,73+
Provision for doubtful debts Provision for doubtful debts
> trade and ot!ers > trade and ot!ers ),8#)
35. DATE OF AUTHORISATION
T!ese financial statements &ere aut!orised for issue on %ebruary 0, 3##7 by t!e 2oard
of 1irectors of t!e Company.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
8#

Consolidated
Statements
%inancial
Unilever Pakistan <imited
and its subsidiary companies
8"

Auditors Report to t!e (embers
;e !ave audited t!e anne9ed consolidated financial statements comprising
consolidated 2alance S!eet of Uni!e4er Pa<is$an 7i"i$ed ,$'e H#!din&
C#"pany- and i$s su.sidiary #"panies 7e4er C'e"ia! ,Pri4a$e- 7i"i$ed0
7e4ers Ass#ia$ed Pa<is$an Trus$ ,Pri4a$e- 7i"i$ed and SadiA ,Pri4a$e- 7i"i$ed
as at 1ecember )", 3##8 and t!eir related consolidated Profit and <oss
Account, consolidated Cas! %lo& Statement and consolidated Statement of
C!anges in =Kuity toget!er &it! t!e notes forming part t!ereof, for t!e
year t!en ended. ;e !ave also e9pressed separate opinions on t!e financial
statements of Unilever Pakistan <imited and its subsidiary companies. T!ese
financial statements are t!e responsibility of t!e 5olding Companys
management. 4ur responsibility is to e9press an opinion on t!ese financial
statements based on our audit.
4ur audit &as conducted in accordance &it! t!e ,nternational Standards on
Auditing and accordingly included suc! tests of accounting records and suc!
ot!er auditing procedures as &e considered necessary in t!e circumstances.
,n our opinion t!e consolidated financial statements present fairly t!e
financial position of Unilever Pakistan <imited and its subsidiary companies
as at 1ecember )", 3##8 and t!e results of t!eir operations for t!e year t!en
ended.
A. F. Fer&us#n > C#.
C!artered Accountants
?arac!i
%ebruary 0, 3##7
8)

Consolidated 2alance S!eet
as at 1ecember )", 3##8
.ote 5++2 3##6
DRupees in t!ousandE
ASSETS
.on>current assets
Property, plant and eKuipment ) 303520592 ),-)#,-63
,ntangibles + 90:+: "3,"6)
<ong term investments - 5++ 3##
<ong term loans 0 )5+0;3; ""-,)88
<ong term deposits and prepayments 6 ;3+0+59 +,73#
Retirement benefits > prepayments 8 5+;0:;; 3-#,868
;0:+)09+2 ),7"+,")"
Current assets
Stores and spares 7 5:)0219 "0),383
Stock in trade "# 305*)099+ 3,630,#0+
Trade debts "" 55209*: 3)7,)")
<oans and advances "3 )5:01+3 "33,888
Accrued interest @ mark up :0293 ),-"#
Trade deposits and s!ort term prepayments ") ;)*033: 3)0,#0+
4t!er receivables "+ 5)205;2 3+7,")7
Ta9 refunds due from /overnment "- :+)02): "+8,+70
Cas! and bank balances "0 5:+0++1 )#-,##3
*0))*09:) +,"7),6-8
Total assets ))03)203:1 8,"#6,887
8+

.ote 5++2 3##6
DRupees in t!ousandE
EFUITY AND 7IABI7ITIES
Capital and reserves
S!are capital "6 **10399 007,+66
Reserves "8 )0;9;0*3: ",))",0+3
5053;0)5+ 3,##",""7
Surplus on revaluation of fi9ed assets "7 ):0*): "+,30"
<,A2,<,T,=S
.on>current liabilities
<iabilities against assets subRect to finance leases 3# 990:59 -3,7)3
1eferred ta9ation 3" :*10*;: )#7,#++
Retirement benefits obligations 8 5:10913 "+#,+0)
*2*0993 -#3,+)7
Current liabilities
Trade and ot!er payables 33 30;3103:3 +,6-3,#38
Ta9ation > provisions less payments )0+)1 33,-"0
Accrued interest @ mark up *30+9; ),007
Current maturity of liabilities
against assets subRect to finance leases 3# :50:55 "6,36)
S!ort term borro&ings 3) :05:50;5: +3),--6
Provisions 3+ ;1:0;;1 )6",#36
2039501:5 -,-7#,#6#
Total liabilities 10);109+* 0,#73,-#7
Contingency & commitments 3-
Total eKuity and liabilities ))03)203:1 8,"#6,887
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
8-

Consolidated Profit and <oss Account
for t!e year ended 1ecember )", 3##8
.ote 5++2 3##6
DRupees in t!ousandE
Sales 30 :+01;*02:1 3),))",000 E
Cost of sales 36 ,5+0+5)0);1- D"+,3+8,-8"E
/ross profit )+01:;0*2+ 7,#8),#8- E
1istribution costs 36 ,;02:90;25- D-,#3","66E
Administrative e9penses 36 ,)05))0532- D",#33,7)-E
4t!er operating e9penses 38 ,53905**- D3"7,")#E
4t!er operating income 37 5;:0+91 3#0,3)- E
:02150**: ),#30,#68
Restructuring cost ,321052+- D)63,3)+E
Profit from operations :03+:0:2: 3,0-),8++ E
%inance costs )# ,3**0)**- D"#7,336E
Profit before ta9ation 501:905)9 3,-++,0"6 E
Ta9ation )" ,133025)- D8+0,#78E
Profit after ta9ation )01150:1* ",078,-"7 E
=arnings per s!are DRupeesE )3 );+ "38
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
80

Consolidated Cas! %lo& Statement
for t!e year ended 1ecember )", 3##8
.ote 5++2 3##6
DRupees in t!ousandE
CASH F7OWS FROM OPERATING ACTI8ITIES
Cas! receipts from customers :90;31025; 38,"07,+"6 E
Cas! paid to suppliers @ service providers and employees ,5*09520++*- D"8,#-#,-#6E
Payment of indirect ta9es and ot!er statutory duties ,903590*;:- D-,788,086E
Payment of royalty and tec!nical services fee ,12+0)*3- D6#0,8#0E
%inance costs paid ,3+;09*+- D"#6,+-0E
,ncome ta9 paid ,)0+9+032:- D8+",3"7E
Retirement benefits obligations DnetE ,:+301)2- D63,6+6E
<ong term loans DnetE ,;0);9- D"8,76"E
<ong term deposits and prepayments DnetE ,;:;0)+9- 3#,+)6 E
.et cas! from operating activities 150;99 3,+#),+0" E
CASH F7OWS FROM IN8ESTING ACTI8ITIES
Purc!ase of property, plant and eKuipment ,)0:*10:22- D",6"),880E
Sale proceeds of property, plant and eKuipment
on disposal )5+0*:+ +",8#0 E
Return received on savings accounts, term deposits
and balance receivable from provident fund ):02*5 38,#6+ E
1ividend received )5 "3 E
.et cas! used in investing activities ,)05:30223- D",0+),77+E
CASH F7OWS FROM FINANCING ACTI8ITIES
<iabilities against assets subRect to finance leases DnetE ,::0:9+- D3+,#8-E
1ividends paid ,)09+20525- D",-+0,##6E
.et cas! used in financing activities ,)093)0*;5- D",-6#,#73E
.et decrease in cas! and cas! eKuivalents ,5022:01;1- D8"#,03-E
Cas! and cas! eKuivalents at t!e beginning of t!e year )8 ,))20;;;- 073,#6# E
Cas! and cas! eKuivalents at t!e end of t!e year )8 ,:0++50;)3- D""8,---E
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
86

Consolidated Statement of C!anges in =Kuity
for t!e year ended 1ecember )", 3##8
SHARE R E S E R 8 E S TOTA7
CAPITA7
CAPITA7 RE8ENUE SUB TOTA7
Arisin& C#n$in&eny O$'er Unappr#pria$ed
under pr#/i$
s'e"es #/
arran&e"en$s
/#r
a"a!&a"a$i#ns
D Rupees in t!ousand E
2alance as at Canuary ", 3##6 007,+66 6#,737 )3",+6" "0,0"- 60",8#" ","6#,8"0 ",8+#,37)
.et profit for t!e year > > > > ",078,-"7 ",078,-"7 ",078,-"7
Transferred from surplus on revaluation of
fi9ed assets > net of deferred ta9ation'
> incremental depreciation for t!e year > > > > 0+8 0+8 0+8
Transferred from unappropriated profit
to contingency reserve > note 3-." > > +",0)- > D+",0)-E > >
=mployee benefits cost under ,%RS 3 >
PS!are>based PaymentP > > > "7,)73 > "7,)73 "7,)73
Utilisation of s!are based payment reserve > > > D3,""3E > D3,""3E D3,""3E
1ividends
%or t!e year ended 1ecember )", 3##0
> 4n cumulative preference s!ares > > > > D3)7E D3)7E D3)7E
> %inal dividend on ordinary s!ares T Rs -6
per s!are > > > > D6-6,6-#E D6-6,6-#E D6-6,6-#E
%or t!e year ended 1ecember )", 3##6
> ,nterim dividend on ordinary s!ares T Rs 0#
per s!are > > > > D676,0)3E D676,0)3E D676,0)3E
2alance as at 1ecember )", 3##6 007,+66 6#,737 )0),"#0 )),87- 80),6"3 ",))",0+3 3,##",""7
.et profit for t!e year > > > > ",773,)70 ",773,)70 ",773,)70
Transferred from surplus on revaluation of
fi9ed assets > net of deferred ta9ation'
> incremental depreciation for t!e year > > > > 0+8 0+8 0+8
Transferred from contingency reserve
to unappropriated profit > note 3-." > > D+",0)-E > +",0)- > >
Reclassification of S!are>based Payment
as liability > note 33.) > > > D)),87-E > D)),87-E D)),87-E
1ividends
%or t!e year ended 1ecember )", 3##6
> 4n cumulative preference s!ares > > > > D3)7E D3)7E D3)7E
> %inal dividend on ordinary s!ares T Rs 0)
per s!are > > > > D8)6,-"+E D8)6,-"+E D8)6,-"+E
%or t!e year ended 1ecember )", 3##8
> ,nterim dividend on ordinary s!ares T Rs 00
per s!are > > > > D866,)7-E D866,)7-E D866,)7-E
Ba!ane as a$ Dee".er :)0 5++2 **10399 9+0151 :5)039) @ )0)2:053: )0;9;0*3: 5053;0)5+
T!e anne9ed notes " to +3 form an integral part of t!ese financial statements.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
88

.otes to and %orming Part of t!e Consolidated %inancial Statements
for t!e year ended 1ecember )", 3##8
). THE GROUP AND ITS OPERATIONS
).) T'e Gr#up #nsis$s #/%
Unilever Pakistan <imited Dt!e NCompanyME
<ever C!emicals DPrivateE <imited
<evers Associated Pakistan Trust DPrivateE <imited
SadiK DPrivateE <imited
<ever C!emicals DPrivateE <imited, <evers Associated Pakistan Trust DPrivateE <imited and
SadiK DPrivateE <imited are &!olly o&ned subsidiaries of Unilever Pakistan <imited. T!e
parent company of t!e /roup is Unilever 4verseas 5oldings <imited, U? &!ereas its ultimate
parent company is Unilever P<C, U?.
Unilever Pakistan <imited is a limited liability company incorporated in Pakistan and is
listed on t!e ?arac!i, <a!ore and ,slamabad Stock =9c!anges. ,t manufactures and markets
!ome and personal care products, beverages, ice cream and spreads. <ever C!emicals
DPrivateE <imited used to manufacture and sell Sulp!onic Acid. <evers Associated Pakistan
Trust DPrivateE <imited and SadiK DPrivateE <imited act as trustees of Union Pakistan Provident
%und DUnilever Provident %undE. All subsidiary companies are incorporated in Pakistan.
<ever C!emicals DPrivateE <imited D<C<E is not carrying out any business operations.
T!e /roup is a subsidiary of Unilever 4verseas 5oldings <imited, U?, &!ereas its ultimate
parent company is Unilever P<C, U?.
).5 Basis #/ #ns#!ida$i#n
T!e consolidated financial statements include t!e financial statements of Unilever
Pakistan <imited, <ever C!emicals DPrivateE <imited, <evers Associated Pakistan Trust
DPrivateE <imited and SadiK DPrivateE <imited. T!e financial statements of t!e subsidiary
companies !ave been consolidated on a line by line basis.
All intercompany balances and transactions !ave been eliminated.
5. SIGNIFICANT ACCOUNTING PO7ICIES
T!e accounting policies adopted are essentially t!e same as t!ose &!ic! applied for t!e
previous financial year.
5.) Basis #/ prepara$i#n
S$a$e"en$ #/ #"p!iane
T!ese financial statements !ave been prepared in accordance &it! approved accounting
standards as applicable in Pakistan. Approved accounting standards comprise of suc!
,nternational %inancial Reporting Standards D,%RSE issued by t!e ,nternational Accounting
Standards 2oard as are notified under t!e Companies 4rdinance, "78+, provisions of and
directives issued under t!e Companies 4rdinance, "78+. ,n case reKuirements differ, t!e
provisions or directives of t!e Companies 4rdinance, "78+ s!all prevail.
Cri$ia! a#un$in& es$i"a$es and Gud&e"en$s
T!e preparation of financial statements in conformity &it! approved accounting standards
reKuires t!e use of certain critical accounting estimates. ,t also reKuires management to
e9ercise its Rudgement in t!e process of applying t!e /roup:s accounting policies. T!e
matters involving a !ig!er degree of Rudgement or comple9ity, or areas &!ere assumptions
and estimates are significant to t!e financial statements are as follo&s'
87

i. Ta(a$i#n
T!e /roup recognises liabilities for anticipated ta9 audit issues based on estimates of
&!et!er additional ta9es &ill be due. ;!ere t!e final ta9 outcome of t!ese matters is
different from t!e amounts t!at &ere initially recorded, suc! differences &ill impact t!e
income ta9 provisions and deferred ta9 in t!e period in &!ic! suc! determination is made.
ii. P#s$ e"p!#y"en$ .ene/i$s
Significant estimates relating to post employment benefits are disclosed in note 8.
iii. Pr#4isi#ns
Provisions are considered, among ot!ers, for legal matters, disputed indirect ta9es,
employee termination cost and restructuring &!ere a legal or constructive obligation
e9ist at t!e balance s!eet date and reliable estimate can be made of t!e likely outcome.
T!e nature of t!ese cost is suc! t!at Rudgement !as to be applied to estimate t!e
timing and amount of cas! flo&s.
=stimates and Rudgements are continually evaluated and are based on !istorical e9perience
and ot!er factors, including e9pectations of future events t!at are believed to be reasonable
under t!e circumstances.
T!ere !ave been no critical Rudgments made by t!e /roup:s management in applying t!e
accounting policies t!at &ould !ave t!e most significant effect on t!e amounts recognised in
t!e financial statements.
Recent accounting developments
> .e& standard, amendments to publis!ed standard and ne& interpretation effective in
3##8 > relevant
,slamic %inancial Accounting Standard 3 > S,Rara! is mandatory for t!e /roups accounting
periods beginning on or after Culy ", 3##6 for t!ose ,Rara! agreements &!ic! commenced on
or after t!is date. 1uring t!e year, t!e /roup !ad entered into a sale and leaseback D,Rara!E
transaction &!ic! reKuires t!e recognition of SuRra! payments Dlease rentalsE against iRara!
financing as an e9pense in t!e profit and loss account on a straig!t line basis over t!e iRara!
term. T!e sale price and t!e fair value of t!e assets appro9imate t!eir book value, !ence no
profit or loss arose as a result of t!is transaction.
> Amendments to publis!ed standards, ne& standard and ne& interpretations effective in
3##8 but not relevant
T!ere are ot!er accounting standard, ne& interpretations t!at are mandatory for accounting
periods beginning on or after Canuary ", 3##8 but are considered not to be relevant or !ave
any significant effect to t!e /roup:s operations and are t!erefore not detailed in t!ese financial
statements.
7#

> Amendments to publis!ed standards, ne& standards and interpretations not yet
effective but relevant
%ollo&ing amendment to e9isting approved accounting standards !ave been
publis!ed t!at are mandatory for t!e /roups accounting periods beginning on t!e
dates mentioned belo&'
DiE ,AS " :Presentation of financial statements:, issued in September 3##6 revises t!e e9isting
,AS " and reKuires apart from c!anging t!e names of certain components of financial
statements, presentation of transactions &it! o&ners in statement of c!anges in eKuity
and &it! non>o&ners in t!e Compre!ensive ,ncome statement. T!e revised standard
&ill be effective from Canuary ", 3##7. Adoption of t!is standard &ill only impact
t!e presentation of t!e financial statements.
DiiE ,AS 3) DAmendmentE :2orro&ing costs: Deffective from Canuary ", 3##7E. ,t reKuires
an entity to capitalise borro&ing costs directly attributable to t!e acKuisition,
construction or production of a Kualifying asset Done t!at takes a substantial period
of time to get ready for use or saleE as part of t!e cost of t!at asset. T!e option of
immediately e9pensing borro&ing costs !as been removed. (oreover, t!e definition
of borro&ing costs !as been amended so t!at interest e9pense is calculated using
t!e effective interest met!od defined in ,AS )7 :%inancial instruments' Recognition
and measurement:. T!e management !as assessed t!at t!e c!ange in interest
calculation met!od &ould not !ave a material impact on t!e /roups financial
. statements
DiiiE ,%RS 8 :4perating segments: Deffective from Canuary ", 3##7E. ,%RS 8 replaces ,AS "+. T!e
ne& standard reKuires a :management approac!:, under &!ic! segment information
is presented on t!e same basis as t!at used for internal reporting purposes. T!e
management is revie&ing t!e implications on t!e /roups financial statements presentation.
DivE ,%R,C ") :Customer loyalty programmes: Deffective from Culy ", 3##8E. ,%R,C ") clarifies
t!at &!ere goods or services are sold toget!er &it! a customer loyalty incentive Dfor
e9ample, loyalty points or free productsE, t!e arrangement is a multiple>element
arrangement and t!e consideration receivable from t!e customer is allocated bet&een
t!e components of t!e arrangement using fair values. T!ere &ill be no significant
impact on its implementation.
5.5 O4era!! 4a!ua$i#n p#!iy
T!ese financial statements !ave been prepared under t!e !istorical cost convention e9cept
as disclosed in t!e accounting policies belo&.
5.: Pr#per$y0 p!an$ and eAuip"en$
Property, plant and eKuipment is stated at cost less depreciation and impairment e9cept capital
&ork in progress &!ic! is stated at cost. 1epreciation is calculated using t!e straig!t>line
met!od on all assets in use at t!e beginning of eac! Kuarter to c!arge off t!eir cost e9cluding
residual value, if not insignificant, over t!eir estimated useful lives.
Certain land, buildings and plant and mac!inery &ere revalued in "76), "76-, "768 and "78"
by independent valuers, &!ic! are s!o&n at suc! revalued figures. ,n compliance &it! t!e
revised ,nternational Accounting Standard .o. "0, PProperty, Plant and =KuipmentP, t!e
/roup adopted cost model for its property, plant and eKuipment and t!e revalued figures
treated as deemed costs. T!e surplus on revaluation of t!ese assets, !o&ever, is recognised
in accordance &it! section 3)- of t!e Companies 4rdinance, "78+.
7"

/roup accounts for impairment, &!ere indication e9ists, by reducing its carrying value to t!e
assessed recoverable amount.
(aintenance and normal repairs are c!arged to income as and &!en incurredL also individual
assets costing up to Rs "#,### are c!arged to income. (aRor rene&als and improvements are
capitalised and assets so replaced, if any, are retired. /ains and losses on disposal of property,
plant and eKuipment are recognised in t!e profit and loss account.
5.3 In$an&i.!es
,ntangibles are stated at cost less amortisation. (aRor computer soft&are licences are capitalised
on t!e basis of costs incurred to acKuire and bring to use t!e specific soft&are. T!ese costs are
amortised over t!eir estimated useful life of five years using t!e straig!t>line met!od.
Costs associated &it! maintaining computer soft&are programmes are recognised as an
e9pense as incurred.
5.; In4es$"en$s
,n unlisted entity not being subsidiary
T!ese are valued at cost and are classified under investment available>for>sale.
5.* Ta(a$i#n
i. Current
T!e provision for current ta9ation is based on ta9able income at t!e current rates of
ta9ation.
ii. 1eferred
1eferred income ta9 is provided in full, using t!e liability met!od, on temporary
differences arising bet&een t!e ta9 base of assets and liabilities and t!eir carrying
amounts in t!e financial statements. 1eferred income ta9 is determined using ta9 rates
t!at !ave been enacted or substantially enacted by t!e balance s!eet date and are
e9pected to apply &!en t!e related deferred income ta9 asset is realised or t!e deferred
income ta9 liability is settled.
1eferred ta9 assets are recognised to t!e e9tent t!at it is probable t!at future ta9able
profit &ill be available against &!ic! t!e temporary differences can be utilised.
5.9 Re$ire"en$ .ene/i$s
T!e c!arge is based on actuarial valuations t!at are conducted annually. Actuarial gains and
losses arising from e9perience adRustments and c!anges in actuarial assumptions are c!arged
or credited to income over t!e employees e9pected average remaining &orking lives.
5.2 S$#res and spares
T!ese are valued at average cost and provision is made for slo& moving and obsolete stores
and spares. ,tems in transit are valued at cost comprising invoice values plus ot!er c!arges
incurred t!ereon.
5.1 S$#< in $rade
All stocks are stated at t!e lo&er of cost and estimated net realisable value. Cost is determined
using t!e &eig!ted average met!od e9cept for t!ose in transit &!ere it represents invoice
value and ot!er c!arges paid t!ereon. Cost of &ork in process includes direct cost of materials

&!ereas t!at of finis!ed goods also includes direct cost of labour and production over!eads.
.et realisable value is t!e estimated selling price in t!e ordinary course of business less cost
necessarily to be incurred in order to make t!e sale.
2y>product DglycerineE is valued at estimated cost e9cept for t!e stock covered by a firm
for&ard sale contract, &!ic! is valued at t!e contracted price.
5.)+ Trade and #$'er de.$s
Trade and ot!er debts are recognised at fair value of consideration receivable. 1ebts considered
irrecoverable are &ritten off and provision is made against t!ose considered doubtful of
recovery.
5.)) Cas' and as' eAui4a!en$s
Cas! and cas! eKuivalents are carried in t!e balance s!eet at cost. %or t!e purposes of t!e
cas! flo& statement, cas! and cas! eKuivalents comprise cas! in !and, &it! banks on current
and savings accounts, term deposits &it! maturities of t!ree mont!s or less and s!ort term
finances.
5.)5 7eases
i. %inance leases
<eases t!at transfer substantially all t!e risks and re&ards incidental to o&ners!ip of
an asset are classified as finance leases. Assets on finance lease are capitalised at t!e
commencement of t!e lease term at t!e lo&er of t!e fair value of leased assets and t!e
present value of minimum lease payments, eac! determined at t!e inception of t!e
lease. =ac! lease payment is allocated bet&een t!e liability and finance cost so as to
ac!ieve a constant rate on t!e finance balance outstanding. T!e finance cost is c!arged
to profit and loss account and is included under finance costs.
ii. 4perating leases
<eases in &!ic! a significant portion of t!e risks and re&ards of o&ners!ip are retained
by t!e lessor are classified as operating leases. Payments made under operating leases
are c!arged to profit and loss on a straig!t>line basis over t!e period of t!e lease.
5.): Trade and #$'er paya.!es
<iabilities for trade and ot!er amounts payable are carried at cost &!ic! is t!e fair value of
t!e consideration to be paid in future for goods and services.
5.)3 B#rr#=in&s and $'eir #s$
2orro&ings are recorded at t!e proceeds received.
2orro&ing costs are recognised as an e9pense in t!e period in &!ic! t!ese are incurred
e9cept to t!e e9tent of borro&ing costs t!at are directly attributable to t!e acKuisition,
construction or production of a Kualifying asset. Suc! borro&ing costs, if any, are capitalised
as part of t!e cost of t!at asset.
5.); Pr#4isi#ns
Provisions are recognised &!en t!e /roup !as a present legal or constructive obligation as
a result of past events, it is probable t!at an outflo& of resources &ill be reKuired to settle
t!e obligation, and a reliable estimate of t!e amount can be made.
Restructuring cost provisions comprise staff redundancy payments, relocation and dismantling

of factory, and are recognised in t!e period in &!ic! t!e /roup becomes legally or constructively
committed to incur.
5.)* Finania! ins$ru"en$s
%inancial instruments include investments, loans and advances, trade and ot!er debts, accrued
interest @ mark up and cas! and bank balances, borro&ings, liabilities against assets subRect
to finance leases and trade and ot!er payables. T!e particular recognition met!ods adopted
are disclosed in t!e individual policy statements associated &it! eac! item.
5.)9 F#rei&n urreny $ransa$i#ns and $rans!a$i#n
%oreign currency transactions are translated into Pak Rupees using t!e e9c!ange rates prevailing
at t!e dates of t!e transactions. All monetary assets and liabilities in foreign currencies are
translated into Pak Rupees at t!e rates of e9c!ange prevailing at t!e balance s!eet date.
%oreign e9c!ange gains and losses on translation are recognised in t!e profit and
loss account.
T!e financial statements are presented in Pak Rupees, &!ic! is t!e /roups functional and
presentation currency.
5.)2 Re4enue re#&ni$i#n
Revenue comprises t!e fair value of t!e consideration received or receivable for t!e sale
of goods and services in t!e ordinary course of t!e /roups activities.
T!e /roup recognises revenue &!en t!e amount of revenue can be reliably measured, it is
probable t!at future economic benefits &ill flo& to t!e /roup and specific criteria !as been
met for eac! of t!e /roups activities as described belo&'
i. Sale of goods
Revenue from sale of goods is recognised on dispatc! of goods to customers. Rebates
and allo&ances are deducted from revenue and include rebates, price reductions and
incentives given to distributors @ customers, promotional campaigns and trade
communication costs.
ii. ,nterest @ (ark up income
,nterest @ mark up is recognised on a time proportion basis by reference to t!e
principal outstanding and t!e applicable rate of return.
iii. 1ividend income
1ividend is recognised as income &!en t!e rig!t of receipt is establis!ed.
5.)1 Se&"en$ in/#r"a$i#n
Segment information is provided on t!e basis of product categories.
A business segment is a group of assets and operations engaged in providing products t!at
are subRect to risks and returns t!at are different from t!ose of ot!er business segments.
Common e9penses are allocated to business segments based on t!eir respective budgeted
revenue.

5.5+ Di4idends
1ividends distribution to t!e /roups s!are!olders is recognised as liability at t!e time of
t!eir approval > interim dividend on declaration by 2oard of 1irectors and final dividend on
approval in Annual /eneral (eeting.
5.5) S'are .ased pay"en$
T!e cost of a&arding s!ares to employees is reflected by recording a c!arge in t!e
profit and loss account eKuivalent to t!e fair value of s!ares over t!e vesting period.
;!ere a&arded s!ares relate to /roup Companies a corresponding provision is created
to reflect t!e liability.
5++2 3##6
DRupees in t!ousandE
:. PROPERTY0 P7ANT AND EFUIPMENT
4perating assets > note )." :012205)* ),#76,"3" E
Capital &ork in progress > at cost > note ).3 33+0+*5 +)),+-" E
303520592 ),-)#,-63 E
7-

:.) Opera$in& asse$s
7and Bui!din&s P!an$ and E!e$ria!0 Furni$ure M#$#r 4e'i!es TOTA7
"a'inery "e'ania! and
Free'#!d 7ease'#!d On On and #//ie /i$$in&s O=ned He!d under
/ree'#!d !ease'#!d eAuip"en$ /inane
!and !and !eases
DRupees in t!ousandE
Ne$ arryin& 4a!ue .asis
Qear ended 1ecember )", 3##8
4pening net book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
Additions Dat costE > > 7),70# ),0-" ","--,)3) 6#,#8# ),6"# )0,#-) 63,8"+ ",+)-,-7"
1isposals Dat .2*E > > > > D"0,-6+E D"),)"0E D)7)E D-8,8+#E D",6#3E D7#,83-E
1epreciation c!arge > D6E D"+,#)6E D838E D)"6,-8)E D)),8++E D3,"+8E D-","##E D)+,"3+E D+-),06"E
Closing net book value D.2*E 3-,-6- +3" -"+,880 "7,)86 ),"#",#7) "-6,)-3 "6,#+8 )+,683 ""6,063 ),788,3"0
Gr#ss arryin& 4a!ue .asis
A$ Dee".er :)0 5++2
Cost 3-,-6- 6"0 003,6"7 68,-0+ +,8"#,3"# -)6,+6# )0,+"3 "7+,6+7 "68,"#6 0,-3+,-33
Accumulated depreciation > D37-E D"+6,8))E D-7,"66E D",6#7,""6E D)8#,""8E D"7,)0+E D"-7,706E D0#,+)-E D3,-)0,)#0E
.et book value D.2*E 3-,-6- +3" -"+,880 "7,)86 ),"#",#7) "-6,)-3 "6,#+8 )+,683 ""6,063 ),788,3"0
.et carrying value basis
Qear ended 1ecember )", 3##6
4pening net book value D.2*E 3-,-6- +)- 3+),"37 "",#6) ",306,"-" "06,"0# "0,8-- "+0,""8 +",+8# ",7"8,760
Additions Dat costE > > 3##,0#- 0,3#0 ",3+),8)7 38,8"7 ",7"+ )+,+77 0),#-- ",-68,7)6
1isposals Dat .2*E > > > > D"),)83E D3,)))E D0-#E D8,6#+E D),#88E D38,"-6E
1epreciation c!arge > D6E D8,66"E D6"-E D3"8,#"6E D-7,3"+E D3,3+#E D0),3++E D3#,60)E D)63,76"E
,mpairment reversal > > > > ))0 > > > > ))0
Closing net book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
/ross carrying value basis
At 1ecember )", 3##6
Cost 3-,-6- 6"0 -08,6-7 6+,7") ),667,### --8,++6 )-,+6+ )#+,06# ""#,#06 -,-+6,03"
Accumulated depreciation > D388E D")),670E D-8,)+7E D",+77,#6)E D+3+,#"-E D"7,-7-E D"70,##"E D37,)8)E D3,)0#,-##E
.et book value D.2*E 3-,-6- +38 +)+,70) "0,-0+ 3,367,736 ")+,+)3 "-,867 "#8,007 8#,08+ ),#76,"3"
Depreia$i#n ra$e
B per annu" @ ).+; ).; $# 5.; ).; $# 5 2 $# 5+ 2 $# 5+ 2 $# )3 5; 5;
70

5++2 3##6
DRupees in t!ousandE
:.5 Capi$a! W#r< in Pr#&ress @ a$ #s$
Civil &orks 5;0*++ "0,"))
Plant and mac!inery 3)303*5 +"6,)"8
33+0+*5 +)),+-"
1etails of property, plant and eKuipment disposed of during t!e year are given in note )7.
5++2 3##6
DRupees in t!ousandE
3. INTANGIB7ES @ #"pu$er s#/$=are
.et carrying value basis
Qear ended 1ecember )", 3##8
4pening net book value )50)9: "6,#+)
Amortisation c!arge ,3029+- D+,86#E
Closing net book value 90:+: "3,"6)
/ross carrying value basis
At 1ecember )", 3##8
Cost 530:32 3+,)+8
Accumulated amortisation ,)90+3;- D"3,"6-E
.et book value 90:+: "3,"6)
Remaining useful life in years ).;+ 3.-#
;. 7ONG TERM IN8ESTMENTS
,nvestments in related parties
,nvestment available for sale > at cost
Fu$e'a!!y C'e"ia!s ,Pri4a$e- 7i"i$ed
3,### 0$ redeemable cumulative preference
s!ares of Rs "## eac! 5++ 3##
5++ 3##
76

5++2 3##6
DRupees in t!ousandE
*. 7ONG TERM 7OANS @ #nsidered &##d
Related Parties
1irectors 20)52 6,6-"
C!ief =9ecutive ))03;3 "+,-#7
?ey management personnel ot!er t!an
1irectors and C!ief =9ecutive note 0.", 0.3 )02;1 -,76-
5)033) 38,3)-
and 0.)
4t!ers
=9ecutives )550*+5 "#6,"7+
4t!er employees ::0*5: )0,3""
);*055; "+),+#-
)990*** "6",0+#
Recoverable &it!in one year > note "3 ,;90)5)- D-0,3-3E
<ong term portion )5+0;3; ""-,)88
*.) Reconciliation of carrying amount of loans to 1irectors, C!ief =9ecutive, ot!er key management
personnel and e9ecutives'
Dire$#rs C'ie/ E(eu$i4e O$'er ?ey E(eu$i4es
Mana&e"en$
Pers#nne!
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
4pening balance -+"3909;) -+" )30;+1 > ;019; +,83" )+90)13 80,")8
1isbursements @ > @ "-,36) @ "",33" ;10)23 6",0-3
Appointment of
=9ecutives as 1irectors DnetE ,5:9- 8,07# @ > @ D8,"07E 5:9 D-3"E
Appointment of ot!er key
(anagement personnel as
1irectors :03;5 > @ > ,:03;5- > @ >
Repayments ,502:2- D",+8#E ,:0+;;- D60+E ,**3- D",878E ,330+):- D-#,#6-E
20)52 6,6-" ))03;3 "+,-#7 )02;1 -,76- )550*+5 "#6,"7+
*.5 T!e above loans under t!e terms of employment !ave been provided interest free to facilitate
purc!ase of !ouses, ve!icles and computers repayable in mont!ly installments over a period
of t!ree to five years.
<oans are secured against retirement benefits of t!e employees.
*.: T!e ma9imum aggregate amount of loans due at t!e end of any mont! during t!e year &as'
5++2 3##6
DRupees in t!ousandE
1irectors 10292 8,3#8
C!ief =9ecutive )305;3 "-,36)
?ey management personnel ot!er t!an
1irectors and C!ief =9ecutive *0)9* "+,800
=9ecutives )5*05;1 "#6,"7+
78

5++2 3##6
DRupees in t!ousandE
9 7ONG TERM DEPOSITS AND PREPAYMENTS
Security deposits 3032+ E +,6-# E
Prepaid rent > note 6." ;+:0;32 E "6#
4t!ers :)0111 > E
;3+0+59 E +,73# E
9.) 1uring t!e year, t!e /roup paid rent of !ead office building amounting to Rs 07".6- million.
As at t!e year end, Rs -##.-+ million !as been classified as long term and Rs "3#.)7 million
!as been classified as s!ort term prepayments.
2. RETIREMENT BENEFITS
2.) T!e /roup operates a provident fund, a pension plan, management and non>management
gratuity plans and a pensioners medical plan for its employees. T!e pensioners medical
plan is a book reserve plan &!ile t!e ot!er plans are invested t!roug! e9empt approved
trust funds. T!e provident fund is a defined contribution plan. T!e pension and gratuity
plans are defined benefits final salary plans. T!e pensioners: medical plan reimburses
actual medical e9pense as defined in t!e plan.
2.5 T!e latest actuarial valuation of t!e defined benefit plans &as conducted at 1ecember )",
3##8 using t!e proRected unit credit met!od. 1etails of t!e defined benefit plans are'
Pensi#n Fund Gra$ui$y Funds Pensi#nersD
Media! P!an
3++2 3##6 5++2 3##6 5++2 3##6
,Rupees in t!ousandE
Ba!ane S'ee$ Re#ni!ia$i#n
%air value of plan assets )0;9)0311 ",-33,--" E 5:)0:+; )08,7+8 E @ >
Present value of defined benefit obligations ,)03*20:3*- D",+76,883E ,3)*02+:- D+#+,"37E ,)*:0)93- D")3,"8"E
%unded status )+:0);: 3+,007 E ,)2;0312- D)-,"8"E E ,)*:0)93- D")3,"8"E
Unrecognised net actuarial loss @ DgainE )+505+5 "7+,7+3 E 1+02;; 00,++8 E )20+5: D8,383E
Recognised asset @ DliabilityE 3#-,)-- 3"7,0"" E ,130*3:- )",306 E ,)3;0);)- D"+#,+0)E
M#4e"en$ in $'e /air 4a!ue #/ p!an asse$s
%air value as at Canuary " )0;550;;) ",+-6,77" E :*20132 +6-,-7#
=9pected return on plan assets ):90)13 "--,860 E ::05;+ -",763
Actuarial gains @ DlossesE )101)9 D7,#"3E ,);0;13- D),373E
=mployer contributions :20+)1 )-,)8- E 5;*03+1 37,#6# E
2enefits paid ,)3*0)25- D""6,087E ,3))09+2- D"8+,)73E
%air value as at 1ecember )" )0;9)0311 ",-33,--" E 5:)0:+; )08,7+8 E
M#4e"en$ in $'e de/ined .ene/i$ #.!i&a$i#n
4bligation as at Canuary " )03190225 ",+)","-" E 3+30)51 +#8,3-) E ):50)2) "+-,""8 E
Service cost :503)+ )3,070 E :)0);9 )",708 E )0;3* ",700 E
,nterest cost )3;015+ "-",#37 E 35033* +),##8 E )30+;5 "-,-"3 E
Settlement and curtailment @ D"",8#8E :3+052* ""8,-)+ E @088 E
Actuarial losses @ DgainsE ,*)0*23- "3,-#) )+031: D"),3+3E E 5;022; D33,8""E
2enefits paid ,)3*0)25- D""6,087E ,3))09+2- D"8+,)73E ,)+031+- D8,373E
4bligation as at 1ecember )" )03*20:3* ",+76,883 3)*02+: +#+,"37 E )*:0)93 ")3,"8" E
C#s$
Current service cost :503)+ )3,070 E :)0);9 )",708 E )0;3* ",700 E
,nterest cost )3;015+ "-",#37 E 35033* +),##8 E )30+;5 "-,-"3 E
=9pected return on plan assets ,):90)13- D"--,860E ,::05;+- D-",763E @ >
Settlement and curtailment @ D"",8#8E :3+052* ""8,-)+ @088
Recognition of actuarial loss ))0):1 "#,8)7 )0*2+ "6,676 ,35+- 67#
=9pense ;5059; 30,88# :250:)1 "-7,))- );0)92 "8,7-0
Actual return on plan assets );90))) "+0,80+ )90*;* +8,08#
77

Principal actuarial assumptions used are as follo&s'
5++2 3##6
1iscount rate & e9pected return on plan assets )*.++B "".##$
%uture salary increases ):.91B 8.7#$
%uture pension increases 1.9:B -.6#$
(edical cost trends rates )+.32B -.6#$
=9pected contributions to post employment benefit plans for t!e year ending
1ecember )", 3##7 is Rs -0# million D3##8' Rs 3## millionE.
Comparison for five years'
5++2 3##6 3##0 3##- 3##+
DRupees in t!ousandE
As at 1ecember )"
%air value of plan assets )02+502+3 ",87",+77 ",7)),-8" ",8"3,308 ",70",-+#
Present value of defined benefit obligation ,50+320:5:- D3,#)+,"73E D",78+,-33E D",6-#,8"+E D",8#3,"+#E
D1eficitE @ surplus ,53;0;)1- D"+3,07)E D-#,7+"E 0",+-+ "-7,+##
E(periene adGus$"en$s
/ain @ DlossE on plan assets
Das percentage of plan assetsE +.5B D#.6$E #.)$ D0.-$E D#.7$E
D/ainE @ loss on obligations
Das percentage of plan obligationsE ,).5B- D".3$E 6.-$ ".-$ -.+$
T!e effects of a "$ movement in t!e assumed medical cost trend rate are as follo&s'
Inrease Derease
DRupees in t!ousandE
=ffect on t!e aggregate of current service
and interest costs 3,"-" ",60-
=ffect on t!e defined benefit obligations "6,"+8 "+,0-3
Plan assets comprise of t!e follo&ing'
5++2 3##6
Rupees in $ Rupees in $
t!ousand t!ousand
=Kuity 5:0193 ).: > >
1ebt ):+0259 9.: 633,--) )8.3
)0*320++: 1).3 ","08,7+0 0".8 4t!ers Dinclude cas! and bank balancesE
)02+502+3 )++ ",87",+77 "##
T!e e9pected return on plan assets &as determined by considering t!e e9pected returns
available on t!e assets underlying t!e current investment policy. =9pected yields on fi9ed
interest investments are based on gross redemption yields as at t!e balance s!eet date.
"##

T!e actuary conducts separate valuations for calculating contribution rates and t!e /roup
contributes to t!e pension and gratuity funds according to t!e actuarys advice. =9pense
of t!e defined benefit plans is calculated by t!e actuary.
2ased on t!e above actuarial valuation t!e retirement benefits > asset amounts to
Rs 3#-.)- million D3##6' Rs 3-#.88 millionE and retirement benefits > liability amounts
to Rs 3)7.67 million D3##6' Rs "+#.+0 millionE.
2.: 1uring t!e year t!e /roup contributed Rs -".)7 million D3##6' Rs +-.+) millionE to t!e
provident fund.
5++2 3##6
DRupees in t!ousandE
1. STORES AND SPARES
Stores Dincluding in transit Rs 8.8# millionL
3##6' Rs 6.60 millionE *20222 -8,-)" E
Spares Dincluding .il in transitL
3##6' Rs #.-7 millionE )13019) "38,867 E
4t!ers 5015+ 3,"3# E
5**0991 "87,-)# E
Provision for slo& moving and obsolete stores and spares ,:30225- D30,3+8E
5:)0219 "0),383
T!e /roup !as recognised a provision of Rs 8.0) million D3##6' Rs 7.3 millionE for
obsolescence and !as not &ritten off any inventory during t!e year D3##6' inventory of
Rs -."7 million &as &ritten offE by utilising t!e provision.
5++2 3##6
DRupees in t!ousandE
)+. STOC? IN TRADE
Ra& and packing materials at cost Dincluding
in transit Rs -0- millionL 3##6' Rs 0"8 millionE 502)50;); ",6"-,860 E
Provision for obsolescence ,)3+033+- D-0,0+7E
50*950+9; ",0-7,336 E
;ork in process )+503** 00,"73 E
%inis!ed goods Dincluding in transit Rs 30+ millionL
3##6' Rs 3#8 millionE )0;;+0:1) ",#6),30+ E
2y product > glycerine )209)+ 3,")"
)0;*10)+) ",#6-,)7-
Provision for obsolescence ,2)0295- D6+,6-#E
)03290551 ",###,0+- E
305*)099+ 3,630,#0+
"#"

)+.) Stock in trade includes Rs 60# million D3##6' Rs )+0 millionE !eld &it! t!ird parties.
)+.5 T!e above balances include items costing Rs ))6.7 million D3##6' Rs 3#8.+ millionE valued
at net realisable value of Rs 8#.6 million D3##6' Rs -#.6 millionE
)+.: T!e /roup !as recognised a provision of Rs "70.#0 million for obsolescence
D3##6' Rs 80.#0 millionE and !as &ritten off inventory amounting to Rs "#-."+ million
D3##6' Rs )8.+0 millionE by utilising t!e provision during t!e year ended
1ecember )", 3##8.
5++2 3##6
DRupees in t!ousandE
)). TRADE DEBTS
Considered good 55209*: 3)7,)") E
Considered doubtful 39031) -+,"-+ E
59*05;3 37),+06 E
Provision for doubtful debts > note ""." ,39031)- D-+,"-+E
55209*: 3)7,)") E
)).) T!e /roup !as recognised a provision of Rs ).3- million D3##6' reversed a provision of
Rs ".-3 millionE and !as &ritten off debts amounting to Rs 7.7" million D3##6' .ilE by
utilising t!e provision during t!e year ended 1ecember )", 3##8.
5++2 3##6
DRupees in t!ousandE
)5. 7OANS AND AD8ANCES
C#nsidered &##d
Current portion of loans to employees > note 0 ;90)5) -0,3-3 E
Advances to'
=9ecutives > note "3." )+0:93 -,""# E
Suppliers and ot!ers ;*03+1 0",-30 E
)5:01+3 "33,888
E C#nsidered d#u.$/u!
Advances to suppliers and ot!ers *0533 0,3++ E
):+0)32 "37,")3
Provision for doubtful advances to suppliers
and ot!ers ,*0533- D0,3++E
)5:01+3 "33,888
)5.) T!e advances to e9ecutives are given to meet business e9penses and are settled as and
&!en t!e e9penses are incurred.
"#3

5++2 3##6
DRupees in t!ousandE
):. TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Trade and margin deposits ):+02+2 6",67# E
Prepayments
=RP implementation )3)0593 +",6)3
Rent > note 6." )3*0+9: )",8#6
4t!ers > note ")." 120522 7#,6)-
;)*033: 3)0,#0+
):.) T!is includes prepayment in respect of s!ares matc!ed by t!e /roup under t!e follo&ing
s!are>based compensation plan.
*ariable Pay in S!ares D*P,SE'
Under t!is plan, employees eligible as per policy can c!oose to take bet&een "#$ and
3-$ or none at all, of t!eir gross variable pay in s!ares of Unilever P<C or Unilever .*.
,f t!e employee opts for t!e s!ares, Unilever P<C and Unilever .* &ill grant matc!ing
s!ares, on t!e condition t!at t!e employee stays &it! t!e /roup and !olds t!ese s!ares
for at least t!ree years.
8PIS
Unilever P<C Unilever .*
S!ares of (arc! 3", 3##6 (arc! 3", 3##6
1ate of grant (arc! 3#, 3##8 (arc! 3#, 3##8
Total number of s!ares granted 3##6 ",-3- ",-6"
3##8 ",-)3 ",-)7
%air value @ S!are price on grant date 3##6 V"+.88 X3".))
3##8 V"0.63 X3".)#
Contractual life DyearsE ) )
*esting conditions Performance Performance
conditions conditions
Settlement S!ares S!ares
=9pected lapse per year 3#$ 3#$
=9pected outcome of
meeting t!e performance
criteria Dat t!e grant dateE 3#"# by (arc! 3", by (arc! 3",
3#"# 3#"#
3#"" by (arc! 3#, by (arc! 3#,
3#"" 3#""
"#)

5++2 3##6
DRupees in t!ousandE
)3. OTHER RECEI8AB7ES
Reei4a.!e /r#" re!a$ed par$ies
Unilever Pakistan %oods <imited *:0**1 "7,+"#
Union Pakistan Provident %und @)",++6
Unilever /ratuity Plan :905:3 "3),7)6 E
Associated undertakings 5+03;2 >
;orkers profits participation fund > note "+." ;;0;9) 7,"38 E
O$'ers
=9port rebate claims receivable @3,#"7 E
Receivable from distributors on account of
eKuipment supply ;0:5+ "8,836 E
Receivable from supplier on account of
marketing reimbursement @ "8,333
Receivable in respect of sale of fi9ed assets )*03*3 >
4t!ers 520*5+ )+,806
55*019* 3-6,8-6
Provision for doubtful receivables ,209)2- D8,6"8E
5)205;2 3+7,")7
)3.) W#r<ersE pr#/i$s par$iipa$i#n /und
2alance as at Canuary " > receivable 10)52 -3,30"
Allocation for t!e year ,);90+92- D")-,80"E
,)3901;+- D8),0##E
Amount paid to t!e trustees 5+:0;5) 73,638
2alance as at 1ecember )" > receivable ;;0;9) 7,"38
"#+

5++2 3##6
DRupees in t!ousandE
);. TAK REFUNDS DUE FROM GO8ERNMENT
Sales ta9 refundable > amounts paid
under protest > note "-." ):90+)5 "+8,+07
Ta9ation > payments less provision )*30993 >
4t!ers 59 36
:+)02): "+8,+70
);.) T!is includes a sum of Rs ")" million D3##6' Rs "+" millionE paid by &ay of abundant
caution under t!e Amnesty Sc!eme, to avoid additional Sales Ta9 and Surc!arge being
levied in t!e event of unfavourable decisions of t!e appeals pending in t!e 5ig! Courts.
T!ese appeals &ere filed by t!ird party manufacturers in respect of disallo&ance of
input ta9 claimed by t!em on t!e ground t!at ta9 invoices and bills of entry &ere in
t!e /roups name. T!e contracts &it! suc! manufacturers provided t!at in t!e event
of any liability arising against t!em on t!is account, t!e /roup &ould reimburse t!e
ta9. T!e /roups management and legal advisors e9pect a favourable outcome of t!e
appeals, o&ing to t!e fact t!at t!e demands arose as a result of procedural matters
and t!at t!ere &as no loss of revenue to t!e /overnment. ;it!out preRudice to t!e
earlier appeals filed, t!e /roup !as referred one of t!e above cases to t!e Alternate
1ispute Resolution Committee, constituted under t!e Sales Ta9 la&, t!e decision of
&!ic! is still a&aited.
5++2 3##6
DRupees in t!ousandE
)*. CASH AND BAN? BA7ANCES
;it! banks on'
current accounts )+30122 3#,"00 E
savings accounts @ "08,0"3
term deposits > !aving maturity of t!ree
mont!s D3##6' maturity of one mont!E )5:055+ ""-,###
,n !and'
cas! )02+) ",33+
5:+0++1 )#-,##3
At 1ecember )", 3##8 t!e rates of mark up on savings accounts and term deposits range from
"$ to ").8$ per annum D3##6' #."$ to "#$ per annumE.
"#-

5++2 3##6
DRupees in t!ousandE
)9. SHARE CAPITA7
Au$'#rised s'are api$a!
+6,8)- -$ cumulative preference s!ares
of Rs "## eac! 3092: +,68) E
"-,7#+,))# 4rdinary s!ares of Rs -# eac! 91;05)9 67-,3"6 E
2++0+++ 8##,### E
Issued0 su.sri.ed and paid up api$a!
-$ cumulative preference s!ares of Rs "## eac!
S!ares allotted'
+),8)- for consideration paid in cas! 30:2: +,)8) E
+,### for acKuisition of an undertaking 3++ +## E
+6,8)- 3092: +,68) E
4rdinary s!ares of Rs -# eac!
S!ares allotted'
+06,6#+ for consideration paid in cas! 5:0:2; 3),)8- E
+,767,3#8 for consideration ot!er t!an cas!
under sc!emes of arrangements for
amalgamations 53201*) 3+8,70" E
6,8+0,7-6 as bonus s!ares :150:32 )73,)+8 E
"),37),807 **30*13 00+,07+ E
**10399 007,+66 E
At 1ecember )", 3##8 Unilever 4verseas 5oldings <imited, U?, a &!olly o&ned subsidiary
of Unilever P<C, U? !olds 7,6"",37) ordinary s!ares and )),6)- preference s!ares of
Unilever Pakistan <imited D1ecember )", 3##6' 7,)-7,+"3 ordinary s!ares and )),6)-
preference s!aresE.
5++2 3##6
DRupees in t!ousandE
)2. RESER8ES
Capi$a! reser4es
Arising under sc!emes of arrangements
for amalgamations > note "8." 9+0151 6#,737 E
Contingency > note 3-." :5)039) )0),"#0 E
4t!er > note 33.) @)),87-
:1503++ +06,7)# E
Re4enue reser4es
Unappropriated profit )0)2:053: 80),6"3
)0;9;0*3: ",))",0+3
)2.) T!is represents amounts of Rs "8.)0 million and Rs -3.-6 million t!at arose under sc!emes
of arrangement for amalgamations of former (e!ran ,nternational DPrivateE <imited,
former Ambrosia ,nternational <imited and former Pakistan ,ndustrial Promoters DPrivateE
<imited &it! t!e /roup.
"#0

)1. SURP7US ON RE8A7UATION OF FIKED ASSETS
T!is represents surplus over book values resulting from t!e revaluations of property, plant
and eKuipment carried out in "76), "76-, "768 and "78", adRusted only by surplus realised
on disposal of revalued assets, incremental depreciation arising out of revaluation and
deferred ta9ation.
5++2 3##6
DRupees in t!ousandE
2alance as at Canuary " )305*) "+,7#7 E
Transferred to unappropriated profit > net
of deferred ta9ation'
incremental depreciation for t!e year ,*32- D0+8E
2alance as at 1ecember )" ):0*): "+,30"
5+. 7IABI7ITIES AGAINST ASSETS SUBLECT
TO FINANCE 7EASES
Present value of minimum lease payments )+10*31 6#,3#- E
Current maturity s!o&n under current liabilities ,:50:55- D"6,36)E
990:59 -3,7)3 E
Mini"u" !ease pay"en$s
.ot later t!an " year 3*0519 3+,68" E
<ater t!an one year and not later t!an - years 230331 0",+)- E
):+093* 80,3"0 E
%uture finance c!arges on finance leases ,5)0+19- D"0,#""E
Present value of finance lease liabilities )+10*31 6#,3#- E
Present value of finance lease liabilities
.ot later t!an " year :50:55 "6,36) E
<ater t!an one year and not later t!an - years 990:59 -3,7)3 E
)+10*31 6#,3#- E
T!e above represents finance leases entered into &it! leasing companies for motor
ve!icles. T!e liability is payable by 1ecember 3#"3 in semi annual and Kuarterly installments.
<ease payments bearing pre>determined markup rates include finance c!arge ranging
from 0.3-$ to 8.33$ per annum D3##6' 8$ to "+.6-$ per annumE &!ic! are used as
discounting factors.
<ease payments bearing variable markup rates include finance c!arge at ?,24R W #.8-$
> 3$ per annum. ?,24R is determined on semi>annual basis for ne9t t&o Kuarterly and
semi annual rentals.
"#6

3##6 C!arge @ 5++2
opening DreversalE !#sin&
DRupees in t!ousandE
5). DEFERRED INCOME TAK 7IABI7ITIES I ,ASSETS-
Credit @ DdebitE balance arising in respect of'
accelerated ta9 depreciation allo&ance -#7,-++ E 3#),78) E 9):0;59
surplus on revaluation of fi9ed assets 6,08" E D070E *012;
provision for retirement benefits )8,0)8 E D-#,""+E ,))039*-
s!ares>based compensation D"",80+E D"3#E ,))0123-
provision for stock in trade and stores
and spares D--,"66E D)","#+E ,2*052)-
provision for doubtful debts, advances
and ot!er receivables D)8,--6E 3,#") ,:*0;33-
provision for restructuring D"37,8-7E D)",868E ,)*)09:9-
4t!ers D"",)03E D)",+6-E ,3502:9-
)#7,#++ 0#,0#7 :*10*;:
5++2 3##6
DRupees in t!ousandE
55. TRADE AND OTHER PAYAB7ES
Creditors 3:+0+29 3-7,""+ E
2ills payable 3)50:3; ",3"#,#76 E
Accrued liabilities 501+)0)53 3,606,)07 E
Royalty and tec!nical services fee 53*0;+9 ")#,+38 E
Advance payment from customers 290+)) 6+,-#- E
Sales ta9 payable 1)0:+1 -",+7" E
%ederal e9cise duty payable 1+02)3 -",66"
;orkers: &elfare fund 1:0319 6-,0)8 E
Security deposits from dealers > note 33." )90):9 "6,")6 E
Unclaimed dividend )+*039) 77,0#- E
Union Pakistan Provident %und > related party ))01:9 >
Unilever Pension Plan > related party ))0121 >
<iability for s!are>based compensation plans > note 33.) :;01;: >
4t!ers ):05;: "+,86) E
30;3103:3 +,6-3,#38 E
55.) T!is represents security deposits obtained by former Pakistan ,ndustrial Promoters DPrivateE
<imited against freeBer cabinets placed &it! dealers.
33.3 Amounts due to related parties included in trade and ot!er payables are as follo&s'
5++2 3##6
DRupees in t!ousandE
Ultimate parent company 53*0;+9 ")#,+38 E
Associated companies 2390*;) ",+)#,)"+ E
T!ird parties &!ose manufacturing processes
are dependent on Unilever 9305)2 -),688 E
Company in &!ic! close family member of a
director is !olding directors!ip 5203)2 03,"#" E
"#8

55.: S'are@.ased #"pensa$i#n p!ans
As at 1ecember )", 3##8 t!e /roup !ad follo&ing s!are>based compensation plans'
/lobal Performance S!are Plan D/PSPE and <eaders!ip Performance S!are Plan D<PSPE'
Under t!e plans, employees eligible as per policy can be a&arded conditional s!ares of Unilever P<C or Unilever .*
&!ic! &ill vest t!ree years later depending on Unilevers ac!ievement of set targets for Underlying Sales /ro&t! DUS/E,
Ungeared %ree Cas! %lo& DU%C%E and Total S!are!older Return DTSRE ranking over t!e t!ree>year performance period.
T!e details of t!e arrangement are as follo&s '
/PSP <PSP
S!are of Unilever P<C Unilever .* Unilever P<C Unilever .*
1ate of grant 3##0 (arc! 3", 3##0 (arc! 3", 3##0 (arc! 3", 3##0 (arc! 3", 3##0
3##6 (arc! 3", 3##6 (arc! 3", 3##6 (ay 33, 3##6 (ay 33, 3##6
3##8 (arc! 3", 3##8 > (arc! 3#, 3##8 (arc! 3#, 3##8
Total number of s!ares
granted 3##0 "+,768 -8- ",++6 ",++#
3##6 "#,+8# "8# ",-)# ",-)#
3##8 0,+7+ > ",33- ",33-
)",7-3 60- +,3#3 +,"7-
%air value @ S!are price on
").#" "7.#) ").#" "7.#) grant date 3##0 V
V
3##6 "+.88 3".)) "-.83 33.3# V V
3##8 "0.63 > "0.63 3".36 V
V
Contractual life DyearsE ) ) ) )
*esting conditions Performance Performance Performance and Performance and
conditions conditions market conditions market conditions
Settlement S!ares S!ares S!ares S!ares
=9pected lapse per year 3#$ 3#$ 3#$ 3#$
=9pected outcome of
meeting t!e performance
criteria Dat t!e grant dateE 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7 by (arc! 3", 3##7
3#"#
by (arc! 3", 3#"# by (arc! 3", 3#"# by (ay 33, 3#"# by (ay 33, 3#"#
3#"" by (arc! 3#, 3#"" > by (arc! 3#, 3#"" by (arc! 3#, 3#""
.o dividend payments &ere e9pectedL conseKuently, t!e measurement of t!e fair value did not consider dividends.
55.:.) De$ai!s #/ p!an $'a$ 4es$ed durin& $'e year are%
GPSP
S!are of Unilever P<C Unilever .*
1ate of grant (ay "8, 3##- (ay "8, 3##-
*esting date (ay "8, 3##8 (ay "8, 3##8
"".76 "6.-6
%air value @ s!are price on grant date V
"6.33 3#.77
%air value @ s!are price on vesting date V
-.3- ).+3 1ifference of grant date and settlement date fair value V
) )
Contractual life DyearsE
*esting conditions Performance Performance
conditions conditions
Settlement
Cas! Cas!
=9pense arising on settlement
"#,"#0 67"
,n vie& of rec!arge arrangements and payments in cas!, t!e /roup !as treated t!ese s!are>based plans as liability.
"#7

5:. SHORT TERM BORROWINGS
S!ort term running finance > secured
T!e facilities for running finance available from various banks amount to Rs -.77 billion
D3##6' Rs +.+3 billionE. T!e rates of markup range bet&een ").7#$ to "0.30$ per annum
D3##6' 7.0#$ to "#."+$ per annumE.
T!e arrangements are secured by &ay of pari passu c!arge against !ypot!ecation of
/roup:s stock in trade.
T!e facilities for opening letters of credit and guarantees as at 1ecember )", 3##8
amounted to Rs 3.)6 billion D3##6' Rs +.0- billionE, of &!ic! t!e amount remaining
unutilised at year end &as Rs ".)+ billion D3##6' Rs ).-3 billionE.
5++2 3##6
DRupees in t!ousandE
53. PRO8ISIONS
Provision for cess less payments > note 3-." )+20:3) >
Res$ru$urin&
2alance as at Canuary " :9)0+59 ""#,### E
Provision during t!e year > note 3+." 321052+ )63,3)+
Utilised during t!e year ,:9;0+21- D""",3#6E
2alance as at 1ecember )" 32;05)2 )6",#36
;1:0;;1 )6",#36
53.) T!e provision booked in 3##6 in respect of staff redundancy for beverages business and
relocation @ dismantling cost of a factory !as been fully utilised during t!e year.
(ore over, t!e /roup !as also raised provisions for planned staff redundaney for some
factory employees and management staff. T!e full amount of provision is e9pected to be
utilised during 3##7.
5;. CONTINGENCY AND COMMITMENTS
5;.) C#n$in&eny
/overnment of Sind! t!roug! %inance Act, "77+ levied fee for services rendered in respect
of development and maintenance of infrastructure on t!e import and e9port of goods.
5o&ever, t!e /roup filed a constitutional petition against t!e levy of suc! fee in t!e 5ig!
Court of Sind! and t!e Court granted stay for t!e payment of t!e fee. 1uring t!e year
3##", t!e /overnment of Sind! introduced Cess in place of infrastructure fee &it!
retrospective effect. As a result, Unilever:s petition became infractuous and a fres! suit
&as filed by Unilever to c!allenge t!e levy. A stay against recovery of t!e aforesaid levy
of Cess &as also obtained from t!e Court. ,n 3##) t!e 5ig! Court decided t!e issue against
t!e /roup. Against t!is order an intra court appeal &as filed &it! t!e 5ig! Court. T!e
appeal &as disposed of in August 3##8, &!ereby t!e levy imposed and collected &it!
effect from 1ecember 38, 3##0 &as declared valid and all impostion and collection before
suc! date as invalid. T!e Court furt!er ordered t!at all bank guarantees @ securities
furnis!ed for transaction before 1ecember 38, 3##0 stand disc!arged and are liable to
be returned back and t!ose furnis!ed in respect of transactions after 1ecember 38, 3##0

are liable to be encas!ed. T!e /roup as &ell as t!e /overnment of Sind! !ave filed appeals
in t!e Supreme Court against t!e said order. A provision amounting to Rs "3#.78 million
concerning t!e levy &it! respect from 1ecember 38, 3##0 !as been recognised in t!e
financial statements. (oreover, t!e /roup !as paid an amount of Rs "3.0+ million under
protest against t!e said order.
As a matter of prudence, a total of Rs )3".+6 million as at 1ecember )", 3##8 DRs )0).""
million as at 1ecember )", 3##6E out of t!e revenue reserves !as been earmarked as
contingency reserve for t!e levy uptil 1ecember 3##0.
5;.5 C#""i$"en$s
Aggregate commitments for capital e9penditure and for&ard purc!ases as at 1ecember
)", 3##8 amounted to Rs "30.3) million D3##6' Rs 0#6.0# millionE and Rs -)#.6+ million
D3##6' Rs 806.0+ millionE respectively.
Aggregate commitments for operating lease rentals as at 1ecember )", 3##8 amounts
to'
5++2 3##6
DRupees in t!ousandE
.ot later t!an one year 1:0::+ -",6#"
4ver one year to five years )+90)+5 36,-)7
5++03:5 67,3+#
T!e above includes uRra! payments for ,Rara! financing of motor ve!icles bearing a mark
up of si9 mont!s ?,24R W ".)-$ for rentals payable semi annually.
5*. SEGMENT INFORMATION
Segmental results and ot!er information is provided belo& on t!e basis of product
categories. T!ese categories are'
5ome and Personal Care > represents laundry and a &ide range of cleaning, skin
cleansing, skin care, !air care, deodorants, oral care and
ot!er personal care products
2everages > represents tea
,ce Cream > represents ice cream
4t!er > represents margarine

5*.) Se&"en$ ana!ysis
HOME AND BE8ERAGES ICE CREAM OTHER TOTA7
PERSONA7
CARE
DRupees in t!ousandE
Se&"en$ resu!$s /#r $'e year
ended Dee".er :)0 5++2
/ross sales 3",-3+,7-3 "",6"-,68# -,#-8,7++ 6-6,+70 )7,#-6,"63
Sales ta9 D),#6-,"30E D",6"0,0--E D8+0,387E > D-,0)8,#6#E
%ederal e9cise duty D673,76+E D76,--7E D+",)30E > D7)",8-7E
D),808,"##E D",8"+,3"+E D886,0"-E > D0,-07,737E
Sales e9cluding sales ta9
and federal e9cise duty "6,0-0,8-3 7,7#",-00 +,"6",)37 6-6,+70 )3,+86,3+)
Rebates and allo&ances D8+6,783E D)#7,7#)E D)+0,63+E D3-,67-E D",-)#,+#+E
"0,8#8,86# 7,-7",00) ),83+,0#- 6)",6#" )#,7-0,8)7
Cost of sales D7,0)3,)3"E D6,))8,7++E D3,-+),08)E D-#0,3""E D3#,#3","-7E
/ross profit 6,"60,-+7 3,3-3,6"7 ",38#,733 33-,+7# "#,7)-,08#
1istribution costs D),)+8,877E D","7",-#3E D",#07,#6"E D338,""#E D-,8)6,-83E
Administrative and restructuring cost
allocated to segments D863,)8#E D+#3,373E D33-,""+E D)-,)80E D",-)-,"63E
Segment result 3,7--,36# 0-8,73- D"),30)E D)8,##0E
),-03,730
Administrative and restructuring cost unallocated D"0-,)-0E
4t!er operating e9penses D3+6,300E
4t!er operating income 3-),#67
Profit from operations ),+#),)8)
%inance costs D+00,"00E
Profit before ta9ation 3,7)6,3"6
Ta9ation D7++,83"E
Profit after ta9ation ",773,)70 E
Se&"en$ resu!$s /#r $'e year
ended Dee".er :)0 5++9
/ross sales "-,-#-,078 7,683,0+" ),7-#,8"6 0"-,0-" 37,8-+,8#6
Sales ta9 D3,3"-,6+)E D",+#3,787E D0+0,0#-E > D+,30-,))6E
%ederal e9cise duty D-6#,7-+E D)),00"E D"),+#)E > D0"8,#"8E
D3,680,076E D",+)0,0-#E D00#,##8E > D+,88),)--E
Sales e9cluding sales ta9
and federal e9cise duty "3,6"7,##" 8,)+-,77" ),37#,8#7 0"-,0-" 3+,76",+-3
Rebates and allo&ances D7"6,+76E D+8-,7#8E D3"6,"8)E D"7,"78E D",0)7,680E
"",8#",-#+ E 6,80#,#8) E ),#6),030 E -70,+-) E 3),))",000 E
Cost of sales D0,)63,+66E D-,0)0,+")E D",88",670E D)-6,87-E D"+,3+8,-8"E
/ross profit -,+37,#36 E 3,33),06# E ","7",8)# E 3)8,--8 E 7,#8),#8- E
1istribution costs D3,8)8,+#0E D",38#,-0)E D66+,83+E D"36,)8+E D-,#3","66E
Administrative and directly attributable
restructuring cost D+++,"03E D0+3,6#-E D3)6,00#E D"7,86-E D")++,+#3E
Segment result 3,"+0,+-7 E )##,+#3 E "67,)+0 E 7",377 E
3,6"6,-#0 E
Administrative and restructuring cost not
directly related to segments
4t!er operating e9penses D-#,606E
4t!er operating income D3"7,")#E
3#0,3)-
Profit from operations 3,0-),8++
%inance costs D"#7,336E
Profit before ta9ation 3,-++,0"6 E
Ta9ation D8+0,#78E
Profit after ta9ation ",078,-"7 E
""3

5*.) Se&"en$ ana!ysis @ #n$inued
HOME AND BE8ERAGES ICE CREAM OTHER TOTA7
PERSONA7
CARE
DRupees in t!ousandE
O$'er se&"en$ in/#r"a$i#n
As a$ Dee".er :)0 5++2
Segment assets ),++8,-3# ",667,"-+ ),+07,7#3 00,)-0 8,60),7)3
Unallocated assets 3,0-+,-#6
"",+"8,+)7
Segment liabilities ",6+",)#7 6)-,3"8 )73,378 ")","60 ),###,##"
Unallocated liabilities 0,"-7,6#-
7,"-7,6#0
F#r $'e year ended Dee".er :)0 5++2
Capital e9penditure )00,-#0 +",8+" 8-#,7#6 )-,-"8 ",37+,663
Cost of goods manufactured 7,#33,"8" 6,0+6,68) 3,-00,##8 +#","7+ "7,0)6,"00
4t!er segment items
Staff costs 83+,)6) -80,"+0 +"#,"03 )",7+7 ",8-3,0)#
Advertising ",67#,#)) +#7,+"0 )67,-0# "-3,3## 3,6)",3#7
(arketing and selling 66,-)8 +-,7#0 )#,#0- +,6+6 "-8,3-0
4ut&ard freig!t and !andling +33,--0 "+6,8)6 3#7,)7" 3#,0## 8##,)8+
Royalty and tec!nical services fee 0#+,6)7 )"8,8+" "+7,78# 33,08) ",#70,3+)
1epreciation "38,"#6 +8,0-6 36#,707 -,7)8 +-),06"
As a$ Dee".er :)0 5++9
Segment assets 3,)+),+37 ",)70,0#) 3,7)),87" 0),78) 0,6)6,7#0
Unallocated assets ",)07,78)
8,"#6,887
Segment liabilities ",+68,--" ",8)+,666 373,766 7),+#6 ),077,6"3
Unallocated liabilities 3,)73,676
0,#73,-#7
F#r $'e year ended Dee".er :)0 5++9
Capital e9penditure "-7,0+6 "#+,+07 ",-#-,6+) 6,#83 ",660,7+"
Cost of goods manufactured 0,#8-,60- -,6"",3)) ",860,)#- 306,6"- "),7+",#"8
4t!er segment items
Staff costs 6"0,+7) -73,"7# )--,+)6 "7,+0- ",08),-8-
Advertising ",08),"7- -06,808 387,0#8 6-,8+) 3,0"0,-"+
(arketing and selling 03,+"# -",#0) 3-,-)" 3,8)6 "+",8+"
4ut&ard freig!t and !andling )"0,+#+ "30,37# "3",+3- "-,#)3 -67,"-"
Royalty and tec!nical services fee )67,#0# 3"#,3"# "##,6-# "-,+3# 6#-,++#
1epreciation ""8,0)) 0#,8+0 "7#,830 3,000 )63,76"
4t!er operating e9penses and income represent unallocated corporate e9penses and income.
Segment assets consist primarily of property, plant and eKuipment, intangibles, stores and
spares, stock in trade and trade and ot!er debts. Segment liabilities comprise operating liabilities
and e9clude items suc! as ta9ation and corporate borro&ings. 4t!er segment items comprise
directly attributable segment costs.
"")

59. OPERATING COSTS C#s$ #/ Sa!es Dis$ri.u$i#n C#s$s Ad"inis$ra$i4e T#$a!
E(penses
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
Ra& and packing material consumed )90);)021+ "",730,#+" E @ > @ > )90);)021+ "",730,#+" E
(anufacturing c!arges
paid to t!ird parties ;:;0*:+ +3+,"+"E @ > @ > ;:;0*:+ +3+,"+"E
Stores and spares consumed )+20*:3 7-,+)-E @ > @> )+20*:3 7-,+)-E
Advertising @> 509:)05+1 3,0"0,-"+E @> 509:)05+1 3,0"0,-"+E
(arketing and selling @> );205;* "+",8+"E @ > );205;* "+",8+"E
4ut&ard freig!t and !andling @> 2++0:23 -67,"-"E @ > 2++0:23 -67,"-"E
Royalty and tec!nical services fee @ > )0+1*053: 6#-,++#E @> )0+1*053: 6#-,++#E
Staff costs > note 36." 91;0)93 6"#,)36E ;9;05:; -)),63+E 325055) +)7,-)+E )02;50*:+ ",08),-8-E
Utilities :1903:: 36+,+67E 20:*9 +,808E :5052* )#,6)0E 3:20+2* )"#,#8)E
Repairs and maintenance )9905*3 "+),87)E 5302;3 0,780E 5:0221 3#,+0+E 55*0++9 "6",)+)E
Rent, rates and ta9es :;0*2* 3-,"#7E ):50*9; 83,36"E )+:013; -#,06)E 5950:+* "-8,#-)E
1epreciation :3+0*2) 3)7,0)-E *:059; 6+,008E 3109); -8,008E 3;:0*9) )63,76"E
3,636 Amortisation of computer soft&are @ > 50959 E 50)3: 3,"+)E 3029+ +,86#E
Travelling and entertainment 3;0*+; +0,70-E 1:0;*2 "3+,737E *10)51 60,)7"E 5+20:+5 3+8,38-E
Stationery and office e9penses :903+) +#,7"0E 3*0):9 +-,0#+E *9099: 6+,"63E );)0:)) "0#,073E
=9penses on information tec!nology )0:5* --E )0229 )#8E )*30;95 "3",#76E )*9092; "3",+0#E
Auditors remuneration > note 36.) @ > @ > )50)+1 "#,70+ )50)+1 "#,70+
Provision for doubtful debts > ot!ers @ > @ > )+0+++ ),8#) )+0+++ ),8#)
Provision for doubtful debts > trade @ > > > :0539 > :0539 >
4t!er e9penses 3*09)* )0,-)0 )+509*; "#3,"+0E )1+05)1 ")+,37#E ::109++ 363,+#)E
)10*9:033+ "),70),-)3 E ;02:90;25 -,#3","66E )05))0532 ",#33,7)-E 5*0955059+ 3#,##6,#6- E
4pening &ork in process **0)15 +),068E
)109:10*:5 "+,##6,3"# E
Closing &ork in process ,)+503**- D00,"73E
Cost of goods manufactured )10*:90)** "),7+",#"8 E
4pening stock of finis!ed
goods including by product glycerine )0+++0*33 076,)8"E
%inis!ed goods purc!ased 29+0;92 0"#,830E
Closing stock of finis!ed goods
including by product glycerine ,)03290551- D",###,0++E
5+0+5)0);1 "+,3+8,-8" E
""+

59.) S$a// #s$s
Cost of Sales 1istribution Costs Administrative Total
=9penses
5++2 3##6 5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
Salaries and &ages 9;30+2306",00+ ;+)0+;2 +0+,)78 :92011* )+",7)# )0*:30):2 ",+66,773
(edical 5)0))533,008 53: -) )202*; 3#,37" 3+055+ +),#"3
S!are based payments ,93- "08 ):05+1 8,7)) )10;5: "#,37" :50*;2 "7,)73
Pension costs > defined
benefit plan 1059: -,07" )505+3 "+,+07 );0;:5 "8,-38 :90++1 )8,088
/ratuity costs > defined
benefit plan 50)*+)+- )90;33 "6,668 550:51 33,068 350+:: +#,8#"
Pensioner:s medical plan 50*32 ),678 ;0;): -,78) 90+)9 8,+86 );0)92 "8,308
Provident fund cost > defined
contribution plan ;019) -,77) 5;03*3 33,""# )101;1 "6,)37 ;)0:13 +-,+)3
91;0)93 6"#,)36 ;9;05:; -)),63+ 325055) +)7,-)+ )02;50*:+ ",08),-8-
59.5 <ease rentals amounting to Rs )77.-- million D3##6' Rs 3+#.83 millionE !ave been c!arged
in operating cost for arrangements identified as operating leases upon application of
,%R,C + I N1etermining &!et!er an Arrangement contains a <easeM. T!ese arrangements
include leases of property including offices, cold storage, depots and ot!er arrangements
for use of plant and mac!inery &!ere fulfillment of t!e arrangement is dependent on
t!e use of suc! assets and t!e arrangement conveys a rig!t to use t!e asset.
5++2 3##6
DRupees in t!ousandE
59.: Audi$#rsE re"unera$i#n
Audit fee :0)3+ ),#+# E
Ta9ation services 30))1 3,773 E
<imited revie&, audit of consolidated financial
statements, pension, provident and gratuity funds,
t!ird party e9pense verifications and certifications
for various government agencies 30;++ +,-8" E
4ut of pocket e9penses :;+ )-" E
)50)+1 "#,70+
52. OTHER OPERATING EKPENSES
1onations and Corporate Social Responsibility > note 38." :+0312 )",-") E
;orkers profits participation fund > note "+." );90+92 ")-,80" E
;orkers &elfare fund ;10*1+ -",6-0 E
53905** 3"7,")# E
""-

52.) D#na$i#ns and #rp#ra$e s#ia! resp#nsi.i!i$y
5++2 3##6
DRupees in t!ousandE
1onations include t!e follo&ing in &!om a director is interested'
Na"e #/ Dire$#r,s- In$eres$ in D#nee Na"e and address #/ D#nee
". (r. =!san A. (alik 2oard (ember T!e ?idney Centre
"63 @ R, RafiKui S!a!eed Road ,
?arac!i. 50+*; ",8##
3. (r. =!san A. (alik Trustee <a!ore University of
& Syed 2abar AliJ Pro>C!ancellor (anagement Sciences,
15A, <a!ore. 50;11 ","00
Corporate (ember ;orld ;ide %und for .ature,
President>=meritus %eroBepur Road, <a!ore. > ",3##
). Syed 2abar AliJ Trustee T!e <ayton Ra!matulla!
2enevolent Trust
S>"0, P!ase ,,,
15A, ?arac!i. )01++ ",03#
JSyed 2abar Ali &as a director till April "8, 3##8
51. OTHER OPERATING INCOME
In#"e /r#" in4es$"en$ in re!a$ed par$y
1ividend from %ute!ally C!emicals DPrivateE <imited )5 "3
Re$urn /r#" #$'er /inania! asse$s
Return on savings accounts and term deposits > note 37." )3055* 3+,33)
In#"e /r#" n#n@/inania! asse$s
Salvage sales 590:)5 +3,7")
Profit on disposal of property, plant and
eKuipment 5102+; "),)")
Sundry 3+0)+: 8,-8+
O$'ers
Service fee from related party > note 37.3 :90+3+ )#,"-)
Reversal of impairment loss @ ))0
Reversal of provision for doubtful debts > trade @ ",-"-
<iabilities no longer payable &ritten back )+30;2) 8","7"
=9cise duty refund @ ),77-
5;:0+91 3#0,3)-
51.) (arkup on savings accounts and term deposits &as earned at t!e rate ranging from "$
to ").8$ per annum D3##6' #."$ to "#$E.
51.5 T!is includes amount c!arged by t!e /roup for certain management and ot!er services
rendered to its related party > Unilever Pakistan %oods <imited, in accordance &it! t!e
Service Agreement based on commercial terms bet&een t!em.
""0

5++2 3##6
DRupees in t!ousandE
:+. FINANCE COSTS
In$eres$ #n !#an /r#" re!a$ed par$y
,nterest on s!ort term loan > note )#." )1039) >
O$'ers
(ark up on s!ort term borro&ings ):209+; 3),"+# E
2ank c!arges :*092+ 3),"6" E
=9c!ange loss 5;205+: --,0)6 E
%inance c!arge on finance leases )502)3 6,")8 E
4t!ers )1: "+" E
33*0*1; "#7,336
3**0)** "#7,336
:+.) 1uring t!e year, t!e /roup obtained an unsecured loan amounting to US1 "- million
borro&ed from Unilever %inance ,nternational 2.*., Rotterdam, .et!erlands, an associated
undertaking on (ay 36, 3##8, at a markup rate not e9ceeding si9 mont!s <,24R W "$ to
meet &orking capital reKuirements. T!e loan &as repaid in US1 at t!e end of loan term
on .ovember 3", 3##8. E
:). TAKATION
5++2 3##6
DRupees in t!ousandE
Current > for t!e year
Pakistan 2*:0:39 636,7"8 E
ABad ?as!mir 5+02*; "3,6)" E
22305)5 6+#,0+7 E
1eferred ta9 c!arge *+0*+1 "#-,++7
133025) 8+0,#78 E
:).) Re!a$i#ns'ip .e$=een $a( e(pense and a#un$in& pr#/i$
Accounting profit before ta9 501:905)9 3,-++,0"6
Ta9 at t!e applicable ta9 rate of )-$ D3##6' )-$E )0+520+5* 87#,0"0
Ta9 effect on inadmissible e9penses and presumptive ta9 ,2:05+;- D++,-"8E
Ta9 e9pense for t!e year 133025) 8+0,#78 E
:5. EARNINGS PER SHARE
T!ere is no dilutive effect on t!e basic earnings per s!are
of t!e /roup, &!ic! is based on'
Profit after ta9 )01150:1* ",078,-"7
Preference dividend on cumulative preference s!ares ,5:1- D3)7E
Profit after ta9ation attributable to ordinary s!are!olders )01150);9 ",078,38#
;eig!ted average number of s!ares in issue during t!e
year Din t!ousandsE ):0513 "),37+
=arnings per s!are DRupeesE );+ "38
""6

::. PROPOSED AND DEC7ARED DI8IDENDS
On #rdinary s'ares
At t!e 2oard meeting on %ebruary 0, 3##7 a final dividend in respect of 3##8 of Rs -6 per s!are amounting to
a total dividend of Rs 6-6.6- million is proposed D3##6' Rs 0) per s!are amounting to a total dividend of
Rs 8)6.-" millionE.
T!e interim dividend declared and already paid in respect of 3##8 &as Rs 00 per s!are amounting to a total
dividend of Rs 866.+# million D3##6' Rs 0# per s!are amounting to a total dividend of Rs 676.0) millionE.
On u"u!a$i4e pre/erene s'ares
At t!e 2oard meeting on %ebruary 0, 3##7 dividend in respect of 3##8 of Rs 3)7 t!ousand !as been declared
D3##6' Rs 3)7 t!ousandE.
T!ese financial statements do not reflect t!e proposed final ordinary dividend and t!e dividend declared on
cumulative preference s!ares as payable, &!ic! &ill be accounted for in t!e statement of c!anges in eKuity
as an appropriation from t!e unappropriated profit in t!e year ending 1ecember )", 3##7.
:3. RE7ATED PARTY TRANSACTIONS
T!e follo&ing transactions &ere carried out &it! related parties during t!e year'
5++2 3##6
DRupees in t!ousandE
Re!a$i#ns'ip =i$' Na$ure #/ $ransa$i#ns
$'e Gr#up
i. Ultimate parent company Royalty and tec!nical
services fee )0+)+09+1 6#-,++#
ii. Associated companies Purc!ase of goods *05190:19 -,))#,+33
Purc!ase of services :+0+13 )),"3-
Sale of goods 5;5 386
Reciprocal arrangements for
s!aring of common costs )+05*: 7,6"8
Sale of services 220112 0#,#6-
Purc!ase of fi9ed assets @ "7,8-+
Sales of fi9ed assets 90*93 +,""-
S!ort term loan received )0+5:0+++ >
S!ort term loan repaid )0+*50*++ >
,nterest on s!ort term loan )1039) >
iii. T!ird parties &!ose
manufacturing processes
are dependent on Unilever Toll manufacturing 3:)0;5* )6",6+8
Purc!ase of operating assets )5;0193 >
1ividend income )5 "3
iv. Company in &!ic! close family
member of a 1irector is
!olding directors!ip Purc!ase of goods 993039: ",+#8,-08
v. Company in &!ic! close family
member of a key management
personnel !olds a key
management position Purc!ase of services @ "7
vi. ?ey management personnel Salaries and ot!er s!ort>term
employee benefits 9;0;); 00,)06
Post>employment benefits *0929 -,6-7
Consideration received for
ve!icle sold 99: >
vii. 4t!ers 1onations *0;*; -,680
Corporate & social responsibility )0)93 >
""8

Royalty and tec!nical services fee is paid at t!e rates ackno&ledged by t!e State 2ank of
Pakistan. 4t!er transactions &it! related parties are carried out on commercial terms, at
market prices and are settled in t!e ordinary course of business.
T!e related party status of outstanding balances as at 1ecember )", 3##8 are included in
trade debts, ot!er receivables and trade and ot!er payables respectively.
Arrangements &it! parent company and an associated company for granting of t!eir s!ares
to employees of Unilever Pakistan <imited are disclosed in note ")." and note 33.).
:;. REMUNERATION OF DIRECTORS0 CHIEF EKECUTI8E AND EKECUTI8ES
T!e aggregate amounts c!arged in t!e financial statements of t!e year for remuneration
including all benefits to directors, c!ief e9ecutive and e9ecutives of t!e /roup are as follo&s'
=9ecutive 1irectors C!ief =9ecutive =9ecutives
5++2 3##6 5++2 3##6 5++2 3##6
DRupees in t!ousandE
(anagerial remuneration
and allo&ances 5:05:+ 3#,0-# )50352 "",0#- ::90*2: )3-,+"-
S!are based compensation )+0)55 +,#80 )+0;;+ ",+#" ))0129 "),7#-
Retirement benefitsJ :0)39 ",3"- )099: ",0-6 ;902*+ -6,-6-
Rent and utilities :02;9 +,3#7 )035: ",)+# )+201*+ "#",3+"
(edical e9penses 3*5 ")+ 5:3 )00 90+11 6,--+
4t!er e9penses @ > )0355 ",)78 50332 -,0-#
3+02)2 )#,37+ 5902:+ "6,606 ;5*0+:9 -"",)+#
.umber of persons 3CC + ) " :++ 308
JJ 1uring t!e year, (r. ,mran 5usain and (s. S!aBia Syed &ere appointed as directors of
Unilever Pakistan <imited &it! effect from April ", 3##8 and April "7, 3##8
respectively in place of (r. Peter 5arvey and (r. Amar .aseer. T!e c!arge reflects
t!e respective period of e9ecutive directors!ip !eld by t!em.
,n addition to t!is, a lump sum amount of Rs "-6.#0 million D3##6' Rs "+#."# millionE on
account of variable pay !as been recognised in t!e financial statements for t!e current
year payable in 3##7 after verification of target ac!ievement.
4ut of t!e variable pay recognised for 3##6 and 3##0 follo&ing payments &ere made'
Paid in Paid in
5++2 re!a$in& 3##6 relating
$# 5++9 to 3##0
DRupees in t!ousandE
=9ecutive 1irectors 301+: +,37- E
C!ief =9ecutive 30))9 -,+80 E
=9ecutives 2+05)+ "#-,0+# E
4t!er employees 5309+* )-,3"- E
)):01:* "-#,0)0 E
J Retirement benefits represent amount contributed to&ards various retirement benefit
plans.
T!e e9ecutive directors, c!ief e9ecutive and certain e9ecutives of t!e /roup are provided
&it! free use of cars and !ouse!old eKuipment.
Aggregate amount c!arged in t!ese financial statements for t!e year for fee to -
non>e9ecutive directors &as Rs "0- t!ousand D3##6' 0 non>e9ecutive directors Rs 3--
t!ousandE.
""7

Aggregate amount c!arged in t!ese financial statements for t!e year for remuneration of
directors is Rs +#.78 million D3##6' Rs )#.-- millionE.
:*. CAPACITY
Annua! Capai$y A$ua! Pr#du$i#n
5++2 3##6 5++2 3##6
(etric Tons
O=n "anu/a$ure
5ome and Personal Care ;9093) -6,7") 350)9; +",+70
2everages ;+0+++ 68,333 :*0*29 )6,860
(illion <itres
,ce Cream 99 07 :1 )+
Annual capacity of beverages &as reduced due to s!ut do&n of t!e ?arac!i Tea %actory.
T!e current capacity &as still under utilised as t!e production &as )0.07 metric tons on
account of lo&er demand.
;!ereas t!e production capacity of ,ce Cream %actory &as increased due to anticipated
!ig!er sales in t!e subseKuent years. Actual production &as )7 million litres only due to
lo&er demand.
:9. FINANCIA7 INSTRUMENTS
Finania! asse$s and !ia.i!i$ies%
In$eres$ I Mar< up .earin& N#n@in$eres$ I N#n@"ar< up .earin& TOTA7
Ma$uri$y up Ma$uri$y Su.@$#$a! Ma$uri$y up Ma$uri$y Su.@$#$a!
$# #ne year a/$er #ne year $# #ne year a/$er #ne year
DRupees in t!ousandE
FINANCIA7 ASSETS
,nvestments > > > > 3## 3## 3##
<oans and advances to employees > > > -6,"3" "3#,-+- "66,000 "66,000
1eposits > > > ")#,8#8 +,+8# ")-,388 ")-,388
Trade debts > > > 338,60) > 338,60) 338,60)
Accrued interest @ mark up > > > ),86+ > ),86+ ),86+
4t!er receivables > > > "03,086 > "03,086 "03,086
Cas! and bank balances "3),33# > "3),33# "#0,687 > "#0,687 3)#,##7
"3),33# > "3),33# 07#,#+3 "3-,33- 8"-,306 7)8,+86
1ecember )", 3##6 38),0"3 > 38),0"3 -66,))3 "3#,))8 076,06# 78",383
FINANCIA7 7IABI7ITIES
Trade and ot!er payables > > > +,"80,8#) > +,"80,8#) +,"80,8#)
Accrued interest @ mark up > > > 0+,#6- > 0+,#6- 0+,#6-
<iabilities against assets
subRect to finance leases )3,)33 66,)36 "#7,0+7 > > > "#7,0+7
S!ort term borro&ings ),3)3,-3) > ),3)3,-3) > > > ),3)3,-3)
),30+,8+- 66,)36 ),)+3,"63 +,3-#,868 > +,3-#,868 6,-7),#-#
1ecember )", 3##6 ++#,8)# -3,7)3 +7),603 +,-#3,373 > +,-#3,373 +,770,#-+
OFF BA7ANCE SHEET ITEMS
%inancial Commitments'
4pen letters of credit @ guarantee > > > ",#37,706 > ",#37,706 ",#37,706
> > > ",#37,706 > ",#37,706 ",#37,706
1ecember )", 3##6 > > > ",")#,### > ",")#,### ",")#,###
T!e effective interest @ mark up rates for t!e monetary financial assets and liabilities are
mentioned in respective notes to t!e financial statements.
"3#

Finania! ris< "ana&e"en$ #.Ge$i4es and p#!iies
Capi$a! Ris< Mana&e"en$
T!e /roup:s obRectives &!en managing capital are to safeguard t!e /roup:s ability
to continue as a going concern in order to provide returns for s!are!olders and
benefit for ot!er stake!olders and to maintain an optimal capital structure to reduce
t!e cost of capital.
1uring 3##8 t!e /roup:s strategy &as to maintain leveraged gearing. T!e gearing
ratios as at 1ecember )", 3##8 and 3##6 &ere as follo&s'
5++2 3##6
DRupees in t!ousandE
Total borro&ings :0:350)95 +7),603 E
Cas! and 2ank ,5:+0++1- D)#-,##3E
.et debt :0))50)*: "88,60#
Total eKuity 5053;0)5+ 3,##",""7
/earing ratio ;2B 7$
T!e /roup finances its operations t!roug! eKuity, borro&ings and management of
&orking capital &it! a vie& to maintaining an appropriate mi9 bet&een various sources
of finance. ,n addition t!e /roup !as been investing !eavily in capital e9penditure &!ic!
!as been financed t!roug! debt.
i. In$eres$ I "ar< up ra$e ris<
T!e /roups income and operating cas! flo&s are substantially independent
of c!anges in market interest rates. T!e /roup !as no significant interest
bearing assets. /roups liabilities against finance leases and s!ort term
borro&ings are at fi9ed @ variable rates.
ii. C#nen$ra$i#n #/ redi$ ris<
Credit risk represents t!e accounting loss t!at &ould be recognised at t!e
reporting date if counter parties failed to perform as contracted. 4ut of t!e
total financial assets of Rs 7)8 million D3##6' Rs 78" millionE, t!e financial assets
t!at are subRect to credit risk amounted to Rs 337 million D3##6' Rs 3)7 millionE.
T!e /roup believes t!at it is not e9posed to maRor concentration of credit risk.
To manage e9posure to credit risk, t!e /roup applies credit limits to t!eir
customers.
iii. 7iAuidi$y ris<
Prudent liKuidity risk management implies maintaining sufficient cas! and marketable
securities and t!e availability of funding t!roug! an adeKuate amount of committed
credit facilities. /roup treasury aims at maintaining fle9ibility in funding by keeping
committed credit lines available.
"3"

i4. F#rei&n e('an&e ris< "ana&e"en$
%oreign currency risk arises mainly &!ere payables e9ist due to t!e transactions
&it! foreign undertakings, specially associated companies. Payables are e9posed
to foreign currency risks as currently t!ere is no instrument available in t!e market
to !edge t!e foreign currency e9posure.
4. Fair 4a!ues #/ /inania! asse$s and !ia.i!i$ies
T!e maRor portion of t!e /roup:s financial instruments is of a s!ort term nature
and &ould be settled in t!e near future. T!e carrying values of all financial
assets and liabilities reflected in t!e financial statements appro9imate t!eir
fair values. %air value is determined on t!e basis of obRective evidence at eac!
reporting date.
5++2 3##6
DRupees in t!ousandE
:2. CASH AND CASH EFUI8A7ENTS
Cas! and bank balances 5:+0++1 )#-,##3
S!ort term borro&ings > s!ort term running finance ,:05:50;5:- D+3),--6E
,:0++50;)3- D""8,---E
"33

:1. DETAI7S OF PROPERTY0 P7ANT AND EFUIPMENT DISPOSA7S
T!e details of property, plant and eKuipment disposed of during t!e year are given belo&'
C#s$ Au"u!a$ed B##< 8a!ue Sa!e M#de #/ Par$iu!ars #/ Pur'aser
Depreia$i#nI Pr#eeds Disp#sa!
I"pair"en$
DRupees in t!ousandE
Plant and mac!inery
8,+-) ),7++ +,-#7 6,06+ .egotiation PT Unilever ,ndonesia
Tbk /ra!a Unilever, C.,. Cend
/atot Subroto ?av. "-,
Cakarta, ,ndonesia.
6-,"-" 07,"#0 0,#+- +7# 4pen 2idding ,mran Ak!tar ?abaria
?ot Abdul (alik
<a!ore Road, S!eik!upura.
"#,"+# 7,-)) 0#6 06- N (a!boob 2rot!ers, 4pp. T!ana
.a&a ?ot, (ain 1!olan&al 2aBar,
.ear Qateem ?!ana, <a!ore.
+,7#0 +,++0 +0# )"6 N N
),83# ),+80 ))+ 37+ N (r. %aBal ?!an C@o (@S Aadir ?!an
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3,
Sector .o.", 5aidery (arket,
?!yaban>e>Sir Syed, Ra&alpindi
),+)6 3,863 -0- "08 N (r. .aeem A!mad, =agel Pak
4verseas (otor, 5ouse O 2@)7),
As!raf .agar, .ear Re!mania (asRid,
Papos! .agar, ?arac!i.
),)"- 3,)77 7"0 "0) N N
3,783 3,8+# "+3 "70 N (a!boob 2rot!ers, 4pp. T!ana
.a&a ?ot, (ain 1!olan&al 2aBar,
.ear Qateem ?!ana, <a!ore.
3,+77 3,)#+ "7- "73 P (r. %aBal ?!an C@o (@S Aadir ?!an
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3,
Sector .o.", 5aidery (arket,
?!yaban>e>Sir Syed, Ra&alpindi.
3,)83 3,#36 )-- "") P (r. .aeem A!mad, =agel Pak
4verseas (otor, 5ouse O 2@)7),
As!raf .agar, .ear Re!mania
(asRid, Papos! .agar, ?arac!i.
2alance carried for&ard ""6,#8- "#3,7-6 "+,"38 "#,383
"3)

C#s$ Au"u!a$ed B##< 8a!ue Sa!e M#de #/ Par$iu!ars #/ Pur'aser
Depreia$i#nI Pr#eeds Disp#sa!
I"pair"en$
DRupees in t!ousandE
Plant and mac!inery
2alance broug!t for&ard ""6,#8- "#3,7-6 "+,"38 "#,383
",8+) ",0+0 "76 ")- 4pen 2idding (r. %aBal ?!an C@o (@S Aadir ?!an
4ld (ac!inery & Scrap 1ealer,
<ocated at Plot O 2>30, Street O3, Sector .o.",
5aidery (arket,
?!ayaban>e>Sir Syed, Ra&alpindi
7)8 7)8 > +60 N So!ail A!med & 2rot!ers
/odo&n O 36), 1arul A!san To&n
Sammundari Road, %aisalabad.
),#0" 73# 3,"+" 3,"+" Claim .P1 %roBen %oods, Plot O A>""
S.,.T.=., Super 5ig!&ay, ?arac!i.
"33,736 "#0,+0" "0,+00 "),#)+
=lectrical, (ec!anical
and office eKuipment 8),)-3 6#,-#+ "3,8+8 "0,+0+ .egotiation 5e&lett>Packard Pakistan DPvt.E <td.
0+, .aBimuddin Road, %>8, ,slamabad.
3,886 3,-6" )"0 "7 4pen 2idding ,mran Ak!tar ?abaria
?ot Abdul (alik, <a!ore Road, S!eikupura.
80,3)7 6),#6- "),"0+ "0,+8)
%urniture and %ittings 3++ )+ 3"# 3"# Company Policy (r. Ayendra Cayesing!e > =9>=9cutive
(otor *e!icles 08,#67 "8,8+3 +7,3)6 +7,3)6 .egotiation 5abib 2ank <imited
,.,. C!undrigar Road, ?arac!i
",677 ",#") 680 ",33# Company Policy (r. ?!an ?as!if ?!an > =9>=9ecutive
",-#0 )66 ","37 ",3#- N (r. .aBir A!med > =9>=9ecutive
",)7+ 30" ",")) ",3)) N (r. Ayub *o!ra > =9>=9ecutive
",)7+ 86 ",)#6 ",)3+ N Syed Ga!id 5ussain > =9>=9ecutive
",)60 088 088 7)0 N (r. Umar ?!alid > =9ecutive
",)-- 8+ ",36" ",363 N (r. (ustafa A. ?!an > =9>=9ecutive
",388 88+ +#+ 66) N (r. ,mran 5usain > =9ecutive
",367 +8# 677 70# N (r. Gubair 5asnain > =9ecutive
",3+8 ","6) 6- +0# N (r. Ra!eel A!med Aures!i>=9ecutive
",3"7 0#7 0"# 0-" N (r. Ga!id 5ussain > =9>=9ecutive
",#+) -80 +-6 > N (s. %areena (a!mud 5ameed > =9>=9ecutive
776 7+# -6 +-# N (r. Amin RaBBaK > =9ecutive
8)- 030 3#7 +8# N (r. 5as!im S!ouket > =9ecutive
-7- +#7 "80 "6" N (r. 2as!arat A!med > =9 =9ecutive
+,### 3,776 ",##) ",0#3 Auction (r. A!med Ali ?!an, 5ouse O 1>8, 2lock 2,
.ort! .aBimabad, ?arac!i
)0- 3) )+3 )0# ,nsurance Claim .e& Cubilee ,nsurance Company <imited
.C, 5ouse, ,.,. C!undrigar Road, ?arac!i.
)0- 376 08 )3- N N
+#7 -" )-8 +#7 N N
7#,-+0 )#,+36 0#,""7 0),#08
Asse$s 'a4in& .##< 4a!ue !ess $'an Rs. ;+0+++
=lectical and (ec!anica ! ),30" ),3)) 38 ""#
(otor *e!icles 0#,3#3 -7,667 +3) 36,63-
;rite off
Plant and (ac!inery ","80 ",#68 "#8 >
=lectrical, mec!anical
and office eKuipment ",--6 ",+)) "3+ >
%urniture and %ittings 3,-38 3,)+- "8) >
)08,07# 366,80- 7#,83- "3#,0)#
"3+

3+. MONOPO7Y CONTRO7 AUTHORITY ORDER
;it! respect to t!e (onopoly Control Aut!ority 4rder dated 1ecember "7, 3##0,
terminating t!e non>competition agreement and reKuiring t!e /roup to refund t!e
amount of Rs 3-# million to 1alda %oods DPrivateE <imited D1%<E &it!in fifteen days of
receipt of t!e 4rder, as disclosed in t!e previous annual financial statements, t!e
management, based on legal advice, is of t!e vie& t!at t!e agreement bet&een t!e /roup
and 1%< is not in t!e violation of t!e (onopolies and Restrictive Trade Practices 4rdinance
"76#. T!e /roup filed an appeal in t!e 5ig! Court against t!e 4rder &!ic! &as admitted
and t!e operation of (CA:s order &as stayed. At present, t!e appeal is pending for
!earing.
3). CORRESPONDING FIGURES
3).) Prior year:s figures !ave been reclassified for t!e purpose of better presentation and
comparison. C!anges made during t!e year are as follo&s'
Re!assi/ia$i#n /r#" Re!assi/ia$i#n $# A"#un$
#"p#nen$ #"p#nen$ ,Rupees in
$'#usand-
Stores and Spares Capital &ork in progress "6,#6)
2ills payable Accrued liabilities +#8,)"6
Creditors Accrued liabilities ""6,38)
Auditors remuneration and provision for doubtful debts > trade and ot!ers from ot!er
operating e9penses to administrative e9penses'
Auditors remuneration Auditors remuneration "#,70+
Provision for doubtful debts Provision for doubtful debts
> trade and ot!ers > trade and ot!ers ),8#)
35. DATE OF AUTHORISATION
T!ese financial statements &ere aut!orised for issue on %ebruary 0, 3##7 by t!e 2oard
of 1irectors of t!e /roup.
E'san A. Ma!i< I"ran Husain
C!airman & C!ief =9ecutive 1irector
"3-

F#r" #/ Pr#(y
T'e Sere$ary
Uni!e4er Pa<is$an 7i"i$ed
A4ari P!aMa0 Fa$i"a Linna' R#ad
?ara'i@9;;:+
,@ ;e YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYson@ daug!ter@ &ife of YYYYYYYYYYYYY,
s!are!older of Unilever Pakistan <imited, !olding YYYYYYordinary @ preferences
s!ares !ereby appoint YYYYYYYYYYY&!o is my YYYYYYYYYYYY Fstate relations!ip Dif
anyE &it! t!e pro9yL reKuired by /overnment regulationsH and t!e son @ daug!ter@
&ife of YYYYYYYYYYYYYYY, D!olding YYYYYYYYYY ordinary @ preference s!ares in t!e
Company under %olio .o. YYYYYYYE FreKuired by /overnmentL delete if pro9y is
not t!e Companys s!are!oldersH as my @ our pro9y, to attend and vote for me @
us and on my @ our be!alf at t!e Annual /eneral (eeting of t!e Company to be
!eld on 8 April, 3##7 and @ or any adRournment t!ereof.
Signed t!is YYYYYYYYYY day of YYYYYYYYY 3##7.
DSignature s!ould agree &it! t!e specimen
signature registered &it! t!e CompanyE
Wi$nesses%
".YYYYYYYYYYYYYYYYYY
Sign across Rs -@>
Revenue Stamp
3.YYYYYYYYYYYYYYYYYY
Signature of (emberDsE
S!are!olders %olio .o.YYYYYYYYYYYYYYYY
and @ or C1C Participant ,.1. .o.YYYYYYY
and Sub> Account .o. YYYYYYYYYYYYYYY
N#$e%
". T!e (ember is reKuested'
DaE to affi9 Revenue Stamp of Rs. -@> at t!e place indicated above.
DbE to sign across t!e Revenue Stamp in t!e same style of signature as is
registered &it! t!e Company.
DcE to &rite do&n !is %olio .umber.
3. ,n order to be valid, t!is pro9y must be received at t!e registered office of
t!e company at least +8 !ours before t!e time fi9ed for t!e (eeting, duly
completed in all respects.
). C1C S!are!olders or t!eir pro9ies s!ould bring t!eir original .ational ,dentity
Card or Passport along &it! t!e Participants ,1 .umber and t!eir Account
.umber to facilitate t!eir identification. 1etailed procedure is given in t!e
.otes to t!e .otice of A/(.