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PIONEER CEMENT LIMITED

Balance Sheet
Rs thousands
Equity and Liabilities

2009

2010

2011

2012

Share Capital and Reserves


Authorised capital

2,500,000

3,500,000

3,500,000

3,500,000

Issued, subscribed and paid-up capital


Reserves
Unappropriated Profit
Total Equity

1,995,324
405,217
2,180,889
4,581,430

2,227,552
(9,334)
2,120,629
4,338,847

2,271,489
195,136
2,058,777
4,525,402

2,271,489
864,975
1,781,541
4,918,005

Non-current Liabilities
Redeemable capital
Long term loans and finances
Liabilities against assets subject to finance lease
Long term creditor- unsecured
Long term deposits
Deferred taxation
Deferred liability
Total Non-Current Liabilities

0
1,128,774
215,480
8,731
1,068
0
923,120
2,277,173

0
466,231
120,797
2,348
1,168
0
487,764
1,078,308

0
404,567
87,505
0
1,763
0
423,903
917,738

0
115,728
43,971
0
3,400
0
536,039
699,138

Current Liabilities
Current portion of:
redeemable capital
long term loans and finances
liabilities against assets subject to finance lease
short term finances
trade and other payables
Accrued profit and interest/mark-up
Taxation
Dividends
Total Current Liabilities

0
2,069,927
0
524,929
629,132
226,748
38,395
0
3,489,131

0
2,569,938
0
1,069,961
903,936
342,892
21,612
0
4,908,339

0
2,557,861
0
685,515
689,561
440,492
30,791
0
4,404,220

0
2,903,658
0
267560
816,168
489,632
16,360
0
4,493,378

Contingencies and Commitments


Total Liabilities and Equity
Assets
Non-Current Assets
Property, plant and equipment
Investments
Long term loans-secured, considered good
Intangible assets
Long term deposits and prepayments
Deferred Taxation
Total Fixed Assets
Current Assets

10,347,734 10,325,494

9,254,674
0
7,563
64,920
0
9,327,157

8,937,904
0
482
0
53,080
0
8,991,466

9,847,360 10,110,521

8,612,974
0
201
989
49,005
0
8,663,169

8,130,414
0
0
769
38292
0
8,169,475

Stores, spares and loose tools


Stock-in-trade
Trade debts-unsecured considered good
Loans and advances
Deposits and short term prepayments
Short term investment- held for trading
Sales tax, customs and excise duty
Due from gratuity fund trust
Other receivables
Cash and bank balances
Total Current Assets
Total Assets

506,050
146,066
37,402
25,202
46,130
0
81,043
0
19,382
159,302
1,020,577

932,961
132,072
36,851
53,542
25,374
0
76,511
0
20,845
55,872
1,334,028

10,347,734 10,325,494

672,489
160,926
21,475
65,043
10,000
0
74,649
0
29,437
150,172
1,184,191

1,050,927
425,858
28,236
54,434
10,585
0
76,418
0
25,679
268,909
1,941,046

9,847,360 10,110,521

2013

3,500,000
2,271,489
2,171,194
1,726,527
6,169,210

0
786,718
0
3,460
0
1,213,135
2,003,313

0
1,716,329
0
497,086
894,932
254,887
66,400
0
3,429,634

11,602,157

7,795,151
65,000
0
549
39,688
7,900,388

990,194
314,928
49,794
21,213
5,341
776,186
70,010
0
9,311
1,464,792
3,701,769
11,602,157

MAPLE LEAF CEMENT FACTORY LTD


Income Statement
Rs thousand
2009
Sales
Cost of Sales
Gross Profit
Administrative Expenses
Distribution Cost
Other Operating Expenses
Total Operating Expenses
Operating Income
Other Operating Income
EBIT
Finance Cost
EBT
Taxation
Current
Prior year
Deferred

Net Income
Basic Earnings per share
Diluted Earnings per share

5,000,235
3,667,343
1,332,892
97,654
359,975
277,539
735,168
597,724
28,047
625,771
451,465
174,306
10,108

2010

2011

2012

3,872,834 5,272,888 6,487,127


3,953,814 4,531,162 4,900,167
(80,980) 741,726 1,586,960
78,835
52,321
61,907
158,842
150,576
78,800
168,289
129,286
214,148
405,966
332,183
354,855
(486,946) 409,543 1,232,105
20,285
20,197
20,259
(466,661) 429,740 1,252,364
392,658
357,916
328,024
(859,319)
71,824
924,340

128,084
138,192

(23,073)
(233)
291,700
268,394

(53,984)
0
102,810
48,826

(65,739)
0
257,084
322,823

36,114

(590,925)

120,650

601,517

0.18
0.18

(2.87)
(2.87)

0.54
0.54

2.65
2.65

2013
7,568,432
5,163,047
2,405,385
62,278
89,961
(45,478)
106,761
2,298,624
120,055
2,418,679
170,280
2,248,399
(42,576)
0
670,681
713,257
1,535,142
6.76
6.76

MAPLE LEAF CEMENT FACTORY LTD


Cash Flow
Rs thousands
2009
Cash Flow from Operating Activities
Profit for the year-before taxation
174,306
Adjustments for:
Depreciation
380,318
Gain on disposal of operating fixed assets
(585)
Gain on revaluatioln of investment property
0
Deferred liability for vacation benefits
0
Finance cost
451,466
Provision for compensated absences and gratuity
5,678
provision for slow moving of stores,spare parts and loos
0
Provision for doubtful debts
property, plant and equipment written-off
0
unclaimed balances written-back
(1,770)
profit on bank deposits
0
Unrealized gain on investment
0
worker's profit participation fund
Exchange fluctuation gain
256,282
Bad debts written off
0
Cash inflow from operating activities before working cap 1,265,695
(Increase)/decrease in current assets
stores,spares and loose tools
(78,040)
stock-in-trade
(77,376)
Trade debts
2,722
Loans and advances
35,540
Deposits and short term prepayments
(187)
Sales tax, customs and excise duty
31,131
Due from gratuity fund trust
13,120
Other receivables
245
Increase in trade and other payables
(212,277)
(285,122)
cash inflow from operating -before tax
980,573
taxes paid
(80,426)
worker's profit participation fund
Gratuity and compensated absences paid
(2,760)
Dividend paid
(60)

2010

2011

(859,319)

71,824

391,843
(1,610)
0
0
392,658
15,728
0
0
0
(1,617)
0
0
0
156,167
733
94,583

379,175
(2,289)
0
0
357,916
16,691
0
0
0
0
0
0
3,857
114,895
10,492
952,561

(426,911)
13,994
(182)
(28,340)
253
(16,783)
(3,749)
(1,463)
280,828
(182,353)
(87,770)
(18,774)
(9,371)
(5,879)
(19)

260,472
(28,854)
4,976
(10,939)
17
9,178
1,466
(8,593)
(222,637)
5,086
957,647
(52,605)
0
(9,286)
(5)

1,157
15,081

7,081
32,343

281
19,684

net cash inflow from operating -after tax

913,565

(82,389)

915,716

Cash Flow from Investing Activities


Fixed capital expenditure
Sale proceeds of operating fixed assets
Long term loans to employees
Long term deposits and prepayments

(68,940)
5,397
0
0

(77,301)
3,838
0
0

(56,238)
4,242
0
0

Decrease in Long-term loans


Decrease in long-term deposits - net

Profit on bank deposits received


Increase in short term investment
Net Cash Outflow from Investing Activities
Cash Flow from Financing Activities
Proceeds from issue of ordinary shares
Long term musharaka finance
Proceeds from issue of Murabaha finance
Term finance certificates redeemed
Long term loans and finances less repayments
Long term deposits from stockists-net
Lease finances - net
Lease finance advances
Short term finances - net
Finance cost paid
Ordinary dividend paid
Preference dividend paid
Net cash Inflow from Financing Activities
Net (Decrease)/Increase in Cash and Cash Equivalents
Cash and Cash Equivalents - at the beginning of the yea
Cash and Cash Equivalents - at the end of the year

0
0
(63,543)

0
0
(73,463)

0
0
(51,996)

0
0
0
0
(391,996)
0
0
(256,149)
207,046
(341,918)
0
0
(783,017)
67,005
92,297
159,302

0
0
399,109
0
(116,385)
0
0
(210,044)
115,152
(135,410)
0
0
52,422
(103,430)
159,302
55,872

0
0
(274,155)
0
(87,220)
0
0
(112,727)
(110,291)
(185,027)
0
0
(769,420)
94,300
55,872
150,172

2012

2013

924,340 2,248,399
366,900
(3,125)
0

377,267
(1,513)
(2,403)

328,024
170,280
21,624
18,940
49,394
0
9,446
25,855
0
0
(4,570)
(29,994)
0
(8,078)
0
(26,186)
48,650
118,337
158,243 (191,720)
0
0
1,898,926 2,699,184
(427,832)
60,733
(264,932)
110,930
(13,235)
(28,032)
2,052
33,222
5,000
5,244
(14,431)
50,040
0
0
3,561
5,065
81,977
(38,920)
(627,840) 198,282
1,271,086 2,897,466
(67,508)
(36,168)
(3,857)
(48,650)
(9,794)
(11,087)
(8) (237,380)
201
12,350

0
(1,336)

1,202,470 2,562,845

(47,099)
3,564
0
0

(104,427)
1,559
0
0

0
0
(43,535)

0
(750,000)
(852,868)

0
0
0
899,908
(81,101)
(43,853)
0
0
(241,824) (926,391)
0
0
0
0
(66,746)
(70,555)
(336,854) 273,379
(313,673) (646,582)
0
0
0
0
(1,040,198) (514,094)
118,737 1,195,883
150,172
268,909
268,909 1,464,792

MAPLE LEAF CEMENT FACTORY LTD


Statement of Changes in Equity
Share Capital

Balance as at 30 June, 2004 - as reported


Effect of changes in accoutning policy relating to:
transfer to revenue reserve made subsequent to the year-end
measurement of available-for-sale investments at fair value
Balance as at 30 June 2004 - as restated
Final dividend for the year ended 30 June 2004
transfer to revenue reserve made subsequent to the year-end
Nominal value of ordinary shares issued
Premium received on issue of ordinary shares
Write-off of expenses incurred on issue of ordinary and preference shares
Nominal value of preference shares issued
Fair value gain on measurement of available-for-sale investments
Profit for the year ended 30 June 2005
Transfer to capital redemption reserve
Dividend on preference shares for the year ended 30 June 2005
Balance as at 30 June 2005 - as restated
Balance as at 30 June 2005 - as reported
Effect of changes in accounting policy relating to:
transfer to reserve for issue of bonus shares made subsequent to the year-end
transfer to revenue reserve made subsequent to the year-end
measurement of available-for-sale investments at fair value
Balance at at 30 June 2005 - as restated
Transfer to reserve for issue of bonus shares
transfer to revenue reserve made subsequent to the year-end
Nominal value of bonus shares issued
Fair value gain on measurement of available-for-sale investments
Profit for the year ended 30 June 2006
Transfer to capital redemption reserve
Dividend on preference shares for the year ended 30 June 2006
Balance as at 30 June 2006

1,804,913
0
0
1,804,913
0
0
902,457
0
0
541,474
0
0
0
0
3,248,844
3,248,844
0
0
0
3,248,844
0
0
270,737
0
0
0
0
3,519,581

Share Premium

1,460,423

Fair value reserve on Capital Redemption Reserve Revenue Reserve


measurement of
available-for-sale
investments
0
0
100,000

0
0
1,460,423
0
0
0
721,966
(27,499)
0
0
0
0
0
2,154,890
1,884,153

0
6,664
6,664
0
0
0
0
0
0
2,902
0
0
0
9,566
0

0
0
0
0
0
0
0
0
0
0
0
20,769
0
20,769
20,769

(100,000)
0
0
0
100,000
0
0
0
0
0
0
0
0
100,000
800,000

270,737
0
0
2,154,890
(270,737)
0
0
0
0
0
0
1,884,153

0
0
9,566
9,566
0
0
0
2,829
0
0
0
12,395

0
0
0
20,769
0
0
0
0
0
90,245
0
111,014

0
(700,000)
0
100,000
0
700,000
0
0
0
0
0
800,000

Reserve for Issue of Bonus Shares

Unappropriated Profit Total

332,208

3,697,544

0
0
0
0
0
0
0
0
0
0
0
0
0
0
270,737

100,000
0
432,208
(270,737)
(100,000)
0
0
0
0
0
727,450
(20,769)
(11,759)
756,393
56,393

0
6,664
3,704,208
(270,737)
0
902,457
721,966
(27,499)
541,474
2,902
727,450
0
(11,759)
6,290,462
6,280,896

(270,737)
0
0
0
270,737
0
(270,737)
0
0
0
0
0

0
700,000
0
756,393
0
(700,000)
0
0
1,059,240
(90,245)
(52,794)
972,594

0
0
9,566
6,290,462
0
0
0
2,829
1,059,240
0
(52,794)
7,299,737

Activity Analysis
Short-Term (Operating) Activity Ratios
2004
30.02

2005
28.43

12

13

76.56

104.31

95174

128963

0.64

0.67

567

546

(4.82)

(1.28)

Fixed Assets Turnover

0.68

0.43

Total Asset Turnover

0.57

0.37

17

16

567

546

Length of Cash Cycle

(550)

(530)

Current Ratio

0.29

0.27

Quick Ratio

0.06

0.02

Cash Ratio

0.05

0.01

Cash Flow from Operations


Ratio

0.26

(0.02)

3,942,873

4,119,977

Inventory Turnover
Avg # of days inventory
in stock
Receivable turnover
Avg # of days Receivable
outstanding
Purcahses (for working)
Payable Turnover
Avg # of days payables
outstanding
Working Capital Turnover

Long-Term (Investment) Activity Analysis

Liquidity Analysis
Operating Cycle
Less: Payable Outstanding

Projected Expenditures

Defensive Interval

18

Debt to total Capital

0.56

0.58

Debt to Equity

1.26

1.38

Times Interest earned

1.39

(1.19)

CFO to Debt

0.16

(0.01)

Gross Margin

0.27

(0.02)

Operating margin

0.12

(0.13)

Margin before interest and tax

0.13

(0.12)

Pretax Margin

0.03

(0.22)

Profit Margin

0.01

(0.15)

OLE

0.80

7.74

Long term Debt and Solvency Analysis

Profitability Analysis

Contribution
Contribution Margin ratio

503,432.01 (3,613,204.04)
0.10

(0.93)

FLE

17.33

0.79

TLE

13.94

6.11

ROA (Net Income/Avg Total Assets)


% change

0.41%

-6.70%

ROA ((Net Income + After tax Interest Cost)/ Avg Total Assets)
%change

1.47%

-0.73%

ROA (EBIT/Avg Total Assets)


% change

7.08%

-4.51%

ROTC ( pretax)

7.08%

-4.51%

ROTC (post tax)

1.47%

-0.73%

ROE ( Pretax Income/Avg Stockholder's Equity)


% change

4.47%

-19.27%

ROE ( Net Income/ Avg Stockholder's Equity)


% change

0.93%

-13.25%

Total Asset Turnover


Return on Sales
ROA

0.57
0.01
0.41%

0.37
(0.15)
-5.72%

Three Components disaggregation of ROE


Net Income/ Sales
Sales/ Avg Total Assets
Avg Total Assets/ Avg Equity
ROE

0.01
0.57
2.27
0.93%

(0.15)
0.37
2.34
-13.36%

Five Componenets disaggregation of ROE


Net Income / EBT
EBT / EBIT
EBIT / Sales
Sales / Avg Total Assets
Avg Total Assets/ Avg Equity
ROE

0.21
0.28
0.13
0.57
2.27
0.93%

0.69
1.84
(0.12)
0.37
2.34
-13.36%

2006
30.93
12

180.81
2

177210
0.59
615

(1.55)

0.60
0.52

14
615
(601)
0.27
0.04
0.03
0.21

4,657,147

13

0.54
1.18
1.20
0.17

0.14
0.08
0.08
0.01
0.02
(5.31)
###
(0.43)
3.56
(18.93)

1.41%

2.33%

4.26%

4.26%

2.33%

1.86%

2.72%

0.52
0.02
1.20%

0.02
0.52
2.22
2.65%

1.68
0.17
0.08
0.52
2.22
2.65%