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Imtiaz Jaleel Chairman Member Member Secretary & Head of Internal Audit AUDITORS Messers A.UNILEVER PAKISTAN FOODS LIMITED COMPANY INFORMATION BOARD OF DIRECTORS Mr.pk 1 . M. Malik Ms. WEBSITE ADDRESS www. Badaruddin F. Chundrigar Road.pk www. 1-C I. Qaysar Alam Ms. Adil Mannoo Mr.com. Qaysar Alam Mian Zulfikar H. Chundrigar Road. Karachi. Mannoo Mian M. Shazia Syed Chairman Chief Executive Director & CFO Director Director Director Director Director Director Director COMPANY SECRETARY Mr.unileverpakistanfoods.I. Fariyha Subhani Mr. Imran Husain Mr. F. Abdul Rab Mian Zulfikar H. Vellani Mr. REGISTERED OFFICE Avari Plaza Fatima Jinnah Road. Mannoo Mr. Karachi. Ehsan A.com.I. Karachi -75530 SHARE REGISTRATION OFFICE M/s Famco Associates (Pvt) Limited State Life Building No.1-A I. Kamal Monnoo Mr. Imran Husain Mr.unileverpakistan. Ferguson & Co Chartered Accountants State Life Building No. Amar Naseer AUDIT COMMITTEE Mr. M.
Our parent company Unilever has contributed Rs.456 20.971 330. which have disrupted the lives of many. 2010 Fariyha Subhani Chief Executive 2 .783 35.808. In this challenging environment we remain committed to build strong brands which deliver exceptional value to our consumers. On behalf of the Board Karachi August 24.311 219.) 2.045.UNILEVER PAKISTAN FOODS LIMITED Directors’ Review The directors are pleased to present the financial statements for the half year ended June 30. '000) Profit before Taxation (Rs. Financial Results Half Year Ended June 2010 2009 1. '000) Profit after Taxation (Rs.21 Net Sales (Rs. 2010 in which earnings increased by 77% on the back of 13% growth in sales.588 124. Knorr Cubes and Rafhan Desserts recorded high growth.69 Knorr Noodles remained the star performer with the success of the “Quest for the Noodle Pot” campaign which further strengthened its lead. responding to continuing efforts to develop these categories. Future Outlook The challenge of inflationary pressure has been compounded by the devastating floods in the country.945 187. customers and shareholders. ‘000) Earnings per Share (Rs. 110m and we are working with leading NGOs and distributors in providing relief and in the rehabilitation effort.
2010 and the related condensed interim profit and loss account. we do not express an audit opinion. The figures of the condensed interim profit and loss account for the quarters ended June 30. A review of interim financial information consists of making inquiries. in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. 2010. A. as we are required to review only the cumulative figures for the half year ended June 30. Accordingly. and applying analytical and other review procedures. primarily of persons responsible for financial and accounting matters. nothing has come to our attention that causes us to believe that the accompanying interim financial information as of and for the half year ended June 30. 2010 Name of the Engagement Partner: Ali Muhammad Mesia 3 . 2010 and 2009 have not been reviewed. "Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410. Our responsibility is to express a conclusion on this interim financial information based on our review. in all material respects. Ferguson & Co. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.F.UNILEVER PAKISTAN FOODS LIMITED AUDITORS’ REPORT TO THE MEMBERS ON REVIEW OF INTERIM FINANCIAL INFORMATION Introduction We have reviewed the accompanying condensed interim balance sheet of Unilever Pakistan Foods Limited as at June 30. 2010 is not prepared. Conclusion Based on our review. condensed interim cash flow statement and condensed interim statement of changes in equity together with the notes forming part thereof for the half year then ended (here-in-after referred to as the “interim financial information”). Chartered Accountants Karachi Dated: August 24.
364 71.573 40.095 1.704 4.558 Fariyha Subhani Chief Executive Abdul Rab Director & Chief Financial Officer 4 .080 268.180 974.696 600.836 0 The annexed notes 1 to 8 form an integral part of this condensed interim financial information.173.576 207.UNILEVER PAKISTAN FOODS LIMITED CONDENSED INTERIM BALANCE SHEET AS AT JUNE 30.872 81. 2010 Unaudited Audited June 30.182 948 18.637 3.obligations Deferred taxation Current liabilities Trade and other payables Accrued interest / mark-up Sales tax payable Short term borrowings Total liabilities Commitments Total equity and liabilities 3 2 286.656 402.994 17.095 30.190 23.335 803.558 288.503 598. December 31.656 13.683 706.840 79. plant and equipment Intangible assets Long term loans Long term prepayment Current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Taxation .463 14.836 61.039 15.752 2.287 86. 2010 2009 (Rupees in thousand) Note ASSETS Non-current assets Property.232 61.649 11.963 18.663 370.300 771.291 58.683 974.173.152 21.153 14.844 82.163 81.201 103.787 538.636 333.576 340.778 148.775 680.252 734.326 512.618 11.289 355 374.637 2.836 7.payments less provision Cash and bank balances Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves LIABILITIES Non-current liabilities Retirement benefits . 1.
000 1.945 (1.078) 121.614) 31.Rupees The annexed notes 1 to 8 form an integral part of this condensed interim financial information.648) (15.333) (110.282 (258.000) 58.061 337.608 2.862) 9.69 (74. 2010 2009 (Rupees in thousand) Sales Cost of sales Gross profit Distribution cost Administrative expenses Other operating expenses Other operating income 1.085) (12.179 (12.922 19.971 (1.968 (441.953) (17.deferred 182.994 5. 2010 .311 337.373 (13. 2010 2009 HALF YEAR ENDED June 30. June 30.096.049) (15.720 (63.718 (3.045.852) 11.718) 179.132) 124.UNILEVER PAKISTAN FOODS LIMITED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED JUNE 30. June 30.80 (25.588 (64.708 82.815 234. Fariyha Subhani Chief Executive Abdul Rab Director & Chief Financial Officer 5 .current .620) 7.112.783 35.221 (629.431) 5.931) (8.311 1.495) 187.987) 12.061 (6.179 (24.542 (57.229 (448.750) 330.747) (8.003) 9.083 (24.883 182.195) (6.121) 6.010.083 (22.571) 45.742) 819.164) (3.977) 695.20 (104.660 (640.000) 210.UNAUDITED QUARTER ENDED June 30.378) 456.664) (24.718) 380.456 20.21 Profit after taxation Earnings per share .226.718 Restructuring cost Profit from operations Finance cost Profit before taxation Taxation .808.528) 219.503 (293.
716 59 (751) The annexed notes 1 to 8 form an integral part of this condensed interim financial information.916) 2. plant and equipment Return received on savings accounts Net cash used in investing activities CASH FLOW USED IN FINANCING ACTIVITY Dividends paid Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 4 (86.040 219.913) 626 355 163.162 (108. 2010 .588) (60.320 (5.603) (99.785 299.344) (456) 3.511) (2.526) 1. 2010 2009 (Rupees in thousand) 268. plant and equipment Sale proceeds of property.569) (100. Fariyha Subhani Chief Executive Abdul Rab Director & Chief Financial Officer 6 .112) 63.UNAUDITED Note June 30.787 CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations Finance cost paid Income tax paid Decrease / (Increase) in long term loans Decrease in long term prepayment Net cash from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property.081) 133.917) (85.614) (16.079) (44.389 16 (14. June 30.955 (234.135 (21.UNILEVER PAKISTAN FOODS LIMITED CONDENSED INTERIM CASH FLOW STATEMENT FOR THE HALF YEAR ENDED JUNE 30.
207) (86.630 628 138 214. 2009 Final dividend for the year ended December 31.576 24.080 124.576 24.630 628 628 138 138 124.500 181. 2009 Balance as at June 30.783 402.251 239. 2010 Final dividend for the year ended December 31.647 301.783 340.207) (86.656 - - - - (86.260 219.207) (86.207) 61.472 268. 2010 Balance as at June 30. 2010 61.456 277.UNAUDITED SHARE CAPITAL RESERVES REVENUE General Unappropriated Profit (Rupees in thousand) Balance as at January 1. 2008 @ Rs 14 per share Profit after taxation for the half year ended June 30.630 24.207) (86.684 124.223 TOTAL SUB TOTAL CAPITAL Share Special Premium - - - - (86.630 628 138 219.783 315. 2009 @ Rs 14 per share Profit after taxation for the half year ended June 30. Fariyha Subhani Chief Executive Abdul Rab Director & Chief Financial Officer 7 .207) 61.232 The annexed notes 1 to 8 form an integral part of this condensed interim financial information.576 24. 2010 . 2009 Balance as at January 1.456 339.456 252.UNILEVER PAKISTAN FOODS LIMITED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED JUNE 30.576 61.656 219.896 207.
2010 June 30.UNILEVER PAKISTAN FOODS LIMITED SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE HALF YEAR ENDED JUNE 30.006 5. December 31. 2009 (Rupees in thousand) Plant and machinery Electrical. 2010 has been prepared in accordance with the requirements of the International Accounting Standard 34.006 16. PLANT AND EQUIPMENT Operating assets .110 286. 2009. In case where requirements differ. The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements of the Company for the year ended December 31.269 13. 1984 have been followed. BASIS OF PREPARATION This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the half year ended June 30. 1984 and the Listing Regulations of Karachi and Lahore Stock Exchanges. 1984. 2010 2009 (Rupees in thousand) 2. “Interim Financial Reporting” and provisions of and directives issued under the Companies Ordinance. This condensed interim financial information is being submitted to the shareholders as required under Section 245 of the Companies Ordinance.469 1. 2010 . 2009 Disposals (at net book value) June 30.795 6. the provisions of or directives issued under the Companies Ordinance.1 Additions and disposals to operating assets during the period are as follows: Additions (at cost) June 30.163 288.672 200 288. (Audited) June 30. 2010 June 30. PROPERTY.872 2.UNAUDITED 1.at cost 285.053 1.533 276 276 826 826 8 .at net book value Capital work in progress . mechanical and office equipment Motor vehicles 16.
586 6.24 million). June 30.917) 4. 2009 2010 (Rupees in thousand) Relationship with the Company i) Ultimate parent company Nature of transactions Technology fee 16.463 47.508 7.446 14.888 7. COMMITMENTS Commitments for capital expenditure outstanding as at June 30.796 26.445 4.335 (103.252) (44.156 20.845 ii) iii) Holding company Royalty Other related parties Purchase of goods Sale of goods Reimbursement of expenses to related party Recovery of expenses from related party Fee for receiving of services from related parties 506.230 464.346) (100.441 15. 2010 2009 (Rupees in thousand) 4.884 58.131 14.867 12.614) 5.769 iv) Key management personnel Salaries and other short term employee benefits 2. June 30. RELATED PARTY TRANSACTIONS Significant related party transactions during the period are as follows: June 30.732 (105. CASH AND CASH EQUIVALENTS Cash and bank balances Short term borrowings 58.3.285 9 . 2010 amounted to Rs 22.22 million (2009: Rs 5. June 30.
2009 2009 (Rupees in thousand) 300 939 552 1. for issue Fariyha Subhani Chief Executive Abdul Rab Director & Chief Financial Officer 10 . 2010 by the Board of Directors of the Company. CORRESPONDING FIGURES Prior period's figures have been reclassified for the purpose of better presentation and comparison. 2010 declared an interim cash dividend of Rs 35 per share (2009: Rs 20 per share) amounting to Rs 215.6. June 30. 7. This condensed interim financial information does not reflect this dividend payable. Changes made during the period are as follows: Quarter Half Year Ended Ended June 30. INTERIM DIVIDEND The Board of Directors in its meeting held on August 24.15 million).52 million (2009: Rs 123. DATE OF AUTHORISATION FOR ISSUE This condensed interim financial information was authorised on August 24.910 Reclassification from component Reclassification to component Other operating expenses Administrative expenses Distribution expenses Administrative expenses 8.
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