Century Paper Annual Report 2018 PDF

ANNUAL REPORT
Clean - Green - Sustainable
Century Paper & Board Mills Limited

Vision
To be the market leader and an enduring force

in the paper, board and packaging industry,
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Mission
stakeholders, society and our nation.
To strive incessantly for excellence and sustain

our position as a preferred supplier of quality
paper, board and packaging material within
a team environment and with a customer
focussed strategy.
Contents
Core Values 02
Code of Ethics 03
Organogram 05
Year at a Glance 06
Key Figures and Ratios 07
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Summarized Six Year Data 30
Financial Performance 32
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Form of Proxy
Core Values
Integrity
Let integrity guide
Humility & all our decisions. Change
Compassion
p
Reach out to others See cha
change
a
through humility & opportunity.
as an oppo
o
compassion.
E thical in all our A
e are ction
W
s
r Satisfaction
Customer
er Centric
Centric Our IInnovation
nnovaa
We Strive
Deliver unmatched
unmatcheed
e Values Seek room fo
S
in
fforr in
innovation
in all our ideas, practices,
p
e
customer centric
er centri
i
ic products & ser services.
r
tom
experience.
erience
or
s
Cu
xc
r llen e
Delive ce
We Continuous
Sense
ensse of Improvemment
Improvement
Urgency
rgenccy Mindset
Minds
set
Facilitate process centric
Operate with a sense
thinking to continually
of urgency in everything
improve, correct, and
we do.
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Teamwork
Use teamwork to multiply
our collective energies.
2 Century Paper & Board Mills Limited

Code of Ethics
Our core business is to manufacture paper, distort the pricing and availability is contradictory to
paperboard and packaging products to provide our business code of conduct. Any anti-trust activity
local businesses and individuals quality products of Z\JOHZWYPJLÄ_PUNTVUVWVSPaH[PVUVYMVYTPUNJHY[LS
international standard. We are very strong believer of suppliers is prohibited. Our marketing policies are
of the fact that Ethics and Good Practices play a customer focussed, placing high values in satisfying
vital role in advancement and betterment of the their requirements with emphasis on quality, service
Company. To support our belief, we endeavor our and product development. As a long term marketing
best to follow these ethical and good practices. strategy we vision to diversify and add value to
our products while maintaining close liaisons with
Corporate Governance markets, customers and their needs.
We as a responsible corporate citizen strongly adhere Business Risk Management
to Corporate Governance principles and comply
with regulatory obligations enforced by regulatory Our risk management policies are geared to enhance
agencies for improving corporate performance. We shareholders worth, improve credit worthiness and
believe in uprightness of performance and expect it minimize credit risk while diversifying income, supplier
to be a fundamental responsibility of our employees and customer bases and maintaining relationships
to act in the Company’s best interest while holding ^P[OÄUHUJPHSPUZ[P[\[PVUZ
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to neither solicit internal information from others nor Social and Community Commitments
KPZJSVZL *VTWHU`»Z ÄN\YLZ KH[H VY HU` TH[LYPHS We believe in community development without
information to any unauthorized persons/body. WVSP[PJHS HѝSPH[PVUZ ^P[O HU` WLYZVUZ VY NYV\W VM
Human Resource Development persons working for gains. We contribute our
resources for better environment with an unprejudiced
We believe in individual respect and growth. Our approach. Our Safety, Health and Environment (SHE)
employment and Human Resource policies develop policies are geared towards unbiased employees’
individuals without race, religion, gender or any other betterment. Our positive contribution towards
discriminative factors. We provide equal opportunities Community Related Services especially in health and
with a team based management style employing education adds to economic development.
incessant training and development programs for
employees. These continuous improvement policies Environmental Management System - EMS
LUOHUJL LѝJPLUJPLZ HUK RUV^SLKNL HUK JYLH[L H We invest in environmental projects with
JVUZ[Y\J[P]L HUK HѝYTH[P]L LU]PYVUTLU[ environment friendly policies to improve Health
Transparent Financial Policies and Safety standards of employees, communities
and surroundings. Our EMS continuously improves
>L KL]LSVW MHPY HUK [YHUZWHYLU[ ÄUHUJPHS WVSPJPLZ in light of advancement in technology and new
for conducting business. We ensure transparency understandings in Safety, Health and Environmental
and integrity and follow the principles of accounting science. We are driving towards zero waste
HUK ÄUHUJL HZ HWWYV]LK I` YLN\SH[PVUZ HUK generation at the source and materials will be reused
contemporary accounting codes. Any unsupportive and recycled to minimize the need for treatment or
or false entry, infringement of accounts for individual disposal and to conserve resources and environment.
or company gain is strongly incoherent with our We are working for the conservation of natural
business codes and ethics. resources, energy and biodiversity by continuously
improving our processes, practices and products.
Marketing and Industry Practices
We believe in free and fair business practices and open

competitive markets. Developing any association
within the segment, industry or with competitors to
Annual Report 2018 3

Geographical Presence
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Lakson Square, Building No.2,
Sarwar Shaheed Road, Karachi.
Mills
62 KM, Lahore-Multan Highway,
N-5, District Kasur.
KHYBER
PAKHTUNKHWA
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14-Ali Block, New Garden
Town, Lahore.
Lahore
PUNJAB
BALOCHISTAN
SINDH
Karachi

Organogram
Board of
Directors
HR & Remuneration Chief Executive Board Audit

Committee 6ɉJLY Committee
Production Internal
Audit
Engineering &
Power
Business Unit
(Paper & Board)
Business Unit
(Box Plant)
Supply Chain
Finance
Administration &
Human Resource

Year At a Glance
(M.Tons) RS. In million

214,347 22,191
Sales Volume Gross Sales
RS. In million RS. In million

2,506 992
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RS.
RS. In million
6.25
Earnings 6,443
per Share ,X\P[`
RS. RS. In million

63.50 9,335
Closing 4HYRL[
Share Price *HWP[HSPaH[PVU

Key Figures & Ratios
Rupees in million
Key Figures 2018 2017
Gross sales 22,191 18,021

Net sales 18,965 15,401
EBITDA 2,880 2,223
Profit pre tax 1,431 904
Profit post tax 992 602
Share capital
Ordinary shares 1,470 1,470
Preference shares 901 901
Shareholders' equity 6,443 5,713
Total assets 17,304 15,437
Capital expenditure 693 669
Capital employed 11,621 10,717
Long-term financing (including current portion) 3,869 4,069
Key Ratios 2018 2017
Earnings per share - Rupees 6.25 3.66

Breakup value per share - Rupees 37.69 32.73
Price earning ratio 10.15 26.80
Total Debt equity ratio 53 : 47 55 : 45
Debt equity ratio (including current portion) 38 : 62 42 : 58
Leverage ratio 1.69 : 1 1.70 : 1
Current ratio 1.14 : 1 0.98 : 1
Quick ratio 0.41 : 1 0.31 : 1
Asset coverage ratio 2.06 : 1 1.96 : 1
Interest coverage ratio 4.11 : 1 3.22 : 1
Debt servicing coverage ratio 1.87 : 1 1.60 : 1
Cash Ratio 0.12 : 1 0.11 : 1
Debtors days 32 29
Inventory days 54 50
Operating Cycle 41 33

Entity Rating
by JCR-VIS Credit Rating Company Limited as on June 2018
Long-Term A+ (A Plus)
• Good credit quality.
• ‘A’ ratings denote expectations of low credit risk.
• Protection factors are adequate.
• Risk factors may vary with possible changes in the economy.
Short-Term A-1 (A minus One)

• High certainty of timely payment.
• Liquidity factors are excellent and supported by good fundamental protection factors.
• Risk factors are minor.

Gross Sales Revenue
2018
22
Billion (Rupees)
2017
18
2016 Billion (Rupees)
16
Billion (Rupees)
2015
15
17
Billion (Rupees)
2013
16
15
Billion (Rupees)
2011
14
11
Billion (Rupees)
2009
8
Billion (Rupees)

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Awarded “Best Corporate

Award” on Annual Report for
the year 2007.
Awarded “Best Environmental
Awarded “Environment Excellence Awarded “Best Corporate Reporter” in ACCA-WWF
Award 2018” by National Forum for Award” on Annual Report Pakistan Environmental
Environment & Health (NFEH). for the year 2010. Reporting Awards 2007 in
the Local Listed Company
Category.
2018 2015 2012 2011 2008
Awarded “Environment Excellence (^HYKLK[OLJLY[PÄJH[PVUVU

Award 2015” by National Forum for “Integrated Management System
Environment & Health (NFEH). (IMS)” which consists of:
• Quality Management System (QMS)
ISO 9001:2008;
• Environmental Management System
(EMS) ISO 14001:2004 and
• Occupational Health and Safety
Assesment Series (OHSAS)
18001:2007.

Awarded “Best Recognized by Karachi Stock Awarded “Best Corporate
Corporate Award” Exchange (KSE) as one of the Award” on Annual Report for
on Annual Report Top 25 Companies for the the year 2000 and 2001.
for the year 2005. years 2002 and 2003.
2007 2006 2004 2003 2002
Recognized by Awarded “Best Corporate

Karachi Stock Award” on Annual Report
Exchange (KSE) as for the year 2002.
one of the Top 25
Companies for the
year 2004.

Milestones
• Enhanced the power
generation capacity on
cheaper alternate fuel
as 18 MW Coal Based
Co-Generation Power
Plant started commercial
operations during the year.
• Installed Secondary Waste
Water Treatment Plant, the
2018 ÄYZ[VMP[ZRPUKPU7HRPZ[HU
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2014 Installed new Coal/
Biomass Fired Boiler
achieve compliance with with capacity of
National Environmental 30 Ton per hour of
Standards (NEQ). steam.
Embarked on Solar Inked an agreement

energy by installing Solar for installation of 18
panels of 291KW and MW Coal Based Co-
Generation Power Plant.
2016 2012
installation of 1MW Solar
panels is in pipeline.
Started 12.3 MW
Captive Power
1990 Generation Plant

as Century Power 1997 Enhanced production
capacity to 60,000
Generation Limited Metric Tons after
(a former subsidiary re-engineering of
Company). production facilities.
Commenced • Enhanced
commercial production capacity
production with to 50,000 Metric
1996 1999
three machines Tons through
having capacity of addition of a three
30,000 Metric Tons layers Board
per annum. Machine (PM-4).
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Coating Machine
(CM-2).

2011 Added a new
Corrugator with
2009 Enhanced Captive Power
Generation capacity to 30
capacity of 24,000 MW after new 18 MW Co-
Metric Tons per Generation Plant started
annum. commercial operations.
Enhanced Box Making Enhanced production

capacity to 30,000 capacity to 240,000
Metric Tons per annum Metric Tons per annum
after a New Box after Coated Board
Machine is added with
capacity of 8,000 Metric
2010 Duplex Plant (PM-7)
started its commercial
2008
Tons per annum. operations.
• Enhanced production
capacity to 80,000
Metric Tons per annum
after installation of twin • Enhanced production
layer Board Machine capacity to 110,000
(PM-5). Metric Tons per annum
2002 • Added a Corrugated 2005 after installation of

Paper Machine (PM-6).
Boxes Manufacturing
Plant with capacity of • Added Online Coating
22,000 Metric Tons facility to three layers
per annum. Board Machine (PM-4).
Installed Dissolved • Converted Power

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kind in Pakistan for natural gas.
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in Paper and Board
2003 • Enhanced un-bleached 2006
and bleached pulp
Sector.
capacities.
• Merged Century Power
Generation Limited
(a former subsidiary
Company) with the
Company.

Review Report by the Chairman
As required under the Code of Corporate Governance, an annual evaluation of the

Board of Directors of Century Paper & Board Mills Limited is carried out. The purpose
VM[OPZL]HS\H[PVUPZ[VLUZ\YL[OH[[OL)VHYK»ZV]LYHSSWLYMVYTHUJLHUKLɈLJ[P]LULZZ
is measured and benchmarked against expectations in the context of objectives set
for the Company.
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process leading to action plans. The overall assessment as Satisfactory is based on an
evaluation of integral components, including vision, mission and values; engagement
in strategic planning; formulation of policies; monitoring the organization’s business
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The Board of Directors of your Company received agendas and supporting written
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committee meetings. The board meets frequently enough to adequately discharge its
responsibilities. The non-executive and independent directors are equally involved in
important decisions.
Iqbal Ali Lakhani

Chairman
Dated: 09 August 2018

Board of Directors
Iqbal Ali Lakhani (Chairman)
Amin Mohammed Lakhani
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Tasleemuddin Ahmed Batlay
Shahid Ahmed Khan
Kemal Shoaib
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(Upto April 23rd, 2018)
Engr. M. Abdul Jabbar

(From April 23rd, 2018)
Aftab Ahmad*OPLM,_LJ\[P]L6ѝJLY

Corporate Information
Board’s Committees Advisor
Audit Committee Sultan Ali Lakhani
Kemal Shoaib (Chairman)
Amin Mohammed Lakhani 2τFHUV
Tasleemuddin Ahmed Batlay &KLHI)LQDQFLDO2τFHU
Muhammad Rashid Dastagir

Email: rashid-dastagir@centurypaper.com.pk
Human Resource &
Remuneration Committee
Engr. M. Abdul Jabbar (Chairman) Company Secretary
Amin Mohammed Lakhani Mansoor Ahmed

Email: mansoor-ahmed@centurypaper.com.pk
Tasleemuddin Ahmed Batlay
Aftab Ahmad (CEO)

+HDG2τFHDQG5HJLVWHUHG2τFH Shares Registrar
Lakson Square, Building No.2, FAMCO Associates (Private) Limited
Sarwar Shaheed Road, 8-F, Near Hotel Faran, Nursery
Karachi - 74200, Pakistan. Block-6, P.E.C.H.S. Shahra-e-Faisal, Karachi.
Phone: (021) 38400000 Phone: (021) 34380101-5 Fax: (021) 34380106
Fax: (021) 35681163, 35683410 Email: info.shares@famco.com.pk
Email: info@centurypaper.com.pk Website: www.famco.com.pk
Website: www.centurypaper.com.pk
Bankers
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14-Ali Block, New Garden Town, Conventional
Lahore - 54600, Pakistan. Allied Bank Limited
Phone: (042) 35886801-4 Bank Al-Falah Limited
Fax: (042) 35830338 Habib Bank Limited
Habib Metropolitan Bank Limited
Mills JS Bank Limited
62 KM, Lahore-Multan Highway, MCB Bank Limited
N-5, District Kasur, Pakistan. National Bank of Pakistan
Phone: (049) 4511464-5, 4510061-2 Soneri Bank Limited
Fax: (049) 4510063 Standard Chartered Bank (Pakistan) Limited
The Bank of Punjab
External Auditors Faysal Bank Limited
BDO Ebrahim & Co.
Chartered Accountants Islamic
Email: info@bdoebrahim.com.pk Meezan Bank Limited
Dubai Islamic Bank

Integrated Management System Policy
Century is Committed to:
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produced in environment-friendly, Healthy and Safe working conditions.
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resources conservation and mitigation of risks.
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5. Follow and abide by all the applicable Laws and Legal requirements.
6. Implement Century Value System and to endeavour that its employees are the best citizens
following ethical values and good practices in advancement and betterment of the Company
and the Society.

Environment Policy
• Ensure environment friendly operations, products and services.

• 4P[PNH[LLU]PYVUTLU[HSPTWHJ[Z[OYV\NOLќLJ[P]LPTWSLTLU[H[PVUVM0:6PUVYKLY[VHJOPL]PUN
conformance to applicable laws and regulations.
• Promote environmental awareness to all employees and the community.
• Establish objectives and targets for continual improvement in resource conservation by waste
control and safe operating practices.
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• Century excels in manufacturing of quality Paper, Paperboard and Corrugated Boxes for packaging.
• Century, a customer focussed Company, is always ready to accept challenges for achieving its
mission.
• Century’s quality objectives are designed for enhancing customer satisfaction and operational
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• Century is committed to building Safe, Healthy and Environment friendly atmosphere.
• Century, with its professional and dedicated team, ensures continual improvement in quality and
WYVK\J[P]P[`[OYV\NOLќLJ[P]LPTWSLTLU[H[PVUVM8\HSP[`4HUHNLTLU[:`Z[LT
• Century values the social and economic well being of its partners and strives for a harmonious
environment conducive to team performance.
Safety Policy
• Improve Occupational Health and Safety (OHS) performance continuously in all areas of operations.
• Implement necessary controls and measures for mitigation of accidents and associated risk by
setting objectives and following applicable legal and other requirements.
• Promote OHS practices through training of employees for healthy and safe work environment.
• Communicate Safety Policy to all stakeholders and review it periodically for ensuring adequacy and
compliance with OHSAS 18001 standards.

Shareholders Information
The Company
The Century Paper & Board Mills Limited is listed on Pakistan Stock Exchange Limited (PSX) and
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is located at Lakson Square Building No. 2, Sarwar Shaheed Road, Karachi, Pakistan. Phone: (021)
38400000 and Fax: (021) 35681163 and 35683410.
Ownership
On June 30, 2018 the Company has 2,058 shareholders.
Annual General Meeting
The annual shareholders meeting will be held on Friday, September 28, 2018 at 10:00 a.m. at Avari
Towers Hotel, Karachi. Shareholders of the company are encouraged to participate.
Date of Book Closer
The register of the members and shares transfer books of the Company will remain closed from
September 22, 2018 to September 28, 2018 (both days inclusive).
Dividend Announcement
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Dividend Payment
The proposal of the Board of Directors for dividend payment will be considered at the Annual General
Meeting. If the proposal is approved, the cash dividend will be paid to persons listed in the register of
members.
Income tax and zakat will be deducted in accordance with the current laws.
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Under the provisions of Section 242 of the Companies Act, 2017, it is mandatory for a listed Company
to pay cash dividend to its shareholders only through electronic mode directly into bank account
designated by the entitled shareholder. In order to receive dividends directly into their bank account,
ZOHYLOVSKLYZHYLYLX\LZ[LK[VÄSSPU+P]PKLUK4HUKH[L-VYTH]HPSHISLVU*VTWHU`»Z^LIZP[LHUKZLUK
it duly signed along with a copy of CNIC to the Registrar of the Company.

Share Price and Trading Volumes
Share Price Daily

Period 5XSHHV Average of
Trading
High Low Closing Volume
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For the Year
The daily average trading volume are calculated based on number of trading days of the relevant
quarter.
Financial Results
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meetings are as follows:
First Quarter ending on September 30, 2018 6J[VILY

Second Quarter ending on December 31, 2018 1HU\HY`
Third Quarter ending on April 30, 2019 (WYPS
For the year ending on June 30, 2019 (\N\Z[
Web Presence
Annual/Quarterly reports are regularly placed at the Company’s web site, www.centurypaper.com.pk.
Change of Address
All registered shareholders should send information for change of address to: The Corporate
Department, Century Paper & Board Mills Limited, Lakson Square, Building No.2, Sarwar Shaheed
Road, Karachi-74200, Pakistan.

Corporate Calendar
Meetings Date
Audit Committee meeting to consider annual accounts of the Company for

the year ended June 30, 2017 August 08, 2017
Board of Directors meeting to consider annual accounts of the Company for

the year ended June 30, 2017 August 10, 2017
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ended June 30, 2018 September 21, 2017
Annual General meeting of Shareholders to consider annual accounts of the

Company for the year ended June 30, 2017 October 19, 2017
Audit Committee meeting to consider interim accounts of the Company for

[OLÄYZ[X\HY[LYLUKLK:LW[LTILY October 16, 2017
Board of Directors meeting to consider interim accounts of the Company for

[OLÄYZ[X\HY[LYLUKLK:LW[LTILY October 18, 2017

the half year ended December 31, 2017 February 06, 2018

the half year ended December 31, 2017 February 08 , 2018

the nine months ended March 31, 2018 April 23, 2018

the nine months ended March 31, 2018 April 23, 2018

Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the 35th Annual General Meeting of CENTURY PAPER & BOARD
MILLS LIMITED will be held on Friday, September 28, 2018 at 10:00 a.m. at Avari Towers Hotel, Fatima
Jinnah Road, Karachi to transact the following business:
ORDINARY BUSINESS
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June 30, 2018 together with the Directors’ and Auditors’ reports thereon.
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SPECIAL BUSINESS
4. To consider to pass the following resolutions as special resolution:
a) “RESOLVED that the transactions carried out in normal course of business with associated
companies as disclosed in Note No.42 during the year ended June 30, 2018 be and are hereby
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approve all the transactions carried out and to be carried out in normal course of business with
associated companies during the ensuing year ending June 30, 2019 and in this connection
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actions and sign/execute any and all such documents/indentures as may be required in this
regard on behalf of the Company.”
Statement under Section 134 of the Companies Act, 2017 in the above matter mentioned in item No.4
is annexed.
By Order of the Board
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Karachi: August 28, 2018 Company Secretary

NOTES:
1. The share transfer books of the Company will remain closed from September 22, 2018 to September
28, 2018 (both days inclusive). Transfers received in order by the Shares Registrar of the Company,
M/s. FAMCO Associates (Private) Limited, 8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S.,
Shahra-e-Faisal, Karachi up to the close of business on September 21, 2018 will be treated in time
for entitlement of the dividend.
2. A member, who has deposited his/her shares into Central Depository Company of Pakistan Limited,
must bring his/her participant’s ID number and CDC account/sub-account number along with
original Computerized National Identity Card (CNIC) or original Passport at the time of attending the
meeting.
3. A member entitled to attend and vote at the Annual General Meeting may appoint another member
as his/her proxy to attend, speak and vote instead of him/her.
-VYTVMWYV_`PUVYKLY[VIL]HSPKT\Z[ILWYVWLYS`ÄSSLKPUL_LJ\[LKHUKYLJLP]LKH[[OLYLNPZ[LYLK
VѝJLVM[OL*VTWHU`ZP[\H[LKH[3HRZVU:X\HYL)\PSKPUN5V:HY^HY:OHOLLK9VHK2HYHJOP
not later than 48 hours before the time of the meeting.
5. Members holding shares in physical form are requested to promptly notify Share Registrar of the
Company of any change in their addresses. Shareholders maintaining their shares in electronic
form should have their address updated with their participant or CDC Investor Accounts Service.
6. CNIC numbers of shareholders are mandatorily required for dividend distribution. Shareholders are
therefore requested to submit a copy of their CNIC (if not already provided) to the Share Registrar.
In case of non-receipt of the copy of a valid CNIC, the Company would be unable to comply with
SRO 831(1)/2012 dated July 05, 2012 of SECP and therefore will be constrained under SECP order
dated July 13, 2015 to withhold the payment of dividend of such shareholders. The shareholders
while sending CNIC must quote their respective folio number and name of the Company.
7. Under the provisions of Section 242 of the Companies Act, 2017 and the Companies (Distribution
of Dividends) Regulations, 2017, it is mandatory for a listed Company to pay cash dividend to its
shareholders only through electronic mode directly into bank account designated by the entitled
shareholders.
Shareholders who have not yet submitted their International Bank Account Number (IBAN) are
YLX\LZ[LK[VÄSSPU,SLJ[YVUPJ*YLKP[4HUKH[L-VYTH]HPSHISLVU*VTWHU`»Z^LIZP[LHUKZLUKP[
duly signed along with a copy of CNIC to the Registrar of the Company M/s. Famco Associates
(Private) Limited, Near Hotel Faran, Nursery, Block–6, P.E.C.H.S, Shahrah-e-Faisal, Karachi, in case
of physical shares.
In case shares are held in CDC then Electronic Credit Mandate Form must be submitted directly to
shareholder’s broker/participant/CDC account services.

7\YZ\HU[ [V 5V[PÄJH[PVU ]PKL :96 VM :LW[LTILY :,*7 OHZ KPYLJ[LK [V
facilitate the members of the Company receiving Annual Financial Statements and Notices through
LSLJ[YVUPJTHPSZ`Z[LTLTHPS>LHYLWSLHZLK[VVќLY[OPZMHJPSP[`[VV\YTLTILYZÔVKLZPYL[V
receive Annual Financial Statements and Notices of the Company through e-mail in future. In this
respect members are hereby requested to convey their consent via e-mail on a standard request
form which is available at the Company website i.e. www.centurypaper.com.pk. Please ensure that
`V\YLTHPSOHZZ\ѝJPLU[YPNO[ZHUKZWHJLH]HPSHISL[VYLJLP]LZ\JOLTHPSÔPJOTHÌLSHYNLY[OHU
4)ÄSLPUZPaL-\Y[OLYP[PZ[OLYLZWVUZPIPSP[`VM[OLTLTILY[V[PTLS`\WKH[L[OL:OHYL9LNPZ[YHY
of any change in the registered e-mail address.
9. (i) The rates of deduction of income tax from dividend payments under the Income Tax Ordinance,
2001 are as follows:
-VYÄSLYVMPUJVTL[H_YL[\YU
-VYUVUÄSLYZVMPUJVTL[H_YL[\YU
;VLUHISL[OL*VTWHU`[VTHRL[H_KLK\J[PVUVU[OLHTV\U[VMJHZOKP]PKLUK'PUZ[LHKVM
ZOHYLOVSKLYZÔVZLUHTLZHYLUV[LU[LYLKPU[V[OL(J[P]L;H_WH`LYZ3PZ[(;3WYV]PKLKVU
[OL^LIZP[LVM-)9KLZWP[L[OLMHJ[[OH[[OL`HYLÄSLYZHYLHK]PZLK[VTHRLZ\YL[OH[[OLPYUHTLZ
HYLLU[LYLKPU(;3ILMVYL[OLÄYZ[KH`VMIVVRJSVZ\YLV[OLY^PZL[H_VU[OLPYJHZOKP]PKLUK^PSSIL
KLK\J[LK'PUZ[LHKVM
(ii) Withholding Tax exemption from the dividend income, shall only be allowed if copy of valid tax
L_LTW[PVU JLY[PÄJH[L VY Z[H` VYKLY MYVT H JVTWL[LU[ JV\Y[ VM SH^ PZ THKL H]HPSHISL [V -(4*6
(ZZVJPH[LZ 7YP]H[L 3PTP[LK I` [OL ÄYZ[ KH` VM )VVR *SVZ\YL
PPP-\Y[OLYHJJVYKPUN[VJSHYPÄJH[PVUYLJLP]LKMYVT-LKLYHS)VHYKVM9L]LU\L-)9^P[OOVSKPUN
tax will be determined separately on ‘Filer/Non-Filer’ status of Principal shareholder as well as joint-
holder(s) based on their shareholding proportions, in case of joint accounts.
In this regard all shareholders who hold shares jointly are requested to provide shareholding
proportions of Principal shareholder and Joint-holder(s) in respect of shares held by them (only if
not already provided) to our Shares Registrar, in writing as follows:
Principal Shareholder Joint Shareholder

Folio/CDS Shareholding Shareholding
Company Total
Account Name and Proportion Name and Proportion
Name Shares
No. CNIC No. (No. of CNIC No. (No. of
Shares) Shares)
The required information must reach our Shares Registrar within 10 days of this notice, otherwise
it will be assumed that the shares are equally held by Principal shareholder and Joint Holder(s).

(iv) For any query/problem/information, the investors may contact the Company Secretary
at phone: (021) 38400000 and email address mansoor@lakson.com.pk and/or FAMCO
Associates (Private) Limited at phone: (021) 34380101-5 and email address: info.shares@
famco.com.pk.
(v) Corporate shareholders having CDC accounts are required to have their National Tax Number
(NTN) updated with their respective participants, whereas corporate physical shareholders
ZOV\SKZLUKHJVW`VM[OLPY5;5JLY[PÄJH[L[V[OL*VTWHU`VY-(4*6(ZZVJPH[LZ7YP]H[L
3PTP[LK:OHYLOVSKLYZÔPSLZLUKPUN5;5VY5;5JLY[PÄJH[LZHZ[OLJHZLTHÌLT\Z[X\V[L
Company name and their respective folio numbers. Without the NTN Company would not be
PUHWVZP[PVU[VJOLJRÄSLYZ[H[\ZVU[OL(;3HUKOLUJLOPNOLY[H_VMTHÌLHWWSPLKPU
such cases.
4LTILYZJHUHSZVH]HPS]PKLVJVUMLYLUJLMHJPSP[`PU[OPZYLNHYKWSLHZLÄSS[OLMVSSV^PUNHUKZ\ITP[
to registered address of the Company 10 days before holding of the Annual General Meeting. If the
*VTWHU`YLJLP]LZJVUZLU[MYVTTLTILYZOVSKPUNPUHNNYLNH[LVYTVYLZOHYLOVSKPUNYLZPKPUN
at a geographical location, to participate in the meeting through video conference at least 10 days
prior to date of the meeting, the Company will arrange video conference facility in the city subject
to availability of such facility in that city.
“I/We, ____________________ of _____________, being a member of Century Paper & Board Mills
Limited, holder of __________ ordinary share(s) as per Registered Folio No. ______ hereby opt for
video conference facility at _____________.”
The Company will intimate members regarding venue of video conference facility at least 5 days
before the date of the Annual General Meeting along with complete information necessary to enable
them to access the facility.
11. Members can exercise their right to demand a poll subject to meeting requirements of Section
143 to Section 145 of the Companies Act, 2017 and applicable clauses of the Companies (Postal
Ballot) Regulations, 2018.
12. Form of Proxy is enclosed.

Statement of Material Facts
*VUJLYUPUN:WLJPHS)\ZPULZZ7\YZ\HU[[V:LJ[PVUVM[OL*VTWHUPLZ(J[
This statement sets out the material facts concerning the Special Business, given in agenda item No.4 of
the notice will be considered to be passed by the members. The purpose of the Statement is to set forth the
material facts concerning such Special Business.
1. Agenda Item No.4(a) of the Notice – Transactions carried out with associated companies during the
year ended June 30, 2018 to be passed as a Special Resolution.
The transactions carried out in normal course of business with associated companies (Related parties)
were being approved by the Board as recommended by the Audit Committee on quarterly basis
pursuant to clause 15 of Listed Companies (Code of Corporate Governance) Regulations, 2017.
During the Board meeting it was pointed out by the Directors that as the majority of Company Directors
were interested in these transactions due to their common directorship and holding of shares in the
associated companies, the quorum of directors seemingly could not be formed for approval of some of
these transactions which have to be approved by the shareholders in the General meeting.
0U]PL^VM[OLHIV]L[OL[YHUZHJ[PVUZJVUK\J[LKK\YPUN[OLÄUHUJPHS`LHYLUKLK1\UL^P[O
HZZVJPH[LKJVTWHUPLZZOVÛPU5V[L5VVM[OLÄUHUJPHSZ[H[LTLU[ZHYLILPUNWSHJLKILMVYL[OL
ZOHYLOVSKLYZ MVY [OLPY JVUZPKLYH[PVU HUK HWWYV]HSYH[PÄJH[PVU
(NLUKH0[LT5VIVM[OL5V[PJL¶(\[OVYPaH[PVU[V[OL*OPLM,_LJ\[P]L6ѝJLYMVY[OL[YHUZHJ[PVUZ
carried out and to be carried out with associated companies during the ensuing year ending June 30,
2019 to be passed as a Special Resolution.
The Company would be conducting transactions with associated companies in the normal course of
business. The majority of Directors are interested in these transactions due to their common directorship
and shareholding in the associated companies. Therefore, such transactions with associated companies
have to be approved by the shareholders.
In order to comply with the provisions of clause 15 of Listed Companies (Code of Corporate Governance)
9LN\SH[PVUZ[OLZOHYLOVSKLYZTH`H\[OVYPaL[OL*OPLM,_LJ\[P]L6ѝJLY[VHWWYV]L[YHUZHJ[PVUZ
carried out and to be carried out in normal course of business with associated companies during the
ensuing year ending June 30, 2019.
The Directors are interested in the resolutions to the extent of their common directorships and
shareholding in the associated companies and the privileges attached thereto only.

DuPont Analysis
Return on Equity
15%
Return on Assets Ownership Ratio

5.73 times ÷ 37%
1HW3URðW Assets Turnover Owner’s Equity Total Assets

margin 5.23% x 1.095 times Rs.’m’ 6,443 ÷ Rs.’m’ 17,304
1HW3URðW Net Sales Total Assets Total Liabilities Owner’s Equity

Rs.’m’ 992 ÷ Rs.’m’ 18,965 ÷ Rs.’m’ 17,304 – Rs.’m’ 10,861 + Rs.’m’ 6,443
– – + + +
5L[ ;V[HS Gross Sales *\YYLU[ 5VU*\YYLU[ *\YYLU[ 5VU*\YYLU[ ;V[HS Share
Sales *VZ[ Sales ;H_ (ZZL[Z (ZZL[Z 3PHIPSP[PLZ 3PHIPSP[PLZ Reserves *HWP[HS
Rs.’m’ 18,965 Rs.’m’ 17,973 Rs.’m’ 22,191 Rs.’m’ 3,226 Rs.’m’ 7,691 Rs.’m’ 9,613 Rs.’m’ 6,730 Rs.’m’ 4,131 Rs.’m’ 4,072 Rs.’m’ 2,371

Statement of Value Added
MVY[OL`LHYLUKLK1\UL
2018 %age 2017 HNL

-------------- Rupees in thousands --------------
Wealth Generated
Gross Turnover 22,190,953 18,021,243
Purchased material and services (13,668,510)
Value Added 5,348,992 4,352,733
Other Income 75,438 113,859
Total 5,424,430 4,466,592
Wealth Distributed
To Employees
:HSHYPLZILULÄ[ZHUKYLSH[LKJVZ[Z 1,066,509 20 954,993 21
To Government
Income Tax, Sales Tax, Import Duty
and Workers’ Welfare Fund 1,938,944 36 1,604,440 36
To providers of Capital
Dividend to Shareholders (Note) 406,782 7 725,515 16
Finance cost on borrowed funds 460,354 8 406,945 9
Retained in Business
+LWYLJPH[PVUHTVY[PZH[PVUHUKYL[HPULKWYVÄ[ 1,551,841 29 774,699 18
TOTAL 5,424,430 100 4,466,592 100
5V[L!0[YLWYLZLU[Z[V[HSKP]PKLUKMVY[OL`LHYPUJS\KPUNÄUHSKP]PKLUKKLJSHYLKZ\IZLX\LU[[V`LHYLUK
R
G To Government
R Retained in Business 29%
E To Employees
C To Providers of Capital 20% G

E
36%
15%
Summarized Six Year Data
Rupees in million
2018 2017 2016 2015 2014 2013
Balance Sheet
Share Capital
Ordinary shares 1,470 1,470 1,470 1,470 1,470 1,060
Preference shares 901 901 901 901 901 2,103
Reserves 4,071 3,342 3,479 3,147 3,373 2,656

Shareholders’ equity 6,442 5,713 5,850 5,519 5,745 5,819
Long-term financing (including current portion) 3,869 4,070 4,824 4,771 4,130 4,425
Deferred taxation – Liability 1,309 934 695 578 661 540
Capital employed 11,621 10,717 11,370 10,868 10,536 10,784
Property, plant and equipment 9,590 9,723 10,087 9,414 8,340 8,857
Other non-current assets 24 10 6 12 8 19
Net current assets / Working capital 961 (98) 331 821 1,405 1,634
Profit and Loss
Sales – gross 22,191 18,021 15,603 15,391 17,132 16,513
Sales – net 18,965 15,401 13,389 13,186 14,668 14,236
Gross profit 2,506 1,792 1,267 878 2,021 2,547
Operating profit 1,892 1,311 792 400 1,529 2,100
Profit / (loss) before tax 1,431 904 436 (176) 914 1,407
Profit / (loss) after tax 992 602 322 (205) 630 929
EBITDA 2,880 2,223 1,669 1,307 2,441 3,007
Cash Flows
Net cash flow from operating activities 727 1,302 1,536 961 1,034 1,678
Net cash flow from investing activities (664) (1,529) (1,897) (251) (305)
Net cash flow from financing activities (1,480) 54 641 (983) (1,289)
Changes in cash and cash equivalents (843) 60 (295) (200) 84
Cash and cash equivalents – Year end (2,614) (1,771) (1,831) (1,536) (1,336)
Others
Number of Employees 1,646 1,548 1,521 1,543 1,519 1,643
Number of shares (million)
Ordinary shares 147 147 147 147 147 106
Preference shares 90 90 90 90 90 210

20,000

18,000

16,000

14,000
12,000
10,000
8,000
6,000
4,000
2,000
0

Total Assets (Rupees in million) Net Sales
8,000

7,000

6,000

5,000

4,000

3,000
2,000
1,000
0

Current Assets (Rupees in million) Current Liabilities
7,000

6,000

5,000

4,000
3,000
2,000
1,000
0

Equity (Rupees in million) Long Term Liabilities

Financial Performance
2018 2017 2016 2015 2014 2013

3URðWDELOLW\
.YVZZWYVÄ[THYNPU 13 12 9 7 14 18
EBITDA margin to sales 15 14 12 10 17 21
7YVÄ[SVZZILMVYL[H_THYNPU 8 6 3 (1) 6 10
5L[WYVÄ[SVZZTHYNPU 5 4 2 (2) 4 7
Return on equity 15 11 6 (4) 11 16
Return on capital employed 16 11 6 2 13 18
Operating Performance / Liquidity
Total assets turnover (excl. CWIP) 1.13 : 1 1.02 : 1 0.90 : 1 1.07 : 1 1.13 : 1 1.08 : 1
Fixed assets turnover 2.08 : 1 1.58 : 1 1.37 : 1 1.68 : 1 1.73 : 1 1.58 : 1
Debtors turnover 11.23 : 1 12.64 : 1 12.79 : 1 14.12 : 1 15.63 : 1 14.80 : 1
Debtors days 32 29 29 26 23 25
Inventory turnover 6.77 : 1 7.37 : 1 6.53 : 1 5.42 : 1 5.52 : 1 6.34 : 1
Inventory days 54 50 56 67 66 58
Creditors turnover 8.11 : 1 7.95 : 1 8.58 : 1 11.10 : 1 12.64 : 1 11.78 : 1
Creditors days 45 46 43 33 29 31
Operating cycle days 41 33 42 60 60 52
Return on assets (excl. CWIP) 5.89 3.98 2.16 (1.67) 4.85 7.02
Current ratio 1.14 : 1 0.98 : 1 1.07 : 1 1.21 : 1 1.41 : 1 1.59 : 1
Quick / Acid test ratio 0.41 : 1 0.31 : 1 0.33 : 1 0.34 : 1 0.31 : 1 0.46 : 1
Capital Market / Capital
Structure Analysis
Market value per share Rs 63.50 98.05 52.04 58.92 53.30 27.05
Breakup value / (Net assets/shares) Rs 37.69 32.73 33.66 31.41 32.94 35.05
Earnings / (loss) per share (pre tax) Rs 9.24 5.71 2.53 (1.69) 5.75 9.93
Earnings / (loss) per share (post tax) Rs 6.25 3.66 1.76 (1.89) 3.46 5.30
Price earning ratio 10.15 : 1 26.80 : 1 29.57 : 1 (31.17) : 1 15.40 : 1 5.10 : 1
Market price to breakup value 1.68 : 1 3.00 : 1 1.55 : 1 1.88 : 1 1.62 : 1 0.77 : 1
Debt equity ratio 38 : 62 42 : 58 45 : 55 46 : 54 42 : 58 43 : 57
Weighted average cost of debt 6.67 6.14 7.20 10.03 10.35 11.56
Interest coverage ratio 4.11 : 1 3.22 : 1 2.23 : 1 0.69 : 1 2.49 : 1 3.03 : 1

100
80

60

40

20
0

Breakup Value (Rupees) Market Value
50

40

30

20
10
0

Debtors (Days) Creditors
70

60

50

40
30
20
10
0

Debt (Ratio) Equity

8\HY[LYS`(UHS`ZPZ
(Rupees in thousands)
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Annual
6DOHV9ROXPHV0HWULF7RQV 48,376 56,496 55,811 53,664 214,347
Gross Sales 4,696,709 5,707,259 5,978,648 5,808,337 22,190,953
Sales tax (682,951) (830,424) (868,777) (844,228)
Net Sales 4,013,758 4,876,835 5,109,871 4,964,109 18,964,573
Cost of sales (3,535,845) (4,189,306) (4,409,422) (4,324,230)
*URVVSURðW 477,913 687,529 700,449 639,879 2,505,770
General & administrative expenses (99,283) (112,292) (99,185) (114,994)
Selling & distribution expenses (30,114) (29,284) (32,224) (37,582)
Others operating expenses (25,129) (40,942) (38,033) (30,576)
Other income 13,575 17,572 23,059 21,232 75,438
2SHUDWLQJSURðW 336,962 522,583 554,066 477,959 1,891,570
Finance cost (120,452) (116,373) (111,487) (112,042)
1HWSURðWEHIRUHWD[DWLRQ 216,510 406,210 442,579 365,917 1,431,216
Taxation (64,953) (123,285) (132,774) (118,345)
1HWSURðWIRUWKH\HDU 151,557 282,925 309,805 247,572 991,859
(DUQLQJSHUVKDUH5XSHHV 0.92 1.81 1.98 1.54 6.25
EBITDA 565,251 768,479 810,349 735,830 2,879,909

5,500 1,000

5,000
800
4,500

4,000
600
3,500
3,000 400
Z[8\HY[LY UK8\HY[LY YK8\HY[LY [O8\HY[LY
Net Sales (Rupees in million) EBITDA
350 2.5

300
2.0

250
1.5
200

150
1.0

100
0.5
50
0 0.0
Z[8\HY[LY UK8\HY[LY YK8\HY[LY [O8\HY[LY
Net Profit (Rupees in million) EPS (Rs.)

Horizontal Analysis
Rupees in million
2018 18 vs 17 2017 17 vs 16 2016 16 vs 15

Balance Sheet Amount % Amount Amount
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
6WLYH[PUNÄ_LKHZZL[Z 9,122 97 9,421 94 10,038 132
Capital work in progress 467 155 302 616 49 3
Intangible assets 3 150 2 100 2 50
Long-term loans and advances 15 300 5 500 1 20
Long-term deposits 6 150 4 133 3 100
CURRENT ASSETS
Stores and spares 1,290 95 1,365 120 1,137 105
Stock in trade 2,897 148 1,963 113 1,732 87
Trade debts 2,366 149 1,585 125 1,265 108
Loans and advances 69 986 7 47 15 94
Trade deposits and short-term prepayments 88 104 85 106 80 2000
Other receivables 11 275 4 100 4 133
Tax refunds due from Government 262 115 227 176 129 111
Taxation-net 292 121 241 78 309 169
Cash and bank balances 416 184 226 104 217 179
TOTAL ASSETS 17,304 15,437 14,981
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital
Ordinary shares 1,470 100 1,470 100 1,470 100
Preference shares 901 100 901 100 901 100
Reserves 4,071 122 3,342 96 3,479 111
NON-CURRENT LIABILITIES
3VUN[LYTÄUHUJPUN 2,822 94 2,988 77 3,878 93
Deferred taxation 1,309 140 934 134 695 120
CURRENT LIABILITIES
Trade and other payables 2,216 120 1,841 117 1,581 127
Interest and mark-up accrued 40 105 38 93 42 98
Short-term borrowings 3,427 121 2,840 143 1,989 102
Un-claimed dividend 1 - 1 -
*\YYLU[WVY[PVUVMSVUN[LYTÄUHUJPUN 1,047 97 1,082 114 946 152
TOTAL EQUITY AND LIABILITIES 17,304 15,437 14,981
2018
2017
2016
0 20 40 60 80 100
Property Plant Equipment Current Assets

Vertical Analysis
Rupees in million
2018 2017 2016
Amount % Amount Amount
Balance Sheet
ASSETS
NON CURRENT ASSETS
Property plant and equipment
6WLYH[PUNÄ_LKHZZL[Z 9,122 52.72 9,421 61.03 10,038 67.01
Capital work in progress 467 2.70 302 1.96 49 0.33
Intangible assets 3 0.02 2 0.01 2 0.01
Long-term loans and advances 15 0.09 5 0.03 1 0.01
Long-term deposits 6 0.03 4 0.03 3 0.02
CURRENT ASSETS
Stores and spares 1,290 7.45 1,365 8.84 1,137 7.59
Stock in trade 2,897 16.74 1,963 12.72 1,732 11.56
Trade debts 2,366 13.67 1,585 10.27 1,265 8.44
Loans and advances 69 0.40 7 0.05 15 0.10
Trade deposits and short-term prepayments 88 0.51 85 0.55 80 0.53
Other receivables 11 0.06 4 0.03 4 0.03
Tax refunds due from Government 262 1.51 227 1.47 129 0.86
Taxation-net 292 1.69 241 1.56 309 2.06
Cash and bank balances 416 2.40 226 1.46 217 1.45
TOTAL ASSETS 17,304 100 15,437 100 14,981 100
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital
Ordinary shares 1,470 8.50 1,470 9.52 1,470 9.81
Preference shares 901 5.21 901 5.84 901 6.01
Reserves 4,071 23.53 3,342 21.65 3,479 23.22
NON CURRENT LIABILITIES
3VUN[LYTÄUHUJPUN 2,822 16.31 2,988 19.36 3,878 25.89
Deferred taxation 1,309 7.56 934 6.05 695 4.64
CURRENT LIABILITIES
Trade and other payables 2,216 12.81 1,841 11.93 1,581 10.55
Interest and mark-up accrued 40 0.23 38 0.25 42 0.27
Short-term borrowings 3,427 19.80 2,840 18.40 1,989 13.27
Un-claimed dividend 1 - 1 -
*\YYLU[WVY[PVUVMSVUN[LYTÄUHUJPUN 1,047 6.05 1,082 7.01 946 6.31
TOTAL EQUITY AND LIABILITIES 17,304 100 15,437 100 14,981 100
2018
2017
2016
0 20 40 60 80 100
Equity Non Current Liabilities Current Liabilities

Horizontal Analysis
Rupees in million
2018 18 vs 17 2017 17 vs 16 2016 16 vs 15

3URðW$QG/RVV$FFRXQW Amount % Amount Amount
Sales – net 18,965 123 15,401 115 13,389 102

Cost of sales 121 (13,610) 112 (12,122) 98
.YVZZWYVÄ[ 2,506 140 1,792 141 1,267 144
General and administrative expenses 114 (375) 99 (379) 106
Selling and distribution expenses 112 (115) 101 (114) 101
Other operating income 75 66 114 178 64 94
Other operating charges 130 (104) 226 (46) 63
6WLYH[PUNWYVÄ[ 1,892 144 1,311 166 792 198
Finance cost 113 (407) 114 (356) 62
5L[WYVÄ[ILMVYL[H_H[PVU 1,431 158 904 207 436 248
Taxation 145 (302) 265 (114) 393
5L[WYVÄ[HM[LY[H_H[PVU 992 165 602 187 322 157
Vertical Analysis
Rupees in million
2018 18 vs 17 2017 17 vs 16 2016 16 vs 15

3URðW$QG/RVV$FFRXQW Amount % Amount Amount
Sales – net 18,965 100.00 15,401 100.00 13,389 100.00

Cost of sales 86.79 (13,610) 88.37 (12,122) 90.54
.YVZZWYVÄ[ 2,506 13.21 1,792 11.64 1,267 9.46
General and administrative expenses 2.25 (375) 2.43 (379) 2.83
Selling and distribution expenses 0.68 (115) 0.75 (114) 0.85
Other operating income 75 0.40 114 0.74 64 0.48
Other operating charges 0.71 (104) 0.68 (46) 0.34
6WLYH[PUNWYVÄ[ 1,892 9.98 1,311 8.51 792 5.92
Finance cost 2.43 (407) 2.64 (356) 2.66
5L[WYVÄ[ILMVYL[H_H[PVU 1,431 7.55 904 5.87 436 3.26
Taxation 2.31 (302) 1.96 (114) 0.85
5L[WYVÄ[HM[LY[H_H[PVU 992 5.23 602 3.91 322 2.40

2018
2017
2016
0 20 40 60 80 100
Cost of Sales Gross Profit
2018
2017
2016
0 20 40 60 80 100
Raw Material Consumed Fuel & Power Depreciation Salaries & Wages Others

Chairman’s Message
shareholders and the Company has declared cash
KP]PKLUK VM MVY [OL `LHY \UKLY YL]PL^ PUJS\KPUN
PU[LYPTKP]PKLUKWHPKK\YPUN[OL`LHY
Since last year the production facilities have been

operated almost close to their achievable capacities.
Realizing this the management of your Company already
KLJPKLK[VL_WHUK[OLWYVK\J[PVUJHWHJP[PLZ(ZHÄYZ[
step towards achieving this objective, a contract has
been signed with Posco Daewoo Corporation of Korea
for acquisition of a new state-of-the-art Board Machine.
The estimated capital outlay of this mega project is USD
120 million. I like to assure you that all the technical and
ÄUHUJPHSTH[[LYZ^PSSILKLHS[^P[OPUK\LJV\YZL0U[OL
meantime various small investments are being done to
enhance productivity of existing production facilities as
a stop gap arrangement to maximize the volumes in the
ensuing year.
Your Company also gives utmost consideration to

5H[PVUHS LJVUVT` ^P[ULZZLK H NYV^[O VM HIV]L wellbeing of society. With great pleasure, I like to share
in second consecutive year. However, in later half that during the year Company has started “Smart School”
of FY2017-18, imbalances in economy in the form initiative to provide education to the non-school going
VM IHSSVVUPUN J\YYLU[ HJJV\U[ KLÄJP[ HUK KLWSL[PVU children who are involved in the child labor. Moreover,
of foreign exchange reserves cropped up. To curb in line with its moto of “Clean Green Sustainable”, your
these imbalances, Government resorted to tightening Company is in process of installing Solar Panels which
measures including imposition of regulatory duties on will further reduce its Carbon footprint. Furthermore, I
imports, PKR Depreciation and Policy rate increases. like to emphasize that Pakistan is moving fast towards
water scarcity and realizing the gravity of the matter,
your Company has started a drive for conservation of
Despite of the ups and downs in the economy, I am
“Water” with the slogan “Water for Nation”. This objective
very delighted to share that FY2017-18 was another
of “Water for Nation” drive is to spread awareness in
successful year for the Company as both its topline
its employees and people in the vicinity on need and
.YVZZ :HSLZ HUK IV[[VT SPUL 7YVÄ[ HM[LY ;H_ OH]L
KPќLYLU[TLHUZVM^H[LYJVUZLY]H[PVU
ILLU ZPNUPÄJHU[S` PUJYLHZLK ;OL NYVZZ ZHSLZ JYVZZLK
the landmark of Rs. 20 billion and stood at Rs. 22.2
IPSSPVUK\YPUN[OL`LHY^P[OPUJYLHZLHZJVTWHYLK Going forward, It is expected that, as smooth transition of
to last year gross sales of Rs. 18 billion. Improvement the government has taken place, political and economic
PU7YVÄ[Z^HZL]LUOPNOLYHZWYVÄ[HM[LY[H_YLNPZ[LYLK stability will come henceforth. The consistency in
H NYV^[O VM V]LY SHZ[ `LHY 6U [OL IHJRKYVW VM Government policies will provide conducive environment
IL[[LY WYVÄ[HIPSP[` ,HYUPUNZ WLY ZOHYL PUJYLHZLK [V MVYÅV\YPZOPUN[OLI\ZPULZZPU[OLJV\U[Y`6\Y[VWTVZ[
Rs. 6.25 as against last year of Rs. 3.66. Better results desire is to take the Company to higher echelons and it
have been achieved with well devised strategy and ^PSSVUSÌLWVZZPISL^P[O[OLJVOLZP]LLќVY[ZVMHSS[OL
JVUJLY[LK LќVY[Z I` [OL THUHNLTLU[ [LHT VM [OL stakeholders.
Company. Here, I also like to point out some prudent
decision making done by the management of your I am extremely thankful to valued customers, reliable
Company in the past years which is paying back well. bankers, esteemed shareholders and dedicated
Like the investment made in Coal Fired Co-Generation employees for their contribution towards the better
7V^LY7SHU[OHZUV[VUS`THKL*VTWHU`ZLSMZ\ѝJPLU[ fortune of the Company.
in energy but it also remained pivotal in providing
economical energy for plant operations despite the
prices of alternate fuels were going up rapidly.
It is a matter of great satisfaction for me that because of IQBAL ALI LAKHANI

WLYZPZ[LU[SÌL[[LYÄUHUJPHSYLZ\S[ZMVYSHZ[[^V`LHYZ[OL Chairman
Company has resumed dividend streams for its Ordinary
Dated: August 09, 2018
Directors’ Report
On behalf of the Board of

Directors (BOD), I am pleased
to present the Annual Report
of Century Paper & Board
Mills Limited (CPBM) for the
year ended June 30th 2018,
HSVUN^P[O[OLH\KP[LKÄUHUJPHS
statements and Auditor’s Report
thereon.
BUSINESS PERFORMANCE REVIEW

0[PZWSLHZPUN[OH[UH[PVUHSLJVUVT`NYLÎ`TVYL[OHUMVY[OLZLJVUKJVUZLJ\[P]L
year. The economic growth positively impacted all sectors including Paper & Paperboard
sector. Moreover, imports of Paper & Paperboard in general and Coated Board in particular
registered declining trend. This all led to better capacity utilization by domestic industry.
In the growing market, your Company has managed to maintain its market share with its
quality products through better capacity utilization.
+\YPUN [OL `LHY \UKLY YL]PL^ JHWHJP[` \[PSPaH[PVU PTWYV]LK [V HNHPUZ[ SHZ[ `LHY»Z
\[PSPaH[PVUVM 7YVK\J[PVU]VS\TLZPUJYLHZLK[V TL[YPJ[VUZHZJVTWHYLK[V
last year volumes of 214,470 metric tons.
@V\Y*VTWHU`HJOPL]LKNYV^[OPU:HSLZ]VS\TLZÔPJOZ[VVKH[TL[YPJ[VUZ
during the year under review as compared to last year sales volumes of 203,752 metric
[VUZ0U[LYTZVM]HS\L[OLUL[ZHSLZVM[OL*VTWHU`YLNPZ[LYLKNYV^[OVMHUKZ[VVK
at Rs. 18.96 billion as compared to Rs. 15.40 billion of the last year. Although volumes
PUJYLHZLPZHYV\UK`L[[OL:HSLZ=HS\LPUJYLHZLPZHZZLSSPUNWYPJLZ^LYLPTWYV]LK
during the course of year under review by passing on impact of the increasing input costs
and rationalization of the prices of various products.

Directors’ Report
FINANCIAL PERFORMANCE ANALYSIS
Your Company has posted better results for the year under review as compared to last year. Summarized
ÄUHUJPHSWLYMVYTHUJLPZHZMVSSV^Z!
Rupees in million
2018 2017 Variance
Sales 18,965 15,401
Cost of Sales 16,459 (13,609)
*URVVSURðW 2,506 1,792
Admin, Selling and other Expenses 690 (595)
Other Income 75 114 ()
2SHUDWLQJSURðW 1,891 1,311
Financial Charges 460 (407)
1HWSURðWEHIRUHWD[ 1,431 904
Taxation 439 (302)
1HWSURðWDIWHUWD[ 992 602
Sales Volumes (Metric Tons) 214,347 203,752
.YVZZ7YVÄ[OHZYLNPZ[LYLKHUPUJYLHZLVMHUKZ[VVKH[9ZTPSSPVUHZJVTWHYLK[V.YVZZ7YVÄ[VM
9Z TPSSPVUK\YPUN3HZ[`LHY.YVZZ7YVÄ[THYNPUOHZPTWYV]LKI`TVYL[OHU)7:
*VTWHU`WVZ[LKWYVÄ[ILMVYL[H_7);VM9ZTPSSPVUÔPSLP[^HZ9Z TPSSPVUK\YPUNSHZ[`LHY7YVÄ[
after tax (PAT) stayed at Rs. 992 million as compared to Rs. 602 million during last year. PBT and PAT margin
have improved by 168 BPS and 132 BPS respectively.Tax expense for the year increased to Rs. 439 million
as compared to Rs. 302 million during last year including deferred tax expense of Rs. 384 million while it was
Rs. 245 million during last year.
:\TTHYPaLKZP_`LHYZÄUHUJPHSPUMVYTH[PVUPZNP]LUVUWHNLVM[OLHUU\HSYLWVY[
FINANCE COST
Finance cost of the Company has increased to Rs. 460 million during the year under review from Rs. 407
TPSSPVUVMSHZ[`LHY(KLJYLHZLVM9ZTPSSPVU^HZYLJVYKLKPUÄUHUJPHSJOHYNLZVUSVUN[LYTIVYYV^PUNZ
ÔPSLVU[OLÅPWZPKLÄUHUJPHSJOHYNLZVUZOVY[[LYTIVYYV^PUNZPUJYLHZLKI`9ZTPSSPVUK\L[VL_[LUKLK
^VYRPUN JHWP[HS YLX\PYLTLU[Z HUK ZVTL ULJLZZHY` JHWP[HS L_WLUKP[\YL ;V TLL[ [OL ÄUHUJL YLX\PYLTLU[Z
`V\YJVTWHUÒHZWYLMLYYLK[VYLS`VUY\UUPUNÄUHUJLZHUKTVUL`THYRL[IVYYV^PUNHZ-,SVHUZ^LYLUV
more viable during the year on the backdrop of volatile PKR/USD parity.
25,000 3,000

2,500
20,000

2,000
15,000
1,500
10,000
1,000
5,000
500
0 0

Gross Sales (Rupees in million) Gross Profit (Rupees in million)

Directors’ Report
APPROPRIATION EARNINGS PER SHARE
During the year, your Company has declared Interim The dividend attributable to the cumulative preference
dividend on Ordinary shares and Preference shares shares for the year under review stood at Rs. 72
amounting to Rs. 221 million and Rs. 20 million TPSSPVU 3@ 9Z TPSSPVU *VUZLX\LU[S` [OL WYVÄ[
respectively. The following appropriations have been attributable to the ordinary shareholders stood at Rs.
made accordingly: 919 million (L.Y. Rs. 538 million). On this basis the
earnings per share for the year have increased to Rs.
Rupees 6.25 as compared to last year’s earnings per share
in million
of Rs.3.66.
Total Comprehensive Income for the year 970.28
MARKET CAPITALIZATION
<UHWWYVWYPH[LK7YVÄ[IYV\NO[MVY^HYK 267.10 KSE 100 Index decreased from 46,565 points at
beginning of the year to 41,911 points by the year
Available for appropriation 1,237.38
end. This trend also impacted market price of your
Interim Cash Dividend on Ordinary Shares (220.53) *VTWHU`»ZZOHYLZÔPJOOHZÅ\J[\H[LKIL[^LLU[OL
high of Rs. 99.75 and a low of Rs. 57.33. Accordingly,
Cash Dividend on Preference Shares (19.90) closing share price reduced to Rs. 63.5 per share
Total Appropriations 240.43
at the current year end from Rs. 98.05 at the last
year ended June 30, 2017 with a resultant market
Balance carried forward 996.95 capitalization of Rs. 9,335 million (L.Y. Rs. 14,415
million).
CONTRIBUTION TO THE NATIONAL

+PYLJ[VYZ WYVWVZL ÄUHS KP]PKLUK VM HTV\U[PUN
to Rs. 110.26 million for its Ordinary Shareholders EXCHEQUER
VU[VWVMWHPKHZPU[LYPTKP]PKLUK[O\ZTHRPUN Your Company’s contribution to the National
Exchequer for the year stayed at Rs. 3,720 million,
[V[HSVYKPUHY`KP]PKLUKVM9Z TPSSPVUPL
Directors also declared dividend of Rs. 56.08 million ÔPJO^HZOPNOLY[OHU[OH[VM9ZTPSSPVU
for its Preference Shareholders making it total of Rs.of the last year. This total contribution includes Rs.
75.98 million for the year. 3,226 million (L.Y. Rs. 2,620 million) as Sales Tax, Rs.
394 million (L.Y. Rs. 299 million) as Customs Duty
Directors also propose transfer of Rs. 686.77 million and Rs. 100 million (L.Y. Rs.96 million) as Income
MYVT<UHWWYVWYPH[LK7YVÄ[Z[V.LULYHS9LZLY]L(M[LY Tax - net of tax refund of Rs. 36 million (L.Y. Rs. 108
the proposed transfer, General Reserve Balance will million).
increased to Rs. One (1) billion.
7 4,000

6 3,500

5 3,000

4
2,500
3
2,000

2
1,500
1
1,000
0
500
-1
0
-2
Contribution To National Exchequer

Earnings per Share (Rupees) (Rupees in million)

CAPITAL EXPENDITURE
During the year Company has

made capital expenditure of Rs.
TPSSPVU 3@ TPSSPVU 0U
line with Company’s strategy to
have multiple energy options,
your Company has embarked
on Solar energy during the year
under review by installing Solar
WHULSZVM 2>ÔPSLHWYVQLJ[
for installation of solar panels Solar Panels - 2>
VM 4> PZ PU WPWLSPUL )LZPKLZ
this your Company has done
expenditure on refurbishment
of GTG-Engines of gas based
Co-Generation Power Plant,
upgradation of quality control
Z`Z[LTZ VM KPɈLYLU[ THJOPULZ
and expansion of storage
areas to improve operational
LɉJPLUJPLZ HUK [V ZLY]L [OL
J\Z[VTLYZ TVYL LɈLJ[P]LS`
Storage Area Expansion

Directors’ Report
RISK MITIGATION the agreed terms of credit. All the Financial assets
The Board of Directors, Board’s Audit Committee of the Company have credit risk other than “Cash in
and Steering Committee comprising of senior /HUK¹*VTWHUÒHZLќLJ[P]LS`THUHNLK[OL*YLKP[
THUHNLTLU[[LHTSLKI`[OL*OPLM,_LJ\[P]L6ѝJLY risk with a well devised credit policy in place, which is
of the Company are responsible for oversight of reviewed and approved by CEO periodically with the
Company’s operations and to evolve proactive internal guidelines and regulatory requirements.
strategy to mitigate any potential adverse impact of
foreseen risks. The information about major risks and Liquidity Risk
their mitigants is provided below: Liquidity risk arises when the Company has
STRATEGIC RISK PUZ\ѝJPLU[ YLHK` JHZO HUK LUJV\U[LYZ KPѝJ\S[`
Strategic risk relates to the Company’s future PU TLL[PUN P[Z ÄUHUJPHS VISPNH[PVU 3PX\PKP[` YPZR PZ
business plans and strategies, including the risks THUHNLKI`LUZ\YPUNH]HPSHIPSP[`VMZ\ѝJPLU[M\UKZ[V
associated with the macro-environment in which it TLL[P[ZÄUHUJPHSVISPNH[PVUZHUKJVTTP[TLU[ZPUHU`
operates like demand for its products, competitive business condition.
threats, technology and product innovation etc. Interest Rate Risk
The Company regularly keeps track on the changing 0U[LYLZ[YH[LYPZRHYPZLZK\L[VÅ\J[\H[PVUPUPU[LYLZ[
market trends and seek feedback from the regular YH[LYLZ\S[PUNPUHK]LYZLPTWHJ[VUM\[\YLJHZOÅV^Z
and prospective customers of the Company. Company’s exposure to interest rate is associated
The company ensures that its products best suit with the long-term loans and short-term borrowings.
its customers’ current and future needs at the *VTWHU` TVUP[VYZ PU[LYLZ[ YH[L Å\J[\H[PVU HUK
JVTWL[P[P]LWYPJLZ^P[O[OLÄULZ[X\HSP[`HZHTLHZ\YL counters interest rate risk by utilizing optimal mix of
to counter the competition and to retain and improve KPќLYLU[ [`WLZ VM IVYYV^PUN HYYHUNLTLU[Z
its market share.
Foreign Exchange Risk
OPERATIONAL RISKS *VTWHU` PZ UV[ ZPNUPÄJHU[S` L_WVZLK [V MVYLPNU
Operational risk results in disruption of operations due exchange risk on its import of raw material and plant
to scarcity of material, energy outages and dearth and machinery to be settled in short term. For long-
of skilled human resource. To manage these risks, term contracts, Company enters into appropriate
[OL *VTWHU` OHZ ^LSS KP]LYZPÄLK Z\WWSPLY IHZL MVY Hedge arrangement, wherever possible, to counter
KVTLZ[PJ HUK PTWVY[LK TH[LYPHS ,ULYN` Z\ѝJPLUJ` foreign exchange risk.
PZLUZ\YLK[OYV\NOW\[[PUNPUWSHJLKPќLYLU[WV^LY
steam generation facilities running on alternate CAPITAL MANAGEMENT
fuels. Human Resource is developed through The Company’s policy is to maintain a strong capital
providing appropriate in-house and external training base so as to maintain investors, creditors and
opportunities on continuous basis. THYRL[JVUÄKLUJL[VZHMLN\HYKP[ZHIPSP[`[VJVU[PU\L
as a going concern. The Company manages its
FINANCIAL RISK capital structure and makes appropriate adjustments
Credit Risk to move with the economic changes and the risk
Credit risk relates to the risk that a Company may associated with the Company’s asset. Company’s
encounter as result of failure of the counter parties management believes in maintaining appropriate
to satisfy their debts or obligation in accordance with debt equity ratio.

Directors’ Report
CORPORATE INFORMATION Name of Director Meetings
Changes in the Composition of the Board Attended
One casual vacancy occurred during the year after Mr. Kemal Shoaib 5
YLZPNUH[PVU VM 4Y 4VOHTTHK 0TYHU 9HÄX ,UNY
M. Abdul Jabbar was appointed in his place for the 4Y4\OHTTHK0TYHU9HÄX
3
remaining period. The Board wishes to record its (Till April 23, 2018)
appreciation for the valuable services rendered by the Mr. Aftab Ahmad (CEO) 5
outgoing Director and welcomes the new Director. Engr. M. Abdul Jabbar
1
Subsequent to year end, election of Directors has (From April 23, 2018)
been taken place in EOGM held on July 17, 2018.
Following eight directors including seven (7) males
AUDIT COMMITTEE
and one (1) female director have been elected for
An Audit Committee was set up by the Board since the
next term of three years:-
enforcement of the Code of Corporate Governance.
During the year, an independent Director was its
Independent Directors
Chairman and two Non-Executive Directors were
Mr. Kemal Shoaib members. Four meetings of the Committee were held
Engr. M. Abdul Jabbar - Nominee Director (NIT) during the year ended June 30, 2018. Attendance by
Non-executive Directors each Director was as under:
Mr. Iqbal Ali Lakhani - Chairman Meetings
Name of Director
Mr. Amin Mohammed Lakhani Attended
4Z(U\ZORHA\SÄXHY3HROHUP Mr. Kemal Shoaib (Chairman) 4
Mr. Tasleemuddin Ahmed Batlay
Mr. Amin Mohammed Lakhani 2
Mr. Shahid Ahmed Khan
Mr. Tasleemuddin Ahmed Batlay 4
Executive Director
4Y(M[HI(OTHK*OPLM,_LJ\[P]L6ѝJLY Subsequent to election of Directors on July 17, 2018,
Board of Director in its meeting held on July 30, 2018
Newly constituted Board has elected Mr. Iqbal Ali reconstituted the Audit Committee comprising of the
Lakhani as Chairman and Mr. Aftab Ahmad as Chief following members:-
,_LJ\[P]L 6ѝJLY MVY UL_[ [LYT VM [OYLL `LHYZ
Mr. Kemal Shoaib Chairman
Board Meetings
Five meetings of the Board of Directors were held Mr. Amin Mohammed Lakhani Member
during the year ended June 30, 2018. Attendance by Mr. Tasleemuddin Ahmed Batlay Member
each Director was as under:
The terms of reference of the Audit Committee have
Name of Director Meetings been duly prescribed by the Board including those
Attended HZ ZWLJPÄLK PU [OL *VKL VM *VYWVYH[L .V]LYUHUJL
Mr. Iqbal Ali Lakhani (Chairman) 5 In addition the Audit Committee is free to ask for
any information and explanation in order to satisfy
Mr. Amin Mohammed Lakhani 3 P[ZLSMYLNHYKPUN[OLÄUHUJPHSZ[H[LTLU[ZHUKPU[LYUHS
4Z(U\ZORHA\SÄXHY3HROHUP 3 controls. The committee met at least once in a quarter
[V YL]PL^ [OL ÄUHUJPHS Z[H[LTLU[Z HUK HU` THQVY
Mr. Tasleemuddin Ahmed Batlay 5
judgmental area with reference to Company’s business.
Mr. Shahid Ahmed Khan 5 The Audit Committee gives its recommendation to the
)VHYKMVY[OLHWWYV]HSVMÄUHUJPHSZ[H[LTLU[ZÔPJO
are duly endorsed by the CEO and CFO.

Directors’ Report
HUMAN RESOURCE & REMUNERATION CORPORATE AND FINANCIAL REPORTING
COMMITTEE Your Company is committed to good corporate
The Board in accordance with the Code of Corporate governance. The Board acknowledges its
Governance has also constituted Human Resource responsibility in respect of Corporate and Financial
and Remuneration Committee. It comprised of the Reporting Framework. These Financial Statements
following three Directors during the year: together with the notes thereto have been drawn
up, in conformity with the Companies Act, 2017.
Mr. Amin Mohammed Lakhani Chairman International Financial Reporting Standards wherever
applicable have been followed in their preparation.
Mr. Tasleemuddin Ahmed Batlay Member
Mr. Aftab Ahmad Member Proper books of accounts have been maintained by
the Company.
One meeting of the committee was held during Appropriate accounting policies have been
the year which was attended by all members. The JVUZPZ[LU[S` HWWSPLK PU WYLWHYH[PVU VM [OL ÄUHUJPHS
terms and reference of the committee includes but statements and accounting estimates are based on
not limited to those as mentioned in the Code of reasonable and prudent judgement.
Corporate Governance. Subsequent to election of
director on July 17, 2018, Board of Director in its There are no doubts upon the Company’s ability to
meeting held on July 30, 2018 reconstituted the continue as a going concern.
Human Resource and Remuneration Committee
There has been no material departure from the best
comprising the following members:-
practices of the Code of Corporate Governance,
as detailed in the listing regulations of the stock
Engr. M. Abdul Jabbar Chairman exchange.
Mr. Amin Mohammed Lakhani Member
The system of internal control is sound in design and
Mr. Tasleemuddin Ahmed Batlay Member OHZILLULќLJ[P]LS`PTWSLTLU[LKHUKTVUP[VYLK
Mr. Aftab Ahmad Member
;OL )VHYK VM +PYLJ[VYZ JLY[PÄLZ [OH[ [OL ÄUHUJPHS
Z[H[LTLU[ZPUJS\KPUN[OLJHZOÅV^HUK[OLJOHUNLZ
DIRECTOR REMUNERATION PU LX\P[`" MHPYS` WYLZLU[ [OL Z[H[L VM HќHPYZ VM [OL
The remuneration of the Board members is approved Company’s business and of its operations.
by the Board itself. However, in accordance with the COMPLIANCE WITH THE CODE OF CORPORATE
Code of Corporate Governance,it is ensured that no GOVERNANCE
Director takes part in deciding his own remuneration. The Statement of Compliance with the Code of
The Company does not pay remuneration to non- Corporate Governance is annexed with the report.
executive directors except fee for attending the
meetings. Please refer note 41 of the Financial MATERIAL CHANGES
Statements for information on remuneration of Chief There have been no material change since June 30,
,_LJ\[P]L 6ѝJLY HUK +PYLJ[VYZ MVY [OL `LHY LUKLK 2018 to date of the report and the Company has
June 30, 2018. not entered into any commitment during this period,
ÔPJO ^V\SK OH]L HK]LYZL PTWHJ[ VU [OL ÄUHUJPHS
The terms and conditions of Director Mr. Iqbal position of the Company.
(SP 3HROHUP HUK +PYLJ[VY *OPLM ,_LJ\[P]L 6ѝJLY
Mr. Aftab Ahmad were revised by the Board PATTERN OF SHAREHOLDING
subsequent to their re-appointment for a three year Pattern of Shareholding of the Company as at June
term after the elections of Directors in July 2018. 30, 2018, along with the necessary information is
annexed to this report. There were 2,058 shareholders
on the record of the Company as at June 30, 2018.

:HML[`/LHS[O,U]PYVUTLU[(UK8\HSP[`:/,8)
Your Company being customer-focused is

committed to ensure safer and environment-friendly
operations, products and services. Your Company is
JLY[PÄLKMVY0U[LNYH[LK4HUHNLTLU[:`Z[LT04:VM
OH&S18001:2007, EMS ISO14001:2015, and QMS
ISO9001:2015.
Your Company is also continually working to

promote a quality conscious and safe working
environment. Comprehensive risk assessment and
related preventive measures are vigorously pursued
to achieve zero accident. Training sessions are
regularly conducted for employees to enhance the
Safety Awareness.
SHEQ framework is reviewed by the Company at

regular intervals, followed by concrete steps for
its improvement which includes the continuous
monitoring of energy consumption, gaseous
emission from boilers & power plants and waste
water disposal.
Resource conservation has drawn focus in recent

years; in this regard your Company has focused
areas of energy and water. Company has adopted
energy saving systems and cleaner production
practices. Through regular monitoring and best
practices we have been able to achieve overall
improvements in utilization of energy resources.
*VTWHU` OHZ Z[HY[LK YL\ZPUN [OL [YLH[LK Lў\LU[
water by partially replacing it against fresh water thus
saving underground water.
Your Company was awarded the 2018 Annual

Environment Excellence Award (AEEA) by
National Forum for Environment & Health (NFEH)
in recognition of Company’s performance on
Environment for operating beyond legal obligations
and contributions in environmental, and social
sustainable development.

Corporate Social Responsibility
Your Company is committed to social and environmental cause of the society and believes in building strong
bonds with all segments of society. To cement these bonds welfare activities are carried out in order to uplift
the communities with special emphasis on child education and clean drinking water in the surrounding areas.
The Company provides education aids to needy children and contributes towards other charitable causes.
Your Company is a part of Lakson Group of Companies. The philanthropic activities on behalf of Company
are also done by charitable arms of the group under the name of Hasanali & Gulbanoo Lakhani Foundation
and Lakson Medical Trust.
(^LSSKLÄULK]HS\LZ`Z[LTPZPUWSHJLPU`V\Y*VTWHU`0[PZKLZPNULK[VLUZ\YLHUKPUJ\SJH[L[OLZWPYP[VM
ethical behavior, develop commitment to excellence and adopt a customers’ focused approach. The Directors
consider it as a long term investment in the collective development of your Company’s human resource in
particular, and the society as a whole. Moreover, festivities like employee’s family fun fare, educational trips to
historical places, summer camps for employee’s children and interdepartmental sports activities have become
a regular feature of the Company.
Child Education Initiatives

Your Company have initiated a Joint Venture (JV) with Institute of
9\YHS 4HUHNLTLU[ 094 <UKLY [OPZ 1= Ä]L ZJOVVSZ OH]L ILLU
established on the concept of one room classroom in very poor
communities. This initiative is focusing on such non-school going
children who are involved in child labor by way of garbage collection
etc. Parents are being provided Individual counseling about the
importance and necessity of education. Encouraging results have
been witnessed as participation and attendance of such children
is very healthy indicating their desire to get education. Health
checkups of students have also been performed.
A similar initiative, taken last year in the vicinity of Mill with the help
of SMILE Foundation is also produced excellent results.

Directors’ Report
PROVIDENT AND GRATUITY FUNDS CUSTOMER FOCUSING

;OL *VTWHU` WYV]PKLZ [LYTPUHS ILULÄ[Z [V P[Z Company believes that it valued customers are the
employees in the shape of provident fund and foundation of its business success. Company policies
NYH[\P[` ;OLZL M\UKLK ILULÄ[Z HYL THPU[HPULK I` are fully customers focused. A continuous liaison
two separate duly approved trusts. These trusts are with the market and customers has always enabled
managed by the trustees who get the funds audited your company to best understand customer needs
each year. [VVќLYILZ[Z\P[HISLWYVK\J[ZHUKZLY]PJLSL]LS[V[OL
J\Z[VTLYZ[VTHRL`V\Y*VTWHU`[OLÄYZ[JOVPJL
The Trustees of the respective funds have informed
to the Company that the values of the investments of EMPLOYEE RELATIONS
the two funds were as follows as on June 30, 2018: The cordial relationship between the management
and the employees, remain as good as they have
Rupees in million been for the last many years.
Provident Fund 535.268
HUMAN RESOURCE
Gratuity Fund 431.331 Your Company endeavors to make the best use of its
Human Capital base. It has a broad and interactive
AUDITORS approach towards its employees. Our core value
The Auditors BDO Ebrahim & Company are the system comprises of Humility & Compassion, Integrity,
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[OLPY ZLY]PJLZ MVY YLHWWVPU[TLU[ ;OL` JVUÄYTLK set, Team Work, Sense of Urgency and Customer
that they have been given satisfactory rating under Centric approach. This helps in cultivating individual
the Quality Control Review Program of The Institute employees by shaping them in an organized
of Chartered Accountants of Pakistan (ICAP) and the infrastructure, and transforming their creativities into
ÄYTPZM\SS`JVTWSPHU[^P[O[OL0U[LYUH[PVUHS-LKLYH[PVU professional excellence. Appropriate career paths
of Accountants (IFAC) guidelines on code of ethics, and internal recognition programmes are in place for
as adopted by the ICAP. On the recommendation of [LJOUPJHS HUK THUHNLTLU[ Z[Hќ :JVWL LTHUH[LZ
the Board’s Audit Committee, the Board of Directors from on-job training to enhanced skill programs
proposed their re-appointment by the shareholders through subject specialists and culminates into
at the ensuing Annual General Meeting, as auditors participation in local and international seminars and
of the Company for the year ending June 30, 2019. trainings.

Directors’ Report
OUTLOOK FOR THE YEAR 2019

Although after the recent devaluation of PKR and political changes, there is no clarity about quantum of further
growth in national economy, yet domestic paper and paperboard industry has a good chance to maximize its
capacity utilization as imports are showing declining trends. Therefore, in case of even some low growth rate
in national economy domestic industry may maintain better growth by substituting imports. Your company is
fully geared up to have optimum capacity utilization in the coming year, though challenging due to increasing
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Your Company has brought certain improvements in capacities of its plant from its original capacities with
various initiatives, undertaken from time to time. Your Company will endeavor to improve its sales volumes
by fully exploiting its available improved capacities and price revision of products will be made, wherever
necessary, to mitigate impact of cost escalations on margins.
Antidumping duties announced on its Coated Board Products i.e. Coated Duplex Board and Coated Bleached
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on this matter in ensuing year.
ACKNOWLEDGEMENT
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to acknowledge the devotion to duty by the employees of all cadres and are appreciative of their support and
dedication. They are also thankful to all the other stakeholders and fully acknowledge their contribution and
commitment.
On Behalf of the Board of Directors
Aftab Ahmad Tasleemuddin Ahmed Batlay

*OPLM,_LJ\[P]L6ѝJLY Director
Karachi: August 09, 2018

Statement of Compliance
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The company has complied with the requirements of the Regulations in the following manner:
1. The total number of directors are eight as per the following:
Male: Seven (7)

Female: One (1)
2. The composition of Board is as follows:
Independent Directors
Mr. Kemal Shoaib
Engr. M. Abdul Jabbar - Nominee Director (NIT)
Other Non-Executive Directors

Mr. Iqbal Ali Lakhani - Chairman
Mr. Amin Mohammed Lakhani
Ms. Anushka Zulfiqar Lakhani
Mr. Tasleemuddin Ahmed Batlay
Mr. Shahid Ahmed Khan
Executive Director
Mr. Aftab Ahmad (Chief Executive Officer)
3. The Directors have confirmed that none of them is serving as a Director on more than five listed
companies, including this Company.
4. The Company has prepared a Code of Conduct and has ensured that appropriate steps have been
taken to disseminate it throughout the Company along with its supporting policies and procedures.
5. The Board has developed a vision / mission statement, overall corporate strategy and significant policies
of the Company. A complete record of particulars of significant policies along with the dates on which
they were approved or amended has been maintained.
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken
by board / shareholders as empowered by the relevant provisions of the Act and these Regulations.
7. The meetings of the Board were presided over by the Chairman and, in his absence, by a Director
elected by the Board for this purpose. The Board has complied with the requirements of Act and the
Regulations with respect to frequency, recording and circulating minutes of meeting of board.
8. The Board of Directors have a formal policy and transparent procedures for remuneration of directors in
accordance with the Act and these Regulations.
9. Out of eight directors, four directors are exempt from training program as mentioned in Regulation No.
20, sub-regulation 2 of the Regulations. Three Directors attended the Directors’ training course earlier.
The Board has arranged Directors’ Training program for a director, Ms. Anushka Zulfiqar Lakhani, during
the year.

10. The Board has approved appointment of CFO, Company Secretary and Head of Internal Audit, including
their remuneration and terms and conditions of employment and complied with relevant requirements of
the Regulations.
11. CFO and CEO duly endorsed the financial statements before approval of the Board.
12. The Board has formed committees comprising of members given below:
Audit Committee
Mr. Kemal Shoaib - Chairman
Mr. Amin Mohammed Lakhani - Member
Mr. Tasleemuddin Ahmed Batlay - Member
HR and Remuneration Committee

Engr. M. Abdul Jabbar - Chairman
Mr. Amin Mohammed Lakhani - Member
Mr. Tasleemuddin Ahmed Batlay - Member
Mr. Aftab Ahmad – Member
The Board has reconstituted HR & Remuneration Committee subsequent to election of directors held
on July 17, 2018. Engr. M. Abdul Jabbar, an independent director, has been appointed as Chairman of
the Committee replacing Mr. Amin Mohammed Lakhani.
13. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance.
14. The frequency of meetings of the committee were as per following:
Audit Committee Four Quarterly Meetings

HR & Remuneration Committee One Meeting during the year
15. The Board has set up an effective internal audit function comprising of personnel who are considered
suitably qualified and experienced for the purpose and are conversant with the policies and procedures
of the Company.
16. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating
under the quality control review program of the ICAP and registered with Audit Oversight Board of
Pakistan, that they or any of the partners of the firm, their spouses and minor children do not hold shares
of the Company and that the firm and all its partners are in compliance with International Federation of
Accountants (IFAC) guidelines on Code of Ethics as adopted by the ICAP
17. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Act, these regulations or any other regulatory requirement and
the auditors have confirmed that they have observed IFAC guidelines in this regard.
18. We confirm that all other requirements of the Regulations have been complied with.
Iqbal Ali Lakhani Aftab Ahmad

Chairman Chief Executive Officer
Karachi: August 09, 2018

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LIMITED ON THE STATEMENT OF COMPLIANCE CONTAINED IN LISTED COMPANIES (CODE OF
*69769(;,.6=,95(5*,9,.<3(;065:
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2017 (the Regulations) prepared by the Board of Directors of Century Paper &
Board Mills Limited for the year ended June 30, 2018 in accordance with the requirements of regulation 40
of the Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company.
Our responsibility is to review whether the Statement of Compliance reflects the status of the Company’s
compliance with the provisions of the Regulations and report if it does not and to highlight any non-compliance
with the requirements of the Regulations. A review is limited primarily to inquiries of the Company’s personnel
and review of various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting
and internal control systems sufficient to plan the audit and develop an effective audit approach. We are not
required to consider whether the Board of Directors’ statement on internal control covers all risks and controls
or to form an opinion on the effectiveness of such internal controls, the Company’s corporate governance
procedures and risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation
of the Audit Committee, place before the Board of Directors for their review and approval, its related party
transactions and also ensure compliance with the requirements of section 208 of the Companies Act, 2017.
We are only required and have ensured compliance of this requirement to the extent of the approval of the
related party transactions by the Board of Directors upon recommendation of the Audit Committee. We
have not carried out procedures to assess and determine the Company’s process for identification of related
parties and that whether the related party transactions were undertaken at arm’s length price or not.
Based on our review, nothing has come to our attention which causes us to believe that the Statement
of Compliance does not appropriately reflect the Company’s compliance, in all material respects, with the
requirements contained in the Regulations as applicable to the Company for the year ended June 30, 2018.
Further, we highlight the status of compliance as mentioned in the paragraph 12 of the Statement of
Compliance, which has been complied with subsequent to the year end.
BDO EBRAHIM & CO.

KARACHI CHARTERED ACCOUNTANTS
DATED: August 09, 2018 Engagement Partner: Zulfikar Ali Causer

Financial Statements

Contents of
Financial Statements
Independent Auditor’s Report to the Members 71
Statement of Financial Position 76
3URðWDQG/RVV$FFRXQW 77
Statement of Comprehensive Income 78
Cash Flow Statement 79
Statment of Changes in Equity 80
Notes to the Financial Statements 81

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CENTURY

PAPER & BOARD MILLS LIMITED
Report on the Audit of Financial Statements
Opinion
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Key Audit Matters
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Promulgation of Companies Act, 2017
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Capitalization of property, plant and equipment

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Statement of Financial Position
HZH[1\UL
2018
5V[L 9\WLLZPU[OV\ZHUKZ
$66(76
121&855(17$66(76
7YVWLY[`WSHU[HUKLX\PWTLU[
6WLYH[PUNÄ_LKHZZL[Z 9,122,170
*HWP[HS^VYRPUWYVNYLZZ 7 467,547
9,589,717
0U[HUNPISLHZZL[Z 2,575
3VUN[LYTSVHUZHUKHK]HUJLZ 15,243
3VUN[LYTKLWVZP[Z 5,869
9,613,404
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:[VYLZHUKZWHYLZ 1,290,040
:[VJRPU[YHKL 2,897,285
;YHKLKLI[Z 2,366,324
3VHUZHUKHK]HUJLZ 68,566
;YHKLKLWVZP[ZHUKZOVY[[LYTWYLWH`TLU[Z 88,357
6[OLYYLJLP]HISLZ 10,793
;H_YLM\UKZK\LMYVT.V]LYUTLU[ 262,245
;H_H[PVUUL[ 291,673
*HZOHUKIHURIHSHUJLZ 415,508
7,690,791
727$/$66(76 17,304,195
(48,7<$1'/,$%,/,7,(6
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(\[OVYPaLKZOHYLJHWP[HS
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0ZZ\LKZ\IZJYPILKHUKWHPK\WJHWP[HS
6YKPUHY`ZOHYLZ 1,470,184
7YLMLYLUJLZOHYLZ 901,214
2,371,398
9LZLY]LZ 4,071,475
6,442,873
121&855(17/,$%,/,7,(6
3VUN[LYTÄUHUJPUN 2,821,963
+LMLYYLK[H_H[PVU 1,309,460
4,131,423
&855(17/,$%,/,7,(6
;YHKLHUKV[OLYWH`HISLZ 2.215,766
0U[LYLZ[HUKTHYR\WHJJY\LK 39,849
:OVY[[LYTIVYYV^PUNZ 3,426,688
<UJSHPTLKKP]PKLUK 1,019
*\YYLU[WVY[PVUVMSVUN[LYTÄUHUJPUN 1,046,577
6,729,899
&217,1*(1&,(6$1'&200,70(176
727$/(48,7<$1'/,$%,/,7,(6 17,304,195
;OLHUUL_LKUV[LZMYVT[VMVYTHUPU[LNYHSWHY[VM[OLZLÄUHUJPHSZ[H[LTLU[Z
Aftab Ahmad Tasleemuddin Ahmed Batlay Muhammad Rashid Dastagir

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7YVÄ[HUK3VZZ(JJV\U[
MVY[OL`LHYLUKLK1\UL
2018
:HSLZUL[ 18,964,573
*VZ[VMZHSLZ (16,458,803)
*URVVSURðW 2,505,770
.LULYHSHUKHKTPUPZ[YH[P]LL_WLUZLZ (425,754)
:LSSPUNHUKKPZ[YPI\[PVUL_WLUZLZ (129,204)
6[OLYVWLYH[PUNJOHYNLZ (134,680)
6[OLYPUJVTL 75,438
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-PUHUJLJVZ[ (460,354)
1HWSURðWEHIRUHWD[DWLRQ 1,431,216
;H_H[PVU (439,357)
1HWSURðWIRUWKH\HDU 991,859
,HYUPUNZWLYZOHYLIHZPJHUKKPS\[LK9\WLLZ 6.25
(WWYVWYPH[PVUZOH]LILLUYLÅLJ[LKPU[OLZ[H[LTLU[VMJOHUNLZPULX\P[`

(UU\HS9LWVY[ 77
Statement of Comprehensive Income
MVY[OL`LHYLUKLK1\UL
2018
5L[WYVÄ[MVY[OL`LHY 991,859
Other comprehensive loss for the year

0[LTZ[OH[^PSSUV[ILYLJSHZZPÄLK[VWYVÄ[HUKSVZZHJJV\U[Z\IZLX\LU[S`
3VZZVUYLTLHZ\YLTLU[VMKLÄULKILULÄ[SPHIPSP[` (30,818)
;H_PTWHJ[ 9,245
(21,573)
;V[HSJVTWYLOLUZP]LPUJVTLMVY[OL`LHY 970,286

Cash Flow Statement
MVY[OL`LHYLUKLK1\UL
2018
&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
*HZONLULYH[LKMYVTVWLYH[PVUZ 1,387,587
-PUHUJLJVZ[WHPK (458,858)
;H_LZWHPK (136,014)
;H_LZYLM\UKLK 36,481
.YH[\P[`WHPK (40,737)
>VYRLYZ»7YVÄ[7HY[PJPWH[PVU-\UKWHPK (48,539)
3VUN[LYTSVHUZHUKHK]HUJLZUL[ (10,384)
3VUN[LYTKLWVZP[Z (2,040)
5L[JHZONLULYH[LKMYVTVWLYH[PUNHJ[P]P[PLZ 727,496
&$6+)/2:6)520,19(67,1*$&7,9,7,(6
-P_LKJHWP[HSL_WLUKP[\YL (692,649)
7YVJLLKZMYVTZHSLVMVWLYH[PUNÄ_LKHZZL[Z 8,566
5L[JHZO\ZLKPUPU]LZ[PUNHJ[P]P[PLZ (684,083)
&$6+)/2:6)520),1$1&,1*$&7,9,7,(6
7YVJLLKZMYVTSVUN[LYTÄUHUJPUNMYVT+PYLJ[VY 650,000
7YVJLLKZMYVTSVUN[LYTÄUHUJPUNMYVTIHURPUNJVTWHUPLZ 231,040
9LWH`TLU[VMSVUN[LYTÄUHUJPUNMYVTIHURPUNJVTWHUPLZ (1,081,816)
+P]PKLUKWHPKVUWYLMLYLUJLZOHYLZ (19,910)
+P]PKLUKWHPKVUVYKPUHY`ZOHYLZ (220,233)
5L[JHZO\ZLKPUÄUHUJPUNHJ[P]P[PLZ (440,919)
5L[KLJYLHZLPUJHZOHUKJHZOLX\P]HSLU[Z (397,506)
*HZOHUKJHZOLX\P]HSLU[ZH[[OLILNPUUPUNVM[OL`LHY (2,613,674)
,ќLJ[VML_JOHUNLSVZZ -
*HZOHUKJHZOLX\P]HSLU[ZH[[OLLUKVM[OL`LHY (3,011,180)
&$6+$1'&$6+(48,9$/(176
:OVY[[LYTIVYYV^PUNZ (3,426,688)
(3,011,180)

(UU\HS9LWVY[

Statement of Changes In Equity
MVY[OL`LHYLUKLK1\UL
Issued, subscribed Reserves

and paid-up capital Capital reserves Revenue reserves
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Ordinary Preference Share Merger Redemption *HQHUDO 8QDSSURSULDWHG Sub total
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share capital share capital premium reserve reserve reserve SURðW
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Balance as at June 30, 2018 1,470,184 901,214 1,822,122 7,925 931,254 2,761,301 313,226 996,948 1,310,174 4,071,475 6,442,873

Notes to the Financial Statements
MVY[OL`LHYLUKLK1\UL
1 67$786$1'1$785(2)%86,1(66
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2 *(2*5$3+,&$//2&$7,21$1'$''5(66(62)%86,1(6681,76
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9VHK2HYHJOP7HRPZ[HU;OLTPSSWSHU[VM[OL*VTWHU`PZSVJH[LKH[243HOVYL4\S[HU/PNO^H`
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3 %$6,62)35(3$5$7,21
3.1 Statement of compliance
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5.13 Financial instruments
5.13.1 Financial assets
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5.16 Foreign currency translation
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5.17 (PSOR\HHVEHQHðWV
;OL *VTWHU`»Z LTWSV`LLZ ILULÄ[Z JVTWYPZL VM WYV]PKLU[ M\UK NYH[\P[` ZJOLTL JVTWLUZH[LK
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(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
5.17.1 6WDσUHWLUHPHQWEHQHðWV
a) 'HðQHGEHQHðWSODQ*UDWXLW\)XQG
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K\S`HWWYV]LK*VU[YPI\[PVUZ[V[OLM\UKHYLTHKLIHZLKVUHJ[\HYPHSYLJVTTLUKH[PVUZ;OLTVZ[
YLJLU[HJ[\HYPHS]HS\H[PVU^HZJHYYPLKV\[H[1\UL\ZPUN[OLWYVQLJ[LK\UP[JYLKP[TL[OVK
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5.17.2 Compensated absences
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5.17.3 0HGLFDOEHQHðWV
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5.18 Revenue recognition
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HUKZLY]PJLZPU[OLVYKPUHY`JV\YZLVM[OL*VTWHU`»ZHJ[P]P[PLZ9L]LU\LMYVTZHSLVMNVVKZPZZOVÛ
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^PSSÅV^[V[OL*VTWHU`HUK[OLHTV\U[VMYL]LU\LJHUILTLHZ\YLKYLSPHIS`;OLYL]LU\LHYPZPUN
MYVTKPќLYLU[HJ[P]P[PLZVM[OL*VTWHU`PZYLJVNUPaLKVU[OLMVSSV^PUNIHZPZ!
:HSLVMNVVKZHYLYLJVYKLKÔLU[OLYPZRZHUKYL^HYKZHYL[YHUZMLYYLK[OH[PZVUKPZWH[JOVM
NVVKZ [V J\Z[VTLYZ
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MVY[OL`LHYLUKLK1\UL
5.19 Cash and cash equivalents
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ÅV^Z
5.20 Share capital
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5.21 Earnings per share
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I`HKQ\Z[PUN[OLWYVÄ[VYSVZZH[[YPI\[HISL[VVYKPUHY`ZOHYLOVSKLYZHUK[OL^LPNO[LKH]LYHNLU\TILY
VMVYKPUHY`ZOHYLZV\[Z[HUKPUNMVY[OLLќLJ[ZVMHSSKPS\[P]LWV[LU[PHSVYKPUHY`ZOHYLZ
5.22 Dividend and appropriation to reserves
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ZOHYLOVSKLYZ H[ [OL (UU\HS .LULYHS 4LL[PUN
5.23 Related party transactions
;YHUZHJ[PVUZ^P[OYLSH[LKWHY[PLZHYLIHZLKH[HYT»ZSLUN[OH[UVYTHSJVTTLYJPHSYH[LZVU[OLZHTL
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5.24 Segment reporting
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P[TH`LHYUYL]LU\LZHUKPUJ\YL_WLUZLZPUJS\KPUNYL]LU\LZHUKL_WLUZLZ[OH[YLSH[L[V[YHUZHJ[PVUZ
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[OLTHUHNLTLU[[V!
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\ZLVMJLY[HPUJYP[PJHSHJJV\U[PUNLZ[PTH[LZHUKHZZ\TW[PVUZJVUJLYUPUN[OLM\[\YL
;OL THUHNLTLU[ OHZ L_LYJPZLK Q\KNTLU[ PU HWWS`PUN [OL *VTWHU`»Z HJJV\U[PUN WVSPJPLZ MVY
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[OL ÄUHUJPHS Z[H[LTLU[Z
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MVY[OL`LHYLUKLK1\UL
;OLHYLHZPU]VS]PUNJYP[PJHSHJJV\U[PUNLZ[PTH[LZHUKZPNUPÄJHU[HZZ\TW[PVUZJVUJLYUPUN[OLM\[\YL
HYLKPZJ\ZZLKILSV^!
a) ,QFRPHWD[HV
;OL*VTWHU`[HRLZPU[VHJJV\U[YLSL]HU[WYV]PZPVUZVM[OLWYL]HPSPUNPUJVTL[H_SH^ZÔPSLWYV]PKPUN
MVYJ\YYLU[HUKKLMLYYLK[H_LZHZL_WSHPULKPUUV[LVM[OLZLÄUHUJPHSZ[H[LTLU[Z
b) 'HðQHGEHQHðWVSODQ
*LY[HPUHJ[\HYPHSHZZ\TW[PVUZOH]LILLUHKVW[LKHZKPZJSVZLKPUUV[L[V[OLZLÄUHUJPHSZ[H[LTLU[Z
MVY]HS\H[PVUVMWYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUHUKMHPY]HS\LVMWSHUHZZL[Z(U`JOHUNLZPU
[OLZLHZZ\TW[PVUZPUM\[\YL`LHYZTPNO[HќLJ[HJ[\HYPHSNHPUZSVZZLZYLJVNUPaLKPU[OVZL`LHYZ^P[O
JVYYLZWVUKPUNLќLJ[VUJHYY`PUNHTV\U[VMKLÄULKILULÄ[WSHUSPHIPSP[`HZZL[
c) Property, plant and equipment
4HUHNLTLU[OHZTHKLLZ[PTH[LZVMYLZPK\HS]HS\LZ\ZLM\SSP]LZHUKYLJV]LYHISLHTV\U[ZVMJLY[HPU
P[LTZVMWYVWLY[`WSHU[HUKLX\PWTLU[(U`JOHUNLPU[OLZLLZ[PTH[LZPUM\[\YL`LHYZTPNO[HќLJ[[OL
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VU[OLKLWYLJPH[PVUJOHYNLHUKPTWHPYTLU[SVZZ
d) Stores and spares
4HUHNLTLU[ OHZ THKL LZ[PTH[LZ MVY YLHSPaHISL HTV\U[ VM ZSV^ TV]PUN HUK VIZVSL[L Z[VYLZ HUK
ZWHYLZP[LTZ[VKL[LYTPULWYV]PZPVUMVYZSV^TV]PUNHUKVIZVSL[LP[LTZ(U`M\[\YLJOHUNLPU[OL
LZ[PTH[LKYLHSPaHISLHTV\U[ZTPNO[HќLJ[JHYY`PUNHTV\U[VMZ[VYLZHUKZWHYLZ^P[OJVYYLZWVUKPUN
HќLJ[VUHTV\U[ZYLJVNUPaLKPUWYVÄ[HUKSVZZHJJV\U[HZWYV]PZPVUYL]LYZHS
MVY[OL`LHYLUKLK1\UL
6 23(5$7,1*),;('$66(76
;OLMVSSV^PUNPZ[OLZ[H[LTLU[VMVWLYH[PUNÄ_LKHZZL[Z!
Plant and
Freehold Buildings Furniture Electrical
/HDVHKROG machinery
Description land on freehold and 9HKLFOHV and other Computers 7RWDO
improvements (note 6.2 &
(note 6.1) land ð[WXUHV equipments
6.3)
9\WLLZPU[OV\ZHUKZ
<HDUHQGHG-XQH
Net carrying value basis
6WLUPUNUL[IVVR]HS\L5)=
(KKP[PVUZH[JVZ[
+PZWVZHSZ5)=
+LWYLJPH[PVUJOHYNL
*SVZPUNUL[IVVR]HS\LYLMLYUV[L 281,529 1,915,086 11,524 6,785,392 5,020 98,651 12,965 12,003 9,122,170
*URVVFDUU\LQJYDOXHEDVLV
*VZ[
(JJ\T\SH[LKKLWYLJPH[PVUPTWHPYTLU[
5L[IVVR]HS\L 281,529 1,915,086 11,524 6,785,392 5,020 98,651 12,965 12,003 9,122,170
<HDUHQGHG-XQH
Net carrying value basis
6WLUPUNUL[IVVR]HS\L5)=
(KKP[PVUZH[JVZ[
+PZWVZHSZ5)=
+LWYLJPH[PVUJOHYNL
*SVZPUNUL[IVVR]HS\LYLMLYUV[L
*VZ[
(JJ\T\SH[LKKLWYLJPH[PVUPTWHPYTLU[
5L[IVVR]HS\L
Depreciation rate % per annum [V [V [V [V [V
6.1 ;OPZMYLLOVSKSHUKVMHJYLPZSVJH[LKH[=PSSHNL1\TILY2O\YK;LOZPS7H[[VRP+PZ[YPJ[2HZ\Y
6.2 7SHU[HUKTHJOPULY`PUJS\KLZNHZWPWLSPULPUZ[HSSH[PVUZ^P[OHJVZ[VM9ZTPSSPVU^YP[[LUKVÛ
]HS\L!5PSB!9ZTPSSPVU^YP[[LUKVÛ]HS\L!5PSD[OH[PUZ[HSSLKV\[ZPKL[OLWYLTPZLZVM[OL
MHJ[VYÌ\[ÔPJOHYL\UKLY[OLWVZZLZZPVUHUKJVU[YVSVM[OL:\P5VY[OLYU.HZ7PWLSPULZ3PTP[LK
/V^L]LY[OLLJVUVTPJILULÄ[ZHZZVJPH[LK^P[O[OLZLHZZL[ZHYLÅV^PUN[V[OL*VTWHU`
6.3 7SHU[HUKTHJOPULY`PUJS\KLZJHWP[HSZWHYLZHTV\U[PUN[V9ZTPSSPVU^YP[[LUKVÛ]HS\L9Z
TPSSPVUB!9ZTPSSPVU^YP[[LUKVÛ]HS\L9Z TPSSPVUD
6.4 ;OLJVZ[VMM\SS`KLWYLJPH[LKHZZL[ZÔPJOHYLZ[PSSPU\ZLHZH[1\ULPZ9ZTPSSPVUHUK
^YP[[LUKVÛ]HS\LPZ9ZTPSSPVU!9ZTPSSPVUHUK^YP[[LUKVÛ]HS\LPZ9Z
TPSSPVU
(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
2018
6.5 ;OLKLWYLJPH[PVUJOHYNLMVY[OL`LHYOHZILLUHSSVJH[LKHZMVSSV^Z!
*VZ[VMZHSLZ 952,301

.LULYHSHUKHKTPUPZ[YH[P]LL_WLUZLZ 32,591
:LSSPUNHUKKPZ[YPI\[PVUL_WLUZLZ 2,347
987,239
6.6 ;OLMVSSV^PUNVWLYH[PUNÄ_LKHZZL[Z^LYLKPZWVZLKVќK\YPUN[OL`LHY!
Accumulated Net book Sale

Description Cost Mode of disposal Particulars of buyers
depreciation value proceeds
9\WLLZPU[OV\ZHUKZ
Plant and machinery
0[LTZOH]PUNIVVR]HS\L\W[V9ZÄ]LO\UKYLK[OV\ZHUK :JYHW5V[L =HYPV\Z
9HKLFOH
/VUKH*P]PJ 4H[\YP[`VM*VTWHU`*HY:JOLTL 4Y1HOHUaLI(SP(RO[HY
:\a\RP*\S[\Z 4H[\YP[`VM*VTWHU`*HY:JOLTL 4Y4-HYVVX4HSPR
/VUKH*P]PJ 4H[\YP[`VM*VTWHU`*HY:JOLTL 4Y5HZPY(OTLK,_,TWSV`LL
/VUKH*P[` :HSL5LNV[PH[PVU 4Y(ZHK4LOTVVK,_,TWSV`LL
0[LTZOH]PUNIVVR]HS\L\W[V9ZÄ]LO\UKYLK[OV\ZHUK 4H[\YP[`VM*VTWHU`*HY:JOLTL:HSL
5LNV[PH[PVU =HYPV\Z

Computers
0[LTZOH]PUNIVVR]HS\L\W[V9ZÄ]LO\UKYLK[OV\ZHUK :HSL5LNV[PH[PVU =HYPV\Z
7RWDO 126,426 120,523 5,904 8,566
7RWDO
6.6.1 *LY[HPUHZZL[Z^LYLYL[PYLKK\YPUN[OL`LHYHUKZVSKHZI\SRZJYHW*VUZLX\LU[S`P[PZUV[WYHJ[PJHISL
[VHZZPNUZHSLWYVJLLKZ[V[OLZLYL[PYLKHZZL[ZPUKP]PK\HSS`
6.6.2 ;OL]LOPJSLZ^LYL[YHUZMLYYLK[VLTWSV`LLZH[TH[\YP[`VM[OL*VTWHU`JHYZJOLTL
2018
9\WLLZPU[OV\ZHUKZ
7 &$3,7$/:25.,1352*5(66
;OPZJVTWYPZLZVM!
*P]PS^VYRZ 5,418
7SHU[HUKTHJOPULY` 371,619
(K]HUJLZ[VZ\WWSPLYZ 90,510
467,547
MVY[OL`LHYLUKLK1\UL
7.1 Movement of carrying amount
7SHU[HUK
)\PSKPUN ;V[HS
5V[L THJOPULY`
9\WLLZPU[OV\ZHUKZ
<HDUHQGHG-XQH
6WLUPUNIHSHUJL 2,705 299,573 302,278
(KKP[PVUZH[JVZ[ 80,820 714,113 794,932
;YHUZMLYYLK[VVWLYH[PUNÄ_LKHZZL[Z (78,107) (551,556) (629,663)
*SVZPUNIHSHUJL 5,418 462,130 467,547
<HDUHQGHG-XQH
6WLUPUNIHSHUJL
(KKP[PVUZH[JVZ[
;YHUZMLYYLK[VVWLYH[PUNÄ_LKHZZL[Z
*SVZPUNIHSHUJL
`
7.2 ;OPZPUJS\KLHK]HUJLWHPK[V]LUKVYHTV\U[LK[V9Z TPSSPVUMVYPTWVY[VMWSHU[HUKTHJOPULY`
7.3 ;OPZPUJS\KLZIVYYV^PUNJVZ[ZJHWP[HSPaLKHTV\U[PUN[V9ZTPSSPVU!9Z5PSH[HUH]LYHNL
YH[LVMWLYHUU\T
2018
8 ,17$1*,%/($66(76
0U[HUNPISLHZZL[Z 2,575
8.1 Net carrying value basis
6WLUPUNUL[IVVR]HS\L 1,685

(KKP[PVUZH[JVZ[ 1,990
(TVY[PaH[PVUJOHYNL (1,100)
*SVZPUNUL[IVVR]HS\L 2,575
*VZ[ 64,003
(JJ\T\SH[LKHTVY[PaH[PVU (61,428)
5L[IVVR]HS\L 2,575
Amortization rate % per annum 20 - 33.33
9 /21*7(50/2$16$1'$'9$1&(6
<UZLJ\YLKJVUZPKLYLKNVVK
3VUN[LYTSVHUZ[VLTWSV`LLZ 6
*\YYLU[WVY[PVUZOVÛ\UKLYJ\YYLU[HZZL[Z (6)
-
3VUN[LYTHK]HUJL[VZ\WWSPLY 15,243
15,243
9.1 ;OLZL SVHUZ HYL PU [OL UVYTHS JV\YZL VM I\ZPULZZ ÔPJO KV UV[ JHYY` HU` THYR\W VY PU[LYLZ[ PU
HJJVYKHUJL ^P[O [OLPY [LYTZ VM LTWSV`TLU[
(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
9.2 *OPLM,_LJ\[P]L6ѝJLYHUK+PYLJ[VYZOH]LUV[[HRLUHU`SVHUZHUKHK]HUJLZMYVT[OL*VTWHU`
9.3 ;OPZYLWYLZLU[ZHK]HUJLZ[VZ\WWSPLYZHNHPUZ[W\YJOHZLVM]LOPJSLZPU[OLUVYTHSJV\YZLVMI\ZPULZZ
HUKKVLZUV[JHYY`HU`PU[LYLZ[VYTHYR\W
2018
10 6725(6$1'63$5(6
:[VYLZ 883,914

:WHYLZ
in hand 383,591
PU[YHUZP[ 63,345
446,936
1,330,850
7YV]PZPVUMVYZSV^TV]PUNZ[VYLZHUKZWHYLZ (40,810)
1,290,040
10.1 ;OPZPUJS\KLZM\LSMVYWV^LYHUKZ[LHTNLULYH[PVUHTV\U[PUN[V9Z TPSSPVU!9Z

TPSSPVU
10.2 ;OPZPUJS\KLZJVHSPU[YHUZP[HTV\U[PUN[V9ZTPSSPVU!9ZTPSSPVU
2018
10.3 7YV]PZPVUMVYZSV^TV]PUNZ[VYLZHUKZWHYLZ
)HSHUJLH[[OLILNPUUPUNVM[OL`LHY 34,810

7YV]PZPVUYLJVNUPaLKK\YPUN[OL`LHY 6,000
)HSHUJLH[[OLLUKVM[OL`LHY 40,810
10.4 :[VYLZHUKZWHYLZHSZVPUJS\KLP[LTZÔPJOTH`YLZ\S[PUJHWP[HSL_WLUKP[\YLI\[HYLUV[KPZ[PUN\PZOHISL
H[[OL[PTLVMW\YJOHZL/V^L]LY[OLZ[VYLZHUKZWHYLZJVUZ\TW[PVUYLZ\S[PUNPUJHWP[HSL_WLUKP[\YL
HYLJHWP[HSPaLKPUJVZ[VMYLZWLJ[P]LHZZL[Z
2018
11 672&.,175$'( 9\WLLZPU[OV\ZHUKZ
9H^TH[LYPHSZ
in hand 1,281,499
PU[YHUZP[ 808,715
2,090,214
>VYRPUWYVJLZZ 58,857
-PUPZOLKNVVKZ 748,214
2,897,285
MVY[OL`LHYLUKLK1\UL
2018
12 75$'('(%76
+\LMYVTHZZVJPH[LK\UKLY[HRPUNZ 333,182
6[OLYZ 2,033,142
2,366,324
12.1 ;OPZJVTWYPZLZVMHTV\U[ZYLJLP]HISLMYVT!
4LYP[7HJRHNPUN3PTP[LK 273,670

*VSNH[L7HSTVSP]L7HRPZ[HU3PTP[LK 59,512
333,182
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2018
14 75$'('(326,76$1'6+2577(5035(3$<0(176
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15 27+(55(&(,9$%/(6
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415,508
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25,089,437 0ZZ\LKK\L[VJVU]LYZPVUVMWYLMLYLUJLZOHYLZ 250,894
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20 PREFERENCE SHARES
5\TILYVMWYLMLYLUJL 2018

ZOHYLZVM9ZLHJO 9\WLLZPU[OV\ZHUKZ
2018
300,404,561 -\SS`WHPKPUJHZO 3,004,046
(135,182,070) 9LKLLTLK[OYV\NOJHZOYPNO[ZOHYLZ (1,351,821)
(75,101,140) *VU]LYZPVU[VVYKPUHY`ZOHYLZ (751,011)
90,121,351 901,214
90,121,351 :OHYLZOLSKI`HZZVJPH[LKJVTWHUPLZ 901,214
20.1 0U5V]LTILY [OL*VTWHU`PZZ\LKWYLMLYLUJLYPNO[ZOHYLZVM[OLMHJL]HS\LVM9ZLHJOPU

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2018
21 5(6(59(6
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2018
22 /21*7(50),1$1&,1*
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23 '()(55('7$;$7,21
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37.2 Principal actuarial assumptions
-VSSV^PUNHYLHML^PTWVY[HU[HJ[\HYPHSHZZ\TW[PVUZ\ZLKPU[OL]HS\H[PVU!
2018
HNL HNL
+PZJV\U[YH[L 9.00

,_WLJ[LKYH[LVMYL[\YUVUWSHUHZZL[Z 7.75
,_WLJ[LKYH[LVMPUJYLHZLPUZHSHY` 9.00
2018
9\WLLZPU[OV\ZHUKZ
37.3 5HFRQFLOLDWLRQRIEDODQFHGXHWRGHðQHGEHQHðWSODQ
7YLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVU 508,825

-HPY]HS\LVMWSHUHZZL[Z (431,331)
*SVZPUNUL[SPHIPSP[` 77,494
(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
2018
37.4 0RYHPHQWRIWKHOLDELOLW\UHFRJQL]HGLQWKHVWDWHPHQWRIðQDQFLDOSRVLWLRQ
6WLUPUNUL[SPHIPSP[` 58,479
*OHYNLMVY[OL`LHY 28,934
9LTLHZ\YLTLU[JOHYNLHISL[VV[OLYJVTWYLOLUZP]LPUJVTL 30,818
*VU[YPI\[PVUTHKLK\YPUN[OL`LHY (40,737)
*SVZPUNUL[SPHIPSP[` 77,494
37.5 Fair value of plan assets at year end
.V]LYUTLU[ZLJ\YP[PLZ 41,000

;LYT+LWVZP[9LJLPW[;+9 266,167
;LYT-PUHUJL*LY[PÄJH[LZ*LY[PÄJH[LZVM0U]LZ[TLU[ 22,379
4\[\HSM\UKZ:OHYLZ 100,901
*HZOH[IHURZ 1,500
6[OLYZ (616)
431,331
37.6 0RYHPHQWLQSUHVHQWYDOXHRIGHðQHGEHQHðWREOLJDWLRQV
6WLUPUNWYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUZ 445,362

*\YYLU[ZLY]PJLJVZ[MVY[OL`LHY 26,004
0U[LYLZ[JVZ[MVY[OL`LHY 33,884
)LULÄ[ZK\LI\[UV[WHPKK\YPUN[OL`LHY (616)
)LULÄ[ZWHPKK\YPUN[OL`LHY (15,691)
9LTLHZ\YLTLU[SVZZVUVISPNH[PVU 19,881
*SVZPUNWYLZLU[]HS\LVMKLÄULKILULÄ[VISPNH[PVUZ 508,824
37.7 Movement in fair value of plan assets
6WLUPUNMHPY]HS\LVMWSHUHZZL[Z 386,883

9LTLHZ\YLTLU[SVZZVUWSHUHZZL[Z (10,936)
*VU[YPI\[PVUZK\YPUN[OL`LHY 40,738
)LULÄ[ZWHPKK\YPUN[OL`LHY (15,691)
)LULÄ[ZK\LI\[UV[WHPKK\YPUN[OL`LHY (616)
,_WLJ[LKYL[\YUVUWSHUHZZL[Z 30,953
*SVZPUNMHPY]HS\LVMWSHUHZZL[Z 431,331
37.8 Charge for the year
*\YYLU[ZLY]PJLJVZ[ 26,004

0U[LYLZ[JVZ[ 33,884
,_WLJ[LKYL[\YUVUWSHUHZZL[Z (30,954)
*OHYNLMVY[OL`LHY 28,934

MVY[OL`LHYLUKLK1\UL
2018
37.9 Remeasurement chargeable to other comprehensive income
9LTLHZ\YLTLU[SVZZVUKLÄULKILULÄ[VISPNH[PVU 19,882

9LTLHZ\YLTLU[SVZZVUWSHUHZZL[Z 10,936
30,818
;H_PTWHJ[ (9,245)
21,573
37.10 Sensitivity analysis
;OLPTWHJ[VMJOHUNLPUMVSSV^PUN]HYPHISLZVUKLÄULKILULÄ[VISPNH[PVUPZHZMVSSV^Z!
0UJYLHZLPU +LJYLHZLPU
HZZ\TW[PVU HZZ\TW[PVU
+PZJV\U[YH[L (31,573) 35,865

:HSHY`PUJYLHZL 36,170 (32,438)
37.11 0DWXULW\3URðOH
;PTLPU`LHY
80,595 57,247
59,882 45,884
50,539 54,842
47,594 45,670
358,825 281,573
>LPNO[LKH]LYHNLK\YH[PVU 7 years 7 years
37.12 ;OLJOHYNLPUYLZWLJ[VMKLÄULKILULÄ[WSHUMVY[OL`LHYLUKPUN1\UL PZLZ[PTH[LK[VIL

9ZTPSSPVU
38 '(),1('&2175,%87,213/$1
;OL *VTWHU` OHZ JVU[YPI\[VY` WYV]PKLU[ M\UK ZJOLTL MVY ILULÄ[ VM HSS P[Z WLYTHULU[ LTWSV`LLZ
\UKLY[OL[P[SLVM¸*LU[\Y`7HWLY )VHYK4PSSZ3PTP[LK,TWSV`LLZ*VU[YPI\[VY`7YV]PKLU[-\UK¹;OL
-\UKPZTHPU[HPULKI`[OL;Y\Z[LLZHUKHSSKLJPZPVUZYLNHYKPUNPU]LZ[TLU[ZHUKKPZ[YPI\[PVUVMPUJVTL
L[JHYLTHKLI`[OL;Y\Z[LLZPUKLWLUKLU[VM[OL*VTWHU`
38.1 ;OL;Y\Z[LLZOH]LPU[PTH[LK[OH[[OLZPaLVM[OL-\UKH[`LHYLUK^HZ9Z TPSSPVU!9Z
TPSSPVU
38.2 (Z PU[PTH[LK I` [OL ;Y\Z[LLZ [OL JVZ[ VM [OL PU]LZ[TLU[Z THKL H[ `LHY LUK ^HZ 9Z
TPSSPVU!9ZTPSSPVUÔPJOPZLX\HS[V VM[OL[V[HSM\UKZPaL;OLMHPY]HS\LVM[OL
PU]LZ[TLU[Z^HZ9ZTPSSPVU!9Z TPSSPVUH[[OH[KH[L;OLJH[LNVY`^PZLIYLHR
\W VM PU]LZ[TLU[ HZ WLY :LJ[PVU VM [OL *VTWHUPLZ (J[ PZ NP]LU ILSV^!
(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
2018
Rupees Percentage 9\WLLZ 7LYJLU[HNL
in thousands PU[OV\ZHUKZ
.V]LYUTLU[ZLJ\YP[PLZ 53,000 10

3PZ[LK:LJ\YP[PLZ4\[\HSM\UKZ 127,176 23
;LYT-PUHUJL*LY[PÄJH[LZ 29,992 6
)HUR;LYT+LWVZP[ 325,100 61
535,268 100
(JJVYKPUN[V[OL;Y\Z[LLZPU]LZ[TLU[ZV\[VMWYV]PKLU[M\UKOH]LILLUTHKLPUHJJVYKHUJL^P[O
38.3
[OLWYV]PZPVUZVM:LJ[PVUVM[OL*VTWHUPLZ(J[HUK[OLY\SLZTHKL[OLYL\UKLY
2018
39 &$6+*(1(5$7(')52023(5$7,216
7YVÄ[ILMVYL[H_H[PVU 1,431,216

(KQ\Z[TLU[MVYUVUJHZOJOHYNLZHUKV[OLYP[LTZ!
(TVY[PaH[PVUVMPU[HUNPISLHZZL[Z 1,100
.HPUVUZHSLVMVWLYH[PUNÄ_LKHZZL[Z (2,662)
7YV]PZPVUMVYNYH[\P[` 28,934
7YV]PZPVUMVYZSV^TV]PUNVIZVSL[LZ[VYLZHUKZWHYLZ 6,000
-PUHUJLJVZ[ 460,354
,ќLJ[VML_JOHUNLSVZZ -
>VYRPUNJHWP[HSJOHUNLZ (1,600,895)
1,387,587
39.1 Changes in working capital
'HFUHDVHLQFUHDVHLQFXUUHQWDVVHWV

:[VYLZHUKZWHYLZ 68,511
:[VJRPU[YHKL (934,194)
;YHKLKLI[Z (780,946)
3VHUZHUKHK]HUJLZ (61,331)
;YHKLKLWVZP[ZHUKZOVY[[LYTWYLWH`TLU[Z (3,210)
6[OLYYLJLP]HISLZ (6,928)
;H_YLM\UKZK\LMYVT.V]LYUTLU[ (40,994)
(1,759,092)
,QFUHDVHLQFXUUHQWOLDELOLWLHV
;YHKLHUKV[OLYWH`HISLZ 158,197
(1,600,895)

MVY[OL`LHYLUKLK1\UL
40 5(&21&/,$7,212)029(0(172)/,$%,/,7,(6$1'(48,7,(672&$6+)/2:6
$5,6,1*)520),1$1&,1*$&7,9,7,(6
3PHIPSP[PLZ
+LZJYPW[PVU ,X\P[` ;V[HS
3VUN[LYT-PUHUJPUN
YLZLY]LZ
9\WLLZPU[OV\ZHUKZ
Balance as at July 1, 2017

)VYYV^PUNZMYVT)HURPUN*VTWHUPLZ
)VYYV^PUNZMYVT+PYLJ[VY
9LWH`TLU[
+P]PKLUKWHPKVUVYKPUHY`ZOHYLZ
+P]PKLUKWHPKVUWYLMLYLUJLZOHYLZ
;V[HSLX\P[`YLSH[LKV[OLYJOHUNLZ
+P]PKLUKWH`HISL
Balance as at June 30, 2018 3,868,540 4,071,475 7,940,015
41 5(081(5$7,212)&+,()(;(&87,9(',5(&7256$1'(;(&87,9(6
a) ;OLHNNYLNH[LHTV\U[JOHYNLKPU[OLÄUHUJPHSZ[H[LTLU[ZMVYYLT\ULYH[PVUPUJS\KPUNHSSILULÄ[Z[V
*OPLM,_LJ\[P]L+PYLJ[VYZHUK,_LJ\[P]LZVM[OL*VTWHU`PZHZMVSSV^Z!
2018
Chief *OPLM
Director ([HFXWLYHV 7RWDO +PYLJ[VY ,_LJ\[P]LZ ;V[HS
([HFXWLYH ,_LJ\[P]L
9\WLLZPU[OV\ZHUKZ
4HUHNLYPHSYLT\ULYH[PVU 9,708 9,060 82,817 101,585

/V\ZLYLU[ 4,369 - 34,687 39,056
-P_LKIVU\ZLZ 1,618 - 11,518 13,136
:[HќYL[PYLTLU[ILULÄ[Z 2,535 - 14,514 17,049
4LKPJHS 971 900 8,281 10,152
<[PSP[PLZ - 4,415 347 4,762
6[OLYZ 8 - 3,461 3,469
;V[HS 19,209 14,375 155,625 189,209
5\TILYVMWLYZVUZ 1 1 42 44
b) (NNYLNH[L HTV\U[ JOHYNLK PU [OLZL ÄUHUJPHS Z[H[LTLU[Z PU YLZWLJ[ VM +PYLJ[VYZ» MLL MVY H[[LUKPUN
)VHYKHUK(\KP[*VTTP[[LLTLL[PUNZHTV\U[LK[V9Z!9ZHUK9Z
!9ZYLZWLJ[P]LS`;OL+PYLJ[VYZMLLZMVYH[[LUKPUN)VHYKHUK(\KP[*VTTP[[LLTLL[PUNZ
^LYLWHPKHZWYLZJYPILKPU(Y[PJSLZVM(ZZVJPH[PVU
c) ;OLJ\YYLU[HUKJVYYLZWVUKPUN`LHYÄN\YLZPUJS\KLYLT\ULYH[PVUZVM*VTWHU`»Z,_LJ\[P]LZÔVZL
IHZPJZHSHY`L_JLLKZ[^LS]LO\UKYLK[OV\ZHUKY\WLLZPUHÄUHUJPHS`LHY
d) ;OL*OPLM,_LJ\[P]LHUKJLY[HPUL_LJ\[P]LZHYLHSZVWYV]PKLK^P[OJHYZMVYI\ZPULZZHUKWLYZVUHS\ZL
PUHJJVYKHUJL^P[O[OL*VTWHU`JHYZJOLTL
e) 9LT\ULYH[PVU [V 5VU,_LJ\[P]L +PYLJ[VY YLSH[LZ [V HTV\U[ WHPK MVY WHY[ [PTL PU]VS]LTLU[ PU [OL
*VTWHU`
(UU\HS9LWVY[
MVY[OL`LHYLUKLK1\UL
42 75$16$&7,216$1'%$/$1&(6:,7+5(/$7('3$57,(6
;OL YLSH[LK WHY[PLZ HUK HZZVJPH[LK \UKLY[HRPUNZ JVTWYPZL NYV\W JVTWHUPLZ V[OLY HZZVJPH[LK
JVTWHUPLZ Z[Hќ YL[PYLTLU[ M\UKZ KPYLJ[VYZ HUK RL` THUHNLTLU[ WLYZVUULS ;YHUZHJ[PVUZ ^P[O
YLSH[LK WHY[PLZ HUK HZZVJPH[LK \UKLY[HRPUNZ HYL HZ \UKLY!
2018
Nature of transaction Nature of Relation Basis of Relation 9\WLLZPU[OV\ZHUKZ
Sale of goods, services and

UHLPEXUVHPHQWRIH[SHQVHV
4LYP[7HJRHNPUN3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 1,374,771
*VSNH[L7HSTVSP]L7HRPZ[HU3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 593,302
*VTTVU+PYLJ[VYHUK
*LU[\Y`0UZ\YHUJL*VTWHU`3PTP[LK (ZZVJPH[LKJVTWHU` 3,414
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
:0A(7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 3,675
ZOHYLZOLSK
*ÌLY0U[LYUL[:LY]PJLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 2,330
:ÌYPK7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 719
Purchase of goods, services and

UHLPEXUVHPHQWRIH[SHQVHV
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
4LYP[7HJRHNPUN3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 29,272
3HRZVU)\ZPULZZ:VS\[PVUZ3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 4,273
/HZZHUHSPHUK.\SIHUVV3HROHUP-V\UKH[PVU (ZZVJPH[LK\UKLY[HRPUN ;Y\Z[LL 2,941
7YPUJL[VU;YH]LSZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 14,570
*VTTVU+PYLJ[VYHUK
:0A(:LY]PJLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 3,095
ZOHYLZOLSK
*ÌLY0U[LYUL[:LY]PJLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 1,823
*VTTVU+PYLJ[VYHUK
:0A(7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 850
ZOHYLZOLSK
:0A(-VVKZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 350
*VSNH[L7HSTVSP]L7HRPZ[HU3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 134
,_WYLZZ7\ISPJH[PVUZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU4HUHNLTLU[ 3,333
:ÌYPK7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY 1,024
.(4*VYWVYH[PVU7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` *VTTVU+PYLJ[VY -
Rent and other allied charges

/HZZHUHSPHUK.\SIHUVV3HROHUP-V\UKH[PVU (ZZVJPH[LK\UKLY[HRPUN ;Y\Z[LL 5,939
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
:0A(:LY]PJLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 611
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
:0A(*VTTVKP[PLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 201
ZOHYLZOLSK
Insurance agency commission

*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
Donation
;OL3H`[VU9HOTH[\SSHO)LUL]VSLU[;Y\Z[ 9LSH[LK7HY[` ;Y\Z[LL 1,000
Mark-up accrued
*VTTVU+PYLJ[VYHUK
:0A(*VTTVKP[PLZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 67,372
ZOHYLZOLSK
4Y0XIHS(SP3HROHUP +PYLJ[VY +PYLJ[VYZOPW 32,166
/RQJWHUPORDQREWDLQHG
4Y0XIHS(SP3HROHUP +PYLJ[VY +PYLJ[VYZOPW 650,000
Dividend on ordinary shares

*VTTVU+PYLJ[VYHUK
7YLTPLY-HZOPVUZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 18,586
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK

MVY[OL`LHYLUKLK1\UL
2018
Nature of transaction Nature of Relation Basis of Relation 5V[L 9\WLLZPU[OV\ZHUKZ
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
Dividend on Preference Shares

*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
ZOHYLZOLSK
*VTTVU+PYLJ[VYHUK
7YLTPLY-HZOPVUZ7YP]H[L3PTP[LK (ZZVJPH[LKJVTWHU` 1,685
ZOHYLZOLSK
Others
*VU[YPI\[PVU[V:[Hќ9L[PYLTLU[)LULÄ[7SHUZ ,TWSV`LLZ-\UK 80,414
2L`4HUHNLTLU[
9LT\ULYH[PVUHUKV[OLYILULÄ[Z 189,209
7LYZVUULS
42.1 <HDUHQGEDODQFHV
9LJLP]HISLMYVTYLSH[LKWHY[PLZ 343,025

7H`HISL[VYLSH[LKWHY[PLZ 88,972
7H`HISL[V9L[PYLTLU[)LULÄ[7SHU 84,265
3VUN[LYTÄUHUJPUNMYVTHZZVJPH[LK\UKLY[HRPUN+PYLJ[VY 1,650,000
42.2 ;OLKL[HPSZVMJVTWLUZH[PVUWHPK[VRL`THUHNLTLU[WLYZVUULSHYLZOVÛ\UKLY[OLOLHKPUNVM
¸9LT\ULYH[PVUVM*OPLM,_LJ\[P]L+PYLJ[VYZHUK,_LJ\[P]LUV[L¹;OLYLHYLUV[YHUZHJ[PVUZ^P[O
RL`THUHNLTLU[WLYZVUULSV[OLY[OHU\UKLY[OLPY[LYTZVMLTWSV`TLU[
42.3 (SS[YHUZHJ[PVUZ^P[OYLSH[LKWHY[PLZOH]LILLUJHYYPLKV\[VUJVTTLYJPHS[LYTZHUKJVUKP[PVUZ
43 &$3$&,7<$1'352'8&7,217211(6
2018
(UU\HS (UU\HS
JHWHJP[` (J[\HS JHWHJP[` (J[\HS
VU[OYLL WYVK\J[PVU VU[OYLL WYVK\J[PVU
ZOPM[Z ZOPM[Z
7HWLYHUKWHWLYIVHYKWYVK\JLK 240,000 229,384

7HWLYHUKWHWLYIVHYKJVU]LYZPVU 30,000 25,370
44 ),1$1&,$/5,6.0$1$*(0(172%-(&7,9(6$1'32/,&,(6
44.1 Risk management policies

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44.2 Credit risk
*YLKP[YPZRYLWYLZLU[Z[OLHJJV\U[PUNSVZZ[OH[^V\SKILYLJVNUPaLKH[[OLYLWVY[PUNKH[LPMJV\U[LY
WHY[PLZ MHPS [V WLYMVYT HZ JVU[YHJ[LK HUK HYPZLZ WYPUJPWHSS` MYVT [YHKL HUK V[OLY YLJLP]HISLZ ;OL
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[OLPU[LYUHSN\PKLSPULZHUKYLN\SH[VY`YLX\PYLTLU[Z
([SRVXUHWRFUHGLWULVN
;OLJHYY`PUNHTV\U[ZVM[OLÄUHUJPHSHZZL[ZYLWYLZLU[[OLTH_PT\TJYLKP[L_WVZ\YLZ6\[VM[V[HS
ÄUHUJPHSHZZL[ZVM9Z TPSSPVU!9ZTPSSPVU[OLÄUHUJPHSHZZL[ZÔPJOHYL
Z\IQLJ[[VJYLKP[YPZRHTV\U[LK[V9Z TPSSPVU!9ZTPSSPVU;OLJHYY`PUN
HTV\U[ZVMÄUHUJPHSHZZL[ZL_WVZLK[VJYLKP[YPZRH[YLWVY[PUNKH[LHYLHZ\UKLY!
2018
9\WLLZPU[OV\ZHUKZ
3VHUZHUKKLWVZP[Z 8,070

)HURIHSHUJLZ 411,806
2,796,993
;OLHNPUNVM[YHKLYLJLP]HISLH[[OLYLWVY[PUNKH[LPZ!
5V[WHZ[K\L 1,939,176

7HZ[K\LKH`Z 341,203
7HZ[K\L KH`Z 78,164
7HZ[K\L KH`Z 7,781
2,366,324
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SPTP[ZVUJVU[PU\V\ZIHZPZ;OLYH[PUNZVMIHURZYHUNLZMYVT([V(((
Concentration of credit risk
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HJ[P]P[PLZ VY OH]L ZPTPSHY LJVUVTPJ MLH[\YLZ [OH[ ^V\SK JH\ZL [OLPY HIPSP[PLZ [V TLL[ JVU[YHJ[\HS
VISPNH[PVU [V IL ZPTPSHYS` HќLJ[LK I` [OL JOHUNLZ PU LJVUVTPJ WVSP[PJHS VY V[OLY JVUKP[PVUZ ;OL
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MVY[OL`LHYLUKLK1\UL
Impaired assets
+\YPUN[OL`LHYUVHZZL[ZOH]LILLUPTWHPYLK
44.3 /LTXLGLW\ULVN
3PX\PKP[`YPZRPZ[OLYPZR[OH[[OL*VTWHU`^PSSLUJV\U[LYKPѝJ\S[`PUTLL[PUNP[ZÄUHUJPHSVISPNH[PVUZ
HZ[OL`MHSSK\L;OL*VTWHU`»ZHWWYVHJO[VTHUHNPUNSPX\PKP[`PZ[VLUZ\YLHZMHYHZWVZZPISL[OH[
P[^PSSHS^H`ZOH]LZ\ѝJPLU[SPX\PKP[`[VTLL[P[ZSPHIPSP[PLZÔLUK\L\UKLYIV[OUVYTHSHUKZ[YLZZ
JVUKP[PVUZ^P[OV\[PUJ\YYPUN\UHJJLW[HISLSVZZLZVYYPZRPUNKHTHNL[V[OL*VTWHU`»ZYLW\[H[PVU
;OLMVSSV^PUNHYL[OLJVU[YHJ[\HSTH[\YP[PLZVMÄUHUJPHSSPHIPSP[PLZPUJS\KPUNPU[LYLZ[WH`TLU[ZPMHU`!
Carrying Contractual 6L[PRQWKV 6L[WR7ZHOYH One to two 7ZRWRðYH 2YHUðYH

amount Cash Flows or less months years years years
9\WLLZPU[OV\ZHUKZ
2018
3VUN[LYTÄUHUJPUN 3,868,540 4,218,013 673,721 593,827 2,265,830 648,347 36,287
;YHKLHUKV[OLYWH`HISLZ 1,763,874 1,763,874 1,763,874 - - - -
0U[LYLZ[HUKTHYR\WHJJY\LK 39,849 39,849 39,849 - - - -
:OVY[[LYTIVYYV^PUNZ 3,426,688 3,455,052 3,455,052 - - - -
9,098,951 9,476,788 5,932,496 593,827 2,265,830 648,347 36,287
2017
3VUN[LYTÄUHUJPUN
;YHKLHUKV[OLYWH`HISLZ
0U[LYLZ[HUKTHYR\WHJJY\LK
:OVY[[LYTIVYYV^PUNZ

44.4 Market risk
4HYRL[YPZRPZ[OLYPZR[OH[JOHUNLZPUTHYRL[WYPJLZ\JOHZMVYLPNUL_JOHUNLYH[LZPU[LYLZ[YH[LZHUK
LX\P[`WYPJLZ^PSSLќLJ[[OL*VTWHU`»ZPUJVTLVY[OL]HS\LVMP[ZOVSKPUNZVMÄUHUJPHSPUZ[Y\TLU[Z;OL
*VTWHU`PZUV[L_WVZLK[VWYPJLYPZR
a) Currency risk
-VYLPNUJ\YYLUJ`YPZRPZ[OLYPZR[OH[[OLM\[\YLJHZOÅV^VMÄUHUJPHSHZZL[VYHSPHIPSP[`^PSSÅ\J[\H[L
K\L[VHJOHUNLPUMVYLPNUL_JOHUNLYH[LZ0[HYPZLZTHPUS`ÔLYLYLJLP]HISLZHUKWH`HISLZL_PZ[K\L
[V[YHUZHJ[PVUZLU[LYLKPU[VPUMVYLPNUJ\YYLUJPLZ;OL*VTWHU`»ZL_WVZ\YL[VMVYLPNUJ\YYLUJ`YPZR
PZHZMVSSV^Z!
2018
9\WLLZPU[OV\ZHUKZ
-VYLPNUIPSSZWH`HISL 468,687

0TWVY[JYLKP[ÄUHUJLZ -
.YVZZZ[H[LTLU[VMÄUHUJPHSWVZP[PVUL_WVZ\YL 468,687
6\[Z[HUKPUNSL[[LYVMJYLKP[Z 1,735,330
5L[L_WVZ\YL 2,204,017
(UU\HS9LWVY[
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;OLMVSSV^PUNZPNUPÄJHU[L_JOHUNLYH[LZOH]LILLUHWWSPLK
(]LYHNLYH[L 9LWVY[PUNKH[LYH[L
2018 2018
9\WLLZ
<:+[V729 110.09 121.68
([YLWVY[PUNKH[LPM[OL729OHKZ[YLUN[OLULKI`HNHPUZ[[OL<:+VSSHY^P[OHSSV[OLY]HYPHISLZ
OLSKJVUZ[HU[WVZ[[H_WYVÄ[MVY[OL`LHY^V\SKOH]LILLUOPNOLYI`[OLHTV\U[ZOVÛILSV^THPUS`
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(]LYHNLYH[L 9LWVY[PUNKH[LYH[L
2018 2018
9\WLLZPU[OV\ZHUKZ
,ќLJ[VUWYVÄ[ 139,447 154,127
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WVZ[[H_ WYVÄ[
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HZZL[ZSPHIPSP[PLZVM[OL*VTWHU`
b) Interest rate risk
0U[LYLZ[YH[LYPZRPZ[OLYPZR[OH[[OLMHPY]HS\LVYM\[\YLJHZOÅV^ZVMHÄUHUJPHSPUZ[Y\TLU[^PSSÅ\J[\H[L
ILJH\ZLVMJOHUNLZPUTHYRL[PU[LYLZ[YH[LZ4HQVYP[`VM[OLPU[LYLZ[YH[LL_WVZ\YLHYPZLZMYVTSVUN
[LYTSVHUZHUKZOVY[[LYTIVYYV^PUNZ([[OLZ[H[LTLU[VMÄUHUJPHSWVZP[PVUKH[L[OLPU[LYLZ[YH[L
WYVÄSLVM[OL*VTWHU`»ZPU[LYLZ[ILHYPUNÄUHUJPHSPUZ[Y\TLU[ZPZHZMVSSV^Z!
2018 2018

,ќLJ[P]LYH[L *HYY`PUNHTV\U[
0UWLYJLU[ 9\WLLZPU[OV\ZHUKZ
Financial liabilities
=HYPHISLYH[LPUZ[Y\TLU[Z
3VUN[LYTSVHUZ 6.58 to 6.90 [V 3,868,540
:OVY[[LYTIVYYV^PUNZ 2.26 to 6.26 [V 3,426,688
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(JOHUNLVMIHZPZWVPU[ZPUPU[LYLZ[YH[LZH[[OLYLWVY[PUNKH[L^V\SKOH]LPUJYLHZLKLJYLHZL
WYVÄ[ MVY [OL `LHY I` [OL HTV\U[Z ZOVÛ ILSV^ ;OPZ HUHS`ZPZ HZZ\TLZ [OH[ HSS V[OLY ]HYPHISLZ PU
WHY[PJ\SHYMVYLPNUJ\YYLUJ`YH[LZYLTHPUJVUZ[HU[;OLHUHS`ZPZPZWLYMVYTLKVU[OLZHTLIHZPZMVY
[OLWYPVY`LHY
7YVÄ[HUKSVZZWVZ[[H_
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9\WLLZPU[OV\ZHUKZ
As at June 30, 2018
*HZOÅV^ZLUZP[P]P[`=HYPHISLYH[LÄUHUJPHSSPHIPSP[PLZ (51,067) 51,067
As at June 30, 2017
*HZOÅV^ZLUZP[P]P[`=HYPHISLYH[LÄUHUJPHSSPHIPSP[PLZ

MVY[OL`LHYLUKLK1\UL
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HZZL[ZSPHIPSP[PLZVM[OL*VTWHU`
2018
9\WLLZPU[OV\ZHUKZ
44.5 Financial instruments by category
Financial assets
3VHUZHUKYLJLP]HISLZH[HTVY[PZLKJVZ[
3VHUZHUKKLWVZP[Z 8,070
2,800,695
Financial liabilities
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3VUN[LYTÄUHUJPUN 3,868,540
;YHKLHUKV[OLYWH`HISLZ 1,763,874
0U[LYLZ[HUKTHYR\WHJJY\LK 39,849
:OVY[[LYTIVYYV^PUNZ 3,426,688
9,098,951
45 )$,59$/8(0($685(0(172)),1$1&,$/,167580(176
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Number of 7RWDO6KDUHV
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7


Pattern of Shareholding
HZH[1\UL
Number of Sharesholding 7RWDO6KDUHV

Shareholders From 7R Held

2,058 147,018,345
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Categories of Shareholding
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Details of Pattern of Shareholders
HZH[1\UL
Number of
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Form of Proxy
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THE COMPANY SECRETARY
CENTURY PAPER & BOARD MILLS LIMITED
LAKSON SQUARE, BUILDING NO. 2,
SARWAR SHAHEED ROAD,
KARACHI-74200.
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AFFIX
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POSTAGE
TO,
THE COMPANY SECRETARY
CENTURY PAPER & BOARD MILLS LIMITED
LAKSON SQUARE, BUILDING NO. 2,
SARWAR SHAHEED ROAD,
KARACHI-74200.
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Phone: (021) 38400000 Fax: (021) 35681163, 35683410

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ANNUAL REPORT

Clean - Green - Sustainable

Century Paper & Board Mills Limited

To be the market leader and an enduring force

To strive incessantly for excellence and sustain

Key Figures and Ratios 07

Summarized Six Year Data 30

2 Century Paper & Board Mills Limited

We believe in free and fair business practices and open

Annual Report 2018 3

4 Century Paper & Board Mills Limited

HR & Remuneration Chief Executive Board Audit

Annual Report 2018 5

(M.Tons) RS. In million

RS. In million RS. In million

RS. RS. In million

6 Century Paper & Board Mills Limited

Key Figures 2018 2017

Gross sales 22,191 18,021

Key Ratios 2018 2017

Earnings per share - Rupees 6.25 3.66

Annual Report 2018 7

by JCR-VIS Credit Rating Company Limited as on June 2018

Short-Term A-1 (A minus One)

8 Century Paper & Board Mills Limited

Annual Report 2018 9

Awarded “Best Corporate

2018 2015 2012 2011 2008

Awarded “Environment Excellence (^HYKLK[OLJLY[PÄJH[PVUVU

10 Century Paper & Board Mills Limited

2007 2006 2004 2003 2002

Recognized by Awarded “Best Corporate

Annual Report 2018 11

Embarked on Solar Inked an agreement

1990 Generation Plant

12 Century Paper & Board Mills Limited

Enhanced Box Making Enhanced production

2002 • Added a Corrugated 2005 after installation of

Installed Dissolved • Converted Power

Annual Report 2018 13

As required under the Code of Corporate Governance, an annual evaluation of the

Iqbal Ali Lakhani

Dated: 09 August 2018

14 Century Paper & Board Mills Limited

Iqbal Ali Lakhani (Chairman)

Amin Mohammed Lakhani

Tasleemuddin Ahmed Batlay

Shahid Ahmed Khan

Engr. M. Abdul Jabbar

Annual Report 2018 15

Board’s Committees Advisor

Audit Committee Sultan Ali Lakhani

Kemal Shoaib (Chairman)

Amin Mohammed Lakhani 2τFHUV

Tasleemuddin Ahmed Batlay &KLHI)LQDQFLDO2τFHU

Muhammad Rashid Dastagir

Engr. M. Abdul Jabbar (Chairman) Company Secretary

Amin Mohammed Lakhani Mansoor Ahmed

Aftab Ahmad (CEO)

16 Century Paper & Board Mills Limited

Annual Report 2018 17

Century is Committed to:

18 Century Paper & Board Mills Limited

First Quarter ending on September 30, 2018 6J[VILY

;VKLJSHYLÄUHSKP]PKLUKPUJHZO'PL9LWLYZOHYLVM9ZLHJO;OPZPZPUHKKP[PVU

5,000

6DOHV9ROXPHV0HWULF7RQV 48,376 56,496 55,811 53,664 214,347

Sales tax (682,951) (830,424) (868,777) (844,228)

Cost of sales (3,535,845) (4,189,306) (4,409,422) (4,324,230)