Snapshot of ATTOCK PETROLEUM LTD (APL)

OPEN PREVIOUS CLOSE

324.34 324.34
DAY HIGH DAY LOW
327.90 324.50
52 WEEK HIGH 52 WEEK LOW
12/8/10 - 327.90 06/2/10 - 229.17
MARKET CAP AVERAGE VOLUME 10 D
22.6B 500.6K
EPS TTM SHARES OUTSTANDING
52.00 69.1M
EX-DATE P/E TTM
10/19/10 6.3x
DIVIDEND DIVIDEND YIELD
25.00 7.67%
K = Thousands M = Millions B = Billions

APL Competitors
Company LastChange
Byco Petroleum Pakistan Ltd 11.68 PKR -0.09
Clariant Pakistan Ltd 156.00 PKR -0.57
Pakistan State Oil Co Ltd 286.74 PKR +1.61
Shell Pakistan Ltd 199.58 PKR +1.27
Income Statement
Year over year, Attock Petroleum Ltd. has been able to grow revenues from 61.8B to 82.7B. Most
impressively, the company has been able to reduce the percentage of sales devoted to income tax
expense from 1.94% to 1.51%. This was a driver that led to a bottom line growth from 3.1B to 3.6B.
Currency in As of: Jun 30 Jun 30 Jun 30 Jun 30
Millions of Pakistan Rupees 2007 2008 2009 2010
PKR Restated Restated PKR
PKR PKR
42,254. 52,997. 61,780. 82,709.
Revenues
0 4 0 0
40,228. 50,270. 58,514. 78,988.
Cost of Goods Sold
1 2 8 5
GROSS PROFIT 2,025.9 2,727.2 3,265.2 3,720.5
Selling General & Admin Expenses, Total 305.7 361.1 470.5 742.6
Depreciation & Amortization, Total 63.4 77.2 82.6 127.3
Other Operating Expenses -375.1 -866.3 -825.6 -1,217.3
OTHER OPERATING EXPENSES, TOTAL -6.0 -428.0 -272.5 -347.4
OPERATING INCOME 2,031.9 3,155.2 3,537.7 4,068.0
Interest and Investment Income 351.7 381.9 848.9 980.7
NET INTEREST EXPENSE 351.7 381.9 848.9 980.7
Income (Loss) on Equity Investments 42.3 58.9 26.5 42.3
Currency Exchange Gains (Loss) 9.4 -67.6 -104.7 70.3
Other Non-Operating Income (Expenses) -- -- -31.5 -319.9
EBT, EXCLUDING UNUSUAL ITEMS 2,435.3 3,528.4 4,276.9 4,841.5
Gain (Loss) on Sale of Assets 0.3 1.1 3.5 4.8
EBT, INCLUDING UNUSUAL ITEMS 2,435.6 3,529.6 4,280.4 4,846.3
Income Tax Expense 707.0 888.0 1,198.0 1,252.0
Earnings from Continuing Operations 1,728.6 2,641.6 3,082.4 3,594.3
NET INCOME 1,728.6 2,641.6 3,082.4 3,594.3
Balance Sheet
Attock Petroleum Ltd. uses little or no debt in its capital structure and may have less financial risk than
the industry aggregate. Accounts Receivable are typical for the industry, with 34.06 days worth of
sales outstanding. Last, Attock Petroleum Ltd. is among the least efficient in its industry at managing
inventories and has been consistently getting worse. At the most recent fiscal year end there were 2.64
days of this company's Cost of Goods Sold tied up in Inventories.
Currency in As of: Jun 30 Jun 30 Jun 30 Jun 30
Millions of Pakistan Rupees 2007 2008 2009 2010
PKR Restated Restated PKR
PKR PKR
Assets
4,066.
Cash and Equivalents 6,117.9 7,434.9 9,275.6
8
Short-Term Investments 202.0 330.4 -- 831.8
4,268. 10,107.
TOTAL CASH AND SHORT TERM INVESTMENTS 6,448.3 7,434.9
8 4
2,503.
Accounts Receivable 5,825.9 7,835.5 7,602.1
0
Other Receivables 396.1 912.1 817.9 265.2
2,899.
TOTAL RECEIVABLES 6,738.0 8,653.4 7,867.3
1
Inventory 344.9 304.3 144.3 999.9
Prepaid Expenses 2.4 8.4 11.5 23.9
Other Current Assets 480.0 382.7 164.0 430.8
7,995. 13,881. 16,408. 19,429.
TOTAL CURRENT ASSETS
2 6 2 2
Gross Property Plant and Equipment 799.7 1,212.2 1,485.4 1,670.4
Accumulated Depreciation -215.1 -289.6 -354.6 -453.2
NET PROPERTY PLANT AND EQUIPMENT 584.5 922.6 1,130.9 1,217.2
Long-Term Investments 387.2 709.1 733.4 765.7
Other Long-Term Assets 16.8 -- -- 30.5
8,983. 15,513. 18,272. 21,442.
TOTAL ASSETS
8 3 4 7

LIABILITIES & EQUITY

Accounts Payable 66.5 190.5 89.0 2.2
Accrued Expenses 427.2 562.2 625.1 724.5
Current Income Taxes Payable 106.5 28.4 208.0 363.1
4,802. 10,016. 10,827.
Other Current Liabilities, Total 9,061.2
4 6 4
5,402. 10,938. 11,917.
TOTAL CURRENT LIABILITIES 9,842.4
6 6 2
Deferred Tax Liability Non-Current 13.0 14.0 92.0 110.0
Other Non-Current Liabilities 113.8 121.1 159.5 178.9
TOTAL LIABILITIES 5,529. 9,977.5 11,190. 12,206.
 5 2 1
Common Stock 400.0 480.0 576.0 576.0
3,036.
Retained Earnings 5,055.8 6,506.3 8,660.6
3
Comprehensive Income and Other 18.0 -- -- --
3,454.
TOTAL COMMON EQUITY 5,535.8 7,082.3 9,236.6
3
3,454.
TOTAL EQUITY 5,535.8 7,082.3 9,236.6
3
8,983. 15,513. 18,272. 21,442.
TOTAL LIABILITIES AND EQUITY
8 3 4 7

Cash Flow

Currency in As of: Jun 30 Jun 30 Jun 30 Jun 30

Millions of Pakistan Rupees 2007 2008 2009 2010
PKR Restated Restated PKR
PKR PKR
1,728.
NET INCOME 2,641.6 3,082.4 3,594.3
6
Depreciation & Amortization 63.4 77.2 82.6 127.3
DEPRECIATION & AMORTIZATION, TOTAL63.4 77.2 82.6 127.3
(Gain) Loss from Sale of Asset -0.3 -- -- --
(Income) Loss on Equity Investments -42.3 -- -- --
Change in Accounts Receivable -0.5 -- -- --
Change in Inventories -268.8 -- -- --
1,237.
Change in Accounts Payable -- -- --
1
Change in Other Working Capital 10.7 -- -- --
2,097.
CASH FROM OPERATIONS 2,988.9 2,000.8 3,359.4
2
Capital Expenditure -144.3 -399.2 -293.0 -215.4
Sale of Property, Plant, and Equipment 0.8 1.8 5.7 6.6
Investments in Marketable & Equity Securities -200.0 -376.2 307.7 -386.0
CASH FROM INVESTING -5.2 -386.0 849.6 318.1
-
Common Dividends Paid -319.3 -559.1 -1,533.4
1,437.6
-
TOTAL DIVIDEND PAID -319.3 -559.1 -1,533.4
1,437.6
Other Financing Activities 13.2 7.3 -- --
-
CASH FROM FINANCING -306.1 -551.8 -1,533.4
1,437.6
1,785.
NET CHANGE IN CASH 2,051.1 1,317.0 2,239.9
9
Industry Analysis
Valuation APL
Price/Earnings 6.1x
Price/Sales 0.3x
Price/Book 2.2x
Price/Cash Flow 5.9x
TEV/Sales 0.2x

INDUSTRY INCOME STATEMENT ANALYSIS

Totals APL Industry Range
540.0
Total Revenue 966.2M 1.5T
-121.4M
Gross Profit 43.5M 119.9B
-8.7B
Operating Income 47.5M 60.2B
-7.2B
Net Income 42.0M 59.6B

INDUSTRY CASH FLOW ANALYSIS

Totals APL Industry Range
-672.4M
Cash From Operations 39.2M 13.3B
-10.0B
Levered Free Cash Flow 36.0M 8.3B
-2.0B
Cash From Net Change 26.2M 1.5B

Earning

Attock Petroleum Ltd.'s Annual Earnings

Attock Petroleum Ltd. reported annual 2010 earnings of 62.40 per share on 10/1/2010

Attock Petroleum Ltd.'s Annual Revenues

Attock Petroleum Ltd. had revenues for the full year 2010 of 82.8B. This was 33.8% above the prior
year's results.
Company Profile

Attock Petroleum Limited (APL) is the 4th Oil Marketing Company in Pakistan to be granted a
marketing license in February 1998. Though a new entrant in the field of oil marketing, APL has
managed to establish its presence and reputation as a progressive and dynamic organization focusing
on providing quality and environment friendly petroleum products and services in Pakistan and abroad.
Its steady and substantially growing market share and customer confidence, which it enjoys, are
manifestations of APL's successful policies.

APL is part of the first fully integrated Oil Company of the sub-continent, APL’s sponsors include
Pharaon Commercial Investment Group Limited (PCIGL) and Attock Group of Companies.

Pharaon Group is engaged internationally in diversified entrepreneurial activities, including Hotels, Oil
Exploration, Production and Refining, Manufacturing of Petroleum Products, Chemicals,
Manufacturing and Trading of Cement, Real Estate etc.

The Attock Group of companies consist of The Attock Oil Company Limited (AOC), Pakistan
Oilfields Limited (POL), Attock Refinery Limited (ARL), Attock Petroleum Limited (APL),
Attock Information Technology Services (Pvt) Limited (AITSL), Attock Cement Pakistan
Limited (ACPL) etc. AOC was incorporated with limited liability in England on December 01,
1913. The company is principally engaged in exploration, drilling and production of petroleum
and related activities in Pakistan. AOC is the pioneer in the oil sector in Pakistan. Its first oil
discovery in Pakistan was made in Khaur district Attock in 1915. The refining operations were
started in 1922 at Morgah near Rawalpindi. (for other group companies information please visit
Group Profile)

Welcome to Attock Petroleum Limited

Attock Petroleum Limited (APL) is an associate company of the Attock Oil Group of Companies,
which is the only fully vertically integrated Group in the Oil & Gas sector of Pakistan involved in
Exploration & Production, Refining & Marketing. APL's corporate head office is registered in
Islamabad.

Our Vision
To become a world class, professionally managed, fully integrated, customer focused, Oil Marketing
Company, offering value added quality and environment friendly products and services to its
customers in Pakistan and beyond.

Our Mission
To continuously provide quality and environment friendly petroleum products and related services to
industrial, commercial and retail consumers, and exceeding their expectations through reliability,
economy and quality of products and services. We are committed to benefiting the community and
ensuring the creation of a safe, responsible and innovative environment geared to client satisfaction,
end user gratification, employees' motivation and shareholders value.

Attock Petroleum Limited is a Pakistan-based company. The Company is engaged in the procurement,
storage and marketing of petroleum and related products. Pharaon Investment Group Limited Holding
s.a.l holds 34.38%interest in the Company. The Company generates revenues through the marketing of
petroleum products to industrial consumers. These primarily include furnace oil, asphalt and light
diesel oil, which are marketed throughout Pakistan by selling both to the end users and through a
network of distributors.