Rupees in thousands

2009 2008

Capital and Reserves

Authorized Share Capital 2979426 3000000

Issued,subscribed and paid up capital 2128161
Share Premium 10550061 7152722
compensation Reserve 288258 305052
Hedging Reserve -609719 127307
General Reserve 4429240 4429240
Unappropriate profit 9250972 6911124
26888238 21053606

Total Liabilities

Non-current liabilities:

Borrowings 58565354 27756714

Derivative financial instruments 612842 918050
Deferred liabilities 988169 1319434
employees housing subsidy 211785 73319
Retirement and other service benefits 47581 44265
60425731 30111780

Currtent Liabilities

trade and other payables 3160852 2915274

accrued interest 1366022 804390
current portion of borrowings 810100 76600
other services and benefits obligation 20600 18334
short term borrowings 195753 1711275
derivative financial instruments 740043 155160
unclaimed dividends 102099 318320
6395469 5999353

66821200 36111133
 2007

3000000
1934692
3963977

1037386
4429240
4116622
17410060

15422520

1948980

38560
17410060

3752945

1300000
18662

193067
5264674

38156651
 Rupees in Thousands

2009 2008

Assets

Non-current Assets

Propert,plant and equipment 69517512 33552912

intangible asset 122704 122858
Long term investment 12988657 11091857
Deferred employees compensation expense 2787 96078
Derivative financial instruments - 39993
Long term loans and advances 328907 218820
82960567 45122518

Current assets

Stores,spare parts and loose tools 961117 800091

Stock-in-trade 422607 4680896
Trade debts 2514425 261508
Deferred employees compensation expense 87278 93213
loans,advances,deposits and prepayments 1469155 1899124
other receivables 275714 452168
Derivative financial instruments 76209 1481626
Taxataion 536167 618746
short term investment 450857 67811
cash and bank balance 3955342 1687038
10748871 12042221

93709438 57164739
 2007

13811683
133867
7764482

49421
21759453

740873
2690153
1408885

889621
2360495

535699
6153948
1617524
16397198

38156651
 2009 2008

Rupees in thousands

Profit & loss account

Sales 30171520 23317198

cost of godd sold -23240176 -17120635
gross profit 6931344 6196563

selling and distribution expenses -1945176 -1657815

Operating profit 4986168 4535748

other operating income 1973467 2754330

other operating expenses -424110 -579556

Finance cost -1320579 -1508948
-1744689 -2088504

profit before taxatation 5214946 5204574

taxataion -1257696 -964144
profit aftre taxataion 3957250 4240430

earning per share 14.08 20.5

 2007

23183222
-18262793
4920429

-1641724
3278705

1831260

-3394301
-5350231
874453

4235512
-10809291
3154583

16.51
 Rupees in Thousands

2009 2008

Assets

Non-current Assets

Propert,plant and equipment 74.2% 58.7%

intangible asset 0.1% 0.2%
Long term investment 13.9% 19.4%
Deferred employees compensation expense 0.0% 0.2%
Derivative financial instruments - 0.1%
Long term loans and advances 0.4% 0.4%
88.5% 78.9%

Current assets

Stores,spare parts and loose tools 1.0% 1.4%

Stock-in-trade 0.5% 8.2%
Trade debts 2.7% 0.5%
Deferred employees compensation expense 0.1% 0.2%
loans,advances,deposits and prepayments 1.6% 3.3%
other receivables 0.3% 0.8%
Derivative financial instruments 0.1% 2.6%
Taxataion 0.6% 1.1%
short term investment 0.5% 0.1%
cash and bank balance 4.2% 3.0%
11.5% 21.1%

100.0% 100.0%
 2007

24.2%
0.2%
13.6%
0.0%
0.0%
0.1%
38.1%

1.9%
7.1%
3.7%

2.3%
6.2%

1.4%
16.1%
4.2%
43.0%

100.0%
 Rupees in Thousands

2009

Assets

Non-current Assets

Propert,plant and equipment 107.2%

intangible asset 0.0%
Long term investment 5.7%
Deferred employees compensation expense -0.3%
Derivative financial instruments -
Long term loans and advances 0.3%
112.8%

Current assets

Stores,spare parts and loose tools 0.5%

Stock-in-trade -12.7%
Trade debts 6.7%
Deferred employees compensation expense 0.0%
loans,advances,deposits and prepayments -1.3%
other receivables -0.5%
Derivative financial instruments -4.2%
Taxataion -0.2%
short term investment 1.1%
cash and bank balance 6.8%
-3.9%
0.0%
108.9%
Thousands

2008 2007

58.8% 41.2%
0.0% 0.4%
9.9% 23.1%
0.3%
0.1%
0.5% 0.1%
70% 64.9%

0.2% 740873
5.9% 2690153
-3.4% 1408885
0.3%
3.0% 100.0%
-5.7% 2360495
4.4%
0.2% 535699
-18.1% 6153948
0.2% 1617524
-13.0% 16397198

50% 38156651
 2009 2008

Capital and Reserves

Authorized Share Capital 2979426 3000000

Issued,subscribed and paid up capital 3%
Share Premium 16% 11%
compensation Reserve 0% 0%
Hedging Reserve -1% 0%
General Reserve 7% 7%
Unappropriate profit 14% 10%
40% 32%

Total Liabilities

Non-current liabilities:

Borrowings 88% 77%

Derivative financial instruments 1% 3%
Deferred liabilities 1% 4%
employees housing subsidy 0% 0%
Retirement and other service benefits 0% 0%
90% 83%

Currtent Liabilities

trade and other payables 5% 8%

accrued interest 2% 2%
current portion of borrowings 1% 0%
other services and benefits obligation 0% 0%
short term borrowings 0% 5%
derivative financial instruments 1% 0%
unclaimed dividends 0% 1%
10% 17%

100% 100%
 2007

3000000
3%
6%
0%
2%
7%
6%
26%

40%
0%
5%
0%
0%
46%

10%
0%
3%
0%
0%
0%
1%
14%

100%
 2009 2008

Capital and Reserves

Authorized Share Capital 2979426 3000000

Issued,subscribed and paid up capital 10%
Share Premium 47% 165%
compensation Reserve 0% 16%
Hedging Reserve -10% -47%
General Reserve 0% 0%
Unappropriate profit 33% 144%
82% 188%

Total Liabilities

Non-current liabilities:

Borrowings 111% 44%

Derivative financial instruments -1% 3%
Deferred liabilities -1% -2%
employees housing subsidy 0% 0%
Retirement and other service benefits 0% 0%
109% 46%

Currtent Liabilities

trade and other payables 1% -3%

accrued interest 2% 3%
current portion of borrowings 3% -4%
other services and benefits obligation 0% 0%
short term borrowings -5% 6%
derivative financial instruments 2% 1%
unclaimed dividends -1% 0%
1% 3%
0% 0%
111% -7%
 2007

3000000
1934692
3963977

1037386
4429240
4116622
17410060

15422520

1948980

38560
17410060

3752945

1300000
18662

193067
5264674

38156651
 2009 2008 2007

Rupees in thousands

Profit & loss account

Sales 762% 550% 735%

cost of godd sold -587% -404% -579%
gross profit 175% 146% 156%
0% 0% 0%
selling and distribution expenses -49% -39% -52%
Operating profit 126% 107% 104%
0% 0% 0%
other operating income 50% 65% 58%
0% 0% 0%
other operating expenses -11% -14% -108%
Finance cost -33% -36% -170%
-44% -49% 28%
0% 0% 0%
profit before taxatation 132% 123% 134%
taxataion -32% -23% -343%
profit aftre taxataion 100% 100% 100%

earning per share 14.08 20.5 16.51

 2009 2008 2007

Rupees in thousands

Profit & loss account

Sales 29% 1% 23183222

cost of godd sold -26% 5% -18262793
gross profit 3% 6% 4920429
0% 0%
selling and distribution expenses -1% 0% -1641724
Operating profit 2% 5% 3278705
0% 0%
other operating income -3% 4% 1831260
0% 0%
other operating expenses 1% 12% -3394301
Finance cost 1% 17% -5350231
1% -13% 874453
0% 0%
profit before taxatation 0% 4% 4235512
taxataion -1% 42% -10809291
profit aftre taxataion -1% 5% 3154583

earning per share 14.08 20.5 16.51

 2009

rupees in thousands
CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in) / generated from operations

Finance cost paid
retirement and other benefits
Taxes paid
Payment to engro foods limited
long term loans and advances

Net cash (used in) / generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure

Proceeds from sale of property, plant and equipment
Income on deposits/ other financial assets
Long term deposits
dividend received

Net cash (outflow) from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

proceeds from redeemable capital
proceeds from issues of shares
repayment of redeemable capital
liabilities against assets
dividend paid
net cash inflow/outflow from financing activities
net increase/decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
 2008 2007

2412455 2803462
-1090518 -102035
-72940 -237246
-574977 -507482
-622000 -428744
-169399 13688

-117379 1541643

-2E+07 -8024200
87727 10616
52807 133395
-33273751 -4106886
2604075 1619850

-20797108 -10367225

12412394 14922520
3382214 3147960
-1301600 -1087500
-2321
-1306410 -1117402
13186589 15863257
-7727898 7037675
7771472 733797
43574 7771472
 2009 2008

rupees in thousands
CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in) / generated from operations 5536%

Finance cost paid -2503%
retirement and other benefits -167%
Taxes paid -1320%
Payment to engro foods limited -1427%
long term loans and advances -389%
0%
Net cash (used in) / generated from operating activities -269%
0%
CASH FLOWS FROM INVESTING ACTIVITIES 0%
0%
Fixed capital expenditure -46391%
Proceeds from sale of property, plant and equipment 201%
Income on deposits/ other financial assets 121%
Long term deposits -76361%
dividend received 5976%
0%
Net cash (outflow) from investing activities -47728%
0%
0%
CASH FLOWS FROM FINANCING ACTIVITIES 0%
proceeds from redeemable capital 28486%
proceeds from issues of shares 7762%
repayment of redeemable capital -2987%
liabilities against assets 0%
dividend paid -2998%
net cash inflow/outflow from financing activities 30263%
net increase/decrease in cash and cash equivalents -17735%
Cash and cash equivalents at beginning of the year 17835%
Cash and cash equivalents at end of the year 100%
 2007

36%
-1%
-3%
-7%
-6%
0%
0%
20%
0%
0%
0%
-103%
0%
2%
-53%
21%
0%
-133%
0%
0%
0%
192%
41%
-14%
0%
-14%
204%
91%
9%
100%
 2009

rupees in thousands
CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in) / generated from operations

Finance cost paid
retirement and other benefits
Taxes paid
Payment to engro foods limited
long term loans and advances

Net cash (used in) / generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure

Proceeds from sale of property, plant and equipment
Income on deposits/ other financial assets
Long term deposits
dividend received

Net cash (outflow) from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

proceeds from redeemable capital
proceeds from issues of shares
repayment of redeemable capital
liabilities against assets
dividend paid
net cash inflow/outflow from financing activities
net increase/decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
 2008 2007

-14% 2803462
-35% -102035
6% -237246
-2% -507482
-7% -428744
-7% 13688
0%
-59% 1541643
0%
0%
0%
-435% -8024200
3% 10616
-3% 133395
-1040% -4106886
35% 1619850
0%
-372% -1E+07
0%
0%
0%
-90% 14922520
8% 3147960
-8% -1087500
0% -2321
-7% -1117402
-95% 15863257
-527% 7037675
251% 733797
-276% 7771472