Professional Documents
Culture Documents
NON-CURRENT LIABILITIES
Long term loans 21,927 12,662 5,432 17,301 18,419
Long term lease liabilities - - - -
21,927 12,662 5,432 17,301 18,419
CURRENT LIABILITIES
Trade and other payables 56,273 79,821 66,222 65,997 59,895
Unclaimed dividend 190 140 129 123 103
Unpaid dividend 80 247 1,022 2,171 55
Interest / mark-up accrued 568 158 257 515 763
Short term borrowings 41,112 21,776 20,091 16,540 10,963
Current maturity of long term loans 1,315 1,985 2,345 3,780 4,116
Current maturity of long term lease liabilities - - - -
99,538 104,127 90,065 89,126 75,895
41,223
12
4,674
63
21
45,993
91,986
1,599
2,389
79,879
78
2,818
2,676
89,439
135,432
12,000
11,572
19,473
31,045
20,034
20,034
62,654
89
51
1,158
16,878
3,523
84,353
135,432
STATEMENT OF PROFIT OR LOSS 2020 2019 2018 2017 2016
HUBCO Rs. (Millions)
Profit after tax from continuing operations 10,167 8,037 8,565 8,256 11,576
Profit after tax from discontinued operations - - - 1,344 -
131,484 161,807
-117,093 -150,070
14,391 11,737
-921 -661
1,532 83
-451 -
-4,538 -4,605
-160 -4
9,853 6,550
- -
9,853 6,550
STATEMENT OF CASH FLOWS 2019 2018 2017
HUBCO (Rs '000s)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 12,447,029 8,774,220 9,742,976
Adjustments for:
Depreciation 4,694,874 1,909,621 2,648,564
Amortisation 41,953 36,555 27,196
Dividend income from subsidiaries 0 -2,175,665 -1,535,081
Gain on disposal of fixed assets -44,768 -3,575 -4,215
Provision against slow moving stores, spares and
consumables 144,069 34,262 28,867
Write-off of fixed assets 9,125 0 0
Provision for Workers’ profit participation fund 0 109,941 76,754
Staff gratuity 81,510 24,727 27,447
Interest income -185,051 -16,618 -18,382
Interest / mark-up expense 6,967,431 2,054,273 2,736,844
Amortisation of transaction costs 89,632 7,208 54,955
Share of (gain) / loss from associates 433,984 0 0
Net increase / (decrease) in cash and cash equivalents -15,196,216 -2,481,565 -9,166,011
Cash and cash equivalents at the beginning of the year -26,150,455 -18,867,661 -13,260,148
Cash and cash equivalents transferred to NEL 0 0 3,558,498
Cash and cash equivalents at the end of the year -41,346,671 -21,349,226 -18,867,661
2016 2015
11,724,491 10,013,225
2,836,699 2,741,228
20,075 8,462
-1,404,701 -1,495,102
-11,083 -2,654
25,449 0
63,924 376,058
0 0
28,742 20,734
-21,290 -32,268
2,950,402 4,351,852
79,083 85,820
0 0
16,291,791 16,067,355
-85,044 2,265,264
16,206,747 18,332,619
21,448 50,584
-3,198,383 -4,746,929
0 0
-18,446 -13,247
-111,135 -160,089
12,900,231 13,462,938
904,015 1,495,102
-678,092 -720,712
21,532 11,080
-908,305 -243,787
0 62,529
-2,215 2,710
-663,065 606,922
-13,484,847 -9,239,418
0 0
3,100,000 2,500,000
-4,633,189 -3,607,779
0 0
0 0
0 0
0 0
-15,018,036 -10,347,197
-2,780,870 3,722,663
-10,479,278 -14,201,941
0 0
-13,260,148 -10,479,278
FINANCIAL RATIOS 2015 2016 2017 2018
Profitability Ratios
Gross Profit Margin 2015 2016 2017 2018
HubPower 10.95% 17.11% 11.86% 12.78%
EngroPowerGen 19.00% 20.00% 24.00% 26.00%
PakGen 37.48% 14.96% 10.04% 8.20%
KE 24.50% 30.30% 21.50% 20.90%
Industry Average 26.99% 21.75% 18.51% 18.37%
Liquidity Ratios
Current Ratio 2015 2016 2017 2018
HubPower 1.08 1.03 0.96 0.96
EngroPowerGen 0.94 0.92 0.92 0.87
PakGen 1.71 1.69 1.68 1.75
KE 0.95 1.06 1 0.95
Industry Average 1.20 1.22 1.20 1.19
Market Ratios
Earnings Per Share 2015 2016 2017 2018
HubPower 8.2 9.7 8.0 7.1
EngroPowerGen 5.55 5.52 7.38 8.11
PakGen 4.29 1.39 3.53 3.99
KE 1.17 1.15 0.38 0.45
Industry Average 3.67 2.69 3.76 4.18
ROCE
2019 12.00%
10.00%
5.23%
8.00%
23.00% 6.00%
6.25% 4.00%
2.90% 2.00%
10.72% 0.00%
2015 2016 2017 2018 2019
Debt/Equity Ratio
1.50
1.00
0.50
Debt/Equity Ratio
2019
0.68 1.50
0.06 1.00
1.47 0.50
0.21 0.00
0.58 2015 2016 2017 2018 2019
2019
Inventory Turnover
4.78 50.00
40.00
11.09 30.00
24.32 20.00
10.00
17.70 0.00
2015 2016 2017 2018 2019
TAT
1.20
1.00
0.80
0.60
2019
TAT
0.24 1.20
0.48 1.00
0.80
0.26 0.60
0.40
0.37 0.20
0.00
2015 2016 2017 2018 2019
2019 FAT
2.65 6.00
0.98 5.00
4.00
0.65 3.00
0.82 2.00
1.00
0.00
2015 2016 2017 2018 2019
2019
EPS
6.7 12.0
10.51 8.0
7.82
4.0
0.63
0.0
6.32 2015 2016 2017 2018 2019
2019 PE Ratio
11.75 15
2.49
10
3.84
7.02 5
4.45 0
2015 2016 2017 2018 2019
Profitability Ratios
Gross Profit Margin % 2015 2016 2017
HubPower 10.95% 17.11% 11.86%
EngroPowerGen 19% 20% 24%
PakGen 37% 15% 10%
SPL
Liquidity Ratios
Current Ratio Times 2015 2016 2017
HubPower 1.08 1.03 0.96
EngroPowerGen 0.94 0.92 0.92
PakGen 1.71 1.69 1.68
SPL
Market Ratios
Earnings Per Share Rs. 2015 2016 2017
HubPower 8.2 9.7 8.0
EngroPowerGen 5.55 5.52 7.38
PakGen 4.29 1.39 3.53
SPL
0.8
0.6
0.4
0.2
0
2015 2016 2017 2018
2018 2019 2020 Gross Profit Margin
70.00%
20.00%
2018 2019 2020
11.17% 22.17% 36.94% 10.00%
22% 26% 0.00%
9.16% 23.89% 2015 2016 2017 2018 2019 2020
Return on Equity
2018 2019 2020
60.00%
43.20% 24.91% Err:509
23% 24% 50.00%
3% 10%
40.00%
Return on Equity
30.00%
2018 2019 2020
6.27% 5.23% Err:509 20.00%
18% 23%
2% 6% 10.00%
0.00%
2015 2016 2017 2018 2019
1.00
2018 2019 2020 T Current Ratio
0.94 0.82 Err:508 i 0.95
m
0.79 0.98 e
1.69 1.71 s 0.90
0.85
0.80
2015 2016 2017 2018 2019
2018 2019 2020
64/100 68/100 Err:509
20.00
2018 2019 2020 15.00
0.92 0.36 Err:508 10.00
3.28 1.88 5.00
9.68 1.31
0.00
2015 2016 2017 2018 2019
0.00
2015 2016 2017 2018 2019
2018 2019 2020
7.1 6.7 7.8
8.11 10.51 Fixed Asset Turnover
6.00
5.00
Fixed Asset Turnover
3.99 7.82 6.00
5.00
2018 2019 2020
4.00
12.89 11.75 Fixed Asset Turnover
3.51 2.49 3.00
5.53 3.84
2.00
1.00
2018 2019 2020
Dividend Payout Ratio
1.03 0 0.00
0.18 0.29 2015 2016 2017 2018 2019
0 0
Earnings Per Share
12.0
Dividend Payout Ratio
10.0
8.0
Earnings Per Share
6.0
4.0
2016 2017 2018 2019
2.0
0.0
2015 2016 2017 2018 2019
gin
Net Profit Margin
25.00%
20.00%
10.00%
5.00%
0 0.00%
2015 2016 2017 2018 2019
y
Return on Capital Employed
10.00%
9.00%
8.00%
Return on Equity 7.00%
6.00% Return on Capital
Employed
5.00%
4.00%
3.00%
2.00%
1.00%
019
0.00%
2015 2016 2017 2018 2019
o
Acid Test Ratio
1.20
1.00
Current Ratio
0.80
T Acid Test Ratio
i 0.60
m
e
s 0.40
0.20
2019
0.00
2015 2016 2017 2018 2019
atio
0.20
0.00
2015 2016 2017 2018 2019
atio
10.00
19 5.00
ver 0.00
2015 2016 2017 2018 2019
Receivables Turnover
2.00
1.80
Inventory Turnover
1.60
1.40
1.20 Receivables Turnover
1.00
0.80
0.60
19 0.40
0.20
ver 0.00
2015 2016 2017 2018 2019
0.80
Total Asset Turnover
0.60
0.40
019 0.20
over 0.00
2015 2016 2017 2018 2019
0.20
over 0.00
2015 2016 2017 2018 2019
WACC 5.2%
2015 2016 2017
FCFF Rs 13,166,304 Rs 15,702,288 Rs 4,768,769
FCFE Rs 11,748,237 Rs 12,030,107 Rs 1,681,911
DUPONT 0.3262261618155 0.3792346838087 0.44169216488013
FCFF(1+Dupont) Rs 17,461,496.82 Rs 21,657,140.22 Rs 6,875,096.90
Wacc-g -27.4% -32.7% -39.0%
VALUE OF COMPANY -Rs 63,696,781.09 -Rs 66,200,795.15 -Rs 17,646,521.60
2018 2019
34,438 63,039 Values in Rs. Millions
2,248 4,961 Values in Rs. Millions
6.53% 7.87%
2018 2019
Rs 15,790,523 Rs 41,930,632
Rs 21,107,537 Rs 43,277,182
0.4012231898762 0.291402080426417
Rs 22,126,047.01 Rs 54,149,305.40 Calculated via= FCFF x (1+g)/Wacc-g
-34.9% -23.9%
-Rs 63,374,498.44 -Rs 226,272,071.90
2015 2016 2017 2018 2019
4.17 4.39 5.29 6.40 5.57
1.04 0.64 0.68 0.56 0.24
7.49% 13.40% 12.22% 11.17% 22.17%
0.326226 0.379235 0.441692 0.401223 0.291402
PAKGEN POWER LIMITED
STATEMENT OF FINANCIAL POSITION 2019 2018 2017
(Rs. In '000)
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
LIABILITIES
NON-CURRENT LIABILITIES
ASSETS
NON-CURRENT ASSETS
4,000,000 4,000,000
3,720,816 3,720,816
116,959 116,959
11,196,602 11,423,876
15,034,377 15,261,651
780,194 1,226,019
- -
1,226,019
1,521,863 3,474,597
87,211 60,489
7,249,291 5,080,859
445,825 445,825
9,304,190 9,061,770
10,084,384 10,287,789
25,118,761 25,549,440
9,369,818 10,018,982
842 969
- -
300 300
9,370,960 10,020,251
836,954 836,161
319,573 186,875
11,634,502 10,833,800
349,090 297,907
-
293,319 2,286,015
-
1,723,285 1,087,628
591,078 803
15,747,801 15,529,189
25,118,761 25,549,440
PAKGEN POWER LIMITED
STATEMENT OF PROFIT OR LOSS 2019 2018 2017
(Rs. In '000)
SALES 12,185,385 16,218,296 19,754,785
COST OF SALES -7,618,200 -13,792,637 -17,771,748
TAXATION - - -
16,044,135 6,523,043
-14,728,099 -4,543,926
1,316,036 1,979,117
-168,599 -153,895
-30,944 -2,594
4,200 97,555
1,120,693 1,920,183
-603,676 -321,037
-127 -1,420
516,890 1,597,726
- -
516,890 1,597,726
22.05 30.01