Professional Documents
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Financial Analysis
SUBMITTED BY:
20 JULY, 2022
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LAHORE CAMPUS
Table of Contents
EXECUTIVE SUMMARY:...............................................................................................................................6
SECTION A:..................................................................................................................................................7
COMPANY OVERVIEW:...............................................................................................................................7
HISTORY OF A COMPANY:....................................................................................................................7
COMPANY’S SEGMENTATION:...........................................................................................................10
INDUSTRY’S OVERVIEW:........................................................................................................................15
INVESTMENT SUMMARY:...............................................................................................................18
SECTION B.................................................................................................................................................19
COMPANY ANALYSIS.................................................................................................................................19
FINANCIAL ANALYSIS:............................................................................................................................19
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HORIZONTAL ANALYSIS:............................................................................................................20
RATIO ANALYSIS:...................................................................................................................................21
PROFITABILITY RATIOS:.............................................................................................................21
LEVERAGE RATIOS:......................................................................................................................22
EFFECIENCY RATIOS:...................................................................................................................24
INTEREST RATIO:..........................................................................................................................25
MARKET RATIOS:..........................................................................................................................26
FORECASTING REVENUES:..........................................................................................................28
COST OF CAPITAL:.................................................................................................................................30
COST OF DEBT:..............................................................................................................................30
COST OF EQUITY:..........................................................................................................................31
WAAC:.............................................................................................................................................31
SWOT ANALYSIS:..........................................................................................................................33
SECTION D.............................................................................................................................................34
OPERATING LEVERAGE:..................................................................................................................35
FINANCIAL LEVERAGE:...................................................................................................................36
TOTAL LEVERAGE:...........................................................................................................................36
SECTION C.................................................................................................................................................37
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MAPLE LEAF:.........................................................................................................................................37
VERTICAL ANALYSIS:..................................................................................................................37
HORIZONTAL ANALYSIS:............................................................................................................37
PROFITABILITY RATIOS:.............................................................................................................37
LEVERAGE RATIOS:......................................................................................................................37
EFFECIENCY RATIOS:...................................................................................................................38
DG KHAN CEMENT:........................................................................................................................39
PROFITABILITY RATIOS:.............................................................................................................39
LEVERAGE RATIO:........................................................................................................................40
EFFECIENCY RATIOS:...................................................................................................................40
CONCLUSION:............................................................................................................................................42
RECOMMENDATIONS:..............................................................................................................................43
APPENDIX:..............................................................................................................................................43
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5
EXECUTIVE SUMMARY
INTRODUCTION
FAUJI cement company limited also called (FCCL) has it’s own plant located in JHANG
BAHTAR, near ISLAMABAD, in district ATTOCK. In PAKISTAN, this firm is a leading
producer and on top and producing high and good quality range of cement, including regular
Portland cement and other specialty cements. It starts it’s operations and working in year 1997 as
a public limited firm with a producing capacity of 3000 tons per day, which got increased to
3700 tons per day in the year 2005. Also in 2011, the second clinker unit of production was built
and it was actually the start of commercial production. With a whole yearly production capacity
of 3.5 million tons of cement, both units of production are of European origin and are well
known for their quality and solidity in industry.
PURPOSE OF REPORT
The main purpose of this report is to justify and interpret all the findings and working on the
company ratios, forecasting and prediction for next year done on excel sheet. The goal of this
project and report is to examine how cement firms operate, as well as their strengths,
weaknesses, threats, and possibilities, and to determine if the company is more dependable and
reasonable than others. The major evaluation metric of efficiency and financial strength is
profitability ratio analysis, To determine how firm is optimizing profits by controlling their cost,
selling, and interest expenses, as well as to compare ratios over time. Using ratios, examine the
financial health of major players and analyze the capital structure of company. Comparing a
company's financial performance against that of previous years and to that of other companies in
the same industry. Fauji Cement is preferred in the housing sector, commercial and industrial
complexes, mega projects such as dams, bridges, highways and motorways, and a variety of
other buildings that require consistency in quality, reliability, and great strength. Apart from the
domestic market, the company exports cement to a number of nations and regions, including, but
not limited to, Sri Lanka, India, Afghanistan, South Africa, the Middle East, and other African
countries. The financial highlights of the year 2020 are that the cement production reaches
3066737 tons, cement sales reach upto 3082462 tons, sales revenue was 17232 million, where as
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capacity utilization was 87%., gross profit was 649 million and shareholders equity was 19804
million.
The management of the company has a clear vision for its social responsibilities (CSR). FCCL
contributes in the areas of education, health, and technical/skill development in this respect. Fauji
Model Secondary School (FMSS) for employees and surrounding villages, Fauji Technical
Training Institute (FTTI), Women Vocational Training Institute (FWVTI); an adult literacy
program , a well-equipped dispensary with ambulance, provision of potable water to neighboring
villages, and regular sports activities are some of the initiatives vigorously pursued at the Plant
for the adjoining community. Furthermore, the FCCL Plant has hired a significant number of
local citizens, so offering jobs to the unemployed and qualified. To reduce reliance on fossil
fuels, Fauji Cement shifted its focus to clean energy sources, constructing Pakistan's largest
captive solar power plant of 20 MW and two Waste Heat Recovery Power Plants (WHRPPs) of
12 MW and 9 MW, respectively, with the goal of generating energy from waste heat and
reducing load on the national grid. Furthermore, the Company maintains a regular BMRE Plan to
improve the production process and increase its capabilities by making it more efficient. And
yes, fauji cement is reliable for investing. As, it’s sales and revenue is increasing per year except
of 2020.
BUSINESS DESCRIPTION
HISTORY
Fauji Cement Company Limited is a Pakistani public limited company founded on November 23,
1992, under the Companies Ordinance of 1984. (Repealed with the enactment of the Companies
Act, 2017). With effect from May 22, 1993, the company began operations. The Company's
main business is the production and selling of various types of cement. It starts it’s operations
and working in year 1997 as a public limited firm with a producing capacity of 3000 tons per
day, which got increased to 3700 tons per day in the year 2005. Also in 2011, the second clinker
unit of production was built and it was actually the start of commercial production.
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2008: Commissioning of 5.4 MW dual fuel captive power plant.
2009: Commissioning of First ever (in Pakistan) Refuse Defused Fuel (RDF) Plant to run on
Municipal Solid Waste.
2012: Commercial production of 2nd Line of 7,200 TPD clinker capacity of European origin.
2019: Commissioning of 12.5 MW Solar Power Plant (Largest Captive Solar Plant in Industry).
2020: Commissioning of 2.5 MW Solar Power Plant Shared services agreement with Askari
Cement Limited.
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Low level of alkali reduces the potential for damage due to Alkali
Aggregate Reaction (AAR)
Suitable for bridges, dams, sea walls/water retaining structures, submerged
structures and reservoirs
Better performance once used in swimming pools, basements, retaining
walls, large foundations and piles where risk of Alkali Carbonate Reaction
is high
Equally effective for general purpose usage
Low heat of hydration cement:
Low Heat of Hydration is a characteristic of this product (cement and
water reaction)
Very beneficial in structures that use mass concreting.
Large dams, hydropower projects, and underwater constructions have all
benefited from its use.
Heavy retaining walls, piers, roadways, factory and chemical plant work-
room surfaces are all equally effective.
Mohafiz cement:
Suitable for a wide range of construction projects.
Designed specifically for flooded and saline environments.
Used for columns, beams, roof slabs, plastering, and other applications.
Protects against salt assaults and seepage.
Paint peeling is avoided with the use of this product.
Underground construction, basements, foundations, DPC, water tanks, and
bathroom renovations are all possible.
Green cement:
General-purpose cement of high quality and low cost
Brick/block masonry, plastering, and flooring are all possible applications.
In regular structures, it's equally good for plain and reinforced concrete
work.
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Blocks, kerb stones, and pavers are the best choices.
Provides a clean finish with sturdy block edges.
When compared to other forms of cement, high baline delivers early
strength.
Aesthetically, the lighter tone is preferable
COMPANY’S SEGMENTATION
Further more, fauji cements operates in different projects and plants too:
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initiative is expected to lower total energy use. The bucket elevator has a capacity
of 350 tonnes per hour.
So basically, fauji cement is working upon and operating in these plants but it do
not have any subsidiaries anymore except that of cement sector.
1. Directors, Chief Executive Officers, and their Spouse and Minor children 13 20,007 0.0014
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10. Shareholding 10% or more of the total Capital a. Committee of Admin Fauji Foundation
543,650,242 39.4002%
11. Shareholders holding 5% or more of the total Capital a. Committee of Admin Fauji
Foundation 543,650,242 39.4002% b. Fauji Fertilizer Company Limited (CDC). 93,750,000
6.79%.
Similarly, dividend notices and announcements are sent to all stakeholders and regulators in
accordance with the Listed Companies (Code of Corporate Governance) Regulations 2019 and
the Companies Act 2017. This information is also promptly uploaded to the Company's website
(www.fccl.com.pk). In the same vein, FCCL held analyst briefings throughout the year to keep
stakeholders informed about the company's financial and operational performance. The PSX
representatives were informed on the business environment, progress on ongoing initiatives, and
an assessment of the Company's performance, in addition to analysts and shareholders.
Following the lecture, a detailed question and answer session was held.
Cash Dividend
Interim and Final Cash Dividend declared during the last five years
Bonus Share
Right Share
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2021 2020 2019 2018 2017
nil nil nil nil nil
On September 27, 2019, the 27th Annual General Meeting of Fauji Cement Company Limited
(FCCL) was held at Topi Rakh Auditorium, Ayub Park, Rawalpindi. The goal was to seek
shareholder approval for the annual accounts for FY 2018/19, the Auditors' Report, the Directors'
Report, the appointment and remuneration of External Auditors, and the dividend. The meeting
was attended by 61 shareholders/proxies, representing 719,212,527 (52.12 percent) shares. The
minutes of the meeting were approved by the shareholders at the Company's 11th Extra Ordinary
General Meeting on January 10, 2020.
On the 10th of January 2020, Fauji Cement Company Limited held its 11th Extra Ordinary
General Meeting at Blue Lagoon Restaurant in Rawalpindi. The meeting was attended by 46
shareholders/proxies, representing 713,162,500 (51.68 percent) shares. The purpose of the
meeting was to gain shareholder approval for a shared services agreement between FCCL and
Askari Cement Limited (ACL) as well as a proposal for FCCL to invest up to Rs 200 million in
Foundation Solar Energy (Pvt) Limited. The minutes of the meeting are available on the
Company's website and can be shared with shareholders upon request. The shareholders will
confirm these minutes at the 28th Annual General Meeting on October 14, 2020.
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BOARD OF DIRECTORS
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Lt Gen Syed Arif Hasan, HI (M) (Retired) Chairman.
Maj Gen Malik Iftikhar tikhar Khan, HI (M) (Retired) Chief Executive / MD.
Mr. Qaiser Javed Director.
Mr. Riyaz H. Bokhari, IFU Director.
Brig Arif Rasul Qureshi, SI (M) (Retired) Director.
Brig Rahat Khan, SI (M) (Retired) Director.
Dr. Nadeem Inayat DirectorBrig Liaqat Ali (Retired) Director.
Brig Munawar Ahmed Rana, SI(M) (Retired) Director.
Export sales:
Afghanistan / Central Asia through Torkham, Ghulam Khan and Chaman
Borders.
India; by road through Wagha Border and by sea through Karachi.
Export by sea to Africa and Far East.
INDUSTRY’S OVERVIEW
ATTRACTIVENESS OF CEMENT INDUSTRY
Pakistani Cement industry Pakistani cement industry is playing vital role in economic
development sector. Pakistani cement industry is now recognizing as a major player in regional
market. Government is taking concrete steps to revive the national economy & it has positive
effects on the cement sector. The cement industry is one of the most important businesses for
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long-term development. It can be regarded as the development's backbone. The solid waste
known as cement by-pass dust, which is collected from the bottom of the dust filter, is the
primary source of pollution generated by the cement industry.
The cement industry is needed a highly important segment of industrial sector that plays a
pivotal role in the socio-economic development. Through the cement industry in Pakistan has
witnessed its lows and high in recent past, it has recovered during the last couple of years and is
buoyant once again. There are total number of units are 23, from which 4 units are in the public
sector while the remaining 19 units are owned by the private sector. Two of the four units in the
public sector had to close down their operations due to stiff competition and heavy cost of
production. The cement plants are located in every province of Pakistan. Growth Pattern of
Cement Industry of Pakistan Cement is one of major industries of Pakistan. Pakistan is rich in
cement raw material. Currently many cement plant are operating in private sector. The last few
years have been a golden period for cement manufacturers, when the government increased
spending on infrastructure development. High commercial activity and rising demand for
housing on account of higher per capita income has kept cement off take growth in double digits.
During the financial year-07, cement sales registered a growth of 31 percent to 17.53 million
tonnes as against 13.5 million tonnes sold last year. The cement sales during July-February-08
showed an increase, both in domestic and regional markets to 18.17 million tonnes. The
domestic sales registered an increase of 7.2 percent to 14.4 million tonnes in the current period as
compared to 13.5 million tonnes last year whereas exports stood at 3.7 million tonnes as against
1.8 million tonnes in the corresponding period last year, showing an increase of 110 percent.
Pakistan cement industry has a huge potential for export of cement to neighboring countries like
India, U.A.E, Afghanistan, Iraq and Russian states. These has been a robust growth of cement
demand seen both in domestic and exports market during the fiscal year ended June 30, 2007.
The industry achieved an overall growth of 32% with domestic demand of cement increased by
24.95% where as exports increased by 111.86%. The overall growth achieved by cement
factories for the year under review was 111.29% consisting of domestic and exports markets at
71.02% and 335.12% respectively.
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CRITICAL SUCCESS FACTORS IN FAUJI CEMENT
The following are the factors that contributed to the expansion of the cement industry after
independence: I Since 1989, price and distribution have been deregulated. (ii) The cement
industry has made rapid progress in terms of capacity, process, technology, and production as a
result of several legislative reforms.
Trainings
Motivations through different ways
Degree of capital intensity
Degree of diversification
TXT implementation
Economic environment - Cement firm growth is positively correlated with
economic growth phases.
Cost structure and competitiveness - Cement businesses have limited options
when it comes to cost structure because their margins are already thin. Companies
with access to a cheaper power supply, a high-quality limestone reserve, or
proximity to larger markets typically have a cost advantage.
Regulatory norms have an impact on the cement business from a legal, regulatory,
and environmental standpoint. This is especially true in industrialized countries
with more strict environmental regulations. This raises the costs of the businesses.
Technological development - A disruptive invention can provide a competitive
edge to the innovating organisation. Moving from a wet to a dry manufacturing
process, for example, resulted in a cost savings of 5%–10% of the overall cost
structure.
Geographical benefits – Companies benefit from being near limestone mines or
streams. The convenience of transportation is a benefit.
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Innovation and technology development are lacking : The cement business lacks
innovation, resulting in a small inflow of current technologies into the industry. In order
to improve production efficiency and produce high-quality cement to meet domestic
demand and export orders, the Pakistani cement industry must use modern and advanced
technologies. Pakistan's cement industry must use cutting-edge technology in order to
conserve energy and improve the environment.
Inability to start new projects due to a lack of funds: A significant shortcoming of the
Pakistani cement industry is the lack of readily available capital for the establishment of
new projects or the upgrade of existing operations. Financial institutions in the country,
such as banks, provide very limited financing, which is insufficient for launching new
initiatives in the business.
There is a scarcity of professional expertise in the industry: Another disadvantage of the
cement industry is the scarcity of professional competence. The cement sector is unable
to meet its production targets, increase quality, reduce production costs, and develop and
strengthen its marketing and distribution channels due to a shortage of specialists and
experts.
Cartelization as a Source of Sufficient Revenue: Another issue of Pakistan's cement
business is its reliance on cartelization to generate sufficient revenue. As a result, the
price of cement in the country was artificially accelerated and increased. In such cases,
the SECP must intervene to levy fines on such cement groups that form cartels in the
industry. Other avenues of profit should be explored by the cement business.
There is a scarcity of research and development: Another drawback of the industry is that
there is no private sector entity that could participate in cement industry research and
development in order to boost productivity. This industry also lacks quality, efficiency,
marketability, and the ability to undertake feasibility studies for creating new products,
lowering production costs, and expanding the industry.
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COMPETITIVE POSITIONING OF FAUJI CEMENT
INVESTMENT SUMMARY
Price target decreased to PK₨28.58 Down from PK₨31.29, the current price target is an
average from 6 analysts. New target price is 62% above last closing price of PK₨17.67. Stock
is down 31% over the past year. The company is forecast to post earnings per share of PK₨3.41
for next year compared to PK₨2.52 last year
FINANCIAL ANALYSIS
01.VERTICAL ANALYSIS OF FAUJI CEMENT
Vertical analysis is a method of accounting that permits proportional analysis of records such as
financial statements. When performing a vertical analysis, each line item on a financial statement
is represented as a percentage of another item. Each line item on an income statement, for
example, is expressed as a percentage of gross sales. Similarly, rather of being expressed in
absolute money, every item on a balance sheet is expressed as a percentage of total assets. Every
cash outflow or inflow is compared to the overall cash inflows when a company's cash flow
statement is vertically reviewed.
INTERPRETATION
The amount of Current Assets in the year 2004 was Rs.574460 and it increases
to
Rs.1172765 in the year 2005 with and increment of Rs.598305.
And the amount of Current Assets in the year 2005 was Rs.1172765 and it increases to
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Rs.1579382 in the year 2006 with an increment of Rs.406617.
The amount of Current Assets in the year 2006 was Rs.1579382 and it increases to
Rs.1953527 in the year 2007 with and increment of Rs.374145
The amount of Current Assets in the year 2007was Rs.1953527 and it increases
to
Rs.5294083 in the year 2008 with and increment of Rs.3340556
And the amount Current Assets in the final year 2008 is Rs.5294083
The amount of Current Assets in the year 2004 was 9.72% .and it increases to 18.84% in
the year 2005 with and increment of 9.12%
And the amount of Current Assets in the year 2005 was 18.84% and it increases to
25.48%in the year 2006 with an increment of 6.64%
The amount of Current Assets in the year 2006 was 25.48% and it increases to 30.52% in
the year 2007 with and increment of 5.04%
The amount of Current Assets in the year 2007 was 30.52 % and it increases to 42.51 in
the year 2008 with and increment of 11.99%
And the amount Current Assets in the final year 2008 is 42.51%
The amount of Current Assets in the year 2020 was 24% .and it increases to 37% in the year
2021 with and increment of 13% . where as, total current liabilities remains same and constant
they do not have any increment in between 2020 and 2021. And as per this total liabilities are
also constant at the rate of 32%. But, long term debt reduces to 1% in 2021 from 2% in 2020.
Accounts payables increases to 3% from 2%. Value of common stock decreases to 41% in 2021
from 47%. Retained earning increases to 32% from 25% in year 2021. There is an increment.
(table 1)
HORIZONTAL ANALYSIS
comparing specific financial data from one accounting period to data from future periods. This
strategy is used by analysts to investigate historical trends. To determine trends or changes, the
current year's figures are compared to those from the previous year. The goal is to determine
whether particular values have risen or fallen. You can use a percentage or an absolute
comparison in horizontal analysis.
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INTERPRETATION:
As per horizontal analysis, There is an increment of RS. 422,706,708 in 1st and 3rd quarter in total
current assets. So, there is also an increment of 212,160,674 between these quarters. And also,
there is and increment of 580,574,403 in current liabilities. Notes payables increment is of RS.
1938,861,281. There is an increment of 218,079,353 in total liabilities. There is also an
increment in long term debt. There is also an increment of 194256959 in total equity. As per
analysis, common shares and common shares that are outstanding are constant. ( Table 2)
RATIO ANALYSIS
Ratio analysis is a quantitative way to gaining insight into a company's liquidity, operational
efficiency, and profitability by evaluating financial accounts such as the balance sheet and
income statement. Ratio analysis is used extensively in fundamental equity research. Ratios are
used by businesses as a point of comparison. They evaluate stocks in a certain industry. They
compare a company's present performance to its historical outcomes in a similar way.
Understanding the factors that influence ratios is important in most circumstances since
management has the ability to alter its strategy to improve stock and company ratios. Ratios are
typically used in conjunction with other ratios rather than being used alone. Having a solid
understanding of the ratios in each of the four areas mentioned above will provide you a holistic
view of the company from many angles and help you recognize potential red flags.
Profitability ratio
Leverage ratio
Efficiency ratios
Interest ratios
Market ratios
PROFITABILITY RATIOS:
Profitability ratios are a group of financial indicators that are used to evaluate a company's ability
to create earnings over time in relation to its revenue, operational costs, balance sheet assets, or
shareholders' equity, utilising data from a certain point in time.
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PROFITIBILITY RATIOS
2021 2020
Gross Profit Margin 0.24985909 0.037668925
Operating Profit Margin 0.20822635 0.00067782
Net Profit Margin 0.14302295 -0.003445973
INTERPRETATION:
There is an increment in all of them these profitability ratios shows that in 2021 the financial
position was better than 2020. As, gross profit margin, operating profit margin and net profit
margin increased by 21%, 20% and 13%
The higher the profitability ratio the good for the company and also for potential investors. If the
profitability ratio of the company is high then the investors will be willing to invest their money
in this company so that they can earn profit and also there will be surety of their money and they
invest without any hesitation as you can see the profitability company of year 2021 is way far
better than the year 2021 that means that the investors will be willing to invest in this company
which is good for company as well as investors.
LEVERAGE RATIOS:
A leverage ratio is a type of financial ratio that shows how much debt a company has compared
to other accounts on its balance sheet, income statement, or cash flow statement.
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LEVERAGE OR DEBT RATIOS
RATIOS FORMULA 2021 2020
Total
0.3164714 0.32195
Total Debt to Total Assets Liabilities/To
91 38
tal Assets
Long Term
Long-Term Debt to Total 0.0144337 0.01531
Debt/Total
Assets 1 54
Assets
Long-Term
Debt/Long-
Long-Term Debt to Total Term Debt 19805.3
23276.67
Capitalization +Total 2
Stockholders'
Equity
Total
Liabilities/To
Total Debt to Stockholders' 0.4629967 0.47482
tal
Equity 69 57
Stockholders'
Equity
Long-Term
Long-Term Debt to Debt/Total 0.0242785 0.02549
Stockholders' Equity Stockholders' 71 85
Equity
INTERPRETATION
There is an decrement in both total leverage ratios. In total debt to total assets there is an
decrement of 1% and in long term debt there is and decrement of 1%. There is an increment in
long term debt to total capitalization of 347135. Where as, a decrement in debt to stockholders
equity and long term debt to stock holders equity.
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The lower the leverage ratio the good for the company and good for potential investors. If the
leverage ratio of the company is low that means the company has low debt taken from other
companies and then the investors will be willing to invest their money in this company so that
they can earn profit and they invest without any hesitation as the leverage ratio of company of
year 2020 is not good and the leverage ratio of 2021 is low which means the company has taken
low debt which is good for companies financial health. So that means the investors will be
willing to invest in this company which is good for company as well as investors.
EFFECIENCY RATIOS:
An efficiency ratio assesses a company's capacity to generate revenue from its assets. An
efficiency ratio, for example, may consider a variety of factors, such as the time it takes to collect
cash from clients or the time it takes to convert inventory to cash.
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65
Annual Sales
Fixed Asset Turnover 126.88874 98.7490
Revenue /
Ratio 95 54
Fixed Assets
Annual Sales
Total Assets Turnover 1.1282906 0.77881
Revenue / Total
Ratio 16 71
Assets
INTERPRETATION:
There is an decrement in first two : inventory turnover by 0.221927 in 2021 and in average
collection period of 0.3%. but in account receivable turnover ratio there is an increase of
17.47364413 from 15.523442. fixed asset turnover also increase by 126.8887495 from
15.523442. hence the total assets turnover ratio also increases in 2021.
As you can see the efficiency ratio calculation of company. A greater asset turnover ratio
indicates that the company's management is more efficient with its assets, whilst a lower ratio
indicates that the company's management is inefficient with its assets.
INTEREST RATIO:
The interest coverage ratio is a debt-to-profitability ratio that determines how readily a
corporation can pay interest on its debt.
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Cash Available/Interest -
Cash Coverage 2.7638888
Expense=EBIT+Depreciation/Int 2.6828
Ratio 89
erest Expense 31
INTERPRETATION
There is a good increment in both ratios. A ratio larger than one indicates that a company can
service its debts with its earnings or has shown the ability to maintain consistent income. While a
1.5 interest coverage ratio may be sufficient, analysts and investors prefer two or higher. For
businesses with historically more volatile revenues, the interest coverage ratio may not be
considered beneficial until it is significantly higher than three.
MARKET RATIOS:
The current share price of a publicly-held company's stock is evaluated using market value
ratios. Current and potential investors use these ratios to judge if a company's shares are over-
priced or under priced.
price,per share=
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RATIOS FORMULA 2021 2020
Net Earning
Available to
Common
2.5157991 -
Earnings per Share Stockholders/Num
62 0.043035
ber of Outstanding
Shares of Common
Stock
Cash Dividends
Paid to
Payout Ratio NA NA
Stockholders/Net
incone(EAT)
Retained
2.1226640
Retention Ratio Earnings/Net -42.538
61
Income(EAT)
Number of
Outstanding Shares
of Common
Market-to-Book Stock*Price per 0.0592816 0.069672
Value Share/Total Equity 45 7
of Holders of
Common and
Preferred Stock
INTERPRETATION:
27
There is an increase in market value ratios which is good for company’s financial health.
The association between a scalar ward variable and at least one free factors is anticipated
utilizing an AI method called Linear regression model. Because of the wide range of
applications, including finance, economics, and epidemiology, it is necessary to use current
information to predict unknown data parameters. Linear regression models are best implemented
using the least-squares approach by decreasing deviations and cost functions, for example. In
generalised linear models, response variables are vectors rather than scalars. Despite their large
range, conditional linearity is still thought to be a positive throughout the model-building
process. However, the skewed distribution, which is closely related to the log-normal
distribution, is a more realistic description. Regression analysis can help researchers understand
the impact of explanatory variables on crude oil and natural gas prices. According to the study,
many events and crises have a significant impact on crude oil and natural gas prices.
The generation of a scatter plot is the initial stage in regression. If your scatter plot is in the shape
of a "U," either concave up (like the letter U) or concave down (), you'll almost certainly need to
use a quadratic equation to fit your data. A quadratic does not have to be a complete "U" form; it
can be a quarter or 3/4 of one.
Simple linear regression is extended to quadratic regression. While linear regression may be
done with as little as two points (enough to draw a straight line), quadratic regression has the
drawback of requiring more data points to ensure that your data falls into the "U" shape. It can be
finished with three data points that form a "V" shape, but more points are preferred. It's also
more expensive than standard linear regression because it requires more data points.
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CUBIC REGRESSION MODEL
We may depict the relationship between two variables in regression cubic by selecting the best-
fit line that best fits the observed data. Cubic functions, or polynomials of degree three, are
employed in the cubic regression model.
FORMULA:
=10776.56+ 23275.67
=34052.23
COST OF CAPITAL
The capital budgeting project of a corporation, such as the construction of new manufacturing
facilities, must show a minimum return on investment (ROI). Analysts and investors use the term
"cost of capital," but it refers to a determination of whether a planned move can be justified
based on its cost. An investor can use this term to compare an investment's prospective return to
its costs and risks. A combination of debt and equity is regularly used to fund business
expansion. The weighted average cost of all capital sources is used to assess the overall cost of
capital for these businesses. The WACC (weighted average cost of capital) is used to calculate
capital costs (WACC).
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COST OF DEBT
The effective interest rate that a firm pays on its debts, such as bonds and loans, is known as the
cost of debt. The cost of debt can refer to either the before-tax cost of debt (the cost of debt
before taxes) or the after-tax cost of debt (the cost of debt after taxes).
intrest expense
Cost of debt= × (1+T)
Total debt
COST OF DEBT
MARGINAL TAX RATE (2021)
35%
=
YEA
INTREST EXPENSE COST OF DEBT
R
2021 71.28 0.004299331
2020 170.54 0.011788145
2019 88.5 0.00713124
2018 128.67 0.00976992
COST OF EQUITY
The cost of equity is the return required by a firm for an investment or project, or by an
individual for an equity investment. The dividend capitalization model or the CAPM are both
used to calculate the cost of equity.
Where,
Rf = risk-free rate of return , Rm = market rate of return
30
COST OF EQUITY
CAPM MODEL Rf+b(Rm-Rf)
Risk Free Rate 13.75%
market risk premium 1.08%
Beta Value of the security 1.34
Formulation 15.20%
WAAC:
The weighted average cost of capital is the rate at which a firm is projected to pay all of its
security holders on average to finance its assets.
The Weighted Marginal Cost of Capital is a company's marginal cost of capital weighted by the
proportion of each form of capital in its capital structure. The weighted average cost of every $1
in fresh capital raised by a corporation is known as the marginal cost of capital.
The Weighted Average Cost of Capital is used to calculate a company's average cost of capital.
The Weighted Marginal Cost of Capital, on the other hand, can be used to compute the marginal
cost of capital (WMCC). Both display a company's cost of capital, but not in the way one might
think. The WACC, on the other hand, is the most widely used form of capital budgeting, whereas
the WMCC is used less frequently.
The Weighted Marginal Cost of Capital (WMCC) formula can, therefore, be represented as
follows:
31
The worth of a firm or its stock is determined using an equity valuation. To make a fundamental
value technique work, one must presume that the value of the instrument under discussion is
ultimately driven by the company's essential business fundamentals (in this case, an equity or a
stock).
The dividend discount model (DDM) is a mathematical method for projecting a stock's price
based on the concept that the current share price is worth the total of all future dividend
payments discounted back to their present value. Profits are generated through the selling of
commodities or the provision of services. These earnings are reflected in the company's stock
price because of the cash flow created by these commercial activities. When a company produces
money, it usually pays dividends to its shareholders. According to the DDM hypothesis, a
company's worth is equal to the total present value of all future dividend payments.
Where:
CAPM model:
CAPM is a model that describes the link between asset risk and expected return, notably for
equities. When it comes to pricing hazardous securities and generating expected returns for
assets, CAPM is a widely utilized tool in financial markets.
The formula for calculating the expected return of an asset given its risk is as follows:
ERi = Rf + βi ( ERm-Rf )
Where:
Rf =risk-free rate
32
Βi = beta of the investment
weaknesses
opportunities:
1. When determining a break-even point based on sales dollars: Divide the fixed costs by the
contribution margin. ...
2. Break-Even Point (sales dollars) = Fixed Costs ÷ Contribution Margin.
3. Contribution Margin = Price of Product – Variable CostS
USES:
(i) It helps in the determination of selling price which will give the desired profits. (ii) It
helps in the fixation of sales volume to cover a given return on capital employed. (iii) It helps in
forecasting costs and profit as a result of change in volume.
34
OPERATING LEVERAGE:
Operating leverage is a cost-accounting method that determines how much a company or project
may raise operating profitability by boosting revenue. High operating leverage is defined as a
company that generates sales with a high gross margin and low variable costs. The operating
leverage formula is computed by multiplying the quantity by the difference in price and variable
cost per unit, then dividing by the product of quantity multiplied by the difference in price and
variable cost per unit minus fixed operating costs. High operating leverage is preferable to low
operating leverage since it allows companies to make substantial profits on each additional sale.
Companies with a low degree of operating leverage, on the other hand, may find it easier to
make a profit when dealing with reduced sales volumes.
FINANCIAL LEVERAGE:
Leverage is an investment technique that involves leveraging borrowed money—specifically,
various financial instruments or borrowed capital—to boost an investment's potential return. The
amount of debt a company utilises to finance assets is often referred to as leverage. Baker
Company invests $100,000 of its own money and takes out a $900,000 loan to purchase a plant
that creates a $150,000 annual profit. Baker is employing financial leverage to make a profit of
$150,000 on a $100,000 cash investment, resulting in a 150 percent return.
TOTAL LEVERAGE:
What is the Total Leverage Degree? The degree of total leverage is a statistic that examines the
rate of change in profits per share experienced by a corporation (EPS) EPS compares the profit
of each common share to the rate of change in revenue from sales. e degree of overall leverage
is a ratio that compares the rate of change in a company's profits per share (EPS) to the rate of
change in sales revenue. Multiplying the degree of operating leverage by the degree of financial
leverage is another technique to calculate this ratio.
35
COMPARABLE COMPANY ANALYSIS
MAPLE LEAF:
VERTICAL ANALYSIS
There is a decrement in total operating expense of 22%, and 22% increase in gross profit in year
2021. There is also an increase of 18% in expenses. And increment in net income from -14% to
14%. And the net income after taxes also increases from -12% to 11%. And the net income from
extra ordinary items also increase at same rate, and same as net income. And the diluted EPS
remains same at 3% (table 3)
HORIZONTAL ANALYSIS:
There is an increment in total current assets as shown in table 4. Also, increment in current and
total liabilities in 1st quarter as compared to last quarter. Total share holders equity also increases.
(table 4)
PROFITABILITY RATIOS:
PROFITIBILITY RATIOS
2021 2020
Gross Profit Margin 0.24131528 0.016426685
Operating Profit Margin 0.176689624 -0.035631899
Net Profit Margin 0.107420613 -0.122240298
There is an increment in all these margin. And it is good for company and investor.
LEVERAGE RATIOS:
LEVERAGE RATIOS
2021 2020
0.23675881 0.24638876
Total Debt to Total Assets 1 5
Long Term Debt to Total 0.17480629 0.18218535
36
Assets 2 7
There is a decrease in leverage ratios and lower the ratio is good for company financial heal;th.
EFFECIENCY RATIOS:
ACTIVITY OR EFFICIENCY MEASURES
Percent of sales to customers that are on credit = 0.90
Percent of company purchases that are on credit = 95%
Number of business days per year = 365
RATIOS FORMULAS 2021 2020
Annual COGS /
Inventory Turnover Average NA NA
Inventory
Average AR /
Average Collection Period 26.9751 39.985
(Factor*Annual
(Days) 12 16
Sales)/365
Account Receivables Annual Sales / 13.5309 9.1283
Turnover Ratio Average AR 91 87
AP/
Average Payment Period
Factor*COGS/3 NA NA
(Days)
65
Annual Sales
Fixed Asset Turnover 0.72394 0.5867
Revenue /
Ratio 44 62
Fixed Assets
Annual Sales
Totall Assets Turnover 0.72512 0.5877
Revenue / Total
Ratio 74 64
Assets
There is an increase in total assets turnover. That means the company management is more
efficient.
37
INTEREST COVERAGE RATIOS:
INTEREST COVERAGE RATIO
RATIOS FORMULA 2021 2020
-
Times Interest 0.36361
(EBIT)/Interest Expense 5.10792
Earned Ratio 6
2
Cash Available/Interest -
Cash Coverage -
Expense=EBIT+Depreciation/Int 0.20630
Ratio 0.26838
erest Expense 6
A ratio greater than one shows that a corporation can service its debts with its earnings or has
demonstrated the ability to keep revenues stable. While an interest coverage ratio of 1.5 may be
considered adequate, analysts and investors prefer two or higher. The interest coverage ratio may
not be regarded favorable for enterprises with historically more unpredictable revenues until it is
considerably above three.
DG KHAN CEMENT:
PROFITABILITY RATIOS:
PROFITIBILITY RATIOS
2021 2020
38
Gross Profit Margin 0.183544005 0.047262632
Operating Profit Margin 0.175827429 0.031408163
Net Profit Margin 0.083406826 -0.053595476
It’s a good sign for company that it’s profitability ratio increases.
LEVERAGE RATIO:
LEVERAGE RATIOS
2021 2020
0.48859701 0.50737506
Total Debt to Total Assets 6 3
Long Term Debt to Total 0.22156015 0.25755556
Assets 4 7
There is a decrement that is good for financial health of company. As shown in the table the total
debt to total assets is high and start falling in long term debt to total assets and then start rising
again in total capitalization which is not good but it again starts falling in the end in long term
debt to stockholder’s equity. As we discussed that the leverage ratio of the company should be
low which will be good for the company financial health.
EFFECIENCY RATIOS:
ACTIVITY OR EFFICIENCY MEASURES
Percent of sales to customers that are on credit = 0.90
Percent of company purchases that are on credit = 95%
Number of business days per year = 365
39
RATIOS FORMULAS 2021 2020
Annual COGS /
2.606632 2.743944
Inventory Turnover Average
27 66
Inventory
Average AR /
Average Collection Period 24.16278 24.40298
(Factor*Annual
(Days) 22 8
Sales)/365
AP/
Average Payment Period
Factor*COGS/3 na na
(Days)
65
Annual Sales
Fixed Asset Turnover 0.475333 0.425751
Revenue /
Ratio 27 8
Fixed Assets
Annual Sales
Totall Assets Turnover 0.548555 0.472345
Revenue / Total
Ratio 16 77
Assets
THE increasing amount means that company’s management is efficient in all the workings.
40
Cash Available/Interest - -
Cash Coverage
Expense=EBIT+Depreciation/Int 0.61086 0.13254
Ratio
erest Expense 71 63
A ratio greater than one shows that a corporation can service its debts with its earnings or has
demonstrated the ability to keep revenues stable. While an interest coverage ratio of 1.5 may be
considered adequate, analysts and investors prefer two or higher. The interest coverage ratio may
not be regarded favorable for enterprises with historically more unpredictable revenues until it is
considerably above three.
CONCLUSION
I foresee growth in earrings of cement companies in the years to come. Similarly the said
position will be with FCC. I expect positive earnings of FCCL in the coming years;
currently we maintain our stance by recommend “BUY” on FCCL
The cement manufacturing process is recognized for emitting toxic gases into the atmosphere,
firstly because to the calcination process, and secondly due to the use of fossil fuel power.
Developed countries have already taken steps to minimize CO2 emissions, and FCCL is happy to
be at the forefront of this initiative in Pakistan. FCCL has a comprehensive strategy in place to
ensure that it meets all national and international emission standards and employs methods to
reduce emissions, such as the development of low-emission cement, power generation using
waste heat, fossil fuel replacement with alternative fuel, introduction of cementitious products,
tree planting, and water conservation. .I foresee growth in earrings of cement companies in the
years to come. Similarly the said position will be with FCC. I expect positive earnings of FCCL
in the coming years; currently we maintain our stance by recommend “BUY” on FCCL.
41
RECOMMENDATIONS
We recommend "BUY" for the scrip, even though we are positive because most cement stocks
trade below the sector PER, which is also true for Fauji Cement. However, our stance for Fauji
Cement in the growth sector is neutral, even though the stock market is currently bearish, as they
have reprofiled their debts, lowering their cost of borrowings and moving towards sound
fundamentals.
APPENDIX:
Table 1:
BALANCE SHEET
Period Ending: 2021 2020 2019 2018 VERTIC ANALY
AL SIS
30/06 30/06 30/06 30/06 2021 2020
42
Cash & Equivalents - - - -
43
Property/Plant/Equipment, 21511.55 22125.4 23202. 22624. 63% 76%
Total - Net 9 93 41
Accumulated -25.52 - - 0%
Depreciation, Total 13949. 12464.
6 9
Goodwill, Net - - - -
Intangibles, Net - - - -
44
Note Receivable - Long - - - -
Term
Payable/Accrued - - - -
45
Other Current liabilities, 1360.65 1167.03 1084.6 863.78 4% 4%
Total 6
Total Liabilities 10776.56 9403.6 8066.6 8560.5 32% 32%
2 1
Minority Interest - - - -
46
Redeemable Preferred - - - -
Stock, Total
47
Other Equity, Total - - - -
Table 2:
48
97 57 2 8 2 8
Cash & - - - -
Equivalents
49
Other Current - - - -
Assets, Total
Property/ - - - -
Plant/
Equipment,
Total - Gross
Accumulated - - - -
Depreciation,
Total
Goodwill, Net - - - -
50
Intangibles, 459 460 458 458 1.002 0% 1.003 0% 0.999 0%
Net .68 .02 .39 .48 61734 35892 80369
4 5 9
Long Term 569 540 563 551 1.033 0% 0.979 0% 1.021 0%
Investments 5.4 1.1 3.1 2.6 15477 77009 85708
1 2 3 4 2 1
Note 95. 146 100 81. 1.169 1% 1.803 2% 1.236 2%
Receivable - 15 .76 .62 38 20619 39149 42172
Long Term 3 7 5
Other Assets, - - - -
Total
51
Current Port. of 949 933 870 737 1.2867 0% 1.2653 0% 1.1796 0%
LT Debt/Capital 1.7 3.76 1.75 6.43 60669 49227 69569
Leases
Deferred - - - -
Income Tax
52
3 5 2
Other Liabilities, 404. 389. 363. 349. 1.1571 0% 1.1132 0% 1.0391 0%
Total 85 48 56 86 77157 45298 58521
Preferred Stock - - - -
- Non
Redeemable,
Net
53
Treasury Stock - - - - -
Common
ESOP Debt - - - -
Guarantee
TABLE 3:
INCOME STATEMENT
54
Total Operating Expenses 29342.94 30155.26 21767.42 19758.38 82% 104%
Selling/General/ 1752.9
2374.89 1615.93 1739.2
Admin. Expenses, Total 8 7% 6%
Research &
- - - -
Development
Depreciation /
70.67 62.93 62.31 81.56
Amortization 0% 0%
Interest Expense
-147.91 -82.12 -21.52 293.82
(Income) - Net Operating 0% 0%
Unusual Expense
24.38 -25.71 6.02 -25.54
(Income) 0% 0%
Other Operating
-18.75 51.95 23.28 17.13
Expenses, Total 0% 0%
Operating Income 6297.25 -1037.52 4238.53 5925.79 18% -4%
Net Income Before Taxes 4970.04 -3934.49 2659.14 5335.84 14% -14%
Equity In Affiliates - - - -
55
Diluted Net Income 3828.49 -3559.36 2460.26 4572.81 11% -12%
Table 4:
56
Total 532 521 431 443 1.2006 0% 1.1759 0% 0.9721 0%
Receivables, Net 9.27 9.41 4.72 8.5 9168 4 122
57
- Long Term 6 3 2546 66 72989
Other Long 57.3 57.3 57.3 57.1 1.0028 2% 1.0028 2% 1.0028 2%
Term Assets, 4 0014 0014
Total
Other Assets, - - - -
Total
Total Current 163 156 119 111 1.4573 0% 1.3995 0% 1.0667 0%
Liabilities 09.7 62.3 38.1 91.2 7324 22 43453
7 5 5 1
Accounts 370 376 359 497 0.7438 0% 0.7569 0% 0.7227 0%
Payable 0.98 6.13 6.12 5.6 2587 2 51025
Payable/ - - - -
Accrued
Accrued 478 407 423 429 1.1129 0% 0.9483 0% 0.9856 0%
Expenses 4.45 7.05 7.24 9.08 009 54 15527
58
Long Term Debt 108 109 116 117 0.9246 0% 0.9337 0% 0.9910 0%
57.6 64.0 36.7 42.1 7327 3 21258
8 2 5 8
Capital Lease - - - -
Obligations
Deferred 432 405 393 380 1.1365 0% 1.0674 0% 1.0339 0%
Income Tax 1.67 8.93 1.54 2.55 1891 23 21973
Minority - - - -
Interest
Other Liabilities, 384. 775. 720. 703. 0.5462 0% 1.1030 0% 1.0249 0%
Total 08 53 63 08 8207 47 61598
Total Equity 411 391 383 373 1.0995 0% 1.0478 0% 1.0255 0%
06.8 75.7 42.3 85.6 3659 81 89498
9 2 3 5
Redeemable - - - -
Preferred Stock,
Total
Preferred Stock - - - -
- Non
Redeemable,
Net
Common Stock, 109 109 109 109 1 0% 1 0% 1 0%
Total 83.4 83.4 83.4 83.4
6 6 6 6
Additional Paid- 606 606 606 606 1 0% 1 0% 1 0%
In Capital 0.55 0.55 0.55 0.55
59
ESOP Debt - - - -
Guarantee
Unrealized Gain 287 299 313 348 0.8243 0% 0.8588 0% 0.8996 0%
(Loss) 2.72 3.01 5.46 5.02 0517 21 96415
Other Equity, - - - -
Total
Total Liabilities 729 706 665 648 1.1258 0% 1.0896 0% 1.0269 0%
& Shareholders' 80.0 36.5 69.4 24.6 0718 55 14441
Equity 9 6 8
Total Common 109 109 109 109 1 0% 1 0% 1 0%
Shares 8.35 8.35 8.35 8.35
Outstanding
60
Table 5:
BALANCE SHEET
VERTICAL
2021 2020 2019 2018
Period Ending: ANALYSIS
30/06 30/06 30/06 30/06 2021 2020
Total Current Assets 40858.21 37618.37 37745.37 31276.76
28% 28%
Cash and Short Term 14831.0 13799.9 14897.8
16503.12
Investments 6 2 7 10% 10%
Cash 1884.25 673.51 768.77 484.49
1% 0%
Cash & Equivalents - - - -
12946.8 13126.4
Short Term Investments 14129.1 16018.63
1 1 9% 10%
100% 100%
13718.9 10029.8
Long Term Investments 9573.74 13859.55
2 1 10% 7%
61
Note Receivable - Long
62.11 63 60.97 60.75
Term 0% 0%
Other Long Term Assets,
- - 60.73 60.75
Total
Other Assets, Total - - - -
Total Current Liabilities 43177.12 40458.57 37771.22 24414.78 30% 30%
Accounts Payable 6904.6 4162.25 3554.6 3605.83 5% 3%
Payable/Accrued - - - -
51% 49%
Redeemable Preferred
- - - -
Stock, Total
62
Retained Earnings 44553.6 40568.9 43208.8
43348.6
(Accumulated Deficit) 6 4 5 31% 30%
Treasury Stock - Common - - - -
Table 6:
BALANCE SHEET QUATERLY HORIZANTAL ANALYSIS
Period Ending: 202 202 202 202 CHAN CHAN CHAN CHAN CHAN CHAN
1 1 1 1 GE IN GE IN GE IN GE IN GE IN GE IN
INCO PERCE INCO PERCE INCO PERCE
ME NT ME NT ME NT
31- 30- 30- 31- 1st 1st 2nd 2nd 3rd 3rd
Dec Sep Jun Mar QUAR QUART QUAR QUART QAUR QUART
TER ER TER ER TER ER
Total Current 428 384 408 388 1.1020 0% 0.9878 0% 1.0506 0%
Assets 57.7 16.6 58.2 89.8 29786 33063 14531
4 5 1 2
Cash and Short 159 125 148 170 0.9382 0% 0.7359 0% 0.8727 0%
Term 59.3 18.4 45.5 09.7 49497 58339 67015
Investments 8 6 4 4
Cash 353 311. 189 298 1.1850 0% 0.1044 0% 0.6359 0%
7.74 81 8.73 5.43 01826 43916 98834
Cash & - - - -
Equivalents
Short Term 124 122 129 140 0.8857 0% 0.8703 0% 0.9231 0%
Investments 21.6 06.6 46.8 24.3 22007 92198 69126
4 5 1 1
Total 781 905 868 924 0.8448 0% 0.9794 0% 0.9387 0%
Receivables, Net 4.53 9.64 2.97 9.75 36887 47012 2483
Accounts 237 291 268 321 0.7380 0% 0.9077 0% 0.8351 0%
Receivables - 2.66 8.37 4.7 4.81 40506 89263 03785
Trade, Net
Total Inventory 186 163 167 121 1.5318 0% 1.3469 0% 1.3786 0%
63
50.5 99.3 85.2 75.0 73074 63986 66629
7 8 1
Prepaid 433. 439. 544. 455. 0.9515 0% 0.9647 0% 1.1956 0%
Expenses 27 26 42 32 7252 28103 8655
Other Current - - - -
Assets, Total
Total Assets 144 141 144 139 1.0359 0% 1.0138 0% 1.0353 0%
190. 106. 101. 182. 79425 20162 37895
6 41 31 88
Property/ 885 893 894 894 0.9908 0% 0.9993 0% 1.0004 0%
Plant/ 99.3 61.3 62.0 18.2 4214 62882 89833
Equipment, 9 7 7
Total - Net
Property/ - - - -
Plant/
Equipment,
Total - Gross
Accumulated - - - -
Depreciation,
Total
Goodwill, Net - - - -
64
Current Port. of 689 646 634 588 1.1710 0% 1.0985 0% 1.0783 0%
LT Debt/Capital 5.03 8.57 9.21 8.08 15 87315 15852
Leases
Other Current 314. 327. 338. 121. 2.5886 2% 2.6971 2% 2.7854 2%
liabilities, Total 7 89 63 57 32064 29226 7339
Total Liabilities 701 675 704 676 1.0373 0% 0.9995 0% 1.0411 0%
51.0 93.9 07.4 24.7 58534 45728 50047
7 9 7 1
Total Long Term 178 197 198 217 0.8205 0% 0.9073 0% 0.9092 0%
Debt 88.2 80.4 21.2 99.2 8937 92516 63684
4 3 1
Long Term Debt 178 197 198 217 0.8205 0% 0.9073 0% 0.9092 0%
88.2 80.4 21.2 99.2 8937 92516 63684
4 3 1
Capital Lease - - - -
Obligations
Deferred 375 381 378 298 1.2568 0% 1.2767 0% 1.2657 0%
Income Tax 7.86 7.4 4.34 9.9 514 65109 07883
Minority 229 228 218 221 1.0355 0% 1.0331 0% 0.9862 0%
Interest 1.64 6.14 2.35 2.88 91627 06178 035
Other Liabilities, 136 138 144 869. 1.5696 0% 1.5930 0% 1.6591 0%
Total 4.58 4.95 2.43 36 37434 68464 86068
Total Equity 740 735 736 715 1.0346 0% 1.0273 0% 1.0298 0%
39.5 12.4 93.8 58.1 75985 09949 45229
2 2 4 7
Redeemable - - - -
Preferred Stock,
Total
Preferred Stock - - - -
- Non
Redeemable,
Net
Common Stock, 438 438 438 438 1 0% 1 0% 1 0%
Total 1.19 1.19 1.19 1.19
Additional Paid- 455 455 455 455 1 0% 1 0% 1 0%
In Capital 7.16 7.16 7.16 7.16
Retained 464 455 445 436 1.0642 0% 1.0446 0% 1.0211 0%
Earnings 30.1 76.1 53.6 28.9 04158 31374 94872
(Accumulated 1 7 6 5
Deficit)
Treasury Stock - - - - -
Common
ESOP Debt - - - -
Guarantee
Unrealized Gain 186 189 202 189 0.9831 0% 1.0003 0% 1.0637 0%
(Loss) 71.0 97.9 01.8 90.8 59803 70178 64851
65
6 2 7
Other Equity, - - - -
Total
Total Liabilities 144 141 144 139 1.0359 0% 1.0138 0% 1.0353 0%
& Shareholders' 190. 106. 101. 182. 79425 20162 37895
Equity 6 41 31 88
Total Common 438. 438. 438. 438. 1 0% 1 0% 1 0%
Shares 12 12 12 12
Outstanding
66
67