Mari Petroleum Co Ltd (MARI PA) - Adju

In Millions of PKR except Per Share FY 2015

12 Months Ending 06/30/2015
Rvenue
Revenue 19376
+ Sales & Services Revenue —
- Cost of Revenue 0
+ Cost of Goods & Services —
Gross Profit —
+ Other Operating Income 0
- Operating Expenses
- Operating Expenses 11608
+ Selling, General & Admin 0
+ Selling & Marketing —
+ Depreciation & Amortization —
+ Prov For Doubtful Accts 57
+ Other Operating Expense 0
Operating Income (Loss)
Operating Income (Loss) 7768
- Non-Operating (Income) Loss
- Non-Operating (Income) Loss —
+ Interest Expense, Net -321
+ Interest Expense 196
- Interest Income 517
+ Foreign Exch (Gain) Loss -61
+ (Income) Loss from Affiliates —
+ Other Non-Op (Income) Loss —
Pretax Income (Loss), Adjusted 6552
- Abnormal Losses (Gains) 0
Taxes
Pretax Income (Loss), GAAP 6552
- Income Tax Expense (Benefit) 902
+ Current Income Tax —
+ Deferred Income Tax —
Net Income After Taxes
Income (Loss) from Cont Ops 5650
Income before Discontinued Operations & Extraordinary Items
- Net Extraordinary Losses (Gains) 0
+ Discontinued Operations —
+ XO & Accounting Changes —
Income (Loss) Incl. MI 5650
- Minority Interest 0
Net Income
Net Income, GAAP 5650
- Preferred Dividends —
 - Other Adjustments 0
Net Income Avail to Common, GAAP 5650

Net Income Avail to Common, Adj 5650

Net Abnormal Losses (Gains) 0
Net Extraordinary Losses (Gains) 0
EBIT/EBITDA & related
Basic Weighted Avg Shares 133
Basic EPS, GAAP 42
Basic EPS from Cont Ops 42
Basic EPS from Cont Ops, Adjusted 42
Share/Per Share - Diluted
Diluted Weighted Avg Shares 133
Diluted EPS, GAAP 42
Diluted EPS from Cont Ops 42
Diluted EPS from Cont Ops, Adjusted 42

Reference Items
Accounting Standard IAS/IFRS
EBITDA 8600
EBITDA Margin (T12M) 44
EBITA 7919
EBIT 7768
Gross Margin —
Operating Margin 40
Profit Margin 29
Sales per Employee 14226153
Dividends per Share 4
Total Cash Common Dividends 576
Capitalized Interest Expense 0
Personnel Expenses 2804
Depreciation Expense 682
Rental Expense 41
Source: Bloomberg
m Co Ltd (MARI PA) - Adjusted
FY 2016 FY 2017 FY 2018 FY 2019
06/30/2016 06/30/2017 06/30/2018 06/30/2019

21713 28175 40676 59448

— 28175 40676 59448
0 0 0 7575
— — — 7575
— — — 51873
581 0 0 326

15529 16461 20511 18457

8 0 0 0
8 3 14 19
— 1676 3086 —
140 — — —
0 14781 17410 18437

6765 11715 20166 33743

— 565 -126 -966

-277 -18 -737 -1764
64 215 28 4
341 233 766 1767
-24 -72 -110 34
— 0 0 0
— 655 722 764
6561 11149 20292 34708
-6 0 0 0

6561 11149 20292 34708

510 2013 4917 10381
— 1492 4576 9218
— 521 341 1163

6051 9136 15374 24327

0 0
— 0
— 0
6051 9136
0 0
0 0
0 0
0 0
15374 24327
0 0

6051 9136 15374 24327

0 0 0 0
 0 0 0 0
6051 9136 15374 24327

6051 9136 15374 24327

-4 0 0 0
0 0 0 0

133 133 133 133

45 68 115 182
45 68 115 182
45 68 115 182

133 133 133 133

45 68 115 182
45 68 115 182
45 68 115 182

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

7838 13391 23252 36322
36 48 57 61
7023 12461 22292 35318
6765 11715 20166 33743
— — — 87
31 42 50 57
28 32 38 41
15722494 25360474 35370755 48410429
4 2 3 6
496 331 386 788
0 0 0 0
2888 3525 4101 5749
815 929 960 1003
38 107 213 230
40991
33417
33743 6184
6765

22294
15685
6609
 Company Name
Country
TRBC Industry Group
CF Template
Consolidation Basis
Scaling
Period
Export Date

Balance Sheet
Petroleum Co Ltd (MARI PA) - Standardized
In Millions of PKR except Per Share FY 2015 FY 2016
12 Months Ending 06/30/2015 06/30/2016
Total Assets
+ Cash, Cash Equivalents & STI 4901 626
+ Cash & Cash Equivalents 4901 626
+ ST Investments 0 0
+ Accounts & Notes Receiv 32355 26887
+ Accounts Receivable, Net 32355 26887
+ Notes Receivable, Net — —
+ Inventories 1718 2167
+ Raw Materials 0 —
+ Work In Process 0 —
+ Finished Goods 0 —
+ Other Inventory — —
+ Other ST Assets 2894 3046
+ Prepaid Expenses 0 0
+ Misc ST Assets — —
Total Current Assets 41868 32727
+ Property, Plant & Equip, Net 19174 21108
+ Property, Plant & Equip 24257 27302
- Accumulated Depreciation 5083 6194
+ LT Investments & Receivables 20 27
+ LT Investments — —
+ Other LT Assets 4591 5698
+ Total Intangible Assets 0 0
+ Goodwill 0 0
 + Other Intangible Assets 0 0
+ Deferred Tax Assets 2393 2681
+ Investments in Affiliates 0 0
+ Misc LT Assets 2198 3017
Total Noncurrent Assets 23786 26832
Total Assets 65654 59560

Liabilities & Shareholders' Equity

+ Payables & Accruals 717 908
+ Accounts Payable 717 908
+ Accrued Taxes — —
+ Interest & Dividends Payable 0 0
+ Other Payables & Accruals — —
+ ST Debt 333 152
+ ST Borrowings 333 152
+ ST Lease Liabilities — —
+ ST Finance Leases 0 0
+ Current Portion of LT Debt 0 0
+ Other ST Liabilities 38349 33957
+ Misc ST Liabilities 38349 33957
Total Current Liabilities 39399 35017
+ LT Debt 0 1000
+ LT Borrowings 0 1000
+ LT Lease Liabilities — —
+ LT Finance Leases 0 0
+ Other LT Liabilities 5469 6577
+ Deferred Tax Liabilities 0 0
+ Misc LT Liabilities 5469 6577
Total Noncurrent Liabilities 5469 7577
Total Liabilities 44868 42594
+ Preferred Equity and Hybrid Capital 9290 0
+ Share Capital & APIC 1103 1103
+ Common Stock — —
+ Additional Paid in Capital — —
- Treasury Stock 0 0
+ Retained Earnings 36 —
+ Other Equity 10358 15863
Equity Before Minority Interest 20786 16966
+ Minority/Non Controlling Interest 0 0
Total Equity 20786 16966
Total Liabilities & Equity 65654 59560

Reference Items
Accounting Standard IAS/IFRS IAS/IFRS
Shares Outstanding 133 133
Number of Treasury Shares 0 0
Pension Obligations — —
Future Minimum Operating Lease Obligations — 0
Capital Leases - Total 0 0
Number Of Shareholders 4033 2879
Options Granted During Period 0 —
Options Outstanding at Period End 0 —
Net Debt -4568 526
Net Debt to Equity -22 3
Tangible Common Equity Ratio 18 28
Current Ratio 1 1
Cash Conversion Cycle — —
Number of Employees 1362 1381

Source: Bloomberg
Balance Sheet

FY 2017 FY 2018 FY 2019

06/30/2017 06/30/2018 06/30/2019

6928 15706 27336

3323 7269 6636
3605 8437 20700
54426 95295 148940
54426 95295 148940
0 0 0
1015 671 2349
— — —
— — —
— — —
— — —
2935 2733 5030
1208 67 93
1727 2667 4937
65304 114406 183655
18661 15956 22730
26288 25035 34202
7627 9079 11472
32 35 40
32 35 40
9598 13769 13638
0 0 0
0 0 0
 0 0 0
2162 1819 651
0 0 0
7436 11950 12987
28291 29760 36407
93595 144166 220062

55446 95903 146398

782 1758 2647
3891 8093 14701
281 41 40
50492 86010 129009
955 119 0
0 0 0
— — 0
0 0 0
955 119 0
0 0 0
0 0 0
56401 96022 146398
4173 0 0
4173 0 0
— — 0
0 0 0
7484 7952 10058
0 0 10058
7484 7952 0
11657 7952 10058
68057 103974 156455
0 0 0
1103 1103 1213
1103 1103 1213
0 0 —
0 0 0
— — —
24435 39089 62394
25538 40192 63607
0 0 0
25538 40192 63607
93595 144166 220062

IAS/IFRS IAS/IFRS IAS/IFRS

133 133 133
0 0 0
— — —
 0 0 0
0 0 0
2308 2291 2557
— — —
— — —
-1800 -15587 -27336
-7 -39 -43
27 28 29
1 1 1
— — 736
1111 1150 1228
23765
11657
 Mari Petroleum Co Ltd Balance Sheet with V

Current Assets
Cash & Short-Term Investments
Loans & Receivables - Net - Short-Term
Inventories - Total
Other ST Assets
Total Current Assets
Non-Current Assets
Receivables & Loans - Long-Term
Property, Plant & Equipment - Net
Other Non-Current Assets - Total
Total Non-Current Assets
Total Assets
Current Liabilities
Payables & Accruals
Short-Term Debt & Current Portion of Long-Term Debt
Other ST Liabilities
Total Current Liabilities
Non-Current Liabilities
LT Debt
Other LT liabilities
Total Non-Current Liabilities
Total Liabilities
Shareholders' Equity
Equity Before Minority Interest
Total Shareholder's Equity
Total Liabilities & Shareholders' Equity
ance Sheet with Vertical Analysis (2015-2019)
2015 2016 2017 2018
V.Analysis V.Analysis V.Analysis V.Analysis

4,901 7% 626 1% 6,928 7% 15,706 11%

32,355 49% 26,887 45% 54,426 58% 95,295 66%
1,718 3% 2,167 4% 1,015 1% 671 0%
2,894 3,046 5% 2,935 3% 2,733 2%
41,868 64% 32,727 55% 65,304 70% 114,406 79%

20 0% 27 0% 32 0% 35 0%
19,174 29% 21,108 35% 18,661 20% 15,956 11%
4,591 7% 5,698 10% 9,598 10% 13,769 10%
23,786 36% 26,832 45% 28,291 30% 29,760 21%
65,654 100% 59,560 100% 93,595 100% 144,166 100%

717 1% 908 2% 55,446 59% 95,903 67%

333 1% 152 0% 955 1% 119 0%
38,349 58% 33,957 57% - 0% - 0%
39,399 60% 35,017 59% 56,401 60% 96,022 67%
0%
- 0% 1,000 2% 4,173 4% - 0%
5,469 8% 6,577 11% 7,484 8% 7,952 6%
5,469 8% 7,577 13% 11,657 12% 7,952 6%
44,868 68% 42,594 72% 68,057 73% 103,974 72%
0%
20,786 32% 16,966 28% 25,538 27% 40,192 28%
20,786 32% 16,966 28% 25,538 27% 40,192 28%
65,654 100% 59,560 100% 93,595 100% 144,166 100%
- - - -
2019
V.Analysis

27,336 12%
148,940 68%
2,349 1%
5,030 2%
183,655 83%
-
40 0%
22,730 10%
13,638 6%
36,407 17%
220,062 100%

146,398 67%
- 0%
- 0%
146,398 67%

- 0%
10,058 5%
10,058 5%
156,455 71%

63,607 29%
63,607 29%
220,062 100%
-
 Mari Petroleum Co Ltd B

Current Assets
Cash & Short-Term Investments
Loans & Receivables - Net - Short-Term
Inventories - Total
Other ST Assets
Total Current Assets
Non-Current Assets
Receivables & Loans - Long-Term
Property, Plant & Equipment - Net - Total
Other Non-Current Assets - Total
Total Non-Current Assets
Total Assets
Current Liabilities
Payables & Accruals
Short-Term Debt & Current Portion of Long-Term Debt
Other ST Liabilities
Total Current Liabilities
Non-Current Liabilities
LT Debt
Other LT liabilities
Total Non-Current Liabilities
Total Liabilities
Shareholders' Equity
Equity Before Minority Interest
Total Shareholder's Equity
Total Liabilities & Shareholders' Equity
troleum Co Ltd Balance Sheet with Horizontal Analysis (2015-2019)
Base Year Current Year Base Year Current Year Base Year
H. Analysis H. Analysis
2015 2016 2016 2017 2017
2016
4,901 626 -87% 626 6,928 1006% 6,928
32,355 26,887 -17% 26,887 54,426 102% 54,426
1,718 2,167 26% 2,167 1,015 -53% 1,015
2,894 3,046 5% 3,046 2,935 -4% 2,935
41,868 32,727 -22% 32,727 65,304 100% 65,304

20 27 32% 27 32 19% 32
19,174 21,108 10% 21,108 18,661 -12% 18,661
4,591 5,698 24% 5,698 9,598 68% 9,598
23,786 26,832 13% 26,832 28,291 5% 28,291
65,654 59,560 -9% 59,560 93,595 57% 93,595

717 908 27% 908 55,446 6006% 55,446

333 152 -54% 152 955 529% 955
38,349 33,957 -11% 33,957 - -100% -
39,399 35,017 -11% 35,017 56,401 61% 56,401

- 1,000 #DIV/0! 1,000 4,173 317% 4,173

5,469 6,577 20% 6,577 7,484 14% 7,484
5,469 7,577 39% 7,577 11,657 54% 11,657
44,868 42,594 -5% 42,594 68,057 60% 68,057

20,786 16,966 16,966 25,538 51% 25,538

20,786 16,966 16,966 25,538 51% 25,538
65,654 59,560 59,560 93,595 57% 93,595
Current Year Base Year Current Year
H. Analysis H. Analysis
2018 2018 2019

15,706 127% 15,706 27,336 74%

95,295 75% 95,295 148,940 56%
671 -34% 671 2,349 250%
2,733 -7% 2,733 5,030 84%
114,406 75% 114,406 183,655 61%

35 10% 35 40 12%
15,956 -14% 15,956 22,730 42%
13,769 43% 13,769 13,638 -1%
29,760 5% 29,760 36,407 22%
144,166 54% 144,166 220,062 53%

95,903 73% 95,903 146,398 53%

119 -88% 119 - -100%
- #DIV/0! - - #DIV/0!
96,022 70% 96,022 146,398 52%

- -100% - - #DIV/0!
7,952 6% 7,952 10,058 26%
7,952 -32% 7,952 10,058 26%
103,974 53% 103,974 156,455 50%

40,192 57% 40,192 63,607 58%

40,192 57% 40,192 63,607 58%
144,166 54% 144,166 220,062 53%
 Mari Petroleum Co LTD Income Statement wit
2015
Revenue from Business Activities V.Analysis
Revenue 19,376
Other Operating Income -
Revenue from Business Activities 19,376
Less:Operating Expenses
Less: Cost of Revenue - -
Operating Expenses 11,608 60%
Operating Expenses - Total 11,608 60%
Operating Profit 7,768 40%
Income Before Taxes 7,768 40%
Less: Taxes
Income Taxes 902 5%
Net Income After Taxes 6,866 35%
ome Statement with Vertical Analysis
2016 2017 2018 2019
V.Analysis V.Analysis V.Analysis V.Analysis
21,713 28,175 40,676 59,448
581 - - 326
22,294 28,175 40,676 59,774

- - - - - 7,575 -13%
15,529 70% 16,461 58% 20,511 50% 18,457 31%
15,529 70% 16,461 58% 20,511 50% 18,457 31%
6,765 30% 11,715 42% 20,166 50% 41,317 69%
6,765 30% 11,715 42% 20,166 50% 41,317 69%

510 2% 2,013 7% 4,917 12% 10,381 17%

6,255 28% 9,701 34% 15,248 37% 30,936 52%
 Mari Petroleum Co Ltd Income Statemen
Base Year Current Year
V.Analysis
2,015 2,016
Revenue from Business Activities
Revenue 19,376 21,713 12%
Other Operating Income - 581 #DIV/0!
Less: Cost of Revenue - - #DIV/0!
Revenue from Business Activities 19,376 22,294 15%
Less:Operating Expenses
Operating Expenses 11,608 15,529 34%
Operating Expenses - Total 11,608 15,529 34%
Operating Profit 7,768 6,765 -13%
Income Before Taxes 7,768 6,765 -13%
Less: Taxes
Income Taxes 902 510 -43%
Net Income After Taxes 6,866 6,255 -9%
come Statement with Horizontal Analysis (2015-2019)
Base Year Current Year Base Year Current Year Base Year
V.Analysis V.Analysis V.Analysis
2,016 2,017 2,017 2,018 2,018

21,713 28,175 30% 28,175 40,676 44% 40,676

581 - -100% - - #DIV/0! -
- - #DIV/0! - - #DIV/0! -
22,294 28,175 26% 28,175 40,676 44% 40,676

15,529 16,461 6% 16,461 20,511 25% 20,511

15,529 16,461 6% 16,461 20,511 25% 20,511
6,765 11,715 73% 11,715 20,166 72% 20,166
6,765 11,715 73% 11,715 20,166 72% 20,166

510 2,013 295% 2,013 4,917 144% 4,917

6,255 9,701 55% 9,701 15,248 57% 15,248
Current Year
V.Analysis
2,019

59,448 46%
326 #DIV/0!
- 7,575 #DIV/0!
59,774 47%

18,457 -10%
18,457 -10%
41,317 105%
41,317 105%

10,381 111%
30,936 103%