a EN ARROW SELECTED STOCKS FUND LIMITED = STATEMENT OF ASSETS AND LIABILITIES AS AT JUNE 30, 2019 2019 2018 (Rupees in ‘000) ASSETS Bank balances 5 35070 Investments 6 1,556,648 Receivable against sale of investments : 1.826 Loans and receivables 7 3 : Dividend and profit receivable a 7 131 Income tax refundable 328 307 Security deposit ° 2,750 2750 Total assets 7,343,087 T.816,732, ABILITIES Payable fo AKD Investment Management Limited - Management Company 10 3,018 Accrued and other labiliies u a7nz Payable agains! purchase of invesiment ‘980 Unclaimed dividend 51,702 Total liabilities 103,412 NET ASSETS. 1,239,677 1,512,969 ‘SHAREHOLDERS’ EQUITY Authorised capital 250,000,000 (June 30, 2018: 250,000,000), (Ordinary shares of Rs. 5 each 1,250,000 1,250,000, Issued, subscribed and paid-up capital 12 760,492 760,492 General reserve ‘500 500, Undisiributed income 478,685 751,977 1,239,677, 1,512,969 NET ASSETS VALUE PER SHARE 13 8.15 2.95 CONTINGENCIES AND COMMITMENTS 4 The annexed notes from 1 to 32 form an integral part of these financial statements. Imran Motiwala Muhammad Munir Abdullah ‘Aurangzeb Ali Naqvi Chief Executive Officer Chief Financial Officer Directora EN ARROW SELECTED STOCKS FUND LIMITED = INCOME STATEMENT FOR THE YEAR ENDED JUNE 30, 2019 2019 2018 Note (Rupees in’000) - INCOME Copital gain on sale of investment -net 18 na 3.562 Dividend income 35,501 A749 Unrealsed diminution on re-measurement of investments classifed as financial assets‘ot far value through proft or loss'- net 61 (272.246) (215,335) Profit on bank deposts 3; 2.854 Total Loss (33,283) 1161,450) EXPENSES Remuneration te AKD Investment Management Limited = Management Company 10.1 28239 32.882 Sindh Sales tax on remuneration of Management Company 16 3471 4275 ‘Annual fee to Securities and Exchange Commission of Pakistan 1341 1.562 Remuneration to Custodian - Central Depository Company of Pakistan Limited 18 901 ‘Auditors remuneration 7 429 430 Legal ang professional charges 288 1438 Annual Isting fee 536 404 Central depository system charges 504 371 Fees and subscription 560 538 Securities transaction cost 579 854 Bank charges 6 ° Directors fee and related expenses m 1.981 Printing ang postage 590 1917 Sales tax on custodian and central depository system charges 103 165 Advertisement 305 548 Expenses allocated by the Management Company wana 1.644 Provision for Sinah Workers’ Welfare Fund ns : : Imoaiment expense 1,282 Total expenses wari Net loss before taxation haa Toxation Oe Net oss after taxation (273,292) (210821) Loss per share - basle and diluted 2 (1.80) (1.39) ‘The annexed notes from 1 to 32 for an integral part of these financial statements Imran Motiwala Muhammad Munir Abdullah ‘Aurangzeb All Naqvi Chief Executive Officer Chief Financial Officer Directora N ARROW SELECTED STOCKS FUND LIMITED = STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2019 2019 2018 += (Rupees in 000) -» Net loss after taxation (273,292) (210821) (Other comprehensive income for the year Total comprehensive loss for the year (273,292) (210,821) ‘The annexed notes from 1 to 32 form an integral part of these financial statements. Imran Motiwala Muhammad Munir Abdullah ‘Aurangzeb Ali Naqvi Chief Executive Officer Chief Financial Officer Directora EN ARROW SELECTED STOCKS FUND LIMITED = DISTRIBUTION STATEMENT FOR THE YEAR ENDED JUNE 30, 2019 2019 2018 (Rupees in 000) Undistibuted income brought forward 751977 1,130,106 Net loss atter taxation for the year (273,292) (210821) Final dividend for the yeor ended June 30, 2017 @ 22% (Rs.1.10 per share) declared on September 20, 2017 : (167,308) Undistributed income camied forward 478,885 75197 The annexed notes from | to 32 form an integral part of these financial statements. Imran Motiwala Muhammad Munir Abdullah: ‘Aurangzeb Ali Naqvi Chiel Executive Officer Chiet Francia Oticer Brector —___. —___a EN ARROW SELECTED STOCKS FUND LIMITED = STATEMENT OF CASH FLOW FOR THE YEAR ENDED JUNE 30, 2019 2019 2018 (Rupees in 000) Note CASH FLOWS FROM OPERATING ACTIVITES Loss before taxation (273,292) (210.821) Adjustments for non cash and other items: Gain on sale of investments net aa) (3.562) Unrealised diminution on re-measurement of investments classified as financial assels ot "for valve through profit or loss! net 272.246 (1,160) Decrease / increase) in assets Receivable against sale of investments 7826 (1826) Loans and receivables : 1.482 Dividend and profit receivable 54 2.486 Income tax refundable 2) - 7857 2142 (Decrease) / increase in labitties Payable to the Management Company (@672)| (1902) Payable against purchase of investment 980 - ‘Accrued and otherliabiities i (587) 204 12.489) Proceeds from sale of investment 193,114 409,624 Purchase of investment 393,770) (245.016) (656) 164,608 Net cash generated from operating activities 27 165.213, CASH FLOW FROM FINANCING ACTIVITY Dividend pola (655) (73912) Net cash used in financing activity (655) (1739712) Net decrease in cash and cash equivalents (08) (6.679) Cosh and cash equivalents at the beginning of the year 55,070 63.769 Cash and cash equivalents at the end of the year 2 54762 55,070 The annexed notes from | to 32 form an integral part of these financial statements Imran Motiwala ‘Muhammad Munir Abdullah ‘Aurangzeb Ali Naqvi Chief Executive Officer Chief Financial Officer Directora EN ARROW SELECTED STOCKS FUND LIMITED = STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2019 General Undistibuted reserve income (Rupees In 000) - Share capital Total Balance as at July 01, 2017 760,492 500 1.130,108 1.891.098 Net loss for the yeor - - (210821) (210821) (Other comprehensive income for the year - - : - Total comprehensive loss for the year ended June 30, 2018 - - (210.821) (210.821) Transaction with owners Final dividend for the year ended June 30, 2017 @ 22%, [Rs.1.10 per share) : : (167.308), (167,308) Balance as at June 30, 2018 760.492 500 75.977 1.512.969 Net loss forthe yeor 5 , (273.292) (273,292) (ther comprehensive income for the year : : : : Total comprehensive loss for the year ended June 30, 2019 : : (273.292) (273,292) Balance as at June 30, 2019 760,492 500 478,685 1,239,677 ‘The annexed notes from 1 to 32 form an integral part of these financial statements, Imran Motiwala Muhammad Munir Abdullah ‘Aurangzeb Ali Naqvi Chief Executive Officer Chief Financial Officer Directora EN ARROW SELECTED STOCKS FUND LIMITED = STATEMENT OF MOVEMENT IN EQUITY AND RESERVES - PER SHARE FOR THE YEAR ENDED JUNE 30, 2019 (Rupees) Net assets volue per share at the beginning of the year 9.95 12.43 Copital gain on sale of investments - net - 0.02 Dividend income 0.23 031 Net unrealised diminution on re-measurement of investments classiied as financial ‘ossets ‘at fair value through profit or loss (79) can Profit on bank deposits 0.02. 0.02 Net loss for the year (1.54) (1:06) Operating expenses (0.26) (0.32) Final dividend for the year ended. June 30, 2018 @ Nil (Rs.Nil per share) June 30, 2017 @ 22% [Rs.1.10 per share} > (1.19) Net assets valve per share 815 9.95 The annexed notes from | to 32 form an integral part of these financial statements, Imran Motiwala Muhammad Munir Abdullah ‘Aurangzeb Ali Naqvi Chief Executive Officer Chief Financial Officer Director