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Pakistan State Oils Annual Report 2012

Submit by: Shoaib Mansoor Submitted to: Sir Zaki Class: MBA 6 (Evening)

Subject: Analysis of Financial Statement

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CONTENTS
CORPORATE OBJECTIVES
Vision Mission Core values Code of conduct Company Profile Corporate Events 3 3 4 5

CORPORATE GOVERNANCE
Message from the honorable Minister of Petroleum and Natural Resources Message of the Chairman Message of CEO & MD Company Information Profile Board of Management

REPORT TO SHAREHOLDERS
Global and Domestic Business Environment Petroleum industry Overview PSO Performance Key Achievements Financial Performance

FINANCIALS
Statement of compliance with the code of Corporate Governance Review Report Auditors Report Balance Sheet Profit and Loss Account Statement of Comprehensive income Statement of Changes in Equity Cash flow Statement Notes to the Financial Statement PSO at a Glance and Financial Analysis Page 2 of 99

VISION:
To excel in delivering value to the customer as an innovative and dynamic energy company thats gets to the future first.

MISSION:
We are committed to leadership in the energy market through competitive advantage in providing the highest quality petroleum products and services to our customers, based on: Professionally trained, high quality, motivated workforce that works as a team in an environment which recognizes and rewards performance, innovation and creativity provides for personal growth and development Lowest cost operations and assured access to long-term and cost-effective supply sources Sustained growth in earnings in real terms Highly ethical, safe, environment-friendly and socially responsible business practices

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CORE VALUES
EXCELLENCE
We believe that excellence in our core activities emerges from a passion for satisfying our customers needs in terms of total quality management. Our foremost goal is to retain our corporate leadership.

COHESIVENESS
We endeavor to achieve higher collective and individual goals through teamwork. This is in calculated in the organization through effective communication

RESPECT
We are an Equal Opportunity Employer, attracting and recruiting the finest people from around the country. We value contribution of individual teams. Individual contribution is recognized through our reward and recognition programme.

INTEGRITY
We uphold our values and Business principles in every matter and decision.

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CODE OF CONDUCT
In line with managements effort to maintain the decorum and ensure an environment that is cohesive to the development and success of our people, a Code of Conduct has been put in place where following activities can result in disciplinary action: 1. 2. 3. 4. Unsatisfactory and negligent job performance Excessive and unauthorized absence from duty Unsatisfactory safety performance Reporting on duty under the influence of drug or intoxicants 5. Absence from duty without notice or permission from the supervisor unless the cause of absence prevents giving notice 6. Using influence for promotion, transfer or posting 7. Conduct that violates common decency and morality 8. Engaging in fight or any provoking activity which results in fight 9. Incompliance of instructions 10.Acts of horse play on site property For more please visit www.psopk.com

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Black Oil:
PSOs market share in the black oil sector increased to 78.2% in FY12 due to striving efforts made by PSO to ensure uninterrupted supply of furnance oil to power sector despite mounting the circular debt.

White Oil
PSO witnessed growth as the market share increased to 55.1% in FY12 compared to 54.4% in FY1.

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PRODUCT WISE VOLUME AND MARKET SHARE

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Financials of Pakistan State Oil

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Balance Sheet
(As at June 30, 2012)
Note 2012 2011 % Change

Assets
Non-Current Assets
Property, Plant and Equipment Intangible Assets Long term Investment Long term loans, advances and receivables Long term deposits and prepayments deferred tax 4 5 6 7 8 9

Rupees in '000

5,831,993 29,991 1,968,073 385,497 123,740 1,292,316 9,631,610

6,084,731 28,822 2,314,168 324,554 148,748 957,487 9,858,510

-4.2% 4.1% -15.0% 18.8% -16.8% 35.0% -2.3%

Current Assets
Stores, spare parts and loose tools Stock-in-trade Trade debts Loans and advances Deposits and Short term prepayments Other receivables Taxation - Net Cash and bank balances 16 10 11 12 13 14 15 134,431 88,523,794 218,022,292 526,118 2,528,406 21,122,166 5,314,752 1,624,025 337,795,984 347,427,594 115,339 95,378,393 124,721,832 430,716 1,027,381 22,520,278 6,311,951 2,309,006 252,814,896 262,673,406 16.6% -7.2% 74.8% 22.1% 146.1% -6.2% -15.8% -29.7% 33.6%

Net Assets in Bangladesh

17

Total Assets

32.3%

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Equity and Liabilities


Share Capital Capital Reserves Revenue Reserves 18 19 19 1,715,190 351,652 47,893,066 49,959,908 1,715,190 493,189 39,694,606 41,902,985 0.0% -28.7% 20.7% 19.2%

Non-Current Liabilities
Long term deposits Retirement and other benefits 20 21 1,176,078 2,518,502 3,694,580 1,023,531 2,233,717 3,257,248 14.9% 12.7% 13.4%

Current Liabilities
Trade and other payables Provisions Accrued interest / Markup Short term borrowings 24 22 23 246,767,460 688,512 544,485 45,772,649 293,773,106 191,851,017 688,512 432,133 24,541,511 217,513,173 262,673,406 28.6% 0.0% 26.0% 86.5% 35.1% 32.3%

Total Equity and Liabilities

347,427,594

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Profit & Loss Account


(For the year ended June 30, 2012)
Note 2012 2011 Rupees in '000 1,199,927,907 974,917,064 % Change

Sales less: Sales Tax Inland freight equalization margin

23%

163,861,410 11,642,892 175,504,302

137,969,158 16,417,542 154,386,700 820,530,364

19% -29% 14% 25%

Net sales
Cost of product sold 26

1,024,423,605

(990,101,083) 34,322,522

(786,250,059) 34,280,305

26% 0%

Gross Profit
Other Operating Income 27

2,133,994

1,815,951

18%

Operating Cost
Transportation Costs Distribution and Marketing Expenses Administrative Expenses Depreciation Amortization of intangible assets Other operating expenses 28 29 30 4.1 5 31 (1,205,394) (5,863,170) (1,659,530) (1,127,587) (15,491) (9,272,048) (19,143,220) (810,423) (5,175,233) (1,514,532) (1,120,999) (18,210) (2,239,725) (10,879,122) 25,217,134 49% 13% 10% 1% -15% 314% 76% -31%

Profit from operations

17,313,296

Other income Finance Cost

32 33

7,550,581 (11,658,928)

4,143,710 (11,903,162)

82% -2%

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13,204,949 Share of Profit Associates Profit before taxation 6.1.1 469,468 13,674,417

17,457,682 516,752 17,974,434

-24% -9% -24%

Taxation

34

(4,618,362) 9,056,055

(3,195,120) 14,779,314 (Rupees)

45% -39%

Profit for the year

Earnings Per share basic and diluted

35

52.80

86.17

-39%

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Statement of Comprehensive Income


(For the year ended June 30, 2012)
2012 2011 (Rupees in '000) % Change

Profit for the year


Other Comprehensive Income Unrealized (loss) / gain due to change in fair value of other long term investments Share of unrealized gain due to change in fair values of available for sale investment associates

9,056,055

14,779,314

-0.38725

(144,903)

(11,844)

3,366 (141,537)

5,516 (6,328)

Total comprehensive income for the year

8,914,518

14,796,674

-0.39753

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Cash flow Statement


(For the year ended June 30, 2012)
2012 2011 % Change

Cash Generated From Operating Activities


Cash (used in) generated from operations (Increase) in long term-loans, advances and receivables Decrease / (Increase) in long-term deposits and prepayments Increase in long-term deposits received Taxes paid Finance cost paid Retirement benefits paid

Rupees in '000 36 (13,525,483) (60,943) 25,008 152,547 (3,955,992) (3,138,027) (824,170) 5,617,109 (6,655) (22,797) 75,055 (10,417,978) (3,182,997) (478,081)

Net cash used in operating activities


Cash Flow from Investing Activities Purchase of property, plant and equipment Purchase of intangible assets Proceeds from disposal of operating assets Dividend received

(21,327,060)

(8,416,354)

-153%

(877,017) (16,660) 14,847 883,522

(851,555) (10,782) 56,764 405,810

Net cash generated from / (used in) investing activities


Cash Flows From Financing Activities Short-term finances obtained / (repaid) Dividend paid Net cash used in financing activities

4,692

(399,763)

101%

23,331,017 (593,751) 22,737,266

(132,165) (2,173,429) 2,305,594

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Net increase / (decrease) in cash and cash equivalents


Cash and cash equivalents at beginning of the year

1,414,898 (19,531,039)

(11,121,711) (8,409,328)

Cash and cash equivalents at the end of the year

37 (18,116,141)

(19,531,039)

7%

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Financial Analysis of Pakistan State Oil

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PSO at a Glance
Profit & Loss Account Analysis

2012
Sales Volume (Million Tons)
Sales Revenue Net Revenue Gross Profit Operating Profit/ (Loss) Marketing & Administrative Expense Profit / (Loss) Before Tax Profit / (Loss) after Tax EBITDA Capex

2011

2010

2009

2008

12.4 1,199,928 1,024,424 34,323 17,313 7,523 13,674 9,056 26,476 894

12.9 974,917 820,530 34,280 25,217 6,690 17,974 14,779 31,017 862

14.2 877,173 742,758 29,166 21,233 5,181 17,963 9,050 29,028 559

13.2 719,282 612,696 3,010 (5,577) 5,113 (11,357) (6,699) (3,983) 694

13 583,214 495,279 30,024 22,451 4,425 21,377 14,054 23,912 620

PSO at Glance Profit & Loss Account


40,000 35,000 30,000 Rupees in Million 25,000 20,000 15,000 10,000 5,000 (5,000) (10,000) 2012 2011 2010 No of Years 2009 2008 Gross Profit Operating Profit/ (Loss) Profit / (Loss) after Tax EBITDA

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Comment:
Profit and loss account
Companys after tax profitability has declined by 39% in Financial Year (2012) as compared to 2011. According to the industry and market analysis we have found that this decline was mainly due to the fact that company had suffered heavy exchange losses amounting to Rs. 8.6 billion versus Rs. 0.7 billion last year. Heavy exchange losses were suffered on account of sharp rupee devaluation by 10% approx. as Rupee hit historic low of Rs. 94.38 against US dollar as of June 30, 2012. Furthermore, in FY 2011, there was one time tax reversal of Rs. 2.3 billion on account of reinstatement of turnover tax from 1% to 0.5% by tax authorities. According to the figures the performance of Pakistan State Oil is declined FY 12. PSO has done a remarkable job in sales but unfortunately the cost of goods sold was too high because of the same issue PSOs performance shows a declining trend and if the conditions of fx rates remain the same then we can forecast more decline in future.

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PSO at a Glance
Balance sheet Analysis

2012
Share Capital Reserves Shareholders' Equity Property Plant & Equipment Net Current Assets Long Term Liabilities 1,715 48,245 49,960 5,862 44,023 3,695

2011
1,715 40,188 41,903 6,114 35,302 3,257

2010
1,715 27,621 29,336 6,411 23,298 2,836

2009
1,715 19,156 20,871 7,056 8,666 2,528

2008
1,715 29,250 30,965 7,567 22,143 2,409

Shareholders' Equity
60,000 50,000 Rupees in Million 40,000 30,000 20,000 10,000 2012 2011 2010 Years 2009 2008 2012 2011 2010 2009 2008

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Commentary:
Balance sheet
As of June 30, 2012, total assets of the Company increased by 32% as compared to last year. This was primarily due to variance in trade debts balances on account of ever increasing circular debt related receivables. Shareholders equity rose by 19% to Rs. 50 billion as of June 30, 2012 versus Rs, 42 billion in 2011. The net income generated during the year was the main contributor of this development. Increase in reserves Increase in Shareholders equity Increase in Net current assets Increase in long term liabilities

Decrease in Property, Plant and Equipment


The increase in the reserves shows that company is expecting some shortage of fuel in near future it means the company may bear some price fluctuations or uncertain situation so its good news for speculators not for investor. Similarly increase in shareholders equity is because of net income as described by the auditors above. Increase in net current assets is due to the companys borrowing which results in the increase of liabilities. As we know that liabilities inversely affect shareholders equity so as described above its a bad news for investors and we can forecast the same negative trend in companys stock price also.

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PSO at a Glance
Profitability Ratios

2012
Profitability Ratios Gross Profit Ratio Net Profit Ratio EBITDA Margin Return on Shareholders' Equity Return on Total Assets Return on Capital Employed % % % % % % 2.9 0.8 2.2 18.1 2.6 47.2

2011
3.5 1.5 3.2 35.3 5.6 66.2

2010
3.3 1 3.3 30.8 4.5 86.6

2009
0.4 -0.9 -0.6 -32.1 -4.40 (21.9)

2008
5.1 2.4 4.1 45.4 11.1 68.1

Profitability Ratios
12 10 8 6 Times 4 2 0 -2 -4 -6 2012 2011 2010 2009 Gross Profit Ratio Net Profit Ratio EBITDA Margin Return on Total Assets

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Commentary:
Profitability Ratios
The profitability ratios measure the firms ability to generate profit by using its capital and assets efficiently to provide the maximum return to the shareholders. The ratios show a declining trend in profitability ratios. The reason for decline is discussed above but these ratios showing that the company is just not performing well in cost cutting of the product even company is not using its assets efficiently as well. The return on capital is also decreased it means the capital applied today in 2012 generates low returns as compare to previous year.

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PSO at a Glance
Asset Utilization Ratios

2008
Inventory turnover ratio Debt Turnover Ratio Creditor Turnover Ratio Total asset turnover ratio Fixed asset turnover ratio 12.7 24.6 9.6 5.78 74.3

2009
14 12.6 6.3 5.13 98.4

2010
17.7 8.9 6.1 4.93 130.3

2011
12.7 8 5.7 4.19 155.7

2012
13 7 5.4 3.9 200.4

Asset Utilisation Ratios


30 25 20 Times 15 10 5 0 2008 2009 2010 2011 2012 Inventory turnover ratio Debt Turnover Ratio Creditor Turnover Ratio Total asset turnover ratio

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Commentary:
Asset Utilization Ratios
As of June 30, 2012, overall trend asset utilization ratios have remained flat as compared to last year except for fixed asset turnover ratio which has increased on account of increase in turnover and less capitalization of property plan and equipment as compared to last year

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PSO at a Glance
Investment Oriented Ratios

2012
Earnings per share Market value per share (Year End) Highest Price Lowest Price Break-Up Value Price Earnings Ratio Dividend per share Bonus share Dividend Pay out Dividend yield Dividend cover ratio Rs. Rs. Rs. Rs. Rs. x Rs. % % % x 53 236 271 206 290 4.5 5.5 20 14.2 2.3 9.6

2011
86 265 314 237 244 10 11.6 3.8 8.6

2010
53 260 343 218 171 8 15.2 3.1 6.6

2009
-39 214 429 96 121 5 -12.8 2.3 -7.8

2008
82 417 540 318 180 23.5 28.7 5.6 3.5

Break-Up Value
350 300 250 2012 200 150 100 50 0 2012 2011 2010 2009 2008 2011 2010 2009 2008

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Commentary:
Investment Oriented Ratios
As of June 30, 2012, investment ratios have shown a stable trend as compared to last year. Breakup value increased 19% from Rs. 290 per share versus Rs. 244 per share in 2011 mainly on account of reinvestment of major portion of net earnings in order to meet the tight working capital requirement due to prevailing circular debt situation. Investment ratios suggest that the company is reliable to invest in and the capital return will provide the enough return. According to the position of PSO in 2012 almost all the investment oriented ratios showing negative trend in growth which also reflects in the stock price as well, so investing in PSO according to 2012 investment ratios is not recommended while short sell will be a good option.

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PSO at a Glance
Leverage Ratios

2012
Interest Coverage Ratio Current Ratio Quick ratio x x x 2.17 1.15 0.84

2011
2.51 1.16 0.72

2010
2.77 1.14 0.79

2009
-0.89 1.07 0.75

2008
16.41 1.24 0.57

Commentary:
Leverage Ratios
No significant fluctuations in leverage ratios as compared to last year, however, the short term borrowings have increased by 86% as compared to last year. The current ratio and quick ratio measures the firms ability to meet its short term liabilities. The current ratio of Pakistan State Oil is declined it means its ability to pay short term debt is declined which a negative indication for a company. On the other hand the companies quick ratio is increased it means the most liquid current assets are still shower upward trend as compare to previous years.

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Composition of Balance Sheet

Assets FY 12

Trade Debts 63%

Stock-in-trade 26%

Other Receivables 6%

Cash & Bank Balances 0.50%

Other Current Assets 0.20%

Property, Plant and Long term Equipment Investments 2% 0.5

Assets FY 12

Trade Debts 34% 43% Stock-in-trade Other Receivables Cash & Bank Balances Other Current Assets Property, Pland and Equipment 1% 0% 4% 18% Long term Investments

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Composition of Balance Sheet


Assets

Assets FY 12

Trade Debts 48%

Stock-in-trade 36%

Other Receivables 9%

Cash & Bank Balances 1.00%

Other Property, Current Plant and Long term Assets Equipment Investments 2.00% 1% 3%

Assets FY 11

1%3% 2% 1% 9% Trade Debts Stock-in-trade Other Receivables 48% Cash & Bank Balances Other Current Assets Property, Pland and Equipment 36% Long term Investments

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Equities and Liabilities FY 12


Trade payables and other shorterm liabilities 71% Short term borrowings 13% Share Capital 1% Reserves 14% Total Long term liabilities 1%

Equities and Liabilities FY 12

1% 14% 1% Trade paybles and other shorterm liabilities Short term borrowings 13% Share Capital Reserves 71% Total Long term liabilities

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Equity & Liabilities FY 11


Total Long term liabilities 1%

Trade payables and other short term liabilities 73%

Short term borrowings 10%

Share Capital 1%

Reserves 15%

Equities and Liabilities FY 11

1% 15% 1% 10% Share Capital Reserves Total Long term liabilities Trade paybles and other shorterm liabilities Short term borrowings

73%

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Vertical/Horizontal Analysis
Vertical Analysis of Balance Sheet 2012
Property, Plant and Equipment Long term investments Long term loans, advances and receivables Long term deposits and prepayments Deferred tax Total Non-Current Assets Other Current Assets Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposits and short term prepayments Other receivables Taxation-net Cash and bank balances Total Current Assets Total Assets Equity and Liabilities Share Capital Reserves Total Shareholders Equity Long term deposits Retirement and other benefits Total long term liabilities Trade and other payables Provisions Accrued interest/Mark-up Short term borrowings Tax payables Total Current Liabilities 1.69% 0.57% 0.11% 0.04% 0.37% 2.78%

2011
2.33% 0.88% 0.12% 0.06% 0.36% 3.75%

2010
3.17% 1% 0.16% 0.06% 0.00% 4.39%

2009
4.60% 1.40% 0.26% 0.05% 3.28% 9.59%

2008
5.95% 2.13% 0.38% 0.06% 0.32% 8.84%

0.04% 25.48% 62.75% 0.15% 0.73% 6.08% 1.53% 0.47% 97.23% 100.00%

0.04% 36.31% 47.48% 0.16% 0.39% 8.57% 2.40% 0.88% 96.23% 100.00%

0.06% 28.97% 58.10% 0.20% 0.18% 7.20% 0.02% 0.88% 95.61% 100.00%

0.07% 26.53% 52.48% 0.27% 0.36% 8.35% 0.46% 1.88% 90.40% 100.00%

0.18% 49.06% 26.67% 0.31% 0.32% 12.34% 0.00% 2.37% 91.25% 100.00%

0.49% 13.89% 14.38% 0.34% 0.72% 1.06% 71.03% 0.20% 0.16% 13.17% 0.00% 100.00%

0.65% 15.30% 15.95% 0.39% 0.85% 1.24% 73.04% 0.26% 0.16% 9.34% 0.00% 99.99%

0.855 13.66% 14.51% 0.47% 0.93% 1.40% 77.15% 0.34% 0.16% 6.44% 0.00% 100.00%

1.12% 12.49% 13.61% 0.56% 1.09% 1.65% 71.78% 0.45% 0.36% 12.16% 0.00% 100.01%

1.35% 23.01% 24.36% 0.66% 1.24% 1.90% 63.78% 0.57% 0.17% 8.65% 0.57% 100.00%

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Property, Plant and Equipment: Decreased: It shows that the company is not in a plan to expend the business
Long term investments: As property, plant and equipment decreased so the long term investments also decreased which confirms the above forecast and analysis Total Non-Current Assets As there is a decreased in property, plant and equipment and long term investments so overall non current assets proportion is also decreased which shows the negative sign.

Total Current Assets The total current asset increased but this is because of the highest increase in trade debts in a decade. Total Shareholders Equity Decreased which show the negative trend. Short-term Borrowings Short term borrowing is increased which again show the negative trend towards the performance of the company.

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Vertical/Horizontal Analysis
Horizontal Analysis of Balance Sheet

2012
Property, Plant and Equipment Total Non-Current Assets Stock-in-trade Trade debts Other receivables Cash and bank balances Total Current Assets Total Assets Share Capital Reserves Total Shareholders Equity Total long term liabilities Trade and other payables Total Current Liabilities Total Equity & Liabilities 76% 79% 314% 1861% 145% 86% 582% 495% 100% 253% 240% 161% 670% 624% 495%

2011
80% 81% 339% 1065% 155% 122% 436% 374% 100% 210% 201% 142% 521% 462% 374%

2010
84% 73% 208% 1003% 100% 94% 333% 288% 100% 145% 141% 123% 424% 361% 288%

2009
92% 121% 144% 687% 88% 152% 239% 219% 100% 100% 100% 110% 299% 276% 219%

2008
99% 93% 221% 289% 108% 159% 200% 181% 100% 149% 149% 105% 220% 199% 181%

Note: The base year for the analysis is 2006

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Property, Plant and Equipment: In 2012 PSO has faced the lowest position of PP&E and the trend shows continues declining trend with respect to its position in PP&E. Total Assets: The firms total assets show the highest position in 2012 as compare to the previous years. This is mainly because of the increase in trade debts. Total Equity & Liabilities: The total equity & liability show an upward trend this is mainly because of the increase in short term borrowing of the company and as companys net income is increased, the shareholders equity is also increased by the same.

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Net Sales and Cost of Product Sold: The net sales performance achieved remains highest as compare to last three years but on the other hand cost of goods sold is also increases which eventually results in the lower gross profit as compare to the previous year. Total Operating Cost: The other operating cost has increased by 77% which directly affect the PBIT and because of the same the PBIT has decreased from 2.40% to 1.26% which clearly a sharp decline in profits.

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Vertical/Horizontal Analysis
Vertical Analysis of Income Statement

2012
Sales Sales Tax IFEM/Levies Net sales Cost of product sold Gross Profit Operating Costs Transportation Administrative & Marketing Expenses Depreciation Other operating expenses Total Operating Cost 100% 13.66% 0.97% 85.37% 82.51% 2.86% 0.10% 0.63% 0.10% 0.77% 1.60% 1.26% 0.81% 2.07% 0.97% 0.04% 1.14% -0.38% 0.75%

2011
100% 14.15% 1.68% 84.17% 80.65% 3.52% 0.08% 0.69% 0.12% 0.23% 1.12% 2.40% 0.61% 3.01% 1.22% 0.05% 1.84% -0.33% 1.52%

2010
100% 13.52% 1.81% 84.67% 81.34% 3.33% 0.07% 0.59% 0.13% 0.28% 1.07% 2.26% 0.86% 3.12% 1.13% 0.06% 2.05% -1.02% 1.03%

2009
100% 13.54% 1.28% 85.18% 84.76% 0.42% 0.07% 0.71% 0.17% 0.56% 1.51% -1.09% 0.31% -0.78% 0.87% 0.06% -1.58% 0.65% -0.93%

2008
100% 12.70% 2.35% 84.95% 79.77% 5.18% 0.06% 0.71% 0.20% 0.57% 1.59% 3.56% 0.29% 3.85% 0.23% 0.05% 3.67% -1.26% 2.41%

Other / Other operating income Profit / (Loss) from Operations Finance cost Share of profit associates Profit / (Loss) before Taxation Taxation Net Profit / (Loss)

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Vertical/Horizontal Analysis
Horizontal Analysis of Income Statement

Sales Sales Tax IFEM/Levies Net Sales Cost of products sold Gross Profit Operating Cost Transportation Administrative & Marketing Expenses Depreciation Other operating expenses Total Operating Costs

2012 340% 368% 120% 323% 343% 352% 199%

2011 277% 310% 169% 285% 275% 280% 199%

2010 249% 266% 163% 248% 249% 254% 169%

2009 204% 219% 95% 196% 205% 217% 17%

2008 165% 167% 141% 162% 166% 166% 174%

330% 219% 106% 377% 261% 154% 695% 221% 1319% 127% 45% 120% 119% 120%

222% 195% 105% 91% 148% 237% 428% 261% 1346% 168% 50% 15% 82% 196%

173% 151% 109% 98% 128% 200% 543% 243% 1118% 168% 50% 157% 229% 120%

140% 149% 110% 162% 147% -79% 160% -50% 705% -144% 43% -99% -120% -89%

92% 129% 108% 136% 127% 210% 123% 199% 155% 203% 28% 187% 188% 187%

Other/ Other Operating Income Profit/ (Loss) from operations Finance cost

Share of Profit of Associates Profit / (Loss) before taxation Taxation Net Profit/loss

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