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Financial Statistical Summary

Attock Refinery Limited


2015 2014

30 June (Rupees in Million)

2013 2012 2011 2010

2015 2014

Sales (Net of Govt. Levies)

Reimbursement from/(to) Government

Turnover

Cost of Sales

Gross profit

Administration and Distribution cost

Other Income

NonRefinery Income

Operating profit

Financial and other charges

128,905.43

128,905.43

128,352.37
553.06

539.04

1,447.87

1,409.45

2,871.34
495.29

175,067.85

175,067.85

174,930.91
136.94

469.43

1,764.18

1,847.12

3,278.81
104.61

163,300.53

163,300.53

160,259.07
3,041.46
398.78

3,082.10

1,298.09

7,022.87
954.51

154,381.56

152,362.20
2,019.35
377.63

2,388.77

1,588.64

5,619.14

1,259.27

9.00

116,397.37

114,900.77
1,496.61
315.80

1,565.59

1,068.39

3,814.79
254.12

88,184.03

88,693.69

Rs

21.27

29.82

46.03

32.07

25.63

1.48

Cash dividend per share

Rs

5.00

5.00

7.50

2.00

1.96

5.72

1.67

Dividend **

50

Price earning ratio

Time

10.74

7.12

983.33

Dividend cover ratio

Time

4.25

270.12

602.20

805.75

Dividend yield ratio

Dividend payout ratio

BreakUp Value (Rs per share)

384.86

Rs

146.48

Highest market value per share during the year

Rs

293.82

Market value per share

Rs

235.11

3,925.68

2,734.69

2,185.55

126.39

CAPITAL STRUCTURE RATIOS

Transfer from/(to) special reserves

(259.00)

(550.48)

(2,481.80)

(1,000.25)

(971.36)

475.81

Debt to equity ratio

35 : 65

Interest cover ratio

Dividend

(426.47)

(426.47)

(639.70)

1,375.12

(170.59)

420.21

23.51

Rs

385.54

Lowest market value per share during the year

2.19

2,543.39

1,625.18

BALANCE SHEET SUMMARY


Paidup Capital

852.93

852.93

852.93

852.93

852.93

852.93

Reserves

14,633.10

14,739.60

13,133.41

11,368.63

10,146.66

8,563.31

Shareholders funds

22,014.20

20,346.09

18,020.99

14,895.23

12,459.06

10,273.52

Unappropriated Profit

6,528.17

4,753.55

4,034.65

2,673.67

1,459.48

857.27

Financing facilities
(Long term including current portion)

Property, plant & equipment (less depreciation)

Net current assets

11,658.99

480.69

31,571.32

16,858.66

10,015.57

9,840.29
430.21

(1,743.10)

(3,967.43)

498.19

1,438.58

74.16

4,792.00

(1,972.58)

(3,741.38)

(1,397.99)

1,260.78

3,358.31

9,670.97

2,868.00

Cash flows from investing activities

(11,832.72)

(1,453.25)

Increase/ (Decrease) in cash and cash equivalents

(573.72)

261.97

Cash flows from financing activities

10,760.80

276.64

2,376.51

(1,291.09)
1,161.30

2,476.55

(1,292.24)
5,979.39

1,913.70

(45.43)

1,214.90

(308.97)

(104.14)

(2,833.89)

1.29

(0.58)

3.25

0.70

PROFITABILITY RATIOS
Gross profit ratio

EBITDA margin to sales

Operating leverage ratio

Return on equity

Return on capital employed

Time
%

0.43

1.41

2.07

0.96

8.24

0.08

1.45

2.00

(0.17)

12.50

1.86

2.40

3.87

13.61

21.78

1.31

1.77

3.01

0.71

18.36

1.88

0.14

20.20

(5.10)

17.54

1.23

8.57

13.26

23.85

19.99

19.23

1.24

Time

0.96

1.04

1.09

1.01

0.96

0.91

LIQUIDITY RATIO
Current ratio

Quick/ acid test ratio

Cash to current liabilities

Cash flow from operations to sales

Time

Time

0.72

0.29

0.69

0.31

0.76

0.29

0.84

0.14

0.69

0.09

0.75

0.09

Time

0.00

0.01

0.00

0.03

(0.02)

(0.04)

Time

14.16

15.02

14.31

14.16

12.73

14.72

Time

11.63

14.31

5.97

4.90

5.04

4.83

Time

5.87

8.36

4.08

3.40

3.78

3.31

Time

1.60

2.59

2.53

1.65

1.83

1.51

ACTIVITY/ TURNOVER RATIO


Inventory turnover ratio

No. of days in inventory

Days

No. of days in receivables

Days

No. of days in payables

Days

Fixed assets turnover ratio

Time

Debtor turnover ratio

Creditor turnover ratio

Total assets turnover ratio

Operating cycle

Financial leverage ratio

Weighted average cost of debt

Time

26

31

62

4.08

(5)

24

26

44

10.38
6

26

61

90

16.30

(3)

26

75

107

15.69

(7)

29

73

97

12.04
5

25

77

110

30.75

(9)

228.45
0.53

7.61%

50

5.54

365.31

272.81

173.85

212.29

9.21

10.86

313.81

208.28

123.94

255.15

0.02

2 : 98

7.81%

75

4.09

20

4.68

53.96

4.28

12.82

277.17

248.61

104.42

122.14

23.39

136.89

131.05

7.81

145.50

143.00
169.62

119.86

80.59

79.86

* The price earning ratio is without the effect of Bonus issue.


** The Board has proposed a cash dividend @ 50% in their meeting held on August 12, 2015.

Gross Profit margin has improved


during FY 2014-15 due to favorable
fluctuation in international prices
of petroleum products and crude
oil. However, profit for the year
dropped by 28.67% to Rs 1.8
billion in FY 2014-15 from Rs 2.5
billion in FY 2013-14.
During FY 2014-15, the company
suffered significant inventory
losses arising from unprecedented
spell of sharp decline in prices of
crude oil and products. Moreover,
increase in finance cost; reduction
in other income and reduction
in non-refinery income are the
main reasons for this decrease in
profitability, return on equity and
return on capital employed ratios.
LIQUIDITY RATIOS

The Company had successfully


maintained the liquidity position
since inter-corporate circular

debt settlement arranged by


the Government in June, 2013.
Current ratio has decreased due
to inventory losses; however,
Quick ratio for the year has
improved as compared to last year.
Keeping in view the challenging
business environment along
with the execution phase of ARL
Up-gradation Project, this was
a difficult task to maintain the
requisite liquidity ratios.

INVESTMENT/ MARKET RATIOS

The decline in profitability is


the only reason for decrease
in EPS; however, income from
the strategic investment in
non-refinery business and other
income have helped the Company
to improve its Break-up Value with
and without surplus on revaluation
ratios. The Company has declared
final cash dividend of 50%.
CAPITAL STRUCTURE RATIOS

ACTIVITY TURNOVER RATIOS

Inventory of the Company has


slightly declined due to significant
decrease in prices of crude oil
and products. Receivables of
the company has increased, this
resulted in decrease in debtors
turnover ratio and increase in
number of days in receivables;
however, this effect is partially
mitigated by the change in
creditors turnover ratio and
number of days in payables.

53

Annual
Report
2015

Ratio Analysis
PROFITABILITY RATIOS

CASH FLOW SUMMARY


Cash flows from operating activities

(509.66)

1,814.24

Net profit to sales

2013 2012 2011 2010

Earnings per share (EPS) *


(on shares outstanding at 30 June)

Profit after tax

2,142.68

3,560.67

88,184.03

3,174.20
630.81

4,359.87

116,388.37

2,376.05
561.81

6,068.36

154,381.56

Profit before tax

Taxation

52

30 June (Rupees in Million)

INVESTMENT/ MARKET RATIO

TRADING RESULTS

Attock
Refinery
Limited

The Company on August 06, 2013


has entered into a syndicated term
finance agreement and musharaka
agreement with a consortium of
local banks which includes Bank
AL-Habib Limited as an Agent
Bank for a term finance facility of
Rs 22 billion for ARL Up-gradation
Projects for a period of 12 years
including grace period of 2 years.
As on June 30, 2015 aggregate
drawdown was Rs 12,110 million.
(June 30, 2014: Rs 735 million).