Ratio Analysis Mapple Leaf & BestWay Cement

MAPPLE LEAF CEMENT FACTORY
HORIZONTAL ANALYSIS
UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019
EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorized share capital
Issued, subscribed and paid-up share capital
Capital reserves
Accumulated profits
Surplus on revaluation of fixed assets - net of tax
NON - CURRENT LIABILITIES

Long term loans from financial institutions - secured
Long term loan from Subsidiary Company
Long term deposits
Deferred taxation
Retention money payable
Retirement benefits
CURRENT LIABILITIES
Current portion of :
- Long term loans from financial institutions - secured
Trade and other payables
Unclaimed dividend
Mark-up accrued on borrowings
Short term borrowings
CONTINGENCIES AND COMMITMENTS
ASSETS
NON - CURRENT ASSETS
Property, plant and equipment
Intangible assets
Long term investment
Long term loans to employees - secured
Long term deposits
CURRENT ASSETS
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Short term investment
Short term deposits and prepayments
Accrued profit
Other receivables
Income tax refundable
Cash and bank balances
UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED JUNE 30, 2019
Sales - net
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other charges
Other Income
Profit from operations
Finance cost
Profit before taxation
Taxation
Profit after taxation
Earnings per share - basic and diluted
UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2019
Other comprehensive income

Item that will not be subsequently reclassified in profit or loss:
Remeasurement of defined benefit liability
Related tax
Total comprehensive income for the year
UNCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES

Adjustments for:
Depreciation
Amortization
Provision against doubtful debts
Provision for Workers’ Profit Participation Fund
Provision for Workers’ Welfare Fund
Loss on disposal of property, plant and equipment
Loss on re-measurement of short term investments
Unwinding Interest - Retention money payable
Retirement benefits
Finance cost
Advances written off
Profit on bank deposits
Cash generated from operations before working capital changes
Effect on cash flow due to working capital changes

(Increase) / decrease in current assets:
Stock-in-trade
Trade debts
Loans and advances
Other receivables
Increase in current liabilities:

Net cash generated from operations
Increase in long term loans to employees

Increase in long term deposits to suppliers
(Decrease) / increase in long term deposits
Increase in retention money payable
Retirement benefits paid
Workers’ Profit Participation Fund paid
Workers’ Welfare Fund paid
Tax refund received
Taxes paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure
Intangible asset purchased
Proceeds from disposal of property, plant and equipment
Short term investment - net
Profit on bank deposits received
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long term loans from financial institutions - secured - net
Long term loan from subsidiary company
Proceeds from issuance of right shares
Payment of liabilities against assets subject to finance lease - net
Short term borrowings - net
Finance cost paid
Dividend paid
Net cash generated from financing activities
Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
(A) (B) Horizontal Analysis
Absolute (A-B) %age (A-B) / B
2,019 2,018
9,000,000 7,000,000 2,000,000 28.57%

5,937,007 5,937,007 - 0.00%
5,640,300 5,640,300 - 0.00%
15,052,799 14,069,289 983,510 6.99%
3,884,480 4,264,543 (380,063) -8.91%
30,514,586 29,911,139 603,447 2.02%
15,990,227 12,942,080 3,048,147 23.55%

1,000,000 - 1,000,000
8,664 8,714 (50) -0.57%
3,705,927 3,418,172 287,755 8.42%
368,499 310,735 57,764 18.59%
205,354 183,764 21,590 11.75%
21,278,671 16,863,465 4,415,206 26.18%
1,315,135 810,616 504,519 62.24%

8,218,303 5,388,729 2,829,574 52.51%
40,564 110,743 (70,179) -63.37%
575,029 283,415 291,614 102.89%
4,015,487 5,360,421 (1,344,934) -25.09%
14,164,518 11,953,924 2,210,594 18.49%
65,957,775 58,728,528 7,229,247 12.31%
46,640,664 40,894,010 5,746,654 14.05%

13,529 16,811 (3,282) -19.52%
5,020,000 5,020,000 - 0.00%
19,824 9,472 10,352 109.29%
56,880 56,554 326 0.58%
51,750,897 45,996,847 5,754,050 12.51%
7,208,762 6,505,283 703,479 10.81%

1,739,014 1,193,506 545,508 45.71%
2,683,758 1,131,753 1,552,005 137.13%
805,159 2,303,402 (1,498,243) -65.04%
17,887 32,062 (14,175) -44.21%
173,598 114,208 59,390 52.00%
2,272 1,179 1,093 92.71%
35,319 43,534 (8,215) -18.87%
1,046,711 774,092 272,619 35.22%
494,398 632,662 (138,264) -21.85%
14,206,878 12,731,681 1,475,197 11.59%
65,957,775 58,728,528 7,229,247 12.31%
26,005,944 25,699,113 306,831 1.19%

(21,088,864) (18,676,562) (2,412,302) 12.92%
4,917,080 7,022,551 (2,105,471) -29.98%
(933,244) (736,142) (197,102) 26.77%

(733,607) (730,551) (3,056) 0.42%
(456,493) (572,436) 115,943 -20.25%
(2,123,344) (2,039,129) (84,215) 4.13%
42,997 55,935 (12,938) -23.13%

2,836,733 5,039,357 (2,202,624) -43.71%
(1,172,557) (644,121) (528,436) 82.04%

1,664,176 4,395,236 (2,731,060) -62.14%
(198,877) (763,035) 564,158 -73.94%
1,465,299 3,632,201 (2,166,902) -59.66%
2.47 6.29 (4) -60.73%
1,465,299 3,632,201 (2,166,902) -59.66%
(33,620) (27,012) (6,608) 24.46%

8,411 6,737 1,674 24.85%
(25,209) (20,275) (4,934) 24.34%
1,440,090 3,611,926 (2,171,836) -60.13%

1,664,176 4,395,236 (2,731,060) -62.14%
2,356,110 2,144,497 211,613 9.87%

8,501 8,395 106 1.26%
10,189 25,000 (14,811) -59.24%
88,125 235,035 (146,910) -62.51%
- 70,431 (70,431) -100.00%
15,913 3,036 12,877 424.14%
14,175 67,594 (53,419) -79.03%
22,968 - 22,968
25,990 46,058 (20,068) -43.57%
1,149,589 644,121 505,468 78.47%
- 12,895 (12,895) -100.00%
(19,889) (28,793) 8,904 -30.92%
5,335,847 7,623,505 (2,287,658) -30.01%
(703,479) 245,303 (948,782) -386.78%

(545,508) 107,729 (653,237) -606.37%
(1,688,194) (474,227) (1,213,967) 255.99%
1,498,243 (1,468,489) 2,966,732 -202.03%
(59,390) (38,341) (21,049) 54.90%
8,215 217,102 (208,887) -96.22%
(1,490,113) (1,410,923) (79,190) 5.61%
2,922,380 1,815,694 1,106,686 60.95%

1,432,267 404,771 1,027,496 253.85%
6,768,114 8,028,276 (1,260,162) -15.70%
(10,352) (3,673) (6,679) 181.84%

(326) (80) (246) 307.50%
(50) 15 (65) -433.33%
34,796 310,735 (275,939) -88.80%
(38,020) (40,084) 2,064 -5.15%
(93,768) (175,916) 82,148 -46.70%
- (135,635) 135,635 -100.00%
418,939 - 418,939
(798,373) (2,393,707) 1,595,334 -66.65%
6,280,960 5,589,931 691,029 12.36%
(8,220,851) (19,445,846) 11,224,995 -57.72%

(5,219) - (5,219)
102,173 51,965 50,208 96.62%
- (350,000) 350,000 -100.00%
- (21,997) 21,997 -100.00%
18,796 28,970 (10,174) -35.12%
(8,105,101) (19,736,908) 11,631,807 -58.93%
3,552,666 10,648,936 (7,096,270) -66.64%

1,000,000 - 1,000,000
- 4,241,830 (4,241,830) -100.00%
- (480,615) 480,615 -100.00%
(1,215,654) 1,038,909 (2,254,563) -217.01%
(857,975) (462,171) (395,804) 85.64%
(663,880) (1,804,561) 1,140,681 -63.21%
1,815,157 13,182,328 (11,367,171) -86.23%
(8,984) (964,649) 955,665 -99.07%

(806,581) 158,068 (964,649) -610.27%
(815,565) (806,581) (8,984) 1.11%
VERTICAL ANALYSIS

Capital reserves
Accumulated profits

Long term deposits
Deferred taxation
Retirement benefits
CURRENT LIABILITIES
Unclaimed dividend
ASSETS
Intangible assets
Long term deposits
CURRENT ASSETS
Stock-in-trade
Trade debts
Loans and advances
Accrued profit
Other receivables
Sales - net
Cost of sales
Gross profit
Distribution cost
Other charges
Other Income
Finance cost
Taxation

Related tax

Adjustments for:
Depreciation
Amortization
Retirement benefits
Finance cost

Stock-in-trade
Trade debts
Loans and advances
Other receivables


Tax refund received
Taxes paid

Capital expenditure

Finance cost paid
Dividend paid

(A) (B)
Vertical Analysis Horizontal of VA
2,019 2,018 for Year 2019 for Year 2018
9,000,000 7,000,000
5,937,007 5,937,007
5,640,300 5,640,300
15,052,799 14,069,289
3,884,480 4,264,543
30,514,586 29,911,139 0.46 0.51 (0.09)
15,990,227 12,942,080
1,000,000 -
8,664 8,714
3,705,927 3,418,172
368,499 310,735
205,354 183,764
21,278,671 16,863,465 0.32 0.29 0.12
1,315,135 810,616
8,218,303 5,388,729
40,564 110,743
575,029 283,415
4,015,487 5,360,421
14,164,518 11,953,924 0.21 0.20 0.06
65,957,775 58,728,528 1.00 1.00 -
46,640,664 40,894,010
13,529 16,811
5,020,000 5,020,000
19,824 9,472
56,880 56,554
51,750,897 45,996,847 0.78 0.78 0.00
7,208,762 6,505,283
1,739,014 1,193,506
2,683,758 1,131,753
805,159 2,303,402
17,887 32,062
173,598 114,208
2,272 1,179
35,319 43,534
1,046,711 774,092
494,398 632,662
14,206,878 12,731,681 0.22 0.22 (0.01)
65,957,775 58,728,528 1.00 1.00 -
26,005,944 25,699,113 1.00 1.00 -

(21,088,864) (18,676,562) (0.81) (0.73) 0.12
4,917,080 7,022,551 0.19 0.27 (0.31)
(933,244) (736,142) (0.04) (0.03) 0.25

(733,607) (730,551) (0.03) (0.03) (0.01)
(456,493) (572,436) (0.02) (0.02) (0.21)
(2,123,344) (2,039,129)
42,997 55,935 0.00 0.00 (0.24)

2,836,733 5,039,357 0.11 0.20 (0.44)
(1,172,557) (644,121) (0.05) (0.03) 0.80

1,664,176 4,395,236 0.06 0.17 (0.63)
(198,877) (763,035) (0.01) (0.03) (0.74)
1,465,299 3,632,201 0.06 0.14 (0.60)
2.47 6.29
1,465,299 3,632,201
(33,620) (27,012)
8,411 6,737
(25,209) (20,275)
1,440,090 3,611,926
1,664,176 4,395,236
2,356,110 2,144,497
8,501 8,395
10,189 25,000
88,125 235,035
- 70,431
15,913 3,036
14,175 67,594
22,968 -
25,990 46,058
1,149,589 644,121
- 12,895
(19,889) (28,793)
5,335,847 7,623,505
(703,479) 245,303
(545,508) 107,729
(1,688,194) (474,227)
1,498,243 (1,468,489)
(59,390) (38,341)
8,215 217,102
(1,490,113) (1,410,923)
2,922,380 1,815,694
1,432,267 404,771
6,768,114 8,028,276
(10,352) (3,673)
(326) (80)
(50) 15
34,796 310,735
(38,020) (40,084)
(93,768) (175,916)
- (135,635)
418,939 -
(798,373) (2,393,707)
6,280,960 5,589,931
(8,220,851) (19,445,846)
(5,219) -
102,173 51,965
- (350,000)
- (21,997)
18,796 28,970
(8,105,101) (19,736,908)
3,552,666 10,648,936
1,000,000 -
- 4,241,830
- (480,615)
(1,215,654) 1,038,909
(857,975) (462,171)
(663,880) (1,804,561)
1,815,157 13,182,328
(8,984) (964,649)
(806,581) 158,068
(815,565) (806,581)
2019 2018
SALES 900 100.00% 500 100.00%
COST OF SALES 150 16.67% 100 20.00%
GP 750 83.33% 400 80.00%
IND. EXP. 400 44.44% 200 40.00%
IND. INC. 800 88.89% 600 120.00%
GP-IND. EXP+IND. INC EBITA 1150 127.78% 800 160.00%
TAX -500 -55.56% -300 -60.00%
INTREST -100 -11.11% -50 -10.00%
EAITA 550 61.11% 450 90.00%
Horizontal of vertical
0.00%
-16.67%
4.17%
11.11%
-25.93%
-20.14%
-7.41%
11.11%
-32.10%
RATIO ANALYSIS

Capital reserves
Accumulated profits

Long term deposits
Deferred taxation
Retirement benefits
CURRENT LIABILITIES
Unclaimed dividend
ASSETS
Intangible assets
Long term deposits
CURRENT ASSETS
Stock-in-trade
Trade debts
Loans and advances
Accrued profit
Other receivables
Sales - net
Cost of sales
Gross profit
Distribution cost
Other charges
Other Income
Finance cost
Taxation

Related tax

Adjustments for:
Depreciation
Amortization
Retirement benefits
Finance cost

Stock-in-trade
Trade debts
Loans and advances
Other receivables


Tax refund received
Taxes paid

Capital expenditure

Finance cost paid
Dividend paid

(A) (B)
2,019 2,018
1. Liquidity Analysis
a)
9,000,000 7,000,000
5,937,007 5,937,007
5,640,300 5,640,300 b)
15,052,799 14,069,289
3,884,480 4,264,543
30,514,586 29,911,139 2. Profitability Ratio
15,990,227 12,942,080
1,000,000 - 3. Solvency
8,664 8,714 a)
3,705,927 3,418,172
368,499 310,735
205,354 183,764 b)
21,278,671 16,863,465
c)
1,315,135 810,616
8,218,303 5,388,729
40,564 110,743
575,029 283,415
4,015,487 5,360,421
14,164,518 11,953,924
65,957,775 58,728,528
46,640,664 40,894,010
13,529 16,811
5,020,000 5,020,000
19,824 9,472
56,880 56,554
51,750,897 45,996,847
7,208,762 6,505,283
1,739,014 1,193,506
2,683,758 1,131,753
805,159 2,303,402
17,887 32,062
173,598 114,208
2,272 1,179
35,319 43,534
1,046,711 774,092
494,398 632,662
14,206,878 12,731,681
65,957,775 58,728,528
26,005,944 25,699,113
(21,088,864) (18,676,562)
4,917,080 7,022,551
(933,244) (736,142)
(733,607) (730,551)
(456,493) (572,436)
(2,123,344) (2,039,129)
42,997 55,935
2,836,733 5,039,357
(1,172,557) (644,121)
1,664,176 4,395,236
(198,877) (763,035)
1,465,299 3,632,201
2.47 6.29
1,465,299 3,632,201
(33,620) (27,012)
8,411 6,737
(25,209) (20,275)
1,440,090 3,611,926
1,664,176 4,395,236
2,356,110 2,144,497
8,501 8,395
10,189 25,000
88,125 235,035
- 70,431
15,913 3,036
14,175 67,594
22,968 -
25,990 46,058
1,149,589 644,121
- 12,895
(19,889) (28,793)
5,335,847 7,623,505
(703,479) 245,303
(545,508) 107,729
(1,688,194) (474,227)
1,498,243 (1,468,489)
(59,390) (38,341)
8,215 217,102
(1,490,113) (1,410,923)
2,922,380 1,815,694
1,432,267 404,771
6,768,114 8,028,276
(10,352) (3,673)
(326) (80)
(50) 15
34,796 310,735
(38,020) (40,084)
(93,768) (175,916)
- (135,635)
418,939 -
(798,373) (2,393,707)
6,280,960 5,589,931
(8,220,851) (19,445,846)
(5,219) -
102,173 51,965
- (350,000)
- (21,997)
18,796 28,970
(8,105,101) (19,736,908)
3,552,666 10,648,936
1,000,000 -
- 4,241,830
- (480,615)
(1,215,654) 1,038,909
(857,975) (462,171)
(663,880) (1,804,561)
1,815,157 13,182,328
(8,984) (964,649)
(806,581) 158,068
(815,565) (806,581)
Ratio Analysis
Current Ratio =
Quick Ratio / Acid Test Ratio / Super Survival Test =
Earning per share =
Debt to Asset Ratio =
Debt to Equity Ratio =
Intrest Coverage Ratio =

Ratio Analysis
for Year 2019 for Year 2018
Current Assets 14,206,878 12,731,681

1.003 1.065
Current Liabilities 14,164,518 11,953,924
Current Assets - Closing Stock 15,022,443 1.061 13,538,262 1.133

Current Liabilities 14,164,518 11,953,924
Earning attributable to the common share holder 2.47 6.29

No. of common share outstanding
Total Liabilities 35,443,189 28,817,389

0.537 0.491
Total Assets 65,957,775 58,728,528
Total Liabilities 35,443,189 28,817,389

1.162 0.963
Total Equity 30,514,586 29,911,139
Net Income + Tax + Intrest

Intrest
2019
SALES 900 100.00%
COST OF SALES 150 16.67%
GP 750 83.33%
IND. EXP. 400 44.44%
IND. INC. 800 88.89%
GP-IND. EXP+IND. INC EBITA 1150 127.78%
TAX -500 -55.56%
INTREST -100 -11.11%
EAITA 550 61.11%
2018 Horizontal of vertical
500 100.00% 0.00%
100 20.00% -16.67%
400 80.00% 4.17%
200 40.00% 11.11%
600 120.00% -25.93%
800 160.00% -20.14%
-300 -60.00% -7.41%
-50 -10.00% 11.11%
450 90.00% -32.10%
BESTWAY CEMENT FACTORY
HORIZONTAL ANALYSIS
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2019

(A)
2,019
EQUITY
Share capital and reserves
Share capital 5,962,528
Capital reserves 7,504,621
Revenue reserve 44,138,769
57,605,918
LIABILITIES
Non-current liabilities
Long term inancing -
Long term musharaka -
Deferred tax liability - net 10,617,491
Employee beneit obligations 24,890
10,642,381
Current liabilities
Trade and other payables 8,059,754
Short-term borrowings 10,835,368
Current portion of long term inancing 3,375,360
Current portion of long term musharaka 2,249,733
Unclaimed dividend 213,797
24,734,012
Total liabilities 35,376,393
Total equity and liabilities 92,982,311
ASSETS
Non-current assets
Property, plant and equipment 57,242,086
Intangible assets and goodwill 7,794,154
Investment property 262,349
Long term investments 12,512,039
Long term deposits 118,038
77,928,666
Current assets
Stores, spare parts and loose tools 5,511,210
Stock in trade 2,689,443
Trade debts 2,101,856
Advances 407,771
Deposits and prepayments 26,862
Other receivables 641,090
Advance tax - net 3,212,501
Cash and bank balances 462,912
15,053,645
Total Assets 92,982,311
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2019
Gross turnover 79,000,314

Less: rebates and discounts (2,354,731)
Less: sales tax and excise duty (23,044,071)
Net turnover 53,601,512
Cost of sales (37,556,552)
Gross profit 16,044,960
Other income 122,211

Selling and distribution expenses (1,339,086)
Administrative expenses (711,411)
Other expenses (826,752)
Operating Profit 13,289,922
Net inance costs (1,498,473)

Share of proit of equity-accounted investees-net of tax 1,454,101
Profit before tax 13,245,550
Income tax expense (3,148,265)

Profit for the year 10,097,285
Earnings per share - basic and diluted (Rupees) 16.93
Other comprehensive income (OCI):

Items that will not be reclassiied to proit or loss
Re-measurement of deined beneit liability 24,604
Related tax (6,564)
18,040
Company's share of equity-accounted investees' OCI
Related tax (3,499)
19,825
37,865
Items that are or may be reclassiied subsequently to profit or loss

Foreign operations - foreign currency translation diferences 1,119,622
Income / (loss) from Window Takaful Operations -
Available-for-sale inancial assets - net change in fair value (470,525)
Related tax 70,579
719,676
757,541
Total comprehensive income for the year 10,854,826
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2019
CASH FLOWS FROM OPERATING ACTIVITIES 13,245,550

Profit before tax
Adjustments for:
Gain on disposal of property, plant and equipment (18,605)
Depreciation 2,938,682
Amortisation 121,389
Rental income from investment property (30,110)
Proit on deposit accounts (538)
Provision for obsolete spare parts (6,482)
Provision for slow moving stock (400)
Change in fair value of investment property (4,693)
Net inance costs 1,498,473
Compensation against court order 16,697
Share of proit of equity-accounted investees, net of tax (1,454,101)
Provision for employee retirement beneits 90,968
3,151,280
16,396,830
Changes in:
Stores, spares parts and loose tools 2,251,345
Trade debts (316,128)
Advances 263,595
Other receivables 1,135,000
Trade and other payables (1,562,452)
3,455,706
Cash generated from operating activities 19,852,536

Finance cost paid (1,452,476)
Employee retirement beneits paid (551,555)
Income tax paid (2,056,373)
Net cash from operating activities 15,806,570

Acquisition of property, plant and equipment (4,222,154)
Acquisition of intangible assets (98,641)
Proceeds from sale of property, plant and equipment 49,058
Rent received from investment property 30,692
Dividends received 989,670
Proit received on deposit accounts 538
Net cash used in investing activities (3,250,837)

Repayment of long term inancing (2,700,000)
Repayment of long term musharaka (1,800,000)
Dividends paid (6,458,274)
Net cash used in inancing activities (10,958,274)
Net increase / (decrease) in cash and cash equivalents 1,597,459

Cash and cash equivalents at beginning of the year (11,969,915)
(10,372,456)
(B) Horizontal Analysis
2,018 Absolute (A-B) %age (A-B) / B
5,962,528 - 0.00%
6,784,945 719,676 10.61%
40,562,399 3,576,370 8.82%
53,309,872 4,296,046 8.06%
3,300,000 (3,300,000) -100.00%

2,200,000 (2,200,000) -100.00%
9,111,362 1,506,129 16.53%
497,337 (472,447) -95.00%
15,108,699 (4,466,318) -29.56%
9,602,383 (1,542,629) -16.07%

12,260,179 (1,424,811) -11.62%
2,779,023 596,337 21.46%
1,854,521 395,212 21.31%
55,963 157,834 282.03%
26,552,069 (1,818,057) -6.85%
41,660,768 (6,284,375) -15.08%
94,970,640 (1,988,329) -2.09%
56,085,733 1,156,353 2.06%

7,816,902 (22,748) -0.29%
257,656 4,693 1.82%
11,375,186 1,136,853 9.99%
132,477 (14,439) -10.90%
75,667,954 2,260,712 2.99%
7,641,242 (2,130,032) -27.88%

4,358,080 (1,668,637) -38.29%
1,785,728 316,128 17.70%
671,366 (263,595) -39.26%
42,169 (15,307) -36.30%
1,776,089 (1,134,999) -63.90%
2,737,748 474,753 17.34%
290,264 172,648 59.48%
19,302,686 (4,249,041) -22.01%
94,970,640 (1,988,329) -2.09%
77,119,557 1,880,757 2.44%

(2,277,695) (77,036) 3.38%
(21,958,195) (1,085,876) 4.95%
52,883,667 717,845 1.36%
(33,928,169) (3,628,383) 10.69%
18,955,498 (2,910,538) -15.35%
169,967 (47,756) -28.10%

(1,627,168) 288,082 -17.70%
(2,063,232) 1,351,821 -65.52%
(1,217,711) 390,959 -32.11%
14,217,354 (927,432) -6.52%
(600,435) (898,038) 149.56%

1,347,545 106,556 7.91%
14,964,464 (1,718,914) -11.49%
(1,806,758) (1,341,507) 74.25%

13,157,706 (3,060,421) -23.26%
22.07 (5) -23.29%
(25,667) 50,271 -195.86%

6,730 (13,294) -197.53%
(18,937) 36,977 -195.26%
(281) 23,605 -8400.36%

42 (3,541) -8430.95%
(239) 20,064 -8394.98%
(19,176) 57,041 -297.46%
481,112 638,510 132.72%
(4)
(1,087,046) 616,521 -56.72%
163,058 (92,479) -56.72%
(442,880) 1,162,556 -262.50%
(462,056) 1,219,597 -263.95%
12,695,650 (1,840,824) -14.50%
14,964,464 (1,718,914) -11.49%
(8,563) (10,042) 117.27%

2,229,818 708,864 31.79%
1,446,135 (1,324,746) -91.61%
(28,315) (1,795) 6.34%
(641) 103 -16.07%
(1,841) (4,641) 252.09%
(5,420) 5,020 -92.62%
(7,442) 2,749 -36.94%
600,435 898,038 149.56%
393,189 (376,492) -95.75%
(1,347,545) (106,556) 7.91%
110,593 (19,625) -17.75%
3,380,403 (229,123) -6.78%
18,344,867 (1,948,037) -10.62%
(1,193,372) 3,444,717 -288.65%

(867,364) 2,536,402 -292.43%
(323,373) 7,245 -2.24%
712,995 (449,400) -63.03%
41,684 (26,376) -63.28%
(458,293) 1,593,293 -347.66%
1,077,943 (2,640,395) -244.95%
(1,009,780) 4,465,486 -442.22%
17,335,087 2,517,449 14.52%
2,212 12,226 552.71%

(951,608) (500,868) 52.63%
(19,795) (531,760) 2686.33%
(4,417,248) 2,360,875 -53.45%
11,948,648 3,857,922 32.29%
(13,349,971) 9,127,817 -68.37%

(300) (98,341) 32780.33%
20,890 28,168 134.84%
27,901 2,791 10.00%
1,217,447 (227,777) -18.71%
641 (103) -16.07%
(12,083,392) 8,832,555 -73.10%
- (2,700,000)
- (1,800,000)
7,173,509 (13,631,783) -190.03%
7,173,509 (18,131,783) -252.76%
(7,272,253) 8,869,712 -121.97%

(4,697,662) (7,272,253) 154.81%
(11,969,915) 1,597,459 -13.35%
BESTWAY CEMENT FACTORY
VERTICAL ANALYSIS
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2019

(A)
2,019
EQUITY
Share capital and reserves
Share capital 5,962,528
Capital reserves 7,504,621
Revenue reserve 44,138,769
57,605,918
LIABILITIES
Non-current liabilities
Long term inancing -
Long term musharaka -
Deferred tax liability - net 10,617,491
Employee beneit obligations 24,890
10,642,381
Current liabilities
Trade and other payables 8,059,754
Short-term borrowings 10,835,368
Current portion of long term inancing 3,375,360
Current portion of long term musharaka 2,249,733
Unclaimed dividend 213,797
24,734,012
Total liabilities 35,376,393
Total equity and liabilities 92,982,311
ASSETS
Non-current assets
Property, plant and equipment 57,242,086
Intangible assets and goodwill 7,794,154
Investment property 262,349
Long term investments 12,512,039
77,928,666
Current assets
Stores, spare parts and loose tools 5,511,210
Trade debts 2,101,856
Advances 407,771
Other receivables 641,090
Advance tax - net 3,212,501
Cash and bank balances 462,912
15,053,645
Total Assets 92,982,311
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2019
Gross turnover 79,000,314

Less: rebates and discounts (2,354,731)
Less: sales tax and excise duty (23,044,071)
Net turnover 53,601,512
Cost of sales (37,556,552)
Gross profit 16,044,960
Other income 122,211

Selling and distribution expenses (1,339,086)
Administrative expenses (711,411)
Other expenses (826,752)
Operating Profit 13,289,922
Net inance costs (1,498,473)

Share of proit of equity-accounted investees-net of tax 1,454,101
Profit before tax 13,245,550
Income tax expense (3,148,265)

Profit for the year 10,097,285
Earnings per share - basic and diluted (Rupees) 16.93
Other comprehensive income (OCI):

Items that will not be reclassiied to proit or loss
Related tax (6,564)
18,040
Related tax (3,499)
19,825
37,865
Items that are or may be reclassiied subsequently to profit or loss

Foreign operations - foreign currency translation diferences 1,119,622
Income / (loss) from Window Takaful Operations -
Available-for-sale inancial assets - net change in fair value (470,525)
Related tax 70,579
719,676
757,541
Total comprehensive income for the year 10,854,826
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2019
CASH FLOWS FROM OPERATING ACTIVITIES 13,245,550

Profit before tax
Adjustments for:
Gain on disposal of property, plant and equipment (18,605)
Depreciation 2,938,682
Amortisation 121,389
Rental income from investment property (30,110)
Proit on deposit accounts (538)
Provision for obsolete spare parts (6,482)
Provision for slow moving stock (400)
Change in fair value of investment property (4,693)
Net inance costs 1,498,473
Compensation against court order 16,697
Share of proit of equity-accounted investees, net of tax (1,454,101)
Provision for employee retirement beneits 90,968
3,151,280
16,396,830
Changes in:
Stores, spares parts and loose tools 2,251,345
Trade debts (316,128)
Advances 263,595
Other receivables 1,135,000
Trade and other payables (1,562,452)
3,455,706
Cash generated from operating activities 19,852,536

Finance cost paid (1,452,476)
Employee retirement beneits paid (551,555)
Income tax paid (2,056,373)
Net cash from operating activities 15,806,570

Acquisition of property, plant and equipment (4,222,154)
Acquisition of intangible assets (98,641)
Proceeds from sale of property, plant and equipment 49,058
Rent received from investment property 30,692
Dividends received 989,670
Proit received on deposit accounts 538
Net cash used in investing activities (3,250,837)

Repayment of long term inancing (2,700,000)
Repayment of long term musharaka (1,800,000)
Dividends paid (6,458,274)
Net cash used in inancing activities (10,958,274)
Net increase / (decrease) in cash and cash equivalents 1,597,459

Cash and cash equivalents at beginning of the year (11,969,915)
(10,372,456)
Vertical Analysis Horizontal of VA
(B) for Year 2019 for Year 2018
2,018
5,962,528
6,784,945
40,562,399
53,309,872 0.62 0.56 0.10
3,300,000
2,200,000
9,111,362
497,337
15,108,699 0.11 0.16 (0.28)
9,602,383
12,260,179
2,779,023
1,854,521
55,963
26,552,069 0.27 0.28 (0.05)
41,660,768 0.38 0.44 (0.13)
94,970,640 1.00 1.00 -
56,085,733
7,816,902
257,656
11,375,186
132,477
75,667,954 0.84 0.80 0.05
7,641,242
4,358,080
1,785,728
671,366
42,169
1,776,089
2,737,748
290,264
19,302,686 0.16 0.20 (0.20)
94,970,640 1.00 1.00 -
77,119,557 1.00 1.00 -

(2,277,695) (0.03) (0.03) 0.01
(21,958,195) (0.29) (0.28) 0.02
52,883,667 0.68 0.69 (0.01)
(33,928,169) (0.48) (0.44) 0.08
18,955,498 0.20 0.25 (0.17)
169,967 0.00 0.00 (0.30)

(1,627,168) 0.57 (0.02) (27.95)
(2,063,232) 0.30 (0.03) (12.29)
(1,217,711) 0.35 (0.02) (23.24)
14,217,354 (5.64) 0.18 (31.61)
(600,435) (0.02) (0.01) 1.44

1,347,545 0.02 0.02 0.05
14,964,464 0.17 0.19 (0.14)
(1,806,758) (0.04) (0.02) 0.70

13,157,706 0.13 0.17 (0.25)
22.07
(25,667)
6,730
(18,937)
(281)
42
(239)
(19,176)
481,112
(4)
(1,087,046)
163,058
(442,880)
(462,056)
12,695,650
14,964,464
(8,563)
2,229,818
1,446,135
(28,315)
(641)
(1,841)
(5,420)
(7,442)
600,435
393,189
(1,347,545)
110,593
3,380,403
18,344,867
(1,193,372)
(867,364)
(323,373)
712,995
41,684
(458,293)
1,077,943
(1,009,780)
17,335,087
2,212
(951,608)
(19,795)
(4,417,248)
11,948,648
(13,349,971)
(300)
20,890
27,901
1,217,447
641
(12,083,392)
-
-
7,173,509
7,173,509
(7,272,253)
(4,697,662)
(11,969,915)

Ratio Analysis Mapple Leaf & BestWay Cement

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MAPPLE LEAF CEMENT FACTORY

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019

EQUITY AND LIABILITIES

NON - CURRENT LIABILITIES

CONTINGENCIES AND COMMITMENTS

Profit after taxation

Earnings per share - basic and diluted

Other comprehensive income

Total comprehensive income for the year

Profit before taxation

Effect on cash flow due to working capital changes

Increase in current liabilities:

Net cash generated from operations

Increase in long term loans to employees

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Net decrease in cash and cash equivalents

9,000,000 7,000,000 2,000,000 28.57%

15,990,227 12,942,080 3,048,147 23.55%

1,315,135 810,616 504,519 62.24%

46,640,664 40,894,010 5,746,654 14.05%

7,208,762 6,505,283 703,479 10.81%

65,957,775 58,728,528 7,229,247 12.31%

26,005,944 25,699,113 306,831 1.19%

(933,244) (736,142) (197,102) 26.77%

42,997 55,935 (12,938) -23.13%

(1,172,557) (644,121) (528,436) 82.04%

(198,877) (763,035) 564,158 -73.94%

1,465,299 3,632,201 (2,166,902) -59.66%

2.47 6.29 (4) -60.73%

1,465,299 3,632,201 (2,166,902) -59.66%

(33,620) (27,012) (6,608) 24.46%

1,440,090 3,611,926 (2,171,836) -60.13%

2,356,110 2,144,497 211,613 9.87%

(703,479) 245,303 (948,782) -386.78%

2,922,380 1,815,694 1,106,686 60.95%

(10,352) (3,673) (6,679) 181.84%

(8,220,851) (19,445,846) 11,224,995 -57.72%

3,552,666 10,648,936 (7,096,270) -66.64%

(8,984) (964,649) 955,665 -99.07%

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019

EQUITY AND LIABILITIES

NON - CURRENT LIABILITIES

CONTINGENCIES AND COMMITMENTS

Profit after taxation

Earnings per share - basic and diluted

Other comprehensive income

Total comprehensive income for the year

Profit before taxation

Effect on cash flow due to working capital changes

Increase in current liabilities:

Net cash generated from operations

Increase in long term loans to employees

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Net decrease in cash and cash equivalents

65,957,775 58,728,528 1.00 1.00 -

26,005,944 25,699,113 1.00 1.00 -

(933,244) (736,142) (0.04) (0.03) 0.25