INCOME STATEMENT OF CEMENT INDUSTRY

(Million Rupees)
INCOME STATEMENT OF CEMENT INDUSTRY FROM 2001-2006
2001 2002 2003 2004 2005 2006
1.Gross sales 33237.70 36841.30 38320.10 45537.30 58628.70 80787.60
2.Cost of Sales 31091.60 32399.10 35707.10 36895.00 46063.60 58210.90
3.Gross profit 2146.10 4442.20 2612.90 8642.30 12565.10 22576.70
4.Overhead and Other Expenses 32199.30 33681.80 37327.60 39919.40 48646.90 61479.80
5.Operating profit 1572.00 3604.60 1556.80 6185.70 12351.80 20188.90
6.Financial expenses 3276.20 3224.70 2491.20 1486.20 1890.10 3112.80
7.Net profit before tax (D5-D6) -1704.20 379.90 -934.30 4699.50 10461.70 17076.10
8.Tax provision 178.40 262.50 231.60 622.20 1070.10 1240.50
9.Total amount of dividend 442.10 572.80 707.60 1131.90 867.80 2289.00
10.Total value of bonus shares issued 0.00 97.90 109.70 677.80 1113.10 687.50

(Million Rupees)
VERTICAL ANALSIS OF IS CEMENT INDUSTRY FROM 2001-2006
2001% 2002% 2003% 2004% 2005% 2006%
1.Gross sales 100.00 100.00 100.00 100.00 100.00 100.00
2.Cost of Sales 93.54 87.94 93.18 81.02 78.57 72.05
3.Gross profit 6.46 12.06 6.82 18.98 21.43 27.95
4.Overhead and Other Expenses 96.88 91.42 97.41 87.66 82.97 76.10
5.Operating profit 4.73 9.78 4.06 13.58 21.07 24.99
6.Financial expenses 9.86 8.75 6.50 3.26 3.22 3.85
7.Net profit before tax (D5-D6) -5.13 1.03 -2.44 10.32 17.84 21.14
8.Tax provision 0.54 0.71 0.60 1.37 1.83 1.54
9.Total amount of dividend 1.33 1.55 1.85 2.49 1.48 2.83
10.Total value of bonus shares issued 0.00 0.27 0.29 1.49 1.90 0.85

(Million Rupees)
HORITONAL ANALSIS OF IS CEMENT INDUSTRY FROM 2001-2006
2001% 2002% 2003% 2004% 2005% 2006%
Gross sales 100 110.84 115.29 137.00 176.39 243.06
Cost of Sales 100 104.21 114.84 118.67 148.15 187.22
Gross profit 100 206.99 121.75 402.70 585.49 1051.99
Overhead and Other Expenses 100 104.60 115.93 123.98 151.08 190.94
Operating profit 100 229.30 99.03 393.49 785.74 1284.28
Financial expenses 100 98.43 76.04 45.36 57.69 95.01
Net profit before tax (D5-D6) 100 -22.29 54.82 -275.76 -613.88 -1002.00
Tax provision 100 147.14 129.82 348.77 599.83 695.35
Total amount of dividend 100 129.56 160.05 256.03 196.29 517.76
Total value of bonus shares issued 100.00 112.05 692.34 1136.98 702.25

NOTE: 2001 IS BASE YEAR FOR ALL EXCEPT FOR TOTAL VALUE OF BONUS SHARE ISSUED IN 2002
 BALANCE SHEET OF CEMENT INDUSTRY (Million Rupees)
Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 21,570 24,289.8 24,964.8 27,287.3 29,625.2 34,864.8
Surplus 3,454.3 6,316.5 5,519.6 8,024.1 19,586 39,747.6
Other long terms liabilities
Prefrence Shares 0.0 487 840.5 840.5 1,028.5 1,028.5
Debentures 9,778.7 10,893.4 12,543.7 3,857.7 5,527.1 4,904.6
Other Fixed Laibilities 14,601.3 17,032 16,691.8 18,931.2 25,541.1 52,484.4
Current liablities
Current Liabilities 20,746.2 16,799.5 20,380.7 25,679.2 31,905.3 44,407.3
Total 70,150.5 75,818.2 80,941.1 84,620 113,213.2 177,437.2
Fixed Assets
Fixed assets after A. depreciation 57,605.7 62,022.5 63,904.4 63,939.5 85620.5 132709.5
Currents Assets
Cash 762 1,220.7 1,032.4 3,298.3 4,287.3 6,005.8
Investments 3,368.9 3,347.4 5,702 5,698.1 8,993 19,564
Inventories 0.0 0.0 1,687.1 2,100.6 2,156.5 3,517.8
Other Current Assets 8,414 9,227.5 8,615.3 9,583.8 12,155.9 15,640.1
Total 70,150.6 75,818.1 80,941.2 84,620.3 113,213.2 177,437.2

BS VERTICAL ANALYSIS CEMENT INDUSTRY (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 30.75 32.04 30.84 32.25 26.17 19.65
Surplus 4.92 8.33 6.82 9.48 17.30 22.40
Other long terms liabilities
Prefrence Shares 0.00 0.64 1.04 0.99 0.91 0.58
Debentures 13.94 14.37 15.50 4.56 4.88 2.76
Other Fixed Laibilities 20.81 22.46 20.62 22.37 22.56 29.58
Current liablities
Current Liabilities 29.57 22.16 25.18 30.35 28.18 25.03
Total
Fixed Assets
Fixed assets after A. depreciation 82.12 81.80 78.95 75.56 75.63 74.79
Currents Assets
Cash 1.09 1.61 1.28 3.90 3.79 3.38
Investments 4.80 4.42 7.04 6.73 7.94 11.03
Inventories 0.00 0.00 2.08 2.48 1.90 1.98
Other Current Assets 11.99 12.17 10.64 11.33 10.74 8.81
Total 100.00 100.00 100.00 100.00 100.00 100.00
 BALANCE SHEET OF CEMENT INDUSTRY (Million Rupees)
Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 21,570 24,289.8 24,964.8 27,287.3 29,625.2 34,864.8
Surplus 3,454.3 6,316.5 5,519.6 8,024.1 19,586 39,747.6
Other long terms liabilities
Prefrence Shares 0.0 487 840.5 840.5 1,028.5 1,028.5
Debentures 9,778.7 10,893.4 12,543.7 3,857.7 5,527.1 4,904.6
Other Fixed Laibilities 14,601.3 17,032 16,691.8 18,931.2 25,541.1 52,484.4
Current liablities
Current Liabilities 20,746.2 16,799.5 20,380.7 25,679.2 31,905.3 44,407.3
Total 70,150.5 75,818.2 80,941.1 84,620 113,213.2 177,437.2
Fixed Assets
Fixed assets after A. depreciation 57,605.7 62,022.5 63,904.4 63,939.5 85620.5 132709.5
Currents Assets
Cash 762 1,220.7 1,032.4 3,298.3 4,287.3 6,005.8
Investments 3,368.9 3,347.4 5,702 5,698.1 8,993 19,564
Inventories 0.0 0.0 1,687.1 2,100.6 2,156.5 3,517.8
Other Current Assets 8,414 9,227.5 8,615.3 9,583.8 12,155.9 15,640.1
Total 70,150.6 75,818.1 80,941.2 84,620.3 113,213.2 177,437.2

BS HORIZONTAL ANALYSIS CEMENT INDUSTRY (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 100.00 112.61 115.74 126.51 137.34 161.64
Surplus 100.00 182.86 159.79 232.29 567.00 1150.67
Other long terms liabilities
Prefrence Shares 0.00 0.00 0.00 0.00 0.00 0.00
Debentures 100.00 111.40 128.28 39.45 56.52 50.16
Other Fixed Laibilities 100.00 116.65 114.32 129.65 174.92 359.45
Current liablities
Current Liabilities 100.00 80.98 98.24 123.78 153.79 214.05
Total
Fixed Assets
Fixed assets after A. depreciation 100.00 107.67 110.93 111.00 148.63 230.38
Currents Assets
Cash 100.00 160.20 135.49 432.85 562.64 788.16
Investments 100.00 99.36 169.25 169.14 266.94 580.72
Inventories 0.00 0.00 0.00 0.00 0.00 0.00
Other Current Assets 100.00 109.67 102.39 113.90 144.47 185.88
Total 100.00 108.08 115.38 120.63 161.39 252.94
INCOME STATEMENT OF KOHAT CEMENT LTD.
 (Million Rupees)
INCOME STATEMENT OF KOHAT CEMENT LTD. FROM 2001-2006
2001 2002 2003 2004 2005 2006
1.Gross sales 1,369.3 1,597.9 1,620.1 1,979.6 2,353.7 2,922.6
2.Cost of Sales 1,227.5 1,323.3 1,531 1,484.1 1,689.5 1,723
3.Gross profit 141.8 274.6 89.1 495.5 664.2 1,199.6
4.Overhead and Other Expenses 1,283.7 1,394.6 1,602.7 1,564.4 1,778.7 1,848.2
5.Operating profit 87 217.6 38 419.6 584.1 1,093.5
6.Financial expenses 12.4 7.1 14.1 24.4 23.2 54.1
7.Net profit before tax (D5-D6) 74.6 210.5 23.9 395.2 560.9 1,039.4
8.Tax provision 24.4 69.5 18.1 130.9 176.3 192.6
9.Total amount of dividend 43.9 0.0 32.9 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 109.7 0.0 164.5 92.5

(Million Rupees)
VERTICAL ANALSIS OF IS KOHAT CEMENT LTD. FROM 2001-2006
2001% 2002% 2003% 2004% 2005% 2006%
1.Gross sales 100.00 100.00 100.00 100.00 100.00 100.00
2.Cost of Sales 89.64 82.81 94.50 74.97 71.78 58.95
3.Gross profit 10.36 17.19 5.50 25.03 28.22 41.05
4.Overhead and Other Expenses 93.75 87.28 98.93 79.03 75.57 63.24
5.Operating profit 6.35 13.62 2.35 21.20 24.82 37.42
6.Financial expenses 0.91 0.44 0.87 1.23 0.99 1.85
7.Net profit before tax (D5-D6) 5.45 13.17 1.48 19.96 23.83 35.56
8.Tax provision 1.78 4.35 1.12 6.61 7.49 6.59
9.Total amount of dividend 3.21 0.00 2.03 0.00 0.00 0.00
10.Total value of bonus shares issued 0.00 0.00 6.77 0.00 6.99 3.16

(Million Rupees)
HORITONAL ANALSIS OF IS KOHAT CEMENT LTD. FROM 2001-2006
2001% 2002% 2003% 2004% 2005% 2006%
Gross sales 100 116.69 118.32 144.57 171.89 213.44
Cost of Sales 100.00 100.00 100.00 100.00 100.00 100.00
Gross profit 100.00 20.75 5.82 33.39 39.31 69.62
Overhead and Other Expenses 100 105.39 104.68 105.41 105.28 107.27
Operating profit 100 16.44 2.48 28.27 34.57 63.46
Financial expenses 100 0.54 0.92 1.64 1.37 3.14
Net profit before tax (D5-D6) 100 15.91 1.56 26.63 33.20 60.33
Tax provision 100 5.25 1.18 8.82 10.44 11.18
Total amount of dividend 100 0.00 2.15 0.00 0.00 0.00
Total value of bonus shares issued 0.00 7.17 0.00 9.74 5.37

NOTE: 2001 IS BASE YEAR FOR ALL EXCEPT FOR TOTAL VALUE OF BONUS SHARE ISSUED IN 2002

BALANCE SHEET OF KOHAT CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 219.3 219.3 219.3 329 493.5 925.3
Surplus 384.4 453 291.1 384.1 603.9 1,358.6
Other long terms liabilities
Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
Debentures 0.0 0.0 0.0 0.0 0.0 0.0
Other Fixed Laibilities 4 .4 191.2 189.3 117.1 239.9
Current liablities
Current Liabilities 209.1 341.7 444.2 520.6 437.4 552.4
Total 816.8 1,014.4 1,145.8 1,423 1,651.9 3,076.2
Fixed Assets
Fixed assets after A. depreciation 608.7 588.8 839.9 905.5 1,119.9 2,079.4
Currents Assets
Cash 49.8 169.2 53.5 168.1 289.1 656.9
Investments 0.0 0.0 0.0 0.0 0.0 6.6
Inventories 0.0 0.0 26 15.1 22.3 87.9
Other Current Assets 158.3 256.4 226.4 334.3 220.6 245.4
Total 816.8 1,014.4 1,145.8 1,423 1,651.9 3,076.2

BS VERTICAL ANALYSIS KOHAT CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 26.85 21.62 19.14 23.12 29.87 30.08
Surplus 47.06 44.66 25.41 26.99 36.56 44.16
Other long terms liabilities
Prefrence Shares 0.00 0.00 0.00 0.00 0.00 0.00
Debentures 0.00 0.00 0.00 0.00 0.00 0.00
Other Fixed Laibilities 0.49 0.04 16.69 13.30 7.09 7.80
Current liablities
Current Liabilities 25.60 33.68 38.77 36.58 26.48 17.96
Total
Fixed Assets
Fixed assets after A. depreciation 74.52 58.04 73.30 63.63 67.79 67.60
Currents Assets
Cash 6.10 16.68 4.67 11.81 17.50 21.35
Investments 0.00 0.00 0.00 0.00 0.00 0.21
Inventories 0.00 0.00 2.27 1.06 1.35 2.86
Other Current Assets 19.38 25.28 19.76 23.49 13.35 7.98
Total 100.00 100.00 100.00 100.00 100.00 100.00

BALANCE SHEET OF KOHAT CEMENT LTD (Million Rupees)

Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 219.3 219.3 219.3 329 493.5 925.3
Surplus 384.4 453 291.1 384.1 603.9 1,358.6
Other long terms liabilities
Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
Debentures 0.0 0.0 0.0 0.0 0.0 0.0
Other Fixed Laibilities 4 .4 191.2 189.3 117.1 239.9
Current liablities
Current Liabilities 209.1 341.7 444.2 520.6 437.4 552.4
Total 816.8 1,014.4 1,145.8 1,423 1,651.9 3,076.2
Fixed Assets
Fixed assets after A. depreciation 608.7 588.8 839.9 905.5 1,119.9 2,079.4
Currents Assets
Cash 49.8 169.2 53.5 168.1 289.1 656.9
Investments 0.0 0.0 0.0 0.0 0.0 6.6
Inventories 0.0 0.0 26 15.1 22.3 87.9
Other Current Assets 158.3 256.4 226.4 334.3 220.6 245.4
Total 816.8 1,014.4 1,145.8 1,423 1,651.9 3,076.2

BS HORIZONTAL ANALYSIS KOHAT CEMENT LTD (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 100.00 100.00 100.00 150.02 225.03 421.93
Surplus 100.00 117.85 75.73 99.92 157.10 353.43
Other long terms liabilities
Prefrence Shares 0.00 0.00 0.00 0.00 0.00 0.00
Debentures 0.00 0.00 0.00 0.00 0.00 0.00
Other Fixed Laibilities 100.00 10.00 4780.00 4732.50 2927.50 5997.50
Current liablities
Current Liabilities 100.00 163.41 212.43 248.97 209.18 264.18
Total 140.28 174.22 202.24 376.62
Fixed Assets
Fixed assets after A. depreciation 100.00 96.73 137.98 148.76 183.98 341.61
Currents Assets
Cash 100.00 339.76 107.43 337.55 580.52 1319.08
Investments 0.00 0.00 0.00 0.00 0.00 0.00
Inventories 0.00 0.00 0.00 0.00 0.00 0.00
Other Current Assets 100.00 161.97 143.02 211.18 139.36 155.02
Total 100.00 124.19 140.28 174.22 202.24 376.62
INCOME STATEMENT OF DG KHAN CEMENT LTD.

2001 2002 2003 2004 2005 2006

 1.Gross sales 4,243.4 4,502.4 5,149.6 5,697.6 7,372.2 10,955.9
2.Cost of Sales 4,218.5 3,731.6 4,472 4,312.1 5,423.3 6,993.1
3.Gross profit 24.9 770.8 677.6 1,385.5 1,948.9 3,962.8
4.Overhead and Other Expenses 4,279.2 3,810.3 4,569.4 4,481 5,654.5 7,341.3
5.Operating profit 169.6 809.2 765.4 1,345.1 2,425.4 3,899.1
6.Financial expenses 600.3 515.1 410 189.3 304 450.7
7.Net profit before tax (D5-D6) -430.7 294.1 355.4 1,155.8 2,121.4 3,448.4
8.Tax provision 13.2 0.0 16 28.7 40 40.5
9.Total amount of dividend 0.0 0.0 174.7 286.8 251.4 276.6
10.Total value of bonus shares issued 0.0 0.0 0.0 167.6 167.6 184.4

VERTICAL ANALSIS OF IS DG KHAN CEMENT LTD. FROM 2001-2006

2001% 2002% 2003% 2004% 2005% 2006%
1.Gross sales 100.00 100.00 100.00 100.00 100.00 100.00
2.Cost of Sales 99.41 82.88 86.84 75.68 73.56 63.83
3.Gross profit 0.59 17.12 13.16 24.32 26.44 36.17
4.Overhead and Other Expenses 100.84 84.63 88.73 78.65 76.70 67.01
5.Operating profit 4.00 17.97 14.86 23.61 32.90 35.59
6.Financial expenses 14.15 11.44 7.96 3.32 4.12 4.11
7.Net profit before tax (D5-D6) -10.15 6.53 6.90 20.29 28.78 31.48
8.Tax provision 0.31 0.00 0.31 0.50 0.54 0.37
9.Total amount of dividend 0.00 0.00 3.39 5.03 3.41 2.52
10.Total value of bonus shares issued 0.00 0.00 0.00 2.94 2.27 1.68

(Million Rupees)
HORITONAL ANALSIS OF IS DG KHAN CEMENT LTD. FROM 2001-2006
2001% 2002% 2003% 2004% 2005% 2006%
Gross sales 100 106.10 121.36 134.27 173.73 258.19
Cost of Sales 100.00 88.46 106.01 102.22 128.56 165.77
Gross profit 100.00 3095.58 2721.29 5564.26 7826.91 15914.86
Overhead and Other Expenses 100.00 89.04 106.78 104.72 132.14 171.56
Operating profit 100.00 477.12 451.30 793.10 1430.07 2299.00
Financial expenses 100.00 85.81 68.30 31.53 50.64 75.08
Net profit before tax (D5-D6) 100.00 -68.28 -82.52 -268.35 -492.55 -800.65
Tax provision 100.00 0.00 121.21 217.42 303.03 306.82
Total amount of dividend 0.00 0.00 0.00 0.00 0.00 0.00
Total value of bonus shares issued 0.00 0.00 0.00 0.00 0.00 0.00

BALANCE SHEET OF DG KHAN CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 1,523.9 1,523.9 1,676.3 1,676.3 1,843.9 1,843.9
Surplus 1,669.7 1,992.1 2,940.1 4,427.5 7,519.8 17,424.3
Other long terms liabilities
Prefrence Shares 0.0 0.0 353.5 353.5 0.0 0.0
Debentures 0.0 0.0 199.9 199.9 0.0 0.0
Other Fixed Laibilities 3,633.4 3,598.3 2,796.3 2,260.6 5,031.3 7,401.4
Current liablities
Current Liabilities 1,891.3 1,559.7 1,545.5 2,796.8 3,621.5 7,634.9
Total 8,718.3 8,674 9,511.6 11,714.6 18,016.5 34,304.5
Fixed Assets
Fixed assets after A. depreciation 6,846.8 6,668 6,410 7,420.8 10,937.7 19,576.5
Currents Assets
Cash 52.5 69.5 65.3 84 93.8 77.2
Investments 1,005.7 1,053.1 1,983.2 2,774.5 5,379.8 13,026
Inventories 0.0 0.0 186 298.5 101 226.3
Other Current Assets 813.3 883.4 867.1 1,136.8 1,504.2 1,398.5
Total 8,718.3 8,674 9,511.6 11,714.6 18,016.5 34,304.5

BS VERTICAL ANALYSIS DG KHAN CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 17.48 17.57 17.62 14.31 10.23 5.38
Surplus 19.15 22.97 30.91 37.79 41.74 50.79
Other long terms liabilities
Prefrence Shares 0.00 3.72 3.02 0.00 0.00
Debentures 0.00 0.00 2.10 1.71 0.00 0.00
Other Fixed Laibilities 41.68 41.48 29.40 19.30 27.93 21.58
Current liablities
Current Liabilities 21.69 17.98 16.25 23.87 20.10 22.26
Total
Fixed Assets 0.00 0.00 0.00 0.00 0.00 0.00
Fixed assets after A. depreciation 78.53 76.87 67.39 63.35 60.71 57.07
Currents Assets
Cash 0.60 0.80 0.69 0.72 0.52 0.23
Investments 11.54 12.14 20.85 23.68 29.86 37.97
Inventories 0.00 0.00 1.96 2.55 0.56 0.66
Other Current Assets 9.33 10.18 9.12 9.70 8.35 4.08
Total 100.00 100.00 100.00 100.00 100.00 100.00

BALANCE SHEET OF DG KHAN CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001 2002 2003 2004 2005 2006
Ordinary Share Capital 1,523.9 1,523.9 1,676.3 1,676.3 1,843.9 1,843.9
Surplus 1,669.7 1,992.1 2,940.1 4,427.5 7,519.8 17,424.3
Other long terms liabilities
Prefrence Shares 0.0 0.0 353.5 353.5 0.0 0.0
Debentures 0.0 0.0 199.9 199.9 0.0 0.0
Other Fixed Laibilities 3,633.4 3,598.3 2,796.3 2,260.6 5,031.3 7,401.4
Current liablities
Current Liabilities 1,891.3 1,559.7 1,545.5 2,796.8 3,621.5 7,634.9
Total 8,718.3 8,674 9,511.6 11,714.6 18,016.5 34,304.5
Fixed Assets
Fixed assets after A. depreciation 6,846.8 6,668 6,410 7,420.8 10,937.7 19,576.5
Currents Assets
Cash 52.5 69.5 65.3 84 93.8 77.2
Investments 1,005.7 1,053.1 1,983.2 2,774.5 5,379.8 13,026
Inventories 0.0 0.0 186 298.5 101 226.3
Other Current Assets 813.3 883.4 867.1 1,136.8 1,504.2 1,398.5
Total 8,718.3 8,674 9,511.6 11,714.6 18,016.5 34,304.5

BS HORIZONTAL ANALYSIS DG KHAN CEMENT LTD. (Million Rupees)

Equity and Liabilities
Equity 2001% 2002% 2003% 2004% 2005% 2006%
Ordinary Share Capital 100.00 100.00 110.00 110.00 121.00 121.00
Surplus 100.00 130.72 192.93 290.54 493.46 1143.40
Other long terms liabilities
Prefrence Shares 0.00 0.00 23.20 23.20 0.00 0.00
Debentures 0.00 0.00 13.12 13.12 0.00 0.00
Other Fixed Laibilities 100.00 236.12 183.50 148.34 330.16 485.69
Current liablities
Current Liabilities 100.00 102.35 101.42 183.53 237.65 501.01
Total
Fixed Assets
Fixed assets after A. depreciation 100.00 437.56 420.63 486.96 717.74 1284.63
Currents Assets
Cash 100.00 4.56 4.29 5.51 6.16 5.07
Investments 100.00 69.11 130.14 182.07 353.03 854.78
Inventories 0.00 0.00 12.21 19.59 6.63 14.85
Other Current Assets 100.00 57.97 56.90 74.60 98.71 91.77
Total 100.00 569.20 624.16 768.72 1182.26 2251.10
vertical analysis of industry, kohat cement bench mark

industry kohat Bench industry kohat Bench

2001% 2001% 2001% 2002% 2002% 2002%
1.Gross sales 100 100 100 100 100 100
2.Cost of Sales 93.54 89.64 99.41 87.94 82.81 82.88
3.Gross profit 6.46 10.36 0.59 12.06 17.19 17.12
4.Overhead and Other Expenses 96.88 93.75 100.84 91.42 87.28 84.63
5.Operating profit 4.73 6.35 4 9.78 13.62 17.97
6.Financial expenses 9.86 0.91 14.15 8.75 0.44 11.44
7.Net profit before tax (D5-D6) 5.13 5.45 -10.15 1.03 13.17 6.53
8.Tax provision 0.54 1.78 0.31 0.71 4.35 0
9.Total amount of dividend 1.33 3.21 0 1.55 0 0
10.Total value of bonus shares issued 0 0 0 0.27 0 0

industry kohat Bench industry kohat Bench

2003% 2003% 2003% 2004% 2004% 2004%
1.Gross sales 100 100 100 100 100 100
2.Cost of Sales 93.18 94.5 86.84 81.02 74.97 75.68
3.Gross profit 6.82 5.5 13.16 18.98 25.03 24.32
4.Overhead and Other Expenses 97.41 98.93 88.73 87.66 79.03 78.65
5.Operating profit 4.06 2.35 14.86 13.58 21.2 23.61
6.Financial expenses 6.5 0.87 7.96 3.26 1.23 3.32
7.Net profit before tax (D5-D6) -2.44 1.48 6.9 10.32 19.96 20.29
8.Tax provision 0.6 1.12 0.31 1.37 6.61 0.5
9.Total amount of dividend 1.85 2.03 3.39 2.49 0 5.03
10.Total value of bonus shares issued 0.29 6.77 0 1.49 0 2.94

industry kohat Bench industry kohat Bench

2005% 2005% 2005% 2006% 2006% 2006%
1.Gross sales 100 100 100 100 100 100
2.Cost of Sales 78.57 71.78 73.56 72.05 89.64 63.83
3.Gross profit 21.43 28.22 26.44 27.95 10.36 36.17
4.Overhead and Other Expenses 82.97 75.57 76.7 76.41 93.75 67.01
5.Operating profit 21.07 24.82 32.9 24.99 6.35 35.59
6.Financial expenses 3.22 0.99 4.12 3.85 0.91 4.11
7.Net profit before tax (D5-D6) 17.84 23.83 28.78 21.14 5.45 31.48
8.Tax provision 1.83 7.49 0.54 1.54 1.78 0.37
9.Total amount of dividend 1.48 0 3.41 2.83 3.21 2.52
10.Total value of bonus shares issued 1.9 6.99 2.27 0.85 0 1.68

horizontal analysis of industry,kohat cement bench mark

industry kohat Bench industry kohat Bench
2001% 2001% 2001% 2002% 2002% 2002%
1.Gross sales 100 100 100 110.84 116.69 106.1
2.Cost of Sales 100 100 100 104.21 100 88.46
3.Gross profit 100 100 100 206.98 20.75 3095.58
4.Overhead and Other Expenses 100 100 100 104.6 105.39 89.04
5.Operating profit 100 100 100 229.3 16.44 477.12
6.Financial expenses 100 100 100 98.43 0.54 85.81
7.Net profit before tax (D5-D6) 100 100 100 -22.29 15.91 -68.28
 8.Tax provision 100 100 100 147.14 5.25 0
9.Total amount of dividend 100 100 0.00 129.56 0 0.00
10.Total value of bonus shares issued 100 0.00 100 0.00

industry kohat Bench industry kohat Bench

2003% 2003% 2003% 2004% 2004% 2004%
1.Gross sales 115.29 118.32 121.36 137 144.57 134.27
2.Cost of Sales 114.84 100 106.01 118.67 100 102.22
3.Gross profit 121.75 5.82 2721.29 402.7 33.39 5564.26
4.Overhead and Other Expenses 115.93 104.68 106.78 123.98 105.41 104.72
5.Operating profit 99.03 2.48 451.3 393.49 28.27 793.1
6.Financial expenses 76.04 0.92 68.3 45.36 1.64 31.53
7.Net profit before tax (D5-D6) 54.82 1.56 -82.52 -275.76 26.63 -268.35
8.Tax provision 129.82 1.18 121.21 348.77 8.82 217.42
9.Total amount of dividend 160.05 2.15 0.00 256.03 0 0.00
10.Total value of bonus shares issued 112.058 7.17 0.00 692.34 0 0.00

industry kohat Bench industry kohat Bench

2005% 2005% 2005% 2006% 2006% 2006%
1.Gross sales 176.39 171.89 173.73 243.06 213.44 258.19
2.Cost of Sales 148.15 100 128.56 187.22 100 165.77
3.Gross profit 585.49 39.31 7826.91 1051.99 69.62 15914.86
4.Overhead and Other Expenses 151.08 105.28 132.14 190.94 107.27 171.56
5.Operating profit 785.74 34.57 1430.07 1284.28 63.46 2299
6.Financial expenses 57.69 1.37 50.64 95.01 3.14 75.08
7.Net profit before tax (D5-D6) -613.88 33.2 -492.55 -1002 60.33 -800.65
8.Tax provision 599.83 10.44 303.03 695.35 11.18 306.82
9.Total amount of dividend 196.29 0 0.00 517.76 0 0.00
10.Total value of bonus shares issued 1136.98 9.74 0.00 702.25 5.37 0.00

BS VERTICAL ANALYSIS DG KHAN CEMENT LTD. (Million Rupees)

industry kohat Bench industry kohat Bench
Equity and Liabilities 2001% 2001% 2001% 2002% 2002% 2002%
Equity
Ordinary Share Capital 30.75 26.85 17.48 32.04 21.62 17.57
Surplus 4.92 47.06 19.15 8.33 44.66 22.97
Other long terms liabilities
Prefrence Shares 0 0 0.64 0 0
Debentures 13.94 0 0 14.37 0 0
Other Fixed Laibilities 20.81 0.49 41.68 22.46 0.04 41.48
Current liablities
Current Liabilities 29.57 25.6 21.69 22.16 33.68 17.98
Total 100 100 100 100 100 100
Fixed Assets 0 0
Fixed assets after A. depreciation 82.12 74.52 78.53 81.8 58.04 76.87
Currents Assets
Cash 1.09 6.1 0.6 1.61 16.68 0.8
Investments 4.8 0 11.54 4.42 0 12.14
Inventories 0 0 0 0 0 0
Other Current Assets 11.99 19.38 9.33 12.17 25.28 10.18
Total 100 100 100 100 100 100

industry kohat Bench industry kohat Bench

Equity and Liabilities 2003% 2003% 2003% 2004% 2004% 2004%
Equity
Ordinary Share Capital 30.84 19.14 17.62 32.25 23.12 14.31
Surplus 6.82 25.41 30.91 9.48 26.99 37.79
Other long terms liabilities
Prefrence Shares 1.04 0 3.72 0.99 0 3.02
Debentures 15.5 0 2.1 4.56 0 1.71
Other Fixed Laibilities 20.62 16.69 29.4 22.37 13.3 19.3
Current liablities
Current Liabilities 25.18 38.77 16.25 30.36 36.58 23.87
Total 100 100 100 100 100 100
Fixed Assets
Fixed assets after A. depreciation 78.95 73.3 67.39 75.56 63.63 63.35
Currents Assets
Cash 1.28 4.67 0.69 3.9 11.81 0.72
Investments 7.04 0 20.85 6.73 0 23.68
Inventories 2.08 2.27 1.96 2.48 1.06 2.55
Other Current Assets 10.64 19.76 9.12 11.33 23.49 9.7
Total 100 100 100 100 100 100

BS VERTICAL ANALYSIS DG KHAN CEMENT LTD.

industry kohat Bench industry kohat Bench
Equity and Liabilities 2005% 2005% 2005% 2006% 2006% 2006%
Equity
Ordinary Share Capital 26.17 29.87 10.23 19.65 30.08 5.38
Surplus 17.3 36.56 41.74 22.4 44.16 50.79
Other long terms liabilities
Prefrence Shares 0.91 0 0 0.58 0 0
Debentures 4.88 0 0 2.76 0 0
Other Fixed Laibilities 22.56 7.09 27.93 29.58 7.8 21.58
Current liablities
Current Liabilities 28.18 17.96 20.1 25.03 17.96 22.26
Total 100 100 100 100 100 100
Fixed Assets 0
Fixed assets after A. depreciation 75.63 67.6 57.07 74.79 67.6 57.07
Currents Assets
Cash 3.79 21.35 0.23 3.38 21.35 0.23
Investments 7.94 0.21 37.97 11.03 0.21 37.97
Inventories 1.9 2.86 0.66 1.98 2.86 0.66
Other Current Assets 10.74 7.98 4.08 8.81 7.98 4.08
Total 100 100 100 100 100 100

BS HORIZONTAL ANALYSIS DG KHAN CEMENT LTD. (Million Rupees)

industry kohat Bench industry kohat Bench
Equity and Liabilities 2001% 2001% 2001% 2002% 2002% 2002%
Equity
Ordinary Share Capital 100 100 100 112.61 100 100
Surplus 100 100 100 182.86 117.85 130.72
Other long terms liabilities
Prefrence Shares 0.00 0.00 0 0.00 0.00 0
Debentures 100 0.00 0 111.4 0.00 0
Other Fixed Laibilities 100 100 100 116.65 10 236.12
Current liablities
Current Liabilities 100 100 100 80.98 163.41 102.35
Total
Fixed Assets
Fixed assets after A. depreciation 100 100 100 107.67 96.73 437.56
Currents Assets
Cash 100 100 100 160.2 339.76 4.56
Investments 100 100 99.36 0.00 69.11
Inventories 0.00 0 0.00 0.00 0
Other Current Assets 100 100 100 109.67 161.97 57.97
Total 100 100 100 108.08 124.19 569.2

industry kohat Bench industry kohat Bench

Equity and Liabilities 2003% 2003% 2003% 2004% 2004% 2004%
Equity
Ordinary Share Capital 115.74 100 110 126.51 150.02 110
Surplus 159.79 75.73 192.93 232.29 99.92 290.54
Other long terms liabilities
Prefrence Shares 0.00 0.00 23.2 0.00 0.00 23.2
Debentures 128.28 0.00 13.12 39.45 0.00 13.12
Other Fixed Laibilities 114.32 4780 183.5 129.65 4732.5 148.34
Current liablities
Current Liabilities 98.28 212.43 101.42 123.78 248.97 183.53
Total 115.38 140.28 624.16 120.63 174.22 768.72
Fixed Assets
Fixed assets after A. depreciation 110.93 137.98 420.63 111 148.76 486.96
Currents Assets
Cash 135.49 107.43 4.29 432.85 337.55 5.51
Investments 169.25 0.00 130.14 169.14 0.00 182.07
Inventories 0.00 0.00 12.21 0.00 0.00 19.59
Other Current Assets 102.39 143.02 56.9 113.9 211.18 74.6
Total 115.38 140.28 624.16 120.63 174.22 768.72

BS HORIZONTAL ANALYSIS DG KHAN CEMENT LTD.

industry kohat Bench industry kohat Bench
Equity and Liabilities 2005% 2005% 2005% 2006% 2006% 2006%
Equity
Ordinary Share Capital 137.34 225.03 121 161.64 421.93 121
Surplus 567 157.1 493.46 1150.67 353.43 1143.4
Other long terms liabilities
Prefrence Shares 0.00 0.00 0 0.00 0.00 0
Debentures 56.52 0.00 0 50.16 0.00 0
Other Fixed Laibilities 174.92 2927.5 330.16 359.45 5997.5 485.69
Current liablities
Current Liabilities 153.79 209.18 237.65 214.05 264.18 501.01
Total 161.39 202.24 1182.26 252.94 376.62 2251.1
Fixed Assets
Fixed assets after A. depreciation 148.63 183.98 717.74 230.38 341.61 1284.63
Currents Assets
Cash 562.64 580.52 6.16 788.16 1319 5.07
Investments 266.94 0.00 353.03 580.72 0.00 854.78
Inventories 0.00 0.00 6.63 0.00 0.00 14.85
Other Current Assets 144.47 139.36 98.71 185.88 155.02 91.77
Total 161.39 202.24 1182.26 252.94 376.62 2251.1
Cement Sector

Items 2001 2002 2003 2004

A.Capital Structure:
1.Ordinary Share Capital 21,570 24,289.8 24,964.8 27,287.3
2.Surplus 3,454.3 6,316.5 5,519.6 8,024.1
3.Shareholder's Equity (A1+A2) 25,024.3 30,606.3 30,484.3 35,311.4
4.Prefrence Shares 0.0 487 840.5 840.5
5.Debentures 9,778.7 10,893.4 12,543.7 3,857.7
6.Other Fixed Laibilities 14,601.3 17,032 16,691.8 18,931.2
7.Total Fixed Laibilities (A4+A5+A6) 24,380 28,412.4 30,076.1 23,629.4
8.Total Capital Employed (A3+A7) 49,404.3 59,018.7 60,560.4 58,940.8
B.Liquidity:
1.Liquid Assets: 4,130.9 4,568.1 6,734.4 8,996.4
(1)Cash 762 1,220.7 1,032.4 3,298.3
(II)Investments 3,368.9 3,347.4 5,702 5,698.1
2.Other Current Assets 8,414 9,227.5 8,615.3 9,583.8
3.Inventories 0.0 0.0 1,687.1 2,100.6
4.Current Assets (B1+B2+B3) 12,544.9 13,795.6 17,036.7 20,680.8
5.Current Liabilities 20,746.2 16,799.5 20,380.7 25,679.2
6.Total Liabilities(A7+B5) 45,126.2 45,211.9 50,456.7 49,308.6
7.Net Current Assets(B4-B5) -8,201.3 -3,003.9 -3,344 -4,998.4
8.Contractual Liabilities 36,053.8 34,011.5 38,055.6 29,575.2
9.Net liquid assets (B1-B5) -16,615.3 -12,231.4 -13,646.3 -16,682.8
C.Fixed Assets:
1.Fixed Asset At Cost 78,367.8 86,494.6 90,963.2 86146.9 116112.5 166
2.Fixed assets after deducting accumulated depreciati 57,605.7 62,022.5 63,904.4 63,939.5
3.Depreciation for the year 2,702.2 3,109.2 2,642.4 2,630.1
4.Total assets (B4+C2) 70,150.6 75,818.1 80,941.1 84620.3 113213.1 177
D.Operation:
1.Gross sales 33,237.7 36,841.3 38,320.1 45,537.3
(1)Local sales 33,237.7 36,696 37,856.6 44,760.2
(2)Export sales 0.0 145.3 463.5 777.1
2.Cost of Sales 31,091.6 32,399.1 35,707.1 36,895
3.Gross profit 2,146.1 4,442.2 2,612.9 8,642.3
4.Overhead and Other Expenses 32,199.3 33,681.8 37,327.6 39,919.4
5.Operating profit 1,572 3,604.6 1,556.8 6,185.7
6.Financial expenses 3,276.2 3,224.7 2,491.2 1,486.2
7.Net profit before tax (D5-D6) -1,704.2 379.9 -934.3 4,699.5
8.Tax provision 178.4 262.5 231.6 622.2
9.Total amount of dividend 442.1 572.8 707.6 1,131.9
10.Total value of bonus shares issued 0.0 97.9 109.7 677.8
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of p 5,923.9 9,614.4 1,541.7 -1,619.6
2.Retention in business (D7-D8-D9) -2,324.7 -455.4 -1,873.5 2,945.4
3.Finance from outside the company (E1-E2) 8,248.6 10,069.8 3,415.2 -4,565
 2005 2006

29,625.2 34,864.8
19,586 39,747.6
49,211.2 74,612.4
1,028.5 1,028.5
5,527.1 4,904.6
25,541.1 52,484.4
32,096.7 58,417.5
81307.9 133029.9

13,280.3 25,569.8
4,287.3 6,005.8
8,993 19,564
12,155.9 15,640.2
2,156.4 3,517.8
27,592.6 44,727.8
31,905.4 44,407.3
64002.1 102824.8
-4,312.8 320.5
40,369.1 73,518
-18,625.1 -18,837.5

86146.9 116112.5 166559.8

85620.5 132709.5
3,035.6 3,331.7
84620.3 113213.1 177437.3

58,628.7 80,787.6
55,859.3 75,881.6
2,769.4 4,906
46,063.6 58,210.9
12,565.1 22,576.7
48,646.9 61,479.8
12,351.8 20,188.9
1,890.1 3,112.8
10,461.7 17,076.1
1,070.1 1,240.5
867.8 2,289
1,113.1 687.5

22,367.1 51,722
8,523.8 13,546.6
13,843.3 38,175.4
PROFITABILITY RATIOS

1 GROSS-P=GP/N.SALE*100
2 NET P=NP/N.SALE*100
3 RETURN ON EQUIRY=N.PROFIT/AVE EQUITY*100
4 ROCE=N.PROFIT BEFORE TAX N INTEREST*100/TOTAL CAPITAL EMPLOYED

Total Capital = ordinary share capital + preference share capital + Reserves + Debentures +Long-term loans

ACTIVITY RATIOS
1 INVENTORY TURNOVER=CGS/AVE INVENTORY
2 ACCOUNT RECEIVEABLE TURNOVER=CREDIT SALE/AVE ACCOUNT RECEIV
3 SELLING EXP = T. SELLING EXP*100/N.SALE
4 ADMIN EXPENSES RATIO=T. ADMIN EXP*100/N.SALE
5 FINANCE EXP RATIO=TOTAL FINANCE EXP/N.SALE
6 TOTAL OPERATING EXPENSES RATIO=T.OPERATING EXP*100/N.SALE

FINANCIAL STABILITY
1 WORKING CAPITAL=C.A/C.L
2 QUICK ASSETS RATIO=C.A-INVENTORY LESS PREPAID/C.L LESS BANK OVERDRAFT
3 EQUITY RATIO=TOTAL OWNER EQUITY*100/T.ASSETS
ures +Long-term loans