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Ibrahim Fibres Limited

Contents

2 3 4

Company Information Directors Review Auditors Report on Review of Interim Financial Information to the Members Condensed Interim Financial Report

6 7 8 9 10 11

Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Statement of Comprehensive Income Condensed Interim Cash Flow Statement Condensed Interim Statement of Changes in Equity Selected Explanatory Notes to the Condensed Interim Financial Report

Half Yearly Report December 31, 2011

Company Information
Board of Directors Sheikh Mukhtar Ahmed
Chairman

Bankers Askari Bank Limited Bank Alfalah Limited Bank Al Habib Limited BankIslami Pakistan Limited Barclays Bank PLC Citibank, N.A. Deutsche Bank AG Faysal Bank Limited Habib Bank Limited Habib Metropolitan Bank Limited HSBC Bank Middle East Limited JS Bank Limited MCB Bank Limited Meezan Bank Limited National Bank of Pakistan Standard Chartered Bank (Pakistan) Limited United Bank Limited Registered Office Ibrahim Centre, 1 - Ahmed Block, New Garden Town, Lahore - 54600, Pakistan. Head Office Ibrahim Centre, 15 - Club Road, Faisalabad - 38000, Pakistan. Registrars & Shares Registration Office M/s Technology Trade (Pvt) Ltd. Dagia House, 241 - C, Block - 2, P.E.C.H.S., Off: Shahrah-e-Quaideen, Karachi, Pakistan. Projects Location 38 - 40 Kilometres, Faisalabad - Sheikhupura Road, Faisalabad, Pakistan.

Mohammad Naeem Mukhtar


Chief Executive Officer

Muhammad Waseem Mukhtar Shahid Amin Anwarul Haque Mohammad Pervaiz Aslam Rana Mohammad Waqar Secretary Anwarul Haque - FCA Audit Committee Shahid Amin
Chairman

Mohammad Pervaiz Aslam Rana


Member

Mohammad Waqar
Member

Anwarul Haque - FCA


Secretary

Auditors Avais Hyder Liaquat Nauman


Chartered Accountants

Faisalabad, Pakistan.

Ibrahim Fibres Limited

Directors Review
The Directors of your Company are pleased to present before you the un-audited financial results of the Company for the half year ended December 31, 2011. Operating Performance During the half year under review, the polyester plant of your Company produced 105,084 tons of Polyester Staple Fibre (PSF) / Polyester chips as compared to production of 107,323 tons during the corresponding period of previous year, thus achieving an average capacity utilization of 96% as against 98% achieved during the corresponding period of previous year. Out of this production, 11,463 tons of PSF were consumed by the textile plants of your Company for the production of blended yarns as against 11,927 tons consumed during the corresponding period of previous year. The textile plants of your Company produced 16,187 tons of blended yarns of different counts during the half year as compared to 16,959 tons produced during corresponding period of previous year. Financial Performance During second quarter of the half year under review, your Company achieved net sales of Rs. 8,675 million as compared to Rs. 9,335 million during the corresponding quarter of previous year. Gross profit earned during the said quarter was Rs. 709 million as compared to Rs. 943 million during the corresponding quarter. During the half year under review, your Company achieved net sales of Rs. 18,410 million and gross profit of Rs. 1,273 million as compared to Rs. 17,690 million and Rs. 1,804 million respectively during corresponding period of previous year. Gross margins have squeezed due to high prices of heavy furnace oil and natural gas, devaluation of Pak Rupee against US Dollar and inventory losses caused by continuously falling prices of cotton and yarns. After accounting for the Companys proportionate share in profits of Allied Bank Limited, an associated company, amounting to Rs. 1,439 million during the half year as compared to Rs. 1,524 million during the corresponding period, your Company earned profit before tax of Rs. 2,559 million as against Rs. 2,631 million earned during the corresponding period. Profit after tax for the half year amounted to Rs. 2,398 million as compared to Rs. 2,147 million for the corresponding period of previous year. Balancing, Modernisation, Replacement and Expansion Polyester Staple Fibre Plant The plan to increase the overall production capacity of polyester staple fibre plant of your Company from 208,600 tons of PSF per annum to 436,100 tons is being implemented as per schedule. Major shipments against import of machinery have already arrived at site and are under installation. The management of your Company expects that commercial production will be started as per schedule. Power Generation Plant The management of your Company has decided to increase the generation capacity of its power generation plant, as reported in chairmans review of the latest Annual Report. In this regard, a letter of credit was opened in July 2011 for import of 5 power generating sets based on heavy fuel oil having a generation capacity of 5.3 MW each from NIIGATA, Japan who is the supplier of existing power generating sets of the Company. After installation, these power generating sets will add 26.5 MW to the existing 46.8 MW generation capacity of the power generation plant. Shipment of machinery is expected to start during calendar year 2012. Future Outlook Going forward, the demand of PSF in domestic market is expected to be suppressed due to excessive availability of cotton and lower capacity utilization by the downstream textile industry which is mainly because of lesser availability of power and natural gas. On the other hand, margins are expected to remain low as compared to last financial year due to rise in crude oil price in international market and increase in the rate of natural gas in domestic market. Earnings per share Earnings per share for the half year ended December 31, 2011 come to Rs. 7.72 as compared to Rs. 6.91 during the corresponding period of previous year.

On behalf of the Board Lahore February 25, 2012 MOHAMMAD NAEEM MUKHTAR Chief Executive Officer

Half Yearly Report December 31, 2011

Auditors Report
Introduction

on Review of Interim Financial Information to the Members

We have reviewed the accompanying condensed interim balance sheet of Ibrahim Fibres Limited as at December 31, 2011 and the related condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim cash flow statement, condensed interim statement of changes in equity and notes to the accounts for the six months period then ended (here-in-after referred to as the interim financial information). Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan. Our responsibility is to express a conclusion on this interim financial information based on our review. The figures of the condensed interim profit and loss account and condensed interim statement of comprehensive income for the quarter ended December 31, 2011 and 2010 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2011. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at December 31, 2011 and for the six months period then ended is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan.

Dated: February 25, 2012 Place: Faisalabad

Avais Hyder Liaquat Nauman Chartered Accountants Engagement partner: Syed Ali Adnan Tirmizey

Ibrahim Fibres Limited Condensed Interim Financial Report


for the half year ended December 31, 2011

Half Yearly Report December 31, 2011

Condensed Interim Balance Sheet


as at December 31, 2011
Note
NON - CURRENT ASSETS Property, plant and equipment Intangible assets Investment in associate Long term loans Long term deposits CURRENT ASSETS Stores, spare parts and loose tools Stock in trade Trade debts Loans and advances Prepayments Other receivables Cash and bank balances Non - current assets held for sale CURRENT LIABILITIES Trade and other payables Markup / interest payable Short term bank borrowings Current portion of long term financing Provision for taxation - income tax Working capital Total capital employed NON - CURRENT LIABILITIES Long term financing Deferred liabilities : Deferred taxation Staff retirement gratuity CONTINGENCIES AND COMMITMENTS Net worth Represented by : SHARE CAPITAL AND RESERVES Share capital Capital reserves Revenue reserves 3,105,069,950 1,155,366,404 15,973,235,163 20,233,671,517 The annexed notes form an integral part of this condensed interim financial report. 3,105,069,950 1,164,673,343 14,506,318,180 18,776,061,473 5 3,756,249,999 1,881,999,150 614,773,445 6,253,022,594 20,233,671,517 2,541,666,666 1,980,013,457 525,355,864 5,047,035,987 18,776,061,473 3 4 11,502,038,714 10,504,073 11,201,312,723 19,368,492 3,681,763 22,736,905,765 1,201,080,309 4,367,537,652 231,951,855 413,269,435 48,866,370 555,476,029 206,239,039 3,333,868,890 10,358,289,579 2,368,309,167 132,907,894 2,090,801,738 1,760,416,668 256,065,766 6,608,501,233 3,749,788,346 26,486,694,111 8,828,907,710 11,092,969 13,769,491,023 20,540,808 3,573,063 22,633,605,573 832,525,351 2,676,081,437 162,236,487 863,787,917 8,052,309 537,943,429 155,387,775 2,240,815,548 7,476,830,253 3,001,543,155 154,623,130 703,649,354 1,783,333,334 644,189,393 6,287,338,366 1,189,491,887 23,823,097,460

Un-audited December 31, 2011 Rupees

Audited June 30, 2011 Rupees

Chief Executive Officer

Director

Ibrahim Fibres Limited

Condensed Interim Profit and Loss Account (Un-audited)


for the half year ended December 31, 2011
Note
Sales - net Cost of goods sold Gross profit Selling and distribution expenses Administrative expenses Other operating expenses Finance cost 6

Quarter ended December 31, 2011 2010 Rupees Rupees


8,674,588,347 7,965,426,207 709,162,140 36,648,532 137,260,358 27,452,093 188,248,403 389,609,386 319,552,754 9,334,682,162 8,392,161,959 942,520,203 45,941,169 140,127,191 42,227,653 198,789,967 427,085,980 515,434,223 91,799,221 607,233,444 830,252,000 1,437,485,444 279,691,578 1,157,793,866 3.73

Half year ended December 31, 2011 2010 Rupees Rupees


18,410,206,329 17,137,530,263 1,272,676,066 77,779,234 272,726,641 45,564,983 369,179,661 765,250,519 507,425,547 612,591,864 1,120,017,411 1,438,612,000 2,558,629,411 160,191,442 2,398,437,969 7.72 17,689,970,235 15,885,593,667 1,804,376,568 85,462,313 293,384,724 76,072,144 417,389,591 872,308,772 932,067,796 175,144,036 1,107,211,832 1,523,881,000 2,631,092,832 484,366,910 2,146,725,922 6.91

Other operating income Share of profit of associate - net Profit before taxation Provision for taxation Profit for the period Earnings per share - Basic and Diluted

12,201,038 331,753,792 644,713,000 976,466,792 109,692,397 866,774,395 2.79

The annexed notes form an integral part of this condensed interim financial report.

Chief Executive Officer

Director

Half Yearly Report December 31, 2011

Condensed Interim Statement of Comprehensive Income (Un-audited)


for the half year ended December 31, 2011
Quarter ended December 31, 2011 2010 Rupees Rupees
Profit for the period Other comprehensive income / (loss) for the period Share of changes in equity of associate Deferred tax relating to share of changes in equity of associate Share of changes in equity of associate reclassified to profit and loss account on disposal Deferred tax relating to share of changes in equity of associate reclassified to profit and loss account on disposal Unrealised gain on remeasurement of investment in associate - available for sale Deferred tax relating to unrealised gain on remeasurement of investment in associate - available for sale 1,572,300 Total comprehensive income for the period 868,346,695 (319,422) 3,294,330 1,161,088,196 (9,306,939) 2,389,131,030 (319,422) 3,627,301 2,150,353,223 3,194,218 3,194,218 239,685 1,438,604 491,988 (2,396,851) (14,386,043) (4,919,883) (174,700) (286,300) (404,500) (575,600) 1,747,000 2,863,000 4,045,000 5,756,000 866,774,395 1,157,793,866

Half year ended December 31, 2011 2010 Rupees Rupees


2,398,437,969 2,146,725,922

The annexed notes form an integral part of this condensed interim financial report.

Chief Executive Officer

Director

Ibrahim Fibres Limited

Condensed Interim Cash Flow Statement (Un-audited)


for the half year ended December 31, 2011
Half year ended December 31, 2011 2010 Rupees Rupees
a) Cash flows from operating activities Profit before taxation Adjustments for : Depreciation / amortisation of property, plant and equipment Amortisation of intangible assets Provision for staff retirement gratuity Loss / (gain) on disposal of : Property, plant and equipment Investment - available for sale Non - current assets held for sale Profit on deposits Share of profit of associate - net Finance cost Operating cash flows before working capital changes Changes in working capital (Increase) / decrease in current assets Stores, spare parts and loose tools Stock in trade Trade debts Loans and advances Prepayments Other receivables Increase in current liabilities Trade and other payables Cash (used in) / generated from operations Long term loans recovered - net Finance cost paid Income tax paid Staff retirement gratuity paid Net cash (used in) / generated from operating activities b) Cash flows from investing activities Additions in : Property, plant and equipment Intangible assets Investment - available for sale Proceeds from disposal of : Property, plant and equipment Investment - available for sale Non - current assets held for sale - net Dividend received Long term deposits Profit on deposits Net cash (used in) / generated from investing activities c) Cash flows from financing activities Long term financing obtained Repayment of : Long term financing Long term murabaha Increase / (decrease) in short term bank borrowings - net Dividend paid Net cash generated from / (used in) financing activities Net increase in cash and cash equivalents (a+b+c) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period The annexed notes form an integral part of this condensed interim financial report. 2,000,000,000 (808,333,334) 1,387,152,384 (928,679,348) 1,650,139,702 50,851,264 155,387,775 206,239,039 (794,541,666) (150,000,000) (1,569,438,291) (618,960,358) (3,132,940,315) 175,801,749 72,753,720 248,555,469 (3,007,442,538) (613,478) 1,425,983 1,616,796,160 676,966,410 (108,700) 9,878,837 (703,097,326) (147,689,919) (2,825,100) (1,145,000,000) 5,814,044 320,418,830 866,392,096 603,693,130 4,860 21,768,628 522,576,569 2,558,629,411 350,991,783 1,202,374 96,742,850 982,451 (585,248,802) (9,878,837) (1,438,612,000) 369,179,661 1,343,988,891 (368,554,958) (1,691,456,215) (69,715,368) 199,398,819 (40,814,061) (99,495,359) 571,992,988 (1,498,644,154) (154,655,263) 1,172,316 (390,894,897) (344,487,999) (7,325,269) (896,191,112) 2,631,092,832 354,619,027 885,036 68,952,624 (1,822,375) (724,417) (138,420,757) (21,768,628) (1,523,881,000) 417,389,591 1,786,321,933 (92,305,993) (325,638,149) (7,474,064) 4,463,977 (15,254,655) 164,943,954 1,895,788,829 1,624,523,899 3,410,845,832 1,610,534 (467,417,858) (139,753,361) (19,119,652) 2,786,165,495

Chief Executive Officer

Director

10

CAPITAL RESERVES Share premium Merger reserve Share of changes in equity of associate Fair value reserve General reserve Unappropriated profit TOTAL

ISSUED, SUBSCRIBED AND PAID UP CAPITAL

REVENUE RESERVES

Rupees
1,000,000,000 1,000,000,000 1,000,000,000 4,045,000 (404,500) (14,386,043) 72,017,550 7,110,423 (711,042) 6,399,381 92,655,793 (2,874,796) (2,874,796) 2,111,673,099 519,000,000 72,017,550 752,505 86,256,412 (319,422) 2,874,796 2,874,796 2,111,673,099 491,988 3,194,218 2,146,725,922 10,389,551,811 2,005,093,270 2,005,093,270 12,394,645,081 (931,520,986) (519,000,000) 2,398,437,969 5,756,000 (575,600) (4,919,883) 2,146,725,922 2,146,725,922 5,756,000 (575,600) (4,919,883) 491,988 3,194,218 (319,422) 2,150,353,223 16,767,443,618 2,005,093,270 7,110,423 (711,042) (2,874,796) 2,008,617,855 18,776,061,473 (931,520,986) 2,398,437,969 4,045,000 (404,500) (14,386,043) 30,000,000 (621,013,990) (30,000,000) (621,013,990) 72,017,550 85,503,907 2,081,673,099 8,893,839,879 15,238,104,385

3,105,069,950

Half Yearly Report December 31, 2011

for the half year ended December 31, 2011

Balance as at July 01, 2010 Transaction with owners Dividend for the year ended June 30, 2010 : Rs. 2/- per share Transferred to general reserve Total comprehensive income for the period Profit for the period Share of changes in equity of associate Deferred tax relating to share of changes in equity of associate Share of changes in equity of associate reclassified to profit and loss account on disposal Deferred tax relating to share of changes in equity of associate reclassified to profit and loss account on disposal Unrealised gain on remeasurement of Investment in associate - available for sale Deferred tax relating to unrealised gain on remeasurement of investment in associate - available for sale

Balance as at December 31, 2010 Total comprehensive income for the period Profit for the period Share of changes in equity of associate Deferred tax relating to share of changes in equity of associate Transfer to profit and loss account on disposal

3,105,069,950

3,105,069,950

Balance as at June 30, 2011 Transaction with owners Dividend for the year ended June 30, 2011 : Rs. 3/- per share Transferred to general reserve Total comprehensive income for the period Profit for the period Share of changes in equity of associate Deferred tax relating to share of changes in equity of associate Share of changes in equity of associate reclassified to profit and loss account on disposal Deferred tax relating to share of changes in equity of associate reclassified to profit and loss account on disposal 1,000,000,000 72,017,550 1,438,604 (9,306,939) 83,348,854

Balance as at December 31, 2011

3,105,069,950

2,630,673,099

2,398,437,969 13,342,562,064

1,438,604 2,389,131,030 20,233,671,517

Condensed Interim Statement of Changes in Equity (Un-audited)

The annexed notes form an integral part of this condensed interim financial report.

Chief Executive Officer

Director

Ibrahim Fibres Limited

11

Selected Explanatory Notes to the Condensed Interim Financial Report (Un-audited)


for the half year ended December 31, 2011
1. STATUS AND ACTIVITIES 1.1 Ibrahim Fibres Limited (the Company) is incorporated in Pakistan as a public limited company under the Companies Ordinance, 1984 (the Ordinance) and is listed on Karachi and Lahore Stock Exchanges in Pakistan. The principal business of the Company is manufacture and sale of polyester staple fibre and yarn. The registered office of the Company is located at 1 - Ahmad Block, New Garden Town, Lahore. The manufacturing units are located at Faisalabad - Sheikhupura Road, in the Province of Punjab. 1.2 The Company is in the process of implementation of balancing, modernisation and expansion of Polyester plant which will enhance the production capacity by 650 tons per day. 1.3 Pursuant to scheme of arrangement approved by the Honourable Lahore High Court, Lahore, assets, liabilities and reserves of Ibrahim Textile Mills Limited, A.A. Textiles Limited, ZainabReport March 31, 2011 Quarterly Textile Mills Limited and Ibrahim Energy Limited were merged with the assets, liabilities and reserves of the Company with effect from October 01, 2000. 1.4 This condensed interim financial report is presented in Pak Rupee, which is the Companys functional and presentation currency. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 This condensed interim financial report has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 Interim Financial Reporting and provisions of and directives issued under the Ordinance. In case the requirements differ, the provisions of or directives issued under the Ordinance have been followed. 2.2 This condensed interim financial report has been prepared under the historical cost convention except staff retirement gratuity carried at present value, investment in associate accounted for using the equity method and non - current assets held for sale stated at the lower of carrying amount and fair value less costs to sell. 2.3 This condensed interim financial report does not include all the information required for full annual financial report, and should be read in conjunction with the Companys published audited financial statements for the year ended June 30, 2011. 2.4 This condensed interim financial report is unaudited but subject to limited scope review by auditors and are being submitted to the shareholders as required under Section 245 of the Ordinance. 2.5 The accounting policies and methods of computation followed in the preparation of this condensed interim financial report are the same as those applied in the preparation of the published audited financial statements for the year ended June 30, 2011. 2.6 Standards, amendments to published approved accounuting standards and interpretations effective from July 01, 2011 : There are certain new standards, amendments and Interational Financial Reporting Interpretations Committee (IFRIC) interpretations that became effective during the period and are mandatory for accounting periods beginning on or after July 01, 2011 but are considered not to be relevant or have any significant effect on the Companys operations and are, therefore, not disclosed in this condensed interim financial report. 2.7 Standards, amendments to published approved accounting standards and interpretations as adopted in Pakistan, which are not yet effective : There are other amendents to the standards and new interpretations that are mandatory for accounting periods beginning on or after July 01, 2012 but are considered not to be relevant or have any significant effect on the Companys operations and are, therefore, not detailed in this condensed interim financial report.

12

Half Yearly Report December 31, 2011

Selected Explanatory Notes to the Condensed Interim Financial Report (Un-audited)


for the half year ended December 31, 2011
Un-audited December 31, 2011 Rupees
3. PROPERTY, PLANT AND EQUIPMENT Operating assets Capital work in progress 6,839,990,779 4,662,047,935 11,502,038,714 Half year ended December 31, 2011 Acquisitions Rupees 3.1 Acquisitions and disposals of operating assets - at cost Freehold land Plant and machinery Furniture and fixture Office equipment Vehicles 956,800 46,378,840 5,403,492 14,326,216 17,157,473 84,222,821 350,000 59,079 2,306,263 3,153,056 5,868,398 13,575,832 4,013,530 16,074,814 19,546,978 53,211,154 3,224,856 25,217 642,887 8,426,517 12,319,477 Audited June 30, 2011 Rupees Disposals Rupees 7,109,168,175 1,719,739,535 8,828,907,710

Audited June 30, 2011 Rupees

Half year ended December 31, 2010 Acquisitions Rupees Disposals Rupees

Un-audited December 31, 2011 Rupees 4. INVESTMENT IN ASSOCIATE Allied Bank Limited (ABL) - Quoted 270,786,565 (June 30, 2011 : 315,786,565) ordinary shares of Rs.10/ - each Ownership interest 31.48% (June 30, 2011 : 36.71%) Share of post acquisition changes in equity Less : Dividend received during the period / year Less : 65,000,000 (June 30, 2011 : 45,000,000) ordinary shares classified as held for sale 7,383,839,647 7,828,308,376 (676,966,410) 14,535,181,613 (3,333,868,890) 11,201,312,723

8,610,904,890 8,577,252,201 (1,177,850,520) 16,010,306,571 (2,240,815,548) 13,769,491,023

4.1 The fair value of investment in associate as at December 31, 2011 is Rs. 11,343 million (June 30, 2011 : Rs.17,368 million). 4.2 The financial year end of ABL is 31st December. The latest available financial results of associate as of September 30, 2011 have been used for the purpose of application of equity method.

Ibrahim Fibres Limited

13

Selected Explanatory Notes to the Condensed Interim Financial Report (Un-audited)


for the half year ended December 31, 2011
5. CONTINGENCIES AND COMMITMENTS 5.1 Contingencies There are no changes in contingent liabilities since the date of published audited financial statements for the year ended June 30, 2011 except for the following : (i) The amount of bank guarantees given to Sui Northern Gas Pipelines Limited against supply of gas has been reduced from Rs. 196.075 million to Rs. 195.474 million. Bank guarantee amounting to Rs. 8.940 million is given to Faisalabad Electric Supply Company Limited against supply of electricity. Bank guarantees amounting to Rs. 66.257 million have been issued in favour of The Collector of Customs, Karachi to avail exemption from Ievy of custom duty, sales tax and income tax on a consignment imported to replace the existing equipment. The exemption is subject to reshipment of rejected equipment and these guarantees will be released after the said reshipment. Bank guarantee amounting to Rs. 45.000 million has been issued in favour of The Director, Excise and Taxation, Karachi against imposition of infrastructure cess on the value of imported goods. As per interim order of the Honorable Sindh High Court, Karachi, all importers are required to deposit 50% of disputed cess in cash alongwith bank guarantee equal to balance amount of 50% till final order of the court on the petitions filed by various petitioners challenging the imposition of infrastructure cess.

(ii)

(iii)

(iv)

Un-audited December 31, 2011 Rupees in million 5.2 Commitments Under contracts for capital expenditure : Civil work Plant and machinery Under letters of credit for : Plant and machinery Raw materials and spare parts 11,449.170 402.729 957.531 276.216

Audited June 30, 2011 Rupees in million

1,189.152 44.000

12,448.954 1,230.606

14

Half Yearly Report December 31, 2011

Selected Explanatory Notes to the Condensed Interim Financial Report (Un-audited)


for the half year ended December 31, 2011
Quarter ended December 31, 2011 2010 Rupees Rupees
6. COST OF GOODS SOLD
Raw materials consumed Packing materials Salaries, wages and benefits Staff retirement benefits Stores and spare parts Fuel and power Insurance Depreciation of property, plant and equipment Other Work in process Opening stock Closing stock Cost of goods manufactured Finished goods Opening stock Closing stock 1,122,972,539 (1,897,179,944) (774,207,405) 7,965,426,207 770,107,792 (893,211,876) (123,104,084) 8,392,161,959 1,169,931,632 (1,897,179,944) (727,248,312) 17,137,530,263 786,566,681 (893,211,876) (106,645,195) 15,885,593,667 373,221,331 (286,828,614) 86,392,717 8,739,633,612 252,965,522 (319,477,841) (66,512,319) 8,515,266,043 296,007,743 (286,828,614) 9,179,129 17,864,778,575 273,470,969 (319,477,841) (46,006,872) 15,992,238,862 7,015,174,964 88,078,267 243,627,098 35,847,518 232,091,393 785,630,066 7,383,321 166,405,875 79,002,393 8,653,240,895 7,134,534,136 83,119,073 213,036,618 23,671,392 285,854,721 577,681,350 6,086,118 166,863,223 90,931,731 8,581,778,362 14,638,850,384 178,547,735 481,177,117 71,695,036 420,622,276 1,553,147,680 14,766,867 331,436,000 165,356,351 17,855,599,446 13,480,640,449 166,560,872 387,982,288 47,342,784 393,546,078 1,077,673,408 12,064,608 333,338,098 139,097,149 16,038,245,734

Half year ended December 31, 2011 2010 Rupees Rupees

7.

AGGREGATE TRANSACTIONS WITH RELATED PARTIES The Company in the normal course of business carries out transactions with various related parties which comprise of associated undertakings and key management personnel. Significant transactions with related parties are as under : Half year ended December 31, 2011 2010 Rupees Rupees

Relationship

Nature of transaction

Associated undertakings

Rent paid Dividend received Commission Investment - available for sale Proceeds from disposal of investment - available for sale Remuneration Reimbursable expenses Proceeds from disposal of non - current assets held for sale Advance from directors against non - current assets held for sale Dividend paid

46,200,000 676,966,410 391,583,560 13,500,000 2,260,428 1,617,617,853 621,442,181 824,277,042

11,550,000 603,693,130 386,327,820 1,145,000,000 320,418,830 13,500,000 1,334,742 866,615,586 493,851,050

Key management personnel

Ibrahim Fibres Limited

15

Selected Explanatory Notes to the Condensed Interim Financial Report (Un-audited)


for the half year ended December 31, 2011
8. The provision for taxation, workers profit participation fund and workers welfare fund made in this condensed interim financial report is subject to adjustments in annual financial statements. DATE OF AUTHORISATION FOR ISSUE This condensed interim financial report was authorised for issue on February 25, 2012 by the Board of Directors of the Company. 10. GENERAL i) ii) There is no unusual item included in this condensed interim financial report which is affecting assets, liabilities, profit, cash flows or equity of the Company. Figures have been rounded off to the nearest Rupee.

9.

Chief Executive Officer

Director

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