GROUP MEMBERS

S.# Name Roll No Name of Company

GROUP LEADER NAME:

 Attock Cement
Attock Cement-Vertical Analysis
Balance Sheet
2018
ASSETS
Non-current assets
Property, plant and equipment
Intangibles
Long-term Investments
Long-term loans, advances & receivables
Long-term deposits and prepayments
Deferred taxation

Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and short-term prepayments
Markup/interest receivable
Other receivables
Taxation - net
Cash and bank balances

Net assets in Bangladesh

Total Assets

EQUITY AND LIABILITIES

Equity
Share capital
Reserves

Non-current liabilities
Long term deposits
Retirement and other service benefits

Current liabilities
Trade and other payables
Provisions
Accrued interest/mark-up on short term borrowings
Short term borrowings

Total equity and liabilities

 Company 1-Horizontal Analysis (% change from
Balance Sheet
2017
ASSETS
Non-current assets
Property, plant and equipment
Intangibles
Long-term Investments
Long-term loans, advances & receivables
Long-term deposits and prepayments
Deferred taxation

Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and short-term prepayments
Markup/interest receivable (commenced in 2013)
Other receivables
Taxation - net
Cash and bank balances

Net assets in Bangladesh (none for 2011-16)

Total Assets

EQUITY AND LIABILITIES

Equity
Share capital
Reserves

Non-current liabilities
Long term deposits
Retirement and other service benefits

Current liabilities
Trade and other payables
Provisions
Accrued interest/mark-up on short term borrowings
Short term borrowings

Total equity and liabilities

 Cynergico Pk-Vertical Analysis
Income Statement
2018
Sales (net of trade discounts and allowances) 100
Less:
Sales tax
Inland freight equalization margin
Discounts/ allowances

Net Sales

Cost of products sold

Gross Profit

Other Operating Income

Operating costs
Distribution and marketing expenses
Administrative expenses
Other operating expenses

Profit from operations

Other income
Finance costs

Share of profit of associates

Profit before taxation
Taxation
Profit for the year

Earnings per share

Other comprehensive income

Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits
Less: Taxation thereon
Unrealized gain due to change in fair value of long-term available-for-
sale investments
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments
Less: Taxation thereon

Total Comprehensive Income for the year

Company 1-Horizontal Analysis (% change from

Income Statement
2017
Sales (net of trade discounts and allowances)
Less:
Sales tax
Inland freight equalization margin
Discounts/ allowances (started in 2015)

Net Sales

Cost of products sold

Gross Profit

Other Operating Income

Operating costs
Distribution and marketing expenses
Administrative expenses
Other operating expenses

Profit from operations

Other income (earned only in 2011)
Finance costs

Share of profit of associates

Profit before taxation
Taxation
Profit for the year

Earnings per share

Other comprehensive income
Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax (nil in 2011)
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits (nil in 2011)
Less: Taxation thereon (nil in 2011)

Unrealized gain due to change in fair value of long-term available-for-

sale investments (nil in 2011)
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments
Less: Taxation thereon (nil in 2011)

Total Comprehensive Income for the year

Company 1 ratios
2018
Liquidity Ratios
Current ratio (times) 0.87
Quick ratio (times) 0.78
Assets Management Ratios
Inventory turnover (times)
Receivables turnover (times)
Payables turnover (times)
Days Sales Outstanding (days)
Days Sales Of Inventory (days)
Days Payable Outstanding (days)
Operating Cycle (days)
Cash Conversion cycle (days)
Total Asset Turnover (times)
Fixed Asset turnover (times)
Debt Management Ratio
Debt to Asset Ratio
Debt to Equity ratio
Long term debt ratio
Times Interest Earned Ratio
Profatibility Ratios
Gross Profit Margin
Net Profit Margin
Operating Profit Margin
Return On Total Assets
Return On Common Equity
Market Value Ratios
Price to earning ratio (times)
Market to Book Ratio (times)
Dividend Yield Ratio
Dividend Payout Ratio
Dividend Cover (times)

Solvency Ratio

Company 1
Balance Sheet

2017
Rs 000s
ASSETS
Non-current assets
Property, plant and equipment 140550

Intangibles -
Long-term Investments 786,112
Long-term loans, advances & receivables 48,588
Long-term deposits and prepayments 42,980
Deferred taxation -
17,538,018
Current Assets
Stores, spare parts and loose tools -
Stock-in-trade 1,929,782.00
Trade debts 180,490
Loans and advances 76,383
Deposits and short-term prepayments 23,655
Markup/interest receivable -
Other receivables 105,787
Taxation - net 733,418
Short-term investments -
Cash and bank balances 121,847
3,171,362
Net assets in Bangladesh -
Total Assets 20,709,380
EQUITY AND LIABILITIES
Equity
Share capital 1,145,225
Reserves 10,802,410
11,947,635
Non-current liabilities
Long term deposits 1,501,033
Retirement and other service benefits 1,307,200
2,808,233
Current liabilities
Trade and other payables 4,983,843
Provisions 11,994
Accrued interest/mark-up on short term borrowings 45,990
Short term borrowings 2,080,847
87,611,745
Total equity and liabilities 20,709,380

Attock Cement
Comprehensive Income
2017

Sales (net of trade discounts and allowances) 19,290,169

Less:
Sales tax (4,195,471)
Inland freight equalization margin -
Discounts/ allowances (359,526)

Net Sales 14,735,172

Cost of products sold (8,842,960)

Gross Profit 5,892,212

Other Operating Income 236,632

Operating costs
Distribution and marketing expenses (903,531)
Administrative expenses (419,378)
Other operating expenses (333,645)

Profit from operations 4,472,290

Other income
Finance costs (28,369)

Share of profit of associates -

Profit before taxation 4,443,921
Taxation (1,409,864)
Profit for the year 3,034,057

Earnings per share

Other comprehensive income

Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax (101,734)
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits -
Less: Taxation thereon -

Unrealized gain due to change in fair value of long-term available-for-

sale investments
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates -
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments -
Less: Taxation thereon -

Total Comprehensive Income for the year 2,932,323

Additional Information
2017
Dividend per share (Rs) 12.5
Price per share (Rs)
Total Dividend (Rs)
COGS -8,842,960
Credit Purchases (Rs 000s)
Number of shares (not in 1000s)
Tax rate
Depreciation (Rs 000s) -437,171
Amortization (Rs 000s)
Accounts Payable (Rs 000s)
Book value per share (Rs)
Liquidity ratios

2. Borrowing capacity (leverage)

3. Profitability ratios

4.Investors are interested in a special group of ratios,

5. Cash flow ratios

ck Cement
nt-Vertical Analysis
ance Sheet
2019 2020 2021 2022
Analysis (% change from base year 2014)
Balance Sheet
2018 2019 2020 2021 2022
 k-Vertical Analysis
me Statement
2019 2020 2021 2022
Analysis (% change from base year 2014)
Income Statement
2018 2019 2020 2021 2022
pany 1 ratios
2019 2020 2021 2022

0.91 0.89 1.00 0.92

0.82 0.84 0.86 0.84
 As at 30 June
2018 2019 2020 2021 2022
Rs 000s Rs 000s Rs 000s Rs 000s Rs 000s

17,962,931 17,685,584 17,255,963 19,477,024 26,729,628

- - - - -
1,435,379 1,836,541 1,858,089 1,863,743 1,870,552
47,311 47,593 38,818 67,964 64,807
99,940 99,940 99,940 99,940 99,940
131,543 - - - -
19,677,104 19,669,658 19,252,810 21,508,671 28,764,927

- - - - -
3,649,066 3,395,522 3,465,940 3,642,496 5,404,313
709,917 795,061 494,535 1,631,402 951,849
78,499 87,931 162,443 143,929 105,400
22,593 45,212 13,248 25,355 20,588
- - - - -
201,370 235,807 324,522 320,036 410,470
1,742,569 2,784,827 2,923,387 2,878,773 2,661,936
- - - 1,914,887 -
324,936 302,586 785,559 591,414 924,798
6,728,950 7,646,946 8,169,634 11,148,292 10,479,354
- - - - -
26,406,054 27,316,604 27,422,444 32,656,963 39,244,281
 1,145,225 1,374,270 1,374,270 1,374,270 1,374,270
13,727,410 14,725,189 15,178,386 15,826,272 16,117,268
14,872,635 16,099,459 16,552,656 17,200,542 17,491,538

3,448,293 2,195,415 282,706 2,808,651 8,247,658

387,093 618,161 1,440,775 1,541,772 2,125,175
3,835,386 2,813,576 1,723,481 4,350,423 10,372,833

4,983,843 3,577,440 4,185,436 6,657,144 6,620,372

12,909 13,060 24,531 36,127 33,572
88,773 143,867 33,590 18,873 78,375
2,612,508 4,669,202 4,902,750 4,393,854 4,647,591
7,698,033 8,403,569 9,146,307 11,105,998 11,379,910
26,406,054 27,316,604 27,422,444 32,656,963 39,244,281

Statement of
Comprehensive Income
2018 2019 2020 2021 2022

22,633,057 27,834,121 24,621,398 27,750,985 28,111,069

(5,424,400) (6,089,575) (4,975,433) (5,130,025) (5,998,136)

(388,752) (731,267) (735,736) (925,394) (990,489)
(324,246) (232,345) (409,655) (451,004) (643,302)

16,495,659 20,780,934 18,500,574 21,244,562 20,479,142

(11,697,583) (15,978,032) (14,251,503) (16,601,998) (16,776,783)

4,798,076 4,802,902 4,249,071 4,642,564 3,702,359

60,804 293,803 233,547 134,803 920,615

(1,170,970) (1,414,820) (1,830,945) (2,203,448) (1,294,657)

(533,111) (505,149) (506,937) (568,043) (640,800)
(163,000) (149,756) (92,274) (114,129) (124,435)

3,380,551 3,026,980 2,052,462 1,891,747 2,563,082

 (251,172) (648,444) (525,894) (357,487) (257,954)

- 24,665 5,923 5,654 6,809

3,129,379 2,403,201 1,532,491 1,539,914 2,311,937
1,270,405 (330,000) (425,000) (432,562) (1,190,346)
4,399,784 2,073,201 1,107,491 1,107,352 1,121,591

Rs. 38.42 Rs. 15.09 Rs. 8.06 Rs. 8.06 Rs. 8.16

71,269 69,803 (104,586) 21,529 (6,033)

- - - - -
- - - - -

- - - - -

- - - - -
- - - - -

4,471,053 2,143,004 1,002,905 1,128,881 1,115,558

Additional Information
2018 2019 2020 2021 2022
13.5 8.0 4.0 3.5 6.0

-11,697,583 -15,978,032 -14,251,503 -16,601,998 -16,776,783

-536,808 -794,912 -820,751 -823,029 -875,332

 Cynergico
Cynergico Pk-Vertical Analysis
Balance Sheet
2019
ASSETS
Non-current assets
Property, plant and equipment
Intangibles
Long-term Investments
Long-term loans, advances & receivables
Long-term deposits and prepayments
Deferred taxation

Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Deposits and short-term prepayments
Markup/interest receivable
Other receivables
Taxation - net
Cash and bank balances

Net assets in Bangladesh

Total Assets

EQUITY AND LIABILITIES

Equity
Share capital
Reserves

Non-current liabilities
Long term deposits
Retirement and other service benefits

Current liabilities
Trade and other payables
Provisions
Accrued interest/mark-up on short term borrowings
Short term borrowings

Total equity and liabilities

 Cynergico PK BALANCE SHEET OF 2018 TO 2022 HORIZONTAL
2018
Rs 000s
ASSETS
Non-current assets
Property, plant and equipment 101%
Good will 97%
Intangibles 92%
Invesments accounted for using equity method 95%
other financial assets 87%
other non current assets 97%
Deferred tax assets 89%
TOTAL NON CURRENT ASSETS 96%
Current Assets
Cash and cash equivalents 127%
Inventories 96%
trade and other receivables 102%
other financial assets 146%
other current assets 97%
assets held for sale 21%
TOTAL current ASSETS 112%
Total Assets 103%

EQUITY AND LIABILITIES

Equity
Share capital 100%
CAPITAL SURPLUS 100%
TREASURY SHARES 100%
Ratained earnings 108%
Other components of equity -38%
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF PARENT 102%
Non controlling interst 102%
Total equity 102%
Non-current liabilities
Bonds and borrowings 119%
Other financial liabilities 101%
Retirement benefit liability 109%
Provisions 101%
Other non current liabilities 35%
Deferred tax liabilities 90%
Total non current liabilities 103%
Current liabilities
Trade and other payables 97%
Bonds and borrowings 185%
Other financial liabilities 83%
Income taxes payable 78%
Provisions 32%
Other current liabilities 98%
Total current liabilities 107%
TOTAL LIABILITIES 106%
Total equity and liabilities 103%
Inland freight equalization margin
Discounts/ allowances

Net Sales

Cost of products sold

Gross Profit

Other Operating Income

Operating costs
Distribution and marketing expenses
Administrative expenses
Other operating expenses

Profit from operations

Other income
Finance costs

Share of profit of associates

Profit before taxation
Taxation
Profit for the year

Earnings per share

Other comprehensive income

Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits
Less: Taxation thereon
Unrealized gain due to change in fair value of long-term available-for-
sale investments
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments
Less: Taxation thereon

Total Comprehensive Income for the year

Company 1-Horizontal Analysis (% change from base y

Income Statement
2018
Sales (net of trade discounts and allowances)
Less:
Sales tax
Inland freight equalization margin
Discounts/ allowances (started in 2015)

Net Sales

Cost of products sold

Gross Profit

Other Operating Income

Operating costs
Distribution and marketing expenses
Administrative expenses
Other operating expenses

Profit from operations

Other income (earned only in 2011)
Finance costs

Share of profit of associates

Profit before taxation
Taxation
Profit for the year

Earnings per share

Other comprehensive income
Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax (nil in 2011)
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits (nil in 2011)
Less: Taxation thereon (nil in 2011)

Unrealized gain due to change in fair value of long-term available-for-

sale investments (nil in 2011)
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments
Less: Taxation thereon (nil in 2011)

Total Comprehensive Income for the year

Company 1 ratios
2019
Liquidity Ratios
Current ratio (times) 0.85
Quick ratio (times) 0.49
Assets Management Ratios
Inventory turnover (times)
Receivables turnover (times)
Payables turnover (times)
Days Sales Outstanding (days)
Days Sales Of Inventory (days)
Days Payable Outstanding (days)
Operating Cycle (days)
Cash Conversion cycle (days)
Total Asset Turnover (times)
Fixed Asset turnover (times)
Debt Management Ratio
Debt to Asset Ratio
Debt to Equity ratio
Long term debt ratio
Times Interest Earned Ratio
Profatibility Ratios
Gross Profit Margin
Net Profit Margin
Operating Profit Margin
Return On Total Assets
Return On Common Equity
Market Value Ratios
Price to earning ratio (times)
Market to Book Ratio (times)
Dividend Yield Ratio
Dividend Payout Ratio
Dividend Cover (times)

Solvency Ratio

Cynergico PK BALANCE SHEET OF 2018 TO 2022

2017

ASSETS
Non-current assets
Property, plant and equipment 138,676
Good will 208,999
Intangibles 103,353
Invesments accounted for using equity method 12,212
other financial assets 46,955
other non current assets 14,820
Deferred tax assets 3,469
TOTAL NON CURRENT ASSETS 528,484
Current Assets
Cash and cash equivalents 101,876
Inventories 68,646
trade and other receivables 175,185
other financial assets 40,891
other current assets 9,743
assets held for sale 1,267
TOTAL current ASSETS 397,608
Total Assets 926,092

EQUITY AND LIABILITIES

Equity
Share capital 78,862
CAPITAL SURPLUS 63262
TREASURY SHARES -6454
Ratained earnings 360249
Other components of equity 15471
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF PARENT 511,390
Non controlling interst 125549
Total equity 636,939
Non-current liabilities
Bonds and borrowings 31802
Other financial liabilities 5502
Retirement benefit liability 18012
Provisions 383
Other non current liabilities 3446
Deferred tax liabilities 28659
Total non current liabilities 87,804
Current liabilities
Trade and other payables 126175
Bonds and borrowings 27926
Other financial liabilities 6091
Income taxes payable 6091
Provisions 3145
Other current liabilities 31920
Total current liabilities 201,348
TOTAL LIABILITIES 289,152
Total equity and liabilities 926,091

Cynergico PK
Income Statement
2017

Sales (net of trade discounts and allowances)

Less:
Cost of products sold
Gross Profit
Operating costs
Distribution SELLING EXPENSES
TOTAL EXPENSE
Operating income
other income
FINANCE INCOME
Sshare of profit/(loss)
loss on step aqquisition
Other Charges
EBIT
Finance costs
Profit before taxation
Taxation
Profit for the year

basic Earnings per share

dilluted EPS

Other comprehensive income

Items that will not be reclassified:
Share of actuarial losses on remeasurement of post employment benefit
plan of an associate - net of tax 71,269
Actuarial gains/(losses) on remeasurement of retirement and other
service benefits -
Less: Taxation thereon -

Unrealized gain due to change in fair value of long-term available-for-

sale investments
Items that may be reclassified subsequently to profit or loss:
Share of unrealized gains/(losses) due to change in fair value of
available-for-sale investments of associates -
Unrealized (loss)/gain due to change in fair value of long-term
available-for-sale investments -
Less: Taxation thereon -

Total Comprehensive Income for the year 4,471,053

Additional Information
2018
Dividend per share (Rs) 13.5
Price per share (Rs)
Total Dividend (Rs)
COGS -11,697,583
Credit Purchases (Rs 000s)
Number of shares (not in 1000s)
Tax rate
Depreciation (Rs 000s) -536,808
Amortization (Rs 000s)
Accounts Payable (Rs 000s)
Book value per share (Rs)
Liquidity ratios

2. Borrowing capacity (leverage)

3. Profitability ratios

4.Investors are interested in a special group of ratios,

5. Cash flow ratios

co
ical Analysis
heet
2020 2021 2022
2018 TO 2022 HORIZONTAL ANALYSIS
2019 2020 2021 2022
Rs 000s Rs 000s Rs 000s Rs 000s

171% 103% 122% 125%

210% 99% 154% 126%
242% 99% 131% 133%
109% 104% 238% 100%
133% 92% 103% 51%
20% 110% 382% 81%
102% 103% 155% 145%
191% 100% 139% 124%

95% 188% 60% 175%

141% 101% 141% 133%
119% 109% 115% 117%
109% 103% 60% 43%
133% 138% 106% 98%
157% 217% 416% 8%
114% 127% 93% 127%
155% 109% 121% 125%

100% 100% 851% 100%

99% 101% 0%
99% 98% 98% 99%
106% 108% 51% 120%
-94% -219% -543% 319%
106% 103% 169% 120%
106% 97% 7% 71%
106% 102% 139% 119%

153% 804% 98% 137%

804% 105% 120% 139%
125% 85% 89% 88%
234% 86% 100% 150%
153% 235% 142% 90%
242% 95% 124% 124%
213% 312% 102% 133%

126% 105% 130% 122%

745% 18% 96% 147%
247% 205% 112% 119%
142% 131% 126% 74%
221% 134% 84% 139%
125% 123% 114% 125%
277% 53% 118% 126%
258% 116% 108% 130%
155% 109% 121% 125%
 is (% change from base year 2014)
e Statement
2019 2020 2021 2022
ratios
2020 2021 2022

2.04 1.61 1.64

1.30 0.90 0.97
CE SHEET OF 2018 TO 2022

2018 2019 2020 2021 2022

Rs 000s Rs 000s Rs 000s Rs 000s Rs 000s

140,550 240,319 248,302 301,706 376,835

203,722 427,091 424,168 652,692 825,525
95,496 230,986 229,140 300,200 400,052
11,612 12,680 13,174 31,406 31,390
40,942 54,381 49,939 51,448 26,063
14,374 2,818 3,110 11,873 9,558
3,075 3,151 3,248 5,019 7,279
509,771 971,426 971,081 1,354,344 1,676,702

129,633 123,300 232,134 138,813 242,598

65,807 92,860 94,055 132,798 176,049
179,269 212,844 231,995 266,908 311,305
59,775 65,158 66,915 39,924 17,254
9,456 12,623 17,468 18,430 18,125
272 428 927 3,860 301
444,212 507,213 643,494 600,733 765,632
953,983 1,478,639 1,614,575 1,955,077 2,442,334

78,862 78,862 78,862 671,432 671,432

63,247 62,927 63,320 -
(6,444) (6,378) (6,268) (6,153) (6,096)
 390,287 411,941 443,878 228,009 272,527
(5,905) 5,568 (12,199) 66,230 210,961
520,047 552,920 567,593 959,518 1,148,824
127570 135056 131407 9176 6533
647,617 687,976 699,000 968,694 1,155,357

37,881 58,147 467,627 457,919 626,087

5,558 44,681 46,917 56,288 78,027
19,572 24,382 20,763 18,570 16,355
385 900 775 777 1,164
1,209 1,847 4,344 6,157 5,555
25,896 62,560 59,602 74,040 91,580
90,501 192,517 600,028 613,751 818,768

121,999 153,277 161,525 209,686 256,835

51,583 384,049 68,133 65,115 95,970
5,050 12,470 25,534 28,701 34,153
4,735 6,739 8,796 11,105 8,192
992 2,197 2,945 2,478 3,436
31,415 39,413 48,611 55,546 69,622
215,774 598,145 315,544 372,631 468,208
306,275 790,662 915,572 986,382 1,286,976
953,892 1,478,638 1,614,572 1,955,076 2,442,333

e Statement
2018 2,019 2020 2021 2022

772,560 998,276

451,336 619,953
321,224 378,323 -

(235,468) (294,322)
(235,468) (294,322) -
85,756 84,001 -
5,292 7,528
6,173 4,201
1,649 2,186
- (1,601)
(3,454) (3,914)
 95,416 92,401 -
5,973 5,934
89,443 86,467 -
(20,043) (19,245)
69,400 67,222 -

Rs. 38.42 Rs. 15.09 28.49 Rs. 8.06 Rs. 8.16

28.49

69,803 (104,586) 21,529 (6,033)

- - - -
- - - -

- - - -

- - - -
- - - -

2,143,004 1,002,905 1,128,881 1,115,558

al Information
2019 2020 2021 2022
8.0 4.0 3.5 6.0

-15,978,032 -14,251,503 -16,601,998 -16,776,783

-794,912 -820,751 -823,029 -875,332