financial statement analysis 1

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BALANCE SHEET ANALYSIS

OF JOINT STOCK COMPANIES LISTED ON THE KARACHI STOCK EXCHANGE

(2003-2008)

STATE BANK OF PAKISTAN STATISTICS AND DWH DEPARTMENT

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Analytical Tables and Profiles:

I Sectors

II Economic Groups

1 Textile & Other Textiles

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Statistics & DWH Department

Supervisor

 Dr Azizullah Khattak Director

aziz.khattak@sbp.org.pk

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Introduction

I Preliminaries

The analysis is based on the published balance sheets of non-financial companies listed at the Karachi Stock Exchange during the year 2008 For the purpose of comparison, the analysis of the previous five years is also included in the publication The number of companies included in the statistical analysis varied from year to year All the listed companies (except financial sector) during 2008 have been classified into economic groups Tobacco, Jute, Vanaspati & allied and Other groups have been included into the miscellaneous group The year-wise distribution of companies classified according to the respective economic group is as under: -

Table: 1 Distribution of companies by economic groups

2003 2004 2005 2006 2007 2008

Cotton and Other Textiles

Chemicals

Engineering

Sugar and Allied Industries

Paper and Board

463

189 36 42 35 12 22 25 13 77

451

182 34 41 35 12 22 28 15 74

443

181 34 41 35 10 22 28 12 73

436

180 34 41 36 10 20 27 12 77

437

182 35 40 35 10 21 27 12 74

436

During 2008, three companies were added whereas nine companies were excluded from the analysis Five companies, which are in the default counter of KSE, were also included in the analysis (due to the availability of audited annual reports of the current year and consecutive previous years).Annual reports

of thirty four companies (mostly on default counter of KSE) were not available at the time of the analysis therefore, to present a comparable and consolidated picture the last available data in respect of these companies have been repeated

The sum of Assets and Liabilities of a company may exhibit minor differences due to rounding off separate items Ratios and percentages have been worked out after rounding off the figures in thousands, which may, therefore, slightly differ from ratios obtained from actual amount of balance sheet The symbol ‘ – ‘ appearing in the analytical tables stand for Not applicable or Not available

The publication is based on the two sets of analysis:

(a) Overall summary:

This gives the consolidated financial analysis of companies listed at KSE

(b) Company-wise analysis :

This provides financial analysis of the individual companies

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II Methodology

A Capital Structure

1 Ordinary Share Capital

This represents the total paid-up capital against issue of ordinary shares These are amounts of capital actually paid by the shareholders to the institution for acquiring its shares It includes shares paid in cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other than cash (eg for settlement of receivables/debts or debts redeemable into stock etc.)

2 Reserves

It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and doubtful debts plus the balance of profit and loss account and subtracting there from intangible or fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and

adverse balance of profit and loss figures The reserves entering into the calculation are: -

(i) General (ii) Capital (iii) Development (iv) Dividend equalization (v) Proposed issue of bonus shares (vi) Profit on re-issue of forfeited shares (vii) Premium on shares

(viii) Capital profit arising from the sale of fixed assets (ix) Special reserves under relevant provision of Income Tax Act (x) Raw material price equalization

(xi) Tax equalization (xii) Contingency (xiii) Leave passage (xiv) Workmen‟s compensation fund (xv) Gratuity, pension or provident fund (xvi) Investment depreciation but not including provision for actual shortfall of market value as

compared with book value (xvii) Publicity

(xviii) Employees‟ housing and welfare fund (xix) Charities

(xx) Deferred liabilities (xxi) Taxation reserves including deferred taxation reserves, but not including provision for tax

assessed or estimated on actual or part of profits

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a) Ordinary shareholder will receive dividend, which varies according to the prosperity of the company but preference shareholder will receive a fixed amount dividend every year

b) Ordinary shareholder has a right of voting in the company‟s annual general meeting while the preference shareholder has no voting right

c) Ordinary shareholders have to claim on the net assets of the company in case of liquidation, while the claim of the preference shareholders is paid earlier

5 Debentures / TFC’s

These are bonds/certificates issued by a company to raise funds for long-term period (generally more than one year) for a specific purpose, sometimes convertible into stock At present, debentures have been replaced by TFC‟s (Term Finance Certificates)

6 Other Fixed Liabilities

The liabilities, which are required to be discharge after a period of more than one year from the date of balance sheet, are termed as other fixed liabilities or loan capital They may consist of the following items:

(i) Loans from financial institutions

(ii) Loans from non bank financial institutions

(iii) Loans from specialized financial institutions (iv) Foreign loans

(v) Vendors‟ account

7 Total Fixed Liabilities

It is the sum of the preference shares, debentures and other fixed liabilities

8 Total Capital Employed

It is the sum of shareholders‟ equity and total fixed liabilities

B Liquidity

1 Current Assets

An asset is to be a current asset, which can be readily convertible into cash or equivalent without any significant loss in value The current assets comprise of liquid assets, inventories and other current assets

a) Liquid Assets

Broadly speaking, liquid assets comprise of all assets like cash, bank balance, marketable security, etc., which are easily realisable almost at book value While there can not be two opinions regarding the status of cash, current accounts and government securities in this context, the treatment of savings and fixed deposits and of shares of joint stock companies not quoted on stock exchange leaves the analyst

in doubt The classification of borderline cases had therefore, to be made partly in keeping with the

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objective of the analysis and partly on one‟s own subjective judgment For this study, liquid assets that are also sometimes referred to as liquid capital have been bifurcated as cash and investments and comprise of the following items: -

(i) Cash in hand (ii) Cash in transit (iii) Current deposits (iv) Saving deposits (v) Call deposits (vi) Fixed deposits (vii) Deposits held abroad (viii) Government and corporate securities (ix) Savings and Unit Trust Certificates (x) Debentures stock of local or foreign companies

b) Inventories

It comprises of stocks of raw material in hand, work in progress and finished goods at the closing date

c) Other Current Assets

The following items are taken as other current assets:

(i) Book debts including bad and doubtful debts (ii) Stores

(iii) Work in progress(current) (iv) Advances, prepayments, etc

9 Current Liabilities

All liabilities, which are required to be discharge within one year, are termed as current liabilities Alternatively, these cover those obligations whose liquidation is expected to be made out of current assets They are usually incurred in the normal course of business and are required to be paid at fairly definite dates The current liability consists of the following items

(a) Sundry Creditors

(i) Income tax payable (ii) For expenses (iii) For other finance (iv) Bills payable (v) Advances from customers against orders

(b) Payment become due but outstanding

(i) Income tax payable (ii) Proposed, unpaid and unclaimed dividends (iii) Estimated liabilities in respect of outstanding claims whether due or intimated (iv) Gratuities becoming payable

(v) Provident Fund becoming payable (vi) Current installment and interest payable on fixed liabilities (vii) Provision for taxation estimated on current profits

(viii) Workers profit participation fund

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(c) Loans, Deposits and Advances

(i) Loans secured by stock or other current assets (ii) Bank overdrafts and other unsecured loans (iii) Short term loans acquired against the security of fixed assets (iv) Unsecured loan from directors, parent company, and subordinate loan (v) Due to managing agents

(vi) Advances by directors (vii) Guarantee and security deposits of customers and staff

10 Total Liabilities

This item pertains to sum of total fixed liabilities and current liabilities except shareholder‟s equity

11 Net Current Assets

It has been obtained by deducting the amount of current liabilities from current assets

12 Contractual Liabilities

This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and bank overdraft (Interest bearing secured loans)

13 Net Liquid Assets

This is the difference of liquid assets and the current liabilities

C Fixed Assets

1 Fixed Assets at Cost

In contra distinction to current assets, fixed assets consist of items, which are not readily convertible into cash during the course of normal operations of an enterprise These items are not subject to periodical exchange through sales and purchases Fixed assets are of permanent nature and are not normally liquidated or intended to be turns into cash except in the form of depreciation, which is added to the cost of goods sold The following balance sheet items are included in the category of fixed assets: -

(a) Real Estate

(i) Freehold and leasehold land (ii) Factory and office buildings (iii) Residential buildings (iv) Capital projects in progress at cost

(b)Plant, Machinery and Rolling Stock

(i) All types of plant and machinery used for production and not for sale (ii) Crockery, cutlery, silverware and enamelware in hotels

(iii) Construction tools (iv) Livestock in farming company (v) Cars, lorries, trucks, ships, launches etc

(vi) Railway siding and trolley lines (vii) Computers and other electronic equipments

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(c) Furniture, Fixtures, Fittings and Allied Equipment

(i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings

(ii) Laboratory equipment (iii) All types of office furniture‟s and equipment (iv) Advertising, fixtures and fittings

2 Fixed Assets After Deducting Accumulated Depreciation

Deducting the accumulated depreciation from the fixed assets of the company gives this item

3 Depreciation for the year

It includes all the depreciation charges to the profit and loss account during the year Owing to the absence of uniform accounting standards, depreciation is a subjective item and very from company to company It is important for the analyst to know what effect such variation could have on the net profit

Subtracting cost of sales from sales revenue arrives at gross profit

3 Overhead and Other Expenses

These are total expenses that are incurred on the operational activities of a company except financial expenses and include:

(i) Cost of sales (ii) Administrative and general expenses (iii) Selling and distribution expenses (iv) Other expenses

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(i) Mark-up and interest on long term loan (ii) Mark-up and interest on debentures and redeemable capital (iii) Mark-up and interest on short term loan

(iv) Interest on private loan (v) Financial charges against assets subject to finance lease (vi) Interest and mark-up on supplier credit

(vii) Interest on worker‟s profit participation fund

(viii) Bank charges and commission

(ix) Excise duty on long and short-term finance

(x) Discounting charges on receivables

(xi) Exchange losses

7 Net Profit before Tax Provision

It is the profit earned by the company during the year before tax provision

8 Tax Provision

It is provision of taxation made on current year‟s profit

9 Total Amount of Dividend

It is the total dividend including interim dividend distributed or proposed to be distribute out of the current year‟s profit

10 Total Value of Bonus Shares Issued

This is the total amount of bonus shares issued to the shareholders as appropriation net profit after tax of the company during the year

E Source of Increase in Capital Employed 1.Increase/ Decrease in Capital Employed

The difference in value of total capital employed (i.e., share capital, surplus, preference capital, debentures and other fixed liabilities) at the beginning of the year and the corresponding figures at the end

of the year and shown as increase (+)/ decrease (-)

2 Retention in Business

This item is obtained by deducting the provision for the tax and the total dividend distributed or proposed to be distributed from the net profit for the year

3 Finance from outside the company

The difference between the increase in the capital employed and the retention in the business is the finance from out side the company It is possible for this item to be negative Indeed in some circumstances it is also possible for the increase in the capital employed as well as the retention in business to be negative, for instance where dividends are distributed not out of the current earnings but out of the reserves

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F Cash Flow Data

1 Depreciation for the year plus Retention in Business

The total funds that corporation generates internally for investment in the modernization and expansion of plant and equipment

2 Depreciation for the year plus changes in Capital Employed

Depreciation for the year is added in the difference of two successive years‟ figures of total capital employed

G Operating Financial & Investment Ratios

1 Gearing Ratio

This item shows the proportion that the fixed loan capital bears to the total capital employed Where there is preference capital, there is an item of Gearing i.e., the fixed loan capital plus the preference capital as the ratio of the total capital employed The justification for taking the preference capital together with the fixed liabilities is that, from the ordinary shareholders‟ point of view, both items represent a fixed charge on the profits Total capital employed is shareholders equity plus total fixed liabilities Gearing becomes inapplicable when the shareholders‟ equity becomes zero or negative

2 Current Ratio

This item tells a lender about the liquidity of the assets and as a result its ability to pay the short - term debts

3 Acid Tests or Quick Ratio

The acid test or quick ratio is used to determine how quickly a company would be able to pay off its current liabilities if it needs to convert its “quick” assets into cash

4 Debt Equity Ratio

In debt equity ratio, the total debt is compared with the shareholder’s equity; the lower the ratio the better the company’s solvency, the higher ratio is a risk to a present or future creditor

5 Return on assets

This ratio is considered a measure of how effectively assets are used to generate a return

6 Self -Financing Ratio

The ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital employed

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7 Cash Flow Ratio

This ratio has a purpose somewhat similar to the self-financing ratio The only difference being that it takes into account the amount of depreciation

8 Shareholders’ Equity as % of Ordinary Share Capital

It is the shareholder’s equity to the ordinary share capital, which means the stake of ordinary shareholders in the total equity of the company

9 Overhead and Other Expenses as % of Gross Sales

It shows the ratio of overhead and other expenses to the gross sales This is an important ratio, which indicates the contribution of operating expenses in the operating revenue through sales of the company Lowering the percentage, the company is more viable and efficient

10 Financial Expenses as % of Operating Profit

This shows the ratio of financial expenses to operating profit It identifies how much weight the company will bear from its operating profit before reaching to the net profit before tax Smaller ratio is a good for a company

10 Financial Expenses as % of Gross Sales

It shows the ratio of financial expenses to gross sales Lowering the ratio indicates the financial discipline of the company and the increasing ratio indicates that the company is facing financial expense burden out of its gross sales revenue

11 Financial Expenses as % of Contractual Liabilities

It shows cost incurred (interest/mark up paid) on contractual liabilities

13 Tax Provision as % of Net Pre-tax Profit

It shows the portion of net profit set aside for tax provisions

14 Sundry Debtors as % of Gross Sales

It is the ratio of outstanding credit (all sales receivables) to the total sale proceeds of the company

Higher the percentage, the company is increasing its debtors and credit risk and reducing its liquidity position

15 Net Profit as % of Shareholders’ Equity

It is worked out by dividing the net profit before tax by the shareholder’s equity, expressing the result in percentage

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H Key Performance Indicators

1 Dividend Cover Ratio

The ratio of net profit after tax to total amount of dividend

2 Dividend Ratio to Equity

This item has been worked out by dividing the total amount of dividend by the shareholder’s equity, expressing the result in percentage

3 Net Profit Margin

This ratio shows how much profit comes from every rupee of sales

4 Earning per Share

It has been arrived by dividing the net profit (before/after tax) by the number of ordinary shares

5 Average annual % Depreciation on Written Down Fixed Assets

This item is simple depreciation rate and is intended to give some idea of the company‟s practice with regard to depreciation Since there are so many items in the fixed assets schedule, it is not practicable to calculate depreciation rate for all the items individually Therefore, an aggregate depreciation rate for all the item taken together has been worked out The method is to take total depreciation provided during the financial year and dividing it by the written down value of the total

fixed assets at the beginning of the financial year The result is expressed in percentage

6 Sales as % of Total Assets

This item indicates how efficiently the business of a company generates sales on each rupee of assets

7 Sales Growth (Current Year’s Sales - Last Year’s Sales)

Sales growth is the percentage increase or decrease in sales between two time periods

8 Break-up Value of Ordinary Shares

It is obtained by dividing the sum of ordinary share capital and the surplus by the number of ordinary shares

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Executive Summary

The non-financial companies listed at Karachi Stock Exchange (KSE) showed

consistently upward growth drive from 2002 to 2006 but a declining trend was

observed during 2007 which continued during the year 2008, though an increase was

observed in total capital employed, liquidity, working capital, fixed assets, operational

activities, etc especially in sugar and fuel & energy sectors and depression in the

areas of textile, other textile, transport & communication sectors, tobacco, paper &

board, engineering, chemicals and cement were seen Brief review of the important

indicators during years 2007 and 2008 is given below

Capital Structure

Total paid up capital of ordinary shareholders increased by Rs.24.91billion or 6.32

percent from Rs.394.51 billion in 2007 to Rs.419.42 billion in 2008, where as it was

increased by Rs.22.17 billion or 5.96 percents in 2007 over 2006 Sector wise position of

capital structure is as under:

Total Capital Employed by Economic Sectors

(Million Rupees)

Total shareholder’s equity increased by 2.80 percent from Rs.953.0 billion to

Rs.979.69 billion during 2008 Total fixed liabilities increased by 19.67 percent from

Rs.362.25 billion in 2007 to Rs 433.51 billion in 2008 A comparison of growth, in

the compositions of capital structure in the current year with that of the previous year yields:

2008 over 2007 2007 over 2006

Shareholders equity 2.80 % 9.08 %

Total fixed liabilities 19.67 % 26.34 %

Total capital employed 7.45 % 13.35 %

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Figure 2: Aggregate Composition of Assets

This shows that decline in the growth have been observed in all areas The pace of growth remained sluggish during the year particularly in case of the shareholder’s equity The growth of total fixed liabilities remained high This indicates that the demand of finance from banks and other financial institutions continued at high side The increase in ordinary share capital and reserve & surplus during the year were 6.32 percents and 0.32 percent respectively The growth in reserves & surplus in the previous year were 11.40 percent and showed a sharp decline in the current year 2008 The main sectors contributed in the decline of reserve & surplus were transport & communication, cement, chemicals, textile and engineering

Liquidity

The analysis indicates that the overall liquid assets of non-financial sector increased by 0.18 percent from Rs.409.16 billion in 2007 to Rs.409.91 billion in 2008,whereas the growth of the

0 200 400 600 800 1000 1200 1400 1600

Paid-up Capital Surplus Shareholders

equity

Total fixed liabilities

Total capital employed

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xiv

against Rs.2,632.70 billion in 2007 whereas the export sales increased by Rs.38.39 billion

or 18.71 percent in the current year Cost of goods sold stood at Rs.2,964.60 billion in

2008, showing an increase of 21.94 percent compared with the previous year The gross profit increased by Rs.99.83 billion or 24.54 percent from Rs.406.80 billion in 2007 to Rs.506.63 billion in 2008 The major sectors which contributed in the growth of gross profit during current year were sugar by 143.36 percent, fuel & energy by 50.77 percent and vanaspati & allied industries by 36.26 percent and sectors which participated in the gross loss were other textile by 37.63 percent ,transport & communication by 9.31 percent and other engineering by 8.76 percent Net profit before taxes, which stood at Rs.229.30 billion in 2007, decreased by Rs.24.30 billion or 14.52 percent to Rs.205.00 billion in

2008 Fuel & energy and sugar & allied sectors showed a profit of Rs 57.50 billion and Rs.1.30 billion respectively, whereas a sharp decline in the net profit before taxes has been witnessed in transport & communication with Rs.55.30 billion, cement with Rs.8.90 billion and chemicals with Rs.5.90 billion Out of the profit, the amount retained in the business were Rs.4.48 billion in 2008 as against Rs.71.08 billion in 2007 showing a decrease of Rs.66.60 billion or 93.70 percent The finance inducted from outside source

of the business increased by 9.67 percent at Rs.93.47 billion in 2008 from Rs.83.80 billion in 2007, whereas it increased 22.77 percent in the previous year This indicates

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0 2 4 6 8 10 12

Figure 6: Key Financial Ratios

Key Financial Ratios

Sundry debtors ratio to gross sales indicates a growth of 20.45 percent, at 10.60 percent in

2008 from 8.80 percent in 2007 This is not a good sign for corporate business, it means that the growth of debt receivable on sales have been increased in current year as compared with the previous year, which was 12.82 percent Dividend ratio to equity,

which was 10.20 percent in 2007 increased to 10.80 percent in 2008 This is also not a good indicator, it shows that with a growth of 6.32 percent in paid-up capital, corporate sectors dividend payout have been grown only by 5.88 percent during the current year It

is to be noted that companies issued 57.91 percents more bonus shares during the year

2008 as compared with the previous year Earning per share after tax, which was Rs.4.30 per share in 2007, decreased to Rs.2.60 per share in 2008 (i.e net decrease of 39.53 percent in the value per share during the current year) The ratio of gross sales to total assets , which was 120.4 percent in 2007, increased to 122.9 percent in 2008 This is

a positive sign for the growth of corporate sector that rising assets sucessed to promote more sales, which showed negative relation in the previous year Overall it is evident that during the year 2008 the listed companies of non- financial sector shows a mixed trend in all areas of financial analysis as compared to the previous year

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Earning per share 4.9 2.2 -2.1 8.3 12.8 1.5 -0.8 11.5 17.7 17.6 12.1

before tax (Rs./share)

Earning per share 2.6 -2.2 -2.7 5.7 8.9 0.5 -0.9 7.9 12.1 17.5 8.6

after tax (Rs./share)

Avg Annual depreciation 8.3 8.0 10.5 8.5 10.2 4.6 4.4 8.1 12.5 11.1 8.0

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A.Capital Structure:

B.Liquidity:

C.Fixed Assets:

D.Operation:

E.Sources of Increase In Capital Employed:

F.Cash Flow Data

G.Operating Financial & Investment Ratios:

H.Key Performance Indicators:

1.Ordinary Share Capital

2.Surplus

3.Shareholder's Equity (A1+A2)

4.Prefrence Shares

5.Debentures

6.Other Fixed Laibilities

7.Total Fixed Laibilities (A4+A5+A6)

8.Total Capital Employed (A3+A7)

9.Net liquid assets (B1-B5)

1.Fixed Asset At Cost

2.Fixed assets after deducting accumulated depreciation

3.Depreciation for the year

9.Total amount of dividend

10.Total value of bonus shares issued

1.Increase/decrease in capital employed (A8 - A8 of preceding year)

2.Retention in business (D7-D8-D9)

3.Finance from outside the company (E1-E2)

1.Depreciation for the year plus retention in business: cash flow (C3+E2)

2.Depreciation for the year plus changes in capital employed (C3+E1)

1.Gearing ratio (A7 as % of A8)

2.Current ratio (B4 as % of B5)

3.Acid test or Quick ratio (B4-B3 as % B5)

4.Debt equity ratio (B6 as % of A3)

5.Return on assets (D7 as % of C4)

6.Self financing ratio (E2 as % of E1)

7.Cash flow ratio F1 as % of F2

8.Shareholders equity as % of ordinary share capital (A3 as % of A1)

9.Overhead and other expenses as % of gross sales (D4 as % D1)

10.Financial expenses as % of operating profit (D6 as % of D5)

11.Financial expense as % of gross sales (D6 as % of D1)

12.Financial expenses as % of contractual liabilities (D6 as % B8)

13.Tax provision as % of net pre-tax profit (D8 as % of D7)

14.Sundry debtors as % of gross sales

15.Return on Equity (D7 as % of A3)

1.Dividend cover ratio [(D7 - D8) as % of D9]

2.Dividend ratio to equity (D9 as % of A3)

3.Net profit margin (D7 as % of D1)

4.Earning per share before tax (D7/No of ordinary shares)

5.Earning per share after tax [(D7-D8)/No of ordinary shares]

6.Average annual % depreciation on written down fixed assets

7.Sales as % of total assets (D1 as % of C4)

8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)

9.Sales growth (current year's 'sales - last year's sales / last year's sales)

10.Break-up value of ordinary shares (in rupees)

246857.4 305607.6 354203.5 372335.5 394509.6 419424.4 200606.5 289229.7 430745.5 501329.3 558499.1 560270.3 447463.9 594837.3 784949.0 873664.8 953008.7 979694.7 1083.4 1083.4 3628.2 3519.3 10168.4 9445.9 40128.1 23473.5 30904.9 31265.3 45095.4 49585.9 154612.0 196727.2 198830.9 251932.6 306985.9 374482.6 195823.5 221284.1 233364.0 286717.2 362249.7 433514.4 643287.4 816121.4 1018313.0 1160382.0 1315258.4 1413209.1 162465.4 241184.3 300873.5 376657.8 409161.4 409910.9 97228.2 160856.8 188306.3 184141.8 169690.2 167179.8 65237.2 80327.5 112567.2 192516.0 239471.2 242731.1 234267.6 267962.8 337303.3 414622.0 515561.9 704003.1 112597.1 183539.6 206674.0 240567.9 271532.6 374396.1 509330.1 692686.7 844850.8 1031847.7 1196255.9 1488310.1 485825.3 596893.4 685142.3 888036.0 1041342.7 1411855.6 681648.8 818177.5 918506.3 1174753.2 1403592.4 1845370.0 23504.8 95793.3 159708.5 143811.7 154913.2 76454.5 341082.2 373561.8 445335.7 556211.5 646344.5 851131.7 -323359.9 -355709.1 -384268.8 -511378.2 -632181.3 -1001944.7 1070184.5 1150211.4 1458664.4 1671976.7 1863049.7 2087349.4 619782.4 720328.2 858604.5 1016570.4 1160345.2 1336754.6 54992.4 60445.2 69186.1 75870.1 86225.3 96851.9 1129112.5 1413014.9 1703455.3 2048418.1 2356601.1 2825064.7 1382479.4 1632833.9 2031217.2 2570950.5 2837922.7 3471233.0 1266939.7 1507135.3 1898311.0 2406191.2 2632698.1 3227616.2 115539.7 125698.6 132906.2 164759.3 205224.6 243616.8 1172438.6 1360160.9 1672723.8 2166348.2 2431127.0 2964603.8 210040.8 272673.0 358493.4 404602.3 406795.7 506629.2 1277734.1 1471056.3 1814613.0 2328818.5 2616505.1 3239172.1 130931.4 199205.3 254458.2 305994.2 296425.9 301973.5 32029.6 23751.7 29473.3 49293.8 67127.4 96973.0 98901.8 175453.6 224984.9 256700.4 229298.5 205000.5 36045.8 49604.0 62677.7 73133.2 60628.3 95000.0 52182.3 73715.2 70028.1 102525.7 97589.8 105519.8 1240.2 2263.2 3398.8 5763.8 2995.8 4730.7 27265.8 172834.0 202191.6 142069.0 154876.4 97950.7 10673.7 52134.4 92279.1 81041.5 71080.4 4480.7 16592.1 120699.6 109912.5 61027.5 83796.0 93470.0 65666.1 112579.6 161465.2 156911.6 157305.7 101332.6 82258.4 233279.2 271377.7 217939.1 241101.7 194802.6 30.4 27.1 22.9 24.7 27.5 30.7 104.8 116.0 123.3 116.2 114.9 105.4 81.7 85.3 93.1 89.1 88.8 78.9 152.3 137.5 117.0 134.5 147.3 188.4 8.8 12.4 13.2 12.5 9.7 7.3 39.1 30.2 45.6 57.0 45.9 4.6 79.8 48.3 59.5 72.0 65.2 52.0 181.3 194.6 221.6 234.6 241.6 233.6 92.4 90.1 89.3 90.6 92.2 93.3 24.5 11.9 11.6 16.1 22.6 32.1 2.3 1.5 1.5 1.9 2.4 2.8 9.4 6.4 6.6 8.9 10.4 11.4 36.5 28.3 27.9 28.5 26.4 46.3 8.0 7.0 7.8 7.8 8.8 10.6 22.1 29.5 28.7 29.4 24.1 20.9 120.5 170.7 231.8 179.0 172.8 104.2 11.7 12.4 8.9 11.7 10.2 10.8 7.2 10.7 11.1 10.0 8.1 5.9 4.0 5.7 6.4 6.9 5.8 4.9 2.6 4.1 4.6 4.9 4.3 2.6 9.1 9.2 9.2 8.8 8.6 8.3 122.4 115.6 119.2 125.5 120.4 122.9 29.0 39.0 12.3 7.8 -15.9 -15.5 13.1 18.1 24.4 26.6 10.4 22.3 18.1 19.5 22.2 23.5 24.2 23.4

Items

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Operating, Financial & Investment Ratios

Gearing ratio Debt to equity ratio Current ratio

Key performance indicators

EPS (Before tax) EPS (After tax) Break-up value per share

0 2 4 6 8 10 12 14

%

Key prformance ratios

Dividend ratio to equity Net profit margin

Trang 23

135930.3 189177.8 220928.2 236670.1 308092.5 331719.5 135265.9 211634.0 319837.8 402749.4 479868.0 496546.8 271196.2 400811.8 540766.0 639419.5 787960.5 828266.3

112764.5 131238.9 161820.7 184310.6 231063.9 269600.5 136586.6 139868.2 181932.6 205847.2 272616.3 316202.1 407828.8 540680.0 722698.6 845266.7 1060576.8 1144468.4 105348.1 160047.9 224657.7 266378.1 340787.9 342240.7

130407.7 168720.4 208525.6 260344.2 347485.0 483766.9 99210.3 144697.0 179421.2 200624.0 235366.3 306459.9 334966.1 473465.3 612604.5 727346.3 923639.2 1132467.5 314100.3 393110.6 486178.7 585272.5 784171.9 1050081.5 450686.9 532978.8 668111.3 791119.7 1056788.2 1366283.6

255371.0 270828.5 374633.0 430169.6 511631.4 680680.4-208752.2 -233062.7 -261521.0 -318894.4 -443384.0 -707840.8 616267.3 724104.7 932476.7 1072793.1 1473687.2 1638845.3 386917.0 460325.2 596272.5 703192.7 921109.6 1062082.4

721883.1 933790.5 1208877.0 1430539.0 1844748.8 2194549.9 841226.5 1031308.4 1287627.4 1640222.3 1952451.1 2366426.0 732742.5 913080.1 1167237.6 1496605.1 1747226.5 2122809.2 108483.9 118228.3 120389.8 143617.2 205224.6 243616.8 719248.3 853942.3 1040154.0 1337243.2 1678945.1 2039578.0 121978.2 177366.1 247473.4 302979.1 273506.0 326848.0 781340.1 922263.0 1116097.4 1427524.6 1812290.0 2230507.3 71311.7 126206.0 195110.0 249914.7 196526.6 186097.2

Trang 24

0 2 4 6 8 10 12 14 16

%

Key performance ratios

Trang 25

-114607.7 -122646.5 -122748.0 -192483.9 -188797.2 -294103.9 453917.3 426106.6 526187.7 599183.6 389362.5 448504.1 232865.4 260003.1 262331.9 313377.6 239235.6 274672.2

407229.4 479224.3 494578.0 617879.0 511852.5 630514.8 541252.9 601525.5 743589.7 930728.2 885471.6 1104807.1 534197.2 594055.2 731073.3 909586.1 885471.6 1104807.1

Trang 26

0 5 10 15 20 25 30 35 40

%

Trang 27

TEXTILE SECTOR

Trang 29

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 30

0 1 2 3 4 5 6

%

Cotton Textiles

Trang 31

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 32

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 33

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 34

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 35

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 36

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 37

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 38

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 39

2.Surplus

4.Prefrence Shares

5.Debentures

Trang 40

2.Surplus

4.Prefrence Shares

5.Debentures

Tiêu đề	Balance Sheet Analysis of Joint Stock Companies Listed on the Karachi Stock Exchange (2003-2008)
Tác giả	Dr. Ishaque Ahmed Ansari, Sajjad Hussain, Muhammad Jaweed Akhtar, Muhammad Suhail
Người hướng dẫn	Dr. Azizullah Khattak Director
Trường học	State Bank of Pakistan
Chuyên ngành	Financial Statement Analysis
Thể loại	Report
Năm xuất bản	2008
Thành phố	Karachi

Định dạng
Số trang	739
Dung lượng	3,07 MB