HONDA

Honda Atlas Cars (Pakistan) limited 43-.KM Mullan Road, Maroa Mandi. Lahore

\1/W\v.honda.com.pk

HONDA

THIRD QUARTER REPORT DECEMBER 2017

"Makes all the difference"

((\\]fll Honda Atlas Cars (Pakistan) Limited U25U'

M.l!AJIJ"'"• n•/ Cf!fnp~n:y'a !.truchu•

02 Company Information

ll'ovtr>w Ropo1l

Chairman's Review 03

06 Condensed lnlorim Balance Sheet

07 Condensed Interim Profit & Loss Account

08 Condensed lnlerim Statement of Comprehensive Income

09 Condensed Interim Statement of Changes in Equity

1 0 Condensed Interim Cash Flow Statement

11 Soloclod Notes to and Forming Part of the

Conden,ed Interim Financial1nformation

Chariman's Reviow I Urdu I 21 Dealers· Network 22

Company Information

Board of Diredo~ Mr. Yu~f H. Shlr~z:i Chitlrrnan Mr. Hironobu Yo~himur., Pro•~nVCEO Mr. A>~mir H. Sh1riz:i OitKtor & Senior Ac1Yi5or Mr. KQnithl M~tsuo Mr. Aktra Mur~~m• M$, M;,shmoom;, Zohr;t M01joocJ Mr. M. Nt~~Mm Khan Mr. Satoshi Suzuki Mr. Yi'-UiikOI Udo.

Company Seuetory Mr. M;,q$00d~ur·Rehman Rehm.o~nl

Chief Financial Offi(er Mr. A.hmid U-m01ir Wo1jid

Audit Committee Mr. Aamar H. Shirill Chiirm01n Mr. Aklra Mur.lYam;~ Ms. M01shmoom;, Zohrol M01joed Mr. M. N;,ttm Khin Mr. ~!O$hl Suzulu Mr. Hamood·ur·Rihmiotn S~ttlmry

Human Resour(e ond Remuneration Committee Mr. A;,mir H. Shlriz:i C~i~n

Mr. H1ronobu 'I'Oihlmuri Mr. Konkhl Molsuo Mr. Aktra Mur~amil Mr. M. No.~X~m Khan

Emutive Committee Mr. Hu-onobu 'l'oshtmuri Mr. Kgnkhl Mit~o Mr. Miq.sood·ur·RohmOin Rohm;tni

Head al Internal Audit Mr. H;,mood-ur~Rahm;m

Banken CitibinkNA Ooulscho S.nk AG F>)"olBonk Limit..S Habib 801nk limit~

MCB B•nk l.JmrtO<I N~tion~l801nk ol P01kist~n Sonori 801nk Umit~d

Stondon! Chortorod Bonk (Poki•t•nt Ltmtlod Tho B•nk ol Tokyo·Milsubi•hi UFJ. Limit•d Unit9d 8<1nk LimitQd

Audirors r.ti•A. F. Forgu•on & Compony Ch~rtc~CIAccountOinUo

legal Advisor Cornotius. LinG & Multi Sokhiri Aziz & K;ulm

Shore Registrar M/$ H;mGed M-.jeod As.~oo.:.teso HM HOU$0, 7·8oilnk Squ\oln~.

t..horo, Pakifitoan. Tot: •92 42 37235081-82

Registered Offke 1·Md~od Ro.ld, l01horo. Pt!k!Siin. Ttl: •924237225015-17 F": ·92 42 37233518

Fadory 43 Km, Mulliln Rood, M.10901 M.1nd~ lahofQ. POik~t<in. Ttl: •92 42 35384671 ·80 Fox: •92 42 353S4691·92 E· m011l: mfo@hondi.tom.plc

Regional Offkes Lihore AiiOI HOU$0,

19-C&O, Block L. Gulbo11111t, M.1in F1uozopur Ro01d. ltl:t92 42 35694851 ·53 Fox: •92 42 356948Sit

KaHJChi

C16.KOASchom•No. 1, K•riil Ro.1d. Ttl:o9221343054 11 ·3 Fox: ·92213430Sit14

Web Site WWN.hOndi,COm,pk

II WWH.Imbook.comlhocpl

Chairman's Review

I fc:cl pleasure to present you tho Condensed

Interim Financial Statements for the third quarter

ended Detember 31, 2017.

The Economy The economic activily remain.$ strong due to

broad base pick up in industrial output, gains

in !actors supporting agricullure and growth in

private sector credit Thus prospects of achieving

6.0% GOP growth continue to be strong. leading

to an improved capacity to accommodate rising

domestic demand. CPI Inflation avoroged at 3.8o/o

• well below the annual inflation target of 6.0%.

However, higher internatiomJt oil prices and

imposition of regulatory duty on non-essential

import items are ..xpeGted to increase Inflation in

the coming months. Revenue collection during the

first half ot the fiscal year 2017~ 18 witnessed an

increase ol l '/ .5% compared to the corresponding

poriod or last yoar. FDI inflows havo rison to USD

940 million: an increase by 174%. indicating

lmprov~ sentimC!nts regarding the economy.

Keeping in view the ongoing gr<.mth momentum,

the SSP has kept the policy rate unchanged at

5.75%.

Notwith5tanding the encouraging signs. cert3in

underperforming areas require attention. The

current aceount deficit at USO 5.0 bittion during

4M FY18 remains a key concern. Exports recorded

a growth of 11.3% as compared to decline of

3.1 % in the comparable period last year largely

due to a tow base effect. Remittances N!corded

a modest lncrea~ or 2.3%. However. the impact

of these positivo developments on the overall

HONDA 3

<:urrent account was more than offset by 9rowth

in imports on account of rising domestic demand

for c:onsumption as well as investmcmt and due to

recent rise in international oil prices. The rising

import bill coupled with debt sf!rvlcing has put

enormous pressure on foreign exchange reserves.

which doclined by 13.1 5% to USD 20.15 billion.

Rosuhanlly. tho Pak Rupoo dopreclatod sharply by

5.5t.%against USD and closod at 11 0.5.

Agriculture Agricutture sector pQrformed better for the

second consecutive year. This 's due to increase in

both c:ultivate<t a re3 and fert ilizer off-take during

the Kharif season. on-going trend of investment in

mechanization, htgher upttck in agricultural credit

and unchanged support price for wheat at the time

of its sowing.

Automobile Industry The automobile industry persisten1ly showed

goo.d results for the period under review. Industry

production increased to 158,70-' units during the

nine monrhs to Decembar 31, 2017, highQr by

19.2% over th~ corresponding period l~st year.

Sates also improvod to 156,061 units during this

period against 129.837 units in the same period of

last year, up by 20.9%, mainly due to cheap bank

financing and improving ecooomic activity.

Your Company The company experienced a strong markel demand

of its product and achiev•d 54.55% and 50.57%

growth in production and sal.es respectively.

During th• ~riod. th• company produ<ed 31.,057

Chairman's Review

t.~nits iQiin$t 23,330 units produco<l '" tho nino ..

months period of I.Jst year. Sales too. impnw•d

to 35.840 unit• against 23,816 units of lost yoor.

The company is aiming to achieve its higheSt ewr produruon and sa los by the end of f1s<al yoar 20181

ln{(eose in Production Sin<e the launch of CMC in July 2016 and addiuon

of third model of Honda BRV "'Apr 2017 ,In addition

to the elegant Honda Cny. marl<et demand for tho

company products consistontty ramained h1gh.

Tho wmf)OJ.ny i5gradualty incl"9asing its production

capacity In difforent phas.os to m11t customer

demand. In December la!>t year. tho company

moved to increase daily production by 11% to 200

units per day w1th effect from January 1, 2018.

Over the last one & half year the company has

doubled its production to fulfill market dtmand.

Finondol Resulls Net sales revenue for the period under roview

was Rs 65,746.08 million against Rs 41,729.03

million of the corresponding por1od last yq;)r.

up by 57.55%. Tho cost of solos also fncroasod

accordingly to Rs 57,759.24 million oga1nst Rs

35,420.67 million. Gross profit impnwed by 26.61%

toRs 7.986.84 million against Rs 6.308.36 million

of the previous period mainty due to growth In unit

sates by 51%. W1tlllncrease ln operations, Sttl1ng

& Adrrunistrative l!llpenst!s lSGAI fncr•asod to

Rs 965.41 mittJon aga.nst Rs 691.14 mtltJon.

though 1n terms of sates- the SGA oxpenns

reduced fmm 1.66~ to l.A6~. Oth ... 1ncomo at Rs

1.416.08 m1Uion agamst Rs 665.60 m1\l10n for tho

corresponding period was up by 112.45% OWing

to bottor fund m~nagement. Other expenses

increased to Rs 826.40 milUon against Rs 424.97

million m~1nty du.: to higher ~llotiiltion tO'Nirds

Work•rs Profit Panicipotion IWPPFI and Workers

Welfare Fund IWWFI. which increased by 32.56'Jo

dur.ng tho penod and exchange loss of Rs 270.37

Million. FiNncial u~nus riduud to Rs 9.&1

tn<lhon against Rs 19.09 m11Uon 1n the same period

of last yoar.

Profu before tax at R~ 7.&19.71 mtttion, imprcHod

by 30.50% ag•inst tho last ye•r's profit of Rs

5,838.76 million. After tax provi~ion~. not profit

lor tho poriod wos Rs 5,120.77 million against

Rs 4,015.87 mitllon- up by 27.51%. The earnings

per share wa; Rs 35.86 against Rs 28.12 of same

period las.t year.

Tho Rupee having maintained Its parity with US

$ for one & half year at Rs lOS approximately,

dovalued by 4.68% in December 2017. The cost

impact is high and tho company t\as boon forced

to pass it on to customcmi in the sh01pe of price

increase of Rs 50,000 to Rs iiO,OOO on different

YJri:mts of Hond;~ Civic & Hondoa City, with effect

from January I, 2018.

Future Outlook lmproYing bus•ntss contid@nce & ris_ing private

sector investment. augmenting power and gas

lUPPh ... xcolerabng progress on CPEC ~l.lted

Pt'OJClCl$ and •mproved security situation are

OXJ>tctod to keop the domestic economy and

consumptiOn drNen model intact. GOP ts. apected

to comfonably grow by 5.5% in 2018. The second

2 .__ ... .,. ..

hatf of current yoar is llkaly to witnoss oloct1ons of

all assemblies as well as the Senat•. Thi• will g;...,

the ntw gO'Iemmonts a frosh tonuro to pursue

their economk n:!form progn.ms.

On the supply sKI e. the indu.u-"'t soc tor 1$ oxpocted

to continue ttS robust pet1ormanct, tsptce.aUy

construction. With a bkoly 7% growth. and a healthy

S""-&Yt growth an the wmca5 se<tor. The focus of

gowrnment on agri-&eonomy through fert1hZ.tr

sub~idy, loan seMmes and market suppon pncts

are tikety to keep agriculture growth ot oround

3.5%.

Competition in the automobile sec1or would be

severo 1n tho com1ng years. Accorchngty, your

company shall keep focus on innovation and

deliver quality productl. with advanced technology

features and best sale& & altor salo' services to

its vatued customers.

,,dJL"'~'-v''"'.;.;"',; ."{ -(God bless tho bli•sfull

HONDA 5

A<knowledgement I would hke 10 th.ank our valued customers for their

conhdenc@ in th• compaf?{s products. I would

atso tlke to acknowledge Honda Motor Company,

the Atl~s Group, our dealers, vende-rs, banker~

otnd shuehol<fvrs for their continued commitment

& suppon. Mr. Hjronobu Yoshimura & has team

dowrve otppreciottion for the consistent progrns

achioved during this period and I wish them all the

success for the ye~r 2018.

January 23, 20 18

Karachi

"1/fr.t /'/

Yu.sur H. Shirazi

Chairman

Condensed Interim Balance Sheet As at December 31, 2017(Un-Audited)

EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorized share capital 200.000,000 (March 31, 2017 : 200,000.0001

ordinary shar11s of Rs. 10 11a'h Issued, subscribed and paid up share capital 142,800,000 (March 31. 2017 : 142.800.0001

ordinary shares of Rs. 10 each Reserves Un-app_'!'priated profit

NON-CURRENT LIABILITIES Deferred liabilities O~ferred taxation Oeferr~ revenue

CURRENT LIABILITIES Current portion of dQferretd ravenue Accrued mark up Income tax payable Trado and other payablos

CONTINGENCI ES AND COMMITMENTS

ASSETS NON-CURRENT ASSETS Property, plant and equipment Intangible assets C.-pital work-in-progress Long term loans and advances Long term deposits

CURRENT ASSETS Stores and spare.s Stock~in~trade Trade debts loans, ~dvanc:es, prepayments i~nd other receivables Short term investments Cash and bank balances

6

7

un-audited

2,000,000 2,000,000

1.428,000 1,428.000 9.706.000 5.506,000 4.598,314 6,130.847

15,732,314 13.064.847

89,100 61.645 4.14,079 367,14.1

12,374 10,842 545,553 439.631

3,215 4,480 2,552

89,396 14,218

305.126 36, 120,753 3(ils:'916

37.637,055 37,960,879

52,493,783 51.465.357

4.211,758 4.402.000 322,972 373.092 590.715 199,194 188,957 107,251 . 4,,042 4.042

5,318.44.1 5.085.579

146.?79 134.569 7,382.241 6,658.735

433,743 17.859 11.985,271 9,088,890 19,764.928 20.943.345 7.462,377 9,536.380

47 175,339 46,379,77.!_ 52,493,783 51.465.357

The annexed notes 1 to 16 form an Integral part of this condensed interim financial information,

"{J~t /~- f-.1. Yosh;--.. ~

YII'UI H. Shlr>z1 Hln:mobu Yosh1mur.., Ahm•d Um•lr W•fld Chairman Chief Ex•cutive Chief Finand al Offictr

HONDA 7

Condensed Interim Profit and loss Account For the quarter and nine months ended December 31. 2017 (Un·Audited)

October· Dtctmbtr April · Dtctmb-tr Ru es in thousand Note 2016 201 6

Sates 8 21,797,782 15,713,581 65,746,079 41,729,032 Cost of sales 9 119,518,8771 113,527.1671 157.759,2401 135.420.6661

Gross profit 2.278,905 2,186.414 7.986,839 6,308.366

Distribution and marketing costs (157, t931 lt05,513l (498,6301 ' 1332.1431 Administrative expenses (150,4151 1145,2071 (446,7161 (358,9981 Other income 460,426 312,020 1.414,082 665,601 Other expenses (316,4811 1106.6281 (826,4001 1424,9691

~3.6631_ ~~.3281 (357.7241 ~SO,SO~I Profit from ope-ration5 2,115,242 2,141,086 7.629.115' 5.857.857

Fimmce cost 12.9321 16-.6841 19.4091 119,0941

Profit before taxation 2.112.310 2.134.402 7.619.706 5.838.763

Taxation (695.5771 1642.2721 12.498,9351 11,822,8911

Profit after taxation 1,416.733 1,492,130 5,120,711 4,015,872

Earnings per share· basic and diluted (Rupees! 9.92 10.45 35.86 28.12

The annexed notes I to 16 form an integral part of this condensed interim financial information.

"1!/~!r /.~- f-.1. Yosh,-_,__ ~

Yusuf H. Shlrou.i Hlronobu Yoshimun Ahm•d Umolr W•fld Chairman Chief ExecutNe Chief Financial Officer

1 0 lturd OWinlllf Ropor1 O.cernber 2017

1 ~=~,. 2 ----~

Condensed Interim Cosh Flow Statement For the nine months ended December 31, 2017[Un-Audited)

Ru~eesinthousand Note

Cash now$ from operating activitiu

Cash generated from operations 11 Finance cost paid

Employees' retirement benefits and other obligations paid

Net incr~asa in loans to employ~es

Income tax piid

Royalty paid Increase in deh~rred revenue

Net cash (used inV generated from operating activities

Caih r\owi from investing activities

Purchase of property, plant and equipment

Purchase of intangible as'S~ts

Proceeds from sale of p roperty. plant and equipment

Short term investments made

Realized 9ain on short term investments

Proceeds from disposal of shon term lnva·stments

Interest re<;eived

Net cash used in Investing activities

Cash now$ from financing i clivitfes

Dividend ~id

Netldecreas.el/ increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period 12

April· Otctmbtr ... 2016

3.84~.116 20.207,768 [991 [501

[52,9771 [".6201 [123,666) (34,6431

12.786,1081 11,627,3821 11.600.8861 1745.2231

3,962 4M1

1715,6581 17.760.291

(74~.5151 11,128,5501 [17;2551 (106,8991 21,589 62.490

(1,3Jj),454l (4. 755,5431 240,606 13,623

250,000 400,741 412.347

11.429.2881 15.252.5521

12,6<1~.7841 [995.2751

14.58'1.730) 11,512.G6<1 25.41 2.597 6,708.494

20,822.867 18,220.958

ThQ ~nnexed notes 1 to 16 form an integral part of this condansed interim financial information.

"{J~t /~-

YII'UI H. Shlr>z1 Chairman

Hln:mobu Yosh1mur.., Chief Executive

~ Ahm•d Um•lr W•fld

Chief Finandal Officer-

HONDA 11

Selected Notes to and Forming Part of the Condensed Interim Financiollnformation For the quarter and nine months ended December 31, 2017[Un-Audited)

1 . LEGAL STATUS AND NATURE OF BUSINESS Honda Atlas Cars (Pakistani Umited hhe 'Company'J is a public limited company in~orporated in Pakistan on NovGm~r 1., 1992. Th~ Company i$;:, .~ub$idi.ary of Honda Motor Co., Ud .• Japan. The Company's

ordinilry sh01res are Usted on the Pakistiln Stock Exch•nge Limited. The registered btfic-e of the Comp01ny

is situated at 1·Mdeod Road, Laho~. and its manufacturing facility is located at 43 km. Multan Road, Mo~ngi Moandl, L.~hoNt.lts prin,ip~l ;a,tivitia.' ;,~ ~""mbling o.nd progross.ive m~nut.tcturing and $OM ol

Honda vehicles and spare parts. The Company commen-eed commercial production from July 1994.

2. BASIS OF PREPARATION This condanr.ed interim finandal information is un·<iudited. During I he current period, the Comp,;mles Ordinance, 198&1hereinafter referred to as the ·ordinance'! has beE"n repeated after the enactment of

tho Comp;;mie'. A't. 2017. HowovQr. iS 01llowtd by tho S9,uritio' .;,nd Exchomgo Commi~ion of Polki$t.;,n I'SE'CP'J vide Cin:utar No. 23 dated October 04, 2011 and further clarified by the Institute of Chartered

Account~nts of Pakistan through its Circular No. 17 date:d Octob~r 06, 2017, companits whO$C financial

ye01r, and other interim period, closes on or before December 31,2017, sh.iill prepare tin01ncial statements

in accordance with the provisions of the repealed Ordinance. Accordingly, this financial information has bQon prep;.red in ;tcordomc~ with the r"quirGments ollntom~tion~l Accounting St~nd~rd I'IAS'I Jli • 'Interim Finan-cial Reporting' and provisions of and directives issued under the Companies Ordinance. 1984. In c:.<H•e whtr~ r('quirt!mMts difftr, the provi!>ions of or diroc:tNGs issued under tht Comp:.nits

Ordln;anc•. 19~ h.tve bean foltowed. This condensed interim financi<ll inform•tion doe5 not include all

the information required for annual financial statements and therefore should be read in conjunction wi1h the Comp.1ny·, ;,nnu~t fin;mci~t st~hlme.nts for the yfl.lr ondod M~rc.h 31 , 2017.

3. SIGNIFICANT ACCOUNTING POLICIES 3.1 The accounting polid~ adoptGd in tho pr~paration of this conde:n~d interim financial inform~tion ar~

the wme u I hose .01pptled In the preparatlon ot preceding annu•l published financi01t sl01tements of the

Company foc the year ended Mardl31. 2017,

3.2 Initial application of standards, amendments or an interpretation to e:xisting standards

The foltowing .,mondments. to oxi$ting ritOtnd~rds ho.vo beon published th01t Qro 01pplic01blo to th9

Company's financial slatements covering annual periods. beginning on or after the toUawing dates:

3.2.1 Standards, amendments and interpretations lo approved accounting standards that are effective in the

currtnt ~riod

Certain stalldards. amendments ilnd interpretations to approved acCbUntlng Stilndards are affidNe for accounting per iods beginning on April 01 , 2017, but ar~ considered not to be relevant or \o have

any significant effKt on the Company's operations (although they may aHect the accounting ror- future transactioM and ovtntsl and ."Jre. thNe:fore. not d~taited in this conde:nsed interim fin:.nciat information.

3.2.2 Standards, amtndments and inttrprttl!ltions to txisting 5tand~rds th3t ar~ not ytt ~fftctivt and h:.vt

not be-en earty adopted by the Company

There are certain standards, <tmendments to the approved accounting standards and interpretations thi.lt ~ra mand;~tory for thQ tompany·s ;~ecounting period' bQginning on or iftor J;~nuary 01, 2018. but

are considered not to be relevant or io have any significant effect on the C.omparr{s operations and are. th~refort, not detailed in thi~ tondeMGd lnt.Grim fin.ancial information.

12 l h 1rd OWIHW R.por1 0.(•mb•r 7:017

1 =:,..~no,. 2 ..., ...... R.,.o

Selected Notes to ond Forming Port of the Condensed Interim Finonciollnformotion ror the quarter and nino months ended December 31 , 2017 1Un-Auditedl

L.

s.

Income ta~ expense is recognized based on management's best estimate of weighted <,Werage annual incomt tax rate for thC' full fiMnciat year.

The preparation of Interim linomc:iallnlormatlon requlr11s m•n.o~gement lo make judgments. estlmiltes

and assumptions that affect the application of accounting poticies and the reported amounts of assets and liibilities, lncomQ and Q'Xpon~e. Actui\ rc-,ult' m.1y differ from those eitlm;l\0$..

In preparing this condensed Interim financial information. the significant judgements made by m~nagtmtnt in applying the Company'saccounting policies .,n-d the key so.urces of ~stimation unc:trt<dnty

were the same as thos& .applied to the flnanci01l st01tements for the year ended March 31,2017. vAt!\ the exceoplion of changes in estimates that are required in determining the piV't'is.ion for income taxes as

r~forfQd to in n()te 4,

6. CONTINGEHCIESANOCOMMITMcNTS

6.1 Contingencies

Iii

(iii

There is no significant change in contingencies from the preceding annual published financial statements of th~ Company forth~ y~ar ended March 31. 2017, ~xc~pt for the foltowing:

Refer to matter expt~ined in note 12.1 liiil of the annual financial statements- of the Company for the yo;;,r onded M01rch 31. 2017, whereby tho Honoro1ble L;;,horo High Court ht~d rem01ndod b01ck to CuG:toms Appe-11Qte Tribunal l14.ppellate Tribunai'J. certain demands raised against the Company on account of ch~rgt.:~bility of custom duty. $:tlts tax and income t4X on th~ grounds th:H 'lkense fee ' :Jnd 'royalty' p.aid to Mls Honda Motor Co., tid., Japan was lndudiiible in I he 'tmporl vo.lue· ol 'completely knocked down·

kits of vehicles assembled by the Company and parts thereof. During the current ptoriod on June 21,

2017, theAppeUate Tribunal has decide-d the said matter in Company's ravour and has set aside demands

of Rs 1,739.69 million tt~rlier r~isod against th~ Com~ny.

During the period, the Additiona1 Commissioner Inland Revenue through an amendme-nt order for Tax YQ;;,r 2016. ha' di,~Uowod thQ oadju,tm~nt ot brought forw;, rd minimum to1x poaid by tho Compt~ny in Tax Years 2011 through 2014 amounting toRs 84,. 325 million. The management has assailed the subject ordtr in usual ~ppellate course which is pending adjudication. B:.~ed on the advice of tht Company's legal counsel, management considers th01t there are strong grounds to support the Company's stance

and is hopeful or a favorable decision.

Uiil B~nk guarantee~ of Rs 786.72 million (March 31,2017: Rs 394.32 mitlionl have been issued in favour of third partios.

6 .2 Commitments in respect of

(il l'ltters of credit and purchiii$&S for upit~t expenditure amounts toRs 111.87 mlt.lion !Mo.rch 2017: Rs

193.61 miUionl

liil Lelt•rs of credit and purchases. or her lhan capilalexpendilure. amounls 10 Rs 2.535.48 million (March 2011, R• 2711.94millionl

7. PROPERTY, PLANT AND EQUIPMENT Opening book value Additions during the period I y~ar

Disposal during the period I year I book value! Assots writlen off during the period I year 1bo<>k value) Depredation charged duringth~ period I year

Closing book value

7.1 Additions during the period/year:

- Building on freehold tand - Plant and machinery - Furniture and office equipment -Vehicles

- Toots and equipm~nt - Computeors

7. I

October - D~cemb&r

Ru en in thous.and

8. SALES Own milnufactured goods

Sales tax

Commission to dealers Discount to customers

Trading goods Sales tax Commission to dealers

[ ~'"'" 13.731,599) 1449.2241 1272.0551

21,234,714

625.588 161.984)

15361

663,068

21.797.782

2016

18.290.789 12,657,460)

1355.626) 151.162)

15,226,541

544.150 156.322)

1788)

487,040

15.713.581

HONDA 13

un .... udittd Audittd

4,402,000 I I 2,511.897 353,263 2,461.040

4.755.263 4.972.937

120,5011

r 160,061)

11,858) 1523.004) 1509.018)

1543.505) 1570.937)

4.211,758 4,402.000

95.887 6.485 108.861 2.098,221

22.554 34.282 69.117 256.759 22,779 23,335 34,065 41,958

353.263 2,461.040

April - o~cembtr

2016

I' 77,63 1.076 48,310.101 (11,278,845) (7.0 )9.064)

11.363,794) (953.781)

1876.3531 152.119) ·' 64,112,084 40.285.137

1,816,515 1.613.230 1180.7711 (166.628)

11.7491 12.707)

1,633,995 1,443.895

65,746,079 41.729,032

14 l h1rd OWIHW R.por1 0.(• mb•r 7:017

1 =:,..~no,. 2 ..., ...... R.,.o

Selected Notes to ond Forming Port of the Condensed Interim Finonciollnformotion ror the quarter and nino months ended December 31 , 20171Un-Auditedl

9. COST OF SALES Own manufactured goods 19,147.487 13,194, 141 56,683,260 34,445,979 Tradin~. goods 371,390 333,026 I ,0'/5,980 974.687

19,519,877 13,527,167 57,759,240 35,1.20,446

AprJl-Dectmber !!! tts in thousand 2016

tO. TRANSACTIONS WITH RElATED PARTIES

I. Holding <:<>mpany Purchase of goods 4,440,039 3,956,463 Purchase of property, plant

and equipment 1,485 45.994 Purchase of intangible assets 1,698 104,855 Technical assistance fee 32,617 652 Royall)' 1,288,254 909,083 Dividend paid 1,251 '185 509,796

li. Associate<f und&rtakings Sate ol goods 114,654 102.087 Purthaso of goods 27,041 ,910 16.709,744 Sale of property. plant

and equipment 10,877 Purchase of property, plant

and equipment 231 ,595 621,549 Insurance premium 502.048 269,715 Technical assistance fee 15,918 9,264 Royall)' 2,199 1,778 Insurance ctaims 66,567 21.178 Dividend paid 740,796 307.788

iii. Key management Siitaric$ and other employee 164,160 106.159 personnel benefits.

IV. Po$t employm~nt benefit Expense tharged in respett of plans retirement benefit plans 64,297 55.827

Un-auditQd Audited

Ralated party batantes at period I year end arl! as rotlows:

Receivable from I'Qlated parties 112,052 13,991. Payable to related parties 5,129.535 6.586.7~0

HONDA 15

April- Dectmber RUJ!:ts in thousand Note ~ 2016

1 1. CASH GENERATED FROM OPERATIONS

Profit before taxation: 7.619,706 5,838,'163 Adjustment for: - Oepraciation an property, plant and equipment 523,004 356,406 • Profit on disposal of prop@rty, plant and @quipment (1,0871 I15,66SI - Assets written off 1,852 - Deferred revenue (3,695] (4,693] - liabilities no tongcr payable written back (12,4601 (4041 • Profit on b4llnk dep()Sits, loans to employeAs and

adVances to suppliers (387,3541 1438.180) - Gain on short term investments 1247,4611 189.4501 - Finance cost 893 12.519 - Provision for employees retirement benefits

and other obligations 75,648 60,730 • Amortization on intangibl& assets 67,107 32,105 - Royalty 1.304;682 818.078 - Working capital changes II.! 15.094,8671 13,635,707

3,844,116 20,207.768

11.1 Working capital changes !Increase I/ decrease in currGnt assets .. Stores and spares (12.2'101 18.658) - Stock-in-trade 1723,506) !2.086,425) - Trade debts 1415.884) 70,604 - Loans, advances, prepayments and othe.r roceivables 12,867,8081 12.796,80 1)

Increase /ldecreasel in current liabilities • Trade and other payablos 11,075,4591 18,456,987

15.094,8671 13,635.707

12. CASH AND CASH EQUIVALENTS

Cosh and ,..h oquiYot.ntsincludod mthe<Cnd•nse<l int..,m«lsh llow s!alement compnse o1 thelollcwong balilnca sheet amounts:

Short term lnves1ments ~ Treasury bills 13,360,490 4,467,059 Cash and bank balances 7,462,377 13,753,899

20,822,867 18,220,958

16 l h 1rd OWIHW R.por1 0.(•mb•r 7:017

1 =:,..~no,. 2 ..., ...... R.,.o

Selected Notes to ond Forming Port of the Condensed Interim Finonciollnformotion ror the quarter and nino months ended December 31 , 20171Un-Auditedl

-M

HONDA 17

14. FINANCIAL RISK MANAGEMENT

14.1 Financial risk factors

The Company's activities expose it to ; variety of financial risks: market risk (including currency

risk, fair vatu~ inu~rest rate risk, cash flow int~rest rate risk dnd price risk). credit risk and liquidity risk.

The condensed interim financial 1nlormatlon does not include atl financial risk management information and disclosures required in the annual financiill statements, and should b~ read in conjunction with the Company's annual financial statements as at March 31. 2017.

There have been no changos in the risk management dopartment or In any risk management

policies since the year end March 31 , 2017.

1~.2 Fair value estimation

The different level s for lairvalue estimation used by the Company have been explained as fottows:

Ouou~d priees lunadjustedt in active markets for identieat assets or liabilities (level 1 ).

Inputs other than quoted prices 1ncluded within level 1 that an~ obs@rvabl@ for the asst-t or

liabillly. eilher directly It hat Is. as prices! or indirectly (that is. derived I rom prices! flevol21.

Inputs for the ass~t or liability that are not based on obs.ervable market data lthat is, unobseiVablo inputsl llovel31.

Th~ following table presents the financ:i;;~l assets and liabilitias that a re measured at fa ir value at 31 Oecembor 2017.

Un-audited Rupe&sinthousand December 3t, 2017

level1 lel'el2 Level 3 Total

At fa ir value through profit or toss

Short term investments 6,404,437 13,360.490 19,764.927

Total Assets 6,404,437 13.360.490 19.764.927

Total Liabitllles

Audited Rupees in thousand March 31 , 2017

Levell level 2 Level3 Total

At fair value through profit or loss

Short term investments 5,067,128 15,876,217 20,943.345

Total Assets 5.067,128 15.876,217 20,943.345

Total liabilities

1 8 lturd OWinlllf Ropor1 O.cernber 2017

1 ~.;:-~,. 2 ----~

Selected Notes to and Forming Port of the Condensed Interim Financial Information For the quarter and nine months ended December 31, 2017 lUn-Auditedl

During the period, there were no significant changes in the busine!is or economic circvmstances

that aHect the fair value of the Company"s financial assets and financial liabilities. Furthermore. there were no reclassifications of financial assets .

15. DATE OF AUTHORISATION FOR ISSUE

Thas condensed intenm fi nancial i nformatton was authonzed lor 1ssue on January 23. 2018 by the Board of Directors of the Company.

t6. CORRESPONDING FIGURES

In order to comply with the rvquirements of International Accounting Standard 34 ·Interim Finandil Reponing·. the condensed In terim balance sheet has been compared with the bal ances of annual audited financial statements of preceding financial year, whereas. condensed interim statement

of changes in equity. condensed interim profit and loss account, condensed interim statQment of

comp~hensive i ncome and condensed interim cash flow staH~ment have been compared with the balances of tompariblc period of immediately preceding f inancial year.

"{J~t /~-

Y .. ul H. Shlr>z1 Chairman

f-.1. Yosh,'--._ Hl.,nobu Yoshtmur~

Chiel Executive

~ Ahm•d Um•lr W•Jid

Chiel Financial Officer

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Authorized Soles, Service & Spore Ports 35 Dealers

KARACHI Hon~ Shihr<~h-o·FOIIs~t 13-B~ngloro Town,

MOlin Sh3hr0lh~o·Fals,at Tot: 1021134547113-6, 34527070, 34527373. 34527474,34527575 Fox: 1021134526758

Honc:b Oofonc.o 67/1 , Korongl Rood No.tr HI NO Cirtte. Tot: 1021135805291--4 Fox: 1021135389648

Hondo SITE C- 1, Main M3nghopir Ro-cJ, SITE. Tot: 1021132577411 ·2. 32564926. 32570301,32569381 Fox: 1021132577412

Honc:b South 1·8/1. Soc. 23. Konmgi Industrial Art'a. To\: 10211 35050251·4 Fox: 10211 35064599

Hon~ OriYo In 118-C. Ri$hld Mlnho.s RoOld. Tot: 1021134992832· 7, 34992824·5 Fox: 1021134992823

Honc:b o-uoddOfln 233-11·2, PECHS. To\: 10211 34556071 ·3. 34556510· 12 Fox: 1021134554644

HYDERABAD Honda hl~ce Sh.ahb;J;z Town, J•mshoro Road. Tel: 102231667178·9, 667032 Fa" IOm)667519

RAHIM YAR KHAN Hon~ R01hlm Yar Kh01n Sh3hbo.zpur Rot~ d. C.1nn. Chowk. Tol: 10681 5674646·8 Fox: 106815674445

MULTAN Honda: Bruze 63 Abd~li Ro•d. Tel: 1061) 4588871·3, 4547484 Fax: [06114588874

LAHORE Honcb City $;lh~$ 7S.B, Block L, Gulborg Ill, Ferozepur Ro~. Tol: 1042135841100·06 F•x: 10421358m07

Honcb Fort 32 Ouoento R~d. To\: 1042136314162·3, 36309062·3,36313925 F•x: 1042136361076

Honcb Point Main Oofon"~ R®d. To\: 1042135700994·5, 35700997 Fox: 1042135700993

Hon~ GiottO¥QY 15 . Km. Muh01n Rot~-d , Tol: 10421111 333 789 F•x: 1042137511075

ISLAMABAD Honch C~~s.sic Plot 179, I 10/3, lndustri.al Are.a. Tel: (05114&38801·5 F.u: l0511 &1.36446

Honch Avenue 1·Km, Koral Chowk, tslamabad Highw.ay, Opp. Judidal Col.ony. Tel: 1051) 2326121·'· 0320 5007373 Fax: [05112326126

RAWALPINDI Honch Contro 300, PqshOJWOJr Ro01d. Tol: 105115125181·5 VAN: 105 11 I II 300123 Fox: 105115 125186

SAHIWAL Honda Montgomery Silhlwal Bypus, t.ahora Road Near PSO. Tel;t0304J 111·&5·45 Fax: 10401 '5()2082

SARGODHA Hond~ Cltrui Field$ 7-Km Lahoro Ro~d. Tol: 104813225186-7 F•x: 10,81 3225869

FAISALABAD Honda Faisalabad E;Ut C01nat R~d. Tel: 104118731141·' F•x: 10" I 8524029

Honda Chenab 123 J8 Raja Wala, Green Vi0N C<>lony. Tel: 104112603449, 26035" Fax: (041126035lo9

GUJRANWALA Hond.J GuJ~nw;.l.:. G.T. Roid. To\: 105513893481-3 F•x: (05513893'8'

SIALKOT Honda Fa1con Pak,ki Kotli, O~ska Road. Tel: 105213252000,3251251·' Fa>: (0521 3563203

MIRPUR Hond.J EmpirG Wan Muh.immild Ro.id. Ouiotid..,o-Aum Chowk. Mtrpur AzOtd Kishmlr Tol: 1058271451501~

F•x: 1058271'51500

PESHAWAR Honda North Main University Ro.oG. Tel: 1091)5854901, 5700807, 5700808 Fax: (091158S47S3

DERA GHAZI KHAN Hondiot HiSun MullOJn Road. Oor01 Gh.ui Kh;m To\: 1064)11 1·690-490 F•x: (06412689009

Authorized Service & Spore Ports 25 Dealers

KARACHI N;ulm;,tb;.d Hond.1 1-JS/8 Mu:olim Lo3guo Ou-aner, M;,tln R~d Nazim.)bid No.I. Tol: 021-36603336·7, 0321 -9299884

LAHORE Johar Town Honda 892--R·l Main Boulevard, Joh.a.r Town. Te\: 042·35313366, 0300-&008080, 0305·5224 145

Aabpara Honda 16\Yahdat Road, Aatlpara M<trket. Te\: 0'2·35866932, 0300-6403,00

S<~manabad Honda Pl<>t No.29/30 • 21 Acre Sch-eme Samnabid. Tet: Olo2·7S30563, 7530579, 0300·8880096

Cava1ry Honda ts.commericat ArQ<~. Cavalry Orouod. t.ahore Cantt. Tel: Olo2·36663117, 0321·811888&1

FAISALABAD Jar.1nw~~ Ro.1d Hond;. Jar~nw~lol Road. To1: 0"·8710616. 8541097 0321 ·9665859

Civil Llno5 Hond.1 2111 J01H Ro.1d, Civlt Llnti. To1: 04 1·26' 1925, 2'09394, 0307-7775888

MIRPURKHAS Mirpurlc:has Hond.ot Plots# A·3 & A·&, Mustafa Town, Hyderabad Ring Road. Tel: 0334·330157S

SUKKAR CtO<k TOWQf Honda HU5$.lini Roid, N"arGu.VW.1r.l. To1: 071-5812083

RAWALPINDI Royal Honda CB·940·A ,Mehaubad, Pe$h,awar Road. Tel: 0St-546:U6~. 5'96022. 5'96077, 0333·5145445

HONDA 23

BAHAWALPUR Horizon HoM• Nc.1r Zam Zam PSO Pc1rol Pump. Muholn Roo.d. To1: 062·2885129, 0301 -6817729

ISLAMABAD AMX Honda (P\ttl Lid. Plot No 141, 1·9/2. Opposite l$ta:mabad Ory Port. Tel: 051..&4.'.4337. 051·4..'.44338, 0333·5488898

MULlAN Primo Hond.1 l- Mus;htaq Colony, lndu$tria\ EititC Road. No01r Noldi~bid RiilW.l)' CfOS$ing. Tol: 061·6538112. 0300-863111 1

OKARA ModarnAutos Honda Karmilnwal.a, G. l . Road. T•l: 0300·7530&00, 03Z2-7000229

GUJRAT Rivor Edge Hon~ Nc<tr Edhi Center, G.T. Roild. Tot: 053·352351 1, 0300-6202195, 0314·,545450

Authorized Spare Parts 15 Dealers

KARACHI Sugol P.1rt$ Contor Shop No. 1&2 Amber ElectrOnics M;ukct. M.A. Jinnah Ro~d. Tol: 021 -32778211 & 2

Sugol Sunsot P;,rt$ Cont9r Plot No. 12-C, 12th Commercia\ StrQC1, Pho.s.t II, Extonsion O.HA Tol:021 ·35312766 &68/ 0300-~00721

LAHORE Sugol P.1r ts Center Shop No. 4·6. Shamyt Center, 4·Momgomcry Road. To\:042·36370121 & 0'2·36375900

Sugol OctonCQ P.1rt:o Conttr Stoop No. 1 Cornor 26/26 Milin Wilton Ro;~d. Whorq C;mu. Tol: 042-36626987 & 89/ 0300·9404774

RAWALPINDI Su9ol Potoh<~r Po.rts Contor 3 R.i~h im P1"ZOI Opp. Cltiikt.ilb C.;,monmont Boilrd Main Murroo Ro01d. Tol: 051 -51303.10-411 0321·5552656

MUllAN Sugoi Multiln P,uts Center 103/91qbal Plilt.a Opp. RTO Office, Near Feas111 Garden, LMO Road. Tel: 06 1-45861&1-61/ 0303·666671'2

HONDA