fsa report6

8/2/2019 FSA Report6

http://slidepdf.com/reader/full/fsa-report6 1/34

Pakistan

RefinaryLimited



VISION

The Vision of the Company is

“TO BE THE REFINERY OF FIRST CHOICE FOR ALL STAKEHOLDERS”

MISSIONThe Mission of the Company is

“PRL IS COMMITTED TO REMAINING A LEADER IN THE OIL REFINING

BUSINESS OF PAKISTAN BY PROVIDING VALUE ADDED PRODUCTS

THAT ARE ENVIRONMENTAL FRIENDLY, AND BY PROTECTING THE

INTEREST OF ALL STAKEHOLDERS IN A COMPETITIVE MARKET

THROUGH SUSTAINABLE DEVELOPMENT AND QUALITY HUMAN

RESOURCES”

COMPANY INTRODUCTION

Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May 1960 and is

quoted on the Karachi and Lahore Stock Exchanges. The Refinery is situated on the coastal belt of

Karachi, Pakistan. PRL is a hydro skimming refinery designed to process various imported and local

crude oil to meet the strategic and domestic fuel requirements of the country. The Refinery has a

capacity of processing 47,000 barrels per day of crude oil into a variety of distilled petroleum products

such as Furnace Oil, High Speed Diesel, Kerosene oil, Jet fuel and Motor gasoline etc.

The Refinery is operating at two locations. Main processing facility is located at Korangi Creek with

supporting crude berthing and storage facility at Keamari. Initially, the design capacity of the Refinery

was to process 1 million tons of crude oil annually, which was subsequently expanded to 2.1 million tons

per annum.

Pakistan Refinery Limited (PRL) since inception has been the principal manufacturer and supplier of

petroleum products to the domestic market and Pakistan defense forces. It continues to serve the energy

needs of the country with professional excellence and high degree of commitment. PRL takes pride in

the edge it enjoys over its competitors in respect of efficiency, lower operating cost, high quality human

resources, reliability and introduction of newer generation technologies.

The operations of the Company are managed by the Refinery Leadership Team which is led by the

Managing Director of the Company and is responsible for ensuring that the policies and strategies as

approved by the Board are implemented whilst maintaining a culture of openness, integrity,

accountability and commitment to the Company’s principles.

History

The foundation stone of refinery was laid by the then Minister for Fuel, Power and Natural Resources in

late 1950s. Within 4 months the silhouette of the Refinery could be seen as it appears today. In addition



to this construction at Korangi, a Tank Farm at Keamari has been built to facilitate the storage and

transfer the crude oil from Karachi port to the Refinery.

The plant came into operation in October 1962, two months ahead of schedule. The official opening of

the Refinery was commemorated byField Marshal Muhammad Ayub Khan, the then President of

Pakistan on November 14, 1962. The design capacity of the Refinery was 1 million tons of crude oil per

annum, but was increased to 2.1 million tons per annum later.

http://en.wikipedia.org/wiki/Refinery

http://en.wikipedia.org/wiki/Field_Marshal

http://en.wikipedia.org/wiki/Muhammad_Ayub_Khan

http://en.wikipedia.org/wiki/President_of_Pakistan


http://en.wikipedia.org/wiki/Crude_oil

http://en.wikipedia.org/wiki/Refinery

http://en.wikipedia.org/wiki/Field_Marshal

http://en.wikipedia.org/wiki/Muhammad_Ayub_Khan



http://en.wikipedia.org/wiki/Crude_oil



ORGANIZATIONAL CHART



Company Information & Profile



CHIEF FINANCIAL OFFICER IMRAN AHMAD MIRZA

COMPANY SECRETARY KASHIF LAWAI

AUDITORS A. F. FERGUSON & CO.

LEGAL ADVISOR ORR DIGNAM & CO

REGISTRAR & SHARE FAMCO ASSOCIATES (PVT) LTD.

STATE LIFE BUILDING 1-A, 1ST FLOOR

I.I. CHUNDRIGAR ROAD, KARACHI-

74000

BANKERS ASKARI BANK LIMITED

BANK ALFALAH LIMITED

BANK AL-HABIB LIMITED

CITI BANK N.A.

FAYSAL BANK LIMITED

HABIB METROPOLITAN BANK

LIMITED

HABIB BANK LIMITED

HSBC BANK MIDDLE EAST LIMITED

MCB BANK LIMITED

NATIONAL BANK OF PAKISTAN

NIB BANK LIMITED

SONERI BANK LIMITED

STANDARD CHARTERED BANK

(PAKISTAN) LIMITED

UNITED BANK LIMITED

REGISTERED OFFICE P.O. BOX 4612 KORANGI CREEK ROAD,

KARACHI-75190

TEL: (92-21) 35122131-40

FAX: (92-21) 35060145, 35091780

WWW.PRL.COM.PK

[email protected]

http://www.prl.com.pk/

http://www.prl.com.pk/



BOARD OF DIRECTORSMr. Farooq Rahmatullah Chairman

Mr. Aftab Husain Managing Director &CEO

Mr. Chang Sern Ee Director

Mr. Jehangir Ali Shah DirectorMr. Khawaja Nimr Majeed Director

Mr. Mohammad Zubair Director

Mr. Muqtadar A. Quraishi Director

Mr. Rafi Haroon Basheer Director

Mr. Sabar Hussain Director

Mr. Saleem Butt Director

Mr. Sarim Sheikh Director

Refinery Leadership Team

Mr. Ijaz Ali Khan Managing Director & CEOMr. Aftab Husain Deputy Managing Director Mr. Kashif Lawai Company SecretaryMr. Imran Ahmad Mirza Chief Financial Officer Mr. Khalid Junejo General Manager Human ResourceMr. Naman Shah General Manager Technology & InspectionMr. Muhammad Azhar General Manager OperationsMr. Muhammad Ali Mirza General Manager Supply & Oil

OpertationsMr. Asad Hasan Senior Manager ProjectsMr. Mohammad Khalid Senior Manager MaintenanceMr. Shehrzad Aminullah Chief Internal Auditor



Products

Product Rs./M.TonMotor Spirit 72.75 Furnace Oil 68245

Kerosene 76.36 LPG 70000

JP1 78.03

HSD 81.99

JP8 76.36

Market Performance

No.of Shares Outstnding 35000000

Market Price Per Share Rs.62.42

Market Capitalization= No. of Shares Outstanding* Market Price of one

Share

Market Capitalization of PRL=35000000*62.42

=Rs.2.1 Billion



tern of ShareholdingJune 30, 2011ber of Shareholders

1

01

010101001001001001001001001001001001001001

001001001001001001001001001001001001001,001,001

,001,0015,001



eholding

00000000000000000000000

000000000000000000000000000000000000000000000

000000000000000000,000,000,000,0000,000191907856,054

360928190711222



450332000663175470000046000049158308632988

506000100000136646000,616,306,000,0000,00000,000ber of Shares Held



Shareholders



ANCE SHEETJune 30, 2011

TS-current assetsed assetsstment in associateg-term loans and advancesg-term depositserred taxation

ent assetses, spares and chemicalsk-in-tradee debts

s and advancesued mark-upe deposits and short-term prepaymentsr receivablestion - payments less provisionefunds due from government - sales taxand bank balances

2010es in thousand)

064761300

453888,172,708

07500901,886620

640,3148,76700740)8)11)92886863427320266353,9700,819478

776,088411

965903,4509,716000



47,096)66)115)928

TYcapital

vesmulated lossalue reserve

PLUS ON REVALUATION OFED ASSETSLITIES-current liabilities

ferred taxationirement benefit obligations

ent liabilitiese and other payablest-term borrowingsued mark-upble to government - sales tax

75

0,080,1287062713,1851,850

8,917,710138

9,7650,903

an Refinery Limited

Report 2011

ngencies and commitments

8,7679,716nnexed notes 1 - 41 form an integral part of these financial statements.

oq Rahmatullahhairman

Ali KhanExecutive



FIT AND LOSS ACCOUNThe year ended June 30, 2011

2010es in thousand)

f salesprofit / (loss)

bution costnistrative expensesoperating expensesincometing profit / (loss)ce cost

of income of associate/ (Loss) before taxationon/ (Loss) after taxationcomprehensive incomee in fair value of available for sale investmentsociateed tax relating to fair value change of ble for sale investments of associate

0,5452,891)6548,272

9,144)72)94)73)

0356),272)

5,433),782),215)

85)53),262)

9044

09)

22

66)56

)

,457).01)

an Refinery Limited

comprehensive income / (loss)ngs / (Loss) per share

040

nnexed notes 1 - 41 form an integral part of these financial statements.


Ali KhanExecutive

Report 2011



H FLOW STATEMENThe year ended June 30, 2011

2010es in thousand)

H FLOW FROM OPERATING ACTIVITIESgenerated from / (used in) operationsup paide tax paidbution to defined benefit retirement plansase in long-term loans and advancesase) / Decrease in long-term depositssh generated from / (used in) operating activities

H FLOW FROM INVESTING ACTIVITIES

ase of property, plant and equipmenteds from sale of property, plant and equipmentn on depositsend receivedsh used in investing activities

H FLOW FROM FINANCING ACTIVITIESpayment of short-term borrowingsend paidsh used in financing activitiescrease in cash and cash equivalents

and cash equivalents at the beginning of the year and cash equivalents at the end of the year an Refinery Limited

896

59)50))

037,809)13),721)1)

,971)64)

35514)02)

91

19),036)

,103),880)84)

,964)

,783)

,827),917)83384)

nnexed notes 1 - 41 form an integral part of these financial statements.Report 2011


Ali KhanExecutive



STATEMENT OF CHANGES IN EQUITYfor the year ended June 30, 2011SHARE

CAPITALCAPITALExchange

equalisationreserve

RESERVESREVENUESPECIAL FAIR VALUE

GeneralUnappropriated RESERVERESERVEreserveprofit /note 18.1

(Accumulatedloss)

(Rupees in thousand) TOTALBalance as at July 1, 2009Loss for the year 2010Other comprehensive incomeTotal recognised loss for theyear 2010

Loss for the year transferred tospecial reserve

Balance as at June 30, 2010Profit for the year 2011Other comprehensive incomeTotal recognised profit for theyear 2011

Balance as at June 30, 2011350,000

--897--1,050--19,698(2,975,215)-1,814,421--(6,724)-7582,179,342(2,975,215)758--

-(2,975,215)-758(2,974,457)-350,000---897---1,050--1,814,421(1,141,096)223,956-(1,814,421)----(5,966)-4,148-(795,115)223,9564,148-350,000-897-1,050223,956(917,140)-



-4,148(1,818)228,104(567,011)

The annexed notes 1 - 41 form an integral part of these financial statements.Pakistan Refinery Limited

Farooq Rahmatullah

ChairmanIjaz Ali Khan

Chief Executive



Ratios Calculation and Analysis

Liquidity Ratios:

Current ratio:

Current ratio=Current Assets/Current Liabilities

Year Current

Assets

Current

Liabilities

Ratio Calculation Ratio

2011 20,530,31

4

22,383,18

5

20,530,314/22,383,

185

0.92

2010 25,163,450

28,509,765

25,163,450/28,509,765

0.88

2009 29153909 30383131 29153909/3038313

1

0.96

2008 22686853 16919051 22686853/1691905

1

1.34

2007 13598413 9887374 13598413/9887374 1.37

Comments

Quick / Acid test ratio:

Quick ratio=Cash Equivalents +Marketable Securities+Net

Receivables/Current Liabilities



Year Cash

Equivalents

Marketable

Securities

Net

ReceivablesCurrent

Liabilities


2011 7,164 _ 9,979,708 22,383,1

85

(7,164+9,979,708)/22,383,

185

0.45

2010 9,590 _ 16,120,819 28,509,7

65

(9,590+16,120,819)/28,50

9,765

0.57

2009 3909833 _ 14431063 3038313

1

(3909833+14431063)/30

383131

0.60

2008 2646115 _ 10427821 16919051

(2646115+10427821)/16919051

0.77

2007 1698277 _ 4789762 9887374 (1698277+4789762)/98

87374

0.66

Comments:

Cash Ratio:

Cash Ratio= Cash Equivalents +Marketable Securities /Current Liabilities

Year CashEquivalents

MarketableSecurities

CurrentLiabilities


2011 7,164 - 22,383,185 7,164/22,383,185 0.0003

2010 9,590 - 28,509,765 9,590/28,509,765 0.0003

2009 3909833 - 30383131 3909833/30383131 0.12

2008 2646115 - 16919051 2646115/16919051 0.16



2007 1698277 - 9887374 1698277/9887374 0.17

Comments:

Accounts Receivable Turnover:

55Annual Report 2011

Accounts Receivable Turnover=Net Sales/Average Receivables

Year Net Sales Oppening

Receivables

Ending

Receivables

Average Receivables Ratio Calculation Ratio

2011 96,450,545 16,120,819 9,979,708 (16,120,819+9,979,708)/2 96,450,545/13268893 7.39

2010 76,658,272 14431063 16,120,819 (14431063+16,120,819)/2 76,658,272/15275941 5.02

2009 76861057 10427821 14431063 (10427821+14431063)/2 76861057/12429442 6.18

2008 95564006 4789762 10427821 (4789762+10427821)/2 95564006/7608791.5 12.56

2007 57404065 - 4789762 4789762 57404065/4789762 11.98

Comments:

Accounts Receivable Turnover in Days:

Accounts Receivable Turnover in Days=365/ Accounts Receivable Turnover

Year Accounts ReceivableTurnover

Ratio Calculation Days

2011 7.39 365/7.39 49.39

2010 5.02 365/5.02 72.71

2009 6.18 365/6.18 59.06

2008 12.56 365/12.56 29.06

2007 11.98 365/11.98 30.47



Comments:

Inventory Turnover:

Inventory Turnover=Cost of Goods Sold/Average Inventory

Year CGS OpeningInventory

EndingInventory

Average Inventory Calculation times

2011 94,032,891 6810970 9054172 (6810970+9054172)/2 94,032,891/7932571 11.85

2010 77,289,144 8367282 6810970 (8367282+6810970)/2 77,289,144/7589126 10.18

2009 79874195 9102109 8367282 (9102109+8367282)/2 79874195/8734695.5 9.14

2008 91232240 5107781 9102109 (5107781+9102109)/2 91232240/7104945 12.84

2007 56626114 - 5107781 5107781 56626114/5107781 11.09

Comments:

Inventory Turnover in Days:

Inventory Turnover in Days=365/ Inventory Turnover

Year Inventory Turnover Ratio Calculation Days

2011 11.85 365/11.85 30.81

2010 10.18 365/10.18 35.85

2009 9.14 364/9.14 39.93

2008 12.84 365/12.84 28.43



2007 11.09 365/11.09 32.91

Comments:

Working Capital:

Working Capital=Current Assets-Current Liabilities

Year Current Assets Current Liabilities Calculation Rupees

2011 20,530,31

4

22,383,185 20,530,314-

22,383,185

(1852871)

2010 25,163,45

0

28,509,765 25,163,450-28509765

(3346315)

2009 29153909 30383131 29153909-30383131

(1229222)

2008 22686853 16919051 22686853-

16919051

5767802

2007 13598413 9887374 13598413-9887374 3711039

Comments:

Operating Cycle:



Operating Cycle= Inventory Turnover in Days + Accounts Receivable Turnover in Days

Year InventoryTurnover in Days

AccountsReceivableTurnover in Days

Calculation Days

2011 30.81 49.39 30.81+49.39 80.2

2010 35.85 72.71 35.85+72.71 108.56

2009 39.93 59.06 39.93+59.06 98.99

2008 28.43 29.06 28.43+29.06 57.49

2007 32.91 30.47 32.91+30.47 63.38

Comments:

Sales to Working Capital:

Sales to Working Capital=Sales/ Working Capital

Year Sales Working Capital Calculation Times

2011 57404065 (1852871) 57404065/(1852871) (30.98)

2010 95564006 (3346315) 95564006/(3346315) (28.56)

2009 76861057 (1229222) 76861057/(1229222) (62.53)

2008 76658272 5767802 76658272/5767802 13.29

2007 96450545 3711039 96450545/3711039 25.99

Comments:



Long Term Debt Paying Ability

Times Interest Earned:

Times Interest Earned=Recurring Earning Excluding Interest and Tax expense, Equity and Minority

Earnings/ Interest expense, Including Capitalized Interest

Year RecurringEarning

Interest expense Calculation Times

2011 20,530,314 22,383,185

2010 25,163,450 28,509,765

2009

2008

2007

Comments:

Debt Ratio:

Debt Ratio=Total Liabilities/Total Assets

Year Total Assets Total Liabilities Calculation Times

2011 24978767 22401850 22401850/24978767 0.90

2010 30859716 28510903 28510903/30859716 0.92

2009 32566845 30387503 30387503/32566845 0.93

2008 23772076 16966171 16966171/23772076 0.71

2007 14696830 9891747 9891747/14696830 0.67



Comments:

Debt Equity Ratio:

Debt Equity Ratio=Total Liabilities/Shareholders Equity

Year Total Liabilities Shareholders Equity Calculation Ratio

2011 22401850 (567011) 22401850/(567011) (39.5)

2010 28510903 (795115) 28510903/(795115) (35.9)

2009 30387503 2179342 30387503/2179342 13.9

2008 16966171 6805905 16966171/6805905 2.5

2007 9891747 4805083 9891747/4805083 2.1

Comments:

Profitability:

Net Profit Margin=Net Income Before Minority Share of Earnings and Nonrecurring Items/Net Sales

Year Net Income Net Sales Calculation Ratio

2011 215369 57404065 215369/57404065

2010 (2989810) 95564006 (2989810)/ 95564006

2009 (4586326) 76861057 (4586326)/ 76861057

2008 2086022 76658272 2086022/76658272



2007 243865 96450545 243865/96450545

Comments:

Total Asset Turnover:

Total Asset Turnover=Net Sales/Average Total Assets

Year Net Sales OpeningTotalAssets

EndingTotalAssets

Average Total Assets Calculation times

2011 94,032,891 16,120,819 9,979,708 (16,120,819+9,979,708)/2 96,450,545/13050263.5 7.39

2010 77,289,144 - 16,120,819 9,590/28,509,765

2009

2008

2007

Comments:

Return on Total Assets:

Return on Total Assets= Net Income Before Minority Share of Earnings and Nonrecurring Items/

Average Total Assets

Year Net Income Average TotalAssets

Calculation Ratio

2011 96,450,545



2010 25,163,450 76,658,272

2009

2008

2007

Comments:

Horizontal Analysis of Balance Sheet

Balance Sheet Items Years2011 2010 2009 2008 2007

ASSETSNon-current assets

Fixed assets 468.4 601.6 251.0 104.8 100.0

Investment in associate 130.5 123.3 105.9 107.7 100.0

Long-term loans and advances 45.8 79.9 150.5 124.2 100.0

Long-term deposits 478.0 473.6 485.3 485.3 100.0

Deferred taxation - 21.6 2535.4 - 100.0

Retirement benefit obligations - prepayments

- - 10.5 23.9 100.0

Total non-current assets 404.9 518.6 310.7 98.8 100.0

Current assets

Stores, spares and chemicals 110.7 98.7 104.5 101.8 100.0

Stock-in-trade 177.2 133.3 163.8 178.2 100.0

Trade debts 208.4 336.6 301.3 217.7 100.0



Loans and advances 116.2 104.6 64.1 83.8 100.0

Accrued mark-up 11.6 - 170.3 0.6 100.0

Trade deposits and short-term prepayments 97.6 95.3 17.4 99.5 100.0

Other receivables 7173.2 8728.8 12394.5 133.3 100.0

Taxation - payments less provision 18.2 100 - - 100.0

Tax refunds due from Government - Salestax

- 28.8 13.6 12.4 100.0

Investments - - - 0.2 100.0

Cash and bank balances 0.4 0.6 230.2 155.9 100.0

Total current assets 150.9 185.1 214.4 166.9 100.0

Total assets 169.9 209.9 221.6 161.7 100.0

EQUITY AND LIABILITIES 100.0

Share capital 116.7 116.7 116.7 116.7 100.0

Reserves 1.5 1.5 1399.9 53.8 100.0

Special reserve - - - 145.9 100.0

Total equity (11.8) (16.5) 45.4 141.6 100.0

SURPLUS ON REVALUATION OFPROPERTY,PLANT AND EQUIPMENT

100 100 - - 100.0

LIABILITIES 100.0

Non-current liabilities 100.0

Retirement benefit obligations 275.0 26.0 99.9 161.9 100.0

Deferred taxation - - - - -

Total non-current liabilities 426.8 26.0 99.9 1077.5 100.0

Current liabilities

Trade and other payables 210.4 265.2 266.1 166.8 100.0

Short-term borrowings / running finance - - - - -



Accrued interest / mark-up 1141.6 2470.5 - 3899.3 100.0

Taxation - provision less payments 168.1 - 258.5 269.1 100.0

Payable to government - Sales tax - - - - -

Total current liabilities 226.4 288.3 307.3 171.1 100.0

Total liabilities 226.5 288.3 307.2 171.5 100.0

Total equity and liabilities 169.9 209.9 221.6 161.7 100.0

Vertical Analysis of Balance Sheet

(as a percentage of total assets)

Balance Sheet Items Years2011 2010 2009 2008 2007

ASSETSNon-current assets

Fixed assets 17.5 18.1 7.2 4.2 6.5

Investment in associate 0.3 0.2 0.2 0.2 0.4

Long-term loans and advances 0.0 0.0 0.1 0.1 0.1

Long-term deposits 0.1 0.0 0.0 0.1 0.0

Deferred taxation - 0.0 3.0 - 0.3

Retirement benefit obligations - prepayments - - 0.0 0.0 0.3

Total non-current assets 17.8 18.5 10.5 4.6 7.5

Current assets

Stores, spares and chemicals 1.0 0.7 0.7 1.0 1.6

Stock-in-trade 36.2 22.1 25.7 38.3 34.8

Trade debts 40.0 52.2 44.3 39.8 32.6

Loans and advances 0.1 0.1 0.0 0.1 0.2

Accrued mark-up 0.0 - 0.0 0.0 0.1

Trade deposits and short-term prepayments 0.2 0.2 0.0 0.2 0.3



Other receivables 4.6 4.5 6.0 4.1 0.1

Taxation - payments less provision 0.1 0.4 - - -

Tax refunds due from Government - Sales tax - 1.4 0.6 0.8 10.0

Investments - - - 0.0 1.4

Cash and bank balances 0.0 0.0 12.0 11.1 11.6

Total current assets 82.2 81.5 89.5 95.4 92.5

Total assets 100.0 100.0 100.0 100.0 100.0

EQUITY AND LIABILITIES

Share capital 1.4 1.1 1.1 1.5 2.0

Reserves (3.7) (3.7) 0.0 0.3 0.9

Special reserve - - 5.6 26.9 29.8

Total equity (2.3) (2.6) 6.7 28.6 32.7

SURPLUS ON REVALUATION OFPROPERTY,PLANT AND EQUIPMENT

12.6 10.2 - - -

LIABILITIESNon-current liabilities

Retirement benefit obligations 0.05 0.00 0.01 0.03 0.03

Deferred taxation 0.0 - - 0.2 -

Total non-current liabilities 0.1 0.0 0.0 0.2 0.0

Current liabilities

Trade and other payables 80.3 81.9 77.9 66.9 64.9

Short-term borrowings / running finance 6.8 10.3 12.6 - -

Accrued interest / mark-up 0.1 0.2 - 0.3 0.0

Taxation - provision less payments - - 2.8 3.9 2.4

Payable to government - Sales tax 2.3 - - - -

Total current liabilities 89.6 92.4 93.3 71.2 67.3

Total liabilities 89.7 92.4 93.3 71.4 67.3

Total equity and liabilities 100.0 100.0 100.0 100.0 100.0

Horizontal Analysis of Profit and Loss Account

Profit and Loss Account Items Years2011 2010 2009 2008 2007



Sales 168.0 133,5 133.9 166.5 100.0

Cost of sales 166.1 136.4 141.1 161.1 100.0

Gross profit / (loss) 311.6 81.3 388.3 558.3 100.0

Distribution cost 184.1 141.3 135.1 144.7 100.0

Administrative expenses 131.2 120.3 121.9 517.2 100.0

Other operating expenses 3131.2 0.9 6.8 545.2 100.0

Other income 420.2 169.9 356.9 313.1 100.0

Operating profit / (loss) 161.9 137.3 524.8 601.5 100.0

Finance costs 259.4 1388.0 3031.7 309.7 100.0

Share of income of associate 123.6 210.0 211.1 355.8 100.0

Profit / (Loss) before taxation 145.6 379.6 1090.9 645.4 100.0

Taxation 201.3 418.5 366.8 451.3 100.0

Profit / (Loss) after taxation 90.9 1185.9 1824.7 841.6 100.0

Vertical Analysis of Profit and Loss Account

(as a percentage of sales)

Profit and Loss Account Items Years

2011 2010 2009 2008 2007Sales 100.0 100.0 100.0 100.0 100.0

Cost of sales (97.5) (100.8) (103.9) (95.0) (98.6)

Gross profit / (loss) 2.5 (0.8) (3.9) 5.0 1.4

Distribution cost (0.2) (0.2) (0.2) (0.1) (0.2)

Administrative expenses (0.2) (0.2) (0.2) (0.7) (0.2)

Other operating expenses (1.502) (0.001) (0.004) (0.3) (0.1)

Other income 0.3 0.2 0.3 0.2 0.1

Operating profit / (loss) 1.0 (1.0) (4.0) 4.0 1.0

Finance costs (0.2) (1.5) (3.2) (0.6) (0.1)

Share of income of associate 0.01 0.02 0.02 0.03 0.01

Profit / (Loss) before taxation 0.8 (2.5) (7.2) 3.4 0.9Taxation (0.5) (1.4) 1.2 (1.2) (0.4)

Profit / (Loss) after taxation 0.2 (3.9) (5.9) 2.2 0.4

fsa report6

Documents