To: Prof.

Hafiz Tauseef Ahmed

Pakistan Petroleum Ltd.
Content
-1 Financial Statements
1.1 Balance Sheet
1.2 Income Statement
-2 Analysis
2.1 Horizontal Analysis of Balance Sheet
2.2 Horizontal Analysis of Income Statement
2.3 Vertical Analysis of Balance Sheet
2.4 Vertical Analysis of Income Statement
-3 Risk & Return Calculation
3.1 Beta
3.2 CAPM
3.3 Ratios
-4 Projections
4.1 Sales Growth Rate
4.2 Projections Befor Adjustement for the year 2009
4.3 Projections After Adjustement for the year 2009
4.4 Projections Befor Adjustement for the year 2010
4.5 Projections After Adjustement for the year 2010
4.6 Projections Befor Adjustement for the year 2011
4.7 Projections After Adjustement for the year 2011

Note
All content item are Hyperlinked Simply click to View the Sheet Thank you.

By:
Muheeb Ahmad
Tahir Ahmad
Muhammad Bilal Ashraf
 Balance Sheet
June 30, June 30, June 30,
Note
2008 2007 2006

Rs '000 Rs '000 Rs '000

NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment 4 21,187,166 15,226,821 12,763,021
Intangible assets 5 180,854 150,327 106,562
21,368,020 15,377,148 12,869,583
Long-term investments 6 1,781,469 677,384 308,396
Long term receivable - - 211,858
Long-term loans - staff 7 11,752 10,853 12,691
Deferred tax asset 8 - 711,337 610,272
23,161,241 16,776,722 14,012,800
CURRENT ASSETS
Stores and spares 9 1,604,385 1,474,655 1,273,261
Trade debts 10 13,228,456 9,002,094 6,941,736
Loans and advances 11 46,506 34,001 60,724
Trade deposits and short-term prepayments 12 698,029 408,658 301,389
Accrued financial income 13 212,877 116,755 89,527
Current maturity of long-term receivable - 231,289 706,309
Other receivables 14 8,858 21,669 12,317
Short-term investments 15 20,968,017 21,515,496 16,918,397
Cash and bank balances 16 1,094,892 787,786 749,637
37,862,020 33,592,403 27,053,297
61,023,261 50,369,125 41,066,097
SHARE CAPITAL AND RESERVES
Share capital 17 7,544,200 6,858,376 6,858,376
Reserves 18 36,110,071 33,239,675 23,330,171
43,654,271 40,098,051 30,188,547
NON-CURRENT LIABILITIES
Provision for decommissioning cost 19 2,813,374 1,744,823 1,608,707
Liabilities against assets subject to finance leases 20 77,564 69,152 211,858
Deferred liabilities 21 859,779 742,059 79,349
Deferred tax liability 22 39,157 - 645,431
3,789,874 2,556,034 2,545,345
CURRENT LIABILITIES
Trade and other payables 23 12,241,943 7,220,468 4,903,960
Current maturity of long-term liability for gas
development surcharge - 231,289 706,309
Current maturity of liabilities against assets
subject to finance leases 20 44,795 50,696 44,236
Taxation 1,292,378 212,587 2,677,700
13,579,116 7,715,040 8,332,205
61,023,261 50,369,125 41,066,097
 Go Back To
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 Income Statement
Note Year ended Year ended Year ended
June 30, 2008 June 30, 2007 June 30, 2006
Rs '000 Rs '000 Rs '000
Sales - net 25 45,716,789 38,382,645 31,756,712

Field expenditure 26 - 10,693,590 - 9,264,776 - 8,171,060

Royalties - 5,516,435 - 4,576,591 - 3,744,822
- 16,210,025 - 13,841,367 - 11,915,882
29,506,764 24,541,278 19,840,830

Share of profit in Bolan Mining Enterprises 6.1.2 55,777 47,632 21,048

Other operating income 28 3,036,365 2,417,390 1,484,946
Finance cost 29 - 66,624 - 49,424 - 30,096
Other operating expenses 30 - 2,085,367 - 2,600,106 - 1,127,195
Profit before taxation 30,446,915 24,356,770 20,189,533

Taxation 31 - 10,739,157 - 7,588,996 - 6,788,532

Profit after taxation 19,707,758 16,767,774 13,401,001
Basic Earning Per Share Rs. 26.12 22.23 19.54
 Go Back To
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 Balance Sheet Horizontal Analysis
June 30, June 30, June 30,
2008 2007 2006

Rs '000 Rs '000 Rs '000

NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment 21,187,166 15,226,821 12,763,021
Intangible assets 180,854 150,327 106,562
21,368,020 15,377,148 12,869,583
Long-term investments 1,781,469 677,384 308,396
Long term receivable - - 211,858
Long-term loans - staff 11,752 10,853 12,691
Deferred tax asset - 711,337 610,272
23,161,241 16,776,722 14,012,800
CURRENT ASSETS
Stores and spares 1,604,385 1,474,655 1,273,261
Trade debts 13,228,456 9,002,094 6,941,736
Loans and advances 46,506 34,001 60,724
Trade deposits and short-term prepayments 698,029 408,658 301,389
Accrued financial income 212,877 116,755 89,527
Current maturity of long-term receivable - 231,289 706,309
Other receivables 8,858 21,669 12,317
Short-term investments 20,968,017 21,515,496 16,918,397
Cash and bank balances 1,094,892 787,786 749,637
37,862,020 33,592,403 27,053,297
61,023,261 50,369,125 41,066,097
SHARE CAPITAL AND RESERVES
Share capital 7,544,200 6,858,376 6,858,376
Reserves 36,110,071 33,239,675 23,330,171
43,654,271 40,098,051 30,188,547
NON-CURRENT LIABILITIES
Provision for decommissioning cost 2,813,374 1,744,823 1,608,707
Liabilities against assets subject to finance leases 77,564 69,152 211,858
Deferred liabilities 859,779 742,059 79,349
Deferred tax liability 39,157 - 645,431
3,789,874 2,556,034 2,545,345
CURRENT LIABILITIES
Trade and other payables 12,241,943 7,220,468 4,903,960
Current maturity of long-term liability for gas
development surcharge - 231,289 706,309
Current maturity of liabilities against assets
subject to finance leases 44,795 50,696 44,236
Taxation 1,292,378 212,587 2,677,700
13,579,116 7,715,040 8,332,205
61,023,261 50,369,125 41,066,097
tal Analysis
Horizontal Horizontal Horizontal
June 30, Go Back To
Analysis Analysis Analysis
2005 for 2008 for 2007 for 2006 Content Page
Rs '000

11,199,115 0.39 0.19 0.14

75,648 0.20 0.41 0.41
11,274,763 0.39 0.19 0.14
651,807 1.63 1.20 -0.53
819,662 -1.00 -0.74
11,297 0.08 -0.14 0.12
994,715 -1.00 0.17 -0.39
13,752,244 0.38 0.20 0.02

1,291,177 0.09 0.16 -0.01

4,582,580 0.47 0.30 0.51
- 0.37 -0.44
- 0.71 0.36
- 0.82 0.30
705,847 -1.00 -0.67 0.00
794,380 -0.59 0.76 -0.98
-0.03 0.27
10,665,554 0.39 0.05 -0.93
18,039,538 0.13 0.24 0.50
31,791,782 0.21 0.23 0.29

6,858,376 0.10 0.00 0.00

14,387,068 0.09 0.42 0.62
21,245,444 0.09 0.33 0.42

1,899,545 0.61 0.08 -0.15

819,662 0.12 -0.67 -0.74
61,969 0.16 8.35 0.28
548,053 -1.00 0.18
3,329,229 0.48 0.00 -0.24

3,857,859 0.70 0.47 0.27

705,847 -1.00 -0.67 0.00

37,209 -0.12 0.15 0.19

2,616,214 5.08 -0.92 0.02
7,217,129 0.76 -0.07 0.15
31,791,802 0.21 0.23 0.29
 Horizontal Analysis Income Statement
Year ended Year ended Year ended

June 30, 2008 June 30, 2007 June 30, 2006

Rs '000 Rs '000 Rs '000
Sales - net 45,716,789 38,382,645 31,756,712

Field expenditure - 10,693,590 - 9,264,776 - 8,171,060

Royalties - 5,516,435 - 4,576,591 - 3,744,822
- 16,210,025 - 13,841,367 - 11,915,882###
29,506,764 24,541,278 19,840,830###

Share of profit in Bolan Mining Enterprises 55,777 47,632 21,048

Other operating income 3,036,365 2,417,390 1,484,946
Finance cost - 66,624 - 49,424 - 30,096
Other operating expenses - 2,085,367 - 2,600,106 - 1,127,195
Profit before taxation 30,446,915 24,356,770 20,189,533###

Taxation - 10,739,157 - 7,588,996 - 6,788,532

Profit after taxation 19,707,758 16,767,774 13,401,001###
Basic Earning Per Share Rs. 26.12 22.23 19.54
ome Statement Go Back To
Horizontal Horizontal Horizontal Content Page
Year ended
Analysis Analysis Analysis
June 30, 2005 2008-2007 2007-2006 2006-2005
Rs '000
23,294,169 0.19 0.21 0.36

- 6,951,772 0.15 0.13 0.18

- 2,673,146 0.21 0.22 0.40
- 9,624,918 0.17 0.16 0.24
13,669,251 0.20 0.24 0.45

29,263 0.17 1.26 -0.28

546,772 0.26 0.63 1.72
- 19,219 0.35 0.64 0.57
- 751,076 -0.20 1.31 0.50
13,474,991 0.25 0.21 0.50

- 4,851,839 0.42 0.12 0.40

8,623,152 0.18 0.25 0.55
12.57 0.17 0.14 0.55
 Balance Sheet Vertical Analysis
June 30, June 30, June 30,
2008 2007 2006

Rs '000 Rs '000 Rs '000

NON-CURRENT ASSETS
Fixed assets
Property, plant and equipment 21,187,166 15,226,821 12,763,021
Intangible assets 180,854 150,327 106,562
21,368,020 15,377,148 12,869,583
Long-term investments 1,781,469 677,384 308,396
Long term receivable - - 211,858
Long-term loans - staff 11,752 10,853 12,691
Deferred tax asset - 711,337 610,272
23,161,241 16,776,722 14,012,800
CURRENT ASSETS
Stores and spares 1,604,385 1,474,655 1,273,261
Trade debts 13,228,456 9,002,094 6,941,736
Loans and advances 46,506 34,001 60,724
Trade deposits and short-term prepayments 698,029 408,658 301,389
Accrued financial income 212,877 116,755 89,527
Current maturity of long-term receivable - 231,289 706,309
Other receivables 8,858 21,669 12,317
Short-term investments 20,968,017 21,515,496 16,918,397
Cash and bank balances 1,094,892 787,786 749,637
37,862,020 33,592,403 27,053,297
61,023,261 50,369,125 41,066,097
SHARE CAPITAL AND RESERVES
Share capital 7,544,200 6,858,376 6,858,376
Reserves 36,110,071 33,239,675 23,330,171
43,654,271 40,098,051 30,188,547
NON-CURRENT LIABILITIES
Provision for decommissioning cost 2,813,374 1,744,823 1,608,707
Liabilities against assets subject to finance leases 77,564 69,152 211,858
Deferred liabilities 859,779 742,059 79,349
Deferred tax liability 39,157 - 645,431
3,789,874 2,556,034 2,545,345
CURRENT LIABILITIES
Trade and other payables 12,241,943 7,220,468 4,903,960
Current maturity of long-term liability for gas
development surcharge - 231,289 706,309
Current maturity of liabilities against assets
subject to finance leases 44,795 50,696 44,236
Taxation 1,292,378 212,587 2,677,700
13,579,116 7,715,040 8,332,205
61,023,261 50,369,125 41,066,097
lysis
Vertical Vertical Vertical Go Back To
Analysis Analysis Analysis Content Page
for 2008 for 2007 for 2006

34.72 30.23 31.08

0.30 0.30 0.26
35.02 30.53 31.34
2.92 1.34 0.75
0.00 0.00 0.52
0.02 0.02 0.03
0.00 1.41 1.49
37.95 33.31 34.12

2.63 2.93 3.10

21.68 17.87 16.90
0.08 0.07 0.15
1.14 0.81 0.73
0.35 0.23 0.22
0.00 0.46 1.72
0.01 0.04 0.03
34.36 42.72 41.20
1.79 1.56 1.83
62.05 66.69 65.88
100.00 100.00 100.00

12.36 13.62 16.70

59.17 65.99 56.81
71.54 79.61 73.51

4.61 3.46 3.92

0.13 0.14 0.52
1.41 1.47 0.19
0.06 0.00 1.57
6.21 5.07 6.20

20.06 14.34 11.94

0.00 0.00 0.00
0.00 0.46 1.72
0.00 0.00 0.00
0.07 0.10 0.11
2.12 0.42 6.52
 22.25 15.32 20.29
100.00 100.00 100.00
 Vertical Analysis Income Statement
Year ended Year ended Year ended

June 30, 2008 June 30, 2007 June 30, 2006

Rs '000 Rs '000 Rs '000
Sales - net 45,716,789 38,382,645 31,756,712

Field expenditure - 10,693,590 - 9,264,776 - 8,171,060

Royalties - 5,516,435 - 4,576,591 - 3,744,822
- 16,210,025 - 13,841,367 - 11,915,882
29,506,764 24,541,278 19,840,830

Share of profit in Bolan Mining Enterprises 55,777 47,632 21,048

Other operating income 3,036,365 2,417,390 1,484,946
Finance cost - 66,624 - 49,424 - 30,096
Other operating expenses - 2,085,367 - 2,600,106 - 1,127,195
Profit before taxation 30,446,915 24,356,770 20,189,533

Taxation - 10,739,157 - 7,588,996 - 6,788,532

Profit after taxation 19,707,758 16,767,774 13,401,001
Basic Earning Per Share Rs. 26.12 22.23 19.54
tement Go Back To
Vertical Vertical Vertical Content Page
Analysis Analysis Analysis
2008-2007 2007-2006 2006-2005
% % %
100.00 100.00 100.00
0.00 0.00 0.00
-23.39 -24.14 -25.73
-12.07 -11.92 -11.79
-35.46 -36.06 -37.52
64.54 63.94 62.48
0.00 0.00 0.00
0.12 0.12 0.07
6.64 6.30 4.68
-0.15 -0.13 -0.09
-4.56 -6.77 -3.55
66.60 63.46 63.58
0.00 0.00 0.00
-23.49 -19.77 -21.38
43.11 43.69 42.20
 CALCULATION OF BETA
For Beta calculation PPL prices and KSE 100 Index
Go Bac
From Jan 2009 to Jul 2009 Content
PPL Stock Stock Return Market Return
SR. NO Date KSE-100 Index X×Y X²
Prices Y X
1-Jan-09 105.65 5,753.18
1 9-Jan-09 128.40 6,143.81 21.53 6.79 146.21 46.10
2 26-Jan-09 137.37 4,815.34 6.99 -21.62 -151.06 467.55
3 28-Jan-09 151.44 5,139.93 10.24 6.74 69.04 45.44
4 2-Feb-09 142.25 5,333.95 -6.07 3.77 -22.91 14.25
5 9-Feb-09 151.00 5,573.48 6.15 4.49 27.62 20.17
6 13-Feb-09 157.56 5,625.90 4.34 0.94 4.09 0.88
7 19-Feb-09 155.51 6,022.44 -1.30 7.05 -9.17 49.68
8 2-Mar-09 144.50 5,681.29 -7.08 -5.66 40.11 32.09
9 6-Mar-09 148.50 5,748.10 2.77 1.18 3.26 1.38
10 13-Mar-09 149.10 5,750.47 0.40 0.04 0.02 0.00
11 19-Mar-09 168.22 6,441.00 12.82 12.01 153.99 144.20
12 1-Apr-09 172.00 6,931.90 2.25 7.62 17.13 58.09
13 7-Apr-09 177.50 7,635.88 3.20 10.16 32.47 103.14
14 13-Apr-09 187.76 7,872.49 5.78 3.10 17.91 9.60
15 17-Apr-09 198.61 7,794.95 5.78 -0.98 -5.69 0.97
16 4-May-09 167.90 7,062.25 -15.46 -9.40 145.34 88.35
17 8-May-09 168.62 7,129.51 0.43 0.95 0.41 0.91
18 14-May-09 172.50 7,142.42 2.30 0.18 0.42 0.03
19 20-May-09 172.90 7,060.72 0.23 -1.14 -0.27 1.31
20 1-Jun-09 178.80 7,210.34 3.41 2.12 7.23 4.49
21 8-Jun-09 184.10 6,892.00 2.96 -4.42 -13.09 19.49
22 16-Jun-09 121.19 6,872.96 -34.17 -0.28 9.44 0.08
23 22-Jun-09 184.25 7,057.26 52.03 2.68 139.53 7.19
24 29-Jun-09 187.50 7,206.17 1.76 2.11 3.72 4.45
25 1-Jul-09 191.80 7,270.72 2.29 0.90 2.05 0.80
26 6-Jul-09 193.52 7,538.49 0.90 3.68 3.30 13.56
27 13-Jul-09 194.60 7,684.65 0.56 1.94 1.08 3.76
28 20-Jul-09 194.03 7,710.64 -0.29 0.34 -0.10 0.11
29 23-Jul-09 194.25 7,863.86 0.11 1.99 0.23 3.95
84.88 37.27 622.31 1142.03
∑XY = 622.31 ∑Y = 84.88 n = 29
∑X² = 1142.03 ∑X = 37.27
BETA = n∑XY-(∑X)(∑Y )
n∑X²-(∑X)²
= (29)(622.31)-(37.27)(84.88)
(29)(1142.03)-(37.27)²
= 14883.5
 31729.8
BETA= 46.91%
 Go Back To
Content Page
Calculation of CAPM Go Back To
Content Page

Rs = Rf + β (Rm-Rf)

Rf = 12.38%
Rm = 26.18%
Rm-Rf = 13.80%
β = 46.91%

Rs = 0.1238 + 0.4691 (0.1380)

Rs = 18.85%
 Ratio Analysis of PPL
Notes 2005-2006 2006-2007 2007-2008 Go Back To
Content Page
Financial Performance Profitability

Operating Margin (%) 62 64 65

EBITDA Margin (%) 1 68 68 71
Pre tax Margin (%) 64 63 67
Net profit to sales (%) 42 44 43
Basic Earning Power Ratio (%) 105 110 93
Return on Equity (%) 44 42 45
Return on Capital Employed (%) 62 57 64

Operating Performance/ Liquidity

Total assets turnover (times) 0.87 0.84 0.82

Fixed assets turnover (times) 2.63 2.72 2.49
Debtor turnover (times) 5.51 4.81 4.11
Debtor turnover (days) 66.23 75.81 88.99
Current ratio 3.25 4.35 2.79
Quick ratio 3.04 4.09 2.61
Inventory turnover 2 - - -

Capital Market/ Capital Structure Analysis Ratios

Earnings per share (Rs) 17.76 22.23 26.12

Price earning ratio 10.48 10.73 9.42
Cash Dividend Yield (%) 4.25 4.19 6.3
Dividend Cover Ratio 2.17 2.22 1.69
Debt Equity Ratio 3 - - -

Notes
1. EBITDA stands for earnings before interest, taxes, depreciation and amortisation
2. Not applicable in view of the nature of Company’s business.
3 Not applicable as the Company does not have debt besides lease financing for
procurement of vehicles and computer equipments which forms a very small part of its
capital structure.
 Go Back To
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 Average Sales Growth Rate
Go Back To
Content Page
GROWTH RATE YEAR 2005-2006 = SALES 2006 - SALES 2005
SALES 2005

= 31756712000 - 23294200000
23294200000

= 8462512000
23294200000

= 36.33%

GROWTH RATE YEAR 2006-2007 = SALES 2007 - SALES 2006

SALES 2006

= 38382645000-31756712000
31576712000

= 6625933000
31576712000

= 20.98%

GROWTH RATE YEAR 2007-2008 = SALES 2008 - SALES 2007

SALES 2007

= 45716789-38382645
38382645

= 7334144
38382645

= 19.11%

AVG GROTH RATE = 25.47%

R= 0.2547
1 + R= 1.2547
 Go Back To
Content Page
 Projection Before Adjustement For Year 2009
INCOME STATEMENT BEFORE ADJUSTEMENT
AVG
2008 GROWTH 2009
Rs. 000 RATE Rs. 000
SALES 45,716,789 × 1.2547 57,360,855
FIELD EXPENDITURE (10,693,950) × 1.2547 (13,417,699)
ROYALTIES (5,516,435) × 1.2547 (6,921,471)
(16,210,385) × 1.2547 (20,339,170)
29,506,404 37,021,685

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 55,777 × 1.2547 69,983

OTHER OPERATING INCOME 3,036,365 × 1.2547 3,809,727
FINANCE COST (66,624) (66,624)
OTHER OPERATING EXPENSES (2,085,367) × 1.2547 (2,616,510)

PROFIT BEFORE TAXATION 30,446,555 38,218,262

TAXATION (10,739,157) (13,480,383)
PEOFIT AFTER TAXATION 19,707,398 24,737,878

BALANCE SHEET BEFORE ADJUSTEMENT

AVG
2008 GROWTH 2009
Rs. 000 RATE Rs. 000
NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 21,187,166 × 1.2547 26,583,537.18
INTANGIBLE ASSETS 180,854 × 1.2547 226,917.51
21,368,020 26,810,455

LONG TERM INVESTEMENT 1,781,469 × 1.2547 2,235,209.15

LONG TERM LOANS-STAFF 11,752 × 1.2547 14,745.23
23,161,241 29,060,409
CURRENT ASSETS
STORES & SPARES 1,604,385 × 1.2547 2,013,021.86
TRADE DEBTS 13,228,456 × 1.2547 16,597,743.74
LOANS & ADVANCES 46,506 × 1.2547 58,351.08
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 698,029 × 1.2547 875,816.99
ACCRUED FINANCIAL INCOME 212,877 × 1.2547 267,096.77
CURRENT MATURITY OF LONG TERM RECEIVABLES - -
OTHER RECEIVABLES 8,858 × 1.2547 11,114.13
SHORT TERM INVESTEMENT 20,968,017 × 1.2547 26,308,570.93
CASH AND BANK BALANCES 1,094,892 × 1.2547 1,373,760.99
37,862,020 × 1.2547 47,505,476.49
NET ASSETS 61,023,261 76,565,886
SHARE CAPITAL & RESERVES
SHARE CAPITAL & RESERVES 7,544,200 7,544,200
RESERVES 36,110,071 36,110,071
43,654,271 43,654,271
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564 77,564
DEFFERD LIABILITIES 859,779 859,779
DEFFERD TAX LIABILITIES 39,157 39,157
3,789,874 3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 12,241,943 × 1.2547 15,359,965.88
CURRENT MATURITY OF LIABILITIES
AGAINST ASSETS SUBJECT TO FINANCE LEASE 44,795 × 1.2547 56,204.29
TAXATION 1,292,378 × 1.2547 1,621,546.68
13,579,116 17,037,717
TOTLA LIABILITIES 61,023,261 64,481,862

CALCULATION OF AFN = TOTAL ASSET - TOTAL LIABILITIES

CALCULATION OF AFN = 12,084,024

NOW AS THE COMPANY HAS NO DEBT IT MEANS 100% EQUITY

SHARE Price of PPL on 31 AUGUST 2009 Is Rs. 213/=

Now Company Issued Share = 213/2

106.5

NO. OF SHARES TO BE ISSUED = 12,084,024

106.5
113,465
 Go Back To
Content Page
 Projection After Adjustement For Year 2009
Go Back To
INCOME STATEMENT AFTER ADJUSTEMENT Content Page
2009
Rs. 000
SALES 57,360,855
FIELD EXPENDITURE (13,417,699)
ROYALTIES (6,921,471)
(20,339,170)
37,021,685

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 69,983

OTHER OPERATING INCOME 3,809,727
FINANCE COST (66,624)
OTHER OPERATING EXPENSES (2,616,510)

PROFIT BEFORE TAXATION 38,218,262

TAXATION (13,480,383)
PEOFIT AFTER TAXATION 24,737,878

BALANCE SHEET AFTER ADJUSTEMENT

2009
Rs. 000
NON CURRENT ASSETS
NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 26,583,537.18
INTANGIBLE ASSETS 226,917.51
26,810,455

LONG TERM INVESTEMENT 2,235,209.15

LONG TERM LOANS-STAFF 14,745.23
29,060,409

CURRENT ASSETS
STORES & SPARES 2,013,021.86
TRADE DEBTS 16,597,743.74
LOANS & ADVANCES 58,351.08
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 875,816.99
ACCRUED FINANCIAL INCOME 267,096.77
CURRENT MATURITY OF LONG TERM RECEIVABLES -
OTHER RECEIVABLES 11,114.13
SHORT TERM INVESTEMENT 26,308,570.93
CASH AND BANK BALANCES 1,373,760.99
 47,505,476.49
NET ASSETS 76,565,886

SHARE CAPITAL & RESERVES

SHARE CAPITAL & RESERVES 7,544,200
113465 NEW SHARES ISSUED @ RS.106.5/= 12,084,024
RESERVES 36,110,071
55,738,295
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564
DEFFERD LIABILITIES 859,779
DEFFERD TAX LIABILITIES 39,157
3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 15,359,966
CURRENT MATURITY OF LIABILITIES
AGAINST ASSETS SUBJECT TO FINANCE LEASE 56,204
TAXATION 1,621,547
17,037,717
TOTLA LIABILITIES 76,565,886
 Projection Before Adjustement For Year 2010
INCOME STATEMENT BEFORE ADJUSTEMENT
AVG
GROW
2009 TH 2010
Rs. 000 RATE Rs. 000
SALES 57,360,855 × 1.2547 71,970,664.97
FIELD EXPENDITURE (13,417,699) × 1.2547 (16,835,187.02)
ROYALTIES (6,921,471) × 1.2547 (8,684,369.66)
(20,339,170) × 1.2547 (25,519,556.67)
37,021,685 46,451,108

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 69,983 × 1.2547 87,808.17

OTHER OPERATING INCOME 3,809,727 × 1.2547 4,780,064.67
FINANCE COST (66,624) (66,624.00)
OTHER OPERATING EXPENSES (2,616,510) × 1.2547 (3,282,935.07)

PROFIT BEFORE TAXATION 38,218,262 47,969,422

TAXATION (13,480,383) (16,919,822.52)
PEOFIT AFTER TAXATION 24,737,878 31,049,600

BALANCE SHEET BEFORE ADJUSTEMENT

NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 26,583,537 × 1.2547 33,354,364.10
INTANGIBLE ASSETS 226,918 × 1.2547 284,713.40
26,810,455 33,639,078

LONG TERM INVESTEMENT 2,235,209 × 1.2547 2,804,516.93

LONG TERM LOANS-STAFF 14,745 × 1.2547 18,500.85
2,249,954 2,823,018

CURRENT ASSETS
STORES & SPARES 2,013,022 × 1.2547 2,525,738.53
TRADE DEBTS 16,597,744 × 1.2547 20,825,189.07
LOANS & ADVANCES 58,351 × 1.2547 73,213.10
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 875,817 × 1.2547 1,098,887.57
ACCRUED FINANCIAL INCOME 267,097 × 1.2547 335,126.32
OTHER RECEIVABLES 11,114 × 1.2547 13,944.90
SHORT TERM INVESTEMENT 26,308,571 × 1.2547 33,009,363.95
CASH AND BANK BALANCES 1,373,761 × 1.2547 1,723,657.92
47,505,476 59,605,121
NET ASSETS 76,565,886 96,067,217

SHARE CAPITAL & RESERVES

SHARE CAPITAL & RESERVES 7,544,200 7,544,200
113465 NEW SHARES ISSUED @ RS.106.5/= 12,084,030 12,084,030
RESERVES 36,110,071 36,110,071
55,738,301 55,738,301
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564 77,564
DEFFERD LIABILITIES 859,779 859,779
DEFFERD TAX LIABILITIES 39,157 39,157
3,789,874 3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 15,359,966 × 1.2547 19,272,149.19
CURRENT MATURITY OF LIABILITIES AGAINST
ASSETS SUBJECT TO FINANCE LEASE 56,204 × 1.2547 70,519.52
TAXATION 1,621,547 × 1.2547 2,034,554.62
17,037,717 21,377,223
CONTIGENCIES & COMMITMENTS
TOTLA LIABILITIES 76,565,892 80,905,398

CALCULATION OF AFN = TOTAL ASSET - TOTAL LIABILITIES

CALCULATION OF AFN = 15,161,818

NOW AS THE COMPANY HAS NO DEBT IT MEANS 100% EQUITY

SHARE Price of PPL on 31 AUGUST 2009 Is Rs. 213/=

Now Company Issued Share = 213/2

106.5

NO. OF SHARES TO BE ISSUED = 15,161,818

106.5
= 142,364
 Go Back To
Content Page
 Projection After Adjustemnet for Year 2010
Go Back To
INCOME STATEMENT BEFORE ADJUSTEMENT Content Page
2010
Rs. 000
SALES 71,970,664.97
FIELD EXPENDITURE (16,835,187.02)
ROYALTIES (8,684,369.66)
(25,519,556.67)
46,451,108

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 87,808.17

OTHER OPERATING INCOME 4,780,064.67
FINANCE COST (66,624.00)
OTHER OPERATING EXPENSES (3,282,935.07)

PROFIT BEFORE TAXATION 47,969,422

TAXATION (16,919,822.52)
PEOFIT AFTER TAXATION 31,049,600

BALANCE SHEET BEFORE ADJUSTEMENT

2010
Rs. 000
NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 33,354,364.10
INTANGIBLE ASSETS 284,713.40
33,639,078

LONG TERM INVESTEMENT 2,804,516.93

LONG TERM LOANS-STAFF 18,500.85
2,823,018
CURRENT ASSETS
STORES & SPARES 2,525,738.53
TRADE DEBTS 20,825,189.07
LOANS & ADVANCES 73,213.10
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 1,098,887.57
ACCRUED FINANCIAL INCOME 335,126.32
OTHER RECEIVABLES 13,944.90
SHORT TERM INVESTEMENT 33,009,363.95
CASH AND BANK BALANCES 1,723,657.92
59,605,121
NET ASSETS 96,067,217
SHARE CAPITAL & RESERVES
SHARE CAPITAL & RESERVES 7,544,200
113465 NEW SHARES ISSUED @ RS.106.5/= 12,084,030
142364 NEW SHARES ISSUED @ RS.106.5/= 15,161,826
RESERVES 36,110,071
70,900,127
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564
DEFFERD LIABILITIES 859,779
DEFFERD TAX LIABILITIES 39,157
3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 19,272,149.19
CURRENT MATURITY OF LIABILITIES AGAINST
ASSETS SUBJECT TO FINANCE LEASE 70,511.99
TAXATION 2,034,554.62
21,377,216
CONTIGENCIES & COMMITMENTS
TOTLA LIABILITIES 96,067,217
 Go Back To
Content Page
 Projection Before Adjustement For Year 2011
INCOME STATEMENT BEFORE ADJUSTEMENT
AVG
20010 GROWTH 2011
Rs. 000 RATE Rs. 000

SALES 71,970,665 × 1.2547 90,301,593

FIELD EXPENDITURE (16,835,187) × 1.2547 (21,123,109)
ROYALTIES (8,684,370) × 1.2547 (10,896,279)
(25,519,557) × 1.2547 (32,019,388)
46,451,108 58,282,206

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 87,808 × 1.2547 110,173

OTHER OPERATING INCOME 4,780,065 × 1.2547 5,997,547
FINANCE COST (66,624) (66,624)
OTHER OPERATING EXPENSES (3,282,935) × 1.2547 (4,119,099)

PROFIT BEFORE TAXATION 47,969,422 60,204,203

TAXATION (16,919,823) (21,235,287)
PEOFIT AFTER TAXATION 31,049,600 38,968,916

BALANCE SHEET BEFORE ADJUSTEMENT

AVG
2010 GROWTH 2011
Rs. 000 RATE Rs. 000
NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 33,354,364 × 1.2547 41,849,721
INTANGIBLE ASSETS 284,713 × 1.2547 357,230
33,639,078 42,206,951

LONG TERM INVESTEMENT 2,804,517 × 1.2547 3,518,827

LONG TERM LOANS-STAFF 18,501 × 1.2547 23,213
2,823,018 3,542,040
CURRENT ASSETS
STORES & SPARES 2,525,739 × 1.2547 3,169,044
TRADE DEBTS 20,825,189 × 1.2547 26,129,365
LOANS & ADVANCES 73,213 × 1.2547 91,860
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 1,098,888 × 1.2547 1,378,774
ACCRUED FINANCIAL INCOME 335,126 × 1.2547 420,483
OTHER RECEIVABLES 13,945 × 1.2547 17,497
SHORT TERM INVESTEMENT 33,009,364 × 1.2547 41,416,849
CASH AND BANK BALANCES 1,723,658 × 1.2547 2,162,674
59,605,121 74,786,546
NET ASSETS 96,067,217 120,535,537
SHARE CAPITAL & RESERVES
SHARE CAPITAL & RESERVES 7,544,200 7,544,200
115086 NEW SHARES ISSUED @ RS.105/= 12,084,030 12,084,030
144398 NEW SHARES ISSUED @ RS.105/= 15,161,873 15,161,873
RESERVES 36,110,071 36,110,071
70,900,174 70,900,174
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564 77,564
DEFFERD LIABILITIES 859,779 859,779
DEFFERD TAX LIABILITIES 39,157 39,157
3,789,874 3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 19,272,185 × 1.2547 24,180,811
CURRENT MATURITY OF LIABILITIES AGAINST
ASSETS SUBJECT TO FINANCE LEASE 70,520 1.2547 88,481
TAXATION 2,034,555 × 1.2547 2,552,756
21,377,259 26,822,047
CONTIGENCIES & COMMITMENTS
TOTLA LIABILITIES 96,067,307 101,512,095

CALCULATION OF AFN = TOTAL ASSET - TOTAL LIABILITIES

CALCULATION OF AFN = 19,023,442

NOW AS THE COMPANY HAS NO DEBT IT MEANS 100% EQUITY

SHARE Price of PPL on 31 AUGUST 2009 Is Rs. 213/=

Now Company Issued Share = 213/2

106.5

NO. OF SHARES TO BE ISSUED = 19,023,442

106.5
178,624
 Go Back To
Content Page
 Projection After Adjustment For Year 2011
INCOME STATEMENT BEFORE ADJUSTEMENT Go Back To
Content Page

2011
Rs. 000

SALES 90,301,593
FIELD EXPENDITURE (21,123,109)
ROYALTIES (10,896,279)
(32,019,388)
58,282,206

SHARE PROFIT IN BOLAN MINNING ENTERPRISES 110,173

OTHER OPERATING INCOME 5,997,547
FINANCE COST (66,624)
OTHER OPERATING EXPENSES (4,119,099)

PROFIT BEFORE TAXATION 60,204,203

TAXATION (21,235,287)
PEOFIT AFTER TAXATION 38,968,916

BALANCE SHEET BEFORE ADJUSTEMENT

2011
Rs. 000
NON CURRENT ASSETS
PROPERTY,PLANT & EQUIPMENT 41,849,721
INTANGIBLE ASSETS 357,230
42,206,951

LONG TERM INVESTEMENT 3,518,827

LONG TERM LOANS-STAFF 23,213
3,542,040
CURRENT ASSETS
STORES & SPARES 3,169,044
TRADE DEBTS 26,129,365
LOANS & ADVANCES 91,860
TRADE DEPOSITS & SHORT TERM PREPAYMENTS 1,378,774
ACCRUED FINANCIAL INCOME 420,483
OTHER RECEIVABLES 17,497
SHORT TERM INVESTEMENT 41,416,849
CASH AND BANK BALANCES 2,162,674
74,786,546
NET ASSETS 120,535,537

SHARE CAPITAL & RESERVES

SHARE CAPITAL & RESERVES 7,544,200
115086 NEW SHARES ISSUED @ RS.105/= 12,084,030
144398 NEW SHARES ISSUED @ RS.105/= 15,161,873
178624 NEW SHARES ISSUED @ RS.105/= 19,023,442
RESERVES 36,110,071
89,923,616
NON CURRENT LIABILITIES
PROVISION FOR DECOMMISSIONING COST 2,813,374
LIABILITIES AGAINST ASSET SUBJECT TO FINANCE LEASE 77,564
DEFFERD LIABILITIES 859,779
DEFFERD TAX LIABILITIES 39,157
3,789,874
CURRENT LIABILITIES
TRADE & OTHER PAYABLES 24,180,811
CURRENT MATURITY OF LIABILITIES AGAINST
ASSETS SUBJECT TO FINANCE LEASE 88,481
TAXATION 2,552,756
26,822,047
CONTIGENCIES & COMMITMENTS
TOTLA LIABILITIES 120,535,537
 Go Back To
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