2. ACKNOWLEDGEMENT
Finally by the grace of all mighty ALLAH we did manage to finish our final project.
We have studied “Analysis of Financial Statement”. It was a healthy learning
experience and we are very thankful to our project supervisor Mrs. MalikaRemoo for
his sincere guidence throughout the project.
2
3. ATTOCK PETROLEUM COMPANY LIMITED
ABOUT APL:
Attock Petroleum Limited (APL) is an associate company of the Attock Oil Group of
Companies, which is the only fully vertically integrated Group in the Oil & Gas sector
of Pakistan involved in Exploration & Production, refining & Marketing APL’s
corporate head office is registered in Islamabad.
Attock Petroleum Limited (APL) is the 4th Oil Marketing Company in Pakistan to be
granted a marketing license in February1998. Though a new entrant in the field of Oil
marketing, APL has managed to establish its presence and reputation as a progressive
& dynamic organization focusing on providing quality and environment friendly
petroleum products and services in Pakistan and abroad. Its steady and substantially
growing market share and customer confidence, which it enjoys, are manifestations of
APL’s successful policies. APL is part of the first fully integrated Oil Company of the
sub-continent; APL’s sponsor includes Pharaon Commercial Investment Group
3
4. Limited (PCIGL) and Attock Group of Companies.
Pharaon Group is engaged internationally in diversified entrepreneurial activities,
including Hotels, Oil Exploration, Production and Refining, manufacturing of
petroleum products, Chemicals manufacturing and Trading of Cement, Real Estate
etc. The Attock Group of Companies consist of the Attock Oil Company (AOC),
Pakistan Oilfields Limited (POL), Attock Refinery Limited (ARL), Attock Petroleum
Limited (APL), Attock information Technology Services (pvt) Limited (AITSL),
Attock Cement of Pakistan Limited (ACPL) and more. AOC was incorporated with
limited liability in England on December 01-1913. The company is principally
engaged in exploration, drilling and production of petroleum and related activities in
Pakistan. AOC is the pioneer in the Oil sector in Pakistan. Its first Oil discovery in
Pakistan was made in khaur district Attock in 1915. The refining operations were
started in 1922 at Morgah near Rawalpindi.
VISION:
To become a world class, professionally managed, fully integrated, customer focused,
Oil marketing Company, Offering value added quality and environment friendly
products and services to its customers in Pakistan and beyond.
MISSION:
To continuously provide quality and environment friendly petroleum products and
related services to industrial, commercial and retail consumers, and exceeding their
expectations through reliability, economy and quality of products and services. We are
committed to benefiting the community and ensuring the creation of a safe,
responsible and innovative environment geared to client satisfaction, end user
gratification, employee’s motivation and shareholder’s value.
Core Values
1) Ethical Principles and Moral Values:
We promote a commitment to the highest moral values and ethical principles,
demanding both personal and professional dedication towards the realization of these
values and principles.
2) Commitment and Cooperation
Two core fundamentals for the success of any business are complete employee
4
5. commitment and cooperation. At APL we foster an environment of solid teamwork
and professionalism to ensure that our employees engage in both personal and
professional development.
3) Environment Consciousness
We believe that it is our responsibility to safeguard our natural resources for future
generations and actively engage in environment friendly practices, policies and
management techniques.
4) Corporate Social Citizenship
We strongly believe in the promotion of societal well-being and awareness within
ones community, actively engaging in activities and initiatives to meet this objective.
5) Maximum Stakeholder Return
Through our streamlined business processes and commitment to total quality
management we seek to ensure maximum company performance and rewards for
shareholders and stakeholders alike.
Awards and Achievements:
Best Corporate Report Award-2009
2nd Position in Fuel and Energy Sector.
Top Companies Award- 2009
Amongst Top Twenty Five Companies.
COMPARATIVE INCOME STATEMENT (Rupees in thousand)
Note 2012
2011 2010
Sales
20176,812,437 127,036,956
94,897,866
Sales tax
(23,969,000) (17,036,956) (12,105,948)
Net Sales
152,843,437
109,394,725
82,791,918
Cost of Production
21
(148,255,584)
(104,680,507)
(79,032,034)
Gross profit
4,587,853
4,714,2183,759,884
Operating income
22
2,659,322
1,978,931
1,308,904
Operating expenses
23
(889,356)
(611,315)
(480,860)
Operating profit
6,357,819
6,081,8344,587,928
Finance cost
24
(1,211,047)
(682,666)
(319,865)
Income on bank deposits
& short term investment 25
889,427
962,838
980,736
Share of profit associated co.
26,506
93,211
42,337
Other charges
26
(415,965)
(437,706)
(444,827)
Profit before tax
5,646,740
6,017,511 4,846,309
Provision for taxation 27
(1,526,425) (1,761,000) (1,252,000)
Profit after tax
4,120,3154,256,5113,594,309
5
6. Earnings per share
59.61
61.58
52.00
7,000,000
6,000,000
4,120,315
5,646,740
4,587,853
4,714,218
4,256,511
1,000,000
3,594,309
2,000,000
3,759,884
3,000,000
4,846,309
4,000,000
6,017,511
5,000,000
gross profit
profit before tax
profit after tax
0
2010
2011
2012
Net sales revenue in 2012 increased by 40% from 2011 due to increase in average
prices of products and volume sold. Profitability decreased by 3% as compared to
2011 due to price decrease in last quarter, stiff competition and ban on export of
petroleum products to Afghanistan during 2011-12.
BALANCE SHEET (Rupees in thousand)
ASSETS:
Non-Current Assets:
Property, plant and equipment
Long term investment in
associated companies.
long term prepayments
Current Assets:
Stock and spares
Stock in trade
Trade debts
Advances, deposits, prepay-ments and other receivables.
Short term investments
Cash and bank balances
2012
1,601,576
856,037
10,733
2011
1,374,767
2010
1,217,217
842,957
765,739
15,231 30,463
15,620
9,729
6,630
4,165,895
5,246,705 993,282
15,351,3109,297,292 7,602,060
843,0721,459,703
719,904
873,168
1,015,930831,754
6,813,7305,218,0379,275,603
6
7. 28,062,795
Total Assets
22,247,396 19,429,233
30,531,14124,480,351 21,442,652
EQUITIES:
Share Capital And Reserves
Authorized capital
1,500,000 1,500,000 1,500,000
Paid up capital
691,200 691,200
576,000
Special Reserves
54,864
27,407
17,043
Revenue Reserves
11,637,25910,827,601 8,643,534
Unappropriated profit
12,383,323
11,546,208
9,236,577
Non-Current Liabilities:
Long term deposits
Deferred income tax liability
254,729
167,000
412,729
Current Liabilities:
Trade and other payables
Provision for income tax
Contingencies and commitments
Total Equities
209,316
111,000
320,316
178,908
110,000
288,908
17,666,747
12,073,287 11,554,057
68,342 540,540
363,110
17,735,089
12,613,827 11,917,167
30,531,141
24,480,35121,442,652
LIQUIDITY RATIOS
1) Current ratio:
Current ratio=
current assets
Current liabilities
Year
Current ratio
2012
1.58
2011
1.76
2010
1.63
2011
1.35
2010
1.55
2) Quick Ratio:
Quick ratio= current assets- Inventory
current liabilities
year
Quick ratio
2012
1.35
7
8. 2012
2011
1.55
1.35
1.63
current ratio
1.76
1.35
1.58
2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
quick ratio
2010
In 2012, Company’s current and quick ratio are low compared to last year due to
increase in current assets and current liabilities resulting from increasing circular debt
issue but still it shows Company’s strong ability to meet its short term obligations.
ASSETS MANAGEMENT RATIO
1) INVENTORY TURNOVER:
Inventory Turnover =
SALES
INVENTORY
YEAR
INVENTORY TURNOVER
160
140
120
100
80
60
40
20
0
2012
31.50
2011
33.55
Inventory Turnover
139.29
33.55
2010
2010
139.29
31.5
2011
2012
COMMENTS:
Company inventory turnover ratio in 2010 was 139.29 which decreased in 2011 by
huge margin. In 2012, company inventory turnover continue decreasing which shows
8
9. that company is not manage its inventory due to overstocking turnover rate
continuously decreasing.
Total assets turnover:
YEAR
Total assets turnover
2012
5.56
2011
4.76
2010
4.17
6
5
2
total assets turnover
4.17
4.76
3
5.56
4
1
0
2010
2011
2012
Fixed Assets Turnover:
YEAR
Fixed Assets Turnover
2012
102.71
2011
84.41
2010
70.52
Fixed Assets Turnover
120
100
80
102.71
84.41
40
70.52
60
20
0
2010
2011
2012
9
Fixed Assets Turnover
