B

GlaxoSmithKline Pakistan Limited

(Rupees 'o
BALANCE SHEET AS AT DECEMBER 31, 2015

ASSETS
Non-current assets
Fixed assets 7,154,446
Intangible - goodwill 1,039,072
Long-term loans to employees 49,212
Long-term deposits 21,955
8,264,685
Current assets
Stores and spares 158,564
Stock-in-trade 4,707,918
Trade debts 328,948
Loans and advances 340,491
Trade deposits and prepayments 123,223
Interest accrued 10,908
Refunds due from government 109,125
Other receivables 313,127
Taxation - payments less provision 531,579
Investments 695,586
Cash and bank balances 2,946,612
10,266,081

Assets of disposal groups classified as held for sale / disposal 1,589,416

TOTAL ASSETS 20,120,182

EQUITY
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid up capital
Share capital 3,184,672
Reserves 9,885,539
13,070,211

LIABILITIES
NON-CURRENT LIABILITIES
Staff retirement benefits 15,861
Deferred taxation 630,681
646,542
Current liabilities
Trade and other payables 5,255,587
Provisions 187,113
5,442,700

Liabilities of disposal groups classified as held for sale / disposal 960,729

TOTAL LIABILITIES 7,049,971
CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 20,120,182

 BALANCE SHEET
mited Abbot Laboratories Pakistan Limit
(Rupees 'ooo)
2014 2013 BALANCE SHEET AS AT DECEMBER 31,

ASSETS
NON-CURRENT ASSETS
6,652,251 5,973,404 Fixed assets - property, plant and equipment
955,742 955,742 Intangible assets
65,722 70,079 Long-term loans and advances
21,955 16,865 Long-term deposits
7,695,670 7,016,090 Long-term prepayments

158,775 156,548 CURRENT ASSETS

6,308,061 6,271,405
535,116 349,950 Stores and spares
414,641 248,463 Stock-in-trade
144,669 118,592 Trade debts
5,793 9,753 Loans and advances
56,925 46,951 Trade deposits and short-term prepayments
301,986 392,202 Interest accrued
799,984 1,231,588 Other receivables
591,667 224,269 Taxation recoverable
2,060,444 1,872,999 Cash and bank balances
11,378,061 10,922,720

27,147

19,100,878 17,938,810 TOTAL ASSETS

EQUITY
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid up capital
3,184,672 2,895,156 Share capital
8,760,431 8,454,157 Reserve - Capital
11,945,103 11,349,313 ' - Revenue

LIABILITIES
382,253 250,977 NON-CURRENT LIABILITIES
593,354 612,012 Deferred taxation
975,607 862,989
 CURRENT LIABILITIES
6,002,632 5,561,429 Trade and other payables
177,536 165,079
6,180,168 5,726,508

-
7,155,775 6,589,497 TOTAL LIABILITIES
Contingencies and commitments

19,100,878 17,938,810 TOTAL EQUITY AND LIABILITIES

oratories Pakistan Limited
(Rupees 'ooo)
2,015 2,014 2,013

4,017,403 3,359,092 3,183,735

21,983 24,395 41,615
51,712 46,204 31,896
7,475 7,605 4,103
9,610 9,171 8,065
4,108,183 3,446,467 3,269,414

140,069 120,158 107,238

2,908,690 2,823,007 2,762,690
476,403 482,771 546,093
100,194 81,259 172,205
231,897 177,948 154,613
8,573 17,351 5,922
97,495 192,610 79,269
95,858 42,643 173,509
8,320,913 6,381,381 3,897,051
12,380,092 10,319,128 7,898,590

16,488,275 13,765,595 11,168,004

979,003 979,003 979,003

381,945 339,481 300,030
11,588,299 9,553,116 7,468,232
12,949,247 10,871,600 8,747,265

219,144 223,953 203,562

 3,319,884 2,670,042 2,217,177

3,539,028 2,893,995 2,420,739

16,488,275 13,765,595 11,168,004

 P
GlaxoSmithKline Pakistan Limited

(Rupeees '000)

For the year Ended 2015 2014

Net sales 29,582,635 27,882,887

Cost of sales (21,490,598) (20,537,116)
Gross profit 8,092,037 7,345,771

Selling, marketing and distribution expenses (3,998,701) (3,694,682)

Administrative expenses (1,068,043) (1,020,261)
Other operating expenses (283,940) (253,411)
Other income 1,159,426 491,528
Operating Profit 3,900,779 2,868,945
Financial Charges (54,361) (20,363)
Profit before taxation 3,846,418 2,848,582
Taxation (1,203,188) (1,161,511)
Profit after taxation 2,643,230 1,687,071

Other comprehensive income

Items that will not be reclassified to Profit and loss

Remeasurements of staff retirement benefits 105,995 (116,163)
Impact of taxation (31,781) 38,187
74,214 (77,976)

Total comprehensive income 2,717,444 1,609,095

1 Earnings per share 8.30 5.30

 PROFIT AND LOSS ACCOUNT
an Limited Abbot Labboratori

eees '000)

2013 2012 For the year Ended

25,230,878 23,149,964 Net sales

(19,002,112) (17,068,949) COGS and services
6,228,766 6,081,015 Gross profit

(3,625,389) (3,046,675) Selling and Distribution expenses

(935,974) (771,322) Administrative expenses
(153,230) (192,617) 100,181 Other operating expenses
454,916 289,207 (36,612) Other income
1,969,089 2,359,608 Operating Profit
(159,217) (47,512) Finance cost
1,809,872 2,312,096 Profit before taxation
(747,609) (992,000) Taxation
1,062,263 1,320,096 Profit after taxation

Other comprehensive income:

(81,095) - Actuarial Gain/Loss on defined benefit

27,491 - Tax on actuarial G/L
(53,604) OCI - net of taxes

1,008,659 1,320,096 Total comprehensive income for the yea

3.67 5.02 Earnings per share

Abbot Labboratories Pakistan Limited

(Rupeees '000)

2015 2014 2013 2012

21,170,446 19,692,354 17,217,258 15,216,253

(12,943,213) (12,142,212) (10,595,612) (9,513,425)
8,227,233 7,550,142 6,621,646 5,702,828

(2,876,407) (2,965,120) (2,471,404) (2,212,421)

(383,612) (368,688) (366,938) (344,494)
(431,721) (368,686) (367,184) (312,980)
476,868 475,693 273,059 183,430
5,012,361 4,323,341 3,689,179 3,016,363
(5,884) (4,774) (2,956) (2,226)
5,006,477 4,318,567 3,686,223 3,014,137
(1,419,741) (1,502,255) (1,157,374) (924,042)
3,586,736 2,816,312 2,528,849 2,090,095

(134,170) (62,451) 218,379 106,409

31,541 16,325 (59,777) (29,052)
(102,629) (46,126) 158,602 77,357

3,484,107 2,770,186 2,687,451 2,167,452

36.64 28.77 25.83 21.35

 GlaxoSmithKline Pakistan Limited - Discontinue Operations

(Rupeees '000)

For the year Ended 2015 2014

Net sales 5,760,709 5,039,637

Cost of sales -4,092,843 -3,540,657
Gross profit 1,667,866 1,498,980

Selling, marketing and distribution expenses -1,210,759 -1087220

Administrative expenses -96,899 -84,091
Other operating expenses -28,305 -22,628
Other income 409 3,518
Operating Profit 332,312 308,559
Financial Charges 0 0
Profit before taxation 332,312 308,559
Taxation -199,808 -156,406
Profit after taxation 132,504 152,153
 GlaxoSmithKline Pakistan Limite
Ratios Unit 2015

Profitability Ratios
Gross profit margin % 27.4%
Net profit margin % 8.9%
Return on Equity % 20.2%

Liquidity Ratios
Current ratio Times 1.89
Quick/Acid test ratio Times 1.02

Activity / Turnover Ratios

Inventory turnover days Days 80
Receivable turnover day Days 4
Payables turnover day Days 89

Investment / Market Ratios

Earning / (Loss) per share % 8.30
Price Earning Ratio % 26.51
Dividend yield ratio % 1.8%

Cash dividend per share Rs. 4.00

No. of shares at end of year No. 318,467,200
Market value per share at the end of the year Rs. 220.00

Interest cover Times -0.014

gearing % 4.714
GlaxoSmithKline Pakistan Limited Abbot Labboratories Pakistan Limited
2014 2013 2015 2014

26.3% 24.7% 38.9% 38.3%

6.1% 4.2% 16.9% 14.3%
14.1% 9.4% 27.7% 25.9%

1.84 1.91 3.73 3.86

0.82 0.81 2.85 2.81

112 120 82 85
7 5 8 9
107 107 94 -80

5.30 3.67 36.64 28.77

41.40 37.12 17.33 24.70
2.3% 2.6% 4.7% 1.1%

5.00 3.50 30.0 7.8

318,467,200 289,515,600 97,900,300 97,900,300
219.30 136.20 635.0 710.7

-0.007 -0.081 -0.001 -0.001

7.551 7.067 1.664 2.018
bboratories Pakistan Limited
2013

38.5%
14.7%
28.9%

3.56
2.32

95
12
76

25.83
15.23
1.8%

7.0
97,900,300
393.5

-0.001
2.274
Ratios Unit

Profitability Ratios
Gross profit margin %
Net profit margin %
Return on Equity %

Liquidity Ratios
Current ratio Times
Quick/Acid test ratio Times

Activity / Turnover Ratios

Inventory turnover days Days
Receivable turnover day Days
Payables turnover day Days

Investment / Market Ratios

Earning / (Loss) per share %
Price Earning Ratio %
Dividend yield ratio %

Caital structure
Interest cover Times
gearing %
FORMULAUSED

Gross Profit/Sales*100
Net Profit/Sales*100
Profit after tax/Total Equity*100

Current Assets/Current Liabilities

(Current Assets-Stock-in-trade)/Current Liabilities

Stock-in-trade/Cost of sales*365
Trade debts/Sales*365
Trade Payables/Cost of sales*365

Profit after tax/Weighted average number of Ordinary Shares

Market share price/Earning Per Share*100
Dividend per share/price per share*100

INTEREST/PROFITBEFOREINTERESTANDTAX
DEBT/(DEBT+EQUITY)