Income Statement- Burshane Petroleum

2018 2017 2016 2015 2014

----All values in PKR 000'----
Sales-net 2,926,076 1,826,825 2,012,770 2,391,891 2,467,544
Cost of sales 2,693,563 1,617,005 1,871,442 2,063,874 2,319,702
Gross Profit 232,513 209,820 141,328 328,017 147,842
General and administrative expenses 108,690 92,102 81,149 75,234 53,290
selling and marketing expenses 64,224 62,752 65,283 90,100 70,455
Operating Profit 59,599 54,966 (5,104) 162,683 24,097
Other income 35,525 49,812 47,514 27,520 33,152
other expenses 11,567 18,985 22,800 22,048 7,897
EBIT 83,557 85,793 19,610 168,155 49,352
Finance cost 29,976 35,162 31,786 18,375 3,728
EBT 53,581 50,631 (12,176) 149,780 45,624
Taxation 33,985 21,598 5,844 54,541 17,342
EAT 19,596 29,033 (6,332) 95,239 28,282
 BALANCE SHEET- BURSHANE PETROLEUM
2018
----All v

EQUITY
Share capital 224,888
Capital reserve 153,458
Revenue reserve 143,529
unappropriated profits -
Actual loss/gain on remeasurement of retirement and other service benefits (24,219)
reveluation surplus on property, plant and equipments 274,765
Total 772,421

Non-current Liablity
Long-term loans -
Liablities under finance lease 938
Deffered taxation-net 1,948
Cylinder and regulator deposits 374,145
Total 377,031

Current Liablities
Current portion of long-term borrowing -
Loan from subsidiary company 50,000
Current maturity of long-term loan 254,439
Current maturity of liablities under finance lease 3,002
Loan from directors -
Trade and other payables 179,374
Unclaimed dividends 53,676
taxation -
Accrued markup on long term loans 60,295
Total 600,786
Total Liablities 977,817

1,750,238
ASSETS

Non-current Assets
Property, Plant and equipment 742,636
Intangible assets 453,002
Long-term investments 50,000
Long-term Loans 1,466
Long-term deposits 100,839
Total 1,347,943

Current Assets
Current portion of Long-term loans -
Stores and spares 2,606
Stock in trade 95,341
trade-debts 17,654
Loans and advances 120,714
Deposits, prepayments and other receivables 45,071
Short-term investments -
Taxation-net 9,987
Cash and bank balances 110,922
Total 402,295
1,750,238
ETROLEUM
2017 2016 2015 2014
----All values in PKR 000'----

224,888 224,888 224,888 226,400

153,458 153,458 153,458 -
146,422 139,878 90,000 90,000
- - 79,391 98,581
(21,214) (10,842) (11,094) (13,438)
274,765 274,765 274,765 -
778,319 782,147 811,408 401,543

- 86,161 175,050 -
3,940 6,942 9,944 -
4,898 1,586 23,576 8,753
373,599 369,057 330,416 261,023
382,437 463,746 538,986 269,776

- - 88,889 -
50,000 40,000 - -
254,439 168,278 - -
3,002 3,002 3,034 -
- 18,818 27,146
104,014 110,927 145,191 154,626
36,273 19,065 - -
- - 20,211 -
35,209 4,352 5,746 -
482,937 364,442 290,217 154,626
865,374 828,188 829,203 424,402

1,643,693 1,610,335 1,640,611 825,945

758,226 750,768 760,352 200,957

462,793 389,026 280,635 37,354
50,000 50,000 - -
1,030 11,750 29,754 1,985
 69,986 76,874 77,023 106,438
1,342,035 1,278,418 1,147,764 346,734

- - 19,225 -
5,800 3,924 3,607 3,417
50,755 37,536 41,489 11,707
5,001 11,400 17,581 15,450
75,209 143,866 - -
47,287 39,591 123,785 120,857
- - 3,081 -
5,682 2,731 - 9,954
111,924 92,869 284,079 317,826
301,658 331,917 492,847 479,211
1,643,693 1,610,335 1,640,611 825,945
 Vertical Analysis
2018 2017 2016 2015 2014

Sales-net 2,926,076 1,826,825 2,012,770 2,391,891 2,467,544

100% 100% 100% 100% 100%
Cost of sales 2,693,563 1,617,005 1,871,442 2,063,874 2,319,702
92% 89% 93% 86% 94%
Gross Profit 232,513 209,820 141,328 328,017 147,842
8% 11% 7% 14% 6%
General and administrative expenses 108,690 92,102 81,149 75,234 53,290
4% 5% 4% 3% 2%
selling and marketing expenses 64,224 62,752 65,283 90,100 70,455
2% 3% 3% 4% 3%
Operating Profit 59,599 54,966 (5,104) 162,683 24,097
2% 3% 0% 7% 1%
Other income 35,525 49,812 47,514 27,520 33,152
1% 3% 2% 1% 1%
other expenses 11,567 18,985 22,800 22,048 7,897
0% 1% 1% 1% 0%
EBIT 83,557 85,793 19,610 168,155 49,352
3% 5% 1% 7% 2%
Finance cost 29,976 35,162 31,786 18,375 3,728
1% 2% 2% 1% 0%
EBT 53,581 50,631 (12,176) 149,780 45,624
2% 3% -1% 6% 2%
Taxation 33,985 21,598 5,844 54,541 17,342
1% 1% 0% 2% 1%
EAT 19,596 29,033 (6,332) 95,239 28,282
1% 2% 0% 4% 1%
 Vertical Analysis
2018
EQUITY AND LIABLITY

EQUITY
Share capital 224,888
13%
Capital reserve 153,458
9%
Revenue reserve 143,529
8%
unappropriated profits -
0%
Actual loss/gain on remeasurement of retirement and other service benef (24,219)
-1%
reveluation surplus on property, plant and equipments 274,765
16%
Total 772,421
44%
Non-current Liablity
Long-term loans -
0%
Liablities under finance lease 938
0%
Deffered taxation-net 1,948
0%
Cylinder and regulator deposits 374,145
21%
Total 377,031
22%
Current Liablities
Current portion of long-term borrowing -
3%
Loan from subsidiary company 50,000
3%
Current maturity of long-term loan 254,439
15%
Current maturity of liablities under finance lease 3,002
0%
Loan from directors -
0%
Trade and other payables 179,374
10%
Unclaimed dividends 53,676
3%
taxation -
 0%
Accrued markup on long term loans 60,295
3%
Total 600,786
34%
Total Liablities 977,817
56%
1,750,238
100%
ASSETS

Non-current Assets
Property, Plant and equipment 742,636
42%
Intangible assets 453,002
26%
Long-term investments 50,000
3%
Long-term Loans 1,466
0%
Long-term deposits 100,839
6%
Total 1,347,943
77%

Current Assets
Current portion of Long-term loans -
0%
Stores and spares 2,606
0%
Stock in trade 95,341
5%
trade-debts 17,654
1%
Loans and advances 120,714
6.90%
Deposits, prepayments and other receivables 45,071
3%
Short-term investments -
0%
Taxation-net 9,987
1%
Cash and bank balances 110,922
6%
Total 402,295
23%
Grand total 1,750,238
100%
 2017 2016 2015 2014

224,888 224,888 224,888 226,400

14% 14% 14% 27%
153,458 153,458 153,458 -
9% 10% 9% 0%
146,422 139,878 90,000 90,000
9% 9% 5% 11%
- - 79,391 98,581
0% 0% 5% 12%
(21,214) (10,842) (11,094) (13,438)
-1% -1% -1% -2%
274,765 274,765 274,765 -
17% 17% 17% 0%
778,319 782,147 811,408 401,543
47% 49% 49% 49%

- 86,161 175,050 -
0% 5% 11% 0%
3,940 6,942 9,944 -
0% 0% 1% 0%
4,898 1,586 23,576 8,753
0% 0% 1% 1%
373,599 369,057 330,416 261,023
23% 23% 20% 32%
382,437 463,746 538,986 269,776
23% 29% 33% 33%

- - 88,889 -
3% 2% 0% 0%
50,000 40,000 - -
3% 2% 0% 0%
254,439 168,278 - -
15% 10% 0% 0%
3,002 3,002 3,034 -
0% 0% 0% 0%
- 18,818 27,146
0% 1% 2% 0%
104,014 110,927 145,191 154,626
6% 7% 9% 19%
36,273 19,065 - -
2% 1% 0% 0%
- - 20,211 -
 0% 0% 1% 0%
35,209 4,352 5,746 -
2% 0% 0% 0%
482,937 364,442 290,217 154,626
29% 23% 18% 19%
865,374 828,188 829,203 424,402
53% 51% 51% 51%
1,643,693 1,610,335 1,640,611 825,945
100% 100% 100% 100%

758,226 750,768 760,352 200,957

46% 47% 46% 24%
462,793 389,026 280,635 37,354
28% 24% 17% 5%
50,000 50,000 - -
3% 3% 0% 0%
1,030 11,750 29,754 1,985
0% 1% 2% 0%
69,986 76,874 77,023 106,438
4% 5% 5% 13%
1,342,035 1,278,418 1,147,764 346,734
82% 79% 70% 42%

- - 19,225 -
0% 0% 1% 0%
5,800 3,924 3,607 3,417
0% 0% 0% 0%
50,755 37,536 41,489 11,707
3% 2% 3% 1%
5,001 11,400 17,581 15,450
0% 1% 1% 2%
75,209 143,866 - -
4.58% 8.93% 0.00% 0.00%
47,287 39,591 123,785 120,857
3% 2% 8% 15%
- - 3,081 -
0% 0% 0% 0%
5,682 2,731 - 9,954
0% 0% 0% 1%
111,924 92,869 284,079 317,826
7% 6% 17% 38%
301,658 331,917 492,847 479,211
18% 21% 30% 58%
1,643,693 1,610,335 1,640,611 825,945
100% 100% 100% 100%
 Horizontal Analysis
2018 2017 2016 2015

Sales-net 2,926,076 1,826,825 2,012,770 2,391,891

60% -9% -16% -3%
Cost of sales 2,693,563 1,617,005 1,871,442 2,063,874
67% -14% -9% -11%
Gross Profit 232,513 209,820 141,328 328,017
11% 48% -57% 122%
General and administrative expenses 108,690 92,102 81,149 75,234
18% 13% 8% 41%
selling and marketing expenses 64,224 62,752 65,283 90,100
2% -4% -28% 28%
Operating Profit 59,599 54,966 (5,104) 162,683
8% -1177% -103% 575%
Other income 35,525 49,812 47,514 27,520
-29% 5% 73% -17%
other expenses 11,567 18,985 22,800 22,048
-39% -17% 3% 179%
EBIT 83,557 85,793 19,610 168,155
-3% 337% -88% 241%
Finance cost 29,976 35,162 31,786 18,375
-15% 11% 73% 393%
EBT 53,581 50,631 (12,176) 149,780
6% -516% -108% 228%
Taxation 33,985 21,598 5,844 54,541
57% 270% -89% 215%
EAT 19,596 29,033 (6,332) 95,239
-33% -559% -107% 237%
 2014

2,467,544

2,319,702

147,842

53,290

70,455

24,097

33,152

7,897

49,352

3,728

45,624

17,342

28,282
 Horizontal Analysis
2018
EQUITY AND LIABLITY

EQUITY
Share capital 224,888
0%
Capital reserve 153,458
0%
Revenue reserve 143,529
-2%
unappropriated profits -
0%
Actual loss/gain on remeasurement of retirement and other service benefits (24,219)
14%
reveluation surplus on property, plant and equipments 274,765
0%
Total 772,421
-1%
Non-current Liablity
Long-term loans -
0%
Liablities under finance lease 938
-76%
Deffered taxation-net 1,948
-60%
Cylinder and regulator deposits 374,145
0%
Total 377,031
-1%
0%
Current Liablities
Current portion of long-term borrowing -
0%
Loan from subsidiary company 50,000
0%
Current maturity of long-term loan 254,439
100%
Current maturity of liablities under finance lease 3,002
0%
Loan from directors -
#DIV/0!
Trade and other payables 179,374
72%
Unclaimed dividends 53,676
48%
taxation -
#DIV/0!
Accrued markup on long term loans 60,295
71%
Total 600,786
24%
Total Liablities 600,786
24%
600,786
24%
ASSETS

Non-current Assets
Property, Plant and equipment 742,636
-2%
Intangible assets 453,002
-2%
Long-term investments 50,000
0%
Long-term Loans 1,466
42%
Long-term deposits 100,839
44%
Total 1,347,943
0%

Current Assets
Current portion of Long-term loans -
#DIV/0!
Stores and spares 2,606
-55%
Stock in trade 95,341
88%
trade-debts 17,654
253%
Loans and advances 120,714
60.50%
Deposits, prepayments and other receivables 45,071
-5%
Short-term investments -
#DIV/0!
Taxation-net 9,987
76%
Cash and bank balances 110,922
-1%
Total 402,295
 33%
Grand total 1,750,238
6%
 2017 2016 2015 2014

224,888 224,888 224,888 226,400

0% 0% 0%
153,458 153,458 153,458 -
0% 0% 0%
146,422 139,878 90,000 90,000
5% 55% 0%
- - 79,391 98,581
0% 0% 0%
(21,214) (10,842) (11,094) (13,438)
96% -2% -17%
274,765 274,765 274,765 -
0% 0% 0%
778,319 782,147 811,408 401,543
0% -4% 102%

- 86,161 175,050 -
-100% -51% 0%
3,940 6,942 9,944 -
-43% -30% 0%
4,898 1,586 23,576 8,753
209% -93% 169%
373,599 369,057 330,416 261,023
1% 12% 27%
382,437 463,746 538,986 269,776
-18% -14% 100%
0% 0% 0%

- - 88,889 -
0% 0% 0%
50,000 40,000 - -
25% #DIV/0! #DIV/0!
254,439 168,278 - -
151% #DIV/0! #DIV/0! 0%
3,002 3,002 3,034 -
0% 0% 0% 0%
- 18,818 27,146
-100% -31% #DIV/0! 0%
104,014 110,927 145,191 154,626
-6% -24% -6% 19%
36,273 19,065 - -
90% #DIV/0! #DIV/0! 0%
 - - 20,211 -
#DIV/0! -100% #DIV/0! 0%
35,209 4,352 5,746 -
709% -24% #DIV/0! 0%
482,937 364,442 290,217 154,626
33% 26% 88%
482,937 364,442 290,218 154,626
33% 26% 88% 19%
482,937 364,442 290,219 154,626
33% 26% 88% 19%

758,226 750,768 760,352 200,957

1% -1% 278%
462,793 389,026 280,635 37,354
19% 39% 651%
50,000 50,000 - -
0% #DIV/0! #DIV/0!
1,030 11,750 29,754 1,985
-91% -61% 1399%
69,986 76,874 77,023 106,438
-9% 0% -28%
1,342,035 1,278,418 1,147,764 346,734
5% 11% 231%

- - 19,225 -
#DIV/0! -100% #DIV/0!
5,800 3,924 3,607 3,417
48% 9% 6%
50,755 37,536 41,489 11,707
35% -10% 254%
5,001 11,400 17,581 15,450
-56% -35% 14%
75,209 143,866 - -
-47.72% #DIV/0! #DIV/0!
47,287 39,591 123,785 120,857
19% -68% 2%
- - 3,081 -
#DIV/0! -100% #DIV/0!
5,682 2,731 - 9,954
108% #DIV/0! -100%
111,924 92,869 284,079 317,826
21% -67% -11%
301,658 331,917 492,847 479,211
 -9% -33% 3%
1,643,693 1,610,335 1,640,611 825,945
2% -2% 99%
 Ratio Analysis
2018 2017 2016
AVERAGE TOTAL ASSETS 1,696,966 1,627,014 1,625,473
TOTAL INVENTORY 97,947 56,555 41,460
AVERAGE INVENTORY 48,974 28,278 20,730
AVERAGE RECEIVABLES 11,328 8,201 14,491
AVERAGE TRADE PAYABLES 141,694 107,471 128,059
CA-CL (575,522) (563,716) (496,271)
AVERAGE WORKING CAPITAL (569,619) (529,994) (416,314)
AVERAGE NET FIXED ASSETS 1,344,989 1,310,227 1,238,091
TOTAL PURCHASES 2,630,321 1,532,987 1,782,580
AVERAGE TOTAL EQUITY 775,370 780,233 796,778
CASH FLOW FROM OPERATIONS
Total Debt 257,441 257,441 257,441
Number of common shares 22,489 22,489 22,489
PRICE PER SHARE 34 34 34
Total Dividend 22,489 22929
Net Cashflows (1,002) 19,055 141,902

Liquidity Ratios:
Current Ratio 0.67 0.62 0.91
Quick ratio 0.51 0.51 0.80
Cash ratio

Activity Ratios:
Inventory turnover 55 57 90
Days of inventory in hand 6.64 6.38 4.04
Receivables turnover 258.32 222.77 138.90
Days of sale outstanding 1.41 1.64 2.63
Payabels turnover 18.56 14.26 13.92
Number of days payable 19.7 25.6 26.2
Working capital turnover (5.14) (3.45) (4.83)
Fixed assets turnover 2.18 1.39 1.63
Total assets turnover 1.72 1.12 1.24

Return on Investments
Operating ROA 4% 3% 0%
ROA 1% 2% 0%
Return on capital
ROE 3% 4% -1%
Return on common equity 3% 4% -1%
Interest coverage 2.79 2.44 0.62

VALUATION RATIOS
P/E 39 26 (121)
P/CF (0.03) 0.0018 0.0002
P/S 0.26
P/BV 1.34
BASIC EPS 0.87 1.29 (0.28)
CASH FLOW PER SHARE 3.05 8.35 -0.068
DIVIDENDS PER SHARE 1.00 0.00 1.02
DIVIDEND PAYOUT RATIO 115% 0% -362%
RETENTION RATE (1.15) 0.00 3.62
SUSTAINABLE GROWTH RATE (0.03) 0.00 (0.03)

Profitability Ratios
GROSS PROFIT MARGIN 8% 11% 7%
NET PROFIT MARGIN 1% 2% 0%
OPERATING PROFIT MARGIN 2% 3% 0%
PRETAX MARGIN 2% 3% -1%

DEBT RATIOS
DEBT-TO-ASSET RATIO ### ### ###
DEBT-TO-CAPITAL RATIO 0.25 0.25 0.25
DEBT-TO-EQUITY RATIO 0.33 0.33 0.33
FINANCIAL LEVERAGE RATIO 2.27 2.11 2.06
 2015 2014
1,233,278
45,096 15,124
22,548 7,562 22548
16,516 16516
149,909 149909
(336,356) -336356
(168,178) 168178
772,249 772,249
2,019,084 2,176,711 2,019,084
606,476 606476

178,084 - 178084
22,489 22,640 22,489
34 34 34
40752 83106
(83,106) 114,585

1.70 3.10
1.54 3.00

92 307
3.99 1.19
144.83 -
2.52 -
13.47 0
27.1
(14.22) -
3.10
1.94

13% -
8% -

16%
16%
9.15

8 27
(0.0004) 0.0003

4.23 1.25
7.78 8.22
0.00 1.80
0% 144%
0.00 (1.44)
0.00 -

14% 6%
4% 1%
7% 1%
6% 2%

### ###
0.17 -
0.22 0.00
2.02 2.06
INDUSTRY AVERAGES
2015 2016 2017
Profitability
Net Profit Margin (%) 1.87 0.71 -0.80
Gross Profit Margin (%) 5.27 3.58 2.22
Operating Profit (%) 2.8 1.48 0.84
Return on Equity (%) 28.40 9.94 -135.49
Return on Total Assets (%) 8.20 4.08 2.58

Liquidity Ratios
Current Ratio (Times) 1.03 0.998 1.092
Acid Test Ratio (Times) 0.73 0.69 0.78

Activity ratios
Inventory Turnover 12.906 15.802 19.758
Receivables Turnover 33.464 38.578 41.34
Days Sales Outstanding 30.92 27.30 21.79
Days Sale of Inventory 30.94 25.15 21.50
Fixed Asset Turnover (Times) 12.9 20.7 29.7
Total Asset Turnover (Times) 3.03 3.944 5.192
Payables Turnover Ratio 3.72 5.06 7.68

Valuation
Earnings per share (PKR) 31.73 16.62 24.70
Price to earning ratio (average) 15.54 76.62 -0.19
Dividends per share 17.55 11.746 12.908
Dividend Payout 127.45 267.32 -133.162

Debt Ratio
Debt to Asset Ratio (times) 0.748 0.768 0.79
Debt to Equity (Times) 2.99 3.89 4.33
Interest coverage ratio (times) 12.14 8.80 9.88