FFBL POWER COMPANY LIMITED

BALANCE SHEET
AS AT DECEMBER 31, 2015
2015 2014 2015 2014
NOTE Rupees '000 NOTE Rupees '000
EQUITY AND LIABILITIES ASSETS
SHARE CAPITAL AND RESERVES NON-CURRENT ASSETS
Authorized capital Plant and equipment 9 12,068,921 1,321,679
750,000,000 (2014: 600,000,000) ordinary
shares of Rupees 10 each. 7,500,000 6,000,000 Other asset 10 330,394 -
Share capital 4 6,890,000 1,000 12,399,315 1,321,679
Accumulated loss (59,322) (21,041)
Advance against issue of share capital 5 397,500 1,355,102
TOTAL EQUITY 7,228,178 1,335,060
CURRENT ASSETS
Stores and spares 90 12,941
LIABILITIES Advance tax recoverable 155,744 3
NON - CURRENT LIABILITIES Advances, deposits and prepayments 11 5,556 70
Long term financing 6 - - Bank balances 12 2,149,571 598

CURRENT LIABILITIES 2,310,961 13,611

Trade and other payables 13,198 230
Accrued mark-up on short term borrowings 120,400 -
Short term borrowings 7 7,348,500 -
TOTAL LIABILITIES 7,482,098 230
CONTINGENCIES AND COMMITMENTS 8

TOTAL EQUITY AND LIABILITIES 14,710,276 1,335,290 TOTAL ASSETS 14,710,276 1,335,290

The annexed notes form an integral part of these financial statements.

_____________ __________________
CHAIRMAN CHIEF EXECUTIVE DIRECTOR
 FFBL POWER COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED DECEMBER 31, 2015

January 01 to June 27 to
December 31, December 31,
2015 2014

NOTE (Rupees '000)

Administrative expenses 13 (15,268) (21,070)

Finance cost 14 (3,449) -

(18,717) (21,070)

Other income 15 16,258 28

Loss before taxation (2,459) (21,042)

Taxation 16 (35,822) -
Loss after taxation (38,281) (21,042)

Loss per share - basic and diluted (Rupees) 17 (0.11) (210.42)

The annexed notes form an integral part of these financial statements.

_____________ __________________ _____________

CHAIRMAN CHIEF EXECUTIVE DIRECTOR
 FFBL POWER COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2015

January 01 to June 27 to
December 31, December 31,
2015 2014
Rupees '000 Rupees '000

Loss after taxation (38,281) (21,042)

Other comprehensive income

Items that will not be reclassified to profit or loss - -

Items that may be reclassified subsequently to profit or loss - -
Other comprehensive income for the year / period - -

Total comprehensive loss for the period ### (38,281) (21,042)

The annexed notes form an integral part of these financial statements.

________________ __________________ ________________

CHAIRMAN CHIEF EXECUTIVE DIRECTOR
 FFBL POWER COMPANY LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2015

January 01 to June 27 to
December 31, December 31,
2015 2014
Rupees '000 Rupees '000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation (2,459) (21,041)
Adjustments for non-cash charges and other items:
Depreciation 5,106 1,176
Interest on bank deposits - net (16,258) (28)
Finance cost 3,449 -
(7,703) 1,148
Cash used in operating activities before working capital changes (10,162) (19,894)

Changes in working capital:

Decrease / (increase) in current assets
Stores and spares 12,851 (12,941)
Advances, deposits and prepayments (5,485) (70)
Increase in trade and other payables 12,968 230
20,334 (12,781)
Cash generated from / (used in) operations 10,172 (32,675)

Interest received 16,258 28

Finance cost paid (3,449) -
Income taxes paid (191,563) (3)
Net cash used in operating activities (168,581) (32,649)

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure on plant and equipment (11,082,742) (1,322,855)
Net cash used in investing activities (11,082,742) (1,322,855)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital 5,931,398 1,356,102
Short term borrowings 7,468,900 -
Net cash from financing activities 13,400,298 1,356,102

Net increase in cash and cash equivalents 2,148,975 598

Cash and cash equivalents at the beginning of the year / period 598 -
Cash and cash equivalents at the end of the year / period 2,149,573 598

The annexed notes form an integral part of these financial statements.

______________ _________________ _____________

CHAIRMAN CHIEF EXECUTIVE ### DIRECTOR
 FFBL POWER COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2015

Advance
Accumulated
Share capital against issue of Total equity
loss
share capital

(Rupees '000)
Balance as at December 31, 2014 1,000 1,355,103 (21,042) 1,335,061
Loss for the year - - (38,281) (38,281)
Other comprehensive income for the year - - - -
- - (38,281) (38,281)
Transactions with owners:
Ordinary shares issued during the year 5,533,897 - - 5,533,897
Ordinary shares issued against advance 1,355,103 (1,355,103) - -
Advance against issue of share capital - 397,500 - 397,500
6,889,000 (957,603) - 5,931,397
Balance as at December 31, 2015 6,890,000 397,500 (59,322) 7,228,178

The annexed notes form an integral part of these financial statements.

______________ _________________ _____________

CHAIRMAN CHIEF EXECUTIVE DIRECTOR
 FFBL POWER COMPANY LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2015

1. THE COMPANY AND ITS OPERATIONS

FFBL Power Company Limited ("the Company"), a public limited company incorporated on June 27, 2014 in Pakistan under
the Companies Ordinance, 1984. The registered office of the Company is situated at 73 Harley Street, Rawalpindi. The
Company has been established to design, finance, build, own & operate (BOO) a Coal Fired Power Plant with a installed
capacity of 118 MW at Port Qasim Karachi in the province of Sindh. The Company has achieved financial close in
December 2015. Construction has already been commenced in March 2015 and the Company will achieve its Commercial
Operation with in the period of 24 months.

The Fauji Fertilizer Bin Qasim Limited ("FFBL") has a controlling interest in the Company by holding 516.75 million (75%)
ordinary shares (December 2014: 0.10 million ordinary shares (99.99%)).

The Fauji Foundation ("FF") holds 172.25 million (25%) ordinary shares (December 2014: Nil ordinary shares).

2. BASIS OF PREPARATION
2.1 Statement of compliance
These financial statements have been prepared in accordance with the approved accounting standards as applicable in
Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRSs) issued by
the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and
directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions or directives of the
Companies Ordinance, 1984 shall prevail.

2.2 Accounting convention

These financial statements have been prepared on the basis of "historical cost convention".
2.3 New and amended standards and interpretations
The accounting policies adopted in the preparation of these financial statements are consistent with those of the previous
financial year except as describe below:

The Company has adopted the following revised standards, amendments and interpretation of IFRSs which became
effective for the current year:

IAS 19 – Employee Benefits - (Amendment) - Defined Benefit Plans: Employee Contribution

IAS 32 – Financial Instruments : Presentation - (Amendment)

- Amendments enhancing disclosures about offsetting of financial assets and financial liabilities

IAS 36 – Impairment of Assets - (Amendment)

- Recoverable Amount Disclosures for Non-Financial Assets

IAS 39 – Financial Instruments: Recognition and Measurement - (Amendment)

- Novation of Derivatives and Continuation of Hedge Accounting

IFRIC 21 – Levies

Improvements to Accounting Standards Issued by the IASB

IFRS 2 – Share-based Payment - Definitions of vesting conditions

IFRS 3 – Business Combinations - Accounting for contingent consideration in a business combination

IFRS 3 – Business Combinations - Scope exceptions for joint ventures

IFRS 8 – Operating Segments - Aggregation of operating segments

 IFRS 8 – Operating Segments - Reconciliation of the total of the reportable segments’ assets to the entity’s assets

IFRS 13 – Fair Value Measurement - Scope of paragraph 52 (portfolio exception)

IAS16 – Property, Plant and Equipment and IAS 38 Intangible Assets - Revaluation method

- proportionate restatement of accumulated depreciation / amortization

IAS 24 – Related Party Disclosures - Key management personnel

IAS 40 – Investment Property - Interrelationship between IFRS 3 and IAS 40 (ancillary services)

The adoption of the above amendments, revisions, improvements to accounting standards and interpretations did not have
any effect on the financial statements.

2.4 Standards, interpretations and amendments to approved accounting standards that are not yet effective:

The following amendments and interpretations with respect to the approved accounting standards as applicable in Pakistan
would be effective from the dates mentioned below against the respective standard or interpretation:

Effective date
(annual periods
Standard or Interpretation Beginning on or after)

IFRS 10 – Consolidated Financial Statements 01 January 2015

IFRS 10 – Consolidated Financial Statements, IFRS 12 – Disclosure of Interest in Other Entities
and IAS 27 – Separate Financial Statements - Investment Entities (Amendment). 01 January 2015
IFRS 10 – Consolidated Financial Statements, IFRS 12 – Disclosure of Interest in Other Entities
and IAS 27 – Separate Financial Statements - Investment Entities: Applying the Consolidation
Exception (Amendment). 01 January 2016
IFRS 10 – Consolidated Financial Statements, IFRS 12 – Disclosure of Interest in Other Entities
and IAS 28 – Investment in Associates and Joint Ventures - Sale or Contribution of Assets between
an Investor and its Associate or Joint Venture (Amendment). 01 January 2016
IFRS 11 – Joint Arrangements 01 January 2015
IFRS 11 – Joint Arrangements - Accounting for Acquisition of Interest in Joint Operation
(Amendment) 01 January 2016
IFRS 12 – Disclosure of Interests in Other Entities 01 January 2015
IFRS 13 – Fair Value Measurement 01 January 2015
IAS 1 – Presentation of Financial Statements - Disclosure Initiative (Amendment). 01 January 2016
IAS 16 – Property, Plant and Equipment and IAS 38 – intangible assets - Clarification of Acceptable
Method of Depreciation and Amortization (Amendment). 01 January 2016
IAS 16 – Property, Plant and Equipment and IAS 41 – Agriculture - Agriculture: Bearer Plants
(Amendment). 01 January 2016
IAS 27 – Separate Financial Statements - Equity Method in Separate Financial Statements
(Amendment). 01 January 2016
The above standards and amendments are not expected to have any material impact on the Company's financial
statements in the period of initial application.

In addition to the above standards and amendments, improvements to various accounting standards have also been issued
by the IASB. Such improvements are generally effective for accounting periods beginning on or after 01 January 2016. The
Company expects that such improvements to the standards will not have any material impact on the Company's financial
statements in the period of initial application.

Further, following new standards have been issued by IASB which are yet to be notified by the SECP for the purpose of
applicability in Pakistan.
 IASB Effective date
(annual periods
beginning on or after)

IFRS 9 – Financial Instruments: Classification and Measurement

01 January 2018
IFRS 14 – Regulatory Deferral Accounts 01 January 2016
IFRS 15 – Revenue from Contracts with Customers 01 January 2018
2.5 Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the Company operates ('the functional currency'). The financial statements are presented in Pak
Rupees, the Company's functional and presentation currency.

2.6 Critical accounting estimates and judgments

The preparation of the Company’s financial statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent
liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. The
management continually evaluates estimates and judgments which are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under current circumstances. Revisions to
accounting estimates are recognized prospectively.

In the process of applying the Company’s accounting policies, management has made the following estimates, judgments
and assumptions which are significant to the financial statements:
a) Determining the residual values and useful lives of property, plant and equipment (Note 9.1);
b) Recognition of taxation (Note 3.9);
3. SIGNIFICANT ACCOUNTING POLICIES
3.1 Provisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current
best estimate.

3.2 Property, plant and equipment

3.2.1 Operating property, plant and equipment
Owned
These are stated at cost less accumulated depreciation and impairment losses, if any.
Depreciation is computed using the straight-line method over the estimated useful lives of the assets at the rates specified in
note 9.1 to the financial statements. Depreciation is charged for the full month in which an asset is available for use and no
depreciation is charged in the month of disposal.

The residual value, depreciation method and the useful lives of the significant items of property, plant and equipment are
reviewed and adjusted if required, at each balance sheet date.

Maintenance and repairs are charged to profit and loss account as and when incurred. Major renewals and improvements
are capitalized.
Gains and losses on disposals are taken to the profit and loss account.
 Leased
A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may
or may not, eventually, be transferred.
Assets subject to finance lease are recorded at the lower of present value of minimum lease payments at the inception of
lease term and their fair value on that date.

Assets under finance lease are depreciated on a straight line method at the rates specified in note 9.1 to the financial
statements.
The finance cost is charged to profit and loss account and is included under finance costs.
3.2.2 Capital work-in-progress
Capital work in progress is stated at cost. Items are transferred to operating property, plant and equipment as and when they
are available for use.
3.2.3 Capital spares
Spare parts and servicing equipment's are classified as property, plant and equipment rather than stores, spares and loose
tools when they meet the definition of property, plant and equipment. Such capital spares and servicing equipment's are
depreciated at as and when they are available for use.

3.3 Intangible assets and amortization

These are stated at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the
straight-line method over the estimated useful lives of the assets.

3.4 Impairment of non-current assets

The carrying amounts of non-current assets are reviewed at each balance sheet date to determine whether there is any
indication of impairment. If such indication exists, then the asset’s recoverable amount is estimated to assess whether the
asset’s carrying value exceeds its recoverable amount. Where carrying value exceeds the estimated recoverable amount,
the asset is written down to its recoverable amount. Impairment losses are recognized as an expense in the profit and loss
account. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

3.5 Stores and spares

These are valued at moving average cost except for the items in transit which are stated at cost. Cost of stock in transit
represents the invoice value plus other charges incurred thereon till the balance sheet date. Provision is made for slow
moving and obsolete items, if any.

3.6 Operating lease

An operating lease is a lease other than a finance lease, where a significant portion of the risks and rewards of ownership
are retained by the lessor. Payments made under operating leases (net of any incentives received from the lessor) are
charged to profit and loss account on a straight-line basis over the lease term.

3.7 Foreign currency transactions and translation

Transactions in foreign currencies are translated into Pak Rupees at the rates of exchange prevailing on the date of
transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Pak Rupee equivalents
using balance sheet date exchange rates. Non-monetary assets and liabilities are stated using exchange rates that existed
when the values were determined. Exchange differences on foreign currency transactions and translations are included in
profit and loss account.

3.8 Borrowing costs

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized. All other borrowing
costs are recognized as an expense in the period in which they are incurred. Qualifying assets are assets that necessarily
take a substantial period of time to get ready for their intended use. Investment income earned on the temporary investment
of specific borrowings pending their expenditure on qualifying assets is deducted from borrowing costs eligible for
capitalization. Exchange differences relating to foreign currency borrowings are included in borrowing costs.
3.9 Taxation
The income of the Company derived from electric power generation is exempt from tax in terms of Clause (132) of Part I of
the Second Schedule to the Income Tax Ordinance, 2001, further the generation of steam is part and parcel of the project
and not a by product accordingly company may claim the exemption under the said clause.

Provision for current taxation, if any, is made in the profit and loss account on other income liable to tax at current rates of
taxation after taking into account, tax credits and rebates allowable under the Income Tax Ordinance, 2001. The charge for
taxation includes adjustments for prior years, if any.

3.10 Interest income

Interest income is recorded on accrual basis.
3.12 Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
relevant instrument and de-recognized when the Company loses control of the contractual rights that comprise the financial
assets and when the obligation specified in the contract is discharged, cancelled or expired.
a) Trade debts and other receivables
Trade debts and other receivables are recognized initially at fair value plus directly attributable transaction cost, if any,
and subsequently measured at amortized cost using the effective interest rate method less provision for impairment, if
any.

b) Borrowings
Borrowings are recognized initially at fair value, net of attributable transaction costs incurred. Borrowings are
subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognized in the profit and loss account over the period of the borrowings using the effective
interest rate method.

c) Trade and other payables

Liabilities for trade and other amounts payable are recognized initially at fair value and are subsequently measured at
amortized cost using the effective interest rate method.

3.14 Offsetting
Financial assets and liabilities are offset and the net amount is reported in the balance sheet if the Company has a legally
enforceable right to set off the recognized amounts and the Company intends to settle on a net basis, or realize the asset
and settle the liability simultaneously.

3.15 Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise of cash in hand, bank balances and highly
liquid short term investments less running finance under mark-up arrangements.
4 SHARE CAPITAL
ISSUED, SUBSCRIBED AND PAID UP CAPITAL
Fauji Fertilizer Bin Qasim Limited ("FFBL") has a controlling interest in the Company by holding 516.75 million (75%) ordinary
shares (December 2014: 0.10 million ordinary shares (99.99%)).
Fauji Foundation ("FF") holds 172.25 million (25%) ordinary shares (December 2014: Nil ordinary shares).
5 ADVANCE AGAINST ISSUE OF SHARE CAPITAL
This represents share deposit money by Fauji Fertilizer Bin Qasim Limited (Holding Company) amounting to Rupees 298,120
thousand (December 31, 2014: Rupees 1,355,103 thousand) and from Fauji Foundation (an Associated Undertaking) amounting to
Rupees 99,380 thousand (December 31, 2014: Rupees Nil).

6 LONG TERM FINANCING

During the year the Company entered into the following long term financing agreements comprised of Commercial Facility and
Musharika Facility. Details of these financing facilities are as follows:
Commercial Facility:
Total Amount
Commercial Financiers: Mark-up Rate
(Rupees '000)
National Bank of Pakistan 3,962,500 3 month KIBOR plus1.75%
United Bank Limited 1,100,000 3 month KIBOR plus1.75%
Bank Alfalah Limited 2,500,000 3 month KIBOR plus1.75%
Soneri Bank Limited 1,000,000 3 month KIBOR plus1.75%
Bank of Punjab 1,000,000 3 month KIBOR plus1.75%
NIB Bank Limited 1,500,000 3 month KIBOR plus1.75%
11,062,500
Musharika Facility
Total Amount
Musharika Participants: Mark-up Rate
(Rupees '000)
National Bank of Pakistan 1,000,000 3 month KIBOR plus1.75%
Habib Bank Limited 3,500,000 3 month KIBOR plus1.75%
United Bank Limited 1,100,000 3 month KIBOR plus1.75%
Dubai Islamic Bank Limited 1,500,000 3 month KIBOR plus1.75%
Meezan Bank Limited 1,500,000 3 month KIBOR plus1.75%
Faysal Bank Limited 1,200,000 3 month KIBOR plus1.75%
Sindh Bank Limited 1,000,000 3 month KIBOR plus1.75%
10,800,000
These financing facilities have availability period starting from facility effective date upto early of 24 months following the facility
effective date or the commercial operation date or any earlier date (if any) specified in the PPA-KE.
The financing facilities are payable in 40 quarterly installments. The disbursement under the facility is subject to certain conditions
precedents. No amount has been withdrawn upto December 31, 2015.
7 SHORT TERM BORROWINGS - SECURED
From banking companies and other financial institutions
These represent short term bridge finance facilities obtained from various banks on mark-up basis. These facilities carries mark-up
ranging from 7.5% to 8.82% per annum and are secured by hypothecation charge over present and future fixed assets of the
Company . It includes finance facility of Rupees 4,000 million (2014: Nil) secured by corporate guarantee of Fauji Fertilizer Bin
Qasim Limited (Holding Company). These form part of total credit facilities of Rupees 7,398.50 million (2014: Nil).

2015 2014
(Rupees '000)
8 CONTINGENCIES AND COMMITMENTS
8.1 Contingencies - -
8.2 Commitments in respect of capital expenditure amount to Rupees 10,584.48 million (2014: Rupees 22.294 million).

9 PLANT AND EQUIPMENT 2015 2014

 '(Rupees '000)
Operating fixed assets 17,800 8,821
Capital work in progress 12,051,121 1,312,858
12,068,921 1,321,679
10 OTHER ASSET
This represents directly attributable transaction cost incurred on long term finance facilities which will be netted against proceeds of
long term loans and subsequently recognized in the profit and loss account over the period of facilities using the effective interest
method.

2015 2014
Note (Rupees '000)
11 ADVANCES, DEPOSITS AND PREPAYMENTS
Prepayments 1,543 70
Advance to customs authorities 4,013 -
5,556 70
12 BANK BALANCES
On current accounts 35,678 -
On saving accounts 12.1 2,113,893 598
2,149,571 598
12.1 The balances in deposit accounts carry interest rates ranging from 6.5% to 7.7% per annum. These include balance of Rupees
0.149 thousand (December 31, 2014: 23.50 thousand) with Askari Bank Limited - an associated company.

January 01 to June 27 to
December 31, December 31,
2015 2014
Note (Rupees '000)
13 ADMINISTRATIVE EXPENSES
Directors' remuneration 480 -
Registration charges - 16,294
Renovation expenses 2,852 1,222
Depreciation 5,106 1,176
Communication - 141
Advertisement 372 1,467
Printing and stationery 1,117 401
Legal and professional charges 4,554 230
Repair and maintenance - 61
Others 787 77
15,268 21,070

14 FINANCE COST
Mark-up on short term borrowings 105,027 -
Bank charges 3,449 -
108,476 -
Less: Amount capitalised under capital work in progress (105,027)
3,449 -
15 OTHER INCOME
Interest on bank deposits 16,258 -

16 TAXATION

Provision for current tax represents tax on bank profits. Consequently, tax expense reconciliation is not being presented.
17 LOSS PER SHARE - BASIC AND DILUTED
 There is no dilutive effect on the basic loss per share.
18 DATE OF AUTHORIZATION
These financial statements were authorized for issue on _______________________ by the Board of Directors of the Company.
19 CORRESPONDING FIGURES
No significant reclassification / rearrangement of corresponding figures has been made.
20 GENERAL
Figures have been rounded off to the nearest thousand of Rupees unless stated otherwise.

______________ ___________________ ______________

CHAIRMAN CHIEF EXECUTIVE DIRECTOR
9 Plant and equipment 2015
'(Rupees '000)
Operating fixed assets 17,800
Capital work in progress 12,051,121
12,068,921

0 Operating fixed assets

Computer and ancillary
Furniture and fittings Vehicles
equipment

--------------------------------(Rupees '000)---------------------------------------

As at June 27, 2014

Cost - - -
Accumulated depreciation - - -
Net book value - -

Period ended December 31, 2014

Opening net book value - - -
Additions during the period 6,419 3,578 -
Depreciation charge (970) (206) -
Closing net book value 5,449 3,372 -

At December 31, 2014

Cost 6,419 3,578 -
Accumulated depreciation (970) (206) -
Net book value 5,449 3,372 -

Year ended December 31, 2015

Opening net book value 5,449 3,372 -
Additions during the year 7,244 2,135 4,706
Depreciation charge (4,087) (521) (498)
Closing net book value 8,606 4,986 4,208

At December 31, 2015

Cost 13,663 5,713 4,706
Accumulated depreciation (5,057) (727) (498)
Net book value 8,606 4,986 4,208

Annual rate of depreciation (% per annum) 33 10 20

0 Capital work in progress Balance as at

Additions
NOTE January 01, 2015
----------------------------(Rupees '000)------------------------

Plant, machinery and civil works 1,014,929 10,010,325

Insurance - 138,824
Professional services 103,607 109,108
Borrowing cost 13 & 8.3 - 105,027
Other directly attributable cost 194,322 336,826
Advance for purchase of land - 38,153
1,312,858 10,738,263

Plant and machinery

Advance against purchase of plant and equipment
Legal and professional charges
Contractors and technical service charges
Travelling and transportation costs
Stores and spares consumed
Salaries and other payables
Building on leasehold land
Electrical equipment
0.1 Borrowing cost was capitalized during the year using the capitalization rate of 7.84% per annum.
 2014
'(Rupees '000)
8,821
1,312,858
1,321,679

Total

--------------------------------(Rupees '000)---------------------------------------

-
-
-

-
9,997
(1,176)
8,821

9,997
(1,176)
8,821

8,821
14,085
(5,106)
17,800

24,082
(6,282)
17,800

Closing Balance
December 31, 2015
----------------------------(Rupees '000)------------------------

11,025,254
138,824
212,715
105,027
531,148
38,153
12,051,121
 Chief Executive Officer Directors Executives
2015 2014 2015 2014 2015 2014
----------------------------- Rupees '000 ------------------------------

Managerial remuneration - - - - 1,350 -

Allowances
House rent - - - - 1,215 -
Utilities - - - - 135 -
- - - - 2,700 -

Number of persons 1 1 9 9 1 -
 Un-audited Audited December
June 30, 31,
Note 2015 2014
(Rupees '000)
ASSETS

NON - CURRENT ASSETS

Plant and equipment #REF! #REF! 1,321,679

CURRENT ASSETS
Stores and spares - 12,941
Prepayment 1,543 70
Short term advances - -
Advance income tax 191,565 3
Bank balances #REF! 1,467,968 599
1,661,077 13,613

#REF! 1,335,292

Chairman Chief Executive Director

 Rating 2015 2014
Short term Long term Agency Rupees '000
Banks
National Bank of Pakistan A-1+ AAA JCR-VIS 2,222 -
Askari Bank Limited A-1+ AA JCR-VIS 1 24
Habib Bank Limited A-1+ AAA JCR-VIS 578,377 -
NIB Bank Limited A1+ AA- PACRA 889,590 575
Meezan Bank Limited A-1+ AA JCR-VIS 298,732 -
JS Bank Limited A1+ A+ PACRA 347,193 -
United Bank Limited A-1+ AA+ JCR-VIS 33,456 -
2,149,571 599
 Trial Balance - FFBL Power Company Limited

December 31, 2015 December 31, 2014

Account Code Account Name Debit Credit Debit Credit

5110001 Cash at bank - Askari Bank 6887 1,490.66 - 23,580 -

5110002 Cash at bank - NIB Bank 7786 889,590,438.40 - 573,920 -

5110003 Cash at bank - HBL 0301 578,376,551.19 - - -

5110004 Cash at bank - Meezan Bank 9761 298,731,940.79 - - -

5110005 Cash at bank - JS Bank 9811 347,192,591.08 -

5110006 Cash at bank - UBL 33,456,050.00 -

5110007 Cash at bank - NBP 9364 2,221,690.00 -

5120001 Taxation recoverable 191,565,330.96 - 2,707 -

5120005 Interest receivable - - 1,161

5120006 Advance against Land 38,153,479.81 -

5120007 Advance to custom authorities 4,013,271.00 -

5210003 Vehicle 4,705,820.00 - - -

5210004 Computers and IT Installations 13,662,583.00 - 6,418,777 -

5210007 Furniture and Fixtures 5,713,279.00 - 3,577,805 -

5210008 Accumulated depreciation - Computer and IT - 969,544.00 - 969,544

5210009 Accumulated depreciation - Furniture and Fitting - 5,312,138.00 - 206,213

5220004 Stores, spares and loose tools - 49,499.91 12,801,555 -

5220005 Personal protective equipment 139,150.00 - 139,150 -

5240000 Prepayments 1,543,331.20 - 70,411 -

5250001 Plant and Machinery 10,010,325,376.39 - 410,824,941 -

5250002 Advance against CWIP 923,839,012.00 - 902,033,069 -

5250003 Unallocated - Legal and professional charges 202,060,553.00 -

5250004 Unallocated - Other Directly Att 493,299,799.82 -

5250005 Unallocated - Professional Services 139,591,492.91 -

5250006 Unallocated - Transaction Cost of Borrowings 330,394,086.00 -

5250007 Unallocated - Borrowing Cost 105,026,974.44 -

5250012 CWIP Insurance 138,823,958.00

3010001 Short term borrowing - 7,348,500,000.00 - -

3010002 Mark up payable - 120,399,974.90 - -

3020001 Share deposit money - - 1,355,101,610

3020002 Audit fee payable - 2,590,000.00 - 170,000

3020003 Other payable - 60,000.00 - 60,000

3020004 Security refundable - 9,316,145.00

3020005 Payable to FFBL - 397,500,000.00

3020006 Taxation payable - 35,821,586.22

3020007 Retention money - 1,232,269.00

4100000 Accumulated results 21,041,291.00 - - -

4300000 Share Capital - 6,890,000,000.00 - 1,000,000

1300000 Interest income - 16,258,222.49 - 28,234

2020001 Depreciation - Computer and IT - - 969,544

 Chart Of Accounts - FFBL Power Company Limited
Description
Old Account Account Natural Parent
Account Name
Account # Code category sign Account

"Assets" are future economic benefits controlled by the entity as a result of past transactions
5000000 Total Assets Asset Dr - or other past events.
Financial assets includes any asset that is:
(a) cash; or
(b) a contractual right to receive cash or another financial asset from another entity; or
5100000 Financial Assets Asset Dr 5000000 (c) a contractual right to exchange financial instruments with another entity under conditions
that are potentially favourable; or
(d) an equity instrument of another entity.

5110000 Cash Asset Dr 5100000 Cash comprises cash on hand and demand deposits.

Cash at bank consists of deposits held on call with a financial institution or cash equivalents,
that is, highly liquid investments with short periods to maturity which are readily convertible to
5110001 Cash at bank - Askari Bank 6887 Asset Dr 5110000 cash on hand at the investor’s option and are subject to an insignificant risk of changes in
value, and borrowings which are integral to the cash management function and which are not
subject to a term facility.
Cash at bank consists of deposits held on call with a financial institution or cash equivalents,
that is, highly liquid investments with short periods to maturity which are readily convertible to
cash on hand at the investor’s option and are subject to an insignificant risk of changes in
5110002 Cash at bank - NIB Bank 7786 Asset Dr 5110000 value, and borrowings which are integral to the cash management function and which are not
subject to a term facility.

Cash at bank consists of deposits held on call with a financial institution or cash equivalents,
that is, highly liquid investments with short periods to maturity which are readily convertible to
cash on hand at the investor’s option and are subject to an insignificant risk of changes in
5110003 Cash at bank - HBL 0301 Asset Dr 5110000 value, and borrowings which are integral to the cash management function and which are not
subject to a term facility.

5110004 Cash at bank - Meezan Bank 9761 Asset Dr 5110000

5110005 Cash at bank - JS Bank 9811 Asset Dr 5110000
5110006 Cash at bank - UBL Asset Dr 5110000
5110007 Cash at bank - NBP 9364 Asset Dr 5110000
5110008 Cash in hand Asset Dr 5110000 Cash at hand consists of notes and coins held.
Refers to revenue accrued and receivable as at the reporting date, that is, an invoice has
5120000 Receivables Asset Dr 5100000 been raised on the debtors account.

The income tax expected to be recovered, from the taxing authority, on the basis of taxable
5120001 Taxation recoverable Asset Dr 5120000
income. It is a recovery of previously remitted taxes or future taxes owed by the company
Comprises sales taxes accrued and receivable from external entities as at the reporting date.
5120002 Sales tax receivable Asset Dr 5120000

A loan is the creation of a financial asset to generate income or for liquidity management. An
advance is the creation of financial assetsfor policy purposes rather than income generation /
5120003 Short term advances Asset Dr 5120000 liquidity management.

Comprises all other amounts receivable as at the reporting date other than taxes and
5120004 Other Receivables Asset Dr 5120000 advances and loans receivable.
5120005 Interest receivable Asset Dr 5120000 Comprises interest accrued and receivable from external entities as at the reporting date.
5120006 Advance against Land Asset Dr 5120000 Advances given for purchase of Project Land
Advances given for shipment clearance
5120007 Advance to custom authorities Asset Dr 5120000

Investment means an asset held by an entity for the accretion of wealth by way of revenues
5130000 Investments Asset Dr 5100000 such as interest, royalties, dividends, rentals and capital appreciation, but does not include
operating assets.
 Investment means an asset held by an entity for the accretion of wealth by way of revenues
5130001 Short term investment Asset Dr 5130000 such as interest, royalties, dividends, rentals and capital appreciation, but does not include
operating assets.

5140000 Accrued Revenue Asset Dr 5100000 Refers to items which satisfy the revenue recognition criteria, however, as at the reporting
date the corresponding
All assets which are notcash inflowassets"
"financial has not. been received nor has an actual invoice been
5200000 Non Financial Assets Asset Dr 5000000 raised on the debtors account, that is, the revenue accrued is not due and receivable.

5210000 Property, Plant and Equipment Asset Dr 5200000 Comprises land and buildings, other infrastructure, plant and equipment and intangibles as
defined below.
5210001 Land Asset Dr 5210000 Includes land and subsoil assets such as mineral deposits.
Includes dwellings and non-residential buildings.

5210002 Buildings Asset Dr 5210000

5010701 / Investment property is property (land or a building – or part of a building – or both) held (by
5210003 Vehicle Asset Dr 5210000 the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or
5170010
both, rather than for:
5260029 / Include Computers,
(a) use in Laptops,
the production Printers
or supply and other
of goods supported
or services or equipment
5170002 / for administrative purposes; or
5210004 Computers and IT Installations Asset Dr 5210000
5170003 / (b) sale in the ordinary course of business.
5180001
Movable furniture, fixtures or other equipment that are have no permanent connection to the
5210007 Furniture and Fixtures Asset Dr 5210000 structure of a building or utilities.

5210008 Accumulated depreciation - Computer and IT Asset Dr 5210000

5210009 Accumulated depreciation - Furniture and Fitting Asset Dr 5210000

5210010 Accumulated depreciation - Vehicle Asset Dr 5210000

Inventories are assets:

(a) held for sale in the ordinary course of business;
(b) in the process of production for such sale; or
5220000 Inventories Asset Dr 5200000 (c) in the form of materials or supplies to be consumed in the production process or in the
rendering of services

Comprises materials and supplies awaiting use in the production process.

5220001 Total raw materials &stores Asset Dr 5220000
Comprises goods being prepared but not yet ready for sale.
5220002 Total work in progress Asset Dr 5220000

5170001 / Comprises goods ready for sale or resale.

5170015 /
5050001 / 5220003 Total finished goods Asset Dr 5220000
1010004 /
1040002
Includes quantities of materials, spares, consumable stores and other supplies to be
5170019 5220004 Stores, spares and loose tools Asset Dr 5220000 consumed, that is, not held for the purposes of sale or resale.
5220005 Personal protective equipment Asset Dr 5220000 Safety equipment
Refers to amounts reducing a tax liability for current or future years.
5230000 Tax Assets Asset Dr 5200000
Current tax is the amount of income taxes recoverable in respect of the taxable tax loss for a
5230001 Current tax assets Asset Dr 5230000 period.
 Deferred tax assets are the amounts of income taxes recoverable in future periods in respect
of:
(a) deductible temporary differences;
5230002 Deferred tax assets Asset Dr 5230000 (b) the carryforward of unused tax losses; and
(c) the carryforward of unused tax credits.

Refers to amounts of saving in paid where the services are yet to be rendered, the goods or
5240000 Prepayments Asset Dr 5200000 assets received or the eligibility/entitlement criteria have yet to be met.

Capital work-in-progress comprises outstanding advances paid to acquire fixed assets and
5250000 Capital Work In Progress Asset Dr 5000000 the cost of fixed assets that are not yet ready for their intended use at the balance sheet date.

All other expenditure, incurred during the completion or construction stage of the asset or
1010500 5250001 Plant and Machinery Asset Dr 5250000 project, and which are not reasonably attributable to any particular asset, are classified as
unallocated CWIP expenditure to the extent ascertainable, and are allocated to the assets on
Advances
the paid or
completion towards acquisition
construction ofasset
of the fixed assets
or project, as the case may be.
5250002 Advance against CWIP Asset Dr 5250000

5250003 Unallocated - Legal and professional charges Asset Dr 5250000

5250004 Unallocated - Other Directly Att Asset Dr 5250000

5250005 Unallocated - Professional Services Asset Dr 5250000

5250006 Unallocated - Transaction Cost of Borrowings Asset Dr 5250000

5250007 Unallocated - Borrowing Cost Asset Dr 5250000

5250008 CWIP building on leashold land Asset Dr 5250000

5250009 CWIP electrical Equipment Asset Dr 5250000

5250010 CWIP Misc Electrical Equipment Asset Dr 5250000

5250011 CWIP Income Tax Asset Dr 5250000

5250012 CWIP Insurance Asset Dr 5250000

"Liabilities" are the present obligations of the entity arising from past events, which will result
3000000 Total Liability Liability Cr - in an outflow of economic benefits from the entity.

Comprises government securities, loans, deposits held, leases and other forms of interest-
3010000 Interest bearing liabilities Liability Cr 3000000 bearing debt.
 Liability to repay a domestic or foreign borrowings.
3010001 Short term borrowing Liability Cr 3100000

Borrowings not reported elsewhere.

3010002 Mark up payable Liability Cr 3100000

Obligations that a company has incurred, but have not yet been routinely recorded in
3020000 Accrued and other payables Liability Cr 3000000 Accounts Payable

Expenses paid and assets purchased by Parent Company

3020001 Share deposit money Liability Cr 3020000

A fee a company pays an external auditor in exchange for performing an audit

3020002 Audit fee payable Liability Cr 3020000

3020003 Other payable Liability Cr 3020000

Security by a 3rd party to be refunded at contract end

3020004 Security refundable Liability Cr 3020000

3020005 Payable to FFBL Liability Cr 3020000 Payable to Parent Company

Tax on profits payable to governmrnt
3020006 Taxation payable Liability Cr 3020000

3020007 Retention money Liability Cr 3020000 Amount deducted from contractors's payments
"Equity" is the residual interest in the assets of the entity after deducting all of its liabilities.
4000000 Equity Equity Cr 4000000

Comprises of the accumulation of an entity's operating surplus/(deficits) adjusted for amounts

transferred to and from reserves and distributions to owners and other adjustments permitted
by the International Accounting Standards over all reporting periods up to the reporting date.

4100000 Accumulated results Equity Cr 4000000

Includes amounts set aside out of profits and other gains or increments not reflected in the
4200000 Total Reserves Equity Cr 4000000 profit or loss, such as gains on revaluation of assets.
 Funds raised by issuing shares in return for cash or other considerations
4300000 Share Capital Equity Cr 4000000
"Income" refers to the increases in economic benefits during the reporting period in the form
of inflows or enhancements of assets or decreases of liabilities that result in increases in
1000000 Income Revenue Cr - equity, other than those relating to contributions from equity participants. Equals the sum of
total revenue and total gains.

Revenue from sale of goods where the entity has transferred the significant risks and rewards
of ownership, the entity does not retain effective control over the goods, the revenue and
related costs incurred can be reliably measured and it's probable that the economic benefits
will flow to the entity.

1100000 Sales of goods Revenue Cr 1000000

Revenue associated with the rendering of services.

1200000 Rendering of services Revenue Cr 1000000

Income accrued by owners of financial assets such as bank account balances, deposits,
securities other than shares, loans and accounts receivable in return for providing funds to
1300000 Interest income Revenue Cr 1000000 other entities. The interest revenue must be recognised on a time proportionate basis that
takes into account the effective yield on the financial asset.

Comprises distributions of profits to holders of equity investments.

1400000 Dividend revenue Revenue Cr 1000000
 Grants received or receivable.

1500000 Grant revenue Revenue Cr 1000000

Realised and unrealised gains arising from the translation of transactions/balances

1610000 Net Foreign Exchange Gains Revenue Cr 1000000 denominated in foreign currency into domestic currency terms.

Gain recognised when control of an asset has passed to the buyer and represents the
difference between the proceeds from the sale and the carrying amount of the asset sold,
1620000 Net Gains from Sale of Assets Revenue Cr 1000000 adjusted for the costs associated with the sale.

Increase in carrying amount of an asset as a result of a revaluation, where it reverses a

1630000 Reversals of previous asset write downs and impairments Revenue Cr 1000000 previous revaluation decrease of the same asset class which had been recognised in profit or
loss.
NB:
GainsIf there was notelsewhere.
not reported previously a revaluation decrease in the profit and loss, the revaluation
1640000 Other Gains Revenue Cr 1000000 increase should instead be taken directly the asset revaluation reserve.
Total decrease in economic benefit during the period either in the form of outflows, depletion
5170005 2000000 Total Expenses Expense Dr 9002000 of assets or incurrence of liabilities that result in a decrease in equity, other than those
relating to distributions to equity participants.
Refers to wages, salaries and supplements to wages and salaries not related to
5170012 2010000 Salaries, wages and other benefits Expense Dr 2000000
superannuation and other employee entitlements such as long service leave. Includes
allowances
Comprise offor overtime,
payments shift-work,
made living away
to temporary fromhired
workers home andvarious
from travel. contractors
Also includes salaries
5260001 2010001 Contractors wages Expense Dr 2010000 and wages in kind such as accommodation, vehicles and clothing provided by employers.

5260002 2010002 Janitorial Services Expense Dr 2010000 Janitorial Services provide cleaning of businesses and commercial buildings

5210013 2010003 Medical Assistance - Officers Expense Dr 2010000 Medical Bills reimbursement
Medical Bills reimbursement
5220002 2010004 Medical Assistance - Staff Expense Dr 2010000
Fuel Bills reimbursement
5260007 2010005 Fuel Expense Dr 2010000
House rent allowance
5160058 2010006 House Rent Expense Dr 2010000

5160002 2010007 Uniforms Expense Dr 2010000

5160022 2010008 10-C Bonus Expense Dr 2010000

5160001 2010009 Allowances - Management Expense Dr 2010000

5160021 2010010 Allowances - Staff Expense Dr 2010000

5160004 2010011 Basic Salary - Management Expense Dr 2010000

5160024 2010012 Basic Salary - Staff Expense Dr 2010000

5160042 2010013 Bonus - Management Expense Dr 2010000

5160047 2010014 Bonus - Staff Expense Dr 2010000

5160009 2010015 BOQ/MOQ/SONA Camp Deduction Expense Dr 2010000

5160030 2010016 Club Deduction Expense Dr 2010000

5160006 2010017 Contract Salary - Management Expense Dr 2010000

5160026 2010018 Contract Salary - Staff Expense Dr 2010000

5160005 2010019 Employer Gratuity - Management Expense Dr 2010000

5160025 2010020 Employer Gratuity - Staff Expense Dr 2010000

5160007 2010021 Employer PF - Management Expense Dr 2010000

5160027 2010022 Employer PF - Staff Expense Dr 2010000

5160100 2010023 EOBI - Management Expense Dr 2010000

5160103 2010024 EOBI - Staff Expense Dr 2010000

5160010 2010025 Group & All Risk Insu-Officers Expense Dr 2010000

5160032 2010026 Group & All Risk Insurance-Staff Expense Dr 2010000

5160003 2010027 Leave Encashment - Management Expense Dr 2010000

5160023 2010028 Leave Encashment - Staff Expense Dr 2010000

5160028 2010029 LFA - Management Expense Dr 2010000

5160008 2010030 LFA - Staff Expense Dr 2010000

5160029 2010031 Over Time - Staff Expense Dr 2010000

5160044 2010032 Stipend - Management Expense Dr 2010000

5160041 2010033 Stipend - Staff Expense Dr 2010000

2010034 Telephone Deduction Expense Dr 2010000
2010035 Transport Deduction Expense Dr 2010000

2020000 Depreciation and Amortization Expense Dr 2000000

Depreciation expense is the systematic allocation of depreciable amount over an assets
2020001 Depreciation - Computer and IT Expense Dr 2020000 useful life.

2020002 Depreciation - Furniture and Fittings Expense Dr 2020000

Amortisation expense should be recorded to allocate the depreciable amount of leased and /
5210006 2020003 Depreciation - Vehicle Expense Dr 2020000 or intangible assets over their useful life.

Training Expense is established to record the cost of training for dealership employees.
5210008 2030000 Training Expense Dr 2000000 Tuition, books, texts, training materials as well as travel

5260010 2030001 Training Expenses - Foreign travelling Expense Dr 2030000

2030002 Training Expenses - Foreign TADA Expense Dr 2030000

5170016 2030003 Course/Seminar Fee - Local Expense Dr 2030000

5200001 2040000 Office Services Expense Dr 2000000

Printing, Scanning and Photocopier expenses

5240011 2040001 Printing, Scanning and Photocopier expenses Expense Dr 2040000

Office stationery
2040002 Stationery Expense Dr 2040000

5170006 2040003 Advertisement expense Expense Dr 2040000

5210009 / This is the line for expenses related to professional and legal services like lagal or
5250003 / 2050000 Legal and Professional Expense Dr 2000000 accountancy costs.
5260017

5240013 2050001 Professional Charges - Field Investigation Expense Dr 2050000

5250001 2050002 Professional Charges - Registration Expense Dr 2050000

5250002 2050006 Directors Fee Expense Dr 2050000

2050003 Consultancy - Local Expense Dr 2050000

2050004 Consultancy - Foreign Expense Dr 2050000

A fee a company pays an external auditor in exchange for performing an audit

2050005 Audit Fee Expense Dr 2100000

5170007 2050007 Taxation expense Expense Dr 2100000

2060000 Repair and Maintenance Expense Dr 2000000

2060001 Repair and Maintenance - Vehicles Expense Dr 2060000

5170013 2060002 Repair and Maintenance - Computer Expense Dr 2060000

Expenses not reported elsewhere

2070000 Other expenses Expense Dr 2000000

2070001 Renovation expenses Expense Dr 2070000

The term bank charge covers all charges and fees made by a bank to their customers
5240010 2070002 Bank Charges Expense Dr 2070000
 Loss from the transfer of assets to another entity for no consideration (or for token
consideration), excluding transfers under restructuring arrangements.

5240099 2070003 Liabilities Transferred from Related Entities Expense Dr 2070000

2070004 Entertainment expenses Expense Dr 2070000 Meal to suppliers/consultants

2070005 Miscellaneous expenses Expense Dr 2070000
Refers to net expenses incurred as a result of bad and doubtful debts, fair value losses on
2070006 Write down and impairment of assets Expense Dr 2070000 financial assets and liabilities, the impairment of financial and non-financial assets and the
revaluation of non-financial assets.
2070007 Finance cost Expense Dr 2070000

5210001 2070008 Others Expense Dr 2070000

5210002 2080000 Travel and Transportation Expense Dr 2000000

Local Travel / Ticket - Business

5210003 2080001 Travelling, Lodging and Boarding - Local Expense Dr 2080000

Foreign Travel / Ticket - Business

5210004 2080002 Travelling, Lodging and Boarding - Foreign Expense Dr 2080000

Tada - Local Travel - Business

5210010 2080003 TADA - Local Expense Dr 2080000

2080004 TADA - Foreign Expense Dr 2080000 Tada -Foreign Travel - Business

5240001 2080005 Transportation charges Expense Dr 2080000 Transportation services received from contractor.
The cost of usage of utilities such as lighting, water, and heat
5260016 2090000 Utilities Expense Dr 2000000

2090001 Utilities - Mobile Phone Expense Dr 2090000

2090002 Utilities - Newspapers Expense Dr 2090000

2100000 Communication and postage Expense Dr 2000000

2100001 Telephone sets Expense Dr 2100000
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