FATIMA FERTILIZER COMPANY L

FINANCIAL STATEMENTS
REF: PSX

YEAR: 2019
(Annual)

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 100,720
Intangibles 5,973
Investment property 627
Long term investments 174
Long term loan to associated company 2,999
Long term deposits 81
TOTAL NON-CURRENT ASSETS 110,577
CURRENT ASSETS
Stores and supllies 7,713
Stock in trade 11,517
Trade debts 7,206
Short term loans 3,241
Advances, deposits, prepayments and other receivables 11,844
Advance income tax 1,969
Short term investments 530
Cash and bank balances 514
TOTAL CURRENT ASSETS 44,538
TOTAL ASSETS 155,116
SHARE CAPITAL AND RESERVES
Authorized share capital 27,000
Issued, subscribed and paid up share capital 21,000
Reserves 57,008
TOTAL SE 78,008
NON-CURRENT LIABILITIES
Long-term financing 6,253
Lease liabilities 278
Deferred liabilities 19,942
Deferred government grant -
Long term deposits 61
 TOTAL NON-CURRENT LIABILITIES 26,536
CURRENT LIABILITIES
Trade and other payables 26,483
Accrued finance cost 836
Short term finances - secured 16,264
Unclaimed dividend 189
Current portion of long term financing 6,225
Current portion of lease liability 571
Current portion of deferred gov. grant -
TOTAL CURRENT LIABILITIES 50,571
LIABILITIES+SE 155,116

INCOME STATEMENT
Sales - net 74,964
Cost of sales 47,065
Gross profit 27,898
Distribution Cost 3,800
Administrative expenses 2,778
Operating profit 21,320
Finance cost 3,760
Other operating expenses 1,480
Other income 1,089
Profit before taxation 17,193
Taxation 5,123
Profit after taxation 12,069

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 16,443
Net increase in long term deposits 4
Finance cost paid (3,158)
Taxes paid (6,344)
Employee retirement benefits paid (55)

Net cash generated from operating activities 6,878

CASH FLOWS FROM INVESTING ACTIVITIES

Additions in property, plant and equipment (10,728)

Additions in intangible assets (22)
Addition in investment property (627)
Proceeds from disposal of property, plant and equipment 1
Short term investments made (167)
 Proceeds from short term investment 323
Profit received on short term loans and saving accounts 724
Net (increase) / decrease in long term deposits 173

Net cash used in investing activities (10,322)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (7685)
Proceeds from long term finances 4000
Repayment of lease liabilities (290)
Dividend paid (3553)
(Decrease) / increase in short term finances - net 10770

Net cash (used in) / generated from financing activities 3240

Net increase / (decrease) in cash and cash equivalents (202)

ZER COMPANY LIMITED
CIAL STATEMENTS
REF: PSX

YEAR: 2021 YEAR: 2021

YEAR: 2020
(9 months period ended on (Extrapolated Values)
(Annual)
Sep 30th.) (Annual)

Rs. In Millions

ANCE SHEET
N-CURRENT ASSETS
104,937 104,642 139,523
5,991 5,088 6,784
756 755 1,007
201 854 1,139
2,999 2,499 3,332
113 118 157
114,999 113,958 151,944
CURRENT ASSETS
8,273 10,602 14,136
13,530 14,432 19,243
4,450 13,540 18,053
3,241 6,999 9,332
8,675 11,851 15,801
1,305 - -
2,523 2,165 2,887
555 373 497
42,557 59,965 79,953
157,556 173,924 231,899
CAPITAL AND RESERVES
27,000 27,000 36,000
21,000 21,000 28,000
66,102 74,944 99,925
87,102 95,944 127,925
CURRENT LIABILITIES
3,114 4,974 6,632
1,901 1,680 2,240
24,115 23,416 31,221
61 15 20
110 120 160
 29,303 30,207 40,276
RRENT LIABILITIES
22,871 33,640 44,853
450 260 347
11,443 3,949 5,265
40 36 48
5,803 3,124 4,165
480 185 247
61 61 81
41,151 47,772 63,696
157,556 173,924 231,899

ME STATEMENT
71,267 76,770 102,360
42,472 43,262 57,683
28,794 33,507 44,676
3,890 4,233 5,644
3,368 2,785 3,713
21,535 26,489 35,319
3,469 1,775 2,367
1,677 2,834 3,779
1,810 777 1,036
18,742 22,491 29,988
5,468 8,399 11,199
13,274 14,091 18,788

OW STATEMENT
FROM OPERATING ACTIVITIES
24,987 22,820 30,427
49 9 12
(3,735) (1,817) (2,423)
(4,663) (2,286) (3,048)
(78) (240) (320)

16,558 18,486 24,648

FROM INVESTING ACTIVITIES

(2,035) (3,646) (4,861)

(51) (13) (17)
(129) - -
45 1 1
(2,172) (557) (743)
 598 805 1,073
289 1,467 1,956
(31) (4) (5)

(3,488) (6,145) (8,193)

FROM FINANCING ACTIVITIES

(4966) (4429) (5905)
1462 3543 4724
(353) (636) (848)
(4349) (3506) (4675)
(4821) (7493) (9991)

(13028) (12522) (16696)

41 (182) (243)
 FATIMA FERTILIZER COMPANY LIMITED
FINANCIAL STATEMENTS
REF: PSX
YEAR: 2019
(Annual)
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 100,720
Intangibles 5,973
Investment property 627
Long term investments 174
Long term loan to associated company 2,999
Long term deposits 81
TOTAL NON-CURRENT ASSETS 110,577
CURRENT ASSETS
Stores and supllies 7,713
Stock in trade 11,517
Trade debts 7,206
Short term loans 3,241
Advances, deposits, prepayments and other receivables 11,844
Advance income tax 1,969
Short term investments 530
Cash and bank balances 514
TOTAL CURRENT ASSETS 44,538
TOTAL ASSETS 155,116
SHARE CAPITAL AND RESERVES
Authorized share capital 27,000
Issued, subscribed and paid up share capital 21,000
Reserves 57,008
TOTAL SE 78,008
NON-CURRENT LIABILITIES
Long-term financing 6,253
Lease liabilities 278
Deferred liabilities 19,942
Deferred government grant -
Long term deposits 61
TOTAL NON-CURRENT LIABILITIES 26,536
CURRENT LIABILITIES
Trade and other payables 26,483
Accrued finance cost 836
 Short term finances - secured 16,264
Unclaimed dividend 189
Current portion of long term financing 6,225
Current portion of lease liability 571
Current portion of deferred gov. grant -
TOTAL CURRENT LIABILITIES 50,571
LIABILITIES+SE 155,116

INCOME STATEMENT
Sales - net 74,964
Cost of sales 47,065
Gross profit 27,898
Distribution Cost 3,800
Administrative expenses 2,778
Operating profit 21,320
Finance cost 3,760
Other operating expenses 1,480
Other income 1,089
Profit before taxation 17,193
Taxation 5,123
Profit after taxation 12,069

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 16,443
Net increase in long term deposits 4
Finance cost paid (3,158)
Taxes paid
(6,344)

Employee retirement benefits paid (55)

Net cash generated from operating activities 6,878
CASH FLOWS FROM INVESTING ACTIVITIES
Additions in property, plant and equipment (10,728)
Additions in intangible assets (22)
Addition in investment property (627)
Proceeds from disposal of property, plant and equipment 1
Short term investments made (167)
Proceeds from short term investment 323
Profit received on short term loans and saving accounts 724
Net (increase) / decrease in long term deposits 173
Net cash used in investing activities (10,322)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long term financing (7685)
Proceeds from long term finances 4000
 Repayment of lease liabilities (290)
Dividend paid (3553)
(Decrease) / increase in short term finances - net 10770
Net cash (used in) / generated from financing activities 3240

Net increase / (decrease) in cash and cash equivalents (202)

RATIO ANALYSIS
YEAR: 2019
(Annual)

LIQUIDITY RATIOS
CURRENT RATIO 0.88

CR measures company's ability to pay short-term debts. Fatima Fertilizer's CR has a regular trend of increasin

QUICK RATIO 0.65

The quick ratio measures a company's capacity to pay its current liabilities without needing to sell its inventory or obtain additi
QR has been increasing over the given years.

PROFITABILITY RATIOS
PROFIT MARGIN 16.10%

Net profit margin is the percentage by which a company's total sales or revenue exceeds or is less than the sum of its expens
that the NPR of Fatima Fertilizer increased in year 2020 because of a rise in NP, but have been decreased in year 2021 du

RETURN ON EQUITY 15.47%

ROE is the return on net assets. This company's ROE has been decresing over the years due to increas

RETURN ON ASSETS 7.78%

ROA provides how much profit a company is able to generate from its assets. Fatima Fertilizer's ROA has been increased in ye
year 2021.

EBITDA MARGIN 28.44%

The EBITDA margin is a measure of a company's operating profit as a percentage of its revenue. There is a regular trend of EB
being increased over the years.

RETURN ON CAPITAL 13.74%

ROC is a measure of the profitability and value-creating potential of companies relative to the amount of capital invested
debtholders. Fatima Fertilizer's ROC has been decreased over the years.

FINANCING AND LEVERAGE

DEBT TO ASSETS 0.50

The debt to assets ratio shows how much of a business is owned by creditors compared with how much of the company's as
Fatima Fertilizer' s debt to asset ratio decreased in year 2020, whereas remained same in 202

DEBT TO CAPITALIZATION 0.50

The debt to capitalization ratio measures the total amount of outstanding company debt as a percentage of the firm's total c
debt to capitalization ratio decreased in 2020,but remained same in 2021.

ASSETS TO SE 1.99

This is the ratio between the total assets of the company to the amount on which equity holders have a claim. For Fatima Fe
year 2020 and remained same in 2021.

PRODUCTIVITY/EFFICIENCY
ASSET TURNOVER 0.48

The asset turnover ratio measures the value of a company's sales or revenues relative to the value of its assets. This ratio
declining over the years, mainly due to increase in its assets.

INVENTORY TURNOVER 4.09

Inventory turnover is a ratio that measures the number of times inventory is sold or consumed in a given time period. Fatim
has a regular trend of decreasing over the years because of the increase in its inventory.

DAYS INVENTORY 89
It is a financial ratio that indicates the average time in days that a company takes to turn its inventory in a year. It can be seen
been increasing over the years because the inventory turnover has been decreasing.

RECEIVABLES TURNOVER 10.40

The receivables turnover ratio measures the efficiency with which a company collects on its receivables or the credit it ext
Fertilizer, this ratio increased in year 2020 because its receivables decreased, but fall off in 2021 because rece

RECEIVABLES COLLECTION PERIOD 35

It determines the average duration of accounts receivable or the number of days it takes to collect them during the year.
decreased in 2020 because the turnover increases whereas increased in 2021 because the turnover d

THE DU
ROE
YEAR 2019 15.47%
15.47%
ROE
YEAR 2020 15.24%
15.24%
ROE
YEAR 2021 14.69%
14.69%

Return on equity (ROE) is a closely-watched number. It is a strong measure of how well a company's management creates
DuPont analysis locate areas to improve financial performance of the company. It can be seen that Profitability of the compa
plans to m
MPANY LIMITED
EMENTS

YEAR: 2020 YEAR: 2021

(Annual) (Annual)
Rs. In Millions

HEET
SETS
104,937 139,523
5,991 6,784
756 1,007
201 1,139
2,999 3,332
113 157
114,999 151,944
TS
8,273 14,136
13,530 19,243
4,450 18,053
3,241 9,332
8,675 15,801
1,305 -
2,523 2,887
555 497
42,557 79,953
157,556 231,899
ESERVES
27,000 36,000
21,000 28,000
66,102 99,925
87,102 127,925
ILITIES
3,114 6,632
1,901 2,240
24,115 31,221
61 20
110 160
29,303 40,276
TIES
22,871 44,853
450 347
 11,443 5,265
40 48
5,803 4,165
480 247
61 81
41,151 63,696
157,556 231,899

EMENT
71,267 102,360
42,472 57,683
28,794 44,676
3,890 5,644
3,368 3,713
21,535 35,319
3,469 2,367
1,677 3,779
1,810 1,036
18,742 29,988
5,468 11,199
13,274 18,788

ATEMENT
ING ACTIVITIES
24,987 30,427
49 12
(3,735) (2,423)

(4,663) (3,048)

(78) (320)
16,558 24,648
NG ACTIVITIES
(2,035) (4,861)
(51) (17)
(129) -
45 1
(2,172) (743)
598 1,073
289 1,956
(31) (5)
(3,488) (8,193)
ING ACTIVITIES
(4966) (5905)
1462 4724
 (353) (848)
(4349) (4675)
(4821) (9991)
(13028) (16696)

41 (243)

ALYSIS
YEAR: 2020 YEAR: 2021
(Annual) (Annual)

1.03 1.26

zer's CR has a regular trend of increasing over the years.

0.71 0.95

ding to sell its inventory or obtain additional financing. Fatima Fertilizer's

the given years.

18.63% 18.35%

eds or is less than the sum of its expenses. From the data, it can be seen
ut have been decreased in year 2021 due to a sharp rise in its sales.

15.24% 14.69%

decresing over the years due to increase in its SE.

8.42% 8.10%
Fertilizer's ROA has been increased in year 2020 whereas it decreased in

30.22% 34.50%

s revenue. There is a regular trend of EBITDA margin of Fatima Fertilizer

he years.

13.67% 15.23%

elative to the amount of capital invested by shareholders and other

en decreased over the years.

0.45 0.45

ed with how much of the company's assets are owned by shareholders.

r 2020, whereas remained same in 2021.

0.45 0.45

debt as a percentage of the firm's total capitalization. Fatima Fertilizer's

0,but remained same in 2021.

1.81 1.81

uity holders have a claim. For Fatima Fertilizer, it has been decreased in
ame in 2021.

0.45 0.44

tive to the value of its assets. This ratio for Fatima Fertilizer has been
to increase in its assets.

3.14 3.00

consumed in a given time period. Fatima Fertilizer's inventory turnover

cause of the increase in its inventory.

116 122
rn its inventory in a year. It can be seen that for Fatima Fertilizer, this has
ntory turnover has been decreasing.

16.02 5.67

cts on its receivables or the credit it extends to customers. For Fatima

eased, but fall off in 2021 because receivables increased.

23 64

t takes to collect them during the year. The average number of days
creased in 2021 because the turnover decreases.

THE DUPONT ANALYSIS

= PROFITABILITY x
= 16.10% x
= 15.47%
= PROFITABILITY x
= 18.63% x
= 15.24%
= PROFITABILITY x
= 18.35% x
= 14.69%

well a company's management creates value for its shareholders. DuPont analysis is a useful technique used to decompose the different d
n be seen that Profitability of the company is way less than its Productivity and Leverage, contributing the least in company's ROE. Fatima
plans to mainly increase its profitability.
 PRODUCTIVITY x LEVERAGE
48.33% x 198.85%
15.47%
PRODUCTIVITY x LEVERAGE
45.23% x 180.89%
15.24%
PRODUCTIVITY x LEVERAGE
44.14% x 181.28%
14.69%

eful technique used to decompose the different drivers of return on equity (ROE). This 3-tier
contributing the least in company's ROE. Fatima Fertilizer should focus and come up with tha
 FATIMA FERTILIZER COMPANY LIMITED
YEAR: 2019
(Annual)
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 100,720
Intangibles 5,973
Investment property 627
Long term investments 174
Long term loan to associated company 2,999
Long term deposits 81
TOTAL NON-CURRENT ASSETS 110,577
CURRENT ASSETS
Stores and supllies 7,713
Stock in trade 11,517
Trade debts 7,206
Short term loans 3,241
Advances, deposits, prepayments and other receivables 11,844
Advance income tax 1,969
Short term investments 530
Cash and bank balances 514
TOTAL CURRENT ASSETS 44,538
TOTAL ASSETS 155,116
SHARE CAPITAL AND RESERVES
Authorized share capital 27,000
Issued, subscribed and paid up share capital 21,000
Reserves 57,008
TOTAL SE 78,008
NON-CURRENT LIABILITIES
Long-term financing 6,253
Lease liabilities 278
Deferred liabilities 19,942
Deferred government grant -
Long term deposits 61
TOTAL NON-CURRENT LIABILITIES 26,536
CURRENT LIABILITIES
Trade and other payables 26,483
Accrued finance cost 836
Short term finances - secured 16,264
Unclaimed dividend 189
Current portion of long term financing 6,225
Current portion of lease liability 571
 Current portion of deferred gov. grant -
TOTAL CURRENT LIABILITIES 50,571
LIABILITIES+SE 155,116

It can be seen that in this year 50.29% of Fatima Fertilizer's total assets have been financed by Shareholder’s whereas 49.71
been financed by taking debt.

INCOME STATEMENT
Sales - net 74,964
Cost of sales 47,065
Gross profit 27,898
Distribution Cost 3,800
Administrative expenses 2,778
Operating profit 21,320
Finance cost 3,760
Other operating expenses 1,480
Other income 1,089
Profit before taxation 17,193
Taxation 5,123
Profit after taxation 12,069

It is to be noticed that CGS is a huge portion of total sales that is 62.78%, leading to a much smaller gross profit. The compan
take measures to reduce its CGS. Its net profit in this year is only 16.10% of the total sales which is very less.

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 16,443
Net increase in long term deposits 4
Finance cost paid (3,158)
Taxes paid (6,344)
Employee retirement benefits paid (55)

Net cash generated from operating activities 6,878

CASH FLOWS FROM INVESTING ACTIVITIES

Additions in property, plant and equipment (10,728)
Additions in intangible assets (22)
Addition in investment property (627)
Proceeds from disposal of property, plant and equipment 1
Short term investments made (167)
Proceeds from short term investment 323
Profit received on short term loans and saving accounts 724
 Net (increase) / decrease in long term deposits 173

Net cash used in investing activities (10,322)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (7685)
Proceeds from long term finances 4000
Repayment of lease liabilities (290)
Dividend paid (3553)
(Decrease) / increase in short term finances - net 10770

Net cash (used in) / generated from financing activities 3240

Net increase / (decrease) in cash and cash equivalents (202)

The company's cash is deteriorating over this period. Net cash from investing activities is contributing in moving the company
illiquidity.
NY LIMITED FATIMA FERTILIZER COM
VERTICAL ANALYSIS

BALANCE SHE
NON-CURRENT ASSE
64.93% Property, plant and equipment
3.85% Intangibles
0.40% Investment property
0.11% Long term investments
1.93% Long term loan to associated company
0.05% Long term deposits
71.29% TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
4.97% Stores and supllies
7.42% Stock in trade
4.65% Trade debts
2.09% Short term loans
7.64% Advances, deposits, prepayments and other receivables
1.27% Advance income tax
0.34% Short term investments
0.33% Cash and bank balances
28.71% TOTAL CURRENT ASSETS
100.00% TOTAL ASSETS
SHARE CAPITAL AND RES
17.41% Authorized share capital
13.54% Issued, subscribed and paid up share capital
36.75% Reserves
50.29% TOTAL SE
NON-CURRENT LIABILI
4.03% Long-term financing
0.18% Lease liabilities
12.86% Deferred liabilities
- Deferred government grant
0.04% Long term deposits
17.11% TOTAL NON-CURRENT LIABILITIES
CURRENT LIABILITIE
17.07% Trade and other payables
0.54% Accrued finance cost
10.49% Short term finances - secured
0.12% Unclaimed dividend
4.01% Current portion of long term financing
0.37% Current portion of lease liability
 - Current portion of deferred gov. grant
32.60% TOTAL CURRENT LIABILITIES
100.00% LIABILITIES+SE

financed by Shareholder’s whereas 49.71% have It can be seen that in this year 55.28% of Fatima Fertilizer's total assets hav
been financed by taking

T INCOME STATEM
100.00% Sales - net
62.78% Cost of sales
37.22% Gross profit
5.07% Distribution Cost
3.71% Administrative expenses
28.44% Operating profit
5.02% Finance cost
1.97% Other operating expenses
1.45% Other income
22.94% Profit before taxation
6.83% Taxation
16.10% Profit after taxation

a much smaller gross profit. The company should It is to be noticed that CGS decreased in this year to 59.60% of the total sa
% of the total sales which is very less. CGS. Its net profit in this year increased to 1

NT CASH FLOW STAT

TIES CASH FLOWS FROM OPERATIN
-8140.10% Cash generated from operations
-1.98% Net increase in long term deposits
1563.37% Finance cost paid
3140.59% Taxes paid
27.23% Employee retirement benefits paid

-3404.95% Net cash generated from operating activities

TIES CASH FLOWS FROM INVESTING

5310.89% Additions in property, plant and equipment
10.89% Additions in intangible assets
310.40% Addition in investment property
-0.50% Proceeds from disposal of property, plant and equipment
82.67% Short term investments made
-159.90% Proceeds from short term investment
-358.42% Profit received on short term loans and saving accounts
 -85.64% Net (increase) / decrease in long term deposits

5109.90% Net cash used in investing activities

TIES CASH FLOWS FROM FINANCIN

3804.46% Repayment of long term financing
-1980.20% Proceeds from long term finances
143.56% Repayment of lease liabilities
1758.91% Dividend paid
-5331.68% (Decrease) / increase in short term finances - net

-1603.96% Net cash (used in) / generated from financing activities

100.00% Net increase / (decrease) in cash and cash equivalents

es is contributing in moving the company towards The net increase in cash in this period is mainly due to the
TILIZER COMPANY LIMITED
YEAR: 2020
(Annual) VERTICAL ANALYSIS
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
104,937 66.60%
5,991 3.80%
756 0.48%
201 0.13%
2,999 1.90%
113 0.07%
114,999 72.99%
CURRENT ASSETS
8,273 5.25%
13,530 8.59%
4,450 2.82%
3,241 2.06%
8,675 5.51%
1,305 0.83%
2,523 1.60%
555 0.35%
42,557 27.01%
157,556 100.00%
SHARE CAPITAL AND RESERVES
27,000 17.14%
21,000 13.33%
66,102 41.95%
87,102 55.28%
NON-CURRENT LIABILITIES
3,114 1.98%
1,901 1.21%
24,115 15.31%
61 0.04%
110 0.07%
29,303 18.60%
CURRENT LIABILITIES
22,871 14.52%
450 0.29%
11,443 7.26%
40 0.03%
5,803 3.68%
480 0.30%
 61 0.04%
41,151 26.12%
157,556 100.00%

ertilizer's total assets have been financed by Shareholder’s whereas 44.72% have
been financed by taking debt.

COME STATEMENT
71,267 100.00%
42,472 59.60%
28,794 40.40%
3,890 5.46%
3,368 4.73%
21,535 30.22%
3,469 4.87%
1,677 2.35%
1,810 2.54%
18,742 26.30%
5,468 7.67%
13,274 18.63%

o 59.60% of the total sales.The company still should take measures to reduce its
n this year increased to 18.63% of the total sales.

H FLOW STATEMENT
FLOWS FROM OPERATING ACTIVITIES
24,987 60943.90%
49 119.51%
(3,735) -9109.76%
(4,663) -11373.17%
(78) -190.24%

16,558 40385.37%

FLOWS FROM INVESTING ACTIVITIES

(2,035) -4963.41%
(51) -124.39%
(129) -314.63%
45 109.76%
(2,172) -5297.56%
598 1458.54%
289 704.88%
 (31) -75.61%

(3,488) -8507.32%

FLOWS FROM FINANCING ACTIVITIES

(4966) -12112.20%
1462 3565.85%
(353) -860.98%
(4349) -10607.32%
(4821) -11758.54%

(13028) -31775.61%

41 100.00%

eriod is mainly due to the cash inflows from operating activities.

 FATIMA FERTILIZER COMPANY LIMITED
YEAR: 2021
(Annual)
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 139,523
Intangibles 6,784
Investment property 1,007
Long term investments 1,139
Long term loan to associated company 3,332
Long term deposits 157
TOTAL NON-CURRENT ASSETS 151,944
CURRENT ASSETS
Stores and supllies 14,136
Stock in trade 19,243
Trade debts 18,053
Short term loans 9,332
Advances, deposits, prepayments and other receivables 15,801
Advance income tax -
Short term investments 2,887
Cash and bank balances 497
TOTAL CURRENT ASSETS 79,953
TOTAL ASSETS 231,899
SHARE CAPITAL AND RESERVES
Authorized share capital 36,000
Issued, subscribed and paid up share capital 28,000
Reserves 99,925
TOTAL SE 127,925
NON-CURRENT LIABILITIES
Long-term financing 6,632
Lease liabilities 2,240
Deferred liabilities 31,221
Deferred government grant 20
Long term deposits 160
TOTAL NON-CURRENT LIABILITIES 40,276
CURRENT LIABILITIES
Trade and other payables 44,853
Accrued finance cost 347
Short term finances - secured 5,265
Unclaimed dividend 48
Current portion of long term financing 4,165
Current portion of lease liability 247
 Current portion of deferred gov. grant 81
TOTAL CURRENT LIABILITIES 63,696
LIABILITIES+SE 231,899

It can be seen that in this year 55.16% of Fatima Fertilizer's total assets have been financed by Shareholder’s whereas 44.84%
taking debt.

INCOME STATEMENT
Sales - net 102,360
Cost of sales 57,683
Gross profit 44,676
Distribution Cost 5,644
Administrative expenses 3,713
Operating profit 35,319
Finance cost 2,367
Other operating expenses 3,779
Other income 1,036
Profit before taxation 29,988
Taxation 11,199
Profit after taxation 18,788

It is to be noticed that CGS furter declined to in this year to 56.35% of the total sales in this year. Its net profit in this year dec
total sales, due to inrease in taxation.

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 30,427
Net increase in long term deposits 12
Finance cost paid (2,423)
Taxes paid (3,048)
Employee retirement benefits paid (320)

Net cash generated from operating activities 24,648

CASH FLOWS FROM INVESTING ACTIVITIES

Additions in property, plant and equipment (4,861)
Additions in intangible assets (17)
Addition in investment property -
Proceeds from disposal of property, plant and equipment 1
Short term investments made (743)
Proceeds from short term investment 1,073
Profit received on short term loans and saving accounts 1,956
 Net (increase) / decrease in long term deposits (5)

Net cash used in investing activities (8,193)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (5905)
Proceeds from long term finances 4724
Repayment of lease liabilities (848)
Dividend paid (4675)
(Decrease) / increase in short term finances - net (9991)

Net cash (used in) / generated from financing activities (16696)

Net increase / (decrease) in cash and cash equivalents (243)

The company's cash is deteriorating over this period. Net cash from investing and financing activities is contributing in movin
illiquidity.
NY LIMITED
VERTICAL ANALYSIS

60.17%
2.93%
0.43%
0.49%
1.44%
0.07%
65.52%

6.10%
8.30%
7.79%
4.02%
6.81%
-
1.24%
0.21%
34.48%
100.00%

15.52%
12.07%
43.09%
55.16%

2.86%
0.97%
13.46%
0.01%
0.07%
17.37%

19.34%
0.15%
2.27%
0.02%
1.80%
0.11%
 0.04%
27.47%
100.00%

Shareholder’s whereas 44.84% have been financed by

100.00%
56.35%
43.65%
5.51%
3.63%
34.50%
2.31%
3.69%
1.01%
29.30%
10.94%
18.35%

ar. Its net profit in this year decreased to 18.35% of the

NT
ES
-12538.46%
-4.95%
998.35%
1256.04%
131.87%

-10157.14%

S
2003.30%
7.14%
#VALUE!
-0.55%
306.04%
-442.31%
-806.04%
 2.20%

3376.37%

S
2433.52%
-1946.70%
349.45%
1926.37%
4117.03%

6880.22%

100.00%

tivities is contributing in moving the company towards

 FATIMA FERTILIZER COMPANY LIMITED
YEAR: 2019
(Annual)
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 100,720
Intangibles 5,973
Investment property 627
Long term investments 174
Long term loan to associated company 2,999
Long term deposits 81
TOTAL NON-CURRENT ASSETS 110,577
CURRENT ASSETS
Stores and supllies 7,713
Stock in trade 11,517
Trade debts 7,206
Short term loans 3,241
Advances, deposits, prepayments and other receivables 11,844
Advance income tax 1,969
Short term investments 530
Cash and bank balances 514
TOTAL CURRENT ASSETS 44,538
TOTAL ASSETS 155,116
SHARE CAPITAL AND RESERVES
Authorized share capital 27,000
Issued, subscribed and paid up share capital 21,000
Reserves 57,008
TOTAL SE 78,008
NON-CURRENT LIABILITIES
Long-term financing 6,253
Lease liabilities 278
Deferred liabilities 19,942
Deferred government grant -
Long term deposits 61
TOTAL NON-CURRENT LIABILITIES 26,536
CURRENT LIABILITIES
Trade and other payables 26,483
Accrued finance cost 836
Short term finances - secured 16,264
Unclaimed dividend 189
Current portion of long term financing 6,225
Current portion of lease liability 571
 Current portion of deferred gov. grant -
TOTAL CURRENT LIABILITIES 50,571
LIABILITIES+SE 155,116

In the Balance Sheet, we can see a rise in growth between 2020 and 2021 as compared to 2019 and 2020. This is because 202
piling over the years, this was due to the bad economic conditions. The pakistani rupee was devaluing resulting in a reduced
parties involved is very important to sustain the life of the business. Fatima Fertilizer paid off a lot of import bills payable to
capital also rose by 47% between years 2020-2021. They financed their recovery and kickstarted the pr

INCOME STATEMENT
Sales - net 74,964
Cost of sales 47,065
Gross profit 27,898
Distribution Cost 3,800
Administrative expenses 2,778
Operating profit 21,320
Finance cost 3,760
Other operating expenses 1,480
Other income 1,089
Profit before taxation 17,193
Taxation 5,123
Profit after taxation 12,069

The same trends can be seen here because of the same reasons mentioned above, COVID & Economic Recession. We saw a 5%
of course, with a rise in sales, the associated costs with sales are bound to rise as well.mThe tax increased consistently from

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 16,443
Net increase in long term deposits 4
Finance cost paid (3,158)
Taxes paid
(6,344)

Employee retirement benefits paid (55)

Net cash generated from operating activities 6,878
CASH FLOWS FROM INVESTING ACTIVITIES
Additions in property, plant and equipment (10,728)
Additions in intangible assets (22)
Addition in investment property (627)
Proceeds from disposal of property, plant and equipment 1
Short term investments made (167)
Proceeds from short term investment 323
Profit received on short term loans and saving accounts 724
Net (increase) / decrease in long term deposits 173

Net cash used in investing activities (10,322)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (7685)
Proceeds from long term finances 4000
Repayment of lease liabilities (290)
Dividend paid (3553)
(Decrease) / increase in short term finances - net 10770
Net cash (used in) / generated from financing activities 3240

Net increase / (decrease) in cash and cash equivalents (202)

The company undertook some massive investments in year 2021, that were 134% from the previous year, and due to this rea
Fatima Fertilizer is mo
R COMPANY LIMITED
YEAR: 2020
(Annual) HORIZONTAL ANALYSIS
Rs. In Millions

CE SHEET
RENT ASSETS
104,937 4.19%
5,991 0.30%
756 20.57%
201 15.52%
2,999 0.00%
113 39.51%
114,999 4.00%
NT ASSETS
8,273 7.26%
13,530 17.48%
4,450 -38.25%
3,241 0.00%
8,675 -26.76%
1,305 -33.72%
2,523 376.04%
555 7.98%
42,557 -4.45%
157,556 1.57%
L AND RESERVES
27,000 0.00%
21,000 0.00%
66,102 15.95%
87,102 11.66%
ENT LIABILITIES
3,114 -50.20%
1,901 583.81%
24,115 20.93%
61 #VALUE!
110 80.33%
29,303 10.43%
T LIABILITIES
22,871 -13.64%
450 -46.17%
11,443 -29.64%
40 -78.84%
5,803 -6.78%
480 -15.94%
 61 -
41,151 -18.63%
157,556 1.57%

compared to 2019 and 2020. This is because 2020 marks bad economic conditions linking to the on going crisis of PM Imran Khan's Gover
stani rupee was devaluing resulting in a reduced purchasing power of the consumer along with high inflation impacting Fatima Fertilizer's
Fertilizer paid off a lot of import bills payable to their suppliers and made commitments to soon pay off the outstanding LCs so the supplie
ey financed their recovery and kickstarted the processes by selling some shares into the market, and taking some debt. And as seen from

STATEMENT
71,267 -4.93%
42,472 -9.76%
28,794 3.21%
3,890 2.37%
3,368 21.24%
21,535 1.01%
3,469 -7.74%
1,677 13.31%
1,810 66.21%
18,742 9.01%
5,468 6.73%
13,274 9.98%

bove, COVID & Economic Recession. We saw a 5% decline in growth between 2019-20 due to these reasons but the well made recovery a
rise as well.mThe tax increased consistently from 2019 to 2020 to 2021. Possible reason could be the rising EBT resulting in subcequent ta
analysis of years 2020-21.

W STATEMENT
OPERATING ACTIVITIES
24,987 51.96%
49 1125.00%
(3,735) 18.27%

(4,663) -26.50%

(78) 41.82%
16,558 140.74%
INVESTING ACTIVITIES
(2,035) -81.03%
(51) 131.82%
(129) -79.43%
 45 4400.00%
(2,172) 1200.60%
598 85.14%
289 -60.08%
(31) -117.92%

(3,488) -66.21%

FINANCING ACTIVITIES
(4966) -35.38%
1462 -63.45%
(353) 21.72%
(4349) 22.40%
(4821) -144.76%
(13028) -502.10%

41 -120.30%

134% from the previous year, and due to this reason, the cash in hand of the company declined in year 2021 as compared to its previous y
Fatima Fertilizer is moving towards its long-term sustainability and generating longer-term profits as compared
 FATIMA FERTILIZER COMPANY LIMITE
YEAR: 2020
(Annual)
Rs. In Millions

BALANCE SHEET
NON-CURRENT ASSETS
Property, plant and equipment 104,937
Intangibles 5,991
Investment property 756
Long term investments 201
Long term loan to associated company 2,999
Long term deposits 113
TOTAL NON-CURRENT ASSETS 114,999
CURRENT ASSETS
Stores and supllies 8,273
Stock in trade 13,530
Trade debts 4,450
Short term loans 3,241
Advances, deposits, prepayments and other receivables 8,675
Advance income tax 1,305
Short term investments 2,523
Cash and bank balances 555
TOTAL CURRENT ASSETS 42,557
TOTAL ASSETS 157,556
SHARE CAPITAL AND RESERVES
Authorized share capital 27,000
Issued, subscribed and paid up share capital 21,000
Reserves 66,102
TOTAL SE 87,102
NON-CURRENT LIABILITIES
Long-term financing 3,114
Lease liabilities 1,901
Deferred liabilities 24,115
Deferred government grant 61
Long term deposits 110
TOTAL NON-CURRENT LIABILITIES 29,303
CURRENT LIABILITIES
Trade and other payables 22,871
Accrued finance cost 450
Short term finances - secured 11,443
Unclaimed dividend 40
Current portion of long term financing 5,803
Current portion of lease liability 480
 Current portion of deferred gov. grant 61
TOTAL CURRENT LIABILITIES 41,151
LIABILITIES+SE 157,556

ons linking to the on going crisis of PM Imran Khan's Government and the global pandemic COVID-19 which was at its peak during this yea
umer along with high inflation impacting Fatima Fertilizer's sales. The Receivables & Payables both declined in 2020. During tough times, m
mitments to soon pay off the outstanding LCs so the suppliers could sustain their own business. And in return, Fatima Fertilizer's receivable
into the market, and taking some debt. And as seen from the analysis it all worked. All the policies and strategies to recover helped them

INCOME STATEMENT
Sales - net 71,267
Cost of sales 42,472
Gross profit 28,794
Distribution Cost 3,890
Administrative expenses 3,368
Operating profit 21,535
Finance cost 3,469
Other operating expenses 1,677
Other income 1,810
Profit before taxation 18,742
Taxation 5,468
Profit after taxation 13,274

019-20 due to these reasons but the well made recovery allowed Fatima Fertilizer to enjoy a growth of 43% in the sales in the 2020-2021 p
e reason could be the rising EBT resulting in subcequent tax rises. Due to a great recovery performance, Fatima Frtilizer saw a rise of 41%
analysis of years 2020-21.

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 24,987
Net increase in long term deposits 49
Finance cost paid (3,735)
Taxes paid
(4,663)

Employee retirement benefits paid (78)

Net cash generated from operating activities 16,558
CASH FLOWS FROM INVESTING ACTIVITIES
Additions in property, plant and equipment (2,035)
Additions in intangible assets (51)
Addition in investment property (129)
 Proceeds from disposal of property, plant and equipment 45
Short term investments made (2,172)
Proceeds from short term investment 598
Profit received on short term loans and saving accounts 289
Net (increase) / decrease in long term deposits (31)

Net cash used in investing activities (3,488)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long term financing (4966)
Proceeds from long term finances 1462
Repayment of lease liabilities (353)
Dividend paid (4349)
(Decrease) / increase in short term finances - net (4821)
Net cash (used in) / generated from financing activities (13028)

Net increase / (decrease) in cash and cash equivalents 41

mpany declined in year 2021 as compared to its previous years. It generated less amount of cash from operating activities in the recent ye
tainability and generating longer-term profits as compared to the shorter ones.
R COMPANY LIMITED
YEAR: 2021
(Annual) HORIZONTAL ANALYSIS
Rs. In Millions

CE SHEET
RENT ASSETS
139,523 32.96%
6,784 13.24%
1,007 33.16%
1,139 466.50%
3,332 11.10%
157 39.23%
151,944 32.13%
NT ASSETS
14,136 70.87%
19,243 42.22%
18,053 305.69%
9,332 187.94%
15,801 82.15%
- -
2,887 14.41%
497 -10.39%
79,953 87.87%
231,899 47.18%
AL AND RESERVES
36,000 33.33%
28,000 33.33%
99,925 51.17%
127,925 46.87%
ENT LIABILITIES
6,632 112.97%
2,240 17.83%
31,221 29.47%
20 -67.21%
160 45.45%
40,276 37.45%
T LIABILITIES
44,853 96.11%
347 -22.96%
5,265 -53.99%
48 20.00%
4,165 -28.22%
247 -48.61%
 81 33.33%
63,696 54.79%
231,899 47.18%

D-19 which was at its peak during this year. The analysis shows that the Inventory kept
th declined in 2020. During tough times, maintaining a good business relation with all
And in return, Fatima Fertilizer's receivables also came down. Fatima Fertilizer's share
ies and strategies to recover helped them come back massively.

STATEMENT
102,360 43.63%
57,683 35.81%
44,676 55.16%
5,644 45.09%
3,713 10.25%
35,319 64.01%
2,367 -31.78%
3,779 125.32%
1,036 -42.76%
29,988 60.00%
11,199 104.80%
18,788 41.54%

wth of 43% in the sales in the 2020-2021 period. The COS rise to 36% in 2021 because,
rmance, Fatima Frtilizer saw a rise of 41% in their profits according to the horizontal

W STATEMENT
OPERATING ACTIVITIES
30,427 21.77%
12 -75.51%
(2,423) -35.14%

(3,048) -34.63%

(320) 310.26%
24,648 48.86%
INVESTING ACTIVITIES
(4,861) 138.89%
(17) -66.01%
- -
 1 -97.04%
(743) -65.81%
1,073 79.49%
1,956 576.82%
(5) -82.80%

(8,193) 134.90%

FINANCING ACTIVITIES
(5905) 18.92%
4724 223.12%
(848) 140.23%
(4675) 7.49%
(9991) 107.23%
(16696) 28.15%

(243) -691.87%

h from operating activities in the recent year, and focused more on investing. Perhaps,