Non Current Liabilities

2008-09
5%
Equity
Non-Current Assets 17%
16%
Equity
Current Liabilities
Current Liabilities Current Assets
Current Assets 28%
34% Non-Current Assets
Non Current Liabilities
 Statement of Financial Position Composition
2009-10

Non Current Liabilities

6% Equity
17%

Non-Current Assets
15%
Equity
Current Liabilities
Current Assets
Current Liabilities
27%
Non-Current Assets
Current Assets
35% Non Current Liabilities
 PAK ARAB REFINERY LIMITED
PROJECTED PROFIT & LOSS ACCOUNT
MID COUNTRY REFINERY
BUDGET 2011-12

Rs in million

Budget Actual Budget

2010-11 2010-11 2011-12

Sales 200,217 232,473 252,864

Crude Cost (179,888) (202,273) (221,702)
Gross Refinery Margin 20,329 30,200 31,162

Operating & Admin Exps. (4,460) (3,571) (4,879)

Turnaround Expenses (1,938) (111) (1,783)
Depreciation (3,057) (2,805) (3,171)
(9,455) (6,487) (9,833)
Operating Profit / (Loss) 10,874 23,713 21,329

Financial Charges/Exchange gain/(Loss)

Exchange Gain / (Loss) - Net (1,133) (428) (1,388)
Financial Charges on long term loans / Bank Charges (793) (643) (814)
Financial Charges on short term borrowings (4,927) (3,575) (3,772)
(6,853) (4,646) (5,974)

Other income 385 170 163

WWF / WPPF (309) (1,335) (1,086)

Profit / (Loss) before Tax 4,097 17,902 14,432

Provision for Taxation

Current (1,438) (5,432) (4,756)
Deferred - (1,213) (295)
(1,438) (6,645) (5,051)

Profit / (Loss) after Tax 2,659 11,257 9,381

Capacity 79.71% 71.95% 83.51%

Throughput in ('000 M. Tons) 3,587 3,237 3,758
 PROJECTED PROFIT & LOSS ACCOUNT 2008-09

Budget Actual Budget

2010-11 2010-11 2011-12
Operating & Admin Exps. 4,460 3,571 4,879
Depreciation 3,057 2,805 3,171
Financial Charges 1,133 428 1,388
Taxation 1,438 6,645 5,051
Amount in Million PAK ARAB REFINERY LIMITED
Refinery Expenditure Budget 2011-12
7,000

6,000

5,000

4,000

6,645
3,000
4,879 5,051
4,460
2,000
3,571
3,057 2,805 3,171

1,000
1,388 1,438
1,133
428
-
Operating & Admin Depreciation Financial Charges Taxation
Exps.

Expenditure Budget Budget Actual Budget

2010-11 2010-11 2011-12
 1000000
In PKR

GL Code Title of account Jul-10 Aug-10 Sep-10 Oct-10

7240010 Stores in hand 273,143,075.10 263,830,543.56 263,187,048.19 263,035,548.99

7240030 Spares in hand 1,852,132,060.50 1,846,106,849.05 1,760,861,719.79 1,764,993,611.30
7240050 Loose Tools in hand 2,046,473.89 2,032,542.49 2,025,053.70 2,025,053.70
7240070 Chemicals in hand 751,893,083.53 756,470,745.49 753,645,679.79 773,047,577.32
7240083 Laboratory Supplies in hand 42,270,406.63 42,385,147.26 42,394,900.94 42,390,692.48
Total 2,921,485,099.65 2,910,825,827.85 2,822,114,402.41 2,845,492,483.79

In Million

GL Code Title of account Jul-10 Aug-10 Sep-10 Oct-10

7240010 Stores in hand 273.14 263.83 263.19 263.04
7240030 Spares in hand 1,852.13 1,846.11 1,760.86 1,764.99
7240050 Loose Tools in hand 2.05 2.03 2.03 2.03
7240070 Chemicals in hand 751.89 756.47 753.65 773.05
7240083 Laboratory Supplies in hand 42.27 42.39 42.39 42.39
Total 2,921.49 2,910.83 2,822.11 2,845.49
 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11
263,669,419.29 259,385,256.87 261,517,440.28 259,808,137.23 266,068,557.53 265,436,593.33
1,779,175,939.17 1,776,595,702.76 1,790,849,945.00 1,788,965,334.84 1,784,426,312.65 1,789,834,910.52
1,981,182.03 1,818,052.41 1,816,195.84 1,813,322.03 1,749,133.31 1,748,184.02
767,846,462.46 759,585,878.45 765,053,763.96 758,574,601.70 756,682,667.47 827,410,030.57
42,180,025.78 42,282,717.77 42,830,854.31 42,795,480.25 43,539,623.54 43,367,579.02
2,854,853,028.73 2,839,667,608.26 2,862,068,199.39 2,851,956,876.05 2,852,466,294.50 2,927,797,297.46

Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11

263.67 259.39 261.52 259.81 266.07 265.44
1,779.18 1,776.60 1,790.85 1,788.97 1,784.43 1,789.83
1.98 1.82 1.82 1.81 1.75 1.75
767.85 759.59 765.05 758.57 756.68 827.41
42.18 42.28 42.83 42.80 43.54 43.37
2,854.85 2,839.67 2,862.07 2,851.96 2,852.47 2,927.80
 May-11 Jun-11
265,266,312.44 267,637,930.59
1,787,632,403.39 1,863,100,297.83
1,885,223.94 1,875,118.50
820,975,421.53 804,320,921.91
43,934,162.53 43,904,926.08
2,919,693,523.83 2,980,839,194.91

May-11 Jun-11
265.27 267.64
1,787.63 1,863.10
1.89 1.88
820.98 804.32
43.93 43.90
2,919.69 2,980.84
Amount (Rs. in Million)

Chemicals, Stores & Spares Inventory Analysis

Jul' 10 to Jun' 11
3,500.00

3,000.00

2,500.00

2,000.00

1,500.00

1,000.00

500.00

-
Jul/10 Aug/10 Sep/10 Oct/10 Nov/10 Dec/10 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11
Months
 PROJECTED PROFIT & LOSS ACCOUNT
FOR THE YEAR 2008-09

Rs in million

Budget - Actual - Budget -

2010-11 2010-11 2011-12
Gross Refinery Margin 20,329 30,200 31,162
Operating Profit 10,874 23,713 21,329
Profit (Loss) before Tax 4,097 17,902 14,432
Profit (Loss) after Tax 2,659 11,257 9,381
 Budgeted PAK
GRMARAB REFINERY
& Profits 2011-12 LIMITED

35,000
Amount in million

31,162
30,200
30,000

23,713
25,000
21,329
20,329 Budget
2010-11
20,000 17,902
Actual
2010-11
14,432
15,000 Budget
2011-12
10,874 11,257
9,381
10,000

4,097
5,000 2,659

-
Gross Refinery Margin Operating Profit Profit (Loss) before Tax Profit (Loss) after Tax
GRM & Profits
 Sales/Cost/GRM Budget 2011-12
(Rs. In million)
300,000
Amount in million

250,000

200,000

150,000 Budget
2011-12
(Rs. In million)

100,000

50,000

-
Sales Crude Cost Gross Refinery Margin
Sales/Cost/GRM
 PAK ARAB REFINERY LIMITED
SALES , COST, GRM ANALYSIS
BUDGET 2011-12

Budget Total Quantity

2011-12 ('000 M.Tons) Rs. Per M.Ton Rs. Per Barrel US$ per Barrel
(Rs. In million)

Sales 252,864 3,600 70,240 9,433 103.84

Crude Cost 221,702 61,584 8,270 91.04
Gross Refinery Margi 31,162 8,656 1,163 12.80
 ###
PAK ARAB REFINERY LIMITED
REFINERY SALES BUDGET 2011-12

PRODUCTS Quantity Selling Price Sales Value

(000' MT) (Rs. Per M.Ton) (Rs. in million)

Mogas 698.300 90,091 62,911

HOBC 15.600 100,870 1,574
SKO 58.000 72,651 4,214
JP-1 321.500 75,939 24,414
JP-8 (Defence) 62.000 74,642 4,628
JP-1 / JP-8 (for export) 66.000 74,642 4,926
HSD 1,266.400 73,903 93,591
LDO 11.000 65,324 719
LPG 134.900 67,812 9,148
FO 922.100 49,003 45,186
SULPHUR 26.600 17,456 464
Asphalt 17.600 60,000 1,056
Sub Total 3,600 252,830

Gantry / Blending Services 35

Total Sales 252,865

 PAK ARAB REFINERY LIMITED
BUDGETED OPERATING , ADMIN. & GENERAL EXPENSES
Budget 2011-12

Rs in million

Budget Actual Budget

2010-11 2010-11 2011-12

Salaries, Wages & other Benefits 913 864 1,132

Hiring of Services 205 152 202
Energy & Utilities 2,403 1,808 2,320
Chemicals, Catalysts & Consumables 375 284 569
Repairs & Maintenance 63 47 164
Insurance 342 290 334
Other Expenses 159 126 158
Sub Total 4,460 3,571 4,879

Turnaround 1,938 111 1,783

6,398 3,682 6,662
Depreciation / Amortization 3,057 2,805 3,171

Grand Total 9,455 6,487 9,833

Electricity 1,575 1,174 1,587

Natural Gas 602 511 552
Nitrogen 226 123 181
2,403 1,808 2,320
 FINANCIAL CHARGES

Rs in million

Principle Outstanding Principle Outstanding

Loan Rate of
Repayment on June 30, Interest
Amount Interest
on July 01, 2006 2007
Foreign Currency Loan
Habib Bank Limited (Marubeni Loan) $100 600 600 - LIBOR + 3.25% 19
Total Foreign Currency Loans 600 600 - 19

Local Currency Loan

Syndicate Loan - I 2,930 879 586 293 T.Bills + 2.5% 56
Syndicate Loan - II 18,845 17,274 3,141 14,133 KIBOR +3.25% 1,574
Muslim Commercial Bank Limited 1,000 400 200 200 T.Bills + 2.5% 41
Total Local Currency Loans 22,775 18,553 3,927 14,626 1,671
Total Long Term Loans 19,153 4,527 14,626 1,690

Guarantee Commission to GOP - - - 0.5% 86

Sub Total 19,153### 4,527### 14,626### ### 1,776
Mark-up on Extended Credit on Crude LIBOR+0.5%
Purchases to IPIC - - - 258
Amortization of Opportunity Cost on
prepayment of JBIC Loan - - - 294
Bank Charges - - - 8
Total 19,153### 4,527### 14,626### ### 2,336
 PAK ARAB REFINERY LIMITED
BUDGETED DEPRECIATION EXPENSES
BUDGET- 2011-12

Rs. In Million

COST ACCUMULATED DEPRECIATION

Written Down
Category Value as at June
As at July 1, As at June 30, As at July 1, For the As at June 30, 2012
Additions Rate
2011 2012 2011 period 30, 2012

Freehold Land 336 - 336 0% - - - 336

Building & Civil Works 2,862 36 2,898 5% 1,175 144 1,319 1,579

Processing Plant 52,164 3,602 55,766 5% 24,940 2,698 27,638 28,128

Tankages 4,264 63 4,327 5% 2,382 215 2,597 1,730

Furniture & Fixtures 64 7 71 10% 50 7 57 14

Equipments 414 44 458 15% 271 65 336 122

Computers 104 18 122 33% 90 10 100 22

Motor Vehicles 100 27 127 20% 78 23 101 26

Software 40 8 48 33% 36 9 45 3

Total 60,348 3,805 64,153 29,022 3,171 32,193 31,960

Budgeted Fixed Assets WDV - 2011-12

Freehold Land

Building & Civil Works

Processing Plant

Tankages

Furniture & Fixtures

Equipments

Computers

Motor Vehicles

Software
 PAK ARAB REFINERY LIMITED
IMPORT PARITY PRICES BUILD UP
BUDGET 2011-12

IMPORT PARITY PRICES MS HOBC SKO HSD LDO

FOB Price in US$ / M.Ton 938.34 1,056.98 772.75 719.43 673.26

Sea Frieght (US$/M.Ton) 8.35 8.35 8.35 8.35 8.35

C&F Value (US$ / M.Ton) 946.69### 1,065.33### 781.10### 727.78### 681.61

Deemed Insurance (0.045% on C&F)-(US$/M.Ton) 0.43 0.48 0.35### 0.33 0.31

CIF Value (US$ / M.Ton) 947.12 1,065.81 781.45 728.11 681.92

Deemed Loss (0.5% on CIF)-US$ 4.74 5.33 3.91 3.64 3.41

Total (US$/M. Ton) 951.85 1,071.14 785.36 731.75 685.33

Exchange Rate US$1=Rs.90.84 90.84 90.84 90.84 90.84 90.84

Total (Rs./M. Ton) US$ 1=Rs.90.84 86,466.20 97,302.22### 71,341.99### 66,471.99 62,255.04

Deemed Duties (Rs./ M.Ton) - - - 5,058.03 -

Inland Freight (Rs./ M.Ton) 3,624.00 3,567.47 1,309.00 1,309.00 3,068.80

3,624.00### 3,567.47### 1,309.00### 6,367.03### 3,068.80

Import Parity Price at Refinery Gate (Rs. / M. Ton) 90,090.20### 100,869.69### 72,650.99### 72,839.02### 65,323.84
 PAK ARAB REFINERY LIMITED
INVENTORIES - MCR
BUDGET 2011-12

Crude Oil Stock

No. of Days Conversion
Inventory Requirement per Cover Quantity Crude Cost per Total Crude Cost Cost Total Cost
Day ('000 M. Ton) '000 M. Ton M. Ton (Rs.) (Rs. In million)
Crude Oil
Arabian Light 5.61 9 50.78 58,455 2,968 - 2,968
Upper Zakum 2.36 9 21.33 58,100 1,239 - 1,239
Murban 2.24 9 20.31 61,411 1,247 - 1,247
Local 1.01 9 9.14 59,674 545 - 545
11.22 9 101.56 6,000 6,000
Crude Oil dead stock
Arabian Light 5.61 13 70.94 58,455 4,147 - 4,147
Upper Zakum 2.36 13 29.79 58,100 1,731 - 1,731
Murban 2.24 13 28.38 61,411 1,743 - 1,743
Local 1.01 13 12.77 59,674 762 - 762
11.22 13 141.88 8,382 8,382

Crude oil in process 11.22 5 51.65 59,074 3,051 32 3,083

Finished Goods 11.22 6 70.69 61,584 4,353 189 4,542

22.44 11 122.34 7,405 221.0 7,626

Closing Stock ### 365.78 21,787 221 22,008

 PAK ARAB REFINERY LIMITED
BUDGETED LANDED COST OF CRUDE
BUDGET 2011-12

STATUS Arabian Light Upper Zakum Murban Local

FOB Prices (US $) per Bbl 84.552 83.613 85.971 82.515

FOB Prices (US$ / M. Ton) 620.780 616.893 655.098 643.620

Sea Freight (US$ / M. Ton) 6.812 6.576 6.828 -

C&F Price (US$ / M. Ton) 627.592 623.469 661.926 643.62

C&F Price (Pak Rs./ M. Ton )US$ 1=Rs.90.84 57,010.46 56,635.92 60,129.36 58,466.44
Deemed Insurance (1% on C&F) 25.37 25.20 26.76 -

CIF Value 57,035.83 56,661.12 60,156.12 58,466.44

Wharfage (Rs./ M.Ton) 35.021 35.193 36.347 -

Bank Charges (Rs./ M.Ton) 12.326 12.249 13.007 -
Miscellaneous Charges (Rs./ M.Ton) * 6.241 6.241 6.241 0.282
53.588 53.683### 55.595### 0.282

Landed Cost 57,089.42 56,714.81### 60,211.71### 58,466.72

Inland Freight 1,309.00 1,309.00 1,309.00 1,309.00
Cost Per M. Ton at Refinery Gate (Rs.) 58,398.42 58,023.81 61,520.71### 59,775.72

* Includes Lab Testing, Handling, Clearance, Survey, Demurrage Charges