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Engro Corp Vision1 statement of financial position as at december 31, 2018 (Amounts in thousand) Note 2018 2017 (Amounts in thousand) Note 2018 2017 Rupees Rupees ASSETS EQUITY & LIABILITIES Non-current assets Equity Property, plant and equipment 5 514,837 464,128 Share capital 14 5,237,848 5,237,848 Share premium 13,068,232 13,068,232 Intangible assets 6 58,248 8,514 General reserve 4,429,240 4,429,240 Long term investments 7 24,652,289 21,171,987 Remeasurement of post employment benefits - Actuarial loss (12,721) (12,656) Long term loans and advances 8 49,796 32,425 Unappropriated profit 62,380,565 60,660,171 Total equity 85,103,164 83,382,835 Deferred taxation 9 - 9,878 Liabilities 25,275,170 21,686,932 Non-current liabilities Current assets Retirement and other service benefit obligations 50,365 35,459 Loans, advances and prepayments 10 350,121 1,234,859 Deferred taxation 9 249 - 50,614 35,459 Receivables 11 499,462 574,159 Current liabilities Accrued interest / mark-up 353,503 456,972 Trade and other payables 15 1,386,693 1,319,426 Short term investments 12 64,488,556 63,916,579 Provision 25.1 3,243,130 2,354,637 Taxes payable 1,431,589 274,696 Cash and bank balances 13 1,609,160 810,916 Borrowings 16 998,164 994,841 67,300,802 66,993,485 Accrued interest / mark-up 64,357 64,358 Unclaimed dividends 17 298,260 254,165 TOTAL ASSETS 92,575,972 88,680,417 7,422,193 5,262,123 Total liabilities 7,472,808 5,297,582 Contingencies and Commitments 18 TOTAL EQUITY & LIABILITIES 92,575,972 88,680,417 The annexed notes from 1 to 39 form an integral part of these financial statements. Abdul Samad Dawood Hasnain Moochhala Ghias Khan Vice Chairman Chief Financial Officer President and Chief Executive 85 I engro corp Annual Report 2018 I 86 statement of profit or loss and other comprehensive income statement of changes in equity for the year ended december 31, 2018 for the year ended december 31, 2018 (Amounts in thousand except for earnings per share) Note 2018 2017 (Amounts in thousand) RESERVES Rupees CAPITAL REVENUE Remeasurement of post Share Share General Unappropriated Dividend income 19 10,263,698 13,134,115 Capital reserve employment profit Total premium benefits - Royalty income 20 968,959 757,200 Actuarial loss Rupees 11,232,657 13,891,315 Administrative expenses 21 (2,610,895) (1,603,368) Balance as at January 1, 2017 5,237,848 13,068,232 4,429,240 (2,262) 61,307,059 84,040,117 8,621,762 12,287,947 Profit for the year - - - - 11,400,164 11,400,164 Other income 22 8,597,203 4,233,787 Other comprehensive loss - - - (10,394) - (10,394) Other operating expenses 23 (394,210) (330,802) - - - (10,394) 11,400,164 11,389,770 Operating profit 16,824,755 16,190,932 Transactions with owners Finance cost 24 (148,844) (357,828) Final cash dividend for the year ended December 31, 2016 @ Rs. 4.00 per share - - - - (2,095,138) (2,095,138) 16,675,911 15,833,104 Profit before taxation Interim cash dividends for the year ended Taxation 25 (3,956,036) (4,432,940) December 31, 2017: Profit for the year 12,719,875 11,400,164 - 1st interim @ Rs.5.00 per share - - - - (2,618,924) (2,618,924) - 2nd interim @ Rs.7.00 per share - - - - (3,666,495) (3,666,495) Other comprehensive income for the year - 3rd interim @ Rs.7.00 per share - - - - (3,666,495) (3,666,495) Items that will not be reclassified to profit or loss - - - - (12,047,052) (12,047,052) - Remeasurement of retirement benefit obligation - Actuarial loss (net of tax) 28.2.12 (65) (10,394) Balance as at December 31, 2017 5,237,848 13,068,232 4,429,240 (12,656) 60,660,171 83,382,835 Total comprehensive income for the year 12,719,810 11,389,770 Profit for the year - - - - 12,719,875 12,719,875 Other comprehensive loss - - - (65) - (65) Earnings per share - basic and diluted 26 24.28 21.76 - - - (65) 12,719,875 12,719,810 Transactions with owners Final cash dividend for the year ended The annexed notes from 1 to 39 form an integral part of these financial statements. December 31, 2017 @ Rs. 2.00 per share - - - - (1,047,567) (1,047,567) Interim cash dividends for the year ended December 31, 2018 : - 1st interim @ Rs.5.00 per share - - - - (2,618,924) (2,618,924) - 2nd interim @ Rs.7.00 per share - - - - (3,666,495) (3,666,495) - 3rd interim @ Rs.7.00 per share - - - - (3,666,495) (3,666,495) - - - - (10,999,481) (10,999,481) Balance as at December 31, 2018 5,237,848 13,068,232 4,429,240 (12,721) 62,380,565 85,103,164 The annexed notes from 1 to 39 form an integral part of these financial statements. Abdul Samad Dawood Hasnain Moochhala Ghias Khan Abdul Samad Dawood Hasnain Moochhala Ghias Khan Vice Chairman Chief Financial Officer President and Chief Executive Vice Chairman Chief Financial Officer President and Chief Executive 87 I engro corp Annual Report 2018 I 88 statement of cash flows notes to the financial statements for the year ended december 31, 2018 for the year ended december 31, 2018 (Amounts in thousand) Note 2018 2017 (Amounts in thousand) Rupees 1. LEGAL STATUS AND OPERATIONS CASH FLOWS FROM OPERATING ACTIVITIES Engro Corporation Limited (the Company), is a public listed company incorporated in Pakistan. Its shares are quoted on Pakistan Stock Exchange Limited. The Company is a subsidiary of Dawood Hercules Corporation Limited (the Parent Cash utilized in operations 29 (2,721,115) (2,869,286) Company). The principal activity of the Company, is to manage investments in subsidiary companies, associated companies Royalty received 830,722 807,154 and joint venture, engaged in fertilizers, PVC resin manufacturing and marketing, food, energy, LNG and chemical terminal and Taxes paid (1,900,523) (2,075,598) storage businesses. Retirement and other service benefits paid (88,542) (71,486) Long term loans and advances - net (17,371) (11,800) The business units of the Company include the following: Net cash utilized in operating activities (3,896,829) (4,221,016) Business Unit Geographical Location CASH FLOWS FROM INVESTING ACTIVITIES Head / Registered Office 7th & 8th floors, The Harbour Front Building, Plot Number HC-3, Block 4, Scheme Number 5, Clifton, Karachi. Dividends received 10,623,638 12,774,175 Income on deposits / other financial assets including income Islamabad Office 22 floor, Ufone Tower Jinnah Avenue, Blue Area, Islamabad. earned on subordinated loans to subsidiaries 3,800,410 3,869,221 Proceeds from disposal of investments in subsidiary 4,357,823 - 2. SUMMARY OF SIGNIFICANT TRANSACTIONS AND EVENTS Long term investments (3,480,301) - Investment in Term Finance Certificates of subsidiary - (3,560,000) Following is the summary of significant transactions and events that have affected Company’s financial position and performance Loans granted to subsidiaries - (600,000) during the year: Repayment of loans by subsidiaries 896,542 6,560,000 Purchase of Treasury bills and Fixed income placements (26,894,313) (48,430,230) 2.1 As stated in note 7.1.2, the Company divested 30% of its investment in Elengy Terminal Pakistan Limited (ETPL), a subsidiary Proceeds from sale of Treasury bills and maturity of company, to Vopak LNG Holding B.V. for a consideration of US Dollars 31,378 on December 13, 2018, thereby decreasing Fixed income placements 44,061,443 61,272,487 the percentage of its shareholding in ETPL from 80% to 56%. Purchases of property, plant and equipment (168,674) (349,807) Sale proceeds on disposal of property, plant and equipment 484 444 2.2 As stated in note 7.1.1, the company fully subscribed to its entitled right shares offered by Engro Polymer and Chemicals Net cash generated from investing activities 33,197,052 31,536,290 Limited, a subsidary company, investing an amount of Rs. 3,034,316. CASH FLOWS FROM FINANCING ACTIVITIES 2.3 As stated in note 7.1.3, the Company subscribed to 40,153,140 ordinary shares issued by Engro Infiniti (Private) Limited, a Payment of financial charges (145,522) (532,747) wholly owned subsidiary, investing an amount of Rs. 932,400. Repayment of Engro Islamic Rupiya Certificates - I - (3,000,000) Dividends paid (10,955,386) (12,009,012) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Net cash utilized in financing activities (11,100,908) (15,541,759) The significant accounting policies applied in the preparation of these financial statements are set out below. These policies Net increase in cash and cash equivalents 18,199,315 11,773,515 have been consistently applied to all the years presented, unless otherwise stated. Cash and cash equivalents at beginning of the year 35,986,713 24,213,198 3.1 Basis of preparation Cash and cash equivalents at end of the year 30 54,186,028 35,986,713 3.1.1 These financial statements have been prepared under the historical cost convention as modified by remeasurement of certain financial assets and liablities at fair value and recognition of certain staff retirement and other services benefits at present value. The annexed notes from 1 to 39 form an integral part of these financial statements. 3.1.2 These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan.
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