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COVER STORY We, at Fauji Fertilizer, understand the importance of resilience, as a team we have had to steer through various struggles, and we’re proud to say that we have emerged stronger than ever. Despite persistent challenges, we cherish our place in the world as a team that can play a significant part in providing better opportunities for growth. Our focus is on the future while we work hard to make the present more meaningful. VISION MISSION To be an inspiring, distinguished and Taking a lead role in the agricultural & globally diversified enterprise with industrial development by delivering a hallmark of excellence, trust and premium products and services while innovation maintaining a high level of social and environmental responsibility for all the stakeholders, thus providing a dynamic and challenging environment for our employees ABOUT THIS REPORT The FFC Annual Report 2019 (the Report) The Board has endorsed and Exchange (PSX) and other local and integrates the following sections: authorized the release of their report international good governance practices on January 30, 2020. as promoted by ICAP / ICMAP, PSX, MAP, • Company Overview SAFA etc. in addition to the integrated • Chairman and Chief Executive’s reporting framework of IIRC. Reviews Scope and • Directors’ Report There have not been any significant • Audit Committee Report on CCG Boundary changes to the scope, boundary and • Statement of Compliance with CCG reporting basis since the last reporting • Sustainability Report Our Report covers the period from date as of December 31, 2018. • Standalone Financial Statements January 01, 2019 to December 31, 2019 • Consolidated Financial Statements and subsequent events upto the issuance Our Sustainability Report aims to • Shareholders’ Information of this report have also been explained in provide our stakeholders a concise and various sections of the Report. transparent assessment of our value The Report is structured to assist our creation ability and contribution towards readers in assessing our business by Operational and financial analyses and Sustainable Development Goals (SDGs). providing information about state of affairs, reviews are carried out by extracting performance and the outlook of FFC. financial information from the Audited This Report is also in compliance with the It fairly addresses the material matters Financial Statements for the year ended following requirements: pertaining to the long term sustainability December 31, 2019 with relevant of the Company and its integrated comparative information. The Financial • International Integrated Reporting performance. This Report comprises of Statements consistently comply with the Council (IIRC) Integrated Reporting strategic and operational review by the requirements of: (IR) framework Board of Directors which encompasses • Global Reporting Initiative (GRI) financial reviews and analyses, overview • International Financial Reporting Standards: Comprehensive Option of governance, risk management and Standards (IFRS) • Sustainability Accounting Standard internal control frameworks. 'Navigating • Companies Act, 2017 and other Board (SASB) Chemical Industry through this Report' given on page applicable regulations Standard 386 shall further facilitate the reader in • United Nations Global Compact comprehending this Report. Chairman’s Review, Directors’ Report, (UNGC) “Ten Principles” Audit Committee’s Report, Report on Our value creating business model Compliance of Code of Corporate supported by the outputs, outcomes Governance (CCG), Sustainability Report Forward Looking and impacts of various forms of capitals and other information contained in this associated with business activities, and Report has been structured in compliance Statement how we look forward towards business with the requirements of Companies Act opportunities, has also been explained. 2017, Code of Corporate Governance, This Report includes ‘Forward Looking Listing Regulations of the Pakistan Stock Statement’ which addresses our expected future business and financial performance External Assurances / Reviews / condition, information about the status of projects disclosed in last year’s forward Description of the Report External Reviews / Assurances looking statement, sources of information Review Report on the Statement of and assumption used for projections / A.F.Ferguson & Co., Chartered Compliance with the Code of Corporate forecasts and our future course of action Accountants Governance to manage the risks and capitalize on opportunities (known and unknown). Such Independent Auditor’s Report on the A.F.Ferguson & Co., Chartered statements are valid only for the date of Audit of Financial Statements Accountants publication. Independent Auditor’s Report on A.F.Ferguson & Co., Chartered the Audit of Consolidated Financial Accountants Statements Materiality Independent External Review of BSD Consulting (Brazil); and Nadeem Sustainability Report Safdar & Co., Chartered Accountants The Company’s process for determination of materiality has been explained on Entity Credit Rating Pakistan Credit Rating Agency (PACRA) pages 92 and 143 of this Report. CONTENTS Company Overview 01 General information about the 4 - 37 Company and its operations Directors’ Report 02 Review of the Company’s 38 - 121 performance by the Board of Directors Sustainability 03 Report Assessment of the Company’s value 122 - 191 creation ability and contribution towards Sustainable Development Goals FFC Financial 04 Statements Financial Statements of the Company 192 - 265 along with Reports by the Audit Committee and Independent External Auditors Consolidated 05 Financial Statements Consolidated Financial Statements of 266 - 367 the FFC Group along with Chairman’s Review on the Group’s performance Shareholders’ 06 Information Notice of Annual General Meeting 368 - 396 along with other information for shareholders 01 General information about the Company and its operations COMPANY OVERVIEW Product Portfolio 6 Geographical Presence 9 Code of Conduct 10 Core Values 11 Company Profile & Group Structure 12 Organizational Chart 14 Highlights 2019 15 Strategy and Resource Allocation 16 Company Information 18 How we Evolved 20 Business Model 22 Calendar of Major Events During the Year 23 Profile of the Board 24 Board Committees 29 Management Committees 33 SWOT Analysis 34 Stakeholders’ Engagement 36 PRODUCT PORTFOLIO Principal Activities of the Company The principal activity of the Company is manufacturing, purchasing and marketing of fertilizers (including FFBL products), including investment in other fertilizers, chemicals, manufacturing and banking operations, energy generation and food processing. relatively better in high water demanding release of nitrogen, helping plants to Sona Urea P & crops like rice. uptake more nitrogen and resulting in higher yields. Neem oil also serves as Sona Urea G Industrial Use: natural insecticide. It is applied to promote vegetative growth of crops and orchards Raw material for manufacturing of plastics, in splits (basal & top-dressing). Neem Agricultural Use: adhesives and industrial feedstock. coated urea is also environment friendly. Urea is a concentrated straight nitrogenous fertilizer that contains 46% nitrogen, which is a major plant Sona Urea (Neem FFC DAP & Sona nutrient. Nitrogen is a vital component of chlorophyll, which is necessary for the Coated) DAP photosynthesis. It is applied to promote vegetative growth of crops and orchards Agriculture Use: in splits (basal & top-dressing). Agricultural Use: Neem Coated Urea is a slow release Di-ammonium Phosphate (DAP) belongs In irrigated crops, mostly, urea is applied concentrated straight nitrogenous to a series of water-soluble ammonium on the standing crop followed by irrigation fertilizer, which is coated with neem phosphates that is produced through a to minimize its losses. In rain fed areas, it oil. It contains 46% nitrogen, which reaction of ammonia and phosphoric acid. is often spread just before rain to minimize is a major plant nutrient and a vital DAP is the most concentrated phosphate losses through volatilization process. component of chlorophyll required for fertilizer containing 46% P O and 18% N. “Sona Urea” produced by FFC is in 2 5 photosynthesis. Coating urea with Neem Due to ideal Nitrogen to Phosphorus ratio prilled form and at FFBL in Granular form. oil has been proved to be an effective i.e. 1:2.6 in DAP, it is suited for all crops Granular urea has the advantage of ease natural alternative to nitrogen inhibiting of application on standing crops because chemicals. Thus, it leads to gradual of large size granules. Its efficiency is 6 Company Overview as basal fertilizer to be applied at the time imported from European origin and preferred minimum 10.5% Boron. It is soluble in water of sowing for better root proliferation and for the high value crops. and readily available to plants. It is used as inducing energy reactions in the plants. soil application alone or by mixing with other The solubility of DAP is more than 90%, fertilizers. which is the highest among the phosphate Industrial Use: fertilizers available in the Country; due to which it can also be applied post planting Occasionally used in manufacturing of glass. Sona Zinc through fertigation. Further, on account of its nitrogen content; upon completion of Agricultural Use: nitrification process, the ultimate reaction FFC MOP of DAP is acidic. Sona Zinc is a micronutrient fertilizer in the form Agricultural Use: of Zinc Sulphate Monohydrate
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