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Contents Company Information 2 Contents Company Information 2 Directors’ Report 4 Condensed Interim Balance Sheet 6 Condensed Interim Profit and Loss Account 8 Condensed Interim Statement of Comprehensive Income 9 Condensed Interim Statement of Changes in Equity 10 Condensed Interim Cash Flow Statement 11 Notes to and Forming Part of the Condensed Interim Financial Information 12 Packages Group Condensed Consolidated Interim Financial Information 20 Directors’ Report 21 Condensed Consolidated Interim Balance Sheet 22 Condensed Consolidated Interim Profit and Loss Account 24 Condensed Consolidated Interim Statement of Comprehensive Income 25 Condensed Consolidated Interim Statement of Changes In Equity 26 Condensed Consolidated Interim Cash Flow Statement 27 Notes to and Forming Part of the Condensed Consolidated Interim Financial Information 28 COMPANY INFORMATION Board of Directors Remuneration and Appointments Towfiq Habib Chinoy Committee (Chairman) Towfiq Habib Chinoy - Chairman Syed Hyder Ali (Non-Executive Director) (Chief Executive & Managing Director) Syed Hyder Ali - Member Khalid Yacob (Executive Director) Matti Ilmari Naakka Syed Aslam Mehdi - Member Muhammad Aurangzeb (Executive Director) Shahid Aziz Siddiqui Asma Javed - Secretary Shamim Ahmad Khan Rating Agency: PACRA Syed Aslam Mehdi Syed Shahid Ali Company Rating Wazir Ali Khoja Long-Term: AA Ali Aslam Short-Term: A1+ (Alternate to Matti Ilmari Naakka) Auditors Advisor A.F. Ferguson & Co. Syed Babar Ali Chartered Accountants Company Secretary Legal Advisors Adi J. Cawasji Hassan & Hassan - Lahore Orr, Dignam & Co. - Karachi Executive Committee Syed Hyder Ali - Chairman Bankers & Lenders (Executive Director) Allied Bank Limited Syed Aslam Mehdi - Member Askari Bank Limited (Executive Director) Bank Alfalah Limited Khalid Yacob - Member Bank Al-Habib Limited (Executive Director) BankIslami Pakistan Limited Audit Committee Barclays Bank PLC, Pakistan Shamim Ahmad Khan - Chairman Citibank N.A. (Non-Executive Director) Deutsche Bank A.G. Matti Ilmari Naakka - Member Dubai Islamic Bank Pakistan Limited (Non-Executive Director) Faysal Bank Limited Muhammad Aurangzeb - Member Habib Bank Limited (Non-Executive Director) Habib Metropolitan Bank Limited Syed Shahid Ali - Member (Non-Executive Director) HSBC Bank Middle East Limited Wazir Ali Khoja - Member International Finance Corporation (IFC) (Non-Executive Director) JS Bank Limited Syed Aslam Mehdi - Member MCB Bank Limited (Executive Director) Meezan Bank Limited Adi J. Cawasji - Secretary National Bank of Pakistan (Company Secretary) NIB Bank Limited Samba Bank Limited Business Strategy Committee Syed Hyder Ali - Chairman Silk Bank Limited (Executive Director) Standard Chartered Bank (Pakistan) Limited Syed Aslam Mehdi - Member The Bank of Tokyo - Mitsubishi UFJ, Limited (Executive Director) United Bank Limited Khalid Yacob - Member (Executive Director) System and Technology Committee Syed Aslam Mehdi - Chairman (Executive Director) Khalid Yacob - Member (Executive Director) Suleman Javed - Member 2 Head Office & Works Zonal Sales Offices Shahrah-e-Roomi, C-2, Hassan Arcade Nusrat Road, P.O. Amer Sidhu, Multan Cantt. - 60000, Pakistan Lahore - 54760, Pakistan Tel. & Fax: (061) 4504553 PABX : (042) 35811541-46 : (042) 35811191-94 9th Floor State Life Building, Fax : (042) 35811195 2 - Liaquat Road, : (042) 35820147 Faisalabad, Pakistan Tel. : (041) 2540842 Factories Fax : (041) 2540815 Kasur Factory Uzair Enterprises Bulleh Shah Paper Mill (BSPM) Teer Chowk Bhuta Road, 10-km Kasur Kot Radhakishan Road, Sukkur - 65200, Pakistan District Kasur, Pakistan Tel. & Fax: (071) 5616138 Tel. : (049) 2717335-43 Fax : (049) 2717220 M. Hamza Traders 15-D Gul Plaza, Opp: Charsadda Bus Stand, Karachi Factory Peshawar-25000, Pakistan Plot No. 6 & 6/1, Sector 28, Cell : 03018650486 Korangi Industrial Area, Tel. : (091) 2043719 Karachi-74900, Pakistan Tel. : (021) 35045320, 35045310 Haq Brothers Fax : (021) 35045330 Tehsil Road, Jhelum-49600, Pakistan Cell : 03215332095 Offices : 03335179706 Registered Office & Regional Sales Office Shares Registrar 4th Floor, The Forum FAMCO Associates (Pvt.) Limited Suite No. 416 - 422, G-20, Block 9, 1st Floor, State Life Building No. 1-A Khayaban-e-Jami, Clifton, I. I. Chundrigar Road, Karachi-75600, Pakistan Karachi-74000, Pakistan PABX : (021) 35874047-49 PABX : (021) 32420755 : (021) 35378650-52 : (021) 32427012 : (021) 35831618, 35833011 : (021) 32425467 Fax : (021) 35860251 Fax : (021) 32426752 Regional Sales Office Web Presence 2nd Floor, G.D. Arcade www.packages.com.pk 73-E, Fazal-ul-Haq Road, Blue Area, Islamabad-44000, Pakistan PABX : (051) 2276765 : (051) 2276768 : (051) 2278632 Fax : (051) 2829411 3 DIRECTORS’ REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2011 The Directors of Packages Limited take pleasure in presenting to its shareholders, the quarterly report together with the un-audited financial statements of the Company for the first quarter ended March 31, 2011. Financial and Operational Performance The comparison of the un-audited results for the first quarter ended March 31, 2011 as against March 31, 2010 are as follows: Jan - March Jan - March 2011 2010 (Rupees in million) Net sales 5,192 5,043 EBITDA - operations 516 462 Depreciation & amortisation (378) (381) EBIT - operations 138 81 Finance costs (351) (300) Other operating income / (expenses) - net 4 3 Investment income 642 750 Earnings before tax 433 534 During the first quarter of 2011, your Company has achieved net sales of Rs. 5,192 million with improved operating results. The Company generated EBITDA of Rs. 516 million during the quarter under review against Rs. 462 million of corresponding period of 2010 representing 11% growth emanating from better product mix, operating cost control and price rationalisation. The investment income has declined by Rs. 108 million over the corresponding period of 2010 mainly on account of timing differences in receipt of dividend income from related parties. The production statistics for the period under review along with its comparison with the corresponding period are given below: Jan - March Jan - March 2011 2010 Paper and paperboard produced - tons 34,411 43,394 Paper and paperboard converted - tons 30,064 25,792 Plastics all sorts converted - tons 3,082 2,632 A review of the operations of different business units is as follows: Packaging Operations The Packaging Operations has registered sales of Rs. 3,321 million during the first quarter of 2011 as compared to Rs. 2,254 million of the corresponding period representing sales growth of 47%. Packaging Operations has achieved EBITDA growth of Rs. 289 million resulting from the revenue growth, better product mix and product price rationalisation. 4 Paper & Board Operations During the first quarter of 2011, external sales of Paper & Board Operations dropped by Rs. 1,022 million over corresponding values of 2010 resulting into corresponding decrease in EBITDA by Rs. 161 million. This decline in sales volume is attributable to a number of factors including: • Planned shut down of Brown Paper Machine (PM-6) for capacity expansion by 30,000 tons to enable production of high value added liquid packaging and bleached board on the machine. Paper Machine (PM-6) re-build project is expected to be completed in time and the machine will be in commercial production in second quarter of 2011. • Energy is the second highest cost component in paper & paperboard manufacturing. Continued shortage of natural gas caused severe disruption in production and use of alternate fuel results in negative effect on the competitiveness. • The writing and printing paper being produced on Paper Machine (PM-7) is facing unfair competition from imported paper that is being sold at dumping prices. Such unfair competition is adversely impacting profit margins and the Company has initiated a number of measures to counter such unfair practices including filing of application for imposition of anti-dumping and regulatory duties on the paper being imported. Consumer Products Division The Consumer Products Division has registered sales of Rs. 591 million during the first quarter of 2011 as compared to Rs. 497 million of the corresponding period of 2010 representing sales growth of 19%. Future Outlook In consideration of the current economic situation, rising raw material prices and energy shortages, the management will continue its focus to improve shareholder's value through price rationalisation, product and process optimisation, reduction of operating costs and efficient working capital management. Company's Staff and Customers We wish to record our appreciation of the commitment of our employees to the Company and continued patronage of our customers. (Towfiq Habib Chinoy) (Syed Hyder Ali) Chairman Chief Executive & Managing Director Karachi, April 19, 2011 Karachi, April 19, 2011 5 PACKAGES LIMITED CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) as at March 31, 2011 Un-audited Audited March 31, December 31, 2011 2010 Note (Rupees in thousand) EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised capital 150,000,000 (2010: 150,000,000) ordinary shares of Rs. 10 each 1,500,000 1,500,000 22,000,000 (2010: 22,000,000) 10 % non-voting cumulative preference shares / convertible stock of Rs.190 each 4,180,000 4,180,000 Issued, subscribed and paid up capital 84,379,504 (2010: 84,379,504) ordinary shares of Rs. 10 each 843,795 843,795 Reserves 27,598,326 24,218,774 Preference shares / convertible stock reserve 1,605,875 1,605,875 Unappropriated profit 887,718 261,441 30,935,714 26,929,885 NON-CURRENT LIABILITIES
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