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Rise and Shine. Renovate and Refine

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Rise and Shine. Renovate and Refine HALF YEARLY REPORT I 31 December 2020 Byco Petroleum Pakistan Limited RISE AND SHINE. RENOVATE AND REFINE HALF YEARLY REPORT I 31 December 2020 Byco Petroleum Pakistan Limited CONTENT 02 Company Information 04 Directors’ Report 07 Independent Auditors’ Review Report Unconsolidated Financial Statements 08 Statement of Financial Position 09 Statement of Profit or Loss 10 Statement of Comprehensive Income 11 Statement of Cash Flows 12 Statement of Changes in Equity 13 Notes to the Financial Statements Consolidated Financial Statements 22 Statement of Financial Position 23 Statement of Profit or Loss 24 Statement of Comprehensive Income 25 Statement of Cash Flows 26 Statement of Changes in Equity 27 Notes to the Financial Statements COMPANY INFORMATION Board of Directors Mohammad Wasi Khan Chairman Amir Abbassciy Director & Chief Executive Officer Amir Waheed Ahmed Independent Director Muhammad Usama Qureshi Independent Director Syed Arshad Raza Director Muhammad Yasin Khan Director Uzma Abbasi Director Audit Committee Amir Waheed Ahmed Chairman Muhammad Usama Qureshi Member Muhammad Yasin Khan Member Human Resource and Remuneration Committee Muhammad Usama Qureshi Chairman Syed Arshad Raza Member Uzma Abbasi Member Risk Management Committee Amir Abbassciy Chairman Muhammad Usama Qureshi Member Amir Waheed Ahmed Member Chief Financial Officer Zafar Shahab Company Secretary Majid Muqtadir Auditors EY Ford Rhodes Chartered Accountants 2 Half Yearly Report I 2020 Bankers Allied Bank Limited Al Baraka Bank (Pakistan) Limited Askari Bank Limited Bank Alfalah Limited Bank Islami Pakistan Limited Faysal Bank Limited First Women Bank Limited Habib Bank Limited Habib Metropolitan Bank Limited Industrial and Commercial Bank of China Limited JS Bank Limited MCB Bank Limited Meezan Bank Limited National Bank of Pakistan Pak-Gulf Leasing Company Limited Pak Oman Investment Company Limited Saudi Pak Industrial and Agricultural Investment Company Limited Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited Summit Bank Limited Silkbank Limited The Bank of Khyber The Bank of Punjab United Bank Limited Shares Registrar FAMCO Associates (Pvt) Limited 8-F, Next to Hotel Faran Nursery Block - 6, P.E.C.H.S, Shahrah-e-Faisal, Karachi Tel: (92 21) 3438 0101, 3438 0102 Fax: (92 21) 3438 0106 Registered Office The Harbour Front, 9th Floor, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi 75600, Pakistan Tel: (92 21) 111 222 081 Fax: (92 21) 111 888 081 Website www.byco.com.pk Half Yearly Report I 2020 3 , DIRECTORS REPORT For the period ended December 31, 2020 In the name of Allah the Most Merciful and the Most Benevolent. The Directors of your Company are pleased to present a brief review of the financial results and operations of the Company for the period ended 31st December, 2020. The period under review provided much needed relief to businesses in general and the oil sector in particular. Despite the continuing wave of COVID – 19, most economies started operating with the new normal. This had a corresponding effect on international oil prices which generally witnessed an increasing trend in the current period. The overall consumption of POL products in Pakistan also increased during the period however, narrow spread of Premium Motor Gasoline (PMG) and High Speed Diesel (HSD) affected refinery margins. The Company recorded gross revenue of PKR 100.1 billion compared to PKR 125.6 billion in the same period last year. The reduction is due to significant decline of the international oil prices amid COVID – 19 pandemic. The Company earned gross profit of PKR 3.2 billion as compared to PKR 2.5 billion last year due to better pricing of crude and Furnace Oil (FO) in the current period. Operating expenses increased slightly and the Company earned operating profit of PKR 2.3 billion (2019: PKR 1.9 billion). The Company generated net profit of PKR 961 million (2019: PKR 213 million) with earnings per share of Rs. 0.18 compared to Rs. 0.04 last year. The Company expects positive outcome from the discussion of refineries with the Government to provide some relief to the refineries for plant upgradation and refinery margins. The Government is currently reviewing the proposals so that refineries can operate sustainably. The Board wishes to place on record its gratitude for the co-operation extended by Government of Pakistan and strategic partners including its customers, financial institutions, suppliers, vendors and shareholders. For and on behalf of the Board of Directors Chief Executive Officer Director Karachi February 23rd, 2021 4 Half Yearly Report I 2020 Half Yearly Report I 2020 5 6 Half Yearly Report I 2020 EY Ford Rhodes UAN: +9221 111 11 39 37 (EYFR) Chartered Accountants Tel: +9221 3565 0007-11 Progressive Plaza, Beaumont Road Fax: +9221 3568 1965 P.O. Box 15541, Karachi 75530 [email protected] Pakistan ey.com/pk , Independent Auditors Review Report To the members of Byco Petroleum Pakistan Limited Report on Review of Interim Financial Statements Introduction We have reviewed the accompanying unconsolidated condensed interim statement of financial position of Byco Petroleum Pakistan Limited (the Company) as at 31 December 2020 and the related unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of changes in equity, unconsolidated condensed interim statement of cash flows, and notes to the unconsolidated condensed interim financial statements for the six-months period then ended (here-in-after referred to as the “interim financial statements”). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review. The figures of the unconsolidated condensed interim statement of profit or loss and unconsolidated condensed interim statement of comprehensive income for the three months period ended 31 December 2020 and 2019 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended 31 December 2020. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. The engagement partner on the review resulting in this independent auditor’s review report is Mr. Omer Chughtai. Chartered Accountants Place: Karachi Date: February 25th, 2021 Half Yearly Report I 2020 7 Unconsolidated As at December Condensed Interim Statement of Financial Position 31, 2020 (Rupees in ‘000) Notes Dec 31, 2020 Jun 30, 2020 (Unaudited) (Audited) NON CURRENT ASSETS Property, plant and equipment 5 70,674,292 70,790,402 Long term Investment 16,931,504 16,931,504 Long term loans and advances 654,329 723,207 Long term deposits 137,861 112,423 Deferred taxation 1,145,880 1,145,880 89,543,866 89,703,416 CURRENT ASSETS Stores and spares 2,047,587 2,040,667 Stock-in-trade 6 20,698,851 22,878,892 Trade debts 7 6,582,625 4,356,855 Loans and advances 1,585,863 1,362,133 Trade deposits and short-term prepayments 257,547 22,477 Accrued interest 336,719 312,784 Other receivables 8 1,993,946 1,979,163 Taxation - net 1,082,378 1,040,546 Cash and bank balances 1,101,246 2,319,220 35,686,762 36,312,737 TOTAL ASSETS 125,230,628 126,016,153 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share capital 53,298,847 53,298,847 Reserves (30,371,669) (31,596,513) Surplus on revaluation of Property, plant and equipment 3,378,354 3,641,342 26,305,532 25,343,676 Contribution against future issue of shares 857,140 857,140 27,162,672 26,200,816 NON CURRENT LIABILITIES Long term financing 9 14,845,431 15,891,534 Loan from related party 3,935,650 3,935,650 Accrued and deferred markup 5,710,796 6,525,172 Long term lease liabilities 1,039,770 1,200,043 Long term deposits 246,175 120,175 Deferred liabilities 521,993 609,314 Deferred income - government grant 9 12,901 12,037 26,312,716 28,293,925 CURRENT LIABILITIES Trade and other payables 40,687,020 41,085,844 Advance from customers 2,158,403 2,948,271 Accrued mark-up 564,338 893,415 Short term borrowings - secured 23,457,272 23,907,984 Current portion of non-current liabilities 4,847,327 2,662,236 Current portion of deferred income - government grant 39,853 22,635 Unclaimed dividend 1,027 1,027 71,755,240 71,521,412 CONTINGENCIES AND COMMITMENTS 10 TOTAL EQUITY AND LIABILITIES 125,230,628 126,016,153 The annexed notes 1 to 16 form an integral part of these unconsolidated condensed interim financial
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