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Engro Annual Report 2018 Sec 01

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Engro Annual Report 2018 Sec 01 statement of financial position as at december 31, 2018 (Amounts in thousand) (Amounts in thousand) Note 2018 2017 Note 2018 2017 ------------------Rupees---------------- ------------------Rupees---------------- EQUITY & LIABILITIES ASSETS Equity Non-current assets Share capital 17 13,352,993 13,352,993 Property, plant and equipment 5 68,203,956 68,923,195 Reserves Intangible assets 6 4,487,771 4,475,474 Share premium 18 3,384,904 3,384,904 Investment in subsidiaries 7 560,416 560,416 Reserve on amalgamation 18 (304,027) (304,027) Remeasurement of post employment benefits 18 (45,083) (47,669) Long term loans and advances 8 140,784 134,535 Unappropriated profit 18 26,606,961 24,626,571 73,392,927 74,093,620 29,642,755 27,659,779 TOTAL EQUITY 42,995,748 41,012,772 Current assets Liabilities Stores, spares and loose tools 9 5,325,287 5,279,794 Non-current liabilities Stock-in-trade 10 2,959,696 3,528,439 Borrowings 19 25,715,045 22,784,014 Trade debts 11 2,374,797 3,484,501 Deferred liabilities 20 7,161,541 9,453,556 Service benefits obligations 21 190,531 173,811 Working capital loan to subsidiary 12 13,677,700 2,000,000 33,067,117 32,411,381 Current liabilities Loans, advances, deposits and prepayments 13 702,171 701,392 Trade and other payables 22 28,626,619 21,585,098 Accrued interest / mark-up 405,620 543,569 Other receivables 14 8,299,348 8,506,327 Taxes payable 3,203,439 913,246 Current portion of: Accrued income 439,345 46,911 - borrowings 19 5,095,584 8,119,864 - service benefits obligations 21 51,267 50,271 Short term investments 15 6,334,613 7,036,436 Short term borrowings 23 636,878 1,671,732 Unclaimed dividend 65,672 24,893 Cash and bank balances 16 642,060 1,655,406 38,085,079 32,908,673 40,755,017 32,239,206 TOTAL LIABILITIES 71,152,196 65,320,054 TOTAL ASSETS 114,147,944 106,332,826 Contingencies and Commitments 24 TOTAL EQUITY AND LIABILITIES 114,147,944 106,332,826 The annexed notes from 1 to 48 form an integral part of these financial statements. Imran Ahmed Nadir Salar Qureshi Ghias Khan Chief Financial Officer Chief Executive Chairman 197 engro fertilizers annual report 2018 engro fertilizers annual report 2018 198 statement of profit or loss statement of comprehensive income for the year ended december 31, 2018 for the year ended december 31, 2018 (Amounts in thousand except for earnings per share) (Amounts in thousand) Note 2018 2017 2018 2017 ------------------Rupees---------------- ------------------Rupees----------------- Profit for the year 16,668,684 10,136,549 Net sales 25 66,141,478 63,010,060 Other comprehensive income: Cost of sales 26 (38,232,280) (42,538,067) Items not re-classifiable to Profit or Loss Gross profit 27,909,198 20,471,993 Remeasurement of post employment benefits obligations 3,642 (30,375) Selling and distribution expenses 27 (6,367,371) (6,493,239) Tax relating to remeasurement Administrative expenses 28 (1,547,226) (1,267,577) of post employment benefits obligations (1,056) 9,706 19,994,601 12,711,177 Other comprehensive income / (loss) for the year, net of tax 2,586 (20,669) Other income 29 4,877,969 6,074,598 Total comprehensive income for the year 16,671,270 10,115,880 Other operating expenses 30 (1,417,590) (1,230,232) Finance cost 31 (2,055,153) (2,560,453) (3,472,743) (3,790,685) The annexed notes from 1 to 48 form an integral part of these financial statements. Profit before taxation 21,399,827 14,995,090 Taxation 32 (4,731,143) (4,858,541) Profit for the year 16,668,684 10,136,549 Earnings per share - basic and diluted 33 12.48 7.60 The annexed notes from 1 to 48 form an integral part of these financial statements. Imran Ahmed Nadir Salar Qureshi Ghias Khan Imran Ahmed Nadir Salar Qureshi Ghias Khan Chief Financial Officer Chief Executive Chairman Chief Financial Officer Chief Executive Chairman 199 engro fertilizers annual report 2018 engro fertilizers annual report 2018 200 statement of changes in equity statement of cash flows for the year ended december 31, 2018 for the year ended december 31, 2018 (Amounts in thousand) Reserves (Amounts in thousand) Capital Revenue Share Share Reserve on Remeasurement Unappropriated Total capital premium amalgamation of post profit Note 2018 2017 employment -----------------Rupees---------------- benefits Cash Flows From Operating Activities ---------------------------------------------------Rupees----------------------------------------------- Cash generated from operations 37 34,873,494 33,928,392 Balance as at January 1, 2018 13,352,993 3,384,904 (304,027) (47,669) 24,626,571 41,012,772 Retirement and other service benefits paid (48,862) (46,254) Transactions with owners Finance cost paid (2,183,181) (2,615,921) Taxes paid (4,730,156) (3,143,417) Dividends: Long term loans and advances - net (6,249) (13,898) - Final 2017: Rs. 3.00 per share - - - - (4,005,898) (4,005,898) - 1st interim 2018: Rs. 4.00 per share - - - - (5,341,198) (5,341,198) - 2nd interim 2018: Rs. 4.00 per share - - - - (5,341,198) (5,341,198) Net cash generated from operating activities 27,905,046 28,108,902 - - - - (14,688,294) (14,688,294) Total comprehensive income for the Cash Flows From Investing Activities year ended December 31, 2018 Profit for the year - - - - 16,668,684 16,668,684 Purchases of property, plant and equipment and intangibles (4,495,017) (3,900,123) Other comprehensive income: Working capital loan to subsidiary - net (11,677,700) (2,000,000) - remeasurements, net of tax - - - 2,586 - 2,586 Investment in EFert Agritrade (Private) Limited - (100) - - - 2,586 16,668,684 16,671,270 Purchase of short term investments (54,211,448) (27,105,991) Balance as at December 31, 2018 13,352,993 3,384,904 (304,027) (45,083) 26,606,961 42,995,748 Proceeds from sale of short term investments 52,966,271 22,106,555 Proceeds from disposal of property, plant and equipment 5.3 28,586 704,092 Dividends received 1,474,088 52,384 Balance as at January 1, 2017 13,309,323 3,132,181 (304,027) (27,000) 25,172,422 41,282,899 Income on deposits / other financial assets 835,367 59,714 Transactions with owners Net cash utilised in investing activities (15,079,853) (10,083,469) Shares issued upon exercise of conversion option (note 17) 43,670 252,723 - - - 296,393 Cash Flows From Financing Activities Dividends: - Final 2016: Rs. 2.50 per share - - - - (3,338,251) (3,338,251) Proceeds from long term borrowings 8,183,497 1,500,000 - 1st interim 2017: Rs. 2.50 per share - - - - (3,338,251) (3,338,251) Repayments of : - 2nd interim 2017: Rs. 3.00 per share - - - - (4,005,898) (4,005,898) - long term borrowings (8,286,667) (5,085,439) - - - - (10,682,400) (10,682,400) - short term borrowings - (800,000) Total comprehensive income for the Dividends paid (14,647,515) (10,677,051) year ended December 31, 2017 Net cash utilised in financing activities (14,750,685) (15,062,490) Profit for the year - - - - 10,136,549 10,136,549 Other comprehensive income: - remeasurements, net of tax - - - (20,669) - (20,669) Net (decrease) / increase in cash and cash equivalents (1,925,492) 2,962,943 - - - (20,669) 10,136,549 10,115,880 Cash and cash equivalents at beginning of the year 2,020,674 (942,269) Balance as at December 31, 2017 13,352,993 3,384,904 (304,027) (47,669) 24,626,571 41,012,772 Cash and cash equivalents at end of the year 38 95,182 2,020,674 The annexed notes from 1 to 48 form an integral part of these financial statements. The annexed notes from 1 to 48 form an integral part of these financial statements. Imran Ahmed Nadir Salar Qureshi Ghias Khan Imran Ahmed Nadir Salar Qureshi Ghias Khan Chief Financial Officer Chief Executive Chairman Chief Financial Officer Chief Executive Chairman 201 engro fertilizers annual report 2018 engro fertilizers annual report 2018 202 notes to and forming part of the financial statements for the year ended december 31, 2018 (Amounts in thousand) (Amounts in thousand) 1. LEGAL STATUS AND OPERATIONS 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Engro Fertilizers Limited (‘the Company’) is a public company incorporated in Pakistan on June 29, 2009 as a wholly The significant accounting policies applied in the preparation of these financial statements are set out below. These owned subsidiary of Engro Corporation Limited (the Holding Company), which is a subsidiary of Dawood Hercules policies have been consistently applied to all the years presented, unless otherwise stated. Corporation Limited (the Ultimate Parent Company). The Company is listed on Pakistan Stock Exchange Limited (PSX). 3.1 Basis of preparation The principal activity of the Company is manufacturing, purchasing and marketing of fertilizers. The business units of the Company include the following: 3.1.1 These financial statements have been prepared under the historical cost convention, except for re-measurement of certain financial assets and liabilities at fair value through profit or loss and recognition of certain staff retirement Business Unit Geographical Location benefits at present value. Head / Registered Office 7th & 8th floors, The Harbour Front Building, Plot Number HC-3, 3.1.2 Statement of compliance Block 4, Scheme Number 5, Clifton, Karachi. These financial statements have been prepared in accordance with the accounting and reporting standards as Engro Daharki Plant District Ghotki, Sindh.
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