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Annual Report 2017 As at June 30, 2017

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Annual Report 2017 As at June 30, 2017 Balance Sheet 2017 2016 Note (Rupees in thousand) EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised share capital - 950,000,000 (2016: 950,000,000) ordinary shares of Rs 10 each 9,500,000 9,500,000 - 50,000,000 (2016: 50,000,000) preference shares of Rs 10 each 500,000 500,000 10,000,000 10,000,000 Issued, subscribed and paid up share capital 438,119,118 (2016: 438,119,118) ordinary shares of Rs 10 each 5 4,381,191 4,381,191 Reserves 6 38,014,337 34,238,885 Un-appropriated profit 32,473,351 27,163,353 74,868,879 65,783,429 NON-CURRENT LIABILITIES Long term finances - secured 7 12,520,000 2,400,000 Long term deposits 8 79,441 77,813 Deferred liabilities 9 186,837 111,334 Deferred taxation 10 5,866,359 4,989,055 18,652,637 7,578,202 CURRENT LIABILITIES Trade and other payables 11 5,454,447 5,366,340 Accrued finance cost 12 217,204 52,931 Short term borrowings - secured 13 8,571,228 3,451,352 Current portion of non-current liabilities 14 523,778 1,150,921 Derivative financial instrument 15 48,056 - Provision for taxation 35,090 35,090 14,849,803 10,056,634 CONTINGENCIES AND COMMITMENTS 16 108,371,319 83,418,265 The annexed notes 1 to 47 form an integral part of these financial statements. Chief Executive 97 DG Cement Annual Report 2017 As At June 30, 2017 2017 2016 Note (Rupees in thousand) ASSETS NON-CURRENT ASSETS Property, plant and equipment 17 62,447,737 39,576,830 Intangible assets 18 - - Investments 19 18,564,054 12,947,976 Long term loans and deposits 20 58,844 57,938 81,070,635 52,582,744 CURRENT ASSETS Stores, spare parts and loose tools 21 4,939,420 4,006,181 Stock-in-trade 22 1,162,914 766,633 Trade debts 23 220,182 201,574 Investments - related parties 24 17,044,084 17,819,005 Loans, advances, deposits, prepayments and other receivables 25 1,987,849 584,447 Loan to related party 26 1,000,000 - Income tax receivable 524,355 433,136 Derivative financial instrument - 14,701 Cash and bank balances 27 421,880 7,009,844 27,300,684 30,835,521 108,371,319 83,418,265 Chief Financial Officer Director 98 DG Cement Annual Report 2017 Profit & Loss Account for the Year Ended June 30, 2017 2017 2016 Note (Rupees in thousand) Sales 28 30,136,165 29,703,758 Cost of sales 29 (18,291,600) (17,035,566) Gross profit 11,844,565 12,668,192 Administrative expenses 30 (551,221) (572,780) Selling and distribution expenses 31 (979,045) (949,628) Other expenses 32 (891,513) (913,642) Other income 33 2,118,216 2,379,053 Finance cost 34 (382,895) (130,451) Profit before taxation 11,158,107 12,480,744 Taxation 35 (3,182,766) (3,691,072) Profit after taxation 7,975,341 8,789,672 Earnings per share - basic and diluted in Rupees 36 18.20 20.06 The annexed notes 1 to 47 form an integral part of these financial statements. Chief Executive Chief Financial Officer Director 99 DG Cement Annual Report 2017 Statement of Comprehensive Income for the Year Ended June 30, 2017 2017 2016 (Rupees in thousand) Profit after taxation 7,975,341 8,789,672 Other comprehensive income/(loss) for the year - net of tax Items that may be reclassified subsequently to profit or loss: Change in fair value of available-for-sale investments 4,564,457 (3,148,887) Tax effect (787,725) - Gain transferred to profit and loss account on derecognition of available-for-sale investment (1,280) - 3,775,452 (3,148,887) Items that will not be subsequently reclassified to profit or loss: Remeasurement of retirement benefits (52,326) 53,099 Tax effect 15,698 (15,930) (36,628) 37,169 Other comprehensive income/(loss) for the year 3,738,824 (3,111,718) Total comprehensive income for the year 11,714,165 5,677,954 The annexed notes 1 to 47 form an integral part of these financial statements. Chief Executive Chief Financial Officer Director 100 DG Cement Annual Report 2017 Cash Flow Statement for the Year Ended June 30, 2017 2017 2016 Note (Rupees in thousand) Cash flows from operating activities Cash generated from operations 38 9,224,332 13,896,567 Finance cost paid (218,706) (104,998) Retirement and other benefits paid (38,988) (49,339) Income tax paid (3,417,436) (2,628,068) Income tax refunded 326,498 - Long term deposits - net 1,628 5,810 Net cash generated from operating activities 5,877,328 11,119,972 Cash flows from investing activities Fixed capital expenditure (24,947,189) (11,516,561) Proceeds from disposal of property, plant and equipment 23,334 45,751 Long term loans, advances and deposits - net (906) 11,559 Investment in equity instruments (278,193) (822,264) Loan to related party (1,000,000) - Investment in finacial assets at fair value through profit or loss - (3,002,039) Sale proceeds from disposal of investments 1,493 7,711,635 Interest received 33,688 639 Dividend received 1,944,054 1,869,917 Cash surrendered in respect of tax losses purchased from subsidiaries (206,500) (206,000) Net cash used in investing activities (24,430,219) (5,907,363) Cash flows from financing activities Proceeds from long term finances 11,320,000 3,300,000 Settlement of derivative financial instrument 9,051 (4,907) Repayment of long term finances (1,838,892) (1,140,373) Dividend paid (2,628,715) (2,190,596) Net cash generated from/(used in) financing activities 6,861,444 (35,876) Net (decrease)/increase in cash and cash equivalents (11,691,447) 5,176,733 Cash and cash equivalents at the beginning of the year 3,558,492 (1,568,349) Exchange losses on cash and cash equivalents (16,393) (49,892) Cash and cash equivalents at the end of the year 39 (8,149,348) 3,558,492 The annexed notes 1 to 47 form an integral part of these financial statements. Chief Executive Chief Financial Officer Director 101 DG Cement Annual Report 2017 Capital Reserve Revenue Reserve Capital Fair Redemption Share Share Value Reserve General Un-Appropriated for the YearEndedJune 30, 2017 Statement of Changesin Equity Capital Premium Reserve Fund Reserve Profit Total R upees in thousand Balance as on July 1, 2015 4,381,191 4,557,163 27,405,272 353,510 5,071,827 20,527,108 62,296,071 Total comprehensive (loss) / income for the year - Profit for the year - - - - - 8,789,672 8,789,672 - Other comprehensive (loss)/income for the year - Changes in fair value of available-for-sale investments - - (3,148,887) - - - (3,148,887) - Remeasurements of retirement benefits - net of tax - - - - - 37,169 37,169 - - (3,148,887) - - 8,826,841 5,677,954 Transactions with owners in their capacity as owners recognised directly in equity Final dividend for the year ended June 30, 2015 (Rs 5 per share) - - - - - (2,190,596) (2,190,596) Balance as on June 30, 2016 4,381,191 4,557,163 24,256,385 353,510 5,071,827 27,163,353 65,783,429 Total comprehensive (loss) / income for the year - Profit for the year - - - - - 7,975,341 7,975,341 - Other comprehensive (loss )/income for the year - Changes in fair value of available-for-sale investments - net of tax - - 3,776,732 - - - 3,776,732 - Gain transferred to profit and loss account on derecognition of available-for-sale investment - - (1,280) - - - (1,280) - Remeasurements of retirement benefits - net of tax - - - - - (36,628) (36,628) - - 3,775,452 - - 7,938,713 11,714,165 Transactions with owners in their capacity as owners recognised directly in equity Final dividend for the year ended June 30, 2016 (Rs 6 per share) - - - - - (2,628,715) (2,628,715) DG Cement Balance as on June 30, 2017 4,381,191 4,557,163 28,031,837 353,510 5,071,827 32,473,351 74,868,879 The annexed notes 1 to 47 form an integral part of these financial statements. Annual Report2017 Chief Executive Chief Financial Officer Director 102 Notes to and Forming Part of the Financial Statements for the Year Ended June 30, 2017 1. Status and nature of business D. G. Khan Cement Company Limited ("the Company") is a public limited company incorporated in Pakistan and is listed on Pakistan Stock Exchange Limited. It is principally engaged in production and sale of Clinker, Ordinary Portland and Sulphate Resistant Cement. The registered office of the Company is situated at 53-A Lawrence Road, Lahore. 2. Basis of preparation 2.1 These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. During the year, the Companies Ordinance, 1984 (hereinafter referred to as the 'Ordinance') has been repealed after the enactment of the Companies Act, 2017. However, as allowed by the Securities and Exchange Commission of Pakistan ('SECP') vide Circular No. CLD/CCD/PR(11)/2017 dated July 20, 2017 and further clarified through its press release dated July 20, 2017, companies whose financial year closes on or before June 30, 2017, shall prepare financial statements in accordance with the provisions of the repealed Ordinance. Accordingly, these financial statements have been prepared in accordance with the requirements of the International Financial Reporting Standards ('IFRSs') issued by the International Accounting Standards Board ('IASB') as are notified under the repealed Ordinance, provisions of and directives issued under the repealed Ordinance.
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