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Balance Sheet As at June 30, 2017

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Balance Sheet As at June 30, 2017 Balance Sheet As at June 30, 2017 2017 2016 2017 2016 Note (Rupees in thousand) Note (Rupees in thousand) EQUITY AND LIABILITIES ASSETS SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Authorized capital Property, plant and equipment 14 12,688,670 11,023,452 250,000,000 (2016: 250,000,000) ordinary shares of Rs 10 each 2,500,000 2,500,000 Development and production assets 15 7,409,878 3,002,063 1,059,000,100 (2016: 1,059,000,100) preference shares of Rs 10 each 10,590,001 10,590,001 Exploration and evaluation assets 16 5,972,108 10,084,055 13,090,001 13,090,001 Long term loans and advances 17 32,233 27,069 Long term deposits and prepayments 18 26,002 15,104 Issued, subscribed and paid up capital 4 1,102,500 1,102,500 Deferred income tax asset 19 2,162,308 2,680,622 Undistributed percentage return reserve 5 496,436 426,867 28,291,199 26,832,365 Other reserves 6 11,190,001 10,690,001 Profit and loss account 7 12,748,733 4,746,555 25,537,670 16,965,923 CURRENT ASSETS NON CURRENT LIABILITIES Stores and spares 20 1,015,000 2,167,328 Long term financing 8 4,172,727 1,000,000 Trade debts 21 54,426,085 26,887,469 Deferred liabilities 9 7,483,812 6,576,575 Loans and advances 22 1,640,065 1,437,456 11,656,539 7,576,575 Short term investments 23 3,604,596 - Short term prepayments 24 65,697 80,193 CURRENT LIABILITIES Interest accrued 25 47,031 3,961 Trade and other payables 10 55,191,169 34,669,221 Other receivables 39,779 21,333 Current maturity of long term financing 11 955,037 151,774 Income tax paid in advance 26 1,142,319 1,503,388 Interest accrued on long term financing 12 254,552 196,154 Cash and bank balances 27 3,323,196 626,154 56,400,758 35,017,149 65,303,768 32,727,282 CONTINGENCIES AND COMMITMENTS 13 93,594,967 59,559,647 93,594,967 59,559,647 The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad, HI (M), (Retd) Qaiser Javed Managing Director / CEO Director Mari Petroleum Company Limited Mari Petroleum Company Limited 124 Annual Report 2017 Annual Report 2017 125 Profit and Loss Account Statement of Comprehensive Income for the year ended June 30, 2017 for the year ended June 30, 2017 2017 2016 2017 2016 Note (Rupees in thousand) (Rupees in thousand) Gross sales to customers 28 96,775,974 94,997,719 Profit for the year 9,136,194 6,051,455 Gas development surcharge 19,580,832 25,859,852 Other comprehensive loss: General sales tax 13,745,689 13,509,334 Items that will not be reclassified to profit or loss: Excise duty 1,794,397 1,694,205 Gas infrastructure development cess 33,479,569 31,933,382 Remeasurement losses on defined benefit plans (561) (173,096) Wind fall levy - 288,182 Tax effect related to remeasurement on defined benefit plans 68,600,487 73,284,955 - Current tax (charge) / credit (4,520) 80,964 Sales - net 28,175,487 21,712,764 - Deferred tax credit 2,909 6,507 Royalty 3,583,522 2,750,095 (2,172) (85,625) 24,591,965 18,962,669 Total comprehensive income for the year 9,134,022 5,965,830 The annexed notes 1 to 50 form an integral part of these financial statements. Operating expenses 29 7,450,011 5,763,609 Exploration and prospecting expenditure 30 3,880,797 6,462,126 Other charges 31 726,290 501,943 12,057,098 12,727,678 12,534,867 6,234,991 Other (expenses) / income 32 (820,328) 559,789 Operating profit 11,714,539 6,794,780 Finance income 33 233,006 340,730 Finance cost 34 798,086 574,058 Profit before taxation 11,149,459 6,561,452 Provision for taxation 35 2,013,265 509,997 Profit for the year 9,136,194 6,051,455 Earnings per share - basic and diluted Earnings per ordinary share (Rupees) 36 82.87 54.89 Distributable earnings per ordinary share (Rupees) 36 5.91 5.55 The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad, HI (M), (Retd) Qaiser Javed Lt Gen Ishfaq Nadeem Ahmad, HI (M), (Retd) Qaiser Javed Managing Director / CEO Director Managing Director / CEO Director Mari Petroleum Company Limited Mari Petroleum Company Limited 126 Annual Report 2017 Annual Report 2017 127 Cash Flow Statement Statement of Changes in Equity for the year ended June 30, 2017 for the year ended June 30, 2017 2017 2016 Other Reserves Note (Rupees in thousand) Exploration, Issued, Undistributed Capital evaluation Reserve subscribed percentage redemption and for Self Profit and paid up return reserve development Mari Seismic insurance and loss Cash flows from operating activities capital reserve fund reserve Unit reserve account Total Cash receipts from customers 69,266,727 100,620,099 (Rupees in thousand) Cash paid to the Government for Government levies (50,624,648) (79,569,668) Balance as at July 1, 2015 1,102,500 395,331 1,300,000 8,240,521 422,329 - 35,537 11,496,218 Cash paid to suppliers and employees (10,386,297) (7,209,690) Total comprehensive income for the year: Income tax paid (1,135,493) (1,202,412) Profit for the year - - - - - - 6,051,455 6,051,455 Cash flow from operating activities 7,120,289 12,638,329 Other comprehensive loss - - - - - - (85,625) (85,625) - - - - - - 5,965,830 5,965,830 Final cash dividend for the year ended Cash flows from investing activities June 30, 2015 @ Rs 1.5 per share * - (129,838) - - - - (35,537) (165,375) Purchase of property, plant and equipment (1,091,333) (1,137,938) First interim cash dividend for the year ended Development and production assets (1,073,402) (181,983) June 30, 2016 @ Rs 3 per share * - - - - - - (330,750) (330,750) Exploration and evaluation assets (2,124,810) (4,317,661) Transfer from profit and loss account to exploration, Proceeds from disposal of property, plant and equipment 422 6,061 evaluation and development reserve - - - 272,995 - - (272,995) - Interest received 207,537 343,942 Transfer from exploration, evaluation and development reserve to capital redemption Cash flow from investing activities (4,081,586) (5,287,579) reserve fund - - 8,513,516 (8,513,516) - - - - Transfer from profit and loss account to Cash flows from financing activities undistributed percentage return reserve - 161,374 - - - - (161,374) - Long term financing received 4,000,000 1,000,000 Transfer from profit and loss account to capital Long term financing repaid (24,010) (10,770,732) redemption reserve fund - - 776,485 - - - (776,485) - Finance cost paid (155,139) (959,448) Transfer from profit and loss account to self insurance reserve - - - - - 100,000 (100,000) - Dividends paid (557,916) (895,051) Transfer from reserve for Mari Seismic Unit to Cash flow from financing activities 3,262,935 (11,625,231) profit and loss account - - - - (422,329) - 422,329 - Increase / (decrease) in cash and cash equivalents 6,301,638 (4,274,481) Balance as at June 30, 2016 1,102,500 426,867 10,590,001 - - 100,000 4,746,555 16,965,923 Cash and cash equivalents at beginning of year 626,154 4,900,635 Total comprehensive income for the year: Cash and cash equivalents at end of year 37 6,927,792 626,154 Profit for the year - - - - - - 9,136,194 9,136,194 Other comprehensive loss - - - - - - (2,172) (2,172) The annexed notes 1 to 50 form an integral part of these financial statements. - - - - - - 9,134,022 9,134,022 Final cash dividend for the year ended June 30, 2016 @ Rs 2.10 per share * - note 5.2 - (112,234) - - - - (119,291) (231,525) First interim cash dividend for the year ended June 30, 2017 @ Rs 3 per share * - - - - - - (330,750) (330,750) Transfer from profit and loss account to undistributed percentage return reserve - 181,803 - - - - (181,803) - Transfer from profit and loss account to self insurance reserve - - - - - 500,000 (500,000) - Balance as at June 30, 2017 1,102,500 496,436 10,590,001 - - 600,000 12,748,733 25,537,670 * Distribution to owners - recorded directly in equity The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad, HI (M), (Retd) Qaiser Javed Lt Gen Ishfaq Nadeem Ahmad, HI (M), (Retd) Qaiser Javed Managing Director / CEO Director Managing Director / CEO Director Mari Petroleum Company Limited Mari Petroleum Company Limited 128 Annual Report 2017 Annual Report 2017 129 Notes to and Forming Part of the Financial Statements For the year ended June 30, 2017 1. LEGAL STATUS AND OPERATIONS or are not expected to have significant impact on the Company’s financial statements other than certain 1.1 Mari Petroleum Company Limited (“the Company”) is a public limited company incorporated in Pakistan additional disclosures. on December 4, 1984 under the Companies Ordinance, 1984. The shares of the Company are listed on the Effective from accounting period beginning Pakistan Stock Exchange Limited. The Company is principally engaged in exploration, production and sale on or after of hydrocarbons. The registered office of the Company is situated at 21 Mauve Area, 3rd Road, G-10/4, Amendments to IFRS 10 ‘Consolidated Financial Statements’, Islamabad.
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