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BOARD OF DIRECTORS Mr. Ehsan A. Malik Ms. Fariyha Subhani Mr. Ali Tariq Mian Zulfikar H. Mannoo Mian M. Adil Mannoo Mr. Kamal Mannoo Mr. Badaruddin F. Vellani Ms.Shazia Syed Mr. Noman A. Lutfi COMPANY SECRETARY Mr. Amar Naseer AUDIT COMMITTEE Mian Zulfikar H. Mannoo Mian M. Adil Mannoo Mr. Noman A. Lutfi Mr. Azhar Shahid AUDITORS Messrs A.F. Ferguson & Co. Chartered Accountants State Life Building No. 1-C I.I. Chundrigar Road Karachi. REGISTERED OFFICE Avari Plaza Fatima Jinnah Road Karachi - 75530 SHARE REGISTRATION OFFICE Famco Associates (Pvt) Limited State Life Building No. 1-A I.I. Chundrigar Road Karachi. WEBSITE ADDRESS www.unileverpakistan.com.pk www.unileverpakistanfoods.com.pk Chairman Member Member Secretary & Head of Internal Audit Chairman Chief Executive Officer Director / Chief Financial Officer Director Director Director Director Director Director
Financial Highlights
Quarter Ended March 31 2013 Rs 000 2012 1,466,351 281,785 187,942 30.52 Increase % 19% 35% 36% 36%
Net Sales Profit before taxation Profit after taxation Earnings per share (Rs.)
Future Outlook External factors e.g. worsening security environment, political uncertainty, inflation, currency depreciation and power crisis continue to create a challenging environment for the business. We will continue to focus on consumer relevant innovations, offer better value products and invest in building stronger brands to overcome competition, intensity of which is growing. On behalf of the Board
Note ASSETS Non-current assets Property, plant and equipment Intangible assets Long term loans Retirement benefit - prepayment Current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Cash and bank balances Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves LIABILITIES Non-current liabilities Retirement benefits - obligation Deferred taxation Current liabilities Trade and other payables Provisions Sales tax payable Accrued interest / mark up Short term borrowings Taxation - provision less payments Total liabilities Contingency and commitments Total equity and liabilities 4 3
Unaudited Audited March 31, December 31, 2013 2012 Rupees in thousand
651,335 81,637 20,982 1,134 755,088 20,054 701,980 206,408 13,404 44,154 19,198 715,464 1,720,662 2,475,750
649,333 81,637 22,477 3,460 756,907 16,983 750,374 146,113 12,682 39,603 80,918 201,902 1,248,575 2,005,482
3,957 105,291 109,248 1,276,303 9,438 67,338 988 64,562 102,040 1,520,669 1,629,917 2,475,750
3,922 107,900 111,822 1,213,083 7,508 4,640 895 64,897 11,692 1,302,715 1,414,537 2,005,482
The annexed notes 1 to 8 form an integral part of this condensed interim financial information.
Fariyha Subhani
Chief Executive
Ali Tariq
Director & Chief Financial Officer
2013 2012 Rupees in thousand Sales Cost of sales Gross profit Distribution cost Administrative expenses Other operating expenses Other operating income Profit from operations Finance cost Profit before taxation Taxation Profit after taxation Other comprehensive income Total comprehensive income Basic and diluted earnings per share (Rupees) 1,743,216 (1,009,608) 733,608 (299,714) (35,191) (28,540) 10,360 380,523 (1,355) 379,168 (124,280) 254,888 254,888 41.39 1,466,351 (896,225) 570,126 (253,721) (34,191) (22,901) 26,619 285,932 (4,147) 281,785 (93,843) 187,942 187,942 30.52
The annexed notes 1 to 8 form an integral part of this condensed interim financial information.
Fariyha Subhani
Chief Executive
Ali Tariq
Director & Chief Financial Officer
527,644
The annexed notes 1 to 8 form an integral part of this condensed interim financial information.
Fariyha Subhani
Chief Executive
Ali Tariq
Director & Chief Financial Officer
Balance as at January 1, 2012 Total comprehensive income for the quarter ended March 31, 2012 Final dividend for the year ended December 31, 2011 @ Rs 50 per share Balance as at March 31, 2012 Balance as at December 31, 2012 Total comprehensive income for the quarter ended March 31, 2013 Balance as at March 31, 2013
61,576 -
24,630 -
628 -
138 -
404,563 187,942
429,959 187,942
491,535 187,942
(307,881) (307,881) 310,020 529,369 254,888 784,257 371,596 590,945 254,888 845,833
The annexed notes 1 to 8 form an integral part of this condensed interim financial information.
Fariyha Subhani
Chief Executive
Ali Tariq
Director & Chief Financial Officer
3.1
Additions and disposals of operating assets during the period are as follows: Additions ( at cost ) March 31, March 31, 2013 2012 Building on freehold land Plant and machinery Electrical, mechanical and office equipment Motor vehicles 398 14,579 14,977 840 2,582 13,469 16,891 Disposals ( at cost ) March 31, March 31, 2013 2012 -
4. 4.1
CONTINGENCIES AND COMMITMENTS Contingencies The Officer of Inland Revenue while finalising the assessments for the tax years 2009 and 2010, disallowed tax payments of Rs. 35.73 million. The company has filed appeals before the Commissioner of Inland Revenue - Appeals. The companys management is of the view that the disallowances were erroneous and, therefore, the ultimate decision in appeals will likely be in the companys favour. No provision has, therefore, been made in the financial statements.
4.2
Commitments Aggregate commitments for the capital expenditure outstanding as at March 31, 2013 amounted to Rs. 9.15 million ( December 31, 2012: Rs. 13.54 million ).
Unaudited Audited March 31, December 31, 2013 2012 (Rupees in thousand) 5. CASH AND CASH EQUIVALENTS Cash and bank balances Short term borrowings 715,464 (64,562) 650,902
6. RELATED PARTY TRANSACTIONS Significant related party transactions during the period are as follows :
March 31, March 31, 2013 2012 (Rupees in thousand)
14,469 19,313 303,219 8,369 47,091 3,270 3,088 10,492 12,288 16,199 204,229 4,624 51,087 12,008 1,532 5,377 2,934 3,489
Relationship with the company i) ii) Holding company Other related parties
Nature of transactions
Royalty Technology fee Purchase of goods Sale of goods Fee for receiving of services from related parties Fee for providing of services to related parties Contribution to: - Defined Contribution plans Settlement on behalf of: - Defined Contribution plans - Defined Benefit plans Receipts from Defined Contribution plans
iii)
886
7.
PROPOSED AND DECLARED DIVIDENDS Final Dividend At the Board of Directors' meeting held on February 21, 2013, a final dividend in respect of 2012 of Rs. 66 per share amounting to a total dividend of Rs. 406.40million was proposed (2012: Rs. 50 per share amounting to a total dividend of Rs. 307.88 million) and approved by the shareholders of the Company in the Annual General Meeting held on April 18, 2013.
8.
DATE OF AUTHORISATION FOR ISSUE This condensed interim financial information was authorised for issue on April 23, 2013 by the Board of Directors of the Company.
Fariyha Subhani
Chief Executive
Ali Tariq
Director & Chief Financial Officer