LUCK FINAL Modified Latest

EPS 1.13 0.87 2.59 3.
14
Rs mn(Clinker) Mt
Production Capacities FY02 FY03 FY04 FY05
tons
Pezu unit 1 1,320,000 1,440,000 1,440,000 1,440,000
Pezu unit 2 - - - 1,260,000
Karachi unit Line E - - - -
Karachi unit Line F - - - -
1,320,000 1,440,000 1,440,000 2,700,000
Design Capacity-Cement 1,416,236 1,484,517 1,445,377 2,934,948
Rated Capacity
Clinker 1,200,000 1,200,000 1,257,143 1,257,143
Cement 1,287,487 1,237,097 1,261,838 1,366,537
Clinker to cement conversion factor 1.07 1.03 1.00 1.09
Actual Production
Clinker 731,145 1,054,200 1,126,045 1,295,655
Cement 784,450 1,086,790 1,130,250 1,408,400
Designed Capacity Utilization

Clinker 55% 73% 78% 48%
Cement 55% 73% 78% 48%
Raetd Capacity Utilization

Clinker 61% 88% 90% 103%
Cement 61% 88% 90% 103%
Rated Capacity / Designed Capacity

Clinker 91% 83% 87% 47%
Cement 91% 83% 87% 47%
Multiple Regression
Local
Export
Total
Mn to unit Convertor 1,000,000 1,000,000 1,000,000 1,000,000
Composition of sales (tons)

Local sales 779,804 1,055,945 1,003,165 1,143,087
Export sales 5,175 46,706 116,920 277,268
Total 784,979 1,102,651 1,120,085 1,420,355
Composition of sales (%)
Local sales 99% 96% 90% 80%
Export sales 1% 4% 10% 20%
Market share in sales

Total 8% 10% 8% 9%
Local 8% 10% 8% 8%
Exports 5% 11% 10% 18%
Market share in capacity
Total 9% 9% 8% 17%
1.12 0.95 1.03 1.94
Gross Price per ton

Local 4,164 3,533 4,016 4,284
Export 1,682 1,676 2,066 2,414
Net revenue per ton 2,519 1,986 2,596 2,802
Excise duty per ton 1,000 985 750 750
Sales tax per ton 630 533 569 560
Sales tax % 15% 15% 14% 13%
Commission and rebates per ton - - - 36
Retention price per ton 2,536 2,074 2,899 3,482
Retention price per bag 127 104 145 174
Retail Price 228 197 221 236

Dealer's Margin 20 20 20 20
Gross price 208 177 201 216
Commission to stockist - - - 2
Ex-Factory price 208 177 201 214
Sales tax 31 27 28 28
Excise duty 38 38 38 38
Retention price 139 112 134 148
Change in retail price % -14% 12% 7%
Export price per ton (% chg) 0% 23% 17%
Export price per ton in US$ 27 28 34 40

Change % 2% 23% 17%
Exchange rate Rupee-US$ 61 58 58 59
Loading and other charges as % of

sales 0% 0% 1% 1%
Inflation
Raw material consumed 36 54 66 93

Packing meterial 154 224 216 242
Salaraies, wages and benefits 97 98 116 141
Fuel and power 825 951 1,026 1,581
Stores and spares consumed 96 93 126 144
Repairs and maintenance 15 13 23 25
Depreciation 193 210 211 233
Insurance 26 36 36 35
Other manufacturing expenses 23 26 35 43
Amortization of quarry development 1 - - -
1,466 1,705 1,855 2,538
Work in process
Opening 127 61 58 91
Closing (61) (58) (91) (42)
66 4 (33) 49
COGM 1,533 1,709 1,822 2,587
Finished goods
Opening 56 51 18 32
Closing (51) (18) (32) (18)
5 34 (14) 14
COGS 1,537 1,743 1,807 2,601
P & L assumptions cost per ton

Raw material consumed 46 50 58 66
Packing meterial 197 206 192 172
Salaraies, wages and benefits 124 91 103 100
Fuel and power 1,052 875 908 1,123
Stores and spares consumed 122 86 111 102
Insurance 33 33 32 25
Other manufacturing expenses 29 24 31 30
Amortization of quarry development 2 - - -
COGS % change
Raw material consumed 9% 17% 14%
Packing meterial 5% -7% -10%
Salaraies, wages and benefits -27% 13% -2%
Fuel and power -17% 4% 24%
Stores and spares consumed -30% 29% -8%
Repairs and maintenance -39% 71% -12%
Depreciation -21% -3% -12%
Insurance 1% -4% -21%
Other manufacturing expenses -19% 31% -2%
Amortization of quarry development -100%
Inflation
WIP FG cost per ton
Distribution costs
Salaries and benefits 9 9 11 11
Communication 2 2 2 2
Ttravelling and conveyance 1 1 1 1
Priniting and stationery 0 0 0 0
Insurance 0 0 0 1
Rent, rates and taxes 1 1 1 2
Utilities 0 1 1 1
Vehicles running and maintenance 0 1 1 1
Fees, subscription and periodicals 1 0 0 0
Advertisement and sales promotion 0 0 1 4
Entertainment 0 0 0 0
Sales promotion 4 0 - -
Export logistics
Others 1 0 0 0
23 20 23 24
Cost at start
Freehold land 5 5 5
Buildings on freehold land 892 982 996
Plant and machinery 3,120 3,520 3,539
Generators - 634 634
Quarrry equipments 188 188 188
Vehicles subject to financial lease 23 35 37
Furniture and fixture 6 7 8
Office equipments 24 27 29
Othr assests 12 13 13
Total - 4,270 5,411 5,449
Additions
Freehold land - - -
Plant and machinery 400 19 2,251
Generators - 0 904
Quarrry equipments - - 109
Other assests 0 0 0
Total - 474 43 3,895
Disposals
Freehold land - - -
Buildings on freehold land - - -
Plant and machinery - - -
Generators - - -
Quarrry equipments - - (25)
Vehicles subject to financial lease (0) (4) (8)
Furniture and fixture - (0) (0)
Office equipments - (0) (0)
Othr assests (0) - (0)
Total - (0) (5) (32)
Adjustments
Freehold land - - -
Buildings on freehold land 31 - -
Generators 634 - -
Quarrry equipments - - -
Vehicles subject to financial lease 1 - -
Furniture and fixture 0 - -
Office equipments 1 - -
Othr assests 1 - -
Total - 668 - -
Cost at end
Freehold land - 5 5 5
Buildings on freehold land - 982 996 1,584
Plant and machinery - 3,520 3,539 5,791
Generators - 634 634 1,538
Quarrry equipments - 188 188 273
Vehicles subject to financial lease - 35 37 54
Furniture and fixture - 7 8 12
Office equipments - 27 29 43
Othr assests - 13 13 13
Total - 5,411 5,449 9,312
Depriciation rate
Freehold land
Buildings on freehold land
Plant and machinery
Generators
Quarrry equipments
Vehicles subject to financial lease
Furniture and fixture
Office equipments
Othr assests
Total
Depreciation at start
Freehold land - - -
Plant and machinery 521 639 757
Generators - 205 236
Othr assests 5 7 7
Total - 833 1,230 1,442
Depreciation for the year

Freehold land - - -
Plant and machinery 117 118 130
Generators 32 32 36
Othr assests 1 1 1
Total - 214 215 241
Disposals
Freehold land - - -
Buildings on freehold land - - -
Generators - - -
Quarrry equipments - - (11)
Vehicles subject to financial lease (0) (3) (6)
Furniture and fixture - (0) (0)
Office equipments - (0) (0)
Other assests (0) - (0)
Total - (0) (3) (17)
Adjustments
Freehold land - - -
Buildings on freehold land 8 - -
Generators 173 - -
Quarrry equipments - - -
Vehicles subject to financial lease 0 - -
Furniture and fixture 0 - -
Office equipments 1 - -
Othr assests 1 - -
Total - 183 - -
Depriciation at end
Freehold land - - - -
Buildings on freehold land - 281 331 381
Plant and machinery - 639 757 886
Generators - 205 236 272
Total - 1,230 1,442 1,666
Net book value at end
Freehold land - 5 5 5
Buildings on freehold land - 701 665 1,202
Plant and machinery - 2,881 2,783 4,905
Generators - 429 397 1,266
Total - 4,182 4,007 7,646
Depreciation allocation
Cost of sales 193 210 211 233
Distribution costs 2 3 3 1
Administrative expenses 0 1 1 4
Capital WIP - - - 4
196 214 215 241
Cost of sales 99% 98% 98% 96%

Distribution costs 1% 1% 1% 0%
Administrative expenses 0% 0% 0% 2%
Capital WIP 0% 0% 0% 1%
Capital WIP
Building and civil works 46 8 269 1,557

Plant and machinery 241 4 341 4,241
Advances to suppliers -plant &
machinery - 29 395 -
Advance for gas installation 19 19
287 41 1,025 5,817
Opening
Building and civil works
Plant and machinery
Advances to suppliers vehicles
Advance for gas installation
Additions balance
Plant and machinery
Transferred to operating fixed

assets
Plant and machinery
Closing balance
Plant and machinery
Additions balance
Plant and machinery
Transferred to operating fixed

assets
Plant and machinery
Salaries and benefits growth 2% 15% 5%

Communication % of sales 0% 0% 0% 0%
Ttravelling and conveyance % of sales 0% 0% 0% 0%
Priniting and stationery % of sales 0% 0% 0% 0%
Insurance % of sales 0% 0% 0% 0%
Rent, rates and taxes % of sales 0% 0% 0% 0%
Utilities % of sales 0% 0% 0% 0%
Vehicles running and maintenance %
of sales 0% 0% 0% 0%
Repairs and maintenance % of sales 0% 0% 0% 0%
Fees, subscription and periodicals %
of sales 0% 0% 0% 0%
Advertisement and sales promotion %
of sales 0% 0% 0% 0%
Entertainment % of sales 0% 0% 0% 0%
Depreciation % of sales 0% 0% 0% 0%
Sales promotion % of sales 0% 0% 0% 0%
Others % of sales 0% 0% 0% 0%
Administrative expenses
Salaries and benefits 19 19 25 29
Communication 3 3 4 4
Travelling and conveyance 3 1 2 2
Insurance 0 1 1 1
Rent, rates and taxes 0 0 1 1
Vehicles running and maintenance 1 1 1 2
Printing and stationery 2 2 2 2
Fees and subscription 1 1 1 4
Security servics 0 0 0 0
Legal and professional 4 4 3 4
Transport and freight 0 0 0 0
Utilities 1 1 1 1
Advertisement 1 1 - -
Donations - - 0 5
Auditors' remuneration 0 1 0 0
Octori refundable written off - - - 1
Amortization of deferred cost 5 - - -
Others 1 1 1 1
43 37 44 61
Salaries and benefits growth 4% 29% 16%

Communication % of sales 0% 0% 0% 0%
Travelling and conveyance % of sales 0% 0% 0% 0%
Insurance % of sales 0% 0% 0% 0%
Rent, rates and taxes % of sales 0% 0% 0% 0%
Vehicles running and maintenance %
of sales 0% 0% 0% 0%
Printing and stationery growth 0% 0% 0% 0%
Fees and subscription growth 0% 0% 0% 0%
Security servics growth 0% 0% 0% 0%
Legal and professional growth -17% -20% 33%
Transport and freight % of sales 0% 0% 0% 0%
Utilities growth 0% 0% 0% 0%
Repairs and maintenance % of sales 0% 0% 0% 0%
Advertisement growth 0% 0% 0% 0%
Donations growth 0% 0% 0% 0%
Auditors' remuneration growth 166% -55% 1%
Depreciation % of sales 0% 0% 0% 0%
Octori refundable written off growth 0% 0% 0% 0%
Amortization of deferred cost growth 0% 0% 0% 0%
Others growth 0% 0% 0% 0%
Gratuity 9 (2) 10 13
% of Admin and Distribution 29% 32%
Other operating income

Gain on disposal of fixed assets 1 0 1 1
Laibilities no more payable writtn back
Exchange gain
Excise duty refundable *
Others 0 0 0 0
1 0 2 1
BV of disposals 0 2 15
Sale proceeds 0 3 16
Gain on disposal of assets 0 1 1
Sale proceeds as % of BV 281% 176% 107%
Others as % of gain on disposal 24% 93% 6% 10%
Other charges
WPPF 16 18 51 64
Loss on disposalof fixed assets 0 0 3 -
16 18 54 64
Other charges per ton 16 46 45
Growth 178% -2%
Taxation-current 10 11 17 20
-prior years' - 88 1 3
-deferred - 16 268 361
10 115 285 383
Taxation-current 3% 3% 2% 2%
-prior years' 0% 26% 0% 0%
-deferred 0% 5% 28% 30%
BS assumptions
Assets
Non-current assets
Property, plant and equipment 4,182 4,222 5,032 13,462

Long term security deposits 3 2 2 2
4,184 4,225 5,034 13,464
growth -14% -8% -4%
Current assets
Stores and spares
Stores 116 134 427 529
Spares 208 188 194 229
Spares in transit 5 4 12 107
329 326 633 864
% of sales
Stores 6% 6% 15% 13%
Spares 11% 9% 7% 6%
Spares in transit 0% 0% 0% 3%
Stock-in-trade
Raw and packing materials- in hand 19 40 50 55
Work-in-process 61 57 91 42
Finished goods 51 18 32 18
131 115 172 116
% of sales
Raw and packing materials- in hand 1% 2% 2% 1%
Work-in-process 3% 3% 3% 1%
Finished goods 3% 1% 1% 0%
Trade debts- unsecured, considered

good 16 5 16 23
% of sales 1% 0% 1% 1%
Loans & advances

Secured 105 68 3 3
Unsecured 21 19 29 132
126 87 32 135
% of sales
Secured 0% 0%
Unsecured 1% 3%
Trade deposits and short term

prepayments
Deposits 6 5 7 10
Prepayments 0 1 1 0
Special case - - - -
6 6 8 10
% of sales
Deposits 0% 0% 0% 0%
Prepayments 0% 0% 0% 0%
Other receivables 21 14 79 20
% of sales
Other receivables 0 1% 3% 1%
Taxation-net - - 37 34
% of sales 1% 1%
Share capital 2,450 2,450 2,450 2,634

Share premium 990 990 990 990
General reserve
Unappropriated profit 350 181 864 1,507
3,790 3,621 4,304 5,131
Non - current liabilities

Deferred taxation - 230 498 859
Staff Gratuity 33 30 39 49
Retention money 11 11 11 11
Encasment of performance guarantee 56 56 56 56
101 98 106 116
Long term deposits 17 17 20 25

% of sales 1% 1% 1% 1%
Current liabilities
Trade and other payables
Creditors 161 147 188 264
Accrued liabilities 28 22 27 29
Running account with customers 36 39 66 168
Retention money 4 1 0 53
Bills payable 41 - 52 -
Workers' profit participation fund 18 18 12 64
Sales tax payable 28 20 - 17
Excise duty payable - - 8 -
Mark on long term loan & ST bank
borrowing 12 5 - -
Unclaimed dividend 13 6 2 8
Proposed dividend - - - -
Others 2 0 - 13
343 259 353 615
% of sales
Creditors 8% 7% 6% 7%
Accrued liabilities 1% 1% 1% 1%
Running account with customers 2% 2% 2% 4%
Retention money 0% 0% 0% 1%
Bills payable 2% 0% 2% 0%
Workers' profit participation fund 1% 1% 0% 2%
Sales tax payable 1% 1% 0% 0%
Excise duty payable 0% 0% 0% 0%
Mark on long term loan & ST bank
borrowing 1% 0% 0% 0%
Unclaimed dividend 7% 3%
Others 0% 0% 0% 0%
Accrued mark-up
Lonng term finances - - 3 108
Short term borrowings - - 6 17
- - 9 125
% of LT finances 0% 2%
% of ST borrowings 1% 2%
Short term borrowings- secured

Running finance
Foreighn currency import finance
Export refinance
Running finance under mark-up
arrangements from banks 47 278 568 787
% of sales 2% 13% 20% 20%

Running finance
Foreighn currency import finance
Export refinance
Gratuity
Present value 33 32 38 58
Unrecognized acturial (loss)/gain - (2) 1 (9)
33 30 39 49
Opening balance 33 30 39
Charge/ (reversal) for the year (2) 10 13
Payment made during the year (1) (2) (3)
Closing balance 33 30 39 49
Charge/ (reversal) for the year % of

opening balance -6% 35% 33%
Payment made during the year % of of
opening balance -3% -6% -8%
Number of shares 245 263
Mark up on long term ( cash flows )

7.35 9.67 8.23 8.61 10.00 11.30
FY06 FY07 FY08 FY09 FY10 FY11
1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000

2,520,000 2,520,000 2,520,000 2,520,000 2,520,000 2,520,000
- 1,260,000 1,260,000 1,260,000 1,260,000 1,260,000
- 1,260,000 1,260,000 1,260,000 1,260,000
3,960,000 5,220,000 6,480,000 6,480,000 6,480,000 6,480,000
3,942,961 5,435,886 6,747,997 6,747,997 6,746,531 6,696,973
2,373,333 3,842,312 4,582,909 4,446,727 4,244,991 4,449,633

2,363,121 4,001,220 4,772,447 4,630,633 4,419,593 4,598,622
1.00 1.04 1.04 1.04 1.04 1.03
2,227,878 3,345,003 4,176,306 4,076,499 3,906,434 4,012,889

2,218,292 3,483,344 4,349,028 4,245,093 4,067,110 4,147,255
56% 62% 64% 62% 58% 60%

56% 62% 64% 62% 58% 60%
94% 87% 91% 92% 92% 90%

94% 87% 91% 92% 92% 90%
60% 74% 71% 69% 66% 69%

60% 74% 71% 69% 66% 69%
21,033,261 23,177,916 24,982,183 27,377,677 30,002,661

10% 8% 10% 10%
3,187,961 4,148,430 5,174,122 6,199,815 7,430,646
30% 25% 20% 20%
24,221,222 27,326,345 30,156,305 33,577,492 37,433,307
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,816,617 3,182,897 3,244,908 3,247,684 3,285,321 3,600,319

324,419 1,456,573 1,866,793 2,069,649 2,479,926 2,972,258
2,141,036 4,639,470 5,111,702 5,317,333 5,765,247 6,572,578
85% 69% 63% 61% 57% 55%
15% 31% 37% 39% 43% 45%
12% 19% 14% 12% 10% 10%

11% 15% 14% 13% 12% 12%
22% 46% 45% 40% 40% 40%
19% 16% 20% 18% 16% 16%

1.62 1.53 1.41 1.51 1.60 1.53
5,163 4,427 4,671 4,937 5,148 5,262

4,096 3,031 3,369 3,733 3,980 4,178
3,729 2,699 3,260 3,546 3,767 3,916
755 750 750 750 750 750
675 626 652 684 711 729
13% 14% 14% 14% 14% 14%
31 30 30 30 30 30
-13% -5% 0% 0% 0% 0%
4,395 3,051 3,268 3,504 3,687 3,783
220 153 163 175 184 189
280 243 256 271 284 290

20 20 20 22 25 25
260 223 236 249 259 265
2 1 1 1 1 1
258 222 234 247 258 264
34 31 33 34 36 36
38 38 38 38 38 38
186 153 163 175 184 189
19% -13% 5% 6% 5% 2%
70% 27% 34% 21% 16% 10%
68 49 54 60 63 66
70% 5% 10% 10% 5% 5%
60 61 62 62 63 63
1% 1% 1% 1% 1% 1%
7% 7% 7% 7% 7%
181 482 613 646 669 737

405 790 1,060 1,107 1,135 1,238
257 470 631 659 675 737
3,583 5,722 7,287 7,682 7,949 8,754
357 431 578 604 619 675
36 45 60 62 64 70
409 857 464 540 596 654
37 42 43 33 24 20
80 133 179 187 191 209
- - - - - -
5,346 8,970 10,914 11,519 11,923 13,094
42 264 308 308 308 308

(264) (308) (308) (308) (308) (308)
(222) (43) - - - -
5,123 8,927 10,914 11,519 11,923 13,094
18 68 148 (1,684) (4,458) (9,187)

(68) (148) 1,684 4,458 9,187 16,462
(50) (80) 1,833 2,773 4,729 7,275
5,074 8,847 12,747 14,293 16,652 20,368
82 138 141 152 164 178

183 227 244 261 279 299
116 135 145 155 166 178
1,615 1,643 1,676 1,810 1,954 2,111
161 124 133 142 152 163
16 13 14 15 16 17
184 246 209 243 269 295
17 12 10 8 6 5
36 38 41 44 47 50
- - - - - -
2,575 2,612 2,830 3,054 3,294
23% 0% 2% 8% 8% 8%
6% -2% -3% -2% 0% -2%
16% 0% 7% 5% 7% 5%
44% 0% 2% 8% 8% 8%
58% 12% 23% 21% 28% 21%
-7% 3% 14% 0% 2% 5%
11% -6% -2% -2% 0% -3%
-33% -14% -18% -22% -22% -19%
18% 7% 14% 9% 12% 10%
8% 8% 7% 7% 7%
2,329 2,403 2,586 2,785 2,999
21 24 32 44 63 85
2 2 10 10 11 13
1 1 4 5 5 6
0 1 2 2 2 2
1 2 3 3 4 4
2 3 7 8 8 10
0 1 3 3 3 3
1 3 5 5 5 7
0 0 1 1 1 1
0 0 1 1 2 2
1 5 7 9 10 10
0 0 2 2 2 2
4 17 6 6 7 8
- 1 0 0 0 1
439
1 2 2 2 3
34 498 84 99 125 156
5 230 230 286 357 444

1,584 3,394 4,464 5,533 6,603 7,672
5,791 10,874 13,938 17,938 19,938 19,958
1,538 3,131 3,189 3,246 3,246 3,246
273 596 642 682 721 763
54 94 427 762 1,097 1,433
12 19 37 44 53 64
43 84 116 138 165 196
13 31 46 55 66 79
9,312 18,454 23,089 28,686 32,246 33,855
225 - 56 70 88 54
1,810 1,070 1,070 1,070 1,070 1,070
5,083 3,064 4,000 2,000 19 19
1,594 57 57 0 0 0
324 46 46 46 46 46
42 341 341 341 341 341
7 17 8 9 10 11
42 32 22 27 31 28
18 15 8 11 13 12
9,145 4,642 5,608 3,574 1,618 1,580
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - (6) (8) (3) (4)
(2) (7) (5) (6) (5) (6)
(0) (0) (0) (0) (0) (0)
(1) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(3) (8) (12) (14) (9) (10)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
230 230 286 357 444 498

3,394 4,464 5,533 6,603 7,672 8,742
10,874 13,938 17,938 19,938 19,958 19,977
3,131 3,189 3,246 3,246 3,246 3,246
596 642 682 721 763 805
94 427 762 1,097 1,433 1,768
19 37 44 53 64 75
84 116 138 165 196 224
31 46 55 66 79 90
18,454 23,089 28,686 32,246 33,855 35,425
0% 0% 0% 0% 0%
2% 2% 2% 2% 2%
1% 1% 1% 1% 1%
2% 2% 2% 2% 2%
5% 5% 5% 5% 5%
10% 10% 10% 10% 10%
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
- - - - - -
381 469 677 788 920 1,074
886 1,096 1,531 1,711 1,910 2,110
272 357 517 582 646 711
73 92 124 155 188 225
23 36 61 134 241 382
5 6 9 12 14 17
18 24 39 46 54 64
8 11 14 17 20 24
1,666 2,091 2,973 3,444 3,994 4,607
- - - - - -
87 209 111 132 153 175
209 436 179 199 200 200
85 159 65 65 65 65
19 32 34 36 38 40
14 25 76 110 143 177
1 3 2 3 3 4
7 15 7 8 10 11
2 4 3 3 4 5
426 883 477 556 616 676
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - (3) (3) (2) (2)
(2) (1) (3) (3) (2) (2)
(0) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(2) (1) (6) (6) (4) (4)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
469 677 788 920 1,074 1,248
1,096 1,531 1,711 1,910 2,110 2,309
357 517 582 646 711 776
92 124 155 188 225 263
36 61 134 241 382 557
6 9 12 14 17 21
24 39 46 54 64 75
11 14 17 20 24 29
2,091 2,973 3,444 3,994 4,607 5,279
230 230 286 357 444 498
2,925 3,786 4,745 5,683 6,599 7,494
9,779 12,407 16,228 18,028 17,848 17,668
2,774 2,672 2,664 2,600 2,535 2,470
504 518 527 533 539 542
58 366 628 856 1,050 1,211
13 27 33 39 46 54
60 77 92 111 132 149
21 32 38 45 54 62
16,364 20,116 25,241 28,252 29,248 30,146
409 857 464 540 596 654

4 17 6 6 7 8
5 9 4 6 7 7
9 - 3 5 6 6
426 883 477 556 616 676
96% 97% 97% 97% 97% 97%

1% 2% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1%
2% 0% 1% 1% 1% 1%
823 12 (2,056) (4,621) (7,681) (11,237)

1,976 60 4,728 10,737 17,415 24,100
- 105 - - - -
3 26 (47) (183) (301) (401)
2,801 203 2,625 5,933 9,432 12,462
1,557 823 12 (2,056) (4,621) (7,681)

4,241 1,976 60 4,728 10,737 17,415
19 3 105 (47) (183) (301)
- 26 26 26 26
5,817 2,801 203 2,651 5,958 9,458
1,453 260 4,095 5,076 6,057 7,038

3,915 1,467 9,424 12,129 13,481 13,494
3 108 23 42 60 79
26
5,371 1,861 13,542 17,247 19,598 20,611
2,187 1,071 6,163 7,640 9,117 10,594

6,181 3,383 4,756 6,121 6,803 6,810
19 6 175 178 178 178
-
8,386 4,460 11,094 13,939 16,099 17,582
823 12 (2,056) (4,621) (7,681) (11,237)

1,976 60 4,728 10,737 17,415 24,100
3 105 (47) (183) (301) (401)
26 26 26 26 26
2,801 203 2,651 5,958 9,458 12,487
92% 92% 92% 92% 92% 92%

68% 68% 68% 68% 68% 68%
5% 5% 5% 5% 5% 5%
138% 138% 138% 138% 138% 138%

34% 34% 34% 34% 34% 34%
5% 5% 5% 5% 5% 5%
82% 26% 32% 37% 44% 35%

0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
62 53 61 71 81 94
4 5 19 20 21 26
3 3 9 10 11 13
1 1 3 3 4 4
1 1 3 3 4 4
5 6 8 9 11 13
2 3 8 9 10 11
3 3 10 11 14 14
1 2 2 2 2 3
6 7 8 10 12 15
0 0 1 1 1 1
1 2 6 6 6 8
1 7 3 3 3 4
2 2 2 2 3 4
7 4 9 13 17 17
1 4 7 16 39 81
5 9 4 6 7 7
- - 1 1 1 1
- - 2 2 3 4
1 1 5 5 6 7
107 111 171 202 256 332
113% 15% 15% 15% 15% 15%

0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
47% 11% 18% 27% 26% 20%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
278% 97% 80% 114% 143% 109%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
74 39 53 75 83 107
89% 50% 57% 65% 57% 60%
0 - 3 2 2 3
68
23
539
0 - 1 0 0 1
0 629 3 3 3 4
1 7 6 7 5 6
1 6 9 10 7 9
0 (0) 3 2 2 3
118% 170% 143% 135% 141% 147%
10% 29% 30% 17% 19% 21%
134 142 172 197 235 295

- 0 - - - -
134 142 172 197 235 295
63 31 34 37 41 45
40% 10% 10% 10% 10% 10%
40 63 60 56 66 77
- - - - - -
577 80 650 679 788 892
617 143 711 735 855 969
2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0%
23% 23% 23% 23% 23% 23%
19,165 20,319 27,866 34,184 38,681 42,608
2 2 2 2 2 2
19,167 20,321 27,868 34,186 38,682 42,610
0% -7% -5% -4% -4% -5%
323 1,054 1,563 1,892 1,978 2,129

860 906 1,341 1,497 1,779 2,234
85 33 175 231 301 290
1,267 1,994 3,079 3,620 4,058 4,653
4% 9% 9% 10% 9% 8%
11% 8% 8% 8% 8% 9%
1% 1% 1% 1% 1% 1%
99 220 252 274 305 362

264 308 425 479 526 693
68 148 146 168 184 238
431 676 823 920 1,014 1,293
1% 1% 2% 1% 1% 1%
3% 3% 3% 3% 2% 3%
1% 1% 1% 1% 1% 1%
98 477 110 140 169 211
1% 1% 1% 1% 1% 1%
2 5 9 9 12 14
200 237 450 470 541 659
202 242 459 479 553 673
0% 0% 0% 0% 0% 0%
3% 2% 3% 2% 2% 3%
7 9 34 37 41 46
4 1 5 6 7 9
274 - - - - -
285 10 39 43 48 55
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
84 177 204 253 231 302
1% 1% 1% 1% 1% 1%
24 50 108 110 148 165
0% 1% 1% 1% 1% 1%
2,634 2,634 2,634 2,634 2,634 2,634

990 990 990 990 990 990
3,000
3,446 2,730 4,633 6,639 8,876 11,458
7,070 9,354 8,257 10,262 12,500 15,082
1,436 1,516 2,166 2,845 3,633 4,526
114 147 211 301 427 611

11 - - - - -
56 - - - - -
182 147 211 301 427 611
27 26 103 112 124 143

0% 1% 1% 1% 1% 1%
459 364 1,076 1,208 1,389 1,635

59 112 146 160 180 219
177 105 430 517 617 660
538 225 326 440 608 797
87 577 129 175 164 233
104 152 171 202 261 289
- - 62 50 70 77
7 - 14 19 15 21
- - - - - -
8 11 10 15 15 15
- - 254 380 380 380
13 1 21 28 38 38
1,451 1,547 2,639 3,194 3,738 4,365
6% 7% 6% 6% 6% 6%
1% 1% 1% 1% 1% 1%
2% 2% 3% 3% 3% 3%
7% 2% 2% 2% 3% 3%
1% 1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1%
0% 1% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0%
3% 5% 4% 4% 4% 4%
0% 0% 0% 0% 0% 0%
182 289 194 102 46 71

9 37 45 48 56 65
190 326 239 151 102 136
2% 2% 2% 2% 2% 2%
1% 1% 2% 1% 2% 2%
256 247 293 329 377

1,873 1,808 2,142 2,406 2,756
735 709 841 944 1,081
646 2,864 2,765 3,276 3,678 4,214
8% 23% 17% 17% 17% 16%

9% 9% 9% 9% 9%
65% 65% 65% 65% 65%
26% 26% 26% 26% 26%
114 147 211 301 427 611

- - - - - -
114 147 211 301 427 611
49 114 147 211 301 427

74 43 78 113 160 227
(8) (10) (14) (23) (35) (43)
114 147 211 301 427 611
151% 53% 53% 53% 53% 53%
-17% -8% -10% -11% -11% -10%
263 263
29% 30% 46% 45% 50%

2.62
4QF-Y07E 9M
5,652,967 15,380,297
1,119,698 2,145,487
6,772,665 17,525,784
1,000,000
729,808 2,453,250
539,681 917,212
1,269,489 3,370,462
57% 73%
43% 27%
19% 19%
13% 16%
48% 43%
4,427
3,678
3,277
750
626
30
0%
3,051
153
243
20
223
1
222
31
38
153
60
61
153
162
6%
-
21
-
178
199
2%
0%
20%
2,634
EPS 3.14 7.35
FY05 FY06
GDP at current factor cost (Rs mn) 4,577,061 4,879,496

Real GDP Growth (Revised) 8.57% 6.61%
Real GDP Growth (Reported) 8.35% 6.60%
Real GDP growth forecast by USDA 5.60% 5.00%
Inflation 9.28% 7.94%
Nominal GDP 17.85% 14.54%
GDP (mp) 6,547,590 7,499,932
18.34% 14.54%
Total expenditure of consolidated federal and provincial
govt. 1,117 1,423
PSDP allocations 228 327

PSDP growth 41% 43%
PSDP as a % of GDP at mp 0.00% 0.00%
PSDP as a % of GDP at fc 4.98% 6.70%
Normal PSDP forecast at GDP fc
PSDP as a % of Govt. expenditure
Population 154 157

Population Growth 2.32% 1.80%
Per capita income (real GDP) 29,729 31,134

Per capita income (nominal GDP) 42,528 47,854
Industry Production Capacity 17,436,050 20,940,476

9.67 8.23 8.61 10.00 11.30
FY07 FY08 FY09 FY10 FY11
5,196,663 5,508,463 5,838,971 6,189,309 6,560,668

6.50% 6.00% 6.00% 6.00% 6.00%
7.00% 6.50% 6.00% 6.00% 6.00%
4.80% 4.50% 4.20% 4.20% 4.20%
6.50% 6.00% 6.00% 5.50% 5.50%
13.00% 12.00% 12.00% 11.50% 11.50%
8,474,923 9,491,914 10,630,944 11,853,502 13,216,655
13.00% 12.00% 12.00% 11.50% 11.50%
415 494 585 664 714
0.00% 5.20% 5.50% 5.60% 5.40%

7.99%
160 162 165 168 171

1.80% 1.72% 1.91% 1.81% 1.81%
32,573 33,943 35,306 36,761 38,275

53,121 58,489 64,282 70,403 77,106
33,000,000 34,000,000 38,000,000 42,591,950 42,591,950
73% 80% 79% 79% 88%

EPS 1.13 0.87
Rs mn FY02 FY03
Assets
Non-current assets
Property, plant and equipment 4,182 4,222
Long term security deposits 3 2
4,184 4,225
Current assets
Stores and spares 329 326
Stock-in-trade
Trade debts-unsecured considered 131 115
good 16 5
Loans and advances 126 87
Trade deposits and short term
prepayments 6 6
Other receivables 21 14
Tax refunds due from government
Taxation-net - -
Cash and bank balances 53 40
684 593
Total assets 4,869 4,818
Equities and liabilities

Shares capital and reserves
Share capital 2,450 2,450
Reserves 1,340 1,171
3,790 3,621
Non - current liabilities

Long term finance 221 100
Deferred taxation - 230
Deferred liabilities 101 98
Long term deposits 17 17
339 444
Current liabilities
Trade and other payables 343 259
Accrued mark-up - -
Short term borrowings 47 278
Current portion of long term finance 120 -
Sales tax payable - -
Provision for taxation 46 32
Dividends paid 184 184
739 753
Contingencies and commitments - -
4,869 4,818
- 0
Net debt 388 378

Net debt change (10)
245
0.8
2.59 3.14 7.35 9.67 8.23 8.61
5,032 13,462 19,165 20,319 27,866 34,184

2 2 2 2 2 2
5,034 13,464 19,167 20,321 27,868 34,186
633 864 1,267 1,994 3,079 3,620

172 116 431 676 823 920
16 23 98 477 110 140
32 135 202 242 459 479
8 10 285 10 39 43
79 20 84 177 204 253
539
37 34 24 50 108 110
1,000 141 2,063 1,238 (3,733) (8,881)
1,978 1,342 4,455 5,402 1,090 (3,316)
7,012 14,807 23,623 25,723 28,958 30,870
2,450 2,634 2,634 2,634 2,634 2,634

1,854 2,497 4,436 6,720 5,623 7,629
4,304 5,131 7,070 9,354 8,257 10,262
1,150 6,530 10,157 8,329 11,057 5,882

498 859 1,436 1,516 2,166 2,845
106 116 182 147 211 301
20 25 27 26 103 112
1,774 7,530 11,801 10,018 13,537 9,140
353 615 1,451 1,547 2,639 3,194

9 125 190 326 239 151
568 787 646 2,864 2,765 3,276
- 617 2,383 1,615 1,521 4,848
- - 82 - - -
- - - - - -
- - - - - -
931 2,143 4,752 6,352 7,164 11,468
- - - - - -
7,009 14,804 23,623 25,724 28,958 30,870
(3) (3) 0 1 - -
1,718 7,933 13,185 12,809 15,342 14,005

1,341 6,215 5,252 (376) 2,534 (1,337)
anila.mubeen@hotmail.com
245 263 263 263 263 263

- - 1.0 1.0 1.0 1.5
10.00 11.30
FY10 FY11
38,681 42,608
2 2
38,682 42,610
4,058 4,653
1,014 1,293
169 211
553 673
48 55
231 302
148 165
(13,532) (15,027)
(7,311) (7,675)
31,371 34,935
2,634 2,634
9,866 12,448
12,500 15,082
2,609 4,048
3,633 4,526
427 611
124 143
6,793 9,328
3,738 4,365
102 136
3,678 4,214
4,561 1,811
- -
- -
- -
12,079 10,525
- -
31,371 34,935
- -
10,848 10,072
(3,158) (775)
263 263
1.5 1.5
EPS 1.13 0.87 2.59 3.14
Rs mn FY02 FY03 FY04 FY05
Local sales 3,247 3,730 4,028 4,897

Export sales 9 78 242 669
Gross sales 3,255 3,809 4,270 5,566
Excise duty 780 1,040 752 857

Sales tax 491 563 571 640
Commission and rebates on
sales - - 41
Loading and other charges 7 16 39 49
1,278 1,618 1,362 1,586
Net sales 1,977 2,190 2,908 3,980

Cost of sales 1,537 1,743 1,807 2,601
Gross profit 440 448 1,100 1,380
GP margin 22% 20% 38% 35%
Distribution costs 23 20 23 24
Administrative expenses 43 37 44 61
373 390 1,034 1,294
Other operating income 1 0 (2) (1)

Other charges 16 18 54 64
Profit before interest and
taxation 358 372 979 1,232
Finance cost 51 29 11 22
Profit before taxation 307 343 968 1,210
Taxation-current 10 11 17 20
-prior years' - 88 1 3
-deferred - 16 268 361
10 115 285 383
Profit after taxation 297 228 683 827
EPS 1.13 0.87 2.59 3.14
Dividends 184 184 - -
Payout 8% 8% 0% 0%
Net margin 15% 10% 23% 21%

Unappropriated profit b/f 137 365 864
Final dividend from prior year (184) (184) -
Bonus shares issued - - (184)
Profit after taxation 228 683 827
General reserve
Unappropriated profit c/f 181 864 1,507
ROE 16% 16%

Retention 100% 100%
Average ROE
Average Retention
Terminal growth
199% 21%
27 10 15
12 15
No of shares 245 263

price 28 42
Market cap 6,782 11,014
Debt 1,718 7,933
Cash and investments 1,000 141
EV 7,500 18,807
EV/share 31 71
EBITDA 1,194 1,473
EV/EBITDA 6 13
EBITDA/ton 1.07 1.04
EV/ton 7 13
- -
41% 37%
35% 62%
11
3 6
8 7
8 7
12 15
2 3
12 13
7.35 9.67 8.23 8.61 10.00 11.30
9,379 12,310 15,188 16,067 16,946 18,980

1,329 4,314 6,234 7,664 9,798 12,330
10,708 16,623 21,422 23,731 26,744 31,310
1,371 2,387 2,434 2,436 2,464 2,700

1,226 1,607 2,116 2,220 2,337 2,626
57 107 96 96 97 107
70 - 113 124 129 142
2,723 4,102 4,759 4,876 5,027 5,574
7,985 12,522 16,663 18,855 21,717 25,736

5,074 8,847 12,747 14,293 16,652 20,368
2,911 3,675 3,917 4,562 5,065 5,368
36% 29% 24% 24% 23% 21%
34 498 84 99 125 156

107 111 171 202 256 332
2,770 3,066 3,662 4,261 4,684 4,880
(0) (629) (3) (3) (3) (4)

134 142 172 197 235 295
2,636 3,553 3,493 4,066 4,451 4,589
83 863 615 1,062 964 642
2,553 2,690 2,878 3,004 3,487 3,947
40 63 60 56 66 77
- - - - - -
577 80 650 679 788 892
617 143 711 735 855 969
1,936 2,547 2,167 2,269 2,632 2,977
7.35 9.67 8.23 8.61 10.00 11.30
263 263 263 395 395 395
10% 10% 10% 15% 15% 15%
24% 20% 13% 12% 12% 12%

1,510 3,446 2,730 4,633 6,639 8,876
- (263) (263) (263) (395) (395)
- - - - - -
1,936 2,547 2,167 2,269 2,632 2,977
(3,000)
3,446 2,730 4,633 6,639 8,876 11,458
1,443 1,706 2,074 2,237 2,417
27% 27% 26% 22% 21% 20%

90% 90% 90% 85% 85% 85%
23%
87%
20%
134% 32% -15% 5% 16% 13%
37 248
30 48 63 72 82 98
263 263 263 263 263 263

83 91 119 119 119 119
21,855 23,962 31,210 31,210 31,210 31,210
13,185 12,809 15,342 14,005 10,848 10,072
2,063 1,238 (3,733) (8,881) (13,532) (15,027)
32,976 35,532 50,285 54,097 55,590 56,309
125 135 191 205 211 214
3,062 4,436 3,970 4,623 5,068 5,265
11 8 13 12 11 11
1.43 0.96 0.78 0.87 0.88 0.80
15 8 10 10 10 9
1% 1% 1% 1% 1% 1%
38% 35% 24% 25% 23% 20%

43% 47% 199% -68% -36% -39%
10 7 3 12 15 16
8 13
8 13 39 10 8 7
30 48
3 2
11 9
2 2 1 1
14 14 12 10
13% 12% 12% 12%
1 2 2 2
1% 1% 1% 1%
2.62
3QFY07E
3,238
1,969
5,207
547
457
22
22
1,047
4,160
2,995
1,165
28%
22
47
1,097
(2)
34
1,065
175
890
21
-
178
199
691
2.62
0%
17%
EPS 1.13 0.87 2.59 3.14
Rs mn FY02 FY03 FY04 FY05
Cash flows from operating activities

Profit before taxation 305 343 971 1,232
Adjustments for non cash charges and other items
Amortization of deferred cost 6 - - -
Gain on sale of fixed assets (1) (0) (1) (1)
Provision for gratuity 9 (2) 10 13
Liabilities no more payable written back
Finance cost 53 29 -
568 584 1,195 1,481
Working capital changes
Increase in current assets 23 40 (475) (227)
Increase in current liabilities 137 (70) 102 250
728 554 822 1,505
Cash generated from operations
Income tax paid (30) (75) (19) (19)
Gratuity paid (1) (1) (2) (3)
(31) (76) (20) (22)
Mark-up on long term finances paid (58) (36) -
Long term deposits 2 (0) 4 5
Net cash inflow from operating activities 641 442 806 1,488
Cash flows from investing activities

Fixed capital expenditure (275) (254) (1,008) (8,514)
Sale proceeds of fixed assets 1 0 3 16
Net cash used in investing activities (274) (254) (1,005) (8,498)
Cash flows from financing activities

Long term finances (120) (241) 1,050 5,997
Short trm borrowings - (64)
Dividend paid (170) (191) (182) 0
Net cash inflow from financing activities (290) (432) 868 5,933
Net increase in cash and cash equivalents 76 (244) 669 (1,077)
Cash and cash equivalents at the beginning (70) 6 (238) 431
Cash and cash equivalent at the end of the period 6 (238) 431 (645)
3 6
3 6
khalid.mahmood@pkic.com
7.35 9.67 8.23 8.61 10.00 11.30
2,553 2,690 2,878 3,004 3,487 3,947
- - - - - -
417 883 474 552 610 670
(0) 0 (3) (2) (2) (3)
74 43 78 113 160 227
(68)
83 863 615 1,062 964 642
3,127 4,412 4,043 4,728 5,220 5,483
(1,201) (1,745) (1,139) (741) (618) (1,115)

1,406 (52) 1,093 550 544 627
3,332 2,614 3,996 4,537 5,146 4,995
(30) (26) (58) (2) (38) (16)

(8) (10) (14) (23) (35) (43)
(38) (36) (73) (25) (72) (60)
(572) (727) (3,203) (1,217) (1,169) (740)
2 (1) 77 8 12 19
2,724 1,850 797 3,304 3,917 4,215
(6,054) (2,043) (8,045) (6,868) (5,109) (4,599)

1 6 9 10 7 9
(6,053) (2,037) (8,036) (6,858) (5,102) (4,590)
5,392 (2,595) 2,633 (1,848) (3,561) (1,311)

1,962 (347) 218 74 159
(0) (261) (11) (10) (15) (15)
5,392 (893) 2,276 (1,640) (3,502) (1,167)

2,063 (1,081) (4,962) (5,194) (4,687) (1,542)
(645) 2,063 982 (3,980) (9,174) (13,861)
1,418 982 (3,980) (9,174) (13,861) (15,403)
10 7 3 13 15 16
10 7 263 263 263 263

ahmood@pkic.com
FCFF
FY08 FY09 FY10 FY11
EBITDA (1-tax rate) 2,978 3,467 3,801 3,948
Depreciation x (Tax rate) 119 139 154 169
Fixed Capital Investment 8,045 6,868 5,109 4,599
Working Capital investment (2,232) (1,291) (1,162) (1,741)
Free cash flow to firm 8,909 9,183 7,902 6,975

Less: Interest ( 1-tax) 462 797 723 481
Plus: Net borrowing 2,534 (1,337) (3,158) (775)
Fre cash flow to equity 10,981 7,049 4,021 5,719

Terminal value 40,471
PV of FCFE 9,456 5,227 2,567 3,144
PV of TV 22,252
PV 42,647
Fair value 162
Risk free rate 10.1%

Risk premium 6%
Beta 1.00
Terminal growth 2%
Cost of equity 16.13%
Tax rate 25%
Chambal Fertilizers and Chemicals limited

Nagarjuna Fertilizers and Chemicals Limited
Bihar Caustic & Chemicals Ltd
WACC
Long term loans 9,944 12,578 10,730 7,169 5,858
Short term loans 2,864 2,765 3,276 3,678 4,214
12,809 15,342 14,005 10,848 10,072
Cost of long term loans #REF! #REF! #REF! #REF! #REF!

Cost of short term loans 9% 9% 9% 9% 9%
Long term weight 78% 82% 77% 66% 58%

Short term weight 22% 18% 23% 34% 42%
Weighted average long term #REF! #REF! #REF! #REF! #REF!

Weighted average short term 2% 2% 2% 3% 4%
Cost of debt #REF! #REF! #REF! #REF! #REF!

After tax cost of debt #REF! #REF! #REF! #REF! #REF!
Cost of quity 16% 16% 16% 16% 16%
Market value of debt 12,809 15,342 14,005 10,848 10,072

Market value of equity 9,354 8,257 10,262 12,500 15,082
Capital structure
Debt 58% 65% 58% 46% 40%
Equity 42% 35% 42% 54% 60%
WdKd (1-T) #REF! #REF! #REF! #REF! #REF!

WsKs 7% 6% 7% 9% 10%
WACC #REF! #REF! #REF! #REF! #REF!
Economic Value Added

Net oprating profit before tax 3,066 3,662 4,261 4,684 4,880
Capital #REF! #REF! #REF! #REF! #REF!
EVA #REF! #REF! #REF! #REF! #REF!
Treminal value #REF!
EVA/share #REF! #REF! #REF! #REF! #REF!

Terminal value #REF!
NPV of EVA share #REF! #REF! #REF! #REF! #REF!
#REF!
Total value added per share #REF!
BV/share 36
Debt/share 49
EVA/share #REF!
FY02 FY03 FY04 FY05 FY06 FY07 FY08
EBITDA 554 586 1,194 1,473 3,062 4,436 3,970
EBITDA/ton 705 531 1,066 1,037 1,430 956 777
Enterprise Value
Market capitalization 34,976
Plus: market value of debt 12,809
Less: cash and investments 1,238
EV 46,546
EV/share 177
Market price 133

FY09 FY10 FY11
4,623 5,068 5,265
869 879 801

FY07 FY08 FY09 FY10
EPS 9.67 8.23 8.61 10.00
NBP
Amount outstanding 665
No of installments remaining 4
No of installments per year 2
Interest rate 11.30%
Installments 191
Date Balance Installment
Nov FY08 665 191
Jun FY08 513 191
Nov FY09 351 191
Jun FY09 180 191
NBP
Amount outstanding 1,008
Installments $1,108.44
Jul FY09 1,008 $1,108.44
NBP
Installments $186.07
Sep FY10 700 $186.07
Dec FY10 531.43 $186.07
Mar FY10 358.64 $186.07
Jun FY10 181.53 $186.07
SCB
Amount outstanding 798.77
Dec FY08 798.77 $229.20
Jun FY08 615.5 $229.20
Dec FY09 421.69 $229.20
Jun FY09 216.74 $229.20
HBL
Jul FY08 400 $218.17
Jan FY08 205.83 $218.17
HBL
Jul FY09 1,000 $537.80
Jan FY09 512.2 $537.80
UBL
Dec FY08 450 $168.35
Jun FY08 308.65 $168.35
Dec FY09 158.82 $168.35
Citi Bank
Installments $41.36
Sep FY08 225 $41.36
Dec FY08 190.11 $41.36
Mar FY08 154.21 $41.36
Jun FY08 117.28 $41.36
Sep FY09 79.29 $41.36
Dec FY09 40.21 $41.36
Citi Bank
Dec FY08 901 $121.04
Jun FY08 832.28 $121.04
DecFY09 759.1 $121.04
Jun FY09 681.71 $121.04
Dec FY10 599.88 $121.04
Jun FY10 513.33 $121.04
Dec FY11 421.81 $121.04
Jun FY11 325.03 $121.04
Dec FY12 222.69 $121.04
Jun FY12 114.45 $121.04
ABL
Oct FY10 1,500 $400.79
Jan FY10 1,140 $400.79
Apr FY10 770 $400.79
Jul FY11 390 $400.79
ABL
Aug FY09 500 $102.73
Sep FY09 401.79 $102.73
Oct FY09 302.7 $102.73
Nov FY09 202.71 $102.73
Dec FY09 101.81 $102.73
Bank Al-Habib
Interest rate 9.00%
Installments $96.94
Dec FY09 500 $96.94
Jun FY09 425.56 $96.94
Dec FY10 347.77 $96.94
Jun FY10 266.48 $96.94
Dec FY11 181.53 $96.94
Jun FY11 92.76 $96.94
KASB
Installments $26.51
Jan FY09 300 $26.51
Feb FY09 276.24 $26.51
Mar FY09 252.25 $26.51
Apr FY09 228.05 $26.51
May FY09 203.63 $26.51
Jun FY09 178.98 $26.51
Jul FY10 154.11 $26.51
Aug FY10 129 $26.51
Sep FY10 103.67 $26.51
Oct FY10 78.11 $26.51
Nov FY10 52.31 $26.51
Dec FY10 26.27 $26.51
ABL
Interest rate 9.00%
Installments $1,417.00
Aug FY10 1300 $1,417.00
New Loan 2 (FY08)

Interest rate 9.00%
Jul FY09 4,000 $606.44
Jan FY09 $3,573.56 $606.44
Jul FY10 $3,127.93 $606.44
Jan FY10 $2,662.25 $606.44
Jul FY11 $2,175.61 $606.44
Jan FY11 $1,667.08 $606.44
Jul FY12 $1,135.66 $606.44
Jan FY12 $580.32 $606.44
New Loan 2 (FY10)

Interest rate 9.00%
Jul FY12 2,000 $387.76
Jan FY12 $1,702.24 $387.76
Jul FY13 $1,391.09 $387.76
Jan FY13 $1,065.93 $387.76
Jul FY14 $726.14 $387.76
Jan FY14 $371.06 $387.76
New Loan 2 (FY09)

Interest rate 9.00%
Jul FY12 2,500 $484.70
Jan FY12 $2,127.80 $484.70
Jul FY13 $1,738.86 $484.70
Jan FY13 $1,332.41 $484.70
Jul FY14 $907.67 $484.70
Jan FY14 $463.82 $484.70
New Loan 2 (FY09)

Interest rate 9.00%
Installments $96.94
Jul FY12 500 $96.94
Jan FY12 $425.56 $96.94
Jul FY13 $347.77 $96.94
Jan FY13 $266.48 $96.94
Jul FY14 $181.53 $96.94
Jan FY14 $92.76 $96.94
New Loan 2 (FY10)

Interest rate 9.00%
Jul FY12 2,000 $387.76
Jan FY12 $1,702.24 $387.76
Jul FY13 $1,391.09 $387.76
Jan FY13 $1,065.93 $387.76
Jul FY14 $726.14 $387.76
Jan FY14 $371.06 $387.76
New Loan 2 (FY11)

Interest rate 9.00%
Jul FY12 2,500 $484.70
Jan FY12 $2,127.80 $484.70
Jul FY13 $1,738.86 $484.70
Jan FY13 $1,332.41 $484.70
Jul FY14 $907.67 $484.70
Jan FY14 $463.82 $484.70
FY02 FY03 FY04

Finance cost
Mark-up on long term finances 16 0
Mark-up on short term borrowings 8 6
Interest on workers' profit participation fund 1 1
Bank charges and commission 4 5
Fair value of derivative 0 0
0 29 11
FY02 FY03 FY04

Long term finances 341 100 1,150
Less: current portion of long term finance 120 - -
221 100 1,150
Mark-up on short term borrowings 0% 3% 1%

Interest on workers' profit participation fund 0% 6% 5%
Fair value of derivative
FY11
11.30
Principle Interest Interest Rate Balance

153 37.6 6% 513
162 28.96 6% 351
171 19.83 6% 180
180 10.19 6% -

$1,007.67 100.77 10% $0.00

$168.57 17.5 3% $531.43
$172.79 13.29 3% $358.64
$177.11 8.97 3% $181.53
$181.53 4.54 3% ($0.00)
$183.27 45.93 6% $615.50
$193.81 35.39 6% $421.69
$204.95 24.25 6% $216.74
$216.74 12.46 6% $0.00

$194.17 24 6% $205.83
$205.83 12.35 6% $0.00

$487.80 50 5% $512.20
$512.20 25.61 5% $0.00

$141.35 27 6% $308.65
$149.83 18.52 6% $158.82
$158.82 9.53 6% $0.00
$34.89 6.47 3% $190.11
$35.90 5.47 3% $154.21
$36.93 4.43 3% $117.28
$37.99 3.37 3% $79.29
$39.08 2.28 3% $40.21
$40.21 1.16 3% $0.00

$69.20 51.84 6% $832.28
$73.18 47.86 6% $759.10
$77.39 43.65 6% $681.71
$81.84 39.2 6% $599.88
$86.54 34.49 6% $513.33
$91.52 29.52 6% $421.81
$96.78 24.25 6% $325.03
$102.35 18.69 6% $222.69
$108.23 12.8 6% $114.45
$114.45 6.58 6% $0.00

$360.07 40.73 2.72% $1,139.93
$369.84 30.95 2.72% $770.09
$379.89 20.91 2.72% $390.20
$390.20 10.59 2.72% $0.00
$98.21 4.53 1% $401.79
$99.10 3.64 1% $302.70
$99.99 2.74 1% $202.71
$100.90 1.83 1% $101.81
$101.81 0.92 1% $0.00

$74.44 22.5 5% $425.56
$77.79 19.15 5% $347.77
$81.29 15.65 5% $266.48
$84.95 11.99 5% $181.53
$88.77 8.17 5% $92.76
$92.76 4.17 5% ($0.00)

$23.76 2.75 1% $276.24
$23.98 2.53 1% $252.25
$24.20 2.31 1% $228.05
$24.42 2.09 1% $203.63
$24.65 1.87 1% $178.98
$24.87 1.64 1% $154.11
$25.10 1.41 1% $129.00
$25.33 1.18 1% $103.67
$25.56 0.95 1% $78.11
$25.80 0.72 1% $52.31
$26.04 0.48 1% $26.27
$26.27 0.24 1% $0.00
$1,300.00 117 9% $0.00

$426.44 180 5% $3,573.56
$445.63 160.81 5% $3,127.93
$465.68 140.76 5% $2,662.25
$486.64 119.8 5% $2,175.61
$508.54 97.9 5% $1,667.08
$531.42 75.02 5% $1,135.66
$555.33 51.1 5% $580.32
$580.32 26.11 5% ($0.00)

$297.76 90 5% $1,702.24
$311.16 76.6 5% $1,391.09
$325.16 62.6 5% $1,065.93
$339.79 47.97 5% $726.14
$355.08 32.68 5% $371.06
$371.06 16.7 5% ($0.00)

$372.20 113 5% $2,127.80
$388.94 95.75 5% $1,738.86
$406.45 78.25 5% $1,332.41
$424.74 59.96 5% $907.67
$443.85 40.85 5% $463.82
$463.82 20.87 5% ($0.00)

$74.44 23 5% $425.56
$77.79 19.15 5% $347.77
$81.29 15.65 5% $266.48
$84.95 11.99 5% $181.53
$88.77 8.17 5% $92.76
$92.76 4.17 5% ($0.00)

$297.76 90 5% $1,702.24
$311.16 76.6 5% $1,391.09
$325.16 62.6 5% $1,065.93
$339.79 47.97 5% $726.14
$355.08 32.68 5% $371.06
$371.06 16.7 5% ($0.00)

$372.20 113 5% $2,127.80
$388.94 95.75 5% $1,738.86
$406.45 78.25 5% $1,332.41
$424.74 59.96 5% $907.67
$443.85 40.85 5% $463.82
$463.82 20.87 5% ($0.00)
0 97 889 349 748 611 239

13 52 128 252 299 336 385
3 2 9 7 8 10 11
6 5 11 6 7 7 8
0 (74) (174) 0 0 0 0
22 83 863 615 1062 964 642

7,147 12,539 9,944 12,578 10,730 7,169 5,858
617 2,383 1,615 1,521 4,848 4,561 1,811
6,530 10,157 8,329 11,057 5,882 2,609 4,048
(93)
2% 8% 9% 9% 9% 9% 9%
5% 2% 4% 4% 4% 4% 4%
-47% -17% -17% -17% -17% -17%
Covariance 0
Variance 0
Beta 0.79
Price Index Price change Index change

Fri/11/Jun/04 33.90 5,384.48
Mon/14/Jun/04 34.00 5,217.57 0% -3%
Tue/15/Jun/04 32.30 5,318.36 -5% 2%
Wed/16/Jun/04 33.55 5,305.42 4% 0%
Thu/17/Jun/04 33.90 5,264.89 1% -1%
Fri/18/Jun/04 33.25 5,248.67 -2% 0%
Mon/21/Jun/04 33.00 5,103.67 -1% -3%
Tue/22/Jun/04 31.75 5,080.24 -4% 0%
Wed/23/Jun/04 31.45 5,088.86 -1% 0%
Thu/24/Jun/04 31.15 5,151.02 -1% 1%
Fri/25/Jun/04 31.95 5,105.69 3% -1%
Mon/28/Jun/04 31.30 5,279.03 -2% 3%
Tue/29/Jun/04 32.70 5,264.95 4% 0%
Wed/30/Jun/04 33.00 5,279.18 1% 0%
Thu/01/Jul/04 32.80 5,347.72 -1% 1%
Fri/02/Jul/04 32.95 5,352.97 0% 0%
Mon/05/Jul/04 32.95 5,399.72 0% 1%
Tue/06/Jul/04 33.00 5,390.65 0% 0%
Wed/07/Jul/04 32.85 5,409.32 0% 0%
Thu/08/Jul/04 32.70 5,423.74 0% 0%
Fri/09/Jul/04 32.60 5,453.55 0% 1%
Mon/12/Jul/04 32.85 5,485.74 1% 1%
Tue/13/Jul/04 33.10 5,473.22 1% 0%
Wed/14/Jul/04 33.20 5,474.23 0% 0%
Thu/15/Jul/04 33.05 5,438.94 0% -1%
Fri/16/Jul/04 32.60 5,387.84 -1% -1%
Mon/19/Jul/04 32.35 5,378.93 -1% 0%
Tue/20/Jul/04 32.25 5,389.14 0% 0%
Wed/21/Jul/04 32.15 5,440.49 0% 1%
Thu/22/Jul/04 32.35 5,426.11 1% 0%
Fri/23/Jul/04 32.10 5,409.37 -1% 0%
Mon/26/Jul/04 31.90 5,346.15 -1% -1%
Tue/27/Jul/04 31.30 5,314.40 -2% -1%
Wed/28/Jul/04 30.50 5,351.33 -3% 1%
Thu/29/Jul/04 31.00 5,303.56 2% -1%
Fri/30/Jul/04 30.15 5,290.04 -3% 0%
Mon/02/Aug/04 30.00 5,206.83 0% -2%
Tue/03/Aug/04 28.95 5,262.52 -4% 1%
Wed/04/Aug/04 29.75 5,309.05 3% 1%
Thu/05/Aug/04 30.00 5,303.84 1% 0%
Fri/06/Aug/04 30.45 5,343.52 1% 1%
Mon/09/Aug/04 30.25 5,363.96 -1% 0%
Tue/10/Aug/04 30.20 5,367.95 0% 0%
Wed/11/Aug/04 30.40 5,352.95 1% 0%
Thu/12/Aug/04 30.20 5,326.16 -1% -1%
Fri/13/Aug/04 29.90 5,335.82 -1% 0%
Mon/16/Aug/04 29.90 5,329.67 0% 0%
Tue/17/Aug/04 29.80 5,377.75 0% 1%
Wed/18/Aug/04 30.10 5,417.44 1% 1%
Thu/19/Aug/04 30.50 5,377.71 1% -1%
Fri/20/Aug/04 30.35 5,409.05 0% 1%
Mon/23/Aug/04 30.40 5,401.38 0% 0%
Tue/24/Aug/04 30.20 5,368.23 -1% -1%
Wed/25/Aug/04 29.75 5,355.22 -1% 0%
Thu/26/Aug/04 29.85 5,381.09 0% 0%
Fri/27/Aug/04 30.05 5,393.99 1% 0%
Mon/30/Aug/04 30.00 5,329.86 0% -1%
Tue/31/Aug/04 29.50 5,346.15 -2% 0%
Wed/01/Sep/04 29.40 5,320.38 0% 0%
Thu/02/Sep/04 29.40 5,327.53 0% 0%
Fri/03/Sep/04 29.50 5,318.73 0% 0%
Mon/06/Sep/04 29.15 5,195.42 -1% -2%
Tue/07/Sep/04 27.70 5,168.77 -5% -1%
Wed/08/Sep/04 27.15 5,199.39 -2% 1%
Thu/09/Sep/04 27.90 5,184.12 3% 0%
Fri/10/Sep/04 27.65 5,172.21 -1% 0%
Mon/13/Sep/04 27.65 5,118.39 0% -1%
Tue/14/Sep/04 27.70 5,087.37 0% -1%
Wed/15/Sep/04 27.60 4,997.35 0% -2%
Thu/16/Sep/04 27.15 5,055.03 -2% 1%
Fri/17/Sep/04 27.50 5,045.91 1% 0%
Mon/20/Sep/04 27.25 5,044.77 -1% 0%
Tue/21/Sep/04 27.30 4,958.41 0% -2%
Wed/22/Sep/04 26.75 4,890.22 -2% -1%
Thu/23/Sep/04 25.90 4,970.57 -3% 2%
Fri/24/Sep/04 25.35 5,080.67 -2% 2%
Mon/27/Sep/04 25.50 5,125.04 1% 1%
Tue/28/Sep/04 26.20 5,128.13 3% 0%
Wed/29/Sep/04 26.00 5,196.28 -1% 1%
Thu/30/Sep/04 26.00 5,217.65 0% 0%
Fri/01/Oct/04 26.20 5,245.82 1% 1%
Mon/04/Oct/04 25.05 5,267.21 -4% 0%
Tue/05/Oct/04 25.25 5,233.28 1% -1%
Wed/06/Oct/04 25.05 5,299.53 -1% 1%
Thu/07/Oct/04 25.55 5,295.76 2% 0%
Fri/08/Oct/04 25.50 5,342.94 0% 1%
Mon/11/Oct/04 25.90 5,372.13 2% 1%
Tue/12/Oct/04 26.25 5,421.07 1% 1%
Wed/13/Oct/04 26.80 5,445.50 2% 0%
Thu/14/Oct/04 27.25 5,469.62 2% 0%
Fri/15/Oct/04 26.85 5,433.48 -1% -1%
Mon/18/Oct/04 26.45 5,380.72 -1% -1%
Tue/19/Oct/04 26.50 5,467.06 0% 2%
Wed/20/Oct/04 26.55 5,465.36 0% 0%
Thu/21/Oct/04 25.15 5,452.87 -5% 0%
Fri/22/Oct/04 25.05 5,458.32 0% 0%
Mon/25/Oct/04 25.00 5,468.12 0% 0%
Tue/26/Oct/04 24.80 5,390.35 -1% -1%
Wed/27/Oct/04 24.25 5,383.42 -2% 0%
Thu/28/Oct/04 24.20 5,367.68 0% 0%
Fri/29/Oct/04 24.00 5,332.24 -1% -1%
Mon/01/Nov/04 23.05 5,246.91 -4% -2%
Tue/02/Nov/04 22.10 5,329.88 -4% 2%
Wed/03/Nov/04 22.80 5,351.51 3% 0%
Thu/04/Nov/04 23.05 5,347.72 1% 0%
Fri/05/Nov/04 23.25 5,352.30 1% 0%
Mon/08/Nov/04 23.20 5,378.85 0% 0%
Wed/10/Nov/04 23.95 5,427.45 3% 1%
Fri/12/Nov/04 24.30 5,483.88 1% 1%
Thu/18/Nov/04 24.45 5,515.43 1% 1%
Fri/19/Nov/04 24.85 5,520.17 2% 0%
Mon/22/Nov/04 25.10 5,502.56 1% 0%
Tue/23/Nov/04 25.00 5,514.49 0% 0%
Wed/24/Nov/04 24.80 5,533.22 -1% 0%
Thu/25/Nov/04 24.85 5,523.27 0% 0%
Fri/26/Nov/04 24.90 5,556.87 0% 1%
Mon/29/Nov/04 25.40 5,571.88 2% 0%
Tue/30/Nov/04 25.55 5,567.79 1% 0%
Wed/01/Dec/04 25.55 5,560.50 0% 0%
Thu/02/Dec/04 25.60 5,552.50 0% 0%
Fri/03/Dec/04 25.25 5,575.96 -1% 0%
Mon/06/Dec/04 25.25 5,633.13 0% 1%
Tue/07/Dec/04 25.45 5,675.79 1% 1%
Wed/08/Dec/04 25.45 5,698.64 0% 0%
Thu/09/Dec/04 25.90 5,738.49 2% 1%
Fri/10/Dec/04 26.15 5,700.82 1% -1%
Mon/13/Dec/04 26.00 5,758.28 -1% 1%
Tue/14/Dec/04 27.10 5,766.62 4% 0%
Wed/15/Dec/04 27.05 5,824.25 0% 1%
Thu/16/Dec/04 27.15 5,827.84 0% 0%
Fri/17/Dec/04 26.80 5,842.59 -1% 0%
Mon/20/Dec/04 26.65 5,852.87 -1% 0%
Tue/21/Dec/04 26.45 5,874.19 -1% 0%
Wed/22/Dec/04 26.60 5,966.05 1% 2%
Thu/23/Dec/04 26.40 5,978.32 -1% 0%
Fri/24/Dec/04 26.20 6,045.80 -1% 1%
Mon/27/Dec/04 25.95 6,046.16 -1% 0%
Tue/28/Dec/04 26.10 6,077.83 1% 1%
Wed/29/Dec/04 26.60 6,123.67 2% 1%
Thu/30/Dec/04 26.95 6,106.93 1% 0%
Fri/31/Dec/04 26.20 6,218.40 -3% 2%
Mon/03/Jan/05 25.90 6,220.28 -1% 0%
Tue/04/Jan/05 26.30 6,297.70 2% 1%
Wed/05/Jan/05 28.20 6,285.68 7% 0%
Thu/06/Jan/05 27.35 6,353.27 -3% 1%
Fri/07/Jan/05 28.75 6,318.90 5% -1%
Mon/10/Jan/05 27.70 6,484.14 -4% 3%
Tue/11/Jan/05 28.80 6,710.03 4% 3%
Wed/12/Jan/05 29.65 6,657.40 3% -1%
Thu/13/Jan/05 28.95 6,424.80 -2% -3%
Fri/14/Jan/05 27.55 6,559.83 -5% 2%
Mon/17/Jan/05 28.05 6,633.01 2% 1%
Tue/18/Jan/05 29.05 6,603.55 4% 0%
Wed/19/Jan/05 28.70 6,746.40 -1% 2%
Mon/24/Jan/05 29.35 6,861.97 2% 2%
Tue/25/Jan/05 31.55 6,887.58 7% 0%
Wed/26/Jan/05 30.65 6,904.56 -3% 0%
Thu/27/Jan/05 29.95 6,952.82 -2% 1%
Fri/28/Jan/05 29.95 6,798.01 0% -2%
Mon/31/Jan/05 28.50 6,747.39 -5% -1%
Tue/01/Feb/05 28.00 6,869.28 -2% 2%
Wed/02/Feb/05 28.50 6,949.88 2% 1%
Thu/03/Feb/05 28.85 7,014.71 1% 1%
Fri/04/Feb/05 28.55 6,968.46 -1% -1%
Mon/07/Feb/05 28.30 7,091.14 -1% 2%
Tue/08/Feb/05 28.50 7,154.83 1% 1%
Wed/09/Feb/05 28.75 7,156.55 1% 0%
Thu/10/Feb/05 29.05 7,196.63 1% 1%
Fri/11/Feb/05 29.75 7,238.76 2% 1%
Mon/14/Feb/05 29.80 7,341.69 0% 1%
Tue/15/Feb/05 30.95 7,402.80 4% 1%
Wed/16/Feb/05 31.50 7,508.80 2% 1%
Thu/17/Feb/05 32.00 7,579.98 2% 1%
Fri/18/Feb/05 32.80 7,734.03 2% 2%
Mon/21/Feb/05 32.70 7,865.94 0% 2%
Tue/22/Feb/05 33.25 7,925.70 2% 1%
Wed/23/Feb/05 33.05 8,180.79 -1% 3%
Thu/24/Feb/05 32.55 8,253.12 -2% 1%
Fri/25/Feb/05 31.45 8,285.40 -3% 0%
Mon/28/Feb/05 31.45 8,260.06 0% 0%
Tue/01/Mar/05 29.90 8,404.52 -5% 2%
Wed/02/Mar/05 29.40 8,206.14 -2% -2%
Thu/03/Mar/05 27.95 8,496.73 -5% 4%
Fri/04/Mar/05 28.65 8,793.69 3% 3%
Mon/07/Mar/05 28.15 8,863.48 -2% 1%
Tue/08/Mar/05 28.30 9,218.68 1% 4%
Wed/09/Mar/05 28.35 9,588.47 0% 4%
Thu/10/Mar/05 29.20 9,571.92 3% 0%
Fri/11/Mar/05 28.65 9,603.73 -2% 0%
Mon/14/Mar/05 28.25 9,998.05 -1% 4%
Tue/15/Mar/05 29.10 10,303.13 3% 3%
Wed/16/Mar/05 28.85 10,077.89 -1% -2%
Thu/17/Mar/05 28.55 9,636.37 -1% -4%
Fri/18/Mar/05 27.40 9,499.42 -4% -1%
Mon/21/Mar/05 27.15 9,097.92 -1% -4%
Tue/22/Mar/05 25.80 8,694.61 -5% -4%
Thu/24/Mar/05 24.55 8,314.00 -5% -4%
Fri/25/Mar/05 23.35 7,964.95 -5% -4%
Mon/28/Mar/05 22.20 7,708.29 -5% -3%
Tue/29/Mar/05 21.30 7,855.14 -4% 2%
Wed/30/Mar/05 22.85 8,085.56 7% 3%
Thu/31/Mar/05 24.55 7,770.33 7% -4%
Fri/01/Apr/05 24.50 7,596.87 0% -2%
Mon/04/Apr/05 24.80 8,050.25 1% 6%
Tue/05/Apr/05 26.50 7,820.83 7% -3%
Wed/06/Apr/05 25.45 7,613.63 -4% -3%
Thu/07/Apr/05 25.30 7,784.34 -1% 2%
Fri/08/Apr/05 25.70 7,593.30 2% -2%
Mon/11/Apr/05 25.00 7,244.49 -3% -5%
Tue/12/Apr/05 23.75 6,939.03 -5% -4%
Wed/13/Apr/05 22.60 7,123.62 -5% 3%
Thu/14/Apr/05 24.00 7,202.84 6% 1%
Fri/15/Apr/05 24.45 7,512.91 2% 4%
Mon/18/Apr/05 25.25 7,234.21 3% -4%
Tue/19/Apr/05 24.45 6,952.72 -3% -4%
Wed/20/Apr/05 23.70 7,030.83 -3% 1%
Thu/21/Apr/05 24.40 7,101.38 3% 1%
Mon/25/Apr/05 24.25 6,996.82 -1% -1%
Tue/26/Apr/05 24.00 7,164.73 -1% 2%
Wed/27/Apr/05 24.25 7,275.74 1% 2%
Thu/28/Apr/05 25.20 7,144.48 4% -2%
Fri/29/Apr/05 24.40 7,104.65 -3% -1%
Mon/02/May/05 23.90 6,832.74 -2% -4%
Tue/03/May/05 22.80 6,887.93 -5% 1%
Wed/04/May/05 22.70 6,898.72 0% 0%
Thu/05/May/05 22.75 7,098.22 0% 3%
Fri/06/May/05 22.95 7,183.25 1% 1%
Mon/09/May/05 22.80 7,384.98 -1% 3%
Tue/10/May/05 23.20 7,367.69 2% 0%
Wed/11/May/05 22.75 7,497.62 -2% 2%
Thu/12/May/05 22.95 7,284.05 1% -3%
Fri/13/May/05 22.25 7,411.33 -3% 2%
Mon/16/May/05 22.60 7,315.50 2% -1%
Tue/17/May/05 22.25 7,437.95 -2% 2%
Wed/18/May/05 22.70 7,348.06 2% -1%
Thu/19/May/05 22.25 7,413.70 -2% 1%
Fri/20/May/05 22.40 7,300.09 1% -2%
Mon/23/May/05 22.10 6,983.30 -1% -4%
Tue/24/May/05 21.10 7,034.84 -5% 1%
Wed/25/May/05 21.50 6,942.42 2% -1%
Thu/26/May/05 21.15 6,664.86 -2% -4%
Fri/27/May/05 20.30 6,467.15 -4% -3%
Mon/30/May/05 19.50 6,707.56 -4% 4%
Tue/31/May/05 20.10 6,857.67 3% 2%
Wed/01/Jun/05 20.25 7,019.60 1% 2%
Thu/02/Jun/05 20.80 7,322.38 3% 4%
Fri/03/Jun/05 21.80 7,213.17 5% -1%
Mon/06/Jun/05 21.30 7,104.40 -2% -2%
Tue/07/Jun/05 21.20 7,391.18 0% 4%
Wed/08/Jun/05 22.25 7,263.56 5% -2%
Thu/09/Jun/05 21.95 7,307.02 -1% 1%
Fri/10/Jun/05 21.60 7,345.29 -2% 1%
Mon/13/Jun/05 21.60 7,441.77 0% 1%
Tue/14/Jun/05 22.65 7,368.95 5% -1%
Wed/15/Jun/05 22.85 7,488.73 1% 2%
Thu/16/Jun/05 23.25 7,330.91 2% -2%
Fri/17/Jun/05 22.60 7,398.73 -3% 1%
Mon/20/Jun/05 23.05 7,663.04 2% 4%
Tue/21/Jun/05 24.20 7,489.71 5% -2%
Wed/22/Jun/05 23.70 7,409.07 -2% -1%
Thu/23/Jun/05 23.75 7,417.70 0% 0%
Fri/24/Jun/05 23.60 7,350.46 -1% -1%
Mon/27/Jun/05 23.20 7,255.44 -2% -1%
Tue/28/Jun/05 22.85 7,431.80 -2% 2%
Wed/29/Jun/05 23.05 7,494.75 1% 1%
Thu/30/Jun/05 23.15 7,450.12 0% -1%
Fri/01/Jul/05 23.15 7,464.60 0% 0%
Mon/04/Jul/05 22.85 7,408.55 -1% -1%
Tue/05/Jul/05 22.80 7,517.52 0% 1%
Wed/06/Jul/05 22.90 7,530.34 0% 0%
Thu/07/Jul/05 23.35 7,589.07 2% 1%
Fri/08/Jul/05 23.35 7,588.94 0% 0%
Mon/11/Jul/05 23.30 7,554.28 0% 0%
Tue/12/Jul/05 23.15 7,511.94 -1% -1%
Wed/13/Jul/05 23.10 7,481.17 0% 0%
Thu/14/Jul/05 23.15 7,471.64 0% 0%
Fri/15/Jul/05 22.90 7,535.81 -1% 1%
Mon/18/Jul/05 23.20 7,437.55 1% -1%
Tue/19/Jul/05 22.90 7,319.77 -1% -2%
Wed/20/Jul/05 22.75 7,410.98 -1% 1%
Thu/21/Jul/05 22.80 7,410.91 0% 0%
Fri/22/Jul/05 22.70 7,353.85 0% -1%
Mon/25/Jul/05 22.55 7,305.30 -1% -1%
Tue/26/Jul/05 22.70 7,310.57 1% 0%
Wed/27/Jul/05 22.55 7,217.60 -1% -1%
Thu/28/Jul/05 22.35 7,215.44 -1% 0%
Fri/29/Jul/05 22.05 7,178.93 -1% -1%
Mon/01/Aug/05 21.95 7,195.32 0% 0%
Tue/02/Aug/05 21.65 7,324.80 -1% 2%
Wed/03/Aug/05 22.05 7,442.04 2% 2%
Thu/04/Aug/05 22.25 7,404.95 1% 0%
Fri/05/Aug/05 22.25 7,418.61 0% 0%
Mon/08/Aug/05 22.00 7,318.48 -1% -1%
Tue/09/Aug/05 21.90 7,184.48 0% -2%
Wed/10/Aug/05 21.00 7,064.29 -4% -2%
Thu/11/Aug/05 20.80 6970.59 -1% -1%
Fri/12/Aug/05 20.60 7150.65 -1% 3%
Mon/15/Aug/05 20.85 7122.98 1% 0%
Tue/16/Aug/05 20.80 7139.09 0% 0%
Wed/17/Aug/05 21.15 7099.22 2% -1%
Fri/19/Aug/05 20.95 7311.92 -1% 3%
Mon/22/Aug/05 21.25 7590.10 1% 4%
Tue/23/Aug/05 22.25 7557.87 5% 0%
Wed/24/Aug/05 23.00 7512.34 3% -1%
Thu/25/Aug/05 23.40 7554.01 2% 1%
Fri/26/Aug/05 23.15 7585.70 -1% 0%
Mon/29/Aug/05 22.70 7690.60 -2% 1%
Tue/30/Aug/05 22.75 7744.19 0% 1%
Wed/31/Aug/05 22.50 7796.86 -1% 1%
Thu/01/Sep/05 22.70 7769.21 1% 0%
Fri/02/Sep/05 22.55 7789.76 -1% 0%
Mon/05/Sep/05 22.45 7849.06 0% 1%
Tue/06/Sep/05 22.50 7807.04 0% -1%
Wed/07/Sep/05 22.45 7804.41 0% 0%
Thu/08/Sep/05 23.00 7884.21 2% 1%
Fri/09/Sep/05 23.15 7889.25 1% 0%
Mon/12/Sep/05 23.05 7,892.57 0% 0%
Tue/13/Sep/05 23.35 7,894.68 1% 0%
Wed/14/Sep/05 23.75 7956.50 2% 1%
Thu/15/Sep/05 23.85 7979.48 0% 0%
Fri/16/Sep/05 23.60 7934.54 -1% -1%
Mon/19/Sep/05 23.05 7972.97 -2% 0%
Tue/20/Sep/05 23.30 8066.17 1% 1%
Wed/21/Sep/05 24.15 8187.10 4% 1%
Thu/22/Sep/05 23.90 8186.00 -1% 0%
Fri/23/Sep/05 23.85 8179.90 0% 0%
Mon/26/Sep/05 23.80 8217.47 0% 0%
Tue/27/Sep/05 23.80 8195.28 0% 0%
Wed/28/Sep/05 23.45 8196.33 -1% 0%
Thu/29/Sep/05 23.40 8151.51 0% -1%
Fri/30/Sep/05 23.35 8225.66 0% 1%
Mon/03/Oct/05 23.85 8329.70 2% 1%
Tue/04/Oct/05 23.65 8426.77 -1% 1%
Wed/05/Oct/05 23.75 8581.68 0% 2%
Thu/06/Oct/05 24.20 8540.24 2% 0%
Fri/07/Oct/05 23.90 8542.38 -1% 0%
Mon/10/Oct/05 24.00 8520.72 0% 0%
Tue/11/Oct/05 23.60 8622.43 -2% 1%
Wed/12/Oct/05 23.75 8791.94 1% 2%
Thu/13/Oct/05 23.80 8761.50 0% 0%
Fri/14/Oct/05 23.70 8863.87 0% 1%
Mon/17/Oct/05 23.80 8900.90 0% 0%
Tue/18/Oct/05 24.00 8669.39 1% -3%
Wed/19/Oct/05 23.75 8872.96 -1% 2%
Thu/20/Oct/05 23.90 8558.00 1% -4%
Fri/21/Oct/05 23.40 8289.81 -2% -3%
Mon/24/Oct/05 21.70 8409.16 -7% 1%
Tue/25/Oct/05 22.00 8316.67 1% -1%
Wed/26/Oct/05 21.70 8235.12 -1% -1%
Thu/27/Oct/05 21.20 8317.36 -2% 1%
Mon/31/Oct/05 21.00 8247.34 -1% -1%
Wed/02/Nov/05 20.60 8436.62 -2% 2%
Mon/07/Nov/05 21.25 8664.02 3% 3%
Tue/08/Nov/05 22.00 8693.54 4% 0%
Thu/10/Nov/05 23.10 8794.93 5% 1%
Fri/11/Nov/05 24.25 8793.93 5% 0%
Mon/14/Nov/05 25.45 8838.26 5% 1%
Tue/15/Nov/05 25.85 8889.72 2% 1%
Wed/16/Nov/05 25.05 8895.68 -3% 0%
Thu/17/Nov/05 24.95 8864.02 0% 0%
Fri/18/Nov/05 24.35 8933.51 -2% 1%
Mon/21/Nov/05 25.55 8960.88 5% 0%
Tue/22/Nov/05 26.80 9006.26 5% 1%
Wed/23/Nov/05 26.50 9016.34 -1% 0%
Thu/24/Nov/05 26.30 9072.82 -1% 1%
Fri/25/Nov/05 26.30 9064.39 0% 0%
Mon/28/Nov/05 26.35 9147.02 0% 1%
Tue/29/Nov/05 26.25 9135.54 0% 0%
Wed/30/Nov/05 26.40 9025.93 1% -1%
Thu/01/Dec/05 25.95 9080.53 -2% 1%
Fri/02/Dec/05 25.50 9226.41 -2% 2%
Mon/05/Dec/05 26.05 9344.70 2% 1%
Tue/06/Dec/05 26.70 9397.33 2% 1%
Wed/07/Dec/05 27.40 9374.86 3% 0%
Thu/08/Dec/05 26.90 9418.35 -2% 0%
Fri/09/Dec/05 27.25 9431.81 1% 0%
Mon/12/Dec/05 27.05 9459.65 -1% 0%
Tue/13/Dec/05 26.80 9451.35 -1% 0%
Wed/14/Dec/05 26.55 9403.98 -1% -1%
Thu/15/Dec/05 27.80 9488.70 5% 1%
Fri/16/Dec/05 28.15 9514.83 1% 0%
Mon/19/Dec/05 27.75 9379.66 -1% -1%
Tue/20/Dec/05 26.90 9482.01 -3% 1%
Wed/21/Dec/05 26.60 9504.07 -1% 0%
Thu/22/Dec/05 27.15 9470.99 2% 0%
Fri/23/Dec/05 27.05 9491.47 0% 0%
Mon/26/Dec/05 26.70 9371.52 -1% -1%
Tue/27/Dec/05 26.00 9446.83 -3% 1%
Wed/28/Dec/05 26.00 9466.47 0% 0%
Thu/29/Dec/05 26.25 9497.35 1% 0%
Fri/30/Dec/05 26.55 9556.61 1% 1%
Mon/02/Jan/06 26.75 9672.47 1% 1%
Tue/03/Jan/06 27.05 9766.90 1% 1%
Wed/04/Jan/06 27.35 9853.31 1% 1%
Thu/05/Jan/06 28.70 9907.14 5% 1%
Fri/06/Jan/06 28.80 9886.30 0% 0%
Mon/09/Jan/06 28.50 9990.19 -1% 1%
Mon/16/Jan/06 28.50 10093.52 0% 1%
Tue/17/Jan/06 28.30 10165.91 -1% 1%
Wed/18/Jan/06 28.00 10235.17 -1% 1%
Thu/19/Jan/06 27.75 10259.86 -1% 0%
Fri/20/Jan/06 27.75 10227.87 0% 0%
Mon/23/Jan/06 27.45 10346.47 -1% 1%
Tue/24/Jan/06 28.20 10170.40 3% -2%
Wed/25/Jan/06 27.50 10214.01 -2% 0%
Thu/26/Jan/06 27.25 10304.80 -1% 1%
Fri/27/Jan/06 27.45 10447.56 1% 1%
Mon/30/Jan/06 27.95 10527.85 2% 1%
Tue/31/Jan/06 28.35 10524.16 1% 0%
Wed/01/Feb/06 28.05 10496.95 -1% 0%
Thu/02/Feb/06 28.00 10466.40 0% 0%
Fri/03/Feb/06 29.35 10726.46 5% 2%
Mon/06/Feb/06 30.40 10802.32 4% 1%
Tue/07/Feb/06 31.90 10913.78 5% 1%
Fri/10/Feb/06 32.15 11052.86 1% 1%
Mon/13/Feb/06 32.40 11218.03 1% 1%
Tue/14/Feb/06 32.55 10920.09 0% -3%
Wed/15/Feb/06 30.95 11259.29 -5% 3%
Thu/16/Feb/06 32.45 11176.81 5% -1%
Fri/17/Feb/06 32.70 11352.63 1% 2%
Mon/20/Feb/06 34.30 11441.85 5% 1%
Tue/21/Feb/06 36.00 11537.02 5% 1%
Wed/22/Feb/06 37.80 11444.12 5% -1%
Thu/23/Feb/06 38.55 11609.37 2% 1%
Fri/24/Feb/06 38.30 11546.79 -1% -1%
Mon/27/Feb/06 37.75 11191.75 -1% -3%
Tue/28/Feb/06 36.75 11456.27 -3% 2%
Wed/01/Mar/06 37.05 11473.99 1% 0%
Thu/02/Mar/06 36.30 11381.61 -2% -1%
Fri/03/Mar/06 36.00 11415.29 -1% 0%
Mon/06/Mar/06 37.80 10947.09 5% -4%
Tue/07/Mar/06 35.95 11085.03 -5% 1%
Wed/08/Mar/06 36.10 10594.01 0% -4%
Thu/09/Mar/06 34.50 10803.99 -4% 2%
Fri/10/Mar/06 35.30 10474.20 2% -3%
Mon/13/Mar/06 34.00 10093.24 -4% -4%
Tue/14/Mar/06 32.30 10433.17 -5% 3%
Wed/15/Mar/06 33.50 10392.91 4% 0%
Thu/16/Mar/06 31.90 10689.20 -5% 3%
Fri/17/Mar/06 32.90 10951.08 3% 2%
Mon/20/Mar/06 33.00 11032.31 0% 1%
Tue/21/Mar/06 34.45 11129.77 4% 1%
Wed/22/Mar/06 36.15 11278.48 5% 1%
Fri/24/Mar/06 37.95 11459.58 5% 2%
Mon/27/Mar/06 39.80 11402.11 5% -1%
Tue/28/Mar/06 41.75 11449.44 5% 0%
Wed/29/Mar/06 41.30 11414.37 -1% 0%
Thu/30/Mar/06 41.75 11568.64 1% 1%
Fri/31/Mar/06 42.30 11485.90 1% -1%
Mon/03/Apr/06 41.25 11573.97 -2% 1%
Tue/04/Apr/06 40.00 11664.97 -3% 1%
Wed/05/Apr/06 40.45 11666.38 1% 0%
Thu/06/Apr/06 39.80 11685.44 -2% 0%
Fri/07/Apr/06 39.50 11936.59 -1% 2%
Mon/10/Apr/06 41.45 11992.23 5% 0%
Thu/13/Apr/06 42.30 12060.73 2% 1%
Fri/14/Apr/06 42.65 12136.83 1% 1%
Mon/17/Apr/06 42.20 12273.77 -1% 1%
Tue/18/Apr/06 44.30 12115.46 5% -1%
Wed/19/Apr/06 46.00 12048.11 4% -1%
Thu/20/Apr/06 45.00 12075.75 -2% 0%
Fri/21/Apr/06 45.80 12007.60 2% -1%
Mon/24/Apr/06 44.30 11802.68 -3% -2%
Tue/25/Apr/06 42.10 11941.82 -5% 1%
Wed/26/Apr/06 40.30 11910.09 -4% 0%
Thu/27/Apr/06 40.45 11683.72 0% -2%
Fri/28/Apr/06 38.75 11342.17 -4% -3%
Tue/02/May/06 36.85 11572.58 -5% 2%
Wed/03/May/06 38.65 11728.14 5% 1%
Thu/04/May/06 40.55 11690.25 5% 0%
Fri/05/May/06 40.05 11686.44 -1% 0%
Mon/08/May/06 39.75 11775.52 -1% 1%
Tue/09/May/06 39.20 11576.83 -1% -2%
Wed/10/May/06 39.15 11571.83 0% 0%
Thu/11/May/06 38.35 11531.37 -2% 0%
Fri/12/May/06 38.10 11511.54 -1% 0%
Mon/15/May/06 38.05 11096.86 0% -4%
Tue/16/May/06 36.15 10706.96 -5% -4%
Wed/17/May/06 34.35 11094.41 -5% 4%
Thu/18/May/06 35.50 10687.88 3% -4%
Fri/19/May/06 34.00 10861.31 -4% 2%
Mon/22/May/06 35.70 10930.55 5% 1%
Tue/23/May/06 36.75 10932.58 3% 0%
Wed/24/May/06 36.70 11116.88 0% 2%
Thu/25/May/06 36.70 11018.85 0% -1%
Fri/26/May/06 36.10 10660.39 -2% -3%
Mon/29/May/06 34.35 10247.60 -5% -4%
Tue/30/May/06 32.65 10118.73 -5% -1%
Wed/31/May/06 32.25 9800.69 -1% -3%
Thu/01/Jun/06 30.65 10183.77 -5% 4%
Fri/02/Jun/06 32.15 10346.23 5% 2%
Mon/05/Jun/06 33.75 10373.86 5% 0%
Tue/06/Jun/06 35.00 10531.86 4% 2%
Wed/07/Jun/06 35.50 10202.36 1% -3%
Thu/08/Jun/06 33.75 9775.04 -5% -4%
Fri/09/Jun/06 32.10 9849.83 -5% 1%
Mon/12/Jun/06 31.95 9732.86 0% -1%
Tue/13/Jun/06 31.60 9314.91 -1% -4%
Wed/14/Jun/06 30.05 8766.98 -5% -6%
Thu/15/Jun/06 27.05 9177.46 -10% 5%
Fri/16/Jun/06 28.40 9607.11 5% 5%
Mon/19/Jun/06 29.80 9943.83 5% 4%
Tue/20/Jun/06 31.25 10105.17 5% 2%
Wed/21/Jun/06 30.65 10103.31 -2% 0%
Thu/22/Jun/06 30.10 10171.00 -2% 1%
Fri/23/Jun/06 29.50 9807.53 -2% -4%
Mon/26/Jun/06 28.80 9404.70 -2% -4%
Tue/27/Jun/06 27.60 9041.62 -4% -4%
Wed/28/Jun/06 26.25 9434.15 -5% 4%
Thu/29/Jun/06 27.55 9841.43 5% 4%
Fri/30/Jun/06 28.90 9989.41 5% 2%
Mon/03/Jul/06 28.90 9603.65 0% -4%
Tue/04/Jul/06 28.25 9829.40 -2% 2%
Wed/05/Jul/06 28.65 9936.33 1% 1%
Thu/06/Jul/06 28.90 9916.08 1% 0%
Fri/07/Jul/06 28.10 9836.04 -3% -1%
Mon/10/Jul/06 27.75 9504.47 -1% -3%
Tue/11/Jul/06 26.65 9655.93 -4% 2%
Wed/12/Jul/06 27.30 9920.66 2% 3%
Thu/13/Jul/06 28.35 10014.88 4% 1%
Fri/14/Jul/06 28.35 10027.09 0% 0%
Mon/17/Jul/06 28.05 9947.80 -1% -1%
Tue/18/Jul/06 28.25 10191.84 1% 2%
Wed/19/Jul/06 29.65 10198.78 5% 0%
Thu/20/Jul/06 30.35 10198.32 2% 0%
Fri/21/Jul/06 30.85 10257.63 2% 1%
Mon/24/Jul/06 31.85 10350.63 3% 1%
Tue/25/Jul/06 31.90 10401.13 0% 0%
Wed/26/Jul/06 31.20 10343.67 -2% -1%
Thu/27/Jul/06 30.50 10430.73 -2% 1%
Fri/28/Jul/06 30.70 10353.52 1% -1%
Mon/31/Jul/06 30.20 10497.63 -2% 1%
Tue/01/Aug/06 30.35 10507.09 0% 0%
Wed/02/Aug/06 30.20 10558.32 0% 0%
Thu/03/Aug/06 30.45 10667.49 1% 1%
Fri/04/Aug/06 31.00 10772.58 2% 1%
Mon/07/Aug/06 30.90 10846.74 0% 1%
Tue/08/Aug/06 30.60 10828.39 -1% 0%
Wed/09/Aug/06 30.45 10655.54 0% -2%
Thu/10/Aug/06 30.10 10525.09 -1% -1%
Fri/11/Aug/06 29.05 10406.40 -3% -1%
Tue/15/Aug/06 28.30 10317.41 -3% -1%
Wed/16/Aug/06 28.20 10576.71 0% 3%
Thu/17/Aug/06 29.30 10557.25 4% 0%
Fri/18/Aug/06 29.00 10481.64 -1% -1%
Mon/21/Aug/06 28.95 10220.71 0% -2%
Tue/22/Aug/06 28.40 10244.69 -2% 0%
Wed/23/Aug/06 27.45 9955.23 -3% -3%
Thu/24/Aug/06 27.40 9584.79 0% -4%
Fri/25/Aug/06 26.50 9876.51 -3% 3%
Mon/28/Aug/06 25.20 9942.87 -5% 1%
Tue/29/Aug/06 25.85 10086.15 3% 1%
Wed/30/Aug/06 26.50 10064.13 3% 0%
Thu/31/Aug/06 27.80 10170.97 5% 1%
Fri/01/Sep/06 27.15 10125.91 -2% 0%
Mon/04/Sep/06 27.35 10001.79 1% -1%
Tue/05/Sep/06 27.25 10068.70 0% 1%
Wed/06/Sep/06 26.70 9927.10 -2% -1%
Thu/07/Sep/06 26.60 9965.21 0% 0%
Fri/08/Sep/06 26.35 9892.77 -1% -1%
Mon/11/Sep/06 26.45 10157.17 0% 3%
Tue/12/Sep/06 27.00 9988.63 2% -2%
Wed/13/Sep/06 28.35 10028.50 5% 0%
Thu/14/Sep/06 27.70 9984.57 -2% 0%
Fri/15/Sep/06 27.65 9876.40 0% -1%
Mon/18/Sep/06 27.65 9908.85 0% 0%
Tue/19/Sep/06 26.85 10032.57 -3% 1%
Wed/20/Sep/06 26.90 10155.10 0% 1%
Thu/21/Sep/06 27.05 10306.75 1% 1%
Fri/22/Sep/06 27.35 10252.15 1% -1%
Mon/25/Sep/06 28.70 10305.43 5% 1%
Tue/26/Sep/06 27.90 10386.52 -3% 1%
Wed/27/Sep/06 28.50 10528.69 2% 1%
Thu/28/Sep/06 27.90 10512.48 -2% 0%
Fri/29/Sep/06 28.25 10616.24 1% 1%
Mon/02/Oct/06 27.90 10592.72 -1% 0%
Tue/03/Oct/06 29.25 10743.55 5% 1%
Wed/04/Oct/06 28.65 10855.82 -2% 1%
Thu/05/Oct/06 29.25 10926.91 2% 1%
Fri/06/Oct/06 29.20 10942.75 0% 0%
Mon/09/Oct/06 28.90 10959.71 -1% 0%
Tue/10/Oct/06 29.20 10886.42 1% -1%
Wed/11/Oct/06 28.80 10880.29 -1% 0%
Thu/12/Oct/06 28.65 10924.55 -1% 0%
Fri/13/Oct/06 28.25 10909.31 -1% 0%
Mon/16/Oct/06 28.60 11167.04 1% 2%
Tue/17/Oct/06 28.30 11399.83 -1% 2%
Wed/18/Oct/06 28.50 11566.80 1% 1%
Thu/19/Oct/06 29.10 11528.27 2% 0%
Mon/30/Oct/06 27.85 11327.71 -4% -2%
Tue/31/Oct/06 29.00 11010.59 4% -3%
Wed/01/Nov/06 28.50 10945.35 -2% -1%
Thu/02/Nov/06 27.10 11246.71 -5% 3%
Fri/03/Nov/06 27.30 11012.40 1% -2%
Mon/06/Nov/06 28.35 11017.51 4% 0%
Tue/07/Nov/06 27.80 10973.08 -2% 0%
Wed/08/Nov/06 27.65 10739.45 -1% -2%
Fri/10/Nov/06 27.70 10743.84 0% 0%
Mon/13/Nov/06 27.30 10869.32 -1% 1%
Tue/14/Nov/06 27.60 10811.86 1% -1%
Wed/15/Nov/06 27.55 10850.04 0% 0%
Thu/16/Nov/06 27.25 10705.87 -1% -1%
Fri/17/Nov/06 27.15 10430.66 0% -3%
Mon/20/Nov/06 27.30 10622.55 1% 2%
Tue/21/Nov/06 26.70 10646.26 -2% 0%
Wed/22/Nov/06 27.20 10867.11 2% 2%
Thu/23/Nov/06 27.55 10870.90 1% 0%
Fri/24/Nov/06 27.55 10750.41 0% -1%
Mon/27/Nov/06 27.45 10762.16 0% 0%
Tue/28/Nov/06 27.15 10594.57 -1% -2%
Wed/29/Nov/06 27.10 10618.75 0% 0%
Thu/30/Nov/06 26.95 10388.19 -1% -2%
Fri/01/Dec/06 26.95 10416.00 0% 0%
Mon/04/Dec/06 26.45 10550.16 -2% 1%
Tue/05/Dec/06 27.00 10677.38 2% 1%
Wed/06/Dec/06 27.05 10642.68 0% 0%
Thu/07/Dec/06 27.30 10561.97 1% -1%
Fri/08/Dec/06 26.70 10584.48 -2% 0%
Mon/11/Dec/06 26.70 10644.36 0% 1%
Tue/12/Dec/06 26.60 10587.09 0% -1%
Wed/13/Dec/06 26.35 10604.44 -1% 0%
Thu/14/Dec/06 26.20 10551.87 -1% 0%
Fri/15/Dec/06 25.95 10341.41 -1% -2%
Mon/18/Dec/06 25.75 10055.65 -1% -3%
Tue/19/Dec/06 24.75 10182.33 -4% 1%
Wed/20/Dec/06 24.20 9923.11 -2% -3%
Thu/21/Dec/06 24.80 9893.99 2% 0%
Fri/22/Dec/06 24.00 10025.34 -3% 1%
Tue/26/Dec/06 23.90 10031.46 0% 0%
Wed/27/Dec/06 23.85 10058.46 0% 0%
Thu/28/Dec/06 23.75 10040.50 0% 0%
Fri/29/Dec/06 23.75 10066.32 0% 0%
Wed/03/Jan/07 23.50 10184.52 -1% 1%
Thu/04/Jan/07 23.85 10147.36 1% 0%
Fri/05/Jan/07 24.25 10235.96 2% 1%
Mon/08/Jan/07 24.15 10405.21 0% 2%
Tue/09/Jan/07 24.60 10374.36 2% 0%
Wed/10/Jan/07 24.70 10359.06 0% 0%
Thu/11/Jan/07 24.90 10425.46 1% 1%
Fri/12/Jan/07 24.40 10507.52 -2% 1%
Mon/15/Jan/07 24.30 10590.59 0% 1%
Tue/16/Jan/07 24.40 10617.11 0% 0%
Wed/17/Jan/07 24.40 10640.71 0% 0%
Thu/18/Jan/07 24.55 10641.31 1% 0%
Fri/19/Jan/07 25.75 10705.87 5% 1%
Mon/22/Jan/07 27.00 10705.32 5% 0%
Tue/23/Jan/07 27.25 10856.74 1% 1%
Wed/24/Jan/07 26.50 11031.08 -3% 2%
Thu/25/Jan/07 26.70 11105.34 1% 1%
Fri/26/Jan/07 27.45 11272.33 3% 2%
Wed/31/Jan/07 28.30 11348.62 3% 1%
Thu/01/Feb/07 28.15 11589.64 -1% 2%
Fri/02/Feb/07 27.95 11632.04 -1% 0%
Tue/06/Feb/07 29.30 11728.08 5% 1%
Wed/07/Feb/07 28.90 11867.09 -1% 1%
Thu/08/Feb/07 29.25 11844.65 1% 0%
Fri/09/Feb/07 29.20 11629.75 0% -2%
Mon/12/Feb/07 28.40 11643.53 -3% 0%
Tue/13/Feb/07 28.20 11454.76 -1% -2%
Wed/14/Feb/07 27.55 11467.96 -2% 0%
Thu/15/Feb/07 26.65 11379.40 -3% -1%
Fri/16/Feb/07 26.70 11577.76 0% 2%
Mon/19/Feb/07 26.10 11463.18 -2% -1%
Tue/20/Feb/07 27.15 11520.62 4% 1%
Wed/21/Feb/07 26.70 11542.98 -2% 0%
Thu/22/Feb/07 26.60 11607.84 0% 1%
Fri/23/Feb/07 27.15 11393.97 2% -2%
Mon/26/Feb/07 26.75 11376.12 -1% 0%
Tue/27/Feb/07 26.00 11179.97 -3% -2%
Wed/28/Feb/07 26.40 11207.79 2% 0%
Thu/01/Mar/07 25.80 11133.35 -2% -1%
Fri/02/Mar/07 24.95 10899.71 -3% -2%
Mon/05/Mar/07 24.15 10923.90 -3% 0%
Tue/06/Mar/07 24.00 11146.27 -1% 2%
Wed/07/Mar/07 24.10 11283.87 0% 1%
Thu/08/Mar/07 24.75 11413.12 3% 1%
Fri/09/Mar/07 25.45 11407.87 3% 0%
Mon/12/Mar/07 25.00 11404.95 -2% 0%
Tue/13/Mar/07 25.10 11276.66 0% -1%
Wed/14/Mar/07 24.90 11310.90 -1% 0%
Thu/15/Mar/07 24.75 11374.03 -1% 1%
Fri/16/Mar/07 24.90 11141.29 1% -2%
Mon/19/Mar/07 24.90 11331.35 0% 2%
Tue/20/Mar/07 24.55 11296.62 -1% 0%
Wed/21/Mar/07 24.65 11294.98 0% 0%
Thu/22/Mar/07 24.65 11301.62 0% 0%
Mon/26/Mar/07 24.60 11328.47 0% 0%
Tue/27/Mar/07 24.60 11233.56 0% -1%
Wed/28/Mar/07 24.65 11221.51 0% 0%
Thu/29/Mar/07 24.60 11271.59 0% 0%
Fri/30/Mar/07 24.35 11276.51 -1% 0%
Mon/02/Apr/07 24.30 11432.74 0% 1%
Tue/03/Apr/07 24.35 11414.86 0% 0%
Wed/04/Apr/07 24.80 11596.08 2% 2%
Thu/05/Apr/07 24.70 11655.64 0% 1%
Fri/06/Apr/07 25.60 11676.59 4% 0%
Mon/09/Apr/07 25.45 11773.90 -1% 1%
Tue/10/Apr/07 25.30 11894.96 -1% 1%
Wed/11/Apr/07 26.40 11905.92 4% 0%
Thu/12/Apr/07 26.20 11977.74 -1% 1%
Fri/13/Apr/07 26.00 12004.59 -1% 0%
Mon/16/Apr/07 26.15 12002.77 1% 0%
Tue/17/Apr/07 27.45 12189.29 5% 2%
Wed/18/Apr/07 27.45 12120.80 0% -1%
Thu/19/Apr/07 27.20 12091.53 -1% 0%
Fri/20/Apr/07 27.40 12016.18 1% -1%
Mon/23/Apr/07 27.70 12151.53 1% 1%
Tue/24/Apr/07 27.05 12166.03 -2% 0%
Wed/25/Apr/07 27.15 12208.87 0% 0%
Thu/26/Apr/07 27.00 12235.19 -1% 0%
Fri/27/Apr/07 27.05 12369.70 0% 1%
Mon/30/Apr/07 26.50 12433.22 -2% 1%
Wed/02/May/07 26.80 12430.16 1% 0%
Thu/03/May/07 27.75 12512.08 4% 1%
Fri/04/May/07 27.80 12079.75 0% -3%
Mon/07/May/07 27.50 12331.91 -1% 2%
Tue/08/May/07 26.15 12393.28 -5% 0%
Wed/09/May/07 27.25 12346.89 4% 0%
Thu/10/May/07 26.85 12367.62 -1% 0%
Fri/11/May/07 26.35 12343.58 -2% 0%
Mon/14/May/07 26.80 12370.99 2% 0%
Tue/15/May/07 26.75 12258.85 0% -1%
Wed/16/May/07 26.50 12250.75 -1% 0%
Thu/17/May/07 25.90 12340.42 -2% 1%
Fri/18/May/07 26.15 12283.23 1% 0%
Mon/21/May/07 26.20 12436.19 0% 1%
Tue/22/May/07 26.05 12496.17 -1% 0%
Wed/23/May/07 26.10 12663.41 0% 1%
Thu/24/May/07 26.30 12732.41 1% 1%
Fri/25/May/07 27.00 12831.09 3% 1%
Mon/28/May/07 26.95 12817.31 0% 0%
Tue/29/May/07 27.10 12806.93 1% 0%
Wed/30/May/07 26.75 12961.26 -1% 1%
Thu/31/May/07 27.40 12933.66 2% 0%
Fri/01/Jun/07 27.00 12956.94 -1% 0%
Mon/04/Jun/07 26.65 13166.77 -1% 2%
Tue/05/Jun/07 26.45 13212.05 -1% 0%
Wed/06/Jun/07 26.65 13237.38 1% 0%
Thu/07/Jun/07 26.60 13274.87 0% 0%
Fri/08/Jun/07 26.40 13268.28 -1% 0%
Mon/11/Jun/07 26.00 13326.17 -2% 0%
Net sales 1,977 2,190 2,908 3,980 7,985
Gross margins 22% 20% 38% 35% 36%
Profit after taxation 297 228 683 827 1,936
Net profit margin
Profitability ratios
Gross profit to sales 22% 20% 38% 35% 36%
Profit before tax to sales 16% 16% 33% 30% 32%
Net profit after tax to sales 15% 10% 23% 21% 24%
Solvency ratios
Working capital ratio 0.93 0.79 2.12 0.63 0.94
Acid test ratio 0.74 0.63 1.93 0.57 0.85
Assessment ratios
ROE 8% 6% 16% 16% 27%
BV/share 14 14 16 19 27
Debt to equity ratio 0 0 0 1 2
Fair value
DCF based Rs 96/share
10,406 11,409 11,086 10,943 12,684
32% 34% 34% 34% 35%
1,899 2,154 2,156 1,984 2,322
32% 34% 34% 34% 35%

25% 26% 26% 25% 25%
18% 19% 19% 18% 18%
0.85 0.15 (0.29) (0.61) (0.73)

0.74 0.04 (0.37) (0.69) (0.85)
27% 26% 22% 21% 20%

36 31 39 47 57
1 2 1 1 0
Test Matches
Opener (minimum 20 innings)
Player Span Inns Runs HS Ave 100 50
1924-1935
H Sutcliffe (Eng) 83 4522 194 61.1 16 23
1929-1949
B Mitchell (SAf) 48 2390 189* 56.9 7 12
1937-1955
L Hutton (Eng) 131 6721 364 56.47 19 31
1908-1930
JB Hobbs (Eng) 97 5130 211 56.37 14 27
RB Simpson 1960-1968
(Aust) 70 3664 311 55.51 8 19
Position 3 (minimum 20 innings)

DG Bradman 1930-1948
(Aust) 56 5078 334 103.63 20 10
1960-1967
KF Barrington (Eng) 40 2626 172 77.23 13 7
WR Hammond 1928-1937
(Eng) 52 3440 336* 74.78 14 4
GA Headley1930-1948
(WI) 32 2064 270* 71.17 10 4
RT Ponting1996-2006
(Aust) 111 6294 257 66.25 24 21

JH Kallis 2000-2006
(SAf) 77 4437 177 70.42 15 23
Mohammad2000-2006
Yousuf (Pak) 33 2079 223 67.06 7 8
GS Sobers 1957-1969
(WI) 24 1530 226 63.75 6 4
ED Weekes1948-1958
(WI) 57 3372 207 63.62 11 17
RG Pollock1963-1970
(SAf) 37 2065 274 62.57 7 8

1948-1962
FMM Worrell (WI) 23 1189 197* 59.45 3 9
1948-1960
CL Walcott (WI) 31 1599 125 59.22 5 9
GS Sobers 1955-1974
(WI) 37 1895 178* 59.21 7 8
1939-1957
DCS Compton (Eng) 22 968 147 56.94 3 3
1993-2006
Inzamam-ul-Haq (Pak) 40 1933 119 56.85 6 13

S 1994-2006
Chanderpaul (WI) 39 2006 140 62.68 6 14
Imran Khan1974-1992
(Pak) 23 928 118 61.86 2 6
1982-1999
Saleem Malik (Pak) 36 1591 119* 56.82 4 8
GS Sobers 1955-1974
(WI) 57 2614 174 53.34 8 11
1978-1994
AR Border (Aust) 63 2556 153 52.16 6 17

BM McMillan1992-1998
(SAf) 23 1051 113 58.38 1 10
1989-2004
HP Tillakaratne (SL) 22 701 136* 50.07 1 4
1999-2006
AC Gilchrist (Aust) 87 3503 204* 47.33 11 14
1984-1993
GRJ Matthews (Aust) 33 1317 128 45.41 3 10
1992-2004
CL Cairns (NZ) 40 1761 158 44.02 4 11

1997-2006
DL Vettori (NZ) 27 833 127 36.21 1 5
1993-1998
PR Reiffel (Aust) 24 560 79* 35 0 5
N Kapil Dev1978-1993
(India) 58 1777 116 33.52 2 11
1995-2000
PA Strang (Zimb) 23 534 106* 33.37 1 1
MV Boucher 1998-2006
(SAf) 37 994 122* 33.13 2 6

SM Pollock1995-2005
(SAf) 20 534 111 41.07 2 1
1975-1981
KD Ghavri (India) 22 377 86 31.41 0 1
WPUJC Vaas 1994-2006
(SL) 40 828 69 28.55 0 4
1981-1992
IDS Smith (NZ) 36 797 173 28.46 1 1
2000-2006
N Boje (SAf) 37 804 76 26.8 0 2

PM Pollock1964-1970
(SAf) 20 292 41 22.46 0 0
1953-1965
FS Trueman (Eng) 26 400 39* 21.05 0 0
1971-1983
DK Lillee (Aust) 30 381 73* 19.05 0 1
1992-1998
SK Warne (Aust) 21 303 37 18.93 0 0
1993-2000
SB Doull (NZ) 26 355 46 17.75 0 0

DL 1966-1981
Underwood (Eng) 27 182 45* 18.19 0 0
1947-1955
WA Johnston (Aust) 33 159 28 14.45 0 0
JR Thomson1974-1985
(Aust) 24 201 24* 14.35 0 0
JB Statham1951-1965
(Eng) 46 348 36* 13.91 0 0
AA Donald 1992-2002
(SAf) 32 204 32 13.59 0 0
Best ODI averages by batting position
Opener (minimum 20 innings)

1999-2006
HH Dippenaar (Afr/SAf) 40 1736 125* 51.05 4 13
GM Turner 1973-1983
(NZ) 29 1197 171* 49.87 3 7
1994-2006
SR Tendulkar (India) 256 11565 186* 48.79 37 55
1992-2004
BC Lara (WI) 51 2166 153 47.08 5 15
1975-1991
CG Greenidge (WI) 120 4993 133* 45.39 11 31
IVA 1976-1986
Richards (WI) 51 2418 153* 57.57 5 15
Mohammad2000-2005
Yousuf (Asia/Pak) 43 1988 141* 55.22 5 13
SC Ganguly1996-2005
(Asia/India) 30 1356 112* 52.15 3 9
1992-2006
BC Lara (WI) 104 4405 169 45.88 12 26
1974-1985
Zaheer Abbas (Pak) 47 2009 123 45.65 6 9

MG Bevan 1994-2004
(Aust) 53 2265 108* 59.6 3 17
2000-2004
HH Dippenaar (SAf) 20 866 89 57.73 0 8
RR Sarwan2001-2004
(WI) 40 1604 115* 57.28 3 8
1990-1995
DC Boon (Aust) 35 1255 98* 54.56 0 9
1996-2000
A Jadeja (India) 29 1008 103* 53.05 2 6

JH Kallis 1996-2006
(SAf) 23 830 113* 48.82 2 7
2001-2006
PD Collingwood (Eng) 25 934 112* 46.7 2 6
A Symonds2000-2006
(Aust) 60 2325 156 46.5 4 14
2002-2006
A Flintoff (Eng) 40 1448 123 45.25 3 9
1996-2005
R Dravid (ICC/India) 58 2086 104 43.45 2 18

MG Bevan 1994-2004
(Aust) 87 3006 102* 56.71 1 23
2003-2006
MJ Clarke (Aust) 28 873 82* 48.5 0 7
Younis Khan2000-2006
(Pak) 27 984 90 44.72 0 9
1999-2006
RP Arnold (SL) 58 1698 91* 44.68 0 14
1992-2000
WJ Cronje (SAf) 45 1235 87* 42.58 0 7

E 2004-2006
Chigumbura (Zimb) 20 541 77 33.81 0 4
Abdul Razzaq1999-2006
(Asia/Pak) 74 1786 89 33.69 0 9
2002-2005
M Kaif (India) 26 596 111* 33.11 1 2
1990-2004
CZ Harris (NZ) 104 2130 63* 31.32 0 9
1996-2005
HH Streak (Zimb) 40 864 68 30.85 0 4

L Klusener 1997-2004
(SAf) 36 1056 83 58.66 0 7
1996-2004
CZ Harris (NZ) 23 519 77* 39.92 0 2
1999-2006
Abdul Razzaq (Pak) 24 528 76* 33 0 4
1994-2003 (SL)
HDPK Dharmasena 42 719 69* 29.95 0 4
1994-2005
HH Streak (Zimb) 58 1147 79* 29.41 0 7

SM Pollock1999-2006
(ICC/SAf) 20 249 46 27.66 0 0
Abdul Qadir1983-1989
(Pak) 21 168 41* 24 0 0
1990-1999
GR Larsen (NZ) 37 389 37 19.44 0 0
1993-2005
HH Streak (Afr/Zimb) 30 347 45 19.27 0 0
1996-2005
N Boje (Afr/SAf) 28 307 33 19.18 0 0

Z Khan 2000-2006
(India) 26 253 33* 19.46 0 0
1997-2005
DL Vettori (ICC/NZ) 31 255 29* 15 0 0
MC Snedden 1980-1990
(NZ) 21 190 40 13.57 0 0
Waqar Younis1989-2003
(Pak) 63 478 37 11.11 0 0
1995-2003
Saqlain Mushtaq (Pak) 37 222 29 11.09 0 0

1998-2006
M Ntini (ICC/SAf) 20 94 42* 15.66 0 0
EJ Chatfield1979-1988
(NZ) 44 106 19* 13.25 0 0
1988-1998
Aaqib Javed (Pak) 34 116 17 9.66 0 0
BP Patterson1987-1993
(WI) 20 44 13* 8.8 0 0
1998-2005
Shoaib Akhtar (ICC/Pak) 34 103 43 8.58 0 0

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EPS 1.13 0.87 2.59 3.

Design Capacity-Cement 1,416,236 1,484,517 1,445,377 2,934,948

Clinker to cement conversion factor 1.07 1.03 1.00 1.09

Designed Capacity Utilization

Raetd Capacity Utilization

Rated Capacity / Designed Capacity

Mn to unit Convertor 1,000,000 1,000,000 1,000,000 1,000,000

Composition of sales (tons)

Market share in sales

Market share in capacity

Gross Price per ton

Net revenue per ton 2,519 1,986 2,596 2,802

Excise duty per ton 1,000 985 750 750

Sales tax per ton 630 533 569 560

Sales tax % 15% 15% 14% 13%

Commission and rebates per ton - - - 36

Retention price per ton 2,536 2,074 2,899 3,482

Retention price per bag 127 104 145 174

Retail Price 228 197 221 236

Export price per ton (% chg) 0% 23% 17%

Export price per ton in US$ 27 28 34 40

Exchange rate Rupee-US$ 61 58 58 59

Loading and other charges as % of

Raw material consumed 36 54 66 93

COGM 1,533 1,709 1,822 2,587

P & L assumptions cost per ton

WIP FG cost per ton

Depreciation for the year

Cost of sales 99% 98% 98% 96%

Building and civil works 46 8 269 1,557

Transferred to operating fixed

Transferred to operating fixed

Salaries and benefits growth 2% 15% 5%

Salaries and benefits growth 4% 29% 16%

Other operating income

Sale proceeds as % of BV 281% 176% 107%

Others as % of gain on disposal 24% 93% 6% 10%

Other charges per ton 16 46 45

Growth 178% -2%

Property, plant and equipment 4,182 4,222 5,032 13,462

growth -14% -8% -4%

Trade debts- unsecured, considered

Loans & advances

Trade deposits and short term

Share capital 2,450 2,450 2,450 2,634

Non - current liabilities

Long term deposits 17 17 20 25

Short term borrowings- secured

% of sales 2% 13% 20% 20%

Charge/ (reversal) for the year % of

Number of shares 245 263

Mark up on long term ( cash flows )

FY06 FY07 FY08 FY09 FY10 FY11

1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000

3,942,961 5,435,886 6,747,997 6,747,997 6,746,531 6,696,973

2,373,333 3,842,312 4,582,909 4,446,727 4,244,991 4,449,633

1.00 1.04 1.04 1.04 1.04 1.03

2,227,878 3,345,003 4,176,306 4,076,499 3,906,434 4,012,889

56% 62% 64% 62% 58% 60%

94% 87% 91% 92% 92% 90%

60% 74% 71% 69% 66% 69%

21,033,261 23,177,916 24,982,183 27,377,677 30,002,661

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000