A business valuation, also known as a company valuation, is the process of determining the economic value of a business. During the valuation process, all areas of a business are analyzed to determine its worth and the worth of its departments or units.

1. CORPORATE FINANCE PROJECT ASSIGNMENT
D.G. Khan Cement Company Limited
Submitted By Faisal Rehman
Class # 94
Submitted To Dr. Sabeehullah
Signature
INSTITUTE OF BUSINESS AND MANAGEMENT SCIENCES (IBMS)
THE UNIVERSITY OF AGRICULTURE, PESHAWAR
Date 20.12.2022

2. Page | 1
D.G. Khan Cement Company Limited
Table of Contents
Introduction ...............................................................................................................................2
Valuation of the common stock of DGKC ..................................................................................4
Cost of Capital............................................................................................................................6
Capital Budgeting.....................................................................................................................10
Evaluation of cash flows ..........................................................................................................12
Capital Structure Choices.........................................................................................................17
Dividend Policy.........................................................................................................................19
Balance Sheet 20
Cash Flow Statement 22
Income Statement 23

3. Page | 2
I. Introduction
DG Cement is a Pakistani building materials company which is owned by Nishat Group. It is
the largest cement manufacturer of Pakistan with a production capacity of 14,000 tons per day.
The company has three active plants which are present in Khairpur, Chakwal, Dera Ghazi
Khan and Hub, Balochistan.
In 1992, Nishat Group acquired the company under privatization scheme.
DG Khan cement stands for Dera Ghazi Khan cement. This is due to fact that first plant was
setup in southern Punjab city Dera Ghazi Khan.
History
The company was started in 1986 to cater the cement needs in Pakistan. The plant was supplied
by the Ube Industries of Japan. Initially, it was state-owned company under State Cement
Corporation of Pakistan providing jobs to thousands of people. The company established their
first active plant in southern Punjab city Dera Ghazi Khan and therefore kick-started their
production. This was first step to industrialize the Southern region of Punjab, Pakistan. Then,
they established their second plant in Khairpur, Chakwal. This increased their production
capacity and became one of well performing cement companies of Pakistan.
Expansion
Pakistan has an attractive market of cement industry. In 2015, it was reported local demand for
cement increase by 12% in one year and so the DG Khan cement decided to increase their
capacity. Pakistani cement demands are increasing with time due to active construction
industry. In 2015, it was reported that local demand increased drastically due to Pakistan-China
Economic Corridor. With this hike in demand DG Khan setup their third and one of the largest
plant of Pakistan in Hub, Balochistan which is on the edge of Pakistani metropolis Karachi.
Cement manufacturing plant usually takes two to three years to complete. So, it is expected
that this plant's construction will complete in 2018 making DG Khan cement largest cement
manufacture of Pakistan.
Acquisition
The government-owned company was acquired by Pakistani business group Nishat Group in
1992 to expand and diversify their business.
Financial Performance
DGKC posted Rs 2.16 billion loss after tax for the fiscal year 2020, which resulted in Rs 4.93
loss per share.

4. Page | 3
Vision Statement
To transform the Company into a modern and dynamic cement manufacturing company with
qualified professionals and fully equipped to play a meaningful role on sustainable basis in the
economy of Pakistan.
Mission Statement
To provide quality products to customers and explore new markets to promote/expand sales of
the Company through good governance and foster a sound and dynamic team, so as to achieve
optimum prices of products of the Company for sustainable and equitable growth and
prosperity of the Company.
Board of Directors
Mrs. Naz Mansha Chairperson / Non-Executive
Mr. Raza Mansha Chief Executive / Executive
Mr. Khalid Niaz Khawaja Independent
Mr. Usama Mahmud Independent
Mr. Mahmood Akhtar Non-Executive
Mr. Farid Noor Ali Fazal Executive
Mr. Shahzad Ahmad Malik Non-Executive
Factories
Khofli Sattai, Distt., Dera Ghazi Khan-Pakistan.
Phone: +92-641-460025-7 Fax: +92-641-462392
Email: dgsite@dgcement.com
12, K.M. Choa Saidan Shah Road, Khairpur,
Tehsil Kallar Kahar, Distt. Chakwal-Pakistan.
Phone: +92-543-650215-8 Fax: +92-543-650231
Chichaee Gadani Main RCD, HUB
Distt. Lasbela, Pakistan
UAN: +92 42 111 11 33 33
Registered Office
Nishat House, 53-A, Lawrence Road, Lahore-Pakistan.
UAN: +92 42 111 11 33 33 Fax: +92 42 36367414
Email: info@dgcement.com web site: www.dgcement.com

5. Page | 4
II. Valuation of the common stock of DGKC
First, we find
𝑔 = (
𝐷𝑛
𝐷1
)
1
𝑛
⁄
− 1
𝑔 = (
1
1
)
1
3
⁄
− 1
𝑔 = (1)0.34
− 1
𝑔 = 1 − 1
𝑔 = 0
Growth pattern
Based on historical dividend, I would like to pick zero growth pattern for
this firm. Because from last three years the company only paid Rs.1 per share by which the
growth rate is 0.
Current Value of Equity
As we know that
v =
D1
ke−g
eq # 01
Find D1
As 𝐷1 = 𝐷0(1 + 𝑔)
𝐷1 = 1(1 − 0)
𝐷1 = 1

6. Page | 5
Find ke
As
𝑘𝑒 =
𝐷1
𝑣
+ 𝑔
𝑘𝑒 =
1
48.48
+ 0
𝑘𝑒 = 0.0206
𝑘𝑒 = 2.06%
Putting the values in eq #01
𝑣 =
𝐷1
𝑘𝑒−𝑔
𝑣 =
1
0.0206−0
𝑣 = 48.54
Comparison of Intrinsic Value with Market Value
• The current market value of the firm is Rs.48.48.
• Its intrinsic value is 48.54.
intrinsic value > market value
Decision
It is clear that the intrinsic value is greater than the market value hence my decision
is to go for investment in this firm.

7. Page | 6
III. Cost of Capital
1. Risk Profile of This Company
The Company’s activities expose it to a variety of financial risks: market risk (including
currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The
Company’s overall risk management programmed focuses on the unpredictability of financial
markets and seeks to minimize potential adverse effects on the Company’s financial
performance.
Risk management is carried out by the Board of Directors ('the Board'). The Company's finance
department evaluates and hedges financial risks. The Board provides written principles for
overall risk management, as well as written policies covering specific areas, such as foreign
exchange risk, interest rate risk, credit risk, investment of excess liquidity. All treasury related
transactions are carried out within the parameters of these policies.
2. Using the risk profile, if risk free rate is 7% and market return is 12%, then
what will be the investor expected return based on CAPM?
Give Data
𝑅𝑓𝑟 = 7%
𝑅𝑚 = 12%
𝛽 = 1.58
Required
CAPM =?
Solution
As we know
𝑘𝑒 = 𝑅𝑓𝑟 + 𝛽(𝑅𝑚 − 𝑅𝑓𝑟)
Putting the values in the above equation
𝑘𝑒 = 7% + 1.58(12% − 7%)
𝑘𝑒 = 0.149 = 14.9%
or
𝑘𝑒 = 14.9%

8. Page | 7
3. Cost Of Equity
Give Data
ke = 14.9%
g = 0
D1 = 1
Required
Cost of Equity = v =?
Solution
As we know
𝑣 =
𝐷1
𝑘𝑒−𝑔
Putting the values in the above equation
𝑣 =
1
0.149−0
𝑣 = 6.71
4. Cost of Debt
As we know
Cost of debt =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑥𝑝𝑒𝑛𝑠
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
Cost of debt =
3,371,740,000
19,821,230,000
Cost of debt = 0.170
Cost of debt = 17%

9. Page | 8
5. What are the book value and market value weights for the company?
Book value weights
Source Total book value % of Total
Long term Debt Rs 19,821,230,000 81.89%
Preferred Equity 0 0%
Common Equity Rs 4,381,190,000 18.11%
Grand Total Rs 24,202,420,000 100%
Market value weights
Source Price per Unit Units Total Market Value % of Total
Long term Debt Rs.19,821,230,000 47.77%
Preferred Equity - - - -
Common Equity Rs.49.48 438,119,097 Rs 21,678,132,919 52.23%
Grand Total Rs 41,499,362,919 100%

10. Page | 9
6. Cost of Capital based on book value weight
WACC = wdkd(1-T) + wpkp + weke
WACC = 0.8189(0.17) (1-0.2568) + 0 + 0.1811(0.0206)
WACC = 0.8189(0.17) (0.7432) + 0 + 0.1811(0.0206)
WACC = 0.1034 + 0.00373
WACC = 0.107
WACC = 10.7%
7. Cost of Capital based on Market value weight
WACC = wdkd(1-T) + wpkp+ weke
WACC = 0.4777(0.17) (1-0.2568) + 0 + 0.5223(0.0206)
WACC = 0.4777(0.17) (0.7432) + 0 + 0.5223(0.0206)
WACC = 0.0603 + 0.0107
WACC = 0.071
WACC = 7.1%

11. Page | 10
IV. Capital Budgeting
Years 1 2 3 4 5
Old Machine Revenues 2520000 2520000 2520000 2520000 2520000
New Machine Revenues 2200000 2300000 2400000 2400000 2450000
Net Revenues 320000 220000 120000 120000 70000
Years 1 2 3 4 5
Old Machine Expenses 2300000 2300000 2300000 2300000 2300000
New Machine Expenses 1990000 2110000 2230000 2250000 2350000
Net Expenses 310000 190000 70000 50000 50000
Initial cash outflow
Cost of new machine $ 380,000
Add Capitalized Expenses $ 20,000
Add Increase in NWC $ 17,000
Less Sale of old machine ($ 95,296)
Add Tax (40%) $ 38,118
Initial cash outflow $ 359,822
Change in Depreciation
1 2 3 4 5
New machine Depreciation $ 80,000 $ 128,000 $ 76,800 $ 46,080 $ 46,080
Old machine Depreciation ($27,648) ($27,648) 0 0 0
Change in Depreciation $ 52,352 $ 100,352 $ 76,800 $ 46,080 $ 46,080

12. Page | 11
Incremental Cash flow
1 2 3 4 5
Revenue $ 320,000 $ 220,000 $ 120,000 $ 120,000 $ 70,000
Less Expenses $(310,000) $(190,000) $ (70,000) $ (50,000) $ (50,000)
Net Revenue $10,000 $30,000 $50,000 $70,000 $20,000
Less Depreciation $ (52,352) $(100,352) $ (76,800) $ (46,080) $ (46,080)
Revenue after Depreciation $ 42,352 $ 70,352 $ 26,800 $ 23,920 $ 26,080
Less Tax (40%) $ (16,941) $ (28,141) $ (10,720) $ (9,568) $ (10,432)
Revenue after Tax $25,411 $42,211 $16,080 $14,352 $15,648
Add Depreciation $ 52,352 $ 100,352 $ 76,800 $ 46,080 $ 46,080
Incremental Cash flow $77,763 $ 114,422 $ 82,160 $ 70,000 $ 51,296
Terminal Cash Flow
Incremental Cash flow $ 51,296
Add Salvage value $ 50,000
Less Tax (40%) $ (20,000)
Add NWC $ 17,000
Terminal Cash Flow $ 98,256
Projection of Cash Flows
Asset Expansion
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
($ 359,822) $77,763 $ 114,422 $ 82,160 $ 70,000 $ 98,256

13. Page | 12
Evaluation of cash flows
a. Payback Period
0 1 2 3 4(a) 5
($359,822)(b) $ 77,763 $ 114,422 $ 82,160 $ 70,000 $ 98,256(d)
$ 77,763 $ 192,185 $ 274,345 $ 344,345(c) $ 442,601
𝑃𝐵𝑃 =
𝑎+(𝑏−𝑐)
𝑑
𝑃𝐵𝑃 =
4+(359,822−344,345)
98,256
𝑃𝐵𝑃 =
4+15,477
98,256
𝑃𝐵𝑃 = 4 + 0.15 = 4.15 𝑦𝑒𝑎𝑟𝑠

14. Page | 13
b. Internal Rate of Return
Find the interest rate (IRR) that causes
the discounted cash flows to equal $359,822.
As we know that
𝐼𝐶𝑂 =
𝐶𝐹1
(1 + 𝐼𝑅𝑅)1
+
𝐶𝐹2
(1 + 𝐼𝑅𝑅)2
+ ⋯ +
𝐶𝐹
𝑛
(1 + 𝐼𝑅𝑅)𝑛
Putting the values in the above equation
$ 359,822 =
$ 77,763
(1+𝐼𝑅𝑅)1 +
$ 114,422
(1+𝐼𝑅𝑅)2 +
$ 82,160
(1+𝐼𝑅𝑅)3 +
$ 70,000
(1+𝐼𝑅𝑅)4 +
$ 98,256
(1+𝐼𝑅𝑅)5
Suppose IRR = 5% = 0.05
$ 359,822 =
$ 77,763
(1+0.05)1 +
$ 114,422
(1+0.05)2 +
$ 82,160
(1+0.05)3 +
$ 70,000
(1+0.05)4 +
$ 98,256
(1+0.05)5
$ 359,822 =
$ 77,763
(1.05)1 +
$ 114,422
(1.05)2 +
$ 82,160
(1.05)3 +
$ 70,000
(1.05)4 +
$ 98,256
(1.05)5
$ 359,822 =
$ 77,763
1.05
+
$ 114,422
1.103
+
$ 82,160
1.158
+
$ 70,000
1.216
+
$ 98,256
1.277
$ 359,822 = $ 74060 + $ 103,737 + $ 70,949 + $ 57,565 + $ 76,942
$ 359,822 = $ 383,253 [𝑹𝒂𝒕𝒆 𝒊𝒔 𝒕𝒐𝒐 𝒍𝒐𝒘‼]

15. Page | 14
Suppose IRR = 10% = 0.1
$ 359,822 =
$ 77,763
(1+0.1)1 +
$ 114,422
(1+0.1)2 +
$ 82,160
(1+0.1)3 +
$ 70,000
(1+0.1)4 +
$ 98,256
(1+0.1)5
$ 359,822 =
$ 77,763
(1.1)1 +
$ 114,422
(1.1)2 +
$ 82,160
(1.1)3 +
$ 70,000
(1.1)4 +
$ 98,256
(1.1)5
$ 359,822 =
$ 77,763
1.1
+
$ 114,422
1.21
+
$ 82,160
1.331
+
$ 70,000
1.4641
+
$ 98,256
1.61051
$ 359,822 = 70,693 + 94,563 + 61,728 + 47,810 + 61,009
$ 359,822 = $ 335,803 [𝑹𝒂𝒕𝒆 𝒊𝒔 𝒕𝒐𝒐 𝑯𝒊𝒈𝒉‼]
IRR Solution Interpolate
0.05 $ 383,253
IRR $ 359,822
0.1 $ 335,803
x : 0.05 : : $ 23,431 : $ 47,450
𝑥
0.05
=
$ 23,431
$ 47,450
𝑥 =
($ 23,431)(0.1)
$ 47,450
𝑥 = 0.024
𝐼𝑅𝑅 = 𝑥 + 0.05
𝐼𝑅𝑅 = 0.024 + 0.05 = 0.74 = 7.4%
$ 23,431
X
$ 47,450
0.05

16. Page | 15
c. Net Present Value (NPV)
If cost of capital is 10 percent.
As we know that
𝑁𝑃𝑉 =
𝐶𝐹1
(1+𝑘)1 +
𝐶𝐹2
(1+𝑘)2 + ⋯ +
𝐶𝐹𝑛
(1+𝑘)𝑛 − 𝐼𝐶𝑂
𝑁𝑃𝑉 =
$ 77,763
(1+𝑘)1 +
$ 114,422
(1+𝑘)2 +
$ 82,160
(1+𝑘)3 +
$ 70,000
(1+𝑘)4 +
$ 98,256
(1+𝑘)5 − $ 359,822
𝑁𝑃𝑉 =
$ 77,763
(1+0.1)1 +
$ 114,422
(1+0.1)2 +
$ 82,160
(1+0.1)3 +
$ 70,000
(1+0.1)4 +
$ 98,256
(1+0.1)5 − $ 359,822
𝑁𝑃𝑉 =
$ 77,763
(1.1)1 +
$ 114,422
(1.1)2 +
$ 82,160
(1.1)3 +
$ 70,000
(1.1)4 +
$ 98,256
(1.1)5 − $ 359,822
𝑁𝑃𝑉 =
$ 77,763
1.1
+
$ 114,422
1.21
+
$ 82,160
1.331
+
$ 70,000
1.4641
+
$ 98,256
1.61051
− $ 359,822
𝑁𝑃𝑉 = 70,693 + 94,563 + 61,728 + 47,810 + 61,009 − $ 359,822
𝑁𝑃𝑉 =$82,779
Yes! The NPV is positive. This means that the project is increase the
shareholders wealth. [Accept as NPV > 0]

17. Page | 16
d. Profitability Index (PI)
As we know that
𝑃𝐼 = 1 + [
𝑁𝑃𝑉
𝐼𝐶𝑂
]
𝑁𝑃𝑉 =$82,779
𝐼𝐶𝑂 =$359,822
Putting the values in the above equation
𝑃𝐼 = 1 + [
$ 82,779
$ 359,822
]
𝑃𝐼 = 1 + 0.23
𝑃𝐼 = 1.23%
Yes! The PI is greater than 1. This means that the project is profitable.
[Accept as PI > 1]

18. Page | 17
V. Capital Structure Choices
Kinds of Financing
This company has used the following two sources of financing to raise the funds.
a. Equity Financing
For equity financing the company has issued its ordinary shares in the general public on a
platform that is PSX (Pakistan Stock Exchange), and which is register with the SECP (Security
& Exchange Commission of Pakistan).
The company has issued 438,119,097 shares in the general public, its face value is Rs.10 and
now it is trading in the market price Rs.49.48.
b. Debt Financing
For debt financing the company has raised funds(loans) from banks. Such details are given
below.
Loan 1
This represents long term financing facility availed under State Bank of Pakistan's (SBP)
Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of
Business Concerns ('Refinance Scheme'), amounting to Rs 570.338 million. The total facility
available amounts to Rs 575 million. The loan is secured by ranking charge over fixed assets
of the Cement segment for Rs 760 million to be upgraded to first pari passu charge.
Loan 2
This represents long term financing facility availed under SBP Refinance Scheme amounting
to Rs 574.982 million. The total facility available amounts to Rs 575 million. The loan is
secured by first pari passu charge of Rs 767 million over present and future fixed assets of the
Cement segment (including land & machinery).
Loan 3
This represents long term financing facility availed under SBP Refinance Scheme. The total
facility available amounts to Rs 62.52 million. The facility is secured against current assets of
the Dairy segment. Loan 4
This represents long term financing facility availed under SBP Refinance Scheme amounting
to Rs 22.7 million. The Group has not recognized the loan at present value of future cashflows
discounted using market rate, as the impact is immaterial. The loan is secured by first pari passu
charge over current assets of the Paper segment with 25% margin.

19. Page | 18
Loan5
This represents long term financing facility availed under SBP Temporary Economic Refinance
Scheme amounting to Rs 4,219.276 million that has been converted from long term loan as
referred in note 7.2. The total facility available amounts to Rs 5,245 million. The loan is secured
by first pari passu charge over present and future fixed assets of the Cement segment for Rs
6,993.33 million with 25% margin.
Loan 6
This represents long term financing facility availed under SBP Temporary Economic Refinance
Scheme amounting to Rs 600 million. The total facility available amounts to Rs 600 million.
The loan is secured by first pari passu charge of Rs 800 million over present and future fixed
assets of the Cement segment (including land & machinery).
Proportion Between Debt and Equity
Source Total book value % of Total
Long term Debt Rs 19,821,230,000 81.89%
Common Equity Rs 4,381,190,000 18.11%
Grand Total Rs 24,202,420,000 100%
Yes! This firm looks like that it has too much debts.

20. Page | 19
VI. Dividend Policy
➢ How has this company returned cash to its owners? Has it paid dividends or
bought back stock?
D G Khan Cement's cash flow for dividends for the three months ended in Jun. 2022 was ₨0
Mil. Its cash flow for dividends for the trailing twelve months (TTM) ended in Jun. 2022 was
₨-469 Mil.
Note: A negative number here means the payment of dividends. When pays more dividends,
the absolute value gets bigger.
D G Khan Cement's quarterly payment of dividends declined from Dec. 2021 (₨-468 Mil) to
Mar. 2022 (₨-0 Mil) and declined from Mar. 2022 (₨-0 Mil) to Jun. 2022 (₨0 Mil).
D G Khan Cement's annual payment of dividends declined from Jun. 2020 (₨-438 Mil) to
Jun. 2021 (₨-0 Mil) but then increased from Jun. 2021 (₨-0 Mil) to Jun. 2022 (₨-469 Mil).
This firm not bought back shares it gives dividend to the share holders but from the last 3-
4years there is decrease in the dividend. Which is only Rs.1 per share.
➢ How much cash could this firm have returned to its stockholders over the last five
years? How much did it actually return?
From the last five years this firm have returned to its stockholders is very low which is given
below in the table.
Ex-Dividend Date Dividend Payment Date Yield
Oct 13, 2022 1 Nov 08, 2022 1.64%
Oct 18, 2021 1 Nov 08, 2021 1.23%
Oct 10, 2019 1 Nov 13, 2019 1.74%
Oct 17, 2018 4.25 Nov 13, 2018 5.17%
Oct 19, 2017 7.5 Nov 27, 2017 4.97%
Actually, in my point of view the return as same as the above table because the EPS of the
company is decrease after 2018, So it would not be expected in the increasing of dividend.
➢ Given this dividend policy and the current cash balance of this firm, would you
push the firm to change its dividend policy (return more or less cash to its owners)?
Yes, definitely I would push the firm to change its dividend policy to return more cash to its
owners. Because if the firm does not change its dividend policy in future it will face decreasing
in the stock price and the investor will not be feel good to invest in this firm.

21. Page | 20
References
Balance Sheet
Period Ending:
2022
30/06
2021
30/06
2020
30/06
2019
30/06
Total Current Assets 43595.67 40858.21 37618.37 37745.37
Cash and Short-Term Investments 10397.6 14845.54 13799.92 14897.87
Cash - 1884.25 673.51 768.77
Cash & Equivalents 435.16 1898.73 - -
Short Term Investments 9962.42 12946.79 13126.41 14129.1
Total Receivables, Net 7886.01 9004.36 9731.64 7689.65
Accounts Receivables - Trade, Net 1620.02 2684.7 3163.01 1842.4
Total Inventory 24334.94 16785.28 13957.43 14925.74
Prepaid Expenses 13.77 8.11 114.9 217.63
Other Current Assets, Total 963.35 214.92 14.48 14.48
Total Assets 141590.85 144101.31 135310.71 132500.47
Property/Plant/Equipment, Total -
Net
86314.05 88584.51 88055.6 84664.32
Property/Plant/Equipment,
Total - Gross
128000.68 126164.66 121849.87 114538.23
Accumulated Depreciation, Total -41686.63 -37580.16 -33794.27 -29873.91
Goodwill, Net - - - -
Intangibles, Net 17.32 - - -
Long Term Investments 10636.1 13718.92 9573.74 10029.81
Note Receivable - Long Term 6248.1 5548.76 63 60.97
Other Long-Term Assets, Total 1026.52 935.08 - 60.73
Other Assets, Total 27393.81 21718.16 - -
Total Current Liabilities 47370.34 43177.12 40458.57 37771.22
Accounts Payable 3374.44 6904.6 4162.25 3554.6
Payable/Accrued - - - -
Accrued Expenses 8307.85 6745.36 6167.15 4978.55
Notes Payable/Short Term Debt 26264.19 21171.77 26087.34 23152.49
Current Port. of LT Debt/Capital
Leases
7295.1 6349.21 2049.48 5215.85
Other Current liabilities, Total 2128.76 2006.18 1992.34 869.73

22. Page | 21
Total Liabilities 68947.14 68225.12 68653.28 61501.18
Total Long-Term Debt 14566.48 19821.23 22679.21 16659.47
Long Term Debt 14566.48 19821.23 22679.21 16659.47
Capital Lease Obligations - - - -
Deferred Income Tax 5540.53 3784.34 2723.38 4339.7
Minority Interest 2349.61 2182.35 2016.36 2039.55
Other Liabilities, Total -64433.05 -59744.82 775.77 691.24
Total Equity 72643.71 75876.19 66657.43 70999.29
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non-Redeemable,
Net
- - - -
Common Stock, Total 4381.19 4381.19 4381.19 4381.19
Additional Paid-In Capital 4557.16 4557.16 4557.16 4557.16
Retained Earnings (Accumulated
Deficit)
46870.28 44200.15 40568.94 43208.85
Treasury Stock - Common - - - -
ESOP Debt Guarantee - - - -
Unrealized Gain (Loss) - 20201.82 17150.14 18852.08
Other Equity, Total 16835.08 22737.68 - -
Total Liabilities & Shareholders'
Equity
141590.85 144101.31 135310.71 132500.47
Total Common Shares
Outstanding
438.12 438.12 438.12 438.12
Total Preferred Shares
Outstanding
- - - -
* In Millions of PKR (except for per share items)

23. Page | 22
Cash Flow Statement
Period Ending:
2022
30/06
2021
30/06
2020
30/06
2019
30/06
Net Income/Starting Line 3160.53 3925.74 -3805 2280.05
Cash From Operating Activities -2990.16 6746.18 -54.1 -2714.19
Depreciation/Depletion 4156.01 3817.78 3942.97 3771.44
Amortization 4.18 - - -
Deferred Taxes - - - -
Non-Cash Items 661.9 -2373.7 3680.84 1744.15
Cash Receipts - - - -
Cash Payments - - - -
Cash Taxes Paid 1724.42 1263.84 1627.1 780.73
Cash Interest Paid 3372.72 3371.74 5200.55 3088.91
Changes in Working Capital -10972.77 1376.36 -3872.91 -10509.83
Cash From Investing Activities 1216.1 -3007.44 -4983.18 -5405.69
Capital Expenditures -1933.05 -5263.31 -7396.99 -7072.05
Other Investing Cash Flow Items,
Total
3149.15 2255.87 2413.81 1666.36
Cash From Financing Activities -5011.74 2370.46 2415.65 -649.57
Financing Cash Flow Items -31.41 - - -
Total Cash Dividends Paid -437.12 -0.32 -437.72 -1856.92
Issuance (Retirement) of Stock, Net - - - -
Issuance (Retirement) of Debt, Net -4543.21 2370.78 2853.37 1207.35
Foreign Exchange Effects -885.59 -65.75 -472.13 -182.35
Net Change in Cash -6694.04 6120.53 -3093.77 -8951.8
Beginning Cash Balance 7129.19 -4221.81 - 9720.57
Ending Cash Balance 435.16 1898.73 - 768.77
Free Cash Flow -3850.05 1444.53 - -9786.24
Free Cash Flow Growth -366.53 128.54 - -
Free Cash Flow Yield -17.98 2.87 - -
* In Millions of PKR (except for per share items)

24. Page | 23
Income Statement
Period Ending:
2022
30/06
2021
30/06
2020
30/06
2019
30/06
Total Revenue 62259.48 49074.88 41592.69 43627.01
Revenue 62259.48 49074.88 41592.69 43627.01
Other Revenue, Total - - - -
Cost of Revenue, Total 50946.53 40081.26 39626.91 37952.81
Gross Profit 11312.95 8993.62 1965.78 5674.2
Total Operating Expenses 53814.98 43185.48 40286.34 37737.21
Selling/General/Admin. Expenses,
Total
2633.29 2686.71 2418.18 2031.43
Research & Development - - - -
Depreciation / Amortization - 71.15 91.19 83.17
Interest Expense (Income) - Net
Operating
-3719.21 -3084.55 -1658.81 -1781.14
Unusual Expense (Income) - -277.24 19.81 -260.08
Other Operating Expenses, Total 3954.38 3502.06 -210.95 -288.97
Operating Income 8444.5 5889.39 1306.35 5889.8
Interest Income (Expense), Net Non-
Operating
- -3084.55 -5081.32 -3574.38
Gain (Loss) on Sale of Assets 26.48 35.49 - -
Other, Net 1616.68 346.98 -30.03 -35.37
Net Income Before Taxes 6801.34 5506.92 -3805 2280.05
Provision for Income Taxes 3418.91 1413.74 -1575.82 415.17
Net Income After Taxes 3382.42 4093.18 -2229.18 1864.88
Minority Interest 2349.61 2182.35 18.57 -41.51
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before Extraordinary
Items
3160.53 3925.74 -2210.61 1823.37
Total Extraordinary Items - - - -
Net Income 3160.53 3925.74 -2210.61 1823.37
Total Adjustments to Net Income - - - -
Income Available to Common
Excluding Extraordinary Items
3160.53 3925.74 -2210.61 1823.37
Dilution Adjustment - - - -

25. Page | 24
Diluted Net Income 3160.53 3925.74 -2210.61 1823.37
Diluted Weighted Average Shares 438.12 438.12 438.12 438.12
Diluted EPS Excluding Extraordinary
Items
7.21 8.96 -5.05 4.16
DPS - Common Stock Primary Issue 1 1 - 1
Diluted Normalized EPS 8.73 7.08 -5.02 3.68
* In Millions of PKR (except for per share items.