sa presentation final

Sector & Company AnalysisAttock Petroleum Limited

Group MembersShoaib Ahmed Zaki

Syed Ali Raza Abbas NaqviWajahat Mehdi

Industry Overview

Industry Overview

• Oil industry marketing involves selling refined products to customers

• Methods of selling gasoline to the public vary. One method involves direct marketing by integrated oil companies, which engage in producing, refining, transporting, distributing, and selling consumer products at a retail station bearing the company’s name and emblem. Gas stations provide the integrated oil companies with outlets for their products.

• Integrated oil companies also sell their branded products through independent dealers, who own their stations and sell the gasoline and other name-brand products of one or more oil companies. The independent dealers generally purchase their gasoline either directly from the company or through a jobber, who contracts with a particular company to sell its gasoline at wholesale.

Industry Overview

• Another method of retail marketing of gasoline is through independent marketers.

• These firms purchase gasoline from a variety of sources, including integrated oil companies or independent refiners.

List of Major Companies in the Industry

1. ADMORE GAS (PVT.) LTD.2. ASKAR OIL SERVICES(PVT.) LTD.3. ATTOCK PETROLEUM LTD.4. BAKRI TRADING COMPANY PAKISTAN(PVT.)LTD.5. BYCO PETROLEUM PAKISTAN LIMITED 6. CHEVRON PAKISTAN LTD.7. HASCOL PETROLEUM LIMITED8. OVERSEAS OIL TRADING CO. (PVT) LTD. 9. PAKISTAN STATE OIL CO. LTD.10. SHELL PAKISTAN LTD.11. TOTAL-PARCO PAKISTAN LTD.

Market Shares

Total Industry Sales Volume

Sales Volume in tons

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5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

High Volume of Major Products: FO, HSD,MS (Sales in tons)

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2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

20,000,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Furnace Oil

High Speed Diesel

Motor Spirit

Sales Vol. of Kerosene, HOBC,LDO (in tonnes)

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Kerosene

HOBC

LDO

Net Sales (Rs. ‘000) of the Big Three

-

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

700,000,000

2006 2007 2008 2009

Shell

PSO

APL

Yearly Consumption by Sector (Tons)

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

Domestic Industry Agriculture Transport Power Other Govt.

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

Consumption by each sector based on 6 year average yearly consumption (Tons) from 2003-04 to 2008-09

1%

9%

1%

54%

33%

2%

Domestic

Industry

Agriculture

Transport

Power

Other Govt.

Porter’s Five Forces Model Analysis

Threats of new entrants [Low]

• Capital requirements in billions [refer to notes]

• Distribution and fleet network

• Brand identification of PSO, Shell, and Total-PARCO

• Storage Capacity

• Government approval for entry

• High exit barrier

Rivalry among competitors [Low]

• PSO, Shell, Caltex, and Total

• PSO the market leader with 70% share

• Shell is the key competitor for PSO

• Total is the market challenger

• Small and independent CNG companies

• Privatization of PSO

Concentration Ratio (CR) & Herfindahl–Hirschman Index

Top 4 Market Share (%) (Market Share)^2

PSO 69 4761

SPL 11.9 141.61

APL 7 49

CPL 4.6 21.16

TPPL 3.3 10.89

BYCO 2 4

OOTCL 0.7 0.49

HASCOL 0.6 0.36

PARCO 0.5 0.25

ASKAR 0.3 0.09

BTCPL 0.1 0.01

ADMORE 0 0

CR = 92.5 HHI = 4988.86

• Concentration Ratio calculated based on market shares of the top 4 companies is 92.5%

• HHI calculated based on the market shares of all companies is 4989

• Both CR and HHI indicate that the level of competition in the industry is very low.

Concentration Ratio & Herfindahl–Hirschman Index

Threat of Substitutes [Low]

• Coal fuel

• Nuclear energy

• Bio-fuel

• Solar energy

• Electronic resources

Threat of bargaining power of buyers

• General public for POL products [Low]

• Corporate customers like Pakistan Steel Mills, Pakistan Railways, Police Rupali Group, EngroChemicals, Army, PIA, Hubco, Qatar Airways, Swiss Air, Thai Airways, Emirates Airlines and Etc. [High]

• Threat of backwards integration

• Service consciousness

• Quality and Quantity concepts

Threat of bargaining power of supplier [High to Moderate]

• ARL, POL, PARCO, and NRL

• Threat of forward integration

• Supplier are the major contributor to the quality of the product

• Supplier’s product demand is derived

• The prices of all supplier products is approximately same

Demand Drivers

Demand Drivers

• POL prices are the key drivers of an OMC’s performance.

• Power Generation

• Motorcycle and Car sales

• White oil- shortage of cng

• Increased use of generators due to power shortages

Demand Drivers

• Pakistan's Oil prices depend on global oil prices

• Global oil prices depend on economic environment, operational issues, natural catastrophes, political wavering, geo-political and socio-economic conditions including changes in legislation, strikes, riots and wars

• OMC's costs are affected by the costs of supplies, which are also affected by refineries' margins and costs and refining capacity (affected by circular debt; increasing, and lowering refining margins) because of this omc's have to import

Demand Drivers

• We have calculated correlations and plotted graphs for sales volumes with the following demand drivers:– GDP

– Auto sales

– International oil prices

– Power Production

– Quarterly sales

• To avoid problems resulting from different measurement units, data for each of the above demand drivers have been made relative for all years with base year having a value of 100

OMC Sales Vol vs Real GDP

OMC Sales Vol (Tons) Real GDP ($)Thermal Power

Generation (GWh)

2005- 06 5,183,371 100.00 15,951,002 100.00 18,583.00 100.00

2006- 07 5,477,948 113.31 18,074,460 105.68 26,449.00 142.33

2007- 08 5,565,375 120.26 19,182,049 107.37 29,928.00 161.05

2008- 09 5,767,536 119.77 19,104,651 111.27 23,917.00 128.70

2009- 10 6,018,865 130.09 20,751,044 116.12 36,458.00 196.19

Correlation with Total OMC

Sales Vol 96.17% 91.1%

OMC Sales (Tons) Vol vs Real GDP ($)

80.00

90.00

100.00

110.00

120.00

130.00

140.00

2005- 06 2006- 07 2007- 08 2008- 09 2009- 10

OMC Sales Vol

Real GDP

OMC Sales Vol (Tons) vs Thermal Power Generatio using FO & HSD (GWh)

80.00

100.00

120.00

140.00

160.00

180.00

200.00

220.00

2005- 06 2006- 07 2007- 08 2008- 09 2009- 10

OMC Sales Vol

Thermal Power Generation

Data

Total OMC Sales Vol

(tons)

International Oil Prices

($/barrel) Auto Sales

2000- 01 18,264,579 100.00 25.476 100.00 18,264,604 100.00

2001- 02 17,495,988 95.79 20.29 79.64 17,496,008 95.79

2002- 03 16,544,540 90.58 25.701 100.88 16,544,566 90.58

2003- 04 14,159,136 77.52 28.771 112.93 14,159,165 77.52

2004- 05 15,619,266 85.52 40.062 157.25 15,619,306 85.52

2005- 06 15,951,002 87.33 55.868 219.30 28,757,634 115.71

2006- 07 18,074,460 98.96 57.398 225.30 32,225,475 128.95

2007- 08 19,182,049 105.02 89.131 349.86 34,990,312 135.49

2008- 09 19,104,651 104.60 65.874 258.57 37,611,589 136.18

2009- 10 20,751,044 113.61 71.81 281.87 41,438,409 146.57

Correlation with Total OMC

Sales Vol 60.69% 85.64%

Total OMC Sales Vol (Tons) vs Auto Sales

40.00

60.00

80.00

100.00

120.00

140.00

160.00

2000- 01 2001- 02 2002- 03 2003- 04 2004- 05 2005- 06 2006- 07 2007- 08 2008- 09 2009- 10

Total OMC Sales Vol

Auto Sales

Total OMC Sales Vol (Tons) vsInternational Oil Prices ($/barrel)

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50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

2000- 01 2001- 02 2002- 03 2003- 04 2004- 05 2005- 06 2006- 07 2007- 08 2008- 09 2009- 10

Total OMC Sales Vol

International Oil Prices

Pricing Power and Analysis of Cost and

Margins

Pricing Power

• Oil Prices w.e.f. April, 2006 are being announced by OGRA

• OGRA regulates mid and downstream oil sector in the country

• The consumer prices are being notified by OGRA on monthly basis w.e.f February 01, 2009, effective from first day of each month

• HSD prices are deregulated and being separately announced by OMC's

Pricing Formula

Ex-depot sale prices are being computed as under:• Ex-refinery/import parity price, computed per formula

approved by ECC on Dec 23, 2000 (vis-à-vis the then formula) and the subsequent modifications made from time to time

• Inland Freight Equalization Margin (IFEM), is used to equate the prices of the products all across Pakistan

• Distribution margin and dealer commission • Petroleum Development Levy (PDL), the Federal

Government decides to increase/decrease/maintain the consumer prices by making adjustment in PDL

• General Sales Tax @ 17% of ex-depot price on the amount including all above elements.

Price Build-up(MOTOR GASOLINE)

Ex - Depot Sale Price Calculation with effect from December 01, 2010

Retail %age Rail/Def %age Direct %age

Ex-refinery 45.15 62% 45.15 68% 45.15 62%

IFEM 3.84 5% 0% 3.84 5%

48.99 67% 45.15 68% 48.99 67%

Dist/OMC margin 1.5 2% - 0% 1.5 2%

Dealer margin 1.87 3% - 0% - 0%

Petroleum Levy 10 14% 11.87 18% 11.87 16%

Price before Sales tax (Ex-Depot Price)

62.36 85% 57.02 85% 62.36 85%

Sales tax (@ 17% of Ex Depot Price)

10.6 15% 9.69 15% 10.6 15%

Max. ex-depot sale price 72.96 100% 66.71 100% 72.96 100%

Price Build-up(H . O . B . C .)


Retail %age Rail/Def %age Direct %age

Ex-refinery 50.27 58% 50.27 65% 50.27 58%

IFEM 6.1 7% 0% 6.1 7%

56.37 65% 50.27 65% 56.37 65%

Dist/OMC margin 1.72 2% - 0% 1.72 2%

Dealer margin 2.15 2% - 0% - 0%

Petroleum Levy 13.84 16% 15.99 21% 11.87 14%

Price before Sales tax (Ex-Depot Price)

74.08 85% 66.26 85% 74.08 85%

Sales tax (@ 17% of Ex Depot Price)

12.59 15% 11.26 15% 12.59 15%

Max. ex-depot sale price 86.67 100% 77.52 100% 86.67 100%

Price Build-up(HSD for APL)


Retail %age Direct %age

Ex-refinery 55.9 71% 55.9 71%

IFEM 1.91 2% 1.91 2%

57.81 74% 57.81 74%

Dist/OMC margin 1.35 2% 1.35 2%

Dealer margin 1.5 2% - 0%

Petroleum Levy 6.29 8% 6.29 8%

Price before Sales tax (Ex-Depot Price) 66.95 85% 66.95 85%

Sales tax (@ 17% of Ex Depot Price) 11.38 15% 11.38 15%

Max. ex-depot sale price 78.33 100% 78.33 100%

Regulatory Environment


• Oil and Gas Regulatory Authority (OGRA) has been set up under the Oil and Gas Regulatory Authority Ordinance dated 28th March 2002

• Consequent upon the establishment of OGRA on 28th March, 2002 the Natural Gas Regulatory Authority (NGRA) was subsumed by the OGRA

• The Federal Government has now w.e.f. March 15, 2003 assigned functions for the regulation of activities relating to LPG (Liquefied Petroleum Gas) and CNG (Compressed Natural Gas) sectors in the country to the Oil and Gas Regulatory Authority and has designated the OGRA as an Authority in place of the Director General (Gas) of the Ministry of Petroleum and Natural Resources

• OGRA also administer licensing for oil related companies to operate in Pakistan


• OGRA controls prices strictly on the basis of import parity prices and revises prices on a monthly basis (previously done on a fortnightly basis)

• The Federal Government decides to increase/decrease/maintain the consumer prices by making adjustment in PDL through its notification issued under Petroleum Products (Petroleum Development Levy) Ordinance, 1961 (XXV of 1961).

OGRA’s Activities in the Oil Sector

• Formulation of New Draft Rules

• Enforcement of Technical Standards (NFPA 30, NFPA 20, Pakistan Petroleum Act)

• Preparation of Technical Standards

• Quality Assurance

• New Licences for Oil Refineries

• Licence for Offshore Loading/Unloading Facility

• Renewal/Extension of Licences for Oil Marketing Companies


• OGRA ensures:

– standards of Retail Operations, including environmental and safety standards

– road transport used will meet safety and petroleum products transport standards

– compliance with the depot operations standards and maintenance of adequate stocks


• In addition to the above regulations, the licensing regulations include:– A marketing plan for 3 years– Equity investment should commensurate with the marketing

plan being submitted by the new company. However, the prospective company shall make investment of Rs. 6 billion or more over a period of 3 years with a minimum upfront equity of Rs. 3 billion. Equity investment should however, be based on the criteria of 60:40 debt / equity ratio. The group sponsoring the company should be of repute having adequate financial resources to manage the new entrant in the initial period

– The company should have capability to raise funding from commercial banks/financial institutions. A letter of support from banks / financial institutions must be provided with the application

Company Analysis

Main Business & Specific Products

Main Business

• To establish a Group Company in down stream petroleum sector related to marketing of petroleum products in Pakistan, which historically was restricted to 3 major players (PSO, Shell and Caltex) in this field.

Main Business

• Terminal:– completing and commissioning its storage terminal in a record time of less

than a year at Morgah, Rawalpindi, through its own resources.– is connected with Attock Refinery Ltd. (ARL) through a pipeline, taking

products from ARL and dispensing it well to the customers and gas stations.– Other terminals:

• Korangi Bulk Oil Terminal, Karachi• Panama Oil Terminal, (Keamari), Karachi • Keamari (Naphtha), Karachi • Machike Bulk Oil Terminal

• Petrol Pumps :– At present 50 petrol pumps of the Company are operating, while 13 and 29

petrol pumps are under construction and awaiting Government’s approval respectively

Main Business

• Lubricants:– APL has the privilege to introduce its own brand of lubricants in the market.

Third party blending arrangements have been made locally.– Wide range of quality lubricants for gasoline, diesel and industrial consumers.

• Other Products:– Besides retail outlets supplies, APL markets other petroleum products

including Furnace Oil, Light Diesel Oil, Solvent Oil, Mineral Turpentine Oil, Asphalt and Jute Batching Oil to meet the demands of the industrial consumers.

– APL markets these products throughout Pakistan by selling directly to the users and through network of distributors and enjoys significant share in the market in some of the products.

• Exports:– APL has entered into oil export business in Afghanistan and has made some

important strides in a short time. APL is also facilitating export of naphtha to Middle East, Far East and South Asia.

Specific ProductsProduct Units Product Units

Light Diesel Oil Liters Mineral Turpentine Oil Liters

High Speed Diesel Liters Premier Motor Gasoline Liters

Jute Batching Oil Liters Solvent Oil (Ex-ARL) Liters

Solvent Oil (Ex-Pindori) Liters Solvent Oil (Ex-Meyal) Liters

Kerosene Oil Liters Furnace Oil M.Tons

Bitumen Bulk (60/70) M.Tons Bitumen Bulk (80/100) M.Tons

Bitumen Packed (60/70) M.Tons Bitumen Packed (80/100) M.Tons

Polymer Modified Bitumen 1.35% Bulk / Packed

M.Tons MC 70 Bulk / Packed M.Tons

RC 70 Bulk / Packed M.Tons RC 250 Bulk / Packed M.Tons

Lube Base Oil BS HVI, BS MVI, 400 NHVI, 500 NHVI, 100 NHVI, 150 NHVI, 65 NHVI, 650 NMVI, 100 NMVI

Liters Low Melt Slack Wax, Medium Melt Slack Wax

M.Tons

Rubber Process Oil Liters

History & Evolution

• OCTOBER 1995: Formal application moved for Government approval

• DECEMBER 1995: Incorporation of APL• FEBRUARY 1997: Government approval granted for

OMC• FEBRUARY 1998: Marketing of Petroleum products

commenced• JUNE 1999: Bulk oil terminal commenced at

Rawalpindi• OCTOBER 1999: Commissioned first retail outlet• JANUARY 2000: Launched lubricants

History & Evolution

• JULY 2002: Marketing of Surplus Naphtha through exports• APRIL 2003: Initiated exports to Afghanistan• JUNE 2003: ISO 9001: 2000 Quality Management System

Certification• JULY 2004: Registered as an OMC with Afghan Investment

Support Agency• SEPTEMBER 2004: ISO 14001:1996 Environment

Management Systems certification• MARCH 2005: Acquired listing on Karachi Stock Exchange• MAY 2005: Opened 100th retail outlet• JULY 2005: Acquired National Refinery Limited through

bidding

History & Evolution

• AUGUST 2005: Started supplying Fuel oil to IPPs• MARCH 2006: Started operating new terminal at

Karachi• MARCH 2006: Started first Company owned retail

outlet’s operations• NOVEMBER 2007: Commissioned 1st international

retail outlet at Jalalabad, Afghanistan• JUNE 2009: Commissioned new bulk oil terminal at

Machike• SEPTEMBER 2009: Commenced operations through

White Oil Pipeline (WOP)

Major Shareholders

• Issued, subscribed and paid up capital Rs. 576,000,000 (57,600,000 shares @ Rs 10 each)

Out of 37,712,256 shares held by associated companies

Pharaon Investment Group Limited Holdings

53%

Attock Refinery Limited33%

Pakistan Oilfields Limited11%

The Attock Oil Company Limited

3%

Profiles of major shareholders

• APL is a part of fully integrated first Oil Company of the sub-continent, The Attock Oil Company Ltd., which was incorporated with limited liability in England on December 01, 1913. APL’s sponsors include Pharaon Commercial Investment Group Ltd. (PCIGL) and Attock Oil Group of Companies (AOC).

• PHARAON GROUP is engaged internationally in diversified types of entrepreneurial activities which includes Hotels, Oil Exploration, Production and Refining, Manufacturing of Petroleum Products, Chemicals, Manufacturing and Trading of Cement, Real Estate Sector etc.


• The Attock Oil Company Ltd. after incorporation in 1913 met its first discovery at Khaur district Attock in 1915. The company was established to undertake oil exploration and production activities in the exploration / prospecting licenses and oil mining (development and production) leases granted by the government. The operations of AOC i.e. exploration & production and refining activities were split by forming two subsidiaries, namely Pakistan Oilfields Limited and Attock Refinery Limited which are listed on the stock exchanges of Pakistan


• Attock Refinery Limited (ARL) is the pioneer in crude oil refining in the country with its operations dating back to early 20th century. Backed by a rich experience of more than 80 years of successful operations ARL’s plants have been gradually upgraded / replaced with state-of-the-art hardware to remain competitive and meet new challenges and requirements

• Pakistan Oilfields Limited (POL) is a leading oil and gas exploration and production company listed on all the three stock exchanges of Pakistan. The Company's prime focus is to deliver perforamnce through excellence in the field of exploration, drilling and production of crude oil and gas. Pakistan Oilflelds Limited (POL), a subsidiary of The Attock Oil Company Limited (AOC)

Organization Structure & Key Positions

Organization Structure & Key Positions

• The non executive directors which are also the only members of the audit committee are key determinants of the following functions of that committee:– effective execution of responsibilities related to financial

reporting– monitoring risk management– corporate control– ensuring operation in accordance with the requirements of

the Code of Corporate Governance– advises the Board on the appointment of external auditor

and on their remuneration– keeps under review the cost effectiveness, independence,

and objectivity of the external auditor

Governance/management structures

• Committed to high standards of corporate governance

• The Board comprises of the Chairman, Chief Executive and five non-executive directors.

• The role of non-executive directors is to enhance independence and objectivity of the Board’s deliberations and decisions

Governance/management structures

• The Board is accountable to the shareholders for good corporate governance, the strategic objectives, stewardship of the Company’s resources, the organizational structure, core activities, succession planning of senior executives and the social, environmental and ethical considerations.

• The Company is fully compliant with the code of corporate governance as per the requirements of the Listing Regulations

Management Committees

• THE BOARD AUDIT COMMITTEE: assist the Board in the effective execution of responsibilities related to financial reporting, monitoring risk management etc.

• THE BOARD BUDGET COMMITTEE: assist the Board in formulating the corporate budget & reviewing analysis of actual figures with those budgeted.

• THE SHARE TRANSFER COMMITTEE: responsible for dealing with all matters relating to the shares of the Company.


• EXECUTIVE COMMITTEE: meet regularly to coordinate the activities, accomplishments and other pertinent issues.

• PRICING COMMITTEE: Reviews and recommends the pricing of deregulated products on fortnightly basis.

• BUDGET COMMITTEE: Reviews and recommends the annual budget proposals and discusses deviations with the departmental heads.


• RETAIL OUTLET DEVELOPMENT COMMITTEE: Responsible for recommending proposals for setting up retail outlets and reviewing progress.

• INFORMATION TECHNOLOGY COMMITTEE: Responsible for automation of process and system in line with latest technology and developments.

• SAFETY AND TECHNICAL COMMITTEE: Reviews and monitors, the safety, health and environment matters for safe operations and better environment and matters relating to technological problems and operational risks affecting the business.

Market Data

Listing History

• Date of Publication of Prospectus: Jan 19, 2005

• Date of Subscription: 28-29/01/2005

• Issued 10mn ordinary shares at a par value of Rs. 10 per share during the third quarter of the FY04-05

• Date of Formal Listing on KSE: Mar 03, 2005

• Total Issued, Subscribed and Paid-up Capital was 400mn on the date of formal listing

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Historical Stock Prices

Historical Turnover

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Historical Market Capitalization

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35,000,000,000

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Year Averages

Year Stock Price Turnover Market Capitalization

2010 330.13 168,967 19,421,394,720

2009 308.03 192,419 17,654,098,963

2008 455.83 140,559 21,922,237,968

2007 464.71 194,458 19,647,967,213

2006 343.63 318,072 13,717,447,699

2005 186.68 1,209,547 7,454,352,941

DPO, DPS, Bonus DPS

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Dividend Payout Ratio

Cash Dividend per share

Bonus Dividend per share

APL Closing Price vs KSE-100 Index

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51

4-M

ar-0

61

5-J

un

-06

13

-Sep

-06

20

-Dec

-06

28

-Mar

-07

26

-Ju

n-0

72

4-S

ep-0

70

2-J

an-0

80

3-A

pr-

08

02

-Ju

l-0

80

6-O

ct-0

8

12

-Jan

-09

15

-Ap

r-0

91

4-J

ul-

09

15

-Oct

-09

20

-Jan

-10

21

-Ap

r-1

01

6-J

ul-

10

12

-Oct

-10

APL Price Closing

KSE Index

Adj APL vs Relative KSE-100

• Adjusted Stock Price of APL is calculated the same way as taught in the class

• Stock Price of APL was 148.68 on Mar 07, 2005. KSE-100 was equated to be equal to 148.68 on that day and relative KSE-100 for all other days is calculated by considering 148.68 as the base index.

• For example, KSE-100 was 9218.68 on Mar 08, 2005 while 8863.48 on Mar 07 (base day). Relative KSE-100 for Mar 08, 2005 day was calculated as: 9218.68/8863.48*148.68 = 154.68

Adj APL vs Relative KSE-100

0

50

100

150

200

250

300

350

400

450

500

07

-Mar

-05

26

-May

-05

12

-Au

g-0

5

07

-No

v-0

5

31

-Jan

-06

26

-Ap

r-0

6

14

-Ju

l-0

6

03

-Oct

-06

03

-Jan

-07

28

-Mar

-07

15

-Ju

n-0

7

04

-Sep

-07

28

-No

v-0

7

22

-Feb

-08

14

-May

-08

31

-Ju

l-0

8

24

-Oct

-08

21

-Jan

-09

15

-Ap

r-0

9

03

-Ju

l-0

9

25

-Sep

-09

17

-Dec

-09

11

-Mar

-10

31

-May

-10

13

-Au

g-1

0

01

-No

v-1

0

Adj APL

Rel. KSE-100

Financial Data

APL Sales Volume (Amount in Tons)

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Year

APL Sales (Rs. ‘000)

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

90,000,000

2005 2006 2007 2008 2009 2010

Year

Profitability Analysis (Rs. ‘000)

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2005 2006 2007 2008 2009 2010

Year

Gross profit Profit before tax,dep & amort Operating profit Profit after tax

Profit & Loss Summary (Million Rupees)

2005 2006 2007 2008 2009 2010

Sales Revenue 11,196,458 46,202,072 49,939,190 60,130,125 70,724,427 94,897,866

Net Sales 9,909,682 40,839,299 44,130,536 53,242,330 61,863,152 82,791,918

Gross Profit 431,043 1,811,855 2,044,971 2,748,401 3,292,350 3,759,884

Operating Profit 559,878 1,894,131 2,167,941 3,272,090 3,659,248 4,587,928

Profit before tax

559,831 1,945,606 2,435,606 3,529,552 4,280,419 4,846,309

Profit after tax 460,408 1,392,606 1,728,606 2,641,552 3,082,419 3,594,309

EBIT 559,831 1,945,606 2,435,606 3,529,552 4,309,411 5,166,174

EBITDA 591,949 2,001,391 2,499,034 3,606,739 4,392,045 5,293,472

Assets

2,447,869

6,603,133

8,983,767

15,513,336

18,272,432

21,442,652

0

5

10

15

20

25

30

35

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

2005 2006 2007 2008 2009 2010

Pe

rce

nta

ges

Rs.

('0

00

)

Total Assets From Balance Sheet Return on assets

Total Equity and Liabilities (Rs. ‘000)

1,013,085

2,045,691

3,454,297

5,535,849

7,082,268

9,236,577

1,434,784

4,557,442

5,529,470

9,977,487

11,190,164

12,206,075

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2006 2007 2008 2009 2010

Total Equity Total Liabilities

Cash Flow Summary (Rs. '000)

(2,000,000)

(1,000,000)

-

1,000,000

2,000,000

3,000,000

4,000,000

2005 2006 2007 2008 2009 2010

CFO

CFI

CFF

Sources Referred• http://www.kse.com.pk/• http://www.apl.com.pk/• http://www.brecorder.com.pk/• Pakistan Energy Yearbook 2009• PSO, Shell financial statements• APL financial statements• OCAC website/Data• Ministry of Petroleum Website• NEPRA, STATE OF INDUSTRY REPORT 2010• OGRA Annual Report/Website• PAMA (Automobile) website

sa presentation final

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