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    Financial Statements: Analysis of Attock Refinery Limited

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    Hasnain Khar
    The document analyzes the financial statements of Attock Refinery Limited for 2017. Key points include: - Equity grew 22% to Rs 27.3 billion from profits. Land was revalued, increasing reserves. - Long term financing increased to Rs 17.7 billion to fund an upgrade project. Current liabilities also rose. - Revenue increased 52% to Rs 101.4 billion from higher oil prices and increased production after upgrades. - Costs rose 44% to Rs 97.1 billion due to higher oil prices and more capacity. - Cash flow was positive due to higher prices and throughput. Investing cash flow improved as upgrade payments decreased. Financing cash flow increased from new loans.

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    Financial Statements: Analysis of Attock Refinery Limited

    Uploaded by

    Hasnain Khar
    118 views1 page
    The document analyzes the financial statements of Attock Refinery Limited for 2017. Key points include: - Equity grew 22% to Rs 27.3 billion from profits. Land was revalued, increasing reserves. - Long term financing increased to Rs 17.7 billion to fund an upgrade project. Current liabilities also rose. - Revenue increased 52% to Rs 101.4 billion from higher oil prices and increased production after upgrades. - Costs rose 44% to Rs 97.1 billion due to higher oil prices and more capacity. - Cash flow was positive due to higher prices and throughput. Investing cash flow improved as upgrade payments decreased. Financing cash flow increased from new loans.

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    The document analyzes the financial statements of Attock Refinery Limited for 2017. Key points include: - Equity grew 22% to Rs 27.3 billion from profits. Land was revalued, increasing reserves. - Long term financing increased to Rs 17.7 billion to fund an upgrade project. Current liabilities also rose. - Revenue increased 52% to Rs 101.4 billion from higher oil prices and increased production after upgrades. - Costs rose 44% to Rs 97.1 billion due to higher oil prices and more capacity. - Cash flow was positive due to higher prices and throughput. Investing cash flow improved as upgrade payments decreased. Financing cash flow increased from new loans.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    118 views1 page

    Financial Statements: Analysis of Attock Refinery Limited

    Uploaded by

    Hasnain Khar
    The document analyzes the financial statements of Attock Refinery Limited for 2017. Key points include: - Equity grew 22% to Rs 27.3 billion from profits. Land was revalued, increasing reserves. - Long term financing increased to Rs 17.7 billion to fund an upgrade project. Current liabilities also rose. - Revenue increased 52% to Rs 101.4 billion from higher oil prices and increased production after upgrades. - Costs rose 44% to Rs 97.1 billion due to higher oil prices and more capacity. - Cash flow was positive due to higher prices and throughput. Investing cash flow improved as upgrade payments decreased. Financing cash flow increased from new loans.

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    of 1

    Analysis of

    Financial Statements
    Attock Refinery Limited

    ANALYSIS OF BALANCE SHEET

    Share capital and Reserve:


    Equity grew by 22% from Rs 22,378 million to Rs 27,328
    million as a result of current year’s profitability.

    Surplus on revaluation of freehold land:


    Revaluation of Company’s freehold land to current
    market value has resulted in a surplus in revaluation
    reserve.
    Administration and distribution cost:
    Long term financing: Administration and distribution cost increased by 13%
    During the year long term financing has increased from from Rs 571 million in 2016 to Rs 644 million in 2017.
    Rs 14,614 million to Rs 17,672 million to finance the
    ARL Up-gradation Project. After completion of Up- Finance cost:
    gradation Project there was a prepayment against said During the year finance cost has increased as a result
    facility of Rs 1 billion and payment of first installment of of cessation in capitalization of the Finance cost upon
    Rs 550 million. completion of ARL Up-gradation Project and charging
    it to Profit & Loss.
    Current liabilities:
    Trade and other payables have increased during the Other Income:
    year due to increase in prices of crude oil. Further an Other income increased by 55% from Rs 927 million
    amount of Rs 2.20 billion, being the current portion of to Rs 1,434 million mainly on account of increase in
    long term finance, is due in next twelve months. income from bank deposits.

    Property, plant and equipment: Provision for taxation:


    Property, plant and equipment have witnessed an Provision for taxation has decreased due to utilization
    increase, due to further investment in Up-gradation of tax credit for Balancing Modernization and
    Project. Property, plant and equipment represent Replacement (BMR).
    around 39% of Company’s balance sheet.
    Non-refinery income:
    Current assets: Non-refinery income increased from Rs 1,520 million
    Current assets have increased by 57% from Rs 26,714 to Rs 1,715 million due to increase in dividend income
    million to Rs 42,057 million during the current financial during the year as compared to the last year.
    year, denominated mainly by increased cash and bank
    balances. ANALYSIS OF CASH FLOWS STATEMENT

    Operating activities:
    ANALYSIS OF PROFIT AND LOSS
    There was a net cash inflow of Rs 7,157 million during
    Revenue: the year. The main reason was favorable fluctuation in
    During the current year, sales revenue has increase by prices of crude oil and petroleum products, along with
    52% from Rs 66,565 million to Rs 101,412 million. This increase in throughput.
    increase reflects upward trend in international prices Investing activities:
    of Petroleum Products which prevailed during the year Cash flow from Investing activities has improved
    as well as increase in Refinery’s production after the as cash outflow from investing activities decreased
    successful completion of Up-gradation Projects. significantly during the current Financial Year
    Cost of Sales: denominating reduced payments on account of Up-
    During the period under review, cost of sales increased gradation Projects.
    by 44% from Rs 67,467 million to Rs 97,079 million Financing activities:
    due to upward trend in prices of crude oil as well as Cash inflow from Long term financing has increased
    increase in Refinery’s capacity after Up-gradation during the current Financial Year as a result of influx
    Projects. of funds from Loan facility.

    Annual Report • 2017 69

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