Company Fundamentals - Balance Sheet

Company Name Pakistan Tobacco Company Ltd (PAKT.PSX)

Country Pakistan
TRBC Industry Group Food & Tobacco
CF Template IND
Consolidation Basis Consolidated
Scaling Thousands
Period Annual
Export Date 08-12-2021
Statement Data 2016 2017 2018 2019 2020
Period End Date 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020

Balance Sheet - Standardized (Currency: As Reported)

Field Name 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020
Current Assets
Cash & Short-Term Investments 1,127,227 7,153,970 8,992,673 3,536,963 7,243,511
Cash & Cash Equivalents 147,324 390,128 293,165 535,905 842,296
Short-Term Investments - Total 979,903 6,763,842 8,699,508 3,001,058 6,401,215
Loans & Receivables - Net - Short-Term 1,209,627 1,024,296 1,939,176 2,241,795 1,652,912
Trade Accounts & Trade Notes Receivable - Net 1,839.0 2,636.0 1,553.0 4,260.0 1,392.0
Loans - Short-Term 178,561 72,685 97,960 125,644 335,205
Receivables - Other - Total 1,029,227 948,975 1,839,663 2,111,891 1,316,315
Inventories - Total 14,188,754 15,054,799 19,123,419 22,086,542 20,161,576
Inventories - Raw Materials 12,951,599 13,693,385 17,484,770 20,145,861 17,565,734
Inventories - Work in Progress 68,530 37,760 93,386 91,312 90,823
Inventories - Finished Goods 1,189,201 1,336,318 1,548,417 1,859,725 2,632,867
Inventories - Other - Total -20,576 -12,664 -3,154.0 -10,356 -127,848
Prepaid Expenses - Short-Term 183,858 212,747 249,935 15,921 76,415
Total Current Assets 16,709,466 23,445,812 30,305,203 27,881,221 29,134,414
Non-Current Assets
Receivables & Loans - Long-Term 0
Loans - Long-Term 0
Property, Plant & Equipment - Net - Total 8,654,483 8,655,862 9,155,875 12,347,878 15,126,803
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total 8,654,483 8,655,862 9,155,875 12,347,878 15,126,803
Land & Buildings - Net 707,368 738,743 715,650 697,875 747,617
Land/Improvements - Net 33,934 33,934 33,934 33,934 33,934
Buildings - Net 673,434 704,809 681,716 663,941 713,683
Plant, Machinery & Equipment - Net 6,058,366 5,923,584 6,145,871 8,055,248 8,641,775
Transportation Equipment - Net 46,297 39,806 15,177 25,478 16,785
Construction in Progress - Net 368,218 481,253 982,235 754,318 2,445,300
Property, Plant & Equipment - Under Capital Lease - Net 648,905 715,081 671,246 7,138.0
Right of Use Tangible Assets - Total - Net 4,112,488 2,383,411
Right of Use Tangible Assets - Capital/Finance Lease - Net 4,112,488 2,383,411
Property, Plant & Equipment - Other - Net 871,626 797,201 640,873 -1,279,189 908,700
Property, Plant & Equipment - Gross - Total 17,007,022 18,673,887 20,472,504 27,289,029 27,724,722
Property, Plant & Equipment - excluding Assets Leased Out - Gross 17,007,022 18,673,887 20,472,504 27,289,029 27,724,722
Land & Buildings - Gross 966,769 1,012,378 1,004,087 1,004,802 1,073,555
Land/Improvements - Gross 33,934 33,934 33,934 33,934 33,934
Buildings - Gross 932,835 978,444 970,153 970,868 1,039,621
Plant, Machinery & Equipment - Gross 12,840,821 14,003,779 15,168,422 17,380,311 17,768,602
Transportation Equipment - Gross 175,994 162,305 124,172 128,432 70,068
Construction in Progress - Gross 368,218 481,253 982,235 754,318 2,445,300
Property, Plant & Equipment - Under Capital Lease - Gross 935,700 1,107,287 1,171,507 19,888
Right of Use Tangible Assets - Total - Gross 5,674,842 3,643,950
Right of Use Tangible Assets - Capital/Finance Lease - Gross 5,674,842 3,643,950
Property, Plant & Equipment - Other - Gross 1,895,514 2,069,190 2,146,253 2,454,868 2,793,315
Property, Plant & Equipment - Accumulated Depreciation & Impairment - Total 8,352,539 10,018,025 11,316,629 14,941,151 12,597,919
Property, Plant & Equipment - excluding Assets Leased Out - Accumulated Depreciation &
8,352,539 10,018,025 11,316,629 14,941,151 12,597,919
Impairment - Total
Land & Buildings - Accumulated Depreciation & Impairment 259,401 273,635 288,437 306,927 325,938
Land/Improvements - Accumulated Depreciation & Impairment 0 0 0 0 0
Buildings - Accumulated Depreciation & Impairment 259,401 273,635 288,437 306,927 325,938
Plant, Machinery & Equipment - Accumulated Depreciation & Impairment 6,782,455 8,080,195 9,022,551 9,325,063 9,126,827
Transportation Equipment - Accumulated Depreciation & Impairment 129,697 122,499 108,995 102,954 53,283
Property, Plant & Equipment - Under Capital Lease - Accumulated Depreciation & Impairment 286,795 392,206 500,261 12,750
Right of Use Tangible Assets - Total - Accumulated Depreciation 1,562,354 1,260,539
Right of Use Tangible Assets - Capital/Finance Lease - Accumulated Depreciation 1,562,354 1,260,539
Property, Plant & Equipment - Other - Accumulated Depreciation & Impairment 1,023,888 1,271,989 1,505,380 3,734,057 1,884,615
Other Non-Current Assets - Total 33,571 32,319 991,551 206,542 744,584
Prepaid Expenses - Long-Term 8,518.0 6,854.0 963,071 175,783 716,864
Other Non-Current Assets 25,053 25,465 28,480 30,759 27,720
Total Non-Current Assets 8,688,054 8,688,181 10,147,426 12,554,420 15,871,387
Total Assets
Total Assets 25,397,520 32,133,993 40,452,629 40,435,641 45,005,801
Current Liabilities
Trade Accounts Payable & Accruals - Short-Term 7,538,997 8,333,827 15,807,485 14,372,657 16,548,106
Trade Accounts & Trade Notes Payable - Short-Term 4,091,751 4,608,112 9,069,627 5,206,741 6,765,085
Accrued Expenses - Short-Term 3,447,246 3,725,715 6,737,858 9,165,916 9,783,021
Short-Term Debt & Current Portion of Long-Term Debt 259,722 165,245 223,787 376,065 678,730
Short-Term Debt & Notes Payable 95,339 0 75,542 0
Current Portion of Long-Term Debt including Capitalized Leases 164,383 165,245 148,245 376,065 678,730
Capitalized Leases - Current Portion 164,383 165,245 148,245 376,065 678,730
Income Taxes - Payable - Short-Term 1,615,308 662,310 382,417 449,395 912,236
Dividends/Distributions Payable 78,179 264,303 281,456 144,975 162,237
Other Current Liabilities - Total 1,481,271 4,428,835 5,117,939 4,814,144 4,729,237
Deferred Income - Short-Term 20,375 150.0 2,013.0 16,817 12,034
Security Deposits 27,314 9,460.0 8,863.0 9,075.0 29,342
Other Current Liabilities 1,433,582 4,419,225 5,107,063 4,788,252 4,687,861
Total Current Liabilities 10,973,477 13,854,520 21,813,084 20,157,236 23,030,546
Non-Current Liabilities
Debt - Long-Term - Total 314,950 260,050 284,845 1,341,607 1,573,892
Capitalized Lease Obligations - Long-Term 314,950 260,050 284,845 1,341,607 1,573,892
Deferred Tax & Investment Tax Credits - Long-Term 1,132,463 1,108,225 589,076 645,943 888,506
Deferred Tax - Liability - Long-Term 1,132,463 1,108,225 589,076 645,943 888,506
Total Non-Current Liabilities 1,447,413 1,368,275 873,921 1,987,550 2,462,398
Total Liabilities
Total Liabilities 12,420,890 15,222,795 22,687,005 22,144,786 25,492,944
Shareholders' Equity
Shareholders' Equity - Attributable to Parent Shareholders - Total 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Common Equity Attributable to Parent Shareholders 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Common Equity - Contributed 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938
Common Stock - Issued & Paid 2,554,938 2,554,938 2,554,938 2,554,938 2,554,938
Equity - Non-Contributed - Reserves & Retained Earnings 10,421,692 14,356,260 15,210,686 15,735,917 16,957,919
Retained Earnings - Total 10,421,692 14,356,260 15,210,686 15,735,917 16,957,919
Common Equity - Total 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Total Shareholders' Equity
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Total Liabilities & Shareholders' Equity
Total Liabilities & Equity 25,397,520 32,133,993 40,452,629 40,435,641 45,005,801
Share/Per Share - Common
Common Shares - Issued - Total 255,494 255,494 255,494 255,494 255,494
Common Shares - Outstanding - Total 255,494 255,494 255,494 255,494 255,494
Common Shares - Treasury - Total 0 0 0 0 0
Common Shares - Authorized - Issue Specific 300,000 300,000 300,000 300,000 300,000
Common Shares - Issued - Issue Specific 255,494 255,494 255,494 255,494 255,494
Common Shares - Outstanding - Issue Specific 255,494 255,494 255,494 255,494 255,494
Common Shares - Treasury - Issue Specific 0 0 0 0 0
Share/Per Share - Other
Asset Allocation Factor - Issue Specific 1.00 1.00 1.00 1.00 1.00
Right of Use Tangible Assets
Right of Use Tangible Assets - Total - Net - Supplemental 4,112,488 2,383,411
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental 4,112,488 2,383,411
Right of Use Tangible Assets - Total - Gross - Supplemental 5,674,842 3,643,950
Right of Use Tangible Assets - Capital/Finance Lease - Gross - Supplemental 5,674,842 3,643,950
Right of Use Tangible Assets - Total - Accumulated Depreciation - Supplemental 1,562,354 1,260,539
Right of Use Tangible Assets - Capital/Finance Lease - Accumulated Depreciation - Supplemental 1,562,354 1,260,539
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net 8,005,578 7,940,781 8,484,629 8,228,252 12,743,392
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Gross 16,071,322 17,566,600 19,300,997 21,594,299 24,080,772
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases -
8,065,744 9,625,819 10,816,368 13,366,047 11,337,380
Accumulated Depreciation
Right of Use Liabilities
Finance and Operating Lease Liabilities - Total 479,333 425,295 433,090 1,717,672 2,252,622
Debt including Finance and Operating Lease Liabilities 574,672 425,295 508,632 1,717,672 2,252,622
Long-Term & Short-Term
Investments - Total 979,903 6,763,842 8,699,508 3,001,058 6,401,215
Loans & Receivables - Total 1,209,627 1,024,296 1,939,176 2,241,795 1,652,912
Other Assets - Total 33,571 32,319 991,551 206,542 744,584
Income Taxes - Payable - Long-Term & Short-Term 1,615,308 662,310 382,417 449,395 912,236
Dividends Payable 78,179 264,303 281,456 144,975 162,237
Payables & Accrued Expenses 7,538,997 8,333,827 15,807,485 14,372,657 16,548,106
Trade Account Payables - Total 4,091,751 4,608,112 9,069,627 5,206,741 6,765,085
Accrued Expenses 3,447,246 3,725,715 6,737,858 9,165,916 9,783,021
Debt Related
Net Debt -552,555 -6,728,675 -8,484,041 -1,819,291 -4,990,889
Revolving Line of Credit - Outstanding - Supplemental 83,392 1,018,701
Capital Lease Maturity
Capital Lease Maturities - Total 525,825 425,295 433,090 1,717,672 2,252,622
Capital Lease Maturities - Due within 1 Year 194,720 165,245 148,245 376,065 678,730
Capital Lease Maturities - Due in Year 5 331,105 260,050 284,845 1,341,607 1,573,892
Capital Lease Maturities - Due in 4-5 Years 331,105 260,050 284,845 1,341,607 1,573,892
Other
Contract Liabilities - Short-Term - Advance Consideration & Progress Billings in Excess of Unbilled
20,375 150.0 2,013.0 16,817 12,034
Revenue
Accruals - Short-Term 5,588,665 9,201,164 8,198,954 7,188,080 5,261,572
Asset Accruals 25,250,196 31,743,865 40,159,464 39,899,736 44,163,505
Cash & Cash Equivalents - Total 147,324 390,128 293,165 535,905 842,296
Cash & Short Term Investments - Total 1,127,227 7,153,970 8,992,673 3,536,963 7,243,511
Debt - including Preferred Equity & Minority Interest - Total 574,672 425,295 508,632 1,717,672 2,252,622
Net Book Capital 12,424,075 10,182,523 9,281,583 16,471,564 14,521,968
Net Operating Assets 12,424,075 10,182,523 9,281,583 16,471,564 14,521,968
Provisions - Total 1,132,463 1,108,225 589,076 645,943 888,506
Shareholders Equity - Common 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Tangible Total Equity 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Tangible Book Value 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Total Book Capital 13,551,302 17,336,493 18,274,256 20,008,527 21,765,479
Total Capital 13,551,302 17,336,493 18,274,256 20,008,527 21,765,479
Total Long Term Capital 14,424,043 18,279,473 18,639,545 20,278,405 21,975,255
Total Fixed Assets - Net 8,688,054 8,688,181 10,147,426 12,554,420 15,871,387
Unearned Revenue - Total 20,375 150.0 2,013.0 16,817 12,034
Working Capital 5,735,989 9,591,292 8,492,119 7,723,985 6,103,868
Working Capital - Non-Cash 4,608,762 2,437,322 -500,554 4,187,022 -1,139,643
Working Capital excluding Other Current Assets & Liabilities 7,217,260 14,020,127 13,610,058 12,538,129 10,833,105
Footnotes
Common Shareholders - Number 3,277.0 3,174.0 3,103.0 3,083.0 3,176.0
Operating Lease Payments - Total 443,311 644,519 760,875 0 0
Operating Lease Payments - Due in Year 1 21,900 124,824 99,777 0 0
Operating Lease Payments - Due in Year 5 421,411 473,930 375,899 0 0
Operating Lease Payments - Remaining Maturities 0 45,765 285,199 0 0
Operating Lease Payments - Due in Year 6 & Beyond 0 45,765 285,199 0 0
Employees - Full-Time/Full-Time Equivalents - Period End 1,205.0 1,029.0 1,109.0 1,127.0 1,038.0
Employees - Full-Time/Full-Time Equivalents - Current Date 1,205.0 1,029.0 1,109.0 1,127.0 1,038.0
 Company Fundamentals - Cash Flow
Company Name Pakistan Tobacco Company Ltd (PAKT.PSX)
Country Pakistan
TRBC Industry Group Food & Tobacco
CF Template IND
Consolidation Basis Consolidated
Scaling Thousands
Period Annual
Export Date 08-12-2021
Statement Data 2015 2016 2017 2018 2019 2020
Period End Date 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020

Cash Flow - Standardized (Currency: As Reported)

Field Name 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020
Operating Cash Flow - Indirect
Profit/(Loss) - Starting Line - Cash Flow 13,011,345 15,279,854 18,284,917 22,387,895
Non-cash Items & Reconciliation Adjustments - Cash Flow 809,697 332,966 1,027,941 1,378,036
Financial Income/(Expense) - Cash Flow - to Reconcile -177,786 -708,820 -610,018 -542,167
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile -150,731 121,322 404,874 221,802
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile 1,112,342 941,723 1,367,476 1,500,059
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile 1,112,342 941,723 1,367,476 1,500,059
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile 25,872 -21,259 -134,391 198,342
Net Cash Flow from Operating Activities 5,495,096 10,913,082 12,494,959 13,571,399 9,376,863 22,998,259
Income Taxes - Paid/(Reimbursed) - Cash Flow 4,297,752 5,725,015 5,271,843 5,005,444
Interest Paid - Cash 56,362 31,911 182,149 258,975
Interest & Dividends - Received - Total - Cash Flow 215,291 761,781 812,571 782,866
Cash Flow from Operating Activities before Changes in Working Capital 9,682,219 10,617,675 14,671,437 19,284,378
Working Capital - Increase/(Decrease) - Cash Flow 2,812,740 2,953,724 -5,294,574 3,713,881
Accounts Receivables - Decrease/(Increase) - Cash Flow -44,374 -883,574 -183,896 232,649
Inventories - Decrease/(Increase) - Cash Flow -822,555 -3,995,019 -2,985,448 1,817,902
Prepaid Expenses - Decrease/(Increase) - Cash Flow -28,889 -37,188 234,014 -60,494
Other Assets - Decrease/(Increase) - Cash Flow 105,876 -25,275 -27,684 -209,561
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow 2,549,472 7,695,567 -2,898,684 2,725,341
Other Liabilities - Increase/(Decrease) -Total - Cash Flow 1,053,210 199,213 567,124 -791,956
Operating Cash Flow - Direct
Cash Receipts - Business Activities - Cash Flow 125,292,870 129,017,298
Cash Receipts - Sales of Goods & Services - Cash Flow 125,292,870 129,017,298
Cash Payments - Business Activities - Cash Flow 29,828,877 26,739,610
Cash Payments - Suppliers of Goods & Services - Cash Flow 25,270,750 21,920,913
Cash Payments - Employees - Cash Flow 4,558,127 4,818,697
Income Taxes - Paid/(Reimbursed) - Cash Flow - Direct 2,908,123 4,575,401
Interest Paid - Cash - Direct 86,144,038 86,178,421
Interest & Dividends - Received - Total - Cash Flow - Direct 315,866 427,843
Cash Receipts/(Payments) - Net - Cash Flow -1,232,602 -1,038,627
Investing Cash Flow
Capital Expenditures - Net - Cash Flow 1,330,757 314,722 954,826 1,452,275 2,431,069 3,433,369
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow 1,330,757 314,722 954,826 1,452,275 2,431,069 3,433,369
Property, Plant & Equipment - Purchased - Cash Flow 1,490,676 579,413 1,162,779 1,606,818 2,731,002 3,659,936
Property, Plant & Equipment Sold - Cash Flow 159,919 264,691 207,953 154,543 299,933 226,567
Capital Expenditures - Total 1,490,676 579,413 1,162,779 1,606,818 2,731,002 3,659,936
Other Investing Cash Flow - Decrease/(Increase) -668,321 783,657 -541,081
Net Cash Flow from Investing Activities -1,330,757 -314,722 -954,826 -2,120,596 -1,647,412 -3,974,450
Financing Cash Flow
Dividends Paid - Cash - Total - Cash Flow 4,620,059 8,153,675 5,179,246 9,436,117 12,400,182 14,801,378
Dividends - Common - Cash Paid 4,620,059 8,153,675 5,179,246 9,436,117 12,400,182 14,801,378
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow -297,395 -246,385 -238,805 -251,525 -709,437 -515,883
Debt - Issued/(Reduced) - Long-Term - Cash Flow -297,395 -246,385 -238,805 -251,525 -709,437 -515,883
Debt - Reduced - Long-Term - Cash Flow 297,395 246,385 238,805 251,525 709,437 515,883
Net Cash Flow from Financing Activities -4,917,454 -8,400,060 -5,418,051 -9,687,642 -13,109,619 -15,317,261
Change in Cash
Net Change in Cash - Total -753,115 2,198,300 6,122,082 1,763,161 -5,380,168 3,706,548
Net Cash from Continuing Operations -753,115 2,198,300 6,122,082 1,763,161 -5,380,168 3,706,548
Net Cash - Beginning Balance -413,297 -1,166,412 1,031,888 7,153,970 8,917,131 3,536,963
Net Cash - Ending Balance -1,166,412 1,031,888 7,153,970 8,917,131 3,536,963 7,243,511
Supplemental
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental 4,297,752 5,725,015 5,271,843 5,005,444
Interest Paid - Cash Flow - Supplemental 56,362 31,911 182,149 258,975
Interest & Dividends - Received - Cash Flow - Supplemental 215,291 761,781 812,571 782,866
CF from Optg Activities before Change in WC & Int Payments 91,639,134 97,091,503 9,738,581 10,649,586 14,853,586 19,543,353
Depreciation, Depletion & Amortization - Cash Flow 1,112,342 941,723 1,367,476 1,500,059
Free Cash Flow to Equity 3,866,944 10,351,975 11,301,328 11,867,599 6,236,357 19,049,007
Free Cash Flow Net of Dividends -615,639 2,179,994 6,152,934 2,528,464 -5,754,321 4,536,945
Free Cash Flow 4,004,420 10,333,669 11,332,180 11,964,581 6,645,861 19,338,323
Footnotes
Dividends Provided/Paid - Common 6,131,851 6,387,345 7,664,814 9,964,257 9,964,419 7,153,826
 Company Fundamentals - Financial Summary
Company Name Pakistan Tobacco Company Ltd (PAKT.PSX)
Country Pakistan
TRBC Industry Group Food & Tobacco
CF Template IND
Consolidation Basis Consolidated
Scaling Thousands
Period Annual
Export Date 08-12-2021
Statement Data 2015 2016 2017 2018 2019 2020
Period End Date 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020

Financial Summary - Standardized (Currency: As Reported)

Field Name 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020
Selected Income Statement Items
Revenue from Business Activities - Total 42,907,191 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511
Gross Profit - Industrials/Property - Total 18,545,691 22,768,829 20,194,370 23,274,537 26,201,883 31,551,172
Operating Profit before Non-Recurring Income/Expense 10,459,525 14,962,373 12,977,207 14,637,091 17,857,790 21,831,887
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 11,448,154 16,049,607 14,089,549 15,562,869 19,225,266 23,331,946
Income before Discontinued Operations & Extraordinary Items 7,046,434 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Selected Balance Sheet Items
Cash & Cash Equivalents 53,089 147,324 390,128 293,165 535,905 842,296
Cash & Short-Term Investments 53,089 1,127,227 7,153,970 8,992,673 3,536,963 7,243,511
Total Assets 24,754,680 25,397,520 32,133,993 40,452,629 40,435,641 45,005,801
Debt - Total 1,788,989 574,672 425,295 508,632 1,717,672 2,252,622
Common Equity - Total 10,366,159 12,976,630 16,911,198 17,765,624 18,290,855 19,512,857
Selected Cash Flow Items
Net Cash Flow from Operating Activities 5,495,096 10,913,082 12,494,959 13,571,399 9,376,863 22,998,259
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile 1,112,342 941,723 1,367,476 1,500,059
Capital Expenditures - Net - Cash Flow 1,330,757 314,722 954,826 1,452,275 2,431,069 3,433,369
Net Change in Cash - Total -753,115 2,198,300 6,122,082 1,763,161 -5,380,168 3,706,548
Free Cash Flow Net of Dividends -615,639 2,179,994 6,152,934 2,528,464 -5,754,321 4,536,945
Selected Per Share Data
Dividend Yield - Common Stock - Gross - Issue Specific - % 1.6% 2.2% 1.0% 1.3% 2.0% 3.6%
Dividend Yield - Common Stock - Net - Issue Specific - % 1.5% 2.0% 0.9% 1.2% 1.8% 3.2%
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total 27.58 40.55 37.47 40.46 50.45 64.55
Shares used to calculate Diluted EPS - Total 255,494 255,494 255,494 255,494 255,494 255,494
Profitability / Return
Gross Profit Margin - % 43.2% 50.8% 46.7% 43.8% 50.4% 51.8%
EBITDA Margin - % 26.7% 35.8% 32.6% 29.3% 37.0% 38.3%
Operating Margin - % 24.4% 33.4% 30.0% 27.6% 34.4% 35.9%
Income before Tax Margin - % 24.7% 34.3% 30.1% 28.8% 35.2% 36.8%
Income Tax Rate - % 33.4% 32.6% 26.4% 32.3% 29.5% 26.3%
Net Margin - % 16.4% 23.1% 22.1% 19.5% 24.8% 27.1%
Free Cash Flow 4,004,420 10,333,669 11,332,180 11,964,581 6,645,861 19,338,323
Return on Average Common Equity - % (Income available to Common excluding Extraordinary Items) 76.7% 88.8% 64.1% 59.6% 71.5% 87.3%
Return on Average Total Assets - % (Income before Discontinued Operations & Extraordinary Items) 30.2% 41.3% 33.3% 28.5% 31.9% 38.6%
Return on Invested Capital - % 66.8% 80.9% 62.3% 58.2% 68.1% 79.8%
Growth
Revenue from Business Activities - Total 42,907,191 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511
Operating Profit before Non-Recurring Income/Expense 10,459,525 14,962,373 12,977,207 14,637,091 17,857,790 21,831,887
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 11,448,154 16,049,607 14,089,549 15,562,869 19,225,266 23,331,946
Income before Discontinued Operations & Extraordinary Items 7,046,434 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total 27.58 40.55 37.47 40.46 50.45 64.55
Common Shares - Outstanding - Total 255,494 255,494 255,494 255,494 255,494 255,494
Financial Strength / Leverage
Total Debt Percentage of Total Assets 7.2% 2.3% 1.3% 1.3% 4.3% 5.0%
Total Debt Percentage of Total Capital 14.7% 4.2% 2.5% 2.8% 8.6% 10.4%
Total Debt Percentage of Total Equity 17.3% 4.4% 2.5% 2.9% 9.4% 11.5%
Debt Service 784,052 434,480 34,698 -514,304 -310,092 -14,770
Debt Service Percentage of Normalized after Tax Profit 11.1% 4.2% 0.4%
Interest Coverage Ratio 145.6 326.5 230.4 432.7 88.16 90.70
Dividend Coverage - % 114.9% 162.2% 124.9% 103.8% 129.4% 230.5%
Earnings Retention Rate 0.13 0.38 0.20 0.04 0.23 0.57
Dividend Payout Ratio - % 87.0% 61.7% 80.1% 96.4% 77.3% 43.4%
Enterprise Value Breakdown
Market Capitalization 284,668,628 366,125,159 548,780,226 740,931,997 623,545,374 411,253,027
Debt - Total 1,788,989 574,672 425,295 508,632 1,717,672 2,252,622
Cash & Short Term Investments - Total 53,089 1,127,227 7,153,970 8,992,673 3,536,963 7,243,511
Enterprise Value 286,404,528 365,572,604 542,051,551 732,447,956 621,726,083 406,262,138
Dupont / Earning Power
Asset Turnover 1.84 1.79 1.50 1.46 1.29 1.43
Income before Tax Margin - % 24.7% 34.3% 30.1% 28.8% 35.2% 36.8%
Pretax ROA - % 45.3% 61.3% 45.2% 42.1% 45.2% 52.4%
Total Assets to Total Shareholders Equity - including Minority Interest & Hybrid Debt 2.54 2.15 1.92 2.09 2.24 2.26
Pretax ROE - % 115.1% 131.8% 87.1% 88.1% 101.4% 118.4%
Tax Complement 0.67 0.67 0.74 0.68 0.70 0.74
Return on Average Common Equity - % (Income available to Common excluding Extraordinary Items) 76.7% 88.8% 64.1% 59.6% 71.5% 87.3%
Earnings Retention Rate 0.13 0.38 0.20 0.04 0.23 0.57
Reinvestment Rate - % 10.0% 34.1% 12.8% 2.2% 16.2% 49.4%
Productivity
Net Income after Tax per Employee 5,623,650 8,485,956 8,570,781 9,670,713 11,528,827 15,235,557
Sales per Employee 34,243,568 36,745,704 38,745,881 49,683,895 46,489,174 56,249,895
Total Assets per Employee 20,011,867 21,076,780 31,228,370 36,476,672 35,879,007 43,358,190
Liquidity
Current Ratio 1.20 1.52 1.69 1.39 1.38 1.27
Quick Ratio 0.06 0.23 0.61 0.51 0.29 0.39
Working Capital to Total Assets 0.10 0.23 0.30 0.21 0.19 0.14
Operating
Accounts Receivable Turnover 79.13 49.34 38.75 35.84 24.86 31.27
Average Receivables Collection Days 4.63 7.42 9.45 10.21 14.72 11.71
Payables Turnover 5.91 5.01 5.31 4.36 3.61 4.90
Average Payables Payment Days 61.93 73.10 68.97 83.89 101.4 74.67
Inventory Turnover 1.80 1.53 1.58 1.75 1.25 1.39
Average Inventory Days 203.2 239.1 231.8 209.6 292.6 263.5
Average Net Trade Cycle Days 145.9 173.4 172.3 135.9 206.0 200.6
Company Fundamentals - Valuation
Company Name Pakistan Tobacco Company Ltd (PAKT.PSX)
Country Pakistan
TRBC Industry Group Food & Tobacco
CF Template IND
Consolidation Basis Consolidated
Scaling Thousands
Period Annual
Export Date 08-12-2021
Statement Data 2014 2015 2016 2017 2018 2019 2020
Period End Date 31-12-2014 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020

Valuation - Standardized (Currency: As Reported)

Field Name 31-12-2014 31-12-2015 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020
Enterprise Value
Enterprise Value 271,690,017 286,404,528 365,572,604 542,051,551 732,447,956 621,726,083 406,262,138
Enterprise Value, 5 Year Average 96,587,785 147,796,020 217,739,761 322,448,884 439,633,331 509,640,544 533,612,066
Market Capitalization
Market Capitalization 270,756,991 284,668,628 366,125,159 548,780,226 740,931,997 623,545,374 411,253,027
Market Capitalization, 5 Year Average 94,824,988 146,126,097 216,515,148 322,818,961 442,252,600 512,810,277 538,127,157
Price Close
Price Close (End of Period) 1,059.7 1,114.2 1,433.0 2,147.9 2,900.0 2,440.6 1,609.6
Price Close (End of Period), 5 Year Average 371.1 571.9 847.4 1,263.5 1,731.0 2,007.1 2,106.2
FOCF Yield
Free Cash Flow Yield - % 1.6% 1.4% 2.8% 2.1% 1.6% 1.1% 4.7%
Free Cash Flow Yield - %, 5 Year Average 1.7% 1.6% 1.9% 1.9% 1.9% 1.7% 2.2%
Dividend Yield
Dividend Yield - Common Stock - Gross - Issue Specific - % 0.9% 1.6% 2.2% 1.0% 1.3% 2.0% 3.6%
Dividend Yield - Common Stock - Net - Issue Specific - % 0.8% 1.5% 2.0% 0.9% 1.2% 1.8% 3.2%
Dividend Yield - Common Stock - Net - Issue Specific - %, 5 Year Average 1.4% 1.3% 1.5% 1.2% 1.2% 1.4% 1.7%
Dividend Yield - Common Stock - Gross - Issue Specific - %, 5 Year Average 1.5% 1.4% 1.7% 1.4% 1.4% 1.6% 1.9%
Price to Book
Price to Book Value per Share - Issue Specific 33.80 27.46 28.21 32.45 41.71 34.09 21.08
Price to Book Value per Share - Issue Specific, 5 Year Average 19.38 23.39 26.49 30.07 33.49 33.60 31.49
Price to Tangible Book
Price to Tangible Book Value per Share 33.80 27.46 28.21 32.45 41.71 34.09 21.08
Price to Tangible Book Value per Share, 5 Year Average 19.38 23.39 26.49 30.07 33.49 33.60 31.49
Price to Sales
Price to Revenue from Business Activities - Total per Share 7.39 6.63 8.16 12.68 13.95 12.00 6.75
Price to Revenue from Business Activities - Total per Share, 5 Year Average 3.46 4.60 5.98 8.14 10.02 10.86 10.59
Price to FOCF
Price to Free Cash Flow net of Dividends per Share 131.0 168.0 89.19 293.0 90.65
Price to Free Cash Flow net of Dividends per Share, 5 Year Average 648.2 660.0 387.6 188.6 179.6 570.9 279.0
Price to CF Per Share
Price to Cash Flow per Share 47.64 35.43 31.98 51.36 65.78 43.74 22.86
Price to Cash Flow per Share, 5 Year Average 32.17 34.63 34.35 40.57 46.93 46.04 40.99
Price to Diluted EPS
Price to EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total 55.82 40.40 35.34 57.32 71.67 48.38 24.94
Price to EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total, 5 Year Average 43.13 42.69 39.93 46.18 52.44 51.07 45.10
Price to Normalized Diluted EPS
Price to EPS - Diluted - excluding Extraordinary Items - Normalized - Total 55.82 40.40 35.34 57.32 71.56 48.38 24.94
Price to EPS - Diluted - excluding Extraordinary Items - Normalized - Total, 5 Year Average 19.38 23.39 26.49 30.07 33.49 33.60 31.49
PEG Ratio
PE Growth Ratio 1.01 0.89 0.75 -7.54 8.98 1.96 0.89
PE Growth Ratio, 5 Year Average 4.35 0.85 0.42 1.13 1.94 2.37 2.43
EV to Sales
Enterprise Value to Revenue from Business Activities - Total 7.42 6.67 8.15 12.52 13.79 11.96 6.67
Enterprise Value to Revenue from Business Activities - Total, 5 Year Average 3.52 4.65 6.02 8.13 9.96 10.79 10.50
EV to EBITDA
Enterprise Value to Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 34.16 25.02 22.78 38.47 47.06 32.34 17.41
Enterprise Value to Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA), 5 Year Average 21.93 23.67 24.25 29.35 33.76 33.36 30.23
EV to CFO
Enterprise Value to Net Cash Flow from Operating Activities 41.32 52.12 33.50 43.38 53.97 66.30 17.66
Enterprise Value to Net Cash Flow from Operating Activities, 5 Year Average 33.75 39.69 39.83 42.44 44.81 49.14 38.47
EV to FOCF
Enterprise Value to Free Cash Flow net of Dividends 131.5 167.7 88.10 289.7 89.55
Enterprise Value to Free Cash Flow net of Dividends, 5 Year Average 660.3 667.5 389.8 188.4 178.5 567.4 276.7
 Vertical Analysis Using Balance Sheet of Compan

Pakistan Tobacco Compan

Current Assets

Total Current Assets

Non-Current Assets

Total Non-Current Assets

Total Assets
Current Liabilities

Total Current Liabilities

Non-Current Liabilities

Total Non-Current Liabilities

Total Liabilities
Shareholders' Equity

Total Shareholders' Equity

Total Liabilities & Shareholders' Equity
 Vertical Analysis Using Balance Sheet of Company

Pakistan Tobacco Company Ltd Balance Sheet with Vertica

2016

Cash & Short-Term Investments 1,127,227 4.44%

Loans & Receivables - Net - Short-Term 1,209,627 4.76%
Inventories - Total 14,188,754 55.87%
Prepaid Expenses - Short-Term 183,858 0.72%
16,709,466 65.79%

Receivables & Loans - Long-Term 0 0.00%

Property, Plant & Equipment - Net - Total 8,654,483 34.08%
Other Non-Current Assets - Total 33,571 0.13%
8,688,054 34.21%
25,397,520 100%

Trade Accounts Payable & Accruals - Short-Term 7,538,997 29.68%

Short-Term Debt & Current Portion of Long-Term Debt 259,722 1.02%
Income Taxes - Payable - Short-Term 1,615,308 6.36%
Dividends/Distributions Payable 78,179 0.31%
Other Current Liabilities - Total 1,481,271 5.83%
10,973,477 43.21%

Debt - Long-Term - Total 314,950 1.24%

Deferred Tax & Investment Tax Credits - Long-Term 1,132,463 4.46%
1,447,413 5.70%
12,420,890 48.91%

Shareholders' Equity - Attributable to Parent Shareholders - Total 12,976,630 51.09%

12,976,630 51.09%
25,397,520 100%
alance Sheet with Vertical Analysis (2016-2020)
2017 2018 2019

7,153,970 22.26% 8,992,673 22.23% 3,536,963 8.75%

1,024,296 3.19% 1,939,176 4.79% 2,241,795 5.54%
15,054,799 46.85% 19,123,419 47.27% 22,086,542 54.62%
212,747 0.66% 249,935 0.62% 15,921 0.04%
23,445,812 72.96% 30,305,203 74.92% 27,881,221 68.95%

0 0.00% 0 0.00% 0 0.00%

8,655,862 26.94% 9,155,875 22.63% 12,347,878 30.54%
32,319 0.10% 991,551 2.45% 206,542 0.51%
8,688,181 27.04% 10,147,426 25.08% 12,554,420 31.05%
32,133,993 100% 40,452,629 100% 40,435,641 100%

8,333,827 25.93% 15,807,485 39.08% 14,372,657 35.54%

165,245 0.51% 223,787 0.55% 376,065 0.93%
662,310 2.06% 382,417 0.95% 449,395 1.11%
264,303 0.82% 281,456 0.70% 144,975 0.36%
4,428,835 13.78% 5,117,939 12.65% 4,814,144 11.91%
13,854,520 43.11% 21,813,084 53.92% 20,157,236 49.85%

260,050 0.81% 284,845 0.70% 1,341,607 3.32%

1,108,225 3.45% 589,076 1.46% 645,943 1.60%
1,368,275 4.26% 873,921 2.16% 1,987,550 4.92%
15,222,795 47.37% 22,687,005 56.08% 22,144,786 54.77%

16,911,198 52.63% 17,765,624 43.92% 18,290,855 45.23%

16,911,198 52.63% 17,765,624 43.92% 18,290,855 45.23%
32,133,993 100% 40,452,629 100% 40,435,641 100%
 2020

7,243,511 16.09%
1,652,912 3.67%
20,161,576 44.80%
76,415 0.17%
29,134,414 64.73%

0 0.00%
15,126,803 33.61%
744,584 1.65%
15,871,387 35.27%
45,005,801 100%

16,548,106 36.77%
678,730 1.51%
912,236 2.03%
162,237 0.36%
4,729,237 10.51%
23,030,546 51.17%

1,573,892 3.50%
888,506 1.97%
2,462,398 5.47%
25,492,944 56.64%

19,512,857 43.36%
19,512,857 43.36%
45,005,801 100%
 Company Fundamentals - Income Statement
Company Name Pakistan Tobacco Company Ltd (PAKT.PSX)
Country Pakistan
TRBC Industry Group Food & Tobacco
CF Template IND
Consolidation Basis Consolidated
Scaling Thousands
Period Annual
Export Date 08-12-2021
Statement Data 2016 2017 2018 2019 2020
Period End Date 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020

Income Statement - Standardized (Currency: As Reported)

Field Name 31-12-2016 31-12-2017 31-12-2018 31-12-2019 31-12-2020
Revenues
Revenue from Goods & Services 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511
Revenue Taxes 84,411,800 68,206,128 84,003,673 97,049,752 105,367,972
Gross Revenue from Business Activities - Total 129,278,304 111,485,277 137,115,757 149,024,648 166,258,483
Revenue from Business Activities - Total 44,866,504 43,279,149 53,112,084 51,974,896 60,890,511
Operating Expenses
Cost of Operating Revenue 22,097,675 23,084,779 29,837,547 25,773,013 29,339,339
Cost of Revenues - Total 22,097,675 23,084,779 29,837,547 25,773,013 29,339,339
Cost of Revenues - Unclassified 1,110,755 1,331,927 1,831,440 1,475,188 1,325,256
Depreciation in Cost of Revenues 906,506 927,014 680,376 880,028 993,630
Labor & Related Expenses including Stock-Based Compensation in Cost of Revenues 2,155,384 2,955,214 3,235,746 3,237,942 3,307,418
Material Expenses 16,730,042 14,436,888 18,790,805 18,054,297 21,875,459
Utility Cost of Revenue - Fuel Expense 346,257 343,589 403,945 501,722 455,911
Changes in Inventory 2,227,746 -147,117 -212,099 -311,308 -773,142
Materials Purchased 14,040,357 14,148,453 18,477,613 17,837,450 22,136,387
Ground leases/Rental Expenses in Cost of Revenues 115,682 91,963 121,346 26,433 56,303
Cost of Revenues - Other - Total 1,194,988 3,433,736 5,299,180 2,125,558 1,837,576
Gross Profit - Industrials/Property - Total 22,768,829 20,194,370 23,274,537 26,201,883 31,551,172
Selling, General & Administrative Expenses - Total 8,063,890 7,381,075 8,647,647 8,831,442 9,972,974
Selling, General & Administrative Expenses - Unclassified 4,939,586 4,333,847 5,219,325 5,030,845 6,083,746
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative
2,766,958 2,654,169 2,932,963 3,274,763 3,382,799
Expenses
Depreciation in Selling, General & Administrative Expenses 180,728 185,328 245,402 487,448 506,429
Selling, General & Administrative Expenses - Other - Total 176,618 207,731 249,957 38,386 0
Rental Expense 176,618 207,731 249,957 38,386 0
Provision for Doubtful Accounts & Write-off
Other Operating Expense/(Income) - Net -257,434 -163,912 -10,201 -487,349 -253,689
Other Operating Income - Total 306,445 212,943 32,317 520,911 291,974
Other Operating Expense 49,011 49,031 38,062 33,562 38,285
Non-Recurring Adjustments - Operating - Decrease/(Increase) 15,946 0
Operating Expenses - Total 29,904,131 30,301,942 38,474,993 34,117,106 39,058,624
Operating Profit
Operating Profit before Non-Recurring Income/Expense 14,962,373 12,977,207 14,637,091 17,857,790 21,831,887
Non-Operating Expenses 542,005
Financing Income/(Expense) - Net - Total 397,600 30,819 513,297 164,856 297,726 564,180.0
Interest Expense - Net of (Interest Income) -382,314 -177,786 -708,820 -610,018 -542,167
Interest Income - Non-Bank 428,143 234,124 742,648 812,571 782,866
Interest Expense - Net of Capitalized Interest 45,829 56,338 33,828 202,553 240,699
Non-Interest Financial Income/(Expense) - Total 15,286 -146,967 -195,523 -445,162 -244,441
Foreign Exchange Gain/(Loss) - Non-Business 15,286 -146,967 -195,523 -445,162 -244,441
Sale of Tangible & Intangible Fixed Assets - Gain/(Loss) -9,164.0 -25,872 21,259 134,391 -198,342
Equity Earnings/(Loss) - before Taxes including Non-Recurring 31,339 29,191 124,153 127,880 456,624
Other Non-Operating Income/(Expense) - Total
Non-Operating Rental Income
Normalized Pre-tax Profit 15,382,148 13,011,345 15,295,800 18,284,917 22,387,895
Non-Recurring Income/Expense
Non-Recurring Income/(Expense) - Total -15,946 0
Impairment - Tangible & Intangible Fixed Assets 15,946 0
Impairment - Fixed Assets 15,946 0
Pre-Tax Income
Income before Taxes 15,382,148 13,011,345 15,279,854 18,284,917 22,387,895
Taxes
Income Taxes 5,020,796 3,437,783 4,941,862 5,395,688 5,895,405
Income Taxes for the Year - Current 5,059,048 3,420,100 5,445,122 5,287,242 5,650,474
Income Taxes - Domestic - Current 4,741,676 3,810,818 4,700,006 4,686,603 5,722,536
Income Taxes - Other (KFAS/NLST) - Current 317,372 -390,718 745,116 600,639 -72,062
Income Taxes - Deferred -38,252 17,683 -503,260 108,446 244,931
Income Taxes - Domestic - Deferred -38,252 17,683 -503,260 108,446 244,931
Net Income After Tax
Net Income after Tax 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
After Tax Income/Expense
Income before Discontinued Operations & Extraordinary Items 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Net Income before Minority Interest 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Net Income after Minority Interest 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Net Income
Income Available to Common Shares 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Other Comprehensive Income
Other Comprehensive Income - Starting Line 12,889,229 16,492,490
Other Comprehensive Income - Pension Related -100,297 -451,848
Other Comprehensive Income - Net of Tax - Total -100,297 -451,848
Comprehensive Income before Minority Interest - Total 12,788,932 16,040,642
Comprehensive Income - Attributable to Parent Company Equity Holders - Total 12,788,932 16,040,642
Share/Per Share - Basic
Net Income - Basic - including Extraordinary Items Applicable to Common - Total 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
 Income available to Common excluding Extraordinary Items 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Shares used to calculate Basic EPS - Total 255,494 255,494 255,494 255,494 255,494
EPS - Basic - including Extraordinary Items Applicable to Common - Total 40.55 37.47 40.46 50.45 64.55
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total 40.55 37.47 40.46 50.45 64.55
EPS - Basic - excluding Extraordinary Items - Normalized - Total 40.55 37.47 40.53 50.45 64.55
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Earnings Allocation Factor - Basic - Issue Specific 1.00 1.00 1.00 1.00 1.00
Shares used to calculate Basic EPS - Issue Specific 255,494 255,494 255,494 255,494 255,494
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific 40.55 37.47 40.46 50.45 64.55
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific 40.55 37.47 40.46 50.45 64.55
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific 40.55 37.47 40.53 50.45 64.55
EPS - Basic from Discontinued Operations & Extraordinary Items 0 0 0 0 0
Comprehensive Earnings Per Share - Basic - Issue Specific 50.06 62.78
Share/Per Share - Diluted
Dilution Adjustment
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Diluted Income available to Common excluding Extraordinary Items 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Shares used to calculate Diluted EPS - Total 255,494 255,494 255,494 255,494 255,494
EPS - Diluted - including Extraordinary Items Applicable to Common - Total 40.55 37.47 40.46 50.45 64.55
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total 40.55 37.47 40.46 50.45 64.55
EPS - Diluted - excluding Extraordinary Items - Normalized - Total 40.55 37.47 40.53 50.45 64.55
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific 10,361,352 9,573,562 10,337,992 12,889,229 16,492,490
Earnings Allocation Factor - Diluted - Issue Specific 1.00 1.00 1.00 1.00 1.00
Shares used to calculate Diluted EPS - Issue Specific 255,494 255,494 255,494 255,494 255,494
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific 40.55 37.47 40.46 50.45 64.55
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific 40.55 37.47 40.46 50.45 64.55
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific 40.55 37.47 40.53 50.45 64.55
EPS - Diluted from Discontinued Operations & Extraordinary Items 0 0 0 0 0
Comprehensive Earnings Per Share - Diluted - Issue Specific 50.06 62.78
Share/Per Share - Dividends
DPS - Common - Gross - Issue - By Announcement Date 32.00 21.00 37.00 48.00 58.00
DPS - Common - Net - Issue - By Announcement Date 28.80 18.90 33.30 43.20 52.20
EBIT/EBITDA & related
Earnings before Interest & Taxes (EBIT) 14,962,373 12,977,207 14,637,091 17,857,790 21,831,887
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 16,049,607 14,089,549 15,562,869 19,225,266 23,331,946
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments 16,341,907 14,389,243 15,934,172 19,290,085 23,388,249
Depreciation/Amortization - Income Statement
Depreciation & Amortization - Supplemental 1,087,234 1,112,342 925,778 1,367,476 1,500,059
Depreciation Expense - Total - Supplemental 1,087,234 1,112,342 925,778 1,367,476 1,500,059
Depreciation - Fin Lease Right-of-Use Assets - Total - Suppl 1,086,370 900,441
Depreciation/Amortization - Total
Depreciation, Depletion & Amortization - Total 1,087,234 1,112,342 925,778 1,367,476 1,500,059
Depreciation - Total 1,087,234 1,112,342 925,778 1,367,476 1,500,059
Labor & Related Expenses
Labor & Related Expenses - Total 4,922,342 5,609,383 6,168,709 6,512,705 6,690,217
Labor & Related Expenses - Supplemental 4,922,342 5,609,383 6,168,709 6,512,705 6,690,217
Auditor Fees
Auditor Fees 5,773.0 6,003.0 14,073 12,814 12,700
Audit-Related Fees 5,773.0 6,003.0 14,073 12,814 12,700
Tax Fees 0
Normalized
Normalized after Tax Profit 10,361,352 9,573,562 10,353,938 12,889,229 16,492,490
Normalized Net Income from Continuing Operations 10,361,352 9,573,562 10,353,938 12,889,229 16,492,490
Normalized Net Income - Bottom Line 10,361,352 9,573,562 10,353,938 12,889,229 16,492,490
Earnings before Interest & Taxes (EBIT) - Normalized 14,999,834 12,833,559 14,586,980 17,674,899 21,845,728
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized 16,087,068 13,945,901 15,512,758 19,042,375 23,345,787
Lease Expenses
Lease Expense -Total - Supplemental
Depreciation of Financial Lease ROU Assets - Supplemental 1,086,370 900,441
Other
Rental/Operating Lease Expense 292,300 299,694 371,303 64,819 56,303
Cost of Revenue including Operation & Maintenance (Utility) - Total 22,097,675 23,084,779 29,837,547 25,773,013 29,339,339
Cost of Revenues excluding Depreciation 21,191,169 22,157,765 29,157,171 24,892,985 28,345,709
Generation Cost 22,097,675 23,084,779 29,837,547 25,773,013 29,339,339
Interest Expense 45,829 56,338 33,828 202,553 240,699
Operating Expenses 29,904,131 30,301,942 38,474,993 34,117,106 39,058,624
Selling, General & Administrative Expenses excluding Research & Development Expenses 8,063,890 7,381,075 8,647,647 8,831,442 9,972,974
Footnotes
Employees - Average 1,209.0 1,044.0 1,097.0 1,101.0 1,059.0
 Vertical Analysis Using Income Statement of C

Pakistan Tobacco Company L

Revenue from Business Activities

Less:Operating Expenses
Cost of Operating Revenue
Selling, General & Administrative Expenses - Total
Other Operating Expense/(Income) - Net
Operating Expenses - Total
Operating Profit
Non-Operating Expenses
Financing Income/(Expense) - Net - Total
Sale of Tangible & Intangible Fixed Assets - Gain/(Loss)
Equity Earnings/(Loss) - before Taxes including Non-
Recurring
Total Non-Operating Expenses
Income before Taxes
Less:Taxes
Income Taxes
Net Income After Tax
g Income Statement of Company

an Tobacco Company Ltd Income Statement with Vertical Analysis (2016-2020)

2016 2017 2018

44,866,504 100% 43,279,149 100% 53,112,084 100%

22,097,675 49.25% 23,084,779 53.34% 29,837,547 56.18%

8,063,890 17.97% 7,381,075 17.05% 8,647,647 16.28%
(257,434) -0.57% (163,912) -0.38% (10,201) -0.02%
29,904,131 66.65% 30,301,942 70.02% 38,474,993 72.44%
14,962,373 33.35% 12,977,207 29.98% 14,637,091 27.56%

397,600 0.89% 30,819 0.07% 513,297 0.97%

-9164 -0.02% -25872 -0.06% 21259 0.04%

31,339 0.07% 29,191 0.07% 124,153 0.23%

419,775 0.94% 34,138 0.08% 658,709 1.24%
14,542,598 32.41% 13,011,345 30.06% 15,295,800 28.80%

5,020,796 11.19% 3,437,783 7.94% 4,941,862 9.30%

9,521,802 21.22% 9,573,562 22.12% 10,353,938 19.49%
20)
2019 2020

51,974,896 100% 60,890,511 100%

25,773,013 49.59% 29,339,339 48.18%

8,831,442 16.99% 9,972,974 16.38%
(487,349) -0.94% (253,689) -0.42%
34,117,106 65.64% 39,058,624 64.15%
17,857,790 34.36% 21,831,887 35.85%

164,856 0.32% 297,726 0.49%

134391 0.26% -198342 -0.33%

127,880 0.25% 456,624 0.75%

427,127 0.82% 556,008 0.91%
18,284,917 35.18% 22,387,895 36.77%

5,395,688 10.38% 5,895,405 9.68%

12,889,229 24.80% 16,492,490 27.09%
 Horizontal Analysis Using Ba

Pa

Current Assets

Total Current Assets

Non-Current Assets

Total Non-Current Assets

Total Assets
Current Liabilities

Total Current Liabilities

Non-Current Liabilities

Total Non-Current Liabilities

Total Liabilities
Shareholders' Equity

Total Shareholders' Equity

Total Liabilities & Shareholders' Equity
Horizontal Analysis Using Balance Sheet of Company

Pakistan Tobacco Company Ltd Balance Sheet with Horiz

Base Year Current Year
2016 2017

Cash & Short-Term Investments 1,127,227 7,153,970

Loans & Receivables - Net - Short-Term 1,209,627 1,024,296
Inventories - Total 14,188,754 15,054,799
Prepaid Expenses - Short-Term 183,858 212,747
16,709,466 23,445,812

Receivables & Loans - Long-Term - -

Property, Plant & Equipment - Net - Total 8,654,483 8,655,862
Other Non-Current Assets - Total 33,571 32,319
8,688,054 8,688,181
25,397,520 32,133,993

Trade Accounts Payable & Accruals - Short-Term 7,538,997 8,333,827

Short-Term Debt & Current Portion of Long-Term Debt 259,722 165,245
Income Taxes - Payable - Short-Term 1,615,308 662,310
Dividends/Distributions Payable 78,179 264,303
Other Current Liabilities - Total 1,481,271 4,428,835
10,973,477 13,854,520

Debt - Long-Term - Total 314,950 260,050

Deferred Tax & Investment Tax Credits - Long-Term 1,132,463 1,108,225
1,447,413 1,368,275
12,420,890 15,222,795

Shareholders' Equity - Attributable to Parent Shareholders - Tot 12,976,630 16,911,198

12,976,630 16,911,198
25,397,520 32,133,993
ce Sheet with Horizontal Analysis (2016-2020)
Base Year Current Year Base Year Current Year
H.Analysis 2017 2018 H.Analysis 2018 2019

534.65% 7,153,970 8,992,673 25.70% 8,992,673 3,536,963

-15.32% 1,024,296 1,939,176 89.32% 1,939,176 2,241,795
6.10% 15,054,799 19,123,419 27.03% 19,123,419 22,086,542
15.71% 212,747 249,935 17.48% 249,935 15,921
40.31% 23,445,812 30,305,203 29.26% 30,305,203 27,881,221

0.00% - - 0.00% - -
0.02% 8,655,862 9,155,875 5.78% 9,155,875 12,347,878
-3.73% 32,319 991,551 2968.01% 991,551 206,542
0.00% 8,688,181 10,147,426 16.80% 10,147,426 12,554,420
26.52% 32,133,993 40,452,629 25.89% 40,452,629 40,435,641

10.54% 8,333,827 15,807,485 89.68% 15,807,485 14,372,657

-36.38% 165,245 223,787 35.43% 223,787 376,065
-59.00% 662,310 382,417 -42.26% 382,417 449,395
238.07% 264,303 281,456 6.49% 281,456 144,975
198.99% 4,428,835 5,117,939 15.56% 5,117,939 4,814,144
26.25% 13,854,520 21,813,084 57.44% 21,813,084 20,157,236

-17.43% 260,050 284,845 9.53% 284,845 1,341,607

-2.14% 1,108,225 589,076 -46.85% 589,076 645,943
-5.47% 1,368,275 873,921 -36.13% 873,921 1,987,550
22.56% 15,222,795 22,687,005 49.03% 22,687,005 22,144,786

30.32% 16,911,198 17,765,624 5.05% 17,765,624 18,290,855

30.32% 16,911,198 17,765,624 5.05% 17,765,624 18,290,855
26.52% 32,133,993 40,452,629 25.89% 40,452,629 40,435,641
 Base Year Current Year
H.Analysis 2019 2020 H.Analysis

-60.67% 3,536,963 7,243,511 104.79%

15.61% 2,241,795 1,652,912 -26.27%
15.49% 22,086,542 20,161,576 -8.72%
-93.63% 15,921 76,415 379.96%
-8.00% 27,881,221 29,134,414 4.49%

0.00% - - 0.00%
34.86% 12,347,878 15,126,803 22.51%
-79.17% 206,542 744,584 260.50%
23.72% 12,554,420 15,871,387 26.42%
-0.04% 40,435,641 45,005,801 11.30%

-9.08% 14,372,657 16,548,106 15.14%

68.05% 376,065 678,730 80.48%
17.51% 449,395 912,236 102.99%
-48.49% 144,975 162,237 11.91%
-5.94% 4,814,144 4,729,237 -1.76%
-7.59% 20,157,236 23,030,546 14.25%

371.00% 1,341,607 1,573,892 17.31%

9.65% 645,943 888,506 37.55%
127.43% 1,987,550 2,462,398 23.89%
-2.39% 22,144,786 25,492,944 15.12%

2.96% 18,290,855 19,512,857 6.68%

2.96% 18,290,855 19,512,857 6.68%
-0.04% 40,435,641 45,005,801 11.30%
 Horizontal Analysis Using Income S

Pakistan Tobacco Com

Revenue from Business Activities

Less:Operating Expenses
Cost of Operating Revenue
Selling, General & Administrative Expenses - Total
Other Operating Expense/(Income) - Net
Operating Expenses - Total
Operating Profit
Non-Operating Expenses
Financing Income/(Expense) - Net - Total
Sale of Tangible & Intangible Fixed Assets - Gain/(Loss)
Equity Earnings/(Loss) - before Taxes including Non-Recurring
Total Non-Operating Expenses
Income before Taxes
Less:Taxes
Income Taxes
Net Income After Tax
sis Using Income Statement of Company

tan Tobacco Company Ltd Income Statement with Horizontal Analysis (2016-2020)
Base Year Current Year Base Year Current Year
2016 2017 H.Analysis 2017 2018 H.Analysis

44,866,504 43,279,149 -3.54% 43,279,149 53,112,084 22.72%

22,097,675 23,084,779 4.47% 23,084,779 29,837,547 29.25%

8,063,890 7,381,075 -8.47% 7,381,075 8,647,647 17.16%
(257,434) (163,912) -36.33% (163,912) (10,201) -93.78%
29,904,131 30,301,942 1.33% 30,301,942 38,474,993 26.97%
14,962,373 12,977,207 -13.27% 12,977,207 14,637,091 12.79%

397,600 30,819 -92.25% 30,819 513,297 1565.52%

(9,164) (25,872) 182.32% (25,872) 21,259 -182.17%
31,339 29,191 -6.85% 29,191 124,153 325.31%
419,775 34,138 -91.87% 34,138 658,709 1829.55%
15,382,148 13,011,345 -15.41% 13,011,345 15,295,800 17.56%

5,020,796 3,437,783 -31.53% 3,437,783 4,941,862 43.75%

10,361,352 9,573,562 -7.60% 9,573,562 10,353,938 8.15%
ysis (2016-2020)
Base Year Current Year Base Year Current Year
2018 2019 H.Analysis 2019 2020 H.Analysis

53,112,084 51,974,896 -2.14% 51,974,896 60,890,511 17.15%

29,837,547 25,773,013 -13.62% 25,773,013 29,339,339 13.84%

8,647,647 8,831,442 2.13% 8,831,442 9,972,974 12.93%
(10,201) (487,349) 4677.46% (487,349) (253,689) -47.95%
38,474,993 34,117,106 -11.33% 34,117,106 39,058,624 14.48%
14,637,091 17,857,790 22.00% 17,857,790 21,831,887 22.25%

513,297 164,856 -67.88% 164,856 297,726 80.60%

21,259 134,391 532.16% 134,391 (198,342) -247.59%
124,153 127,880 3.00% 127,880 456,624 257.07%
658,709 427,127 -35.16% 427,127 556,008 30.17%
15,295,800 18,284,917 19.54% 18,284,917 22,387,895 22.44%

4,941,862 5,395,688 9.18% 5,395,688 5,895,405 9.26%

10,353,938 12,889,229 24.49% 12,889,229 16,492,490 27.96%