Muaaz Ali BBHM-S20-086 Fauji Fertilizer

Muaaz Ali (BBHM-S20-086)
Semester 7th
Company Name : Fauji Fertilizer Bin Qasim LTD.
BHM-S20-086)
ster 7th
Fertilizer Bin Qasim LTD.
Balance Sheet For Fauji Fertilizer Bin Qasim Limited
Balance Sheet for FAUJI FERTILIZER BIN QASIM LIMITE

Head of Accounts Notes 2022 2021 2020 2019
Equity and Liabilities
SHARE CAPITAL AND RESERVES

Share capital 4 12,912,529 12,912,529 9,341,100 9,341,100
Capital reserve
Share premium 5 1,632,729 1,632,729 4,885,787
Revenue reserve
Accumulated Profit 8,177,107 5,885,488
Capital Reserve 5 228,350 228,350
Accumulated loss -495,832 -2,735,489
22,722,365 20,430,746 13,959,405 6,833,961
Non Current Liabilites
Long term loans 6 18,458,334 16,233,345 15,425,006 13,791,667
Deferred liabilities 7 4,491,931 9,462,291 14,530,380 1,578,651
22,950,265 25,695,636 29,955,386 15,370,318
Current Liabilities
Trade and other payables 8 67,412,134 46,785,563 21,637,647 34,993,385
Advances from customers 769,261 5,764,548 2,204,000 83,309
Unpaid dividend 10,954 10,954 10,954 10,954
Unclaimed dividend 115,614 116,867 117,007 118,640
Provision for income tax 1,150,929 501,559
Accrued interest 9 1,242,847 224,197 445,326 962,251
Short term borrowings 10 28,213,376 10,987,861 15,822,065 28,227,084
Current portion of long term loans 6 5,275,000 4,691,661 6,816,662 4,566,667
104,190,115 69,083,210 47,053,661 68,962,290
149,862,745 115,209,592 90,968,452 91,166,569
CONTINGENCIES AND COMMITMENTS 11 154,123 73,200 89,706 53,409
Assets
Non-Current Assets
Property, plant and equipment 12 9,953,442 10,574,734 10,192,781 10,427,911
Investment property 13 270,242 270,242
Long term investments 14 29,171,242 25,609,532 24,546,403 26,179,751
Long term loans 15 3,230,509 6,990,318 3,130,000
Long term advances 37,683 39,113 3,210 18,385
Long term deposits 78,643 78,643 78,643 78,643
39,511,252 39,802,773 41,811,355 39,834,690

Current Assets
Stores and spares 16 1,918,024 1,794,030 2,894,482 2,988,584
Stock in trade 17 39,236,011 8,388,200 2,861,568 14,756,054
Trade debts 18 11,828,171 94,238 1,656,387 8,606,885
Advances 19 431,176 577,065 772,702 923,231
Trade deposits and short term prepayments 20 181,445 124,609 99,899 132,688
Interest accrued 21 43,069 756,119 473,503 247,867
Income tax refundable - net 1,744,650 2,651,366
Other receivables 22 3,430,097 4,613,235 5,170,133 6,004,956
Sales tax refundable - net 23 16,814,044 12,487,644 8,435,341 8,716,968
Short term investments 24 13,764,259 10,441,700 0 1,009,029
Cash and bank balances 25 22,705,197 36,129,979 25,048,432 5,294,341
110,351,493 75,406,819 49,157,097 51,331,969
149,862,745 115,209,592 90,968,452 91,166,659
non current 26% 35% 46% 44%

current 74% 65% 54% 56%
current liabilities 70% 60% 52% 76%
non current liabilities 15% 22% 33% 17%
BIN QASIM LIMITED

Vertical Analysis
30-Jun-22 6/30/2021 6/30/2020 6/30/2019
57% 63% 67% 137%
7% 8% 35% 0%
36% 29% 0% 0%
0% 0% 2% 3%
0% 0% -4% -40%
100% 100% 100% 100%
12% 14% 17% 15%

3% 8% 16% 2%
15% 22% 33% 17%
45% 41% 24% 38%

1% 5% 2% 0%
0% 0% 0% 0%
0% 0% 0% 0%
1% 0% 0% 0%
1% 0% 0% 1%
19% 10% 17% 31%
4% 4% 7% 5%
70% 60% 52% 76%
100% 100% 100% 100%
0%
7% 9% 11% 0%
0% 0% 0% 0%
19% 22% 27% 0%
0% 3% 8% 0%
0% 0% 0% 0%
0% 0% 0% 0%
26% 35% 46% 0%
1% 2% 3% 0%
26% 7% 3% 0%
8% 0% 2% 0%
0% 1% 1% 0%
0% 0% 0% 0%
0% 1% 1% 0%
0% 0% 2% 0%
2% 4% 6% 0%
11% 11% 9% 0%
9% 9% 0% 0%
15% 31% 28% 0%
74% 65% 54% 0%
100% 100% 100% 0%
PROFIT AND LOSS ACCOUNT
Head Of Account Notes 2022 2021 2020
Sales - net 26 159,225,963 110,452,174 83,234,360

Cost of sales 27 -133,357,409 -88,300,535 -70,655,385
GROSS PROFIT 25,868,554 22,151,639 12,578,975
Selling and distribution expenses 28 -7,120,753 -5,640,407 -5,517,769

Administrative expenses 29 -1,352,080 -1,592,757 -1,255,126
-8,472,833 -7,233,164 -6,772,895
17,395,721 14,918,475 5,806,080
Finance cost 30 -5,143,968 -2,338,107 -4,444,122
Other expenses 31 -7,776,274 -2,555,605 -311,681
Other income 32 6,341,920 9,110,971 5,183,896
10,817,399 19,135,734 6,234,173
Unwinding cost on GIDC payable 7 -891,198 -1,253,839 2,740,855

Allowance for expected credit losses 33 -241,940 -4,254,304 -
Impairment of equity investment 14 -1,179,000 -2,102,788 -4,082,212
PROFIT BEFORE TAXATION 8,505,261 11,524,803 4,892,816
Taxation 34 -6,177,327 -5,133,842 -2,700,379
PROFIT FOR THE YEAR 2,327,934 6,390,961 2,192,437
Earnings per share - basic and diluted (Rupees) 35 1.8 4.96 2.12
Vertical Analysis
2019 30-Jun-22 6/30/2021 6/30/2020 6/30/2019
66,839,286 100% 100% 100% 100%

-60,954,649 -84% -80% -85% -91%
5,884,637 16% 20% 15% 9%
-5,345,447 -4% -5% -7% -8%

-1,421,843 -1% -1% -2% -2%
-6,767,290 -5% -7% -8% -10%
-882,653 11% 14% 7% -1%
-5,198,681 -3% -2% -5% -8%
-637,818 -5% -2% 0% -1%
4,370,245 4% 8% 6% 7%
-2,348,907 7% 17% 7% -4%
- -1% -1% 3% #VALUE!

- 0% -4% #VALUE! #VALUE!
-1,520,000 -1% -2% -5% -2%
-3,868,907 5% 10% 6% -6%
-2,051,838 -4% -5% -3% -3%
-5,920,745 1% 6% 3% -9%
5.72(restated) 0% 0% 0% #VALUE!
STATEMENT OF COMPREHENSIVE INCOME
Head of Account Notes 2022 2021
PROFIT FOR THE YEAR 2,327,934 6,390,961
Other comprehensive loss
Items that will not be reclassified subsequently to profit or loss
Remeasurement of post employment benefits obligation -36,315 -9,641
TOTAL COMPREHENSIVE INCOME 2,291,619 6,381,320
The annexed notes are integral part of these financial statements.

OME
2020 2019
2,192,437 -5,920,745
47,220 -208,640
2,239,657 -6,129,385
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR 2022-2021
Share Capital
Balance as at January 01, 2021 9,341,100
Total comprehensive Income
Profit for the year
Total comprehensive income for the year
Advance against issue of shares
Issue of share capital 3,571,429
Transaction costs
Balance as at December 31, 2021 12,912,529

Total comprehensive income
Profit for the year
FOR THE YEAR 2020-2019
Share Capital
Balance as at January 01,2019 9,341,100
Total comprehensive loss
Loss for the year
Total comprehensive loss for the year
Transactions with owners recorded directly in equity
Distribution to owners
Final dividend 2018 (Re. 1 per ordinary share)

Total comprehensive income
Profit for the year
Other comprehensive income
Advance against issue of shares

MENT OF CHANGES IN EQUITY
E YEAR 2022-2021
Advance Against issue of shares Capital Reserve Accumulated Profit Total

4,885,787 228,350 -495,832 13,959,405
6,390,961 6,390,961
-9641 -9641
6,381,320 6,381,320
114,213 114,213
-5,000,000 1,428,571
-24,192 -24,192
1,632,729 5,885,488 20,430,746
1,632,729 5,885,488 20,430,746
2,327,934 2,327,934
-36,315 -36,315
2,291,619 2,291,619
1,632,729 8,177,107 22,722,365
E YEAR 2020-2019
Advance Against issue of shares Capital Reserve Accumulated Profit Total

228,350 4,328,006 13,897,456
-5,920,745 -5,920,745
-208,640 -208,640
-6,129,385 -6,129,385
-934,110 -934,110
228,350 -2,735,489 6,833,961
228,350 -2,735,489 6,833,961
2,192,437 2,192,437
47,220 47,220
2,239,657 2,239,657
4,885,787 4,885,787
4,885,787 228,350 -495,832 13,959,405
Statement of Cash Flow
Head Of Account Notes 2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (used in) / generated from operating activities 36 -23,526,481 29,447,055
Finance costs paid -4,124,066 -2,557,202
Taxes paid -5,789,584 -3,641,394
Payment to Gratuity Fund 8.4.5 -52,853
Compensated absences paid 7.1 -40,098 -134,302
Payment to Workers Welfare Fund -152,664
Payment to Workers' (Profit) Participation Fund -431,344 -761,665
Net cash (used in) / generated from operating activities -34,064,237 22,299,639
CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditures and advances -368,620 -343,573
Proceed from sale of long term investments 5,256,007
Proceeds from sale of property, plant and equipment 12.3 37,967 30,328
Cash and cash equivalent acquired on amalgamation 25,883
Dividend received from related parties 2,511,075 4,117,935
Long term loan disbursed 15 -801,451 -5,133,231
Short term investments - net -5,439,517 -8,319,337
Cash dividend on mutual funds 647,425 22,648
Profit received on bank balances, term deposits
sub-ordinated loans and guarantee fee 1,919,986 1,286,232
Net cash used in investing activities -1,493,135 -3,057,108
CASH FLOWS FROM FINANCING ACTIVITIES

Long term loans - received 7,500,500 5,500,000
Long term loans - repaid -4,691,672 -6,816,661
Advance against equity 90,021
Short term borrowings - net 4,300,000 -2,249,987
Dividend paid for prior periods -1,253 -140
Net cash generated from / (used in) financing activities 7,107,575 -3,476,767
Net (decrease) / increase in cash and cash equivalents -28,449,797 15,765,764
Cash and cash equivalents at the beginning of the year 29,442,118 13,676,354
Cash and cash equivalents at the end of the year 25.3 992,321 29,442,118

2020 2019
31,433,747 -10,907,995
-4,961,047 -4,678,613
-910,756 -1,121,370
-108,116 -77,489
-67,463 -47,016
-10,954
25,386,365 -16,843,437
-711,315 -2,359,566
15,175 83,670
384,253
131,552 50,618
3,075,710 3,120,071
-6,490,318 -3,730,000
9,212 5,400,716
380
590,608 761,923
-2,994,743 3,327,432
8,450,000 4,275,000
-4,566,666 -7,125,000
4,885,787
-8,500,006 7,949,993
-1,633 -932,830
267,482 4,167,163
22,659,104 -9,348,842
-8,982,750 366,092
13,676,354 -8,982,750
Share Capital Notes 2022 2021 2020 2019
Authorized share capital 15,000,000 15,000,000 15,000,000 11,000,000
Issued,Subscribed and paid-up capita 4 12,912,529 12,912,529 9,341,100 9341100
Fauji Fertilizer-Horizontal Analysis
Share Capital 2022 2021

12,912,529 - 12,912,529 =
- X 100 =
12,912,529
Interpretation Fauji Fertilizer Company Limited (FFCL) and Fauji Foundation (FF) held 644,018,629 and 236,161,393 (2021:
644,018,629 and 236,161,393) Ordinary shares, respectively, of the Company at the year end.

12,912,529 - 9,341,100 =
3,571,429 X 100 =
9,341,100
Interpretation Pursuant to Extraordinary General Meeting held on September 09, 2020, the authorized share capital of the
Company has been increased from Rs. 11,000,000,000 (1,100,000,000 shares of Rs. 10 each) to Rs. 15,000,000,
(1,500,000,000 shares of Rs. 10 each).

9,341,100 - 9,341,100 =
- X 100 =
9,341,100
During the year 2019 the company adds Rs9,341,000 to the share capital and Rs11,000,00 in
Interpretation authorized Capital
alysis
Increase/Decrease
0
) held 644,018,629 and 236,161,393 (2021:

Company at the year end.
3,571,429
38%
020, the authorized share capital of the

00 shares of Rs. 10 each) to Rs. 15,000,000,000
0%
he share capital and Rs11,000,00 in

Capital Reserve Notes 2022 2021 2020
Share premium against issuance of shares in 1996 228,350 228,350 4,885,787
Gross premium 1,428,571 1,428,571
Utilization against transaction cost of issuance -24,192 -24192
1,404,379 1,404,379
5 1,632,729 1,632,729 4,885,787
Interpretatio
Interpretatio
Interpretatio
2019
Capital Reserve 2022 2021 Increase/Decrease

1,632,729 - 1,632,729 = 0
- X 100 = #DIV/0!
1,632,729
During the year 2022, upon allotment of 357,143 thousand right shares an amount of Rs. 1,429 million has been
transferred to capital reserve at a premium of Rs. 4 per share

1,632,729 - 4,885,787 = -3,253,058
### X 100 = #DIV/0!

4,885,787
During the year 2021, the Company utilized reserve of Rs. 24 million against transaction cost of shares issued during
previous year

0 - 0 = 0
- X 100 = #DIV/0!
0
October 06, 2020, the Company
commenced the process for a right issue of shares in the aggregate amount of Rs. 4,999,999,998 divided into
357,142,857 ordinary shares (i.e. 38.3325% of existing ordinary shares of Rs. 10 per share) at Rs. 14 per share.
ion has been
ares issued during
4 per share.
Long Term Loans Notes 2022 2021 2020
Loans from Banking Companies-Secured
Related Party
Askari Bank Limited 83,333 250,000 416,667
Others
Habib Bank Limited 3,000,000 3,225,006 4,116,667

United Bank Limited 1,500,000 1,500,000 666,667
Bank of Punjab 2,000,000
Bank Islami Pakistan Limited 1,500,000
National Bank of Pakistan 666,667 1,333,334
MCB Bank Limited 7,166,667 7,500,000 10,250,000
Allied Bank Limited 8,483,334 7,783,333 5,125,000
Bank-al-Habib Limited 333,333
23,650,001 20,675,006 21,825,001
Accured Interest on long term loans 387,366 185,080
24,120,700 21,110,086 22,241,668
Less: Current portion shown under current liabilities -5,275,000 -4,691,661 -6,816,662
Less: Accrued interest on long term loans -387,366 -185,080
6 18,458,334 16,233,345 15,425,006
2019 Fauji Fertilizer-Horizontal Analysis
Long Term Loans 2022 2021

18,458,334 - 16,233,345 =
500,000
2,224,989 X 100 =
16,233,345
The company receivable from Banking Sector in prior years which has b
1,333,334 Interpretation based on expected pattern of recovery. That why this long term receiva
1,333,334
2,000,000
8,750,000 Fauji Fertilizer-Horizontal Analysis
3,775,000
666,666 Long Term Loans 2021 2020
17,858,334 16,233,345 - 15,425,006 =
18,358,334 808,339 X 100 =
-4,566,667 15,425,006
13,791,667
Long Term Loans 2020 2019

15,425,006 - 13,791,667 =
1,633,339 X 100 =
13,791,667
l Analysis
Increase/Decrease
2,224,989
14%
Sector in prior years which has been classified as long term,

. That why this long term receivable show Increase of 14%
l Analysis
Increase/Decrease
808,339
5%
l Analysis
Increase/Decrease
1,633,339
12%
Deferred Liabilities Notes 2022 2021 2020 2019
Compensated leave absences 476,770 493,240 477,186 556,737
Deferred Tax 888,672 1,150,299 1,904,820 1,021,914
Payable Against GIDC 3,126,489 7,818,752 12,148,374
7 4,491,931 9,462,291 14,530,380 1,578,651
Payable Against GIDC

opening balance 20846828 19,592,989 22,333,844
Unwinding cost on GIDC Payable 891,198 1,253,839 -2,740,855
21738026 20846828 19592989
Current Portion of GIDC -18,611,537 -13,028,076 -7444615
3126489 7818752 12148374 0
Deffered Liabilities 2022 2021 Increase/Decrease

4,491,931 - 9,462,291 = -4,970,360
(4,970,360) X 100 = -53%

9,462,291
In the year 2022, the company deffered liability decreased by 53% due to increase in deffered taxes

9,462,291 - 14,530,380 = -5,068,089
(5,068,089) X 100 = -35%

14,530,380
In the year 2021 the company deffered liabilities deceresed by -35%

14,530,380 - 1,578,651 = 12,951,729
12,951,729 X 100 = 820%

1,578,651
In the year 2020 the company received long term financing due to which the deffered liabilities has increased
s has increased
Trade and other payables Notes 2022 2021 2020 2019
Creditors 38,871,541 26,686,510 9,425,016 8,786,824

Payable against GIDC 18,611,537 13,028,076 7,444,615 22,200,509
Accured liablilities 8,273,896 5,675,531 3,287,426 2,832,505
Workers' (Profit) Participation Fund 158,866 130,093 259,631
Payable to gratuity fund 304,231 197,715 188,615 278,413
Payable to provident fund 370 56 77
Workers' Welfare fund 1,109,303 1,048,768 601,799 561,622
Security deposits 82,760 18,500 13,419 20,902
other payables 417,070 312,533
8 67,412,134 46,785,563 21,637,647 34,993,385
Trade and other pay 2022 2021 Increase/Decrease

67,412,134 - 46,785,563 = 20,626,571
20,626,571 X 100 = 44%

46,785,563
In the year 2022, the trade and other payables increased by 44% which it get through Rs 46.78 Million to rs Rs67.41 Million

46,785,563 - 21,637,647 = 25,147,916
25,147,916 X 100 = 116%

21,637,647
In the year 2021 the trade and other payable increased from 21.63 million to Rs 46.78 Million

21,637,647 - 34,993,385 = -13,355,738
(13,355,738) X 100 = -38%

34,993,385
In the year 2020 the company trade and other payable decresed by -38%
Million to rs Rs67.41 Million
Accured Interest Notes 2022 2021 2020 2019
Long term loans 387,366 185,080 175,195 283,630
Short-term borrowings - demand finance 34,167 1,912 50,891 198,773
Short-term borrowings - running finance 821,314 37,205 219,240 479,848
9 1,242,847 224,197 445,326 962,251
Accured Interest 2022 2021 Increase/Decrease

1,242,847 - 224,197 = 1,018,650
1,018,650 X 100 = 454%

224,197

224,197 - 445,326 = -221,129
(221,129) X 100 = -50%

445,326

445,326 - 962,251 = -516,925
(516,925) X 100 = -54%

962,251
Short Term Borrowings Notes 2022 2021
From banking companies and financial institutions - secured
Demand Finance 6,500,000 2,200,000
Running Finance 21,713,376 8,787,861
28,213,376 10,987,861
Add: Accrued interest on short term borrowings 855,481 39,117
29,068,857 11,026,978
Less: Accrued interest on short term borrowings 855,481 39,117

10 28,213,376 10,987,861
2020 2019 Fauji Fertilizer-Horizontal Analysis
4,449,987 12,949,993 Short Term Borrowi 2022 2021

11,372,078 15,277,091 28,213,376 - 10,987,861 =
15,822,065 28,227,084
17,225,515 X 100 =
10,987,861
In the year 2022, the company short term borrowing from Rs. 10.98million to Rs.
Short term Borrowi 2021 2020

10,987,861 - 15,822,065 =
(4,834,204) X 100 =
15,822,065
In the year 2021 the company short term borrowing decreased by -31%
Short term Borrowi 2020 2019

15,822,065 - 28,227,084 =
(12,405,019) X 100 =
28,227,084
In the year 2020 the company short term borrowing decresed by -44% from Rs28.27 million
alysis
Increase/Decrease
17,225,515
157%
from Rs. 10.98million to Rs. 28.21 million
alysis
Increase/Decrease
-4,834,204
-31%
alysis
Increase/Decrease
-12,405,019
-44%
by -44% from Rs28.27 million to Rs 15.82 Million

CONTINGENCIES AND COMMITMENTS Notes 2022 2021 2020 2019
Guarantees issued by banks on behalf of the Company 11 154,123 73,200 89,706 53,409
Contingencies and Commitmen 2022 2021 Increase/Decrease

154,123 - 73,200 = 80,923
80,923 X 100 = 111%

73,200

73,200 - 89,706 = -16,506
(16,506) X 100 = -18%

89,706

89,706 - 53,409 = 36,297
36,297 X 100 = 68%

53,409
Property Plant And Equipment
Leasehold lan freehold land Building on fr Building on lease
COST
Balance as at January 01, 2021 200095 120,000 1,047,421 2,685,897
Additions during the year
Disposals
Transfer upon amalgamation of subsidiary 500
Transfers -610
Balance as December 31, 2021 200095 120000 1047921 2685287
Balance as at January 01, 2022 200095 120000 1047921 2685287
Additions during the year * 2517
Disposals
Transfers
Balance as at December 31, 2022 200095 120000 1047921 2687804
DEPRECIATION
Balance as at January 01, 2021 98,584 135840 1112889
Charge for the year 3,209 31545 80573
Disposals -
Transfer upon amalgamation of subsidiary 37
Balance as December 31, 2021 101,793 0 167,422 1,193,462
Balance as at January 01, 2022 101,793 0 167,422 1,193,462
Charge for the year** 3,209 31,557 80,594
Disposals
Balance as at December 31, 2022 105,002 0 198,979 1,274,056
Written down value - 2021 98,302 120,000 880,499 1,491,825
Written down value - 2022 95093 120,000 848,942 1,413,748
Rate of depreciation 2% to 4% 3% 3%
Balance as at January 01, 2019 200095 120,000 1,046,710 2,226,919

Effect of adoption of IFRS 711 342,457
Additions during the year
Disposals
Adjustments 71541
Transfers
Balance as at January 01, 2020 200095 120000 1047421 2640917
Additions during the year 30951
Disposals
Adjustments
Transfers 14,029
DEPRECIATION
Balance as at January 01, 2019 91,735 72766 965658
Charge for the year 3640 31532 67880
Disposals
Balance as at January 01, 2020 95,375 0 104,298 1,033,538
Charge for the year 3209 31542 70351
Disposals
Adjustments
Written down value - 2019 104,720 120,000 943123 1607379
Written down value - 2020 101,511 120,000 911581 1573008
Rate of depreciation 2% to 4% 3% 3%
plant and machiFurniture and fVehicles office and other Computer and
Library bookCatalyst
27,368,434 125,221 393,795 830,344 411,611 2,406 490,045

82,845 -988 106751 6,348 21,571 33,397
-101372
398
27,506 13443 -123 147,274
27478785 124233 399174 850533 433059 2406 670716
27478785 124233 399174 850533 433059 2406 670716
153,585 114,854 11,116 30,199
-65,014 -5,048
146,324 66
27778694 124233 449080 861649 458210 2406 670716
20887099 58111 235,845 456299 366,275 2,361 430,859

578130 12,090 81,910 115,543 24,085 41 36,930
-938 -79659
30
21,465,229 69,263 238,096 571,872 390,360 2,402 467,789
21,465,229 69,263 238,096 571,872 390,360 2,402 467,789
591,730 12,058 81,910 114,993 25,675 4 41,949
-55,836 -4914
22,056,959 81,321 264,170 686,865 411,121 2,406 509,738
6,013,556 54,970 161078 278,661 42699 4 202,927
5,721,735 42,912 186,559 174,784 47,089 160,978
5% 10% 20% to 40% 15% 33% to 50% 30% 17% to 50%
25,487,144 108,383 519314 601,240 367,296 2,406 419,022

1,594,895 13,729 91,986 198,369 15,250
-122336 -256
267244 13182
27349283 122112 488964 812791 382290 2406 419022

27349283 122112 488964 812791 382290 2406 419022
47911 3109 73,986 20398 25263 66984
-336,354 -169,263 1207
307594 108 -2845 5265 4039
27368434 125221 393795 830344 414025 2406 490045
19349741 35518 313756 242958 309610 2199 414000

1306852 10740 93295 98811 39642 81 15022
-110721 -174
20,656,593 46,258 296,330 341,769 349,078 2,280 429,022
20,656,593 46,258 296,330 341,769 349,078 2,280 429,022
566.323 11853 89206 114530 18404 81 11837
-335,817 -149691 -1207
20,657,159 58,111 385,536 456,299 367,482 2,361 440,859

6692690 75854 192634 471022 33212 126
6,481,335 67,110 157,950 374,045 45,336 45 59,186
5% 10% 20% to 33% 15% 33% to 50% 30% 17% to 50%
Fauji F
Capital work iCapital Spares Total
Property Plant And
301,674 1,059,271 35,036,214
37,362 19,396 307,670
-102360
898
-158,723 -28,767
180313 1049900 35242422
180313 1049900 35242422
40,912 16,867 370,050
-70,062
-95,279 -51111 Fauji F
125946 1015656 35542410
Capital Work in pro
23,784,162
964,056
-80597
67
0 0 24,667,688
0 0 24,667,688
982,030
-60,750
0 0 25,588,968
180313 1049900 10,574,734 Fauji F
125,946 1,015,656 9,953,442
Capital Work in pro
436,949 31,535,478
102,169 2,359,566
-122592
-351967
187151 33772452
187151 33772452
442,713 711,315
-506824
-328190
301674 33976943
21787941
1667495
-110895
0 23,344,541
0 23,344,541
926336
-486715
0 24,270,877
187151 10,427,911
301,674 10,192,781
Property Plant And 2022 2021 Increase/Decrease

9,953,442 - 10,574,734 = -621,292
(621,292) X 100 = -6%

10,574,734
Capital Work in pro 2021 2020 Increase/Decrease

10,574,734 - 10,192,781 = 381,953
381,953 X 100 = 4%
10,192,781
Capital Work in pro 2020 2019 Increase/Decrease

10,192,781 - 10,427,911 = -235,130
(235,130) X 100 = -2%

10,427,911
Investment Property Notes 2022
Investment property at cost
Carrying amount as at January 01 270,242
Transfer upon amalgamation of FFBL Foods Limited (previously a wholly owned subsidiary)
Transfers during the year
Balance at December 31 13 270,242
2021 2020 2019 Fauji Fertilizer-Horizontal Analysis
Investment Property 2022 2021

270,242 270,242 - 270,242 =
270,242 - X 100 =
270,242
This land is not occupied by the
Company and is held for capital appreciation and earning rental income. The rental i
amounting to Rs. 8 million (2021: Rs. 2 million) has been recognized in profit or los
2021 2020
Investment Property 270,242 - 0 =
### X 100 =
0
Investment Property 2020 2019

0 - 0 =
- X 100 =
0
nalysis
Increase/Decrease
0
0%
ning rental income. The rental income in respect of this property

been recognized in profit or loss and included in other income.
nalysis
Increase/Decrease
270,242
#DIV/0!
nalysis
Increase/Decrease
0
#DIV/0!
Long-Term Investment at costs Notes 2022 2021 2020
Joint venture 1,411,150 1,411,150 1,411,150
Associated company 5,230,991 5,230,991 7,691,556
Subsidiary companies 22,529,101 18,967,391 15,443,697
Other long-term investment
14 29,171,242 25,609,532 24,546,403
Impairment recognised on subsidiaries during the year:

Fauji Meat Limited 2,102,788 3,682,212
Fauji Foods Limited 1,179,000 400000
14 1,179,000 2,102,788 4,082,212
1,411,150
7,991,556 Long-Term Investmen 2022 2021 Increase/Decrease
16,777,045 29,171,242 - 25,609,532 = 3,561,710
26,179,751 3,561,710 X 100 = 14%

25,609,532
This represents a 14% interest in Pakistan Maroc Phosphore S.A. Morocco (PMP), a joint venture betwe
1100000 Company, Fauji Foundation, Fauji Fertilizer Company Limited and Office Cherifien Des Phosphates, M
420000 is a private limited company having registered office located at Hay Erraha. 2, Rue Al Abtal, Casablanca
1,520,000
2021 2020 Increase/Decrease

Long-Term Investmen 25,609,532 - 24,546,403 = 1,063,129
1,063,129 X 100 = 4%
24,546,403
This represents a 4% interest in Pakistan Maroc Phosphore S.A. Morocco (PMP), a joint venture betwee
Company, Fauji Foundation, Fauji Fertilizer Company Limited and Office Cherifien Des Phosphates, M
is a private limited company having registered office located at Hay Erraha. 2, Rue Al Abtal, Casablanca
Long-Term Investmen 2020 2019 Increase/Decrease

24,546,403 - 26,179,751 = ###
(1,633,348) X 100 = -6%

26,179,751
This represents a 20% interest in Pakistan Maroc Phosphore S.A. Morocco (PMP), a joint venture betwe
Company, Fauji Foundation, Fauji Fertilizer Company Limited and Office Cherifien Des Phosphates, M
is a private limited company having registered office located at Hay Erraha. 2, Rue Al Abtal, Casablanca
Increase/Decrease
occo (PMP), a joint venture between the

ffice Cherifien Des Phosphates, Morocco. PMP
rraha. 2, Rue Al Abtal, Casablanca, Morocco.
Increase/Decrease
cco (PMP), a joint venture between the

Increase/Decrease
occo (PMP), a joint venture between the

Long Term Loans Notes 2022 2021 2020 2019 Fauji
Fauji Meat Limited - unsecured 7,000,000 6,198,549 1,065,318 500,000
Allowance for expected credit losses -2,968,040 -2,968,040 5,925,000 2,630,000 Long-Term Loans
4,031,960 3,230,509 6,990,318 3,130,000
Gross value of loan 7,000,000
Allowance for expected credit losses -2,968,040
Loan converted to equity 4,031,960
3,230,509
Movement in balances is as follows:
Opening balance 6,198,549 6,990,318
Loan given during the year 801,451 5,133,231
Converted to equity -7,000,000 -5,925,000
15 0 6,198,549 6,990,318 3,130,000 Fauji
Long-Term Loans
Fauji
Long-Term Loans
Long-Term Loans 2022 2021 Increase/Decrease

0 - 6,198,549 = -6,198,549
### X 100 = -100%

6,198,549

Long-Term Loans 6,198,549 - 6,990,318 = -791,769
(791,769) X 100 = -11%

6,990,318
Long-Term Loans 2020 2019 Increase/Decrease

6,990,318 - 3,130,000 = 3,860,318
### X 100 = 123%

3,130,000
Stores and Spares Notes 2022 2021 2020 2019 Fauji Fertiliz
Stores and Spares 521,317 433,992 444,396 470,454
Spares 1,686,075 1,624,055 2,652,863 2,649,174 Stores and Spares
Provision for obsolescence -289,368 -264,017 -202,777 -131,044
16 1,918,024 1,794,030 2,894,482 2,988,584
During the year 2022 the com

in term of p
Fauji Fertiliz
Stores and Spares
During the year 2021 the co

which in term o
Fauji Fertiliz
Stores and Spares
During the year 2020 the co

which in term o
Stores and Spares 2022 2021 Increase/Decrease

1,918,024 - 1,794,030 = 123,994
123,994 X 100 = 7%
1,794,030
During the year 2022 the company added Rs. 123 million assets in stores & spares which
in term of percentage of 7% with respect to year 2021.

Stores and Spares 1,794,030 - 2,894,482 = ###
(1,100,452) X 100 = -38%

2,894,482
During the year 2021 the company decresed Rs. 1.100 million assets in stores & spares
which in term of percentage of -38% with respect to year 2020
Stores and Spares 2020 2019 Increase/Decrease

2,894,482 - 2,988,584 = -94,102
(94,102) X 100 = -3%

2,988,584
During the year 2020 the company decresed Rs. 94.10 million assets in stores & spares
which in term of percentage of -3% with respect to year 2029
Stock in trade Notes 2022 2021 2020 2019 Fauji Fertil
Packing materials 160,230 115,703 70,783 89,462
Raw Materials 6,524,157 2,790,235 1,121,116 1,071,306 Stock in trade
Raw Materials in transit 5,314,957 1,348,173 1,688,190
Work in process 140,442 42,120 100,364 194,733
Finished goods 32,411,182 125,185 221,132 11,712,363
17 39,236,011 8,388,200 2,861,568 14,756,054
As at December 31, 2022, finish
Fauji Fertilizer Company Limite
Fauji Fertil
Stock in trade
Fauji Fertil
Stock in trade
As at December 31, 2020, finish

held with Fauji Fertilizer Compa
thousand) in transit.
Stock in trade 2022 2021 Increase/Decrease

39,236,011 - 8,388,200 = 30,847,811
30,847,811 X 100 = 368%

8,388,200
As at December 31, 2022, finished goods stock amounting to Rs. 31,877 million (2021: Rs. 24 million) are held with
Fauji Fertilizer Company Limited.

Stock in trade 8,388,200 - 2,861,568 = 5,526,632
5,526,632 X 100 = 193%

2,861,568
Stock in trade 2020 2019 Increase/Decrease

2,861,568 - 14,756,054 = -11,894,486
### X 100 = -81%

14,756,054
As at December 31, 2020, finished goods stock amounting to Rs. 8,168 thousand (2019: Rs. 11,340,628) are
held with Fauji Fertilizer Company Limited. It includes finished goods amounting to Rs. nil (2019: Rs. 57,793
thousand) in transit.
Trade Debts Notes 2022 2021 2020 2019 Fauji Fertiliz
Secured - considered good 18 11,828,171 94,238 1,656,387 8,606,885 Trade Debts
The increase in company trade de
Fauji Fertiliz
Trade Debts
The decrease in company trade d
Fauji Fertiliz
Trade Debts
There was a decerease of -81% in

Trade Debts 2022 2021 Increase/Decrease

11,828,171 - 94,238 = ###
11,733,933 X 100 = 12451%

94,238
The increase in company trade debts was observed by Rs 94.23 Million to Rs 11,828 million

Trade Debts 94,238 - 1,656,387 = ###
(1,562,149) X 100 = -94%

1,656,387
The decrease in company trade debts was observed by -94%
Trade Debts 2020 2019 Increase/Decrease

1,656,387 - 8,606,885 = ###
(6,950,498) X 100 = -81%

8,606,885
There was a decerease of -81% in trade debts of the company during the year 2020
Advances Notes 2022 2021 2020 2019
Advances To
Executives, secured, considered good 16,750 12,972 11,504 11,844
Other employees, secured, considered good 105,834 81,317 58,642 65,839
122,584 94,289 70,146 77,683
Advances to suppliers and contractors
Considered good 308,592 482,776 702,556 845,548
19 431,176 577,065 772,702 923,231
Advances 2022 2021 Increase/Decrease

431,176 - 577,065 = -145,889
(145,889) X 100 = -25%

577,065

Advances 577,065 - 772,702 = -195,637
(195,637) X 100 = -25%

772,702
Advances 2020 2019 Increase/Decrease

772,702 - 77,683 = 695,019
695,019 X 100 = 895%

77,683
TRADE DEPOSITS AND SHORT-TERM PREP Notes 2022 2021 2020 2019
Security Deposits 7,694 6,436 6,852 16,343
Repayments 173,751 118,173 93,047 116,345
20 181,445 124,609 99,899 132,688
TRADE DEPOSITS 2022 2021 Increase/Decrease

181,445 - 124,609 = 56,836
56,836 X 100 = 46%

124,609
in the year 2022 the decrease in trade deposits was observed by -23% if we evaluate the decrease there was a decreas

TRADE DEPOSITS 124,609 - 99,899 = 24,710
24,710 X 100 = 25%

99,899
In the year 2021the increase was observed in trade deposits if we evaluate the increase that was about RS 99.89 Mill
TRADE DEPOSITS 2020 2019 Increase/Decrease

99,899 - 132,688 = -32,789
(32,789) X 100 = -25%

132,688
In the year 2020 there was decrease of -25% in trade deposits due to decrease in short term borrowings on that year
he decrease there was a decrease in short term borrowings on that year
e that was about RS 99.89 Million to Rs 236.34 Million
term borrowings on that year

Interest Accured Notes 2022 2021 2020 2019
Subordinated loan to FFL 30,000 750,540
Subordinated loan to FML
Balance at beginning of the year 436,086 180,417
Mark-up accrued during the period 179,248 255,669
ECL on accrued mark-up to FML -436,086
Mark-up received -9,130
Guarantee fee received -25,110
Transfer to equity -581,094
Interest Accured 2020 and 2019 473,503 247,867
Term deposits and deposits with financial institutions 13,069 5,579
21 43,069 756,119 473,503 247,867
Interest Accured 2022 2021 Increase/Decrease

43,069 - 756,119 = -713,050
### X 100 = -94%

756,119

Interest Accured 756,119 - 473,503 = 282,616
### X 100 = 60%

473,503
Interest Accured 2020 2019 Increase/Decrease

473,503 - 247,867 = 225,636
### X 100 = 91%

247,867
Other Recievables Notes 2022 2021 2020 2019
Due from Fauji Fertilizer Company Limited -
unsecured, considered good 1,357,490 2,523,902 1,827,496 2,885,789
Subsidy on DAP and Urea receivable from the GOP 3,160,992 3,160,992 3,160,992 3,160,992
Receivable from PMP 11,170 9,456 453,052 9,321
Receivable from FPCL 137,402 112,857 102,722 108,781
Receivable from FML 17,344 68,178 33,682 5,173
Receivable from FFL 1,527
Receivable from FFBL Foods 1,891
Others - Considered good 96,651 16,980 17,723 31,852
4,781,049 5,892,365 5,599,085 6,201,908
Less: Provision against doubtful other receivables -1,350,952 -1,279,130 -428,952 -196,952
22 3,430,097 4,613,235 5,170,133 6,004,956
Other Recievables 2022 2021 Increase/Decrease

3,430,097 - 4,613,235 = ###
### X 100 = -26%

4,613,235
In the year 2022 the recievables fallen by -26%

Other Recievables 4,613,235 - 5,170,133 = -556,898
(556,898) X 100 = -11%

5,170,133
In the year 2021 the recievables decreased by -11%
Other Recievables 2020 2019 Increase/Decrease

5,170,133 - 6,004,956 = -834,823
(834,823) X 100 = -14%

6,004,956
In the year 2020 the recievables decreased by -14%

SALES TAX REFUNDABLENotes 2022 2021 2020 2019 Fauji F
Sales tax refundable 17,921,320 13,594,920 9,148,890 8,716,968
Allowance for input tax -1,107,276 -1,107,276 -713,549 SALES TAX REFUN
23 16,814,044 12,487,644 8,435,341 8,716,968
This represents allowanc
Fauji F
SALES TAX REFUN
Fauji F
SALES TAX REFUN

SALES TAX REFUN 2022 2021 Increase/Decrease

16,814,044 - 12,487,644 = 4,326,400
### X 100 = 35%

12,487,644
This represents allowance for input tax charged to cost of sales

SALES TAX REFUN12,487,644 - 8,435,341 = 4,052,303
### X 100 = 48%

8,435,341
SALES TAX REFUN 2020 2019 Increase/Decrease

8,435,341 - 8,716,968 = -281,627
(281,627) X 100 = -3%

8,716,968
SHORT TERM INVESTMENTS Notes 2022 2021 2020 2019
Amortized cost
Term deposits with banks and financial institutions 2,100,000 1,000,000
Investments at fair value through profit or loss

Mutual funds 13,764,259 8,341,700 9,029
24 13,764,259 10,441,700 1,009,029
SHORT TERM INV 2022 2021 Increase/Decrease

13,764,259 - 10,441,700 = 3,322,559
3,322,559 X 100 = 32%

10,441,700
These deposits carried interest rate at Nil (2021: 10.75%) per annum and were matured during the year.

SHORT TERM INV 10,441,700 - 0 = 10,441,700
### X 100 = #DIV/0!

0
These deposits carried interest rate at Nil (2021: 10.75%) per annum and were matured during the year.
SHORT TERM INV 2020 2019 Increase/Decrease

0 - 1,009,029 = -1,009,029
(1,009,029) X 100 = -100%

1,009,029
ng the year.
ng the year.
Cash and Bank Balances Notes 2022 2021 2020 2019
Deposit accounts
In local currency 22,568,957 35,993,587 20,026,816 5,156,679
in foreign currency 4,462 3,472 2,042 2,038
22,573,419 35,997,059 20,028,858 5,158,717
Current accounts 130,798 131,940 5,018,594 134,644
cash in hand 980 980 980 980
25 22,705,197 36,129,979 25,048,432 5,294,341
Cash and Bank Bala 2022 2021 Increase/Decrease

22,705,197 - 36,129,979 = ###
### X 100 = -37%

36,129,979
In the Year 2022 the cash and bank balances were decreased by -37% as compared to the tear 2021

Cash and Bank Bala36,129,979 - 25,048,432 = ###
### X 100 = 44%

25,048,432
In the year 2021 the cash and bank balances were increased by 44% by Rs 25,04 Million to rs 36.12 Million
Cash and Bank Bala 2020 2019 Increase/Decrease

25,048,432 - 5,294,341 = ###
### X 100 = 373%

5,294,341
In the year 2020 there was huge increase in cash and bank balances as compared to the year 2019
Sales- - Net Notes 2022 2021 2020
UREA 21,395,276 16,984,961 18,120,322

DAP 139,289,189 95,694,884 66,965,421
Total revenue from contracts with customers 160,684,465 112,679,845 85,085,743
Less:
Sales Tax 1,434,832 2,201,840 1,707,021
Trade Discount 114,645
Commission to Fauji Fertilizer Company Limited 23,670 25,831 29,717
1,458,502 2,227,671 1,851,383
26 159,225,963 110,452,174 83,234,360

19,066,432 Sales- - Net 2022 2021 Increase/Decrease

49,739,376 159,225,963 - 110,452,174 = ###
68,805,808
### X 100 = 44%
110,452,174
1,336,987
605,614 During the year 2022, the Company's supply of fertilizer is exempt from sales tax.
23,921
1,966,522
66,839,286 Fauji Fertilizer-Horizontal Analysis

Sales- - Net 110,452,174 - 83,234,360 = ###
### X 100 = 33%

83,234,360
Sales- - Net 2020 2019 Increase/Decrease

83,234,360 - 66,839,286 = ###
### X 100 = 25%

66,839,286
Increase/Decrease
rom sales tax.
Increase/Decrease
Increase/Decrease
Contract Balances Notes 2022 2021 2020 2019 Fauji Fert
Trade Debts 11,828,171 94,238 1,656,387 8,606,885
Advances from Customers 769261 5764548 2,204,000 83,309 Advances from Cust
Fauji Fert
Advances from Cust
Fauji Fert
Advances from Cust

Advances from Cust 2022 2021 Increase/Decrease

769,261 - 5,764,548 = ###
### X 100 = -87%

5,764,548

Advances from Cust 5,764,548 - 2,204,000 = 3,560,548
### X 100 = 162%

2,204,000
Advances from Cust 2020 2019 Increase/Decrease

2,204,000 - 83,309 = 2,120,691
### X 100 = 2546%

83,309
Cost of Sales Notes 2022 2021 2020
Raw materials consumed 137,030,685 69,490,257 42823676

Packing materials consumed 1,368,982 1,038,651 776157
Fuel and power 21,961,341 12,555,462 10449294
Chemicals and supplies consumed 256,354 180,505 227228
Salaries, wages and benefits 2,061,857 2,116,130 2297123
Rent, rates and taxes 90,572 163,947 109082
Insurance 233,947 152,648 178639
Travel and conveyance 211,980 127,032 103175
Provision for obsolete stores and spares 25,351 61,240 78985
Repairs and maintenance 1,350,978 1,084,188 1021556
Communication, establishment and other expenses 315,186 355,947 227930
Depreciation 834,495 820,337 776940
Opening stock - work-in-process 42,120 100,364 194733
Closing stock - work-in-process -140,442 -42,120 -100364
Cost of goods manufactured 165,643,406 88,204,588 59,164,154
Opening stock - finished goods 125,185 221,132 11,712,363
Closing stock - finished goods -32,411,182 -125,185 -221,132
Cost of sales 27 133,357,409 88,300,535 70,655,385
52419540 Cost of Sales 2022 2021 Increase/Decrease

834736 133,357,409 - 88,300,535 = 45,056,874
11523707
208390
1721380
88182 45,056,874 X 100 = 51%
129023 88,300,535
136665 There is huge jump in cost of sales by the year 2022 by 51%. It has increased from 88.300 Million to 13
33491
1209245
159485
1485966
95760
-194733 Fauji Fertilizer-Horizontal Analysis
69,850,837
2,816,175
-11,712,363 2021 2020 Increase/Decrease
60,954,649 Cost of Sales 88,300,535 - 70,655,385 = 17,645,150
17,645,150 X 100 = 25%

70,655,385
A increase of 25% can be seen in cost of sales as the cost of sales in 2020 were 70.655 million but it has
Cost of Sales 2020 2019 Increase/Decrease

70,655,385 - 60,954,649 = 9,700,736
9,700,736 X 100 = 16%

60,954,649
A increase of 16% can be seen in cost of sales as the cost of sales in 2019 were 60.954 million but it has
crease/Decrease
ased from 88.300 Million to 133.357 Million
crease/Decrease
0 were 70.655 million but it has increased to 88.300 Million in 2021
crease/Decrease
9 were 60.954 million but it has increased to 70.655 Million in 2022

SELLING AND DISTRIBUTION EXPENSES Notes 2022 2021 2020 2019
Product transportation 5,660,678 4,296,938 3,710,716 4,110,526
Expected credit loss for other receivables 232,000
Salaries, wages and benefits 28,973 33,123 29,155 31,968
Travel and conveyance 295 187 940 2,386
Others 275 991 519 498
5,690,221 4,331,239 3,973,330 4,145,378
Expenses allocated by Fauji Fertilizer Company Limited 1,430,532 1,309,168 1,544,439 1,200,069
28 7,120,753 5,640,407 5,517,769 5,345,447
SELLING AND DIS 2022 2021 Increase/Decrease

7,120,753 - 5,640,407 = 1,480,346
### X 100 = 26%

5,640,407

SELLING AND DIS5,640,407 - 5,517,769 = 122,638
### X 100 = 2%
5,517,769
SELLING AND DIS 2020 2019 Increase/Decrease

5,517,769 - 5,345,447 = 172,322
### X 100 = 3%
5,345,447
ADMINISTRATIVE EXPENSES Notes 2022 2021 2020 2019
Salaries, wages and benefits 793,446 919,421 594,481 762,252
Travel and conveyance 46,228 29341 33,244 86,465
Utilities 39431 36979 26,711 10,052
Printing and stationery 7692 9378 6,725 4,473
Repairs and maintenance 127051 141307 136,705 139,298
Communication, advertisement and other expenses 30117 52485 53,556 9,422
Rent, rates and taxes 9410 6330 7,195 12,971
listing fee 12,271 2,907
donation 12,911 13,773
Cost charged by FF 74325 79292 37,500
Legal and professional 42674 121713 146,804 147,769
Depreciation 147535 143719 149,396 181,529
Miscellaneous 34171 52792 37,627 50,932
29 1,352,080 1,592,757 1,255,126 1,421,843
ADMINISTRATIVE 2022 2021 Increase/Decrease

1,352,080 - 1,592,757 = -240,677
### X 100 = -15%

1,592,757
This includes charges on account of employees' retirement benefits in respect of the gratuity and provident funds,
and for compensated absences, amounting to Rs. 12 million, Rs. 18 million and Rs. 0.7 million (2021: Rs. 18 million, Rs.
20 million and Rs. 37 million), respectively

ADMINISTRATIVE1,592,757 - 1,255,126 = 337,631
### X 100 = 27%

1,255,126
This includes charges on account of employees’ retirement benefits in respect of the gratuity and provident
funds, and for compensated absences and termination benefits, amounting to Rs. 16,475 thousand, Rs. 22,006
thousand, Rs. (9,898) thousand and Rs. 79,638 thousand (2019: Rs. 15,560 thousand, Rs. 22,018 thousand, Rs.
13,734 thousand and Rs. nil), respectively
ADMINISTRATIVE 2020 2019 Increase/Decrease

1,255,126 - 1,421,843 = -166,717
### X 100 = -12%

1,421,843
This includes charges on account of employees’ retirement benefits in respect of the gratuity and provident
funds, and for compensated absences and termination benefits, amounting to Rs. 16,475 thousand, Rs. 22,006
thousand, Rs. (9,898) thousand and Rs. 79,638 thousand (2019: Rs. 15,560 thousand, Rs. 22,018 thousand, Rs.
13,734 thousand and Rs. nil), respectively
provident funds,
2021: Rs. 18 million, Rs.
d, Rs. 22,006
8 thousand, Rs.
d, Rs. 22,006
8 thousand, Rs.
FINANCE COSTS Notes 2022 2021 2020 2019 Fauji Fe
Mark-up on short-term borrowings 1,529,182 366,337 1,434,738 1,484,004
Mark-up on demand finance 372,897 134,309 909,309 1,111,308 FINANCE COSTS
Mark-up on long-term finance 2,785,398 1,783,081 1,904,998 2,581,419
Guarantee fee 44,412 42,177 41,847 16,354
Interest on WPPF 1,251 2,034 122
Other financial charges 377,013 124,096
Bank charges 33,815 10,169 29,134 5,474
30 5,143,968 2,338,107 4,444,122 5,198,681 In the year 2022 the fina
Fauji Fe
FINANCE COSTS
in this year the finance c
Fauji Fe
FINANCE COSTS
There was a decrease of

FINANCE COSTS 2022 2021 Increase/Decrease

5,143,968 - 2,338,107 = 2,805,861
### X 100 = 120%

2,338,107
In the year 2022 the finance cost jumped by 120%

FINANCE COSTS 2,338,107 - 4,444,122 = ###
### X 100 = -47%

4,444,122
in this year the finance cost was decreased by -47%
FINANCE COSTS 2020 2019 Increase/Decrease

4,444,122 - 5,198,681 = -754,559
### X 100 = -15%

5,198,681
There was a decrease of -15% of the finance costs in the year 2020
Other expenses Notes 2022 2021 2020 2019 Fauji Fe
Workers' (Profit) Participation Fund 458,866 630,093 259,631
Workers' Welfare Fund 213,199 446,970 40,177 Other expenses
Donations 226,694 7,881
Exchange loss 6,873,809 1,468,121 8,706 634,828
Auditor's remuneration 3,706 2,540 3,167 2,990
31 7,776,274 2,555,605 311,681 637,818
Fauji Fe
Other expenses
Fauji Fe
Other expenses
Other expenses 2022 2021 Increase/Decrease

7,776,274 - 2,555,605 = 5,220,669
### X 100 = 204%

2,555,605

Other expenses 2,555,605 - 311,681 = 2,243,924
### X 100 = 720%

311,681
Other expenses 2020 2019 Increase/Decrease

311,681 - 637,818 = -326,137
### X 100 = -51%

637,818
Other Income Notes 2022 2021 2020 2019
Income from financial assets 2,716,271 2,049,662 935,671 1,153,736
Income from assets other than financial assets 3,625,649 7,061,309 4,248,225 3,216,509
32 6,341,920 9,110,971 5,183,896 4,370,245
Other Income 2022 2021 Increase/Decrease

6,341,920 - 9,110,971 = ###
### X 100 = -30%

9,110,971
This includes the gain on sale of fixed assets to FPCL, related party, amounting to Rs. 0.3 million with a decrease of -30%

Other Income 9,110,971 - 5,183,896 = 3,927,075
### X 100 = 76%

5,183,896
In the year 2021 the other incomes were increased by 76%
Other Income 2020 2019 Increase/Decrease

5,183,896 - 4,370,245 = 813,651
### X 100 = 19%

4,370,245
This includes the gain on sale of fixed assets to related party, amounting to Rs. 11,500 thousand with increase of 19%
n with a decrease of -30%
with increase of 19%

ALLOWANCE FOR EXPECTED CREDITNotes 2022 2021 2020 2019
Provision for other receivable 140,000 782,000
Provision for receivables from FML
Long-term loans 2,968,040
Interest accrued 170,118 436,086
Common services -68,178 68,178
101,940 3,472,304
33 241,940 4,254,304
ALLOWANCE FOR 2022 2021 Increase/Decrease

241,940 - 4,254,304 = ###
### X 100 = -94%

4,254,304

ALLOWANCE FOR4,254,304 - 0 = 4,254,304
### X 100 = #DIV/0!

0
ALLOWANCE FOR 2020 2019 Increase/Decrease

0 - 0 = 0
- X 100 = #DIV/0!
0
Taxation Notes 2022 2021 2020 2019 Fauji Fertilizer-Horizon
Current tax 6,438,954 5,888,363 1,817,473 1,423,872
deffered tax -261,627 -754,521 882,906 627,966 Taxation 2022
34 6,177,327 5,133,842 2,700,379 2,051,838 6,177,327
###
5,133,842
Fauji Fertilizer-Horizon
2021
Taxation 5,133,842
###
2,700,379
Fauji Fertilizer-Horizon
Taxation 2020
2,700,379
###
2,051,838
Fertilizer-Horizontal Analysis
2021 Increase/Decrease
- 5,133,842 = 1,043,485
X 100 = 20%
- 2,700,379 = 2,433,463
X 100 = 90%
- 2,051,838 = 648,541
X 100 = 32%
EARNINGS PER SHARE - BASIC AND DILUTED Earning P 2022
Profit after taxation (Rupees '000) 2,327,934
Weighted average number of ordinary shares in issue during the year (thousands) 1,291,253
Earnings share - basic and diluted (Rupees) 35 1.8
There is no dilutive effect on the basic ear

2021 2020 2019
6,390,961 2,192,437 -5,920,745
1,288,450 1,035,480 Restated
4.96 2.12 5.72(restated)
no dilutive effect on the basic earnings per share of the Company for the year 2020-2020
Ratio Analysis
Liquidity ratio Formula
1) Current Ratio Current Assets

Current Liabilities
The Current Ratio is greater than 1 from 2020 to 2022 which indicates that company's ca
current liabilities. The reduction of Current ration due to increase in cotractual liabilities a
that why current liabilities increase. Rs. 104.190 million increase in Current Liabilities wa
2022 2021 2020 2019
110,351,493 75,406,819 49,157,097 51,331,969

104,190,115 69,083,210 47,053,661 68,962,290
1.05913592 1.0915361 1.0447029 0.7443484
ates that company's cashflow is enrich to pay its

n cotractual liabilities and provision of taxation
n Current Liabilities was observed.
Ratio Analysis
2) Quick Ratio Current Asset - Inventory

Current Liabilities
Company is maintaing Average Quick Ratio is 0.90 from 2019 to 2022. the decrease was observ
2022 2021 2020 2019
108,433,469 65,224,589 43,401,047 33,587,331

104,190,115 69,083,210 47,053,661 68,962,290
1.04072703 0.94414531 0.9223734 0.4870391
he decrease was observed due to increased in current liabilities.

Ratio Analysis
3) Super Quick Ratio Cash + short term investment

Current Liabilities
2022 2021 2020 2019
36,469,456 46,571,679 25,048,432 6,303,370

104,190,115 69,083,210 47,053,661 68,962,290
0.35002798 0.6741389 0.5323376 0.0914031

Ratio Analysis
Leverage Ratio Formula
1) Debt Equity Ratio LTD (LT Loans + Current Mat of LT)

Shareholder equity
The average Debt to Equity Ratio is 0.60 due to increase in loan financing of Non Curren
2022 2021 2020 2019
23,733,334 20,925,006 22,241,668 18,358,334

22,722,365 20,430,746 13,959,405 6,833,961
1.04449224 1.02419197 1.5933106 2.68633871
an financing of Non Current Liabilities.

Ratio Analysis
2) Debt Equity ratio in PPE: LTD (LT Loans + Current Mat of LT)
Non Current Liabilities
Debt Equity ratio in PPE:
The average Debt to Equity Ratio is 1% due to increase in loan financing of Non Current
2022 2021 2020 2019
23,733,334 20,925,006 22,241,668 18,358,334

22,950,265 25,695,636 29,955,386 15,370,318
1.0341203 0.81434085 0.74249312 1.1944017
nancing of Non Current Liabilities.

Ratio Analysis
3) Debt Equity to total asset ratio (overall): LTD (LT Loans + Current Mat of LT)
PPE+WIP+NWC
Debt Equity to total asset ratio (overall):
PPE+WIP
Total Current Assets

Total Current Liablities
Current Mat of LTD
Net Working Capital
PPE+WIP+NWC
The overall Debt Equity Ratio increased in the year 2019 to 2022, the company increased its lon
2.1% as compared to no debt in pervious year. But in the previous year 2020 the debt ratio was
2022 2021 2020 2019
23,733,334 20,925,006 22,241,668 18,358,334

10,839,820 12,206,682 5,479,555 -11,769,077
io (overall): 2.189458312 1.71422554 4.05902815 -1.55987882
9,953,442 10,574,734 10,192,781 10,427,911
110,351,493 75,406,819 49,157,097 51,331,969

104,190,115 69,083,210 47,053,661 68,962,290
5,275,000 4,691,661 6,816,662 4,566,667
886,378 1,631,948 -4,713,226 -22,196,988
10,839,820 12,206,682 5,479,555 -11,769,077
ompany increased its long term financing in the year 2019. The debit ratio in the year is
2020 the debt ratio was high with repect to 4.05%
Ratio Analysis
Solvency Ratio Formula 2022
1) Time Interest Ratio (TIE Ratio) EBIT -8,993,361

Finance cost -5,143,968
Time Interest Ratio (TIE Ratio) 1.7483314437
EBIT
Net Profit After Tax 2,327,934
Income Tax -6,177,327
Finance Cost -5,143,968
-8,993,361
It was observed in the year 2022 and 2019 the company ability to its finance cost is around 3 to
2021 & 2020 there is no debt liabilities.
2021 2020 2019
-1,080,988 -4,952,064 -13,171,264

-2,338,107 -4,444,122 -5,198,681
0.46233470068 1.11429524212 2.533578036
6,390,961 2,192,437 -5,920,745

-5,133,842 -2,700,379 -2,051,838
-2,338,107 -4,444,122 -5,198,681
-1,080,988 -4,952,064 -13,171,264
o its finance cost is around 3 to 4 times of operating profit. In the year

Ratio Analysis
Solvency Ratio Formula
2) Debt Service Coverage Ratio PAT + F.C+ Dep+Amortization

Finance Cost + Installment of LTD
Debt Service Coverage Ratio
Net Profit After Tax

Finance Cost
Depreciation
Ammortization
There is a decrease in debt coverage ratio by -21% in the year 2022

2022 2021 2020 2019
-2,816,034 4,052,854 -2,251,685 -11,119,426

131,032 2,353,554 2,372,540 -632,014
-21.491193 1.72201445 -0.9490609 17.5936387
2,327,934 6,390,961 2,192,437 -5,920,745

-5,143,968 -2,338,107 -4,444,122 -5,198,681
_ _ _ _
_ _ _ _
-2,816,034 4,052,854 -2,251,685 -11,119,426
Ratio Analysis
Solvency Ratio Formula
3) Debt Service Coverage Ratio PAT + F.C

Finance Cost + Installment of LTD
Debt Service Coverage Ratio
Profit After Tax

Finance Cost
The company ability to pay its debt service coverage approximately 21.49 times and have strong
2022 2021 2020 2019
-2,816,034 4,052,854 -2,251,685 -11,119,426

131,032 2,353,554 2,372,540 -632,014
21.491193 -1.7220145 0.94906092 -17.593639
2,327,934 6,390,961 2,192,437 -5,920,745

-5,143,968 -2,338,107 -4,444,122 -5,198,681
-2,816,034 4,052,854 -2,251,685 -11,119,426
y 21.49 times and have strong cash flow to pay its debt obligation.
Ratio Analysis
Investor Ratio Formula 2022
1) EPS Net Profit After Tax 2,327,934

No of Shares Outstanding 1291252.9
EPS 1.8028490004
2021 2020 2019
6,390,961 2,192,437 -5,920,745

1291252.9 934110 934110
4.94942625 2.34708653 -6.3383809

Ratio Analysis
2) Price earning ratio Market price per share 15

EPS 1.802849
Price earning ratio 8.503207976

2021 2020 2019
25 25 20
4.9494263 2.34708653 -6.3383809
5.0066409 10.7878426 -3.0796508

Ratio Analysis
3) Dividend Yield Dividend Per Share 13.63

Market Price Per Share 15
Dividend Ratio 89%
Market Price per share 15.33

2021 2020 2019
13.25 11.05 11.45

25 25 20
53% 44% 59%
24.78 25.32 19.52

Ratio Analysis
Investor Ratio Formula 2022 2021
4) Payout Ratio Dividend Per Share 13.63 13.25

EPS 1.802849 4.949426251
Payout Ratio 756% 268%
Usually company pay 5% in average to its shareholder and remaining amount it reinvested into t
2020 2019
11.05 11.45
2.34708653 -6.3383809
471% -181%
ount it reinvested into the company.

Ratio Analysis
Profitability Ratio Formula 2022 2021
1) Gross Profit Margin Gross Profit 25,868,554 22,151,639

Sales 159,225,963 110,452,174
Gross Profit Margin 16% 20%
The gross profit margin reduced due to increased in cost of sales that why its current margin dec
compared with previous years company gross profit margin in average in 0.16%
2020 2019
12,578,975 5,884,637
83,234,360 66,839,286
15% 9%
why its current margin declined by 0.4%. If we

in 0.16%
Ratio Analysis
2) Operating Profit Margin Operating Profit 10,817,399 19,135,734

Sales 159,225,963 110,452,174
OPM 7% 17%
The company operating profit increased due to decrease in admin and distribution expen
margin. If we evaluate the company operating profit margin cycle is fluctuating through o
to 2022
2020 2019
6,234,173 -2,348,907
83,234,360 66,839,286
7% -4%
n and distribution expenses which increased its

is fluctuating through out avaiable from last 2019
Ratio Analysis
3) Pre - tax Profit Pre - tax Profit 8,505,261 11,524,803

Sales 159,225,963 110,452,174
Pre-Tax profit 5% 10%
The company this year 2022 pre-tax profit is declined due to increased in cost of sales, operatin
year that why pre-tax profit declined by 0.05%
2020 2019
4,892,816 -3,868,907
83,234,360 66,839,286
6% -6%
n cost of sales, operating expenses & finance cost this

ined by 0.05%
Ratio Analysis
Profitability Ratio Formula 2022
4) After - tax Profit After - tax Profit 2,327,934

Sales 159,225,963
ATP 1%
The company this year 2019 tax after profit is declined due to increased in cost of sales, opera
year that why Profit after tax declined.
2021 2020 2019
6,390,961 2,192,437 -5,920,745

110,452,174 83,234,360 66,839,286
6% 3% -9%
o increased in cost of sales, operating expenses & finance cost this

ofit after tax declined.
Ratio Analysis
Profitability Ratio Formula 2022
5) Return on equity After - tax Profit 2,327,934

Shareholder Equity 22,722,365
ROE 10%
The company this year 2022 Return on Equity is declined due to decreased profit after tax and
expenses & finance cost this year that why Return on Equity declined
2021 2020 2019
6,390,961 2,192,437 -5,920,745

20,430,746 13,959,405 6,833,961
31% 16% -87%
decreased profit after tax and increased in cost of sales, operating

why Return on Equity declined by 0.10%
Ratio Analysis
6) Return on Assets Profit After tax 2,327,934 6,390,961

Total Assets 149,862,745 115,209,592
ROA 2% 6%
The company this year 2022 Return on Assets is declined due to decreased profit after tax a
operating expenses & finance cost and increase in total assets this year that why Return on
2020 2019
2,192,437 -5,920,745
90,968,452 91,166,659
2% -6%
creased profit after tax and increased in cost of sales,

year that why Return on Assets declined by 0.015%
Ratio Analysis
Profitability Ratio Formula
7) Return on Investment Profit After tax + long term finance cost

Shareholdder Equity + LT loans
ROI
The company this year 2022 Return on Invetsment is declined due to decreased profit after tax
finance cost and increase in Shareholder Equity and Long term loans this year that
2022 2021 2020 2019
2,327,934 6,390,961 2,192,437 -5,920,745

22,722,365 23,661,255 20,949,723 9,963,961
10% 27% 10% -59%
ecreased profit after tax and increased in cost of sales, operating expenses &
erm loans this year that why Return on Assets declined by 0.10%
Ratio Analysis
Activity Ratio Formula 2022 2021
1) Total Asset Turn Over Sales 159,225,963 110,452,174

Total assets 149,862,745 115,209,592
TAT 1.0624786234 0.95870641
The company maintain its total asset turnover from year 2019 to 2022 but if we will evaluate tren
means that they are utilizing their assets efficiently.
2020 2019
83,234,360 66,839,286
90,968,452 91,166,659
0.9149805 0.733154936
ut if we will evaluate trend towards increasing which

Ratio Analysis
Activity Ratio Formula 2022
2) Receivable Turnover (RT) Sales 159,225,963

Trade Debts 11,828,171
RT 13.4615878
3) Receivable Turnover in Days (RTD) 365 365

RT 13.4615878
RTD 27.1141862
The average Receivable Turnover indicates that company market receivable at a very lower side
jumped by 27% in 2022
2021 2020 2019
110,452,174 83,234,360 66,839,286

94,238 1,656,387 8,606,885
1172.055583 50.2505514 7.76579285
365 365 365

1172.055583 50.2505514 7.76579285
0.311418678 7.26360189 47.0009962
et receivable at a very lower side in 2020 and 2021 but again

Ratio Analysis
4) Payable Turnover (PT) Purchases 37473000000

Total Creditors 74733
PT 501425.07326
5) Payable Turnover in days (PTD) 365 365

PT 501425.07326
PTD 0.0007279253
Creditors include payables to related parties amounting to Rs. 37,475 million (2021: Rs. 25,502 million) a
purchase of raw material, steam and power. The Company purchases raw material for use in production o
from PMP at discounted price, with a credit limit of 75 days.
This includes a provision against constructive obligation amounting to Rs. 288 million (2021: Rs. 288 mi
Creditors include payables to related party amounting to Rs. 5,890,871 thousand (2019: Rs. 6,593,346 tho
against purchase of raw material
Purchases 2022 2021 2020

37473000000 25,502,000,000 5,890,871,000
Trade Creditors 74733 57871 30,787
2021 2020 2019
25502000000 5.891E+09 ###

57871 30787 39773
440669.765513 191342.807 165774.4198
365 365 365

440669.765513 191342.807 165774.4198
0.00082828464 0.00190757 0.002201787
21: Rs. 25,502 million) against

l for use in production of fertilizer
million (2021: Rs. 288 million).

(2019: Rs. 6,593,346 thousand)
2019
6,593,346,000
39773
Ratio Analysis
5) Inventory Turnover (IT) Cost of Good Sold -133,357,409

Inventory 41,154,035
IT -3.240445536
6) Inventory Turnover In Days (ITD) 365 365

IT -3.240445536
ITD -112.6388319
The average Inventory Turnover indicates that company market receivable improving slightly
2021 2020 2019
### ### -60,954,649

10,182,230 5,756,050 17,744,638
-8.67202322 -12.2749776 -3.435102424
365 365 365

-8.67202322 -12.2749776 -3.435102424
-42.0893707 -29.7352884 -106.2559292
vable improving slightly

Ratio Analysis
Operating Cash Cycle Formula
Recievable Turnover In Days

Inventory Turnover In Days
Payable Turnover In Days
Operating Cash Cycle
Short Term Borrowing
Recievable
Inventory
Payable
2022 2021 2020 2019
+ 27.1141862 0.31141868 7.2636019 47.0009962

+ -112.63883 -42.089371 -29.735288 -106.25593
- 0.00072793 0.00082828 0.0019076 0.00220179
= -85.524646 -41.777952 -22.471687 -59.254933
28,213,376 10,987,861 15,822,065 28,227,084
11,828,171 94,238 1,656,387 8,606,885

41,154,035 10,182,230 5,756,050 17,744,638
74733 57871 30787 39773
52,907,473 10,218,597 7,381,650 26,311,750
144951.981 27996.1562 20223.699 72086.9863

-12396967 -1169622.1 -454460.62 -4271509.5
40,610,343 12,157,483 16,276,526 32,498,594

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Balance Sheet for FAUJI FERTILIZER BIN QASIM LIMITE

SHARE CAPITAL AND RESERVES

39,511,252 39,802,773 41,811,355 39,834,690

non current 26% 35% 46% 44%

BIN QASIM LIMITED

57% 63% 67% 137%

12% 14% 17% 15%

45% 41% 24% 38%

26% 35% 46% 0%

Sales - net 26 159,225,963 110,452,174 83,234,360

Selling and distribution expenses 28 -7,120,753 -5,640,407 -5,517,769

Unwinding cost on GIDC payable 7 -891,198 -1,253,839 2,740,855

66,839,286 100% 100% 100% 100%

-5,345,447 -4% -5% -7% -8%

- -1% -1% 3% #VALUE!

The annexed notes are integral part of these financial statements.

Balance as at January 01, 2022 12,912,529

FOR THE YEAR 2020-2019

Balance as at January 01, 2020 9,341,100

The annexed notes are integral part of these financial statements.

Advance Against issue of shares Capital Reserve Accumulated Profit Total

1,632,729 5,885,488 20,430,746

Advance Against issue of shares Capital Reserve Accumulated Profit Total

228,350 -2,735,489 6,833,961

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

The annexed notes are integral part of these financial statements.

Share Capital 2022 2021

Share Capital 2021 2020

Share Capital 2020 2019

) held 644,018,629 and 236,161,393 (2021:

020, the authorized share capital of the

he share capital and Rs11,000,00 in

Capital Reserve 2022 2021 Increase/Decrease

Fauji Fertilizer-Horizontal Analysis

Capital Reserve 2021 2020 Increase/Decrease

### X 100 = #DIV/0!

Fauji Fertilizer-Horizontal Analysis

Capital Reserve 2020 2019 Increase/Decrease

ares issued during

Habib Bank Limited 3,000,000 3,225,006 4,116,667

Long Term Loans 2022 2021

18,358,334 808,339 X 100 =

Fauji Fertilizer-Horizontal Analysis

Long Term Loans 2020 2019

Sector in prior years which has been classified as long term,

Payable Against GIDC

Deffered Liabilities 2022 2021 Increase/Decrease

(4,970,360) X 100 = -53%

Fauji Fertilizer-Horizontal Analysis

Deffered Liabilities 2021 2020 Increase/Decrease

(5,068,089) X 100 = -35%

Fauji Fertilizer-Horizontal Analysis

Deffered Liabilities 2020 2019 Increase/Decrease

12,951,729 X 100 = 820%

Creditors 38,871,541 26,686,510 9,425,016 8,786,824

Trade and other pay 2022 2021 Increase/Decrease

20,626,571 X 100 = 44%

Fauji Fertilizer-Horizontal Analysis