40

Horizontal Analysis
2011
2010
2009
2008
2007
2006
2011
2010
2009
2008
2007
vs vs vs vs vs
(Rupees in thousand)
2010
2009
2008
2007
2006

%
%
%
%
%

BALANCE SHEET

EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid up capital
Reserves
(Accumulated loss) / unappropriated profit

1,428,000 1,428,000 1,428,000 1,428,000

714,000

420,000

548,500 1,401,500 1,801,500 1,727,000 1,991,000 1,579,500

(853,855)

(401,655)

74,678

100.00

70.00

(60.86)

(22.20)

4.31

(13.26)

26.05

(264,332)

705,708

(64.95)

112.58

(637.85)

(128.25)

(137.46)

500,000 1,958,334

666,667

(68.75)

(11.11)

200.00

(74.47)

193.75

NON-CURRENT LIABILITIES
Long-term finances - secured
Deferred taxation

416,667 1,333,333 1,500,000

5,428

CURRENT LIABILITIES
Current portion of long-term finances
Short term borrowings - secured
Mark-up accrued on loans and other payables
Trade and other payables

416,667
-
4,302

166,667

- 2,151,601
37,400

32,029

583,333

333,333

- 1,454,873
39,627

150.00

100.00

- (100.00)

-
100.00

(100.00)

75.00

- (100.00)

15,719

(88.50)

(50.17)

134.31

(19.17)

152.10

8,058,598 5,432,738 3,387,594 3,055,037 3,283,155 3,993,047

48.33

60.37

10.89

(6.95)

(17.78)

9,942,088 6,816,744 8,305,117 9,174,275

18.19

(10.02)

45.85

(17.92)

(9.47)

3,847,016 4,445,810 5,190,535 3,864,527 4,082,955 1,051,723

288.22

10,573,427 8,945,783

75,048

ASSETS

NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets

87,023

125,988

195,830

64,636

Capital work-in-progress

11,448

21,813

19,226

80,746

Long term Investments

(13.47)

(14.35)

34.31

(5.35)

33,202

(30.93)

(35.66)

202.97

(1.92)

98.49

191,842 1,274,230

(47.52)

13.46

(76.19)

(57.91)

(84.94)

65,903
-

509,039

33,532

33,896

31,503

29,050

28,105

34,074

4,042

4,042

4,042

4,091

4,091

2,089

926,746

802,914

571,214

338,165

251,008

106,039

121,368

101,942

83,101

50,316

-
(1.07)
-
15.42

-
7.60
-

-
8.44
(1.20)

40.56

68.92

- (100.00)
3.36
-
34.72

(17.52)
95.84
100.00

CURRENT ASSETS
Stores and spares
Stock-in-trade
Short term investments
Advances, prepayments and other receivables
Cash and bank balances

29,736

(12.63)

19.06

22.67

65.16

69.21

3,443,054 2,329,161 2,954,091 1,612,696 2,704,946 4,169,120

47.82

(21.15)

83.18

(40.38)

(35.12)

634,843

1,245,786

978,745

853,218

507,852

706,092 1,075,600

868,741

82,046

20,487

231,880

219,859

- (100.00)

27.28

14.71

68.01

(28.08)

(34.35)

360,619

958.85

300.48

(91.16)

5.47

(39.03)

10,573,427 8,945,783 9,942,088 6,816,744 8,305,117 9,174,275

18.19

(10.02)

45.85

(17.92)

(9.47)

PROFIT AND LOSS ACCOUNT
Sales

22,026,109 15,854,142 14,149,646 14,715,495 17,055,115 25,638,698

38.93

12.05

(3.85)

(13.72)

(33.48)

Cost of sales

(21,826,799) (16,093,687) (13,973,144) (14,088,001) (16,955,181) (24,471,184)

35.62

15.18

(0.82)

(16.91)

(30.71)

(183.20)

(235.72)

(71.87)

527.91

(91.44)
43.38

Gross profit / (loss)

199,310 (239,545)

176,502

627,494

99,934 1,167,514

Distribution and marketing costs

(139,185)

(124,916)

(190,088)

(209,677)

(214,889)

(149,877)

11.42

(34.29)

(9.34)

(2.43)

Administrative expenses

(171,729)

(136,131)

(139,749)

(139,163)

(147,274)

(134,518)

26.15

(2.59)

0.42

(5.51)

9.48

Other operating income

83,977

26,368

64,844

23,589

150,585

377,865

218.48

(59.34)

174.89

(84.34)

(60.15)

(64,945)

(58,628)

(311,025)

(4,975)

(64,514)

(80,924)

10.77

(81.15)

6,151.76

(92.29)

(20.28)

(291,882)

(293,307)

(576,018)

(330,226)

(276,092)

12,546

(0.49)

(49.08)

74.43

(92,572)

(532,852)

(399,516)

297,268

(176,158)

1,180,060

(82.63)

33.37

(234.40)

Finance cost

(152,255)

(455,128)

(222,769)

(233,651)

(305,491)

(46,356)

(66.55)

104.30

(4.66)

(23.52)

559.01

(Loss) / Profit before taxation

(244,827)

(987,980)

(622,285)

63,617

(481,649)

1,133,704

(75.22)

58.77 (1,078.17)

(113.21)

(142.48)

(53,625)

135,780

220,452

11,393

217,109

(428,410)

(139.49)

(38.41)

1,834.93

(94.75)

(150.68)

(64.98)

112.08

(635.70)

(128.36)

(137.51)

Other operating expenses

19.61 (2,300.64)

(Loss) / Profit from operations

(268.75)

(114.93)

Taxation

(Loss)/Profit after taxation
(298,452) (852,200) (401,833)
75,010 (264,540)
705,294

Honda Atlas Cars (Pakistan) Limited

Vertical Analysis
2011
2010
2009
2008
2007
(Rupees in thousand)

2011
%

2010
%

2009
%

2008
%

2007
%

BALANCE SHEET

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid up capital
Reserves
(Accumulated loss) / unappropriated profit

1,428,000 1,428,000 1,428,000 1,428,000

714,000

13.51

15.96

14.36

20.95

8.60

548,500 1,401,500 1,801,500 1,727,000 1,991,000

5.19

15.67

18.12

25.33

23.97

(264,332)

(2.83)

(9.54)

(4.04)

1.10

(3.18)

500,000 1,958,334

3.94

14.90

15.10

7.33

23.58

3.94

1.86

(299,307)

(853,855)

(401,655)

74,678

NON-CURRENT LIABILITIES
Long-term finances - secured

416,667 1,333,333 1,500,000

CURRENT LIABILITIES
Current portion of long-term finances
Short term borrowings - secured
Mark-up accrued on loans and other payables
Trade and other payables

416,667
-
4,302

166,667

- 2,151,601
37,400

75,048

583,333

32,029

39,627

-
21.64

-
-

7.02
-

0.04

0.42

0.75

0.47

0.48

76.22

60.73

34.07

44.82

39.53

10,573,427 8,945,783 9,942,088 6,816,744 8,305,117

100.00

100.00

100.00

100.00

100.00

3,847,016 4,445,810 5,190,535 3,864,527 4,082,955

8,058,598 5,432,738 3,387,594 3,055,037 3,283,155

ASSETS

NON-CURRENT ASSETS
Property, plant and equipment

36.38

49.69

52.21

56.69

49.16

Intangible assets

87,023

125,988

195,830

64,636

65,903

0.82

1.41

1.97

0.95

0.79

Capital work-in-progress

11,448

21,813

19,226

80,746

191,842

0.11

0.24

0.19

1.18

2.31

Long term loans and advances

33,532

33,896

31,503

29,050

28,105

0.32

0.38

0.31

0.43

0.34

4,042

4,042

4,042

4,091

4,091

0.04

0.05

0.04

0.06

0.05

926,746

802,914

571,214

338,165

251,008

8.76

8.98

5.75

4.96

3.02

106,039

121,368

101,942

83,101

Long term deposits

50,316

1.01

1.35

1.03

1.22

0.61

Stock-in-trade

3,443,054 2,329,161 2,954,091 1,612,696 2,704,946

32.56

26.03

29.71

23.66

32.57

Advances, prepayments and other receivables

1,245,786

978,745

853,218

507,852

706,092

11.78

10.95

8.58

7.45

8.50

868,741

82,046

20,487

231,880

219,859

8.22

0.92

0.21

3.40

2.65

10,573,427 8,945,783 9,942,088 6,816,744 8,305,117

100.00

100.00

100.00

100.00

100.00

Cash and bank balances

22,026,109 15,854,142 14,149,646 14,715,495 17,055,115

100.00

100.00

100.00

100.00

100.00

Cost of sales

(21,826,799) (16,093,687) (13,973,144) (14,088,001) (16,955,181)

(99.10)

(101.51)

(98.75)

(95.74)

(99.41)

0.90

(1.51)

1.25

4.26

0.59

Gross profit / (loss)

199,310 (239,545)

176,502

627,494

99,934

Distribution and marketing costs

(139,185)

(124,916)

(190,088)

(209,677)

(214,889)

(0.63)

(0.79)

(1.34)

(1.42)

(1.26)

Administrative expenses

(171,729)

(136,131)

(139,749)

(139,163)

(147,274)

(0.78)

(0.86)

(0.99)

(0.95)

(0.86)

Other operating income

83,977

26,368

64,844

23,589

150,585

0.38

0.17

0.46

0.16

0.88

(64,945)

(58,628)

(311,025)

(4,975)

(64,514)

(0.29)

(0.37)

(2.20)

(0.03)

(0.38)

(291,882)

(293,307)

(576,018)

(330,226)

(276,092)

(1.32)

(1.85)

(4.07)

(2.24)

(1.62)

(92,572)

(532,852)

(399,516)

297,268

(176,158)

(0.42)

(3.36)

(2.82)

2.02

(1.03)

(Loss) / Profit from operations

Finance cost

(152,255)

(455,128)

(222,769)

(233,651)

(305,491)

(0.69)

(2.87)

(1.58)

(1.59)

(1.79)

(Loss) / Profit before taxation

(244,827)

(987,980)

(622,285)

63,617

(481,649)

(1.11)

(6.23)

(4.40)

0.43

(2.82)

(53,625)

135,780

220,452

11,393

217,109

( 0.24)

0.86

1.56

0.08

1.27

(298,452)

(852,200)

(401,833)

75,010

(264,540)

(1.35)

(5.37)

(2.84)

0.51

(1.55)

Taxation

(Loss)/Profit after taxation

41