UNILEVER PAKISTAN FOODS LIMITED
COMPANY INFORMATION
BOARD OF DIRECTORS
Mr Kamran Y Mirza Independent Director
amp Chairman of the Board
Ms Shazia Syed Executive Director amp Chief Executive
Mr Sohail Hanif Baig Executive Director amp CFO
Ms Farheen Salman Amir Executive Director
Mr Zulfikar Monnoo Non-Executive Director
Mian M Adil Monnoo Non-Executive Director
Mr Kamal Monnoo Non-Executive Director
Mr Badaruddin F Vellani Non-Executive Director
Mr Noman Amjad Lutfi Non-Executive Director
Mr Ali Tariq Non-Executive Director
Company Secretary
Mr Amar Naseer
Audit Committee
Mr Zulfikar Monnoo Chairman amp Member
Mian M Adil Monnoo Member
Mr Badaruddin F Vellani Member
Mr Kamran Y Mirza Member
Ms Mehwish lqbal Secretary amp Head of Internal Audit
Human Resource amp Remuneration Committee
Mr Zulfikar Monnoo Chairman amp Member
Mr Kamal Monnoo Member
Ms Shazia Syed Member
Mr Amar Naseer Company Secretary
Auditors
Messrs KPMG Taseer Hadi amp Co
Chartered Accountants
Sheikh Sultan Trust Building No 2
Beaumont Road Karachi - 75530
Pakistan
Registered Office
Avari Plaza
Fatima Jinnah Road
Karachi - 75530
Share Registration Office
Share Registrar Department
Central Depository Company of Pakistan Limited
CDC House 99-B Block ldquoBrdquo SMCHS
Main Shahra-e-Faisal Karachi - 74400
Website Address
wwwunileverpk
1
UNILEVER PAKISTAN FOODS LIMITED
Directorsrsquo Review
The directors are pleased to present the financial information for the nine months ended September 30 2017
Sales grew by 138 on the back of strong brand equity successful innovations and sustained investment in advertisement and promotion Gross Margin improved by 12 to 464 due to better cost absorptions and efficiencies Earnings per share (EPS) increased by 155 versus the same period last year
Nine Months Financial Highlights ended September 30
Increase2017 2016
Rs lsquo000
Net Sales 8123585 7137950 138
Profit before Taxation 1506013 1285407 172
Profit after Taxation 1067037 923518 155
Earnings per Share (Rs) 17329 14998 155
Future Outlook
Despite challenging economic and operating environment the business has continued to deliver profitable growth We aim to overcome the challenges that lie ahead with our access to global expertise better consumer understanding continuous investment in product lines innovations and world class customer service We are confident that our dedicated and focused efforts will allow us to provide better value to meet consumersrsquo everyday needs and deliver sustained profitable growth
On behalf of the Board
Shazia Syed Kamran Y Mirza
Chief Executive Officer Chairman
Karachi
October 23 2017
2
- -
-
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30 2017
Unaudited Audited September 30 December 31
Note 2017 2016 (Rupees in thousand)
ASSETS
Non-current assets
Property plant and equipment Intangible assets Long term prepayment Long term loans and advances
Current assets
Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Taxation - payments less provision Cash and bank balances
Total assets
EQUITY AND LIABILITIES
Capital and reserves
Share capital Reserves
LIABILITIES
Non-current liabilities
Retirement benefits - obligation Deferred taxation
Current liabilities
Trade and other payables Provision Sales tax payable
Total liabilities
Contingencies and commitments
Total equity and liabilities
4 2026091 2084856 81637 81637
-
14240 2605
12302 2121968 2181400
23350 801881 426718 16625 96720 18564 95427
531798
31429 958171 301929
23864 74049 10815
341659 694779
2011083 2436695 4133051
61576 347332 408908
4738 211571
4618095
61576 1743342 1804918
2452 213242
216309
3423504 51500 32830
3507834 3724143
5
6
215694
2424678 57623
115182 2597483 2813177
4133051 4618095
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
3
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Quarter ended Nine Months ended September September September September
30 2017 30 2016 30 2017 30 2016
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Sales 2550246 2246972 8123585 7137950
Cost of sales (1300660) (1177839) (4356951) (3911549)
Gross profit 1249586 1069133 3766634 3226401
Distribution cost (780444) (518858) (2082141) (1760840)
Administrative expenses (32602) (30661) (144386) (147064)
Other operating expenses (31380) (37968) (111843) (95120)
Other income 21164 28351 89356 85064
426324 509997 1517620 1308441
Finance cost 3017 (9390) (11607) (23034)
Profit before taxation 429341 500607 1506013 1285407
Taxation - current (120831) (134970) (440647) (360686) - deferred 1006 (2295) 1671 (1203)
(119825) (137265) (438976) (361889)
Profit after taxation 309516 363342 1067037 923518
Other comprehensive income - - - -
Total comprehensive income 309516 363342 1067037 923518
Basic and diluted earnings per share 5027 5901 17329 14998
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
4
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Note September 30 September 30 2017 2016
(Rupees in thousand)
1506013 1285407
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for
Depreciation Mark-up on short term borrowings Provision for staff retirement benefits Return on savings accounts
Effect on cash flow due to working capital changes
Decrease (increase) in current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables
Increase (decrease) in current liabilities
Trade and other payables Provisions Sales tax payable
Cash generated from operations Mark-up paid Income tax paid Long term loans and advances Staff retirement benefits - contributions paid Long term prepayment
Net cash from operating activities
CASH USED IN INVESTING ACTIVITIES
Purchase of property plant and equipment Return received on savings accounts
Net cash used in investing activities
CASH USED IN FINANCING ACTIVITY
Dividends paid
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
122710 11427 2886
(17480) 119543
117446 5172 3582
(16560) 109640
1625556 1395047
8079 156290
(124789) 7239
(22671) (7749)
(10231) (528)
(90326) 4811
(35323) (35932)
16399 (167529)
998826 (6123)
(82352)
(33148) (3551) 40922
910351 4223
2552306 (11427)
(194415) (1938)
(600) 2605
1231741 (5417)
(351425) 24503 (4239)
-
2346531 895163
(63945) 17480
(119841) 16560
(46465)
(2463047)
(103281)
(591131)
(162981)
694779
200751
511576
7 531798 712327
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
5
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
UNILEVER PAKISTAN FOODS LIMITED
Directorsrsquo Review
The directors are pleased to present the financial information for the nine months ended September 30 2017
Sales grew by 138 on the back of strong brand equity successful innovations and sustained investment in advertisement and promotion Gross Margin improved by 12 to 464 due to better cost absorptions and efficiencies Earnings per share (EPS) increased by 155 versus the same period last year
Nine Months Financial Highlights ended September 30
Increase2017 2016
Rs lsquo000
Net Sales 8123585 7137950 138
Profit before Taxation 1506013 1285407 172
Profit after Taxation 1067037 923518 155
Earnings per Share (Rs) 17329 14998 155
Future Outlook
Despite challenging economic and operating environment the business has continued to deliver profitable growth We aim to overcome the challenges that lie ahead with our access to global expertise better consumer understanding continuous investment in product lines innovations and world class customer service We are confident that our dedicated and focused efforts will allow us to provide better value to meet consumersrsquo everyday needs and deliver sustained profitable growth
On behalf of the Board
Shazia Syed Kamran Y Mirza
Chief Executive Officer Chairman
Karachi
October 23 2017
2
- -
-
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30 2017
Unaudited Audited September 30 December 31
Note 2017 2016 (Rupees in thousand)
ASSETS
Non-current assets
Property plant and equipment Intangible assets Long term prepayment Long term loans and advances
Current assets
Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Taxation - payments less provision Cash and bank balances
Total assets
EQUITY AND LIABILITIES
Capital and reserves
Share capital Reserves
LIABILITIES
Non-current liabilities
Retirement benefits - obligation Deferred taxation
Current liabilities
Trade and other payables Provision Sales tax payable
Total liabilities
Contingencies and commitments
Total equity and liabilities
4 2026091 2084856 81637 81637
-
14240 2605
12302 2121968 2181400
23350 801881 426718 16625 96720 18564 95427
531798
31429 958171 301929
23864 74049 10815
341659 694779
2011083 2436695 4133051
61576 347332 408908
4738 211571
4618095
61576 1743342 1804918
2452 213242
216309
3423504 51500 32830
3507834 3724143
5
6
215694
2424678 57623
115182 2597483 2813177
4133051 4618095
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
3
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Quarter ended Nine Months ended September September September September
30 2017 30 2016 30 2017 30 2016
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Sales 2550246 2246972 8123585 7137950
Cost of sales (1300660) (1177839) (4356951) (3911549)
Gross profit 1249586 1069133 3766634 3226401
Distribution cost (780444) (518858) (2082141) (1760840)
Administrative expenses (32602) (30661) (144386) (147064)
Other operating expenses (31380) (37968) (111843) (95120)
Other income 21164 28351 89356 85064
426324 509997 1517620 1308441
Finance cost 3017 (9390) (11607) (23034)
Profit before taxation 429341 500607 1506013 1285407
Taxation - current (120831) (134970) (440647) (360686) - deferred 1006 (2295) 1671 (1203)
(119825) (137265) (438976) (361889)
Profit after taxation 309516 363342 1067037 923518
Other comprehensive income - - - -
Total comprehensive income 309516 363342 1067037 923518
Basic and diluted earnings per share 5027 5901 17329 14998
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
4
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Note September 30 September 30 2017 2016
(Rupees in thousand)
1506013 1285407
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for
Depreciation Mark-up on short term borrowings Provision for staff retirement benefits Return on savings accounts
Effect on cash flow due to working capital changes
Decrease (increase) in current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables
Increase (decrease) in current liabilities
Trade and other payables Provisions Sales tax payable
Cash generated from operations Mark-up paid Income tax paid Long term loans and advances Staff retirement benefits - contributions paid Long term prepayment
Net cash from operating activities
CASH USED IN INVESTING ACTIVITIES
Purchase of property plant and equipment Return received on savings accounts
Net cash used in investing activities
CASH USED IN FINANCING ACTIVITY
Dividends paid
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
122710 11427 2886
(17480) 119543
117446 5172 3582
(16560) 109640
1625556 1395047
8079 156290
(124789) 7239
(22671) (7749)
(10231) (528)
(90326) 4811
(35323) (35932)
16399 (167529)
998826 (6123)
(82352)
(33148) (3551) 40922
910351 4223
2552306 (11427)
(194415) (1938)
(600) 2605
1231741 (5417)
(351425) 24503 (4239)
-
2346531 895163
(63945) 17480
(119841) 16560
(46465)
(2463047)
(103281)
(591131)
(162981)
694779
200751
511576
7 531798 712327
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
5
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
- -
-
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30 2017
Unaudited Audited September 30 December 31
Note 2017 2016 (Rupees in thousand)
ASSETS
Non-current assets
Property plant and equipment Intangible assets Long term prepayment Long term loans and advances
Current assets
Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Taxation - payments less provision Cash and bank balances
Total assets
EQUITY AND LIABILITIES
Capital and reserves
Share capital Reserves
LIABILITIES
Non-current liabilities
Retirement benefits - obligation Deferred taxation
Current liabilities
Trade and other payables Provision Sales tax payable
Total liabilities
Contingencies and commitments
Total equity and liabilities
4 2026091 2084856 81637 81637
-
14240 2605
12302 2121968 2181400
23350 801881 426718 16625 96720 18564 95427
531798
31429 958171 301929
23864 74049 10815
341659 694779
2011083 2436695 4133051
61576 347332 408908
4738 211571
4618095
61576 1743342 1804918
2452 213242
216309
3423504 51500 32830
3507834 3724143
5
6
215694
2424678 57623
115182 2597483 2813177
4133051 4618095
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
3
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Quarter ended Nine Months ended September September September September
30 2017 30 2016 30 2017 30 2016
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Sales 2550246 2246972 8123585 7137950
Cost of sales (1300660) (1177839) (4356951) (3911549)
Gross profit 1249586 1069133 3766634 3226401
Distribution cost (780444) (518858) (2082141) (1760840)
Administrative expenses (32602) (30661) (144386) (147064)
Other operating expenses (31380) (37968) (111843) (95120)
Other income 21164 28351 89356 85064
426324 509997 1517620 1308441
Finance cost 3017 (9390) (11607) (23034)
Profit before taxation 429341 500607 1506013 1285407
Taxation - current (120831) (134970) (440647) (360686) - deferred 1006 (2295) 1671 (1203)
(119825) (137265) (438976) (361889)
Profit after taxation 309516 363342 1067037 923518
Other comprehensive income - - - -
Total comprehensive income 309516 363342 1067037 923518
Basic and diluted earnings per share 5027 5901 17329 14998
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
4
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Note September 30 September 30 2017 2016
(Rupees in thousand)
1506013 1285407
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for
Depreciation Mark-up on short term borrowings Provision for staff retirement benefits Return on savings accounts
Effect on cash flow due to working capital changes
Decrease (increase) in current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables
Increase (decrease) in current liabilities
Trade and other payables Provisions Sales tax payable
Cash generated from operations Mark-up paid Income tax paid Long term loans and advances Staff retirement benefits - contributions paid Long term prepayment
Net cash from operating activities
CASH USED IN INVESTING ACTIVITIES
Purchase of property plant and equipment Return received on savings accounts
Net cash used in investing activities
CASH USED IN FINANCING ACTIVITY
Dividends paid
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
122710 11427 2886
(17480) 119543
117446 5172 3582
(16560) 109640
1625556 1395047
8079 156290
(124789) 7239
(22671) (7749)
(10231) (528)
(90326) 4811
(35323) (35932)
16399 (167529)
998826 (6123)
(82352)
(33148) (3551) 40922
910351 4223
2552306 (11427)
(194415) (1938)
(600) 2605
1231741 (5417)
(351425) 24503 (4239)
-
2346531 895163
(63945) 17480
(119841) 16560
(46465)
(2463047)
(103281)
(591131)
(162981)
694779
200751
511576
7 531798 712327
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
5
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Quarter ended Nine Months ended September September September September
30 2017 30 2016 30 2017 30 2016
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Sales 2550246 2246972 8123585 7137950
Cost of sales (1300660) (1177839) (4356951) (3911549)
Gross profit 1249586 1069133 3766634 3226401
Distribution cost (780444) (518858) (2082141) (1760840)
Administrative expenses (32602) (30661) (144386) (147064)
Other operating expenses (31380) (37968) (111843) (95120)
Other income 21164 28351 89356 85064
426324 509997 1517620 1308441
Finance cost 3017 (9390) (11607) (23034)
Profit before taxation 429341 500607 1506013 1285407
Taxation - current (120831) (134970) (440647) (360686) - deferred 1006 (2295) 1671 (1203)
(119825) (137265) (438976) (361889)
Profit after taxation 309516 363342 1067037 923518
Other comprehensive income - - - -
Total comprehensive income 309516 363342 1067037 923518
Basic and diluted earnings per share 5027 5901 17329 14998
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
4
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Note September 30 September 30 2017 2016
(Rupees in thousand)
1506013 1285407
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for
Depreciation Mark-up on short term borrowings Provision for staff retirement benefits Return on savings accounts
Effect on cash flow due to working capital changes
Decrease (increase) in current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables
Increase (decrease) in current liabilities
Trade and other payables Provisions Sales tax payable
Cash generated from operations Mark-up paid Income tax paid Long term loans and advances Staff retirement benefits - contributions paid Long term prepayment
Net cash from operating activities
CASH USED IN INVESTING ACTIVITIES
Purchase of property plant and equipment Return received on savings accounts
Net cash used in investing activities
CASH USED IN FINANCING ACTIVITY
Dividends paid
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
122710 11427 2886
(17480) 119543
117446 5172 3582
(16560) 109640
1625556 1395047
8079 156290
(124789) 7239
(22671) (7749)
(10231) (528)
(90326) 4811
(35323) (35932)
16399 (167529)
998826 (6123)
(82352)
(33148) (3551) 40922
910351 4223
2552306 (11427)
(194415) (1938)
(600) 2605
1231741 (5417)
(351425) 24503 (4239)
-
2346531 895163
(63945) 17480
(119841) 16560
(46465)
(2463047)
(103281)
(591131)
(162981)
694779
200751
511576
7 531798 712327
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
5
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
Note September 30 September 30 2017 2016
(Rupees in thousand)
1506013 1285407
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for
Depreciation Mark-up on short term borrowings Provision for staff retirement benefits Return on savings accounts
Effect on cash flow due to working capital changes
Decrease (increase) in current assets Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables
Increase (decrease) in current liabilities
Trade and other payables Provisions Sales tax payable
Cash generated from operations Mark-up paid Income tax paid Long term loans and advances Staff retirement benefits - contributions paid Long term prepayment
Net cash from operating activities
CASH USED IN INVESTING ACTIVITIES
Purchase of property plant and equipment Return received on savings accounts
Net cash used in investing activities
CASH USED IN FINANCING ACTIVITY
Dividends paid
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
122710 11427 2886
(17480) 119543
117446 5172 3582
(16560) 109640
1625556 1395047
8079 156290
(124789) 7239
(22671) (7749)
(10231) (528)
(90326) 4811
(35323) (35932)
16399 (167529)
998826 (6123)
(82352)
(33148) (3551) 40922
910351 4223
2552306 (11427)
(194415) (1938)
(600) 2605
1231741 (5417)
(351425) 24503 (4239)
-
2346531 895163
(63945) 17480
(119841) 16560
(46465)
(2463047)
(103281)
(591131)
(162981)
694779
200751
511576
7 531798 712327
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
5
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
UNILEVER PAKISTAN FOODS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 (UNAUDITED)
SHARE RESERVES TOTAL CAPITAL CAPITAL REVENUE Sub Total Issued Share Special General Unappropriated
subscribed premium profit and paid-up
---------------------------------------------- (Rupees in thousand) -----------------------------------------
Balance as at January 1 2017 61576 24630 628 138 1717946 1743342 1804918
Total comprehensive income for the period
Profit for the nine months ended
September 30 2017 - - - - 1067037 1067037 1067037
Other comprehensive income for the nine months ended September 30 2017 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2017 Rs 122 per share - - - - (751229) (751229) (751229)
Final dividend for the year ending December 31 2016 Rs 278 per share - - - - (1711818) (1711818) (1711818)
Balance as at September 30 2017 61576 24630 628 138 321936 347332 408908
Balance as at January 1 2016 61576 24630 628 138 1591622 1617018 1678594
Total comprehensive income for the period
Profit for the nine months ended
September 30 2016 - - - - 923518 923518 923518
Other comprehensive income for the nine months ended September 30 2016 - - - - - - -
Transactions with owners of the Company
Interim dividend for the year ending December 31 2016 Rs 9097 per share - - - - (560159) (560159) (560159)
Final dividend for the year ending December 31 2015 Rs 96 per share - - - - (591131) (591131) (591131)
Balance as at September 30 2016 61576 24630 628 138 1363850 1389246 1450822
The annexed notes 1 to 10 form an integral part of this condensed interim financial information
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
6
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
UNILEVER PAKISTAN FOODS LIMITED
SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED SEPTEMBER 30 2017 - UNAUDITED
1 BASIS OF PREPARATION
This condensed interim financial information of Unilever Pakistan Foods Limited (the Company) for the nine months ended September 30 2017 has been prepared in accordance with the requirements of the International Accounting Standard No 34 -Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance 1984 In case where requirements differ the provisions of or directives issued under the Companies Ordinance 1984 have been followed
The Companies Act 2017 was enacted on 04 October 2017 and SECP vide its circular 23 of 2017 has clarified that the companies whose financial year including interim period closes on or before 31 December 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance 1984 Accordingly this financial information is prepared in accordance with the provision of repealed Companies Ordinance 1984
The financial statements are presented in Pakistan Rupees which is the functional currency of the Company and figures are rounded off to the nearest thousands of Rupees
2 ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended December 31 2016
3 ACCOUNTING ESTIMATES JUDGEMENTS AND FINANCIAL RISK MANGEMENT
The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses Estimates assumptions and judgements are continually evaluated and are based on historical experience and other factors including reasonable expectations of future events Revisions to accounting estimates are recognised prospectively commencing from the period of revision
Judgements and estimates made by the management in the preparation of this condensed interim financial information are the same as those that were applied to financial statements as at and for the year ended December 31 2016
The Companyrsquos financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended December 31 2016
4 PROPERTY PLANT AND EQUIPMENT Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Operating assets - at net book value 1910249 1952320 Capital work in progress - at cost 115842 132536
2026091 2084856
7
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
80
41 Additions of operating assets during the period are as follows
Additions (at cost)
Unaudited Unaudited September 30 September 30
2017 2016 (Rupees in thousand)
Building on freehold land 25819 13361
Plant and machinery 51462 72034
Electrical mechanical and office equipment 3357
80639 85475
5 PROVISIONS Unaudited Audited September 30December 31
2017 2016 (Rupees in thousand)
Sindh Infrastructure Cess 51 30212 25417 Restructuring 21288 32206
51500 57623
51 The change represents provision made during the period
6 CONTINGENCIES AND COMMITMENTS
61 Contingencies
There has been no change in status of contingency reported in the financial statements for the year ended December 31 2016
62 Commitments
The commitments for capital expenditure outstanding as at September 30 2017 amounted to Rs 922 million (December 31 2016 Rs 3481 million)
7 CASH AND CASH EQUIVALENTS Unaudited Unaudited
Sep 30 Sep 30
2017 2016
(Rupees in thousand)
Cash and bank balances 531798 712327 531798 712327
8
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
8
9
10
RELATED PARTY TRANSACTIONS
Related party transactions during the period are as follows
Relationship with Nature of transactions Sep 30 Sep 30 the company 2017 2016
(Rupees in thousand)
i) Holding company Royalty 160227 121180
ii) Other related parties Technology fee 169233 131279
Purchase of goods 1616369 1144770 Sale of goods 146410 115050 Fee for receiving of services
from related parties 209997 194464
Fee for providing of services to related parties 63954 43002
Contribution to - Defined Contribution plan - Defined Benefit plans
14400 5420
15294 3513
Settlement on behalf of - Defined Contribution plan 16114 27826 - Defined Benefit plans - 2171
iii) Key management personnel Salaries and other short-term
employee benefits 8209 5388
DIVIDEND
The Board of Directors in its meeting held on October 23 2017 declared second interim cash dividend in respect of Quarter ended September 30 2017 of Rs 5000 per share amounting to Rs 30788 million Together with the first interim dividend 2017 of Rs 12200 per share (already paid) the total cumulative dividend upto the Third Quarter ended September 30 2017 is Rs 17200 per share amounting to Rs 105911 million (Total cumulative dividend upto the Third Quarter ended September 30 2016 Rs 9097 per share amounting to Rs 56016 million)
This condensed interim financial information does not reflect the second interim dividend as payable which will be accounted for in the statements of changes in equity as an appropriation from the unappropriated profit in the year ending December 31 2017
DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on October 23 2017 by the Board of Directors of the Company
Shazia Syed Farheen Salman Amir Sohail Hanif Baig Chief Executive Director Director amp Chief Financial Officer
9
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
۲۰۱۷
138
12462
155
۳۰
۳۰ ہ ۳۰ ہ
ل2016 2017 2016 2017
lsquo000 ل
1350 2246972 2550246 1380 7137950
lsquo000
8123585
-1420 500607 429341 1720 1285407 1506013
-1480 363342 309516 1550 923518 1067037
-1480 5901 5027 1550 14998 17329
ادى ت اور ود رور رد رف
اور رچ ا ڈ ت اور وس آ وا ت
د آز ں رى ر زں ا ت اور ا ط
اے رى و رى ر
ز
ا آ
ا 2017 23
10
Top Related