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HALF YEARLY REPORTDecember 31, 2011

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Be ing t h e ind us t ry

le a de r a n d ke y d r ive r o f c o rpora t e inn ova t ion a n dgrow th in Pa kis t a n , Luc ky Ce m e n t ha s e m bra c e d

c h a n g e in a n in sp i ring wa y to m a in t a in c om pe t i t ive

e dge o ve r it s c oun te rpa r t s .

Ou r n e w lo g o s e r ve s a s a t e st a m e n t t o o u r c o m m it m e n t

t o cha l lenge t h e n o r m s a n d b rin g a b o u t a c h a n g e in t h e

c o m p a n y a s a w h o le .

Our ne w ide n t i t y r e f le c t s ou r a c c e p t a n c e t ow a rds m ode rn

a n d inno va t ive bus ine s s p ra c t ic e s , sm a r t i nve s tme n t

m ove s , d ive rs it y in h um a n re sou rc e a nd u nc on ve n t ion a l

a pp roa c he s t ow a rds bu ild ing ou r c o rpora t e im a ge .

W e h a v e t a ke n t h e cha l lenge t o b r in g t h e C h a n g e

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Company Information 02

Directors' Report 03

Auditors' Report 08

Condensed In terim Balance Sheet 09

Condensed In terim Profit and Loss Account 10

Condensed In terim Cash Flow Statement 11

Con de nsed Int erim Stat em ent o f Chan ges in Equity 12

Notes to th e Conde nsed Int erim Financial State ment s 13

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Direct ors Report

0 3 - Lucky Cement Half Yearly Report 20 11

T h e D i r ec t o r s o f y o u r C o m p an y h av e p l ea s u r e t o p r e s en t b e f o r e y o u t h e p e r f o r m an ce r ev i ew t o g e t h e r w i t h t h e f i n an c i a l

s t a t e m e n t s o f t h e C o m p a n y f o r t h e h a l f y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 1 d u l y r e v i e w e d b y t h e A u d i t o r s .

Overview

The cement indus t ry ach ieved a meager growth of 4% in vo lumet r i c sales o f bo th local and expor t s dur ing the 1s t hal f year

ended Dec 31, 2011 with volumetric sales of 15.40 mill ion tons compared to 14.77 mill ion tons during the same period last year.

The local sales volume of the industry during first half of this financial year registered a growth of 8% from 10.11 mill ion tons

cement so ld l as t year to 10 .94 mi l l ion tons cement so ld dur ing th i s hal f year . Whereas expor t s sa les vo lume of the indus t ry

d ec l i n ed b y 5 % f r o m 4 .6 7 m i l l i o n t o n s cem en t s o l d l a s t y ea r t o 4 .4 6 m i l l i o n t o n s cem en t s o l d d u r i n g t h i s h a l f y ea r .

The sales volume of your Company registered a growth of 2% comprising of both local and export sales. The local sales volume

of your Company reg i s tered a growth of 11% from 1 .51 mi l l ion tons cement so ld l as t year to 1 .68 mi l l ion tons cement so ldduring this half year. The export sales volume of your Company declined by 8% from 1.29 mill ion tons cement sold last year to

1.19 mill ion tons cement sold during this half year.

A compari son of t he key f inancial resu l t s o f the Company for th e ha l f year en ded December 31 , 2011 wi th same per iod las t year

is as under:

Particulars Half Year Half Year Ch a n g e

2011- 12 2010 - 11

Sales revenue 15 ,374 12 ,028 28%

Gross profi t 5,815 3,968 47%

Operating profi t 3,832 1,994 92%

Profit before tax 3,480 1,581 120 %

Net profi t afte r tax 3,018 1,461 107%Earn in gs per sh a re 9 .3 3 4 .5 2 10 6 %

*Rupees in million except EPS

A compari son of th e key f inancial resu l t s o f the Company for the 2nd qua r ter 2011-12 versus 1s t qu ar ter 2011-12 i s as under :

Particulars 2 nd Quart er 1 st Quart er Ch a n g e

2011- 12 2011 - 12

Sales revenue 7 ,878 7 ,496 5%

Gross profi t 2,900 2,915 (1%)

Operating profi t 1,959 1,873 5%

Profit before tax 1,777 1,703 4%

Net prof it af t er t ax 1 ,513 1 ,506 0 .5%Earn in gs per sh a re 4 .6 8 4 .6 6 0 .5 %


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Directors Report

A co m p ar i so n o f t h e k ey f in an c i a l r e s u l t s o f t h e C o m p an y f o r t h e 2 n d q u a r t e r v e r s u s s am e q u a r t e r l a s t y ea r i s a s u n d e r :

Particulars 2nd Quart e r 2nd Quart e r Ch a n ge

2011- 12 2010 - 11

Sales revenue 7 ,878 6 ,444 22%

Gross profi t 2,900 2,236 30%

Operat ing prof it 1 ,959 1 ,009 94%

Profi t before t ax 1 ,777 798 123%

Net prof it af t er t ax 1 ,513 734 106%

Ea rn in gs pe r sh a re 4 .6 8 2 .2 7 10 6 %


B u s i n e s s P e r f o r m a n c e

(a) Production and Sales Volume Performance

The Product ion s t a t i s t i cs o f your Company for the hal f year under rev iew as compared to same per iod l as t year i s as under :

Particulars

Half Year Half Year Increase/

2011 - 12 2010 - 11 ( Decr ease )

(Ton s) (Ton s) %

Clin ke r Produ ct ion 2 ,6 8 0 ,02 9 2 ,9 0 8 ,4 7 2 (8 % )

Cem en t Produ ct ion 2 ,8 8 4 ,5 4 0 2 ,7 8 5 ,3 9 0 4%

Cem en t + Clin ker Dispa t ch es 2 ,8 6 7 ,3 7 9 2 ,8 0 5 ,61 2 2%

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Directors Report

A compari son of d i spatches of the Indus t ry and your Compan y for the hal f year ended on Decem ber 31 , 2011 wi th th e samecorresponding per iod l as t year i s as u n d e r :

Half Year Half Year Growth / (Decline)Pa rt icula rs 2 011 - 1 2 2 010 - 11

(Ton s) (Ton s) (Ton s) %

Cement Industry

Local Sales 10 ,9 4 4 ,4 5 6 10 ,10 8 ,71 2 8 3 5 ,7 4 4 8 %

Export SalesCement- Ba gged 4 ,3 3 9 ,711 4 ,1 7 6 ,9 7 2 1 6 2 ,7 3 9 4 %- Loose 11 8 ,6 70 3 81 ,4 8 3 (2 6 2 ,81 3 ) (6 9 % )

Sub-Total 4 ,4 5 8 ,3 81 4 ,5 5 8 ,4 5 5 (10 0 ,07 4 ) (2 % )

Clinker - 110 ,6 8 0 (110 ,6 8 0 ) (10 0 % )Total Export 4 ,4 5 8 ,3 81 4 ,6 6 9 ,1 3 5 (210 ,7 5 4 ) (5 % )

Grand Tota l 1 5 ,4 02 ,8 3 7 1 4 ,7 7 7 ,8 4 7 6 2 4 ,9 9 0 4 %

Lucky Cement Limited

Local Sales 1 ,6 8 2 ,0 51 1 ,51 4 ,7 3 4 1 6 7 ,31 7 11 %

Export SalesCement- Ba gged 1 ,0 6 6 ,6 5 8 8 8 4 ,5 3 9 1 8 2 ,11 9 21 %- Loose 11 8 ,6 70 3 6 9 ,2 4 0 (2 5 0 ,5 70 ) (6 8 % )

Sub-Total 1 ,1 8 5 ,3 2 8 1 ,2 5 3 ,7 7 9 (6 8 ,4 51 ) (5 % )

Clinker - 3 7 ,0 9 9 (3 7 ,0 9 9 ) (10 0 % )Total Export 1 ,1 8 5 ,3 2 8 1 ,2 9 0 ,8 7 8 (10 5 ,5 5 0 ) (8 % )

Grand Tota l 2 ,8 6 7 ,3 7 9 2 ,8 0 5 ,61 2 61 ,7 6 7 2 %

Half Year Half Yea rLucky Cement Limited - Market Share (%)

2011- 12 2010 - 11

Local Sales 1 5 % 1 5 %

Export SalesCement- Ba gged 2 5 % 21 %- Loose 10 0 % 9 7 %

Sub-Total 2 7 % 2 8 %

Clinker 0 % 3 4 %Total Export 2 7 % 2 8 %

Grand Tota l 1 9 % 1 9 %


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Directors Report

(b) Finan cial Performa nce

During th e per iod under rev iew, the local sa les revenue of your Company increased by 54% due t o increase in sales vo lume and

pr ices of cement in the domes t i c market s . The pr ices of cement were main ly increased on the back of increase in product ion

cos t . The expor t sa les revenue al so increased by 4% b ecause of be t t er p r i ces ach ieved dur ing the 1 st hal f as compared to same

period last year.

f u r t h e r e n h a n c e t h e c o m p e t i t i v e e d g e o f y o u r C o m p a n y b y r e d u c i n g i t s c o s t o f p r o d u c t i o n i n t i m e t o c o m e .

Supply of Power to HESCO

The civ il works for th i s p ro ject has been completed wherea s the w ork on ins ta l la t ion of g r id s t a t ion an d in terconnec t ion wi th

distribution network of HESCO is in progress which wil l InshaAllah be completed within the third quarter of this financial year.

T h e ea r n i n g s p e r s h a r e o f y o u r C o m p an y d u r i n g t h e

p e r i o d u n d e r r e v i e w w a s R s . 9 . 3 3 p e r s h a r e w h i c h

was Rs .4 .52 per sha re dur ing the sa me pe r iod las t year .

Progress on Projects

Alternative Fuel (RDF / TDF Plant):

B y t h e g r ace o f A l l ah , t h e p r o j ec t o f a l t e r n a t i v e f u e l

c o m p r i s e s o f u s e d t y r e s a s w e l l a s m u n i c i p a l a n d

a g r i c u l t u r e w a s t e s f o r r e p l a c i n g c o a l i n t h e p y r o

p r o ces s h a s s t a r t ed t r i a l o p e r a t i o n s i n t h e m o n t h o f

D e c e m b e r 2 0 1 1 a s p e r s c h e d u l e . T h i s p r o j e c t w i l l

During the per iod under rev iew, cos t o f sa les in t erms

o f ab s o l u t e v a l u e i n c r ea s ed b y 1 9 % w h er eas co s t p e r

t o n o f c e m e n t i n c r e a s e d b y 1 6 % a s c o m p a r e d t o

s am e p e r i o d la s t y ea r m a i n l y d u e t o i n c r ea s e i n co a l ,

packing and fuel cos t s .

Your Company ach ieved a gross prof i t ra te o f 38% for

t h e p e r i o d u n d e r r e v i e w a s c o m p a r e d t o 3 3 % g r o s s

p r o f i t r a t e a c h i e v e d d u r i n g s a m e p e r i o d l a s t y e a r .

The f inance c os t o f your Compa ny for the per iod under

r ev iew w as d ec r ea s ed t o R s .1 7 0 m i ll io n a s co m p ar ed

t o R s .2 9 4 m i l l i o n d u r i n g t h e s am e p e r i o d l a s t y ea r .

The d i s t r ibu t ion cos t s were decreased by Rs .129 mi l lion dur ing the p er iod under rev iew as com pared t o same per iod l as t year .

Your Company ach ieved a prof i t before t ax ra te o f 23% for the per iod under rev iew a s compared t o 13% rate ach ieved dur ing

the sam e per iod las t year .

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Directors Report

Joint Venture Investment in Cement Plant in DR Congo

The m ana gemen t of your Compan y i s pursu ing th e regulatory approval fo r equi ty investmen t in th e pro ject Company in DRC.

On the o ther hand , the pro ject Company has s t ar t ed negot ia t ions wi th the suppl iers o f p lan t and machinery as wel l as the

cont ractors for execut ion of c iv il , mechanical and erect ion works for the proposed pro ject . Moreover , the t erms and condi t ions

for p ro ject deb t f inancing are a l so in process of f inal i zat ion wi th var ious in ternat ional mul t i l a t eral f inancial ins t i tu t ions .

Corporat e Social Responsibility

Your Company i s p roud to ann ounce t he sponsorsh ip of an u l t rasound faci l ity includ ing cos t o f the doctor and equipment a t

the Mother & Chi ld Heal thcare C l in ic for the poor and needy people of Machar Colony , one of the b igges t katch i abadi s in

Karachi , which was inaugurated on 9th August 2011.

Your Company al so conducted a major food and ra t ion d i st r ibu t ion campaign dur ing the month of Ramadan and d i s t r ibu ted

over 4,000 rat ion bags to the needy people.

Future Outlook

Based on the vo lumet r ic g rowth of 8% achieved in the dom es t i c sales dur ing th e 1s t h al f year ended December 31 , 2011 i t is

an t i c ip a t ed t h a t t h e d e m an d o f cem en t i n t h e d o m es t i c m ar k e t d u r i n g t h e r em a i n in g p e r i o d o f t h i s f in an c i a l y ea r w i ll b e

ended up wi th growth ranging 5% to 10% over las t year .

The expor t o f cement to Afghani s tan i s expected to ach ieve a n ew level o f 5 m i ll ion t ons dur ing curren t f inancial year as 10%

growth was wi tnessed dur ing the 1s t hal f o f th i s f inancial year . The expor t s o f cement to reg ional count r i es l ike Sr i Lanka,

I raq and Ind ia as wel l as to var ious Afr ican count r i es wi l l con t inue the momentum of expor t s dur ing th i s f inancial year .

Acknowledgement

Your Directors express thei r appreciat ion t o the bankers and f inancial ins t itu t ions tha t ex ten ded a ss is t ance in f inancing to th e

Company, i t s cont ractors who are w ork ing on the expans ion pro ject s a nd t he Compan ys workers , st af f an d execut ives for thei rdevotion and hard working. The board also acknowledges the commendable contributions made by (late) Mr. Mehbub-ur-Rehman,

in the overall success of the Compa ny as Director Operations wh o expired on December 1 9, 2011.

Conclusion

With profound grat i tude to the blessings of Allah Almighty, the Board is of the opinion that the Company remains on i ts way to

success.

For and on behalf of the Board

MUHAMMAD YUNUS TABBAChairman / Director

Karachi: Janua ry 30, 2012


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Introduction

W e h av e r ev i ew ed t h e acco m p an y i n g co n d en s ed i n t e r i m b a l an ce s h ee t o f L u ck y C em en t L i m i t ed ( t h e C o m p an y ) a s a t

3 1 D ecem b er 2 0 1 1 an d t h e r e l a t ed co n d en s ed i n t e r i m p r o f i t an d l o s s acco u n t , co n d en s ed i n t e r i m cas h f l o w s t a t em en t ,

c o n d e n s e d i n t e r i m s t a t e m e n t o f c h a n g e s i n e q u i t y a n d n o t e s t o t h e a c c o u n t s f o r t h e s i x - m o n t h s p e r i o d t h e n e n d e d

( h e r e - i n - a f t e r r e f e r r e d t o a s i n t e r i m f i n a n c i a l i n f o r m a t i o n ) . M a n a g e m e n t i s r e s p o n s i b l e f o r t h e p r e p a r a t i o n a n d

presen tat ion of th i s in ter im f inancial in format ion in accordan ce wi th a pproved account ing s t andards as a ppl icab le in Paki s tan

for in ter im f inancial repor t ing . Our respons ib i li ty is to express a co nclus ion on th i s in ter im f inancial in format ion based on ou r

review.

Scope of Review

W e co n d u c t ed o u r r ev i ew i n acco r d an ce w i t h I n t e r n a t i o n a l S t an d a r d o n R ev i ew E n g ag em en t s 2 4 1 0 , R ev i ew o f I n t e r i m

Fin an c i a l In f o r m a t i o n Pe r f o r m ed b y t h e I n d ep en d en t A u d i t o r o f t h e E n t i t y. A r ev iew o f i n t e r i m f i n an c i a l i n f o r m a t i o n

cons i s t s o f making inqui r i es , p r imar i ly of persons respons ib le for f inancial and account ing mat ters , and apply ing analy t i caland o t her rev iew procedures . A rev iew i s subs tan t i a l ly less in scope than an a udi t conducte d in accordance wi th In ternat ional

S t a n d a r d s o n A u d it i n g a n d c o n s e q u e n t l y d o e s n o t e n a b l e u s t o o b t a i n a s s u r a n c e t h a t w e w o u l d b e c o m e a w a r e o f a l l

s ign if i can t ma t ters th at m ight be iden t i f i ed in an a udi t . Accord ing ly, we do no t e xpress an au di t op in ion .

Conclusion

B as ed o n o u r r ev iew , n o t h in g h as co m e t o o u r a t t en t i o n t h a t c au s es u s t o b e l iev e t h a t t h e a cco m p an y i n g in t e r i m f in an c i a l

i n f o rm a t i o n i s n o t p r ep a r ed , i n a l l m a t e r i a l r e s p ec t s , i n acco r d an ce w i t h ap p r o v ed a cco u n t i n g s t an d a r d s a s a p p l icab l e i n

Pakistan for interim financial report ing.

Emphasis of matter

W e d r aw a t t en t i o n t o n o t e 5 t o t h e acco m p an y in g co n d en s ed i n t e r i m f in an c i a l in f o r m a t i o n w h i ch ex p la i n t h e r ea s o n s f o r

record ing an asset represen t ing a c la im of refund of exci se du ty amou nt ing to Rs .538 .8 mi ll ion in the b ooks of account o f t he

Company.

Our conclus ion i s no t qual i fi ed in respect o f th i s mat ter .

Char tered Accountant s

Date: 30 January 2012

Karachi

A u d i t o r s R e p o r t To Th e M e m b e r s O n R e v ie w O f In t e r i m F in a n c i a l In f o r m a t i o n

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Condensed Inte rim Balance Sh eetAs a t December 31 , 2011

Muhammad Yunus Tabba

Chairman / Director

Muham mad Ali Tabba

Chief Executive

December 31, June 30 ,2011 2011

(Un-audited) (Audited)Note (Rupees in '000 ' )

ASSETSNON - CURRENT ASSETS

Fixed assetsPro pe rt y, p la n t a n d eq u ip m e n t 4 31 ,4 9 5 ,4 0 3 31 ,70 5 ,1 5 6In t a n g ib le a sse t s 9 81 1 ,6 8 5

31 ,4 96 ,3 84 31 ,7 06 ,8 41Lo n g- t e rm a dva n ce 5 5 ,3 7 3 5 5 ,3 7 3Lo n g- t e rm dep osit s 3 ,1 7 5 3 ,1 7 5

31 ,5 54 ,9 32 31 ,7 65 ,3 89CURRENT ASSETS

St o re s a n d spa re s 6 ,7 8 0 ,2 3 4 6 ,31 3 ,5 8 4St o ck- in - t ra de 1 ,3 07 ,71 7 1 ,2 4 8 ,5 3 8Tra de deb t s - con side red goo d 1 ,0 5 5 ,4 8 5 6 2 0 ,9 61Lo a n s a n d a d va n ces 1 4 8 ,6 4 9 7 2 ,1 6 4

Tra de dep osit s a n d sh ort t e rm prepa ym en t s 5 8 ,5 9 3 3 8 ,6 6 9Ot h e r rece iva ble s 2 2 2 ,9 0 6 21 8 ,8 8 4Ta x re fu n d s du e from t h e go ve rn m en t 5 5 3 8 ,81 2 5 3 8 ,81 2Ta xa t ion n e t 1 9 ,1 7 9 41 ,6 5 2Sa le s t a x re fu n da ble 1 5 ,5 61 -Ca sh a n d b a n k ba la n ce s 3 0 3 ,7 8 5 3 51 ,2 02

10 ,4 5 0,9 21 9 ,4 4 4,4 66TOTAL ASSETS 4 2,0 05 ,8 53 41 ,2 09 ,8 55

EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES

Sh a re ca p it a l 3 ,2 3 3 ,7 5 0 3 ,2 3 3 ,7 5 0Rese rves 2 6 ,2 6 3 ,702 2 4 ,5 3 9 ,07 9

2 9,4 97 ,4 52 2 7,7 72 ,8 29NON- CURRENT LIABILITIES

Lo n g- t e rm fin a n ce 6 5 2 5 ,5 9 8 6 5 8 ,2 9 8Lo n g- t e rm dep osit s 4 9 ,5 0 9 3 7 ,3 0 6Defe rred lia b ilit y 4 3 3 ,6 8 4 3 91 ,8 3 7Defe rred t a x lia b ilit y 7 1 ,9 61 ,1 3 2 1 ,6 5 2 ,7 9 6

2 ,9 6 9,9 23 2 ,7 4 0,2 37CURRENT LIABILITIES

Tra de a n d o t h e r pa ya ble s 3 ,3 4 3 ,51 6 4 ,0 4 3 ,6 8 9Accru e d m a rk- u p 5 8 ,0 6 9 8 5 ,4 4 8Sh ort - t e rm bo rrow in g s 8 5 ,8 71 ,4 9 3 6 ,3 02 ,2 5 2Cu rren t po rt io n o f lon g- t e rm fin a n ce 6 2 6 5 ,4 0 0 2 6 5 ,4 0 0

9 ,5 38 ,4 78 10 ,6 96 ,7 89CONTINGENCIES AND COMMITMENTS 9

TOTAL EQUITY AND LIABILITIES 4 2,0 05 ,8 53 41 ,2 09 ,8 55

The annexed no tes f rom 1 to 14 form an in tegral par t o f these condensed in ter im f inancial s t a tements .


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Condensed Interim Profi t and Loss AccountFor The Ha lf Year Ended December 31, 2011 (Un- audite d)


Chairman / Director

Muham mad Ali Tabba

Chief Executive

Half Year Ended Quart er EndedDecem ber 31 , Decem ber 31 , Decem ber 31 , December 31 ,

2011 2010 2011 2010

Note (Rupees in 0 00 ) (Rupees in 0 00 )

Gross sa le s 10 1 7 ,9 07 ,1 4 8 1 4 ,4 07 ,070 9 ,1 9 9 ,6 2 7 7 ,7 6 8 ,3 3 9

Le ss: Sa le s t a x a n d excise du t y 2 ,4 0 3 ,5 8 7 2 ,2 8 6 ,1 9 9 1 ,2 6 0 ,8 3 8 1 ,2 8 0 ,3 3 3

Reb a t e a n d Co m m ission 1 2 9 ,3 4 2 9 2 ,9 71 6 0 ,6 5 9 4 4 ,2 7 8

2 ,5 3 2 ,9 2 9 2 ,3 79 ,170 1 ,321 ,4 9 7 1 ,32 4 ,611

Ne t sa le s 1 5 ,3 7 4 ,21 9 1 2 ,02 7 ,9 0 0 7 ,8 7 8 ,1 3 0 6 ,4 4 3 ,7 2 8

Cost o f sa le s (9 ,5 5 9 ,6 7 8 ) (8 ,0 6 0 ,1 8 8 ) (4 ,9 7 8 ,3 91 ) (4 ,2 0 8 ,0 4 8 )

Gross profit 5 ,81 4 ,5 41 3 ,9 6 7 ,71 2 2 ,8 9 9 ,7 3 9 2 ,2 3 5 ,6 8 0

Dist ribu t io n cost s (1 ,7 41 ,7 6 5 ) (1 ,81 5 ,6 2 8 ) (81 9 ,610 ) (1 ,1 2 7 ,2 4 7 )

Ad m in ist ra t ive exp en ses (2 4 0 ,31 9 ) (1 5 8 ,071 ) (1 2 0 ,8 8 8 ) (9 9 ,5 2 5 )

Fin a n ce cost s (1 6 9 ,5 6 2 ) (2 9 4 ,1 4 9 ) (8 8 ,5 5 4 ) (1 5 0 ,5 8 9 )

Ot h e r ch a rges (1 8 3 ,4 6 5 ) (11 9 ,2 5 9 ) (9 3 ,5 9 9 ) (6 0 ,10 5 )

Ot h e r in co m e 7 71 2 5 9 3 61 111

Prof it before ta xat ion 3 ,4 8 0 ,2 01 1 ,5 8 0 ,8 6 4 1 ,7 7 7 ,4 4 9 7 9 8 ,3 2 5

Taxation

- Cu rre n t (1 5 3 ,7 4 2 ) (1 2 0 ,2 7 9 ) (7 8 ,7 81 ) (6 4 ,4 3 8 )

- De fe rred (3 0 8 ,3 3 6 ) - (1 8 6 ,1 41 ) -

(4 6 2 ,07 8 ) (1 2 0 ,2 7 9 ) (2 6 4 ,9 2 2 ) (6 4 ,4 3 8 )

Prof it af t er taxat ion 3 ,01 8 ,1 2 3 1 ,4 6 0 ,5 8 5 1 ,51 2 ,5 2 7 7 3 3 ,8 8 7

O t h e r co m p r eh en s iv e i n co m e - - - -

Total comprehensive income for the period 3 ,01 8 ,1 2 3 1 ,4 6 0 ,5 8 5 1 ,51 2 ,5 2 7 7 3 3 ,8 8 7

(Ru pees) (Ru pees)

Earnings per share - basic and diluted 9 .3 3 4 .5 2 4 .6 8 2 .2 7


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Condensed Inte rim Cash Flow Stat ementFor The Ha lf Year Ended Decembe r 31, 2011 (Un- audite d)

De c em b e r 3 1 , De c em b e r 3 1 ,

2011 2010

Note (Rupees in '00 0 ' )

CASH FLOWS FROM OPERATING ACTIVITIES

Cash flows from operations 11 2 ,7 21 ,1 8 0 1 ,3 61 ,3 21

Fin a n ce co st s p a id (1 9 6 ,9 41 ) (2 8 5 ,6 4 7 )

In com e t a x pa id (1 31 ,2 6 9 ) (6 5 ,3 2 5 )

Gra t u it y p a id (1 2 ,01 7 ) (7 ,8 71 )

(3 4 0 ,2 2 7 ) (3 5 8 ,8 4 3 )

Lo n g- t e rm dep osit s 1 2 ,2 0 3 4 ,4 7 8

Ne t ca sh flow s from o pe ra t in g a ct ivit ie s 2 ,3 9 3 ,1 5 6 1 ,0 0 6 ,9 5 6

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed ca p it a l expe n dit u re (5 9 6 ,2 5 2 ) (5 9 8 ,3 6 8 )

Sa le p ro ceeds on d ispo sa l o f p ro pe rt y, p la n t a n d eq u ip m en t 2 ,1 2 0 1 ,6 3 8

Ne t ca sh flow s u sed in in vest in g a ct ivit ie s (5 9 4 ,1 3 2 ) (5 9 6 ,7 3 0 )

CASH FLOWS FROM FINANCING ACTIVITIES

Repa ym en t of lo n g- t e rm fin a n ce (1 3 2 ,70 0 ) (7 7 7 ,9 61 )

(Rep a ym en t s) / re ce ip t s o f sh ort - t e rm bo rrow in gs (4 3 0 ,7 5 9 ) 1 ,5 0 2 ,6 21

Divid en d s pa id (1 ,2 8 2 ,9 8 2 ) (1 ,10 4 ,31 5 )

Ne t ca sh flow s u sed in fin a n cin g a ct ivit ie s (1 ,8 4 6 ,4 41 ) (3 7 9 ,6 5 5 )

Ne t (decrea se ) / in c rea se in ca sh a n d ca sh eq u iva len t s (4 7 ,41 7 ) 3 0 ,5 71

Ca sh a n d ca sh eq u iva len t s a t t h e beg in n in g o f t h e pe rio d 3 51 ,2 02 3 3 3 ,6 2 9

Ca sh a n d ca sh eq u iva len t s a t t h e en d o f t h e pe rio d 3 0 3 ,7 8 5 3 6 4 ,2 0 0



Chairman / Director

Muham mad Ali Tabba

Chief Executive


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C a p i t a lr e s e r v e R e v e n u e r e s e r v e s

I s s u e d , T o t a ls u b s c r i b e d r e s e r v e s T o t a l e q u i t y

a n d p a id u p S h a r e G e n e ra l U n a p p r o p r i a t e dc a p i t a l p r e m i u m R e s e r ve p r o f i t

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - R u p e es in ' 00 0 ' - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Balance as at July 01, 201 0 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 0,0 00 ,0 00 4 ,5 18 ,7 57 2 1,8 62 ,1 79 2 5,0 95 ,9 29

Tra n sfe rred t o ge n e ra l re se rve - - 2 ,5 0 0 ,0 0 0 (2 ,5 0 0 ,0 0 0 ) - -

Final dividend at Rs. 4/- per share

for t h e yea r en ded Ju n e 3 0 , 2 010 - - - (1 ,2 9 3 ,5 0 0 ) (1 ,2 9 3 ,5 0 0 ) (1 ,2 9 3 ,5 0 0 )

Tot al com preh e nsive in com e for t h e p e riod - - - 1 ,4 60 ,5 8 5 1 ,4 60 ,5 8 5 1 ,4 60 ,5 8 5

Balance as at December 31, 201 0 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 2,5 00 ,0 00 2 ,1 85 ,8 42 2 2,0 29 ,2 64 2 5,2 63 ,01 4

Balance a s at July 01, 2 011 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 2,5 00 ,0 00 4 ,6 95 ,6 57 2 4,5 39 ,07 9 2 7,7 72 ,8 29

Tra n sfe rred t o ge n e ra l re se rve - - 2 ,5 0 0 ,0 0 0 (2 ,5 0 0 ,0 0 0 ) - -

Final dividend at Rs. 4/- per share

for t h e yea r en d ed Ju n e 3 0 , 2 011 - - - (1 ,2 9 3 ,5 0 0 ) (1 ,2 9 3 ,5 0 0 ) (1 ,2 9 3 ,5 0 0 )

Tot al com preh e nsive in co m e for t h e p e riod - - - 3 ,01 8 ,1 2 3 3 ,01 8 ,1 2 3 3 ,01 8 ,1 2 3

Balance a s at December 31, 2 011 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 5,0 00 ,0 00 3 ,9 20 ,2 80 2 6,2 63 ,70 2 2 9,4 97 ,4 52


Condensed Interim Statement Of Changes in Equi tyFor The Ha lf Year Ended December 31, 2011 (Un- audite d)


Chairman / Director

Muham mad Ali Tabba

Chief Executive

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Notes to the Condensed Interim Financial StatementsFor The Ha lf Year Ended Decembe r 31, 2011 (Un- audite d)

1. THE COMPANY AND ITS OPERATION

Lucky Cement Limited (the Company) was incorporated in Pakistan on September 18, 1993 under the Companies Ordinance,1984 ( the Ord inance ) . The sha res of the Company are quo ted on al l the th ree s tock exchanges in Paki s tan . The Compan yhas a l so i s sued GDRs which are l i s t ed and t raded on the Profess ional Secur i t i es Market o f the London Stock Exchange.The pr incipal act ivi ty of the Compan y i s manufact ur ing and market ing of cem ent . The reg i s tered off i ce of the Company i slocated at Pezu, District Lakki Marwat in Khyber Pakhtunkhwa. The Company has two production facil i t ies at Pezu, DistrictLakki Marwat in Khyber Pakhtu nkhwa and a t Ma in Super Highway in Karach i , Sindh.

2. STATEMENT OF COMPLIANCE

These condensed interim financial statements of the Company for the six months period ended December 31, 2011 has beenprepared in accordance wi th the requi rements o f the In ternat ional Account ing Standard ( IAS) - 34 " In ter im FinancialRepor t ing" and p rovis ions of an d d i rect ives i s sued u nder the Companies Ord inance, 1984 . In case w here th e requi rementsdiffer, the provisions of or directives issued un der th e Compan ies Ordinance , 1984 h ave bee n followed.

The f igures of the con densed in ter im prof it a nd loss account for th e qua r ters ended December 31 , 2011 and 2010 have n o tbeen rev iewed by the audi tors o f the Company as they have rev iewed the cumulat ive f igures for the hal f years endedD ecem b er 3 1 , 2 0 1 1 an d 2 0 1 0 . T h es e co n d en s ed i n t e r i m f i n an c i a l s t a t em en t s d o n o t i n c l u d e a l l t h e i n f o r m a t i o n an d

disclosures requi red in the annual f inancial s t a tements , and should be read in conjunct ion wi th the Companys annualfinancial statements for the year ended June 30, 2011.

3. SIGNIFICANT ACCOUNTING POLICIES

Th e a cco u n t i n g p o l ic i e s an d m e t h o d s o f co m p u t a t i o n ad o p t ed i n t h e p r ep a r a t i o n o f t h e s e co n d en s ed i n t e r im f i n an c i a ls t a tement s are cons i s t en t wi th those a ppl ied in the preparat ion of the f inancial s t a tement s for the year ended June 30 , 2011 ,except as fol lows:

New and am ended s tandards and in terpreta t ions

The Company has adopted the following amended IFRS and IFRIC interpretat ion which became effective during the period:

IFRS 7 Financial Instruments: DisclosuresIAS 24 Related Party Disclosure (Revised)IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)

In May 2010 , In ternat ional Account ing Stan dards Board ( IASB) is sued am endm ents t o var ious s t anda rds pr imarily wi th aview t o remo ving inconsistencies an d clarifying wording. These improvem ent s are l isted below:

IFRS 7 Financial Instrument Disclosures (Clarification of disclosures)

IAS 1 Presentat ion of Financial Statements (Clarificat ion of statement of changes in equity)IAS 34 Interim Finan cial Report ing (Significant event s and t ransac tions)IFRIC 13 Customer Loyalty Programm es (Fair value of aw ard cred its)

The adopt ion of the above s t anda rds , amen dment s / improvement s and in terpreta t ions d id no t have an y mater ia l ef fect onthe condensed in ter im f inancial s t a tements o f the Company.

4. PROPERTY, PLANT AND EQUIPMENT

4 .1 . The fo l lowing i s the m ovement in proper ty, p lan t and equipment dur ing the pe r iod /year :

December 31 , June 3 0 ,

2011 2011

(Un- audite d) (Audited)

N o t e - - - - - - - - ( Ru p ees i n 0 0 0 ) - - - - - - - -

O pe r a t in g f ix e d a s se t s (W DV) - o p e n in g b a la n c e 3 0 ,5 6 5 ,2 11 2 9 ,4 6 5 ,1 3 4

Ad d: Add it io n s du rin g t h e p e riod /yea r 4 .2 7 8 ,1 2 6 2 ,6 7 8 ,1 2 2

3 0,6 43 ,3 37 3 2,1 43 ,2 56

Less: Disposa ls du rin g t h e p e rio d / yea r (W DV) 1 ,4 2 8 7 ,5 0 0

Deprecia t ion ch a rge for t h e pe riod / yea r 8 0 4 ,511 1 ,5 70 ,5 4 5

Opera t in g fixed a sse t s (W DV) c losin g ba la n ce 2 9 ,8 3 7 ,3 9 8 3 0 ,5 6 5 ,211

Add: Ca pit a l w o rk- in - p rog re ss 4 .3 1 ,6 5 8 ,0 0 5 1 ,1 3 9 ,9 4 5

31 ,4 95 ,4 03 31 ,70 5,1 56


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4.2 . The following addit ions and delet ions were made during the period in operating fixed assets:

Addit ions Delet ions( Cost ) ( Co s t )

- - - - - - - - ( Ru p ees i n 0 0 0 )- - - - - - - -Operating fixed assets

Lan d - le a seh old 1 7 ,5 9 9 -Bu ild in g on lea seh old la n d 1 ,21 6 -Plan t an d m a ch in e ry 2 2 ,11 8 -Gen era t ors 1 ,2 4 6 -Qua rry equipm en t s 4 9 5 -Ve hic le s in clu din g ce me nt b ulke rs 2 2,8 96 1 ,9 09Fu rn it u re a n d fixt u re s 8 3 4 -Office equ ipm en t s 5 ,6 9 7 1 ,5 4 2Com pu t er a n d a ccessorie s 2 ,6 7 5 7 5Ot he r a sset s 3 ,3 5 0 -

7 8 ,1 2 6 3 ,5 2 6

4.3 . The following is the movement in capital work-in-progress during the period/year:

Decem ber 31 , June 3 0 ,2011 2011

(Un-audited) (Audited)N o t e - - - - - - - - ( Ru p ees in 0 0 0 )- - - - - - - -

Op en in g b ala n ce 1 ,1 39 ,9 45 1 ,91 3,1 21Add: Addit ion s du rin g t h e pe riod /yea r 5 4 8 ,9 9 2 1 ,6 5 7 ,4 5 8

1 ,6 8 8 ,9 3 7 3 ,570 ,5 7 9Less: Tra n sferred t o ope ra t in g fixed a sse t s 3 0 ,9 3 2 2 ,4 3 0 ,6 3 4Closin g ba la n ce 1 ,6 5 8 ,0 0 5 1 ,1 3 9 ,9 4 5

4.4 . Borrowing costs amounting to Rs.nil (June 30, 2011: Rs.8.274 mill ion) have been capital ised in capital work-in-progressduring the period / year.

5. TAX REFUNDS DUE FROM THE GOVERNMENT

As more fu l ly explained in no te 14 to the f inancial s t a tem ents o f th e Company for the year en ded June 3 0 , 2011 , a rev iewpet i t ion wa s f i led by t he Federal Board of Revenue (FBR) agains t the order o f th e Honou rab le Supreme Court o f Pakis tan ,whereby Supreme Court o f Paki s tan had d i smissed the FBRs po in t o f v iew that exci se du ty be calcu lated on declaredretai l price inclusive of excise dut y.

The Honourab le Suprem e Court o f Pakis tan v ide i t s o rder dated January 27 , 200 9 d i smissed th e rev iew pet i t ion f i led by theFBR and upheld i ts earl ier decision which was in favour of the Company. The Company is act ively pursuing the matter withthe depar tm ent for the set t l ement o f the said refund cla im.

6. LONG-TERM FINANCE

Lon g- t erm fin an ce 6 .1 7 9 0 ,9 9 8 9 2 3 ,6 9 8Less: Cu rren t port ion of lon g- t e rm fin a nce 2 6 5 ,4 0 0 2 6 5 ,4 0 0

5 2 5 ,5 9 8 6 5 8 ,2 9 8

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6 .1 . Th e t e r m s an d co n d i t i o n s o f l on g - t e r m f i n an ce a r e t h e s am e a s d i sc l o sed i n t h e an n u a l f i n an c i a l st a t em en t s o f t h e

Company for the year ende d June 30 , 2011 .December 31 , June 3 0 ,

2011 2011(Un-audited) (Audited)

Note - - - - - - - - (Rupees in 000)- - - - - - - -

7. DEFERRED TAX LIABILITY

This comprises of t he following :Deferred t ax l iabil ity- d i f ference in t ax and a ccount ingba ses of p rope rt y, p la n t a n d equ ipm en t 3 ,6 31 ,5 4 2 3 ,2 8 0 ,8 0 9Deferred t ax a sset s- u n a bsorbed t a x losses (1 ,5 2 2 ,9 6 5 ) (1 ,4 9 5 ,7 8 3 )- provision s (1 4 7 ,4 4 5 ) (1 3 2 ,2 3 0 )

(1 ,6 70 ,410 ) (1 ,6 28 ,01 3)1 ,9 61 ,1 3 2 1 ,6 5 2 ,7 9 6

8. SHORT- TERM BORROWINGS

Export re fin a n ce 4 ,2 5 0 ,0 0 0 3 5 0 ,0 0 0Fore ign Cu rren cy Im port Fin a n ce 1 ,6 21 ,4 9 3 5 ,9 5 2 ,2 5 2

8 .1 5 ,8 71 ,4 9 3 6 ,3 02 ,2 5 2

8 .1 . The t e rms and con di t ions of shor t - t erm borrowings are the same a s d i sclosed in the annu al f inancial s t a tem ents o f theCompany for the year ende d June 30 , 2011 .

9 . CONTINGENCIES AND COMM ITMEN TS

9.1. Contingencies

There are no m ajor changes in the s t a t us of cont ingencies as d isclosed in the ann ual f inancial s t a tem ents o f the Compan yfor the year ended June 3 0 , 2011 .

9.2 . Commitments

Capital CommitmentsPla n t an d m a ch in ery u n de r le t t ers o f cred it 1 3 6 ,6 8 6 3 0 4 ,7 3 8

Other Commitment sStores , spares an d packing mat er ia l underle t t ers o f cred it 1 ,21 2 ,4 41 1 ,3 6 4 ,70 5

Ba n k g ua ra n te es iss ue d o n b eh a lf o f t h e Co mp an y 6 43 ,3 75 6 38 ,6 29

For the half-year endedDecem ber 31 , Decem ber 31 ,

2011 2010

- - - - - - - - - (Rupees in 000)- - - - - - - -

10. GROSS SALES

Loca l 11 ,3 2 8 ,5 8 3 8 ,0 9 6 ,4 61Export 6 ,5 7 8 ,5 6 5 6 ,310 ,6 0 9

1 7,9 07 ,1 48 1 4,4 07 ,070


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Chairman / Director

Muham mad Ali Tabba

Chief Executive

For the half-year ended

Decem ber 31 , Decem ber 31 ,2011 2010

Note - - - - - - - - - (Rupees in 000)- - - - - - - - -11. CASH GENERATED FROM OPERATIONS

Profit be fo re t a xa t ion 3 ,4 8 0 ,2 01 1 ,5 8 0 ,8 6 4Adjus tments for non cash charges and o ther i t ems

De pre cia t ion 4 .1 8 0 4 ,511 7 7 4 ,1 2 6Am ort iza t ion on in t a n g ib le a sse t s 7 70 7 3 3Pro visio n for slow m ovin g sp a re s 1 5 ,3 5 9 -Ga in on d isp osa l o f p rope rt y, p la n t a n d e qu ipm en t (6 91 ) (1 61 )Pro visio n for g ra t u it y 5 3 ,8 6 4 4 9 ,31 7Fin a n ce cost s 1 6 9 ,5 6 2 2 9 4 ,1 4 9

4 ,5 2 3 ,5 7 6 2 ,6 9 9 ,0 2 8Working cap i t a l cha nges

In crea se in cu rre n t a sse t s (1 ,0 91 ,70 5 ) (1 ,9 4 2 ,3 3 5 )(Decrea se ) / in crea se in cu rren t lia b ilit ie s (710 ,6 91 ) 6 0 4 ,6 2 8

(1 ,8 02 ,3 96 ) (1 ,3 37 ,70 7)Cash generat ed f rom operat ions 2 ,7 21 ,1 8 0 1 ,3 61 ,3 21

1 2 . TRANSACTIONS WITH RELATED PARTIES

R e la t e d p a r t i e s o f t h e C o m p a n y c o m p r i se o f a s s o c ia t e d u n d e r t a k i n g s, d i re c t o r s a n d k e y m a n a g e m e n t p e r s o n n e l .Transact ions wi th re la ted par t i es dur ing the per iod , o ther than remunerat ion and benef i t s to key management personnelunder th e t erms of th ei r employment , are as fo l lows:

Associated UndertakingsLucky Paragon Ready Mix LimitedSa le s 3 4 ,2 2 0 3 8 ,31 3Pu rch a se - 5 5Lucky Text ile MillsSa le s 9 ,81 6 3 ,021Gadoon Textile Mills Limited

Sa le s 1 7 ,2 8 7 4 ,7 4 8Yunus Textile Mills LimitedSa le s 3 ,2 7 5 1 ,41 6Fazal Textile Mills LimitedSa le s 10 ,8 6 9 2 ,9 4 4Aziz Tabba FoundationSa le s - 1 ,2 6 2

1 3 . DATE OF AUTHORISATION FOR ISSUE

These conde nsed in ter im f inancial st a t emen ts were a u tho r i sed for i ssue on Janu ary 30 , 2012 by the Board of Di rectors o f the Compan y.

14 . GENERAL

Figures have been roun ded off to the nea res t thousa nd of Rupees , un less o therwise s t a ted .

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