the journejyeofyhdejoarayotlsc 3 - honda · 2019. 10. 29. · launch of br-v model in april 2017,...

The journey of Honda Atlas Cars (Pakistan) Limited has been a journey of progress, growth and prosperity. The visual depicts the very substance of that progress. It shows how things have been moving in the right direction and how the Company has been achieving one milestone after another with consistency.

Cover Concept

Condensed Interim Financial Information

1

02 Company Information

Condensed Interim Balance SheetCondensed Interim Profit & Loss AccountCondensed Interim Statement of Comprehensive IncomeCondensed Interim Statement of Changes in EquityCondensed Interim Cash Flow Statement Selected Notes to and Forming Part of theCondensed Interim Financial Information

Chariman’s Review (Urdu)Dealers’ Network

2021

Management /Company’s Structure

060708091011

CONNS

TTE

Chairman’s Review 03

Review Report

First Quarter Report June 20172 3

Company Information

Board of DirectorsMr. Yusuf H. ShiraziChairmanMr. Toichi IshiyamaPresident/CEOMr. Aamir H. ShiraziDirector & Senior AdvisorMr. Kenichi MatsuoMr. Akira MurayamaMs. Mashmooma Zehra MajeedMr. M. Naeem KhanMr. Shigeru YamazakiMr. Yasutaka Uda

Company SecretaryMr. Maqsood-ur-Rehman Rehmani

Chief Financial OfficerMr. Ahmad Umair Wajid

Audit CommitteeMr. Aamir H. ShiraziChairmanMr. Akira MurayamaMs. Mashmooma Zehra MajeedMr. M. Naeem KhanMr. Shigeru YamazakiMr. Hamood-ur-RahmanSecretary

Human Resource and Remuneration CommitteeMr. Aamir H. ShiraziChairmanMr. Toichi IshiyamaMr. Kenichi MatsuoMr. Akira MurayamaMr. M. Naeem Khan

Executive CommitteeMr. Toichi IshiyamaMr. Kenichi MatsuoMr. Maqsood-ur-Rehman Rehmani

Head of Internal AuditMr. Hamood-ur-Rahman

BankersCitibank N.A.Deutsche Bank AGFaysal Bank LimitedHabib Bank LimitedMCB Bank LimitedNational Bank of PakistanSoneri Bank LimitedStandard Chartered Bank (Pakistan) LimitedThe Bank of Tokyo-Mitsubishi UFJ, LimitedUnited Bank Limited

AuditorsM/s A. F. Ferguson & CompanyChartered Accountants

Legal AdvisorCornelius, Lane & MuftiBokhari Aziz & Karim

Share RegistrarM/s Hameed Majeed AssociatesHM House, 7-Bank Square,Lahore, Pakistan. Tel: +92 42 37235081-82

Registered Office1-Mcleod Road, Lahore, Pakistan.Tel: +92 42 37225015-17Fax: +92 42 37233518

Factory43 Km, Multan Road,Manga Mandi, Lahore, Pakistan.Tel: +92 42 35384671-80Fax: +92 42 35384691-92E-mail: [email protected]

Regional Offices LahoreAsia House,19-C&D, Block L, Gulberg III,Main Ferozepur Road.Tel: +92 42 35694851-53Fax: +92 42 35694854

KarachiC16, KDA Scheme No. 1,Karsaz Road.Tel: +92 21 34305411-3 Fax: +92 21 34305414

Web Sitewww.honda.com.pk www.facebook.com/hacpl

It’s my pleasure to present you the un-audited

Condensed Interim Financial Information for the

first quarter ended June 30, 2017.

The EconomyGDP growth has maintained its upward movement

and expected to increase to a decade-high of 5.3%

in FY17. Other macroeconomic indicators, such as

subdued inflation, investment growth and rising

private sector credit, also showed an encouraging

picture. However, exports continued to decline

in the fourth consecutive year, by 1.6% over last

year, whereas imports increased by 18.7% on

account of power & infrastructure development,

expansion in a number of industries and increase

in manufacturing activities. Remittances recorded

first annual decrease in last thirteen years and

reduced by 3.1%, at US$ 19.3 billion for financial

year ended June 30, 2017. Resultantly, the current

account deficit widened to US$ 13.2 billion for the

year ended June 2017 - a matter of concern for the

economy. SBP maintained its policy rate at 5.75%,

which partially continued to ease the cost of doing

business.

The revival in agriculture sector during FY17

is especially notable. The agriculture sector

primarily grew through five major crops i.e. rice,

cotton, sugarcane, wheat, and maize, which posted

a growth of 3.5%, after declining 5.0% of last year.

This was supported by favorable policy measures,

including subsidy on fertilizer, reduction in sales

tax on tractors and increased access to finance.

The bumper crops of sugarcane, maize and cotton

compensated for low growth in rice and wheat

production. Better agriculture had, in turn, positive

spillover for trade and manufacturing sectors.

The large-scale manufacturing sector (LSM),

grew by 5.58 percent during first ten months of

FY17, compared to 2.9 percent last year. Further,

Public Sector Development Program (PSDP) and

CPEC-related activities also continued to boost

industries, such as cement and steel.

The higher growth in agriculture and industry

also had a positive impact on the performance of

the services sector, which is expected to grow by

6.0% for FY17. Inflation increased slightly to 4.1 %,

however it was well below the full year target of

6.0% for FY17.

Launch of BR-V ModelIn April 2017, the company launched the attractive

and all-new Honda BR-V, a 7-seater SUV. It is

the first locally produced mid-sized SUV powered

by 1.5 liter i-VTEC engine and equipped with

new continuously variable transmission (CVT)

developed under Honda’s Earth Dream Technology.

The projector headlights with LED position lamp,

LED tail lights and sporty roof rails are standard

in both variants. The interior design is a spacious

cabin, with 3-row seating configuration, which can

comfortably accommodate 7 passengers. Seats

can be adjusted for multiple transport, hauling

and cargo needs. Both variants offer rear air-

conditioning system with independent controls

located between first & second row seats to

expand air flow.

Safety comes first at Honda to ensure passenger

security. BR-V is built with Honda’s G-force

Control (G-CON) collision safety body engineering

that dissipates G-forces of a crash and disperses

it away from the vehicle’s occupants on impact.

Chairman’s Review1 2 3Management /

Company’s StructureInterimFinancial InformationReview Report 1 2 3Management /

Company’s StructureInterimFinancial InformationReview Report


Driver side SRS Airbags, Anti-Lock Braking

System (ABS), Electronic Brake Force Distribution

(EBD) and Speed Sensing Auto Door Lock are

standard features for both variants.

The customers’ response has been encouraging

and the new BR-V will further strengthen our

market position and provide our customers a

wider range of products.

Automobile IndustryThe industry showed consistent growth during the

quarter under review and production improved

by 7.1% to 45,956 units and sales grew by 10.1%

to 48,370 units in Q1 ended June 2017, against

42,892 units and 43,937 units, respectively in

the corresponding period. The total production

for twelve months period ended June 2017 was

189,264 units against 180,315 units in the same

corresponding period. The sales were 187,939

units in 2016-17 against 181,138 units in the same

period of 2015-16.

Your CompanyDuring the first quarter under review, the

company produced a total of 11,116 units against

6,988 units during the same period of last year,

showing growth of 59.1%. Sales for the same

quarter were 11,058 units against 7,197 units

of the corresponding quarter of last year, up by

53.6%. The growth depicts a strong demand of our

products in the market and the company is making

efforts to increase production to meet customer’s

demand.

Financial ResultsSales revenue for the first quarter ended June

30, 2017 almost doubled, to Rs 21,058.1 million

against Rs 10,533.3 million in the same period of

last year, mainly due to increase in unit sales and

better product mix. Cost of sales also grew to Rs

18,067.9 million against Rs 8,915.6 million. The

gross profit showed growth of 84.8% to Rs 2,990.3

million from Rs 1,617.7 million in Q1 of last year,

mainly due to the reasons mentioned above. The

selling & general administrative (SGA) expenses

also increased to Rs 285.0 million against Rs

189.3 million, up by 50.6%. However, in absolute

terms, the SGA expenses reduced to 1.4% of sales

revenue against 1.8% in the same quarter of last

year. Other income improved to Rs 466.3 million

against Rs 127.6 million, showing an improvement

of 265.4%, mainly due to better liquidity position

and funds management. The financial and other

charges rose to Rs 257.0 million against Rs 143.1

million, due to statutory provisions of WPPF and

WWF.

Thus, the company posted a record profit before

tax for the quarter under review of Rs 2,914.5

million against Rs 1,412.9 million in the same

quarter of last year. After making necessary tax

provisions, the company earned profit after tax

of Rs 2,086.3 million against Rs 1,050.7 million,

showing increase of 98.6% over first quarter of

last year.

The earning per share (EPS) was Rs 14.61 against

Rs 7.36 of Q1 of last year. The return on equity after

tax was 15.7% against 11.7% in the corresponding

last quarter.

1 2 3Management /Company’s Structure

InterimFinancial InformationReview Report 1 2 3Management /


Chairman’s Review

DividendThe Board of Directors has decided to pay cash

dividend of Rs. 4.18 per share (i.e. 41.8%). The

dividend would be in compliance with the changes

made in section 5A (1) of Income Tax Ordinance

2001 by Finance Act 2017.

Future OutlookPakistan’s macroeconomic indicators continue

to improve and solidify grounds for a sustained

upward growth. In particular, key constraints

impeding the economy from achieving high growth

– i.e. power supply and law & order situation –

are gradually getting better. In this backdrop, the

government envisages a higher real GDP growth

of 6.0% for FY18, compared to 5.3% recorded in

current year.

Inflation is expected to remain within the target of

6%, amidst some pick up on the back of recovery

in global prices of oil and other commodities, and

push from domestic demand factors. Meanwhile,

low interest rate environment and credit expansion

is likely to maintain its pace with better prospects

for investment and industrial sector growth.

On the external front, the positive spillover of

recovery in the global economy, particularly

advanced economies, offers healthier trade

prospects. Pakistani exports could also benefit

from this evolving dynamic, if the exporters are

able to diversify their products at competitive

prices.

After completing the historical last financial

year, the company has challenged itself with a

‘dream target’ for FY 2018 and we hope our best

quality model line-up, after sales back-up and our

dedicated & hardworking associates will make

that dream come true!

(God helps those who help themselves)

AcknowledgementI would like to acknowledge the trust of our

valued customers in the company’s products. I

would also like to acknowledge and thank Honda

Motor Company, the Atlas Group, our dealers,

vendors, bankers and shareholders for their

continued support. Mr. Toichi Ishiyama & his team

also deserve appreciation for the commendable

progress achieved during the period and I wish

them every success for the year 2018.

July 25, 2017 Yusuf H. ShiraziKarachi Chairman


Un-audited Audited June 30, March 31,Rupees in thousand Note 2017 2017

EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorized share capital 200,000,000 (March 31, 2017 : 200,000,000) ordinary shares of Rs. 10 each 2,000,000 2,000,000 Issued, subscribed and paid up share capital 142,800,000 (March 31, 2017 : 142,800,000) ordinary shares of Rs. 10 each 1,428,000 1,428,000 Reserves 9,706,000 5,506,000 Un-appropriated profit 2,160,718 6,130,847 13,294,718 13,064,847

NON-CURRENT LIABILITIES Deferred liabilities 70,797 61,645 Deferred taxation 352,196 367,144 Deferred revenue 11,409 10,842 434,402 439,631 CURRENT LIABILITIES Current portion of deferred revenue 3,685 4,480 Accrued mark up 14,749 14,218 Income tax payable 138,004 305,126 Trade and other payables 39,819,960 37,637,055 39,976,398 37,960,879 CONTINGENCIES AND COMMITMENTS 6 53,705,518 51,465,357

ASSETS NON-CURRENT ASSETS Property, plant and equipment 7 4,264,937 4,402,000 Intangible assets 354,884 373,092 Capital work-in-progress 274,832 199,194 Long term loans and advances 168,765 107,251 Long term deposits 4,042 4,042 5,067,460 5,085,579 CURRENT ASSETS Stores and spares 133,073 134,569 Stock-in-trade 7,674,360 6,658,735 Trade debts 90,010 17,859 Loans, advances, prepayments and other receivables 10,584,337 9,088,890 Short term investments 22,157,566 20,943,345 Cash and bank balances 7,998,712 9,536,380 48,638,058 46,379,778 53,705,518 51,465,357

The annexed notes form an integral part of this condensed interim financial information.

Review Report 1 2 3Management /Company’s Structure

InterimFinancial InformationReview Report

Condensed InterimBalance SheetAs at June 30, 2017

April - JuneRupees in thousand Note 2017 2016

Sales 8 21,058,129 10,533,291 Cost of sales 9 (18,067,865) (8,915,596)

Gross profit 2,990,264 1,617,695 Distribution and marketing costs (148,792) (91,666)Administrative expenses (136,287) (97,619)Other income 466,303 127,613 Other expenses (253,606) (141,003)

(72,382) (202,675)

Profit from operations 2,917,882 1,415,020

Finance cost (3,418) (2,139)

Profit before taxation 2,914,464 1,412,881 Taxation (828,193) (362,133)

Profit after taxation 2,086,271 1,050,748

Earnings per share - basic and diluted - Rupees 14.61 7.36


Condensed InterimProfit and Loss AccountFor the quarter ended June 30, 2017 (Un-Audited)

Yusuf H. Shirazi Toichi Ishiyama Chairman Chief Executive





April - JuneRupees in thousand 2017 2016

Profit after taxation 2,086,271 1,050,748

Other comprehensive income

Items that may be reclassified subsequently to profit or loss - -

Items that will not be subsequently reclassified to profit or loss - -

Total comprehensive income for the period 2,086,271 1,050,748



InterimFinancial InformationReview Report1 2 3Management /


Condensed InterimStatement of Comprehensive IncomeFor the quarter ended June 30, 2017 (Un-Audited)

Capital Reserve Revenue Reserves Share Share General Un-appropriated Rupees in thousand capital premium reserve profit Total

Balance as on April 01, 2017 (audited) 1,428,000 76,000 5,430,000 6,130,847 13,064,847

Profit for the period - - - 2,086,271 2,086,271 Other comprehensive income for the period - - - - -

Total comprehensive income for the period - - - 2,086,271 2,086,271

Transactions with owners, recognized directly in equity Cash dividend for the year ended March 31, 2017 @ Rs 13.0 per share - - - (1,856,400) (1,856,400) Transfer to general reserve - - 4,200,000 (4,200,000) -

Balance as on June 30, 2017 (un-audited) 1,428,000 76,000 9,630,000 2,160,718 13,294,718

Balance as on April 01, 2016 (audited) 1,428,000 76,000 2,880,000 3,556,949 7,940,949

Profit for the period - - - 1,050,748 1,050,748 Other comprehensive income for the period - - - - -

Total comprehensive income for the period - - - 1,050,748 1,050,748

Transactions with owners, recognized directly in equity - - - - -

Balance as on June 30, 2016 (un-audited) 1,428,000 76,000 2,880,000 4,607,697 8,991,697


Condensed InterimStatement of Changes in EquityFor the quarter ended June 30, 2017 (Un-Audited)



First Quarter Report June 201710 111 2 3Management /

Company’s StructureInterimFinancial InformationReview Report1 2 3Management /


Condensed InterimCash Flow StatementFor the quarter ended June 30, 2017 (Un-Audited)

April - JuneRupees in thousand 2017 2016

Cash flows from operating activitiesCash generated from operations 11 2,153,187 2,443,221 Finance cost paid (95) (17)Employees’ retirement benefits and other obligations (73) (224)Net increase in loans to employees (84,600) (17,418)Income tax paid (1,010,262) (255,848)Royalty paid (1,834) (236,614)Increase in deferred revenue 1,162 432

Net cash generated from operating activities 1,057,485 1,933,532

Cash flows from investing activitiesPurchase of property, plant and equipment (94,882) (179,333)Purchase of intangible assets (2,252) - Proceeds from sale of property, plant and equipment 6,710 12,660 Purchase of short term investments (1,329,085) (996,928)Realized gain on short term investments 238,780 - Interest received 132,358 100,846

Net cash used in investing activities (1,048,371) (1,062,755)

Cash flows from financing activitiesDividend paid (1,507,392) (75)

Net cash used in financing activities (1,507,392) (75)

Net (decrease) / increase in cash and cash equivalents (1,498,278) 870,702 Cash and cash equivalents at the beginning of the period 25,412,597 6,708,494

Cash and cash equivalents at the end of the period 12 23,914,319 7,579,196


1. LEGAL STATUS AND NATURE OF BUSINESS Honda Atlas Cars (Pakistan) Limited (the ‘Company’) is a public limited company incorporated in Pakistan

on November 4, 1992. The Company is a subsidiary of Honda Motor Co., Ltd., Japan. The Company’s ordinary shares are listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at 1-Mcleod Road, Lahore, and its manufacturing facility is located at 43 km, Multan Road, Manga Mandi, Lahore. Its principal activities are assembling and progressive manufacturing and sale of Honda vehicles and spare parts. The Company commenced commercial production from July 1994.

2. BASIS OF PREPARATION This condensed interim financial information is unaudited and is being submitted to members in

accordance with section 245 of the Companies Ordinance 1984. It has been prepared in accordance with the requirements of International Accounting Standard (IAS) 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. This condensed interim financial information does not include all the information required for annual financial statements and therefore should be read in conjunction with the annual financial statements for the year ended March 31, 2017.

3. SIGNIFICANT ACCOUNTING POLICIES3.1 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 preceding annual published financial statements of the Company for the year ended March 31, 2017.

3.2 Initial application of standards, amendments or an interpretation to existing standards There are certain standards, amendments to the approved accounting standards and interpretations

that are mandatory for the Company’s accounting periods beginning from April 01, 2017 but are not considered to be relevant or to have any significant effect on the Company’s operations and are, therefore, not detailed in this condensed interim financial information.

4. Income tax expense is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year.

5. The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

6. CONTINGENCIES AND COMMITMENTS

6.1 Contingencies Refer to matter explained in note 12.1 (iii) of the annual financial statements of the Company for the

year ended March 31, 2017, whereby Honorable Lahore High Court had remanded back to Customs Appellate Tribunal, certain demands raised against the Company on account of chargeability of custom duty, sales tax and income tax on royalty and license fees paid to Honda Motor Company, Japan. During the current quarter, the Appellate Tribunal has decided the said matter in Company’s favour and has set aside demands of Rs 1,739.69 million earlier raised against the Company.

Except for the above, there is no significant change in contingencies from the preceding annual published financial statements of the Company for the year ended March 31, 2017.

Selected Notes to and Forming Part of theCondensed Interim Financial InformationFor the quarter ended June 30, 2017 (Un-Audited)



6.2 Commitments in respect of (i) Letters of credit and purchases for capital expenditure amounts to Rs 96.03 million (March 2017: Rs

193.61 million).

(ii) Letters of credit and purchases, other than capital expenditure, amounts to Rs 1,297.59 million (March 2017: Rs 2,711.94 million).

Un-audited Audited June 30, March 31,Rupees in thousand Note 2017 2017

7. PROPERTY, PLANT AND EQUIPMENT Opening book value 4,402,000 2,511,897 Additions during the period / year 7.1 39,605 2,461,040

4,441,605 4,972,937

Disposal during the period / year (book value) (6,352) (61,919) Depreciation charged during the period / year (170,316) (509,018)

(176,668) (570,937)

4,264,937 4,402,000

7.1 Following is the detail of additions during the period / year:

- Building on freehold land 1,929 6,485 - Plant and machinery 450 2,098,221 - Furniture and office equipment 3,811 34,282 - Vehicles 25,695 256,759 - Tools and equipment 5,396 23,335 - Computers 2,324 41,958

39,605 2,461,040

Un-audited April - JuneRupees in thousand 2017 2016

8. SALES Sales - Own manufactured goods 24,704,697 12,082,264 Sales tax (3,589,784) (1,755,206) Commission to dealers (431,658) (250,890) Discount to customers (139,777) -

20,543,478 10,076,168

Sales - Trading goods 571,794 507,628 Sales tax (56,624) (50,001) Commission to dealers (519) (504)

514,651 457,123

21,058,129 10,533,291





Un-audited April - JuneRupees in thousand 2017 2016

9. COST OF SALES Own manufactured goods 17,729,565 8,620,666 Trading goods 338,300 294,930

18,067,865 8,915,596

10. TRANSACTIONS WITH RELATED PARTIESi. Holding & associated Sale of goods 35,941 11,165 companies Purchase of goods 10,623,707 7,053,480 Sale of property, plant and equipment - 10,877 Purchase of property, plant and equipment 27,022 104,139 Purchase of intangible assets 1,698 - Insurance premium 180,073 117,422 Insurance claim 8,216 10,905 Technical assistance fee 13,719 4,888 License fee - 104,855 Royalty 411,766 202,048 Dividend 1,507,319 -

ii. Post employment benefit Contribution towards employees’ plans post retirement funds 21,124 18,408

iii. Key management personnel Remuneration to key management personnel 38,767 31,063

Un-audited Audited June 30, March 31,Rupees in thousand 2017 2017

Related party balances at period / year end:

Receivable from related parties 45,109 13,994 Payable to related parties 5,826,160 6,586,740

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Un-audited April - JuneRupees in thousand Note 2017 2016

11. CASH GENERATED FROM OPERATIONS

Profit before taxation 2,914,464 1,412,881 Adjustment for: - Depreciation on property, plant and equipment 170,316 84,871 - Profit on disposal of property, plant and equipment (358) (11,498) - Amortization of deferred revenue (1,390) (1,515) - Liabilities no longer payable written back - (12) - Profit on bank deposits (128,506) (79,491) - Profit on loans to employees and advances to suppliers (4,832) (4,861) - Unrealized gain on short term investments (84,526) (1,690) - Finance cost 626 31 - Provision for employees’ retirement benefits and other obligations 29,632 20,929 - Amortization on intangible assets 22,108 7,002 - Royalty 416,637 202,633 - Working capital changes 11.1 (1,180,984) 813,941

2,153,187 2,443,221

11.1 Working capital changes

Decrease / (Increase) in current assets - Stores and spares 1,496 (5,422) - Stock-in-trade (1,015,625) (2,321,929) - Trade debts (72,151) 39,814 - Loans, advances, prepayments and other receivables (1,471,381) (1,142,859)

(2,557,661) (3,430,396) Increase in current liabilities - Trade and other payables 1,376,677 4,244,337

(1,180,984) 813,941

Un-audited June 30, June 30,Rupees in thousand 2017 2016

12. CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the condensed interim cash flow statement comprise of the following balance sheet amounts:

Short term investments 15,915,607 992,793 Cash and bank balances 7,998,712 6,586,403

23,914,319 7,579,196





14. FINANCIAL RISK MANAGEMENT

14.1 Financial Risk Factors The Company’s activities expose it to a variety of financial risks: market risk (including currency

risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The condensed interim financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at March 31, 2017.

There have been no changes in the risk management department or in any risk management policies since the year end.

14.2 Liquidity Risk Compared to year end, there was no material change in the contractual undiscounted cash out

flows for financial liabilities.

14.3 Fair Value Estimation The different levels for fair value estimation used by the Company have been explained as follows:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The following table presents the financial assets and liabilities that are measured at fair value:

Un-audited June 30, 2017

Rupees in thousand Level 1 Level 2 Level 3 Total

Assets

At fair value through profit or loss Short term investments 6,241,959 15,915,607 - 22,157,566

Liabilities - - - -

Audited March 31, 2017Rupees in thousand Level 1 Level 2 Level 3 Total

Assets

At fair value through profit or loss Short term investments 5,067,128 15,876,217 - 20,943,345

Liabilities - - - -

First Quarter Report June 201716 171 2 3Management /

Company’s StructureInterimFinancial InformationReview Report1 2 3Management /



15. DATE OF AUTHORIZATION FOR ISSUE

This condensed interim financial information was authorized for issue on July 25, 2017 by the Board of Directors of the Company.

16. EVENTS AFTER BALANCE SHEET DATE

The Board of Directors, at their meeting held on July 25, 2017, has proposed cash dividend of Rs. 4.18 per share amounting to Rs. 596.9 million. This condensed interim financial information does not include the effect of this dividend and will be accounted for in the period it has been approved.

17. CORRESPONDING FIGURES

In order to comply with the requirements of International Accounting Standard 34 ‘Interim Financial Reporting’, the condensed interim balance sheet has been compared with the balances of annual audited financial statements of preceding financial year, whereas, condensed interim statement of changes in equity, condensed interim profit and loss account, condensed interim statement of comprehensive income and condensed interim cash flow statement have been compared with the balances of comparable period of immediately preceding financial year.



Authorized Sales, Service & Spare Parts3S Dealers



LAHOREHonda City Sales75-B, Block L, Gulberg III,Ferozepur Road.Tel: (042) 35841100-06Fax: (042) 35841107

Honda Fort32 Queens Road.Tel: (042) 36314162-3,36309062-3, 36313925Fax: (042) 36361076

Honda PointMain Defence Road.Tel: (042) 35700994-5, 35700997Fax: (042) 35700993

Honda Gateway15 - Km, Multan Road,Tel: (042) 111 333 789Fax: (042) 37511075

ISLAMABADHonda ClassicPlot 179, I 10/3, Industrial Area.Tel: (051) 4438801-5Fax: (051) 4436446

Honda Avenue1-Km, Koral Chowk,Islamabad Highway,Opp. Judicial Colony. Tel: (051) 2326121-4, 0320 5007373Fax: (051) 2326126

RAWALPINDIHonda Centre300, Peshawar Road.Tel: (051) 5125181-5UAN: (051) 111 300 123Fax: (051) 5125186

SAHIWALHonda MontgomerySahiwal Bypass, Lahore Road Near PSO.Tel: (0304) 111-45-45Fax: (040) 4502082

KARACHIHonda Shahrah-e-Faisal13-Banglore Town,Main Shahrah-e-FaisalTel: (021) 34547113-6, 34527070, 34527373, 34527474, 34527575Fax: (021) 34526758

Honda Defence67/1, Korangi RoadNear HINO Circle.Tel: (021) 35805291-4Fax: (021) 35389648

Honda SITEC-1, Main Manghopir Road, SITE.Tel: (021) 32577411-2, 32564926,32570301, 32569381Fax: (021) 32577412

Honda South1-B/1, Sec. 23, Korangi Industrial Area.Tel: (021) 35050251-4Fax: (021) 35064599

Honda Drive In118-C, Rashid Minhas Road.Tel: (021) 34992832-7, 34992824-5Fax: (021) 34992823

Honda Quaideen233-A-2, PECHS.Tel: (021) 34556071-3, 34556510-12Fax: (021) 34554644

HYDERABADHonda PalaceShahbaz Town,Jamshoro Road.Tel: (0223) 667178-9, 667032Fax: (0223) 667519

RAHIM YAR KHANHonda Rahim Yar KhanShahbazpur Road, Cantt. Chowk. Tel: (068) 5674446-8Fax: (068) 5674445

MULTANHonda Breeze63 Abdali Road.Tel: (061) 4588871-3, 4547484Fax: (061) 4588874

SARGODHAHonda Citrus Fields7-Km Lahore Road.Tel: (048) 3225186-7Fax: (048) 3225869

FAISALABADHonda FaisalabadEast Canal Road.Tel: (041) 8731741-4Fax: (041) 8524029

Honda Chenab123 JB Raja Wala,Green View Colony.Tel: (041) 2603449, 2603549Fax: (041) 2603549

GUJRANWALAHonda GujranwalaG.T. Road.Tel: (055) 3893481-3Fax: (055) 3893484

SIALKOTHonda FalconPakki Kotli, Daska Road.Tel: (052) 3252000, 3251251-4Fax: (052) 3563203

MIRPURHonda EmpireMian Muhammad Road,Quaid-e-Azam Chowk,Mirpur Azad KashmirTel: (05827) 451501-3Fax: (05827) 451500

PESHAWARHonda NorthMain University Road. Tel: (091) 5854901, 5700807, 5700808Fax: (091) 5854753

DERA GHAZI KHANHonda HiSunMultan Road, Dera Ghazi Khan Tel: (064) 111-690-690Fax: (064) 2689009

the journejyeofyhdejoarayotlsc 3 - honda · 2019. 10. 29. · launch of br-v model in april 2017,...

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