third quarter report mar 31 2012

7/30/2019 Third Quarter Report MAR 31 2012

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THIRD QUARTER REPORTMarch 31, 2012


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Being th e ind ustry

leader a nd key dr iver of corporate inn ovat ion an dgrow th in Pakis tan , Lucky Cem ent ha s em braced

changein an insp ir ing wa y to m aint ain com pet i t iveedge over its coun terpar ts .

Our new logo serves as a tes tamen t to ou r com m itm entto challengethe no rm s and b r ing abou t achangein the

comp any as a who le .

Our new iden t ity reflects our acceptan ce towa rds m odernan d inno vat ive business p ract ices , sm art investmen t

m oves, divers ity in h um an resou rce an d un convent ion alapp roaches tow ards building ou r corporat e im age.

We have taken th echallengeto br ing theChange


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Company Information 02

Directors' Report 03

Condensed In t e rim Balance Sheet 08

Condensed In t e rim Profit and Loss Account 09

Condensed In t e rim Cash Flow Sta tement 10

Con de nsed Int erim Stat em ent o f Chan ges in Equity 11

Notes to th e Conde nsed Int erim Financial State ment s 12


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Direct ors Report

I t g ives us p leasure to present the f inancia l informat ion of your Company for the th i rd quar ter and n ine months endedMarch 31, 2012.

OVERVIEW

The cement industry achieved an overall volumetric growth of 2.5% in third quarter and 3.6% in cumulative nine months of this financial year with sales volume of 8.23 mill ion tons and 23.63 mill ion tons during third quarter and cumulative ninemonths of this financial year respectively.

The domestic sales volume of the industry increased by 8.6% in third quarter and 8.4% in cumulative nine months of thisfinancial year. The export sa les volume of t he industry declined by 14 .7% in third quarte r and 7 .8% in cum ulative nine m onthsof this financial year.

Your Company m ana ged an overall growth of 2 .5% in third quarter an d 2.3% in cum ulative nine m onths of th is financial year.The domestic sales volume registered 2.1% growth in third quarter and 7.5% in cumulative nine months. The export sales

vo lume i nc r ea sed by 3 . 2% in t h i rd qu a r t e r and dec l i ned by 5 .1% in cumula t i ve n ine mon th o f t h i s f i nanc i a l yea r.

A comparison of the key financial results of the Company for the nine months ended March 31, 2012 with same period lastyear is as under:

Particulars

Nin e m on th s Nin e m on th s % Ch an ge2011-12 2010-11

Sa les revenue 23,946 18,531 29.22%Gross profit 9 ,063 6,033 50.22%Opera t ing profit 6 ,222 3 ,307 88.18%Profit before tax 5 ,635 2,692 109.28%Net profit a fte r t ax 4 ,687 2,475 89.36%Earnings per sha re 14 .49 7.65 89.36%

* Rupees in Million Except EPS.

A comparison of third quarter versus same quarter last year is as under:

Particulars

3 rd Quart er 3 rd Quart er % Change2011-12 2010-11

Sa les revenue 8 ,572 6,504 31.80%Gross profit 3 ,248 2,065 57.29%Opera t ing profit 2 ,390 1,313 82.07%Profit before tax 2 ,154 1,111 93.83%Net profit a fte r t ax 1 ,669 1,014 64.48%Earnings per sha re 5 .16 3.14 64.48%

* Rupees in Million Except EPS.

0 3 - Lucky CementThird Quarter Report 2012


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A compar ison of d ispatches of the Indus t ry and your Company for the n ine month s ended on March 31, 2012 wi th the samecorresponding period last year is as under:

ParticularsNine Months Nine Months Growth / (Dec l ine)

2 0 11 - 1 2 2 0 1 0 - 11(Ton s) (Ton s) (Ton s) %

Cement Industry

Local Sa les 17 ,387 ,644 16 ,039 ,530 1 ,348 ,114 8%

Export SalesCement- Bagged 5 ,951 ,500 6 ,141 ,866 (190,366 ) (3% )- Loose 291 ,813 427 ,660 (135,847 ) (32% )

Sub-Total 6 ,243 ,313 6 ,569 ,526 (326 ,213 ) (5 % )

Clinker 3 ,955 199 ,419 (195,464 ) (98% )Tot al Export 6 ,247 ,268 6 ,768 ,945 (521,677 ) (8 % )

Grand Total 23 ,634 ,912 22 ,808 ,475 826 ,437 4 %

Lucky Cement Limited

Local Sa les 2 ,687 ,852 2 ,499 ,537 188,315 8%

Export SalesCement- Bagged 1 ,391 ,788 1 ,312 ,720 79 ,068 6%- Loose 291 ,813 427 ,660 (135,847 ) (32% )

Sub-Total 1 ,683 ,601 1 ,740 ,380 (56,779 ) (3 % )

Clinker 3 ,955 37 ,099 (33,144 ) (89% )Tota l Export 1 ,687 ,556 1 ,777 ,479 (89,923 ) (5 % )

Grand Total 4 ,375 ,408 4 ,277 ,016 98 ,392 2%

Directors Report

BUSINESS PERFORMANCE

(a) Production & Sales Volume Performance

The Production stat ist ics of your Compa ny for the nine mo nths un der review a s compa red to sam e period last year is as under

Particulars

Nine Mont hs Nine Mont hs Increa se /

2011-12 2010- 11 (Decrease)Tons Tons %

Clinker Product ion 4 ,118,491 4,152 ,347 (0 .82% )Cem ent Product ion 4 ,360,750 4 ,226,615 3 .17%Cem ent + Clinker Dispa t ches 4 ,375,408 4 ,277,016 2 .30%


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Directors Report


Lucky Cement Limited - Market Share (% )N i n e M o n t h s N i n e M o n t h s

2 0 11 - 1 2 2 0 1 0 - 11

Local Sales 15% 16%

Export SalesCement- Bagged 23% 21%- Loose 100% 100%

Sub-Total 27% 26%

Clinker 100% 19%Total Export 27% 26%

Grand Tota l 19% 19%

(b) Finan cial Performa nce

The local sales revenue of your Company increased by 36.2% during third quarter and 4 6.4% du ring cum ulative nine mon ths ascompa red to sam e period last year, wherea s the export sales revenue increased by 24.1% during third quarter an d 9.3% du ringcumulative nine months a s compared to same pe riod last year.

The ea rnings per share of your Company during cum ulative nine m onths w ere Rs.14.49 per sha re as com pared to Rs.7.65 pershare ach ieved during the sam e period last year.

A comparative trend of earnings per share is as under:

The per ton cos t of sa les of your Company increased by19.9% dur ing th i rd quar ter and 19.1% dur ing cumula t ivenine months as compared to same per iod las t year mainlydue to increase in fue l , packing mater ia l and o ther inputcosts. The gas and diesel prices were increased by 17% and10% during the third quarter only.

Your Company achieved operating profit margins of 27.9%d u r i n g t h i r d q u a r t e r a n d 2 6 % d u r i n g c u m u l a t i v e n i n emont hs as com pared to sa me pe r iod las t year. The f inancec os t o f you r C ompany i nc r ea sed b y 5 . 9% du r ing t h i rdqua r t e r and dec r ea sed by 28 . 6% d u r i n g cumu la t ive n inemon ths of th is financial year.

Your Company ha s a ccoun t ed fo r p rov i s i on o f de f e r r edtaxat ion amount ing to Rs .708 mi l l ion dur ing n ine monthso f t h i s f i n a n c i a l y e a r w h e r e a s t h e t o t a l p r o v i s i o n o f defer red tax l iab i l i ty provided so far in the ba lance sheetas at March 31, 2012 is Rs. 2,361 m ill ion.

Market Share


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Directors Report

PROGRESS ON ONGOING PROJECTS

Alternative Fuel (RDF / TDF Plant):

By the grace of Almighty, the alternate fuel replacement plant for replacement of coal with used Tyre Derived Fuel and ResidueDer ived Fuel has s ta r ted smooth successfu l opera t ions dur ing the quar ter under review and 20% replacement has beenachieved so far which will be improved further in gradual phases.

Supply of Power t o HESCO

By the grace of Almighty, the w orks related to grid installation a nd interconne ction with t he distribution netw ork of HESCOhas been completed recently. We hope th at t he dispatch of electricity to HESCO would be started from the m onth of M ay 2012.

INVESTMENT IN NEW PROJECTS

Joint Ventu re Investment in Cement Plant in DR Congo

We are pleased to report that a consortium of lenders consisting of Multi lateral Insti tutions and International DevelopmentFinancial Institution ha s been formed for providing debt finance for the D.R. Congo Ceme nt Project. In this respect, 1st pha seof due dil igence process has bee n successfully completed an d the lenders are in process of engaging consultants for 2nd phaseof detailed due diligence process for the project.

We hope th at th e financing close of this project would be completed in the 1st qu arter of next financial year and the w ork atproject si te w ould commen ce imme diately thereafter.

Joint Venture Investment In Cement Grinding Facility In Iraq

Your Company ha s decided to set u p 870,000 t ons per ann um Greenfield cement grinding plant in Republic of Iraq a s a jointv e n t u r e p r o j e c t w i t h a l o c a l p a r t n e r s u b j e c t t o a l l r e g u l a t o r y / s t a t u t o r y a p p r o v a l s r e q u i r e d u n d e r t h e l a w.

The tot al project cost is estimated a t US$ 30 million which would be financed through 100% equity to be contributed equ allyby both partners. Your Company would contribute US$ 15 mill ion towards 50% share of i ts equity in the proposed project.

The technical and financial evaluation of the proposed project has been carried out by our team of experienced experts. Themanagemen t i s hope fu l t ha t t h i s i nve s tmen t w i l l pave a l ong t e rm bene f i t s f o r t he sha r eho lde r s o f ou r Company.

Equity Investment In Associated Company For 50 MW Wind Farm

Your Company has decided to invest in the equity of its newly incorporated associated Company namely Yunus Energy Limitedsubject to all regulatory / statutory approvals required under the law.

The p roject will be setu p in Jhimpir District , That ta, Sindh as Wind Farm for gen eration of 5 0 MW electricity through WindTurbine Generators. The t otal project cost is estimated at US$ 143 million which wou ld be financed t hrough 80 :20 debt equityra t io . Your Company would cont r ibute US$ 4 mi l l ion towards 13 .79% share of i t s equi ty in the proposed projec t .

The EPC and O&M agreem ents ha ve been rece ntly signed w ith Nordex and Descon consortium. The plant and m achinery willbe supplied by Nordex, Germany. The debt for the project has been arranged and a financing term sheet signed with theconsortium of banks.


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Directors Report


FUTURE OUTLOOK

During the nine mont hs under review, the industry has not only sustained last year volumes rather ach ieved a he althy growthof 8% which if translated for the w hole year would lead to ach ieve a n ew m ilestone in th e current financial year by surpassingthe h ighest ever domestic volume of 23.55 m ill ion tons a chieved in the financial year 2010. On the b ack of increasing cost a nddemand of cement in the domestic markets, the prices are expected to be in l ine with the existing prices prevailing in themarkets.

The export of cem ent t o Afghanistan is expected to ach ieve a new milestone of 5 m ill ion ton s by the en d of this financial year.New re la t ions wi th India may increase expor t volumes due to removal of h indrance the indus t ry i s current ly fac ing .

ACKNOWLEDGEMENT

We are grateful to our shareholders, customers, suppliers, contractors, f inancial insti tutions and other stake holders for theongoing relationship and persistent support towards the progress of the Company. We are also proud of all the employees of the Compa ny and appreciate t heir contributions to the results achieved by the Company during the period.

In the end, I would l ike to thank my fellow Board members for their untiring efforts in directing the Company's course andmainta ining i ts growth.

For and on behalf of the Board

MUHAMMAD YUNUS TABBAChairman / Director

Kara chi: April 26 , 201 2


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Condensed Inte rim Balance Sh eetAs at Ma rch 31, 2012

Muhammad Yunus TabbaChairman / Director

Muham mad Ali TabbaChief Executive

March 31 , June 30 ,2012 2011

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

ASSETSNON - CURRENT ASSETS

Fixed AssetsProperty, p lan t and equipm ent 4 31 ,284,439 31 ,705,156Int angible a sse t s 623 1,685

3 1,2 8 5,0 6 2 3 1,7 06 ,8 41Long- t erm advance 55,373 55,373Long- t erm deposit s 3 ,175 3,175

3 1,3 4 3,6 10 3 1,7 6 5,3 8 9CURRENT ASSETS

Stores a nd spa res 5 ,932,957 6 ,313,5 84Stock- in - t rade 1 ,324,462 1 ,248,538Trade debts - considered good 1 ,052,049 620,961

Loans and advances 147,649 72,164Trade deposit s and short t e rm prepaym en t s 79,004 38,669Othe r rece ivables 220,686 218,884Tax re funds due from the Gove rn m en t 538,812 538,812Taxa t ion - ne t 46 ,974 41,652Cash and bank ba lances 627,949 351,202

9 ,9 70 ,5 42 9 ,4 44 ,4 66TOTAL ASSETS 4 1,3 14 ,1 5 2 4 1,2 0 9,8 5 5

EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES

Sha re Capit a l 3 ,233,750 3 ,233,750Reserves 27 ,932,298 2 4,539,079

3 1,1 6 6,0 4 8 2 7 ,7 7 2,8 2 9NON- CURRENT LIABILITIES

Long- t erm finan ce 5 459,248 658,298Long te rm deposit s 52 ,005 37,306Deferred lia bility 440,901 391,837Deferred t ax liabilit y 6 2 ,361,131 1 ,652,796

3 ,31 3,2 85 2 ,7 40 ,2 37CURRENT LIABILITIES

Trade and o ther paya ble s 3 ,351,642 4 ,043,689Accrued m ark- up 86,434 85,448Short - te rm borrow ings 7 3 ,131,343 6 ,302,252Current port ion of long t erm finan ces 265,400 265,400

6 ,8 3 4,8 19 1 0,6 9 6,7 8 9CONTINGENCIES AND COMMITMENTS 8

TOTAL EQUITY AND LIABILITIES 4 1,3 14 ,1 5 2 4 1,2 0 9,8 5 5

The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements.


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Condensed Interim Profit and Loss AccountFor The 3rd Quarter and Nine months period ended March 31, 2012 (Un-audited)



Nine months (July-March) Third Quarter (January-March)M arch 31 , M arch 31 , M arch 31 , March 31 ,

2012 2011 2012 2011Note (Rupees in '000 ') (Rupees in '000 ')

Gross sa les 9 28 ,075 ,223 22 ,518,921 10 ,168,075 8 ,111,851

Less: Sa les t ax and excise du ty 3 ,901 ,396 3 ,854,346 1 ,497,809 1 ,568,147Reba te s and com m ission 227 ,864 133,127 98 ,522 40,156

4,129 ,260 3 ,987,473 1 ,596,331 1 ,608,303

Net sa les 23,945 ,963 18 ,531,448 8 ,571,744 6 ,503,548

Cost of sa les (14,883 ,078) (12,498 ,492) (5 ,323 ,400) (4 ,438,304)

Gross profit 9,062 ,885 6 ,032,956 3 ,248,344 2 ,065,244

Dist ribu t ion costs (2 ,476 ,357) (2 ,512 ,374) (734 ,592) (696,746)Adm in ist ra t ive expenses (364 ,139) (213 ,943) (123 ,820) (55,872)Finan ce costs (294 ,126) (411 ,796) (124 ,564) (117,647)Othe r cha rges (296 ,861) (202 ,929) (113 ,396) (83,670)Othe r incom e 3,112 414 2,341 155

Profit before taxat ion 5 ,634,514 2 ,692,328 2 ,154,313 1 ,111,464

Taxation- Curren t (239 ,459) (185 ,314) (85 ,717) (65,035)- deferred (708 ,336) (31 ,969) (400 ,000) (31,969)

(947 ,795) (217 ,283) (485 ,717) (97,004)

Profit aft er taxat ion 4 ,686,719 2 ,475,045 1 ,668 ,596 1 ,014,460

Othe r com prehensive incom e - - - -

Total comprehensive income for the period 4 ,686,719 2 ,475,045 1 ,668 ,596 1 ,014,460

(Rupees) (Rupees)

Earnings per share - basic and diluted 14.49 7.65 5.16 3 .14




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Condensed Inte rim Cash Flow Stat ementFor The Nine months period ended March 31, 2012 (Un-audited)

March 31, March 31,2012 2011

Note (Rupees in '00 0')

CASH FLOWS FROM OPERATING ACTIVITIES

Cash flows from operations 10 6 ,337,007 1 ,991,415

Finance cost s pa id (293 ,140) (480 ,317)Incom e t ax pa id (244 ,782) (94 ,813)Gra tu it y pa id (34 ,144) (10 ,150)

(572 ,066) (585 ,280)Long- t erm deposit s 14 ,699 2 ,643

Net ca sh flow s from opera t ing act ivit ie s 5 ,779 ,640 1,408 ,778

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed ca pit a l expenditu re (854 ,790) (891 ,896)Sa le proceeds on disposa l of property, plan t & equipm ent 5 ,364 3 ,288

Net ca sh flow s used in invest ing act ivit ies (849 ,426) (888 ,608)

CASH FLOWS FROM FINANCING ACTIVITIES

Repaym en t of long- t erm finance (199 ,050) (844,311)(Repaym ent s) / rece ip t of short - te rm borrow ings (3 ,170 ,909) 1 ,706 ,139Dividends pa id (1 ,283 ,508) (1 ,284 ,174)

Net ca sh flow s used in fina ncing a ct ivit ies (4 ,653 ,467) (422 ,346)

Net increa se in ca sh a nd ca sh equ iva lent s 276 ,747 97 ,824

Cash and ca sh equiva lent s a t t h e begin ning of the pe riod 351,202 333 ,629

Cash and ca sh equiva lent s a t t h e end of t he pe riod 627 ,949 431 ,453





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Capi t a lr e se rve Revenue r e se rves

Issued, Totalsubsc r ibed r e se rves To ta l equ i ty

a n d pa id u p Sh a re Ge n e ra lU n a p p r o p r i a t e dcap i t a l p remium Rese rve p ro 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

Transferred to genera l reserve - - 2 ,500,000 (2 ,500,000 ) - -

Final dividend a t Rs. 4/- p er share for theyea r ended June 30 , 2010 - - - (1 ,293,500 ) (1 ,293,500 ) (1 ,293,500 )

Tot al com prehe nsive incom e for th e period - - - 2 ,4 75 ,04 5 2,4 75 ,04 5 2,4 75,0 45

Balance as at March 31, 20 11 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 2,5 00 ,0 00 3 ,2 00 ,3 02 2 3,0 43 ,7 24 2 6,2 77 ,4 74

Balance as a t 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

Transferred to genera l reserve - - 2 ,500,000 (2 ,500,000 ) - -

Final dividend a t Rs. 4/- p er share for theyea r ended June 30 , 2011 - - - (1 ,293,500 ) (1 ,293,500 ) (1 ,293,500 )

Tot al com prehe nsive incom e for th e period - - - 4 ,68 6,71 9 4 ,68 6,71 9 4,6 86 ,719

Balance as at March 31, 2012 3 ,2 33 ,7 50 7 ,3 43 ,4 22 1 5,0 00 ,0 00 5 ,5 88 ,8 76 2 7,9 32 ,2 98 3 1,1 66 ,0 48


Condensed Interim Statement Of Changes in EquityFor The Nine months period ended March 31, 2012 (Un-audited)





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Notes to the Condensed Interim Financial StatementsFor The Nine months period ended March 31, 2012 (Un-audited)

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 Ordinance). The shares of the Compa ny are quoted on all the three stock exchanges in Pakistan. The Compan yhas also issued GDRs which are l isted and traded on the Professional Securit ies Market of the London Stock Exchange.The principal act ivity of the Compa ny is manu fact uring and ma rketing of cem ent . The registered office of the Comp any islocated a t Pezu, District Lakki Marw at in Khyber Pakhtu nkhwa . The Compa ny has tw o product ion facilities at Pezu, DistrictLakki Marwat in Khyber Pakhtunkhwa and at Main Super Highwa y in Karachi, Sindh.

2 STATEMENT OF COMPLIANCE

These condensed interim financial statem ents of the Company for the nine mon ths period ended March 31, 2012 h as beenprepared in accordance with the requirements of the International Accounting Standard (IAS) - 34 Interim FinancialReporting and provisions of a nd directives issued under t he Companises Ordinance, 1984. In case where the requiremen tsdiffer, the provisions of or directives issued unde r the Companies Ordinance, 19 84 have bee n followed. These con densedinterim financial statem ents do not include all the information and disclosures required in th e a nnual financial statement s,and should be read in conjunct ion wi th Company 's annual f inancia l s ta tements for the year ended June 30 , 2011.

3 SIGNIFICANT ACCOUNTING POLICIES

The accoun ting policies and me thods of computa tion adopted in the preparation of these conde nsed interim financialstatemen ts are consistent with those a pplied in the preparation of the financial statements for the year ended June 30, 2011,except a s follows:

New and a mended stan dards and interpretations

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

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

In May 2010, Internatina l Account ing Standa rds Board (IASB) issued am endm ent s to various stand ards primarily with a viewto rem oving inconsistencies and clarifying w ording. These improvem ents a re listed below:

IFRS 7 - Financial Instruments Disclosures (Clarification of disclosures)IAS 1 - Presentation of Financial Statements (Clarification of statement of changes in equity)IAS 34 - Interim Finan cial Reporting (Significant events a nd tra nsactions)IFRIC 13 - Customer Loyalty Programme s (Fair value of a ward credits)

The adopt ion of the above standa rds, amen dment s / improvemen ts and interpretations did not have a ny mate rial effect onthe condensed interim financial statement s of the Company.

4 PROPERTY, PLANT AND EQUIPMENT

4.1 The following is the m ovemen t in property, plant a nd equipme nt during the period/year :

March 31, June 30,2012 2011

(Un- audit ed) (Audit ed)Note -- -- -(Rupees in '000')-- -- --

Opera t ing fixed assets (WDV) Opening balance 30,565,211 29 ,465 ,134Add: Addit ions during the period/year 4.2 1,379,881 2 ,6 78 ,1 22

31 ,9 45 ,09 2 3 2,1 43 ,2 56Less: Disposals during the period/year (WDV) 2 ,346 7 ,5 0 0

Deprecia t ion charge for the period/year 1 ,273,063 1 ,570 ,5 45Opera t ing fixed assets (WDV) - closing balance 30 ,669,683 30 ,5 65 ,211Add: Capita l work- in- progress 4.3 614,756 1 ,1 39 ,9 45

31 ,2 84 ,43 9 31 ,70 5,1 56


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4.2 .Th e f o ll o w i n g a d d i t i o n s a n d d e l e t i o n s w e r e m a d e d u r in g t h e p e r i o d i n o p e r a t i n g f ix e d a s s e t s :

Addit ions Delet ions(Cost) (Cost)

- - - - - (Rupees in '000 ') - - - - - -Operating fixed assets

La nd 17,967 -Buildings 220,633 -Plan t a nd m achinery 1 ,083,783 -Genera tors 4 ,546 -Qua rry equ ipm ent s 495 -Vehicles including cem en t bu lkers 32 ,499 5 ,747Fu rn it ure a nd fixtu res 3 ,592 -Office equipm ent s 7 ,906 1 ,542Com pu te r & Accessories 4 ,293 75Other a sse t s 4 ,167 -

1 ,379,881 7 ,364

4 .3 The following is the m ovement in capital work-in-progress during the period/year :

March 31, June 30,2012 2011

(Un- audit ed) (Audit ed)Note -- -- -(Rupees in '000')---- --

Opening ba la nce 1 ,139,945 1 ,913,121Add: Addit ions du ring t he pe riod/yea r 793,337 1,657 ,458

1 ,933,282 3 ,570 ,579Less: Transferred t o opera t ing fixed a sse t s 1 ,318,526 2,430 ,634Closing ba la nce 614,756 1,139 ,945

4 .4 Borrowing costs amounting to nil (June 30, 2011 Rs. 8.274 mill ion) have been capitalised in the capital work-in-progress during the period/year.

5 LONG TERM FINANCE

Long- t erm finance 5.1 724,648 923 ,698Less : Cu rren t port ion of long term finance 265,400 265 ,400

459,248 658 ,298

5 .1 The terms and conditions of long-term finance are the same as disclosed in the annual financial statements of theCompany for the year ended June 30, 2011.

6 DEFERRED TAX LIABILITY

This comprises of the following :Deferred ta x l iabil ity - difference in ta x and a ccountingba ses of property, plant a nd equ ipm en ts 3 ,577,992 3,280 ,809Deferred ta x assets- una bsorbed ta x losse s (1 ,067 ,942) (1 ,495 ,783)

- provision (148 ,919) (132 ,230)(1 ,21 6,8 61 ) (1 ,6 28 ,01 3)2 ,361,131 1,652 ,796

7 SHORT TERM BORROWINGS

Foreign Currency Im port Finan ce 1 ,471,343 5,952 ,252Export refinance 1 ,660,000 350 ,000

7.1 3 ,131,343 6 ,302 ,252


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7 .1 The terms and conditions of short-term borrowings are the same as disclosed in the annual financial statements of the Compa ny for the year ended June 30, 2011.

8 CONTINGENCIES AND COMMITMENTS

8.1 CONTINGENCIES

There are no major changes in the s ta tus of cont ingencies as reported in the annual f inancia l s ta teme nts for the yearended June 30, 2011.

March 31, June 30,2012 2011

(Un- audit ed) (Audit ed)- - - - - (Rupees in '000 ') - - - - - -

8.2 COMMITMENTS

Capital CommitmentsPlan t a nd m achinery under le t te rs of credit 100,707 3 0 4 ,7 3 8

Other Commitment sStores, spares and pa cking ma terial underle t t e rs of credit 1 ,124,898 1 ,3 6 4 ,70 5

Bank guarante es issued on beh alf of t he Com pany 556,216 6 3 8 ,6 2 9

For the nine months endedM arch 31 , March 31 ,

2012 2011- - - - - (Rupees in '000 ') - - - - - -

9 GROS S SALES

Loca l 18 ,541,667 1 3 ,81 8 ,7 5 3Export 9 ,533,556 8 ,70 0 ,1 6 8

2 8,07 5,2 23 2 2,5 18 ,9 21

10 CASH GENERATED FROM OPERATIONS

Profit be fore t axa t ion 5 ,634,514 2 ,6 9 2 ,3 2 8Adjustments for non cash charges and other i tems

Deprecia t ion 4.1 1 ,273,063 1 ,1 7 7 ,1 5 0Am ort iza t ion on in t an gible a sse ts 1 ,160 1 ,1 3 7Provision for slow m oving spa res 30 ,537 -Ga in on disposa l of property, plan t & equipm ent (3 ,018) (284)Provision for gra tu it y 83 ,208 7 3 ,9 7 5Finan ce costs 294,126 411 ,7 9 6

7 ,313,590 4 ,3 5 6 ,102

Working capital cha ngesIncrea se in cu rren t a sse ts (274 ,544) (2 ,775 ,442)(Decrea se) / in crea se in cu rren t liab ilit ies (702 ,039) 410 ,7 5 5

(9 76 ,5 83 ) (2 ,3 64 ,6 87 )

Cash generat ed from operations 6 ,337,007 1 ,9 91 ,41 5


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11 TRANSACTIONS W ITH RELATED PARTIES

Rela ted par t ies of the Compa ny comprise of associa te d under takings , d i rec tors and key ma nage men t personnel .Transactions with related parties during the period, other than remuneration and benefits to key management personnelunder the term s of their employment, are as follows:

For the nine months endedM arch 31 , March 31 ,

2012 2011- - - - - (Rupees in '000 ') - - - - - -

Associated UndertakingsLucky Paragon ReadyMix LimitedSa les 66,880 45 ,938Purchases - 55Lucky Text ile MillsSa les 16,862 6 ,888Gadoon Textile Mills LimitedSa les 21,253 15,316Younus Textile Mills LimitedSa les 4 ,312 2,100Fazal Textile Mills LimitedSa les 26,381 3 ,525Aziz Tabba FoundationSa les - 1 ,469

1 2 DATE OF AUTHORISATION FOR ISSUE

These con densed interim financial state men ts were au thorized for issue on April 26, 2012 by the Board of Directors of the Company.

1 3 GEN ERAL

Figures have been roun ded off to the nea rest thousa nd of Rupees, unless otherwise stated.



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Lucky Cemen t LimitedHouse No. 26, Street No. 8,Sec tor F-7 /3 , I s lama badPhone: 111-786-555mhk@ lucky-cem ent .com


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N I K M A T P R I N T E R S

third quarter report mar 31 2012

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