Balance Sheet

as at December 31, 2009

Note

December 31, 2009

June 30, 2009 (Rupees in thousand)

EQUITY AND LIABILITIES SHARE CAPITAL & RESERVES Authorized capital Issued, subscribed and paid up capital Reserves Un-appropriated profits 5 6 7 7 2,500,000 1,593,720 131,931 2,461,255 4,186,906 SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 8 4,373,769 2,500,000 1,496,677 131,931 2,378,750 4,007,358 2,788,311

NON CURRENT LIABILITIES Long-term financing - secured Liabilities against assets subject to finance lease Deferred taxation Deferred income 9 10 11 12 4,079,149 119,368 2,883,631 101,108 7,183,256 CURRENT LIABILITIES Trade and other payables Interest / mark-up accrued on loans and other payables Short-term borrowings Current portion of: - long-term financing - liabilities against assets subject to finance lease 9 10 783,597 82,959 7,191,289 CONTINGENCIES AND COMMITMENTS 16 22,935,220 19,070,035 677,349 85,944 6,553,832 13 14 15 1,284,080 333,763 4,706,890 1,506,702 337,322 3,946,515 3,493,417 103,367 2,013,543 110,207 5,720,534

Note

December 31, 2009

June 30, 2009

ASSETS NON-CURRENT ASSETS Property, plant and equipment Intangible assets 17 18 13,457,138 511,134 13,968,272 9,720,022 583,512 10,303,534

Long term investments

19

22,906

21,771

Long-term deposits

20

92,152

80,179

CURRENT ASSETS Stores, spares and loose tools Stock-in-trade Trade debts - unsecured Advances Trade deposits and short-term prepayments Other receivables Other financial assets Sales tax refundable Income tax refundable Cash and bank balances 28 26 27 21 22 23 24 25 90,721 3,826,744 3,227,219 825,807 193,963 14,952 27,522 154,374 367,325 123,263 8,851,890 76,854 3,258,607 3,807,776 686,044 180,262 12,671 26,107 131,593 291,579 193,058 8,664,551

22,935,220

19,070,035

The annexed notes 1 to 48 form an integral part of these financial statements. NASEEM SAIGOL Chairman / Chief Executive Officer HAROON A. KHAN Managing Director

Profit & Loss Account / Statement of Coprehensive Income

For the Six months period ended December 31, 2009

Six months ended December 31, 2009 Year ended June 30, 2009

Note

(Rupees in Thousand) Revenue Sales-tax and discount Revenue - net Cost of sales Gross profit Other operating income 32 31 29 30 5,203,152 571,721 4,631,431 3,148,401 1,483,030 40,708 1,523,738 Distribution cost Administrative expenses Other operating expenses Finance cost Share of profit/(loss) of associate Profit before taxation Provision for taxation Profit for the period / year Other comprehensive income Total comprehensive income for the period/year 37 33 34 35 36 19.2 315,170 349,450 19,751 619,911 2,438 221,894 60,643 161,251 16,117,524 1,495,912 14,621,612 11,283,796 3,337,816 37,088 3,374,904 892,068 609,004 116,807 1,372,676 9,248 393,597 133,051 260,546

161,251 Rupees

260,546 Rupees -

Earning per share Basic Diluted 40 40

1.31 1.24

1.97 1.94

The annexed notes 1 to 48 form an integral part of these financial statements. NASEEM SAIGOL Chairman / Chief Executive HAROON A. KHAN Managing Director

Cash Flow Statement

For the Six months period ended ended December 31, 2009

Note

Six months ended Dember 31, 2009

Year ended June 30, 2009

(Rupees in Thousand) CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for: Profit before taxation Amortization of intangible assets Share of profit of associate Provision of impairment in value of investments Finance cost Provision for doubtful receivables & advances Impairment loss of goodwill Provision / (reversal) of provision for obsolete and slow moving stocks Provision for compensated absences Gain/(loss) due to change in the fair value of other financial assets Loss on sale and lease back Amortization of grant in aid Gain on sale and lease back activities (net of amortization during the year (Gain) / loss on disosal of property, plant and equipment 216,580 1,925 (2,438) 1,303 619,911 52,042 73,632 381 1,157 (1,415) 1,864 (1,497) (13,608) (748) 949,089 Cash generated from operations before working capital changes Working capital changes Cash generated from operations Finance cost paid Compensated absences paid Income taxes paid 45 1,170,983 (455,667) 715,316 (623,470) (1,081) (106,032) (730,583) Net cash (used in) / from operating activities Cash flows from investing activities (15,267) 315,305 3,134 (9,248) 40,422 1,372,676 58,539 (6,637) 13,599 46,188 (3,150) (18,408) 1,026 1,813,446 2,207,043 (10,189) 2,196,854 (1,255,458) (14,198) (269,471) (1,539,127) (657,727) 221,894 393,597

Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Proceeds from sale and leaseback activities Long-term deposits made during the period/year Net cash used in investing activities Cash flows from financing activities Repayment of long-term financing Proceeds from long-term financing Payment of liabilities against assets subject to finance lease Proceeds from short-term borrowings Dividends paid Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the period /year Cash and cash equivalents at end of the period /year 28

(1,466,257) 3,699 55,521 (11,400) (1,418,437)

(2,394,040) 12,984 210,769 (11,338) (2,181,625)

(269,292) 961,272 (38,452) 760,375 (49,994) 1,363,909 (69,795) 193,058 123,263

(744,412) 2,103,237 (103,886) 77,527 (49,994) 1,282,472 (241,426) 434,484 193,058

The annexed notes 1 to 48 form an integral part of these financial statements. NASEEM SAIGOL Chairman / Chief Executive Officer HAROON A. KHAN Managing Director

Statement of Changes in Equity

For the Six months period ended ended December 31, 2009
(Rupees in thousand)

Capital Reserves Share Capital Premium on issue of shares Balance as at July 01, 2008 Total comprehensive income for the year ended June 30, 2009 Final dividend for the 1,496,677 131,931 Reserves for bonus shares -

Revenue reserves Total Unappropriate profit

2,074,013

3,702,621

260,546

260,546

(49,994)

(49,994)

year ended June 30, 2009 @ Rs. 0.95 per preference share Transfer to unappropriated profits on account of incremental depreciation charged during the year net of deferred taxation Balance as at June 30, 2009 Total comprehensive income for the six months period ended December 31, 2009 Final Dividend for the year ended June 30, 2009 @ Rs. 0.95 per preference share Transferred to reserve for bonus shares Issue of bonus shares Transfer to unappropriated profits on account of incremental depreciation charged during the period - net of deferred taxation Balance as at December 31, 2009 1,593,720 131,931 2,461,255 4,186,906 68,291 68,291 1,496,677 131,931 2,378,750 4,007,358 94,185 94,185

161,251

161,251

(49,994)

(49,994)

97,043

97,043 (97,043)

(97,043) -

The annexed notes 1 to 48 form an integral part of these financial statements. NASEEM SAIGOL Chairman / Chief Executive Officer HAROON A. KHAN Managing Director