BIBOJEE GROUP. Quarterly Account September 30, 2016 (Un-audited) GAMMON PAKISTAN LIMITED

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1 BIBOJEE GROUP Quarterly Account September 30, 2016 (Un-audited) GAMMON PAKISTAN LIMITED

3 Fazal-ur-Rehman Barki Independent Director Mohammad Salah-ud-din-FCA Fazal-ur-Rehman Barki Mohammad Salah-ud-din-FCA

4 DIRECTOR S REPORT On behalf of the Board of Directors, I am pleased to place before the Board, the un-audited Financial Results for the first quarter ended September 30, OPERATING PERFORMANCE The Company s financial performance during the period is as under;- September 30, (Rupees) September (Rupees) Contract Income 65,293,407 64,192,511 Contract Expenditure 61,441,773 73,876,051 Operating profit/(loss) 3,851,634 (9,683,540) Profit /(loss)before taxation 792,194 (12,191,327) Taxation (1,394,678) (1,175,924) Loss after taxation (602,484) (13,367,251) Revenue during the first quarter has slightly improved as compare to the same period last year. The work of Housing Directorate Project at DHA Islamabad has contributed Rs million during the quarter. The project is in final stages of completion. Formal handing over of all the buildings of block 4,5&8 are anticipated by the end of December Major part of mixing plant building project at General Tyre and Rubber Company limited (GTR) Karachi, is also in final stage. Finishing works of the project are in full swing and the Management is hopeful to handover the project in the next quarter. The revenue booked against GTR project amounts to Rs million. The work at DHA Bridge project is also proceeding at good pace and has contributed Rs million during the quarter under review and we are hopeful to complete the work in up-coming quarter. Work on MTC project has resumed. It is expected that the project will be completed according to agreed schedule. The balance work at MES Rawalakot project is progressing well and we are expecting to complete the remaining work of cook house before December 31,

5 FUTURE PROSPECTS Your Company in Joint Venture with a Chinese company has been prequalified provisionally for the construction of new passenger terminal to be built on finance cum construct basis. Our Chinese J.V partner, M/s EVICS is negotiating the financing term. Management has got an offer from Army Housing Directorate for more works. Various projects are in pipeline and the company will take the contracts on workable basis. The Management is pleased to inform that your company has qualified for ISO and ISO certificates. ACKNOWLEDGMENT We appreciate the hard work and dedication of the Company s Management, engineers and employees during the period under review. We would also like to express our gratitude to our bankers, clients and suppliers for their cooperation, support and trust reposed in the Company. For and on behalf of Board of Director s Muhammad Salahuddin-FCA Chief Executive Officer 3

6 GAMMON PAKISTAN LIMITED CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30, 2016 (UN-AUDITED) Un-audited Audited September 30, June 30, ASSETS NON CURRENT ASSETS Note Property, plant and equipment Operating fixed assets 128,818, ,562,607 Investment property 240,780, ,780,368 Long term investments 1,231,263 1,231,263 Long term security deposits 3,468,994 3,468, ,298, ,043,232 CURRENT ASSETS Stores, spares and loose tools 38,568,268 38,507,903 Contract receivables 148,345, ,527,023 Cost and estimated earnings in excess of billings 28,669,046 52,205,636 Loans and advances 8,951,633 11,294,720 Other receivables 849, ,295 Short term prepayments 23,467 80,282 Tax refunds due from Government 71,655,635 58,738,297 Taxation - net 1,130,910 12,917,338 Cash and bank balances 25,465,516 38,358, ,659, ,531,845 TOTAL ASSETS 697,958, ,575,077 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share capital 6 282,662, ,662,310 Share premium reserve 15,380,330 15,380,330 Accumulated loss (72,188,647) (72,074,684) 225,853, ,967,956 SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 252,800, ,288,883 NON-CURRENT LIABILITIES Deferred liability 8,344,826 8,669,894 Deferred taxation 12,197,141 12,416,622 20,541,967 21,086,516 CURRENT LIABILITIES Trade and other payables ,114, ,026,726 Billing excess of cost and estimated earnings 1,587,719 1,145,454 Joint venture partner's advances 30,059,542 30,059, ,762, ,231,722 CONTINGENCIES AND COMMITMENTS 8 TOTAL EQUITY AND LIABILITIES 697,958, ,575,077 The annexed notes form integral part of these condensed interim financial statements. 4

7 GAMMON PAKISTAN LIMITED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED SEPTEMBER 30, 2016 July - Sept, July - Sept, Rupees Rupees Income - Own contracts 65,293,407 64,192,511 -Joint ventures - Total 65,293,407 64,192,511 Cost - Own contracts 61,441,773 73,876,051 -Joint ventures - Total 61,441,773 73,876,051 Net contract (loss)/profit 3,851,634 (9,683,540) Operating expenses General and administrative expenses 7,353,087 4,996,477 (3,501,453) (14,680,017) Other income 4,313,108 3,012,772 Operating (loss) /profit 811,655 (11,667,245) Finance cost 19, ,082 Allocation of loss to joint venture partners - net - 12,000 (Loss) /profit before taxation 792,194 (12,191,327) Taxation (1,394,678) (1,175,924) (Loss)/profit after tax (602,484) (13,367,251) Total Comprehensive Income - - Total Comprehensive (Loss) / Income (602,484) (13,367,251) Earning per share - basic and diluted (Rupees) (0.02) (0.47) The annexed notes form integral part of these condensed interim financial statements. 5

8 GAMMON PAKISTAN LIMITED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE PERIOD ENDED SEPTEMBER 30, 2016 Three months ended September 30, Rupees Rupees Profit/ (Loss) for the period-before taxation 792,194 (12,191,327) CASH FLOWS FROM OPERATING ACTIVITIES: Adjustment for non-cash charges and other items: Depreciation 744, ,946 Staff retirement benefits-gratuity 97, ,731 Finance cost 19, ,082 Allocation of loss to joint venture partners - (12,000) Staff retirement benefits-gratuity(paid) (422,200) (150,000) 438,656 1,182,759 Profit/(Loss) before working capital changes 1,230,850 (11,008,568) Effect on cash flow due to working capital changes: Stocks of materials,stores and spares (60,365) 8,341,940 Contract Receivables (24,818,525) 5,293,322 Cost and estimated earnings in excess of billings 23,536,590 17,167,395 Loans and advances 2,343,087 (7,954,067) Other Receivables 52,915 (762,000) Prepayments 56, ,503 Net Change in Current Assets 1,110,517 22,290,093 Trade and other payables (12,911,936) 1,871,882 Billing in excess of cost and estimated earnings 442,265 - Mobilisation Advance - 33,664,625 Materials Received from customers/secured advances - (9,322,238) Net Change in Current Liabilities (12,469,671) 26,214,269 Net cash inflow/(outflow)from operating activities (10,128,304) 37,495,794 Income tax paid (2,745,070) (7,474,672) Net cash inflow/(outflow) after tax from operating activities (12,873,374) 30,021,122 CASH FLOW FROM INVESTING ACTIVITIES Addition of fixed assets - (888,000) Net cash inflow/(outflow) from investing activities - (888,000) CASH FLOW FROM FINANCING ACTIVITES Finance cost paid (19,461) (536,082) Net cash inflow/(outflow) from finance activities (19,461) (536,082) Net increase/decrease in cash and cash equivalent (12,892,835) 28,597,040 Cash and Cash Equivalent -At the beginning of the period 38,358,351 17,516,430 Cash and Cash Equivalent -At the end of the period 25,465,516 46,113,470 The annexed notes form integral part of these condensed interim financial statements. 6

9 GAMMON PAKISTAN LIMITED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED SEPTEMBER 30,2016 Issued, subscribed and paid-up capital Share premium reserve Accumulated loss Balance as at July 01, ,662,310 15,380,330 (93,885,442) Total comprehensive income for the year - - (13,367,251) Transfer from surplus on revaluation of property, plant and equipment incremental depreciation-net of deferred tax ,029 Balance as at September 30, ,662,310 15,380,330 (106,935,664) Balance as at July 01, ,662,310 15,380,330 (72,074,684) Total comprehensive income for the year - - (602,484) Transfer from surplus on revaluation of property, plant and equipment incremental depreciation-net of deferred tax ,521 Balance as at September 30, ,662,310 15,380,330 (72,188,647) The annexed notes form integral part of these condensed interim financial statements. Total 204,157,198 (13,367,251) 317, ,106, ,967,956 (602,484) 488, ,853,993

10 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2016 (UN-AUDITED) Gammon Pakistan Limited (the Company) was incorporated under the Companies Act,1913 (now the Companies Ordinance, 1984) on 12 August, 1947 as a Private Company limited by shares and was converted into Public Company in the year Its shares are quoted in Pakistan Stock Exchange and it is principally engaged in execution of civil construction works. The registered office of the Company is situated at Gammon House, 400/2 Peshawar Road, Rawalpindi. The Company is Subsidiary of the Bibojee Services(Pvt)Limited. These financial statements have been prepared in accordance with the requirements of international Accounting Standard 34 (Interim Financial Reporting) and are being submitted to the shareholders as required by section 245 of the Companies Ordinance, 1984 and the Listing Regulations of the Pakistan Stock Exchange. These financial statements do not include all the information required for complete financial statements and should be read in conjunction with the annual financial statements of the company for the year ended 30 June, The accounting policies and methods of computation, which have been used in the preparation of these financial statements are the same as those applied in the preparation of the financial statements as at and for the year ended 30 June, The significant judgment, estimates and assumptions used by the management in preparation of these financial statements are the same as those applied to the annual financial statements as at and for the year ended 30 June, Un-audited 6. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL 30 Sept, 2016 Rupees 22,627,320 (30 June, 2016: 22,627,320) ordinary shares of Rs.10 each fully paid in cash 226,273,200 2,562,845 3,076,066 28,266,231 (30 June, 2016: 2,562,845) ordinary shares of Rs.10 each issued as fully paid bonus shares 25,628,450 (30 June, 2016: 3,076,066) ordinary shares of Rs.10 each issued by conversion of the directors' loans 30,760, ,662, TAXATION Provision for the current period represents tax on income chargeable under the final tax regime and minimum tax due under section 113 of the income Tax Ordinance, CONTINGENCIES AND COMMITMENTS Audited 30 June, 2016 Rupees 226,273,200 25,628,450 30,760, ,662,310 There has been no significant change in the status of contingencies and commitments since the date of preceding published financial statements of the Company for the year ended 30 June,

11 9. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Rentals received during the current period from the Associated Companies are amounting to Rs750,000/- from Ghandhara Industries Limited and Ghandhara Nissan Limited each. Whereas an amount of Rs.450,000 and Rs.150,000/- has also been received from Bannu Woollen Mills Ltd and Janana De Malucho Textile Mills Limited respectively. Further, an amount of Rs.10,249,033/- has been received from M/s General Tyre and Rubber Company Ltd against construction of mixing plant building at Karachi. 10. TRADE AND OTHER PAYABLES Un-audited 30 Sep., 2016 Rupees Sundry creditors 59,493,479 Advance rent 3,476,308 Due to sub-contractors 42,949,134 Accrued expenses 11,402,498 Due to employees and others 9,637,077 Taxes payable 308,945 Sales Tax payable 304,740 Unclaimed dividends 1,442,230 Joint venture partners' share of profit 2,977,879 Other provisions ,122, ,114,790 Audited 30 June, 2016 Rupees 70,102,429 3,865,224 43,909,086 11,209,072 9,917, ,942 1,179,335 1,442,230 2,977, ,026, DATE OF AUTHORISATION FOR ISSUE 12. GENERAL This represent provision made for the potential liability, in respect of borrowings of Saudi Riyals million and Saudi Riyals million during the year 1986 for the Saudi Operations of the Company. The Company may have to bear this amount as a result for settlement of overseas dues of National Bank of Pakistan in accordance with the incentive Scheme under the State Bank of Pakistan's Circular No.19 of 05 June,1997. These financial statements were authorised for issue by the Board of Directors of the Company in its Meeting held on October 27, 2016 Figures in the financial statements have been rounded-off to the nearest Rupee except when stated otherwise. Corresponding figures have been re-arranged or re-classified wherever necessary in these financial statements. CHIEF EXECUTIVE DIRECTOR 9

12 Address BY BOOK POST Under postal certificate If undelivered please return to, Gammon Pakistan Ltd. GAMMON HOUSE 400/2, Peshawar Road, Rawalpindi.

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