An Analysis of Financial and

f Financial and Busniess Performance of British Airways Ltd

For the Financial Years 2011-2013

Appendix A- Accounts and Ratios for Birtish Airways

By: Muhammad Burhan Safi - ACCA Reg n.o - 219978
Statement of Financial Position of Nishat Mills (Unconsolidated for the years 2011-2013)
Nishat Mills Limited

2011

Assets
Non Current Assets
Property, plant and equipment 13,303,514
Investment properties 126,834
Long term investments 21,337,889
Long term loans 849,206
Long term deposits and prepayments 29,502
35,646,945
Current Assets
Stores, spare parts and loose tools 955,136
Stock in trade 9,846,680
Trade debts 2,481,259
Loans and advances 756,351
Short term deposits and prepayments 47,211
Other receivables 1,406,890
Accrued interest 34,260
Short term investments 1,781,471
Cash and bank balances 1,132,701
18,441,959
Non-current Asset Held for sale -
Total Assets 54,088,904

Equity and Liabilities

Share Capital & Reserves
Issued, subscribed and paid-up share capital 3,515,999
Reserves 31,877,960
Total equity 35,393,959

Liabilities
Non-current Liabilities
Long term financing 2,659,328
Liabilities against assets subject to finance lease 202,628
Deferred income tax liability 510,640
3,372,596

Current Liabilities
Trade and other payables 2,577,020
Accrued mark-up 358,454
Short term borrowings 10,471,685
Current portion of non-current liabilities 1,283,865
Provision for taxation 631,325
15,322,349

Total Liabilities 18,694,945

Total Equities & Liabilities 54,088,904
2011-2013)

Pak Rupees ('000)

2012 2013

14,318,639 15,530,320
241,969 394,745
21,912,790 37,378,224
268,330 84,997
36,984 41,748
36,778,712 53,430,034

1,019,041 1,285,371
9,695,133 10,945,439
3,489,070 6,243,535
867,631 1,898,334
41,008 40,018
758,077 1,019,164
30,062 13,550
1,589,093 4,362,880
2,358,556 1,128,862
19,847,671 26,937,153
- 267,407
56,626,383 80,634,594

3,515,999 3,515,999
34,246,750 55,401,036
37,762,749 58,917,035

3,289,538 3,083,410
137,040 66,322
310,305 499,415
3,736,883 3,649,147

3,397,640 3,785,501
269,579 300,755
9,665,849 11,939,028
1,106,902 1,310,769
686,781 732,359
15,126,751 18,068,412

18,863,634 21,717,559
56,626,383 80,634,594
Statement of Comprehensive Income (Unconsolidated for 2011-2013)
Nishat Mills Limited

2011

SALES 48,565,144
COST OF SALES (40,718,697)

GROSS PROFIT 7,846,447

DISTRIBUTION COST (2,190,496)

ADMINISTRATIVE EXPENSES (656,756)
OTHER OPERATING EXPENSES (431,220)

(3,278,472)

4,567,975
OTHER INCOME 2,444,985

PROFIT FROM OPERATIONS 7,012,960

FINANCE COST (1,601,048)

PROFIT BEFORE TAXATION 5,411,912

PROVISION FOR TAXATION (568,000)

PROFIT AFTER TAXATION 4,843,912

Earnings per Share- Basic and

Diluted (Rupees) 13.78

PROFIT AFTER TAXATION 4,843,912

OTHER COMPREHENSIVE INCOME

Surplus/(deficit) arising on remeasurement of available

for sale investments to fair value (584,488)
Reclassification adjustments for gains included in profit or loss (109,030)
Deferred income tax relating to surplus on available
for sale investments 746,252
Other comprehensive income for the year - net of tax 52,734

TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,896,646

 Pak Rupees ('000)
2012 2013

44,924,101 52,426,030
(38,134,910) (43,381,545)

6,789,191 9,044,485

(2,555,327) (2,529,455)
(731,740) (870,269)
(343,699) (409,429)

(3,630,766) (3,809,153)

3,158,425 5,235,332
2,683,685 2,739,102

5,842,110 7,974,434
(1,760,543) (1,617,581)

4,081,567 6,356,853
(553,000) (510,000)

3,528,567 5,846,853

10.04 16.63

3,528,567 5,846,853

(199,833) 16,727,142
- -

200,335 (189,110)
502 16,538,032

3,529,069 22,384,885
Ratio Analysis and Calculation (Nishat Mills Limited)
Data
Pak Rupees ('000)
2010 2011 2012
Analysis:
Revenue:

Export Revenue 36,014,677 34,651,145

Local Revenue 12,084,595 10,116,320

Total Revenue(excluding others) 48,099,272 44,767,465

Other revenue 465,872 156,636

Total as per Accounts 31,535,647 48,565,144 44,924,101

Ratio Calculation:

Profitability:

Gross profit 7,846,447 6,789,191

Net Profit 4,843,912 3,528,567
Fixed Asset Turnover:
Fixed Assets 13,303,514 14,318,639
Capital employed 35,613,899 38,766,555 41,499,632
Average capital employed 37,190,227 40,133,094

Liquidity:
Current Assets 18,441,959 19,847,671
Current Liabilities 15,322,349 15,126,751
Current Assets-Stock-Stores, spare parts 7,640,143 9,133,497

Efficiency:
Debtors:
Average Receivables 2,261,258 2,985,165
Creditors:
Payables 2,577,020 3,397,640
Inventory turnover:
Average stock 7,954,953 9,770,907
Cost of sales 40,718,697 38,134,910
Leverage:
Financial Gearing
Long term debts+finance leases 2,861,956 3,426,578
Equity 31,376,313 35,393,959 37,762,749

Interest Cover:
Finance Costs 1,601,048 1,760,543
Profit from operations 7,012,960 5,842,110

Investor Ratios:
EPS:
Earnings attributable to ordinary shareholders 4,843,912 3,528,567
Weighted average n.o of shares (Numbers) 351,599,848 351,599,848
Price/earning ratio:
Market price per share (Rs.) (Closing) 50.34 47.58
 Data Calculated Results/Ou
Rupees ('000)
2013 2011

39,468,352 Export Revenue 74.88%

12,793,155 Local Revenue 25.12%

52,261,507 Total Revenue 100.00%

164,523
Revenue Growth/decline(Year On Year) 54.00%
52,426,030

9,044,485 Gross profit margin 16.16%

5,846,853 Net profit margin 9.97%

15,530,320 Fixed Assets turnover ratio 3.65

62,566,182
52,032,907 Return on Capital Employed 18.86%

26,937,153 Current Ratio 1.20

18,068,412 Quick Ratio 0.50
14,706,343

Receivable Turnover (Days) 16.99

4,866,303
Creditors Turnover (Days) 23.10
3,785,501

10,320,286 Inventory turnover (Days) 71.31

43,381,545

3,149,732 Debt/Equity Ratio 8.09%

58,917,035

1,617,581 Interest Cover ratio (Times) 4.38

7,974,434

Earning per share (Rs.) 13.78

5,846,853
351,599,848 Price/earning ratio (Times) 3.65

94.21
Calculated Results/Outputs

2012 2013

77.40% 75.52%
22.60% 24.48%

100.00% 100.00%

-7.50% 16.70%

15.11% 17.25%
7.85% 11.15%

3.14 3.38

14.56% 15.33%

1.31 1.49
0.60 0.81

24.25 33.88

32.52 31.85

93.52 86.83

9.07% 5.35%

3.32 4.93

10.04 16.63
4.74 5.67