mohammad talha.doc

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Table of contents

Executive Summary 4-5Investor Guide 6-7

INTRODUCTION & HISTORY OF PAKISTAN OIL INDUSTRYOverview 9What Is Petroeum! "#$om%osition o& Petroeum

""What Is Oi Per 'arre!

"(Evoution o& OI) Industry in Pa*istan

"+-"6On Shore-,ecount o& Success Story

"4

O. Shore-/ostin0 Promisin0 Pros%ectivey"5-"6

SUBSTITUTES OF OIL IN WORLD & IN PAKISTANGo1a Oi Su1stitutes "2-("Su1stitute o& Oi vaia1e In Pa*istan

((

AN ANALYSIS OF PAKISTAN OIL INDUSTRY,e3neries in Pa*istan (4'ri0ht Past 'ri0ht uture (4-(5Porters ive orces naysis o& Pa*istan

(6-(2Im%ortance o& Oi Industry

(2e%endency o& Pa*istan on Oi

(9ue Su%%y $hain

(9-+5 Pa*istan Oi Im%orts+5-+7

Oi Production o& Pa*istan+7

$rude Oi $onsum%tion o& Pa*istan

+28aor $haen0es aced 'y Oi Industry+9

THE ROLE OF OIL INDUSTRY IN THE ECONOMY OF PAKISTAN & ITS GROWTHEconomy Overview 4"Overview

4(Oi %etroeum %roducts

4(-44MARKET NEEDS, DEMAND & MARKET SHARE OF OIL IN PAKISTAN8ar*et :eeds 46

emand o& OI) 46-478ar*et Share 42

;


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INTRODUCTION TO SHELL PAKISTANProduct o& She Pa*istan

5#

Go1a /istory o& She 5"-5(

/istory o& She in Sun-$ontinent5(

She in Pa*istan

5(

'usiness Structure o& She in Pa*istan

5+-54

$om%any 8ission

54

$om%any >ision

54

$om%any O1ectives 54im o& She 54

Goa o& She 55

$ore >aues 55

Product Port&oio

55-56

Strate0ic 8ana0ement

56

8ar*etin0 Strate0y 56

$urrent 8ar*etin0 Strate0y o& She Pa*istan

57?uaity and ?uantity 57-52

SWO< naysis o& She Pa*istan

52-59

FINANCIAL ANALYSIS (SHELL PAKISTAN)

inancia naysis

6#

>ertica naysis o& She Pa*istan

'aance Sheet

6"-6( Income Statement6+-64

>ertica naysis o& She Pa*istan

'aance Sheet

65-66 Income Statement

67-62

Gra%hica inancia Presentation o& She Pa*istan

69-7" @Income Statement 'aance SheetA

,atio naysis o& She Pa*istan )td 7(

Pro3ta1iity ,atios 7+-77

)iBuidity ,atios

72-2" Sovency ,atios

S / E ) ) P C I S < : Pa0e (6


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2(-26 Earnin0 ,atios

27-9# EDciency ,atios

9"-99 8ar*et ,atios

"##-"#4

$a%ita sset Pricin0 8ode @$P8A

"#5FINANCIAL ANALYSIS OF INDUSTR

>ertica naysis o& Industry

'aance Sheet

"#7-"#2 Income Statement

"#9-""#

/orionta naysis o& Industry

'aance Sheet

"""-""( Income Statement

""+-""4Indust! An"#!s$s

""5

:ationa ,e3nery )imited @:,)A

""5 Gra%hica inancia Presentations

""6-""2 @Income Statement 'aance SheetA

'F$O Petroeum )imited

""2-""9 Gra%hica inancia Presentation

""9-"(" @Income Statement 'aance SheetA

ttoc* Petroeum )imited

"("-"(( Gra%hica inancia Presentation"((-"(4 @Income Statement 'aance SheetA

Pa*istan State Oi @PSOA

"(4-"(5 Gra%hica inancia Presentation

"(5-"(7 @Income Statement 'aance SheetA

Pa*istan Petroeum )imited @PP)A

"(2 Gra%hica inancia Presentations

"(2-"+" @Income Statement 'aance SheetA

F$n"n%$"# P'"n% C*"$sn ' S+## P"$st"n -$t+ Indust!

,atio naysis "++

Pro3ta1iity ,atios "++-"+7)iBuidity ,atios

"+2-"4"

Sovency ,atios "4(-"46

Earnin0s ,atios

"47-"5#

EDciency ,atios "5"-"59

8ar*et ,atios

"6#-"6(

uture o& Pa*istan Oi and Gas Industry"6+

S / E ) ) P C I S < : Pa0e (6


4/189

urnace Oi sed or Generatin0 Eectricity

"64

Im%ortin0 ,e3ned Oi &rom India

"65

,e3ned Oi ?uaity o& Pa*istan $om%ared With Indian ,e3ned Oi"66

$oncusion and Priority reas &or ction

"67-"62

nnxure "7#-"72

Source "79

Executive Summary

Oi and Gas are maor com%onents o& Pa*istanHs ener0y mix meetin0 over 79 o& ener0y

needs and there&oreJ successive Governments since inde%endence have attached hi0h

%riority to this sectorK


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In oi industry oi im%ort $GS account &or 9" o& the costJ as such ,u%ee devauation is

an im%ortant &actorK

es%ite 0overnments e.orts to he% sta1iie &orex reserves throu0h another I8

%ro0ramJ we 1eieve the oca currency wi de%reciate 1y avera0e "# in F"4 and 5

0oin0 &orwardK Since revenues o& oi 0as com%anies in Pa*istan are determined in S

doarsJ EPs have aways 1ene3ted &rom PC, de%reciationK


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inayJ there%ort

drives

concusion &rom 3nancia anaysisJ com%arative 3nancia anaysis a1out the %ros%ective

o& 0rowth and 3nancia returns &or the investorsK

Some o& the *ey 3ndin0s areO%erations o& the She Pa*istan )td are &undin0 1y com%any itse&K


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In this re%ortJ a&ter detaied anaysis o& She Pa*istan )td and its chosen com%etitors

@IndustryA I had ma*e a decision that She Pa*istan is not the 1est avaia1e o%tion &or

investment %ur%oseK


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o.shore ex%oration and %roduction sector in &uture de%endin0 on the environment in

the countryK ,e0uated mar0ins on %etro and diese have 1een a *ey concern voiced 1y

the O8$sJ and with the 0overnment ready to dere0uated deaer and O8$ mar0ins on

%etroJ it seems that at east mar*et &orces wi now decidethem.

.//0 .//1 ./2/ ./22 ./2. ./23 A:"7

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P$% t E"n$n7sR"t$ +K9( 2K(2 6K4# "+K76 -2K(+ 9K(2 5K57

E"n$n7s * S+" 9+K76

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(+K59

"+K(+

@((K6#A

"(K4# (6K+#

M"t P$% PS+" +62 +"# "5" "2( "26 ""5 ("9


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INTRODUCTION AND

ISTOR! O"

#A$ISTAN OI%INDUSTR!

Su%< ---=*n=7:=*

S / E ) ) P C I S < : Pa0e (6
http://www.mpnr.gov.pk/http://www.mpnr.gov.pk/


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nti the mid-"95#s coa was sti the wordHs &oremost &ueJ 1ut a&ter this time oi Buic*y

too* overK )aterJ &oowin0 the "97+ and "979 ener0y crisesJ there was si0ni3cant media

covera0e on the su1ect o& oi su%%y evesK


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%roduction is +7J### 1arres %er day @1%dA a0ainst the demand o& 9-"# 1iion cu1ic &eet

%er day o& 0as and 77J### 1%d o& oiK

@ustriaA and Orient %etroeum @$anadaAK

Oi consum%tion o& di.erent ener0y %roducts is dominated 1y Gasoine and ue oiK In

Pa*istan trans%ort sector in the 1i00est user o& the %etroeum %roducts which accounts

a1out 42 %ercent &oowed 1y %ower 0eneration which uses a1out +6 %ercentJ and

industria sector which has a share o& "( %ercent whie remainin0 is shared 1y theresidentia sectorK

Com)osition of #etroleum

In its strictest senseJ %etroeum incudes ony crude oiJ 1ut in common usa0e it incudes

a iBuidJ 0aseousJ and soid @eK0KJ %araDnA hydrocar1onsK nder sur&ace %ressure and

tem%erature conditionsJ i0hter hydrocar1ons methaneJ ethaneJ %ro%ane and 1utaneoccur as 0asesJ whie %entane and heavier ones are in the &orm o& iBuids or soidsK

/oweverJ in an under0round oi reservoir the %ro%ortions o& 0asJ iBuidJ and soid de%end

on su1sur&ace conditions and on the %hase dia0ram o& the %etroeum mixtureK

n oi we %roduces %redominanty crude oiJ with some natura 0as dissoved in itK

'ecause the %ressure is ower at the sur&ace than under0roundJ some o& the 0as wi

come out o& soution and 1e recovered @or 1urnedA as associated gas or solution gasK

0as we %roduces %redominanty natura 0asK /oweverJ 1ecause the under0round

tem%erature and %ressure are hi0her than at the sur&aceJ the 0as may contain heavier

hydrocar1ons such as %entaneJ hexaneJ and he%tane in the 0aseous stateK t sur&aceconditions these wi condense out o& the 0as to &orm natura 0as condensateJ o&ten

shortened to condensate. $ondensate resem1es %etro in a%%earance and is simiar in

com%osition to some voatie i0ht crude oisK


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&ormation to &ormation 1ut the %ro%ortion o& chemica eements varies over &airy narrow

imits as &oowsK

C*s$t$n >!

W$7+tE#nt P%nt"7$ar1on 2+ to 27

/ydro0en "# to "4

:itro0en #K" to (

Oxy0en #K#5 to "K5

Su&ur #K#5 to 6K#

8etas Z #K"

$rude oi varies 0reaty in a%%earance de%endin0 on its com%ositionK It is usuay 1ac* or

dar* 1rown @athou0h it may 1e yeowishJ reddishJ or even 0reenishAK In the reservoir it

is usuay &ound in association with natura 0asJ which 1ein0 i0hter &orms a 0as ca% over

the %etroeumJ and saine water whichJ 1ein0 heavier than most &orms o& crude oiJ

0eneray sin*s 1eneath itK $rude oi may aso 1e &ound in semi-soid &orm mixed with

sand and waterJ as in the tha1asca oi sands in $anadaJ where it is usuay re&erred to

as crude 1itumenK In $anadaJ 1itumen is considered a stic*yJ 1ac*J tar-i*e &orm o& crude

oi which is so thic* and heavy that it must 1e heated or diuted 1e&ore it wi RowK

'(at is oil )er barrel*

n oi 1arre @a11reviated as 11A is a unit o& voume whose de3nition has not 1een

universay standardiedK In the nited States and $anadaJ an oi 1arre is de3ned as 4(

S 0aonsJ which is a1out "59 iters or +5 im%eria 0aonsJ and it can aso 1e de3ned in

those unitsJ de%endin0 on the contextK Oi com%anies that are isted on merican stoc*

exchan0es ty%icay re%ort their %roduction in terms o& voume and use the units o& 11J

811 @one thousand 1arresAJ or 8811 @one miion 1arresAK

Outside o& the nited States and $anadaJ voumes o& oi are usuay re%orted in cu1ic

meters @m+A instead o& oi 1arresK 8ore commonyJ com%anies on the Euro%ean stoc*

exchan0es re%ort the mass o& oi in metric tonsK Since di.erent varieties o& %etroeum

have di.erent densitiesJ howeverJ there is not a sin0e conversion 1etween mass and

voumeK or exam%eJ one tone o& heavy distiates mi0ht occu%y a voume (56 S

0aons @6K" 11AK In contrastJ one tone o& crude oi mi0ht occu%y (7( 0aons @6K5 11A

and one tone o& 0asoine wi reBuire +++ 0aons @7K9 11AK OveraJ the conversion is

usuay 1etween 6 and 2 11 %er tonK

S / E ) ) P C I S < : Pa0e (6


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1arre o& crude oi is a1out 4( S 0aonsK Oi re3neries heat it to +7# de0rees $esiusJ

as the va%or rises it is trans&ormed into various oi %roductsK


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hydro%owerK


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PennsyvaniaJ SK It started o. with ri0-1ased driin0 activity 1y $a%tain ra*esK


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Oi Gas eveo%ment $or%oration was esta1ished in

Se%tem1erJ "96" su1seBuentyJ incor%orated as a oint

stoc* com%any with istin0 at oca stoc* exchan0es

under the name o& Oi and Gas eveo%ment $om%any

)imited @OG$)AKOG$)Hs 3rst success was the sma

0as discovery at Sari Sin0h @SindhJ "965AJ which was&oowed 1y discovery o& oi at


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Ex%oration in the Indus O.shore dates 1ac*

to "96" when Sun Oi $om%any @SAcarried

out seismic surveys and then dried three

near-shore wesJ a11o $ree*-" @"96+AJ

Patiani $ree*-" @"964AJ and Coran0i $ree*-"

@"964AK Su1seBuentyJ Winter sha@GermanyAdried three wesJ Indus 8arine

-" @"97(AJ Indus 8arine '-" @"97(A and

Indus 8arine $-I@"975A which can 1e truy

cate0oried as o.shore wesK /us*y @SA

aso dried one weJ Carachi South - @"972AK these seven Indus O.shore wesJ

dried ti "972J did not test mova1e hydrocar1onsJ athou0h 0as shows were re%orted in

most wesK Some o& these we seven &aied to reach tar0et o1ectives a&ter havin0

encountered hi0h %ressuresK :on commercia 0as Buantities Rowed in OG$)Hs Pa*$an-"

we @"926A dried with $anadian assistanceK Occidenta @SAJ a&ter conductin0 modern

seismic in their Indus eta Ex%oration )icenseJ dried a we Sada&-" @"929AQ howeverJthe we turned out to 1e a dry hoeK


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OI% SU/STITUTES IN'OR%D AND IN

#A$ISTANSu%< ---=-#d?*t#u=7

S / E ) ) P C I S < : Pa0e (6


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Global Oil Substitute

Pa*istans %rimary ener0y su%%ies heaviy de%ends u%on the im%orted crude oi and%etroeum %roductsJ due to which the countrys oi im%orts 1i is a1out L "5 1iion whichis a hu0e 1urden on the economyK

Government wants to re%ace the im%orted &urnace and diese oi with aternative &ues in

a sustaina1e manner at com%etitive %rices with a reiance on native resourceK st$tuts ' $# " "s '##-saue o& Oi Im%orts &or Pa*istan 2K9 more than it was in (#"(K aue o& Oi Im%orts in year (#"+K

De)endency of #a+istan on Oil

Oi is the maor &actors o& ener0y crisisJ in Pa*istanK I& we &u3 the SL "5K(47 1iionim%orts ca%acityJ we woud 1e a1e to overcome the current crisisK s the vaue o& theru%ees is de%recatin0J it is contri1uted towards the increment o& inRationK When theru%ee de%reciates the vaue o& the im%orts wi increaseK So when the oi %rices increaseit increase the trans%ortation cost o& many itemsK


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Pa*istan is a net im%orter o& crude oi and re3ned %roductsK Oi %roduction in Pa*istanhas Ructuated 1etween 55J### to 7#J### 1arres %er day @11MdA since "99#K


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throu0h oi tan*ersK Once oi is trans%orted to 0as stations it is in reach o& common menK

We use this re3ned oi to run our cars and vehicesK

She Pa*istan @SP)A is an oi mar*etin0 com%any o%eratin0 in oi and 0as industryK


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urin0 the %eriod F-(#""-(#"( %etroeum im%orts were one-third o& the countrys tota

im%orts o& L+7K#4 1iionK Pa*istan 'ureau o& Statistics @P'SA %ress reease indicates thatunder the %etroeum 0rou%J %etroeum%roducts im%ort stood at L2K+5 1iion a0ainst L4K9( 1iion ast yearJ showin0 an increaseo& 69K2 %ercentK 'esidesJ crude %etroeum im%ort aso showed an increase o& 49K9%ercent to L4K(+ 1iion durin0 this year @(#"(A &rom L+K25 1iion in same %eriod astyearK


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vera0e oi im%ort 1i durin0 the F (#"+J sur0e to L"5K(47 1iion as a0ainst L"4K#

1iion in the F (#"(K $rude %etroeum im%ort aso showed an increase o& +K"7 %ercent

to L4K96# 1iion durin0 the year &rom L4K2#2 1iion in same %eriod ast yearK


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We can o1serve &rom the a1ove chart that in F (##+-(##4 %roduction o& oi in Pa*istan

was a time owK In F (##7-(##2 %roduction o& oi has increased as com%ared to

corres%ondin0 isca yearsK Once a0ain in F (##2-(##9 %roduction o& oi start decineK

Oi %roduction has re0istered a steady increase over the ast &ew years on the 1ac* o&

success&u ex%oratory e.orts o& the com%aniesK


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(Source: indexmundi.com)

s the demand o& the oi is increasin0 it is very

im%ortant to meet the 0rowin0 reBuirement o& oi

and &or that the %roduction o& oi must 1e increased

as %er the demand 1ut this is not the caseJ a the oi

re3neries o& Pa*istan need ex%ansion in their

ca%acity i*e 'yco re3nery didJ 'yco had a ca%acity

o& ony +#J### 11Md 1ut they have increased their

ca%acity 1y instain0 new and u%0raded machineryand now they are a1e to re3ne "5#J### 11MdK

Government o& Pa*istan is oo*in0 &orward to many

o%tion to insure that the oi reBuirements are

&u3edK 'ut 3ndin0 other o%tions such as im%ortin0 re3ned oi wi 1e costyK


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ast 7 yearsK 8ost o& the *nown %etroeum %ays have reached their maturity and amost

a cons%icuous structures have 1een driedK :ow the time has come to review our

ex%oration strate0y and ex%ore &or new %etroeum %aysJ which are a1eit more ris*yJ

1ut can add materia vaue to our remainin0 oi and 0as reservesK

Security issues need to 1e addressed immediateyK In the %astJ ony certain areas o& the

'aochistan Province were inaccessi1e &or ex%orationJ 1ut now most o& the :WP and'aochistan %rovinces are amost no 0o areas &or EP com%aniesK s a resutJ &orei0n

com%anies who are sti in Pa*istan are reuctant to invest and are chan0in0 their

1usiness strate0yK Poitica insta1iity has &urther a00ravated the situationK Security and

%oitica sta1iity are the *ey considerations &or investment decisions 1y mutinationasK


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TE RO%E O" OI%

INDUSTR! IN TE

ECONO2! O" #A$ISTAN

1 ITS GRO'T

Economy overvie&F(#"+ was the year o& com%etion o& 3ve years tenure o& %revious 0overnment ed 1y

PPPK urin0 the %ast 3ve yearsJ Pa*istans economy &aced myriad chaen0es on externa

and interna &ront incudin0 ar0e scae %ower shorta0esJ stee% increase in ener0y %ricesJ

%ersistent inRationary %ressuresJ interna security haardsJ un%recedented RoodsJ 0o1a

3nancia met-down resutin0 in sta0nant 0rowth in the economy and continuin0

S / E ) ) P C I S < : Pa0e (6


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de%reciation o& Pa* ,u%ee a0ainst S oarK soJ whie the tax coections remained ow

at around 9K( %ercent o& the GPJ and out o& the tota revenueJ a ar0e %ortion was

trans&erred to the %rovinces under the ast :$ awardJ the 0overnment ex%enditure

1aooned owin0 to he&ty saary increases o& 0overnment em%oyees and massive osses

incurred 1y %u1ic sector enter%rises resutin0 unsustaina1y ar0e 3sca de3cits that

were 3nanced mainy throu0h domestic de1tK Kue to a1ove &actorsJ cou%ed with the &act that this was an eection yearJ with

hei0htened uncertainty and extremey sow economic decision ma*in0J the GP 0rowth

durin0 the year was restricted to +K6 %ercentJ com%ared to the tar0et o& 4K+ %ercentK

urin0 the %ast 3ve yearsJ the avera0e GP 0rowth decined to ony (K9 %ercentJ which

is one o& the sowest 0rowths in the countrys historyK Out o& di.erent &actors that

retarded the economic 0rowthJ the most %ro&ound was the %ower shorta0esK urin0 F"(

and F"+ the im%act o& %ower shorta0es on the GP 0rowth is estimated to 1e ( %ercent

%er

annumJ which means an a00re0ate oss o& around ,sK 9## 1iion to the economy in twoyearsK


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One o& the o%%ortunity costs o& civiiation is increase in the amount o& consum%tion o&

ener0y %er ca%ita %er yearK 8any aternative sources o& ener0y are sti 1ein0 researched

and tested 1ut technoo0ies are continuay 1ein0 deveo%ed and enhanced to im%rove

ener0y sourcesK Sti oi and natura 0as wi continue to 1e the words to% two ener0y

sources accountin0 &or a1out 6# %ercent o& 0o1a demandK Word iBuid &ues

consum%tion 0rew &rom 22K4miion 1arres %er day @11MdA in (#""to reach 29K#miion1arres %er day @11MdA in (#"( thus %ostin0 a 0rowth o& #K2 %ercentK Ener0y In&ormation

dministration @EIA ex%ects 0rowth wi 1e hi0her over the next two years 1ecause o& a

moderate recovery in 0o1a economic 0rowthK


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amost 57 %ercent as +2J(24 1arres %er day is %roduced durin0 (#"(K nited Ener0y

Pa*istan @EPAJ Pa*istan Petroeum )imited @PP)A and 8O) /un0arian Oi and Gas

$om%any @8O)A contri1uted amost "# %ercent each whereas /ycar1ex &rom S has

yet to start its %roductionK


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2AR$ET NEEDS4

DE2AND AND SARE

O" OI% IN #A$ISTAN

S / E ) ) P C I S < : Pa0e (6


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2ar+et need

urin0 the 3rst three Buarters o& current 3sca year the overa consum%tion o&

%etroeum %roducts increased to "+J279 miion tons in the %eriod Uuy-8arch (#"(-"+

com%ared to "+J2#( miion tons in corres%ondin0 %eriod o& (#""-"( thus %ostin0 a%ositive 0rowth o& #K6 %ercentK Simiary the %ower sector and househod sector had aso

shown ne0ative 0rowth in the consum%tion o& %etroeum %roducts &or the %eriod under

discussion %ostin0 -5K( %ercent and -2K#%ercent res%ectiveyK

thou0h %etroeum %roducts considered as necessary in%uts o& the %ower sectorJ yet

the ne0ative 0rowth in %ower as we as house hod sector can 1e attri1uted to chan0es

in demand 1ehavior toward reativey chea%er aternativesK


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urin0 Uuy (#"+ to 8arch (#"4J %roduction o& crude oi has increased 1y "4K"" %ercent

&rom northern re0ion whereas %roduction decreased in southern re0ion 1y "6 %ercentJ as

com%ared to same %eriod ast year overas #K#5 %ercent oi %roduction increased in the

countryK

Demand

Pa*istans oi demand is ex%ected to rise 7 %ercent year on year 1asis to (" miion ton in

the 3sca year endin0 on Uune +#J (#"4K

Over the ast ei0ht yearsJ oi %roducts demand has raised an avera0e 4-5 %ercent %er

yearJ 1ut the 0rowth rate is ex%ected at 7 %ercent this yearK Pa*istan consumed 2K9

miion o& oi %roducts over Uuy-:ovem1erJ u% "# %ercent &rom 2K" miion ton in the

same %eriod o& (#"(K

ue oi and hi0h s%eed diese demandJ which account &or 72 %ercent o& tota oi demandin the country increased 1y "5 %ercent and 2 %ercent to 4K" miion ton and (K9 miion

tonJ res%ectiveyJ over Uuy-:ovem1er this yearJ hmed saidJ addin0 that tota oi

demand coud sur%ass (" miion tonK


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Economic o%%ortunity in various sectors o& Pa*istanK Iran has announced its intention to

set u% an oi re3nery with a ca%acity o& 4## 1arres %er day at Gwadar PortK

2ar+et s(are

PSO %ossesses the ar0est distri1ution networ* in the country com%risin0 o& +J629

outetsJ out o& which +J5## outets serve the retai sector and "29 outets serve 1u*

customersK It o%erates +" $om%any-Owned and $om%any-O%erated @$o-$oA sites servin0the retai sectorK


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INTRODUCTION TO

SE%% #A$ISTAN

#roducts of s(ell #a+istan

S / E ) ) P C I S < : Pa0e (6


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Global istory of S(ell

8arcus SamueJ &ounder o& the She


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eneuean

0overnment when it nationaied its oi 3edsK

#ost 6 'ar Ex)ansion&ter the Second Word WarJ as %eace 1rou0ht a 1oom in car useJ She ex%anded into

&rica and South mericaK Shi%%in0 1ecame ar0er and 1etter %oweredK In "947 She

dried the 3rst commerciay via1e o.shore oi we in the Gu& o& 8exicoK 'y "955 She

had +## wesK In "952 She 1e0an %roduction in :i0eriaK

T(e Oil CrisisIn "969J Ghadda3 too* %ower in )i1yaJ cuttin0 oi %roduction and raisin0 %ricesK Other

%roducers threatened to do the same and the Fom Ci%%ur war o& "97+ 1rou0ht the crisis

to a headK Within wee*s OPE$ countries Buadru%ed the oi %rice and im%osed a 1oycott

&or two monthsK


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have interests in iBue3ed natura 0as and 0as to iBuids %roductsQ we he% deveo%

sustaina1e 1io &uesQ and we are invoved in wind %roectsK

istory of S(ell in Sub 6 Continent


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SP) has a (6 share in the in the White Oi %i%eine o%erated 1y Pa*-ra1 Pi%eine

$om%any @PP$OAJ which runs &rom Carachi to 8ehmood CotK She has a +# sta*e in

Pa*istan ,e3nery )imited @P,)A in CarachiK


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trans&er &ue technoo0ies deveo%ed &or the racetrac* to road &ues &or customersK Sheis the ony %etro retaier in the country to o.er %remium &uesKShell Lubricants

She u1ricants are 0o1a mar*et eaders and our three maor )u1ricant 1rands She

/eixJ She ,imuaJ and She dvanceJ have a earned the su%er 1rand status not ust

0o1ay 1ut aso in Pa*istan where we are currenty mar*et eaders across %assen0ercarsJ heavy duty vehices and 1i*esK


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NShe is &ocusin0 on retaiin0J %rovidin0 1etter &aciities to customersJ cean %etro %um%s

constructin0 internationa standard %etro 3in0 stationsJ 0ood advertisin0 cam%ai0ns

and mini mar*etsK

A$ ' s+##


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every She customerK In this section you have the chance to 0et 1ehind the scenes and

3nd out a you need to *now a1out Shes invovementK

Bus$nsss Lu>$%"ntst She )u1ricantsJ we use our eadin0 technoo0y to 1rin0 you innovative ois and

0reases desi0ned to meet your chaen0esK Our extensive ran0e incudes our utimate-%er&ormance synthetic u1ricantsJ which o.er outstandin0 %rotectionJ on0 u1ricant i&e

and system eDciencyK

Our internationa team o& on-the-0round u1ricant ex%erts has ex%erience in your

industryK


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the under0round stora0e tan*s u%K In additionJ new sites are 1ein0 acBuired in strate0ic

ocationsK


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She has the heavy 1ud0et &or the %romotion activitiesK

tan*ers is 3tted with s%ecia tam%er-%ro3t seas to ensure that ony the hi0hest

Buaity &ue is deivered to a com%any o%eration sitesK

'ea+ness


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t$%"# An"#!s$s

sin0 this a%%roachJ each ine item is anayed as a %ercenta0e o& a 1aseJ where the

1ase de%ends on the user and the %ur%ose o& the anaysisK


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An"#!s$s

In %er&ormin0 horionta anaysis o& SP) 1aance sheetJ here I used the techniBue wherewe are *ee%in0 the 3nancia o& the com%any &rom year (##2-(#"+J I have *e%t the

S / E ) ) P C I S < : Pa0e (6


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3nancia data o& year (##2 as a 1ase year and com%ared it with the %revious year and I

have 0ot the resut in the &orm o& %ercenta0eK

I& we ta*e a oo* o& the horionta anayed 1aance sheetJ startin0 &rom the asset side

we 3rst ta* a1out the tota assets in year (##9 the tota assets are 26J o& the %revious

year which shows a decine and indicate that most o& the asset side cash has 1een ta*enoutJ i& we do the anaysis o& year (##9 we o1serve that maor investment is done in

intan0i1e assets which is ((5# o& %revious yearJ this sudden rise in intan0i1e is

1ecause o& a com%uter so&twareJ SP) has %urchased the E,P so&tware and aso trained

his em%oyees so that they shoud 1e ca%a1e o& usin0 new so&twareK :oncurrent assets

over a show an increase o& 7(K rom year (#""-(#"+ here we have consistence

decine in noncurrent assetsJ which shows that com%any is not ta*in0 any interest &or

u%0radin0 or instain0 new machineryJ the maor %ositive chan0es can 1e o1served in

)on0 term investmentK

On other side o& the assets which is current assetsJ there we o1serve the stoc* in trade

has 1een increased 1y 45 in year (##9Q com%any is investin0 in a re0uaried manneri& we oo* at the 3ve year o& the SP)K


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ori5ontal Analysis

S / E ) ) P C I S < : Pa0e (6


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AnalysisIn %er&ormin0 horionta anaysis o& SP) Income statementJ here I used the techniBue

where we are *ee%in0 the 3nancia o& the com%any &rom year (##2-(#"+Q I have *e%t the3nancia data o& year (##2 as a 1ase year and com%ared it with the %revious year and I

have 0ot the resut in the &orm o& %ercenta0eK

I& we ta*e a oo* o& the horionta anaysis o& the income statementJ we o1serve that :et

Saes &rom year (##9-(#"+ exce%t (#"( showin0 a %ositive increase o& "(J (7J ""J

and "7 res%ectivey when com%ared with %revious yearsJ year (#"( saes are

decreased 1y +K

O%eratin0 ex%enses are increased in year (##9J (#"#J and (#"+ 1yJ 4+J "4 and "

res%ectiveyJ maor increase is in distri1ution cost administration cost in year (##9 has

1een increased 1y 2(J the maor increase was in saaries and retirement 1ene3tsK Inyear (#"( we can notice an increase o& (# in administration cost which is 1ecause o&

the retirement 1ene3ts 0iven to the em%oyeesK

Other o%eratin0 ex%enses are increased in year (#"( and (#"+ showin0 an increase o&

72 and "+(K2 res%ectiveyK Increase in other o%eratin0 ex%enses in year (#"( and

(#"+ are 1ecause o& de%reciation o& Pa*istani ru%ee a0ainst doarK Provision &or

o%eratin0 assets is aso increased in year (#"(J which incude $:G *its &or instaations

%ur%oseJ which caused maor increase in other o%eratin0 ex%ensesK

inanced cost are increased in (##9 and (#"" 1y 44 and 66 res%ectivey 3nanced

cost is increased 1ecause in year (#"" SP) has 1orrowed 3nance &rom 1an* on which it

had to %ay interestK In year (#"+ 3nance cost has 1een reduced which is ust ++ o&

%revious year this reduction in the 3nance cost is 1ecause o& the non %ayments o&

interestK

Pro3t 1e&ore taxation is showin0 a decinin0 trend &rom year (##9-(#"(J in year (#"(

P'< is amost # this is 1ecause o& ow saes and increase in ex%enses i*e administration

cost and other o%eratin0 ex%ensesK In year (#"+ P'< is 5(#7( this ra%id increase is

1ecause o& ow vaue in %revious year (./2.,JJ "nd $n ./23.,.,13)=


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Bertical Analysis

S / E ) ) P C I S < : Pa0e (6


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Bertical Analysis

S / E ) ) P C I S < : Pa0e (6


70/189

An"#!s$s$ost o& saes are consistenty increasin0 &rom year(##2-(#"+J which indicate their cost o&

saes are increasin0 where as they saes are not increasin0 with 1etter %ercenta0esJ this

is 1ecause o& the hi0her %rices o& the %etroeum in the internationa mar*et which has a

direct e.ect on the cost o& saesK

s the cost o& saes are risin0 and saes are not risin0 with the same %ercenta0e or 1etter

%ercenta0e this has a direct e.ect on the 0ross %ro3ts o& SP)J as we can o1serve that

0ross %ro3ts are showin0 decreasin0 &rom year to yearJ the owest 0ross %ro3t

%ercenta0e to saes is in year (#"( which is ony 4J cost o& saes are a time hi0h in the

same year that is 96 o& saesK

O%eratin0 Ex%enses are not Ructuatin0 they remained ( o& saes &rom year (##2-(#"+K

Other o%eratin0 ex%enses in year (##2 are "K+7 o& saes which is the hi0hest

%ercenta0e in a 6 year which are under reviewJ other o%eratin0 ex%enses showin0 a

decine &rom year (##9J in year (#"( and (#"+ it start risin0 a0ainK

Other incomes are showin0 %ositive increase in year (##9 and (#"#K


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GRA#ICA% "INANCIA% #RESENTATION O" SE%% #A$ISTAN

%TD

In this section we are %rovidin0 some a1soute com%arative in&ormation in sha%es o&

0ra%hs and charts which indicates that how the She Pa*istan )td is %er&ormin0 in the

ast 5 yearsK


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B"#"n% S+t (PKR)

Fear on year &rom (##9 to (#"+J She Pa*istan )td had enou0h assets in each year to

cover its res%ective tota de1ts which indicates its stron0 3nancia stren0th within the

industryK

S / E ) ) P C I S < : Pa0e (6


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RATIO ANA%!SIS O" SE%% #A$ISTAN %I2ITEDinancia ratio anaysis is em%oyed &or Income Statement naysis and 'aance Sheet

naysis and is incor%orated in the inancia Scorecard


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In this re%ort we are usin0 the &oowin0 0rou% o& ratios to anaye the 3nancia

%er&ormance o& I:S 8O


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anaysis is to detect consistency or %ositiveMne0ative trends in a com%anyHs earnin0sK

Positive %ro3t mar0in anaysis transates into %ositive investment BuaityK


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Gss *;t "7$n Gss *;t 5 R:nu

s we can o1serve &rom the a1ove chart that 0ross %ro3t mar0ins are showin0 a &rom

year (##9 ti (#"(J in year (##2 0ross %ro3t mar0in was much 1etter as com%ared to

other yearsK


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In isca year (##9-(#"( o& SP) net %ro3t mar0ins are showin0 a ne0ative si0n they are

continuousy dro%%in0 1y some %ercentK In year (##9 and (#"# net %ro3t mar0ins were

"K6 and #K2 res%ectiveyJ we can o1serve that in year(##9 and (#"# net %ro3ts were

ha& o& the %revious yearsK $ost o& 0oods sod are increasedJ ex%enses are increase which

cause decrease in net %ro3t mar0insK In year (#"( net %ro3t mar0ins were in ne0ative

1ecause o& ow 0ross %ro3t and hi0her ex%ensesK In year (#"+ SP) has shown a %ositive

increase and the net %ro3t mar0ins were in %ositive which coud 1e o1served in the

0ra%h a1oveK

#ro0t before Tax 2ar.in

Pre-tax %ro3t mar0in measures the %ro3ta1iity o& the com%anyHs o%erations a&ter it

%ays a its ex%enses exce%t one income taxesK


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P;t >' T"6 M"7$n EBIT PBIT 5 Nt s"#s


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@success&u cost accountin0AK hi0her O%eratin0 Pro3t 8ar0in can aso mean saes are

increasin0 &aster than costsJ and the 3rm is in a reativey iBuid %ositionK

O*"t$n7 *;t M"7$n O*"t$n7 P;t 5 Nt S"#s

rom the a1ove 0ra%h we can o1serve that in year (##9 o%eratin0 %ro3t mar0in in ha& o&

the %revious year this sudden shrin* is 1ecause o& the ess 0ross %ro3t mar0in and

increase in the o%eratin0 ex%ensesK In year (#"( the o%eratin0 %ro3t mar0in is ony #K+

which is 1ecause o& hi0her cost o& 0oods sod as a resut o& which 0ross %ro3t mar0in is

a.ectedJ other o%eratin0 ex%enses aso show an increase in year (#"( due to which

o%eratin0 %ro3t has the owest %ercent K

In year(#"" and in year (#"+ o%eratin0 %ro3t mar0ins are 1etter as com%ared to

%revious years which are 1ecause o& 1etter 0ross %ro3t mar0ins and to some extent

reduction in the o%eratin0 ex%ensesK

%IUIDIT! RATIOS)iBuidity ratios are the ratios that measure the a1iity o& a com%any to meet its short

term de1t o1i0ationsK


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other iBuid assets 1y the short term 1orrowin0s and current ia1iitiesK


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'or+in. ca)italWor*in0 ca%ita is the amount 1y which the vaue o& a com%anyHs current assets exceeds

its current ia1iitiesK Wor*in0 ca%ita is &reBuenty used to measure a 3rmHs a1iity to

meet current o1i0ationsK It measures how much in iBuid assets a com%any has avaia1e

to 1uid its 1usinessK


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SO%BENC! RATIOSSovency ratios @de1t ratiosA @3nancia evera0e ,atioA measure the a1iity o& a com%any

to meet its 3nancia o1i0ations when they &a dueK Sovency ratios @de1t ratiosA indicate

the a1iity o& a com%any to re%ay %rinci%a amount o& its de1tsJ %ay interest on its

1orrowin0sJ and to meet its other 3nancia o1i0ationsK


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T(e Interest Covera.e Ratio


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Debt to Asset Ratioe1t ratio is a ratio that indicates the %ro%ortion o& a com%anyHs de1t to its tota assetsK

It shows how much the com%any reies on de1t to 3nance assetsK $#$t$s 5 Assts

SP) tota de1t ratio is si0ni3canty increasin0 &rom year (##9 onward ti (#"(J &rom #K24

to #K26K


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Debt,To,Euity Ratio$#$t$s 5 E@u$t!

SP) de1t to eBuity ratio is si0ni3canty increasin0 &rom year (##9-(#"(J which indicates

that com%any is heaviy 3nancin0 its assets throu0h raisin0 on0 term de1t this can 1e a

ne0ative si0n &or the com%anyK s In (#"( de1t to eBuity ratio is hi0hest o& a timeJ this

is due to the oss su.ered 1y SP) in year (#"( reserves in same year are shrin* and

shares were aso issued in the same %eriodK Other noncurrent ia1iities were aso

increased 1y 79 which cause increase in de1t ratioK

Fear (#"+ de1t to eBuity ratio has 1een decreased which shows that eBuity side has

1een increasedJ reserves were increased 1y (+ 1ecause o& which there is a %ositive

si0n and decrease in ratioK

S / E ) ) P C I S < : Pa0e (6


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Euity Ratio


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EARNINGS RATIOS


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Return on ca)ital em)loyed,eturn on ca%ita em%oyed @,O$EA is a measure o& the returns that a 1usiness is

achievin0 &rom the ca%ita em%oyedJ usuay ex%ressed in %ercenta0e termsK $a%ita

em%oyed eBuas a com%anyHs EBuity %us :on-current ia1iities @or


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Return on assets,eturn on assets @,OA is a 3nancia ratio that shows the %ercenta0e o& %ro3t that a

com%any earns in reation to its overa resources @tota assetsAK It shows the com%anyHs

a1iity to 0enerate %ro3ts 1e&ore evera0eJ rather than 1y usin0 evera0eK ,O 0ives an

idea as to how eDcienty mana0ement use com%any assets to 0enerate %ro3tJ 1ut is

usuay o& ess interest to sharehoders than some other 3nancia ratios such as ,OEK

ROA Nt In% "'t t"6 5 Tt"# "ssts ( A:"7 Tt"# "ssts)

In SP) we can o1serve that the ,O is showin0 a downward trend &rom year (##2

onward ti (#"(K


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Return on euity,eturn on eBuity @,OEA is the amount o& net income returned as a %ercenta0e o&

sharehoders eBuityK It reveas how much %ro3t a com%any earned in com%arison to the

tota amount o& sharehoder eBuity &ound on the 1aance sheetK

,OE is one o& the most im%ortant 3nancia ratios and %ro3ta1iity metricsK It is o&ten said

to 1e the utimate ratio or the Ymother o& a ratios that can 1e o1tained &rom a

com%anys 3nancia statementK It measures how %ro3ta1e a com%any is &or the owner o&

the investmentJ and how %ro3ta1y a com%any em%oys its eBuityK

ROE Nt $n% "'t t"6 5 S+"+#ds @u$t!

,OE o& SP) has shown a decinin0 trend &rom year (##2 onwards ti (#"(J &rom year

(##2 to (##9 there is a shar% decine &rom 2( in year (##2 to +" in year (##9K


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E""ICIENC! RATIOSEDciency @turnoverA ratios com%are the assets o& a com%any to its saes revenueK

EDciency ratios indicate how success&uy a com%any is utiiin0 its assets to 0enerate

revenuesK naysis o& eDciency ratios tes how eDcienty and e.ectivey a com%any is

usin0 its assets in the 0eneration o& revenuesK


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Days Inventory Outstandin. 3nancia measure o& a com%anyHs %er&ormance that 0ives investors an idea o& how

on0 it woud ta*es a com%any to turn its inventory @incudin0 0oods that are wor* in

%ro0ressJ i& a%%ica1eA into saesK


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Receivable Turnover Ratio


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Days Sales Outstandin.

%o%uar variant o& the receiva1es turnover ratio is to convert it into an vera0e

coection %eriod in terms o& daysK


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O)eratin. Cycle Days


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Total Asset Turnoversset turnover @tota asset turnoverA is a 3nancia ratio that measures the eDciency o& a

com%anyHs use o& its assets to %roduct saesK It is a measure o& how eDcienty

mana0ement is usin0 the assets at its dis%osa to %romote saesK


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Net Asset turnover ratiosset turnover ratio is the ratio o& a com%anyHs saes to its assetsK It is an eDciency ratio

which tes how success&uy the com%any is usin0 its assets to 0enerate revenueK

I& a com%any can 0enerate more saes with &ewer assets it has a hi0her turnover ratio

which tes it is a 0ood com%any 1ecause it is usin0 its assets eDcientyK ower turnover

ratio tes that the com%any is not usin0 its assets o%timayK

Nt Asst Tun: S"#s 5 (Tt"# Assts Cunt L$">$#$t$s)

In SP) we can o1serve that there is an increasin0 trend &rom year (##9 to (#"(J saes

were increased 1y hi0her %ercent as com%ared to asset increasedK In year (##9 ower

net asset turnover shows that SP) has not used its assets %ro%ery to 0enerate saes

revenuesK :et asset turnover has 1een increase in year (#"+ which indicate that saeswere increased in that %articuar year as com%ared to net assetsQ SP) has used its assets

more e.ectivey to 0enerate its saes revenuesK :et assets turnover is a time hi0h in

year (#"+ that is +(K92K

S / E ) ) P C I S < : Pa0e (6


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"ixed asset turnover ratioixed asset turnover ratio com%ares the saes revenue a com%any to its 3xed assetsK


103/189

2AR$ET RATIOSExistin0 and %otentia investors in a com%anys stoc* use many common ratios to

anaye and com%are the earnin0s and dividends o& di.erent sie com%anies in di.erent

industriesK Purchasers o& stoc* can %ro3t in two ways throu0h receivin0 dividends and

throu0h increases in stoc* vaueK Investors consider 1oth dividends and overa earnin0s%er&ormance as indicators o& the vaue o& the stoc* they ownK

We are usin0 5 ty%es o& mar*et ratios to anaye the 3nancia %er&ormance o& Indus

8otor $om%anyK


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Earnin0s %er share o& SP) show a downward trend &rom year (##2 to (#"(J this

downward decine is 1ecause o& ow %ro3ts &or the yearK Pro3ts show a decine 1ecause o&

hi0h cost o& saes as a resut o& which 0ross %ro3t mar0ins were a.ected ex%enses wereincreased which ead to ow %ro3ts &or the yearsK In year (#"( %ro3ts were ne0atives

1ecause o& which earnin0 %er share is in ne0ativeK Pro3ts 0ot sta1e in year (#"+

1ecause o& which earnin0 %er share has 1een increased in year (#"+ &rom ne0ative to

%ositiveK

#rice to Earnin.s Ratio


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SP) %rice to earnin0s ratio is showin0 an increase &rom year (##2 onward to (#""J in

year (#"" %rice earnin0s ratio is hi0hest that is "+K76J this is 1ecause o& 1etter mar*et

%rice o& the shares in stoc* exchan0eK In year (#"( a hu0e shrin* can 1e noticed that is

1ecause o& the oss that SP) has su.eredK SP) has sta1e itse& in year (#"+ with 1etter

%ro3ts and 1etter earnin0 in that yearsJ due to which %rice to earnin0s ratio has 1eenincreasedK

It woud 1e diDcut &or the investors to ma*e u% their mind whether to invest in SP) as

SP) has su.ered &rom oss in year (#"(J on the other hand in year (#"" it has the hi0h

%rice to earnin0s ratio which coud not 1e ne0ectedJ and it shows that SP) has the

%otentia to 0ive hi0h return on the investmentK

Dividend )er s(are ' S+"s Outst"nd$n7

SP) has %aid no dividend in year (##2J (#"" and in year (#"(K 8ana0ement o& SP)

decided to retain the %ro3ts o& that year which coud 1e used in the ex%ansion o& the

1usinessK /i0hest dividend %aid in ast 3ve years is (6K# ,s %er shareJ which is %aid in

year (##9K In year (#"+ as the %ro3ts 0et 1etter as com%ared to %revious years so the

com%any decided to %ay dividend and thus SP) %aid ,s 4 %er share as dividendK

S / E ) ) P C I S < : Pa0e (6


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Dividend )ayout ratioividend %ayout ratio com%ares the dividends %aid 1y a com%any to its earnin0sK


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ividend %ayout ratio o& SP) is hi0h in year (##9 1ecause SP) ha s %aid the hi0hest

dividend in year (##9 as com%ared to other years under reviewK In year (#"( and (#""

no dividends were %aid 1ecause o& which dividend ratio is #J in year (#"+ dividend was

%aid as a resut o& which dividend %ayout ratio is increasedK

Dividend !ield Ratioividend yied is the amount that a com%any %ays to its share hoders annuay &or their

investmentsK It is ex%ressed as a %ercenta0e and indicates attractiveness o& investin0 in

a com%anys stoc*sK ividend yied is considered as ,OI &or income investors who are

not interested in ca%ita 0ains or on0-term earnin0sK It is cacuated as Nnnua ividend

%er Share divided 1y N$urrent 8ar*et >aue %er ShareK

ividend yied indicates how much you are earnin0 &or each doar invested in a

com%anyK Investors widey use this ratio in trend anaysis and consider their %ast

dividend yied ratios to decide whether to invest in the com%any or notK ividend yied is

most im%ortant &or the investors who are see*in0 on0 term investments and a

consistent return every yearK

D$:$dnd Y$#d R"t$ D$:$dnd * S+" 5 M"t "#u * S+"

S / E ) ) P C I S < : Pa0e (6


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ividend yied o& SP) is hi0h in year (##9 1ecause SP) ha s %aid the hi0hest dividend in

year (##9 as com%ared to other years under reviewK In year (#"# it has 1een si0hty

decreased 1ecause o& shrin* in %ayment o& dividend %er shareK In year (#"( and (#"" no

dividends were %aid 1ecause o& which dividend ratio is #Kin year (#"+ as the com%any

has earned 1etter %ro3ts and had %aid dividend 1ecause o& which dividend %ayout ratio

has 1een increased in year (#"+J which is a %ositive res%onse to the sharehoders o& thecom%anyK

Ca)ital Asset #ricin. 2odel , CA#2 mode that descri1es the reationshi% 1etween ris* and ex%ected return and that isused in the %ricin0 o& ris*y securitiesK


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Industry 'eta _#K9#

She 'eta vaue _ #K9#M#K76

S+## Bt" :"#u 2=20

:owJ as we have the vaue o& 'eta we can %ut the vaue in $P8 mode and 3nd out cost

o& eBuityK

Ce _ "(K75X"K"2@7A

K .2=/2


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Bertical Analysis

S / E ) ) P C I S < : Pa0e (6


111/189

An"#!s$s

S / E ) ) P C I S < : Pa0e (6


112/189


113/189

Bertical analysis

S / E ) ) P C I S < : Pa0e (6


114/189

An"#!s$s

$ost o& saes is increased in year(##9J &rom 29 in year (##2 to 94 in year (##9K

Onward &rom year (##9 saes shows a variation in %ercentsK s the cost o& 0oods sod

rise u% 0ross %ro3t mar0ins o& the industry woud aso 1e a.ected and as a resut 0ross%ro3ts mar0ins are showin0 a decrease in year (##9 &rom onward there is a variation in

the 0ross %ro3t mar0insK

O%eratin0 ex%enses are reduced in some o& yearsJ which shows that in industry

o%eratin0 ex%enses are 1ein0 minimied which were a 0ood e.ort 1y the mana0ement

to contro the o%eratin0 cost o& the 1usinessK Other o%eratin0 ex%enses are aso showin0

0reat variations when com%ared with di.erent yearsK

Other incomes are showin0 %ositive increase in year (##9 to (#"(K


115/189

ori5ontal Analysis of Industry

S / E ) ) P C I S < : Pa0e (6


116/189

An"#!s$s


117/189

ori5ontal analysis

S / E ) ) P C I S < : Pa0e (6


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INDUSTRY ANALYSISor the %ur%ose o& industry anaysisJ I had seected 3ve com%anies &rom the oi sector

and each com%any anayin0 &or 5 years &rom (##9 to (#"+K


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G-t+ R"t (PKR)

Fear on yearJ 1oth dividends %er share and earnin0s %er share excudin0 extraordinary

items 0rowth dro%%edK dditionay when measured on a 3ve year annuaied 1asisJ 1oth

dividend %er share and earnin0s %er share 0rowth ran*ed in-ine with the industryavera0e reative to its %eersK

C"s+ F#- (PKR)

In (#"+J cash reserves at :ationa ,e3nery )td &e 1y 9K94##1n and cash Row &rom

investin0 &a 1y totaed ("+K752#mJ indicatin0 this com%any earned ess &rom the sae o&

existin0 assets than it s%ent on the %urchase o& new assetsK In addition the com%any

used 2K54"#1n &or o%erations whie cash used &or 3nancin0 totaed "K"9"71nK

S / E ) ) P C I S < : Pa0e (6


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B"#"n% S+t (PKR)Fear on yearJ the tota assets o& :ationa ,e3nery )td are increasin0 0raduayK


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:a%hthaJ /eavy :a%hthaJ /i0h Octane 'endin0 $om%onentJ 8otor GasoineJ CeroseneJ

Uet uesJ /i0h S%eed iese and urnace OiK


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G-t+ R"t (PKR)rom year to yearJ 'F$O is earnin0 net ossK SoJ its EPS is ne0ative sti in (#"+ and there

is no dividend 1ecause o& ossK

C"s+ F#- (PKR)

In (#"+J cash reserves at 'yco Petroeum Pa*istan )td 0et %ositive stren0th which is

+6mK /oweverJ the com%any oose "51n &rom its o%erations &or a $ash owK In addition

the com%any 0enerated "6K21n cash &rom 3nancin0 whie "1n was s%ent on investin0K

S / E ) ) P C I S < : Pa0e (6


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B"#"n% S+t (PKR)

rom year to yearJ tota assets o& 'F$O are increasin0K


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P) has mana0ed to esta1ish its %resence and re%utation as a %ro0ressive and dynamic

or0aniation &ocused on %rovidin0 Buaity %etroeum %roducts and services in Pa*istan

and a1roadK Our steadiy and su1stantiay 0rowin0 mar*et share and customer

con3dence are a testimony to our success&u %oiciesJ %roactive endeavors and visionary

outoo*K

P) has a networ* o& %etro %um%s in :WP Puna1K P) is stren0thenin0 its %resence

in maor ur1an areas such as CarachiJ u%%er Puna1 and &0hanistanK P) outets %rovide

$:G at seected stationsK Other &aciities i*e tire sho%J mosBuesJ and rest areas are aso

on-siteK

P) has entered into a hos%itaity arran0ement with other oi mar*etin0 com%anies to

&ocus on retai deveo%ment in hi0h voume 0eneratin0 areas @eK0K maor cities and

hi0hwaysAK In ine with this o1ectiveJ P) has a%%ied &or the reBuired :on-O1ection

$erti3cates @:O$A &or ocations in Isama1adJ )ahore and PeshawarK


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G-t+ R"t (PKR)

Fear on yearJ 1oth dividends %er share and earnin0s %er share excudin0

extraordinary items 0rowth dro%%ed "#K## and 5K"9J res%ectiveyK dditionay

when measured on a 3ve year annuaied 1asisJ dividend %er share 0rowth ran*ed

hi0hest reative to its industry %eersJ whie earnin0s %er share 0rowth is in-ine with

the industry avera0eK

S / E ) ) P C I S < : Pa0e (6


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C"s+ F#- (PKR)

In (#"+J ttoc* Petroeum )td increased its cash reserves 1y 46K++J or +K"61nK


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G-t+ R"t (PKR)

Fear on yearJ 1oth dividends %er share and earnin0s %er share excudin0 extraordinary

items 0rowth increased (#K## and +2K67J res%ectiveyK


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C"s+ F#- (PKR)

&ter a on0 time %eriodJ Pa*istan State Oi enoys a hu0e %ositive cash Row in the year

o& (#"+K PSO aso have ar0e amount o& cash 1aance in the 1aance sheet in the year o&

(#"+K

B"#"n% S+t (PKR)Pa*istan State Oi $om%any )td has a e1t to


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#a+istan #etroleum %imited


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in the ast 5 yearsK


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C"s+ F#- (PKR)

In (#"+J Pa*istan Petroeum )td did not 0enerate a si0ni3cant amount o& cashK /oweverJ

the com%any earned 66K5#1n &rom its o%erations &or a $ash ow 8ar0in o& 64K69K In

addition the com%any used 49K"21n on investin0 activities and aso %aid "6K271n in3nancin0 cash RowsK

S / E ) ) P C I S < : Pa0e (6


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B"#"n% S+t (PKR)

Pa*istan Petroeum )td uses itte de1t in its ca%ita structure as su%%orted 1y a de1t to

ca%ita ratio o& #K"7K

S / E ) ) P C I S < : Pa0e (6


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FINANCIALPERFORMANCE

COMPARISON OF SHELL

S / E ) ) P C I S < : Pa0e (6


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In the income statementJ there are &our eves o& %ro3t or %ro3t mar0ins - 0ross %ro3tJ

o%eratin0 %ro3tJ %retax %ro3t and net %ro3tK


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Gross %ro3t mar0in o& the industry is si0hty ower in year (##2K Industry 0ross %ro3t

mar0in decreased more ra%idy as com%ared to she Pa*istan in year (##9J &rom

onwards she Pa*istan 0ross %ro3t mar0ins shows consistence decrease where as

industry has increased its 0ross %ro3t ti (#""K In year (#"( SP) has ne0ative im%act on

saes where as cost o& saes has 1een decreased 1y smaer %ercent as com%ared to

saes revenue 1ecause o& which 0ross %ro3ts mar0in has 1een decreasedJ in the same

%eriod industry 0ross %ro3t has 1een decreased as com%ared to %revious years this is

1ecause o& hi0her cost o& saes and ess saes revenues 1y the industryK

Fear (#"+ SP) has raised its 0ross %ro3t mar0in which shows that in year (#"+ they haveincreased their saes revenues with 1etter %ercent as com%ared to %revious year

1ecause o& which 0ross %ro3t mar0ins have 1een increased si0htyK Industry 0ross %ro3t

mar0in is si0hty decreased 1ecause o& increase in cost o& saes where as saes has not

1een enhanced 1y 1etter %ercentK

Net #ro0t 2ar.in

:et %ro3t mar0in is a ratio o& %ro3ta1iity cacuated as a&ter-tax net income @net %ro3tsA

divided 1y saes @revenueAK :et %ro3t mar0in is dis%ayed as a %ercenta0eK :et %ro3t

mar0in is a *ey ratio o& %ro3ta1iityK It is very use&u when com%arin0 com%anies in

simiar industriesK hi0her net %ro3t mar0in means that a com%any is more eDcient at

convertin0 saes into actua %ro3tK

Nt *;t "7$n P;t ("'t t"6) 5 R:nu

S / E ) ) P C I S < : Pa0e (6


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Industry net %ro3t mar0ins has 1een decreased in year (##9 with a hu0e variation that is

in year (##2 it was 5K6 and in year (##9 I was "K7 ess than ha& o& the %revious yearK


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@success&u cost accountin0AK hi0her O%eratin0 Pro3t 8ar0in can aso mean saes are

increasin0 &aster than costsJ and the 3rm is in a reativey iBuid %ositionK

O*"t$n7 *;t M"7$n O*"t$n7 P;t 5 Nt S"#s

O%eratin0 %ro3t mar0in o& the industry has 1een decreased in year (##9 this suddendecine is due to the decrease is 0ross %ro3t mar0in which are 7# o& the %revious yearand increase in the o%eratin0 ex%enses 1y (+ in that yearK In year (#"# and (#""0ross %ro3t mar0ins are increased 1y 46 and +" res%ectiveyK


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more %ro3ta1e the com%anyK ' T"6 M"7$n EBIT PBIT 5 Nt s"#s

I& we

anaye

the 0ra%h

we can ceary o1serve that industry 0ra%h is showin0 a decine in year (##9 and then

a0ain increasin0 ti year (#""K In short industry is irre0uarity in %ro3t 1e&ore taxmar0ins which indicate that industry is ca%a1e to meet its tax o1i0ationJ a&ter %ayin0 its

tax amount industry woud 0et ne0ative %ro3ts &or any o& the 3ve yearsK Where as i& we

ta*e a oo* at SP) it is showin0 a decine since (##2J this is not a 0ood situation &or a

com%any to have such ow %ro3t 1e&ore tax mar0insK In year (#"( SP) has very ow

mar0ins which cause SP) to su.er oss in that yearK

S / E ) ) P C I S < : Pa0e (6


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%iuidity Ratios)iBuidity ratios are the ratios that measure the a1iity o& a com%any to meet its short

term de1t o1i0ationsK


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Current Ratio


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uic+ Ratio


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'or+in. ca)ital

Wor*in0 ca%ita is the amount 1y which the vaue o& a com%anyHs current assets exceedsits current ia1iitiesK Wor*in0 ca%ita is &reBuenty used to measure a 3rmHs a1iity to

meet current o1i0ationsK It measures how much in iBuid assets a com%any has avaia1e

to 1uid its 1usinessK


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Solvency RatiosSovency ratios @de1t ratiosA @3nancia evera0e ,atioA measure the a1iity o& a com%anyto meet its 3nancia o1i0ations when they &a dueK Sovency ratios @de1t ratiosA indicate

the a1iity o& a com%any to re%ay %rinci%a amount o& its de1tsJ %ay interest on its

1orrowin0sJ and to meet its other 3nancia o1i0ationsK


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T(e Interest Covera.e Ratio


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Debt to Asset Ratioe1t ratio is a ratio that indicates the %ro%ortion o& a com%anyHs de1t to its tota assetsK

It shows how much the com%any reies on de1t to 3nance assetsK $#$t$s 5 Assts

Industry de1t to asset ratio is si0hty ow as com%ared to She Pa*istan )imitedJ industry

has the ow de1t to eBuity ratio 1ecause o& which industry woud 1e a1e to 3nance their

asset on de1t with ow ris*J whereas SP) has si0hty hi0her de1t to asset ratio which

show that SP) has mosty 3nanced their asset on de1t and in near &uture they woud

have to &ace hi0her ris*K In year (#"+ industry and SP) 1oth de1t to asset ratio has 1een

reduced 1y #K" which indicate that in that year SP) and industry has not ta*en de1t &rom

the 3nancia mar*et to 3nance their assetsK

S / E ) ) P C I S < : Pa0e (6


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Debt,To,Euity Ratio$#$t$s 5 E@u$t!

Industry de1t to eBuity ratio is ow as com%ared to SP)J SP) has the hi0h de1t to eBuity

ratio throu0h this we coud anaye that SP) 3nanced their eBuity &rom 1orrowin0 not

&rom own cash o& the 1usinessJ this situation aso indicate that SP) has not enou0h cash

0eneration to 3nance their 1usinessJ so they mosty 1orrow &rom the mar*et which is a

ne0ative si0n &or the 1usinessK Industry de1t to eBuity ratio is showin0 u%s and downs

1ut industry de1t to eBuity ratio is not hi0h as com%ared to SP)K

S / E ) ) P C I S < : Pa0e (6


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Euity Ratio


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Earnin.s Ratios


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Return on ca)ital em)loyed,eturn on ca%ita em%oyed @,O$EA is a measure o& the returns that a 1usiness is

achievin0 &rom the ca%ita em%oyedJ usuay ex%ressed in %ercenta0e termsK $a%ita

em%oyed eBuas a com%anyHs EBuity %us :on-current ia1iities @or


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Return on assets,eturn on assets @,OA is a 3nancia ratio that shows the %ercenta0e o& %ro3t that a

com%any earns in reation to its overa resources @tota assetsAK It shows the com%anyHs

a1iity to 0enerate %ro3ts 1e&ore evera0eJ rather than 1y usin0 evera0eK ,O 0ives an

idea as to how eDcienty mana0ement use com%any assets to 0enerate %ro3tJ 1ut isusuay o& ess interest to sharehoders than some other 3nancia ratios such as ,OEK

ROA Nt In% "'t t"6 5 Tt"# "ssts ( A:"7 Tt"# "ssts)

,eturn on asset o& SP) is showin0 a decrease &rom year (##2 onward to year (#"(J thisis 1ecause o& the ow %ro3ts in every year where as in year (#"+ return on assets has

1een increased to + this increase is 1ecause o& the increase in %ro3t &or year (#"+ has

1een increased as a resut o& which return on assets has 1een increasedK Industry return

on asset has 1een shrin* in year (##9 1y "# this decrease is 1ecause o& the ow %ro3t

in that year &rom onward %ro3ts were increased as a resut o& which return on assets are

increasedK

S / E ) ) P C I S < : Pa0e (6


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Return on euity,eturn on eBuity @,OEA is the amount o& net income returned as a %ercenta0e o&

sharehoders eBuityK It reveas how much %ro3t a com%any earned in com%arison to the

tota amount o& sharehoder eBuity &ound on the 1aance sheetK,OE is one o& the most im%ortant 3nancia ratios and %ro3ta1iity metricsK It is o&ten said

to 1e the utimate ratio or the Ymother o& a ratios that can 1e o1tained &rom a

com%anys 3nancia statementK It measures how %ro3ta1e a com%any is &or the owner o&

the investmentJ and how %ro3ta1y a com%any em%oys its eBuityK

ROE Nt $n% "'t t"6 5 S+"+#ds @u$t!

,eturn on eBuity o& SP) is showin0 a downward trendJ this decrease is 1ecause o& the

decrease in %ro3ts o& the com%any every yearJ in year (#"( SP) has su.ered oss

1ecause o& which return on eBuity is in ne0ativeJ 1ut in year (#"+ SP) has 0ood %ro3t &or

the year as a resut o& which return on eBuity has 1een increasedK Industry return on

eBuity is 0ood as com%ared to SP) 1ut in year (#"+ and corres%ondin0 year return on

eBuity o& industry has 1een decreased this decrease is 1ecause o& ow %ro3ts in year

(#"( and increase in eBuity sideJ in year (#"+ %ro3t was increased 1y 6 ony where as

sharehoders eBuity has 1een increased 1y "5K

S / E ) ) P C I S < : Pa0e (6


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EFciency RatiosEDciency @turnoverA ratios com%are the assets o& a com%any to its saes revenueK

EDciency ratios indicate how success&uy a com%any is utiiin0 its assets to 0enerate

revenuesK naysis o& eDciency ratios tes how eDcienty and e.ectivey a com%any is

usin0 its assets in the 0eneration o& revenuesK


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Inventory turnoverInventory turnover is a measure o& the num1er o& times inventory is sod or used in a

0iven time %eriod such as one yearK It is a 0ood indicator o& inventory Buaity @whether

the inventory is o1soete or notAJ eDcient 1uyin0 %racticesJ and inventory mana0ementK


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Days Inventory Outstandin. 3nancia measure o& a com%anyHs %er&ormance that 0ives investors an idea o& how

on0 it woud ta*es a com%any to turn its inventory @incudin0 0oods that are wor* in

%ro0ressJ i& a%%ica1eA into saesK


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SP) receiva1e turnover is showin0 an increasin0 trend &rom year (##2 onward to year(#"#J which shows that com%any has mosty sod its 0ood on cash as the receiva1es are

decreasedJ in year (#"" saes has shown a ow 0rowth and receiva1es have 1een

increased thats why in year (#"" and (#"( receiva1es turnover ratios are decreasedK In

year (#"+ receiva1e turnover ratio has a0ain increased this is 1ecause o& increase in

saes voume and decrease in receiva1esK Industry receiva1e turnover is continuousy

decreasin0 as the receiva1es o& the industry are increasin0 every yearK

Days Sales Outstandin.

%o%uar variant o& the receiva1es turnover ratio is to convert it into an vera0ecoection %eriod in terms o& daysK


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A:"7 %##%t$n *$d (D"!s s"#s utst"nd$n7) 3J 5 R%$:">#s

Tun: R"t$

Industry has shown an increasin0 trend in saes outstandin0 which indicate that in year

(##2 their receiva1e saes were ess as com%ared to other year 1ut every year theirreceiva1es increased and in year (#"+ they had the hi0hest days saes outstandin0J

coection %eriod o& industry is much more then the com%any @SP)AJ on the other hand

SP) coection o& saes is 1ecomin0 &aster it shows that SP) mosty do saes on cash 1asis

instead o& accruas 1asisK SP) is doin0 Buite we as they have the owest days saes

outstandin0K

S / E ) ) P C I S < : Pa0e (6


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O)eratin. Cycle Days


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Industry is showin0 a downward turnJ tota asset turnover o& the industry is a time ow

in year (#"+ which indicate that industry is not usin0 its asset %ro%ery to 0enerate

revenuesJ where as asset side o& the industry is constanty increasin0Q industry shoud

utiie their assets more e.ectivey so as to 0enerate more revenuesK On other hand SP)

has hi0her tota asset turnover which indicate that with ow assets SP) is a1e to

0enerate hi0her turnover as com%ared to industry which is a 0ood si0n &or a com%anyK

Net Asset turnover ratiosset turnover ratio is the ratio o& a com%anyHs saes to its assetsK It is an eDciency ratio

which tes how success&uy the com%any is usin0 its assets to 0enerate revenueK

I& a com%any can 0enerate more saes with &ewer assets it has a hi0her turnover ratio

which tes it is a 0ood com%any 1ecause it is usin0 its assets eDcientyK ower turnover

ratio tes that the com%any is not usin0 its assets o%timayK

Nt Asst Tun: S"#s 5 (Tt"# Assts Cunt L$">$#$t$s)

S / E ) ) P C I S < : Pa0e (6


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Industry net asset turnover is showin0 a downward turn &or the %eriod under reviewed

which indicate that industry is not usin0 its asset e.ectivey to 0enerate revenuesJ

assets are increasin0 where as saes are not increasin0 with 1etter %ercent it mean that

industry is not in the 0ood %ositionJ on the other hand i& we ta*e a oo* o& SP)J it is

sowin0 a continuousy increase in net asset turnover which mean that SP) is 0eneratin0

1etter revenues with ess assets which is a %ositive side o& the SP) and com%any is doin0

0ood K

"ixed asset turnover ratioixed asset turnover ratio com%ares the saes revenue a com%any to its 3xed assetsK


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I& a com%any has a hi0h 3xed asset turnover ratioJ it shows that the com%any is eDcient

at mana0in0 its 3xed assetsK ixed assets are im%ortant 1ecause they usuay re%resent

the ar0est com%onent o& tota assetsK


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Existin0 and %otentia investors in a com%anys stoc* use many common ratios to

anaye and com%are the earnin0s and dividends o& di.erent sie com%anies in di.erent

industriesK Purchasers o& stoc* can %ro3t in two ways throu0h receivin0 dividends and

throu0h increases in stoc* vaueK Investors consider 1oth dividends and overa earnin0s

%er&ormance as indicators o& the vaue o& the stoc* they ownK

We are usin0 5 ty%es o& mar*et ratios to anaye the 3nancia %er&ormance o& Indus

8otor $om%anyK


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Dividend )er s(are ' S+"s Outst"nd$n7

SP) has %aid the hi0hest dividend in year (##9 that was ,sK(6 %er shareJ in year (#"# it

has %aid ,sK"# onward in year (#"" and (#"( SP) has not %aid any dividend 1ecause o&

ow %ro3ts in year (#"+ as 1etter %ro3ts were earned SP) has %aid ,sK4 %er shareK

Whereas industry avera0e shows an irre0uarity in %ayin0 dividends in year (#"+

industry dividend %er share has 1een decreasedK

S / E ) ) P C I S < : Pa0e (6


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Dividend )ayout ratioividend %ayout ratio com%ares the dividends %aid 1y a com%any to its earnin0sK


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"UTURE O" #A$ISTAN OI% AND GAS INDUSTR!

Over the %ast ha& century the %etroeum industry has %ayed a si0ni3cant roe in

nationa deveo%ment 1y ma*in0 ar0e indi0enous 0as discoveriesK Pa*istan meets a1out

"2 o& its oi demand &rom oca sourcesK $n7 t"n t n+"n% t+ 6*#"t$n ' $# & 7"s $n t+

%unt!?

:ew Petroeum @Ex%oration ProductionA PoicyJ (#"( wi acceerate E P

activities and %romote &orei0n direct investment in the oi 0as sector o&

Pa*istanK 'asin study has 1een com%eted to co-reate entire data o& di.erent 1asinsK It

woud he% to identi&y new %ay ty%es and he% in new discoveries and

simutaneousy increase in indi0enous ener0yK

/ave state o& the art data re%ository centre dis0uised data is avaia1e to existin0

and new com%anies to %artici%ate in ex%orationK

t current oi and 0as %roductionMconsum%tion rateJ the oi reserves can ast &or ""

years and 0as &or the "2 yearsK


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&rom


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In com%arison with India Pa*istan has a si0ni3cant share o& eectricity 0eneration &rom

&urnace oi standin0 at +5K( %ercent o& its tota eectricity %roduction in contrast to India

which is heaviy reyin0 on much chea%er &ue iKeK coa &or its eectricity needK s a resut

o& use o& costy &ue @&urnace oiA &or eectricity %roduction %ower sector su1sidies %aid 1y

the &edera 0overnment reached at ,s +5# 1iion ti 8ay (#"+J much more than the

revised 1ud0et aocation o& ,s (9" 1iionK

I2#ORTING RE"INED OI% "RO2 INDIA


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Ni.erent s%eci3cations o& %etroeum %roducts have 1arred the countries to reach any

a0reementJ a senior 0overnment oDcia saidK Pa*istanJ durin0 ta*s hed in :ew ehi in

the second wee* o& UuyJ had as*ed Indian re3neries to chan0e s%eci3cations to meet

reBuirements o& Inde%endent Power Producers @IPPsA o%eratin0 in Pa*istan 1ut they

re&used to do soK


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Whie Pa*istan has su1stantia coa and hyde resourcesJ it is not %ossi1e to

deveo% and utiie these resources in the short term in view o& inherent

constraintsK


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E7$n7 In:stnt O**tun$t$s $n t+ En7! S%t


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ANNEQURE

S / E ) ) P C I S < : Pa0e (6


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Intn"t$n"# M"t P$%s O' Cud O$# ' #"st ;:!"s

87;

"nu"! 40J= u#! 401=/

F>u"! L9#K5# u0ust L99K52M"%+ L25K## Se%tem1er L"#"K5#A*$# L24K2+ Octo1er L9+K69M"! L26K5# :ovem1er L29K5#un L25K## ecem1er L25K75 ./23 A:"7 L29K24

87

"nu"! 412=2 u#! 41=JF>u"! L94K#6 u0ust L27K"+M"%+ L92K#4 Se%tem1er L27K29A*$# L95K"( Octo1er L2(K54M"! L26K(# :ovem1er L79K67un L74K++ ecem1er L2"K(+ ./2. A:"7 L24K46

./22

"nu"! 40= u#! 400=0.

F>u"! L2"K+( u0ust L77K7(M"%+ L94K7( Se%tem1er L77K+"A*$# L"#(K"5 Octo1er L72K##M"! L9(K9( :ovem1er L22K72un L27K9( ecem1er L9#K+# ./22 A:"7 L27K#4

878

"nu"! 4J1=0 u#! 4J=12

F>u"! L62K#4 u0ust L62K+4M"%+ L7(K9# Se%tem1er L67K"2A*$# L76K+" Octo1er L7+K6+M"! L66K(5 :ovem1er L76K##un L67K"( ecem1er L2"K#" ./2/ A:"7 L7"K("

88=

S / E ) ) P C I S < : Pa0e (6


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