HORIZONTAL & VERTICAL ANALYSIS

PROFIT & LOSS ACCOUNT

Vertical Analysis

201520142013201220112010

Sales100.00%100.00%100.00%100.00%100.00%100.00%

Sales Tax16.50%14.50%13.79%13.66%14.15%13.52%

IFEM/Levies1.56%1.25%1.23%0.97%1.68%1.81%

Net Sales81.94%84.26%84.98%85.37%84.16%84.68%

Cost of product sales79.82%81.64%82.34%82.51%80.65%81.35%

Gross profit2.12%2.61%2.64%2.68%3.52%3.33%

Other income1.26%1.38%0.46%0.81%0.61%0.86%

Operating cost

Administrative & Marketing expense1.02%0.74%0.79%0.82%0.89%0.80%

Other operating expense0.32%0.28%0.28%0.77%0.23%0.28%

Total operating cost1.34%1.02%1.07%1.60%1.13%1.03%

Profit from operation2.03%2.98%2.04%2.07%3.01%3.13%

Finance cost0.99%0.68%0.59%0.97%1.22%1.13%

Share of profit of associates0.03%0.04%0.04%0.04%0.05%0.06%

Profit before taxation1.08%2.34%1.49%1.14%1.84%2.05%

Taxation0.46%0.79%0.51%0.38%0.33%1.02%

Profit after taxation0.62%1.55%0.98%0.75%1.52%1.03%

Horizontal Analysis

201520142013201220112010

Sales127.00%161.00%148.00%137.00%111.00%100.00%

Sales Tax155.00%172.00%151.00%138.00%116.00%100.00%

IFEM/Levies110.00%111.00%100.00%73.00%104.00%100.00%

150.00%165.00%145.00%131.00%115.00%100.00%

Net Sales123.00%160.00%148.00%138.00%110.00%100.00%

Cost of product sales125.00%161.00%149.00%139.00%110.00%100.00%

Gross profit81.00%126.00%117.00%118.00%118.00%100.00%

Other income185.00%258.00%78.00%128.00%79.00%100.00%

Operating cost

Administrative & Marketing expense163.00%150.00%146.00%141.00%124.00%100.00%

Other operating expense145.00%161.00%152.00%384.00%93.00%100.00%

Total operating cost159.00%153.00%147.00%203.00%116.00%100.00%

Profit from operation83.00%154.00%96.00%91.00%107.00%100.00%

Finance cost111.00%97.00%77.00%118.00%120.00%100.00%

Share of profit of associates73.00%105.00%111.00%91.00%100.00%100.00%

Profit before taxation67.00%184.00%107.00%76.00%100.00%100.00%

Taxation57.00%125.00%74.00%52.00%36.00%100.00%

Profit after taxation77.00%241.00%140.00%100.00%163.00%100.00%

Horizontal & Vertical Analysis

BALANCE SHEET

Vertical Analysis

201520142013201220112010

ASSETS

Property, plant & equipment1.87%1.59%1.97%1.68%2.33%3.17%

Long-term investment14.85%12.50%17.11%0.57%0.88%1.00%

Long-term loans, advances and prepayments0.09%0.09%0.13%0.11%0.12%0.16%

Long-term deposits and prepayments0.05%0.04%0.04%0.04%0.06%0.06%

Differed tax2.35%1.74%1.17%0.61%0.36%0.00%

Non-current assets19.21%15.76%20.43%3.01%3.75%4.39%

Store, spares and loose tools0.06%0.05%0.05%0.04%0.04%0.06%

Stock-in trade17.14%23.19%37.63%25.42%36.31%28.97%

Trade Debts52.97%47.13%27.17%62.60%47.48%58.10%

Loans and advances0.63%0.15%0.17%0.15%0.16%0.20%

Deposits and short-term prepayments0.56%0.60%0.85%0.73%0.39%0.18%

Accrued Interest0.66%0.66%0.50%0.00%0.00%0.00%

Other receivable5.73%5.67%9.42%6.06%8.57%7.20%

Taxation-net2.38%1.26%1.63%1.53%2.40%0.02%

Cash and bank balances0.86%5.54%1.85%0.47%0.88%0.88%

Total Current Assets80.76%84.24%79.57%96.99%96.25%95.61%

Total Assets100.00%100.00%100.00%100.00%100.00%100.00%

EQUITY AND LIABILITIES

Share capital0.80%0.73%0.88%0.49%0.65%0.85%

Reserves23.23%20.40%20.63%13.39%15.30%13.66%

Total Shareholder Equity24.12%21.13%21.51%13.88%15.95%14.51%

Retirement and other service benefits2.44%1.39%1.51%1.43%0.85%0.93%

Total Non-Current Liabilities2.44%1.39%1.51%1.43%0.85%0.93%

Trade and other payables43.08%52.13%70.45%71.19%73.43%77.62%

Provisions0.20%0.19%0.24%0.20%0.26%0.34%

Accrued Interest/ Mark-up0.25%0.36%0.15%0.16%0.16%0.16%

Short-term borrowings29.91%24.81%6.13%13.14%9.34%6.44%

Total Current Liabilities73.45%77.48%76.95%84.69%83.20%84.56%

Total Liabilities100.00%100.00%100.00%100.00%100.00%100.00%

Horizontal Analysis

201520142013201220112010

Property, plant & equipment100.00%92.00%87.00%91.00%95.00%100.00%

Non-current assets739.00%661.00%649.00%118.00%111.00%100.00%

Stock-in trade100.00%147.00%181.00%151.00%163.00%100.00%

Trade Debts154.00%149.00%65.00%186.00%106.00%100.00%

Other receivable134.00%145.00%183.00%145.00%155.00%100.00%

Cash and bank balances130.00%1159.00%294.00%91.00%130.00%100.00%

Total Current Assets143.00%162.00%116.00%175.00%131.00%100.00%

Total Assets169.00%184.00%139.00%172.00%130.00%100.00%

Share capital158.00%158.00%144.00%100.00%100.00%100.00%

Reserves288.00%275.00%211.00%169.00%145.00%100.00%

Total Shareholder Equity281.00%268.00%207.00%165.00%143.00%100.00%

Total Long-term Liabilities441.00%275.00%226.00%264.00%118.00%100.00%

Trade and other payables94.00%124.00%127.00%158.00%123.00%100.00%

Provisions100.00%100.00%100.00%100.00%100.00%100.00%

Total Current Liabilities147.00%169.00%127.00%172.00%128.00%100.00%

Total Equity & Liabilities169.00%184.00%139.00%172.00%130.00%100.00%