without electricity, there can be no...

Saif Power Limited 1

Open Size: 16.79 x 11.69 Inch Finished Size: 8.27 x 11.69 (A4) Inch Bleed 0.25 Inch 4 colors Hotgumbing 250 LPI SPINE 0.25

without electricity,there can be no art

Nam June Paik

SAIF POWER LIMITEDA Saif Group Company

Condensed Interim Financial Informa�onFor the 3rd Quarter Ended September 30, 2018

Saif Power Limited2


C o n t en ts

02 Corporate Information

04 Directors’ Report to the Members

06 Condensed Interim Statement of Financial Position

08 Condensed Interim Profit and Loss Account

09 Condensed Interim Statement of Comprehensive Income

10 Condensed Interim Statement of Cash Flows

11 Condensed Interim Statement of Changes in Equity

12 Condensed Interim Financial Information

Consolidated Condensed Interim Financial Statements

28 Consolidated Condensed Interim Statement of Financial Position

30 Consolidated Condensed Interim Profit and Loss Account

31 Consolidated Condensed Interim Statement of Comprehensive Income

32 Consolidated Condensed Interim Statement of Cash Flows

33 Consolidated Condensed Interim Statement of Changes in Equity

34 Consolidated Condensed Interim Financial Information

Saif Power Limited2

Corporate information

Board of Directors

Mrs. Hoor Yousafzai Mr. Osman Saifullah Khan Mr. Jehangir Saifullah Khan Mr. Assad Saifullah KhanMs. Jehannaz Saifullah KhanMr. Rana Muhammad Shafi

Audit CommitteeVacant PostionMr. Osman Saifullah KhanMr. Jehangir Saifullah Khan

Human Resource andRemuneration Committee

Vacant PositionMr. Jehangir Saifullah KhanMr. Assad Saifullah Khan

Chairperson Director Director DirectorDirector Director

Chairman Member Member

Chairman Member Member

Registered/ Head Office

1st Floor Kashmir Commercial Complex (KCC),Fazal-ul-Haq Road, Block E, Blue Area,Islamabad, Pakistan.Tel: +92-51-2271378-83Fax: +92-51-2277670Email: [email protected]

Share Registrar

THK Associates (Private) Ltd.1st Floor, 40-C, Block-6, P.E.C.H.S, Karachi 75400, P.O Box. No: 8533Tel: +92-21-111-000-322Fax: +91-21-34168271Email: [email protected]

Websitewww.saifpower.com

Plant Location

Chak 56/5L, Qadarabad,Multan Road, District Sahiwal,Punjab, Pakistan.

Management

Mr. Sohail H Hydari Chief Executive Officer

Mr. Hammad Mahmood Chief Financial Officer

Mr. Ghias Ul HassanGM Power Plant

Mr. Waseemullah Company Secretary

Mr. Umar Waseem ShahzadHead of Internal Audit


Bankers

Allied Bank Limited

Askari Bank Limited

Bank Islami Pakistan Limited

Faysal Bank Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

JS Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Pak Brunei Investment Company

Pak Oman Investment Company Limited

Saudi Pak Industrial and Agricultural Investment Company Limited

Soneri Bank Limited

Summit Bank Limited

The Bank of Punjab

United Bank Limited

Saif Power Limited4

DIRECTORS’ REPORT TO THE MEMBERSFor the nine months ended September 30, 2018

Dear Members,On behalf of the Board of Directors, I have the pleasure in presenting this report along with the condensed interim financial information of your Company for the nine months ended 30 September, 2018.

PRINCIPAL ACTIVITY Your Company is engaged in the generation of electricity which is supplied to the national grid. Your Company owns and operates a combined cycle thermal power plant consisting of two gas turbines sourced from General Electric-France and one steam turbine sourced from Siemens-Sweden with a gross capacity of 225 MW.

SUMMARY OF FINANCIAL PERFORMANCE By the grace of God, the operations remained smooth and the performance has been steady. Your Company’s net profit for the nine months ended 30 September 2018 was Rs. 2,306 million as against of 2017: Rs. 1,971 million for the comparable period. Earnings per share (EPS) for the nine months ended 30 September 2018 is Rs. 5.97 (2017: Rs.5.10).

PENDING ISSUESIn the case against SNGPL, the arbitration award in Company’s favor for an amount of Rs.239.68 million was challenged by SNGPL both in civil court and in Lahore High Court (LHC). However, as expected, the LHC dismissed the petition from SNGPL. Thereafter, SNGPL filed appeal before the Supreme Court of Pakistan, which has also been disposed off. SNGPL has also challenged the award in Civil Court, Lahore which is pending adjudication. Company has also filed a petition in the Civil Court Lahore to obtain the Decree in lieu of the Arbitration award. This amount has already been adjusted against payables to SNGPL.

In the case against Power Purchaser, the Arbitrator has awarded Rs. 477.56 Million in Company’s favour along with related Costs. Company has filed a petition in Lahore High Court for its enforcement. Power Purchaser has also challenged the partial award and final award in Civil Court, Lahore which are pending adjudication.

KEY OPERATIONAL AND FINANCIAL DATAFor the nine months ended 30

September

2018 2017

Rupees in million

Turnover 14,403 10,899

Net Profit 2,306 1,971

Percentage of Dispatch 77.23% 42.27%

Earnings per Share ( EPS) 5.97 5.10

As at

30 September 2018

31 December 2017

Rupees in Million

Property, plant and equipment

13,341 13,687

Net Worth 11,968 10,396

Long term financing 3,844 4,761

Short term borrowings 4,017 1,927

Future OutlookWe are confident that with the sustained efforts, the Company will be able to ensure growth.

AcknowledgementsWe would like to take this opportunity to thank our regulators, financial institutions, customers and other stakeholders for their continuous support and guidance.

The Directors also place on record their appreciation for the hard work and devotion of the employees towards the improved performance of the Company.

AppropriationThe Board of directors’ has declared an interim cash dividend of Rs.1.65 per share.

On behalf of the Board,

Chief Executive Officer Director

IslamabadOctober 23, 2018

Saif Power Limited6

Condensed Interim Statement of Financial Position AS AT 30 September, 2018

Un-audited Audited 30 September, 31 December, 2018 2017 Note (Rupees) Equity and Liabilities Share capital 4 3,864,717,790 3,864,717,790 Unappropriated profit 8,103,335,937 6,531,380,266 Total equity 11,968,053,727 10,396,098,056 Long term financing 5 1,719,144,164 2,858,104,162 Sub-ordinated loan 6 750,267,066 762,252,708 Liabilities against assets subject to finance lease 7 9,396,302 11,381,837 Non-current liabilities 2,478,807,532 3,631,738,707 Trade and other payables 1,067,794,928 1,431,225,639 Markup accrued 482,582,933 379,873,196 Short term borrowings 8 4,016,997,246 1,927,513,747 Current portion of non-current liabilities 2,235,968,805 1,909,106,803 Current liabilities 7,803,343,912 5,647,719,385 Total equity and liabilities 22,250,205,171 19,675,556,148 Contingencies and commitments 9 The annexed notes 1 to 25 form an integral part of this condensed interim financial information.

Chief Executive OfficerChief Financial Officer

Saif Power Limited 7Saif Power Limited 7

Un-audited Audited 30 September, 31 December, 2018 2017 Note (Rupees)Assets Property, plant and equipment 10 13,341,340,482 13,687,610,378 Long term investment 11 10,625,000 - Long term deposits 4,022,810 3,834,710 Non-current assets 13,355,988,292 13,691,445,088

Stock in trade 137,764,275 127,995,836 Trade debts 12 8,193,220,608 5,383,547,937 Advances 13 747,978 1,482,758 Trade deposits and short term prepayments 14 86,779,451 46,837,326 Other receivables 15 461,740,558 407,449,846 Advance income tax 13,405,576 12,372,853 Bank balances 16 558,433 4,424,504 Current assets 8,894,216,879 5,984,111,060 Total assets 22,250,205,171 19,675,556,148

Director

Saif Power Limited8

Condensed Interim Statement of Profit and Loss (un-audited)For the nine months ended 30 September 2018

For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Note Rupees

Turnover - net 17 5,352,611,984 3,276,139,503 14,403,010,700 10,899,721,707 Cost of sales 18 (4,306,610,803) (2,408,424,800) (11,382,904,742) (8,296,689,415)Gross profit 1,046,001,181 867,714,703 3,020,105,958 2,603,032,292 Administrative expenses (37,333,704) (41,464,323) (109,538,915) (120,768,540)Finance cost 19 (212,404,318) (178,785,115) (606,258,140) (514,952,806)Other income 20 1,197,495 822,128 1,943,148 3,670,059 Profit for the period 797,460,654 648,287,393 2,306,252,051 1,970,981,005 Earnings per share - basic and diluted 21 2.06 1.68 5.97 5.10 The annexed notes 1 to 25 form an integral part of this condensed interim financial information.

DirectorChief Executive OfficerChief Financial Officer


Condensed Interim Statement of Comprehensive Income (un-audited)For the nine months ended 30 September 2018

For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Rupees Profit for the period 797,460,654 648,287,393 2,306,252,051 1,970,981,005 Other comprehensive income for the period - - - - Total comprehensive income for the period 797,460,654 648,287,393 2,306,252,051 1,970,981,005

The annexed notes 1 to 25 form an integral part of this condensed interim financial information.


Saif Power Limited10

Condensed Interim Statement of Cash Flows (un-audited)For the nine months ended 30 September 2018

For the nine months ended 30 September, 30 September, 2018 2017 Note RupeesCash flows from operating activities Profit for the period 2,306,252,051 1,970,981,005 Adjustments for: Depreciation 445,176,479 443,533,628 Gain on sale of property, plant and equipment (277,512) (37,965) Provision for staff retirement benefits - gratuity 3,889,091 5,898,130 Finance cost 546,686,542 514,246,232 Profit on deposit accounts (6,006) (99,745) Return on investments (1,410,050) (3,532,349) Operating profit before working capital changes 3,300,310,595 2,930,988,936 Changes in: (Increase) / decrease in current assets Stock in trade (9,768,439) 14,470,951 Trade debts (2,809,672,671) (1,019,900,590) Advances 734,780 843,349 Trade deposits and short term prepayments (39,942,125) (33,695,544) Other receivables (54,290,712) (95,570,467) Trade and other payables (360,283,760) 254,118,583 (3,273,222,927) (879,733,718) Cashgeneratedfromoperatingactivities 27,087,668 2,051,255,219 Payment against deferred liability - gratuity (8,979,286) (23,185,909) Income tax paid (1,032,723) (337,123) Finance cost paid (443,976,805) (508,056,674)Net cash generated from operating activities (426,901,146) 1,519,675,513 Cash flows from investing activities Incease in long term investment (10,625,000) - Acquisition of property, plant and equipment (3,788,305) (25,822,952) Proceeds from disposal of property, plant and equipment 354,600 37,965 (Increase) in long term deposits (188,100) (441,350) Profit on deposit accounts 6,006 99,745 Return on investments 1,410,050 3,532,349 Net cash (used in)/ generated from investing activities (12,830,749) (22,594,243)Cash flows from financing activities Repayment of long term financing (916,585,112) (886,571,450) Dividend paid (732,353,130) (1,410,621,993) Increase in short term borrowings 2,089,483,499 636,965,778 Increase / (decrease) in finance lease liabilities (4,679,434) 12,363,038 Net cash used in financing activities 435,865,823 (1,647,864,627)Net increase / (decrease) in cash and cash equivalents (3,866,071) (150,783,357)Cash and cash equivalents at beginning of the period 4,424,504 152,763,065 Cash and cash equivalents at end of the period 22 558,433 1,979,708 The annexed notes 1 to 25 form an integral part of this condensed interim financial information.



Condensed Interim Statement of Changes in Equity (un-audited)For the nine months ended 30 September 2018

Share Unappropriated Total capital profit Rupees Balance as at 01 January 2017 3,864,717,790 5,351,061,011 9,215,778,801 Total comprehensive income for the period Profit for the period - 1,970,981,005 1,970,981,005 Other comprehensive income - - - Total comprehensive income for the period - 1,970,981,005 1,970,981,005 Transaction with owners of the Company Distributions Final dividend 2016: @ Rs.1.90 per share - (734,296,380) (734,296,380)First interim dividend 2017: @ Rs. 1.75 per share - (676,325,613) (676,325,613)Balance as at 30 September 2017 3,864,717,790 5,911,420,023 9,776,137,813 Balance as at 01 January 2018 3,864,717,790 6,531,380,266 10,396,098,056 Total comprehensive income for the period Profit for the period - 2,306,252,051 2,306,252,051 Other comprehensive income - - - Total comprehensive income for the period - 2,306,252,051 2,306,252,051 Transaction with owners of the Company Distributions Final dividend 2017: Rs. 1.90 per share - (734,296,380) (734,296,380)Balance as at 30 September 2018 3,864,717,790 8,103,335,937 11,968,053,727 The annexed notes 1 to 25 form an integral part of this condensed interim financial information.



1 Reporting entity Saif Power Limited (“the Company”) was incorporated in Pakistan on 11 November 2004 as a public

limited Company under the Companies Ordinance, 1984 (now repealed and replaced by the Companies Act, 2017). The shares of the Company are quoted on Pakistan Stock Exchange Limited. The principal activities of the Company are to own, operate and maintain a combined cycle power plant having nameplate capacity of 225 Megawatt (ISO) in district Sahiwal, Punjab, Pakistan and sell the electricity to National Transmission and Dispatch Company (NTDC). The registered office of the Company is situated at Ist Floor, Kashmir Commercial Complex, Fazal-ul-Haq Road, Block E, Blue Area, Islamabad. The Company commenced operations from 30 April 2010. The Company is a subsidiary of Saif Holdings Limited (‘’the Holding Company’’) having shareholding of 51.04% shares (2017: 51.04%).

2 Basis of preparation These condensed interim financial statements of the Company for the nine months ended 30 September

2018 have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

a) International Accounting Standard (lAS) 34, Interim Financial Reporting, issued by the International

Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and b) Provisions of and directives issued under the Companies Act, 2017. Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements

of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

The disclosures in these condensed interim financial statements do not include the information reported for full annual financial statements and should therefore be read in conjunction with the financial statements of the Company for the year ended 31 December 2017. Comparative condensed interim statement of financial position is extracted from annual financial statements as at 31 December 2017 whereas comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from unaudited condensed interim financial statements of the Company for the nine months ended 30 September 2017.

These condensed interim financial statements are unaudited and are being submitted to the members as

required under Section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange Limited.

3 Significant accounting policies and use of judgements and estimates The accounting policies and the methods of computations adopted in the preparation of these condensed

interim financial statements are consistent with those followed in the preparation of the Company’s audited financial statements for the year ended 31 December 2017, except for the following:

Notes to the Condensed Interim Financial Statements (un-audited)For the nine months ended 30 September 2018



3.1 Investment in subsidiaries Investments in subsidiaries are stated at cost less impairment loss, if any, in accordance with the provisions

of IAS 27 ‘Separate Financial Statements’. 3.2 The newly enacted Companies Act, 2017 which has replaced the previous Companies Ordinance, 1984

has specified additional disclosures in the financial statements. These requirements are applicable to the Company’s complete set of financial statements for the year ending December 31, 2018 and where applicable to the condensed interim financial statements. Accordingly, the Company has presented the required disclosures in these condensed interim financial statements and restated certain comparatives. However, there was no change in the reported amounts of profit or loss or the amounts presented in the statement of financial position.

Un-audited Audited 30 September, 31 December, 2018 20174 Share capital Rupees 4.1 Authorized share capital

405,000,000 (31 December 2017: 405,000,000) ordinary shares of Rs.10 each 4,050,000,000 4,050,000,000 4.2 Issued, subscribed and paid-up capital

386,471,779 (31 December 2017: 386,471,779) ordinary shares of Rs. 10 each fully paid in cash 3,864,717,790 3,864,717,790 4.3 Saif Holdings Limited (“the Holding Company”) holds 197,272,619 i.e. 51.04% shares (31 December 2017:

197,272,619 i.e. 51.04%) ordinary shares of Rs.10 each at the reporting date and 12,501 (31 December 2017: 12,002) ordinary shares of Rs. 10 each and 100 (31 December 2017: 100) ordinary shares of Rs. 10 each are held by directors and a related party respectively. Orastar Limited held 66,022,504 (31 December 2017: 74,670,004) ordinary shares of the Company.


Un-audited Audited 30 September, 31 December, 2018 20175 Long term financing - secured Note Rupees Balance at 01 January 4,761,277,267 6,499,483,656 Repayment during the period / year (916,585,112) (1,738,206,389) 3,844,692,155 4,761,277,267 Current portion of long term financing (2,125,547,991) (1,903,173,105) Balance at 30 September / 31 December 5.1 1,719,144,164 2,858,104,162 5.1 Terms and conditions of all the above financing are same as disclosed in annual financial statements for

the year ended 31 December 2017. Un-audited Audited 30 September, 31 December, 2018 20176 Sub-ordinated loan - unsecured Note Rupees

Balance at 01 January 762,252,708 722,932,879 Net exchange loss capitalized 95,195,366 39,319,829 Current portion of sub-ordinated loan (107,181,008) - Balance at 30 September / 31 December 6.1 750,267,066 762,252,708 6.1 Terms and conditions of the above loan are same as disclosed in annual financial statements for the year

ended 31 December 2017. Un-audited Audited 30 September, 31 December, 2018 20177 Liabilities against assets subject to finance lease-secured Present value of Present value minimum lease of minimum payments lease payments

Within one year 3,239,806 5,933,698 Later than one year and not later than five years 9,396,302 11,381,837 12,636,108 17,315,535



Un-audited Audited 30 September, 31 December, 2018 20178 Short term borrowings - secured Rupees Working capital facilities 3,437,379,439 1,677,513,509 Short term musharakah / murabaha facilities 579,617,807 250,000,238 8.1 4,016,997,246 1,927,513,747 8.1 The terms and conditions of short term borrowings are same as disclosed in the annual financial

statements for the year ended 31 December 2017, except the increase in the financing limit of running finance by Rs. 1,087 million along with increase in amount of lien by Rs 2,691 million.

9 Contingencies and commitments All contingencies and commitments are the same as those disclosed in annual financial statements for

the year ended 31 December 2017, except for the following changes: 9.1 Contingencies: 9.1.1 Sui Northern Gas Pipelines Limited (SNGPL) has claimed an amount of Rs.88.51 million (31 December

2017: Rs 84.03 million) on account of late payment by the Company against SNGPL’s invoices of Regasified Liquefied Natural Gas (RLNG). SNGPL submitted these RLNG invoices to the Company without getting determination of RLNG tariff from OGRA. The Company has considered such SNGPL invoices to be invalid without OGRA determination. Therefore, no provision for the above mentioned amount has been made in these condensed interim financial statements.

9.1.2 For the tax period July 2015 to June 2016, the assessing officer raised sales tax demand of Rs. 10.43 million

in the matter of inadmissibility of input tax in relation to financial banking services, security services and business support services procured by the Company. The Company filed an appeal with Commissioner (Appeals), who decided the matter in favor of the Company on account of business support services and remanded back the matter to assessing officer on account of security services and financial banking services. The Company filed an appeal in the Appellant Tribunal Inland Revenue (ATIR) against the order of Commissioner (Appeals) which is pending adjudication. Maximum amount of contingency as per the Company’s records is Rs. 4.92 million.

9.1.3 In respect of Tax Years 2014 and 2015, the assessing officer amended the Company’s assessments and

raised tax demand amounting to Rs. 25.15 million and Rs. 9.45 million respectively by subjecting bank profit, return on investments and foreign exchange gain to tax. The Company filed an appeal before Commissioner (Appeals), who confirmed the tax imposed in the earlier order and further ordered to charge tax on interest on delayed payment revenue. The Company has filed an appeal before ATIR against the order of Commissioner (Appeals), which is pending adjudication.

During the current period, assessing officer issued order for Tax Year 2014 to give effect to appeal order

modifying assessment and enhanced tax payable to Rs. 188.32 million and subsequent to current period the Company filed an appeal against this order before Commissioner (Appeal).




Un-audited Audited 30 September, 31 December, 2018 201710 Property, plant and equipment Note Rupees

Operating fixed assets 10.1 13,341,340,482 13,687,610,378 10.1 Operating fixed assets Balance at 01 January 13,687,610,378 14,213,512,866 Additions during the period / year 3,788,305 26,309,723 Carrying value of assets disposed off during the period (77,088) - Depreciation for the period / year (445,176,479) (591,532,040) Capitalization of exchange loss 95,195,366 39,319,829 Balance at 30 September / 31 December 13,341,340,482 13,687,610,378 11 Long term investment 10,625,000 - This represents equity investment in Saif Cement (Private) Limited (“SCPL”). SCPL is setting

up a cement manufacturing plant in Saidulwali Village, Paharpur, Dera Ismail Khan, Khyber Pakhtun Khawa (KPK). SCPL, during the period, issued 1,062,500 number of fully paid ordinary shares of Rs. 10 each constituiting 99.81% of its issued share capital to the Company against share deposit money amounting to Rs.10,625,000 deposited by the Company. The Company intend to participate up to Rupees equivalent of US $ 20 million in SCPL to acquire approximately 221 million ordinary shares (USD/ Rupee parity equal to Rupees 2,210 million which would be adjustable to the foreign exchange rates during the tenure of the project) at par value of Rs. 10 per share, in line with the approval from National Electric Power Regulatory Authority (NEPRA) and from the Company’s shareholders at the extraordinary general meeting held on 28 February 2018. Therefore, the Company’s intended investment will result as approximately 33.33% of equity of SCPL instead of currently held 99.81% of equity.

Un-audited Audited 30 September, 31 December, 2018 201712 Trade debts - secured, considered good Note Rupees National Transmission and Despatch Company (NTDC) 12.1 8,193,220,608 5,383,547,937 12.1 These are secured by way of guarantee issued by the Government of Pakistan (GoP) under the

Implementation Agreement (IA). These are subject to mark-up on delayed payments under section 9.6 (d) of Power Purchase Agreement (PPA) at the rate of KIBOR + 4.5% per annum.


12.2 Included in trade debts is an amount of Rs. 477.56 million (31 December 2017: Rs. 477.56 million) relating to capacity purchase price not acknowledged by NTDC as the plant was not fully available for power generation. However, the sole reason of this under-utilization of plant capacity was non-availability of fuel owing to non-payment by NTDC.

The Company along with other Independent Power Producers (IPPs) agreed with NTDC to resolve the dispute through dispute resolution mechanism (appointment of expert) under the PPA. In his decision the expert in August 2015 determined that the amount mentioned above is payable to the Company and accordingly the Company has claimed the said amount from NTDC. Since NTDC did not conform to requirements of PPA relating to Expert decision within 30 days, the IPPs went to London Court of International Arbitration (LCIA).

“Sole arbitrator appointed by LCIA issued a partial final award on 08 June 2017 wherein it was inter

alia held that the expert determination is final and binding. Thereafter, a final award was issued by the sole arbitrator on 29 October 2017 pursuant to which NTDC was ordered to pay Rs. 477.56 million (31 December 2017: Rs. 477.56 million) along with cost of proceedings, interest from the date of expert determination till payment by NTDC after Arbitrator decision to the Company. Both the awards have been filed by the Company in the Lahore High Court for enforcement, which proceedings are pending. NTDC also challenged the partial award and final award in English courts as well as Civil Court, Lahore, however, it withdrew from the English Courts during the period.

12.3 During the year ended 31 December 2016, an amount of Rs. 239.68 million relating to capacity purchase

price not acknowledged by NTDC was adjusted by the Company against payable to SNGPL pursuant to award in favor of the Company for the whole amount by the London Court of International Arbitration (Arbitrator). SNGPL disputed the adjustment/set off amount of Award in the Lahore High Court, however, the court dismissed such petition of SNGPL. Thereafter, SNGPL filed appeal before the Supereme Court of Pakistan which, during the current period disposed off the appeal by stating that, the judgement of the Lahore High Court to the extent it decides on merits the question of the Company’s right to set off is set aside (without prejudice to the rights of the parties). SNGPL has also challenged the award in Civil Court, Lahore which is pending adjudication. During the year ended 31 December 2016, the Company filed a petition in the Civil Court Lahore to obtain a Decree in lieu of the arbitration award and also adjusted an amount of Rs. 270.66 million from payable to SNGPL as such amount was allowed by the Arbitrator in its award.




Un-audited Audited 30 September, 31 December, 2018 201713 Advances-considered good Advances to suppliers-unsecured, non interest bearing 172,335 617,590 Advances to employee-unsecured, non interest bearing 575,643 865,168 747,978 1,482,758 14 Trade deposit and short term prepayments Prepayments 84,946,451 45,029,926 Security deposits 1,833,000 1,038,000 Current portion of long term deposits - 769,400 86,779,451 46,837,326 15 Other receivables Workers’ Profit Participation Fund (WPPF) receivables 459,898,799 405,718,556 Others 1,841,760 1,731,290 461,740,558 407,449,846 16 Bank balances At banks Local currency Current accounts 314,411 231,878 Deposit accounts 16.1 - 499,360 314,411 731,238 Foreign Currency Current accounts 16.2 704 3,477,224 Deposit accounts 16.1 & 16.2 243,318 216,042 244,022 3,693,266 558,433 4,424,504

16.1 Balances with banks carry mark-up ranging from 4.53% to 4.62% (2017: 3.84% to 3.99%) per annum.16.2 This represents an amount of USD 1,961 ( 2017: USD 6,485).



For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 201717 Turnover - net Rupees

Gross Energy Purchase Price (EPP) 4,817,355,280 2,952,805,224 12,622,610,410 9,987,479,408 Less: sales tax (702,232,711) (752,484,981) (1,836,329,611) (2,313,778,883) 4,115,122,569 2,200,320,243 10,786,280,799 7,673,700,525 Capacity Purchase Price (CPP) 1,237,489,415 1,075,819,260 3,616,729,901 3,226,021,182 5,352,611,984 3,276,139,503 14,403,010,700 10,899,721,707 18 Cost of sales Raw material consumed 3,871,648,775 2,004,119,908 10,137,222,360 7,048,635,290 Operation and maintenance 237,136,735 200,689,931 647,193,161 641,576,891 Salaries and other benefits 12,758,169 11,804,551 41,983,915 38,025,081 Electricity charges 1,718,685 11,626,828 10,923,510 28,830,557 Insurance 35,543,176 33,387,842 102,682,633 99,502,804 Depreciation 147,108,156 146,106,947 440,324,696 438,215,807 Office expenses 369,012 334,411 1,160,160 901,458 Travelling, conveyance and entertainment 230,878 285,674 735,086 720,347 Repair and maintenance 72,767 19,610 601,136 166,434 Communication 24,450 49,098 78,085 114,746 4,306,610,803 2,408,424,800 11,382,904,742 8,296,689,415

19 Finance cost Mark-up on long term borrowings 127,408,908 137,287,782 336,639,859 433,072,806 Mark-up on short term borrowings 68,074,962 25,744,450 196,892,767 65,272,792 Exchange loss 10,925,000 688,692 59,571,598 706,574 Guarantee commission 5,749,999 - 12,250,599 - Bank and other charges 245,449 15,064,191 903,317 15,900,634 212,404,318 178,785,115 606,258,140 514,952,806 20 Other income Income from financial assets Income on deposits and investments 1,197,495 822,210 1,416,056 3,632,094 Income from non - financial assets Gain on disposal of property, plant and equipment - - 527,092 37,965 1,197,495 822,210 1,943,148 3,670,059


For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Rupees 21 Earnings per share Profit for the period (Rupees) 797,460,654 648,287,393 2,306,252,051 1,970,981,005 Weighted average number of shares 386,471,779 386,471,779 386,471,779 386,471,779 Earnings per share - Basic (Rupees) 2.06 1.68 5.97 5.10 There is no effect of dilution on the basic earnings per share of the Company.

30 September, 30 September, 2018 201722 Cash and cash equivalents Rupees

Bank balances 558,433 1,979,708 558,433 1,979,708

23 Fair value of financial instruments Fair value is the amount that would be received on sale of an asset or paid on transfer of a liability in an

orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and fair value estimates. Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based

on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Company is current bid price. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

IFRS 13, ‘Fair Value Measurements’ requires the Company to classify fair value measurements using a fair

value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or Liabilities (level 1). - Inputs other than quoted prices included within level 1 that are observable for the asset or liability,

either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). - Inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs) (level 3).



23.1

Th

e fo

llow

ing

tabl

e sh

ows t

he ca

rryin

g am

ount

s and

fair

valu

es o

f fina

ncia

l ass

ets a

nd fi

nanc

ial li

abiliti

es, i

nclu

ding

thei

r lev

els i

n th

e fa

ir va

lue

hier

arch

y.

O

n-ba

lanc

e sh

eet fi

nanc

ial

in

stru

men

ts

30

Sep

tem

ber 2

018

(Rup

ees)

Fina

ncia

l ass

ets m

easu

red

at

fair

valu

e

-

-

-

-

-

-

-

-

Fi

nanc

ial a

sset

s not

mea

sure

d at

fair

valu

e 23

.2

Lo

ng te

rm d

epos

its

-

4

,022

,810

-

4

,022

,810

-

-

-

-

Trad

e de

bts

-

8

,193

,220

,608

-

8

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-

-

-

-

Secu

rity

depo

sits

-

1

,833

,000

-

1

,833

,000

-

-

-

-

Oth

er re

ceiva

bles

-

461

,740

,558

-

4

61,7

40,5

58

-

-

-

-

Ba

nk b

alan

ces

-

5

58,4

33

-

558

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-

-

-

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l

-

8,6

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75,4

09

-

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61,3

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09

-

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nanc

ial l

iabi

lities

not

mea

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fair

valu

e

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term

fina

ncin

g

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3

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3

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s 23

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23.

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kup

accr

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m b

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gs

23.2

-

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4

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-

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l lia

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m

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l 1Le

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Note

s to

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dens

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teri

m F

inan

cial

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tem

ents

(un-

audi

ted)

For

the

nine

mon

ths

ende

d 30

Sep

tem

ber

2018


Note

s to

the

Con

dens

ed In

teri

m F

inan

cial

Sta

tem

ents

(un-

audi

ted)

For

the

nine

mon

ths

ende

d 30

Sep

tem

ber

2018

O

n-ba

lanc

e sh

eet fi

nanc

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in

stru

men

ts

31

Dec

embe

r 201

7

(R

upee

s)

Fi

nanc

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sset

s mea

sure

d

at fa

ir va

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23.2

-

-

-

-

-

-

-

-

Fina

ncia

l ass

ets n

ot m

easu

red

at

fair

valu

e 23

.2

Long

term

dep

osits

-

4,6

04,1

10

-

4,6

04,1

10

-

-

-

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ade

debt

s

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5,3

83,5

47,9

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curit

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ther

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1

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1

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-

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ance

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Fi

nanc

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lities

not

mea

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d at

fair

valu

e 23

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term

fina

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g

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4

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mpa

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as n

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sed

the

fair

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r the

se fi

nanc

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s and

fina

ncia

l liab

ilities

, as t

hese

are

eith

er sh

ort t

erm

in n

atur

e or

repr

ice p

erio

dica

lly. T

here

fore

, the

ir ca

rryin

g am

ount

s are

reas

onab

le a

ppro

ximati

on o

f fai

r val

ue.

23.3

It

exclu

des w

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ldin

g ta

x pay

able

and

pay

able

aga

inst

WPP

F.

Note

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valu

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roug

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ofit a

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ss

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ount

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l 1Le

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l 2To

tal


24 Related party transactions Saif Power Limited (“the Company”) is a subsidiary of Saif Holdings Limited (“the Holding Company”)

and Saif Cement (Private) Limited (“the Subsidiary Company”), is subsidiary of the Company there-fore the Holding Company and the Subsidiary Company and all associated undertakings of the Holding Company and the Subsidiary Company are the related parties of the Company. Other related parties comprise of directors, key management personnel, entities over which the directors are able to exercise significant influence and major shareholders. Balance and other arrangements with Orastar Limited has been disclosed in note 4 and 6 to the financial statements. Additionally, as at 30 September 2018, markup payable to Orastar Limited amounts to Rs. 297 million (31 December 2017: Rs. 235 million). Transactions with related parties other than those disclosed in note 11 to these financial statements are as follows:

For the nine months ended 30 September, 30 September, 2018 2017 Rupees

Transactions with the Holding Company Rent 675,000 4,130,244 Dividend 374,817,976 720,045,059 Expenses incurred on behalf of the Company 128,840 - Transactions with associated undertakings due to common directorship Expenses incurred on behalf of the Company 325,213 290,152 Dividend 190 365 Transactions with key management personnel Dividend 22,804 59,008 Remuneration, allowances and benefits 34,201,751 28,086,022 Transaction with other related parties Contribution to Saif Power Limited-Staff gratuity fund 8,979,286 22,708,310 Consultancy 13,500,000 -



Un-audited Audited 30 September, 31 December, 2018 2017 Rupees

The Company’s balances with related parties Support service fee payable to the Holding Company 221,525,725 221,525,725 Payable to Saif Power Limited- Staff gratuity fund 3,889,091 8,979,286 Advances to key management personnel 131,251 551,340 Payable to associated companies - 158,173 25 General 25.1 These financial statements were approved by the Board of Directors in their meeting held on 23 October

2018. 25.2 The Board of Directors of the Company in its meeting held on 23 October, 2018 has proposed an interim cash

dividend of Rs. 1.65 per share.




Consolidated Condensed Interim Financial Statements For the 3rd Quarter Ended September 30, 2018


Consolidated Condensed Interim Statement of Financial PositionAS AT 30 September, 2018

Un-audited Audited 30 September, 31 December, 2018 2017 Note (Rupees)Equity and Liabilities Share capital 4 3,864,717,790 3,864,717,790 Unappropriated profit 8,101,880,356 6,531,380,266 Equity attributable to equity holders of Holding Company 11,966,598,146 10,396,098,056 Non-Controlling Interest (6,748) - Total equity 11,966,591,398 10,396,098,056 Long term financing 5 1,873,681,694 2,858,104,162 Sub-ordinated loan 6 750,267,066 762,252,708 Liabilities against assets subject to finance lease 7 9,396,302 11,381,837 Non-current liabilities 2,633,345,062 3,631,738,707 Trade and other payables 1,117,867,708 1,431,225,639 Markup accrued 482,582,933 379,873,196 Short term borrowings 8 4,016,997,246 1,927,513,747 Current portion of non-current liabilities 2,235,968,805 1,909,106,803 Current liabilities 7,853,416,692 5,647,719,385 Total equity and liabilities 22,453,353,152 19,675,556,148 Contingencies and commitments 9

The annexed notes 1 to 27 form an integral part of this consolidated condensed interim financial information.


Un-audited Audited 30 September, 31 December, 2018 2017 Note (Rupees)Assets Property, plant and equipment 10 13,528,677,162 13,687,610,378 Goodwill 11 12,754,189 - Long term deposits 4,022,810 3,834,710

Non-current assets 13,545,454,161 13,691,445,088 Stock in trade 137,764,275 127,995,836 Trade debts 12 8,193,220,608 5,383,547,937 Advances 13 761,128 1,482,758 Trade deposits and prepayments 14 86,779,451 46,837,326 Other receivables 15 461,835,339 407,449,846 Advance income tax 14,278,196 12,372,853 Short term investements 16 10,526,316 - Cash in hand and Bank balances 17 2,733,678 4,424,504 Current assets 8,907,898,991 5,984,111,060 Total assets 22,453,353,152 19,675,556,148



Consolidated Condensed Interim Statement of Profit and Loss (Un-audited)For the nine months ended 30 September 2018

For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Note Rupees

Turnover - net 19 5,352,611,984 3,276,139,503 14,403,010,700 10,899,721,707 Cost of sales 20 (4,306,610,803) (2,408,424,800) (11,382,904,742) (8,296,689,415)Gross profit 1,046,001,181 867,714,703 3,020,105,958 2,603,032,292 Administrative expenses (38,932,413) (41,464,323) (111,137,623) (120,768,540)Finance cost 21 (212,419,367) (178,785,115) (606,273,189) (514,952,806)Other income 22 1,352,931 822,128 2,098,584 3,670,059 Profit for the period 796,002,332 648,287,393 2,304,793,730 1,970,981,005 Profit/ (loss) for the period attributable to: Equity holders of the Holding Company 796,005,072 648,287,393 2,304,796,470 1,970,981,005 Non-Controlling Interest (2,740) - (2,740) - 796,002,332 648,287,393 2,304,793,730 1,970,981,005 Earnings per share - basic and diluted 23 2.06 1.68 5.96 5.10 The annexed notes 1 to 27 form an integral part of this consolidated condensed interim financial information.



Consolidated Condensed Interim Statement of Comprehensive Income (Un-audited)For the nine months ended 30 September 2018

For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Rupees Profit for the period 796,002,332 648,287,393 2,304,793,730 1,970,981,005 Other comprehensive income for the period - - - - Total comprehensive income for the period 796,002,332 648,287,393 2,304,793,730 1,970,981,005 Total Comprehensive Incom attributable to: Equity holders of the Holding Company 796,005,072 648,287,393 2,304,796,470 1,970,981,005 Non-Controlling Interest (2,740) - (2,740) - 796,002,332 648,287,393 2,304,793,730 1,970,981,005 The annexed notes 1 to 27 form an integral part of this consolidated condensed interim financial information.



Consolidated Condensed Interim Statement of Cash Flows (un-audited)For the nine months ended 30 September 2018

For the nine months ended 30 September, 30 September, 2018 2017 Note RupeesCash flows from operating activities Profit for the period 2,304,793,730 1,970,981,005 Adjustments for: Depreciation 445,176,479 443,533,628 Gain on sale of property, plant and equipment (277,512) (37,965) Provision for staff retirement benefits - gratuity 3,889,091 5,898,130 Finance cost 546,686,542 514,246,232 Profit on deposit accounts (6,006) (99,745) Return on investments (1,410,050) (3,532,349) Operating profit before working capital changes 3,298,852,274 2,930,988,936 Changes in: Stock in trade (9,768,439) 14,470,951 Trade debts (2,809,672,671) (1,019,900,590) Advances 725,480 843,349 Trade deposits and short term prepayments (39,942,125) (33,695,544) Other receivables (54,319,309) (95,570,467) Trade and other payables (371,448,094) 254,118,583 (3,284,425,158) (879,733,718) Cash generated from operating activities 14,427,116 2,051,255,219 Payment against deferred liability - gratuity (8,979,286) (23,185,909) Income tax paid (1,211,989) (337,122) Finance cost paid (443,976,805) (508,056,674)Net cash generated from operating activities (439,740,964) 1,519,675,513 Cash flows from investing activities Acquisition of subsidiary 18 10,537,815 - Acquisition of property, plant and equipment (3,800,303) (25,822,952) Capital work in Progress (6,135,754) - Proceeds from disposal of property, plant and equipment 354,600 37,965 (Increase)/ Decrease in Long term deposits (188,100) (441,350) Profit on deposit accounts 6,006 99,745 Return on investments 1,410,050 3,532,349 Net cash (used in)/ generated from investing activities 2,184,314 (22,594,243)Cash flows from financing activities Repayment of long term financing (916,585,112) (886,571,450) Dividend paid (732,353,130) (1,410,621,993) Increase in short term borrowings 2,089,483,499 636,965,778 Increase / (decrease) in finance lease liabilities (4,679,434) 12,363,038 Net cash used in financing activities 435,865,823 (1,647,864,627)Net increase / (decrease) in cash and cash equivalents (1,690,827) (150,783,357)Cash and cash equivalents at beginning of the period 4,424,505 152,763,065 Cash and cash equivalents at end of the period 24 2,733,678 1,979,708 The annexed notes 1 to 27 form an integral part of this consolidated condensed interim financial information.



Consolidated Condensed Interim Statement of Changes in Equity (un-audited)For the nine months ended 30 September 2018

Attributable to equity holders of the holding company Non- Share Unappropriated Shareholders’ Controlling Total capital profit Equity Interest Equity Rupees

Balance as at 01 January 2017 3,864,717,790 5,351,061,011 9,215,778,801 - 9,215,778,801

Total comprehensive income for the period

Profit for the period - 1,970,981,005 1,970,981,005 - 1,970,981,005

Other comprehensive income - - - - -

- 1,970,981,005 1,970,981,005 - 1,970,981,005

Distributions

Final dividend 2016: @ Rs.1.90 per share - (734,296,380) (734,296,380) - (734,296,380)

First interim dividend 2017: @ Rs. 1.75 per share - (676,325,613) (676,325,613) - (676,325,613)

Balance as at 30 September 2017 3,864,717,790 5,911,420,023 9,776,137,813 - 9,776,137,813

Balance as at 01 January 2018 3,864,717,790 6,531,380,266 10,396,098,056 - 10,396,098,056

Acquisition of subsidiary with Non-Controlling Interest - - - (4,008) (4,008)

Total comprehensive income for the period

Profit for the period - 2,304,796,470 2,304,796,470 (2,740) 2,304,793,730 Other Comprehensive Income for the period - - - - - - 2,304,796,470 2,304,796,470 (2,740) 2,304,793,730 Distributions

Final dividend 2017: Rs. 1.90 per share - (734,296,380) (734,296,380) - (734,296,380)Balance as at 30 September 2018 3,864,717,790 8,101,880,356 11,966,598,146 (6,748) 11,966,591,398

The annexed notes 1 to 27 form an integral part of this consolidated condensed interim financial information.



1 The group and its operations: The Group consist of Saif Power Limited (“the Holding Company”) and Saif Cement (Private) Limited (“the

Subsidiary Company”) . Saif Power Limited acquired 1,625,000 ordinary shares of Rs. 10 each of Saif Cement (Private) Limited during the current period on 01 August 2018 (“the acquisition date”) through issuance of shares by Saif Cement (Private) Limited. After the aforementioned issuance of shares Saif Power Limited holds 99.81% of the issued share capital of Saif cement (Private) Limited. Control of Saif Cement (Private) Limited was transferred to Saif Power Limited on the acquisition date.

Saif Power Limited Saif Power Limited was incorporated in Pakistan on 11 November 2004 as a public limited Company

under the Companies Ordinance, 1984 (now repealed and replaced by the Companies Act, 2017). The shares of the Holding Company are quoted on Pakistan Stock Exchange Limited. The Holding Company is a subsidiary of Saif Holdings Limited (“SHL”).

The principal activities of the Holding Company are to own, operate and maintain a combined cycle

power plant having nameplate capacity of 225 Megawatt (ISO) in district Sahiwal, Punjab, Pakistan and sell the electricity to National Transmission and Dispatch Company (NTDC). The registered office of the Company is situated at Ist Floor, Kashmir Commercial Complex, Fazal-ul-Haq Road, Block E, Blue Area, Islamabad. The Holding Company commenced operations from 30 April 2010.

Saif Cement (Private) Limited Saif Cement (Private) Limited is a private company incorporated in Pakistan on 13 January 2017 under the

Companies Ordinance, 1984 (now repealed and replaced by the Companies Act, 2017). The Subsidiary Company is engaged in the construction of cement plant and its principal business will be production and sale of cement. The Subsidiary Company’s registered office is situated at APTMA House, Tehkal Payan, Jamrud Road, Peshawar.

2 Basis of preparation: These condensed interim financial statements for the nine months ended 30 September 2018 have been

prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

a) International Accounting Standard (lAS) 34, Interim Financial Reporting, issued by the International

Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and b) Provisions of and directives issued under the Companies Act, 2017 Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements

of lAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

The disclosures in these condensed interim financial statements do not include the information reported for full annual financial statements and should therefore be read in conjunction with the financial statements of the Holding Company for the year ended 31 December 2017. Comparative condensed interim statement of financial position is extracted from annual financial statements as at 31 December 2017 whereas comparative condensed interim statement of profit or loss, condensed interim statement

Notes to the Consolidated Condensed Interim Financial Statements (un-audited)For the nine months ended 30 September 2018


of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from unaudited condensed interim consolidated financial statements of the Holding Company for the nine months ended 30 September 2017.

These condensed interim financial statements are unaudited and are being submitted to the members as

required under Section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange.

3 Accounting policies The accounting policies and the methods of computations adopted in the preparation of these condensed

interim consolidated financial statements are consistent with those followed in the preparation of the Holding Company’s audited financial statements for the year ended 31 December 2017, except for the following:

3.1 The newly enacted Companies Act, 2017 which has replaced the previous Companies Ordinance, 1984

has specified additional disclosures in the financial statements. These requirements are applicable to the Company’s complete set of financial statements for the year ending December 31, 2018 and where applicable to the condensed interim financial statements. Accordingly, the Company has presented the required disclosures in these condensed interim financial statements and restated certain comparatives. However, there was no change in the reported amounts of profit or loss or the amounts presented in the statement of financial position.

3.2 Consolidation Subsidiary is an entity over which the Holding Company has control. The Holding Company controls an

entity when the Holding Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiary is fully consolidated from the date on which control is transferred to the Holding Company. They are deconsolidated from the date that control ceases.

The assets and liabilities of Subsidiary Company have been consolidated on a line by line basis and

carrying value of investments held by the Holding Company is eliminated against Holding Company’s share in paid up capital of the Subsidiary Company. Intragroup balances and transactions have been eliminated.

Non-controlling interests are that part of net results of the operations and of net assets of Subsidiary

Company attributable to interest which are not owned by the Holding Company. Non-controlling interests are presented as separate item in the consolidated financial statements at proportionate share of net assets basis.



Un-audited Audited 30 September, 31 December, 2018 20174 Share capital Rupees 4.1 Authorized share capital 405,000,000 (31 December 2017: 405,000,000) ordinary shares of Rs.10 each 4,050,000,000 4,050,000,000 4.2 Issued, subscribed and paid-up capital 386,471,779 (31 December 2017: 386,471,779) ordinary shares of Rs. 10 each fully paid in cash 3,864,717,790 3,864,717,790 4.3 Saif Holdings Limited (“SHL”) holds 197,272,619 i.e. 51.04% (31 December 2017: 197,272,619 i.e.

51.04%) ordinary shares of Rs.10 each at the reporting date and 12,501 (31 December 2017: 12,002) ordinary shares of Rs. 10 each and 100 (31 December 2017: 100) ordinary shares of Rs. 10 each are held by directors and a related party respectively. Orastar Limited held 66,022,504 (31 December 2017: 74,670,004) ordinary shares of the Holding Company.

Un-audited Audited 30 September, 31 December, 2018 20175 Long term financing-secured Rupees Balance at 01 January 4,915,814,797 6,499,483,656 Repayment during the period / year (916,585,112) (1,738,206,389) 3,999,229,685 4,761,277,267 Current portion of long term financing (2,125,547,991) (1,903,173,105) Balance at 30 September / 31 December 5.1 1,873,681,694 2,858,104,162 5.1 Terms and conditions of all the above financing are same as disclosed in annual financial statements

of the Holding Company for the year ended 31 December 2017. However, the conolidation resulted in addition of long term loan of Rs. 154,537,530 from the financial statements of Subsidiary Company that is secured from related parties.



Un-audited Audited 30 September, 31 December, 2018 20176 Sub-ordinated loan - Unsecured Rupees Balance at 01 January 762,252,708 722,932,879 Net exchange loss capitalized 95,195,366 39,319,829 Current portion of sub-ordinated loan (107,181,008) - Balance at 30 September / 31 December 750,267,066 762,252,708 6.1 Terms and conditions of subordinated loan are same as disclosed in annual financial statements of the

Holding Company for the year ended 31 December 2017.

Un-audited Audited 30 September, 31 December, 2018 20177 Liabilities against assets subject to Note Rupees finance lease-secured Present value of Present value minimum lease of minimum payments lease payments

Within one year 3,239,806 5,933,698 Later than one year and not later than five years 9,396,302 11,381,837 12,636,108 17,315,535 8 Short term borrowings - secured Working capital facilities 3,437,379,439 1,677,513,509 Short term musharakah / murabaha facilities 579,617,807 250,000,238 8.1 4,016,997,246 1,927,513,747 8.1 The terms and conditions of short term borrowings are same as disclosed in the annual financial

statements of the Holding Company for the year ended 31 December 2017, except the increase in the financing limit of running finance by Rs. 1,087 million along with increase in amount of lien by Rs. 2,691 million.



9 Contingencies and commitments All contingencies and commitments are the same as those disclosed in annual financial statements of the

Holding Company for the year ended 31 December 2017, except for the following changes:

9.1 Contingencies: 9.1.1 Sui Northern Gas Pipelines Limited (SNGPL) has claimed an amount of Rs.88.51 million (31 December

2017: Rs 84.03 million) on account of late payment by the Holding Company against SNGPL’s invoices of Regasified Liquefied Natural Gas (RLNG). SNGPL submitted these RLNG invoices to the Holding Company without getting determination of RLNG tariff from Oil and Gas Regulatory Authority (OGRA). The Holding Company has considered such SNGPL invoices to be invalid without OGRA determination. Therefore, no provision for the above mentioned amount has been made in these condensed interim financial statements.

9.1.2 For the tax period July 2015 to June 2016, the assessing officer raised sales tax demand of Rs. 10.43 million

in the matter of inadmissibility of input tax in relation to financial banking services, security services and business support services procured by the Holding Company. The Holding Company filed an appeal with Commissioner (Appeals), who decided the matter in favor of the Holding Company on account of business support services and remanded back the matter to assessing officer on account of security services and financial banking services. The Holding Company filed an appeal in the Appellant Tribunal Inland Revenue (ATIR) against the order of Commissioner (Appeals) which is pending adjudication. Maximum amount of contingency as per the Holding Company’s records is Rs. 4.92 million.

9.1.3 In respect of Tax Years 2014 and 2015, the assessing officer amended the Holding Company’s assessments

and raised tax demand amounting to Rs. 25.15 million and Rs. 9.45 million respectively by subjecting bank profit, return on investments and foreign exchange gain to tax. The Holding Company filed an appeal before Commissioner (Appeals), who confirmed the tax imposed in the earlier order and further ordered to charge tax on interest on delayed payment revenue. The Holding Company has filed an appeal before ATIR against the order of Commissioner (Appeals), which is pending adjudication.

During the current period, assessing officer issued order for Tax Year 2014 to give effect to appeal order

modifying assessment and enhanced tax payable to Rs. 188.32 million and subsequent to current period the Holding Company filed an appeal against this order before Commissioner (Appeal).



Un-audited Audited 30 September, 31 December, 2018 201710 Property, plant and equipment Note Rupees

Operating fixed assets 10.1 13,342,015,494 13,687,610,378 Capital work in progress- Acquired on acquisition of subsidiary 186,661,668 - 13,528,677,162 13,687,610,378 10.1 Operating fixed assets Balance at 01 January 13,687,610,378 14,213,512,866 Acquired on acquisition of subsidiary 675,014 - Additions during the period / year 3,788,303 26,309,723 Carrying value of assets disposed off during the period (77,088) - Depreciation for the period / year (445,176,479) (591,532,040) Capitalization of exchange loss 95,195,366 39,319,829 Balance at 30 September / 31 December 13,342,015,494 13,687,610,378 10.2 This represent amounts capitalized by the Subsidiary Company primarily on account of financial and

technical advisory services.

Un-audited Audited 30 September, 31 December, 2018 201711 Goodwill Note Rupees Opening Balance - - Additions during the period 12,754,189 - 12,754,189 - Impairment loss - - Closing Balance 12,754,189 - 12 Trade debts - secured, considered good National Transmission and Despatch Company (NTDC) 12.1 8,193,220,608 5,383,547,937



12.1 These are secured by way of guarantee issued by the Government of Pakistan (GoP) under the Implementation Agreement (IA). These are subject to mark-up on delayed payments under section 9.6 (d) of Power Purchase Agreement (PPA) at the rate of KIBOR + 4.5% per annum.

12.2 Included in trade debts is an amount of Rs. 477.56 million (31 December 2017: Rs. 477.56 million) relating

to capacity purchase price not acknowledged by NTDC as the plant was not fully available for power generation. However, the sole reason of this under-utilization of plant capacity was non-availability of fuel owing to non-payment by NTDC.

The Holding Company along with other Independent Power Producers (IPPs) agreed with NTDC to resolve

the dispute through dispute resolution mechanism (appointment of expert) under the Power Purchase Agreement (PPA). In his decision the expert in August 2015 determined that the amount mentioned above is payable to the Holding Company and accordingly the Holding Company has claimed the said amount from NTDC. Since NTDC did not conform to requirements of PPA relating to Expert decision within 30 days, the IPPs went to London Court of International Arbitration (LCIA).

Sole arbitrator appointed by LCIA issued a partial final award on 08 June 2017 wherein it was inter alia held that the expert determination is final and binding. Thereafter, a final award was issued by the sole arbitrator on 29 October 2017 pursuant to which NTDC was ordered to pay Rs. 477.56 million (31 December 2017: Rs. 477.56 million) along with cost of proceedings, interest from the date of expert determination till payment by NTDC after Arbitrator decision to the Holding Company. Both the awards have been filed by the Holding Company in the Lahore High Court for enforcement, which proceedings are pending. NTDC also challenged the partial award and final award in English courts as well as Civil Court, Lahore, however, it withdrew from the English Courts during the period.

12.3 During the year ended 31 December 2016, an amount of Rs. 239.68 million relating to capacity purchase price not acknowledged by NTDC was adjusted by the Holding Company against payable to SNGPL pursuant to award in favor of the Holding Company for the whole amount by the London Court of International Arbitration (Arbitrator). SNGPL disputed the adjustment/set off amount of Award in the Lahore High Court, however, the court dismissed such petition of SNGPL. Thereafter, SNGPL filed appeal before the Supereme Court of Pakistan which, during the current period disposed off the appeal by stating that, the judgement of the Lahore High Court to the extent it decides on merits the question of the Holding Company’s right to set off is set aside (without prejudice to the rights of the parties). SNGPL has also challenged the award in Civil Court, Lahore which is pending adjudication. During the year ended 31 December 2016, the Company filed a petition in the Civil Court Lahore to obtain a Decree in lieu of the arbitration award and also adjusted an amount of Rs. 270.66 million from payable to SNGPL as such amount was allowed by the Arbitrator in its award.



Un-audited Audited 30 September, 31 December,13 Advances- considered good 2018 2017 Advances to suppliers- unsecured, non interest bearing 172,335 617,590 Advances to employees- unsecured, non interest bearing 588,793 865,168 761,128 1,482,758 14 Trade deposit and short term prepayments Prepayments 84,946,451 45,029,926 Security deposits 1,833,000 1,038,000 Current portion of long term deposits - 769,400 86,779,451 46,837,326 15 Other receivables Workers’ Profit Participation Fund (WPPF) receivable 459,898,799 405,718,556 Others 1,936,540 1,731,290 461,835,339 407,449,846 16 Short term investments 16.1 10,526,316 - 16.1 This represent the amount invested by the Subsidiary Company in term deposit receipts bearing annual

interest income of 7.15%. Un-audited Audited 30 September, 31 December,17 Bank balances and Cash in hand 2018 2017 At banks Local currency Current accounts 2,473,953 231,878 Deposit accounts 17.1 - 499,360 2,473,953 731,238 Foreign Currency Current accounts 17.2 704 3,477,224 Deposit accounts 17.1 & 17.2 243,318 216,042 244,022 3,693,266 Cash in hand 15,703 - 2,733,678 4,424,504 17.1 This represent deposits with banks bearing interest rate ranging from 4.53% to 4.62% (2017: 3.84% to

3.99%) per annum.17.2 This represents an amount of USD 1,961 ( 2017: USD 6,485).



18 Acquisition of subsidiary On 01 August 2018, the Holding Company acquired 1,625,000 number of ordinary shares of Rs. 10 each

in the Subsidiary Company through issuance of shares by the Subsidiary Company. As a result the Holding Company holds 99.81% of the issued share capital of the Subsidiary Company. These shares were issuded to Saif Power Limited against the Share deposit money of Rs. 10,625,000.

18.1 Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the

date of acquisition. Amount Rupees Property, plant and equipment 181,188,928 Cash and Bank 21,162,815 Advances 697,205 Other Receivables 66,184 Short Term Investments 10,526,316 Loans (154,537,530) Trade and other payables (61,237,115) Total net assets acquired (2,133,197) Fair value measured on provisional basis Initial accounting for acquisition of the Subsidiary Company was incomplete as at 30 September 2018.

Accordingly, provisional amounts have been recognised in respect of net assets acquired for the purpose of goodwill calculation. Provisional values will be retrospectively adjusted once the process to obtain the facts and circumstances that existed at the acquisition date is completed.

Goodwill Goodwill arising from the acquisition has been recognised as follows. Amount Rupees Fair value of considerations 10,625,000 NCI, based on their proportionate interest in the recognised amounts of the assets and liabilities in the Subsidiary Company (4,008) Fair value of the net assets of Subsidiary Company 2,133,197 Goodwill 12,754,189



For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 201719 Turnover - net Rupees

Energy Purchase Price (EPP)- Gross 4,817,355,280 2,952,805,224 12,622,610,410 9,987,479,408 Less: sales tax (702,232,711) (752,484,981) (1,836,329,611) (2,313,778,883) 4,115,122,569 2,200,320,243 10,786,280,799 7,673,700,525 Capacity Purchase Price (CPP) 1,237,489,415 1,075,819,260 3,616,729,901 3,226,021,182 5,352,611,984 3,276,139,503 14,403,010,700 10,899,721,707 20 Cost of sales Raw material consumed 3,871,648,775 2,004,119,908 10,137,222,360 7,048,635,290 Operation and maintenance 237,136,735 200,689,931 647,193,161 641,576,891 Salaries and other benefits 12,758,169 11,804,551 41,983,915 38,025,081 Electricity charges 1,718,685 11,626,828 10,923,510 28,830,557 Insurance 35,543,176 33,387,842 102,682,633 99,502,804 Depreciation 147,108,156 146,106,947 440,324,696 438,215,807 Office expenses 369,012 334,411 1,160,160 901,458 Travelling, conveyance and entertainment 230,878 285,674 735,086 720,347 Repair and maintenance 72,767 19,610 601,136 166,434 Communication 24,450 49,098 78,085 114,746 4,306,610,803 2,408,424,800 11,382,904,742 8,296,689,415

21 Finance cost Mark-up on long term borrowings 127,408,908 137,287,782 336,639,859 433,072,806 Mark-up on short term borrowings 68,074,962 25,744,450 196,892,767 65,272,792 Exchange loss 10,925,000 688,692 59,571,598 706,574 Guarantee commission 5,749,999 - 12,250,599 - Bank and other charges 260,498 15,064,191 918,366 15,900,634 212,419,367 178,785,115 606,273,189 514,952,806 22 Other income Income from financial assets Income on deposits and investments 1,197,495 822,210 1,416,056 3,632,094 Income from non - financial assets Gain on disposal of property, plant and equipment - - 527,092 37,965 Income on term deposit receipts 155,436 - 155,436 - 1,352,931 822,210 2,098,584 3,670,059



For the quarter ended For the nine months period ended 30 September 30 September 30 September 30 September 2018 2017 2018 2017 Rupees 23 Earnings per share Profit for the period (Rupees) 796,005,072 648,287,393 2,304,796,470 1,970,981,005 Weighted average number of shares 386,471,779 386,471,779 386,471,779 386,471,779 Earnings per share - Basic (Rupees) 2.06 1.68 5.96 5.10 There is no effect of dilution on the basic earnings per share of the Holding Company.

30 September, 30 September, 2018 201724 Cash and cash equivalents Rupees

Cash in hand and Bank balances 2,733,678 1,979,708 2,733,678 1,979,708

25 Fair value of financial instruments Fair value is the amount that would be received on sale of an asset or paid on transfer of a liability in an

orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and fair value estimates. Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Group is current bid price. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

IFRS 13, ‘Fair Value Measurements’ requires the Group to classify fair value measurements using a fair

value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or Liabilities (level 1).

- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).



25.1

Th

e fo

llow

ing

tabl

e sh

ows t

he ca

rryin

g am

ount

s and

fair

valu

es o

f fina

ncia

l ass

ets a

nd fi

nanc

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abiliti

es, i

nclu

ding

thei

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els i

n th

e fa

ir va

lue

hier

arch

y.

O

n-ba

lanc

e sh

eet fi

nanc

ial

in

stru

men

ts

30

Sep

tem

ber 2

018

(Rup

ees)

Fina

ncia

l ass

ets m

easu

red

at

fair

valu

e

-

-

-

-

-

-

-

-

Fi

nanc

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sset

s not

mea

sure

d

at fa

ir va

lue

25.2

Lo

ng te

rm d

epos

its

-

4

,022

,810

-

4

,022

,810

-

-

-

-

Trad

e de

bts

-

8

,193

,220

,608

-

8

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-

-

-

-

Secu

rity

depo

sits

-

1

,833

,000

-

1

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,000

-

-

-

-

Oth

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ceiva

bles

-

461

,835

,339

-

4

61,8

35,3

39

-

-

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nk b

alan

ces

-

2

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,678

-

2

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-

-

-

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Tota

l

-

8,6

63,6

45,4

35

-

8,6

63,6

45,4

35

-

-

-

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nanc

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iabi

lities

not

mea

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d

at fa

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Lo

ng te

rm fi

nanc

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-

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3,9

99,2

29,6

85

3,9

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85

-

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b-or

dina

ted

loan

-

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750

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7

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66

-

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Lia

biliti

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gain

st a

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finan

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ase

-

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1

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25.

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25.

3 -

-

9

60,1

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76

960

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-

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Mar

kup

accr

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25.2

-

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4

82,5

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33

482

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-

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m b

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gs

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-

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4

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-

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221,

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-

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l lia

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at

fair

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-

-

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-

-

-

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Note

Fair

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Am

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Note

s to

the

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d Co

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Inte

rim

Fin

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30 S

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18


Note

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30 S

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in

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31

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7

(R

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d

at fa

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25.2

-

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e 25

.2

Lo

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-

4

,604

,110

-

4

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,110

-

-

-

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Trad

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bts

-

5

,383

,547

,937

-

5

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-

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-

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1,0

38,0

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- 1

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-

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1,7

31,2

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4

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762

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7

62,2

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has n

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the

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, as t

hese

are

eith

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atur

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here

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25

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hold

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PPF.

Note

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Carr

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Am

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26 Related party transactions The Holding Company is a subsidiary of Saif Holdings Limited (“SHL”), therefore SHL and the Subsidiary

Company and all associated undertakings of SHL and the Subsidiary Company are the related parties of the Holding Company. Other related parties comprise of directors, key management personnel, entities over which the directors are able to exercise significant influence and major shareholders. Balance and other arrangements with Orastar Limited has been disclosed in note 4 and 6 to the financial state-ments. Additionally, as at 30 September 2018, markup payable to Orastar Limited amounts to Rs. 297 million (31 December 2017: Rs. 235 million). Transactions and balances with related parties not dis-closed elsewhere in the these financial statements are as follows:

For the nine months ended 30 September, 30 September, 2018 2017 Rupees

Transactions between the Holding Company and SHL Rent 675,000 4,130,244 Dividend 374,817,976 720,045,059 Expenses incurred on behalf of the Company 128,840 - Transactions with associated undertakings of the Holding Company due to common directorship Expenses incurred on behalf of the Company 325,213 290,152 Dividend 190 365 Transactions with key management personnel of the Holding Company Dividend 22,804 59,008 Remuneration, allowances and benefits 34,201,751 28,086,022 Transaction with other related parties of the Holding Company Contribution to Saif Power Limited-Staff gratuity fund 8,979,286 22,708,310 Consultancy 13,500,000 - Transactions between the Subsidiary Company and SHL Mark-up on long term loan 395,581 - Transactions between the Subsidiary Company and its key management personnel Remuneration, allowances and benefits 2,321,032 -



Un-audited Audited 30 September, 31 December, 2018 2017 Rupees

Holding Company’s balances with related parties Support service fee payable to the SHL 221,525,725 221,525,725 Payable to Saif Power Limited- Staff gratuity fund 3,889,091 8,979,286 Advances to key management personnel of the Holding Company 131,251 551,340 Payable to associated companies of the Holding Company - 158,173 Subsidiary Company’s balances with related parties JHI Holdings (Private) Limited 132,000,000 - Saif Holdings Limited 23,057,624 - JSK Feeds Limited 1,142,517 - 27 General 27.1 These financial statements were approved by the Board of Directors in their meeting held on 23 October

2018. 27.2 The Board of Directors of the Holding Company in its meeting held on 23 October, 2018 has proposed an

interim cash dividend of Rs. 1.65 per share.



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