16th Feb 2009 16:34
Paints and Chemical Industries Company "Pachin"
S.A.E.
The Consolidated Financial Statements
Together with the Auditor's ReportFor Period Ended December 31, 2008
LIMITED REVIEW REPORT
To: The Board of Directors of Paints and Chemical Industries Company "Pachin"
Introduction
We have reviewed the accompanying consolidated balance sheet of Paints and Chemical Industries Company as of December 31, 2008, and the related statements of consolidated income, cash flows and change in equity for the period from July 1, till December 31, 2008 and the summary of significant accounting polices and the disclosure thereto. These financial statements are the responsibility of the company's management. Our responsibility is to issue a report on these financial statements based on our review.
Scope of limited review
We conducted our review in accordance with the Egyptian Standard No. (2410) applicable to review engagements. This standard requires that we plan and perform the review to obtain moderate assurance that the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personal and an analytical procedure applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements as of December 31, 2008 do not give a true and fair view in all material respects in accordance with Egyptian Accounting Standards.
Cairo, February 12, 2009
Kamel M. Saleh ACA
F.E.S.A.A (RAA 8510)
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Paints and Chemical Industries Company "Pachin" S.A.E. |
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Consolidated Balance Sheet |
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As of December 31, 2008 |
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Notes |
31/12/2008 |
30/6/2008 |
31/12/2008 |
30/6/2008 |
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Consolidated |
Pachin |
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|
EGP |
EGP |
EGP |
EGP |
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Non - current Assets |
|||||||||
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Property, plant and equipment (Net) |
(2b, 4) |
209 977 946 |
215 924 576 |
16 697 774 |
17 853 224 |
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Projects under construction |
(2c, 5) |
64 381 332 |
48 658 552 |
3 225 304 |
1 888 146 |
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Other non - current Assets |
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|
Investment in subsidiaries |
(2f, 6) |
-- |
-- |
249 880 000 |
232 387 000 |
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Available for sale investments |
(2f, 7) |
774 906 |
774 906 |
774 906 |
774 906 |
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Other long-term assets |
(2d, 8) |
16 016 000 |
16 016 000 |
16 016 000 |
16 016 000 |
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Total Long-Term Assets |
291 150 184 |
281 374 034 |
286 593 984 |
|
268 919 276 |
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Current Assets |
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Inventories (Net) |
(2g, 9, 16b) |
233 269 464 |
165 409 576 |
96 762 452 |
78 739 794 |
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|
Letters of Credit |
6 708 534 |
7 363 465 |
2 440 852 |
2 034 087 |
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Debtors and Accounts Receivable |
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Accounts receivable (Net) |
(2h, 10, 16b) |
42 735 058 |
36 603 351 |
31 378 652 |
30 990 136 |
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Notes receivable (Net) |
(11, 16b) |
11 245 733 |
10 558 224 |
4 460 828 |
5 766 840 |
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Due from subsidiaries |
(12) |
-- |
-- |
3 149 665 |
5 820 758 |
||||
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Other debit balances |
(13) |
57 140 398 |
51 202 108 |
45 463 421 |
139 070 065 |
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Trading Investments |
(2i, 14) |
13 471 266 |
75 772 987 |
631 209 |
317 727 |
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Cash and cash equivalents |
(2j, 15) |
55 325 101 |
61 850 705 |
10 318 265 |
18 824 940 |
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Total Current Assets |
419 895 554 |
408 760 416 |
194 605 344 |
281 564 347 |
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Current Liabilities |
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Tax provisions |
(16 a) |
32 149 283 |
32 149 283 |
32 149 283 |
32 149 283 |
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Claim provision |
(16 a) |
6 196 743 |
6 196 743 |
3 104 831 |
3 104 831 |
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|
Other provision |
(16 a) |
582 705 |
582 705 |
582 705 |
582 705 |
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Banks - overdraft |
(17) |
65 214 941 |
41 609 365 |
15 956 383 |
1 249 091 |
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Accounts and notes payable |
(18) |
72 663 571 |
44 198 257 |
12 885 087 |
10 836 767 |
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Due to El-Obour for Paint |
(19) |
-- |
-- |
5 815 144 |
10 957 576 |
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Other credit balances |
(20) |
41 936 548 |
40 469 301 |
18 542 893 |
17 939 534 |
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Board of directors bonus |
670 000 |
-- |
280 000 |
-- |
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Total Current Liabilities |
219 413 791 |
165 205 654 |
89 316 326 |
76 819 787 |
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Working Capital |
200 481 763 |
243 554 762 |
105 289 018 |
204 744 560 |
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Total Investment finianced by : |
491 631 947 |
524 928 796 |
391 883 002 |
473 663 836 |
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Share Capital |
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Paid-up capital |
(21) |
200 000 000 |
200 000 000 |
200 000 000 |
200 000 000 |
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Reserves |
(22) |
201 754 501 |
191 420 791 |
175 558 975 |
170 627 297 |
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Retained earnings |
31 262 525 |
16 838 942 |
19 190 549 |
3 951 441 |
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Profit for the period / year |
49 879 598 |
107 917 721 |
(3 318 056) |
98 633 564 |
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|
Total Share Capital |
482 896 624 |
516 177 454 |
391 431 468 |
473 212 302 |
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|
Minority Interest |
166 379 |
182 398 |
-- |
-- |
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|
Total Sharholders Equity and Minority Interest |
483 063 003 |
516 359 852 |
391 431 468 |
473 212 302 |
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Long-term liabilities |
(23) |
8 568 944 |
8 568 944 |
451 534 |
451 534 |
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Total Financing of Working Capital and Long-Term Assets |
491 631 947 |
524 928 796 |
391 883 002 |
473 663 836 |
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- The accompanying notes from (1) to (27), form an integral part of the financial statements. |
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Financial Controller |
Chairman of the Board and Managing Director |
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Paints and Chemical Industries Company "Pachin" S.A.E. |
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Consolidated Income Statement |
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From July 1, 2008 until Decemberr 31, 2008 |
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Period from 1/10/2008 to 31/12/2008 |
Period from 1/7/2008 to 31/12/2008 |
Period from 1/10/2007 to 31/12/2007 |
Period from 1/7/2007 to 31/12/2007 |
Period from 1/10/2008 to 31/12/2008 |
Period from 1/7/2008 to 31/12/2008 |
Period from 1/10/2007 to 31/12/2007 |
Period from 1/7/2007 to 31/12/2007 |
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Consolidated |
Pachin |
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|
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
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Sales (net) |
137 520 537 |
325 086 360 |
132 361 603 |
299 292 426 |
31 636 293 |
73 387 267 |
40 163 776 |
84 636 409 |
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Cost of sales |
(122 851 546) |
(269 125 357) |
(112 996 489) |
(229 476 188) |
(33 727 450) |
(73 194 858) |
(40 252 807) |
(79 230 747) |
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Gross Profit |
14 668 991 |
55 961 003 |
19 365 114 |
69 816 238 |
(2 091 157) |
192 409 |
( 89 031) |
5 405 662 |
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General and administrative expenses |
(4 348 319) |
(7 417 849) |
(3 430 213) |
(6 244 168) |
(2 176 462) |
(3 817 355) |
(2 374 629) |
(4 566 994) |
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Allowance for attending the Board of Directors |
( 115 000) |
( 166 500) |
( 54 000) |
( 136 500) |
( 58 000) |
( 72 500) |
( 22 000) |
( 53 500) |
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Profit from Operations |
10 205 672 |
48 376 654 |
15 880 901 |
63 435 570 |
(4 325 619) |
(3 697 446) |
(2 485 660) |
785 168 |
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|
Interest expenses |
(2 623 068) |
(4 223 436) |
( 567 576) |
( 762 586) |
( 460 429) |
( 594 707) |
( 295 795) |
( 372 972) |
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|
Profit on sale of investments |
2 001 340 |
2 092 826 |
1 299 496 |
1 299 496 |
460 346 |
460 346 |
858 855 |
858855 |
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Gain on revaluation of trading investment |
398 557 |
2 050 138 |
323 826 |
978 548 |
6 870 |
6 870 |
176 146 |
176146 |
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|
Investment income |
16 047 |
22 875 |
-- |
13 561 |
6 732 |
13 560 |
-- |
13 561 |
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|
Interest income |
144 829 |
437 679 |
1 252 085 |
1 894 663 |
56 800 |
160 248 |
278 998 |
593 394 |
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Other income |
235 166 |
516 695 |
370 061 |
814 517 |
355 353 |
709 705 |
301 467 |
651 230 |
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Foreign currency translation exchange |
62 783 |
632 998 |
( 877 029) |
(2 140 096) |
( 321 844) |
( 376 632) |
( 296 559) |
( 612 538) |
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|
Profit before Minority Interest |
10 441 326 |
49 906 429 |
17 681 764 |
65 533 673 |
(4 221 791) |
(3 318 056) |
(1 462 548) |
2 092 844 |
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|
Minority interest |
( 7 482) |
( 26 831) |
( 9 605) |
( 31 764) |
-- |
-- |
-- |
-- |
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|
Profit after Minority Interest |
10 433 844 |
49 879 598 |
17 672 159 |
65 501 909 |
(4 221 791) |
(3 318 056) |
(1 462 548) |
2 092 844 |
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- The accompanying notes from (1) to (27), form an integral part of the financial statements. |
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Paint and Chemical Industires Company "Pachin" S.A.E. |
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Consolidated Cash Flows Statement |
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From July 1, 2008 till December 31, 2008 |
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Notes |
31/12/2008 |
31/12/2007 |
31/12/2008 |
31/12/2007 |
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|
Consolidated |
Pachin |
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|
EGP |
EGP |
EGP |
EGP |
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Cash Flows from Operating Activities |
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|
Net profit before minoirty interst |
49 906 429 |
65 533 673 |
(3 318 056) |
2 092 844 |
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Adjustments to Reconcile Net Profit to Net Cash Provided from Operating Activities |
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|
Depreciation of fixed assets |
5 830 262 |
4 422 820 |
994 665 |
1 023 716 |
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Gain on revaluation of trading investment |
(2 050 138) |
( 978 548) |
( 6 870) |
( 176 146) |
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Profit on the sale of investments |
(2 092 826) |
(1 299 496) |
( 460 346) |
( 858 855) |
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|
Provision utilized |
-- |
( 938 228) |
-- |
( 249 533) |
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|
Operating Profit (loss) before Working Capital Changes |
51 593 727 |
66 740 221 |
(2 790 607) |
1 832 026 |
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(Increase) decrease in receivables and other debit balances |
(6 131 707) |
4 199 001 |
97 195 233 |
81 926 997 |
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(Increase) decrease in inventories and letter of credit |
(67 204 957) |
17 206 254 |
(18 429 423) |
4 451 079 |
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Increase (decrease) in creditors and other credit balances |
70 750 639 |
4 712 054 |
(2 491 615) |
1 272 106 |
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|
Net Cash Provided from Operating Activities |
49 007 702 |
92 857 530 |
73 483 588 |
89 482 208 |
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Cash Flows from Investing Activities |
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|
Purchase of trading investments |
(133 324 868) |
(133 287 102) |
(72 650 166) |
(78 504 122) |
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Proceeds from the sale of trading investments |
190 795 449 |
145 361 426 |
72 803 900 |
71 517 510 |
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|
Purchase of investments in subsidiary companies (Pachin for Inks) |
-- |
-- |
(17 493 000) |
(9 996 000) |
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Purchase of fixed assets and other non-current assets |
(16 106 053) |
(29 729 985) |
(1 676 014) |
(1 259 915) |
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|
Proceeds from the sale of fixed assets |
499 641 |
113 999 |
499 641 |
77 512 |
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|
Net Cash provided from (used in) Investing Activities |
41 864 169 |
(17 541 662) |
(18 515 639) |
(18 165 015) |
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|
Cash Flows from Financing Activities |
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|
Proceeds of banks - overdraft |
23 605 576 |
19 388 165 |
14 707 292 |
11 830 729 |
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|
Dividends paid |
(121 003 051) |
(82 798 967) |
(78 181 916) |
(78 374 967) |
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|
Net Cash (used in) Financing Activities |
(97 397 475) |
(63 410 802) |
(63 474 624) |
(66 544 238) |
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|
Net (decrease) Increrse in cash and cash equivalents during the Year |
(6 525 604) |
11 905 066 |
(8 506 675) |
4 772 955 |
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|
Net cash and cash equivalents at beginning of the year |
(15) |
61 850 705 |
85 611 100 |
18 824 940 |
30 065 484 |
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|
Net cash and cash equivalents at end of the year |
(15) |
55 325 101 |
97 516 166 |
10 318 265 |
34 838 439 |
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- The accompanying notes from (1) to (27), form an integral part of the financial statements. |
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Paints and Chemical Industries Company "Pachin" S.A.E. |
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Consolidated Statement of Changes in Shareholders' Equity |
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From July 1, 2008 till December 31, 2008 |
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|
Paid-up |
Reserves |
Retained |
Profit for the |
Minority |
Total |
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|
Capital |
Earnings |
Year |
Interest |
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|
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
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|
Balance as of June 30, 2007 |
200 000 000 |
182 311 140 |
6 824 029 |
100 884 170 |
168 045 |
490 187 384 |
|
|
Transferred to reserves |
-- |
9 109 651 |
-- |
(9 109 651) |
-- |
-- |
|
|
Transferred to retained earnings |
-- |
-- |
10 014 913 |
(10 014 913) |
-- |
-- |
|
|
Dividends to shareholders' employees and Board of Directors |
-- |
-- |
-- |
(81 759 606) |
( 38 172) |
(81 797 778) |
|
|
Net profit for the year |
-- |
-- |
-- |
107 917 721 |
52 525 |
107 970 246 |
|
|
Balance as of June 30, 2008 |
200 000 000 |
191 420 791 |
16 838 942 |
107 917 721 |
182 398 |
516 359 852 |
|
|
Transferred to reserves |
-- |
10 333 710 |
-- |
(10 333 710) |
-- |
-- |
|
|
Transferred to retained earnings |
-- |
-- |
14 423 583 |
(14 423 583) |
-- |
-- |
|
|
Dividends to shareholders' employees and Board of Directors |
-- |
-- |
-- |
(83 160 428) |
( 49 850) |
(83 210 278) |
|
|
Net profit for the Period |
-- |
-- |
-- |
49 879 598 |
33 831 |
49 913 429 |
|
|
Balance as of September 30, 2008 |
200 000 000 |
201 754 501 |
31 262 525 |
49 879 598 |
166 379 |
483 063 003 |
|
|
- The accompanying notes from (1) to (27) form an integral part of the financial statements. |
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|
4- |
Property, Plant and Equipment |
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|
Consolidated |
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|
Land |
Buildings |
Machinery Equipment |
Vehicles |
Tools |
Furniture & office equipment |
Total |
||
|
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
EGP |
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|
Cost |
||||||||
|
July 1, 2008 |
40 149 216 |
98 480 338 |
129 155 326 |
15 168 517 |
14 762 121 |
13 577 733 |
311 293 251 |
|
|
Additions |
-- |
-- |
135 910 |
134 080 |
56 246 |
57 037 |
383 273 |
|
|
Disposals |
-- |
-- |
( 714 535) |
( 3 190) |
( 7 320) |
( 999) |
( 726 044) |
|
|
Cost as of December 31, 2008 |
40 149 216 |
98 480 338 |
128 576 701 |
15 299 407 |
14 811 047 |
13 633 771 |
310 950 480 |
|
|
Accumulated Depreciation |
||||||||
|
July 1, 2008 |
-- |
(20 264 140) |
(48 394 651) |
(10 714 159) |
(7 269 716) |
(8 726 009) |
(95 368 675) |
|
|
Depreciation charge |
-- |
(1 267 476) |
(2 860 601) |
( 771 180) |
( 455 930) |
( 475 075) |
(5 830 262) |
|
|
Diposals depreciation |
-- |
-- |
216 813 |
1 271 |
7 320 |
999 |
226 403 |
|
|
As of December 31, 2008 |
-- |
(21 531 616) |
(51 038 439) |
(11 484 068) |
(7 718 326) |
(9 200 085) |
(100 972 534) |
|
|
NBV as of December 31, 2008 |
40 149 216 |
76 948 722 |
77 538 262 |
3 815 339 |
7 092 721 |
4 433 686 |
209 977 946 |
|
|
NBV as of June 30, 2008 |
40 149 216 |
78 216 198 |
80 760 675 |
4 454 358 |
7 492 405 |
4 851 724 |
215 924 576 |
|
|
Pachin Company |
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|
Cost |
||||||||
|
July 1, 2008 |
173 143 |
19 788 333 |
29 417 794 |
6 096 592 |
5 563 832 |
6 813 420 |
67 853 114 |
|
|
Additions |
-- |
-- |
131 073 |
132 000 |
55 066 |
20 717 |
338 856 |
|
|
Disposals |
-- |
-- |
( 714 535) |
( 3 190) |
( 7 320) |
( 999) |
( 726 044) |
|
|
Cost as of December 31, 2008 |
173 143 |
19 788 333 |
28 834 332 |
6 225 402 |
5 611 578 |
6 833 138 |
67 465 926 |
|
|
Accumulated Depreciation |
||||||||
|
July 1, 2007 |
-- |
(10 024 059) |
(25 576 203) |
(5 308 928) |
(3 698 530) |
(5 392 170) |
(49 999 890) |
|
|
Depreciation charge |
-- |
( 239 408) |
( 367 195) |
( 140 186) |
( 110 994) |
( 136 882) |
( 994 665) |
|
|
Diposals depreciation |
-- |
-- |
216 813 |
1 271 |
7 320 |
999 |
226 403 |
|
|
As of December 31, 2008 |
-- |
(10 263 467) |
(25 726 585) |
(5 447 843) |
(3 802 204) |
(5 528 053) |
(50 768 152) |
|
|
NBV as of December 31, 2008 |
173 143 |
9 524 866 |
3 107 747 |
777 559 |
1 809 374 |
1 305 085 |
16 697 774 |
|
|
NBV as of June 30, 2008 |
173 143 |
9 764 274 |
3 841 591 |
787 664 |
1 865 302 |
1 421 250 |
17 853 224 |
For Notes to the Consolidated Financial Statements
As of December 31, 2008 please check the Additional attachement.
http://www.rns-pdf.londonstockexchange.com/rns/4006N_-2009-2-16.pdf
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