Balance Sheet Pakgen Power Limited

Equities

PKGP

PK0100601019

Electric Utilities

End-of-day quote Pakistan S.E. Other stock markets 09/09/2024			5-day change	1st Jan Change
89.49 ^PKR	0.00%		-0.57%	+75.64%

30/08	Pakgen Power Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI
29/04	Pakgen Power Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

635157dddae200b5a932.c7XXAWgeWTTnVWqwzaJoQRcphgqFUu1bvcpJFA4r-8s.RYTmciF2Dm2LDz2Fusc3NXVv7kfDYLc3-KRwOXhYqJoE-J1DAn0LW5U-Kw

Published financial data: PAKGEN POWER LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	1.22TCr	1.06TCr	1.99TCr	4.58TCr	2.08TCr
Total Revenues	1.22TCr	1.06TCr	1.99TCr	4.58TCr	2.08TCr
Operations And Maintenance	11Cr	8.76Cr	9.59Cr	15Cr	54Cr
Selling General & Admin Expenses, Total	23Cr	21Cr	23Cr	26Cr	33Cr
Provision for Bad Debts	-	-	-	-	1.01Cr
Other Operating Expenses	750.62Cr	498.24Cr	1.83TCr	4.22TCr	1.46TCr
Total Operating Expenses	784.86Cr	528.32Cr	1.86TCr	4.26TCr	1.55TCr
Operating Income (REIT / Utility Template)	433.68Cr	536.25Cr	131.76Cr	321.22Cr	535.61Cr
Interest Expense, Total	-150.56Cr	-99Cr	-31Cr	-26Cr	-2.27Cr
Interest and Investment Income	16Cr	5.57Cr	6.27Cr	20Cr	28Cr
Net Interest Expenses	-134.54Cr	-94Cr	-25Cr	-5.94Cr	26Cr
Income (Loss) on Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-2.71Cr	-1.39Cr	-1.51Cr	-1.66Cr	-86.04L
EBT, Excl. Unusual Items	296.43Cr	441.13Cr	105.52Cr	313.62Cr	560.32Cr
Gain (Loss) on Sale of Investments	-	-	-58.9L	-	44Cr
Gain (Loss) on Sale of Assets	-2Cr	-	-	51T	-
Asset Writedown	-3.32Cr	-	-	-	-
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	291.1Cr	441.13Cr	104.93Cr	313.62Cr	604.52Cr
Income Tax Expense	-	-	-	-	18Cr
Earnings From Continuing Operations	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Net Income to Company	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Net Income - (IS)	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Net Income to Common Incl Extra Items	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Net Income to Common Excl. Extra Items	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Per Share Items
Net EPS - Basic	7.82	11.86	2.82	8.43	15.76
Basic EPS - Continuing Operations	7.82	11.86	2.82	8.43	15.76
Basic Weighted Average Shares Outstanding	37Cr	37Cr	37Cr	37Cr	37Cr
Net EPS - Diluted	7.82	11.86	2.82	8.43	15.76
Diluted EPS - Continuing Operations	7.82	11.86	2.82	8.43	15.76
Diluted Weighted Average Shares Outstanding	37Cr	37Cr	37Cr	37Cr	37Cr
Normalized Basic EPS	4.98	7.41	1.77	5.27	9.41
Normalized Diluted EPS	4.98	7.41	1.77	5.27	9.41
Dividend Per Share	-	3.25	2	3.5	15
Payout Ratio	19.21	18.83	106.76	17.8	106.19
Supplemental Items
Utility Revenues	1.22TCr	1.06TCr	1.99TCr	4.58TCr	2.08TCr
EBITDA	524.31Cr	623.03Cr	224.23Cr	414.23Cr	631.09Cr
EBITA	433.68Cr	536.25Cr	131.76Cr	321.22Cr	535.61Cr
EBIT	433.68Cr	536.25Cr	131.76Cr	321.22Cr	535.61Cr
EBITDAR	524.94Cr	623.66Cr	224.85Cr	414.88Cr	631.74Cr
Effective Tax Rate - (Ratio)	-	-	-	-	3.01
Total Current Taxes	-	-	-	-	18Cr
Normalized Net Income	185.27Cr	275.71Cr	66Cr	196.01Cr	350.2Cr
Interest on Long-Term Debt	1.88Cr	31.54L	50.94L	14.2L	-
Non-Cash Pension Expense	28.12L	5L	-9L	-58T	-3L
Supplemental Operating Expense Items
General and Administrative Expenses	22Cr	21Cr	22Cr	25Cr	32Cr
Net Rental Expense, Total	63.52L	63.21L	62.1L	65.02L	65.06L
Imputed Operating Lease Interest Expense	66.64L	57.38L	51.14L	3.55Cr	5L
Imputed Operating Lease Depreciation	-3L	6L	10.96L	-2.9Cr	59.74L
Maintenance & Repair Expenses, Total	11Cr	8.76Cr	9.59Cr	15Cr	54Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	15Cr	2.34Cr	697.1Cr	59.82L	213.47Cr
Short Term Investments - (Utility / Insurance Templates)	-	1.14Cr	-	51.16L	-
Trading Asset Securities, Total	-	-	-	-	672.36Cr
Accounts Receivable, Total	2.06TCr	1.89TCr	685.23Cr	1.47TCr	1.09TCr
Other Receivables	81Cr	103.44Cr	207.44Cr	257.22Cr	317.81Cr
Accounts Receivable (Summary Subtotal)	2.14TCr	1.99TCr	892.67Cr	1.73TCr	1.4TCr
Inventory - (Utility Template)	125.17Cr	206.97Cr	379.45Cr	361.74Cr	247.93Cr
Prepaid Expenses	65.98L	80.76L	86.97L	1.35Cr	1.74Cr
Notes Receivable (Collected)	102.46Cr	36Cr	36Cr	82.12L	97.83L
Other Current Assets, Total	79Cr	110.83Cr	28Cr	104.57Cr	16Cr
Total Current Assets	2.46TCr	2.35TCr	2.03TCr	2.2TCr	2.56TCr
Gross Property Plant And Equipment	1.58TCr	1.58TCr	1.6TCr	1.62TCr	1.64TCr
Accumulated Depreciation	-898.93Cr	-985.72Cr	-1.08TCr	-1.17TCr	-1.25TCr
Net Property Plant And Equipment	680.92Cr	594.31Cr	526.85Cr	449.87Cr	386.99Cr
Long-Term Investments - (Utility Template)	-	-	-	-	-
Loans Receivable Long-Term - (Utility Template)	2.26Cr	90.23L	2.33Cr	2.03Cr	2.61Cr
Other Long-Term Assets, Total	3L	57L	3L	17.74L	17.74L
Total Assets	3.15TCr	2.95TCr	2.56TCr	2.65TCr	2.95TCr
Liabilities
Accounts Payable, Total	23Cr	14Cr	264.89Cr	16Cr	17Cr
Accrued Expenses, Total	61Cr	72Cr	32Cr	49Cr	75Cr
Short-Term Borrowings	1.15TCr	587.08Cr	73.36L	70Cr	374.99Cr
Current Portion of Long-Term Debt	-	4.59Cr	4.9Cr	-	-
Unearned Revenue, Current	-	33.94L	10L	-	-
Other Current Liabilities - (Bank / Utility Template)	1.2Cr	1.83Cr	3.89Cr	1.26Cr	11Cr
Total Current Liabilities	1.24TCr	680.09Cr	306.43Cr	135.24Cr	478.27Cr
Long-Term Debt	-	4.9Cr	-	-	-
Unearned Revenue Non Current	-	10L	-	-	-
Pension & Other Post Retirement Benefits	2.09Cr	-	22.67L	45.74L	27.7L
Total Liabilities	1.24TCr	685.09Cr	306.65Cr	135.69Cr	478.55Cr
Common Stock, Total	372.08Cr	372.08Cr	372.08Cr	372.08Cr	372.08Cr
Retained Earnings	1.52TCr	1.88TCr	1.87TCr	2.13TCr	2.08TCr
Comprehensive Income and Other	12Cr	12Cr	12Cr	12Cr	12Cr
Total Common Equity	1.91TCr	2.26TCr	2.26TCr	2.51TCr	2.47TCr
Total Equity	1.91TCr	2.26TCr	2.26TCr	2.51TCr	2.47TCr
Total Liabilities And Equity	3.15TCr	2.95TCr	2.56TCr	2.65TCr	2.95TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	37Cr	37Cr	37Cr	37Cr	37Cr
ECS Total Common Shares Outstanding	37Cr	37Cr	37Cr	37Cr	37Cr
Book Value / Share	51.21	60.83	60.64	67.59	66.35
Tangible Book Value	1.91TCr	2.26TCr	2.26TCr	2.51TCr	2.47TCr
Tangible Book Value Per Share	51.21	60.83	60.64	67.59	66.35
Total Debt	1.15TCr	596.57Cr	5.63Cr	70Cr	374.99Cr
Net Debt	1.14TCr	593.1Cr	-691.46Cr	69Cr	-510.83Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.09Cr	-54L	22.67L	45.74L	27.7L
Debt Equivalent Oper. Leases	5.08Cr	5.06Cr	4.97Cr	5.2Cr	5.2Cr
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	42Cr	126.2Cr	305.67Cr	285.56Cr	179.84Cr
Inventories - Others	83Cr	81Cr	81Cr	76Cr	68Cr
Land - (BS)	25Cr	25Cr	25Cr	25Cr	25Cr
Buildings, Total	96Cr	96Cr	96Cr	96Cr	96Cr
Machinery, Total	1.45TCr	1.46TCr	1.48TCr	1.48TCr	1.52TCr
Full Time Employees	83	76	74	79	78

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	291.1Cr	441.13Cr	104.93Cr	313.62Cr	586.33Cr
Depreciation, Depletion & Amortization	91Cr	87Cr	92Cr	93Cr	95Cr
Total Depreciation, Depletion & Amortization	91Cr	87Cr	92Cr	93Cr	95Cr
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-51T	-
(Gain) Loss on Sale of Investments - (CF)	-	-	58.9L	-	-44Cr
Total Asset Writedown	5.33Cr	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	2.63Cr	-	1.01Cr
Net (Increase) Decrease in Loans Originated / Sold - Operating	76.25L	2.01Cr	-1.23Cr	29.77L	-57.98L
Change in Accounts Receivable	-364.68Cr	167.28Cr	1.2TCr	-786.52Cr	383.93Cr
Change In Inventories	9.73Cr	-82Cr	-179.44Cr	3.45Cr	113.82Cr
Change in Accounts Payable	-24.52L	22Cr	223.85Cr	-236.58Cr	30Cr
Change in Other Net Operating Assets (Collected)	9.7Cr	-54Cr	-43Cr	-124.19Cr	13Cr
Other Operating Activities	27Cr	-27Cr	-7.69Cr	-21Cr	-16Cr
Cash from Operations	70Cr	555.6Cr	1.4TCr	-757.99Cr	1.16TCr
Capital Expenditure	-8.84Cr	-17.56L	-4.94Cr	-1.79Cr	-33Cr
Sale of Property, Plant, and Equipment	-	-	-	51T	-
Investment in Marketable and Equity Securities, Total	-	-	-58.9L	-	-610.48Cr
Other Investing Activities, Total	-90.86L	72Cr	5.8Cr	56Cr	11Cr
Cash from Investing	-9.75Cr	72Cr	26.75L	54Cr	-632.4Cr
Long-Term Debt Issued, Total	-	9.93Cr	-	-	-
Total Debt Issued	-	9.93Cr	-	-	-
Long-Term Debt Repaid, Total	-33Cr	-	-4.93Cr	-4.9Cr	-
Total Debt Repaid	-33Cr	-	-4.93Cr	-4.9Cr	-
Common Dividends Paid	-56Cr	-83Cr	-112.03Cr	-56Cr	-622.63Cr
Common & Preferred Stock Dividends Paid	-56Cr	-83Cr	-112.03Cr	-56Cr	-622.63Cr
Cash from Financing	-89Cr	-73Cr	-116.96Cr	-61Cr	-622.63Cr
Net Change in Cash	-29Cr	554.75Cr	1.28TCr	-764.98Cr	-92Cr
Supplemental Items
Cash Interest Paid	134.55Cr	119.04Cr	43Cr	26Cr	5.41Cr
Cash Income Tax Paid (Refund)	-9.18Cr	1.15Cr	1.14Cr	3.35Cr	4.32Cr
Net Debt Issued / Repaid	-33Cr	9.93Cr	-4.93Cr	-4.9Cr	-
Levered Free Cash Flow	-60Cr	461.5Cr	1.38TCr	-820.06Cr	959.73Cr
Unlevered Free Cash Flow	34Cr	523.56Cr	1.39TCr	-803.96Cr	961.15Cr
Change In Net Working Capital	318.93Cr	-101.8Cr	-1.22TCr	1.1TCr	-563.51Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.99	11	2.99	7.7	11.96
Return on Total Capital	9.23	11.32	3.22	8.28	12.33
Return On Equity %	16.29	21.16	4.64	13.15	23.53
Return on Common Equity	16.29	21.16	4.64	13.15	23.53
Margin Analysis
Gross Profit Margin %	37.48	52.3	8.01	7.58	27.29
SG&A Margin	1.88	2	1.15	0.57	1.58
EBITDA Margin %	43.03	58.52	11.27	9.04	30.29
EBITA Margin %	35.59	50.37	6.62	7.01	25.71
EBIT Margin %	35.59	50.37	6.62	7.01	25.71
Income From Continuing Operations Margin %	23.89	41.44	5.27	6.84	28.14
Net Income Margin %	23.89	41.44	5.27	6.84	28.14
Net Avail. For Common Margin %	23.89	41.44	5.27	6.84	28.14
Normalized Net Income Margin	15.2	25.9	3.31	4.28	16.81
Levered Free Cash Flow Margin	-4.94	43.35	69.11	-17.89	46.06
Unlevered Free Cash Flow Margin	2.78	49.18	70.08	-17.54	46.13
Asset Turnover
Asset Turnover	0.4	0.35	0.72	1.76	0.74
Fixed Assets Turnover	1.68	1.67	3.55	9.39	4.98
Receivables Turnover (Average Receivables)	0.65	0.54	1.54	4.25	1.63
Inventory Turnover (Average Inventory)	5.86	3.06	6.24	11.43	4.97
Short Term Liquidity
Current Ratio	1.99	3.46	6.64	16.26	5.35
Quick Ratio	1.74	2.94	5.19	12.79	4.79
Operating Cash Flow to Current Liabilities	0.06	0.82	4.56	-5.6	2.43
Days Sales Outstanding (Average Receivables)	562.02	679	236.28	85.89	224.1
Days Outstanding Inventory (Average Inventory)	62.3	119.69	58.46	31.93	73.44
Average Days Payable Outstanding	14.01	11.44	25.43	12.14	4.25
Cash Conversion Cycle (Average Days)	610.31	787.25	269.32	105.68	293.29
Long Term Solvency
Total Debt/Equity	60.54	26.36	0.25	2.77	15.19
Total Debt / Total Capital	37.71	20.86	0.25	2.7	13.19
LT Debt/Equity	-	0.22	-	-	-
Long-Term Debt / Total Capital	-	0.17	-	-	-
Total Liabilities / Total Assets	39.42	23.23	11.96	5.12	16.24
EBIT / Interest Expense	2.88	5.4	4.25	12.47	235.48
EBITDA / Interest Expense	3.48	6.27	7.23	16.09	277.45
(EBITDA - Capex) / Interest Expense	3.42	6.27	7.07	16.02	263.12
Total Debt / EBITDA	2.2	0.96	0.03	0.17	0.59
Net Debt / EBITDA	2.17	0.95	-3.08	0.17	-0.81
Total Debt / (EBITDA - Capex)	2.24	0.96	0.03	0.17	0.63
Net Debt / (EBITDA - Capex)	2.21	0.95	-3.15	0.17	-0.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-24.87	-12.64	86.94	130.31	-54.54
Gross Profit, 1 Yr. Growth %	88.29	21.9	-71.36	117.85	63.71
EBITDA, 1 Yr. Growth %	64.35	18.83	-64.01	84.73	52.35
EBITA, 1 Yr. Growth %	91.17	23.65	-75.43	143.78	66.74
EBIT, 1 Yr. Growth %	91.17	23.65	-75.43	143.78	66.74
Earnings From Cont. Operations, 1 Yr. Growth %	96.01	51.54	-76.21	198.88	86.95