| Advanced Chemical Industries Limited
|
|
|
|
|
| Particulars |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
| Taka in million |
|
|
|
|
|
|
| Authorized capital |
500 |
500 |
500 |
500 |
500 |
500 |
| Issued & paid
capital; |
162
|
162
|
162
|
162
|
162
|
162
|
| Current assets |
1,099 |
1,396 |
1,342 |
1,537 |
1,755 |
3,121 |
| Tangible fixed assets
(gross) |
468
|
668
|
1,006
|
1,087
|
1,131
|
1,541
|
| Shareowners' equity |
590 |
668 |
861 |
906 |
974 |
1,272 |
| Turnover (net) |
2,053
|
2,240
|
2,558
|
3,089
|
3,516
|
4,917
|
| Gross profit |
631 |
639 |
740 |
957 |
1,176 |
1,667 |
| Profit before tax |
164
|
93
|
141
|
169
|
233
|
431
|
| Profit after tax |
109 |
85 |
90 |
112 |
154 |
313 |
| Dividend |
61
|
65
|
69
|
73
|
97
|
137
|
| Current ratio (times) |
1.2 |
1.2 |
1.2 |
1.0 |
1.0 |
1.0 |
| Quick ratio (times) |
0.5
|
0.5
|
0.5
|
0.6
|
0.6
|
0.6
|
| Return on equity (%) |
18.5 |
12.7 |
10.4 |
12.4 |
15.8 |
24.6 |
| Inventory turnover
(times) |
2.7
|
2.3
|
2.4
|
3.0
|
3.3
|
3.6
|
| Debtors turnover (times) |
23 |
16
|
12 |
11 |
10 |
8 |
| Fixed assets turnover
(times) |
8.8
|
7.3
|
3.8
|
4.2
|
5.1
|
5.7
|
| Net asset per share (Taka) |
36.5 |
41.3 |
53.3 |
56.0 |
60.2 |
78.7 |
| Market price per share
(Taka) |
54.2
|
66.7
|
94.4
|
69.6
|
70.2
|
181.7
|
| Earnings per share (Taka) |
6.75 |
5.25 |
5.54 |
6.94 |
9.51 |
19.36 |
| Dividend per share
(Taka) |
3.75
|
4.00
|
4.25
|
4.50
|
6.00
|
8.50
|
| Dividend rate ( %) |
37.5 |
40.0 |
42.5 |
45.0 |
60.0 |
85.0 |
| Dividend payout ratio
(%) |
55.6
|
76.2
|
76.7
|
64.8
|
63.1
|
43.9
|
| Price earnings ratio (times) |
8.0 |
12.7 |
17.0 |
10.0
|
7.4 |
9.4 |
| Dividend yield (%) |
6.9
|
6.0
|
4.5
|
6.5
|
8.5
|
4.7
|
| Number of employees |
1,662 |
1,883
|
1,931
|
2,000 |
2,476 |
3,050 |
|
| Profit and Loss Account for the year ended 31
December 2007 |
|
|
2007 |
|
2006 |
|
|
Notes |
Taka |
|
Taka |
|
|
|
|
|
|
|
| Sales |
23 |
4,917,304,331 |
|
3,515,862,372 |
|
| Cost
of sales |
24 |
(3,250,711,677) |
|
(2,339,975,616) |
|
| Gross profit |
|
1,666,592,654 |
|
1,175,886,756 |
|
| Administrative, selling and distribution
expenses |
25 |
(1,235,098,936) |
|
(884,474,379) |
|
| Operating profit |
|
431,493,718 |
|
291,412,377 |
|
| Other income |
26 |
23,346,716 |
|
35,345,860 |
|
| Profit from sale of
shares of ACI Trading Ltd. |
|
118,818,000 |
|
- |
|
|
|
573,658,434 |
|
326,758,237 |
|
| Financing cost |
27 |
(119,087,159) |
|
(81,555,964) |
|
|
|
454,571,275 |
|
245,202,273 |
|
| Provision for
contribution to WPPF |
|
(22,728,564) |
|
(12,260,114) |
|
| Profit before tax |
|
431,842,711 |
|
232,942,159 |
|
| Income tax
expenses: |
|
|
|
|
|
| Current tax expense |
|
(124,518,213) |
|
(97,598,579) |
|
| Deferred tax
income |
|
5,710,733 |
|
18,482,035 |
|
|
|
(118,807,480) |
|
(79,116,544) |
|
| Net profit after
tax |
|
313,035,231 |
|
153,825,615 |
|
|
|
|
|
|
|
| Earnings per share
(EPS) |
|
19.36 |
|
9.51 |
|
|
|
|
|
|
| |
| Consolidated Profit and Loss Account for the year
ended 31 December 2007 |
|
|
|
2007 |
|
2006 |
|
|
|
Notes |
Taka |
|
Taka |
| Sales |
|
23(a) |
5,756,817,829 |
|
4,237,856,136 |
| Cost of sales |
|
24(a) |
(3,749,131,735) |
|
(2,770,641,893) |
| Gross
profit |
|
|
2,007,686,094 |
|
1,467,214,243 |
| Administrative,
selling and distribution expenses |
|
25(a) |
(1,392,203,373) |
|
(1,014,602,710) |
| Operating profit |
|
|
615,482,721 |
|
452,611,533 |
| Other income |
|
26(a) |
83,171,466 |
|
56,050,015 |
|
|
|
698,654,187 |
|
508,661,548 |
| Profit from disposal
of subsidiary |
|
|
86,181,149 |
|
- |
| Profit/ (loss) from Associates and Joint
Ventures |
|
|
(3,831,367) |
|
(36,965,835) |
|
|
|
781,003,969 |
|
471,695,713 |
| Financing cost |
|
27(a) |
(220,521,137) |
|
(163,661,101) |
|
|
|
560,482,832 |
|
308,034,612 |
| Provision for contribution to WPPF |
|
|
(28,671,365) |
|
(17,679,294) |
| Profit before tax |
|
|
531,811,467 |
|
290,355,318 |
| Income tax expenses: |
|
|
|
|
|
|
Current tax expense |
|
(177,604,949) |
|
(137,361,942) |
|
Deferred tax
income |
|
8,380,237 |
|
14,883,726 |
|
|
|
|
(169,224,712) |
|
(122,478,216) |
| Net
profit after tax |
|
|
362,586,755 |
|
167,877,102 |
| Minority interest |
|
|
(22,324,315) |
|
(2,291,243) |
| Profit after tax and minority interest |
|
|
340,262,440 |
|
165,585,859 |
|
|
|
|
|
|
| Earnings per share (EPS) |
|
|
21.04 |
|
10.24 |
|
|
|
|
|
| |
|
|
|
|
Notes |
2007 |
|
2006 |
| Assets |
|
|
Taka |
|
Taka |
|
|
|
|
|
|
| Property, plant and
equipment: |
|
4 |
|
|
|
|
At
cost/revaluation |
|
1,327,151,308 |
|
1,094,190,103 |
|
Accumulated depreciation |
|
(467,726,369) |
|
(399,870,467) |
|
|
|
859,424,939 |
|
694,319,636 |
|
Capital work-in-progress |
5 |
213,870,224 |
|
37,004,294 |
|
|
|
1,073,295,163 |
|
731,323,930 |
| Investments |
|
6 |
536,629,241 |
|
428,818,241 |
|
|
|
1,609,924,404 |
|
1,160,142,171 |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
Inventory |
7 |
1,091,397,629 |
|
736,676,165 |
|
Trade
debtors |
8 |
898,891,044 |
|
410,135,374 |
|
Other debtors |
9 |
136,565,703 |
|
65,818,549 |
|
Advances,
deposits and prepayments |
10 |
179,761,041 |
|
133,745,055 |
|
Advance income tax |
|
205,661,524 |
|
72,401,076 |
|
Inter-company
receivable |
11 |
551,416,377 |
|
293,218,617 |
|
Cash and bank balances |
12 |
57,195,473 |
|
43,051,811 |
|
|
|
3,120,888,791 |
|
1,755,046,647 |
| Total assets |
|
|
4,730,813,195 |
|
2,915,188,818 |
|
|
|
|
|
|
| Equity and liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity: |
|
|
|
|
|
|
Share
capital |
13 |
161,700,000 |
|
161,700,000 |
|
Share premium |
14 |
250,022,474 |
|
250,022,474 |
|
Capital
reserve |
15 |
1,671,386 |
|
1,671,386 |
|
Revaluation reserve |
|
294,901,646 |
|
216,135,224 |
|
Retained
earnings |
|
563,800,530 |
|
344,542,827 |
|
|
|
1,272,096,036 |
|
974,071,911 |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
Bank
overdraft |
16 |
271,195,982 |
|
126,757,321 |
|
Short term bank loan |
17 |
1,142,396,717 |
|
698,498,975 |
|
Long term bank
loan- Current portion |
18 |
62,504,602 |
|
- |
|
Trade creditors |
|
132,277,207 |
|
79,630,620 |
|
Other
creditors |
19 |
478,332,706 |
|
306,087,482 |
|
Inter-company liabilities |
20 |
758,658,669 |
|
362,544,680 |
|
Obligation
under finance lease- current portion |
|
10,220,408 |
|
14,076,453 |
|
Provision for taxation |
21 |
277,961,183 |
|
153,442,970 |
|
|
|
3,133,547,474 |
|
1,741,038,501 |
| Long
term liabilities |
|
22 |
325,169,685 |
|
200,078,406 |
| Total equity and liabilities |
|
|
4,730,813,195 |
|
2,915,188,818 | |
| Consolidated
Balance Sheet as at 31 December 2007 |
|
|
Notes |
2007 |
|
2006 |
| Assets |
|
|
Taka |
|
Taka |
|
|
|
|
|
|
| Property, plant and equipment: |
|
4 (a) |
|
|
|
|
At
cost/revaluation |
|
2,610,354,214 |
|
1,936,014,079 |
|
Accumulated depreciation |
|
(660,423,664) |
|
(542,619,801) |
|
|
|
1,949,930,550 |
|
1,393,394,278 |
|
Capital work-in-progress |
5 (a) |
567,484,589 |
|
39,353,484 |
|
|
|
2,517,415,139 |
|
1,432,747,762 |
| Investments |
|
6 (a) |
62,045,192 |
|
38,069,558 |
| Goodwill |
|
|
104,677,902 |
|
104,677,902 |
|
|
|
2,684,138,233 |
|
1,575,495,222 |
| Current assets: |
|
|
|
|
|
|
Inventory |
7 (a) |
1,583,048,365 |
|
1,239,158,326 |
|
Trade
debtors |
8 (a) |
907,118,206 |
|
442,973,398 |
|
Other debtors |
9 (a) |
144,476,543 |
|
81,454,758 |
|
Advances,
deposits and prepayments |
10 (a) |
248,684,453 |
|
180,778,001 |
|
Advance income tax |
|
234,733,841 |
|
120,018,364 |
|
Inter-company
receivable |
11 (a) |
27,552,426 |
|
28,930,019 |
|
Cash and bank balances |
12 (a) |
82,609,212 |
|
47,497,914 |
|
|
|
3,228,223,046 |
|
2,140,810,780 |
| Total assets |
|
|
5,912,361,279 |
|
3,716,306,002 |
|
|
|
|
|
|
| Equity and
liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Shareholders'
equity: |
|
|
|
|
|
|
Share
capital |
|
161,700,000 |
|
161,700,000 |
|
Share premium |
|
250,022,474 |
|
250,022,474 |
|
Capital
reserve |
|
1,671,386 |
|
1,788,902 |
|
Special reserve |
|
- |
|
129,634 |
|
Revaluation
reserve |
|
600,284,264 |
|
273,096,825 |
|
Tax holiday reserve |
|
- |
|
34,470,939 |
|
Retained
earnings |
|
692,625,337 |
|
411,422,336 |
|
|
|
1,706,303,461 |
|
1,132,631,110 |
| Minority interest |
|
|
88,563,300 |
|
79,745,885 |
|
|
|
1,794,866,761 |
|
1,212,376,995 |
| Current liabilities: |
|
|
|
|
|
|
Bank overdraft |
16 (a) |
314,191,451 |
|
166,139,092 |
|
Short term bank
loan |
17 (a) |
1,915,031,415 |
|
1,178,656,452 |
|
Long term bank loan- Current
portion |
18 (a) |
154,804,698 |
|
46,247,311 |
|
Trade
creditors |
|
152,025,307 |
|
100,604,313 |
|
Other creditors |
19 (a) |
607,422,628 |
|
404,771,676 |
|
Inter-company
liabilities |
20 (a) |
- |
|
18,000 |
|
Obligation under finance lease-
current portion |
|
10,220,408 |
|
14,825,758 |
|
Provision for
taxation |
21 (a) |
328,246,138 |
|
222,549,196 |
|
|
|
3,481,942,045 |
|
2,133,811,798 |
| Long
term liabilities |
|
22 (b) |
635,552,473 |
|
370,117,209 |
| Total equity and liabilities |
|
|
5,912,361,279 |
|
3,716,306,002
| |
|
|
|
Share |
Share |
Capital |
Special |
Revaluation |
Retained |
|
| Particulars |
capital |
premium |
reserve |
reserve |
reserve |
earnings |
Total |
|
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
|
|
|
|
|
|
|
|
| Balance as at 1 January 2006 |
161,700,000 |
250,022,474 |
1,671,386 |
1,111,822 |
229,578,470 |
261,851,117 |
905,935,269 |
| Adjustment for
deferred tax on revalued of land |
|
|
|
|
(13,079,755) |
- |
(13,079,755) |
|
Net profit after tax |
- |
- |
- |
- |
- |
153,825,615 |
153,825,615 |
| Special reserve
transferred to retained earnings |
- |
- |
- |
(1,111,822) |
- |
1,111,822 |
- |
| Realization of revaluation reserve |
- |
- |
- |
- |
(363,491) |
519,273 |
155,782 |
| Dividends |
- |
- |
- |
- |
- |
(72,765,000) |
(72,765,000) |
| Balance as at 31 December 2006 |
161,700,000 |
250,022,474 |
1,671,386 |
- |
216,135,224 |
344,542,827 |
974,071,911 |
|
Net profit after tax |
- |
- |
- |
- |
- |
313,035,231 |
313,035,231 |
| Revaluation surplus (net of deferred tax) |
|
|
|
|
81,036,152 |
|
81,036,152 |
|
Realization of revaluation
reserve |
- |
- |
- |
- |
(2,269,730) |
3,242,472 |
972,742 |
| Dividends |
- |
- |
- |
- |
- |
(97,020,000) |
(97,020,000) |
| Balance as at 31
December 2007 |
161,700,000 |
250,022,474 |
1,671,386 |
- |
294,901,646 |
563,800,530 |
1,272,096,036
| |
|
|
|
Share |
Share |
Capital |
Special |
Revaluation |
Tax holiday |
Retained |
Minority |
|
| Particulars |
capital |
premium |
reserve |
reserve |
reserve |
reserve |
earnings |
interest |
Total |
|
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
Taka |
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 January
2006 |
161,700,000 |
250,022,474 |
1,788,902 |
1,241,456 |
286,540,071 |
26,272,791 |
325,819,135 |
75,453,643 |
1,128,838,472 |
| Adjustment for
deferred tax on revalued land |
|
|
|
|
(13,079,755) |
|
|
|
(13,079,755) |
| Adjustment for unrecognized loss of
Associates |
|
|
|
|
|
|
(170,605) |
|
(170,605) |
|
Net profit after tax |
- |
- |
- |
- |
- |
- |
165,585,859 |
- |
165,585,859 |
|
Transfer to tax holiday
reserve |
- |
- |
- |
- |
- |
8,198,148 |
(8,198,148) |
- |
- |
| Transfer from special
reserve |
|
|
|
(1,111,822) |
|
|
1,111,822 |
|
- |
| Dividend paid |
- |
- |
- |
- |
- |
- |
(73,245,000) |
- |
(73,245,000) |
|
Realization of revaluation
surplus |
- |
- |
- |
- |
(363,491) |
- |
519,273 |
- |
155,782 |
|
Minority interest |
- |
- |
- |
- |
- |
- |
- |
4,292,242 |
4,292,242 |
| Balance at 31
December 2006 |
161,700,000 |
250,022,474 |
1,788,902 |
129,634 |
273,096,825 |
34,470,939 |
411,422,336 |
79,745,885 |
1,212,376,995 |
|
Net profit after tax |
- |
- |
- |
- |
- |
- |
340,262,440 |
- |
340,262,440 |
| Transfer to tax
holiday reserve |
- |
- |
- |
- |
- |
982,003 |
(982,003) |
- |
- |
| Transfer from tax holiday reserve no longer
required |
|
|
|
|
|
(35,452,942) |
35,452,942 |
|
- |
| Dividend paid |
- |
- |
- |
- |
- |
- |
(97,020,000) |
(1,920,000) |
(98,940,000) |
| Realization of revaluation surplus |
- |
- |
|
|
(2,269,730) |
- |
3,242,472 |
- |
972,742 |
| Post acquisition
reserve transferred to retained earnings |
- |
- |
(117,516) |
(129,634) |
- |
- |
247,150 |
- |
- |
| Revaluation reserve created during the year |
|
|
|
|
329,457,169 |
- |
- |
|
329,457,169 |
| Minority interest |
- |
- |
- |
- |
- |
- |
|