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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Company Information
Directors' Report
Condensed Interim Financial Information
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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COMPANY INFORMATIONBoard of Directors
Chairman
Chief Executive Officer
Directors
Capt. Haleem A. Siddiqui
Mr. Sharique Azim Siddiqui
Mr. Aasim Azim SiddiquiCapt. Zafar Iqbal AwanSyed Nizam ShahMr. Ali Raza SiddiquiMr. M. Masood Ahmed Usmani, FCA
EY Ford Rhodes Chartered Accountants6th Floor, Progressive Plaza, Beaumont Road,P.O. Box 15541, Karachi-75530
Auditors
Kabraji & Talibuddin406-407, 4th Floor, The Plaza at II Talwar, Block-9, Clifton, Karachi.
Farogh Naseem & Co., Advocates 46-E/4, 46th Street, Block-6, P.E.C.H.S., Karachi.
The Continental Law AssociatesPanorama Centre, Saddar, Karachi.
153-K , Sufi Street, Block-2, PECHS, Karachi 75400Khalid Anwer & Co.
Legal Advisors
2nd Floor, Business Plaza, Mumtaz Hassan Road, Karachi-74000 Pakistan. Tel. 92-21-32400450-3 Fax. 92-21-32400281
Registered & Head Office
Central Depository Company of PakistanCDC House, Main Shahrah-e-Faisal, Karachi
Registrar / Transfer Agent
Chief Financial Officer &Company Secretary Mr. Arsalan I. Khan, ACA
Audit Committee
Chairman
Members
Syed Nizam Shah
Mr. Ali Raza SiddiquiMr. M. Masood Ahmed Usmani, FCA
Chief Internal Auditor &Secretary Mr. Noman Yousuf
Human Resource & Remuneration Committee
Chairman
Members
Syed Nizam Shah
Mr. Sharique Azim SiddiquiMr. Ali Raza Siddiqui
Secretary Mr. Arsalan I. Khan, ACA
Bankers Al-Baraka Bank (Pakistan) LimitedAskari Bank LimitedDubai Islamic Bank Limited Faysal Bank LimitedJS Bank LimitedMCB Bank Limited
Meezan Bank LimitedNational Bank of PakistanSamba Bank LimitedSindh Bank LimitedThe Bank of Punjab
NWIZ/LL/02, North Western Industrial Zone, Port Qasim Authority, Karachi.
Terminal Office
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Directors' Report
The Directors are pleased to present the condensed interim financial information of Pakistan International
Bulk Terminal Limited (PIBT) (the Company) together with the Auditors' Report to the members on review
of condensed interim financial information for the period ended December 31, 2017.
BUSINESS REVIEW
The Company has entered into a Build Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on
November 06, 2010 for the exclusive construction, development, operations and management of a coal
and clinker / cement terminal at Port Muhammad Bin Qasim for a period of thirty years.
The Company commenced its commercial operations from July 3, 2017. However, under the
Implementation Agreement, PQA is required to issue the “Certificate of Successful Commissioning”, which
PQA has issued for coal handling system in 2nd quarter financial year 2018.The Directors congratulate all
the stakeholders of the Project on achieving this significant milestone & commend them for investing their
confidence in the Project.
During this six months operational period, your Company has handled 839,922 tons of coal cargo through
various vessels with positive contribution margins. However, net loss before taxation is Rs. 1,485 million,
mainly due to fixed costs, depreciation and amortization of the infrastructure project. Other income during
the period is Rs. 39.029 million (December 31, 2016: Rs. 65.114 million) comprising of the interest income
on the deposits held with commercial banks. During the period, the Company also has provided for taxation
of Rs. 820.503 million, of which Rs. 765.988 million is deferred tax on account of taxable temporary
differences. Net loss after tax is Rs. 2,305.203 million with an EPS of Rs. (1.55).
GOING FORWARD
Your Company is in negotiations with potential customers for commercial contracts for handling cargos of
coal, clinker and cement, to bring efficiencies in their respective supply chains. This will ease off the existing
port congestions at KPT and PQA, mitigate the environmental and proficiency concerns and enhance our
shareholder's value.
In the end, the Board of Directors of your company would like to reiterate their commitment to operate
efficiently Pakistan's first state-of-the-art mechanized bulk cargo handling terminal for the handling of Coal,
Clinker & Cement, compliant with international standards of excellence which will curtail environment
pollution and modernize the port infrastructure of the country.
For and on behalf of the Board of Directors
Sharique Azim Siddiqui
Chief Executive Officer
Karachi: February 22, 2018
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Condensed Interim
Financial Information
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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Auditors' report to the members on review of condensed interim financial information
Introduction
We have reviewed the accompanying condensed interim balance sheet of Pakistan International Bulk
Terminal Limited (the Company) as at 31 December 2017, and the related condensed interim profit
and loss account, condensed interim statement of comprehensive income, condensed interim
statement of cash flow and condensed interim statement of changes in equity together with the notes
forming part thereof for the six-month period then ended (herein after referred to as the "condensed
interim financial information"). Management is responsible for the preparation and fair presentation of
this condensed interim financial information in accordance with approved accounting standards as
applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on
this condensed interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A
review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on
Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. 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 condensed interim financial information as of and for the six months period ended 31
December 2017 is not prepared, in all material respects, in accordance with approved accounting
standards as applicable in Pakistan for interim financial reporting.
EY Ford Rhodes
Chartered Accountants
Review Engagement Partner: Arif Nazeer
Date: 22 February 2018
Place: Karachi
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Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
CONDENSED INTERIM BALANCE SHEET AS AT DECEMBER 31, 2017
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED DECEMBER 31, 2017
(UN-AUDITED)
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Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFOR THE HALF YEAR ENDED DECEMBER 31, 2017
(UN-AUDITED)
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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CONDENSED INTERIM CASH FLOW STATEMENTFOR THE HALF YEAR ENDED DECEMBER 31, 2017
(UN-AUDITED)
Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED DECEMBER 31, 2017
(UN-AUDITED)
Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED DECEMBER 31, 2017
(UN-AUDITED)
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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
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Arsalan I. Khan
Chief Financial Officer
Sharique Azim Siddiqui
Chief Executive Officer
Capt. Zafar Iqbal Awan
Director
These condensed interim financial statements was authorised for issue on February 22, 2018 by the Board of Directors of the Company.
Head Office 2nd Floor, Business Plaza, Mumtaz Hassan Road, Karachi 74000, Pakistan.
Tel.(+9221) 32400450-3 Fax.(+9221) 32400281 Email. info@pibt.com.pk Website. www.pibt.com.pk
Pakistan International Bulk Terminal Limited
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