Sui Southern Gas Company (SSGC) is Pakistans leading integrated gas company. The company is engaged in the business of transmission and distribution of natural gas besides construction of high-pressure transmission and low-pressure distribution systems. SSGCL transmission system extends from Sui in Balochistan to Karachi in Sindh comprising over 3,200km of high-pressure pipeline ranging from 12-24" in diameter.
The distribution activities covering over 1200 towns in Sindh and Balochistan are organised through its regional offices. An average of about 357,129 million cubic feet (mmcfd) gas was sold in 2006-2007 to over 1.9 million industrial, commercial and domestic consumers through a distribution network of over 29,832km.
The company also owns and operates the only gas meter manufacturing plant in the country, having an annual production capacity of over 550,150 meters. It has an authorised capital of Rs 10 billion, of which Rs 6.7 billion is issued and fully paid-up. The government owns the majority of the shares, which is over 70%.
RECENT RESULTS H109
Gas sales volume in the six months ending on 31 December 2008 increased by 7% to 193.3bcf versus 180.9bcf in the corresponding period of FY07-08. However, by value, it increased by 44% to Rs 51.5 billion as the average sales price increased by 36.16% to Rs 281.67 per mmbtu. Increase or decrease in sales price has no impact on companys profits due to its unique tariff regime.
Gas is being purchased from 14 different producing fields. The average wellhead purchase price increased around 47.7% and stood at Rs 244.35 per mmbtu. The meter manufacturing plant produced 341,850 meters as against 259,750, in the corresponding period last year, depicting an increase of 32%. Sales to SNGPL increased by 47% to 249,300 meters.
The profit of the plant decreased by Rs 3 million to Rs 40 million. This was mainly due to unusual hike in material cost. SSGC posted a pre tax profit of Rs 355 million as compared to Rs 984 million for the corresponding period.
The benefit of a higher regulated return on the back of an increase in asset base and increase in other income was offset by a higher cost of finance and UFG disallowance impact of Rs 900 million (2007: Rs 539 million). This is because of increasingly stringent requirements by OGRA. The net profit after tax for the six months period therefore stands at Rs 227.669 million compared with Rs 340.617 million for the same period last year.
The capital expenditure incurred is Rs 3.3 billion in these six months as compared to Rs 2.6 billion for the previous corresponding period. Transfer to completed assets was Rs 2.4 billion as against Rs 1.7 billion last year. As per tariff and profit regime, SSGC receives a 17% return on fixed assets, excluding tax and financial charges.
This effectively comes down to almost 10% after cutback on account of UFG. Since the cost of financing has increased above 17%, no project financed on borrowed sums is at present feasible for the company. To overcome this problem, it is being demanded that the return on fixed assets would need to be market based and linked to KIBOR.
STOCK VERSUS SECTOR PERFORMANCE FY08
The industry comprises of two companies: Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited. SSGC has overall shown lower figures compared to the industry average. The balance sheet comparison shows that the company has total assets amounting to Rs 71.7 billion against industry average of Rs 84.7 billion. The total liabilities of the firm stand at Rs 61.4 billion against industry average of Rs 70.9 billion.
The total equity of Rs 10.3 billion is also lower than industry average of Rs 13.7 billion. However the paid up capital is slightly higher by 10% than the industry average. The current assets and current liabilities are also higher by 2% and 6.5% respectively. The income statement comparison shows that the total sales of company stood at Rs 86.8 billion against industry average of Rs 105.1 billion. The cost of gas sold was also lower by 23.66%.
The gross profit came to be Rs 7.4 billion as against the high industry average of Rs 11.2 billion - 34.04% lower. The operating expenses were 23.69% lower but the finance cost was 50.05% higher than the industry average. Profit after taxation was Rs 991 million against industry average of Rs 1.74 billion - 43.17% lower.
PROFITABILITY
The composition of revenues and expenses shows that the sales have increased steadily over the time. The sales in FY08 amounted to Rs 86.8 billion and recorded an increase of 1.30% compared to last year. The net sales increased by 10.54% due to a decline in the development surcharge by a significant 95.29% against a phenomenal incline of 231.3% in FY07. The cost of gas was at Rs 69.2 billion recording an increase of 9.63%.
Gross profit was thus Rs 7.4 billion showing an impressive increase of 24.92% as against decline of 11.655 in FY07. The transmission and distribution cost has increased by 6.13% and other operating expenses have increased by 562.29%. Other operating income has declined by 8.96%. The financial charges have also increased by 33.28%. The cumulative impact on profit after taxation is such that it amounts to Rs 991 million depicting an increase of 241.3%.
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Profitability SSGC Industry
Average
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ROA 1.38% 1.97%
ROE 9.61% 12.27%
Net profit to sales 1.14% 1.58%
Gross Profit Ratio 8.53% 10.36%
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The profit margins have shown a declining trend over the years. In FY07, these had hit the bottom with net profit margin on sales and gross profit margin being 0.34% and 6.91% respectively. However, in FY08, these margins have shown some improvement as net profit margin on sales has increased to 1.14% and gross profit margin increased to 8.53%. ROA and ROE have shown increases in FY08 after showing a continuous decline.
The assets and equity have both increased by 5.92% and 15.8% respectively. Yet the ROE and ROA have increased as the profit after taxation increased at a greater rate of 241.3%. The basic earning power has also improved as the operating profit increased by 52.61% against total assets that increased by 15.8%.
In FY07 the ROE showed a steep decline due to a huge decline in PAT (profit after taxation) of 67.44%. Compared with the industry average the ratios are low. This shows that the profitability of the competitor SNGPL is higher than that of SSGC. ROE and gross profit ratios of the industry are significantly higher than that of SSGC.
LIQUIDITY
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Liquidity SSGC Industry
Average
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Current ratio 1.08 1.13
Quick ratio 1.03 1.06
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The charts show that the shares of both the current liabilities and current assets have gone up over the years. In FY08, the current assets have increased by 11.57% while current liabilities have increased by 13.87%. However the liquidity has improved, as increase in current liabilities in FY08 (13.87%) was lower than that in FY07 (50.14%). The liquidity of the company is lower than that of the industry as evident through the ratios.
The composition of current assets shows that the largest contributor is the trade debts. In FY08 trade debts make up 55.25% of the total current assets, followed by other receivables (26.27%), then cash and bank balances (12.01%) etc. The main contributor of the current liabilities is the creditors, accrued and other liabilities that have risen exponentially over the years.
It makes up 98.23% of the current liabilities in FY08. Among the payables, the significant contributors are the workers participation fund that has increased from Rs 310 thousand in FY07 to Rs 125.4 million, the accrued liabilities have shown a massive increase from Rs 675 million in FY07 to Rs 1.2 billion in FY08 and withholding tax payable has increased from Rs 7.4 million in FY07 to Rs 48.1 million in FY08.
DEBT MANAGEMENT
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Debt Management SSGC Industry
Average
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Debt to equity 5.95 3.08
TIE 8.82 7.4
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The total debt to assets ratio has remained constant over the years and has shown marginal increase. The total assets and total liabilities have increased at the same pace. It stands at 0.86 for FY08. The debt-to-equity ratio has increased over the years. From 2.05 in FY02 the ratio is now hovering at an all time high of 5.95 in FY08. This was because the overall debt burden of the company had increased.
The total debt of the company stands at Rs 61.4 billion. The current liabilities make up a higher proportion of liabilities than non-current liabilities. However, the increase in non-current liabilities of 22.51% is higher than the increase in current liabilities of 13.87%, resulting in a total increase of 17.64% in liabilities. The deferred tax liability has increased from Rs 3.9 billion to Rs 4.9 billion. The employee benefits have drastically increased from Rs 999 million to Rs 1.09 billion.
The deferred credit is the main contributor to increase in non-current liabilities and has increased by 28.32%. The accrued liabilities and payables made up most of the current liabilities. There was no short term borrowing for the period under consideration. The TIE ratio has plunged from a high of 26.66 in FY07 to 8.82 in FY08 due to an increase in financial charges.
The EBITDA coverage ratio has shown a nominal increase and is at 4.95. The comparison with industry average is not favorable as the firm is over leveraged. Besides the sharp decline in the TIE ratio raises questions whether the operating profits are enough to cater to the mounting debt burden.
ASSET MANAGEMENT
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Efficiency SSGC Industry
Average
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Operating Cycle 91 72
Inventory turnover 52.07 135.28
Total asset turnover 1.21 1.24
Fixed asset turnover 2.45 2.22
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The inventory turnover has sown a stable trend. The inventory is sold in a reasonable of days ie 6 or 7 days. This is also because gas is an inelastic good so its demand will not vary much and may only show seasonal fluctuations. However the conversion of account receivable to cash takes significantly more days than before.
In FY08 the DSO has increased to 84 from 69 in FY07. Compared with the industry average the operating cycle of SSGC is higher by 19 days. The turnover ratios are also low except for the fixed asset turnover, which is slightly higher than the industry average. The turnover ratios point to better asset management by SNGPL the only competitor of the company.
MARKET VALUE RATIOS
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Investment SSGC Industry
Average
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EPS 1.48 3.02
Market Value per share 28.06 36.72
P/ E ratio 18.96 14.27
Cash Dividend 0.50 2.00
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The market value ratios show that P/E has seen a major decline in FY08. It has plunged from 63 in FY07 to 19 in FY08. This is due to a decline in market value to Rs 28.06 and increase in EPS to 1.48. The earnings per share have shown an increase in the current fiscal year due to increase in profits. The price to cash flow ratio has remained steady.
The market to book value has shown an erratic trend and shows a slight decline in the current fiscal year to from 1.86 to 1.83 on a y-o-y basis. The dividend per share has declined to Rs 0.50/share in FY08 against a high of Rs 1.8 in FY04. Compared to the industry average the performance is not optimum, the competitor has more favourable ratios and industry average of market value of Rs 36.72/share is higher than that of SSGC stock.
FUTURE OUTLOOK
SSGC is involved in a number of long-range promising projects that could boost earnings. The projects are as follows:
Pakistan Mashal LNG Project (Countrys First LNG Import Project): Pakistans gas demand and supply projections indicate a widening gap of approximately 500mmcfd by the year 2010. The gap starts to emerge in 2007-08 and builds up to 2100mmcfd by 2015, as the current gas fields gradually go off plateau. Any commitments of additional gas supplies to industries, power or fertiliser plants on a long-term basis are therefore not possible, without confirmation of additional sources of gas supply.
This may be possible through an import gas pipeline, which at the earliest could come on-stream by 2015 as per Gap Coverage Strategy, or alternately a major on-shore/off-shore gas field discovery in the current year (the gas to market period being 5 years). A third alternate is the LNG import option, which by current assessment will be able to provide gas by the year 2010/11.
To this end, GOP has nominated SSGC as the project facilitator for the establishment of 3.5 million tons per annum (mtpa) (equivalent to 500mmcfd of gas) LNG import project with a re-gasification facility to be located in the vicinity of Karachi. To date, SSGC and its consultant have completed a pre-feasibility study covering business, technical, commercial, legal and other issues concerning LNG import, and have also provided input on Pakistans LNG policy.
GIREP - II: After substantial completion of expansion program under GIREP-I, SSGC has embarked upon the execution of Gas Infrastructure and Rehabilitation Expansion Programme-II as apart of its five year core investment programme to provide the requisite infrastructural capability and reliability commensurate with the anticipated expansion needs of its franchise area through effective utilization of the indigenous gas resources including Sawan/Miano and additional gas from Bhit and ZamZama and the expected availability from fields located in the blocks of Zarghun, Khipro and Sanjhoro.
In the five years from 2004-05, SSGC is going to spend estimated Rs 12 billion on GIREP-II and QPCEP-III with the normal expansion of gas transmission and distribution system involving the extension of transmission and distribution network by around 700 kilometres excluding the project still at conceptual stage. With the above mentioned expenditure SSGC will be able to transmit about 365mmscfd additional gas and the total transmission capacity is expected to enhance to 1650mmscfd gas in 2008-09
SCADA: In todays economic environment, SCADA requirements in the petroleum, oil and gas industries are changing at a rapid pace. Clearly, the need for reliable, centralized control and monitoring is more important than ever. The drive to reduce costs, increase system reliability and improve throughput demands effective centralized control. There is also a renewed interest in operational security.
Ten years ago SSGC embarked on a major mission to use technology as a strategic assets and embarked on the use of open-architecture, distributed-intelligence and platform independent SCADA systems. In the first phase of this effort this effort the Transmission network of SSGC saw the use of Modbus protocol based PLCs running AGA-3/7 analysis for both flow and compressor performance monitoring. Block valve control was implemented shortly thereafter.
LAN based redundant Host systems at Karachi and Shikarpur provided both online and historical data. In the second phase SSGC is now undertaking a distribution SCADA systems that will provide for custody Transfer, Load Forecasting, Gas Analysis and other Gas Management functions. In the execution of the Distribution SCADA system the Transmission and Distribution SCADA systems will be integrated.
This will facilitate a seamless exchange of data between the different parts of SSGC resulting in streamlined reporting and higher efficiency. Geographical Information System (GIS): Utilities are transforming themselves intelligently by salvaging the useful parts of existing systems and incorporating new technologies to extend their capabilities. Supply of gas (a basic social need) from stakeholders up to satisfactory level to end-users demands the best information management system.
Diversified lengths of pipeline network, with large numbers of individual facilities (like Valves, PRS, TBS, SMS) - required surveys of their status, capacities and functions (while interacting in real time) with repeated maintenance and constant management if the system as a whole is to operate efficiently and effectively. Tied to each of this countless numbers of entities and links is information - the information on which operational decisions are made and monitored.
Population, commercial and industrial sectors of Pakistan are increasing continuously; as a result, gas pipeline network is also expanding with the same pace. In this situation, management, operation, maintenance, safety, and inspection activities have become becoming very difficult.
To meet the challenges of continuous expansion of gas pipeline network, there was a dire need of such information system which could help SSGC for better planning, development, management, analysis, maintenance and operation of existing and forthcoming pipeline network. Before GIS, most of the companys assets information was scattered and on paper maps developed with traditional techniques, without any automated system.
No centralized data management system for development, storage and restoration of the maps was existed. Maps were stored at Karachi, Hyderabad and Quetta regional stations. Most of them were outdated and with variable scales, several geometrical problems and disconnected information. GIS has the ability to maintain and integrates geographic data from many sources. SSGC started development of GIS from scratch in the year 2005, using in-house resources in terms of hardware, software, maps and human resource.
The vision of the project is to create and maintain an efficient GIS environment that fosters geographic data sharing within commercial, transmission, distribution, engineering, management and other departments of SSGC. Implementation of GIS in SSGC has been divided in to two phases.
First phase is limited to scanning and the storage of paper maps on digital media to save them from any loss or damage; and for the development of GIS base map and its implementation as web base GIS application for the understanding and visualization of seamless information for pipeline and its associated features along with land use data.
Second phase will be the deployment of GIS base map at enterprise level for the improvement in business processed and its integration with other information systems like Customer Information System (CIS), Enterprise Resource Planning (ERP), SCADA, Vehicle Tracking System and Call Centre etc. SSGC is the first utility company in Pakistan for the development of large scale and high resolution GIS system for its gas pipeline network that could also be used as base for other utility companies like KW&SB, KESC, and PTCL etc.
SSGC has stored all the paper maps on digital media and recently completed the development of GIS base map and its implementation as web base GIS application for the city of Karachi and Hyderabad (having 65% of SSGCs customers).
In recognition of this outstanding work, SSGC has been recognized by ESRI (the world leader in GIS), for excellence in GIS field with a 2006 "Special Achievement in GIS" award at 2006 Annual ESRI International GIS User Conference, USA which is the worlds number one GIS conference. For this award, SSGC has been chosen out of more than 150,000 organizations worldwide.
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SUI SOUTHERN GAS COMPANY LIMITED FINANCIALS
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BALANCE SHEET 2002 2003 2004 2005 2006 2007 2008
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Share Capital and Reserves
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Share Capital
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Authorised 1 billion ordinary 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
shares @ Rs 10/share
Issued, subscribed
and paid-up capital 6,711,743 6,711,743 6,711,743 6,711,743 6,711,743 6,711,743 6,711,743
Reserves 2,258,358 2,498,358 2,488,662 2,488,662 2,488,662 2,488,662 2,467,662
Surplus on remeasurement
of investments
available for sale 27,627 93,461 147,166 152,896 243,608 223,189 143,866
Unappropriated profit 1,175,131 1,208,467 1,006,761 1,012,501 897,457 315,309 991,789
Total Equity 10,172,859 10,512,029 10,354,332 10,365,802 10,341,470 9,738,903 10,315,060
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Non-current liabilities
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Long Term Financing 6,088,973 5,422,344 4,644,750 7,203,180 8,725,052 12,581,455 15,582,621
Liabilities aagainst assets 87,432 43,664
subject to finance lease
Long -term deposits 1,303,261 1,427,906 1,609,746 1,806,695 2,089,427 2,363,629 2,578,888
Deferred credit 1,425,280 1,438,214 1,711,395 1,791,364 2,245,530 2,976,905 3,819,931
Deferred liabilities 3,170,374 3,240,023 3,268,741 3,723,173 4,109,039 4,878,403 4,854,329
Non-current liabilities 12,075,320 11,572,151 11,234,632 14,524,412 17,169,048 22,800,392 27,931,963
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Current Liabilities
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Creditors, accrued
and other liabilities 7,599,013 6,778,185 8,531,281 11,111,135 16,884,947 25928751 32862734
Short-term borrowing 220,000 1,164,753 1,000,000 -
Current Maturities 1,270,474 1,373,411 1,716,578 1,461,144 1,519,483 2,286,481 376,509
Total Current liabilities 8,869,487 8,151,596 10,247,859 12,792,279 19,569,183 29,380,594 33,455,815
Total Liabilities 20,944,807 19,723,747 21,482,491 27,316,691 36,738,231 52,180,986 61,387,778
Total Equity and Liabilities 31,117,666 30,235,776 31,836,823 37,682,493 47,079,701 61,919,889 71,702,838
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Non-current assets
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Property, plant and equipment 18,082,630 17,222,568 17,496,568 21,641,128 24,899,887 31,333,811 35,082,006
intangible assets 60,932 56,267 62,102 69,573
Long-term investments 86,375 150,834 204,490 166,525 257,237 236,818 157,495
Notes receivable 125,000
Long-term deposits 69,235 4,737 4,072 4,458 3,126 114,404 111,346
Long-term loans and advances 162,428 145,958 136,373 127,848 121,994 3,050 3,250
Total non-current assets 18,525,668 17,524,097 17,841,503 22,000,891 25,338,511 31,750,185 35,423,670
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Current assets
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Stores, spares and loose tools 716,260 719,682 794,232 929,310 1,012,057 1,022,165 1,155,042
stock-in-trade 172,841 162,712 198,443 227,318 281,362 368,903 512,383
Total inventory 889,101 882,394 992,675 1,156,628 1,293,419 1,391,068
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Customers installation
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work-in-progress 37,326 56,439 56,019 84,504 145,217 368,903 512,383
Trade debts 7,146,939 7,091,038 6,705,704 8,754,927 10,898,343 16,118,951 20,045,028
advances, deposits and pepayments 57,364 89,994 138,928 118,452 142,683 106,464 267,422
Notes receivable 250,000 - - - -
loans and advances 79,380 88,160 108,464 96,897 93,244 95,117 115,990
Other receivables 2,194,970 1,240,484 2,283,955 3,701,150 4,797,359 7,039,853 9,531,330
Taxation recoverable 541,803 634,032 668,791 499,841 556,283 - -
Cash and bank balances 1,395,115 2,629,138 3,040,784 1,269,203 3,814,642 5,267,639 4,356,300
Total curent assets 12,591,998 12,711,679 13,995,320 15,681,602 21,741,190 30,169,704 36,279,168
Total Assets 31,117,666 30,235,776 31,836,823 37,682,493 47,079,701 61,919,889 71,702,838
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PROFIT AND LOSS ACCOUNTS 2002 2003 2004 2005 2006 2007 2008
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Gas sales 37,061,102 41,572,344 54,444,623 62,511,685 77,562,255 85,716,663 86,829,339
Sales tax 4,826,074 5,408,934 7,089,741 8,136,107 9,075,053 9,397,996 9,845,931
32,235,028 36,163,410 47,354,882 54,375,578 68,487,202 76.318,667 76,983,408
Gas developmment surcharge 3,719,359 1,326,953 2,555,192 1,672,901 2,183,614 7,234,264 341,009
Net sales 28,515,669 34,836,457 44,799,690 52,702,677 66,303,588 69,084,403 76,642,399
Cost of gas 22,216,543 28,060,613 38,713,079 46,812,706 59,594,477 63,157,107 69,238,236
Gross profit 6,299,126 6,775,844 6,086,611 5,889,971 6,709,111 5,927,296 7,404,163
transmission and distribution cost 4702301 5171564 5,447,342 6172982 6,570,945 6734200 7147128
other operating expenses 138123 146330 104,215 156984 178254 148223 981,665
4,840,424 5,317,894 5,551,557 6,329,966 6,749,199 6882423 8128793
1,458,702 1,457,950 535,054 -439,995 -40,088 -955127 -724,630
other operating income 1,457,959 1,463,599 1,732,894 2,591,689 3,150,774 4,069,092 3,704,541
Operating profit
before financial charges 2,916,661 2,921,549 2,267,948 2,151,694 3,110,686 3113965 4752301
Financial charges 762,187 872548 695597 563017 1390460 -1778740 -2,370,674
Profit before taxation 2,154,474 2,049,001 1,572,351 1,588,677 1,720,226 1335225 2,381,627
Taxation 719,804 601110 575639 576176 828,509 -1044846 -1,390,560
Profit after taxation 1,434,670 1,447,891 996,712 1,012,501 891,717 290379 991,067
Earnings per share 2.14 2.16 1.49 1.51 1.33 0.43 1.48
Dividend paid per share 1.5 1.75 1.8 1.49 1.49 1.29 0.50
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FINANNCIAL RATIOS 2002 2003 2004 2005 2006 2007 2008
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Liquidity Ratios
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Current 1.42 1.56 1.37 1.23 1.11 1.03 1.08
Quick or Asset Test 1.32 1.45 1.27 1.14 1.04 0.98 1.03
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Asset Management
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Inventory Turnover in days 8.76 7.75 6.65 6.75 6.09 5.92 7.01
Days Sales Outstanding 70.39 62.26 44.96 51.12 51.29 68.64 84.26
Operating cycle 79.14 70.01 51.61 57.87 57.37 74.56 91.27
Fixed Asset Turnover 2.00 2.37 3.05 2.84 3.06 2.70 2.45
Total Asset turnover 1.19 1.37 1.71 1.66 1.65 1.38 1.21
Inventory Turnover 41.68 47.11 54.85 54.05 59.97 61.62 52.07
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Debt Management
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Debt-Total Assets Ratio 0.67 0.65 0.67 0.72 0.78 0.84 0.86
Debt -Equity 2.06 1.88 2.07 2.64 3.55 5.36 5.95
Times-interest-earned (TIE) 4.66 3.79 3.52 4.26 13.49 26.66 8.82
EBITDA Coverage 6.52 4.45 6.04 7.88 6.56 4.43 4.95
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Profitability (%)
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Net Profit margin on sales 3.87% 3.48% 1.83% 1.62% 1.15% 0.34% 1.14%
Gross Profit margin 17.00% 16.30% 11.18% 9.42% 8.65% 6.91% 8.53%
Basic earning power 9.37% 9.66% 7.12% 5.71% 6.61% 5.03% 6.63%
Return on total assets (ROA) 4.61% 4.79% 3.13% 2.69% 1.89% 0.47% 1.38%
Return on Common equity (ROE) 14.10% 13.77% 9.63% 9.77% 8.62% 2.98% 9.61%
Dividend Payout 70.09% 81.02% 120.81% 98.68% 112.03% 300.32% 33.68%
Dividend Yield 11.47% 7.74% 5.87% 6.00% 4.63% 4.77% 1.78%
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Market Value
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Price/Earnings (P/E) 6.11 10.46 20.52 16.41 24.19 62.91 18.96
Price/Cash flow 2.56 2.56 2.56 2.56 2.56 2.56 2.56
Market/Book (M/B) 0.86 1.44 1.98 1.60 2.09 1.86 1.83
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