ContentsCompany ReviewCorporate Information .................................................................................02Directors’ Review ...........................................................................................04
Condensed Interim Unconsolidated Financial InformationCondensed Interim Unconsolidated Balance Sheet .............................................................................................10Condensed Interim Unconsolidate Profit & Loss Account ...............................................................................11Condensed Interim Unconsolidated Statement of Comprehensive Income ....................................................12Condensed Interim Unconsolidated Cash Flow Statement .................................................................................13Condensed Interim Unconsolidated Statement of Changes in Equity ...............................................................14Notes to the Condensed Interim Unconsolidated Financial Information ................................................................................15
Condensed Interim Consolidated Financial InformationDirectors’ Review on Condensed Interim Consolidated Financial Information ................................................................................26Condensed Interim Consolidated Balance Sheet .............................................................................................28Condensed Interim Consolidate Profit & Loss Account ...............................................................................29Condensed Interim Consolidated Statement of Comprehensive Income ....................................................30Condensed Interim Consolidated Cash Flow Statement .................................................................................31Condensed Interim Consolidated Statement of Changes in Equity ...............................................................32Notes to the Condensed Interim Consolidated Financial Information ................................................................................33Investor’s Awareness
For the Quarter Ended 31 December 201701
Corporate Information
Board Of DirectorsMr. Jahangir Khan TareenDirector
Mukhdoom Syed Ahmed MahmudDirector / Chairman
Mr. Raheal MasudDirector / Chief Executive
Mrs. Samira Mahmud
Mr. Ijaz Ahmed
Mr. Asim Nisar Bajwa
Mr. Qasim Hussain Safdar
Chief Operating OfficerRana Nasim Ahmed
Group Director (Finance), CFO & Company SecretaryMr. Muhammad Rafique
Audit CommitteeMr. Qasim Hussain SafdarChairman / Member
Mrs. Samira MahmudMember
Mr. Ijaz AhmedMember
HR & R CommitteeMr. Ijaz AhmedChairman / Member
Mrs. Samira MahmudMember
Mr. Asim Nisar BajwaMember / Secretary
RegistrarCorplink (Pvt.) Ltd.
Unit-IMauza Shirin, Jamal Din Wali, District Rahim Yar Khan.
Unit-IIMachi Goth, Sadiqabad. District Rahim Yar Khan.
Unit-IIIMauza Laluwali, Near Village Islamabad, District Ghotki.
Mills
JDW Sugar Mills Limited02
Bankers Conventional Faysal Bank LimitedMCB Bank LimitedThe Bank of PunjabNational Bank of PakistanStandard Chartered Bank (Pakistan) LimitedAllied Bank LimitedUnited Bank LimitedAskari Bank LimitedSoneri Bank LimitedHabib Bank LimitedHabib Metropolitan Bank Limited
IslamicNational Bank of Pakistan Askari Bank Limited Bank Alfalah LimitedMCB Islamic Bank LimitedMeezan Bank LimitedDubai Islamic Bank Pakistan LimitedBankIslami (Pakistan) Limited
Web Presencewww.jdw-group.com
Registered Office17-Abid Majeed Road, Lahore Cantonment,
Lahore.
AuditorsKPMG Taseer Hadi & Co.Chartered Accountants
Legal AdvisorCornelius, Lane & Mufti
For the Quarter Ended 31 December 201703
Directors’ Review
The Directors of the Company are pleased to present the Company’s un-audited accounts for the quarter ended on 31 December 2017.
Financial results of the first quarter are never true representative of the results that Company will ultimately achieve but can give just an idea of the trend. The key indicators of operating and financial results are summarized below.
Gross turnover of the Company in the first quarter was Rs. 9.55 billion as compared to corresponding period of Rs. 11.85 billion, the gross turnover declined by 20% mainly due to 15% lower sales volume. Due to higher sugarcane cost and sharp decrease in sugar and molasses prices, Company sustained net loss after tax amounting to Rs. 40 million as compared to net profit after tax amounting to Rs. 762 million in the corresponding period, resultantly earnings per share was reduced from Rs. 12.74 to loss per share Rs. 0.67. Moreover, sugar sales tax fixed at higher price by the Government as compared to its actual market prices had also adversely affected our profitability in the current period. In these adverse circumstances for sugar industry, where industry projects heavy losses, our Company sustained insignificant loss because of better sucrose recovery increased in this season, comparatively more working days for co-generation plants and positive financial results of corporate farms.
The crushing season 2017-18 was started on 29 November, 2017 for all the four sugar units and on group basis up to 24 January 2018; produced 435,333 tons of sugar with average sucrose recovery of approx. 10%. Crop size this time seems higher than last crushing season despite reduction in yield per acre being experienced by the growers which would be only because of more area under sugar cane cultivation. Owing to more availability of sugar cane and improvement in sucrose recoveries it is expected that Company may achieve more sugar production this year as compared to last year. Expected production on country basis for 2017-18 is 7.5 million tons as against 7.1 million tons achieved last year.
In view of the expected higher sugar production in the country the Federal Govt. has allowed in December 2017 export of 1,500,000 tons of sugar with freight support of Rs. 10.70/kg subject to the condition that the said amount of freight support will be given on a sliding scale between the international price of US$376/MT and $499/MT, i.e. once the price reaches at the level of $499/MT in international market, the State Bank of Pakistan would affect the stoppage of the freight support. Freight support will be shared by federal and provincial government on 50:50 basis. Company has made export of 54,414 tons of sugar upto 24 January 2018 and is committed to export more provided the process of release of freight support is speed up by SBP.
JDW Sugar Mills Limited04
The minimum notified support price of sugar cane for crushing season 2017-18 is unchanged in Punjab and Sindh provinces at Rs. 180 per 40 kg & Rs. 182 per 40 kg respectively. In December 2017, Honorable Sindh High Court in its order C.P.No.D-8666 of 2017 on Fixation Minimum Purchase Price of Sugarcane Rs.182 per 40 kg has provided relief to the Mills in Sindh and reduced the rate from Rs. 182 to Rs. 172 per 40 kg from 23 December, 2017 for the crushing season 2017-18. For remaining Rs. 10/40 kg an undertaking has been obtained by the Court from the mills that they will pay to growers in case of adverse decision.
The Company is fulfilling its financial obligations on time and enjoying cordial relationship with all the financial institutions it’s dealing with. As usual growers’ payment at notified support price has remained our top priority being one of main keys of our success and growers are being paid on time. We regularly provide financial and technical support to our growers. Due to these policies and preferential treatment to growers Company enjoys excellent relationship with them. Current year is relatively a difficult year for the sugar industry due to surplus production, unfavourable sugar prices and no timely release of fright support on export of sugar by the Govt. to bailout the industry. Imposition of 15% Regulatory Duty by the previous Government on export of molasses is causing loss of approx. Rs. 1,500 to Rs. 2,000 per ton of molasses at prevailing export price of molasses to each mill having no distillery set up which is discriminately and not giving level playing field. Abolishing of Regulatory Duty on export of molasses would help the sugar industry to get better prices of molasses.
In view of maintaining continued good performance we want to focus more on value addition of by-products, making its processes more efficient and saving more bagasse from the system.
Lahore:25 January 2018 Chief Executive Director
For the Quarter Ended 31 December 201705
JDW Sugar Mills Limited06
For the Quarter Ended 31 December 201707
JDW Sugar Mills Limited08
CONDENSED INTERIM UNCONSOLIDATED
FINANCIAL INFORMATION (UN-AUDITED)
For the Quarter Ended 31 December 201709
Condensed Interim Unconsolidated Balance Sheet (Un-audited) AS AT 31 DECEMBER 2017
Chief Financial OfficerChief Financial Officer Chief Executive Director
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees
SHARE CAPITAL AND RESERVES Share capital 6 597,766,610 597,766,610 Share premium reserve 678,316,928 678,316,928 Accumulated profit 7,112,671,994 7,152,880,785 8,388,755,532 8,428,964,323 NON-CURRENT LIABILITIES Redeemable capital - secured 7 – –Long term finances - secured 8 9,530,999,203 9,792,313,674 Liabilities against assets subject to finance lease - secured 9 124,625,414 153,047,674 Deferred taxation 1,604,050,552 1,818,467,413 Retirement benefits 32,379,869 29,618,756 11,292,055,038 11,793,447,517 CURRENT LIABILITIES Short term borrowings - secured 10 8,581,902,618 10,053,163,155 Current portion of non-current liabilities 3,510,048,063 3,368,757,109 Trade and other payables 11 12,052,586,586 8,375,050,128 Accrued profit / interest / mark-up 210,053,116 226,191,820 24,354,590,383 22,023,162,212 44,035,400,953 42,245,574,052CONTINGENCIES AND COMMITMENTS 12
ASSETS NON-CURRENT ASSETS Property, plant and equipment 13 21,414,687,585 21,058,980,010 Biological assets 29,710,749 14,595,399 Intangibles 620,379,083 620,889,016 Investment property 218,599,597 218,599,597 Long term investments 14 2,303,378,840 2,303,378,840 Long term advances – 3,272,223 Long term deposits 45,069,879 54,978,065 24,631,825,733 24,274,693,150 CURRENT ASSETS Stores, spare parts and loose tools 1,770,711,970 1,412,675,360 Stock-in-trade 10,059,670,663 7,939,757,487 Biological assets 2,068,919,645 2,282,737,798 Trade debts - unsecured considered good 2,595,262,779 3,234,430,508 Advances, deposits, prepayments and other receivables 15 1,800,353,655 2,182,572,665 Advance tax - net 800,749,847 784,949,809 Cash and bank balances 16 307,906,661 133,757,275 19,403,575,220 17,970,880,902 44,035,400,953 42,245,574,052
The annexed notes from 1 to 23 form an integral part of this condensed interim unconsolidated financial information.
JDW Sugar Mills Limited10
Condensed Interim Unconsolidated Profit and Loss Account (Un-audited) FOR THE QUARTER ENDED 31 DECEMBER 2017
Chief Financial Officer Chief Executive Director
Note 31-Dec-17 31-Dec-16 Rupees Rupees
Gross sales 9,455,238,366 11,851,718,313 Sales tax and others (881,195,684) (1,016,610,315)Net sales 17 8,574,042,682 10,835,107,998
Cost of sales (8,197,478,511) (9,336,175,542)Gross profit 376,564,171 1,498,932,456 Administrative expenses (253,590,639) (252,103,560)Selling expenses (12,555,047) (9,828,921)Other income 18 98,856,307 60,367,812 Other expenses – (58,847,733) (167,289,379) (260,412,402)Profit from operations 209,274,792 1,238,520,054
Finance cost (391,542,847) (332,994,397)(Loss) / profit before taxation (182,268,055) 905,525,657 Taxation 142,059,264 (143,940,096)(Loss) / profit after taxation (40,208,791) 761,585,561
(Loss) / earnings per share - basic and diluted (0.67) 12.74 The annexed notes from 1 to 23 form an integral part of this condensed interim unconsolidated financial information.
For the Quarter Ended 31 December 201711
Chief Financial Officer Chief Executive Director
31-Dec-17 31-Dec-16 Rupees Rupees
(Loss) / profit after taxation for the period (40,208,791) 761,585,561 Other comprehensive income for the period – – Total comprehensive (loss) / income for the period (40,208,791) 761,585,561 The annexed notes from 1 to 23 form an integral part of this condensed interim unconsolidated financial information.
Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited) FOR THE QUARTER ENDED 31 DECEMBER 2017
JDW Sugar Mills Limited12
Chief Financial Officer Chief Executive Director
31-Dec-17 31-Dec-16 Rupees Rupees
CASH FLOW FROM OPERATING ACTIVITIES (Loss) / profit before taxation (182,268,055) 905,525,657 Adjustments for non cash and other items: Finance cost 391,542,847 332,994,397 Depreciation 276,169,099 271,024,579 Amortization 509,932 509,932 Staff retirement benefits 20,861,286 21,478,972 Gain on disposal of operating fixed assets (62,199,221) (5,342,422) Workers’ profit participation fund – 48,218,669 Workers’ welfare fund – 10,629,063 626,883,943 679,513,190 Operating profit before working capital changes 444,615,888 1,585,038,847 (Increase) / decrease in current assets: Stores, spare parts and loose tools (358,036,610) (40,460,619) Stock-in-trade (2,119,913,176) (3,670,099,758) Biological assets 198,702,803 600,046,898 Advances, deposits, prepayments and other receivables 401,724,698 554,278,068 Trade debts 639,167,729 (234,003,109) (1,238,354,556) (2,790,238,520)Increase in current liabilities: Trade and other payables 3,674,978,542 2,087,601,808 Cash generated from operations 2,881,239,874 882,402,135 Taxes paid (88,157,635) (131,763,056) Staff retirement benefits paid (20,171,609) (119,162,371) (108,329,244) (250,925,427)Net cash generated from operations 2,772,910,630 631,476,708 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure (717,337,665) (1,020,249,886) Long term advances 5,722,222 11,375,308 Proceeds from sale of operating fixed assets 158,765,210 10,194,637 Long term deposits - net 9,908,186 (19,712,517)Net cash used in investing activities (542,942,047) (1,018,392,458) CASH FLOW FROM FINANCING ACTIVITIES Long term finances - net (119,144,330) (23,408,563) Short term borrowings - net (1,384,913,851) 3,632,091,100 Finance cost paid (377,893,990) (238,532,588) Dividend paid (27,229,645) (186,376) Lease rentals paid (60,290,695) (95,095,415)Net cash (used in) / generated from financing activities (1,969,472,511) 3,274,868,158 Net increase in cash and cash equivalents 260,496,072 2,887,952,408 Cash and cash equivalents at beginning of the period (2,374,033,959) (2,205,907,300)Cash and cash equivalents at end of the period (2,113,537,887) 682,045,108
Cash and cash equivalents comprise of the following: - Cash and Bank balances 307,906,661 979,619,096 - Running finances and morabaha finances (2,421,444,548) (297,573,988) (2,113,537,887) 682,045,108 The annexed notes from 1 to 23 form an integral part of this condensed interim unconsolidated financial information.
Condensed Interim Unconsolidated Cash flow Statement (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201713
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Condensed Interim Unconsolidated Statement of Changes in Equity (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
JDW Sugar Mills Limited14
1 REPORTING ENTITY JDW Sugar Mills Limited (“the Company”) was incorporated in Pakistan on 31 May
1990 as a private limited company under the Companies Ordinance, 1984 and was subsequently converted into a public limited company on 24 August 1991. Shares of the Company are listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at 17-Abid Majeed Road, Lahore Cantonment, Lahore. The principal activity of the Company is production and sale of crystalline sugar, electricity and managing corporate farms.
2 BASIS OF PREPARATION2.1 Basis of accounting 2.1.1 This condensed interim unconsolidated financial information comprises the
condensed interim unconsolidated balance sheet of the Company as at 31 December 2017 and the related condensed interim unconsolidated profit and loss account, condensed interim unconsolidated statement of comprehensive income, condensed interim unconsolidated cash flow statement and condensed interim unconsolidated statement of changes in equity together with the notes forming part thereof.
2.1.2 This condensed interim unconsolidated financial information of the Company for
the quarter ended 31 December 2017 has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed.
The Companies Ordinance, 1984 has been repealed after the enactment of the
Companies Act, 2017. However, as allowed by the SECP vide its circular no. 23 / 2017 dated October 4, 2017 and as clarified by the Institute of Chartered Accountants of Pakistan through its circular no. 17 / 2017 dated October 6, 2017, this condensed interim unconsolidated financial information has been prepared in accordance with the provisions of the repealed Companies Ordinance, 1984.
2.1.3 This condensed interim unconsolidated financial information does not include all of
the information required for full annual financial statements and should be read in conjunction with the annual financial statements for the year ended 30 September 2017.
2.1.4 Comparative unconsolidated balance sheet numbers are extracted from the
annual audited unconsolidated financial statements of the Company for the year ended 30 September 2017, whereas comparative figures of profit and loss account, statement of comprehensive income, cash flow statement and statement of changes in equity are stated from unaudited condensed interim financial information of the Company for the quarter ended 31 December 2016.
2.1.5 This condensed interim unconsolidated financial information is unaudited and being
submitted to the shareholders as required under Section 237 of the Companies Act, 2017 and the Listing Regulations of Pakistan Stock Exchange Limited.
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201715
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
3 USE OF ESTIMATES AND JUDGMENTS The preparation of the condensed interim unconsolidated financial information requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing the condensed interim unconsolidated financial information, the significant
judgements made by the management in applying accounting policies and the key source of estimation uncertainty are the same as those applied in the preparation of audited unconsolidated financial statements for the year ended 30 September 2017.
4 STATEMENT OF CONSISTENCY IN ACCOUNTING POLICIES The accounting policies and the methods of computation adopted in the preparation of
the condensed interim unconsolidated financial information are same as those applied in the preparation of the audited unconsolidated financial statements for the year ended 30 September 2017.
5 SEASONALITY OF OPERATIONS Due to seasonal nature of sugar segment, operating results of sugar and co-generation
power are expected to fluctuate in the second half of the year. The sugar cane crushing season starts from November and lasts till April each year. (Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees6 SHARE CAPITAL
6.1 Authorized share capital 75,000,000 (30 September 2017: 75,000,000) 750,000,000 750,000,000 ordinary shares of Rs. 10 each 25,000,000 (30 September 2017: 25,000,000) preference shares of Rs. 10 each 250,000,000 250,000,000 1,000,000,000 1,000,000,000 6.2 Issued, subscribed and paid up share capital 32,145,725 (30 September 2017: 32,145,725) ordinary shares of Rs. 10 each fully paid in cash 321,457,250 321,457,250 27,630,936 (30 September 2017: 27,630,936) bonus shares of Rs. 10 each fully paid 276,309,360 276,309,360 597,766,610 597,766,610
7 REDEEMABLE CAPITAL - SECURED During the period, the Company has repaid Rs. 27.78 million (30 September 2017:
Rs. 111.11 million) to TFC holders. Amounts due in next twelve months amounting to Rs. 55.56 million (30 September 2017: Rs. 83.33 million) are included in current portion presented under current liabilities. These carry mark-up at three months KIBOR plus 100 bps per annum.
JDW Sugar Mills Limited16
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees8 LONG TERM FINANCES - SECURED
Markup bearing finances from conventional banks 8.1 7,491,838,932 7,621,383,792Islamic mode of financing 8.2 2,039,160,271 2,170,929,882 9,530,999,203 9,792,313,674
8.1 Markup bearing finances from conventional banks: Balance at beginning of the period / year 10,428,383,065 10,955,666,181 Finances received during the period / year 8.1.1 534,033,839 1,965,966,161 Repayments during the period / year (587,380,780) (2,493,249,277) 10,375,036,124 10,428,383,065 Current portion presented under current liabilities (2,883,197,192) (2,806,999,273) 7,491,838,932 7,621,383,792
Markup
Duration Grace Amount
basis period (Rupees)
8.1.1 Finances received during the period Askari Bank Limited 3mk + 1.00 05 Years 01 Year 500,000,000 National Bank of Pakistan Limited (II) 3mk + 0.50 05 Years 01 Year 34,033,839 534,033,839
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees
8.2 Islamic mode of financing: Balance at beginning of the period / year 2,495,929,882 1,264,000,000 Finances received during the period / year 8.2.1 35,230,389 1,463,179,882 Repayments during the period / year (73,250,000) (231,250,000) 2,457,910,271 2,495,929,882 Current portion presented under current liabilities (418,750,000) (325,000,000) 2,039,160,271 2,170,929,882
Profit / Interest Duration
Grace Amount basis period (Rupees)
8.2.1 Finances received during the period Bank Alfalah Limited 3mk + 0.90 05 Years 01 Year 35,230,389
* 3 mk i.e. 3 months KIBOR
For the Quarter Ended 31 December 201717
8.3 The securities offered and facility limits of these long term finances are the same as disclosed in the audited unconsolidated financial statements of the Company for the year ended 30 September 2017. The interest / markup is payable quarterly at a rate of three to six months KIBOR plus 50 bps to 100 bps per annum.
9 LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE - SECURED During the period, the Company availed leases aggregating Rs. 25.34 (30 September
2017: Rs. 76.50) and repaid principal amount of Rs. 54.62 (30 September 2017: Rs. 571.86). Amounts due in next twelve months amounting to Rs. 152.55 million (30 September 2017: Rs. 153.42 million) are included in current portion presented under current liabilities. Lease rentals are payable on quarterly / monthly basis and include finance cost ranging from three months to one year KIBOR plus 100 bps per annum (30 September 2017: three months to one year KIBOR plus 100 to 300 bps per annum) which has been used as the discounting factor. The Company has the option to purchase the assets upon completion of lease period and has the intention to exercise such option.
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees10 SHORT TERM BORROWINGS - SECURED
10.1 Type of short term borrowings Markup based borrowings from conventional banks Cash finances 10.1.1 2,820,380,000 6,393,802,000 Running finances 1,371,444,548 1,457,791,234 Inland bill discounting 899,999,998 884,999,998 Finance against trust receipts 732,041,981 266,569,923 5,823,866,527 9,003,163,155 Islamic mode of financing Salam / Istisna finances 1,708,036,091 – Morabaha finances 1,050,000,000 1,050,000,000 2,758,036,091 1,050,000,000 8,581,902,618 10,053,163,155
10.1.1 The Company has obtained these facilities from various banks and financial institutions. The markup rate applicable during the year ranges from one to six months KIBOR plus 0 (zero) to 50 bps per annum (30 September 2017: one to six months KIBOR plus 20 to 50 bps per annum).
10.2 The markup rates, securities offered and facility limits of these short term borrowings are the same as disclosed in the audited unconsolidated financial statements of the Company for the year ended 30 September 2017.
11 TRADE AND OTHER PAYABLES This includes advances from customers aggregating Rs. 4,366.06 million (30 September
2017: Rs. 6,418.36 million).
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
JDW Sugar Mills Limited18
12 CONTINGENCIES AND COMMITMENTS 12.1 Contingencies There is no material change in contingencies from the preceding audited
unconsolidated financial statements of the Company for the year ended 30 September 2017.
(Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees
Guarantees issued by banks on behalf of the Company in favour of various parties 83,000,000 83,000,000 12.2 Commitments Letters of credit for import of machinery and its related components 22,772,774 569,509,835
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees13 PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets 13.1 19,167,626,460 19,183,947,822 Capital work in progress 2,247,061,125 1,785,030,726 Stores, spare parts and loose tools held for capital expenditures – 90,001,462 21,414,687,585 21,058,980,010
13.1 Operating fixed assets Net book value at beginning of the period / year 19,183,947,822 18,533,844,373 Additions during the period / year 411,178,269 2,027,221,640 Disposals during the period / year - net book value (96,565,989) (51,194,369) Transfer to investment property – (38,288,435) Depreciation charged during the period / year (330,933,642) (1,287,635,387) Net book value at end of the period / year 19,167,626,460 19,183,947,822
For the Quarter Ended 31 December 201719
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees14 LONG TERM INVESTMENTS
Investment in subsidiary companies - unquoted 14.1 2,283,110,383 2,283,110,383Advances for future issuance of shares 14.2 20,268,457 20,268,457Investment in associated company - unquoted 14.3 – – 2,303,378,840 2,303,378,840
(Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees
14.1 Investment in subsidiary companies - unquoted Deharki Sugar Mills (Private) Limited (“DSML”) 104,975,000 (2017: 104,975,000) fully paid shares of Rs. 10 each Equity held 100% (2017: 100%) 1,049,750,000 1,049,750,000 Faruki Pulp Mills Limited (“FPML”) 310,892,638 (2017: 310,892,638) fully paid ordinary shares of Rs. 10 each Equity held 57.67% (2017: 57.67%) 3,154,426,383 3,154,426,383 Accumulated impairment allowance (1,921,066,000) (1,921,066,000) 1,233,360,383 1,233,360,383 2,283,110,383 2,283,110,383
(Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees
14.2 Advances for future issuance of shares Ghotki Power (Private) Limited 10,134,581 10,134,581 Sadiqabad Power (Private) Limited 10,133,876 10,133,876 20,268,457 20,268,457 14.3 Investment in associated company - unquoted JDW Power (Private) Limited(“JDWPL”) 9,000,000 (2017: 9,000,000) fully paid shares of Rs. 10 each 90,000,000 90,000,000 Accumulated impairment allowance (90,000,000) (90,000,000) – –
JDW Sugar Mills Limited20
15 ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES This includes an amount of Rs. 5.76 million (30 September 2017: Rs. 6.32 million)
receivable from executives of the Company.
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees16 CASH AND BANK BALANCES
Current accounts Deposit with conventional banks 186,253,314 114,843,981 Deposit with Islamic banks 18,420,197 14,007,219 204,673,511 128,851,200 Saving accounts Deposit with conventional banks 16.1 15,309,496 2,264,620 219,983,007 131,115,820 Cash in hand 87,923,654 2,641,455 307,906,661 133,757,275 16.1 The balances in saving accounts carry markup at 3.75% per annum (2017: 3.75%
per annum).
31-Dec-17 31-Dec-16 Rupees Rupees
17 NET SALES
Sugar 7,713,826,943 9,934,753,884 Electricity 1,094,433,236 861,235,255 Agriculture produce 270,697,592 558,841,463 Molasses - by product 320,069,859 496,887,711 Bagasse - by product 55,285,446 –Agri Inputs 925,290 – 9,455,238,366 11,851,718,313 Less: Sales tax and others (881,195,684) (1,016,610,315) 8,574,042,682 10,835,107,998 Sales include sugar export sales of Rs. 960 million (31 December 2016: Rs. nil).
18 OTHER INCOME
This mainly includes scrap sale of Rs. 12.43 million (31 December 2016: Rs. 26.60 million), sale of mud of Rs. 21.80 million (31 December 2016: Rs. 23.27 million) and gain on sale of operating fixed assets of Rs. 62.20 million (31 December 2016: Rs. 5.34 million).
For the Quarter Ended 31 December 201721
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
19 TRANSACTIONS WITH RELATED PARTIES The related parties comprise of subsidiary companies, associated company, other
related companies, directors of the Company and entities under common directorship, key management personnel and post employment benefit plans. Amount due from and due to related parties are shown under respective notes to this condensed interim unconsolidated financial information. Other significant transactions and balances with related parties except those disclosed elsewhere are as follows:
31-Dec-17 31-Dec-16 Rupees Rupees
Relationship Nature of Transactions
Subsidiary company Short term advances received - net 2,185,140,000 352,359,339 Markup income - Short term advances 7,088,190 – Markup expense - Short term advances 8,449,388 1,812,560 Sugarcane supplies 270,677,591 558,500,963 Purchase of bagasse 133,600,968 – Rent on land acquired on lease 5,008,092 – Reimbursement on use of Company’s aircraft 2,143,102 2,489,842 Proceeds from operating fixed assets – 2,792,037 Associated company Reimbursement of expenses 3,207,899 5,962,417 Post employment benefits plan Provident fund contribution 33,107,340 33,506,098 Payment to recognised gratuity fund 1,546,504 – Key management personnel Consultancy services 2,682,927 2,079,384 Directors’ remuneration and allowances 61,731,667 70,481,666
JDW Sugar Mills Limited22
20 F
AIR
VA
LUE
MEA
SUR
EMEN
T O
F FI
NA
NC
IAL
INST
RU
MEN
TSTh
e fo
llow
ing
tabl
e sh
ows
the
carry
ing
amou
nts
and
fair
valu
es o
f fina
ncia
l ass
ets
and
finan
cial
liab
ilitie
s, in
clud
ing
thei
r lev
els
in th
e fa
ir va
lue
hier
arch
y fo
r fin
anci
al in
stru
men
ts m
easu
red
at fa
ir va
lue.
It d
oes
not i
nclu
de fa
ir va
lue
info
rmat
ion
for fi
nanc
ial a
sset
s an
d fin
anci
al li
abilit
ies
not m
easu
red
at fa
ir va
lue
if th
e ca
rryin
g am
ount
is a
reas
onab
le a
ppro
xim
atio
n of
fair
valu
e.
Ca
rrying
Amo
unt
Fair V
alue
Lo
ans a
nd
Othe
r fina
ncial
rec
eivab
les
liabil
ities
Total
Le
vel 1
Le
vel 2
Le
vel 3
No
te (R
upee
s)
On B
alanc
e She
et F
inan
cial In
stru
men
ts
Fi
nanc
ial as
sets
not
mea
sure
d at
fair
valu
e
Cash
and b
ank b
alanc
es
30
7,906
,661
–
307,9
06,66
1 –
–
–
Adva
nces
, dep
osits
and o
ther r
eceiv
ables
216,3
28,32
3 –
21
6,328
,323
– –
–
Tr
ade d
ebts
- uns
ecur
ed co
nside
red g
ood
2,
595,2
62,77
9 –
2,59
5,262
,779
– –
–
Lo
ng te
rm de
posit
s
45,06
9,879
–
45
,069,8
79
– –
–
31
Dec
embe
r 201
7 (un
-aud
ited)
20
.1 3,1
64,56
7,642
–
3,
164,5
67,64
2 –
–
–
30 S
epte
mbe
r 201
7 (au
dite
d)
4,
183,2
43,85
0 –
4,18
3,243
,850
– –
–
Fi
nanc
ial lia
biliti
es n
ot m
easu
red
at fa
ir va
lue
Re
deem
able
capit
al - s
ecur
ed
–
55
,555,5
52
55,55
5,552
–
–
–
Lo
ng te
rm fin
ance
s - se
cure
d
– 12
,832,9
46,39
5 12
,832,9
46,39
5 –
– –
Liabil
ities a
gains
t ass
ets su
bject
to fin
ance
leas
e - se
cured
– 27
7,170
,733
277,1
70,73
3 –
– –
Trad
e and
othe
r pay
ables
– 7,
419,9
85,18
6 7,
419,9
85,18
6 –
– –
Shor
t term
borro
wing
- se
cure
d
– 8,
581,9
02,61
8 8,
581,9
02,61
8 –
– –
Accru
ed pr
ofit /
inter
est /
mark-
up
–
210,0
53,11
6 21
0,053
,116
–
– –
31 D
ecem
ber 2
017 (
un-a
udite
d)
20.1
–
29,37
7,613
,600
29,37
7,613
,600
– –
–
30
Sep
tem
ber 2
017 (
audi
ted)
–
25,30
0,304
,475
25,30
0,304
,475
– –
–
20.1
Th
e Co
mpa
ny h
as n
ot d
isclos
ed th
e fa
ir va
lues o
f the
se fin
ancia
l ass
ets a
nd lia
bilitie
s as t
hese
are
for s
hort
term
or r
epric
e ov
er sh
ort t
erm
. The
refo
re, t
heir
carry
ing a
mou
nts
are
reas
onab
le ap
prox
imat
ion o
f the
ir fa
ir va
lues.
For the Quarter Ended 31 December 201723
20.2 Fair value measurement of biological assets In absence of active market for sugarcane standing crops, the fair value
measurement for the standing crop has been categorized as Level 3 fair value based on the inputs to the valuation techniques used. Fair value has been determined on the basis of a discounted cash flow model. The valuation model considers the present value of net cash flows expected to be generated by the plantation. The cash flow projections include specific estimates for next year which mainly include crop’s expected yield. The expected cash flows are discounted using a risk adjusted discount rate. The valuation technique and significant unobservable inputs include valued plantation, estimated yield per acre, estimated future sugarcane and risk-adjusted discount rate.
20.3 Fair value measurement of investment property carried at cost Fair value of investment property was determined based on estimated market
value. Rate per square acre represents significant unobservable input. The estimated fair value would increase / (decrease) if, expected market rental growth were higher / (lower), the occupancy rate were higher / (lower) or rent-free periods were shorter / (longer).
21 FINANCIAL RISK MANAGEMENT The Company’s financial risk management objective and policies are consistent with that
disclosed in the annual unconsolidated financial statements of the Company for the year ended 30 September 2017.
22 DATE OF AUTHORIZATION This condensed interim unconsolidated financial information has been approved by the
Board of Directors of the Company and authorized for issue on 25 January 2018. 23 EVENTS AFTER THE BALANCE SHEET DATE There are no material subsequent events occurred after balance sheet date.
Chief Financial Officer Chief Executive Director
Notes to the Condensed Interim Unconsolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
JDW Sugar Mills Limited24
For the Quarter Ended 31 December 201725
CONDENSED INTERIM CONSOLIDATED
FINANCIAL INFORMATION (UN-AUDITED)
JDW GROUP26
Lahore:25 January 2018 Chief Executive Director
The Directors are pleased to present the Condensed Interim Consolidated Financial Information of JDW Sugar Mills Limited (“the Holding Company”) and its Subsidiary Companies Deharki Sugar Mills (Private) Limited, Faruki Pulp Mills Limited, Sadiqabad Power (Private) Limited and Ghotki Power (Private) Limited (“the Group”) for the quarter ended December 31, 2017.
Deharki Sugar Mills (Private) Limited (“DSML”) was incorporated as a Private Limited Company. The Principal activity of Subsidiary Company is production and sale of crystalline sugar. The Holding Company Holds 100% shares of the Subsidiary Company.
Faruki Pulp Mills Limited (“FPML”) was incorporated as a Public Limited Company. The Company will be engaged in the manufacture and sale of paper pulp. The Holding Company Holds 57.67% shares of the Subsidiary Company.
Sadiqabad Power (Private) Limited (“SPL”) was incorporated on 16 December 2016. The Company will be engaged in the production of electricity under the expansion program of the Holding Company’s existing bagasse based co-generation power plants. The Holding Company Holds 100% shares of the Subsidiary Company.
Ghotki Power (Private) Limited (“GPL”) was incorporated on 15 December 2016. The Company will be engaged in the production of electricity under the expansion program of the Holding Company’s existing bagasse based co-generation power plants. The Holding Company Holds 100% shares of the Subsidiary Company.
It is being confirmed that to the best of our knowledge, these condensed interim consolidated financial information for the quarter ended December 31, 2017 give a true and fair view of the assets, liabilities, financial position and financial results of the Group and are in conformity with approved accounting standards as applicable in Pakistan.
FINANCIAL OVERVIEW
The consolidated financial results are as follows: 31-Dec-17 31-Dec-16 (Rs. in Million)
Gross Sales 12,611 12,973Net Sales 11,258 11,791Operating (Loss) / Profit (306) 1,377(Loss) / Profit before Tax (787) 1,014(Loss) / Profit after Tax (470) 740
Director has given their detailed review report of affairs of the Holding Company as well as Subsidiary Companies in Directors’ review to the shareholders of Holding Company.
Directors’ Reviewon Condensed Interim Consolidated Financial Information
For the Quarter Ended 31 December 201727
JDW GROUP28
Condensed Interim Consolidated Balance Sheet (Un-audited) AS AT 31 DECEMBER 2017
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees
SHARE CAPITAL AND RESERVES Share capital 6 597,766,610 597,766,610 Share premium reserve 678,316,928 678,316,928 Accumulated profit 7,839,257,806 8,309,276,127 Equity attributable to owners of the Parent 9,115,341,344 9,585,359,665
Non-Controlling interests 482,796,107 483,176,144 9,598,137,451 10,068,535,809 NON-CURRENT LIABILITIES Redeemable capital - secured 7 – –Long term finances - secured 8 12,365,999,203 10,162,313,674 Liabilities against assets subject to finance lease - secured 9 124,625,414 153,047,674 Deferred taxation 1,378,974,328 1,808,456,552 Retirement benefits 39,134,048 36,372,935 13,908,732,993 12,160,190,835 CURRENT LIABILITIES Short term borrowings - secured 10 10,642,634,739 13,783,388,645 Current portion of non-current liabilities 3,650,048,063 3,606,729,189 Trade and other payables 11 12,541,575,664 9,359,222,449 Accrued profit / interest / mark-up 264,168,693 277,241,631 27,098,427,159 27,026,581,914 50,605,297,603 49,255,308,558 CONTINGENCIES AND COMMITMENTS 12
ASSETS NON-CURRENT ASSETS Property, plant and equipment 13 26,758,381,427 26,248,589,291 Biological assets 29,710,749 14,595,399 Investment property 218,599,597 218,599,597 Intangibles 1,075,499,095 1,076,016,261 Long term investments 14 – –Long term advances – 3,272,223 Long term deposits 45,133,879 55,042,065 28,127,324,747 27,616,114,836 CURRENT ASSETS Biological assets 2,068,919,645 2,282,737,798 Stores, spare parts and loose tools 2,108,056,653 1,712,412,677 Stock-in-trade 12,367,672,806 11,331,790,869 Trade debts - unsecured considered good 2,571,300,669 3,588,040,356 Advances, deposits, prepayments and other receivables 15 2,077,619,633 1,734,614,036 Advance tax - net 813,694,838 818,893,090 Cash and bank balances 16 470,708,612 170,704,896 22,477,972,856 21,639,193,722 50,605,297,603 49,255,308,558
The annexed notes from 1 to 24 form an integral part of this condensed interim consolidated financial information.
Chief Financial Officer Chief Executive Director
For the Quarter Ended 31 December 201729
Condensed Interim Consolidated Profit and Loss Account (Un-audited) FOR THE QUARTER ENDED 31 DECEMBER 2017
Chief Financial Officer Chief Executive Director
Note 31-Dec-17 31-Dec-16 Rupees Rupees
Gross sales 12,610,575,135 12,973,433,941 Sales tax and others (1,351,639,468) (1,182,788,094)Net sales 17 11,258,935,667 11,790,645,847 Cost of sales (11,350,624,750) (10,132,868,830)Gross (loss) / profit (91,689,083) 1,657,777,017 Administrative expenses (305,587,020) (275,108,725)Selling expenses (14,272,046) (11,270,843)Other income 18 106,049,630 70,305,762 Other expenses (820,825) (64,648,258) (214,630,261) (280,722,064)(Loss) / profit from operations (306,319,344) 1,377,054,953 Finance cost (480,870,434) (363,185,248)(Loss) / profit before taxation (787,189,778) 1,013,869,705 Taxation 316,791,420 (273,639,944)(Loss) / profit after taxation (470,398,358) 740,229,761 Attributable to: Owners of the Company (470,018,321) 740,996,653 Non-controlling interests (380,037) (766,892) (470,398,358) 740,229,761 The annexed notes from 1 to 24 form an integral part of this condensed interim consolidated financial information.
JDW GROUP30
Chief Financial Officer Chief Executive Director
31-Dec-17 31-Dec-16 Rupees Rupees
(Loss) / profit after taxation (470,398,358) 740,229,761 Other comprehensive income – – Total comprehensive (loss) / income for the period (470,398,358) 740,229,761
Attributable to: Owners of the Company (470,018,321) 740,996,653 Non-controlling interests (380,037) (766,892) (470,398,358) 740,229,761 The annexed notes from 1 to 24 form an integral part of this condensed interim consolidated financial information.
Condensed Interim Consolidated Statement of Comprehensive Income (Un-audited) FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201731
Chief Financial Officer Chief Executive Director
31-Dec-17 31-Dec-16 Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES (Loss) / profit before taxation (787,189,778) 1,013,869,705 Adjustments for non cash and other items Finance cost 482,231,632 363,185,248 Depreciation 324,031,013 320,482,827 Amortisation 517,164 520,726 Staff retirement benefits 27,121,187 24,431,349 Workers’ profit participation fund – 54,019,194 Workers’ welfare fund – 10,629,063 Gain on disposal of operating fixed assets (60,509,110) (5,342,422) 773,391,886 767,925,985 Operating (loss) / profit before working capital changes (13,797,892) 1,781,795,690 (Increase) / decrease in current assets Biological assets 198,702,802 600,046,898 Stores, spare parts and loose tools (395,643,976) (52,419,236) Stock-in-trade (1,035,881,938) (5,471,584,958) Trade debts - unsecured considered good 561,941,328 (93,331,216) Advances, deposits, prepayments and other receivables 377,224,164 751,002,351 (293,657,620) (4,266,286,161)Increase in current liabilities Trade and other payables 3,648,392,328 2,524,066,212 Cash generated from operations 3,340,936,816 39,575,741 Taxes paid (105,332,902) (184,148,543) Staff retirement benefits paid (25,647,061) (124,606,678) (130,979,963) (308,755,221)Net cash generated from / (used in) operating activities 3,209,956,853 (269,179,480)CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure (940,096,965) (1,039,217,483) Long term advances 5,722,222 11,375,308 Long term deposits - net 9,908,186 (19,712,517) Proceeds from sale of operating fixed assets 161,095,850 11,119,637 Net cash used in investing activities (763,370,707) (1,036,435,055) CASH FLOWS FROM FINANCING ACTIVITIES Long term finances - net 2,247,883,590 (156,380,643) Short term borrowings - net (3,612,226,223) 2,713,969,585 Finance cost paid (465,517,014) (264,041,537) Lease rentals paid (60,290,695) (127,652,270) Dividend paid (27,229,645) (186,376)Net cash (used in) / generated from financing activities (1,917,379,987) 2,165,708,759 Net (decrease) / increase in cash and cash equivalents 529,206,159 860,094,224 Cash and cash equivalents at beginning of the period (3,232,625,687) 31,740,654 Cash and cash equivalents at end of the period (2,703,419,528) 891,834,878
Cash and cash equivalents comprise of the following: - Cash and bank balances 470,708,612 1,206,251,816 - Running finances and morabaha finances (3,174,128,140) (314,416,938) (2,703,419,528) 891,834,878 The annexed notes from 1 to 24 form an integral part of this condensed interim consolidated financial information.
Condensed Interim Consolidated Cash flow Statement (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
JDW GROUP32
Condensed Interim Consolidated Statement of Changes in Equity (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
Sh
are
R
eser
ves
Non
-
capi
tal
Cap
ital
Rev
enue
co
ntro
lling
Shar
e A
ccum
ulat
ed
Sub
Tota
l
prem
ium
pr
ofit
Tota
l To
tal
inte
rest
s eq
uity
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Bala
nce
as a
t 01
Oct
ober
201
6 5
97,7
66,6
10
678
,316
,928
7
,957
,485
,567
8
,635
,802
,495
9
,233
,569
,105
4
86,4
30,1
48
9,7
19,9
99,2
53
Tota
l com
preh
ensiv
e in
com
e fo
r the
per
iod
– –
7
40,9
96,6
53
740
,996
,653
7
40,9
96,6
53
(766
,892
) 7
40,2
29,7
61
Bala
nce
as a
t 31
Dece
mbe
r 201
6 5
97,7
66,6
10
678
,316
,928
8
,698
,482
,220
9
,376
,799
,148
9
,974
,565
,758
4
85,6
63,2
56
10,
460,
229,
014
Bala
nce
as a
t 01
Oct
ober
201
7 5
97,7
66,6
10
678
,316
,928
8
,309
,276
,127
8
,987
,593
,055
9
,585
,359
,665
4
83,1
76,1
44
10,
068,
535,
809
Tota
l com
preh
ensiv
e lo
ss fo
r the
per
iod
– –
(4
70,0
18,3
21)
(470
,018
,321
) (4
70,0
18,3
21)
(380
,037
) (4
70,3
98,3
58)
Bala
nce
as a
t 31
Dece
mbe
r 201
7 5
97,7
66,6
10
678
,316
,928
7
,839
,257
,806
8
,517
,574
,734
9
,115
,341
,344
4
82,7
96,1
07
9,5
98,1
37,4
51
Th
e an
nexe
d no
tes
from
1 to
24
form
an
inte
gral
par
t of t
his
cond
ense
d in
terim
con
solid
ated
fina
ncia
l info
rmat
ion.
Chi
ef F
inan
cial
Offi
cer
Chi
ef E
xecu
tive
D
irect
or
For the Quarter Ended 31 December 201733
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
1 STATUS AND NATURE OF BUSINESS
The Group comprises of:
– JDW Sugar Mills Limited (“the Holding Company”); and – Deharki Sugar Mills (Private) Limited - “DSML” (“the Subsidiary Company”); – Faruki Pulp Mills Limited - “FPML” (“the Subsidiary Company”); – Sadiqabad Power (Private) Limited - “SPL” (“the Subsidiary Company”); and – Ghotki Power (Private) Limited - “GPL” (“the Subsidiary Company”). 1.1 JDW Sugar Mills Limited (“the Holding Company”) was incorporated in Pakistan on
31 May 1990 as a private limited company and was subsequently converted into a public limited company on 24 August 1991. Shares of the the Holding Company are listed on the Pakistan Stock Exchange Limited. The registered office of the Holding Company is situated at 17 - Abid Majeed Road, Lahore Cantonment, Lahore. The principal activity of the Holding Company is production and sale of crystalline sugar, electricity and managing corporate farms.
1.2 Deharki Sugar Mills (Private) Limited (“the Subsidiary Company”) was incorporated
in Pakistan on 14 July 2010 as a Private Limited Company. The registered office of the Subsidiary Company is situated at 17 - Abid Majeed Road, Lahore Cantonment, Lahore. The principal activity of the Subsidiary Company is manufacturing and sale of crystalline sugar. The Holding Company holds 100% shares of the Subisdiary Company.
1.3 Faruki Pulp Mills Limited (“the Subsidiary Company”) was incorporated in Pakistan
on 20 October 1991 as a Public Limited Company. FPML will be engaged in the manufacture and sale of paper pulp. The production facility is situated 20 km from Gujrat and the registered office is situated at 13-B, Block -K, Main Boulevard Gulberg II Lahore. The Holding Company holds 57.67% shares of the Subsidiary Company.
1.4 “Sadiqabad Power (Private) Limited - “SPL” (“the Subsidiary Company”) was
incorporated in Pakistan on 16 December 2016. The Subsidiary Company will be engaged in the production of electricity under the expansion program of the Holding Company’s existing bagasse based cogeneration power plants. The registered office of the Subsidiary Company is situtated at 17-Abid Majeed Road, Lahore Cantonment, Lahore. The Holding Company holds 100% shares of the Subsidiary Company.
1.5 Ghotki Power (Private) Limited - “GPL” (“the Subsidiary Company”) was
incorporated in Pakistan on 15 December 2016. The Subsidiary Company will be engaged in the production of electricity under the expansion program of the Holding Company’s existing bagasse based cogeneration power plants. The registered office of the Subsidiary Company is situtated at 17-Abid Majeed Road, Lahore Cantonment, Lahore. The Holding Company holds 100% shares of the Subsidiary Company.
JDW GROUP34
2 BASIS OF PREPARATION This condensed consolidated interim financial information of the Group for the three
months period ended 31 December 2017 is un-audited and has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - ‘Interim Financial Reporting’ and provisions of and directives issued under the repealed Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the repealed Companies Ordinance, 1984 have been followed. This condensed interim financial information does not include all the information required for annual financial statements and therefore should be read in conjunction with the annual financial statements for the year ended 30 September 2017.
The Companies Ordinance, 1984 was repealed after enactment of the Companies Act,
2017. However, as allowed by the Securities and Exchange Commission of Pakistan vide its circular no. 23 / 2017 dated 4 October 2017 and as clarified by the Institute of Chartered Accountants of Pakistan through its circular no. 17 / 2017 dated 6 October 2017, this condensed consolidated interim financial information of the Group has been prepared in accordance with the provisions of the repealed Companies Ordinance, 1984.
3 USE OF ESTIMATES AND JUDGMENTS The preparation of the condensed interim consolidated financial information requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing the condensed interim consolidated financial information, the significant
judgments made by the management in applying accounting policies and the key sources of estimation uncertainty are the same as those applied in the preparation of audited consolidated financial statements for the year ended 30 September 2017.
4 STATEMENT OF CONSISTENCY IN ACCOUNTING POLICIES The accounting policies and the methods of computation adopted in the preparation of
this condensed interim consolidated financial information are same as those applied in the preparation of the audited consolidated financial statements for the year ended 30 September 2017.
5 SEASONALITY OF OPERATIONS Due to seasonal nature of sugar segment, operating results of sugar and co-generation
power are expected to fluctuate in the second half of the year.
The sugar cane crushing season starts from November and lasts till April each year. (Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees6 SHARE CAPITAL
6.1 Authorized share capital 75,000,000 (30 September 2017: 75,000,000) ordinary shares of Rs. 10 each 750,000,000 750,000,000 25,000,000 (30 September 2017: 25,000,000) preference shares of Rs. 10 each 250,000,000 250,000,000 1,000,000,000 1,000,000,000
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201735
(Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees
6.2 Issued, subscribed and paid-up capital 32,145,725 (30 September 2017: 32,145,725) ordinary shares of Rs. 10 each fully paid in cash 321,457,250 321,457,250 27,630,936 (30 September 2017: 27,630,936) voting bonus shares of Rs. 10 each fully paid in cash 276,309,360 276,309,360 597,766,610 597,766,610
7 REDEEMABLE CAPITAL - SECURED During the period, the Holding Company has repaid Rs. 27.78 million (30 September
2017: Rs. 111.11 million) to TFC holders. Amounts due in next twelve months amounting to Rs. 55.56 million (30 September 2017: Rs. 83.33 million) are included in current portion presented under current liabilities. These carry mark-up at three months KIBOR plus 100 bps per annum.
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees8 LONG TERM FINANCES - SECURED
Markup bearing finances from conventional banks 8.1 7,826,838,932 8,031,383,792Islamic mode of financing 8.2 4,539,160,271 2,130,929,882 12,365,999,203 10,162,313,674
8.1 Markup bearing finances from conventional banks: Balance at beginning of the period / year 11,036,355,145 12,193,498,661 Finances received during the period / year 8.1.1 534,033,839 1,965,966,161 Repayments during the period / year (720,352,860) (3,083,109,677) 10,850,036,124 11,076,355,145 Current portion presented under current liabilities (3,023,197,192) (3,044,971,353) 7,826,838,932 8,031,383,792
Markup Duration
Grace Amount basis period (Rupees)
8.1.1 Finances received during the period Askari Bank Limited 3mk + 1.00 05 Years 01 Year 500,000,000 National Bank of Pakistan Limited (II) 3mk + 0.50 05 Years 01 Year 34,033,839 534,033,839
JDW GROUP36
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees
8.2 Islamic mode of financing: Balance at beginning of the period / year 2,495,929,882 1,264,000,000 Finances received during the period / year 8.2.1 2,535,230,389 1,463,179,882 Repayments during the period / year (73,250,000) (271,250,000) 4,957,910,271 2,455,929,882 Current portion presented under current liabilities (418,750,000) (325,000,000) 4,539,160,271 2,130,929,882
Profit / Interest Duration
Grace Amount basis period (Rupees)
8.2.1 Finances received during the period Bank Alfalah Limited 3mk + 0.90 05 Years 01 Year 35,230,389 Al Baraka Bank (Pakistan) Limited 3mk + 0.85 05 Years 01 Year 1,000,000,000 MCB Islamic Bank Limited 3mk + 0.80 05 Years 01 Year 1,000,000,000 Faysal Bank Limited 3mk + 1.00 05 Years 01 Year 500,000,000 2,535,230,389
8.3 The securities offered and facility limits of these long term finances are the same as disclosed in the audited unconsolidated financial statements of the Company for the year ended 30 September 2017. The interest / markup is payable quarterly at a rate of three to six months KIBOR plus 50 bps to 100 bps per annum.
9 LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE - SECURED During the period, the holding Company availed leases aggregating Rs. 25.34 (30
September 2017: Rs. 76.50) and repaid principal amount of Rs. 54.62 (30 September 2017: Rs. 618.84). Amounts due in next twelve months amounting to Rs. 152.55 million (30 September 2017: Rs. 153.42 million) are included in current portion presented under current liabilities. Lease rentals are payable on quarterly / monthly basis and include finance cost ranging from three months to one year KIBOR plus 100 bps per annum (30 September 2017: three months to one year KIBOR plus 100 to 300 bps per annum) which has been used as the discounting factor. The Holding Company has the option to purchase the assets upon completion of lease period and has the intention to exercise such option.
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees10 SHORT TERM BORROWINGS - SECURED
10.1 Type of short term borrowings Markup based borrowings from conventional banks Cash finances 10.1.1 3,887,980,001 9,128,652,000 Running finances 1,374,128,140 1,603,330,583 Inland bill discounting 899,999,998 884,999,998 Finance against trust receipts 822,490,509 366,406,064 6,984,598,648 11,983,388,645 Islamic mode of financing Salam / Istisna finances 1,858,036,091 – Morabaha finances 1,800,000,000 1,800,000,000 3,658,036,091 1,800,000,000 10,642,634,739 13,783,388,645
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201737
10.1.1 The Group has obtained these facilities from various banks and financial institutions. The markup rate applicable during the year ranges from one to six months KIBOR plus 0 (zero) to 100 bps per annum (30 September 2017: one to six months KIBOR plus 20 to 100 bps per annum).
10.2 The markup rates, securities offered and facility limits of these short term borrowings are the same as disclosed in the audited consolidated financial statements of the Group for the year ended 30 September 2017.
11 TRADE AND OTHER PAYABLES This includes advances from customers aggregating Rs. 5,008.57 million (30 September
2017: Rs. 7,202.67 million).
12 CONTINGENCIES AND COMMITMENTS12.1 There is no material change in contingencies from the preceding audited consolidated
financial statements of the Group for the year ended 30 September 2017.
(Un-audited) (Audited) 31-Dec-17 30-Sep-17 Rupees Rupees
Letters of guarantee in favour of various parties Holding Company - JDWSML 83,000,000 83,000,000 Subsidiary Company - DSML 7,500,000 7,500,000 12.2 Commitments Letters of credit for import of machinery and its related components Holding Company - JDWSML 22,772,774 569,509,835 Subsidiary Company - DSML 5,420,800 17,449,232
(Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees13 PROPERTY PLANT AND EQUIPMENT
Operating fixed assets 13.1 23,166,323,085 23,219,852,562 Capital work in progress 3,592,058,342 2,938,735,267 Stores spare parts and loose tools, held for capital expenditure – 90,001,462 26,758,381,427 26,248,589,291 13.1 Operating fixed assets Net book value as at beginning of the period / year 23,219,852,562 22,151,628,694 Additions/ Adjustments during the period / year 442,644,893 2,641,048,289 Disposals/ Adjustments during the period / year (117,378,814) (89,841,962) Depreciation charged during the period / year (378,795,556) (1,482,982,459) 23,166,323,085 23,219,852,562
JDW GROUP38
14 LONG TERM INVESTMENTS This represents investment of the Holding Company of 47.37% in the equity of JDW
Power (Private) Limited “JDW Power”, an unquoted associated company. The cost of investment is Rs 90 million represented by 9 million shares of Rs 10 each. The carrying value of the investment is Rs nil (30 September 2017: Rs nil) due to accumulated impairment allowance of Rs 90 million charged in year ended 30 September 2012.
15 ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES This includes an amount of Rs. 5.76 million (year ended 30 Sep 2017: Rs. 6.32 million)
receivable from executives of the Holding Company. (Un-audited) (Audited) Note 31-Dec-17 30-Sep-17 Rupees Rupees16 CASH AND BANK BALANCES
Current accounts Deposit with conventional banks 321,822,805 146,274,759 Deposit with islamic banks 20,794,212 16,576,446 342,617,017 162,851,205 Saving accounts Deposit with conventional banks 16.1 16,748,928 3,740,446 359,365,945 166,591,651 Cash in hand 111,342,667 4,113,245 470,708,612 170,704,896 16.1 The balances in saving accounts carry markup at 3.75% per annum (30 September
2017: 3.75% per annum).
31-Dec-17 31-Dec-16 Rupees Rupees
17 SALES - NET
Sugar 11,068,934,379 11,493,480,136 Electricity 1,094,433,236 861,235,255 Molasses - by product 373,040,157 618,378,050 Bagasse - by product 72,970,223 – Agri inputs 1,177,140 – Agriculture produce 20,000 340,500 12,610,575,135 12,973,433,941 Less: Sales tax and others (1,351,639,468) (1,182,788,094) 11,258,935,667 11,790,645,847
This includes sugar export sales of Rs. 959.57 million (31 December 2016: Rs. nil).
18 OTHER INCOME This mainly includes scrap sale of Rs. 12 million (31 December 2016: Rs. 29 million),
sale of mud of Rs. 29 million (31 December 2016: Rs. 29 million) and gain on sale of operating fixed assets of Rs. 62 million (31 December 2016: Rs. 5 million).
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201739
19 B
USI
NES
S SE
GM
ENTS
INFO
RM
ATIO
N
19.1
The G
roup
’s re
porta
ble se
gmen
ts ar
e as f
ollow
s:
Re
porta
ble S
egme
nt
Oper
ation
s
Su
gar
Prod
uctio
n and
sale
of cry
stallin
e sug
ar an
d othe
r rela
ted jo
int an
d by-p
roduc
ts.
Co
-Gen
eratio
n Ge
nerat
ion an
d sale
of el
ectric
ity to
CPP
A-G.
Corpo
rate f
arms
Mana
ging c
orpora
te far
ms fo
r cult
ivatio
n of s
ugar
cane
and t
he sm
all qu
antity
of co
tton.
Ot
her s
egme
nt Pr
oject
unde
r con
struc
tion f
or ma
nufac
ture a
nd sa
le of
wood
pulp.
19.2
Infor
matio
n reg
ardin
g the
Gro
up’s
repo
rtable
segm
ents
is pr
esen
ted be
low:
Suga
r Co
-Gen
erati
on
Corp
orate
Farm
s O
ther
Seg
ment
Int
er S
egme
nt R
econ
ciliat
ion
Total
31-D
ec-17
31
-Dec
-16
31-D
ec-17
31
-Dec
-16
31-D
ec-17
31
-Dec
-16
31-D
ec-17
31
-Dec
-16
31-D
ec-17
31
-Dec
-16
31-D
ec-17
31
-Dec
-16
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
Ru
pees
19.2.
1 Se
gmen
t rev
enue
s & re
sults
Ne
t exte
rnal re
venu
es
10,26
1,003
,236
11,02
8,183
,220
997,9
12,43
1 76
2,122
,127
20,00
0 34
0,500
–
11
,258,9
35,66
7 11
,790,6
45,84
7
Inter-
segm
ent re
venu
es
587,0
10,60
2 49
0,830
,700
328,9
10,62
2 47
4,236
,882
844,5
89,66
6 1,
370,6
99,45
4 –
(1,
760,5
10,89
0) (2
,335,7
67,03
6) –
–
Re
porta
ble se
gmen
t reve
nue
10,84
8,013
,838
11,51
9,013
,920
1,32
6,823
,053
1,23
6,359
,009
844,6
09,66
6 1,
371,0
39,95
4 –
11
,258,9
35,66
7 11
,790,6
45,84
7
Segm
ent p
rofit/ (
loss)
befor
e tax
(1
,299,7
69,99
9) 44
9,630
,704
479,9
21,57
3 49
0,842
,820
33,58
3,312
75
,262,0
99
(924
,664)
(1,86
5,918
) –
–
(787
,189,7
78)
1,01
3,869
,705
19.2.
2 Int
er-se
gmen
t sale
s and
purc
hase
s
Inter-
segm
ent s
ales a
nd pu
rchas
es ha
ve be
en el
imina
ted fro
m tot
al fig
ures.
19.2.
3 Ba
sis of
inter
-segm
ent p
ricing
All
inter
-segm
ent tr
ansfe
rs are
mad
e at fa
ir valu
e. 19
.2.4
Segm
ent a
ssets
& lia
bilitie
s
Su
gar
Co-G
ener
ation
Co
rpor
ate Fa
rms
Oth
er S
egme
nt
Inter
Seg
ment
Rec
oncil
iation
To
tal
(Un-
audit
ed)
(Aud
ited)
(U
n-au
dited
) (A
udite
d)
(Un-
audit
ed)
(Aud
ited)
(U
n-au
dited
) (A
udite
d)
(Un-
audit
ed)
(Aud
ited)
(U
n-au
dited
) (A
udite
d)
31
-Dec
-17
30-S
ep-17
31
-Dec
-17
30-S
ep-17
31
-Dec
-17
30-S
ep-17
31
-Dec
-17
30-S
ep-17
31
-Dec
-17
30-S
ep-17
31
-Dec
-17
30-S
ep-17
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
Rupe
es
To
tal as
sets
for re
porta
ble se
gmen
t 37
,330,9
45,25
5 37
,990,6
55,77
8 7,
587,1
73,30
4 8,
483,8
36,89
8 5,
278,3
29,84
0 7,
927,9
04,66
4 2,
169,3
60,09
3 2,
171,0
65,71
0 (1
,760,5
10,89
0) (7
,318,1
54,49
1) 50
,605,2
97,60
2 49
,255,3
08,55
9
Total
liabil
ities f
or rep
ortab
le se
gmen
t 3
8,143
,261,5
99
40,00
2,671
,395
3,98
3,960
,608
5,73
3,769
,719
594,8
12,71
4 72
2,850
,006
45,63
6,120
45
,636,1
20
(1,76
0,510
,890)
(7,31
8,154
,491)
41,00
7,160
,151
39,18
6,772
,749
31-D
ec-17
31
-Dec
-16
Ru
pees
Ru
pees
19.3
Reco
ncilia
tion o
f rep
ortab
le se
gmen
t pro
fit an
d los
s
Total
profi
t befo
re tax
for re
porta
ble se
gmen
ts
(7
87,18
9,778
) 1,
013,8
69,70
5
Unall
ocate
d corp
orate
incom
e / (e
xpen
ses)
316,7
91,42
0 (2
73,63
9,944
)
Profi
t afte
r taxa
tion
(470
,398,3
58)
740,2
29,76
1
JDW GROUP40
20 F
AIR
VA
LUE
MEA
SUR
EMEN
T O
F FI
NA
NC
IAL
INST
RU
MEN
TSTh
e fo
llow
ing
tabl
e sh
ows
the
carry
ing
amou
nts
and
fair
valu
es o
f fina
ncia
l ass
ets
and
finan
cial
liab
ilitie
s in
clud
ing
thei
r lev
els
in th
e fa
ir va
lue
hier
arch
y fo
r fin
anci
al in
stru
men
ts m
easu
red
at fa
ir va
lue.
It d
oes
not i
nclu
de fa
ir va
lue
info
rmat
ion
for fi
nanc
ial a
sset
s an
d fin
anci
al li
abilit
ies
not m
easu
red
at fa
ir va
lue
if th
e ca
rryin
g am
ount
is a
reas
onab
le a
ppro
xim
atio
n of
fair
valu
e:
Ca
rrying
Amo
unt
Fair V
alue
Lo
ans a
nd
Othe
r fina
ncial
rec
eivab
les
liabil
ities
Total
Le
vel 1
Le
vel 2
Le
vel 3
No
te (R
upee
s)
On B
alanc
e She
et F
inan
cial In
stru
men
ts
Fi
nanc
ial as
sets
not
mea
sure
d at
fair
valu
e
Cash
and b
ank b
alanc
es
47
0,708
,612
– 47
0,708
,612
– –
–
Ad
vanc
es, d
epos
its an
d othe
r rec
eivab
les
21
6,648
,296
– 21
6,648
,296
– –
–
Tr
ade d
ebts
- uns
ecur
ed co
nside
red g
ood
2,
571,3
00,66
9 –
2,57
1,300
,669
– –
–
Lo
ng te
rm de
posit
s
45,13
3,879
–
45
,133,8
79
– –
–
31 D
ecem
ber 2
017 (
un-a
udite
d)
20.1
3,30
3,791
,456
– 3,3
03,79
1,456
–
–
–
30 S
epte
mbe
r 201
7 (au
dite
d)
3,
881,7
89,31
5 –
3,88
1,789
,315
– –
–
Fi
nanc
ial lia
biliti
es n
ot m
easu
red
at fa
ir va
lue
Re
deem
able
capit
al - s
ecur
ed
–
5
5,555
,552
55,55
5,552
–
–
–
Lo
ng te
rm fin
ance
s - se
cure
d
– 15
,807,9
46,39
5 15
,807,9
46,39
5 –
– –
Liabil
ities a
gains
t ass
ets su
bject
to fin
ance
leas
e - se
cured
– 27
7,170
,733
277,1
70,73
3 –
– –
Trad
e and
othe
r pay
ables
– 2,
572,4
44,81
2 2,
572,4
44,81
2 –
– –
Shor
t term
borro
wing
- se
cure
d
– 10
,642,6
34,73
9 10
,642,6
34,73
9 –
– –
Accru
ed pr
ofit /
inter
est /
mark-
up
–
264,1
68,69
3 26
4,168
,693
–
– –
31 D
ecem
ber 2
017 (
un-a
udite
d)
20.1
–
29,61
9,920
,924
29,61
9,920
,924
– –
–
30
Sep
tem
ber 2
017 (
audi
ted)
–
29,88
6,307
,639
29,88
6,307
,639
–
–
–
20.1
Th
e Gr
oup
has n
ot d
isclos
ed th
e fa
ir va
lues o
f the
se fin
ancia
l ass
ets a
nd lia
bilitie
s as t
hese
are
for s
hort
term
or r
epric
ed o
ver s
hort
term
. The
refo
re, t
heir
carry
ing a
mou
nts
are
reas
onab
le ap
prox
imat
ion o
f fair
value
.
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
For the Quarter Ended 31 December 201741
20.2 Fair value measurement of biological assets In absence of active market for sugarcane standing crops, the fair value
measurement for the standing crop has been categorized as Level 3 fair value based on the inputs to the valuation techniques used. Fair value has been determined on the basis of a discounted cash flow model. The valuation model considers the present value of net cash flows expected to be generated by the plantation. The cash flow projections include specific estimates for next year which mainly include crop’s expected yield. The expected cash flows are discounted using a risk adjusted discount rate.
20.3 Fair value measurement of investment property carried at cost Fair value of investment property is determined based on estimated market value.
Rate per square acre represents significant unobservable input. The estimated fair value would increase / (decrease) if expected rental growth were higher / (lower); the occupancy rate were higher / (lower); or rent free periods were shorter / (longer).
21 TRANSACTIONS WITH RELATED PARTIES The related parties comprise of associated company, other related companies, directors
of the Group and entities under common directorship, key management personnel and post employment benefit plans. Amounts due from and due to related parties are shown under respective notes to these consolidated financial statements. Other significant transactions with related parties except those disclosed elsewhere are as follows:
31-Dec-17 31-Dec-16 Rupees Rupees
Relationship Nature of Transactions
Associated Companies Reimbursement of expenses 3,207,899 5,962,417 Key Management Personnel Consultancy services 2,682,927 2,079,384 Directors’ remuneration and allowances 61,731,667 70,481,666 Post employment contribution plan Provident fund contribution 44,359,336 39,410,852 Payment to recognised gratuity fund 1,546,504 –
22 FINANCIAL RISK MANAGEMENT The Group’s activities expose it to a variety of financial risks: market risk (including
currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
The condensed interim financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements as at 30 September 2017.
There have been no changes in the risk management policies since the year end.
JDW GROUP42
23 DATE OF AUTHORIZATION The condensed interim consolidated financial information for the three months ended 31
December 2017 was authorized for issue by the Board of Directors on 25 January 2018. 24 EVENTS AFTER BALANCE SHEET DATE There are no material subsequent events occurred after balance sheet date.
Chief Financial Officer Chief Executive Director
Notes to the Condensed Interim Consolidated Financial Information (Un-audited)FOR THE QUARTER ENDED 31 DECEMBER 2017
Notes
Notes
INVESTOR’S AWARENESSIn pursuance of SRO 924(1)/2015 dated 09 September 2015 issued by the Securities and Exchange Commission
of Pakistan (SECP), the following informational message has been reproduced to educate investors: