PAKGEN POWER LIMITED

FIRST QUARTERLY REPORTFOR THE PERIOD ENDED

MARCH 31, 2019

PROTECTINGPOWERING TODAY

TOMORROW........!

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02 CompanyProfile03 Directors’Report04 Directors’Report(Urdu)06 CondensedInterimStatementofFinancialPosition08 CondensedInterimStaementofProfitandLossAccountand OtherComprehensiveIncome09 CondensedInterimStatementofCashFlows10 CondensedInterimStatementofChangesinEquity11 SelectedNotestotheCondensedInterimFinancialInformation

CONTENTS

PAKGEN POWER LIMITED

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COMPANY PROFILE

THE COMPANY PakgenPowerLimited(“theCompany”)wasincorporatedinPakistanon22June1995undertheCompaniesOrdinance,1984 (NowCompanied Act, 2017). The registered office issituated at 53-A, Lawrence Road, Lahore. The principalactivitiesoftheCompanyaretoown,operateandmaintainanoilfiredpowerstation(“theComplex”)havinggrosscapacityof365MWinMehmoodKot,Muzaffargarh,Punjab,Pakistan.

BOARD OF DIRECTORS MianHassanMansha Chairman Mr.AurangzebFiroz Mr.ShahidMalik Dr.ArifBashir Mr.FarrukhIfzal Mr.HassanNawazTarar Mr.BadarUlHassan

CHIEF EXECUTIVE OFFICER Mr.GhazanfarHussainMirza

AUDIT COMMITTEE Mr.FarrukhIfzal Chairman Mr.AurangzebFiroz Mr.ShahidMalik

HUMAN RESOURCE & Mr.FarrukhIfzalChairman REMUNERATION(HR &R) MianHassanMansha COMMITTEE Mr.BadarUlHassan CHIEF FINANCIAL OFFICER Mr.SyedAneesHassan COMPANY SECRETARY Mr.KhalidMahmoodChohan BANKERS OF THE HabibBankLimited COMPANY TheBankofPunjab SilkBankLimited UnitedBankLimited AlliedBankLimited NationalBankofPakistan BankAlfalahLimited FaysalBankLimited AskariBankLimited HabibMetropolitanBankLimited MCBBankLimited(FormerlyNIBBankLimited) BankIslamicPakistanLimited AlBarakaBank(Pakistan)Limited AUDITOR OF THE RiazAhmad&Co. COMPANY CharteredAccountants LEGAL ADVISOR OF Mr.M.AurangzebKhan THE COMPANY AdvocateHighCourt REGISTERED OFFICE 53-A,LawrenceRoad, Lahore-Pakistan UAN:042-111-11-33-33

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HEAD OFFICE 1-B,AzizAvenue,Gulberg-V, Lahore-Pakistan Tel:042-35717090-96 Fax:042-35717239 SHARE REGISTRAR CentralDepositoryCompanyofPakistanLimited CDCHouse,99-B,Block-B,S.M.C.H.S Shahra-e-Faisal,Karachi-74400 Tel:(92-21)111-111-500 Fax:(92-21)34326053 PLANT MehmoodKot,Muzaffargarh, Punjab-Pakistan.

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DIRECTORS’ REPORT

TheDirectorsofPakgen Power Limited “the Company” arepleased topresent their reporttogetherwithoperationalandfinancialresultsofyourCompanyfortheperiodended31March2019.

Wereportthatduringtheperiodunderreviewpowerplantbyachievingalltheoperatingstandardsdispatched142.357MWHof electricity as comparedwith 258.020MWHdispatchedduringthecorresponding threemonthsof thepreviousfinancial year.Resultantly, thecapacity factorremainedat18.80%asagainst34.30%demonstrated inthecomparablethreemonthsofthepreviousfinancialyear.

Operation Financial Results:

ThefinancialresultsoftheCompanyforperiodended31March2019areasfollows:

PERIOD ENDED Financial Highlights 31 March 31March 2019 2018

Revenue(Rs‘000’) 3,561,721 4,111,464Grossprofit(Rs‘000’) 1,005,388 565,033Grossprofitratiotorevenue(%) 28.23% 13.75%Aftertaxprofit(Rs‘000’) 646,774 335,229Aftertaxprofitratiotorevenue(%) 18.16% 8.15%Earningspershare(Rs) 1.74 0.9

TheCompanyhaspostedaftertaxprofitofRs.646.774millionasagainstRs.335.229millionprofitearnedinthecomparativeperiod.ThenetprofitsoftheCompanydemonstratedtheearningspershareofRs.1.74asagainstRs.0.90pershareinthecorrespondingpreviousperiod.

OursolecustomerCPPA-GremainsunabletomeetitsobligationsinaccordancewiththePowerPurchaseAgreement (PPA)whicharesecuredunderasovereignguaranteeofGovernmentofPakistan.Ason31March2019,anamountofRupees16.772billionwasoutstandingagainstCPPA-GoftheseRupees474.202Millionwasclassifiedoverdue.TheCompanyispursuingthematter, collectivelywithother IPPson IPPAC (IndependentPowerProducerAdvisoryCouncil)platform,withtheRelevantauthoritiesandministries.theCompanyhasreceivedassuranceofhigherpaymentallocationsduringApriltoJune2019period.

Duringtheperiod,JanuarytoMarch2019,Companyproducedandsoldelectricityonly inthemonthofJanuary2019.TheplantwasonstandbymodeforthemonthofFebruaryandMarchduetolownationaldemandincomparisonwith1stQuarter2018.ThiswasasperinstructionsofNationalPowerControlCenter(NPCC).

Corporate objectives:

Beingaresponsibleandreliableenergycompany,weaimtofacilitatethenationinreducingitscostofenergybymaintaininghighefficiencyandavailabilityofplant.

COMPOSITION OF BOARD:

Total number of Directors:(a) Male 7(b) Female: 0Composition:(i) IndependentDirectors 1(ii) OtherNon-executiveDirectors 6(iii) ExecutiveDirectors 1

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COMMITTEES OF THE BOARD:

Audit Committee of the Board:

Sr. # Name of Member1 Mr.FarrukhAfzal (Member/Chairman)2 Mr.AurangzebFiroz (Member)3 Mr.ShahidMalik (Member)

Human Resource & Remuneration (HR&R) Committee:

Sr. # Name of Member1 Mr.FarrukhIfzal Member/Chairman2 MianHassanMansha Member3 Mr.Badar-ul-Hassan Member

DIRECTORS’ REMUNERATION:

Thecompanydoesnotpayremunerationto itsnon-executivedirectors including independentdirectorsexceptformeetingfee.Aggregateamountofremunerationpaidtoexecutiveandnon-executivedirectorshavebeendisclosedinnote10oftheannexedfinancialstatements.

Acknowledgement:

Theboardappreciatesthemanagementforestablishingamodernandmotivatingworkingclimateandpromotinghighlevelsofperformanceinallareasofthepowerplant.Wealsoappreciatetheeffortsofthecompany’sworkforcefordeliveringremarkableresultsandwewishfortheirlongliferelationshipwiththeCompany.

For and on behalf of the Board of Directors

Mr.Ghazanfar Hussain Mirza Mr. Arif BashirChiefExecutiveOfficerDirectorLahore:25thApril2019

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PAKGEN POWER LIMITED

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Un-audited Audited 31 March 31December Note 2019 2018 (Rupees in thousand)

EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorizedsharecapital 400,000,000(2018:400,000,000) ordinarysharesofRupees10each 4,000,000 4,000,000 Issued,subscribedandpaidupsharecapital 3,720,816 3,720,816Capitalreserve 116,959 116,959Revenuereserve-un-appropriatedprofit 12,944,557 12,855,905 Total Equity 16,782,332 16,693,680 LIABILITIES NON-CURRENT LIABILITY Long-termfinance-secured -ProvisionforGratuity 29,274 29,349

29,274 29,349CURRENT LIABILITIES Tradeandotherpayables 755,810 527,540Accruedmark-up 261,749 126,510Short-termborrowings 10,562,017 11,093,800Currentportionoflong-termfinance 5 222,913 334,369Unclaimeddividend 564,618 6,732

12,367,107 12,088,951

Total liabilities 12,367,107 12,118,300 CONTINGENCIES AND COMMITMENTS 6 TOTAL EQUITY AND LIABILITIES 29,178,713 28,811,980

Theannexednotesformanintegralpartofthiscondensedinterimfinancialinformation.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)As at 31 March 2019

CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

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Un-audited Audited 31 March 31December Note 2019 2018 (Rupees in thousand) ASSETS NON-CURRENT ASSETS Property,plantandequipment 7 7,454,986 7,680,263LomgTermLoans 46,480 30,205Long-termsecuritydeposits 300 300 7,501,766 7,710,768

CURRENT ASSETS Stores,sparepartsandotherconsumables 838,037 832,661Fuelstock 1,253,809 516,398Tradedebts 16,772,159 16,939,272Advancesandshort-termprepayments 442,422 378,385Loantoassociatedcompany 950,000 1,000,000Otherreceivables 140,095 276,445Accruedinterest 9,004 9,258Salestaxrecoverable 1,221,821 1,145,615Cashandbankbalances 49,600 3,178 21,676,947 21,101,212

TOTAL ASSETS 29,178,713 28,811,980

CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

PAKGEN POWER LIMITED

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CONDENSED INTERIM STAEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MARCH 2019 (UN-AUDITED)

Quarter Ended 31 March 31March Note 2019 2018 (Rupees in thousand) REVENUE 3,561,721 4,111,464COSTOFSALES 8 (2,556,333) (3,546,431) GROSSPROFIT 1,005,388 565,033 ADMINISTRATIVEEXPENSES (67,759) (57,431)OTHEROPERATINGEXPENSES (482) (731)

937,147 506,871OTHEROPERATINGINCOME 29,480 3,064 PROFITFROMOPERATIONS 966,627 509,935FINANCECOST (319,853) (174,706) PROFITBEFORETAXATION 646,774 335,229TAXATION - - PROFITAFTERTAXATION 646,774 335,229 OTHERCOMPREHENSIVEINCOMEFORTHEPERIOD - - TOTALCOMPREHENSIVEINCOMEFORTHEPERIOD 646,774 335,229 EARNINGS/(LOSS)PERSHARE-BASICANDDILUTED(RUPEES) 1.74 0.90 Theannexednotesformanintegralpartofthiscondensedinterimfinancialinformation.

CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

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CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE QUARTER ENDED 31 MARCH 2019 (UN-AUDITED)

RESERVES SHARE Capital Revenue

TOTAL CAPITAL Retained Un- EQUITY payments appropriated reserve profit ( - - - - - - - - - -- - -Rupees in thousand - - - - - - - -- - - ) Balance as at 01 January 2018 (Audited) 3,720,816 116,959 11,766,41515,604,190 Transactionswithowners-Finaldividendfortheyearended31December2017@Rupees1pershare - - (372,081) (372,081)

Profitforthequarterended31March2018 - - 335,229 335,229Othercomprehensiveincomeforthequarterended31March2018 - - - -Totalcomprehensiveincomeforthequarterended31March2018 - - 335,229 335,229 Balance as at 31 March 2018 - (Un-audited) 3,720,816 116,959 11,729,56315,567,338 Balanceasat01January2019(Audited) 3,720,816 116,959 12,855,90516,693,680 Transactionswithowners-Finaldividendfortheyearended31December2018@Rupees1.5pershare - - (558,122) (558,122) Profitforthequarterended31March2019 - 646,774 646,774Othercomprehensiveincomeforthequarterended31March2019 - - - -Totalcomprehensiveincomeforthequarterended31March2019 - - 646,774 646,774 Balance as at 31 March 2019 - (Un-audited) 3,720,816 116,959 12,944,55716,782,332 Theannexednotesformanintegralpartofthiscondensedinterimfinancialinformation.

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CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2019 (UN-AUDITED)

31 March 31March Note 2019 2018 (Rupees in thousand)CASH FLOWS FROM OPERATING ACTIVITIES Cash generated / (used in) from operations 9 868,333 (56,024) Financecostpaid (184,614) (139,506)Interestincomereceived 29,097 2,633Netincreaseinlong-termloanstoemployees (16,275) (49,169)Incometaxpaid (1,224) (5,087)Gratuitypaid (3,910) (469) Net cash generated / (used in) from operating activities 691,407 (247,622) CASH FLOWS FROM INVESTING ACTIVITIES Capitalexpenditureonproperty,plantandequipment (1,510) (5,352)

Net cash (used in) investing activities (1,510) (5,352) CASH FLOWS FROM FINANCING ACTIVITIES Repaymentoflong-termfinance (111,456) (111,457)Dividendspaid (236) (62) Netcash(usedin)financingactivities (111,692) (111,519) Net increase / (decrease) in cash and cash equivalents 578,205 (364,493) Cash and cash equivalents at beginning of the period (11,090,622) (9,132,822) Cash and cash equivalents at end of the period (10,512,417) (9,497,315) CASH AND CASH EQUIVALENTS Cashinhand 189 165Cashatbanks 49,411 823,403Short-termborrowings (10,562,017) (10,320,883) (10,512,417) (9,497,315)

Theannexednotesformanintegralpartofthiscondensedinterimfinancialinformation.

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SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE QUARTER ENDED 31 MARCH 2019 (UN-AUDITED)

1. THECOMPANYANDITSOPERATIONS PakgenPowerLimited(“theCompany”)wasincorporatedinPakistanon22June1995underthe

repealedCompaniesOrdinance,1984(nowCompaniesAct,2017).TheregisteredofficeoftheCompanyissituatedat53-A,LawrenceRoad,Lahore.TheordinarysharesoftheCompanyarelistedonPakistanStockExchangeLimited.TheprincipalactivitiesoftheCompanyaretoown,operateandmaintainafuelfiredpowerstation(“theComplex”)havinggrosscapacityof365MWinMehmoodKot,Muzaffargarh,Punjab,Pakistan.TheCompanyhasaPowerPurchaseAgreement(PPA)withitssolecustomer,CentralPowerPurchasingAgency(Guarantee)Limited(CPPA-G)for30yearswhichcommencedfrom01February1998.

2. BASISOFPREPARATION Statement of compliance Thesefinancialstatementshavebeenpreparedinaccordancewiththeaccountingandreporting

standardsasapplicable inPakistan.Theaccountingandreportingstandardsapplicable inPakistancompriseof:”

InternationalFinancialReportingStandards (IFRSs) issuedby the InternationalAccounting

StandardsBoard(IASB)asnotifiedundertheCompaniesAct,2017;and ProvisionsofanddirectivesissuedundertheCompaniesAct,2017. WhereprovisionsofanddirectivesissuedundertheCompaniesAct,2017differfromtheIFRSs,

theprovisionsofanddirectivesissuedundertheCompaniesAct,2017havebeenfollowed.” Exemption from applicability of certain interpretations to standards SecuritiesandExchangeCommissionofPakistan(SECP)grantedwaivertoallcompanies

from the requirementsof InternationalFinancialReporting InterpretationCommittee (IFRIC)4‘DeterminingWhetheranArrangementContainsaLease’throughitsnotification,S.R.O.24(1)/2012dated16January2012.Therefore,theCompanyisnotrequiredtoaccountfortheportionofitsPowerPurchaseAgreement(PPA)withCentralPowerPurchasingAgency(Guarantee)Limited(CPPA-G)asa leaseunderInternationalAccountingStandard(IAS)17‘Leases’.Further,SECPalsograntedwaiverfortherequirementsofIAS21‘TheEffectsofChanges inForeignExchangeRates’ in respectofaccountingprincipleofcapitalizationofexchangedifferencestopowersectorcompanies.“

3. ACCOUNTINGPOLICIES Theaccountingpoliciesandmethodsofcomputationadopted for thepreparationof this

condensedinterimfinancialinformationaresameasappliedinthepreparationoftheprecedingauditedannualfinancialstatementsoftheCompanyfortheyearended31December2018.

4. CRITICALACCOUNTINGESTIMATESANDJUDGMENTS Thepreparationofthiscondensedinterimfinancialinformationinconformitywithapproved

accountingstandardsrequirestheuseofcertaincriticalaccountingestimates.ItalsorequiresmanagementtoexerciseitsjudgmentintheprocessofapplyingtheCompany’saccountingpolicies.Estimatesand judgmentsarecontinually evaluatedandarebasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.

Duringpreparationofthiscondensedinterimfinancialinformation,thesignificantjudgments

madebythemanagementinapplyingtheCompany’saccountingpoliciesandkeysourcesofestimationanduncertaintywerethesameasthosethatappliedintheprecedingauditedannualfinancialstatementsoftheCompanyfortheyearended31December2018.

4.1 Standard and amendments to published approved accounting standards that are

effectiveincurrentyearandarerelevanttothecompany Certainstandards,amendmentsand interpertations toapprovedaccountingstandardare

effectiveinthecurrentyearbutarenotrelevantortohaveanysignificanteffectonthecompanies’operationandare,therefore,notdetailedinthiscondensedinterimfinancialinformation.

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4.2 Amendmentstopublishedapprovedaccountingstandardsthatareeffectiveincurrent year but not relevant to the company.

Thesearestandardsandamendmentstopublishedstandardsthataremandatoryforaccounting

periodsbeginningonorafter01January2019butareconsiderednottoberelevantordonothaveanysignificantimpactonthecompanies’condensedinterimfinancialinformation

Un-audited Audited 31 March 31December 2019 2018 (Rupees in thousand)5. FROMBANKINGCOMPANY-SECURED Longtermloan 222,913 334,369 Less:Currentportionshownundercurrentliabilities 222,913 334,369 - -

6. CONTINGENCIESANDCOMMITMENTS 6.1 Contingencies Thereisnochangeinthecontingenciesdisclosedintheprecedingauditedannualfinancial

statementsoftheCompanyfortheyearended31December2018. 6.1.1Thebankshaveissuedthefollowingonbehalfofthecompany: a)ThebanksoftheCompanyhaveissuedlettersofguaranteeinfavourofPakistanState

OilCompanyLimited(PSO)-fuelsupplierforanamountofRupees1,500million(2018:Rupees1,500million).

6.2 Commitments

6.2.1TheCompanyhasenteredintoacontractforaperiodofthirtyyearsforpurchaseoffuelfromPakistanStateOilCompanyLimited(PSO).UnderthetermsofFuelSupplyAgreement(FSA),theCompanyisnotrequiredtobuyanyminimumquantityoffuelfromPSO.

6.2.2 CommitmentsforcapitalexpenditureasatreportingdateareamountingtoRupees69.916

million(31Dec2018:Rupees3,799million). Un-audited Audited 31 March 31December 2019 2018 (Rupees in thousand)7. PROPERTY,PLANTANDEQUIPMENT Operatingfixedassets(Note7.1) 7,411,227 7,634,699 Capitalwork-in-progress 43,756 45,564 7,454,983 7,680,263 7.1 Operatingfixedassets OpeningBookvalue 7,634,699 8,482,603 Add:CostofAdditionsduringtheperiod/year (Note7.1.1) 3,373 75,528 Less:Bookvalueofdeletionsduringthe period/year(7.1.2) 58 1,915 Less:Depreciationchargedduringtheperiod/year 226,787 921,517 7,411,227 7,634,699

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Un-audited Audited 31 March 31December 2019 2018 (Rupees in thousand)7.1.1 Cost of additions Vehicles - 65 PlantandMachinery 3,008 73,319 Furnitureandfittings 365 557 OfficeEquipment - 572 Electricequipmentandappliances - 1,015 3,373 75,528

7.1.2 Book value of Deletions 58 1,915

Un-audited Quarter Ended 31 March 31March 2019 2018 (Rupees in thousand)8. COSTOFSALES Fuelconsumed 2,120,295 3,113,118 Operationandmaintenancecosts 79,835 101,180 Insurancecost 142,043 114,537 Liquidateddamages 9 26 Depreciation 212,756 216,273 Others 1,395 1,297 2,556,333 3,546,431 9. CASHGENERATEDFROMOPERATIONS Profitbeforetaxation 646,774 335,229 Adjustmentfornon-cashchargesandotheritems: lossondisposalofasset Depreciation 226,787 230,365 Provisionforgratuity 3,834 3,508 Interestincome (29,097) (2,633) Financecost 319,853 174,706 Cashflowsfromoperatingactivitiesbefore working capital changes 1,168,151 741,175 (Increase)/decreaseincurrentassets: Stores,sparepartsandotherconsumables (5,376) (18,350) Fuelstock (737,411) (122,878) Tradedebts 167,113 (1,478,096) Advancesandshort-termprepayments (62,558) (65,668) Otherreceivables 136,350 267,502 Loantoassocaitedco. 50,000 - Salestaxrecoverable (76,206) (134,567) (528,088) (1,552,057) (Decrease)/increaseintradeandotherpayables 228,270 754,858 868,333 (56,024)

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10. TRANSACTIONSWITHRELATEDPARTIES TherelatedpartiesoftheCompanycompriseofassociatedundertakings,otherrelated

group companies and keymanagement personnel. Transactionswith related partiesincludeexpenseschargedbetweenthesecompanies.TheCompanyinthenormalcourseofbusinesscarriesouttransactionswithvariousrelatedparties.Detailoftransactionswithrelatedpartiesotherthanthosewhichhavebeenspecificallydisclosedelsewhereinthesefinancialstatementsareasfollows:

Un-audited Quarter Ended 31 March 31March 2019 2018 (Rupees in thousand) Associated company Nature of transaction

AdamjeeInsurance Insurancepremium 3,398 4,715 CompanyLimited Insuranceclaimreceived 381 61 SecurityGeneralInsurance CompanyLimited Insurancepremium 164,545 132,681 LalpirPowerLimited Shareofexpenses - 5,400 Loangiven 732,862 - Loanrepaid 662,000 - Interestcharged 2,463 - Nishat(AzizAvenue)hotels andpropertiesLimited Rent 1,570 1,570 NishatHotelsand Loangiven 1,000,000 - PropertiesLimited Loanrepaid 50,000 - Interestcharged 26,308 - PakistanAviatorsand Aviation(Private)Limited Flyingservices 18,108 19,400 NishatHospitality(Private)Limited Boardingand Lodgingservices - 17 STAFF RETIREMENT BENEFIT PLANS Providentfund Contributionmade 4,443 4,311 Gratuityfund Contributionmade 3,834 3,508 KEY MANAGEMENT PERSONNEL Remuneration 11,028 11,023 11. FINANCIALRISKMANAGEMENT TheCompany’sactivitiesexpose it toavarietyof financial risks:market risk (including

currency risk, other price risk and interest rate risk), credit risk and liquidity risk. TheCompany’soverallriskmanagementprogrammefocusesontheunpredictabilityoffinancialmarkets and seeks tominimize potential adverse effects on theCompany’s financialperformance.

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Riskmanagement is carriedoutby theCompany’s financedepartment underpoliciesapprovedby theBoard ofDirectors (theBoard). TheCompany’s financedepartmentevaluates and hedges financial risks. The Board provides principles for overall riskmanagement,aswellaspoliciescoveringspecificareassuchascurrencyrisk,otherpricerisk,interestraterisk,creditrisk,liquidityriskandinvestmentofexcessliquidity.Alltreasuryrelatedtransactionsarecarriedoutwithintheparametersofthesepolicies.

Thecondensedinterimfinancialinformationdoesnotincludeanyfinancialriskmanagement

informationanddisclosuresrequiredintheannualfinancialsstatements,andshouldbereadinconjuctionwiththecomapaniesannualfinancialstatementsasat31stDecember2018.

12. CORRESPONDINGFIGURES InordertocomplywiththerequirementsofInternationalAccountingStandard34“Interim

FinancialReporting”,thecondensedinterimbalancesheetandcondensedinterimstatementof changes in equity have been comparedwith balances of audited annual financialstatementsofprecedingfinancialyear,whereas, thecondensed interimprofitand lossaccount,condensedinterimcashflowstatementhavebeencomparedwiththebalancesofcomparableperiodofimmediatelyprecedingfinancialyear.

Correspondingfigureshavebeen re-arranged,wherevernecessary, for thepurposeof

comparisonhowever,nosignificantre-arrangementshavebeenmade. 13. DATEOFAUTHORISATIONFORISSUE Thiscondensedinterimfinancialinformationwasauthorizedforissueon25April2019by

theBoardofDirectorsoftheCompany. 14. GENERAL FigureshavebeenroundedofftothenearestthousandRupees.

CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER

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53 - A, Lawrence Road, Lahore. Tel: 042 - 36367812 - 16

Fax: 042 - 36367414 I UAN: 042 - 111-11-33-33

PAKGEN POWER LIMITED