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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED

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Company Information

Directors' Report

Condensed Interim Financial Information


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COMPANY INFORMATIONBoard of Directors

Chairman

Chief Executive Officer

Directors

Capt. Haleem A. Siddiqui

Mr. Sharique Azim Siddiqui

Mr. Aasim Azim SiddiquiCapt. Zafar Iqbal AwanSyed Nizam ShahMr. Ali Raza SiddiquiMr. M. Masood Ahmed Usmani, FCA

EY Ford Rhodes Chartered Accountants6th Floor, Progressive Plaza, Beaumont Road,P.O. Box 15541, Karachi-75530

Auditors

Kabraji & Talibuddin406-407, 4th Floor, The Plaza at II Talwar, Block-9, Clifton, Karachi.

Farogh Naseem & Co., Advocates 46-E/4, 46th Street, Block-6, P.E.C.H.S., Karachi.

The Continental Law AssociatesPanorama Centre, Saddar, Karachi.

153-K , Sufi Street, Block-2, PECHS, Karachi 75400Khalid Anwer & Co.

Legal Advisors

2nd Floor, Business Plaza, Mumtaz Hassan Road, Karachi-74000 Pakistan. Tel. 92-21-32400450-3 Fax. 92-21-32400281

Registered & Head Office

Central Depository Company of PakistanCDC House, Main Shahrah-e-Faisal, Karachi

Registrar / Transfer Agent

Chief Financial Officer &Company Secretary Mr. Arsalan I. Khan, ACA

Audit Committee

Chairman

Members

Syed Nizam Shah

Mr. Ali Raza SiddiquiMr. M. Masood Ahmed Usmani, FCA

Chief Internal Auditor &Secretary Mr. Noman Yousuf

Human Resource & Remuneration Committee

Chairman

Members

Syed Nizam Shah

Mr. Sharique Azim SiddiquiMr. Ali Raza Siddiqui

Secretary Mr. Arsalan I. Khan, ACA

Bankers Al-Baraka Bank (Pakistan) LimitedAskari Bank LimitedDubai Islamic Bank Limited Faysal Bank LimitedJS Bank LimitedMCB Bank Limited

Meezan Bank LimitedNational Bank of PakistanSamba Bank LimitedSindh Bank LimitedThe Bank of Punjab

NWIZ/LL/02, North Western Industrial Zone, Port Qasim Authority, Karachi.

Terminal Office


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Directors' Report

The Directors are pleased to present the condensed interim financial information of Pakistan International

Bulk Terminal Limited (PIBT) (the Company) together with the Auditors' Report to the members on review

of condensed interim financial information for the period ended December 31, 2017.

BUSINESS REVIEW

The Company has entered into a Build Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on

November 06, 2010 for the exclusive construction, development, operations and management of a coal

and clinker / cement terminal at Port Muhammad Bin Qasim for a period of thirty years.

The Company commenced its commercial operations from July 3, 2017. However, under the

Implementation Agreement, PQA is required to issue the “Certificate of Successful Commissioning”, which

PQA has issued for coal handling system in 2nd quarter financial year 2018.The Directors congratulate all

the stakeholders of the Project on achieving this significant milestone & commend them for investing their

confidence in the Project.

During this six months operational period, your Company has handled 839,922 tons of coal cargo through

various vessels with positive contribution margins. However, net loss before taxation is Rs. 1,485 million,

mainly due to fixed costs, depreciation and amortization of the infrastructure project. Other income during

the period is Rs. 39.029 million (December 31, 2016: Rs. 65.114 million) comprising of the interest income

on the deposits held with commercial banks. During the period, the Company also has provided for taxation

of Rs. 820.503 million, of which Rs. 765.988 million is deferred tax on account of taxable temporary

differences. Net loss after tax is Rs. 2,305.203 million with an EPS of Rs. (1.55).

GOING FORWARD

Your Company is in negotiations with potential customers for commercial contracts for handling cargos of

coal, clinker and cement, to bring efficiencies in their respective supply chains. This will ease off the existing

port congestions at KPT and PQA, mitigate the environmental and proficiency concerns and enhance our

shareholder's value.

In the end, the Board of Directors of your company would like to reiterate their commitment to operate

efficiently Pakistan's first state-of-the-art mechanized bulk cargo handling terminal for the handling of Coal,

Clinker & Cement, compliant with international standards of excellence which will curtail environment

pollution and modernize the port infrastructure of the country.

For and on behalf of the Board of Directors

Sharique Azim Siddiqui


Karachi: February 22, 2018


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Condensed Interim

Financial Information

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Auditors' report to the members on review of condensed interim financial information

Introduction

We have reviewed the accompanying condensed interim balance sheet of Pakistan International Bulk

Terminal Limited (the Company) as at 31 December 2017, and the related condensed interim profit

and loss account, condensed interim statement of comprehensive income, condensed interim

statement of cash flow and condensed interim statement of changes in equity together with the notes

forming part thereof for the six-month period then ended (herein after referred to as the "condensed

interim financial information"). Management is responsible for the preparation and fair presentation of

this condensed interim financial information in accordance with approved accounting standards as

applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on

this condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410,

"Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A

review of interim financial information consists of making inquiries, primarily of persons responsible

for financial and accounting matters, and applying analytical and other review procedures. A review is

substantially less in scope than an audit conducted in accordance with International Standards on

Auditing and consequently does not enable us to obtain assurance that we would become aware of all

significant matters that might be identified in an audit. Accordingly, we do not express an audit

opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the

accompanying condensed interim financial information as of and for the six months period ended 31

December 2017 is not prepared, in all material respects, in accordance with approved accounting

standards as applicable in Pakistan for interim financial reporting.

EY Ford Rhodes

Chartered Accountants

Review Engagement Partner: Arif Nazeer

Date: 22 February 2018

Place: Karachi

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Arsalan I. Khan

Chief Financial Officer



Capt. Zafar Iqbal Awan

Director

CONDENSED INTERIM BALANCE SHEET AS AT DECEMBER 31, 2017



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Arsalan I. Khan





Director

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED DECEMBER 31, 2017

(UN-AUDITED)

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Arsalan I. Khan





Director

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFOR THE HALF YEAR ENDED DECEMBER 31, 2017

(UN-AUDITED)



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CONDENSED INTERIM CASH FLOW STATEMENTFOR THE HALF YEAR ENDED DECEMBER 31, 2017

(UN-AUDITED)

Arsalan I. Khan





Director

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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED DECEMBER 31, 2017

(UN-AUDITED)

Arsalan I. Khan





Director



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NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED DECEMBER 31, 2017

(UN-AUDITED)

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Arsalan I. Khan





Director

These condensed interim financial statements was authorised for issue on February 22, 2018 by the Board of Directors of the Company.

Head Office 2nd Floor, Business Plaza, Mumtaz Hassan Road, Karachi 74000, Pakistan.

Tel.(+9221) 32400450-3 Fax.(+9221) 32400281 Email. [email protected] Website. www.pibt.com.pk

Pakistan International Bulk Terminal Limited

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