Ratio Analysis Of Ptcl 6m375i
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Analysis of financial statements
Liquidity Ratio’s Liquidity ratios measure a firm's ability to meet its current obligations.
Current Ratio Current Ratio = Current assets / Current liabilities YEAR 2009
YEAR 2008
Current Ratio = Current assets / Current liabilities
Current Ratio = Current assets / Current liabilities
Current Ratio =
54,220,241/ 36,086,322
Current Ratio = 39,603,406 / 21,913,959
Current Ratio =
1.50 times
Current Ratio = 1.81 times
Interpretation The Current Ratio shows that in year 2008, the current assets of the company decreases as compared to year 2009 but it increases as compared to current liabilities and in year 2009, the current assets of the company increases as compared to year 2009 which shows a positive sign for liquidity.
Quick Ratio Quick Ratio = Current assets – inventory / Current liabilities YEAR 2009
YEAR 2008
Analysis of financial statements
Quick Ratio = Current assets – inventory / Current liabilities
Quick Ratio = Current assets – inventory / Current liabilities
Quick Ratio = 36,086,322
54,220,241 –5201,991
Quick Ratio = 39,603,406 – 4954,085 21,913,959
Quick Ratio =
1.36 times
/
/
Quick Ratio = 1.58 times
Interpretation A measure of a company's liquidity and ability to meet its short term obligations. Quick ratio is viewed as a sign of company's financial strength or weakness (higher number means stronger, lower number means weaker). In year 2009 quick ratio of the PTCL decreases as compared to year 2008 it shows weakness as compared to 2008 but still it showing financial strength of the PTCL due to the reason of slightly difference.
Working Capital Ratio Working capital Ratio = Current assets – Current liabilities YEAR 2009
YEAR 2008
Working capital Ratio = Current assets – Current liabilities
Working capital Ratio = Current assets – Current liabilities
Current Ratio =
Current Ratio = 39,603,406 21,913,959
54,220,241 –
36,086,322
Working capital Ratio = 18,133,919
–
Working capital Ratio = 17,689,447
Interpretation The Working Capital of year 2009 shows growth as compared to year 2008 and, this shows Working capital is increasing per year. The increment in working capital is increasing the worth of the PTCL. As the working capital increases the liquidity also increases.
Analysis of financial statements
Leverage Ratio’s Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.
Debt- to- Total Assets Ratio Debt- to- Total Assets Ratio = Total Debt / Total Assets YEAR 2009
YEAR 2008
Debt- to- Total Assets Ratio = Total Debt / Total Assets
Debt- to- Total Assets Ratio = Total Debt/ Total Assets
Debt- to- Total Assets Ratio =54,658,520/ 154,048,079
Debt- to- Total Assets Ratio =39559,478/ 137,447,852
Debt- to- Total Assets Ratio = 0.35 0r 36%
Debt- to- Total Assets Ratio = 0.28 or 29%
Note :Debt- to- Total Assets are in Ratio & percentage
Interpretation Measure of a firm's assets financed by debt and, therefore, a measure of its financial risk. The lower this ratio, generally the better off the firm. The Debt to Asset ratio of the company shows that in year 2009, the debt to asset ratio increases but in year 2008 it decreases which shows a positive sign because as the total assets decreases the debt to asset ratio also decreases, so year 2008 is favorable as compared to current year. But current year 2009 is not favorable as compare to 2008 because as the total assets increases the debt to asset ratio also increases.
Analysis of financial statements
Debt- to- Equity Ratio Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
YEAR 2009
YEAR 2008
Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
Debt- to- Equity Ratio =54,658,520 / 99,389,559
Debt- to- Equity Ratio = 39559,478 / 97,888,374
Debt- to- Equity Ratio = 0.54 or 55%
Debt- to- Equity Ratio = 0.40 or 43%
Interpretation Measure of a firm's leverage or gearing and its capacity for debt repayment, it indicates proportion of firm's total capital contributed by trade creditors and lenders.
The Debt to Equity ratio shows that in year 2009, the debts of the PTCL increases but in year2008 the debts of the PTCL decreases which is cause of decrease in Debt to Equity ratio, so year 2009 is favorable but in year 2009, the debts of the PTCL increases as compare to debts of 2008.
Time interest earned Ratio Time interest earned Ratio = profit before interest & tax / interest charges
YEAR 2009
YEAR 2008
Time interest earned Ratio = PBIT / Interest charges
Time interest earned Ratio= PBIT / Interest charges
Time interest earned Ratio = 14,020,917/ 908524
Time interest earned Ratio = (44,62,616) / 847,973
Time interest earned Ratio = 15.43 times
Time interest earned Ratio = (5.26) times
Analysis of financial statements
Interpretation It indicates the number of times a firm's income in an ing period can pay off the interest incurred during the same period on firm's debts. Since it measures the ability to pay interest-due from the earnings of the firm, this ratio is used in computing the firm's borrowing capacity and in assessing the risk of additional debt. The Interest Coverage ration describe that in year 2009 the Interest Coverage ratio increases and in year 2008 it decreased with a great extent, so we can say that it is increasing yearly because EBIT is increasing than the interest expense.
Network Ratio Network Ratio = Equity / Total asset
Interpretation YEAR 2009
YEAR 2008
Network Ratio = Equity / Total assets
Network Ratio = Equity / Total assets
Network Ratio = 99,389,559/ 1540,48079
Network Ratio =97,888,374 / 137,447,852
Network Ratio = 0.64
Network Ratio = 0.71
The network ratio describe that in year 2009 ratio decreases and in year 2008 it increased, so we can say that it is increasing yearly because its total assets and equities is increasing than the year 2008.
Activity Ratio’s Efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.
Fixed Assets Turnover Ratio
Analysis of financial statements
Fixed Assets Turnover Ratio = sales / fixed assets
YEAR 2009
YEAR 2008
Fixed Assets Turnover Ratio = Sales / Fixed assets
Fixed Assets Turnover Ratio = Sales / Fixed assets
Fixed Assets Turnover Ratio =59,239,001 / 99827,838
Fixed Assets Turnover Ratio = 66,336,042 / 97844,446
Fixed Assets Turnover Ratio = 0. 59
Fixed Assets Turnover Ratio = 0.68
Interpretation Measure of a firm's efficiency in managing its fixed assets in relation to the revenue generated. Higher this ratio, the smaller the investment required to generate sales revenue and, therefore, higher profitability of the firm. In year 2009 it shows decline as compared to year 2008 which is not favorable for PTCL, its describe more investment required in PTCL to generate revenue.
Total Assets Turnover Ratio Total Assets Turnover Ratio = sales / total assets
YEAR 2009
YEAR 2008
Total Assets Turnover Ratio = Sales / total assets
Total Assets Turnover Ratio = Sales / Total assets
Total Assets Turnover Ratio =59,239,001 / 154,048,079
Total Assets Turnover Ratio = 66,336,042 / 137,447,852
Total Assets Turnover Ratio = 0. 38
Total Assets Turnover Ratio = 0.48
Analysis of financial statements
Interpretation Measure of a firm's efficiency in managing its assets in relation to the revenue generated. Higher this ratio, the smaller the investment required to generate sales revenue and, therefore, higher profitability of the firm. In year 2009 it shows decline as compared to year 2008 which is not favorable for PTCL, its describe more investment required in PTCL to generate revenue.
Profitability Ratio Profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.
Gross Profit Margin Gross profit margin = Sales – COGS / Sales *100
YEAR 2009
YEAR 2008
Gross profit margin = Sales – COGS / Sales *100
Gross profit margin = Sales – COGS / Sales *100
Gross profit margin = 59239,00137,732,282/ 59239,001*100
Gross profit margin = 66,336,042- 37,346,869 / 66,336,042 *100 Gross profit margin = 0.43 0r 43%
Gross profit margin = 0.36 or 36%
Interpretation Gross profit margin ratio shows that the total margin available to cover operating expenses and yield a profit in year 2009 gross profit margin is decreased as
Analysis of financial statements
compared to 2008 that shows that ptcl have less total margin available to cover operating expenses and yeid a profit in 2009 comparatively it shows decling .
Operating Profit Margin Operating profit margin = EBIT / Sales *100
YEAR 2009
YEAR 2008
Operating profit margin = EBIT / Sales *100
Operating profit margin = EBIT / Sales *100
Operating profit margin =10754,387/59239001*100
Operating profit margin =(16365,672)/66,336,042*100
Operating profit margin =0.18 or 18.15%
Operating profit margin = 0.24 or (24.67%)
Interpretation Operating profit margin ratio shows that profitability without concern for taxes and interest, in year 2009 operating profit margin is decreased as compared to 2008 from 0.42 to 0.18. This means Operating Expenses decreases in Financial Year 2009.
Net Profit Margin Net profit margin = Net income / Sales *100
YEAR 2009
YEAR 2008
Net profit margin = Net income / Sales *100
Net profit margin = Net income / Sales *100
Net profit margin = 9151,185 / 59,239,001*100
Net profit margin =(28,24,890) / 66,336,042*100
Net profit margin = 15.4%
Net profit margin = (4.26%)
Interpretation
Analysis of financial statements
Net profit margin ratio Measures that indicate how well a firm is performing in of its ability to generate profit, in year 2009 operating profit margin is increased as compared to 2008 from 0.04 to 0.15. This means net income is increases in Financial Year 2009 that shows that ptcl is well performing to generate profit.
Return on Assets (ROA) Return on Assets = Net income / Total assets
YEAR 2009
YEAR 2008
Return on Assets = Net income / Total assets
Return on Assets = Net income / Total assets
Return on Assets = 9151,185/ 15,4048,079
Return on Assets = (2,824,890)/ 137,447,852 Return on Assets = (0.02)
Return on Assets = 0.05
Interpretation ROA indicates a firm's ability to efficiently allocate and manage its resources but (unlike return on equity') ignores the firm's liabilities .Return on total assets (ROA) of ptcl is increased from 0.02 to 0.05 in Financial Year 2009 as compare to Financial Year 2008. This means ptcl Return on its Total Assets employed increases in Financial Year 2009.
In year 2009 we have observed the growth in Return on Assets ratio is increased by 0.05 although it’s increasing, we can’t say it constant growth.
Return on Shareholder’s Equity (ROE) Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Analysis of financial statements
YEAR 2009
YEAR 2008
Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Return on Shareholder’s Equity = 9151,185/ 99,389,559
Return on Shareholder’s Equity = (2,824,890)/ 97,888,374
Return on Assets = 0.09 or 9.28%
Return on Assets = (0.02) or (2.71%)
Interpretation Ratio measuring stockholders' (shareholders') profitability, expressed as a percentage of the firm's net worth. ROE indicates a firm's efficiency in applying common-stockholders' (ordinary-shareholders') money. The return on equity increases in year 2009 which shows a positive sign for shareholders but it decreases in year 2008; however which is not a good sign, as the return on equity increases the value of shares increases. It will directly affect the share price.
Share holder’s Investment Ratio Earning per share (EPS) and Dividend per share (DPS)
YEAR 2009
YEAR 2008
Earning per share (EPS)
Earning per share (EPS)
Earning per share = 1.79
Earning per share = (0.55)
Dividend per share= 1.5
Dividend per share= no dividend
Analysis of financial statements
Interpretation of EPS EPS indicates a firm's market price of shares, if EPS increases the market price of share is also increases. Here Earning per share of ptcl is increased in Financial Year 2009 as compare to Financial Year 2008. This means ptcl earning per share increases in Financial Year 2009 as compare to 2008.it shows a positive sign for ptcl investors.
Interpretation of DPS DPS indicates that how much firm is declaring a return/ profit on shares to investors, if DPS increases the market price of share is also increases. Here dividend per share of ptcl is increased in Financial Year 2009 as compare to Financial Year 2008. This means ptcl is declared a dividend 1.5 on per share in Financial Year 2009 as compare to 2008.it shows a positive sign for ptcl investors.
INTERPRETATION OF CASH FLOW STATEMENT • Cash Flow From Operating Activities: The Net Cash Flow from Operating Activities in 2009 increases by a great extent as compared to 2008 (From 1.1 Million to 28 Million). The reasons for increasing Net Cash Flow from Operating Activities is that the cash generated from Operation increased from 28Million to 24.3Million and the expenditure decreased by very large percentage like employees retirement(from 17.3Million to 1.47Million) and payment of other VSS Components (From
Analysis of financial statements
21.4Million to 0.8Million). These are the main factors which increased the cash flow of 2009. This is positive sign for the company because NCF from Operating Activities going up and company is increasing its operating activities by increasing sale of goods and services.
• Cash Flow From Investing Activities: Capital expenditure decreased but advance to against ordinary shares and loan to subsidiary increased than year 2008, are the main reason and are responsible for negative net cash outflow from investing activities and no dividend income. Assets and investments increase which means there is an application of Cash. This shows PTCL has spent or invested more than previous year in new equipment. PTCL needs more investment in acquiring assets or other business to get high return or be pioneer in its sector.
• Cash Flow From Financing Activities: The Cash Flow from financing activities decreases in 2009 because dividend paid is 2,742 in 2009 and 10,195,524 in 2008, which shows the transaction of shares of PTCL in Stock Market were very few but repayment of suppliers decreased which is good for PTCL. We can see that the cash flow for year 2009 was 31,702,352. The bulk of the positive cash flow stems from cash earned from operations, which is a good sign for investors. It means that core operations are generating business and that there is enough money to buy new inventory. The purchasing of new equipment shows that the company has cash to invest in inventory for growth. Finally, the amount of cash available to the company should ease investors' minds regarding the notes payable, as cash is plentiful to cover that future loan expense. A company can use a cash flow statement to predict future cash flow. For investors, the cash flow reflects a company's financial health: basically, the more cash available for business operations and it shows bright future for company and investor.
PTCL – PAKISTAN TELECOMMUNICATION LIMITED
Analysis of financial statements
Introduction of PTCL PTCL is the largest telecommunications provider in Pakistan. PTCL also continues to be the largest CDMA operator in the country with 0.8 million V-fone customers. The company maintains a leading position in Pakistan as an infrastructure provider to other telecom operators and corporate customers of the country. It has the potential to be an instrumental agent in Pakistan’s economic growth. PTCL has laid an Optical Fiber Access Network in the major metropolitan centers of Pakistan and local loop services have started to be modernized and upgraded from copper to an optical network. On the Long Distance and International infrastructure side, the capacity of two SEA-ME-WE submarine cable is being expanded to meet the increasing demand of International traffic.
With the promulgation of Telecommunication (Re-Organization) Act 1996, the Pakistan Telecommunication Authority was established as the Telecom Regulatory body. Following the open licensing policy in BUY @ PKR 45.40 accordance with the instructions of Government of Pakistan and in exercise of powers conferred by Pakistan Telecommunication (Re-Organization) Act 1996, the basic telephony was put under exclusivity and PTCL was given a seven years monopoly over basic telephony which ended by December 31, 2002. The year 2006-07 in the telecom sector witnessed a phenomenal growth in the mobile phone sector in Pakistan, which doubled its subscriber base to 60 million. The Tele density increased from 26% to 40%, helping to spread the benefits of communication technology across the country. PTCL's mobile phone subsidiary Ufone's subscriber base grew by more than 87%, from 7.49 million to 14 million.
The year also witnessed the entry of major telecom companies, most notably China Telecom into the market. Restructuring and re-engineering are in their final stages along with the implementation of ERP system. From the end customer's perspective, a major initiative was put in place in the shape of 'Broadband Pakistan' service launch as a first step towards providing its customer with more value added service and convenience. With this offering, the PTCL not only bringing the benefit of high speed Internet access to subscribers in major cities but will also generate new revenue streams for future growth. The company also continued to invest in infrastructure development and addition of network capacity with a view to enhance services and to expand its reach across the country.
Analysis of financial statements
Vision To be the leading Information and Communication Technology Service Provider in the region by achieving customer satisfaction and maximizing shareholders' value'. The future is unfolding around us. In times to come, we will be the link that allows global communication. We are striving towards mobilizing the world for the future. By becoming partners in innovation, we are ready to shape a future that offers telecom services that bring us closer.
Mission To achieve our vision by having An organizational environment that fosters professionalism, motivation and quality An environment that is cost effective and quality conscious Services that are based on the most optimum technology "Quality" and "Time" conscious customer service Sustained growth in earnings and profitability
Core Values Professional Integrity Customer Satisfaction Teamwork Company Loyalty
Analysis of financial statements
Corporate Information
Products & Services of PTCL PTCL Landline Since the deregulation of the telecom sector, a large number of foreign investors opted for licenses in LL, LDI and cellular operations, identifying Pakistan as an emerging market. Investors entered the market forcefully in the cellular segment, introducing heated competition for PTCL. In this situation PTCL's counter strategy for landline service, during the year 2007-08 was aimed to increase ARPU, acquire new subscribers and contain churn To increase operations, PTCL shifted from its conventional duration based charging system to value based options, like 'Pakistan Package' that offered 5,000 minutes for on-net nationwide calls at Rs. 199/month. PTCL also launched 'International Plus' package to facilitate cost effective international calls at unmatchable rates alongside offering Voice messaging and Phone n Net services, adding more value to the landline service. To increase customers' base, 'order on phone' was introduced, allowing customer to apply for a new connection by simply calling 0800-80800. To tackle the churn PTCL established an outbound call center to reach out to potential customers with an objective to attain higher level of brand loyaltyPTCL V-Fone
PTCL V-Fone (WLL Service) was another major area of focus for PTCL during the year. A few prominent measures taken in this area during the year were launching of free home delivery service. No line rent package was launched in September 2007. In June 2008, 30 seconds billing was introduced contributing as an effective customer retention tool. PTCL has expanded the network to provide coverage in all large and small cities including over 10,000 villages in rural areas of Pakistan.
Analysis of financial statements
As Vfone becomes the Wireless substitute to landline in un-served areas, it will be a robust line for voice, data and fax services for use at home and in the office. In business markets it will be positioned as the CDMA tellular extension to add trunk lines to the ever expanding business PABXs. Vfone will be spearheading the launch of the new postpay and pre-pay tariffs with no line-rent to meet the market demand. The tariff will include new post-pay unlimited local and nationwide calling packages to bring traffic back to PTCL’s networks to stabilize the revenues. After the initial launch, the Company aims to retain the momentum by offering different bundled packages for voice to increase the subscriber base, including specifically targeting the rural areas where copper infrastructure does not exist. On Wireless broadband front, a major upgrade of PTCL WLL CDMA network is underway to provide Wireless broadband services in 17 major cities by end 2007. Currently technical trial is in progress which will be followed by a pilot project on WiMax technology. This will enable PTCL to maintain its competitive edge. Ufone(Pakistan Telecom Mobile Ltd) a wholly-owned subsidiary of PTCL commenced its operations on 29th January 2001 as a GSM 900 service provider. Since the outset, it has expanded its coverage and customer base at a rapid pace and established itself as one of the leading cellular service providers in Pakistan. Ufone is now considered to be one of the most active, aggressive and innovative players in the mobile sector of Pakistan.
The growth of the cellular industry is a direct result of the successful implementation of the telecom deregulation and cellular mobile policy by the Ministry of IT and Telecommunications (MOIT&T) and the , guidance and timely enforcement of regulatory process by the Pakistan Telecommunication Authority (PTA).
Ufone's operational performance has been very encouraging despite stiff competition in Pakistan telecom market which has led to reduction of prices to bare minimum level. Ufone managed to improve its revenue and operating profit by 35% and 47% respectively, as compared to the last year through aggressive policies and exercising strict control over expenses.
Paknet Limited
Analysis of financial statements
Paknet was incorporated in year 2000 for providing internet related services in the country is being wound up. However, PTCL has developed its own voice, data and video infrastructure and services. Paknet's operations have been closed and liquidator appointed for completing the formalities involving the company closure. All customers, assets, liabilities and capital stand transferred to PTCL in accordance with the special resolution ed in General Meetings.
PTCL Broadband
The first major product initiative taken towards a changing PTCL during the year 2006-07, was the launch of PTCL’s Broadband service under the theme of ‘Broadband Pakistan’ by the Prime Minister of Pakistan. The service was launched on PTCL’s new state of the art Broadband infrastructure that was added to our network during the last three quarters of 2007 with the initial capacity of over 100,000 subscribers.
PTCL achieved unprecedented success as it added over 10,000 customers within the first 120 days of its launch while historically it had taken four years collectively for all the other operators to achieve 30,000 customers in Pakistan! The hallmark of PTCL service was the removal of the traditional barriers such as the upfront costs of installation and customer premises equipment andadded bandwidth . This high customer take up also reflected on the Company’s trusted image in the eyes of the nation. The service is already available in the five largest cities of Pakistan and will be expanded into another dozen cities during the coming year.
Smart Services
In March 2008, PTCL introduced a trial service that put PTCL on the path of a paradigm shift. Branded under 'PTCL Smart Line', the service included Interactive Television, Broadband and voice Telephony all at the same time on PTCL's telephone line. The 'Smart TV', for the first time offered TV viewers
Analysis of financial statements
the power to control the TV channels interactively. This included the ability to rewind and pause live TV channels, block / unblock any TV channel for parental lock and search through video on demand content. The Commercial launch of the PTCL Smart Line services across the three largest cities in Pakistan was arranged on the 14th of August 2008 which will be expanded to the other cities during the course of the year.
ANALYSIS OF INTERNAL ENVIRONMENT Being a public limited company whose majority shares are controlled by the Government of Pakistan, PTCL is responsible to provide telecommunication services in the country on affordable prices while ensuring that the telecom services become accessible throughout the country. Since exclusivity of PTCL has ended on 1st Jan 2003, the telecom sector of Pakistan has entered into a new era and PTCL is slowly moving towards competition in the basic telecom services. The company’s policy objectives are as follows:
Increase service choice for all consumers of telecom services at competitive and affordable prices
Increase private investment in the telecom sector and encourage local telecom manufacturing/service industry
Enhance long run benefits to the Government’s financial position by expanding the taxable revenue base.
Analysis of financial statements
Accelerate expansion of telecom infrastructure to extend telecom services t un served and undeserved areas.
Encourage fair competition among service providers, while maintaining leadership in the telecom sector
Maintain consistency with the Pakistan IT and internet promotion policy of low price for Bandwidth and Internet access.
SWOT ANALYSIS OF PTCL
Strengths
• Largest operational network and infrastructure within ICT (Information & Communication Technologies) segment. • An integrated Monoply • Market leadership in Local loop, Wireless local loop (WLL) and Fixed telephony. • PTCL (Ufone) is market challenger in GSM segment • Ufone is performing well though Warid and Telenor are tough competitors. PTCL, Ufone’s profitability increased by 49.2 percent to Rs 977 million in 1H/FY07 as compared to Rs 655 million in the corresponding period last. • Competitors still depend on PTCL network either directly or indirectly • Experienced Telecom Resources
Weakness • Not been able to nurture its growth around customer services oriented strategy • Internal organizational and business processes issues • Monopolistic culture has further added to its complexities • Paknet, the internet service provider arm of ptcl continues to incur losses due to poor managment and lack of network optimization • Ptcl-v, the fixed wireless phone service is poor • Over employment & low productivity.
Analysis of financial statements
• Slow decision making including external interferences. • Corporate culture akin to government departments. 7.3 Opportunities • Low teledensity of pakistan. • Global connectivity reliability has been improved. PTCL is expanding the long distance and infrastructure side through spreading out two sea-me-we submarine cables.. • Partnership with new entrants in a deregulated environment. • Scope for efficient/cost effective operations
Threats • • • • • •
Increased competition in long distance continues to exert pressure. VOIP use is increasing despite ambiguous and discriminatory policies Exposure to market competition Migration to Cellular Networks Ability to Attract & Retain Quality Professionals Reduction in International Settlement Rate
Bibliography
For successful completion of this project i have utilize different available resources, from which i have obtain required data. These resources lie in both digital and analog form. Most of the information is obtain from Internet, while a visit to company is also made to get further information. I am thankful to company management who had welcome and cooperate with me. Resources which are consulted discussed below:
Resources Company’s website - www.ptcl.com.pk Company Annual Reports
Analysis of financial statements
Magazine Business Economist Google.com Economic survey of Pakistan Businessrecorder.com Yahoofinance.com PTA Reports
Liquidity Ratio’s Liquidity ratios measure a firm's ability to meet its current obligations.
Current Ratio Current Ratio = Current assets / Current liabilities YEAR 2009
YEAR 2008
Current Ratio = Current assets / Current liabilities
Current Ratio = Current assets / Current liabilities
Current Ratio =
54,220,241/ 36,086,322
Current Ratio = 39,603,406 / 21,913,959
Current Ratio =
1.50 times
Current Ratio = 1.81 times
Interpretation The Current Ratio shows that in year 2008, the current assets of the company decreases as compared to year 2009 but it increases as compared to current liabilities and in year 2009, the current assets of the company increases as compared to year 2009 which shows a positive sign for liquidity.
Quick Ratio Quick Ratio = Current assets – inventory / Current liabilities YEAR 2009
YEAR 2008
Analysis of financial statements
Quick Ratio = Current assets – inventory / Current liabilities
Quick Ratio = Current assets – inventory / Current liabilities
Quick Ratio = 36,086,322
54,220,241 –5201,991
Quick Ratio = 39,603,406 – 4954,085 21,913,959
Quick Ratio =
1.36 times
/
/
Quick Ratio = 1.58 times
Interpretation A measure of a company's liquidity and ability to meet its short term obligations. Quick ratio is viewed as a sign of company's financial strength or weakness (higher number means stronger, lower number means weaker). In year 2009 quick ratio of the PTCL decreases as compared to year 2008 it shows weakness as compared to 2008 but still it showing financial strength of the PTCL due to the reason of slightly difference.
Working Capital Ratio Working capital Ratio = Current assets – Current liabilities YEAR 2009
YEAR 2008
Working capital Ratio = Current assets – Current liabilities
Working capital Ratio = Current assets – Current liabilities
Current Ratio =
Current Ratio = 39,603,406 21,913,959
54,220,241 –
36,086,322
Working capital Ratio = 18,133,919
–
Working capital Ratio = 17,689,447
Interpretation The Working Capital of year 2009 shows growth as compared to year 2008 and, this shows Working capital is increasing per year. The increment in working capital is increasing the worth of the PTCL. As the working capital increases the liquidity also increases.
Analysis of financial statements
Leverage Ratio’s Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.
Debt- to- Total Assets Ratio Debt- to- Total Assets Ratio = Total Debt / Total Assets YEAR 2009
YEAR 2008
Debt- to- Total Assets Ratio = Total Debt / Total Assets
Debt- to- Total Assets Ratio = Total Debt/ Total Assets
Debt- to- Total Assets Ratio =54,658,520/ 154,048,079
Debt- to- Total Assets Ratio =39559,478/ 137,447,852
Debt- to- Total Assets Ratio = 0.35 0r 36%
Debt- to- Total Assets Ratio = 0.28 or 29%
Note :Debt- to- Total Assets are in Ratio & percentage
Interpretation Measure of a firm's assets financed by debt and, therefore, a measure of its financial risk. The lower this ratio, generally the better off the firm. The Debt to Asset ratio of the company shows that in year 2009, the debt to asset ratio increases but in year 2008 it decreases which shows a positive sign because as the total assets decreases the debt to asset ratio also decreases, so year 2008 is favorable as compared to current year. But current year 2009 is not favorable as compare to 2008 because as the total assets increases the debt to asset ratio also increases.
Analysis of financial statements
Debt- to- Equity Ratio Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
YEAR 2009
YEAR 2008
Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
Debt- to- Equity Ratio = Total Debt / Total share holder’s equity
Debt- to- Equity Ratio =54,658,520 / 99,389,559
Debt- to- Equity Ratio = 39559,478 / 97,888,374
Debt- to- Equity Ratio = 0.54 or 55%
Debt- to- Equity Ratio = 0.40 or 43%
Interpretation Measure of a firm's leverage or gearing and its capacity for debt repayment, it indicates proportion of firm's total capital contributed by trade creditors and lenders.
The Debt to Equity ratio shows that in year 2009, the debts of the PTCL increases but in year2008 the debts of the PTCL decreases which is cause of decrease in Debt to Equity ratio, so year 2009 is favorable but in year 2009, the debts of the PTCL increases as compare to debts of 2008.
Time interest earned Ratio Time interest earned Ratio = profit before interest & tax / interest charges
YEAR 2009
YEAR 2008
Time interest earned Ratio = PBIT / Interest charges
Time interest earned Ratio= PBIT / Interest charges
Time interest earned Ratio = 14,020,917/ 908524
Time interest earned Ratio = (44,62,616) / 847,973
Time interest earned Ratio = 15.43 times
Time interest earned Ratio = (5.26) times
Analysis of financial statements
Interpretation It indicates the number of times a firm's income in an ing period can pay off the interest incurred during the same period on firm's debts. Since it measures the ability to pay interest-due from the earnings of the firm, this ratio is used in computing the firm's borrowing capacity and in assessing the risk of additional debt. The Interest Coverage ration describe that in year 2009 the Interest Coverage ratio increases and in year 2008 it decreased with a great extent, so we can say that it is increasing yearly because EBIT is increasing than the interest expense.
Network Ratio Network Ratio = Equity / Total asset
Interpretation YEAR 2009
YEAR 2008
Network Ratio = Equity / Total assets
Network Ratio = Equity / Total assets
Network Ratio = 99,389,559/ 1540,48079
Network Ratio =97,888,374 / 137,447,852
Network Ratio = 0.64
Network Ratio = 0.71
The network ratio describe that in year 2009 ratio decreases and in year 2008 it increased, so we can say that it is increasing yearly because its total assets and equities is increasing than the year 2008.
Activity Ratio’s Efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.
Fixed Assets Turnover Ratio
Analysis of financial statements
Fixed Assets Turnover Ratio = sales / fixed assets
YEAR 2009
YEAR 2008
Fixed Assets Turnover Ratio = Sales / Fixed assets
Fixed Assets Turnover Ratio = Sales / Fixed assets
Fixed Assets Turnover Ratio =59,239,001 / 99827,838
Fixed Assets Turnover Ratio = 66,336,042 / 97844,446
Fixed Assets Turnover Ratio = 0. 59
Fixed Assets Turnover Ratio = 0.68
Interpretation Measure of a firm's efficiency in managing its fixed assets in relation to the revenue generated. Higher this ratio, the smaller the investment required to generate sales revenue and, therefore, higher profitability of the firm. In year 2009 it shows decline as compared to year 2008 which is not favorable for PTCL, its describe more investment required in PTCL to generate revenue.
Total Assets Turnover Ratio Total Assets Turnover Ratio = sales / total assets
YEAR 2009
YEAR 2008
Total Assets Turnover Ratio = Sales / total assets
Total Assets Turnover Ratio = Sales / Total assets
Total Assets Turnover Ratio =59,239,001 / 154,048,079
Total Assets Turnover Ratio = 66,336,042 / 137,447,852
Total Assets Turnover Ratio = 0. 38
Total Assets Turnover Ratio = 0.48
Analysis of financial statements
Interpretation Measure of a firm's efficiency in managing its assets in relation to the revenue generated. Higher this ratio, the smaller the investment required to generate sales revenue and, therefore, higher profitability of the firm. In year 2009 it shows decline as compared to year 2008 which is not favorable for PTCL, its describe more investment required in PTCL to generate revenue.
Profitability Ratio Profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.
Gross Profit Margin Gross profit margin = Sales – COGS / Sales *100
YEAR 2009
YEAR 2008
Gross profit margin = Sales – COGS / Sales *100
Gross profit margin = Sales – COGS / Sales *100
Gross profit margin = 59239,00137,732,282/ 59239,001*100
Gross profit margin = 66,336,042- 37,346,869 / 66,336,042 *100 Gross profit margin = 0.43 0r 43%
Gross profit margin = 0.36 or 36%
Interpretation Gross profit margin ratio shows that the total margin available to cover operating expenses and yield a profit in year 2009 gross profit margin is decreased as
Analysis of financial statements
compared to 2008 that shows that ptcl have less total margin available to cover operating expenses and yeid a profit in 2009 comparatively it shows decling .
Operating Profit Margin Operating profit margin = EBIT / Sales *100
YEAR 2009
YEAR 2008
Operating profit margin = EBIT / Sales *100
Operating profit margin = EBIT / Sales *100
Operating profit margin =10754,387/59239001*100
Operating profit margin =(16365,672)/66,336,042*100
Operating profit margin =0.18 or 18.15%
Operating profit margin = 0.24 or (24.67%)
Interpretation Operating profit margin ratio shows that profitability without concern for taxes and interest, in year 2009 operating profit margin is decreased as compared to 2008 from 0.42 to 0.18. This means Operating Expenses decreases in Financial Year 2009.
Net Profit Margin Net profit margin = Net income / Sales *100
YEAR 2009
YEAR 2008
Net profit margin = Net income / Sales *100
Net profit margin = Net income / Sales *100
Net profit margin = 9151,185 / 59,239,001*100
Net profit margin =(28,24,890) / 66,336,042*100
Net profit margin = 15.4%
Net profit margin = (4.26%)
Interpretation
Analysis of financial statements
Net profit margin ratio Measures that indicate how well a firm is performing in of its ability to generate profit, in year 2009 operating profit margin is increased as compared to 2008 from 0.04 to 0.15. This means net income is increases in Financial Year 2009 that shows that ptcl is well performing to generate profit.
Return on Assets (ROA) Return on Assets = Net income / Total assets
YEAR 2009
YEAR 2008
Return on Assets = Net income / Total assets
Return on Assets = Net income / Total assets
Return on Assets = 9151,185/ 15,4048,079
Return on Assets = (2,824,890)/ 137,447,852 Return on Assets = (0.02)
Return on Assets = 0.05
Interpretation ROA indicates a firm's ability to efficiently allocate and manage its resources but (unlike return on equity') ignores the firm's liabilities .Return on total assets (ROA) of ptcl is increased from 0.02 to 0.05 in Financial Year 2009 as compare to Financial Year 2008. This means ptcl Return on its Total Assets employed increases in Financial Year 2009.
In year 2009 we have observed the growth in Return on Assets ratio is increased by 0.05 although it’s increasing, we can’t say it constant growth.
Return on Shareholder’s Equity (ROE) Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Analysis of financial statements
YEAR 2009
YEAR 2008
Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Return on Shareholder’s Equity = Net income / Total Share holder’s equity
Return on Shareholder’s Equity = 9151,185/ 99,389,559
Return on Shareholder’s Equity = (2,824,890)/ 97,888,374
Return on Assets = 0.09 or 9.28%
Return on Assets = (0.02) or (2.71%)
Interpretation Ratio measuring stockholders' (shareholders') profitability, expressed as a percentage of the firm's net worth. ROE indicates a firm's efficiency in applying common-stockholders' (ordinary-shareholders') money. The return on equity increases in year 2009 which shows a positive sign for shareholders but it decreases in year 2008; however which is not a good sign, as the return on equity increases the value of shares increases. It will directly affect the share price.
Share holder’s Investment Ratio Earning per share (EPS) and Dividend per share (DPS)
YEAR 2009
YEAR 2008
Earning per share (EPS)
Earning per share (EPS)
Earning per share = 1.79
Earning per share = (0.55)
Dividend per share= 1.5
Dividend per share= no dividend
Analysis of financial statements
Interpretation of EPS EPS indicates a firm's market price of shares, if EPS increases the market price of share is also increases. Here Earning per share of ptcl is increased in Financial Year 2009 as compare to Financial Year 2008. This means ptcl earning per share increases in Financial Year 2009 as compare to 2008.it shows a positive sign for ptcl investors.
Interpretation of DPS DPS indicates that how much firm is declaring a return/ profit on shares to investors, if DPS increases the market price of share is also increases. Here dividend per share of ptcl is increased in Financial Year 2009 as compare to Financial Year 2008. This means ptcl is declared a dividend 1.5 on per share in Financial Year 2009 as compare to 2008.it shows a positive sign for ptcl investors.
INTERPRETATION OF CASH FLOW STATEMENT • Cash Flow From Operating Activities: The Net Cash Flow from Operating Activities in 2009 increases by a great extent as compared to 2008 (From 1.1 Million to 28 Million). The reasons for increasing Net Cash Flow from Operating Activities is that the cash generated from Operation increased from 28Million to 24.3Million and the expenditure decreased by very large percentage like employees retirement(from 17.3Million to 1.47Million) and payment of other VSS Components (From
Analysis of financial statements
21.4Million to 0.8Million). These are the main factors which increased the cash flow of 2009. This is positive sign for the company because NCF from Operating Activities going up and company is increasing its operating activities by increasing sale of goods and services.
• Cash Flow From Investing Activities: Capital expenditure decreased but advance to against ordinary shares and loan to subsidiary increased than year 2008, are the main reason and are responsible for negative net cash outflow from investing activities and no dividend income. Assets and investments increase which means there is an application of Cash. This shows PTCL has spent or invested more than previous year in new equipment. PTCL needs more investment in acquiring assets or other business to get high return or be pioneer in its sector.
• Cash Flow From Financing Activities: The Cash Flow from financing activities decreases in 2009 because dividend paid is 2,742 in 2009 and 10,195,524 in 2008, which shows the transaction of shares of PTCL in Stock Market were very few but repayment of suppliers decreased which is good for PTCL. We can see that the cash flow for year 2009 was 31,702,352. The bulk of the positive cash flow stems from cash earned from operations, which is a good sign for investors. It means that core operations are generating business and that there is enough money to buy new inventory. The purchasing of new equipment shows that the company has cash to invest in inventory for growth. Finally, the amount of cash available to the company should ease investors' minds regarding the notes payable, as cash is plentiful to cover that future loan expense. A company can use a cash flow statement to predict future cash flow. For investors, the cash flow reflects a company's financial health: basically, the more cash available for business operations and it shows bright future for company and investor.
PTCL – PAKISTAN TELECOMMUNICATION LIMITED
Analysis of financial statements
Introduction of PTCL PTCL is the largest telecommunications provider in Pakistan. PTCL also continues to be the largest CDMA operator in the country with 0.8 million V-fone customers. The company maintains a leading position in Pakistan as an infrastructure provider to other telecom operators and corporate customers of the country. It has the potential to be an instrumental agent in Pakistan’s economic growth. PTCL has laid an Optical Fiber Access Network in the major metropolitan centers of Pakistan and local loop services have started to be modernized and upgraded from copper to an optical network. On the Long Distance and International infrastructure side, the capacity of two SEA-ME-WE submarine cable is being expanded to meet the increasing demand of International traffic.
With the promulgation of Telecommunication (Re-Organization) Act 1996, the Pakistan Telecommunication Authority was established as the Telecom Regulatory body. Following the open licensing policy in BUY @ PKR 45.40 accordance with the instructions of Government of Pakistan and in exercise of powers conferred by Pakistan Telecommunication (Re-Organization) Act 1996, the basic telephony was put under exclusivity and PTCL was given a seven years monopoly over basic telephony which ended by December 31, 2002. The year 2006-07 in the telecom sector witnessed a phenomenal growth in the mobile phone sector in Pakistan, which doubled its subscriber base to 60 million. The Tele density increased from 26% to 40%, helping to spread the benefits of communication technology across the country. PTCL's mobile phone subsidiary Ufone's subscriber base grew by more than 87%, from 7.49 million to 14 million.
The year also witnessed the entry of major telecom companies, most notably China Telecom into the market. Restructuring and re-engineering are in their final stages along with the implementation of ERP system. From the end customer's perspective, a major initiative was put in place in the shape of 'Broadband Pakistan' service launch as a first step towards providing its customer with more value added service and convenience. With this offering, the PTCL not only bringing the benefit of high speed Internet access to subscribers in major cities but will also generate new revenue streams for future growth. The company also continued to invest in infrastructure development and addition of network capacity with a view to enhance services and to expand its reach across the country.
Analysis of financial statements
Vision To be the leading Information and Communication Technology Service Provider in the region by achieving customer satisfaction and maximizing shareholders' value'. The future is unfolding around us. In times to come, we will be the link that allows global communication. We are striving towards mobilizing the world for the future. By becoming partners in innovation, we are ready to shape a future that offers telecom services that bring us closer.
Mission To achieve our vision by having An organizational environment that fosters professionalism, motivation and quality An environment that is cost effective and quality conscious Services that are based on the most optimum technology "Quality" and "Time" conscious customer service Sustained growth in earnings and profitability
Core Values Professional Integrity Customer Satisfaction Teamwork Company Loyalty
Analysis of financial statements
Corporate Information
Products & Services of PTCL PTCL Landline Since the deregulation of the telecom sector, a large number of foreign investors opted for licenses in LL, LDI and cellular operations, identifying Pakistan as an emerging market. Investors entered the market forcefully in the cellular segment, introducing heated competition for PTCL. In this situation PTCL's counter strategy for landline service, during the year 2007-08 was aimed to increase ARPU, acquire new subscribers and contain churn To increase operations, PTCL shifted from its conventional duration based charging system to value based options, like 'Pakistan Package' that offered 5,000 minutes for on-net nationwide calls at Rs. 199/month. PTCL also launched 'International Plus' package to facilitate cost effective international calls at unmatchable rates alongside offering Voice messaging and Phone n Net services, adding more value to the landline service. To increase customers' base, 'order on phone' was introduced, allowing customer to apply for a new connection by simply calling 0800-80800. To tackle the churn PTCL established an outbound call center to reach out to potential customers with an objective to attain higher level of brand loyaltyPTCL V-Fone
PTCL V-Fone (WLL Service) was another major area of focus for PTCL during the year. A few prominent measures taken in this area during the year were launching of free home delivery service. No line rent package was launched in September 2007. In June 2008, 30 seconds billing was introduced contributing as an effective customer retention tool. PTCL has expanded the network to provide coverage in all large and small cities including over 10,000 villages in rural areas of Pakistan.
Analysis of financial statements
As Vfone becomes the Wireless substitute to landline in un-served areas, it will be a robust line for voice, data and fax services for use at home and in the office. In business markets it will be positioned as the CDMA tellular extension to add trunk lines to the ever expanding business PABXs. Vfone will be spearheading the launch of the new postpay and pre-pay tariffs with no line-rent to meet the market demand. The tariff will include new post-pay unlimited local and nationwide calling packages to bring traffic back to PTCL’s networks to stabilize the revenues. After the initial launch, the Company aims to retain the momentum by offering different bundled packages for voice to increase the subscriber base, including specifically targeting the rural areas where copper infrastructure does not exist. On Wireless broadband front, a major upgrade of PTCL WLL CDMA network is underway to provide Wireless broadband services in 17 major cities by end 2007. Currently technical trial is in progress which will be followed by a pilot project on WiMax technology. This will enable PTCL to maintain its competitive edge. Ufone(Pakistan Telecom Mobile Ltd) a wholly-owned subsidiary of PTCL commenced its operations on 29th January 2001 as a GSM 900 service provider. Since the outset, it has expanded its coverage and customer base at a rapid pace and established itself as one of the leading cellular service providers in Pakistan. Ufone is now considered to be one of the most active, aggressive and innovative players in the mobile sector of Pakistan.
The growth of the cellular industry is a direct result of the successful implementation of the telecom deregulation and cellular mobile policy by the Ministry of IT and Telecommunications (MOIT&T) and the , guidance and timely enforcement of regulatory process by the Pakistan Telecommunication Authority (PTA).
Ufone's operational performance has been very encouraging despite stiff competition in Pakistan telecom market which has led to reduction of prices to bare minimum level. Ufone managed to improve its revenue and operating profit by 35% and 47% respectively, as compared to the last year through aggressive policies and exercising strict control over expenses.
Paknet Limited
Analysis of financial statements
Paknet was incorporated in year 2000 for providing internet related services in the country is being wound up. However, PTCL has developed its own voice, data and video infrastructure and services. Paknet's operations have been closed and liquidator appointed for completing the formalities involving the company closure. All customers, assets, liabilities and capital stand transferred to PTCL in accordance with the special resolution ed in General Meetings.
PTCL Broadband
The first major product initiative taken towards a changing PTCL during the year 2006-07, was the launch of PTCL’s Broadband service under the theme of ‘Broadband Pakistan’ by the Prime Minister of Pakistan. The service was launched on PTCL’s new state of the art Broadband infrastructure that was added to our network during the last three quarters of 2007 with the initial capacity of over 100,000 subscribers.
PTCL achieved unprecedented success as it added over 10,000 customers within the first 120 days of its launch while historically it had taken four years collectively for all the other operators to achieve 30,000 customers in Pakistan! The hallmark of PTCL service was the removal of the traditional barriers such as the upfront costs of installation and customer premises equipment andadded bandwidth . This high customer take up also reflected on the Company’s trusted image in the eyes of the nation. The service is already available in the five largest cities of Pakistan and will be expanded into another dozen cities during the coming year.
Smart Services
In March 2008, PTCL introduced a trial service that put PTCL on the path of a paradigm shift. Branded under 'PTCL Smart Line', the service included Interactive Television, Broadband and voice Telephony all at the same time on PTCL's telephone line. The 'Smart TV', for the first time offered TV viewers
Analysis of financial statements
the power to control the TV channels interactively. This included the ability to rewind and pause live TV channels, block / unblock any TV channel for parental lock and search through video on demand content. The Commercial launch of the PTCL Smart Line services across the three largest cities in Pakistan was arranged on the 14th of August 2008 which will be expanded to the other cities during the course of the year.
ANALYSIS OF INTERNAL ENVIRONMENT Being a public limited company whose majority shares are controlled by the Government of Pakistan, PTCL is responsible to provide telecommunication services in the country on affordable prices while ensuring that the telecom services become accessible throughout the country. Since exclusivity of PTCL has ended on 1st Jan 2003, the telecom sector of Pakistan has entered into a new era and PTCL is slowly moving towards competition in the basic telecom services. The company’s policy objectives are as follows:
Increase service choice for all consumers of telecom services at competitive and affordable prices
Increase private investment in the telecom sector and encourage local telecom manufacturing/service industry
Enhance long run benefits to the Government’s financial position by expanding the taxable revenue base.
Analysis of financial statements
Accelerate expansion of telecom infrastructure to extend telecom services t un served and undeserved areas.
Encourage fair competition among service providers, while maintaining leadership in the telecom sector
Maintain consistency with the Pakistan IT and internet promotion policy of low price for Bandwidth and Internet access.
SWOT ANALYSIS OF PTCL
Strengths
• Largest operational network and infrastructure within ICT (Information & Communication Technologies) segment. • An integrated Monoply • Market leadership in Local loop, Wireless local loop (WLL) and Fixed telephony. • PTCL (Ufone) is market challenger in GSM segment • Ufone is performing well though Warid and Telenor are tough competitors. PTCL, Ufone’s profitability increased by 49.2 percent to Rs 977 million in 1H/FY07 as compared to Rs 655 million in the corresponding period last. • Competitors still depend on PTCL network either directly or indirectly • Experienced Telecom Resources
Weakness • Not been able to nurture its growth around customer services oriented strategy • Internal organizational and business processes issues • Monopolistic culture has further added to its complexities • Paknet, the internet service provider arm of ptcl continues to incur losses due to poor managment and lack of network optimization • Ptcl-v, the fixed wireless phone service is poor • Over employment & low productivity.
Analysis of financial statements
• Slow decision making including external interferences. • Corporate culture akin to government departments. 7.3 Opportunities • Low teledensity of pakistan. • Global connectivity reliability has been improved. PTCL is expanding the long distance and infrastructure side through spreading out two sea-me-we submarine cables.. • Partnership with new entrants in a deregulated environment. • Scope for efficient/cost effective operations
Threats • • • • • •
Increased competition in long distance continues to exert pressure. VOIP use is increasing despite ambiguous and discriminatory policies Exposure to market competition Migration to Cellular Networks Ability to Attract & Retain Quality Professionals Reduction in International Settlement Rate
Bibliography
For successful completion of this project i have utilize different available resources, from which i have obtain required data. These resources lie in both digital and analog form. Most of the information is obtain from Internet, while a visit to company is also made to get further information. I am thankful to company management who had welcome and cooperate with me. Resources which are consulted discussed below:
Resources Company’s website - www.ptcl.com.pk Company Annual Reports
Analysis of financial statements
Magazine Business Economist Google.com Economic survey of Pakistan Businessrecorder.com Yahoofinance.com PTA Reports
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