Income Statements

Metric Name 2020 2021 2022 2023

Revenue $15,182 $15,426 $16,723 $20,507
Cost Of Goods Sold $15,452 $12,489 $13,313 $16,004
Gross Profit $-269.64 $2,937 $3,410 $4,503
Research And Development Expenses $1,610 $1,070 $1,102 $919
SG &A Expenses $1,037 $1,224 $1,332 $1,381
Other Operating Income Or Expenses $0 $0 $0 $0
Operating Expenses $2,648 $2,294 $2,434 $2,300
Operating Income $-2,917.25 $644 $976 $2,203
Total Non -Operating Income /Expense $-819.19 $-1,047.83 $-2,833.74 $816
Pre -Tax Income $-3,736.44 $-404.28 $-1,857.82 $3,019
Income Taxes $333 S -574.79 $-380.97 $28.61
Income After Taxes $-4,069.00 $171 $-1,476.86 $2,990
Other Income $0 $0 $0 $0
Income From Continuous Operations $-4,069.00 $171 $-1,476.86 $2,990
Income From Discontinued Operations $0 $-4.13 $-98.95 $0
Net Income $-4,070.28 $165 $-1,569.63 $3,000
EBITDA $-875.69 $2,031 $2.218 $3,483
EBIT $-2,917.25 $644 $976 $2,203
Basic EPS $-0.68 $0.02 $-0.15 $0.36
EPS -Earnings Per Share $-0.68 $0.02 $-0.15 $0.36
 Vertical Analysis
Metric Name 2020 2021 2022 2023
Revenue 100% 100% 100% 100%
Cost Of Goods Sold 102% 81% 80% 78%
Gross Profit -2% 24% 26% 28%
Research And Development Expenses -597% 36% 32% 20%
SG &A Expenses 64% 114% 121% 150%
Other Operating Income Or Expenses 0% 0% 0% 0%
Operating Expenses 0% 0% 0% 0%
Operating Income -110% 28% 40% 96%
Total Non -Operating Income /Expense 28% -163% -290% 37%
Pre -Tax Income 456% 39% 66% 370%
Income Taxes -9% 0% 21% 1%
Income After Taxes 0% 0% 388% 10451%
Other Income 0% 0% 0% 0%
Income From Continuous Operations 0% 0% 0% 0%
Income From Discontinued Operations 0% -2% 7% 0%
Net Income 0% -3995% 1586% 0%
EBITDA 22% 1231% 0% 116%
EBIT 333% 32% 0% 63%
Basic EPS 0% 0% 0% 0%
EPS -Earnings Per Share 100% 100% 100% 100%
 Horizontal Analysis
Metric Name 2020 2021 2022 2023
Revenue 100% 10161% 11015% 13507%
Cost Of Goods Sold 100% 8082% 8616% 10357%
Gross Profit 100% -108923% -126465% -167000%
Research And Development Expenses 100% 6646% 6845% 5708%
SG &A Expenses 100% 11803% 12845% 13317%
Other Operating Income Or Expenses 100% 0% 0% 0%
Operating Expenses 100% 8663% 9192% 8686%
Operating Income 100% -2208% -3346% -7552%
Total Non -Operating Income /Expense 100% 12791% 34592% -9961%
Pre -Tax Income 100% 1082% 4972% -8080%
Income Taxes 100% 0% -11441% 859%
Income After Taxes 100% -420% 3630% -7348%
Other Income 100% 0% 0% 0%
Income From Continuous Operations 100% -420% 3630% -7348%
Income From Discontinued Operations 100% 0% 0% 0%
Net Income 100% -405% 3856% -7371%
EBITDA 100% -23193% -25% -39774%
EBIT 100% -2208% -3346% -7552%
Basic EPS 100% -294% 2206% -5294%
EPS -Earnings Per Share 0% -294% 2206% -5294%
 Base Year Analysis
2020 2021 2022 2023
100% 1.61% 10.15% 35.07%
100% -19.18% -13.84% 3.57%
100% -1189.23% -1364.65% -1770.00%
100% -33.54% -31.55% -42.92%
100% 18.03% 28.45% 33.17%
100% 0.00% 0.00% 0.00%
100% -13.37% -8.08% -13.14%
100% -122.08% -133.46% -175.52%
100% 27.91% 245.92% -199.61%
100% -89.18% -50.28% -180.80%
100% 0.00% -214.41% -91.41%
100% -104.20% -63.70% -173.48%
100% 0.00% 0.00% 0.00%
100% -104.20% -63.70% -173.48%
100% 0.00% #DIV/0! 0.00%
100% -104.05% -61.44% -173.71%
100% -331.93% -100.25% -497.74%
100% -122.08% -133.46% -175.52%
100% -102.94% -77.94% -152.94%
 Balance Sheet

Metric Name 2020 2021 2022 2023

Cash On Hand $4,570 $3,678 $3,413 $4,749
Receivables $7,154 $7,526 $8,736 $10,204
Inventory $4,738 $5,041 $5,823 $6,030
Pre-Paid Expenses $0 $0 $0 $0
Other Current Assets $1,939 $2,026 $1,832 $1,545
Total Current Assets $18,771 $21,060 $19,804 $22,664
Property Plant And Equipment $5,797 $5,386 $4,868 $4,637
Long-Term Investments $1,412 $1,101 $1,237 $1,082
Goodwill And Intangible Assets $6,606 $5,557 $5,069 $4,987
Other Long-Term Assets $0 $0 $0 $0
Total Long-Term Assets $19,129 $18,370 $16,623 $16,534
Total Assets $37,900 $39,430 $36,427 $39,198
Total Current Liabilities $17,591 $15,345 $17,215 $18,566
Long Term Debt $7,778 $10,309 $6,923 $6,157
Other Non-Current Liabilities $16,127 $17,643 $18,098 $17,290
Total Long Term Liabilities $26,569 $30,460 $26,653 $25,145
Total Liabilities $44,159 $45,805 $43,868 $43,712
Common Stock Net $2,149 $2,302 $2,071 $2,095
Retained Earnings (Accumulated Deficit) $-11,331.30 $-11,633.35 $-12,108.01 $-8,943.64
Comprehensive Income $0 $0 $0 $0
Other Share Holders Equity $1,595 $1,529 $1,302 $1,011
Share Holder Equity $-6,259.50 $-6,374.96 $-7,441.19 $-4,514.11
Total Liabilities And Share Holders Equity $37,900 $39,430 $36,427 $39,198
 Vertical analysis

2020 2021 2022 2023

Cash On Hand 12% 9% 9% 12%
Receivables 13% 13% 16% 26%
Inventory 13% 13% 16% 15%
Pre-Paid Expenses 0% 0%
Other Current Assets 5% 5% 5% 4%
Total Current Assets 50% 53% 54% 58%
Property Plant And Equipment 15% 14% 13% 12%
Long-Term Investments 4% 3% 3% 3%
Goodwill And Intangible Assets 17% 14% 14% 13%
Other Long-Term Assets 0% 0% 0% 0%
Total Long-Term Assets 50% 47% 46% 42%
Total Assets 100% 100% 100% 100%
Total Current Liabilities 46% 39% 47% 47%
Long Term Debt 21% 26% 19% 16%
Other Non-Current Liabilities 43% 45% 50% 44%
Total Long Term Liabilities 70% 77% 73% 64%
Total Liabilities 117% 116% 120% 112%
Common Stock Net 6% 6% 6% 5%
Retained Earnings (Accumulated Deficit) -30% -30% -33% -23%
Comprehensive Income 0% 0% 0% 0%
Other Share Holders Equity 4% 4% 4% 3%
Share Holder Equity -17% -16% -20% -12%
Total Liabilities And Share Holders Equity 100% 100% 100% 100%
 Horizontal Analysis Base Yea

2020 2021 2022 2023 2020

Cash On Hand 100% -19.52% -7.21% 39.14%
Receivables 100% 5.20% 16.08% 16.80%
Inventory 100% 6.40% 15.51% 3.55%
Pre-Paid Expenses 100% 0.00% 0.00% 0.00%
Other Current Assets 100% 4.49% -9.58% -15.67%
Total Current Assets 100% 12.19% -5.96% 14.44%
Property Plant And Equipment 100% -7.09% -9.62% -4.75%
Long-Term Investments 100% -22.03% 12.35% -12.53%
Goodwill And Intangible Assets 100% -15.88% -8.78% -1.62%
Other Long-Term Assets 100% 0.00% 0.00% 0.00%
Total Long-Term Assets 100% -3.97% -9.51% -0.54%
Total Assets 100% 4.04% -7.62% 7.61%
Total Current Liabilities 100% -12.77% 12.19% 7.85%
Long Term Debt 100% 32.54% -32.85% -11.06%
Other Non-Current Liabilities 100% 9.40% 2.58% -4.46%
Total Long Term Liabilities 100% 14.64% -12.50% -5.66%
Total Liabilities 100% 3.73% -4.23% -0.36%
Common Stock Net 100% 7.12% -10.03% 1.16%
Retained Earnings (Accumulated Deficit) 100% 2.67% 4.08% -26.13%
Comprehensive Income 100% 0 0.00% 0.00%
Other Share Holders Equity 100% -4.14% -14.85% -22.35%
Share Holder Equity 100% 1.84% 16.73% -39.34%
Total Liabilities And Share Holders Equity 100% 4.04% -7.62% 7.61%
Base Year Analysis

2021 2022 2023

-19.52% -25.32% 3.92%
5.20% 22.11% 42.63%
6.40% 22.90% 27.27%
0.00% 0.00% 0.00%
4.49% -5.52% -20.32%
12.19% 5.50% 20.74%
-7.09% -16.03% -20.01%
-22.03% -12.39% -23.37%
-15.88% -23.27% -24.51%
0.00% 0.00% 0.00%
-3.97% -13.10% -13.57%
4.04% -3.89% 3.42%
-12.77% -2.14% 5.54%
32.54% -10.99% -20.84%
9.40% 12.22% 7.21%
14.64% 0.32% -5.36%
3.73% -0.66% -1.01%
7.12% -3.63% -2.51%
2.67% 6.85% -21.07%
0.00% 0.00% 0.00%
-4.14% -18.37% -36.61%
1.84% 18.88% -27.88%
4.04% -3.89% 3.42%
1

7
8

10
 Ratio Analysis (2022–20

Gross Profit Ratio = (Gross Profit / Sales) × 100

Interpretation: The gross profit ratio indicatess the efficiency with which manageme
spread between the cost of good sold and the sales revenue. There is the rise in ratio in
cost of sales in year 202

Net Profit Ratio = (Net Profit / Sales) × 100

Interpretation: Net profit margin ratio establishes the relationship between net profit
administrating and selling of the product. Net Profit ratio has also rai

Operating Profit Ratio = (Operating Profit / Sales) × 100

Interpretation: In 2022, the company retained 13.68 units of operating profit per
2023. This decline indicates a small decrease in operational efficiency, li

Return on Assets (ROA) = (Net Income / Total Assets) × 100

Interpretation: "Profit after taxation" is 0.00% for both 2022 and 2023. Since there w
also 0.00%.This indicates that the company did not generate

Return on Equity (ROE) = (Net Income / Shareholders' Equity) × 100

Interpretation: Return on Equity in year 2022 in 80.00% whereas in year 2023 is al
years.indicating that the company did not generate any return o
Long-term Debt-to-Equity Ratio = (Long-term Debt / Total ass

Interpretation: This indicates that the company slightly increased its relianc

Dividend per Share (DPS) = Total Dividends / Outstanding Shares

Interpretation: Dividend per share (DPS) is the total dividends paid out over an entire
The company has retainedthe same policy over the years and kept DPS at Rs. 4 per

Earnings per Share (EPS) = Profit after tax / Outstanding Shares

Interpretation: The portion of a company's profit allocated to each outstanding share
company's profitability. EPS has decreased in year 2023 as acompare to year 2022 that
in year 2023.
Retention per Share (RPS) = Total Dividends/ Outstanding Shares

Interpretation: Return per share in year 2022 is Rs. 4.07 per share whereas is Rs. 4.5
comparison to year 202

Dividend Payout Ratio = (Dividends / Net Income)

Interpretation: Dividend Payout Ratio in year 2022 is 36.93% whereas in year 2023
better profitablity of the com
 2022 2023 Year Gross Profit Net sale GP Ratio
17.28% 20.20% 2022 = 7073478 17.28%

f product. This ratio indicates the average

o 2022 that is indicating more efficiency in

2023 1483113 7341165 20.20%

2.84% 3.27%

management efficiency in manufacturing,

omparison to year 2022.

13.68% 13.06%

which dropped slightly to 13.06 units in

ts or reduced expense control.
Concluding Remarks: The overall analys
statements of Berger Paints Pakistan Ltd s
0.00% 0.00%
position of the company is very strong. Th
position of the company. Assets are being
both years, the ROA for 2022 and 2023 is Profitability of the company is also very go
for those years. trend in profitablity of the company over th
consistanly returns to the shareholders ove
0.00% 0.00%
there was no net profit after tax for these
during these years.
0.15% 0.22%

elative to equity from 2022 to 2023.

Rs. 4/Share Rs.4 per Share

mber of outstanding ordinary shares issued.
consistant returns to the shareholders.

Rs. 9.87/Share Rs.9.78/Share

nings per share serve as an indicator of a
cearse in the number of outstanding shares

Rs. 4.07/Share Rs. 4.59/Share

3 indicating a slight increase in 2023 as a

36.93% 44.28%
an increasing trend and is an indicator of
 The overall analysis of the financial
ints Pakistan Ltd shows that the financial
y is very strong. There is strong solvency
y. Assets are being used efficiently.
pany is also very good. There increasing
he company over the years. There is
e shareholders over the yesrs.