Interim Cash Flow

SAUDI PAK INDUSTRIAL AND AGRICULTURAL INVESTMENT COMPANY LIMITED

CONDENSED INTERIM CASH FLOW STATEMENT [UN-AUDITED]

FOR THE SIX MONTHS ENDED JUNE 30, 2009

SIX MONTHS ENDED JUNE 30

2009

2008

--------(Rupees)--------

CASH FLOW FROM OPERATING ACTIVITIES

Profit/(Loss) before taxation

35,593,579

6,415,998,399

Less: Dividend income

(30,601,518)

(35,510,567)

Markup/return/interest earned

(913,519,308)

(792,478,547)

(944,120,826)

(827,989,114)

(908,527,247)

5,588,009,285

Adjustments for non-cash charges

Markup/return/interest expensed

786,714,517

695,721,607

Depreciation

54,993,557

52,898,285

Provision against non-performing loans and advances

282,244,468

333,174,604

Provision for diminution in the value of investments

36,075,930

5,000,000

Other provisions

Loss/ (Gain) on sale of operating fixed assets

(1,910,182)

(569,995)

Provision for gratuity

2,601,730

900,000

Rental Income

(89,958,307)

(19,097,342)

Unrealized gain on revaluation of investments - Held for trading

7,482,641

120,496,620

1,078,244,354

1,188,523,779

169,717,107

6,776,533,064

(Increase)/ Decrease in operating assets

Lendings to financial institutions and others

(1,476,559,316)

(2,913,475,946)

Held for trading securities

(691,964)

(372,318,244)

Advances

51,515,729

(336,805,210)

Other assets - net

90,138,572

387,510,642

(1,335,596,979)

(3,235,088,758)

Increase/ (Decrease) in operating liabilities

Borrowings from financial institutions

(3,179,379,954)

4,069,409,449

Deposits and other accounts

993,782,325

99,669,973

Deferred income

93,954,235

9,495,673

Other liabilities - net

(2,632,728)

(12,039,619)

(2,094,276,122)

4,166,535,476

(3,260,155,994)

7,707,979,782

Mark-up/return/interest received

1,059,550,109

570,739,392

Mark-up/return/interest paid

(750,999,172)

(751,018,624)

Gratuity paid

(543,854)

(1,392,972)

Income tax paid

(128,394,787)

(16,381,943)

179,612,296

(198,054,147)

Net cash flow from operating activities

(3,080,543,698)

7,509,925,635

CASH FLOW FROM INVESTING ACTIVITIES

Net investment in available for sale securities

3,216,520,140

(3,897,360,992)

Net investment in held to maturity securities

(47,862,466)

(448,975,576)

Net investment in subsidiaries

2,726,328,549

Dividend received

26,576,848

39,580,855

Investment in operating fixed assets

(11,700,138)

(7,635,981)

Sale proceeds of property and equipment disposed-off

1,910,200

1,390,191

Net cash flow from investing activities

3,185,444,584

(1,586,672,954)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of share capital

Dividend paid

(6,000,000,000)

Net cash flow from financing activities

(6,000,000,000)

Increase/(Decrease) in cash and cash equivalents

104,900,886

(76,747,319)

Cash and cash equivalents at beginning of the year

1,327,401,417

2,480,500,583

Cash and cash equivalents at the end of the year

1,432,302,303

2,403,753,264

The annexed notes 1 to 13 form an integral part of this condensed interim financial information.

General Manager/Chief Executive

Director

Deputy Chairman

Chairman