Boc Condensed Interim Financial Statements (Unaudited)

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED1

    CONDENSED INTERIM FINANCIAL STATEMENTS(UNAUDITED)

    FOR THE THIRD QUARTER ENDED

    30 SEPTEMBER 2009

    BOC Pakistan Limited

    Registered Office: P.O. Box 4845, West Wharf, Karachi - Pakistan

    A member of The Linde Group

    BOC

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED22

    BOC PAKISTAN LIMITED

    BOC

    Directors Review

    I would like to present the Directors Review together with the financial statements ofyour Company (un-audited) for the quarter and nine months ended 30 September 2009as follows.

    During the 9 months under review, the country continued to experience difficultiesmainly due to the deteriorating law & order situation and unabated power outageswhich has led to a poor overall economic performance. As a result, the businessenvironment remained difficult for both the manufacturing and service sectors.However, after the Stand By Arrangement of the Government with the IMF, inflationbegan to decline and current account deficit narrowed. These improvements in the

    macroeconomic indicators are very encouraging but the economy still remains fragile.

    In addition to the above factors, fierce competition in the gases business, escalatingcosts of production & distribution and lower demand in the market, as already reportedin our Half Yearly Review, also significantly affected sales revenue and margins. Further,damage to our grid station at Port Qasim plant, due to a fire, has put an additionalpressure on our production and profitability. As a result, turnover at Rs 1,754 million andprofit from operations at Rs 361 million was lower by 8.6% and 28.6%, respectivelycompared to the same period last year; and therefore profit before taxation atRs 360 million and EPS at Rs 9.53 was also lower by 28.6% and 28% respectivelycompared to the same period last year.

    Despite growing competition and challenges stated above, the Company is confident ofits strengths to maintain market leadership through enhanced focus on productivity andcost-effectiveness, for which a restructuring process was initiated by the Company thisyear.

    Finally I am pleased to state that our 40 Kg/hour nitrous oxide (N2O) plant at Lahore isexpected to commence production in the last quarter of FY2009.

    On behalf of the Board

    Karachi: MUNNAWAR HAMID OBE

    23 October 2009 Chairman

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED3

    BOC Pakistan Limited

    Condensed Interim Profit and Loss Account (Unaudited)For the nine months ended 30 September 2009

    0 Note 30 September 0 30 September 30 September 0 30 September0 2009 0 2008 2009 0 20080

    Net sales 5 1,753,726 # 1,917,966 542,993 # 602,574 Cost of sales 5 (1,204,610) # (1,229,868) (361,718) # (403,930)

    GROSS PROFIT 549,116 # 688,098 181,275 # 198,644 0 - # - - # - Distribution and marketing expenses 5 (109,415) # (123,600) (36,139) # (39,025) Administrative expenses 5 (98,217) # (96,060) (31,530) # (30,961) Other operating expenses 6 (97,707) (41,877) (10,304) # (12,452) Other operating income 7 144,262 79,555 13,446 # 19,404 Restructuring cost 8 (26,635) - (4,640) -

    (187,712) # (181,982) (69,167) # (63,034) PROFIT FROM OPERATIONS 361,404 # 506,116 112,108 # 135,610

    Finance costs 5 (1,701) # (2,209) (564) # (970)

    PROFIT BEFORE TAXATION 359,703 # 503,907 111,544 # 134,640

    Taxation 9 (121,204) # (172,584) (39,555) # (48,986)

    PROFIT AFTER TAXATION 0 238,499 # 331,323 71,989 # 85,654 0 0 0 0

    (Rupees)0 0 0 0

    Earnings per share - basic and diluted 9.53 0 13.23 2.88 0 3.420 0

    The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

    For the

    (Rupees in '000)

    For thenine months ended third quarter ended

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED4

    BOC Pakistan LimitedCondensed Interim Balance Sheet As at 30 September 2009

    30 Septem er 31 Decem erNote 2009 2008

    UnauditedASSETS

    NON-CURRENT ASSETSProperty, plant and equipment 10 1,069,368 1,128,372 Net investment in finance lease 11 218,644 239,988 Long term loans 773 1,168 Long term deposits and prepayments 11,181 10,638

    1,299,966 1,380,166

    CURRENT ASSETSStores and spares 84,264 83,712 Stock-in-trade 12 218,252 246,276 Current maturity of net investment in finance lease 11 71,302 59,022 Trade debts, considered good - unsecured 187,484 157,555 Loans and advances 21,049 11,625

    Deposits and prepayments 13,965 15,090 Other receivables 22,521 24,376 Cash and bank balances 377,331 334,478

    996,168 932,134 2,296,134 2,312,300

    EQUITY AND LIABILITIES0

    SHARE CAPITAL AND RESERVES

    Authorised:40,000,000 (2008: 40,000,000) Ordinary shares of Rs. 10 each 400,000 400,000

    Issued, subscribed and paid-up:25,038,720 (2008: 25,038,720) Ordinary shares of Rs. 10 each 250,387 250,387

    General reserve 1,006,653 925,358 Unappropriated profit 242,974 331,682

    1,249,627 1,257,040

    1,500,014 1,507,427

    NON-CURRENT LIABILITIES-

    Long term deposits 113,818 113,001 Deferred liabilities 13 238,222 229,124

    352,040 342,125

    CURRENT LIABILITIES-

    Trade and other payables 398,025 390,431 Provisions 29,934 28,638 Taxation - net 16,121 43,679 -

    444,080 462,748

    2,296,134 2,312,300

    CONTINGENCIES AND COMMITMENTS 14 - 0 0

    The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

    (Rupees in '000)

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED5

    BOC Pakistan Limited 0 - 0 - Condensed Interim Cash Flow Statement (Unaudited) #For the nine months ended 30 September 2009 0 # -

    0 Note 30 September # 30 September2009 2008

    0 0 0 0 - #

    CASH FLOW FROM OPERATING ACTIVITIES 0 #

    Cash generated from operations 15 466,806 # 390,528Finance costs paid 0 (1,664) # (1,873)Income tax paid 0 (142,754) # (168,383)Payment of post retirement medical benefits (183) (442)Long term loans, deposits and prepayments 0 (148) # 1,058Long term deposits 0 817 # 7,814Net investment in finance lease 21,344 20,424Net cash from operating activities 0 344,218 # 249,126

    0 0 # 0CASH FLOW FROM INVESTING ACTIVITIES 0 # 0

    Purchase of property, plant and equipment 0 (85,302) # (235,306)Proceeds from disposal of operating assets 0 5,221 # 3,853Interest received on balances with banks 0 18,723 # 30,738Interest received on investment in finance lease 9,646 11,527

    Net cash used in investing activities 0 (51,712) # (189,188)

    CASH FLOW FROM FINANCING ACTIVITIES 0 # 0

    Dividends paid 0 (249,653) # (317,794)

    Net cash used in financing activities 0 (249,653) # (317,794)

    Net decrease in cash and cash equivalents 0 42,853 # (257,856)

    Cash and cash equivalents at beginning of the period - 334,478 # 546,915

    Cash and cash equivalents at end of the period 0 377,331 # 289,059

    0 0 # -

    The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

    (Rupees in '000)

    For the nine months ended

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED6

    BOC Pakistan LimitedCondensed Interim Statement of Changes in Equity (Unaudited)For the nine months ended 30 September 2009

    Share capital Totalssued, General Unappropriated

    subscribed reserve profitand paid-up

    capital

    Balance as at 1 January 2008 250,387 - 661,572 - 514,173 1,426,132

    Final dividend for the year ended - 31 December 2007 - Rs 10 per share - - (250,387) (250,387)

    -

    Transfer to general reserve - 263,786 (263,786) - - Total comprehensive income for the period - - 331,323 331,323

    Interim dividend for the year ending 31 December 2008 - - (75,116) (75,116)

    Balance as at 30 September 2008 250,387 - 925,358 - 256,207 - 1,431,952

    Balance as at 1 January 2009 250,387 - 925,358 - 331,682 - 1,507,427

    Final dividend for the year ended31 December 2008 - Rs 10 per share - - (250,387) (250,387)

    Transfer to general reserve - 81,295 (81,295) -

    Total comprehensive income for the period - - 242,974 242,974

    Balance as at 30 September 2009 250,387 - 1,006,653 - 242,974 - 1,500,014

    The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.

    (Rupees in '000)

    Revenue reserves

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    BOC

    Syed Ayaz BokhariChief Executive

    Munnawar Hamid OBEChairman

    BOC PAKISTAN LIMITED7

    BOC Pakistan LimitedCondensed Interim Statement of Comprehensive Income (Unaudited)For the nine months ended 30 September 2009

    For the nine months ended30 September 30 September

    2009 2008

    Profit for the period 238,499 331,323

    Other comprehensive incomeDefined benefit plan actuarial gains 6,885 -

    Deferred tax (2,410) -

    Total comprehe

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