11th and 12th Floor, Centrepoint, Off Shaheed-e-Millat Expressway, Near KPT Interchange, Karachi. TEL : +92 21 34390300-5, FAX : +92-21 35316032 UAN : +92 21 111 000 300 TPL Trakker QR September 2014 (29-10-2014) HL-D-Blue HL-D-Brown HL-Black Vision and Mission Statement ........................................................................... 02 Geographical Presence .................................................................................... 03 Company Information ........................................................................................ 04 Directors Report to the Shareholders ............................................................... 05 Unconsolidated Condensed Interim Balance Sheet ......................................... 07 Unconsolidated Condensed Interim Profit and Loss Account............................ 08 Unconsolidated Condensed Interim Cash Flow Statement .............................. 09 Unconsolidated Condensed Interim Statement of Changes in Equity .............. 10 Notes to the Unconsolidated Condensed Interim Financial Statements ........... 11 Consolidated Condensed Interim Balance Sheet ............................................. 19 Consolidated Condensed Interim Profit and Loss Account ............................... 20 Consolidated Condensed Interim Cash Flow Statement .................................. 21 Consolidated Condensed Interim Statement of Changes in Equity .................. 22 Notes to the Consolidated Condensed Interim Financial Statements ............... 23 Quarterly Report 2014 01 Vision / Mission VISION STATEMENT We are committed to making a positive contribution by creating and delivering innovative concepts, smart business solutions backed by value added customer services. We seek to be the best in asset tracking, container tracking, door to door navigation, direct insurance, real estate and security services industries across the region. We are devoted to delivering unparalleled services, integrating new technologies and professionalism to our customers across Pakistan and MENA region. MISSION STATEMENT By identifying the unique requirements of our diverse circle of clients, we cater to each by providing them round the clock assistance and surpass our customer expectations. Our aim is to improve the quality of our customers lives by being available to them 24/7 via phone call, SMS and email. 02 Quarterly Report 2014 Geographical Presence Karachi: Corporate Office: 11th & 12th Floors, Centrepoint, Off Shaheed-e-Millat Expressway, near KPT Interchange, Karachi. Postal Code: 74900 Hill Park Office: 39-K, Block 6, P.E.C.H.S., Karachi. Phone: +92-21-111-000-300 Fax: +92-21-34529429 Installation Centre: 20-B, Block 6, P.E.C.H.S., Karachi. Phone: +92-21-34324011-13 Fax: +92-21-34324014 Islamabad: Plot No. 211, Street No. 7, I-9/2, Industrial Area UAN: +92-51-111-000-301, Fax: +92-51-4102435 Multan: House No. 5, Suraj Miani Road, opp. Ashraf Cardiac Clinic, Chungi No. 1 UAN: +92-61-111-000-301, Fax: +92-61-4519391 Faisalabad: P-6161, West Canal Road, adjacent to Toyota Faisalabad Motors and behind HBL Canal Road Branch. Tel: +92-41-8501471-3, Fax: +92-41-8501470 Hyderabad: A-8/9, District Council Complex, c/o Memon Motors Tel: +92-22-2783154, Fax: +92-22-2728676 Gujranwala: C/o Toyota Gujranwala Motors, Chanda Qilla Bypass, G.T. Road Tel: +92-55-4290044, Fax: +92-55-4290066 Lahore: 51-M, Denim Road, Quaid-e-Azam Industrial Estate, Kot Lakhpat. UAN: +92-42-111-000-301, Fax: +92-42-35157233 Quarterly Report 2014 03 Company Information BOARD OF DIRECTORS Jameel Yusuf Zafar Al-Hasan Naqvi Mark Rousseu Johan Mostert Saad Nissar Mustafa Ali Bilal Alibhai LEGAL ADVISOR Chairman Director Director Director Director Director Director CHIEF EXECUTIVE OFFICER Ali Jameel Mohsin Tayebaly & Co. BANKERS Habib Metropolitan Bank Limited Standard Chartered Bank Limited National Bank of Pakistan Limited Dubai Islamic Bank Pakistan Limited Habib Bank Limited JS Bank Limited Bank Al Habib Limited KASB Bank Limited CHIEF FINANCIAL OFFICER SHARE REGISTRAR Yousuf Zohaib Ali THK Associates Ground Floor, State Life Building-3 Dr. Ziauddin Ahmed Road, Karachi-75530, Pakistan. Tel: (021) 35689021, 35686658 UAN: 111-000-322 Fax: (021) 35655595 COMPANY SECRETARY Zohaib Tanwiri AUDIT COMMITTEE Zafar Al-Hasan Naqvi Ali Jameel Saad Nissar Muhammad Aamir Kaleem Chairman Member Member Secretary HUMAN RESOURCE AND REMUNERATION COMMITTEE Zafar Al-Hasan Naqvi Chairman Ali Jameel Member Mustafa Ali Member & Secretary REGISTERED OFFICE 12th Floor, Centrepoint, Off-Shaheed-eMillat Expressway, Near KPT Interchange Flyover, Karachi, Postal Code: 74900 WEB PRESENCE www.tpltrakker.com AUDITORS Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants 04 Quarterly Report 2014 Directors Report The Directors of the Company are pleased to present before you the unaudited accounts along with the performance review of the Company for the three months ended September 30, 2014. Overview The fiscal year 2014-2015 started with a rocky note with the Pak rupee witnessing tremendous pressure. With enhanced political instability, the acceleration of economic activities reduced at both macro and micro level. Nevertheless, the Company was able to maintain its revenues compared to corresponding period last year. Furthermore, through smart innovation and R&D, the company was able to minimize its costs resulting in comparative growth in operating profit of 10.5 %.The Pak rupee depreciated by 3.9% since June 2014 resulting in exchange loss of 13.13 million. The financial highlights for the first quarter are as follows: Particulars Three months ended September 30, 2014 Three months ended September 30, 2013 Sales Revenue Gross Profit Profit before tax Profit after tax 341,553,052 178,495,943 18,026,742 11,241,863 338,291,902 172,857,312 25,271,970 21,889,051 Number of Outstanding shares Earnings per share - pre tax Earnings per share - post tax 217,248,963 0.08 0.05 217,248,963 0.12 0.10 All amounts are in Rupees except for number of shares Business performance The Company achieved 14% growth in Asset tracking Business. Further, with the launch of new model of Toyota Corolla, the prospects of growth have amplified. Being a forerunner in asset tracking, the Company also launched multiple new products offering fuel, camera and temperature monitoring features. In the Container Tracking segment, more than 12,474 containers were monitored and tracked during the first quarter compared to 12,320 containers in the corresponding period. A decline was observed in Prime Mover installations as we have completed the installation on Afghan Transit Trade routes last year. With the launch of transshipment project, a massive increase in Prime Mover installations is expected. The EITV segment reported stable revenues. With the probable exit of US Forces from Afghanistan during 2014 - 2015 and a huge increase in tracking requirements is expected (Approximately 200,000 containers tracking). Moreover, taking inspiration from the STE project, the Company is continuously striving to explore new revenue lines in this segment. In navigation segment, the launch of new models in the automobile sector is forecasted to further strengthen the navigation business. Further, the new products are forecasted to be launched in the second quarter to further strengthen this line of business. Quarterly Report 2014 05 Among the investment portfolio of the Company, TPL Direct Insurance Limited achieved a growth of 44% in net premium and premium increased to Rs. 275 million from Rs. 191 million approximately in the corresponding three months period. This growth is attributable to aggressive marketing over electronic and social media and expansion of distribution network by increasing its geographical presence in major cities. However, due to an increase in net claims and increased operating costs due to new products , TPL Direct Insurance reported a post-tax loss for the three months of Rs. 11.2 million. On the other hand, TPL Properties (Private) Limited, an associated company also sustained a loss of Rs.112.8 million for the period mainly due to exchange losses amounting to Rs.77million. This has resulted in the consolidated post tax loss of Rs.65.6million as against post tax profit of Rs.32.4million in the corresponding period. TPL Properties has entered into lease agreements as well as commitments with parties and occupancy of the building has reached to 75%. The company is also expected to launch a REIT within the next 3 to 6 months and an application has already been made to SECP in this regard. Further, TPL Trakker Limited has agreed to enter into a partnership with Green Oaks Global Holdings Ltd., an affiliate of Rosewood Insurance Group AG, a Swiss-based company, who are globally known for investing in high growth emerging markets, by selling 33% of its shareholding in TPL Direct Insurance (subject to regulatory consent). They have chosen to partner with us and invest in TPL Direct Insurance Limited after a thorough and detailed due diligence exercise which included talking to the entire insurance sector in Pakistan and involved a comprehensive review of our business. TPL Direct Insurance Limited has been selected due to our best-in-class practices, our international standard controls and processes as well as our world class IT infrastructure. We believe this partnership with Green Oaks will allow us to grow further and offer a wider spectrum of products and services through innovation and bringing world class best practices to Pakistan. The management team at TPL Direct Insurance will continue as they believe that the strength of our business is our sponsors and our management team. We believe that this incredible opportunity will be great for our Company and for our Country which has witnessed foreign investment in the Insurance sector after a gap of more than 15 years. Acknowledgement The Directors of the Company appreciate the support extended by the shareholders, customers, regulatory authorities, financial institutions, employees and other stakeholders. On behalf of the Board of Directors Karachi: October 29th, 2014 06 Jameel Yusuf (S.St.) Chairman Quarterly Report 2014 Unconsolidated Condensed Interim Balance Sheet As at September 30, 2014 2014 1,473,113,776 4,336,184,791 Ali Jameel Chief Executive Quarterly Report 2014 Jameel Yusuf Director 07 Unconsolidated Condensed Interim Profit and Loss Account For the period ended September 30, 2014 (Un-audited) Ali Jameel Chief Executive 08 Jameel Yusuf Director Quarterly Report 2014 Unconsolidated Condensed Interim Cash Flow Statement For the period ended September 30, 2014 (Un-audited) (1,452,645) (15,137,243) (27,356,729) Ali Jameel Chief Executive Quarterly Report 2014 Jameel Yusuf Director 09 Unconsolidated Condensed Interim Statement of Changes in Equity For the period ended September 30, 2014 (Un-audited) 2,172,489,630 Ali Jameel Chief Executive 10 370,764,764 2,543,254,394 Jameel Yusuf Director Quarterly Report 2014 Notes to the Unconsolidated Condensed Interim Financial Statements For the period ended September 30, 2014 (Un-audited) Quarterly Report 2014 11 12 Quarterly Report 2014 Quarterly Report 2014 13 14 Quarterly Report 2014 Quarterly Report 2014 15 ranging 16 Quarterly Report 2014 Quarterly Report 2014 17 Ali Jameel Chief Executive 18 Jameel Yusuf Director Quarterly Report 2014 Consolidated Condensed Interim Balance Sheet As at September 30, 2014 - - 238 959 50 Ali Jameel Chief Executive Quarterly Report 2014 Jameel Yusuf Director 19 Consolidated Condensed Interim Profit and Loss Account For the period ended September 30, 2014 (Un-audited) 518 - Ali Jameel Chief Executive 20 Jameel Yusuf Director Quarterly Report 2014 Consolidated Condensed Interim Cash Flow Statement For the period ended September 30, 2014 (Un-audited) 88,501,121 111,607,409 16,155,606 (37,592,299) (19,273,821) (318,181,232) Ali Jameel Chief Executive Quarterly Report 2014 Jameel Yusuf Director 21 Consolidated Condensed Interim Statement of Changes in Equity For the period ended September 30, 2014 (Un-audited) Ali Jameel Chief Executive 22 Jameel Yusuf Director Quarterly Report 2014 Notes to the Consolidated Condensed Interim Financial Statements For the period ended September 30, 2014 (Un-audited) Quarterly Report 2014 23 Less: Depreciation charge for the period 24 Quarterly Report 2014 8.1 These carry mark-up ranging (Ultimate Parent Company) Quarterly Report 2014 25 Ali Jameel Chief Executive 26 Jameel Yusuf Director Quarterly Report 2014 11th and 12th Floor, Centrepoint, Off Shaheed-e-Millat Expressway, Near KPT Interchange, Karachi. TEL : +92 21 34390300-5, FAX : +92-21 35316032 UAN : +92 21 111 000 300 TPL Trakker QR September 2014 (29-10-2014) HL-D-Blue HL-D-Brown HL-Black
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