Keenjhar Lake Resort Project - Sindh Board Of Investment ...

14 Financial Analysis
This section sets out the financial analysis of the Resort Project at Keenjhar Lake and presents its underlying assumptions. There are no
assurances whatsoever that such events, as stated in the estimates or projections, will occur and should not be relied upon under any
circumstances. It is reasserted that the developers, investors and interested parties should carry out their independent investigations and analyses
for determination of estimates, projections and other matters relating to the Project. For reliance on the business model applied and the assumptions
made, please refer to the Disclaimer page.
14.1 Project Cash Flows
Currency: PKR '000s Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020
1 2 3 4 5 6 7 8 9 10
CASH FLOW FROM OPERATING ACTIVITIES
Profit / Loss before taxation - - (84,786) (11,234) 3,267,780 308,245 449,469 581,135 845,734 999,320
Adjustment for non- cash charges
Depreciation - - - - 268,125 254,719 241,983 229,884 218,390 207,470
Financial charges/ Interest Costs - - 84,786 11,234 248,795 170,094 127,571 85,047 42,524 -
- - - - 3,784,700 733,059 819,024 896,066 1,106,648 1,206,790
Increase/ decrease in current assets (722,955) - (187,539) (184,812) 989,780 81,937 (2,734) (2,433) (5,808) (3,249)
Increase/ decrease in current liabilities 50,176 423,052 1,024,691 2,254,319 (3,732,424) 2,505 2,536 2,231 3,991 3,115
Taxes paid (64,252) (198,468) (263,678) (343,599) (4,746) (5,897) (6,581) (7,189) (106,569) (366,963)
(737,032) 224,584 573,475 1,725,908 1,037,310 811,604 812,245 888,675 998,261 839,694
CASH FLOW FROM INVESTING ACTIVTIES
Capital expenditures (1,586,654) (1,325,903) (1,332,705) (1,331,608) - - - - - -
(1,586,654) (1,325,903) (1,332,705) (1,331,608) - - - - - -
CASH FLOW FROM FINANCING ACTIVTIES
Share Capital 1,190,658 510,282 - - - - - - - -
Sub-ordinated loans 319,440 - - - (319,440) - - - - -
GoS Loan (Interest Rate Payable) 25,555 25,555 25,555 25,555 (102,221) - - - - -
Long term financing 1,190,658 340,188 170,094 - (283,490) (283,490) (283,490) (283,490) (283,490) (283,490)
Financial charges paid - - (84,786) (11,234) (248,795) (170,094) (127,571) (85,047) (42,524) -
2,726,311 876,025 110,863 14,321 (953,946) (453,584) (411,061) (368,537) (326,014) (283,490)
Total Cash Flow During the year 402,625 (225,294) (648,366) 408,621 83,364 358,020 401,184 520,138 672,247 556,204
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Keenjhar Lake Resort Project - Project Information Memorandum