MS AR 2018 (1)

these financial statements as the management and the Company’s legal advisor are confident that the
ultimate outcome of this case will be in favour of the Company.
ix) Aggregate amount of guarantees issued by banks on behalf of the Company amounted to Rs. 1,161.359
million. (June 2017: Rs. 738.753 million).
Rupees 2018 2017
Commitments:
i) Non-capital commitments 2,374,807,522 2,006,066,145
ii) Capital commitments 199,271,096 1,279,512,114
iii) The amount of future payments under operating leases and the period in which these payments will
become due are as follows:
Within 1 year 5,750,000 1,440,000
More than 1 but less than 5 years 6,900,000 720,000
12,650,000 2,160,000
29. SALES
Local manufacturing sales 22,247,140,910 18,066,412,407
Sales return (39,146,066) (35,471,080)
22,207,994,844 18,030,941,327
Export manufacturing sales 17,847,744 735,926,390
Trading sales – 35,943,219
22,225,842,588 18,802,810,936
29.1 The entire export sales is made against advance payment.
Rupees Note 2018 2017
30. COST OF SALES
Opening stock of finished goods 89,710,655 90,876,482
Cost of goods manufactured
- Raw material consumed 30.1 13,597,288,221 12,303,372,400
- Salaries, wages and other benefits 30.2 614,592,598 441,591,591
- Stores, spares and loose tools consumed 919,260,600 512,515,192
- Fuel and power 4,295,938,653 2,951,130,879
- Repair and maintenance 54,584,265 15,587,476
- Other manufacturing expenses 33,792,406 493,457,730
- Depreciation 7.1.1 103,208,223 97,691,631
19,618,664,966 16,815,346,899
Transfer to capital work-in-progress (37,806,340) –
Closing stock of finished goods (239,138,332) (89,710,655)
Cost of sales - manufactured goods 19,431,430,949 16,816,512,726
Cost of sales - trading goods – 20,851,431
19,431,430,949 16,837,364,157
Annual Report 2018
119