Page 144 - CCL AR 2017 Final

In addition, certain actual administrative expenses are being shared amongst the group companies.

36. NUMBER OF EMPLOYEES

Total number of persons employed as at the year end were 749 (2016: 581) and average number of
employees during the year were 665 (2016: 560).

37. CAPACITY – CLINKER
2017 2016
Tons
Annual installed capacity as of June 30 2,260,000 1,000,000
Actual production 1,518,520 897,440

In view of installation of line – II during the year, the production capacity of the Company has been
enhanced. Actual production is less than the installed capacity due to commissioning of Line II in January
2017, planned maintenance shut down and in line with the industry demand.
38. DATE OF AUTHORISATION

These financial statements were authorised for issue on 23 August, 2017 by the Board of Directors of the
Company.

39. DIVIDEND AND APPROPRIATIONS

39.1 Subsequent to year ended June 30, 2017, the Board of Directors in its meeting held on August 23, 2017
has proposed final cash dividend @ Rs. 3.50/- per share amounting to Rs. 618.21 million (2016: Rs.
2.25/- per share amounting to Rs. 397.42 million) for approval of the members at the Annual General
Meeting. This is in addition to the interim cash dividend @ Re. 1/- per share amounting to Rs. 176.63
million (2016: Re. 1/- per share amounting to Rs. 176.63 million) approved by the Board of Directors for
the year ended June 30, 2017.

39.2 Under section 5A of the Income Tax Ordinance, 2001 (the Ordinance), every public company is obligated
to pay tax at the rate of 7.50% on its accounting profit before tax if it derives profit for a tax year but does
not distribute at least 40% of its after tax profits within six months of the end of the tax year, through cash
or bonus shares.

Based on the above fact, the Board of Directors of the Company has proposed / approved cash dividend
amounting to Rs. 794.84 million for the financial and tax year 2017 which exceeds the prescribed
minimum dividend requirement as referred above. Accordingly, no further tax provision has been
recorded under section 5A of the Ordinance.
40. CORRESPONDING FIGURES

There were no reclassifications that could affect the financial statements materially.
41. GENERAL

Figures have been rounded off to the nearest thousand of Rupees unless otherwise stated.

Omar Faruque Azam Faruque Yasir Masood
Chairman Chief Executive Chief Financial Officer

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