Cover Story

FFBL and farming community of Pakistan go hand in hand in prosperity and adversity. The challenges of 2022 including highly unstable phosphatic fertilizer market, unprecedented floods, stringent economic measures and inconsistent fiscal developments- we faced it all together. During the times of hardship for our community in wake of devastating floods, FFBL actively participated in our group's relief efforts. FFBL is also proud of supporting the Government in Kissan Package 2022 through DAP price revisions. It was only through well- coordinated and collective efforts that we conquered the adversities of these challenges- and we are determined to do so again.

About this Report

The FFBL Annual Report 2022 (the Report) integrates the following sections:

  • Company Overview
  • Directors' Report
  • Sustainability Report
  • Chairman Audit Committee Report
  • Statement of Compliance with CCG
  • Standalone Financial Statements
  • Consolidated Financial Statements
  • Shareholders' Information

The Report is structured to assist our readers in assessing our business by providing information about state of affairs, performance and the outlook of FFBL. It fairly addresses the material matters pertaining to the long term sustainability of the Company and its integrated performance. This Report comprises of strategic and operational review by the Board of Directors which encompasses financial reviews and analyses, overview of governance, risk management and internal control frameworks. 'Navigating through this Report' given on page 4 shall further facilitate the reader in comprehending

this Report. Our value creating business model supported by the outputs, outcomes and impacts of various forms of capitals associated with business activities, and how we look forward towards business opportunities, has also been explained. The Board has endorsed and authorized the release of their report on January 30, 2022.

Scope and Boundary

Our Report covers the period from January 1, 2022 to December 31,

2022 and subsequent events up to the issuance of this report have also been explained in various sections of the Report. Operational and financial analyses and reviews are carried out by extracting financial information from the Audited Financial Statements for the year ended December 31, 2022 with relevant comparative information. The Financial Statements consistently comply with the requirements of:

  • International Financial Reporting Standards (IFRS)
  • Companies Act, 2017 and other applicable regulations

Chairman's Review, Directors' Report, Audit Committee's Report, Report on Compliance of Code of Corporate Governance (CCG), and other information contained in this Report have been structured in compliance with the requirements of Companies Act 2017, CCG, Listing Regulations of the Pakistan Stock Exchange (PSX) and other local and international good governance practices as promoted by ICAP / ICMAP, and PSX etc.

Forward Looking Statement

This Report includes 'Forward Looking Statement' which addresses our expected future business and financial performance / condition, sources of information and assumption used for projections / forecasts and our future course of action to manage the risks and capitalize on opportunities (known and unknown). Such statements are valid only for the date of publication.

External Assurances / Reviews

Description of the Report

External Reviews / Assurances

Review Report on the Statement of Compliance with the Code of Corporate Governance

EY Ford Rhodes

Independent Auditor's Report on the Audit of Financial Statements

EY Ford Rhodes

Independent Auditor's Report on the Audit of Consolidated Financial Statements

EY Ford Rhodes

Entity Credit Rating

VIS Credit Rating Company Limited

Company

Directors'

Sustainability

Overview

Report

Report

General information about the

Review of the Company's performance

Assessment of the Company's value

Company and its operations

by the Board of Directors

creation ability and contribution towards

Sustainable Development Goals

7-45

47-113

115-145

Contents

Financial

Consolidated

Shareholders'

Statements

Financial

Information

Financial Statements of the

Statements

Other information for

Company along with Reports by the

shareholders

Audit Committee and Independent

Consolidated Financial Statements of the

315-356

External Auditors

FFBL Group and along with the Report by

Independent External Auditors

147-221

223-314

Vision

To be an inspiring business, transforming

opportunities into sustainable realities.

Mission

Ensure business sustainability with sharp focus on people development, growth and stakeholder value, thus contributing towards food security and group's CSR efforts.

Company Overview

3

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Disclaimer

Fauji Fertilizer Bin Qasim Ltd. published this content on 06 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2023 06:19:08 UTC.