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
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
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.