FINANCE - BALANCE SHEET - Adani Ports & Special Economic Zone Ltd (Curr: Rs in Cr.

) As on 27/08/2012
COMPANY/FINANCE/BALANCE SHEET/21281/Adani PortsCmbDetail0CmbCommonsize0
200212 200403 200503 200603 200703 200803 200903
SOURCES OF FUNDS :
Share Capital
140 142.81 183.03 183.03 363.24 403.49 403.49
Reserves Total
44.45 325.48
389.4 415.54 383.11 2209.02 2541.78
Equity Share Warrants
0
0
0
0
0
0
0
Equity Application Money
0
0
0
0
0
9.54
0.2
Total Shareholders Funds
184.45 468.29 572.43 598.57 746.35 2622.05 2945.47
Secured Loans
496.52
284.2 589.85 891.92 1281.35 1884.77 2284.98
Unsecured Loans
0
0
34.53
69.9
0.9
21.98
28.02
Total Debt
496.52
284.2 624.38 961.82 1282.25 1906.75
2313
Other Liabilities
0
0
0
0
0
0
0
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less : Accumulated Depreciation
Less:Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Producing Properties
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Other Assets
Total Assets
Contingent Liabilities

201103

201203

403.49
3084.76
0
0.17
3488.42
2653.62
564.18
3217.8
0

403.49
3890.58
0
0
4294.07
947.67
0
947.67
632.76

403.49
4835
0
0
5238.49
4132.81
0
4132.81
603.51

680.97

752.49 1196.81 1560.39

4528.8 5258.47 6706.22

5874.5

9974.81

451.64
9.79
0
441.85
0
349.55
0
0

728.22 1221.18 1645.76 2234.4 3201.67 3781.95 4961.62

33.98
94.89 160.81 250.92 359.84 530.53 751.69
0
0
0
0
0
0
0
694.24 1126.29 1484.95 1983.48 2841.83 3251.42 4209.93
0
0
0
0
0
0
0
196.55 437.15 412.17 417.94 405.83 1232.55 1394.61
0
0
0
0
0
0
0
206.06
32.03 122.82
78.99 1082.66 431.75 721.04

6306.62
1000.98
0
5305.64
0
1076.78
0
715.04

7140.34
1335.26
0
5805.08
0
2447
0
1837.55

41.16
265.13
115.03
178.95
600.27

62.52
185.57
535.91
264.01
1048.01

0
2.69
3.57
17.39
23.65

0.16
2.47
4.16
174.15
180.94

3.05
42.68
30.58
69.14
145.45

4.61
78.78
95.65
91.28
270.32

134.43 537.94
0
0.69
134.43 538.63
-110.78 -357.69
0.35
13.33
0
0
0
0
0
0
0
0

526.47
7.49
533.96
-388.51
11.37
38.94
60.46
-21.52
0

608.14
61.3
669.44
-399.12
0
31.99
92.42
-60.43
0

680.97
25.22

752.49 1196.81 1560.39

15.49

155.85

313.71

2028.6

201003

10.43
18.47
26.49
345.64 296.34 211.64
56.9 889.56 1130.71
137.84 178.06 210.07
550.81 1382.43 1578.91

31.39
157.99
858.68
665.54
1713.6

943.59 926.97 959.57 978.07 2171.17 2532.03

17.77
79.56
46.89
73.68
113.93
257
961.36 1006.53 1006.46 1051.75
2285.1 2789.03
-410.55
375.9 572.45 661.85 -1684.83 -1741.02
5.85
0
0
0
0
0
5.47
0
0
0
0
0
52.58 177.42
229.7 281.21
349.58
429.75
-47.11 -177.42
-229.7 -281.21 -349.58 -429.75
0
0
0
0
811.45 2055.95
2028.6

4528.8 5258.47 6706.22

5874.5

9974.81

132.83

165.12

358.27

4819.73

163.95

351.96

FINANCE - PROFIT AND LOSS - Adani Ports & Special Economic Zone Ltd (Curr: Rs in Cr.) As on 27/08/2012
COMPANY/FINANCE/PROFIT AND LOSS/21281/Adani PortsCmbDetail0CmbCommonsize0CmbAnnual0
200212 (15) 200403 (15) 200503 (12) 200603 (12)
INCOME :
Sales Turnover
58.24
105.65
264.09
384.54
Excise Duty
0
0
0
0
Net Sales
58.24
105.65
264.09
384.54
Other Income
0.39
6.96
13.35
17.13
Stock Adjustments
0
0
0
0
Total Income

58.63

112.61

277.44

401.67

EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised

0
0.29
1.81
10.72
6.59
0.74
0

0
1.36
3.29
18.3
13.3
3.65
0

0
5.29
6.52
65.38
16.77
8.84
0

0
6.09
10.94
97.97
31.32
20.43
0

Total Expenditure

20.15

39.9

102.8

166.75

Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit

38.48
26.24
12.24
9.79
2.45
0
0
0
2.45
0
2.45

72.71
45.09
27.62
24.19
3.43
0.69
0
0
2.74
0.28
2.46

174.64
36.08
138.56
48.1
90.46
7.09
0
21.52
61.85
0.01
61.84

234.92
57.34
177.58
61.42
116.16
9.77
0.24
38.91
67.24
-0.13
67.37

0
0
0
1.25
1.2

0
1.2
0
-1.25
5.19

1.08
5.19
0
1.11
67.01

0
67.01
0
46.63
87.62

0
0
0
0
0.14
0.14
13.18
13.18

0
0
0
0
0.16
0.16
33.25
33.25

0
0
0
0
4.42
4.42
37.81
37.81

36.04
0
20
0
3.45
3.45
33.06
33.06

Adjst. below Net Profit

P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Dividend Per Share(Rs)
Earnings Per Share-Unit Curr
Earnings Per Share(Adj)-Unit Curr
Book Value-Unit Curr
Book Value(Adj)-Unit Curr

on 27/08/2012
mbAnnual0
200703 (12) 200803 (12) 200903 (12) 201003 (12) 201103 (12) 201203 (12)
581.44
0
581.44
15.54
0

818.21
0
818.21
68.13
0

1135.12
0
1135.12
145.6
0

1392.52
0
1392.52
171.81
0

1885.07
0
1885.07
120.23
0

2481.9
0
2481.9
42.7
0

596.98

886.34

1280.72

1564.33

2005.3

2524.6

0
28.33
12.92
169.04
29.5
28.65
0

0
36.23
23.53
150.03
38.92
35.39
0

0
51.41
26.57
215
45.83
56.41
0

0
74.56
45.66
215.93
42.09
75.3
0

0
109.82
66.62
316.3
43.28
39.06
0

0
172.47
89.26
372.14
59.62
76.51
0

268.44

284.1

395.22

453.54

575.08

770

328.54
72.86
255.68
80.7
174.98
0
0.86
-13.32
187.44
-0.07
187.51

602.24
134.78
467.46
100.64
366.82
21.29
1.81
130.31
213.41
19.83
193.58

885.5
234.23
651.27
137.24
514.03
-0.77
1.43
52.28
461.09
35.46
425.63

1110.79
182.2
928.59
168.14
760.45
7.97
0
51.51
700.97
16.24
684.73

1430.22
145.48
1284.74
207.86
1076.88
22.35
0
68.37
986.16
30.32
955.84

1754.6
211.52
1543.08
273.5
1269.58
12.16
0
80.16
1177.26
0.88
1176.38

-3.61
87.62
0
176.41
95.04

0
95.04
0
70.91
237.54

0
237.54
0
166.48
532.15

0
532.15
0
338.97
894.15

0
894.15
0
389.33
1490.98

0
1490.98
0
397.7
2270.54

36.04
0
10
0
5.2
5.2
20.63
20.63

60.1
0
15
1.5
5.33
1.07
65.13
13.03

120.23
0
30
3
11.51
2.3
73.44
14.69

160.29
0
40
4
17.49
3.5
86.99
17.4

180.32
0
45
0.9
4.92
4.92
21.42
21.42

200.34
0
50
1
5.71
5.71
26.13
26.13

Number of berths
Debt

Number of berths

Projections based on Mundra Port FY'11

Capacity (MTPA)
64
Income (Rs. Cr.)
2200
Income per MTPA (Rs. Cr.)
34.375
Operating Expense (% of
Revenue)
50%
Inflation (Growth rate)
5%
Tax Rate
20%

CapEx
Cargo (MTPA)
Income from port operations
Operating Expense
EBITDA
Depriciation
Interest
Principal repayment
less Fixed fees to Government
PBT

2005

2006

2007

2008

2009

-680

-510

-340

15
541.41
270.7
270.7
113.3
103.45
44.18
81.21
76.2

-680.0

-510.0

-340.0

-680.0

-510.0

-340.0

-170
8
275.00
137.5
-32.5
113.3
107.10
40.53
41.25
-187.1

PAT(Tax@ 20%)

-680.0

-510.0

-340.0

-149.67

60.93

CFAT

-680.0

-510.0

-340.0

-36.33

174.26

NPV
IRR

Rs. 2,164.97 Cr.

21.552%

2010

Financial Projections for Gangavaram Port (Rs. Cr.)

2011
2012
2013
2014

2015

2016

22
833.77
416.9
416.9
113.3
99.48
48.15
125.06
178.5

29
1154.01
577.0
577.0
113.3
95.14
52.49
173.10
290.6

36
1504.19
752.1
752.1
113.3
90.42
57.21
225.63
413.1

36
1579.40
789.7
789.7
113.3
85.27
62.36
236.91
439.5

36
1658.37
829.2
829.2
113.3
79.66
67.97
248.76
467.1

36
1741.29
870.6
870.6
113.3
73.54
74.09
261.19
496.1

36
1828.35
914.2
914.2
113.3
66.87
80.76
274.25
526.6

142.79

232.46

330.51

351.56

373.68

396.89

421.27

256.12

345.79

443.84

464.90

487.01

510.23

534.60

2017

2018

2019

2020

2021

2022

36
1919.77
959.9
959.9
113.3
59.60
88.03
287.97
558.6

36
2015.76
1007.9
1007.9
113.3
51.68
95.95
302.36
592.2

36
2116.54
1058.3
1058.3
113.3
43.05
104.58
317.48
627.5

36
2222.37
1111.2
1111.2
113.3
33.63
114.00
333.36
664.5

36
2333.49
1166.7
1166.7
113.3
23.37
124.26
350.02
703.4

36
2450.17
1225.1
1225.1
113.3
12.19
135.44
367.52
744.2

446.87

473.75

501.97

531.60

562.71

595.38

560.20

587.08

615.30

644.93

676.04

11339.36

708.71 LCF
10630.65 TV

Projections based on Mundra Port FY'11

Capacity (MTPA)
Income (Rs. Cr.)
Income per MTPA (Rs. Cr.)
Operating Expense (% of Revenue)
Inflation (Growth rate)
Tax Rate

64
2200
34.375
50%
5%
20%
2005

2006

2007

2008

CapEx
Cargo (MTPA)
Income from port operations
Operating Expense
EBITDA
Depriciation
Interest
Principal repayment
less fixed fees to government

-204

-153

-102

-204.0

-153.0

-102.0

-51
8
275.00
137.5
86.5
113.3
107.10
40.53
41.25

PBT

-204.0

-153.0

-102.0

-175.2

PAT(@ 20%)

-204.0

-153.0

-102.0

-140.15

CFAT

-204.0

-153.0

-102.0

-67.34

NPV
IRR

Rs. 325.59 Cr.

27%

0.0
0.0

0.0
0.0

33.0
33.0

Assuming Government only earns fixed fee

Capex (Land Cost)
Post Tax Fixed Fee Income
Govt free cash flow
NPV
IRR

-1000
0.0
-1000.0
498.11 Rs. Cr.
16%

2009

2010

2011

2012

2013

2014

2015

15
541.41
270.7
270.7
113.3
103.45
44.18
81.21

22
833.77
416.9
416.9
113.3
99.48
48.15
125.06

29
1154.01
577.0
577.0
113.3
95.14
52.49
173.10

36
1504.19
752.1
752.1
113.3
90.42
57.21
225.63

36
1579.40
789.7
789.7
113.3
85.27
62.36
236.91

36
1658.37
829.2
829.2
113.3
79.66
67.97
248.76

36
1741.29
870.6
870.6
113.3
73.54
74.09
261.19

-27.3

79.0

195.4

322.7

354.2

387.4

422.6

-21.83

63.21

156.34

258.17

283.35

309.95

338.06

47.32

128.39

217.19

314.29

334.32

355.31

377.30

65.0
65.0

100.1
100.1

138.5
138.5

180.5
180.5

189.5
189.5

199.0
199.0

209.0
209.0

2016

2017

2018

2019

2020

2021

36
1828.35
914.2
914.2
113.3
66.87
80.76
274.25

36
1919.77
959.9
959.9
113.3
59.60
88.03
287.97

36
2015.76
1007.9
1007.9
113.3
51.68
95.95
302.36

36
2116.54
1058.3
1058.3
113.3
43.05
104.58
317.48

36
2222.37
1111.2
1111.2
113.3
33.63
114.00
333.36

36
2333.49
1166.7
1166.7
113.3
23.37
124.26
350.02

459.7

499.0

540.5

584.4

630.9

680.0

367.77

399.19

432.40

467.53

504.69

544.01

400.35

424.49

449.78

476.28

504.03

533.09

219.4
219.4

230.4
230.4

241.9
241.9

254.0
254.0

266.7
266.7

280.0
280.0

2022

36
2450.17
1225.1
1225.1
113.3
12.19
135.44
367.52
732.0
585.63
563.52

294.0198425 Final year CF

294.0
4410.3 TV
4704.3
4704.3 SUM

Projections based on Mundra Port FY'11

Capacity (MTPA)
Income (Rs. Cr.)
Income per MTPA (Rs. Cr.)
Operating Expense (% of Revenue)
Inflation (Growth rate)
Tax Rate

64
2200
34.375
50%
5%
20%
2005

2006

2007

2008

CapEx
Cargo (MTPA)
Income from port operations
Operating Expense
EBITDA
Depriciation
Interest
Principal repayment
less fixed fees to government

-204

-153

-102

-204.0

-153.0

-102.0

-51
8
275.00
137.5
86.5
113.3
107.10
40.53
35.75

PBT

-204.0

-153.0

-102.0

-169.7

PAT(@ 20%)

-204.0

-153.0

-102.0

-135.75

CFAT

-204.0

-153.0

-102.0

-62.94

Private Player Cash Flow

NPV
IRR

-183.6
350.88
28%

-137.7

-91.8

-56.6

0.0
-15.30
-15.3

0.0
-10.20
-10.2

28.6
-6.29
22.3

With Govt. as x% Equity Partner

Capex
Post Tax Fixed Fee Income
x % of FCFE
Govt free cash flow
NPV
IRR

-1000
0.0
-20.40
-1020.4
Rs. 537.09 Cr.
18%

2009

2010

2011

2012

2013

2014

2015

15
541.41
270.7
270.7
113.3
103.45
44.18
70.38

22
833.77
416.9
416.9
113.3
99.48
48.15
108.39

29
1154.01
577.0
577.0
113.3
95.14
52.49
150.02

36
1504.19
752.1
752.1
113.3
90.42
57.21
195.54

36
1579.40
789.7
789.7
113.3
85.27
62.36
205.32

36
1658.37
829.2
829.2
113.3
79.66
67.97
215.59

36
1741.29
870.6
870.6
113.3
73.54
74.09
226.37

-16.5

95.7

218.5

352.8

385.8

420.6

457.4

-13.17

76.55

174.81

282.24

308.62

336.48

365.92

55.98

141.73

235.65

338.36

359.59

381.85

405.17

50.4

127.6

212.1

304.5

323.6

343.7

364.6

56.3
5.60
61.9

86.7
14.17
100.9

120.0
23.57
143.6

156.4
33.84
190.3

164.3
35.96
200.2

172.5
38.18
210.7

181.1
40.52
221.6

2016

2017

2018

2019

2020

2021

36
1828.35
914.2
914.2
113.3
66.87
80.76
237.69

36
1919.77
959.9
959.9
113.3
59.60
88.03
249.57

36
2015.76
1007.9
1007.9
113.3
51.68
95.95
262.05

36
2116.54
1058.3
1058.3
113.3
43.05
104.58
275.15

36
2222.37
1111.2
1111.2
113.3
33.63
114.00
288.91

36
2333.49
1166.7
1166.7
113.3
23.37
124.26
303.35

496.3

537.4

580.8

626.7

675.3

726.7

397.03

429.90

464.65

501.39

540.25

581.35

429.60

455.21

482.04

510.14

539.59

570.42

386.6

409.7

433.8

459.1

485.6

513.4

190.1
42.96
233.1

199.7
45.52
245.2

209.6
48.20
257.8

220.1
51.01
271.1

231.1
53.96
285.1

242.7
57.04
299.7

2022

36
2450.17
1225.1
1225.1
113.3
12.19
135.44
318.52
781.0
624.83
602.72
542.5

254.8
60.27
5042.0

315 Final year CF

4727 TV
5042 SUM

Projections based on Mundra Port FY'11

Capacity (MTPA)
64
Income (Rs. Cr.)
2200
Income per MTPA (Rs. Cr.)
34.375
Operating Expense (% of
Revenue)
50%
Inflation (Growth rate)
5%
Tax Rate
20%

CapEx
Cargo (MTPA)
Income from port operations
Operating Expense
EBITDA
Depriciation
Interest
Principal repayment

2005

2006

2007

2008

2009

-1204

-153

-102

-51
8
275.00
137.5
86.5
113.3
107.10
40.53

15
541.41
270.7
270.7
113.3
103.45
44.18

-1204.0

-153.0

-102.0

PBT

-1204.0

-153.0

-102.0

-133.9

53.9

PAT(@ 20%)

-1204.0

-153.0

-102.0

-107.15

43.13

CFAT

-1204.0

-153.0

-102.0

-34.34

112.29

NPV
IRR

Rs. -192.31 CR.

17%

2010

2011

2012

2013

2014

2015

2016

22
833.77
416.9
416.9
113.3
99.48
48.15

29
1154.01
577.0
577.0
113.3
95.14
52.49

36
1504.19
752.1
752.1
113.3
90.42
57.21

36
1579.40
789.7
789.7
113.3
85.27
62.36

36
1658.37
829.2
829.2
113.3
79.66
67.97

36
1741.29
870.6
870.6
113.3
73.54
74.09

36
1828.35
914.2
914.2
113.3
66.87
80.76

204.1

368.5

548.3

591.1

636.2

683.8

734.0

163.26

294.82

438.67

472.88

508.96

547.02

587.18

228.44

355.67

494.80

523.85

554.32

586.26

619.75

2017

2018

2019

2020

2021

2022

36
1919.77
959.9
959.9
113.3
59.60
88.03

36
2015.76
1007.9
1007.9
113.3
51.68
95.95

36
2116.54
1058.3
1058.3
113.3
43.05
104.58

36
2222.37
1111.2
1111.2
113.3
33.63
114.00

36
2333.49
1166.7
1166.7
113.3
23.37
124.26

36
2450.17
1225.1
1225.1
113.3
12.19
135.44

786.9

842.9

901.9

964.2

1030.0

1099.6

629.56

674.29

721.52

771.38

824.03

879.65

654.86

691.68

730.26

770.71

813.11

857.54

1 Project Cost (Rs. Cr.)

Key Assumptions For Case Analysis

1700

2
% of total project cost
Cost incurred (Rs. Cr.)

Construction period
2005
2006
40%
30%
680
510

3 Capitalised Assets
Depriciating years
Per year depriciation (Rs. Cr.)

4 Debt/Total Capital

2007
20%
340

2008
10%
170

1700
15
113.3333

0.7

5 Fixed Fee for Alternative 1

15%

Fixed Fee for Alternative 2

6 Private Player Cost of equity

19%

Estimated using beta of Mundra Ports

7 Project WACC

12%

8 Governemnt cost of equity

12%

9 Alternative 2

Government Equity
Private Equity

10%
90.0%

13%

Recommended Solution

GOVERNMENT
NPV
2164.97

Scenario
Project as whole

Government receives a fixed fee

498.11

Government receives a fixed fee

plus is an equity partner

537.09

Private player purchases land

from government

GOVERNMENT
IRR
22%

In Rs. Cr.
Private Player
NPV
IRR

16%

325.59

27%

18%

350.88

28%

-192.31

17%

9%
1190

Rs. 147.63

Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.63
Rs. 147.6

107.10
103.45
99.48
95.14
90.42
85.27
79.66
73.54
66.87
59.60
51.68
43.05
33.63
23.37
12.19

40.5300704
44.1777767
48.1537766
52.4876165
57.211502
62.3605371
67.9729855
74.0905542
80.7587041
88.0269874
95.9494163
104.584864
113.997501
124.257277
Rs. 135.4

1190
1149.46993
1105.292153
1057.138376
1004.65076
947.4392579
885.0787208
817.1057353
743.0151811
662.2564771
574.2294897
478.2800734
373.6952096
259.6977081
135.4404315
4.547E-13

107.1
103.4523
99.47629
95.14245
90.41857
85.26953
79.65708
73.53952
66.87137
59.60308
51.68065
43.04521
33.63257
23.37279
12.18964

40.53007
44.17778
48.15378
52.48762
57.2115
62.36054
67.97299
74.09055
80.7587
88.02699
95.94942
104.5849
113.9975
124.2573
135.4404