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SEGMENT-1
2009
2010
2009
2010
Segment Ana
2011
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
SEGMENT-2
2011
Page 3 of 19
Segment Ana
SEGMENT-3
2009
2010
2011
2012
2013
2014
2015
2016
20.0%
20.0%
20.0%
20.0%
Components
2009
2010
2011
Page 4 of 19
2012
2013
2014
2015
2016
2009
2010
IS
2011
2012
2013
2014
2015
2016
36,860
-18,483.41
18,376.3
$44,231.7
(22,180.1)
22,051.6
$53,078.0
(26,616.1)
26,461.9
$63,693.6
(31,939.3)
31,754.3
$76,432.4
(38,327.2)
38,105.2
SG&A Expense
Advertising Costs
Operating Income
(11,357.9)
0.0
7,018.4
(13,629.5)
0.0
8,422.1
(16,355.4)
0.0
10,106.5
(19,626.5)
0.0
12,127.8
(23,551.7)
0.0
14,553.4
Other(Income) Expense
EBIT
0.0
7,018.4
0.0
8,422.1
0.0
10,106.5
0.0
12,127.8
0.0
14,553.4
plus: Depreciation
plus: Amortization
EBITDA
2,149.3
0.0
9,167.8
2,410.4
0.0
10,832.5
2,577.0
0.0
12,683.6
2,855.2
0.0
14,983.0
3,045.6
0.0
17,599.0
1,505.7
2,074.1
(0.0)
13,633.5
(0.0)
16,627.5
Interest (Income)
Other (Income)
Other Expense (Income)
Interest Expense
Pre-Tax Income
294.0
367.0
(704.2)
(1,504.7)
5,470.6
457.8
478.1
2,240.6
11,120.5
1,120.0
11,704.6
(1,849.9)
0.0
$3,620.7
3,760.3
0.0
$14,880.8
3,957.9
0.0
$15,662.5
4,610.1
0.0
$18,243.6
5,622.5
0.0
$22,250.1
232,794,316.0
$63.92
232,794,316.0
$67.28
232,794,316.0
$78.37
232,794,316.0
$95.58
33.8%
33.8%
33.8%
33.8%
232,794,316.0
$15.55
Margins
Gross Profit Margin
SG&A Expense (% Sales)
Advertising Costs (% Sales)
49.9%
50.1%
0.0%
1.8%
19.0%
24.9%
0.0%
10%
33.8%
Page 5 of 19
2009
2010
BS
2011
2012
2013
2014
2015
2016
Cash
Accounts Receivable, net
Inventory
Other Current Assets
Total Current Assets
5,386.24
4,911.75
5,031.3
7,160.6
22,489.9
$5,624.7
5,894.1
6,037.6
20,524.4
38,080.9
$17,713.6
7,072.9
7,245.1
24,629.3
56,661.0
$24,401.6
8,487.5
8,694.2
29,555.2
71,138.4
$42,793.6
10,185.0
10,433.0
35,466.2
98,877.9
PP&E, net
Goodwill
Intangibles
Defered Income Taxes
Other Long-Term Assets
Total Assets
20,852.6
0.0
0.0
0.0
9,939.2
53,281.7
20,852.6
0.0
0.0
0.0
9,939.2
68,872.6
22,052.6
0.0
0.0
0.0
9,939.2
88,652.7
21,952.6
0.0
0.0
0.0
9,939.2
103,030.2
21,852.6
0.0
0.0
0.0
9,939.2
130,669.6
Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Cur. Liabilities
$6,696.3
0.0
7,572.2
14,268.5
$8,035.6
0.0
9,086.7
17,122.2
$9,642.7
0.0
21,744.8
31,387.5
$11,571.2
0.0
26,093.8
37,665.0
$13,885.5
0.0
31,312.5
45,198.0
0.0
16,004.0
1,271.5
0.0
306.7
31,850.8
0.0
16,004.0
1,271.5
0.0
306.7
34,704.5
0.0
8,000.0
1,271.5
0.0
306.7
40,965.7
0.0
(0.0)
1,271.5
0.0
306.7
39,243.2
0.0
(0.0)
1,271.5
0.0
306.7
46,776.2
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Total Equity
$465.7
0.0
0.0
20,965.3
21,431.0
$465.7
0.0
0.0
33,702.5
34,168.2
$465.7
0.0
0.0
47,221.3
47,687.0
$465.7
0.0
0.0
63,321.3
63,787.0
$465.7
0.0
0.0
83,427.7
83,893.4
53,281.7
0.0
68,872.6
0.0
88,652.7
0.0
103,030.2
0.0
130,669.6
0.0
Minority Interest
Total Debt
Total Book Capitalization
Total Debt / Total Book Capitalization
EBITDA
Total Debt to EBITDA
Interest Expense
EBITDA Coverage
Page 6 of 19
CF
2012
2013
2014
2015
2016
Operating Activities
Net Income
Depreciation
Amortization
Minority Interest
Change in Working Capital
Change in Other Long-Term Assets & Liabilities
Other
Cash Flow from Operating Activities
$14,880.8
2,410.4
0.0
0.0
(12,498.7)
0.0
0.0
$4,792.5
$15,662.5
2,577.0
0.0
0.0
7,774.0
0.0
0.0
$26,013.6
$18,243.6
2,855.2
0.0
0.0
(1,512.0)
0.0
0.0
$19,586.8
$22,250.1
3,045.6
0.0
0.0
(1,814.4)
0.0
0.0
$23,481.3
Investing Activities
Capital Expenditures
Asset Sales
Additions to Goodwill / Intangibles
Other
Cash Flow from Investing Activities
(2,410.4)
0.0
0.0
0.0
($2,410.4)
(3,777.0)
0.0
0.0
0.0
($3,777.0)
(2,755.2)
0.0
0.0
0.0
($2,755.2)
(2,945.6)
0.0
0.0
0.0
($2,945.6)
$2,382.1
$22,236.5
$16,831.6
$20,535.7
0.0
Page 7 of 19
(8,004.0)
(8,000.0)
0.0
(1,082.2)
(1,061.4)
($2,143.6)
(1,082.2)
(1,061.4)
($10,147.6)
(1,082.2)
(1,061.4)
($10,143.6)
(1,082.2)
(1,061.4)
($2,143.6)
238.5
5,386.2
$5,624.7
12,088.9
5,624.7
$17,713.6
6,688.0
17,713.6
$24,401.6
18,392.1
24,401.6
$42,793.6
2009
2010
Net Sales
Cost of Sales
Ratios and Assumptions
Accounts Receivable (Collection period in days)
Inventory (Days outstanding)
Other Current Assets as % of Net Sales
2012
2013
2014
2015
2016
36,859.74
-18,483.41
$44,231.7
(22,180.1)
$53,078.0
(26,616.1)
$63,693.6
(31,939.3)
$76,432.4
(38,327.2)
48.6
99.4
46.4%
48.6
99.4
46.4%
48.6
99.4
46.4%
48.6
99.4
46.4%
48.6
99.4
46.4%
132.2
0.0%
41.0%
132.2
0.0%
41.0%
132.2
0.0%
41.0%
132.2
0.0%
41.0%
132.2
0.0%
41.0%
$4,911.8
5,031.3
7,160.6
$17,103.7
$5,894.1
6,037.6
20,524.4
$32,456.1
$7,072.9
7,245.1
24,629.3
$38,947.4
$8,487.5
8,694.2
29,555.2
$46,736.9
$10,185.0
10,433.0
35,466.2
$56,084.2
$6,696.3
0.0
7,572.2
$14,268.5
$8,035.6
0.0
9,086.7
$17,122.2
$9,642.7
0.0
21,744.8
$31,387.5
$11,571.2
0.0
26,093.8
$37,665.0
$13,885.5
0.0
31,312.5
$45,198.0
$2,835.2
$15,333.9
$7,559.9
$9,071.9
$10,886.3
($12,498.7)
$7,774.0
($1,512.0)
($1,814.4)
($982.3)
(1,006.3)
(13,363.8)
1,339.3
0.0
1,514.4
($12,498.7)
0.0
($1,178.8)
(1,207.5)
(4,104.9)
1,607.1
0.0
12,658.1
$7,774.0
($1,414.6)
(1,449.0)
(4,925.9)
1,928.5
0.0
4,349.0
($1,512.0)
($1,697.5)
(1,738.8)
(5,911.0)
2,314.2
0.0
5,218.8
($1,814.4)
$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0
$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0
$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0
$0.0
9,939.2
$9,939.2
0.0
$1,271.5
0.0
306.7
$1,578.3
0.0
$0.0
$0.0
$0.0
$0.0
Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Non-Debt Current Liabilities
NET WORKING CAPITAL / (DEFICIT)
0%
9,939.2
$9,939.2
$1,271.5
0.0
306.7
$1,578.3
Page 8 of 19
2009
2010
Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales
2011
Dep Sch
2012
36,859.74
1,896.94
5.1%
2013
2014
2015
2016
$44,231.7
2,410.4
5.4%
$53,078.0
3,777.0
7.1%
$63,693.6
2,755.2
4.3%
$76,432.4
2,945.6
3.9%
$29,608.2
1,896.9
478.9
$31,984.0
$34,874.7
2,410.4
0.0
$37,285.1
$37,285.1
3,777.0
0.0
$41,062.1
$41,062.1
2,755.2
0.0
$43,817.3
$43,817.3
2,945.6
0.0
$46,762.8
$11,975.6
$14,022.1
$16,432.5
$19,009.5
$21,864.7
100.0
100.0
Useful Life
14 Years
CAPEX
2012
2013
2014
2015
2016
Useful Life
12 Years
Depreciation Rate
7%
1,200.0
$2,148.3
-101.91
$2,046.4
14,022.1
$17,962.0
11.4%
107.9%
SEGMENTS
Depreciation and Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Total
Proportion
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Depreciation Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Page 9 of 19
2410.4
0
$2,410.4
16,432.5
$20,852.6
11.6%
100.0%
2577.0
0
$2,577.0
19,009.5
$22,052.6
11.7%
68.2%
2755.2
0
$2,855.2
21,864.7
$21,952.6
13.0%
103.6%
2945.6
0
$3,045.6
24,910.2
$21,852.6
13.9%
103.4%
100.0
100.0
100.0
2009
Amort Sch
2010
Net Sales
Additions to Intangibles
Additions to Intangibles as % of Net Sales
Beginning Intangibles
Additions to Intangibles
(Intangible Sales and Write-Offs)
Ending Gross Goodwill / Intangibles
Beginning Accumulated Amortization
Existing Intangibles, net
Non amort. Int.
Amortizable Intangibles, net
Additions
2012
2013
2014
2015
2016
Useful Life
10 Years
Useful Life
10 Years
SEGMENTS
Depreciation and Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Total
Proportion
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Amortization Expense
SEGMENT-1
SEGMENT-2
SEGMENT-3
Components
Page 10 of 19
2011
2012
2013
2014
2015
2016
2009
2010
Shld Eq Sch
2011
Common Stock
Beginning Balance
Proceeds from Share Issuance
Ending Balance
2012
2013
465.68
0.0
465.7
465.7
0.0
465.7
2014
465.7
0.0
465.7
2015
465.7
0.0
465.7
2016
465.7
0.0
465.7
19,488.2
3,620.7
(1,082.2)
(1,061.4)
20,965.3
20,965.3
14,880.8
(1,082.2)
(1,061.4)
33,702.5
33,702.5
15,662.5
(1,082.2)
(1,061.4)
47,221.3
47,221.3
18,243.6
(1,082.2)
(1,061.4)
63,321.3
63,321.3
22,250.1
(1,082.2)
(1,061.4)
83,427.7
$4.00
$931.2
25.7%
$16.44
$3,827.0
25.7%
$17.30
$4,028.1
25.7%
$20.15
$4,691.9
25.7%
$24.58
$5,722.3
25.7%
Minority Interest
Beginning Balance
Minority Interest Expense
Additions & Reductions through Acquisitions
Ending Balance
Page 11 of 19
2009
Debt Sch
2010
2011
2012
2013
$2,382.1
Page 12 of 19
2014
2015
2016
$22,236.5
$16,831.6
$20,535.7
(1,082.2)
(1,082.2)
(1,082.2)
(1,082.2)
5,386.2
5,624.7
17,713.6
24,401.6
$6,686.1
$26,779.0
$33,463.0
$43,855.0
16,004.0
16,004.0
8,000.0
$16,004.0
$8,000.0
($0.0)
(0.0)
($0.0)
0.0
(8,004.0)
(8,000.0)
0.0
$0.0
($8,004.0)
($8,000.0)
$0.0
2009
2010
Int Sch
2011
Debt Balances
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
2012
2013
2014
2015
2016
16,004.0
8,000.0
(0.0)
(0.0)
5,386.2
5,624.7
17,713.6
24,401.6
14.0%
14.0%
14.0%
14.0%
8.5%
8.5%
8.5%
8.5%
0.0
0.0
1,505.7
2,074.1
Average Balances
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Revolving Credit Facility
Cash
Interest Rates
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
Revolving Credit Facility
Cash
Interest Expense
Notes Payable
Term Loan
International and Other Agreements
Obligations under Capital Leases
Senior Sub Notes
Other Debt
(2,240.6)
(1,120.0)
457.8
Page 13 of 19
478.1
2009
Sales growth
Domestic
Exports
% growth in sales
Sales
RM Consumed
Spares consumed
Other Manufacturing Exp
Change in WIP
Change in Finished goods
Administartive and Selling Exp
EBIDTA
Depreciation
Interest
Operating Profit
Non Operating Income
Non Operating Expenses
PBT
Tax
PAT
2010
2011
2012
2013
2014
2015
2016
Financial Performance
1. Total Operating Income (TOI)
2. EBIDTA
3. EBIDTA/TOI (%)
4. Interest
5. Depreciation
6. Operating Profit (OP)
7. Non-operating Income
8. PBT
9. PAT
10. PAT/TOI (%)
11. Net Cash Accruals (NCA)
12. Net fixed assets
13. Tangible Networth (TNW)
14. Exposure in subsidiaries /Group Cos.
Investments
Loans and advances
15. Adjusted TNW (ATNW)
16. Long term debt (LTD)
17. Short term debt (STD)
Term loan repayments
Other working capital STD
18.
19.
20.
21.
22.
23.
24.
Guarantees
Total Debt
Total Debt /TNW
Total Debt /ATNW
Total Current Assets
Total Current Liabilities
25.
26.
27.
28.
29.
30.
Description
(Sales - Excise Duty) + Other recurring income incidental to main business
(1) Minus (Operating Expenses excl. Interest, Depreciation & Amortisation)
(2)/(1)
Interest on borrowings
Depreciation for the year
(2) Minus (4) Minus (5)In case of any special item like lease rentals, amortisation etc.,
between EBIDTA & OP, it need to be calculated appropriately
Income not from normal course of business net of non-operating expenses
(6) Plus (7)
(8) Minus Tax (incl. Deferred Tax)
(9)/(1)
PAT + Depreciation - Dividend + Non-cash charges+ Deferred Tax Provision
Net Fixed Assets
Paid up share Capital + Reserves - Revaluation Reserves - Intangible assets (patents,
goodwill, prelim. Expenses, bad / doubtful expenses not provided for etc.)
Investments + Loans and Advances
Investments in subsidiaries / group companies
Loans & Advances subsidiaries / group companies
(13) Minus (14)
Debt greater than one year (term loans, debentures, preference shares, DPGs, other term
liabilities) excluding installments due within one year
Debt due within one year
Demand loans, unsecured loans etc. (excluding Working Capital Finance as given in (18)
below)
Secured and unsecured working capital availed from the Banks (include, Bills discounted /
purchased, Cash Credit / WCDL, Demand loans, Export finance etc.)
Guarantees in nature of financial obligations
(16) Plus (17) Plus (18) Plus (19)
(20)/(13)
(20)/(15)
All assets with maturity less than one year
Total liabilities with maturity less than one year, including installments of term liabilities due
within one year
(25) Minus (26)
(25)/(26)
{(6) + (4) + Lease rentals} / {Net fixed Assets + Investments + Total current assets {(9)+ (5) + amortisation + (4) + lease rentals + deferred tax provision} / {(4) + lease rentals}
(20)/(2)
(20)/(11)
2009
2010
2011
2012
2013
2014
2015
2016
Drivers
Effect on valuation