ASIAN PAINTS RESULTS FOR THE FINANCIAL YEAR 2001 2002 Revenue Account Gross Sales 1,470 1,599 Net Sales and Operating Income 1,233 1,371 Growth Rates (%) 13 11 Materials Cost 661 728 % to Net Sales 53.61 53.04 Overheads 370 418 % to Net sales 29.99 30.46 Operating Profit 212 241 Interest Charges 22 15 Depreciation 34 45 Profit Before Tax and Exceptional items 156 181 % to Net Sales 12.64 13.23 Growth Rates (%) 9 16 Exceptional items - - Profit Before Tax and after Exceptional it 156 181 % to Net Sales 13 13 Profit After Tax 106 114 Return on average net worth (RONW) (%) 27 28 Capital Account Share Capital 64.2 64.2 Reserves and Surplus 347 346 Deferred Tax Liability (Net) - 61 Loan Funds 227 111 Fixed Assets 381 390 Investments 44 63 Net Current Assets 214 130 Debt-Equity Ratio 0.55:1 0.27:1 Market Capitalisation 1,580 2,106 Per Share Data Earnings Per Share (EPS) (Rs.) 11.00 11.90 Dividend (%) 70.00 90.00 Book Value (Rs.) 64.10 64.00 Other Information Number of Employees 3,197 3,188 Corporate Bri
38
Embed
Asian Paints - Financial Modeling (With Solutions)-CBA
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
ASIAN PAINTS
RESULTS FOR THE FINANCIAL YEAR 2001 2002 2003Revenue Account Gross Sales 1,470 1,599 1,807 Net Sales and Operating Income 1,233 1,371 1,535
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 2,093.6 2,810.3 4,091.8 Add : Balance brought forward from previous year 1,000.0 1,100.0 1,500.0
AMOUNT AVAILABLE FOR APPROPRIATION 3,093.6 3,910.3 5,591.8 APPROPRIATIONSDividend to shareholders of parent company:Equity Shares - Interim dividend 431.6 1,151.0 623.4 Proposed Final dividend 767.4 95.9 1,007.1 Tax on Dividend (includes tax on proposed div) 171.0 180.6 277.2 Transfer to General Reserve 651.4 982.8 1,684.1 Balance carried to Balance Sheet 1,100.0 1,500.0 2,000.0
3,121.5 3,910.3 5,591.8 Per share data
EPS (Rs.) Basic and Diluted - before exc item 22.12 29.30 43.37 EPS (Rs.) Basic and Diluted - after exc item 22.12 29.30 42.66 DPS (Rs) 12.50 13.00 17.00 No of shares - eop 95.92 95.92 95.92
AssumptionsSales (Growth - YoY) 21.48% 20.09%Material Cost (as a % of Sales) 59.32% 59.93% 58.49%OverheadsEmployee Cost (as a % of sales) 7.39% 7.14% 6.96%SG&A costs (as a % of sales) 20.32% 19.90% 19.57%
Other income (Growth - YoY) 16.32% 60.00%Other income (as a % of sales) 1.1% 1.0% 1.4%Effective Tax Rate (tax /EBT) 38.5% 34.1% 32.2%Dividend Payout Ratio 57.3% 44.4% 39.8%Divident Tax Rate 14% 14% 17%Minority Interest as % of PAT 1.1% 0.7% 4.4%
APPLICATION OF FUNDS Goodwill on consolidation 448.7 468.6 Fixed Assets Gross Block 9,765.6 10,831.5 Less: Depreciation/Amortisation 5,584.4 6,037.7 Net Block 4,181.2 4,793.8 Add : Capital Work in Progress 337.4 137.8
Net Fixed Assets 4,518.6 4,931.6 Investments 1,640.6 1,927.2
Total Long Term Assets 6,607.8 7,327.4 Current Assets, Loans and AdvancesCash and Bank Balances 734.1 1,053.9 Interest accrued on investments - 0.3 Inventories 4,888.7 5,980.1
Current Asset Sundry debtors (receivables) 3,475.2 4,206.1 Other Current Assets 611.2 693.6
Current Asset Loans and Advances 745.2 979.3 Total Current Assets 10,454.4 12,913.3 Current Liabilities and Provisions
Current Liabilities 5,787.4 7,870.4 Provisions 1,258.5 662.0 Total Current Liabilities 7,045.9 8,532.4 Net Current Assets 3,408.5 4,380.9
Sales Average receivables collection period 38.2 Material costs Average inventory processing period 90.2 Purchases Average payment period 47.1
Cash Conversion Cycle 81.3
Other Receivables Other Current Assets as % of Sales 2.0% 1.9%Loans and Advances as % of Sales 2.5% 2.7%
Other PayablesAcceptances as % of COGS 6.8% 7.9%Others Creditors as % of COGS 5.7% 3.6%Investor Education etc as % of COGS 0.1% 0.3%Other Liabilities as % of COGS 6.9% 7.2%
Operating Efficiency Total asset turnover 3.4 Net fixed asset turnover 7.8 Equity turnover 5.2
CASH FLOW STATEMENT (in INR mn) 2006 2007 2008 2009Cash Flow from Operating Activities:
Profit before tax and prior period items 3,431.4 4,271.0 6,330.1 6,191.4 Adjustment for: Depreciation/Impairment 606.2 611.4 591.7 743.8 Impairment of Goodwill 76.0 - - 12.4 Prior period item (Net) (10.3) 26.5 (15.9) (22.7)Profit on sale of investments (3.6) 70.8 (16.0) (1.3)Profit on disposal of subsidiaries 10.1 9.7 68.4 - Gain on disposal of assets (2.2) (14.7) (37.8) (65.4)Interest Expense 114.3 189.1 211.6 263.2 Interest Income (17.5) (14.3) (44.7) (56.9)Dividend Income (58.1) (115.3) (245.4) (140.8)Effect of exchange rates on op cashflows - - (177.7) 320.6
Operating Profit before Working Capital changes 4,146.3 5,034.2 6,664.3 7,244.3 - Adjustment for: Changes in working capital (886.4) (869.9) 39.9 (1,431.1)
Asset Trade Receivables (sundry debtors) (636.7) (1,111.8) (888.5) (922.2)Asset Other Receivables (loans & advances) - - - - Asset Inventories (343.2) (1,044.8) (1,194.3) (549.4)Liabiliti Trade and other payables (current liablilities) 93.6 1,286.7 2,122.7 40.5 Assets Changes in other current assets - - - -
Cash generated from Operations 3,259.9 4,164.3 6,704.2 5,813.2 Income tax paid (net of refund) (1,473.1) (1,585.0) (1,906.0) (1,919.2)Others
Net cash generated from operating activities 1,786.8 2,579.3 4,798.2 3,894.0 Cash Flow from Investing Activities:
Purchase of Fixed Assets / Capex (867.2) (819.5) (3,080.5) (3,100.5)Proceeds from sale of Fixed Assets 39.9 133.7 262.4 217.5 Purchase of Investment (797.2) (395.6) (1,981.5) - Sale of Investment 298.5 54.0 1,158.3 2.1
investmInterest received 17.6 14.0 44.7 52.3 Dividend received 58.1 115.3 245.4 140.8 Cash outflow on additional stake in subsidiary - (269.4) (3.6) (12.7)Cash inflow arising on disposal of subsidiary - 72.8 6.9 -
Net cash used in investing activities (1,250.3) (1,094.7) (3,347.9) (2,700.5)Cash Flow from Financing Activities
debt Proceeds from long term borrowings 494.7 - 224.3 - debt Proceeds from short term borrowings 56.7 736.8 - - debt Repayment of long term borrowings (333.7) (280.5) - (25.6)debt Repayment of short term borrowings - - (380.8) (15.6)
Corporate Bridge
Interest Paid (114.3) (189.1) (211.6) (263.2)Dividend and Dividend tax paid and Provisions (519.2) (1,374.9) (968.2) (1,999.3)
Net cash used in financing activities (415.7) (1,107.7) (1,336.3) (2,303.7)Net Inc/(Dec) in Cash and Cash Equivalents 120.8 376.9 114.0 (1,110.2)
Cash and Cash Equivalents - bop 608.2 734.1 1,053.9 3,088.8 Net effect of changes in exchange rate 5.1 (57.1) (60.8) 125.1
Cash and Cash Equivalents - eop 734.1 1,053.9 1,107.1 2,103.7