Download - Asian Paints11
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RESULTS FOR THE FINANCIAL YEAR 2001 2002 2003
Revenue Account
Gross Sales 1,470 1,599 1,807
Net Sales and Operating Income 1,233 1,371 1,535
Growth Rates (%) 13.18% 11.20% 11.93%
Materials Cost 661 728 807% to Net Sales 53.61% 53.04% 52.58%
Overheads 370 418 459
% to Net sales 0.2999 0.3046 0.2989
Operating Profit 212 241 282
Interest Charges 22 15 8
Depreciation 34 45 49
Profit Before Tax and Exceptional items 156 181 225
% to Net Sales 0.1264 0.1323 0.1465
Growth Rates (%) 9 16 24
Exceptional items - - -
Profit Before Tax and after Exceptional items 156 181 225% to Net Sales 0.1264 0.1323 0.1465
Profit After Tax 106 114 142
Return on average net worth (RONW) (%) 27 28 32
Capital Account
Share Capital 64.2 64.2 64.2
Reserves and Surplus 347 346 412
Deferred Tax Liability (Net) - 61 58
Loan Funds 227 111 104
Fixed Assets 381 390 366
Investments 44 63 148
Net Current Assets 214 130 124Debt-Equity Ratio 0.55 0.27 0.22
Market Capitalisation 1,580 2,106 2,119
Per Share Data
Earnings Per Share (EPS) (Rs.) 11.00 11.90 14.80
Dividend (%) 70.00 90.00 110.00
Book Value (Rs.) 411.20 410.60 476.60
Other Information
Number of Employees 3,197 3,188 3,327
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2004 2005 2006 2007 2008 2009 2010 2011
2,026 2,339 2,777 4133.527 4938.56 6043.84 7106.56 8361.47
1,696 1,955 2,319 3669.973 4407.23 5463.23 6680.94 7706.24
10.49% 15.24% 18.65% 58.24% 20.09% 23.96% 22.29% 15.35%
944 1,128 1,352 2199.395 2577.64 3370.64 3757.96 4474.5655.63% 57.73% 58.29% 59.93% 58.49% 61.70% 56.25% 58.06%
483 532 616 992.499 1169.01 1423.19 1695.58 1918.71
0.2847 0.2724 0.2654 27.04% 26.52% 26.05% 25.38% 24.90%
291 325 388 416.938 601.41 595.02 1143.84 1199.84
5 3 4 18.911 21.16 26.32 28.47 22.23
48 48 46 61.141 59.17 74.38 83.56 113.13
238 275 339 336.886 521.08 494.32 1031.81 1064.48
0.1402 0.1407 0.146 9.18% 11.82% 9.05% 15.44% 13.81%
6 16 23 -0.48% 54.68% -5.14% 108.73% 3.17%
(7) (4) (34) 0 0 -0.59 2.546 0
231 271 305 336.886 521.08 494.91 1029.264 1064.480.1362 0.1385 0.1315 9.18% 11.82% 9.06% 15.41% 13.81%
148 174 187 283.492 428.05 419.48 883.91 881.35
29 31 31
95.9 95.9 95.9 95.9 95.9 95.9 95.9 95.9
436 476 526 681.872 886.45 1107.25 1614.06 2091.5
49 31 29 26.786 39.08 53.31 56.23 85.18
71 88 91 306.176 275.21 308.62 229.23 234.7
344 320 325 479.381 577.56 813.03 872.82 1272.68
243 258 275 192.717 276.65 78.4 624.11 921.95
64 113 143 438.085 341.29 606.58 149 342.050.13 0.15 0.15 0.39 0.28 0.26 0.13 0.11
2,914 3,751 6,178 7,336 11,510 7,539 19,593 29735.2
15.40 18.10 19.50 28.40 39.10 37.78 80.74 95.42
85.00 95.00 125.00 130.00 170.00 175.00 270.00 3200%
531.50 572.20 622.30 777.77 982.35 1,203.15 1,709.96 2,187.40
3,356 3,550 3,681 3,868 3,924 4,260 4,382
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ASIAN PAINTS
INCOME STATEMENT (in INR mn) 2007 2008 2009
INCOME
Sales and operating income (Net of discs) 41,335.27 49385.6 60438.4
Less: Excise duty 4,635.54 5313.3 5806.1TOTAL SALES 36,699.73 44072.30 54632.30
EXPENDITUREMaterial Cost 21,993.95 25776.4 33706.4
Employee Cost 2,620.84 3066.6 3715.2
SG&A costs 7,304.15 8623.5 10516.7EBITDA 4,780.79 6605.80 6694.00
Less : Interest 189.11 211.6 263.2
Less : Depreciation/Amortisation 611.41 591.7 743.8
Add: Other Income 372.51 596 516.8EBT 4,352.78 6398.50 6203.80
Add/(Less) : Exceptional Item (77.56) -68.4 -12.4
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS 4,275.22 6330.10 6191.40
(Less) : Prior period items (Net) 26.48 -15.9 -22.7
PROFIT BEFORE TAX 4,301.70 6314.20 6168.70
Less: Provision for Taxation:
Current Tax 1,483.23 1847.9 1793.4
Deferred Tax (Refer Note B - 8 in Schedule M) (28.83) 105.6 163.2
Fringe Benefit Tax 48.14 64.3 73.6
(Excess) Tax Provision for earlier years (35.76) 15.9 -56.3PROFIT AFTER TAX 2,834.92 4280.50 4194.80
Less: Minority Interest 20.60 188.7 216.4
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 2,814.32 4091.80 3978.40
Add : Balance brought forward from previous year 1,100.00 1500 2000AMOUNT AVAILABLE FOR APPROPRIATION 3,914.32 5591.80 5978.40
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend 1,151.0 623.4 623.5
Proposed Final dividend 95.9 1,007.1 1,055.1
Tax on Dividend (includes tax on proposed div) 180.6 277.2 288.8
Transfer to General Reserve 982.8 1,684.1 1,711.0
Balance carried to Balance Sheet 1,500.0 2,000.0 2,300.0
3910.30 5591.80 5978.40
Per share data
EPS (Rs.) Basic and Diluted - before exc item 29.30 43.37 41.61EPS (Rs.) Basic and Diluted - after exc item 29.30 42.66 41.48
DPS (Rs) 13.00 17.00 17.50
No of shares - eop 95.92 95.92 95.92
Key Figures
Gross Profit 14,705.78 18,295.90 20,925.90
EBITDA 4,780.79 6,605.80 6,694.00
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Operating Profit (EBIT) 4,541.89 6,610.10 6,467.00
PBT 4,352.78 6,398.50 6,203.80
Net Income 2,834.92 4,280.50 4,194.80
Margins
Gross Profit 40% 42% 38%
EBITDA 13% 15% 12%
Operating Profit (EBIT) 12% 15% 12%
PBT 12% 15% 11%
Net Income 8% 10% 8%
Purchases 26,936.44 34,255.80
Assumptions
Sales (Growth - YoY) 20.09% 23.96%
Material Cost (as a % of Sales) 60% 58% 62%
Overheads
Employee Cost (as a % of sales) 7% 7% 7%
SG&A costs (as a % of sales) 20% 20% 19%
Other income (Growth - YoY) 60.00% -13.29%
Other income (as a % of sales) 1% 1% 1%
Effective Tax Rate (tax /EBT) 34% 32% 32%
Dividend Payout Ratio 44% 38% 40%
Divident Tax Rate 14% 17% 17%
Minority Interest as % of PAT 1% 4% 5%
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2010 2011 2012 2013 2014 2015 2016
71065.6 83614.7
4256.2 6552.366809.40 77062.40 88621.76 101915.02 117202.28 134782.62 155000.01
37579.6 44745.6 51400.62 59110.71 67977.32 78173.92 89900.01
4362.8 4539.9 5317.31 6114.90 7032.14 8086.96 9300.00
12593 14647.2 16838.13 19363.85 22268.43 25608.70 29450.0012274.00 13129.70 15065.70 17325.55 19924.39 22913.05 26350.00
284.7 222.3 222.97 222.97 222.97 222.97 222.97
835.6 1131.3 1329.33 1528.73 1758.03 2021.74 2325.00
1405 826.3 886.22 1019.15 1172.02 1347.83 1550.0012558.70 12602.40 14399.63 16593.01 19115.41 22016.17 25352.04
11.5 0
12570.20 12602.40 14399.63 16593.01 19115.41 22016.17 25352.04
0 0
12570.20 12602.40 14399.63 16593.01 19115.41 22016.17 25352.04
4319.89 4977.90 5734.62 6604.85 7605.61
3731.8 3555
55.4 281.5
0 0
-56.1 -47.68839.10 8813.50 10079.74 11615.11 13380.79 15411.32 17746.43
482.7 381.1 453.59 522.68 602.14 693.51 798.59
8356.40 8432.40 9626.15 11092.43 12778.65 14717.81 16947.84
2300 600010656.40 14432.40 9626.15 11092.43 12778.65 14717.81 16947.84
815.3 815.3
1,774.5 2,254.1 3369.152353 3882.350441 4472.528243 5151.232715 5931.742857
433.3 501.1 539.0643765 621.1760706 715.6045189 824.1972343 949.0788572
1,633.3 4,861.9
6,000.0 6,000.0
10656.40 14432.40 5717.93 6588.90 7590.52 8742.38 10067.02
87.00 87.91 100.36 115.64 133.22 153.44 176.6987.12 87.91
27.00 32.00 35.12 40.47 46.63 53.70 61.84
95.92 95.92 95.92 95.92 95.92 95.92 95.92
29,229.80 32,316.80 37,221.14 42,804.31 49,224.96 56,608.70 65,100.01
12,274.00 13,129.70 15,065.70 17,325.55 19,924.39 22,913.05 26,350.00
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12,843.40 12,824.70 14,622.59 16,815.98 19,338.38 22,239.13 25,575.00
12,558.70 12,602.40 14,399.63 16,593.01 19,115.41 22,016.17 25,352.04
8,839.10 8,813.50 10,079.74 11,615.11 13,380.79 15,411.32 17,746.43
44% 42% 42% 42% 42% 42% 42%
18% 17% 17% 17% 17% 17% 17%
19% 17% 17% 17% 17% 17% 17%
19% 16% 16% 16% 16% 16% 16%
13% 11% 11% 11% 11% 11% 11%
39,448.90 48,241.10 51,020.45 61,011.83 70,163.61 80,688.15 92,791.37
22.29% 15.35% 15% 15% 15% 15% 15%
56% 58% 58% 58% 58% 58% 58%
7% 6% 6% 6% 6% 6% 6%
19% 19% 19% 19% 19% 19% 19%
171.87% -41.19%
2% 1% 1% 1% 1% 1% 1%
30% 30% 30% 30% 30% 30% 30%
29% 35% 35% 35% 35% 35% 35%
17% 16% 16% 16% 16% 16% 16%
5% 4% 5% 5% 5% 5% 5%
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ASIAN PAINTS
BALANCE SHEET (in INR m) 2007 2008 2009
FUNDS EMPLOYED
Shareholders' Funds
Share Capital 959.2 959.2 959.2Reserves and Surplus 6,818.72 8864.5 11072.5Shareholders' equity 7777.92 9823.7 12031.7
Loan Funds
Secured Loans 1,201.05 1211.2 1253.5
Unsecured Loans 1,860.71 1540.9 1832.7Loans 3,061.76 2,752.10 3,086.20
Deferred Tax Liability (Net) 267.86 390.8 533.1
Minority Interest 600.75 573.7 755.7Total 11,708.29 13,540.30 16,406.70
APPLICATION OF FUNDSGoodwill on consolidation 468.62 443.5 505.5
Fixed Assets
Gross Block 10,831.48 12112.2 14614.1
Less: Depreciation/Amortisation 6,037.67 6336.6 6483.8Net Block 4,793.81 5,775.60 8,130.30
Add : Capital Work in Progress 137.84 1141.8 921.1
Net Fixed Assets 4,931.65 6,917.40 9,051.40
Investments 1,927.17 2766.5 784Total Long Term Assets 7,327.44 10,127.40 10,340.90
Current Assets, Loans and Advances
Cash and Bank Balances 1,053.93 1107.1 2103.7
Interest accrued on investments 0.26 0.9 5.5
Inventories 5,980.06 7140.1 7689.5
Current As Sundry debtors (receivables) 4,206.12 4603.3 5719.2
Other Current Assets 693.59 559.6 491.2
Current As Loans and Advances 979.34 1525.2 1978Total Current Assets 12,913.30 14,936.20 17,987.10
Current Liabilities and Provisions
Current Liabilities 7,870.38 9859.3 10111.4
Provisions 662.07 1664 1809.9Total Current Liabilities 8,532.45 11,523.30 11,921.30
Net Current Assets 4,380.85 3,412.90 6,065.80
Total Total 11,708.29 13,540.30 16,406.70
check (moment of truth!) ( A = L + E) True True True
Schedule G
Current Liabilities 7870.38 9859.30 10111.40
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1 Acceptances 1729.27 2183.20 1795.40
2 Sundry Creditors 4485.35 5719.60 5541.50
Trade (payables) 3692.78 4539.40 4416.40
Others 792.57 1180.20 1125.10
3 Investor Education etc 62.89 31.70 29.10
4 Other Liabilities 1592.87 1924.80 2745.40
Assumptions:
Fixed Assets
B Net Fixed Assets - Opening
A Add: Capex
A Add: Acquisitions / (Disposals)/WIP addns
S Less: Depreciation
E Net Fixed Assets - Ending
Capex (as a % of sales) 2.23% 6.99% 5.68%
Depreciation (as a % of sales) 1.67% 1.34% 1.36%
Debt
Average Debt 2906.93 2919.15
Interest paid 211.6 263.2
Interest cost % 7.28% 9.02%
Cash and Bank Balances
Interest earned
Interest rate %
Ratio Analysis
Solvency Ratios
Current ratio 1.51 1.30 1.51
Quick ratio 0.70 0.54 0.70
Cash ratio 0.12 0.10 0.18
Turnover Ratios
Receivables turnover 10.01 10.59
Inventory turnover 3.93 4.55
Payables turnover 6.54 7.65
Average receivables collection period 36.48 34.48
Average inventory processing period 92.89 80.29Average payment period 55.77 47.71
Cash Conversion Cycle 73.60 67.06
Other Receivables
Other Current Assets as % of Sales 1.89% 1.27% 0.90%
Loans and Advances as % of Sales 2.67% 3.46% 3.62%
Other Payables
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Acceptances as % of COGS 7.86% 8.47% 5.33%
Others Creditors as % of COGS 3.60% 4.58% 3.34%
Investor Education etc as % of COGS 0.29% 0.12% 0.09%
Other Liabilities as % of COGS 7.24% 7.47% 8.15%
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
Operating Profitability
Gross Profit Margin 0.40 0.42 0.38
Operating Profit Margin 0.12 0.15 0.12
Net Profit Margin 0.08 0.10 0.08
Return on total capital 0.42 0.53 0.43
Return on total equity 0.36 0.44 0.35
ROE DuPont Analysis
Profit Margin
Asset Turnover
Financial Leverage
ROE
Financial Risk Ratios
Debt to equity ratio
Debt ratio
Interest coverage ratio
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10
2010 2011 2012 2013 2014 2015 2016
959.2 959.2 959.2 959.2 959.2 959.2 959.216140.6 20915 26632.9329 33221.84 40812.36 49554.73334 59621.7483617099.8 21874.2 27592.13285 34181.036 41771.556 50513.93334 60580.94836
637 499.7 499.7 499.7 499.7 499.7 499.7
1655.3 1847.3 1847.3 1847.3 1847.3 1847.3 1847.32,292.30 2,347.00 2,347.00 2,347.00 2,347.00 2,347.00 2,347.00
562.3 851.8 851.8 851.8 851.8 851.8 851.8
944.5 1098.9 1552.4882 2075.168 2677.304 3370.812846 4169.40201220,898.90 26,171.90 32,343.42 39,455.00 47,647.66 57,083.55 67,949.15
367.3 371.9 371.9 371.9 371.9 371.9 371.9
15003.9 19877.5
6275.7 7150.78,728.20 12,726.80
4072.3 433.2
12,800.50 13,160.00 13,603.11 14,112.68 14,698.70 15,372.61 16,147.61
6241.1 9219.5 9219.5 9219.5 9219.5 9219.5 9219.519,408.90 22,751.40 23,194.51 23,704.08 24,290.10 24,964.01 25,739.01
1058.3 1330.4 8067.33 15104.78 22891.87 31861.35 42190.59
2.1 2 2 2 2 2 2
9558.8 13054.3 12674.1257 14575.24 16761.53 19275.76089 22167.12502
5425.2 5855.3 6069.98356 6980.481 8027.553 9231.686249 10616.43919
646.3 893.1 886.22 1019.15 1172.02 1347.83 1550.00
1746.2 2054.4 2304.17 2649.79 3047.26 3504.35 4030.0018,436.90 23,189.50 30,003.83 40,331.45 51,902.24 65,222.97 80,556.15
13796.5 16403.7 16960.82 19825.26 22799.05 26218.91 30151.75
3150.4 3365.3 3908.21673 4503.527 5188.133 5975.429949 6880.82171416,946.90 19,769.00 20,869.04 24,328.79 27,987.19 32,194.34 37,032.57
1,490.00 3,420.50 9,134.79 16,002.66 23,915.05 33,028.63 43,523.58
20,898.90 26,171.90 32,329.30 39,706.74 48,205.14 57,992.64 69,262.59
True True False False False False False
14.12 -251.74 -557.49 -909.09 -1,313.44
13796.50 16403.70 16960.82 19825.26 22799.05 26218.91 30151.75
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2987.70 3152.70 3598.04 4137.75 4758.41 5472.17 6293.00
7183.20 8913.80 8376.92 9953.77 11446.84 13163.87 15138.45
5993.80 7686.10 6989.10 8357.79 9611.45 11053.17 12711.15
1189.40 1227.70 1387.82 1595.99 1835.39 2110.70 2427.30
34.50 41.40 51.40 59.11 67.98 78.17 89.90
3591.10 4295.80 4934.46 5674.63 6525.82 7504.70 8630.40
13,160.00 13,603.11 14,112.68 14,698.70 15,372.61
1772.4352 2038.3 2344.046 2695.652385 3100.000243
-1329.3264 -1528.73 -1758.03 -2021.73929 -2325.00018
13,160.00 13,603.11 14,112.68 14,698.70 15,372.61 16,147.61
5.92% 2.03% 2% 2% 2% 2% 2%
1.25% 1.47% 1.50% 1.50% 1.50% 1.50% 1.50%
2689.25 2319.65 2347 2347 2347 2347 2347
284.7 222.3 222.965 222.965 222.965 222.965 222.965
10.59% 9.58% 9.50% 9.50% 9.50% 9.50% 9.50%
1.09 1.17
0.42 0.41
0.06 0.07
11.99 13.66
4.36 3.96
7.58 7.05
30.44 26.71 25 25 25 25 25
83.76 92.23 90 90 90 90 9048.16 51.75 50 50 50 50 50
66.05 67.19 65 65 65 65 65
0.97% 1.16% 1.00% 1.00% 1.00% 1.00% 1.00%
2.61% 2.67% 2.60% 2.60% 2.60% 2.60% 2.60%
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7.95% 7.05% 7.00% 7.00% 7.00% 7.00% 7.00%
3.17% 2.74% 2.70% 2.70% 2.70% 2.70% 2.70%
0.09% 0.09% 0.10% 0.10% 0.10% 0.10% 0.10%
9.56% 9.60% 9.60% 9.60% 9.60% 9.60% 9.60%
0.44 0.42 0.42
0.19 0.17 0.17
0.13 0.11 0.11
0.66 0.53 0.49
0.52 0.40 0.37
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ASIAN PAINTS
CASH FLOW STATEMENT (in INR mn)
Cash Flow from Operating Activities:
Profit before tax and prior period items
Adjustment for:
Depreciation/Impairment
Impairment of Goodwill
Prior period item (Net)
Profit on sale of investments
Profit on disposal of subsidiaries
Profit on Sale of Fixed Assets
Loss on disposal of Associate Company
Share of (profit)/loss of associate
Fair value adjustment on receivable from disposal of subsidiary
Gain on disposal of assets
Interest Expense
Interest Income
Dividend Income
Effect of exchange rates on op cashflows
Operating Profit before Working Capital changes
Adjustment for:
Changes in working capital
Asset Trade Receivables (sundry debtors)
Asset Other Receivables (loans & advances)
Asset Inventories
Liabilitiy Trade and other payables (current liablilities)
Assets Changes in other current assets
Cash generated from Operations
Income tax paid (net of refund)
Others
Net cash generated from operating activities
Cash Flow from Investing Activities:
Purchase of Fixed Assets / Capex
Proceeds from sale of Fixed Assets
Purchase of Investment
Sale of Investment
investments Interest received
Dividend received
Cash outfl ow on acquisitions made by joint venture.
Cash outflow on additional stake in subsidiary
Cash infl ow/(outfl ow) on disposal of associate company
Cash inflow arising on disposal of subsidiary
Net cash used in investing activities
Cash Flow from Financing Activities
debt Proceeds from long term borrowings
debt Proceeds from short term borrowings
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debt Repayment of long term borrowings
debt Repayment of short term borrowings
Interest Paid
Dividend and Dividend tax paid and Provisions
Net cash used in financing activities
Net Inc/(Dec) in Cash and Cash Equivalents
Cash and Cash Equivalents - bop
Net effect of changes in exchange rateCash and Cash Equivalents - eop
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10.00
2007 2008 2009 2010 2011 2012 2013 2014 2015
4271.20 6330.10 6191.40 12570.20 12602.40 14399.63 16593.01 19115.41 22016.17
611.41 591.70 743.80 835.60 1131.30 1329.33 1528.73 1758.03 2021.74
0.00 12.40 0.00 0.00
26.48 (15.90) (22.70) 0.00 0.00
(3.90) (16.00) (1.30) (627.20) (4.50)
6.85 68.40 0.00 (11.50) 0.00
0.00 0.00 (78.80) (27.10)
70.71 0.00 0.00 0.00 0.00
4.02 0.00 0.00 0.00 0.00
2.75 0.00 0.00 0.00 0.00
(14.67) (37.80) (65.40) 0.00 0.00
189.11 211.60 263.20 284.70 222.30 222.97 222.97 222.97 222.97
(14.31) (44.70) (56.90) (110.60) (104.80)
(115.28) (245.40) (140.80) (226.20) (354.70)
(177.70) 320.60 (172.90) (161.00)
5034.37 6664.30 7244.30 12463.30 13303.90 15951.92 18344.70 21096.41 24260.87
(869.90) 39.90 (1431.10) 1337.70 (1767.00) 465.97 (159.87) (504.17) (579.79)
(1111.80) (888.50) (922.20) (508.80) (819.40) (214.68) (910.50) (1047.07) (1204.13)
- - - - - (249.77) (345.62) (397.47) (457.09)
(1044.80) (1194.30) (549.40) (1913.50) (3495.50) 380.17 (1901.12) (2186.29) (2514.23)
1286.70 2122.70 40.50 3760.00 2547.90 557.12 2864.44 2973.79 3419.86
- - - - - (6.88) 132.93 152.87 175.80
4164.47 6704.20 5813.20 13801.00 11536.90 16417.88 18184.84 20592.24 23681.08
(1585.00) (1906.00) (1919.20) (3169.40) (3924.20) (4319.89) (4977.90) (5734.62) (6604.85)
2579.47 4798.20 3894.00 10631.60 7612.70 12097.99 13206.93 14857.62 17076.23
(819.5) (3,080.5) (3,100.5) (3,953.1) (1,561.0) (1772.44) (2038.30) (2344.05) (2695.65)
133.68 262.40 217.50 120.60 57.90
(395.58) (1981.50) 0.00 (543.60) (3109.90)
53.99 1158.30 1983.80 986.60 4.50
14.05 44.70 52.30 114.00 104.90
115.28 245.40 140.80 226.20 354.70
(269.38) 0.00 0.00 0.00 0.00
(3.60) (12.70) 0.00 0.00
67.32 0.00 0.00 0.00 0.00
5.51 6.90 0.00 59.10 0.00
(1094.63) (3347.90) (718.80) (2990.20) (4148.90) (1772.44) (2038.30) (2344.05) (2695.65)
224.30 0.00 0.00 0.00
736.84 0.00 0.00 (529.70) 119.30
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(280.53) 0.00 (25.60) (145.50) (63.80)
(380.80) (15.60) 0.00 0.00
(189.11) (211.60) (263.20) (284.70) (222.30) (222.97) (222.97) (222.97) (222.97)
(1,374.9) (968.20) (1999.30) (2358.90) (3168.30) (3365.30) (3908.22) (4503.53) (5188.13)
(1107.70) (1336.30) (2303.70) (3318.80) (3335.10) (3588.27) (4131.18) (4726.49) (5411.10)
377.14 114.00 871.50 4322.60 128.70 6737.29 7037.45 7787.08 8969.48
734.08 1053.90 1107.10 2103.70 6374.70 1330.04 8067.33 15104.78 22891.87
(57.00) (60.80) 125.10 (51.60) 11.901054.22 1107.10 2103.70 6374.70 6515.30 8067.33 15104.78 22891.87 31861.35
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2016
25352.04
2325.00
222.97
27900.00
(666.76)
(1384.75)
(525.65)
(2891.36)
3932.84
202.17
27233.24
(7605.61)
19627.63
(3100.00)
(3100.00)
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(222.97)
(5975.43)
(6198.39)
10329.24
31861.35
42190.59
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Valuation Sheet
FY 09 FY 10 FY 11E FY 12E
DCF Summary 2035 2065 2094 2128
Net Income
+ Depreciation
+ Interest*(1-T)
- Capex
+/- Changes in working capital
Free Cash Flow to Firm
Date 2012 2011 2128
FCFF (explicit forecast)
Terminal value
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Valuation Assumptions
Terminal g 5.0%
Cost of de 10.0%
Beta 1.1Risk free r 8.0%
Market Pre 5.0%
Cost of Equity
WACC Calculation
Total Debt
Shareholders' equity
Capitalization:
Debt: Equity
Debt: Total Capital
Equity: Total Capital
Cost of Equity
WACC
Historical
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CB ResearcAsian Paints Model
EV Computation
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Total Valuation
Less: Debt
Less: Minority Interest
Add: Cash and bank deposits
Other adjustments:
Add: Investments
Add: Other non-operating assets
Intrinsic Value (in mn)
No of Shares (in mn)
Share Price (INR)
SENSITIVITY ANALYSIS
- 4.0% 4.5% 5.0% 5.5% 6.00%12.1%
12.6%
13.1%
13.6%
14.1%
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FY 13E FY 14E FY 15E
1900 1900 1900
1900 1900 1900
Forecast