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1st

Return on Equity
Return on Equity (ROE)

Year 1

Return on Equity
Return on Equity (ROE)

2014

Year 2

Return on Equity
Return on Equity (ROE)

2013

Year 3

Return on Equity
Return on Equity (ROE)

2012

Year 4

Return on Equity
Return on Equity (ROE)

2011

Year 5

Return on Equity
Return on Equity (ROE)

2010

Year 6

Return on Equity
Return on Equity (ROE)

2009

Operating Efficiency
%
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

0.0070579561
0.0911389282
0.0399791192
0.0913215755
0.0967655715
-0.0914587233

0.71%
9.11%
4.00%
9.13%
9.68%
-9.15%

DuPont Calculations

Dupont Analysis
Operating efficiency

Asset use efficiency


Total Asset
Turnover

Profit Margin

Net Income
Net Sales

Net Sales
Total Assets

32,556,683
4,612,763,633

4,612,763,633
3,847,908,495

3,847,908,495
1,069,953,132

357,790,863
3,925,774,310

3,925,774,310
3,901,454,201

3,901,454,201
1,010,900,016

157,017,318
3,927,483,179

3,927,483,179
3,543,198,374

3,543,198,374
884,370,589

332,436,733
3,640,286,877

3,640,286,877
3,633,516,344

3,633,516,344
697,350,932

305,814,644
3,160,366,227

3,160,366,227
2,821,301,415

2,821,301,415
346,612,468

(181,101,410)
1,980,143,647

1,980,143,647
3,126,939,237

3,126,939,237
16,747,716

Asset use Efficiency


%
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

1.1987716545
1.006233601
1.1084570392
1.0018633556
1.1201802864
0.6332529982

119.88%
100.62%
110.85%
100.19%
112.02%
63.33%

tions

Financial leverage
Financial Leverage

Total Assets
Total Equity

In Percentage
=

0.0304281394

3.04%

0.3539329878

35.39%

0.1775469695

17.75%

0.4767136857

47.67%

0.882295567

88.23%

-10.813498987

-1081.35%

Financial Leverage

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

3.5963336897
3.8593868229
4.0064633741
5.2104559946
8.1396420368
186.7083987452

rage
%
359.63%
385.94%
400.65%
521.05%
813.96%
18670.84%

Gross Profit Margin


Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

0.0858719656
0.1739036287
0.1235097779
0.1682095205
0.1971438227
0.1016616852

Operatin
8.59%
17.39%
12.35%
16.82%
19.71%
10.17%

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Sales to Fixed Assets


Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

1.8265778667
1.6622281079
1.9551577616
1.7885673796
1.7434712187
1.0682074876

182.66%
166.22%
195.52%
178.86%
174.35%
106.82%

Return on Total Equity


Year 1
Year 2
Year 3

2014
2013
2012

0.0304281394
0.3539329878
0.1775469695

3.04%
35.39%
17.75%

Retu
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Operating
Year 1
Year 2
Year 3

Year 4
Year 5
Year 6

2011
2010
2009

0.4767136857
47.67%
0.882295567
88.23%
-10.813498987 -1081.35%

Year 4
Year 5
Year 6

Profitability Ratios

Operating Profit Margin


2014
2013
2012
2011
2010
2009

0.0075490614
0.0917495239
0.039954758
0.0913465222
0.1301944631
-0.0908387703

0.75%
9.17%
4.00%
9.13%
13.02%
-9.08%

Net Profit Margin


Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Return on Asset
2014
2013
2012
2011
2010
2009

0.0084608777
0.0917070519
0.0443151361
0.0914917401
0.1083948856
-0.0579165108

Total Asset Turnove


0.85%
9.17%
4.43%
9.15%
10.84%
-5.79%

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Operating Income Margin


2014
2013
2012

0.0075490614
0.0917495239
0.039954758

2014
2013
2012
2011
2010
2009

0.75%
9.17%
4.00%

2014
2013
2012
2011
2010
2009

Gross Porfit
Year 1
Year 2
Year 3

2014
2013
2012

2011
2010
2009

0.0913465222
0.0968020033
-0.0908387703

9.13%
9.68%
-9.08%

Year 4
Year 5
Year 6

2011
2010
2009

Net Profit Margin


0.0070579561
0.0911389282
0.0399791192
0.0913215755
0.0967655715
-0.0914587233

0.71%
9.11%
4.00%
9.13%
9.68%
-9.15%

tal Asset Turnover


1.1987716545
1.006233601
1.1084570392
1.0018633556
1.1201802864
0.6332529982

119.88%
100.62%
110.85%
100.19%
112.02%
63.33%

Gross Porfit
396,107,080
682,706,398
485,082,575

612,330,910
623,046,679
201,304,740

Debt Ratio
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

0.4306762261
0.4640380168
0.373318384
0.4508224235
0.4713369365
0.6250610334

Debt-E
43.07%
46.40%
37.33%
45.08%
47.13%
62.51%

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Debt to Capitalization
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

0.3565147637
0.4469972462
0.3297153359
0.4734296017
0.6842089253
0.9808295013

35.65%
44.70%
32.97%
47.34%
68.42%
98.08%

Short
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Debt Management / Financial Leverag

Debt-Equity Ratio
2014
2013
2012
2011
2010
2009

Equity Multiplier

1.5488554213
154.89%
1.7909022073
179.09%
1.4956864322
149.57%
2.348990399
234.90%
3.8365139421
383.65%
116.704144673 11670.41%

Short Term Debt


2014
2013
2012
2011
2010
2009

0.4987011882
0.4956100288
0.5009439611
0.5918215892
0.6254489925
0.984971595

49.87%
49.56%
50.09%
59.18%
62.54%
98.50%

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

cial Leverage Ratios

Equity Multiplier
1.5488554213 154.89%
1.7909022073 179.09%
1.4956864322 149.57%
2.348990399
234.90%
3.8365139421 383.65%
116.70414467 11670.41%

Current Ratio
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

1.2409976287
1.5491952157
1.1863264455
1.1277515957
1.0601214626
0.9050527565

Worki
124.10%
154.92%
118.63%
112.78%
106.01%
90.51%

Year
Year
Year
Year
Year
Year

Cash Flow to Total Debt Ratio


Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

0.2308635624
-0.0858889492
0.189590008
-0.0134256285
0.6140877763
-0.0173650187

23.09%
-8.59%
18.96%
-1.34%
61.41%
-1.74%

1
2
3
4
5
6

Operating C
Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

Liquidity Ratios

Working Capital
2014
2013
2012
2011
2010
2009

Inventory Turnove

256,520,012
545,517,380
165,404,995
129,169,058
34,798,029
-104,219,447

Operating Cash Flow Ratio


2014
2013
2012
2011
2010
2009

0.3594368051
-0.1565436724
0.2824985146
-0.021750793
1.4108677478
-0.0309207998

35.94%
-15.65%
28.25%
-2.18%
141.09%
-3.09%

Year
Year
Year
Year
Year
Year

1
2
3
4
5
6

2014
2013
2012
2011
2010
2009

atios

nventory Turnover
-4.9624058758
-3.0904028782
-5.3595550275
-3.9023589042
-10.386529331
-2.5392598443

-496.24%
-309.04%
-535.96%
-390.24%
-1038.65%
-253.93%

1st

Return on Equity
Return on Equity (ROE)

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Sales to Fixed Assets

Return on Asset

Total Asset Turnover

Return on Total Equity

Operating Income Margin

2nd

Gross Porfit

3rd

Debt Mane
Debt Ratio

Total Debt

Debt Ratio

Total Asset

Debt-Equity Ratio

Total Debt
Total Owner's Equi

Equity Multiplier

Total Debt
Total Owner's Equi

Debt to Capitalization

Short Term Debt

4th
Current Ratio
Working Capital
Inventory Turnover

Inventory Turnover in Days

Inventory Turnover in Days

Cash Flow to Total Debt Ratio

Operating Cash Flow Ratio

Dupont Analysis
Profit Margin

Net Income
Net Sales

Total Asset
Turnover

Financial Leverage

Total Assets
Total Equity

Gross Profit
Sales

100

Operating Profit
Sales

100

Net Profit
Sales

100

Net Sales
Total Assets

Profitability Ratios

Net Sales
Net Fixed Assets
Net Income
Total Asset
Net Sales
Total Asset
Net Income
SHE
Operating Income
Net Sales
Net Sales - Cost of Goods Sold

Debt Manegement / Financial Leverage Ratios


=

Total Asset - Total Owner's Equity

Total Debt
Total Owner's Equity

Total Asset
Total Asset - Total Owner's Equity
Total Owner's Equity

Total Debt
Total Owner's Equity
Long Term Debt
Long Term Debt + Shareholder Equity ( SHE )
Short Term Debt
Short Term Debt + Shareholder Equity ( SHE )

Liquidity Ratios
=

Current Asset
Current Liabilities

Current Assets - Current Liabilities

Cost of Goods Sold


Inventory

Inventory
COGS / 365

Inventory
COGS / 365

Cash Flow from Operation


Total Debt

Operating Cash Flow


Current Liabilities

Balance Sheet
ASSETS
NON-CURRENT ASSETS
Fixed assets
Property, Plant and Equipment
Intangible Assets

Long-Term Investments
Long-Term Loans and Advances
Long-Term Deposits

CURRENT ASSETS
Stores, Spares and Loose Tools
Stock-in-Trade
Trade debts / Trade Debtors
Loans and Advances
Trade Deposits & Short-Term Prepayments
Other receivables
Other Financial Assets
Sales Tax Refundable
Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES


SHARE CAPITAL AND RESERVES
Issued Subscribed & Paid up Capital
Reserves

Unrealized loss in value of Investment


/ Securities availale for sale
Unappropriated Profit
Total Share Capital & Reservers
Surplus on Revaluation of Fixed Assets
NON-CURRENT LIABILITIES
Long Term Loans
Liabilities Against Assets Subject to Finance
Deferred liabilities
Total Non Current Liabilities
CURRENT LIABILITIES
Trade and other Payables
Interest / Markup
Short Term Borrowing
Current Portion of Long Term Loans
Cusom Debentures
Taxation
Total Current Liabilities
TOTAL EQUITY AND LIABILITIES

Balance Sheet

2014

2013

2012

2,520,998,933
4,359,398
2,525,358,331

2,356,478,239
5,276,018
2,361,754,257

2,003,448,363
5,332,338
2,008,780,701

608,950
1,012,339
2,526,979,620

416,767
462,570
2,362,633,594

480,833,957
462,570
2,490,077,228

36,067,009
849,720,208
245,653,253
130,200,532
1,409,072
1,344,630
4,135,000
16,101,397
36,297,774
1,320,928,875

34,569,648
1,049,399,719
287,022,412
80,906,472
1,463,526
2,429,677
17,211,737
12,779,401
53,038,015
1,538,820,607

22,050,362
642,292,240
238,579,273
66,837,356
1,834,075
493,126
9,628,861
15,396,914
56,008,939
1,053,121,146

3,847,908,495

3,901,454,201

3,543,198,374

33,425,700
755,798,120

33,425,700
755,605,937

33,425,700
5,996,360

to Finance

(434,208)
280,729,312
1,069,953,132

221,868,379
1,010,900,016

845,382,737
884,370,589

1,120,752,654

1,080,131,115

1,336,086,694

538,656,238
54,137,608
592,793,846

634,119,588
183,000,255
817,119,843

182,522,462
252,502,478
435,024,940

390,142,935
24,799,125
499,909,164
121,553,704

308,525,246
32,702,740
603,946,144
48,129,097

28,003,935
1,064,408,863

993,303,227

283,954,374
68,197,415
314,495,590
175,136,776
54,680
45,877,316
887,716,151

3,847,908,495

3,901,454,201

3,543,198,374

alance Sheet

2011

2010

2009

2,035,308,772
3,437,179
2,038,745,951

1,812,686,205
1,812,686,205

1,853,706,953
1,853,706,953

454,210,978
294,900
2,493,251,829

394,726,831
294,900
2,207,707,936

279,175,699
619,658
2,133,502,310

16,298,848
775,929,647
146,891,730
93,096,051
937,654
2,666,062
8,066,111
10,188,730
86,189,682
1,140,264,515

16,269,660
244,289,451
258,970,076
47,444,221
424,380
2,406,003
6,606,111
5,816,597
31,366,980
613,593,479

20,178,403
700,534,414
209,546,460
22,530,887
602,645
5,824,633
6,606,111
5,949,268
21,664,106
993,436,927

3,633,516,344

2,821,301,415

3,126,939,237

33,425,700
5,996,360

33,425,700
5,996,360

33,425,700
5,996,360

(529,886)

(439,073)

(323,935)

658,458,758
697,350,932

307,629,481
346,612,468

(22,350,409)
16,747,716

1,298,094,768

1,144,905,381

1,155,663,650

330,995,366
295,979,821
626,975,187

523,282,011
227,706,105
750,988,116

709,732,557
9,417,406
137,721,534
856,871,497

290,961,810
59,663,834
382,754,997
196,031,600
54,680
81,628,536
1,011,095,457

223,802,500
64,534,333
66,555,312
201,514,057
54,680
22,334,568
578,795,450

168,654,879
73,338,316
785,923,339
67,326,578
54,680
2,358,582
1,097,656,374

3,633,516,344

2,821,301,415

3,126,939,237

Profit and Loss Account


Net sales
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other Operating Expenses
Finance Cost

Other income
Share of Profit From Associate - Net of Tax
Loss / Profit before taxation
Taxation
Taxation
Profit after taxation
Other comprehensive income fo the year
Other comprehensive income not to be reclassified to
profit and loss account in subsequent periods:
Loss on remeasurements of post retirement benefit obligations
Deferred taxation
Other Comprehensive Income

Total comprehensive income for the year

bligations

Income Statement

2014

2013

2012

4,612,763,633
(4,216,656,553)
396,107,080

3,925,774,310
(3,243,067,912)
682,706,398

3,927,483,179
(3,442,400,604)
485,082,575

(145,609,853)
(82,573,823)
(26,680,301)
(179,566,153)
(434,430,130)

(142,092,216)
(67,638,070)
(77,637,698)
(121,945,671)
(409,313,655)

(92,791,021)
(57,143,726)
(23,564,971)
(150,579,475)
(324,079,193)

37,137,759
0
(1,185,291)

5,639,496
50,177,966
329,210,205

7,991,454
9,474,922
178,469,758

36,007,327

30,977,719

(21,548,118)

34,822,036

360,187,924

156,921,640

192183
(2,457,536)

95678
0

(2,457,536)
(2,265,353)

43785
(2,789,219)
348,373
(2,440,846)
(2,397,061)

0
95,678

32,556,683

357,790,863

157,017,318

me Statement

2011

2010

2009

3,640,286,877
(3,027,955,967)
612,330,910

3,160,366,227
(2,537,319,548)
623,046,679

1,980,143,647
(1,778,838,907)
201,304,740

(47,441,125)
(46,536,700)
(38,435,087)
(164,652,762)
(297,065,674)

(49,366,367)
(40,844,474)
(29,581,892)
(194,530,083)
(314,322,816)

(33,736,026)
(41,548,395)
(60,236,356)
(257,564,968)
(393,085,745)

4,720,786
69,493,710
389,479,732

1,840,760
100,897,561
411,462,184

4,316,679
(53,712,268)
(241,176,594)

(56,952,186)

(105,532,402)

61,302,780

332,527,546

305,929,782

(179,873,814)

(90,813)
0

(115,138)
0

(1,227,596)
0

0
(90,813)

0
(115,138)

0
(1,227,596)

332,436,733

305,814,644

(181,101,410)

Cash Flow Statement


CASH FLOWS FROM OPERATING ACTIVITIES
Loss / Profit Before Taxation
Adjustments For
Depreiciaton on Porperty, Plant & Equipment
Amortization on Intangible Assets
Impairment on Property, Plant & Equipment
Net Realisable Value Charge on Stock In Trade
Provision for Staff Gratuity
Provision for Compensated Absences
Finance costs
Share of Profit / Loss from Associate
Loss / Gain on Disposal of Property, Plant & Equipment

Operating Cash Flows Before Change in Working Capital


Increase / Decrease in Current Assets
Stores, Spare & Loose Tools
Stock in Trade
Trade Debts
Loans & Advances
Trade Deposits & Short Term Prepayments
Other Receivables
Other Financial Assets
Sales Tax Refundable

Decrease / Increase in Current Liabilities


Trade and Other Payables

Cash Generated from Operations


Finance Cost
Income Taxes Paid
Staff Gratuity & Compensated Absences Paid
Long Term Deposits
Net Cash Generated from / Used in Operating Activies
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend Received from an Associated Company
Purchase of Property, Plant & Equipment
Proceeds from disposal of Property, Plant & Equipment
Purchase of Intangible Assets
Long Term Deposits
Net cash used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Long Term Finances Obtained
Repayment of Long Term Finance
Repayment of / Proceeds from Short Term Borrowings - Import / Export
Repayments of Proceeds from Finance Lease
Dividends paid
Net cash used in financing activities
Net Increase / Decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

Cash Flow Statemen

###

2014

2013

2012

(1,185,291)

329,210,205

178,469,758

97,851,453
1,338,622
17,020,648
5,276,052
179,566,153
3,383,096
304,436,024

78,663,939
1,156,321
13,726,263
4,159,395
121,945,671
(50,177,966)
22,845,936
192,319,559

78,023,995
24,264
12,925,736
3,693,043
150,579,475
(9,474,922)
(2,711,829)
233,059,762

303,250,733

521,529,764

411,529,520

(1,497,361)
199,679,511
41,369,159
6,349,618
54,454
1,085,047
13,076,737
(3,321,996)
256,795,169

(12,519,286)
(407,107,479)
(48,443,139)
(7,495,830)
370,549
(1,936,551)
(7,582,876)
2,617,513
(482,097,099)

(5,751,514)
133,637,407
(91,687,543)
3,429,982
(896,421)
2,172,936
(1,562,750)
(5,208,184)
34,133,913

81,457,774

24,331,869

(7,171,724)

gs - Import / Export

641,503,676

63,764,534

438,491,709

(187,469,768)
(55,643,678)
(15,802,509)
382,587,721

(157,440,346)
(47,066,371)
(14,753,152)
(155,495,335)

(142,045,894)
(35,164,761)
(10,334,890)
(167,670)
250,778,494

(269,656,716)
3,901,473
(422,002)
(549,769)

3,967,550
(515,364,845)
60,825,092
(1,100,001)
-

11,902,500
(47,256,011)
3,804,256
(1,919,425)
-

(266,727,014)

(451,672,204)

(33,468,680)

26,090,360
(48,129,103)
248,109,880
(6,525,225)

625,321,492
(300,732,044)
133,029,616
(9,843,387)

17,135,979
(186,503,707)
(54,850,053)
(9,863,422)

219,545,912

447,775,677

(234,081,203)

335,406,619

(159,391,862)

(16,771,389)

(299,108,845)
36,297,774

(139,716,983)### (122,945,594)
(299,108,845)

(139,716,983)

w Statement

2011

###

2010

2009

389,479,732

411,462,184

(241,176,594)

60,763,888
3,317,875
79,474,337
10,229,277
3,298,221
164,652,762
(69,493,710)
(1,924,498)
250,318,152

63,557,881
4,078,443
9,628,395
24,205
194,530,083
(100,897,561)
(763,116)
170,158,330

66,722,287
9,087,493
177,278
257,564,968
53,712,268
(1,637,994)
385,626,300

639,797,884

581,620,514

144,449,706

(29,188)
(611,114,533)
112,078,346
(3,473,195)
(513,274)
(260,059)
(1,460,000)
(4,372,133)
(509,144,036)

3,908,743
456,244,963
(49,423,616)
(1,967,280)
178,265
3,418,630
132,671
412,492,376

(5,898,812)
112,683,994
44,515,091
51,419,896
(89,384)
(5,251,564)
(1,849,089)
447,581
195,977,713

67,015,070

55,147,621

(128,900,120)

197,668,918

1,049,260,511

211,527,299

(169,523,261)
(42,178,635)
(7,959,150)
(21,992,128)

(203,334,066)
(22,946,054)
(6,701,316)
324,758
816,603,833

(231,598,201)
(7,602,760)
(6,640,781)
374,030
(33,940,413)

9,918,750
(48,024,416)
8,139,281
(3,437,179)
-

(27,415,660)
1,563,200
-

(6,510,145)
6,333,973
-

(33,403,564)

(25,852,460)

(176,172)

3,307,584
(201,076,686)
171,315,230
(8,212,189)

37,752,809
(85,603,321)
(92,365,016)
(13,829,961)
-

121,815,112
(85,603,321)
(386,903,615)
13,524,010
(1,402)

(34,666,061)

(154,045,489)

(337,169,216)

(90,061,753)

636,705,884

(371,285,801)

(32,883,841)

(669,589,725)

(298,303,924)

(122,945,594)

(32,883,841)

(669,589,725)