Colgate-Palmolive India Limited

(Amt in lakhs)
FY 3/02 FY 3/03 FY 3/04 FY 3/05
Sales 116,394.93 106,030.54 104,520.37 107,576.48
Excise duty 4,851.73 3,954.84 10,289.11 10,831.36
Net sales 111,543.20 102,075.70 94,231.26 96,745.12
Growth -8.5% -7.7% 2.7%
Cost of goods sold 58,149.48 44,857.10 46,222.86 47,117.17
GROSS PROFIT 53,393.72 57,218.60 48,008.40 49,627.95
Growth 7.2% -16.1% 3.4%
Margin 47.9% 56.1% 50.9% 51.3%
Employee costs 6,268.04 7,302.35 7,228.99 7,067.52
Other expenses 35,600.19 29,191.10 25,045.29 24,656.96
Other income 631.04 703.88 682.63 334.93
EBITDA 12,156.53 21,429.03 16,416.75 18,238.40
Growth 76.3% -23.4% 11.1%
Margin 10.9% 21.0% 17.4% 18.9%
Depreciation and amortization 2,686.35 2,339.50 2,761.93 2,073.76
EBIT 9,470.18 19,089.53 13,654.82 16,164.64
Growth 101.6% -28.5% 18.4%
Margin 8.5% 18.7% 14.5% 16.7%
Interest expenses 107.61 142.86 179.19 172.06
Interest received 1,680.77 1,874.03 1,950.56 2,437.56
EBT 11,043.34 20,820.70 15,426.19 18,430.14
Growth 88.5% -25.9% 19.5%
Margin 9.9% 20.4% 16.4% 19.1%
Tax 4,509.96 5,726.11 4,604.48 6,493.85
Net income 6,533.38 15,094.59 10,821.71 11,936.29
Growth 131.0% -28.3% 10.3%
Margin 5.9% 14.8% 11.5% 12.3%
Outstanding shares 1,359.93 1,359.93 1,359.93 1,359.93
Growth 0.0% 0.0% 0.0%
EPS INR 4.80 INR 11.10 INR 7.96 INR 8.78
Growth 131.0% -28.3% 10.3%
Non recurring items
Other expenses
Loss on sale of fixed assets (net) 73.24 - - -
Loss on disposal of subsidiary co - 64.61 - -
Loss on sale of long term investments - 51.53 15.28 23.01
Employee costs
Voluntary Retirement Scheme - - - 638.65
Other income
Gain on pre-payment of sales tax deferral liability - 438.13 32.59 13.33
Provision no longer required written back - - 331.55 250.00
Profit on sale of investments 164.76 - - -
Profit on sale of assets - 115.67 68.04 158.12

Total assets 60,946.18 64,370.15 57,864.79 58,489.54

Investments 4,285.88 9,459.00 10,526.17 15,015.48
Deferred tax assets - - 1,317.98 492.62
Cash and bank 10,459.86 10,047.57 13,043.22 5,741.84
Miscellaneous expenditure 0.19 - - 356.03
Goodwill 2,217.97 2,149.73 136.49 -
Operating assets 43,982.28 42,713.85 32,840.93 36,883.57
Return on operating assets 21.5% 44.7% 41.6% 43.8%
Fixed assets excluding goodwill 18,033.37 16,097.67 11,487.40 16,400.69
Current assets excluding cash 25,948.91 26,616.18 21,353.53 20,482.88
Interest accrued 196.90 450.16 463.96 546.98
Inventories 8,018.59 5,998.68 6,591.29 7,841.77
Sundry debtors 7,288.50 4,416.75 3,316.98 1,773.93
Loans and advances 10,444.92 15,750.59 10,981.30 10,320.20
Current liabilities excluding debt 30,558.60 33,356.73 30,012.12 31,872.35
Liabilities 25,392.35 26,133.82 23,269.96 22,101.90
Provisions 5,166.25 7,222.91 6,742.16 9,770.45
Capital invested 13,423.68 9,357.12 2,828.81 5,011.22
Return on capital invested 70.5% 204.0% 482.7% 322.6%

Cash and bank 10,459.86 10,047.57 13,043.22 5,741.84

Investments 4,285.88 9,459.00 10,526.17 15,015.48
Cash and cash equivalents 14,745.74 19,506.57 23,569.39 20,757.32

Fixed assets
Goodwill and trademarks 2,217.97 2,149.73 136.49 -
Copyrights and design 628.13 531.50 67.64 -
Technical know how 3,203.81 2,966.49 249.19 -
Land - leasehold 109.46 96.27 93.86 424.48
Buildings 7,207.05 6,692.10 6,003.93 5,552.01
Plant and machinery 7,211.06 4,691.35 4,246.32 3,291.27
Furniture and equipments 1,155.70 816.93 369.21 367.43
Vehicles 52.36 52.34 28.37 16.12
21,785.54 17,996.71 11,195.01 9,651.31
Less: Provision for under utilised assets 1,870.00 - - -
19,915.54 17,996.71 11,195.01 9,651.31
Capital work in progress & advances 335.80 250.69 428.88 6,749.38
Total Fixed assets 20,251.34 18,247.40 11,623.89 16,400.69

Inventories
Stores and spares 287.21 225.23 202.68 219.80
Raw and packing materials 1,675.15 1,624.60 1,148.06 1,074.87
Work in process 323.83 335.02 132.14 300.80
Finished goods 5,732.40 3,813.83 5,108.41 6,246.30
Total 8,018.59 5,998.68 6,591.29 7,841.77

Sundry debtors
Unsecured considered good
Over six months 203.83 73.82 0.07 -
Others 7,084.67 4,342.93 3,316.91 1,773.93
Total 7,288.50 4,416.75 3,316.98 1,773.93

Loans and advances

Secured:
Loans to employees 200.77 254.69 306.83 326.22
Unsecured:
Inter - corporate deposits 6,576.00 12,167.00 6,544.00 5,383.00
Advances recoverable in cash or in kind or for value
1,324.62
to be received755.71 1,335.50 1,683.07
Advance tax (net of provision for taxation) - - - -
Balances with excise authorities 508.38 25.66 873.50 1,541.52
 Deposits - others 1,835.15 2,547.53 1,921.47 1,386.39
Total 10,444.92 15,750.59 10,981.30 10,320.20

Liabilities
Acceptances 111.70 2,079.87 2,038.03 3,900.16
Sundry creditors 23,410.73 22,888.61 15,835.92 16,939.53
Unclaimed dividend 1,845.97 408.08 435.60 472.50
Other liabilities - 757.26 4,960.41 789.71
Interest accured but not due 23.95 - - -
Total 25,392.35 26,133.82 23,269.96 22,101.90

Provisions
Taxations (net of advance tax payments) 1,899.56 2,905.01 2,109.59 289.25
Fringe benefit taxation - - - -
Second interim dividend - proposed 2,379.87 2,719.86 - -
Third interim dividend - - 1,699.91 2,039.89
Special dividend - - - -
Dividend tax on second interim dividend - 348.48 217.81 286.09
Gratuity - - 65.32 572.77
Leave encashments 605.18 591.04 340.28 -
Others 281.64 658.52 2,309.25 6,582.45
Total 5,166.25 7,222.91 6,742.16 9,770.45

Cash 14,745.74 19,506.57 23,569.39 20,757.32

Debt 2,330.93 1,620.25 1,341.88 919.76
Secured loans 1,406.25 1,406.25 1,125.00 521.88
Bank loan 1,406.25 1,406.25 1,125.00 521.88
Unsecured loans 924.68 214.00 216.88 397.88
Loans 160.00 214.00 216.88 397.88
Sales tax deferral 764.68 - - -

Shareholder's equity 25,456.13 27,870.23 25,237.75 25,697.43

Tangible book value (TBV) 23,237.97 25,720.50 25,101.26 25,341.40
TBV/share INR 17.09 INR 18.91 INR 18.46 INR 18.63

CASH FLOW
Net profit before tax 11,134.85 14,268.36 15,843.09 17,736.61
Adjustments
Foreign exchange (gain)/loss 6.27 21.57 4.34 77.37
Depreciation and amortization 2,686.35 2,339.50 2,761.93 2,527.08
Interest expenses 107.61 142.86 179.19 172.06
Profit on sale of investments -164.76 51.53 15.28 23.01
Loss on disposal of a subsidiary - 64.61 - -
Provision for underutilised assets 1,480.00 160.29 - -
(gain)/loss on retirement of fixed assets 73.24 -115.67 -68.04 -158.12
Gain on pre-payment of sale tax deferral liability - -438.13 -32.59 -13.33
Interest income -1,680.77 -1,874.03 -1,950.56 -2,437.56
(A) 13,642.79 14,620.89 16,752.64 17,927.12
Changes in working capital
Inventories 1,651.06 2,019.90 -592.61 -1,250.47
Sundry debtors -2,732.49 2,868.46 1,099.77 1,543.05
Loans and advances 1,732.22 280.23 -853.71 -499.89
Current liabilities and provisions 1,916.48 2,586.66 -1,426.09 1,748.91
Miscellaneous expenditure - 0.19 - -
(B) 2,567.27 7,755.44 -1,772.64 1,541.60
Direct taxes paid -3,874.47 -5,802.79 -6,967.78 -7,275.40
Cash from operating activities 12,335.59 16,573.54 8,012.22 12,193.32

Purchase of fixed assets -992.24 -702.01 -885.46 -8,091.47

Sale of fixed assets 77.04 221.85 149.00 589.68
Purchase of investments -5,305.92 -6,759.00 -1,176.22 -4,709.24
Sale of investments 5,584.81 1,579.35 93.77 196.91
Inter-corporate deposits 2,594.00 -5,591.00 5,623.00 1,161.00
Interest received 1,919.91 1,620.77 1,936.76 2,354.53

Cash from investing activities 3,877.60 -9,630.04 5,740.85 -8,498.59

Proceeds from long term loans 954.10 54.00 -278.37 -422.13

Sales tax deferral 71.83 -326.54 32.59 13.33
Interest paid -99.49 -166.81 -179.19 -172.06
Dividend paid -12,961.67 -6,877.57 -9,152.00 -9,142.58
Dividend tax paid -1,491.16 - -1,176.11 -1,195.30

Cash from financing activities -13,526.39 -7,316.92 -10,753.08 -10,918.74

Net increase / (decrease) in cash 2,686.80 -373.42 2,999.99 -7,224.01

Opening cash 7,779.33 10,459.86 10,047.57 13,043.22
Forex loss -6.27 -21.57 -4.34 -77.37
Cash of subsidiary disposed off - -17.30 - -
Closing cash 10,459.86 10,047.57 13,043.22 5,741.84

SEGMENT - Business
Revenue (before excise duty)
Oral care 108,187.44 99,858.11
Growth -7.7%
% on total sales 92.9% 94.2%
Personal care 7,920.12 5,651.74
Growth -28.6%
% on total sales 6.8% 5.3%
Others 287.37 520.69
Growth 81.2%
% on total sales 0.2% 0.5%
Total 116,394.93 106,030.54
Total growth -8.9%

Segment results
Oral care 16,325.49 19,041.23
Growth 16.6%
Margin 15.1% 19.1%
Personal care -650.10 309.92
Growth -147.7%
Margin -8.2% 5.5%
Others 25.83 49.01
Growth 89.7%
Margin 9.0% 9.4%
Corporate overheads -6,304.29 -6,818.74
Total 9,396.93 12,581.42
Total growth 33.9%
Total margin 8.1% 11.9%
Depreciation and amortization
Oral care 1,388.56 1,369.47
Personal care 305.94 106.04
Others - -
Corporate assets 991.84 863.99
Total 2,686.34 2,339.50

Capex
Oral care 633.37 423.94
Personal care 23.82 64.95
Others - -
Corporate assets 570.83 298.23
Total 1,228.02 787.12

Assets
Oral care 38,017.22 31,773.48
Personal care 2,529.69 2,149.87
Others 58.59 65.90
Corporate assets 20,340.50 30,380.90
Total 60,946.00 64,370.15

Liabilities
Oral care 25,472.82 25,688.52
Personal care 2,063.41 1,110.35
Others 31.32 27.67
Corporate liabilities 7,922.50 9,673.38
Total 35,490.05 36,499.92

SEGMENT - Geographical
Revenue
India 114,246.59 103,788.17 92,158.48 94,680.62
Growth -9.2% -11.2% 2.7%
% on total sales 98.2% 97.9% 97.8% 97.9%
Outside India 2,148.34 2,242.37 2,072.78 2,064.50
Growth 4.4% -7.6% -0.4%
% on total sales 1.8% 2.1% 2.2% 2.1%
Total 116,394.93 106,030.54 94,231.26 96,745.12
Total growth -8.9% -11.1% 2.7%

Assets
India 56,470.15 59,923.33 54,090.10 55,302.42
Outside India 4,475.84 4,446.82 3,774.69 3,187.12
Total 60,945.99 64,370.15 57,864.79 58,489.54

Capex
India 1,141.24 700.79 707.69 7,691.54
Outside India 86.78 86.33 82.67 43.90
Total 1,228.02 787.12 790.36 7,735.44

Working capital cycle

Inventories turnover ratio 50 57 50 56
Debtors turnover ratio 24 21 15 10
Gross working capital cycle 74 78 65 66
Creditors turnover ratio 148 197 169 150
Net working capital cycle -73 -119 -104 -84
FY 3/06 FY 3/07 FY 3/08
121,925.68 138,585.82
9,331.85 9,024.09
112,593.83 129,561.73 -
16.4% 15.1%
49,430.61 57,265.94 6,213.73
63,163.22 72,295.79 -6,213.73
27.3% 14.5%
56.1% 55.8%
9,856.89 11,342.33 -
34,454.96 40,143.87 -
2,453.59 4,026.44 -
21,304.96 24,836.03 -6,213.73
16.8% 16.6%
18.9% 19.2%
4,329.56 1,957.34
16,975.40 22,878.69 -6,213.73
5.0% 34.8%
15.1% 17.7%
66.02 98.04
1,476.24 1,688.26
18,385.62 24,468.91 -6,213.73
-0.2% 33.1%
16.3% 18.9%
5,068.42 4,705.61 -
13,317.20 19,763.30 -6,213.73
11.6% 48.4%
11.8% 15.3%
1,359.93 1,359.93
0.0% 0.0%
INR 9.79 INR 14.53 #DIV/0!
11.6% 48.4%

- -
- -
7.33 -

148.46 5,802.00

- -
- -
- -
842.33 878.23

63,818.26 70,758.08
14,521.03 13,021.03
760.40 2,566.95
8,920.81 11,486.42
- -
- -
39,616.02 43,683.68
42.8% 52.4%
17,347.21 19,202.78
22,268.81 24,480.90
424.04 386.32
7,584.49 8,033.06
751.14 940.80
13,509.14 15,120.72
35,311.49 42,490.91
28,419.00 30,554.54
6,892.49 11,936.37
4,304.53 1,192.77
394.4% 1918.1%

8,920.81 11,486.42
14,521.03 13,021.03
23,441.84 24,507.45

- -
- -
- -
428.19 406.43
7,437.56 6,906.40
7,940.53 8,794.54
603.94 656.20
10.49 4.76
16,420.71 16,768.33
- -
16,420.71 16,768.33
926.50 2,434.45
17,347.21 19,202.78

243.29 418.36
1,554.84 1,400.97
286.28 186.56
5,500.08 6,027.17
7,584.49 8,033.06

- -
751.14 940.80
751.14 940.80

342.05 413.92

6,929.00 6,819.00
2,666.19 3,617.35
759.40 1,183.57
756.20 136.75
 2,056.30 2,950.13
13,509.14 15,120.72

2,912.64 4,047.19
21,515.72 23,265.68
2,917.15 1,049.04
1,073.49 2,192.63
- -
28,419.00 30,554.54

- -
210.00 349.00
- -
- -
- 2,719.86
- 462.24
827.43 946.18
- -
5,855.06 7,459.09
6,892.49 11,936.37

23,441.84 24,507.45
435.52 427.50
- -
- -
435.52 427.50
435.52 427.50
- -

28,071.25 27,839.67
28,071.25 27,839.67
INR 20.64 INR 20.47

19,072.16 19,545.14

48.76 22.07
4,329.56 1,957.34
66.02 98.04
7.33 -
- -
- -
-842.33 -878.23
- -
-1,476.24 -1,688.26
21,205.26 19,056.10

257.28 -448.57
1,022.79 -282.00
-883.54 -1,205.07
4,038.66 4,825.62
- -
4,435.19 2,889.98
-6,862.55 -6,177.68
18,777.90 15,768.40

-5,015.11 -3,846.28
937.39 911.60
487.12 1,500.00
- -
-1,546.00 110.00
1,599.18 1,725.98

-3,537.42 401.30

-484.24 -8.02
- -
-66.02 -98.04
-9,794.69 -12,067.56
-1,716.56 -1,430.47

-12,061.51 -13,604.09

3,178.97 2,565.61
5,741.84 8,920.81
- -
- -
8,920.81 11,486.42
111,792.91 128,583.06
18.1% 15.0%
99.3% 99.2%
800.92 978.67
-61.2% 22.2%
0.7% 0.8%
112,593.83 129,561.73 -
16.4% 15.1% -

62,334.14 41,367.11
1,484.12 325.89
63,818.26 41,693.00 -

4,934.62 3,622.24
29.51 7.49
4,964.13 3,629.73 -

57 50
4 2
61 52 -
167 165
-106 -113 -
130,000.00
120,000.00
110,000.00
100,000.00
90,000.00
80,000.00
70,000.00
60,000.00
50,000.00
40,000.00
30,000.00
20,000.00
10,000.00
-
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06
FY 3/07 FY 3/08

0.18
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
-
-0.02
-0.04
-0.06
-0.08
-0.10
FY 3/02 FY 3/03 FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08
 -0.08
-0.10
FY 3/02 FY 3/03
FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

75,000.00
70,000.00
65,000.00
60,000.00
55,000.00
50,000.00
45,000.00
40,000.00
35,000.00
30,000.00
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
-5,000.00
-10,000.00
FY 3/02 FY 3/03 FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

60.0%

55.0%

50.0%

45.0%
40.0%

35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
FY 3/02 FY 3/03 FY 3/04
FY 3/05
FY 3/06
 20.0%
15.0%
10.0%
5.0%
0.0%
FY 3/02
FY 3/03 FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

25,000.00
22,500.00
20,000.00
17,500.00
15,000.00
12,500.00
10,000.00
7,500.00
5,000.00
2,500.00
-
-2,500.00
-5,000.00
-7,500.00
FY 3/02 FY 3/03
FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

20.0%
19.0%
18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%
 12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%
FY 3/02 FY 3/03
FY 3/04 FY 3/05
FY 3/06
FY 3/07
FY 3/08

24,000.00
22,000.00
20,000.00
18,000.00
16,000.00
14,000.00
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-
-2,000.00
-4,000.00
-6,000.00
-8,000.00
FY 3/02 FY 3/03
FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

18.0%
17.0%
16.0%
15.0%
14.0%

12.0%
18.0%
17.0%
16.0%
15.0%
14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%
FY 3/02 FY 3/03 FY 3/04
FY 3/05 FY 3/06
FY 3/07
FY 3/08

20,000.00
18,000.00
16,000.00
14,000.00
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-
-2,000.00
-4,000.00
-6,000.00
-8,000.00
FY 3/02
FY 3/03 FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

15.0%
14.0%
13.0%
12.0%
 15.0%
14.0%
13.0%
12.0%
11.0%
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
FY 3/02 FY 3/03 FY 3/04 FY 3/05
FY 3/06 FY 3/07
FY 3/08

25,000.00
22,500.00
20,000.00
17,500.00
15,000.00
12,500.00
10,000.00
7,500.00
5,000.00
2,500.00
-
-2,500.00
-5,000.00
-7,500.00
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06
FY 3/07 FY 3/08

INR 15.00
INR 14.00
 INR 15.00
INR 14.00
INR 13.00
INR 12.00
INR 11.00
INR 10.00
INR 9.00
INR 8.00
INR 7.00
INR 6.00
INR 5.00
INR 4.00
INR 3.00
INR 2.00
INR 1.00
INR -
FY 3/02 FY 3/03 FY 3/04 FY 3/05
FY 3/06
FY 3/07
FY 3/08

26,000.00
24,000.00
22,000.00
20,000.00
18,000.00
16,000.00
14,000.00
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-
Column B
Column D
Column E
Column F
Column G
 -
Column B
Column D
Column E
Column F
Column G

300

275

250

225

200

175

150

125

100

75

50

25

-
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06 FY 3/07

-10

-20

-30

-40

-50

-60

-70

-80

-90

-100

-110

-120
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06
 -80

-90

-100

-110

-120
FY 3/02 FY 3/03 FY 3/04 FY 3/05 FY 3/06

21,000.00
20,000.00
19,000.00
18,000.00
17,000.00
16,000.00
15,000.00
14,000.00
13,000.00
12,000.00
11,000.00
10,000.00

8,000.00

6,000.00

4,000.00

2,000.00

-
Column B
Column C
Column D
Column E
Column F
Column G

30,000.00

27,500.00

25,000.00

22,500.00

20,000.00

17,500.00
15,000.00

12,500.00
10,000.00
7,500.00
5,000.00
 17,500.00
15,000.00

12,500.00
10,000.00
7,500.00
5,000.00
2,500.00
-
FY 3/02 FY 3/03
FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08

100.00%
95.00%
90.00%
85.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
FY 3/02
FY 3/03
FY 3/04
FY 3/05
FY 3/06
FY 3/07
FY 3/08
3/07 FY 3/08

07
FY 3/08
07
FY 3/08

3/07
FY 3/08
07
FY 3/08

Row 61

3/08
07
FY 3/08

3/07
FY 3/08
07
FY 3/08

3/07
FY 3/08
07
FY 3/08

Row 61
Row 65
Row 80

07 FY 3/08
3/07
FY 3/08

Row 123

nG
nG

Row 327
Row 325
Row 324

/06 FY 3/07 FY 3/08

FY 3/06 FY 3/07 FY 3/08

 FY 3/06 FY 3/07 FY 3/08

F
Column G
/07
FY 3/08

Row 236
Row 219

FY 3/08