ASIAN PAINTS

INCOME STATEMENT (in INR mn)

INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Material Cost
Employee Cost
SG&A costs
EBITDA
Less : Interest
Less : Depreciation/Amortisation
Add: Other Income
EBT
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS
(Less) : Prior period items (Net)
PROFIT BEFORE TAX
Less: Provision for Taxation:
Current Tax
Deferred Tax (Refer Note B - 8 in Schedule M)
Fringe Benefit Tax
(Excess) Tax Provision for earlier years
PROFIT AFTER TAX
Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend
Tax on Dividend (includes tax on proposed div)
Transfer to General Reserve
Balance carried to Balance Sheet
Per share data
EPS (Rs.) Basic and Diluted - before exc item
EPS (Rs.) Basic and Diluted - after exc item
DPS (Rs)
No of shares - eop

2007
41,335.27
4,635.54
36,699.73
21,993.95
2,620.84
7,304.15
4,780.79
189.11
611.41
372.51
4,352.78
(77.56)
4,275.22
26.48
4,301.70
1,483.23
(28.83)
48.14
(35.76)
2,834.92
20.60
2,814.32
1,100.00
3,914.32

1,151.04
95.92
180.60
982.74
1,500.00

29.30

10
2008

2009

2010

2011

49385.6
60438.4
71065.6
83614.7
5313.3
5806.1
4256.2
6552.3
44072.30 54632.30 66809.40 77062.40
25776.4
3066.6
8623.5
6605.80
211.6
591.7
596
6398.50
-68.4
6330.10
-15.9
6314.20

33706.4
3715.2
10516.7
6694.00
263.2
743.8
516.8
6203.80
-12.4
6191.40
-22.7
6168.70

37579.6
4362.8
12593
12274.00
284.7
835.6
1405
12558.70
11.5
12570.20
0
12570.20

44745.6
4539.9
14647.2
13129.70
222.3
1131.3
826.3
12602.40
0
12602.40
0
12602.40

1847.9
105.6
64.3
15.9
4280.50
188.7
4091.80
1500
5591.80

1793.4
3731.8
3555
163.2
55.4
281.5
73.6
0
0
-56.3
-56.1
-47.6
4194.80
8839.10
8813.50
216.4
482.7
381.1
3978.40
8356.40
8432.40
2000
2300
6000
5978.40 10656.40 14432.40

2012

0.00

0.00

0.00
0.00
0.00

0.00
0.00
0.00

2013

2014

2015

2016

ASIAN PAINTS

BALANCE SHEET (in INR m)

FUNDS EMPLOYED
Shareholders' Funds
Share Capital
Reserves and Surplus
Shareholders' equity
Loan Funds
Secured Loans
Unsecured Loans
Loans
Deferred Tax Liability (Net)
Minority Interest
Total
APPLICATION OF FUNDS
Goodwill on consolidation
Fixed Assets
Gross Block
Less: Depreciation/Amortisation
Net Block
Add : Capital Work in Progress
Net Fixed Assets
Investments
Total Long Term Assets
Current Assets, Loans and Advances
Cash and Bank Balances
Interest accrued on investments
Inventories
Current Asset
Sundry debtors (receivables)
Other Current Assets
Current Asset
Loans and Advances
Total Current Assets
Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Total
Total
check (moment of truth!) ( A = L + E)

Schedule G

2007

2008

2009

2010

959.2
6,818.72
7777.92

959.2
8864.5
9823.7

959.2
11072.5
12031.7

959.2
16140.6
17099.8

1,201.05
1211.2
1253.5
637
1,860.71
1540.9
1832.7
1655.3
3,061.76 2,752.10 3,086.20 2,292.30
267.86
390.8
533.1
562.3
600.75
573.7
755.7
944.5
11,708.29 13,540.30 16,406.70 20,898.90

468.62

443.5

505.5

367.3

10,831.48 12112.2 14614.1

15003.9
6,037.67
6336.6
6483.8
6275.7
4,793.81 5,775.60 8,130.30 8,728.20
137.84
1141.8
921.1
4072.3
4,931.65 6,917.40 9,051.40 12,800.50
1,927.17
2766.5
784
6241.1
7,327.44 10,127.40 10,340.90 19,408.90
1,053.93
1107.1
2103.7
1058.3
0.26
0.9
5.5
2.1
5,980.06
7140.1
7689.5
9558.8
4,206.12
4603.3
5719.2
5425.2
693.59
559.6
491.2
646.3
979.34
1525.2
1978
1746.2
12,913.30 14,936.20 17,987.10 18,436.90
7,870.38
9859.3 10111.4
13796.5
662.07
1664
1809.9
3150.4
8,532.45 11,523.30 11,921.30 16,946.90
4,380.85 3,412.90 6,065.80 1,490.00
11,708.29 13,540.30 16,406.70 20,898.90
True

True

True

True

Current Liabilities
1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc
4 Other Liabilities

10
2011

2012

959.2
20915
21874.2

499.7
1847.3
2,347.00
851.8
1098.9
26,171.90

0.00

0.00

371.9
19877.5
7150.7
12,726.80
433.2
13,160.00
9219.5
22,751.40

0.00
0.00
0.00

1330.4
2
13054.3
5855.3
893.1
2054.4
23,189.50

0.00

16403.7
3365.3
19,769.00
3,420.50
26,171.90

0.00
0.00
0.00

True

2013

2014

2015

2016

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 (profi t)/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

2007
4271.20
611.41
26.48
(3.90)
6.85
70.71
4.02
2.75
(14.67)
189.11
(14.31)
(115.28)
5034.37

(994.49)
(1044.76)
1286.58
4281.70
(1585.00)
2696.70
(937.07)
133.68
(395.58)
53.99
14.05
115.28
(269.38)
67.32
5.51
(1212.20)

Cash Flow from Financing Activities

debt
Proceeds from long term borrowings
debt
Proceeds from short term borrowings
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 rate
Cash and Cash Equivalents - eop

736.84
(280.53)
(1374.85)
(189.11)
(1107.65)
376.85
734.08
(57.00)
1053.93

2008
633.01
59.17
(1.59)
(1.60)
6.84

2009
619.14
74.38
1.24
(2.27)
(0.13)

2010

2011

1257.02

1260.24

83.56

113.13

(62.72)
(1.15)
(7.88)

(0.45)

2012

(2.71)

(3.78)
21.16
(4.47)
(24.54)
(17.77)
666.43

(6.54)
26.32
(5.69)
(14.08)
32.06
724.43

28.47
(11.06)
(22.62)
(17.29)
1246.33

22.23
(10.48)
(35.47)
(16.10)
1330.39

(88.85)
(119.43)
212.27

(92.22)
(54.94)
4.05

(50.88)
(191.35)
376.00

(81.94)
(349.55)
254.79

670.42
(190.60)

581.32
(191.92)

1380.10
(316.94)

1153.69
(392.42)

0.00

479.82

389.40

1063.16

761.27

0.00

(308.05)
26.24
(198.15)
115.83
4.47
24.54

(310.05)
21.75

(395.31)
12.06
(54.36)
98.66
11.40
22.62

(156.10)
5.79
(310.99)
0.45
10.49
35.47

(0.36)

(1.27)

0.69
(334.79)

(71.88)

5.91
(299.02)

(414.89)

198.38
5.23
14.08

0.00

0.00

22.43

(38.08)
(21.16)
(96.82)
(133.63)
11.40
105.39
(6.08)
110.71

(2.56)
(1.56)
(26.32)
(199.93)
(230.37)
87.15
110.71
12.51
210.37

(52.97)
(14.55)

11.93
(6.38)

(28.47)
(235.89)
(331.88)
432.26
210.37
(5.16)
637.47

(22.23)
(316.83)
(333.51)
12.87
637.47
1.19
651.53

0.00
0.00
651.53
651.53

RESULTS FOR THE FINANCIAL2001

YEAR
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
11
12
Materials Cost
661
728
807
% to Net Sales
53.61
53.04
52.58
Overheads
370
418
459
% to Net sales
29.99
30.46
29.89
Operating Profit
212
241
282
Interest Charges
22
15
8
Depreciation
34
45
49
Profit Before Tax and Exceptional
156 items 181
225
% to Net Sales
12.64
13.23
14.65
Growth Rates (%)
9
16
24
Exceptional items
Profit Before Tax and after Exceptional
156
items
181
225
% to Net Sales
13
13
15
Profit After Tax
106
114
142
Return on average net worth
27(RONW) (%)
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
124
Debt-Equity Ratio
0.55:1
0.27:1
0.22:1
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.)
64.10
64.00
74.30
Other Information
Number of Employees
3,197
3,188
3,327

2004

2005

2006

2,026
1,696
10
944
55.63
483
28.47
291
5
48
238
14.02
6
(7)
231
14
148
29

2,339
1,955
15
1,128
57.73
532
27.24
325
3
48
275
14.07
16
(4)
271
14
174
31

2,777
2,319
19
1,352
58.29
616
26.54
388
4
46
339
14.60
23
(34)
305
13
187
31

95.9
436
49
71
344
243
64
0.13: 1
2,914

95.9
476
31
88
320
258
113
0.15: 1
3,751

95.9
526
29
91
325
275
143
0.15:1
6,178

15.40
85.00
55.40

18.10
95.00
59.70

19.50
125.00
64.90

3,356

3,550

3,681

2007

2008

3,361
2,821
22
1,661
58.86
739
26.19
462
7
45
410
14.53
21
-

4,063
3,419
21
1,956
57.21
906
26.52
617
8
44
565
16.53
38
-

2009
5,003
4,270
25
2,607
61.05
1,102
25.80
621
10
57
554
12.97
(2)
(6)
548
13
362
36

2010
5,754
5,125
20
2,840
55.42
1,275
24.87
1,154
14
61
1,079
21.06
95
25
1,105
22
775
56

410
15
272
40

565
17
375
45

95.9
648
22
126
347
334
211
0.17: 1
7,336

95.9
833
32
95
539
423
93
0.09: 1
11,510

95.9
999
48
75
712
235
270
0.07: 1
7,539

95.9
1,461
48
69
1,088
704
(118)
0.04: 1
19,593

28.40
130.00
77.60

39.10
170.00
96.80

37.78
175.00
114.10

80.74
270.00
162.34

3,868

3,924

4,260

4,382

2011
83614.7
77062.40
44745.6

11998.4

858.72