Income Statement (In Inr MN) Income: Asian Paints
Income Statement (In Inr MN) Income: Asian Paints
Income Statement (In Inr MN) Income: Asian Paints
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
1,151.0
95.9
180.6
982.8
1,500.0
3910.30
29.30
29.30
13.00
95.92
Key Figures
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
14,705.78
4,780.79
4,541.89
4,352.78
2,834.92
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
40%
13%
12%
12%
8%
Purchases
Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate (tax /EBT)
Dividend Payout Ratio
Divident Tax Rate
Minority Interest as % of PAT
60%
7%
20%
1%
34%
44%
14%
1%
10
2008
2009
2010
2011
2012
2013
2014
2015
2016
49385.6
60438.4
71065.6
83614.7 100337.64 120405.17 144486.20 173383.44 208060.13
5313.3
5806.1
4256.2
6552.3
44072.30 54632.30 66809.40 77062.40 100337.64 120405.17 144486.20 173383.44 208060.13
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
623.4
1,007.1
277.2
1,684.1
2,000.0
5591.80
623.5
1,055.1
288.8
1,711.0
2,300.0
5978.40
815.3
1,774.5
433.3
1,633.3
6,000.0
10656.40
815.3
2,254.1
501.1
4,861.9
6,000.0
14432.40
43.37
42.66
17.00
95.92
41.61
41.48
17.50
95.92
87.00
87.12
27.00
95.92
87.91
87.91
32.00
95.92
56189.08
6521.95
19565.84
18060.78
67426.89
7826.34
23479.01
21672.93
80912.27
9391.60
28174.81
26007.52
97094.73 116513.67
11269.92 13523.91
33809.77 40571.73
31209.02 37450.82
2107.09
20167.87
2528.51
24201.44
3034.21
29041.73
3641.05
34850.07
4369.26
41820.09
20167.87
24201.44
29041.73
34850.07
41820.09
20167.87
6050.36
24201.44
7260.43
29041.73
8712.52
34850.07
10455.02
41820.09
12546.03
14117.51
705.88
13411.63
16941.01
847.05
16093.96
20329.21
1016.46
19312.75
24395.05
1219.75
23175.30
29274.06
1463.70
27810.36
13411.63
16093.96
19312.75
23175.30
27810.36
4023.4892
683.99316
8704.15
10444.98
12533.97
15040.77
18048.92
139.82
167.79
201.34
241.61
289.93
41.95
95.92
50.34
95.92
60.40
95.92
72.48
95.92
86.98
95.92
42%
15%
15%
15%
10%
38%
12%
12%
11%
8%
44%
18%
19%
19%
13%
42%
17%
17%
16%
11%
44,148.56
18,060.78
20,167.87
20,167.87
14,117.51
52,978.27
21,672.93
24,201.44
24,201.44
16,941.01
63,573.93
26,007.52
29,041.73
29,041.73
20,329.21
76,288.71
31,209.02
34,850.07
34,850.07
24,395.05
91,546.46
37,450.82
41,820.09
41,820.09
29,274.06
44%
18%
20%
20%
14%
44%
18%
20%
20%
14%
44%
18%
20%
20%
14%
44%
18%
20%
20%
14%
44%
18%
20%
20%
14%
20.09%
58%
23.96%
62%
22.29%
56%
15.35%
58%
20%
56%
20%
56%
20%
56%
20%
56%
20%
56%
7%
20%
7%
19%
7%
19%
6%
19%
7%
20%
7%
20%
7%
20%
7%
20%
7%
20%
0.60
1%
32%
38%
17%
4%
(0.13)
1%
32%
40%
17%
5%
1.72
2%
30%
29%
17%
5%
(0.41)
1%
30%
35%
16%
4%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
2%
30%
30%
17%
5%
ASIAN PAINTS
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
True
True
True
Current Liabilities
1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc
4 Other Liabilities
7,870.38
1,729.27
4,485.35
3,692.78
792.57
62.89
1,592.87
Assumptions:
B
A
A
S
E
Fixed Assets
Net Fixed Assets - Opening
Add: Capex
Add: Acquisitions / (Disposals)/WIP addns
Less: Depreciation
Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earned
Interest rate %
Ratio Analysis
Solvency Ratios
Current ratio
Quick ratio
Cash ratio
Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover
Average receivables collection period
Average inventory processing period
Average payment period
Cash Conversion Cycle
Other Receivables
Other Current Assets as % of Sales
1.51
0.70
0.12
1.30
0.54
0.10
1.51
0.70
0.18
1.09
0.42
0.06
10.01
3.93
6.54
36.48
92.89
55.77
73.60
10.59
4.55
7.65
34.48
80.29
47.71
67.06
11.99
4.36
7.58
30.44
83.76
48.16
66.05
7.86%
3.60%
0.29%
7.24%
8.47%
4.58%
0.12%
7.47%
5.33%
3.34%
0.09%
8.15%
7.95%
3.17%
0.09%
9.56%
Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
0.43751
0.192239
0.132303
0.662301
0.516912
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
10
2011
2012
2013
959.2
959.2
959.2
20915 29619.1483 40064.13
21874.2 30578.3483 41023.33
499.7
1847.3
2,347.00
851.8
1098.9
26,171.90
2014
2015
2016
959.2
959.2
959.2
52598.1 67638.87 85687.79
53557.3 68598.07 86646.99
0.00
0.00
0.00
0.00
0.00
851.8
851.8
851.8
851.8
851.8
1804.7753 2651.826 3668.286 4888.039 6351.742
33,234.92 44,526.95 58,077.39 74,337.91 93,850.53
371.9
371.9
371.9
371.9
371.9
371.9
0.00
0.00
0.00
0.00
0.00
19877.5
7150.7
12,726.80
433.2
13,160.00
9219.5
22,751.40
371.90
371.90
371.90
371.90
371.90
1330.4
2
13054.3
5855.3
893.1
2054.4
23,189.50
0.00
0.00
0.00
0.00
0.00
0.00
16403.7
3365.3 4707.48236 5648.979 6778.775
19,769.00
4,707.48 5,648.98 6,778.77
3,420.50
-4,707.48
26,171.90
-4,335.58
371.90
371.90
True
False
False
False
8134.53 9761.435
8,134.53 9,761.44
371.90
False
371.90
False
16,403.70
3152.7
8,913.80
7686.1
1227.7
41.4
4295.8
1.17
0.41
0.07
13.66
3.96
7.05
26.71
92.23
51.75
67.19
30
83
50
63
30
83
50
63
30
83
50
63
30
83
50
63
30
83
50
63
7.05%
2.74%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
0.419359
0.16642
0.114368
0.44
0.201
0.1407
0.529482 0.65954725
0.402918 0.46168308
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
7.00%
3.00%
0.09%
9.60%
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)
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
2001
2002
2003
1,470
1,233
13.18%
661
53.61%
370
0.2999
212
22
34
156
0.1264
9
1,599
1,371
11.20%
728
53.04%
418
0.3046
241
15
45
181
0.1323
16
1,807
1,535
11.93%
807
52.58%
459
0.2989
282
8
49
225
0.1465
24
156
0.1264
106
27
181
0.1323
114
28
225
0.1465
142
32
64.2
347
227
381
44
214
0.55
1,580
64.2
346
61
111
390
63
130
0.27
2,106
64.2
412
58
104
366
148
124
0.22
2,119
11.00
70.00
411.20
11.90
90.00
410.60
14.80
110.00
476.60
3,197
3,188
3,327
2007
2008
2009
100
2010
2,777 4133.527
2,319 3669.973
18.65%
58.24%
1,352 2199.395
58.29%
59.93%
616
992.499
0.2654
27.04%
388
416.938
4
18.911
46
61.141
339
336.886
0.146
9.18%
23
-0.48%
(34)
0
305
336.886
0.1315
9.18%
187
283.492
31
4938.56
4407.23
20.09%
2577.64
58.49%
1169.01
26.52%
601.41
21.16
59.17
521.08
11.82%
54.68%
0
521.08
11.82%
428.05
6043.84
5463.23
23.96%
3370.64
61.70%
1423.19
26.05%
595.02
26.32
74.38
494.32
9.05%
-5.14%
-0.59
494.91
9.06%
419.48
7106.56
6680.94
22.29%
3757.96
56.25%
1695.58
25.38%
1143.84
28.47
83.56
1031.81
15.44%
108.73%
2.546
1029.264
15.41%
883.91
8361.47
7706.24
15.35%
4474.56
58.06%
1918.71
24.90%
1199.84
22.23
113.13
1064.48
13.81%
3.17%
0
1064.48
13.81%
881.35
95.9
681.872
26.786
306.176
479.381
192.717
438.085
0.39
7,336
95.9
886.45
39.08
275.21
577.56
276.65
341.29
0.28
11,510
95.9
1107.25
53.31
308.62
813.03
78.4
606.58
0.26
7,539
95.9
1614.06
56.23
229.23
872.82
624.11
149
0.13
19,593
95.9
2091.5
85.18
234.7
1272.68
921.95
342.05
0.11
29735.2
19.50
125.00
622.30
28.40
130.00
777.77
39.10
170.00
982.35
37.78
175.00
1,203.15
80.74
270.00
1,709.96
3,681
3,868
3,924
4,260
4,382
2004
2005
2006
2,026
1,696
10.49%
944
55.63%
483
0.2847
291
5
48
238
0.1402
6
(7)
231
0.1362
148
29
2,339
1,955
15.24%
1,128
57.73%
532
0.2724
325
3
48
275
0.1407
16
(4)
271
0.1385
174
31
95.9
436
49
71
344
243
64
0.13
2,914
95.9
476
31
88
320
258
113
0.15
3,751
95.9
526
29
91
325
275
143
0.15
6,178
15.40
85.00
531.50
18.10
95.00
572.20
3,356
3,550
10
2011
95.42
3200%
2,187.40