SML ISUZU LIMITED

Company Presentation
Motilal Oswal Investor Conference
9th March, 2017 (Mumbai)
Safe Harbor
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Company have been prepared solely for information purposes and do not constitute any offer,
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Company considers reliable, but the Company makes no representation or warranty, express or
implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness
and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and
may not contain all of the information that you may consider material. Any liability in respect of the
contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Companys
market opportunity and business prospects that are individually and collectively forward-looking
statements. Such forward-looking statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks
and uncertainties include, but are not limited to, the performance of the Indian economy and of the
economies of various international markets, the performance of the industry in India and world-wide,
competition, the companys ability to successfully implement its strategy, the Companys future levels
of growth and expansion, technological implementation, changes and advancements, changes in
revenue, income or cash flows, the Companys market preferences and its exposure to market risks, as
well as other risks. The Companys actual results, levels of activity, performance or achievements could
differ materially and adversely from results expressed in or implied by this Presentation. The Company
assumes no obligation to update any forward-looking information contained in this Presentation. Any
forward-looking statements and projections made by third parties included in this Presentation are not
adopted by the Company and the Company is not responsible for such third party statements and
projections.

1
Board of Directors
S.K.Tuteja, IAS After serving on the key assignments in various Government Departments at
(Retd.) Punjab and Center, Mr. Tuteja retired as Secretary, Food & Public Distribution,
Chairman Government of India in 2005. Mr. Tuteja has over 44 years of rich experience in
& Independent diverse fields which include district administration, education, industry, trade,
Director commerce, finance and company matters.

A.K.Thakur A qualified Chartered Accountant. Mr. Thakur retired as an Executive Director from
Independent UTI. He has over 47 years of experience in areas such as accounts, finance,
Director investment and corporate affairs.

P.K.Nanda A qualified Chartered Accountant, Mr. Nanda held several key managerial
Independent positions in multi national companies both in abroad and India and was appointed
Director as the Chairman and Managing Director of Metal Box India in 1970. He was also
the founder president of the Confederation of Indian Industry (CII) and has also
served as a member of Govt. appointed committees, RBI working groups and of
Confederation of British Industry, etc.

Mr. Nanda has over 53 years of rich experience in the areas such as finance,
corporate affairs, international trade and commerce, business strategy, etc.

2
Board of Directors
Sudhir Nayar A B.Tech from IIT Delhi and MBA from FMS, Delhi University. Mr. Nayar has over
Independent 30 years of experience in Sales & Marketing functions. He has worked with many
Director reputed giants such as Hindustan Lever Limited (HUL) and Tata Oil Mills
Company (TOMCO).

Dr. (Mrs) Vasantha An economist of repute and holds Doctorate in Economics from University of
S. Bharucha Mumbai. Dr. Bharucha served as Economic Adviser in the Ministry of Commerce
Independent & Industry, Government of India during policy liberalization. She was an
Director Independent Director on the Central Board of State Bank of India (SBI) for three
years during 2008-2011 and was also a Director on the Board of Delhi Circle of
SBI.

Dr. Bharucha has rich experience in industry, trade and finance in the engineering
and consumer goods sectors and has published a number of reports and strategy
papers on Economic subjects.

M. Nakajima A graduate from Waseda University, Japan. Mr. Nakajima joined Sumitomo
Corporation in 1985 and currently holds the post of General Manager, Automotive
Division 1 of Sumitomo Corporation. Mr. Nakajima has over 28 years of
experience in the areas of Corporate Planning & Marketing.

3
Board of Directors
T. Kikkawa A graduate from Keio University, Japan. Mr. Kikkawa joined Sumitomo Corporation
in April, 1983 and his current position in Sumitomo Corporation is General
Manager, Automotive Manufacturing Business Department 1. He has around 33
years of experience in automotive business.

M. Narikiyo A graduate in Commercial Science from Kobe University, Japan. Mr. Narikiyo
joined Sumitomo Corporation, Japan in April 1984 and has several years of
experience in Sales & Marketing. He is currently Chairman & Managing Director of
Sumitomo Corporation India Pvt. Limited.

Pankaj Bajaj A qualified Chartered Accountant and Company Secretary. Mr. Bajaj started his
career in 1995 with Deloitte Haskins & Sells and joined Sumitomo Corporation
India Private Limited in 1997 as company secretary. He is currently Director and
Company Secretary of Sumitomo Corporation India Pvt. Limited.

K. Goda A graduate from Kyoto Sangyo University, Japan. Mr. Goda joined Isuzu Motors in
1990 and has over 25 years of experience in International Business Development
and International Sales. He is currently associated with Isuzu Motors as a General
Manager, International Sales.

4
Board of Directors
Eiichi Seto A graduate in Law from Waseda University, Tokyo (Japan). Mr. Seto joined
(Managing Sumitomo Corporation in 1982 and has several years of experience in the motor
Director & CEO) vehicles department. In 1993, he was appointed as General Manager, Automotive
Department in Sumitomo Corporation de Mexico and in 2004, he was appointed
as Vice President and General Manager, Detroit Office, Sumitomo Corporation of
America. In 2007, he was appointed as Director and General Manager, Melbourne
Office, Sumitomo Australia Private Limited. Further in 2009, he was also appointed
as General Manager, Automotive Manufacturing Business Department, Sumitomo
Corporation.

Gopal Bansal A qualified Chartered Accountant & Company Secretary. He started his career in
(Whole-time 1980 with Punjab Tractors Limited - PTL (Swaraj Group) as Management Trainee
Director & CFO) and got associated with SML Isuzu on secondment from PTL, the promoter of the
Company. In 2004, he rose to the position of Vice President - Finance and
Company Secretary in the Company and in 2010 as Executive Director - Finance
and Company Secretary. Mr. Bansal has over 30 years of experience in areas such
as corporate affairs, finance & accounts, risk management, secretarial & taxation,
investor relations, etc.

Kei Katayama A graduate in Science & Engineering from Waseda University, Tokyo (Japan). He
(Director R&D) joined Isuzu Motors Limited in 1979 and his last position in the Isuzu Motors was
Chief Engineer - Global CV Product Planning & Engineering Department. He has
rich experience in the areas of Product Planning & Engineering.

5
 India - An Overview
10.0 GDP Growth Forecast - 2017 (%) Per Capita Income (Rs '000) 103
100 93
8.0 7.2 90
87
6.5 80
80
6.0 69
70 61
4.0 2.3 60 53
1.7 50
2.0 1.6
40
0.0 30
Euro Area Mexico USA China India FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Source : IMF - Economic Outlook, January, 2017 Source : Ministry of Statistics & Prog. Implementation, Govt. of India

FDI Equity Inflows (Rs billions) CV Sales ('000)

1200
2500 2404
+26%
902 873
900
2000 1911 759 787
710 702 651

1500 Repo Rate 600

1000 300
Apr-Dec 15 Apr-Dec 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17*
* Apr - Jan17 (10 months)
Source : Department of Industry Policy & Promotion, Govt. of India Source : Society of Indian Automobile Manufacturers (SIAM)

6
 Changing Trends
Old New

7
Total Commercial Vehicle Industry (Nos. in 000)

1000
902 873
900
787
800 759 710 651
291 208 702
700 (Till Jan)
160 266
600 278 118 201
127 209
500 100
100 113
400 109
94
300
547
484 450
200 372 401 408
348
100

0
FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

12 ton & above 5 ton to 12 ton Upto 5 ton

As per ICRA, domestic CV volumes are expected to grow @ 6-8% in FY 17-18

8
 Commercial Vehicle Industry (Apr-Jan17)
(Figures in Nos)
2015-16 2016-17 % change
M&HCVs (above 7.5 ton)

Passenger Carriers 43,719 46,490 6.3%

Goods Carriers 220,325 222,040 0.8%
Total M&HCVs - (A) 264,044 268,530 1.7%
LCVs (upto 7.5 ton)

Passenger Carriers 41,391 43,425 4.9%

Goods Carriers 322,376 339,267 5.2%
Total LCVs - (B) 363,767 382,692 5.2%
SMLI registered growth of
Total (A+B) 627,811 651,222 3.7%
19.0% during Apr-Jan17
against industry
SMLI Sales
growth of 3.7%
Passenger Carriers 5,249 6,042 15.1%
Goods Carriers 4,785 5,903 23.4%
Total 10,034 11,945 19.0%

9
Major Milestones
1983 Swaraj Vehicles Ltd. (SVL) incorporated

1984 Joint Venture and Technical Assistance Agreement between Punjab Tractors
Ltd., Mazda Motor Corporation & Sumitomo Corporation concluded.
SVL renamed Swaraj Mazda Limited (SML)

1985 Project setup with a capacity of 5,000 LCVs at capital outlay of Rs. 200 Million.
Equity of Rs. 105 Million was subscribed by

-- Punjab Tractors Ltd 29.0%

-- Mazda Motor Corpn. Japan 15.6%
-- Sumitomo Corpn. Japan 10.4%
-- Public 45.0%

Trial production and test marketing of Swaraj Mazda Truck

WT-48, WT-49 and WT-50 LCVs commenced

1986 Beginning of Commercial operations

1987 Launch of Indigenously developed 26 seater bus

1994 Became financially sick due sharp Rupee devaluation

10
Major Milestones
1997 Financial health restored 3 years earlier than Rehabilitation
Scheme.

2000 Maiden Dividend @ 10%

2005 Sumitomo Corporation, Japan raised its equity holding

in the Company to 41%.
2006 Technical Assistance Agreement with Isuzu Motors signed.

2008 Ultra Luxury Buses both on SML & Isuzu Platforms launched.

2009 Sumitomo raised its stake in the Company to 53.52% by buying entire
equity holding of Punjab Tractors Ltd. in the Company.
2010 Rights Issue of 3,984,946 equity share of Rs. 10 each at a premium
of Rs. 190 per share in the ratio of 11:50 raised Rs. 79.7 crores.

11
Major Milestones
2011 Swaraj Mazda renamed as SML ISUZU LIMITED.

2012 Isuzu Motors raises its stake to 15%; Dividend raised to 80% on post-rights equity.
S7 Bus 5100 WB (50+1 seater) on SML platform launched.
FR1318 bus (40+1 Seater) on Isuzu platform introduced.
Highest-ever Production and Highest-ever Profit achieved.

2014 S7 Bus 3940 WB (37+1 seater) & S7 Bus AC version launched

Fuel Efficient & High Torque series launched (for all vehicles)
Sartaj 5252 XM (5200 GVW) Truck Launched
2015 Sartaj 59XM (5900 GVW) Truck Launched
Sales volume crossed 2 Lacs mark
2016 Executive Lx Coach (GVW-7ton) & Ecomox Bus (GVW-5Ton) under Tourist Bus
segment Launched

12
Equity & Dividend Record
Year Nature of Issue No. of Shares Price Per Current
(Lacs) Share Price
(28th Feb 17)

1985 Initial Public Offer (IPO) 105 Rs.10/- Rs. 1,250/-

approx.

2010 Rights Issue 40 Rs. 200/- Rs. 1,250/-

approx.

Dividend Track Record

2001 Dividend 15% 2009 Dividend 15%
2002 Dividend 25% 2010 Dividend 40%
2003 Dividend 45% 2011 Dividend 80%
2004 Dividend 70% 2012 Dividend 80%
2005 Dividend 75% 2013 Dividend 80%
2006 Dividend 55% 2014 Dividend 30%
2007 Dividend 55% 2015 Dividend 60%
2008 Dividend 55% 2016 Dividend 80%

13
Equity Shareholding Pattern as on 28th Feb17

Category Shareholding % age of

(In Lacs) Shareholding
Sumitomo Corporation (Promoter) 63.62 43.96
Isuzu Motors Limited 21.71 15.00
Sachin Bansal 4.15 2.87
National Westminster Bank PLC 2.93 2.02
Birla Sunlife Trustee Company Private Ltd. 1.45 1.00
UTI Mid Cap Fund 1.44 0.99
Jupiter South Asia Investment Company Limited - 1.02 0.71
South Asia Access Fund
Axis Mutual Fund Trustee Limited 0.95 0.66
Others 47.45 32.79
GRAND TOTAL 144.72 100.00

14
The Journey
The Company was set up as Swaraj Mazda Limited (now SML ISUZU LTD). At that time, it
represented the coming together of three powerful Corporate brands : Swaraj symbolising
the best of Indian technology and engineering, Mazda symbolising R&D and innovation
edge on a global scale and Sumitomo representing age-old international trading experience
and linkages.

R&D orientation has been Companys core strength - building up wide range of trucks,
buses & special application vehicles, absorption of technologies, product upgradation to
meet regulatory requirements and market needs.

Starting from 2-wheel bases, SML ISUZU model range now spans 5-wheel bases.
Carrying capacities spread from 2.5 ton to 8.0 ton in the cargo carriers (GVW 5.2 to 12.0
ton) and 13 to 52 seaters in the passenger segment.

Portfolio of specialty vehicles - Ambulances, Water Tankers, Tippers, Delivery Van,

Dumper Placers, Fire Tenders, 4-Wheel Drive Truck, Troops Carrier etc.

Companys products finds its buyers in countries such as Bangladesh, Nepal, Nigeria,
Ghana, Zambia, West Indies, Sri Lanka etc.

Now, alliance with Isuzu ..

15
 Alliance with Isuzu

has enabled SML to conceive and set up manufacturing systems and

facilities matching global standards within a tight framework of capital
outlays.

has enabled SML to launch medium & large size Isuzu buses.

has enabled SML to upgrade its existing R&D.

further boosts SMLs corporate image & brand strengthening and

places it on a cutting-edge platform in product range & technology.

helps SML to upgrade its products faster & at lower costs to meet
current / future regulatory requirements of emission and safety.

16
 Market Potential
Long term prospects of commercial vehicle industry are secular. Economic growth in the
medium to long term would be driven by infrastructure investments in areas such as
roads, bridges, power generation, information technology, civil aviation, sea-ports,
health, education etc. This trend would generate increased demand for commercial
vehicles in coming years.
Demand Factor Conditions
As per IMF Forecast January 2017, Indias GDP growth in 2017 is estimated
at 7.2% against world average estimate of 3.4%.

As per GIA study on Commercial Vehicles (CV), Asia-Pacific is expected to

emerge as the fastest growing hub for CV production led by shifting of
automobile production bases to low cost Asian countries.

As per CRISIL, long term prospects of the Commercial Vehicle industry are
positive. Apart from macro-economic factors, implementation of emission &
anti-overloading norms, scrapping regulations for older vehicles and changing
landscape of the logistics industry towards an organized one would continue to
support demand for CVs.

17
 As per ICRA, with new orders from SRTUs (under the JnNURM programme) and Govt.s
recent proposal of opening up the passenger transport sector to private players and
other initiatives such as Smart Cities etc., the bus segment is likely to register overall
growth of 5-7% in FY 2017-18.

As per ICRA, M&HCV truck segment is likely to register a growth of 6-8% in

FY 2017-18 driven by continuing trend towards replacement of ageing fleet, Govt.s
Scrappage scheme for older vehicles, pre-buying before BS-IV implemented across India,
expectations of pick-up in demand from industrial & infrastructure sector and higher
budgetary allocation towards infrastructure & rural sectors. Further, LCV truck segment is
also expected to grow 7-8% on account of replacement led demand, pre-buying before
BS IV implementation across India and pick up in consumption driven sectors.

Improving conditions of road infrastructure development of state

highways & expressways, focus on power generation, housing, health &
education coupled with increasing disposable incomes and changing
commuting habits, are expected to maintain the growth momentum in the
Indian CV market.

18
 An Overview

Wide Range of Products

-- Both in Cargo (5 12 ton) and Passenger Categories (13 - 52 seats)

Installed Capacity
-- 18000 Vehicles
-- 4000 Bus Bodies

Manpower Strength
-- Regular - 1000 approx.
-- Contract - 1000 approx.

19
 Product Portfolio
Cargo GVW(Kgs)

LCVs
Sartaj 5252 XM - 5200
Sartaj 59 XM - 5900
Sartaj HG 72 XM - 7200
Prestige XM - 6440

M&HCVs

Supreme XM - 8000
Super XM - 8720
Samrat XM - 10250
Super 12.0 XM - 11990
Super 12.9 XM - 12900

20
Product Portfolio
Buses - SML Platform
-- Standard buses 18 to 52 seater
(AC / Non-AC)
-- Executive Coach 13 seater
Delux (AC)
-- Executive Lx Coach 20/29/31
seater Delux (AC)
-- EcoMax 12/13 seater (AC / Non-AC)

21
Product Portfolio

Buses - Isuzu Platform

-- LT 134 Ultra Luxury 45 seater (AC)

-- FR1318 Luxury 40 seater (AC)

22
 Product Portfolio
Special Application Vehicles

-- Ambulance
-- Water Tanker
-- Tipper
-- Delivery Van
-- Dual Cabin
-- 4-Wheel Drive Truck
-- 4-Wheel Drive Ambulance
-- Troops Carrier

23
Marketing Network
ZONAL OFFICES = 12
-- Ahmedabad
-- Bangalore
-- Bhopal
-- Chennai
-- Cochin
-- Delhi
-- Hubli
-- Hyderabad
-- Kolkata
-- Lucknow
-- Pune
-- Mumbai

SALES, DISTRIBUTION &

SERVICE NETWORK

-- 127 Dealers (including Export)

-- 16 Authorized Service Centres
-- 21 Spare Parts Distributors

24
 Performance Indicators Last Ten Years
Rs. Crores

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Vehicles Sale
- Passenger Carriers 5714 6388 4860 5440 6417 6612 6310 6285 7803 6814
- Cargo Trucks 5127 4884 3160 4693 6453 7034 5735 3475 3956 5886
- Total 10841 11272 8020 10133 12870 13646 12045 9760 11759 12700

Revenue (Net) 605.5 671.4 547.0 722.2 913.0 1042.2 1011.1 886.0 1,114.3 1,172.6
Operating Profit 35.4 53.7 28.0 57.9 70.7 86.0 79.3 36.4 74.3 93.0
Margin 5.8% 8.0% 5.1% 8.0% 7.7% 8.3% 7.8% 4.1% 6.7% 7.9%

Interest 9.3 11.7 18.1 18.9 10.4 10.6 18.6 5.9 5.8 5.2
Cash Profit 26.1 42.0 9.9 39.0 60.3 75.4 60.7 30.5 68.5 87.8
Margin 4.3% 6.3% 1.8% 5.4% 6.6% 7.2% 6.0% 3.4% 6.1% 7.5%
Depreciation 2.9 3.3 5.8 8.6 8.9 10.4 12.2 12.8 19.8 19.5

Profit Before Tax 23.2 38.7 4.1 30.4 51.4 65.0 48.5 17.7 48.7 68.3
Margin 3.8% 5.8% 0.7% 4.2% 5.6% 6.2% 4.8% 2.0% 4.4% 5.8%
Exceptional Item - - - - - 4.9
Profit After Tax 16.1 25.2 4.8 21.4 36.6 41.9 36.4 17.4 36.9 51.2

Dividend
- Rate 55% 55% 15% 40% 80% 80% 80% 30% 60% 80%
- Outflow 6.8 6.8 1.8 6.8 13.5 13.5 13.5 5.1 10.5 13.9
- Payout Ratio 42% 27% 38% 32% 37% 32% 37% 29% 28% 27%
Retained Earnings 9.4 18.4 3.0 14.6 23.1 28.5 22.9 12.3 26.4 37.3
Equity Share Capital 10.5 10.5 10.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5
Net Worth 75.7 93.6 96.6 189.7 212.8 241.2 264.1 276.4 302.8 340.1

EPS (Rs.) 15.3 24.0 4.4 19.4 25.3 28.9 25.2 12.0 25.5 35.4
(before exceptional item)

Book Value (Rs.) 72.1 89.1 92.1 131.1 147.0 166.7 182.4 191.0 209.2 235.0

25
FINANCIAL RESULTS - QUARTER ENDED DEC 16
Rs. Crores
Unaudited Audited
Particulars Quarter Ended Nine Months ended Year ended
31.12.2016 30.09.2016 31.12.2015 31.12.2016 31.12.2015 31.03.2016
INCOME FROM OPERATIONS
a) Net sales/income from operations (net of excise duty) 228.12 303.08 192.79 992.84 841.09 1157.16
b) Other operating income 1.67 1.52 1.38 4.76 5.14 7.14
Total income from operations (net) 229.79 304.60 194.17 997.60 846.23 1164.30
EXPENSES
a) Cost of materials consumed 221.80 183.80 211.42 682.86 612.56 852.09
b) Purchase of stock-in-trade 10.37 11.81 9.35 32.89 29.30 42.60
c) Changes in inventories of finished goods, work-in-progress (73.43) 27.25 (86.12) 6.24 (24.44) (46.78)
and stock-in-trade
d) Employee benefits expense 35.24 36.04 32.33 106.39 91.53 124.88
e) Depreciation and amortisation expense 5.94 5.57 5.13 17.30 14.28 19.55
f) Other expenses 26.71 27.82 24.63 81.01 79.60 106.75
Total Expenses 226.63 292.29 196.74 926.69 802.83 1099.09
Profit/(Loss) from operations before other income, finance
costs and exceptional items 3.16 12.31 -2.57 70.91 43.40 65.21
Other income 1.67 1.64 1.91 4.29 5.98 8.28
Profit/(Loss) from ordinary activities before finance costs and
exceptional items 4.83 13.95 -0.66 75.20 49.38 73.49
Finance costs 0.95 0.74 1.02 2.28 2.66 5.17
Profit/(Loss) from ordinary activities after finance costs but
before exceptional items 3.88 13.21 -1.68 72.92 46.72 68.32
Exceptional Items - - - - - -
Profit/(Loss) from ordinary activities before tax 3.88 13.21 -1.68 72.92 46.72 68.32

Tax expense 0.73 3.52 -0.75 18.96 12.23 17.16

Net Profit/(Loss) for the period 3.15 9.69 -0.93 53.96 34.49 51.16
Basic and diluted earning per share Rs. (not annualised) 2.18 6.69 (0.63) 37.29 23.84 35.35

26
Financial Graphs
Revenue (net) - Rs crores
1400

1200

1000 1173
1114
800 1042 1011
913 886
600

400

200

0
2011 2012 2013 2014 2015 2016

Operating Profit - Rs crores

100

80 93
86
60
79
71 74

40

36
20

0
2011 2012 2013 2014 2015 2016

27
Financial Graphs
Profit Before Tax - Rs crores
70

60
65 68
50

40 51 49 49
30

20

10 18
0
2011 2012 2013 2014 2015 2016

Earnings Per Share (EPS) - Rupees

40
35
30 35.4
25
28.9
20 25.3 25.5
25.2
15
10
5 12.0
0
2011 2012 2013 2014 2015 2016

28
Balance Sheet Analysis Last Ten years
Rs. Crores
As at 31st
MAR' 07 MAR' 08 MAR' 09 MAR' 10 MAR' 11 MAR' 12 MAR' 13 MAR' 14 MAR' 15 MAR' 16
SOURCES OF FUNDS
SHAREHOLDER'S FUNDS
SHARE CAPITAL 10.5 10.5 10.5 14.5 14.5 14.5 14.5 14.5 14.5 14.5
RESERVES & SURPLUS 65.2 83.1 86.0 175.2 198.3 226.7 249.6 261.9 288.4 325.7
TOTAL 75.7 93.6 96.5 189.7 212.8 241.2 264.1 276.4 302.9 340.2
BANK BORROWINGS (net) 109.8 142.6 220.3 84.6 67.0 40.0 132.1 - - 30.0
DEFERRED TAX LIABILITY (net) (0.50) (1.60) (2.80) 6.2 8.0 10.1 10.5 9.6 2.6 5.6
TOTAL 109.3 141.0 217.5 90.8 75.0 50.1 142.6 9.6 2.6 35.6
TOTAL FUNDS 185.0 234.6 314.0 280.5 287.8 291.3 406.7 286.0 305.5 375.8
APPLICATION OF FUNDS
FIXED ASSETS (net) 45.6 99.7 127.9 125.1 135.3 143.4 149.3 151.9 164.4 211.4
TOTAL 45.6 99.7 127.9 125.1 135.3 143.4 149.3 151.9 164.4 211.4
CURRENT ASSETS, LOANS &
ADVANCES
INVENTORIES 87.3 123.5 149.3 160.0 210.2 226.4 230.6 243.3 285.9 338.5
TRADE RECEIVABLES 191.5 185.6 146.3 136.6 116.5 121.0 150.7 81.8 104.4 102.8
CASH AND BANK BALANCES 22.7 9.2 7.0 32.0 23.0 28.0 45.1 41.7 65.4 11.1
LOANS AND ADVANCES 26.6 24.9 30.3 33.8 37.0 35.5 42.5 30.9 27.7 35.5
OTHER CURRENT ASSETS 7.2 4.6 1.9 1.6 3.2 4.4 10.6 0.9 4.9 2.3
TOTAL (A) 335.3 347.8 334.8 364.0 389.9 415.3 479.6 398.7 488.4 490.3
CURRENT LIABILITIES AND
PROVISIONS
TRADE CREDITORS
LOCAL 136.1 135.9 88.0 127.2 123.0 141.4 90.8 145.4 177.9 150.9
IMPORTED 3.6 17.4 7.8 9.7 14.5 2.9 10.6 0.9 0.3 0.3
OTHER CREDITORS 40.0 39.3 37.7 48.1 61.0 79.0 62.9 65.7 84.7 87.8
PROVISIONS 16.2 20.3 15.2 23.6 38.9 44.1 57.9 52.6 84.4 86.9
TOTAL(B) 195.9 212.9 148.7 208.6 237.4 267.4 222.2 264.6 347.3 325.9
NET CURRENT ASSETS (A-B) 139.4 134.9 186.1 155.4 152.5 147.9 257.4 134.1 141.1 164.4
TOTAL 185.0 234.6 314.0 280.5 287.8 291.3 406.7 286.0 305.5 375.8

29
Thanks