Shoaib Ahmed Khan

18u00323 (Section A)
Agriauto Industries
Motorvehicles

Balance Sheet (Rupees in thousand) 2019

Assets
Non-Current Assets
Property, Plant and Equipment 2,089,475
Intangible Assets 6,651
Long-term Investments
Long-term loans & Advances
Long-Term deposits 13,438
Deferred income tax asset
Investment Property

Total Non-Current Assets 2,109,564

Current Assets
Stores, spare parts and loose tools 123,713
Stock-in-Trade 1,601,264
Trade Debts 985,768
Loans and Advances 340,052
Short term deposits and prepayments
Accrued Profit 1,793
Sales tax refundable 86,409
Short term Investments 187,513
Taxation-Net 530,309
Cash and Bank Balances 174,378

Total Current Assets 4,031,199

Total Assets 6,140,763

Liabilities and Equity

Share Capital & Reserves 200,000
Issued, subscribed and paid up share capital 144,000
Reserves 5,280,178

Surplus/Deficit on revaluation of operating fixed assets

Total Equity 5,424,178
Non-Current Liabilities
Long-Term Financing
Liabilities agaisnt assets subject to finance lease
Directors' subordinated loan
Deferred Liabilities 64,780
 Total Non-Current Liabilities 64,780
Current Liabilities
Trade and other Payables 621,539
Accrued mark-up
Short-Term Borrowings
Current portion of non-current liabilities
Provision for taxation
Unpaid dividend 7,211
Unclaimed Dividend 23,055
Total Current Liabilities 651,805
Total Liabilities 716,585
Contingencies & Commitment
Total Equity and Liabilities 6,140,763
 2018 2017 2016 2015

1,584,818 1,605,980 1,524,134 1315911

7,863

13,028 13,018 13,018 13018

1,605,709 1,618,998 1,537,152 1,328,929

95,788 68,513 55,924 55295

1,496,940 1,087,399 947,124 899337
574,251 508,023 447,410 558583
10,644 12,390 11,399 10176

1,318 1,147 1,316 893

36,675 42,100 65,092 55067
743,488 691,785 536,356 390524
324,202 317,586 112,077 32205
425,961 349,541 329,202 331891

3,709,267 3,078,484 2,505,900 2,333,971

5,314,976 4,697,482 4,043,052 3,662,900

200,000 200,000 200,000 200000

144,000 144,000 144,000 144000
4,556,680 3,928,163 3,434,534 2983477

4,700,680 4,072,163 3,578,534 3,127,477

76,011 92,313 41,404 54777

 76,011 92,313 41,404 54,777

512,265 533,006 423,114 366896

2141
111609

2,516
23,504
538,285 533,006 423,114 480,646
614,296 625,319 464,518 535,423

5,314,976 4,697,482 4,043,052 3662900

Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Income Statement (Rupees in thousand) 2019 2018

Net Sales 10,128,569 8,315,021

Cost of Sales 8,447,418 6,722,821
Gross Profit 1,681,151 1,592,200

Distribution Cost 138,249 127,153

Administrative Expenses 245,478 225,983
Other Expenses

Other Operating Income

Profit/Loss from Operation (EBIT) 1,297,424 1,239,064

Finance Cost (Interest Expense) 628 597

Other Operating Charges 112,505 101,376
Other Income 72,461 70,665
Profit/Loss Before Taxation (EBT) 1,256,752 1,207,756

Taxation 202,054 248,039

Profit/Loss After Taxation (NI after Tax) 1,054,698 959,717

2017 2016 2015

7,115,296 7,137,114 5,635,595

5,697,055 5,810,856 4,561,518
1,418,241 1,326,258 1,074,077

128,368 128,258 88,090

207,871 177,143 153,146

1,082,002 1,020,857 832,841

522 3,698 8,676

94,891 82,132 68,253
46,778 32,898 38,046
1,033,367 967,925 793,958

287,738 228,868 248,338

745,629 739,057 545,620

Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Cash Flow From Operating Activities 2019 2018

Cash Generated from operations 581,135 857727
Finance cost paid 628 597
Workers' profit participation fund paid
Staff retirement benefits paid
Income tax paid 419,392 276384
Interest Income
Dividend Income
Long Term Deposits 410
Net cash generated from operating activities 160,705 580,746

Cash flow generated from investing activities

Fixed capital expenditure 712,951 197,725

Proceeds from disposal of property, plant and equipment 13,569 12,693
Investment property
Proceeds from long term loan- net
Long term deposits 10
Proceeds from disposal of investment in CSUML
Short-term investments made in mutual funds - net 52,347
Profit received on short-term investments 33,458 39,408
Dividend received 4,289
Profit received on deposit accounts 23,281 19,397
Profit received on term deposit receipts
Profit received on treasury bills
Net cash used in investing activities -690,701 -126,237

Cash flow generated from financing activities

Long term finances repaid
Long term finances obtained
Directors' subordinated loan obtained
Lease rentals obtained
Lease finances repayments
Short term borrowings - net
Dividend paid 326,954 326,442
Net cash used in financing activities -326,954 -326,442

Net increase/decrease in cash and cash equivalents -856,950 128,067

Cash and cash equivalents at beginning of the year 1,165,328 1,037,261
Cash and cash equivalents at end of the year 308,378 1,165,328
 2017 2016 2015
1,085,426 1,208,581 355,798
522 5,839 2418

440,229 322,042 244,777

213
644,675 880,700 108,390

265,775 370,693 165,980

10,145 4,658 2,893

13,096 10,278 3,562

18,083 12,590 29,731
1,985
-222,466 -343,167 -129,794

249,150 283,613 142,446

-249,150 -283,613 -142,446

173,059 253,920 -163,850

 864,202 610,282 774,132
1,037,261 864,202 610,282
Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Financial highlights of Cash Flow Statement (Rupees in thousand) 2019 2018

Net Cash generated/(used in) from operating activities 160,705 580,746

Net Cash generated /(used in) from investing activities -690,701 -126,237
Net Cash generated /(used in) from financing activities -326,954 -326,442

Net Increase / (decrease) in cash and cash equivalents -856,950 128,067

Cash and Cash Equivalents at the beginning of the year 1,165,328 1,037,261
Cash and Cash Equivalents at the end of the Year 308,378 1,165,328
 2017 2016 2015

644,675 880,700 108,390

-222,466 -343,167 129794
-249,150 -283,613 -142,446

173,059 253,920 -163,850

864,202 610,282 774,132
1,037,261 864,202 610,282
Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles
Balance Sheet (Rupees in thousand) 2019
Assets

Property, Plant and Equipment 34.026

Intangible Assets 0.108%
Long-term Investments
Long-term loans & Advances
Long-Term deposits 0.219%
Deferred income tax asset
Investment Property

Total Non-Current Assets 34.35%

Stores, spare parts and loose tools 2.01%

Stock-in-Trade 26.08%
Trade Debts 16.05%
Loans and Advances 5.54%
Short term deposits and prepayments
Accrued Interest 0.03%
other Receivables 1.41%
Short term Investments 3.05%
Cash and Bank Balances 8.64%

Total Current Assets 65.65%

Total Assets 100%

Liabilities and Equity

Issued, subscribed and paid up share capital 3.26%

Reserves 2.34%

Surplus/Deficit on revaluation of operating fixed assets

Total Equity 88.33%

Long-Term Financing
Liabilities agaisnt assets subject to finance lease
Directors' subordinated loan
Deferred Liabilities 1.05%
Total Non-Current Liabilities 1.05%
Trade and other Payables 10.12%
Accrued mark-up 0.00%
Short-Term Borrowings 0.00%
Current portion of non-current liabilities
Provision for taxation
Unpaid Dividend 0.12%
Unclaimed Dividend 0.38%
Total Current Liabilities 10.61%
Total Liabilities 11.67%
Contingencies & Commitment
Total Equity and Liabilities 100.00%
2018 2017 2016 2015

29.818 34.188 37.698 35.925

0.148% 0.000% 0.000% 0.000%

0.245% 0.277% 0.322% 0.355%

30.21% 34.47% 38.02% 36.28%

1.80% 1.46% 1.38% 1.51%

28.16% 23.15% 23.43% 24.55%
10.80% 10.81% 11.07% 15.25%
0.20% 0.26% 0.28% 0.28%

0.02% 0.02% 0.03% 0.02%

0.69% 0.90% 1.61% 1.50%
13.99% 14.73% 13.27% 10.66%
6.10% 6.76% 2.77% 0.88%

69.79% 65.53% 61.98% 63.72%

100% 100% 100% 100%

3.76% 4.26% 4.95% 5.46%

2.71% 3.07% 3.56% 3.93%

88.44% 86.69% 88.51% 85.38%

1.43% 1.97% 1.02% 1.50%

1.43% 1.97% 1.02% 1.50%
 9.64% 11.35% 10.47% 10.02%
0.00% 0.00% 0.00% 0.06%
0.00% 0.00% 0.00% 3.05%

0.05% 0.00% 0.00% 0.00%

0.44% 0.00% 0.00% 0.00%
10.13% 11.35% 10.47% 13.12%
11.56% 13.31% 11.49% 14.62%

100.00% 100.00% 100.00% 100.00%

Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles
Income Statement (Rupees in thousand) 2019

Net Sales 100.00%

Cost of Sales 83.40%
Gross Profit 16.60%

Distribution Cost 1.36%

Administrative Expenses 2.42%
Other Expenses

Other Operating Income

Profit/Loss from Operation (EBIT) 77.17%

Finance Cost (Interest Expense) 0.01%

Other Operating Charges 1.11%
Other Income 0.72%
Profit/Loss Before Taxation (EBT) 12.41%

Taxation 1.99%

Profit/Loss After Taxation (NI after Tax) 10.41%

2018 2017 2016 2015

100.00% 100.00% 100.00% 100.00%

80.85% 80.07% 81.42% 80.94%
19.15% 19.93% 18.58% 19.06%

1.53% 1.80% 1.80% 1.56%

2.72% 2.92% 2.48% 2.72%

77.82% 76.29% 76.97% 77.54%

0.01% 0.01% 0.05% 0.15%

1.22% 1.33% 1.15% 1.21%
0.85% 0.66% 0.46% 0.68%
14.52% 14.52% 13.56% 14.09%

2.98% 4.04% 3.21% 4.41%

11.54% 10.48% 10.36% 9.68%

Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles
Cash Flow From Operating Activities
Cash Generated from operations
Finance cost paid
Workers' profit participation fund paid
Staff retirement benefits paid
Income tax paid
Interest Income
Dividend Income
Long Term Deposits
Net cash generated from operating activities

Cash flow generated from investing activities

Fixed capital expenditure

Proceeds from disposal of property, plant and equipment
Investment property
Proceeds from long term loan- net
Long term deposits
Proceeds from disposal of investment in CSUML
Short-term investments made in mutual funds - net
Profit received on short-term investments
Dividend received
Profit received on deposit accounts
Profit received on term deposit receipts
Profit received on treasury bills
Net cash used in investing activities

Cash flow generated from financing activities

Long term finances repaid
Long term finances obtained
Directors' subordinated loan obtained
Lease rentals obtained
Lease finances repayments
Short term borrowings - net
Dividend Paid
Net cash used in financing activities

Net increase/decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
2019 2018 2017 2016 2015
5.74% 10.32% 15.25% 16.93% 6.31%
0.01% 0.01% 0.01% 0.08% 0.04%

4.14% 3.32% 6.19% 4.51% 4.34%

1.59% 6.98% 9.06% 12.34% 1.92%

7.04% 2.38% 3.74% 5.19% 2.95%

0.13% 0.15% 0.14% 0.07% 0.05%

0.52% 0.00% 0.00% 0.00% 0.00%

0.33% 0.47% 0.00% 0.00% 0.00%
0.04% 0.00% 0.00% 0.00% 0.00%
0.23% 0.23% 0.18% 0.14% 0.06%
0.00% 0.00% 0.25% 0.18% 0.53%
0.00% 0.00% 0.03% 0.00% 0.00%
-6.82% -1.52% -3.13% -4.81% -2.30%

3.23% 3.93% 3.50% 3.97% 2.53%

-3.23% -3.93% -3.50% -3.97% -2.53%

-8.46% 1.54% 2.43% 3.56% -2.91%

11.51% 12.47% 12.15% 8.55% 13.74%
3.04% 14.01% 14.58% 12.11% 10.83%
Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles
Balance Sheet (Rupees in thousand) 2019
Assets
Non-Current Assets
Property, Plant and Equipment 31.84%
Intangible Assets -15.41%
Long-term Investments
Long-term loans & Advances
Long-Term deposits 3.15%
Deferred income tax asset
Investment Property

Total Non-Current Assets 31.38%

Current Assets
Stores, spare parts and loose tools 29.15%
Stock-in-Trade 6.97%
Trade Debts 71.66%
Loans and Advances 3094.78%
Short term deposits and prepayments
Accrued Profit 36.04%
Sales tax refundable 135.61%
Short term Investments -74.78%
Taxation-Net 63.57%
Cash and Bank Balances -59.06%

Total Current Assets 8.68%

Total Assets 15.54%

Liabilities and Equity

Share Capital & Reserves
Issued, subscribed and paid up share capital 0.00%
Reserves 15.88%

Surplus/Deficit on revaluation of operating fixed assets

Total Equity 15.39%
Non-Current Liabilities
Long-Term Financing
Liabilities agaisnt assets subject to finance lease
Directors' subordinated loan
Deferred Liabilities -14.78%
Total Non-Current Liabilities -14.78%
Current Liabilities
Trade and other Payables 21.33%
Accrued mark-up
Short-Term Borrowings
Current portion of non-current liabilities
Provision for taxation
Unpaid Dividend 186.61%
Unclaimed Dividend -1.91%
Total Current Liabilities 21.09%
Total Liabilities 16.65%
Contingencies & Commitment
Total Equity and Liabilities 15.54%
2018 2017 2016 2015

-1.32% 5.37% 15.82%

0.08% 0.00% 0.00%

-0.82% 5.32% 15.67%

39.81% 22.51% 1.14%

37.66% 14.81% 5.31%
13.04% 13.55% -19.90%
-14.09% 8.69% 12.02%

14.91% -12.84% 47.37%

-12.89% -35.32% 18.21%
7.47% 28.98% 37.34%
2.08% 183.36% 248.01%
21.86% 6.18% -0.81%

20.49% 22.85% 7.37%

13.15% 16.19% 10.38%

0.00% 0.00% 0.00%

16.00% 14.37% 15.12%

15.43% 13.79% 14.42%

-17.66% 122.96% -24.41%

-17.66% 122.96% -24.41%
-3.89% 25.97% 15.32%
-100.00%
-100.00%

0.99% 25.97% -11.97%

-1.76% 34.62% -13.24%

13.15% 16.19% 10.38%

Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Income Statement (Rupees in thousand) 2019 2018 2017

Net Sales 21.81% 16.86% -0.31%

Cost of Sales 25.65% 18.01% -1.96%
Gross Profit 5.59% 12.27% 6.94%

Distribution Cost 8.73% -0.95% 0.09%

Administrative Expenses 8.63% 8.71% 17.35%
Other Expenses

Other Operating Income

Profit/Loss from Operation (EBIT) 4.71% 14.52% 5.99%

Finance Cost (Interest Expense) 5.19% 14.37% -85.88%

Other Operating Charges 10.98% 6.83% 15.53%
Other Income 2.54% 51.06% 42.19%
Profit/Loss Before Taxation (EBT) 4.06% 16.88% 6.76%

Taxation -18.54% -13.80% 25.72%

Profit/Loss After Taxation (NI after Tax) 9.90% 28.71% 0.89%

2016 2015

26.64%
27.39%
23.48%

45.60%
15.67%

22.58%

-57.38%
20.33%
-13.53%
21.91%

-7.84%

35.45%
Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Cash Flow From Operating Activities 2019 2018

Cash Generated from operations -32.25% -20.98%
Finance cost paid 5.19% 14.37%
Workers' profit participation fund paid
Staff retirement benefits paid
Income tax paid 51.74% -37.22%
Interest Income
Dividend Income
Long Term Deposit
Net cash generated from operating activities -72.33% -9.92%

Cash flow generated from investing activities

Fixed capital expenditure 260.58% -25.60%

Proceeds from disposal of property, plant and equipment 6.90% 25.12%
Investment property
Proceeds from long term loan- net
Long term deposits -100.00%
Proceeds from disposal of investment in CSUML
Short-term investments made in mutual funds - net
Profit received on short-term investments -15.10%
Dividend received
Profit received on deposit accounts 20.02% 48.11%
Profit received on term deposit receipts -100.00%
Profit received on treasury bills -100.00%
Net cash used in investing activities 447.15% -43.26%

Cash flow generated from financing activities

Long term finances repaid
Long term finances obtained
Directors' subordinated loan obtained
Lease rentals obtained
Lease finances repayments
Short term borrowings - net
Dividend Paid 0.16% 31.02%
Net cash used in financing activities 0.16% 31.02%

Net increase/decrease in cash and cash equivalents -769.14% -26.00%

Cash and cash equivalents at beginning of the year 12.35% 20.03%
Cash and cash equivalents at end of the year -73.54% 12.35%
 2017 2016 2015
-10.19% 239.68%
-91.06% 141.48%

36.70% 31.57%

-100.00%
-26.80% 712.53%

-28.30% 123.34%
117.80% 61.01%

27.42% 188.55%
43.63% -57.65%

-35.17% 164.39%

-12.15% 99.10%
-12.15% 99.10%

-31.85% -254.97%
41.61% -21.17%
20.03% 41.61%
Shoaib Ahmed Khan
18u00323
Agriauto Industries
Motorvehicles

Financial Ratios

Liquidity Ratios Current Ratio

Quick Ratio
Inventory TO
Days Sales in Inventory
Receivables TO
Days Sales in Receivables
Receivables collection period
Days to sell inventory
Days Purchases in Accounts Payable
Accounts Payable Turnover

Profitability Ratios Return on Sales

Gross Profit Margin
Operating Profit Margin
EBITDA to Sales
Return on Assets (ROA)
Return on Equity (ROE)
Return on net operating Assets (RNOA)

Solvency Ratios Liabilities to Equity ratio

Total Leverage
Times Interest Earned

Asset Utilization & Efficiency Ratios Sales to Asset ratio (turnover)

Sales to Avg NWC
Sales to Fixed Assets turnover

Market Value Ratios Earnings per share

Price Earning Ratio
Dividend Yield
Market to Book Value
 Formula 2019 2018 2017 2016

CA / CL 6.18467026181143 6.890898 5.775702 5.922517

(CA - Inventories)/CL 3.72800914383903 4.109955 3.735577 3.684057
CGS / Avg Inventory 5.09232617125392 4.891744 5.277592 5.936472
Inventories/ (CGS/360) 68.2403830377519 80.15956 68.71333 58.67718
Net Sales / Average Account Receivables 12.9851867188797 15.36583 14.89439 14.18919
Accounts Rec./(Sales/360) 35.0371784997466 24.86228 25.70354 22.56761
360/( Average receivable turnover) 25.395911556085 23.79361 24.75623 20.9501
360/ Inventory turnover 70.6946075120232 73.59339 68.21293 60.64208
Accounts Payable/ (CGS/360) 26.4878617347928 27.43125 33.68094 26.21318
CGS/ Avg Accounts Payable 14.9010199293705 12.86331 11.91703 14.71084

NI / Sales 0.104130998169633 0.11542 0.104792 0.103551

GP / Sales 0.165981097625933 0.191485 0.199323 0.185826
EBT / Sales 0.1240799169162 0.14525 0.145232 0.135619
EBITDA / Sales 0.147276382280656 0.173263 0.177012 0.165297
(NI+ Interest Expense (1-Tax Rate)) / Avg TA 0.226510747146037 0.247504 0.247583 0.264953
NI / Avg Equity 0.208338329288174 0.218793 0.194918 0.220416
NOPAT / Avg NOA 0.25890974017618 0.264976 0.234382 0.260077

TL / Equity 0.132109418238118 0.130682 0.153559 0.129807

Total Debt / EBITDA
EBIT / Interest Expense 2065.96178343949 2075.484 2072.801 276.0565

Sales / TA 1.64939910561603 1.564451 1.514704 1.765279

Sales / Avg NWC 3.09251529988508 2.90915 3.074715 3.62648
Sales / Fixed Assets 4.83204206235694 5.22077 4.430501 4.682734

NI/ no. of shares 7.32429166666667 6.664701 5.177979 5.13234

Stock Price / EPS 26.3888999505072 40.04981 67.24631 47.09353
Dividend Per share / Stock Price 1.175% 0.849% 0.497% 0.815%
Stock Price / Book Value per Share 5.13115904382194 8.176791 12.31306 9.725994
 2015 Average Year 2019 2018
Inventory 1,724,977 1,592,728
4.855904 5.925938 Average Inventory 1,658,853 1,374,320
2.984804 3.64848
9.5566 6.150947
70.97666 69.35342 Year 2019 2018
20.17818 15.52256 Accounts Receivables 985,768 574,251
35.6821 28.77054 Avg Accounts Receivable 780,010 541,137
20.16765 23.0127 Avg Receivables turnover 14.1755101 15.13011186
37.6703 62.16266
28.95583 28.55381
12.43273 13.36499 Year 2019 2018
Accounts Payables 621,539 512,265
Avg Accounts Payable 566,902 522,636
0.096817 0.104942
0.190588 0.18664
0.140883 0.138213 Year 2019 2018
0.174834 0.167536 Depreciation + Amortization 194,275 201,620
0.454744 0.288259
0.34892 0.238277 Year 2019 2018
0.198372 0.243343 EBITDA 1,491,699 1,440,684

0.1712 0.143472 Year 2019 2018

TA 6140763 5314976
95.99366 1317.259 Avg TA 5727869.5 5006229

1.538561 1.606479 Year 2019 2018

6.081605 3.756893 Total Equity 5424178 4700680
4.282657 4.689741 Avg Total Equity 5062429 4386421.5

3.789028 5.617668 Year 2019 2018

48.52696 45.8611 Fixed assets 2,096,126 1,592,681
0.538% 0.007748
8.466019 8.762605 Year 2019 2018
Stock prices 193.28 266.92

Year 2019 2018

No. of shares 144,000 144,000
Dividends 326,954 326,442
Dividends per share 2.27051389 2.266958333
Book value per share 37.6679028 32.64361111

Year 2019 2018

NWC 3,379,394 3,170,982
Avg NWC 3275188 2858230

Year 2019 2018

Net Operating Assets 3,988,830 3,603,507
Avg Operating Assets 3,796,169 3,357,470
 2017 2016 2015
1,155,912 1,003,048 954,632
1,079,480 978,840 477,316

2017 2016 2015

508,023 447,410 558583
477,717 502,997 279,292
14.54179123 17.1836876 17.850370066

2017 2016 2015

533,006 423,114 366896
478,060 395,005 366,896

2017 2016 2015

177,490 158,883 152,451

2017 2016 2015

1,259,492 1,179,740 985,292

2017 2016 2015

4697482 4043052 3662900
4370267 3852976 1831450

2017 2016 2015

4072163 3578534 3127477
3825348.5 3353005.5 1563738.5

2017 2016 2015

1,605,980 1,524,134 1,315,911

2017 2016 2015

348.2 241.7 183.87

2017 2016 2015

144,000 144,000 144000
249,150 283,613 142,446
1.730208333 1.96953472 0.9892083333
28.27890972 24.8509306 21.718590278

2017 2016 2015

2,545,478 2,082,786 1,853,325
2314132 1968055.5 926662.5

2017 2016 2015

3,111,433 2,856,384 2,602,434
2,983,909 2,729,409 2,602,434
 Percentage Change
Total Assets 68%
Trade Debt 76%
Stock In Trade 78.05%
Property, Plant and Equipment 58.79%
Short Term Investments -52%
Long Term Investments
Total Liabilities 33.84%
Long Term Financing
Short Term Financing
Equity 73.44%
Sales 79.72%
COS 85.19%
Total Operating Expenses 64.84%
NI 93.30%

Trend Percent 2019

Total Assets 15.54%
Trade Debt 27.49%
Stock In Trade 6.97%
Property, Plant and Equipment 31.84%
Short Term Investments -74.78%
Long Term Investments
Total Liabilities 16.65%
Long Term Financing
Short Term Financing
Equity 15.39%
Sales 21.81%
COS 25.65%
Total Operating Expenses 10.98%
NI 9.90%
2018 2017 2016 2015
13.15% 16.19% 10.38%
6.09% 6.40% -12.36%
37.66% 14.81% 5.31%
-1.32% 5.37% 15.82%
7.47% 28.98% 37.34%

-1.76% 34.62% -13.24%

15.43% 13.79% 14.42%

16.86% -0.31% 26.64%
18.01% -1.96% 27.39%
6.83% 15.53% 20.33%
28.71% 0.89% 35.45%
Additional Data
2019 2018
Net Working Capital (CA -CL) 3,379,394 3,170,982
Average NWC 3275188 2858230
Operating Assets 4,052,630 4,251,207
Operating Liabilities 621,539 512,265
Net Operating Assets 3,431,091 3,738,942
Average NOA 3585016.5 3470320.5
Total Inventory = Stock in Trade + Stores, Spare parts 1,724,977 1,592,728
Average Inventory 1,658,853 1,374,320
Average Receivables 780009.5 541137
Average Total Assets 5,727,870 5,006,229
Average Equity 5,062,429 4,386,422

Market Stock Price (closing date) 193.28 266.92

Market Value of Equity 27832320 38436480
Lease payments
Loan repayments (current portion of long term debt)

Cash to Curren Assets Ratio 0.043 0.115

Cash to Current Liabilities Ratio 0.268 0.791
Free Cash Flow -552,246 383,021
Cash Flow Adequacy Ratio 1.640 3.319
Cash Reinvestment Ratio 8.92% 19.08%

Net Financial Obligation (NFO) -871,448 -496,075

Net Financial Expense (NFE) 628 597
LEV -0.13506589 -0.09495474
Spread -0.13506589 -0.09495474
ROE computed 21% 22%
NFR -0.00091845 -0.00143333
RNOA 0.25890974 0.264976009
ROCE 0.277152536 0.273992411

Additional Information for Income Statement

2019 2018
Dividend Per Share 2.270513889 2.266958333
Depreciation+ Ammortization 194,275 201,620
EBITDA 1,451,655 1,409,973
NOPAT 982,865 889,649
RNOA 0.25890974 0.264976009
 2017 2016 2015
2,545,478 2,082,786 1,853,325
2314132 1968055.5 926662.5
3,734,705 3,336,816 2,937,663
533,006 423,114 369,037
3,201,699 2,913,702 2,568,626
3057700.5 2741164 1284313
1,155,912 1,003,048 954,632
1,079,480 978,840 954,632
477716.5 502996.5 279291.5
4,370,267 3,852,976 3,662,900
3,825,349 3,353,006 3,127,477

348.2 241.7 183.87

50140800 34804800 26477280

0.114 0.131 0.142

0.656 0.778 0.691
378,900 510,007 -57,590
3.903 2.360 0.653
21.53% 32.28% 7.91%

-336,948 -364,897 -531,613

522 3698 8676
-0.09173609 -0.13368752 -0.16998143
-0.09173609 -0.13368752 -0.16998143
19% 22% 17%
-0.00148751 -0.00824977 -0.01632014
0.234381517 0.260077182 0.198371986
0.242797026 0.277949535 0.227265671

2017 2016 2015

1.730208333 1.969534722 0.989208333
177,490 158,883 152,451
1,211,379 1,130,506 955,085
699,373 709,857 516,250
0.234381517 0.260077182 0.198371986
Years 2019 2018 2017
Net cash generated from operating activities 160705 580746 644675
capital expenditure 712,951 197,725 265,775
Addition in property 504,657 -21,162 81,846
addition in inventory 132,249 436,816 152,864
Sum of Capex, property,inventory 1,349,857 613,379 500,485

Years 2019 2018 2017

Three year sum of cash from operations 1386126 2106121 1633765
Three year sum of capital expenditure and inventory addition 845,200 634,541 418,639

Years 2019 2018 2017

Financial assets 1,500,198 1,010,856 869,954
Financial liabilities 628,750 514,781 533,006

Years 2019 2018 2017

Avg NFO -683,762 -416,512 -350,923
2016 2015
880700 108390
370,693 165,980
208,223
48,416
627,332

2016 2015
989090 108390
419,109 165,980

2016 2015
788,011 900,650
423,114 369,037

2016 2015
-448,255 -531,613