ACI PHARMACEUTICALS LTD

BALANCE SHEET

Time Period 2021 2020 2019

ASSETS
Inventories 6,773,319,558 4,976,119,509 5,476,073,385
Trade receivables 2,910,514,412 3,881,479,422 5,158,495,642
Other receivables 543,148,332 374,562,251 279,084,513
Inter-company receivables 20,142,238,769 19,146,539,217 14,925,700,916
Advances, deposits and prepayments 847,270,802 743,851,475 731,639,013
Cash and cash equivalents 1,672,219,768 787,826,245 992,956,408
Current Assets 32,888,711,641 29,910,378,119 27,563,949,877

Property, plant and equipment 12,960,524,391 10,664,953,300 9,891,773,622

Right use of assets 506,002,819 499,939,927 562,498,775
Investments 3,139,924,178 2,950,640,117 2,644,630,237
Intangible assets 2,806,963 3,785,456 267,889
Biological assets 17,778,109 10,914,869 -
Deferred tax assets 88,780,615 214,067,035 86,566,880
Non-current assets 16,715,817,075 14,344,300,704 13,185,737,403
Total Assets 49,604,528,716 44,254,678,823 40,749,687,280

Equity
Share capital 631,102,500 573,729,555 498,895,265
Share premium 402,310,367 402,310,367 402,310,367
Reserves 5,165,967,572 3,511,867,965 3,633,116,809
Retained earnings 12,693,654,845 10,933,326,291 9,788,135,912
Total equity 18,893,035,284 15,421,234,178 14,322,458,353
Liabilities
Bank overdraft 1,681,372,914 2,502,962,921 2,633,244,019
Loans and borrowings 17,068,609,497 12,134,376,165 12,827,624,558
Lease liabilities-current portion 175,644,292 141,728,247 140,011,647
Trade payables 1,371,346,761 1,497,795,622 1,199,383,457
Other payables 3,071,295,827 2,972,664,738 2,755,802,022
Unclaimed dividend account 118,208,225 160,950,794
Inter-company payables 4,269,065,083 6,838,688,727 4,549,730,210
Current tax liabilities 408,838,379 542,619,434 380,670,056
Current liabilities 28,164,380,978 26,791,786,648 24,486,465,969

Employee benefits 1,123,745,409 1,081,292,596 941,229,157

Long term bank loan 1,044,719,565 571,815,927 567,627,935
Lease liabilities 378,647,480 388,549,474 431,905,865
Deferred tax liabilities
Non-current liabilities 2,547,112,454 2,041,657,997 1,940,762,957
Total liabilities 30,711,493,432 28,833,444,645 26,427,228,926
Total equity and liabilities 49,604,528,716 44,254,678,823 40,749,687,279
Net Asset Value (NAV) per share 299.37 244.35 249.64
 INCOME STATEMENT

Time period 2021 2020 2019

Revenue 25,730,275,822 23,201,977,018 21,795,582,592
Cost of sales -14,358,293,150 -12,496,872,476 -11,909,984,608
Gross Profit 11,371,982,672 10,705,104,542 9,885,597,984
Administrative, selling and distribution
expenses -8,346,599,497 -7,966,492,864 -8,109,022,519
Other income 518,248,791 482,198,559 -68,984,499

Operating Profit 3,543,631,966 3,220,810,237 1,707,590,966

Gain from sale of brands
Impairment loss on investment -13,600,000
Net finance costs -294,475,492 -750,563,708 -736,290,977
Profit before contribution to WPPF 3,249,156,474 2,470,246,529 957,699,989

Contribution to WPPF -162,457,824 -123,512,326 -58,117,222

Profit before tax 3,086,698,650 2,346,734,203 899,582,767

Current tax expense -774,358,844 -741,842,330 -570,831,565

Deferred tax income/(expense) -24,556,667 114,028,061 202,691,595
Income tax expense -798,915,511 -627,814,269 -368,139,970
Profit after tax 2,287,783,139 1,718,919,934 531,442,797
Earnings per share
Basic and diluted earnings per share 36.25 27.24 9.26
TD RENATA PHARMACEU
BALANCE SHE

2018 2017 30 June 2021

ASSETS
5,112,920,562 4,812,712,892 Current assets
4,863,502,651 3,424,250,145 Inventories 5,929,259,939
831,162,716 671,756,229 Trade receivables 2,827,278,511
10,316,025,950 5,244,723,445 Other receivables 1,131,368,235
801,739,976 1,783,351,550 Advances, deposits and prepayments 590,572,952
1,081,128,975 699,121,707 Investment in shares and FDR 5,463,936,588
23,006,480,830 16,635,915,968 Cash and cash equivalents 1,356,084,645
17,298,500,870
9,239,752,048 8,351,257,991 Non-current assets
625,570,201 Property, plant and equipment 13,217,220,343
2,558,852,523 2,068,658,731 Capital work-in-progress 3,803,865,530
420,961 703,033 Investment in subsidiaries 63,080,096
- - 17,084,165,969
- - TOTAL ASSETS 34,382,666,839
12,424,595,733 10,420,619,755
35,431,076,563 27,056,535,723 EQUITY AND LIABILITIES
Shareholders' equity
Share capital 974,481,660
482,024,411 438,204,010 Revaluation surplus 153,361,486
402,310,367 402,310,367 Other reserves -43,065,180
3,543,672,366 3,378,793,454 Fair value reserve 24,775,182
9,827,892,042 8,773,168,785 Retained earnings 24,340,254,640
14,255,899,186 12,992,476,616 25,449,807,788
Current liabilities
2,374,634,769 536,895,307 Long term loan - current portion
11,340,784,233 7,271,860,274 Short term bank loan and overdrafts 4,801,509,900
97,821,625 Trade payables 398,897,541
794,002,138 667,713,019 Other payables 1,029,188,450
2,352,363,174 1,756,008,202 Provision for taxation 1,335,048,994
7,564,644,885
2,272,416,036 1,478,731,674 Non-current liabilities
400,272,211 1,176,320,068 Deferred tax liabilities 1,368,214,166
19,632,294,186 12,887,528,544 Long term loan - net off current portion
1,368,214,166
807,636,638 714,518,731 TOTAL EQUITY AND LIABILITIES 34,382,666,839
141,353,004 8,849,819
487,707,103
106,186,444 453,162,012
1,542,883,189 1,176,530,562
21,175,177,375 14,064,059,106
35,431,076,561 27,056,535,722
248.48 269.54
 INCOME STATEM

2018 2017 30 June 2021

21,387,105,125 18,305,730,559 Turnover 29,250,906,541
-12,144,878,812 -10,109,829,839 Cost of sales -15,301,410,933
9,242,226,313 8,195,900,720 Gross profit 13,949,495,608

-7,659,725,997 -6,671,589,171
93,481,698 66,324,095 Administrative expenses -658,662,410
Selling, marketing and distribution
1,675,982,014 1,590,635,644 expenses -6,475,662,160
540,300,000 403,900,000 Operating profit 6,815,171,038
-30,000,000 -30,000,000
-440,966,676 -202,802,570 Other income 419,489,810
1,745,315,338 1,761,733,074 Finance costs -164,452,215
Profit before contribution to
-87,265,767 -88,086,654 workers' participation fund 7,070,208,633
1,658,049,571 1,673,646,420
Contribution to workers'
-691,377,463 -456,540,049 participation and welfare fund -336,676,598
350,759,874 26,440,165 Profit before tax 6,733,532,035
-340,617,589 -430,099,884
1,317,431,982 1,243,546,535 Tax expenses
Current tax -1,776,239,454
26.41 25.80 Deferred tax 77,528,329
Total tax -1,698,711,125
Net profit after tax for the year 5,034,820,910
Other comprehensive income
Net profit
Items thatafter tax for
will not the year
be reclassified 5,034,820,910
to profit or loss
Fair value adjustment on
investment in shares, net of tax 26,732,969
Realised gain/loss on disposal of
Total
sharescomprehensive income for 341,432
the year 5,061,895,311

Basic earnings per share (EPS) 51.67

TA PHARMACEUTICALS LTD.
BALANCE SHEET
30 June 2020 30 June 2019 30 June 2018 30 June 2017

5,126,624,240 4,172,321,022 3,757,761,605 3,229,222,893

2,543,784,315 2,265,753,666 2,232,499,238 1,995,758,417
1,015,276,977 1,086,389,221 903,726,174 793,117,602
533,580,314 433,302,071 461,385,755 295,949,018
4,721,102,257 3,581,402,024 1,509,177,933 804,899,466
1,372,995,830 798,213,039 1,057,352,468 617,236,028
15,313,363,933 12,337,381,043 9,921,903,173 7,736,183,424

11,753,639,042 10,227,887,020 9,578,542,891 9,172,888,570

1,914,471,284 1,492,889,354 1,168,163,935 1,072,204,572
63,080,096 143,079,096 143,069,486 143,069,376
13,731,190,422 11,863,855,470 10,889,776,312 10,388,162,518
29,044,554,355 24,201,236,513 20,811,679,485 18,124,345,942

885,892,420 805,356,750 700,310,221 608,965,410

153,854,296 154,331,208 154,808,121 155,285,034
-43,065,180 - - -
-1,957,787 24,708,298 25,223,220 21,635,191
20,544,705,799 17,300,366,985 14,246,822,807 11,688,650,069
21,539,429,548 18,284,763,241 15,127,164,369 12,474,535,704

99,662,486 161,200,000
2,981,137,076 2,562,606,715 2,389,428,525 1,968,852,024
508,513,913 568,382,613 222,346,097 180,070,553
1,212,206,130 681,214,066 958,330,267 1,357,272,185
1,360,352,448 800,430,247 805,538,964 749,176,975
6,062,209,567 4,612,633,641 4,475,306,339 4,416,571,737

1,442,915,240 1,303,839,631 1,209,208,777 1,137,327,569

95,910,932
1,442,915,240 1,303,839,631 1,209,208,777 1,233,238,501
29,044,554,355 24,201,236,513 20,811,679,485 18,124,345,942
INCOME STATEMENT

30 June 2020 30 June 2019 30 June 2018 30 June 2017

24,164,022,473 22,220,887,119 18,603,708,906 16,043,431,021
-12,632,907,753 -11,065,965,907 -9,257,239,128 -7,940,504,696
11,531,114,720 11,154,921,212 9,346,469,778 8,102,926,325

-457,872,424 -434,332,663 -388,369,911 -4,063,427,289

-5,102,559,584 -5,370,161,610 -4,334,197,810

5,970,682,712 5,350,426,939 4,623,902,057 4,039,499,036

544,085,447 274,885,492 133,008,413 35,959,568

-223,159,798 -150,846,362 -207,196,059 -199,157,898

6,291,608,361 5,474,466,069 4,549,714,411 3,876,300,706

-299,600,395 -260,688,862 -216,653,067 -184,585,748

5,992,007,966 5,213,777,207 4,333,061,344 3,691,714,958

-1,753,720,521 -1,295,568,037 -1,064,469,300 -891,379,438

-108,691,642 -94,847,040 -71,641,511 -188,193,106
-1,862,412,163 -1,390,415,077 -1,136,110,811 -1,079,572,544
4,129,595,803 3,823,362,130 3,196,950,533 2,612,142,414

4,129,595,803 3,823,362,130 3,196,950,533 2,612,142,414

-26,666,085 -514,922 3,588,029 13,368,239

- -112,598 - -
4,102,929,718 3,822,734,610 3,200,538,562 2,625,510,653

42.38 47.47 39.70 37.30

 ACI PHARMACEUTICALS LTD
Ratios
2021 2020 2019 2018
Liquidity ratios

Current ratio 1.168 1.116 1.126 1.172

Quick ratio 0.927 0.931 0.902 0.911
Cash ratio 0.059 0.029 0.041 0.055
Net working capital to total asset 0.095 0.070 0.076 0.095
Interval measure 528.713 533.504 502.564 424.011

Long term solvency ratios

Total debt ratio 0.619 0.652 0.649 0.598

Debt to equity ratio 1.626 1.870 1.845 1.485
Equity multiplier 2.626 2.870 2.845 2.485
Long term debt ratio 0.052 0.036 0.038 0.010

Coverage ratios

Times interest earned 12.034 4.291 2.319 3.801

Cash coverage 17.39 6.36 3.97 6.18

Activity ratios

Inventory turnover 2.120 2.511 2.175 2.375

Day's Sales 172.184 145.339 167.823 153.663
Accounts receivable turnover 7.450 5.452 4.008 3.756
Average collection period 48.992 66.954 91.061 97.187
Accounts payable turnover 3.232 2.795 3.011 3.860
Average payment period 112.936 130.570 121.213 94.560
Net working capital turnover 5.446 7.440 7.082 6.338
Total asset turnover 0.519 0.524 0.535 0.604
Fixed asset turnover 1.539 1.618 1.653 1.721

Profitability ratios

Profit margin 0.089 0.074 0.024 0.062

Return on asset (ROA) 0.046 0.039 0.013 0.037
Return on equity (ROE) 0.121 0.111 0.037 0.092

Market value ratios

Price earings ratio 7.87 7.85 15.49 8.49

Market-to-book ratio 28.54 21.39 14.35 22.42

Other Information

Depreciation 1,575,954,881 1,553,320,873 1,213,940,308 1,048,530,712

Book Value Per Share 10.00 10.00 10.00 10.00
Market Share Price 285.4 213.91 143.48 224.23
Profit/loss to shareholders 347,170,658 -1,058,758,906 -742,037,534 517,014,325
Number of shareholders 63,110,250 57,372,956 49,889,527 48,202,441
 RENATA PHARMACEUTICALS LTD.
Ratios
30-Jun-21 30-Jun-20 30-Jun-19 30-Jun-18
Liquidity ratios

Current ratio 2.29 2.53 2.67 2.22

Quick ratio 1.50 1.68 1.77 1.38
Cash ratio 0.18 0.23 0.17 0.24
Net working capital to total asset 0.28 0.32 0.32 0.26
Interval measure 281.42 307.22 266.92 259.05

Long term solvency ratios

Total debt ratio 0.260 0.258 0.244 0.273

Debt to equity 0.351 0.348 0.324 0.376
Equity multiplier 1.351 1.348 1.324 1.376
Long term debt ratio 0.051 0.063 0.067 0.074

Coverage ratios

Times interest earned 41.44 26.76 35.47 22.32

Cash coverage 47.70 31.03 41.12 25.92

Activity ratios

Inventory turnover 2.58 2.46 2.65 2.46

Day's Sales 141.44 148.12 137.62 148.16
Accounts receivable turnover 7.39 6.79 6.63 5.93
Average collection period 49.40 53.76 55.06 61.53
Accounts payable turnover 10.71 7.34 8.86 7.84
Average payment period 34.07 49.72 41.22 46.55
Net working capital turnover 3.01 2.61 2.88 3.42
Total asset turnover 0.85 0.83 0.92 0.89
Fixed asset turnover 1.71 1.76 1.87 1.71

Profitability ratios

Profit margin 0.17 0.17 0.17 0.17

Return on asset (ROA) 0.15 0.14 0.16 0.15
Return on equity (ROE) 0.20 0.19 0.21 0.21

Market value ratios

Price earings ratio 25.39 23.74 19.09 21.60

Market-to-book ratio 131.20 100.63 90.62 85.77

Other information

Depreciation 1,029,225,077 955,075,752 851,909,227 747,008,915

Book Value 10 10 10 10
Market Share Price 1312 1006.27 906.2 857.7
Profit/loss to ordinary shareholders 5,061,555,446 4,012,126,486 3,755,508,969 3,106,187,500
Number of ordinary shares 97,448,166 88,589,242 80,535,675 70,031,022
 ACI PHARMACEUTICALS LTD.
BALANCE SHEET
Time Period 2024 2023 2022
ASSETS
Inventories 12,479,949,659 10,064,475,531 7,924,783,883
Trade receivables 5,362,669,372 4,324,733,365 3,405,301,862
Other receivables 1,000,759,492 807,064,107 635,483,548
Inter-company receivables 37,112,397,208 29,929,352,587 23,566,419,360
Advances, deposits and prepayments 1,561,110,009 1,258,959,685 991,306,838
Cash and cash equivalents 3,081,091,678 2,484,751,353 1,956,497,129
Current Assets 60,597,977,418 48,869,336,627 38,479,792,620

Property, plant and equipment 23,879,973,559 19,258,043,193 15,163,813,537

Right use of assets 932,318,290 751,869,589 592,023,298
Investments 5,785,360,537 4,665,613,336 3,673,711,288
Intangible assets 5,171,874 4,170,866 3,284,147
Biological assets 32,756,450 26,416,492 20,800,388
Deferred tax assets 163,579,704 131,919,116 103,873,320
Non-current assets 30,799,160,414 24,838,032,592 19,557,505,978
Total Assets 91,397,137,832 73,707,369,219 58,037,298,598

Equity
Share capital 839,997,428 763,634,025 694,212,750
Share premium 402,310,367 402,310,367 402,310,367
Reserves 7,441,317,989 6,764,834,536 6,974,056,222
Retained earnings 20,144,830,239 17,517,243,686 15,232,385,814
Total equity 28,828,456,023 25,448,022,614 23,302,965,153
Liabilities
Bank overdraft 3,097,956,496 2,498,352,013 1,967,206,309
Loans and borrowings 31,449,186,096 25,362,246,852 19,970,273,111
Lease liabilities-current portion 323,627,418 260,989,853 205,503,822
Trade payables 2,526,728,349 2,037,684,152 1,604,475,710
Other payables 5,658,911,702 4,563,638,469 3,593,416,118
Unclaimed dividend account 217,800,546 175,645,602 138,303,623
Inter-company payables 7,865,820,720 6,343,403,807 4,994,806,147
Current tax liabilities 753,291,255 607,492,947 478,340,903
Current liabilities 51,893,322,582 41,849,453,695 32,952,325,744

Employee benefits 1,310,905,207 1,191,732,006 1,134,982,863

Long term bank loan 3,259,525,043 2,037,203,152 1,567,079,348
Lease liabilities 307,556,416 323,743,595 359,715,106
Deferred tax liabilities
Non-current liabilities 4,877,986,665 3,552,678,753 3,061,777,317
Total liabilities 56,771,309,247 45,402,132,449 36,014,103,061
Total equity and liabilities 85,599,765,270 70,850,155,062 59,317,068,214
Net Asset Value (NAV) per share

INCOME STATEMENT
Time period 2024 2023 2022
Revenue 47,408,444,886 38,232,616,844 30,104,422,712
Cost of sales -26,455,384,862 -21,334,987,792 -16,799,202,985
Gross Profit
Administrative, selling and distribution 20,953,060,025 16,897,629,052 13,305,219,726
expenses -15,378,743,119 -12,402,212,193 -9,765,521,411
Other income 954,881,689 770,065,879 606,351,085
Operating Profit 6,529,198,595 5,265,482,738 4,146,049,400
Gain from sale of brands
Impairment loss on investment
Net finance costs -186,344,091 -164,906,276 -235,580,394
Profit before contribution to WPPF 6,342,854,504 5,100,576,463 3,910,469,007
Contribution to WPPF -299,331,140 -241,396,081 -190,075,654
Profit before tax 6,043,523,364 4,859,180,382 3,720,393,353
Current tax expense -1,426,768,560 -1,150,619,806 -905,999,847
Deferred tax income/(expense) -45,246,052 -36,488,751 -28,731,300
Income tax expense -1,472,014,612 -1,187,108,558 -934,731,148
Profit after tax 4,571,508,752 3,672,071,824 2,785,662,205
Earnings per share
Basic and diluted earnings per share

EFN FOR ACI

2022

Assets

Total 58,037,298,598
 2023

Assets

Total 73,707,369,219

2024
Assets

Total 91,397,137,832
 RENATA PHARMACEUTICALS LTD.
BALANCE SHEET
2021 30 June 2024 30 June 2023
ASSETS
6,773,319,558 Current assets
2,910,514,412 Inventories 13,305,615,059 9,712,127,780
543,148,332 Trade receivables 6,344,582,615 4,631,082,201
20,142,238,769 Other receivables 2,538,858,201 1,853,181,169
847,270,802 Advances, deposits and prepayments 1,325,281,139 967,358,495
1,672,219,768 Investment in shares and FDR 12,261,401,540 8,949,928,131
32,888,711,641 Cash and cash equivalents 3,043,135,308 2,221,266,649
38,818,873,862 28,334,944,425
12,960,524,391 Non-current assets
506,002,819 Property, plant and equipment 29,660,235,483 21,649,806,922
3,139,924,178 Capital work-in-progress 8,536,102,481 6,230,731,738
2,806,963 Investment in subsidiaries 141,555,520 103,325,197
17,778,109 38,337,893,484 27,983,863,857
88,780,615 TOTAL ASSETS 77,156,767,347 56,318,808,282
16,715,817,075
49,604,528,716 EQUITY AND LIABILITIES
Shareholders' equity
Share capital 1,297,035,089 1,179,122,809
631,102,500 Revaluation surplus 151,893,922 152,381,543
402,310,367 Other reserves -43,065,180 -43,065,180
5,165,967,572 Fair value reserve 83,616,239 55,744,160
12,693,654,845 Retained earnings 44,159,306,981 35,901,875,594
18,893,035,284 45,648,787,051 37,246,058,925
Non-current liabilities
1,681,372,914 Deferred tax liabilities 1,233,757,023 1,221,541,607
17,068,609,497 Long term loan - net off current portion
175,644,292 1,233,757,023 1,221,541,607
1,371,346,761 Current liabilities
3,071,295,827 Long term loan - current portion
118,208,225 Short term bank loan and overdrafts 10,774,876,306 7,864,873,216
4,269,065,083 Trade payables 895,150,016 653,394,172
408,838,379 Other payables 2,309,560,633 1,685,810,681
28,164,380,978 Provision for taxation 2,995,930,045 2,186,810,252
16,975,517,001 12,390,888,322
1,123,745,409 TOTAL EQUITY AND LIABILITIES 63,858,061,075 50,858,488,854
1,044,719,565
378,647,480

2,547,112,454
30,711,493,432
49,604,528,716
 299.37

INCOME STATEMENT
2021 30 June 2024 30 June 2023
25,730,275,822 Turnover 65,640,789,332 47,912,984,914
-14,358,293,150 Cost of sales -34,337,284,218 -25,063,711,108
11,371,982,672 Gross profit 31,303,505,114 22,849,273,806
-8,346,599,497
518,248,791 Administrative expenses
Selling, marketing and distribution -1,478,077,968 -1,078,889,028
3,543,631,966 expenses -14,531,774,427 -10,607,134,618
Operating profit 15,293,652,720 11,163,250,160

-294,475,492 Other income 941,360,303 687,124,309

3,249,156,474 Finance costscontribution to
Profit before -156,132,577 -113,965,385
-162,457,824 workers' participation fund 16,078,880,445 11,736,409,084
3,086,698,650 Contribution to workers'
-774,358,844 participation and welfare fund -755,522,487 -551,476,268
-24,556,667 Profit before tax 15,323,357,959 11,184,932,817
-798,915,511
2,287,783,139 Tax expenses
Current tax -3,985,987,909 -2,909,480,226
Deferred tax 173,978,222 126,991,403
Total tax -3,812,009,687 -2,782,488,823
Net profit after tax for the year 11,511,348,271 8,402,443,994
Other comprehensive income
Net
Itemsprofit
thatafter tax for
will not the year
be reclassified 11,511,348,271 8,402,443,994
to profit or loss
Fair value adjustment on
investment in shares, net of tax 59,990,386 43,788,603
Realised gain/loss on disposal of
Total
sharescomprehensive income for 766,194 559,266
the year 11,572,104,852 8,446,791,863

EFN FOR RENATA

2022

Debt -LTD Assets

36,014,103,061
-691,002,191
35,323,100,870
Equity-R.E
23,302,965,153
-588,767,426
22,714,197,727
58,037,298,598 Total 43,322,160,217.14
 2023

Debt+LTD Assets
45,402,132,449
2,571,621,752
47,973,754,201
Equity+R/E
25,448,022,614
285,592,405
25,733,615,019
73,707,369,219 Total 56,318,808,282.28

2024
Debt Assets
56,771,309,247
5,224,902,988
61,996,212,235
Equity
28,828,456,023
572469573.777599
29400925596.38
91,397,137,832 Total 77,156,767,346.73
EUTICALS LTD.
HEET
30 June 2022 30 June 2021

7,470,867,523 5,929,259,939
3,562,370,924 2,827,278,511
1,425,523,976 1,131,368,235
744,121,920 590,572,952
6,884,560,101 5,463,936,588
1,708,666,653 1,356,084,645
21,796,111,096 17,298,500,870

16,653,697,632 13,217,220,343
4,792,870,568 3,803,865,530
79,480,921 63,080,096
21,526,049,121 17,084,165,969
43,322,160,217 34,382,666,839

1,071,929,826 974,481,660
152,870,729 153,361,486
-43,065,180 -43,065,180
37,162,773 24,775,182
28,721,500,475 24,340,254,640
29,940,398,623 25,449,807,788

1,272,439,174 1,368,214,166

1,272,439,174 1,368,214,166

6,049,902,474 4,801,509,900
502,610,902 398,897,541
1,296,777,447 1,029,188,450
1,682,161,732 1,335,048,994
9,531,452,555 7,564,644,885
40,744,290,353 34,382,666,839
EMENT
30 June 2022 30 June 2021
36,856,142,242 29,250,906,541
-19,279,777,776 -15,301,410,933
17,576,364,466 13,949,495,608

-829,914,637 -658,662,410
-8,159,334,322 -6,475,662,160
8,587,115,508 6,815,171,038

528,557,161 419,489,810
-207,209,791 -164,452,215
8,908,462,878 7,070,208,633

-424,212,513 -336,676,598
8,484,250,364 6,733,532,035

-2,238,061,712 -1,776,239,454
97,685,695 77,528,329
-2,140,376,018 -1,698,711,125
6,343,874,347 5,034,820,910

6,343,874,347 5,034,820,910

33,683,541 26,732,969
430,204 341,432
6,377,988,092 5,061,895,311

NATA

Debt+LTD
10,803,891,729.48
1,856,725,225.93
12,660,616,955.41
Equity+R/E
29,940,398,623.44
721,144,638.29
30,661,543,261.73
43,322,160,217.14
 Debt+LTD
13,612,429,929
5,460,319,428.24
19,072,749,357.27
Equity
37,246,058,925.01

56,318,808,282.28

Debt+LTD
18,209,274,024
12,298,453,776.53
30,507,727,800.64
Equity+R/E
45,648,787,051.30
1,000,252,494.78
46,649,039,546.09
77,156,767,346.73
 ACI PHARMACEUTICALS LTD. RENATA PHARMACEUTICALS LTD.
2022 2022
CF to creditors CF to creditors
Interest paid 235,580,393.60 Interest paid 207,209,790.90
Net borrowing 514,664,863 Net borrowing 95774992
(279,084,468.99) 207,209,790.90
CF to stockholders CF to stockholders
Dividends paid 835,698,661.40 Dividends paid 1,996,742,256.66
Net equity raised 63,110,250.00 Net equity raised 97,448,166
772,588,411.40 1,899,294,090.66
CFFA 493,503,942.41 CFFA 2,106,503,881.56

2023 2023
CF to creditors CF to creditors
Interest paid 164,906,275.52 Interest paid 113,965,385
Net borrowing 490,901,436.80 Net borrowing 50,897,567
(325,995,161.28) 63,067,818.00
CF to stockholders CF to stockholders
Dividends paid 1,101,621,547.28 Dividends paid 1,266,416,743.79
Net equity raised 69,421,275 Net equity raised 107,192,983
1,032,200,272.28 1,159,223,761.19
CFFA 706,205,111.00 CFFA 1,222,291,579.19

2024 2024
CF to creditors CF to creditors
Interest paid 186,344,091.34 Interest paid 156132577.44315
Net borrowing 1,325,307,912 Net borrowing 12,215,416
(1,138,963,820.57) 143,917,161
CF to stockholders CF to stockholders
Dividends paid 1,371,452,625.73 Dividends paid 3314673465.13241
Net equity raised 76,363,403 Net equity raised 117,912,281
1,295,089,223.23 3,196,761,184
CFFA 156,125,402.66 CFFA 3,340,678,346
 Renata Pharmaceuticals Ltd
Year DSE Index Renata closing prices Rate of Return Market return (Rm) Average market return
2021 6,756.65 285.4 33.42% 25.08% 7.86%
2020 5,402 213.91 49.09% 21.31%
2019 4,453 143.48 -36.01% -17.31%
2018 5,385 224.23 -66.11% -13.76%
2017 6,244 661.71 23.99%
Beta Calculation
2.308

Risk Free Rate (Rf)

6.19%

Cost of Debt (Rd)

Rd= Interest Expense/Debt
Rd=164,452,215/8,932,859,051
0.018409807438033
Cost of Debt=1.84%
Wacc

Weight of Equity=Total Equity/Total Asse

0.740192955571802

Weight of Debt=Total Debt/Total Asset

WACC=0.74*10.04%%+0.26*1.84%(1-30%
0.0776448
WACC of Renata=7.76%
als Ltd

Cost of Equity (Re)

Re=
Re=6.19%+(0.0786-0.0619)*2.308

0.1004436
Cost of Equity=10.04%

Cost of Capital
Cost of Capital=Cost of Equity+Cost of Debt
Cost of Capital=10.04%+1.84%
0.1188
Cost of Capital=11.88%

y=Total Equity/Total Asset

192955571802

t=Total Debt/Total Asset

0.26

04%%+0.26*1.84%(1-30%)
0.0776448
of Renata=7.76%
 ACI Pharmaceuticals Ltd
Year DSE index ACI Closing Prices Rate of return Market return (Rm)
2021 6,756.65 1312 30.38% 25.08%
2020 5,402 1006.27 11.04% 21.31%
2019 4,453 906.2 5.65% -17.31%
2018 5,385 857.7 271.94% -13.76%
2017 6,244 230.6 -12.58% 23.99%
2016 5,036 263.79 -17.23% 8.73%
2015 4,630 318.69 39.51% -4.83%
2014 4,865 228.43 14.01%
Beta Calculation
0.402471616494439
Risk free rate Cost of Equity (Re)
6.19% Re=
Re=0.0619+(0.0969-0.0619)*0.402
0.07597
7.60%

Cost of Debt (Rd) Cost of Capital

Rd=Interest expense/Debt Cost of Capital= Cost of Equity +Cost Debt
Rd=Interest expense/Debt Cost of Capital=7.60%+0.96%
Rd=294,475,492/30,711,493,432 0.0856
0.009588
Cost of Debt=0.96%

WACC

Weight of Equity=Total Equity/Total Assets

0.380873193900662
Weight of Debt=Total Debt/Total Assets
0.619126806099339
WACC=0.38*7.60%+0.62*0.96%*(1-0.225)
0.0334928
WACCof ACI=3.35%
 Average market return
9.69%

Cost of Equity (Re)

Re=0.0619+(0.0969-0.0619)*0.402
0.07597
7.60%

Cost of Capital
ost of Capital= Cost of Equity +Cost Debt
Cost of Capital=7.60%+0.96%
0.0856
Cost of Capital=8.56%

ity/Total Assets
0662
t/Total Assets
9339
.96%*(1-0.225)
 Renata Pharmaceuticals Ltd
2022
FCF WACC
2,106,503,881.56 7.76%

Growth rate (g)

PV =FCF/(1+Rd)
5%
PV=2106503881.56/(1+0.0776)

1,954,810,580.51

2023
FCF WACC
1,222,291,579.19 7.76%
PV =FCF/(1+Rd)²

PV=1222291579.19/(1+0.0776)²
1,052,591,004.83
2024
FCF WACC
3,340,678,345.64 7.76%
Vc =FCF/(1+Rd)³

Vc=3340678345.64/(1+0.0776)³
2,669,696,633.44
Cashflows of 2025 till infinity

(CFFA2024(1+g)/WACC-g)/(1+WACC)³)

101,564,545,837.36
Total value of cash flows (Vc)
107,241,644,056.14
Value of equity (Ve)= Value of company (Vc)-Value of debt (Vd)
98,308,785,005.14

Price of share

Price of share= 98308785005.14/63110250

1557.73087581082
 ACI Pharmaceutic
2022
FCF WACC
493,503,942.41 3.35%
PV=FCF/(1+Rd)

Vc=493503942.41/(1+0.0335)

477,507,443.07

2023
FCF WACC
706,205,111 3.35%

PV=706205111/(1+3.35%)^2
661,165,059.52

2024
FCF WACC
156,125,402.66 3.35%
PV=156125402.66/(1+3.35%)^3

141,430,191.22

Cashflows of 2025 till infinity

FCF WACC
156,125,402.66 3.35%

(CFFA2024(1+g)/WACC-g)/(1+WACC)³)
41,620,884,846.08
Total value of cashflows
42,900,987,539.90
Value of equity (Ve)= Value of company (Vc)-Value of deb
12,189,494,1

Price of share

Price of share= 12189494107.90/97448166

125.086952461476
 ACI Pharmaceuticals Ltd

Growth rate (g)

3%

5 till infinity

C-g)/(1+WACC)³)
41,620,884,846.08
cashflows
42,900,987,539.90
of company (Vc)-Value of debt (Vd)
12,189,494,107.90

ce of share

2189494107.90/97448166
86952461476