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ANNEXURES

APPENDIX 1: BALANCE SHEETS OF DLF


Balance Sheet of DLF

SOURCES OF FUNDS
Total Share Capital
Equity Share Capital
Share Application Money
Reserves
Networth
ASSETS
Non-current assets
Property, plant and equipment
Investment properties
Investment in associates
Goodwill
Other intangible assets
Trade and other receivables - non-current portion
Other financial assets
other non-current assets
Deffered Tax Assets
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Current assets
Trade and other receivables
Other financial assets
Inventories
Other current assets
Due from related parties
Cash and cash equivalents
Total Assets
EQUITY AND LIABILITIES
Equity
Share capital
Statutory reserve
Fair value adjustment reserve
Foreign currency translation reserve
Other reserves
Retained earnings
Equity attribute to equity holders of the parent
Non-controlling interests
Total equity
LIABILITIES
Non-current liabilities
Bank borrowings
Provision for employees' end of service indemnity
Retensions payable - non-current portion
Deferred tax liabilities
Current liabilities
Bank borrowings
Trade and other payables
Due to related parties
Income tax payable
Total liabilities
TOTAL EQUITY AND LIABILITIES
APPLICATION OF FUNDS
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Total CA, Loans & Advances
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Total Assets
Contingent Liabilities
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '15


Mar '14
Mar '13
12 mths
12 mths
12 mths

Mar '12
12 mths

356.39
356.39
0.00
16,873.00
17,229.39

356.29
356.29
0.02
16,287.23
16,643.54

339.74
339.74
0.00
14,274.46
14,614.20

339.68
339.68
0.00
14,156.88
14,496.56

1,159,033
619,106
299,464
248,741
40,320
325,345
35,490
339

1,108,245
95,867
268,738
248,666
44,740
668,235
25,037
5,093

1,180,912

1,272,433

2,727,838
10,565.99
30.00
10,595.99
27,825.38

2,464,621
9,622.51
40.61
9,663.12
26,306.66

248,629
94,211
797,719
207,365
9,925
331
2,539,092
10,785.98
315.05
11,101.03
25,715.23

3,200
246,836
143,741
774,524
43,958
10,396
331
2,495,419
11,844.67
130.45
11,975.12
26,471.68

6,324,872
131,873
220,904
348,137
593,725
2,452,981
10,072,492
12,800,330

4,144,594
104,725
202,731
161,873
1,060,724
812,400
6,487,047
8,951,668

3,856,063
151,028
319,016
110,629
1,057,806
688,057
6,182,599
8,721,691

4,201,860
178,106
369,009
128,324
723,563
592,745
6,193,607
8,689,026

3,139,500
1,131,138
9,465
5,894
(185,065)
1,413,636
5,514,568
249,458
5,764,026

1,569,750
308,486
300
2,315
(2,201)
1,067,903
2,946,553
398,792
3,345,345

1,495,000
293,873
16
(264)

1,196,000
267,819
69

1,107,072
2,895,697
398,433
3,294,130

1,215,864
2,679,752
417,926
3,097,678

57,894
182,530
98,765
3,773
342,962

152,707
165,508
138,558
1,061
457,834

55,650
126,729
91,760

110,379
113,868
203,832

274,139

428,079

862,537
5,286,381
540,757
3,667
6,693,342
7,036,304
12,800,330

647,215
3,929,632
571,154
488
5,148,489
5,606,323
8,951,668

468,308
3,865,945
817,135
2,034
5,153,422
5,427,561
8,721,691

626,672
4,182,956
348,075
5,566
5,163,269
5,591,348
8,689,026

1,825.21
220.15
1,605.06
2,358.30
7,476.30
7,641.15
212.13
953.94
8,807.22
15,737.98
24,545.20
7,577.45
582.04
8,159.49
16,385.71
27,825.37
13,465.95
96.69

1,778.65
174.57
1,604.08
1,805.42
7,460.71
8,112.24
200.82
551.47
8,864.53
17,840.60
26,705.13
10,885.71
382.97
11,268.68
15,436.45
26,306.66
11,337.81
93.43

2,667.55
640.48
2,027.07
2,542.55
6,876.55
8,875.60
402.48
389.39
9,667.47
15,842.86
25,510.33
10,796.66
444.61
11,241.27
14,269.06
25,715.23
10,887.85
86.03

2,481.27
511.97
1,969.30
2,196.95
7,046.65
8,111.07
519.28
366.57
8,996.92
15,858.17
24,855.09
9,022.55
573.78
9,596.33
15,258.76
26,471.66
12,730.36
85.35

PROFIT & LOSS ACCOUNT OF DLF


Profit & Loss account of DLF

INCOME
Revenue From Operations
Revenue
Direct costs
Gross Profit
Other operating income
General and administrative expenses
Gain on derecognition of financial assets
Other income
Interest income on non-current
receivables
and payables, net
Net investment income
Finance costs
Share of profit / (loss) of associate
Profit Before Tax
Income tax expense
Profit For The Year
Profit Attributed to:
- Owners of the Parent
- Non-Controlling Intrests
BASIC EARNINGS PER SHARE
(AED)
DILUTED EARNINGS PER SHARE
(AED)
Ect. Income
Total Revenue
EXPENSES
Operating And Direct Expenses
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses
Profit/Loss Before Exceptional,
ExtraOrdinary Items And Tax
Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before
ExtraOrdinary Items
Prior Period Items
Profit/Loss From Continuing
Operations
Profit/Loss For The Period
OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND
INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE
TOOLS
DIVIDEND AND DIVIDEND
PERCENTAGE
Equity Share Dividend
Tax On Dividend
Equity Dividend Rate (%)

------------------- in Rs. Cr. ------------------Mar 15

Mar 14

Mar 13

Mar 12

12 mths

12 mths

12 mths

12 mths

2,923.58
7,369,328
(6,516,351)
852,977
18,861
(493,733)

2,289.67
5,659,944
(5,084,345)
575,599
17,332
(484,776)

3,446.99
5,463,698
(4,636,675)
827,023
46,508
(448,988)

111,083
14,321

33,764
5,318

2,091.99
4,923,558
(4,375,317)
548,241
36,545
(446,240)
19,707
142,307
(11,518)

6,882
(51,452)
19,638
478,577
(10,318)
468,259

86,052
(41,531)
(2,025)
189,733
(1,506)
188,227

11,026
(34,248)

18,573
(41,701)

265,820
(2,288)
263,532

437,731
(6,131)
431,600

377,777
90,482
468,259
0.16

139,171
49,056
188,227
0.09

221,095
42,437
263,532
0.14

307,118
124,482
431,600
0.21

0.16

0.09

0.14

0.21

1,045.19
4,061.88

1,439.94
3,825.88

1,154.80
3,304.84

1,091.34
4,582.67

874.71
107.58
1,403.34
55.82
399.08
2,840.53
1,221.35

634.77
108.48
1,666.81
77.98
409.19
2,897.23
928.65

305.57
118.55
1,709.89
141.89
336.41
2,612.31
692.53

932.88
127.12
1,553.78
139.84
321.35
3,074.95
1,507.71

-29.49
1,191.86

-390.16
538.49

0.00
692.53

0.00
1,507.71

270.00
7.56
0.55
278.11
913.75

21.00
-12.18
-8.75
0.06
538.43

157.00
18.86
12.34
188.20
504.33

445.00
13.77
6.71
465.47
1,042.24

26.32
940.08

-11.59
526.84

-2.76
501.56

-0.45
1,041.79

940.08

526.84

501.56

1,041.79

5.00
5.00

3.00
3.00

3.00
3.00

6.00
6.00

356.39
0.00
100.00

356.29
0.00
100.00

355.95
60.49
100.00

339.68
55.10
100.00

34,176
2,140

CASH FLOW OF DLF

Cash Flow of DLF


Net Profit/Loss Before Extraordinary Items And Tax
Net CashFlow From Operating Activities
Net Cash Used In Investing Activities
Net Cash Used From Financing Activities
Net Inc/Dec In Cash And Cash Equivalents
Cash And Cash Equivalents Begin of Year
Cash And Cash Equivalents End Of Year
OPERATING ACTIVITIES
Profit before tax
Adjustments for:
Depreciation of property, plant and equipment
Depreciation of investment properties
Amortisation of intangible assets
Provision for employees' end of service indemnity
Accrued discretionary bonus
Write back of provision for bonus
Impairment of due from related party
Impairment loss on available-for-sale investments
Impairment of Goodwill
Loss on sale of steel inventory
Provision for impairment of slow-moving inventories
Gain on sale of property, plant and equipment
Gain on derecognition of financial assets
Interest income
Profit income on Sukuk
Finance costs
Interest income on non-current receivables and payables
Share of profit / (loss) from associate
Working capital change:
Other financial assets
Trade and other receivables
Due from related parties
Inventories
Other current assets
Trade and other payables
Due to related parties
Retentions payable - non-current portion
Cash from operating activities
Employees' end of service indemnity paid
Interest received
Interest paid
Income tax paid
Net cash flows from operating activities
INVESTING ACTIVITIES
Purchase of property, plant and equipment
Purchase of investment properties
Acquisition of intangible assets
Investment in associates
Proceeds from sale of financial assets
Proceeds from disposal of property, plant and equipment
Paid for additional acquisition of non-controlling interests
Net movement in other financial assets
Deposit maturing after three months
Net cash flows used in investing activities
FINANCING ACTIVITIES
Proceeds/ repayments of borrowings (net)
Issue of share capital
Transaction cost of issue of share capital
Dividends paid to equity holders of the parent
Dividends paid to non-controlling interests
Net cash flows used in financing activities
NET INCREASE / (DECREASE) IN CASH AND CASH
EQUIVALENTS
Cash and cash equivalents at 1 January
Net foreign exchange difference
CASH AND CASH EQUIVALENTS AT 31 DECEMBER

------------------- in Rs. Cr. ------------------Mar 15


12 mths
1,191.86
-36.37
4,488.91
-4,001.73
450.81
459.80
910.61

Mar 14
12 mths
538.49
1,616.89
883.10
-2,355.03
144.96
314.84
459.80

Mar 13
12 mths
692.53
-74.00
2,756.93
-2,723.40
-40.48
355.32
314.84

478,577

189,733

265,820

249,468
3,991
5,865
54,625

223,098

51,452
(14,321)
(19,638)
769,816

229,834
1,668
49,471
37,887
41,373
(44,014)
7,377
1,289
1,786
33,592
2,399
(8,765)
(60,070)
(6,754)
(20,517)
41,531
(5,318)
2,025
494,527

(27,148)
(2,274,528)
454,845
(19,082)
(186,339)
1,118,551
(18,243)
317,418
(634,526)
135,290

46,587
(153,729)
1,043
80,294
(47,261)
61,966
(258,135)
46,798
(222,437)
272,090

45,723
145,875
(334,243)
26,830
17,695
(335,369)
469,060
(112,072)
(76,501)
551,256

(28,883)
6,882
(51,452)
(4,427)
(77,880)
57,410

(15,565)
6,754
(41,531)
(3,052)
(53,394)
218,696

(18,758)
11,010
(34,248)
(5,820)
(47,816)
503,440

(316,838)
(527,230)
(1,445)
(11,088)

(288,352)

(195,273)

(32,958)

909
(1,272)
(6,882)

17,854
(58,500)
4,638
(800,000)
(1,692,609)

(270,763)
264,205
42,415
(18,007)

49,530
34,269
18,044

5,002
10,211
12,952
(6,218)
(19,707)
(11,010)
34,248
11,518
627,757

69,914

(270,502)

(125,359)

82,779

(130,087)

2,301,224
666,025

(74,750)
(27,644)
(19,615)
(71,421)

578
(69,990)
(199,499)
178,582

345,186
2,700
1,013,911

414,028
2,579
345,186

235,710
(264)
414,028

(51,347)
2,354,625
(2,054)

FINANCIAL RATIOS OF DLF


Key Financial Ratios of DLF
Per Share Ratios
Basic EPS (Rs.)
Diluted EPS (Rs.)
Cash EPS (Rs.)
Book Value [ExclRevalReserve]/Share (Rs.)
Book Value [InclRevalReserve]/Share (Rs.)
Dividend / Share(Rs.)
Revenue from Operations/Share (Rs.)
PBDIT/Share (Rs.)
PBIT/Share (Rs.)
PBT/Share (Rs.)
Net Profit/Share (Rs.)
Profitability Ratios
PBDIT Margin (%)
PBIT Margin (%)
PBT Margin (%)
Net Profit Margin (%)
Return on Networth / Equity (%)
Return on Capital Employed (%)
Return on Assets (%)
Total Debt/Equity (X)
Asset Turnover Ratio (%)
Liquidity Ratios
Current Ratio (X)
Quick Ratio (X)
Inventory Turnover Ratio (X)
Dividend Payout Ratio (NP) (%)
Dividend Payout Ratio (CP) (%)
Earnings Retention Ratio (%)
Cash Earnings Retention Ratio (%)
Valuation Ratios
Enterprise Value (Cr.)
EV/Net Operating Revenue (X)
EV/EBITDA (X)
MarketCap/Net Operating Revenue (X)
Retention Ratios (%)
Price/BV (X)
Price/Net Operating Revenue
Earnings Yield

------------------- in Rs. Cr. ------------------Mar 15

Mar 14

Mar 13

Mar 12

5.28
5.27
5.59
96.69
96.69
2.00
16.93
15.04
14.73
6.69
5.28

2.98
2.97
3.40
93.43
93.43
2.00
13.39
15.01
14.57
3.02
2.96

2.95
2.95
3.79
86.03
86.03
2.00
12.66
14.98
14.14
4.08
2.95

6.14
6.12
6.96
85.35
85.35
2.00
20.56
18.85
18.03
8.88
6.13

88.85
87.00
39.50
31.16
5.45
3.56
2.61
0.61
8.38

112.05
108.78
22.56
22.08
3.16
2.13
1.40
0.58
6.34

118.33
111.73
32.21
23.32
3.43
2.08
1.35
0.76
5.81

91.69
87.68
43.18
29.83
7.18
4.09
2.88
0.83
9.67

2.20
1.41
0.39
37.91
35.78
62.09
64.22

1.82
1.19
0.29
67.62
58.90
32.38
41.10

1.78
1.09
0.24
70.96
55.31
29.04
44.69

1.86
1.09
0.43
32.60
28.74
67.40
71.26

37,841.06
12.54
14.12
9.35
62.08
1.64
9.35
0.03

40,580.98
17.01
15.18
13.19
32.37
1.89
13.19
0.02

50,572.08
23.52
19.88
18.54
29.03
2.73
18.54
0.01

45,831.01
13.13
14.32
9.80
67.39
2.36
9.80
0.03

APPENDIX 2: BALANCE SHEETS OF UNITECH


Balance Sheet of
------------------- in Rs. Cr.
Unitech
------------------Sources Of Funds
Total Share Capital
Equity Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
ASSETS
Non-current assets
Property and equipment
Intangible assets
Investment property
Investment accounted for using the equity method
Deterred income tax assets
Available-for-sale financial assets
Trade and other receivables
Held-to-maturity investments
Current assets
Inventories
Development properties
Trade and other receivables
Due from related parties
Held-to-maturity investments
Financial assets at fair value through profit or loss
Cash and bank balances
Total assets
EQUITY AND LIABILITIES
Equity
Share capital
Share premium
Treasury shares
Statutory reserve
Other reserve
Retained earnings
Foreign currency translation reserve
Equity attribute to equity holders of the parent
Non-controlling interests
Total equity
Liabilities
Non-current liabilities
Bank borrowings
Derivative financial instruments
Deferred income tax liabilities
Employees' end of service benefits
Other Payables
Current liabilities
Trade and other payables
Bank borrowings
Due to related parties
Total liabilities
Total equity and liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Total CA, Loans & Advances
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Total Assets
Contingent Liabilities
Book Value (Rs)

Mar '15
12 mths

Mar '14
12 mths

Mar '13
12 mths

Mar '12
12 mths

523.26
523.26
9,328.90
9,852.16
1,578.25
1,045.49
2,623.74
12,475.90

523.26
523.26
9,346.56
9,869.82
1,656.44
1,075.24
2,731.68
12,601.50

523.26
523.26
9,267.69
9,790.95
1,585.17
924.53
2,509.70
12,300.65

523.26
523.26
9,115.73
9,638.99
1,240.82
1,275.03
2,515.85
12,154.84

510680
1098469
29376
93249
5646
75159
212503

504200
1136219

423412
1173969

249689
1149435

17630
2384
174415

2025082

1834848

12374
24707
27978
332674
1995114

12132
5967
89913
89955
1597091

30259
19111
4256323
268628

26510
64830
3741861
25990

4678
558217
5137216
7162298

4821
730700
4594712
6429560

26163
50932
2901110
25466
211221
5189
525487
3745568
5740682

24889
45315
2238605
23709
312125
6675
622150
3273468
4870559

2285047
3026

2285047

2177778

2177778

-28622
79219
24543
363835
-8346
2715676
53106
2768782

-28622
73753
24543
446639
-8778
2685313
32244
2717557

-28622
49116
279838
-8443
2469667
72097
2541764

106398

2149

2414
110234

119384
21659
8835
84669

161526

234547

3842
65108
1329
176677

49679
1526
53354

2938909
1067592
19445
4025946
4187472
7162298

2205158
1209374
11699
3426231
3660778
6429560

2080884
722470
43094
2846448
3023125
5740682

1298800
787220
189421
2275441
2328795
4870559

114.51
67.82
46.69
16.47
3,074.57
955.58
1,149.87
39.20
2,144.65
14,392.33
16,536.98
7,172.54
26.25
7,198.79
9,338.19
12,475.92
8,812.81
37.66

135.77
59.00
76.77
25.30
3,242.95
963.68
930.91
88.76
1,983.35
13,717.68
15,701.03
6,417.97
26.58
6,444.55
9,256.48
12,601.50
8,246.86
37.72

119.67
52.98
66.69
35.61
2,878.31
1,131.81
1,238.66
160.40
2,530.87
11,429.61
13,960.48
4,618.02
22.41
4,640.43
9,320.05
12,300.66
16,752.21
37.42

113.91
50.25
63.66
24.97
2,424.81
1,170.20
1,648.29
158.10
2,976.59
11,290.49
14,267.08
4,502.22
123.46
4,625.68
9,641.40
12,154.84
12,751.24
36.84

93722
24543
515801
-15685
2906454
68372
2974826

48878

PROFIT & LOSS ACCOUNT OF UNITECH


Profit & Loss account of Unitech

INCOME
Revenue From Operations
Revenue From Operations
Total Operating Revenues
Other Income
Total Revenue
Contract Revenue
Contract Cost
Gross Profit
Other Income
General and Administrative Expenses
Other Losses
Operating Profit
Finance Income
Finance Cost
Finance (Costs)/Income - net
EXPENSES
Operating And Direct Expenses
Changes In Inventories Of FG,WIP And Stock-In
Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses
Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax
Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before
ExtraOrdinary Items
Extraordinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period

OTHER ADDITIONAL INFORMATION


EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND
INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend
Tax On Dividend
Equity Dividend Rate (%)
Share of profit from investment accounted for
Using Equity Method
Profit Before Tax
Income tax expense
Profit For The Year
Profit Attributed to:
- Owners of the Parent
- Non-Controlling Intrests

------------------- in Rs. Cr. ------------------Mar 15

Mar 14

Mar 13

Mar 12

12 mths

12 mths

12 mths

12 mths

969.96
969.96
969.96
424.44
1,394.41
4,879,189
(4,382,296)
496,893
20,658
(328,581)
(3,070)
185,900
23,147
(36,032)
(12,885)

1,696.97
1,696.97
1,696.97
455.59
2,152.56
3,321,268
(2,938,354)
382,914
12,123
(265,293)
(11,977)
117,767
33,687
(17,078)
16,609

1,053.09
1,053.09
1,053.09
473.35
1,526.44
3,109,618
(2,672,529)
437,089
18,494
(254,878)

1,287.91
1,287.91
1,287.91
488.68
1,776.59
1,854,572
(1,507,467)
347,105
22,637
(227,347)

200,705
44,335
(25,553)
18,782

142,395
47,024
(33,292)
13,732

811.75
26.29

1,478.98
8.19

717.14
4.12

828.70
2.45

123.99
307.31
7.78
109.86
1,386.97
7.43

157.09
274.22
6.56
101.66
2,026.71
125.85

140.02
304.39
5.60
88.78
1,260.05
266.39

128.52
279.94
6.78
70.94
1,317.32
459.27

0.00
7.43

0.00
125.85

0.00
266.39

-0.16
459.11

9.53
13.72
0.00
23.25
-15.81

52.03
-5.05
0.00
46.98
78.87

98.03
-26.63
8.52
79.92
186.48

135.05
-2.36
-0.28
132.40
326.71

0.00
-15.81
-15.81
Mar 15
12 mths

0.00
78.87
78.87
Mar 14
12 mths

-34.50
151.98
151.98
Mar 13
12 mths

0.00
326.71
326.71
Mar 12
12 mths

0.00
0.00

0.00
0.00

1.00
1.00

1.00
1.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

64,043
237,058
(55,323)
181,735

134,376
(19,333)
115,043

219,487
(11,189)
208,298

156,127
5,379
161,506

166,469
15,266
181,735

94,293
20,750
115,043

193,164
15,134
208,298

154,618
6,888
161,506

0.07

0.04

0.09

0.07

BASIC EARNINGS PER SHARE (AED)


DILUTED EARNINGS PER SHARE (AED)

CASH FLOW STATEMENT OF UNITECH


------------------- in Rs. Cr. -------------------

Cash Flow of Unitech


Net Profit/Loss Before Extraordinary Items And Tax
Net CashFlow From Operating Activities
Net Cash Used In Investing Activities
Net Cash Used From Financing Activities
Net Inc/Dec In Cash And Cash Equivalents
Cash And Cash Equivalents Begin of Year
Cash And Cash Equivalents End Of Year
OPERATING ACTIVITIES
Profit for the year before tax
Adjustments for:
Share of profits of investment accounted for using the equity method
Depreciation
Amortisation of intangible assets
Provision for employees' end of service benefits
Management fee expense
Gain on sale of available-for-sale financial assets
Gain on sale of held-to-maturity investments
Loss on sale of development properties
Impairment (reversal)/loss on available-for-sale financial
Fair value loss on financial assets at fair value through profit or loss
Fair value gain on settlement of share swaps
Fair value loss on interest rate swaps
Loss on settlement of equity warrants
Finance income
Finance costs
Gain on disposal of property and equipment
Provision for impairment on trade receivables and retentions - net
Operating cash flows before payment of employees' end of
Service benefits, income tax and changes in working capital
Working capital change:

Mar 14
12 mths
125.85
260.35
86.52
-338.52
8.35
64.56
72.91

Mar 13
12 mths
266.39
562.68
465.31
-1,031.93
-3.93
68.50
64.56

237,058

134,376

219,487

42,567
37,750
29,537
14,800
(8,815)
(4,450)

35,182
37,750
26,212
14,800

(64,043)
47,388
37,750
41,665

Inventories
Development properties
Trade and other receivables before provisions and excluding
interest receivable and loans and advances
Due from related parties
Trade and other payables excluding income tax, interest and
group management fee payable
Derivative financial instruments
Due to related parties
Employees' end of service benefits paid

5,160
(727)
143
(5,583)
4,050
27
(23,147)
36,032
(982)
22,509
100,242
337,300

3,583

1,486

21,174
485
(33,687)
17,078
(1,218)
12,081
130,885
265,261

(44,335)
24,067
(4,314)
19,997
110,845
331,818

(3,749)
(1,306)

(347)
(13,898)

(1,274)
(5,617)

(578,182)
(242,638)

(741,122)
(524)

(802,384)
3,630

732,064
(20,153)
7,746
(106,218)
(16,100)

107,741

528,708

(31,395)
(679,545)
(14,171)

(146,614)
(423,551)
(18,445)

(49,760)
(65,860)
165,222

(19,596)
(33,767)
(448,051)

(10,948)
(29,393)
(121,126)

(86,733)
32,229
(29,206)

(124,683)
2,938

(134,607)
10,271

(72,048)
9,683
15,083
(130,992)

271,572
51,346
33,045
234,218

(44,032)
(21,380)
144,141
28,275
42,653
25,321

(68,608)

219,745
(64,361)

208,777
(8,568)

(21,856)
(334,648)
(300,418)

336,279
604,817
(462,633)
112
(16,674)
617,285
403,452

80,464
371,463
(352,806)
672
(23,698)
276,304
180,499

(4,217)
444,867
182,034
322,266

79
(444,867)
223,370
182,034

2,751

Income tax paid


Net cash flows from operating activities
INVESTING ACTIVITIES
Purchase of property and equipment
Proceeds from disposal of property and equipment
Investment accounted for using the equity method
Business Combination cash flow
Non Controllng Interest in Subsidiaries
(Purchase of)/proceeds from sale of available-for-sale investments
Loans and advances
Interest received
Net cash flows used in investing activities
FINANCING ACTIVITIES
Term deposits under lien
Dividends paid
Proceeds from re-issue of treasury shares
Net proceeds from trust receipts and other borrowings
Proceeds from term loans
Payment of term loans
Non-controlling interest's contribution to subsidiary's capital
Interest paid
Net cash flows used in financing activities
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

31,648
277,477
24,350
(577,659)

Net foreign currency translation difference


Movement in restricted cash
Cash and cash equivalents, at the beginning of the year
CASH AND CASH EQUIVALENTS AT 31 DECEMBER

Financial Ratios of Unitech

Mar 15
12 mths
7.43
59.75
355.31
-463.56
-48.49
72.91
24.42

40,120
123,370

------------------- in Rs. Cr. ------------------Mar 15

Mar 14

Mar 13

Mar 12

Mar 11

Basic EPS (Rs.)

-0.06

0.30

0.58

1.25

2.02

Diluted EPS (Rs.)

-0.06

0.30

0.58

1.25

2.02

Per Share Ratios

Cash EPS (Rs.)

-0.03

0.33

0.60

1.27

1.98

Book Value [ExclRevalReserve]/Share (Rs.)

37.66

37.72

37.42

36.84

35.48

Book Value [InclRevalReserve]/Share (Rs.)

37.66

37.72

37.42

36.84

35.48

Dividend / Share(Rs.)

0.00

0.00

0.00

0.00

0.10

Revenue from Operations/Share (Rs.)

3.71

6.49

4.03

4.92

7.70

PBDIT/Share (Rs.)

1.23

1.55

2.20

2.85

4.13

PBIT/Share (Rs.)

1.20

1.53

2.18

2.83

4.10

PBT/Share (Rs.)

0.03

0.48

1.02

1.75

2.78

-0.06

0.30

0.58

1.25

1.95

PBDIT Margin (%)

33.25

23.96

54.73

57.92

53.61

PBIT Margin (%)

32.44

23.57

54.20

57.39

53.28

PBT Margin (%)

0.76

7.41

25.29

35.64

36.14

-1.63

4.64

14.43

25.36

25.31

Return on Networth / Equity (%)

0.00

0.79

1.55

3.38

5.49

Return on Capital Employed (%)

-0.14

0.69

1.29

2.81

4.37

Return on Assets (%)

-0.08

0.41

0.89

1.94

3.06

Total Debt/Equity (X)

0.27

0.28

0.26

0.26

0.34

Asset Turnover Ratio (%)

4.93

8.90

6.21

7.67

12.11

Current Ratio (X)

1.93

2.04

2.68

2.74

2.89

Quick Ratio (X)

1.81

1.91

2.46

2.51

2.64

Inventory Turnover Ratio (X)

1.02

1.76

0.93

1.10

1.61

Dividend Payout Ratio (NP) (%)

0.00

0.00

0.00

0.00

5.12

Dividend Payout Ratio (CP) (%)

0.00

0.00

0.00

0.00

5.06

Earnings Retention Ratio (%)

100.00

100.00

100.00

100.00

94.88

Cash Earnings Retention Ratio (%)

100.00

100.00

100.00

100.00

94.94

6,822.96

6,313.58

8,497.61

9,879.61

13,455.75

7.03

3.72

8.07

7.67

6.68

21.16

15.53

14.74

13.24

12.46

4.37

2.16

5.84

5.84

5.25

100.00

100.00

100.00

100.00

94.87

Price/BV (X)

0.43

0.37

0.63

0.78

1.14

Price/Net Operating Revenue

4.37

2.16

5.84

5.84

5.25

Earnings Yield

0.00

0.02

0.02

0.04

0.05

Net Profit/Share (Rs.)


Profitability Ratios

Net Profit Margin (%)

Liquidity Ratios

Valuation Ratios
Enterprise Value (Cr.)
EV/Net Operating Revenue (X)
EV/EBITDA (X)
MarketCap/Net Operating Revenue (X)
Retention Ratios (%)

APPENDIX-3
BALANCE SHEETS OF ANSAL API

Balance Sheet of Ansal Properties & Infrastructure


Sources Of Funds
Total Share Capital
Equity Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
ASSETS
Bank balances and cash
Trade receivables
Other assets, receivables, deposits and prepayments
Development properties
Investments in securities
Loans to associates and joint ventures
Investments in associates and joint ventures
Property, plant and equipment
Investment properties
Goodwill
Total Assets
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent
Share capital
Employees' performance share program
Reserves
Convertible notes - equity component
Retained earnings
Equity attribute to equity holders of the parent
Non-controlling interests
Total equity
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings
Sukuk
Provision for employees' end-of-service benefits
Current liabilities
Trade and other payables
Advances from customers
Convertible notes - liability component
Retentions payable
Total liabilities
TOTAL EQUITY AND LIABILITIES
Application Of Funds
Gross Block
Less: Revaluation Reserves
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Total CA, Loans & Advances
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Total Assets
Contingent Liabilities
Book Value (Rs)

---- in Rs. Cr. ------

Mar '15
12 mths

Mar '14
12 mths

Mar '13
12 mths

Mar '12
12 mths

78.70
78.70
1,575.95
1,654.65
336.91
111.52
448.43
2,103.08

78.70
78.70
1,554.38
1,633.08
358.23
83.28
441.51
2,074.59

78.70
78.70
1,579.37
1,658.07
289.99
62.39
352.38
2,010.45

78.70
78.70
1,535.06
1,613.76
529.73
37.47
567.20
2,180.96

8,572,804
547,391
2,867,321
25,866,716
2,160,027
3,145,148
5,819,666
8,015,681
7,891,111
46,066
64,931,931

3,710,561
958,608
2,600,569
26,998,226
1,264,924
3,104,026
6,428,367
8,209,114
7,830,730
46,066
61,151,191

2,865,272
776,485
2,757,996
26,611,285
896,895
3,116,627
6,684,476
8,300,420
7,998,584
46,066
60,054,106

5,041,701
902,022
2,854,687
26,492,486
694,183
2,231,724
7,592,088
8,539,290
8,110,081
46,066
62,504,328

6,109,939
(1,684)
14,876,113
35,498
13,522,353
34,542,219
190,773
34,732,992

6,091,239
(1,684)
14,599,863
37,155
11,807,367
32,533,940
285,390
32,819,330

6,091,239
(1,684)
14,706,735
37,155
10,474,790
31,308,235
280,672
31,588,907

6,091,239
(1,684)
14,924,271
37,155
10,017,943
31,068,924
231,107
31,300,031

6,356,918
3,652,403
89,689
10,099,010

6,212,555
3,647,597
77,269
9,937,421

7,528,718
1,820,509
70,482
9,419,709

9,410,112
58,500
9,468,612

8,022,810
9,763,407
1,721,133
592,579
20,099,929
30,198,939
64,931,931

8,277,985
7,631,764
1,785,947
698,744
18,394,440
28,331,861
61,151,191

8,313,847
8,145,142
1,771,584
814,917
19,045,490
28,465,199
60,054,106

8,938,956
9,889,394
1,758,431
1,148,904
21,735,685
31,204,297
62,504,328

180.88
2.32
77.43
101.13
17.28
577.29
2,552.61
585.57
51.60
3,189.78
1,616.86
4,806.64
3,375.70
23.56
3,399.26
1,407.38
2,103.08
826.10
105.12

175.85
2.46
70.21
103.18
22.24
567.29
2,518.58
504.38
50.76
3,073.72
1,727.61
4,801.33
3,395.53
23.91
3,419.44
1,381.89
2,074.60
506.43
103.75

174.64
2.60
61.26
110.78
13.55
546.29
2,409.69
490.89
44.02
2,944.60
1,725.47
4,670.07
3,308.66
21.58
3,330.24
1,339.83
2,010.45
508.62
105.34

161.13
2.79
52.16
106.18
0.12
453.21
2,235.58
694.04
48.15
2,977.77
1,494.16
4,471.93
2,829.05
21.42
2,850.47
1,621.46
2,180.97
402.83
102.52

INCOME STATEMENT OF ANSAL API


------------------- in Rs. Cr. -------------------

Profit & Loss account of Ansal


Properties & Infrastructure

Mar 15
12 mths

Mar 14
12 mths

Mar 13
12 mths

Mar 12
12 mths

INCOME
Revenue From Operations

774.99

848.71

954.81

944.67

Other Operating Revenues


Total Operating Revenues
Other Income
Total Revenue
Revenue
Cost of revenue

75.09
850.08
2.19
852.27
10,328,472
(5,179,347)

92.51
1,047.32
9.25
1,056.57
8,112,332
(3,876,781)

Gross Profit
Other operating income
Other operating expenses
Selling, general and administrative expenses

5,149,125
326,644
(176,148)
(2,440,119)
284,428
(603,669)
110,665
(97,538)

71.97
920.68
6.46
927.14
8,239,928
(4,061,051
)
4,178,877
280,495
(148,203)
(1,919,288
)
344,140
(705,115)
176,856
(96,601)

2,553,388
(12,773)
2,540,615

2,111,161
(4,237)
2,106,924

(173,516)
1,953,750
(35,809)
1,917,941

93.22
1,037.88
19.05
1,056.93
12,150,274
(7,603,530
)
4,546,744
345,808
(233,203)
(2,028,190
)
265,007
(355,006)
612,348
(430,484)
(52,522)
(192,052)
2,478,450
(1,439)
2,477,011

2,568,136
(27,521)
2,540,615

2,119,124
(12,200)
2,106,924

1,793,535
124,406
1,917,941

2,448,229
28,782
2,477,011

0.42

0.35

0.29

0.40

594.53
47.53

794.64
-99.37

748.67
-4.71

726.56
18.17

41.80
27.96
7.25
102.84
821.91
30.36

44.17
38.09
10.08
112.22
899.83
27.31

49.46
64.07
10.11
125.95
993.56
63.01

46.13
82.75
9.89
130.36
1,013.86
43.07

30.36

27.31

63.01

43.07

9.75
-0.54
-0.80
8.41
21.95

10.66
-0.80
3.93
13.79
13.53

22.07
-2.75
-0.58
18.75
44.26

15.52
0.92
-7.94
8.49
34.58

21.95
21.95

13.53
13.53

44.26
44.26

34.58
34.58

1.00
1.00

1.00
1.00

3.00
3.00

2.00
2.00

0.52
73.23

2.91
71.34

3.20
66.23

1.34
90.43

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

Finance income
Finance costs
Other income
Share of results of associates and joint ventures
Loss on disposal of subsidiaries
Impairment of assets
Profit Before Tax
Income tax expense
Profit For The Year
Profit Attributed to:
- Owners of the Parent
- Non-Controlling Intrests
BASIC EARNINGS PER SHARE (AED)
DILUTED EARNINGS PER SHARE (AED)
EXPENSES
Operating And Direct Expenses
Changes In Inventories Of FG,WIP And Stock-In
Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses
Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary
Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND INDIGENIOUS RAW
MATERIALS
Imported Raw Materials
Indigenous Raw Materials
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend
Tax On Dividend
Equity Dividend Rate (%)

4,235,551
173,473
(116,142)
(1,924,680)
392,336
(562,255)
160,249
(231,266)

CASH FLOW STATEMENT OF ANSAL API


Cash Flow of Ansal Properties & Infrastructure

------------------- in Rs. Cr. ------------------Mar 15


12 mths
30.36
133.71
-5.24
-123.03
5.44
99.02
104.46

Mar 14
12 mths
27.31
243.30
-26.41
-213.04
3.85
95.17
99.02

Mar 13
12 mths
63.01
488.80
-113.02
-379.81
-4.02
99.20
95.17

2,553,388

2,111,161

1,953,750

97,538
813,975
12,420
2,129
603,669
(284,428)
90,824
1,336,127

96,601
767,217
6,787
10,043
705,115
(344,140)
23,422
1,265,045

231,266
762,479
11,982
(1,272)
562,255
(392,336)
264,193
1,438,567

Cash from operations before working capital changes:

365,058
(371,112)
954,887
2,154,179
(308,788)
(106,165)
3,752
2,691,811
3,889,515

(189,210)
164,171
(407,011)
(513,378)
(188,141)
(116,173)
8,450
(1,241,292)
3,376,206

70,388
172,494
(41,088)
(1,806,474)
(681,295)
(333,987)
(13,679)
(2,633,641)
3,392,317

Net cash flows from operating activities

6,581,326

2,134,914

758,676

(486,659)
25,156
227,390
71,130

(296,152)
65,709
111,727
86,218

(450,233)
26,438
279,669
51,304

65,969
(64,748)
(473,915)
3,793
(3,175,102)

11,523
(14,266)
(504,049)
2,393
426,895

(1,133,393)
(17,984)
(407,931)
50,864
1,482,496

(3,806,986)

(110,002)

(118,770)

(595,582)
575,407
(431,044)

(564,925)
(1,016,144)
1,758,196

(593,626)
5,967,144
(7,283,307)
1,836,500
37,085
(662,732)
(698,936)
1,325,976

(588,302)
883,877
(2,765,271)
1,836,500
(45,526)
(613,874)
(1,292,596)
(652,690)

(71,055)
2,351,743
4,038,884

(53,792)
1,079,559
2,351,743

(41,243)
1,773,492
1,079,559

Net Profit/Loss Before Extraordinary Items And Tax


Net CashFlow From Operating Activities
Net Cash Used In Investing Activities
Net Cash Used From Financing Activities
Net Inc/Dec In Cash And Cash Equivalents
Cash And Cash Equivalents Begin of Year
Cash And Cash Equivalents End Of Year
OPERATING ACTIVITIES
Profit before tax
Adjustments for:
Share of results of associates and joint ventures
Depreciation
Provision for employees' end-of-service benefits, net
Loss on disposal of property, plant and equipment
Finance costs
Finance income
Impairment of assets/provision for doubtful debts/write off
Working capital change:
Trade receivables
Other assets, receivables, deposits and prepayments
Development properties, net
Advances from customers, net
Trade and other payables
Retentions payable
Income tax, net

INVESTING ACTIVITIES
Purchase of securities
Proceeds from disposal of securities
Finance income received
Dividend received from associates and joint ventures
Additional investments in and loans to associates
and joint ventures, net
Amounts incurred on investment properties
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Deposits maturing after three months (including deposits under
lien)
Net cash flows used in investing activities
FINANCING ACTIVITIES
Dividend paid
Proceeds from interest-bearing loans and borrowings
Repayment of interest-bearing loans and borrowings
Proceeds from issuance of sukuk
Funds invested by non-controlling interests, net
Finance costs paid
Net cash flows used in financing activities
NET INCREASE / (DECREASE) IN CASH AND CASH
EQUIVALENTS
Net foreign exchange difference
CASH AND CASH EQUIVALENTS AT 1 JANUARY
CASH AND CASH EQUIVALENTS AT 31 DECEMBER

RATIOS ANALYSIS OF ANSAL PROPERTIES & INFRASTRUCTURE


Key Financial Ratios of Ansal Properties & Infrastructure
Per Share Ratios
Basic EPS (Rs.)
Diluted EPS (Rs.)
Cash EPS (Rs.)
Book Value [ExclRevalReserve]/Share (Rs.)
Book Value [InclRevalReserve]/Share (Rs.)
Dividend / Share(Rs.)
Revenue from Operations/Share (Rs.)
PBDIT/Share (Rs.)
PBIT/Share (Rs.)
PBT/Share (Rs.)
Net Profit/Share (Rs.)
Profitability Ratios
PBDIT Margin (%)
PBIT Margin (%)
PBT Margin (%)
Net Profit Margin (%)
Return on Networth / Equity (%)
Return on Capital Employed (%)
Return on Assets (%)
Total Debt/Equity (X)
Asset Turnover Ratio (%)
Liquidity Ratios
Current Ratio (X)
Quick Ratio (X)
Inventory Turnover Ratio (X)
Dividend Payout Ratio (NP) (%)
Dividend Payout Ratio (CP) (%)
Earnings Retention Ratio (%)
Cash Earnings Retention Ratio (%)
Valuation Ratios
Enterprise Value (Cr.)
EV/Net Operating Revenue (X)
EV/EBITDA (X)
MarketCap/Net Operating Revenue (X)
Retention Ratios (%)
Price/BV (X)
Price/Net Operating Revenue
Earnings Yield

------------------- in Rs. Cr. ------------------Mar 15

Mar 14

Mar 13

1.39
1.39
1.85
105.12
105.27
0.00
54.01
4.17
3.71
1.93
1.39

0.86
0.86
1.50
103.75
103.91
0.00
58.49
4.80
4.15
1.74
0.86

2.81
2.81
3.45
105.34
105.50
0.00
66.54
8.72
8.07
4.00
2.81

7.71
6.86
3.57
2.58
1.32
1.05
0.39
0.27
15.44

8.19
7.10
2.96
1.46
0.82
0.67
0.24
0.27
16.75

13.10
12.13
6.01
4.22
2.66
2.30
0.82
0.21
19.60

1.25
0.51
0.33
0.00
0.00
100.00
100.00

1.22
0.49
0.37
0.00
0.00
100.00
100.00

1.18
0.48
0.43
0.00
0.00
100.00
100.00

765.94
0.90
11.68
0.43
100.00
0.22
0.43
0.06

674.87
0.73
8.94
0.31
100.00
0.17
0.31
0.05

655.43
0.63
4.78
0.33
100.00
0.21
0.33
0.13