A

B A - Equity_method

Income statement
Revenue
COGS
Other expenses
Net income

18.80
(5.60)
(9.70)
3.50

13.40
(8.30)
(3.90)
1.20

Balance sheet
Other assets
Investments
Total assets

18.50
1.00
19.50

22.40

10.70

18.70

8.80
19.50

3.70
22.40

Liabilities
Minority interest
SE
Total liabilities and SE
A's ownership in B

Key ratios
Profit margin
Asset turnover
ROA
Total liabilities / Total assets

22.40

40%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

A - Consolidation

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

A
Income statement
Revenue
COGS
Other expenses
Equity method income
Minority interest
Net income
Balance sheet
Other assets
Investments
Total assets
Liabilities
Minority interest
SE
Total liabilities and SE
A's ownership in B

Key ratios
Profit margin
Asset turnover
ROA
Total liabilities / Total assets

B A - Equity_method

18.80
(5.60)
(9.70)

13.40
(8.30)
(3.90)

18.80
(5.60)
(9.70)
0.48

3.50

1.20

3.98

18.50
1.00
19.50

22.40
22.40

18.50
1.48
19.98

10.70

18.70

10.70

8.80
19.50

3.70
22.40

9.28
19.98

40%

21%
0.94
20%
54%

A - Consolidation
32.20
(13.90)
(13.60)
(0.72)
3.98

40.90
40.90
29.40
2.22
9.28
40.90

12%
0.79
10%
72%

India Cement - quality of investments

Interest income ( refer note # 22)
Dividend income ( refer note # 22)
Equity method income ( refer income statement)
Loans and advances to group companies (refer note # 15)
Investments ( refer note # 14)
- Quoted
- Unquoted
Key ratios
Interest income / loans
Dividend and equity method income / investments
SE
Liabilities
Total assets
Total liabilities / Total assets
Adjusted Total liabilities / Total assets

2015
904
19
20
86,414
19,029
24,925

1.05%
0.09%
338,055
530,675
868,730
0.61
0.72

2014
1,138
429
387
80,968
19,013
24,996

1.41%
1.86%
367,094
546,078
913,172
0.60
0.69

Coca Cola financial analysis

Income statement ($ millions)
Sales
Gross profit
Operaitng profit
Equity income (loss) - net
Other income (loss) - net
Income before taxes
Net income
Balance sheet ($ millions)
Net PP&E
Equity method investments
Intangibles
Other
TOTAL ASSETS
Total liabilities
SE
TOTAL LIABILITIES AND EQUITY

2011
46,542
28,327
10,173
690
529
11,458
8,584

2010
35,119
22,426
8,413
1,025
5,185
14,207
11,787

2009
30,990
19,902
8,231
781
40
8,946
6,824

2008
31,944
20,570
8,446
(874)
39
7,056
5,807

2011

2010

2009

2008
8,326
5,316
12,505
14,372
40,519

14,939
7,233
27,669
30,133
79,974

14,727
6,954
26,909
24,331
72,921

9,561
6,217
12,828
20,065
48,671

48,053
31,921

41,604
31,317

23,325
25,346

20,862

79,974

72,921

48,671

40,519

25,346

Sales growth
Gross margin
Operating margin
Equity income / pre tax income
Net income margin
Operating income / Total assets

2011
2010
2009
2008
33%
13%
-3%
61%
64%
64%
64%
22%
24%
27%
26%
6%
7%
9% -12%
18%
34%
22%
18%
13%
12%
17%
21%

PP&E / Total assets

Sales / PP&E
Intangibles / Total assets

19%
3.12
35%

20%
2.38
37%

20%
3.24
26%

21%
3.84
31%

Total liabilities / Total Assets

0.60

0.57

0.48

0.51

Tata Steel acquisition of Corus

2005
16,181
3,603

2006
20,491
3,734

PP&E
Current assets and others
Goodwill
Total Assets

9,687
7,884
132
17,703

10,788
9,642
114
20,544

CL
LT liabilities
SE
Total liabilities & SE

4,575
5,791
7,337
17,703

4,367
5,896
10,281
20,544

22%
1.67
0.91
0.59

18%
1.90
1.00
0.50

3,715
3,814
(99)

3,728
3,631
97

Sales
NI
Impairments / restructuring

Key ratios
Net income margin (excluding special items)
PP&E turnover
Total asset turnover
TL / TA

Cash flow performance

CFO consolidated
CFO standalone
CFO - subsidiaries
Is there an impairment ?
Year
Assumed cost of capital
PV CF - corus
PV realized
Acquisition cost
Terminal value
Expected CF per year

2007
25,650
4,177

2008
132,110
12,349

2009
147,594
13,184
(4,094)

2010
103,578
8,953
(1,683)

2011
119,433
8,982
3,361

2012
134,472
5,389
3,045

2013
135,190
(7,057)
(8,356)

14,220
35,157
220
49,597

41,963
64,999
18,050
125,012

45,305
60,920
15,364
121,589

45,795
49,401
14,541
109,737

50,119
70,071
15,298
135,488

62,140
67,746
17,354
147,240

69,213
64,635
13,064
146,912

7,523
27,452
14,622
49,597

32,851
57,988
34,173
125,012

30,234
63,641
27,714
121,589

29,982
56,942
22,813
109,737

40,648
59,277
35,563
135,488

47,547
56,672
43,021
147,240

52,285
60,455
34,172
146,912

16%
1.80
0.52
0.71

9%
3.15
1.06
0.73

12%
3.26
1.21
0.77

10%
2.26
0.94
0.79

5%
2.38
0.88
0.74

2%
2.16
0.91
0.71

1%
1.95
0.92
0.77

5,503
4,896
607

13,420
6,254
7,166

15,695
7,549
8,146

10,470
8,369
2,101

5,512
8,339
(2,827)

11,284
10,257
1,027

14,035
11,068
2,967

1
9%
6,574

6,856
13,431
49,293
35,862
3,228

1,622
15,053
49,293
34,240
3,082

(2,003)
13,050
49,293
36,243
3,262

667
13,718
49,293
35,575
3,202

1,769
15,487
49,293
33,806
3,043

2014
149,130
3,594
(45)

2015
140,299
(3,925)
(4,779)

2016
121,077
(3,049)
(9,630)

85,980
69,916
15,748
171,644

83,370
62,355
13,407
159,132

82,417
40,114
13,719
136,250

64,123
66,990
40,531
171,644

45,971
84,683
28,478
159,132

50,556
54,345
31,349
136,250

2%
1.73
0.87
0.76

1%
1.68
0.88
0.82

5%
1.47
0.89
0.77

13,145
12,432
713

11,879
4,851
7,028

11,963
7,576
4,387

390
15,877
49,293
33,416
3,007

3,527
19,404
49,293
29,889
2,690

2,020
21,424
49,293
27,869
2,508

0.870454545

Operating income / Sales ; Net income / Total Assets ; Sales / Total Assets; Total Liabilities / Total Assets
A
B

As Reported

Adjustment for Intercompany transactions

with equity method
investees

Sales

19,162.7 $

153.4

Operating Income

3,601.0 $

58.9

Net Income

2,757.4 $

58.9

Value of Equity method

investments

306.4

Current Assets

4,352.7 $

Non-current Assets

8,093.4

Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities

$
$
$
$

12,446.1
3,653.5
2,972.8
6,626.3
Pre Adj. Parent

36.7

Pre Adj. Investees

Operating Income / Sales

0.188

0.159

Net Income / Total Assets

0.222

0.399

Sales / Total Assets

1.540

2.738

Total Liabilities / Total Assets

0.532

0.539

al Liabilities / Total Assets

C

100% of equity method

investees

50% of equity method

investees included in
parents financials

100% consolidated
group

2,688.0

21,697.3

426.4

3,815.1

392.1 $

196.1 $

2,741.2

402.8

4,718.8

578.8

8,365.8

$
$
$
$

981.6
490.0
38.7
528.7

$
$
$
$

13,084.6
4,106.8
3,011.5
7,118.3

Post-adj.

0.176
0.209
1.658
0.544

-0.012
-0.012
0.119
0.012

Notes

A-B+C; B is inter-company revenue of parent

from investee
A-B+C-cost of intercompany purchases for
investee; B represents parent's profit on account of
inter-company sales to investee

A-B+C-D-cost of intercompany purchases for

investee; B represents parent's profit on account of
inter-company sales to investee

A-B+C; B is the AR by parent from investee

A+C-value of equity method investments
Current + Non-current assets
A+C-AP by investee to parent
A+C
Current + Non-current liabilities

Total liabilities / Total assets

ROA

0.60

0.57

0.48