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Topics Covered

• Financial Statements
• ACC
– The DuPont System
• Financial Planning
• Growth and External Financing

ACC
Figures in Rs. Crores

A ss e ts M a r-2 0 0 4 M a r-2 0 0 5 Change


C u rr e n t A s s e ts
C ash and B ank 6 4 .9 7 5 7 .3 2 -7 .6 5
R e c e iv a b le s 57 6 .1 8 57 7 .5 4 + 1 .3 6
In v e n to ry 37 8 .0 1 54 2 .3 8 + 1 6 4 .3 7
T o t a l c u r re n t a s s e ts 101 9 .1 6 117 7 .2 4 + 1 5 8 .0 8

In v e s tm e n ts 3 7 5 .7 4 3 2 6 .6 9 -4 9 .0 5

F ix e d A s s e t s :
G r o s s F ix e d A s s e t s 3 8 9 9 .5 8 4 4 7 7 .6 8 + 5 7 8 .1
L e s s a c c u m u la t e d d e p r e c i a t io n 1 4 0 6 .9 3 1 5 6 9 .4 6 + 1 6 2 .5 3
N e t F ix e d A s s e t s 2 4 9 2 .6 5 2 9 0 8 .2 2 + 4 1 5 .5 7

O th e r a s s e ts 7 7 .0 4 6 6 .2 3 -1 0 .8 1

T o ta l a s s e ts 3 9 6 4 .5 9 4 4 7 8 .3 8 + 5 1 3 .7 9

ACC
Figures in Rs. Crores

L i a b il itie s a n d S h a r e h o ld e r s ' E q u it y M a r-0 4 M a r-0 5 C hange


C u r r e n t lia b ilit i e s
D e b t d u e w it h in 1 y e a r 1 7 .2 4 200 + 1 8 2 .7 6
P a y a b le s a n d p r o v is io n s 8 5 1 .7 1 1 0 2 2 .8 4 + 1 7 1 .1 3
T o t a l c u r r e n t l ia b i lit ie s 8 6 8 .9 5 1 2 2 2 .8 4 + 3 5 3 .8 9

L o n g - te rm d e b t 1 4 2 5 .4 8 1 3 0 9 .0 7 -1 1 6 .4 1
O t h e r li a b il it ie s 3 1 6 .9 7 3 4 9 .2 8 + 3 2 .3 1
S h a r e h o ld e r s ' e q u it y 1 3 5 3 .1 9 1 5 9 7 .1 9 + 244

T o t a l lia b ili t ie s & s h a r e h o ld e r s ' e q u it y 3 9 6 4 .5 9 4 4 7 8 .3 8 + 5 1 3 .7 9


ACC

Figures (excepting per-share figures) in Rs.


Crores

O t h e r f in a n c ia l in f o r m a t io n :
M a r k e t v a l u e o f e q u it y 4 5 1 0 .6 3 6 4 3 4 .0 3 1 9 2 3 .4 0 7
A v e ra g e n u m b e r o f s h a re s (c ro re s ) 1 7 .7 2 1 7 .8 5 0 .1 3
S h a r e p r ic e ( R s . ) 2 5 4 .5 5 3 6 0 .4 5 1 0 5 .9

ACC
R s . C ro re s
S a le s 4 5 4 8 .9 2
O th e r In c o m e 8 9 .3 5
T o ta l re v e n u e 4 6 3 8 .2 7
C o s ts 3 9 0 8 .3 1
D e p r e c ia tio n 1 8 8 .8 2
E B IT 5 4 1 .1 4
In te re s t 9 6 .3 2
T ax 6 6 .4 3
N e t In c o m e (P A T ) 3 7 8 .3 9
D iv id e n d s 1 4 2 .9 5
R e ta in e d E a r n in g s 2 3 5 .4 4
E a r n in g s p e r s h a r e , r u p e e s 2 1 .2 0
D iv id e n d p e r s h a r e , r u p e e s 8 .0

ACC
R s . C ro re s
S o u rc e s : Sources and Uses of Funds:
P r o f it a f te r t a x 3 7 8 .3 9
D e p r e c ia t io n 1 8 8 .8 2 (Figures in Rs. Crores)
O p e r a t in g c a s h f lo w 5 6 7 .2 1
I s s u e s o f O t h e r lia b ili tie s 3 2 .3 1

Is s u e s o f e q u ity 8 .5 6

D e c r e a s e in W o r k in g C a p it a l 1 9 5 .8 1
S a le o f I n v e s t m e n ts 4 9 .0 5
D e c r e a s e in o t h e r a s s e ts 1 0 .8 1

T o ta l S o u rc e s 8 6 3 .7 5

U ses:

I n v e s t m e n t in f i x e d a s s e t s 6 0 4 .3 9
R e d e m p tio n o f lo n g - te r m d e b t 1 1 6 .4 1
D iv id e n d s 1 4 2 .9 5

T o ta l u s e s 8 6 3 .7 5
Leverage Ratios Leverage Ratios
total liabilities
long term debt Total debt ratio =
Long term debt ratio = total assets
long term debt + equity

EBIT
Times interest earned =
interest payments
long term debt + value of leases
Debt equity ratio =
equity
EBIT + depreciation
Cash coverage ratio =
interest payments

Liquidity Ratios Liquidity Ratios


cash + marketable securities + receivables
Net working capital Quick ratio =
Net working capital current liabilities
=
to total assets ratio Total assets

cash + marketable securities


Cash ratio =
current liabilities

current assets
Current ratio =
current liabilities cash + marketable securities + receivables
Interval measure =
average daily expenditures from operations

Efficiency Ratios Efficiency Ratios


cost of goods sold
Sales Inventory turnover ratio =
Asset turnover ratio = average inventory
Average total assets

average inventory
Days' sales in inventory =
sales cost of goods sold / 365
NWCturnover =
average net working capital

average receivables
Average collection period =
average daily sales
Profitability Ratios Profitability Ratios
EBIT - tax dividends
Net profit margin = Payout ratio =
sales earnings

earnings - dividends
EBIT - tax Plowback ratio =
Return on assets = earnings
average total assets = 1 - payout ratio

earnings - dividends
earnings available for common stock Growth in equity from plowback =
Return on equity = earnings
average equity

Market Value Ratios Market Value Ratios


stock price Div 1
PE Ratio = Price per share = P0 =
earnings per share r - g

P0 Div 1 1 stock price


Forecasted PE ratio = = x Market to book ratio =
aveEPS1 EPS1 r - g book value per share

dividend per share market value of assets


Dividend yield = Tobins Q =
stock price estimated replcement cost

ACC Ratios
C e m e n t
A C C In d u s try b
L e v e r a g e R a tio s :
L o n g -te r m d e b t / ( lo n g - t e r m de bt +
D e b t r a t io e q u ity ) 0 .4 5 0 .6 8
( L o n g -te rm d e b t + s h o rt-te rm
d e b t ) / ( lo n g -te rm d e b t + s h o rt-te rm d ebt
D e b t r a t io ( in c lu d in g s h o r t - t e r m d e b t)a + e q u it y ) 0 .4 9 0 .6 9
D e b t - e q u i t y r a t io L o n g -te r m d e b t/e q u ity 0 .8 2 2 .1 3
T im e s - in t e r e s t - e a r n e d (E B IT + d e p r e c ia t io n ) / in t e r e s t 7 .5 8 3 .6 3

L iq u id ity R a t io s :
( C u r r e n t a s s e t - c u r r e n t l ia b i lit ie s ) / t o t a l
a
N e t - w o r k in g - c a p it a l - t o - t o t a l a s s e t s a s s e ts -0 .0 1 0 .0 4
C u r r e n t r a t io C u r r e n t a s s e t s / c u r r e n t lia b ilit i e s 0 .9 6 1 .1 6
( C a s h + r e c e iv a b le s + m a r k e t a b le
Q u ic k r a t io s e c u r it ie s ) / c u r r e n t lia b ili t ie s 0 .5 2 0 .8 1
( C a s h + m a r k e t a b le s e c u r it ie s ) / c u r r e n t
C a s h r a t io l ia b i lit ie s 0 .0 5 0 .1 8
( C a s h + m a r k e t a b le
s e c u r it ie s + r e c e iv a b le s ) / ( c o s t s f r o m
a
In te rv a l m e a s u re o p e r a t io n s / 3 6 5 ) 5 6 .5 6 1 5 0 .5 5
ACC Ratios (continued)
C em en t
b
ACC In d u stry
E ff ic ie n c y R a tio s :
S a le s -to -a s s e t s ra t io S a le s /a v e ra g e t o ta l a s s e ts 1 .0 8 0 .9 3
a
S a le s -to -n e t-w o rk in g -c a p ita l S a le s /a v e ra g e n e t w o rk in g c a p ita l 8 6 .9 7 22.16
A v e ra g e in v e n to r y/ (c o s t o f g o o d s
D a y s in in v e n to r y s o ld /3 6 5 ) 5 5 .7 0 71.74
a
In v e n to r y t u rn o v e r C o s t o f g o o d s s o ld /a v e r a g e in v e n to ry 6 .5 5 5 .0 9
A v e ra g e c o lle c t io n p e rio d ( d a ys ) A v e ra g e re c e iv a b le s /(s a le s /3 6 5 ) 4 6 .2 9 64.35
a
R e c e iv a b le s tu r n o v e r S a le s /a v e ra g e r e c e iv a b le s 7 .8 9 5 .6 7

P r o f ita b ili ty R a tio s :


N e t p ro fit m a rg in (E B I T - ta x e s )/s a le s 0 .1 0 0 .1 0
R e tu rn o n a s s e t s (R O A ) (E B I T - ta x e s )/a v e ra g e to ta l a s s e t s 0 .1 1 0 .0 9
E a rn in g s a v a ila b le f o r c o m m o n
R e tu rn o n e q u it y (R O E ) s to c k h o ld e rs /a v e ra g e e q u ity 0 .2 6 0 .1 9
P a y o u t ra tio D iv id e n d p e r s h a re /e a rn in g s p e r s h a re 0 .3 8 0 .3 7

M a r k e t-V a lu e R a t io s :
P ric e - e a rn in g s r a tio (P / E ) S to c k p ric e /e a r n in g s p e r s h a re 1 7 .0 0 31.84
D iv id e n d yie ld D iv id e n d p e r s h a re /s to c k p ric e 0 .0 2 0 .0 1
M a rk e t-to -b o o k ra tio S to c k p ric e /b o o k v a lu e p e r s h a re 4 .0 3 3 .8 6

The DuPont System


• A breakdown of ROE and ROA into component
ratios
EBIT - taxes
ROA =
assets

EBIT - tax - interest


ROE =
equity
The DuPont System

sales EBIT - taxes


ROA = x
assets sales

asset profit
turnover margin

The DuPont System

assets sales EBIT - taxes EBIT - taxes - interest


ROE = x x x
equity assets sales EBIT - taxes

leverage asset profit debt


ratio turnover margin burden

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