INDIA

InstitutionalResearch

Financialservices

ShriramTransportFinanceLtd.

Date:23rdSept.,2011

Concernsoverdone

InitiatingCoverage

MinalDedhiaminal.dedhia@networthdirect.com Tel:01147399803

Shriram Transport Finance Company Ltd. (STFC or the Company) is one of the largest asset
financingNBFCwithapproximately2025%marketshareinpreownedCommercialVehicle(CV)
andapproximately78%marketshareinnewtruckFinancing.

INVESTMENTSUMMARY

DuetoturbulenttimesinCVbusinessmoderationconcernsinAUMoverdone
STFC focuses on pre owned CV market which has been relatively stable compared to the
newCVsalesdespiterisingfuelpricesandinterestrates.Webelievethattheworriesforthe
CV and automobile business are valid would therefore assume some impact on the AUM
growth. We therefore undertake a highly conservative approach and assumed on 15%
increaseinFY12EandFY13EAUM(25%inFY11).

RegulatorypressurestoimpactearningsandROEbutdespitethatthevaluationsare
attractive.
RegulatorychangesproposedbyRBIaremarginallydetrimentaltoSTFC.TheincreaseinTier
I CAR (%) limit to 15% (previously 12%) has no significant impact as the Company
consistentlymaintainsitsTierICARabove16%.However,removalofsmalltruckloansfrom
Priority Sector Lending (PSL) and tightening of provisioning requirements impact the ROE
and NIMs significantly. Securitization is expected to fall adversely which will in turn affect
the cost of funds. We have assumed increase of 130 bps in cost of funds for FY13E (from
FY11).Withtighteningofprovisionnormswehaveassumedanincreaseof100bpsinGNPA
RatioforFY12E(constantinFY13E)

ConservativeassumptionsstillleadinattractiveROE
Assuming that all the regulatory proposals are cleared by RBI and therefore estimating
profitabilityusingconservativeassumptionsstillleadtoattractiveROE.Wehavederiveda
ROElevelof24%(400bpsdeclinefromFY11)whichisstillabovethepeergroupaverageof
22%.

Valuations
The stock price of STFC has currently dipped by over 37% since November 2010 and 22%
YTD due to the growing uncertainties. With STFCs niche business model catering to pre
owned CV along with the Companys solid capitalization and ROE, we feel the worries are
over done. Assuming that all the regulatory proposals are cleared by RBI and estimating
growth using conservative assumptions, the valuations still appear attractive at this level.
Wehaveusedthe2stageGordonGrowthModelandderivedaP/BVmultipleof2.3xFY13E
BVPS.Wealsovaluedtheotherbusinessat2xP/BV.WethereforeratetheCompanyBUY
withtargetpriceofRs.738/share(20%upsidefromCMP)

Rating

BUY

KeyData

ShareholdingPattern

(%)

Promoters
FII
Others

41.3
42.4
16.3

PricePerformance(%)

TargetPrice
CMP
Upside
Sensex

Rs.738
Rs.613`
20%
16,361

BloombergCode
ReutersCode
NSECode
CurrentShareo/s(mn)
DilutedShareo/s(mn)
MktCap(`bn/$mn)
52WKH/L(`)
DailyVol.(3MNSEAvg)
FaceValue(`)
Beta
1USD/`

SRTRANSFIN
NIFTY

SHTFIN
SRTR.BO
SRTRANSFIN
226.2
226.2
137.5/2785.9
899.9/551
630346
10
1.11
49.4

1M
1.4
0.5

6M
1.0
6.7

1yr
21.2
17.8

nd

Source:Bloomberg;*Ason22 Sept.,2011

Y/EMar(RsMn)
FY09
FY10
FY11
FY12E
FY13E

NetInterest
Income
16,815
21,560
29,582
30,201
34,126

YoY
(%)
NA
28%
37%
2%
13%

Operatin
gProfit
17,535
22,528
31,577
32,994
37,757

YoY
(%)
NA
28%
40%
4%
14%

AdjPAT
6124
8731
12299
13143
15980

YoY
(%)
NA
43%
41%
7%
22%

EPS
(Rs)
30
39
54
58
71

RoE
(%)
26%
28%
28%
24%
24%

BVPS

P/BV

P/E

114
170
217
265
317

5.4
3.6
2.8
2.3
1.9

20.4
15.8
11.3
10.5
8.7

Source:Company,NetworthResearch

InitiatingCoverage

NetworthResearchisalsoavailableonBloombergandThomson

COMPANYPROFILE

STFC is one of the largest asset financing NBFC with approximately 2025% market share in pre
ownedCVmarketandapproximately78%marketshareinnewtruckfinancing.
Strategically present in high yield preowned CV financing with expertise in loan origination,
valuationandcollection
Expanded product portfolioto include financing of tractors, small commercial vehicles, 3wheelers,
passengercommercialvehiclesandconstructionequipment
Largecustomerbaseinexcessof0.75mnasofMarch31,2011
Employeestrengthofapproximately16,919including9,830product/creditexecutivesasonFY11.
TotalAUMofRs.360.86bn(76%preownedCVand25%newCV)
Pan India presence through a network of 68 Strategic Business Units and 488 branch offices.
Partnershipwithover500Financiers

REVENUEBREAKUP

Exhibit1:RevenueBreakupduringFY11

Feebased
income
8%

Incomeon
securitizatio
n
28%

Netinterest
income
64%

Source:Bloomberg

InitiatingCoverage

BUSINESSMODEL

STFChashighpenetrationinthefastgrowingandnichepreownedCVbusiness.However,therehasbeen
amoderationingrowthinthenewCVsalesduetoincreasingfuelpricesandinterestcosts;thepreowned
CVbusinessisyetshowcasingpromisingtrend.

CVFinancingModel

PreOwned(512yearsoldCVs)

Averagecorelendingyields
of1824%
Smalltruckownerswithless
than23trucksand
underdevelopedbanking
habits
Leadershippositionwitha
marketshareof2025%
AUMofapproximatelyRs.
272.6bnatFY11E

New
Averagecorelendingyields
1516%
Assetbackstopfundingwitha
netspreadof56%
Marketshareof78%
AUMofapproximatelyRs.88.3
bnatFY11E

InitiatingCoverage

VALUATIONS

ThestockpriceofSTFChascurrentlydippedbyover37%sinceNovember2010and22%YTDduetothe
growinguncertainties.
RisinginterestratesandfuelpricesdampeningtheCVmarketandthereforeapossiblereductionin
creditgrowthexpected.
RBIspoliciestowardsstricterregulatoryenvironmentfortheNBFCsegment.

WithSTFCsnichebusinessmodelcateringtopreownedCValongwiththeCompanyssolidcapitalization
andROE,wefeeltheworriesareoverdone.AssumingthatalltheregulatoryproposalsareclearedbyRBI
andestimatinggrowthusingconservativeassumptions,thevaluationsstillappearattractiveatthislevel.

KEYASSUMPTIONS
FY10
FY11
FY12E
FY13E
TotalAUMGrowth
25.0%
24.0%
15.0%
15.0%
GNPARatio
2.80%
2.64%
3.64%
3.64%
CoverageRatio
75%
70%
70%
70%
InterestYield
18.17%
14.50% 14.80% 15.10%
CostofFunds
11.6%
11.9%
12.7%
13.1%
Loan/Borrowings
110%
121%
125%
125%

Wehaveusedthe2stageGordonGrowthModelandderivedaP/BVmultipleof2.3xFY13EBVPSbasedon
23%normalizedROE,14.7%costofequityand0.3xliquidityandmanagementpremium.Wealsovalued
theotherbusinessat2xP/BV.

CoreBusinessPriceTarget
720
OtherBusiness(2xFY11P/BV)
18
TargetPrice
738
%Upside
20%

InitiatingCoverage

INVESTMENTSUMMARY

DuetoturbulenttimesinCVbusinessmoderationconcernsinAUMoverdone.

CVbusinessisunderpressureduetoincreaseinfuelpricesandinterestrates.TheCVbusinesshasbeen
holdingup(incomparisontopassengervehicles)inthepast45months.Weexpectmarginaldeceleration
ingrowthratesinthecomingmonths.ThiswillimpacttheAUMgrowthtoacertainextent.

Exhibit2:MonthlyCVsalesandYoYGrowthshowcasenostressasyet

25.0%

70000
60000

20.0%

50000
40000

15.0%

30000

10.0%

20000
5.0%

10000
0

April

May

June

July

August

2010

49162

48479

52627

51934

52394

2011

53202

56314

62009

64241

64248

%Increase

8.2%

16.2%

17.8%

23.7%

22.6%

0.0%

Source:SIAL

DespiteoftheweaknessintheCVmarket,themanagementguidesacreditgrowthrateof1820%forthe
comingfiveyears.WeconservativelyexpectthetotalAUMtoincreaseby15%bothinFY12EandFY13E.
Exhibit3:AUMGrowthassumptionof15%forFY12EandFY13E
26%

25%

24%

24%
22%
20%
18%
16%

15%

15%

FY12E

FY13E

14%
12%
10%
FY10

FY11

Source:Company,NetworthResearch

InitiatingCoverage

Theabovegrowthestimatesareconservativeinnature.STFChasrecordeda20%increaseindisbursement
and22%increaseinAUMinQ1FY12,whileMahindraandMahindraFinancewhichisapremierCVlending
NBFChasregistereda24%growthinAUMinQ1FY12.Themanagementbelievestheywillmaintaina
growthrateof1820%overall.

RegulatorypressurestoimpactearningsandROEbutdespitethatthevaluationsare
attractive.

FollowingaretheproposedregulatorychangesandtheirimpactonSTFCsfinancials

1. CAPITALADEQUACYRATIOStrongdespitethecurrenttighteningofCARratio
RBInormsproposeincreasingtheTierICARRatiominimumlevelfromthecurrent12%to15%.STFC
has constantly maintained higher than required CAR ratio. The proposed increase in the Tier I CAR
ratiowouldnotaffectSTFCsCapitalstructure.
Exhibit4:CARandTierIratiomuchabovethe15%threshold
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
FY09

FY10
TierICAR

FY11

FY12E

FY13E

TotalCAR

Source:Company,NetworthResearch

2. RBI planning to remove small truck loans from the Priority Sector Lending (PSL) likely to
impactsecuritization
STFChasbeenincreasingitssecuritizationAUMconsistentlyandhasbeenreapingthebenefitsoflower
cost of funds and higher spreads. The Company has over 30% of its total AUM securitized. The
managementwasplanningtoincreasetheproportionconsistentlyoverthecomingyears.
However,RBIhasbeenindicatingtheremovalofsmalltruckoperatorsloanoutfromthePSL.Thiswill
leadtoamassivefallinSTFCssecuritizationactivity.Ifexecuted,thesecuritizationofloanswoulddrop
significantly.WeexpectagradualfallinsecuritizationAUMto22%byFY13Efromthecurrent30%.

InitiatingCoverage

Exhibit5:Securitizationasa%oftotalAUMtodecreasegradually
35%

18.0%

30%

30%

16.0%

16.5%

30%

14.0%

25%
25%

12.0%

22%

10.0%

20%

8.0%

15%

6.0%
3.8%

10%

4.0%
2.0%

0.0%

5%

0.0%

1.2%

2.0%
4.0%

0%
FY10

FY11

FY12E

FY13E

Source:Company,NetworthResearch

Duetosecuritization,STFChadaccesstocheapercostoffundsandenjoyedabenefitofover130bps.We
haveassumedthatSTFCwilltakethehitof130bpsinitsbookandwouldnottransfertheincreasetoits
lenders. (MMFL has guided transferring the increase and we believe even STFC will pass it on atleast
partially).With securitization AUMgoingdown,thecost of funds would increase thereby increasing the
NIMandROE.Weconservativelyassumethatthecostoffundstoincreaseby90bpsinFY12Eto12.5%
and130bpsinFY13Eto13.1%.

Exhibit6:CostoffundsexpectedtoincreasecompressingNIMandROE
28.4%

30.0%

28.1%
24.3%

24.1%

25.0%
20.0%
15.0%
10.0%

11.6%
8.4%

11.9%
10.2%

13.2%

12.7%
8.8%

8.3%

FY12E

FY13E

5.0%
0.0%
FY10

FY11
Costoffunds

NIM

ROE

Source:Company,NetworthResearch

However,despitetheconservativeassumptionsdampeningtheNIMandROE,theearningsareyetabove
withthepeergroupaverage(22%).

InitiatingCoverage

Exhibit7:STFCFY13EROEstillwayabovepeergroupaverage
Sundaram

22%

MMFS

22%

REC

21%

PFC

18%

LICHF

24%

STFC

24%
0%

5%

10%

15%

20%

25%

30%

Source:Bloombergestimates,NetworthResearch

3. Changeinprovisioningpoliciestoincreasetheprovisionsandtherebyimpactearnings
Despitecreditgrowthrateofover25%,theCompanysassetqualityhasbeenconsistentlyunder
controlwithGrossNPAsatanaverageof2.5%oftotalloansandadvances.
However,therecentNBFCnormspropose,theassetstoberecognizedifduesremainunpaidfor90
daysasagainstthecurrent180days.WethereforeestimatetheGNPAstoincreaseby100bpsto
3.64%inFY12E(asagainst2.6%inFY11).ThiswillhaveanegativeimpactwithROEreducingitby
around100bps.

InitiatingCoverage

Exhibit8:NPAlevelsexpectedtoincrease
3.6%

16000
14000

2.8%

12000
10000

3.6%

3.5%
2.6%

3.0%

2.1%

2.5%
2.0%

8000
6000
4000

4.0%

1.5%

0.8%

0.7%

0.4%

0.4%

0.4%

1.0%
0.5%

2000

0.0%

0
FY09

FY10
GNPA

FY11

FY12E

GNPA(%)

FY13E
NNPA

Source:Company,NetworthResearch

ConservativeassumptionsstillleadinattractiveROE

Intherisinginterestratescenario,weestimatetheinterestyieldtoincreaseby30bpsinFY12EandFY13E.

Exhibit9:Securitizationincometocomedowngradually
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000

FY09
Netinterestincome

FY10

FY11

Securitizationincome

FY12E

FY13E

Feebasedincome

Source:Company,NetworthResearch

InitiatingCoverage

ROE/ROADecomposition
DUPONTANALYSIS
Averagetotalassets
NetInterestIncome
NonInterestincome
Operatingincome
Operatingexpenses
Preprovisionprofit
Provisioncharges
PBT
ROE
Leverage
ROA

FY09
249,995
13.3%
0.3%
7.0%
2.1%
4.9%
1.2%
4%
26%
10.8
2.4%

FY10
FY11
259,880 292,924
14.3%
12.3%
0.4%
0.7%
8.7%
10.8%
2.0%
2.6%
6.7%
8.2%
1.6%
1.9%
5%
6%
28%
28%
7.0
6.4
3.4%
4.2%

FY12E
347,931
13.2%
0.8%
9.5%
2.4%
7.1%
1.5%
6%
24%
6.3
3.8%

FY13E
416,598
13.5%
0.9%
9.1%
2.2%
6.8%
1.1%
6%
24%
6.3
3.8%

Despite some moderation due to regulatory pressures and macro woes, STFC has managed to deliver
superiorROEsthankstothenichebusinessmodelandmarketleadership.InFY10andFY11theCompanys
ROE skyrocketed due to increasing securitization. However, in the current phase the same may not be
achievable.However,asperourestimates,theCompanystillposesanROEof25%whichisabovethepeer
groupaverageof22%.

Exhibit10:ROEandROAtocontract
29.0%

4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%

28.0%
27.0%
26.0%
25.0%
24.0%
23.0%
22.0%
FY09

FY10

FY11
ROE

FY12E

FY13E

ROA

Source:Company,NetworthResearch

InitiatingCoverage

10

STFCVISVISMAHINDRAANDMAHINDRAFINANCELTD.(MMFL)

WehavedoneacomparativeanalysisofSTFCandMMFLastheybothareinsimilarbusinesssegments.

Loanbookcomposition(FY11)

STFC
Focusonpassengervehicles
(31%oftotalAUM)andnew
CV(31%oftotalAUM)

MMFL
FocusonCVbusinesswithpre
ownedCVas76%ofAUMandnew
CVas24%ofAUM

Q1FY12AUMGrowth

22%

26%

FY11AUMGrowth

25%

26%

Securitization(%oftotalAUM)

30%

20%

FY13EROE*

24%

22%

FY11GNPA

3%

4%

FY13EP/BV(atCMP)*

1.9

2.1

*Bloombergestimates(EEO)

InitiatingCoverage

11

INVESTMENTRISKS

GrowthinAUMmorethantheassumed15%duetomacroworries
We have expected an 15% growth in both on balance sheet and off balance sheet AUM for FY12E and
FY13E. Any further decrease in the growth will adversely impact the earnings, Tier I CAR ratio and the
valuations.

IncreaseinGrossNonPerformingassetsmorethantheestimated100bpsduetothechangein
provisioningnorms
We have estimated a 100bps increase in Gross NPAs to 3.64% in (FY12E) and constant in FY13E. If the
increase in GNPA is over and above the 100 bps, earnings, Tier I CAR ratio and valuations would be
impacted.
WehavethereforederivedafewsensitivitiestotesttheimpactofAUMgrowthandGNPA(%)onourTierI
CARratioandROE.

SENSITIVITYI:TierICARSensitivitytoAUMGrowthAssumptionandGNPARatioAssumption
TierICAR

GNPA
Assumption

AUMGrowthAssumption
16.5%

11.0%

13.0%

15.0%

17.0%

19.0%

3.2%

16.6%

16.6%

16.6%

16.6%

16.6%

3.4%

16.6%

16.6%

16.5%

16.5%

16.5%

3.6%

16.5%

16.5%

16.5%

16.5%

16.4%

3.8%

16.4%

16.4%

16.4%

16.4%

16.4%

4.0%

16.4%

16.3%

16.3%

16.3%

16.3%

Ascanbeobserved,theCARismaintainedwayabove15%inalloftheabovescenarios.Therefore,this
regulatorymeasurehasnoimpactonSTFC.
SENSITIVITYII:ROESensitivityToAUMGrowthAssumptionandGNPARatioAssumption
ROE

GNPA
Assumption

AUMGrowthAssumption
24%

11%

13%

15%

17%

19%

3.2%

25.0%

25.1%

25.2%

25.4%

25.5%

3.4%

24.5%

24.6%

24.8%

24.9%

25.0%

3.6%

24.1%

24.2%

24.3%

24.4%

24.5%

3.8%

23.6%

23.7%

23.8%

23.9%

24.0%

4.0%

23.2%

23.3%

23.4%

23.5%

23.5%

Ascanbeobserved,theROEwillstillbeinthebandof23%25%whichisstillwayabovethepeergroup
ROE.

InitiatingCoverage

12

Decreasinginterestratescenariocontrastingtoourassumption
Assumingincreasinginterestratescenario,wehaveestimatedat30bpsincreaseininterestyieldYoY.Any
adversemomentininterestyieldsislikelytoimpactROEadversely.

SENSITIVITYIII:ROESensitivitytoInterestYieldAssumptionandGNPARatioAssumption

ROE

GNPA
Assumption

InterestyieldAssumption
24.3%

14.7%

14.9%

15.1%

15.3%

15.5%

3.2%

23.5%

23.4%

23.3%

23.3%

23.2%

3.4%

23.9%

23.8%

23.8%

23.7%

23.6%

3.6%

24.3%

24.3%

24.2%

24.1%

24.1%

3.8%

24.8%

24.7%

24.6%

24.6%

24.5%

4.0%

25.2%

25.1%

25.1%

25.0%

24.9%

Ascanbeobserved,theROEisyetinthebandof22%25%stillinlinewithitspeers

InitiatingCoverage

13

FinancialSummary
KEYRATIOS

FY10

FY11

FY12E

FY13E

LoanGrowth

11.3%

18.3%

23.0%

19.6%

183.5%

96.7%

10.1%

19.6%

8.3%

7.7%

18.6%

19.6%

109.8%

120.6%

125.0%

125.0%

10.1%

18.4%

17.0%

17.0%

Loans/Equity

527.3%

488.9%

492.5%

491.9%

Borrowings/Equity

480.4%

405.4%

394.0%

393.5%

75.1%

75.9%

77.6%

77.8%

6.9%

11.6%

10.6%

10.6%

InvestmentBookgrowth
Borrowingsgrowth
Loan/Borrowings
Investment/Borrowings

Loans/Assets
Investments/Assets

InterestYield

18.2%

14.5%

15.1%

15.3%

Costoffunds

11.6%

11.9%

12.7%

13.2%

Spread

6.5%

2.7%

2.3%

2.1%

NIM

8.4%

10.2%

8.8%

8.3%

Noninterestincome/totalincome

2.5%

5.2%

5.7%

6.1%

Noninterestincome/totalassets

0.4%

0.6%

0.7%

0.8%

Cost/Income
Cost/Averageassets

23%

24%

25%

25%

2%

3%

2%

2%

GNPA

2.8%

2.6%

3.6%

3.6%

NNPA

0.7%

0.4%

0.4%

0.4%

Coverage

75%

70%

70%

70%

Provisioncharges

3.8%

5.2%

4.9%

4.6%

BVPS

170.4

216.8

264.7

316.9

AdjustedBVPS

170.4

216.8

264.7

316.9

CoreBuisnessBVPS

170.4

216.8

264.7

316.9

38.7

54.4

58.1

70.6

EPS

ROE
Leverage
ROA

28%

28%

24%

24%

7.0

6.4

6.3

6.3

3.4%

4.2%

3.8%

3.8%

InitiatingCoverage

14

BALANCESHEET

FY10

FY11

FY12E

FY13E

Shareholdersfund

38,423.9

49,043.9

59,867.3

71,688.5

EquityCapital

2,255.4

2,261.8

2,261.8

2,261.8

76.2

35.5

28.3

21.1

36,092.2

46,746.6

57,577.2

69,405.6

Stockoptionoutstanding
ReservesandSurplus
Borrowings

184,599.2 198,817.1 235,857.4 282,085.4

SecuredLoans

151,724.9 148,693.8 176,893.0 211,564.0

UnsecuredLoans

32,874.3

50,123.4

58,964.3

70,521.3

CurrentLiabilities

39,086.1

55,720.5

69,650.6

83,580.7

7,655.3

12,502.9

14,401.5

16,063.8

Provisions
TotalLiabilitiesandEquity

269,764.4 316,084.4 379,776.7 453,418.4

11%

18%

23%

20%

Loans

202,617.0 239,786.1 294,821.7 352,606.7

Secured

Unsecured

Othercurrentassetsandadvances

47,004.7

37,500.6

42,492.9

50,504.4

45,373.3

36,251.1

41,272.5

49,284.0

Investments

18,560.2

36,507.9

40,203.0

48,082.7

FixedAssets

464.5

384.3

352.9

318.2

976.2

984.0

1,082.4

1,190.7

511.8

599.7

729.6

872.4

0.0

0.0

0.0

0.0

Deferredtaxassets(net)

747.2

1,536.9

1,536.9

1,536.9

Miscellaneousexpenditure

370.9

369.4

369.4

369.4

CashandBankBalances

GrossBlock
Less:AccumulatedDepreciation
Less:Impairmentprovision

TotalAssets

269,764.4 316,085.3 379,776.7 453,418.4

InitiatingCoverage

15

PROFITANDLOSS
Incomefromoperations
Financeandservicecharges
Interestonotherloans
Interestonmarginmoneyonsecuritization
InterestExpense
Debentures
SubordinatedDebt
FixedDeposits
Loansfrombanks
Loansfrominstitution
CommercialPapers
Bankcharges
Prof.charges
Processingcharges
Disconsaleofsecondlosscredit/liquidityfacilities
Feesonsaleofsecondlosscredit/liquidityfacilities
Netinterestincome
Incomeonsecuritization
Feebasedincome
Totaloperatingincome
Operatingexpns
Rawmaterialsconsumed
PersonnelExpenses
Operatingandotherexpns
Shareanddebentureissueexpnswrittenoff
Impairmentloss/(reversal)onfixedassets
Depreciationandammortization
Profitbeforeprovisionsandtaxes
Provisionsandwriteoffs
Nonperformingassets
Standardassets
Creditlossonsecuritization
Diminuationinvalueofinvestments
Baddebtswrittenoff
Baddebtrecovery
PBT
Provisionfortaxation
CurrentTax
Deferredtax
FBT
PAT

FY10
37,227.4
36,154.6
36.0
1,036.8
22,467.9
6,597.0
2,321.4
47.6
11,927.0
0.0
220.0
235.1
489.5
360.5
58.4
211.5
14,759.4
6,800.9
968.1
22,528.5
5,176.1
0.0
2,250.8
2,725.8
49.9
0.0
149.6
17,352.4
4,106.5
1,495.3
0.0
797.2
2.0
1,866.9
(54.9)
13,245.9
4,514.7
4,998.0
(483.3)
0.0
8,731.1

FY11
36,075.0
34,990.4
0.0
1,084.6
22,719.6
5,900.4
3,671.0
620.7
10,927.2
0.0
45.9
267.1
569.5
385.4
(27.0)
359.6
13,355.3
16,226.5
1,995.1
31,576.9
7,539.9
0.0
3,582.1
3,729.7
119.9
0.0
108.2
24,036.9
5,547.7
715.1
488.2
2,155.9
(8.0)
2,259.9
(63.4)
18,489.2
6,190.5
6,980.1
(789.7)
0.0
12,298.8

FY12E
46,051.0
45,237.6
0.0
813.5
27,642.9
12,052.1
5,127.0
1,206.5
7,533.3

0.0
291.2
620.7
420.1
0.0
391.9
18,408.2
11,792.9
2,793.1
32,994.1
8,314.7
0.0
4,119.4
4,065.4
0.0
0.0
129.9
24,679.4
5,091.8
2,470.9
112.0
(191.8)
0.0
2,778.6
(78.0)
19,587.7
6,444.8
7,394.8
(950.0)
0.0
13,142.8

FY13E
56,294.8
55,546.4
0.0
748.4
34,103.6
15,050.1
5,826.9
1,657.4
9,690.2

0.0
317.4
676.6
457.9
0.0
427.2
22,191.2
11,934.4
3,631.0
37,756.6
9,311.5
0.0
4,737.4
4,431.2
0.0
0.0
142.9
28,445.1
4,380.1
972.4
117.6
60.1
0.0
3,323.2
(93.3)
24,065.0
8,085.1
9,085.1
(1,000.0)
0.0
15,979.9

InitiatingCoverage

16

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InitiatingCoverage

17