Financial Highlights

2010-11

2011-12

(Re-stated)

2012-13

2013-14

2014-15

2015-16

(Re-stated)

Profit & Loss Account (Rs. in Million)

Sales
Gross Profit
Operating Profit
Profit / (Loss) before Tax
Taxation
Profit / (Loss) after Tax
Other comprehensive loss
Transfer from surplus on revaluation of fixed assets
Dividend
Unappropriated Profit carried forward

9,281.82
737.29
342.36
40.49
70.63
(30.14)
5.65
1,064.48

8,767.00
908.08
491.98
173.44
147.73
25.71
26.80
22.76
1,086.14

7,528.14
809.68
373.08
48.08
18.89
29.19
19.65
23.26
19.22
1,099.72

9,208.42
1,331.50
854.55
935.00
311.06
623.94
11.57
26.86
20.31
1,718.64

12,636.29
1,973.38
1,434.42
1,552.59
479.37
1,073.22
2.60
33.43
468.00
2,354.69

18,086.85
2,762.08
2,031.75
1,727.04
613.67
1,113.38
20.51
31.10
804.92
2,673.73

Net Assets
Fixed Assets
Other Long Term Assets
Current Assets
Less : Current Liabilities
Total Net Assets

1,790.29
9.79
2,752.86
1,903.96
2,648.98

1,780.55
18.81
4,894.55
4,001.51
2,692.39

1,714.95
24.16
3,321.87
2,382.38
2,678.60

1,969.74
23.33
5,543.36
3,995.94
3,540.49

2,006.19
34.01
6,181.54
4,054.27
4,167.47

2,207.72
20.59
7,436.02
5,134.31
4,530.02

Financed By:
Issued, Subscribed & Paid up Capital
Reserves / Accumulated Profit
Surplus on Revaluation of Fixed Assets
Long Term / Deferred tax Liabilities
Total Funds Invested

124.01
1,355.48
1049.01
120.48
2,648.98

124.01
1,378.69
1,026.25
163.44
2,692.39

124.01
1,393.60
1,002.99
158.01
2,678.60

124.01
2,011.09
1,249.58
155.81
3,540.49

124.01
2,645.92
1,216.15
181.39
4,167.47

124.01
2,964.73
1,199.56
241.72
4,530.02

307.04
(108.98)
(0.01)

(778.57)
(102.34)
(0.01)

712.15
(51.81)
(19.13)

1,992.60
(80.28)
(20.23)

1,876.13
(163.17)
(466.45)

2,144.21
(343.55)
(801.95)

8,244.52
586.44
211.27
239.59
9,281.82

6,776.10
842.06
174.96
973.88
8,767.00

6,170.86
668.21
183.53
505.54
7,528.14

7,683.42
648.03
165.24
711.73
9,208.42

9,555.82
1,077.54
248.79
1,754.14
12,636.29

16,179.82
902.73
353.90
650.40
18,086.85

1981
499
2738

1693
1067
4420

1259
305
4260

1417
627
4068

1714
1517
4496

2999
470
5304

Balance Sheet (Rs. in Million)

Cash Flow (Rs. in Million)

Cash flows from / (used in) operating activities
Cash flows used in investing activities
Cash flows used in financing activities
Turnover (Rs. in Million)
Hino Chassis (including exports)
Bus & Other Bodies (including exports)
Spare Parts
Others
Total
Production (Units)
Hino Chassis
Bus & Other Bodies
Hilux Frame

52

Hinopak Motors Limited

2010-11

2011-12

(Re-stated)

2012-13

(Re-stated)

2013-14

2014-15

2015-16

Sales (Units)
Hino Chassis (including exports)
Bus & Other Bodies (including exports)
Hilux Frame
No. of Employees

2047
559
2752

1662
1024
4507

1262
368
4126

1452
607
4160

1771
1547
4455

2962
461
5360

290

289

302

310

323

318

7.94%
(0.32%)
(0.66%)
(2.04%)
0.05
1.45
0.55
1.35
-

10.36%
0.29%
0.38%
1.71%
0.06
1.22
0.62
2.01
74.76%
2.12%
134%

10.76%
0.39%
0.58%
1.92%
0.06
1.39
0.48
1.43
69.58%
1.87%
144%

14.46%
6.78%
8.28%
29.22%
0.05
1.39
0.71
199.77
75.01%
8.82%
133%

15.62%
8.49%
13.05%
38.75%
0.05
1.52
1.07
75.00%
7.63%
133%

15.27%
6.16%
11.52%
36.05%
0.06
1.45
0.91
100%
9.16%
100%

(45.34)

35.33

37.27

8.51

9.83

10.92

441.32
4.75%
2.04
5.18
(1.14%)
3.69
99
13.37
27
3.43
106
20

605.20
6.90%
1.31
4.92
0.95%
3.84
95
7.60
48
3.64
100
43

496.87
6.60%
1.49
4.39
1.09%
2.94
124
7.17
51
3.04
120
55

973.90
10.58%
1.22
4.67
17.62%
3.27
112
18.27
20
2.76
132
-

1,567.43
12.40%
1.54
6.30
25.75%
4.77
77
12.52
29
2.65
138
(32)

2,183.74
12.07%
1.87
8.19
24.58%
6.69
55
20.20
18
3.34
109
(36)

203.90
119.31
(2.43)
177.54
102.00
110.20
85.25
1.0306

1.55
203.94
121.18
2.07
115.43
63.43
73.25
90.70
1.1063

1.64
203.26
122.38
2.35
95.25
64.11
87.74
98.30
1.0446

37.74
272.94
172.18
50.32
465.80
82.00
428.00
97.90
0.9518

64.91
321.44
223.37
86.54
999.35
397.36
850.73
101.70
0.8459

89.78
345.81
249.08
89.78
1,265.31
836.59
980.00
104.80
0.9331

Investor Information
Financial Ratios
Gross profit ratio
Net profit margin / (loss)
Return on assets (after tax)
Return on equity (after tax)
Debt equity ratio*
Current Ratio
Quick Ratio
Interest cover ratio
Dividend payout ratio**
Dividend yield ratio**
Dividend cover ratio**
Other Ratios
Price earning ratio
Earning before interest, taxes, depreciation
and amortization (EBITDA)
EBITDA Margin to sales
Total assets turnover ratio
Fixed assets turnover ratio
Return on capital employed
Inventory turnover ratio
Number of days inventory
Debtors turnover ratio
Number of days debtors
Creditors turnover ratio
Number of days creditors
Operating cycle (days)
Per Share Amounts (in Rupees)
Cash dividend**
Breakup value with surplus on revaluation of fixed assets
Breakup value without surplus on revaluation of fixed assets
Earning / (Loss) per share
Share Price (High)
Share Price (Low)
Share Price (Closing)
One US$ = Rupee as at period end
One JPY = Rupee as at period end

* Debt Equity Ratio takes into consideration the surplus on revaluation of land and building.
** Based on final dividend proposed by the Board of Directors subsequent to the year ends.

Annual Report 2016

53

Vertical Analysis
2015-16

2014-15

(Rs. in million)

(Rs. in million)

18,086.85
15,324.77
2,762.08
397.96
393.84
192.66
131.19
2,031.75
304.70
1,727.04
613.67
1,113.38

100.00
84.73
15.27
2.20
2.18
1.07
0.73
11.23
1.68
9.55
3.39
6.16

12,636.29
10,662.91
1,973.38
303.23
359.07
261.04
137.70
1,434.42
(118.17)
1,552.59
479.37
1,073.22

Property, plant and equipment

Other non current assets
Long-term investments
Long-term deposits
Long-term loans and advances
Staff retirement benefit - prepayment
Current assets (excluding investments)
Total assets

2,187.35
20.37
0.07
6.54
13.98
7.436.02
9,664.33

22.63
0.21
0.00
0.07
0.15
76.94
100.00

Shareholders' equity
Deferred taxation
Other non-current liabilites
Surplus on revaluation of fixed assets
Other current liabilities (trade, interest and tax)
Total equity and liabilities

3,088.74
95.81
145.91
1,199.56
5,134.31
9,664.33

2,144.21
(343.55)
(801.95)
998.71

2013-14
%

(Rs. in million)

100.00
84.38
15.62
2.40
2.84
2.07
1.10
11.35
(0.94)
12.29
3.79
8.50

9,208.42
7,876.92
1,331.50
306.12
254.99
164.27
80.11
854.55
(80.45)
935.00
311.06
623.94

100.00
85.54
14.46
3.32
2.77
1.78
0.87
9.28
(0.87)
10.15
3.37
6.78

1,995.54
10.65
0.42
6.82
14.23
12.54
6,181.54
8,221.74

24.27
0.13
0.01
0.08
0.17
0.15
75.19
100.00

1,964.84
4.91
2.27
6.76
14.30
5,543.36
7,536.42

26.07
0.07
0.03
0.09
0.19
73.55
100.00

31.96
0.99
1.51
12.41
53.13
100.00

2,769.93
76.10
105.29
1,216.15
4,054.27
8,221.74

33.69
0.93
1.28
14.79
49.31
100.00

2,135.09
59.58
96.23
1,249.58
3,995.94
7,536.42

28.33
0.79
1.28
16.58
53.02
100.00

214.70
(34.40)
(80.30)
100.00

1,876.13
(163.17)
(466.45)
1,246.51

150.51
(13.09)
(37.42)
100.00

1,992.60
(80.28)
(20.23)
1,892.09

105.31
(4.24)
(1.07)
100.00

Operating Results
Sales
Cost of sales
Gross profit
Distribution cost
Administration expenses
Other income
Other expenses
Profit from operations
Finance (income) / cost
Profit before taxation
Taxation
Profit after taxation
Balance Sheet

Cash Flows
Cash flows from operating activities
Cash flows used in investing activities
Cash flows used in financing activities
Net increase in cash and cash equivalents

54

Hinopak Motors Limited

Horizontal Analysis
2015-16

2014-15

2013-14

(Rs. in million)

Variance vs
Last Year
Increase /
(Decrease)
%

18,086.85
15,324.77
2,762.08
397.96
393.84
192.66
131.19
2,031.75
304.70
1,727.04
613.67
1,113.38

43.13
43.72
39.97
31.24
9.68
(26.20)
(4.73)
41.64
357.85
11.24
28.02
3.74

12,636.29
10,662.91
1,973.38
303.23
359.07
261.04
137.70
1,434.42
(118.17)
1,552.59
479.37
1,073.22

37.23
35.37
48.21
(0.94)
40.82
58.91
71.89
67.86
(46.90)
66.05
54.11
72.01

9,208.42
7,876.92
1,331.50
306.12
254.99
164.27
80.11
854.55
(80.45)
935.00
311.06
623.94

22.32
17.24
64.45
3.72
23.62
131.10
1,173.05
129.06
(124.75)
1,844.75
1,547.12
2,037.29

Property, plant and equipment

Other non current assets
Long-term investments
Long-term deposits
Long-term loans and advances
Staff retirement benefit - prepayment
Current assets (excluding investments)
Total assets

2,187.35
20.37
0.07
6.54
13.98
7.436.02
9,664.33

9.61
91.27
(83.33)
(4.11)
(1.76)
(100)
20.29
17.55

1,995.54
10.65
0.42
6.82
14.23
12.54
6,181.54
8,221.74

1.56
117.10
(81.33)
0.93
(0.62)
0.00
11.51
9.09

1,964.84
4.91
2.27
6.76
14.30
0.00
5,543.36
7,536.42

14.60
1,015.91
(48.89)
12.17
4.37
0.00
66.87
48.91

Shareholders' equity
Deferred taxation
Other non-current liabilites
Surplus on revaluation of fixed assets
Other current liabilities (trade, interest and tax)
Total equity and liabilities

3,088.74
95.81
145.91
1,199.56
5,134.31
9,664.33

11.51
25.90
38.58
(1.36)
26.64
17.55

2,769.93
76.10
105.29
1,216.15
4,054.27
8,221.74

29.73
27.72
9.41
(2.67)
1.46
9.09

2,135.09
59.58
96.23
1,249.58
3,995.94
7,536.42

40.69
207.40
(30.58)
24.59
130.12
48.91

2,144.21
(343.55)
(801.95)
998.71

14.29
(110.54)
(71.93)
(19.88)

1,876.13
(163.17)
(466.45)
1,246.51

(5.85)
(103.25)
(2,206.18)
(34.12)

1,992.60
(80.28)
(20.23)
1,892.09

179.80
(54.95)
(5.73)
195.08

(Rs. in million)

Variance vs
Last Year
Increase /
(Decrease)
%

(Rs. in million)

Variance vs
Last Year
Increase /
(Decrease)
%

Operating Results
Sales
Cost of sales
Gross profit
Distribution cost
Administration expenses
Other operating income
Other operating expenses
Profit from operations
Finance (income) / cost
Profit before taxation
Taxation
Profit after taxation
Balance Sheet

Cash Flows
Cash flows from operating activities
Cash flows used in investing activities
Cash flows used in financing activities
Net increase in cash and cash equivalents

Annual Report 2016

55

Financial Highlights Contd...

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-

Total Shareholders' Equity

4,288

3,986
3,385
2,529

2010-11

12,000

Rs. in million

2,529

2011-12

(Re-stated)

2,521

2012-13

(Re-stated)

2013-14

2014-15

Total Assets

Rs. in million
9,664

6,000

7,536

8,222

5,061

400

2011-12

2012-13

2013-14

2014-15

2015-16
Rs. in million

Capital Expenditure

370

350

151

2012-13

2013-14

2014-15

Operating Profit

2015-16

Rs. in million
2,032
1,434

1,200

855
492

373

342

2010-11

2011-12

2012-13

(Re-stated)

2013-14

2014-15

2015-16
Rs. in million

Profit / (Loss) After Tax

1,073

1,113

72

2010-11

2014-15

2015-16

624

200

100

50
2011-12

2012-13

2013-14

2014-15

Share Price (Closing)

2015-16

Rs.

1,000

(200)

100
980

851

800

(30)

2010-11

26

2011-12

29

2012-13

(Re-stated)

2013-14

Earning / (Loss) Per Share

Rs.
87

90

2014-15

2015-16

80
60

600

50

40
428

400
110

73

20
-

88

(2)

(20)

2010-11

56

2011-12

400
117

100

200

7,528

600

205

150

1,200

9,208

8,767

800

250

9,282

1,000

300
200

12,636

2,000

500

2,000
2010-11

18,087

1,000

4,000

2,500

Rs. in million

1,500

6,694
4,553

Net Sales Revenue

2010-11

2015-16

10,000
8,000

20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-

2011-12

2012-13

2013-14

Hinopak Motors Limited

2014-15

2015-16

2010-11

2011-12

2012-13

(Re-stated)

2013-14

Statement of Value Addition

and its Distribution
2015-16

2014-15

Rs. in million

Rs. in million

Value Addition
Revenue
Other Income

18,087
193

98.9
1.1

12,636
379

97.1
2.9

Total

18,280

100.0

13,015

100.0

Value Distribution
Cost of sales
Distribution expenses
Administration, CSR & other operating expenses
Employees remuneration
Finance Cost
Income Tax
Dividend to shareholders *
Profit retained for investment and future growth

14,519
223
365
1,141
305
614
1,113
-

79.4
1.2
2.0
6.2
1.7
3.4
6.1
0.0

9,919
128
341
1,075
479
805
268

76.2
1.0
2.6
8.2
0.0
3.7
6.2
2.1

Total

18,280

100.0

13,015

100.0

* Based on final dividend proposed by the Board of Directors subsequent to year ends.

1.7%

3.4%

6.1%

8.2%

3.7%

6.2%

2.1%

6.2%
2.0%

Cost of sales

2.6%

1.2%

Distribution expenses

1.0%

Administration, CSR & other

operating expenses
Employees remuneration
Finance Cost
Income Tax
Dividend to shareholders
Profit retained for
investment and future growth

79.4%
FY 2015-16

76.2%
FY 2014-15

Annual Report 2016

57