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EMIS

6-8 Bouverie Street


London EC4Y 8DD, United Kingdom
www.emis.com

Business Report Generated on 08 July 2017

HONDA MOTORCYCLE AND SCOOTER INDIA


PVT LTD

EMISid: 2399686
IN-CIN: U35912HR2001PT C034649
Le gal Addre ss
Commercial Complex-Ii,Sector 49-50 , Golf Course Extension Road Gurgaon; Haryana; India;
Map
Post al Code : 1220 18
T e l: +91-0 124671280 0
Email: mohit.bhola@honda2wheelersindia.com
We bsit e : http://www.honda2wheelersindia.com

Main Act ivit ie s: Motor Vehicle and Parts Dealers

Copyright 20 17 EMIS, all rights reserved. A Euromoney Institutional Investor company.


EMIS Business Report, Generated on 2017-07-08

Table of Cont ent s


Table of Cont ent s 2
Company Tear Sheet 3
Contact Information 3

NAICS Industry Classification 3

Business description 3

Basic Information 3

EMIS Benchmark Score 3

Key Executives 3

Ownership Details 3

Subsidiaries and Affiliates 4

Key Financial Highlights 4

Financial Performance Charts 4

T op Competitors 4

Financial St at ement s 6
Annual Statements 6

Ratios 9

Disclaimer 12

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EMIS Business Report, Generated on 2017-07-08

Company Tear Sheet - Contact Information


Full name : Honda Motorcycle And Scooter India Pvt Ltd Le gal Addre ss

Commercial Complex-Ii,Sector 49-50 , Golf Course Extension Road Gurgaon;


St at us: Non-Listed Haryana; India;

Map
Le gal Form: Limited Liability Company Post al Code : 1220 18
Ope rat ional St at us: Operational T e l: +91-0 124671280 0

EMISid: 2399686 Email: mohit.bhola@honda2wheelersindia.com


IN-CIN: U35912HR20 0 1PTC0 34649 We bsit e : http://www.honda2wheelersindia.com
Incorporat ion Dat e : 20 0 1

Company Tear Sheet - NAICS Industry Classification

Main Act ivit ie s: Motor Vehicle and Parts Dealers (441)

Company Tear Sheet - Business description

Company De script ion


Honda Motorcycle Scooter India Pvt Ltd is engaged in wholesaling of Automobiles

and Motor Vehicles Operations Branches: At the address, Plot No. 1, Sector 3, IMT

Manesar, Gurgaon, 1220 50 , Haryana, India, the company maintains its registered
office.

Company Tear Sheet - Basic Information

T ot al Employe e s: 50 0 (20 14)

Out st anding Share s: Serie A: 310 ,0 0 0 ,0 0 0 (20 13)Serie ORD:


310 ,0 0 0 ,0 0 0 (20 16)

Re gist e re d Capit al: INR 3,10 0 ,0 0 0 ,0 0 0 (20 16)

Financial Audit ors: B S R & Associates Llp (20 17)

Company Tear Sheet - EMIS Benchmark Score

EMIS Benchmark Score


(Against Industry)

84.7
Company Tear Sheet - Key Executives

Anupam Mohindroo Director & Member

Masaichi Kobayashi Director & Member

Takanori Maruyama Director & Member

Toshinobu Motai Director & Member

Viswanathan Sridhar Director & Member

Keita Muramatsu Managing Director

Sanjeev Kumar Chaubey Secretary

Company Tear Sheet - Ownership Details

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EMIS Business Report, Generated on 2017-07-08

Honda Mot or C Lt d 96.77%

Asian Honda Mot or C Lt d 3.23%

Company Tear Sheet - Subsidiaries and Affiliates

Variase t India Pvt . Lt d.

Company Tear Sheet - Key Financial Highlights

FISCAL PERIOD Y-2013 CONSOLID. Y-2014 CONSOLID. Y-2015 CONSOLID. Y-2016 CONSOLID.

Net sales revenue 0 142,175,0 0 0 170 ,70 6,50 0 175,518,40 0

Total operating revenue 0 145,424,60 0 173,784,20 0 178,10 4,80 0

Operating profit (EBIT) 0 7,625,40 0 8,364,50 0 12,152,40 0

EBITDA N/A 14,686,50 0 16,819,50 0 20 ,789,70 0

Net Profit (Loss) for the Period 0 5,358,10 0 7,527,10 0 10 ,490 ,70 0

Total assets 41,0 0 8,30 0 51,70 6,30 0 64,332,70 0 77,422,50 0

Total equity 22,448,90 0 27,80 7,0 0 0 35,334,10 0 45,824,80 0

Operating Profit (EBIT) Margin N/A 5.36% 5.34% 7.62%

Return on Sales (ROS) N/A 3.77% 4.41% 5.98%

Return on Equity (ROE) 0 19.27% 21.30 % 22.89%

Debt to Equity 0 0 2.34% 1.39%

Quick Ratio 0 .57 0 .78 0 .91 1.16

Cash Ratio 0 .46 0 .63 0 .68 0 .87

Provider World's Vest Base World's Vest Base World's Vest Base World's Vest Base

Note: data in INR Thousands.

Company Tear Sheet - Financial Performance Charts

Company Tear Sheet - Top Competitors

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EMIS Business Report, Generated on 2017-07-08

Mot or Vehicle and Part s Dealers


T OT AL OPERAT ING NET PROFIT RET URN ON RET URN ON PRICE PER EARNING PRICE
FISCAL
COMPANY OPERAT ING PROFIT (LOSS) FOR T HE ASSET S EQUIT Y EARNING PER REFERENCE
YEAR
REVENUE (EBIT ) PERIOD (ROA) (%) (ROE) (%) (%) SHARE DAT E

Hyundai Motor India


364,767,90 0 18,895,60 0 12,90 9,60 0 9.46 18.29 N/A 20 16
Ltd.

T.V. Sundram Iyengar


245,349,0 64 8,336,571 6,90 7,484 5.0 2 11.23 N/A 20 16
& Sons Limited

Honda Motorcycle And


178,10 4,80 0 12,152,40 0 10 ,490 ,70 0 13.55 22.89 N/A 20 16
Scooter India Pvt Ltd

Toyota Kirloskar Motor


167,520 ,940 5,242,820 5,0 45,680 6.26 N/A N/A 20 16
Private Limited

Ve Commercial
98,110 ,40 0 5,0 74,60 0 3,740 ,0 0 0 7.29 14.72 N/A 20 16
Vehicles Limited

Volkswagen India
72,70 9,90 0 -1,380 ,770 2,351,830 3.54 9.12 N/A 20 16
Private Limited

Mercedes Benz India


63,50 7,0 0 0 5,0 90 ,0 0 0 2,797,0 0 0 5.54 18.38 N/A 20 16
Pvt.Ltd.

Automotive
48,727,80 0 675,90 0 388,90 0 4.27 15.0 0 N/A 20 16
Manufacturers Pvt.Ltd.

Balkrishna Industries
40 ,374,70 0 10 ,80 6,0 0 0 7,168,50 0 12.38 20 .23 18.68 74.16 20 17-0 7-0 6 20 17
Ltd.

Daimler India
Commercial Vehicles 34,963,442 -9,862,717 -7,689,444 -10 .20 -47.91 N/A 20 16
Private Limited

Popular Vehicles And


32,40 1,493 522,550 56,639 0 .77 8.52 N/A 20 16
Services Ltd

Note: data in INR Thousands.

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EMIS Business Report, Generated on 2017-07-08

Financial Statements - Annual Statements - EMIS Global Template

REPORTING DETAILS

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Begin date of reporting period 20 11-0 4-0 1 20 12-0 4-0 1 20 13-0 4-0 1 20 14-0 4-0 1 20 15-0 4-0 1

End date of reporting period 20 12-0 3-31 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31

Original units as reported INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands

Displaying units INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands

Audited Audited Audited Audited Audited Audited

Provider World's Vest Base World's Vest Base World's Vest Base World's Vest Base World's Vest Base

Balance Sheet

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Exchange rat e use d f or curre ncy


1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Total assets 30 ,654,0 0 0 41,0 0 8,30 0 51,70 6,30 0 64,332,70 0 77,422,50 0

Non-current assets 19,0 79,60 0 28,440 ,0 0 0 30 ,312,50 0 34,281,20 0 39,0 61,80 0

Property, plant and equipment 13,922,70 0 23,249,60 0 23,890 ,40 0 24,963,60 0 29,677,20 0

Intangible assets and goodwill 2,980 ,30 0 3,211,40 0 3,545,0 0 0 4,440 ,0 0 0 5,454,30 0

Other intangible assets 2,980 ,30 0 3,211,40 0 3,545,0 0 0 4,440 ,0 0 0 5,454,30 0

Long-term financial assets 20 ,30 0 61,60 0 122,40 0 139,50 0 0 .0 0

Other non-current assets 2,156,30 0 1,917,40 0 2,754,70 0 4,738,10 0 3,930 ,30 0

Current assets 11,574,40 0 12,568,30 0 21,393,80 0 30 ,0 51,50 0 38,360 ,70 0

Inventories 2,456,0 0 0 2,411,90 0 3,382,50 0 4,948,0 0 0 4,598,0 0 0

Trade and other receivables 510 ,30 0 482,40 0 943,90 0 60 4,10 0 656,30 0

Prepayments, accrued income and other


86,80 0 142,20 0 20 4,0 0 0 130 ,70 0 6,611,90 0
deferred current assets

Cash and Cash Equivalents 7,0 23,50 0 8,183,40 0 14,417,80 0 18,773,10 0 25,461,10 0

Other current assets 1,497,80 0 1,348,40 0 2,445,60 0 5,595,60 0 1,0 33,40 0

Total equity and liabilities 30 ,654,0 0 0 41,0 0 8,30 0 51,70 6,30 0 64,332,70 0 77,422,50 0

Total equity 15,555,80 0 22,448,90 0 27,80 7,0 0 0 35,334,10 0 45,824,80 0

Equity attributable to owners of the parent 15,555,80 0 22,448,90 0 27,80 7,0 0 0 35,334,10 0 45,824,80 0

Issued capital 3,0 0 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0

Ordinary shares 3,0 0 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0 3,10 0 ,0 0 0

Other reserves 60 3,30 0 60 3,30 0 60 3,30 0 60 3,30 0 60 3,30 0

Retained earnings 11,952,50 0 15,845,60 0 21,20 3,70 0 28,730 ,80 0 39,221,50 0

Other components of equity 0 .0 0 2,90 0 ,0 0 0 2,90 0 ,0 0 0 2,90 0 ,0 0 0 2,90 0 ,0 0 0

Total liabilities 15,0 98,20 0 18,559,40 0 23,899,30 0 28,998,60 0 31,597,70 0

Non-current liabilities 233,60 0 735,30 0 911,80 0 1,349,90 0 2,394,50 0

Non-current loans and borrowings 0 .0 0 0 .0 0 0 .0 0 0 .0 0 637,60 0

Provisions for other liabilities and charges 81,50 0 30 2,0 0 0 395,50 0 754,90 0 1,10 5,80 0

Other non-current liabilities 152,10 0 433,30 0 516,30 0 595,0 0 0 651,10 0

Current liabilities 14,864,60 0 17,824,10 0 22,987,50 0 27,648,70 0 29,20 3,20 0

Copyright 2017 EMIS, all rights reserved. A Euromoney Institutional Investor company. Page 6 of 12
EMIS Business Report, Generated on 2017-07-08

Current loans and borrowings 0 .0 0 0 .0 0 0 .0 0 825,90 0 0 .0 0

Trade and other payables 10 ,522,50 0 12,834,20 0 19,221,10 0 22,668,60 0 22,798,50 0

Other current liabilities 3,980 ,90 0 4,591,10 0 3,257,50 0 3,212,10 0 5,453,40 0

Current income tax liabilities 361,20 0 398,80 0 50 8,90 0 942,10 0 951,30 0

Income Statement

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Exchange rat e use d f or curre ncy


1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Total operating revenue 0 .0 0 0 .0 0 145,424,60 0 173,784,20 0 178,10 4,80 0

Net sales revenue 0 .0 0 0 .0 0 142,175,0 0 0 170 ,70 6,50 0 175,518,40 0

Cost of goods sold 0 .0 0 0 .0 0 0 .0 0 -129,852,20 0 -127,577,80 0

Gross profit 0 .0 0 0 .0 0 142,175,0 0 0 40 ,854,30 0 47,940 ,60 0

Selling and distribution expenses 0 .0 0 0 .0 0 -130 ,738,10 0 -27,112,50 0 -29,737,30 0

Depreciation, amortization and impairment


0 .0 0 0 .0 0 -7,0 61,10 0 -8,455,0 0 0 -8,637,30 0
charges

Net other operating result 0 .0 0 0 .0 0 3,249,60 0 3,0 77,70 0 2,586,40 0

Other operating income 0 .0 0 0 .0 0 3,249,60 0 3,0 77,70 0 2,586,40 0

Operating profit (EBIT) 0 .0 0 0 .0 0 7,625,40 0 8,364,50 0 12,152,40 0

EBITDA 14,686,50 0 16,819,50 0 20 ,789,70 0

Financial result 0 .0 0 0 .0 0 0 .0 0 1,80 6,50 0 1,887,30 0

Finance income 0 .0 0 0 .0 0 0 .0 0 1,80 6,50 0 1,887,30 0

Interest income 0 .0 0 0 .0 0 0 .0 0 1,80 6,50 0 1,887,30 0

Net - other non-operating result 0 .0 0 0 .0 0 0 .0 0 136,0 0 0 40 ,40 0

Extraordinary Non-operating items 0 .0 0 0 .0 0 0 .0 0 751,70 0 1,217,80 0

Profit before income tax 0 .0 0 0 .0 0 7,625,40 0 11,0 58,70 0 15,297,90 0

Income tax 0 .0 0 0 .0 0 -2,267,30 0 -3,531,60 0 -4,80 7,20 0

Profit after income tax 0 .0 0 0 .0 0 5,358,10 0 7,527,10 0 10 ,490 ,70 0

Net Profit (Loss) for the Period 0 .0 0 0 .0 0 5,358,10 0 7,527,10 0 10 ,490 ,70 0

- Profit (loss) attributable to Owners 0 .0 0 0 .0 0 5,358,10 0 7,527,10 0 10 ,490 ,70 0

Cash Flow Statement

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Exchange rat e use d f or curre ncy


1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Net cash flow from (used in) operating


10 ,119,70 0 11,0 16,90 0 15,371,40 0 14,222,80 0 17,571,50 0
activities

Net profit 0 .0 0 0 .0 0 5,358,10 0 7,527,10 0 10 ,490 ,70 0

Income tax paid 0 .0 0 0 .0 0 -2,267,30 0 -3,531,60 0 -4,80 7,20 0

Net cash flow from (used in) investing


-9,149,0 0 0 -12,856,40 0 -9,137,0 0 0 -9,867,40 0 -11,521,10 0
activities

Net cash flow from (used in) financing


0 .0 0 3,0 0 0 ,0 0 0 0 .0 0 0 .0 0 637,60 0
activities

Net increase (decrease) in cash and cash


970 ,70 0 1,160 ,50 0 6,234,40 0 4,355,40 0 6,688,0 0 0
equivalents

Cash at the beginning of the period 6,0 52,20 0 7,0 22,80 0 8,183,30 0 14,417,70 0 18,773,10 0

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EMIS Business Report, Generated on 2017-07-08

Cash at the end of the period 7,0 22,90 0 8,183,30 0 14,417,70 0 18,773,10 0 25,461,10 0

OTHER INFORMATION

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Audited Audited Audited Audited Audited Audited

Financial statement type Cons. Cons. Cons. Cons. Cons.

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EMIS Business Report, Generated on 2017-07-08

Financial Statements - Ratios

REPORTING DETAILS

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Begin date of reporting period 20 11-0 4-0 1 20 12-0 4-0 1 20 13-0 4-0 1 20 14-0 4-0 1 20 15-0 4-0 1

End date of reporting period 20 12-0 3-31 20 13-0 3-31 20 14-0 3-31 20 15-0 3-31 20 16-0 3-31

Original units as reported INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands

Displaying units INR Thousands INR Thousands INR Thousands INR Thousands INR Thousands

Audited Audited Audited Audited Audited Audited

Provider World's Vest Base World's Vest Base World's Vest Base World's Vest Base World's Vest Base

Ratios

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Exchange rat e use d f or curre ncy


1.00 1.00 1.00 1.00 1.00
conve rsion (IFRS)

Profitability Ratios

Return on Assets (ROA) 0 .0 0 % 0 .0 0 % 10 .36% 11.70 % 13.55%

Annualised Return on Assets (ROA) 0 .0 0 % 0 .0 0 % 10 .36% 11.70 % 13.55%

Return on Equity (ROE) 0 .0 0 % 0 .0 0 % 19.27% 21.30 % 22.89%

Annualised Return on Equity (ROE) 0 .0 0 % 0 .0 0 % 19.27% 21.30 % 22.89%

Return on Capital Employed 0 .0 0 % 0 .0 0 % 19.27% 20 .82% 22.58%

Return on Sales (ROS) 3.77% 4.41% 5.98%

Gross Profit Margin 10 0 .0 0 % 23.93% 27.31%

Operating Profit (EBIT) Margin 5.36% 5.34% 7.62%

EBITDA Margin 10 .33% 9.85% 11.84%

Operating ROA 0 .0 0 % 0 .0 0 % 14.75% 14.17% 17.27%

Efficiency Ratios

Inventory Turnover 0 .0 0 x 0 .0 0 x 0 .0 0 x 26.24x 27.75x

Trade Receivable Turnover 0 .0 0 x 0 .0 0 x 150 .63x 282.58x 267.44x

Current Asset Turnover 0 .0 0 x 0 .0 0 x 6.65x 5.68x 4.58x

Non-current Asset Turnover 0 .0 0 x 0 .0 0 x 4.69x 4.98x 4.49x

Asset Turnover 0 .0 0 x 0 .0 0 x 2.75x 2.65x 2.27x

Working Capital Turnover 0 .0 0 x 0 .0 0 x -89.21x 71.0 4x 19.17x

Valuation Figures

Bookvalue 30 ,654,0 0 0 41,0 0 8,30 0 51,70 6,30 0 63,50 6,80 0 76,784,90 0

Net Cash -8,0 74,70 0 -10 ,376,0 0 0 -9,481,50 0 -10 ,225,50 0 -6,136,60 0

Net Debt -7,0 23,50 0 -8,183,40 0 -14,417,80 0 -17,947,20 0 -24,823,50 0

Working Capital -3,290 ,20 0 -5,255,80 0 -1,593,70 0 2,40 2,80 0 9,157,50 0

EBIT 0 .0 0 0 .0 0 7,625,40 0 9,116,20 0 13,370 ,20 0

EBITDA 14,686,50 0 16,819,50 0 20 ,789,70 0

Liquidity Ratios
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EMIS Business Report, Generated on 2017-07-08

Current Ratio 0 .78 0 .71 0 .93 1.0 9 1.31

Quick Ratio 0 .61 0 .57 0 .78 0 .91 1.16

Doom's Day Ratio 0 .47 0 .46 0 .63 0 .68 0 .87

Cash Ratio 0 .47x 0 .46x 0 .63x 0 .68x 0 .87x

Operating Cash Flow Ratio 0 .68x 0 .62x 0 .67x 0 .51x 0 .60 x

Leverage Ratios

Debt to Total Assets 0 .0 0 % 0 .0 0 % 0 .0 0 % 1.28% 0 .82%

Debt to Equity 0 .0 0 % 0 .0 0 % 0 .0 0 % 2.34% 1.39%

Long Term Debt to Capital Employed 0 .0 0 % 0 .0 0 % 0 .0 0 % 0 .0 0 % 1.37%

Cash Flow to Debt 527.35% 1,0 49%

Leverage Ratio 1.97x 1.83x 1.86x 1.82x 1.69x

Growth Trend Ratios

Net Sales Revenue Trend 20 .0 7% 2.82%

Total Operating Revenue Trend 20 .0 7% 2.82%

EBITDA Trend 14.52% 23.60 %

Operating Income Trend 9.69% 45.29%

Net Income Trend 40 .48% 39.37%

Accounts Receivable Trend -5.47% 95.67% -36.0 0 % 8.64%

Inventory Trend -1.80 % 40 .24% 46.28% -7.0 7%

Net Property, Plant and Equipment (PP&E)


66.99% 2.76% 4.49% 18.88%
Trend

Total Assets Trend 33.78% 26.0 9% 24.42% 20 .35%

Bookvalue Trend 52.98% 26.12% 27.34% 30 .67%

Shareholders' Equity Trend 44.31% 23.87% 27.0 7% 29.69%

Cash from Operations Trend 8.87% 39.53% -7.47% 23.54%

Coverage Ratios

Operating Cash Flow to Debt 17.22x 27.56x

Performance Ratios

Operating Cash Flow to Revenue 10 .81% 8.33% 10 .0 1%

Operating Cash Flow to Assets 33.0 1% 26.87% 29.73% 22.11% 22.70 %

Operating Cash Flow to Equity 65.0 5% 49.0 8% 55.28% 40 .25% 38.34%

Operating Cash Flow to EBIT 20 1.58% 156.0 2% 131.42%

Common-size Balance Sheet Ratios

Cash / Total Assets 22.91% 19.96% 27.88% 29.18% 32.89%

Receivables / Total assets 1.66% 1.18% 1.83% 0 .94% 0 .85%

Inventories / Total Assets 8.0 1% 5.88% 6.54% 7.69% 5.94%

Fixed Assets / Total Assets 62.24% 69.35% 58.62% 53.29% 50 .45%

Current Liabilities / Total Liabilities 98.45% 96.0 4% 96.18% 95.34% 92.42%

Common-size Income Statement Ratios

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EMIS Business Report, Generated on 2017-07-08

Administrative Expenses / Net Sales -91.96% -15.88% -16.94%

Depreciation and Amortization / Net sales -4.97% -4.95% -4.92%

Interest paid / Net sales 0 .0 0 % 0 .0 0 % 0 .0 0 %

Income tax / Net sales -1.59% -2.0 7% -2.74%

Common-size Cash Flow Statement Ratios

Operating Cash Flow to Total Cash Flow 1,0 43% 949.32% 246.56% 326.56% 262.73%

Investing Cash Flow to Total Cash Flow -942.52% -1,10 8% -146.56% -226.56% -172.27%

Financing Cash Flow to Total Cash Flow 0 .0 0 % 258.51% 0 .0 0 % 0 .0 0 % 9.53%

OTHER INFORMATION

NAME Y-2012 - CONS. Y-2013 - CONS. Y-2014 - CONS. Y-2015 - CONS. Y-2016 - CONS.

Audited Audited Audited Audited Audited Audited

Financial statement type Cons. Cons. Cons. Cons. Cons.

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EMIS Business Report, Generated on 2017-07-08

Disclaimer

Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides, due to the vast quantity of processed data and the fact that some of
the third-party data cannot always be verified including information provided directly by the subject of the enquiry, EMIS does not guarantee the correctness or the

effective delivery of the information and shall not be held responsible for any errors or omissions therein.

The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes. EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this

content/recommendation.

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