BALANCE SHEET- STANDALONE

(Rs. crore) 2008-09 2007-08 2006-07 2005-06 2004-05

Source of funds
Shareholders' funds
Share capital 95 95 93.3 83.5 59.9
Share warrants 377.4 377.4 - - -
Reserves and surplus 3,649.20 3,551.30 3,026.30 2,124.10 1,294.20
4,121.70 4,023.70 3,119.60 2,207.60 1,354.10
Loan funds
Secured loans 2,217.10 1,856.70 2,071.60 1,084.20 493
Unsecured loans 2,282.10 886.7 760.2 479.4 -
4,499.20 2,743.40 2,831.80 1,563.60 493
Deferred tax liabilities 180.2 200.3 174.1 167.7 125.5
Total funds employed 8,801.10 6,967.50 6,130.50 3,938.90 1,972.60
Application of funds
Fixed assets
Gross block 3,290.20 3,111.80 2,653.20 2,461.80 1,418.70
Less: depreciation 1,814.00 1,680.90 1,548.90 1,448.70 663.5
Net block 1,476.20 1,430.90 1,104.30 1,013.10 755.3
Capital work-in-progress 128.8 70.7 203.9 122.5 55
1,605.00 1,501.60 1,308.10 1,135.50 810.3
Investments 5,712.40 4,007.30 3,849.40 1,675.80 699.7
Current assets, loans and advances
Inventories 747.6 776.6 475.3 526.3 355
Sundry debtors 887.2 753.2 596 415.4 260.9
Cash and bank balances 89.8 97.2 22.7 20.3 9.4
Interest accrued on investments 0 0.2 - - -
Loans and advances 532.6 524 332.3 664.2 103.9
2,257.20 2,151.10 1,426.30 1,626.30 729.2
Less: current liabilities and provisions
Current liabilities 677 559.1 393.7 424.78 228.6
Provisions 96.4 133.5 59.7 73.9 37.9
773.5 692.6 453.4 498.7 266.5
Net current assets 1,483.70 1,458.50 972.9 1,127.60 462.7
Total funds utilised 8,801.10 6,967.50 6,130.50 3,938.90 1,972.60
PROFIT AND LOSS ACCOUNT- STANDALONE
(Rs. crore) 2008-09 2007-08 2006-07 2005-06
Income from operations 5,001.00 4,166.40 3,585.00 2,786.40
Less: excise duty 214.9 213.3 157.4 144.3
Net income from operations 4,786.20 3,953.10 3,427.50 2,642.10
Other income 32 12.7 37.6 23.4
Total income 4,818.20 3,965.80 3,465.10 2,665.50
(Increase)/decrease in stocks -21.7 -83.7 -45.5 -47.3
Cost of materials 2,564.70 2,131.30 1,840.40 1,447.60
Salaries, wages and employee benefits 287.9 258.2 193.2 164.1
Manufacturing, selling and other expenses 1,401.60 1,026.10 873.1 657.5
Interest and other finance charges (net) 257.4 179 171.2 55.8
Total expenses 4,489.90 3,510.90 3,032.40 2,277.90
Profit before depreciation / amortisation and exceptional ite 328.3 454.9 432.6 387.6
Depreciation and amortisation 166 141.1 120.3 111.8
Marketing / technical knowhow expenditure written off - - - -
Profit before exceptional items and tax 162.3 313.8 312.3 275.8
Exceptional gain/(loss) 0 0.7 -1.2 -4
Profit after exceptional items 162.3 314.56 311.1 271.8
Provision for current tax 77 78.1 98.8 93
Provision for deferred tax -21.1 25.2 15.2 -6.9
Provision for fringe benefit tax 4.1 3.9 3.4 4.3
Tax provision of earlier years written back -35.2 -35.8 -31.3 -5.5
Net profit 137.4 243.1 225 186.9
2004-05
1,988.00
127.2
1,860.80
9.7
1,870.60
-11.2
999.6
125
493
18.7
1,625.10
245.4
77.7
3
164.7
-7.7
157.1
45.4
-2
-
-
113.7
CASH FLOW STATEMENT- STANDALONE

profit and loss account | balance sheet | cash flow statement

(Rs. crore) 2008-09 2007-08 2006-07 2005-06 2004-05

A Cash flow from operating activities
Net profit before tax 162.3 314.6 311.1 271.8 157.1
Add: adjustments for
Depreciation 166.1 141.2 120.4 111.9 77.8
Marketing and technical know-how writ- - - - 3
Interest expenses (net) 257.4 179 171.2 55.8 18.7
(Profit) / loss on fixed assets sold -0.6 -7.2 -2.7 0.3 -0.4
(Profit) / loss on sale of investments -6.9 -1.2 -6.8 -2.5 -0.6
Dividend income -16.8 -4.2 -23.7 -16.5 -6.4
(Gain) / loss on long term strategic inve 0 -0.7 -0.2 - -1.9
of business (net)
Employees stock options outstanding 1.3 0.7 - - -
400.5 307.6 258.2 148.9 90.3
Operating profit before working capital 562.8 622.2 569.3 420.7 247.3
Add: adjustments for
Decrease / (increase) in trade and other -149.8 -141.4 -7.6 231.5 -89.2
Decrease / (increase) in inventories 29 -258.5 28 -118.7 -78.3
Increase / (decrease) in trade and othe 85.4 102.5 -32.7 -275.6 17.8
-35.4 -297.3 -12.3 -162.8 -149.7
Cash generated from operations 527.4 342.8 557 258 97.6
Income taxes refund (paid) (net) -82.7 -46.1 -60.7 -81 -48.2
Net cash from operating activities 444.6 278.7 496.4 177 49.4
B Cash flow from investing activities
Proceeds from sale of fixed assets 6.9 13.3 8.8 2.2 2.8
Capital subsidy received 0 - - - 0
Sale / redemption / (purchase) of inves -749.5 212.3 -116.1 257.4 84.9
Proceeds from transfer of business (net 0 5.1 34.5 - 5.4
Interest received 33.4 24.8 24.3 13.2 4.3
Dividend received 16.8 4.2 23.7 16.5 6.4
Capital subsidy received 1.6 - - - -
Increase / decrease in corporate deposi 25.9 -89.8 132.5 -184.6 2
Purchase of fixed assets -275.7 -238.1 -302.7 -200 -153.7
Investment in equity of joint ventures 0 - -1,596.90 -661.1 0
Investment in equity of subsidiaries -948.7 -504.6 -453.8 -91.4 -44.4
Net cash (used in) / from investing activi -1,889.30 -572.8 -2,245.70 -847.8 -92.3
C Cash flow from financing activities
Proceeds from issue of share capital (i 0 1.7 9.8 0 0
Security premium received 0 339.7 759.9 0.1 0
Proceeds from issue of share warrants ( 0 377.4 - - -
Proceeds from / (repayment of) borrowi 1,755.80 -157.8 1,272.90 764.9 88
Dividends paid (including tax thereon) -63.9 - -106.1 -27.3 -27.1
Interest and finance charges paid -254.6 -194.6 -184.7 -62.1 -21.9
Net cash (used in) / from financing activi 1,437.30 366.5 1,751.80 675.6 39.1
Net increase in cash and equivalents -7.3 72.4 2.4 4.8 -3.9
Cash and cash equivalents (opening bal 97.2 22.7 20.3 9.4 13.3
Cash of IGFL and BGFL - - - 6.2 -
Cash acquired on merger of ABIL - 2- - -
Cash and cash equivalents (closing bala 89.8 97.2 22.7 20.3 9.4
ratio and stats
2008-09 2007-08 2006-07 2005-06 2004-05
Operating margin 11.6 15.7 16.5 15.9 13.7
Gross profit margin 6.9 11.5 12.6 14.7 13.2
Net profit margin 2.9 6.1 6.6 7.1 6.1
Net sales/ average capital employed 0.6 0.6 0.7 0.9 1
Interest cover (EBITDA/ gross interest) 2 3.1 3.1 6.5 11.4
Debt Service Coverage Ratio 1.2 1.2 1.2 2.9 6.8
ROACE (PBIT/ average capital employed) 5.3 7.5 9.6 11.2 9.7 18
ROAE (net profit / average net worth) 3.4 6.8 8.4 10.5 8.7 16
Current ratio 2.9 3.1 3.1 3.3 2.7 14
Debt equity ratio (total debt / net worth) 1.1 0.7 0.9 0.7 0.4 12
Debt equity ratio (long term debt / net worth) 0.6 0.5 0.6 0.4 0.2 10
Dividend per share 4 5.8 5.5 5 4 8
Dividend incl. dividend tax (as % to net profit) 30.9 26.3 26 25.5 24.1 6
EPS (weighted average) 14.5 26.1 25.6 24.5 18.3 4
CEPS (weighted average) 29.7 43.9 41 38.2 31 2
Book value per share 433.8 424 335 264 226 0
No. of equity shareholders 155,497 155,028 164,603 89,287 94,137 - 09 - 08 - 07
Closing price as on 31st March - NSE 445 1,396.20 1,070.90 748 402.3 08 07 06
20 20 20
Market capitalisation (NSE) 4,227.40 13,265 9,992 6,246 2,409
Price earning ratio (NSE) 30.8 53.6 41.8 30.6 22
Price / book value ratio (NSE) 1 3.3 3.2 2.8 1.8
Exports (FOB) 636.2 624.3 482.6 460.1 447.4
Capital expenditure (net) 268.8 224.8 293.9 199.9 153.7
Strategic investments (net additions) 1,073.10 435.4 2,063.60 791.9 36.7
 18
16
14
12
Operating margin
10
Gross profit
8 margin
6 Net profit margin
4
2
0
- 09 - 08 - 07 - 06 - 05 Op
08 07 06 05 04
20 20 20 20 20 18
16
14
12
10
8
6
4
2
0
9 8 7 06
8 -0 7 -0 6 -0 - 4-
0
00 00 00 05 0
2 2 2 20 20
 Operating margin
18
16
14
12
10
8 Operating
6 margin
4
2
0
9 8 7 06 05
8 -0 7 -0 6 -0 - -
00 00 00 05 04
2 2 2 20 20
Aditya Birla Nuvo Ltd.
Ratios

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Per share ratios

Adjusted EPS (Rs) 11.19 17.78 18.56 28.92 19.46

Adjusted cash EPS (Rs) 28.66 32.63 31.46 47.59 32.93
Reported EPS (Rs) 14.46 25.58 24.11 31.21 18.99
Reported cash EPS (Rs) 31.93 40.44 37.01 49.88 32.46
Dividend per share 4 5.75 5.5 5 4
Operating profit per share (Rs) 59.42 61.55 58.33 68.51 41.7
Book value (excl rev res) per share (Rs) 394.09 383.79 334.87 364.67 226.11
Book value (incl rev res) per share (Rs.) 394.09 383.79 334.87 364.67 226.11
Net operating income per share (Rs) 503.75 413.96 366.62 441.78 311.58
Free reserves per share (Rs) 378.8 370.52 321.61 346.34 206.9

Profitability ratios
Operating margin (%) 11.79 14.86 15.91 15.5 13.38
Gross profit margin (%) 8.32 11.28 12.39 11.28 9.21
Net profit margin (%) 2.83 6.12 6.45 6.97 6.04
Adjusted cash margin (%) 5.62 7.8 8.42 10.63 10.49
Adjusted return on net worth (%) 2.84 4.63 5.54 7.93 8.6
Reported return on net worth (%) 3.67 6.66 7.2 8.55 8.39
Return on long term funds (%) 7.13 8.75 10.16 11.08 11.15

Leverage/solvency ratios
Long term debt / Equity 0.71 0.5 0.52 0.37 0.21
Total debt/equity 1.2 0.75 0.9 0.71 0.36
Owners fund as % of total source 45.42 57.06 52.45 58.27 73.3
Fixed assets turnover ratio 1.55 1.35 1.39 1.17 1.52

Liquidity ratios
Current ratio 2.33 2.31 2.22 2.41 1.84
Current ratio (inc. st loans) 0.71 1.04 0.63 0.93 0.9
Quick ratio 1.54 1.44 1.46 1.61 0.93
Inventory turnover ratio 7.51 5.99 8.4 5.78 5.93

Payout ratios
Dividend payout ratio (net profit) 30.87 26.29 26.01 25.46 24.06
Dividend payout ratio (cash profit) 13.98 16.63 16.94 15.93 14.07
Earning retention ratio 60.1 62.18 66.22 72.52 76.51
Cash earnings retention ratio 84.42 79.39 80.07 83.3 86.13

Coverage ratios
Adjusted cash flow time total debt 16.52 8.85 9.65 5.49 2.5
Financial charges coverage ratio 2.14 3.04 3.1 6.48 11.49
Fin. charges cov.ratio (post tax) 2.04 2.88 2.77 5.36 9.47

Component ratios
Material cost component (% earnings) 57.44 56.87 56.04 57.11 55.95
Selling cost Component 6.69 6.48 6.41 7.52 9.24
Exports as percent of total sales 13.39 16 14.31 17.39 23.83
Import comp. in raw mat. consumed 61 59.49 58.39 55.62 62.4
Long term assets / total Assets 0.75 0.71 0.77 0.61 0.64
Bonus component in equity capital (%) 24.59 24.59 25.04 39.02 39.02