sisili.rahman@uap-bd.

edu
Particulars 2010 2011
Sales 6,490,847,353 7,890,241,843
Cost of Goods Sold 3,317,640,254 4,103,709,021
Gross Profit 3,173,207,099 3,786,532,822

Operating Expenses 1,537,426,907 1,798,053,124

Administrative Expenses 233,413,980 275,201,846
Selling Marketing & distribution Expenses 1,304,012,927 1,522,851,278
Profit from Operation 1,635,780,192 1,988,479,698
Other Income 456,011,134 340,907,774
Finance Cost 662,182,384 567,645,757
Profit before Contribution to WPP & Welfare Funds 1,429,608,942 1,761,741,715
Contribution to WPP & Welfare Funds 68,076,616 83,892,463
Profit before Tax 1,361,532,326 1,677,849,252
Income Tax Expense 309,883,518 479,323,910
Current Tax 71,085,835 207,549,905
Deferrede Tax 238,797,683 271,774,005
Profit of the Year 1,051,648,808 1,198,525,342

Weighted average no. of Shares 203,413,696 251,791,038

Earning per share 5.17 4.76

Depreciation 26,810,763 23,559,604

Dividend 273,660,660 419,613,010
 2012 2013 2014
9,289,115,284 10,490,699,094 11,206,885,677
4,899,713,857 5,651,898,878 6,102,694,323
4,389,401,427 4,838,800,216 5,104,191,354

2,181,521,867 2,514,527,446 2,686,014,518

332,225,347 375,565,912 398,762,237
1,849,296,520 2,138,961,534 2,287,252,281
2,207,879,560 2,324,272,770 2,418,176,836
442,847,713 510,588,200 521,171,647
645,406,575 636,587,090 724,314,963
2,005,320,698 2,198,273,880 2,215,033,520
95,491,462 104,679,709 105,477,787
1,909,829,236 2,093,594,171 2,109,555,733
590,439,908 688,831,391 581,258,160
445,712,907 324,415,546 436,782,844
144,727,001 364,415,845 144,475,316
1,319,389,328 1,404,762,780 1,528,297,573

304,708,852 350,314,908 368,264,475

4.33 4.01 4.15

20,719,074 18,235,282 16,061,652

528,712,400 456,958,570 525,502,357
 2010 2011
ASSETS
Non-Current 15,180,731,678 15,884,877,780
Property Plant Equipment-Carrying Value 15,123,306,298 15,745,492,625
Intangible assets 51,126,854 135,933,879
Investment in Shares 6,298,526 3,451,276

Curent Assets 6,191,667,831 7,148,462,753

Inventories 1,983,809,444 2,291,844,631
Spares & Supplies 276,520,188 325,881,244
Account Recivables 821,356,439 978,224,317
Loan, Advance & Deposit 779,129,620 840,320,705
Short Time Investment 859,403,704 2,193,423,560
Cash & Cash Equivilants 1,471,448,436 518,768,296

Total Assets 21,372,399,509 23,033,340,533

EQUITY & LIABILITIES

Shareholder's equity 15,974,086,451 17,128,128,177
Issued Share Capital 2,098,065,090 2,517,678,100
Share Premium 5,269,474,690 5,269,474,690
Exess of Issue Price over Face Value of GDRs 1,689,636,958 1,689,636,958
Capital Reserve on Merge 294,950,950 294,950,950
Revaluation Surplus 1,534,645,820 1,466,602,600
Fair Value Gain on Invesment
Retained Earnings 5,087,312,943 5,889,784,879

Non-Current Liabilities 2,885,155,826 3,257,050,368

Long Term Borrowings-Net off Curent Maturity 1,902,150,733 1,890,074,651
Liability for Gratuity & WPPF 335,885,792 403,598,795
Deffered Tax laibility 647,119,301 963,376,922

Current liability & Provisons 2,513,157,232 2,648,161,988

Short Term Borrowings 1,639,961,052 1,642,216,008
Long Term Borrowings -Curent Maturity 348,860,443 363,744,181
Creditors & Other Payables 432,315,660 523,798,136
Accured Expenses 90,512,178 101,559,917
Dividend Payable 1,507,899 1,361,452
Income Tax Payable 15,482,294

Total Equity and Laibilities 21,372,399,509 23,033,340,533

 2012 2013 2014

16392388639 18,567,329,474 20,634,246,854

16201858216 18,364,313,070 20,393,278,737
187079147 198,223,509 235,208,190
3451276 4,792,895 5,759,927

8197421953 8,903,422,328 8,366,279,107

2433987981 2,411,881,986 2,493,657,338
396175790 433,352,407 554,183,898
1162404807 1,249,434,697 1,397,498,648
965276373 1,186,637,111 1,223,673,153
2686598326 3,026,383,161 2,475,026,831
552978676 595,732,966 222,239,239

24589810592 27,470,751,802 29,000,525,961

18408161859 19,775,552,465 20,920,185,325

3046390500 3,503,349,070 3,678,516,520
5269474690 5,269,474,690 5,269,474,690
1689636958 1,689,636,958 1,689,636,958
294950950 294,950,950 294,950,950
1406527880 1,349,578,805 1,299,220,315
1,341,619 2,308,651
6701180881 7,667,220,373 8,686,077,241

3116703964 3,312,618,059 3,372,593,206

1469621611 1,151,400,702 901,709,327
499622784 610,628,150 741,522,518
1147459569 1,550,589,207 1,729,361,361

3064944769 4,382,581,278 4,707,747,430

1526449918 2,776,266,125 3,153,121,293
664712728 754,903,558 663,838,072
470097685 383,170,553 357,710,839
128598961 141,582,304 164,283,115
1020948 973,367 454,720
274064529 325,685,371 368,339,391

24589810592 27,470,751,802 29,000,525,961

 DU PONT ANALYSIS
2010 2011 2012

EBIT 2,023,714,710 2,245,495,009 2,555,235,811

Net sales 6,490,847,353 7,890,241,843 9,289,115,284
Operating profit margin 0.3117797415 0.2845914046 0.2750784906
Net sales 6,490,847,353 7,890,241,843 9,289,115,284
Total asset 21,372,399,509 23,033,340,533 24,589,810,592
Total asset turnover 0.3037023218 0.3425574259 0.3777627831
EBT 1,361,532,326 1,677,849,252 1,909,829,236
EBIT 2,023,714,710 2,245,495,009 2,555,235,811
Interest burden 0.6727886689 0.7472068498 0.7474179987
Net income 1,051,648,808 1,198,525,342 1,319,389,328
EBT 1,361,532,326 1,677,849,252 1,909,829,236
After tax retentio rate 0.7724009103 0.7143224223 0.6908415177
Total asset 21,372,399,509 23,033,340,533 24,589,810,592
Equity 15,974,086,451 17,128,128,177 18,408,161,859
Financial leverage 1.3379418957 1.344766941 1.3358102118

ROE 0.0658346761 0.0699740993 0.0716741486

T ANALYSIS
2013 2014

2,730,181,261 2,833,870,696
10,490,699,094 11,206,885,677
0.2602477906 0.2528687075
10,490,699,094 11,206,885,677
27,470,751,802 29,000,525,961
0.38188613 0.386437325
2,093,594,171 2,109,555,733
2,730,181,261 2,833,870,696
0.7668333971 0.7444078998
1,404,762,780 1,528,297,573
2,093,594,171 2,109,555,733
0.6709814153 0.7244641841
27,470,751,802 29,000,525,961
19,775,552,465 20,920,185,325
1.3891268955 1.3862461307

0.0710353242 0.0730537301
Year Operating profit margin Total asset turnover Interest burden
2010 0.3117797415 0.3037023218 0.6727886689
2011 0.2845914046 0.3425574259 0.7472068498
2012 0.2750784906 0.3777627831 0.7474179987
2013 0.2602477906 0.38188613 0.7668333971
2014 0.2528687075 0.386437325 0.7444078998

Sensitivity of Operating Profit Margin

Year Operating profit margin Total asset turnover Interest burden

2010 0.3117797415 0.3037023218 0.6727886689
2011 0.2845914046 0.3037023218 0.6727886689
2012 0.2750784906 0.3037023218 0.6727886689
2013 0.2602477906 0.3037023218 0.6727886689
2014 0.2528687075 0.3037023218 0.6727886689

Sensitivity of Total Asset Turnover

Year Operating profit margin Total asset turnover Interest burden

2010 0.3117797415 0.3037023218 0.6727886689
2011 0.3117797415 0.3425574259 0.6727886689
2012 0.3117797415 0.3777627831 0.6727886689
2013 0.3117797415 0.38188613 0.6727886689
2014 0.3117797415 0.386437325 0.6727886689

Sensitivity of Interest Burden

Year Operating profit margin Total asset turnover Interest burden

2010 0.3117797415 0.3037023218 0.6727886689
2011 0.3117797415 0.3037023218 0.7472068498
2012 0.3117797415 0.3037023218 0.7474179987
2013 0.3117797415 0.3037023218 0.7668333971
2014 0.3117797415 0.3037023218 0.7444078998

Sensitivity of After Tax Retentio

Year Operating profit margin Total asset turnover Interest burden

2010 0.3117797415 0.3037023218 0.6727886689
2011 0.3117797415 0.3037023218 0.6727886689
2012 0.3117797415 0.3037023218 0.6727886689
2013 0.3117797415 0.3037023218 0.6727886689
2014 0.3117797415 0.3037023218 0.6727886689

Sensitivity of Financial Leverage

Year Operating profit margin Total asset turnover Interest burden

2010 0.3117797415 0.3037023218 0.6727886689
2011 0.3117797415 0.3037023218 0.6727886689
2012 0.3117797415 0.3037023218 0.6727886689
2013 0.3117797415 0.3037023218 0.6727886689
2014 0.3117797415 0.3037023218 0.6727886689
 After tax retentio rate Financial leverage ROE
0.7724009103 1.3379418957 0.0658346761
0.7143224223 1.344766941 0.0699740993
0.6908415177 1.3358102118 0.0716741486
0.6709814153 1.3891268955 0.0710353242
0.7244641841 1.3862461307 0.0730537301

ty of Operating Profit Margin

After tax retentio rate Financial leverage ROE Change in ROE Average
0.7724009103 1.3379418957 0.0658346761
0.7724009103 1.3379418957 0.0600936509 -0.0872036674
0.7724009103 1.3379418957 0.0580849264 -0.0334265685 -0.050724683
0.7724009103 1.3379418957 0.0549533107 -0.0539144298
0.7724009103 1.3379418957 0.0533951609 -0.0283540663

vity of Total Asset Turnover

After tax retentio rate Financial leverage ROE Change in ROE Average
0.7724009103 1.3379418957 0.0658346761
0.7724009103 1.3379418957 0.0742574408 0.1279381201
0.7724009103 1.3379418957 0.0818890364 0.1027721325 0.0633857758
0.7724009103 1.3379418957 0.0827828696 0.0109151752
0.7724009103 1.3379418957 0.0837694489 0.0119176756

sitivity of Interest Burden

After tax retentio rate Financial leverage ROE Change in ROE Average
0.7724009103 1.3379418957 0.0658346761
0.7724009103 1.3379418957 0.0731167501 0.1106115254
0.7724009103 1.3379418957 0.0731374117 0.0002825842 0.0269066119
0.7724009103 1.3379418957 0.075037275 0.0259766268
0.7724009103 1.3379418957 0.0728428632 -0.0292442888

Sensitivity of After Tax Retention Rate

After tax retentio rate Financial leverage ROE Change in ROE Average
0.7724009103 1.3379418957 0.0658346761
0.7143224223 1.3379418957 0.060884425 -0.0751921537
0.6908415177 1.3379418957 0.058883058 -0.0328715771 -0.014275789
 0.6709814153 1.3379418957 0.0571903057 -0.0287476967
0.7244641841 1.3379418957 0.0617488461 0.0797082715

ivity of Financial Leverage

After tax retentio rate Financial leverage ROE Change in ROE Average
0.7724009103 1.3379418957 0.0658346761
0.7724009103 1.344766941 0.0661705088 0.0051011522
0.7724009103 1.3358102118 0.0657297846 -0.0066604323 0.009070073
0.7724009103 1.3891268955 0.0683532817 0.0399133673
0.7724009103 1.3862461307 0.068211531 -0.0020737952
 SD CV

0.026711795 -0.526603497

SD CV

0.060883549 0.9605238383

SD CV

0.060191749 2.237061625

SD CV

0.066078354 -4.628700652
 SD CV

0.021124202 2.3290002219
 EXPLANATION
From the sensitivity analysis we can see that the average change in ROE Is highest
Which means that Total Asset Turnover has highest im
hange in ROE Is highest when the Sensitivity of Total Asset Turnover changes. Which means that
Turnover has highest impact on ROE.