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Hindustan Unilever Ltd (NBB: HINL F)

Exchange rate used is that of the Year End reported


date

As Reported Annual Income Statement


Report Date 03/31/2010 03/31/2009
Currency INR INR
Audit Status Not Qualified Not Qualified
Consolidated Yes Yes
Scale Thousands Thousands
Sales 177,642,700 205,011,025
Other income 3,439,700 5,581,247
Total income 181,082,400 210,592,272
Operating expenses 151,883,600 177,981,966
Depreciation 1,919,400 1,999,750
Interest expense 74,700 264,479
Total expenditure 153,877,700 180,246,195
Profit before taxation 27,204,700 30,346,077
Current tax 6,370,500 5,446,351
Deferred tax 201,500 47,388
Fringe benefit tax - 381,837
Adjustments of previous years, net 419,300 483,525
Taxation for the year - -
Profit after taxation before exceptional / extraordinary items
21,052,000 24,954,026
Exceptional/extraordinary items (net of tax) 594,100 145,299
Profit before minority interests 21,646,100 25,099,325
Minority interests (79,800) (54,274)
Net profit 21,566,300 25,045,051
Weighted average shares outstanding - basic 2,180,819.678 2,178,639.191
Weighted average shares outstanding - diluted 2,183,954.984 2,183,140.719
Year end shares outstanding 2,181,686.781 2,179,876.077
Earnings (loss) per share -basic 9.89 11.5
Earnings (loss) per share - diluted 9.87 11.47
12/31/2007 12/31/2006 12/31/2005 12/31/2004
INR INR INR INR
Not Qualified Not Qualified Not Qualified Not Qualified
Yes Yes Yes Yes
Thousands Thousands Thousands Thousands
139,134,028 124,109,761 115,658,260 105,982,001
4,531,403 3,929,188 3,133,787 3,036,107
143,665,431 128,038,949 118,792,047 109,018,108
120,091,707 107,989,083 101,294,614 91,080,671
1,419,060 1,356,661 1,383,752 1,956,795
264,858 139,666 242,056 1,362,494
121,775,625 109,485,410 102,920,422 94,399,960
21,889,806 18,553,539 15,871,625 14,618,148
3,464,761 2,729,538 2,376,144 2,842,366
396,518 228,179 413,952 510,650
402,293 359,731 313,429 -
50,494 (4,602) 460,160 139,933
- - - -
- - - -
- - - -
- - - -
- - - -
17,676,728 15,231,489 13,228,260 11,405,065
2,204,577.163 2,205,519.601 2,201,243.793 2,201,243.793
2,204,577.163 2,205,519.601 2,201,243.793 2,201,243.793
2,177,463.355 2,206,776.097 2,201,243.793 2,201,243.793
8.69 8.57 6.16 5.49
8.69 8.57 6.16 5.49
12/31/2003 12/31/2002 12/31/2001 12/31/2000
INR INR INR INR
Not Qualified Not Qualified Not Qualified Not Qualified
Yes No Yes No
Thousands Thousands Thousands Thousands
108,369,478 99,548,530 109,718,969 106,037,896
4,318,247 3,845,422 3,817,905 3,450,730
112,687,725 103,393,952 113,536,874 109,488,626
88,408,332 79,989,950 92,579,113 91,396,837
1,999,869 1,341,006 1,446,597 1,309,385
691,176 91,840 77,442 131,473
91,099,377 81,422,796 94,103,152 92,837,695
21,588,348 21,971,156 19,433,722 16,650,931
4,439,612 4,589,400 3,976,900 3,550,000
625,193 209,100 47,300 -
- - - -
479,950 - - -
- - - -
- - - -
- - - -
- - - -
- - - -
17,003,493 17,172,656 15,409,522 13,100,931
2,201,243.793 - - -
2,201,243.793 - - -
2,201,243.793 2,201,243.793 2,201,243.793 2,200,595.07
7.67 7.98 7.46 5.95
7.67 7.98 7.46 -
12/31/1999 12/31/1998 12/31/1997 12/31/1996
INR INR INR INR
Not Qualified Not Qualified Not Qualified Not Qualified
No No No No
Thousands Thousands Thousands Thousands
101,424,884 94,818,486 78,197,084 66,001,079
3,189,800 2,447,361 1,838,731 1,180,791
104,614,684 97,265,847 80,035,815 67,181,870
89,223,825 84,658,230 70,614,787 60,006,782
1,287,586 1,010,453 579,537 552,586
223,877 292,810 338,947 570,030
90,735,288 85,961,493 71,533,271 61,129,398
13,879,396 11,304,354 8,502,544 6,052,472
- - - -
- - - -
- - - -
- - - -
3,180,000 2,930,000 2,700,000 1,925,500
- - - -
- - - -
- - - -
- - - -
10,699,396 8,374,354 5,802,544 4,126,972
- - - -
- - - -
219,569.495 199,167.286 199,167.286 145,839
4.86 36.7 28.14 20.8
- - - -
12/31/1995 12/31/1994 12/31/1993 12/31/1992
INR INR INR INR
Not Qualified Not Qualified Not Qualified Not Qualified
Yes Yes Yes Yes
Thousands Thousands Thousands Thousands
33,669,474 28,264,825 20,631,674 17,570,280
666,987 562,142 297,566 119,970
34,336,461 28,826,967 20,929,240 17,690,250
30,176,634 25,268,826 18,207,095 15,512,568
236,131 235,617 222,166 196,005
201,484 295,398 272,273 321,916
30,614,249 25,799,841 18,701,534 16,030,489
3,722,212 3,027,126 2,227,706 1,659,761
- - - -
- - - -
- - - -
- - - -
1,330,000 1,127,500 955,000 675,000
- - - -
- - - -
- - - -
- - - -
2,392,212 1,899,626 1,272,706 984,761
- - - -
- - - -
145,839 145,839 139,987 -
16.4 13.02 9.09 7.03
- - - -
Net Sales in Thousands starting from 2010 till 1992

Year +1 Year
### ###
### ###
### ###
### ###
### ###
### ###
### 99,548,530
99,548,530 ###
### ###
### ###
### 94,818,486
94,818,486 78,197,084
78,197,084 66,001,079
66,001,079 33,669,474
33,669,474 28,264,825
28,264,825 20,631,674
20,631,674 17,570,280
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.93
R Square 0.86
Adjusted R Square 0.85
Standard Error ###
Observations 16

ANOVA
df SS MS F Significance F
Regression 1 2.66E+016 2.66E+016 88.18 0
Residual 14 4.23E+015 ###
Total 15 3.09E+016

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%Lower 95.0%
Intercept 5201827.96 10604286.69 0.49 0.63 -17542104.91 ### ###
205011025 1.08 0.11 9.39 0 0.83 1.32 0.83

From B18, growth rate in net sales calculated from regression = 7.72%
Upper 95.0%
###
1.32
Last Market Sales Net Profit Total Debt Equity
Price Cap. Assets
(Rs. cr.) Turnover
Dabur
India 96.35 16,771.87 2,874.60 433.15 855.45 106.07 749.38
Godrej
Consumer 403.6 13,060.10 1,267.88 248.12 839.87 12.4 827.47
Colgate 863.9 11,748.42 1,770.82 290.22 330.7 4.59 326.11
Marico 125.25 7,693.56 2,030.85 235.02 948.58 376.92 571.66
Emami 403.45 6,104.67 1,006.86 165.4 874.02 253.25 620.78
P and G 1,792.00 5,816.96 904.46 179.76 534.65 0.00 534.64
Jyothy
Labs 275.9 2,224.64 579.87 80.05 399.1 0.17 398.92
###

Industry Beta0.45
D/E for HUL 0
HUL Beta 0.45 HUL Beta is same as Industry beta since its D/E=0
Market Return
14.03%
Bond Rate 7.84%
Cost of Equity
10.63%
Cost of Debt0.00%
Cost of Capital
10.63%
D/E Beta Unlevered Weight
Beta

0.14 0.47 0.41 0.26

0.01 0.54 0.53 0.21


0.01 0.36 0.35 0.19
0.66 0.46 0.28 0.12
0.41 0.76 0.54 0.1
0 0.6 0.6 0.09

0 0.76 0.76 0.04

beta since its D/E=0


Long Term
Growth
Rate 5%
Long Term
rate of
return 11%

2009 2010 2011 2012


SALES (Rs. Crores) 17,523.80 18,877.39 20,335.54
Fixed asset turnover ratio 7.19 7.19 7.19
Net Fixed Assets (Rs. Crores) 2436.06 2624.23 2826.93
Gross Fixed Assets (Rs. Crores) 3581.96 3463.74 3731.29
Depreciation % 31.99% 31.99% 31.99%
Total asset turnover ratio 6.78 6.78 6.78
Total assets (Rs. Crores) 2583.53 2783.09 2998.06
Investment (Rs. Crores) 1264.08
Deferred tax assets (Rs. Crores) 451.13
Deferred tax liabilities 202.31
Net current assets (Rs. Crores) -1365.43 158.86 171.13
D/E 0 0 0
EBIT (Rs. Crores) 2813.40 3265.08 3782.19
Return 0.16 0.16 0.16
EBT (Rs. Crores) 2813.40 3265.08 3782.19
Tax Rate 35% 35% 35%
Taxes (Rs. Crores) 984.69 1142.78 1323.77
EAT (Rs. Crores) 1828.71 2122.30 2458.42
Capex (Rs. Crores) 357.23 384.82 414.54
Sales to Capex Ratio 49.05 49.06 49.06
Current Assets (Rs. Crores) 5601 5367.76
Current Liabilities (Rs. Crores) 5783.8 6733.21
Working Capital (Rs. Crores) -182.8 -1365.45
Change in WC (Rs. Crores) -1182.65 -1274.00 -1372.41
Sales to change in WC -14.82 -14.82 -14.82

Free cash flow to firm (Rs. Crores) 2654.13 3011.49 3416.29


Continuing Value (Rs. Crores)
Cost of Capital 10.63% 10.63%
PV (Rs. Crores) 2722.18 2791.43
Total PV upto 2015 ###
PV of CV (Rs. Crores) ###
Enterprise Value (Rs. Crores) ###
2013 2014 2015
21,906.32 23,598.43 25,421.25
7.19 7.19 7.19
3045.29 3280.52 3533.92
4019.51 4329.99 4664.45
31.99% 31.99% 31.99%
6.78 6.78 6.78
3229.64 3479.11 3747.84

184.35 198.59 213.92


0 0 0 Remark: The Debt to Equity ratio has been very l
4381.19 5075.06 5878.81
0.16 0.16 0.16
4381.19 5075.06 5878.81
35% 35% 35%
1533.42 1776.27 2057.58
2847.77 3298.79 3821.23
446.56 481.06 518.22 Refer Page 65 in annual report HUL
49.06 49.06 49.06

-1478.42 -1592.62 -1715.63


-14.82 -14.82 -14.82

3879.63 4410.34 5018.65


87826.32
10.63% 10.63% 10.63%
2865.48 2944.53 3028.77
Equity ratio has been very low, near to zero for the past many years.

al report HUL