final nestle inc32

8/7/2019 Final Nestle Inc32

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Project on Nestle Inc.

Good Food, Good Life

Presented by:

Presented to:

Global Institute of Management


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General Information



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Chapter -1

1.1 Introduction:

Nestl S.A. (French pronunciation: nestle is the largest consumer

packaged goods company in the world, founded and headquartered in Vevey,

Switzerland. Nestl originated in a 1905 merger of the Anglo-Swiss Milk

Company, which was established in 1866 by brothers George Page and Charles

Page, and the Farine Lacte Henri Nestl Company.

This was founded in 1866 by Henri Nestl. The company grew

significantly during the First World War and following the Second World War,

eventually expanding its offerings beyond its early condensed milk and infantformula products. Today, the company operates in 86 countries around the world

and employs nearly 283,000 people.

English-speaking countries the French version of "Nestl" is increasingly

common pronounced Nestleis. However, the dominant pronunciation in those

countries throughout the 20th century has been Nesels, as in the English verb

"nestle". This pronunciation was reinforced in the 60s television advertisement

jingle for Nesel 's Milky Bar.



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1.2 History:

The company dates to 1867, when two separate Swiss enterprises were

founded that would later form the core of Nestl. In the succeeding decades the

two competing enterprises aggressively expanded their businesses throughout

Europe and the United States.

In August 1867 Charles A and George Page, two brothers from Lee

County, Illinois, USA established the Anglo-Swiss Condensed Milk Company in

Cham. Their first British operation was opened at Chippenham, Wiltshire in 1873.

[3]

In September 1867, in Vevey, Henri Nestl developed a milk-based baby

food and soon began marketing it. The following year, 1868, saw Daniel Peter

begin seven years of work perfecting his invention, the milk chocolate

manufacturing process; M. Nestl's was the crucial cooperation M. Peter needed

to solve the problem of removing all the water from the milk added to hischocolate and thus preventing the product from developing mildew. Henri Nestl

retired in 1875, but the company, under new ownership, retained his name as

Farine Lacte Henri Nestl.



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1.3 History 1866 - 1905:

Original Nestle Chocolat advertisement

The key factor which drove the early history of the enterprise that would become the

Nestl Company was Henri Nestl's search for a healthy, economical alternative to breastfeeding

for mothers who could not feed their infants at the breast.

In the mid-1860s Nestl, a trained pharmacist, began experimenting with various

combinations of cow's milk, wheat flour and sugar in an attempt to develop an alternative source

of infant nutrition for mothers who were unable to breast feed. His ultimate goal was to help

combat the problem of infant mortality due to malnutrition.

He called the new product Farine Lactee Henri Nestl. Nestl's first customer was a

premature infant who could tolerate neither his mother's milk nor any of the conventional

substitutes, and had been given up for lost by local physicians. People quickly recognized the

value of the new product, after Nestl's new formula saved the child's life and within a few years,

Farine Lactee Nestl was being marketed in much of Europe.

Henri Nestl also showed early understanding of the power of branding. He had adopted

his own coat of arms as a trademark; in his German dialect, Nestl means 'little nest'. One of his

agents suggested that the nest could be exchanged for the white cross of the Swiss flag. Hisresponse was firm: "I regret that I cannot allow you to change my nest for a Swiss cross .... I

cannot have a different trademark in every country; anyone can make use of a cross, but no-one

else may use my coat of arms."



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Meanwhile, the Anglo-Swiss Condensed Milk Company, founded in 1866 by Americans

Charles and George Page, broadened its product line in the mid-1870s to include cheese and

infant formulas.

The Nestl Company, which had been purchased from Henri Nestl by Jules Monnerat in

1874, responded by launching a condensed milk product of its own. The two companies

remained fierce competitors until their merger in 1905.

Some other important firsts occurred during those years. In 1875 Vevey resident DanielPeter figured out how to combine milk and cocoa powder to create milk chocolate. Peter, a friend

and neighbor of Henri Nestl, started a company that quickly became the world's leading maker

of chocolate and later merged with Nestl. In 1882 Swiss miller Julius Maggi created a food

product utilizing legumes that was quick to prepare and easy to digest.

His instant pea and bean soups helped launch Maggi & Company. By the turn of the

century, his company was producing not only powdered soups, but also bouillon cubes, and

sauces and flavorings.



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1.4 History 1905 - 1918:

Condensed milk tin

The Company formed by the 1905 merger was called the Nestl and Anglo-Swiss Milk

Company. By the early 1900s, the Company was operating factories in the United States, Britain,Germany and Spain. In 1904, Nestl added chocolate to its range of food products after reaching

an agreement with the Swiss General Chocolate Company.

Condensed-milk exports increased rapidly as the Company replaced sales agents with

local subsidiary companies. In 1907, the Company began full-scale manufacturing in Australia,

its second-largest export market. Warehouses were built in Singapore, Hong Kong, and Bombay

to supply the rapidly growing Asian markets.

Most production facilities remained in Europe, however, and the onset of World War I

brought severe disruptions. Acquiring raw materials and distributing products became

increasingly difficult. Fresh-milk shortages throughout Europe forced factories to sell almost alltheir supplies to meet the needs of local towns.

Nevertheless, the war created tremendous new demand for dairy products, largely in the

form of government contracts. To keep up, Nestl purchased several existing factories in the

United States. By war's end, the Company had 40 factories, and its world production had more

than doubled since 1914.



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1.5 History 1918 - 1938:

Nescafe Box

The end of World War I brought with it a crisis for Nestl. Government contracts dried

up following the cessation of hostilities, and civilian consumers who had grown accustomed to

condensed and powdered milk during the war switched back to fresh milk when it became

available again. In 1921, the Company recorded its first loss. Rising prices for raw materials, the

worldwide postwar economic slowdown, and deteriorating exchange rates deepened the gloom.

Nestl's management responded quickly, bringing in Swiss banking expert Louis Dapples

to reorganize the Company. He streamlined operations to bring production in line with sales and

reduced the Company's outstanding debt.

The 1920s also saw Nestl's first expansion beyond its traditional product line. The

manufacture of chocolate became the Company's second most important activity. New products

appeared steadily: malted milk, a powdered beverage called Milo, powdered buttermilk for

infants, and, in 1938, Nescaf.

The Brazilian Coffee Institute first approached Louis Dapples in 1930, seeking new

products to reduce Brazil's large coffee surplus. Eight years of research produced a soluble

powder that revolutionized coffee-drinking habits worldwide. Nescafe became an instant success

and was followed in the early 1940s by Nestea.



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1.6 History 1938 - 1944:

Old fashioned chocolate bar

The effects of the onset of World War II were felt immediately by Nestl. Profits dropped

from $20 million in 1938 to $6 million in 1939. Neutral Switzerland became increasingly

isolated in a Europe at war, and the Company transferred many of its executives to offices in

Stamford, Connecticut.

The first truly global conflict ended forever the traditional Company structure. Toovercome distribution problems in Europe and Asia, factories were established in developing

countries, particularly in Latin America.

Ironically, World War II helped speed the introduction of the Company's newest

product, Nescaf. After the United States entered the war, Nescafbecame a staple beverage of

American servicemen serving in Europe and Asia. Annual production levels reached one million

cases by 1943.

As in World War I, production and sales rose in the wartime economy: Nestl's total sales

jumped from $100 million in 1938 to $225 million in 1945. As the end of the war approached,

Nestl executives found themselves unexpectedly heading up a worldwide coffee concern, aswell a company built upon Nestl's more traditional businesses.



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1.7 History 1944 - 1975:

Old LOreal poster

The close of World War II marked the beginning of the most dynamic phase of Nestl's

history. Throughout this period, Nestl's growth was based on its policy of diversifying within

the food sector to meet the needs of consumers. Dozens of new products were added as growth

within the Company accelerated and outside companies were acquired.

In 1947, Nestl merged with Alimentana S.A., the manufacturer of Maggi seasonings and

soups, becoming Nestl Alimentana Company. The acquisition of Crosse & Blackwell, the

British manufacturer of preserves and canned foods, followed in 1960, as did the purchase of

Findus frozen foods (1963), Libby's fruit juices (1971) and Stouffer's frozen foods (1973).Meanwhile, Nescafcontinued its astonishing rise. From 1950 to 1959, sales of instant

coffee nearly tripled, and from 1960 to 1974, they quadrupled. The Company's total sales

doubled twice in the 15 years after World War II. The development of freeze-drying led to the

introduction, of Taster's Choice instant coffee, in 1966.



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Finally, Nestl management reached the decision to diversify for the first time outside the

food industry. In 1974, the Company became a major shareholder in L'Oral, one of the world's

leading makers of cosmetics.

1.8 History 1975 - 1981:

Alcon Logo

After the agreement with L'Oral in 1974, Nestl's overall position changed rapidly. For

the first time since the 1920s, the Company's economic situation deteriorated as the price of oil

rose and growth in the industrialized countries slowed. In addition, foreign exchange rates

deteriorated with the French franc, dollar, pound sterling, and mark all losing value relative to

the Swiss franc. Finally, between 1975 and 1977, the price of coffee beans quadrupled, and the

price of cocoa tripled. As in 1921, the Company was forced to respond quickly to a radically

changed marketplace.

Nestl's rapid growth in the developing world partially offset a slowdown in the

Company's traditional markets, but it also carried with it the risks associated with unstable

political and economic conditions. To maintain a balance, Nestl made its second venture outside

the food industry by acquiring Alcon Laboratories, Inc., a U.S. manufacturer of pharmaceutical

and ophthalmic products.

Taking such a step in a time of increased competition and shrinking profit margins

required boldness and vision. Even more than the L'Oral move, Alcon represented a leap intounknown waters for Nestl. But, as Group Chairman Pierre Liotard-Vogt noted, "Today we find

ourselves with a very wide range of activities, all of which have one thing in common: they all

contribute to satisfying the requirements of the human body in various ways."



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1.9 History 1981 - 1995:

Carnation logo

Under a new Chief Executive Officer, Helmut Maucher, Nestl approached the 1980s with a

renewed flexibility and determination to evolve. The Company's strategy for this period was

twofold: improve its financial situation through internal adjustments and divestments, and

continue its policy of strategic acquisitions.Thus, between 1980 and 1984, the Company divested a number of non-strategic or unprofitable

businesses. At the same time, Nestl managed to put an end to a serious controversy over its

marketing of infant formula in the Third World. This debate had led to a boycott of Nestl

products by certain lay and religious organizations. This issue is still alive in some quarters, but

there is no longer any significant boycott activity.

In 1984, Nestl's improved bottom line allowed the Company to launch a new round of

acquisitions, including a public offer of $3 billion for the American food giant Carnation. At the

time, the takeover, sealed in 1985, was one of the largest in the history of the food industry.

http://www.nestle.com/AboutUs/Management/HonoryChairman/Pages/HonoryChairman.aspxhttp://www.nestle.com/AboutUs/Management/HonoryChairman/Pages/HonoryChairman.aspx


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1.10 History 1990 - 2002:

The first half of the 1990s proved to be a favorable time for Nestl: trade barriers

crumbled and world economic markets developed into a series of more or less integrated trading

areas. The opening of Central and Eastern Europe, as well as China, and a general trend towards

liberalization of direct foreign investment was good news for a company with interests as far-

flung and diverse as Nestl. While progress since then has not been as encouraging, the overall

trends remain positive.

In July 2000, Nestl launched a Group-wide initiative called GLOBE (Global Business

Excellence), aimed at harmonizing and simplifying business process architecture; enablingNestl to realize the advantages of a global leader while minimizing the drawbacks of size.

There were two major acquisitions in North America in 2002: in July, Nestl announced

that the U.S. ice cream business was to be merged into Dreyer's, and in August, a USD 2.6bn

acquisition was announced of Chef America, Inc. , a leading U.S.-based hand-held frozen food

product business.

Also in 2002, the joint venture Dairy Partners Americas was set up with Fonterra; and

Laboratoires innov was set up, another joint venture, this time with L'Oral.



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1.11 History 2003 - 2009:

T

Bs

Marcolini & Jenny Craig logo

The year 2003 started well with the acquisition ofMvenpick Ice

Cream, enhancing Nestl's position as one of the world market leaders in the super premium

category.

In 2006, Jenny Craigand Uncle Toby's were added to the Nestl portfolio and 2007

saw Novartis Medical Nutrition, Gerberand Henniezjoin the Company.

Nestl entered into a strategic alliance with the Belgian chocolatierPierre Marcolini at

the end of that year. In 2008, Nestl began a process of sellingAlcon by divesting 24.8%

to Novartis.

In 2009, Nestl opened the Chocolate Centre of Excellence in Broc, Switzerland,

with Pierre Marcolinione of the master chocolatiers.



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1.12History 2010:

The new decade began with Nestl announcing the finalization of the sale of Alcon to

Novartis which was completed mid-year. This represented a remarkable investment on behalf of

Nestl shareholders. Immediately following the Alcon announcement, Nestl bought Krafts

frozen pizza business.

Further highlights were the launch of the Specialtea machine system and the completionof the CHF 25 billion share buyback programme and the announcement of a new CHF 10bn

programme.



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Chapter -22.1 Founders and Leader

Henri Nestel Founder

Henri Nestl:

In 1877 Anglo-Swiss added milk-based baby foods to its products, and in the following

year the Nestl Company added condensed milk, so that the firms became direct and fiercerivals.

In 1905 the companies merged to become the Nestl and Anglo-Swiss Condensed Milk

Company, retaining that name until 1947, when the name Nestl Alimentana SA was taken as a

result of the acquisition of Fabrique de ProduitsMaggi SA (founded 1884) and its holding

company, Alimentana SA of Kempttal, Switzerland.

Maggi was a major manufacturer of soup mixes and related foodstuffs. The companys

current name was adopted in 1977. By the early 1900s, the company was operating factories in

the United States, United Kingdom, Germany and Spain. World War I created new demand for

dairy products in the form of government contracts; by the end of the war, Nestl's production

had more than doubled.



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2.2 Founders and Leader

Peter Brabeck, Chairman of the Board of Directors, Nestl S.A.

Paul Bulcke, Chief Executive Officer, Nestl S.A.

Werner Bauer, Executive Vice President, Nestl S.A., Chief Technology Officer, Head of

Innovation, Technology, Research & Development



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Friz van Dijk, Executive Vice President, Nestl S.A. Asia, Oceania, Africa, Middle East

Luis Cantarell, Executive Vice President, Nestl S.A. United States of

America, Canada, Latin America, Caribbean

Jos Lopez, Executive Vice President, Nestl S.A. Operations, GLOBE

John J. Harris, Executive Vice President, Nestl S.A. Chairman & CEO of Nestl Waters



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Nandu Nandkishore, Executive Vice President, Nestl S.A. CEO of Nestl Nutrition

James Singh, Executive Vice President, Nestl S.A. Finance and Control, Legal, IP, Tax, Global

Nestl Business Services

Laurent Freixe, Executive Vice President, Nestl S.A. Europe



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Petraea Heynike, Executive Vice President, Nestl S.A. Strategic Business Units, Marketing,

Sales and Nespresso

Marc Caira, Deputy Executive Vice President, Nestl S.A. Head of Nestl Professional Strategic

Business Division

Jean-Marc Duvoisin, Deputy Executive Vice President Nestl S.A. Head of Human Resources

and Centre Administration

David Frick, Senior Vice President and ex officio Member of the Executive Board



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INDIAN PROFILE

Board of Directors

Mr. Antonio Helio Waszyk Chairman and Managing Director

Mr. Shobinder Duggal Director - Finance & Control

Mr. Christian Schmid Director - Technical

Mr. Pradip Baijal Non Executive Director

Mr. Michael W.O. Garrett Non Executive Director

Dr. Rakesh Mohan Non Executive Director

Mr. Ravinder Narain Non Executive Director

Dr. Swati A. Piramal Non-Executive Director

Mr. Richard SykesAlternate Director to Mr. Michael W.O Garrett

Audit Committee

Mr. Pradip Baijal Chairman

Mr. Michael W.O. Garrett Member

Mr. Ravinder Narain Member

Shareholder / Investor Grievance Committee

Mr. Ravinder Narain Chairman

Mr. Antonio Helio Waszyk Member

Company Secretary

Mr. B. Murli Senior Vice President - Legal & Company Secretary



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2.2 Mission & Strategy

Nestls objectives are to be recognised as the world leader in Nutrition, Health and

Wellness, trusted by all its stakeholders, and to be the reference for financial performance in its

industry.



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We believe that leadership is not just about size; it is also about behaviour. Trust, too, is

about behaviour; and we recognise that trust is earned only over a long period of time by

consistently delivering on our promises. These objectives and behaviours are encapsulated in the

simple phrase, Good Food, Good Life, a phrase that sums up our corporate ambition.

The Nestl Roadmap (pdf, 417 Kb) is intended to create alignment for our people behinda cohesive set of strategic priorities that will accelerate the achievement of our objectives. These

objectives demand from our people a blend of long-term inspiration needed to build for the

future and short-term entrepreneurial actions, delivering the necessary level of performance.

We are seeking to achieve leadership and earn that trust by satisfying the expectations of

consumers, whose daily choices drive our performance, of shareholders, of the communities in

which we operate and of society as a whole. We believe that it is only possible to create long-

term sustainable value for our shareholders if our behaviour, strategies and operations are also

creating value for the communities where we operate, for our business partners and, of course,

for our consumers. We call this Creating Shared Value.

We are investing for the future to ensure the financial and environmental sustainability of

our actions and operations: in capacity, in technologies, in capabilities, in people, in brands, in

R&D. Our aim is to meet todays needs without compromising the ability of future generations

to meet their needs, and to do so in a way which will ensure profitable growth year after year and

a high level of returns for our shareholders and society at large over the long-term.

http://www.nestle.com/Common/NestleDocuments/Documents/About_Us/Nestle_Roadmap.pdfhttp://www.nestle.com/CSV/Pages/CSV.aspxhttp://www.nestle.com/Common/NestleDocuments/Documents/About_Us/Nestle_Roadmap.pdfhttp://www.nestle.com/CSV/Pages/CSV.aspx


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2.3 Achievements

Nestl Malaysia was recognised for exemplary standards of corporate governance at the Malaysian Corporate

Governance (MCG) Index 2010 Awards last month.

Nestl Ghana was hailed in the Millennium Excellence Awards for its outstanding

contribution to sports development in schools at a ceremony last week.

Nestls dedication to food science and technology has been acknowledged by the

International Union of Food Science and Technology (IUFoST). The IUFoST has honoured

Nestl with its prestigious Presidents Award, which is given in recognition of efforts to advance

global food science and technology for the benefit of everyone.

Nestl was specifically praised for its leadership in providing quality, safe, nutritious

food products and services and in particular its food safety efforts and support of young scientists

in IUFoST. Werner Bauer, Nestls Executive Vice President and Chief Technology Officer,

received the award at IUFoSTs Global Food Industry Award ceremony on 23 August, held

during its two-day congress in Cape Town.

Nestl Lanka was honoured with the prestigious Swarna Lanka award for its drive

in boosting the dairy industry in Sri Lanka.

This award was presented to Alois Hofbauer, Managing Director for Nestl Lanka, by the

Honourable Chamal Rajapaksa, Speaker of Parliament, Sri Lanka at a ceremony last week.

Mr Hofbauer on the occasion said: In line with the governments mission to develop

rural communities and make the local dairy industry self sufficient, we are proud to be the top

private sector collector of fresh milk in the country.

Nestl was honoured for its dedication to the environment with a prestigious titleawarded by the International Charter (IC).

The IC a global organisation dedicated to helping companies do business in a socially

responsible way presented the Committed to the Environment award to Nestl for its good

progress in understanding its environmental impact, and driving an environmentally conscious

mode of business from the top down.



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In recognising companies that show leadership in managing their environmental impact;

five areas of assessment including Governance, Strategy, Performance, Products and Projects &

Initiatives, were reviewed to determine the evaluation process.

Nestl stands out as a global leader in the online Corporate Social Responsibility (CSR)

communications awards.

Led by Italian-based consultancy Lundquist, the CSR Online

Awards Global Leaders 2010 classification reveals for the second year

how the worlds most sustainable companies are communicating CSR

online.

Published earlier this week, Nestl lands second place for its

corporate website as a platform for CSR communication and

stakeholder engagement. The Company notched up a total of 72.5 points

out of 100 and climbed up from 43rd spot last year.Rated as a top performer in User Experience and Interactivity,

the report stated: Swiss food company Nestl stood out for its

interactivity and ongoing engagement, thanks to its blog, use of social

media and video, plus documentation about stakeholder engagement initiatives.



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2.4 Product line



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FINANCIAL

ANALYZE



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Chapter -33.1 - INTRODUCUTON OF FINANCE

The position of finance in business can be match with the position of bloodin the human body. Finance is the life blood of the business. Finance, today is notonly limited up to function that circulate business but also extended its boundaries.Today success or failure of any business concerned heavily depends upon howeffective finance management a firm has. It is the portfolio that gives maximumreturn at minimum cost. Further, different parties both inside and outside of thefirm are interested in financial position of firm and fixed interval they oftenevaluate financial position by assessing financial statement of firm.

FINANCIAL STUDY

This chapter deals with the following issues related to research study1. Project objective2. Project methodology

PROJECT OBJECTIVE

The aim of the project is to study working procedure and financial analysisof Dabur India ltd. The study will highlight the following objective.1. Study the ratio analysis of Dabur India ltd.

2. Study the cash flow analysis of Dabur India ltd.3. Study the Balance sheet and Profit & Loss A/C and analyzed it.

PROJECT METHODOLOGY

Financial analysis & technique.

As stated earlier success or failure of any firm heavily depends on itsfinancial management. The function of financial management is to manage theinflow and outflow of firm in such a way so that firm can carry out its objectiveeasily. For earning out the objective management also have to be familiar with thefinancial position of firm time by time. So for knowing of financial position

management has to go for financial analysis. Management can analyze firmsfinancial position by evaluating and analyzing financial statement of the firm



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Here we define some techniques of analyzing financial statements areas follows.

1. Comparative statement.2. Commonsize statement3. Trend analysis4. Ratio analysis5. Cash flow statement

By using this techniques management or any person who knowsthese techniquescan analyze the financial position with adequate data and interpret it

and alsoderiving conclusion from it.



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3.2 Balance sheet for fives years

3.2. (a) Assets of Nestle:

Years 2005 2006 2007 2008 200

Assets

Current assets 17,393.0 11,475.0 9,496.0 0.0 0.

Cash and cash equivalents 0.0 0.0 0.0 5,835.0 2,734.

Short-term investments 0.0 0.0 0.0 1,296.0 2,585.

Liquid assets

current income tax assets 889.0 1,045.Trade and other receivables 14,291.0 14,577.0 15,421.0 13,442.0 12,309.

Assets held for sale 633.0 74.0 22.0 8.0 11,203.

Inventories 8,162.0 8,029.0 9,272.0 9,342.0 7,734.

Derivative assets 645.0 556.0 754.0 1,609.0 1,671.

Prepayments and accrued income 641.0 594.0 805.0 627.0 589.

Total current assets (a) 41,765.0 35,305.0 35,770.0 33,048.0 39,870.

Non-current assets

Property, plant and equipment 18,834.0 20,230.0 22,065.0 21,097.0 21,599.

Investments in associates 7,073.0 8,430.0 8,936.0 7,796.0 8,693.

Deferred tax assets (a) 1,697.0 2,433.0 2,224.0 2,842.0 2,202.

Financial assets 2,513.0 2,778.0 4,213.0 3,868.0 4,162.

Employee benefits assets 673.0 343.0 811.0 60.0 230.

Goodwill 26,990.0 28,513.0 33,423.0 30,637.0 27,502.

Intangible assets 2,852.0 3,773.0 7,217.0 6,867.0 6,658.

Total non-current assets (b) 61,632.0 66,500.0 78,889.0 73,167.0 71,046.

Total assets (a+b) 103,397.0 101,805.0 114,659.0 106,215.0 110,916.



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3.2. (b) Liabilities of Nestle:

Years 2005 2006 2007 2008 2009

Liabilities and equity

Current liabilities

Trade and other payables (a) 11,117.0 12,572.0 14,179.0 12,608.0 13,033

Liabilities directly associated with

assets held for sale 38.0 0.0 7.0 2,890

Financial liabilities 18,805.0 15,494.0 24,541.0 15,383.0 14,438

Tax liabilities 705.0 884.0 856.0 824.0 1,173

Derivative liabilities 922.0 470.0 477.0 1,477.0 1,127

Provisions(current) 417.0 643

Accruals and deferred income (a) 4,231.0 3,059.0 3,266.0 2,931.0 2,779Total current liabilities (a) 35,818.0 32,479.0 43,326.0 33,640.0 36,083

Non-current liabilities

Financial liabilities 8,153.0 6,952.0 6,129.0 6,344.0 8,966

Employee benefits liabilities (a) 3,794.0 5,415.0 5,165.0 5,464.0 6,249

Deferred tax liabilities 665.0 706.0 1,398.0 1,341.0 1,404

Other payables 185.0 366.0 1,091.0 1,264.0 1,361

Provisions 3,347.0 3,039.0 3,316.0 3,246.0 3,222

Total non-current liabilities 16,144.0 16,478.0 17,099.0 17,659.0 21,202

Total liabilities 51,962.0 48,957.0 60,425.0 51,299.0 57,285

Equity

Share capital 404.0 401.0 393.0 383.0 365

Share premium and reserves:

Share premium 5,926.0 5,926.0 5,883.0 0.0 0

Reserve for treasury shares 2,616.0 4,550.0 7,839.0 0.0 0

Translation reserve -3,984.0 -5,205.0 -6,302.0 -11,103.0 -11,175

Retained earnings (a) 47,655.0 49,963.0 52,285.0 71,146.0 67,736

Treasury shares -2,770.0 -4,644.0 -8,013.0 -9,652.0 -8,011

Total equity attributable to the Group (a) 49,847.0 50,991.0 52,085.0 50,774.0 48,915

Minority interests (a) 1,588.0 1,857.0 2,149.0

Total equity (a) 51,435.0 52,848.0 54,234.0 54,916.0 53,631

Total liabilities and equity (a) 103,397.0 101,805.0 114,659.0 106,215.0 110,916



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3.3 Trend Analyze

Years 2005 2006 2007 2008 2009

Assets

Current assets 100.0 65.97 54.60 41.00 30.58

Liquid assets

current income tax assets

Trade and other receivables 100.0 102.00 107.91 94.06 86.13

Assets held for sale 100.0 11.69 3.48 1.26 1769.83

Inventories 100.0 98.37 113.60 114.46 94.76

Derivative assets 100.0 86.20 116.90 249.46 259.07

Prepayments and accrued income 100.0 92.67 125.59 97.82 91.89

Total current assets (a) 100.0 84.53 85.65 62.05 82.73

Non-current assets

Property, plant and equipment 100.0 107.41 117.16 112.02 114.68

Investments in associates 100.0 119.19 126.34 110.22 122.90

Deferred tax assets (a) 100.0 143.37 131.05 167.47 129.76

Financial assets 100.0 110.55 167.65 153.92 165.62

Employee benefits assets 100.0 50.97 120.51 8.92 34.18

Goodwill 100.0 105.64 123.83 113.51 101.90

Intangible assets 100.0 132.29 253.05 240.78 233.45

Total non-current assets (b) 100.0 107.90 128.00 118.72 115.27

Total assets (a+b) 100.0 98.46 110.89 102.73 107.27



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Years 2005 2006 2007 2008 2009


Current liabilities

Trade and other payables (a) 100.0 113.09 127.54 113.41 117.23Liabilities directly associated with

assets held for sale 100.0 0.00 18.42 0.00 7605.26

Financial liabilities 100.0 82.39 130.50 81.80 76.78

Tax liabilities 100.0 125.39 121.42 116.88 166.38

Derivative liabilities 100.0 50.98 51.74 160.20 122.23

Provisions(current)

Accruals and deferred income (a) 100.0 72.30 77.19 69.27 65.68

Total current liabilities (a) 100.0 90.68 120.96 93.92 100.74



Employee benefits liabilities (a) 100.0 142.73 136.14 144.02 164.71

Deferred tax liabilities 100.0 106.17 210.23 201.65 211.13

Other payables 100.0 197.84 589.73 683.24 735.68

Provisions 100.0 90.80 99.07 96.98 96.27

Total non-current liabilities 100.0 102.07 105.92 109.38 131.33

Total liabilities (a) 100.0 94.22 116.29 98.72 110.24

Equity

Share capital 100.0 99.26 97.28 94.80 90.35


Share premium 100.0 100.00 99.27 0.00 0.00

Reserve for treasury shares 100.0 173.93 299.66 0.00 0.00

Translation reserve 100.0 130.65 158.18 278.69 280.50

Retained earnings (a) 100.0 104.84 109.72 149.29 142.14

Treasury shares 100.0 167.65 289.28 348.45 289.21

Total equity attributable to the Group(a)

100.0 102.30 104.49 101.86 98.13

Minority interests (a) 100.0 116.94 135.33 0.00 0.00

Total equity (b) 100.0 102.75 105.44 106.77 104.27

Total liabilities and equity (a+b) 100.0 98.46 110.89 102.73 107.27



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3.3(a) Trend Analyze In Graphical Form


90.0

95.0

100.0

105.0

110.0

115.0

120.0

125.0

130.0

1 2 3 4 5

Investments in

associates

Total assets

(a+b)Share capital

Share capital


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3.4 Common Size Statement


Years 2005 2006 2007 2008 2009

Assets

Current assets 16.82 11.27 8.28 6.71 4.80

Liquid assets

current income tax assets 0.00 0.00 0.00 0.84 0.94

Trade and other receivables 13.82 14.32 13.45 12.66 11.10

Assets held for sale 0.61 0.07 0.02 0.01 10.10

Inventories 7.89 7.89 8.09 8.80 6.97

Derivative assets 0.62 0.55 0.66 1.51 1.51

Prepayments and accrued income 0.62 0.58 0.70 0.59 0.53

Total current assets (a) 40.39 34.68 31.20 24.40 31.15

Non-current assets

Property, plant and equipment 18.22 19.87 19.24 19.86 19.47

Investments in associates 6.84 8.28 7.79 7.34 7.84Deferred tax assets (a) 1.64 2.39 1.94 2.68 1.99

Financial assets 2.43 2.73 3.67 3.64 3.75

Employee benefits assets 0.65 0.34 0.71 0.06 0.21

Goodwill 26.10 28.01 29.15 28.84 24.80

Intangible assets 2.76 3.71 6.29 6.47 6.00

Total non-current assets (b) 59.61 65.32 68.80 68.89 64.05

Total assets (a+b) 100.00 100.00 100.00 100.00 100.00


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Years 1.97 1.75 1.89 1.81


Current liabilities

Trade and other payables (a) 10.75 12.35 12.37 11.87 11.75Liabilities directly associated with

assets held for sale 0.04 0.00 0.01 0.00 2.61


Tax liabilities 0.68 0.87 0.75 0.78 1.06

Derivative liabilities 0.89 0.46 0.42 1.39 1.02

Provisions(current) 0.00 0.00 0.00 0.39 0.58

Accruals and deferred income (a) 4.09 3.00 2.85 2.76 2.51

Total current liabilities (a) 34.64 31.90 37.79 31.67 32.53



Employee benefits liabilities (a) 3.67 5.32 4.50 5.14 5.63

Deferred tax liabilities 0.64 0.69 1.22 1.26 1.27

Other payables 0.18 0.36 0.95 1.19 1.23

Provisions 3.24 2.99 2.89 3.06 2.90

Total non-current liabilities 15.61 16.19 14.91 16.63 19.12

Total liabilities 50.25 48.09 52.70 48.30 51.65

Equity

Share capital 0.39 0.39 0.34 0.36 0.33


Share premium 5.73 5.82 5.13 0.00 0.00

Reserve for treasury shares 2.53 4.47 6.84 0.00 0.00

Translation reserve -3.85 -5.11 -5.50 -10.45 -10.08

Retained earnings (a) 46.09 49.08 45.60 66.98 61.07

Treasury shares -2.68 -4.56 -6.99 -9.09 -7.22

Total equity attributable to the Group(a)

48.21 50.09 45.43 47.80 44.10

Minority interests (a) 1.54 1.82 1.87 0.00 0.00

Total equity (a) 49.75 51.91 47.30 51.70 48.35

Total liabilities and equity (a) 100.00 100.00 100.00 100.00 100.00



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3.5 Ratio Analyze

Ratio analysis is a widely used tool for financial analysis. It is defined as

the systematic use of ratio to interpret the financial statement, so that the strength and weakness

of a firm as well as its historical performance and current financial condition can be determined.

The term ration refers to the numerical and quantitative relationship between two

items/variables.

The relationship can be expressed as :-

1. Percentage

2. Fraction

3. Proportion of numbers

The rational of ratio analysis lies in the fact that it makes related information comparable.

A single figure by itself has no meaning but when expressed in terms of a related figure, it yields

significant inferences.

Ratio analysis thus, a quantitative tool, enables analysis to draw quantitative answers

such as :-

Is the net profit adequate?

Are the assets being used efficiently?

Is the firm solvent?

Can the firm meet its current obligations and so on?

Financial ratios are useful indicators of a firm's performance and financial situation. Most

ratios can be calculated from information provided by the financial statements.

Financial ratios can be used to analyze trends and to compare the firm's financials to

those of other firms. In some cases, ratio analysis can predict future bankruptcy.

Financial ratios are calculated from one or more pieces of information from a company'sfinancial statements. For example, the "gross margin" is the gross profit from operations dividedby the total sales or revenues of a company, expressed in percentage terms. In isolation, afinancial ratio is a useless piece of information. In context, however, a financial ratio can give afinancial analyst an excellent picture of a company's situation and the trends that are developing.

A ratio gains utility by comparison to other data and standards. Taking our example, agross profit margin for a company of 25% is meaningless by itself. If we know that this



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company's competitors have profit margins of 10%, we know that it is more profitable

than its industry peers which is quite favourable. If we also know that the historical trend isupwards, for example has been increasing steadily for the last few years, this would also be afavourable sign that management is implementing effective business policies and strategies.

Financial ratio analysis groups the ratios into categories which tell us about different facets of acompany's finances and operations. An overview of some of the categories of ratios is givenbelow.

Leverage Ratios which show the extent that debt is used in a company's capital structure. Liquidity Ratios which give a picture of a company's short term financial situation or

solvency.

Operational Ratios which use turnover measures to show how efficient a company is inits operations and use of assets. Profitability Ratios which use margin analysis and show the return on sales and capital

employed. Solvency Ratios which give a picture of a company's ability to generate cashflow and

pay it financial obligations.

It is imperative to note the importance of the proper context for ratio analysis. Like computerprogramming, financial ratio is governed by the GIGO law of"Garbage In...Garbage Out!"Across industry comparison of the leverage of stable utility companies and cyclical miningcompanies would be worse than useless. Examining a cyclical company's profitability ratios over

less than a full commodity or business cycle would fail to give an accurate long-term measure ofprofitability. Using historical data independent of fundamental changes in a company's situationor prospects would predict very little about future trends. For example, the historical ratios of acompany that has undergone a merger or had a substantive change in its technology or marketposition would tell very little about the prospects for this company.

Credit analysts, those interpreting the financial ratios from the prospects of a lender, focus onthe "downside" risk since they gain none of the upside from an improvement in operations. Theypay great attention to liquidity and leverage ratios to ascertain a company's financial risk. Equityanalysts look more to the operational and profitability ratios, to determine the future profits thatwill accrue to the shareholder.

Although financial ratio analysis is well-developed and the actual ratios are well-known,practicing financial analysts often develop their own measures for particular industries and evenindividual companies. Analysts will often differ drastically in their conclusions from the sameratio analysis.



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Balance Sheet Ratio

A) Current Ratio.

= _________________

The main question this ratio addresses is: "Does your business have enough

current assets to meet the payment schedule of its current debts with a

margin of safety for possible losses in current assets, such as inventory

shrinkage or collectable accounts?

A generally acceptable current ratio is 2: 1.

Years 2005 2006 2007 2008 2009

Total current assets 41,765.00 35,305.00 35,770.00 33,048.00 39,870.00

Total current liabilities 35,818.00 32,479.00 43,326.00 33,640.00 36,083.00

Ratio 1.17 1.09 0.83 0.98 1.10

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1 2 3 4 5

Years

Current ratio


Current Assets

Current Liabilities


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B) Net working Capital Ratio.

= ____________________

The result of this calculation must be a positive number. It is calculated

as shown below: Bankers look at Net Working Capital over time to determine

a companys ability to weather financial crises. Loans are often tied to

minimum working capital requirements.

A general observation about these three Liquidity Ratios is that the

higher they are the better, especially if you are relying to any significant

extent on creditor money to finance assets.

Years 2005 2006 2007 2008 2009

Net Working Capital -18425.00 -21004.00 -33830.00 -18581.00 -10900.00

Total assets 103397.00 101805.00 114659.00 106215.00 110916.00

Ratio -17.82 -20.63 -29.50 -17.49 -9.83


Total Assets

Net Working Capital

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

1 2 3 4 5

Ratio

Net Working Capital Ratio


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D) Debt-Equity Ratio.

= ______________________

The relation between borrowed funds and owners capital is a popular

measure of long-term financial solvency of a firm. This relationship is shown

by debt-equity ratio.

This ratio reflects the relative claims of creditors & shareholders against

the assets of the firm. The D/E Ratio is, thus the ratio of total outside

liabilities to owners total funds.

Years 2005 2006 2007 2008 2009

Long TurmLiablits 45,824.00 48,743.00 55,488.00 51,734.00 49,101.00

Share Holders Fund 47,655.00 49,963.00 52,285.00 71,146.00 67,736.00

Ratio 0.96 0.98 1.06 0.73 0.72


Long Term Liabilities

Share Holders Fund

Debt Equity Ratio

0.60

0.80

1.00

1.20

1 2 3 4 5


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E) Long Term Funds to Fixed Assets Ratio

= ______________________

Normally, the fixed assets of business must be purchased out of fixed capital only, which

includes share capital, reserves and long term liabilities. This ratio, there fore shows the

relationship between fixed capital and fixed assets.

The ratio must be 1:1 or more i.e. the fixed capital must be more than fixed assets or must

at least equal to fixed assets.

Years 2005 2006 2007 2008 2009

Long TurmLiablits 45,824.00 48,743.0055,488.0

051,734.00 49,101.00

Total non-currentassets (b)

61,632.00 66,500.0078,889.0

01,76,622.7

31,67,947.7

2

Ratio 0.74 0.73 0.70 0.29 0.29


Long Term Funds

Fixed Assets

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80

1

2

3

4

5

Long Term Funds to Fixed Assets Ratio


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0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1 2 3 4 5

Quick Ratio

F) Quick Ratio

= _________________

The Quick Ratio is sometimes called the "acid-test" ratio and is one of

the best measures of liquidity.

The Quick Ratio is a much more exacting measure than the Current

Ratio. By excluding inventories, it concentrates on the really liquid assets,

with value that is fairly certain.

It helps answer the question: "If all sales revenues should disappear,

could my business meet its current obligations with the readily convertible

`quick' funds on hand?"

Years 2005 2006 2007 2008 2009

Liquid Assets 1,278.00 630.00 776.00 7,452.00 15,608.00

Liquid Liabilites 19,548.00 16,378.00 25,404.00 16,207.00 18,501.00

Ratio 0.07 0.04 0.03 0.46 0.84


Quick Assets

QuickLiability


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3.6 Profit & Loss Accounts


Profit & Loss account 2005 2006 2007 2008 2009

Income

Sales Turnover 2,643.96 2,944.20 3,647.49 4,472.04 5,232.59

Excise Duty 168.87 125.04 146.53 143.39 90.69

Net Sales 2,475.09 2,819.16 3,500.96 4,328.65 5,141.90

Other Income 23.67 15.33 21.24 29.88 14.26

Stock Adjustments 16.73 13.42 71.01 31.11 6.30

Total Income 2,515.49 2,847.91 3,593.21 4,389.64 5,162.46

Expenditure

Raw Materials 1,135.80 1,348.21 1,763.54 2,153.85 2,478.94

Power & Fuel Cost 103.91 115.56 123.94 159.76 158.87Employee Cost 183.29 216.16 269.44 314.58 432.38

Other ManufacturingExpenses

49.06 52.65 62.14 73.46 94.05

Selling and AdminExpenses

460.53 480.14 496.22 736.73 839.22

MiscellaneousExpenses

56.78 87.55 172.54 81.40 115.98

Preoperative ExpCapitalized

0.00 0.00 0.00 0.00 0.00

Total Expenses 1,989.37 2,300.27 2,887.82 3,519.78 4,119.44


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Operating Profit 502.45 532.31 684.15 839.98 1,028.76

PBDIT 526.12 547.64 705.39 869.86 1,043.02

Interest 0.21 0.44 0.85 1.64 1.40

PBDT 525.91 547.20 704.54 868.22 1,041.62

Depreciation 56.84 66.28 74.74 92.36 111.27

Other Written Off 0.00 0.00 0.00 0.00 0.00

Profit Before Tax 469.07 480.92 629.80 775.86 930.35

Extra-ordinary items 0.00 0.00 0.00 0.00 0.00

PBT (Post Extra-ord Items) 469.07 480.92 629.80 775.86 930.35

Tax 159.49 165.43 214.80 238.74 261.97

Reported Net Profit 309.57 315.10 413.81 534.08 655.00

Total Value Addition 853.58 952.06 1,124.29 1,365.92 1,640.50

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 241.04 245.86 318.17 409.77 467.62

Corporate Dividend Tax 33.81 34.48 52.21 69.64 79.47

Per share data (annualised)

Shares in issue (lakhs) 964.16 964.16 964.16 964.16 964.16

Earning Per Share (Rs) 32.11 32.68 42.92 55.39 67.94

Equity Dividend (%) 250.00 255.00 330.00 425.00 485.00

Book Value (Rs) 36.73 40.33 43.40 49.09 60.29



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3.7 Trend Analysis of profit and Lose A/C

Profit & Loss account 2005 2006 2007 2008 2009

Income

Sales Turnover 100 111.36 137.96 169.14 197.91

Excise Duty 100 74.05 86.77 84.91 53.70

Net Sales 100 113.90 141.45 174.89 207.75

Other Income 100 64.77 89.73 126.24 60.25

Stock Adjustments 100 80.22 424.45 185.95 37.66

Total Income 100 113.21 142.84 174.50 205.23

Expenditure

Raw Materials 100 118.70 155.27 189.63 218.25

Power & Fuel Cost 100 111.21 119.28 153.75 152.89

Employee Cost 100 117.93 147.00 171.63 235.90

Other Manufacturing Expenses 100 107.32 126.66 149.74 191.70

Selling and Admin Expenses 100 104.26 107.75 159.97 182.23

Miscellaneous Expenses 100 154.19 303.87 143.36 204.26

Preoperative Exp Capitalised 0 0.00 0.00 0.00 0.00

Total Expenses 100 115.63 145.16 176.93 207.07



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Operating Profit 100 105.94 136.16 167.18 204.75

PBDIT 100 104.09 134.07 165.33 198.25

Interest 100 209.52 404.76 780.95 666.67

PBDT 100 104.05 133.97 165.09 198.06

Depreciation 100 116.61 131.49 162.49 195.76

Other Written Off 0 0 0 0 0

Profit Before Tax 100 102.53 134.27 165.40 198.34

Extra-ordinary items 0 0 0 0 0

PBT (Post Extra-ord Items) 100 102.53 134.27 165.40 198.34

Tax 100 103.72 134.68 149.69 164.25

Reported Net Profit 100 101.79 133.67 172.52 211.58

Total Value Addition 100 111.54 131.71 160.02 192.19

Preference Dividend 0 0 0 0 0

Equity Dividend 100 102.00 132.00 170.00 194.00

Corporate Dividend Tax 100 101.98 154.42 205.97 235.05


Shares in issue (lakhs) 100 100.00 100.00 100.00 100.00

Earning Per Share (Rs) 100 101.78 133.67 172.50 211.59

Equity Dividend (%) 100 102.00 132.00 170.00 194.00

Book Value (Rs) 100 109.80 118.16 133.65 164.14



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3.8 Common Size Statement

Profit & Loss Account 2005 2006 2007 2008 2009

Sales Turnover 106.82 104.44 104.19 103.31 101.76

Excise Duty 6.82 4.44 4.19 3.31 1.76

Net Sales 100.00 100.00 100.00 100.00 100.00

Other Income 0.96 0.54 0.61 0.69 0.28

Stock Adjustments 0.68 0.48 2.03 0.72 0.12

Total Income 101.63 101.02 102.63 101.41 100.40

Expenditure

Raw Materials 45.89 47.82 50.37 49.76 48.21

Power & Fuel Cost 4.20 4.10 3.54 3.69 3.09

Employee Cost 7.41 7.67 7.70 7.27 8.41

Other Manufacturing Expenses 1.98 1.87 1.77 1.70 1.83

Selling and Admin Expenses 18.61 17.03 14.17 17.02 16.32

Miscellaneous Expenses 2.29 3.11 4.93 1.88 2.26

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

Total Expenses 80.38 81.59 82.49 81.31 80.12



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Operating Profit 20.30 18.88 19.54 19.41 20.01

PBDIT 21.26 19.43 20.15 20.10 20.28

Interest 0.01 0.02 0.02 0.04 0.03

PBDT 21.25 19.41 20.12 20.06 20.26

Depreciation 2.30 2.35 2.13 2.13 2.16

Other Written Off 0.00 0.00 0.00 0.00 0.00


Extra-ordinary items 0.00 0.00 0.00 0.00 0.00

PBT (Post Extra-ord Items) 18.95 17.06 17.99 17.92 18.09

Tax 6.44 5.87 6.14 5.52 5.09

Reported Net Profit 12.51 11.18 11.82 12.34 12.74

Total Value Addition 34.49 33.77 32.11 31.56 31.90

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 9.74 8.72 9.09 9.47 9.09

Corporate Dividend Tax 1.37 1.22 1.49 1.61 1.55



Earning Per Share (Rs) 1.30 1.16 1.23 1.28 1.32

Equity Dividend (%) 10.10 9.05 9.43 9.82 9.43

Book Value (Rs) 1.48 1.43 1.24 1.13 1.17



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0.10

0.12

0.14

0.16

0.18

0.20

1 2 3 4 5

Administrative Expense Ratio

3.9 Profit & Loss A/c Ratio

A) Administrative Expense Ratio.

= _____________________

For the purpose of ascertaining relationship between administrative expenses and net

sales Administrative Expenses ratio are computed.

These ratio over a number of years will reveal the extent to which the expenses either

increase or decrease in relation to sales.

A high expense ratio is not desirable for meeting financial liabilities like interest, taxesdividends etc.

Years 2005 2006 2007 2008 2009

Selling and Admin Expenses 460.53 480.14 496.22 736.73 839.22

Net Sales 2,475.09 2,819.16 3,500.96 4,328.65 5,141.90

Ratio 0.19 0.17 0.14 0.17 0.16


Administrative Expenses

Net Sales


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C) Interest Coverage Ratio

= ___________

The ratio indicates as to how many times the profit covers the payment of interest on

debenture and other long term loans.

Hence, it is also known as times interest earned ratio. It measures the debt service

capacity of the firm in respect of fixed interest on long term debts.

This ratio is obtained by dividing profit of the firm before interest and taxes (EBIT) by

fixed interest charges.

Years 2005 2006 2007 2008 2009

EBIT 469.28 481.36 630.65 777.50 931.75

Interest 0.21 0.44 0.85 1.64 1.40

Ratio 2234.67 1094.00 741.94 474.09 665.54

0.00

500.00

1000.00

1500.00

2000.00

2500.00

1 2 3 4 5

Years

Interest Coverage Ratio


Interest

EBIT


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0.00

0.20

0.40

0.60

0.80

1.00

1 2 3 4 5

Year

EPS Per Year

C) Interest Coverage Ratio

= ___________________________________________

EPS measures the profit available to the equity shareholder on a per

share basis, that is, the amount they can get on every share held. It is

calculated by dividing the profits available to the equity share holders by the

numbers of the outstanding shares.

As a profitability ratio, the EPS can be used to draw inferences on the

basis of (1) its trends over a period of time, (2) comparison with the EPS of

other firms, and (3) comparison with the industry average.

Years 2005 2006 2007 2008 2009

Reported Net Profit 309.57 315.1 413.81 534.08 655


Ratio 0.32 0.33 0.43 0.55 0.68


No. of Equity shares.

Profit after Int. & Taxes (-) Pref. dividend.


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3.10 Composite Ratio

A) Return on Investment (ROI) Ratio.

= ____________________

The ROI is perhaps the most important ratio of all. It is the percentage of return on funds

invested in the business by its owners.

In short, this ratio tells the owner whether or not all the effort put into the business has

been worthwhile. If the ROI is less than the rate of return on an alternative, risk-free investment

such as a bank savings account, the owner may be wiser to sell the company, put the money in

such a savings instrument, and avoid the daily struggles of small business management.

Years 2005 2006 2007 2008 2009


Net Worth 47,655.00 49,963.00 52,285.00 71,146.00 67,736.00

Ratio 0.05 0.05 0.05 0.04 0.04

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

1 2 3 4 5


Net Worth

Net profit Before Tax


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