(Rs in Mn)

Consumer Care
y-o-y (growth )
Health Division
y-o-y (growth )
Foods
y-o-y (growth )
Retail
y-o-y (growth )
Others
y-o-y (growth )
Total Revenue
y-o-y (growth )

Pg no 147
2006-2007
2007-2008
2008-2009
17699.3
18826.6
21749.1
6%
16%
1507.6
1603.4
2445.5
6%
53%
2493.3
3027.9
3351
21%
11%
0.494
59.7
120%
439.8
504.3
735.8
15%
46%
22140
23962.694
28341.1
8%
18%

Consumer Care Division

Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses
EBITDA
Depreciation
EBIT

2006-2007
2007-2008
2008-2009
16361.6
18641.9
22071.4
(7,430.29)
(8,961.07)
(10,398.52)
(568.17)
(689.06)
(749.42)
8,363.14
8,991.78
10,923.46
(1,275.27)
(1,601.23)
(1,773.42)
(3,683.38)
(4,428.86)
(4,722.05)
3,404.50
2,961.69
4,427.99
(145.60)
(153.80)
(189.30)
3,258.90
2,807.89
4,238.69

Health Division
Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses
EBITDA
Depreciation
EBIT

2006-2007

Foods
Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses

2006-2007

1507.6
(685.48)
(52.42)
769.70
(117.65)
(339.81)
312.24
(14.10)
298.14

2493.3
(1,331.73)
(101.83)
1,059.74
(228.57)
(660.17)

2007-2008
1787.9
(653.10)
(50.22)
1,084.58
(116.70)
(322.79)
645.09
(16.40)
628.69

2007-2008
2974.8
(1,233.90)
(94.88)
1,646.02
(220.48)
(609.84)

2008-2009
2123.2
(992.41)
(71.52)
1,059.27
(169.25)
(450.66)
439.35
(20.20)
419.15

2008-2009
3351
(1,766.27)
(127.29)
1,457.43
(301.23)
(802.08)

EBITDA
Depreciation
EBIT

171.00
(70.30)
100.70

815.70
(74.30)
741.40

2007-2008

354.12
(91.50)
262.62

Retail
Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses
EBITDA
Depreciation
EBIT

2006-2007

Others
Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses
EBITDA
Depreciation
EBIT

2006-2007

Profit & Loss

Total sales
(-) Excise duty
Net sales
(-)Cost of material
Manufacturing expenses
Gross profit
Payments to & provision to employees
Selling and administrative expenses
EBITDA
Depreciation
Unallocated Depreciation
EBIT
Interest
other income
PBT
Miscellaneous Expenditure
Current Tax
Deferred Tax

2006-2007
2007-2008
2008-2009
20,802.30
23,967.40
28,341.10
(371.10)
(352.05)
(286.80)
20,431.20
23,615.35
28,054.30
(9,710.83)
(11,153.94)
(13,761.70)
(742.55)
(857.67)
(991.80)
9,977.82
11,603.74
13,300.80
(1,666.68)
(1,993.07)
(2,347.00)
(4,813.90)
(5,512.65)
(6,249.30)
3,497.24
4,098.02
4,704.50
(251.20)
(270.50)
(333.00)
(91.70)
(93.90)
(115.60)
3,154.34
3,733.62
4,255.90
(153.75)
(167.99)
(232.10)
259.12
340.13
468.50
3,259.71
3,905.76
4,492.30
(64.94)
(56.68)
(43.80)
(349.40)
(427.72)
(499.40)
13.69
(7.53)
25.50

5
(40.29)
(3.10)
(38.39)
(7.20)
(19.91)
(65.50)
(3.10)
(68.60)

0.00
-

439.8
(263.33)
(20.14)
156.33
(45.20)
(130.54)
(19.41)
(21.20)
(40.61)

2008-2009

2007-2008
557.8
(265.57)
(20.42)
271.81
(47.45)
(131.25)
93.10
(22.90)
70.20

59.7
(151.03)
(10.88)
(102.21)
(25.76)
(68.58)
(196.55)
(3.80)
(200.35)
2008-2009
735.8
(453.47)
(32.68)
249.65
(77.34)
(205.92)
(33.61)
(28.20)
(61.81)

Fringe Benefit
PAT

(37.47)
2,821.59

(71.27)
3,342.56

(66.50)
3,908.10

2009-2010
2010-2011
2011-2012 2012-2013 2013-2014
26254.2
31969.6
21%
22%
2795.5
3152.1
14%
13%
4158
4948.7
24%
19%
91.8
205
54%
1%
867.2
823.1
18%
-5%
34166.7
41098.5
21%
20%

2014-2015

2015-2016

2009-2010
2010-2011
2011-2012 2012-2013 2013-2014
26254.2
31969.6
(11,570.52)
(14,500.20)
(773.44)
(1,177.43)
13,910.24
16,291.97
(2,124.53)
(2,452.28)
(6,134.67)
(7,158.20)
5,651.03
6,681.49
(213.90)
(265.50)
5,437.13
6,415.99

2014-2015

2015-2016

2009-2010

2011-2012 2012-2013 2013-2014

2014-2015

2015-2016

2011-2012 2012-2013 2013-2014

2014-2015

2015-2016

2795.5
(1,250.17)
(83.57)
1,461.77
(229.55)
(662.84)
569.38
(22.40)
546.98

2009-2010
4158
(2,084.00)
(139.31)
1,934.70
(382.65)
(1,104.93)

2010-2011
3152.1
(1,447.65)
(117.55)
1,586.90
(244.83)
(714.65)
627.43
(27.80)
599.63

2010-2011
4948.7
(2,458.43)
(199.63)
2,290.65
(415.77)
(1,213.63)

447.11
(99.50)
347.61

2009-2010

661.24
(123.50)
537.74

2011-2012 2012-2013 2013-2014

2014-2015

2015-2016

2011-2012 2012-2013 2013-2014

2014-2015

2015-2016

2009-2010
2010-2011
2011-2012 2012-2013 2013-2014
34,166.70
41,098.50
(262.00)
(324.20)
33,904.70
40,774.30
(15,507.40)
(19,052.70)
(1,036.60)
(1,547.10)
17,360.70
20,174.50
(2,847.40)
(3,222.20)
(8,222.00)
(9,405.60)
6,291.30
7,546.70
(378.20)
(469.40)
(124.60)
(154.60)
5,788.50
6,922.70
(202.10)
(303.40)
482.20
651.70
6,068.60
7,271.00
(59.40)
(192.20)
(955.60)
(1,329.70)
(49.10)
(60.10)

2014-2015

2015-2016

91.8
(112.49)
(7.52)
(28.21)
(20.66)
(59.64)
(108.51)
(12.50)
(121.01)
2009-2010
867.2
(490.22)
(32.77)
344.21
(90.01)
(259.91)
(5.71)
(29.90)
(35.61)

2010-2011
205
(180.77)
(14.68)
9.55
(30.57)
(89.24)
(110.27)
(15.50)
(125.77)
2010-2011
823.1
(465.66)
(37.81)
319.63
(78.75)
(229.88)
11.01
(37.10)
(26.09)

5,004.50

5,689.00

Segment wise cost ( Rs in Mn)

Consumer Care
Health Division
Foods
Retail
Others
Total cost

Pg no 147
2006-2007 2007-2008
2008-2009
2009-2010
12063.3
18082.6
16386.6
19059.2
1112.9
1317.9
1563.9
2059.3
2162.1
2489.9
2783.4
3432.8
81.3
238
185.3
427.53
535.9
714.6
807.5
15765.83
22507.6
21686.5
25544.1

Segment wise proportion of cost

Consumer Care
Health Division
Foods
Retail
Others
Total cost
Cost as per proportion
Consumer Care
Cost of material
Manufacturing expenses
Payments to & provision to employees
Selling and administrative expenses
Depreciation

Health Division
Cost of material
Manufacturing expenses
Payments to & provision to employees
Selling and administrative expenses
Depreciation

Foods
Cost of material
Manufacturing expenses

2006-2007 2007-2008
2008-2009
2009-2010
76.5%
80.3%
75.6%
74.6%
7.1%
5.9%
7.2%
8.1%
13.7%
11.1%
12.8%
13.4%
0.0%
0.4%
1.1%
0.7%
2.7%
2.4%
3.3%
3.2%
100.0%
100.0%
100.0%
100.0%

2006-2007 2007-2008
2008-2009
2009-2010
(9,710.83)
(11,153.94)
(13,761.70) (15,507.40)
(7,430.29)
(8,961.07)
(10,398.52) (11,570.52)
(742.55)
(857.67)
(991.80)
(1,036.60)
(568.17)
(689.06)
(749.42)
(773.44)
(1,666.68)
(1,993.07)
(2,347.00)
(2,847.40)
(1,275.27)
(1,601.23)
(1,773.42)
(2,124.53)
(4,813.90)
(5,512.65)
(6,249.30)
(8,222.00)
(3,683.38)
(4,428.86)
(4,722.05)
(6,134.67)
145.6
153.8
189.3
214

2006-2007 2007-2008
2008-2009
2009-2010
(9,710.83)
(11,153.94)
(13,761.70) (15,507.40)
(685.48)
(653.10)
(992.41)
(1,250.17)
(742.55)
(857.67)
(991.80)
(1,036.60)
(52.42)
(50.22)
(71.52)
(83.57)
(1,666.68)
(1,993.07)
(2,347.00)
(2,847.40)
(117.65)
(116.70)
(169.25)
(229.55)
(4,813.90)
(5,512.65)
(6,249.30)
(8,222.00)
(339.81)
(322.79)
(450.66)
(662.84)
14.1
16.4
20.2
22.4

2006-2007 2007-2008
2008-2009
2009-2010
(9,710.83)
(11,153.94)
(13,761.70) (15,507.40)
(1,331.73)
(1,233.90)
(1,766.27)
(2,084.00)
(742.55)
(857.67)
(991.80)
(1,036.60)

Payments to & provision to employees

Selling and administrative expenses
Depreciation

Retail
Cost of material
Manufacturing expenses
Payments to & provision to employees
Selling and administrative expenses
Depreciation
Others
Cost of material

(101.83)
(1,666.68)
(228.57)
(4,813.90)
(660.17)
70.3

(94.88)
(1,993.07)
(220.48)
(5,512.65)
(609.84)
74.3

(127.29)
(2,347.00)
(301.23)
(6,249.30)
(802.08)
91.5

(139.31)
(2,847.40)
(382.65)
(8,222.00)
(1,104.93)
99.5

2006-2007 2007-2008
2008-2009
2009-2010
(9,710.83)
(11,153.94)
(13,761.70) (15,507.40)
(40.29)
(151.03)
(112.49)
(742.55)
(857.67)
(991.80)
(1,036.60)
(3.10)
(10.88)
(7.52)
(1,666.68)
(1,993.07)
(2,347.00)
(2,847.40)
(7.20)
(25.76)
(20.66)
(4,813.90)
(5,512.65)
(6,249.30)
(8,222.00)
(19.91)
(68.58)
(59.64)
3.1
3.8
12.5

Depreciation

2006-2007 2007-2008
2008-2009
2009-2010
(9,710.83)
(11,153.94)
(13,761.70) (15,507.40)
(263.33)
(265.57)
(453.47)
(490.22)
(742.55)
(857.67)
(991.80)
(1,036.60)
(20.14)
(20.42)
(32.68)
(32.77)
(1,666.68)
(1,993.07)
(2,347.00)
(2,847.40)
(45.20)
(47.45)
(77.34)
(90.01)
(4,813.90)
(5,512.65)
(6,249.30)
(8,222.00)
(130.54)
(131.25)
(205.92)
(259.91)
21.2
22.9
28.2
29.9

Un allocated depreciation

2006-2007 2007-2008
2008-2009
2009-2010
91.7
93.9
115.6
125

Miscellaneous Expenditure
Net Sales
Miscellaneous Expenditure
% of net sales

2006-2007 2007-2008
2008-2009
2009-2010
20,431.35
23,610.64
28,054.30
33,904.70
(64.94)
(56.68)
(43.80)
(59.40)
(0.0032)
(0.0024)
(0.0016)
(0.0018)

Manufacturing expenses
Payments to & provision to employees
Selling and administrative expenses

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

23774.9
2373.6
4030.9
296.4
763.5
31239.3

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

76.1%
7.6%
12.9%
0.9%
2.4%
100.0%

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

(19,052.70)
(14,500.20)
(1,547.10)
(1,177.43)
(3,222.20)
(2,452.28)
(9,405.60)
(7,158.20)
266

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

(19,052.70)
(1,447.65)
(1,547.10)
(117.55)
(3,222.20)
(244.83)
(9,405.60)
(714.65)
27.8

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

(19,052.70)
(2,458.43)
(1,547.10)

(199.63)
(3,222.20)
(415.77)
(9,405.60)
(1,213.63)
124

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

(19,052.70)
(180.77)
(1,547.10)
(14.68)
(3,222.20)
(30.57)
(9,405.60)
(89.24)
15.5
2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016
(19,052.70)
(465.66)
(1,547.10)
(37.81)
(3,222.20)
(78.75)
(9,405.60)
(229.88)
37.1

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

155

2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

40,774.30
(192.20)
(0.0047)

Dabur(in Rs million)

FY06

FY07

Income Sheet
Net Sales
Cost of Sales (excluding D&A)
Gross Profit

19,129.0
8,980.0
10,149.0

22,596.0
10,824.0
11,772.0

SG&A Expense
Other Expense/ (Income)
EBITDA
Depreciation
Amortization
EBIT

(6,990.0)
(1,449.0)
1,710.0
(104.0)
(649.4)
956.6

(6,348.0)
(1,666.0)
3,758.0
(1,597.0)
(426.2)
1,734.8

Interest Expense
Interest Income
Pretax Income

1,547.0
2,503.6

1,581.8

Income Taxes
Net Income

(300.0)
2,203.6

(373.0)
1,208.8
869,534,762.0

Diluted Weighted Average Shares (millions)

EPS

(153.0)

3.0

3.2

0.5
0.4
0.1
0.1
0.1
0.1

0.5
0.3
0.1
0.2
0.1
0.1

Margins
Gross Margin (excluding D&A)
SG&A Expense as % of Net Sales
Other Expense/ (Income) as % of Net Sales
EBITDA Margin
EBIT Margin
Net Income Margin
Growth Rate Analysis
Net Sales Growth Rate
EBITDA Growth Rate
Net Income Growth Rate
EPS Growth Rate
Effective Tax Rate

0.2
1.2
(0.5)
0.1
0.1

0.2

FY08

FY09

FY10

FY11

FY12E

Forecast
23,610.0
12,011.0
11,599.0

28,054.3
14,753.6
13,300.7

33,904.7
16,544.0
17,360.7

40,774.3
20,599.1
20,175.2

47,705.9
24,330.0
23,375.9

(5,512.0)
(1,993.0)
4,094.0
(364.0)
(566.8)
3,163.2

(6,249.2)
(2,347.0)
4,704.6
(448.6)
(43.9)
4,212.1

(8,222.0)
(2,847.4)
6,291.3
(502.7)
(59.4)
5,729.2

(8,503.0)
(3,022.0)
8,650.2
(624.0)
(192.2)
7,834.0

(10,972.4)
(3,339.4)
9,064.1
(6,457.3)
7,950.3
10,557.1

(167.0)

(232.1)

(202.1)

(303.4)

2,996.2

3,980.0

5,527.1

7,530.6

10,557.1

(266.0)
2,730.2

(591.4)
3,388.6

(1,004.7)
4,522.4

(1,389.8)
6,140.8

(2,111.4)
8,445.7

869,063,210.0

869,156,259.0

870,668,806.0

1,749,664,278.0

1,700,000,000.0

3.8

4.18

4.96

2.70

4.97

0.5
0.2
0.1
0.2
0.1
0.1

47%
22%
8%
17%
15%
12%

51%
24%
8%
19%
17%
13%

49%
21%
7%
21%
19%
15%

49%
23%
7%
19%
22%
18%

0.0
0.1
1.3
0.2

19%
15%
24%
10%

21%
34%
33%
19%

20%
37%
36%
-46%

17%
5%
38%
84%

0.1

15%

18%

18%

20%

FY13E

FY14E

FY15E

FY16E

55,815.9
28,466.1
27,349.8

65,304.6
33,305.4
31,999.3

76,406.4
38,967.3
37,439.2

89,395.5
45,591.7
43,803.8

(12,837.7)
(3,907.1)
10,605.0
(7,368.8)
8,053.8
11,290.1

(15,020.1)
(4,571.3)
12,407.9
(8,435.2)
8,174.9
12,147.7

(17,573.5)
(5,348.5)
14,517.2
(9,682.9)
8,316.7
13,151.0

(20,561.0)
(6,257.7)
16,985.2
(11,142.7)
8,482.5
14,324.9

11,290.1

12,147.7

13,151.0

14,324.9

(2,258.0)
9,032.1

(2,429.5)
9,718.1

(2,630.2)
10,520.8

(2,865.0)
11,459.9

1,700,000,000.0

1,700,000,000.0

1,700,000,000.0

1,700,000,000.0

5.31

5.72

6.19

6.74

49%
23%
7%
19%
20%
16%

49%
23%
7%
19%
19%
15%

49%
23%
7%
19%
17%
14%

49%
23%
7%
19%
16%
13%

17%
17%
7%
7%

17%
17%
8%
8%

17%
17%
8%
8%

17%
17%
9%
9%

20%

20%

20%

20%

Dabur( Rs million)

FY06

FY07

FY08

FY09

Forecast

Balance Sheet

SOURCES OF FUND
Shareholder's fund
share capital
reserve and surplus
Total ahare holder fund

573.0
4,397.0
4,970.0

862.9
3,932.8
4,795.7

864.0
5,311.7
6,175.7

865.0
7,322.9
8,187.9

54.0

44.0

47.0

45.0

Loan funds
secured loans
unsecurd loans

808.0
235.0

1,056.0
542.0

975.0
16.0

956.0
1,319.0

deffered tax liability

171.0

258.0

272.0

304.0

6,238.0

6,695.7

7,485.7

10,811.9

minority interest

Total
APPLICATION OF FUND
Fixed assets
Gross block
Less:depreciation
net block
intangibles
Investments
Deferred tax asset

7,214.0
(2,090.0)
5,124.0
1,773.0
421.0
13.0

6,172.0
(2,380.0)
3,792.0
323.0
806.0
14.0

7,296.0
(2,644.0)
4,652.0
391.0
2,037.0
240.0

8,585.0
(2,993.0)
5,592.0
370.0
3,469.0
235.0

Current asset loans and adva.

Inventories
Account recievables
Cash aqnd bank balances
loans and advances
Total current asset

2,127.0
743.0
511.0
1,330.0
4,711.0

2,571.0
1,419.0
606.0
1,807.0
6,403.0

3,024.0
1,723.0
765.0
2,225.0
7,737.0

3,754.0
1,778.0
1,484.0
2,490.0
9,506.0

less: currient liability and provision

Liabilities
provisions
Total current liability

3,028.0
1,332.0
4,360.0

3,624.0
893.0
4,517.0

4,579.0
2,740.0
7,319.0

4,816.0
3,259.0
8,075.0

351.0
328.0

1,886.0
198.0

418.0
139.0

1,431.0
86.0

6,237.0

6,696.0

7,486.0

10,813.0

Net current assets

Misellaneous expenditure

Total

FY10

FY11

FY12E

FY13E

FY14E

869.0
11,427.0
12,296.0

1,740.0
12,170.0
13,910.0

1,800.0
17,125.3
18,925.3

1,800.0
22,488.7
24,288.7

1,800.0
28,259.6
30,059.6

37.0

40.0

56.0

56.0

60.0

702.0
1,090.0

7,031.0
7,806.0

7,031.0
7,815.0

7,031.0
17,602.0

7,031.0
26,094.0

106.0

189.0

189.0

189.0

189.0

14,231.0

28,976.0

34,016.3

49,166.7

63,433.6

9,857.0
(3,390.0)
9,476.0
308.0
2,641.0
-

19,337.0
(4,350.0)
19,288.0
7,902.0
4,274.0
-

21,417.8
(6,457.3)
14,960.5
72,029.8
4,274.0
2,353.0

24,095.9
(7,368.8)
16,727.1
65,092.3
4,274.0
2,353.0

27,415.5
(8,435.2)
18,980.3
58,223.4
4,274.0
2,353.0

4,262.0
1,430.0
1,923.0
3,673.0
11,288.0

7,085.0
3,554.0
2,724.0
5,161.0
18,524.0

7,998.9

9,358.7

10,949.7

3,921.0

4,587.6

5,367.5

6,388.7
6,201.8
24,510.4

17,892.4
7,256.1
39,094.8

28,558.9
8,489.6
53,365.8

4,669.0
4,532.0
9,201.0

7,140.0
6,982.0
14,122.0

5,999.2
6,082.5
12,081.7

7,019.0
6,262.5
13,281.6

8,212.3
7,327.2
15,539.5

2,087.0
27.0

4,402.0
1,012.0

12,428.7

25,813.2

37,826.3

14,231.0

28,976.0

34,016.2

49,167.3

63,433.6

FY2015

FY2016

1,800.0
34,507.1
36,307.1

1,800.0
41,312.2
43,112.2

64.0

86.0

7,031.0
34,782.0

7,031.0
43,681.0

189.0

189.0

78,373.1

94,099.2

31,485.8
(9,682.9)
21,802.9
51,434.9
4,274.0
2,353.0

36,434.3
(11,142.7)
25,291.6
44,740.4
4,274.0
2,353.0

12,811.2

14,989.1

6,280.0

7,347.6

39,100.1
9,932.8
68,124.1

49,494.7
11,621.4
83,452.7

9,608.4
8,572.8
18,181.2

11,241.8
10,030.2
21,272.0

49,943.0

62,180.7

78,372.9

94,099.4

Dabur(Rs million)

FY06

FY07

FY08

FY09

Cash Flow Statement

Operating Activities

Net Income
Depreciation
Amortization
Change in Working Capital
Change in Other Long Term Assets & Liabilities
Cash Flow from Operating Activities
Investment Activities

Capital Expenditures
Additions to Intangibles
Cash Flow from Investing Activities
Cash Flow Available for Financing Activities
Financing Activities

Proceeds from/ (repayment of) Revolver

Issuance of Long Term Debt
(Repayment) of Long Term Debt
Issuance/ (Repurchase of) Equity
Dividends
Option Proceeds
Cash Flow from Financing Activities
Effects of Exchange Rates on Cash
Net Change in Cash
Beginning Cash Balance
Ending Cash Balance

511

606

765

1484

FY10

FY11

FY12E

FY13E

FY14E

FY15E

8445.7
6457.3
7950.3
-6217.0
16636.3

9032.1
7368.8
8053.8
1880.8
26335.5

9718.1
8435.2
8174.9
1346.5
27674.8

10520.8
9682.9
8316.7
1575.5
30095.8

(8,587)
(954)
(9,541)

(10,047)
(1,116)
(11,163)

(11,755)
(1,306)
(13,061)

(13,753)
(1,528)
(15,281)

Forecast

1923

2724

7,095.2

15,172.3

14,613.9

14,814.5

-52.2
-3378.3

-55.8
-3612.8

-60.0
-3887.2

-65.0
-4208.3

-3430.4

-3668.6

-3947.3

-4273.3

3,664.71
2724
6,388.71

11,503.65
6389
17,892.36

10,666.59
17892
28,558.95

10,541.20
28559
39,100.15

FY16E

11459.9
11142.7
8482.5
1843.3
32928.4

(16,091)
(1,788)
(17,879)
15,049.3

-70.8
-4584.0
-4654.8

10,394.50
39100
49,494.65

Dabur(Rs million)

FY06

FY07

FY08

19,129.0
8,980.0

22,596.0
10,824.0

23,610.0
12,011.0

7,435.0
21,277.8
13,301.9

14,197.1
25,710.8
18,071.8

17,232.0
30,248.4
22,253.2

42,014.8

57,979.7

69,733.5

Working Capital Schedule

Net Sales
Cost of Sales (excluding D&A)
Working Capital Balances

Accounts Receivable, net

Inventory
Other Current Assets
Total Non Cash Current Assets
Accounts Payable
Accrued Liabilities/provisions
Other Current Liabilities
Total Non-Debt Current Liabilities

30,280.6
13,329.3

36,241.0
8,934.4

45,796.7
27,410.0

43,609.9

45,175.5

73,206.7

Net Working Capital/ (Deficit)

(1,595.2)

12,804.2

(3,473.1)

(14,399.4)

16,277.3

141.9
864.9
0.7

229.3
867.0
0.8

266.4
919.2
0.9

1,230.8
1.5

1,222.1
0.8

1,391.7
2.3

(6,762.1)
(4,433.0)
(4,769.8)
(5,960.4)
4,394.9

(3,034.9)
(4,537.6)
(4,181.4)
(9,555.7)
(18,475.5)

(17,530.5)

(39,785.1)

(Increase)/ Decrease in Working Capital

Ratios & Assumptions

Accounts Receivable, net (Collection period in days)

Inventory (Days outstanding)
Other Current Assets (% of Net Sales)
Accounts Payable (Days Payable)
Accrued Liabilities (% of COGS)
Other Current Liabilities (% of COGS)
Cash Flow from Individual line items

Accounts Receivable, net

Inventory
Other Current Assets
Accounts Payable
Accrued Liabilities
Other Current Liabilities
(Incease)/ Decrease in Working Capital

FY09

FY10

FY11

FY12E

FY13E

FY14E

Forecast

28,054.3
14,753.6

33,904.7
16,544.0

40,774.3
20,599.1

47,705.9
24,330.0

55,815.9
28,466.1

65,304.6
33,305.4

17,788.4
37,546.9
24,902.4

11,984.0
42,622.0
36,739.0

35,547.0
70,853.0
51,610.0

80,237.7

91,345.0

158,010.0

3,921.0
7,998.9
6,201.8
18,121.7

4,587.6
9,358.7
7,256.1
21,202.4

5,367.5
10,949.7
8,489.6
24,806.8

48,165.3
32,599.6

46,693.0
45,329.0

71,403.0
74,350.0

5,999.2
6,082.5

7,019.0
6,262.5

8,212.3
7,327.2

80,764.9

92,022.0

145,753.0

12,081.7

13,281.6

15,539.5

(677.0)

12,257.0

6,040.0

7,920.8

9,267.4

(2,945.9)

149.8

(12,934.0)

6,217.0

(1,880.8)

(1,346.5)

231.4
928.9
0.9

129.0
940.3
1.1

318.2
1,255.5
1.3

30.0
120.0
0.1

30.0
120.0
0.1

30.0
120.0
0.1

1,191.6
2.2

1,030.2
2.7

1,265.2
3.6

90.0
0.3

90.0
0.2

90.0
0.2

(556.4)
(7,298.5)
(2,649.2)
(2,368.6)
(5,189.6)

5,804.4
(5,075.1)
(11,836.6)
1,472.3
(12,729.5)

(23,563.0)
(28,231.0)
(14,871.0)
(24,710.0)
(29,021.0)

31,626.0
62,854.1
45,408.2
65,403.8
68,267.5

666.6
1,359.8
1,054.3
1,019.9
180.0

779.9
1,591.0
1,233.5
1,193.2
1,064.6

(18,062.3)

(22,364.5)

(120,396.0)

273,559.6

4,280.6

5,862.3

(527.2)

FY15E

FY16E

76,406.4
38,967.3

89,395.5
45,591.7

6,280.0
12,811.2
9,932.8
29,024.0

7,347.6
14,989.1
11,621.4
33,958.1

9,608.4
8,572.8

11,241.8
10,030.2

18,181.2

21,272.0

10,842.8

12,686.1

(1,575.5)

(1,843.3)

30.0
120.0
0.1

30.0
120.0
0.1

90.0
0.2

90.0
0.2

912.5
1,861.5
1,443.2
1,396.1
1,245.6

1,067.6
2,177.9
1,688.6
1,633.4
1,457.4

6,858.9

8,024.9

Number of days assumption 365

Dabur(Rs million)

FY06

FY07

FY08

19,129.0

22,596.0
2,192.0

23,610.0
4,284.8

0.1

0.2

Depreciation Schedule

Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales

Beginning Net PP&E

Capital Expenditures
(Depreciation Expense)
(Asset Sales and write offs)
Ending Net PP&E
Existing Net PP&E, net
Land
Depreciable PP&E, net
Useful Life

From:

Existing PP&E
Years
Years 10-15

SYD
PPE breakup for 2011
land
Building Improvement
machinery and equip.
Automobiles
Total

Total capex
breakup
land
Building Improvement
machinery and equip.
Automobiles

amount
1,575.0
31,631.0
27,568.0
939.0
61,713.0

remainig life
prop. Of assets
N/A
0.0
10.0
0.5
10.0
0.4
8.0
0.0

Building improvement
useful life
Building improvement
Depreciation expense(existing)

years
31,631.0

CAPEX
2,012.0
2,013.0
2,014.0
2,015.0
2,016.0

10.0

Uuseful life
Years
10.0
10.0
10.0
10.0
10.0

4,401.3
5,149.5
6,024.9
7,049.2
8,247.5

Total Depreciation Expense(Building improvement)

Machinery and equipment

useful life
Machinery and equipment

years
27,568.0

10.0

Depreciation expense

CAPEX
2,012.0
2,013.0
2,014.0
2,015.0
2,016.0

Uuseful life
Years
3,836.0
4,488.1
5,251.0
6,143.7
7,188.1

10.0
10.0
10.0
10.0
10.0

Total Depreciation Expense(machinary and equipment)

Automobiles
useful life
Automobiles
Depreciation expense

years
939.0

CAPEX
2,012.0
2,013.0
2,014.0
2,015.0
2,016.0

8.0

Uuseful life
130.7
152.9
178.9
209.3
244.8

Years
8.0
8.0
8.0
8.0
8.0

Total Depreciation Expense(Automobiles)

Total depreciation expense

(104.0)

(1,597.0)

(364.0)

FY09

FY10

FY11

FY12E

FY13E

FY14E

FY15E

Forecast
28,054.3
5,139.6

33,904.7
8,969.1

40,774.3
18,659.0

47,705.9
8,587.1

55,815.9
10,046.9

65,304.6
11,754.8

76,406.4
13,753.2

0.2

0.3

0.5

0.2

0.2

0.2

0.2

19,288.0

19,288.0
8,587.1
(6,457.3)
21,417.8

21,417.8
10,046.9
(7,368.8)

24,095.9
11,754.8
(8,435.2)

27,415.5
13,753.2
(9,682.9)

24,095.9

27,415.5

31,485.8

FY12E
8,587.1

FY13E
10,046.9

FY14E
11,754.8

FY15E
13,753.2

219.2
4,401.3
3,836.0
130.7

256.4
5,149.5
4,488.1
152.9

300.0
6,024.9
5,251.0
178.9

351.0
7,049.2
6,143.7
209.3

<<staight line method>>

<<staight line method>>
<<staight line method>>

3,163.1

3,163.1

3,163.1

3,163.1

220.1

440.1
257.5

440.1
515.0
301.2

440.1
515.0
602.5
352.5

3,383.2

3,860.7

4,419.4

5,073.1

(448.6)

(502.7)

(624.0)

2,756.8

2,756.8

2,756.8

2,756.8

191.8

383.6
224.4

383.6
448.8
262.6

383.6
448.8
525.1
307.2

2,948.6

3,364.8

3,851.8

4,421.5

117.4

117.4

117.4

117.4

8.2

16.3
9.6

16.3
19.1
11.2

16.3
19.1
22.4
13.1

125.5

143.3

164.0

188.3

6,457.3

7,368.8

8,435.2

9,682.9

FY16E

89,395.5
16,091.2

0.2
31,485.8
16,091.2
(11,142.7)
36,434.3

FY16E
16,091.2
410.7
8,247.5
7,188.1
244.8

3,163.1

440.1
515.0
602.5
704.9
412.4

5,838.0

2,756.8

383.6
448.8
525.1
614.4
359.4
5,088.1

117.4

16.3
19.1
22.4
26.2
15.3
216.6

11,142.7

Dabur(Rs million)

FY06

FY07

FY08

Historical

Depreciation Schedule
19,129.0

Net Sales
Additions to Intangibles

22,596.0

23,610.0

(1,450.0)

68.0

(0.1)

0.0

Additions to Intangibles as % of Net Sales

Beginning Net Intangibles

Additions to Intangibles
(Amortization Expense)
(Intangible Sales and write offs)
Ending Net Intangibles
From:

Existing Net Intangibles, net

Existing PP&E
Years

79,026.0

Useful Life

10.0 Years

SLM
Capex

2,012.0
2,013.0
2,014.0
2,015.0
2,016.0

Total Amortization Expense

954.1
1,116.3
1,306.1
1,528.1
1,787.9

5,437.0

Useful Life
10.0 Years
10.0
10.0
10.0
10.0

6,321.0

8,654.0

FY09

FY10

FY11

FY12E

FY13

FY14

Forecast
28,054.3

40,774.3

47,705.9

55,815.9

65,304.6

(21.0)

33,904.7
(62.0)

7,594.0

954.1

1,116.3

1,306.1

(0.0)

(0.0)

0.2

0.0

0.0

0.0

79,026.0

79,026.0
954.1
7,950.3
72,029.8

72,029.8
1,116.3
8,053.8
65,092.3

65,092.3
1,306.1
8,174.9
58,223.4

7,902.6

7,902.6

7,902.6

47.7

95.4
55.8

95.4
111.6
65.3

7,950.3

8,053.8

8,174.9

Existing PP&E

9,543.0

9,876.0

10,000.0

FY15

FY16

76,406.4

89,395.5

1,528.1

1,787.9

0.0

0.0

58,223.4
1,528.1
8,316.7
51,434.9

51,434.9
1,787.9
8,482.5
44,740.4

7,902.6

7,902.6

95.4
111.6
130.6
76.4

95.4
111.6
130.6
152.8
89.4

8,316.7

8,482.5

Dabur

FY06

FY07

FY08
Forecast

Other long term schedule

Assets

Deferred Income Taxes

Other Long Term Assets
Total Other LT Assets
(Increase)/ Decrease in Other Assets

13.0
421.0

14.0
806.0

240.0
2,037.0

434.0

820.0
(386.0)

2,277.0
(1,457.0)

171.0

258.0

808.0
979.0

1,056.0
1,314.0
335.0

Liabilities

Deferred Income Taxes

Post retirement Pension Cost
Other Long Term Liabilities
Total Other Long Term Liabilities
Increase/ (Decrease) in Other Liabilities
Change in Other Long Term Assets and Liabilities

(51.0)

272.0
975.0
1,247.0
(67.0)
(1,524.0)

FY09

FY10

FY11

FY12E

FY13E

FY14E

FY15E

FY16E

235.0
3,469.0

2,641.0

4,274.0

2,353.0
4,274.0

2,353.0
4,274.0

2,353.0
4,274.0

2,353.0
4,274.0

2,353.0
4,274.0

3,704.0
(1,427.0)

2,641.0
1,063.0

4,274.0
(1,633.0)

4,274.0
-

4,274.0
-

4,274.0
-

4,274.0
-

4,274.0
-

189.0

189.0

189.0

189.0

189.0

189.0

7,031.0
7,220.0
-

7,031.0
7,220.0
-

7,031.0
7,220.0
-

7,031.0
7,220.0
-

7,031.0
7,220.0
-

304.0

106.0

956.0
1,260.0
13.0

702.0
808.0
(452.0)

7,031.0
7,220.0
6,412.0

(1,414.0)

611.0

4,779.0

Dabur

FY06

FY07

FY08

FY09

FY10
Forecast

Shareholder's Equity Schedule

Beginning Equity Balance

Net Income
Issuance/ (Repurchase) of Equity
Dividends Paid
Option Proceeds
Effects of Exchange Rate on Cash
Ending Equity Balance
Share Repurchase Assumptions

Current Year EPS

Assumed Current Year EPS Multiple
Projected Share Price
Shares Repurchased - millions
Amount Repurchased ( Rs outgo)

program
3.0
19.3
57.5
0.7
38.8

650.0
3.2
23.4
75.7
0.6
42.9

1,198.0

1,571.0

2,203.6
0.5

1,208.8
1.3

3.8
7.9
30.0
1.7
51.0

4.2
13.7
57.2
0.9
50.0

total left
5.0
11.5
57.3
0.8
45.0

1,434.0
2,730.2
0.5

1,602.0
3,388.6
0.5

1,332.0
4,522.4
0.3

New Shares from Exercised Options

New Shares from Exercised Options - millions

Average Strike Price
Option Proceeds
Dividend Assumptions

Total Dividends Paid

Net Income
Dividend Payout Ratio

FY11

FY12E

FY13E

FY14E

FY15E

FY16E

13,910.0
8,445.7

18,925.3
9,032.1

24,288.7
9,718.1

30,059.6
10,520.8

36,307.1
11,459.9

52.2
3,378.3
-

55.8
3,612.8
-

60.0
3,887.2
-

65.0
4,208.3
-

70.8
4,584.0
-

13,910.0

18,925.3

24,288.7

30,059.6

36,307.1

43,112.2

2.7
16.2
43.6
1.0
43.0

379.3
5.0
15.0
74.5
0.7
52.2

5.3
15.0
79.7
0.7
55.8

5.7
15.0
85.7
0.7
60.0

6.2
15.0
92.8
0.7
65.0

6.7
15.0
101.1
0.7
70.8

1,111.0
6,140.8
0.2

3,378.3
8,445.7
0.4

3,612.8
9,032.1
0.4

3,887.2
9,718.1
0.4

4,208.3
10,520.8
0.4

4,584.0
11,459.9
0.4

Forecast

Dabur

FY06

FY07

FY08

FY09

86.0

84.3

1.7
84.3

0.9
83.4

85.2
85.2

83.9
83.9

Shares Outstanding Schedule

Beginning Balance - Basic (actual)
Shares Issued
Shares Repurchased
Ending Balance - Basic (actual)
Basic Weighted Average Shares
Effects of Options and Dilutive Securities
Diluted Weighted Average Shares

0.7

0.6
86

FY10

FY11

FY12E

FY13E

FY14E

FY15E

83.4

82.6

81.7

81.0

80.3

79.6

0.8
82.6

1.0
81.7

0.7
81.0

0.7
80.3

0.7
79.6

0.7
78.9

83.0
83.0

82.1
82.1

81.3
81.3

80.6
80.6

79.9
79.9

79.2
79.2

Forecast

FY16E

78.9
0.7
78.2
78.5
78.5

Dabur

FY06

FY08

FY09

FY10
Forecast

Debt Schedule
Cash Flow Available for Financing Activities
Proceeds from/ (Repurchase of) Equity
Dividends
Option Proceeds
Effects of Exchange Rates on Cash
+ Beginning Cash Balance
- Minimum Cash Balance
Cash Available for Debt Repayment
Long Term Debt Issuance
Long Term Debt (Repayments)
Cash Available for Revolving Credit Facility
Revolving Credit Facility
Beginning Balance
Discretionary (Paydown)/ Borrowings
Ending Balance
Long Term Debt
Beginning Balance
Issuance
(Repayment/ Amortization)
Ending Balance
Revolving Credit Facility

Average Balance
Interest Rate
Interest Expense

Long Term Debt

Average Balance
Interest Rate
Interest Expense

Total Interest Expense

Cash Balances

FY07

Average Balance
Interest Rate
Interest Income

FY11

FY12E

FY13E

FY14E

FY15E

FY16E

7,095.2
52.2
3,378.3

15,172.3
55.8
3,612.8

14,613.9
60.0
3,887.2

14,814.5
65.0
4,208.3

15,049.3
70.8
4,584.0

6,388.7
6,000.0
4,053.4
323.0
3,730.4

17,892.4
6,000.0
23,396.0
310.0
23,086.0

28,558.9
6,000.0
33,225.5
300.0
32,925.5

39,100.1
6,000.0
43,641.4
234.0
43,407.4

49,494.7
6,000.0
53,889.2
123.0
53,766.2

7,023.0

7,023.0
3,730.4
10,753.4

10,753.4
(10,753.4)
-

7,023.0
323.0
10,907.0

10,907.0
310.0
10,597.0

10,597.0
300.0
10,297.0

Forecast

8,888.2
7%
622.2

5,376.7
7%
376.4

10,752.0
9.0%
967.7

10,447.0
9.0%
940.2

1,589.9

1,316.6

6,388.7
3.00%
191.7

17,892.4
3.00%
536.8

10,297.0
234.0
10,063.0
-

10,063.0
123.0
9,940.0
-

7%
-

10,180.0
9.0%
916.2
916.2
28,558.9
3.00%
856.8

9,940.0
78.0
9,862.0
-

7%
-

10,001.5
9.0%
900.1
900.1
39,100.1
3.00%
1,173.0

7%
-

9,901.0
9.0%
891.1
891.1
49,494.7
3.00%
1,484.8

estimated life

Type of Assets : Estim

Leasehold Land 20 ye
Buildings 10-15 years
Plant and Machinery
Furniture and Fixture
Office Equipment 15 y
Vehicles 5 years
Depreciation for the a

estimated life
Type of Assets : Estimated useful life for charging depreciation :
Leasehold Land 20 years
Buildings 10-15 years
Plant and Machinery 6-15 years
Furniture and Fixtures 10-15 years
Office Equipment 15 years
Vehicles 5 years
Depreciation for the asset of the Group is charged on Straight Line basis