Particulars

Turnover
cost of sales
Gross profit
Less:operating expense
Operating profit
Plus: other income
Plus:gain on disposal of asset
Less: interest expense
Less:other expense
Less: Contribution to WPPF
Profit before tax
Tax expense
Net income
less: Dividend
Transfer to the retained earning

2008
3089746417
1526514685
1563231732
845169923
718061809
15420344
118000
87270665
5,913,520
30496000
609919968
176774164
433145804
86759000
346386804

2009
3900732314
1820496777
2080235537
1118768795
961466742
8050515
930500
99513638
6,752,520
41151504
823030095
219505643
603524452
122909000
480615452

2010
5090318113
2405361976
2684956137
1378630620
1306325517
5992117
593908
117473675
8,195,771
56480177
1130761919
278175022
852586897
153636000
698950897

2011
6519639234
3099355955
3420283279
1702913272
1717370007
21477196
-3518170
215315416
9,234,832
71941847
1438836938
351117807
1087719131
192045000
895674131

Depreciation

304330750.2

418890260.1

769371686.4

1134854810

2012
7671572303
3619613644
4051958659
1880513705
2171444954
7995455
-218312
370881897
10,345,556
85618793
1712375851
474449485
1237926366
240056000
997870366

1280677908

Particulars
Non current asset
Property, plant and equipment
Capital work-in-progress
Investment in subsidiary
Other investment
Total non-current assets

2008

2009

1014435834
570277998
63070376
8377754
1656161962

1396300867
736960533
63070376
11931079
2208262855

Current asset
Inventories
Trade and other receivables
Advances, deposits and prepayments
Cash and cash equivalents
Total current assets
Total assets

959414590
344226933
79,281,411
123148038
1506070972
3162232934

1075310581
343870341
80,677,337
143248172
1643106431
3851369286

EQUITY AND LIABILITIES

Share capital
Revaluation surplus
Tax holiday reserve
Retained earnings
Total equity attributable to equity holders of the company

115678700
155075461
52862514
1338456682
1662073357

144598400
154596958
83346636
1824737962
2207279956

105224160
81542581

124183595
110179135

186766741

234362730

Current liabilities
Bank overdraft
Creditors for goods
Accrued expenses
Other payables
Unclaimed dividend
Provision for taxation
Total current liabilities
Total liabilities

823163615
127107689
133013604
79902838
3173467
147031623
1313392836
1500159577

794424620
27896925
171928847
237310646
3961604
174203958
1409726600
1644089330

Total equity and liabilities

3162232934

3851369286

Non-current liabilities
Deferred liability-staff gratuity
Deferred tax liabilities
Long term loan
Non-convertible Bond
Total non-current liabilities

No. of outstanding share

2010

2011

2012

2564572288
363998451
63070376
58965084
3050606199

3782849367
1370222641
63070376
11333863
5227476247

4268926361
2061905242
63070376
48955276
6442857255

1303637035
488934817
110721962
178384225
2081678039
5132284238

1585100179
640195291
97,564,211
141265972
2464125653
7691601900

1986744883
843231267
148951592
331292974
3310220716
9753077971

180748000
154118455
124166310
2512438179
2971470944

225935000
158434421
131443579
3442795036
3958608036

282418750
157955917
206609359
4423495722
5070479748

138540457
152716016

149138826
198004754

291256473

347143580

175366283
272041423
358333333
1000000000
1805741039

1129414884
31752362
220862988
297285203
5164759
185076625
1869556821
2160813294

2402992758
50168661
326941029
343920388
6551459
255275989
3385850284
3732993864

1812605178
41207200
272566530
340461110
7907075
402110091
2876857184
4682598223

5132284238

7691601900

9753077971

28241875

particular

2008

Sales growth rate

Average sales growth rate

2009
0.262476523

COGS in proportion to sales

Average proportion

0.494058243 0.466706411

Operating expense in proportion to sales

Average proportion

0.273540223 0.286809938

-0.477928962

Growth rate of other income

Average proportion

0.141878272

Growth rate of other expense

Average

Total loan
Average loan
Interest rate
Average interest rate

823163615

794424620
808794117.5
0.123039518

Short-term loan in proportion to sales

Average proportion

0.266417856 0.203660379

Proportion of contribution to WPPF to sales

Average proportion

0.009870066 0.010549687

Gain (loss) on sale of an equipment growth

average rate

6.88559322

tax rate
average

Growth rate of PPE

Average growth rate

0.289831737 0.266704273

0.376430938

Other investments growth rate

average rate
Normalized rate

0.42413814

Inventory in proportion to sales

0.310515641 0.275668899

Avg. Proportion

Trade and other receivables proportion to sales

average proportion

Advances, deposits and prepayments

average

Cash and cash equivalents

average

0.111409445 0.088155329

0.02565952 0.020682613

0.039857005 0.036723405

Grwth rate of Capital work-in-progress

averaage

creditors in proportion to sales

average

0.292282949

0.04113855 0.007151715

Accrued expenses
average

0.043050007 0.044076043

Other payables
average

0.025860646

Growth rate for unclaimed dividends

average

Tax
average

0.06083746

0.248352039

0.18480606

Growth rate of deffered liability(staff gratuity)

average

0.180181386

Growth rate Deferred tax liabilities

average

0.351185278

unclaimed dividend to divedend

average

0.248352039

growth rate of depreciation

Dividend payout ratio

average

0.200299759 0.203652063

Tax holiday reserve in proportion to net income

average rate

0.122043232

Growth of revaluation of surplus

Average Rate

Depreciation in proportion to PPE

Average Rate

0.13809985

-0.003085614

0.3

0.3

2010
2011
2012
2013
0.304964736 0.280792102 0.176686628
0.256229997 0.256229997

2014

2015

0.256229997

0.256229997

0.472536671 0.475387647 0.471821616

0.476102118

0.476102118

0.476102118

0.476102118

0.26119747 0.245127548
0.267501812

0.267501812

0.267501812

0.267501812

-0.255685257 2.584241763 -0.627723517

0.305726007

0.305726007

0.305726007

0.305726007

0.213735169 0.126780141 0.120275496

0.150667269

0.150667269

0.150667269

0.150667269

1129414884 2402992758 3170938511

961919752 1766203821 2786965635
0.122124195 0.121908589 0.133077313
0.125037403 0.125037403

0.125037403

0.125037403

0.221875109 0.368577566 0.236275578

0.259361297

0.259361297

0.259361297

0.259361297

0.011095609 0.011034636 0.011160527

0.010742105

0.010742105

0.010742105

0.010742105

-6.9237626 -0.937947285
-0.334462267 -0.334462267

-0.334462267

-0.334462267

0.270833883

-0.361732402

0.246006712 0.244028908 0.277070881

0.264728502

0.264728502

0.264728502

0.264728502

0.836690321 0.475041037 0.128494938

0.454164309

0.454164309

0.454164309

0.454164309

3.942141779 -0.80778688 3.319381309

1.719468588
0.75

0.75

0.75

0.75

0.25610129 0.243126977 0.258974928

0.268877547

0.268877547

0.268877547

0.268877547

0.096051918 0.098194895 0.109916355

0.100745588

0.100745588

0.100745588

0.100745588

0.021751482 0.014964664 0.019416045

0.020494865

0.020494865

0.020494865

0.020494865

0.035043827 0.021667759 0.043184495

0.035295298

0.035295298

0.035295298

0.035295298

-0.506081486 2.764363934 0.504795776

0.763840293

0.763840293

0.763840293

0.763840293

0.006237795 0.007695006 0.005371415

0.013518896

0.013518896

0.013518896

0.013518896

0.043388838 0.050147104 0.035529422

0.043238283

0.043238283

0.043238283

0.043238283

0.058402087 0.052751445 0.044379574

0.048446242

0.048446242

0.048446242

0.048446242

0.303704005 0.268492683 0.206918184

0.256866728

0.256866728

0.256866728

0.256866728

0.37929892 0.575197466
0.30042897

0.30042897

0.30042897

0.30042897

0.115609972 0.076500174 0.373913593

0.186551281

0.186551281

0.186551281

0.186551281

0.386070203 0.296555261 0.373913593

0.351931084

0.351931084

0.351931084

0.351931084

0.062413433

0.303704005 0.268492683 0.206918184

0.256866728

0.256866728

0.256866728

0.256866728

0.180199814 0.176557527 0.193917834

0.190925399

0.190925399

0.190925399

0.190925399

0.145634786 0.120843309 0.166899555

0.138704146

0.138704146

0.138704146

0.138704146

-0.003095164 0.028004213 -0.003020202

0.004700808

0.004700808

0.004700808

0.004700808

0.3

0.3

0.3

0.3

0.3

0.3
0.3

Time

Monthly Closing- Renata limited

12/31/2012
11/29/2012
10/31/2012
9/30/2012
8/30/2012
7/30/2012
6/28/2012
5/31/2012
31-04-12
3/29/2012
2/29/2012
1/28/2012
12/31/2011
11/30/2011
10/31/2011
9/29/2011
8/25/2011
7/31/2011
6/30/2011
5/31/2011
4/28/2011
3/30/2011
2/28/2011
1/31/2011
12/30/2010
11/30/2010
10/31/2010
9/30/2010
8/31/2010
7/29/2010
6/30/2010
5/31/2010
4/29/2010
3/31/2010
2/28/2010
1/31/2010
12/30/2009
11/26/2009
10/29/2009

739.5

764.5
830
848.4
869.5
856.7
905.5
880.2
1214.2
1179.1
1016
1013.5

1205
12696
12662.5
13229
11782
11536
10695.25
10656.25
12427.25
12721.75
10474.5
12417.75
12942.8
12997.5
12315
11012
11149
11258
10469
12472
12590
12290
11861
13222
12051.5
10016.8
8981.25

9/30/2009
8/31/2009
7/30/2009
6/30/2009
5/31/2009
4/30/2009
3/31/2009
2/26/2009
1/29/2009
12/30/2008
11/30/2008
10/30/2008
9/25/2008
8/31/2008
7/31/2008
6/30/2008
5/29/2008
4/30/2008
3/31/2008
2/28/2008
1/31/2008
12/30/2007
11/29/2007
10/31/2007
9/30/2007
8/29/2007
7/31/2007
6/28/2007
5/31/2007
4/30/2007
3/29/2007
2/27/2007
1/28/2007

7998.5
7423.5
6732.75
6944.5
6602.5
8051.5
8004
7889
7865.5
7789.25
7587
7544.75
7835.25
7309
7174.5
7401.5
8133.25
8848
8982.25
7143.25
6736.25
7491.25
5947
5304.25
5069
4860.5
4808.75
3857
3591.25
3561.5
3265
3200
3500.5

covarience
Variance of market return
Beta
market return
market return yearly

DSE General Index

Renata Limited Return

DSE General Return

4219.31416
4210.58149
4493.92049
4544.40647
4446.8703
4159.16692
4572.87836
4734.33314
5098.90404
4990.32474
4695.40854
4153.96414
5257.60585
5268.554
5036.498
5910.203
6211.997
6459.623
6117.234
5758.264
6050.846
6249.35375
5203.085
7484.228
8290.413
8602.441
7957.121
7097.382
6657.975
6342.758
6153.677
6107.814
5654.877
5582.334
5560.561
5367.107
4535.532
4380.948
3364.262

-0.032701112
-0.078915663
-0.021687883
-0.02426682
0.014941053
-0.053892877
0.028743467
-0.275078241
0.029768467
0.160531496
0.0024667
-0.158921162
-0.905088217
0.002645607
-0.042822587
0.122814463
0.021324549
0.078609663
0.003659824
-0.142509405
-0.023149331
0.214544847
-0.156489702
-0.040566956
-0.004208502
0.055420219
0.118325463
-0.012288098
-0.009682004
0.075365364
-0.160599743
-0.009372518
0.02441009
0.036168957
-0.102934503
0.097124839
0.203128744
0.115301322
0.122866788

0.00
-0.06
-0.01
0.02
0.07
-0.09
-0.03
-0.07
0.02
0.06
0.13
-0.21
0.00
0.05
-0.15
-0.05
-0.04
0.06
0.06
-0.05
-0.03
0.20
-0.30
-0.10
-0.04
0.08
0.12
0.07
0.05
0.03
0.01
0.08
0.01
0.00
0.04
0.18
0.04
0.30
0.09

3083.886
2941.284
2914.534
3010.264
2572.18
2554.355
2446.922
2570.964
2649.494
2795.336
2468.918
2748.598
2966.818
2791.21
2761.049
3000.498
3167.993
3072.851
3016.49
2931.384
2907.167
3017.213
2971.112
2850.814
2548.187
2455.087
2384.182
2149.317
2003.585
1743.328
1760.876
1797.66681
1780.52181

0.004938797
0.008186459
0.603288538
0.02
0.20

0.077456725
0.102595522
-0.030491756
0.051798561
-0.179966466
0.005934533
0.014577259
0.002987731
0.009789132
0.02665744
0.00559992
-0.037076035
0.072000274
0.018746951
-0.030669459
-0.089970184
-0.080780967
-0.014946144
0.25744584
0.060419373
-0.100784248
0.259668741
0.121176415
0.046409548
0.042896821
0.010761632
0.246759139
0.073999304
0.008353222
0.090811639
0.0203125
-0.085844879

0.05
0.01
-0.03
0.17
0.01
0.04
-0.05
-0.03
-0.05
0.13
-0.10
-0.07
0.06
0.01
-0.08
-0.05
0.03
0.02
0.03
0.01
-0.04
0.02
0.04
0.12
0.04
0.03
0.11
0.07
0.15
-0.01
-0.02
0.01

Particulars
Turnover
cost of sales
Gross profit
Less:operating expense
Operating profit
Plus: other income
Plus:gain on disposal of asset
Less: interest expense
Less:other expense
Less: Contribution to WPPF
Profit before tax
Tax expense
Net income
Dividend

2012
7671572303
3619613644
4051958659
1880513705
2171444954
7995455
-218312
370881897
10,345,556
85618793
1712375851
474449485
1237926366
240056000

2013
9637259251
4588319537
5048939714
2577984315
2470955399
10439873.53
-291329.1265
482377471.9
11904292.67
103524449.9
1883297729
498562587
1384735142
264381110.1

2014
12106614160
5763984638
6342629522
3238541229
3104088293
13631614.37
-388767.7267
562458313.7
13697879.94
130050519.3
2411124427
638293358.3
1772831069
338478480

Transfer to retained earnings

997870366

1120354032

1434352589

Depreciation

1280677908

1862316105

2708113611

2015
15208691870
7240890405
7967801466
4068352638
3899448827
17799153.4
-518795.8621
663058269.4
15761702.11
163373363.5
3074535850
813917270.7
2260618579
431609505.3
1829009074

3938042157

Particulars
Non current asset
Property, plant and equipment
Capital work-in-progress
Investment in subsidiary
Other investment
Total non-current assets
Current asset
Inventories
Trade and other receivables
Advances, deposits and prepayments
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Share capital
Revaluation surplus
Tax holiday reserve
Retained earnings
Total equity attributable to equity holders of the company
Non-current liabilities
Deferred liability-staff gratuity
Deferred tax liabilities
Long term loan
Non-convertible Bond
Total non-current liabilities
Current liabilities
Bank overdraft
Creditors for goods
Accrued expenses
Other payables
Unclaimed dividend
Provision for taxation
Total current liabilities
Total liabilities
Total equity and liabilities

2012
4268926361
2061905242
63070376
48955276
6442857255

1986744883
843231267
148951592
331292974
3310220716
9753077971
282418750
157955917
206609359
4423495722
5070479748
175366283
272041423
358333333
1000000000
1805741039
1812605178
41207200
272566530
340461110
7907075
402110091
2876857184
4682598223
9753077971

2013

2014

2015

6207720350
3636871546
63070376
85671733
9993334006

9027045371
6414860574
63070376
149925532.8
15654901854

13126807191
11314789555
63070376
262369682.3
24767036805

2591242627
970911354.3
197514325.7
0
3759668307
13753002312

3255196717
1219687968
248123420.7
0
4723008106
20377909960

4089275762
1532208612
311700084.1
0
5933184459
30700221263

353023437.5

441279296.9

551599121.1

158698437.4
192068505.6
5421366088
6125156468

159444448.3
245899019.7
6541720120
7388342885

160193966.1
313557169.9
7976072708
9001422966

208081087.8
367781255.8
358333333
1000000000
1934195677

246898881.3
497214911.8
358333333
1000000000
2102447126

292958184
672200294.6
358333333
1000000000
2323491812

2499532061
130285108.2
416698542
466888997.2
9938139.481
522915611.4
4046258460
5980454136
12105610605

3139987154
163668061.1
523469208.2
586519963.6
12490916.85
680014609.8
5106149914
7208597040
14596939924

3944546053
205604727.9
657597721.8
736803972.1
15699417.78
884310698.4
6444562591
8768054403
17769477368

Risk free rate

Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt

0.085
0.20
0.603288538
0.151934741
0.125037403
0.091936439

Total market value of equity

Book value of debt
Weight of equity
Weight of debt

20884866563
3170938511
0.868184062
0.131815938

WACC

0.144026009

Particulars
Inventory
Trade and other receivables
Advanced deposits and repayments

2012
1986744883
843231267
148951592

2013
2591242627
970911354.3
197514325.7

2014
3255196717
1219687968
248123420.7

Non-cash current asset

2978927742

3759668307

4723008106

Creditors
Accrued Expense
Others
Unclaimed dividends
Provision For Taxation

41207200
272566530
340461110
7907075
402110091

130285108.2
416698542
466888997.2
9938139.481
522915611.4

163668061.1
523469208.2
586519963.6
12490916.85
680014609.8

Non- STD Current liabilities

1064252006

1546726398

1966162760

Working capital
Change in WC

1914675736

2212941908
298266172.4

2756845346
543903437.8

2015
4089275762
1532208612
311700084.1
5933184459
205604727.9
657597721.8
736803972.1
15699417.78
884310698.4
2500016538
3433167920
676322574.2

Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Less:Capital expenditure
Less: Change in NWC
Free cashflow

2013
1712375851
1259061157
1862316105
1938793989
298266172.4
884317100.1

2014
1883297729
1384735142
2708113611
2819325021
543903437.8
729620294.5

Present value discount factor

Present value of free cashflow
Terminal value

0.874106001
772986884.3

0.764061302
557474632

Enterprise value
ADD:Cash
Less:Interest-bearing debt
Equity value
Value per share

7089221144
331292974
3170938511
10591452629
375.0265387

2015
2411124427
1772831069
3938042157
4099761820
676322574.2
934788832

2016

953484608.6

0.667870569
624317949.4
5134441678

Particulars
Sales

2008

2009

Net Profit after Tax

OCF
Earnings per share
NAV per share
OCF per share
No of outstanding share
Sales Per Share
Market price

3089746417
433145804
217478117
37.44386858
73.56
18.80018681
11567870
267.0972631
778.92

3900732314
603524452
751083736
41.7379758
97.7
51.94274183
14459840
269.7631726
1205.15

Price/ EPS
Price/SPS
Price/OCFPS
Price/NAVPS

20.80233773
2.916241039
41.4315032
10.58890701

28.87418417
4.467437079
23.20150915
12.33520983

2010

2011

2012

5090318113
852586897
786059727
47.16992149
131.52
43.48926279
18074800
281.6251418
1294.27

6519639234
1087719131
900132824
48.14301153
175.21
39.84034452
22593500
288.5626058
1205

7671572303
1237926366
1087259497
43.83300918
179.54
38.49813431
28241875
271.6382076
739.5

27.43845991
4.595718947
29.76067924
9.840860706

25.02959332
4.175870247
30.24572238
6.877461332

16.8708472
2.722371078
19.20872305
4.118859307

Average

23.80308447
3.775527678
28.7696274
8.752259637

Assumption
1.Perpetual growth rate is 2percent
2.Risk free rate 8.5 percent
3. Cash is zero for the year of 2013,2014 and 2014