Apx Tannery
Content
Net Sales Revenue
(Cost of Goods Sold)
Gross Profit
(Operating Expense):
Administarative expenses
Marketing expenses
Directors' Remuneration
Legal & Audit fees
Depreciation
Net Income from Operation
Other Income
EBIT
2004
1,731,241,000
1,601,201,000
130,040,000
APEX TANNERY LIMITED (INCOME STATEMENT)
2006
average
stdev
2005
1,716,040,000
2,212,651,000
1,886,644,000
282432630.26
1,570,796,000
2,047,102,000
1,739,699,667
266651949.01
145,244,000
165,549,000
146,944,333
17815460.15
52,718,000
18,121,000
27,911,000
3,408,000
280,000
2,998,000
77,322,000
1,053,000
78,375,000
63,423,000
19,248,000
37,248,000
3,408,000
248,000
3,271,000
81,821,000
3,934,000
85,755,000
76,840,000
18,349,000
49,802,000
3,408,000
224,000
5,057,000
88,709,000
12,006,000
100,715,000
64,327,000
18,572,667
38,320,333
3,408,000
250,667
3,775,333
82,617,333
5,664,333
88,281,667
12086382.13
595862.68
10984825.64
0
28095.08
1118317.64
5735115.72
5677815.81
11382307.91
(Finance Cost)/(Interest Expense)
56,839,000
Net Income Before Contribution to PF&WF
21,536,000
(Contribution to PF&WF )
1,025,000
Net Profit Before Tax
20,511,000
(Provision for Income Tax)
3,158,000
17,353,000
Net Income/Loss After Tax
Appropriations
Previous Years retained earnings
7,804,000
Dividend
-18,288,000
Income Tax
-540,000
Dividend Distribution tax
-1,829,000
-12,853,000
45,057,000
40,698,000
1,937,000
38,761,000
6,295,000
32,466,000
45,792,000
54,923,000
2,614,000
52,309,000
9,527,000
42,782,000
49,229,333
39,052,333
1,858,667
37,193,667
6,326,667
30,867,000
6600403.5
16754226.52
797390.95
15956835.57
3184618.08
12789687.68
4,500,000
-19812000
0
0
-15,312,000
17,154,000
-22,860,000
-2,336,000
0
-8,042,000
9,819,333
-20,320,000
-958,667
-609,667
-12,069,000
6563315.12
2327948.45
1222982.15
1055973.64
3697866.55
Dividend per share-taka
Retained earnings
Earning per share (par value Tk 100)
13
17,154,000
21.3
15
34,740,000
28.07
13
18,798,000
20
1.53
15186884.21
8.39
12
4,500,000
11.39
average growth
0.14
0.14
0.13
2007
2523100535.72
2338033074.7
186798630.080
0.21
0.01
0.34
0
-0.11
0.32
0.07
2.39
0.13
92769294.46
18491084.42
66524660.88
3408000
200361.29
6667834.28
95023706.62
40747451.67
114241686.640
-0.1
0.62
0.62
0.62
0.75
0.59
41419446.03
88955810.35
4233720.20
84722090.15
16704515.92
68208700.7
1.19
0.12
-0.14
37641256.96
-25570961.54
-2336000
0
-6902151.80
0.12
1.92
0.59
16.78
101391879.66
44.74
APEX TANNERY LIMITED (CASH FLOW STATEMENT)
2004
2005
2006
1,712,347,000
1,334,000
1,576,732,000
134,281,000
56,839,000
1,500,000
75,942,000
1,691,883,000
1,018,000
1,637,816,000
53,049,000
4,500,000
45,057,000
3,492,000
2,266,261,000
1,900,000
2,073,003,000
191,358,000
6,000,000
45,793,000
139,565,000
-972,000
-972,000
-4,512,000
-4,512,000
-16,803,000
-16,803,000
Cash Flows from Financiang Activities:
Loan received/paid from Rupali Bank
Dividend distribution tax paid
Long term loan paid
Dividend Paid
Net Cash Generated from Financing Activities
-25,069,000
-1,829,000
-26,510,000
-18,288,000
-71,696,000
46,230,000
-1,829,000
-27,649,000
-18,288,000
-1,536,000
-54,991,000
0
-28,671,000
-19,812,000
-103,474,000
Increase in Cash and cash Equivalents
Cash and cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
3,274,000
10,779,000
14,053,000
-2,556,000
14,053,000
11,497,000
19,288,000
11,497,000
30,785,000
Cash Flow From Operation:
Collection from turnover and other income
Payment to workers profit participation fund
Payment for purchase of leather and Expense
Cash Generated from Operation
Income tax paid
Interest Paid
Net Cash Generated from Operating Activities
Cash Flows from Investing Activities:
Acquision of Fixed assets
Net Cash Used in Investing Activities
Average
1,890,163,667
1,417,333
1,762,517,000
126,229,333
22,446,333
30,783,333
72,999,667
-7,429,000
-7,429,000
-11,276,667
-1,219,333
-27,610,000
-18,796,000
-58,902,000
6,668,667
12,109,667
18,778,333
APEX TANNERY LIMITED (VERTICAL INCOME STATEMENT)
2004
2005
2006
Net Sales Revenue
100.00%
100.00%
100.00%
Cost of Goods Sold
92.49%
91.54%
92.52%
Gross Profit
7.51%
8.46%
7.48%
Operating Expense:
3.05%
3.70%
3.47%
Adinistrative Expense
1.05%
1.12%
0.83%
marketing Expense
1.61%
2.17%
2.25%
Directors' Remuneration
0.20%
0.20%
0.15%
Legal & Audit fees
0.02%
0.01%
0.01%
Depreciation
0.17%
0.19%
0.23%
Net Income from Operation
4.47%
4.77%
4.01%
Other Income
EBIT
(Finance Cost)/(Interest Expense)
Net Income Before Contribution to WPPF
0.06%
4.53%
3.28%
1.24%
0.23%
5.00%
2.63%
2.37%
0.54%
4.55%
2.07%
2.48%
(Contribution to PF&WF )
0.06%
0.11%
0.12%
Net Profit Before Tax
1.18%
2.26%
2.36%
(Provision for Income Tax)
0.18%
0.37%
0.43%
1.00%
1.89%
1.93%
Net Income/Loss After Tax
Appropriations
Previous Years retained earnings
Dividend
Income Tax
Dividend Distribution tax
Retained earnings
Earning per share (par value Tk 100)
45.08%
1.05%
-0.03%
0
0
0
0.26%
(0)
0.00%
NT)
Average
Stdev
100.00%
0
92.18%
0.01
7.82%
0.01
3.40%
0
1.00%
0
2.01%
0
0.18%
0
0.01%
0
0.20%
0
4.41%
0
0.28%
4.69%
2.66%
2.03%
0
0
0.01
0.01
0.10%
0
1.94%
0.01
0.33%
0
1.61%
0.01
APEX TENNARY LIMITED (HORIZONTAL INCOME STATEMENT)
(using 2004 as the base year)
Net Sales Revenue
Cost of Goods Sold
Gross Profit
2004
100.00%
100.00%
100.00%
2005
99.12%
98.10%
111.69%
2006
127.81%
127.85%
127.31%
Operating Expense:
Administarative expenses
Marketing expenses
Directors' Remuneration
Legal & Audit fees
Depreciation
Net Income from Operation
Other Income
EBIT
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
120.31%
106.22%
133.45%
100.00%
88.57%
109.11%
105.82%
373.60%
109.42%
145.76%
101.26%
178.43%
100.00%
80.00%
168.68%
114.73%
1140.17%
128.50%
(Finance Cost)/(Interest Expense)
Net Income Before Contribution to WPPF
100.00%
100.00%
79.27%
188.98%
80.56%
255.03%
(Contribution to PF&WF )
100.00%
188.98%
255.02%
Net Profit Before Tax
(Provision for Income Tax)
Net Income/Loss After Tax
100.00%
100.00%
100.00%
188.98%
199.34%
187.09%
255.03%
301.68%
246.54%
TEMENT)
Average
108.98%
108.65%
113.00%
122.02%
102.49%
137.29%
100.00%
89.52%
125.93%
106.85%
537.92%
112.64%
86.61%
181.34%
181.33%
181.34%
200.34%
177.88%
Apex Tannery LIMITED (HORIZONTAL BALANCE SHEET)
(using 2004 as the Base Year)
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade Debtors
Advanced deposits and payments
Cash & Bank Balances
TOTAL ASSETS
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
Share Capital
Share premium
Reserved for reinvestment
Retained Earnings
Long Term Liabilities
Long term loan
Current Liabilities
Short term loans
working capital management
Trade creditors
Sundry creditors
Provision for Income taxes
Proposed dividends
Total Liabilities & Shareholder`s Equity
2004
2005
100.00%
100.00%
100.00%
88.74%
90.70%
54.23%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
107.80%
112.71%
123.15%
76.76%
81.81%
105.15%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
102.11%
100.00%
100.00%
100.00%
381.20%
80.64%
80.64%
112.58%
138.14%
100.40%
122.40%
426.36%
299.34%
108.33%
105.15%
ET)
2006
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
893.35%
876.81%
1048.52%
100.00%
100.00%
#DIV/0!
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
#DIV/0!
0.00%
0.00%
0.00%
0.00%
0.00%
767.55%
605.61%
#DIV/0!
713.15%
596.24%
1656.88%
717.66%
1003.68%
100.00%
100.00%
0.00%
0.00%
627.53%
530.95%
242.51%
210.32%
100.00%
100.00%
Net Income/Loss After Tax
0.00%
0.00%
530.95%
533.31%
210.32%
86.02%
87.84%
54.23%
93.62%
98.48%
107.00%
54.34%
219.06%
92.56%
105.05%
100.00%
100.00%
100.00%
772.00%
60.56%
60.56%
88.50%
91.27%
100.31%
23.29%
77.42%
500.98%
125.00%
92.56%
\
\
\
\
\
367.89%
\
211.10%
APEX TANNERY LIMITED (BALANCE SHEET)
2004
2005
2006
202,550,000
191,625,000
10,925,000
179,737,000
173,812,000
5,925,000
174,241,000
168,316,000
5,925,000
1,253,083,000
849,772,000
178,396,000
210,862,000
14,053,000
1,455,633,000
1,350,798,000
957,767,000
219,686,000
161,848,000
11,497,000
1,530,535,000
1,173,149,000
836,895,000
190,880,000
114,589,000
30,785,000
1,347,390,000
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
598,398,000
Share Capital
152,400,000
Share premium
425,333,000
Reserved for reinvestment
16,165,000
Retained earning
4,500,000
611,052,000
152,400,000
425,333,000
16,165,000
17,154,000
628,638,000
152,400,000
425,333,000
16,165,000
34,740,000
612,696,000
152,400,000
425,333,000
16,165,000
18,798,000
Long Term Liabilities
Long term loan
142,790,000
142,790,000
115,141,000
115,141,000
86,470,000
86,470,000
114,800,333
114,800,333
Current Liabilities
Short-term loan
Working Capital Loan
714,445,000
116,369,000
456,409,000
804,342,000
160,752,000
458,256,000
632,282,000
106,209,000
457,807,000
717,023,000
127,776,667
457,490,667
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade debtors
Advance, deposits and payments
Cash & Bank Balances
TOTAL ASSETS
AVERAGE
185,509,333
177,917,667
7,591,667
1,259,010,000
881,478,000
196,320,667
162,433,000
18,778,333
1,444,519,333
Trade Creditors
Sundry creditors
Provision for income-tax
Proposed dividend
117,285,000
2,936,000
3,158,000
18,288,000
Total Liabilities & Shareholder`s Equity 1,455,633,000
143,551,000
12,518,000
9,453,000
19,812,000
27,312,000
2,273,000
15,821,000
22,860,000
1,530,535,000
1,347,390,000
96,049,333
5,909,000
9,477,333
20,320,000
1,444,519,333
Avg. Growth
2007 2005 growth
growth 2006
averge growth
-0.07
-0.06
-0.23
161764735.28
157831767.12
4569164.76
-11.26
-3.06
-7.16
-9.3
-3.16
-6.23
-45.77
0
-22.88
-0.03
0
0.05
-0.26
0.75
-0.03
1141747061.77
837265387.23
200455291.45
84541354.45
53808673.1
1301441224.9
7.8
-13.15
-2.68
12.71
-12.62
0.04
23.15
-13.11
5.02
-23.24
-29.2
-26.22
-18.19
167.77
74.79
5.15
-11.97
-3.41
0.02
0
0
0
1.92
644330795.93
152400000
425333000
16165000
101391879.66
2.11
2.88
2.5
0
0
0
0
0
0
-0.22
-0.22
-0.04
0.02
0
0
0
0
281.2
102.52
191.86
67332384.1
67332384.1
-19.36
-24.9
-22.13
-19.36
-24.9
-22.13
604434327.54
108444687.86
458509048.68
12.58
-21.39
-4.4
38.14
-33.93
2.1
0.4
-0.1
0.15
-0.29
1.22
1.33
0.12
19312453.32
5051972.65
36918294
25570961.54
-0.03
1301441224.9
22.4
-80.97
-29.29
326.36
-81.84
122.26
199.34
67.36
133.35
8.33
15.38
11.86
5.15
-11.97
-3.41
APEX TANNERY LIMITED (VERTICAL BALANCE SHEET)
2004
2005
2006
13.91%
13.16%
0.75%
86.09%
58.38%
12.26%
14.49%
0.97%
100.00%
11.74%
11.36%
0.39%
88.26%
62.58%
14.35%
10.57%
0.75%
100.00%
12.93%
12.49%
0.44%
87.07%
62.11%
14.17%
8.50%
2.28%
100.00%
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
41.11%
Share Capital
10.47%
Share premium
29.22%
Reserved for reinvestment
1.11%
Retained Earnings
0.31%
39.92%
9.96%
27.79%
1.06%
1.12%
Long Term Liabilities
Long term loan
9.81%
9.81%
49.08%
7.99%
31.35%
8.06%
0.20%
0.22%
1.26%
100.00%
0.00%
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade Debtors
Advanced deposits and payments
Cash & Bank Balances
TOTAL ASSETS
Current Liabilities
Short term loans
working capital management
Trade creditors
Sundry creditors
Provision for Income taxes
Proposed dividends
Total Liabilities & Shareholder`s Equity
Average
Stdev
12.86%
0.01
12.34%
0.53%
0.01
0
87.14%
0.01
61.02%
0.02
13.59%
0.01
11.19%
0.03
1.33%
0.01
100.00%
0
46.66%
11.31%
31.57%
1.20%
2.58%
42.56%
0.04
10.58%
0.01
29.53%
0.02
1.12%
0
1.34%
0.01
7.52%
7.52%
6.42%
6.42%
7.92%
0.02
7.92%
0.02
52.55%
10.50%
29.94%
9.38%
0.82%
0.62%
1.29%
100.00%
0.00%
46.93%
7.88%
33.98%
2.03%
0.17%
1.17%
1.70%
100.00%
49.52%
0.03
8.79%
0.01
31.76%
0.02
6.49%
0.04
0.40%
0
0.67%
0
1.42%
0
100.00%
0
0.00%
0
Avg Growth
2007
-0.03
0.13
-0.02
-0.17
0.12
0
0.01
0.88
0.03
0.64
0.08
0.15
-0.23
0.07
0.91
0.04
0
1
0.07
0.5
0.04
0.12
0.04
0.33
0.04
0.01
1.96
0.08
-0.19
0.05
-0.19
0.05
-0.02
0.46
0.03
0.08
0.04
0.36
-0.31
0.01
1.13
0
1.37
0.03
0.17
0.02
0
1
0
APEX TANNERY RATIO ANALYSIS
1.Short Term Efficiency
ITOR= COGS/Inventory
ITOP=Inventory/ (COGS/360)
RTOR=Sales/(Accounts Receivable)
RTOP=Accounts Receivable/(Sales/360)
PDR=Sales/Accounts payable
PDP=Accounts Payable/ (COGS/360)
CCC= ITOP+RTOP-PDP
2. Liquidity/Solvency Ratio
Current Ratio= CA/CL
Quick Ratio- CA-INV/CL
Cash Ratio=Cash+M/s/ CL
Daily Expense=(COGS+Admin Exp+Operating Expense)/360
Interval Measure=(Cash+M.S)/Daily Expense
Cash Liquidity Ratio=(Cash+M.s+MKt Securities)/Avg Daily Expense
NWC=CA-CL(non interest bearing liabilities)
Time to Ruin=(Cash+M/s)/(Daily Exp - Depreciation)
2. Debt Management
Debt to Equity Ratio= Total Debt/Total Equity
Debt Ratio= Total Liability/Total Assest
TIE= EBIT/Interest
Cash Coverage Ratio=(EBIT+Depr)/Interest
LTD to Debt Ratio=LTD/Total Debt
3. Asset Management Ratios
Fixed Asset Turnover Ratio=Sales/Fixed Asset
Fixed Asset Turnover Period=Fixed Asset/(COGS/360)
Total Asset Turnover Ratio=Sales/Total Asset
Total Asset Turnover Period= Total Asset/(COGS/360)
4.Profitability Ratio
Gross Profit Margin(gross profit/sales)
Net Profit Margin= Net Income/Sales
Basic Earning Power= EBIT/TA
ROA= NI/TA
ROE= NI/TE
Dividend Payout Ratio= Dividend/NI
PBR=Retained Earnings/Net Income
5. Market Ratios
Earnings Per share= NI/ # of Shares outstanding
Book Price per Share= Total Equity/# of Shares outstanding
Units
2004
2005
2006
times
days
times
days
times
days
days
1.88
191.06
9.70
24.99
14.40
27.03
189.02
1.64
219.50
7.81
32.74
10.99
35.77
216.48
2.45
147.17
11.59
4.81
20.83
5.20
146.78
times
times
times
tk/day
days
days
tk
days
1.75
0.56
0.02
4,594,219
3.06
3.06
538,638,000
0.01
1.68
0.49
0.01
4,539,497
2.53
2.53
546,456,000
0.01
1.86
0.53
0.05
5,899,839
5.22
5.22
540,867,000
0.01
times
times
times
times
times
1.43
0.59
1.38
1.43
0.17
1.50
0.60
1.90
1.98
0.13
1.14
0.53
2.20
2.31
0.12
times
days
times
days
9.03
43.08
1.19
327.27
9.87
39.83
1.12
350.77
13.15
29.60
1.64
236.95
%
%
%
%
%
%
%
0.08
0.01
0.05
0.01
0.03
-1.05
0.26
0.08
0.02
0.06
0.02
0.05
-0.61
0.53
0.07
0.02
0.07
0.03
0.07
-0.53
0.81
times
tk/shares
11.39
392.65
21.30
400.95
28.07
412.49
PE Ratio= Market Price per Share/EPS
Market Book Value= Market Price/ Book Price
times
times
23.45
1.02
10.66
1.02
8.91
1.02
Avearge
STD
Growth
1.99
185.91
9.70
20.85
74.78
22.67
184.09
0.41
36.44
1.89
14.42
5.00
15.74
35.11
29.82%
-22.97%
19.45%
-80.75%
44.67%
-80.75%
-22.34%
1.76
0.53
0.03
5011185.19
3.60
3.60
541987000.00
0.01
0.09
0.04
0.02
770082.91
1.42
1.42
4027540.32
0.00
5.79%
-5.79%
147.53%
28.42%
70.59%
70.59%
0.41%
70.68%
1.36
0.57
1.83
1.91
0.14
0.19
0.04
0.42
0.44
0.03
-20.19%
-9.42%
59.50%
61.34%
-27.77%
10.68
37.51
1.32
305.00
2.17
7.04
0.28
60.09
45.51%
-31.30%
38.07%
-27.60%
0.08
0.02
0.06
0.02
0.05
-0.73
0.53
0.01
0.01
0.01
0.01
0.02
0.28
0.28
-0.24%
92.90%
38.83%
166.35%
134.68%
-49.30%
213.13%
20.25
402.03
8.39
9.96
146.44%
5.05%
14.34
1.02
7.94
0.00
-62.00%
-0.05%
Worksheet for Ratio Calculation
2004
2005
Net Sales Revenue
1,731,241,000
1,716,040,000
Cost of Goods Sold
1,601,201,000
1,570,796,000
Stock & Stores/Inventory
Advances & Pre-payments
Sundry creditors
Trade creditors
Current Assets
Current Liabilities
Cash & Bank Balances
Operating Expenses
849,772,000
210,862,000
2,936,000
117,285,000
1,253,083,000
714,445,000
14,053,000
52,718,000
957,767,000
161,848,000
12,518,000
143,551,000
1,350,798,000
804,342,000
11,497,000
63,423,000
2,998,000
46,385,617
88,019,596
78,375,000
56,839,000
142,790,000
191,625,000
134,405,313
17,353,000
18,288,000
1,524,000
3,271,000
44,796,663
94,770,721
85,755,000
45,057,000
115,141,000
173,812,000
140,451,912
32,466,000
19812000
1,524,000
4,500,000
17,154,000
Depreciation Expense
Total Equity
Total debt
EBIT
(Finance Cost)/(Interest Expense)
Long Term Liabilities
Net Fixed Assets
Total Asset
Net Income
Dividened Paid
Number of Shares outstanding
Retained Earnings
2006
2,212,651,000
2,047,102,000
836,895,000
114,589,000
2,273,000
27,312,000
1,173,149,000
632,282,000
30,785,000
76,840,000
5,057,000
47,796,166
99,902,883
100,715,000
45,792,000
86,470,000
168,316,000
149,059,640
42,782,000
22,860,000
1,524,000
34,740,000
Calculation of Degree of Operating Leverage (DOL)
Items
Sales
Variable Cost (COGS)
EBIT
DOL (Sales- Vc/EBIT)
2004
2005
2006
1,731,241,000
1,601,201,000
78,375,000
1,716,040,000
1,570,796,000
85,755,000
2,212,651,000
2,047,102,000
100,715,000
1.66
2
1.64
Calcution of Degree of Financial Leverage (DFL)
Items
Interest expense
EBIT
DFL ( EBIT/ EBIT- Interest)
2004
2005
2006
56,839,000
78,375,000
45,057,000
85,755,000
45,792,000
100,715,000
3.64
2.11
1.83
Calculation of Degree of combined Leverage (DCL)
Items
2004
2005
2006
DOL
DFL
DCL ( DOL*DFL)
1.66
3.64
2
2.11
1.64
1.83
6.04
4.22
3.00
Calculation of EVA
NOPATt
Invested Capital
WACC
EVA=
2004
2005
2006
54,862,500.00
1,197,597,000.00
2.73%
60,028,500.00
1,184,449,000.00
2.06%
70,500,500.00
1,172,915,000.00
2.38%
22,128,183.65
35,620,431.6
42,596,859.2
Average
1.67
Average
2.53
Average
4.42
Avg
39,108,645.4
Calculation of Weighted Average cost of capital (WACC)
Nopat= EBIT*(1-tax rate)
Year
EBIT
2004
2005
2006
Interest bearing CL
LT liabilities
Owner's equity
INVESTED CAPITAL
Calculation of WACC
Calculation of Wd :
Items
Interest bearing CL
LT liabilities
Total interest bearing liabilities
Total liabilities and equity
Weight of DEBT
Calculation of Kd :
Items
Total interest bearing liabilities
Financing cost
Cost of debt Kd
After tax cost of debt
(1-tax rate)
78,375,000
1-0.1539
85,755,000 1-0.1624
100,715,000 1-0.1821
NOPAT
54,862,500.00
60,028,500.00
70,500,500.00
2004
2005
2006
456,409,000
142,790,000
598,398,000
458,256,000
115,141,000
611,052,000
457,807,000
86,470,000
628,638,000
1,197,597,000
2004
1,184,449,000
2005
1,172,915,000
2006
456,409,000
142,790,000
458,256,000
115,141,000
457,807,000
86,470,000
599,199,000
573,397,000
544,277,000
1,455,633,000
1,530,535,000
1,347,390,000
41.16%
37.46%
40.39%
2004
2005
2006
599,199,000
56,839,000
9.49%
6.64%
573,397,000
45,057,000
7.86%
5.50%
544,277,000
45,792,000
8.41%
5.89%
2004
2005
2006
Calculation of We :
Owner's equity
Total liabilities and equity
Weight of EQUITY
598,398,000
1,455,633,000
41.11%
611,052,000
1,530,535,000
39.92%
628,638,000
1,347,390,000
46.66%
WACC
Wd
Kd
We
WACC
2004
2005
2006
41.16%
6.64%
41.11%
37.46%
5.50%
39.92%
40.39%
5.89%
46.66%
2.73%
2.06%
2.38%
Average
39.67%
Average
6.01%
0.43
2.39%
2.39%
MVA
ITEM
2004
Market value of short term liability(int bearing)
456,409,000
Total asset
1,455,633,000
Number of share
MVA=(mv of short debt+mv of eqiuty)-total asset
458,256,000
1530535000
1,524,000
1,524,000
267
227
406,908,000.0
345,948,000.0
(592,316,000)
(726,331,000)
Price per share
Market Value of equity
2005
Z-Score
Long Term Liabilities
Earnings before Interest & Tax (EBIT)
TOTAL ASSET
Sales
Market Value of Equity
Retained Earnings
Total Current Assets
Total Current Liabilities
Net Working Capital (CA-CL)
Total Liabilities
2004
142790000
2005
115141000
78,375,000
85,755,000
1,455,633,000
1,530,535,000
1,731,241,000
1,716,040,000
406,908,000
345,948,000
4,500,000
17,154,000
1,253,083,000
714,445,000
1,350,798,000
804,342,000
538,638,000
857,235,000
546,456,000
919,483,000
Calculation of Z-score
EBIT/ TA
Sales/TA
Market value of equity/TL
NWC/TA
Retained earnings/TA
Z-Score
2004
0.05384
1.19
0.47
0.37004
0.00309
2.09
2005
0.05603
1.12
0.38
0.35704
0.01121
1.96
Total Asset
Sales
Mkt Value of Equity
Retained Earning (Reserve &
Surplus)
Current Asset (1)
Current Liabilities (2)
Working Capital (1-2)
Interest
Book Value of Debt/Total liabilities
Z-Score
Avg growth of z-score
0
1,650,891,478
64,392,903
785478620
511338759
274,139,861
39,467,324
531,990,690
#DIV/0!
#DIV/0!
0
2,414,669,218
75,567,340
812304448
519558719
292,745,729
36,211,007
528517884
#DIV/0!
2006 AVERAGE
457807000
1347390000
1,524,000
250
381,000,000.0
(508,583,000)
2006
86470000
100,715,000
1,347,390,000
2,212,651,000
381,000,000
34,740,000
1,173,149,000
632,282,000
540,867,000
718,752,000
2006
0.07475
1.64
0.53
0.40142
0.02578
2.71
457,490,667
1,444,519,333
1,524,000
248
377,952,000
(609,076,667)
AVG
88,281,667
1,444,519,333
1,886,644,000
377,952,000
18,798,000
1,259,010,000
717,023,000
541,987,000
831,823,333
Avg
2.25
0
2,291,194,337
-
0
1,824,823,719
-
87,835,524
856919269
552407406
304,511,863
39,081,179
72,061,737
866162475
579780667
286,381,808
43,117,570
584573539
#DIV/0!
615578756
#DIV/0!
Apex Tennary
Calculation of Free Cash Flow
2004
78375000
2998000
3158000
84531000
After tax Cash Flow from Operation
EBIT
depreciation
income tax payment
After tax Cash Flow from Operation
Current Assets
inventories
Trade Debtors
Advances, deposits and Prepayments
cash and bank balances
849,772,000
178,396,000
210,862,000
14,053,000
1,253,083,000
Change in current asset
chang in non interest bearinh current liabilities
non interest bearing current liabilities
chang in net operating working capital
138,509,000
2005
85755000.00
3271000
6295000
95321000
957767000.00
219686000.00
161848000.00
11497000.00
1350798000.00
97715000.00
37372000.00
175881000.00
60343000.00
-22813000
57791000
Change in long term assets
ESTIMATED FREE CASH FLOW
INTRINSIC STOCK PRICE
Intrinsic Stock Price= Firm Value/ Shares Outstanding
Firm Value
Shares Outstanding
Intrinsic Stock Price
$234,605,439.47
1,524,000
$153.94
2006
100715000.00
5057000
9527000
115299000
2007
114241686.64
6667834
16704516
137614037
836895000.00
190880000.00
114589000.00
30785000.00
1173149000.00
-177649000.00
-123436000.00
52445000.00
-54213000.00
837265387.23
200455291.45
84541354.45
53808673.10
1141747061.77
-31401938.23
-2509612.55
49935387.45
-28892325.68
-5496000
175008000
-23744598
190250961
APEX Tennary
Intrinsic Value
YEAR
Free Cash Flow
WACC (discount Rate)
Present Value at 2007
Intrinsic Value/ Firm Value
Debt Value
Equity Value
Share price
2004
2005
2006
376,904,868
70,780,433
74,453,324
12.88%
12.88%
12.88%
333889088.05 18767860.32
4848550787
-368,905,711
10165680
5217456498
372.68
2006 and byeond
577,907,755
12.88%
4485728159
(Cost of Goods Sold)
Gross Profit
(Operating Expense):
Administarative expenses
Marketing expenses
Directors' Remuneration
Legal & Audit fees
Depreciation
Net Income from Operation
Other Income
EBIT
2004
1,731,241,000
1,601,201,000
130,040,000
APEX TANNERY LIMITED (INCOME STATEMENT)
2006
average
stdev
2005
1,716,040,000
2,212,651,000
1,886,644,000
282432630.26
1,570,796,000
2,047,102,000
1,739,699,667
266651949.01
145,244,000
165,549,000
146,944,333
17815460.15
52,718,000
18,121,000
27,911,000
3,408,000
280,000
2,998,000
77,322,000
1,053,000
78,375,000
63,423,000
19,248,000
37,248,000
3,408,000
248,000
3,271,000
81,821,000
3,934,000
85,755,000
76,840,000
18,349,000
49,802,000
3,408,000
224,000
5,057,000
88,709,000
12,006,000
100,715,000
64,327,000
18,572,667
38,320,333
3,408,000
250,667
3,775,333
82,617,333
5,664,333
88,281,667
12086382.13
595862.68
10984825.64
0
28095.08
1118317.64
5735115.72
5677815.81
11382307.91
(Finance Cost)/(Interest Expense)
56,839,000
Net Income Before Contribution to PF&WF
21,536,000
(Contribution to PF&WF )
1,025,000
Net Profit Before Tax
20,511,000
(Provision for Income Tax)
3,158,000
17,353,000
Net Income/Loss After Tax
Appropriations
Previous Years retained earnings
7,804,000
Dividend
-18,288,000
Income Tax
-540,000
Dividend Distribution tax
-1,829,000
-12,853,000
45,057,000
40,698,000
1,937,000
38,761,000
6,295,000
32,466,000
45,792,000
54,923,000
2,614,000
52,309,000
9,527,000
42,782,000
49,229,333
39,052,333
1,858,667
37,193,667
6,326,667
30,867,000
6600403.5
16754226.52
797390.95
15956835.57
3184618.08
12789687.68
4,500,000
-19812000
0
0
-15,312,000
17,154,000
-22,860,000
-2,336,000
0
-8,042,000
9,819,333
-20,320,000
-958,667
-609,667
-12,069,000
6563315.12
2327948.45
1222982.15
1055973.64
3697866.55
Dividend per share-taka
Retained earnings
Earning per share (par value Tk 100)
13
17,154,000
21.3
15
34,740,000
28.07
13
18,798,000
20
1.53
15186884.21
8.39
12
4,500,000
11.39
average growth
0.14
0.14
0.13
2007
2523100535.72
2338033074.7
186798630.080
0.21
0.01
0.34
0
-0.11
0.32
0.07
2.39
0.13
92769294.46
18491084.42
66524660.88
3408000
200361.29
6667834.28
95023706.62
40747451.67
114241686.640
-0.1
0.62
0.62
0.62
0.75
0.59
41419446.03
88955810.35
4233720.20
84722090.15
16704515.92
68208700.7
1.19
0.12
-0.14
37641256.96
-25570961.54
-2336000
0
-6902151.80
0.12
1.92
0.59
16.78
101391879.66
44.74
APEX TANNERY LIMITED (CASH FLOW STATEMENT)
2004
2005
2006
1,712,347,000
1,334,000
1,576,732,000
134,281,000
56,839,000
1,500,000
75,942,000
1,691,883,000
1,018,000
1,637,816,000
53,049,000
4,500,000
45,057,000
3,492,000
2,266,261,000
1,900,000
2,073,003,000
191,358,000
6,000,000
45,793,000
139,565,000
-972,000
-972,000
-4,512,000
-4,512,000
-16,803,000
-16,803,000
Cash Flows from Financiang Activities:
Loan received/paid from Rupali Bank
Dividend distribution tax paid
Long term loan paid
Dividend Paid
Net Cash Generated from Financing Activities
-25,069,000
-1,829,000
-26,510,000
-18,288,000
-71,696,000
46,230,000
-1,829,000
-27,649,000
-18,288,000
-1,536,000
-54,991,000
0
-28,671,000
-19,812,000
-103,474,000
Increase in Cash and cash Equivalents
Cash and cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
3,274,000
10,779,000
14,053,000
-2,556,000
14,053,000
11,497,000
19,288,000
11,497,000
30,785,000
Cash Flow From Operation:
Collection from turnover and other income
Payment to workers profit participation fund
Payment for purchase of leather and Expense
Cash Generated from Operation
Income tax paid
Interest Paid
Net Cash Generated from Operating Activities
Cash Flows from Investing Activities:
Acquision of Fixed assets
Net Cash Used in Investing Activities
Average
1,890,163,667
1,417,333
1,762,517,000
126,229,333
22,446,333
30,783,333
72,999,667
-7,429,000
-7,429,000
-11,276,667
-1,219,333
-27,610,000
-18,796,000
-58,902,000
6,668,667
12,109,667
18,778,333
APEX TANNERY LIMITED (VERTICAL INCOME STATEMENT)
2004
2005
2006
Net Sales Revenue
100.00%
100.00%
100.00%
Cost of Goods Sold
92.49%
91.54%
92.52%
Gross Profit
7.51%
8.46%
7.48%
Operating Expense:
3.05%
3.70%
3.47%
Adinistrative Expense
1.05%
1.12%
0.83%
marketing Expense
1.61%
2.17%
2.25%
Directors' Remuneration
0.20%
0.20%
0.15%
Legal & Audit fees
0.02%
0.01%
0.01%
Depreciation
0.17%
0.19%
0.23%
Net Income from Operation
4.47%
4.77%
4.01%
Other Income
EBIT
(Finance Cost)/(Interest Expense)
Net Income Before Contribution to WPPF
0.06%
4.53%
3.28%
1.24%
0.23%
5.00%
2.63%
2.37%
0.54%
4.55%
2.07%
2.48%
(Contribution to PF&WF )
0.06%
0.11%
0.12%
Net Profit Before Tax
1.18%
2.26%
2.36%
(Provision for Income Tax)
0.18%
0.37%
0.43%
1.00%
1.89%
1.93%
Net Income/Loss After Tax
Appropriations
Previous Years retained earnings
Dividend
Income Tax
Dividend Distribution tax
Retained earnings
Earning per share (par value Tk 100)
45.08%
1.05%
-0.03%
0
0
0
0.26%
(0)
0.00%
NT)
Average
Stdev
100.00%
0
92.18%
0.01
7.82%
0.01
3.40%
0
1.00%
0
2.01%
0
0.18%
0
0.01%
0
0.20%
0
4.41%
0
0.28%
4.69%
2.66%
2.03%
0
0
0.01
0.01
0.10%
0
1.94%
0.01
0.33%
0
1.61%
0.01
APEX TENNARY LIMITED (HORIZONTAL INCOME STATEMENT)
(using 2004 as the base year)
Net Sales Revenue
Cost of Goods Sold
Gross Profit
2004
100.00%
100.00%
100.00%
2005
99.12%
98.10%
111.69%
2006
127.81%
127.85%
127.31%
Operating Expense:
Administarative expenses
Marketing expenses
Directors' Remuneration
Legal & Audit fees
Depreciation
Net Income from Operation
Other Income
EBIT
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
120.31%
106.22%
133.45%
100.00%
88.57%
109.11%
105.82%
373.60%
109.42%
145.76%
101.26%
178.43%
100.00%
80.00%
168.68%
114.73%
1140.17%
128.50%
(Finance Cost)/(Interest Expense)
Net Income Before Contribution to WPPF
100.00%
100.00%
79.27%
188.98%
80.56%
255.03%
(Contribution to PF&WF )
100.00%
188.98%
255.02%
Net Profit Before Tax
(Provision for Income Tax)
Net Income/Loss After Tax
100.00%
100.00%
100.00%
188.98%
199.34%
187.09%
255.03%
301.68%
246.54%
TEMENT)
Average
108.98%
108.65%
113.00%
122.02%
102.49%
137.29%
100.00%
89.52%
125.93%
106.85%
537.92%
112.64%
86.61%
181.34%
181.33%
181.34%
200.34%
177.88%
Apex Tannery LIMITED (HORIZONTAL BALANCE SHEET)
(using 2004 as the Base Year)
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade Debtors
Advanced deposits and payments
Cash & Bank Balances
TOTAL ASSETS
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
Share Capital
Share premium
Reserved for reinvestment
Retained Earnings
Long Term Liabilities
Long term loan
Current Liabilities
Short term loans
working capital management
Trade creditors
Sundry creditors
Provision for Income taxes
Proposed dividends
Total Liabilities & Shareholder`s Equity
2004
2005
100.00%
100.00%
100.00%
88.74%
90.70%
54.23%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
107.80%
112.71%
123.15%
76.76%
81.81%
105.15%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
102.11%
100.00%
100.00%
100.00%
381.20%
80.64%
80.64%
112.58%
138.14%
100.40%
122.40%
426.36%
299.34%
108.33%
105.15%
ET)
2006
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
893.35%
876.81%
1048.52%
100.00%
100.00%
#DIV/0!
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
#DIV/0!
0.00%
0.00%
0.00%
0.00%
0.00%
767.55%
605.61%
#DIV/0!
713.15%
596.24%
1656.88%
717.66%
1003.68%
100.00%
100.00%
0.00%
0.00%
627.53%
530.95%
242.51%
210.32%
100.00%
100.00%
Net Income/Loss After Tax
0.00%
0.00%
530.95%
533.31%
210.32%
86.02%
87.84%
54.23%
93.62%
98.48%
107.00%
54.34%
219.06%
92.56%
105.05%
100.00%
100.00%
100.00%
772.00%
60.56%
60.56%
88.50%
91.27%
100.31%
23.29%
77.42%
500.98%
125.00%
92.56%
\
\
\
\
\
367.89%
\
211.10%
APEX TANNERY LIMITED (BALANCE SHEET)
2004
2005
2006
202,550,000
191,625,000
10,925,000
179,737,000
173,812,000
5,925,000
174,241,000
168,316,000
5,925,000
1,253,083,000
849,772,000
178,396,000
210,862,000
14,053,000
1,455,633,000
1,350,798,000
957,767,000
219,686,000
161,848,000
11,497,000
1,530,535,000
1,173,149,000
836,895,000
190,880,000
114,589,000
30,785,000
1,347,390,000
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
598,398,000
Share Capital
152,400,000
Share premium
425,333,000
Reserved for reinvestment
16,165,000
Retained earning
4,500,000
611,052,000
152,400,000
425,333,000
16,165,000
17,154,000
628,638,000
152,400,000
425,333,000
16,165,000
34,740,000
612,696,000
152,400,000
425,333,000
16,165,000
18,798,000
Long Term Liabilities
Long term loan
142,790,000
142,790,000
115,141,000
115,141,000
86,470,000
86,470,000
114,800,333
114,800,333
Current Liabilities
Short-term loan
Working Capital Loan
714,445,000
116,369,000
456,409,000
804,342,000
160,752,000
458,256,000
632,282,000
106,209,000
457,807,000
717,023,000
127,776,667
457,490,667
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade debtors
Advance, deposits and payments
Cash & Bank Balances
TOTAL ASSETS
AVERAGE
185,509,333
177,917,667
7,591,667
1,259,010,000
881,478,000
196,320,667
162,433,000
18,778,333
1,444,519,333
Trade Creditors
Sundry creditors
Provision for income-tax
Proposed dividend
117,285,000
2,936,000
3,158,000
18,288,000
Total Liabilities & Shareholder`s Equity 1,455,633,000
143,551,000
12,518,000
9,453,000
19,812,000
27,312,000
2,273,000
15,821,000
22,860,000
1,530,535,000
1,347,390,000
96,049,333
5,909,000
9,477,333
20,320,000
1,444,519,333
Avg. Growth
2007 2005 growth
growth 2006
averge growth
-0.07
-0.06
-0.23
161764735.28
157831767.12
4569164.76
-11.26
-3.06
-7.16
-9.3
-3.16
-6.23
-45.77
0
-22.88
-0.03
0
0.05
-0.26
0.75
-0.03
1141747061.77
837265387.23
200455291.45
84541354.45
53808673.1
1301441224.9
7.8
-13.15
-2.68
12.71
-12.62
0.04
23.15
-13.11
5.02
-23.24
-29.2
-26.22
-18.19
167.77
74.79
5.15
-11.97
-3.41
0.02
0
0
0
1.92
644330795.93
152400000
425333000
16165000
101391879.66
2.11
2.88
2.5
0
0
0
0
0
0
-0.22
-0.22
-0.04
0.02
0
0
0
0
281.2
102.52
191.86
67332384.1
67332384.1
-19.36
-24.9
-22.13
-19.36
-24.9
-22.13
604434327.54
108444687.86
458509048.68
12.58
-21.39
-4.4
38.14
-33.93
2.1
0.4
-0.1
0.15
-0.29
1.22
1.33
0.12
19312453.32
5051972.65
36918294
25570961.54
-0.03
1301441224.9
22.4
-80.97
-29.29
326.36
-81.84
122.26
199.34
67.36
133.35
8.33
15.38
11.86
5.15
-11.97
-3.41
APEX TANNERY LIMITED (VERTICAL BALANCE SHEET)
2004
2005
2006
13.91%
13.16%
0.75%
86.09%
58.38%
12.26%
14.49%
0.97%
100.00%
11.74%
11.36%
0.39%
88.26%
62.58%
14.35%
10.57%
0.75%
100.00%
12.93%
12.49%
0.44%
87.07%
62.11%
14.17%
8.50%
2.28%
100.00%
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity
41.11%
Share Capital
10.47%
Share premium
29.22%
Reserved for reinvestment
1.11%
Retained Earnings
0.31%
39.92%
9.96%
27.79%
1.06%
1.12%
Long Term Liabilities
Long term loan
9.81%
9.81%
49.08%
7.99%
31.35%
8.06%
0.20%
0.22%
1.26%
100.00%
0.00%
ASSETS
Non-Current Assets
Net Fixed Assets
Investments
Current Assets
Inventories
Trade Debtors
Advanced deposits and payments
Cash & Bank Balances
TOTAL ASSETS
Current Liabilities
Short term loans
working capital management
Trade creditors
Sundry creditors
Provision for Income taxes
Proposed dividends
Total Liabilities & Shareholder`s Equity
Average
Stdev
12.86%
0.01
12.34%
0.53%
0.01
0
87.14%
0.01
61.02%
0.02
13.59%
0.01
11.19%
0.03
1.33%
0.01
100.00%
0
46.66%
11.31%
31.57%
1.20%
2.58%
42.56%
0.04
10.58%
0.01
29.53%
0.02
1.12%
0
1.34%
0.01
7.52%
7.52%
6.42%
6.42%
7.92%
0.02
7.92%
0.02
52.55%
10.50%
29.94%
9.38%
0.82%
0.62%
1.29%
100.00%
0.00%
46.93%
7.88%
33.98%
2.03%
0.17%
1.17%
1.70%
100.00%
49.52%
0.03
8.79%
0.01
31.76%
0.02
6.49%
0.04
0.40%
0
0.67%
0
1.42%
0
100.00%
0
0.00%
0
Avg Growth
2007
-0.03
0.13
-0.02
-0.17
0.12
0
0.01
0.88
0.03
0.64
0.08
0.15
-0.23
0.07
0.91
0.04
0
1
0.07
0.5
0.04
0.12
0.04
0.33
0.04
0.01
1.96
0.08
-0.19
0.05
-0.19
0.05
-0.02
0.46
0.03
0.08
0.04
0.36
-0.31
0.01
1.13
0
1.37
0.03
0.17
0.02
0
1
0
APEX TANNERY RATIO ANALYSIS
1.Short Term Efficiency
ITOR= COGS/Inventory
ITOP=Inventory/ (COGS/360)
RTOR=Sales/(Accounts Receivable)
RTOP=Accounts Receivable/(Sales/360)
PDR=Sales/Accounts payable
PDP=Accounts Payable/ (COGS/360)
CCC= ITOP+RTOP-PDP
2. Liquidity/Solvency Ratio
Current Ratio= CA/CL
Quick Ratio- CA-INV/CL
Cash Ratio=Cash+M/s/ CL
Daily Expense=(COGS+Admin Exp+Operating Expense)/360
Interval Measure=(Cash+M.S)/Daily Expense
Cash Liquidity Ratio=(Cash+M.s+MKt Securities)/Avg Daily Expense
NWC=CA-CL(non interest bearing liabilities)
Time to Ruin=(Cash+M/s)/(Daily Exp - Depreciation)
2. Debt Management
Debt to Equity Ratio= Total Debt/Total Equity
Debt Ratio= Total Liability/Total Assest
TIE= EBIT/Interest
Cash Coverage Ratio=(EBIT+Depr)/Interest
LTD to Debt Ratio=LTD/Total Debt
3. Asset Management Ratios
Fixed Asset Turnover Ratio=Sales/Fixed Asset
Fixed Asset Turnover Period=Fixed Asset/(COGS/360)
Total Asset Turnover Ratio=Sales/Total Asset
Total Asset Turnover Period= Total Asset/(COGS/360)
4.Profitability Ratio
Gross Profit Margin(gross profit/sales)
Net Profit Margin= Net Income/Sales
Basic Earning Power= EBIT/TA
ROA= NI/TA
ROE= NI/TE
Dividend Payout Ratio= Dividend/NI
PBR=Retained Earnings/Net Income
5. Market Ratios
Earnings Per share= NI/ # of Shares outstanding
Book Price per Share= Total Equity/# of Shares outstanding
Units
2004
2005
2006
times
days
times
days
times
days
days
1.88
191.06
9.70
24.99
14.40
27.03
189.02
1.64
219.50
7.81
32.74
10.99
35.77
216.48
2.45
147.17
11.59
4.81
20.83
5.20
146.78
times
times
times
tk/day
days
days
tk
days
1.75
0.56
0.02
4,594,219
3.06
3.06
538,638,000
0.01
1.68
0.49
0.01
4,539,497
2.53
2.53
546,456,000
0.01
1.86
0.53
0.05
5,899,839
5.22
5.22
540,867,000
0.01
times
times
times
times
times
1.43
0.59
1.38
1.43
0.17
1.50
0.60
1.90
1.98
0.13
1.14
0.53
2.20
2.31
0.12
times
days
times
days
9.03
43.08
1.19
327.27
9.87
39.83
1.12
350.77
13.15
29.60
1.64
236.95
%
%
%
%
%
%
%
0.08
0.01
0.05
0.01
0.03
-1.05
0.26
0.08
0.02
0.06
0.02
0.05
-0.61
0.53
0.07
0.02
0.07
0.03
0.07
-0.53
0.81
times
tk/shares
11.39
392.65
21.30
400.95
28.07
412.49
PE Ratio= Market Price per Share/EPS
Market Book Value= Market Price/ Book Price
times
times
23.45
1.02
10.66
1.02
8.91
1.02
Avearge
STD
Growth
1.99
185.91
9.70
20.85
74.78
22.67
184.09
0.41
36.44
1.89
14.42
5.00
15.74
35.11
29.82%
-22.97%
19.45%
-80.75%
44.67%
-80.75%
-22.34%
1.76
0.53
0.03
5011185.19
3.60
3.60
541987000.00
0.01
0.09
0.04
0.02
770082.91
1.42
1.42
4027540.32
0.00
5.79%
-5.79%
147.53%
28.42%
70.59%
70.59%
0.41%
70.68%
1.36
0.57
1.83
1.91
0.14
0.19
0.04
0.42
0.44
0.03
-20.19%
-9.42%
59.50%
61.34%
-27.77%
10.68
37.51
1.32
305.00
2.17
7.04
0.28
60.09
45.51%
-31.30%
38.07%
-27.60%
0.08
0.02
0.06
0.02
0.05
-0.73
0.53
0.01
0.01
0.01
0.01
0.02
0.28
0.28
-0.24%
92.90%
38.83%
166.35%
134.68%
-49.30%
213.13%
20.25
402.03
8.39
9.96
146.44%
5.05%
14.34
1.02
7.94
0.00
-62.00%
-0.05%
Worksheet for Ratio Calculation
2004
2005
Net Sales Revenue
1,731,241,000
1,716,040,000
Cost of Goods Sold
1,601,201,000
1,570,796,000
Stock & Stores/Inventory
Advances & Pre-payments
Sundry creditors
Trade creditors
Current Assets
Current Liabilities
Cash & Bank Balances
Operating Expenses
849,772,000
210,862,000
2,936,000
117,285,000
1,253,083,000
714,445,000
14,053,000
52,718,000
957,767,000
161,848,000
12,518,000
143,551,000
1,350,798,000
804,342,000
11,497,000
63,423,000
2,998,000
46,385,617
88,019,596
78,375,000
56,839,000
142,790,000
191,625,000
134,405,313
17,353,000
18,288,000
1,524,000
3,271,000
44,796,663
94,770,721
85,755,000
45,057,000
115,141,000
173,812,000
140,451,912
32,466,000
19812000
1,524,000
4,500,000
17,154,000
Depreciation Expense
Total Equity
Total debt
EBIT
(Finance Cost)/(Interest Expense)
Long Term Liabilities
Net Fixed Assets
Total Asset
Net Income
Dividened Paid
Number of Shares outstanding
Retained Earnings
2006
2,212,651,000
2,047,102,000
836,895,000
114,589,000
2,273,000
27,312,000
1,173,149,000
632,282,000
30,785,000
76,840,000
5,057,000
47,796,166
99,902,883
100,715,000
45,792,000
86,470,000
168,316,000
149,059,640
42,782,000
22,860,000
1,524,000
34,740,000
Calculation of Degree of Operating Leverage (DOL)
Items
Sales
Variable Cost (COGS)
EBIT
DOL (Sales- Vc/EBIT)
2004
2005
2006
1,731,241,000
1,601,201,000
78,375,000
1,716,040,000
1,570,796,000
85,755,000
2,212,651,000
2,047,102,000
100,715,000
1.66
2
1.64
Calcution of Degree of Financial Leverage (DFL)
Items
Interest expense
EBIT
DFL ( EBIT/ EBIT- Interest)
2004
2005
2006
56,839,000
78,375,000
45,057,000
85,755,000
45,792,000
100,715,000
3.64
2.11
1.83
Calculation of Degree of combined Leverage (DCL)
Items
2004
2005
2006
DOL
DFL
DCL ( DOL*DFL)
1.66
3.64
2
2.11
1.64
1.83
6.04
4.22
3.00
Calculation of EVA
NOPATt
Invested Capital
WACC
EVA=
2004
2005
2006
54,862,500.00
1,197,597,000.00
2.73%
60,028,500.00
1,184,449,000.00
2.06%
70,500,500.00
1,172,915,000.00
2.38%
22,128,183.65
35,620,431.6
42,596,859.2
Average
1.67
Average
2.53
Average
4.42
Avg
39,108,645.4
Calculation of Weighted Average cost of capital (WACC)
Nopat= EBIT*(1-tax rate)
Year
EBIT
2004
2005
2006
Interest bearing CL
LT liabilities
Owner's equity
INVESTED CAPITAL
Calculation of WACC
Calculation of Wd :
Items
Interest bearing CL
LT liabilities
Total interest bearing liabilities
Total liabilities and equity
Weight of DEBT
Calculation of Kd :
Items
Total interest bearing liabilities
Financing cost
Cost of debt Kd
After tax cost of debt
(1-tax rate)
78,375,000
1-0.1539
85,755,000 1-0.1624
100,715,000 1-0.1821
NOPAT
54,862,500.00
60,028,500.00
70,500,500.00
2004
2005
2006
456,409,000
142,790,000
598,398,000
458,256,000
115,141,000
611,052,000
457,807,000
86,470,000
628,638,000
1,197,597,000
2004
1,184,449,000
2005
1,172,915,000
2006
456,409,000
142,790,000
458,256,000
115,141,000
457,807,000
86,470,000
599,199,000
573,397,000
544,277,000
1,455,633,000
1,530,535,000
1,347,390,000
41.16%
37.46%
40.39%
2004
2005
2006
599,199,000
56,839,000
9.49%
6.64%
573,397,000
45,057,000
7.86%
5.50%
544,277,000
45,792,000
8.41%
5.89%
2004
2005
2006
Calculation of We :
Owner's equity
Total liabilities and equity
Weight of EQUITY
598,398,000
1,455,633,000
41.11%
611,052,000
1,530,535,000
39.92%
628,638,000
1,347,390,000
46.66%
WACC
Wd
Kd
We
WACC
2004
2005
2006
41.16%
6.64%
41.11%
37.46%
5.50%
39.92%
40.39%
5.89%
46.66%
2.73%
2.06%
2.38%
Average
39.67%
Average
6.01%
0.43
2.39%
2.39%
MVA
ITEM
2004
Market value of short term liability(int bearing)
456,409,000
Total asset
1,455,633,000
Number of share
MVA=(mv of short debt+mv of eqiuty)-total asset
458,256,000
1530535000
1,524,000
1,524,000
267
227
406,908,000.0
345,948,000.0
(592,316,000)
(726,331,000)
Price per share
Market Value of equity
2005
Z-Score
Long Term Liabilities
Earnings before Interest & Tax (EBIT)
TOTAL ASSET
Sales
Market Value of Equity
Retained Earnings
Total Current Assets
Total Current Liabilities
Net Working Capital (CA-CL)
Total Liabilities
2004
142790000
2005
115141000
78,375,000
85,755,000
1,455,633,000
1,530,535,000
1,731,241,000
1,716,040,000
406,908,000
345,948,000
4,500,000
17,154,000
1,253,083,000
714,445,000
1,350,798,000
804,342,000
538,638,000
857,235,000
546,456,000
919,483,000
Calculation of Z-score
EBIT/ TA
Sales/TA
Market value of equity/TL
NWC/TA
Retained earnings/TA
Z-Score
2004
0.05384
1.19
0.47
0.37004
0.00309
2.09
2005
0.05603
1.12
0.38
0.35704
0.01121
1.96
Total Asset
Sales
Mkt Value of Equity
Retained Earning (Reserve &
Surplus)
Current Asset (1)
Current Liabilities (2)
Working Capital (1-2)
Interest
Book Value of Debt/Total liabilities
Z-Score
Avg growth of z-score
0
1,650,891,478
64,392,903
785478620
511338759
274,139,861
39,467,324
531,990,690
#DIV/0!
#DIV/0!
0
2,414,669,218
75,567,340
812304448
519558719
292,745,729
36,211,007
528517884
#DIV/0!
2006 AVERAGE
457807000
1347390000
1,524,000
250
381,000,000.0
(508,583,000)
2006
86470000
100,715,000
1,347,390,000
2,212,651,000
381,000,000
34,740,000
1,173,149,000
632,282,000
540,867,000
718,752,000
2006
0.07475
1.64
0.53
0.40142
0.02578
2.71
457,490,667
1,444,519,333
1,524,000
248
377,952,000
(609,076,667)
AVG
88,281,667
1,444,519,333
1,886,644,000
377,952,000
18,798,000
1,259,010,000
717,023,000
541,987,000
831,823,333
Avg
2.25
0
2,291,194,337
-
0
1,824,823,719
-
87,835,524
856919269
552407406
304,511,863
39,081,179
72,061,737
866162475
579780667
286,381,808
43,117,570
584573539
#DIV/0!
615578756
#DIV/0!
Apex Tennary
Calculation of Free Cash Flow
2004
78375000
2998000
3158000
84531000
After tax Cash Flow from Operation
EBIT
depreciation
income tax payment
After tax Cash Flow from Operation
Current Assets
inventories
Trade Debtors
Advances, deposits and Prepayments
cash and bank balances
849,772,000
178,396,000
210,862,000
14,053,000
1,253,083,000
Change in current asset
chang in non interest bearinh current liabilities
non interest bearing current liabilities
chang in net operating working capital
138,509,000
2005
85755000.00
3271000
6295000
95321000
957767000.00
219686000.00
161848000.00
11497000.00
1350798000.00
97715000.00
37372000.00
175881000.00
60343000.00
-22813000
57791000
Change in long term assets
ESTIMATED FREE CASH FLOW
INTRINSIC STOCK PRICE
Intrinsic Stock Price= Firm Value/ Shares Outstanding
Firm Value
Shares Outstanding
Intrinsic Stock Price
$234,605,439.47
1,524,000
$153.94
2006
100715000.00
5057000
9527000
115299000
2007
114241686.64
6667834
16704516
137614037
836895000.00
190880000.00
114589000.00
30785000.00
1173149000.00
-177649000.00
-123436000.00
52445000.00
-54213000.00
837265387.23
200455291.45
84541354.45
53808673.10
1141747061.77
-31401938.23
-2509612.55
49935387.45
-28892325.68
-5496000
175008000
-23744598
190250961
APEX Tennary
Intrinsic Value
YEAR
Free Cash Flow
WACC (discount Rate)
Present Value at 2007
Intrinsic Value/ Firm Value
Debt Value
Equity Value
Share price
2004
2005
2006
376,904,868
70,780,433
74,453,324
12.88%
12.88%
12.88%
333889088.05 18767860.32
4848550787
-368,905,711
10165680
5217456498
372.68
2006 and byeond
577,907,755
12.88%
4485728159
