Comprehensive Income Statement

Particulars

2007-2008

Sales
Less: Cost of Goods Sold
Freight and forwarding
Gross Profit

2,580,774,000.00
2,350,980,000.00
63,577,000.00
166,217,000.00

Operating Profit

17,890,000.00
70,736,000.00
5,040,000.00
326,000.00
5,161,000.00
67,064,000.00

Operating Expenses
Administration expenses
Marketing expenses
Director remurnation
Legal and audit fee
Depreciation

Bank Interest and Charges

Other income
Point on sale of investment

52,693,000.00
18,003,000.00
Profit for the year

Provision for WPPF

Net Profit Before tax
Provision for Tax
Net Profit After Tax
Cash dividend
Balance transferred to balance sheet

32,374,000.00
1,541,000.00
30,833,000.00
6,136,000.00
24,697,000.00
25,908,000.00
-1,211,000.00

2008-2009

2009-2010

2010-2011

1,625,358,000.00
1,407,705,000.00
47,655,000.00
169,998,000.00

1,723,639,000.00
1,411,005,000.00
59,115,000.00
253,519,000.00

2,515,867,000.00
2,215,622,000.00
75,199,000.00
225,046,000.00

20,095,000.00
48,193,000.00
5,040,000.00
420,000.00
4,205,000.00
92,045,000.00

22,324,000.00
40,184,000.00
6,090,000.00
420,000.00
4,573,000.00
179,928,000.00

26,760,000.00
60,063,000.00
6,090,000.00
421,000.00
6,394,000.00
125,318,000.00

48,770,000.00
33,056,000.00
92,142,000.00
168,473,000.00
8,019,000.00
160,454,000.00
13,662,000.00
146,792,000.00
25,908,000.00
120,884,000.00

30,436,000.00
38,642,000.00

42,482,000.00
42,491,000.00

188,134,000.00
8,954,000.00
179,180,000.00
36,327,000.00
142,853,000.00
32,004,000.00
110,849,000.00

125,327,000.00
5,966,000.00
119,361,000.00
22,518,000.00
96,843,000.00
38,100,000.00
58,743,000.00

2011-2012
3,067,208,000.00
2,733,678,000.00
62,373,000.00
271,157,000.00

32,918,000.00
76,118,000.00
6,840,000.00
420,000.00
6,044,000.00
148,817,000.00
53,433,000.00
43,193,000.00
138,577,000.00
6,596,000.00
131,981,000.00
24,305,000.00
107,676,000.00
4,572,000.00
103,104,000.00

Statement of Financial Position

Particulars

2007-2008

Assets
Non current Assets:
PPE
Investments
Deferred Tax Assets

161,336,000
7,750,000
Total Non current Assets

169,086,000

Total Current Assets

1,159,127,000
180,835,000
56,962,000
2,370,000
1,399,294,000

Current Assets:
Inventories
Trade and other receivables
Advances, Deposits and Prepayments
Cash and Cash -equivalent

Total Property and Assets

Equity and Liability
Shareholders equity:
Share Capital
Share Premium
Dividend Equalization Fund
Reatined Earnings
Fair Valuation surplus of investment
Non current Liabilities
LTL
Retirement benefit obligation
Current Liabilities
Current portion of LTL
Short term loan
Working Capital loan
Trade Deficits
Other Payables
Provisions for income tax

Total equity and liabilites

Total Equity
Number of outstanding shares

1,568,380,000

152,400,000
425,333,000
76,455,000

6,700,000

27,200,000
173,649,000
469,910,000
194,707,000
22,405,000
19,621,000

1,568,380,000
654188000.00

2008-2009

2009-2010

2010-2011

2011-2012

147,069,000
2845000
232,000
150,146,000

152,810,000
3,845,000
710,000
157,365,000

209,719,000
7,261,000
1,528,000
218,508,000

241,175,000
39,014,000
2,957,000
283,146,000

830,099,000
189,350,000
72,757,000
278,629,000
1,370,835,000

552,549,000
252,615,000
84,046,000
43,835,000
933,045,000

752,537,000
195,323,000
119,173,000
327,759,000
1,394,792,000

790,040,000
177,758,000
127,829,000
217,802,000
1,313,429,000

1,520,981,000

1,090,410,000

1,613,300,000

1,596,575,000

152,400,000
425,333,000
44,888,000
123,815,000

152,400,000
425,333,000
44,888,000
234,664,000

152,400,000
425,333,000
44,888,000
293,407,000

152,400,000
425,333,000
44,888,000
355,363,000
34,600,000

31,858,000

37,275,000

45,570,000

58,142,000

100,585,000
20,774,000
26,443,000
48,048,000

175,761,000
404,843,000
13,420,000
23,474,000
34,204,000

433,029,000
14,488,000
18,394,000
59,938,000

6,790,000
155,728,000
457,694,000
66,183,000
22,270,000
34,022,000

1,520,981,000
746436000.00

1,090,410,000
857285000.00

1,613,300,000
916028000.00

1,596,575,000
1012584000.00
15240000

PARTICULARS

2007-08

Sales growth
Averge
Normalized

2008-09

2009-10

-0.37020522

0.06046729

Cost of Goods Sold

Average

0.91095927

0.86608919

0.81861979

Freight and forwarding

Average

0.02463486

0.02931969

0.03429662

Administration expenses
Average

0.00693203

0.01236343

0.01295167

Marketing expenses
Average

0.02740883

0.02965070

0.02331347

Director remurnation
Average

0.00195290

0.00310086

0.00353322

Legal and audit fee

Average

0.00012632

0.00025840

0.00024367

Depreciation
Average

0.03198914

0.02859202

0.02992605

0.83613842

0.16898596

Growth of Other Income

Average
Bank Interest and charges
Average

0.02041752

0.03000570

0.01765799

Cash Dividend Payout ratio

Average

1.04903430

0.17649463

0.22403450

Tax
Average

0.19900756

0.08514590

0.20274026

PPE growth
Average

-0.08843036

0.03903610

Investment growth
Average
Normalized

-0.63290323

0.35149385

Deffered tax assets growth

Average
Normalized

2.06034483

Inventories
Average
Normalized

0.44913929

0.51071764

0.32057119

Trade and other receivables

Average
Normalized

0.07007006

0.11649741

0.14655911

Advances, Deposits and Prepayments

Average

0.02207167

0.04476368

0.04876079

Working Capital loan

Average

0.18208103

0.28159581

0.05835619

Trade Deficits
Average

0.07544520

0.04071903

0.01205241

Other Payables
Average
Normalized

0.00868150

0.01370160

0.01534138

Provision for WPPF

Average

0.00059711

0.00493368

0.00519482

Provision for Income Tax

Average

0.19900756

0.08514590

0.20274026

2010-11
0.45962525

0.88065943

0.02988989

0.01063649

0.02387368

0.00242064

0.00016734

0.03048842

0.09960665

0.01688563

0.39342028

0.18865459

0.37241673

0.88842653

2011-12

2012-2013

2013-14

2014-15

2015-16

0.21914553
0.09225821
0.12

0.09225821
0.12

0.09225821
0.12

0.09225821
0.12

0.09225821
0.12

0.89125941
0.87351742

0.87351742

0.87351742

0.87351742

0.87351742

0.02033543
0.02769530

0.02769530

0.02769530

0.02769530

0.02769530

0.01073224
0.01167096

0.01167096

0.01167096

0.01167096

0.01167096

0.02481671
0.02541364

0.02541364

0.02541364

0.02541364

0.02541364

0.00223004
0.00282119

0.00282119

0.00282119

0.00282119

0.00282119

0.00013693
0.00020159

0.00020159

0.00020159

0.00020159

0.00020159

0.02506064
0.02851678

0.02851678

0.02851678

0.02851678

0.02851678

0.01652115
0.28031304

0.28031304

0.28031304

0.28031304

0.28031304

0.01742073
0.02

0.02

0.02

0.02

0.02

0.04246072
0.38
0.35
0.18415530
0.17194072

0.38
0.35

0.38
0.35

0.38
0.35

0.38
0.35

0.17194072

0.17194072

0.17194072

0.17194072

0.14999118
0.11825341

0.11825341

0.11825341

0.11825341

0.11825341

4.37308911
1.24502656
0.35000000

1.24502656
0.25000000

1.24502656
0.25000000

1.24502656
0.25000000

1.24502656
0.25000000

1.15211268

0.29911637

0.07763646

0.04736856

0.16091590

0.00533415

0.00933038

0.00237135

0.18865459

0.93520942
1.38255564
0.25000000

1.38255564
0.25000000

1.38255564
0.25000000

1.38255564
0.25000000

1.38255564
0.25000000

0.25757627
0.36742415
0.25000000

0.36742415
0.25000000

0.36742415
0.25000000

0.36742415
0.25000000

0.36742415
0.25000000

0.05795434
0.09374348
0.15000000

0.09374348
0.15000000

0.09374348
0.15000000

0.09374348
0.15000000

0.09374348
0.15000000

0.04167601
0.04092814

0.04092814

0.04092814

0.04092814

0.04092814

0.14118019
0.16051202

0.16051202

0.16051202

0.16051202

0.16051202

0.00472351
0.01570727

0.01570727

0.01570727

0.01570727

0.01570727

0.00599698
0.01109259
0.01500000

0.01109259
0.01500000

0.01109259
0.01500000

0.01109259
0.01500000

0.01109259
0.01500000

0.00215049
0.01524745

0.01524745

0.01524745

0.01524745

0.01524745

0.18415530
0.17194072

0.17194072

0.17194072

0.17194072

0.17194072

2016-17

0.09225821
0.12

0.87351742

0.02769530

0.01167096

0.02541364

0.00282119

0.00020159

0.02851678

0.28031304

0.02

0.38
0.35
0.17194072

0.11825341

1.24502656
0.25000000

1.38255564
0.25000000

0.36742415
0.25000000

0.09374348
0.15000000

0.04092814

0.16051202

0.01570727

0.01109259
0.01500000

0.01524745

0.17194072

Assumptoin Made:
I assume the tax rate to be 27.5%.
From our calculation, i see that extreme fall in 2008-09 tends to make the average growth rate abnornmal. To normalize the
It is stated that the company will give 35% cash dividend of the par share price which is Tk 1.00 for follwing
To normalize the affairs it is assumed that there will be no adjustment in WPPF.
In annual report of this company i found that the firm has no interest income.
The risk free rate is based on the 91 day T bill rate. The rate is 8.25 %.
To normalize the situation several other factors are also normalized.

nmal. To normalize the affairs it is assumed that sale growth rate will 10% each year.

Proforma Comprehensive Income Statement

Particulars

2011-2012

Sales
Less: Cost of Goods Sold
Freight and forwarding
Gross Profit

3,067,208,000.00
2,733,678,000.00
62,373,000.00
271,157,000.00

Operating Profit

32,918,000.00
76,118,000.00
6,840,000.00
420,000.00
6,044,000.00
148,817,000.00

Operating Expenses
Administration expenses
Marketing expenses
Director remurnation
Legal and audit fee
Depreciation

Bank Interest and Charges

Other income

53,433,000.00
43,193,000.00
Profit for the year

Provision for WPPF

Net Profit Before tax
Provision for Tax
Net Profit After Tax
Cash dividend
Balance transferred to balance sheet

138,577,000.00
6,596,000.00
131,981,000.00
24,305,000.00
107,676,000.00
4,572,000.00
103,104,000.00

2012-2013

2013-2014

2014-2015

2015-2016

3,435,272,960.00
3,000,770,772.77
95,140,917.79
339,361,269.44

3,847,505,715.20
3,360,863,265.50
106,557,827.93
380,084,621.77

4,309,206,401.02
3,764,166,857.36
119,344,767.28
425,694,776.39

4,826,311,169.15
4,215,866,880.24
133,666,139.35
476,778,149.55

40,092,921.55
87,302,781.50
9,691,553.94
692,504.15
7,690,826.96
193,890,681.33

44,904,072.14
97,779,115.28
10,854,540.41
775,604.65
8,600,293.49
217,170,995.80

50,292,560.79
109,512,609.12
12,157,085.26
868,677.20
9,617,307.54
243,246,536.47

56,327,668.09
122,654,122.21
13,615,935.50
972,918.47
10,754,586.97
272,452,918.32

70,345,846.51
55,300,561.31

78,787,348.09
70,802,029.98

88,241,829.86
90,648,762.52

98,830,849.44
116,058,793.08

178,845,396.13
52,379,162.13
126,466,234.01
21,744,695.26
104,721,538.74
36,652,538.56
68,069,000.18

209,185,677.69
58,664,661.58
150,521,016.11
25,880,691.80
124,640,324.31
43,624,113.51
81,016,210.80

245,653,469.13
65,704,420.97
179,949,048.16
30,940,568.81
149,008,479.35
52,152,967.77
96,855,511.58

289,680,861.95
73,588,951.49
216,091,910.47
37,154,998.55
178,936,911.91
62,627,919.17
116,308,992.74

2016-2017
5,405,468,509.44
4,721,770,905.87
149,706,076.08
533,991,527.50

63,086,988.26
137,372,616.88
15,249,847.76
1,089,668.68
12,026,353.57
305,166,052.35
110,690,551.37
148,591,586.65
343,067,087.62
82,419,625.67
260,647,461.95
44,815,912.13
215,831,549.82
75,541,042.44
140,290,507.38

Statement of Financial Position

Particulars

2011-2012

Assets
Non current Assets:
PPE
Investments
Deferred Tax Assets
Total Non current Assets

241,175,000
39,014,000
2,957,000
283,146,000

Total Current Assets

790,040,000
177,758,000
127,829,000
217,802,000
1,313,429,000

Current Assets:
Inventories
Trade and other receivables
Advances, Deposits and Prepayments
Cash and Cash -equivalent

Total Property and Assets

Equity and Liability
Shareholders equity:
Share Capital
Share Premium
Dividend Equalization Fund
Reatined Earnings
Fair Valuation surplus of investment
Non current Liabilities
Retirement benefit obligation
Current Liabilities
Working Capital loan
Trade Deficits
Other Payables
Provisions for income tax

Total equity and liabilites

Equity

1,596,575,000

152,400,000
425,333,000
44,888,000
355,363,000
34,600,000

58,142,000

433,029,000
14,488,000
18,394,000
59,938,000

1,596,575,000

1,012,584,000

2012-2013

2013-2014

2014-2015

2015-2016

2016-2017

269,694,767
48,767,500
3,696,250
322,158,517

301,587,093
60,959,375
4,620,313
367,166,780

337,250,796
76,199,219
5,775,391
419,225,405

377,131,853
95,249,023
7,219,238
479,600,115

421,728,981
119,061,279
9,024,048
549,814,308

858,818,240
450,115,616
3,893,941
49,301,854
1,362,129,651

961,876,429
504,129,490
4,361,214
82,991,318
1,553,358,451

1,077,301,600
564,625,029
4,884,560
50,107,106
1,696,918,294

1,206,577,792
632,380,032
5,470,707
21,813,885
1,866,242,416

1,351,367,127
708,265,636
6,127,192
1,537,747
2,067,297,701

1,684,288,167

1,920,525,231

2,116,143,699

2,345,842,531

2,617,112,010

152,400,000
425,333,000
4,488,000
423,432,000

152,400,000
425,333,000
44,888,000
504,448,211

152,400,000
425,333,000
44,888,000
601,303,723

152,400,000
425,333,000
44,888,000
717,612,715

152,400,000
425,333,000
44,888,000
857,903,223

31,858,000

37,275,000

45,570,000

58,142,000

551,402,604
53,958,774
51,529,094
21,744,695

617,570,916
60,433,827
57,712,586
25,880,692

691,679,426
67,685,886
64,638,096
30,940,569

774,680,957
75,808,192
72,394,668
37,154,999

867,642,672
84,905,175
81,082,028
44,815,912

1,684,288,167

1,920,525,231

2,116,143,699

2,345,842,531

2,617,112,010

Date
30/12/2012
29/11/2012
31/10/2012
30/09/2012
30/08/2012
30/07/2012
28/06/2012
31/05/2012
30/04/2012
29/03/2012
29/02/2012
31/01/2012
29/12/2011
30/11/2011
30/10/2011
29/09/2011
25/08/2011
31/07/2011
30/06/2011
31/05/2011
28/04/2011
31/03/2011
28/02/2011
31/01/2011
30/12/2010
30/11/2010
31/10/2010
30/09/2010
31/08/2010
29/07/2010
30/06/2010
30/05/2010
29/04/2010
31/03/2010
28/02/2010
31/01/2010
30/12/2009
26/11/2009
29/10/2009
30/09/2009
31/08/2009
30/07/2009
30/06/2009
05/07/2009
30/04/2009
31/03/2009

Monthly Closing -Apex Tannery Ltd.

74.95
79.40
84.23
91.49
94.54
90.31
104.51
105.17
113.18
115.72
101.72
95.21
120.34
1262.62
1020.99
1295.20
1373.94
1538.50
1379.71
1362.92
1588.52
1532.08
1058.28
1622.78
1806.90
2088.39
2079.50
1781.75
1756.16
1774.41
1485.49
1435.84
1433.39
1355.04
1348.39
1360.89
1180.87
1168.87
1141.48
1146.39
1096.04
1301.80
1227.60
1033.12
1001.14
1083.72

DGEN
4219.31
4210.58
4493.92
4544.41
4446.87
4159.17
4572.88
4734.33
5098.90
4990.32
4695.41
4153.96
5257.61
5268.55
5036.50
5910.20
6212.00
6459.62
6117.23
5758.26
6050.85
6352.10
5203.08
7484.23
8290.41
8602.44
7957.12
7097.38
6657.97
6342.76
6153.68
6107.81
5654.88
5582.33
5560.56
5367.11
4535.53
4380.95
3364.26
3083.89
2941.28
2914.53
3010.26
2572.18
2554.36
2446.92

26/02/2009
29/01/2009
30/12/2008
30/11/2008
30/10/2008
25/09/2008
31/08/2008
31/07/2008
30/06/2008
29/05/2008
30/04/2008
31/03/2008
28/02/2008
31/01/2008

Covariance
Variance of market return
Beta
Market return
Market return yearly

1018.93
1001.51
903.21
813.17
962.96
846.85
818.64
954.12
1341.17
1358.12
886.31
712.11
432.68
428.43

0.00897312
0.00921710

0.97352999
0.01
0.13

2570.96
2649.49
2795.34
2468.92
2748.60
2966.82
2791.20
2761.05
3000.49
3167.99
3072.85
3016.49
2931.38
2907.17

Apex Tannery Ltd.'s Return

-0.05604534
-0.05734299
-0.07935293
-0.03226148
0.04683867
-0.13587217
-0.00627555
-0.07077222
-0.02194953
0.13763272
0.06837517
-0.20882500
-0.90469025
0.23666246
-0.21171248
-0.05730964
-0.10696133
0.11508940
0.01231914
-0.14201899
0.03683881
0.44770760
-0.34785985
-0.10189828
-0.13478804
0.00427507
0.16711099
0.01457157
-0.01028511
0.19449475
0.03457906
0.00170923
0.05782117
0.00493181
-0.00918517
0.15244692
0.01026633
0.02399516
-0.00428301
0.04593810
-0.15805807
0.06044314
0.18824532
0.03194358
-0.07620049
0.06358631

DGEN Return
0.002073982
-0.063049402
-0.011109477
0.021933666
0.069173319
-0.090470686
-0.034102961
-0.071499855
0.021757963
0.062809487
0.130344024
-0.20991336
-0.002078098
0.046074901
-0.147829845
-0.048582557
-0.038334444
0.055971271
0.062339919
-0.0483538
-0.047426214
0.220833798
-0.304793373
-0.097242732
-0.036272267
0.081099694
0.121134841
0.065997594
0.049696031
0.03072633
0.007510057
0.080095422
0.012996365
0.003915073
0.036043606
0.183347922
0.035284584
0.302203159
0.090914397
0.048485693
0.009178152
-0.03180124
0.170314675
0.006976307
0.04390826
-0.048246569

0.01739374
0.10883405
0.11072715
-0.15555163
0.13710811
0.03445959
-0.14199472
-0.28859130
-0.01248049
0.53233067
0.24462513
0.64581215
0.00991994

-0.029639667
-0.052176122
0.132211655
-0.10175362
-0.073553502
0.062919175
0.010919759
-0.079800299
-0.052872642
0.030961485
0.018683967
0.029034107
0.008327686

Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Weight of equity
Weight of debt
WACC

Outstanding share
last market price

0.0825
0.13
0.973529993
0.12995624
0.02
0.014846197
1,798,800,000
580,604,316
0.755987533
0.244012467

0.101867955
24,000,000
74.95

Particulars
Inventories
Trade and other receivables
Advances, Deposits and Prepayments
Non-cash current asset

Trade Deficits
Other Payables
Provisions for income tax
Non- STD Current liabilities
Working capital
Change in WC

2011-2012

2012-13

790,040,000
177,758,000
127,829,000
1095627000

843482200
442077837.1
3824406.412
1289384443

4,488,000
18,394,000
59,938,000
82,820,000

52995224.35
50608932
22824942.95
126429099.3

1012807000

1162955344
150148344.2

2013-14

2014-15

2015-16

2016-17

927830420
486285620.8
4206847.053
1418322888

1020613462
534914182.8
4627531.758
1560155177

1122674808
588405601.1
5090284.934
1716170694

1234942289
647246161.2
5599313.427
1887787764

58294746.79
55669825.2
26098918.37
140063490.4

64124221.47
61236807.72
30912923.37
156273952.6

70536643.62
67360488.49
36580137.74
174477269.8

77590307.98
74096537.34
44006458.35
195693303.7

1278259397
115304053.3

1403881224
125621826.6

1541693424
137812200.4

1692094460
150401035.6

Free Cash Flow and Valuation

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

2012-13

2013-14

193,890,681.33
140570744
7,690,826.96
(28,519,766.61)
150148344.2
-30406539.84

217,170,995.80
157448972
8,600,293.49
(31,892,326.32)
115304053.3
18852885.84

Present value discount factor

Present value of free cashflow
Terminal value

0.907549762
-27595447.99

1
18852885.84

Enterprise value
Cash
Interest-bearing debt
Equity value
Value per share

561660074.6
217,802,000
433,029,000
346433074.6
22.73182904

2016-17

2014-15

2015-16

243,246,536.47
176353738.9
9,617,307.54
(35,663,702.72)
125621826.6
24685517.18

272,452,918.32
197528365.8
10,754,586.97
(39,881,057.24)
137812200.4
30589695.14

305,166,052.35
221245388
12,026,353.57
(44,597,128.33)
150401035.6
38273577.6

1
24685517.18

1
30589695.14

1
38273577.6

39039049.15

476853846.9

Textile Industry
SL.
1
2
3
5
6
7

Market ratios
Price earning multiple
Price to book value per share
Price to par value per share
Price to sales per share
Price to cash flow per share
Price to NAV per share

Apex Tannery Ltd.

7.46
0.94
2.89
0.79
12.55
0.94

Apex S

Prime textile
74.21
1.78
7.50
0.59
10.99
1.78

Relative value per

37.69
share

Tallu

Square

Average Prime tex relative

7.46
7.53
0.94
51.42
2.89
28.90
0.79
29.66
12.55
53.76
0.94
54.86

Five factor DuPont analysis

2008

2009
0.043
1.07
1.44
0.91
2.04
12.39%

2010
0.092
1.58
1.20
0.80
1.27
17.67%

2011
0.045
1.56
1.55
0.81
1.76
15.43%

Operating profit margin

Asset turnover
Interest burden
Tax burden
Financial leverage
ROE

2009
0.043
1.07
1.44
0.91
2.04
12.39%

2010
0.043
1.58
1.20
0.80
1.27
8.36%

2011
0.043
1.56
1.55
0.81
1.76
14.97%

Operating profit margin

Asset turnover
Interest burden
Tax burden
Financial leverage
ROE

2009
0.043
1.07
1.44
0.91
2.04
12.39%

2010
0.092
1.07
1.20
0.80
1.27
11.95%

2011
0.045
1.07
1.55
0.81
1.76
10.57%

Operating profit margin

Asset turnover
Interest burden
Tax burden
Financial leverage
ROE

2009
0.043
1.07
1.44
0.91
2.04
12.39%

2010
0.092
1.58
1.44
0.80
1.27
21.08%

2011
0.045
1.56
1.44
0.81
1.76
14.28%

Operating profit margin

Asset turnover
Interest burden
Tax burden
Financial leverage
ROE

2009
0.043
1.07
1.44
0.91
2.04
12.39%

2010
0.092
1.58
1.20
0.91
1.27
20.28%

2011
0.045
1.56
1.55
0.91
1.76
17.40%

Operating profit margin

Asset turnover

2009
0.043
1.07

2010
0.092
1.58

2011
0.045
1.56

Operating profit margin

Asset turnover
Interest burden
Tax burden
Financial leverage
ROE

What if analysis

Interest burden
Tax burden
Financial leverage
ROE

1.44
0.91
2.04
12.39%

1.20
0.80
2.04
28.31%

1.55
0.81
2.04
17.85%

2012
0.031
1.92
1.68
0.82
1.58
12.96%

2012
0.043
1.92
1.68
0.82
1.58
17.97%
2012
0.031
1.07
1.68
0.82
1.58
7.21%
2012
0.031
1.92
1.44
0.82
1.58
11.08%
2012
0.031
1.92
1.68
0.91
1.58
14.54%
2012
0.031
1.92

1.68
0.82
2.04
16.75%