Data

year
Current assets
Current liabilities
Inventory
Cash
Net working capital
Total asset

2014
4450019
2573107
868079
2537032
826778
5028322

2013
3411251
2020248
1224492
1680699
546249
3997625

Cost of goods sold

sales
accounts receivables
net fixed assets

4476255
7187225
1044908
578303

4516705
6774872
506060
586374

Total Equity
Total debt
Long-term debt
EBIT
Interest
Depreciation

2316497
2711825
138718
1182303
3092
771634

1851112
2146513
126265
724163
4265
669770

826778

546249

Net income

2012
2500449
1433857
1059544
1019434
243967
3063218

2011
2310725
1224119
1138844
770584
282068
2791387

2010
1824178
703396
695231
666043
410177
2214285

3964900
5553812
421471
562769

3386670
4735121
401297
480662

2389742
3632095
462904
390107

1485560
1577658
143801
409339
5149
583654

1422290
1369097
144978
465330
3759
522237

1381151
833134
129738
552760
820
482753

243967

282068

410177

2009

short term solvency or liquidity ratios

year
Current ratio
Quick ratio
Cash ratio
Net working capital to total assets

Asset management or turnover ratios

Inventory turnover
Days sales in inventory
Receivable turnover
Days sales in receivables
NWC turnover
Fixed Asset turnover
Total asset turnover

Long-term solvency
Total Debt ratio
Debt-equity ratio
Equity Multiplier
Long-term debt ratio
Time interest earned ratio
Cash coverage ratio

Profitability Ratios
Profit Margin
Return on Asset (ROA)
Return on Equity (ROE)

Price Earnibg Ratio

Financial Ratio
2014
2013
1.729434
1.688530814
1.392068
1.0824210691
0.98598
0.8319270703
0.164424
0.136643382

2012
1.743862
1.004915
0.710973
0.079644

2011
1.887664
0.957326
0.629501
0.101049

2010
2.593387
1.604995
0.946896
0.185241

5.156506
70.78436
6.878333
53.06518
8.693053
12.42813
1.429349

3.742081
97.5393
13.17721
27.69934
22.7646
9.868724
1.813065

2.973779
122.7395
11.79954
30.9334
16.78716
9.851249
1.696333

3.437335
106.1869
7.846325
46.5186
8.854946
9.31051
1.640301

0.53931
0.5369470623 0.515033
1.170658
1.1595802955 1.061995
2.170658
2.1595802955 2.061995
0.056499
0.0638547935 0.088256
382.3748 169.792028136 79.49874
631.9331 326.8307151231 192.8516

0.490472
0.9626
1.9626
0.092504
123.7909
262.7207

0.376254
0.603217
1.603217
0.085869
674.0976
1262.821

0.115034
0.164424
0.356909

3.6886357771
98.9525727272
13.3874876497
27.2642641809
12.4025343753
11.5538410639
1.6947242425

0.080628682 0.043928 0.059569 0.112931

0.136643382 0.079644 0.101049 0.185241
0.2950923553 0.164226 0.19832 0.296982

22.03555 21.0738699008 28.14815 48.25288 21.30141

GlaxoSmithKline Bangladesh Limited

Income Statement

Revenue
Cost of sales
Gross profit
Operating expenses:
Selling expenses
Distribution expenses
Administrative expenses
Other income
Total
Profit from operations
Finance income
Profit before taxation
Income tax expenses
Profit for the year
Dividend
Addition to retained Earnings
Earning Per Share
Number of Shares
Depreciation

2012
2013
5,553,812 6,774,872
-3,964,900 -4,516,705
1,588,912 2,258,167

-1,065,900 -1,328,081
-21,365
-13,418
-163,427
-317,684
15,927
5,620
-1,234,765 -1,653,563
354,147
604,604
55,192
119,559
409,339
724,163
-165,372
-177,914
243,967
546,249
-180,697
-180,697
63,270
365,552

88440

99116

Pro Forma Income Statement

Forecasted Sales
2014
2015
2016
2017
2018
2019
7,187,225 8138716 8730782 9562464 10234402 11012837
-4,476,255 -4744830 -5361658 -5736974 -6310672 -6752419
2,710,970 3393886 3369123 3825490 3923730 4260418

-1,305,494
-20,458
-334,467
11,979
-1,648,440
1,062,530
119,773
1,182,303
-355,525
826,778
-361,393
465,385
69
9,875,144
119881

-1383824
-21685.48
-354535
12697.74
-1747346
1646539
126959.4
1773499
-453294
1320204
-577075
743,130
132.6911
9949457
127073.9

-1563721
-24504.59
-400625
14348.45
-1974501
1860589
143464.1
2004054
-577950
1426103
-623364
802,739
142.1876
10029731
143593.5

-1673181
-26219.91
-428668
15352.84
-2112717
1990831
153506.6
2144337
-736887
1407451
-615211
792,240
139.2281
10108955
153645

-1840499
-28841.91
-471535
16888.12
-2323988
2189914
168857.2
2358771
-939531
1419240
-620364
798,876
139.2936
10188842
169009.5

-1969334
-30860.84
-504543
18070.29
-2486667
2343208
180677.3
2523885
-1197901
1325984
-579601
746,383
129.1943
10263481
180840.2

Growth Rate
2015
6%

2016
13%

2017
7%

2018
10%

2019
7%

GlaxoSmithKline Bangladesh Limited

Pro Forma Balance Shee

Non-Current assets
Property, plant and equipment
Intangible assets
Other receivables
Total Non current asset
Current Assets
Inventories
Trade and other receivables
Cash and cash equivalents
Total Current Assets
Total Assets
EQUITY AND LIABILITIES
Equity attributable to the Companys equity holders
Share capital
Retained earnings
General reserve
Revaluation reserve
Capital reserve
Total equity
LIABILITIES
Non-current liabilities
Deferred tax liability
Retirement benefit obligations
Obligation under finance lease
Total non-current liabilities
Current liabilities
Trade and other payables
Current tax liabilities
Obligation under finance lease
Total Current Liabilities
Total Liabilities
TOTAL EQUITY AND LIABILITIES
EFN

ro Forma Balance Sheet

2012

2013

2014

2015

2016

2017

2018

497,830
0
64939
562769

536,861
5467
44046
586374

546,216
578989 654257.5 700055.6 770061.10669
4,374 4636.44 5239.177 5605.92 6166.5115644
27,713 29375.78 33194.63 35518.26 39070.0811578
578,303 613001.2 692691.3 741179.7 815297.699412
0
0
0
868,079 920163.7 1039785 1112570 1223826.97584
1,044,908 1107602 1251591 1339202 1473122.37442
2,537,032 2689254 3038857 3251577 3576734.60614
4,450,019 4717020 5330233 5703349 6273683.9564
5,028,322 5330021 6022924 6444529 7088981.65581

1059544
421471
1019434
2500449
3063218

1224492
506060
1680699
3411251
3997625

120465
1300450
5000
59479
166
1581112

120465 120,465 127692.9

144293 154393.5 169832.833929
1666002 2,131,387 2259270 2552975 2731684 3004851.9853
5000
5000
5300
5989 6408.23
7049.053
59479
59479 63047.74 71243.95 76231.02 83854.1246774
166
166
175.96 198.8348 212.7532
234.0285596
1851122 2316497 2455487 2774700 2968929 3265822.02547

38512
83874
21415
143801

32039
81469
12757
126265

46612 49408.72 55831.85 59740.08 65714.0916872

77241 81875.46 92519.27 98995.62 108895.180555
14865 15756.9 17805.3 19051.67 20956.834569
138718 147041.1 166156.4 177787.4 195566.106811

1369468
56654
7735
1433857
1577658

1949378
62211
8659
2020248
2146513

2337516 2477767 2799877 2995868 3295454.83447

225681 239221.9 270320.7 289243.2 318167.466019
9910 10504.6 11870.2 12701.11 13971.223046
2573107 2727493 3082068 3297812 3627593.52353
2711825 2874535 3248224 3475600 3823159.63035

3063218

3997625

5028322

5330021
0

6022924
0

6444529 7088981.65581
0
0

2019
823965.4
6598.167
41804.99
872368.5
0
1309495
1576241
3827106
6712842
7585210

181721.1
3215192
7542.487
89723.91
250.4106
3494430

70314.08
116517.8
22423.81
209255.7

3526137
340439.2
14949.21
3881525
4090781
7585210
0

GlaxoSmithKline Bangladesh Limited

2010
GlaxoSmith

Dhaka Stock Exchange

Treasury bill rate

Beta of Glaxosmith
Required rate of GlaxoSmith

First day closing price

Last day closing price
Annual rates of return

0.557854089

First day closing price

Last day closing price
Annual rates of return

4568.4
8290.41
0.814729446

725.10

1,129.60

0.0985
0.755914
0.1479
WACC for GlaxoSmith

11.026894

2011

2012

1,129.60

664.50

664.50

570.00

2013
570.00
955.7

2014
955.7

1,438.50

-0.41173867 -0.142212 0.676667 0.505179

8304.59 5351.75 4190.99 4266.55

5257.61 4219.31 4266.55 4965.63
-0.36690312 -0.211602 0.018029 0.163851

11.11023581 11.03837 11.12349 11.10515

Year
Capital Expenditure
NWC
Change in NWC
FCF

Earnings Per Share

(EPS)

Stock Price
Number of Shares

Market Capitalization

Enterprise Value

2014

2015
2016
32,773
75,269
1,876,912
1,989,527
2,248,165
112,615
258,638
2442253.3125 2252300.9085

69

132.69
142.187
2923.8975229 2996.4303396
9,875,144 9875157.269 9875171.4877

1310334618 1404121008.3
1307792405 1401248307.8

2017
2018
2019
45,798
70,006
53,904
2,405,537
2,646,090
2,831,317
157,372
240,554
185,226
2723955.596 2703154.841 3030512.44794

139.22
139.3
129.19
3918.785185 6721.626655 2751.92917156
9875185.41 9875199.34 9875212.2587

1374823313
1371749523

1375615268 1275778671.7
1372234100 1272160821.41