Reformulated Statement of Profit and Loss 2018 2017

Operating revenues
Revenue from services 225,005.18 184,400.68
Other operating income 5203.69 1,404.32
Operating revenues 230,208.87 185,805.00
Operating expenses
Aircraft fuel expenses 77601.36 63,415.13
Aircraft and engine rentals 36101.99 31,253.73
Purchase of stock-in-trade 1238.76 1,238.32
Changes in inventories of stock-in-trade 12.65 -2.94
Employee benefits expense 24550.22 20,481.90
Depreciation and amortisation expense 4368.77 4,572.53
Other expenses 0 0
Operating expenses 143873.75 120958.67
Operating profit before tax 86,335.12 64,846.33
Tax, as reported
Current tax 6,689.82 4,911.51
Deferred tax 2,153.21 -59.99
8,843.03 4,851.52
Deduct Tax on Other Income -3277.07 -2730.97
Add Tax on Interest Expense 1,176.10 1,144.83
Tax on Operating Profit 6,742.06 3,265.38
Net Operating Profit after Tax (NOPAT) 79,593.06 61,580.95
Add Other Income 9,468.56 7,890.70
Tax on Other Income 3277.07 2730.97
Other Income, after Tax 6,191.49 5,159.73
Finance Costs (or Interest Expense) 3,398.15 3,307.80
Tax on Interest Expense 1,176.10 1,144.83
Interest Expense, after Tax 2,222.05 2,162.97
Net non-operating income/(loss) 3,969.44 2,996.76
Profit for the year (Net profit) 83,562.50 64,577.71
Share of non-controlling interest 0 0
Profit for the year 83,562.50 64,577.71

Reformulated Balance Sheet

Assets
Non-current Assets
Property, plant and equipment
Capital Work-in-progress
Goodwill
Other Intangible Assets
Intangible Assets under Development
Investment in joint ventures
Financial assets
Investments
Trade Receivables
Other financial assets
Deferred Tax Assets
Tax assets
Other non-current Assets

Current Assets
Inventories
Financial assets
Investments
Trade Receivables
Derivative instruments
Cash and cash equivalents
Other financial assets
Other current assets

Total Assets
Operating Assets (Current, Fixed, DTA)
Financial Assets (Current and Non-current Investments)
Quick Assets (= Current Assets - Inventories)
Revenues (IFRS)
Cost of revenues (IFRS)
Gross profit (IFRS)
Non-current Liabilities
Financial liabilities
Borrowings
Other financial liabilities
Long-term Provisions
Deferred Tax Liabilities
Other non-current liabilities

Current Liabilities
Financial liabilities
Borrowings
Trade Payables
Derivative instruments
Other financial liabilities
Liabilities for current tax
Provisions
Other Current Liabilities

Total liabilities
Equity
Equity share capital
Other equity
Non-controlling interest

Total liabilities and equity

Debt (i.e. borrowings)
Total receivables
Number of equity shares, end of year
Average Assets (AA)
Average Equity (AE)
Average Receivables (AR)
Average Daily Sales (ADS)
Average Inventories
Year-end Stock Price NSE, High
Year-end Stock Price NSE, Low
Year-end Stock Price NSE, Average

Financial Ratios
Profitability Ratios
Gross margin (IFRS)
NOPAT margin = NOPAT/Operating revenues
Overall profit margin = Net profit/Operating revenues
Asset Turnover = Operating revenues/Average assets
Return on assets = Net profit/Average assets
Return on equity = Net profit /Average equity
Basic Earnings per Share (EPS)

Liquidity Ratios
Current Ratio = Current Assets/Current Liabilities
Quick Ratio = Quick Assets/Current Liabilities
Inventory Turnover = COGS(IFRS)/Average Inventories
Inventory Turnover = Sales/Average Inventories
Receivable Turnover = Sales/Average Receivables
Average Collection Period = Average Receivables/ADS
Average Holding Period (COGS) = 360/Inventory Turnover
Average Holding Period (Sales)= 360/Inventory Turnover
Operating Cycle = Average Collection Period + Average Holding Period

Solvency Ratios
Assets to Equity ratio
Debt to Equity Ratio = Borrowings/Equity
Debt to Equity Ratio = Liabilities/Equity
Interest Cover = PBIT/Interest Expense

Capital Market Ratios

Price-Earnings Ratio = Market Price/EPS
Dividend per share
Dividend-yield
Book value per share
Price-to-book Ratio
Change in stock price
Total return
Total return (rate) on beginning price

Earnings quality and earnings management

NOPAT/PAT
Cash flow from operating activities
CFO/NOPAT
Discretionary spending
Clinical trials and other R&D expenses
Advertisements
Repairs and maintenance
Increase (Decrease) in receivables
 2016 2015 2014

160,424.88 138,522.38 110,683.53

974.21 730.98 482.31
161,399.09 139,253.36 111,165.84

47,793.24 57484.86 55133.5

26,121.52 19522.38 16703.14
1,147.82 817.1 593.27
-11.32 -31.72 7.06
17,899.23 11886.91 9289.4
5,030.79 3022.14 2260.08
0 0 0
97981.28 92701.67 83986.45
63,417.81 46,551.69 27,179.39

7,303.93 in doubt in doubt

1,088.37 in doubt in doubt
8,392.30 0.00 0.00
-1596.88 -1365.65 -1143.65
466.73 399.86 424.24
7,262.15 -965.80 -719.41
56,155.66 47,517.49 27,898.80
4613.93 3945.83 3304.39
1596.88 1365.65 1143.65
3,017.05 2,580.18 2,160.74
1,348.53 1,155.32 1,225.77
466.73 399.86 424.24
881.80 755.46 801.53
2,135.25 1,824.71 1,359.21
58,290.91 49,342.20 29,258.01
0 0 0
58,290.91 49,342.20 29,258.01
 Reformulated Statement of Profit and Loss 2018 2017 2016
Operating revenues
Sales
Licence fees and service income
Other operating income
Operating revenues
Operating expenses
Cost of materials consumed
Purchase of traded goods
Increase in inventories of finished goods, etc.
Conversion charges
Employee benefits expense
Depreciation and amortization expense
Other expenses
Deduct Foreign exchange loss
Operating expenses
Operating profit before tax
Tax, as reported
Current tax
Deferred tax

Deduct Tax on Other Income

Add Tax on Interest Expense
Add Tax on Foreign Exchange Loss
Tax on Operating Profit
Net Operating Profit after Tax (NOPAT)
Add Other Income
Tax on Other Income
Other Income, after Tax
Finance Costs (or Interest Expense)
Tax on Interest Expense
Interest Expense, after Tax
Foreign exchange loss
Tax on Foreign exchange loss
Foreign exchange loss after tax
Net non-operating income/(loss)
Share of proft of equity accounted investments
Profit for the year (Net profit)
Share of non-controlling interest
Profit for the year

Reformulated Balance Sheet

Assets
Non-current Assets
Property, plant and equipment
Capital Work-in-progress
Goodwill
Other Intangible Assets
Intangible Assets under Development
Investment in joint ventures
Financial assets
Investments
Trade Receivables
Other financial assets
Deferred Tax Assets
Tax assets
Other non-current Assets

Current Assets
Inventories
Financial assets
Investments
Trade Receivables
Derivative instruments
Cash and cash equivalents
Other financial assets
Other current assets

Total Assets
Operating Assets (Current, Fixed, DTA)
Financial Assets (Current and Non-current Investments)
Quick Assets (= Current Assets - Inventories)
Revenues (IFRS)
Cost of revenues (IFRS)
Gross profit (IFRS)
Non-current Liabilities
Financial liabilities
Borrowings
Other financial liabilities
Long-term Provisions
Deferred Tax Liabilities
Other non-current liabilities

Current Liabilities
Financial liabilities
Borrowings
Trade Payables
Derivative instruments
Other financial liabilities
Liabilities for current tax
Provisions
Other Current Liabilities

Total liabilities
Equity
Equity share capital
Other equity
Non-controlling interest

Total liabilities and equity

Debt (i.e. borrowings)
Total receivables
Number of equity shares, end of year
Average Assets (AA)
Average Equity (AE)
Average Receivables (AR)
Average Daily Sales (ADS)
Average Inventories
Year-end Stock Price NSE, High
Year-end Stock Price NSE, Low
Year-end Stock Price NSE, Average

Financial Ratios
Profitability Ratios
Gross margin (IFRS)
NOPAT margin = NOPAT/Operating revenues
Overall profit margin = Net profit/Operating revenues
Asset Turnover = Operating revenues/Average assets
Return on assets = Net profit/Average assets
Return on equity = Net profit /Average equity
Basic Earnings per Share (EPS)

Liquidity Ratios
Current Ratio = Current Assets/Current Liabilities
Quick Ratio = Quick Assets/Current Liabilities
Inventory Turnover = COGS(IFRS)/Average Inventories
Inventory Turnover = Sales/Average Inventories
Receivable Turnover = Sales/Average Receivables
Average Collection Period = Average Receivables/ADS
Average Holding Period (COGS) = 360/Inventory Turnover
Average Holding Period (Sales)= 360/Inventory Turnover
Operating Cycle = Average Collection Period + Average Holding Period

Solvency Ratios
Assets to Equity ratio
Debt to Equity Ratio = Borrowings/Equity
Debt to Equity Ratio = Liabilities/Equity
Interest Cover = PBIT/Interest Expense

Capital Market Ratios

Price-Earnings Ratio = Market Price/EPS
Dividend per share
Dividend-yield
Book value per share
Price-to-book Ratio
Change in stock price
Total return
Total return (rate) on beginning price

Earnings quality and earnings management

NOPAT/PAT
Cash flow from operating activities
CFO/NOPAT
Discretionary spending
Clinical trials and other R&D expenses
Advertisements
Repairs and maintenance
Increase (Decrease) in receivables
2015 2014 2013