apollo valuation (1)

8/16/2019 Apollo Valuation (1)

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#on$ %erm rovisions !."4 .! 0 0 0

Total No(-*rre(t L"a/"l"t"e& ,.#$%4 1+11,$.5 1+,#2$.2 1+5,#$21 1+111$3.

URRENT LIABILITIES

Short %erm &orro'in$s 42. 1"0.! 539.42 !51.25 "3.0!

%rade aya+les 2.1" "9".34 00.1 "1.09 !42.91

/ther Current #ia+ilities 51.9 "90.!4 42.5 410.94 4"1.0

Short %erm rovisions 403.25 2"4.!" 191.09 1!3.39 1"1.!

Total *rre(t L"a/"l"t"e& 2+#%$, 2+254$53 1+,%3$1, 2+151$., 2+241$,3

Total a!"tal A() L"a/"l"t"e& .+121$41 .+112$## 5+3,$21 5+,.%$4 5+24$..

ASSETS

NON-URRENT ASSETS

%an$i+le ssets 3,09.53 3,242.1 3,03.39 2,"44.!0 2,3!!."5

ntan$i+le ssets 10.52 11.42 !.9 5.93 5.!3

Capital or67n7ro$ress 129.5 34.9! 24".9! 310. 35!.!"

F"0e) A&&et& 3+23.$.% 3+2$55 3+32#$33 3+1.1$2% 2+,41$35

-on7Current nvestments 51.92 51.4 12.! 52.5 559.35

#on$ %erm #oans nd dvanes 1!".03 123.04 1".99 205.41 254.92

/ther -on7Current ssets 3.02 21.41 0 0 0

Total No(-*rre(t A&&et& 4+1#2$.. 4+#4$4, 4+1#2$#2 3+%2%$35 3+555$.2

URRENT ASSETS


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Current nvestments 100 0 0 0 0

nventories 1,1"5.19 1,2"3.9 1,120."3 1,111.42 1,13.33

%rade Reeiva+les 320.01 240.55 2!3.14 33.91 204.2"

Cash nd Cash Equivalents 20!."4 221.11 154.19 115.59 141.2

Short %erm #oans nd dvanes 1".12 244.5" 1".9! 249.21 211.1

/therCurrentssets 3!. 3!.1 0.0! 0 0

Total *rre(t A&&et& 2+#1$,5 2+#2,$53 1+,35$1% 1+4#$13 1+.%3$#4

Total A&&et& .+121$41 .+112$## 5+3,$21 5+,.%$4 5+24$..


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assumptions

proft margin remains same,


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ta+ing "$&!6 inlation rate

------------------------orecasted cash ow(millions)------------------------------->201& 201! 201# 2020 2021 2022 202"


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re7ious data

net sales

other income

total re7enue

proft margin

operating proft(.89:')apacit; e/pansion

depreciation

net in7estment

9nterest

8:(.89:'other income-depreciation = amortisation,interest and fnance cost)

:

pat

net change in wor+ing capital

c?patdep-net change in wc

wacc

discounted cashows

wor+ing capital


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2011 2012 201" 201% 2015 201 201& 201!

!!&& 1215"" 12% 1""10" 12&25& 12#!02$1 1"2"#!$2 1"50%$1

50# "2 #%5 1##5 11"% 1"!"$%! 1!&$!% 205#$1&2

!#1! 121!5# 12!!#1 1"50#! 12!"#1 1"11!5$ 1"%0! 1"&105$"

10$# #$ 11$% 1"$" 1%$& 15$02"% 15$"5"#1 15$#1&

#5$" 11&$1& 1%5!5$!% 1&&02$& 1!&0$&! 1#500$# 20"2!$" 211#1$0%111!&$"! #$! 2%#$5 %#!#$1! 2!$# 5"! 5%&5$" 525$"%

2&1# "25 "# %10# "!!" "#"5$5# %022$5!1 %11"$1

!%!$"! %&"$! 22!"$5 !!0$1! 2"!5$# 1%"2$%"1 1%52$& 11%"$1!

1#&0 2!&" "12! 2!"! 1!2! 21#"$ 2"2$"2 "15!$&!%

5%!5$" 5!%$1! !%"$!%% 12&50$& 1%12#$&! 1%&55$01 15"1$25 15#&!$2&

10" 1%%% 2%%! 22# "5"2 "5%1$201 "!$& "!"%$&!%

%%22$" %%20$1! 5#!!$!%% 10%!1$& 105#&$&! 1121"$! 11&%$55 121%"$%!

"1&2$# 5"$"5 2&25$#05 2#&$%# "%2$11"5 "#"$%"05 %52$%%51


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omic actors wor+ing in a7our o apollo

ices ha7e dropped and ru**er prices ha7e declined, increasing the proft margins

g increase in proft margin *; 26$

increase in sales *; %$026

re7enue increases the wor+ing capital increases in same term

e/penditure in ne/t ;ear the *oard has appro7ed a proposal to in7est 20250 million ehere is an increase in sales considered so the capital e/penditure has to *e changed a

dera*le increase in 2020, the cape/ has to *e increased$ e consider a 26 increase$

156 increase in wor+ing capital e7er; ;ear$


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tra in plants$ cordingl;$


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3aria*les 2011 2012 201" 201% 2015

sales growth actor@100 "&$051"2 5$2&&5 %$0"00& -%$"#20!&

other income growth -"5$#52!5 1!#$!&&" 111$1111 -%"$15&!#

total re7enue "$"%& 5$&&00% %$!15#& -%$#%5%%

proft margin -11$#21 1!$&5 1$& 10$52"2

depreciation 6 o re7enue "$0%!!5 2$&1#%1 "$0&&01# "$0%1%#change in cape/ 2#$11!"5 21$1!!#" 20$1&5 -25$%##1

interest growth -0$%5!"& -0$0!!&5& 0$0#2&11 0$"55!!%

ta/ growth rate

ta/ as 6o sales 0$1#"&&" 0$2%2%1 0$2#015 0$1&3

wor+ing capital as 6 o sales -0$00& 0$021 0$0% 0$0!2 0$0!!

wc -20$&"# 2552$1#" !1!!$5%% 10#1%$%5 111#!$2

"1&2$#"2 5"$"51 2&25$#02 2!%$1&


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e/pected estimate 201 201& 201! 201# 2020

1$"!%25 2

!5$#%"51 22

1$!&"#1# 1$!&"#1#

15$"1%"" 12

0

2$#"0152 "1%$"&0#%

0$11##% 0$2

0$2"!11 0$2"!11


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Mar 15 14-Mar 13-Mar 12-Mar

12 mths 12 mths 12 mths 12 mths

INOME

%+,,$2, %+5%$2 %+452$%1 +%#.$54

999 9!9.2 945.41 !4".

+,$2, +.1#$# +5#,$4% +15,$

/ther /peratin$ Revenues 59.55 101.5 0 0

Total O!erat"( Ree(*e& +%3,$2 +,11$,3 +5#,$4% +15,$

/ther nome 3!.55 !9.23 5!.3" 1".19

Total Ree(*e +%,5$3. +,%#$%. +5.4$, +1,.$#,

E>7ENSES

Cost /) aterials Consumed 5,400.!1 5,!24.31 5,"!.3 5,9!3.3"

urhase /) Sto67n %rade 249.22 250.2" 253.9 23".3"

19.!3 7115."! 7!.3! 23.45

Employee &ene)it E*penses 545.13 4".! 42."5 3".5

8inane Costs 1!2.09 244.1 20.9! 241.3

7ro"t Lo&& a==o*(t oA!ollo T:re&

------------------- "( R&$r$ -------------------

Ree(*e Fro O!erat"o(&?


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24.!" 24".05 220.0! 1"5.9

/ther E*penses 1,40!.5 1,2!.43 1,0".5! ""!.!

Total E0!e(&e& +#41$22 +1#5$4, +#%#$35 ,+%1$5.

(epreiation nd mortisation E*penses


20/21

11-Mar

12 mths

.+###$%.

510.4!

5+4%#$4%

0

5+4%#$4%

4".55

5+53%$#4

4,0"."0

159.4

73!4.

30."5

15".95


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apollo valuation (1)

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