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101
1 s t n e t n o C f o e l b a T d n e r T d n a s i s y l a n A y r t s u d n I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 s e i n a p m o c e h t o t n o i t c u d o r t n I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 d t L C C A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 d t L s t n e m e C h c e T a r t l U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1 s t h g i l h g i H l a i c n a n i F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 S ) A s e l a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 x a t d n a t s e r e t n i , n o i t a i c e r p e d e r o f e b t i f o r P ) B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 x a t d n a n o i t a i c e r p e d e r o f e b t i f o r P ) C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1 x a t r e t f a t i f o r P ) D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 e r a h S r e p d n e d i v i D ) E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 ) c i s a B ( e r a h s r e p s g n i n r a E ) F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 e r a h S r e p e u l a V k o o B ) G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 h t r o W t e N ) H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 1 s t e s s A l a t o T ) I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 2 s e i c i l o P g n i t n u o c c A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 . d t L C C A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 a r t l U . d t L s t n e m e C h c e T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2 s i s y l a n A e r u t c u r t S l a t i p a C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3 . d t L C C A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3 . d t L s t n e m e C h c e T a r t l U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 n r e t t a P g n i d l o H e r a h S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 . d t L C C A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4 . d t L s t n e m e C h c e T a r t l U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 4 s i s y l a n A o i t a R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5

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Page 1: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

1

stnetnoCfoelbaT dnerT dna sisylanA yrtsudnI ................................ ................................ ................................ ........... 4

seinapmoc eht ot noitcudortnI ................................ ................................ ................................ ......... 7

dtL CCA ................................ ................................ ................................ ................................ ...... 8

dtL stnemeC hceTartlU ................................ ................................ ................................ ............. 01

sthgilhgiH laicnaniF ................................ ................................ ................................ ...................... 11

S )A sela ................................ ................................ ................................ ................................ .... 21

xat dna tseretni ,noitaicerped erofeb tiforP )B ................................ ................................ .......... 31

xat dna noitaicerped erofeb tiforP )C ................................ ................................ ........................ 41

xat retfa tiforP )D ................................ ................................ ................................ ...................... 51

erahS rep dnediviD )E ................................ ................................ ................................ ............... 61

)cisaB( erahs rep sgninraE )F ................................ ................................ ................................ .... 71

erahS rep eulaV kooB )G ................................ ................................ ................................ .......... 81

htroW teN )H ................................ ................................ ................................ ............................ 91

stessA latoT )I ................................ ................................ ................................ ........................... 02

seiciloP gnitnuoccA ................................ ................................ ................................ ...................... 12

.dtL CCA ................................ ................................ ................................ ................................ ... 22

artlU .dtL stnemeC hceT ................................ ................................ ................................ ............ 82

sisylanA erutcurtS latipaC ................................ ................................ ................................ ............ 83

.dtL CCA ................................ ................................ ................................ ................................ ... 93

.dtL stnemeC hceTartlU ................................ ................................ ................................ ............ 24

nrettaP gnidloH erahS ................................ ................................ ................................ ................... 54

.dtL CCA ................................ ................................ ................................ ................................ ... 64

.dtL stnemeC hceTartlU ................................ ................................ ................................ ............ 94

sisylanA oitaR ................................ ................................ ................................ ............................... 25

Page 2: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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soitaR ytidiuqiL ................................ ................................ ................................ ........................ 45

oitaR tnerruC ................................ ................................ ................................ ......................... 55

dicA( oitaR kciuQ - )oitaR tseT ................................ ................................ ............................ 65

soitaR egareveL ................................ ................................ ................................ ........................ 75

tbeD - oitaR ytiuqE ................................ ................................ ................................ ............... 85

oitaR htrow teN ot deyolpmE latipaC ................................ ................................ ................... 95

oitaR egarevoC tseretnI dexiF ................................ ................................ .............................. 06

soitaR ytilibatiforP ................................ ................................ ................................ .................... 16

P teN oitaR tifor ................................ ................................ ................................ ..................... 26

oitaR tiforP gnitarepO ................................ ................................ ................................ ........... 36

oitaR gnitarepO ................................ ................................ ................................ ..................... 46

oitaR sesnepxE ................................ ................................ ................................ ...................... 56

nruteR RO sdnuF ’sredloherahS no nruteR WN no ................................ .............................. 66

stessA latoT no nruteR ................................ ................................ ................................ .......... 76

)ECOR( deyolpmE latipaC no nruteR ................................ ................................ .................. 86

soitaR revonruT ................................ ................................ ................................ ........................ 96

oitaR revonruT yrotnevnI ................................ ................................ ................................ ..... 07

F oitaR revonruT stsessA dexi ................................ ................................ ............................... 17

oitaR revonruT latipaC gnikroW ................................ ................................ .......................... 27

oitaR revonruT stessA latoT ................................ ................................ ................................ . 37

oitaR revonruT htroW teN ................................ ................................ ................................ .... 47

oitaR revonruT srotbeD ................................ ................................ ................................ ........ 57

soitaR noitaulaV ................................ ................................ ................................ ........................ 67

oitaR dleiY dnediviD ................................ ................................ ................................ ............ 77

oitaR tuoyaP dnediviD ................................ ................................ ................................ .......... 87

Page 3: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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oitaR sgninraE ecirP ................................ ................................ ................................ ............. 97

erahS rep sgninraE ................................ ................................ ................................ ................ 08

erahS rep dnediviD ................................ ................................ ................................ ............... 18

tnemetatS ezis nommoC ................................ ................................ ................................ ............... 28

.dtL stnemeC hceTartlU ................................ ................................ ................................ ............ 38

.dtL stnemeC CCA ................................ ................................ ................................ .................... 58

stnemeveihcA dna sdrawA ................................ ................................ ................................ ........... 78

.dtL CCA ................................ ................................ ................................ ................................ ... 88

.dtL stnemeC hceTartlU ................................ ................................ ................................ ............ 09

noisulcnoC ................................ ................................ ................................ ................................ .... 59

eruxennA ................................ ................................ ................................ ................................ ....... 79

Page 4: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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dnerT dna sisylanA yrtsudnI

Page 5: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

5

eht ,ytivitca noitcurtsnoc fo dnik yna ni stnenopmoc yrassecen tsom eht gnieb tnemeC

noitcurtsnoC .erutcurtsarfni s’yrtnuoc a gnipoleved ni elor laicurc a syalp yrtsudni tnemec

ca ,gnikatrednU rotceS cilbuP ,stnemnrevoG etatS ,tnemnrevoG lartneC yb tuo deirrac seitivit

esuaceb tnemec rof dnamed eguh a etareneg rotces etavirp eht gnidulcni snoitazinagro rehto dna

.aidnI fo noitalupop evissam dna ezis lacihpargoeg tsav eht fo

dnI ehT ot txen dlrow eht ni recudorp tnemec tsegral dnoces eht si yrtsudni tnemec nai

fo stsisnoc tI .%6 dnuora si dlrow eht si tnemec fo noitcudorp latot eht ni erahs s’aidnI .anihC

na rep snot noillim 28.032 fo yticapac dellatsni na htiw stnalp tnemec egral 451 gniyolpme mun

.yltcerid elpoep 000,531

9002 ni %21 fo kaep a dehcuot htworg noitcudorp tnemec ehT - ni %9.7 tsniaga sa ,01

8002 - rep snot noillim 892 fo yticapac a eveihca ot ylekil si yrtsudni tnemec naidnI ehT .90

1102 fo dne eht yb munna - ot gnidroccA .21 na noitomorP dna yciloP lairtsudnI fo yrtsiniM eht

.not noillim 1 fo yticapac a gnitaerc rof deriuqer si erorc 005 .sR yletamixorppa fo tnemtsevni

aidnI ni yrtsudni tnemec ,noitomorP dna yciloP lairtsudnI fo yrtsiniM eht ot gnidroccA

lbadnemmoc a dedrocer 7002 ni %8 dnuora fo htworg e - 8002 ni sa llew sa ,80 - 9002 nI .90 - ,01

.tigid elbuod evoba detarelecca yrtsudni eht fo htworg fo ecap eht

Page 6: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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ot tnuocca )munna rep not noillim 1 evoba fo yticapac htiw( stnalp egral morf noitcudorP

.noitcudorp latot eht fo %88

T era yrtsudni tnemec naidnI eht ni sreyalp rojam eh

.dtL .C.C.A

seirtsudnI misarG

.dtL stnemeC ajubmA

.dtL stnemeC hceTartlU

stnemeC aidnI

puorG eepyaJ

tnemeC eerhS

puorG .K.J

stnemeC sardaM

selitxeT yrutneC

tnemeC aimlaD

.oN .S puorG sa yticapaC dellatsnI no noitcudorP tnemeC

tekraM

erahS

)%(

1 .dtL .C.C.A 14.22 59.02 37.01

2 seirtsudnI misarG 56.91 23.61 28.9

3 .dtL stnemeC ajubmA 03.81 10.81 44.9

4 .dtL tnemeC hceTartlU 09.12 68.51 35.8

5 stnemeC aidnI 47.01 11.9 11.5

6 puorG eepyaJ 39.9 50.8 59.4

7 tnemeC eerhS 01.9 87.7 27.4

8 puorG .K.J 73.9 05.7 60.4

9 stnemeC sardaM 29.8 72.6 40.4

01 selitxeT yrutneC 08.7 22.7 38.3

11 tnemeC aimlaD 05.6 83.3 21.2

Page 7: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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seinapmoc eht ot noitcudortnI

Page 8: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

8

dtLCCA

rerutcafunam tsomerof s'aidnI si )detimiL CCA( CCA s'CCA .etercnoc dna tnemec fo

04 naht erom ,seirotcaf tnemec nredom 61 htiw yrtnuoc eht tuohguorht daerps era snoitarepo

fo ecrofkrow a sah tI .seciffo lanoz lareves dna ,seciffo selas 12 ,stnalp etercnoc xim ydaeR

sid ediwyrtnuoc a dna snosrep 000,9 tuoba .srelaed 000,9 revo fo krowten noitubirt

rof kramhcneb tnatropmi dna rettesdnert a neeb sah ynapmoc eht ,6391 ni noitpecni ecniS

kcart euqinu a sah CCA .ygolonhcet etercnoc dna tnemec fo saera ynam ni yrtsudni tnemec eht

orp ,hcraeser evitavonni fo drocer ehT .secivres ycnatlusnoc dezilaiceps dna tnempoleved tcud

secivres troppus ygolonhcet lartnec a yb dekcab era stinu gnirutcafunam suoirav s'ynapmoc

ertnec - .yrtsudni tnemec naidnI eht ni dnik sti fo eno ylno eht

gnieb ,gninim ni ecneirepxe hcir sah CCA tsegral eht sA .enotsemil fo resu tsegral eht

fo ,yrtsudni laoc citsemod eht fo sremotsuc tseggib eht fo eno si ti ,aidnI ni recudorp tnemec

rof secivres krowten tropsnart daor s’yrtnuoc eht fo resu elbaredisnoc a dna ,syawliaR naidnI

om drawtuo dna drawni .stcudorp dna slairetam fo tnemev

noitcetorp latnemnorivne ot tnemtimmoc edulcni ot aidnI ni seinapmoc tsrif eht gnomA

lortnoc noitullop detacitsihpos dellatsni ynapmoc eht ,sevitcejbo etaroproc sti fo eno sa

lop erofeb gnol ,6691 sa kcab raf sa tnempiuqe yadoT .ecnetsixe otni emac swal lortnoc noitul

etats sah stnalp tnemec sti fo hcae - fo - .secived dna tnempiuqe lortnoc noitullop tra eht

yrrauq ni srovaedne lufsseccus etartsnomed ylbisiv spihsnwot dna senim ,stnalp CCA

hcet tnemeganam retaw ,noitatilibaher ylevitca ynapmoc ehT .seitivitca ’gnineerg‘ dna seuqin

Page 9: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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etsaw rof snoitulos latot sreffo dna slairetam war dna sleuf evitanretla fo esu eht setomorp

oc dna gnilcycer ,esuer rof snoitseggus ,gnitset gnidulcni tnemeganam - .gnissecorp

s lufesoprup nekat sah CCA reffo taht setutitsni owt nur eW .gnidliub egdelwonk ni spet

tnaveler era hcihw sredloh amolpid dna setaudarg gnireenigne rof sesruoc lacinhcet lanoisseforp

dna etomer morf htuoy era seiraicifeneb niam ehT .tnemec sa hcus srotces gnirutcafunam ot

drawkcab .yrtnuoc eht fo saera

ytilauq fo yaw yb ssecorp gnidliub noitan eht ot snoitubirtnoc tnacifingis edam sah CCA

hgih sti ,tnempoleved elbaniatsus ot tnemtimmoc stI .esitrepxe gnirahs dna secivres ,stcudorp

no sti dna sgnilaed ssenisub ni sdradnats lacihte -g smargorp eraflew ytinummoc ni stroffe gnio

htiw suomynonys si eman dnarb s’CCA .nezitic etaroproc elbisnopser a sa mialcca ti now evah

taht ynapmoc tnemec ylno eht si tI .tekram naidnI eht ni ytiuqe fo level hgih a syojne dna tnemec

fo tsil eht ni serugif .aidnI fo sdnarB repuS remusnoC

Page 10: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

01

dtLstnemeChceTartlU

serutcafunam tI .snot noillim 8.84 fo yticapac launna na sah detimiL tnemeC hceTartlU

dnaltroP dna tnemeC galS ecanruF tsalB dnaltroP ,tnemeC dnaltroP yranidrO stekram dna

osla tI .tnemeC analazzoP .)CMR( etercnoc xim ydaer serutcafunam

ni tnalp noitasireknilc eno ,tnalp tnemec etihw eno ,stnalp detargetni 11 sah ynapmoc ehT

stinu gnidnirg 51 ,EAU – evif dna hcae hsedalgnaB dna niarhaB ni eno ,EAU ni 2 ,aidnI ni 11

slanimret — eno dna aidnI ni ruof .aknaL irS ni

stekram tropxe ehT .reknilc tnemec fo retropxe tsegral s’yrtnuoc eht si tnemeC hceTartlU

.tsaE elddiM eht dna eporuE ,acirfA ,naecO naidnI eht dnuora seirtnuoc naps

etimiL stnemeC hsiraH ,detimiL stnemeC nihskaD era seiraidisbus s'hceTartlU hceTartlU ,d

detimiL stnemtsevnI tsaE elddiM tnemeC hceTartlU dna ,dtL ).tvP( aknaL tnemeC .

Page 11: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

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sthgilhgiH laicnaniF

Page 12: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

21

selaS)A

00.0

00.0002

00.0004

00.0006

00.0008

00.00001

00.00021

00.00041

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( .sR

selaS

hcerartlU fo selaS

CCA fo selaS

Page 13: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

31

)B xatdnatseretni,noitaicerpederofebtiforP

00.0

00.005

00.0001

00.0051

00.0002

00.0052

00.0003

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( .sR

TIDBP

hcerartlU fo TIDBP

CCA fo TIDBP

Page 14: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

41

)C xatdnanoitaicerpederofebtiforP

00.0

00.005

00.0001

00.0051

00.0002

00.0052

00.0003

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( .sR

TDBP

hcerartlU fo TDBP

CCA fo TDBP

Page 15: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

51

)D xatretfatiforP

00.0

00.002

00.004

00.006

00.008

00.0001

00.0021

00.0041

00.0061

00.0081

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( .sR

TAP

hcerartlU fo TAP

CCA fo TAP

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61

)E dnediviD erahSrep

00.0

00.5

00.01

00.51

00.02

00.52

00.03

00.53

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

erahS rep .sR

erahS reP dnediviD

hcerartlU fo SPD

CCA fo SPD

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71

)F )cisaB(erahsrepsgninraE

00.0

00.01

00.02

00.03

00.04

00.05

00.06

00.07

00.08

00.09

00.001

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

erahS rep .sR

SPE

hcerartlU fo )cisaB( SPE

CCA fo )cisaB( SPE

Page 18: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

81

)G erahSrepeulaVkooB

00.0

00.05

00.001

00.051

00.002

00.052

00.003

00.053

00.004

00.054

)erorC nI( .sR

erahS rep eulaV kooB

hcerartlU fo erahS rep eulaV kooB

CCA fo erahS rep eulaV kooB

Page 19: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

91

)H htroWteN

00.0

00.0002

00.0004

00.0006

00.0008

00.00001

00.00021

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( .sR

htroW teN

hcerartlU fo htroW teN

CCA fo htroW teN

Page 20: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

02

stessAlatoT)I

00.0

00.0002

00.0004

00.0006

00.0008

00.00001

00.00021

00.00041

00.00061

00.00081

5002 - 60 6002 - 70 7002 - 80 8002 - 90 9002 - 01 0102 - 11

)erorC nI( sR

stessA latoT

hcerartlU fo stessA latoT

CCA fo stessA latoT

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12

seiciloP gnitnuoccA

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22

.dtLCCA noitaraperp fo sisaB )I(

oitnevnoc tsoc lacirotsih eht rednu deraperp era ynapmoC eht fo stnemetats laicnanif ehT )i( no n

detpecca yllareneg selpicnirp gnitnuocca eht htiw ecnadrocca ni dna gnitnuocca fo sisab laurcca

eht htiw ylpmoc dna 6591 ,tcA seinapmoC eht fo noisivorp eht htiw ecnailpmoc ni dna aidnI ni

cA( seinapmoC ni deificeps )SA( sdradnats gnitnuocca yrotadnam ,seluR )dradnatS gnitnuoc

.aidnI fo tnemnrevoG lartneC eht yb debircserp 6002

tpecxe ,sisab laurcca no deraperp era dna tsoc lacirotsih no desab era stnemetats laicnaniF )ii(

.tuo deirrac si noitaulaver dna edam si tnemriapmi erehw

eicilop gnitnuoccA )iii( .ynapmoC eht yb deilppa yltnetsisnoc neeb evah s

setamitse fo esU )II(

gnitnuocca detpecca yllareneg htiw ytimrofnoc ni stnemetats laicnanif fo noitaraperp ehT

detroper eht tceffa taht snoitpmussa dna setamitse ekam ot tnemeganam seriuqer selpicnirp

tnuoma laicnanif eht fo etad eht ta seitilibail tnegnitnoc fo erusolcsid dna seitilibail dna stessa fo s

eseht hguohtlA .dne doirep gnitroper eht gnirud snoitarepo fo stluser eht dna stnemetats

tneve tnerruc fo egdelwonk tseb s’tnemeganam nopu desab era setamitse lautca ,snoitca dna s

.setamitse eseht morf reffid dluoc stluser

seiciloP gnitnuoccA tnacifingiS )III(

noitingocer euneveR )A

eht ot wolf lliw stifeneb cimonoce eht taht elbaborp si ti taht tnetxe eht ot dezingocer si euneveR

nac eunever eht dna ynapmoC .derusaem ylbailer eb

sdoog fo elaS

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32

evah sdoog eht fo pihsrenwo fo sdrawer dna sksir tnacifingis eht nehw dezingocer si euneveR )i(

.reyub eht ot dessap

.tcartnoc fo smret eht rep sa rof detnuocca si deredner secivres rehto dna sboj morf emocnI )ii(

eretnI gnikat sisab noitroporp emit a no dezingocer si emocni tseretnI emocnI dnediviD dna ts

dezingocer si emocni dnediviD .elbacilppa etar eht dna gnidnatstuo tnuoma eht tnuocca otni

ecnalaB eht yb dehsilbatse si dnedivid eviecer ot thgir ’sredloherahs eht nehw .etaD teehS

smialc fo gnitnuoccA )B

eht yb denrae neeb sah emocni hcus nehw emit eht ta detnuocca era elbaviecer smialC )i(

fo emit eht ta detnuocca era elbayap smialC .stpiecer fo ytniatrec eht no gnidneped ynapmoC

.ecnatpecca

evoG yb desiar smialC )ii( yb detupsid era hcihw ,seitud dna sexat gnidrager seitirohtuA tnemnr

.mialc hcae fo stirem eht no desab detnuocca era ,ynapmoC eht

stessa dexiF )C

,noitaicerped detalumucca ssel noitcurtsnoc ro noitisiuqca fo tsoc ta detats era stessa dexiF )i(

tnemriapmi .sessol

noitaicerpeD )ii(

.ylevitcepser sraey 6 dna sraey 8 ta detamitse si spmup dna srexim tisnart fo efil lufesu ehT

stessa esehT .sraey 01 fo efil lufesu evah ot detamitse era snoitallatsni dna tsoc livic ,sgnidliuB

il lufesu eht revo detaicerped era orp a no dohtem enil thgiarts no ef - ,stessa evoba ehT .sisab atar

revo detaicerped era ,tnemeerga esahcrup ssenisub eht rednu ,detimiL CCA morf derrefsnart fi

hcus desu ydaerla sah detimiL CCA hcihw rof doirep eht gniredisnoc efil lufesu gniniamer eht

essa eht dna stnemeerga laicremmoc eht nopu desab deroliat si stessa niatrec fo efil lufesU .st

yrenihcaM & tnalP fo esac nI .efil lufesu rieht revo detacolla si stessa hcus fo tnuoma gniyrrac

rped ,stnalp etercnoc dexim ydaeR eht ta noitallatsni lacirtcelE dna no dedivorp neeb sah noitaice

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42

elgnis dna elbuod ylno dekrow evah stnalp eht hguoht neve raey eritne eht rof sisab tfihs elpirt

.efil lufesu detamitse fo tnemssessa no desab ,semit suoirav ta stfihs

htem enil thgiarts eht no detaicerped era stessa rehto llA eludehcS ni debircserp setar eht ta do

orp a no ,6591 ,tcA seinapmoC eht fo VIX - .sisab atar

.esael fo doirep eht revo dezitroma si dnal dlohesael fo tsoC )iii(

selbignatnI )D

.sraey eerht fo doirep a revo dezitroma si tsoc erawtfoS

tnemriapmI )E

iapmi nA fo tnuoma gniyrrac eht reverehw tnuoccA ssoL dna tiforP eht ot degrahc si ssol tnemr

si ssol tnemriapmi dezingocer ylsuoiverP .tnuoma elbarevocer detamitse sti sdeecxe tessa na

.secnatsmucric ni segnahc no gnidneped desrever ro dedivorp rehtruf

idnepxE )F ,derrucni erutidnepxe stcejorp wen fo esac nI doirep noitcurtsnoc gnirud erut

fo tnemecnemmoc ot roirp ,denrae eunever fo ten sesnepxe noitcudorp lairt gnidulcni

.dezilatipac era noitcudorp laicremmoc

stnemtsevnI )G

eht ta deirrac era stnemtsevni tnerruC era stnemtsevni mret gnoL .eulav riaf ro tsoc fo rewol

gnol fo eulav eht ni noitunimid rof noisivorP .tsoc ta detats - fi ylno edam si stnemtsevni mret

.yraropmet naht rehto si enilced a hcus

sesaeL )H

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52

sa dezingocer era esael gnitarepo rednu stnemyap esaeL ssoL dna tiforP eht ni esnepxe na

thgiarts a no tnuoccA - .mret esael eht revo sisab enil

seirotnevnI )I

.eulav elbazilaer ten dna tsoc fo rewol ta deulav era seraps dna serots ,leuf ,slairetam waR

dorp eht ni esu rof dleh smeti rehto dna slairetam ,revewoH nettirw ton era seirotnevni fo noitcu

eb ot detcepxe era detaroprocni eb lliw yeht hcihw ni stcudorp dehsinif eht fi tsoc woleb nwod

.sisab egareva dethgiew a no denimreted si tsoC .tsoc evoba ro ta dlos

ecirp gnilles detamitse eht si eulav elbazilaer teN ssel ,ssenisub fo esruoc yranidro eht ni

.elas eht ekam ot yrassecen stsoc detamitse dna noitelpmoc fo stsoc detamitse

snoitcasnart ycnerruc ngieroF )J

fo etad eht no gniliaverp egnahcxe fo setar eht ta dedrocer era snoitcasnart ycnerruc ngieroF

itcasnart noN .etar gnisolc eht gnisu detroper era smeti yratenom ycnerruc ngieroF .sno - yratenom

detroper era ycnerruc ngierof a ni detanimoned tsoc lacirotsih fo smret ni deirrac era hcihw smeti

effid egnahcxE .noitcasnart eht fo etad eht ta etar egnahcxe eht gnisu eht no gnisira secner

morf tnereffid setar ta smeti yratenom s’ynapmoc gnitroper no ro smeti yratenom fo tnemelttes

laicnanif suoiverp ni detroper ro ,raey eht gnirud dedrocer yllaitini erew yeht hcihw ta esoht

xe sa ro emocni sa dezingocer era ,stnemetats .esira yeht hcihw ni raey eht ni sesnep

stifeneb eeyolpmE )K

nalP noitubirtnoC denifeD )i(

etatS eeyolpmE dna emehcS dnuF tnedivorP tnemnrevoG fo stsisnoc nalp noitubirtnoc denifeD

nu raey eht gnirud elbayap / diap noitubirtnoc s’ynapmoC .emehcs ecnarusnI semehcs eseht red

eht naht rehto snoitagilbo rehto on era erehT .tnuoccA ssoL dna tiforP ot degrahc era

.ynapmoc eht yb edam noitubirtnoc

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62

nalP tifeneB denifeD )ii(

cnesba detasnepmoc mret gnol dna ytiutarg lanoitidda ,ytiutarg sdrawot seitilibail s’ynapmoC se

eht gnisu denimreted era eseht sdrawot seitilibail s’ynapmoC .snalp tifeneb denifed eht era

na ot esir gnivig sa ecivres fo doirep hcae sredisnoc hcihw dohtem tiderc tinu detcejorp

yletarapes tinu hcae serusaem dna tnemeltitne tifeneb fo tinu lanoitidda lanif eht pu dliub ot

dna tiforP fo tnemetats eht ni yletaidemmi dezingocer era sessol dna niag lairautcA .noitagilbo

detamitse fo eulav tneserp eht ta derusaem si noitagilbO .esnepxe ro emocni sa tnuocca ssoL

i taht etar tnuocsid a gnisu wolf hsac erutuf eht ta sdleiy tekram ot ecnerefer eht yb denimreted s

.sdnob tnemnrevoG no etad teehS ecnalaB

tifeneb eeyolpme rehtO )iii(

fo sisab eht no denimreted si sdrawa ecivres gnol dna eelibuj revlis sdrawot ytilibail s’ynapmoC

eehS ecnalaB ta sa ecivres fo doirep .etaD t

sexaT emocnI )L

egnirf dna xat emocni tnerruC .xat tifeneb egnirf dna derrefed ,tnerruc fo sesirpmoc esnepxe xaT

ecnadrocca ni seitirohtua xat eht ot diap eb ot detcepxe tnuoma eht ta derusaem si xat tifeneb

errefeD .tcA xaT emocnI naidnI eht htiw gnimit raey tnerruc fo tcapmi eht stcelfer xaT emocnI d

gnimit fo lasrever dna raey eht rof emocni gnitnuocca dna emocni elbaxat neewteb secnereffid

.sraey reilrae fo secnereffid

s ro detcane swal xat eht dna setar xat eht no desab derusaem si xaT derrefeD ylevitnatsbu

ereht taht tnetxe eht ot ylno dezingocer era stessa xat derrefeD .etad teehs ecnalab eht ta detcane

hcus hcihw tsniaga elbaliava eb lliw emocni elbaxat erutuf tneiciffus taht ytniatrec elbanosaer si

utis nI .dezilaer eb nac stessa xat derrefed noitaicerped debrosbanu sah ynapmoC eht erehw snoita

ytniatrec lautriv si ereht fi ylno dezingocer era stessa xat derrefed lla ,sessol xat drawrof yrrac ro

.stiforp elbaxat erutuf tsniaga dezilaer eb nac yeht taht ecnedive gnicnivnoc yb detroppus

derrefeD .etad teehS ecnalaB hcae ta deweiver era stessA xaT

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72

snoisivorP / seicnegnitnoC )M

ti ;tneve tsap fo tluser a sa noitagilbo tneserp a sah esirpretne na nehw dezingocer si noisivorp A

lliw tifeneb cimonoce gniydobme secruoser fo wolftuo na taht elbaborp si elttes ot deriuqer eb

detnuocsid ton era snoisivorP .edam eb nac etamitse elbailer a hcihw fo tcepser ni ,noitagilbo eht

ta noitagilbo eht elttes ot deriuqer etamitse tseb no desab denimreted era dna eulav tneserp sti ot

r era esehT .etad teehs ecnalab eht eht tcelfer ot detsujda dna etad teehs ecnalab hcae ta deweive

fo wolftuo na fo ytilibissop eht sselnu ,desolcsid si ytilibail tnegnitnoc A .setamitse tseb tnerruc

.etomer si tifeneb cimonoce eht gniydobme secruoser

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82

.dtLstnemeChceTartlU ccA tnacifingiS :seiciloP gnitnuo

:gnitnuoccA fo sisaB .1

noitnevnoc tsoc lacirotsih eht rednu detneserp dna deraperp era stnemetats laicnanif ehT

selpicnirP gnitnuoccA detpeccA yllareneG eht htiw ecnadrocca ni gnitnuocca fo sisab laurcca no

ni ylpmoc dna aidnI ni )PAAG( deifiton )SA( sdradnatS gnitnuoccA eht htiw stcepsa lairetam lla

,elbacilppa tnetxe eht ot ,)dednema sa( 6002 ,seluR )dradnatS gnitnuoccA( seinapmoC eht rednu

tnaveler eht htiw dna aidnI fo stnatnuoccA deretrahC fo etutitsnI eht fo stnemecnuonorp rehto

rp .6591 ,tcA seinapmoC eht fo snoisivo

:setamitse fo esU .2

setamitse seriuqer PAAG eht htiw ytimrofnoc ni stnemetats laicnanif fo noitaraperp ehT

etad eht no seitilibail dna stessa fo stnuoma detroper eht tceffa taht edam eb ot snoitpmussa dna

anif eht fo detroper eht gnirud sesnepxe dna seunever fo stnuoma detroper eht ,stnemetats laicn

laicnanif eht fo etad eht fo sa seitilibail tnegnitnoc ot gnitaler serusolcsid eht dna doirep

i ylevitcepsorp dezingocer si setamitse gnitnuocca ot noisiver ynA .stnemetats dna tnerruc eht n

ni doirep eht ni dezingocer era setamitse dna stluser lautca neewteb ecnereffiD .sdoirep erutuf

.ezilairetam ro nwonk era stluser eht hcihw

:stessA dexiF .3

alumucca ssel tsoc ta detats era ,elbignatni ro elbignat rehtehw ,stessa dexiF det

fo tsoc ehT .)demialc reverehw( tavneC/tavdoM fo ten ,)yna fi( ssol tnemriapmi /noitaicerped

ot noitaler ni derrucni sesnepxe latnedicni rehto dna thgierf ,seitud ,sexat sedulcni stessa dexif

dednetni rieht rof stessa eht gnignirb dna noitisiuqca rieht eht sdrawot diap secnavdA .esu

ton stessa dexif fo tsoc eht dna etad teehs ecnalab hcae ta gnidnatstuo stessa dexif fo noitisiuqca

krow latipac rednu desolcsid era etad hcus erofeb esu dednetni rieht rof ydaer - ni - dexiF .ssergorp

a lasopsid rof dleh stessA .eulav elbazilaer ten dna eulav koob ten fo rewol ta detats er

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92

:doirep noitcurtsnoc gnirud erutidnepxe fo tnemtaerT .4

latipaC rednu dedulcni si doirep noitcurtsnoc gnirud ,emocnI/erutidnepxE - kroW - ni -

iF evitcepser eht ot detacolla si emas eht dna ssergorP rieht fo noitelpmoc eht no stessA dex

.noitcurtsnoc

:snoitcasnarT ycnerruC ngieroF .5

no gniliaverp etar egnahcxe eht ta dedrocer era ycnerruc ngierof ni detanimoned snoitcasnarT )i(

detanimoned seitilibail dna stessa yratenoM .noitcasnart eht fo etad eht eht ta ycnerruc ngierof ni

raey eht ta detalsnart era etad teehs ecnalab - .setar dne

neewteb ecnereffid eht gnieb ,tnuocsid ro muimerp ,stcartnoc egnahcxe drawroF fo tcepser nI )ii(

artnoc fo noitpecni eht ta etar egnahcxe eht dna etar egnahcxe drawrof eht sa dezingocer si tc

.tcartnoC eht fo efil eht revo emocni ro esnepxe

gnitaler ,stcartnoc egnahcxe drawrof no tnuocsid ro muimerp gnidulcni ecnereffid egnahcxE )iii(

f fo noitisiuqca rof ycnerruc ngierof eht ni stnemtimmoc dna seitilibail ,sdnuf deworrob ot dexi

.stessa dexif fo tsoc ot detsujda era ,esu dednetni rieht rof ydaer era stessa eht llit gnisira ,stessa

dna tiforP eht ni dezingocer si noitalsnart ro tnemelttes no rehtie ecnereffid egnahcxe rehto ynA

.tnuocca ssoL

o latipac ytiuqe ni tnemtsevnI )vi( ecnalaB eht ni deirrac si aidnI edistuo deretsiger seinapmoc f

.detucexe neeb evah snoitcasnart hcihw ta setar eht ta teehS

:sevitavireD .6

stnemurtsnI evitavireD laicnaniF

ulf ycnerruc ngierof htiw detaicossa ksir egdeh ot desu era stnemurtsni evitavireD dna snoitautc

era dna snoitcasnart gniylrednu eht htiw deknil ylesolc era stcartnoc evitavired ehT .setar tseretni

dezilaer dna tnemelttes rieht fo etad eht no detnuocca era esehT .ytirutam ot dleh eb ot dednetni

i stcartnoc delttes fo tcepser ni ssol/niag ytidommoC .tnuoccA ssoL dna tiforP eht ni dezingocer s

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03

doirep gnicirp eht ,stcartnoc gnigdeh ytidommoc fo tcepser ni ssol ro niag dezilaer ehT gnigdeH

ssoL dna tiforP eht ni dezingocer era raey eht gnirud dellecnac stcartnoc ro deripxe sah hcihw fo

tnuoccA eht dnoyeb sdnetxe hcihw fo doirep gnicirp eht ,stcartnoc fo tcepser ni ,revewoH .

.stnuocca eht ni edam si ,yna fi ,ssol ylekil rof noisivorp elbatius ,etad teehS ecnalaB

:stnemtsevnI .7

tnerruc dna stnemtsevni mret gnol otni deifissalc era stnemtsevnI gnoL .stnemtsevni - mret

fo eulav ni noitunimid rof ,yna fi ,edam snoisivorp gnitcuded retfa tsoc ta deirrac era stnemtsevni

tnerruC .tnemtsevni laudividni hcae rof yletarapes denimreted ,yraropmet naht rehto stnemtsevni

c fo rewol ta deirrac era stnemtsevni laudividni hcae rof yletarapes denimreted ,eulav riaf dna tso

.tnemtsevni

:seirotnevnI .8

eulav elbazilaer ten detamitse dna tsoc egareva dethgiew fo rewol eht ta deulav era seirotnevnI

f fo tsoC .eulav elbazilaer ten ta deulav si hcihw parcs/etsaw tpecxe ssecorp dna sdoog dehsini

rieht ot seirotnevni eht gnignirb ni derrucni stsoc rehto dna noisrevnoc fo tsoc sedulcni kcots

.noitidnoc dna noitacol tneserp

:noitazitromA dna noitaicerpeD .9

:sisab gniwollof eht no stnuoccA eht ni degrahc si noitaicerpeD

)A( :stessA elbignaT

thgiarts eht no dedivorp si noitaicerpeD )i( - ni debircserp rennam eht ni dna setar eht ta sisab enil

eht no desab setar eht ta stessa fo emos rof tpecxe 6591 ,tcA seinapmoC eht ot VIX eludehcS

ht yb denimreted sa stessa eht fo efil lufesu setar eht naht rehgih era hcihw ,tnemeganam e

:rednu detats sa ,6591 ,tcA seinapmoC eht ot VIX eludehcS ni deificeps

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13

.munna rep %02 ta seeyolpme eht ot dedivorp esoht naht rehto selciheV ynapmoC )a(

yrotcaf nihtiw .cte sgnidliuB ,sllaW ,strevluC ,sdaoR )b( .munna rep %43.3 ta sesimerp

munna rep %52 ta stnempiuqE eciffO dna retupmoC )c(

serutxiF dna erutinruF )d( – sraey 7

senohP eliboM )e( – sraey 3

eht revo detaicerped era emehcS s’ynapmoC eht rep sa seeyolpme eht ot nevig sraC rotoM )f(

.doirep emehcS

ii( emit eht ta gniliaverp setar eht ta detaicerped era ,7891 ,03 rebmetpeS ot pu deriuqca stessA )

.noitisiuqca fo

.esael eht fo doirep eht revo dezitroma si esael gninim dna dnal dlohesael fo eulav ehT )iii(

dezitroma era ynapmoC eht yb denwo ton stessA )vi( doirep eht ro sraey evif fo doirep a revo

.tnemeerga eht ni deificeps

hcus tnemeerga tnaveler eht fo doirep eht revo dezitroma si ytteJ no derrucni erutidnepxE )v(

pmoC eht yb deliava etaber evitalumuc eht naht ssel ton si noitazitroma evitalumuc eht taht .yna

orp a no dedivorp si snoitidda no noitaicerpeD )iv( - ro noitallatsni fo htnom eht morf sisab atar

,noitcudorp laicremmoc fo tnemecnemmoc fo etad eht morf tcejorp fo esac ni dna noitisiuqca

orp a no dedivorp si slasopsid/snoitcuded no noitaicerped elihw - sisab atar htnom eht ot pu

.slasopsid/snoitcuded fo htnom eht gnideecorp

tnemtsevnI tsaE elddiM tnemeC hceTartlU ta sisab eniL thgiartS no degrahc si noitaicerpeD )iiv(

.setar gniwollof ta seiraidisbus sti dna detimiL

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23

:stessA elbignaT sraeY fo .oN

B )stnemevorpmi gnidulcni( sgnidliu 3- 51

tnempiuqe dna tnalP 2- 02

tnempiuqe eciffo dna serutxif ,erutinruF 1-5

selcihev rotoM 3-5

stessA elbignatni fo noitazitromA 5.8

:stessA elbignatnI )B(

y 3 fo doirep a revo dezitroma si erawtfos dezilaicepS .srae

:stessA fo tnemriapmI .01

na si ereht fi etad teehs ecnalab hcae ta deweiver era stessa fo stnuoma gniyrrac ehT

sa detaert si tessa nA .srotcaf lanretxe dna lanretni eht no desab tnemriapmi fo noitacidni

tessa eht fo tsoc gniyrrac eht nehw deriapmi tnemriapmi nA .tnuoma elbarevocer sti sdeecxe

deifitnedi si tessa eht hcihw ni raey eht ni tnuoccA ssoL dna tiforP eht ot degrahc si ,yna fi ,ssol

na si ereht nehw dedrocer si sraey roirp ni dezingocer ssol tnemriapmi fo lasreveR .deriapmi sa

t noitacidni .desaerced neeb sah ro stsixe regnol on tessa eht rof dezingocer ssol tnemriapmi tah

:stifeneB eeyolpmE .11

.stifeneb eeyolpme mret trohS )i(

eht ta laurcca no esnepxe na sa dezingocer era stifeneb eeyolpme mret trohS

tiforP eht ni tnuoma detnuocsidnu .tnuoccA ssoL dna

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33

nalP noitubirtnoC denifeD )ii(

noitaunnarepus devorppa dna dnuf tnedivorp ezingocer ot elbayap snoitubirtnoC

ssoL dna tiforP eht ni esnepxe sa dezingocer era ,snalp noitubirtnoc denifed era hcihw ,emehcs

derrucni era yeht sa ;tnuoccA tnedivorp eht ot diap era wal eht yb deificeps sa snoitubirtnoC .

rof elbail yllareneg si ynapmoC ehT .ynapmoc gnidloh eht yb tsurt elbacoverri sa pu tes dnuf

deificeps tnemnrevoG eht no desab stessa dnuf eht ni llaftrohs yna dna noitubirtnoc launna

uminim ni esnepxe na sa ,yna fi ,llaftrohs dna noitubirtnoc hcus sezingocer dna nruter fo setar m

.derrucni raey eht

nalP tifeneB denifeD )iii(

noisneP ,ytiutarG revoc hcihw ,snalp tifeneb denifed fo tcepser ni noitagilbo ehT

ifeneb lacidem tnemeriter tsoP dna ,noitaulav lairautca na fo sisab eht no rof dedivorp era ,st

htiw dednuf si ytiutarG .raey laicnanif hcae fo dne eht ta ,dohtem tiderc tinu detcejorp eht gnisu

dna tiforP eht ni yletaidemmi dezingocer era ,yna fi ,sessol/sniag lairautcA .dnuf devorppa na

L a gnisu swolf hsac erutuf detamitse fo eulav tneserp eht ta derusaem si noitagilbO .tnuoccA sso

ta sa seitiruces aidnI fo tnemnrevoG fo sdleiy tekram gniliaverp eht no desab si taht etar tnuocsid

tagilbo eht fo mret detamitse eht rof etad teehs ecnalab eht .snoi

stifeneB mreT gnoL rehtO )vi(

gnoL - lairautca na fo sisab eht no rof dedivorp era secnesba detasnepmoc mret

lairautcA .raey laicnanif hcae fo dne eht ta ,dohtem tiderc tinu detcejorp eht gnisu ,noitaulav

aidemmi dezingocer era ,yna fi ,sessol/sniag .tnuoccA ssoL dna tiforP eht ni ylet

:stsoC gniworroB .21

gniyfilauq a fo noitcurtsnoc ro noitisiuqca eht ot elbatubirtta era taht stsoc gniworroB

sti rof ydaer si tessa eht emit hcus llit tessa hcus fo tsoc eht fo trap sa dezilatipac era tessa

dednetni ot emit fo doirep laitnatsbus a sekat ylirassecen taht tessa na si tessa gniyfilauq A .esu

eht ni esnepxe na sa dezingocer era stsoc gniworrob rehto llA .esu dednetni sti rof ydaer teg

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43

lav ecaf eht neewteb ecnereffid ehT .derrucni era yeht hcihw ni doirep fo ecirp eussi eht dna eu

noN eulaV detnuocsiD‘ - ot degrahc si ,tseretni fo erutan eht ni gnieb ,’serutnebeD elbitrevnoC

dleiy eht ot ecnerefer htiw denimreted sisab tseretni dnuopmoc a no ,tnuocca ssol dna tiforp eht

.tnuocsid eht ni tnerehni

noitaxaT .31 :

tnerruc eht rof emocni elbaxat detamitse fo sisab eht no derusaem si xaT tnerruC

xaT emocnI eht fo snoisivorp eht htiw ecnadrocca ni detupmoc stiderc xat dna doirep gnitnuocca

dna koob neewteb ”secnereffid gnimit“ morf gnitluser xaT derrefeD .1691 ,tcA rof tiforp elbaxat

ylevitnatsbus ro detcane neeb evah taht swal dna setar xat eht gnisu rof detnuocca si raey eht

ylno drawrof deirrac dna dezingocer era stessa xat derrefeD .etad teehs ecnalab eht no sa detcane

atrec elbanosaer si ereht taht tnetxe eht ot debrosbanu dna sessol drawrof deirrac rof tpecxe ,ytni

ni dezilaer eb lliw stessa eht taht ,ytniatrec lautriv no desab dezingocer si hcihw noitaicerped

.erutuf

:noitingoceR euneveR .41

dna sksir tnacifingis fo refsnart no dezingocer si euneveR selaS )i( pihsrenwo fo sdrawer

snruter dna setaber ,stnuocsid edart ,TAV ,xaT selaS fo ten era selaS .reyub eht ot sdoog eht fo

.ytud esicxe edulcni tub

no desab ,deredner era yeht sa dezingocer si secivres morf emocnI )ii(

denrecnoc eht htiw tnemegnarra/tnemeerga .seitrap

eht eviecer ot thgir eht nehw rof detnuocca si stnemtsevni no emocni dnediviD )iii(

.sisab laurcca no dezingocer si emocni tseretnI .dehsilbatse si tnemyap

slaurcca fo mutnauq erehw ,smialc rehto dna yawliar ,ecnarusni ,sevitnecnI tropxE )vi(

ac .sisab ecnatpecca no detnuocca era ,ytniatrec elbanosaer htiw deniatrecsa eb tonn

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53

:erutidnepxE noitarotseR seniM .51

dna seirrauq erotser ot deriuqer erutidnepxe detamitse eht rof sedivorp ynapmoC ehT

si sesnepxe noitarotser fo etamitse latot ehT .senim larenim fo etamitse eht revo denoitroppa

etamitse latot ehT .raey eht gnirud detcartxe slarenim no desab edam si noisivorp a dna sevreser

.setamitse lacinhcet fo sisab eht no ,yllacidoirep deweiver si sesnepxe noitarotser fo

iL tnegnitnoC ,snoisivorP .61 :stessA tnegnitnoC dna seitiliba

dna stneve tsap fo tluser a sa noitagilbo tneserp a si ereht nehw dezingocer era snoisivorP

fo tcepser ni ,noitagilbo eht elttes ot deriuqer eb lliw secruoser fo wolftuo na taht elbaborp si ti

nac etamitse elbailer a hcihw dna etad teehS ecnalaB hcae ta deweiver era esehT .edam eb

era tub dezingocer ton era seitilibaiL tnegnitnoC .etamitse tseb tnerruc eht tcelfer ot detsujda

.stnemetats laicnanif eht ni ,desolcsid ron dezingocer rehtien era stessA tnegnitnoC dna desolcsid

:stnemyap desab erahS seeyolpmE .71

.snoitpO kcotS seeyolpmE fo noitaulav rof dohtem eulav cisnirtni swollof ynapmoC ehT

ot ecirp esicrexe eht revo ,snoitpo fo tnarg fo emit eht ta serahs fo ecirp tekram eht fo ssecxe ehT

si redloh noitpo eht yb diap eb dezitroma si dna esnepxe noitasnepmoc eeyolpme sa deredisnoc

detcepxe dna lautca eht rof gnitsujda ,gnitsev fo doirep eht revo tnuocca ssoL dna tiforP eht ni

.gnitsev

:erahS reP sgninraE .81

ht gnidivid yb detupmoc si )”SPE“( erahS reP sgninraE cisab ehT rof xat retfa tiforp ten e

serahs ytiuqe fo rebmun egareva dethgiew eht yb sredloherahs ytiuqe eht ot elbatubirtta raey eht

tiforp ten ,erahs rep sgninrae detulid gnitaluclac fo esoprup eht roF .raey eht gnirud gnidnatstuo

batubirtta raey eht rof xat retfa fo rebmun egareva dethgiew eht dna sredloherahs ytiuqe eht ot el

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63

ytiuqe laitnetop evitulid lla fo stceffe eht rof detsujda si raey eht gnirud gnidnatstuo serahs ytiuqe

.serahs

:seidisbuS dna stnarG tnemnrevoG .91

r era seidisbus dna stnarg tnemnrevoG )i( ecnarussa elbanosaer si ereht nehw dezingoce

eb lliw stnarg eht taht dna otereht dehcatta noitidnoc eht htiw ylpmoc lliw ynapmoC eht taht

.deviecer

detcuded era stessa dexif cificeps ot gnitaler seidisbuS ro stnarG tnemnrevoG latipaC )ii(

v ssorg eht morf ot detiderc era stcejorp rof stnarg latipac dna stessa dexif evitcepser eht fo eula

.evreseR latipaC

dezingocer era meti esnepxe na ot gnitaler seidisbuS ro stnarG tnemnrevoG euneveR )iii(

t ot sisab citametsys a no meht hctam ot doirep eht revo emocni sa morf detcuded ro stsoc eh

.sesnepxe detaler

:seiciloP gnitropeR tnemgeS .02

tnereffid eht ,secivres dna stcudorp fo erutan eht no desab deifitnedi si tnemgeS yramirP

tnedi si tnemges yradnoceS .metsys gnitroper ssenisub lanretni eht dna snruter dna sksir deifi

.etarepo ynapmoC eht fo snoisivid gnitarepo rojam hcihw ni yhpargoeg no desab

:erutidnepxe tnempoleved dna hcraeseR .12

latipaC .derrucni sa desnepxe si tnempoleved dna hcraeser no erutidnepxe euneveR

nempoleved dna hcraeser no derrucni erutidnepxe detaicerped dna stessa dexif sa dezilatipac si t

.ynapmoC eht fo ycilop noitaicerped eht htiw ecnadrocca ni

:esael gnitarepO .22

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73

eht yb deniater era pihsrenwo fo sdrawer dna sksir eht fo noitrop tnacifingis erehw sesaeL

gnitarepo sa deifissalc era rossel dna tiforP eht ot degrahc era noereht slatner esael dna sesael

tnuoccA ssoL

:lliwdooG .32

tnioj dna seiraidisbuS fo stnemetats laicnanif fo noitadilosnoc fo tuo gnisira lliwdooG

cae ta tnemriapmi rof detset si emas eht revewoH .dezitroma ton si serutneV teehS ecnalaB h

.etaD

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83

sisylanA erutcurtS latipaC

Page 39: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

93

.dtLCCA

latipac eht fo %88 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %9 ot tnuoma snaoL

ltsom seiler ti sa tneiciffe ylhgih si ynapmoc eht taht swohs tI detareneg sdnuf eht no y

.egarevel fo stifeneb eht evah ot desu era snaoL .ti yb

snaoL deruceS%8

derucesnUsnaoL

%1

93

.dtLCCA

latipac eht fo %88 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %9 ot tnuoma snaoL

ltsom seiler ti sa tneiciffe ylhgih si ynapmoc eht taht swohs tI detareneg sdnuf eht no y

.egarevel fo stifeneb eht evah ot desu era snaoL .ti yb

latipaC erahS%3

dna sevreseRsulpruS

%88

derucesnUsnaoL

%1

80' ceD

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

93

.dtLCCA

latipac eht fo %88 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %9 ot tnuoma snaoL

ltsom seiler ti sa tneiciffe ylhgih si ynapmoc eht taht swohs tI detareneg sdnuf eht no y

.egarevel fo stifeneb eht evah ot desu era snaoL .ti yb

sulpruS dna sevreseR

snaoL derucesnU

Page 40: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

04

latipac eht fo %98 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %8 ot tnuoma snaoL

latipac eht ni devresbo si egnahc rojam oN evah sulpruS dna sevreseR .erutcurts

.%1 yb decuder evah snaoL dna %1 yb desaercni

snaoL deruceS%8

derucesnUsnaoL

%0

04

latipac eht fo %98 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %8 ot tnuoma snaoL

latipac eht ni devresbo si egnahc rojam oN evah sulpruS dna sevreseR .erutcurts

.%1 yb decuder evah snaoL dna %1 yb desaercni

latipaC erahS%3

dna sevreseRsulpruS

%98

derucesnUsnaoL

%090' ceD

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

04

latipac eht fo %98 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %8 ot tnuoma snaoL

latipac eht ni devresbo si egnahc rojam oN evah sulpruS dna sevreseR .erutcurts

.%1 yb decuder evah snaoL dna %1 yb desaercni

sulpruS dna sevreseR

snaoL derucesnU

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14

latipac eht fo %09 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %7 ot tnuoma snaoL

morf devresbo si egnahc rojam on ,niagA eht 0102 rebmeceD ecnis tub raey tsal

.%2 yb desaercni sah sulpruS dna sevreseR dna %2 yb decuder evah snaoL

snaoL deruceS%7

derucesnUsnaoL

%0

14

latipac eht fo %09 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %7 ot tnuoma snaoL

morf devresbo si egnahc rojam on ,niagA eht 0102 rebmeceD ecnis tub raey tsal

.%2 yb desaercni sah sulpruS dna sevreseR dna %2 yb decuder evah snaoL

latipaC erahS%3

sevreseRsulpruS dna

%09

derucesnUsnaoL

%0

01' ceD

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

14

latipac eht fo %09 ot tnuoma sulpruS dna sevreseR

latipac eht fo %3 ot stnuoma latipaC ytiuqE

latipac eht fo %7 ot tnuoma snaoL

morf devresbo si egnahc rojam on ,niagA eht 0102 rebmeceD ecnis tub raey tsal

.%2 yb desaercni sah sulpruS dna sevreseR dna %2 yb decuder evah snaoL

sulpruS dna sevreseR

snaoL derucesnU

Page 42: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

24

.dtLstnemeChceTartlU

latipac eht fo %16 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

ht fo %73 ot tnuoma snaoL latipac e

dna sevreseR no seiler latipac sti fo %16 sa tneiciffe si ynapmoc eht taht swohs tI

a evah yam dna evisnepxe eb dluoc hcihw latipac eht fo %73 ot tnuoma snaoL .sulpruS

.erahs ytiuqe rep sgninrae eht no tcapmi hgih

latipaC erahS%2

snaoL deruceS%02

derucesnUsnaoL

%71

24

.dtLstnemeChceTartlU

latipac eht fo %16 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

ht fo %73 ot tnuoma snaoL latipac e

dna sevreseR no seiler latipac sti fo %16 sa tneiciffe si ynapmoc eht taht swohs tI

a evah yam dna evisnepxe eb dluoc hcihw latipac eht fo %73 ot tnuoma snaoL .sulpruS

.erahs ytiuqe rep sgninrae eht no tcapmi hgih

latipaC erahS%2

sevreseRsulpruS dna

%16

90' hcraM

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

24

.dtLstnemeChceTartlU

latipac eht fo %16 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

ht fo %73 ot tnuoma snaoL latipac e

dna sevreseR no seiler latipac sti fo %16 sa tneiciffe si ynapmoc eht taht swohs tI

a evah yam dna evisnepxe eb dluoc hcihw latipac eht fo %73 ot tnuoma snaoL .sulpruS

.erahs ytiuqe rep sgninrae eht no tcapmi hgih

sulpruS dna sevreseR

snaoL derucesnU

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34

uoma sulpruS dna sevreseR latipac eht fo %27 ot tn

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %62 ot tnuoma snaoL

decuder sah ynapmoc eht no tbed eht taht swohs hcihw %11 yb decuder evah snaoL

evah sulpruS dna sevreseR .detareneg eb nac erahs rep sgninrae erom dna yb desaercni

.raey siht devorpmi sah erutcurts latipac ehT .latipac fo ecruos eerf a si hcihw %11

snaoL deruceS%41

derucesnUsnaoL

%21

34

uoma sulpruS dna sevreseR latipac eht fo %27 ot tn

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %62 ot tnuoma snaoL

decuder sah ynapmoc eht no tbed eht taht swohs hcihw %11 yb decuder evah snaoL

evah sulpruS dna sevreseR .detareneg eb nac erahs rep sgninrae erom dna yb desaercni

.raey siht devorpmi sah erutcurts latipac ehT .latipac fo ecruos eerf a si hcihw %11

latipaC erahS%2

sevreseRsulpruS dna

%27

derucesnUsnaoL

%21

01' hcraM

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

34

uoma sulpruS dna sevreseR latipac eht fo %27 ot tn

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %62 ot tnuoma snaoL

decuder sah ynapmoc eht no tbed eht taht swohs hcihw %11 yb decuder evah snaoL

evah sulpruS dna sevreseR .detareneg eb nac erahs rep sgninrae erom dna yb desaercni

.raey siht devorpmi sah erutcurts latipac ehT .latipac fo ecruos eerf a si hcihw %11

sulpruS dna sevreseR

snaoL derucesnU

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44

latipac eht fo %07 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %82 ot tnuoma snaoL

h ynapmoc eht niaga ecnO .egarevel fo stifeneb eht ezilitu ot snaol eht desaercni sa

yb desaercni evah snaol deruces elihwnaem %3 yb decuder evah snaol derucesnu ehT

.%2 yb decuder sah sulpruS dna sevreseR .%5

latipaC erahS%2 deruceS

snaoL%91

derucesnUsnaoL

%9

44

latipac eht fo %07 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %82 ot tnuoma snaoL

h ynapmoc eht niaga ecnO .egarevel fo stifeneb eht ezilitu ot snaol eht desaercni sa

yb desaercni evah snaol deruces elihwnaem %3 yb decuder evah snaol derucesnu ehT

.%2 yb decuder sah sulpruS dna sevreseR .%5

latipaC erahS%2

sevreseRsulpruS dna

%07

derucesnUsnaoL

%9

11' hcraM

latipaC erahS

sulpruS dna sevreseR

snaoL deruceS

snaoL derucesnU

44

latipac eht fo %07 ot tnuoma sulpruS dna sevreseR

latipac eht fo %2 ot stnuoma latipaC ytiuqE

latipac eht fo %82 ot tnuoma snaoL

h ynapmoc eht niaga ecnO .egarevel fo stifeneb eht ezilitu ot snaol eht desaercni sa

yb desaercni evah snaol deruces elihwnaem %3 yb decuder evah snaol derucesnu ehT

.%2 yb decuder sah sulpruS dna sevreseR .%5

sulpruS dna sevreseR

snaoL derucesnU

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54

nrettaP gnidloH erahS

Page 46: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

64

.dtLCCA

dna retomorP retomorP

puorG%64

lanoitutitsnI%33

noNlanoitutitsnI

%12

8002

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74

dna retomorP retomorP

puorG%64

lanoitutitsnI%23

noNlanoitutitsnI

%22

9002

Page 48: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

84

dna retomorP retomorP

puorG%84lanoitutitsnI

%23

noNlanoitutitsnI

%02

0102

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94

.dtLstnemeChceTartlU

retomorP dna

retomorPpuorG

%55lanoitutitsnI

%12

noNlanoitutitsnI

%42

9002

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05

dna retomorP retomorP

puorG%56

lanoitutitsnI%12

noNlanoitutitsnI

%41

0102

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15

dna retomorP retomorP

puorG%56

lanoitutitsnI%32

noNlanoitutitsnI

%21

1102

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25

sisylanA oitaR

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35

- ecnamrofrep laitnetop sti ro ecnamrofrep s’ssenisub a gnizylana rof euqinhcet lareneg A

sisylanA oitaR sa nwonk si

- dna ssenisub desoporp ro ssenisub a rof soitar gnitaluclac sevlovni sisylanA oitaR

o fo soitar ot meht gnirapmoc .yrtsudni emas eht nihtiw sessenisub reht

- eht fo noitisop laicnanif tcaxe eht gnidrager noitamrofni ni detseretni si rotsevnI nA

.ytilibissop ot sdrager htiw noitisop tneserp eht ,yticapac gninrae sti ,ssenisub

- /A L&P eht niatnoc stnuocca dehsilbup ehT s’rotiduA ,troper srotceriD ,teehs ecnalaB ,c

.hceeps s’namriahC dna troper

- ni desserpxe yliramotsuc si oitaR .rehtona fo mret ni desserpxe rebmun eno si oitar ehT

syaw tnereffid eerht – .snoitroporp ni dna mrof egatnecrep ,serugif elpmiS

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aRytidiuqiL soit

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55

oitaRtnerruC eht revo stbed sti yap ot secruoser hguone sah mrif a rehtehw serusaem taht oitar eht si tI

.seitilibail tnerruc sti ot stessa tnerruc s'mrif a serapmoc tI .shtnom 21 txen eb dluohs ti yllaedI

.1:2

oitaR tnerruC = stessA tnerruC

erruC seitilibaiL tn

oitaR tnerruC hceTartlU CCA 8002 - 8002 / 90 90.1 00.1 9002 - 9002 / 01 31.1 27.0 0102 - 0102 / 11 90.1 37.0

sisylanA

ehT tnerruc 1 fo oitar ro eht rof yhtlaeh si evoba c ynapmo . swohs tI eht c ot htgnerts s’ynapmo

ail mret trohs sti kcab yap .seitilib CCA fo serugif ehT a evig ton od doog dna 9002 rof noitacidni

0102 . ,1 woleb si tI c eht snaem hcihw ynapmo i s ni kaew yap gni tbed mret trohs kcab .

tI .egnahc fo hcum ton si ereht osla dna sraey eht lla ni 1 evoba si ti hceTartlU fo esac ni elihW

.tnatsnoc si seitilibail mret trohs kcab yap ot htgnerts s’ynapmoc eht taht snaem

yap ot semoc ti nehw CCA naht regnorts hcum si hceTartlU tnuocca otni sraey tnecer gnikaT

.seitilibail mret trohs kcab

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dicA(oitaRkciuQ - )oitaRtseT

dicA ehT - uq ro tset sti esu ot ynapmoc a fo ytiliba eht serusaem oitar diuqil ro oitar kci

stessa kciuQ .yletaidemmi seitilibail tnerruc sti eriter ro hsiugnitxe ot stessa kciuq ro hsac raen

solc ta hsac ot detrevnoc ylkciuq eb nac ylbamuserp taht stessa tnerruc esoht edulcni rieht ot e

.seulav koob .5.0 eb dluohs ti yllaedI

oitaR kciuQ = stessA tnerruC( – )yrotnevnI

seitilibaiL tnerruC

oitaR kciuQ hceTartlU CCA 8002 - 8002 / 90 45.0 17.0 9002 - 9002 / 01 05.0 74.0 0102 - 0102 / 11 25.0 94.0

sisylanA

i CCA fo oitar kciuq ehT emit tnecer eht ni gnitautculf ylhgih s hcihw eb dluohs fo rettam a

eht rof nrecnoc c .ynapmo dah 8002 0102 dna 9002 oitar gnorts a .serugif rekaew dah

hceTartlU sah doog oitar kciuq fo smret ni serugif . I niatniam ot elba neeb sah t oitar sti ehT .

s’ynapmoc ycnedneped ehT .hgih si tessa mret trohs sa yrotnevni no yrotnevni esor citsard ylla ni

sraey eerht eht T . 6591 ot 7.128 morf desaercni sah yrotnevni eh .

eht htoB c seinapmo 1102 ni derevocer yeht tub 0102 dna 9002 ni enilced a was saw 9002 . a

tluciffid raey yrtsudni tnemec eht rof C . stso desiar dna saw dnamed ar ro tnangats .gninilced reht

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soitaRegareveL

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85

tbeD - oitaRytiuqE

tbed ehT - ot - fo noitroporp evitaler eht gnitacidni oitar laicnanif a si )E/D( oitar ytiuqe

nanif ot desu tbed dna ytiuqe 'sredloherahs eht ,gnigarevel ot detaler ylesolc stessa s'ynapmoc a ec

.egareveL ro gniraeG ,ksiR sa nwonk osla si oitar

tbeD - oitaR ytiuqE = tbeD latoT htorW teN

tbeD - oitaR ytiuqE hceTartlU CCA 8002 - 8002 / 90 95.0 01.0 9002 - 9002 / 01 53.0 90.0 0102 - 0102 / 11 93.0 80.0

sisylanA

si tI .tbed ot dettolla si latipac eht fo trap llams yreV .dnuf ’sredloherahs no sdneped ylegral CCA

.stessa mret trohs fo ecnalab eht niatniam ot evah ton lliw ynapmoc eht sa yaw a ni doog

8002 ni oitar elbats yrev a dah hceTartlU - tub 90 sti decuder sah ynapmoc eht taht retfa

.latipac ytiuqe fo esu eht desaercni dna stbed no ycnedneped

eht htoB mees seinapmoc eht htob taht nees eb nac ti dna snoitautis ralimis gnicaf neeb evah ot

.yenom nwo rieht no gnidneped detrats evah ynapmoc

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latipaC oitaRhtrowteNotdeyolpmE

si erehT dna tbed neewteb pihsnoitaler cisab eht gnisserpxe fo yaw evitanretla rehtona

.ytiuqe dna srednel yb rehtegot detubirtnoc gnieb era sdnuf hcum woh ,gniwonk ni spleh tI

noitubirtnoc s'renwo fo eepur hcae rof srenwo .

C oitaR WN ot E = deyolpmE latipaC

latipaC erahS .ferP gnidulcxE htroW teN

oitaR WN ot EC hceTartlU CCA 8002 - 8002 / 90 08.1 71.1 9002 - 9002 / 01 35.1 51.1 0102 - 0102 / 11 55.1 41.1

sisylanA

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oitaRegarevoCtseretnIdexiF

if a setacidni taht oitar A tseretni sa hcus ,sesnepxe gnicnanif dexif yfsitas ot ytiliba s'mr

.sesael dna

oitaR egarevoC tseretnI dexiF = TIBE

tseretnI

oitaR egarevoC tseretnI dexiF hceTartlU CCA 8002 - 8002 / 90 08.11 61.04 9002 - 9002 / 01 64.41 13.72 0102 - 0102 / 11 54.7 00.52

sisylanA

a sah ynapmoc eht taht gnitacidni wol yrev si tseretni fo smret ni syap CCA taht tnuoma ehT noitisop gnorts fo esu ni noitcuder evissam si ereht 8002 morF .snaol mret gnol ffo gniyap ni

.yenom nwo sti fo esu eht desaercni ynapmoc dna naol

TartlU dna noisnapxe stI .serugif eht morf tnedive si tI .snoitagilbo mret gnol erom sah hce eht ,hguohT .tekram eht morf yenom fo tnuoma eguh worrob ot ti del evah noitamaglama

.elbats si noitidnoc s’ynapmoc

nereffid yrev era seinapmoc eht htob fo snoitautis ehT ycnedneped elucsinim sah CCA elihW .t regnorts a sah ereh CCA .ytilibail eguh a sah suht dna sgniworrob eguh sah hceTartlU snaol no

.hceTartlU naht noitisop

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soitaRytilibatiforP

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26

oitaRtiforPteN

T .selaS ot )xaT retfa( tiforP teN fo oitar eht swohs tI egatnecreP ni desserpxe si oitaR sih

.mroF

oitaR tiforP teN = TAP

001 X selaS teN

oitaR tiforP teN hceTartlU CCA 8002 - 8002 / 90 13.51 66.61 9002 - 9002 / 01 05.51 20.02 0102 - 0102 / 11 36.01 15.41

sisylanA

erew selas eht fo %02 9002 ni elihw ,CCA roF ot nwod emac ti 0102 ni ,tiforp ot detrevnoc.etaredom era serugif esehT .%5.41

si tI .tiforp otni trevnoc ot deliaf evah selas eht fo ytirojam taht swohs hceTartlU fo serugif ehT.ecalp gnikat sesnepxe rehgih era ereht taht tnedive

p regnorts a sdloh CCA gnitrevnoc ni noitiso eht gnicaf ebyam hceTartlU .tiforp otni selas.CCA naht wen ylevitarapmoc si ynapmoc eht sa melborp

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oitaRtiforPgnitarepO

sah hcihw seinapmoc ro seirtsudni eht rof detaluclac yllareneg si oitaR tiforP gnitarepO

nepxe gnitarepo hgih .ses

oitaR tiforP gnitarepO = TIBP( – )emocnI rehtO

selaS teN

oitaR tiforP gnitarepO hceTartlU CCA 8002 - 8002 / 90 22.0 81.0 9002 - 9002 / 01 22.0 62.0 0102 - 0102 / 11 31.0 41.0

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oitaRgnitarepO

emeganam eht fo ycneiciffe eht fo tset a si oitar sihT a si tI .noitarepo ssenisub rieht ni tn

os hguone wol eb dluohs oitar gnitarepo eht ,snoitidnoc lamron nI .ycneiciffe gnitarepo fo snaem

.srotsevni eht ot nruter riaf a evig ot tneiciffus selas eht fo noitrop evael ot sa

oitaR gnitarepO = 1 – orP gnitarepO oitaR tif

oitaR gnitarepO hceTartlU CCA 8002 - 8002 / 90 87.0 28.0 9002 - 9002 / 01 87.0 47.0 0102 - 0102 / 11 78.0 68.0

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56

oitaRsesnepxE

latoT esac siht nI .selas ten ot sesnepxe suoirav fo pihsnoitaler eht etacidni soitar esnepxE

c eht htob fo sesnepxe eht ,oitar gnitarepo eht rewol ehT .selas sti htiw derapmoc era seinapmo

.ytilibatiforp eht si rewol ,oitar gnitarepo eht rehgih dna ytilibatiforp eht si regral

oitaR sesnepxE = sesnepxE latoT 001 X selaS teN

oitaR sesnepxE hceTartlU CCA 8002 - 002 / 90 8 28.18 97.08 9002 - 9002 / 01 22.97 14.47 0102 - 0102 / 11 02.98 96.58

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WNnonruteRROsdnuF’sredloherahSnonruteR

ten neewteb pihsnoitaler eht si tI .tnemtsevni s’redloherahs ot tiforp ten fo oitar eht si tI

erahs dna )xat dna tseretni retfa( tiforp eht sehsilbatse oitar sihT .dnuf s'roteirporp/s’redloh

.egatnecrep ni detaluclac yllareneg si oitar ehT .weiv fo tniop 'sredloh erahs eht morf ytilibatiforp

WN no nruteR RO sdnuF ’sredloherahS no nruteR = TAP

001 X dnuF ’sredloH erahS

herahS no nruteR WN no nruteR RO sdnuF ’sredlo hceTartlU CCA 8002 - 8002 / 90 21.72 16.42 9002 - 9002 / 01 17.32 17.62 0102 - 0102 / 11 61.31 13.71

sisylanA

.raey tsal eht ni denilced sah dna etaredom sa deredisnoc eb dluohs 13.71 fo oitar s’CCA

i 61.31 fo oitar s’hceTartlU hcum si xat retfa tiforp s’ynapmoc eht taht swohs tI .rewol etiuq s

.ssel

evah seinapmoc eht htob fo soitaR .esahp ralimis hguorht gniog era seinapmoc eht htoB

.desaerced

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stessAlatoTnonruteR

i tsniaga sgninrae s'ynapmoc a serusaem taht oitar a si tI si oitar ehT .stessa ten latot st

sgninrae etareneg ot stessa sti gnisu si ynapmoc a ylevitceffe woh fo rotacidni na deredisnoc

.diap eb tsum snoitagilbo lautcartnoc erofeb

stessA latoT no nruteR = TAP

001 X )stessA tnerruC + tnemtsevnI + stessA dexiF(

stessA latoT no nruteR hceTartlU CCA 8002 - 8002 / 90 66.21 52.41 9002 - 9002 / 01 01.31 00.61 0102 - 0102 / 11 20.7 90.01

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)ECOR(deyolpmElatipaCnonruteR

latipac s'ynapmoc a fo ytilibatiforp dna ycneiciffe eht setacidni taht oitar a si tI

stnemtsevni .

)ECOR( deyolpmE latipaC no nruteR = TAP

001 X deyolpmE latipaC latoT

)ECOR( deyolpmE latipaC no nruteR hceTartlU CCA 8002 - 8002 / 90 11.51 11.12 9002 - 9002 / 01 25.51 81.32 0102 - 0102 / 11 94.8 32.51

sisylanA

dna 8002 ni doog etiuq erew ECOR s’CCA .32.51 ot 0102 ni denilced tI .9002

.CCA ot derapmoc sa rewol hcum si ECOR s’hceTartlU

seinapmoc eht htob taht wohs sihT .ECOR fo smret ni gninilced era seinapmoc eht htob niagA.deyolpme latipac fo tnuoma eht htiw nosirapmoc ni ssel denrae evah

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revonruT soitaR

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oitaRrevonruTyrotnevnI

a revo decalper dna dlos si yrotnevni s'ynapmoc a semit ynam woh gniwohs oitar A

.doirep

oitaR revonruT yrotnevnI = SGOC

yrotnevnI egarevA

oitaR revonruT yrotnevnI hceTartlU CCA 8002 - 8002 / 90 07.5 76.7 9002 - 9002 / 01 20.5 26.7 0102 - 0102 / 11 80.5 56.7

sisylanA

.raey a ni semit 7 naht erom yrotnevni sti dlos CCA taht swohs tI

.semit 80.5 evoba tsuj yrotnevni sti lles ot deganam hceTartlU

noitisop regnorts a sdloh CCA .yrotnevni elohw eht gnilles fo smret ni

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dexiF oitaRrevonruTstsessA

dexiF - fo eulav eht ot )tnuocca ssol dna tiforp eht no( selas fo oitar eht si revonrut tessa

ot stessa dexif sti gnisu si ssenisub eht llew woh setacidni tI .)teehs ecnalab eht no( stessa dexif

t ,oitar eht rehgih ehT .selas etareneg .si ti retteb eh

oitaR revonruT stessA dexiF = selaS teN

stessA dexiF teN

oitaR revonruT stessA dexiF hceTartlU CCA 8002 - 8002 / 90 02.1 44.1 9002 - 9002 / 01 63.1 72.1 0102 - 0102 / 11 60.1 61.1

sisylanA

pmoc eht taht swohs CCA fo erugif gninilced ehT dexif otni gnitsevni ni tneiciffeni neeb sah yna

.stessa dexif no yletunim yrev dneped yehT .selas otni denrut eb nac hcihw stsessA

.elbatsnu oitar eht edam sah snoitamaglama dna noisnapxe s’hceTartlU

evah seinapmoc eht htoB wohs hcihw serugif ralimis taht dexif no hcum dneped t’nod yeht

.selas ten otni trevnoc ot stessa

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oitaRrevonruTlatipaCgnikroW

ten dna selas fo tsoc neewteb pihsnoitaler sehsilbatse oitar revonrut latipac gnikroW

pihsnoitaler esolc dna tcerid sah latipac gnikrow sA .latipac gnikrow ,dlos sdoog fo tsoc htiw

gnieb si latipac gnikrow ylevitca ro yltneiciffe woh fo aedi lufesu sedivorp oitar eht ,erofereht

.desu

oitaR revonruT latipaC gnikroW = selaS teN

latipaC gnikroW teN

oitaR revonruT latipaC gnikroW hceTartlU CCA

8002 - 002 / 90 8 46.35 -38.3121

9002 - 9002 / 01 57.04 - 63.9 0102 - 0102 / 11 13.34 - 77.7

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oitaRrevonruTstessAlatoT

.stessa latot fo eulav eht yb selas ten eht gnidivid yb deniatrecsa si oitar sihT

oitaR revonruT stessA latoT = selaS teN

nI + AC + AF( stessA latoT )stnemtsev

oitaR revonruT stessA latoT hceTartlU CCA 8002 - 8002 / 90 38.0 68.0 9002 - 9002 / 01 58.0 08.0 0102 - 0102 / 11 66.0 07.0

sisylanA

stessa latot no tnedneped ssel si ynapmoc eht taht swohs hcihw hgih etiuq era CCA fo soitar ehT

as ot ni nrut ot .sel

.hgih etiuq osla era soitar ’hceTartlU

.selas ekam ot hcum stessa latot no dneped t’nod seinapmoc eseht taht swohs tI

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oitaRrevonruThtroWteN

si tI .ynapmoc eht fo ycneiciffe lanoitarepo dna laicnanif llarevo eht setacidni oitar sihT

oitacidni na .ynapmoc eht fo seicneiciffe noitcudorp dna erutcurts latipac mumitpo eht tuoba n

oitaR revonruT htroW teN = selaS teN

latipaC .ferP .lcxe WN

oitaR revonruT htroW teN hceTartlU CCA 8002 - 8002 / 90 77.1 84.1 9002 - 9002 / 01 35.1 33.1 0102 - 0102 / 11 2.1 4 91.1

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oitaRrevonruTsrotbeD

ybereht srotbed edart dedrocer eht ot mrif a fo selas tiderc ten eht serusaem oitar ehT

.srotbed ro selbaviecer fo revonrut yb detareneg si hsac hcihw ta etar eht gnitacidni

oitaR revonruT srotbeD = selaS teN

srotbeD( )selbavieceR slliB +

oitaR revonruT srotbeD hceTartlU CCA 8002 - 8002 / 90 19.23 84.32 9002 - 9002 / 01 66.23 14.93 0102 - 0102 / 11 39.12 92.34

sisylanA

.elbasivda ton si hcihw hgih etiuq era CCA fo soitar ehT eht yb edam selas eht fo %34 evobAa ynapmoc .hsac fo egatrohs ecaf yam ynapmoc eht taht snaem hcihw tiderc no er

evah ton seod ynapmoc eht snaem hcihw yltnacifingis etiuq gnicuder era hceTartlU fo soitaR.stpiecer tiderc tuoba yrrow ot hcum

b dna srotbed fo tnuoma eht sa ksir rehgih a ta si ereh CCA .hgih yrev era selbaviecer slli

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soitaRnoitaulaV

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oitaRdleiYdnediviD

.erahs rep dnedivid eht dna ecirp tekram eht neewteb noitaler eht sehsilbatse oitar sihT

oitaR dleiY dnediviD = SPD

SPM egarevA

oitaR dleiY dnediviD hceTartlU CCA 8002 - 8002 / 90 10.0 30.0 9002 - 9002 / 01 10.0 30.0 0102 - 0102 / 11 10.0 30.0

sisylanA

.sraey eerht tsal eht rof ecirp tekram sti fo %3 ot lauqe si hcihw dnedivid gniyap neeb sah CCA

sal eht rof ecirp tekram sti fo %1 ot lauqe si hcihw dnedivid gniyap neeb sah hceTartlU .sraey eerht t

hcihw rehgih hcum si CCA fo nruter eht ,CCA naht rehgih si hceTartlU fo ecirp tekram eht hguohtlA

.ni tsevni ot eciohc retteb eht CCA sekam

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oitaRtuoyaPdnediviD

p sgninrae sa elbaliava si tahw neewteb pihsnoitaler eht sesserpxe oitar sihT si tahw dna erahs re

.sgninrae elbaliava fo tuo sdnedivid fo mrof eht ni diap yllautca

oitaR tuoyaP dnediviD = SPD SPE

oitaR tuoyaP dnediviD hceTartlU CCA 8002 - 8002 / 90 60.0 13.0 9002 - 9002 / 01 70.0 72.0 0102 - 0102 / 11 01.0 15.0

sisylanA

ivid ehT ot dnedivid %15 ot %13 tuo gniyap neeb sah tI .hgih etiuq si CCA fo oitar tuoyap dned

.tnemtsevni rieht no nruter doog a teg srotsevni taht snaem sihT .sredloherahs

sa ynapmoc erutam a si CCA taht swohs osla tI .CCA ot derapmoc etunim era oitar s’hceTartlU

.CCA sa hcum sa tuoyap ton yam ynapmoc rewen a gnieb hceTartlU .hceTartlU ot derapmoc

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oitaRsgninraEecirP

rep sti ot derapmoc ecirp erahs tnerruc s'ynapmoc a fo oitar noitaulav A - .sgninrae erahs

ecirP - oitaR sgninraE = SPM egarevA

SPE

ecirP - sgninraE oitaR hceTartlU CCA 8002 - 8002 / 90 69.6 89.01 9002 - 9002 / 01 16.9 61.8 0102 - 0102 / 11 09.51 73.51

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erahSrepsgninraE

.sisab erahs rep a no sredloherahs ytiuqe eht ot elbaliava tiforp eht serusaem oitar sihT

SPE = TAP

fo .oN iviD ytiuqE miretnI( ytiuqE laniF + dned)dnediviD

SPE hceTartlU CCA 8002 - 8002 / 90 84.87 36.46 9002 - 9002 / 01 08.78 06.58 0102 - 0102 / 11 32.15 66.95

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18

erahSrepdnediviD

.sredloherahs ytiuqe gnoma dedivid dnedivid eht swohs oitar sihT

SPD = iF + dnediviD ytiuqE miretnI( )dnediviD ytiuqE lan

serahS ytiuqE fo .oN

SPD hceTartlU CCA 8002 - 8002 / 90 00.5 00.02 9002 - 9002 / 01 00.6 00.32 0102 - 0102 / 11 00.6 05.03

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tnemetatS ezis nommoC

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38

.dtLstnemeChceTartlU

dtL hceTartlU fo teehS ecnalaB )erorC nI( .sR

hcraM

90' % hcraM

01' % hcraM

11' % latipaC erahS 94.421 94.421 40.472

gnidnatstuO snoitpO kcotS seeyolpmE 86.1 99.1 87.4 sulpruS dna sevreseR 39.574,3 71.284,4 22.783,01

sdnuF ’sredloherahS 01.206,3 07.55 56.806,4 34.56 40.666,01 84.46 eruceS snaoL d 08.571,1 91.458 67.987,2

snaoL derucesnU 38.569 33.057 48.453,1 sdnuF naoL 36.141,2 21.33 25.406,1 87.22 06.441,4 60.52

)teN( seitilibaiL xaT derrefeD 39.227 81.11 37.038 97.11 50.037,1 64.01 seitilibaiL latoT 66.664,6 00.001 .340,7 09 00.001 96.045,61 00.001

kcolB ssorG 20.104,7 41.870,8 72.249,71

noitaicerpeD :sseL 33.567,2 64.631,3 20.245,6 kcolB teN 96.536,4 86.149,4 52.004,11

kroW latipaC - ni - ssergorP 82.776 73.952 23.501,1 stessA dexiF 79.213,5 61.28 50.102,5 48.37 75.505,21 06.57 stnemtsevnI 08.430,1 00.61 55.966,1 07.32 23.037,3 55.22

seirotnevnI 79.196 07.128 25.659,1 srotbeD yrdnuS 49.391 38.512 92.206

secnalaB knaB dna hsaC 94.401 37.38 97.441 cnavdA dna snaoL se 65.183 31.153 88.350,1

lasopsiD rof dleh stessA 00.0 00.0 22.1 secnavdA dna snaoL ,stessA tnerruC 69.173,1 93.274,1 07.857,3

seitilibaiL tnerruC 29.021,1 80.831,1 14.088,2 snoisivorP 51.231 10.161 94.375

tnerruC :sseL snoisivorP dna seitilibaiL 70.352,1 90.992,1 09.354,3 stessA tnerruC teN 98.811 48.1 03.371 64.2 08.403 48.1

stessA latoT 66.664,6 00.001 09.340,7 00.001 96.045,61 00.001

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48

TartlU fo C/A L&P dtL hce )erorC nI( .sR

hcraM

90' hcraM

01' hcraM

' 11 emocnI 86.7756 34.9617 24.85531

selaS ssorG 24.061,7 31.927,7 06.858,41 ytuD esicxE :sseL 43.777 54.976 96.846,1

selaS teN 80.3836 86.9407 19.90231 emocnI dnediviD dna tseretnI 51.54 12.65 43.221

emocnI rehtO 96.06 18.56 33.461 aerceD( / esaercnI skcotS ni )es 67.88 - 72.2 48.16

erutidnepxE 22.6125 72.1855 32.27711 demusnoC slairetaM waR 69.486 16.069 33.508,1 sesnepxE gnirutcafunaM 71.024,2 78.841,2 89.745,4

stcudorP dehsiniF fo esahcruP 5.91 47.36 81.221 eyolpmE rof snoisivorP dna ot stnemyaP se 76.712 49.252 5.666

sesnepxE rehtO dna noitartsinimdA ,noitubirtsiD ,gnilleS 97.334,1 35.356,1 19.795,3 segrahC ecnaniF dna tseretnI 15.521 25.711 11.772

ecnecselosbO dna noitaicerpeD 323 80.883 37.567 tnemeC fo noitpmusnoC evitpaC :sseL - 83.8 - 20.4 - 15.01

sesnepxE xaT erofeB tiforP 64.1631 61.8851 91.6871 sesnepxE xaT emocnI

xaT tnerruC rof noisivorP 45.791 52.783 27.015 sraey reilrae ot detaler lasrever noisivorp xat ssecxE 0 - 31.0 - 25.521

egrahC / )tiderC( xaT derrefeD 85.081 8.701 - 2.3 4 xaT tifeneB egnirF rof noisivorP 23.6 0 0

xaT retfA tiforP 20.779 42.3901 32.4041 raeY suoiverP morf drawrof thguorb ecnalaB 21.895,1 04.834,2 73.927,2

noitairporppA rof elbaliavA tiforP 41.5752 46.1353 6.3314 snoitairporppA 41.5752 46.1353 6.3314

dnediviD desoporP 42.26 96.47 24.461 xaT dnediviD etaroproC 85.01 14.21 76.62

evreseR noitpmedeR erutnebeD - 80.63 - 38.43 29.85 evreseR lareneG 001 057 00.001,1

teehS ecnalaB ot deirrac ecnalaB 04.834,2 73.927,2 95.387,2 erahS ytiuqE reP sgninraE cisaB 84.87 28.78 47.26

erahS ytiuqE reP sgninraE detuliD 84.87 97.78 27.26

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58

.dtLstnemeCCCA

dtL CCA fo teehS ecnalaB )erorC nI( .sR

80' ceD % 90' ceD % 01' ceD % latipaC erahS 88.781 49.781 59.781

gnidnep ,yenom noitacilppA erahStnemtolla 0 00. 80.0 00.0

sulpruS dna sevreseR 58.937,4 02.828,5 45.182,6 dnuF 'sredloherahS 37.729,4 77.58 22.610,6 87.68 94.964,6 69.78

snaoL deruceS 00.054 00.055 39.905 snaoL derucesnU 30.23 29.61 98.31

sdnuF naoL 30.284 93.8 29.665 .8 81 28.325 21.7 )teN( seitilibaiL xaT derrefeD 97.533 48.5 52.943 40.5 35.163 29.4

sdnuF latoT 55.547,5 00.001 93.239,6 00.001 48.453,7 00.001

kcolB ssorG 76.538,5 72.628,6 59.670,8 dna noitaicerpeD detalumuccA :sseL

noitazitromA ,2 79.563 89.766,2 15.499,2 kcolB teN 07.964,3 92.851,4 44.280,5

kroW latipaC - ni - gnidulcni( ssergorP)secnavdA latipaC 68.206,1 12.651,2 08.265,1

stessA dexiF 65.270,5 92.88 05.413,6 90.19 42.546,6 53.09 stnemtsevnI 80.976 28.11 46.574,1 92.12 76.207,1 51.32

seirotnevnI 72.397 89.877 89.419 srotbeD yrdnuS 71.013 07.302 82.871

secnalaB knaB dna hsaC 42.489 83.647 30.080,1 stessA tnerruC rehtO 76.02 99.01 21.65

secnavdA dna snaoL 82.156 11.615 49.325 rruC stessA tne 36.957,2 61.652,2 53.357,2

seitilibaiL tnerruC 97.108,1 19.369,1 69.390,2 snoisivorP 39.369 00.051,1 64.256,1

snoisivorP dna seitilibaiL tnerruC :sseL 27.567,2 19.311,3 24.647,3 stessA tnerruC teN - 90.6 - 11.0 - 57.758 - 73.21 - 70.399 - 05.31 )teN( stessA latoT 55.547,5 00.001 93.239,6 00.001 48.453,7 00.001

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68

dtL CCA fo C/A L&P )erorC nI( .sR

80' ceD 90' ceD 01' ceD emocnI 85.175,7 26.762,8 62.470,8

)ssorG( secivreS dna stcudorP fo elaS 20.432,8 42.427,8 .365,8 17 sseL - ytuD esicxE 51.159 40.796 83.648

)teN( secivreS dna stcudorP fo elaS 78.282,7 02.720,8 33.717,7 emocnI rehtO 17.882 24.042 39.653

erutidnepxE 48.388,5 32.379,5 18.216,6 sesnepxe rehto dna gnirutcafunaM 07.945,5 48.645,5 53.361,6

oitaicerpeD noitasitromA dna n 81.492 90.243 86.293 sesnepxe tseretnI 69.93 3.48 87.65 smetI lanoitpecxE 68.84 0 0

xaT erofeb tiforP 06.637,1 93.492,2 54.164,1 :xaT rof noisivorP - 18.325 - 66.786 - 44.143

xaT tnerruC - 74.015 - 3.376 - 61.114 rae na fo tnemtsujda xaT raey reil 0 0 28

egrahC xaT derrefeD - 43.4 - 64.31 - 82.21 xaT tifeneB egnirF -9 - 9.0 0

xaT retfa tiforP 97.212,1 37.606,1 10.021,1 raeY suoiverP morf drawrof thguorb ecnalaB 98.460,2 19.774,2 58.302,3

noitairporppa rof elbaliava tiforP 86.772,3 6.480,4 4 68.323,4 :snoitairporppA 77.997 97.088 54.249 dnediviD miretnI 56.781 7.781 57.781

dnediviD desoporP 86.781 60.442 88.483 xaT noitubirtsiD dnediviD 97.36 83.37 1.59

xaT noitubirtsiD dnediviD raeY suoiverP 20.0 0 - 39.0 evreseR lareneG 053 053 052

D evreseR noitpmedeR erutnebe 01 52 52 evreseR noitasitromA 36.0 56.0 56.0

teehS ecnalaB ot deirrac sulpruS 19.774,2 58.302,3 14.183,3 )cisaB( erahS rep sgninraE 36.46 6.58 66.95

detuliD 35.46 24.58 25.95

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78

stnemeveihcA dna sdrawA

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88

.dtLCCA

lanoitaN )IIC( yrtsudnI naidnI fo noitaredefnoC yb tnemeganaM retaW ni ecnellecxE rof drawA

tcapmI elpirT ,noisiV etaroproC gnidnatstuO - latnemnorivnE & laicoS ecnamrofreP ssenisuB

9002 rof noitazilabolG dna noitcA - remmoC fo srebmahC naidnI fo noitaredeF morf 01 dna ec

yrtsudnI

ytinummoC dna pihsredaeL neerG ,seirogetac owt ni drawA pihsruenerpertnE cificaP aisA

.aisA esirpretnE yb tnemegagnE

drawA artimahskirV inihsradayirP aridnI --- rof stseroF dna tnemnorivnE fo yrtsiniM ehT yb

o deirrac "krow yranidroartxe" .noitatseroffa fo aera eht ni tu

rof seirtsudnI lareniM naidnI fo noitaredeF ehT yb drawA tnemnorivnE igawaraS naraK hbuS

.serusaem noitcetorp tnemnorivne

yhporT anorD - fo noitcetorp ni stroffe yranidro artxe rof seniM fO uaeruB naidnI yB

na tnemnorivnE .rotces senim dezinahcem egral eht ni noitavresnoc larenim d

drawA lanoitaN lairomeM ihdnaG aridnI - noitullop fo noitneverp ni ecnamrofrep tnellecxe rof

tnempoleved lacigoloce dna

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98

o etacifitreC :tnemnorivnE dna ytefaS ,htlaeH fo tnemeganaM ni ecnellecxE naidnI yb tireM f

noitaicossA srerutcafunaM lacimehC

drawA nezitiC etaroproC dooG - yrtsudnI dna ecremmoC fo rebmahC DHP yb

fo noitaredeF eht morf seitivitca gniniM ni noitubirtnoc elbaulav rof drawA lanoitaN IMIF

tsiniM eht rednu yrtsudnI lareniM naidnI .laoC fo yr

dna noitcetorP latnemnorivnE ni krow gnidnatstuo rof raksaruP naravayraP ayirahtS ayjaR

.draoB lortnoC .noitulloP hsedarP ayhdaM eht yb ecnamrofreP tnemnorivnE

noitazilitU hsA ylF rof drawA lanoitaN - norivnE fo yrtsiniM ,rewoP fo yrtsiniM yb & tnem

aidnI fo tvoG ,ygolonhceT & ecneicS fo tpeD dna stseroF - dnaltroP fo erutcafunam rof

.tnemeC analozzoP

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09

.dtLstnemeChceTartlU

raeY drawA

0102 - 1102 drawA tnemnorivnE igawaraS naraK hbuS

0102 - 1102 ICCIF dlroW ssenisuB - drawA RSC FDES

0102 eerG drawA dloG ecnellecxE tnemnorivnE hcetn

0102 drawA ytilauQ lanoitaN jajaB anhsirkmaR CMI

0102 drawA RSC naisA

9002 - 0102 noitulloP fo noitneverP rof sdrawA lanoitaN

9002 - 0102 ygolonhceT naelC rof drawA tnemnorivnE ihdnaG vijaR

9002 - 0102 E leveL etatS )tnalP( drawA tnemnorivn

9002 drawA ytefaS hcetneerG ht9

9002 ygrenE lacirtcelE ni noitcudeR egatnecreP mumixaM rof drawA htimS .L.F ht21

reknilC fo noitpmusnoC

9002 ygrenE lacirtcelE ni noitcudeR egatnecreP mumixaM rof drawA htimS .L.F ht21

tpmusnoC tnemeC fo noi

9002 reknilC ni noitpmusnoC ygrenE lacirtcelE tsewoL rof drawA htimS .L.F ht21

MRV tuohtiw

9002 tnemeC ni noitpmusnoC ygrenE lacirtcelE tsewoL rof drawA htimS .L.F ht21

MRV tuohtiw

9002 jU ,tnemtrapeD xaT laicremmoC morf drawA hahsamahB niaj

8002 - 9002 )seniM( drawA tnemnorivnE leveL etatS

8002 - 9002 ecnamrofreP ygrenE lacirtcelE rof sdrawA lanoitaN

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19

8002 - 9002 tnemeC dednelB fo erutcafunaM ni ecnamrofreP ygrenE rof sdrawA lanoitaN

8002 - 9002 drawA ssenerawA laicoS RSC IMIF

8002 IRET ht8 RSC rof drawA etaroproC

8002 drawA ytefaS hcetneerG ht8

8002 niajjU ,tnemtrapeD xaT laicremmoC morf drawA hahsamahB

8002 ygrenE lacirtcelE tsewoL rof noitavresnoC ygrenE rof drawA htimS .L.F ht11

MRV tuohtiw reknilC ni noitpmusnoC

8002 S .L.F ht11 ygrenE lacirtcelE tsewoL rof noitavresnoC ygrenE rof drawA htim

MRV tuohtiw tnemeC ni noitpmusnoC

8002 egatnecreP mumixaM rof noitavresnoC ygrenE rof drawA htimS .L.F ht11

tnemeC fo noitpmusnoC ygrenE lacirtcelE ni noitcudeR

8002 drawA htimS .L.F ht11 egatnecreP mumixaM rof noitavresnoC ygrenE rof

reknilC fo noitpmusnoC ygrenE lacirtcelE ni noitcudeR

8002 drawA ytilauQ lanoitaN kcocaeP nedloG

8002 tnemeganaM tsoC ni ecnellecxE rof drawA lanoitaN IAWCI

7002 - 8002 ygrenE lacirtcelE rof sdrawA lanoitaN ecnamrofreP

7002 - 8002 tnemeC dednelB fo erutcafunaM ni ecnamrofreP ygrenE rof sdrawA lanoitaN

7002 drawA ytefaS hcetneerG ht7

7002 drawA revliS MCW s'namriahC

6002 drawA ytefaS hcetneerG ht6

5002 - 6002 ycneiciffE ygrenE rof sdrawA lanoitaN

5002 5 drawA ytefaS hcetneerG ht

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29

5002 egatnecreP mumixaM rof noitpmusnoC ygrenE rof drawA htimS .L.F ht8

yrogetaC noitpmusnoC ygrenE lacirtcelE ni noitcudeR - noitcudorP tnemeC fo not rep III

5002 atnecreP mumixaM rof noitpmusnoC ygrenE rof drawA htimS .L.F ht8 eg

yrogetaC noitpmusnoC ygrenE lacirtcelE ni noitcudeR - noitcudorP reknilC fo not rep II

5002 ecnellecxE ygrenE lacirtcelE ,ecnellecxE ygrenE lamrehT rof drawA lanoitaN

ecnellecxE tnemnorivnE dna

4002 noitpmusnoC ygrenE rof drawA htimS .L.F ht7

3002 M drawA tnemnorivnE leveL etatS .P.

2002 drawA egatnavdA evititepmoC & ecnellecxE gnirutcafunaM

1002 - 2002 ygrenE lamrehT ni noitcudeR egatnecreP mumixaM rof drawA ygrenE relluF

decudorP tnemeC fo gK/lac.K ni noitpmusnoC

1002 - 2002 rof drawA ygrenE relluF ygrenE lamrehT ni noitcudeR egatnecreP mumixaM

decudorP reknilC fo gK/lac.K ni noitpmusnoC

1002 - 2002 ecnellecxE ytilauQ rof sdrawA lanoitaN

1002 - 2002 odnI - drawA ytefaS lairtsudnI hcetneerG namreG

1002 drawA licnuoC ytefaS hsitirB

1002 lecxE rof drawA tnemtimmoC MPT tnetsisnoC ni ecnel

0002 - 1002 odnI - drawA ecnellecxE tnemnorivnE hcetneerG namreG

0002 drawA licnuoC ytefaS hsitirB

0002 drawA noitavresnoC ygrenE lanoitaN

9991 - 0002 drawA ygrenE relluF

9991 - 0002 drawA ecnellecxE llehS tarahB

9991 - 0002 )ecnamrofreP ygrenE lacirtcelE ni tseB dnoceS( drawA ycneiciffE ygrenE

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39

9991 - 0002 )ecnamrofreP ygrenE lamrehT ni tseB dnoceS( drawA ycneiciffE ygrenE

9991 drawA licnuoC ytefaS hsitirB

8991 - 9991 eP ygrenE lamrehT ni tseB dnoceS( drawA ycneiciffE ygrenE )ecnamrofr

8991 - 9991 ni noitcuder egatnecrep mumixam rof sretpahC PM drawA ygrenE relluF

noitpmusnoc ygrene lacirtcele

8991 - 9991 lamreht ni noitcuder egatnecrep mumixam rof sretpahC PM drawA ygrenE relluF

noitpmusnoc ygrene

8991 stuO rof drawA alriB VA tnempoleveD ytinummoC ni tnemeveihcA gnidnat

8991 drawA gniniarT lanoitaN kcocaeP nedloG

8991 drawA ytefaS licnuoC hsitirB

8991 drawA ytilauQ lanoitaN jajaB anhsirkmaR CMI

7991 aidnI fo tnemnrevoG morf drawA ytefaS lanoitaN

7991 aB anhsirkmaR CMI drawA ytilauQ lanoitaN jaj

7991 drawA licnuoC ytefaS hsitirB

7991 drawA ytilauQ lanoitaN ihdnaG vijaR

6991 tnemeveihcA gnidnatstuO rof drawA alriB VA

6991 repuS markiV dna markiV weN ,markiV rof drawA licnuoC ytefaS hsitirB

tnemeC

5991 aS hsitirB repuS markiV dna markiV weN ,markiV rof drawA licnuoC ytef

tnemeC

5991 ecnanetniaM tnalP fo etutitsnI napaJ morf drawA ecnellecxE MPT

4991 - 6991 licnuoC ytefaS lanoitaN morf sdrawA ytefaS - retpahC PM

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4991 - 5991 p ni ecnamrofrep tseB( sdrawA ytivitcudorP )ytivitcudor

2991 - 3991 )ytivitcudorp ni ecnamrofrep tseB( sdrawA ytivitcudorP

8891 - 9891 )tseb dnoceS( drawA ytivitcudorP

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noisulcnoC

Page 96: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

69

elihw aidnI fo seinapmoc tnemec tsedlo eht fo eno si 6391 ni dehsilbatse gnieb ,dtL CCA

hcum a si dtL tnemeC hceTartlU .3891 ni dehsilbatse ynapmoc rewen seinapmoc eht htob yadoT

seinapmoc eht htob gnizylana retfa tub stekram kcots eht ni ecirp esolc yrev a ta gnidart era

ot thguorb eb dluohs hcihw seinapmoc eht neewteb ecnereffid rojam emos era ereht yllaicnanif

eb eciton .seinapmoc eht fo rehtie ni gnitsevni erof

depoleved a ta dna gnol ecnis pu tes neeb sah hcihw ynapmoc erutam yrev a si dtL CCA

si aidnI ni tnemec fo rerutcafunam rojam a gnieb hguohtla dtL tnemeC hceTartlU elihw egats

erom neve dnapxe ot drawrof gnikool .rehtruf neve worg ot gniyrt si dna

meht sekam tahw si taht dna tnereffid era seinapmoc eht dniheb sevitom rojam ehT

rof tpo yam yawa thgir dnedivid nrae ot drawrof gnikool era hcihw srotsevni esohT .tnereffid

dnedivid sti taht devresbo si ti sa dtL CCA tiforp eht sevig dtL CCA .hgih yrev si oitar tuoyap

erom dna erom gniriuqca si dtL tnemeC hceTartlU dnah rehto eht nO .sredloherahs eht ot yawa

fo eulav eht tub sdnedivid hgih tuoyap ynapmoc eht tel ton yam sihT .gnidnapxe dna seirotcaf

arg lliw erahs eht erutuf ni ynapmoc reggib a neve emoceb osla dluoc ti dna esaercni yllaud

.sdnedivid hgih yrev tuoyap yam hcihw

dtL tnemeC hceTartlU tub won thgir snruter rehgih reviled yam dtL CCA ,llehstun a nI

.erutuf eht ni snruter rehgih neve fo epocs a sah

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xennA eru

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89

dtL CCA fo teehS ecnalaB )erorC nI( .sR

80' ceD 90' ceD 01' ceD latipaC erahS 88.781 49.781 59.781

tnemtolla gnidnep ,yenom noitacilppA erahS 00.0 80.0 00.0 sulpruS dna sevreseR 58.937,4 02.828,5 45.182,6

dnuF 'sredloherahS 37.729,4 22.610,6 94.964,6 snaoL deruceS 00.054 00.055 39.905

snaoL derucesnU 30.23 29.61 98.31 sdnuF naoL 30.284 29.665 28.325

)teN( seitilibaiL xaT derrefeD 97.533 52.943 35.163 sdnuF latoT 55.547,5 93.239,6 48.453,7

kcolB ssorG 76.538,5 72.628,6 59.670,8

noitasitromA dna noitaicerpeD detalumuccA :sseL 79.563,2 89.766,2 15.499,2 kcolB teN 07.964,3 92.851,4 44.280,5

kroW latipaC - ni - )secnavdA latipaC gnidulcni( ssergorP 68.206,1 12.651,2 08.265,1 stessA dexiF 65.270,5 05.413,6 42.546,6 stnemtsevnI 80.976 46.574,1 76.207,1

seirotnevnI 72.397 89.877 89.419 srotbeD yrdnuS 71.013 07.302 82.871

secnalaB knaB dna hsaC 42.489 83.647 30.080,1 stessA tnerruC rehtO 76.02 99.01 21.65

secnavdA dna snaoL 82.156 11.615 49.325 stessA tnerruC 36.957,2 61.652,2 357,2 53.

seitilibaiL tnerruC 97.108,1 19.369,1 69.390,2 snoisivorP 39.369 00.051,1 64.256,1

snoisivorP dna seitilibaiL tnerruC :sseL 27.567,2 19.311,3 24.647,3 stessA tnerruC teN - 90.6 - 57.758 - 70.399 )teN( stessA latoT 55.547,5 93.239,6 48.453,7

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nalaB dtL hceTartlU fo teehS ec )erorC nI( .sR

hcraM

90' hcraM

01' hcraM

11' latipaC erahS 94.421 94.421 40.472

gnidnatstuO snoitpO kcotS seeyolpmE 86.1 99.1 87.4 sulpruS dna sevreseR 39.574,3 71.284,4 22.783,01

sdnuF ’sredloherahS 01.206,3 56.806,4 01 40.666, snaoL deruceS 08.571,1 91.458 67.987,2

snaoL derucesnU 38.569 33.057 48.453,1 sdnuF naoL 36.141,2 25.406,1 06.441,4

)teN( seitilibaiL xaT derrefeD 39.227 37.038 50.037,1 seitilibaiL latoT 66.664,6 09.340,7 96.045,61

kcolB ssorG 104,7 20. 41.870,8 72.249,71

noitaicerpeD :sseL 33.567,2 64.631,3 20.245,6 kcolB teN 96.536,4 86.149,4 52.004,11

kroW latipaC - ni - ssergorP 82.776 73.952 23.501,1 stessA dexiF 79.213,5 50.102,5 75.505,21 stnemtsevnI 08.430,1 55.966,1 23.037,3

seirotnevnI 196 79. 07.128 25.659,1 srotbeD yrdnuS 49.391 38.512 92.206

secnalaB knaB dna hsaC 94.401 37.38 97.441 secnavdA dna snaoL 65.183 31.153 88.350,1

lasopsiD rof dleh stessA 00.0 00.0 22.1 secnavdA dna snaoL ,stessA tnerruC 69.173,1 93.274,1 07.857,3

tnerruC seitilibaiL 29.021,1 80.831,1 14.088,2 snoisivorP 51.231 10.161 94.375

snoisivorP dna seitilibaiL tnerruC :sseL 70.352,1 90.992,1 09.354,3 stessA tnerruC teN 98.811 03.371 08.403

stessA latoT 66.664,6 09.340,7 96.045,61

Page 100: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

001

fo C/A L&P hceTartlU dtL )erorC nI( .sR

hcraM

90' hcraM

01' hcraM

11' emocnI 86.7756 34.9617 24.85531

selaS ssorG 24.061,7 31.927,7 06.858,41 ytuD esicxE :sseL 43.777 54.976 96.846,1

selaS teN 80.3836 86.9407 19.90231 emocnI dnediviD dna tseretnI 51.54 12.65 43.221

rehtO emocnI 96.06 18.56 33.461 skcotS ni )esaerceD( / esaercnI 67.88 - 72.2 48.16

erutidnepxE 22.6125 72.1855 32.27711 demusnoC slairetaM waR 69.486 16.069 33.508,1 sesnepxE gnirutcafunaM 71.024,2 78.841,2 89.745,4

stcudorP dehsiniF fo esahcruP 5.91 47.36 81.221 seeyolpmE rof snoisivorP dna ot stnemyaP 76.712 49.252 5.666

sesnepxE rehtO dna noitartsinimdA ,noitubirtsiD ,gnilleS 97.334,1 35.356,1 19.795,3 segrahC ecnaniF dna tseretnI 15.521 25.711 11.772

ecnecselosbO dna noitaicerpeD 323 80.883 37.567 L tnemeC fo noitpmusnoC evitpaC :sse - 83.8 - 20.4 - 15.01

sesnepxE xaT erofeB tiforP 64.1631 61.8851 91.6871 sesnepxE xaT emocnI

xaT tnerruC rof noisivorP 45.791 52.783 27.015 sraey reilrae ot detaler lasrever noisivorp xat ssecxE 0 - 31.0 - 25.521

eD egrahC / )tiderC( xaT derref 85.081 8.701 - 42.3 xaT tifeneB egnirF rof noisivorP 23.6 0 0

xaT retfA tiforP 20.779 42.3901 32.4041 raeY suoiverP morf drawrof thguorb ecnalaB 21.895,1 04.834,2 73.927,2

noitairporppA rof elbaliavA tiforP 41.5752 46.1353 4 6.331 snoitairporppA 41.5752 46.1353 6.3314

dnediviD desoporP 42.26 96.47 24.461 xaT dnediviD etaroproC 85.01 14.21 76.62

evreseR noitpmedeR erutnebeD - 80.63 - 38.43 29.85 evreseR lareneG 001 057 00.001,1

teehS ecnalaB ot deirrac ecnalaB 04.834,2 27,2 73.9 95.387,2 erahS ytiuqE reP sgninraE cisaB 84.87 28.78 47.26

erahS ytiuqE reP sgninraE detuliD 84.87 97.78 27.26

Page 101: Financial Report Analysis of Ultratech Cements Ltd. AND ACC Cements Ltd

101

dtL CCA fo C/A L&P )erorC nI( .sR

80' ceD 90' ceD 01' ceD emocnI 85.175,7 26.762,8 62.470,8

orG( secivreS dna stcudorP fo elaS )ss 20.432,8 42.427,8 17.365,8 sseL - ytuD esicxE 51.159 40.796 83.648

)teN( secivreS dna stcudorP fo elaS 78.282,7 02.720,8 33.717,7 emocnI rehtO 17.882 24.042 39.653

erutidnepxE 48.388,5 32.379,5 18.216,6 sesnepxe rehto dna gnirutcafunaM 07.945,5 ,5 48.645 53.361,6

noitasitromA dna noitaicerpeD 81.492 90.243 86.293 sesnepxe tseretnI 69.93 3.48 87.65 smetI lanoitpecxE 68.84 0 0

xaT erofeb tiforP 06.637,1 93.492,2 54.164,1 :xaT rof noisivorP - 18.325 - 66.786 - 44.143

xaT tnerruC - 74.015 - 3.376 - .114 61 raey reilrae na fo tnemtsujda xaT 0 0 28

egrahC xaT derrefeD - 43.4 - 64.31 - 82.21 xaT tifeneB egnirF -9 - 9.0 0

xaT retfa tiforP 97.212,1 37.606,1 10.021,1 raeY suoiverP morf drawrof thguorb ecnalaB 98.460,2 19.774,2 58.302,3

pa rof elbaliava tiforP noitairporp 86.772,3 46.480,4 68.323,4 :snoitairporppA 77.997 97.088 54.249 dnediviD miretnI 56.781 7.781 57.781

dnediviD desoporP 86.781 60.442 88.483 xaT noitubirtsiD dnediviD 97.36 83.37 1.59

xaT noitubirtsiD dnediviD raeY suoiverP 20.0 0 - 39.0 eG evreseR laren 053 053 052

evreseR noitpmedeR erutnebeD 01 52 52 evreseR noitasitromA 36.0 56.0 56.0

teehS ecnalaB ot deirrac sulpruS 19.774,2 58.302,3 14.183,3 )cisaB( erahS rep sgninraE 36.46 6.58 66.95

detuliD 35.46 24.58 25.95


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