reneta pharma

7/28/2019 Reneta Pharma

1/26

Particulars 2008 2009 2010 2011

Turnover 3089746417 3900732314 5090318113 6519639234

cost of sales 1526514685 1820496777 2405361976 3099355955

Gross profit 1563231732 2080235537 2684956137 3420283279

Less:operating expense 845169923 1118768795 1378630620 1702913272

Operating profit 718061809 961466742 1306325517 1717370007

Plus: other income 15420344 8050515 5992117 21477196Plus:gain on disposal of asset 118000 930500 593908 -3518170

Less: interest expense 87270665 99513638 117473675 215315416

Less:other expense 5,913,520 6,752,520 8,195,771 9,234,832

Less: Contribution to WPPF 30496000 41151504 56480177 71941847

Profit before tax 609919968 823030095 1130761919 1438836938

Tax expense 176774164 219505643 278175022 351117807

Net income 433145804 603524452 852586897 1087719131

less: Dividend 86759000 122909000 153636000 192045000

Transfer to the retained earning 346386804 480615452 698950897 895674131

Depreciation 304330750.2 418890260.1 769371686.4 1134854810


2/26

2012

7671572303

3619613644

4051958659

1880513705

2171444954

7995455-218312

370881897

10,345,556

85618793

1712375851

474449485

1237926366

240056000

997870366

1280677908


3/26

Particulars 2008 2009

Non current asset

Property, plant and equipment 1014435834 1396300867

Capital work-in-progress 570277998 736960533

Investment in subsidiary 63070376 63070376

Other investment 8377754 11931079

Total non-current assets 1656161962 2208262855

Current asset

Inventories 959414590 1075310581

Trade and other receivables 344226933 343870341

Advances, deposits and prepayments 79,281,411 80,677,337

Cash and cash equivalents 123148038 143248172

Total current assets 1506070972 1643106431

Total assets 3162232934 3851369286

EQUITY AND LIABILITIES

Share capital 115678700 144598400

Revaluation surplus 155075461 154596958

Tax holiday reserve 52862514 83346636

Retained earnings 1338456682 1824737962

Total equity attributable to equity holders of the company 1662073357 2207279956

Non-current liabilities

Deferred liability-staff gratuity 105224160 124183595

Deferred tax liabilities 81542581 110179135

Long term loan

Non-convertible BondTotal non-current liabilities 186766741 234362730

Current liabilities

Bank overdraft 823163615 794424620

Creditors for goods 127107689 27896925

Accrued expenses 133013604 171928847

Other payables 79902838 237310646

Unclaimed dividend 3173467 3961604

Provision for taxation 147031623 174203958

Total current liabilities 1313392836 1409726600

Total liabilities 1500159577 1644089330

Total equity and liabilities 3162232934 3851369286

No. of outstanding share


4/26

2010 2011 2012

2564572288 3782849367 4268926361

363998451 1370222641 2061905242

63070376 63070376 63070376

58965084 11333863 48955276

3050606199 5227476247 6442857255

1303637035 1585100179 1986744883

488934817 640195291 843231267

110721962 97,564,211 148951592

178384225 141265972 331292974

2081678039 2464125653 3310220716

5132284238 7691601900 9753077971

180748000 225935000 282418750

154118455 158434421 157955917

124166310 131443579 206609359

2512438179 3442795036 4423495722

2971470944 3958608036 5070479748

138540457 149138826 175366283

152716016 198004754 272041423

358333333

1000000000291256473 347143580 1805741039

1129414884 2402992758 1812605178

31752362 50168661 41207200

220862988 326941029 272566530

297285203 343920388 340461110

5164759 6551459 7907075

185076625 255275989 402110091

1869556821 3385850284 2876857184

2160813294 3732993864 4682598223

5132284238 7691601900 9753077971

28241875


5/26

particular 2008 2009

Sales growth rate 0.262476523

Average sales growth rate

COGS in proportion to sales 0.494058243 0.466706411

Average proportion

Operating expense in proportion to sales 0.273540223 0.286809938

Average proportion

Growth rate of other income -0.477928962

Average proportion

Growth rate of other expense 0.141878272

Average

Total loan 823163615 794424620

Average loan 808794117.5

Interest rate 0.123039518

Average interest rate

Short-term loan in proportion to sales 0.266417856 0.203660379

Average proportion

Proportion of contribution to WPPF to sales 0.009870066 0.010549687

Average proportion

Gain (loss) on sale of an equipment growth 6.88559322

average rate

tax rate 0.289831737 0.266704273

average

Growth rate of PPE 0.376430938

Average growth rate

Other investments growth rate 0.42413814

average rate

Normalized rate

Inventory in proportion to sales 0.310515641 0.275668899


6/26

Avg. Proportion

Trade and other receivables proportion to sales 0.111409445 0.088155329

average proportion

Advances, deposits and prepayments 0.02565952 0.020682613

average

Cash and cash equivalents 0.039857005 0.036723405

average

Grwth rate of Capital work-in-progress 0.292282949

averaage

creditors in proportion to sales 0.04113855 0.007151715

average

Accrued expenses 0.043050007 0.044076043

average

Other payables 0.025860646 0.06083746

average

Growth rate for unclaimed dividends 0.248352039

average

Tax 0.18480606

average

Growth rate of deffered liability(staff gratuity) 0.180181386

average

Growth rate Deferred tax liabilities 0.351185278

average


7/26

unclaimed dividend to divedend 0.248352039

average

growth rate of depreciation

Dividend payout ratio 0.200299759 0.203652063

average

Tax holiday reserve in proportion to net income 0.122043232 0.13809985

average rate

Growth of revaluation of surplus -0.003085614

Average Rate

Depreciation in proportion to PPE 0.3 0.3

Average Rate


8/26


9/26

0.268877547 0.268877547 0.268877547 0.268877547

0.096051918 0.098194895 0.109916355

0.100745588 0.100745588 0.100745588 0.100745588

0.021751482 0.014964664 0.019416045

0.020494865 0.020494865 0.020494865 0.020494865

0.035043827 0.021667759 0.043184495

0.035295298 0.035295298 0.035295298 0.035295298

-0.506081486 2.764363934 0.504795776

0.763840293 0.763840293 0.763840293 0.763840293

0.006237795 0.007695006 0.005371415

0.013518896 0.013518896 0.013518896 0.013518896

0.043388838 0.050147104 0.035529422

0.043238283 0.043238283 0.043238283 0.043238283

0.058402087 0.052751445 0.044379574

0.048446242 0.048446242 0.048446242 0.048446242

0.303704005 0.268492683 0.206918184

0.256866728 0.256866728 0.256866728 0.256866728

0.062413433 0.37929892 0.575197466

0.30042897 0.30042897 0.30042897 0.30042897

0.115609972 0.076500174 0.373913593

0.186551281 0.186551281 0.186551281 0.186551281

0.386070203 0.296555261 0.373913593

0.351931084 0.351931084 0.351931084 0.351931084


10/26

0.303704005 0.268492683 0.206918184

0.256866728 0.256866728 0.256866728 0.256866728

0.180199814 0.176557527 0.193917834

0.190925399 0.190925399 0.190925399 0.190925399

0.145634786 0.120843309 0.166899555

0.138704146 0.138704146 0.138704146 0.138704146

-0.003095164 0.028004213 -0.003020202

0.004700808 0.004700808 0.004700808 0.004700808

0.3 0.3 0.3

0.3 0.3 0.3 0.3


11/26

Time Monthly Closing- Renata limited

12/31/2012 739.5

11/29/2012 764.5

10/31/2012 830

9/30/2012 848.4

8/30/2012 869.5

7/30/2012 856.7

6/28/2012 905.5

5/31/2012 880.2

31-04-12 1214.2

3/29/2012 1179.1

2/29/2012 1016

1/28/2012 1013.5

12/31/2011 1205

11/30/2011 12696

10/31/2011 12662.5

9/29/2011 13229

8/25/2011 11782

7/31/2011 11536

6/30/2011 10695.25

5/31/2011 10656.254/28/2011 12427.25

3/30/2011 12721.75

2/28/2011 10474.5

1/31/2011 12417.75

12/30/2010 12942.8

11/30/2010 12997.5

10/31/2010 12315

9/30/2010 11012

8/31/2010 11149

7/29/2010 11258

6/30/2010 10469

5/31/2010 12472

4/29/2010 12590

3/31/2010 12290

2/28/2010 11861

1/31/2010 13222

12/30/2009 12051.5

11/26/2009 10016.8

10/29/2009 8981.25


12/26

9/30/2009 7998.5

8/31/2009 7423.5

7/30/2009 6732.75

6/30/2009 6944.5

5/31/2009 6602.5

4/30/2009 8051.5

3/31/2009 80042/26/2009 7889

1/29/2009 7865.5

12/30/2008 7789.25

11/30/2008 7587

10/30/2008 7544.75

9/25/2008 7835.25

8/31/2008 7309

7/31/2008 7174.5

6/30/2008 7401.5

5/29/2008 8133.25

4/30/2008 8848

3/31/2008 8982.25

2/28/2008 7143.25

1/31/2008 6736.25

12/30/2007 7491.25

11/29/2007 5947

10/31/2007 5304.25

9/30/2007 5069

8/29/2007 4860.5

7/31/2007 4808.75

6/28/2007 38575/31/2007 3591.25

4/30/2007 3561.5

3/29/2007 3265

2/27/2007 3200

1/28/2007 3500.5

covarience

Variance of market return

Beta

market return

market return yearly


13/26

DSE General Index Renata Limited Return DSE General Return

4219.31416 -0.032701112 0.00

4210.58149 -0.078915663 -0.06

4493.92049 -0.021687883 -0.01

4544.40647 -0.02426682 0.02

4446.8703 0.014941053 0.07

4159.16692 -0.053892877 -0.09

4572.87836 0.028743467 -0.03

4734.33314 -0.275078241 -0.07

5098.90404 0.029768467 0.02

4990.32474 0.160531496 0.06

4695.40854 0.0024667 0.13

4153.96414 -0.158921162 -0.21

5257.60585 -0.905088217 0.00

5268.554 0.002645607 0.05

5036.498 -0.042822587 -0.15

5910.203 0.122814463 -0.05

6211.997 0.021324549 -0.04

6459.623 0.078609663 0.06

6117.234 0.003659824 0.06

5758.264 -0.142509405 -0.056050.846 -0.023149331 -0.03

6249.35375 0.214544847 0.20

5203.085 -0.156489702 -0.30

7484.228 -0.040566956 -0.10

8290.413 -0.004208502 -0.04

8602.441 0.055420219 0.08

7957.121 0.118325463 0.12

7097.382 -0.012288098 0.07

6657.975 -0.009682004 0.05

6342.758 0.075365364 0.03

6153.677 -0.160599743 0.01

6107.814 -0.009372518 0.08

5654.877 0.02441009 0.01

5582.334 0.036168957 0.00

5560.561 -0.102934503 0.04

5367.107 0.097124839 0.18

4535.532 0.203128744 0.04

4380.948 0.115301322 0.30

3364.262 0.122866788 0.09


14/26

3083.886 0.077456725 0.05

2941.284 0.102595522 0.01

2914.534 -0.030491756 -0.03

3010.264 0.051798561 0.17

2572.18 -0.179966466 0.01

2554.355 0.005934533 0.04

2446.922 0.014577259 -0.052570.964 0.002987731 -0.03

2649.494 0.009789132 -0.05

2795.336 0.02665744 0.13

2468.918 0.00559992 -0.10

2748.598 -0.037076035 -0.07

2966.818 0.072000274 0.06

2791.21 0.018746951 0.01

2761.049 -0.030669459 -0.08

3000.498 -0.089970184 -0.05

3167.993 -0.080780967 0.03

3072.851 -0.014946144 0.02

3016.49 0.25744584 0.03

2931.384 0.060419373 0.01

2907.167 -0.100784248 -0.04

3017.213 0.259668741 0.02

2971.112 0.121176415 0.04

2850.814 0.046409548 0.12

2548.187 0.042896821 0.04

2455.087 0.010761632 0.03

2384.182 0.246759139 0.11

2149.317 0.073999304 0.072003.585 0.008353222 0.15

1743.328 0.090811639 -0.01

1760.876 0.0203125 -0.02

1797.66681 -0.085844879 0.01

1780.52181

0.004938797

0.008186459

0.603288538

0.02

0.20


15/26

Particulars 2012 2013 2014

Turnover 7671572303 9637259251 12106614160

cost of sales 3619613644 4588319537 5763984638

Gross profit 4051958659 5048939714 6342629522

Less:operating expense 1880513705 2577984315 3238541229

Operating profit 2171444954 2470955399 3104088293

Plus: other income 7995455 10439873.53 13631614.37Plus:gain on disposal of asset -218312 -291329.1265 -388767.7267

Less: interest expense 370881897 482377471.9 562458313.7

Less:other expense 10,345,556 11904292.67 13697879.94

Less: Contribution to WPPF 85618793 103524449.9 130050519.3

Profit before tax 1712375851 1883297729 2411124427

Tax expense 474449485 498562587 638293358.3

Net income 1237926366 1384735142 1772831069

Dividend 240056000 264381110.1 338478480

Transfer to retained earnings 997870366 1120354032 1434352589

Depreciation 1280677908 1862316105 2708113611


16/26

2015

15208691870

7240890405

7967801466

4068352638

3899448827

17799153.4-518795.8621

663058269.4

15761702.11

163373363.5

3074535850

813917270.7

2260618579

431609505.3

1829009074

3938042157


17/26

Particulars 2012

Non current asset

Property, plant and equipment 4268926361

Capital work-in-progress 2061905242

Investment in subsidiary 63070376

Other investment 48955276

Total non-current assets 6442857255

Current asset

Inventories 1986744883

Trade and other receivables 843231267

Advances, deposits and prepayments 148951592

Cash and cash equivalents 331292974

Total current assets 3310220716

Total assets 9753077971

EQUITY AND LIABILITIES

Share capital 282418750

Revaluation surplus 157955917

Tax holiday reserve 206609359

Retained earnings 4423495722

Total equity attributable to equity holders of the company 5070479748

Non-current liabilities

Deferred liability-staff gratuity 175366283

Deferred tax liabilities 272041423

Long term loan 358333333

Non-convertible Bond 1000000000

Total non-current liabilities 1805741039Current liabilities

Bank overdraft 1812605178

Creditors for goods 41207200

Accrued expenses 272566530

Other payables 340461110

Unclaimed dividend 7907075

Provision for taxation 402110091

Total current liabilities 2876857184

Total liabilities 4682598223

Total equity and liabilities 9753077971


18/26

2013 2014 2015

6207720350 9027045371 13126807191

3636871546 6414860574 11314789555

63070376 63070376 63070376

85671733 149925532.8 262369682.3

9993334006 15654901854 24767036805

2591242627 3255196717 4089275762

970911354.3 1219687968 1532208612

197514325.7 248123420.7 311700084.1

0 0 0

3759668307 4723008106 5933184459

13753002312 20377909960 30700221263

353023437.5 441279296.9 551599121.1

158698437.4 159444448.3 160193966.1

192068505.6 245899019.7 313557169.9

5421366088 6541720120 7976072708

6125156468 7388342885 9001422966

208081087.8 246898881.3 292958184

367781255.8 497214911.8 672200294.6

358333333 358333333 358333333

1000000000 1000000000 1000000000

1934195677 2102447126 2323491812

2499532061 3139987154 3944546053

130285108.2 163668061.1 205604727.9

416698542 523469208.2 657597721.8

466888997.2 586519963.6 736803972.1

9938139.481 12490916.85 15699417.78

522915611.4 680014609.8 884310698.4

4046258460 5106149914 6444562591

5980454136 7208597040 8768054403

12105610605 14596939924 17769477368


19/26

Risk free rate 0.085

Market return 0.20

Beta 0.603288538

Cost of equity 0.151934741

Cost of debt 0.125037403After tax cost of debt 0.091936439

Total market value of equity 20884866563

Book value of debt 3170938511

Weight of equity 0.868184062

Weight of debt 0.131815938

WACC 0.144026009


20/26

Particulars 2012 2013 2014

Inventory 1986744883 2591242627 3255196717

Trade and other receivables 843231267 970911354.3 1219687968

Advanced deposits and repayments 148951592 197514325.7 248123420.7

Non-cash current asset 2978927742 3759668307 4723008106

Creditors 41207200 130285108.2 163668061.1

Accrued Expense 272566530 416698542 523469208.2

Others 340461110 466888997.2 586519963.6

Unclaimed dividends 7907075 9938139.481 12490916.85

Provision For Taxation 402110091 522915611.4 680014609.8

Non- STD Current liabilities 1064252006 1546726398 1966162760

Working capital 1914675736 2212941908 2756845346

Change in WC 298266172.4 543903437.8


21/26

2015

4089275762

1532208612

311700084.1

5933184459

205604727.9

657597721.8

736803972.1

15699417.78

884310698.4

2500016538

3433167920

676322574.2


22/26

Particulars 2013 2014

EBIT 1712375851 1883297729

EBIT (1-tax rate) 1259061157 1384735142

Depreciation 1862316105 2708113611Less:Capital expenditure 1938793989 2819325021

Less: Change in NWC 298266172.4 543903437.8

Free cashflow 884317100.1 729620294.5

Present value discount factor 0.874106001 0.764061302

Present value of free cashflow 772986884.3 557474632

Terminal value

Enterprise value 7089221144

ADD:Cash 331292974

Less:Interest-bearing debt 3170938511

Equity value 10591452629

Value per share 375.0265387


23/26


24/26

Particulars 2008 2009Sales 3089746417 3900732314

Net Profit after Tax 433145804 603524452

OCF 217478117 751083736

Earnings per share 37.44386858 41.7379758

NAV per share 73.56 97.7

OCF per share 18.80018681 51.94274183

No of outstanding share 11567870 14459840

Sales Per Share 267.0972631 269.7631726

Market price 778.92 1205.15

Price/ EPS 20.80233773 28.87418417

Price/SPS 2.916241039 4.467437079

Price/OCFPS 41.4315032 23.20150915

Price/NAVPS 10.58890701 12.33520983


25/26

2010 2011 2012 Average5090318113 6519639234 7671572303

852586897 1087719131 1237926366

786059727 900132824 1087259497

47.16992149 48.14301153 43.83300918

131.52 175.21 179.54

43.48926279 39.84034452 38.49813431

18074800 22593500 28241875

281.6251418 288.5626058 271.6382076

1294.27 1205 739.5

27.43845991 25.02959332 16.8708472 23.80308447

4.595718947 4.175870247 2.722371078 3.775527678

29.76067924 30.24572238 19.20872305 28.7696274

9.840860706 6.877461332 4.118859307 8.752259637


26/26

Assumption

1.Perpetual growth rate is 2percent

2.Risk free rate 8.5 percent

3. Cash is zero for the year of 2013,2014 and 2014

reneta pharma

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