Professional Documents
Culture Documents
2013
(1)
$000
SALES AND PROFIT
Sales
1,845,012
Gross Profit
706,144
- % of sales
38.30%
99,532
49,466
TOTAL EBIT
PROFIT AFTER TAX
148,998
101,554
BALANCE SHEET
Inventory
Other current assets
251,543
43,162
835,373
107,707
TOTAL ASSETS
1,237,785
Payables
261,840
Provisions
42,945
Interest-bearing liabilities
Other liabilities
100,360
31,544
TOTAL LIABILITIES
436,689
NET ASSETS
801,096
RATIOS
EBIT to Sales (%)
8.10%
19.2
17.0
9.70%
12.70%
2011
2010
$000
$000
$000
$000
1,867,817
1,961,744
2,053,087
1,985,490
699,830
767,269
815,729
786,146
37.50%
39.10%
39.70%
39.60%
104,995
199,003
204,798
184,377
49,418
47,707
44,379
41,274
154,413
246,710
249,177
225,651
101,103
168,139
170,766
156,522
279,099
288,850
282,346
244,843
44,150
38,251
45,738
45,503
817,432
798,416
761,565
724,080
100,216
89,033
105,272
110,248
1,240,897
1,214,550
1,194,921
1,124,674
264,595
216,429
244,529
244,102
32,138
32,910
47,420
58,905
136,006
131,943
103,945
101,870
32,454
47,788
54,789
34,955
465,193
429,070
450,683
439,832
775,704
785,480
744,238
684,842
8.30%
12.60%
12.10%
11.40%
19.4
33.0
34.0
31.5
17.5
28.0
30.0
28.0
13.00%
13.30%
10.40%
11.40%
13.00%
21.40%
22.90%
22.90%
(2)
2009
(3)
Growth
1012/13
CAGR
-1.2%
-1.8%
0.9%
-2.6%
-5.2%
-14.3%
0.1%
4.6%
-3.5%
-9.9%
0.4%
-10.3%
-9.9%
0.7%
-2.2%
-1.3%
2.2%
3.6%
7.5%
-0.6%
-0.3%
2.4%
-1.0%
1.8%
33.6%
-7.6%
-26.2%
-0.4%
-2.8%
-2.5%
-6.1%
-0.2%
3.3%
4.0%
-2.9%
-11.7%
* The Companys policy for dividend payments to shareholders is to maintain a payout ratio
after tax.
2013
$000
1,845,012
(1,147,968)
697,044
62,532
(296,103)
(193,286)
(56,762)
(34,966)
(24,119)
(14,442)
(9,057)
490
131,331
(36,147)
95,184.00
2012
$000
1,867,817
(1,167,987)
699,830
57,568
(282,593)
(189,114)
(51,949)
(39,036)
(26,909)
(13,384)
(10,938)
347
143,822
(42,719)
101,103.00
3,512
(1,418)
(628)
1466
96,650
1,713
(1,621)
(28)
64
101,167
18
17.9
19.4
19.4
Tax rate
27.5% 29.7%
13,877
19,092
251,543
941
6,670
2582
294,705
12
835,373
44,644
62,391
660
943,080
1,237,785
261,840
360
3,053
35,586
178
813
301,830
100,000
7,359
27,500
134,859
436,689
801,096
564,698
76,867
159,531
801,096
(1) Comprising a bank overdraft at an average interest rate of 1.1% per annum in 2012 and
(2) Comprising an unsecured bank loan at an average interest rate of 5.2% per annum in 2
2012
$000
20,536
16,389
279,099
24
7,201
323,249
12
817,432
43,977
55,833
394
917,648
1,240,897
264,595
11,006
3,097
25,955
1,357
288
306,298
125,000
6,183
27,712
158,895
465,193
775,704
547,028
74,362
154,314
775,704
2105465.1946185
178349.596721668
166,971
0.0904985984
2200211.12837633
186375.328574142
147,403
0.0789172601
8025.731852475
0.0847079292
1.29
0.2048397327
0.7
0.1433878129
1.1433878129
1.1282261237
19,568
19,568
2013
$000
2012
$000
2,025,548
(1,851,721)
58,064
490
(9,057)
(43,288)
180,036
2,058,903
(1,846,677)
54,498
347
(10,884)
(59,450)
196,737
(74,890)
(4,094)
232
(78,752)
(70,009)
(11,475)
111
(81,373)
(72,297)
-36,000
(108,297)
-7,013
20,530
13,517
(110,594)
7,000
(103,594)
11,770
8,760
20,530
13,877
(360)
13,517
20,536
(6)
20,530
DuPont
NP/Sales
Sales/Assets
Assets/Equity
ROE
2013
2012
2011
2010
5.5%
1.49
1.55
12.7%
5.4%
1.51
1.60
13.0%
8.6%
1.62
1.55
21.4%
8.3%
1.72
1.61
22.9%
2009
7.9%
1.77
1.64
22.9%
Change
-30.2%
-15.6%
-5.9%
Sales
COS
Inventory
Receivables
Payables
Inv days
Rec. Days
Pay Days
2013
1,845,012
1,138,868
251,543
19,092
261,840
2012
1,867,817
1,167,987
279,099
16,389
264,595
2011
1,961,744
1,194,475
288,850
80.62
3.78
83.9
87.22
3.20
82.7
88.26
2010
2,053,087
1,237,358
282,346
2009
1,985,490
1,199,344
244,843
83.29
74.51
WACC
Share price
# Shares
Equity
Debt
Bank loan
Overdraft
%D
%E
Tax rate
Growth rate
Real growth
Inflation rate
Nominal
Terminal value
2013
99,532
49,466
148,998
0.7
104,299
2014
2015
2016
103,513
107,654
111,960
51,692
54,018
56,449
155,205 161,672 168,409
0.7
0.7
0.7
108,644 113,170 117,886
8.34%
3.81
535,859
2,041,622
Cost
100,000
360
100,360
4.4%
3.4%
4.7%
95.3%
30%
2.7%
3.0%
5.8%
3,322,591
Kd
4.4%
0.01%
4.4%
2017
2018
116,438
121,096
58,989
61,644
175,427 182,740
0.7
0.7
122,799 127,918
70,000
-12,500
-105000
80,418
COE
Rf
MRP
Beta (l)
Ke
3.44%
4.0%
1.29
8.6%
TV
2019