Sheet1

Balance Sheet of Hindustan Unilever

------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
Dec '07
12 mths
12 mths
15 mths
12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

215.95
218.17
217.99
217.75
215.95
218.17
217.99
217.75
0
0
0
0
0
0
0
0
2417.3
2364.68
1842.85
1220.82
0.67
0.67
0.67
0.67
2633.92
2583.52
2061.51
1439.24
0
0
144.65
25.52
0
0
277.3
63.01
0
0
421.95
88.53
2633.92
2583.52
2483.46
1527.77
Mar '11
Mar '10
Mar '09
Dec '07
12 mths
12 mths
15 mths
12 mths

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

3759.62
1590.46
2169.16
299.08
1260.68
2811.26
943.2
281.91
4036.37
1099.72
1358.1
6494.19
0
6264.21
1324.98
7589.19
-1095
0
2633.92
663
12.19
Page 1

3581.96
1419.85
2162.11
273.96
1264.08
2179.93
678.44
231.37
3089.74
1068.31
1660.84
5818.89
0
5493.97
1441.55
6935.52
-1116.63
0
2583.52
468.49
11.84

2881.73
1274.95
1606.78
472.07
332.62
2528.86
536.89
190.59
3256.34
1196.95
1586.76
6040.05
0
4440.08
1527.98
5968.06
71.99
0
2483.46
417.26
9.45

2669.08
1146.57
1522.51
185.64
1440.81
1953.6
443.37
200.11
2597.08
1083.28
0.75
3681.11
0
4028.41
1273.9
5302.31
-1621.2
0
1527.76
494.46
6.61

Sheet1

er

Balance Sheet of Procter and Gamble Hygiene and Health

------------------- in Rs. Cr. ---------------Jun '11

Jun '10
12 mths
12 mths

Dec '06
12 mths
220.68
220.68
0
0
2502.14
0.67
2723.49
37.13
35.47
72.6
2796.09
Dec '06
12 mths
2462.69
1061.94
1400.75
110.26
2522.22
1547.71
440.37
170.8
2158.88
1150.06
246.15
3555.09
0
3362.52
1429.71
4792.23
-1237.14
0
2796.09
476.4
12.34

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
Page 2

32.46
32.46
32.46
32.46
0
0
0
0
568.17
502.18
0
0
600.63
534.64
0
0
0
0
0
0
600.63
534.64
Jun '11
Jun '10
12 mths
12 mths
312.9
122.52
190.38
7.64
0
65.33
31.02
3.76
100.11
461.28
126.19
687.58
0
193.29
91.69
284.98
402.6
0
600.62
62.89
185.03

242.97
112.57
130.4
66.44
0
54.41
28.68
8.76
91.85
322.4
223.57
637.82
0
209.05
90.96
300.01
337.81
0
534.65
63.85
164.7

Sheet1

Gamble Hygiene and Health Care

-- in Rs. Cr. ------------------Jun '09

Jun '08
12 mths
12 mths

Jun '07
12 mths

32.46
32.46
32.46
32.46
32.46
32.46
0
0
0
0
0
0
407.58
314.18
258.72
0
0
0
440.04
346.64
291.18
0
0
0
0
0
0
0
0
0
440.04
346.64
291.18
Jun '09
Jun '08
Jun '07
12 mths
12 mths
12 mths
221.82
89.54
132.28
24.51
0
53.98
22.51
4.52
81.01
336.65
83.51
501.17
0
127.44
90.5
217.94
283.23
0
440.02
55.06
135.56

203.09
80.01
123.08
12.88
0
46.52
13.34
6.67
66.53
208.95
159.81
435.29
0
142.58
82.03
224.61
210.68
0
346.64
25.55
106.79

163.62
69.61
94.01
33.47
0
31.36
14.64
4.35
50.35
260.73
24.89
335.97
0
93.14
79.13
172.27
163.7
0
291.18
98.56
89.7
Page 3

Sheet2

Profit & Loss account of Hindustan Unilever

------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
12 mths
12 mths
15 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)

20598.89
908.98
19689.91
439.48
295.08
20424.47

18462.34
693.22
17769.12
199.73
19.47
17988.32

21927.23
1422.95
20504.28
276.54
434.33
21215.15

10494.33
9003.97 11380.05
274.74
244.34
301.37
961.27
936.3
1152.12
551.25
412.19
297.34
4366.3
3737.52
3857.48
672.61
656.57
985.31
0
0
0
17320.5 14990.89 17973.67
Mar '11
Mar '10
Mar '09
12 mths
12 mths
15 mths
2664.49
2797.7
2964.94
3103.97
2997.43
3241.48
0.24
6.98
25.32
3103.73
2990.45
3216.16
220.83
184.03
195.3
0
0
0
2882.9
2806.42
3020.86
-3.06
43.97
48.53
2879.84
2850.39
3069.39
573.87
648.36
572.94
2305.97
2202.03
2500.71
6826.17
5986.92
6593.62
0
0
0
1410.6
1417.94
1634.51
231.36
238.03
277.79
21594.72
10.68
650
Page 4

21816.87
10.09
650

21798.76
11.47
750

Sheet2
Book Value (Rs)

12.19

Page 5

11.84

9.45

Sheet2

stan Unilever

------------------Dec '07
12 mths
14937.88
1057.32
13880.56
428.37
162.06
14470.99

Profit & Loss account of Procter and Gamble H

Dec '06
12 mths
13189.7
945.68
12244.02
512.6
129.97
12886.59

7542.78
6687.3
198.89
180.79
767.81
642.81
204.1
187.37
2561.12
2328.51
691.49
541.52
0
0
11966.19
10568.3
Dec '07
Dec '06
12 mths
12 mths
2076.43
1805.69
2504.8
2318.29
25.5
10.73
2479.3
2307.56
138.36
130.16
0
0
2340.94
2177.4
1.67
-0.21
2342.61
2177.19
417.14
321.8
1769.06
1855.37
4423.41
3881
0
0
1976.12
1325.48
355.5
185.9
21774.63
8.12
900

22067.76
8.41
600

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Page 6

Sheet2
6.61

12.34

Book Value (Rs)

Page 7

Sheet2

Loss account of Procter and Gamble Hygiene and Health Care

------------------- in Rs. Cr. ------------------Jun '11

Jun '10
Jun '09
Jun '08
12 mths
12 mths
12 mths
12 mths
1037.99
36.77
1001.22
32.23
2.76
1036.21

914.19
12.97
901.22
22.42
-0.47
923.17

773.03
0.22
772.81
19.74
4.1
796.65

Jun '07
12 mths

652.65
8.7
643.95
13.53
13.18
670.66

552.95
15.37
537.58
15.99
1.8
555.37

395.2
282.6
239.68
190.78
152.54
6.13
6.19
7.84
8.26
5.66
50.21
72.52
59.21
54.65
37.72
90.09
75.62
66.3
64.07
58.83
251.01
193.38
159.17
131.29
103.61
42.3
31.3
30.21
29.38
42.53
0
0
0
0
0
834.94
661.61
562.41
478.43
400.89
Jun '11
Jun '10
Jun '09
Jun '08
Jun '07
12 mths
12 mths
12 mths
12 mths
12 mths
169.04
239.14
214.5
178.7
138.49
201.27
261.56
234.24
192.23
154.48
0.03
0.03
0
0.02
0.01
201.24
261.53
234.24
192.21
154.47
22.16
25.03
14.37
12.12
8.98
0
0
0
0
0
179.08
236.5
219.87
180.09
145.49
0
0
11.79
0.48
-10.72
179.08
236.5
231.66
180.57
134.77
25.87
53.86
52.81
49.15
44.96
150.88
179.77
178.85
131.42
89.82
439.75
379
322.73
287.65
248.34
0
0
0
0
0
73.04
73.04
73.04
64.92
64.92
11.85
12.13
12.41
11.03
11.03
324.61
46.48
225

324.61
55.38
225

324.61
55.1
225

324.61
40.48
200
Page 8

324.61
27.67
200

Sheet2
185.03

164.7

135.56

106.79

Page 9

89.7

Sheet3
Unilever

P&G

Net Block
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Loans and Advances
Fixed Deposits
Gross Block

2819.908

247.494

2811.26
943.2
281.91
1099.72
1358.1
9314.098

65.33
31.02
3.76
461.28
126.19
935.074

Current Liabilities
Provisions
Secured Loans
Unsecured Loans
Intrinsic Value

6264.21
1324.98
0
0
1724.908

193.29
91.69
0
0
650.094

Average Profit
NPA
Maintainable Profit
Normal Profit
Super Profit
GoodWill

2336.23667
75.6408
2260.59587
103.49448
2157.10139
4314.20277

169.833333
0
169.833333
39.00564
130.827693
261.655387

Shares in issue (cr)

Invesment in Govt. Bond Revalued
Intrinsic Value + Good will+ Govt bond Revalued
Intrinsic Value per Share
Market Price
Combined PAT( Assuming No Synergy, taking 2011 PAT)
Market Value
TMG
Estimated Market Price/ Share

215.9472
1134.612
7173.72277
33.2197999
399.55

3.2461
0
911.749387
280.875323
2199.8

Less:

Merger Gain
Post Merger Value
Pre Merger Value
Gain

-55731.9663 -837.758193
86281.7038 7140.77078
-142013.67 -7978.52897

Page 10

Sheet3

Intrinsic Value Ratio

2456.85
36852.75
-56569.7245
-258.081449

Page 11

0.37688619