GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Adj Highlights

In Millions of INR FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 12/31/2012 12/31/2013 12/31/2014 03/31/2015 03/31/2016
Market Capitalization 183,640.4 253,965.1 270,908.7 290,162.9 323,120.8
- Cash & Equivalents 21,106.8 20,509.7 0.0 19,099.4 13,892.1
+ Preferred & Other 0.0 0.0 0.0 0.0 0.0
+ Total Debt 45.9 41.4 — 31.2 23.7
Enterprise Value 162,579.5 233,496.8 — 271,094.7 309,252.5

Revenue, Adj 26,214.1 25,383.4 26,399.4 — 28,219.0

Growth %, YoY 10.2 -3.2 4.0 — —
Gross Profit, Adj — — — — —
Margin % — — — — —
EBITDA, Adj 8,259.3 5,282.2 5,014.2 — 4,782.8
Margin % 31.5 20.8 19.0 — 16.9
Net Income, Adj 5,865.1 4,665.4 3,992.1 — 3,692.2
Margin % 22.4 18.4 15.1 — 13.1
EPS, Adj 34.62 27.54 23.57 — 21.79
Growth %, YoY 34.0 -20.5 -14.4 — —

Cash from Operations 4,745.0 4,542.0 — — 2,809.6

Capital Expenditures -390.8 -582.2 — — -2,323.2
Free Cash Flow 4,354.2 3,959.8 — — 486.4
Source: Bloomberg Right click to show data transparency (not supported for all values)
dj Highlights
FY 2017 FY 2018 Current FY 2019 Est FY 2020 Est
03/31/2017 03/31/2018 02/25/2019 03/31/2019 03/31/2020
232,471.7 176,848.5 225,818.2
9,313.2 12,934.6 12,934.6
0.0 0.0 0.0
16.0 9.9 9.9
223,174.5 163,923.8 212,893.5

29,826.7 28,576.6 32,685.3 37,181.3

5.7 -4.2 14.4 13.8
— —
— —
4,189.8 5,082.2 6,423.8 7,945.7
14.0 17.8 19.7 21.4
3,034.4 3,401.2 4,424.3 5,561.3
10.2 11.9 13.5 15.0
17.91 20.08 26.82 32.87
-17.8 12.1 33.6 22.5

3,195.4 5,358.4
-3,044.3 -4,033.8 -494.0 -200.0
151.2 1,324.6 595.0 4,774.0
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Per Share
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 03/31/2015
Basic Shares Outstanding 169.4 169.4 169.4 169.4
Diluted Weighted Avg Shares 169.4 169.4 169.4 169.4
Basic Weighted Avg Shares 169.4 169.4 169.4 169.4

Per Share Data Items

Revenue 154.74 149.84 155.84 —
EBITDA 48.77 31.18 29.60 —
Operating Income 47.71 30.01 28.38 —
Net Income to Common - Basic 33.17 28.44 21.77 —
Net Income before XO - Basic 33.17 28.44 21.77 —
Normalized Net Income - Basic 34.62 27.54 23.57 —
Net Income to Common - Diluted 33.17 28.44 21.77 —
Net Income before XO - Diluted 33.17 28.44 21.77 —
Normalized Net Income - Diluted 34.62 27.54 23.57 —
Dividends 25.00 25.00 25.00 —

Cash Flow 28.01 26.81 — —

Free Cash Flow 25.70 23.37 — —

Cash & Equivalents 124.59 121.07 — 112.74

Book Value 118.46 117.45 — 107.96
Tangible Book Value 118.46 117.45 — 107.96
Source: Bloomberg Right click to show data transparency (not supported for all values)
er Share
FY 2016 FY 2017 FY 2018 Current FY 2019 Est FY 2020 Est
03/31/2016 03/31/2017 03/31/2018 02/25/2019 03/31/2019 03/31/2020
169.4 169.4 169.4 169.4
169.4 169.4 169.4 169.4
169.4 169.4 169.4 169.4

166.58 176.07 168.69

28.23 24.73 29.86
26.76 23.18 27.61
22.21 19.88 20.71 26.82 32.87
22.21 19.88 20.71 26.82 32.87
21.79 17.91 20.08 26.82 32.87
22.21 19.88 20.71 26.82 32.87
22.21 19.88 20.71 26.82 32.87
21.79 17.91 20.08 26.82 32.87
25.00 15.00 17.50 21.74 25.97

16.59 18.86 31.63 44.30 56.60

2.87 0.89 7.82

82.00 54.98 76.35

128.88 118.46 121.44 122.41 120.70
128.88 116.56 117.15
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 17,100.0 20,003.9 20,710.3 21,106.8
+ Cash & Cash Equivalents 17,100.0 20,003.9 20,138.2 20,657.7
+ ST Investments 0.0 0.0 572.1 449.1
+ Accounts & Notes Receiv 537.3 470.3 853.1 1,159.0
+ Accounts Receivable, Net 537.3 470.3 853.1 1,159.0
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 2,573.0 2,855.5 3,334.4 2,851.5
+ Raw Materials 567.8 641.8 582.3 633.9
+ Work In Process 426.3 523.3 547.7 333.8
+ Finished Goods 1,542.9 1,645.1 2,181.1 1,860.5
+ Other Inventory 35.9 45.4 23.2 23.2
+ Other ST Assets 1,616.5 1,766.0 1,152.8 1,349.5
+ Prepaid Expenses 651.5 741.0 5.7 12.4
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Assets Held-for-Sale 30.2 30.2 0.0 48.1
+ Taxes Receivable 13.8 13.8 — —
+ Misc ST Assets 921.0 981.0 1,147.1 1,289.0
Total Current Assets 21,826.8 25,095.7 26,050.6 26,466.7
+ Property, Plant & Equip, Net 720.4 1,176.7 1,153.4 1,332.1
+ Property, Plant & Equip 3,125.3 3,291.1 2,898.4 3,178.2
- Accumulated Depreciation 2,404.9 2,114.4 1,745.0 1,846.1
+ LT Investments & Receivables 1,484.6 1,179.0 549.8 100.6
+ LT Investments 1,484.6 1,179.0 549.8 100.6
+ Other LT Assets 946.2 653.3 2,543.3 2,984.6
+ Total Intangible Assets 421.5 0.0 0.0 0.0
+ Goodwill 421.5 0.0 0.0 0.0
+ Other Intangible Assets 0.0 0.0 0.0 0.0
+ Deferred Tax Assets 524.7 653.3 616.4 867.2
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 0.0 1,926.9 2,117.3
Total Noncurrent Assets 3,151.2 3,009.0 4,246.5 4,417.3
Total Assets 24,978.0 28,104.7 30,297.1 30,884.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 6,874.3 8,337.9 7,067.7 8,014.9
+ Accounts Payable 2,944.2 3,343.6 2,005.8 2,347.1
+ Accrued Taxes 862.3 816.8 786.0 880.3
+ Interest & Dividends Payable 2,656.3 3,514.1 3,949.1 4,402.7
+ Other Payables & Accruals 411.5 663.4 326.8 384.9
 + ST Debt 2.6 2.6 3.1 4.5
+ ST Borrowings 0.0 0.0 0.0 0.0
+ ST Capital Leases 0.0 0.0 0.0 0.0
+ Current Portion of LT Debt 2.6 2.6 3.1 4.5
+ Other ST Liabilities 112.6 112.0 1,525.1 344.5
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc ST Liabilities 112.6 112.0 1,525.1 344.5
Total Current Liabilities 6,989.6 8,452.5 8,595.9 8,364.0
+ LT Debt 51.6 49.1 45.9 41.4
+ LT Borrowings 51.6 49.1 45.9 41.4
+ LT Capital Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 75.9 87.4 2,298.2 2,410.3
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities 0.0 0.0 0.0 0.0
+ Pensions 0.0 0.0 0.0 0.0
+ Other Post-Ret Benefits 0.0 0.0 0.0 0.0
+ Deferred Compensation — — 694.0 815.3
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities 75.9 87.4 — —
+ Derivatives & Hedging 0.0 0.0 0.0 0.0
+ Misc LT Liabilities 0.0 0.0 1,604.2 1,595.0
Total Noncurrent Liabilities 127.5 136.5 2,344.2 2,451.7
Total Liabilities 7,117.0 8,588.9 10,940.1 10,815.7
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 847.0 847.0 847.0 847.0
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 10,925.9 12,002.2 11,396.8 11,530.9
+ Other Equity 6,088.00 6,666.58 7,113.16 7,690.42
Equity Before Minority Interest 17,860.9 19,515.8 19,357.0 20,068.3
+ Minority/Non Controlling Interest 0.0 0.0 — —
Total Equity 17,860.9 19,515.8 19,357.0 20,068.3
Total Liabilities & Equity 24,978.0 28,104.7 30,297.1 30,884.0

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 169.4 169.4 169.4 169.4
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio 0.0 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 62.17 16.33 17.31 21.78
Number Of Shareholders 107,847.00 106,437.00 106,437.00 105,559.00
Options Granted During Period 0.0 0.0 0.0 0.0
Options Outstanding at Period End 0.0 0.0 0.0 0.0
Net Debt -17,045.8 -19,952.3 -20,661.2 -21,060.8
Net Debt to Equity -95.44 -102.24 -106.74 -104.95
Tangible Common Equity Ratio 71.02 69.44 63.89 64.98
Current Ratio 3.12 2.97 3.03 3.16
Cash Conversion Cycle 0.35 -2.57 30.57 42.31
Number of Employees — 4,338.00 — —
Source: Bloomberg Right click to show data transparency (not supported for all values)
andardized
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

20,509.7 0.0 19,099.4 13,892.1 9,313.2 12,934.6

20,409.6 — 19,099.4 13,892.1 9,313.2 12,934.6
100.0 — 0.0 0.0 0.0 0.0
963.9 — 1,003.2 1,265.7 1,708.0 1,469.6
963.9 — 1,003.2 1,265.7 1,708.0 1,469.6
0.0 — 0.0 0.0 0.0 0.0
3,469.7 — 3,755.8 5,258.7 4,258.0 5,001.8
735.8 — 987.6 1,046.3 877.4 1,032.1
323.7 — 317.4 363.2 333.4 227.7
2,381.6 — 2,424.8 3,823.9 3,020.0 3,704.9
28.6 — 25.9 25.3 27.1 37.1
1,296.1 — 2,011.4 1,320.9 1,463.4 2,458.0
17.5 — 101.3 422.4 408.1 470.9
0.0 — 0.0 0.0 0.0 0.0
4.6 — 126.0 57.5 16.3 49.4
— — — — — —
1,274.0 — 1,784.1 841.0 1,039.0 1,937.8
26,239.4 — 25,869.8 21,737.3 16,742.5 21,864.1
1,619.5 — 2,383.0 4,776.9 8,312.7 11,748.0
3,629.3 — 4,364.1 4,989.6 8,784.6 12,544.8
2,009.8 — 1,981.1 212.6 471.9 796.8
0.6 — 0.6 0.6 0.6 0.6
0.6 — 0.6 0.6 0.6 0.6
3,435.8 — 3,903.2 4,034.1 4,982.6 5,862.1
0.0 — 0.0 0.0 322.5 726.8
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 322.5 726.8
922.9 — 831.0 1,011.5 916.3 1,037.2
0.0 — 0.0 0.0 0.0 0.0
2,512.9 — 3,072.2 3,022.6 3,743.9 4,098.1
5,055.9 — 6,286.8 8,811.6 13,295.9 17,610.7
31,295.2 — 32,156.7 30,548.8 30,038.4 39,474.8

8,619.3 — 10,570.5 4,609.4 4,283.9 7,150.6

2,856.3 — 3,080.4 3,277.4 2,789.3 5,058.6
936.8 — 1,409.6 220.2 334.1 451.6
4,424.0 — 5,496.6 222.6 231.5 233.5
402.1 — 584.0 889.1 929.1 1,406.9
 5.4 — 4.9 7.8 6.1 4.1
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
5.4 — 4.9 7.8 6.1 4.1
264.5 — 490.1 1,175.0 2,912.4 8,844.0
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
264.5 — 490.1 1,175.0 2,912.4 8,844.0
8,889.1 — 11,065.5 5,792.1 7,202.3 15,998.6
36.1 — 26.3 16.0 9.9 5.8
36.1 — 26.3 16.0 9.9 5.8
0.0 — 0.0 0.0 0.0 0.0
2,472.7 — 2,775.1 2,908.3 2,757.6 2,897.1
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
915.0 — 1,234.3 1,292.9 1,282.4 1,342.6
0.0 — 0.0 0.0 0.0 0.0
— — — — — —
0.0 — 0.0 0.0 0.0 0.0
1,557.7 — 1,540.8 1,615.4 1,475.2 1,554.4
2,508.8 — 2,801.4 2,924.3 2,767.5 2,902.9
11,397.9 — 13,866.9 8,716.4 9,969.8 18,901.5
0.0 — 0.0 0.0 0.0 0.0
847.0 — 847.0 847.0 847.0 847.0
0.0 — 0.0 0.0 0.0 0.0
10,846.6 — 8,767.4 12,310.1 10,546.2 11,027.8
8,203.71 — 8,675.36 8,675.36 8,675.36 8,698.51
19,897.4 0.0 18,289.8 21,832.5 20,068.6 20,573.3
— 0.0 0.0 0.0 0.0 0.0
19,897.4 — 18,289.8 21,832.5 20,068.6 20,573.3
31,295.2 — 32,156.7 30,548.8 30,038.4 39,474.8

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

169.4 169.4 169.4 169.4 169.4 169.4
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0 98.6
0.0 — 0.0 0.0 0.0 0.0
24.03 — 2.09 2.52 2.13 2.01
102,036.00 — 97,453.00 95,193.00 100,371.00 94,175.00
0.0 — — 0.0 0.0 0.0
0.0 — — 0.0 0.0 0.0
 -20,468.3 — -19,068.2 -13,868.4 -9,297.2 -12,924.7
-102.87 — -104.26 -63.52 -46.33 -62.82
63.58 — 56.88 71.47 66.45 51.22
2.95 — 2.34 3.75 2.32 1.37
35.84 — — 58.31 59.16 46.10
5,034.00 — — — 4,697.00 4,620.00
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash from Operating Activities
+ Net Income 5,078.6 5,605.7 4,285.9 5,618.8
+ Depreciation & Amortization 163.7 176.3 204.1 178.4
+ Non-Cash Items 679.2 -348.0 924.3 -1,569.5
+ Other Non-Cash Adj 679.2 -348.0 924.3 -1,569.5
+ Chg in Non-Cash Work Cap 204.7 126.6 -730.9 517.3
+ (Inc) Dec in Accts Receiv — — — —
+ (Inc) Dec in Inventories -243.2 -282.6 -507.3 473.3
+ Inc (Dec) in Accts Payable 0.0 0.0 0.0 0.0
+ Inc (Dec) in Other 447.9 409.1 -223.6 44.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 6,126.1 5,560.5 4,683.3 4,745.0

Cash from Investing Activities

+ Change in Fixed & Intang -298.0 -206.3 -400.8 -387.4
+ Disp in Fixed & Intang 5.7 7.7 24.6 3.4
+ Disp of Fixed Prod Assets 5.7 7.7 24.6 3.4
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -303.7 -213.9 -425.4 -390.8
+ Acq of Fixed Prod Assets -303.7 -213.9 -425.4 -390.8
+ Acq of Intangible Assets 0.0 0.0 0.0 0.0
+ Net Change in LT Investment 0.0 0.0 0.0 0.0
+ Dec in LT Investment 0.0 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div 0.0 0.0 0.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 0.0 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 5,891.3 300.2 2,645.3 -2,321.5
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities 5,593.3 93.9 2,244.5 -2,708.9

Cash from Financing Activities

+ Dividends Paid -3,942.5 -2,962.1 -3,939.4 -4,399.9
+ Cash From (Repayment) Debt -2.3 -2.6 -2.6 -3.1
+ Cash From (Repay) ST Debt 0.0 0.0 0.0 0.0
+ Cash From LT Debt 0.0 0.0 0.0 0.0
+ Repayments of LT Debt -2.3 -2.6 -2.6 -3.1
+ Cash (Repurchase) of Equity 0.0 0.0 0.0 0.0
+ Increase in Capital Stock 0.0 0.0 0.0 0.0
 + Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities 0.0 0.0 0.0 0.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -3,944.8 -2,964.7 -3,942.0 -4,403.0

Effect of Foreign Exchange Rates 0.0 0.0 0.0 0.0

Net Changes in Cash 7,774.6 2,689.7 2,985.9 -2,366.9

Cash Paid for Taxes 1,853.8 3,138.9 3,165.3 3,183.8

Cash Paid for Interest 3.5 6.8 6.1 3.3

Reference Items
EBITDA 6,953.6 7,878.7 8,024.6 8,261.1
Trailing 12M EBITDA Margin 36.45 36.63 33.74 31.51
Interest Received 1,014.5 773.6 1,335.8 1,612.4
Free Cash Flow 5,822.5 5,346.6 4,258.0 4,354.2
Free Cash Flow to Firm 5,824.9 5,350.7 4,260.3 4,356.5
Free Cash Flow to Equity 5,825.8 5,351.7 4,280.0 4,354.5
Free Cash Flow per Basic Share 34.37 31.56 25.13 25.70
Price to Free Cash Flow 23.45 37.03 38.69 42.18
Cash Flow to Net Income 1.21 0.99 1.09 0.84
Source: Bloomberg Right click to show data transparency (not supported for all values)
andardized
FY 2013 FY 2014 FY 2016 FY 2017 FY 2018 Current
12/31/2013 12/31/2014 03/31/2016 03/31/2017 03/31/2018 02/25/2019

4,816.7 3,688.0 3,761.4 3,368.1 3,507.3

198.8 206.0 249.5 263.5 379.9
-587.9 — 150.2 -169.2 -174.3
-587.9 — 150.2 -169.2 -174.3
114.5 — -1,351.5 -266.9 1,645.6
— — -262.5 -442.3 231.6
-618.2 — -1,502.8 1,000.7 -743.9
0.0 — 197.0 -467.8 2,269.3
732.7 — 216.8 -357.5 -111.4
0.0 — 0.0 0.0 0.0
4,542.0 — 2,809.6 3,195.4 5,358.4

-517.1 — -2,082.0 -2,580.0 -3,853.1

65.1 — 241.3 464.3 180.7
65.1 — 241.3 464.3 180.7
0.0 — 0.0 0.0 0.0
-582.2 — -2,323.2 -3,044.3 -4,033.8
-582.2 — -2,323.2 -3,044.3 -4,033.8
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
674.7 — 5,647.3 4,732.1 2,178.9
0.0 — 0.0 0.0 0.0
157.6 — 3,565.3 2,152.1 -1,674.2

-4,933.6 — -6,371.7 -5,097.3 -3,058.4

-4.5 — -7.4 -7.8 -6.1
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
-4.5 — -7.4 -7.8 -6.1
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
 0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
0.0 — 0.0 0.0 0.0
-4,938.1 — -6,379.1 -5,105.1 -3,064.5

0.0 — 0.0 0.0 0.0

-238.5 — -4.2 242.4 619.7

2,440.9 — 2,059.5 1,605.9 2,020.1

3.3 — 4.2 2.5 1.9

5,282.2 5,014.2 4,782.8 4,189.8 5,058.0

20.81 18.99 16.95 14.05 17.70
1,732.2 — 1,424.8 854.2 632.3
3,959.8 — 486.4 151.2 1,324.6
3,962.0 — 489.1 152.8 1,325.8
4,020.4 — 720.2 607.7 1,499.3
23.37 — 2.87 0.89 7.82
64.14 — 664.31 1,538.01 133.51 170.48
0.94 — 0.75 0.95 1.53
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Profitability
In Millions of INR except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Returns
Return on Common Equity 39.99 30.22 30.00 22.05
Return on Assets 27.14 21.08 21.12 14.68
Return on Capital 40.01 30.18 29.93 22.01
Return on Invested Capital 29.01 26.83 27.14 29.07

Margins
EBITDA Margin 36.12 36.45 36.63 33.74
Operating Margin 35.16 35.59 35.81 32.88
Incremental Operating Margin 55.29 39.01 37.51 5.19
Pretax Margin 48.97 40.29 39.70 25.43
Income before XO Margin 34.91 26.62 26.06 18.02
Net Income Margin 34.91 26.62 26.06 18.02
Net Income to Common Margin 34.91 26.62 26.06 18.02

Additional
Effective Tax Rate 28.72 33.92 34.35 29.13
Dvd Payout Ratio 57.32 50.04 60.44 88.93
Sustainable Growth Rate 17.07 15.10 11.87 2.44
Source: Bloomberg Right click to show data transparency (not supported for all values)
rofitability
FY 2012 FY 2013 FY 2014 FY 2016 FY 2017 FY 2018
12/31/2012 12/31/2013 12/31/2014 03/31/2016 03/31/2017 03/31/2018

28.50 24.10 — 18.75 16.08 17.26

18.37 15.49 — 12.00 11.12 10.09
28.45 24.06 — 18.74 16.07 17.25
28.74 17.91 — 15.28 12.84 15.57

31.51 20.81 18.99 16.95 14.05 17.70

30.83 20.03 18.21 16.06 13.16 16.37
10.79 -361.03 — — — —
31.83 28.03 22.46 20.50 17.14 18.90
21.43 18.98 13.97 13.33 11.29 12.27
21.43 18.98 13.97 13.33 11.29 12.27
21.43 18.98 13.97 13.33 11.29 12.27

32.66 32.30 37.80 34.97 34.11 35.05

75.37 87.93 114.83 112.60 75.45 84.53
7.02 2.91 — -2.36 3.95 2.67
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Liquidity
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Ratio 2.45 2.37 2.41 2.52
Current Ratio 3.12 2.97 3.03 3.16
Quick Ratio 2.52 2.42 2.51 2.66
CFO/Avg Current Liab 0.86 0.72 0.55 0.56
Common Equity/Total Assets 71.51 69.44 63.89 64.98

Long-Term Debt/Equity 0.29 0.25 0.24 0.21

Long-Term Debt/Capital 0.29 0.25 0.24 0.21
Long-Term Debt/Total Assets 0.21 0.17 0.15 0.13

Total Debt/Equity 0.30 0.26 0.25 0.23

Total Debt/Capital 0.30 0.26 0.25 0.23
Total Debt/Total Assets 0.22 0.18 0.16 0.15

CFO/Total Liabilities 86.08 64.74 42.81 43.87

CFO/CapEx 20.17 25.99 11.01 12.14
Altman's Z-Score 14.55 16.81 11.89 13.13

Total Credit Lines Drawn — — — —

Source: Bloomberg Right click to show data transparency (not supported for all values)
quidity
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018
2.31 — 1.73 2.40 1.29 0.81
2.95 — 2.34 3.75 2.32 1.37
2.42 — 1.82 2.62 1.53 0.90
0.53 — — 0.33 0.49 0.46
63.58 — 56.88 71.47 66.81 52.12

0.18 — 0.14 0.07 0.05 0.03

0.18 — 0.14 0.07 0.05 0.03
0.12 — 0.08 0.05 0.03 0.01

0.21 — 0.17 0.11 0.08 0.05

0.21 — 0.17 0.11 0.08 0.05
0.13 — 0.10 0.08 0.05 0.03

39.85 — — 32.23 32.05 28.35

7.80 — — 1.21 1.05 1.33
15.87 21.37 13.49 24.85 16.31 7.33

0.0 — — — — —

ported for all values)

GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Working Capital
In Millions of INR except Per Share FY 2008 FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Accounts Receivable Turnover 35.39 34.17 42.70 35.95
Days Sales Outstanding 10.34 10.68 8.55 10.15
Inventory Turnover 2.97 3.00 4.30 3.15
Days Inventory Outstanding 123.33 121.73 84.98 115.82
Accounts Payable Turnover 2.82 2.76 3.80 3.83
Accounts Payable Turnover Days 129.93 132.06 96.11 95.41

Cash Conversion Cycle 3.74 0.35 -2.57 30.57

Inventory to Cash Days 133.67 132.41 93.53 125.97

Total Inventory 2,329.8 2,573.0 2,855.5 3,334.4

Inventory Raw Materials 649.9 567.8 641.8 582.3
Inventory In Progress 370.8 426.3 523.3 547.7
Inventory Finished Goods 1,269.7 1,542.9 1,645.1 2,181.1
Other Inventory 39.4 35.9 45.4 23.2
Source: Bloomberg Right click to show data transparency (not supported for all values)
orking Capital
FY 2012 FY 2013 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2012 12/31/2013 03/31/2015 03/31/2016 03/31/2017 03/31/2018
26.06 23.91 — 24.88 20.06 17.99
14.05 15.26 — 14.71 18.19 20.29
3.40 3.84 — 3.06 2.76 2.81
107.72 94.96 — 119.75 132.14 130.07
4.61 4.91 — 4.81 4.00 3.50
79.45 74.38 — 76.15 91.18 104.27

42.31 35.84 — 58.31 59.16 46.10

121.77 110.22 — 134.46 150.33 150.36

2,851.5 3,469.7 3,755.8 5,258.7 4,258.0 5,001.8

633.9 735.8 987.6 1,046.3 877.4 1,032.1
333.8 323.7 317.4 363.2 333.4 227.7
1,860.5 2,381.6 2,424.8 3,823.9 3,020.0 3,704.9
23.2 28.6 25.9 25.3 27.1 37.1
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Yield Analysis
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
T12 Cash Flows to Equity
+ Cash From Operations 4,683.3 4,745.0 4,542.0 —
+ Capital Expenditures -425.4 -390.8 -582.2 —
Free Cash Flow 4,258.0 4,354.2 3,959.8 —
Market Capitalization 164,760.1 183,640.4 253,965.1 270,908.7
Free Cash Flow Yield 2.58 2.37 1.56 —

Dividends Paid -3,939.4 -4,399.9 -4,933.6 —

Net Share Repurchases 0.0 0.0 0.0 —
Net ST Debt Repayments 0.0 0.0 0.0 —
Net LT Debt Repayments -2.6 -3.1 -4.5 —
Other Financing Activities 0.0 0.0 0.0 —
T12 Cash to Suppliers of Capital -3,942.0 -4,403.0 -4,938.1 —
Market Capitalization 164,760.1 183,640.4 253,965.1 270,908.7
T12 Shareholder Yield 2.39 2.40 1.94 —

- Dividends Paid -3,939.4 -4,399.9 -4,933.6 —

- Net Share Repurchases 0.0 0.0 0.0 —
T12 Cash to Shareholders 3,939.4 4,399.9 4,933.6 —
Market Capitalization 164,760.1 183,640.4 253,965.1 270,908.7
T12 Shareholder Yield, Ex Debt 2.39 2.40 1.94 —

T12 Cash Flows to the Firm

+ Cash From Operations 4,683.3 4,745.0 4,542.0 —
+ Capital Expenditures -425.4 -390.8 -582.2 —
+ After-Tax Interest Expense 2.3 2.3 2.2 —
Trailing 12M Free Cash Flow To Firm 4,260.3 4,356.5 3,962.0 —
Periodic Enterprise Value 144,098.8 162,579.5 233,496.8 —
T12 FCFF Yield 2.96 2.68 1.70 —

- Dividends Paid -3,939.4 -4,399.9 -4,933.6 —

- Net Share Repurchases 0.0 0.0 0.0 —
- Net ST Debt Repayments 0.0 0.0 0.0 —
- Net LT Debt Repayments -2.6 -3.1 -4.5 —
- Other Financing Activities 0.0 0.0 0.0 —
T12 Cash to Suppliers of Capital -3,942.0 -4,403.0 -4,938.1 —
Periodic Enterprise Value 144,098.8 162,579.5 233,496.8 —
T12 Capital Yield 2.74 2.71 2.11 —
Source: Bloomberg Right click to show data transparency (not supported for all values)
eld Analysis
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020

— 2,809.6 3,195.4 5,358.4 7,504.7 9,588.4

— -2,323.2 -3,044.3 -4,033.8
— 486.4 151.2 1,324.6 7,010.7 9,388.4
290,162.9 323,120.8 232,471.7 176,848.5
— 0.15 0.07 0.75

— -6,371.7 -5,097.3 -3,058.4

— 0.0 0.0 0.0
— — — —
— -7.4 -7.8 -6.1
— 0.0 0.0 0.0
— -6,379.1 -5,105.1 -3,064.5
290,162.9 323,120.8 232,471.7 176,848.5
— 1.97 2.20 1.73

— -6,371.7 -5,097.3 -3,058.4

— 0.0 0.0 0.0
— 6,371.7 5,097.3 3,058.4
290,162.9 323,120.8 232,471.7 176,848.5
— 1.97 2.19 1.73

— 2,809.6 3,195.4 5,358.4 7,504.7 9,588.4

— -2,323.2 -3,044.3 -4,033.8
— 2.7 1.6 1.2
— 489.1 152.8 1,325.8
271,094.7 309,252.5 223,174.5 163,923.8
— 0.16 0.07 0.81

— -6,371.7 -5,097.3 -3,058.4

— 0.0 0.0 0.0
— — — —
— -7.4 -7.8 -6.1
— 0.0 0.0 0.0
— -6,379.1 -5,105.1 -3,064.5
271,094.7 309,252.5 223,174.5 163,923.8
— 2.06 2.29 1.87
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - As Reported Summary
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Revenues 19,077.7 21,510.6 23,784.8 26,214.1
Expenses
Total Operating Expenses — — — —
Earnings
Net Income 5,078.6 5,605.7 4,285.9 5,618.8

Balance Sheet
Assets
Total Current Assets — 25,095.7 — —
Total Assets — — 30,297.1 30,884.0
Liabilities
Total Current Liabilities — — — —
Total Liabilities — — — —
Stockholder Equity
Total Shareholders Equity 17,860.9 19,515.8 — —
Total Liabilities and Shareholders Equity — — 30,297.1 30,884.0

Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 5,115.2 4,793.6 3,353.7 3,135.9
Cash From Investing Activities
Total Cash Flows From Investing 6,607.8 867.6 3,580.3 -1,096.5
Cash from Financing Activities
Total Cash Flows From Financing -3,948.4 -2,971.5 -3,948.1 -4,406.3
Net Change In Cash 7,774.6 2,689.7 2,985.9 -2,366.9
Source: Bloomberg Right click to show data transparency (not supported for all values)
s Reported Summary
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

25,383.4 26,399.4 — 28,379.1 29,999.9 —

— — — — — —

4,816.7 3,688.0 — 3,761.4 3,368.1 3,507.3

— — 25,869.9 21,737.3 16,742.5 21,864.1

31,295.2 — 32,156.7 30,548.8 30,038.4 39,474.8

— — 11,065.5 5,792.1 7,202.3 15,998.6

— — — 8,716.4 9,969.8 18,901.5

— — 18,289.7 21,832.5 20,068.6 20,573.3

31,295.2 — 32,156.7 30,548.8 30,038.4 39,474.8

2,813.1 — — 1,389.0 2,343.7 4,728.0

1,889.8 — — 4,990.2 3,006.4 -1,041.9

-4,941.4 — — -6,383.3 -5,107.6 -3,066.3

-238.5 — — -4.2 242.4 619.7
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Dividend Summary
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Dividends per Share 22.50 25.00 25.00 25.00
Dividends per Share - 5 Yr Geo Growth 21.49 6.79 17.84 10.76
Dividend Yield 2.06 2.08 1.67 1.56
Dividend Payout Ratio 88.93 75.37 87.93 114.83
Cash Dividend Coverage 1.12 1.33 1.14 0.87
Dividends Paid -3,939.4 -4,399.9 -4,933.6 —
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Total Cash Common Dividends 3,811.6 4,235.2 4,235.2 4,235.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 3,811.6 4,235.2 4,235.2 4,235.0
Trailing 12M Dividends Per Share 22.50 25.00 25.00 25.00
Source: Bloomberg Right click to show data transparency (not supported for all values)
vidend Summary
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
— 25.00 15.00 17.50 21.74 25.97
— — — —
1.46 1.64 1.82 1.44
— 112.60 75.45 84.53 81.07 79.01
— 0.89 1.33 1.18
— -6,371.7 -5,097.3 -3,058.4
— 0.0 0.0 0.0
— 4,235.2 2,541.1 2,964.6
— 0.0 0.0 0.0
— 4,235.2 2,541.1 2,964.6
— 25.00 15.00 17.50
ported for all values)
GlaxoSmithKline Pharmaceuticals Ltd (GLXO IN) - Sources of Capital
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Change Short Term Debt 2.6 0.0 0.6 1.4
Net Change Long Term Debt 51.6 -2.6 -3.1 -4.5
Net Change in Other Liabilities -387.1 1,474.5 2,353.7 —
Net Change in Liabilities -332.9 1,471.9 2,351.2 -124.4
Net Change in Liabilities % of Total -18.78 47.07 107.24 -21.20

Reinvested Earnings 2,537.5 2,217.6 474.2 1,383.7

External Equity Financing -431.9 -562.7 -633.1 -672.3
Net Change in Total Equity 2,105.6 1,654.9 -158.8 711.3
Increase In Equity % of Total 118.78 52.93 -7.24 121.20

Capital Employed 15,557.6 17,820.0 18,608.0 19,434.8

Source: Bloomberg Right click to show data transparency (not supported for all values)
ources of Capital
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018
0.9 — — 2.9 -1.7 -2.0
-5.4 — — -10.3 -6.1 -4.1
— — — -5,143.1 1,261.2 8,937.8
582.2 — — -5,150.5 1,253.4 8,931.7
141.57 — — 320.34 -245.53 94.65

581.5 -547.0 — -473.8 827.0 542.7

-752.5 — — 4,016.5 -2,591.0 -37.9
-171.0 — — 3,542.7 -1,763.9 504.7
-41.57 — — -220.34 345.53 5.35

18,969.8 — 17,187.4 20,722.1 17,852.8 17,613.5

ported for all values)