STATEMENT OF PROFIT AND LOSS of siemens LTD.

(Indian rupees millions)

Particulars 2014 2015 2016 2017 2018
Income
Revenue from Operation(gross) 109,544 105,124 112,289 113,483 127,251
Other Income 1,039 1,604 1,639 2,547 2,800
Total Revenue 110,583 106,728 113,928 116,030 130,051
Expenses
Raw materials consumed 25,870 24,419 27,024 32,968 29,237
Purchase of traded goods 24,413 24,802 28,093 19,596 28,757
(Increase) / decrease in inventories of finished goods,
work-in-progress and traded goods -1,487 1,062 -1,616 823 -921
Project bought outs and other direct costs 26,746 20,531 18,311 20,118 28,791
Excise duty 2,918 3,362 4,200 3,335 0
Employee benefits expense 14,118 13,942 14,529 13,926 14,487
Other expenses 11,023 10,607 12,016 12,205 13,739
Total Expense 103,601 98,725 102,558 102,971 114,090
EBITDA 6,982 8,003 11,370 13,059 15,961
Depreciation and amortization expense 2,291 2,156 2,264 1,966 1,967
PBET 4,691 5,847 9,106 11,093 13,994
Exceptional items(+) 3,827 7,828 29,923 5,675 0
PBT 8,518 13,675 39,029 16,768 13,994
Tax Expense
Current Tax 1,845 4,575 10,167 4,467 5,268
Deffered Tax -559 -556 76 -888 295
PAT 7231.558739 9655.541 28786.49 13188.58 8430.521
Earnings per Equity Share (in ` for an equity share of `
2each)
Basic 17.54 17 16.66
Diluted 16.94 33 81.1

BALANCE SHEET (in million)

EQUITY AND LIABILITIES
Equity share capital 712 712 712 712 712
Other Equity (Reserves & Surplus) 43,044 50,554 65,107 76,335 82,342
43756 51266 65819 77047 83054
Non-current liabilities
Trade Payables 0 1,217 525 41 2
Other Financial liablities 0 0 0 377 458
Long term provisions 2669 2516 2012 2019 2146
Other non current Liablities 522 0 0 177 146
46947.02886 54,999 68,356 79661.02 85,806
Current liabilities
Trade Payables 27373 765 698 26515 1,249
Other trade payables 0 22882 21223 29052
Other Financial liablities 0 3,980 4,052
Short term provisions 11797 13944 16009 8231 8866
Current tax Liablities 822 1194
Other current Liablities 16471 12687 11129 12022 12273
55,641 50,278 49,059 51,570 56,686
TOTAL 102588.4253 105277.1 117415.1 131231.4 142492.1

ASSETS
Non-current assets
Fixed Assets
Tangible 13,442 13,444 11,888 13,291 13,481
Intingble 896 906 67 53 33
Capital wip 409 321 791 1,430 624
Non current investments 82 1,764 1,647 550 550
Trade Recivables 569 746
other financial assets 330 378
Deferred tax assets(net) 3,738 3,175 3,253 2,442 2,665
Long term loans and adance 6358 7260 7621 2483 5308
Income tac assets (net) 6349
other non current assets 4183 1761 1146 2098 3154
29108 28631 26413 28621 33288
Current assets
Inventories 10472 9509 9993 10165 11389
Trade Recivables 36437 30183 30159 34156 36504
Cash and cash equilants 11210 20959 35094 40713 36457
other financial assets 10013 17543
Short term loans and advances 7776 7698 7905 3733 3425
Other current assets 8367 9114 7851 3830 3886
74262.59589 77463 91002 102610 109204
Total 102588 106094 117415 131231 142492
2019 E 2020 E 2021 E 2022 E

132,516 137,998 143,708 149,653

3,896 5,422 7,546 10,501
136,412 143,421 151,253 160,154

32,981 34,676 36,570 38,722

29,731 31,258 32,966 34,905

-482 -507 -535 -566

14,590 14,694 14,798 14,903

14,060 14,783 15,590 16,508
90,881 94,904 99,389 104,472

45,532 48,517 51,865 55,682

3,277 3,462 3,646 3,831
42,255 45,055 48,218 51,851
0 0 0 0
42,255 45,055 48,218 51,851

1,798 1,918 2,052 2,207

0 0 0 0
40456.33 43137.65 46166.13 49644.46

712 712 712 712

122,798 165,936 212,102 261,747
123510.3 166648 212814.1 262458.6

2 2 2 2
458.6202 459.2413 459.8632 460.4859
2188.607 2232.061 2276.377 2321.573
146.2152 146.4306 146.6464 146.8625
126,306 169,488 215,699 265,389
 1,374 1,511 1,661 1,827
29052 29052 29052 29052
4,052 4,052 4,052 4,052
8866 8866 8866 8866
1194 1194 1194 1194
13656.13 15195.14 16907.59 18813.02
58,194 59,870 61,733 63,804
184499.5 229357.6 277432.1 329193.8

20,668 21,868 23,068 24,268

13 -7 -27 -47
624 624 624 624
550 550 550 550
746 746 746 746
378 378 378 378
2665 2665 2665 2665
5308 5308 5308 5308
6349 6349 6349 6349
3154 3154 3154 3154
40455 41635 42815 43995

12406.46 13514.82 14722.2 16037.45

47105.37 60785.57 78438.72 101218.6
59265.91 87719.24 115292.4 141292.1
17543 17543 17543 17543
3610.183 3805.378 4011.127 4228.001
4113.61 4354.551 4609.604 4879.597
144044.5 187722.6 234617.1 285198.8
184499.5 229357.6 277432.1 329193.8
STATEMENT OF PROFIT AND LOSS of siemens LTD.
(Indian rupees millions)
Particulars 2014 2015 2016 2017
Income
Revenue from Operation(gross) 109,544 105,124 112,289 113,483
Other Income 1,039 1,604 1,639 2,547
Total Revenue 110,583 106,728 113,928 116,030
Expenses
Raw materials consumed 25,870 24,419 27,024 32,968
% of Sales 23% 23% 24% 28%
Purchase of traded goods 24,413 24,802 28,093 19,596
% of Sales 22% 23% 25% 17%
(Increase) / decrease in inventories of finished
goods, work-in-progress and traded goods -1,487 1,062 -1,616 823
% of Sales -1% 1% -1% 1%
Project bought outs and other direct costs 26,746 20,531 18,311 20,118
Excise duty 2,918 3,362 4,200 3,335
Employee benefits expense 14,118 13,942 14,529 13,926
% Increase -1% 4% -4%
Other expenses 11,023 10,607 12,016 12,205
% of Sales 10% 10% 11% 11%
Total Expense 103,601 98,725 102,558 102,971
EBITDA 6,982 8,003 11,370 13,059
Depreciation and amortization expense 2,291 2,156 2,264 1,966
PBET 4,691 5,847 9,106 11,093
Exceptional items(+) 3,827 7,828 29,923 5,675
PBT 8,518 13,675 39,029 16,768
Tax Expense
% of Sales 1% 4% 9% 3%
Current Tax 1,845 4,575 10,167 4,467
Deffered Tax -559 -556 76 -888
PAT 7,232 9,656 28,786 13,189
Earnings per Equity Share (in ` for an equity share of
` 2each)
Basic 17.54 17 16.66 -
Diluted 16.94 33 81.1 -

BALANCE SHEET (in million)

EQUITY AND LIABILITIES
Equity share capital 712 712 712 712
Other Equity (Reserves & Surplus) 43,044 50,554 65,107 76,335
43,756 51,266 65,819 77,047
Non-current liabilities
Trade Payables 0 1,217 525 41
Other Financial liablities 0 0 0 377
% Sales/Revenue 0% 0% 0% 0%
Long term provisions 2,669 2,516 2,012 2,019
% Sales/Revenue 2% 2% 2% 2%
Other non current Liablities 522 0 0 177
% Sales/Revenue 0% 0% 0% 0%
46,947 54,999 68,356 79,661

Current liabilities
Trade Payables 27,373 765 698 26,515
% Sales/Revenue 25% 1% 1% 23%
Other trade payables 0 22,882 21,223
Other Financial liablities 0 3,980
Short term provisions 11,797 13,944 16,009 8,231
Current tax Liablities 822
Other current Liablities 16,471 12,687 11,129 12,022
% Sales/Revenue 15% 12% 10% 10%
55,641 50,278 49,059 51,570
TOTAL 102,588 105,277 117,415 131,231

ASSETS
Non-current assets
Fixed Assets
Tangible 13,442 13,444 11,888 13,291
Intingble 896 906 67 53
Capital wip 409 321 791 1,430
Non current investments 82 1,764 1,647 550
Trade Recivables 569
other financial assets 330
Deferred tax assets(net) 3,738 3,175 3,253 2,442
Long term loans and adance 6,358 7,260 7,621 2,483
Income tac assets (net)
other non current assets 4,183 1,761 1,146 2,098
29,108 28,631 26,413 28,621
Current assets
Inventories 10,472 9,509 9,993 10,165
% Sales/Revenue 9% 9% 9% 9%
Trade Recivables 36,437 30,183 30,159 34,156
% Sales/Revenue 33% 28% 26% 29%
Cash and cash equilants 11,210 20,959 35,094 40,713
% Sales/Revenue 10% 20% 31% 35%
other financial assets 10,013
Short term loans and advances 7,776 7,698 7,905 3,733
% Sales/Revenue 7% 7% 7% 3%
Other current assets 8,367 9,114 7,851 3,830
% Sales/Revenue 8% 9% 7% 3%
74,263 77,463 91,002 102,610
Total 102588 106,094 117,415 131,231

Particulars 2014 2015 2016 2017

gross block 2,014 2,015 2,016 2,017
depreciation 2,291 2,156 2,264 1,966
% of TANGIABLE, INTANGIBLE AND CWIP 16% 15% 18% 13%

CAPEX 887 621 -396 -8,986

% of capex based on GB 44% 31% -20%
 2018 2019 E 2020 E 2021 E 2022 E

127,251 132,516 137,998 143,708 149,653

2,800 3896.47768 5422.33511 7545.71704 10500.61357
130,051 136,412 143,421 151,253 160,154

29,237 32981.3734 34675.8541 36569.6453 38721.58927

22% 0.242
28,757 29,730.92 31,258.40 32,965.55 34,905.41
22% 0.218

-921 -482.07 -506.84 -534.52 -565.97

-1% -0.004
28,791

14,487 14589.9222 14693.5756 14797.9653 14903.09676

4% 0.007
13,739 14060.4424 14782.8243 15590.1752 16507.58045
11% 0.103
114,090 90,881 94,904 99,389 104,472

15,961 45,531.65 48,516.86 51,864.65 55,682.29

1,967 3276.84 3461.52 3646.20 3830.88
13,994 42,255 45,055 48,218 51,851

13,994 42,255 45,055 48,218 51,851

4% 3% 3% 3% 3% 4%
5,268 1798.48652 1917.685 2052.31617 2206.945246
295
8,431 40,456 43,138 46,166 49,644

712 712 712 712 712 CONSTANT

82,342 122,798 165,936 212,102 261,747
83,054 123,510 166,648 212,814 262,459
 2 2 2 2 2 Average
458 458.62021 459.241261 459.863152 460.4858851
0% 0%
2,146 2188.60747 2232.06088 2276.37704 2321.573059
2% 2%
146 146.215161 146.43064 146.646436 146.8625499
0% 0%
85,806 126,306 169,488 215,699 265,389

1,249 1373.6378 1510.71322 1661.4674 1827.265357

1% 10%
29,052 29,052 29,052 29,052 29,052
4,052 4,052 4,052 4,052 4,052
8,866 8,866 8,866 8,866 8,866
1,194 1,194 1,194 1,194 1,194
12,273 13656.1316 15195.1381 16907.5861 18813.02215
9% 11%
56,686 58,194 59,870 61,733 63,804
142,492 184,500 229,358 277,432 329,194

13,481 20,668 21,868 23,068 24,268

33 13 -7 -27 -47
624 624 624 624 624
550 550 550 550 550
746 746 746 746 746
378 378 378 378 378
2,665 2,665 2,665 2,665 2,665
5,308 5,308 5,308 5,308 5,308
6,349 6,349 6,349 6,349 6,349
3,154 3,154 3,154 3,154 3,154
33,288 40,455 41,635 42,815 43,995

11,389 12406.4637 13514.825 14722.2044 16037.44794

9% 9%
36,504 47105.3747 60785.5666 78438.716 101218.6365
28% 29%
36,457 59,266 87,719 115,292 141,292
28% 25%
17,543 17,543 17,543 17,543 17,543
 3,425 3610.18287 3805.37822 4011.12738 4228.000983
3% 5%
3,886 4113.60963 4354.55075 4609.60419 4879.596553
3% 6%
109,204 144044.537 187722.563 234617.053 285198.7832
142,492 184,500 229,358 277,432 329,194

2018 2019 E 2020 E 2021 E 2022 E

2,018 2,375 2,796 3,291 3,874 0.000
1,967 357.31 420.58 495.04 582.70 average
14% 0.150

1,266 1,200 1,200 1,200 1,200 average

63% 51% 43% 36% 31% 0.295
 CAGR
0.041
0.392 CAGR

Average
 0 0 0
DCF APPROACH
Particulars 2014 2015 2016
EBITDA 6,982 8,003 11,370
less: Tax 2444 2801 3980
Add: depn*Tax 97.5 91.8 96.4
Less: Capex 887 621 -396
Less: Changes in Working Capital 19,208 962 2,688
Free Cash Flow -15,459.48 3,710.42 5,195.18
PV of FCFF (Explicit Period) -15459.48 3710.42 5195.18

Total PV of FCF (Explicit Period) 44001.53

Total of FCF (TERMINAL Period) 58979.1854221579

discounted FCF ( TERMINAL Period) 31463.4870184396
Total Value 75465.01

Target Price Per Share 2156.1432640511

Assumption:
WACC 0.1701
Ke
Kdt
Rf 0.07
Beta 0.9
Rm 0.12
No of Outstanding Shares (in million) 35
Growth 5%
Tax Rate 35%
 0 0 1 2 3

2017 2018 2019 E 2020 E 2021 E

13,059 15,961 45,531.65 48,516.86 51,864.65
4571 5586 15936 16981 18153
83.7 83.7 139.5 147.3 155.2
-8,986 1,266 1,200 1,200 1,200
-4,300 6,369 10,524 13,549 17,458
21,857.76 2,823.06 18,011.18 16,934.68 15,209.09
21857.76 2823.06 15392.86 12368.90 9493.67
 4

2022 E
55,682.29
19489
163.1
1,200
22,511
12,645.74
6746.10
DEPRECIATION SCHEDULE (Rs. In Million)
Particulars 2013 2014 2015
Tangible Assets 25,811 27,178 27,887
Captial work-in-Progess 889 409 321
Gross Block 26,700 27,587 28,208
Capex 887 621
Current year Depreciation 2,436 2,291 2,156
less: Acc Dep 12,252 13,736 14,443

Net Block 13,559 13,442 13,444

Intangible Assets
Gross Assets 1,041 936 936
Change -105 0
Acc. Amortization 59 40 30
Change -19 -10
Net Assets 982 896 906
2016 2017 2018 2019 E 2020 E 2021 E
27,021 17,396 19,468 20,668 21,868 23,068
791 1,430 624 624 624 624
27,812 18,826 20,092 21,292 22,492 23,692
-396 -8,986 1,266 1,200 1,200 1,200
2,264 1,966 1,967 3276.84 3461.52 3646.20
4,030 5,996 7,963 11,240 14,701 18,348

22,991 11,400 11,505 9,428 7,167 4,720

96 106 106 106 106 106

-840 10 0
29 53 73 93 113 133
-1 24 20 20 20 20
67 53 33 13 -7 -27
2022 E
24,268
624
24,892
1,200
3830.88
22,178

2,090

106

153
20
-47
 CHANGES IN WORKING CAPITAL SCHEDULE (Rs. In M
Particulars 2014 2015 2016 2017

Current Assets 63,052 56,504 55,908 61,897

Current Liabilities 43,844 36,334 33,050 43,339
Net Working Capital 19,208 20,170 22,858 18,558
Changes in Working Capital 19,208 962 2,688 -4,300
CHEDULE (Rs. In Million)
2018 2019 E 2020 E 2021 E 2022 E

72,747 84,779 100,003 119,325 143,907

47,820 49,328 51,004 52,867 54,938
24,927 35,451 48,999 66,458 88,968
6,369 10,524 13,549 17,458 22,511

2013
current asset Current liablity
9,334 25,518
37,668 15,700
4,909 41,218
8,215
60,126 Net working capital 0
Particulars 2014 2015 2016 2017 2018 2019 E 2020 E 2021 E
current ratio 1.334664 1.54069 1.854946 1.98971 1.926469 2.475257 3.135511 3.800509
Quick Ratio 1.2512 1.351562 1.651253 1.7926 1.9126 1.9675 2.0526 2.1245

Debt Equity Ratio 0 0 0 0 0 0 0 0

Net Debt to Equity Ratio 0 0 0 0 0 0 0 0

Return on assets 0.070491 0.091715 0.245168 0.100499 0.059165 0.219276 0.18808 0.166405
Return on Equity 0.070491 0.091009 0.245169 0.100499 0.059165 0.219276 0.18808 0.166405

EPS 203.1337 271.2231 808.6092 370.4658 236.8124 1136.414 1211.732 1296.802

Current share price 1230.75 outstanding shares

 2022 E
4.4699
2.2025

0
0

0.150806
0.150806

1394.507

outstanding shares 35.6 Cr