Annual report 2012-2013 - Aditya Birla Nuvo, Ltd

Aditya Birla Nuvo Limited
MANAGEMENT DISCUSSION AND ANALYSIS
Earnings in the Carbon Black and Insulators
businesses were constrained due to cheaper
imports.
Finance costs related to NBFC business increased
in line with the growth in its lending book. Other
finance costs increased mainly due to higher
working capital employed in the Agri business on
account of increase in subsidy receivable from
the Government coupled with consolidation of
financials of Pantaloons Business acquired with
effect from 1st July, 2012.
Consolidated Balance Sheet
Tax expenses increased mainly in the standalone
financials, Telecom and NBFC businesses.
ABNL’s consolidated net profit grew by 19% from
` 890 Crore to ` 1,059 Crore.
Consolidated Balance Sheet
Net worth increased by ` 1,867 Crore to ` 9,384
Crore, led by promoters infusion of ` 832 Crore
and profit earned during the year.
Net debt 3 , excluding NBFC borrowings, increased
from ` 7,491 Crore to ` 9,391 Crore, firstly, due
(` Crore)
March March
2013 2012
Net Worth 9,384 7,517
Total Debt 1 11,799 9,224
NBFC Borrowings 6,903 2,973
Minority Interest 940 301
Deferred Tax Liabilities (Net) 428 317
Capital Employed 29,455 20,331
MANAGEMENT DISCUSSION AND ANALYSIS
Life Insurance Policyholders’ Funds
(Including Funds for Future Appropriation) 21,576 19,964
Total Funds Employed 51,031 40,295
Net Fixed Assets (Including Capital Advances) 10,677 9,354
Goodwill 4,825 3,177
Long term Investments 354 319
Life Insurance Investments 22,929 21,110
Policyholders’ Investments 21,559 20,095
Shareholders’ Investments 1,371 1,015
NBFC Lending 8,000 3,425
Net Working Capital 1 1,837 1,177
Cash Surplus and Current Investments 2 2,409 1,733
Total Funds Utilised 51,031 40,295
Book Value per Equity Share (`) 781 662
Net Debt 3 /EBITDA (x) 2.3 2.3
Net Debt 3 /Equity (x) 1.00 1.00
Note 1 :
Note 2 :
Note 3 :
Total Debt and Net Working Capital are excluding MTM gain of ` 22 Crore as on 31 st March, 2013, and MTM loss of ` 104 Crore as on
31 st March, 2012, w.r.t. fully hedged foreign currency working capital debt.
Include cash, cheques in hand, remittances in transit, balances with banks, fertilisers bonds and current investments.
Total Debt less Cash Surplus and Current Investments.
Annual Report 2012-2013 25