2007-2008 - Cgglobal.com

PROFIT AFTER TAX Despite the increase in
tax liabilities, profit after tax (PAT) grew 63% to
Rs.3,139 million.
ROCE Notwithstanding increase in fixed assets,
return on capital employed showed a sharp
improvement from 34.4% in 2006-07 to 47.9%
in 2007-08. This has been brought about by two
factors. First, a control on debtors and inventory,
which shows up in the improved asset turns
(the number of times net working capital has
turned during the year) — and has improved
from 8.1 times in 2006-07 to 10.7 times in 2007-
08. Second, an increase in profitability, which
can be seen from the PBT to net sales ratio,
which improved from 9.1% in 2006-07 to 12.5%
in 2007-08.
LEVERAGE RATIOS also showed improved
substantially during 2007-08. Debt-equity
ratio dropped from 0.4 to 0.1, while the interest
coverage ratio (indicating the standalone
entity’s capability to service debt) increased
from 12.4 to 20.4. Interest costs, in absolute
terms, have actually reduced in 2007-08, in spite
of its growth in operations, thus underscoring
the standalone entity’s ability to optimally
utilise its working capital and fixed assets.
GANZ SPECIALISES IN GIS UPTO 145KV DEPICTED IN THE PICTURE IS A 145 KV COMPACT GIS SUBSTATION
READY FOR ENERGIZATION
TABLE
08
PERFORMANCE OF PAUWELS, GANZ AND MICROSOL
YEAR ENDED 31 MARCH FY 2007 FY 2007 FY 2008 FY 2008
RS. MILLION US$ MILLION RS. MILLION US$ MILLION
GROSS SALES & SERVICES 23,321.9 536.5 30,061.5 749.3
NET SALES & SERVICES 23,321.9 536.5 30,061.5 749.3
OPERATING EBIDTA 1,375.4 31.6 2,251.0 56.1
OTHER NON-OPERATING INCOME (NOI) 671.5 15.4 224.8 5.6
EBIDTA INCLUDING NOI 2,046.9 47.0 2,475.8 61.7
INTEREST & COMMITMENT CHARGES 263.4 6.1 379.8 9.5
DEPRECIATION, AMORTISATION &
IMPAIRMENT
554.4 12.8 820.9 20.5
OPERATING PBT 557.6 12.7 1,050.3 26.1
PBT INCLUDING NOI 1,229.1 28.1 1,275.1 31.7
LESS: PROVISION FOR TAXES
CURRENT TAX 259.4 6.0 434.3 10.8
DEFERRED TAX 74.8 1.7 (111.5) (2.8)
PAT 894.9 20.4 952.3 23.7
MINORITY INTEREST (43.8) (1.0) (51.4) (1.3)
SHARE OF PROFIT/(LOSS) OF ASSOCIATES (1.0) 0.0 0.8 0.0
TRANSFERRED FROM INVESTMENT GRANT 16.4 0.4 1.4 0.0
BALANCE CARRIED FORWARD TO THE
BALANCE SHEET
866.5 19.8 903.1 22.4
NOTES Since Microsol was acquired on 28 May 2007, the 2007-08 figures from the date of acquisition have been considered while
consolidating the financials. In the case of Pauwels and Ganz, the full year’s figures have been taken into account.
For 2007-08 US$1 = Rs.40.12; for 2006-07, US$1 = Rs.43.47.
PAUWELS, GANZ AND MICROSOL
PERFORMANCE (CG INTERNATIONAL
BV: CONSOLIDATED)
The consolidated financial performance of
the Pauwels group of companies, Ganz and
Microsol is reported in Table 8.
GROSS SALES of the Company reached
Rs.30,062 million (US$ 749.3 million) in 2007-08,
representing a 29% growth over the previous
year.
OPERATING EBIDTA at Rs.2,251 million (US$
56.1 million) reflects a 64% rise over last year’s
figures.
OPERATING PBT for 2007-08 was at Rs.1050
million (US$ 26.1 million). In rupee terms, it
represented an almost 88% rise over 2006-07. In
US dollars terms, the growth was 206% over the
previous year. Including non-operating income,
PBT for 2007-08 grew by 4% to Rs.1275 million
(2006-07: Rs. 1,229 million).
PAT Profit after taxes has grown 6% during
2007-08 to reach Rs. 952.3 million. In US dollars,
PAT for 2007-08 was US$ 23.7 million.
26 ANNUAL REPORT 2007–2008 CROMPTON GREAVES LIMITED