2007-2008 - Cgglobal.com

FINANCIALS IN US DOLLARS CG STANDALONE CGIBV CONSOLIDATED*@ CG CONSOLIDATED**
PARTICULARS IN USD MILLION 31.3.2008 31.3.2007 31.3.2008 31.3.2007 31.3.2008 31.3.2007
(A) GROSS SALES 1052.5 842.0 749.3 536.5 1790.0 1365.1
(B) LESS: EXCISE DUTY 86.5 67.3 0 0 87.0 67.7
966.0 774.7 749.3 536.5 1703.0 1297.4
(C) LESS: OPERATING EXPENSES 845.5 696.0 693.2 504.9 1517.6 1186.3
(D) OPERATING PROFIT 120.5 78.7 56.1 31.6 185.4 111.1
(E) ADD: DIVIDEND AND OTHER INCOME 17.4 8.0 5.6 15.4 16.9 24.2
(F) PROFIT BEFORE INTEREST, DEPRECIATION,
137.9 86.7 61.7 47.0 202.3 135.3
AMORTISATION AND TAXES
(G) LESS: INTEREST 6.8 7.0 9.5 6.1 17.5 13.0
(H) PROFIT BEFORE DEPRECIATION, AMORTISATION AND TAXES 131.1 79.7 52.2 40.9 184.8 122.3
(I) LESS: DEPRECIATION, AMORTISATION AND IMPAIRMENT 10.1 9.1 20.5 12.8 31.5 22.0
(J) PROFIT BEFORE TAX 121.0 70.6 31.7 28.1 153.3 100.3
(K) LESS: PROVISION FOR CURRENT YEAR TAX 37.9 19.3 10.8 6.0 49.1 25.6
(L) LESS: PROVISION FOR DEFERRED TAX 3.7 6.1 (2.8) 1.7 0.8 7.8
(M) LESS: PROVISION FOR FRINGE BENEFIT TAX 1.2 1.0 0 0 1.3 1.0
(N) PROFIT AFTER TAX 78.2 44.2 23.7 20.4 102.1 65.9
(O) MINORITY INTEREST 0 0 (1.3) (1.0) (1.2) (1.1)
(P) SHARE OF PROFIT/(LOSS) OF ASSOCIATE COMPANIES 0 0 0 0 0.4 0
(Q) PROFIT AFTER TAX, MINORITY INTEREST AND SHARE OF
78.2 44.2 22.4 19.4 101.3 64.8
PROFIT/(LOSS) OF ASSOCIATE COMPANIES
(R) BALANCE BROUGHT FORWARD FROM PREVIOUS YEARS 77.2 41.7 0 0 0 0
(S) TRANSFERRED FROM ASSOCIATE COMPANIES 0 0 0 0 0 0
(T) TRANSFER (TO)/FROM DOUBTFUL DEBTS RESERVE 4.0 2.1 0 0 4.0 2.1
(U) TRANSFER FROM INVESTMENT GRANTS 0 0 0 0.4 0 0
APPROPRIATION/DISTRIBUTION
(V) TRANSFER TO GENERAL RESERVE (7.8) (4.4) 0 0 0 0
(W) DIVIDEND (14.6) (10.8) 0 0 (14.6) (10.8)
(X) CORPORATE TAX ON DIVIDEND (2.5) (1.5) 0 0 (2.4) (1.6)
BALANCE CARRIED TO BALANCE SHEET 134.5 71.3 22.4 19.8 88.3 54.5
NOTE *Consolidated Accounts of CG International BV, the holding company for the Pauwels, Ganz & Microsol Acquisitions.
** Includes results of Pauwels, Ganz, Microsol, Indian Subsidiaries and Associates.
@ Figures have been regrouped for the purposes of consolidation.
the Board of Directors, at its Meeting held on
30 January 2008, has approved extension of his
term as Managing Director for a further period
of two years from 3 May 2009 to 2 May 2011.
Members’ approval is being sought to his reappointment
and the terms related thereto.
The details of the Directors being
recommended for re-appointment are
contained in the accompanying Notice of the
forthcoming Annual General Meeting.
Research and Development
The Company has planned its product portfolio
upto the year 2010, to steer and align its R&D
with its business drivers. Towards achieving this
core purpose, during the year the CG Global
R&D Centre concentrated on developing new
platform technologies, as well as, improving
the existing product technologies. R&D
has developed and implemented a New
Product Development System (NPD) across all
locations in India for monitoring the progress
of platform and breakthrough technologies
identified as future business drivers. A Business
Development Cell has been formed within
CG Global R&D Centre to monitor and ensure
successful commercialisation of R&D projects.
During the year, the Company was Nationally
recognised, by being bestowed the prestigious
“National Award for the Best R&D Efforts” for
its outstanding achievements in the Electrical
Engineering Sector from the Department of
Scientific and Industrial Research (DSIR). The
Company also received other awards such as
“Golden Peacock Innovation Award” and “Best
Product Award” at Elecrama 2007.
CG Global R&D Centre has also received
accreditation from the National Accreditation
Board for Testing and Calibration Laboratories
(NABL) which is a formal recognition of its
technical competency as a testing / calibration
laboratory for ISO/IEC 17025 standards. This
accreditation, besides being testimony to CG
36 ANNUAL REPORT 2007–2008 CROMPTON GREAVES LIMITED