ABG Shipyard (ABGSHI) - ICICI Direct

Financial summary
Profit and loss statement
(| Crore)
(Year-end March) FY12 FY13E FY14E FY15E
Total operating Income 2,472.5 2,251.6 2,398.1 2,493.1
Growth (%) 15.7 -8.9 6.5 4.0
Raw Material Expenses 1,264.6 1,097.3 1,171.7 1,212.9
Employee Expenses 99.1 81.1 86.3 87.3
Mfg & Other expenses 432.7 382.8 407.7 423.8
Incr/Decr in WIP -22.4 0.6 0.6 0.5
Other expenses 0.0 0.0 0.0 0.0
Total Operating Expenditure 1,774.1 1,617.5 1,730.6 1,788.8
EBITDA 698.4 634.1 667.5 704.3
Growth (%) 28.2 28.2 27.8 28.3
Depreciation 109.7 101.1 103.7 117.0
Interest 343.1 404.4 414.7 431.9
Other Income 43.7 50.0 50.0 50.0
PBT 289.3 178.5 199.1 205.4
Others -5.0 -3.5 1.2 1.6
Total Tax 98.6 61.8 69.8 71.9
PAT 185.8 113.2 130.5 135.1
Growth (%) -4.2 -39.1 15.2 3.6
EPS (|) 36.5 22.2 25.6 26.5
Source: Company, ICICIdirect.com Research
Cash flow statement
(| Crore)
(Year-end March) FY12 FY13E FY14E FY15E
Profit after Tax 185.8 113.2 113.2 130.5
Add: Depreciation 109.7 101.1 101.1 103.7
(Inc)/dec in Current Ass -1,270.4 -199.3 -199.3 -333.5
Inc/(dec) in CL and Prov 224.0 -139.7 -139.7 281.6
Others 379.4 3.5 3.5 -1.2
CF from operating activi -371.5 -121.1 -121.1 181.2
(Inc)/dec in Investments 1.4 0.0 0.0 0.0
(Inc)/dec in Fixed Asset -556.4 -101.1 -101.1 -103.7
Others 0.0 0.0 0.0 0.0
CF from investing activi -555.0 -101.1 -101.1 -103.7
Issue/(Buy back) of Equ 0.0 0.0 0.0 0.0
Inc/(dec) in loan funds 871.8 169.3 169.3 -122.8
Dividend paid & dividend -23.6 0.0 0.0 23.8
Inc/(dec) in Sec. premiu 0.0 0.0 0.0 0.0
Others 0.0 0.0 0.0 0.0
CF from financing activi 848.2 169.3 169.3 -99.0
Net Cash flow -280.1 -53.0 -53.0 -21.5
Opening Cash 644.7 364.8 364.8 374.5
Closing Cash 364.8 374.5 344.5 424.7
Source: Company, ICICIdirect.com Research
Balance sheet
(| Crore)
(Year-end March) FY12 FY13E FY14E FY15E
Liabilities
Equity Capital 50.9 50.9 50.9 50.9
Reserve and Surplus 1,452.7 1,510.3 1,616.9 1,728.2
Total Shareholders funds 1,503.6 1,561.2 1,667.8 1,779.1
Long term Borrowings 1,365.3 1,534.6 1,411.7 1,287.2
Deferred Tax Liability 466.3 466.3 466.3 466.3
Minority Interest 9.3 12.8 11.7 10.0
Total Liabilities 3,350.4 3,574.9 3,557.5 3,542.6
Assets
Gross Block 1,525.3 1,625.3 1,700.3 1,775.3
Less: Acc Depreciation 445.4 546.5 650.3 767.3
Net Block 1,079.9 1,078.8 1,050.0 1,008.0
Capital WIP 1,424.0 1,324.0 1,249.0 1,174.0
Intangible assets 36.0 36.0 36.0 36.0
Total Fixed Assets 2,539.81 2,438.69 2,334.95 2,217.91
Non Current Investments 6.8 6.8 6.8 6.8
Long term loans and advances 725.1 732.3 796.9 864.7
Current Investments 222.1 222.1 222.1 222.1
Inventory 3,357.5 3,547.0 3,679.3 3,790.9
Debtors 72.1 92.5 98.6 102.5
Loans and Advances 1,296.7 1,233.8 1,314.0 1,366.1
Other Current Assets 522.4 574.6 689.5 827.4
Cash 364.8 374.5 344.5 424.7
Total Current Assets 5,835.53 6,044.59 6,348.03 6,733.71
Short term borrowings 2,036.70 2,851.38 3,136.52 3,450.17
Creditors 1,071.7 925.3 919.8 956.3
other curr liab & Provisions 2,678.9 1,870.8 1,872.8 1,874.1
Total Current Liabilities 5,787.22 5,647.52 5,929.17 6,280.56
Net Current Assets 48.31 397.07 418.86 453.14
Others non current assets 30.4 0.0 0.0 0.0
Application of Funds 3,350.4 3,574.9 3,557.5 3,542.6
Key ratios
(Year-end March) FY12 FY13E FY14E FY15E
Per share data (|)
EPS 36.5 22.2 22.2 25.6
Cash EPS 59.0 53.8 53.8 58.4
BV 295.3 306.6 306.6 327.5
DPS 0.0 4.0 4.0 4.0
Cash Per Share 71.6 73.6 73.6 67.7
Operating Ratios (%)
PBT / Total Operating in 11.7 7.9 7.9 8.3
Inventory days 495.7 575.0 575.0 560.0
Debtor days 10.6 15.0 15.0 15.0
Creditor days 158.2 150.0 150.0 140.0
Return Ratios (%)
RoE 12.7 11.1 11.1 11.6
RoCE 20.9 19.4 19.4 20.6
RoIC 7.4 4.2 4.2 4.8
Valuation Ratios (x)
P/E 10.1 16.6 16.6 14.4
EV / EBITDA 4.1 4.4 4.4 4.0
EV / Net Sales 1.2 1.3 1.3 1.2
Market Cap / Sales 0.8 0.8 0.8 0.8
Price to Book Value 1.2 1.2 1.2 1.1
Solvency Ratios
Debt/EBITDA 2.0 2.4 2.4 2.1
Debt / Equity 2.1 2.7 2.7 2.7
Current Ratio 2.0 2.0 2.0 2.0
Quick Ratio 2.3 2.7 2.7 2.9
Source: Company, ICICIdirect.com Research
Source: Company, ICICIdirect.com Research
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