Final Book1

Delta Sp
Statement of
From The Ye
(Amou
Classification
OA1
OA1
OA2
OA3
OA4
FA1
OA5
OA6
OA7
FA2
OA8
FA3
S
OA9
CSE
(All figures are in million BDT)
2009-10
Property Plant & Equipment

Investments in Associates
Other long term investments
share issue expenses
Preliminary expenses
Other non-current assets
Investment Property
Other Receivables
Total Non Current Assets
Inventory
Trade & other receivables
FDR
LC margin
Advance and deposits
Cash & cash equivalents
Other Assets
Prepayments
Total Current Assets
Total Assets
Stated capital
Share Premium
reserve surplus
Tax holiday reserve
Revaluation Reserve
Capital reserve
General reserve
Proposed dividend
Retained Earnings
Other Equity Components
Shareholders' funds
Minority Interest
Total Equity
1236.72
0.00
0.00
0.00
0.00
1.17
0.00
0.00
1237.89
602.59
77.50
119.18
19.61
0.00
6.71
0.00
37.30
862.89
2100.78
305.75
0.00
0.00
34.01
0.00
4.21
285.95
30.58
51.55
0.00
0.00
0.00
712.04
Interest Bearing Borrowings

Long term loans
955.21
0.00
OL1
OL2
OL3
FL1
FL2
FL3
FL4
OL4
OL5
OL6
OL7
FL5
OL8
OL9
OL10
OL11
OL12
Defferred Tax Liabilities

Other non-current liabilities
Total Non Current Liabilities
Working capital loan
Trade & other payables
Sundry Creditors
Accrued expenses
0.00
0.00
0.00
955.21
323.83
1.56
0.00
53.40
Long term loans payable within one

year
Short term loans
Unclaimed dividend (directors)
Unclaimed dividend
Workers profit participation fund
Provision for taxes
Deferred Tax liability
Liability for expense
Liabilities for other finance
Tax payable
0.00
3.93
9.47
18.41
0.57
0.00
0.00
7.57
0.00
0.00
14.80
Current portion of interest bearing

borrowings
Other current liabilities
Short Term bank loan
Total Current Liabilities
Total Owners Equity & Liabilities
0.00
0.00
0.00
433.53
2100.78
Book Value Per Share

Check
23.29
0.00
Delta Spinners Limited

Statement of Financial Position
From The Year 2010 to 2014
(Amounts in Million)
2010-11
2011-12
2012-13
2013-14
1097.62
0.00
0.00
0.00
0.00
0.00
8.00
0.00
1105.62
678.43
80.58
0.00
35.18
155.51
15.34
0.00
0.00
965.04
2070.66
305.75
0.00
0.00
34.01
285.95
4.21
0.00
0.00
30.59
0.00
0.00
0.00
660.50
1573.45
0.00
0.00
0.00
0.32
0.99
0.00
0.00
1574.75
810.71
93.68
0.00
81.09
41.97
12.16
0.00
0.00
1039.60
2614.36
305.75
0.00
0.00
0.00
628.83
0.00
0.00
0.00
246.26
0.00
0.00
0.00
1181.03
1482.24
0.00
0.00
0.00
0.00
0.00
0.00
0.99
1483.23
1377.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1377.30
2860.53
458.63
0.00
0.00
0.00
628.83
0.00
0.00
0.00
141.17
0.00
0.00
2.22
1230.85
1341.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1341.96
934.05
459.40
0.00
0.00
195.16
30.48
0.00
0.00
1619.10
2961.06
458.63
0.00
0.00
0.00
511.75
0.00
0.00
0.00
277.29
0.00
2.33
0.00
1249.99
831.81
0.00
701.11
0.00
0.00
693.44
0.00
786.59
60.63
0.00
0.00
892.44
327.59
1.15
0.00
0.00
32.67
0.00
2.11
735.88
352.50
0.66
0.00
0.00
0.00
0.00
0.00
693.44
936.24
0.00
0.00
0.00
0.00
0.00
0.00
786.59
0.00
1.48
0.00
0.00
0.00
3.52
9.47
30.84
0.00
0.00
22.24
7.89
0.00
1.11
0.00
0.00
3.25
9.47
44.06
0.00
0.00
24.53
9.94
0.00
3.79
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
253.43
0.00
24.27
49.01
9.23
36.28
49.90
12.30
7.08
0.00
0.00
103.58
10.33
0.00
517.71
2070.66
223.75
25.49
0.00
697.44
2614.36
0.00
0.00
0.00
936.24
2860.53
0.00
0.00
481.49
924.48
2961.06
21.6
38.62
26.84
27.26
0.00
0.00
0.00
0.00
Apex Spinning & Knitting Mills Limited

Statement of Financial Position
(Amounts in Million)
2009-10
2010-11
2011-12
2012-13
2013-14
326.71
13.04
0.00
0.00
0.00
0.00
0.00
0.00
339.75
263.16
220.27
0.00
0.00
0.00
187.57
2.09
57.41
730.51
1070.25
84.00
15.00
305.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
404.59
287.05
13.91
0.00
0.00
0.00
0.00
0.00
0.00
300.96
183.50
302.97
0.00
0.00
0.00
189.30
6.60
65.14
747.51
1048.47
84.00
15.00
309.82
0.00
0.00
0.00
0.00
0.00
0.00
3.72
0.00
0.00
412.54
307.55
12.65
0.00
0.00
0.00
0.00
0.00
0.00
320.19
185.10
281.07
0.00
0.00
91.47
300.26
3.51
0.00
861.40
1181.59
84.00
15.00
313.19
0.00
2.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
414.29
273.06
22.02
0.00
0.00
0.00
0.00
0.00
0.00
295.08
195.97
336.93
0.00
0.00
43.69
255.00
9.59
0.00
841.18
1136.26
84.00
15.00
307.43
0.00
11.48
0.00
0.00
0.00
0.00
0.00
0.00
0.00
417.91
273.06
0.00
22.02
0.00
0.00
0.00
0.00
0.00
295.08
195.97
336.93
0.00
0.00
43.69
255.00
9.59
0.00
841.18
1136.26
84.00
15.00
307.43
0.00
0.00
0.00
0.00
0.00
0.00
11.48
0.00
0.00
417.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.93
0.00
0.00
1.93
61.99
523.23
57.72
0.00
1.49
0.00
0.00
1.49
23.86
512.19
65.24
0.00
0.00
1.21
0.00
1.21
35.63
553.55
97.39
0.00
1.22
0.00
0.00
1.22
3.65
574.25
60.77
0.00
1.22
0.00
0.00
1.22
3.65
574.25
60.77
0.00
0.00
0.00
0.00
0.00
0.00
20.49
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
33.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
79.52
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
78.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.30
0.00
0.00
0.00
0.00
0.00
0.00
663.73
1070.25
0.00
0.00
634.44
1048.47
0.00
0.00
766.09
1181.59
0.00
0.00
717.13
1136.26
0.00
78.46
717.13
1136.26
48.17
49.11
49.32
49.75
49.75
0.00
0.00
0.00
0.00
0.00

Statement of Comprehensive Incom
(All amount in million)
2009-10
Revenue
Costs of Sales
Gross Profit
Distribution expenses
2010-11
2011-12
942.15
711.21
230.94
0.00
1340.03
996.76
343.27
0.00
1451.82
1213.98
237.84
0.00
28.25
27.23
35.62
139.33
0.00
141.65
1.17
122.15
0.00
167.57
170.05
157.77
63.36
173.22
80.07
1.85
24.33
2.27
125.63
3.78
122.20
Other revenues and

profits
Other expenses
0.20
0.13
10.31
0.00
1.09
0.00
Net non operating income
0.07
10.31
1.09
Profit / (loss) Before

Tax
Income Tax Expense
37.11
5.59
35.01
13.36
-47.00
-16.21
Profit / (loss) for the

Period
31.66
41.24
-28.73
Administrative expenses
Depreciation and
amortization
Other expenses
Office, Administrative,
Selling & distribution
Exp
Operating Profit/ (loss)
Employee benefits
expenses
Finance Expenses
ners Limited
prehensive Income
r 2010 to 2014

Statement of Comprehensive Income
t in million)
(All amount in million)

2012-13
1665.80
1396.10
269.70
0.00
2013-14
1663.99
1394.57
269.42##
129.11
2009-10
2010-11
2011-12
2231.01
2000.42
230.59
0.00
2524.44
2268.90
255.54
0.00
2445.61
-2237.70
4683.30
0.00
39.09
45.27
128.72
157.83
-172.22
0.00
0.00
0.00
0.00
67.20
0.00
57.71
0.00
0.00
0.00
39.09
174.39##
195.91
215.55
-172.22
230.61
95.03##
34.68
40.00
4855.52
3.47
156.76
4.48
0.00
1.16
12.75
1.50
9.91
2.11
0.00
0.01
0.00
0.01
0.00
1.25
0.00
1.48
0.00
6.59
0.00
0.01
0.01##
1.25
1.48
6.59
70.37
-22.49
90.54##
25.55
19.51
8.50
27.10
13.24
4846.82
-21.68
92.87
65.00
13.40
16.68 18,49
tting Mills Limited

rehensive Income
2010 to 2014
in million)
2012-13
2013-14
2511.70
2290.50
221.20
0.00
2511.70
2290.50
221.20
0.00
176.89
176.89
0.00
0.00
0.00
0.00
176.89
176.89
44.31
44.31
2.19
7.52
2.19
7.52
7.00
0.00
7.00
0.00
7.00
7.00
27.60
22.80
27.60
22.80
18.10
18.10
Pro

OA1
OA2
OA3
OA4
OA5
OA6
OA7
OA8
OA9
S
OL1
OL2
OL3
OL4
OL5
OL6
OL7
OL8
OL9
OL10
OL11
OL12
FA1
FA2
FA3
S
FL1
FL2
FL3
FL4
FL5
Particulars
Property Plant & Equipment
share issue expenses
Preliminary expenses
Other non-current assets
Other Receivables
Inventory
Trade & other receivables
LC margin
Other Assets
Cash
TOA
Other non-current liabilities
Accrued expenses
Long term loans payable within one year
Short term loans
Unclaimed dividend (directors)
Provision for taxes
Deferred Tax liability
Liability for expense
Liabilities for other finance
TOL
NOA
Investment Property
FDR
Advance and deposits
Cash
TFA
Total Non Current Liabilities
Working capital loan
Trade & other payables
Sundry Creditors
Unclaimed dividend
TFL
NFL
2009-10
1236.72
0.00
0.00
1.17
0.00
602.59
77.50
19.61
0.00
0.03
1937.63
0.00
0.00
0.00
53.40
0.00
3.93
9.47
0.57
0.00
0.00
7.57
0.00
74.94
1862.69
0.00
119.18
0.00
6.67
125.85
955.21
323.83
1.56
0.00
18.41
1299.00
1173.15
2010-11
1097.62
0.00
0.00
0.00
0.00
678.43
80.58
35.18
0.00
0.08
1891.88
60.63
0.00
0.00
0.00
0.00
3.52
9.47
0.00
0.00
22.24
7.89
0.00
103.74
1788.14
8.00
0.00
155.51
15.26
178.78
892.44
327.59
1.15
0.00
30.84
1252.03
1073.25
2011-12
1573.45
0.00
0.32
0.99
0.00
810.71
93.68
81.09
0.00
0.06
2560.29
32.67
0.00
2.11
0.00
0.00
3.25
9.47
0.00
0.00
24.53
9.94
0.00
81.96
2478.32
0.00
0.00
41.97
12.10
54.07
735.88
352.50
0.66
0.00
44.06
1133.11
1079.04
CSE
CSE
CSE+NFL
Check
689.54
714.89
1399.28
1862.69 1788.14 2478.32

0.00
0.00
714.89
0.00
Profitability Analysis (1st Level Break Down)
inners Limited
2012-13
1482.24
0.00
0.00
0.00
0.99
1377.30
0.00
0.00
0.00
0.00
2860.53
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2860.53
0.00
0.00
0.00
0.00
0.00
693.44
936.24
0.00
0.00
0.00
1629.68
1629.68
2013-14
1341.96
0.00
0.00
0.00
0.00
934.05
459.40
0.00
0.00
0.15
2735.57
0.00
0.00
0.00
0.00
253.43
0.00
24.27
9.23
36.28
49.90
12.30
7.08
392.49
2343.07
0.00
0.00
195.16
30.33
225.49
786.59
0.00
1.48
0.00
49.01
837.08
611.59
2009-10 2010-11 2011-12 2012-13

326.71
287.05
307.55
273.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
263.16
183.50
185.10
195.97
220.27
302.97
281.07
336.93
0.00
0.00
0.00
0.00
2.09
6.60
3.51
9.59
0.94
0.95
1.50
1.27
813.18
781.07
778.72
816.83
1.93
1.49
0.00
1.22
0.00
0.00
1.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20.49
33.15
79.52
78.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
22.42
34.64
80.73
79.68
790.76
746.43
697.99
737.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
91.47
43.69
186.63
188.35
298.76
253.72
186.63
188.35
390.22
297.42
1.93
1.49
1.21
1.22
61.99
23.86
35.63
3.65
523.23
512.19
553.55
574.25
57.72
65.24
97.39
60.77
0.00
0.00
0.00
0.00
644.87
602.78
687.78
639.89
458.24
414.43
297.55
342.48
1230.85
1731.48
332.52
332.00
400.44
394.67
2860.53 2343.07
790.76
746.43
697.99
737.15
0.00
0.00
0.00
0.00
0.00
0.00
g Mills Limited
2013-14
273.06
0.00
0.00
0.00
0.00
195.97
336.93
0.00
9.59
1.27
816.83
1.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.22
815.61
0.00
0.00
43.69
253.72
297.42
1.22
3.65
574.25
60.77
0.00
639.89
342.48
473.13
815.61
0.00

Particulars
Sales
Less: Cost of goods sold
Gross margin
core operating expenses
Office, Administrative, Selling & distribution Exp
Contribution to WPPE
Core operating income from sales (before tax)
taxes:
tax as reported @5%
tax on financial items
tax on non-op inc
Core operating income from sales after tax
non-op income
Tax on Non-OP Income
Net Non-Op income
Net Interest:
Financial Exp
Tax benefit@5%
Net Financial Expenses
Comprehensive income to common stockholders
2009-10
942.15
711.21
230.94
2010-11
1340.03
996.76
343.27
167.57
1.85
61.51
170.05
2.27
170.95
5.59
13.36
1.2165027 6.281449
0.0034993 0.5155582
54.70
150.79
0.07
10.31
0.0034993 0.5155582
0.07
9.80
24.33
125.63
1.2165027 6.281449
23.11
119.35
31.66
41.24
Reformulated Income Statement

Apex Spinning & Knitting Mills L
2011-12
1451.82
1213.98
237.84
2012-13
1665.80
1396.10
269.70
2013-14
1663.99
1394.57
269.42
2009-10
2231.01
2000.42
230.59
2010-11
2524.44
2268.90
255.54
157.77
3.78
76.29
39.09
3.47
227.14
174.39
4.48
90.55
195.91
1.16
33.52
215.55
1.50
38.49
-16.21
-22.49
25.55
6.110223 7.8381061
0
0.0543612 0.0003202 0.000547
86.33
241.79
64.99
1.09
0.01
0.01
0.0543612 0.0003202 0.000547
1.03
0.01
0.01
122.20
156.76
6.110223 7.8381061
116.09
148.92
-28.73
92.87
0.00
0
0.00
65.00
8.50
13.24
0.6374451 0.4953107
0.0627409 0.0741193
24.32
24.68
1.25
1.48
0.0627409 0.0741193
1.19
1.41
12.75
9.91
0.6374451 0.4953107
12.11
9.41
13.40
16.68
pinning & Knitting Mills Limited

2011-12
2445.61
-2237.70
4683.30
2012-13
2511.70
2290.50
221.20
2013-14
2511.70
2290.50
221.20
-172.22
2.11
4853.40
176.89
2.19
42.12
176.89
2.19
42.12
-21.68
0
0.32941
4874.75
6.59
0.32941
6.26
22.80
22.80
0.3759825 0.3759825
0.3500281 0.3500281
18.59
18.59
7.00
7.00
0.3500281 0.3500281
6.65
6.65
0.00
0
0.00
7.52
7.52
0.3759825 0.3759825
7.14
7.14
18.46
18.10
18.10
Delta Spinners
Comprehensive income to common stockholders
Common Stockhodler's Equity (CSE)
ROCE=(Earning/ CSE)
RNOA
FLEV
SPREAD
Check {ROCE-RNOA+(FLEV*SPREAD)}
31.66
689.54
0.0459082
0.0293676
1.7013523
0.0097
0.0
Core Operating Income from sales (OI)

Net Operating Asset (NOA)
RNOA= (OI/NOA)
ROOA= (OI+ Implicit Interest)/ OA
OLLEV= (OL / NOA)
OLSPREAD= ROOA - Short Term Borrowing Rate
Check {RNOA-ROOA+(OLEEV*OLSPREAD)}
54.70
1862.69
0.0293676
0.0301656
0.0402326
-0.0097674
0.00
Core Operating Income from sales (OI)

TOL
Implicit Interest Rate After Tax @5%
OA
ROOA= (OI+ Implicit Interest)/ OA
54.70
74.94
3.7470401
1937.63
0.0301656
OL
OLLEV= (OL / NOA)
54.70
0.0293676
ROOA
Short Term Borroiwing Rate (After tax)
OLSPREAD= ROOA - Short Term Borrowing Rate
0.0301656
0.05
-0.0198344
NFL
CSE
FLEV= FL/ CSE
1173.15
689.54
1.7013523
Net Financial Expense

NFL
NBC
SPREAD= RNOA - NBC
23.11
1173.15
0.0197021
0.0096655

41.24
-28.73
92.87
65.00
714.89
1399.28
1230.85
1731.48
0.0576887377 -0.0205308 0.0754523 0.0375422
0.0843295443 0.0348353 0.0845258 0.0277384
1.501282864 0.7711396 1.3240265 0.3532188
-0.0269
-0.0728
-0.0069
0.0277
0.0
0.0
0.0
0.0
150.79
1788.14
0.0843295443
0.0824470567
0.058017205
0.008017205
0.00
86.33
241.79
64.99
2478.32
2860.53
2343.07
0.0348353 0.0845258 0.0277384
0.0353208 0.0845258 0.0309325
0.0330725
0 0.1675124
-0.0169275
-0.05 0.1175124
0.00
0.00
0.00
150.79
86.33
241.79
64.99
103.74
81.96
0.00
392.49
5.1871441 4.098217
0 19.624691
1891.88
2560.29
2860.53
2735.57
0.0824470567 0.0353208 0.0845258 0.0309325
150.79
86.33
241.79
64.99
0.0843295443 0.0348353 0.0845258 0.0277384
0.0824470567 0.0353208 0.0845258 0.0309325

0.05
0.05
0.05
0.05
0.0324470567 -0.0146792 0.0345258 -0.0190675
1073.25
1079.04
1629.68
611.59
714.89
1399.28
1230.85
1731.48
1.501282864 0.7711396 1.3240265 0.3532188
119.35
116.09
148.92
0.00
1073.25
1079.04
1629.68
611.59
0.1112017664 0.1075903 0.0913825
0
-0.0268722221 -0.072755 -0.0068567 0.0277384
13.40
16.68
18.46
18.10
18.10
332.52
332.00
400.44
394.67
473.13
0.0403069 0.0502382 0.0460993 0.0458511 0.0382476
0.0307581 0.0330663 0.0264473 0.0252177 0.0227918
1.3780749 1.2482754 0.7430655 0.8677536 0.7238525
0.0043
0.0104
0.0264
0.0044
0.0019
0.0
0.0
0.0
0.0
0.0
24.32
790.76
0.0307581
0.0312886
0.0283517
-0.0216483
0.00
24.68
746.43
0.0330663
0.0338173
0.0464039
-0.0035961
0.00
18.46
697.99
0.0264473
0.0288891
0.1156616
0.0656616
0.00
18.59
737.15
0.0252177
0.0276351
0.1080891
0.0580891
0.00
18.59
815.61
0.0227918
0.0228323
0.0014934
-0.0485066
0.00
24.32
24.68
18.46
18.59
18.59
22.42
34.64
80.73
79.68
1.22
1.1209662 1.731862 4.0365355 3.9838947 0.0609027
813.18
781.07
778.72
816.83
816.83
0.0312886 0.0338173 0.0288891 0.0276351 0.0228323
24.32
24.68
18.46
18.59
18.59
0.0307581 0.0330663 0.0264473 0.0252177 0.0227918
0.0312886 0.0338173 0.0288891 0.0276351 0.0228323

0.05
0.05
0.05
0.05
0.05
-0.0187114 -0.0161827 -0.0211109 -0.0223649 -0.0271677
458.24
414.43
297.55
342.48
342.48
332.52
332.00
400.44
394.67
473.13
1.3780749 1.2482754 0.7430655 0.8677536 0.7238525
12.11
9.41
0.00
7.14
7.14
458.24
414.43
297.55
342.48
342.48
0.0264305 0.0227082
0 0.0208589 0.0208589
0.0043276 0.0103581 0.0264473 0.0043588 0.0019329

RNOA= PM*ATO
OI (After Tax)
Sales
NOA
PM= OI/ Sales
ATO= Sales/NOA
Check
RNOA
2010
2011
2012
0.03
54.70
942.15
1862.69
0.06
0.51
0.08
150.79
1340.03
1788.14
0.11
0.75
0.03
86.33
1451.82
2478.32
0.06
0.59
0.00
0.00
0.00
0.02936758 0.08432954 0.03483527
Profitability Analysis (2nd Level Break Down)
Apex Spinning & Knitting
nners Limited
2013
2014
2010
2011
0.08
241.79
1665.80
2860.53
0.15
0.58
0.03
64.99
1663.99
2343.07
0.04
0.71
0.03
24.32
2231.01
790.76
0.01
2.82
0.03
24.68
2524.44
746.43
0.01
3.38
0.00
0.00
0.00
0.00
0.0845258 0.02773843
0.030758137 0.033066336
inning & Knitting Mills Limited

2012
2013
2014
6.98
4874.75
2445.61
697.99
1.99
3.50
0.03
18.59
2511.70
737.15
0.01
3.41
0.02
18.59
2511.70
815.61
0.01
3.08
6.96
0.00
0.00
0.026447348 0.025217659 0.022791777
Analysis of changes in Return on
RNOA =(Core sales PM*ATO)+(ATO*Core sales P
Particulars
Core Sales Profit Margin
Core sales PM
ATO
ATO
Core other Operating Income
Core other OI
Core sales PM*ATO
ATO*Core sales PM
Core other OI/NOA
RNOA
RNOA
2010
0.058
0.5058
0.07
0
0.03
2011
0.113
0.054
0.7494
0.2436
9.80
9.73
0.0275
0.0274
0.0052
0.060
0.08
2012
0.059
-0.053
0.5858
-0.1636
1.03
-8.76
-0.0398
-0.0097
-0.0049
-0.054
0.03
2013
0.145
0.086
0.5823
-0.0035
0.01
-1.03
0.0502
-0.0005
-0.0004
0.049
0.08
Analysis of changes in Return on Com
ROCE =RNOA+(SPREAD*FLE

Particulars
RNOA
NBC
SPREAD
SPREAD1
FLEV
FLEV1
SPREAD*FLEV
FLEV*SPREAD
ROCE
ROCE
2010
0.02
0.01
1.70
0.05
2011
6.02%
0.11
-0.03
-0.04
1.50
-0.20
-0.06
0.01
0.00
0.06
2012
-5.44%
0.11
-0.07
-0.05
0.77
-0.73
-0.07
0.05
-0.07
-0.02
2013
4.93%
0.09
-0.01
0.07
1.32
0.55
0.05
0.00
0.10
0.08
Analysis of changes in Common
CSE =(sales*1/AT

Particulars
CSE
Sales
ATO
2010
689.54
942.15
0.51
2011
714.89
1340.03
0.75
2012
1399.28
1451.82
0.59
2013
1230.85
1665.80
0.58
1/ATO
(Sales*1/ATO)
(Sales*1/ATO)
NFO
NFO
CSE
1.98
1862.69
1173.15
1.33
1788.14
-74.55
1073.25
-99.90
25.35
1.71
2478.32
690.18
1079.04
5.79
684.40
1.72
2860.53
382.20
1629.68
550.64
-168.43
anges in Return on Net Operating Asset
)+(ATO*Core sales PM)+[(Core other OI+Unusual Item)/NOA]
mited

2014
0.039
-0.106
0.7102
0.1278
0.01
0.00
-0.0618
0.0050
0.0000
-0.057
0.03
2010
0.011
0.011
2.8214
0.00
0.00
2011
0.010
-0.001
3.3820
0.5607
1.19
1.19
-0.0032
0.0055
0.0015
0.004
0.03
2012
1.993
1.983
3.5038
0.1218
1.41
0.22
6.7082
0.2427
0.0003
6.951
0.03
2013
0.007
-1.986
3.4073
-0.0965
6.26
4.85
-6.9581
-0.0007
0.0069
-6.952
0.03
es in Return on Common Stockholder's Equity
RNOA+(SPREAD*FLEV)+(FLEV*SPREAD)
mited

2014
-5.68%
0.00
0.03
0.03
0.35
-0.97
0.05
-0.03
-0.04
0.04
2010
0.00%
0.03
0.00
0.00
1.38
0.04
2011
0.38%
0.02
0.01
0.01
1.25
-0.13
0.01
0.00
0.01
0.05
2012
695.12%
0.00
0.03
0.02
0.74
-0.51
0.02
-0.01
6.96
0.05
2013
-695.18%
0.02
0.00
-0.02
0.87
0.12
-0.02
0.00
-6.97
0.05
hanges in Common Shareholder's Equity
CSE =(sales*1/ATO)-NFO
mited

2014
1731.48
1663.99
0.71
2010
332.52
2231.01
2.82
2011
332.00
2524.44
3.38
2012
400.44
2445.61
3.50
2013
394.67
2511.70
3.41
1.41
2343.07
-517.45
611.59
-1018.09
500.63
0.35
790.76
790.76
458.24
458.24
0.30
746.43
-44.33
414.43
-43.81
-0.52
0.29
697.99
-48.44
297.55
-116.87
68.43
0.29
737.15
39.16
342.48
44.92
-5.76
Mills Limited
2014
0.007
0.000
3.0795
-0.3278
6.65
0.39
0.0000
-0.0024
0.0005
-0.002
0.03
Mills Limited
2014
-0.19%
0.02
0.00
0.00
0.72
-0.14
0.00
0.00
0.00
0.04
Mills Limited
2014
473.13
2511.70
3.08
0.32
815.61
78.46
342.48
0.00
78.46
Earnings Quality of Delta Spinning Ltd

Balance Sheet based
Particulars
Net Operating Asset(NOA)
B/S based Aggregate Accruals
Avg. NOA
B/S based Aggregate Accruals Ratio
2010
2011
2012
1862.69
1788.14
-74.55
1825.41
-4.08%
2478.32
690.18
2133.23
32.35%
Earnings Quality of Apex Spinning & Knitting Ltd.

Balance Sheet based
Particulars
Net Operating Asset(NOA)
Avg. NOA
B/S based Aggregate Accruals Ratio
2010
2011
2012
22.42
34.64
12.22
28.53
42.83%
80.73
46.09
57.68
79.91%
2013
2014
2860.53
382.20
2669.43
14.32%
2343.07
-517.45
2601.80
-19.89%
2013
2014
Ltd.
79.68
1.22
-1.05
-78.46
80.20
40.45
-1.31% -193.98%
Earnings Qual
Delta Spinning
Apex Spinning & Knitting
Earnings Quality
2010
2011
2012
2013
2014
-4.08%
42.83%
32.35%
79.91%
14.32%
-1.31%
-19.89%
-193.98%
Reformulated Income Statement of De

Particulars
Operating Income
Comprehensive Income
2009-10
54.70
23.11
31.59
2010-11
150.79
119.35
31.45
2011-12
86.33
116.09
-29.76
Reformulated Income Statement of Ap

Particulars
Operating Income
2009-10
24.32
12.11
12.21
2010-11
2011-12
24.68
9.41
15.27
18.48
0.00
18.48
Comparison of OI, NFE,CI:

Comparison of Operating Income
Particulars
Operating Income DSL
Operating Income ASKML
2009-10
54.70
24.32
2010-11
150.79
24.68
2011-12
86.33
18.48
Comparison of Net Financial Expenses

Particulars
Net Financial Expenses DSL
Net Financial Expenses ASKML
2009-10
23.11
12.11
2010-11
119.35
9.41
2011-12
116.09
0.00
Comparison of Comprehensive income

Particulars
Comprehensive income DSL
Comprehensive income ASKML
2009-10
31.66
13.40
2010-11
2011-12
41.24
-28.73
16.68
18.46
Trend and Time Series Analysis of Reformulated B
Reformulated Balance sheet of Delta S

Particulars
Net Operating Asset
Net Financial Obligation
Common stockholder's Equity
2009-10
1862.69
1173.15
689.54
2010-11
1788.14
1073.25
714.89
2011-12
2478.32
1079.04
1399.28
Reformulated Balance sheet of Apex S

Particulars
2009-10
2010-11
2011-12
Net Operating Asset

Common stockholder's Equity
790.76
458.24
332.52
746.43
414.43
332
697.99
297.55
400.44
Comparison of NOA, NFO,CSE:

Particulars
Net Operating Asset DSL
Net Operating Asset ASKML
Particulars
Net Financial Obligation DSL
Net Financial Obligation ASKML
Particulars
Common stockholder's Equity D
Common stockholder's Equity A
2009-10
1862.69
790.76
2009-10
1173.15
458.24
2009-10
689.54
332.52
2010-11
1788.14
746.43
2010-11
1073.25
414.43
2010-11
714.89
332
2011-12
2478.32
697.99
2011-12
1079.04
297.55
2011-12
1399.28
400.44
NBC
0.0197021 0.11120177 0.1075903
Trend and Time Series Analysis of Profitability

Particulars
2009-10
FLEV
1.7013523
SPREAD= RNOA - NBC
0.0096655
OLLEV= (OL / NOA)
0.0293676
OLSPREAD= ROOA - Short Ter
-0.0097674
ROCE=(Earning/ CSE)
0.0459082
RNOA
0.0293676
2010-11
2011-12
1.50128286
-0.02687222
0.08432954
0.00801721
0.05768874
0.08432954
0.7711396
-0.072755
0.0348353
-0.0169275
-0.0205308
0.0348353
2010-11
2011-12
1.24827538
0.01035813
0.03306634
-0.00359613
0.05023816
0.03306634
0.7430655
0.0264473
0.1156616
0.0656616
0.0460993
0.0264473

Particulars
2009-10
FLEV
1.3780749
SPREAD= RNOA - NBC
0.0043276
OLLEV= (OL / NOA)
0.0307581
OLSPREAD= ROOA - Short Ter
-0.0216483
ROCE=(Earning/ CSE)
0.0403069
RNOA
0.0307581
NBC
ROCE
0.0264305 0.0227082
0
0.0458119 0.04398674 -0.021269
ROCE=RNOA+(FLEV*SPREAD)
Drivers of RNOA
Two Drivers of RNOA

Particulars
2009-10
2010-11
2011-12
Operating profit margin

Asset Turnover
0.0580616 0.11252949 0.0594655

0.5057999 0.74939949 0.5858065
Two Drivers of RNOA

Particulars
2009-10
2010-11
2011-12

Asset Turnover
0.0109019 0.0097771 1.9932709

2.8213629 3.38201974 3.5037801
Trend and Time Series Analysis of Growth
Analysis of change
RNOA DSL
RNOA ASKML
RNOA DSL
RNOA ASKML
2010
2011
2013
0.03
0.08
0.03
0 0.03075814 0.0330663
2010
2011
2013
0.06018513 -0.0543948
0.00381571 6.9512062
Analysis of changes in
2010
ROCE DSL
ROCE ASKML
ROCE DSL
ROCE ASKML
2011
0.00339798
0.01078174
2010
2011
0.0459082 0.05768874
0.0403069 0.05023816
2012
-0.0701562
6.9579285
2012
-0.0205308
0.0460993
Analysis of change
2010
CSE DSL
CSE ASKML
2011
2012
25.350884 684.39627
-0.517253 68.434852
300
Statement of Delta Spinners Limited

2012-13 2013-14
241.79
148.92
92.86
64.99
0.00
64.99
250
200
150
100
50
Statement of Apex Spinning & Knitting Mills

2012-13 2013-14
18.59
7.14
11.45
18.59
7.14
11.45
0
2009-10
Limited
-50
2010-11
2011-12
2012-13
2013
30
25
20
15
10
2012-13 2013-14
241.79
18.59
64.99
18.59
5
0
2009-10
2010-11
2011-12
cial Expenses
250.00
2012-13 2013-14
148.92
7.14
0.00
7.14
200.00
150.00
100.00
50.00
0.00
1
50.00
0.00
1
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
1
100.00
ensive income
80.00
2012-13 2013-14
92.87
65.00
18.10
18.10
60.00
40.00
20.00
is of Reformulated Balance Sheet
sheet of Delta Spinners Limited

2012-13 2013-14
2860.53
1629.68
1230.85
2343.07
611.59
1731.48
0.00
2009-10
-20.00
-40.00
3500.00
3000.00
2500.00
2000.00
1500.00
sheet of Apex Spinning & Knitting Mills Limited
1000.00
500.00
2012-13 2013-14
0.00
1
20
1000.00
500.00
0.00
737.15
342.48
394.67
815.61
342.48
473.13
900
800
700
600
500
400
300
200
100
0
2009-10
20
3000
2012-13 2013-14
2860.53
737.15
2500
2343.07
815.61
2000
1500
1000
2012-13 2013-14
1629.68
342.48
500
611.59
342.48
0
2009-10
2012-13 2013-14
1230.85
394.67
1800
1600
1731.48
473.13
1400
1200
2000
1000
1800
800
1600
1400
1200
1000
800
600
600
Common stockholder's
Equity DSL
Equity ASKML
2010-11
2012-13
400
200
0
2009-10
800
1600
600
1400
Equity DSL
1200
Equity ASKML
1000
800
400
200
0
2010-11
600
2009-10
2012-13
400
1800
200
1600
0
1
1400
1200
1000
800
600
400
200
0.091382
2009-10
Comparison of FLEV, SPREAD,OLLEV,OLSPREAD,RNOA:
2012-13 2013-14
1.324026
-0.006857
0.084526
-0.05
0.075452
0.084526
0.353219
0.027738
0.027738
0.117512
0.037542
0.027738
Particulars
FLEV DSL
FLEV ASKML
Particulars
2009-10 2010-11
SPREAD= RNOA - NBC0.009665 -0.026872
SPREAD= RNOA - NB 0.004328 0.010358
Particulars
OLLEV= (OL / NOA)
OLLEV= (OL / NOA)
2012-13 2013-14
0.867754
0.004359
0.025218
0.058089
0.045851
0.025218
0.723852
0.001933
0.022792
-0.048507
0.038248
0.022792
2009-10 2010-11
1.701352 1.501283
1.378075 1.248275
2009-10 2010-11
0.029368 0.08433
0.030758 0.033066
2009-10 2010-11
Particulars
OLSPREAD= ROOA - Sh
-0.009767 0.008017
OLSPREAD= ROOA - S-0.021648 -0.003596
Particulars
RNOA DSL
RNOA ASKML
2009-10 2010-11
0.029368 0.08433
0.030758 0.033066
ROCE=(Earning/ CSE) 0.045908 0.057689
ROCE=(Earning/ CSE 0.040307 0.050238

0.020859 0.020859
0.075447 0.037536
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
2009-10
2010-11
2011-12
2012-13
201
0.8
0.7
0.6
0.5
Row 217
0.4
2012-13 2013-14
0.145148 0.039059
0.582341 0.710173
Operatin
Asset Tu
0.3
0.2
0.1
0
2009-10
2010-11
2011-12
2012-13
2013-14
2012-13 2013-14
3.5
3
2.5
Row 226
4
3.5
0.007401 0.007401
3.407307 3.079531
3
2.5
Row 226
Operatin
Asset Tu
1.5
1
0.5
0
2009-10
2010-11
2011-12
2012-13
2013-14
alysis of changes in Return on Net Operating Asset

2013
2014
0.08
0.03
0.026447 0.025218
2013
2014
0.049276 -0.056786
-6.951816 -0.001894
s of changes in Return on Common Stockholder's Equity

8
2013
0.096302
-6.967686
2013
0.075452
0.045851
2014
-0.03791
-0.004278
2014
0.037542
0.038248
6
4
2
0.1
0.08
0.06
0.04
0
2010
-2
-4
-6
2011
2012
20
0.1
0.08
0
2010
-2
0.06
-4
0.04
-6
0.02
-8
0
2010
-0.02
2011
2011
2012
2012
20
2013
-0.04
alysis of changes in Common Shareholder's Equity

2013
2014
-168.4341 500.6322
-5.763731 78.45984
800
600
400
200
0
2010
-200
-400
2011
2012
2013
1-12
Row 7
Operating Income
2012-13
2013-14
Row 18
Operating Income
2010-11
2011-12
2012-13
2013-14
250.00
200.00
150.00
Operating Income DSL
Operating Income ASKML
100.00
50.00
0.00
1
50.00
0.00
1
160.00
140.00
120.00
100.00
Net Financial Expenses DSL
80.00

ASKML
60.00
40.00
20.00
0.00
1
100.00
80.00
60.00
40.00
Comprehensive income DSL
20.00
Comprehensive income
ASKML
0.00
2009-10
-20.00
2010-11
2011-12
2012-13
2013-14
-40.00
3500.00
3000.00
2500.00
Net Operating Asset
2000.00

1500.00
Equity
1000.00
500.00
0.00
1
1000.00
500.00
0.00
1
900
800
700
600
Row 91
500
Net Operating Asset
400
300
Equity
200
100
0
2009-10
2010-11
2011-12
2012-13
2013-14
3500.00
3000
3000.00
2500
2500.00
2000
2000.00
Row 112
1500

1000
1500.00
1000.00
500.00
500
0.00
2009-10 2010-11 2011-12 2012-13 2013-14

1800
1600
1400
1200
Row 120
1000
Net Financial Obligation DSL
800

ASKML
600
400
200
0
2009-10 2010-11 2011-12 2012-13 2013-14
800

ASKML
600
400
200
0
2009-10 2010-11 2011-12 2012-13 2013-14
1800
1600
1400
1200
Row 126
1000
Equity DSL
800
Equity ASKML
600
400
200
0
2009-10
2010-11
2011-12
2012-13
2013-14
1.8
EV,OLSPREAD,RNOA:
1.6
1.4
1.2
2011-12 2012-13 2013-14

0.77114 1.324026 0.353219
0.743065 0.867754 0.723852
1
0.8
0.6
2011-12 2012-13 2013-14

-0.072755 -0.006857 0.027738
0.026447 0.004359 0.001933
2011-12 2012-13 2013-14
0.034835 0.084526 0.027738
0.115662 0.025218 0.022792
2011-12 2012-13 2013-14
-0.016928
-0.05 0.117512
0.065662 0.058089 -0.048507
2011-12 2012-13 2013-14
0.034835 0.084526 0.027738
0.026447 0.025218 0.022792
0.4
0.2
0
2009-10
2010-11
2011-12
2012-13
2013
2013-14
SPR
0.04
0.02
0
2009-10
-0.02
-0.04
-0.020531 0.075452 0.037542

-0.06
-0.08
2010-11
2011-12
2012-13
SPR
ASK
12
-0.02
SPR
ASK
-0.04
0.046099 0.045851 0.038248
-0.06
-0.08
0.14
0.12
0.1
RNOA DSL
RNOA ASKML
0.08
OLL
0.06
OLL
0.04
0.02
2012-13
2013-14
0
2009-10
2010-11
2011-12
2012-13
2013-14
0.14
0.12
0.1
0.08
OLSP
Term
0.06
0.04
OLSP
Term
0.02
0
2009-10
-0.02
-0.04
-0.06
Row 217
Asset Turnover
2013-14
Row 226
2010-11
2011-12
2012-13
2013-14
Row 226
Asset Turnover
2013-14
0.09
0.08
0.07
0.06
0.05
8
RNOA DSL
0.04
RNOA ASKML
0.03
6
0.02
0.01
0.00
2010
0
2010
-2
2011
2011
2013
2013
2013
2013
-4
-6
-8
ROCE DSL
2012
2013
2014
ROCE DSL
ROCE ASKML
ROCE ASKML
2014
RNOA DSL
2014
RNOA ASKML
ROCE DSL
2012
2013
ROCE ASKML
2014
ROCE DSL
ROCE ASKML
2013
2014
CSE DSL
CSE ASKML
2012
2013
2014
3500.00
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00
1
1800.00
1600.00
1400.00
1200.00

DSL
1000.00

ASKML
800.00
600.00
2009-10
400.00
200.00
0.00
1
12
012-13
ASKML
600.00
2009-10
400.00
200.00
0.00
1
FLEV DSL
FLEV ASKML
2012-13
2013-14
0.1
2013-14
SPREAD= RNOA - NBC DSL

SPREAD= RNOA - NBC
ASKML
0.08
0.06
0.04
0.02
0
12-13
2-13
SPREAD= RNOA - NBC

ASKML
0.06
0.04
0.02
0
1
-0.02
-0.04
OLLEV= (OL / NOA) DSL

OLLEV= (OL / NOA) ASKML
2013-14
OLSPREAD= ROOA - Short

Term Borrowing Rate DSL
OLSPREAD= ROOA - Short
Term Borrowing Rate ASKML
2013-14
OA DSL
OA ASKML
ROCE=(Earning/ CSE) DSL

ROCE=(Earning/ CSE)
ASKML
ROCE=(Earning/ CSE) DSL

ROCE=(Earning/ CSE)
ASKML

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Delta Sp

(All figures are in million BDT)

Property Plant & Equipment

Interest Bearing Borrowings

Defferred Tax Liabilities

Long term loans payable within one

Current portion of interest bearing

Book Value Per Share

Delta Spinners Limited

Apex Spinning & Knitting Mills Limited

Delta Spinners Limited

Other revenues and

Net non operating income

Profit / (loss) Before

Profit / (loss) for the

Apex Spinning & Knitting Mills Limited

(All amount in million)

tting Mills Limited

Delta Spinners Limited

1862.69 1788.14 2478.32

Profitability Analysis (1st Level Break Down)

Apex Spinning & Knitting Mills Limited

2009-10 2010-11 2011-12 2012-13

Delta Spinners Limited

Comprehensive income to common stockholders

Reformulated Income Statement

pinning & Knitting Mills Limited

Core Operating Income from sales (OI)

Core Operating Income from sales (OI)

Net Financial Expense

Delta Spinners Limited

0.0824470567 0.0353208 0.0845258 0.0309325

Apex Spinning & Knitting Mills Limited

0.0312886 0.0338173 0.0288891 0.0276351 0.0228323

Delta Spinners Limited

0.02936758 0.08432954 0.03483527

Profitability Analysis (2nd Level Break Down)

Apex Spinning & Knitting

inning & Knitting Mills Limited

0.026447348 0.025217659 0.022791777

Analysis of changes in Return on

RNOA =(Core sales PM*ATO)+(ATO*Core sales P

Delta Spinners Limited

Analysis of changes in Return on Com

Delta Spinners Limited

Analysis of changes in Common

Delta Spinners Limited

anges in Return on Net Operating Asset

)+(ATO*Core sales PM)+[(Core other OI+Unusual Item)/NOA]

Apex Spinning & Knitting Mills Limited

es in Return on Common Stockholder's Equity

Apex Spinning & Knitting Mills Limited

hanges in Common Shareholder's Equity

Apex Spinning & Knitting Mills Limited

Earnings Quality of Delta Spinning Ltd

Earnings Quality of Apex Spinning & Knitting Ltd.

Reformulated Income Statement of De

Reformulated Income Statement of Ap

Comparison of OI, NFE,CI:

Comparison of Net Financial Expenses

Comparison of Comprehensive income

Trend and Time Series Analysis of Reformulated B

Reformulated Balance sheet of Delta S

Reformulated Balance sheet of Apex S

RNOA =(Core sales PMATO)+(ATOCore sales P