Ambuja Cements Ltd (ACEM IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 97,395.4 91,098.8 99,305.4 93,880.0
Growth (YoY) 14.3 -6.5 9.0 -5.5
Revenue % 100.0 100.0 100.0 100.0
Sales & Services Revenue 97,395.4 91,098.8 99,305.4 93,880.0
Growth (YoY) 14.3 -6.5 9.0 -5.5
Revenue % 100.0 100.0 100.0 100.0
Gross Profit — — — —
Growth (YoY) — — — —
Revenue % — — — —
Other Operating Income 738.6 1,004.8 771.7 974.3
Growth (YoY) 19.4 36.0 -23.2 26.3
Revenue % 0.8 1.1 0.8 1.0
Operating Expenses 78,855.7 80,354.9 85,871.2 85,470.9
Growth (YoY) 12.3 1.9 6.9 -0.5
Revenue % 81.0 88.2 86.5 91.0
Selling, General & Admin — — — —
Growth (YoY) — — — —
Revenue % — — — —
Selling & Marketing — — — —
Growth (YoY) — — — —
Revenue % — — — —
Research & Development 0.2 — 52.0 —
Growth (YoY) -92.6 — — —
Revenue % 0.0 — 0.1 —
Depreciation & Amortization 5,686.8 4,936.7 5,130.3 6,297.6
Growth (YoY) 27.4 -13.2 3.9 22.8
Revenue % 5.8 5.4 5.2 6.7
Prov For Doubtful Accts — — — —
Growth (YoY) — — — —
Revenue % — — — —
Other Operating Expense 73,168.7 75,418.2 80,688.9 79,173.3
Growth (YoY) 11.3 3.1 7.0 -1.9
Revenue % 75.1 82.8 81.3 84.3
Operating Income (Loss) 19,278.3 11,748.7 14,205.9 9,383.4
Growth (YoY) 23.6 -39.1 20.9 -33.9
Revenue % 19.8 12.9 14.3 10.0
Non-Operating (Income) Loss 969.2 -1,970.7 -2,663.3 -1,125.5
Growth (YoY) — — -35.1 57.7
Revenue % 1.0 -2.2 -2.7 -1.2
Interest Expense, Net -1,551.3 -1,488.3 -1,610.1 -1,015.1
 Growth (YoY) -52.2 4.1 -8.2 37.0
Revenue % -1.6 -1.6 -1.6 -1.1
Interest Expense 784.6 667.5 655.5 924.7
Growth (YoY) 46.8 -14.9 -1.8 41.1
Revenue % 0.8 0.7 0.7 1.0
Interest Income 2,335.9 2,155.8 2,265.6 1,939.8
Growth (YoY) 50.3 -7.7 5.1 -14.4
Revenue % 2.4 2.4 2.3 2.1
Other Investment (Inc) Loss — 0.0 -595.8 0.0
Growth (YoY) — — — —
Revenue % — 0.0 -0.6 0.0
Foreign Exch (Gain) Loss 25.9 0.0 0.0 0.0
Growth (YoY) 12.1 — — —
Revenue % 0.0 0.0 0.0 0.0
(Income) Loss from Affiliates — — — —
Growth (YoY) — — — —
Revenue % — — — —
Other Non-Op (Income) Loss 2,494.6 -482.4 -457.4 -110.4
Growth (YoY) 2,852.2 — 5.2 75.9
Revenue % 2.6 -0.5 -0.5 -0.1
Pretax Income (Loss), Adjusted 18,309.1 13,719.4 16,869.2 10,508.9
Growth (YoY) 10.9 -25.1 23.0 -37.7
Revenue % 18.8 15.1 17.0 11.2
Abnormal Losses (Gains) -647.7 -1,263.7 -871.0 -1,223.6
Growth (YoY) -28.2 -95.1 31.1 -40.5
Revenue % -0.7 -1.4 -0.9 -1.3
Disposal of Assets -17.1 -270.2 — —
Growth (YoY) 86.0 -1,480.1 — —
Revenue % 0.0 -0.3 — —
Asset Write-Down — — — —
Growth (YoY) — — — —
Revenue % — — — —
Restructuring — — — —
Revenue % — — — —
Sale of Investments -718.9 -1,113.9 -924.5 -1,482.0
Growth (YoY) -21.5 -54.9 17.0 -60.3
Revenue % -0.7 -1.2 -0.9 -1.6
Other Abnormal Items 88.3 120.4 53.5 258.4
Growth (YoY) -57.7 36.4 -55.6 383.0
Revenue % 0.1 0.1 0.1 0.3
Pretax Income (Loss), GAAP 18,956.8 14,983.1 17,740.2 11,732.5
Growth (YoY) 11.4 -21.0 18.4 -33.9
Revenue % 19.5 16.4 17.9 12.5
Income Tax Expense (Benefit) 6,038.6 2,198.7 2,875.1 3,653.7
Growth (YoY) 27.5 -63.6 30.8 27.1
 Revenue % 6.2 2.4 2.9 3.9
Current Income Tax 7,001.8 1,892.5 3,023.6 3,895.8
Growth (YoY) 93.8 -73.0 59.8 28.8
Revenue % 7.2 2.1 3.0 4.1
Deferred Income Tax -963.2 306.2 -148.5 -242.1
Growth (YoY) — — — -63.0
Revenue % -1.0 0.3 -0.1 -0.3
Income (Loss) from Cont Ops 12,918.2 12,784.4 14,865.1 8,078.8
Growth (YoY) 5.2 -1.0 16.3 -45.7
Revenue % 13.3 14.0 15.0 8.6
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Revenue % 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
Revenue % 0.0 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0 0.0
Revenue % 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 12,918.2 12,784.4 14,865.1 8,078.8
Growth (YoY) 5.2 -1.0 16.3 -45.7
Revenue % 13.3 14.0 15.0 8.6
Minority Interest -13.9 -1.3 0.1 0.0
Growth (YoY) -456.0 90.6 — —
Revenue % 0.0 0.0 0.0 0.0
Net Income, GAAP 12,932.1 12,785.7 14,865.0 8,078.8
Growth (YoY) 5.3 -1.1 16.3 -45.7
Revenue % 13.3 14.0 15.0 8.6
Preferred Dividends 0.0 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 12,932.1 12,785.7 14,865.0 8,078.8
Growth (YoY) 5.3 -1.1 16.3 -45.7

Net Income Avail to Common, Adj 12,494.6 11,951.5 14,290.1 7,278.7

Growth (YoY) 4.7 -4.3 19.6 -49.1
Net Abnormal Losses (Gains) -437.5 -834.2 -574.9 -800.1
Growth (YoY) -28.2 -90.7 31.1 -39.2
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 1,537.9 1,543.8 1,547.5 1,551.2

Growth (YoY) 0.4 0.4 0.2 0.2
Basic EPS, GAAP 8.41 8.28 9.61 5.21
Growth (YoY) 4.9 -1.5 16.1 -45.8
Basic EPS from Cont Ops 8.41 8.28 9.61 5.21
Growth (YoY) 4.9 -1.5 16.1 -45.8
Basic EPS from Cont Ops, Adjusted 8.12 7.74 9.23 4.69
Growth (YoY) 4.2 -4.7 19.3 -49.2
Diluted Weighted Avg Shares 1,542.7 1,546.6 1,548.8 1,551.5
Growth (YoY) 0.4 0.2 0.1 0.2
Diluted EPS, GAAP 8.38 8.27 9.60 5.21
Growth (YoY) 4.9 -1.3 16.1 -45.7
Diluted EPS from Cont Ops 8.38 8.27 9.60 5.21
Growth (YoY) 4.9 -1.3 16.1 -45.7
Diluted EPS from Cont Ops, Adjusted 8.10 7.73 9.23 4.69
Growth (YoY) 4.2 -4.5 19.4 -49.2

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 24,965.1 16,685.4 19,336.2 15,681.0
Growth (YoY) 24.5 -33.2 15.9 -18.9
EBITDA Margin (T12M) 25.63 18.32 19.47 16.70
Growth (YoY) 8.9 -28.5 6.3 -14.2
EBITA 19,293.1 11,750.4 14,207.1 9,384.2
Growth (YoY) 22.9 -39.1 20.9 -33.9
EBIT 19,278.3 11,748.7 14,205.9 9,383.4
Growth (YoY) 23.6 -39.1 20.9 -33.9
Gross Margin — — — —
Growth (YoY) — — — —
Operating Margin 19.79 12.90 14.31 10.00
Growth (YoY) 8.1 -34.8 10.9 -30.1
Profit Margin 12.83 13.12 14.39 7.75
Growth (YoY) -8.4 2.3 9.7 -46.1
Sales per Employee ### — — —
Growth (YoY) -14.8 — — —
Dividends per Share 3.60 3.60 5.00 2.80
Growth (YoY) 12.5 0.0 38.9 -44.0
Total Cash Common Dividends 5,548.0 5,563.4 7,746.1 4,345.3
Growth (YoY) 13.1 0.3 39.2 -43.9
Capitalized Interest Expense — — — —
Growth (YoY) — — — —
Personnel Expenses 4,879.4 5,084.7 5,863.3 5,940.5
Growth (YoY) 12.0 4.2 15.3 1.3
Export Sales 731.3 714.8 507.0 64.0
Growth (YoY) -32.5 -2.3 -29.1 -87.4
Depreciation Expense 5,672.0 4,935.0 5,129.1 6,296.8
Growth (YoY) 30.1 -13.0 3.9 22.8
Rental Expense 288.4 340.6 298.1 323.3
Growth (YoY) 12.4 18.1 -12.5 8.5
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12/31/2016 12/31/2017 12/31/2018 03/31/2019 12/31/2019 12/31/2020
200,937.7 236,086.9 260,409.4 264,120.8 277,932.5 300,766.9
114.0 17.5 10.3 8.5 6.7 8.2
100.0 100.0 100.0 100.0 100.0 100.0
200,937.7 236,086.9 260,409.4 264,120.8
114.0 17.5 10.3 8.5
100.0 100.0 100.0 100.0
— — — 241,328.8 261,387.4
— — — 8.3
— — — 86.8 86.9
2,566.9 5,119.8 6,220.4
163.5 99.5 21.5
1.3 2.2 2.4
186,302.0 214,803.4 237,912.6 235,985.8
118.0 15.3 10.8 9.8
92.7 91.0 91.4 89.3
— — —
— — —
— — —
1,570.3 1,629.8 1,252.7
— 3.8 -23.1
0.8 0.7 0.5
— 0.0 0.0
— — —
— 0.0 0.0
14,609.3 12,194.5 11,539.4 11,453.7
132.0 -16.5 -5.4 -4.2
7.3 5.2 4.4 4.3
— — —
— — —
— — —
170,122.4 200,979.1 225,120.5 224,532.1
114.9 18.1 12.0 10.6
84.7 85.1 86.4 85.0
17,202.6 26,403.3 28,717.2 28,135.0 34,488.6 38,130.6
83.3 53.5 8.8 -1.5 20.1 10.6
8.6 11.2 11.0 10.5 12.4 12.7
-1,146.8 -134.5 -1,224.8 -2,921.6
-1.9 88.3 -810.6 -82.7
-0.6 -0.1 -0.5 -1.1
-950.2 -85.6 -1,352.5
 6.4 91.0 -1,480.0
-0.5 0.0 -0.5
1,435.6 1,917.2 1,546.5
55.3 33.5 -19.3
0.7 0.8 0.6 0.6
2,385.8 2,002.8 2,899.0
23.0 -16.1 44.7
1.2 0.8 1.1
-6.2 -11.2 0.0
— -80.6 —
0.0 0.0 0.0
0.0 0.0 94.8
— — —
0.0 0.0 0.0
-113.1 -127.7 -125.3 -135.2
— -12.9 1.9 1.2
-0.1 -0.1 0.0 -0.1
-77.3 90.0 158.2 -3,193.6
30.0 — 75.8 -30.5
0.0 0.0 0.1 -1.2
18,349.4 26,537.8 29,942.0 31,056.6 36,005.5 40,959.3
74.6 44.6 12.8 3.0 20.3 13.8
9.1 11.2 11.5 11.8 13.0 13.6
-1,729.0 -1,139.5 756.6 0.0
-41.3 34.1 —
-0.9 -0.5 0.3 0.0
— — —
— — —
— — —
— 22.0 53.9
— — 145.0
— 0.0 0.0
— — 1,517.8
— — 0.6
-1,729.0 -1,161.5 -815.1
-16.7 32.8 29.8
-0.9 -0.5 -0.3
— — —
— — —
— — —
20,078.4 27,677.3 29,185.4 31,056.6 36,005.5 40,959.3
71.1 37.8 5.4 3.0 23.4 13.8
10.0 11.7 11.2 11.8 13.0 13.6
5,737.7 8,228.5 -541.5 -479.9
57.0 43.4 — 2.5
 2.9 3.5 -0.2 3.7
6,724.5 7,421.2 640.5 1,873.9
72.6 10.4 -91.4 -78.3
3.3 3.1 0.2 0.7
-986.8 807.3 -1,182.0 -2,353.8
-307.6 — —
-0.5 0.3 -0.5 -0.9
14,340.7 19,448.8 29,726.9 31,536.5 19,758.7 21,917.4
77.5 35.6 52.8 52.9 -33.5 10.9
7.1 8.2 11.4 10.2 7.1 7.3
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
14,340.7 19,448.8 29,726.9 31,536.5
77.5 35.6 52.8 52.9
7.1 8.2 11.4 11.9
3,289.9 4,285.2 7,952.9
— 30.3 85.6 60.6
1.6 1.8 3.1 2.9
11,050.8 15,163.6 21,774.0 24,418.9 19,758.7 21,917.4
36.8 37.2 43.6 37.4 -9.3 10.9
5.5 6.4 8.4 9.2 7.1 7.3
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
11,050.8 15,163.6 21,774.0 24,418.9 19,758.7 21,917.4
36.8 37.2 43.6 37.4 -9.3 10.9

9,920.2 14,366.0 22,303.6 24,418.9 19,684.7 21,859.5

36.3 44.8 55.3 37.4 -11.7 11.0
-1,130.6 -797.7 529.6 0.0
-41.3 29.4 —
0.0 0.0 0.0 0.0

1,985.6 1,985.6 1,985.6 1,981.8

28.0 0.0 0.0
5.57 7.64 10.97 12.31 10.00 11.24
6.9 37.2 43.6 37.5 -8.8 12.4
5.57 7.64 10.97 12.31 10.00 11.24
6.9 37.2 43.6 37.5 -8.8 12.4
5.00 7.23 11.23 12.31 9.60 10.71
6.5 44.8 55.3 37.5 -14.5 11.6
 1,985.9 1,986.0 1,986.0 1,989.7
28.0 0.0 0.0
5.56 7.64 10.96 12.30 10.00 11.24
6.7 37.4 43.5 37.4 -8.7 12.4
5.56 7.64 10.96 12.30 10.00 11.24
6.7 37.4 43.5 37.4 -8.7 12.4
4.99 7.23 11.23 12.30 9.60 10.71
6.4 45.0 55.2 37.4 -14.5 11.6

IN GAAP IN GAAP IN GAAP

31,811.9 38,597.8 40,256.6 39,588.7 45,134.2 50,043.8
102.9 21.3 4.3 -2.3 12.1 10.9
15.83 16.35 15.46 14.99 16.24 16.64
-5.2 3.3 -5.4 5.0 2.5
19,602.8 26,451.9 28,780.1
108.9 34.9 8.8
17,202.6 26,403.3 28,717.2 28,135.0 34,488.6 38,130.6
83.3 53.5 8.8 -1.5 20.1 10.6
— — — 86.83 86.91
— — — 0.1
8.56 11.18 11.03 10.65 12.41 12.68
-14.3 30.6 -1.4 -9.1 12.5 2.2
4.94 6.09 8.56 9.25 7.08 7.27
-36.3 23.3 40.8 26.6 -17.3 2.6
— — —
— — —
2.80 3.60 1.50 2.39 2.95
0.0 28.6 -58.3 59.3 23.3
5,559.8 7,148.3 2,978.5
27.9 28.6 -58.3
— — —
— — —
13,700.7 15,112.4 15,243.7 15,702.9
130.6 10.3 0.9 3.5
— — —
— — —
12,209.1 12,145.9 11,476.5
93.9 -0.5 -5.5
1,725.7 1,832.7 1,873.7
433.8 6.2 2.2