Bhima and Brothers Bullion Private Limited FY19 FY18 FY17 FY16

Summary Income Statement

Gross Revenues (+) 5,870 6,400 5,024 5,256
Revenue Growth (%) -8.3 27.4 -4.4 -9.9
Operating EBITDA (before income from associates) 355.1 432.2 436.0 480.8
Operating EBITDA Margin (%) 6.0 6.8 8.7 9.1
Operating EBITDAR 355 432 436 481
Operating EBITDAR Margin (%) 6.0 6.8 8.7 9.2
Operating EBIT 332 408 403 457.46
Operating EBIT Margin (%) 5.7 6.4 8.0 8.7
Gross Interest Expense 141 145 151 158
Pretax Income 194 266 256 318
Net Income 129 171 146 221

Summary Balance Sheet

Cash & Equivalents 27 18 14 13
Working Capital 2,256 2,199 2,149 1,634
Accounts Receivable 16 4 7 3
Inventory 2,259 2,204 2,156 1,887
Accounts Payable 20 9 13 256
Total Debt with Equity Credit 1,290 1,336 1,435 1,394
Short-Term Debt 1,273 1,246 1,276 1,239
Long-Term Senior Secured Debt 14 33 33 26
Long Term Senior Secured Debt 0 0 0 0
Long-Term Subordinated Debt 0 0 0 0
Other Debt 3 57 126 129
Equity Credit 0 0 0 0
Total Adjusted Debt with Equity Credit 1,290 1,336 1,435 1,396

Summary Cash Flow Statement

Operating EBITDA 355 432 436 481
Cash Interest -141 -145 -151 -158
Cash Tax -65 -95 -115 -97
Non-controlling Interest 0 0 0 0
Other Items Before FFO 2 -8 -8 2
Funds Flow from Operations 152 184 162 245
Change in Working Capital -57 -64 -456 3
Cash Flow from Operations 95 120 -293 248
Total Non-Operating/Non-Recurring Cash Flow 0 0 0 0
Capital Expenditures -19 -44 -37 -11
Common Dividends 0 0 0 0
Free Cash Flow 76 76 -330 237
Free Cash Flow Margin (%) 1.3 1.2 -6.6 4.5
 Net Acquistions & Divestitures 0 0 0 0
Other Cash Flow Items -21 3 0 0
Cash Flow from Investing -41 -40 -37 -11
Net Debt Proceeds -46 0 0 0
Net Equity Proceeds 0 0 0 0
Cash Flow from Financing -46 23 290 -249
Total Change in Cash 8 4 1 -12

Coverage Ratios
FFO Interest Coverage 2.1 2.3 2.1 2.4
FFO Fixed Charge Coverage 2.1 2.3 2.1 2.4
Operating EBITDAR/Gross Interest Expense + Rents 2.5 3.0 2.9 3.0
Operating EBITDAR/Net Interest Expense + Rents 2.5 3.0 2.9 3.4
Operating EBITDA/Gross Interest Expense 2.5 3.0 2.9 3.1

Leverage Ratios
Total Adjusted Debt/Operating EBITDAR 3.6 3.1 3.3 2.9
Total Adjusted Net Debt/Operating EBITDAR 3.6 3.0 3.3 2.9
Total Debt with Equity Credit/Operating EBITDA 3.6 3.1 3.3 2.9
FFO Adjusted Leverage 4.4 4.1 4.6 3.6
FFO Adjusted Net Leverage 4.3 4.0 4.5 3.6