project on financial statements

8/13/2019 Project on Financial Statements

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2/19

I graceful ly acknowledge my gratitude to

MR. MANOJ BHAMBU. My

CORPORATE ACCOUNTINGteacher forhelping & guiding me in the preparation of

thisPROJECT ON FINANCIAL

STATEMENTS OF CADI LA

HEALTHCARE L td without whose help,the project wouldnt have been completed.


3/19

F inancial Statements are the summar ized statements of

accounting data produced at the end of the accounting

process by an enterprise through which i t communicates

the accounting information to the internal and external

users.A set of financial statements include:

1)Balance Sheet: - I t is a statement of assets and l iabil i ties,

i .e., financial position of an enterprise at a given date. I t is

also known as Positional Statement.

2)Profi t and Loss Account: - I t shows the net result ofbusiness operations dur ing an accounting per iod. I t is also

known as I ncome Statement.

3) Schedules and Notes to Accounts: - The Balance Sheet

and Profi t and Loss Account are supported by the schedules

having detail s of items in the Balance Sheet and Profi t and

Loss Account, while the notes to accounts are the statement

of accounting policies and explanation to mater ial items.

I n thi s project I am going to study the f inancial statements

of CADI LA HEALTHCARE COMPANY.

By studying them I wil l analyze how the company was

performing in last f ive years.


4/19

'Cadila Healthcare' is an I ndian pharmaceutical company head

quartered at Ahmadabad in Gujarat state of western I ndia. Thecompany is the fi fth largest pharmaceutical company in I ndia

with US$290m in turnover in 2004. I t is a signif icant

manufacturer of generic drugs. Cadila Pharma has developed a

drug named Roser in which has reduced the cost of cur ing TB by

33%.Zydus Cadila is an innovative global pharmaceuti cal company

that discovers, develops, manufactures and markets a broad

range of healthcare products. The groups operations range

f rom API to formulations, animal health products and

cosmeceuticals. Headquar tered in the city of Ahmedabad in

I ndia, the group has global operations in four conti nents spread

across USA, Europe, Japan, Brazil , South Afr ica and 25 other

emerging markets.

I n i ts mission to create healthier communi ties

globally, Zydus Cadila delivers wide ranging

healthcare solutions and value to its customers.

Wi th over 10,000 employees worldwide, a world-

class research and development centre dedicated to

discovery research and eight state-of-the-art manufactur ing

plants, the group is dedicated to improving peoples lives.


5/19

Pankaj Ramanbhai Patel(born 1951) is the

currentChairman and Managing Di rectorof

Cadil a Healthcare, the fi f th largest

pharmaceuti cal company in India. Patel was

tied for 26th place on Forbes Magazine'sfi rst

annual l ist of the 40 richest I ndians (2004)

with an estimated net worth of$510 mil li on.

Patel was named the " Best Pharma Man of

the year 2003" by the Foundation of I ndian I ndustry and Economists

in recognition of the growth of Cadil a under his leadership. At that

time, Patel predicted that Zydus Cadil a would become the third-largest

pharmaceuti cal company in I ndia by 2005 however, the company's

fortunes were reversed and Patel fel l out of the list of r ichest I ndians

by 2005.

Cadila Healthcare Limited

Type Public

Industry Pharmaceuticals

Founded 1954

Headquarters Ahmedabad,India

Key people Pankaj Patel,Chairman

Revenue INR39 billion (2010)

Net income INR 3 billion (2010)

Employees 11000 (2010)

Website http://www.zyduscadila.com/

The Company is also engaged into research and development in the

areas of new molecular enti ty (NME), novel drug delivery systems

(NDDS) and generic product development.During the fiscal yearended March 31, 2010 (fiscal 2010), the

Company launched over 30 products and range

of l ine extensions in the formulations market.
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Forbes_Magazinehttp://en.wikipedia.org/wiki/List_of_Indians_by_net_worthhttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/Pharmaceuticalshttp://en.wikipedia.org/wiki/Pharmaceuticalshttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Pankaj_Patelhttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Rs.http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Websitehttp://en.wikipedia.org/wiki/Websitehttp://en.wikipedia.org/wiki/Websitehttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Rs.http://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Pankaj_Patelhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Pharmaceuticalshttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/List_of_Indians_by_net_worthhttp://en.wikipedia.org/wiki/Forbes_Magazinehttp://en.wikipedia.org/wiki/India


6/19

I ncome statement of Cadila Healthcare L td.for the last 5 years.

(Rs in Cr )

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

I ncome :

Operating I ncome 1,885.60 1,743.40 1,681.80 1,450.30 1,276.60

Expenses

Mater ial Consumed 795.00 708.20 654.60 545.50 525.70

Manufactur ing Expenses 96.80 46.30 71.90 59.40 44.10

Personnel Expenses 266.90 180.60 181.50 165.10 145.80

Sell ing Expenses 273.10 0.00 209.70 180.70 152.40Admini strative Expenses 339.00 591.10 291.70 239.80 170.90

Expenses Capi tal ized 0.00 0.00 0.00 0.00 0.00

Cost Of Sales 1,770.80 1,526.20 1,409.40 1,190.50 1,038.90

Operating Profi t 114.80 217.20 272.40 259.80 237.70

Other Recur r ing I ncome 582.40 262.60 111.40 74.80 49.10

Adj usted PBD IT 697.20 479.80 383.80 334.60 286.80

F inancial Expenses 43.10 88.00 43.50 29.90 21.50

Depreciati on 90.00 82.60 73.40 66.70 61.60

Other Wr ite off s 0.00 0.00 0.00 0.00 0.00

Adj usted PBT 564.10 309.20 266.90 238.00 203.70

Tax Charges 17.00 30.50 40.70 27.20 23.00

Adj usted PAT 547.10 278.70 226.20 210.80 180.70

Non Recurr ing I tems -43.80 -12.80 6.80 -6.10 -14.90Other Non Cash adjustments 0.00 0.00 3.20 0.00 -0.90

Reported Net Profi t 503.30 265.90 236.20 204.70 164.90

Earnings Before Appropriation 706.30 432.50 320.30 442.80 313.90

Equ ity Dividend 102.40 61.40 56.50 50.20 37.70

Preference Di vidend 0.00 0.00 0.00 0.00 0.00

Di vidend Tax 11.60 10.50 9.60 8.50 5.30

Retained Earnings 592.30 360.60 254.20 384.10 270.90


7/19

Balance Sheet of Cadil a Healthcare L td.for the last 5 years.

(Rs in Cr )Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

SOURCES OF FUNDS

Owner' s Fund

Equ ity Share Capital 68.20 68.20 62.80 62.80 31.40

Share Appl ication Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves & Surplus 1,553.90 1,164.60 991.00 819.50 704.90

Loan Funds

Secur ed Loans 554.20 636.70 559.30 362.70 312.50

Unsecured Loans 39.90 183.20 179.60 85.00 120.70

Total 2,216.20 2,052.70 1,792.70 1,330.00 1,169.50

USES OF FUNDS

Fixed Assets

Gross Block 1,556.70 1,358.50 1,241.00 1,129.20 1,015.10

Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00

Less : Accumulated Depreciati on 606.30 521.60 457.10 387.70 329.10

Net Bl ock 950.40 836.90 783.90 741.50 686.00

Capital Work- in-progress 142.90 117.30 96.40 52.10 58.90

I nvestments 598.90 595.40 442.70 292.80 185.10

Net Cur rent Assets

Cur rent Assets, Loans & Advances 1,205.70 997.40 989.50 829.40 628.40

Less : Cur rent L iabil iti es & Provisions 682.90 524.70 519.80 585.80 388.90

Total Net Cur rent Assets 522.80 472.70 469.70 243.60 239.50

M iscel laneous expenses not wr itten 1.20 30.40 0.00 0.00 0.00

Total 2,216.20 2,052.70 1,792.70 1,330.00 1,169.50

Note :

Book Value of Unquoted I nvestments 547.00 539.60 388.60 238.70 156.20Market Value of Quoted I nvestments 1,059.10 166.90 44.40 37.60 29.40

Conti ngent l iabil i ties 530.60 523.70 73.40 63.30 64.30

Number of Equi ty shares outstanding (in

Lacs)1,364.99 1,364.99 1,256.14 1,256.14 628.07


8/19

CADILA HEALTHCARE LIM I TED

INR - MillionYear ended March 31,Particular2010

2009

A. Cash Flows fr om Operating Activities:-

Net profi t before taxation and extraordinary item 5203 2964

Adjustments for: -

Depreciation 900 826

[Pr ofi t] / Loss on sale of assets [net] (88)5[Pr ofi t] / Loss on sale of investments [net] 154 0

[I nterest income] (73) (100)

[D ividend i ncome] (359) (405)

Interest expense 374 644

Balance of Profi t & Loss A/c acquired under amalgamation 0 38

Bad debts writ ten off 0 20

Provision for doubtful debt 4 36Provisions for retirement benefi t 19 (45)

Provisions for probable product warranty claims and return of good (9) 18

Total 1058 944

Operating profi t before work ing capital change 6261 390

Adjustments for: -

[I ncrease] / Decrease in trade receivable (511) (768)

[I ncrease] / Decrease in other receivable (924) 623

[I ncrease] / Decrease in inventor ie (318) (231)

Increase / [Decrease] in trade payables & other li abil it ie 898 305

Total (855) (71)

Cash generated fr om operati on 5406 383

Capital Subsidy r eceived dur ing the year 0 3

Interest received 75 100

[I nterest paid] (382) (650)

[D ir ect taxes paid] [Net of refunds] (256) (228)

Total (563) (775)

Cash fl ow before extr aordinary item 4843 306

Extr aordinary income / [expenditur e] 292 (380)

Net cash fr om operati ng activiti e 5135 268

B. Cash flows fr om investing activit ies:-

Pur chase of fixed asset (2325) (1750)

Pur chase of investment (530) (1516)

Proceeds from sale of I nvestment 341 10

Proceeds from sale of f ixed asset 23 240

Dividend received 359 40Net cash fr om investing activiti e (2132)

Cash F low Statement for the year ended March 31, 2010

(2611)


9/19

CADILA H EALTHCARE LIMI TED

INR - Mill ions

Year ended March 31,Particular2010 2009

C. Cash flows fr om fi nancing activities:-[Borrowings] [Net] 718(2257)[D ividends paid] (564)(615)[Tax on dividends paid] (96)(105)Net cash used in f inancing activiti e 58(2977)

Net increase / (-) decrease in cash and cash equivalent 12926Cash and cash equivalents at the beginning of the year 190256Cash and cash equivalents acqui red due to amalgamation 40Cash and cash equivalents transfer on Demerger (67)0

Cash and cash equivalents at the close of the year 256282

Cash F low Statement for the year ended March 31, 2010


10/19

CADILA H EALTHCARE LI MI TED

Cash F low Statement for the year ended March 31, 2009. I NR - Mill ion

Year ended March 31,Particulars

2009 2008

A.Cash F lows fr om Operati ng Activities:Net profi t before taxation and extraordinary item 2964 278

Adjustments for :-

Depreciation 826 734

[Prof it ] / Loss on sale of assets [net] (88) (12)

[Profi t] / Loss on sale of i nvestments [net] 0 8

[I nterest income] (100) (80)

[D ividend income] (405) (396)

I nterest expenses 644 390

Balance of Prof it & Loss A/c acqui red under amalgamation 38 0

Bad debts writ ten off 20 22

Provision for doubtful debt 36 (3)

Provisions for retir ement benefit (45) 19Provisions for probable product warr anty claims and return of good 18 16

Total 944 698

Operati ng profi t before worki ng capital change 3908 3483

Adjustments for :-

[I ncrease] / Decrease in trade receivables (1064) (462)

[I ncrease] / Decrease in other r eceivables 919 (1085)

[I ncrease] / Decrease in inventor ie (231) (23)

I ncrease / [Decrease] i n tr ade payables & other li abili tie 304 (1012)

Total (72) (2582)

Cash generated fr om operations 3836 901

Capital Subsidy received during the year 3 0

I nterest r eceived 100 75

[I nterest paid] (650) (374)

[D ir ect taxes paid] [Net of refunds] (228) (139)

Total (775) (438)

Cash f low before extraordinar y item 3061 463

Extraordinary income / [expenditu re] (380) (48)

Net cash f rom operating activiti e 2681 415B. Cash fl ows fr om investing activiti es:

Pur chase of fi xed asset (1750) (1677)

Pur chase of i nvestment (1516) (1509)

Proceeds from sale of I nvestments 10 2

Proceeds from sale of fi xed assets 240 114

Di vidend received 405 396

Net cash f rom i nvesting activi tie (2611) (2674)


11/19

CADILA HEALTHCARE LIM I TED

Cash F low Statement for the year ended Mar ch 31, 2009.

INR - Mi llion

Year ended March 31,Particulars

2009 2008

C. Cash fl ows fr om financing activiti es :

[Borr owings] [Net] 719 2912

[D ividends paid] (564) (502)

[Tax on dividends paid] (96) (85)

Net cash used in fi nancing activiti e 59 232

Net increase / (-) decrease in cash and cash equivalent 66

Cash and cash equivalents at the beginning of the year 190 124

Cash and cash equivalents acquired due to amalgamation 4 0

Cash and cash equivalents transfer on Demerger (67) 0

Cash and cash equivalents at the close of the year` 256 190

129


12/19


13/19


14/19

Above I have shown the F inancials ofCADILA HEALTHCARE Ltd. Now after

studying the fi nancials I wil l analyze them by calculating RATIOSand find out that

how the company was performing during these five years.

RATIOS: -A Ratio is an arithmetical expression of relationship between two related

or interdependent i tems.

The term " accounting ratios" is used to descri be signif icant relationship between

figures shown on a balance sheet, in a prof i t and loss account, in a budgetary contr ol

system or in any other part of accounting organization. Accounti ng ratios thus shows

the relati onship between accounting data.

Ratios as tools for establishing true prof i tabil ity and f inancial position of a

company can be classif ied as:-

1. LI QUIDI TY RATIOS: - L iquidity ratios measure the shor t-term solvency, i.e., the

firms ability to pay its current dues. They comprise ofCurrent Ratioand Liquidity

Ratio.

a) CURRENT RATIO: - Cur rent ratio is a relationship of cur rent assets to curr ent

li abil i ties and is computed to assess the shor t-term f inancial positi on of the enterpr ise.

Cur rent Ratio = Cur rent Assets

Current L iabili ties

b) LIQUIDI TY RATIO: - L iquidity ratio is a relationship of l iquid assets with curr ent

li abil i ties and is computed to assess the shor t-term l iquidi ty of the enterpr ise in its

correct form.

L iqui dity Ratio = Liquid Assets

Current L iabili ties

2. SOLVENCY RATI OS: - The term solvency implies ability of an enterprise to meet

its long-term indebtedness and thus, solvency ratios convey an enterprises ability to

meet its long-term obli gations. I t is of f ollowing types:-

a) DEBT-EQUITY RATIO: - The Debt-Equi ty ratio is computed to ascertain

soundness of the long-term f inancial positi on of the fi rm. This ratio expresses a

relationship between debt and the equi ty.

Debt-Equi ty Ratio = Debt (Long-Term Loans)

Equity (Shareholders Funds)


15/19

3. ACTIVI TY RATIOS: - I t is also termed as Performance or Turnover Ratios, judge

how well the faci li ties at the disposal of the enterpr ise are being uti li zed.

a) INVENTORY TURNOVER RATIO: - I t establi shes the relationship between the

cost of goods sold during a given period and the average amount of inventory carr ied

duri ng that per iod.

I nventory (Stock) Turnover Ratio = Cost of Goods Sold

Average Stock or I nventory

4. PROFI TABI LI TY RATIOS: - I n general terms, eff iciency in business is measured

by profitabil i ty. These are measured in percentage (%).I t is of f ollowing types:-

a) GROSS PROFIT RATIO: - Thi s ratio establishes relationship of gross prof it on

sales to net sales of a f irm, which is calculated in percentage.

Gross prof i t Ratio = Gross Prof i t x 100

Net Sales

b) OPERATING RATIO: - This ratio i s computed to establish relati onship between

operating costs and net sales.

Operating Ratio = Cost of Goods Sold + Operating Expenses x100

Net Sales

c) NET PROFI T RATIO: - Net profi t ratio establishes the relationship between net

profi t and sales i.e., it shows the percentage of net profit earned on sales.

Net Prof it Ratio = Net Prof it x100

Net Sales

d) RETURN ON INVESTMENT (ROI): - This ratio establishes the relationship of

prof i t (prof it means prof i t before interest and tax) with capital employed. The overall

performance of the enterpr ise can be judged by this ratio.

Return on I nvestment = Prof it before I nterest, Tax and Dividend x100

Capital Employed

e) EARNI NG PER SHARE (EPS): - Earning per share measur es the earnings

available to an equi ty shareholder on per share basis.

Earning Per Share = Net Prof it after TaxPreference Dividend

Number of Equity Shares

f) DIVIDEND PER SHARE: - The prof it distributed among shareholders is termed as

dividend. Dividend per share ratio represents the dividend distributed per equi ty share.

Dividend per Share = Dividend Paid to Equity Shareholders

Number of Equity Shares


16/19

The ratios can be viewed ofCADILA HEALTHCARE Ltd.for th

per iod of 5 years

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

LI QUIDI TY RATIOS

Cur rent Ratio 1.77 1.85 1.90 1.42 1.62

Qui ck Ratio 1.16 1.16 1.23 0.81 1.02

SOLVENCY RATIOS

Total Debt/Equity 0.36 0.66 0.70 0.50 0.58

ACTIVI TY RATIOS

I nventory Turnover Ratio 5.48 5.76 5.78 5.02 6.86

PROFI TABI LI TY RATIOS

Operating Ratio (%) 6.08 14.34 16.19 17.91 18.61

Gross Prof it Ratio (%) 1.31 9.60 11.83 13.31 13.79Net Prof it Ratio (%) 20.39 13.31 13.17 13.42 12.43

Return On I nvestment (%) 31.05 22.11 22.41 23.20 22.39

Ear ni ng Per Share (Rs.) 36.87 19.48 18.80 16.30 26.25

Dividend Per Share (Rs.) 5.00 4.50 4.50 4.00 6.00


17/19

CHART SHOWING NET PROFI T OFCADILA HEALTHCARE Ltd.

1) By comparing the net profi ts of 200607 it is analyzed that the company is earn ing

prof i t with a di fference of Rs. 30.10 crores. This shows that company is performing

well dur ing this per iod.

2) By comparing the net profi ts of 200708 it is analyzed that the company is earn ing

prof i t with a di fference of Rs. 15.4 crores .This shows that company is performing good

but the prof it earned dur ing this per iod is less than the previous year.

3) By comparing the net profi ts of 200809 it is analyzed that the company is earn ingprof i t with a di fference of Rs. 52.50 crores .This shows that company is performing

eff iciently dur ing this per iod. The profi t has increased a lot.

4) By comparing the net profi ts of 200910 it is analyzed that the company i s earning

prof i t with a di fference of Rs. 268.4 crores. This shows that company is performing so

well and more eff icientl y and profi t are increasing at a high rate.

So it is seen that upto 2010 company has progressed a lot as we can see that

the company is earning profi t more than previous years at a high rate.

0

100

200

300

400

500

600

NET PROFIT

Chart Title

2010

2009

2008

2007

2006

YEAR 2010 2009 2008 2007 2006NET PROFI T

(in crores)547.1 278.7 226.2 210.8 180.7


18/19

CHART SHOWING RATIOS OFCADILA HEALTHCARE LTD.

YEAR LIQUIDITY RATIOS SOLVENCY RATIOS ACTIVITY RATIOS PROFITABILITY RATIOS

2010 2.93 0.36 5.48 100.7

2009 3.01 0.66 5.76 83.34

2008 3.13 0.7 5.78 86.9

2007 2.23 0.5 5.02 87.14

2006 2.64 0.58 6.86 99.47

1. L iquidity Ratios(i.e. Current Ratio + Liquid Ratio) dur ing all the years is fluctuating

a l i ttle but the company can quietly meet the day to day expenses easi ly.

2. Solvency Ratios (i .e. DebtEqui ty Ratio) are indicating that the company wil l

manage to meet i ts long-term indebtedness.

3. Activity Ratios(i .e. I nventory Turnover Ratio) remains optimum f rom 20062010

which ensures adequate working capital and enables the company to earn a reasonable

margin of profi ts.

4. Profitabili ty Ratios(i.e. Operating Ratio, Gross Prof i t Ratio, Net Profi t Ratio, and

Retur n on I nvestment etc.) are qui te high as compared to other r atio which are

showing that in each year the company is earning more and more profits which wil l

shows that company is performing fi nanciall y well f rom past 5 years and the

operations or working of the company is going smoothly and eff icientl y.

0

20

40

60

80

100

120

2010 2009 2008 2007 2006

LIQUIDITY

RATIOSSOLVENCY

RATIOS

ACTIVITY

RATIOS

PROFITABILITY

RATIOS


19/19

CHART SHOWING CASH INFLOWS AND OUTFLOWS

FROM DI FFERENT ACTIVITIES

(Rs in Cr)

Particulars Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Profit Before Tax 520.30 296.40 278.50 231.90 199.90

Net Cash F low-Operating Activity 513.50 268.10 41.50 210.60 55.70

Net Cash Used I n I nvesting Activity -213.20 -261.10 -267.40 -171.10 -98.50

Net Cash Used in F in. Activity -297.70 5.90 232.50 -29.40 18.70

Net I nc/Dec I n Cash And Equivalent 2.60 12.90 6.60 10.10 -24.10

1) I n 2006 cash f low fr om Operating Activities is Rs.55.70 crores which has been increased to

Rs.210.60 crores in 2007 which is quite a very high total which shows that company is earning

more thr ough these activi ties. I n 2008 the total has been fal len to Rs.41.50 and i t has increase to

Rs.268.10 crores in 2009 which indicates that the company can recover i ts losses in thi s year. I n

2010 the company has increased its cash f lows from operating activit ies to Rs.513.50.2) I n 2006 cash used I nvesting Activi tiesis Rs. 98.50 cror es which has been decreased to

Rs. 171.10 crores in 2007 which shows that company is not earni ng through these activit ies. I n

2008 the company is again in l osses as the cash outf low is now Rs. 267.40 crores and in 2009 also

the outfl ow is of Rs. 261.10 which indicates that the company has more outf lows than inf lows

thr ough I nvesting Activit ies. In 2010 also the cash i s going out and i s of Rs. 213.20. This indicates

that the company is not having any proceeds from these activi ties from last 5 years.

3) In 2006 cash f low f rom Financing Activitiesis Rs.18.70 crores and in 2007 cash outf low i s of

Rs. 29.40 crores which shows that dur ing this year company has not earned any proceeds. I n 2008

the total has been increased to Rs.232.50 crores which indicates that company has work eff iciently

in thi s year. And in 2009 it has been reduced to Rs.5.90 crores, indicating that inf lows are very

few during thi s year. I n 2010 the outflows are very high.

Through above analyses it is concluded that the business of CADILA

HEALTHCARE Ltd.has been eff icient dur ing 2009 as the inf lows are more

than the outf lows."

-400

-300

-200

-100

0

100

200

300

400

500

600

2010 2009 2008 2007 2006

Profit Before Tax

Net Cash Flow from Operating

Activities

Net Cash Used in Investing

Activities

Net Cash Flow or Used in

Financing Activities

Net Increase/Decrease in Cash

and Cash Equivalent

project on financial statements

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