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Particulars 2008 2009 2010 2011
Turnover 3089746417 3900732314 5090318113 6519639234
cost of sales 1526514685 1820496777 2405361976 3099355955
Gross profit 1563231732 2080235537 2684956137 3420283279
Less:operating expense 845169923 1118768795 1378630620 1702913272
Operating profit 718061809 961466742 1306325517 1717370007
Plus: other income 15420344 8050515 5992117 21477196Plus:gain on disposal of asset 118000 930500 593908 -3518170
Less: interest expense 87270665 99513638 117473675 215315416
Less:other expense 5,913,520 6,752,520 8,195,771 9,234,832
Less: Contribution to WPPF 30496000 41151504 56480177 71941847
Profit before tax 609919968 823030095 1130761919 1438836938
Tax expense 176774164 219505643 278175022 351117807
Net income 433145804 603524452 852586897 1087719131
less: Dividend 86759000 122909000 153636000 192045000
Transfer to the retained earning 346386804 480615452 698950897 895674131
Depreciation 304330750.2 418890260.1 769371686.4 1134854810
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2012
7671572303
3619613644
4051958659
1880513705
2171444954
7995455-218312
370881897
10,345,556
85618793
1712375851
474449485
1237926366
240056000
997870366
1280677908
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Particulars 2008 2009
Non current asset
Property, plant and equipment 1014435834 1396300867
Capital work-in-progress 570277998 736960533
Investment in subsidiary 63070376 63070376
Other investment 8377754 11931079
Total non-current assets 1656161962 2208262855
Current asset
Inventories 959414590 1075310581
Trade and other receivables 344226933 343870341
Advances, deposits and prepayments 79,281,411 80,677,337
Cash and cash equivalents 123148038 143248172
Total current assets 1506070972 1643106431
Total assets 3162232934 3851369286
EQUITY AND LIABILITIES
Share capital 115678700 144598400
Revaluation surplus 155075461 154596958
Tax holiday reserve 52862514 83346636
Retained earnings 1338456682 1824737962
Total equity attributable to equity holders of the company 1662073357 2207279956
Non-current liabilities
Deferred liability-staff gratuity 105224160 124183595
Deferred tax liabilities 81542581 110179135
Long term loan
Non-convertible BondTotal non-current liabilities 186766741 234362730
Current liabilities
Bank overdraft 823163615 794424620
Creditors for goods 127107689 27896925
Accrued expenses 133013604 171928847
Other payables 79902838 237310646
Unclaimed dividend 3173467 3961604
Provision for taxation 147031623 174203958
Total current liabilities 1313392836 1409726600
Total liabilities 1500159577 1644089330
Total equity and liabilities 3162232934 3851369286
No. of outstanding share
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2010 2011 2012
2564572288 3782849367 4268926361
363998451 1370222641 2061905242
63070376 63070376 63070376
58965084 11333863 48955276
3050606199 5227476247 6442857255
1303637035 1585100179 1986744883
488934817 640195291 843231267
110721962 97,564,211 148951592
178384225 141265972 331292974
2081678039 2464125653 3310220716
5132284238 7691601900 9753077971
180748000 225935000 282418750
154118455 158434421 157955917
124166310 131443579 206609359
2512438179 3442795036 4423495722
2971470944 3958608036 5070479748
138540457 149138826 175366283
152716016 198004754 272041423
358333333
1000000000291256473 347143580 1805741039
1129414884 2402992758 1812605178
31752362 50168661 41207200
220862988 326941029 272566530
297285203 343920388 340461110
5164759 6551459 7907075
185076625 255275989 402110091
1869556821 3385850284 2876857184
2160813294 3732993864 4682598223
5132284238 7691601900 9753077971
28241875
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particular 2008 2009
Sales growth rate 0.262476523
Average sales growth rate
COGS in proportion to sales 0.494058243 0.466706411
Average proportion
Operating expense in proportion to sales 0.273540223 0.286809938
Average proportion
Growth rate of other income -0.477928962
Average proportion
Growth rate of other expense 0.141878272
Average
Total loan 823163615 794424620
Average loan 808794117.5
Interest rate 0.123039518
Average interest rate
Short-term loan in proportion to sales 0.266417856 0.203660379
Average proportion
Proportion of contribution to WPPF to sales 0.009870066 0.010549687
Average proportion
Gain (loss) on sale of an equipment growth 6.88559322
average rate
tax rate 0.289831737 0.266704273
average
Growth rate of PPE 0.376430938
Average growth rate
Other investments growth rate 0.42413814
average rate
Normalized rate
Inventory in proportion to sales 0.310515641 0.275668899
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Avg. Proportion
Trade and other receivables proportion to sales 0.111409445 0.088155329
average proportion
Advances, deposits and prepayments 0.02565952 0.020682613
average
Cash and cash equivalents 0.039857005 0.036723405
average
Grwth rate of Capital work-in-progress 0.292282949
averaage
creditors in proportion to sales 0.04113855 0.007151715
average
Accrued expenses 0.043050007 0.044076043
average
Other payables 0.025860646 0.06083746
average
Growth rate for unclaimed dividends 0.248352039
average
Tax 0.18480606
average
Growth rate of deffered liability(staff gratuity) 0.180181386
average
Growth rate Deferred tax liabilities 0.351185278
average
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unclaimed dividend to divedend 0.248352039
average
growth rate of depreciation
Dividend payout ratio 0.200299759 0.203652063
average
Tax holiday reserve in proportion to net income 0.122043232 0.13809985
average rate
Growth of revaluation of surplus -0.003085614
Average Rate
Depreciation in proportion to PPE 0.3 0.3
Average Rate
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0.268877547 0.268877547 0.268877547 0.268877547
0.096051918 0.098194895 0.109916355
0.100745588 0.100745588 0.100745588 0.100745588
0.021751482 0.014964664 0.019416045
0.020494865 0.020494865 0.020494865 0.020494865
0.035043827 0.021667759 0.043184495
0.035295298 0.035295298 0.035295298 0.035295298
-0.506081486 2.764363934 0.504795776
0.763840293 0.763840293 0.763840293 0.763840293
0.006237795 0.007695006 0.005371415
0.013518896 0.013518896 0.013518896 0.013518896
0.043388838 0.050147104 0.035529422
0.043238283 0.043238283 0.043238283 0.043238283
0.058402087 0.052751445 0.044379574
0.048446242 0.048446242 0.048446242 0.048446242
0.303704005 0.268492683 0.206918184
0.256866728 0.256866728 0.256866728 0.256866728
0.062413433 0.37929892 0.575197466
0.30042897 0.30042897 0.30042897 0.30042897
0.115609972 0.076500174 0.373913593
0.186551281 0.186551281 0.186551281 0.186551281
0.386070203 0.296555261 0.373913593
0.351931084 0.351931084 0.351931084 0.351931084
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0.303704005 0.268492683 0.206918184
0.256866728 0.256866728 0.256866728 0.256866728
0.180199814 0.176557527 0.193917834
0.190925399 0.190925399 0.190925399 0.190925399
0.145634786 0.120843309 0.166899555
0.138704146 0.138704146 0.138704146 0.138704146
-0.003095164 0.028004213 -0.003020202
0.004700808 0.004700808 0.004700808 0.004700808
0.3 0.3 0.3
0.3 0.3 0.3 0.3
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Time Monthly Closing- Renata limited
12/31/2012 739.5
11/29/2012 764.5
10/31/2012 830
9/30/2012 848.4
8/30/2012 869.5
7/30/2012 856.7
6/28/2012 905.5
5/31/2012 880.2
31-04-12 1214.2
3/29/2012 1179.1
2/29/2012 1016
1/28/2012 1013.5
12/31/2011 1205
11/30/2011 12696
10/31/2011 12662.5
9/29/2011 13229
8/25/2011 11782
7/31/2011 11536
6/30/2011 10695.25
5/31/2011 10656.254/28/2011 12427.25
3/30/2011 12721.75
2/28/2011 10474.5
1/31/2011 12417.75
12/30/2010 12942.8
11/30/2010 12997.5
10/31/2010 12315
9/30/2010 11012
8/31/2010 11149
7/29/2010 11258
6/30/2010 10469
5/31/2010 12472
4/29/2010 12590
3/31/2010 12290
2/28/2010 11861
1/31/2010 13222
12/30/2009 12051.5
11/26/2009 10016.8
10/29/2009 8981.25
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9/30/2009 7998.5
8/31/2009 7423.5
7/30/2009 6732.75
6/30/2009 6944.5
5/31/2009 6602.5
4/30/2009 8051.5
3/31/2009 80042/26/2009 7889
1/29/2009 7865.5
12/30/2008 7789.25
11/30/2008 7587
10/30/2008 7544.75
9/25/2008 7835.25
8/31/2008 7309
7/31/2008 7174.5
6/30/2008 7401.5
5/29/2008 8133.25
4/30/2008 8848
3/31/2008 8982.25
2/28/2008 7143.25
1/31/2008 6736.25
12/30/2007 7491.25
11/29/2007 5947
10/31/2007 5304.25
9/30/2007 5069
8/29/2007 4860.5
7/31/2007 4808.75
6/28/2007 38575/31/2007 3591.25
4/30/2007 3561.5
3/29/2007 3265
2/27/2007 3200
1/28/2007 3500.5
covarience
Variance of market return
Beta
market return
market return yearly
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DSE General Index Renata Limited Return DSE General Return
4219.31416 -0.032701112 0.00
4210.58149 -0.078915663 -0.06
4493.92049 -0.021687883 -0.01
4544.40647 -0.02426682 0.02
4446.8703 0.014941053 0.07
4159.16692 -0.053892877 -0.09
4572.87836 0.028743467 -0.03
4734.33314 -0.275078241 -0.07
5098.90404 0.029768467 0.02
4990.32474 0.160531496 0.06
4695.40854 0.0024667 0.13
4153.96414 -0.158921162 -0.21
5257.60585 -0.905088217 0.00
5268.554 0.002645607 0.05
5036.498 -0.042822587 -0.15
5910.203 0.122814463 -0.05
6211.997 0.021324549 -0.04
6459.623 0.078609663 0.06
6117.234 0.003659824 0.06
5758.264 -0.142509405 -0.056050.846 -0.023149331 -0.03
6249.35375 0.214544847 0.20
5203.085 -0.156489702 -0.30
7484.228 -0.040566956 -0.10
8290.413 -0.004208502 -0.04
8602.441 0.055420219 0.08
7957.121 0.118325463 0.12
7097.382 -0.012288098 0.07
6657.975 -0.009682004 0.05
6342.758 0.075365364 0.03
6153.677 -0.160599743 0.01
6107.814 -0.009372518 0.08
5654.877 0.02441009 0.01
5582.334 0.036168957 0.00
5560.561 -0.102934503 0.04
5367.107 0.097124839 0.18
4535.532 0.203128744 0.04
4380.948 0.115301322 0.30
3364.262 0.122866788 0.09
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3083.886 0.077456725 0.05
2941.284 0.102595522 0.01
2914.534 -0.030491756 -0.03
3010.264 0.051798561 0.17
2572.18 -0.179966466 0.01
2554.355 0.005934533 0.04
2446.922 0.014577259 -0.052570.964 0.002987731 -0.03
2649.494 0.009789132 -0.05
2795.336 0.02665744 0.13
2468.918 0.00559992 -0.10
2748.598 -0.037076035 -0.07
2966.818 0.072000274 0.06
2791.21 0.018746951 0.01
2761.049 -0.030669459 -0.08
3000.498 -0.089970184 -0.05
3167.993 -0.080780967 0.03
3072.851 -0.014946144 0.02
3016.49 0.25744584 0.03
2931.384 0.060419373 0.01
2907.167 -0.100784248 -0.04
3017.213 0.259668741 0.02
2971.112 0.121176415 0.04
2850.814 0.046409548 0.12
2548.187 0.042896821 0.04
2455.087 0.010761632 0.03
2384.182 0.246759139 0.11
2149.317 0.073999304 0.072003.585 0.008353222 0.15
1743.328 0.090811639 -0.01
1760.876 0.0203125 -0.02
1797.66681 -0.085844879 0.01
1780.52181
0.004938797
0.008186459
0.603288538
0.02
0.20
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Particulars 2012 2013 2014
Turnover 7671572303 9637259251 12106614160
cost of sales 3619613644 4588319537 5763984638
Gross profit 4051958659 5048939714 6342629522
Less:operating expense 1880513705 2577984315 3238541229
Operating profit 2171444954 2470955399 3104088293
Plus: other income 7995455 10439873.53 13631614.37Plus:gain on disposal of asset -218312 -291329.1265 -388767.7267
Less: interest expense 370881897 482377471.9 562458313.7
Less:other expense 10,345,556 11904292.67 13697879.94
Less: Contribution to WPPF 85618793 103524449.9 130050519.3
Profit before tax 1712375851 1883297729 2411124427
Tax expense 474449485 498562587 638293358.3
Net income 1237926366 1384735142 1772831069
Dividend 240056000 264381110.1 338478480
Transfer to retained earnings 997870366 1120354032 1434352589
Depreciation 1280677908 1862316105 2708113611
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2015
15208691870
7240890405
7967801466
4068352638
3899448827
17799153.4-518795.8621
663058269.4
15761702.11
163373363.5
3074535850
813917270.7
2260618579
431609505.3
1829009074
3938042157
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Particulars 2012
Non current asset
Property, plant and equipment 4268926361
Capital work-in-progress 2061905242
Investment in subsidiary 63070376
Other investment 48955276
Total non-current assets 6442857255
Current asset
Inventories 1986744883
Trade and other receivables 843231267
Advances, deposits and prepayments 148951592
Cash and cash equivalents 331292974
Total current assets 3310220716
Total assets 9753077971
EQUITY AND LIABILITIES
Share capital 282418750
Revaluation surplus 157955917
Tax holiday reserve 206609359
Retained earnings 4423495722
Total equity attributable to equity holders of the company 5070479748
Non-current liabilities
Deferred liability-staff gratuity 175366283
Deferred tax liabilities 272041423
Long term loan 358333333
Non-convertible Bond 1000000000
Total non-current liabilities 1805741039Current liabilities
Bank overdraft 1812605178
Creditors for goods 41207200
Accrued expenses 272566530
Other payables 340461110
Unclaimed dividend 7907075
Provision for taxation 402110091
Total current liabilities 2876857184
Total liabilities 4682598223
Total equity and liabilities 9753077971
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2013 2014 2015
6207720350 9027045371 13126807191
3636871546 6414860574 11314789555
63070376 63070376 63070376
85671733 149925532.8 262369682.3
9993334006 15654901854 24767036805
2591242627 3255196717 4089275762
970911354.3 1219687968 1532208612
197514325.7 248123420.7 311700084.1
0 0 0
3759668307 4723008106 5933184459
13753002312 20377909960 30700221263
353023437.5 441279296.9 551599121.1
158698437.4 159444448.3 160193966.1
192068505.6 245899019.7 313557169.9
5421366088 6541720120 7976072708
6125156468 7388342885 9001422966
208081087.8 246898881.3 292958184
367781255.8 497214911.8 672200294.6
358333333 358333333 358333333
1000000000 1000000000 1000000000
1934195677 2102447126 2323491812
2499532061 3139987154 3944546053
130285108.2 163668061.1 205604727.9
416698542 523469208.2 657597721.8
466888997.2 586519963.6 736803972.1
9938139.481 12490916.85 15699417.78
522915611.4 680014609.8 884310698.4
4046258460 5106149914 6444562591
5980454136 7208597040 8768054403
12105610605 14596939924 17769477368
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Risk free rate 0.085
Market return 0.20
Beta 0.603288538
Cost of equity 0.151934741
Cost of debt 0.125037403After tax cost of debt 0.091936439
Total market value of equity 20884866563
Book value of debt 3170938511
Weight of equity 0.868184062
Weight of debt 0.131815938
WACC 0.144026009
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Particulars 2012 2013 2014
Inventory 1986744883 2591242627 3255196717
Trade and other receivables 843231267 970911354.3 1219687968
Advanced deposits and repayments 148951592 197514325.7 248123420.7
Non-cash current asset 2978927742 3759668307 4723008106
Creditors 41207200 130285108.2 163668061.1
Accrued Expense 272566530 416698542 523469208.2
Others 340461110 466888997.2 586519963.6
Unclaimed dividends 7907075 9938139.481 12490916.85
Provision For Taxation 402110091 522915611.4 680014609.8
Non- STD Current liabilities 1064252006 1546726398 1966162760
Working capital 1914675736 2212941908 2756845346
Change in WC 298266172.4 543903437.8
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2015
4089275762
1532208612
311700084.1
5933184459
205604727.9
657597721.8
736803972.1
15699417.78
884310698.4
2500016538
3433167920
676322574.2
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Particulars 2013 2014
EBIT 1712375851 1883297729
EBIT (1-tax rate) 1259061157 1384735142
Depreciation 1862316105 2708113611Less:Capital expenditure 1938793989 2819325021
Less: Change in NWC 298266172.4 543903437.8
Free cashflow 884317100.1 729620294.5
Present value discount factor 0.874106001 0.764061302
Present value of free cashflow 772986884.3 557474632
Terminal value
Enterprise value 7089221144
ADD:Cash 331292974
Less:Interest-bearing debt 3170938511
Equity value 10591452629
Value per share 375.0265387
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Particulars 2008 2009Sales 3089746417 3900732314
Net Profit after Tax 433145804 603524452
OCF 217478117 751083736
Earnings per share 37.44386858 41.7379758
NAV per share 73.56 97.7
OCF per share 18.80018681 51.94274183
No of outstanding share 11567870 14459840
Sales Per Share 267.0972631 269.7631726
Market price 778.92 1205.15
Price/ EPS 20.80233773 28.87418417
Price/SPS 2.916241039 4.467437079
Price/OCFPS 41.4315032 23.20150915
Price/NAVPS 10.58890701 12.33520983
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2010 2011 2012 Average5090318113 6519639234 7671572303
852586897 1087719131 1237926366
786059727 900132824 1087259497
47.16992149 48.14301153 43.83300918
131.52 175.21 179.54
43.48926279 39.84034452 38.49813431
18074800 22593500 28241875
281.6251418 288.5626058 271.6382076
1294.27 1205 739.5
27.43845991 25.02959332 16.8708472 23.80308447
4.595718947 4.175870247 2.722371078 3.775527678
29.76067924 30.24572238 19.20872305 28.7696274
9.840860706 6.877461332 4.118859307 8.752259637
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Assumption
1.Perpetual growth rate is 2percent
2.Risk free rate 8.5 percent
3. Cash is zero for the year of 2013,2014 and 2014
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