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Financial Analysis of Toyota Indus Motor Company
Financial Analysis of Toyota Indus Motor Company
Financial Analysis of Toyota Indus Motor Company
TOYOTA
INDUS MOTOR COMPANY LTD.
Ayesha Majid
Lahore School of economics
5/1/2017
Financial Analysis of Toyota Indus Motor Company i
Table of Contents
Preamble 1
Limitations 2
Company Profile 3
Financial Profile 3
Introduction 4
Mission Statement 5
Vision Statement . 5
Slogan 5
SWOT Analysis 6
Industry Analysis 7
Competitors 8
Future Plans 9
Ratio Analysis 10
Liquidity Ratios 10
1. Current Ratio 11
2. Quick Ratio 11
4. Inventory Turnover 12
5. Receivables Turnover 12
Financial Analysis of Toyota Indus Motor Company ii
8. Operating Cycle 13
Profitability Ratios 14
1. Return on Sales 14
4. EBIT to Sales 15
5. EBITDA to Sales 15
Solvency Ratios 17
2. Total Leverage 17
2. Dividend Yield 20
Du-Pont Analysis 21
References 24
Appendix 25
Balance Sheet 25
Income Statement . 26
Ratios 27
Financial Analysis of Toyota Indus Motor Company 1
Preamble
I have conducted this project as a part of my Bachelor's Course: Financial Statement
Analysis. The project is created on five years of Annual Financial Statements of the
company from 2011 to 2016. In evaluation for industrial benchmark, average of three
companies is used; due to time and resource constrains. The competitors' ratios were
obtained from peers doing their term project on the respective companies. The
competitors are Pak Suzuki Motors, Honda Atlas and Ghandhara Nissan Motors
Limited.
1. Liquidity Ratios
The ratio shows the extent to which the firm can meet its financial obligations. Used to
gauge a company's ability to pay off its debts in short term.
2. Profrtability Ratios
It is a measure of the capacity to make a profit, and a profit is what has remained from
income earned after you have deducted all costs and expenses these ratios relate to
profits to sales and assets.
Measures the speed with which various accounts are converted into sales or cash-
inflows or cash-outflows. That is the firm's success in managing its assets to generate
sales.
It shows the extent to which a firm uses debt financing or leverage. It assess the
These ratios are a measure of the return on investment, and whether the prices are
over/under priced.
Financial Analysis of Toyota Indus Motor Company 2
Limitations
Availability of the resources in gathering of data and information is one of the major
limitation to be considered when different methods and sources employed. In addition,
100% accuracy cannot be guaranteed, as there are be very small chances that
sources may not be reliable which result in inaccuracy of information. Aside from that,
there are no primary data that was used due to time and cost constraints. There are
many limitations to using ratio analysis such as;
Company Profile
0
* *
Industry: Automotive
*0
*
•
Type: Public (Joint venture)
0
* *
Stock Symbol: KSE: INDU
***
• Founded: 1 July 1990
• Registration Number: 0020742
***
• NTN: 0676546-7
• 180-14001 certified
***
• Headquarters: Karachi, Pakistan
Parent: Toyota Motor
Corporation, Toyota Tsusho
Corporation, House of Habib
***
• Share Type: Free-float
No. of Shares: 12,211,044
***
• Auditor A.F. Ferguson & Co.
Address: Plot No. Nwzil/P-1,Port
Qasim Authority,Bin Qasim
Karachi
Website: www.toyota-indus.com
Financial Profile
❖ Revenue In PKR (TTM): 108.82bn +
NET INCOME IN PKR: 11.63bn ❖
Employees: 27700
Financial Analysis of Toyota Indus Motor Company 4
Introduction
Indus Motor Company Limited (IMC) was incorporated in 1989 through a joint venture
agreement between "House of Habib" of Pakistan, "Toyota Motor Corporation" and
"Toyota Tsusho Corporation" of Japan. Its stocks are listed in Karachi Stock Exchange
(Guarantee) Ltd, Lahore Stock Exchange (Guarantee) Ltd and Islamabad Stock
Exchange (Guarantee) Ltd, now they have combined to Karachi Stock Exchange.
Indus Motor has permission to manufacture, assemble, distribute and import Toyota
and Daihatsu vehicles, spare parts and accessories in Pakistan. IM C is engaged in
sole distributorship of Toyota and Daihatsu Motor Company Ltd. vehicles in Pakistan.
IM C is associated with Toyota Motor Corporation, Japan; Toyota Tsusho Corporation,
Japan; Thal Limited; Habib Insurance Company Ltd & Mohamed Ali Habib Welfare
Trust. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 'Yo stake in the
company equity and majority shareholdings is with house of Habib.
Indus Motor Company's plant is the only manufacturing site in the world where both
Toyota and Daihatsu brands' products are manufactured. IMC's Product line includes
6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 4x2 and
4 versions of Daihatsu Cuore.
The Company's segments are based on its business activities, which include
manufacturing and trading activities. The main product offerings include Corolla, Hilux
and Fortuner. Heavy investment was made to build its production facilities based on
state of art technologies. To ensure highest level of productivity world-renowned
Toyota Production Systems are implemented.
The Company has played a major role in the development of the entire value chain of
the local auto industry and is proud to have contributed in poverty alleviation at the
grass root level by nurturing localization that, in turn, has directly created thousands of
job opportunities and transferred technology to over 60 vendors supplying parts.
On average, the company has sold 50,000 units a year but sales surpassed the 60000
mark in FY16 as demand boomed and has a niche market for Fortuner. Its parent
company Toyota motors stood 51h in world leading global brands 2016.
Financial Analysis of Toyota Indus Motor Company 5
Mission Statement
Mission of IMC is to provide safe & sound journey. IMC's mission is reflected in
company's slogan.
Vision Statement
"To be the most respected and successful enterprise, delight customers with a wide
range of products and solutions in the automobile industry with the best people and
best technology."
Slogan
SWOT An a lysis
Strengths Weakness 1
• skilled workforce • competitive market
• Customer Loyalty' • small business units
• Strong Management • Weak Supply Chain
• Kaizen culture practiced • High Debt Burden
• Financial Leverage
• The most valuable automotive
brand in the world
• Toyota Production System
• Competence in hybrid vehicle
production
• monetary assistance provided by
parent companies
Opportunities Threats
• global markets • increase in labour costs
• new products and service • cash flow
• income level is at a constant • Rising Japanese yen exchange
rate
increase
• Increasing competition in the
• new products and services worldwide automotive market
• venture capital • Shift of consumer to imported
used car
• Fuel prices are expected to rise in
the near future increasing • growing competition and lower
demand for hybrid cars profitability
• Demand for autonomous vehicles • increase in labour costs
• Timing and frequency of new • tax changes
model releases • financial capacity needed
• Government policy for • low barriers of market entry
revitalization of sick units
• High industry growth rate
-
Financial Analysis of Toyota Indus Motor Company 7
Industry Analysis
IM C is part of automobile industry of Pakistan, that produces automobiles and other
gasoline powered vehicles, such as buses, trucks, and motorcycles. It has an oligopoly
market structure operating at price-oriented model. The leading manufacturing Parent
companies for the industry are Toyota, Suzuki and Honda.
The industry started in 1949 when General motors & company set-upped their first
plant. According to Ministry of Industries, Pakistan produced its first vehicle in 1953, at
the National Motors Limited. It is among the key sectors of Pakistan economy. Car
industry saw boom in 2006-2007 when sales touched record peak of 1,808346. The
auto industry is considered an oligopoly with Toyota, Honda and Suzuki being the
market leaders.
The industry merely operates under the rising urban buying, technical cooperation
agreements and franchise with Chinese, Japanese, Korean and European Automobile
Manufacturers. Even then Pakistan falls in the category of the few manufacturers in
the world who are producing or assembling all kinds of vehicles, ranging from trucks &
buses, 2/3 wheelers, motorcars, prime movers, tractors and LCVs.
The main producer associations in the sector are PAMA (Pakistan Automotive
Manufacturers Association), PAAPAM (Pakistan Association of Automotive Parts and
Accessories Manufacturers) and APMA (Association of Pakistan Motorcycle
Assemblers). All of the associations provide basic and useful information to their
members. Furthermore, the Engineering Development Board (EDB) maintains data
about the automotive industry. The industry faces the highest tariff levels.
FinancEal Analysis of Toyota Indus Motor Company 8
Market Share
The market share remained 20 percent and under, till FY08 but this share reached 35
percent in FY10 and today, Corolla has a share of 32 percent in the car market. Other
cars have come and gone but Corolla has remained a mainstay the country's car
industry. The company is having a slower FY17 so far, with a decline in sales numbers for
both Corolla and Fortuner and clinched earnings as a result compared to FY16.
Corn petitors
1. Afzal Motors 9. Ghani Motors 19. Raazy Motors
2. Al-Ghazi 10. Hinopak Motors 20. Ravi Motorcycles
3. Al-Haj Faw Motors 11. Honda Atlas 21. Sazgar
4. Atlas Honda 12. Indus Motors 22. Sitara Auto Impex
5. Crown Motor 13. Karakoram Motors 23. Sohrab
Company 14. Kausar Motors 24. Super Asia Motors
6. Dewan Farooque 15. Master Motors 25. United Motors
Motors 16. Millat Motors 26. Volvo Pakistan
7. Ghandhara Motors 17. Omega Motors 27. Yamaha Pakistan
8. Ghandhara Nissan 18. Pak Suzuki Motors
Financial Analysis of Toyota Indus Motor Company 9
Future Plans
Indus Motor Company means to exhibit mindful corporate direct all through the whole
range of its exercises and operations. Through its CSR program, "Concern Beyond
Cars", Indus Motor Co. has contributed over Rs 200 million in the previous 5 years for
wellbeing, training, welfare, condition and street security ventures, in this manner
assuming a critical part in area of its operations and continues to do so. Currently their
main plan is to introduce "Toyota Mira" a hydrogen-fuel-cell powered car in Pakistan
after its global launch.
Toyota has notably reversed from its 2014 claims that it would not develop a driverless
car on safety grounds. August 2016 has seen it double down on its university efforts,
with a further $22M investment to the University of Michigan to drive robotics and self-
driving research. The company has targeted 2021 as a goal for deploying "Al car
features" to the road. Toyota plans to apportion effort among its research partners, the
University of Michigan, Stanford and Massachusetts Institute of Technology (MIT).
Financial Analysis of Toyota Indus Motor Company 10
Ratio Analysis
Liquidity Ratios
Liquidity Ratio According to company financial statement they are in Strong Liquidity
position and they are able to pay their liabilities very well. Indus motor will not face any
problem in paying back its short-term liabilities however, Honda may have problem to
satisfy its short-term obligations when they come d ue. This is strong point for investors
to invest in Indus motor and least likely with Honda (a major competitor in sedan
category).
Liquidity Ratios
95
90
85
80
75
70
65
50
55
50
45
40
35
30
25
20
11111
15
10
a ••1111 ..111 •
Current Ratio Quick Ratio Acid-test Inventory TO Days Sales in Receivables Days Sales in Operating
Patio Inventory TO Receivables Cycle
1. Current Ratio
2016 ,2015 2014 2013 2012
TIM 1.58 1.53 3.35 2.99 2.32
CA 2.21 2.17 3.34 2.71 1.80
The current Ratio of the company has declined over the years after reaching its all-
time peak in 2014. In 2015, the figure is almost half of previous year because of sharp
increase in accounts payable and advances from customers. The company
outperformed the competitors' average throughout the whole period. Throughout the
period, the ratio has stayed close to the benchmark of 2:1 depicting active asset
management by the finance team.
2, Quick Ratio
The quick ratio mimicked current ratio, has stayed above general benchmark of 1.5:1 in
first half, and came very close to it in later half for the same reasons as current ratio. The
ratio on its own indicates a good financial health of the company. The figures are
slightly above of competitors' average and has maintained a leading position since
2012. Apart from 2015, the ratio has stayed fairly above benchmark of 1.5:1 showing
that there is room for improvement, a better management of quick assets can be done,
and there are still assets, which can be used in money market securities.
The acid test ratio has declined after 2014 and is well below the benchmark of 1:1
hence the company should arrange for highly liquid assets like marketable securities
and money market securities or will be in danger of facing liquidity issues arising from
mismatch of maturities of assets and liabilities. The company only has 0.1 rupee of
highly liquid asset for every rupee of debt taken.
Financial Analysis of Toyota Indus Motor Company 12
4. friventory Turnover
2016 2015 2014 2013 2012 i
TIM 12.76 15.04 8.11 7,36 10.36
CA 7.25 8.19 6.03 6.05 6.44 '
From 2013, the turnover has risen for three consecutive years after a sharp drop in
2013. Indicating towards better inventory management andior higher sales turnover.
Thus, days to sell inventory and sales turnover ratios need to be analysed to reach a
conclusion. Indus motors outperformed industrial average in the period by an average of
4 points; e.g. in 2016 it had a 12.8 times turnover and competitors' average was of
5, Receivables Turnover
2016 2015 2014 2013 2012
TINT 26.84 _ _15.79 10.33 8.53 7.86
CA 92.05 171.87 42.12 54.06 74.18
Receivables turnover is continuously increasing over the years showing good credit
management by the firm or a move towards strong credit policy by the management.
The increase can also be because of a decrease in accounts receivable collection
period. Moreover, is well below the competitors' benchmark of 90-38 times.
The days to sale inventory, has an irregular pattern and is pegged to inventory
management. On the other hand, industrial average improved from 61days in 2012 to
50 days in 2016 indicating to faster production and sale of the industry. The company's
turnover period remained almost half of the competitors' average over the years
depicting customer inclination in favour of their product.
The collection period of the company has decreased through the period and has led to
to competitors. The day's sales in inventory was longer than day's sales in receivable
trough out the period. This shows that Indus motor is quite efficient in collecting their
credit within a short time from credit customers.
8. Operating Cycle
2016 2015 2014 2013 2012
42.20248 I 47.37914 80.36953 92.35801 81.66102
The operating cycle of the company has halved in the period analysed, which means
that the company is making and then selling its inventory in half the time it previously
used to do so. This is partially due to decrease in days sales in inventory and account
receivables. The ratio tells the time taken by the company to free its cash locked in
inventory thus a decrease in the ratio means better liquidity for the company.
Financial Analysis of Toyota Indus Motor Company 14
Profitability Ratios
Indus motor has higher results of profitability as compared to its competitors in the
whole period and managed to make some profits in 2012 when its competitors' were
facing losses in Pakistani automobile industry.
Profitability ratios
30.00%
70.00%
50.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Return on Gross Profit Operating EBIT to EBITDA to Return on Return on Return on Return on
Sales Margin Profit Sales Sales Assets Equity net Capital
Margin IROA) IROE) operating
Assets
(RNOA)
1. Return on Sales
2016 2015 2014 2013 2012
TINT 10.53% 9.44% 6.79% 5.26% 5.59%
CA 10.12% 9.06% 5,38% 2.20% -1.27%
In the whole period GP margin has outperformed the industrial margin and has
increased at the same pace as the industry. This indicates development in industry's
production techniques and influx of economies of scale in automobile industry, which
lowered the cost of production.
Financial Analysis of Toyota Indus Motor Company 15
4. EBIT to Sales
It moved closely with GP margin. It has remained almost 0.08% higher than Operating
Profit margin in every years. The movement was parallel to Return on Assets and at a
lesser rate as compared to Return on Equity (ROE). Increase in EBIT is mainly due to
growti of net revenue, good cost control and strong productivity,
5. EBITDA to Sales
The ratio kept on fluctuating because of changes in fixed assets over the years. Hence,
the contribution/impact of depreciation charge has hampered the ratio otherwise; it
should have been in the same direction as EBIT to sales.
ROA was parallel to EBIT/Sales except for the 2015 in which it rose at a greater
proportion as compared to EBIT/Sales. The ratio indicates a greater return on every
Financial Analysis of Toyota Indus Motor Company 16
Looking at the Fixed Asset Turnover ratio investors are more likely to invest in Indus
Motor Company because of large generation of revenue from these assets. Higher
Total Asset turnover of Indus Motor shows that company can operate with fewer
assets than other less efficient competitors can, and so requires less debt and equity to
operate. The result is of this high ratio is comparatively greater return to its
shareholders.
In 2016 and 2014, the ratio was below the industrial average. ROE had both upwards
and downwards movement during the period indicating towards a fluctuating return to
shareholders.
RNOA moved in the same way as ROA but with the greater magnitude indicating
towards a greater volatility in current assets as compared to noncurrent assets. The
company has failed to decrease its Cost of Sales percentage over the years. The
management explains that this failure is a result of appreciation in the value of
Japanese Yen, but the company has also increased its prices over the years.
lMTs ROC has increased over the years, which means that the management is creating
increasing wealth for the shareholders. Return on capital indicates how effective a
company is at turning capital into profits therefore an increase in ratio implies greater
profitability.
Financial Analysis of Toyota Indus Motor Company 17
Solvency Ratios
The higher degree of debt ratio shows the greater the firm's degree of indebtedness.
Debt ratio for Indus Motor is low which can be manageable by the company. The firm
has comparatively lower debt ratio than industry showing less gearing by the firm
hence less chances of running into a credit crunch (solvency issues).
11
2.0
450
400
1.5
350
111.1 di dal
300
1.0 250
200
111
0.5 150
100
50
0.0
0
Liabiiities to Equity ratio Total Leverage EBITDA Coverage Ratio Times Interest Earned
•2016 •2015 •2014 NI 2013 •2012 • 2016 • 2015 • 2014 X2013 • 2012
The debt to equity ratio has increased over the years indicating a shift to aggressive
capital over conservative capital. This ratio measures the proportion of total assets
financed by the firm's creditors. The higher degree of debt ratio shows the greater the
firm's degree of indebtedness. Debt ratio for Indus Motor is low which can be
manageable by the company.
2. Total Leverage
2016 1 2015 2014 2013 2012
TIM 1.709 1.855 0.458 0.587 0.810
CA 1.707 1.840 2,340 5.424 6.598
Total Leverage has increased over the years as it is pegged to DIE ratio of the firm. It is
slightly below the industrial average in the period. This implies that Indus motor is more
leveraged than its competitors are.
Financial Analysis of Toyota Indus Motor Company 18
The company has enough earnings to pay off its debt and lease obligations.
Nevertheless, it has a lower ratio as compared to Honda atlas in 2016, which is a
whooping number of 810 times. Thus, Honda has surpassed Indus motor in generating
operating profits in the year 2016 while in previous years Indus Motors maintained its
lead position.
Sales to Avg N WC
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 15 17 18 19 20 21 22 23 24
Indus motor now makes rupees1.89 from every rupee invested in assets. The ratio is
declining throughout which means that the company need to plug in more money in
assets to reap the same amount of profits. This can because of a rise in material and/or
either labour cost or because of obsolesce of plant and machinery. Resulting in lower
output/ increased maintenance cost of the plant and machinery.
The working capital turnover is improving since 2014, which means an increase in
revenue generation for every amount of rupee invested by the shareholders. However, it
is below benchmark output of Rs. 9.63 for every rupee of working capital invested.
Indus motor makes more sale from every rupee invested in fixed assets. The ratio is
continuously increasing since 2014 with the same rate as of the benchmark.
Financial Analysis of Toyota Indus Motor Company 20
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0,00
Price Earning Ratio Dividend Yield Marketto nook Value
PIE ratio is well below the industrial benchmark 19.80 (reuters, 2017). Currently the
investors are willing to pay 11.23 rupees for one rupee of earnings of the firm.
2. Dividend Yield
2016 2015 2014 2013 2012
Toyota Indus Motors 0.06 0.06 0.05 0.08 0.13
The dividend yield is stable and too iow to PIE ratio. The firm is paying 0.06 rupees to
shareholders for every rupee they have invested in Indus Motor Company.
o
For every one rupee of firm's book value, the investors are willing to pay 4.65 rupees.
Thus, the stock are being traded at premium. The ratio is increasing in the period,
which means that the firm's market value is increasing.
Financial Analysis of Toyota Indus Motor Company 21
Du-Pont Analysis
2016 2015 2014 2013 2012
ROE=IRCIA*EM =TAT* PM *EM 0.4146 0.3790 0.1945 0.1898 0.2529
Total Asset Turnover=iSales/Total Assets) 1.8902 1.9150 2.1855 2.5424 2.7910
Profit MargirMisilet Income/Sales) 0.1053 0.0944 0.0679 0.0526 0.0559
Equity Multiplier-(total Assets/Common Equity) 2.0824 2.0969 1.3111 1.4190 1.6208
Du Pont Analysis
3
2.5
1.5
0.5
sp — „si,............................................
rb
• iiip §,
;., • •
DuPont Model
Inventory
Accounts
reservable
Return on
Operating investment
Cash end Immo
eqtavalents
Non-operating Operating
income income
The asset turnover has decreased because of purchase of intangible assets by !MC in
2015 and 2016 causing a larger increase in assets as compared to the growth of
operating income. However, there are high chances that in future the investment in
intangible asset will be translated into operating income. While current assets do not
have any significant change considering the inflation rate. As DuPont looks at gross
asset, thus deprecation is not responsible for the growth rate of ROE.
Financial Analysis of Toyota Indus Motor Company 23
References
#6 Toyota Motor. (n.d.). Retrieved from httpsAnnv.forbes.comicompaniesitoyota-
motor/
Jurevicius, 0. (2017, march 20). Ford SWOT analysis 2017. Retrieved from
https://winv.strategicmanagementinsight.comiswot-analysesiford-swot-
analysis.html
htips://voinv.emis.comiphpicompany-
profileINMIlndus_Motor_Co_Ltd_en_2438037.html
Profile: Indus Motor Company Ltd (INDM.KA). (n.d.). Retrieved from Reuters:
http://in feuters .comffin an ceistocksicom pan yProfil e?sy mbo I= I N DM. KA
hftps://wynv.lean.orgilexiconitoyota-production-system
Company Name: Toyota Indus Motors
industry: Automobile Industry
Balance Sheet [Rupees in thousancIll 2016 2015 2014 2013 2011 2011
Assets 'MO UOd 'COD '000 '040 nce
Non•Cur rent Assets
rota ngl b le Assets 19.291 9,727 • • •
Property, Plant and Equipment 4,914986 5,1133,750 6,033,264 2,742,140 3,472,906 4125,710
Longterm Investments 5,005,805 4,954,764
Longterm loans & Advances 3,794 11,096 29,392 131,337 6,015 11)949
Long•term deposits & Prepayments 9.948 9,667 9,667 9,667 • 9222
Other financial assets 7,822
Other Assets - • „
Deferred Income tax asset 1913.621 5,295 34,647 • •
Total Non-Current Assets 10,156,445 1.0., 174.299 5,07 ,323 2.917L791 3,486,743 4,246,881
Current Assets
Stores and spares 153.561 178,599 141,659 153.669 178,188 189,755
Stile k• I n• ira de 7.785.245 6,150,448 4,469,460 7883,309 7,529,571 5,690052
Trade receivables 1,131,702 447,750 1,737,358 1,382,761 1,459,976 1,356,058
Receivables from financial sorvicesVoan and advancesil 13125,490 1,220,574 1005,010 1.557A97 945,498 926,174
Oliver Receivables 191..303 167,757 175,689 162,225 40,569 149,533
ma rk.ela bl,a. debt securities • • • • •
Investments 33696.804 26256.886 4,332,387 6,698,121 2,690,553 4,993,464
Prepayments 45.520 15,919 14.942 10,799 20,965 18,900
Accrued Return 513355 415,829 57.354 12,155 45,355 52,586
Taxation - payment loss provision • 1,216,369 131,363 • 399,006
Other assets • • • • • •
Cash a rod cash equbm lents 2,737.559 5365.388 6,857,084 4,195,302 10,771,300 8,812,199
Total Current As sets 47,380,549 40125,150 20.018.112 22,187,601 24,088.975 2E587;737
Total Assets 57,516,994 50,199.449 26.110.635 15„105„192 27,575.718 26,814,618
Short•term Loans - - • -
Total Equity and Liabilities 57,516,994 50,399,449 26,110,615 a 105,392 27,575,718 26,814,618
Add N. lo na I Data
2016. 2015 2014 2013 2012 2011
Net Working Capital (CA •C LII 17,473.164 13,861.221 14,062,278 14774,917 13,593,056 14,326,779
15667192.5 13961749.5 14418597.5 14231486.5 12069917.5
Average NWC
54,799,425 45,034,061 19,253,551 20,910,090 16,804,418 18,02E419
Operating Assets
Operating Liabilities 29,907,385 26,363,929 6,194,983 7,412,684 10,561,860 12,714,970
24892,040 18,670,332 13,058,568 13,497,406 6,242,558 5307449
Net Operating ASSQ Is
Average NOA 21781086 1586435 0 13277987 9869982 5775003.5 •
Total I riVe ntory =Stock In Trade +Mores, Spare parts 7,938,806 6,329647 4,611,119 5036.978 7,707,759 5,879.807
_..
7133926.5 5470083 6324045.5 75723613.5 6793753
Average Inventory
4051478,5 6111236 5526193 7483301 9791749,5
Average Receivables
53968221.5 38255042 25608013.5 26340555 27205168
Average Total Assets
25532564.5 21975586 18804180 17353283 15566753
Average Equly
Market Stack P rite (elosIng date) 1,635 1,249 537.Y2 311 245.05 220
Lease payments • - - • • •
Net Borrowing Cost NBC 0,14903434 0.175578222 0.294192965 0.143911028 •9.44384965 •2.47159091
Spread
4L48% 37.90% 19.45% 18.98% 25.29% 19.43%
ROE computed
78,6013,000 78,600,000 78,600,000 78600.000 78,600,000 78,500006
Number of Shares
Book Value per Share 35152 305.80 253.35 225.10 I 215.45 179.64
Company Name:: Toyota k ndus Motors
Industry:: Automobile Priclustry
rncome Statemerd Cllupeln. in thousa ndll 2016 2015 2014 2013 2011 IOU
DOD '000 'COD 1000 '0I30 '0110
Net Salim 108)7 58,668 96,516322 5 7,06.3,622 63,829,075 76,962,642 61,701677
Cost of Salts 91)02 7,369 82,272,092 51,270,044 57,972,038 70,488,788 57,613,542
Gross Profit 17,731)299 14,244,230 5,793382 50857,037 6361,854 4008 9,135
Financial hig hi igh Ls or Cash Flow Statement [Rupees in thous and I 2016 2015 I 2014 201_3 2012
Net Cash generaied,f( used I nli from operating acthiltim 11,412,770 28,756,149 5,590,451 148,68 927,978 701,831
Net Cash generated ilused In) from I Frailest' ng activhtles 1_496,S73 - 5,995,115 • 1,168,111 • 4,078,785 2,440,528 • 6%471,556
Net Cash generated /(used' nil from fl na xi rqg activitim • 7,894:662 • 4,889.130 • 1,660538 - 2,645,871 1,409,405 - 1,174,056
Net Increase /,(deceasell In cash a red cash equivalents I 5,014:81 [ 17,365,80.1 I 2,661382 r• 6,575,9913 1,90,101 C. 6,943,781
Cash and Cash Equivalents at the beginning of the year I 24,721,888 8,857,084 I 4,195,301 [ 10,771,344I 4812,19 I 15,755,980
Cash and Cash Equivalents at the end &the Yeas 29,737,50 24,72.2,88B r 5,857,084 [ 4.,195,, 302 141771,300 I 8,812.,1 9
Company Name! Tovot a Indus Motors
Industry: Automobile Industry
Liquidity Ratios Inventory TO 065 / Avg Inventory 12 .7BEI79 15.04037 8.10715 736399 103E253
Days sales in Inventory 3551 Inventory TO 28.60554] 2426E101 45.02196 4956553 1522305
Reoelvablim TO Net Sales / Average ADECILI rrt Receivables 2634619 15.79326 1032603 857353 7.85995
Days Sales in Receivables 3651 Receivaties TO 1339E98 2311113 3534757 42.79249 4.6.43797
Operating•Cyde Days Irrafruary CUM iamdmi • D.vps Salt; Clutsweing 4120248 4737914 8036953 9235801 8136102
Liabilitiusto Equity ratio TL/ Equity 1.08244 11396E7 031105 0.41897 0.62678
To lad Leverage Total Debt Jo EBIF DA 1.70873 125513 0.55845 05E657 10.8109813
SD I vency Ratios
EBITDACoverage Ratio EBITDA / In terest Expense 22651059 17331203 3E323901 41158334 213337840
Times Inte rest Earned E811/ biter-et Expense 226.14645 27339306 132_13E53 162E6083 104312133
Salm to Asset tatloits.rmoverl Sales /TA 1.49624 1315(33 2_1E546 254244 2.79095
Asset likklitation& Eff ici ency
Rai LOS Sales to Avg14WC Sales. Avg lii INC 654181 651291 355764 4.48427 6.40826
Sales to Hied Assetatumover Sales I Axed Assets 2210998 14E1932 9.45817 2327716 n_i am
Price Earring Ratio Stuck Price Jo EPS 1122547 113.77560 1631558 727336 4.47716
Market Value Ratios Dividend Yield Dhrldencl Per share / Stock Price 1046112 0.06405 0_05484 0.08039 0.13057
Market to Book Value Stuck Price / Book Value per Share 4.65405 4.08443 2.12298 138162 1.13221
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