Dhaka Electric Supply Company LTD

Previous Income Statement

For the year ended 30th june 2011,12,13
2011-2012
Particulars
OPERATING REVENUE
Energy Sales (Net of Vat)
Other Operating Revenue
Total Revenue from Operation

Taka

Taka

12,290,781,425
184,827,800
12,475,609,225

15,961,959,226
289,983,640
16,251,942,866

8,801,828,794
217,830,914
659,587,005
9,679,246,713
2,796,362,512

13,327,608,403
377,422,743
683,657,829
14,388,688,975
1,863,253,891

Operating Profit

161,576,317
575,014,500
13,154,539
45,337,476
795,082,832
2,001,279,680

226,510,395
604,197,080
15,766,586
31,833,489
878,307,550
984,946,341

NON OPERATING INCOME/(EXPENSE)

Interest Income
Interest Expenses
Exchange Fluctuation (Loss)
Appreciation / (diminution) in value o
Gain on sale of Investment
Miscellaneous Income
Non Operating Income (Net)
Net Profit before Tax

781,098,894
277,851,267
516,364,173
31,136,600
1,296,793
19,316,846
2,020,596,526

1,236,552,360
342,526,497
758,334,325
45,634,014
2,383,047,196
3,367,993,537

501,296,533
40,961,421
542,257,954
1,478,338,572

41,988,409
285,770,576
327,758,984
3,695,752,521

5.68

3.22

COST OF ENERGY SALES

Energy Purchase (including wheeling
Operating Expenses
Depreciation (Operating)
Gross Margin
COST & EXPENDITURE
Administrative Expenses
Employee Expenses
Bad Debts Provision
Depreciation (Non Operating)

INCOME TAX
Current Tax Provision
Deferred Tax Provision
Net Profit after Tax
Basic Earnings per Share

Taka
21,951,477,832
290,728,421
22,242,206,253

20,393,476,161
511,817,020
741,648,901
21,646,942,082
595,264,171

256,825,111
762,547,166
34,176,278
37,079,203
1,090,627,758
-495,363,587

1,663,915,191
324,637,892
273,980,330
10,094,953
1,623,352,583
1,127,988,996

168,015,916
155,326,128
323,342,044
804,646,952
2.69

Revenue
2011
2012
Difference
% Change

12,475,609,225
16,251,942,866
3,776,333,641
30.2697333084

Revenue
2012
2013
Difference
% Change

16,251,942,866
21,951,477,832
5,699,534,966
35.0698683412

Average
Change in %

32.6698008248

Percentage of Sales on Average

Cost to Sales
Energy Purchase (including
wheeling charge)
Operating Expenses
Depreciation (Operating)
Op.exps to Sales
Administrative Expenses
Employee Expenses
Bad Debts Provision
Depreciation (Non Operating)
Non-op. Income/ Expense
Interest Income
Interest Expenses
Exchange Fluctuation (Loss)
Appreciation / (diminution) in value
of Investment
Gain on sale of Investment
Miscellaneous Income
Projected Sales
F.Asset to Sales

2011
70.55

2012
82.01

1.75
5.29

2.32
4.21

1.30
4.61
0.11
0.36

1.39
3.72
0.10
0.20

6.26
2.23
4.14

7.61
2.11
4.67

0.25
0.20

16.56

% Liabilites projected from last year

Current Liabilites
Long term Liablities
Year2013 equity

2013
91.69

AVG
81.42

2.30
3.33

2.12
4.28

1.15
3.43
0.15
0.17

1.28
3.92
0.12
0.24

7.48
1.46
1.23

7.12
1.93
3.35

7.50

0.25
8.09

Ratios for DESCO

Year 2010-11
Year 2011-12
Current ratio
3.49
Acid test ratio
2.78
Debt to equity ratio
1.95
total asset turnover
0.42
Receivable turnover
2.43
profit margin
12%
return on equity
14.9%
price earning ratio
30.04
net asset value/share
45.98

3.02
2.6
2.08
0.49
5.05
3.6%
8.0%
32.5
40.54

Year 2012-13
2.73
2.43
2.14
0.65
6.83
5%
7.5%
38.33
35.97

Average ratio for DESCO

3.08
2.6
2.06
0.52
4.77
6.87%
10.13%
33.62

OCF of DESCO

2013-14
2014-15
7,489,131,400 9,935,830,628

2015-16
13,181,866,494

Dhaka Electric Supply Company LTD

Pro Forma Income Statement
For the year ended
30th june 2014,15,16 2014-2015
2013-2014
Particulars
Note
OPERATING REVENUE
Energy Sales (Net of Vat)
Other Operating Revenue
Total Revenue from Operation

Taka

Taka

29,123,025,640
385,709,396
29,508,735,036

38,637,518,116
511,720,656
39,149,238,772

24,024,707,050
626,518,190
1,261,799,020
25,913,024,259
3,595,710,776

31,873,578,843
831,201,683
1,674,028,759
34,378,809,285
4,770,429,487

Operating Profit

378,061,565
1,156,268,320
35,027,918
71,410,193
1,640,767,997
1,954,942,780

501,574,279
1,534,021,180
46,471,539
94,739,903
2,176,806,901
2,593,622,586

NON OPERATING INCOME/(EXPENSE)

Interest Income
Interest Expenses
Exchange Fluctuation (Loss)
Appreciation / (diminution) in value of
Gain on sale of Investment
Miscellaneous Income
Non Operating Income (Net)
Net Profit before Tax

2,100,091,646
569,943,241
987,254,889
--2,386,345,962
2,929,239,479
4,884,182,259

2,786,191,587
756,143,697
1,309,791,061

COST OF ENERGY SALES

Energy Purchase (including wheeling ch
Operating Expenses
Depreciation (Operating)
Gross Margin
COST & EXPENDITURE
Administrative Expenses
Employee Expenses
Bad Debts Provision
Depreciation (Non Operating)

INCOME TAX (27.5%)

Net Profit after Tax

Basic Earnings per Share

3,165,965,188
3,886,222,017
6,479,844,603

(1,343,150,121)

(1,781,957,266)

3,541,032,138

4,697,887,337

Pro Forma Balancesheet of DESCO for 2014

Details
Current Assets
Taka
51,260,395,285
678,899,794
51,939,295,079

42,286,677,051
1,102,755,273
2,220,933,955
45,610,366,278
6,328,928,800

665,438,596
2,035,185,899
61,653,791
125,691,430
2,887,969,716
3,440,959,085

3,696,440,378
1,003,175,843
1,737,699,801
4,200,286,015
5,155,850,750
8,596,809,834
(2,364,122,704)
6,232,687,130

2013-14
2014-15
33344870590.516 44238639812.4

Non-Current Assets
24197162729.401 32102375793.1
Total Assets
57542033319.92 76341015606
Current Liablities
Account payables
5636168391.8483 7477504605.47
Other payables
3888934843
3888934843
Long term liabilities
14778064410
14778064410
Total Liablities
24303167644.85 26144503858
Equity
Share capital
2993185063
2993185063
Share money deposit
75000000
75000000
GOB Equity
1552140000
1552140000
Retained Earnings
3541032138
4697887337
Total equity
8161357201
9318212400
Total Equity & Liablit32464524845.85 35462716258
EFN
25077508474.07 40878299347

C. asset to sales
F. asset to sale
A/C Payable to sa

113%
82%
19%

et of DESCO for 2014,2015 and 2016

2015-16
58691403439.1614
42590221964.7012
101281625403.86
9920405360.07064
3888934843
14778064410
28587404613.071
2993185063
75000000
1552140000
6232687130
10853012193
39440416806.071
61841208597.792

Cashflows Calculation (CFFA)

OCF of DESCO
less: Net capital spending
less: Change in net working capital

2013-14
7,489,131,400

Cashflows from Assets (CFFA)

show the workout below for these:

for Net capital spending
for Change in NWC
2013-2014
Calculation of Sustainable growth rate:

2014-15
2015-16
9,935,830,628 13,181,866,494

2014-2015

2015-2016