Consolidated Balance Sheet for Hindustan Unilever Ltd.

Consolidated Statement Income Statement for Hindustan Unilever Ltd.

Particulars Note 31st March, 2019 31st March, 2020 31st March, 2021
(in Rs. crores) (in Rs. crores) (in Rs. crores)

INCOME
Revenue from operations 39,310 39,783 47,028
Other income 550 632 410
TOTAL INCOME 39,860 40,415 47,438

EXPENSES
Cost of materials consumed 13,707 11,976 15,432
Changes in inventories of finished
Purchases of stock-in-trade
goods (including stock-in-trade) and 4,755 6,391 7,121
work-in-progress 12 (108) (405)
Employee benefits expenses 1,875 1,820 2,358
Finance costsand amortisation
Depreciation 33 118 117
expense 565 1,002 1,074
Other expenses 10,081 9,843 10,896
TOTAL EXPENSES 31,028 31,042 36,593

Profit before exceptional items and

tax 8,832 9,373 10,845
Exceptional
Profit beforeitems (net)
tax from Continuing -228 (200) (239)
Operations 8,604 9,173 10,606
Tax expenses
~ Current tax -2,610 (2,243) (2,520)
~ Deferred
Profit tax from
after tax credit/(charge)
Continuing 66 (166) (86)
Operations (A)
Profit/(Loss) from discontinued 6,060 6,764 8,000
operations
Tax expensesbefore tax
of discontinued 0 (6) (1)
operations
Profit/(Loss) from discontinued - (2) -
operations after tax (B) 0 (8) (1)
PROFIT FOR THE YEAR (A+B) 6,060 6,756 7,999

OTHER COMPREHENSIVE
INCOME
Items that will not be reclassified
subsequently
~ Remeasurements to profitofor loss
the net
Income tax relating to items that will
defined benefit plans
not be reclassified subsequently to (8) (68) (3)
profit or loss
~ Remeasurements of the net
defined
Items benefit plans 3 17 1
~ Fair that
valuewill
ofbe reclassified
debt instruments
subsequently
through other to profit or loss
comprehensive
~ Fair value of cash flow hedges
income
through other comprehensive 2 (1) 0
Income tax relating to items that will
income
be reclassified subsequently to profit - (77) 70
~ Fair value of Debt instruments
or loss
through otherofcomprehensive
~ Fair value cash flow hedges
income
through other comprehensive (1) 0 0
income - 40 (47)
OTHER COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR
(C) (4) (89) 21

TOTAL COMPREHENSIVE
INCOME FOR THE YEAR (A+B+C) 6,056 6,667 8,020

intrest expense 28 106 108

EBITA 9600 11324
Operationg Leases 558 547

0 551 679
0 224 148
 2018-19 2019-20 2020-21 2021E 2022E 2023E 2024E
Sales growth 1% 18% 10% 10% 10% 10%
COGS / Sales 35% 30% 33% 33% 33% 33% 33%
Operating expenses / Sales 44% 48% 45% 45% 45% 45% 45%
EBIT / Sales 21% 22% 22% 22% 22% 22% 22%
Interest expense / Debt+ leases 4.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest income -8 -178 42 42 42 42 42
Tax rate 22% 24% 23% 23% 23% 23% 23%

2018-19 2019-20 2020-21 2021E 2022E 2023E 2024E

Cash
Marketable securities 14,217 14217 14217 14217 14217
Inventory days 81 75 75.0483 75.0483 75.0483 75.0483
AR days 58 39 38.6514 38.6514 38.6514 38.6514
PPE turnover (Sales / PP&E) 11% 12% 13% 0.13005 0.13005 0.13005 0.13005
Goodwill 17,316 17316 17316 17316 17316
Other assets 30,232 30232 30232 30232 30232
Operating leases / sales 1% 1.16% 1.16% 1.16% 1.16% 1.16%

Liabilities & SE 2018-19 2019-20 2020-21 2021E 2022E 2023E 2024E

Accounts payable days 102 129 118 118 118 118 118
Accrued expenses and other / S 3% 3% 18% 18% 18% 18% 18%
Unearned revenue / Sales 1% 2% 0.87% 0.87% 0.87% 0.87% 0.87%
Debt repayment (from footnotes) 0 0 0 0 0 0 0
Other long-term liabilities / sales 5% 7% 21% 21% 21% 21% 21%
Lease liability / (PP&E + operati 0% 15% 13% 13% 13% 13% 13%
Retained earnings 6805
Other aspects of shareholders' equity

Key ratios 2018-19 2019-20 2020-21

Sales growth 1% 18%

COGS / Sales 35% 30% 33%
Gross margin 44% 48% 45%
Opex / Sales 44% 48% 45%
EBIT / Sales 21% 22% 22%
Interest expense / Debt #DIV/0! #DIV/0! #DIV/0!

NI / Sales 15% 17% 17%

NI / Sales growth 14.10 1.11

AR days 54 45
Inventory days 81 75
PP&E / Sales 11% 12% 13%
Sales / Total assets 2.11 1.97 0.68
AP days 1.66 2.05
Accrued expenses / Sales 5% 7% 21%

Current ratio 1.37 1.32 1.28

Total liabilities / Total Assets 0.58 0.59 0.31
D/E 1.36 1.44 0.44
ICR 0 0 0
DSCR #DIV/0! #DIV/0! #DIV/0!
ROA 0.33 0.33 0.12
 Particulars Note

ASSETS
Non-current assets
Income Statement (Rs crore) 2022E 2023E 2024E Property, plant and equipment
Total net sales 51,731 56,904 62,594 Capital work-in-progress
Cost of sales 17,071 18,778 20,656 Goodwill
Operating expenses 23,277 25,605 28,165 Other intangible assets
Operating income (EBIT) 11,383 12,521 13,773 Goodwill on consolidation
Interest expense 0 0 0 Financial assets
Interest and other income 42 42 42 ~ Investments
Income taxes 2627.64 2889.44 3177.42 ~ Loans
Net income $14,052 $15,452 $16,992 Other financial assets
Non-current tax assets (net)
Deferred tax assets (net)
Assets (Rs crore) 2022E 2023E 2024E Other non-current assets
Cash and cash equivalents (PLUG)
Marketable securities 14217 14217 14217 Current assets
Inventories 10,636 11,700 12,870 Inventories
Accounts receivable, net and other 5,478 6,026 6,628 Financial assets
Property and equipment, net 6,728 7,400 8,140 ~ Investments
Goodwill 17316 17316 17316 ~ Loans
Other assets 30232 30232 30232 Trade receivables
Operating leases 601.7 661.87 728.057 Bank balances other than cash
Cash and equivalents
and cash cash equivalents
mentioned
Total assets above
Other financial assets
Liabilities & SE (Rs crore) 2022E 2023E 2024E Other current assets
Accounts payable 16,724 18,396 20,236 Assets held for sale
Accrued expenses and other 9,312 10,243 11,267 Total assets
Unearned revenue 451 496 546
Long-term debt 0 0 0 EQUITY AND LIABILITIES
Other long-term liabilities 10,863 11,950 13,145 Equity
Long term lease liabilities 78 86 95 Equity share capital
Total liabilities 37,428 41,171 45,288 Other equity
Stockholders’ equity: Non-controlling interests
Common stock (par + APIC)
Treasury stock, at cost Liabilities
Accumulated other comprehensive loss Non-current liabilities
Retained earnings Financial liabilities
Total stockholders’ equity Other financial liabilities
Total liabilities and stockholders’ Provisions
equity
Non-current tax liabilities (net)
Deferred tax liabilities (net)

Current liabilities
Financial liabilities
Borrowings
Trade
~ total payables
outstanding dues of micro
~ total outstanding
enterprises dues
and small of
enterprises
creditors other than micro
enterprises and small enterprises
Other financial liabilities
Other current liabilities
Provisions
Total equity and liabilities
31st March, 201931st March, 202031st March, 2021
(in Rs. crores) (in Rs. crores) (in Rs. crores)

4,192 4,960 6,116

406 597 745
36 36 17,316
406 402 27,930
81 81 81

2 2 2
215 238 251
11 3 617
835 1,083 1,246
373 284 17
158 146 219

2,574 2,767 3,579

2,714 1,253 2,707

4 - -
1,816 1,149 1,758
621 3,216 1,842
3,136 1,897 2,629
605 1,420 1,188
440 601 497
4 18 17
18,629 20,153 68,757

216 216 235

7,651 8,013 47,439
18 17 20

394 939 1,027

1,082 1,227 1,578
601 424 1,367
 0 0 5,988

99 0 0

0 0 67
7,206 7,535 8,735
492 932 1,206
347 428 588
523 422 507
18,629 20,153 68,757
Income Statement
Total net sales
Cost of sales
Operating expenses
Operating income (EBIT)
Interest expense
Interest and other income
Income taxes
Net income

Assets
Cash and cash equivalents (PLUG)
Marketable securities
Inventories
Accounts receivable, net and other
Property and equipment, net
Goodwill
Other assets
Operating leases
Total assets

Liabilities & SE
Accounts payable
Accrued expenses and other
Unearned revenue
Long-term debt
Other long-term liabilities
Long term lease liabilities
Total liabilities
Stockholders’ equity:
Common stock (par + APIC)
Treasury stock, at cost
Accumulated other comprehensive loss
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
 2021E 2022E 2023E 2024E STEP
1
2
2
ome (EBIT) 2
5
5
5
5

2021E 2022E 2023E 2024E

h equivalents (PLUG) 8
3
3
ivable, net and other 3
equipment, net 3
3
3
3
7

2021E 2022E 2023E 2024E

4
nses and other 4
4
4
4
4
4

k (par + APIC) 6
6
other comprehensive loss 6
6
lders’ equity 6
s and stockholders’ equity 7