SUPPLY CHAIN MANAGEMENT BENCHING STUDY                                       MINI PROJECT 2                               ...
OUTSOURCING TRENDS IN INDIAN RETAIL           MINI PROJECT II                                      GROUP 7INTRODUCTION TO ...
OUTSOURCING TRENDS IN INDIAN RETAIL                                       MINI PROJECT II                                 ...
OUTSOURCING TRENDS IN INDIAN RETAIL                                                       MINI PROJECT II                 ...
OUTSOURCING TRENDS IN INDIAN RETAIL               MINI PROJECT II                                       GROUP 7      3. SU...
OUTSOURCING TRENDS IN INDIAN RETAIL            MINI PROJECT II                                       GROUP 7to follow Spen...
OUTSOURCING TRENDS IN INDIAN RETAIL                    MINI PROJECT II                                          GROUP 7   ...
OUTSOURCING TRENDS IN INDIAN RETAIL                   MINI PROJECT II                                                     ...
OUTSOURCING TRENDS IN INDIAN RETAIL                   MINI PROJECT II                                                     ...
OUTSOURCING TRENDS IN INDIAN RETAIL                  MINI PROJECT II                                                     G...
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Scm mini project 2

  1. 1. SUPPLY CHAIN MANAGEMENT BENCHING STUDY MINI PROJECT 2 GROUP 7 Period of Study: 2006-2010OUTSOURCING TRENDS IN INDIAN RETAIL INDUSTRY Pantaloons vs. Spencer’s ABSTRACT This Project is done by the team as a part of Supply Chain Management Course. The present study aims at finding different SUPPLY CHAIN MANAGEMENT COURSE outsourcing practices and trends that is either being used in the Indian Retail industry. Two retail giants Big Bazaar (Pantaloons) and Spencer MINI PROJECT II & Company Ltd are used for this study. This report is based on data that PROJECT ON OUTSOURCING TRENDS IN have been gathered from Capitaline and also direct and telephonic INDIAN RETAIL interactions with company executives’ from Spencer and Big Bazaar. TEAM MEMBERS: VIVEK PAREKH 2010281 DEBASHISH BAGG 2010298 SAKSHI AGARWAL 2010206 SANKHA DIP DATTA 2010207 SHANTANU PANDEY 2010212SHASHANK SHEKHAR TRIPATHI 2010213 BENJAMIN WEBER 2010FE01 1|P a g e
  2. 2. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7INTRODUCTION TO OUTSOURCING Outsourcing is any task, operation, job or process that could be performed by employees withinan organization, but is instead contracted to a third party for a significant period of time. The term outsourcing is used inconsistently but usually involves the contracting out of a businessfunction commonly one previously performed in-house to an external provider. In this sense, twoorganizations may enter into a contractual agreement involving an exchange of services and payments.The concept of outsourcing thereby helps the firms to perform well in their core competencies and thusmitigating rise of skill or expertise shortage in the areas where they want to outsource. Of recent concern is the ability of businesses to outsource to suppliers outside the nation,sometimes referred to as off shoring or offshore outsourcing. In addition, several related terms haveemerged to grasp various aspects of the complex relationship between economic organizations ornetworks, such as near shoring, multi-sourcing and strategic outsourcing. One of the biggest changes of recent years has come from the growth of groups of people usingonline technologies to use outsourcing as a way to build a viable service delivery business that can be runfrom virtually anywhere in the world. The preferential contract rates that can be obtained by temporarilyemploying experts in specific areas to deliver elements of a project purely online means that there is agrowing number of small businesses that operate entirely online using offshore outsourced contractors todeliver the work before repackaging it to deliver to the client.INDIAN RETAIL SECTOR Indian retail market has been ranked 4th most attractive emerging market. Indias retail sectoraccounts for 12% of GDP with about 25 million people being employed and second largest employer afteragriculture in the country. Moreover, Indias overall retail sector is expected to rise to around USD 600billion by 2013. The organized retail currently accounting for around 5% is pegged at around USD 20billion. It is expected to touch USD 107 billion by 2013. The key challenges Indian organized retail industry faces are cost, availability and delivery ofquality products, cost efficient real estate, skilled service employees, and employee attrition in theindustry. The rentals continue to be the highest expense of modern retailers and are almost 4 to 5 timesthat of their western counterparts continue to pose a challenge to their growth. Indian retailers havedifficulty in finding trained personnel and incur significant costs for training them.PANTALOON RETAIL LTD. Pantaloon Retail India Limited (PRIL), is a retailer which was incorporated on 12th October, 1987and is headquartered in Mumbai. The company operates primarily through the Lifestyle and Valueformats with multiple delivery mechanisms and selling channels in their business, some of them arefashion, food, general merchandise, home, leisure and entertainment, financial services, communicationsand wellness. The Company has stores in 51 cities across the country, constituting over 6 million squarefeet of retail space. In Value retail it is present through 78 Big Bazaar hypermarkets, 113 Food Bazaarsand other delivery formats. 2|P a g e
  3. 3. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7 SPENCER’S RETAIL LTD. Spencer’s Retail Limited is a multi-format food-first retailer providing a wide range of quality products to discerning young customers - well-travelled citizens of the world, looking out for authentic flavors and experiences in a fun-filled shopping environment. Part of the Rs 15,500 crore RPG Group, Spencer run about 200 stores (including about 30 large format stores) across 35 cities in India. As one of the earliest entrants in the retail space in India, Spencer’s also has a wide variety of electronics and electrical equipment, home and office essentials, garments and fashion accessories, toys, and personal care. INTERPRETATIONS FROM THE RESULTS Table 1 shows the calculation of Outsourcing Ratio that is basis of comparison of Pantaloons and Spencer’s Retail format. Source of data for calculation in table 1 is Capital line database though annual reports of individual companies were studied for further detailed data. A comparison of industrial wise average is also included to compare what the firms have been doing differently. The Interpretation on the data here is broadly classified to heads i. e. outsourcing ratio over the year and change in outsourcing ratio with change in sales turnover. Year 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Sales Turnover 14905 33515 35298 27598 29983 39860 32497 33211 33662 22294 RetailIndustrial Raw Materials 13254 22705 23986 21686 23800 22053 20383 21820 20925 17587 Average Outsourcing Ratio 0.89 0.68 0.68 0.79 0.79 0.55 0.63 0.66 0.62 0.79 Sales Turnover 4326 6317 6661 5296 3393 1962 1085 658 445 285Pantaloons Raw Materials 3144 3279 4783 4127 2611 1478 828 467 328 214Retail Ltd. Outsourcing Ratio 0.73 0.52 0.72 0.78 0.77 0.75 0.76 0.71 0.74 0.75 Sales Turnover 952 1133 854 540 291Spencer’s Raw Materials 727 892 771 444 259Retail Ltd. Outsourcing Ratio 0.76 0.79 0.90 0.82 0.89 Table 1: Outsourcing Ratio across Indian Retail industry Figure 1: Outsourcing ratio Outsourcing Ratio 0.90 0.70 0.50 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Retail Industrial Pantaloons Spencer Year Average Retail Ltd. Retail Ltd. 1. OUTSOURCING RATIO As can be seen from figure 1, outsourcing ration has been highly variable over the last decade. On an overall outsourcing has gone up from .8 to .9 with the mean of .7 and standard deviation of 0.103. Both 3|P a g e
  4. 4. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7the firms under study have higher outsourcing with mean of Big bazaar lying at.72 just above industrialaverage and variance 0f 0.07 where as Spencer have a mean of .83 and standard deviation of 0.06. a. Raw Material In case of Spencer’s and Pantaloon’s there is a stark difference between they manage their rawmaterial as Spencer’s does not purchase any basic raw material which can be processed further intofinished goods or intermediate goods. As can be seen from the Balance sheet and income statementattached, it buys only trading goods which are in itself finished goods or intermediate goods that can beprocessed further into finished goods. Hence it reduces considerable amount of cost in terms of rawmaterial management and the overall supply chain cost. From this it can be realized that Spencer’s doessignificant amount of outsourcing as compared to other players in the markets be it Big Bazaar or others. As in case of Big Bazaar they have got a number of in house brands which may be requiringadequate amount of raw material to manufacture hence the Big Bazaar procures raw material which is thebasic requirement for further being processed into finished or intermediate good. Hence from this it canbe realized that Big Bazaar is a big in-sourcing player and outsources proportionately less than its peersand competitors. Pantaloons Retail Ltd. Spencer Retail Ltd. 0.80 0.95 Outsourcing Ratio Outsourcing Ratio y = -1E-05x + 0.7625 0.75 0.90 y = -0.0001x + 0.9136 R² = 0.1892 R² = 0.3386 0.70 0.85 0.65 0.80 0.75 0.60 100 600 1100 1600 100 2100 4100 6100 8100 Sales turnover Sales turnover Pantaloons Linear (Pantaloons Spencer Linear (Spencer Retail Ltd. Retail Ltd.) Retail Ltd. Retail Ltd.) Retail Industrial Average 1.00 Outsourcing Ratio 0.90 y = -1E-05x + 1.1032 0.80 R² = 0.8267 0.70 0.60 0.50 14000 24000 34000 44000 Sales turnover Retail Industrial… Linear (Retail Industrial… Figure 2: Sales Turnover vs. Outsourcing Ratio in Indian Retail Industry 2. CHANGES ON THE OUTSOURCING RATIO WITH RESPECT TO SALES From the below figures we can see that there is a general trend in the Indian Retail Industry thatas the sales increase they seems to have been pulling out of outsourcing. 4|P a g e
  5. 5. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7 3. SURVEY RESULTS A survey on outsourcing trends in the industry have been circulated to Saurabh Biswas [4], SumitDutta [5], Subhranil Dutta [6] a few prominent managers each firm under study. Results of the same canbe summarized as follows: 1. Indian retailers procure from multiple retailers than from a specific source. 2. Spencer aggregates at levels of capacity, inventory and transportation to get surplus from the supply chain, while Big bazaar low cost and high quality as factors to select vendors with transport aggregation being the common factor on which both depend. 3. One-on one negotiation is preferred by Spencer to enter into an outsourcing deal while Big bazaar prefers reverse auction. 4. Big bazaar being a bigger and more established player don’t look for responsiveness when Spencer weighs it equally to supply efficiency. 5. Both players enter into buy back contacts, when Spencer prefers quantity flexibility as additional parameter to be responsive to market, Big bazaar prefers revenue sharing. 6. Logistics are basically handled by 3PL bodies. According to experts in both the organization 30% to 60% of inbound logistics is handled by 3PL along with complete outbound logistics. 7. Spencer’s also enter into downstream outsourcing al the outlet end. Survey results show that these firms don’t take franchise outlet and leased outlet different from their own outlet. Big bazaar on the other hand prefers its own outlets, which also justifies as its outlets are much bigger and caters to demand across many industry segments. 8. Spencer’s have an equal distribution of contractual and permanent staff. Survey results show that Big bazaar’s staffs are all permanent but observation of one of the author (Debashish Bagg) of the report is that Big Bazaar hires contractual staff from lower grade business schools and other institutions in the name of internship to cater to seasonal fluctuation of its demand. 9. Both Biz Bazaar and Spencer’s takes details of Tier-2 suppliers also while entering into business contracts 10. Spencer’s say that the outsourcing have increased on an overall basis when their own financial statements don’t support the same statement. Big Bazaar agrees that its outsourcing have increased over the last decade.OUTSOURCING TRENDS AT SPENCER Benjamin and Sankha Dip did interview a manager from Spencer’s Retail Ltd. to drill into moredetails of outsourcing at their place. According to the manager outsourcing is preferably done for all kindsof perishables due to high variety and good quality as well as seasonality at Spencer’s. The transport isorganized via third parties called ‘handy boys. The last year has seen an increase in inventory cost, atSpencer so there was a need to optimize stocking. Spencers adapted Japanese 5S’ management techniqueto achieve better efficiency in inventory management. Spencers has warehouses in which FMCG1 andpersonal care products are stored, no perishables. Spencer being new or inexperienced in Indian retail business has to rely heavily on suppliers.Retailer gains a higher margin on in-house brands that are procured from contract manufacturers and have1 Fast moving consumer goods. 5|P a g e
  6. 6. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7to follow Spencers corporate image because its the retailers own brand. Thus the quality standards forthe suppliers are higher; standardization allows easier streamlining of the overall business processes andintegration of the suppliers. Along with establishment of in- house brands, the processes of procurementalso will undergo changes. In the past retailer relied on experience of its supplier for forecasting, procurement hence beingdriven by the supplier and was a push cycle. Nowadays Spencers forecasts the replenishment of mostprocessed goods on its own. Spencers has changed for instance the process from push to pull forCadbury’s products. This plays an important role in the inventory management with regard to efficiencyand responsiveness. The deployment of functional Supplier Management Software under the aegis ofautomation and digitization of processes further support this trend.CONCLUSIONS It can be concluded from the above that Big Bazaar have been moving to reduce its outsourcingand all the outsourcing i.e. vendor management strategies have been kept aligned to its size of big playerin the Indian retail market. It has been keen on increasing the overall efficiency rather than beingresponsive to seasonal demand fluctuations. Spencer on the other hand a very young player in the Indianretail has being trying persistently to move out of its supplier dependencies. In either case fluctuations inthe outsourcing ratio seems to have a tendency to damp down in the near future.LIMITATIONS OF THE STUDY Due to most of the Indian retail sector being under control of local and unorganized player solidconclusions on the outsourcing trends cannot be concluded. Even survey results may be depended on themarket that each player is focusing on.CHANGES EXPECTED DUE TO FDI NORMS FDI can be a powerful catalyst to spur competition in the retail industry, due to the currentscenario of low competition and poor productivity. Allowing FDI in retail trade, India will significantly flourish in terms of quality standards andconsumer expectations, since the inflow of FDI in retail sector is bound to pull up the quality standardsand cost-competitiveness of Indian producers in all the segments. It is therefore obvious that allowinghealthy FDI in the retail sector might help in integrating the Indian retail market with that of the globalretail market in addition to providing not just employment but a better paying employment, which theunorganized sector (kirana and other small time retail shops) have undoubtedly failed to provide to themasses employed in them. The real results of this FDI norms are difficult to conclude and hence one needto lookout for the real results.REFERENCES 1. Annual reports of Spencer Retail. 2. Annual Reports of Pantaloon Retail Ltd. 3. Capitaline plus database. (Referred on 8th November, 2011). 6|P a g e
  7. 7. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7 4. Mr. Saurabh Biswas, Head Supply Chain & Planning at Spencers Retail Ltd, Gurgaon India. +919871545247, email: saurabhbiswas@hotmail.com 5. Mr. Sumit Dutta, Manager Operations, Spencers Retail Ltd, Kolkata, India. +919007138878. Email: sumit_da@yahoo.com 6. Mr. Subhranil Dutta, Store Mgr- Big Bazaar KolkataAPPENDIX Attached below are the balance sheets and profit and loss statements of Spencer’s retail andPantaloon Retail ltd for the five years of study. The report also includes aggregate data of the retailindustry that is extracted from Capital line website.SPENCER’S RETAIL BALANCE SHEET Year Mar 10 Mar 09 Mar 08 Mar 07 Mar 06 SOURCES OF FUNDS : Share Capital 26.01 26.01 26.01 26.01 20.61 Reserves Total -468.58 -210.09 -32.42 57.69 16.23 Equity Application Money 767.45 618.65 248 0 6.25 Total Shareholders’ Funds 324.88 434.57 241.59 83.7 43.09 Secured Loans 57.18 76.28 84.54 87.3 17.28 Unsecured Loans 350 300 350 0 9.85 Total Debt 407.18 376.28 434.54 87.3 27.13 Total Liabilities 732.06 810.85 676.13 171 70.22 APPLICATION OF FUNDS : Gross Block 402.02 442.83 359.41 125.18 61.1 Less : Accumulated Depreciation 101.32 68.82 43.97 22.68 13.38 Less: Impairment of Assets 0 0 0 0 0 Net Block 300.7 374.01 315.44 102.5 47.72 Lease Adjustment 0 0 0 0 0 Capital Work in Progress 35.48 65.17 86.91 21.36 10.35 Investments 88.25 80.3 1.01 1.01 0.01 Inventories 129.49 151.95 177.59 61.65 36.89 Sundry Debtors 18.7 24.88 27.71 11.73 6.61 Cash and Bank 13.54 27.8 28.29 22 7.05 Loans and Advances 82.55 89.19 174.86 59.39 30.06 Total Current Assets 244.28 293.82 408.45 154.77 80.61 Less : Current Liabilities and Provisions Current Liabilities 172.19 171.33 192.63 106.07 66.84 Provisions 10.77 5.58 5.07 2.57 1.63 7|P a g e
  8. 8. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7 Total Current Liabilities 182.96 176.91 197.7 108.64 68.47 Net Current Assets 61.32 116.91 210.75 46.13 12.14 Miscellaneous Expenses not written off 0 0 0 0 0 Deferred Tax Assets 246.31 175.45 71.95 0 0 Deferred Tax Liability 0 0.99 9.93 0 0 Net Deferred Tax 246.31 174.46 62.02 0 0 Total Assets 732.06 810.85 676.13 171 70.22 Contingent Liabilities 3.74 14.9 0.82 0.39 0.84SPENCER’S RETAIL PROFIT AND LOSS STATEMENT Year Mar 10 Mar 09 Mar 08 Mar 07 Mar 06 INCOME : Sales Turnover 951.84 1,133.05 853.61 539.83 290.64 Excise Duty 0 0 0 0 0 Net Sales 951.84 1,133.05 853.61 539.83 290.64 Other Income 14.41 79.44 6.73 0.86 0.29 Stock Adjustments -26.41 -11.89 113.45 24.04 28.97 Total Income 939.84 1,200.60 973.79 564.73 319.9 EXPENDITURE : Raw Materials 726.75 891.84 771.07 444.41 258.54 Power & Fuel Cost 25.45 39.84 28.14 11.84 5.06 Employee Cost 105.25 140.35 82.9 43.56 20.9 Other Manufacturing Expenses 28.13 32.95 19.93 11.64 5.24 Selling and Administration Expenses 204.63 266.78 172.44 83.6 34.97 Miscellaneous Expenses 103.33 51.7 4.02 5.21 3.28 Total Expenditure 1,193.54 1,423.46 1,078.50 600.26 327.99 Operating Profit -253.7 -222.86 -104.71 -35.53 -8.09 Interest 28.08 24.91 17.48 6.67 3.42 Gross Profit -281.78 -247.77 -122.19 -42.2 -11.51 Depreciation 48.57 40.79 27.74 9.4 3.65 Profit Before Tax -330.35 -288.56 -149.93 -51.6 -15.16 Fringe Benefit tax 0 1.55 1.39 0.74 0.38 Deferred Tax -71.86 -112.44 -62.02 0 0 Reported Net Profit -258.49 -177.67 -89.3 -52.34 -15.54 Extraordinary Items -61.38 70.65 -0.47 0.45 0.07 Adjusted Net Profit -197.11 -248.32 -88.83 -52.79 -15.61 P & L Balance brought forward -325.93 -148.26 -59.01 -6.67 -17.5 Statutory Appropriations 0 0 0 0 0 8|P a g e
  9. 9. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7 Appropriations 0 0 0 0 -26.37 P & L Balance carried down -584.42 -325.93 -148.26 -59.01 -6.67 Book Value-Unit Cur -170.15 -70.77 -2.46 32.18 17.87PANTALOON RETAIL BALANCE SHEET Year Jun 11 Jun 10 Jun 09 Jun 08 Jun 07 SOURCES OF FUNDS : Share Capital 106.9 41.23 38.06 31.86 29.35 Reserves Total 2,671.23 2,527.48 2,211.48 1,751.51 1,062.82 Equity Share Warrants 100 122.88 22.88 63.26 0 Equity Application Money 0 64.66 0 0 0 Total Shareholders’ Funds 2,878.13 2,756.25 2,272.42 1,846.63 1,092.17 Secured Loans 1,675.89 1,236.03 2,525.53 1,991.77 951.93 Unsecured Loans 497.23 150.19 299.86 200.01 347.65 Total Debt 2,173.12 1,386.22 2,825.39 2,191.78 1,299.58 Total Liabilities 5,051.25 4,142.47 5,097.81 4,038.41 2,391.75 APPLICATION OF FUNDS : Gross Block 1,877.67 1,417.04 1,876.45 1,368.76 767.07 Less : Accumulated Depreciation 410.64 294.89 307.69 170.59 92.47 Net Block 1,467.03 1,122.15 1,568.76 1,198.17 674.6 Capital Work in Progress 100.13 59.68 345.23 330.64 131.13 Investments 2,255.41 2,002.91 954.03 586.52 252.01 Current Assets, Loans & Advances Inventories 1,762.20 1,270.67 1,787.84 1,429.84 885.96 Sundry Debtors 185.24 123.57 177.25 113.16 65.17 Cash and Bank 85.77 100.54 109.34 121.1 162.97 Loans and Advances 478.92 423.02 1,208.31 964.48 635.35 Total Current Assets 2,512.13 1,917.80 3,282.74 2,628.58 1,749.45 Less : Current Liabilities and Provisions Current Liabilities 1,166.48 863.42 916.39 620.08 343.89 Provisions 29.92 24.22 20.46 17.58 15.71 Total Current Liabilities 1,196.40 887.64 936.85 637.66 359.6 Net Current Assets 1,315.73 1,030.16 2,345.89 1,990.92 1,389.85 Deferred Tax Assets 19.03 29.87 2.77 27.19 2 Deferred Tax Liability 106.08 102.3 118.87 95.03 57.84 Net Deferred Tax -87.05 -72.43 -116.1 -67.84 -55.84 Total Assets 5,051.25 4,142.47 5,097.81 4,038.41 2,391.75 Contingent Liabilities 906.59 3,547.05 111.5 158.42 101.32 9|P a g e
  10. 10. OUTSOURCING TRENDS IN INDIAN RETAIL MINI PROJECT II GROUP 7PANTALOON RETAIL PROFIT AND LOSS STATEMENT Year Jun 11 Jun 10 Jun 09 Jun 08 Jun 07 INCOME : Sales Turnover 4,325.57 6,316.66 6,661.42 5,295.88 3,392.79 Net Sales 4,325.41 6,316.66 6,661.42 5,295.88 3,392.79 Other Income 21.4 97.43 12.28 30.93 96.53 Stock Adjustments 494.15 -783.88 353.11 614.41 365.95 Total Income 4,840.96 5,630.21 7,026.81 5,941.22 3,855.27 EXPENDITURE : Raw Materials 3,143.77 3,278.65 4,783.06 4,126.60 2,611.00 Power & Fuel Cost 71.44 83.2 98.97 78.2 61.51 Employee Cost 209.44 270.67 269.94 269.41 206.09 Other Manufacturing Expenses 89.35 136.61 182.44 155.23 113.19 Selling and Administration Expenses 766.76 1,041.88 867.12 716.88 488.07 Miscellaneous Expenses 105.07 142.64 144.56 103.45 63.28 Total Expenditure 4,385.83 4,953.65 6,346.09 5,449.77 3,543.14 Operating Profit 455.13 676.56 680.72 491.45 312.13 Interest 193.47 301.04 324.44 212.44 94.26 Gross Profit 261.66 375.52 356.28 279.01 217.87 Depreciation 146.37 161.88 140.05 83.39 36.86 Profit Before Tax 115.29 213.64 216.23 195.62 181.01 Tax 24 32.83 25.5 29.13 30.77 Fringe Benefit tax 0 0 1.89 3.24 2.32 Deferred Tax 14.62 1.25 48.26 37.28 27.93 Reported Net Profit 76.67 179.56 140.58 125.97 119.99 Extraordinary Items -3.69 44.42 -2.38 -0.93 60.12 Adjusted Net Profit 80.36 135.14 142.96 126.9 59.87 Adjust. below Net Profit 0.16 0 0 -49.09 0 P & L Balance brought forward 495.98 380.54 267.56 215.76 116.59 Appropriations 66.44 64.12 27.6 25.08 20.82 P & L Balance carried down 506.37 495.98 380.54 267.56 215.76 Dividend 20.27 17.13 11.57 10.67 7.54 Preference Dividend 0.01 0 0 0 0 Equity Dividend % 45 40 30 30 25 Earnings Per Share-Unit Cur 3.38 8.57 7.28 7.79 8.09 Book Value-Unit Cur 125.04 124.6 118.21 111.95 74.42 10 | P a g e

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