1. Divi’s Laboratories Ltd.
BUY
Target Price ` 1287 CMP ` 952 FY14 PE 15.5x
Index Details We initiate coverage on Divi's Laboratories Ltd as a BUY with a
Sensex 16,973 Price Objective of `1,287 (target 21.0x FY14 P/E). At CMP of ` 952,
Nifty 5,146 the stock is trading at 19.6x and 15.5x its estimated earnings for
BSE 100 5,141 FY13 & FY14 respectively, representing a potential upside of ~35%
Industry Pharma over a period of 18 months. Being a leading player in the CRAMs
space, Divi’s will be a key beneficiary of the increased generic
Scrip Details
opportunities emanating from the patent expiry cliff on the back of
its expertise in complex chemistry, efficient and cost conscious
Mkt Cap (` cr) 12,636
processes and relationships with the top 25 global innovators. We
BVPS (`) 160.6
expect Divi's revenues and earnings to post a CAGR of 25.2% and
O/s Shares (Cr) 13.3
23.5% to `2915 crore and `814 crore, respectively by FY14.
Av Vol (Lacs) 0.1
Further, timely approvals for ready to market products can be a
52 Week H/L 968/690 game changer for the company and further accelerate the pace of
Div Yield (%) 1.4
STOCK POINTER
growth.
FVPS (`) 2.0
 Continuous growth of the matured API product portfolio and
Shareholding Pattern
impending sales of the new ready to market API’s to fuel growth
Shareholders %
Promoters

52.2
In the generic API segment, Divi’s enjoys a significant market share in its key
products and derives 47% of its revenue from the top 5 products, which are in the
DIIs 17.3 matured stage. The company also has a strong pipeline of ready to market products,
FIIs 9.6 in addition to its developmental pipeline, which provides Divi’s with strong revenue
Public 20.9 visibility over the long term. Seeing the robust growth potential in the API space, we
Total 100 expect revenues from this segment to grow at a CAGR of 19.6% to `1306.9 crore by
FY14.

Divi’s Lab. vs. Sensex
 CRAMS on growth path leading to profitability
Backed by the strong relationship with the innovators, presence across the entire
CRAMS value chain and its ability to support the innovator in late life-cycle
strategies has enabled Divi’s to establish itself as a leading player in the CRAMS
space. Further, the increased focus of MNCs on outsourcing led by cost arbitrage
and strong R&D capabilities will only benefit Divi’s. We expect this custom synthesis
business to grow at a CAGR of 25% to ` 1277 crore by FY14.
Key Financials (` in Cr)
Net EPS Growth RONW ROCE P/E EV/EBITDA
Y/E Mar EBITDA PAT EPS
Revenue (%) (%) (%) (x) (x)
2011 1307.1 491.5 429.3 32.3 23.8 23.9 28.2 29.4 25.8
2012 1858.6 685.0 533.3 40.2 24.2 25.0 33.2 23.7 18.5
2013E 2332.0 876.5 646.2 48.7 21.2 25.2 34.5 19.6 14.4
2014E 2915.2 1095.8 813.7 61.3 25.9 25.8 35.4 15.5 11.6
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2.  Strong execution and effective control to ensure sustained
margin
Compared to peers, Divi's have been able to maintain strong margins on account of its
ability to swiftly execute capex and ensure quick capacity ramp up. Divi’s policy of
adding capacities, only post clear visibility of orders ensures that there is no spare
capacity and strong cash flows from the very 1st week of operations leads to ROCE
being much higher than peers.
 Valuation
At the CMP of ` 952, Divi's is trading at 19.6x and 15.5x its estimated earnings for
FY13 and FY14, respectively. Divi’s is trading at a considerable premium to its
counterparts in the domestic market i.e. Biocon, Jubilant as well as to the international
players. However, considering the high margin business, steady organic growth,
strong cash flows and high return ratios, we believe the premium is completely
justified. We initiate coverage on Divi's Laboratories Ltd as a BUY with a Price
Objective of `1287 (target 21.0x FY14 P/E) representing a potential upside of 35%
over the next 18 months.
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3.  Company Background
Divi's Laboratories Ltd (Divi's) has a significant presence in both Generic APIs and
CRAMS business, with each of these segments contributing equally to the topline. The
company operates predominately in the export market, which accounts for nearly 93%
of its overall revenue with ~75% of it coming from developed markets like the US and
EU.
Geographical break-up
ROW Asia
5% 4%
North
America
Europe 44%
30%
Far East
India
9%
8%
Source: Divi’s Labs, Ventura Research
Divi’s has grown to emerge as a preferred supplier of generic APIs and key ingredients
for MNCs in the pharmaceutical segments, primarily on the back of its understanding
of complex chemistries and development of new process, which are globally
acceptable and cost efficient. In addition, the company has an unassailable track
record of being a leading player in the CRAMS segment and has one of the strongest
custom chemical synthesis (CCS) pipelines with presence in the entire life cycle of a
pharmaceutical product. This makes it a preferred one stop solution provider for the
pharma giants. Recently, Divi’s has entered into the lucrative carotenoid segment,
which would help in diversifying its API product mix.
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4. Divi’s Business Model
Source: Divi’s Labs, Ventura Research
Divi’s currently owns four manufacturing facilities including the recently commissioned
DSN SEZ, Vishakhapatnam. The other three facilities being one in Nalgonda near
Hyderabad and two in Vishakhapatnam. DLL also owns four research centres with
functional focus across all verticals.
Divi’s Manufacturing Facilities
Plant Location Remarks/Approvals
Choutuppal Unit AP, India USFDA, cGMP, ISO-9001, ISO-14001
Chippada Unit AP, India 100% EOU,USFDA, cGMP, ISO-9001, ISO-14001
Chippada Unit-SEZ AP, India USFDA, cGMP, ISO-9001, ISO-14001
DSN SEZ AP, India Awaiting International Approvals
Source: Divi’s Labs, Ventura Research
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5.  Key Investment Highlights
 Continuous growth of the matured API product portfolio and
impending sales of the new ready to market API’s to fuel growth
 In the generic API segment, Divi’s enjoys a significant market share in its key products
and derives 47% of its revenue from the top 5 products, which are in the matured stage.
Apart from this, the company also has a strong pipeline of ready to market products, in
addition to its developmental pipeline, which provides Divi’s with strong revenue
visibility over the long term. Seeing the robust growth potential in the API space, we
expect revenues from this segment to grow at a CAGR of 19.6% to `1306.9 crore by
FY14.
Revenue- Generic API’s
1400 Rs.Crore 60%
1200 50%
40%
1000
30%
800 20%
600 10%
0%
400
-10%
200 -20%
0 -30%
FY10 FY11 FY12 FY13E FY14E
Generics APIs Growth (%) RHS
Source: Divi’s Labs, Ventura Research
Ripened product portfolio yielding long term benefits
Divi's focus on complex chemistry and expertise to develop proprietary, efficient
process to manufacture APIs lends the company a strong position in the competitive
market with its discernible pricing power. Presently, the company garners 47% of its
revenue from its top 5 products and is a market leader with significant market share
(>70%) in two key products (Naproxen and Dextromethorphan Hydrobromide). Since
Divi’s product portfolio consists of matured products, which have already undergone
significant price erosion due to generic competition, they are now unlikely to see any
pricing pressure, ensuring long term visibility of revenues and margin stability. Further,
the company‘s presence in complimentary therapies ensures limited threat from newer
therapies.
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6. Top Five Products
Product name Therapeutics Used for Global Sales ($,mn)
Naproxen Osteoarthitris Anti Inflammatory Drug 377
Dextromethorphan Cold Medications Cough Supressant 249
Nabumetone Osteoarthitris Anti Inflammatory Drug 66.8
Levodopa CNS Parkinsion's Disease 79
Phenylephrine HCI CNS Decongestant, Dilate Pupils 26
Source: Divi’s Labs, Ventura Research
Anti Inflammatory drugs, Naproxen and Nabumetone used in the treatment of arthritis,
spondylitis, and other inflammatory conditions contributes around 25% to Divi's
generic API’s topline and are expected to grow at a annual rate of 10-15% over the
forecast period.
Dextromethorphan Hydrobromide (70% market share), another key product which
contributes to around 15% to topline is widely used as the main ingredient in the
formulation of cough syrups and tablets. Prices of Dextromethorphan Hydrobromide
have been rising steadily due to global shortage enabling Divi’s to take a price hike of
8% during the previous fiscal.
New products awaiting approval to catapult growth further
In addition to the existing portfolio, Divi's also has a strong developmental portfolio,
representing a market potential of USD 14.6 bn. Further, the company has products
awaiting USFDA approvals with market potential of $ 8.7 bn. Considering, Divi's strong
expertise and swift execution abilities demonstrated in the past, we expect Divi's to
effectively monetize the opportunity leading to strong revenue growth over the forecast
period. However, we have not factored the same in our valuations.
Product Available to be marketed
Product name Therapeutics Used for Global Sales ($, mn)
Candesartan Cilexetil CVS Hyper Tension 1500
Entacapone CNS Parkinsions Disease 100
Losartan potassium CVS Hyper Tension 1580.4
Olmesartan Medoxomil CVS Hyper Tension 2500
Pregabalin CNS Anti Convulsant Drug 3063
Source: Divi’s Labs, Ventura Research
So far, Divi’s has registered 41 (Drug Master Files) DMFs with the US Food & Drug
Administration (USFDA) and 12 DMFs with the European Directorate for the Quality of
Medicine & Healthcare (EDQM).
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7. Product under Development
PRODUCT NAME THERAPEUTICS USED FOR Global Sales ($, mn)
Aliskirin Hemifumarate CVS Lower Blood cholesterol 557
Atazanavir CNS HIV 1400
Atorvastatin CVS Lower Blood cholesterol 12000
Bazedoxifene CNS Post Menopausal Osteoporosis
Chlophedianol HCL CNS Cough Supressant 275
Fesoterodine Fumarate CNS Anti- Diuretic 140
Fondaparinex CVS Anti Coagulant 340
Saxagliptin Anti Diabetic Anti Diabetic 160
Seletracetam CNS Anti Convulsant Drug
Valgaciclovir Anti Infectives Anti Viral 575
Source: Divi’s Labs, Ventura Research
Foray into the fast growing Carotenoids market to enhance product
depth
Considering the huge potential of the carotenoids market, Divi’s has made a strategic
entry into the carotenoids business in FY09 through the launch of six key products.
This has helped Divi’s diversify into the food and processing industry, a marginal shift
from the current focus on pharmaceutical industry.
Global Carotenoids Market Divi’s Carotenoid Segment Revenue
1.3 $ bn 250 Rs.Crore
1.2
200
1.2
1.1 150
1.1
100
1.0
50
1.0
0.9 0
2012 2015E 2012 2013E 2014E
Source: Divi’s Labs, Ventura Research Source: Divi’s Labs, Ventura Research
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8. Globally, carotenoid is a $1 bn industry with the adroit players like BASP and DSM
leading the market. This business is expected to grow to $1.2 bn by 2015. At present,
carotenoids business contributes ` 82 crore (4.4%) to Divi's top-line and the
management expects it to grow to ` 150 and ` 250 crore by FY13 and FY14,
respectively. Considering the robust market potential and Divi’s strong execution skills,
we are confident about management abilities to achieve the desired levels of growth.
Carotenoids product portfolio
Product name Therapeutics Used for
Beta-Carotene Dietary Supplements Geranylgeranyl Pyrophosphate
Lycopene Anti-hyperlipidemic Photosynthetic Organisms
Astaxanthin Anti-hyperlipidemic Terpenes
Apocarotenal Anti-hyperlipidemic Spinach & Citrus
Lutein Eye Preparations Xanthophyll
Canthaxanthin Anti-hyperlipidemic Terpenoids
Source: Divi’s Labs, Ventura Research
 CRAMS business on growth path, leading to profitability
Backed by the strong relationship with the innovators, presence across the entire
CRAMS value chain and its ability to support the innovator companies in late life-cycle
strategies has enabled Divi’s to establish itself as a leading player in the CRAMS
space. Further, the increased focus of MNCs on outsourcing led by cost arbitrage and
strong R&D capabilities will only benefit Divi’s. We expect this custom synthesis
business to grow at a CAGR of 25% to ` 1277 crore by FY14.
Revenue- Custom Synthesis
1400 Rs.Crore 50%
1200 40%
30%
1000
20%
800
10%
600
0%
400
-10%
200 -20%
0 -30%
FY10 FY11 FY12 FY13E FY14E
Custom Synthesis Growth (%) RHS
Source: Divi’s Labs, Ventura Research
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9. Indian CRAMS industry has grown at a CAGR of 47% over the past three years led by
enhanced outsourcing budgets of Big Pharma companies. Currently MNCs, outsource
only 25-35% of the CRO activities but with enhanced capabilities, the chunk is all likely
to increase. Going ahead, the scenario is expected to get more favorable on account
of the impending patent cliff.
Divi’s presence in the entire life cycle of a pharmaceutical product makes it the most
preferred one - stop solution provider for leading pharmaceutical companies. This is
re-iterated by the fact that the Top 25 innovators are already customers to Divi’s. The
company also provides complete regulatory supports, including DMF filing and large
scale component manufacturing, which helps innovators to meet their requirement
under one roof.
Life cycle of pharmaceutical product
Identifying/disc
overing new Drug
molecule Discovery
Patent
Filing
Pre
Custom clinical/Phase I,
Drug
Synthesis Phase IIa, Phase
Development
IIb & Phase III
Regulatory
Approval
Commercial
launch
End of Patent
protection
Generic Generics
APIs entering
Source: Divi’s Labs, Ventura Research
 Strong execution, product portfolio selection, and weakening
rupee to ensure sustain margin
Compared to peers, Divi's have been able to maintain strong margins on account of its
ability to swiftly execute capex and ensure quick capacity ramp up. Divi’s policy of
adding capacities, only post clear visibility of orders ensures that there is no spare
capacity and strong cash flows from the very 1st week of operations leads to ROCE
being much higher than peers.
Unlike its peers, Divi’s limits its focus to complex chemistry and development of cost
efficient processes to manufacture them. This cost competitiveness helps Divi’s to
acquire market share and command premium.
Source: Divi’s Lab, Ventura Research
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10. Margin Charts (%) Peer Comparison Charts
60 35
55 Affected by inventory Divi's Lab Ltd
30
50 destocking by global
pharma giant 25
45
PAT Margin (%)
40
20
35 Biocon Ltd.
30 15
Piramal Jubilant Life
25 Healthcare Sciences. Ltd
10
20
15 5 Dishman
Pharma
10
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13E FY14E - 10.00 20.00 30.00 40.00
EBITDA Margin (%)
EBITDA Margin RHS (%) PAT Margin RHS(%)
Source: Divi’s Labs, Ventura Research Source: Divi’ Labs, Ventura Research
Rupee depreciation to further boost margins
The Rupee depreciation is expected to positively impact margins by 100- 150 bps.
Factoring for imports (~13.5% of net sales) and fixed currency contracts, 42% of net
revenues would be a net beneficiary of the currency movement. However we have not
factored this in our model and represents an upside risk to our estimates.
 Strong cash flow and healthy balance sheet
Divi's has maintained strong cash flows for FY12 despite higher capex spend. The
company has invested nearly ` 200 crore on the 2nd SEZ facility in Vizag and when
fully commissioned expects to garner close to ` 400 crore of revenue annually.
Currently, the company has capitalized ` 78 crore towards the two commissioned
blocks of the Vizag facility and expects to capitalize `120 crore for the remaining three
blocks by Q2FY13. The company further intends to spend `150 crore each in the next
two years on expansion of existing facilities. Strong capex cycle and capitalization of
Vizag facility is positive for the company and would boost its revenues and
profitability.
Strong cash flow despite capex
Particulars (Rs.Crore) FY 11 FY 12 FY 13E FY 14E
Capex -158.3 -263.2 -225.0 -250.0
Working Capital Changes -81.3 -208.8 -176.1 -248.3
Cash Flow Net of Capex 241.8 90.2 324.5 410.0
Debt/Equity Ratio (x) 0.0 0.0 0.0 0.0
Increase In Reserves 276.6 334.0 428.7 596.3
Source: Divi’s Labs, Ventura Research
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11.  Key Concerns
Delay in USFDA approval
Divi's recently commissioned DSN SEZ at Vizag is awaiting USFDA approvals and
any delay in receiving the same would be a risk to our forecast. The management
expects to receive USDFA approval by H1FY13 and we remain confident of achieving
the same. However, any regulatory delays would impact revenue and profitability of
the company adversely.
Higher tax incidence to impact profitability
Divi’s manufacturing facilities are located in areas offering tax subsidies and hence
had a very low tax outgo. However, with Nalgenda facility tax benefit expiring and two
units of the Vizag SEZ being eligible only for 50% exemption of export profits for the
next 5 years (instead of 100% earlier) tax impact has enhanced to 20-23% from the
earlier 7-11%.
Financial performance
Divi’s Laboratories Ltd has witnessed a robust 49.9% yoy growth in its top line to `
718.0 crore in Q4FY12 as against ` 479.1 crore in Q4FY11 led by strong growth
across segments. The EBITDA margins were maintained at 40.0% due to increasing
contribution of the low margins generic API business. However, the PAT margins were
lower by 640 bps on account of its higher tax expense.
Quarterly Financial Performance
Particulars Q4FY12 Q4FY11 FY12 FY11
Net Sales 718.0 479.1 1858.6 1310.3
Growth % 49.9 41.8
Total Expenditure 431.2 286.9 1173.6 816.4
EBIDTA 286.9 192.2 685.0 494.0
EBDITA Margin % 40.0 40.1 36.9 37.7
Depreciation 16.6 13.5 62.1 53.4
EBIT (EX OI) 270.2 178.7 622.9 440.6
Other Income 4.5 10.7 61.5 33.3
EBIT 274.7 189.4 684.4 473.9
Margin % 38.3 39.5 36.8 36.2
Interest 2.73 0.99 3.74 1.52
Exceptional items 0.0 0.0 0.0 0.0
PBT 271.9 188.4 680.6 472.4
Margin % 37.9 39.3 36.6 36.0
Provision for Tax 55.0 13.2 147.4 43.1
PAT 216.9 175.2 533.3 429.3
PAT Margin (%) 30.2 36.6 28.7 32.8
Source: Divi’s Labs, Ventura Research
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12. Financial outlook
Aided by its unique product portfolio and continuous proven capability in the CRAMS
segment, we expect Divi’s revenues to grow at a CAGR of 25.2 % to ` 2915.2 crore
over the forecast period FY12-14. In addition, we haven’t factored additional revenues
coming in from the ready to market products, which should also help boost revenues
and profitability going ahead. We expect the PAT to grow at a CAGR of 23.5% to `
813.7 crore in FY14E as compared to `533.3 crore in FY12.
Revenue and Profitability trend
3500 Rs.Crore 40
3000 35
30
2500
25
2000
(%)
20
1500
15
1000
10
500 5
0 0
FY11 FY12 FY13E FY14E
Revenue EBITDA Margin (%) PAT Margin (%)
Source: Divi’s Labs, Ventura Research
Valuation
At the CMP of ` 952, Divi's is trading at 19.6x and 15.5x its estimated earnings for
FY13 and FY14, respectively. Divi’s is trading at a considerable premium to its
counterparts in the domestic market i.e. Biocon, Jubilant as well as to the international
players. However, considering the high margin business, steady organic growth,
strong cash flows and high return ratios, we believe the premium is completely
justified. We initiate coverage on Divi's Laboratories Ltd as a BUY with a Price
Objective of `1287 (target 21.0x FY14 P/E) representing an potential upside of 35%
over the next 18 months.
Peer Comparison
Sales
Particulars (FY 14) Sales EBITDA (%) PAT (%) ROE(%)
Growth (%)
On all DiviS Laboratories Ltd. 2915.2 25.2 37.6 27.9 25.8
parameters, Dishman Pharma & Chemicals Ltd. 1420.3 15.0 20.1 7.0 9.5
Divi’s emerges Biocon Ltd. 2698.2 15.9 26.1 15.6 15.8
strong compared Jubilant Life Sciences Ltd. 5745.9 18.4 20.1 8.9 17.5
to its peers Piramal Healthcare Ltd. 2674.2 17.4 9.7 9.0 1.6
*Consenus estimates for players other than Divi’s Labs
Source: Divi’s Labs, Ventura Research
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13. P/E
1600
1400
1200
1000
800
600
400
200
0
Apr-06 Apr-08 Apr-10 Apr-12
CMP 14X 17.5X 21X 24.5X 28X
Source: Divi’s Labs, Ventura Research
P/B
2000
1800
1600
1400
1200
1000
800
600
400
200
0
Apr-06 Apr-08 Apr-10 Apr-12
CMP 4.5X 5.75X 7X 8.25X 9.5X
Source: Divi’s Labs, Ventura Research
EV/EBITDA
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
Apr-06 Apr-08 Apr-10 Apr-12
EV 11X 13X 15X 17X 19X
Source: Divi’s Labs India, Ventura Research
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14. Financials and Projections
Y/E March, Fig in Rs. Cr FY 2011 FY 2012 FY 2013e FY 2014e Y/E March, Fig in Rs. Cr FY 2011 FY 2012 FY 2013e FY 2014e
Profit & Loss Statement Per Share Data (Rs)
Net Sales 1307.1 1858.6 2332.0 2915.2 EPS 32.3 40.2 48.7 61.3
% Chg. 42.2 25.5 25.0 Cash EPS 36.4 44.8 54.7 68.4
Total Expenditure 815.6 1173.6 1455.5 1819.4 DPS 10.0 10.0 10.0 10.0
% Chg. 43.9 24.0 25.0 Book Value 135.4 160.6 192.9 237.8
EBITDA 491.5 685.0 876.5 1095.8 Capital, Liquidity, Returns Ratio
EBITDA Margin % 37.6 36.9 37.6 37.6 Debt / Equity (x) 0.0 0.0 0.0 0.0
Other Income 36.5 61.5 46.8 60.3 Current Ratio (x) 2.5 2.7 2.6 2.6
Exceptional items 0.0 0.0 0.0 0.0 ROE (%) 23.9 25.0 25.2 25.8
PBDIT 528.0 746.5 923.4 1156.1 ROCE (%) 28.2 33.2 34.5 35.4
Depreciation 53.4 62.1 79.4 94.5 Dividend Yield (%) 1.1 1.1 1.1 1.1
Interest 2.2 3.7 4.7 4.7 Valuation Ratio (x)
PBT 472.4 680.6 839.2 1056.8 P/E 29.4 23.7 19.6 15.5
Tax Provisions 43.1 147.4 193.0 243.1 P/BV 7.0 5.9 4.9 4.0
Reported PAT 429.3 533.3 646.2 813.7 EV/Sales 9.7 6.8 5.4 4.3
PAT Margin (%) 32.8 28.7 27.7 27.9 EV/EBIDTA 25.8 18.5 14.4 11.6
Efficiency Ratio (x)
Manpower cost / Sales (%) 39.2 41.0 40.0 40.0 Inventory (days) 159.6 133.3 130.0 130.0
Other Exp / Sales (%) 7.1 14.1 14.0 14.0 Debtors (days) 102.6 97.3 95.0 95.0
Tax Rate (%) 9.1 21.7 23.0 23.0 Creditors (days) 67.7 59.2 60.0 60.0
Balance Sheet Cash Flow statement
Share Capital 26.5 26.6 26.6 26.6 Profit After Tax 429.3 533.3 646.2 813.7
Reserves & Surplus 1771.0 2105.0 2533.7 3130.0 Depreciation 53.4 62.1 79.4 94.5
Minority Interest & Others 0.0 0.0 0.0 0.0 Working Capital Changes -78.6 -198.0 -176.1 -248.3
Total Loans 23.0 52.8 52.8 52.8 Others -3.9 -43.9 0.0 0.0
Deferred Tax Iiability 50.0 60.9 60.9 60.9 Operating Cash Flow 400.1 353.4 549.5 660.0
Total Liabilities 1870.6 2245.2 2673.9 3270.2 Capital Expenditure -52.8 -232.5 -300.0 -270.0
Goodwill 0.0 0.0 0.0 0.0 Change in Investment -189.9 17.9 -20.4 -151.7
Gross Block 885.7 1118.2 1418.2 1688.2 Cash Flow from Investing -242.7 -214.6 -320.4 -421.7
Less: Acc. Depreciation 295.8 357.8 437.3 531.8 Proceeds from equity issue 7.7 0.0 0.0 0.0
Net Block 589.9 760.4 981.0 1156.4 Inc/ Dec in Debt -9.8 29.7 0.0 0.0
Capital Work in Progress 129.3 160.0 85.0 65.0 Dividend and DDT -154.1 -155.3 -217.4 -217.4
Investments 525.6 477.0 572.4 744.2 Cash Flow from Financing -156.2 -125.6 -217.4 -217.4
Net Current Assets 625.7 847.7 1035.5 1304.6 Net Change in Cash 1.2 13.3 11.7 20.8
Deferred Tax Assets 0.0 0.0 0.0 0.0 Opening Cash Balance 16.5 17.7 30.9 42.6
Total Assets 1870.6 2245.2 2673.9 3270.2 Closing Cash Balance 17.7 30.9 42.6 63.4
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