Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2014

Quarter IV, 2014: Audited Financial Results

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2014

 
PART I Rupees in Million
    1 2 3 4 5
Sr. No. Particulars THREE MONTHS ENDED YEAR ENDED

31-12-2014
(Audited)

30-9-2014
(Unaudited)

31-12-2013
(Audited)

31-12-2014
(Audited)

31-12-2013
(Audited)
1 Income from Operations          
a) Net sales / Income from Operations
(Net of excise duty)
4,255.5 4,063.5 3,907.8 16,176.1 13,926.5
b) Other Operating Income 39.5 38.3 30.7 145.4 97.7
  Total income from operations (Net) 4,295.0 4,101.8 3,938.5 16,321.5 14,024.2
2 Expenses          
a) Cost of materials consumed 1,380.1 1,606.9 1,405.4 6,020.8 5,036.8
b) Purchase of Stock-in-trade 856.0 1,236.4 1,207.6 3,973.5 4,256.1
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade 428.3 (402.7) 25.3 (21.1) (322.0)
d) Employees benefits expense 349.0 317.9 261.6 1,379.4 1,191.3
e) Depreciation and amortisation expense
124.9 125.2 118.8 493.5 432.5
f) Other expenses 658.0 742.8 540.1 2,551.5 2,026.1
  Total expenses 3,796.3 3,626.5 3,558.8 14,397.6 12,620.8
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 498.7 475.3 379.7 1,923.9 1,403.4
4 Other Income 114.1 97.1 155.7 409.5 458.6
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 612.8 572.4 535.4 2,333.4 1,862.0
6 Finance cost 2.9 2.8 1.7 9.7 7.6
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 609.9 569.6 533.7 2,323.7 1,854.4
8 Exceptional Items - - - - -
9 Profit from Ordinary Activities before tax (7-8) 609.9 569.6 533.7 2,323.7 1,854.4
10 Tax expense 210.7 194.5 184.6 794.9 636.1
11 Net Profit from Ordinary Activities after tax (9-10) 399.2 375.1 349.1 1,528.8 1,218.3
12 Extraordinary Items (Net of tax expense) - - - - -
13 Net Profit for the period (11-12) 399.2 375.1 349.1 1,528.8 1,218.3
14 Paid-up equity share capital
(Face value of Rs.10/- per share)
166.2 166.2 166.2 166.2 166.2
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year - - - 11,034.7 9,708.9
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 24.02 22.57 21.01 92.00 73.32
b) Diluted 24.02 22.57 21.01 92.00 73.32
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 24.02 22.57 21.01 92.00 73.32
b) Diluted 24.02 22.57 21.01 92.00 73.32
 
PART II
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2014
    1 2 3 4 5
Sr. No. Particulars THREE MONTHS ENDED YEAR ENDED

31-12-2014
(Audited)

30-9-2014
(Unaudited)

31-12-2013
(Audited)

31-12-2014
(Audited)

31-12-2013
(Audited)
A PARTICULARS OF SHAREHOLDING          
1 Public Shareholding          
- Number of shares 8088087 8088087 8088087 8088087 8088087
- Percentage of shareholding 48.7 48.7 48.7 48.7 48.7
2 Promoters and promoter group Shareholding          
a) Pledged / Encumbered          
- Number of Shares - - - - -
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - -
b) Non-encumbered          
- Number of Shares 8529183 8529183 8529183 8529183 8529183
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 51.3 51.3 51.3 51.3 51.3
  Particulars 3 MONTHS ENDED
31-12-2014
B INVESTOR COMPLAINTS    
  Pending at the beginning of the quarter   -
  Received during the quarter   2
  Disposed of during the quarter   2
  Remaining unresolved at the end of the quarter   -
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
Sr. No. Particulars AS AT 31-12-2014
(Audited)
AS AT 31-12-2013
(Audited)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  a) Share Capital 166.2 166.2
  b) Reserves & Surplus 10,908.7 9,729.3
  Shareholders' Funds 11,074.9 9,895.5
3 Non-current liabilities    
  a) Deferred tax liabilities (Net) 154.0 174.1
  b) Other long-term liabilities 15.2 16.1
  c) Long-term Provisions 329.0 205.0
  Non-Current Liabilities 498.2 395.2
4 Current Liabilities    
  a) Trade payables 2,160.6 2,404.7
  b) Other current liabilities 420.0 488.5
  c) Short-term provisions 188.2 148.8
  Current Liabilities 2,768.8 3,042.0
  TOTAL-EQUITY AND LIABILITIES 14,341.9 13,332.7
B ASSETS    
1 Non-current assets    
  a) Fixed assets 3,903.6 4,123.2
  b) Non-current investments 43.5 43.5
  c) Long-term loans and advances 999.4 1,765.1
  d) Other non-current assets - 4.6
  Non-current assets 4,946.5 5,936.4
2 Current assets    
  a) Inventories 1,908.9 1,705.8
  b) Trade receivables 2,900.5 2,906.0
  c) Cash and cash equivalents 3,294.5 2,376.6
  d) Short-term loans and advances 1,201.9 347.1
  e) Other current assets 89.6 60.8
  Current assets 9,395.4 7,396.3
  TOTAL-ASSETS 14,341.9 13,332.7
 

Notes:

1) The business of the Company falls under a single primary segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.

2) The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year. Also the figures up to the end of the third quarter were only reviewed and not subjected to audit.

3) The audited financial results for the year ended December 31, 2014 were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on February 11, 2015. The statutory auditors have expressed an unqualified opinion.

4) The Company has adopted and applied the principles of hedge accounting set out in Accounting Standard (AS) 30, ‘Financial Instruments: Recognition and measurement’ issued by ICAI to forward contracts in respect of highly probable transactions or firm commitments which were previously accounted following the principles of prudence as per AS 1. Consequently, the Company has recorded Rs 203.0 million representing mark to mark loss in the Cash flow hedge reserve as at December 31, 2014 resulting in net profit for the year being higher to that extent.

5) The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2014 at the rate of Rs.7.5 per share (2013:Rs. 6.00 per Share).

6) The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

 

Per our report attached of even date
B S R & Co. LLP
Chartered Accountants
Firm Reg. No. 101248W / W-100022

Vijay Mathur
Partner
Membership No. 046476

For FAG BEARINGS INDIA LIMITED

Rajendra Anandpara
Managing Director
DIN: 02461259

Place: Mumbai
Date: February 11, 2015