Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2015

Quarter IV, 2015

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2015

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

31-12-2015
(Audited)

30-9-2015
(Unaudited)

31-12-2014
(Audited)

31-12-2015
(Audited)

31-12-2014
(Audited)
1 Income from Operations          
a) Net sales / Income from Operations
(Net of excise duty)
4,388.3 4,349.0 4,255.5 17,077.6 16,176.1
b) Other Operating Income 61.3 34.1 39.5 166.7 145.4
  Total income from operations (Net) 4,449.6 4,383.1 4,295.0 17,244.3 16,321.5
2 Expenses          
a) Cost of materials consumed 1,728.0 1,601.6 1,380.1 6,292.2 6,020.8
b) Purchase of Stock-in-trade 890.3 1,010.7 856.0 3,714.2 3,973.5
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade (70.6) (84.7) 428.3 (135.0) (21.1)
d) Employees benefits expense 310.4 338.4 349.0 1,317.7 1,379.4
e) Depreciation and amortisation expense
278.4 128.0 124.9 655.1 493.5
f) Other expenses 677.2 761.1 658.0 3,002.4 2,551.5
  Total expenses 3,813.7 3,755.1 3,796.3 14,846.6 14,397.6
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 635.9 628.0 498.7 2,397.7 1,923.9
4 Other Income 136.2 150.1 114.1 561.6 409.5
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 772.1 778.1 612.8 2,959.3 2,333.4
6 Finance cost 3.4 2.6 2.9 21.2 9.7
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 768.7 775.5 609.9 2,938.1 2,323.7
8 Exceptional Items - - - - -
9 Profit from Ordinary Activities before tax (7-8) 768.7 775.5 609.9 2,938.1 2,323.7
10 Tax expense 206.6 269.5 210.7 963.3 794.9
11 Net Profit from Ordinary Activities after tax (9-10) 562.1 506.0 399.2 1,974.8 1,528.8
12 Extraordinary Items (Net of tax expense) - - - - -
13 Net Profit for the period (11-12) 562.1 506.0 399.2 1,974.8 1,528.8
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 - - - 12,707.0 10,888.9
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 33.83 30.45 24.02 118.84 92.00
b) Diluted 33.83 30.45 24.02 118.84 92.00
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 33.83 30.45 24.02 118.84 92.00
b) Diluted 33.83 30.45 24.02 118.84 92.00
 
STATEMENT OF ASSETS AND LIABILITIES
Sr. No. Particulars AS AT 31-12-2015
(Audited)
AS AT 31-12-2014
(Audited)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  a) Share Capital 166.2 166.2
  b) Reserves & Surplus 12,726.2 10,908.7
  Shareholders' Funds 12,892.4 11,074.9
3 Non-current liabilities    
  a) Deferred tax liabilities (Net) 86.8 154.0
  b) Other long-term liabilities 14.5 15.2
  c) Long-term Provisions 220.8 329.0
  Non-Current Liabilities 322.1 498.2
4 Current Liabilities    
  a) Trade payables 2,404.8 2,160.6
  b) Other current liabilities 690.4 420.0
  c) Short-term provisions 244.1 188.2
  Current Liabilities 3,339.3 2,768.8
  TOTAL-EQUITY AND LIABILITIES 16,553.8 14,341.9
B ASSETS    
1 Non-current assets    
  a) Fixed assets 3,976.0 3,903.6
  b) Non-current investments - 43.5
  c) Long-term loans and advances 1,283.2 999.4
  Non-current assets 5,259.2 4,946.5
2 Current assets    
  a) Inventories 2,202.5 1,908.9
  b) Trade receivables 3,364.4 2,900.5
  c) Cash and cash equivalents 4,704.1 3,294.5
  d) Short-term loans and advances 853.1 1,201.9
  e) Other current assets 170.5 89.6
  Current assets 11,294.6 9,395.4
  TOTAL-ASSETS 16,553.8 14,341.9
 

Notes:

1) The business of the Company comprises of sale of “Ball/Roller Bearings and related components” and "sale of machines". “Ball/Roller Bearings and related components” has been identified as a single reportable segment for the purpose of Accounting Standard (AS) 17 on ‘Segment Reporting’.

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, 2015 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 12, 2016. The statutory auditors have expressed an unqualified opinion.

4) On account of applicability of Schedule II of the Companies Act 2013, depreciation charge for the year ended 31 December 2015 is higher by Rs. 147.6 million due to adoption of the estimated useful life of assets as prescribed in Schedule II. Further, an amount of Rs. 58.8 million has been adjusted against the opening balance of Surplus (profit and loss account), net of deferred tax of Rs. 31.2 million on 1 January 2015, in respect of the residual value of assets wherein the remaining useful life has become 'nil'.

5) The Company has early adopted and applied the principles of hedge accounting as set out in Accounting Standard (AS) 30, ‘Financial Instruments: Recognition and measurement’ issued by ICAI to forward contracts in respect of highly probable forecasted transactions or firm commitments. Consequently, the Company has recorded Rs 8.6 million representing marked to market gain in the Hedging reserve as at December 31, 2015.

6) The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2015 at the rate of Rs.10.0 per Share (2014:Rs. 7.5 per Share).

7) Pursuant to the Scheme of Amalgamation between the Company and FAG Roller Bearings Private Limited approved by the Honorable High Court of Bombay vide its order dated 3 November 2015, FAG Roller Bearings Private Limited has been amalgamated with the Company with effect from 1 January 2015, the appointed date. Consequently the results for the quarter and year ended 31 December 2015 are not strictly comparable to the results of the corresponding previous periods.

8) 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 12, 2016