1 Top Management; 2 Top shareholders; 3 Peer Comparison & Ranking of 8601; 4 Currency Synopsis: Japanese Yen (JPY) Top Management Top Management Top Management [One top executive with tenure > 11 yrs] Name Designation Since Appointment Takashi Hibino Chairman, Director 11 Yrs, 3 Mos Top Management [Nine top executives with tenure < 2 yrs] Name Designation Since Appointment Toyo Abe Executive Director 1 Yr, 4 Mos Seiji Nakata Chief Executive Officer, President, Director - Eiji Sato Chief Financial Officer, Managing Executive Officer - Toshihiro Matsui Director, Executive Vice President - Keiko Tashiro Director, Executive Vice President - Mikita Komatsu Executive Vice President - Kazuo Takahashi Executive Vice President - Koichi Matsushita Executive Vice President - Masahisa Nakagawa Executive Vice President - Top shareholders Top 10 shareholders Name of the Share Holder Number Of Shares % of Capital The Master Trust Bank of Japan, Ltd. (Trust Account) 238545573 15.2 Custody Bank of Japan, Ltd. (Trust Account) 77370373 4.9 NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST 45825860 2.9 Taiyo Life Insurance Company 44413419 2.8 Nippon Life Insurance Company 33584706 2.1 JAPAN POST HOLDINGS Co., Ltd. 32329203 2.1 Barclays Securities Japan Limited 32015327 2.0 STATE STREET BANK WEST CLIENT - TREATY 505234 28248818 1.8 Daiwas Employee Stock Ownership Association 24168433 1.5 NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS 21029676 1.3 % held by Top 10 shareholders 36.6% Peer Comparison & Ranking of 8601 PEER COMPARISON: 8601 IN INDICES Daiwa Securities is a constituent of the following indices. Its market capitalisation is $11 billion and accounts for 0.7% of the combined MCap of the TOPIX Large70 Index. Index Name MCap of Index ($ b) 8601 MCap as % of Index TOPIX Large70 Index 1,638 0.7 TOPIX 100 Index 3,557 0.3 Nikkei 225 Index 3,828 0.3 Nikkei 300 Index 4,409 0.3 TOPIX 500 Index 4,759 0.2 TOPIX 1000 Index 5,089 0.2 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Daiwa Securities vs Tokyo Market Out of 3,768 stocks and 15 units in the Japan Market, Daiwa Securities is ranked 149th(149) by Net Profit $, 210th(210) by EBITDA Margin%, 1501st(1501) by Price/Net Tangible Assets and 2009th(2009) by Discount to 52-Wk High. Tokyo Avg 8601 8601 Rank Net Profit $ 90.2 M 414 M 149 EBITDA Margin% 8.5 28.3 210 Price/Net Tangible Assets 1.8x 1.1x 1501 Discount to 52-Wk High (%) 5.3 9.5 2009 Yield (%) - 1.7 2060 P/Earnings 18.9x 25.3x 2455 ROE (%) 7.9 4.4 2692 ROA (%) 1.2 0.3 3302 Premium to 52-Wk Low (%) 31.3 85.7 3360 Total Debt/Equity (the lower the better) 0.96x 3.9x 3484 Negative values are shown in brackets. Stock in Index and Stock in Sector Description 8601 Nikkei 225 Index % of Nikkei 225 Index Securities & commodity futures sector % of Securities & commodity futures sector Net Profit $ 414 M 204.5 B 0.2 2 B 20.8 Revenue $ 3 B 3,256.3 B 0.1 22.8 B 13.2 Total Assets $ 171.2 B 14,003.7 B 1.2 677 B 25.3 MCap $ 11.2 B 3,827.8 B 0.3 51.6 B 21.7 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description 8601 Nikkei 225 Index Avg. Securities & commodity futures sector Avg. Price/Earnings 25.3 18.7 25.8 Yield (%) 1.73 2.35 3.65 Price/Net Tangible Assets 1.11 1.92 1.07 Total Debt/Equity (the lower the better) 3.86x 0.83x 3.15x MARKET SHARE Daiwa Securities vs Securities & Commodity Futures sector [Securities & Commodity Futures sector Total in Brackets] Revenue of JPY464.2 billion ($3 billion)[13.3% of aggregate sector revenue of JPY3,519.7 billion; down from 15.1% in the previous year.] Net Profit of JPY63.9 billion ($414 million) [21.1% of aggregate sector net profit of JPY307.5 billion; up from 13.3% in the previous year.] EBIT of JPY96.8 billion ($627.1 million) [18.1% of aggregate sector EBIT of JPY540.6 billion; up from 15.0% in the previous year.] GLOBAL RANK [out of 46,442 stocks] AND RANK OF DAIWA SECURITIES IN THE ASIA REGION [out of 25,384 stocks] Description Value Global Rank In Asia Region MCap ($) 11.2B 1,499 452 Total Assets ($) 172.3B 399 145 Revenue ($) 3B 3,603 1,475 Net Profit ($) 416.7M 2,475 854 Return on Equity % 4.4 22,219 13,765 Net Profit Margin % 15.9 7,812 4,192 Price to Book 1.1 15,050 9,304 Price/Earnings 26.2 17,130 10,769 Yield % 1.7 15,309 8,567 PV1000 (1Year) $* 1,595 4,581 2,735 $* Change (1Year) % 62.8 4,484 2,702 * 1 year ago $1 = JPY 133.8 Apr 16, 2024: $ 1 equals JPY 154.3 RANK OF DAIWA SECURITIES IN THE NIKKEI 225 INDEX [out of 213 stocks], IN THE TOKYO MARKET [out of 3813 stocks] AND IN THE SECURITIES & COMMODITY FUTURES SECTOR [out of 36 stocks] Description Value In Nikkei 225 Index In Tokyo Market In Securities & commodity futures sector Revenue (JPY) 464.2B 155 326 3 Net Profit (JPY) 63.9B 99 147 2 Return on Equity % 4.4 162 2,584 18 Net Profit Margin % 15.9 18 330 14 Price to Book 1.1 72 1,538 18 Price/Earnings 25.3 142 2,499 16 Yield % 1.7 140 2,073 21 PV1000 (1Year) JPY 1,839 27 251 5 LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best] Daiwa Securities is ranked number 2 out of 40 listed securities & commodity futures companies in the Japan with a market capitalization of JPY1,725.5 billion ($11.2 billion). In the securities & commodity futures companies it has the 2nd highest total assets and 3rd highest revenues. Within its sector it has a relatively moderate P/E of 25.3 and high Price/Sales of 3.7. It has a moderate relative ROE of 4.4% and ROA of 0.3%. The company paid a dividend of JPY19.0 in the last twelve months. The dividend yield is moderate at 1.7%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: Japanese Yen (JPY) % Change of JPY vs Currency Basket Period-Based In the past year the Japanese Yen fell 13.0% against the US Dollars; in the past three years the Japanese Yen fell 28.4% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % JPY1=0.007USD United States Of America - -0.9 -13.0 -28.4 JPY1=0.047CNY China - -1.0 -8.5 -20.9 JPY1=0.006EUR European Union 0.5 0.8 -10.3 -20.0 JPY1=9.006KRW South Korea 1.0 0.9 -9.4 -11.9 JPY1=0.009SGD Singapore 0.3 -0.1 -10.8 -27.4 JPY1=0.011NZD New Zealand 0.7 0.4 -9.1 -15.3 JPY1=0.005GBP United Kingdom 0.6 0.4 -12.8 -21.2 JPY1=0.01AUD Australia 0.7 0.9 -9.9 -15.7 JPY1=0.051HKD Hong Kong - -0.8 -13.2 -27.9 JPY1=0.006CHF Switzerland 0.4 - -11.5 -29.3 JPY1=0.009CAD Canada 0.3 0.3 -10.9 -21.4 JPY1=0.071SEK Sweden 0.8 1.7 -8.6 -8.9 JPY1=0.071NOK Norway 0.2 0.7 -9.4 -8.4 JPY1=0.108MXN Mexico 1.0 0.2 -19.9 -41.0 1 Tax & Dividend; 2 Financials as Reported FY 2023, Past 10 Years Tax & Dividend Average Income Tax Paid (Past 5 Years) In the past 5 years, Income Tax as % of profit before tax decreased from 32.9% to 23.9% and Income Tax as % of operating cash flow increased from 8.6% to 17.6%. Description 2023 2022 2021 2020 2019 As % of profit before tax 23.9 26.5 24.2 27.8 32.9 As % of operating cash flow 17.6 21.3 19.6 20.4 8.6 The 5-year average of profit before tax was 27%. Dividend History In the past 5 years annual dividends have decreased by JPY1.0 from JPY20.0 to JPY19.0. Based on a start date of 5 years ago, there has been one increases in dividends over the last 5 years. Date Value (JPY) Type 28 Sep 2023 19 Interim Tr 12 Months 19 2022 - 2023 23 2021 - 2022 33 2020 - 2021 36 2019 - 2020 20 Financials as Reported FY 2023, Past 10 Years Financials as reported (FY 2023 [year-ended 31 March 2023 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In JPY Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2023 [year-ended 31 March 2023 ]) Description JPY Million JPY Million Mar 31 2023 2022 Change % Operating revenue Commission received 279,991 314,051 Down 10.8 Brokerage commission 64,272 75,907 Down 15.3 Commission for underwriting secondary distribution and solicitation for selling and others for professional investors 28,165 39,210 Down 28.2 Fees for offering secondary distribution and solicitation for selling and others for professional investors 11,316 21,440 Down 47.2 Other commission received 176,237 177,493 Down 0.7 Net trading income 70,253 101,522 Down 30.8 Net gain (loss) on private equity and other securities 3,692 6,048 Down 39.0 Financial revenue 332,548 75,978 Up 337.7 Other operating revenue 179,604 121,870 Up 47.4 Total operating revenue 866,090 619,471 Up 39.8 Financial expenses 268,498 44,714 Up 500.5 Other operating expenses 133,365 72,663 Up 83.5 Net operating revenue 464,226 502,093 Down 7.5 Selling general and administrative expenses Trading related expenses 71,545 62,588 Up 14.3 Personnel expenses 199,790 198,790 Up 0.5 Real estate expenses 38,704 37,643 Up 2.8 Office expenses 25,768 24,740 Up 4.2 Depreciation 34,497 34,811 Down 0.9 Taxes and dues 10,191 10,678 Down 4.6 Provision of allowance for doubtful accounts 49 32 Up 53.1 Other 17,404 17,274 Up 0.8 Total selling general and administrative expenses 397,952 386,559 Up 2.9 Operating profit 66,273 115,534 Down 42.6 Non-operating income Dividend income 3,535 4,738 Down 25.4 Share of profit of entities accounted for using equity method 8,954 8,104 Up 10.5 Foreign exchange gains 2,274 601 Up 278.4 Gain on investments in investment partnerships 7,851 5,216 Up 50.5 Other 2,063 4,587 Down 55.0 Total non-operating income 24,679 23,247 Up 6.2 Non-operating expenses Interest expenses 1,909 1,838 Up 3.9 Bond issuance costs 177 30 Up 490.0 Other 1,935 1,090 Up 77.5 Total non-operating expenses 4,022 2,960 Up 35.9 Ordinary profit 86,930 135,821 Down 36.0 Extraordinary income Gain on sale of non-current assets 12,235 45 Up 27,088.9 Gain on receipt of donated non-current assets 318 Gain on sale of investment securities 5,282 3,858 Up 36.9 Gain on sale of shares of subsidiaries and associates 2,926 Recoveries of written off receivables 302 Reversal of provision for loss on litigation 686 Gain on reversal of office relocation expenses 872 Gain on reversal of share acquisition rights 667 Total extraordinary income 18,185 9,010 Up 101.8 Extraordinary losses Loss on sale and retirement of non-current assets 2,279 627 Up 263.5 Impairment losses 488 Loss on sale of investment securities 142 Loss on valuation of investment securities 2,215 734 Up 201.8 Loss on valuation of shares of subsidiaries and associates 432 Loss on change in equity 85 Provision of reserve for financial instruments transaction liabilities 570 17 Up 3,252.9 Structural reform cost 44 Business restructuring expenses 2,173 1,074 Up 102.3 Expenses related to the 120th anniversary project 452 Other 178 Total extraordinary losses 8,350 3,166 Up 163.7 Profit before income taxes 96,766 141,666 Down 31.7 Income taxes - current 19,980 39,609 Down 49.6 Income taxes - deferred 3,102 -2,088 Recovery Total income taxes 23,082 37,521 Down 38.5 Profit 73,683 104,144 Down 29.2 Profit attributable to non-controlling interests 9,808 9,253 Up 6.0 Profit attributable to owners of parent 63,875 94,891 Down 32.7 Basic earnings per share JPY43.53 JPY63.06 Down 31.0 Average number of shares 1,467,422,357 1,504,697,698 Down 2.5 BALANCE SHEET AS REPORTED (FY 2023 [year-ended 31 March 2023 ]) Description JPY Million JPY Million Mar 31 2023 2022 Change % Assets Current assets Cash and deposits 3,866,819 4,592,384 Down 15.8 Segregated deposits 541,629 559,729 Down 3.2 Notes and accounts receivable - trade and contract assets 22,062 22,420 Down 1.6 Securities 1,131,682 1,177,898 Down 3.9 Trading products 7,625,713 8,004,920 Down 4.7 Trading securities and other 5,425,159 5,919,617 Down 8.4 Derivatives 2,200,554 2,085,303 Up 5.5 Operational investment securities 127,693 123,839 Up 3.1 Allowance for investment loss -70 -151 Improved 53.6 Operating loans 2,015,034 1,933,758 Up 4.2 Work in process 853 768 Up 11.1 Margin transaction assets 160,255 177,401 Down 9.7 Margin loans 153,574 170,555 Down 10.0 Cash collateral provided for securities borrowed in margin transactions 6,680 6,845 Down 2.4 Loans secured by securities 8,341,562 8,394,277 Down 0.6 Cash collateral provided for securities borrowed 6,844,292 5,283,874 Up 29.5 Securities purchased under resale agreements 1,497,270 3,110,403 Down 51.9 Advances paid 18,756 22,454 Down 16.5 Short-term loans receivable 810 439 Up 84.5 Accrued revenue 63,805 40,062 Up 59.3 Other current assets 965,074 967,025 Down 0.2 Allowance for doubtful accounts -8,822 -7,589 Deterioration 16.2 Total current assets 24,872,860 26,009,638 Down 4.4 Non-current assets Property plant and equipment 916,873 913,879 Up 0.3 Buildings net 241,775 233,825 Up 3.4 Machinerys and equipmentsnet 9,103 9,379 Down 2.9 Equipment 17,449 16,418 Up 6.3 Land 643,695 650,741 Down 1.1 Construction in progress 4,850 3,514 Up 38.0 Intangible assets 125,571 121,482 Up 3.4 Goodwill 18,526 19,657 Down 5.8 Leasehold interests in land 5,638 5,787 Down 2.6 Software 65,251 74,516 Down 12.4 Other 36,154 21,521 Up 68.0 Investments and other assets 497,943 486,088 Up 2.4 Investment securities 455,317 443,446 Up 2.7 Long-term loans receivable 6,498 6,451 Up 0.7 Long-term guarantee deposits 15,796 16,748 Down 5.7 Deferred tax assets 7,840 11,992 Down 34.6 Other 17,771 12,491 Up 42.3 Allowance for doubtful accounts -1,660 -1,422 Deterioration 16.7 Allowance for investment loss -3,620 -3,620 Steady Total non-current assets 1,540,388 1,521,450 Up 1.2 Total assets 26,413,248 27,531,089 Down 4.1 Liabilities Current liabilities Notes and accounts payable - trade 8,120 6,361 Up 27.7 Trading products 5,442,548 4,945,900 Up 10.0 Trading securities and other 3,451,608 2,948,427 Up 17.1 Derivatives 1,990,940 1,997,473 Down 0.3 Trade date accrual 1,155,831 548,406 Up 110.8 Margin transaction liabilities 52,785 70,318 Down 24.9 Margin borrowings 3,817 5,327 Down 28.3 Cash received for securities sold in margin transactions 48,967 64,991 Down 24.7 Borrowings secured by securities 7,929,609 9,463,697 Down 16.2 Cash collateral received for securities lent 6,508,873 4,761,437 Up 36.7 Securities sold under repurchase agreements 1,420,735 4,702,259 Down 69.8 Deposits for banking business 3,932,761 4,189,105 Down 6.1 Deposits received 430,664 456,384 Down 5.6 Guarantee deposits received 431,383 347,468 Up 24.2 Short-term borrowings 1,292,848 2,155,782 Down 40.0 Commercial papers 261,300 116,000 Up 125.3 Current portion of bonds payable 485,029 446,760 Up 8.6 Income taxes payable 10,675 8,649 Up 23.4 Provision for bonuses 33,287 37,586 Down 11.4 Other current liabilities 114,430 152,851 Down 25.1 Total current liabilities 21,581,275 22,945,274 Down 5.9 Non-current liabilities Bonds payable 1,304,543 1,563,631 Down 16.6 Long-term borrowings 1,706,985 1,237,048 Up 38.0 Deferred tax liabilities 42,280 42,241 Up 0.1 Retirement benefit liability 44,309 44,236 Up 0.2 Provision for loss on litigation 169 115 Up 47.0 Other noncurrent liabilities 53,906 54,934 Down 1.9 Total non-current liabilities 3,152,195 2,942,208 Up 7.1 Reserves under special laws Reserve for financial instruments transaction liabilities 4,287 3,717 Up 15.3 Total reserves under special laws 4,287 3,717 Up 15.3 Total liabilities 24,737,758 25,891,200 Down 4.5 Net assets Shareholders' equity Share capital 247,397 247,397 Steady Capital surplus 230,274 230,451 Down 0.1 Retained earnings 886,160 942,793 Down 6.0 Treasury shares -71,522 -134,201 Improved 46.7 Deposits for subscriptions of treasury shares 26 Total shareholders' equity 1,292,309 1,286,467 Up 0.5 Accumulated other comprehensive income Valuation difference on available-for-sale securities 24,717 29,587 Down 16.5 Deferred gains or losses on hedges 16,028 9,940 Up 61.2 Foreign currency translation adjustment 74,785 47,288 Up 58.1 Total accumulated other comprehensive income 115,531 86,815 Up 33.1 Share acquisition rights 8,793 9,109 Down 3.5 Non-controlling interests 258,855 257,497 Up 0.5 Total net assets 1,675,489 1,639,888 Up 2.2 Total liabilities and net assets 26,413,248 27,531,089 Down 4.1 CASH FLOW AS REPORTED (FY 2023 [year-ended 31 March 2023 ]) Description JPY Million JPY Million Mar 31 2023 2022 Change % Cash flows from operating activities Profit before income taxes 96,766 141,666 Down 31.7 Depreciation 43,954 44,612 Down 1.5 Amortization of goodwill 1,818 1,547 Up 17.5 Increase (decrease) in allowance for doubtful accounts 1,142 3,766 Down 69.7 Increase (decrease) in reserve for financial instruments transaction liabilities 570 17 Up 3,252.9 Interest and dividend income -3,694 -4,886 Improved 24.4 Interest expenses 1,909 1,838 Up 3.9 Share of loss (profit) of entities accounted for using equity method -8,954 -8,104 Deterioration 10.5 Loss (gain) on sale and retirement of non-current assets -9,956 582 Deterioration Loss (gain) on sale of investment securities -5,140 -3,858 Deterioration 33.2 Loss (gain) on sale of shares of subsidiaries and associates -2,926 Loss (gain) on change in equity 85 Loss (gain) on valuation of investment securities 2,215 734 Up 201.8 Impairment losses 488 Structural reform cost 44 Decrease (increase) in cash segregated as deposits for customers -22,434 -47,224 Improved 52.5 Decrease (increase) in trading products - assets (liabilities) 1,517,792 -368,926 Recovery Decrease (increase) in operational investment securities 1,400 -23,820 Recovery Decrease (increase) in operating loans receivable -75,250 69,680 Deterioration Decrease/increase in margin transaction assets/liabilities -387 -9,026 Improved 95.7 Decrease/increase in loans/borrowings secured by securities -1,514,593 310,365 Deterioration Decrease (increase) in short-term loans receivable -27 21 Deterioration Increase (decrease) in deposits for banking business -256,343 -226,991 Deterioration 12.9 Decrease (increase) in short-term guarantee deposits -41,345 -93,978 Improved 56.0 Increase (decrease) in guarantee deposits received 84,214 -19,173 Recovery Increase (decrease) in deposits received -31,975 30,857 Deterioration Other net 54,127 -113,687 Recovery Subtotal -164,109 -316,380 Improved 48.1 Interest and dividends received 8,079 7,897 Up 2.3 Interest paid -2,199 -2,875 Improved 23.5 Income taxes refund (paid) -25,515 -42,108 Improved 39.4 Net cash provided by (used in) operating activities -183,745 -353,467 Improved 48.0 Cash flows from investing activities Payments into time deposits -60,060 -60,494 Improved 0.7 Proceeds from withdrawal of time deposits 69,862 61,197 Up 14.2 Purchase of securities -567,453 -1,117,496 Improved 49.2 Proceeds from sale and redemption of securities 614,968 996,100 Down 38.3 Purchase of property plant and equipment -47,702 -62,564 Improved 23.8 Proceeds from sale of property plant and equipment 28,575 11,056 Up 158.5 Purchase of intangible assets -33,546 -23,023 Deterioration 45.7 Purchase of investment securities -23,555 -36,123 Improved 34.8 Proceeds from sale and redemption of investment securities 40,022 17,681 Up 126.4 Purchase of shares of subsidiaries and associates -12,140 -15,064 Improved 19.4 Proceeds from sale of shares of subsidiaries and associates 5,927 Loan advances -468 -533 Improved 12.2 Proceeds from collection of loans receivable 107 227 Down 52.9 Other net -1,152 4,577 Deterioration Net cash provided by (used in) investing activities 7,457 -218,534 Recovery Cash flows from financing activities Net increase (decrease) in short-term borrowings -428,321 264,984 Deterioration Proceeds from long-term borrowings 589,550 100,500 Up 486.6 Repayments of long-term borrowings -424,580 -115,433 Deterioration 267.8 Proceeds from issuance of bonds 350,861 810,707 Down 56.7 Redemption of bonds -582,999 -585,157 Improved 0.4 Proceeds from sale of treasury shares 803 1,817 Down 55.8 Purchase of treasury shares -19,733 -29,297 Improved 32.6 Dividends paid -39,905 -63,790 Improved 37.4 Dividends paid to non-controlling interests -10,622 -10,533 Deterioration 0.8 Other net -931 3,293 Deterioration Net cash provided by (used in) financing activities -565,878 377,090 Deterioration Effect of exchange rate change on cash and cash equivalents 23,349 25,760 Down 9.4 Net increase (decrease) in cash and cash equivalents -718,816 -169,150 Deterioration 325.0 Cash and cash equivalents at beginning of period 4,554,375 4,723,526 Down 3.6 Cash and cash equivalents at end of period 3,835,559 4,554,375 Down 15.8 Download DAIWA SECURITIES Financials Past 10 Years Description (March 31) 2023 2022 2021 2020 2019 Income Statement Revenue per share 316.35 333.68 306.52 276.29 276.25 EBITDA (B) 131.3 176.5 178.5 115.6 362.9 Depreciation (B) 34.5 34.8 33.9 30.8 25.3 Tax (B) 23.1 37.5 34.9 23.6 31.3 Net profit (B) 63.9 94.9 108.4 60.3 63.8 EPS 43.53 63.06 71.2 39.11 39.95 Balance Sheet Equity Share Capital (B) 1,416.6 1,382.4 1,342.7 1,218.9 1,253.2 Retained Earnings (B) 895 951.9 920.9 843.3 814.5 Total Debt (B) 6,471.4 10,221.5 5,021.3 4,295.3 4,334.6 Total Assets (B) 26,413.2 27,531.1 26,099.3 23,822.1 21,126.7 Current Asset (B) 24,872.9 26,009.6 24,646.3 22,846.6 20,405.6 Fixed Asset (B) 916.9 913.9 880.5 19.2 168.1 Working Capital (B) 3,291.6 3,064.4 3,427 2,927.9 3,323.6 Cash Flow Operating Cash Flow (B) (183.7) (353.5) 391 167.2 304.9 Investing Cash Flow (B) 7.5 (218.5) (91.6) (215.4) 108.2 Financing Cash Flow (B) (565.9) 377.1 438.1 (135.8) 55.7 Net Cash Flow (B) (742.2) (194.9) 737.4 (184) 468.8 Description (March 31) 2018 2017 2016 2015 2014 Income Statement Revenue per share 378.62 391.05 374.46 EBITDA (B) 326.5 261.1 283.3 2.8 Depreciation (B) 24.3 23.4 23.8 20.7 30.9 EBIT (B) 302.2 237.7 259.4 1.5 2.5 Interest (B) 148.3 98.7 89.5 1.5 60.2 Profit before tax (B) 153.9 139 169.9 181.8 195.1 Tax (B) 38.5 34.7 46.9 27.4 17.6 Net profit (B) 110.6 104.1 116.8 154.3 169 EPS 66.88 67.66 86.72 98.46 Balance Sheet Equity Share Capital (B) 1,370.5 1,259.6 1,228.8 Retained Earnings (B) 785.7 718.2 683.9 623.2 527.1 Total Debt (B) 9,880.3 9,726.8 5,721.3 7,164.9 6,819.4 Total Assets (B) 21,135 19,827.3 20,420.8 22,981.7 19,431.2 Current Asset (B) 20,478.5 19,258.9 19,851.6 22,171.5 18,737.1 Fixed Asset (B) 57 125 124.6 458.1 431.3 Working Capital (B) 3,443.4 3,251.1 3,023.7 2,834.3 2,582.4 Cash Flow Operating Cash Flow (B) (1,319.2) 44.5 221.7 725.3 1,120.7 Investing Cash Flow (B) 777.9 307.7 415.6 (13.3) (447.4) Financing Cash Flow (B) 432.8 143.2 (229.7) 343.1 25.5 Net Cash Flow (B) (108.6) 495.5 407.7 1,055.2 698.9