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					                                                                                             Regd off: B-310, Som Datt Chambers - 1, Bhikaji Cama Place, New Delhi -110 066
FRESENIUS KABI ONCOLOGY LTD                                                                  E-Mail:    avaneesh.singh@fresenius-kabi.com
                                                                                             Web site: www.daburpharma.com
                                                                                             Telephone: (011) 2610 5570 Fax: (011) 2619 5965
PHARMACEUTICALS                                                    MISCELLANEOUS             Tr agent: MCS Limited, Ohkla Industrial Estate, Phase II, New Delhi - 110 020
Chairman: Rakesh Bhargava                                                      SEC: Nikhil Kulshreshtha                                 AUD: G. Basu & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E      P/CF            Yield          Mkt cap               Vol.            ISIN
 2004   532545            FKOL:IN      1            77.2          65.0            13.3         NM        NM                0.0         12,207.4              133.8      INE575G01010
SHAREHOLDING                                                     FX Transaction   (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :  0.0%               Exports (fob)          Rs m       1,846
Foreign collaborators      : 90.0%
                                                                                                     (Rs)
                                                 Imports (cif)          Rs m         508
Indian inst/Mut Fund       :  1.1%               Fx inflow              Rs m       1,957       100
FIIs/GDR                   :  1.0%               Fx outflow             Rs m         907
Free float                 :  7.9%               Net fx                 Rs m       1,050
Shareholders               : 45,376                                                             75
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                                50
High                                  Rs                   94             92            81
Low                                   Rs                   49             48            29                              DAILY
Sales per share                       Rs                20.0           17.2          19.7
Earnings per share                    Rs                 1.3             6.3          -9.2      25                      100 DMA
Cash flow per share                   Rs                  1.7            7.5          -7.4
Dividends per share                   Rs                0.00           0.00          0.00
Dividend yield (eoy)                  %                  0.0            0.0            0.0
                                                                                                 0
Book value per share                  Rs                20.5           27.0          17.8
Shares outstanding (eoy)              m              156.67         156.67        158.23         Aug-06             Jun-07             Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                              ESOP                 -            PI
Price / Sales ratio                   x                   3.6            4.1           2.8                                 No. of months                12            12           12
Avg P/E ratio                         x                 57.0           11.1           -6.0                                   Year ending          31/03/07      31/03/08     31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 41.6             9.3          -7.4
Price / Book Value ratio              x                   3.5            2.6           3.1    From Operations                          Rs   m          87            -275      -1,867
Dividend payout                       %                  0.0             0.0           0.0    From Investments                         Rs   m      -1,324              80         535
Avg Mkt Cap                           Rs m            11,233         10,967         8,703     From Financial Activity                  Rs   m         743             329       1,409
No. of employees                      `000                  1              1             1    Net Cashflow                             Rs   m        -494             134          77
Total wages/salary                    Rs m               480            568         1,008
Avg. sales/employee                   Rs Th          3,126.9        3,982.2       3,788.8                                        INTERIM RESULTS
Avg. wages/employee                   Rs Th            479.5          841.5       1,223.3                                            2QFY09  3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th            196.8        1,460.7      -1,771.8     Net sales                     Rs   m       618      544              762          1,026
                                                                                              Gross profit                  Rs   m       -16     -490               -40           353
INCOME DATA                                                                                   Gross profit margin           %           -2.6    -90.1              -5.2          34.4
Net Sales                             Rs     m         3,130          2,688         3,122     Net profit                    Rs   m       -65     -631               -86           222
Other income                          Rs     m             41             74           38     Net profit margin             %          -10.5   -116.0             -11.3          21.6
Total revenues                        Rs     m         3,171          2,762         3,160
Gross profit                          Rs     m           255             -16       -1,228                                           KEY DATA
Depreciation                          Rs     m            73            190           282     Parameters                           Unit              FY07            FY08       FY09
Interest                              Rs     m             65           130           247     Domestic oncology                    % of sales         24.9            29.0       30.0
Profit before tax                     Rs     m           158           -262        -1,719     International formulations           % of sales         26.2            49.0       52.5
Minority Interest                     Rs     m              0              0             0    API exports                          % of sales         22.0            22.0       17.5
Prior Period Items                    Rs     m              0              0             0    Raw material costs                   % of sales         28.5            28.2       25.9
Extraordinary Inc (Exp)               Rs     m            86          1,688           287     R&D expenditure                      % of sales         10.6             9.8        9.8
Tax                                   Rs     m             47           440            28
                                                                                                                                      NOTES
Profit after tax                      Rs     m           197            986        -1,460
Gross profit margin                   %                   8.1           -0.6        -39.3    Fresenius Kabi Oncology (the erstwhile Dabur Pharma), incorporated in March 2003,
Effective tax rate                    %                 29.7         -167.9           -1.6   is an associate company of Dabur India Limited. The company is a leading player in
                                                                                             oncology in India and the international markets. Fresenius Kabi Oncology operates in
Net profit margin                     %                   6.3          36.7         -46.8
                                                                                             the regulated markets namely the US and Europe and in some other markets through
BALANCE SHEET DATA                                                                           its fully owned subsidiary - Dabur Oncology Plc. In FY08, the Burman family sold off
                                                                                             their 65% stake to the German based healthcare company Fresenius Kabi for Rs 8.7
Current assets                        Rs m             1,592         2,537         3,563     bn.
Current liabilities                   Rs m               718         1,148         1,238
Net working cap to sales              %                 27.9          51.7          74.5     Fresenius Kabi Oncology reported a 10% YoY growth in sales in FY09 largely driven
Current ratio                         x                   2.2           2.2           2.9    by both its domestic as well as its international businesses. While domestic
Inventory Turnover                    Days                 79          122           166     formulation sales (30% of revenues) grew by 9% YoY, revenues from the international
Debtors Turnover                      Days                 68           99           117     markets (70% of revenues) grew by 10% YoY. However, the company reported a loss
Net fixed assets                      Rs m             5,033         5,357         4,897     at the net level to the tune of Rs 1.5 bn due to various factors such as cash
Share capital                         Rs m               157           157           158     compensation paid to employees in lieu of ESOPs during the transfer of management
"Free" reserves                       Rs m             3,039         4,032         2,642     of Dabur Pharma Ltd, additional depreciation due to its Baddi plant becoming
                                                                                             operational, foreign exchange losses and change in distribution agreements in
Net worth                             Rs m             3,210         4,229         2,811
                                                                                             various markets.
Long term debt                        Rs m               741         1,168         2,983
Total assets                          Rs m             6,656         8,434         8,460     Going forward, Fresenius Kabi Oncology's strong presence in the oncology segment
Interest coverage                     x                   3.4          -1.0          -6.0    (a niche therapeutic area) is expected to significantly gain traction in the future. The
Debt to equity ratio                  x                   0.2           0.3           1.1    company is in the midst of restructuring its operations vis-à-vis the global generic
Sales to assets ratio                 x                   0.5           0.3           0.4    oncology business and its current strategy is to establish a presence in the high
Return on assets                      %                   6.6         20.7         -20.9     revenue and high profit markets such as US and Europe. While the global oncology
Return on equity                      %                   6.1         23.3         -51.9     market is expected to reach sales of US$ 60 bn by 2010, the Indian market will be
Return on capital                     %                   7.8         28.8         -20.5     worth about US$ 220 m by 2010 thereby providing a huge opportunity to Fresenius
Exports to sales                      %                 52.9          65.1          59.1     Kabi Oncology.
Imports to sales                      %                 11.3          14.2          16.3
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