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NEST - PDF

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									                                                                                              Regd off: M-5A, Connaught Circus, New Delhi - 110001
NESTLE INDIA LIMITED                                                                          E-Mail:    investor@in.nestle.com
                                                                                              Web site: www.nestle.in
                                                                                              Telephone: (011) 2341 8891 Fax: (011) 2341 5130
BEVERAGES, FOOD & TOBACCO                                                          MNC        Tr agent: Alankit Assignments, 2E/21, Jhandewalan Extension, New Delhi - 55
Chairman: Antonio Helio Waszyk                                                 SEC: B. Murli                                            AUD: A. F. Ferguson & 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
 1959   500790            NEST:IN     10          2,200.0         0.8             24.2          39.7      33.9            1.9         212,124.0             7.0        INE239A01016
SHAREHOLDING                                                     FX Transaction   (CY08)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :  0.0%               Exports (fob)           Rs m      3,374               (Rs)
Foreign collaborators      : 61.9%               Imports (cif)           Rs m      1,940
Indian inst/Mut Fund       : 12.3%               Fx inflow               Rs m      3,374        2500
FIIs/GDR                   :  7.5%               Fx outflow              Rs m      5,891                                                                    DAILY
Free float                 : 18.4%               Net fx                  Rs m     -2,517
Shareholders               : 45,249
                                                                                                2100                                                        100 DMA

                           No. of months                  12            12            12
                             Year ending            31/12/06      31/12/07      31/12/08        1700
EQUITY SHARE DATA
High                                  Rs              1,348           1,663          1,880
Low                                   Rs                800             876          1,200      1300
Sales per share                       Rs              292.1           363.5          448.5
Earnings per share                    Rs               32.7            42.9           55.4
Cash flow per share                   Rs               39.6            50.7           65.0
                                                                                                 900
Dividends per share                   Rs              25.50           33.00          42.50
Dividend yield (eoy)                  %                 2.4             2.6             2.8
                                                                                                 500
Book value per share                  Rs               40.3            43.4           49.1
Shares outstanding (eoy)              m               96.42           96.42          96.42        Aug-06              Jun-07           Feb-08              Nov-08           Aug-09
Bonus/Rights/Conversions                                   -               -              -
Price / Sales ratio                   x                  3.7             3.5            3.4                               No. of months                12           12            12
Avg P/E ratio                         x                32.9            29.6           27.8                                  Year ending          31/12/06     31/12/07      31/12/08
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                27.2            25.1           23.7
Price / Book Value ratio              x                26.6            29.3           31.4     From Operations                         Rs   m      4,186            5,192      7,236
Dividend payout                       %                78.0            76.9           76.7     From Investments                        Rs   m     -1,217           -1,687     -2,519
Avg Mkt Cap                           Rs m          103,555        122,405        148,487      From Financial Activity                 Rs   m     -2,838           -3,724     -3,752
No. of employees                      `000                 4               4              5    Net Cashflow                            Rs   m        131             -220        964
Total wages/salary                    Rs m            2,162           2,694          3,146
Avg. sales/employee                   Rs Th         8,041.4        8,999.5        9,183.1                                        INTERIM RESULTS
Avg. wages/employee                   Rs Th           617.4           691.8          668.1                                          3QCY08 4QCY08              1QCY09        2QCY09
Avg. net profit/employee              Rs Th           899.8         1,062.7        1,134.2     Net sales                   Rs    m    11,104  10,933            12,708        12,149
                                                                                               Gross profit                Rs    m     2,092   2,096             3,041         2,510
INCOME DATA                                                                                    Gross profit margin         %            18.8     19.2             23.9          20.7
Net Sales                             Rs     m        28,161        35,044         43,243      Net profit                  Rs    m     1,317   1,320             1,973         1,620
Other income                          Rs     m           206           254            339      Net profit margin           %            11.9     12.1             15.5          13.3
Total revenues                        Rs     m        28,367        35,298         43,582
Gross profit                          Rs     m         5,415         6,963          8,637                                           KEY DATA
Depreciation                          Rs     m           663           747            924      Parameters                          Unit             CY06            CY07       CY08
Interest                              Rs     m             4             9             16      Milk products                       % of sales        43.7            43.2       43.4
Profit before tax                     Rs     m         4,954         6,461          8,036      Beverages                           % of sales        20.5            19.8       17.9
Minority Interest                     Rs     m             0             0              0      Prepared dishes                     % of sales        20.3            21.4       23.5
Prior Period Items                    Rs     m             0             0              0      Advertising                         % of sales         4.9             4.9        4.5
Extraordinary Inc (Exp)               Rs     m          -149          -175           -308      COGS                                % of sales        47.5            50.0       49.5
Tax                                   Rs     m         1,654         2,148          2,387
                                                                                                                                      NOTES
Profit after tax                      Rs     m         3,151         4,138          5,341
Gross profit margin                   %                 19.2          19.9           20.0     Nestle India is the third largest FMCG company in India after Hindustan Unilever and
Effective tax rate                    %                 33.4          33.2           29.7     ITC. It dominates the culinary (Maggi) and the hot beverages (coffee - Nescafe)
                                                                                              segments in India. It also has a significant presence in baby foods and has emerged
Net profit margin                     %                 11.2          11.8           12.4
                                                                                              as a strong No. 2 player in the dairy segment (after Amul) and chocolates (after
BALANCE SHEET DATA                                                                            Cadbury's). In each of the segments, the company has been growing through new
                                                                                              product launches and new price point presence. In the past 5 years, Nestle's topline
Current assets                        Rs m             5,354         6,379          7,980     and net profits have recorded a CAGR of 15% each.
Current liabilities                   Rs m             7,689         9,578         11,840
Net working cap to sales              %                  -8.3          -9.1           -8.9    For 1HCY09, the topline grew by a strong 16% YoY as sales improved across most
Current ratio                         x                   0.7           0.7            0.7    categories and channels. In the half year period, the domestic segment grew by 19%
Inventory Turnover                    Days                 36           42             37     YoY, while exports fell by 14% YoY. The company continues to ride on the urban
Debtors Turnover                      Days                  7             6              4    growth story aided by product development, innovation and renovation. The
Net fixed assets                      Rs m             5,800         6,755          8,622     operating margins remained stable due to operating efficiencies. Excluding the
Share capital                         Rs m               964           964            964     extraordinary item, the bottomline in 1HCY09 grew by a 28% YoY due to lower raw
"Free" reserves                       Rs m             2,922         3,218          3,764     material costs.
Net worth                             Rs m             3,889         4,184          4,733     Nestle has ear marked a capex of Rs.6 bn in FY09 towards expanding its chilled dairy
Long term debt                        Rs m                 29             8              8    portfolio, capacity expansion at its existing manufacturing facilities in Moga (Punjab)
Total assets                          Rs m            11,932        14,078         16,950     and Samalkha (Haryana), sprucing up its distribution network and new R&D. The
Interest coverage                     x              1,239.5         718.9          503.3     company is also considering a re-entry into the water business by acquiring an
Debt to equity ratio                  x                   0.0           0.0            0.0    existing brand. The food processing business in India is at a nascent stage.
Sales to assets ratio                 x                   2.4           2.5            2.6    Currently, only about 10% of the output is processed and consumed in packaged
Return on assets                      %                 80.5          98.9          113.0     form thus highlighting the huge potential for growth. Existing markets are not fully
Return on equity                      %                 81.0          98.9          112.8     tapped and the company can increase presence by penetrating further. With India's
Return on capital                     %                122.7         150.2          163.3     demographic profile changing in favour of the consuming class, the per capita
Exports to sales                      %                   9.8           9.3            7.8    consumption of most FMCG products is likely to grow.
Imports to sales                      %                   4.2           3.6            4.5
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