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Henkel: What's cooking? - Views on News from Equitymaster

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Henkel: What's cooking?

Mar 10, 2005

Henkel Spic India is the third largest MNC in the detergent space in terms of sales and is currently in the throes of a major restructuring. The company reported a 43% fall in revenues and almost similar decline in revenues during the December quarter of 2004, largely on account of the restructuring that has taken place. However, on a consolidated basis, the company reported nearly 9% growth in revenues during 2004.

  Standalone Consolidated
(Rs m) 4QCY03 4QCY04 Change CY03 CY04 Change CY03 CY04 Change
Gross sales 1,015 574 -43.5% 3,615 3,103 -14.2% 3,678 4,007 8.9%
Expenditure 960 533 -44.4% 3,427 2,955 -13.8% 3,480 3,975 14.2%
Operating profit (EBDITA) 55 40 -27.0% 189 148 -21.4% 197 32 -83.8%
EBDITA margin (%) 5.4% 7.0%   5.2% 4.8%   5.4% 0.8%  
Other income 1 5 271.4% 4 15 319.4% 18 58 223.0%
Interest 15 21 38.9% 68 70 3.1% 82 81 -1.1%
Depreciation 26 16 -40.3% 74 62 -16.2% 71 70 -2.1%
Profit before Tax 15 9 -41.2% 50 31 -37.8% 62 -61 -197.8%
Tax - -   - -   (1) -  
Profit after Tax/(Loss) 15 9 -41.2% 50 31 -37.8% 64 -61 -195.8%
Net profit margin (%) 1.5% 1.6%   1.4% 1.0%   1.7% -1.5%  
No. of Shares (m) 116.4 116.4   116.4 116.4   116.4 116.4  
Diluted Earnings per share (Rs)* 0.5 0.3   0.4 0.3   0.5 -0.5  
Market cap to sales (x)               0.7  
*(annualised), CY = Calendar Year                  

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