Avenue Dmart PDF

Company FundamentalsCompany Fundamentals\Company Profile
A Wright Investors' Service Research Report:
Avenue Supermarts Ltd

2 Corporate Drive Suite 770
Shelton Connecticut 06484 U.S.A.
COMPANY PROFILE
Figures in Indian Rupees
Wright Quality Rating:BANN Key Data
Avenue Supermarts Limited is an India-based company, which owns and operates Ticker:
DMart stores. DMart is a supermarket chain that offers customers a range of home DMART
and personal products under one roof. Each DMart store stocks home utility
products, including food, toiletries, beauty products, garments, kitchenware, bed 2019 Sales:
and bath linen, home appliances and others. The Company offers its products under
200,045,200,000
various categories, such as bed and bath, dairy and frozen, fruits and vegetables,
crockery, toys and games, kids apparel, ladies garments, apparel for men, home and
personal care, daily essentials, grocery and staples, and DMart brands. DMart has a Major Industry:
presence in over 110 locations across Maharashtra, Gujarat, Andhra Pradesh, Retailers
Madhya Pradesh, Karnataka, Telangana and Chhattisgarh. The Company has multiple
stores in cities, such as Mumbai, Ahmedabad, Baroda, Bengaluru, Hyderabad, Pune Sub Industry:
and Surat. Miscellaneous Retailers
Stock Chart Officers
Non Executive Chairman Country:
Ramesh S. Damani India
Executive Managing Director Currency:

& Chief Executive Officer
Indian Rupees
Ignatius Navil Noronha
Fiscal Year Ends:

Chief Financial Officer
Ramakant Baheti March
Chief Financial Officer Employees

Niladri Deb 7,713
Exchanges:
Share Type:
Ordinary
Market Capitalization:
1,216,082,288,000
Stock Price (1/24/2020): 1,948.60
Recent stock performance
Total Shares
1 Week -2.1%
Outstanding:
4 Weeks 1.2%
624,080,000
13 Weeks 3.4%
52 Weeks 42.7%
Closely Held Shares:
Earnings / Dividends (as of 12/31/2019) 527,365,356
Earnings Dividends
Most Recent Qtr 6.14 0.00
Last 12 Months 19.56 0.00
Ratio Analysis
Price / Earnings Ratio 99.62 Dividend Yield 0.00%
Price / Sales Ratio 6.08 Payout Ratio 0.00%
Price / Book Ratio 22.00 % Held by Insiders 84.50%
Address
Wagle Industrial Estate Thane West Phone
MUMBAI 400604 +91 22 3340-0500
INDIA Home Page
http://www.dmartindia.com
Company Fundamentals\Comparative Business Analysis
Comparative Business Analysis: Avenue Supermarts Ltd

Report Date: January 28, 2020
Company Description
Avenue Supermarts Limited is an India-based company, which owns and operates DMart stores. DMart is a
supermarket chain that offers customers a range of home and personal products under one roof. Each DMart
store stocks home utility products, including food, toiletries, beauty products, garments, kitchenware, bed and
bath linen, home appliances and others. The Company offers its products under various categories, such as bed
and bath, dairy and frozen, fruits and vegetables, crockery, toys and games, kids apparel, ladies garments,
apparel for men, home and personal care, daily essentials, grocery and staples, and DMart brands. DMart has a
presence in over 110 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka,
Telangana and Chhattisgarh. The Company has multiple stores in cities, such as Mumbai, Ahmedabad, Baroda,
Bengaluru, Hyderabad, Pune and Surat.
Competitor Analysis
Avenue Supermarts Ltd operates within the Grocery stores sector. This analysis compares Avenue Supermarts
Ltd with three other companies: Future Retail Ltd (2019 sales of 203.33 billion Indian Rupees [US$2.86 billion]
of which 100% was Retail), Robinsons Retail Holdings Inc of Philippines (2018 sales: 132.68 billion Philippine
Pesos [US$2.60 billion] of which 47% was Supermarket Division), and Zhongbai Holdings Group Company
Limited which is based in China (2018 sales of 15.20 billion Chinese Renmimbi [US$2.20 billion] of which 93% was
Supermarket). Note: not all of these companies have the same fiscal year: the most recent data for each
company are being used.
Sales Analysis
During the third fiscal quarter of 2020, sales at Avenue Supermarts Ltd totalled 68.09 billion Indian Rupees. This
is an increase of 24.4% from the 54.74 billion Indian Rupees in sales at the company during the third quarter of
2019. During the first three quarters of 2020, sales totalled 186.14 billion Indian Rupees, which is 24.6% higher
than through the first three fiscal quarters of 2019. During the year ended March of 2019, sales at Avenue
Supermarts Ltd were 200.05 billion Indian Rupees (US$2.81 billion). This is an increase of 33.1% versus 2018,
when the company's sales were 150.33 billion Indian Rupees. This was the fifth consecutive year of sales
increases at Avenue Supermarts Ltd (and since 2014, sales have increased a total of 327%).
Recent Sales at Avenue Supermarts Ltd

200
150
119
86
64
47
2014 2015 2016 2017 2018 2019

(Figures in Billions of Indian Rupees)
The company's sales increased faster in 2019 than at all three comparable companies. While Avenue Supermarts
Ltd enjoyed a sales increase of 33.1%, the other companies saw smaller increases: Future Retail Ltd sales were
up 10.0%, Robinsons Retail Holdings Inc increased 15.1%, and Zhongbai Holdings Group Company Limited
experienced growth of 0.0%. The company currently employs 7,713. With sales of 200.05 billion Indian Rupees
(US$2.81 billion) , this equates to sales of US$364,921 per employee. This is much higher than the three
comparable companies, which had sales between US$62,260 and US$153,156 per employee. Note that some of
the figures stated herein could be distorted based on exact classification of employees and subcontractors.
Sales Comparisons (Most Recent Fiscal Year)

Year Sales Sales Sales/
Company Ended (US$blns) Growth Emp (US$) Largest Region
Avenue Supermarts Ltd Mar 2019 2.815 33.1% 364,921 India (100.0%)
Future Retail Ltd Mar 2019 2.861 10.0% 62,260 India (100.0%)
Robinsons Retail Holdings Inc Dec 2018 2.603 15.1% 153,156 Philippines (100.0%)
Zhongbai Holdings Group Company Limited Dec 2018 2.201 0.0% 98,970 China (Country) (100.0%)
Recent Stock Performance
For the 52 weeks ending 1/24/2020, the stock of this company was up 42.7% to 1,948.60 Indian Rupees.
During the past 13 weeks, the stock has increased 3.4%. During the past 52 weeks, the stock of Avenue
Supermarts Ltd has outperformed (by a large margin) the three comparable companies, which saw changes
between -24.2% and 10.2%. During the 12 months ending 12/31/2019, earnings per share totalled 19.56 Indian
Rupees per share. Thus, the Price / Earnings ratio is 99.62. Some Wall Street research analysts are hesitant to
recommend stocks that have sales of over US$1 billion and a P/E ratio of over 40. This is because companies
already this large may have some difficulty expanding quickly enough to justify such a high P/E ratio. These 12
month earnings are greater than the earnings per share achieved during the last fiscal year of the company,
which ended in March of 2019, when the company reported earnings of 14.46 per share. Earnings per share rose
11.9% in 2019 from 2018. This company is currently trading at 6.08 times sales. This is at a much higher ratio
than all three comparable companies, which are trading between 0.29 and 0.94 times sales. Avenue Supermarts
Ltd is trading at 22.00 times book value. The company's price to book ratio is significantly higher than that of all
three comparable companies, which are trading between 1.28 and 4.36 times book value.
Summary of company valuations

Price/ Price/ 52 Wk
Company Date P/E Book Sales Pr Chg
Avenue Supermarts Ltd 1/24/2020 99.6 22.00 6.08 42.70%
Future Retail Ltd 1/24/2020 23.2 4.36 0.83 -24.16%
Robinsons Retail Holdings Inc 1/24/2020 29.2 1.77 0.94 -7.06%
Zhongbai Holdings Group Company Limited 1/23/2020 13,020.4 1.28 0.29 10.19%
The market capitalization of this company is 1.22 trillion Indian Rupees (US$17.11 billion) . Closely held shares
(i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5%
of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to
acquire a majority of the shares without the consent of management and other insiders. The capitalization of the
floating stock (i.e., that which is not closely held) is 188.46 billion Indian Rupees (US$2.65 billion) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company has not paid any dividends during
the previous 6 fiscal years.
Profitability Analysis
On the 200.05 billion Indian Rupees in sales reported by the company in 2019, the cost of goods sold totalled
171.54 billion Indian Rupees, or 85.7% of sales (i.e., the gross profit was 14.3% of sales). This gross profit
margin is slightly lower than the company achieved in 2018, when cost of goods sold totalled 84.9% of sales.
The gross margin in 2019 was the lowest of the previous five years (in 2018, the gross margin had been as high
as 15.1%). Avenue Supermarts Ltd's 2019 gross profit margin of 14.3% was lower than all three comparable
companies (which had gross profits in 2019 between 22.3% and 25.3% of sales). The company's earnings before
interest, taxes, depreciation and amorization (EBITDA) were 16.33 billion Indian Rupees, or 8.2% of sales. This
EBITDA to sales ratio is roughly on par with what the company achieved in 2018, when the EBITDA ratio was
9.0% of sales. The three comparable companies had EBITDA margins that were all less (between 3.2% and 5.2%)
than that achieved by Avenue Supermarts Ltd. In 2019, earnings before extraordinary items at Avenue
Supermarts Ltd were 9.03 billion Indian Rupees, or 4.5% of sales. This profit margin is lower than the level the
company achieved in 2018, when the profit margin was 5.4% of sales. Earnings before extraordinary items have
grown for each of the past 5 years (and since 2015, earnings before extraordinary items have grown a total of
326%). The company's return on equity in 2019 was 19.7%. This was a decline in performance from the 21.7%
return that the company achieved in 2018. (Extraordinary items have been excluded).
Profitability Comparison
Gross Earnings
Profit EBITDA before
Company Year Margin Margin extras
Avenue Supermarts Ltd 2019 14.3% 8.2% 4.5%
Avenue Supermarts Ltd 2018 15.1% 9.0% 5.4%
Future Retail Ltd 2019 25.3% 5.2% 3.6%
Robinsons Retail Holdings Inc 2018 22.3% 5.0% 3.8%
Zhongbai Holdings Group Company Limited 2018 22.7% 3.2% 2.8%
During the third quarter of 2020, Avenue Supermarts Ltd reported earnings per share of 6.14 Indian Rupees. This
is an increase of 55% versus the third quarter of 2019, when the company reported earnings of 3.96 Indian
Rupees per share.
Inventory Analysis
As of March 2019, the value of the company's inventory totalled 16.92 billion Indian Rupees. Since the cost of
goods sold was 171.54 billion Indian Rupees for the year, the company had 36 days of inventory on hand
(another way to look at this is to say that the company turned over its inventory 10.1 times per year). This is an
almost insignificant increase in days in inventory from March 2018, when the company had 12.08 billion Indian
Rupees, which was 35 days of sales in inventory. The 36 days in inventory is lower than the three comparable
companies, which had inventories between 42 and 122 days at the end of 2019.
Financial Position
As of March 2019, the company's long term debt was 1.85 billion Indian Rupees and total liabilities (i.e., all
monies owed) were 14.77 billion Indian Rupees. The long term debt to equity ratio of the company is very low, at
only 0.03. As of March 2019, the accounts receivable for the company were 1.20 billion Indian Rupees, which is
equivalent to 2 days of sales. This is an improvement over the end of 2018, when Avenue Supermarts Ltd had 3
days of sales in accounts receivable. The 2 days of accounts receivable at Avenue Supermarts Ltd are lower
than all three comparable companies: Future Retail Ltd had 49 days, Robinsons Retail Holdings Inc had 16 days,
while Zhongbai Holdings Group Company Limited had 4 days outstanding at the end of the fiscal year 2019.
Financial Positions
LT Debt/ Days Days
Company Year Equity AR Inv.
Avenue Supermarts Ltd 2019 0.03 2 36
Future Retail Ltd 2019 0.10 49 122
Robinsons Retail Holdings Inc 2018 0.00 16 66
Zhongbai Holdings Group Company Limited 2018 0.00 4 42
Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS: Avenue Supermarts Ltd

Per Share- Indian Rupees
Value Ratios Equity Capital Earnings Dividends

Year Price
Book
Fiscal Yr Market Price/ Price/ % % Profit Value 12 Month % 12 Month
Ends: Price Earnings Book Dividend Earned Rate Begin Earnings % Payout Dividends
March Last Ratio Ratio Yield Growth (ROE) Yr Per Share Change Ratio Per Share
2017 1,181.35 139.2 n/c 0.0% 35.6% 35.6% n/a 8.49 66.2% 0.0% 0.00
2018 1,324.80 102.5 22.2 0.0% 21.7% 21.7% 59.56 12.92 52.2% 0.0% 0.00
2019 1,471.10 101.7 20.0 0.0% 19.7% 19.7% 73.42 14.46 11.9% 0.0% 0.00
1/24/2020 1,948.60 99.6 22.0 0.0% n/a n/a 88.57 19.56 n/c 0.0% 0.00
Company Fundamentals\Sales Analysis
SALES ANALYSIS: Avenue Supermarts Ltd
Figures in millions of Indian Rupees
Earnings before
Interest, After Tax
Taxes, Income
Depreciation, before
and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year-to- Amount Amount Amount Sales Income
in year in % of in % of in % of Per Per
Year millions Growth millions Sales millions Sales millions Sales Number Employee Employee
2012 22,086 n/c 18,840 85.3% 1,519 6.9% 604 2.7% n/a n/a n/a
2013 33,409 51.3% 28,570 85.5% 2,290 6.9% 939 2.8% n/a n/a n/a
2014 46,865 40.3% 39,844 85.0% 3,573 7.6% 1,614 3.4% n/a n/a n/a
2015 64,394 37.4% 54,872 85.2% 4,765 7.4% 2,117 3.3% n/a n/a n/a
2016 85,881 33.4% 73,078 85.1% 6,812 7.9% 3,188 3.7% n/a n/a n/a
2017 118,977 38.5% 101,804 85.6% 9,967 8.4% 4,788 4.0% 5,070 23,466,855 944,285
2018 150,332 26.4% 127,569 84.9% 14,374 9.6% 8,063 5.4% 6,113 24,592,179 1,318,915
2019 200,045 33.1% 171,536 85.7% 16,807 8.4% 9,025 4.5% 7,713 25,936,108 1,170,154
Company Fundamentals\Price Analysis
PRICE ANALYSIS: Avenue Supermarts Ltd

12
months
High Low Closing Quarterly %
Quarter Price Price Price %Change Change
Jan - Mar 657.450 558.300 637.850 n/a n/a

2017
Apr - Jun 838.800 628.300 815.100 27.8% n/a
Jul - Sep 1,218.000 808.000 1,078.450 32.3% n/a
Oct - Dec 1,288.650 1,070.700 1,181.350 9.5% n/a
Jan - Mar 1,387.000 1,060.100 1,324.800 12.1% 107.7%

2018
Apr - Jun 1,623.000 1,326.350 1,485.400 12.1% 82.2%
Jul - Sep 1,680.000 1,340.250 1,395.950 -6.0% 29.4%
Oct - Dec 1,698.700 1,125.750 1,606.650 15.1% 36.0%
Jan - Mar 1,620.750 1,343.000 1,471.100 -8.4% 11.0%

2019
Apr - Jun 1,529.500 1,226.000 1,397.900 -5.0% -5.9%
Jul - Sep 1,945.050 1,286.300 1,860.600 33.1% 33.3%
Oct - Dec 2,010.000 1,700.000 1,838.350 -1.2% 14.4%
1/24/2020 1,948.600 3.4% 42.7%

Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Avenue Supermarts Ltd
Fiscal Year Ends in March
Earnings Per Share Dividends Per Share
12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Fiscal % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Jun. Sep. Dec. Mar. Dividends Change Jun. Sep. Dec. Mar. Payout
2012 0.97 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 0.0%
2013 1.50 55.4% n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 0.0%
2016 5.11 50.6% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0%
2019 14.46 11.9% 3.93 3.50 3.96 3.07 0.00 n/c n/a n/a n/a 0.00 0.0%
2020 n/a n/c 5.18 5.17 6.14 n/a n/a n/c n/a n/a n/a n/a n/c
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Annual
Annual Balance Sheet - (Actual Values): Avenue Supermarts Ltd
All figures in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Fiscal Year End Date 03/31/2019 03/31/2018 03/31/2017 03/31/2016 03/31/2015
Assets
Total Assets 70,055 56,482 58,225 30,981 23,548
Total Current Assets 20,826 19,722 29,786 7,899 6,337
Cash & Short Term
2,356 6,284 18,885 370 387
Investments
Cash 1,341 752 483 351 380
Short Term
1,015 5,532 18,402 19 7
Investments
Receivables (Net) 1,205 1,110 952 740 509
Inventories -Total 16,918 12,078 9,874 6,717 5,396
Raw Materials 25 22 14
Work in Process
Finished Goods 16,062 11,613 9,465
Progress Payments &
831 443 395
Other
Prepaid Expenses 68 51 41 73 45
Other Current Assets 279 200 35 0 0
Long Term Receivables 912 864 542 866 672
Investment in Associated
0 0 215 117 0
Companies
Other Investments 192 173 282 140 148
Property Plant and
52,344 38,082 29,191 25,601 19,186
Equipment - Gross
Accumulated Depreciation 5,835 3,851 2,223 3,892 2,964
Property Plant and
46,509 34,231 26,968 21,709 16,222
Equipment – Net
Other Assets 1,617 1,492 432 251 170
Deferred Charges 228 11 0 0 0
Tangible Other Assets 306 404 368 207 130
Intangible Other Assets 1,082 1,076 64 43 40
Total Assets 70,055 56,482 58,225 30,981 23,548
Liabilities & Shareholders'
Equity
Total Liabilities &
70,055 56,482 58,225 30,981 23,548
Shareholders' Equity
Total Current Liabilities 12,269 6,860 9,476 6,153 3,951
Accounts Payable 4,633 3,173 2,607 8 2
Short Term Debt &
Current Portion of Long Term 5,746 1,933 5,164 2,852 1,907
Debt
Accrued Payroll 333 283 203 231 153
Income Taxes Payable 268 281 125 114 136
Dividends Payable
Other Current Liabilities 1,290 1,190 1,377 2,948 1,752
Long Term Debt 1,853 3,330 11,056 9,368 7,195
Long Term Debt Excluding
1,853 3,330 11,056 9,368 7,195
Capitalized Leases
Capitalized Lease
0 0 0 0 0
Obligations
Provision for Risks and
11 7 2 2 1
Charges
Deferred Income 0 0 0 0 0
Deferred Taxes 631 450 505 399 305
Deferred Taxes - Credit 677 568 537 399 305
Deferred Taxes - Debit 46 118 32
Other Liabilities 8 8 162 161
Total Liabilities 14,771 10,655 21,053 16,084 11,612
Non-Equity Reserves 0 0 0 0 0
Minority Interest 6 6 1 1 1
Preferred Stock 0 0 0 0 0
Common Equity 55,278 45,821 37,171 14,896 11,935
Total Liabilities &
70,055 56,482 58,225 30,981 23,548
Financial Statement Analyses\Balance Sheet - Annual - Common Size
Annual Balance Sheet - (Common Size): Avenue Supermarts Ltd
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Assets
Total Assets 70,055.0 56,482.4 58,225.1 30,981.0 23,548.1
Total Current Assets 29.7% 34.9% 51.2% 25.5% 26.9%
Cash & Short Term
3.4% 11.1% 32.4% 1.2% 1.6%
Investments
Cash 1.9% 1.3% 0.8% 1.1% 1.6%
Short Term
1.4% 9.8% 31.6% 0.1% 0.0%
Investments
Receivables (Net) 1.7% 2.0% 1.6% 2.4% 2.2%
Inventories -Total 24.1% 21.4% 17.0% 21.7% 22.9%
Raw Materials 0.0% 0.0% 0.0%
Work in Process
Finished Goods 22.9% 20.6% 16.3%
Progress Payments &
1.2% 0.8% 0.7%
Other
Prepaid Expenses 0.1% 0.1% 0.1% 0.2% 0.2%
Other Current Assets 0.4% 0.4% 0.1% 0.0% 0.0%
Long Term Receivables 1.3% 1.5% 0.9% 2.8% 2.9%
0.0% 0.0% 0.4% 0.4% 0.0%
Companies
Other Investments 0.3% 0.3% 0.5% 0.5% 0.6%
Property Plant and
74.7% 67.4% 50.1% 82.6% 81.5%
Equipment - Gross
Accumulated Depreciation 8.3% 6.8% 3.8% 12.6% 12.6%
Property Plant and
66.4% 60.6% 46.3% 70.1% 68.9%
Equipment – Net
Other Assets 2.3% 2.6% 0.7% 0.8% 0.7%
Deferred Charges 0.3% 0.0% 0.0% 0.0% 0.0%
Tangible Other Assets 0.4% 0.7% 0.6% 0.7% 0.6%
Intangible Other Assets 1.5% 1.9% 0.1% 0.1% 0.2%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Equity
Total Liabilities &
70,055.0 56,482.4 58,225.1 30,981.0 23,548.1
Total Current Liabilities 17.5% 12.1% 16.3% 19.9% 16.8%
Accounts Payable 6.6% 5.6% 4.5% 0.0% 0.0%
Short Term Debt &
Current Portion of Long Term 8.2% 3.4% 8.9% 9.2% 8.1%
Debt
Accrued Payroll 0.5% 0.5% 0.3% 0.7% 0.7%
Income Taxes Payable 0.4% 0.5% 0.2% 0.4% 0.6%
Dividends Payable
Other Current Liabilities 1.8% 2.1% 2.4% 9.5% 7.4%
Long Term Debt 2.6% 5.9% 19.0% 30.2% 30.6%
2.6% 5.9% 19.0% 30.2% 30.6%
Capitalized Leases
Capitalized Lease
0.0% 0.0% 0.0% 0.0% 0.0%
Obligations
Provision for Risks and
0.0% 0.0% 0.0% 0.0% 0.0%
Charges
Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Taxes 0.9% 0.8% 0.9% 1.3% 1.3%
Deferred Taxes - Credit 1.0% 1.0% 0.9% 1.3% 1.3%
Deferred Taxes - Debit 0.1% 0.2% 0.1%
Other Liabilities 0.0% 0.0% 0.5% 0.7%
Total Liabilities 21.1% 18.9% 36.2% 51.9% 49.3%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 78.9% 81.1% 63.8% 48.1% 50.7%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Financial Statement Analyses\Balance Sheet - Annual - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Avenue Supermarts Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2019 2018 2017 2016 2015
Assets
Total Assets 24.0% -3.0% 87.9% 31.6% 30.3%
Cash & Short Term Investments -62.5% -66.7% 5,010.1% -4.5% -30.5%
Cash 78.3% 55.7% 37.6% -7.7% -31.3%
Short Term Investments -81.6% -69.9% 99,046.9% 178.7% 123.5%
Receivables (Net) 8.5% 16.7% 28.7% 45.3% 1.5%
Inventories -Total 40.1% 22.3% 47.0% 24.5% 42.6%
Raw Materials 15.3% 56.1%
Work in Process
Finished Goods 38.3% 22.7%
Progress Payments & Other 87.4% 12.4%
Prepaid Expenses 34.6% 24.0% -43.7% 62.6% -13.8%
Other Current Assets 39.9% 464.1%
Current Assets - Total 5.6% -33.8% 277.1% 24.6% 29.5%
Long Term Receivables 5.5% 59.5% -37.5% 28.9% 107.8%
-100.0% 83.6%
Companies
Other Investments 11.1% -38.5% 101.8% -5.5% -3.1%
Property Plant and Equipment -
37.5% 30.5% 14.0% 33.4% 30.0%
Gross
Accumulated Depreciation 51.5% 73.2% -42.9% 31.3% 35.3%
Property Plant and Equipment –
35.9% 26.9% 24.2% 33.8% 29.1%
Net
Other Assets 8.4% 245.2% 72.3% 47.7% 22.3%
Deferred Charges 1,943.2%
Tangible Other Assets -24.3% 9.9% 77.3% 59.7% 26.5%
Intangible Other Assets 0.6% 1,571.3% 48.4% 8.7% 10.3%
Total Assets 24.0% -3.0% 87.9% 31.6% 30.3%
Equity
Total Liabilities & Shareholders'
24.0% -3.0% 87.9% 31.6% 30.3%
Equity
Accounts Payable 46.0% 21.7% 32,321.0% 327.7% -54.9%
Short Term Debt & Current Portion
197.3% -62.6% 81.1% 49.5% 3.5%
of Long Term Debt
Accrued Payroll 17.9% 39.0% -11.8% 50.5% 89.9%
Income Taxes Payable -4.7% 125.7% 9.0% -16.1% 119.6%
Dividends Payable
Other Current Liabilities 8.4% -13.6% -53.3% 68.3% 11.5%
Current Liabilities - Total 78.9% -27.6% 54.0% 55.8% 10.9%
Long Term Debt -44.3% -69.9% 18.0% 30.2% 57.5%
-44.3% -69.9% 18.0% 30.2% 57.5%
Capitalized Leases
Capitalized Lease Obligations
Provision for Risks and Charges 42.0% 304.7% 5.6% 34.1% 69.7%
Deferred Income
Deferred Taxes 40.0% -10.8% 26.6% 30.7% 15.1%
Deferred Taxes - Debit -61.0% 270.6%
Deferred Tax Liability in Untaxed
Reserves
Other Liabilities 0.6% 0.5% 29.3%
Total Liabilities 38.6% -49.4% 30.9% 38.5% 36.3%
Non-Equity Reserves
Minority Interest -13.2% 344.2% 45.3% 85.2% 440.0%
Preferred Stock
Preferred Stock Issued for
ESOP
ESOP Guarantees - Preferred
Issued
Common Equity 20.6% 23.3% 149.5% 24.8% 24.9%
24.0% -3.0% 87.9% 31.6% 30.3%
Equity
Financial Statement Analyses\Balance Sheet - Annual - Five-Year Averages
Balance Sheet - (5 Year Averages): Avenue Supermarts Ltd
Figures in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Assets
Total Assets 47,858.3 37,462.6 29,150.3 19,887.0
Cash & Short Term Investments 5,656.2 5,296.4 4,162.9 499.7
Cash 661.4 504.0 476.9 476.2
Short Term Investments 4,994.8 4,792.3 3,686.0 23.5
Receivables (Net) 903.1 762.4 623.5 479.5
Inventories -Total 10,196.4 7,569.6 5,706.4 4,123.2
Raw Materials
Work in Process
Finished Goods
Progress Payments & Other
Prepaid Expenses 55.4 52.1 44.5 37.5
Other Current Assets 102.8 47.0 7.1 2.5
Current Assets - Total 16,913.9 13,727.4 10,544.4 5,142.4
Long Term Receivables 771.2 653.5 569.2 518.8
66.5 66.5 66.5 23.5
Companies
Other Investments 186.9 178.9 176.1 147.4
Property Plant and Equipment -
32,880.7 25,363.7 20,158.0 16,291.5
Gross
Accumulated Depreciation 3,753.0 3,024.0 2,585.1 2,387.8
Property Plant and Equipment –
29,127.7 22,339.7 17,572.9 13,903.7
Net
Other Assets 792.2 496.6 221.2 151.3
Deferred Charges 47.9 2.2 0.0 0.0
Tangible Other Assets 283.0 242.3 178.2 117.7
Intangible Other Assets 461.3 252.1 43.0 33.6
Total Assets 47,858.3 37,462.6 29,150.3 19,887.0
Equity
47,858.3 37,462.6 29,150.3 19,887.0
Equity
Accounts Payable 2,084.5 1,158.7 525.3 5.7
Short Term Debt & Current Portion
3,520.4 2,739.8 2,665.2 1,866.9
of Long Term Debt
Accrued Payroll 240.6 190.1 144.0 110.5
Income Taxes Payable 184.8 143.6 95.0 70.7
Dividends Payable
Other Current Liabilities 1,711.5 1,768.0 1,794.1 1,714.9
Current Liabilities - Total 7,741.8 6,000.4 5,223.5 3,768.8
Long Term Debt 6,560.3 7,103.4 7,179.8 5,497.1
6,560.3 7,103.4 7,179.8 5,497.1
Capitalized Leases
Capitalized Lease Obligations 0.0 0.0 0.0 0.0
Provision for Risks and Charges 4.5 2.6 1.2 0.9
Deferred Income 0.0 0.0 0.0 0.0
Deferred Taxes 458.0 384.9 335.0 259.9
Deferred Taxes - Credit 497.2 414.9 341.4 259.9
Deferred Taxes - Debit
Deferred Tax Liability in Untaxed
Reserves
Other Liabilities 138.8
Total Liabilities 14,835.1 13,584.9 12,858.4 9,665.6
Non-Equity Reserves 0.0 0.0 0.0 0.0
Minority Interest 3.0 1.9 1.2 1.5
Preferred Stock 0.0 0.0 0.0 0.0
Preferred Stock Issued for
ESOP
ESOP Guarantees - Preferred
Issued
Common Equity 33,020.2 23,875.8 16,290.6 10,219.9
47,858.3 37,462.6 29,150.3 19,887.0
Equity
Financial Statement Analyses\Balance Sheet - Interim
Interim Balance Sheet - (Actual Values): Avenue Supermarts Ltd
Fiscal Period End Date 09/30/2019 03/31/2019 03/31/2018 03/31/2017 12/31/2016
Assets
Total Assets 84,299 70,055 56,482 58,225 37,678
Total Current Assets 26,538 20,826 19,722 29,786 10,825
Cash & Short Term
4,311 2,356 6,284 18,885 662
Investments
Receivables (Net) 329 1,205 1,110 952 1,594
Inventories - Total 20,675 16,918 12,078 9,874 8,477
Prepaid Expenses 68 51 41 92
Other Current Assets 1,223 279 200 35 0
0 0 0 215 216
Companies
Property Plant and
52,344 38,082 29,191 30,054
Equipment - Gross
Accumulated Depreciation 5,835 3,851 2,223 4,772
Property Plant and
54,684 46,509 34,231 26,968 25,283
Equipment – Net
Other Assets 3,077 2,721 2,529 1,256 1,354
Intangible Other Assets 1,069 1,082 1,076 64 69
Total Assets 84,299 70,055 56,482 58,225 37,678
Equity
Total Liabilities &
84,299 70,055 56,482 58,225 37,678
Total Current Liabilities 16,450 12,269 6,860 9,476 5,855
Accounts Payable 6,855 4,633 3,173 2,607 6
Short Term Debt &
Current Portion of Long Term 5,995 5,746 1,933 5,164 1,803
Debt
Income Taxes Payable 268 281 125 319
Other Current Liabilities 3,600 1,623 1,473 1,581 3,727
Long Term Debt 4,871 1,853 3,330 11,056 13,050
2,750 1,853 3,330 11,056 13,050
Capitalized Leases
Capitalized Lease
2,121 0 0 0
Obligations
Deferred Taxes 598 631 450 505 476
Deferred Taxes - Credit 600 677 568 537 476
Deferred Taxes - Debit 2 46 118 32
Other Liabilities 16 18 15 16 15
Total Liabilities 21,935 14,771 10,655 21,053 19,396
Non-Equity Reserves 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 62,359 55,278 45,821 37,171 18,281
Total Liabilities &
84,299 70,055 56,482 58,225 37,678
Financial Statement Analyses\Balance Sheet - Interim - Common Size
Interim Balance Sheet - (Common Size): Avenue Supermarts Ltd
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Indian Rupees.
Fiscal Period End Date 09/30/2019 03/31/2019 03/31/2018 03/31/2017 12/31/2016
Assets
Total Assets 84,298.9 70,055.0 56,482.4 58,225.1 37,678.0
Cash & Short Term
5.1% 3.4% 11.1% 32.4% 1.8%
Investments
Receivables (Net) 0.4% 1.7% 2.0% 1.6% 4.2%
Inventories - Total 24.5% 24.1% 21.4% 17.0% 22.5%
Prepaid Expenses 0.1% 0.1% 0.1% 0.2%
0.0% 0.0% 0.0% 0.4% 0.6%
Companies
Property Plant and
74.7% 67.4% 50.1% 79.8%
Equipment - Gross
Accumulated Depreciation 8.3% 6.8% 3.8% 12.7%
Property Plant and
64.9% 66.4% 60.6% 46.3% 67.1%
Equipment – Net
Other Assets 3.7% 3.9% 4.5% 2.2% 3.6%
Intangible Other Assets 1.3% 1.5% 1.9% 0.1% 0.2%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Equity
Total Liabilities &
84,298.9 70,055.0 56,482.4 58,225.1 37,678.0
Total Current Liabilities 19.5% 17.5% 12.1% 16.3% 15.5%
Accounts Payable 8.1% 6.6% 5.6% 4.5% 0.0%
Short Term Debt &
Current Portion of Long Term 7.1% 8.2% 3.4% 8.9% 4.8%
Debt
Income Taxes Payable 0.4% 0.5% 0.2% 0.8%
Other Current Liabilities 4.3% 2.3% 2.6% 2.7% 9.9%
Long Term Debt 5.8% 2.6% 5.9% 19.0% 34.6%
3.3% 2.6% 5.9% 19.0% 34.6%
Capitalized Leases
Capitalized Lease
2.5% 0.0% 0.0% 0.0%
Obligations
Deferred Taxes 0.7% 0.9% 0.8% 0.9% 1.3%
Deferred Taxes - Debit 0.0% 0.1% 0.2% 0.1%
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 74.0% 78.9% 81.1% 63.8% 48.5%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Financial Statement Analyses\Income Statement - Annual
Annual Income Statement - (Actual Values): Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
Net Sales or Revenues 200,045 150,332 118,977 85,881 64,394
Cost of Goods Sold 171,536 127,569 101,804 73,078 54,872
Depreciation, Depletion &
2,120 1,593 1,281 986 814
Amortization
Gross Income 26,389 21,170 15,891 11,818 8,709
Selling, General &
9,881 7,489 5,932 5,996 4,804
Administrative Expenses
Other Operating Expenses 2,295 1,745 1,417 162 111
Operating Expenses - Total 185,832 138,397 110,435 80,222 60,601
Operating Income 14,213 11,935 8,542 5,660 3,793
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest
236 435 43 6 5
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0 185 -129 0
Other Income/Expense - Net 238 226 230 161 153
Earnings before Interest,
Taxes, Depreciation & 16,807 14,374 9,967 6,812 4,765
Amortization (EBITDA)
Earnings before Interest &
14,687 12,781 8,686 5,827 3,952
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized 0 0 114 111 112
Pretax Income 14,219 12,221 7,471 4,922 3,233
Income Taxes 5,195 4,158 2,683 1,716 1,109
Equity in Earnings 0 -22 0
After Tax Other
0 0 0 4 -7
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 9,025 8,063 4,788 3,188 2,117
Dividends
Extraordinary Items &
0 0 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to 9,025 8,063 4,788 3,188 2,117
Common
Financial Statement Analyses\Income Statement - Annual - Common Size
Annual Income Statement - (Common Size): Avenue Supermarts Ltd
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Net Sales or Revenues 200,045.2 150,332.0 118,977.0 85,881.2 64,394.3
Cost of Goods Sold 85.7% 84.9% 85.6% 85.1% 85.2%
1.1% 1.1% 1.1% 1.1% 1.3%
Amortization
Gross Income 13.2% 14.1% 13.4% 13.8% 13.5%
Selling, General &
4.9% 5.0% 5.0% 7.0% 7.5%
Administrative Expenses
Other Operating Expenses 1.1% 1.2% 1.2% 0.2% 0.2%
Operating Expenses - Total 92.9% 92.1% 92.8% 93.4% 94.1%
Operating Income 7.1% 7.9% 7.2% 6.6% 5.9%
Non-Operating Interest
0.1% 0.3% 0.0% 0.0% 0.0%
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0.0% 0.1% -0.1% 0.0%
Other Income/Expense - Net 0.1% 0.2% 0.2% 0.2% 0.2%
Earnings before Interest,
Taxes, Depreciation & 8.4% 9.6% 8.4% 7.9% 7.4%
Earnings before Interest &
7.3% 8.5% 7.3% 6.8% 6.1%
Taxes(EBIT)
Interest Capitalized 0.0% 0.0% 0.1% 0.1% 0.2%
Pretax Income 7.1% 8.1% 6.3% 5.7% 5.0%
Income Taxes 2.6% 2.8% 2.3% 2.0% 1.7%
Equity in Earnings 0.0% -0.0% 0.0%
After Tax Other
0.0% 0.0% 0.0% 0.0% -0.0%
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 4.5% 5.4% 4.0% 3.7% 3.3%
Dividends
Extraordinary Items &
0.0% 0.0% 0.0% 0.0% 0.0%
Gain/Loss Sale of Assets
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Dividends - available to 4.5% 5.4% 4.0% 3.7% 3.3%
Common
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Avenue Supermarts Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2019 2018 2017 2016 2015
Net Sales or Revenues 33.1% 26.4% 38.5% 33.4% 37.4%
Cost of Goods Sold 34.5% 25.3% 39.3% 33.2% 37.7%
Depreciation, Depletion & Amortization 33.1% 24.4% 30.0% 21.1% 42.5%
Gross Income 24.7% 33.2% 34.5% 35.7% 35.0%
Selling, General & Administrative Expenses 31.9% 26.2% -1.1% 24.8% 36.6%
Other Operating Expenses 31.5% 23.1% 773.4% 45.8% 44.3%
Operating Expenses - Total 34.3% 25.3% 37.7% 32.4% 37.7%
Operating Income 19.1% 39.7% 50.9% 49.2% 32.8%
-
Non-Operating Interest Income -45.8% 907.0% 600.0% 23.2%
54.8%
Reserves - Increase/Decrease
-
Pretax Equity in Earnings
100.0%
Other Income/Expense - Net 5.5% -1.9% 43.1% 4.9% 13.8%
Earnings before Interest, Taxes, Depreciation &
16.9% 44.2% 46.3% 43.0% 33.3%
Earnings before Interest & Taxes(EBIT) 14.9% 47.1% 49.1% 47.4% 31.6%
Interest Expense on Debt -16.5% -57.9% 31.0% 22.2% 31.9%
-
Interest Capitalized 3.3% -1.6% 47.6%
100.0%
Pretax Income 16.4% 63.6% 51.8% 52.2% 32.0%
Income Taxes 24.9% 55.0% 56.3% 54.7% 32.8%
-
Minority Interest -49.1% -0.4% 4.5%
443.3%
Equity in Earnings
-
After Tax Other Income/Expense
100.0%
Discontinued Operations
Net Income before Extraordinary Items/Preferred
11.9% 68.4% 50.2% 50.6% 31.2%
Dividends
Extraordinary Items & Gain/Loss Sale of Assets
Preferred Dividend Requirements
Net Income after Preferred Dividends - available
11.9% 68.4% 50.2% 50.6% 31.2%
to Common
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Avenue Supermarts Ltd
Figures in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Net Sales or Revenues 123,925.9 93,289.9 69,905.2 50,526.9
Cost of Goods Sold 105,771.9 79,433.5 59,633.6 43,040.6
Depreciation, Depletion & Amortization 1,358.7 1,048.9 821.8 641.0
Gross Income 16,795.3 12,807.5 9,449.8 6,845.3
Selling, General & Administrative Expenses 6,820.5 5,547.4 4,574.6 3,753.9
Other Operating Expenses 1,146.1 702.6 364.1 86.2
Operating Expenses - Total 115,097.2 86,732.4 65,394.0 47,521.7
Operating Income 8,828.7 6,557.5 4,511.2 3,005.3
Non-Operating Interest Income 145.0 100.1 13.8 6.3
Pretax Equity in Earnings
Other Income/Expense - Net 201.6 180.9 160.7 139.4
Earnings before Interest, Taxes,
10,545.2 7,898.4 5,481.6 3,791.9
Depreciation & Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) 9,186.5 6,849.6 4,659.8 3,150.9
Interest Expense on Debt 840.6 873.0 860.6 663.1
Interest Capitalized 67.5 82.7 97.7 91.7
Pretax Income 8,413.3 6,059.3 3,896.9 2,579.5
Income Taxes 2,972.2 2,100.2 1,363.0 882.9
Minority Interest 0.2 0.3 0.3 0.2
Equity in Earnings -4.3
After Tax Other Income/Expense -0.7 -0.8 -0.4 0.1
Discontinued Operations 0.0 0.0 0.0 0.0
Net Income before Extraordinary
5,436.0 3,953.6 2,528.8 1,692.1
Items/Preferred Dividends
Extraordinary Items & Gain/Loss Sale of
0.0 0.0 0.0 0.0
Assets
Preferred Dividend Requirements 0.0 0.0 0.0 0.0
Net Income after Preferred Dividends -
5,436.0 3,953.6 2,528.8 1,692.1
available to Common
Financial Statement Analyses\Income Statement - Interim
Interim Income Statement - (Actual Values): Avenue Supermarts Ltd
Fiscal Period End Date 09/30/2019 03/31/2019
Net Sales or Revenues 59,908 50,617
Cost of Goods Sold 53,622 45,974
Depreciation, Depletion & Amortization 919 659
Gross Income 5,367 3,984
Selling, General & Administrative Expenses 1,111 920
Other Operating Expenses 0 0
Operating Expenses - Total
Operating Income 4,256 3,065
Extraordinary Credit - Pretax 0 0
Extraordinary Charge - Pretax 0 0
Non-Operating Interest Income
Pretax Equity in Earnings 0 0
Other Income/Expense - Net 81 132
Earnings before Interest, Taxes, Depreciation & Amortization
5,256 3,856
(EBITDA)
Earnings before Interest & Taxes(EBIT) 4,337 3,197
Interest Capitalized
Pretax Income 4,147 3,077
Income Taxes 921 1,161
Minority Interest 5 6
Equity in Earnings 0 0
Discontinued Operations 0 0
Net Income before Extraordinary Items/Preferred Dividends 3,227 1,916
Extraordinary Items & Gain/Loss Sale of Assets 0 0
Preferred Dividend Requirements 0 0
Net Income after Preferred Dividends - available to Common 3,227 1,916
Financial Statement Analyses\Income Statement - Interim - Common Size
Interim Income Statement - (Common Size): Avenue Supermarts Ltd
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Indian Rupees.
Fiscal Period End Date 09/30/2019 03/31/2019
Net Sales or Revenues 59,907.8 50,616.5
Cost of Goods Sold 89.5% 90.8%
Depreciation, Depletion & Amortization 1.5% 1.3%
Gross Income 9.0% 7.9%
Selling, General & Administrative Expenses 1.9% 1.8%
Other Operating Expenses 0.0% 0.0%
Operating Expenses - Total
Operating Income 7.1% 6.1%
Extraordinary Credit - Pretax 0.0% 0.0%
Extraordinary Charge - Pretax 0.0% 0.0%
Non-Operating Interest Income
Pretax Equity in Earnings 0.0% 0.0%
Other Income/Expense - Net 0.1% 0.3%
Earnings before Interest, Taxes, Depreciation & Amortization
8.8% 7.6%
(EBITDA)
Earnings before Interest & Taxes(EBIT) 7.2% 6.3%
Interest Capitalized
Pretax Income 6.9% 6.1%
Income Taxes 1.5% 2.3%
Minority Interest 0.0% 0.0%
Equity in Earnings 0.0% 0.0%
Discontinued Operations 0.0% 0.0%
Net Income before Extraordinary Items/Preferred Dividends 5.4% 3.8%
Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0%
Preferred Dividend Requirements 0.0% 0.0%
Net Income after Preferred Dividends - available to Common 5.4% 3.8%
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Avenue Supermarts Ltd
Currency figures are in millions of Indian Rupees.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2019 2018 2017 2016 2015
Total Capital 57,136.8 49,157.0 48,228.5 24,265.2 19,130.2
Percent of Total Capital
Short Term Debt 10.1% 3.9% 10.7% 11.8% 10.0%
Long Term Debt 3.2% 6.8% 22.9% 38.6% 37.6%
Other Liabilities 0.0% 0.0% 0.7% 0.8%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings 54.1% 43.7% 26.6% 36.9% 31.4%
Common Equity 96.7% 93.2% 77.1% 61.4% 62.4%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes
Short Term Debt 3,813.1 -3,231.0 2,311.9 944.8 64.2
Long Term Debt -1,476.3 -7,726.9 1,688.6 2,173.3 2,626.2
Other Liabilities 0.0 0.9 36.4
Total Liabilities 4,116.5 -10,398.1 4,969.4 4,471.2 3,091.8
Minority Interest -0.9 5.0 0.5 0.5 0.4
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Retained Earnings 9,457.0 8,650.4 3,868.2 2,961.2 2,051.5
Common Equity 9,456.9 8,650.4 22,274.3 2,961.2 2,379.4
Total Capital 7,979.8 928.5 23,963.3 5,135.0 5,006.0
Year to Year Percent Changes
Short Term Debt 197.3% -62.6% 81.1% 49.5% 3.5%
Long Term Debt -44.3% -69.9% 18.0% 30.2% 57.5%
Other Liabilities 0.6% 0.5% 29.3%
Total Liabilities 38.6% -49.4% 30.9% 38.5% 36.3%
Minority Interest -13.2% 344.2% 45.3% 85.2% 440.0%
Preferred Stock
Retained Earnings 44.0% 67.4% 43.2% 49.3% 51.9%
Common Equity 20.6% 23.3% 149.5% 24.8% 24.9%
Total Capital 16.2% 1.9% 98.8% 26.8% 35.4%
Total Liabilities & Common
Equity
Total Liabilities 14,771.4 10,654.9 21,053.0 16,083.7 11,612.5
Net Change in Liabilities as
27.9% -97.6% 23.6% 27.8% 26.6%
% of Total Liabilities
Common Equity 55,278.0 45,821.1 37,170.7 14,896.3 11,935.1
Net Change in Common Equity as
17.1% 18.9% 59.9% 19.9% 19.9%
% of Common Equity
Cash Flow
Operating Activities 7,921.9 6,834.2 3,387.2 3,661.1 1,604.4
Financing Activities 2,599.8 -10,790.6 21,455.9 2,892.1 2,960.3
Investing Activities 9,947.2 -4,301.3 24,853.8 6,583.4 4,738.8
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Avenue Supermarts Ltd
Currency amounts are in millions of Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Current Assets 20,825.8 19,722.0 29,786.1 7,898.6 6,336.9
Current Assets Turnover -
9.6 7.6 4.0 10.9 10.2
Sales / Current Assets
Current Assets / Working
2.4 1.5 4.5 2.7
Capital
Cash & Short Term
Investments + Restricted 2,446.9 6,361.0 19,038.1 378.5 395.4
Cash
Cash & Short Term
Investments + Restricted 11.7% 32.3% 63.9% 4.8% 6.2%
Cash % Current Assets
Cash Asset Ratio: Cash &
Short Term Investments % 19.2% 91.6% 199.3% 6.0% 9.8%
Current Liabilities
Net Receivables 1,204.9 1,110.3 951.6 739.5 509.0
Net Receivables % Total
5.8% 5.6% 3.2% 9.4% 8.0%
Current Assets
Net Receivable Turnover 166.0 135.4 125.0 116.1 126.5
Net Receivable Ratio:
2 3 2 3 3
Collection in Days
Inventories 16,917.6 12,077.9 9,873.7 6,716.9 5,396.1
Inventories % Current Assets 81.2% 61.2% 33.1% 85.0% 85.2%
Inventory Turnover -
Inventory / Cost of Goods 12 12 12 12 12
Sold
Inventory Period Ratio -
31 31 30 30 31
Number of Days
Accounts Payable 4,632.7 3,173.0 2,606.6 8.0 1.9
Accounts Payable Turnover:
Cost of Goods Sold / 37.0 40.2 39.1 9,089.3 29,187.2
Accounts Payable
Accounts Payable Ratio -
10 9 9 0 0
Number of Days
Length of Operating &
Conversion Cycles
Length of Operating Cycle in
33 34 32 33 33
Days
Length of Cash Conversion
4 5 5 15 15
Cycle in Days
Liquidity Measures
Current Ratio 1.70 2.88 1.28 1.60
Quick Ratio 0.29 1.08 0.18 0.23
Acid Test Ratio 0.3 1.1 2.1 0.2 0.2
Absolute Liquidity Ratio 0.2 0.9 2.0 0.1 0.1
2.4 1.5 4.5 2.7
Capital
Tangible Book Value %
98.0% 97.7% 99.8% 99.7% 99.7%
Regular Book Value
Total Asset Turnover 2.9 2.7 2.0 2.8 2.7
Shareholders' Common
96.7% 93.2% 77.1% 61.4% 62.4%
Equity % Total Capital
Enterprise Value 923,339.5 825,772.4 734,599.5
Enterprise Value % Yield
1.8% 1.7% 1.4%
[EBDITA / Enterprise Value]
Adjusted Earnings % Yield
1.6% 1.5% 1.2%
[EBIT / Enterprise Value]
Enterprise Value / Revenues
4.6 5.5 6.2
Ratio
Enterprise Value / Assets
13.2 14.6 12.6
Ratio
Gross Property, Plant &
3.8 3.9 4.1 3.4 3.4
Equipment Turnover
Net Property, Plant &
4.3 4.4 4.4 4.0 4.0
Equipment Turnover
Amortization % Gross 11.1% 10.1% 7.6% 15.2% 15.4%
Property, Plant & Equip.
Amortization % Net Property, 12.5% 11.2% 8.2% 17.9% 18.3%
Plant & Equipment
Capital Expenditure % Gross
27.1% 24.0% 22.1% 25.3% 24.9%
Fixed Assets
Financial Ratio Analyses\Analytical Ratios
Analytical Ratios: Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
Fiscal Year End
03/31/2019 03/31/2018 03/31/2017 03/31/2016 03/31/2015
Date
Current Assets
Turnover: [Sales / 9.6 7.6 4.0 10.9 10.2
Current Assets]
Current Assets %
29.7% 34.9% 51.2% 25.5% 26.9%
Total Assets
Cash & Short Term
Investments +
3.5% 11.3% 32.7% 1.2% 1.7%
Restricted Cash %
Total Assets
Increase/Decrease
in Cash & Cash 574.5 344.8 -10.7 -30.2 -174.1
Equivalents
Accounts
Receivable 166.0 135.4 125.0 116.1 126.5
Turnover
Accounts
Receivable % Total 15.9% 21.1% 5.9% 6.1% 5.6%
Debt
Accounts Payable
Turnover: [Cost of
37.0 40.2 39.1 9,089.3 29,187.2
Goods Sold /
Accounts Payable]
Current
Liabilities /
1.4 0.5 3.5 1.7
Working Capital
Ratio
Working Capital
Turnover Ratio:
23.4 11.7 49.2 27.0
[Net Sales /
Working Capital]
Current Assets /
0.3 0.3 0.5 0.3 0.3
Total Assets Ratio
Working Capital
Ratio: [Current
1.7 2.9 3.1 1.3 1.6
Assets / Current
Liabilities]
Working Capital per
Employee (in Indian 1,109,373.8 2,104,075.2
Rupees)
Total Liabilities /
0.2 0.2 0.4 0.5 0.5
Total Assets Ratio
Current Assets /
Working Capital 2.4 1.5 4.5 2.7
Ratio
Total Long Term
Receivables &
1.6% 1.8% 1.8% 3.6% 3.5%
Investments %
Total Assets
Long Term
Receivables % 1.3% 1.5% 0.9% 2.8% 2.9%
Total Assets
Investment in
Associate
0.0% 0.0% 0.4% 0.4% 0.0%
Companies % Total
Assets
Other
Investments % Total 0.3% 0.3% 0.5% 0.5% 0.6%
Assets
Tangible Book
Value % Regular 98.0% 97.7% 99.8% 99.7% 99.7%
Book Value
Tangible Equity %
77.4% 79.2% 63.7% 47.9% 50.5%
Total Assets
Total Asset
2.9 2.7 2.8 2.7
Turnover
Total Assets per
Employee (in Indian 9,082,717.5 9,239,715.4 11,484,244.0
Rupees)
Free Asset Ratio:
[Total Assets - Total 78.9% 81.1% 63.8% 48.1% 50.7%
Liabilities] % Assets
Total Borrowing %
10.8% 9.3% 27.9% 39.4% 38.7%
Total Assets
Enterprise Value
% Yield: [EBDITA / 1.8% 1.7% 1.4%
Enterprise Value]
Adjusted Earnings
% Yield: [EBIT / 1.6% 1.5% 1.2%
Enterprise Value]
Enterprise Value /
4.6 5.5 6.2
Sales Ratio
Enterprise Value /
13.2 14.6 12.6
Assets Ratio
Enterprise Value
per Employee (in 119,712,107.8 135,084,635.3 144,891,421.8
Indian Rupees)
Gross Property,
Plant & Equipment
74.7% 67.4% 50.1% 82.6% 81.5%
(PP&E) % Total
Assets
Accumulated
Depreciation,
Depletion & 8.3% 6.8% 3.8% 12.6% 12.6%
Amortization %
Total Assets
Net Property, Plant
& Equipment 46,508.7 34,231.0 26,968.3 21,708.6 16,222.1
(PP&E)
Net Property, Plant
& Equipment
66.4% 60.6% 46.3% 70.1% 68.9%
(PP&E) % Total
Assets
Net Property, Plant
& Equipment
4.3 4.4 4.4 4.0 4.0
Turnover: [Net
Sales / Net PP&E]
Capital
Expenditures % 7.1% 6.1% 5.4% 7.5% 7.4%
Total Sales
Capital
Expenditures % 27.1% 24.0% 22.1% 25.3% 24.9%
Gross Fixed Assets
Funds from
Operations % 6.0% 5.7% 5.1% 5.1% 4.9%
Total Sales
Funds from
Operations % Total 17.1% 15.3% 10.4% 14.0% 13.3%
Assets
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
Net Sales 200,045.2 150,332.0 118,977.0 85,881.2 64,394.3
Cash & Cash Equivalents 1.2% 4.2% 15.9% 0.4% 0.6%
Short-Term Investments 0.5% 3.7% 15.5% 0.0% 0.0%
Accounts Receivable 0.6% 0.7% 0.8% 0.9% 0.8%
Inventories 8.5% 8.0% 8.3% 7.8% 8.4%
Total Long Term Receivables &
0.6% 0.7% 0.9% 1.3% 1.3%
Investments
Long Term Receivables 0.5% 0.6% 0.5% 1.0% 1.0%
Investments in Associated
0.0% 0.0% 0.2% 0.1% 0.0%
Companies
Other Investments 0.1% 0.1% 0.2% 0.2% 0.2%
Property, Plant & Equipment -
26.2% 25.3% 24.5% 29.8% 29.8%
Gross
Accumulated Depreciation 2.9% 2.6% 1.9% 4.5% 4.6%
Property Plant & Equipment - Net 23.2% 22.8% 22.7% 25.3% 25.2%
Other Assets 0.8% 1.0% 0.4% 0.3% 0.3%
Total Assets 35.0% 37.6% 48.9% 36.1% 36.6%
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Avenue Supermarts Ltd
Values per Employee are in Indian Rupees.
Fiscal Year 2019 2018 2017
Fiscal Year End Date 3/31/2019 3/31/2018 3/31/2017
Employees 7,713 6,113 5,070
Values per Employee
Sales 25,936,108 24,592,179 23,466,855
Net Income 1,170,154 1,318,915 944,285
Cash Earnings 1,548,671 1,413,614 1,199,982
Working Capital 1,109,374 2,104,075
Total Debt 985,246 860,860 3,199,287
Total Capital 7,407,857 8,041,389 9,512,534
Total Assets 9,082,717 9,239,715 11,484,244
Year to Year % Change per Employee
Employees 26.2% 20.6%
Sales 5.5% 4.8%
Net Income -11.3% 39.7%
Cash Earnings 9.6% 17.8%
Working Capital -47.3%
Total Debt 14.4% -73.1%
Total Capital -7.9% -15.5%
Total Assets -1.7% -19.5%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
EBIT/Total Interest Expense 31.4 22.8 6.5 5.7 4.8
EBIT/Net Interest 63.4 102.1 6.8 5.8 4.8
EBIT/(Total Interest Exp + Pfd Div) 31.4 22.8 6.5 5.7 4.8
EBIT/Dividends on Common Shares
EBIT/(Dividends on Common + Pfd)
EBITDA/Total Interest Expense 35.9 25.7 7.5 6.7 5.7
EBITDA/Net Interest 72.5 114.9 7.7 6.8 5.8
EBITDA/(Total Interest Exp + Pfd
35.9 25.7 7.5 6.7 5.7
Div)
EBITDA/Dividends on Com Shares
EBITDA/(Dividends on Com + Pfd)
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
Long Term Debt % of EBIT 12.6% 26.1% 127.3% 160.8% 182.1%
Long Term Debt % of EBITDA 11.0% 23.2% 110.9% 137.5% 151.0%
Long Term Debt % of Total Assets 2.6% 5.9% 19.0% 30.2% 30.6%
Long Term Debt % of Total Capital 3.2% 6.8% 22.9% 38.6% 37.6%
Long Term Debt % of Com Equity 3.4% 7.3% 29.7% 62.9% 60.3%
Total Debt % of EBIT 51.7% 41.2% 186.7% 209.7% 230.3%
Total Debt % of EBITDA 45.2% 36.6% 162.7% 179.4% 191.0%
Total Debt % of Total Assets 10.8% 9.3% 27.9% 39.4% 38.7%
Total Debt % of Total Capital 13.3% 10.7% 33.6% 50.4% 47.6%
Total Debt % of Total Capital &
12.1% 10.3% 30.4% 45.1% 43.3%
Short Term Debt
Total Debt % of Common Equity 13.7% 11.5% 43.6% 82.0% 76.3%
Minority Interest % of EBIT 0.0% 0.1% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Com Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity % of Total Assets 78.9% 81.1% 63.8% 48.1% 50.7%
Common Equity % of Total Capital 96.7% 93.2% 77.1% 61.4% 62.4%
Total Capital % of Total Assets 81.6% 87.0% 78.3% 81.2%
Capital Expenditure % of Sales 7.1% 6.1% 5.4% 7.5% 7.4%
Fixed Assets % of Common Equity 84.1% 74.7% 72.6% 145.7% 135.9%
Working Capital % of Total Capital 15.0% 26.2% 7.2% 12.5%
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%
Funds From Operations % of Total
157.2% 164.2% 37.5% 35.6% 34.3%
Debt
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Avenue Supermarts Ltd
Fiscal Year 2019 2018 2017 2016 2015
Total Current Assets 20,825.8 19,722.0 29,786.1 7,898.6 6,336.9
Total Current Assets % of
10.4% 13.1% 25.0% 9.2% 9.8%
Net Sales
2.4 1.5 4.5 2.7
Capital
Cash & Short Term
Investments % Total Current 11.3% 31.9% 63.4% 4.7% 6.1%
Assets
Cash & Short Term
3.4% 11.1% 32.4% 1.2% 1.6%
Investments % Total Assets
Liquidity Measures
Current Ratio: Current
1.70 2.88 1.28 1.60
Assets / Current Liabilities
Quick Ratio: [Current Assets -
Inventories] / Current 0.29 1.08 0.18 0.23
Liabilities
Acid Test Ratio 0.3 1.1 2.1 0.2 0.2
Absolute Liquidity Ratio 0.2 0.9 2.0 0.1 0.1
Net Receivables Turnover:
Net Sales / Net 166.0 135.4 125.0 116.1 126.5
Receivables
Inventories % Current Assets 81.2% 61.2% 33.1% 85.0% 85.2%
Inventories Turnover: Cost of
11.83 11.62 12.08 12.07 11.96
Goods Sold / Inventories
Current Liabilities % Total
17.5% 12.1% 16.3% 19.9% 16.8%
Assets
Working Capital Turnover:
23.4 11.7 49.2 27.0
Total Sales / Working Capital
Working Capital Ratio:
Working Capital % Total 12.2% 22.8% 5.6% 10.1%
Assets
Length of Operating &
Conversion Cycles
Length of Operating Cycle in
33 34 32 33 33
Days
Length of Cash Conversion
4 5 5 15 15
Cycle in Days
Current Assets % Total
141.0% 185.1% 141.5% 49.1% 54.6%
Liabilities
Total Liabilities % Total
21.1% 18.9% 36.2% 51.9% 49.3%
Assets
Long Term Debt % Total
3.2% 6.8% 22.9% 38.6% 37.6%
Capital
Total Debt % Total Capital 13.3% 10.7% 33.6% 50.4% 47.6%
Shareholders Common
96.7% 93.2% 77.1% 61.4% 62.4%
Equity % Total Capital
Shareholders Common
78.9% 81.1% 63.8% 48.1% 50.7%
Equity % Total Assets
Capital Risk: Total Assets %
474.3% 530.1% 276.6% 192.6% 202.8%
Total Liabilities
Total Borrowing % Total
10.8% 9.3% 27.9% 39.4% 38.7%
Assets
Enterprise Value / Net Sales
4.6 5.5 6.2
Ratio
Enterprise Value / Assets
13.2 14.6 12.6
Ratio
Total Debt Coverage Ratio:
Funds From Operations % 157.2% 164.2% 37.5% 35.6% 34.3%
Total Debt
Funds From Operations %
Net Property, Plant & 25.7% 25.2% 22.6% 20.0% 19.3%
Equipment
20.9% 17.6% 12.6% 17.9% 16.3%
Total Capital
17.1% 15.3% 10.4% 14.0% 13.3%
Total Assets
Increase/Decrease in Cash
574.5 344.8 -10.7 -30.2 -174.1
& Short Term Investment
Increase/Decrease in Cash &
Short Term Investment % of 4.8% 4.0% -0.2% -0.7% -5.6%
Funds from Operations
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Avenue Supermarts Ltd
Figures are expressed as per unit of respective shares.
Figures are in Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Sales 320.54 240.88 190.64 137.61 103.18
Operating Income 22.77 19.12 13.69 9.07 6.08
Pre-tax Income 22.78 19.58 11.97 7.89 5.18
Net Income (Continuing Operations) 22.78 19.29 12.18 7.89 5.17
Net Income Before Extra Items 14.46 12.92 7.67 5.11 3.39
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary
14.46 12.92 7.67 5.11 3.39
Items
Net Income Available to Common
14.46 12.92 8.49 5.11 3.39
Shares
Fully Diluted Earnings 14.26 12.76 8.48 5.11 3.39
Common Dividends 0.00 0.00 0.00 0.00
Cash Earnings 19.14 13.85 10.79 6.97 5.01
Book Value 88.57 73.42 59.56 23.87 19.12
Retained Earnings 49.58 34.42 20.56 14.36 9.62
Assets 112.25 90.50 93.30 49.64 37.73
Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Avenue Supermarts Ltd
Currency figures are in Indian Rupees.
Fiscal Year 2019 2018 2017 2016 2015
Fiscal Year End
3/31/2019 3/31/2018 3/31/2017 3/31/2016 3/31/2015
Date
Gross Income
13.2% 14.1% 13.4% 13.8% 13.5%
Margin
Operating Income
7.1% 7.9% 7.2% 6.6% 5.9%
Margin
Pretax Income
7.1% 8.1% 5.7% 5.0%
Margin
EBIT Margin 7.3% 8.5% 7.3% 6.8% 6.1%
Net Income Margin 4.5% 5.4% 4.0% 3.7% 3.3%
Return on Equity -
17.9% 19.4% 18.4% 23.8% 19.7%
Total
Return on Invested
16.4% 16.1% 13.8% 15.7% 14.0%
Capital
Return on Assets 14.7% 14.7% 12.5% 13.9% 12.4%
Asset Turnover 2.9 2.7 2.8 2.7
Financial Leverage 13.7% 11.5% 43.6% 82.0% 76.3%
Interest Expense
467,700,000 560,045,000 1,329,641,000 1,015,050,000 830,710,000
on Debt
Effective Tax Rate 36.5% 34.0% 35.9% 34.9% 34.3%
Cash Flow % Sales 6.0% 5.7% 5.1% 5.1% 4.9%
Selling, General &
Administrative
4.9% 5.0% 5.0% 7.0% 7.5%
Expenses % of
Sales
Research &
Development 0.0% 0.0% 0.0%
Expense
Operating Income
Return On Total 16.2% 1.9% 98.8% 26.8% 35.4%
Capital
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Avenue Supermarts Ltd
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating BANN

Investment Acceptance Rating BANN
Total Market Value of Shares Outstanding - Three Year Average 10,185
- Current Year 16,563
Public Market Value (Excludes Closely Held) - Three Year Average 1,578
- Current Year 2,567
Trading Volume - Three Year Average 0
- Current Year 0
Turnover Rate - Three Year Average 0.0%
- Current Year 0.0%
Stock Exchange Listings
Number of Institutional Investors 0

Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding 84.5%
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Avenue Supermarts Ltd
Wright Quality Rating B ANN
Financial Strength Rating B ANN
Total Shareholders' Equity (Millions of U.S. Dollars) 883
Total Shareholders' Equity as % Total Capital 85.2%
Preferred Stock as % of Total Capital 0.0%
Long Term Debt as % of Total Capital 9.5%
Long Term Debt (Millions of Indian Rupees) 4,871
Lease Obligations (Millions of Indian Rupees) 2,121
Long Term Debt including Leases (Millions of Indian Rupees) 6,993
Total Debt as % of Total Capital 14.8%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
31.4
Dividends
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
63.4
Dividends
Quick Ratio (Cash & Receivables / Current Liabilities) 0.3
Current Ratio (Current Assets / Current Liabilities) 1.6
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Avenue Supermarts Ltd
Wright Quality Rating BA NN
Profitability & Stability Rating BA NN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 11.2%
- Basic Trend -0.6%
Cash Earnings Return on Equity - Time-Weighted Average 25.3%
- Basic Trend -1.3%
Cash Earnings Return on Equity - Stability Index 61.3%
Return On Assets (Time-Weighted Average) 16.8%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 17.0%
Operating Income as % of Total Assets (Time-Weighted Average) 18.1%
Operating Income as % of Total Capital (Adjusted Rate) 26.0%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 17.0%
Operating Income as % of Total Assets (Time-Weighted Average) 18.1%
Operating Income as % of Total Capital (Adjusted Rate) 26.0%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Avenue Supermarts Ltd
Figures are expressed on a Per Share Basis.
Wright Quality Rating BAN N

Growth Rating BAN N
Normal Earnings Growth 20.0%
Cash Earnings Growth 25.0%
Cash Earnings Stability Index 92.9%
Earned Equity Growth 0.0%
Dividend Growth 0.0%
Operating Income Growth 25.0%
Assets Growth 25.0%
Sales/Revenues Growth 25.0%
Industry OverviewIndustry Overview\Wright Industry Averages - Overview
Wright Industry Averages Reports
Introduction
The following pages are comprised of seven reports which contain averages for the companies in the Food &
Drug Retailing (Global) sector. The primary source of the data contained in these reports is the Worldscope®
Database. The “averages” reports are compiled from the fundamental data compiled on the companies which
make up this industry.
Industry Averages - Report Types
Sales Analysis
Income Statement
Balance Sheet
Sources of Capital
Leverage Analysis Ratios
Per Share Data Ratios
Profitability Analysis Ratios
The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year
in January are grouped with the prior year’s reports. The values for 2012 for example are contributed by
those companies that ended their fiscal year after 31 January 2012 and prior to 1 February 2013. The values
shown for all reports are presented in U.S. dollars.
Data Compilation Steps
All companies in the industry with more than $1 million (U.S.) in net sales were included. Currency items in
the financial statements were converted to U.S. dollars using an average exchange rate for each fiscal year. A
sum (aggregate value) was computed for all financial statement items by totaling the values reported by each
company in the industry sector. Industry Average report values were computed by dividing the aggregate
value by the number of companies reporting.
Per share ratios were computed by using in the numerator a specific value that represents the aggregate sum
for all companies in the industry divided by the aggregate value of the average number of appropriate
common shares for each company.
Most companies in the industry reported Operating Income along with the major components that go into the
calculation of Operating Income. For the minority of companies that did not report all underlying cost
components those components were derived, where possible, utilizing the reported items. For example, if
Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported
items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then
included in the calculation of the industry average.
Industry Financial Statement AnalysesIndustry Financial Statement Analyses\Summary Analysis
Summary Analysis: Food & Drug Retailing Industry Averages (Global)
Figures are expressed on a Per Share Basis in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Market Prices
High 4.95 4.89 4.66 5.24 5.01 4.95
Low 3.37 3.34 3.24 3.26 3.55 3.52
Average 4.16 4.11 3.95 4.25 4.28 4.23
Last 4.05 4.30 3.97 4.09 4.54 4.50
Value Ratios
High Price / Earnings 33.5 26.8 25.2 34.5 24.2 21.5
Low Price / Earnings 22.9 18.3 17.5 21.4 17.2 15.3
Average Price / Earnings 28.2 22.5 21.3 27.9 20.7 18.4
Last Price / Earnings 27.5 23.6 21.4 26.9 22.0 19.5
Average Price / Book Value 2.4 2.4 2.4 2.6 2.3 2.2
Last Price / Book Value 2.3 2.5 2.4 2.5 2.4 2.3
Dividends / Average Price (Dividend Yield) 2.1% 2.3% 2.1% 2.5% 2.2% 2.6%
Dividends / Last Price (Dividend Yield) 2.1% 2.2% 2.0% 2.6% 2.1% 2.4%
Common Equity
Earned Equity Growth 3.7% 5.6% 6.6% 2.6% 6.0% 6.4%
Return on Equity 9.2% 12.9% 11.9% 8.4% 11.0% 12.2%
Book Value 1.74 1.69 1.65 1.64 1.86 1.96
Common Shares (in millions)
Common Shares Outstanding 764.6 735.8 707.8 678.0 664.2 634.3
Common Shares Used to Compute EPS 764.6 735.8 707.8 678.0 664.2 634.3
Common Stock Earnings
Earnings per Share 0.15 0.18 0.19 0.15 0.21 0.23
Percent Change -19.2% -1.3% 21.7% -26.5% -10.2% -16.5%
Income Tax Rate 35.0% 27.4% 31.6% 33.8% 32.9% 31.3%
Common Stock Dividends
Dividends per Share 0.09 0.09 0.08 0.11 0.09 0.11
Percent Change -6.8% 14.8% -23.0% 11.8% -13.8% 10.7%
Total Common Dividends (in millions of US$) 66.4 68.6 57.5 71.5 62.6 69.4
Dividends / Earnings (% Payout) 58.9% 51.0% 43.9% 69.3% 45.6% 47.5%
Capital Expenditure (in millions of US$) 161.1 162.6 156.3 165.4 181.9 189.6
Sales
Sales (in millions of US$) 6,922.4 6,784.9 6,317.3 6,244.7 6,615.3 6,604.0
Percent Change 2.0% 7.4% 1.2% -5.6% 0.2% -1.7%
Sales per Share 9.05 9.22 8.93 9.21 9.96 10.41
Percent Change -1.8% 3.3% -3.1% -7.5% -4.3% -7.7%
Industry Financial Statement Analyses\Sales Analysis
Sales Analysis: Food & Drug Retailing Industry Averages (Global)
Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Sales 6,922,435 6,784,855 6,317,347 6,244,697 6,615,291 6,604,007
Percent Change 2.0% 7.4% 1.2% -5.6% 0.2% -1.7%
Cost of Goods Sold 5,373,227 5,282,968 4,920,464 4,917,099 5,213,065 5,195,160
Percent of Sales 77.6% 77.9% 77.9% 78.7% 78.8% 78.7%
Earnings before Interest, Taxes,
Depreciation & Amortization 358,901 373,702 352,917 323,518 395,808 420,437
(EBITDA)
Percent of Sales 5.2% 5.5% 5.6% 5.2% 6.0% 6.4%
112,776 134,354 131,007 103,152 137,391 146,085
Dividends - available to Common
Percent of Sales 1.6% 2.0% 2.1% 1.7% 2.1% 2.2%
Employees 37,648 38,836 35,607 30,809 29,405 31,152
Sales per Employee 183,872 174,705 177,416 202,692 224,970 211,994
Net Income per Employee 2,996 3,460 3,679 3,348 4,672 4,689
Industry Financial Statement Analyses\Income Statement
Income Statement - (Actual Values): Food & Drug Retailing Industry Averages
(Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Net Sales or Revenues 6,922.4 6,784.9 6,317.3 6,244.7 6,615.3 6,604.0
Cost of Goods Sold 5,373.2 5,283.0 4,920.5 4,917.1 5,213.1 5,195.2

Depreciation, Depletion & Amortization 139.5 137.0 123.7 122.2 128.8 126.3
Other Costs -0.1 -1.1 0.3 -2.2 -3.4 -0.8
Gross Income 1,409.8 1,366.0 1,272.9 1,207.6 1,276.8 1,283.4
Selling, General & Administrative Expenses 1,080.0 1,072.0 992.6 933.5 970.5 954.6
Other Operating Expenses 83.2 63.5 57.7 55.9 46.3 58.6
Operating Expenses - Total 6,676.0 6,555.5 6,094.4 6,028.7 6,358.7 6,334.6
Operating Income 246.6 230.5 222.6 218.2 260.0 270.2
Extraordinary Credit - Pretax 8.6 7.1 6.6 8.0 5.0 6.4
Extraordinary Charge - Pretax 73.3 38.0 34.8 57.1 30.0 28.5
Non-Operating Interest Income 6.1 4.4 4.2 6.1 7.3 7.2
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0 0.0
Pretax Equity in Earnings 2.9 4.2 3.4 3.2 1.7 2.0
Other Income/Expense - Net -17.8 -29.2 -29.7 -26.0 -26.6 -38.3
Earnings before Interest, Taxes, Depreciation &
358.9 373.7 352.9 323.5 395.8 420.4
Earnings before Interest & Taxes(EBIT) 208.8 237.5 230.4 203.9 270.5 295.2
Interest Expense on Debt 43.4 42.6 40.8 43.8 47.6 49.5
Interest Capitalized 0.5 0.6 0.7 0.9 1.4 1.6
Pretax Income 166.5 196.2 191.9 162.0 224.9 248.2
Income Taxes 58.2 53.8 60.6 54.7 73.9 77.7
Minority Interest 8.1 9.9 2.8 5.5 13.8 21.0
Equity in Earnings 1.8 0.7 1.0 3.5 3.5 2.1
After Tax Other Income/Expense -0.2 -0.1 -0.2 -0.2 -0.1 -0.1
Discontinued Operations 11.4 1.5 2.3 -1.8 -3.0 -5.3
Net Income before Extraordinary Items/Preferred
112.9 134.6 131.5 103.4 137.6 146.2
Dividends
Extraordinary Items & Gain/Loss Sale of Assets 1.0 16.1 0.5 0.4 -0.5 -0.4
Preferred Dividend Requirements 0.2 0.2 0.5 0.2 0.2 0.2
Net Income after Preferred Dividends - available to
112.8 134.4 131.0 103.2 137.4 146.1
Common
Industry Financial Statement Analyses\Balance Sheet
Balance Sheet - (Actual Values): Food & Drug Retailing Industry Averages
(Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Assets
Total Assets 4,263.4 3,810.8 3,547.6 3,427.4 3,664.3 3,615.8

Cash & Short Term Investments 346.7 320.7 347.3 311.6 367.0 371.4
Cash 233.0 213.2 226.3 196.4 235.2 247.9
Short Term Investments 113.7 107.5 121.0 115.2 131.7 123.5
Receivables (Net) 380.0 344.5 309.9 309.1 324.3 313.0
Inventories -Total 558.2 537.8 499.1 506.6 538.1 521.8
Raw Materials 64.5 66.3 59.2 48.1 45.8 33.9
Work in Process 17.7 18.5 16.9 18.5 18.2 11.7
Finished Goods 508.1 471.3 460.3 464.0 505.0 490.4
Progress Payments & Other -32.1 -18.3 -37.3 -24.1 -30.9 -14.2
Prepaid Expenses 18.9 18.4 17.7 18.0 17.7 17.5
Other Current Assets 191.4 181.5 142.1 57.1 72.2 55.8
Current Assets - Total 1,486.1 1,392.6 1,307.4 1,199.0 1,314.8 1,274.6
Long Term Receivables 59.2 50.0 41.7 44.6 45.3 35.5
Investment in Associated Companies 93.0 85.2 82.4 67.7 78.5 72.6
Other Investments 155.1 106.6 90.8 105.3 108.4 113.1
Property Plant and Equipment - Gross 2,319.5 2,341.4 2,155.5 2,088.6 2,226.6 2,196.0
Accumulated Depreciation 1,054.7 1,032.2 925.3 889.1 908.2 866.5
Property Plant and Equipment – Net 1,297.8 1,309.1 1,230.1 1,210.4 1,326.1 1,334.3
Other Assets 1,162.9 857.3 786.5 798.6 788.4 776.4
Deferred Charges 24.6 24.3 22.4 21.8 24.3 20.9
Tangible Other Assets 127.6 94.4 86.5 80.1 96.1 106.5
Intangible Other Assets 1,009.9 737.2 692.5 695.0 654.6 636.6
Total Assets 4,263.4 3,810.8 3,547.6 3,427.4 3,664.3 3,615.8
Liabilities & Shareholders' Equity
Total Liabilities & Shareholders' Equity 4,263.4 3,810.8 3,547.6 3,427.4 3,664.3 3,615.8
Accounts Payable 761.3 729.9 652.3 648.7 692.4 663.6
Short Term Debt & Current Portion of Long Term
223.7 214.4 184.2 191.2 229.0 220.6
Debt
Accrued Payroll 48.0 50.5 45.0 44.4 40.7 33.2
Income Taxes Payable 23.9 24.6 24.0 20.1 26.8 27.6
Dividends Payable 2.3 0.9 1.0 1.1 1.5 0.8
Other Current Liabilities 482.9 424.0 398.4 344.9 353.9 355.7
Current Liabilities - Total 1,539.7 1,441.3 1,301.1 1,248.0 1,342.6 1,300.9
Long Term Debt 887.8 758.9 749.2 745.1 724.5 723.0
Long Term Debt Excluding Capitalized Leases 719.3 606.5 602.8 599.5 591.1 601.8
Capitalized Lease Obligations 168.4 152.5 146.4 145.6 133.4 121.1
Provision for Risks and Charges 91.8 91.5 77.0 79.7 82.1 73.0
Deferred Income 6.9 3.3 3.5 4.3 4.8 3.1
Deferred Taxes 89.3 62.8 64.4 66.7 73.2 66.5
Deferred Tax Liability in Untaxed Reserves
Other Liabilities 132.7 88.7 74.8 64.9 71.4 68.8
Total Liabilities 2,750.6 2,449.6 2,273.8 2,211.0 2,300.4 2,235.5
Non-Equity Reserves 0.5 0.4 0.2 0.1 0.1 0.2
Preferred Stock 1.9 1.9 1.8 2.4 2.4 3.1
Preferred Stock Issued for ESOP
ESOP Guarantees - Preferred Issued
Common Equity 1,332.0 1,242.5 1,165.4 1,108.7 1,233.2 1,241.3
Total Liabilities & Shareholders' Equity 4,263.4 3,810.8 3,547.6 3,427.4 3,664.3 3,615.8
Industry Financial Statement Analyses\Sources of Capital
Sources of Capital: Food & Drug Retailing Industry Averages (Global)
Currency figures are in millions of U.S. Dollars.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2018 2017 2016 2015 2014 2013
Actual Values
Total Capital 2,402.9 2,120.1 2,023.0 1,961.4 2,088.5 2,098.4

Long Term Debt 887.8 758.9 749.2 745.1 724.5 723.0
Preferred Stock 1.9 1.9 1.8 2.4 2.4 3.1
Common Equity 1,332.0 1,242.5 1,165.4 1,108.7 1,233.2 1,241.3
Percent of Total Capital
Long Term Debt 36.9% 35.8% 37.0% 38.0% 34.7% 34.5%
Minority Interest 7.4% 5.5% 5.3% 5.4% 6.1% 6.2%
Preferred Stock 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Common Equity 55.4% 58.6% 57.6% 56.5% 59.1% 59.2%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes (in millions of U.S.
Dollars)
Long Term Debt 128.8 9.7 4.1 20.6 1.6 9.6

Minority Interest 62.1 9.9 1.3 -23.1 -2.6 -90.2
Preferred Stock -0.0 0.1 -0.6 -0.0 -0.7 -2.1
Common Equity 89.5 77.1 56.7 -124.6 -8.1 52.0
Total Capital 282.8 97.1 61.5 -127.0 -9.9 -31.0
Year to Year Percent Changes
Long Term Debt 17.0% 1.3% 0.6% 2.8% 0.2% 1.3%

Minority Interest 53.4% 9.3% 1.3% -18.0% -2.0% -40.8%
Preferred Stock -2.0% 6.4% -25.2% -0.8% -22.2% -40.5%
Common Equity 7.2% 6.6% 5.1% -10.1% -0.7% 4.4%
Total Capital 13.3% 4.8% 3.1% -6.1% -0.5% -1.5%
Total Liabilities & Common Equity
Total Liabilities 2,750.6 2,449.6 2,273.8 2,211.0 2,300.4 2,235.5
Net Change in Liabilities as
10.9% 7.2% 2.8% -4.0% 2.8% -14.6%
% of Total Liabilities
Common Equity 1,332.0 1,242.5 1,165.4 1,108.7 1,233.2 1,241.3
Net Change in Common Equity as
6.7% 6.2% 4.9% -11.2% -0.7% 4.2%
% of Common Equity
Cash Flow
Operating Activities 313.4 298.4 303.1 293.0 301.6 280.4
Financing Activities 0.3 -161.6 -126.0 -79.0 -51.3 -20.2
Investing Activities 286.1 176.2 133.9 216.4 218.7 256.7
Industry Financial Ratio AnalysesIndustry Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Food & Drug Retailing Industry Averages (Global)
Fiscal Year 2018 2017 2016 2015 2014 2013
Long Term Debt % of EBIT 425.1% 319.6% 325.1% 365.5% 267.8% 244.9%
Long Term Debt % of EBITDA 247.4% 203.1% 212.3% 230.3% 183.0% 172.0%
Long Term Debt % of Total Assets 20.8% 19.9% 21.1% 21.7% 19.8% 20.0%
Long Term Debt % of Total Capital 36.9% 35.8% 37.0% 38.0% 34.7% 34.5%
Long Term Debt % of Com Equity 66.6% 61.1% 64.3% 67.2% 58.7% 58.2%
Total Debt % of EBIT 532.3% 409.9% 405.0% 459.2% 352.5% 319.6%
Total Debt % of EBITDA 309.7% 260.5% 264.5% 289.4% 240.9% 224.4%
Total Debt % of Total Assets 26.1% 25.5% 26.3% 27.3% 26.0% 26.1%
Total Debt % of Total Capital 46.3% 45.9% 46.1% 47.7% 45.7% 45.0%
Total Debt % of Total Capital & Short Term Debt 46.3% 45.9% 46.1% 47.7% 45.7% 45.0%
Total Debt % of Common Equity 83.4% 78.3% 80.1% 84.5% 77.3% 76.0%
Minority Interest % of EBIT 85.4% 49.0% 46.2% 51.6% 47.4% 44.3%
Minority Interest % of EBITDA 49.7% 31.1% 30.2% 32.5% 32.4% 31.1%
Minority Interest % of Total Assets 4.2% 3.1% 3.0% 3.1% 3.5% 3.6%
Minority Interest % of Total Capital 7.4% 5.5% 5.3% 5.4% 6.1% 6.2%
Minority Interest % of Com Equity 13.4% 9.4% 9.1% 9.5% 10.4% 10.5%
Preferred Stock % of EBIT 0.9% 0.8% 0.8% 1.2% 0.9% 1.1%
Preferred Stock % of EDITDA 0.5% 0.5% 0.5% 0.7% 0.6% 0.7%
Preferred Stock % of Total Assets 0.0% 0.1% 0.1% 0.1% 0.1% 0.1%
Preferred Stock % of Total Capital 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Preferred Stock % of Total Equity 0.1% 0.2% 0.2% 0.2% 0.2% 0.3%
Common Equity % of Total Assets 31.2% 32.6% 32.9% 32.3% 33.7% 34.3%
Common Equity % of Total Capital 55.4% 58.6% 57.6% 56.5% 59.1% 59.2%
Total Capital % of Total Assets 56.4% 55.6% 57.0% 57.2% 57.0% 58.0%
Capital Expenditure % of Sales 2.3% 2.4% 2.5% 2.6% 2.7% 2.9%
Fixed Assets % of Common Equity 97.4% 105.4% 105.6% 109.2% 107.5% 107.5%
Working Capital % of Total Capital -2.2% -2.3% 0.3% -2.5% -1.3% -1.3%
Dividend Payout 58.9% 51.0% 43.9% 69.3% 45.6% 47.5%
Funds From Operations % of Total Debt 28.3% 30.4% 30.0% 27.6% 31.2% 30.5%
Industry Financial Ratio Analyses\Per-Share Data
Per Share Data: Food & Drug Retailing Industry Averages (Global)
Figures are expressed as per unit of respective shares.
Figures are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Sales 9.05 9.22 8.93 9.21 9.96 10.41
Operating Income 0.32 0.31 0.31 0.32 0.39 0.43
Pre-tax Income 0.22 0.27 0.27 0.24 0.34 0.39
Net Income (Continuing Operations) 0.20 0.23 0.22 0.18 0.27 0.30
Net Income Before Extra Items 0.15 0.18 0.19 0.15 0.21 0.23
Extraordinary Items 0.00 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary Items 0.15 0.20 0.19 0.15 0.21 0.23
Net Income Available to Common Shares 0.15 0.18 0.19 0.15 0.21 0.23
Fully Diluted Earnings 0.15 0.18 0.18 0.15 0.21 0.23
Common Dividends 0.09 0.09 0.08 0.11 0.09 0.11
Cash Earnings 0.41 0.40 0.40 0.38 0.45 0.45
Book Value 1.74 1.69 1.65 1.64 1.86 1.96
Retained Earnings 1.23 1.32 1.25 1.24 1.35 1.37
Assets 5.58 5.18 5.01 5.05 5.52 5.70
Industry Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Food & Drug Retailing Industry Averages (Global)
Currency figures are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Gross Income Margin 20.4% 20.1% 20.1% 19.3% 19.3% 19.4%
Operating Income Margin 3.6% 3.4% 3.5% 3.5% 3.9% 4.1%
Pretax Income Margin 2.4% 2.9% 3.0% 2.6% 3.4% 3.8%
EBIT Margin 3.0% 3.5% 3.6% 3.3% 4.1% 4.5%
Net Income Margin 1.6% 2.2% 2.1% 1.7% 2.1% 2.2%
Return on Equity - Total 9.2% 12.9% 11.9% 8.4% 11.0% 12.2%
Return on Invested Capital 5.4% 7.4% 6.7% 5.0% 6.5% 6.8%
Return on Assets 3.0% 4.2% 3.8% 2.8% 3.8% 3.7%
Asset Turnover 1.6 1.8 1.8 1.8 1.8 1.8
Financial Leverage 83.4% 78.3% 80.1% 84.5% 77.3% 76.0%
Interest Expense on Debt 43,363,180 42,635,289 40,818,156 43,786,700 47,582,952 49,467,198
Effective Tax Rate 35.0% 27.4% 31.6% 33.8% 32.9% 31.3%
Cash Flow % Sales 4.5% 4.4% 4.4% 4.1% 4.5% 4.4%
Selling, General &
Administrative Expenses % 15.6% 15.8% 15.7% 14.9% 14.7% 14.5%
of Sales
Research & Development
0.1% 0.1% 0.1% 0.0% 0.0% 0.0%
Expense % of Sales
Operating Income Return
13.3% 4.8% 3.1% -6.1% -0.5% -1.5%
On Total Capital
Wright Quality Rating OverviewWright Quality Rating Overview\Explanation of Wright Quality Rating
Wright Quality Rating®

Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is
sufficient information available). The Wright Quality Rating, measures the overall investment quality
of a company.
Wright Quality Ratings are based on numerous individual measures of quality, grouped into four
principal components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3)
Profitability & Stability, and (4) Growth. The ratings are based on established principles using 5-6
years of corporate record and other investment data.
The ratings consist of three letters and a number. Each letter reflects a composite qualitative
measurement of numerous individual standards which may be summarized as follows:
A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.
The number component of the Quality Rating is also a composite measurement of the annual
corporate growth, based on earnings and modified by growth rates of equity, dividends, and sales
per common share. The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality
Rating below.)
Example:
Wright Quality Rating: BAC8
Investment Acceptance B Excellent
Financial Strength A Outstanding
Profitability & Stability C Good
Growth 8
The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.
The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
“N” (not-rated) will be applied for that particular quality criteria.
Copyright ©2000-2019. Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for
quotations by established news media. No pages in this report may be reproduced, stored in a retrieval
system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise without prior written permission. Wright Quality Rating® is a
registered trademark of The Winthrop Corporation.
Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. This report is
provided for general information only, is not to be considered investment advice, and should not be relied
upon for investment decisions. This report is provided “as is,” without warranty of any kind, express or
implied, including, but not limited to warranties of merchantability, fitness for a particular purpose or non-
infringement.

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Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Avenue Supermarts Ltd

Wright Quality Rating:BANN Key Data

Executive Managing Director Currency:

Fiscal Year Ends:

Chief Financial Officer Employees

Comparative Business Analysis: Avenue Supermarts Ltd

Recent Sales at Avenue Supermarts Ltd

2014 2015 2016 2017 2018 2019

Sales Comparisons (Most Recent Fiscal Year)

Recent Stock Performance

Summary of company valuations

SUMMARY ANALYSIS: Avenue Supermarts Ltd

Value Ratios Equity Capital Earnings Dividends

PRICE ANALYSIS: Avenue Supermarts Ltd

Jan - Mar 657.450 558.300 637.850 n/a n/a

Apr - Jun 838.800 628.300 815.100 27.8% n/a

Jul - Sep 1,218.000 808.000 1,078.450 32.3% n/a

Oct - Dec 1,288.650 1,070.700 1,181.350 9.5% n/a

Jan - Mar 1,387.000 1,060.100 1,324.800 12.1% 107.7%

Apr - Jun 1,623.000 1,326.350 1,485.400 12.1% 82.2%

Jul - Sep 1,680.000 1,340.250 1,395.950 -6.0% 29.4%

Oct - Dec 1,698.700 1,125.750 1,606.650 15.1% 36.0%

Jan - Mar 1,620.750 1,343.000 1,471.100 -8.4% 11.0%

Apr - Jun 1,529.500 1,226.000 1,397.900 -5.0% -5.9%

Jul - Sep 1,945.050 1,286.300 1,860.600 33.1% 33.3%

Oct - Dec 2,010.000 1,700.000 1,838.350 -1.2% 14.4%

1/24/2020 1,948.600 3.4% 42.7%

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Wright Quality Rating BANN

Stock Exchange Listings

Number of Institutional Investors 0

Wright Quality Rating BAN N

Industry Averages - Report Types

Data Compilation Steps

Cost of Goods Sold 5,373.2 5,283.0 4,920.5 4,917.1 5,213.1 5,195.2

Total Assets 4,263.4 3,810.8 3,547.6 3,427.4 3,664.3 3,615.8

Total Capital 2,402.9 2,120.1 2,023.0 1,961.4 2,088.5 2,098.4

Long Term Debt 128.8 9.7 4.1 20.6 1.6 9.6

Long Term Debt 17.0% 1.3% 0.6% 2.8% 0.2% 1.3%

Wright Quality Rating®

A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.

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