Balance sheet 2016 2017 2018 2019 (₹ In crores)

Assets
Non-current assets
Property, plant and equipment - 94.97 488.62 870.94
Capital work-in-progress - 2.41 24.31 147.9
Intangible Assets 260.93 458.81 529.94 653.67
Intangible assets under Development - 9.44 9.27 42.36
Financial assets
Investments in associate - 0 0.01 4.34
Deposits 230.73 266.99 273.49 416.19
Other Financial Asset 1.87 0.33 0.31 0.13
Other non-current assets 76.42 83.2 132.66 283.14
Total non current assets 569.95 916.15 1458.61 2418.67
Current assets
Inventories 3297.24 3735.16 4417.41 5084.97
Financial assets
(i) Trade receivables 114.87 228.06 238.35 322.47
(ii) Cash and cash equivalents 89.49 128.45 175.34 207.89
(iii) Bank balances other than above - 27.59 39.64 47.93
(iv)Deposits 1014.06 1440.42 1306.5 1540.7
(v) Other current Financial Assets 17.62 14.62 82.9 108.39
Other current assets 482.22 447.08 475.73 855.78
Total current assets 5015.5 6021.38 6735.87 8168.13

Total assets 5585.45 6937.53 8194.48 10586.8

Equity & Liabilities

Equity
Equity Share Capital 8.7 94.36 100.4 100.52
Other Equity 1865.27 2459.3 2995.87 3746.13
Total equity 1873.97 2553.66 3096.27 3846.65
Liabilities
Non Current Liabilities
Financial Liabilities
(i) Borrowings - 0.81 223.33 375.31
(ii) Other Non-Current Financial Liabilities 31.94 45.48 52.26 147.44
Provisions 134.2 144.16 118.5 58.66
Total Non-Current Liabilities 166.14 190.45 394.09 581.41
Current Liabilities
Financial Liabilities
(i) Borrowings 968.2 1077.59 1001.41 2178.67
(ii) Trade Payables 2208.5 2779.99 3424.23 2978.83
(iii) Other current financial Liabilities 167.7 180.62 83.27 127.36
Other current liabilities 194.04 149.55 191.24 865.95
Provisions 6.9 8.22 3.97 7.93
Total Current Liabilities 3545.34 4195.97 4704.12 6158.74

Total equity and Liabilities 5585.45 6940.08 8194.48 10586.8

0 2.55 0 0 (Check)
Note: There was a discrepancy in the annual reports, hence the difference.
 Income statement 2016 2017 2018 2019
Income
Revenue from Operations 6845.13 17075.09 18477.97 20332.58
Other income 18.22 23.8 11.67 23.14
Total Income 6863.35 17098.89 18489.64 20355.72
Expenses
Purchase of stock-in trade 5254.86 13212.92 14422.55 15515.9

Changes in inventories of finished goods, stock-in-trade and

work-in-progress -189.74 -378.57 -681.87 -655.39
Employee benefits expense 328.51 803.44 929.95 1090.17
Finance costs 49.75 204.23 175.38 228.12
Depreciation and amortisation expense 36.76 32.58 53.43 104.02
Other expenses 1368.12 2856.01 2975.02 3345.46
Total Expenses 6848.26 16730.61 17874.46 19628.28

Profit before exceptional items 15.09 368.28 615.18 727.44

Exceptional Item - - -603.87 -0.24
Profit before tax 15.09 368.28 11.31 727.2
Tax expense
Current tax - - - 0.01
Adjustment of tax related to earlier periods - - - -
Deferred tax charge (credit) - - - -
Total tax 0 0 0 0.01
Other Comprehensive Income -0.77 -2.69 1.96 5.85
Profit for the year 14.32 365.59 13.27 733.04

Break up of revenue if available

Revenue from Operations
Sale of Goods
Sale of Goods (on approval basis)
Cost of Goods Sold (on approval basis)

Tax
Other operating income
Total
(₹ In crores)
 Ratios 2016 2017 2018 2019

Profitability Ratios
EBITDA Margin 1.5% 3.5% 1.3% 5.2%
EBIT margin 0.9% 3.3% 1.0% 4.7%
Net Profit Margin 0.2% 2.1% 0.1% 3.6%

Stability Ratios
Interest Coverage Ratio 1.30 2.80 1.06 4.19
Debt to Equity Ratio 0.52 0.42 0.32 0.57
Long-term debt equity ratio 0.52 0.42 0.32 0.57
Cost of debt 5% 19% 18% 10%

Turnover Ratios
Inventory Turnover Ratio 2.08 4.57 4.18 4.00
Receivable Turnover Ratio 59.59 74.87 77.52 63.05
Payable turnover ratio 3.10 6.14 5.40 6.83
Asset turnover ratio 1.23 2.46 2.25 1.92
Fixed Asset Turnover Ratio - 179.79 37.82 23.35

Working Capital
Non cash Working capital (debtors+inventory-payables) 2056.94 2032.76 1994.59 4284.81

Days
Inventory days 175.82 79.84 87.26 91.28
Receivable days 6.13 4.88 4.71 5.79
Payable days 117.76 59.43 67.64 53.47
Cash conversion cycle 64.18 25.29 24.33 43.60

Working capital as a percentage of sales 0.30 0.12 0.11 0.21

Return Ratios
Return on net worth 0.01 0.14 0.00 0.19
Return on Capital Employed 0.03 0.21 0.05 0.22

Dupont Analysis
Net margin 0.00 0.02 0.00 0.04
Asset turnover ratio 1.23 2.46 2.26 1.92
Equity Multiplier 2.98 2.72 2.65 2.75

Cash From Operating Activities -284.3 197.3 600.59 -340.11

Net Cash (used in)/from Investing Activities -760.13 -468.91 -75.68 -50.27
Net Cash (used in)/from Financing Activities 1164.54 -130.47 -88.41 320.41
 Additional Information
1 Business Model

Future Retails's mission is to be the trendsetters in evolving consumer brands and delivery
formats and by making consumption affordable for all customer segments

" We focus on consumption-led businesses in India and operate, (directly and

indirectly through our subsidiaries, joint ventures and associates), retail stores in various
formats across food, fashion apparels, accessories and footwear, general merchandise, home
improvement, consumer durables and electronics. We intend to cater to various segments of
the consumer spending space in India by providing consumers with options and quality at
competitive price"

"Our retail format business is supported by various other businesses operated by our
subsidiaries,
associates and joint ventures including branded fashion, food and FMCG, insurance,
warehousing and logistics, media, textiles and online retailing."
"Our retail formats primarily comprises of, value business and home business. In our value
business, our formats include, (i) “Big Bazaar”, a hypermarket format that combines the “see –
touch – feel” of Indian bazaars with the choice and convenience of modern retail; (ii) “Food
Bazaar”, a supermarket which offers the convenience of pre-packed vegetables and fruits to
the consumers and also retains the Indian’s preference of “see – touch –
feel” created by displaying the products, FMCG and daily use products; (iii) “fbb”, an affordable
fashion destination; and (iv) “Foodhall”, a premium supermarket . In our home business, we
operate (i) “Home Town”, a one-shop destination for home improvement; and (ii) “eZone”, a
consumer durable and electronics chain. "
Source: Company RHP
 Additional Information Market Size of Product (In
Revenue Distribution (FY18-19) BUSD)
Large Format Stores 83.00% - (Source: MO Retail Report)
Small Format Stores 17.00% -
Source: Annual Report

Notes:
Large Format Stores – Big Bazaar/FBB/Hypercity
Small Format Stores Easyday, Foodhall and E-Zone, WH Smith
MO Retail Report)
 Additional Information
Store Details
Average Store Size/Total Store Size 10,655.20 sq. ft. Total Stores: 1511
Total Size: 16,100,000.00
Store Addition & Future Expansion 476 (in last fiscal, compared to 134 in FY18)
Targetting opening of 25 more Big Bazaar stores in the
Sales per sq. ft. per annum FY18-19 12,628.93
FY17-18 12,743.43 REVENUE PER SQ FEET
FY16-17 12,373.25
FY15-16 5,265.48 15,000.00 12,628.93 12,743.43 12,373.25
CAGR 24%
10,000.00
5,265.48
5,000.00
-
F Y1 8 -1 9 FY1 7 -1 8 F Y1 6 -1 7 F Y1 5 -1 6

Same Store Sales Growth FY18-19 6.80% comparable sales

FY17-18 9.90% 14.20%
FY16-17 12.00% 12.00%
9.90%
FY15-16 14.20%
6.80%

FY18-19 FY17-18 FY16-17 FY15-16

 Source: Annual Report
sq. feet
compared to 134 in FY18)
5 more Big Bazaar stores in the eastern region Source: https://www.businesstoday.in/current/corporate/future-retail-to-spend-rs-2

PER SQ FEET

43.43 12,373.25

5,265.48

7 -1 8 FY1 6 -1 7 F Y1 5 -1 6

ble sales
14.20%
12.00%

FY16-17 FY15-16
orate/future-retail-to-spend-rs-200-crore-for-expansion-of-big-bazaar-stores/story/326225.html
Additional Information
Transaction Details
Transaction Size - Footfalls
Total Footfalls FY15-16 295.0 (In million)
FY16-17 300.0 351.0
340.0
FY17-18 340.0 295.0 300.0
FY18-19 351.0 F Y1 5 -1 6 FY1 6 -1 7 FY1 7 -1 8 FY1 8 -1 9

Average Ticket Size FY15-16 -

FY16-17 1155.0
FY17-18 -
FY18-19 606.0

Shrinkage as % of Sales Shrinkage:

Sales:
s

.0 351.0

-1 8 F Y1 8 -1 9
 Additional Information
Details about Management, Promoters and Shareholders

Management Remuneration (in Rs. crore) 13.54

Management Remuneration as a % of Sales 0.07%

Promoter Holding No. of shares

233,740,436

Promoter Pledged Holding No. of shares

46,730,264

Top 5 shareholders

1
2
3
4
5

CAGR Revenue
PAT
CFO
 No. of shares % of Total Shares
233,740,436 46.56%

No. of shares % of Total Shares

46,730,264 20.0%

Name No. of shares % of Total Shares

Future Corporate Resources Private Limited 233,651,321 46.54%

PI Opportunities Fund I 23,157,143 4.61%
Bennett, Coleman and Company Limited 23,114,741 4.60%
Heritage Foods Limited 17,847,420 3.64%
L and T Mutual Fund Trustee Ltd - L and T I 7,725,017 1.54%

31% (last X years)

167% (last X years)
(last X years)