Department of Management and Entrepreneurship Faculty of Management and Finance University of Ruhuna

Department of Management and Entrepreneurship
Faculty of Management and Finance
University of Ruhuna
Course Code BBA 1203

Course Title Financial Management
Course Coordinator Mr. Y.M.B.A. Manawansha
Submission Due on 31.01.2017
Type of Assignment Group Assignment
Title of the Assignment Impact of Financial Leverage on the EPS of the company
No. Name of the student Student Reg. Remarks

No.
1 K.P Supun MF/2012/3263
2 P.K.S. Maduranga MF/2012/3309
3 U.M.D. Asela MF/2012/3328
4 L.N.Sanjana MF/2012/3347
5 P.L.D.Lakshani MF/2012/3359
6 S.T. Warnasinha MF/2012/3450
7 G.H.M. Sirikumara MF/2012/3444
8 G.A Sameera MF/2012/3517
9
10
Office use only :
Date Stamp
i
Acknowledgement
“Gratitude is the hardest of emotion to express and often does not find adequate ways to convey
the entire one feels”
The success and final outcome of this assignment required a lot of guidance and assistance from
many people and us extremely fortunate to have to do this all along the completion of our group
assignment. Whatever we have done is only due to such guidance and assistance and we would
not forget to thank them. We respect and thank lecturer for giving us an opportunity to do this
assignment and providing us all support and guidance which made us to complete this
assignment on time, we extremely grateful to him for providing such a nice support and
guidance.
We are really grateful because we managed to complete this assignment within the time given by
our lecture. This assignment cannot be completed without the effort and co-operation from me.
Last but not least, gratitude goes to all our group members’ and friends who directly or indirectly
helped us to complete this assignment.
Any omission in this brief acknowledgement does not mean lack of gratitude
ii
Contents
INTRODUCTION .......................................................................................................................... 1
01. What is leverage? ................................................................................................................. 1
01.1 What is financial leverage?..................................................................................................1
01.2What are the earnings per share (EPS) ratio? ....................................................................... 1
01.3 How does degree of financial leverage (DFL) affect earnings per share (EPS)? ............... 2
02. Conclusions and Recommendation ...................................................................................... 3
03. References ............................................................................................................................ 9
04. Appendices ........................................................................................................................... 9
iii
01. Executive Summary
LAUGFS HOLDINGS
LAUGFS Holdings is one of the largest diversified business conglomerates and a trusted name in Sri
Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries, establishing a strong
presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure, logistics and
the real estate sectors in Sri Lanka and beyond. With over 4,000 employees and an annual turnover
exceeding Rs.28 billion, LAUGFS continues to expand, touching the lives of millions as a trusted Sri
Lankan brand.
This Assignments based on the financial results of the Laugfs Gas PLC which is
under Power and Energy sector of the Laugfs Holdings.
LAUGFS GAS PLC
LAUGFS Gas PLC is a public quoted company listed in the Colombo Stock Exchange (CSE) and a brand
synonymous with quality and consistency. With an expansive network of over 4,000 dealers and 29
distributors working across the country, LAUGFS Gas delivers customized LPG solutions that serve
commercial, industrial and domestic requirements through a variety of downstream activities.
In this exercise we have considered the Leverage of the Company and the effect of the Earnings Per Share
on it by taking last five years Annual Reports Financial details of the company.
We are providing herewith the descriptive analysis, Ratios and conclusions about the Leverage of the
company and the effect on it to the Earnings Per Share.
iv
INTRODUCTION
02. What is leverage?
In accounting and finance, leverage refers to the use of a significant amount of debt and/or credit
to purchase an asset, operate a company, acquire another company, etc.
Generally the cost of borrowed money is much less than the cost of obtaining additional
stockholders' equity. As a result, it is usually wise for a corporation to use some debt and
leverage. Perhaps this is one of the reasons that leverage is also known as trading on equity.
Financial ratios such as debt to equity and debt to total assets are indicators of a corporation's use
of leverage. In these ratios debt is the total amount of all liabilities (current and noncurrent). This
means that a corporation's debt includes bonds payable, loans from banks, loans from others,
accounts payable, and all other amounts owed.
02.1 What is financial leverage?

Financial leverage refers to the use of debt to acquire additional assets. Financial leverage is also
known as trading on equity. Below are two examples to illustrate the use of financial leverage, or
simply leverage.
02.2 What are the earnings per share (EPS) ratio?

The earnings per share ratio, or simply earnings per share, or EPS, is a corporation's net income
after tax that is available to its common stockholders divided by the weighted average number of
shares of common stock that are outstanding during the period of the earnings.
Net income available for common stock is the corporation's net income after income taxes minus
the required dividend for the corporation's preferred stock, if it has preferred stock outstanding.
1
02.3 How does degree of financial leverage (DFL) affect earnings per share
(EPS)?
Fundamental analysis uses the degree of financial leverage (DFL) to determine the sensitivity of
a company's earnings per share (EPS) when there is a change in its earnings before interest and
taxes (EBIT). When a company has a high DFL, it generally has high interest payments. The
high level of interest payments negatively affects EPS.
Degree of Financial Leverage
The DFL determines the percentage change in a company's EPS per unit change in its EBIT. A
company's DFL is calculated by dividing a company's percentage change in EPS by the
percentage change in EBIT over a certain period. It could also be calculated by dividing a
company's EBIT by its EBIT less interest expense.
Earnings per Share
EPS is used in fundamental analysis to determine a company's profitability. EPS is calculated by

subtracting dividends paid out to shareholders from a company's net income. The resulting value
is divided by the company's average outstanding shares.
How the Degree of Financial Leverage Affects Earnings Per Share
A higher DFL ratio means that the company's EPS is more volatile. For example, assume
hypothetical company ABC has EBIT of $50 million, an interest expense of $15 million and
outstanding shares of 50 million in its first year. Company ABC's resulting EPS is 70 cents, or
($50 million - $15 million) / (50 million).
In its second year, company ABC had EBIT of $200 million, an interest expense of $25 million
and outstanding shares of 50 million. Its resulting EPS is $3.50, or ($200 million - $25 million) /
(50 million). Company ABC's resulting DFL is 1.33 (400%/300%), or (($3.5 - $0.7)/$0.7) /
(($200 million - $50 million)/$50 million). Therefore, if the company's EBIT increases or
decreases by 1%, the DFL indicates its EPS increases or decreases by 1.33%.
2
03. Conclusions and Recommendation
NOTE: PLEASE NOTE THAT THOUGH I HAVE TAKEN THE DETAILS FROM THE
LAUGFS GAS PLC I HAVE CONSIDERED HERE ONLY THE COMPANY DETAILS AND
NOT THE GROUP DETAILS.
 2013-2014 FINANCIAL HIGHLIGHTS
FINANCIAL
HIGHLIGHTS
Group Company
For the year ended 31 March 2014 2013 2014 2013
Rs.’000 Rs.’000 Change Rs.’000 Rs.’000 Change
Summary of Operations
Revenue 11,631,030 10,563,163 10% 10,660,333 9,705,180 10%
Gross Profit 2,459,988 1,726,973 42% 1,723,710 1,083,131 59%
Profit from Operations 1,527,270 1,123,395 36% 1,597,145 1,273,343 25%
Other Operating Income 279,176 226,472 23% 673,690 717,076 -6%
Earnings Before Interest, Tax,
Depreciation
and Amortization (EBITDA) 2,009,867 1,621,404 24% 1,929,196 1,622,061 19%
Finance Cost (19,724) (5,053) 290% (14,512) (4,998) 190%
Profit Before Tax 1,632,717 1,308,641 25% 1,663,620 1,395,489 19%
Income Tax Expense (323,355) (258,365) 25% (270,369) (190,960) 42%
Profit for the Year 1,309,362 1,050,276 25% 1,393,251 1,204,529 16%
Total Comprehensive Income for the
Year Net of Tax 1,291,835 1,032,360 25% 1,375,333 1,184,419 16%
Summary of Financial Position

Property, Plant and Equipment 8,769,737 6,511,466 35% 4,991,335 4,381,635 14%
Investment Properties 680,000 644,900 5% 680,000 644,900 5%
Investments in Subsidiaries - - - 2,196,302 1,281,302 71%
Other Non-Current Financial Assets 119,726 116,129 3% 99,601 116,129 -14%
Current Assets 3,441,664 3,181,979 8% 3,457,902 3,497,427 -1%
Total Assets 13,166,211 10,609,633 24% 11,434,903 9,931,392 15%
Non Current Liabilities 3,242,945 2,010,811 61% 2,240,581 2,004,794 12%
Current Liabilities 2,722,121 2,110,840 29% 2,458,319 1,992,238 23%
Total Liabilities 5,965,066 4,121,651 45% 4,698,900 3,997,032 18%
3
Shareholders’ Interest
Stated Capital 3,285,000 3,285,000 - 3,285,000 3,285,000 -
Reserves (338,325) (321,209) 5% (338,325) (321,209) 5%
Retained Earnings 4,254,470 3,524,191 21% 3,789,327 2,970,569 28%
Net Assets (Equity) 7,201,145 6,487,982 11% 6,736,002 5,934,360 14%
Return on Equity (%) 18% 16% 12% 21% 20% 2%
Net Assets Value per Share (Rs.) 18.61 16.76 11% 17.41 15.33 14%
Leverage
Interest Cover (Times) 83.78 259.98 -68% 115.64 280.23 -59%
Financial Ratio
Gross Profit Margin 21% 16% 29% 16% 11% 45%
EBITDA Margin 17% 15% 13% 18% 17% 8%
Net Profit Margin 11% 10% 13% 13% 12% 5%
Earnings per Share (Rs.) 3.38 2.71 25% 3.60 3.11 16%
Assets Turnover (Times) 0.88 1.00 -11% 0.93 0.98 -5%
Equity to Assets (Times) 0.55 0.61 -11% 0.59 0.60 -1%
Current Ratio (Times) 1.26 1.51 -16% 1.41 1.76 -20%
Quick Ratio (Times) 1.09 1.32 -18% 1.25 1.58 -21%
LAUGFS GAS PLC | Annual Report

2014 PAGE 07
Year 2013 and 2014

Leverage
Interest cover -59%
(Interest cost / EBIT*100)
Total finance cost increment as against

the 2013 190%
(14,512-4,998/4,998)
Increment of Borrowings (Appendices

01) 372,607,489 1603%
23,249,867
4
CONCLUSION
As per the above analysis Company has increased its debts during the year and due to that reason
Finance cost also has been increased. Also it is evidenced by looking at the Interest cover figure.
It has been reduced drastically.
Normally when financial leverage increased it will effect to the EPS figure also. But here it will
resulted to reduce the increment rate of the EPS.
By taking debts company has invested in the Assets and this small decrease of EPS will increase
in future due to this investment. And it will result future earning ability of the company.
FINANCIAL
HIGHLIGHTS
Group Company
Revenue 11,521,800 11,631,030 -1% 10,225,917 10,660,333 -4%
Gross Pro!t 3,294,443 2,501,717 32% 2,268,617 1,765,439 29%
Pro!t from Operations 1,873,699 1,527,270 23% 1,876,613 1,597,145 17%
Other Operating Income 296,470 279,176 6% 643,122 673,690 -5%
Earnings Before Interest, Tax, Depreciation
and Amortization (EBITDA) 2,496,501 2,009,867 24% 2,248,645 1,929,196 17%
Finance Cost (125,701) (19,724) 537% (35,072) (14,512) 142%
Pro!t Before Tax 1,840,591 1,632,717 13% 1,904,072 1,663,620 14%
Income Tax Expense (392,530) (323,355) 21% (324,949) (270,369) 20%
Pro!t for the Year 1,448,061 1,309,362 11% 1,579,123 1,393,251 13%
Total Comprehensive Income
for the Year Net of Tax 1,442,334 1,291,835 12% 1,575,782 1,375,333 15%

Investments in Subsidiaries - - 2,796,302 2,196,302 27%
Other Non-Current Financial Assets 105,109 119,726 -12% 105,109 99,601 6%
Current Assets 3,371,250 3,441,664 -2% 3,411,838 3,457,902 -1%
Total Assets 15,423,006 13,166,211 17% 12,414,688 11,434,903 9%
Current Liabilities 2,876,835 2,722,121 6% 2,384,741 2,458,319 -3%
5
Stated Capital 3,285,000 3,285,000 - 3,285,000 3,285,000 -
Reserves (333,152) (338,325) -2% (333,152) (338,325) -2%
Return on Equity (%) 18% 18% 0% 21% 21% 0%

Leverage
Financial Ratio
Gross Pro!t Margin 29% 22% 32% 22% 17% 29%
EBITDA Margin 22% 17% 29% 22% 18% 22%
Net Pro!t Margin 13% 11% 18% 15% 13% 15%
Earnings per Share (Rs.) 3.74 3.38 11% 4.08 3.60 13%
Dividend Payout 53% 44% 21% - - -
Equity to Assets (Times) 0.51 0.55 -7% 0.61 0.59 3%
Current Ratio (Times) 1.17 1.26 -7% 1.43 1.41 1%
Quick Ratio (Times) 0.96 1.09 -12% 1.24 1.25 -1%
Annual Report 201 / LAUGFS Gas PLC PAGE 07
Year 2014 and 2015

01' Leverage
Interest cover -52%
02.' Total finance cost increment as against the 2014 142%

( 35,072-14,512/14,512 )
03.' Increment of Borrowings (Apendices 02) 104,740,278 26%
( 500,597,634-395,857,356 / 395,857,356 * 100 ) 395,857,356
CONCLUSION
Finance cost also has been increased. But by looking at the current year figures it is clear that
company has only increased 26% of debts. But interest on total loan at the Balance Sheet date is
high due to previous year loans. Also it is evidenced by looking at the Interest cover figure. It has
been reduced but it has reduced 52% current year by comparing the last year 59%.
Normally when financial leverage increased it will effect to the EPS figure also. But here it will
resulted to reduce the increment rate of the EPS but it was low than the last year EPS increment.
6
FINANCIAL
HIGHLIGHTS
Group Company
Revenue 13,299,979 11,521,800 15% 9,719,503 10,225,917 -5%
Gross Profit 3,663,443 3,294,443 11% 1,743,979 2,268,617 -23%
Profit from Operations 2,066,210 1,873,699 10% 1,419,692 1,876,613 -24%
Other Operating Income 339,623 296,470 15% 909,787 643,122 41%
Earnings Before Interest, Tax, Depreciation
and Amortization (EBITDA) 2,860,244 2,496,501 15% 1,828,525 2,248,645 -19%
Finance Cost (441,563) (125,701) 251% (293,858) (35,072) 738%
Pro!t Before Tax 1,708,884 1,840,591 -7% 1,174,556 1,904,072 -38%
Income Tax Expense (372,082) (392,530) -5% (142,588) (324,949) -56%
Pro!t for the Year 1,336,802 1,448,061 -8% 1,031,967 1,579,123 -35%
Total Comprehensive Income
for the Year Net of Tax 1,415,298 1,442,334 -2% 1,050,186 1,575,782 -33%

Investments in Subsidiaries - - 5,798,781 2,796,302 107%
Other Non-Current Financial Assets 119,293 105,109 13% 119,293 105,109 13%
Current Assets 7,657,504 3,371,250 127% 7,113,002 3,411,838 108%
Total Assets 27,313,265 15,423,006 77% 19,969,491 12,414,688 61%
Current Liabilities 6,257,916 2,876,835 118% 4,401,942 2,384,741 85%
Stated Capital 3,285,000 3,285,000 0% 3,285,000 3,285,000 0%
Available for Sale Reserve (318,968) (333,152) -4% (318,968) (333,152) -4%
Foreign Currency Translation Reserve 48,439 - 100% - - -
Return on Equity (%) 14% 18% -24% 13% 21% -37%

Leverage
Financial Ratio
Gross Profit Margin 28% 29% -4% 18% 22% -19%
EBITDA Margin 22% 22% -1% 19% 22% -14%
Net Profit Margin 10% 13% -20% 11% 15% -31%
Earnings per Share (Rs.) 3.32 3.74 -11% 2.67 4.08 -35%
Dividend Payout 60% 53% 13% - - -
Equity to Assets (Times) 0.35 0.51 -31% 0.39 0.61 -36%
Current Ratio (Times) 1.22 1.17 4% 1.62 1.43 13%
Quick Ratio (Times) 1.08 0.96 12% 1.50 1.24 21%
Annual Report 2016 / LAUGFS Gas PLC PAGE 07

7
Year 2015 and 2016
01' Leverage
Interest cover 738%
02.' Total finance cost increment as against the 2014 738%

(14,512-4,998/4,998)
03.' Increment of Borrowings (Apendices 03) 7,166,664,735 1432%

( 4,553,223,809+3,114,038,560 - 500,597,634 /500,597,634 *
100 ) 500,597,634
CONCLUSION
Finance cost also has been increased drastically and it has effect to the profitability heavily in
current year. Than the last 2 years’ time company has taken debts and invested in the Assets and
though this will led to increase finance cost heavily, the company will be getting good
profitability future years.
Interest cover which showing the huge drop current years that is showing the leverage increase
during the year and it has resulted to drop the EPS by 35% in the current year.
8
04. References
Laugfs Gas Annual Reports For The Year 2013/2014

05. Appendices
Appendices 01
LAUGFS GAS PLC | Annual Report 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Group Company
As at 31 March 2014 2013 2014 2013
Note Rs. Rs. Rs. Rs.
ASSETS
Non-Current Assets
Property, Plant and Equipment 8 8,769,737,335 6,511,466,386 4,991,335,127 4,381,634,720
Investment Properties 9 680,000,000 644,900,000 680,000,000 644,900,000
Intangible Assets 10 67,258,446 63,203,385 9,762,927 10,000,000
Prepayments 11 87,825,135 91,955,456 - -
Investments in Subsidiaries 12 - - 2,196,301,914 1,281,301,914
Other Non-Current Financial Assets 13.1 119,725,834 116,128,966 99,600,834 116,128,966
9,724,546,750 7,427,654,193 7,977,000,802 6,433,965,600
Current Assets
Inventories 15 474,378,429 388,989,528 389,855,990 356,332,823
Trade and Other Receivables 16 1,300,790,477 1,141,899,092 1,786,406,774 1,835,902,057
Prepayments 11 34,980,807 30,781,565 34,980,807 30,781,565
Rate Regulatory Assets 17 - 106,665,311 - 106,665,311
Other Current Financial Assets 13.1 3,328,430 4,236,100 3,328,430 4,236,100
Cash and Short-Term Deposits 18 1,628,185,862 1,509,406,947 1,243,329,762 1,163,509,041
3,441,664,005 3,181,978,543 3,457,901,763 3,497,426,898
Total Assets 13,166,210,755 10,609,632,736 11,434,902,565 9,931,392,498
EQUITY AND LIABILITIES

Equity
Stated Capital 19 3,285,000,260 3,285,000,260 3,285,000,260 3,285,000,260
9
Reserves 20 (338,325,183) (321,209,089) (338,325,183) (321,209,089)
Retained Earnings 4,254,470,118 3,524,190,615 3,789,327,301 2,970,569,133
Equity attributable to Equity Holders of the Parent 7,201,145,195 6,487,981,786 6,736,002,378 5,934,360,304
Non-Controlling Interests - - - -
Total Equity 7,201,145,195 6,487,981,786 6,736,002,378 5,934,360,304
Non-Current Liabilities
Interest Bearing Loans and Borrowings 13.2 994,000,000 - - -
Deferred Tax Liabilities 5.5 601,567,628 492,335,839 601,567,628 492,335,839
Deferred Income 23 408,107,846 410,070,483 408,107,846 410,070,483
Employee Benefit Liability 22 43,274,470 32,436,193 34,910,681 26,420,121
Refundable Deposits 25 1,195,994,714 1,075,968,030 1,195,994,714 1,075,968,030
3,242,944,658 2,010,810,545 2,240,580,869 2,004,794,473
Current Liabilities
Trade and Other Payables 24 2,058,125,294 1,912,606,673 1,857,481,181 1,827,194,722
Refundable Deposits 25 132,888,302 119,552,003 132,888,302 119,552,003
Income Tax Payable 77,877,293 33,426,215 72,092,479 22,241,129
Interest Bearing Loans and Borrowings 13.2 453,230,013 45,255,514 395,857,356 23,249,867
2,722,120,902 2,110,840,405 2,458,319,318 1,992,237,721
Total Equity and Liabilities 13,166,210,755 10,609,632,736 11,434,902,565 9,931,392,498
Appendices 02
Consolidated Statement of Financial Position
LAUGFS GAS PLC
Group Company
As at 31 March Note 2015 2014 2015 2014
Rs. Rs. Rs. Rs.
ASSETS
Non-Current Assets
Intangible Assets 10 63,948,925 67,258,446 7,211,302 9,762,927
Prepayments 11 83,694,819 87,825,135 - -
10
Deferred Tax Assets 6.5 15,534,089 - - -
Other Non-Current Financial Assets 13.1 105,108,862 119,725,834 105,108,862 99,600,834
12,051,755,318 9,724,546,750 9,002,849,880 7,977,000,802
Current Assets
Inventories 15 606,695,496 474,378,429 464,923,975 389,855,990
Prepayments 11 12,483,374 34,980,807 12,483,374 34,980,807
Other Current Financial Assets 13.1 4,195,450 3,328,430 4,195,450 3,328,430
Cash and Short-Term Deposits 18.1 960,148,039 1,628,185,862 494,592,151 1,243,329,762
3,371,250,449 3,441,664,005 3,411,838,024 3,457,901,763
Total Assets 15,423,005,767 13,166,210,755 12,414,687,904 11,434,902,565

Equity
Stated Capital 19 3,285,000,260 3,285,000,260 3,285,000,260 3,285,000,260
Reserves 20 (333,152,344) (338,325,183) (333,152,344) (338,325,183)
Non-Controlling Interests - - - -
Total Equity 7,881,165,446 7,201,145,195 7,551,594,629 6,736,002,378
Interest Bearing Loans and Borrowings 13.2 2,167,867,302 994,000,000 - -
Deferred Income 23 397,800,078 408,107,846 397,800,078 408,107,846
Employee Bene!t Liability 22 71,646,681 43,274,470 54,501,132 34,910,681
4,665,005,226 3,242,944,658 2,478,352,211 2,240,580,869
Current Liabilities
Deferred Income 23 5,923,060 - 5,923,060 -
Income Tax Payable 134,243,861 77,877,293 116,164,426 72,092,479
Interest Bearing Loans and Borrowings 13.2 787,632,657 453,230,013 500,597,634 395,857,356
2,876,835,095 2,722,120,902 2,384,741,064 2,458,319,318
11
Appendices 03
Statement of Financial Position
LAUGFS Gas PLC / Annual Report 2016
Group Company
As at 31 March 2016 2015 2016 2015
Note Rs. Rs. Rs. Rs.
ASSETS
Non-Current Assets
Intangible Assets 10 3,043,068,904 63,948,925 38,764,524 7,211,302
Prepayments 12 112,148,805 83,694,819 - -
Non-Current Financial Assets 17.1 119,292,929 105,108,862 119,292,929 105,108,862
Deferred Tax Assets 6.5 13,096,683 15,534,089 - -
19,655,761,552 12,051,755,318 12,856,488,625 9,002,849,880
Current Assets
Inventories 18 894,117,444 606,695,496 511,266,765 464,923,975
Prepayments 12 52,829,020 12,483,374 25,599,285 12,483,374
Income Tax Recoverable 164,067,900 - 162,678,696 -
Current Financial Assets 17.1 2,272,200 4,195,450 2,272,200 4,195,450
Cash and Short-Term Deposits 20.1 3,657,232,155 960,148,039 1,597,778,639 494,592,151
7,657,503,875 3,371,250,449 7,113,002,428 3,411,838,024
Total Assets 27,313,265,427 15,423,005,767 19,969,491,053 12,414,687,904

Equity
Stated Capital 21 3,285,000,260 3,285,000,260 3,285,000,260 3,285,000,260
Available for Sale Reserve 22 (318,968,277) (333,152,344) (318,968,277) (333,152,344)
Foreign Currency Translation Reserve 23 48,438,638 - - -
Non-Controlling Interests 1,195,843,601 - - -
Total Equity 9,605,587,625 7,881,165,446 7,829,012,501 7,551,594,629
Interest Bearing Loans and Borrowings 17.2 7,877,606,074 2,167,867,302 4,553,223,809 -
Employee Benefit Liability 25 297,681,941 71,646,681 62,790,585 54,501,132
Deferred Income 26 524,797,600 397,800,078 524,797,600 397,800,078
11,449,761,910 4,665,005,226 7,738,536,974 2,478,352,211
Current Liabilities
Interest Bearing Loans and Borrowings 17.2 3,787,190,722 787,632,657 3,114,038,560 500,597,634
12
Deferred Income 26 7,213,318 5,923,060 7,213,318 5,923,060
Income Tax Payable 426,018,572 134,243,861 - 116,164,426
6,257,915,892 2,876,835,095 4,401,941,578 2,384,741,064
13

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Department of Management and Entrepreneurship

Faculty of Management and Finance

Course Code BBA 1203

No. Name of the student Student Reg. Remarks

Office use only :

LAUGFS GAS PLC

02. What is leverage?

02.1 What is financial leverage?

02.2 What are the earnings per share (EPS) ratio?

Degree of Financial Leverage

Earnings per Share

EPS is used in fundamental analysis to determine a company's profitability. EPS is calculated by

How the Degree of Financial Leverage Affects Earnings Per Share

 2013-2014 FINANCIAL HIGHLIGHTS

Summary of Financial Position

LAUGFS GAS PLC | Annual Report

Year 2013 and 2014

Total finance cost increment as against

Increment of Borrowings (Appendices

 2014-2015 FINANCIAL HIGHLIGHTS

Summary of Financial Position

Return on Equity (%) 18% 18% 0% 21% 21% 0%

Annual Report 201 / LAUGFS Gas PLC PAGE 07

Year 2014 and 2015

02.' Total finance cost increment as against the 2014 142%

03.' Increment of Borrowings (Apendices 02) 104,740,278 26%

( 500,597,634-395,857,356 / 395,857,356 * 100 ) 395,857,356

Summary of Financial Position

Return on Equity (%) 14% 18% -24% 13% 21% -37%

Annual Report 2016 / LAUGFS Gas PLC PAGE 07

02.' Total finance cost increment as against the 2014 738%

03.' Increment of Borrowings (Apendices 03) 7,166,664,735 1432%

Laugfs Gas Annual Reports For The Year 2013/2014

LAUGFS GAS PLC | Annual Report 2014

EQUITY AND LIABILITIES

Consolidated Statement of Financial Position

LAUGFS GAS PLC

EQUITY AND LIABILITIES

EQUITY AND LIABILITIES

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