Finance Assignment

Growth Profitability and Financial Ratios for Automotive Holdings Group Ltd
Financials
2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenue AUD Mil 1,387 2,229 3,408 3,070 3,236 3,331 3,915 4,272 4,732
Gross Margin % 16.8 16 16.3 18 19.4 20.1 21.6 22.6 22.9
Operating Income AUD Mil 42 62 101 63 99 82 112 126 140
Operating Margin % 3 2.8 3 2 3.1 2.5 2.9 2.9 3
Net Income AUD Mil 20 30 53 24 60 31 51 67 73
Earnings Per Share AUD 0.17 0.2 0.28 0.12 0.27 0.14 0.19 0.26 0.27
Dividends AUD 0.04 0.11 0.15 0.14 0.17 0.17 0.17 0.19 0.21
Payout Ratio % 26.8 61.2 53.1 112.9 63.7 125.9 87.6 74.2 76.2
Shares Mil 122 151 191 195 226 230 261 261 271
Book Value Per Share AUD 0.9 1.6 1.67 1.59 1.67 1.73 1.74 1.83 2.18
Operating Cash Flow AUD Mil 17 -33 73 155 0 66 87 93 102
Cap Spending AUD Mil -10 -19 -17 -32 -19 -68 -42 -67 -111
Free Cash Flow AUD Mil 6 -53 56 124 -19 -2 45 26 -9
Free Cash Flow Per Share AUD 0.05 -0.35 0.29 0.63 -0.08 -0.01 0.17 0.1 -0.03
Working Capital AUD Mil 61 70 99 144 156 186 212 203 202
Key Ratios -> Profitability
Margins % of Sales 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenue 100 100 100 100 100 100 100 100 100
COGS 83.23 84.04 83.71 81.97 80.62 79.91 78.39 77.43 77.09
Gross Margin 16.77 15.96 16.29 18.03 19.38 20.09 21.61 22.57 22.91
SG&A 10.87 10.03 9.87 11.41 12.61 13.13 13.95 15.12 15.54
R&D
Other 2.87 3.16 3.46 4.57 3.71 4.49 4.79 4.51 4.41
Operating Margin 3.02 2.77 2.95 2.05 3.06 2.47 2.86 2.94 2.96
Net Int Inc & Other -0.82 -0.82 -0.67 -0.65 -0.37 -0.81 -0.78 -0.62 -0.65
EBT Margin 2.21 1.95 2.29 1.4 2.69 1.66 2.07 2.32 2.31
Profitability 2006 2007 2008 2009 2010 2011 2012 2013 2014
Tax Rate % 30.78 30.38 31.24 41.87 28.6 40.02 34.01 29.55 30.36
Net Margin % 1.46 1.35 1.56 0.79 1.86 0.94 1.29 1.56 1.54
Asset Turnover (Average) 2.8 3.09 3.52 3.21 3.32 3.1 3.11 2.87 2.83
Return on Assets % 4.08 4.18 5.49 2.52 6.19 2.9 4.02 4.48 4.35
Financial Leverage (Average) 3.93 3.24 3.11 2.64 2.73 2.5 3.08 3.31 2.72
Return on Equity % 16.01 14.43 17.43 7.23 16.63 7.55 11.2 14.33 12.93
Return on Invested Capital % 7.7 7.66 9.56 5.59 9.86 6.15 7.32 7.78 7.18
Interest Coverage 3.34 3.09 3.32 2.56 4.6 2.69 3.24 3.82 4.29
Key Ratios -> Growth
2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenue %
Year over Year 60.71 52.87 -9.91 5.38 2.95 17.51 9.12 10.78
3-Year Average 30.32 13.22 -0.76 8.43 9.7 12.41
5-Year Average 19.15 11.92 4.62 9.04
Year over Year 47.2 62.98 -37.51 57.22 -16.74 35.91 12.26 11.71
3-Year Average 14.45 16.99 -6.48 21.17 8.3 19.45
5-Year Average 14.43 12.62 4.53 17.41
Year over Year 49.35 76.3 -54.64 150.03 -48.26 62.13 31.93 9.21
3-Year Average 6.1 25.98 -16.28 28 3.44 32.69
5-Year Average 9.09 10.9 4.65 24.75
Year over Year 20.48 39 -55.4 115.32 -49.44 43.7 32.06 5
3-Year Average -9.27 10.11 -21.4 16.09 -1.37 25.84
5-Year Average -4.05 -0.61 -1.62 16.75
Key Ratios -> Cash Flow
Cash Flow Ratios 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cap Ex as a % of Sales 0.75 0.86 0.49 1.03 0.58 2.05 1.08 1.57 2.35
Free Cash Flow/Sales % 0.45 -2.36 1.65 4.02 -0.59 -0.05 1.14 0.6 -0.19
Free Cash Flow/Net Income 0.31 -1.74 1.06 5.12 -0.31 -0.05 0.88 0.39 -0.13
Key Ratios -> Financial Health
Balance Sheet Items (in %) 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cash & Short-Term Investments 8.63 3.02 3.89 7.06 7.47 9.35 5.82 6.16 5.62
Accounts Receivable 16.44 16.79 17.47 15.18 15.43 15.36 17.79 18.99 16.57
Inventory 49.63 46.71 44.89 42.07 43.79 39.54 41.78 43.7 37.98
Other Current Assets 2.73 0.59 1.04 1.02 0.94 1.47 5.93 1.16 1.52
Total Current Assets 77.43 67.1 67.29 65.33 67.64 65.73 71.31 70.02 61.69
Net PP&E 6.32 8.55 8.76 11.12 11.36 15.67 11.31 11.79 17.18
Intangibles 14.42 22.49 22.18 21.55 19.33 16.91 15.14 15.75 18.29
Other Long-Term Assets 1.83 1.85 1.77 2 1.67 1.69 2.24 2.44 2.83
Total Assets 100 100 100 100 100 100 100 100 100
Accounts Payable 9.56 6.83 8.72 10.29 7.91 6.51 6.69 7.82 6.32
Short-Term Debt 45.43 44.2 41.21 32.14 34.13 31.84 35.89 36.61 32.09
Other Short-Term Liabilities 10.02 8.66 7.39 7.27 10.43 10.82 13.57 12.73 11.86
Total Current Liabilities 65.02 59.7 57.32 49.7 52.47 49.17 56.16 57.16 50.27
Long-Term Debt 3.88 4.18 4.86 6.3 6.18 6.38 7.26 8.65 6.79
Other Long-Term Liabilities 5.63 5.29 5.7 6.1 4.66 4.39 4.11 3.98 6.19
Total Liabilities 74.53 69.16 67.88 62.1 63.32 59.93 67.53 69.79 63.25
Total Stockholders’ Equity 25.47 30.84 32.12 37.9 36.68 40.07 32.47 30.21 36.75
Total Liabilities & Equity 100 100 100 100 100 100 100 100 100
Liquidity/Financial Health 2006 2007 2008 2009 2010 2011 2012 2013 2014
Current Ratio 1.19 1.12 1.17 1.31 1.29 1.34 1.27 1.23 1.23
Quick Ratio 0.39 0.33 0.37 0.45 0.44 0.5 0.42 0.44 0.44
Financial Leverage 3.93 3.24 3.11 2.64 2.73 2.5 3.08 3.31 2.72
Debt/Equity 0.2 0.24 0.24 0.25 0.26 0.24 0.31 0.37 0.3
Key Ratios -> Efficiency Ratios
Efficiency 2006 2007 2008 2009 2010 2011 2012 2013 2014
Days Sales Outstanding 21.43 19.68 17.79 18.6 16.83 18.14 19.64 23.46 22.88
Days Inventory 77.73 67.05 56.77 60.35 58.58 61.27 61.14 70.36 68.18
Payables Period 14.97 10.92 9.67 13.13 12.31 10.58 9.91 11.99 11.78
Cash Conversion Cycle 84.19 75.82 64.89 65.82 63.09 68.83 70.87 81.83 79.28
Receivables Turnover 17.03 18.54 20.52 19.62 21.69 20.13 18.59 15.56 15.95
Inventory Turnover 4.7 5.44 6.43 6.05 6.23 5.96 5.97 5.19 5.35
Fixed Assets Turnover 44.28 39.68 40.61 32.45 29.53 22.77 23.44 24.8 19.3
Asset Turnover 2.8 3.09 3.52 3.21 3.32 3.1 3.11 2.87 2.83

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