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FUWANG FOODS LTD-INCOME STATEMENT

2010
2011
539,554,916
709,168,568
444,958,348
530,277,616
94,596,568
178,890,952
48,455,746
61,363,400
26,323,634
38,505,534
22,132,112
22,857,866

Details
Turnover
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES
Adminstrative expenses
Selling and distribution expenses

2009
522,439,574
434,969,289
87,470,285
45,682,512
24,677,950
21,004,562

Operating income before financial


expenses
Financial expenses
Operating income

41,787,773
11,529,037
30,258,736

46,140,822
8,476,882
37,663,940

117,527,552
8,666,372
108,861,180

1,000,000

1,200,000

1,200,000

Net profit before tax and WPPF

31,258,736

38,863,940

110,061,180

Contribution to W.P. & Welfare Fund


Net Profit Before Tax
Provision For Income Tax
Net Profit After Tax

1,488,511
29,770,225
8,186,812
21,583,413

1,850,664
37,013,276
10,178,651
26,834,625

5,241,009
104,820,171
25,942,992
78,877,179

Earnings Per Share(EPS)- Basic

1.17

0.65

1.92

Details
Assets
Non-current assets
Property, plant and equipment (net of
accumulated dep.)
Capital work-in-progress
Trade marks

2009

Non-operating income

FUWANG FOODS LTD-BALANCE SHEET


2010
2011

257102135

284284230

387920056

257095135

284277230

387,913,056

7000

7000

7,000

Investment
Current assets
Inventories
Trade and other Receivables
Advances, deposits and prepayments
Cash and cash equivalents

50,000,000
222835498
60510390
57794689

258593052
63978805
59343138

471814728
100,367,939
100,067,414

83972706
20557713

109357268
25913841

173,848,641
97,530,734

Total Assets

479937633

542877282

909734784

255776901
184000000
18245470

282611526
202400000
18245470

53531431

61966056

664603705
445,280,000
18,245,470
95,679,250
105,398,985

Current liabilities
Short term bank loans and others
Trade and other payables
Liabilities for expenses
Provision for income tax

224160732
109491742
40995911
2757315
70915764

260265756
72204786
103757840
3208715
81094415

245131079
63,004,233
69,060,537
6,028,902
107,037,407

Total Equity and Liabilities

479937633

542877282

909734784

Equity and Liabilities


Shareholders' equity
Share capital
Tax holiday reserve
Capital Reserve
Retained earnings
Non- Current liabilities
Deferred Tax Liability

FUWANG FOODS LTD


Ratio Analysis
Formula

2009

2010

1. Current ratio

Current assets /
Current liabilities

0.994088019

0.993573092

2. Net working capital (NWC)

Current assets Current liabilities

-1,325,234

-1,672,704

3. Quick Ratio

(Current assets Inventories) /


Current liabilites

0.724146047

0.747752029

(Accounts receivable
+ Inventory +
Prepaids and other
4. Working capital requirement (WCR)
Current assets to sales
Accounts Payable Accruals and other
Current liabilities) /
Sales

0.303431376

0.232993255

5. Net liquid balance (NLB)

Cash + Market
Securities - Notes
payable - Current
maturities of long
term debt (CMLTD)

20557713

25913841

6. Cash flow to total debt

(Net income +
Depreciation
expense) / (Current
liabilities - Accounts
payable - Accrued
expenses) + Long
term debt

0.189610625

0.267046754

7. Cash flow from operations (CFFO)

Net income + Noncash charges +


Change in operating
current liabilities Change in current
assets

44068695

85121544

8. Cash conversion period or, Cash


cycle

(Days inventory held


+ Days sales
outstanding) - Days
payables outstanding

56.75336716

7.513851861

9. Cash turnover

365 / Cash Cycle

6.43133647

48.57694918

10. Cash conversion effeciency

Cash flow form


operations / Sales

8.44%

15.78%

11. Defensive interval

(Cash + Short-term
investments) / Daily
operating expenses

164.2546549

195.1998008

12. Days inventory held

Inventory / (Cost of
goods sold / 365)

50.7766707

52.48190967

13. Days sales outstanding

Accounts
receivables / (Sales /
365)

40.37799304

40.14465391

14. Days payables outstanding

Accounts payable /
(Cost of goods sold /
365)

34.40129658

85.11271172

15. Total asset turnover

Net sales / Total


assets

1.088557217

0.993880079

16. Total fixed asset turnover

Net sales / Total


fixed assets

2.032031255

1.897941775

Cost of goods sold /


Inventory

7.188340531

6.954777414

Total liabilities /
Total assets

46.71%

47.94%

EBIT / Interest
expense

3.624567516

5.443136049

20. Long term debt to capital

Long-term debt /
(Long-term debt +
Equity)

0.00%

0.00%

21. Gross profit margin

Gross profit / Sales

16.74%

17.53%

22. Net Profit Margin

Net Profit/ Sales

4.13%

4.97%

23. Return on Assets

Net Profit/ Total


Assets

4.50%

4.94%

17. Inventory turnover


18. Total liabilities to total assets or,
Debt ratio
19. Times interest earned

24. Return on Equity

Net Profit/ Total


Equity

8.44%

9.50%

25. Operating Profit Margin

Operating Profit/
Sales

5.79%

6.98%

Sustainable Growth Rate

m= After Tax Profit/Sales


d= Dividends Paid/After Tax Profit
D/E= Total Debt/Total Equity
A/S= Total Asset/Total Sales

Sustainable Growth Rate=


(m*(1-d)*(1+(D/E)))/((A/S)-(m*(1d)*(1+(D/E))))

Actual Growth Rate=


(Current
Sales-Old Sales)/Old Sales

2010
0.041312745
0.852506506
0.876391618
1.103382802

1.05%

2011
0.049734743
1.508498814
0.920931144
1.220063146

-3.83%

2010

2011

3.28%

31.44%

2012
0.111224866
1.129046463
0.368837966
1.715582096

-1.13%

Actual Growth Rate


2012

6.95%

INCOME STATEMENT
2012
758,459,050
577,224,631
181,234,419
67,133,875
43,353,527
23,780,348

2013
785,126,525
605,396,108
179730417
72,018,132
45,090,877
26,927,255

114100545
5,213,605
108,886,940

107712285
11,682,763
96029522
723,411

108,886,940

96752933

5,185,092
103,701,847
28,518,008
75,183,839

4607283
92145650
30,421,496
61724154

1.26

1.03

2012

2013

475165649

483426876

413,901,715
61,256,934
7,000

450,840,954
32,578,922
7000

50,000,000

50,000,000

474731242
128,761,124
116,404,833

536,967,809
141,512,216
134,991,873

219,428,454
10,136,831

241,017,808
19,445,912

TD-BALANCE SHEET

999896891

1070394685

739787545
534,336,000
18,245,470
90,895,288
96,310,787

777765306
598,456,320
18,245,470
62,604,130
98,459,386

30,915,741
260109346
66,497,124
52,787,662
5,269,145
135,555,415

261713638
53,324,095
42,218,570
7,363,409
158,807,564

999896891

1070394685

2011

2012

S LTD

is
2013

1.92474463

1.825121816

2.051737972

226,683,649

214,621,896

275,254,171

1.515298633

1.330094913

1.511024019

0.421894834

0.536004685

0.596005743

97530734

10136831

19445912

0.549125938

0.45677814

0.335169485

13,702,565

10,978,878

58,918,216

73.05288958

104.0593003

122.6220427

4.996380048

3.507615359

2.976626323

1.93%

1.45%

7.50%

580.1294894

55.11291155

98.55515108

69.08512943

81.42031323

85.319278

51.5034193

56.01853395

62.7568068

47.53565914

33.37954688

25.45404215

0.779533311

0.758537262

0.733492548

1.828130712

1.596199245

1.624085387

5.283336704

4.482910781

4.278048391

26.95%

26.01%

27.34%

13.56133247

21.88515336

9.219761199

0.00%

0.00%

3.82%

25.23%

23.90%

22.89%

11.12%

9.91%

7.86%

8.67%

7.52%

5.77%

11.87%

10.16%

7.94%

15.35%

14.36%

12.23%

Growth Rate
2013
0.099127091
0.852847113
0.351600061
1.732249175

1.15%

owth Rate
2013

3.52%

1.Current Ratio
2.5
2
1.5
1
0.5
0
2008.5 2009 2009.5 2010 2010.5 2011 2011.5 2012 2012.5 2013 2013.5

3.Quick Ratio
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2

0.4
0.2
0
2009

2010

2011

2012

5. Net liquid balance (NLB)


120000000
100000000
80000000
60000000
40000000
20000000
0
2009

2010

2011

7. Cash flow from operations (CFFO)


90000000
80000000
70000000

140

70000000

140

60000000

120

50000000

100

40000000
30000000
20000000
10000000
0
2009

2010

2011

2012

2013

9. Cash turnover
60
50
40
30
20
10
0
2009

2010

2011

2012

2013

11. Defensive interval


700

90

600

80

500

70
60

400

50

300

40

200
100

30
20
10

20
100

10

0
2009

2010

2011

2012

2013

13. Days sales outstanding


70
60
50
40
30
20
10
0
2009

2010

2011

2012

2013

15. Total asset turnover


1.2
1
0.8
0.6
0.4
0.2
0
2009

2010

2011

2012

2013

17. Inventory turnover


8
7
6
5
4
3
2
1
0
2009

2010

2011

2012

2013

19. Times interest earned


25
20
15
10
5
0
2009

2010

2011

2012

21. Gross profit margin


30.00%
25.00%

2013

25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2009

2010

2011

2012

2013

23. Return on Assets


10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2009

2010

2011

2012

2013

35.00%
30.00%
25.00%
20.00%
15.00%

SGR

10.00%

AGR

5.00%
0.00%
2010
-5.00%
-10.00%

2011

2012

2013

-10.00%

2.Net Working Capital


300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
2013.5

0
-50,000,000

2009

2010

2011

2012

4. Working capital requireme


0.7
0.6

0.6
0.5
2012

2013

0.4
0.3
0.2
0.1
0
2009

alance (NLB)

6. Cash flow to total


0.6
0.5
0.4
2012

2013

0.3
0.2
0.1
0
2009

8. Cash conversion period or, Cash cycle


140

140
120
100
80
60
40
20
0
2009

2010

2011

2012

2013

10. Cash conversion effeciency


18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2009

2010

12. Days inventory held


90
80
70
60
50
40
30
20
10

2011

2012

20
10
0
2009

2010

2011

2012

2013

14. Days payables outstanding


90
80
70
60
50
40
30
20
10
0
2009

2010

2011

2012

16. Total fixed asset turnover


2.5
2
1.5
1
0.5
0
2009

2010

2011

2012

18. Total liabilities to total assets or,


Debt ratio
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2009

2010

2011

2012

20. Long term debt to capital


4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2009

2010

2011

2012

22. Net Profit Margin


12.00%
10.00%
8.00%

8.00%
6.00%
4.00%
2.00%
0.00%
2009

2010

2011

2012

24. Return on Equity


14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2009

2010

2011

2012

25. Operating Profit Margin


18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2009

2010

2011

2012

2009

2010

2011

2012

2013

. Working capital requirement (WCR) to


sales

2010

2011

2012

2013

6. Cash flow to total debt

2010

2011

2012

2013

eciency

2013

anding

2013

nover

2013

assets or,

2013

apital

2013

2013

2013

2013

2013

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.866869
R Square
0.751461
Adjusted R Square
0.668615
Standard Error0.01745
Observations
5
ANOVA
df
Regression
Residual
Total

SS
MS
F
1 0.002762 0.002762 9.070542
3 0.000914 0.000305
4 0.003676

Coefficients
Standard Error t Stat
P-value
Intercept
-0.00255 0.027226
-0.0938 0.931179
X Variable 1 0.050427 0.016743 3.011734 0.057133

Significance F
0.057132924

Lower 95%
Upper 95%Lower 95.0%
-0.089199524 0.084092
-0.0892
-0.002858297 0.103711 -0.00286

y = -0.00255 + 0.050427x

Upper 95.0%
0.084092
0.103711

Year
2009
2010
2011
2012
2013

Current Ratio(x)
0.994088019
0.993573092
1.92474463
1.825121816
2.051737972

Net Profit Margin(Y)


0.04
0.05
0.11
0.10
0.08

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.849263
R Square
0.721248
Adjusted R Square
0.628331
Standard Error0.01848
Observations
5
ANOVA
df
Regression
Residual
Total

SS
MS
F
1 0.002651 0.002651 7.762272
3 0.001025 0.000342
4 0.003676

Coefficients
Standard Error t Stat
P-value
Intercept 0.048501 0.012874 3.767283 0.032727
X Variable 1 1.93E-10 6.92E-11 2.786085 0.068642

Significance F
0.068641999

Lower 95%
Upper 95%Lower 95.0%
Upper 95.0%
0.007529343 0.089473 0.007529 0.089473
-2.74159E-11 4.13E-10 -2.7E-11 4.13E-10

Upper 95.0%

y = 0.048501+1.93x

Year
2009
2010
2011
2012
2013

Net Working Capital(x)


-1,325,234
-1,672,704
226,683,649
214,621,896
275,254,171

Net Profit Margin(Y)


0.04
0.05
0.11
0.10
0.08

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.894348
R Square
0.799858
Adjusted R Square
0.733145
Standard Error
0.015659
Observations
5
ANOVA
df
Regression
Residual
Total

SS
MS
F
1 0.00294 0.00294 11.98939
3 0.000736 0.000245
4 0.003676

Coefficients
Standard Error t Stat
P-value
Intercept
-0.00312 0.023899 -0.13039 0.904513
X Variable 1 0.067875 0.019602 3.46257 0.040564

Significance F
0.040564393

Lower 95%
Upper 95%Lower 95.0%
Upper 95.0%
-0.079173213 0.072941 -0.07917 0.072941
0.00549112 0.130259 0.005491 0.130259

Upper 95.0%

y = -0.00312+0.067875x

Year
2009
2010
2011
2012
2013

Quick Ratio(x)
0.724146047
0.747752029
1.515298633
1.330094913
1.511024019

Net Profit Margin(Y)


0.04
0.05
0.11
0.10
0.08

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.578628
R Square
0.334811
Adjusted R Square
0.113081
Standard Error
0.028548
Observations
5
ANOVA
df
Regression
Residual
Total

SS
MS
F
1 0.001231 0.001231 1.509995
3 0.002445 0.000815
4 0.003676

Coefficients
Standard Error t Stat
P-value
Intercept 0.047413 0.026539 1.78655 0.171983
X Variable 1 0.000393 0.00032 1.228819 0.30674

Significance F
0.306739975

Lower 95%
Upper 95%Lower 95.0%
Upper 95.0%
-0.037045667 0.131872 -0.03705 0.131872
-0.000624361 0.00141 -0.00062 0.00141

Upper 95.0%

y = 0.047413+0.000393x

Year
2009
2010
2011
2012
2013

Cash conversion period(x)


56.75336716
7.513851861
73.05288958
104.0593003
122.6220427

Net Profit Margin(Y)


0.04
0.05
0.11
0.10
0.08

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.682635
R Square
0.465991
Adjusted R Square
0.287988
Standard Error
0.025579
Observations
5
ANOVA
df
Regression
Residual
Total

SS
MS
F
1 0.001713 0.001713 2.617879
3 0.001963 0.000654
4 0.003676

Coefficients
Standard Error t Stat
P-value
Intercept
-0.02901 0.065902 -0.44016 0.689607
X Variable 1 0.002093 0.001294 1.617986 0.204095

Significance F
0.204095046

Lower 95%
Upper 95%Lower 95.0%
Upper 95.0%
-0.238737983 0.180723 -0.23874 0.180723
-0.002024242 0.006211 -0.00202 0.006211

Upper 95.0%

y = -0.02901+0.002093x

Year
2009
2010
2011
2012
2013

Days sales outstanding(x)


40.37799304
40.14465391
51.5034193
56.01853395
62.7568068

Net Profit Margin(Y)


0.04
0.05
0.11
0.10
0.08

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