Examples = + = + = = = =

Size: px

Start display at page:

Download "Examples = + = + = = = ="

Aileen Horton
5 years ago
Views:

1 Examples = + = + = = = =

6 Calculation of ratios an example Formula Year 1 Year 2 Year 3 Year 4 Year 5 Comments Adjusted Profit/Loss for the Period excl. Minorities Adjusted Profit/Loss for the Period excl. Minorities Non-recurring Items After Tax NOPLAT EBITA Taxes on EBITA Total Income Tax TC x (Net Interest Net Non-operating Income) (11.22) (10.54) (9.52) (8.84) (6.12) Net Working Capital (NWC) (DKKm) Inventories Inventories Trade Receivables Trade and Other Receivables Other Receivables, Prepayment and Accrued Income Other Operating Current Assets Trade Payables Trade and Other Payables Other payables, Accrued Expenses and Deferred Other Operating Current Liabilities Income Net Working Capital (NWC) Net Working Capital Net Interest-bearing Debt Interest-bearing Liabilities Interest-bearing Liabilities Interest-bearing Assets (Cash) Interest-bearing Assets (Cash) Net Interest-bearing Debt Net Interest-bearing Debt Invested Capital excl. Goodwill (DKKm) NWC NWC Non-current Tangible Assets Non-current Tangible Assets Non-current Intangible Assets excl. Goodwill Non-current Intangible Assets excl. Goodwill Other Provisions Provisions Other Operating Non-current Liabilities Operating Non-current Liabilities Invested Capital excl. Goodwill Invested Capital excl. Goodwill

7 Invested Capital incl. Goodwill (DKKm) Invested Capital excl. Goodwill Invested Capital excl. Goodwill Recognised Goodwill Recognised Goodwill Accumulated Amortisations Accumulated Amortisations Invested Capital incl. Goodwill Invested Capital incl. Goodwill Net Asset Value (NAV) (DKKm) Book value of equity Book value of equity Net Surplus Values in Assets and Liabilities Net Surplus Values in Assets and Liabilities Net Asset Value Net Asset Value Cash Earnings CE (DKKm) Profit/Loss for the Period excl. Minorities Profit/Loss for the Period Depreciation, Amortisation, Write-downs Depreciation, Amortisation, Write-downs Revaluations Revaluations Share in Associates Share in associates Minorities Share of Depreciation, Amortisation, Minorities Share of Depri., Amort., WD s. Write-downs Expensed Share-based Payments Expensed Share-based Payments Cash Earnings Cash Earnings Cash Flow From Operations CFFO (DKKm) NOPLAT Change in Net Working Capital Change in Provisions Depreciation and Impairment of PEE Free Cash Flow to Firm FCFF (DKKm) (132) 80 CFFO Capex Free Cash Flow to Equity FCFE (DKKm) 22 6 (149) 68 FCFF Net Financials Share of Profit or Loss in Associates After Tax Tax on Net Financials Share Price (Price) (DKK) Latest share price or the share price on a specific day multiplied by the Accumulated Dilution Adjustment Factor

8 Market Capitalisation (Market Cap) (DKKm) Number of Shares x Share Price Enterprise Value (EV) (DKKm) Market Cap Market Cap Net Interest-bearing Debt Net Interest-bearing Debt Market Value of Minorities Market Value of Minorities Market Value of Share of Associates Market Value of Share of Associates Market Value of Other Non-operating Assets Market Value of Other Non-operating Assets Enterprise Value Enterprise Value Number of Full-time Employees From additional information Return on Invested Capital excl. Goodwill (ROIC excl. GW) (%) Return on Invested Capital incl. Goodwill (ROIC incl. GW) (%) After-Tax Return on Invested Capital excl. Goodwill (ROIC excl. GW) (%) After-Tax Return on Invested Capital incl. Goodwill (ROIC incl. GW) (%) 21.7% 20.7% 21.1% 19.8% EBITA Average Invested Capital excl. GW 18.1% 17.7% 17.9% 16.5% EBITA Average Invested Capital incl. GW 14.4% 15.2% 14.3% 13.6% NOPLAT Average Invested Capital excl. GW 12.0% 13.0% 12.2% 11.3% NOPLAT Average Invested Capital incl. GW Return on Equity (ROE) (%) 14.7% 9.8% 15.4% 14.9% Profit for the Period excl. Minorities Average Equity excl. Minorities Assets (X) Invested Capital excl. Goodwill (X) Invested Capital incl. Goodwill (X) Average Total Assets Average Invested Capital excl. Goodwill Average Invested Capital incl. Goodwill Gross Margin 25.0% 25.4% 25.0% 26.0% 26.5% Gross Profit/Loss EBITDA Margin 17.4% 19.5% 18.5% 18.3% 18.7% EBITDA

9 EBITA Margin 13.1% 15.2% 14.2% 13.8% 14.3% EBITA EBIT Margin 12.9% 15.0% 11.5% 13.6% 14.0% EBIT NOPLAT Margin 9% 10% 10% 9% 10% NOPLAT Pre-Tax Margin 8.1% 10.7% 8.0% 11.0% 12.3% EBT Net Margin 4.7% 5.7% 4.0% 6.4% 7.4% Profit/Loss for the Period EBITDA-to-Gross Profit/Loss Margin 69.7% 76.6% 74.2% 70.5% 70.4% Cash Conversion Ratio 39.0% 25.9% (96.1%) 54.6% per Employee (DKKm) Full-time Workforce EBITA per Employee (DKKm) EBITA Full-time Workforce Added Value per Employee Added Value Full-time Workforce Employee Expenses 2.2% 2.2% 2.2% 2.3% Employee Expenses + Temporary Workers' Expenses Cash Flow from Operations 0% 12.9% 12.8% 8.0% 13.4% Cash Flow from Operations (CFFO) EBITDA-to-Gross Profit/Loss per Employee (DKKm) Inventory Turnover Inventory at Year-end 365 COGS Receivables Turnover (Days) Receivables at Year-end 365

10 Credit Period (Days) Trade Payables at Year-end 365 COGS Cash Conversion Cycle (Days) Inventory Turnover Days Receivables Turnover Days Credit Days NWC % 28.1% 28.4% 27.8% 28.3% 28.0% NWC at Year-end Current Ratio 102.1% 115.4% 123.3% 123.1% 132.1% Current Assets Current Liabilities Growth 5.0% 10.1% 25.0% 4.0% Year 1 Year Year 0 Capital Expenditure Depreciation 167.3% 227.2% 467.3% 130.4% Capital Expenditure Depreciation 100 Interest Cover (X) EBIT Interest Income Interest Expenses Interest Cover II (X) CFFO Net Finance Costs Financial Gearing (X) Net Interest-bearing Debt Equity incl. Minorities Equity Ratio Equity excl. Minorities 100 Total Assets Net Interest-bearing Debt EBITDA FCFE Net Interest-bearing Debt Net Interest-bearing Debt EBITDA 6.8% 1.8% (39.8%) 21.1% FCFE Net Interest-bearing Debt Number of Shares: No. of Shares in Issue End of Year (m) 1,500 3,000 3,300 3,700 3,700 Terms of share issues: No. of shares prior to issue (S p ) (m) No. of new shares issues (S n ) (m) Price per share of the new shares issued (P n ) Share price day before first trading day of rights (P)

11 Date of issue 01-Apr 01-Mar 01-Jul Number of shares prior to the share issue (d 1 ) Theoretical Share Price (P t ) Value of Subscription Rights Number of Shares incl. Dilution 1,500 3,090 3,390 3,990 3,990 S p P S n P n S p S n S n P t P n S p Average Number of Shares excl. Dilution 1,500 3,000 3,270 3,501 3,700 Dilution Adjustment Factor (f) Actual Share Price Year-end Theoretical Share Price Year-end Actual Share Price Acc. Dilution Factor Average Number of Shares incl. Dilution 3,068 3,360 3,691 3,990 Share-based Payments: Number of Options/Warrants 90, ,000 Expiration ( years) 5 3 Strike Price Adjusted (DKK) Volatility (%) Risk-free rate (%) 5 5 Share Price adjusted at the time of issue (DKK) Calculated value of stock-option programme (DKKm) Both option programmes are assumed to be exercised

12 Earnings Per Share Basic (EPS Basic) (DKK) Earnings Per Share Diluted (EPS Diluted) (DKK) Adjusted Earnings Per Share Basic (Adj. EPS Basic) (DKK) Adjusted Earnings Per Share Diluted (Adj. EPS Diluted) (DKK) Cash Earnings Per Share (CEPS) (DKK) Cash Flow Per Share (CFPS) (DKK) Book Value Per Share (BVPS) (DKK) Net Asset Value Per Share (NAVPS) (DKK) Dividend Per Share (DPS) (DKK) Dividend Payout Ratio (%) 36% 29% 41% 28% 38% Total Payout Ratio (%) 36% 29% 41% 28% 38%

13 Price Earnings Basic (P/E) (X) Price Earnings Diluted (P/E) (X) Adjusted Price Earnings Basic (Adj. P/E) (X) Adjusted Price Earnings Diluted (Adj. P/E) (X) Earnings Yield (E/P) (%) 7.3% 6.8% 6.5% 7.0% 5.6% Adjusted Earnings Yield (Adj. E/P) (%) 7.3% 6.0% 7.5% 6.7% 5.7% Price/Cash Earnings (X) Price/Cash Flow (X) Price/Book Value (P/BV) (X) Price/Net Asset Value (P/NAV) (X) Dividend Yield (%) 2.7% 2.0% 2.7% 2.0% 2.1%

14 Total Yield 2.7% 2.0% 2.7% 2.0% 2.1% Free Cash Flow Yield (%) 3.1% 0.9% (14.2%) 4.5% Enterprise Value/ (EV/) (X) Enterprise Value/EBITDA (EV/EBITDA) (X) Enterprise Value/EBITA (EV/EBITA) (X) Enterprise Value/EBIT (EV/EBIT) (X) Enterprise Value/NOPLAT (EV/NOPLAT) (X) EV FCFF EV FCFF Free Cash Flow to Firm Yield (%) 4.2% 2.6% (9.5%) 4.5%

Liabilities = shareholders' funds (group share) + Minority interests + Provisions + Financial debt/(cash).

Liabilities = shareholders' funds (group share) + Minority interests + Provisions + Financial debt/(cash). BNP Paribas Wealth Management GLOSSARY Affiliates Profit from equity-accounted companies. Annual results/interims Expected date of full-year and interim results publications. Balance sheet highlights The