Key Operational and Financial Data

Transcription

1 Key Operational and Financial Data Operations Summary Tons Production 217, , , , ,384 70,916 Sales 217, , , , ,129 64,912 Summary of Statement of Profit & Loss Revenue 18,904 14,076 9,634 9,492 9,259 4,342 Cost of sales 15,590 11,988 8,654 9,451 9,200 4,409 Gross profit / (Loss) 3,314 2, (68) Profit / (Loss) from operations 2,995 1, (115) 890 (224) Profit / (Loss) before taxation 1, (192) (1,488) (409) (1,115) Profit / (Loss) for the year 1,284 1,020 (155) (1,211) (347) (746) Summary of Financial Position NonCurrent 14,366 11,959 10,884 11,170 11,009 10,486 Current 6,060 6,225 4,468 4,167 5,272 3,864 Total 20,426 18,184 15,352 15,337 16,281 14,350 Equity and Liabilities Shareholders' Equity 8,491 6,700 2,655 2,811 2,535 2,252 NonCurrent Liabilities 4,934 5,078 5,355 5,628 5,504 5,100 Current Liabilities 7,001 6,406 7,342 6,898 8,242 6,998 Total Equity and Liabilities 20,426 18,184 15,352 15,337 16,281 14,350 90

2 Ratio Analysis Aisha Steel Mills Limited Profitability Ratios Profitability Ratios Formula Gross Profit Ratio () Gross Profit (Loss) / Net Sales Net Profit to Sales () Net Profit (Loss) / Net Sales Profit (Loss) Before Tax / Profit Before Tax to Sales () Net Sales EBITDA Margin to Sales () EBITDA / Net Sales Change in EBITDA / Change in Operating Leverage Ratio (Time) Net Sales (4.25) Return on Equity () Profit (Loss) After Tax / Shareholder's Equity Return on Capital Employed () EBIT / Capital Employed (0.10) (0.20) (0.30) (0.40) (0.50) Gross Profit ratio () Net Profit to Sales () Profit Before Tax to Sales () EBITDA Margin to Sales () Operating leverage ratio (Times) Return on Equity () Return on Capital employed () Liquidity Ratios Liquidity Ratios Formula Current Ratio (Times) Current / Current Liabilitie s Quick / Acid Test Ratio (Times) Liquid / Curent Liabilities Cash to Current Liabilities (Times) Cash and Bank / Curent Liabilities Cash Flow from Operations to Sales (Times) Cash Flow from Operations / Net Sales (0.04) 0.08 (0.19) (0.07) (0.49) (0.50) (1.00) Quick / Acid Test Ratio (Times) Cash to Current Liabilities (Times) Current Ratio (Times) Cash Flow from Operations to Sales (Times) 91

3 Investment / Market Ratios Investment / Market Ratios Formula Basic Earnings / (Loss) per Share (Rs. / Share) Diluted Earnings / (Loss) per Share (Rs. / Share) (N1) Earnings Attributabe to Ordinary Shareholders / Weighted Average Number of Shares Diluted Earnings Attributabe to Ordinary Shareholders / Adjusted Weighted Average Number of Shares (1.35) (4.97) (1.62) (3.15) NA NA NA NA Price Earnings Ratio (Times) Market Price / Basic Earnings or (Loss) per share (6.26) (1.62) (5.48) (3.18) Price to Book Value Ratio (Times) Market Price / Book Value per share Dividend Yield Ratio Total Annual Dividend / Market Price Dividend Payout Ratio Total Annual Dividend / Annual Income Cash Dividend per Share Cash Dividend per Share Breakup Value per Share (with Revaluation Surplus) (Rs. / Share) Breakup Value per Share (w/o Revaluation Surplus) (Rs. / Share) Equity including surplus on revaluation of fixed assets / Number of shares Equity excluding surplus on revaluation of fixed assets / Number of shares Since no dividend has been paid, therefore, dividend yield ratio, dividend payout ratio and cash dividend per share ratio are not applicable (5.00) (10.00) Basic Earnings / (Loss) per Share (Rs. / Share) Diluted Earnings / (Loss) per Share (Rs. / Share) Price to Book Value Ratio (Times) (2.00) (4.00) (6.00) (8.00) Break up Value per Share (w/o Revaluation Surplus) (Rs. / Share) Break up Value per Share (withrevaluation Surplus) (Rs. / Share) Price Earning Ratio (Times) N1 Due to losses dilution of earnings per share had antidilutive effect for financial years,, and, therefore, the same has not been disclosed and presented. 92

4 Aisha Steel Mills Limited Capital Structure Ratios Capital Structure Ratios Formula Financial Leverage Ratio (Times) Total Debt/ Total Equity Weighted Average Cost of Debt () ( N 1 ) Total Interest / Total Debt Debt to Equity Ratio () Total Long Term Debt / Equity 39:61 44:56 69:31 67:33 69:31 73:27 Interest Cover Ratio (Times) Profit from operations / FinanceCost (0.08) 0.69 (0.25) Market Value per Share (Symbol: AS L ) High (Rs. / Share) Low (Rs. / Share) Closing (Rs. / Share) Total Volume Traded (Number of Shares in millions) 1, , (1.00) Financial Leverage Ratio (Times) Weighted Average Cost of Debt () (N1) Interest Cover Ratio (Times) N1 The weighted average cost of debt has been calculated on the basis of average debt outstanding. Activity Ratios Activity Ratios Formula Total Turnover Ratio (Times) Net Sales / Total Fixed Turnover Ratio (Times) Net Sales / Total Fixed Inventory Turnover Cost of Goods Sold / Average Inventory Inventory Turnover (Days) Average Inventory / Cost of Goods Sold x Debtors Turnover Sales / Average Receivable Debtors Turnover (Days) Average Receivables / Sales x Creditors Turnover Cost of Goods Sold / Average Creditors Creditors Turnover (Days) Average Creditors / Cost of Goods Sold x Operating Cycle (Days) Days in Inventory + Days in Receivables Inventory Turnover (Days) Operating Cycle (Days) Debtors Turnover (Days) Creditors Turnover (Days) Total Turnover Ratio (Times) Fixed Turnover Ratio (Times) 93

5 DuPont Analysis Return on Equity Leverage Factor 2.41 Return on 6.29 Total 20,426 Total Equity 8,491 Turnover 0.93 times Net Profit Margin 6.79 Owners Equity 8,491 Total Liabilities 11,935 Total 20,426 Sales 18,904 Net Profit 1,284 NonCurrent Liabilities 4,934 Current Liabilities 7,001 NonCurrent 14,366 Current 6,060 Total Cost 17,620 Sales 18,904 96

6 DuPont Trend Analysis Aisha Steel Mills Limited DUPONT ANALYSIS A Noncurrent liabilities 4,934 5,078 5,355 5,628 5,504 5,100 B Current Liabilities 7,001 6,406 7,342 6,898 8,242 6,998 C = A+B Total Liabilities 11,935 11,484 12,697 12,526 13,746 12,098 D Noncurrent 14,366 11,959 10,884 11,170 11,009 10,486 E Current 6,060 6,225 4,468 4,167 5,272 3,864 F = D + E Total 20,426 18,184 15,352 15,337 16,281 14,350 G = C F Owners' Equity 8,491 6,700 2,655 2,811 2,535 2,252 H Sales 18,904 14,076 9,634 9,492 9,259 4,342 I Total Cost 17,620 13,056 9,789 10,703 9,606 5,088 J = H I Net Pro t / (Loss) 1,284 1,020 (155) (1,211) (347) (746) K = J / H Net Pro t / Loss Margin () L = H / F Turnover (Times) M = F / G Leverage Factor (Times) N = K x L Return on () O = M x N Return on Equity () Analysis The Profit margin of the Company has substantially improved since from loss of to profit of 7.25 in. In, the net profit margin has slightly decreased to 6.79, due to recognition of deferred tax income on minimum turnover tax paid by the Company and carried forward tax losses. This depicts improvement in overall operations of the Company. DUPONT GRAPH () Asset Turnover has improved gradually year by year, which shows incremental approach to growth and focus to better utilization of resources each year. Further, growth of return on assets each year also substantiates the fact that resources have been better utilized. Conclusion The overall DuPont analysis depicts improvement in performance of the Company. From year to, return on equity has increased to from loss of During the year, return on equity dipped slightly mainly due to issuance of fresh equity for expansion and slight decrease in net profit margin. 97

7 Horizontal Analysis Statement of Financial Position NonCurrent 14, , , , , ,486 7 Current 6, , , , , , Total 20, , , , , , Equity and Liabilities Shareholders' Equity 8, , , , , , NonCurrent Liabilities 4, , , , , , Current Liabilities 7, , , , , , , , , , , , Statement of Pro t & Loss Revenue 18, , , , , , Cost of sales (15,590) 30 (11,987) 39 (8,654) 8 (9,451) 3 (9,200) 109 (4,409) 100 Gross pro t / (loss) 3, , , (68) 100 Selling and distribution cost (19) 0 (19) 5 (20) 47 (38) 6 (36) 100 (18) 100 Administrative expenses (192) 2 (188) 20 (157) 27 (124) 11 (140) 11 (157) 1 Other expenses (143) 122 (65) Other Income , Pro t / (Loss) from operations 2, , (115) (224) 91 Finance cost (1,079) 14 (949) 7 1, (1,373) 6 (1,299) Pro t / (Loss) before taxation 1, (192) 87 (1,488) 264 (409) 63 (1,115) 744 Taxation (632) Pro t / (Loss) for the year 1, , (155) 87 (1,211) 249 ( 3 47) 53 (746) 766 Comments on Horizontal Analysis Statement of Financial Position NonCurrent increased as compared to due to expansion of existing production facility and revaluation of land and building. Share holders equity increased as compared to due to issuance of right shares for expansion of production facilities and profit earned by the Company. Noncurrent liabilities have decreased due to repayment of longterm loan during the year. Statement of Profit and Loss Each year revenue has depicted increasing trend and has substantially increased during. Rise in revenue has been due to higher selling prices and increased sales volume. Gross profit has increased since 2012 due to higher sales volume and increased margins. Further, the Company has also improved operational efficiencies and cost per ton have been optimized because of maximum capacity utilization. Net Profit has also increased every year due to increase in gross profit margin. Finance cost has increased in due to higher exchange losses suffered. 98

8 Vertical Analysis Aisha Steel Mills Limited Statement of Financial Position NonCurrent 14, , , , , , Current 6, , , , , , Total 20, , , , , , Equity and Liabilities Shareholders' Equity 8, , , , , , NonCurrent Liabilities 4, , , , , , Current Liabilities 7, , , , , , , , , , , , Statement of Pro t & Loss Revenue 18, , , , , , Cost of sales (15,590) 82 (11,987) 85 (8,654) 90 (9,451) 100 (9,200) 99 (4,409) 102 Gross pro t / (loss) 3, , (68) 2 Selling and distribution cost (19) 0 (19) 0 (20) 0 (38) 0 (36) 0 (18) 0 Administrative expenses (192) 1 (188) 1 (157) 2 (124) 1 (140) 2 (157) 4 Other expenses (143) 1 (65) Other Income , Pro t / (Loss) from operations 2, , (115) (224) 5 Finance cost (1,079) 6 (949) 7 (1,021) 11 (1,373) 14 (1,299) 14 (891) 21 Pro t / (Loss) before taxation 1, (192) 2 (1,488) 16 (409) 4 (1,115) 26 Taxation (632) Pro t / (Loss) for the year 1, ,020 7 (155) 2 (1,211) 13 (347) 4 (746) 17 Comments on Vertical Analysis Statement of Financial Position Total equity showed an increasing trend from to. The shareholders equity has increased due to issuance of right shares, increase in profitability of the Company and repayment of debts. The noncurrent assets depicted mix trend, during the share of noncurrent assets in total assets increased because of ongoing expansion of production facilities of the Company. Statement of Profit and Loss The gross profit margin shows increasing trend, since it has improved from loss of 2 to profit of 18 in. Higher sales volume, better operational efficiencies, better utilization of resources and effective procurement decision resulted in higher gross profit margins. Finance cost to sales ratio has decreased every year. The decline is due to repayment of longterm debts, increased profitability, decrease in KIBOR rates and improved treasury planning. Finance cost has increased in due to higher exchange losses suffered. 99

9 Graphical Representation of Aisha Steel Equity and Liabilities 2 20,500 15,500 10,500 5, , ,000 (4,000) Property plant and equipment Other NonCurrent Current Equity NonCurrent Liabilities Current Liabilities Total Income Total Expense 20,000 18,000 16,000 14, ,000 8,000 6,000 4,000 20, ,000 () Revenue Other Income Cost of sales Selling and distribution cost Administrative expenses Other expenses Finance cost Taxation 1, (500) () (1,500) 3,500 3,000 2,500 1, (500) 104

10 Aisha Steel Mills Limited Value per Share (Rupees) 3,500 3, , , (500) B reak up V alue per share M ark et V alue per share Earnings per Share (Rupees) and Liabilitiles ,000 (1. 00) 1 (2. 00) 10,000 (3. 00) (4. 00) (5. 00) (6. 00) B asic Earnings per share D iluted Earnings per share Liabilities Equity and NonCurrent Liabilities 9,000 8,000 7,000 6,000 4,000 3,000 Return on Equity 9,000 8,000 7,000 6,000 4,000 3,000 () () Equity NonCurrent Liabilities Equity Pro t a er tax 105

11 Interest Cover Ratio 3,000 2,500 1, (500) Operating Pro t Interest 2 20, ,000 () Total Net Pro t 20, ,000 () Sales Net Expenses and Taxes G ross Pro t Net Pro t Other Income 106