Myer 2016 Financial Analysis (Full year ended 31 July)
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Myer 2016 Financial Analysis (Full year ended 31 July)
- 1. Myer 2016 Financial Analysis • Full year results released on 15 September 2016 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul 2016 Reporting Period Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul 2016
- 3. Note: • the 2016 Financial Year contained 53 weeks • the 2015 Financial Year contained 52 weeks The Key Numbers In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 103% Current Assets 479.7 480.8 0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 103% Current Assets 479.7 480.8 0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 103% Current Assets 479.7 480.8 0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 103% Current Assets 479.7 480.8 0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 -0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 -0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 -0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 +8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 -0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 +8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 28% In $millions This Period Last Period Variance Sales 2640.2 2654.4 -1% Cost of Goods Sold 1527.6 1495.4 +2% Gross Profit 1274.3 1290.4 -1% Net Profit 60.5 29.8 +103% Current Assets 479.7 480.8 -0% Non-Current Assets 1388.2 1405.7 -1% Current Liabilities 520.6 481.4 +8% Non-Current Liabilities 239.5 542.1 -56% Owner's Equity 1107.8 863.0 +28%
- 4. The Key Numbers Operating Investing Financing Operating Investing Financing +149.5m ─58.3m ─99.4m Cash Balance This Period Operating Investing Financing Operating Investing Financing +96.9m ─62.4m Cash Balance Last Period ─54.8m ─8.1m Change in Cash Balance ─20.2m Change in Cash Balance
- 5. Analysis of the Financial Reports
- 6. Analysis of the Financial Reports Profitability Gross Profit Margin This Period Last Period Comparison 48.3% 48.6% Worse Sales $1.00 Gross Profit 48.3c COGS 51.7c Income Statement What does this mean? For every $1 the firm generates in sales: • A Gross Profit of 48.3 cents is earned • Once the Cost of Goods Sold is deducted.
- 7. Analysis of the Financial Reports Profitability Net Profit Margin This Period Last Period Comparison 2.3% 1.1% Better Income Statement $1.00 of Sales Gross Profit 48.3c COGS 51.7c Net Profit 2.3c Other Expenses 46.0c What does this mean? For every $1 the firm generates in sales an overall Net Profit of 2.3 cents is earned.
- 8. Analysis of the Financial Reports This Period Sales $1.00 Gross Profit 48.3c COGS 51.7c Net Profit 2.3c Other Exp 46.0c ─ = ─ = Last Period Sales $1.00 Gross Profit 48.6c COGS 51.4c Net Profit 1.1c Other Exp 47.5c ─ = ─ = Higher COGS… possible causes? • Suppliers ↑ prices • Mark-ups ↓ But a better Net Profit Margin… possible causes? • ↓ Other Expenses • E.g. lower wages
- 9. Analysis of the Financial Reports Profitability Return on Assets This Period Last Period Comparison 3.2% 1.6% Better What does this mean? For every $1 of Assets the firm has, the business is earning a Net Profit of 3.2 cents. Business Net Profit 3.2c Balance Sheet Assets Liabilities Owner’s Equity Balance Sheet Assets Liabilities $1 Owner’s Equity
- 10. Analysis of the Financial Reports Return on Investment This Period Last Period Comparison 6.1% 3.5% Better What does this mean? For every $1 of Capital invested in the firm, the business is earning a Net Profit of 6.1 cents. Net Profit 6.1c Balance Sheet Assets Liabilities Owner’s Eq. $1 Business Balance Sheet Assets Liabilities Owner’s Eq. $1 Profitability
- 11. Analysis of the Financial Reports Efficiency Asset Turnover Ratio This Period Last Period Comparison 1.41 times 1.42 times Worse Business $1.41 of Sales Balance Sheet Assets Liabilities Owner’s Equity Balance Sheet Assets Liabilities $1 Owner’s Equity What does this mean? For every $1 of Assets the firm has, the business generates $1.41 of sales
- 12. Analysis of the Financial Reports Efficiency This Period Last Period Profitability and DuPont Formula 1.41 times 1.42 times 2.3% 1.1% 3.2% 1.6% = X = X Asset Turnover Net Profit Margin Return on Assets = X Better ROA Less efficient at making sales But each sale made at a higher Net Profit
- 13. Analysis of the Financial Reports Efficiency Stock Turnover Ratio This Period Last Period Comparison 93 days 93 days Same What does this mean? The firm takes, on average, 93 days to sell all of its inventory
- 14. Analysis of the Financial Reports Liquidity Working Capital Ratio This Period Last Period Comparison 0.92 1.00 Worse What does this mean? For every $1 of Current Liabilities the firm has, there are $0.92 in Current Assets to pay them Balance Sheet Current Assets Current Liabilities $1.53 $1.00 Balance Sheet Current Assets Current Liabilities $1.53 $1.00 Balance Sheet Current Assets Current Liabilities $0.92 $1.00
- 15. Analysis of the Financial Reports Liquidity Quick Asset Ratio This Period Last Period Comparison 0.14 0.17 Worse What does this mean? For every $1 of Urgent Liabilities the firm has, there are $0.14 in Quick Assets to pay them $0.14 Quick Assets $1.00 Urgent Liabilities
- 16. Analysis of the Financial Reports Liquidity Cash Flow Ratio This Period Last Period Comparison 0.30 0.20 Better What does this mean? For every $1 of Current Liabilities the firm has, the firm’s Operating Activities are generating 30 cents to pay them Operating Investing Financing $0.30 Cash Balance $1.00 Current Liabilities $0.70 needed from here
- 17. Analysis of the Financial Reports Stability Debt Ratio (Gearing) This Period Last Period Comparison 41% 54% Better What does this mean? 41% of the firm’s Total Assets have been financed with debt (Liabilities) Balance Sheet Assets Liabilities $1.00 $0.60 Owner’s Equity $0.40 Balance Sheet Assets Liabilities $1.00 $0.60 Owner’s Equity $0.40 Balance Sheet Assets Liabilities $1.00 $0.41 Owner’s Equity $0.40 Balance Sheet Assets Liabilities $1.00 $0.41 Owner’s Equity $0.59
- 19. Summary of Results This Period Last PeriodProfitability Gross Profit Margin 48.3% 48.6% Net Profit Margin 2.3% 1.1% Return on Assets 3.2% 1.6% Return on Investment 6.1% 3.5% Efficiency Asset Turnover Ratio 1.41 times 1.42 times Stock Turnover Ratio 93 days 93 days This Period Last PeriodLiquidity Working Capital Ratio 0.92 1.00 Quick Asset Ratio 0.14 0.17 Cash Flow Ratio 0.30 0.20 Debt Ratio (Gearing) 41% 54% Stability