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APEX TANNERY LIMITED (INCOME STATEMENT)
2004 2005 2006 average stdev
Net Sales Revenue 1,731,241,000 1,716,040,000 2,212,651,000 1,886,644,000 282432630.26
(Cost of Goods Sold) 1,601,201,000 1,570,796,000 2,047,102,000 1,739,699,667 266651949.01
Gross Profit 130,040,000 145,244,000 165,549,000 146,944,333 17815460.15
(Operating Expense): 52,718,000 63,423,000 76,840,000 64,327,000 12086382.13
Administarative expenses 18,121,000 19,248,000 18,349,000 18,572,667 595862.68
Marketing expenses 27,911,000 37,248,000 49,802,000 38,320,333 10984825.64
Directors' Remuneration 3,408,000 3,408,000 3,408,000 3,408,000 0
Legal & Audit fees 280,000 248,000 224,000 250,667 28095.08
Depreciation 2,998,000 3,271,000 5,057,000 3,775,333 1118317.64
Net Income from Operation 77,322,000 81,821,000 88,709,000 82,617,333 5735115.72
Other Income 1,053,000 3,934,000 12,006,000 5,664,333 5677815.81
EBIT 78,375,000 85,755,000 100,715,000 88,281,667 11382307.91
(Finance Cost)/(Interest Expense) 56,839,000 45,057,000 45,792,000 49,229,333 6600403.5
Net Income Before Contributio 21,536,000 40,698,000 54,923,000 39,052,333 16754226.52
(Contribution to PF&WF ) 1,025,000 1,937,000 2,614,000 1,858,667 797390.95
Net Profit Before Tax 20,511,000 38,761,000 52,309,000 37,193,667 15956835.57
(Provision for Income Tax) 3,158,000 6,295,000 9,527,000 6,326,667 3184618.08
Net Income/Loss After Tax 17,353,000 32,466,000 42,782,000 30,867,000 12789687.68
Appropriations
Previous Years retained earnings 7,804,000 4,500,000 17,154,000 9,819,333 6563315.12
Dividend -18,288,000 -19812000 -22,860,000 -20,320,000 2327948.45
Income Tax -540,000 0 -2,336,000 -958,667 1222982.15
Dividend Distribution tax -1,829,000 0 0 -609,667 1055973.64
-12,853,000 -15,312,000 -8,042,000 -12,069,000 3697866.55
Dividend per share-taka 12 13 15 13 1.53
Retained earnings 4,500,000 17,154,000 34,740,000 18,798,000 15186884.21
Earning per share (par value Tk 1 11.39 21.3 28.07 20 8.39
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average growth 2007
0.14 2523100535.72
0.14 2338033074.7
0.13 186798630.08
0.21 92769294.46
0.01 18491084.42
0.34 66524660.88
0 3408000
-0.11 200361.29
0.32 6667834.28
0.07 95023706.62
2.39 40747451.67
0.13 114241686.64
-0.1 41419446.03
0.62 88955810.35
0.62 4233720.2
0.62 84722090.15
0.75 16704515.92
0.59 68208700.7
1.19 37641256.96
0.12 -25570961.54
-2336000
0
-0.14 -6902151.8
0.12 16.78
1.92 101391879.66
0.59 44.74
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APEX TANNERY LIMITED (CASH FLOW STATEMENT)
2004 2005 2006
Cash Flow From Operation:
Collection from turnover and other income 1,712,347,000 1,691,883,000 2,266,261,000
Payment to workers profit participation fund 1,334,000 1,018,000 1,900,000
Payment for purchase of leather and Expense 1,576,732,000 1,637,816,000 2,073,003,000Cash Generated from Operation 134,281,000 53,049,000 191,358,000
Income tax paid 56,839,000 4,500,000 6,000,000
Interest Paid 1,500,000 45,057,000 45,793,000
Net Cash Generated from Operating Activities 75,942,000 3,492,000 139,565,000
Cash Flows from Investing Activities:
Acquision of Fixed assets -972,000 -4,512,000 -16,803,000
Net Cash Used in Investing Activities -972,000 -4,512,000 -16,803,000
Cash Flows from Financiang Activities:
Loan received/paid from Rupali Bank -25,069,000 46,230,000 -54,991,000
Dividend distribution tax paid -1,829,000 -1,829,000 0
Long term loan paid -26,510,000 -27,649,000 -28,671,000
Dividend Paid -18,288,000 -18,288,000 -19,812,000
Net Cash Generated from Financing Activities -71,696,000 -1,536,000 -103,474,000
Increase in Cash and cash Equivalents 3,274,000 -2,556,000 19,288,000
Cash and cash Equivalents at Beginning of Year 10,779,000 14,053,000 11,497,000
Cash and Cash Equivalents at End of Year 14,053,000 11,497,000 30,785,000
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Average
1,890,163,667
1,417,333
1,762,517,000126,229,333
22,446,333
30,783,333
72,999,667
-7,429,000
-7,429,000
-11,276,667
-1,219,333
-27,610,000
-18,796,000
-58,902,000
6,668,667
12,109,667
18,778,333
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APEX TANNERY LIMITED (VERTICAL INCOME STATEMENT)
2004 2005 2006
Net Sales Revenue 100.00% 100.00% 100.00%
Cost of Goods Sold 92.49% 91.54% 92.52%
Gross Profit 7.51% 8.46% 7.48%
Operating Expense: 3.05% 3.70% 3.47%
Adinistrative Expense 1.05% 1.12% 0.83%
marketing Expense 1.61% 2.17% 2.25%
Directors' Remuneration 0.20% 0.20% 0.15%
Legal & Audit fees 0.02% 0.01% 0.01%
Depreciation 0.17% 0.19% 0.23%
Net Income from Operation 4.47% 4.77% 4.01%
Other Income 0.06% 0.23% 0.54%
EBIT 4.53% 5.00% 4.55%
(Finance Cost)/(Interest Expense) 3.28% 2.63% 2.07%
Net Income Before Contribution to WPPF 1.24% 2.37% 2.48%
(Contribution to PF&WF ) 0.06% 0.11% 0.12%
Net Profit Before Tax 1.18% 2.26% 2.36%
(Provision for Income Tax) 0.18% 0.37% 0.43%
Net Income/Loss After Tax1.00% 1.89% 1.93%
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Appropriations
Previous Years retained earnings 45.08% 0.26%
Dividend 1.05% (0)
Income Tax -0.03% 0.00%
Dividend Distribution tax 0
Retained earnings 0
Earning per share (par value Tk 100) 0
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Average Stdev
100.00% 0
92.18% 0.01
7.82% 0.01
3.40% 0
1.00% 0
2.01% 0
0.18% 0
0.01% 0
0.20% 0
4.41% 0
0.28% 0
4.69% 0
2.66% 0.01
2.03% 0.01
0.10% 0
1.94% 0.01
0.33% 0
1.61% 0.01
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APEX TENNARY LIMITED (HORIZONTAL INCOME STATEME
(using 2004 as the base year)
2004 2005 2006
Net Sales Revenue 100.00% 99.12% 127.81%
Cost of Goods Sold 100.00% 98.10% 127.85%
Gross Profit 100.00% 111.69% 127.31%
Operating Expense: 100.00% 120.31% 145.76%
Administarative expenses 100.00% 106.22% 101.26%
Marketing expenses 100.00% 133.45% 178.43%
Directors' Remuneration 100.00% 100.00% 100.00%
Legal & Audit fees 100.00% 88.57% 80.00%
Depreciation 100.00% 109.11% 168.68%
Net Income from Operation 100.00% 105.82% 114.73%
Other Income 100.00% 373.60% 1140.17%EBIT 100.00% 109.42% 128.50%
(Finance Cost)/(Interest Expense) 100.00% 79.27% 80.56%
Net Income Before Contribution to WPPF 100.00% 188.98% 255.03%
(Contribution to PF&WF ) 100.00% 188.98% 255.02%
Net Profit Before Tax 100.00% 188.98% 255.03%
(Provision for Income Tax) 100.00% 199.34% 301.68%Net Income/Loss After Tax 100.00% 187.09% 246.54%
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T)
Average
108.98%
108.65%
113.00%
122.02%
102.49%
137.29%
100.00%
89.52%
125.93%
106.85%
537.92%112.64%
86.61%
181.34%
181.33%
181.34%
200.34%177.88%
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Apex Tannery LIMITED (HORIZONTAL BALANCE SHEET)
(using 2004 as the Base Year)
2004 2005
ASSETS
Non-Current Assets 100.00% 88.74%Net Fixed Assets 100.00% 90.70%
Investments 100.00% 54.23%
Current Assets 100.00% 107.80%
Inventories 100.00% 112.71%
Trade Debtors 100.00% 123.15%
Advanced deposits and payments 100.00% 76.76%
Cash & Bank Balances 100.00% 81.81%
TOTAL ASSETS 100.00% 105.15%
SHAREHOLDER'S EQUITY AND LIABILITIESShareholders' Equity 100.00% 102.11%
Share Capital 100.00% 100.00%
Share premium 100.00% 100.00%
Reserved for reinvestment 100.00% 100.00%
Retained Earnings 100.00% 381.20%
Long Term Liabilities 100.00% 80.64%
Long term loan 100.00% 80.64%
Current Liabilities 100.00% 112.58%
Short term loans 100.00% 138.14%
working capital management 100.00% 100.40% Trade creditors 100.00% 122.40%
Sundry creditors 100.00% 426.36%
Provision for Income taxes 100.00% 299.34%
Proposed dividends 100.00% 108.33%
Total Liabilities & Shareholder`s Equity 100.00% 105.15%
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2006 100.00% 0.00% 893.35%
100.00% 0.00% 876.81%
86.02% 100.00% 0.00% 1048.52%87.84%
54.23% 100.00% 0.00% 767.55%100.00% 0.00% 605.61%
93.62% #DIV/0! #DIV/0! #DIV/0! \
98.48% 100.00% 0.00% 713.15% \
107.00% 100.00% 0.00% 596.24% \
54.34% 100.00% 0.00% 1656.88% \
219.06% \ 100.00% 0.00% 717.66%
92.56% 100.00% 0.00% 1003.68% 367.89%
105.05% 100.00% 0.00% 627.53% 242.51%
100.00% 100.00% 0.00% 530.95% 210.32%
100.00% \
100.00% 100.00% 0.00% 530.95% 210.32%
772.00%
60.56%
60.56%
88.50%
91.27%
100.31%23.29%
77.42%
500.98%
125.00%
92.56%
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APEX TANNERY LIMITED (BALANCE SHEET)
2004 2005 2006 AVERAGE
ASSETS
Non-Current Assets 202,550,000 179,737,000 174,241,000 185,509,333
Net Fixed Assets 191,625,000 173,812,000 168,316,000 177,917,667
Investments 10,925,000 5,925,000 5,925,000 7,591,667
Current Assets 1,253,083,000 1,350,798,000 1,173,149,000 1,259,010,000
Inventories 849,772,000 957,767,000 836,895,000 881,478,000
Trade debtors 178,396,000 219,686,000 190,880,000 196,320,667
Advance, deposits and payments 210,862,000 161,848,000 114,589,000 162,433,000
Cash & Bank Balances 14,053,000 11,497,000 30,785,000 18,778,333
TOTAL ASSETS 1,455,633,000 1,530,535,000 1,347,390,000 1,444,519,333
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity 598,398,000 611,052,000 628,638,000 612,696,000
Share Capital 152,400,000 152,400,000 152,400,000 152,400,000
Share premium 425,333,000 425,333,000 425,333,000 425,333,000
Reserved for reinvestment 16,165,000 16,165,000 16,165,000 16,165,000
Retained earning 4,500,000 17,154,000 34,740,000 18,798,000
Long Term Liabilities 142,790,000 115,141,000 86,470,000 114,800,333
Long term loan 142,790,000 115,141,000 86,470,000 114,800,333
Current Liabilities 714,445,000 804,342,000 632,282,000 717,023,000
Short-term loan 116,369,000 160,752,000 106,209,000 127,776,667
Working Capital Loan 456,409,000 458,256,000 457,807,000 457,490,667
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Trade Creditors 117,285,000 143,551,000 27,312,000 96,049,333
Sundry creditors 2,936,000 12,518,000 2,273,000 5,909,000
Provision for income-tax 3,158,000 9,453,000 15,821,000 9,477,333
Proposed dividend 18,288,000 19,812,000 22,860,000 20,320,000
Total Liabilities & Shareholder`s Equ 1,455,633,000 1,530,535,000 1,347,390,000 1,444,519,333
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Avg. Growth 2007 2005 growth growth 2006 averge growth
-0.07 161764735.28 -11.26 -3.06 -7.16
-0.06 157831767.12 -9.3 -3.16 -6.23
-0.23 4569164.76 -45.77 0 -22.88
-0.03 1141747061.77 7.8 -13.15 -2.68
0 837265387.23 12.71 -12.62 0.04
0.05 200455291.45 23.15 -13.11 5.02
-0.26 84541354.45 -23.24 -29.2 -26.22
0.75 53808673.1 -18.19 167.77 74.79
-0.03 1301441224.9 5.15 -11.97 -3.41
0.02 644330795.93 2.11 2.88 2.5
0 152400000 0 0 0
0 425333000 0 0 0
0 16165000 0 0 0
1.92 101391879.66 281.2 102.52 191.86
-0.22 67332384.1 -19.36 -24.9 -22.13
-0.22 67332384.1 -19.36 -24.9 -22.13
-0.04 604434327.54 12.58 -21.39 -4.4
0.02 108444687.86 38.14 -33.93 2.1
0 458509048.68 0.4 -0.1 0.15
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-0.29 19312453.32 22.4 -80.97 -29.29
1.22 5051972.65 326.36 -81.84 122.26
1.33 36918294 199.34 67.36 133.35
0.12 25570961.54 8.33 15.38 11.86
-0.03 1301441224.9 5.15 -11.97 -3.41
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APEX TANNERY LIMITED (VERTICAL BALANCE SHEET)
2004 2005 2006 Average Stdev
ASSETS
Non-Current Assets 13.91% 11.74% 12.93% 12.86% 0.01
Net Fixed Assets 13.16% 11.36% 12.49% 12.34% 0.01
Investments 0.75% 0.39% 0.44% 0.53% 0
Current Assets 86.09% 88.26% 87.07% 87.14% 0.01
Inventories 58.38% 62.58% 62.11% 61.02% 0.02 Trade Debtors 12.26% 14.35% 14.17% 13.59% 0.01
Advanced deposits and payments 14.49% 10.57% 8.50% 11.19% 0.03
Cash & Bank Balances 0.97% 0.75% 2.28% 1.33% 0.01
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 0
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity 41.11% 39.92% 46.66% 42.56% 0.04
Share Capital 10.47% 9.96% 11.31% 10.58% 0.01
Share premium 29.22% 27.79% 31.57% 29.53% 0.02
Reserved for reinvestment 1.11% 1.06% 1.20% 1.12% 0
Retained Earnings 0.31% 1.12% 2.58% 1.34% 0.01
Long Term Liabilities 9.81% 7.52% 6.42% 7.92% 0.02
Long term loan 9.81% 7.52% 6.42% 7.92% 0.02
Current Liabilities 49.08% 52.55% 46.93% 49.52% 0.03
Short term loans 7.99% 10.50% 7.88% 8.79% 0.01
working capital management 31.35% 29.94% 33.98% 31.76% 0.02
Trade creditors 8.06% 9.38% 2.03% 6.49% 0.04
Sundry creditors 0.20% 0.82% 0.17% 0.40% 0
Provision for Income taxes 0.22% 0.62% 1.17% 0.67% 0
Proposed dividends 1.26% 1.29% 1.70% 1.42% 0
Total Liabilities & Shareholder`s Equity 100.00% 100.00% 100.00% 100.00% 0
0.00% 0.00% 0.00% 0
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Avg Growth 2007
-0.03 0.13
-0.02 0.12
-0.17 0
0.01 0.88
0.03 0.64
0.08 0.15
-0.23 0.07
0.91 0.04
0 1
0.07 0.5
0.04 0.12
0.04 0.33
0.04 0.01
1.96 0.08
-0.19 0.05
-0.19 0.05
-0.02 0.46
0.03 0.08
0.04 0.36
-0.31 0.01
1.13 0
1.37 0.03
0.17 0.02
0 1
0
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APEX TANNERY RATIO ANALYSIS Units 2004 2005 2006
1.Short Term Efficiency
ITOR= COGS/Inventory times 1.88 1.64 2.45
ITOP=Inventory/ (COGS/360) days 191.06 219.50 147.17
RTOR=Sales/(Accounts Receivable) times 9.70 7.81 11.59
RTOP=Accounts Receivable/(Sales/360) days 24.99 32.74 4.81
PDR=Sales/Accounts payable times 14.40 10.99 20.83
PDP=Accounts Payable/ (COGS/360) days 27.03 35.77 5.20CCC= ITOP+RTOP-PDP days 189.02 216.48 146.78
Current Ratio= CA/CL times 1.75 1.68 1.86
Quick Ratio- CA-INV/CL times 0.56 0.49 0.53
Cash Ratio=Cash+M/s/ CL times 0.02 0.01 0.05
Daily Expense=(COGS+Admin Exp+Operating Expense)/360 tk/day 4,594,219 4,539,497 5,899,839
Interval Measure=(Cash+M.S)/Daily Expense days 3.06 2.53 5.22
Cash Liquidity Ratio=(Cash+M.s+MKt Securities)/Avg Daily Expense days 3.06 2.53 5.22
NWC=CA-CL(non interest bearing liabilities) tk 538,638,000 546,456,000 540,867,000
Time to Ruin=(Cash+M/s)/(Daily Exp - Depreciation) days 0.01 0.01 0.01
2. Debt Management
Debt to Equity Ratio= Total Debt/Total Equity times 1.43 1.50 1.14
Debt Ratio= Total Liability/Total Assest times 0.59 0.60 0.53
TIE= EBIT/Interest times 1.38 1.90 2.20
Cash Coverage Ratio=(EBIT+Depr)/Interest times 1.43 1.98 2.31
LTD to Debt Ratio=LTD/Total Debt times 0.17 0.13 0.12
3. Asset Management RatiosFixed Asset Turnover Ratio=Sales/Fixed Asset times 9.03 9.87 13.15
Fixed Asset Turnover Period=Fixed Asset/(COGS/360) days 43.08 39.83 29.60
Total Asset Turnover Ratio=Sales/Total Asset times 1.19 1.12 1.64
Total Asset Turnover Period= Total Asset/(COGS/360) days 327.27 350.77 236.954.Profitability Ratio
Gross Profit Margin(gross profit/sales) % 0.08 0.08 0.07
Net Profit Margin= Net Income/Sales % 0.01 0.02 0.02Basic Earning Power= EBIT/TA % 0.05 0.06 0.07
ROA= NI/TA % 0.01 0.02 0.03ROE= NI/TE % 0.03 0.05 0.07
Dividend Payout Ratio= Dividend/NI % -1.05 -0.61 -0.53
PBR=Retained Earnings/Net Income % 0.26 0.53 0.815. Market Ratios
Earnings Per share= NI/ # of Shares outstanding times 11.39 21.30 28.07
Book Price per Share= Total Equity/# of Shares outstanding tk/shares 392.65 400.95 412.49
2. Liquidity/Solvency Ratio
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PE Ratio= Market Price per Share/EPS times 23.45 10.66 8.91
Market Book Value= Market Price/ Book Price times 1.02 1.02 1.02
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Avearge STD Growth
1.99 0.41 29.82%
185.91 36.44 -22.97%
9.70 1.89 19.45%
20.85 14.42 -80.75%
74.78 5.00 44.67%
22.67 15.74 -80.75%184.09 35.11 -22.34%
1.76 0.09 5.79%
0.53 0.04 -5.79%
0.03 0.02 147.53%
5011185.19 770082.91 28.42%
3.60 1.42 70.59%
3.60 1.42 70.59%
541987000.00 4027540.32 0.41%
0.01 0.00 70.68%
1.36 0.19 -20.19%
0.57 0.04 -9.42%
1.83 0.42 59.50%
1.91 0.44 61.34%
0.14 0.03 -27.77%
10.68 2.17 45.51%
37.51 7.04 -31.30%
1.32 0.28 38.07%
305.00 60.09 -27.60%
0.08 0.01 -0.24%
0.02 0.01 92.90%0.06 0.01 38.83%
0.02 0.01 166.35%0.05 0.02 134.68%
-0.73 0.28 -49.30%
0.53 0.28 213.13%
20.25 8.39 146.44%
402.03 9.96 5.05%
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14.34 7.94 -62.00%
1.02 0.00 -0.05%
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Worksheet for Ratio Calculation
2004 2005
Net Sales Revenue 1,731,241,000 1,716,040,000
Cost of Goods Sold 1,601,201,000 1,570,796,000
Stock & Stores/Inventory 849,772,000 957,767,000
Advances & Pre-payments 210,862,000 161,848,000
Sundry creditors 2,936,000 12,518,000
Trade creditors 117,285,000 143,551,000
Current Assets 1,253,083,000 1,350,798,000
Current Liabilities 714,445,000 804,342,000
Cash & Bank Balances 14,053,000 11,497,000
Operating Expenses 52,718,000 63,423,000
Depreciation Expense 2,998,000 3,271,000
Total Equity 46,385,617 44,796,663
Total debt 88,019,596 94,770,721
EBIT 78,375,000 85,755,000
(Finance Cost)/(Interest Expense) 56,839,000 45,057,000
Long Term Liabilities 142,790,000 115,141,000
Net Fixed Assets 191,625,000 173,812,000
Total Asset 134,405,313 140,451,912
Net Income 17,353,000 32,466,000
Dividened Paid 18,288,000 19812000 Number of Shares outstanding 1,524,000 1,524,000
Retained Earnings 4,500,000 17,154,000
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2006
2,212,651,000
2,047,102,000
836,895,000
114,589,000
2,273,000
27,312,000
1,173,149,000
632,282,000
30,785,000
76,840,000
5,057,000
47,796,166
99,902,883
100,715,000
45,792,000
86,470,000
168,316,000
149,059,640
42,782,000
22,860,0001,524,000
34,740,000
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Calculation of Degree of Operating Leverage (DOL)
Items 2004 2005 2006
Sales 1,731,241,000 1,716,040,000 2,212,651,000
Variable Cost (COGS) 1,601,201,000 1,570,796,000 2,047,102,000
EBIT 78,375,000 85,755,000 100,715,000
1.66 2 1.64
Calcution of Degree of Financial Leverage (DFL)
Items 2004 2005 2006
Interest expense 56,839,000 45,057,000 45,792,000
EBIT 78,375,000 85,755,000 100,715,000
3.64 2.11 1.83
Calculation of Degree of combined Leverage (DCL)
Items 2004 2005 2006
DOL 1.66 2 1.64
DFL 3.64 2.11 1.83
6.04 4.22 3.00
Calculation of EVA
2004 2005 2006
NOPATt 54,862,500.00 60,028,500.00 70,500,500.00
Invested Capital 1,197,597,000.00 1,184,449,000.00 1,172,915,000.00
WACC 2.73% 2.06% 2.38%
EVA= 22,128,183.65 35,620,431.6 42,596,859.2
DOL (Sales- Vc/EBIT)
DFL ( EBIT/ EBIT- Interest)
DCL ( DOL*DFL)
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Average
1.67
Average
2.53
Average
4.42
Avg
39,108,645.4
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Calculation of Weighted Average cost of capital (WACC)
Year EBIT (1-tax rate) NOPAT
2004 78,375,000 1-0.1539 54,862,500.00
2005 85,755,000 1-0.1624 60,028,500.00
2006 100,715,000 1-0.1821 70,500,500.00
2004 2005 2006
Interest bearing CL 456,409,000 458,256,000 457,807,000
LT liabilities 142,790,000 115,141,000 86,470,000
Owner's equity 598,398,000 611,052,000 628,638,000
INVESTED CAPITAL 1,197,597,000 1,184,449,000 1,172,915,000
Calculation of WACC
Calculation of Wd :
Items 2004 2005 2006
Interest bearing CL 456,409,000 458,256,000 457,807,000LT liabilities 142,790,000 115,141,000 86,470,000
Total interest bearing liabili 599,199,000 573,397,000 544,277,000
Total liabilities and equity 1,455,633,000 1,530,535,000 1,347,390,000
Weight of DEBT 41.16% 37.46% 40.39%
Calculation of Kd :
Items 2004 2005 2006
Total interest bearing liabili 599,199,000 573,397,000 544,277,000
Financing cost 56,839,000 45,057,000 45,792,000Cost of debt Kd 9.49% 7.86% 8.41%
After tax cost of debt 6.64% 5.50% 5.89%
Calculation of We :
2004 2005 2006
Owner's equity 598,398,000 611,052,000 628,638,000
Total liabilities and equity 1,455,633,000 1,530,535,000 1,347,390,000
Weight of EQUITY 41.11% 39.92% 46.66%
WACC
2004 2005 2006
Wd 41.16% 37.46% 40.39%
Kd 6.64% 5.50% 5.89%
We 41.11% 39.92% 46.66%
WACC 2.73% 2.06% 2.38%
Nopat= EBIT*(1-tax rate)
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Average
39.67%
Average
6.01%
0.43
2.39% 2.39%
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MVA
ITEM 2004 2005
Market value of short term liability(i 456,409,000 458,256,000
Total asset 1,455,633,000 1530535000
Number of share 1,524,000 1,524,000Price per share 267 227
Market Value of equity 406,908,000.0 345,948,000.0
MVA=(mv of short debt+mv of eqiuty)-total a (592,316,000) (726,331,000)
Z-Score
2004 2005
Long Term Liabilities 142790000 115141000
Earnings before Interest & Tax (EBIT) 78,375,000 85,755,000
TOTAL ASSET 1,455,633,000 1,530,535,000
Sales 1,731,241,000 1,716,040,000Market Value of Equity 406,908,000 345,948,000
Retained Earnings 4,500,000 17,154,000
Total Current Assets 1,253,083,000 1,350,798,000
Total Current Liabilities 714,445,000 804,342,000
Net Working Capital (CA-CL) 538,638,000 546,456,000
Total Liabilities 857,235,000 919,483,000
Calculation of Z-score2004 2005
EBIT/ TA 0.05384 0.05603
Sales/TA 1.19 1.12
Market value of equity/TL 0.47 0.38
NWC/TA 0.37004 0.35704
Retained earnings/TA 0.00309 0.01121
Z-Score 2.09 1.96
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Total Asset 0 0
Sales 1,650,891,478 2,414,669,218
Mkt Value of Equity - -
64,392,903 75,567,340
Current Asset (1) 785478620 812304448
Current Liabilities (2) 511338759 519558719
Working Capital (1-2) 274,139,861 292,745,729
Interest 39,467,324 36,211,007
Book Value of Debt/Total liabilities
531,990,690 528517884
Z-Score #DIV/0! #DIV/0!
Avg growth of z-score #DIV/0!
Retained Earning (Reserve &Surplus)
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2006AVERAGE
457807000 457,490,667
1347390000 1,444,519,333
1,524,000 1,524,000250 248
381,000,000.0 377,952,000
(508,583,000) (609,076,667)
2006 AVG
86470000
100,715,000 88,281,667
1,347,390,000 1,444,519,333
2,212,651,000 1,886,644,000381,000,000 377,952,000
34,740,000 18,798,000
1,173,149,000 1,259,010,000
632,282,000 717,023,000
540,867,000 541,987,000
718,752,000 831,823,333
2006 Avg
0.07475
1.64
0.53
0.40142
0.02578
2.71 2.25
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0 0
2,291,194,337 1,824,823,719
- -
87,835,524 72,061,737
856919269 866162475
552407406 579780667
304,511,863 286,381,808
39,081,179 43,117,570
584573539 615578756
#DIV/0! #DIV/0!
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Apex Tennary
Calculation of Free Cash Flow
After tax Cash Flow from Operation 2004 2005
EBIT 78375000 85755000.00
depreciation 2998000 3271000
income tax payment 3158000 6295000
After tax Cash Flow from Operation 84531000 95321000
Current Assets
inventories 849,772,000 957767000.00
Trade Debtors 178,396,000 219686000.00
Advances, deposits and Prepayments 210,862,000 161848000.00
cash and bank balances 14,053,000 11497000.00
1,253,083,000 1350798000.00
Change in current asset 97715000.00
chang in non interest bearinh current liabilities 37372000.00
non interest bearing current liabilities 138,509,000 175881000.00chang in net operating working capital 60343000.00
Change in long term assets -22813000
ESTIMATED FREE CASH FLOW 57791000
INTRINSIC STOCK PRICE
Intrinsic Stock Price= Firm Value/ Shares Outstanding
Firm Value $234,605,439.47
Shares Outstanding 1,524,000
Intrinsic Stock Price $153.94
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2006 2007
100715000.00 114241686.64
5057000 6667834
9527000 16704516
115299000 137614037
836895000.00 837265387.23
190880000.00 200455291.45
114589000.00 84541354.45
30785000.00 53808673.10
1173149000.00 1141747061.77
-177649000.00 -31401938.23
-123436000.00 -2509612.55
52445000.00 49935387.45-54213000.00 -28892325.68
-5496000 -23744598
175008000 190250961
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APEX Tennary
Intrinsic Value
YEAR 2004 2005 2006
Free Cash Flow 376,904,868 70,780,433 74,453,324
WACC (discount Rate) 12.88% 12.88% 12.88%
Present Value at 2007 333889088.05 18767860.32 10165680
Intrinsic Value/ Firm Value 4848550787
Debt Value -368,905,711
Equity Value 5217456498
Share price 372.68
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2006 and byeond
577,907,755
12.88%
4485728159
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