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Black Mores Report Analysis

3749 words - 15 pages

Table of Ratios
Ratio 2012 2011 2010
ROE
Return on
Ordinary Shareholders
Funds.
86280000+
79112000
165392000

165392000/2=
826960000

27806000/82696000=
0.336243591 x100

=33.62% 79112000+
71790000
150902000

150902000/2=
75451000

27305000/75451000=
0.3618904985 x100

=36.19% 71790000+
58563000
130353000

130353000/2=
65176500

24297000/65176500=
0.3127877379 x100

=37.28%
ROA
Return on
Assets 174771+
153130
327901

327901/2=163950.5

41957/163950.5=
0.2559126078 x100

=25.59% 154349
153130+
307479

307479/2=153739.5

42058/153739.5=
0.2735666501 x100

=27.36% 154349+
138509
292858

292858/2=146429

36746/146429=
...view middle of the document...

74 days 38348+33994=72342

72342/2=36171

36171/214934
=0.1682888701 x365

= 61.43 days
Days Creditors
51.17 days


48.87 days
50.52 days
Asset turnover period 174771+153130=
327901

327901/2=163950.5

163950.5/260832=
0.6285674304 x365=

229.4 days

153130+154349=
307479

307479/2=153739.5

153739.5/234423=
0.6558208879 x365=

239.37 days
154349+138509=
292858

292858/2=146429

146429/214934=
0.6812742516 x365

248.67 days
Current Ratio
99993/41547=
2.4067 times 78521/33207=
2.3646 times 80485/34457=
2.336 times
Quick Ratio 9993-31786=68207

68207/41547=
1.64168 times 78521-23749=54772

54772/33207=
1.6494times 80485-22555=57930

57930/34457=
1.681times
Cash flow from operations 20846/41547=
0.5017 times 21635/33207=
0.6515times
25874/34457=
0.7509times
Gearing Ratio 46944+86280=
133224

46944/133224=
0.3523689 x100

=35.24%
79112+4011=119923

40811/119923=
0.34031 x100

=34.03%
48102+71790=
119892

48102/119892=
0.40121109 x100

=40.12%
Interest Coverage Ratio 41957/2933
=14.31 times 42058/2897
=14.52 times 15.17times
Dividend Payout Ratio 20808/27806=
0.7483276 x100
=74.83% 19107/27305=
0.6997619 x100
=69.98% 16332/24297=
0.6721817 x100
=67.22%
Dividends per share $1.27 $2.24 $1.12
Earnings per share $1.658 $1.632 $1.468
Dividend Yield 1.27/(1-30%)=
1.8142857143

1.8142857143/26.25=0.0691156463 x100

=6.91% 1.24/(1-30%)=
1.7714285714

1.7714285714/26.6
=0.0663456394 x100

=6.63%
7.17%

Operating cash flow per share $1.24 $1.29 $1.56
Price earnings ratio 15.83 times 16.08 times 15.19 Times
(Please not that I was under the impression we had to work out all the figures ourselves. The boxes with no working out was when I discovered it was ok to use the provided data.)

ROA: the overall data indicates a very strong return on assets with a peak in 2011. This indicates strong management especially in light to the ongoing global market recession.

However here are many varieties of formulas to calculate the ROA. The technique used in this report will produce the highest percentage of any other used method and it could be argued that calculating the ROA from the average assets instead of just annually will produce a more accurate figure for that particular year (Jewell 2011).

ROA

Operating Profit/
Total assets
Method 2012

20846/174771=
0.1192760x100
=11.93% 2011

21635/153130=
=0.1412852x100
=14.13% 2010

25874/154349
=0.1676330x100
=16.76%

By extrapolating the data using the ‘operating profit/ total assets’ method we see a significant reduction across the three years. From this perspective we can see the effect of purchasing assets that have not yet reached their maturity and therefore not contributing to their operating profit.

By comparing the two versions of ROA it could be assumed that in order to keep the net profit high in the wake of a large investment, the financial management of...

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