FUWANG FOODS LTD-INCOME STATEMENT 2010 2011 539,554,916 709,168,568 444,958,348 530,277,616 94,596,568 178,890,952 48,455,746 61,363,400 26,323,634 38,505,534 22,132,112 22,857,866
Details Turnover Cost of Goods Sold Gross Profit OPERATING EXPENSES Adminstrative expenses Selling and distribution expenses
2009 522,439,574 434,969,289 87,470,285 45,682,512 24,677,950 21,004,562
Operating income before financial expenses Financial expenses Operating income
41,787,773 11,529,037 30,258,736
46,140,822 8,476,882 37,663,940
117,527,552 8,666,372 108,861,180
1,000,000
1,200,000
1,200,000
Net profit before tax and WPPF
31,258,736
38,863,940
110,061,180
Contribution to W.P. & Welfare Fund Net Profit Before Tax Provision For Income Tax Net Profit After Tax
1,488,511 29,770,225 8,186,812 21,583,413
1,850,664 37,013,276 10,178,651 26,834,625
5,241,009 104,820,171 25,942,992 78,877,179
Earnings Per Share(EPS)- Basic
1.17
0.65
1.92
Details Assets Non-current assets Property, plant and equipment (net of accumulated dep.) Capital work-in-progress Trade marks
2009
Non-operating income
FUWANG FOODS LTD-BALANCE SHEET 2010 2011
257102135
284284230
387920056
257095135
284277230
387,913,056
7000
7000
7,000
Investment Current assets Inventories Trade and other Receivables Advances, deposits and prepayments Cash and cash equivalents
50,000,000 222835498 60510390 57794689
258593052 63978805 59343138
471814728 100,367,939 100,067,414
83972706 20557713
109357268 25913841
173,848,641 97,530,734
Total Assets
479937633
542877282
909734784
255776901 184000000 18245470
282611526 202400000 18245470
53531431
61966056
664603705 445,280,000 18,245,470 95,679,250 105,398,985
Current liabilities Short term bank loans and others Trade and other payables Liabilities for expenses Provision for income tax
224160732 109491742 40995911 2757315 70915764
260265756 72204786 103757840 3208715 81094415
245131079 63,004,233 69,060,537 6,028,902 107,037,407
Total Equity and Liabilities
479937633
542877282
909734784
Equity and Liabilities Shareholders' equity Share capital Tax holiday reserve Capital Reserve Retained earnings Non- Current liabilities Deferred Tax Liability
FUWANG FOODS LTD Ratio Analysis Formula
2009
2010
1. Current ratio
Current assets / Current liabilities
0.994088019
0.993573092
2. Net working capital (NWC)
Current assets Current liabilities
-1,325,234
-1,672,704
3. Quick Ratio
(Current assets Inventories) / Current liabilites
0.724146047
0.747752029
(Accounts receivable + Inventory + Prepaids and other 4. Working capital requirement (WCR) Current assets to sales Accounts Payable Accruals and other Current liabilities) / Sales
0.303431376
0.232993255
5. Net liquid balance (NLB)
Cash + Market Securities - Notes payable - Current maturities of long term debt (CMLTD)
20557713
25913841
6. Cash flow to total debt
(Net income + Depreciation expense) / (Current liabilities - Accounts payable - Accrued expenses) + Long term debt
0.189610625
0.267046754
7. Cash flow from operations (CFFO)
Net income + Noncash charges + Change in operating current liabilities Change in current assets
44068695
85121544
8. Cash conversion period or, Cash cycle
(Days inventory held + Days sales outstanding) - Days payables outstanding
56.75336716
7.513851861
9. Cash turnover
365 / Cash Cycle
6.43133647
48.57694918
10. Cash conversion effeciency
Cash flow form operations / Sales
8.44%
15.78%
11. Defensive interval
(Cash + Short-term investments) / Daily operating expenses
164.2546549
195.1998008
12. Days inventory held
Inventory / (Cost of goods sold / 365)
50.7766707
52.48190967
13. Days sales outstanding
Accounts receivables / (Sales / 365)
40.37799304
40.14465391
14. Days payables outstanding
Accounts payable / (Cost of goods sold / 365)
34.40129658
85.11271172
15. Total asset turnover
Net sales / Total assets
1.088557217
0.993880079
16. Total fixed asset turnover
Net sales / Total fixed assets
2.032031255
1.897941775
Cost of goods sold / Inventory
7.188340531
6.954777414
Total liabilities / Total assets
46.71%
47.94%
EBIT / Interest expense
3.624567516
5.443136049
20. Long term debt to capital
Long-term debt / (Long-term debt + Equity)
0.00%
0.00%
21. Gross profit margin
Gross profit / Sales
16.74%
17.53%
22. Net Profit Margin
Net Profit/ Sales
4.13%
4.97%
23. Return on Assets
Net Profit/ Total Assets
4.50%
4.94%
17. Inventory turnover 18. Total liabilities to total assets or, Debt ratio 19. Times interest earned
24. Return on Equity
Net Profit/ Total Equity
8.44%
9.50%
25. Operating Profit Margin
Operating Profit/ Sales
5.79%
6.98%
Sustainable Growth Rate
m= After Tax Profit/Sales d= Dividends Paid/After Tax Profit D/E= Total Debt/Total Equity A/S= Total Asset/Total Sales
Sustainable Growth Rate= (m*(1-d)*(1+(D/E)))/((A/S)-(m*(1d)*(1+(D/E))))
Actual Growth Rate= (Current Sales-Old Sales)/Old Sales
2010 0.041312745 0.852506506 0.876391618 1.103382802
1.05%
2011 0.049734743 1.508498814 0.920931144 1.220063146
-3.83%
2010
2011
3.28%
31.44%
2012 0.111224866 1.129046463 0.368837966 1.715582096
-1.13%
Actual Growth Rate 2012
6.95%
INCOME STATEMENT 2012 758,459,050 577,224,631 181,234,419 67,133,875 43,353,527 23,780,348
2013 785,126,525 605,396,108 179730417 72,018,132 45,090,877 26,927,255
114100545 5,213,605 108,886,940
107712285 11,682,763 96029522 723,411
108,886,940
96752933
5,185,092 103,701,847 28,518,008 75,183,839
4607283 92145650 30,421,496 61724154
1.26
1.03
2012
2013
475165649
483426876
413,901,715 61,256,934 7,000
450,840,954 32,578,922 7000
50,000,000
50,000,000
474731242 128,761,124 116,404,833
536,967,809 141,512,216 134,991,873
219,428,454 10,136,831
241,017,808 19,445,912
TD-BALANCE SHEET
999896891
1070394685
739787545 534,336,000 18,245,470 90,895,288 96,310,787
777765306 598,456,320 18,245,470 62,604,130 98,459,386
30,915,741 260109346 66,497,124 52,787,662 5,269,145 135,555,415
261713638 53,324,095 42,218,570 7,363,409 158,807,564
999896891
1070394685
2011
2012
S LTD
is 2013
1.92474463
1.825121816
2.051737972
226,683,649
214,621,896
275,254,171
1.515298633
1.330094913
1.511024019
0.421894834
0.536004685
0.596005743
97530734
10136831
19445912
0.549125938
0.45677814
0.335169485
13,702,565
10,978,878
58,918,216
73.05288958
104.0593003
122.6220427
4.996380048
3.507615359
2.976626323
1.93%
1.45%
7.50%
580.1294894
55.11291155
98.55515108
69.08512943
81.42031323
85.319278
51.5034193
56.01853395
62.7568068
47.53565914
33.37954688
25.45404215
0.779533311
0.758537262
0.733492548
1.828130712
1.596199245
1.624085387
5.283336704
4.482910781
4.278048391
26.95%
26.01%
27.34%
13.56133247
21.88515336
9.219761199
0.00%
0.00%
3.82%
25.23%
23.90%
22.89%
11.12%
9.91%
7.86%
8.67%
7.52%
5.77%
11.87%
10.16%
7.94%
15.35%
14.36%
12.23%
Growth Rate 2013 0.099127091 0.852847113 0.351600061 1.732249175
1.15%
owth Rate 2013
3.52%
1.Current Ratio 2.5 2 1.5 1 0.5 0 2008.5 2009 2009.5 2010 2010.5 2011 2011.5 2012 2012.5 2013 2013.5
3.Quick Ratio 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2
0.4 0.2 0 2009
2010
2011
2012
5. Net liquid balance (NLB) 120000000 100000000 80000000 60000000 40000000 20000000 0 2009
2010
2011
7. Cash flow from operations (CFFO) 90000000 80000000 70000000
140
70000000
140
60000000
120
50000000
100
40000000 30000000 20000000 10000000 0 2009
2010
2011
2012
2013
9. Cash turnover 60 50 40 30 20 10 0 2009
2010
2011
2012
2013
11. Defensive interval 700
90
600
80
500
70 60
400
50
300
40
200 100
30 20 10
20 100
10
0 2009
2010
2011
2012
2013
13. Days sales outstanding 70 60 50 40 30 20 10 0 2009
2010
2011
2012
2013
15. Total asset turnover 1.2 1 0.8 0.6 0.4 0.2 0 2009
2010
2011
2012
2013
17. Inventory turnover 8 7 6 5 4 3 2 1 0 2009
2010
2011
2012
2013
19. Times interest earned 25 20 15 10 5 0 2009
2010
2011
2012
21. Gross profit margin 30.00% 25.00%
2013
25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2009
2010
2011
2012
2013
23. Return on Assets 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2009
2010
2011
2012
2013
35.00% 30.00% 25.00% 20.00% 15.00%
SGR
10.00%
AGR
5.00% 0.00% 2010 -5.00% -10.00%
2011
2012
2013
-10.00%
2.Net Working Capital 300,000,000 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 2013.5
0 -50,000,000
2009
2010
2011
2012
4. Working capital requireme 0.7 0.6
0.6 0.5 2012
2013
0.4 0.3 0.2 0.1 0 2009
alance (NLB)
6. Cash flow to total 0.6 0.5 0.4 2012
2013
0.3 0.2 0.1 0 2009
8. Cash conversion period or, Cash cycle 140
140 120 100 80 60 40 20 0 2009
2010
2011
2012
2013
10. Cash conversion effeciency 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2009
2010
12. Days inventory held 90 80 70 60 50 40 30 20 10
2011
2012
20 10 0 2009
2010
2011
2012
2013
14. Days payables outstanding 90 80 70 60 50 40 30 20 10 0 2009
2010
2011
2012
16. Total fixed asset turnover 2.5 2 1.5 1 0.5 0 2009
2010
2011
2012
18. Total liabilities to total assets or, Debt ratio 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2009
2010
2011
2012
20. Long term debt to capital 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2009
2010
2011
2012
22. Net Profit Margin 12.00% 10.00% 8.00%
8.00% 6.00% 4.00% 2.00% 0.00% 2009
2010
2011
2012
24. Return on Equity 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2009
2010
2011
2012
25. Operating Profit Margin 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2009
2010
2011
2012
2009
2010
2011
2012
2013
. Working capital requirement (WCR) to sales
2010
2011
2012
2013
6. Cash flow to total debt
2010
2011
2012
2013
eciency
2013
anding
2013
nover
2013
assets or,
2013
apital
2013
2013
2013
2013
2013
SUMMARY OUTPUT Regression Statistics Multiple R 0.866869 R Square 0.751461 Adjusted R Square 0.668615 Standard Error0.01745 Observations 5 ANOVA df Regression Residual Total
SS MS F 1 0.002762 0.002762 9.070542 3 0.000914 0.000305 4 0.003676
Coefficients Standard Error t Stat P-value Intercept -0.00255 0.027226 -0.0938 0.931179 X Variable 1 0.050427 0.016743 3.011734 0.057133
Significance F 0.057132924
Lower 95% Upper 95%Lower 95.0% -0.089199524 0.084092 -0.0892 -0.002858297 0.103711 -0.00286
y = -0.00255 + 0.050427x
Upper 95.0% 0.084092 0.103711
Year 2009 2010 2011 2012 2013
Current Ratio(x) 0.994088019 0.993573092 1.92474463 1.825121816 2.051737972
Net Profit Margin(Y) 0.04 0.05 0.11 0.10 0.08
SUMMARY OUTPUT Regression Statistics Multiple R 0.849263 R Square 0.721248 Adjusted R Square 0.628331 Standard Error0.01848 Observations 5 ANOVA df Regression Residual Total
SS MS F 1 0.002651 0.002651 7.762272 3 0.001025 0.000342 4 0.003676
Coefficients Standard Error t Stat P-value Intercept 0.048501 0.012874 3.767283 0.032727 X Variable 1 1.93E-10 6.92E-11 2.786085 0.068642
Significance F 0.068641999
Lower 95% Upper 95%Lower 95.0% Upper 95.0% 0.007529343 0.089473 0.007529 0.089473 -2.74159E-11 4.13E-10 -2.7E-11 4.13E-10
Upper 95.0%
y = 0.048501+1.93x
Year 2009 2010 2011 2012 2013
Net Working Capital(x) -1,325,234 -1,672,704 226,683,649 214,621,896 275,254,171
Net Profit Margin(Y) 0.04 0.05 0.11 0.10 0.08
SUMMARY OUTPUT Regression Statistics Multiple R 0.894348 R Square 0.799858 Adjusted R Square 0.733145 Standard Error 0.015659 Observations 5 ANOVA df Regression Residual Total
SS MS F 1 0.00294 0.00294 11.98939 3 0.000736 0.000245 4 0.003676
Coefficients Standard Error t Stat P-value Intercept -0.00312 0.023899 -0.13039 0.904513 X Variable 1 0.067875 0.019602 3.46257 0.040564
Significance F 0.040564393
Lower 95% Upper 95%Lower 95.0% Upper 95.0% -0.079173213 0.072941 -0.07917 0.072941 0.00549112 0.130259 0.005491 0.130259
Upper 95.0%
y = -0.00312+0.067875x
Year 2009 2010 2011 2012 2013
Quick Ratio(x) 0.724146047 0.747752029 1.515298633 1.330094913 1.511024019
Net Profit Margin(Y) 0.04 0.05 0.11 0.10 0.08
SUMMARY OUTPUT Regression Statistics Multiple R 0.578628 R Square 0.334811 Adjusted R Square 0.113081 Standard Error 0.028548 Observations 5 ANOVA df Regression Residual Total
SS MS F 1 0.001231 0.001231 1.509995 3 0.002445 0.000815 4 0.003676
Coefficients Standard Error t Stat P-value Intercept 0.047413 0.026539 1.78655 0.171983 X Variable 1 0.000393 0.00032 1.228819 0.30674
Significance F 0.306739975
Lower 95% Upper 95%Lower 95.0% Upper 95.0% -0.037045667 0.131872 -0.03705 0.131872 -0.000624361 0.00141 -0.00062 0.00141
Upper 95.0%
y = 0.047413+0.000393x
Year 2009 2010 2011 2012 2013
Cash conversion period(x) 56.75336716 7.513851861 73.05288958 104.0593003 122.6220427
Net Profit Margin(Y) 0.04 0.05 0.11 0.10 0.08
SUMMARY OUTPUT Regression Statistics Multiple R 0.682635 R Square 0.465991 Adjusted R Square 0.287988 Standard Error 0.025579 Observations 5 ANOVA df Regression Residual Total
SS MS F 1 0.001713 0.001713 2.617879 3 0.001963 0.000654 4 0.003676
Coefficients Standard Error t Stat P-value Intercept -0.02901 0.065902 -0.44016 0.689607 X Variable 1 0.002093 0.001294 1.617986 0.204095
Significance F 0.204095046
Lower 95% Upper 95%Lower 95.0% Upper 95.0% -0.238737983 0.180723 -0.23874 0.180723 -0.002024242 0.006211 -0.00202 0.006211
Upper 95.0%
y = -0.02901+0.002093x
Year 2009 2010 2011 2012 2013
Days sales outstanding(x) 40.37799304 40.14465391 51.5034193 56.01853395 62.7568068
Net Profit Margin(Y) 0.04 0.05 0.11 0.10 0.08
