Annual Report and analysis.docx
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Annual Report and analysis.docx
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AnnualReportandanalysis
AnnualReport
1.0ExecutiveSummary
ThisreportwilldiscusstheBillabongInternationalLimitedandKathmanduHoldingsLimitedandanalysetheirfinancialstatementbetween2013and2012.ThemaingoalofthisreportisusingtheknowledgeabouttheFinancialStatementAnalysistogiverecommendationstoaclothesmanufacturer.Itishopedthattheanalysiscanprovidehelpfulinformationtoclothesmanufacturer.
BILLABONGisanAustraliansurfinglimitleisurebrand,thetop500global20thbrand.While,KathmanduisaNewZealandoutdoorsportsbrand.
First,Horizontalanalysisshowsthepercentagechangesincomparativestatements,incomestatementandbalancesheetfromBillabongandKathmanduin2013and2012.FurtherVerticalanalysisindicatestherelationshipofeachitemtoitsbaseamount,whichisthe100%figure.
Moreover,thisreportwilldisplaythefinancialratioanalysisofbothcompanies.Thefinancialratioanalysiswediscussinreportwillbeclassifiedasfollow:
1.Profitability
2.Abilitytopaycurrentliabilities
3.Abilitytosellinventoryandcollectreceivables
4.Abilitytopaylong-termdebts
Then,basedonthosefinancialratioanalyses,therecommendationwillbegiventomyclient.Itisrecommendedtosignupa10yearsupplycontractwithKathmanduwhichwithpotentialgrowthintheirproductionandprofitability.
2.0Introduction
BILLABONGisanAustraliansurfinglimitleisurebrand,thetop500global20thbrand.Nowadays,BillabonghasbecomethefirstAustraliansurfingbrand,andwasdeeplylovedbyteenagersinrecentyears.
KathmanduisaNewZealandoutdoorsportsbrand.ItisapopularbrandinNewZealand,AustraliaandTheUK.Comparingwithotherbrands,Kathmanduprovidesthecheaper,morecost-effective,suitableproductscustomers.
3.0Horizontalanalysis
Inthefollowingsections,theincomestatementsandbalancesheetsfromBillabongandKathmanduin2013and2012willbediscussed.
3.1HorizontalanalysisofBillabong
3.1.1Horizontalanalysisoftheincomestatement
BillabongInternationalLimited
Incomestatement
Fortheyearended30June2013and2012
Increase(Decrease)
2013
2012
2011
Amount
Percentage
$'000
$'000
$'001
2013-2012
2012-2011
2013-2012
2012-2011
Revenuefromcontinuingoperations
1,345,210
1,444,079
1,558,459
(98,869)
(114,380)
93.2%
92.7%
Costofgoodssold
(682,378)
(765,313)
(728,298)
82,935
(37,015)
89.2%
105.1%
OtherIncome
15,847
27,862
5,105
(12,015)
22,757
56.9%
545.8%
Selling,generalandadministrativeexpenses
(539,980)
(644,996)
(564,661)
105,016
(80,335)
83.7%
114.2%
Otherexpenses
(934,850)
(543,617)
(144,770)
(391,233)
(398,847)
172.0%
375.5%
Financecosts
(26,672)
(40,973)
(37,151)
14,301
(3,822)
65.1%
110.3%
Shareofnetprofitafter-taxofassociateaccountedforusingtheequitymethod
(4,979)
293
(5,272)
293
-1699.3%
0
(Loss)/profitbeforeincometax
(827,802)
(522,665)
88,684
(305,137)
(611,349)
158.4%
-589.4%
0
Incometaxbenefit
(32,763)
39,981
3,849
(72,744)
36,132
-81.9%
1038.7%
(Loss)/profitfromcontinuingoperations
(860,565)
(482,684)
92,533
(377,881)
(575,217)
178.3%
-521.6%
0
(Profit)Profitfromdiscontinuedoperationafterincometax
(2,437)
206,003
25,512
(208,440)
180,491
-1.2%
807.5%
(Loss)/profitfortheyear
(863,002)
(276,681)
118,045
(586,321)
(394,726)
311.9%
-234.4%
0
Lossattributabletonon-controllinginterests
3,461
1,032
1,094
2,429
(62)
335.4%
94.3%
(Loss)/profitfortheyearattributabletothemembersof
BillabongInternationalLimited
(859,541)
(275,649)
119,139
(583,892)
(394,788)
311.8%
-231.4%
Billabong’sincomestatementrevealsareduction.Therevenuefromcountingoperationscontinuouslydecreases,93.2%in2013.BecauseoftheimpactoftheGroup’stransformationstrategyannouncedtothemarketon27August2012andthesignificantcostsassociatedwiththevariousproposalsbySycamoreandAltamont,OtherexpensesriseSignificantlywhichis172.0%in2013.Furthermore,lossfortheyeargrowsignificantly,311.8%in2013.
3.1.2Horizontalanalysisofthebalancesheet
BillabongInternationalLimited
Incomestatement
Fortheyearended30June2013and2012
2013
2012
Increase(Decrease)
$'000
$'000
Amount
Percentage
ASSETS
Currentassets
Cashandcashequivalents
113,837
317,263
(203,426)
35.9%
Tradeandotherreceivables
204,429
245,035
(40,606)
83.4%
Inventories
266,806
293,201
(26,395)
91.0%
Currenttaxreceivables
12,391
18,622
(6,231)
66.5%
Other
24,905
24,800
105
100.4%
Totalcurrentassets
622,368
898,921
(276,553)
69.2%
Non-currentassets
Receivables
8,522
11,560
(3,038)
73.7%
Investmentaccountedforusingtheequitymethod
134,579
(134,579)
0.0%
Property,plantandequipment
118,551
160,153
(41,602)
74.0%
Intangibleassets
212,686
795,900
(583,214)
26.7%
Deferredtaxassets
49,747
71,098
(21,351)
70.0%
Other
868
7,658
(6,790)
11.3%
Totalnon-currentassets
390,374
1,180,948
(790,574)
33.1%
Totalassets
1,012,742
2,079,869
(1,067,127)
48.7%
LIABILITIES
Currentliabilities
Tradeandotherpayables
240,227
320,225
(79,998)
75.0%
Borrowings
314,556
229,088
85,468
137.3%
Currenttaxliabilities
1,740
2,953
(1,213)
58.9%
Provisions
55,972
59,177
(3,205)
94.6%
Totalcurrentliabilities
612,495
611,443
1,052
100.2%
Non-currentliabilities
Borrowings
5,916
249,069
(243,153)
2.4%
Deferredtaxliabilities
38,446
44,181
(5,735)
87.0%
Provisionsandpayables
41,094
80,346
(39,252)
51.1%
Deferredpayments
47,720
67,565
(19,845)
70.6%
Totalnon-currentliabilities
133,176
441,161
(307,985)
30.2%
Totalliabilities
745,671
1,052,604
(306,933)
70.8%
Netassets
267,071
1,027,265
(760,194)
26.0%
EQUITY
Contributedequity
910,836
843,268
67,568
108.0%
Treasuryshares
(24,861)
(27,935)
3,074
89.0%
Optionreserve
5,211
9,375
(4,164)
55.6%
Otherreserves
(106,777)
(143,107)
36,330
74.6%
Retained(losses)/profits
(512,571)
346,970
(859,541)
-147.7%
CapitalandreservesattributabletomembersofBillabongInternationalLimited
271,838
1,028,571
(756,733)
26.4%
Non-controllinginterests
(4,767)
(1,306)
(3,461)
365.0%
Totalequity
267,071
1,027,265
(760,194)
26.0%
Billabong’sbalancesheetalsoshowsasignificantlyreductioninassets,withtotalassetsdecreasingby48.7%.Thatmeanstotalassetsalmostreducehalfinoneyear.Atthesametime,Billabong’sliabilitiesalsodecreased.Totalliabilitiesdecreasedby70.8%,andtradeandotherpayablesactuallyincrease.ThisisanindicatorofnegativedecreaseofBillabong.
3.2HorizontalanalysisofKathmandu
3.2.1Horizontalanalysisoftheincomestatement
KATHMANDUHOLDINGSLIMITED
statementsofcomprehensiveincome
FOETHEYEARENDED31JULY2012AND2013
GROUP
Increase(Decrease)
2013
2012
2013-2012
NZ$'000
NZ$'000
Amount
Percentage
Sales
383,983
347,104
36,879
110.6%
Costofsales
(141,958)
(127,559)
(14,399)
111.3%
Grossprofit
242,025
219,545
22,480
110.2%
Otherincome
864
48
816
1800.0%
Sellingexpenses
(121,800)
(113,774)
(8,026)
107.1%
Administrationandgeneralexpenses
(57,700)
(48,854)
(8,846)
118.1%
63,389
56,965
6,424
111.3%
Financeincome
187
144
43
129.9%
Financeexpenses
(4,594)
(5,983)
1,389
76.8%
Financecosts-net
(4,407)
(5,839)
1,432
75.5%
Profitbeforeincometax
58,982
51,126
7,856
115.4%
Incometax(expense)/benefit
(14,808)
(16,274)
1,466
91.0%
Profitafterincometax
44,174
34,852
9,322
126.7%
ComprehensiveIncomethatwillberecycledtotheIncomeStatement:
Movementincashflowhedgereserve
8,376
5,746
2,630
145.8%
Movementinforeigncurrencytranslationreserve
(18,186)
3,739
(21,925)
-486.4%
Othercomprehensiveincomefortheyear,netoftax
(9,810)
9,485
(19,295)
-103.4%
Totalcomprehensiveincomefortheyearattributabletoshareholders
34,364
44,337
(9,973)
77.5%
Kathmandu’sincomestatementshowsfantasticgrowthin2013,suchasa110.6%increaseinSales.Furthermore,a126.7%increaseinprofitafterincometax,becauseanincreaseofprofitbeforeincometax,115.4%in2013.Andadecreaseinincometaxexpense,with91.0%in2013.
3.2.2Horizontalanalysisofthebalancesheet
KATHMANDUHOLDINGSLIMITED
balancesheets
ASAT31JULY2013AND2012
Group
Increase(Decrease)
2013
2012
2013-2012
NZ$'000
NZ$'000
Amount
Percentage
ASSETS
Currentassets
Cashandcashequivalents
2,345
1,811
534
129.5%
Tradeandotherreceivables
3,668
3,503
165
104.7%
Relatedpartyreceivable
0
Derivativefinancialinstruments
7,887
0
7,887
Inventories
80,031
73,295
6,736
109.2%
Currenttaxassets
0
Totalcurrentassets
93,931
78,609
15,322
119.5%
Non-currentassets
Property,plantandequipment
43,379
41,911
1,468
103.5%
Intangibleassets
234,863
249,092
(14,229)
94.3%
Derivativefinancialinstruments
27
27
Investmentinsubsidiaries
0
Deferredtax
4,017
3,218
799
124.8%
Totalnon-currentassets
282,286
294,221
(11,935)
95.9%
Totalassets
376,217
372,830
3,387
100.
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