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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)

TABLE OF CONTENTS
LETTER OF TRANSMITTAL ..............................................................................................1
EXECUTIVE SUMMARY ....................................................................................................2
1. INTRODUCTION ..............................................................................................................4
1.1. Purpose.............................................................................................................................4
1.2. Scope ................................................................................................................................4
1.3. Methodology ....................................................................................................................4
1.4. Limitations .......................................................................................................................5
1.5. Assumption ......................................................................................................................6
2. COMPANY OVERVIEW ..................................................................................................7
2.1. Business description ........................................................................................................7
2.2. History..............................................................................................................................8
3. ECONOMIC FRAMEWORK ............................................................................................9
4. INDUSTRY ANALYSIS .................................................................................................10
4.1. Bread manufacturing industry........................................................................................10
4.2. Cake and Pastry Manufacturing industry.......................................................................11
4.3. Cooking oil and Margarine Manufacturing industry .....................................................12
5. FINANCIAL ANALYSIS ................................................................................................13
5.1. Segment analysis ............................................................................................................13
5.1.1. Fresh Baking division .................................................................................................14
5.1.2. Fresh Dairy division ....................................................................................................14
5.1.3. Home Ingredients ........................................................................................................14
5.1.4. Asia Pacific .................................................................................................................15
5.2. Common size analysis....................................................................................................15
5.2.1. Income statement ........................................................................................................15
5.2.2 Balance sheet ...............................................................................................................17
5.3. Ratio analysis .................................................................................................................18
5.3.1. Activity analysis..........................................................................................................18
5.3.2. Profitability analysis ...................................................................................................20
5.3.3. Liquidity analysis ........................................................................................................21
5.3.4. Long-term debt and solvency analysis .......................................................................22
5.3.5. Five-factor DuPont analysis ........................................................................................23
5.4. Cash flow analysis .........................................................................................................24
6. PROSPECTIVE ANALYSIS ...........................................................................................26
6.1. Sales Forecast.................................................................................................................26
6.2. Cost of sales forecast .....................................................................................................27
6.3. Earning forecast .............................................................................................................27
7. CONCLUSION AND RECOMMENDATION ................................................................28
REFERENCES .....................................................................................................................30
APPENDICES ......................................................................................................................31

Student ID: 17259191

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


LETTER OF TRANSMITTAL

Dear Judy,
With due respect it is my pleasure to present the report entitled Financial Statement Analysis
on Goodman Fielder Ltd (GFF). While doing this research, I have tried my best to creating
the most objective opinion on GFFs financial health, profitability as well as its potential
earning power in order to suggest the most appropriate investing strategy in the near future. I
hope this report may provide a clear scenario of Goodman Fielder and its industry,
furthermore giving investors an opportunity to buy, sell or hold this stock.
This paper is produced based on GFFs financial data, public announcements, its competitors
and industry accumulated during the period from 2007 to 2012. To prepare this report, I have
admitted to give the best effort to collect needed information.
I shall be available to answer any question for clarification and really appreciate your advice,
so please fell free to contact me.
Sincerely yours,

Student ID: 17259191

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


EXECUTIVE SUMMARY
The main purpose of this report is to provide a comprehensive analysis of Goodman Fielder
Limited, based on audited financial data collected from GFFs annual reports during the
observed period FY2007-FY2012. A broad range of financial techniques is applied to
evaluate and compare profitability, operating efficiency, financial health of Goodman
Fiedersto those of firms running business in the same industries.
Multi-step process of analysis will be run in the light of assumptions which are made to do
this report more simply and easily. Accordingly, segment analysis, common size analysis,
cash flow analysis and prospective analysis is taken to provide a whole picture of Goodman
Fielder businesses. Additionally, this report will also assess some key factors of the
prevailing economy and industry framework which may affect to the companys operations
from now to the near future. In the end of this report, short-term investing strategy of GFF is
given to personal investors in order to for them to make a suitable decision whether they
should buy, strong buy, or sell, strong sell this stock.
Goodman Fielder, which is the main object of this paper, is known as the Australian biggest
baker. Its core business place in 3 industries: Bread Manufacturing, Cake and Pastry
Manufacturing and Butter and Other Dairy Products Manufacturing. Established in 1909, this
over-hundred-year old food supplier plays a significant role in every sector it is operating. It
was listed on December 2005 and is now traded at $0.545 a share. Through analyzing
process, there is an opportunity for investors to estimate GFFs intrinsic value and determine
whether it is overvalued or undervalued.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


1. INTRODUCTION
1.1. Purpose
The main purpose of this paper is to analyze the financial position of Goodman Fielder Ltd.
based on its historical audited data, directors announcements and public news related to its
operations, competitors and industries. The report presents a trend analysis from FY2007 to
FY2012 to value GFFs sustainability during the Global Financial Crisis and under such
highly intensive industries as Break, Dairy, Cake and Pastry Manufacturing, thus estimating
its position in the foreseeable future. By conducting these tasks, the report may lead to a
decision whether investor should buy, sell or hold GFF and time frame for each decision.
1.2. Scope
Theoretically, this report is derived from GFFs annual reports from FY2007 to FY2011, its
2012 financial statement and reliable public information related to its running operations
during this period. Any information previous to this period may be excluded as if their
impacts have no longer influenced Goodman Fielder Ltd.s current business activities. Any
information released after the end of FY2012 may be included with the best effort to keep the
report updated.
Although Goodman Fielder is running its business operations on many industrial fields, this
paper only keeps evaluating its efficiency on three main sectors: fresh baking, dairy, home
ingredient in comparison with Patties Food (PFL), which turns out to be the most appropriate
GFF peer company. Prevailing economic framework and industry analysis are also taken into
account to provide a clear scenario where Goodman Fielder is operating. Due to the primary
purpose of this report which is mentioned about, estimating GFF intrinsic value are not
covered.
1.3. Methodology
To produce a comprehensive report on Goodman Fielders financial health, profitability and
performance, the following quantitative and qualitative methodologies are applied:
-

Top-down approach to provide an entire picture of Australia business environment


and industries that Goodman Fielder is located in.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


-

GFFs public financial statements are adjusted to exclude nonrecurring items,


eliminate discontinued operations and reflect its business performance more
accurately.

Horizontal and vertical common size analyses are constructed to observe the trend on
Goodman Fielder activities and evaluate its strategies to face the difficulty of Global
Financial Crisis and giant competitors such as Coles and Woolworths.

Financial ratios of liquidity, profitability, solvency and cash flow are calculated based
on adjusted financial statements then running an analysis with a comparable company
and industry average to locate Goodman Fielders position.

Based on historical data and current situation forecasting Goodman Fielders potential
earning power and future business performance, and then making decision under a
personal investors point of view.

1.4. Limitations
Although best effort is given when writing this report, there are still several obstacles that
keep it away from practice, consisting of:
-

Adjustments such as removing nonrecurring and immaterial items as well as


estimation of financial trend are made based on authors point of view which may be
subjective and biased.

Financial figures were not identical year by year because they were restated in every
following financial statement to reflect the accounting policy changes. There would
be a difficulty in choosing which resource is more accurate.

Financial statement format was inconsistent during the observed period from FY2007
to FY2012, thus leading to a difficulty in comparison and doing common size
analysis.

Depreciation method and inventory cost method are not mentioned clearly. According
to GFFs financial reports, deprecation was charged on a straight line basis or
diminishing value basis. Meanwhile, inventory cost was determined on the basis of
first in first out or average cost whichever is the most appropriate for each individual
business.

There is lack of available financial data of GFFs peer companies and industry
average figures in Australia market because Goodman Fielders operations range
widely from bread, dairy to edible oil manufacturing and it is also a market leader in

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


many sectors. Furthermore, Patties Food Limited (PFL), which is chosen to be GFFs
peer company, is not comparable to Australias biggest baker in some categories such
as market value, total asset and business scope. PFLs financial statements are also
not adjusted because of limited time and data resources.
-

GFFs annual reports did not provide enough needed information of other income,
other expenses or cash flow, etc. to evaluate exactly its performance.

Business transactions and events occurring after the end of FY2012 were not recorded
then not be evaluated although they could play an important role in forecasting GFFs
future performance. Integro Food business, one of the main segments, which was sold
to GrainCorp for $170 million in August 28th 2012, must have been deducted from
Goodman Fielders previous annual reports. However, Integro business was not
separately presented than it is difficult to keep it away from GFFs financial
statements.

1.5. Assumption
-

Depreciation was calculated based on the straight line basis and inventory cost was
charged on the basis of first in first out consistently during the observed period.

The more recent financial statement, the more accurate information it contains. This
assumption provides a manner to choose efficient data resource.

Any adjustments in income statement will lead to relative changes in retained earning
account each year. In order to keep balance sheet balanced, contributed equity account
is adjusted as if Goodman Fielder has repurchased or issued shares.

Only operating lease is capitalized. Others items such as internally generated assets
for use are classified as expenses because of lack of information and data. Effects of
the capitalization of interest cost are not adjusted because its account is immaterial.

Patties Food Ltd. is chosen to compare with Goodman Fielder with the assumption
that PFLs financial information described in annual report and Morningstar
DatAnalysis Database are accurate and not necessary to be adjusted. Also, PFL is
assumed to be GFFs most appropriate peer company although differences in market
share, market value and total assets. Industry averages derived from IBISWorld
database are assumed to be precise.

Financial ratios are assumed not being affected by differences in accounting policy
changes during the period, thus may not limit comparisons made overtime or between

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


firms. Financial data which is published annually is also assumed to reflect normal
operating conditions of Goodman Fielder.
-

Cash and cash equivalents account, dividend paid are assumed not being influenced
by any adjustments.
Market value of GFFs asset and liabilities seem not to be well divergent from their

book value.
2. COMPANY OVERVIEW
2.1. Business description

Graph 1

Goodman Fielder Limited (ASX


code: GFF), Australias biggest
baker, is the owner of major
grocery brands Meadow Lea,
White Wings, Praise, Pampas,
Helgas, Mighty Soft, Meadow
Fresh and Irvines. The leading
publicly listed food company
employs

over

manufactures

7,500
its

people,

products

in

almost 90 locations in Australia,

Source: Morning star DatAnalysis

New Zealand, Asia and the


Pacific and delivers to over
30,000

outlets

supermarkets,

Graph 2

including
convenience

stores, food manufacturers and


wholesalers every day, according
to GFF FY2012 annual report. Its
stock was listed on Australia
Securities

Exchange

on

th

December 19 2005 and is now


trading at about $0.55 a share.
The

North

Ryde-based

Student ID: 17259191

food

Source: GFFs adjusted financial statements

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


company primarily offers broad products covering bread, milk, margarine, flour, dressings,
condiments, dips, mayonnaise, frozen pastry, cake mix, pies, savories, small goods, chilled
and frozen pizza, desserts, sauces, vinegar and cooking oils. By the end of FY2012, GFFs
operations were divided into five main segments including Fresh Baking, Fresh Dairy, Home
Ingredients, Integro Foods and Asia Pacific division. However, in August 28th 2012, Integro
Foods, New Zelands largest refiner and packager of edible fats and oils, was sold to
GrainCorp for $170milion in order to primarily reduce debt and strengthen Goodman
Fielders financial health. In fact, while trading conditions in Australia and New Zealand are
now challenging and high input costs such as labor and logistics costs are impacting margins
and earnings, Goodman Fielder has responded them by restructuring its cost base, improving
efficiency and especially, divesting non-core businesses.
2.2. History
-

1909 Geo Fielder & Co. Ltd. incorporated in Australia, based in Tamworth NSW.

1951 Geo Fielder & Co. Ltd. becomes public company

1986 Goodman Fielder Ltd established with merger of Goodman Group Ltd (New
Zealand) and Allied Mills Ltd.

1992 Name changed to Goodman Fielder Ltd following divestment of Wattie Foods
Ltd to H J Heinz.

1996 New Zealand milling and baking operations consolidated into Milling and
Baking Australasia.
Bluebird Foods (New Zealand) and Uncle Tobys joined to form Cereals and Snacks
division.
Goodman Fielder International formed.

2003 Goodman Fielder Limited is acquired by Burns, Philp & Company Limited.

2005 Initial Public Offering of shares in Goodman Fielder Limited on ASX and NZX.

2009 Goodman Fielder celebrates its Centenary year.

2010 Opening of new head office and research facility in North Ryde, NSW.
Opening of new corporate office and research facility in Auckland, New Zealand.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


3. ECONOMIC FRAMEWORK
Graph 3

Source: Australia a wealth of opportunities-Report 2011

The Australian economy has completed a


remarkable 21 consecutive years of economic

Graph 4

growth. No advanced economy comes close to


our extraordinary streak of growth over this
period, which is over twice as long as the next
best performer. said Wayne Swan, the
Australian Federal Treasurer.
As the global economy surfaced from the
2008-2009 financial crisis, the slow recovery
process still challenges significant risk and
uncertainties. However in Australia, the
response to the global financial crisis (GFC) in
comparison to other developed countries
revealed to be better, largely due to Chineseled demand for its resources and strong
business investment in mining industry. In
addition, the resource-rich economy also
gained

momentum

from

consumption
Source: tradingeconomics.com

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


expenditure, which was supported by low unemployment rate and rising household incomes.
Although Chinese demand tended to be slow and retail sales showed decline in household
consumption in the first half of 2012, Australian economy is expected to perform
impressively compared to the rest OECD.
4. INDUSTRY ANALYSIS
4.1. Bread manufacturing industry
Graph 5: Insight the Bread manufacturing industry

Source: IBISWorld

Over the past decade, demand for bread and bakery products has been stimulated by the
emergence of health and nutrition-conscious consumers. According to IBISWorld report,
industry sales are estimated to rise by 2.5% per annum over the past five years and forecast to
increase 2.1% to reach $2.8billion in 2011-2012.
The bread market is now witnessing a broad range of baking products and a high level of
competition which resulted from the vast majority of small and medium-sized bakers. A high
density of competitors and identical products has caused industry profitability to decline. In
addition, greatly fluctuation in commodity prices such as wheat and sugar, combined with
increasing labor cost over the past five year has dampened baking industry growth and
reduced profit margin. Furthermore, the increased availability of substitute foods and greater
buying power by the industrys key client base have contributed to the saturation of the
domestic bread market. Thus, industry revenue growth rate is expected to be 1.8% per annum
in the next five year, to total $3.1billion in 2016-2017.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


The industry is dominated by the top four bakers which are estimated to account for 68.4% of
the market share in 2012. The two largest players, Goodman Fielder and its rival George
Weston Foods, are predicted to account for 31.4% and 31% of market respectively.
Concentration increased in the past period as a consequence of strength of major players
brands and M&A activities. However, challenging trading conditions in Australia and New
Zealand have caused giant bakers to divest and scale down their operations, and the industry
has returned to being more fragmented.
4.2. Cake and Pastry Manufacturing industry
Graph 6: Insight the Cake and Pastry Manufacturing industry

Source: IBISWorld

The Australian Cake and Pastry Manufacturing industrys revenue is estimated to rise at an
annualized rate of 1.4% during the period from 2007 to 2012, to reach the total of
$1.64billion. Over the same period, real GDP grew by 2.8% and disposable incomes
increased by 3.2%. This indicates a mature and stagnant industry. IBISWorld also predicts
that in 2012, industry revenue would decrease by 0.6%.
Although this industry has a total of 256 businesses running their operations, 65% of industry
sales are generated by the top four manufacturers. This medium concentration is primarily a
result of M&A activity, product innovation, aggressive marketing and strong customer
loyalty. Consequently, industrys major players can pass on unexpected cost increases down
the supply chain to final consumer.
Similar to the Bread manufacturing industry, this industrys key inputs consist of wheat and
sugar, and variations in their prices will make a significant impact on the performance of the
industry. Cake and Pastry industry has also faced a rising level of competition from bread and
cake retailing, including hot-bread shops, and on-site baking shops. Additionally, increased
public awareness about health has led to declining sales of high calorie content such as cakes
and sweet pastry products.
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


According to IBISWorld, industry sales will increase by 2.2% per annum to reach to total
$1.82 billion in 2018. The revenue growth rate over the next five years is estimated to be
higher than that in the last five years. It may be because of the expected downward trend
toward the price of wheat and sugar due to oversupplied, some niche growth opportunities
and a widening range of healthy, convenient or protein-rich products to satisfy a new
generation of high awareness consumers.
4.3. Cooking oil and Margarine Manufacturing industry
Graph 7: Insight the Cooking oil and Margarine Manufacturing industry

Source: IBISWorld

Goodman Fielder had used to be the leading player in this industry before it sold Integro
Foods, New Zealands largest refiner and packager of edible fats and oils to GrainCorp.
Overall, industry revenue is estimated to increase by 2.0% per annum over five years to reach
$2.38billion in 2012. During the current year, revenue is anticipated to grow by 2.3%.
There are a broad range of fats and oils manufactured by this industry such as sunflower seed
oil, olive oil, canola oil and lard. Rising public awareness of health and nutrition has a
dramatic impact on demand for this industrys products. The past five years have seen
demand for animal fats decline while oils with lower saturated-fat content have grown in
sales. During the same period, the margarine segment, another main product segment in the
industry, has faced competition from other sorts of fats and oils, particularly butter which is
not included in this industry. Over the next five years, consumption of fats and oils is

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


expected to decrease as health concerns continue to affect sales. IBISWorld forecasts industry
increase at an average annual rate of 2.3% over the five years to reach $2.68 billion.
5. FINANCIAL ANALYSIS
5.1. Segment analysis
Graph 8: Segment revenue
1,200.0
1,000.0
800.0

Fresh Baking

600.0

Fresh Dairy
Home Ingredients

400.0

Asia Pacific

200.0
0.0
2007

2008

2009

2010

2011

2012

Source: GFFs adjusted financial statements

Graph 9: Revenue attributable to segments


100%
80%
60%
40%
20%
0%
2007

2008
Fresh Baking

2009
Fresh Dairy

2010
Home Ingredients

2011

2012

Asia Pacific

Source: GFFs adjusted financial statements

Because of its large scale of business, Goodman Fielder has experienced a lower revenue
growth rate than industry averages during the past period. An annualized rate of 0.84% for
the five years through to FY2012 was much smaller than 2.5% in Bread Manufacturing, 2%
in Cooking oil and Margarine Manufacturing and 1.4% in Cake and Pastry Manufacturing.
Except for Integro Foods which was sold after the end of FY2012, Goodman Fielders
operations are divided into four divisions: Fresh Baking, Fresh Dairy, Home Ingredients and
Food supplier in Asia Pacific. As can be seen from Graph 9, Fresh baking was the most
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


significant segment which accounted for over 40% of the Groups revenue every single year
from FY2007 to FY2012. Besides that, there has been a movement of revenue flow to Asia
Pacific division, the potential market that Goodman Fielder targeted while trading conditions
in ANZ market are challenging. Revenue attributable to Asia and Pacific region took off
gradually from 9.5% in FY2007 to about 15% after six years.
5.1.1. Fresh baking division- 1.69% growth rate, worse than industry average
As an Australias biggest baker, Goodman Fielder has three of the top five bread brands in
Australia and six of the top ten in New Zealand. Its bread products account for 31.4% market
share of Bread Manufacturing industry in Australia in 2012 while its main rival and the
second biggest player, Food Investments Pty Limited, contributes 31%.
Revenue in Baking division declined in two consecutive years to $979million in FY2012,
impacted by volume and price reductions under a high competition of both inside and outside
the industry. Additionally, greater buying power and negotiating strength by the industrys
key clients such as Coles and Woolworths is resulting in increasing complex demands and
decreasing wholesale prices. In fact, price level of GFFs products is often higher than other
bread brands displayed in supermarkets, convenience stores or other outlets. This would have
been a disadvantage of Goodman Fielder in comparison with other low-price baking products
in the stage of economic downturn, when disposable income decreases and people tend to
spend less on consumer staples.
5.1.2. Fresh Dairy division- -3.28% growth rate, worse than industry average
The Fresh Dairy division is a major participant in the New Zealand dairy and small goods
industries. The business distributes fresh dairy products to almost 13,000 customer points
every day. From FY2008, the companys Dairy business in New Zealand has suffered an
annualized 3.28% decrease in sales in five consecutive years, reflecting lower volumes and
pricing in key product categories such as milk, meats and cheese.
5.1.3. Home Ingredients division- 7.54% growth rate, better than industry average
The Home Ingredients division is the leading supplier of consumer food products to
supermarkets in Australia and New Zealand. The Australian part of this segment placed in the
Cake and Pastry Manufacturing industry, which is valued at $1.6billion in 2012.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


Over the past six year, revenue generated from this division has experienced an upward trend
to reach $540.6million, accounting for 23.9% of the Groups total revenue in FY2012.
Running business in the mature and stagnant industry, Goodman Fielder would still have an
opportunity to grow in some niche markets by developing a range of healthy, convenient or
protein-rich products to satisfy a new generation of high awareness consumers and achieve an
estimated average growth rate of 2.2% per annum during the period from 2012 to 2018.
5.1.4. Asia Pacific- 11.46% revenue growth rate
The business exists in the East Asian market with a core focus on China, the Philippines and
Indonesia, and also exports to over 20 countries. Its products vary from bakery ingredients,
dairy and spread. Core brand volume growth of 5%, price increases and growth in new
customer channels has assisted revenue to grow by 15.28% per annum during the past five
years. While Asian way of food consuming is changing to converge with Western style,
Goodman Fielder with its broad range of high quality products is expected to seize the chance
and accelerate its sales in this region.
5.2. Common size analysis
5.2.1. Income statement
Graph 10: Cost of sales ratio and Gross margin
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2007

2008

2009

Cost of sales ratio

2010

2011

2012

Gross margin

Source: GFFs adjusted financial statements

During the observed period, Goodman Fielder has experienced a significant increase in cost
of sales, causing its gross margin falling down from 39.43% to 32.88% in FY2012. Flour and
sugar are the key input to bread manufacturing, and any fluctuations in their prices may affect
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


baking industrys profitability significantly. Unfortunately, the most recent years have seen a
dramatic upward trend in both wheat and sugar price (see Graph 11). Whether such major
player as Goodman Fielder might or might not pass on this unexpected input price increase to
its customers, demand was influenced. Furthermore, another main input cost such as labor
and logistic costs also increased and impacted margins and earnings. Its cost of sales was also
affected by write-downs of inventories to net realizable in two most recent years and the
Christchurch earthquakes (FY2011: $11.8m; FY2012: $6.2m). Besides cost of sales, neither
SGA expense, depreciation and amortization expense nor interest expense have fluctuated
greatly relative to revenue over the reporting period. Thus, net income in FY2012 only
accounted for 1.04% of total revenue, sharply decreasing from 8.55% in FY2007.
Graph 11: Wheat and Sugar price from Sep.2007 to Sep.2012

Source: indexmundi.com

Graph 12: Cost structure of Goodman Fielder and its industries in FY2012
100.00%
80.00%
profit

60.00%

other expense

40.00%

Depreciation expense

20.00%

SGA expense

0.00%

Cost of sales
Goodman
Fielder

Bread
industry

Cake and
Pastry
industry

Cooking oil Butter and


and
other dairy
Margarine

Source:GFFs adjusted financial statements and IBISWorld

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


In comparison with four industry averages in FY2012, cost structure of Goodman Fielder was
much less effective (see Graph 12). Its profit of 1.04% was the lowest compared to 2.5%,
7.10%, 6.2% and 1.4% from Bread, Cake and Pastry, Cooking oil and Margarine and Butter
manufacturing industry respectively. Cost of sales of the average company operating in Bread
manufacturing, the main sector of Goodman Fielder, was far better than the Australia biggest
baker (69.9% compared to 67.1%).
In response to market challenges, the company has made significant progress in restructuring
its cost base, reducing overheads and implementing plans to improve manufacturing and
supply chain efficiency. In the companys fresh dairy division located in New Zealand, there
was a significant overhead cost reduction with the removal of 119 positions in FY2012.
Goodman Fielders has also committed to restrict its business scope and focus on core
business by the divestment of Integro and NZ Milling and closure of many brands. The
restructuring plan is expected to strengthen GFFs financial health while the most current
financial statements reported losses in two consecutive years FY2011and FY2012.
5.2.2 Balance sheet
Graph 12: Percentage of total assets
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2007

2008

2009

2010

Total current assets

Total non-current assets

Total non-current liabilities

Total equity

2011

2012

Total current liabilities

Source: GFFs adjusted financial statements

The past few years balance sheets present a decrease in total assets as Goodman Fielder has
started its reducing plan to face the challenging market conditions and high level of
competition. Except for FY2009, GFFs total assets have sunk during the reporting period

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


and decreased by 19.25% from FY2007 to FY2012. This was caused by three amounts of
impairment expense occurring in FY 2008 ($170million), FY2011 ($300million) and FY2012
($187.8million) when GFF revaluated its goodwill.
Over 100 years of Goodman Fielders history presented M&A activity as one of its main
operations, with many records of investments and divestments. Acquisition was also the
GFFs strategy to become the leading player of the food manufacturing industry. A huge
amount of intangible assets was derived from those transactions and this item often accounted
for more than 50% of GFFs total assets over the past decade. However, when a level of
competition inside and outside the saturated industry increased, GFFs advantage turned out
to be its disadvantage because its goodwill assets devalued.
While GFFs total assets and fixed asset was on downward trend, cash account recorded a
dramatic increase in FY2012 due to the November and October issues of over 574 million
ordinary shares at $0.45, ending up with normal balance of $161.7 million. The fact that
Goodman Fielder maintained its high cash level may lead to assumption that the main
purpose of share issuing was to meet its short term obligation and GFF did not have plan to
reinvest or expand its business.
5.3. Ratio analysis
5.3.1. Activity analysis
Table 1: The Operating Efficiency Ratios of GFF
2008

2009

2010

2011

2012

Average

Inventory Turnover Ratio

8.00

8.31

9.78

8.95

8.67

8.74

Days of inventory on hand

45.61

43.93

37.33

40.79

42.12

41.95

Receivable Turnover Ratio

8.51

9.98

11.85

11.67

11.71

10.75

Days of sales outstanding

42.90

36.57

30.79

31.27

31.17

34.54

Payable Turnover ratio

5.18

5.42

5.58

5.27

6.12

5.51

Days in account payable

70.51

67.33

65.41

69.22

59.64

66.42

Working Capital Turnover Ratio

12.60

16.93

24.76

34.01

25.72

22.80

0.69

0.76

0.82

0.83

0.87

0.79

Asset Turnover Ratio

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


Table 2: The Operating Efficiency Ratios of PFL
2008

2009

2010

2011

2012

Average

Inventory Turnover Ratio

9.09

9.13

6.63

6.98

6.19

7.60

Days of inventory on hand

40.14

39.99

55.09

52.27

58.98

49.29

Receivable Turnover Ratio

5.37

4.98

6.24

5.77

4.92

5.46

Days of sales outstanding

67.95

73.35

58.51

63.23

74.13

67.43

Payable Turnover ratio

11.92

10.31

9.22

8.28

8.62

9.67

Days in account payable

30.61

35.39

39.57

44.10

42.35

38.41

Working Capital Turnover Ratio

5.00

4.78

5.22

5.45

4.09

4.91

Asset Turnover Ratio

0.80

0.86

0.92

0.95

0.95

0.89

In general, there has been an upward trend in inventory turnover ratio, resulting in a decrease
in number of days of inventory on hand from 45.61 days in FY2008 to 42.12 days in FY2012.
As Goodman Fielders is operating in Food industry, this trend may suggest an increase in
number of orders during the period and a reduction in inventory caring cost. Meanwhile, it
took Patties Foods Limited- the biggest player in Cake and Pastry Manufacturing industryover 49 days to spend up its inventory and 63.1 days for average company in the industry.
Average days of sales in receivable were 34.54 days while GFFs policy shows that only
receivables past due over 90 days were classified as doubtful debts. On the other hand, its
payable turnover ratio was always lower than receivable turnover ratio during the period, and
it took Goodman Fielder 66.42 days in average to repay its short term liabilities. This
suggests the negotiating strength of Goodman Fielder, one of the biggest food companies in
ANZ to deal with its key suppliers. Obviously, GFF has competitive advantage compared to
PHL, which is about 9 times smaller in total assets and had to spend up to 67.43 days to
collect its receivables and only 38.41 days to meet its short term obligations.
GFFs working capital turnover ratio has improved every year from 12.6 times to 25.72
times. However, this trend was not contributed by revenue growth, but a decrease in its
working capital during the observed period except for FY2012. Similarly, a decrease in total
assets caused by impairment test on goodwill assets has led its asset turnover ratio to rise
while sales have not fluctuated greatly during the same period.
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


5.3.2. Profitability analysis
Table 3: The Profitability Ratios of GFF
2008
Return on Equity (ROE)

2009

2010

2011

2012

Industry

1.98%

18.69%

37.14% 36.59% 32.88%

38.68%

8.68%

7.51%

38.79%

36.64%

Return on Sales (ROS)

6.49%

4.85%

5.44%

4.66%

1.04%

5.88%

Return on Assets (ROA)

6.26%

5.85%

6.50%

6.31%

3.31%

7.96%

Gross Margin

8.90%

8.12%

Table 4: The Profitability Ratios of PFL


2008
Return on Equity (ROE)

2009

2010

2011

2012

13.75%

10.62%

14.39%

14.30%

14.32%

Return on Sales (ROS)

9.21%

6.61%

8.78%

8.51%

8.29%

Return on Assets (ROA)

8.76%

7.43%

9.54%

9.53%

9.22%

Both gross margin and return on sales of the Sydney-based food provider had been quite
stable from FY2008 to FY2011 although it has suffered from the 2008 Global recession and
the less consuming trend. However, in FY2012 as trading conditions in ANZ challenged and
commodity prices increased sharply, Goodman Fielder experienced the dramatic drop on its
margin and ROS to 32.88% and 1.04% respectively. As mentioned above in Common size
and Segment Analysis, an increase in wheat and sugar price as well as higher labor and
logistic costs led its cost of sales to jump up.
Additionally, the ordinary shares issues in October and November 2011 also caused the ROE
ratio to drop to 1.98% in FY2012, much lower than 14.32% of Patties Foods, 18.69% of
industry average and 12.31% of sector average. Processing the restructuring plan to cut back
on number of employees, divest in many non-core brands and reduce overhaul cost, GFFs
board of directors expected to improve its profitability as commodity prices such as wheat
and sugar has been predicted to fall down in the following years due to oversupplied.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


5.3.3. Liquidity analysis
Table 5: The Liquidity Ratios of GFF
2008

2009

2010

2011

2012

Industry

Current Ratio

1.44

1.28

1.24

1.11

1.31

1.38

Quick Ratio

0.86

0.82

0.78

0.67

0.84

0.97

Cash Ratio

0.13

0.16

0.18

0.17

0.35

0.20

Operational Cash Flow Ratio

0.71

0.82

0.99

0.62

0.50

0.73

Table 6: The Liquidity Ratios of PFL


2008

2009

2010

2011

2012

Current Ratio

1.94

2.6

2.32

2.13

2.55

Quick Ratio

1.27

1.73

1.22

1.23

1.49

Cash Ratio

1.21

1.63

1.18

1.17

1.36

Operational Cash Flow Ratio

0.68

0.58

0.82

0.66

0.26

Although compared to current ratio of PFL and industry average, that of Goodman Fielder
was well slower than, the Group still guaranteed the ability to meet its short term obligations
by liquidating its current assets. Both of its quick ratio and cash ratio were lower than 1
which might indicate lack of ability to repay current debt by its cash and receivables amount.
However, its inventory which consists of bread, dairy and ingredients is quite liquid and easy
to transfer to cash without affecting its value. Furthermore, it took only about 34.54 days for
Goodman Fielder to collect its receivables due to its competitive advantage and large
business scale in any industries Goodman Fielder placed in.
However, operational cash flow ratio has been lower than 1 during the observed period. This
indicates cash generated from operating activities was not enough to cover its short term
obligations. Similar, its peer company PFL and an average company in its industry still could
not meet their current obligations by its operational cash. In FY2012, operational cash flow
ratio was 0.26 for PFL and 0.73 for industry average.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


5.3.4. Long-term debt and solvency analysis
Table 7: Leverage and coverage ratio of GFF
2008

2009

2010

2011

2012

Average

Total Debt to Total Cap

49.33%

49.53%

47.69%

54.63%

49.61%

50.16%

Long-Term Debt to Total Cap

39.11%

38.51%

36.70%

39.92%

35.58%

37.96%

Total Debt to Equity

97.36%

98.13%

91.18% 120.43%

Asset Leverage

98.46% 101.12%

194.49% 203.88% 200.07% 210.64% 217.48% 194.49%

EBIT Times Interest Cover

2.10

1.58

2.19

1.46

0.36

1.54

CFO Times Interest Cover

3.28

3.39

4.28

2.75

2.34

3.21

Table 8: Leverage and coverage ratio of PHL


2008

2009

2010

2011

2012

Average

Total Debt to Total Cap

41.48%

39.34%

34.96%

32.53%

34.54%

36.57%

Long-Term Debt to Total Cap

35.89%

38.03%

33.73%

31.38%

33.50%

34.51%

Total Debt to Equity

64.70%

63.49%

52.76%

47.40%

51.94%

56.06%

Asset Leverage

187.59% 186.98% 178.82% 177.86% 182.51% 182.75%

EBIT Times Interest Cover

5.64

4.06

5.96

6.16

6.47

5.66

CFO Times Interest Cover

4.34

2.55

4.85

4.68

1.92

3.67

Over the past five years, approximately 50% of Goodman Fielders long-term capital has
been funded by interest bearing debt, particularly long-term debt has accounted for 37.96% of
its total capitalization. It also can be seen from the above table than there has been a
movement from long-term to short-term source of capital. During the reporting period, there
was two times its short-term obligations increased dramatically by reclassified the companys
current position of long-term debt. However, adjustment was made to put these excess
amounts back to long-term debt because Goodman Fielder was expected to refinance these
facilities by issuing bond and starting new syndicated debt due to its reputation and industrial
position.
GFFs asset leverage has also presented a slight upward trend to reach 217.48% in FY2012.
A decrease in total equity due to impairment loss, while Goodman Fielder has tried to
maintain a high level of both sort-term and long-term debts, has caused its asset leverage
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


increasing and made its business activities risker and more vulnerable. In comparison with
PFL and industry average, Goodman Fielder has used a higher leverage to finance its
business operations. Industry average and PFLs debt to equity ratio were 56.06% and
42.17% respectively while total debt of GFF was almost equal to its equity.
The coverage ratio shows a downward trend over last five years. EBIT times interest cover
ratio has reduced from 2.1 in FY2008 to 0.36 in FY2012. Although the interest charge has
remained stable, a sharp decrease in EBIT caused this downward trend. In other words, the
companys earning seemed not be able to cover interest expense in the most recent year, due
to a reduction in sales and an increase in input costs. On the other hands, cash generated from
operating activities has always ensured GFFs ability to pay its financial charge. In
comparison, the PFLs coverage ratios show the greater ability to cover interest cost than
GFF.
5.3.5. Five-factor DuPont analysis
Table 9: Five-factor DuPont
2008

2009

2010

2011

2012

Tax burden

82.97%

75.46%

69.33%

75.32%

73.60%

Interest burden

68.25%

62.17%

69.20%

61.94%

26.89%

EBIT margin

11.47%

10.34%

11.34%

9.98%

5.27%

Assets turnover

0.69

0.76

0.82

0.83

0.87

Leverage

1.94

2.04

2.00

2.11

2.17

8.68%

7.51%

8.90%

8.12%

1.98%

ROE

Tax burden: because the tax burden reflects the relation of after-tax profits to pretax profits,
the decrease from 82.97% in FY2008 to 73.60% in FY2012 indicates tax increase. Although
the corporate income tax rate has remained at 30% during the period, the increase in effective
tax rate from 17.03% to 26.40% was caused by the variation of deferred tax accounts.
Interest burden: smaller than 100% means that interest expense and financial charge
excessed non-operating income in all five years. This ratio illustrates a fluctuation around 6070% from FY2008 to FY2011 before dropping dramatically to 26.89% in FY2012. Goodman
Fielders debt structure has not changed greatly, leading to interest expense stable during the

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


period. Meanwhile, its earning power weakened in FY2012 due to difficulties in trading
conditions and input costs. Consequently, its EBT was far smaller than EBIT in FY2012.
Operating margin: has decreased in two consecutive FY2011 and FY2012, indicating the
companys operations were less profitable. The reasons are already mentioned in Common
size analysis.
Asset turnover has improved over the past five years, from 0.69 in FY2008 to 0.87 in
FY2012, showing the companys efficiency increased each year as did its leverage. This
improvement has not resulted from a sales increase but a decrease in total assets due to
goodwill write-downs.
Hence, a dramatic drop on ROE ratio after a fluctuation from FY2008 to FY2011 did result
from such aspects of the companys performance as: higher effective tax rate, decreasing
operating profits and rising interest burden. Greater efficiency and increased used of leverage
might have kept Goodman Fielder ROE at 1.98% instead of being negative.
5.4. Cash flow analysis
Graph 13: Net cash flows
450.00
300.00
150.00
0.00
(150.00)

2007

2008

2009

2010

2011

2012

(300.00)
(450.00)
Net cash from operating activities

Net cash from investing activities

Net cash from financing activities


Source: GFFs adjusted financial statements

The graph above illustrates the main source of GFF cash was from operating activities, which
had increased to $407.60 million by FY2010, followed by a downward trend in two years
thereafter. While cash received from customers has dropped from FY2010 onward due to a
decrease in revenue, payment to suppliers and employees was affected by an increase in input
costs. Neither trade receivables nor payables have fluctuated greatly, indicating GFFs
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


efficiency to collect cash from its customers and control cash from its suppliers. Over the
reporting period, GFFs operational cash inflow has also been improved by a downward trend
in working capital, resulting from its poor financial performance.
Except for the first two year of the observed period, cash outflow from investing activities
has been stable to the most recent year. Cash was spent up to $170million and $164.8million
in FY2007 and FY2008 for Goodman Fielders M&A activity and PPE purchase to expand
its business. However, as a result of the Global Crisis and high level of completion inside and
outside the saturated industry, the Group has narrowed its operations, reduced its M&A and
started to liquidate its fixed assets. Additionally, GFF also received insurances in FY2011
and FY2012 to cover the majority of losses caused by two Christchurch earthquakes. These
above reasons have helped the net cash from company investing activities improved during
the past four years.
Graph 14: Cash paid for investing activities
100%
80%
60%
40%
20%
0%
2007

2008

2009

Payment for subsidiaries, net of cash acquired

2010

2011

2012

Payments for property, plant and equipment

Payments for business acquired


Source: GFFs adjusted financial statements

Net cash generated from financing activities was always negative over the period, especially
in FY2012 when GFF spent up to $317.3million which accounted for 78% of cash generated
from its operations. It has been noticed that dividends were paid every single year although
GFF reported losses in FY2011 and FY2012. Some items such as payment of deferred
consideration and dividends paid to outside equity interests are not mentioned clearly in
either Cash Flow statements or Note to financial statements.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


By reviewing GFFs cash flow statement over the reporting period, it can be seen that cash
inflow from its operating activities was enough to cover its financing and investing activities.
Cash inflow from new borrowings has been used almost for repaying current debts.
Furthermore, GFF has always used its cash generated from operations to pay dividend and
invest in new fixed assets despite of reported losses.
6. PROSPECTIVE ANALYSIS
6.1. Sales Forecast
Based on Industry analysis and Segment analysis which are mentioned above, the following
assumptions are made to estimate sales of each Goodman Fielders segment over the next
five years:
-

Fresh baking division, which is the largest segment of Goodman Fielder and the
biggest player in the Bread Manufacturing industry, is expected to grow by 1.8% per
annum- the industry growth rate.

Fresh dairy division has suffered from challenging trading conditions in New Zealand
market, is predicted optimistically to grow at 0%.

Home Ingredients division which is operating in ANZ market is expected to grow as


the same rate of its industry, 2.22% per annum.

Asia Pacific is the target market of Goodman Fielder. The historical average grow rate
is at 15.28% per annum. The Group is expected to process its expansion plan in this
region and the revenue grow rate is predicted to be 12%.

Table 10: Sales forecast


($mil)

FY2012

FY2013E

FY2014E

FY2015E

FY2016E

FY2017E

979

996.62

1014.57

1032.82

1051.41

1070.34

Fresh Dairy

411.1

411.1

411.1

411.1

411.1

411.1

Home Ingredients

540.6

552.49

564.65

577.07

589.77

602.74

Asia Pacific

333.5

373.52

418.34

468.54

524.77

587.74

2264.2

2333.74

2408.67

2489.53

2577.05

2671.92

Fresh Baking

Total Revenue

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


6.2. Cost of sales forecast
An abnormal increase in cost of sales ratio in FY2012 is well explained by an upward trend
in commodity prices such as wheat and sugar, key input of the industry. Additionally,
Goodman Fielder has also suffered from increasing labor and logistic cost, leading its cost of
sales ratio rising to 67.12% in FY2012.
In 2012-2013, the Department of Agriculture, Fisheries and Forestry (DAFF) expected that
global wheat and sugar prices will drop by 13% and 11% respectively due to excess supply in
the previous year. In Australia, wheat and sugar production is also expected to increase,
resulting in a decrease in domestic prices. Bread and cake industries are sure to benefit from
that. Furthermore, the company has made significant progress in restructuring its cost base,
reducing overheads and implementing plans to improve manufacturing and supply chain
efficiency. For these above reasons, cost of sales ratio is predicted to return to its previous
level at about 62.28%.
Graph 15: Sales of good and Cost of sales ratio
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00
2007

2008

2009

Sales of good

2010

2011

2012

Cost of sales

2013E

2014E

2015E

2016E

2017E

Log. (Sales of good)

6.3. Earning forecast


Except for cost of sales, other items on income statements are assumed to remain stable
compared to sales of good. As shown in Table 11 below, GFFs net income is expected to
reach $133.4million in FY2013, over five times better than that in FY2012. Through to
FY2017, it is predicted to grow by 3.44% per annum to reach to $152.77million.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


Table 11: Forecasted income statement
($ million)
Sales of good
Cost of sales
Gross operating income
SGA expenses
Depreciation and Amortization
Net other income (expense)
EBIT
Interest income
Interest and financial charges
EBT
Income tax expense
Net income

2013E
2333.74
-1453.45
880.28
-510.67
-97.44
-8.29
263.89
3.79
-88.73
178.95
-45.52
133.44

2014E
2408.65
-1500.11
908.54
-527.06
-100.57
-8.55
272.36
3.92
-91.58
184.70
-46.98
137.72

2015E
2489.54
-1550.48
939.05
-544.76
-103.95
-8.84
281.51
4.05
-94.65
190.90
-48.56
142.34

2016E
2577.05
-1604.99
972.06
-563.91
-107.60
-9.15
291.40
4.19
-97.98
197.61
-50.26
147.35

2017E
2671.92
-1664.07
1007.85
-584.67
-111.56
-9.49
302.13
4.34
-101.59
204.89
-52.12
152.77

7. CONCLUSION AND RECOMMENDATION


Goodman Fielders financial statement has been analyzed via multi-step process consisting of
segment analysis, common size analysis, cash flow analysis and prospective analysis. This
report also presents Australias economic framework and analyses industries that Goodman
Fielder is running its operations in. During the process, it can be seen that GFF is operating in
the saturated industry with a relatively low margin and earning as well as high density of
competitors and identical products. Goodman Fielder, as the market leader, also has certain
advantages compared to firms operating in the same industry such as negotiating strength,
broad range of products or wide channel of distribution. Nevertheless, facing high
competition both inside and outside the industry and challenging trading conditions in ANZ
market have led to the Groups poor performance the recent years. During the process, it is
identified that in such categories as profitability, leverage and interest coverage, Goodman
Fielder did not perform well. Large business scale might have helped the company to
maintain its activity efficiency and liquidity at high degree. However it also caused Goodman
Fielder reported losses the past two years.
Optimistically, Goodman Fielder is expected to grow by 3.44% per annum in net income over
the next five years with the assumption that its core business will grow at the same rate with
industry average. However, this grow rate may not come until its restructuring plan really
works. In a risk aversion point of view, with a high level of uncertainty GFF is not a good
stock to invest in a short-timeframe. Goodman Fielders reputation and market position may
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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


help it to recover what was lost, however it is a story of restructuring and repositioning in the
far future. In conclusion, my recommendation for this stock is moderate sale.

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


REFERENCES
1. Annual reports of Goodman Fielder Limited from 2007 to 2012. Retrieved October 1st,
2012 from website: http://www.goodmanfielder.com.au/index.php?q=node/91
2. Financial statements of Goodman Fieder Limited in 2012. Retrieved October 1st, 2012
from website: http://www.goodmanfielder.com.au/index.php?q=node/95
3. Financial statements of Patties Foods Limited from 2007 to 2012. Retrived October 1st,
2012 from website:
http://0datanalysis.morningstar.com.au.alpha2.latrobe.edu.au/af/company/annualreport?ASXCode=P
FL&daterange=all&subtype=03001&subtype=03017&subtype=03011&anntypes=0,1,2,3&xt
m-licensee=dat
4. IBISWorld Industry Report C2162, Cake and Pastry Manufacturing in Australia
5. IBISWorld Industry Report C2161, Bread Manufacturing in Australia
6. IBISWorld Industry Report C2140, Cooking Oil and Margarine Manufacturing in
Australia
7. IBISWorld Industry Report C2129, Butter and Other Dairy Product Manufacturing in
Australia
8. Robinson, T.R., H. van Gruening, E. Henry, M.A. Broihahn, 2009, International Financial
Statement Analysis, Hoboken, NJ: John Wiley (ISBN: 9780470287668). 657.3 I6155
9. White, G.I., A.C. Sondhi and D. Fried (2003), The Analysis and Use of Financial
Statements (3rd edition), Hoboken, N.J.: John Wiley. ISBN: 0471375942. 657.3 W584an
2003

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Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 1: LIST OF ADJUSTMENTS

Item

Trade receivable
Other receivable
Depreciation and
Amortization
Foreign exchange gains
Foreign exchange losses

Operating lease

Account
Trade & other
receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses
Finance income
Finance costs
PPE, deferred tax
asset, current
borrowing, noncurrent borrowing
and income
statement

Amount
($mil)

Nature

274.2
33.6
55.2
52.1
20.7

132.7

Cash flow statement

Trade receivable
Other receivable
Depreciation and
Amortization
Borrowing- non current
liabilities

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Trade & other


receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses
Borrowing- current
liabilities

260.4
30
48.9
170.7

FY 2007
Trade receivable should be presented
separately in the balance sheet
Other receivable should be presented
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet
Non- recurring item
Non- recurring item

Capitalizing present value of leasing


expense as asset on balance sheet

Rebuilding from adjusted balance


sheet and adjusted income statement
FY 2008
Trade receivable should be presented
separately in the balance sheet
Other receivable should be presented
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet
The long-term borrowing that mature
in less than 12 months should be

Adjustment
Present separately on the balance
sheet
Present separately on the balance
sheet
Present separately on the balance
sheet
Subtracting from finance income
Subtracting from finance costs
Reclassified to PPE (130.9),
deferred tax asset (1.8), current
borrowing(28.1), non-current
borrowing (108.7), depreciation
expense (-26.8), SGA expense
(23.6), income tax expense (1.8),
interest expense (-2.8)

Present separately on the balance


sheet
Present separately on the balance
sheet
Present separately on the balance
sheet
Remove from Borrowing- current
liabilities to Borrowing- non

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


reclassified to long-term borrowing in
order to forecast relatively the
continue operating of the company.
Net gain on disposal of
property, plant and
equipment
Discount on acquisition
through business
combination

Operating lease

Other income

7.7 Non- recurring item

Exclude from other income

Other income

10.1 Non- recurring item

Exclude from other income

PPE, deferred tax


asset, current
borrowing, noncurrent borrowing
and income
statement

162.9

Cash flow statement


Impairment charge
Trade receivable
Other receivable
Depreciation and
Amortization
Net gain on disposal of
property, plant and
equipment
Net gain on sale of
brands
Net realized foreign
exchange gains

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current liabilities

Other expenses
Trade & other
receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses

170
227.4
48.2
55.5

Capitalizing present value of leasing


expense as asset on balance sheet

Rebuilding from adjusted balance


sheet and adjusted income statement
Non- recurring item
FY 2009
Trade receivable should be presented
separately in the balance sheet
Other receivable should be presented
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet

Reclassified to PPE (158.3),


deferred tax asset (4.6), current
borrowing(30.3), non-current
borrowing (143.2), depreciation
expense (-38.6), SGA expense
(28.1), income tax expense (4.6),
interest expense (-4.7)

Excluding from other expenses


Present separately on the balance
sheet
Present separately on the balance
sheet
Present separately on the balance
sheet

Other income

11.9 Non- recurring item

Exclude from other income

Other income

9.4 Non- recurring item

Exclude from other income

Other income

1 Non- recurring item

Exclude from other income

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)

Assets classified as held


for sale

Assets classified as
held for sale

Liabilities classified as
held for sale

Liabilities
classified as held
for sale

Sale of goods

Sale of goods

Cost of sales

Cost of sales

Selling- GeneralAdministration
expenses

Selling- GeneralAdministration
expenses

Operating lease

PPE, deferred tax


asset, current
borrowing, noncurrent borrowing
and income
statement

Assets classified as held for sale are


inventories, intangible assets and PPE
before the group sell them and the
140.8
money from the selling them may be
reinvested in the same classes.

6.9

Sale of good of discontinued operation


of Fats and Oils
Cost of sales of discontinued
315.9
operation of Fat and Oils
Selling- General- Administration
38.2 expenses of discontinued operation of
Fats and Oils
377.3

164.4

Cash flow statement


Other income

Trade receivable
Other receivable
Depreciation and
Amortization

Student ID: 17259191

Other income
Trade & other
receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses

Liabilities are provisions before the


group sell them

0.7

214.7
32.7
61.3

Capitalizing present value of leasing


expense as asset on balance sheet

Rebuilding from adjusted balance


sheet and adjusted income statement
Other income of discontinued
operation of Fats and Oils
FY 2010
Trade receivable should be presented
separately in the balance sheet
Other receivable should be presented
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet

Reclassify to inventory ( 45.3),


PPE (68.6) and Good will (26.9)

Reclassify to current provisions


Subtract from sale of goods
Subtract from cost of sales
Subtract from Selling- GeneralAdministration expenses
Reclassified to PPE (157.9),
deferred tax asset (6.5), current
borrowing(28.1), non-current
borrowing (151.5), depreciation
expense (-46), SGA expense
(30.3), income tax expense (6.5),
interest expense (-6)

Subtract from other income


Present separately on the balance
sheet
Present separately on the balance
sheet
Present separately on the balance
sheet

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)

Borrowing- non current


liabilities

Borrowing- current
liabilities

Net gain on disposal of


property, plant and
equipment

Other income

Operating lease

PPE, deferred tax


asset, current
borrowing, noncurrent borrowing
and income
statement

Cash flow statement


Net realized foreign
exchange gains
Trade receivable
Other receivable
Depreciation and
Amortization

Other income
Trade & other
receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses

Insurance recoveries
relating to Christchurch
earthquakes

Other income

Operating lease

PPE, deferred tax


asset, current
borrowing, noncurrent borrowing

Student ID: 17259191

The long-term borrowing that mature


in less than 12 months should be
reclassified to long-term borrowing in
691.3
order to forecast relatively the
continue operating of the company.

2.1 Non- recurring item

Remove from Borrowing- current


liabilities to Borrowing- non
current liabilities

Exclude from other income

Reclassified to PPE (159.0),


deferred tax asset (7.7), current
Capitalizing present value of operating borrowing(29.4), non-current
166.8 leasing expense as asset on balance
borrowing (155.4), depreciation
sheet
expense (-47.5), SGA expense
(28.1), income tax expense (7.7),
interest expense (-6.4)
Rebuilding from adjusted balance
sheet and adjusted income statement
1 Non- recurring item
FY 2011
Trade receivable should be presented
215.4
separately in the balance sheet
Other receivable should be presented
30.7
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet
12.1 Non- recurring item

145.5

Capitalizing present value of leasing


expense as asset on balance sheet

Exclude from other income


Present separately on the balance
sheet
Present separately on the balance
sheet
Present separately on the balance
sheet
Subtract from other income
Reclassified to PPE (137.9),
deferred tax asset (7.5), current
borrowing(28.8), non-current
borrowing (134.2), depreciation

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


and income
statement

expense (-48.8), SGA expense


(29.4), income tax expense (7.5),
interest expense (-5.7)

Cash flow statement


Impairment charges
Trade receivable
Other receivable
Depreciation and
Amortization

Assets classified as held


for sale

Liabilities classified as
held for sale
Insurance recoveries
Impairment charges

Operating lease

Cash flow statement

Student ID: 17259191

Other expenses
Trade & other
receivable
Trade& other
receivable
Selling-GeneralAdministration
expenses

Assets classified as
held for sale

Liabilities
classified as held
for sale
Other income
Other expenses
PPE, deferred tax
asset, current
borrowing, noncurrent borrowing
and income
statement

300
207.9
19.7

177.1

7.6

Rebuilding from adjusted balance


sheet and adjusted income statement
Non- recurring item
FY 2012
Trade receivable should be presented
separately in the balance sheet
Other receivable should be presented
separately in the balance sheet
Depreciation and Amortization should
be presented separately in the balance
sheet
Assets classified as held for sale are
inventories, intangible assets and PPE
before the group sell them and the
money from the selling them may be
reinvested in the same classes.
Liabilities are provisions before the
group sell them

7.1 Non- recurring item


187.8 Non- recurring item

126.3

Capitalizing present value of leasing


expense as asset on balance sheet

Rebuilding from adjusted balance


sheet and adjusted income statement

Subtract from other expenses


Present separately on the balance
sheet
Present separately on the balance
sheet
Present separately on the balance
sheet

Reclassify to inventory ( 65.2),


PPE (9.3) and Good will (18.9)

Reclassify to current provisions


Subtract from other income
Subtract from other expenses
Reclassified to PPE (120.1),
deferred tax asset (6.3), current
borrowing(28.9), non-current
borrowing (112.0), depreciation
expense (-43.0), SGA expense
(28.8), income tax expense (6.3),
interest expense (-3.0)

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 2: ADJUSTED INCOME STATEMENT
Income Statement ($million)

2007

2008

2009

2010

2011

2012

2426.7
(1469.8)

2317.5
(1418.6)

2471.3
(1565.8)

2660.1
(1672.1)

2556.2
(1620.9)

2513.7
(1687.2)

956.9
(494.7)

898.9
(514.5)

905.5
(550.2)

988.0
(579.3)

935.3
(563.1)

826.5
(569.0)

(82.0)

(87.5)

(101.5)

(108.7)

(118.9)

(127.0)

1.8

0.8

1.8

1.6

1.8

1.9

Other expenses

(27.7)

(31.9)

0.0

0.0

Net other income (expense)

(25.9)

(31.1)

1.8

1.6

1.8

1.9

EBIT
Interest income

354.3
3.3

265.8
1.8

255.6
3.9

301.6
2.4

255.1
11.4

132.4
1.7

Interest and financial charges

(79.5)

(86.2)

(100.6)

(95.3)

(108.5)

(98.5)

EBT
Income tax expense

278.1
(70.6)

181.4
(30.9)

158.9
(39.0)

208.7
(64.0)

158.0
(39.0)

35.6
(9.4)

Net income

207.5

150.5

119.9

144.7

119.0

26.2

Sale of goods
Cost of sales
Gross operating income
SGA expenses
Depreciation and Amortization
Other income

APPENDIX 3: COMMON SIZE OF INCOME STATEMENT


Percentage of Sales
Sale of goods

2007
100.%
-60.57%

2008
100.%
-61.21%

2009
100.%
-63.36%

2010
100.%
-62.86%

2011
100.%
-63.41%

2012
100.%
-67.12%

Average
100.%
-63.09%

SGA expenses

39.43%
-20.39%

38.79%
-22.20%

36.64%
-22.26%

37.14%
-21.78%

36.59%
-22.03%

32.88%
-22.64%

36.91%
-21.88%

Depreciation

-3.38%

-3.78%

-4.11%

-4.09%

-4.65%

-5.05%

-4.18%

Other income

0.07%

0.03%

0.07%

0.06%

0.07%

0.08%

0.06%

Other expenses

-1.14%

-1.38%

0.00%

0.00%

0.00%

0.00%

-0.42%

Net other income


(expense)
EBIT

-1.07%

-1.34%

0.07%

0.06%

0.07%

0.08%

-0.36%

Interest income

14.60%
0.14%

11.47%
0.08%

10.34%
0.16%

11.34%
0.09%

9.98%
0.45%

5.27%
0.07%

10.50%
0.16%

Interest expense

-3.28%

-3.72%

-4.07%

-3.58%

-4.24%

-3.92%

-3.80%

11.46%
-2.91%

7.83%
-1.33%

6.43%
-1.58%

7.85%
-2.41%

6.18%
-1.53%

1.42%
-0.37%

6.86%
-1.69%

8.55%

6.49%

4.85%

5.44%

4.66%

1.04%

5.17%

Cost of sales
Gross operating income

EBT
Income tax expense
Net income

Student ID: 17259191

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 4: ADJUSTED BALANCE SHEET
Statement of Financial Position ($million)

2007

2008

2009

2010

2011

2012

85.8

39.3

65.4

73.3

79.9

161.7

280.1

264.7

230.5

218.3

219.7

209.6

(5.9)

(4.3)

(3.1)

(3.6)

(4.3)

(1.7)

33.6

30.0

48.2

32.7

30.7

19.7

153.5

201.0

175.9

166.1

196.2

193.2

14.7

13.0

0.7

0.1

0.4

1.7

ASSETS
Cash and cash equivalents
Trade receivable
Allowance for doubtful debt
Other receivable
Inventories
Derivative financial instruments
Current tax receivable

22.1

8.2

16.0

8.9

13.7

Other current assets

9.0

10.0

5.0

6.5

3.8

9.0

Total current assets

570.8

575.8

530.8

509.4

535.3

606.9

5.1

5.3

3.6

2.4

1.8

2.8

4.1

Receivables
Investments in jointly controlled entities
Derivative nancial instruments

20.3

10.6

1.6

Property, plant and equipment

623.4

686.1

719.2

761.5

746.2

711.2

70.7

88.4

107.2

62.4

67.5

64.0

Deferred tax assets


Intangible assets

2199.9

1885.1

1893.1

1906.1

1571.2

1430.5

Other non-current assets

7.2

2.5

1.4

2.2

1.9

1.1

Total non-current assets

2921.5

2672.7

2727.6

2739.3

2393.2

2213.3

Total assets

3492.3

3248.5

3258.4

3248.7

2928.5

2820.2

285.8

283.2

284.2

297.9

313.1

275.2

29.5

31.5

29.4

29.8

79.9

79.9

LIABILITIES
Trade and other payables
Borrowings
Derivative financial instruments

4.9

6.0

36.4

19.0

23.2

23.7

Current tax liabilities

8.9

11.3

5.4

13.1

17.6

15.0

49.6

68.1

59.2

50.9

49.9

69.2

378.7

400.1

414.6

410.7

483.7

463.0

0.6

1.0

1204.5

1224.7

1215.0

1143.8

1046.5

898.2

0.7

7.6

13.9

82.1

62.7

22.2

25.4

11.0

16.5

17.9

20.5

Provisions
Total current liabilities
Payables
Borrowings
Derivative financial instruments
Deferred tax liabilities
Provisions

9.5

7.6

7.7

13.9

15.6

15.2

Total non-current liabilities

1236.8

1259.4

1241.3

1188.1

1162.1

996.6

Total liabilities

1615.5

1659.5

1655.9

1598.8

1645.8

1459.6

Net assets

1876.8

1589.0

1602.5

1649.9

1282.7

1360.6

1770.5

1639.7

1720.2

1771.4

1486.2

1567.7

Reserves

(55.6)

(186.6)

(214.0)

(208.2)

(259.5)

(252.9)

(Accumulated losses)/retained earnings

154.7

127.8

86.6

77.5

48.1

39.8

1869.6

1580.9

1592.8

1640.7

1274.8

1354.6

7.2

8.1

9.7

9.2

7.9

6.0

1876.8

1589.0

1602.5

1649.9

1282.7

1360.6

EQUITY
Contributed equity

Capital and reserves attributable to


the owners of Goodman Fielder Limited
Non-controlling interest
Total equity

Student ID: 17259191

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 5: COMMON SIZE OF BALANCE SHEET
Percentage of total assets
ASSETS

2007

2008

2009

2010

2011

2012

Cash and cash equivalents

2.46%

1.21%

2.01%

2.26%

2.73%

5.73%

Trade receivable

8.02%

8.15%

7.07%

6.72%

7.50%

7.43%

-0.17%

-0.13%

-0.10%

-0.11%

-0.15%

-0.06%

Other receivable

0.96%

0.92%

1.48%

1.01%

1.05%

0.70%

Inventories

4.40%

6.19%

5.40%

5.11%

6.70%

6.85%

Derivative financial instruments

0.42%

0.40%

0.02%

0.00%

0.01%

0.06%

Current tax receivable

0.00%

0.68%

0.25%

0.49%

0.30%

0.49%

Other current assets

0.26%

0.31%

0.15%

0.20%

0.13%

0.32%

Total current assets

16.34%
0.00%

17.73%
0.00%

16.29%
0.16%

15.68%
0.16%

18.28%
0.12%

21.52%
0.09%

Investments in jointly controlled entities

0.00%

0.00%

0.00%

0.06%

0.10%

0.15%

Derivative nancial instruments

0.58%

0.33%

0.05%

0.00%

0.00%

0.00%

Property, plant and equipment

17.85%

21.12%

22.07%

23.44%

25.48%

25.22%

Allowance for doubtful debt

Receivables

Deferred tax assets

2.02%

2.72%

3.29%

1.92%

2.30%

2.27%

62.99%

58.03%

58.10%

58.67%

53.65%

50.72%

Other non-current assets

0.21%

0.08%

0.04%

0.07%

0.06%

0.04%

Total non-current assets

83.66%

82.27%

83.71%

84.32%

81.72%

78.48%

100%

100%

100%

100%

100%

100%

Trade and other payables

8.18%

8.72%

8.72%

9.17%

10.69%

9.76%

Borrowings

0.84%

0.97%

0.90%

0.92%

2.73%

2.83%

Derivative financial instruments

0.14%

0.18%

1.12%

0.58%

0.79%

0.84%

Current tax liabilities

0.25%

0.35%

0.17%

0.40%

0.60%

0.53%

Provisions

1.42%

2.10%

1.82%

1.57%

1.70%

2.45%

Payables

10.84%
0.02%

12.32%
0.03%

12.72%
0.00%

12.64%
0.00%

16.52%
0.00%

16.42%
0.00%

Borrowings

34.49%

37.70%

37.29%

35.21%

35.74%

31.85%

Derivative financial instruments

0.00%

0.02%

0.23%

0.43%

2.80%

2.22%

Deferred tax liabilities

0.64%

0.78%

0.34%

0.51%

0.61%

0.73%

Intangible assets

Total assets
LIABILITIES

Total current liabilities

Provisions

0.27%

0.23%

0.24%

0.43%

0.53%

0.54%

Total non-current liabilities

35.42%

38.77%

38.10%

36.57%

39.68%

35.34%

Total liabilities

46.26%

51.09%

50.82%

49.21%

56.20%

51.76%

Net assets

53.74%

48.91%

49.18%

50.79%

43.80%

48.24%

Contributed equity

50.70%

50.48%

52.79%

54.53%

50.75%

55.59%

Reserves

-1.59%

-5.74%

-6.57%

-6.41%

-8.86%

-8.97%

4.43%

3.93%

2.66%

2.39%

1.64%

1.41%

53.53%

48.67%

48.88%

50.50%

43.53%

48.03%

0.21%

0.25%

0.30%

0.28%

0.27%

0.21%

53.74%

48.91%

49.18%

50.79%

43.80%

48.24%

EQUITY

(Accumulated losses)/retained earnings


Capital and reserves attributable to
the owners of Goodman Fielder Limited
Non-controlling interest
Total equity

Student ID: 17259191

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 6: FINANCIAL INDICATORS FOR GOODMAN FIELDER LTD.
2008

2009

2010

2011

2012

Valuation Ratios
EPS
Dividend per Share
P/E Ratio
P/B (price to book) Ratio
Dividend Payout Ratio
Dividend yield

0.11
0.1350
15.50
1.42
1.19
0.08

0.09
0.1050
18.42
1.28
1.19
0.06

0.11
0.1075
15.64
1.28
1.02
0.07

0.09
0.0725
15.66
1.25
0.84
0.05

0.01
51.50
0.86
-

Profitability Ratios
Return on Equity (ROE)
Gross Margin
Return on Sales (ROS)
Return on Assets (ROA)

8.83%
38.79%
6.49%
6.26%

7.14%
36.64%
4.85%
5.85%

8.29%
37.14%
5.44%
6.50%

7.31%
36.59%
4.66%
6.31%

1.72%
32.88%
1.04%
3.31%

Growth Rates
EPS Growth Rate
Dividend Growth Rate
Sales Growth Rate
EBIT Growth Rate
Net Income Growth Rate

-27.47%
17.37%
-4.50%
-34.77%
-27.47%

-22.10%
-22.22%
6.64%
-12.40%
-20.33%

19.20%
2.38%
7.64%
31.34%
20.68%

-18.27%
-32.56%
-3.91%
-24.29%
-17.76%

-84.46%

Liquidity Ratios
Current Ratio
Quick Ratio
Cash Ratio
Operational Cash Flow Ratio
Defensive Interval

1.44
0.86
0.13
0.71
67.77

1.28
0.82
0.16
0.82
61.91

1.24
0.78
0.18
0.99
54.65

1.11
0.67
0.17
0.62
57.69

1.31
0.84
0.35
0.50
67.03

Operating Efficiency Ratios


Inventory Turnover Ratio
Receivable Turnover Ratio
Payable Turnover
Working Capital Turnover Ratio
Asset Turnover Ratio
Fixed asset Turnover Ratio

8.00
8.51
5.18
12.60
0.69
0.83

8.31
9.98
5.42
16.93
0.76
0.92

9.78
11.85
5.58
24.76
0.82
0.97

8.95
11.67
5.27
34.01
0.83
1.00

8.67
11.71
6.12
25.72
0.87
1.09

49.33%
39.11%
97.36%
204.44%

49.53%
38.51%
98.13%
203.33%

47.69%
36.70%
91.18%
196.90%

54.63%
39.92%
120.43%
228.31%

49.61%
35.58%
98.46%
207.28%

2.10
3.28

1.58
3.39

2.19
4.28

1.46
2.75

0.36
2.34

Leverage Ratios
Total Debt to Total Capitalization
Long-Term Debt to Total Capitalization
Total Debt to Equity
Asset Leverage
Coverage Ratios
EBIT Times Interest Cover
CFO Times Interest Cover

Student ID: 17259191

-1.66%
-77.47%
-77.98%

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)


APPENDIX 7: FINANCIAL INDICATORS FOR PATTIES FOODS LTD.
2008

2009

2010

2011

2012

Valuation Ratios
EPS
P/E Ratio
P/B (price to book) Ratio

0.10
10.40
1.33

0.08
8.40
0.85

0.11
9.56
1.25

0.13
13.05
1.85

0.14
11.59
1.64

Profitability Ratios
Return on Equity (ROE)
Return on Sales (ROS)
Return on Assets (ROA)

13.75%
9.21%
8.76%

10.62%
6.61%
7.43%

14.39%
8.78%
9.54%

14.30%
8.51%
9.53%

14.32%
8.29%
9.22%

Growth Rates
EPS Growth Rate
Sales Growth Rate
EBIT Growth Rate
Net Income Growth Rate

-0.99%
30.04%
4.73%
8.65%

-19.00%
9.07%
-11.04%
-18.66%

39.51%
10.12%
29.26%
39.70%

15.93%
10.12%
10.13%
16.83%

5.34%
8.67%
5.72%
5.99%

Liquidity Ratios
Current Ratio
Quick Ratio
Cash Ratio
Operational Cash Flow Ratio

1.94
1.27
1.21
0.68

2.6
1.73
1.63
0.58

2.32
1.22
1.18
0.82

2.13
1.23
1.17
0.66

2.55
1.49
1.36
0.26

9.09
5.37
11.92
5.00
0.80
1.15

9.13
4.98
10.31
4.78
0.86
1.19

6.63
6.24
9.22
5.22
0.92
1.31

6.98
5.77
8.28
5.45
0.95
1.41

6.19
4.92
8.62
4.09
0.95
1.51

41.48%

39.34%

34.96%

32.53%

34.54%

35.89%

38.03%

33.73%

31.38%

33.50%

64.70%
187.59%

63.49%
186.98%

52.76%
178.82%

47.40%
177.86%

51.94%
182.51%

5.64
4.34

4.06
2.55

5.96
4.85

6.16
4.68

6.47
1.92

Operating Efficiency Ratios


Inventory Turnover Ratio
Receivable Turnover Ratio
Payable Turnover
Working Capital Turnover Ratio
Asset Turnover Ratio
Fixed asset Turnover Ratio
Leverage Ratios
Total Debt to Total Capitalization
Long-Term Debt to Total
Capitalization
Total Debt to Equity
Asset Leverage
Coverage Ratios
EBIT Times Interest Cover
CFO Times Interest Cover

Student ID: 17259191

Financial Statement Analysis Report on Goodman Fielder Ltd (GFF)

APPENDIX 8: ADJUSTED CASH FLOW STATEMENT


Statements of cash flows ($million)
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest paid
Income taxes paid
Net cash inflow from operating activities
Cash flows from investing activities
Payment for subsidiaries, net of cash acquired
Payments for property, plant and equipment
Payments for business acquired
Proceeds from sale of property, plant and equipment
Settlement from the sale of controlled entities
Interest received
Insurance proceeds
Net cash (outflow)/inflow from investing activities
Cash flows from financing activities
Repurchase of shares
Proceeds from issues of shares
Proceeds from borrowings
Repayment of borrowings
Finance lease payments
Dividends paid
Dividends paid to outside equity interests
Payment of deferred consideration
Net cash outflow from financing activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at end of year

Student ID: 17259191

2007

2008

2597.90
(2216.90)
(66.70)
(72.70)
241.60

2846.70
(2424.20)
(86.30)
(53.40)
282.80

(125.50)
(50.90)

(78.50)
(95.20)
(21.50)
28.50

2009

2010

2011

2012

2632.10
(2161.80)
(93.60)
(36.00)
340.70

2851.10
(2322.80)
(102.20)
(18.50)
407.60

2734.20
(2294.70)
(108.00)
(32.90)
298.60

2744.60
(2382.60)
(97.00)
(34.30)
230.70

(93.20)

(101.10)

(84.80)

1.90

7.40
0.00
3.90

14.40
1.90
2.40

(103.60)
(0.30)
21.70

(164.80)

(81.90)

(82.40)

1.50
8.60
(72.10)

1.90
10.00
(54.90)

(72.40)

(43.30)

(96.80)

(104.10)

253.20
(147.30)

946.40
(856.30)

(152.40)

(178.90)

(47.30)
(93.80)
(22.20)
104.60
85.80

(3.30)
(164.50)
(46.50)
85.80
39.30

766.90
(817.00)
(1.50)
(129.40)
(5.10)
(3.30)
(232.70)
26.10
39.30
65.40

1043.40
(1142.00)
(0.90)
(113.30)
(4.40)
(3.30)
(317.30)
7.90
65.40
73.30

1611.10
(1571.30)
(1.10)
(148.40)
(6.10)
(219.90)
6.60
73.30
79.90

(104.30)
251.50
378.60
(573.40)
(1.10)
(34.50)
(10.80)

0.70
2.50
3.20
(170.00)

18.00

(94.00)
81.80
79.90
161.70

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