| Growth Profitability and Financial Ratios for Harvey Norman Holdings Ltd |
| Financials |
| 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 TTM |
| Revenue AUD Mil "2,003" "2,193" "2,357" "2,417" "2,369" "2,545" "2,353" "2,240" "2,435" "2,581" "2,692" |
| Gross Margin % 48.3 4.5 55.5 6.9 11.5 55.6 56.4 57.8 56.3 56.3 56.8 |
| Operating Income AUD Mil 136 380 388 324 347 283 161 114 226 273 313 |
| Operating Margin % 6.8 17.3 16.4 13.4 14.6 11.1 6.9 5.1 9.3 10.6 11.6 |
| Net Income AUD Mil 230 407 358 214 231 252 172 142 212 268 312 |
| Earnings Per Share AUD 0.21 0.38 0.33 0.2 0.21 0.23 0.16 0.13 0.2 0.24 0.28 |
| Dividends AUD 0.11 0.13 0.18 0.17 0.18 0.18 0.15 0.12 0.15 0.24 0.29 |
| Payout Ratio % 49.4 43.5 55.2 85 85.3 78.2 73 108.9 79.6 87.8 102 |
| Shares Mil "1,074" "1,077" "1,080" "1,078" "1,078" "1,078" "1,078" "1,078" "1,078" "1,095" "1,113" |
| Book Value Per Share AUD 1.26 1.41 1.76 1.86 1.95 2.04 2.07 2.12 2.26 2.27 2.36 |
| Operating Cash Flow AUD Mil 160 444 289 443 387 359 201 239 339 340 346 |
| Cap Spending AUD Mil -182 -138 -110 -122 -84 -171 -109 -74 -67 -55 -61 |
| Free Cash Flow AUD Mil -22 307 180 320 303 188 92 166 272 285 285 |
| Free Cash Flow Per Share AUD -0.02 0.04 0.17 0.3 0.28 0.17 0.12 0.23 0.19 0.22 |
| Working Capital AUD Mil 698 599 262 156 595 633 581 698 345 393 |
| |
| Key Ratios -> Profitability |
| Margins % of Sales 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 TTM |
| Revenue 100 100 100 100 100 100 100 100 100 100 100 |
| COGS 51.73 95.47 44.46 93.13 88.53 44.37 43.58 42.16 43.73 43.66 43.21 |
| Gross Margin 48.27 4.53 55.54 6.87 11.47 55.63 56.42 57.84 56.27 56.34 56.79 |
| SG&A 47.19 41.29 43.94 46.76 49.02 51.31 52.2 54.92 47.62 50.44 42.58 |
| R&D 0.01 |
| Other -5.72 -54.07 -4.84 -53.31 -52.19 -6.83 -2.63 -2.19 -0.61 -4.7 2.59 |
| Operating Margin 6.81 17.31 16.44 13.42 14.65 11.14 6.85 5.11 9.26 10.6 11.62 |
| Net Int Inc & Other 10.74 4.27 5.71 0.98 1.67 3.55 2.81 3.28 3.1 4.05 4.7 |
| EBT Margin 17.55 21.59 22.15 14.41 16.32 14.69 9.66 8.39 12.36 14.65 16.32 |
| |
| Profitability 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 TTM |
| Tax Rate % 30.54 30.16 30.37 37.02 38.42 30.57 22.47 23.13 29.5 28.88 28.55 |
| Net Margin % 11.46 18.57 15.21 8.87 9.77 9.91 7.33 6.35 8.69 10.39 11.58 |
| Asset Turnover (Average) 0.7 0.7 0.72 0.69 0.64 0.66 0.59 0.56 0.59 0.6 0.63 |
| Return on Assets % 8 13.09 10.93 6.11 6.29 6.54 4.34 3.55 5.11 6.25 7.26 |
| Financial Leverage (Average) 2.24 1.89 1.77 1.82 1.76 1.83 1.77 1.74 1.71 1.72 1.72 |
| Return on Equity % 17.48 26.74 19.96 10.98 11.26 11.74 7.79 6.23 8.82 10.71 12.44 |
| Return on Invested Capital % 11.4 19.43 15.89 9.19 9.57 10.16 6.95 5.46 7.3 8.9 10.2 |
| Interest Coverage 8.4 10.7 16.77 11.03 12.49 9.7 5.6 5.11 9.26 12.5 15.6 |
| |
| Key Ratios -> Growth |
| 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 Latest Qtr |
| Revenue % |
| Year over Year 12.96 9.48 7.47 2.56 -2.01 7.46 -7.56 -4.81 8.73 5.98 |
| 3-Year Average 16.81 10.72 9.94 6.46 2.6 2.6 -0.89 -1.85 -1.46 3.13 |
| 5-Year Average 40.11 16.66 13.4 8.39 5.96 4.91 1.42 -1.02 0.15 1.73 |
| 10-Year Average 57.64 51.83 41.61 37.56 26.73 21.24 8.77 5.95 4.19 3.82 |
| Operating Income % |
| Year over Year 98.28 178.36 2.05 -16.27 6.91 -18.28 -43.11 -29.06 97.15 21.26 |
| 3-Year Average 10.45 61.87 77.92 33.48 -2.97 -9.89 -20.79 -30.91 -7.34 19.25 |
| 5-Year Average 40.52 30.79 29.37 38.2 15.75 -15.74 -21.65 -7.01 -4.64 |
| 10-Year Average 8.81 1.23 9.68 14.8 |
| Net Income % |
| Year over Year 33.9 77.4 -11.98 -40.2 7.96 9.01 -31.63 -17.55 48.86 26.64 |
| 3-Year Average 14.97 32.25 27.87 -2.26 -17.17 -11.05 -6.99 -14.98 -5.68 15.84 |
| 5-Year Average 16.9 25.99 18.87 4.02 6.18 1.9 -15.79 -16.88 -0.25 2.99 |
| 10-Year Average 22.4 27.46 20.06 10.34 7.6 9.14 3 -0.6 1.86 4.57 |
| EPS % |
| Year over Year 33.83 76.94 -12.23 -40.07 7.93 9.05 -31.62 -17.61 48.8 24.71 |
| 3-Year Average 14.85 32.08 27.62 -2.36 -17.19 -10.98 -6.98 -14.99 -5.71 15.2 |
| 5-Year Average 16.4 25.5 18.66 3.92 6.1 1.84 -15.79 -16.85 -0.27 2.66 |
| 10-Year Average 21.31 26.56 19.6 10.04 7.42 8.88 2.8 -0.67 1.8 4.36 |
| |
| Key Ratios -> Cash Flow |
| Cash Flow Ratios 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 TTM |
| Operating Cash Flow Growth % YOY -721 45 |
| Free Cash Flow Growth % YOY -545 467 |
| Cap Ex as a % of Sales 9.09 6.28 4.65 5.06 3.55 6.71 4.61 3.29 2.74 2.15 2.28 |
| Free Cash Flow/Sales % -1.11 13.99 7.63 13.25 12.78 7.39 3.93 7.4 11.18 11.04 10.57 |
| Free Cash Flow/Net Income -0.1 0.75 0.5 1.49 1.31 0.75 0.54 1.16 1.29 1.06 0.91 |
| |
| Key Ratios -> Financial Health |
| Balance Sheet Items (in %) 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 Latest Qtr |
| Cash & Short-Term Investments 4.14 5.29 2.62 5.03 5.17 5.1 4.98 4.45 3.94 4.86 4.86 |
| Accounts Receivable 33.15 32.2 29.76 29.44 29.2 26.6 25.76 25.94 26.49 26.21 26.21 |
| Inventory 8.56 6.97 6.72 7.11 7.06 8.41 6.67 6.61 7.04 6.85 6.85 |
| Other Current Assets 0.74 0.86 0.77 0.43 0.59 0.53 0.52 0.69 0.56 0.54 0.54 |
| Total Current Assets 46.59 45.33 39.86 42 42.02 40.64 37.93 37.69 38.04 38.46 38.46 |
| Net PP&E 15.67 16.7 17.45 15.01 11.85 12.8 13.57 13.5 13.47 12.68 12.68 |
| Intangibles 1.15 0.66 0.66 0.51 0.65 1.46 1.45 1.45 1.84 1.92 1.92 |
| Other Long-Term Assets 36.6 37.32 42.03 42.48 45.47 45.1 47.05 47.36 46.65 46.94 46.94 |
| Total Assets 100 100 100 100 100 100 100 100 100 100 100 |
| Accounts Payable 18.22 16.68 15.25 17.98 17.71 17.53 14.01 12.73 15.2 15.66 15.66 |
| Short-Term Debt 3.91 3.45 12.36 15.72 4.16 2.63 5.94 4.24 11.12 9.37 9.37 |
| Taxes Payable |
| Accrued Liabilities |
| Other Short-Term Liabilities 1.42 6.44 4.46 4.03 4.09 4.68 3.28 3.55 3.55 4.41 4.41 |
| Total Current Liabilities 23.54 26.57 32.07 37.73 25.95 24.83 23.22 20.52 29.87 29.44 29.44 |
| Long-Term Debt 24.19 14.3 4.46 0.32 9.31 13.65 13.78 15.94 5.63 6.65 6.65 |
| Other Long-Term Liabilities 7.62 6.11 7 7.08 7.96 6.73 6.42 6.22 6 5.7 5.7 |
| Total Liabilities 55.35 46.99 43.54 45.13 43.23 45.22 43.42 42.67 41.51 41.79 41.79 |
| Total Stockholders' Equity 44.65 53.01 56.46 54.87 56.77 54.78 56.58 57.33 58.49 58.21 58.21 |
| Total Liabilities & Equity 100 100 100 100 100 100 100 100 100 100 100 |
| |
| Liquidity/Financial Health 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 Latest Qtr |
| Current Ratio 1.98 1.71 1.24 1.11 1.62 1.64 1.63 1.84 1.27 1.31 1.31 |
| Quick Ratio 1.58 1.41 1.01 0.91 1.32 1.28 1.32 1.48 1.02 1.06 1.06 |
| Financial Leverage 2.24 1.89 1.77 1.82 1.76 1.83 1.77 1.74 1.71 1.72 1.72 |
| Debt/Equity 0.54 0.27 0.08 0.01 0.16 0.25 0.24 0.28 0.1 0.11 0.11 |
| |
| Key Ratios -> Efficiency Ratios |
| Efficiency 2006-06 2007-06 2008-06 2009-06 2010-06 2011-06 2012-06 2013-06 2014-06 2015-06 TTM |
| Days Sales Outstanding 168.26 169.14 157.15 156.88 166.28 153.93 161.58 168.86 162.9 159.94 153.35 |
| Days Inventory 90.1 42 78.1 39.39 45.39 96.69 106.82 102.86 97.08 96.53 93.51 |
| Payables Period 195.57 94.53 182.14 94.9 114.31 219.4 223.44 207 198.75 214.58 207.87 |
| Cash Conversion Cycle 62.8 116.61 53.12 101.37 97.36 31.22 44.95 64.73 61.23 41.89 39 |
| Receivables Turnover 2.17 2.16 2.32 2.33 2.2 2.37 2.26 2.16 2.24 2.28 2.38 |
| Inventory Turnover 4.05 8.69 4.67 9.27 8.04 3.78 3.42 3.55 3.76 3.78 3.9 |
| Fixed Assets Turnover 2.35 4.35 4.21 4.26 4.8 5.35 4.49 4.13 4.36 4.6 4.8 |
| Asset Turnover 0.7 0.7 0.72 0.69 0.64 0.66 0.59 0.56 0.59 0.6 0.63 |
chintamona
harvey_norman_ratio_analysis.xlsx
