cash flow statement_common size_ratios

8/13/2019 Cash Flow Statement_Common Size_Ratios

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Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)

Year Ending Dec. 31,

2009 2010 2011 2012

Sales $1,234.9 $1,251.7 $1,300.4 $1,334.4

Cost of Sales $679.1 $659.0 $681.3 $667.0 Gross Operating Income $555.8 $592.7 $619.1 $667.4

Selling, General & Admn. Expenses $339.7 $348.6 $351.2 $373.3

Depreciation $47.5 $52.0 $55.9 $75.2

Other net (Income)/Expenses ($11.8) ($7.6) ($7.0) ($8.2)

EBIT $180.4 $199.7 $219.0 $227.1

Interest (Income) ($1.3) ($1.4) ($1.7) ($2.0)

Interest Expense $16.2 $15.1 $20.5 $23.7

Pre-Tax Income $165.5 $186.0 $200.2 $205.4

Income Taxes $56.8 $64.2 $67.5 $72.6

Net Income $108.7 $121.8 $132.7 $132.8

Dividends $38.3 $38.7 $39.8 $40.1

Addition to Retained Earnings $70.4 $83.1 $92.9 $92.7

Balance Sheet ($ Million)Assets

Cash and Marketable Securities $25.6 $23.0 $32.1 $28.4

Accounts Receivable $99.4 $102.9 $107.3 $120.1Inventories $109.6 $108.0 $114.9 $116.8

Other Current Assets $96.7 $91.4 $103.7 $97.5

Total Current Assets $331.3 $325.3 $358.0 $362.8

Property, Plant and Equipment, Gross $680.9 $734.3 $820.8 $913.1

Accumulated Depreciation $244.8 $296.8 $352.7 $427.9

Property, Plant and Equipment, Net $436.1 $437.5 $468.1 $485.2

Other Non-Current Assets $203.2 $205.1 $407.0 $456.3

Total Non-Current Assets $639.3 $642.6 $875.1 $941.5

Total Assets $970.6 $967.9 $1,233.1 $1,304.3

Liabilities and Shareholders' Equity

Accounts Payable $82.8 $77.1 $71.8 $80.5

Short-Term Debt $39.1 $29.7 $79.8 $110.3

Other Current Liabilities $152.0 $123.8 $172.1 $111.3

Total Current Liabilities $273.9 $230.6 $323.7 $302.1


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Long-Term Debt $163.5 $145.0 $201.8 $218.1

Deferred Income Taxes $22.3 $19.6 $15.0 $12.7

Other Non-Current Liabilities $100.6 $80.1 $115.0 $94.5

Total Liabilities $560.3 $475.3 $655.5 $627.4

Paid-In Capital $46.9 $46.1 $38.2 $44.8Retained Earnings $363.4 $446.5 $539.4 $632.1

Total Shareholders' Equity $410.3 $492.6 $577.6 $676.9

Total Liabilities and Shareholders' Equity $970.6 $967.9 $1,233.1 $1,304.3

Other Data

Stock price (year-end) $55.50 $65.30 $55.70 $51.40

Average number of shares outstanding (millions) 48.0 47.3 46.8 46.2


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2010 2011

Cash Flows from Operations

Net Income $121.8 $132.7Depreciation Expense $52.0 $55.9

Decrease/(Increase) in Accounts Receivable ($3.5) ($4.4)

Decrease/(Increase) in Inventories $1.6 ($6.9)

Decrease/(Increase) in Other Current Assets $5.3 ($12.3)

Increase/(Decrease) in Accounts Payable ($5.7) ($5.3)

Increase/(Decrease) in Other Current Liabilities ($28.2) $48.3

Increase/(Decrease) in Deferred Income Taxes ($2.7) ($4.6)

Increase/(Decrease) in Other Non-Current Liabilities ($20.5) $34.9

Total Cash Flows from Operations $120.1 $238.3

Cash Flows from Investing

(Additions to) Property, Plant & Equipment ($53.4) ($86.5)

(Investment) in Other Non-Current Assets ($1.9) ($201.9)

Total Cash Flows from Investing ($55.3) ($288.4)

Cash Flows from Financing

From Issuance/(Repayment) of Short-Term Debt ($9.4) $50.1

From Issuance/(Repayment) of Long-Term Debt ($18.5) $56.8

From Sale/(Repurchase) of Equity ($0.8) ($7.9)

Cash Dividends Paid to Shareholders ($38.7) ($39.8)

Total Cash Flows from Financing ($67.4) $59.2

Net Change in Cash & Marketable Securities ($2.6) $9.1

Beginning Cash & Marketable Securities $25.6 $23.0

Ending Cash & Marketable Securities $23.0 $32.1

Net Change in Cash & Marketable Securities ($2.6) $9.1


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2012

$132.8$75.2

($12.8)

($1.9)

$6.2

$8.7

($60.8)

($2.3)

($20.5)

$124.6

($92.3)

($49.3)

($141.6)

$30.5

$16.3

$6.6

($40.1)

$13.3

($3.7)

$32.1

$28.4

($3.7)


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2009 2010 2011 2012

Sales $1,234.9 $1,251.7 $1,300.4 $1,334.4

Cost of Sales $679.1 $659.0 $681.3 $667.0 Gross Operating Income $555.8 $592.7 $619.1 $667.4

Selling, General & Admn. Expense $339.7 $348.6 $351.2 $373.3

Depreciation $47.5 $52.0 $55.9 $75.2


EBIT $180.4 $199.7 $219.0 $227.1

Interest (Income) ($1.3) ($1.4) ($1.7) ($2.0)


Pre-Tax Income $165.5 $186.0 $200.2 $205.4

Income Taxes $56.8 $64.2 $67.5 $72.6

Net Income $108.7 $121.8 $132.7 $132.8

Dividends $38.3 $38.7 $39.8 $40.1




Accounts Receivable $99.4 $102.9 $107.3 $120.1Inventories $109.6 $108.0 $114.9 $116.8



Property, Plant and Equipment, Gro $680.9 $734.3 $820.8 $913.1


Property, Plant and Equipment, N $436.1 $437.5 $468.1 $485.2



Total Assets $970.6 $967.9 $1,233.1 $1,304.3


Accounts Payable $82.8 $77.1 $71.8 $80.5

Short-Term Debt $39.1 $29.7 $79.8 $110.3




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Long-Term Debt $163.5 $145.0 $201.8 $218.1




Paid-In Capital $46.9 $46.1 $38.2 $44.8Retained Earnings $363.4 $446.5 $539.4 $632.1


Total Liabilities and Sharehold $970.6 $967.9 $1,233.1 $1,304.3

Other Data


Average number of shares outstan 48.0 47.3 46.8 46.2


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COMMON SIZE STATEMENTS



2009 2010 2011 2012

Sales 100.0% 100.0% 100.0% 100.0%

Cost of Sales 55.0% 52.6% 52.4% 50.0% Gross Operating Income 45.0% 47.4% 47.6% 50.0%

Selling, General & Admn. Expenses 27.5% 27.9% 27.0% 28.0%

Depreciation 3.8% 4.2% 4.3% 5.6%

Other net (Income)/Expenses -1.0% -0.6% -0.5% -0.6%

EBIT 14.6% 16.0% 16.8% 17.0%

Interest (Income) -0.1% -0.1% -0.1% -0.1%

Interest Expense 1.3% 1.2% 1.6% 1.8%

EBT 13.4% 14.9% 15.4% 15.4%

Income Taxes 4.6% 5.1% 5.2% 5.4%

Net Income 8.8% 9.7% 10.2% 10.0%

Dividends 3.1% 3.1% 3.1% 3.0%

Addition to Retained Earnings 5.7% 6.6% 7.1% 6.9%


Cash and Marketable Securities 2.1% 1.8% 2.5% 2.1%

Accounts Receivable 8.0% 8.2% 8.3% 9.0%Inventories 8.9% 8.6% 8.8% 8.8%

Other Current Assets 7.8% 7.3% 8.0% 7.3%

Total Current Assets 26.8% 26.0% 27.5% 27.2%

Property, Plant and Equipment, Gross 55.1% 58.7% 63.1% 68.4%

Accumulated Depreciation 19.8% 23.7% 27.1% 32.1%

Property, Plant and Equipment, Net 35.3% 35.0% 36.0% 36.4%

Other Non-Current Assets 16.5% 16.4% 31.3% 34.2%

Total Non-Current Assets 51.8% 51.3% 67.3% 70.6%

Total Assets 78.6% 77.3% 94.8% 97.7%


Accounts Payable 6.7% 6.2% 5.5% 6.0%

Short-Term Debt 3.2% 2.4% 6.1% 8.3%

Other Current Liabilities

Total Current Liabilities 22.2% 18.4% 24.9% 22.6%


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Long-Term Debt 13.2% 11.6% 15.5% 16.3%

Deferred Income Taxes 1.8% 1.6% 1.2% 1.0%

Other Non-Current Liabilities

Total Liabilities 45.4% 38.0% 50.4% 47.0%

Paid-In Capital 3.8% 3.7% 2.9% 3.4%Retained Earnings 29.4% 35.7% 41.5% 47.4%

Total Shareholders' Equity 33.2% 39.4% 44.4% 50.7%

Total Liabilities and Shareholders' Equity

Other Data

Stock price (year-end)

Average number of shares outstanding (millions)


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AVERAGE

100.0%

52.5%47.5%

27.6%

4.5%

-0.7%

16.1%

-0.1%

1.5%

14.8%

5.1%

9.7%

3.1%

6.6%

2.1%

8.4%8.8%

7.6%

26.9%

61.3%

25.7%

35.7%

24.6%

60.2%

87.1%

6.1%

5.0%

22.0%


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14.2%

1.4%

45.2%

3.4%38.5%

41.9%


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2009 2010 2011 2012

Sales $1,234.9 $1,251.7 $1,300.4 $1,334.4

Cost of Sales $679.1 $659.0 $681.3 $667.0

Gross Operating Income $555.8 $592.7 $619.1 $667.4

Selling, General & Admn. Expenses $339.7 $348.6 $351.2 $373.3

Depreciation $47.5 $52.0 $55.9 $75.2


EBIT $180.4 $199.7 $219.0 $227.1

Interest (Income) ($1.3) ($1.4) ($1.7) ($2.0)


Pre-Tax Income $165.5 $186.0 $200.2 $205.4

Income Taxes $56.8 $64.2 $67.5 $72.6 Net Income $108.7 $121.8 $132.7 $132.8

Dividends $38.3 $38.7 $39.8 $40.1




Accounts Receivable $99.4 $102.9 $107.3 $120.1

Inventories $109.6 $108.0 $114.9 $116.8



Property, Plant and Equipment, Gross $680.9 $734.3 $820.8 $913.1


Property, Plant and Equipment, Net $436.1 $437.5 $468.1 $485.2



Total Assets $970.6 $967.9 $1,233.1 $1,304.3

Liabilities and Shareholders' EquityAccounts Payable $82.8 $77.1 $71.8 $80.5

Short-Term Debt $39.1 $29.7 $79.8 $110.3



Long-Term Debt $163.5 $145.0 $201.8 $218.1




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Paid-In Capital $46.9 $46.1 $38.2 $44.8

Retained Earnings $363.4 $446.5 $539.4 $632.1


Total Liabilities and Shareholders' Equity $970.6 $967.9 $1,233.1 $1,304.3

Other Data


Average number of shares outstanding (millions) 48.0 47.3 46.8 46.2

Financial Indicators for Vitex Corp. 2009 2010 2011 2012

Valuation Ratios

EPS $2.26 $2.58 $2.83 $2.87

Dividend per Share $0.80 $0.82 $0.85 $0.87

P/E Ratio 24.5 25.3 19.6 17.9

P/B (price to book) Ratio 6.5 6.3 4.5 3.5Dividend Payout Ratio 35% 32% 30% 30%

Profitability Ratios

Return on Equity (ROE) 27.0% 24.8% 21.2%

Return on Sales (ROS) 14.6% 16.0% 16.8% 17.0%

Growth Rates

EPS Growth Rate 13.7% 10.0% 1.4%

Dividend Growth Rate 2.6% 3.9% 2.1%

Sales Growth Rate 1.4% 3.9% 2.6%

EBIT Growth Rate 10.7% 9.7% 3.7%

Net Income Growth Rate 12.1% 8.9% 0.1%

Liquidity Ratios

Current Ratio 1.21 1.41 1.11 1.20

Quick Ratio 0.46 0.55 0.43 0.49

Operating Efficiency Ratios IT ratio 6.06 6.11 5.76

Inventory Turnover Ratio 6.2 6.10 5.9 5.7

Receivable Turnover Ratio 12.4 12.2 12.1 11.1

RT ratio 12.37 12.37 11.74

Leverage Ratios

Total Debt to Total Capitalization 33.1% 26.2% 32.8% 32.7%Long-Term Debt to Total Capitalization 26.7% 21.7% 23.5% 21.7%

Total Debt to Equity 49.4% 35.5% 48.8% 48.5%

Coverage Ratios

Times Interest Earned (TIE) 11.1 13.2 10.7 9.6

Cash Coverage Ratio 14.1 16.7 13.4 12.8


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2009 2010 2011 2012

100.00% 1 1 1

54.99% 52.65% 52.39% 49.99%

45.01% 47.35% 47.61% 50.01%

27.51% 27.85% 27.01% 27.98%

3.85% 4.15% 4.30% 5.64%

-0.96% -0.61% -0.54% -0.61%

14.61% 15.95% 16.84% 17.02%

0.00% 0.00% 0.00% 0.00%

-0.11% -0.11% -0.13% -0.15%

1.31% 1.21% 1.58% 1.78%

13.40% 14.86% 15.40% 15.39%

4.60% 5.13% 5.19% 5.44%8.80% 9.73% 10.20% 9.95%

0.00% 0.00% 0.00% 0.00%

3.10% 3.09% 3.06% 3.01%

5.70% 6.64% 7.14% 6.95%

2.07% 1.84% 2.47% 2.13%

8.05% 8.22% 8.25% 9.00%

8.88% 8.63% 8.84% 8.75%

7.83% 7.30% 7.97% 7.31%

26.83% 25.99% 27.53% 27.19%

55.14% 58.66% 63.12% 68.43%

19.82% 23.71% 27.12% 32.07%

35.31% 34.95% 36.00% 36.36%

16.45% 16.39% 31.30% 34.20%

51.77% 51.34% 67.29% 70.56%

78.60% 77.33% 94.82% 97.74%

6.70% 6.16% 5.52% 6.03%

3.17% 2.37% 6.14% 8.27%

12.31% 9.89% 13.23% 8.34%

22.18% 18.42% 24.89% 22.64%

13.24% 11.58% 15.52% 16.34%

1.81% 1.57% 1.15% 0.95%

8.15% 6.40% 8.84% 7.08%


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45.37% 37.97% 50.41% 47.02%

3.80% 3.68% 2.94% 3.36%

29.43% 35.67% 41.48% 47.37%

33.23% 39.35% 44.42% 50.73%

78.60% 77.33% 94.82% 97.74%

Div/ Net income

Net Income/average shareholders equity

EBIT/Sales One could call it Operating Return on Sales

CA/CL

(Cash+AR)/CL

Alternatively, take the average of INV

Cost of sales/Inv

Sales/AR

Alternatively take average of A/R

Short term and long term/Short term and long term debt+total shh equity

Short term and long term/total shh equity

EBIT/ Interest

EBIT+ depreciation/ Interest

cash flow statement_common size_ratios

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