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The following case involves each team performing a detailed financial analysis of the business performance of Billabong International Limited Billabong for the years ended June 30, — Do not limit your thoughts to this but spend some time on the Investor Relations site and looking and what is easily available on the internet to augment your thoughts Before you start this project, let me discuss two common student failings.
First, students get so focused on calculating in the numbers that they fail to understand the underlying business drivers behind the numbers. It is important to understand what is happening in the business.
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This case involves each team developing a story that interprets the numbers. Second, after you understand the business at the 1, foot level, step back to see the forest. Too often students fail to understand the larger picture.
Overall Billabong operating cycle 2011 2013 is going on in the business? What are its trends, how has it changed, and how has the company managed the change?
Make sure that you can explain the trends and changes in the entity as a whole by analyzing the financial statements. Company Background 14 Points 1. Review the annual report for the five year period ending June 30, Which would you have expected to be more successful? Explain the reasoning behind your conclusion.
Profitability 20 points Calculate the following ratios and develop answers to the following questions for Billabong. Refer to PowerPoint slides and lectures that are online when determining the following information.
Are there any transactions that indicate poor earnings quality? Develop a table that identifies each earnings quality issues and the after tax affect on your profitability analysis. Then explain each earnings quality issue and clearly state your reasoning for each item.
Develop a table with the results of your quantitative analysis of both Return on Assets including profit margin and asset turnover and Return of Common Equity including financing cost ratio and capital structure leverageafter adjustments for earnings quality, for each of the last five years.
Explain the primary reason for the change in ROA profit margin over this period of time. Consider both the results of your common size income statements and the results of your geographic analysis. Explain how asset turnover has changed over this period of time, including how asset turn has changed in different geographic regions.
Explain the trend in changes for the financing cost ratio over the last five years? Also, explain the trend in changes capital structure leverage over the last six years. Based on your evaluation of the combined effect of the financing cost ratio and the capital structure ratio, in which of the last six years did financial leverage best work to the advantage of the common shareholder?
Explain the logic behind your conclusion. Using the information obtained above, identify the most significant causes of change in ROCE over this period of time. How has this influenced the numbers reported in the financial statements? Write several paragraphs that summarize and explain the key trends in profitability over the five years.
This is the time to look at the forest, not just the trees. Do not skimp on this area. Calculating the numbers is not the end of the story. Cash Flows 20 Points Determine the following information and develop answers to the following questions for Billabong.
Refer to the PowerPoint slides and lectures that are online when calculating the following ratios. Operating cash flows a. Develop a table that summarizes your calculation of sustainable cash flow from operations for the five years ended June 30, Reconcile reported operating cash flow to your estimate of sustainable operating cash flow.
Then explain each reconciling item and clearly state your reasoning for each item. Explain the underlying reasons for the changes in sustainable cash flow from operations for the five years ended June 30, This may link back to your discussion of profitability.
Investing Cash Flows a. During the period studied, was Billabong able to generate sustainable free cash flow?Billabong Operating Cycle Operating Cycle: Over the last five years data has shown the rate of inventory turnover has been increasing That is, it has gradually taken longer and longer for purchased inventory to be sold.
Billabong International Full Year Financial Results. August 30, ; Press Release, Wednesday, 30th August. Billabong International Limited [ASX:BBG] (“Billabong”, the “Company”, together with its subsidiaries, the “Group”) today announces the financial results for the 12 months ended 30 June (FY17).
Operating cash flow. The largest Military & Government exclusive ecommerce site offering discounts up to 50% off current season goods from + top lifestyle and tactical brands.
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