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COUNTRY CLUB 2017-18 Annual Report Analysis

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COUNTRY CLUB 2017-18 Annual Report Analysis
Wed, 6 Mar

COUNTRY CLUB has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

COUNTRY CLUB Income Statement Analysis

  • Operating income during the year fell 27.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 49.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.0% in FY18 as against 21.6% in FY17.
  • Depreciation charges increased by 5.7% and finance costs increased by 2.4% YoY, respectively.
  • Other income declined by 52.2% YoY.
  • Net profit for the year declined by 1088.8% YoY.
  • Net profit margins during the year declined from 1.1% in FY17 to 14.5% in FY18.

COUNTRY CLUB Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,529 3,305 -27.0%
Other income Rs m 40 19 -52.2%
Total Revenues Rs m 4,570 3,324 -27.3%
Gross profit Rs m 978 496 -49.3%
Depreciation Rs m 454 480 5.7%
Interest Rs m 431 441 2.4%
Profit before tax Rs m 133 -407 -405.9%
Tax Rs m 84 76 -9.6%
Profit after tax Rs m 49 -483 -1,088.8%
Gross profit margin % 21.6 15.0
Effective tax rate % 63.3 -18.7
Net profit margin % 1.1 -14.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COUNTRY CLUB Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an decrease of -0.8%.
  • Long-term debt down at Rs 4 billion as compared to Rs 4 billion during FY17, a fall of 3.0%.
  • Current assets fell 1% and stood at Rs 1 billion, while fixed assets fell 3% and stood at Rs 15 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 16 billion as against Rs 17 billion during FY17, thereby witnessing a fall of 3%.

COUNTRY CLUB Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 10,330 9,869 -4.5
 
Current Liabilities Rs m 1,437 1,426 -0.8
Long-term Debt Rs m 4,075 3,951 -3.0
Total Liabilities Rs m 16,721 16,198 -3.1
 
Current assets Rs m 1,241 1,232 -0.7
Fixed Assets Rs m 15,480 14,965 -3.3
Total Assets Rs m 16,721 16,198 -3.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



COUNTRY CLUB Cash Flow Statement Analysis

  • COUNTRY CLUB's cash flow from operating activities (CFO) during FY18 stood at Rs 514 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 37 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -568 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -18 million from the Rs -76 million net cash flows seen during FY17.

COUNTRY CLUB Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 833 514 -38.4%
Cash Flow from Investing Activities Rs m -922 37 -
Cash Flow from Financing Activities Rs m 13 -568 -
Net Cash Flow Rs m -76 -18 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for COUNTRY CLUB

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -3.0, an decline from the EPS of Rs 0.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7.0, stands at -6.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at -430.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 27.7 20.2
TTM Earnings per share Rs 0.3 -3.0
Diluted earnings per share Rs 0.3 -3.0
Price to Cash Flow x 2.3 -430.3
TTM P/E ratio x -6.7 -6.7
Price / Book Value ratio x 0.2 0.3
Market Cap Rs m 1,136 1,136
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for COUNTRY CLUB

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 0.9x during FY18, from 0.9x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 0.1x during FY18, from 1.3x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at -4.9% during FY18, from 0.5% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 0.3% during FY18, from 3.9% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at -0.3% during FY18, from 2.9% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 0.9 0.9
Debtors’ Days Days 16 22
Interest coverage x 1.3 0.1
Debt to equity ratio x 0.4 0.4
Return on assets % 2.9 -0.3
Return on equity % 0.5 -4.9
Return on capital employed % 3.9 0.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how COUNTRY CLUB has performed over the last 5 years, please visit here.

COUNTRY CLUB Share Price Performance

Over the last one year, COUNTRY CLUB share price has moved up from Rs 13.9 to Rs 7.0, registering a loss of Rs 7.0 or around 50.0%.

Overall, the S&P BSE SENSEX is up 8.5% over the year.

(To know more, check out historical annual results for COUNTRY CLUB and quarterly results for COUNTRY CLUB)

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