HUHTAMAKI PPL 2016-17 Annual Report Analysis

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HUHTAMAKI PPL 2016-17 Annual Report Analysis
Tue, 18 Dec

HUHTAMAKI PPL has announced its results for the year ended December 2017. Let us have a look at the detailed performance review of the company during FY16-17.

HUHTAMAKI PPL Income Statement Analysis

  • Operating income during the year fell 2.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 12.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 10.2% in CY17 as against 11.4% in CY16.
  • Depreciation charges decreased by 8.1% and finance costs decreased by 14.7% YoY, respectively.
  • Other income declined by 22.7% YoY.
  • Net profit for the year declined by 22.0% YoY.
  • Net profit margins during the year declined from 3.7% in CY16 to 3.0% in CY17.

HUHTAMAKI PPL Income Statement 2016-17

No. of Mths Year Ending 12 Dec-16* 12 Dec-17* % Change
Net Sales Rs m 21,812 21,310 -2.3%
Other income Rs m 176 136 -22.7%
Total Revenues Rs m 21,987 21,445 -2.5%
Gross profit Rs m 2,483 2,184 -12.0%
Depreciation Rs m 928 853 -8.1%
Interest Rs m 372 318 -14.7%
Profit before tax Rs m 1,359 1,150 -15.4%
Tax Rs m 518 514 -0.8%
Profit after tax Rs m 815 636 -22.0%
Gross profit margin % 11.4 10.2
Effective tax rate % 38.1 44.7
Net profit margin % 3.7 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HUHTAMAKI PPL Balance Sheet Analysis

  • The company's current liabilities during CY17 down at Rs 5 billion as compared to Rs 5 billion in CY16, thereby witnessing an decrease of -7.3%.
  • Long-term debt down at Rs 4 billion as compared to Rs 4 billion during CY16, a fall of 3.3%.
  • Current assets rose 2% and stood at Rs 9 billion, while fixed assets fell 4% and stood at Rs 4 billion in CY17.
  • Overall, the total assets and liabilities for CY17 stood at Rs 14 billion as against Rs 14 billion during CY16, thereby witnessing a fall of 1%.

HUHTAMAKI PPL Balance Sheet as on December 2017

No. of Mths Year Ending 12 Dec-16* 12 Dec-17* % Change
Networth Rs m 5,092 5,491 7.8
 
Current Liabilities Rs m 5,130 4,757 -7.3
Long-term Debt Rs m 4,076 3,942 -3.3
Total Liabilities Rs m 14,457 14,349 -0.8
 
Current assets Rs m 9,223 9,427 2.2
Fixed Assets Rs m 4,587 4,393 -4.2
Total Assets Rs m 14,457 14,349 -0.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



HUHTAMAKI PPL Cash Flow Statement Analysis

  • HUHTAMAKI PPL's cash flow from operating activities (CFO) during CY17 stood at Rs 960 million on a YoY basis.
  • Cash flow from investing activities (CFI) during CY17 stood at Rs 46 million on a YoY basis.
  • Cash flow from financial activities (CFF) during CY17 stood at Rs -873 million, an improvement of 42% on a YoY basis.
  • Overall, net cash flows for the company during CY17 stood at Rs 133 million from the Rs 157 million net cash flows seen during CY16.

HUHTAMAKI PPL Cash Flow Statement 2016-17

Particulars No. of months 12 12 % Change
Year Ending Dec-16 Dec-17
Cash Flow from Operating Activities Rs m 1,664 960 -42.3%
Cash Flow from Investing Activities Rs m -4 46 -
Cash Flow from Financing Activities Rs m -1,504 -873 -
Net Cash Flow Rs m 157 133 -15.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for HUHTAMAKI PPL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 8.4, an decline from the EPS of Rs 11.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 202.0, stands at 38.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at 1.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 9.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Dec-16* 12 Dec-17*
Sales per share (Unadj.) Rs 300.0 282.2
TTM Earnings per share Rs 11.2 8.4
Diluted earnings per share Rs 11.2 8.7
Price to Cash Flow x 8.4 9.9
TTM P/E ratio x 38.8 38.8
Price / Book Value ratio x 3.6 4.0
Market Cap Rs m 14,687 14,687
Dividends per share (Unadj.) Rs 3.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for HUHTAMAKI PPL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during CY17, from 1.8x during CY16. 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 4.6x during CY17, from 4.6x during CY16. 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 11.6% during CY17, from 16.0% during CY17. 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 15.6% during CY17, from 18.6% during CY16. 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 6.6% during CY17, from 8.2% during CY16. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Dec-16* 12 Dec-17*
Current ratio x 1.8 2.0
Debtors’ Days Days 77 90
Interest coverage x 4.6 4.6
Debt to equity ratio x 0.8 0.7
Return on assets % 8.2 6.6
Return on equity % 16.0 11.6
Return on capital employed % 18.6 15.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how HUHTAMAKI PPL has performed over the last 5 years, please visit here.

HUHTAMAKI PPL Share Price Performance

Over the last one year, HUHTAMAKI PPL share price has moved up from Rs 353.5 to Rs 202.0, registering a loss of Rs 151.5 or around 42.9%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,836.3 (down 0.4%). Over the last one year it has moved up from 10,553.8 to 11,836.3, a gain of 1,282 points (up 12.2%).

Overall, the S&P BSE SENSEX is up 7.4% over the year.

(To know more, check out historical annual results for HUHTAMAKI PPL and quarterly results for HUHTAMAKI PPL)

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For the quarter ended September 2019, HUHTAMAKI PPL has posted a net profit of Rs 319 m (up 311.0% YoY). Sales on the other hand came in at Rs 6 bn (up 6.3% YoY). Read on for a complete analysis of HUHTAMAKI PPL's quarterly results.

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Here's an analysis of the annual report of HUHTAMAKI PPL for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of HUHTAMAKI PPL. Also includes updates on the valuation of HUHTAMAKI PPL.

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