SWAN ENERGY 2017-18 Annual Report Analysis

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SWAN ENERGY 2017-18 Annual Report Analysis
Tue, 1 Jan

SWAN ENERGY 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.

SWAN ENERGY Income Statement Analysis

  • Operating income during the year fell 1.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 28.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 6.9% in FY18 as against 9.6% in FY17.
  • Depreciation charges increased by 19.1% and finance costs increased by 82.8% YoY, respectively.
  • Other income grew by 857.4% YoY.
  • Net profit for the year grew by 8880.3% YoY.
  • Net profit margins during the year grew from 0.2% in FY17 to 11.7% in FY18.

SWAN ENERGY Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 3,506 3,467 -1.1%
Other income Rs m 127 1,214 857.4%
Total Revenues Rs m 3,633 4,681 28.9%
Gross profit Rs m 335 239 -28.8%
Depreciation Rs m 118 141 19.1%
Interest Rs m 316 578 82.8%
Profit before tax Rs m 27 734 2,597.4%
Tax Rs m 21 187 784.9%
Profit after tax Rs m 6 547 8,880.3%
Gross profit margin % 9.6 6.9
Effective tax rate % 77.6 25.5
Net profit margin % 0.2 11.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SWAN ENERGY Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 13 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 29.0%.
  • Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY17, a fall of 3.9%.
  • Current assets rose 60% and stood at Rs 14 billion, while fixed assets fell 4% and stood at Rs 8 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 26 billion as against Rs 18 billion during FY17, thereby witnessing a growth of 43%.

SWAN ENERGY Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 4,313 9,319 116.0
 
Current Liabilities Rs m 10,327 13,324 29.0
Long-term Debt Rs m 3,571 3,432 -3.9
Total Liabilities Rs m 18,479 26,364 42.7
 
Current assets Rs m 8,514 13,601 59.8
Fixed Assets Rs m 8,795 8,406 -4.4
Total Assets Rs m 18,479 26,364 42.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SWAN ENERGY Cash Flow Statement Analysis

  • SWAN ENERGY's cash flow from operating activities (CFO) during FY18 stood at Rs 670 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -5 billion, an improvement of 1,784.4% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 5 billion, an improvement of 1,760% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 99 million from the Rs 118 million net cash flows seen during FY17.

SWAN ENERGY 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 694 670 -3.4%
Cash Flow from Investing Activities Rs m -285 -5,378 -
Cash Flow from Financing Activities Rs m -290 4,807 -
Net Cash Flow Rs m 118 99 -16.6%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SWAN ENERGY

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.2, an improvement from the EPS of Rs 0.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 102.0, stands at 21.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.5 times, while the price to sales ratio stands at 12.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 32.8 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 15.9 14.2
TTM Earnings per share Rs 0.0 2.2
Diluted earnings per share Rs 0.0 2.5
Price to Cash Flow x 181.1 32.8
TTM P/E ratio x 21.9 21.9
Price / Book Value ratio x 6.9 4.5
Market Cap Rs m 22,549 22,549
Dividends per share (Unadj.) Rs 0.1 0.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SWAN ENERGY

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.0x during FY18, from 0.8x 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 2.3x during FY18, from 1.1x 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 improved and stood at 5.9% during FY18, from 0.1% 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 improved and stood at 10.3% during FY18, from 4.4% 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 improved and stood at 4.3% during FY18, from 1.7% 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 0.8 1.0
Debtors’ Days Days 96 60
Interest coverage x 1.1 2.3
Debt to equity ratio x 0.8 0.4
Return on assets % 1.7 4.3
Return on equity % 0.1 5.9
Return on capital employed % 4.4 10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SWAN ENERGY has performed over the last 5 years, please visit here.

SWAN ENERGY Share Price Performance

Over the last one year, SWAN ENERGY share price has moved up from Rs 190.5 to Rs 102.0, registering a loss of Rs 88.5 or around 46.5%.

Overall, the S&P BSE SENSEX is up 6.3% over the year.

(To know more, check out historical annual results for SWAN ENERGY and quarterly results for SWAN ENERGY)

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For the quarter ended March 2019, SWAN ENERGY has posted a net profit of Rs 329 m (down 148.3% YoY). Sales on the other hand came in at Rs 876 m (down 14.1% YoY). Read on for a complete analysis of SWAN ENERGY's quarterly results.

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