Financial Statement Analysis of Bellamy's Australia Ltd

The report analyzes the financial statements of Bellamy's Australia Ltd for the period of 2016 to 2018 using financial ratios such as profitability ratios, efficiency ratios, and solvency ratios. The report reveals the strengths and weaknesses of the company and provides recommendations for improvement.

Financial Statement Analysis –Analysis of the profitability and overall performance
Case of Bellamy’s Australia Ltd

Executive summary
The study tries to analyze financial statements of Bellamy’s and equally ration the performance
in terms of assets that were utilized, and overall profit. The research method adopted for the
report looked at the previous and current financial reports of Australian baby products industry.
The report entirely depends on the information available, that were composed for a period of
three years (2016 to June 2018) for the yearly and reviewed information of the corporation that
were preserved and availed through various organizations including the Australian stocks
exchange for periodic analysis. To find out the performance of the company we shall evaluate it
with the help of ratios. This report used this ratios and statement provided to analyze, this
included profitability ratios which may affect the company performance. The following ratios
were looked at Gross profit margin (GPM). Return on total assets (ROTA), Return on equity
(ROE), turnover ratios as well as solvency ratios. All the analysis was done to the case of
Bellamy’s Australia Ltd. The study reveals strengths and weakness of the company over the
financial period 2016 to 2018. In the year 2017 there was a significant decline in the
performance however in the following year there was much turn around for the company.
Keywords: Financial ratios, Solvency Ratios, Profit Ratios, and Market Ratios, Bellamy’s
Australia Ltd
2

Table of Contents
Executive summary.........................................................................................................................2
1.0 Introduction................................................................................................................................4
1.1 Company overview and its operations.......................................................................................4
1.1.1 Operational review..............................................................................................................4
1.1.2 Financial Review.................................................................................................................5
1.1.3 Revenue and profitability....................................................................................................5
1.2 Corporate social and environmental reporting analysis.............................................................5
2.0 Analysis of the firm...................................................................................................................5
2.1 Profitability................................................................................................................................7
2.1.1 Profit margin.......................................................................................................................8
2.1.2 Return on Total Assets........................................................................................................8
2.1.3 Return on Equity.................................................................................................................8
2.2 Efficiency...................................................................................................................................8
2.3 Short-term solvency...................................................................................................................9
2.4 Long-term solvency...................................................................................................................9
2.5 Market-based ratios.................................................................................................................10
2.6 Other analyses..........................................................................................................................10
2.6.1 Performance Measures.....................................................................................................10
3.0 Conclusions..............................................................................................................................10
3.1 Recommendations....................................................................................................................11
3.2 Limitations...............................................................................................................................11
References......................................................................................................................................12
Appendices....................................................................................................................................14
Appendix 1; Income statement Analysis for the three years.....................................................14
Appendix 2 . Balance Sheet Analysis for Three financial Periods............................................16
3

1.0 Introduction
Laitinen (2002) describes financial analysis as the process of assessing the financial position of a
corporation by evaluating its steadiness, feasibility and productivity. The main objectives of
financial analysis are to identify variations in financial tendencies, that enable measurement of
the advancement made by a firm and recognize a connection to make deduction on the
performance of the corporation. Another major feature of a financial analysis is comparison of
performance of the corporation with its opponents. According to Maggina (2008) the financial
ratios are always drawn from annual financial reports that must be used in extensive way in
preceding exploration for several reasons such as estimates in the commercial sectors. According
to Gibson (2013) the primary financial statement of a company is a statement of income (profit
and loss statement) and statement of financial position that can be prepared directly from the
adjustments made in the ledger accounts. Helfert (2003) further explains the statement of
financial position as a static like snapshot, that replicates situations on specific time lines of its
presentation, consider the groups besides sums of assets used by the firm and settling the
obligations sustained to creditors and equity holders. Reeves (2011) financial reports are very
important in evaluating the condition and state of a corporation.
According to Bodie et al., (2009) financial statements aid very important financial functions:
through provision of data to the equity holders and lenders of the corporation concerning the
corporation’s present positions and previous financial performance; financial statements also
give a better means for equity owners and lenders to have goals and can enforce limitations on
the management of the company; and, they offer appropriate models for financial forecasting.
1.1 Company overview and its operations
1.1.1 Operational review
Bellamy’s ltd is a leading infant nutrition brand in the Australian market and Chinese market.
Following a tough 2017 year, the company has experienced a major turn around and has
delivered tangible results in terms of the growth of revenue, profitability, and cashflow.
Bellamy’s remains confident in its application of the technical merit and further prospects for
registration specifically in the Chinese market. The Chinese label product sold all round
channels including off line and it contributed to 6% of sales revenue of the company. This
current financial year 2018 has ensured that there is restructuring of overheads, the distribution
channels and the value chain of the supply end. The company raised funds to fund the restructure
and acquire the Chinese license in one of the manufacturing facilities during the opening period
of the current year.
The company adopted a business model that was sustainable, and it improved the profit structure
which is now established under various changes that the company implemented over the
financial year. For instance the growth of the portfolio was initiated that included an
establishment of a food business unit that was waiting for full registration, the company further
venture into new markets like the Vietnam market and the new product development has been so
far good., looking at the value chain supply the integral part is in the acquisition of the
4

Camperdown facility ,the company procurement has been diversified to ensure there is a
competitive capacity that can be able to support growth, the processing channels too have
experienced improved manufacturing and production decisions that have ensured a greater
flexibility and reduced inventory position. Furthermore, the sales have improved and leading to
stable pricing, the overall marketing strategy of the firm has been more effective and increased
materially.
1.1.2 Financial Review
The company achieved a Profit after tax of $38.3 M in the year 2018 u from a loss of ($0.8M) in
the financial year 2017. The revenue achieved was $328.7M in 2018 up from $240.2M in 2017
this was predominantly volume driven and included contribution from the outlets in China that
also contributed to it. Drake (2011), analysis involves the selection of information to assist in
decision making.
1.1.3 Revenue and profitability
In general, the Bellamy’s group revenue grew by 37% up from the year 2017. This can be
attributed to the contribution from the subsidiary open in Camperdown China, through the
support of the brand it has seen the price of products stabilize, excluding the expansion in
Camperdown the revenue growth standards at 33.2% compared to the 24% in the previous year.
1.2 Corporate social and environmental reporting analysis
Hopwood (2009), states that Corporate Social and Environmental Reporting (CSER) is an
essential constituent of corporate social responsibility, emphasizing the necessity to recognize
communally relevant behavior, and to determine individuals to whom the company is to be held
responsible, and to develop fitting measures and reporting techniques. This has resulted to
demands for firms to become more responsible and to manage its effect on the environment in a
better way.
2.0 Analysis of the firm
Table no.1
2018 2017 2016
Revenue 328,704.00 240,182.00 244,583.00
Cost of sales 199,830.00 148,661.00 132,855.00
gross profit 128,874.00 91,521.00 111,728.00
net profit or loss 42,816.00 (807.00) 38,328.00
profit margin % 13% -0.3% 16%
gross profit margin % 39% 38% 46%
Return of total assets 0.196 (0.005) 0.355
5

return on equity 0.206 (0.009) 0.461
inventory turnover ratio 2.17 1.84 3.13
accounts receivable ratio 7.611 6.771 8.934
equity ratio 74% 58% 58%
capital employed 207,403.00 91,288.00 83,385.00
PBT 61196 -677 54894
ROCE 0.29505841 -0.00741609 0.65831984
current ratio 3.13521503 2.3007054 2.31539025
acid test ratio 1.90 0.87 1.19
For the start of an analysis ratios are a good indicator, however they do not give the full scenario
of a cooperation’s investment ability (Young, 2014). Revenues are from the sale of organic baby
food and products. The revenues increased for a shared 37% from January 2016 to January 2018
mainly because of the healthy economy, the health of any economy is critical for the survival if
the company. This is explained through the decline in revenues in the 2017 fiscal year through to
2018 (a -2% which is a drop-in comparison to the prior year. The efficiency of activities with
respect to revenue and profits is very critical to any business (Mintz & Currim, 2013; Roberts,
Kayande, & Stermersch, 2013).
Cost of sales and issued services have been constant though it has increased from 54% in 2016 to
62% in 2017 and 61% in 2018.The net profit of the corporation has been exceptional for the
fiscal year 2018 with a 13% increase up from the prior year. The immense increase in net profits
resulted in a 13% increase in the profit margin and a 20% progress in ROTA (return on total
assets). The high returns and good cost contributed to these growths. The fiscal year 2017 had an
advance decline in net profits of -0.34% mainly due to the decrease in proceeds and increase in
administrative costs of $41.4 M, where $6.8 M inventory provision and write-offs, $27.5M in
payments made to Fonterra as part of boarder supply chain reset and $6.8M other cost relating to
acquisition of Camperdown Powder. The analysis of financial statement helps to identify the
major strong points and areas where there is a weak line in a business firm. (Moyer, McGuigan,
Kretlow, 2005).
Current assets of the firm improved to $230M from the previous year, from $153M in the year
2017 to $230M, however the ratios show a significant decrease from 96% to 82% this is a result
of major acquisition.Also, the corporation identifies all vastly liquid investments this is inclusive
receivables due from the debtors, the increase is described by the rise in proceeds so cash and
providing for the operations. Holding off assets is a better option to trading off the expected
returns this keeps the company liquid (Harness, Chatterjee, Finke, 2008).
The profit margin improved to 13% in fiscal year 2018 up from -0.34% in 2017, also the return
on assets improved significantly to 0.2 (20%) up from (-0.01) in the previous period.
6

Furthermore, the returns on equity also improved from a low of 0.0088 to 0.2064 in the fiscal
year 2018. Another strong aspect about the firm on its activities is its liquidness. As the current
assets improved the current liabilities declined, both the quick ratio and the current ratio
improved significantly 0.87 and 2.3 in fiscal year 2017 to 1.90 and 3.13 respectively. Due to the
rise in total assets, current liabilities declined from 42% to 26% from the previous year. This
helps Bellamy’s to be more liquid which a benefit to the company. According to Brigham and
Houston (2009), Analysis involves a comparison of the corporation’s performance over a period
of time to evaluate the trends.
The corporation borrows on a long-term basis this exposes Bellamy’s to the effect of interest rate
changes and forex variations in the market. The fair value of its debt obligation in 2017 totaled
$25M compared to $0.0062M in 2018. In general debt represents a cost which is fixed to funding
a firm, at times a firm can gain more on the assets that are funded through loans than the
servicing cost of the borrowings that will the extra earnings will flow to equity holders (B.F
Online,2014)
The stockholder’s equity went up to $207M in the fiscal year 2018 compared to $91M in the
previous fiscal year 2017. This growth is as a result to a rise of the reserved profits, as the net
profits improved more than the stockholder’s equity, the ROE (return on equity) went from -1%
in the fiscal year 2017 to 21% in the fiscal year 2018. The equity ratio also went up from 58% in
fiscal year 2017 to 74% in the fiscal year 2018 this shows that Bellamy’s have an improved long-
term solvency. Lan (2012), emphasizes on the importance of the ratios on the attractiveness of a
corporation.
2.1 Profitability
profit margin % gross profit margin % Return on Total Asset return on equity
-10%
0%
10%
20%
30%
40%
50%
Profitability
2018 2017 2016
According to Gibson (2013), ratios on profitability measures the profits or operation
achievement of a corporation for a specified time line, profits otherwise the deficiency of it,
disturbs companies capacity to obtain loans and finances from shareholders, it also moves the
7

liquidity position and the corporation’s ability to develop. Reale (2011) measured the importance
of ratios in a business as it helps the management to be critical of the firms position.
2.1.1 Profit margin
According to Weygandt et al., (2009) margin of profit is a ration of percentage of sales that will
results net profits. It further shows the productivity produced from returns and henceforth is an
significant performance indicator. As it stands, there was an increase in the profit margin from
the fiscal year 2017 at -0.3% to 13% in the fiscal year 2018 this implies that the Bellamy’s was
more profitable in the current financial period which is a turnaround from the previous losses
made in the previous year.
2.1.2 Return on Total Assets
According to Weygandt et al., (2009) is a measure of by what means a company resources are
used to produce proceeds. it is the ratio of net return after tax divided by total assets and is the
most prevalent ratio for calculating the absolute performance of the firm. The return on total
assets increased from -1% to 20% in the fiscal year 2018 from 2017 this implies that Bellamy’s
that the firm can use its assets effectively.
2.1.3 Return on Equity
According to Gibson (2013) equity return is extent of revenues per unit of investment and
precisely used for calculating the return on stockholder’s investment. Looking at Bellamy’s the
return on equity also increased from -1% to 21% in the fiscal year 2018, this implies that the
company can generate cash internally and therefore its less dependent on debt financing. It’s a
good indicator for an investor to buy stock of the company
2.2 Efficiency
2018 2017 2016
2.17 1.84
3.13
7.611 6.771
8.934
efficiency ratios
inventory turnover ratio times accounts receivable ratio times
Ahmet (2012). Explains that the efficient accounts receivable management will make the firm to
improve of making profits through reduction of transaction cost and can raise cash. The accounts
receivable ratio of Bellamy’s Ltd increased from 6.771 times to 7.611 times in the fiscal year
2018, the greater the turnover the better for the company as it shows the company is not having
8

any difficulties in collection and granting the credits. The ratio further measures how quickly a
company to collects bills from its creditors through its policies.
According to Dansby et al (2008) stock turnover analyzes the sum of times by which the average
stock will be traded in a specified date. The inventory turnover ratio also increased from 1.84 in
the fiscal year 2017 to 2.17 in the fiscal year 2018, this indicates that the inventory of the firm
does not remain on the shelves but rather it turns over rapidly and faster.
2.3 Short-term solvency
2018 2017 2016
0
0.5
1
1.5
2
2.5
3
3.5
3.1352150281
3007 2.3007053999
0513
2.3153902455
2532
1.90
0.87 1.19
short-term solvency
current ratio Series2 acid test ratio
Robinson et al., (2015) defines the current ratio as the measure of corporation’s capability to
offset short-term obligations as they fall due, the magnitude of this ratio shows the liquidity of
the corporation. Sinha (2012) this ratio is a composition of the current assets that are most liquid,
and it excludes inventory from the current assets.
Another strong aspect about the firm on its processes is the availability of ready cash. As the
current assets increased the current liabilities declined, both the quick ratio and the current ratio
improved significantly 0.87 and 2.3 in financial year 2017 to 1.90 and 3.13 correspondingly. Due
to the increase in total assets, current liabilities decreased from 42% to 26% from the previous
year. This helps Bellamy’s to be more liquid which an advantage to the company.
9

2.4 Long-term solvency
2018 2017 2016
-
0.100000
0.200000
0.300000
0.400000
0.500000
longterm solvency
Debts equity ratio debt ratio
Sinha (2012) defines debt to equity ratio as all debts attributed to owners’ equity. Looking at
Bellamy’s debt ratio in has reduced significantly over the financial period given from 0.4 in 2017
to 0.2 in 2018 this is because of the firms shift to equity as the main source of financing for the
business. Besides, the debt to equity ratio too reduced from 0.2 to 0.002 this is as effect of
Bellamy’s inducing more funds from stockholders.
2.5 Market-based ratios
2018 2017 2016 2015(5.00)
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
39.20
(0.80)
39.80
9.80
37.20
(0.80)
38.60
9.50
market based ratio
EPS DILUTED EPS
There has been a great increase on the earnings per share of the firm’s stock from a low of -0.80
in the fiscal year 2017 to 39.20 in the year 2018 this an indicator of the firm’s ability to payout
dividends to the stockholders, it also shows that the company is creating value for its investors.
This shows how a corporation is regarded in terms of the market price of stock to its book value
(Brigham & Houston, 2009)
2.6 Other analyses
2.6.1 Performance Measures
The performance measure is best when being used to calculate the overall income made by a
corporate entity, where, investments, activities and funds controlled and managed by an expert
10

managerial body. It may be probable to stem both the return on equity and return on the capital
employed. According to Helfert (2003) analysis of statement of finance is mainly based on
looking at financial reports and bookkeeping information since the duty of examining, arbitrating
and controlling a organization’s events are far wider and tougher than the simple handling data
being reported. Benchmarking process enable’s the potential customers and investors to locate
the best companies to invest in they therefore rely mostly on results. (Boundless, 2014).
3.0 Conclusions
The study provides the model for the financial report examination of Bellamy’s Australia Ltd
period from 2016 to 2018 on revenue generation that can be used to draw the measurement of
performance. From the examination its revealed that the profitability of the firm improved
significantly. In conclusion its ROCE (return on capital employed) has increased over the past
three years and its above the benchmarks this makes the company a potential attractive stock that
can achieve a solid return on investment. Further more as we look in the next fiscal year 2019 ,
Bellamy’s expects more sales growth and expects a more difficult trade environment this is
inclusive of the new market like the China market however the company expects to realize a
10% growth on comparative revenue this will be acquired through full acquisition of
Camperdown and increase its revenue through the long term premium brand and volume growth
and margin expansions going forward. Financial ratios are meant to show profits, the activities
and the firms capital structure that provide the image about a corporation. (Monea, 2009)
3.1 Recommendations
Bellamy’s 30% ROCE (return on capital employed) presumes every A$100 invested, the
corporation generates A$30 for the investor, the strong ROCE is tied to the movement of two
factors that change over time which are earnings and capital requirements. Now Bellamy’s
Australia Ltd is operating at a favorable position. looking back in the three years Bellamy’s
stocks hit a rock bottom in the year 2017 this was a result of losses that were made however the
firm managed to turn around the situation, and it is expected that the company will continue in
the solid returns. The ROCE has increased from -1% to 30% and with this the current earnings
improved from -A$0.8M to A$42M, and the capital employed also grew significantly that further
suggest that due to a growth in earnings which is relative to capital requirements.
3.2 Limitations
The study suffers from several limiting factors; its exclusively depends on available monetary
information, so it focuses on restrictions that are essential in the financial declarations;
competing nature of the corporation avoids reassessment of a private information.; industry
based firm comparison is hard as the study focuses on one organization.
11

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Appendices
Appendix 1; Income statement Analysis for the three years.
PROFIT
AND
LOSS
common size
analysis
financial
information
2015 2016 2017 2018 2016% 2017% 2018%
Revenue
125,302.0
0
244,583.00 240,182.
00
328,704.
00
100.00 100.00 100.00
Cost of sales
84,095.00 132,855.00 148,661.
00
199,830.
00
54% 62% 61%
Gross Profit
41,207.00 111,728.00 91,521.0
0
128,874.
00
46% 38% 39%
Other income
397.00 522.00 248.00 582.00
0.0021
34
0.0010
33
0.0017
71
direct cost
15,191.00 28,510.00 22,258.0
0
21,074.0
0
12% 9% 6%
employee cost
5,606.00 10,433.00 15,992.0
0
19,004.0
0
4% 7% 6%
14

marketing &
promotion cost 2,509.00 6,969.00 10,919.0
0
14,578.0
0
3% 5% 4%
administrative cost
5,298.00 11,725.00 41,220.0
0
10,233.0
0
5% 17% 3%
depreciation ,
amoortisation 447.00 307.00 787.00 4,298.00
0.0012
55
0.0032
77
0.0130
76
IPO transaction
coat 267.00
-
- -
ebit
12,286.00 54,306.00 593.00 60,269.0
0
22% 0% 18%
interest revenue
695.00 588.00 (1,270.0
0)
927.00
0.2404
09
-
0.5287
7
0.2820
17
pbt
12,981.00 54,894.00 (677.00) 61,196.0
0
22% 0% 19%
income tax
3,908.00 16,566.00 (131.00) 18,380.0
0
7% 0% 6%
net profit or loss
9,073.00 38,328.00 (808.00) 42,816.0
0
16% -0.34% 13%
EPS
9.80 39.80 (0.80) 39.20 39.80 (0.80) 39.20
DILUTED EPS
9.50 38.60 (0.80) 37.20 38.60 (0.80) 37.20
15

Appendix 2 . Balance Sheet Analysis for Three financial Periods.
Consolidated Balance Sheet commonsize
analysis
as at 30 June 2018 % % %
2018 2017 2016 2015 2018 2017 2016
Assets
Current assets
Cash and cash equivalents 87634 17,479 32295 32035 31% 11% 23%
Trade and other receivables 49317 37,057 33887 20867 18% 24% 24%
Inventories 90453 93,497 67752 17148 32% 60% 47%
other financial assets 500 0.35
%
financial asset at F.V 283 217
0.20
Current tax assets 274 0
0.17
Other assets 2748 2051 4475 407 1% 1% 3%
Total current assets
230,15
3.00
150,35
8.00
139,19
2.00
70674 82% 96% 97%
Non-current assets
Property, plant and equipment 3784 1,006 1105 617 1% 1% 1%
Intangible assets 40079 1,740 1704 104 14% 1% 1%
Deferred tax assets (net) 6798 3537 1500 775 2% 2% 1%
Total Non-current assets
50,661. 6,283.0 4,309.0 1,496.
18% 4% 3%
16

00 0 0 00
Total assets
280,81
2.00
156,64
1.00
143,50
1.00
72,17
0.00
100 100 100
Liabilities
Current liabilities
Trade and other payables 69108 37,726 48373 19109 25% 24% 34%
Borrowings 62 25,264 113 108 0% 16% 0%
Provisions 1663 2,329 328 179 1% 1% 0%
Derivatives 232 34 807 0% 0% 1%
Current tax liabilities 2344 0 10495 3664 1% 0% 7%
Total Current Liabilities
73,409.
00
65,353.
00
60,116.
00
23,06
0.00
26% 42% 42%
Non-current liabilities
Provisions 45 29 146 69
0.02 0.02 0.10
Total Non-current liabilities
Total liabilities
73,454.
00
65,382.
00
60,280.
00
23,25
9.00
26% 42% 42%
Net assets
207,35
8.00
91,259.
00
83,221.
00
48,91
1.00
Equity
Issued capital 120870 53,795 40216 39655 43% 34% 28%
Reserves 11843 5,635 2829 340 4% 4% 2%
Retained profits 74,645 31,829 40176 8916 27% 20% 28%
Total equity
207,35
8.00
91,259.
00
83,221.
00
48911 74% 58% 58%
Minority Interest 21 0 0
Total equity attributed to the
owners of Bellamy’s
207,37
9
91,259 83221
48,91
1.00
Australia Limited
total liabilities
280,81
2.00
156,64
1.00
143,50
1.00
72,17
0.00
100 100 100
17

18