current ratio | current assets / current liabilities | |
2018 ($000) | 2017 ($000) | |
current assets (provided in the balance sheet) | 161259 | 127240 |
current liabilities (provided in the balance sheet) | 66129 | 50480 |
ratio | 2.44 | 2.52 |
quick ratio | quick(liquid assets) / current liabilities | |
quick(liquid assets) | current assets - inventories | |
2018 ($000) | 2017 ($000) | |
total current assets | 161259 | 127240 |
less:inventories | -84000 | -56000 |
quick assets | 77259 | 71240 |
total current liabilities | 66129 | 50480 |
ratio | 1.17 | 1.41 |
inventory turnover ratio | cost of goods sold / average inventories | |
average inventories | (opening + closing) / 2 | |
2018 ($000) | 2017 ($000) | |
cost of goods sold | 300000 | 298000 |
beginning inventories | 56000 | 58947 |
ending inventories | 84000 | 56000 |
average inventories | 70000 | 57473.5 |
ratio | 4.29 | 5.18 |
average collection period of AR | 365 / accounts receivable turnover ratio | |
accounts receivable turnover ratio | sales / average accounts receivable | |
2018 ($000) | 2017 ($000) | |
sales | 420000 | 400000 |
beginning accounts receivable | 48000 | 50526 |
ending accounts receivable | 52500 | 48000 |
average accounts receivable | 50250 | 49263 |
turnover ratio | 8.36 | 8.12 |
collection period (in days) | 43.67 | 44.95 |
asset turnover | sales / average assets | |
average assets | (opening + closing) / 2 | |
2018 ($000) | 2017 ($000) | |
sales | 420000 | 400000 |
beginning assets | 327240 | 333937 |
ending assets | 379659 | 327240 |
average assets | 353449.5 | 330588.5 |
ratio | 1.19 | 1.21 |
debt to equity ratio | total liabilities / total shareholder equity | |
2018 ($000) | 2017 ($000) | |
total liabilities | 133791 | 108800 |
shareholder equity | 245868 | 218440 |
ratio | 54.42% | 49.81% |
debt to total assets | total debt / total assets | |
2018 ($000) | 2017 ($000) | |
notes payable | 19,929 | 6,480 |
long term debt | 67,662 | 58,320 |
total debt | 87,591 | 64,800 |
total assets | 379659 | 327240 |
ratio | 23.1% | 19.8% |
times interest earned ratio | EBIT / interest expense | |
2018 ($000) | 2017 ($000) | |
EBIT | 72,740 | 62,000 |
interest expense | 5,740 | 4,460 |
ratio | 12.67 | 13.90 |
gross profit margin | ( gross profit / sales ) * 100 | |
2018 ($000) | 2017 ($000) | |
sales | 420,000 | 400,000 |
less:COGS | -300,000 | -298,000 |
gross profit | 120,000 | 102,000 |
ratio | 28.57% | 25.50% |
return of assets | net income / average assets | |
2018 ($000) | 2017 ($000) | |
net income | 40,200 | 34,524 |
beginning assets | 327,240 | 333,937 |
ending assets | 379,659 | 327,240 |
average assets | 353,449.5 | 330,588.5 |
ratio | 11.37% | 10.44% |
return on equity | net income / average shareholders equity | |
2018 ($000) | 2017 ($000) | |
net income | 40,200 | 34,524 |
beginning equity | 218,440 | 225,641 |
ending equity | 245,868 | 218,440 |
average equity | 232,154 | 222,040.5 |
ratio | 17.32% | 15.55% |
The liquidity position has worsened as evidenced from declining current ratio and quick ratio. Both the ratios have declined in 2018 and also below the average industry for both 2018 and 2017. the main reason being increase in current liabilities.
Assets turnover ratio has declined to 1.19 in 2018 from 1.21 in 2017. Also, below the standard 1.23 for both 2018 and 2017. So it can be concluded that the company was not able to manage its assets.
The profitability of the company has improved in 2018 compared to 2017. Its evident from increase in gross profit margin to 28.57% in 2018 from 25.50% in 2017. Also net income has increased.
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