Title | Case 1 - Tods 2021 - tod\'s group project |
---|---|
Course | Accounting (Module II) - Managerial Accounting |
Institution | Università Commerciale Luigi Bocconi |
Pages | 19 |
File Size | 2.4 MB |
File Type | |
Total Downloads | 8 |
Total Views | 152 |
tod's group project...
TOD’S GROUP FINANCIAL ANALYSIS
“Short” Version 2014
Prepared by: Antonio Marra Department of Accounting Università Bocconi
1
ANALYZING TOD’S FINANCIAL STATEMENTS
1. Overview: Group’s activity TOD's Group is a leading luxury player with a strong recognition in the “Contemporary Luxury” segment. TOD's operates through four proprietary brands: Tod's, Hogan, Fay and Roger Vivier. Initially a pure luxury shoes player, TOD'S has in recent years fueled expansion into additional segments of the luxury market, in particular in the accessories business. The financial statements themselves make no mention of the company’s business, but the Report on Operations (Revenues) alludes to it. The vast majority of the company’s sales are in Italy (54%), followed by Europe (20.8%), Rest of the World (18.4%) and North America (6.8%). The Tod’s brand reported revenue of 407 million euros (51.7%), Hogan 268.3 million euros (34.1%), Fay 89.7 million euros (11.4%) and Rofer Vivier 21.7 million euros (2.7%). At the level of individual merchandise categories, the Group confirmed its uncontested leadership in its core shoe business (71.7% revenues). Leather goods’ revenues are 15.6%, apparel’s revenues are 12.6%. Industry’s ratios (average) Year
2010 2009 2008
Current ratio 2,93 3,17 2,27
Liquidit y ratio 2,11 2,14 1,57
Shareholder s liquidity ratio 25,73 31,03 17,22
Gearing % 57,40% 57,45% 31,56%
Return on total assets % 8,21% 4,63% 7,95%
Return on equity % 11,93% 8,29% 9,19%
Growth rate in sales
Growth rate in total assets
21,27% -1,60% 12,02%
13,82% 7,92% 15,97%
2
2. Tod’s’ financial statements 2.1 Common size financial statements
3
GRUPPO TOD'S Consolidated Statement of Financial position 2010 (%) Euro '000
2010
2009 (%) 2009
on Tot Ass
2008 (%) 2008
on Tot Ass
on Tot Ass
Non current assets Intangible fixed assets Assets with indefinite useful life Key money Others intangible assets Total intangible fixed assets
149,024 27,679 12,380 189,083
16.27% 3.02% 1.35% 20.65%
149,024 31,823 10,613 191,460
17.59% 3.76% 1.25% 22.59%
149,024 36,121 11,102 196,247
18.53% 4.49% 1.38% 24.40%
Total fixed assets Buildings and land Plant and machinery Equipment Leasehold improvement Others Total Tangible fixes assets
105,721 3,962 12,573 30,595 21,252 174,103
0.00% 11.55% 0.43% 1.37% 3.34% 2.32% 19.01%
40,720 4,991 11,852 29,794 18,550 105,907
0.00% 4.81% 0.59% 1.40% 3.52% 2.19% 12.50%
41,952 5,845 12,750 33,649 19,216 113,412
0.00% 5.22% 0.73% 1.59% 4.18% 2.39% 14.10%
46 20 32,027 7,789 39,882 403,068
0.00% 0.01% 0.00% 3.50% 0.85% 4.36% 44.02%
49 20 22,472 7,579 30,120 327,487
0.00% 0.01% 0.00% 2.65% 0.89% 3.55% 38.65%
53 20 18,435 6,188 24,696 334,355
0.00% 0.01% 0.00% 2.29% 0.77% 3.07% 41.57%
203,136 119,560 3,856 2,084 12,263 171,729 512,628
22.18% 13.06% 0.42% 0.23% 1.34% 18.75% 55.98%
196,051 107,999 2,215 594 9,006 204,009 519,874
23.14% 12.75% 0.26% 0.07% 1.06% 24.08% 61.35%
242,076 108,386 1,612 3,927 12,697 101,276 469,974
30.10% 13.48% 0.20% 0.49% 1.58% 12.59% 58.43%
Assets held for sale Total assets
915,696
0.00% 100.00%
847,361
0.00% 100.00%
804,329
0.00% 100.00%
Shareholders' equity Share Capital Capital reserves Treasury stock Hedging and translation Retained earnings Accumulated earnings/loss Income for the period Group interest in shareholders' equity
61,219 214,055 4,263 231,451 109,076 611,538
6.69% 23.38% 0.00% -0.47% 25.28% 0.00% 11.91% 66.78%
61,219 214,055 5,333 299,042 85,668 654,651
7.31% 25.56% 0.00% -0.64% 35.71% 0.00% 10.23% 78.18%
60,962 213,983 9,780 249,743 82,754 597,662
7.58% 26.60% 0.00% -1.22% 31.05% 0.00% 10.29% 74.31%
5,193 1,710 6,903 618,441
0.00% 0.57% 0.19% 0.75% 67.54%
4,810 472 5,282 659,933
0.00% 0.57% 0.06% 0.63% 78.81%
3,790 1,139 4,929 602,591
0.00% 0.47% 0.14% 0.61% 74.92%
1,369 27,722 11,419 42,805 83,315
0.00% 0.15% 3.03% 1.25% 4.67% 9.10%
825 22,369 10,960 6,819 40,973
0.00% 0.10% 2.67% 1.31% 0.81% 4.89%
501 20,289 10,875 8340 40,005
0.00% 0.06% 2.52% 1.35% 1.04% 4.97%
Current liabilities Trade payables Tax payables Derivative financial instruments Others Bank Total current liabilities
130,008 20,064 2,333 29,106 32,429 213,940
0.00% 14.20% 2.19% 0.25% 3.18% 3.54% 23.36%
103,921 4,170 693 17,670 10,001 136,455
0.00% 12.41% 0.50% 0.08% 2.11% 1.19% 16.30%
113,114 5,907 4,059 18,548 20,105 161,733
0.00% 14.06% 0.73% 0.50% 2.31% 2.50% 20.11%
Liabilities held for sale Total shareholders' equity and liabilities
915,696
0.00% 100.00%
837,361
0.00% 100.00%
804,329
0.00% 100.00%
Other assets Real estate investments Equity investments Deferred yax assets Others Total other assets Total non current assets Current assets Inventories Trade receivables Tax receivables Derivative financial instruments Others Cash Total current assets
Minority interest Share capital and reserves Income for the period Minority interest in shareholders' equity Total shareholders' equity Non-current liabilities Provisions and risk Deferred tax liabilities Reserve for employee Bank borrowings Total non-current liabilities
-
4
GRUPPO TOD'S Consolidated Statement of Cash Flow Euro '000
2010
2009
2008
Profit (loss) for the period
82,754
85,668
82,754
Non-cash adjustments: Amortization, deprec., reval. And write-downs Change in employee severance indemnity reserve Change in deferred tax/liabilities Other charges
37,928 1,077 4,202 902
37,369 1,121 1,957 633
34,558 1,105 2,910 980
-
Cash flow (a) Change in current assets and liabilities: Inventories Trade receivables Tax receivables Other current assets Trade payables Tax payables Other current liabilities
118,459 -
11,084 11,915 1,641 4,747 26,087 15,894 11,576
Change in operating working capital (b)
24,170
Cash flow from operations (c)= (a) + (b)
142,628
122,834
-
116,487
40,278 195 603 7,024 9,193 1,737 4,244
27,674 52 1,058 969 5,574 546 4,444
31,330 -
27,271
154,164
89,216
Net investments in intangible and tangible assets Acquisition of Assets (Holpaf B.V.) Other changes in fixed assets Reduction (increase) of other non-current assets
-
29,238 66,267 2,389 207 -
Cash flow generated (used) in investment activities (d) Dividends paid Changes in long term loans Medium-long term part of bonded loans (Holpaf B.V.) Capital increase Other changes in shareholders' equity Changes in minority intrests
-
98,101 153,047 2,568 37,578 858 1,621
20,136 38,262 2,557 4,664 4,610 354
-
42,326 38,102 5,696 6,564 139
Cash flow generated (used) in financing (e) Cash flow from continuing operations (f)=(c)+(d)+(e) Cash flow from assets held for sale (g)
-
115,558 71,031 -
31,191 102,837 -
50,500 3,610 1,006
Cash flow generates (used) (h)=(f)+(g)
-
102,837 -
2,604
Net financial position at the beginning of the period Net financial position at the end of the period Change in current net financial position
71,031 184,008 139,300 44,708 -
19,335 586 1,387 -
39,078 1,594 1,654
81,171 184,008 102,837
5
2.2 Other financial statements components
6
3. Tod’s Revenue breakdown and margins
7
8
9
4. Relevant information for 2010 period
10
5. Intangible assets information
11
12
13
14
15
6. Financial Analyst report
16
17
18
7. Tod’s stock chart
19...