contents
Annual Report 2016
BLACKMORES ANNUAL REPORT 2016
37
5
YEAR
HISTORY
$’000 2016 2015 2014 2013 2012
Sales1 717,211 471,615 346,760 326,603 260,832
Earnings before interest, tax, depreciation and
amortisation (EBITDA) 152,266 78,655 46,055 44,692 46,879
Depreciation and amortisation 7,045 6,391 6,266 5,989 4,922
Earnings before interest and tax (EBIT) 145,221 72,264 39,789 38,703 41,957
Net interest expense 1,810 3,432 4,826 4,752 2,761
Prot before tax 143,411 68,832 34,963 33,951 39,196
Income tax expense 43,391 22,276 9,534 8,975 11,390
Prot for the year 100,020 46,556 25,429 24,976 27,806
Net debt 17,793 7,069 54,401 69,043 33,040
Shareholders’ equity 178,263 132,915 104,226 98,051 86,166
Total assets 434,023 293,407 236,594 231,477 174,771
Current assets 294,624 187,844 131,376 124,030 99,993
Current liabilities 192,279 114,998 58,040 45,035 42,024
Net tangible assets (NTA) 115,568 90,809 65,185 58,860 79,629
Net operating cash ows 83,676 71,127 37,491 22,014 20,846
Number of shares on issue (’000s) 17,225 17,224 17,113 16,972 16,780
Earnings per share (EPS) - basic (cents) 580.6 270.7 149.2 147.9 165.8
Ordinary dividends per share (cents) 410.0 203.0 127.0 127.0 127.0
Share price at 30 June $131.39 $75.27 $27.20 $26.94 $26.25
Net tangible assets (NTA) per share $6.71 $5.27 $3.81 $3.47 $4.75
Cash conversion ratio2 80.8% 114.2% 107.5% 85.7% 80.4%
Return on shareholders’ equity3 56.1% 35.0% 24.4% 25.5% 32.3%
Return on assets4 39.9% 27.3% 17.0% 19.1% 25.6%
Dividend payout ratio 70.6% 75.0% 85.1% 85.9% 76.6%
Gearing ratio5 9.1% 5.1% 34.3% 41.3% 27.7%
EBIT to sales 20.2% 15.3% 11.5% 11.9% 16.1%
Effective tax rate 30.3% 32.4% 27.3% 26.4% 29.1%
Current assets to current liabilities (times) 1.53 1.63 2.25 2.75 2.38
Net interest cover (times) 80.2 21.1 8.2 8.1 15.2
Gross interest cover (times) 63.9 18.8 7.7 7.9 14.3
% change on prior year
Sales 52.2% 36.0% 6.2% 25.2% 11.3%
EBITDA 93.6% 70.8% 3.1% (4.7%) 0.6%
EBIT 101.0% 81.6% 2.8% (7.8%) (0.2%)
Prot for the year 114.8% 83.1% 1.8% (10.2%) 1.8%
EPS 114.5% 81.4% 0.9% (10.8%) 1.6%
Ordinary dividends per share 102.0% 60.0% 0.0% 0.0% 2.4%
1. Represents sale of goods before promotional and other rebates and excludes other revenue items.
2. Calculated as cash generated from operations divided by EBITDA.
3. Calculated as net prot after tax divided by closing shareholders’ equity.
4. Calculated as EBIT divided by average total assets.
5. Gearing ratio is calculated as net debt divided by the sum of net debt and shareholders’ equity.
BLACKMORES ANNUAL REPORT 2016
37
5
YEAR
HISTORY
$’000 2016 2015 2014 2013 2012
Sales1 717,211 471,615 346,760 326,603 260,832
Earnings before interest, tax, depreciation and
amortisation (EBITDA) 152,266 78,655 46,055 44,692 46,879
Depreciation and amortisation 7,045 6,391 6,266 5,989 4,922
Earnings before interest and tax (EBIT) 145,221 72,264 39,789 38,703 41,957
Net interest expense 1,810 3,432 4,826 4,752 2,761
Prot before tax 143,411 68,832 34,963 33,951 39,196
Income tax expense 43,391 22,276 9,534 8,975 11,390
Prot for the year 100,020 46,556 25,429 24,976 27,806
Net debt 17,793 7,069 54,401 69,043 33,040
Shareholders’ equity 178,263 132,915 104,226 98,051 86,166
Total assets 434,023 293,407 236,594 231,477 174,771
Current assets 294,624 187,844 131,376 124,030 99,993
Current liabilities 192,279 114,998 58,040 45,035 42,024
Net tangible assets (NTA) 115,568 90,809 65,185 58,860 79,629
Net operating cash ows 83,676 71,127 37,491 22,014 20,846
Number of shares on issue (’000s) 17,225 17,224 17,113 16,972 16,780
Earnings per share (EPS) - basic (cents) 580.6 270.7 149.2 147.9 165.8
Ordinary dividends per share (cents) 410.0 203.0 127.0 127.0 127.0
Share price at 30 June $131.39 $75.27 $27.20 $26.94 $26.25
Net tangible assets (NTA) per share $6.71 $5.27 $3.81 $3.47 $4.75
Cash conversion ratio2 80.8% 114.2% 107.5% 85.7% 80.4%
Return on shareholders’ equity3 56.1% 35.0% 24.4% 25.5% 32.3%
Return on assets4 39.9% 27.3% 17.0% 19.1% 25.6%
Dividend payout ratio 70.6% 75.0% 85.1% 85.9% 76.6%
Gearing ratio5 9.1% 5.1% 34.3% 41.3% 27.7%
EBIT to sales 20.2% 15.3% 11.5% 11.9% 16.1%
Effective tax rate 30.3% 32.4% 27.3% 26.4% 29.1%
Current assets to current liabilities (times) 1.53 1.63 2.25 2.75 2.38
Net interest cover (times) 80.2 21.1 8.2 8.1 15.2
Gross interest cover (times) 63.9 18.8 7.7 7.9 14.3
% change on prior year
Sales 52.2% 36.0% 6.2% 25.2% 11.3%
EBITDA 93.6% 70.8% 3.1% (4.7%) 0.6%
EBIT 101.0% 81.6% 2.8% (7.8%) (0.2%)
Prot for the year 114.8% 83.1% 1.8% (10.2%) 1.8%
EPS 114.5% 81.4% 0.9% (10.8%) 1.6%
Ordinary dividends per share 102.0% 60.0% 0.0% 0.0% 2.4%
1. Represents sale of goods before promotional and other rebates and excludes other revenue items.
2. Calculated as cash generated from operations divided by EBITDA.
3. Calculated as net prot after tax divided by closing shareholders’ equity.
4. Calculated as EBIT divided by average total assets.
5. Gearing ratio is calculated as net debt divided by the sum of net debt and shareholders’ equity.
5 5 YEAR YEAR HISTORY HISTORY 2016 2016 717,211 717,211 2015 2015 471,615 471,615 2014 2014 346,760 346,760 2013 2013 326,603 326,603 2012 2012 260,832 260,832 152,266 152,266 7,045 7,045 145,221 145,221 1,810 1,810 143,411 143,411 43,391 43,391 100,020 100,020 78,655 78,655 6,391 6,391 72,264 72,264 3,432 3,432 68,832 68,832 22,276 22,276 46,556 46,556 46,055 46,055 6,266 6,266 39,789 39,789 4,826 4,826 34,963 34,963 9,534 9,534 25,429 25,429 44,692 44,692 5,989 5,989 38,703 38,703 4,752 4,752 33,951 33,951 8,975 8,975 24,976 24,976 46,879 46,879 4,922 4,922 41,957 41,957 2,761 2,761 39,196 39,196 11,390 11,390 27,806 27,806 NetNet debt debt Shareholders’ equity Shareholders’ equity Total assets Total assets Current assets Current assets Current liabilities Current liabilities NetNet tangible assets (NTA) tangible assets (NTA) NetNet operating cash flows operating cash flows 17,793 17,793 178,263 178,263 434,023 434,023 294,624 294,624 192,279 192,279 115,568 115,568 83,676 83,676 7,069 7,069 132,915 132,915 293,407 293,407 187,844 187,844 114,998 114,998 90,809 90,809 71,127 71,127 54,401 54,401 104,226 104,226 236,594 236,594 131,376 131,376 58,040 58,040 65,185 65,185 37,491 37,491 69,043 69,043 98,051 98,051 231,477 231,477 124,030 124,030 45,035 45,035 58,860 58,860 22,014 22,014 33,040 33,040 86,166 86,166 174,771 174,771 99,993 99,993 42,024 42,024 79,629 79,629 20,846 20,846 Number of shares on issue (’000s) Number of shares on issue (’000s) Earnings perper share (EPS) - basic (cents) Earnings share (EPS) - basic (cents) Ordinary dividends perper share (cents) Ordinary dividends share (cents) Share price at 30 June Share price at 30 June NetNet tangible assets (NTA) per share tangible assets (NTA) per share 17,225 17,225 580.6 580.6 410.0 410.0 $131.39 $131.39 $6.71 $6.71 17,224 17,224 270.7 270.7 203.0 203.0 $75.27 $75.27 $5.27 $5.27 17,113 17,113 149.2 149.2 127.0 127.0 $27.20 $27.20 $3.81 $3.81 16,972 16,972 147.9 147.9 127.0 127.0 $26.94 $26.94 $3.47 $3.47 16,780 16,780 165.8 165.8 127.0 127.0 $26.25 $26.25 $4.75 $4.75 80.8% 80.8% 56.1% 56.1% 39.9% 39.9% 70.6% 70.6% 9.1% 9.1% 20.2% 20.2% 30.3% 30.3% 114.2% 114.2% 35.0% 35.0% 27.3% 27.3% 75.0% 75.0% 5.1% 5.1% 15.3% 15.3% 32.4% 32.4% 107.5% 107.5% 24.4% 24.4% 17.0% 17.0% 85.1% 85.1% 34.3% 34.3% 11.5% 11.5% 27.3% 27.3% 85.7% 85.7% 25.5% 25.5% 19.1% 19.1% 85.9% 85.9% 41.3% 41.3% 11.9% 11.9% 26.4% 26.4% 80.4% 80.4% 32.3% 32.3% 25.6% 25.6% 76.6% 76.6% 27.7% 27.7% 16.1% 16.1% 29.1% 29.1% 1.53 1.53 80.2 80.2 63.9 63.9 1.63 1.63 21.1 21.1 18.8 18.8 2.25 2.25 8.2 8.2 7.7 7.7 2.75 2.75 8.1 8.1 7.9 7.9 2.38 2.38 15.2 15.2 14.3 14.3 52.2% 52.2% 93.6% 93.6% 101.0% 101.0% 114.8% 114.8% 114.5% 114.5% 102.0% 102.0% 36.0% 36.0% 70.8% 70.8% 81.6% 81.6% 83.1% 83.1% 81.4% 81.4% 60.0% 60.0% 6.2% 6.2% 3.1% 3.1% 2.8% 2.8% 1.8% 1.8% 0.9% 0.9% 0.0% 0.0% 25.2% 25.2% (4.7%) (4.7%) (7.8%) (7.8%) (10.2%) (10.2%) (10.8%) (10.8%) 0.0% 0.0% 11.3% 11.3% 0.6% 0.6% (0.2%) (0.2%) 1.8% 1.8% 1.6% 1.6% 2.4% 2.4% Cash conversion ratio2 2 Cash conversion ratio Return on shareholders’ equity3 3 Return on shareholders’ equity Return on assets4 4 Return on assets Dividend payout ratio Dividend payout ratio Gearing ratio5 5 Gearing ratio EBIT to sales EBIT to sales Effective tax tax rate Effective rate Current assets to current liabilities (times) Current assets to current liabilities (times) NetNet interest cover (times) interest cover (times) Gross interest cover (times) Gross interest cover (times) % change on prior year % change on prior year Sales Sales EBITDA EBITDA EBIT EBIT Profit for thethe year Profit for year EPS EPS Ordinary dividends perper share Ordinary dividends share 1. Represents sale of goods before promotional and other rebates and excludes other revenue items. 1. Represents sale of goods before promotional and other rebates and excludes other revenue items. 2. Calculated as cash cash generated from operations divided by EBITDA. 2. Calculated as generated from operations divided by EBITDA. 3. Calculated as net profit after after tax divided by closing shareholders’ equity. 3. Calculated as net profit tax divided by closing shareholders’ equity. 4. Calculated as EBIT EBIT divided by average total assets. 4. Calculated as divided by average total assets. 5. Gearing ratio is calculated as net debt debt divided by the sum ofdebtdebt shareholders’ equity. 5. Gearing ratio is calculated as net divided by the sum of net net and and shareholders’ equity. BLACKMORES ANNUAL REPORT 2016 BLACKMORES ANNUAL REPORT 2016 $’000 $’000 Sales1 1 Sales Earnings before interest, tax, depreciation and Earnings before interest, tax, depreciation and amortisation (EBITDA) amortisation (EBITDA) Depreciation and amortisation Depreciation and amortisation Earnings before interest and tax (EBIT) Earnings before interest and tax (EBIT) Net interest expense Net interest expense Profit before tax Profit before tax Income tax expense Income tax expense Profit for the year Profit for the year 37 37