7/23/2019 Analysis Blackmores
1/20
Proftability 2010-06 2011-06 2012-06 2013-06 2014-06
Net Margin % 11.3 11.65 10.66 7.65 7.33
Asset Turnover (Average) 1.47 1.52 1.59 1.61 1.48
eturn on Assets % 16.59 17.76 16.96 12.3 10.87
!inan"ia# $everage (Average) 2.15 1.94 2.03 2.36 2.27
eturn on &uit' % 37.28 36.19 33.62 27.1 25.14
eturn on nveste *a+ita# % 23.15 24.21 23.77 18 15.98nterest *overage 15.22 17.58 14.36 7.89 7.81
Liquidity & Financial Health
*urrent atio 2.41 2.36 2.41 2.75 2.26
,ui" atio 1.68 1.6 1.58 1.82 1.54
!inan"ia# $everage 2.15 1.94 2.03 2.36 2.27
e/t&uit' 0.66 0.51 0.52 0.89 0.7
Eciency
a's a#es utstaning 63.6 61.91 67.67 65.74 70.8
a's nventor' 46.48 56.05 60.89 58.1 59.76
a'a/#es erio 26.69 25.55 26.59 30.22 37.25*as *onversion *'"#e 83.4 92.41 101.96 93.62 93.31
e"eiva/#es Turnover 5.74 5.9 5.39 5.55 5.16
nventor' Turnover 7.85 6.51 5.99 6.28 6.11
!ie Assets Turnover 3.22 3.58 3.97 4.91 5.34
Asset Turnover 1.47 1.52 1.59 1.61 1.48
7/23/2019 Analysis Blackmores
2/20
2014-12
8.33
1.64
13.64
2.27
31.57
19.4310.04
2.26
1.54
2.27
0.7
64.01
57.78
36.0185.77
5.7
6.32
5.9
1.64
7/23/2019 Analysis Blackmores
3/20
Proftability 2009-03 2010-03 2011-03 2012-03 2013-03
Net Margin % 8.82 8.72 10.24 11 9.7
Asset Turnover (Average) 3.16 2.6 2.53 2.26 2.2
eturn on Assets % 27.9 22.64 25.96 24.86 21.32
!inan"ia# $everage (Average) 1.4 1.41 1.44 1.41 1.52
eturn on &uit' % 41.59 31.81 36.96 35.43 31.24
eturn on nveste *a+ita# % 40.26 31.74 36.88 35.29 31.14nterest *overage 733.6 897.53
Liquidity/Financial Health
*urrent atio 1.39 1.78 1.87 2.39 1.76
,ui" atio 0.54 0.94 1.12 1.66 1.14
!inan"ia# $everage 1.4 1.41 1.44 1.41 1.52
e/t&uit'
Eciency
a's a#es utstaning 4.06 2.3 2.11 1.79 2.64
a's nventor' 100.88 114.37 127.5 115.75 119.9
a'a/#es erio 25.79 23.42 25.84 23.63 23.69*as *onversion *'"#e 79.15 93.25 103.77 93.91 98.85
e"eiva/#es Turnover 89.94 159.03 173.38 204.26 138.32
nventor' Turnover 3.62 3.19 2.86 3.15 3.04
!ie Assets Turnover 7.67 9.02 9.84 10.59 11.88
Asset Turnover 3.55 3.16 2.6 2.53 2.26
7/23/2019 Analysis Blackmores
4/20
2014-03
9.85
2.29
22.5
1.44
31.88
31.8998.41
2.17
1.34
1.44
2.89
119.89
22.4100.38
126.29
3.04
12.13
2.2
7/23/2019 Analysis Blackmores
5/20
Proftability 2010-12 2011-12 2012-12 2013-12 2014-12
Net Margin % 10.88 12.23 12.5 13.07 11.67
Asset Turnover (Average) 2.19 2.35 2.49 2.51 2.48
eturn on Assets % 23.85 28.68 31.13 32.86 28.88
!inan"ia# $everage (Average) 1.52 1.59 1.47 1.4 1.57
eturn on &uit' % 34.9 44.63 47.45 47.17 42.87
eturn on nveste *a+ita# % 34.9 44.63 47.45 47.17 42.87nterest *overage 10.37 18.61 16.13 22.61 27.17
Liquidity/Financial Health
*urrent atio 1.99 1.88 2.33 2.62 2.18
,ui" atio 1.47 1.28 1.69 1.94 1.54
!inan"ia# $everage 1.52 1.59 1.47 1.4 1.57
e/t&uit' 0.13 0.06 0.05 0.06 0.07
Eciency
a's a#es utstaning 9.02 11.93 12.37 13.56 12.51
a's nventor' 45.21 46.47 45.63 42.61 45.55
a'a/#es erio 73.67 78.56 68.05 59.33 64.42*as *onversion *'"#e -19.45 -20.16 -10.05 -3.16 -6.37
e"eiva/#es Turnover 40.48 30.6 29.5 26.93 29.19
nventor' Turnover 8.07 7.85 8 8.57 8.01
!ie Assets Turnover 8.91 8.55 10.07 11.21 12.38
Asset Turnover 2.19 2.35 2.49 2.51 2.48
7/23/2019 Analysis Blackmores
6/20
TTM
11.53
2.72
31.36
1.74
51.31
51.3123.93
1.9
1.51
1.74
0.08
7.43
30.49
67.89-29.98
49.14
11.97
14.08
2.72
7/23/2019 Analysis Blackmores
7/20
PROFITABILIT !"#" !"## !"#! !"#$
Net Margin %
#a"ores 11.3 11.65 10.66 7.65
sana 8.82 8.72 10.24 11
Aa' 10.88 12.23 12.5 13.07
!"#" !"## !"#! !"#$
eturn on Assets %
#a"ores 16.59 17.76 16.96 12.3
sana 27.9 22.64 25.96 24.86
Aa' 23.85 28.68 31.13 32.86
!"#" !"## !"#! !"#$
eturn on nveste *a+ita# %
#a"ores 23.15 24.21 23.77 18
sana 40.26 31.74 36.88 35.29
Aa' 34.9 44.63 47.45 47.17
2010 2011 2012 200
10
20
30
40
50
60
70
80
16.59 17.76 16.9612
27.922.64
25.9624.
23.85 28.6831.13
32.
%rah !' Return on A((et(
Percenta*e +),
2010 2011 2012
##-$ ##-3.#"-33
1-1! 1-0!
#"-!#"-11
#!-!$ #!-.
%rah #' 6et 7ar*in )
#a"ores sana Aa'
7/23/2019 Analysis Blackmores
8/20
LI89I:IT !"#" !"## !"#! !"#$
*urrent atio#a"ores 2.41 2.36 2.41 2.75sana 1.39 1.78 1.87 2.39
Aa' 1.99 1.88 2.33 2.62
!"#" !"## !"#! !"#$
,ui" ratio
#a"ores 1.68 1.6 1.58 1.82
sana 0.54 0.94 1.12 1.66
Aa' 1.47 1.28 1.69 1.94
2010 2011 2012 20130
20
40
60
80
100
120
!$-#. !-!# !$-00#1
"-!3$#-0
$3-11$.-!2
$-2 -3$0-.
0-#0
%rah $' Return on In4e(ted 5a
Percenta*e +),
2010 2011 2012 20130
1
2
3
4
5
6
7
8
9
!-# !-$3 !-#!-0.
#-$2#-01 #-10
!-$2
#-22 #-11!-$$
!-3!
%rah ' 5urrent Ratio
Ratio +5L' 5A,
2.5
%rah ' 8uic; Ratio
7/23/2019 Analysis Blackmores
9/20
!"#" !"## !"#! !"#$
!inan"ia# $everage
#a"ores 2.15 1.94 2.03 2.36
sana 1.4 1.41 1.44 1.41
Aa' 1.52 1.59 1.47 1.4
EFFI5IE65 !"#" !"## !"#! !"#$
a's a#es utstaning
#a"ores 63.6 61.91 67.67 65.74
sana 4.06 2.3 2.11 1.79
Aa' 9.02 11.93 12.37 13.56
2010 2011 2012 20130
0.5
1
1.5#-31 #-3 #-.1
#-1!
"-.
"-2#-#!
#-33#-0
#-!1
#-32
-
Ratio +5L' 5A,
2010 2011 2012 20130
1
2
3
4
5
6
!-#.#-2 !-"$
!-$3
#-#-# #-
#-#
#-.! #-.2 #-0#-
%rah 3' Financial Le4era*
Ratio +:ebt to 5aital,
30
40
50
60
70
80
90
100
3$-3
61.91
30-30 3.-0
4.062.3
2.11 1.79 2.62-"! ##-2$#!-$0 #$-.3
%rah 0' :ay(
7/23/2019 Analysis Blackmores
10/20
!"#" !"## !"#! !"#$
nventor' a's#a"ores 46.48 56.05 60.89 58.1sana 100.88 114.37 127.5 115.75
Aa' 45.21 46.47 45.63 42.61
!""2 !"#" !"## !"#!
a'a/#e a's
#a"ores 26.69 25.55 26.59 30.22
sana 25.79 23.42 25.84 23.63
Aa' 73.67 78.56 68.05 59.33
2010 2011 2012 20130
10
20
2010 2011 2012 20130
20
40
60
80
100
120
140
46.4856.05
60.89 58.1
100.88
114.37
127.5115.75
45.21 46.47 45.63 42.61
%rah 1' In4entory :ay(
6o- o= :ay(
2009 2010 2011 20120
10
20
30
40
50
60
70
80
90
26.69 25.55 26.59 30.22
25.79 23.42 25.84 23.63
73.6778.56
68.05
59.33
%rah 2' Payable :ay(
6o- o= :ay(
7/23/2019 Analysis Blackmores
11/20
!"#
7.33
9.7
11.67
!"#
10.87
21.32
28.88
!"# !"#
15.98 19.43
31.14 31.8
42.87 51.31
13 2014
.3 10.87
8621.32
86
28.88
Aa'
sana
#a"ores
2013 2014
7.65
0-$$
##
2-0
13.07
##-30
7/23/2019 Analysis Blackmores
12/20
!"# !"#
2.26 2.261.76 2.17
2.18 1.9
!"# !"#
1.54 1.54
1.14 1.34
1.54 1.51
2014 2014
#.-21 #2-$
$#-#$#-1
!-10
.#-$#
ital )
Aa'
sana
#a"ores
014 2014
!-!3 !-!3
#-03!-#0
!-#1 #-2 Aa'
sana#a"ores
7/23/2019 Analysis Blackmores
13/20
!"# !"#
2.27 2.27
1.52 1.44
1.57 1.74
!"# !"#
70.8 64.01
2.64 2.89
12.51 7.43
2014 2014
#-. #-.
#-##-$
#-. #-.#
#a"ores
sana
Aa'
2014 2014
!-!0 !-!0
#-.! #-
#-.0 #-0
e
Aa'
sana
#a"ores
0"-1 64.01!-12
#!-.#
0-$
n*
Aa'
sana
#a"ores
7/23/2019 Analysis Blackmores
14/20
!"# !"#
59.76 57.78119.9 119.89
45.55 30.49
!"#$ !"#
37.25 36.01
23.69 22.4
64.42 67.89
014 2014
014 2014
59.76 57.78
119.9 119.89
45.55
30.49
#a"ores
sana
Aa'
013 2014
37.25 36.01
23.69 22.4
64.42 67.89
#a"ores
sana
Aa'
7/23/2019 Analysis Blackmores
15/20
!"#! !"#$ !"# !"#.
Net Margin %
est *ase 10.66 7.65 7.33 7.10
Moerate *ase 8.76 8.49 7.93 6.74
:orst *ase 8.76 8.49 7.93 6.37
!"#! !"#$ !"# !"#.
eturn on Assets %
est *ase 16.96 12.3 10.87 10.76
Moerate *ase 16.96 12.3 10.87 10.22
:orst *ase 16.96 12.3 10.87 9.68
2012 2013 2014 20150
5
10
15
20
25
30
%rah "3 ' 6et
Percenta*e +),
2012 2013 2014 20150
10
20
30
40
50
60
%rah ##' Return
Percenta*e +),
7/23/2019 Analysis Blackmores
16/20
!"#3 !"#0
6.89 6.67
6.19 5.69
5.54 4.81
!"#3 !"#0
10.66 10.55
9.61 9.03
8.61 7.67
2016 2017
ar*in )
:orst *ase
Moerate *ase
est *ase
2016 2017
n A((et( )
:orst *ase
Moerate *ase
est *ase
7/23/2019 Analysis Blackmores
17/20
AT TN AA
AT 5 -;A
< !NAN*A$ N*AT 2009 % *ange 2010 % *ange
1 Net Margin % 719 11.3 3.097345
2Asset Turnover (Average) 16.59 1.47 3.401361
3 eturn on Assets % 23.15 16.59 7.052441
4 !inan"ia# $everage (Average) 2.15 -9.7674425 eturn on &uit' % 1.68 37.28 -2.92382
6 eturn on nveste *a+ita# 2.15 23.15 4.578834
7 nterest *overage 63.6 15.22 15.50591
7/23/2019 Analysis Blackmores
18/20
2011 % *ange 2012 % *ange 2013 Av. % *a 2014 Av. % *a
11.65 -8.497854 10.66 -28.2364 7.65 -6.727381 7.33 -8.072858
1.52 4.605263 1.59 1.257862 1.61 1.852897 1.48 2.223476
17.76 -4.504505 16.96 -27.47642 12.3 -4.985696 10.87 -5.982835
1.94 4.639175 2.03 16.25616 2.36 2.225578 2.27 2.67069436.19 -7.101409 33.62 -19.39322 27.1 -5.883689 25.14 -7.060427
24.21 -1.817431 23.77 -24.2743 18 -4.302578 15.98 -5.163094
17.58 -18.31627 14.36 -45.05571 7.89 -9.573213 7.81 -11.48786
7/23/2019 Analysis Blackmores
19/20
*NA !*ATN=
est *ase - 5% ver ast Tren Moerate *ase - Maintain Tren
5% > Tren 2015 2016 2017 ?ee+ Tren 2015 2016 2017
-3.072858 7.10476 6.88644 6.67483 -8.072858 6.73826 6.194289 5.694233
7.223476 1.586907 1.701537 1.824447 2.223476 1.512907 1.546547 1.580934
-0.982835 10.76317 10.65738 10.55264 -5.982835 10.21967 9.60824 9.033395
7.670694 2.444125 2.631606 2.833469 2.670694 2.330625 2.392869 2.456775-2.060427 24.62201 24.11469 23.61782 -7.060427 23.36501 21.71534 20.18214
-0.163094 15.95394 15.92792 15.90194 -5.163094 15.15494 14.37247 13.63041
-6.487856 7.303298 6.829471 6.386385 -11.48786 6.912798 6.118666 5.415763
7/23/2019 Analysis Blackmores
20/20
:orst *ase - 5% e#o Tren
5% e#o 2014 2015 2016
-13.07286 6.37176 5.538788 4.814711
-2.776524 1.438907 1.398956 1.360114
-10.98283 9.676166 8.613449 7.667448
-2.329306 2.217125 2.165481 2.11504-12.06043 22.10801 19.44169 17.09694
-10.16309 14.35594 12.89693 11.5862
-16.48786 6.522298 5.446911 4.548832