BUS5IAF Introduction To Accounting And Finance

Answers:

Enero Group Limited

Introduction

Enero is a company providing joined services of marketing and communication. The services include advertisement, media planning, research, public relations, direct marketing and design and event management (Bloomberg, 2017). It mainly operates from Sydney, London and New York, and many other locations (Enero, 2017). Enero group limited is based in Pyrmont, New South Wales, Australia. The CEO of the company is Matthew Melhuish. The most recent share price is A$ 1.04 (date 30.06.2017) and the dividend per share is 5 cents (date 26.06.2017). Independent auditor of the company is KPMG. Their opinion on the company’s financial statements is that Enero group limited has prepared its financial statements for the year ended 30 June 2017 in accordance with Australian Accounting standards and the Corporations Regulations 2001.

Industry Situation and Company Plans

Enero Group limited has strong clients across the industry and sector group validates expansion of revenue. It has been observed that largest client represents only 13% of the total net revenue. Further the company has more than 700 client relationships.
This company has awarded with an 84 industry awards across the group.
The future plans of the company are as follows:
Fetch additional new resources.
Discover new sectors to sell the services
Expand the business in new geographies for the purpose to enhance the networked clients.
Looking forward to connect the bigger client teams for the motive of acquisition.
Last but not the least integrate the services for the better public relations.

Financial Statement Analysis

Statement of financial performance

Particulars	2017 (AUD’000) Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	2016 (AUD’000)	2015 (AUD’000)
Gross Profit/ Net revenue	100,172	113,488	110,347
Net income	1930	8115	-1615
Income from operations	3436	10073	576

(Source: Annual Report, 2017;2016;2015).

Comment:

Gross Profit: It has been observed from the above table that in 2017 gross profit is least among previous two years (2016 and 2015).

Net Income: It has been observed from the above table that in 2017 the net income is very less from 2016 but more than 2015. The net income is highest in 2016 which shows that the profitability position is sound in 2016 in comparison to 2017.

Income from operations: It has been observed from the above table that in 2017 the income from operations is very less from 2016 whereas more than 2015. Thus, income from operations is highest in 2016 among three years.

Common Size analysis

Particulars	Amount (AUD $’ 000)
2017	%	2016	%	2015	%
Gross Revenue	180666	180.36%	213632	188.24%	212332	192.42%
Directly attributable cost of sales	-80494	-80.36%	-100144	-88.24%	-101985	-92.42%
Net revenue	100172	100.00%	113488	100.00%	110347	100.00%
Other income	207	0.21%	206	0.18%	206	0.19%
Employee expenses	-71382	-71.26%	-79085	-69.69%	-81070	-73.47%
Occupancy costs	-8036	-8.02%	-8082	-7.12%	-8345	-7.56%
Travel expenses	-1244	-1.24%	-1515	-1.33%	-2034	-1.84%
Communication expenses	-2038	-2.03%	-2252	-1.98%	-2184	-1.98%
Compliance expenses	-1434	-1.43%	-2114	-1.86%	-2114	-1.92%
Depreciation and amortisation expenses	-3758	-3.75%	-3060	-2.70%	-4225	-3.83%
Administration expenses	-6518	-6.51%	-7426	-6.54%	-7271	-6.59%
Incidental acquisition costs	-156	-0.16%	0	0.00%	0	0.00%
Contingent consideration fair value loss	-2303	-2.30%	0	0.00%	0	0.00%
Loss on disposal of subsidiaries	0	0.00%	0	0.00%	-2644	-2.40%
Net finance (costs)/ income	-149	-0.15%	170	0.15%	65	0.06%
Profit before income tax	3361	3.36%	10330	9.10%	731	0.66%
Income tax expense	-1431	-1.43%	-2215	-1.95%	-2346	-2.13%
Profit/(loss) for the year	1930	1.93%	8115	7.15%	-1615	-1.46%

(Source: Annual Report, 2017;2016;2015)

Enero group recognises revenue when it is reliably measured and future economic benefits will flow to the group.
Revenue from services recognised according to the stage of completion method.
Interest income is recognised according to the effective interest method.

Statement of financial Position

As at 30 June 2017
Particulars	AUD $’000
2017	2016	2015
Assets
Cash and cash equivalents	32512	37620	25812
Trade and other receivables	19994	24305	27852
Other assets	4251	4630	4335
Income tax receivable	70	0	273
Total current assets	56827	66555	58272
Receivables	0	0	21
Deferred tax assets	1735	1715	1887
Plant and equipment	6899	4942	7034
Other assets	156	338	427
Intangible assets	83134	75502	84545
Total non-current assets	91924	82497	93914
Total assets (A)	148751	149052	152186
Liabilities
Trade and other payables	26568	32237	31561
Contingent consideration payable	4512	0	0
Interest-bearing loans and borrowings	1352	9	27
Employee benefits	2772	2166	2356
Income tax payable	512	994	748
Provisions	18	163	220
Total current liabilities	35734	35569	34912
Contingent consideration payable	5631	0	0
Interest-bearing loans and borrowings	1915	11	0
Employee benefits	661	599	480
Provisions	1853	1614	1276
Total non-current liabilities	10060	2224	1756
Total liabilities	45794	37793	36668
Equity
Issued capital	96389	491576	491509
Other reserves	-13609	-7106	4800
Profit appropriation reserve	12443	0	0
Retained profits/(accumulated losses)	7030	-375243	-383615
Total equity attributable to equity holders of the parent	102253	109227	112694
Non-controlling interests	704	2032	2824
Total equity	102957	111259	115518
Total Liabilities + Total Equity (B)	148751	149052	152186
check point	OK	OK	OK

(Source: Annual Report, 2017;2016;2015)

Common Size analysis

Enero Group limited
As at 30 June 2017
Particulars	AUD $’000
2017	%	2016	%	2015	%
Assets
Cash and cash equivalents	32512	21.86%	37620	25.24%	25812	16.96%
Trade and other receivables	19994	13.44%	24305	16.31%	27852	18.30%
Other assets	4251	2.86%	4630	3.11%	4335	2.85%
Income tax receivable	70	0.05%	0	0.00%	273	0.18%
Total current assets	56827	38.20%	66555	44.65%	58272	38.29%
Receivables	0	0.00%	0	0.00%	21	0.01%
Deferred tax assets	1735	1.17%	1715	1.15%	1887	1.24%
Plant and equipment	6899	4.64%	4942	3.32%	7034	4.62%
Other assets	156	0.10%	338	0.23%	427	0.28%
Intangible assets	83134	55.89%	75502	50.65%	84545	55.55%
Total non-current assets	91924	61.80%	82497	55.35%	93914	61.71%
Total assets (A)	148751	100.00%	149052	100.00%	152186	100.00%
Liabilities
Trade and other payables	26568	17.86%	32237	21.63%	31561	20.74%
Contingent consideration payable	4512	3.03%	0	0.00%	0	0.00%
Interest-bearing loans and borrowings	1352	0.91%	9	0.01%	27	0.02%
Employee benefits	2772	1.86%	2166	1.45%	2356	1.55%
Income tax payable	512	0.34%	994	0.67%	748	0.49%
Provisions	18	0.01%	163	0.11%	220	0.14%
Total current liabilities	35734	24.02%	35569	23.86%	34912	22.94%
Contingent consideration payable	5631	3.79%	0	0.00%	0	0.00%
Interest-bearing loans and borrowings	1915	1.29%	11	0.01%	0	0.00%
Employee benefits	661	0.44%	599	0.40%	480	0.32%
Provisions	1853	1.25%	1614	1.08%	1276	0.84%
Total non-current liabilities	10060	6.76%	2224	1.49%	1756	1.15%
Total liabilities	45794	30.79%	37793	25.36%	36668	24.09%
Equity
Issued capital	96389	64.80%	491576	329.80%	491509	322.97%
Other reserves	-13609	-9.15%	-7106	-4.77%	4800	3.15%
Profit appropriation reserve	12443	8.36%	0	0.00%	0	0.00%
Retained profits/(accumulated losses)	7030	4.73%	-375243	-251.75%	-383615	-252.07%
Total equity attributable to equity holders of the parent	102253	68.74%	109227	73.28%	112694	74.05%
Non-controlling interests	704	0.47%	2032	1.36%	2824	1.86%
Total equity	102957	69.21%	111259	74.64%	115518	75.91%
Total Liabilities + Total Equity (B)	148751	100.00%	149052	100.00%	152186	100.00%
check point	OK		OK		OK

(Source: Annual Report, 2017;2016;2015).

Plant and equipment are computed at cost less accumulated depreciation less impairment losses.
Depreciation is charged as per straight line basis.
Goodwill amount is measured at cost less impairment losses. Goodwill carrying amount has increased from 2016 due to acquisition of East wick Communications.
Other intangible assets other than goodwill amortised as per SLM basis over its useful lives.

Statement of cash flows

Particulars

2017

(AUD $’000)

2016

(AUD $’000)

2015

(AUD $’000)

Net income

1930

8115

-1615

Operating cash flows

9840

17000

6993

(Source: Annual Report, 2017;2016;2015).

Comment: It has been observed from the above table that net income is very low as compared to operating cash flows. In other words, overall cash generated from operations is very high although profit after tax is very less because of incidental expenses occurred during the year.

Particulars

2017

(AUD $’000)

2016

(AUD $’000)

2015

(AUD $’000)

Net cash used in investing activities

-7532

-1071

-2625

(Source: Annual Report, 2017;2016;2015).

Comment: In year 2017, it has been observed that Enero group has acquired a business of AUD $ 6328000 and thus the amount of acquisition is highest among the three years.

The most important source of financing is “interest bearing loans and borrowings”. The reason being that the amount has increased tremendously in 2017 from 2016. Further the group has paid dividend to equity shareholders due to which net cash used in financing activities has increased considerably.
Overall cash and cash equivalents has decreased in 2017 in comparison to 2016 but had increased from 2015.

Ratio Analysis

Ratios
Liquidity Ratios

Working capital/ current ratio:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Current Assets	56827	66555	58272
Current Liabilities	35734	35569	34912
Working capital ratio/current ratio	1.59	1.87	1.67

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that current ratio or working capital ratio of year 2017 is lowest than 2016 but more than 2015. In other words, group can easily pay off its current debts from short-term assets. Hence, liquidity performance of Enero group limited is sound. The trend is downward sloping in 2017.

Receivable turnover ratio:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Net credit revenue	100172	113488	110347
Average accounts receivable*	22054	26013	27074
Receivables turnover	4.54	4.36	4.08

* Average accounts receivable = (opening accounts receivable balance + closing accounts receivable balance)/2

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is upward sloping. Higher ratio is favourable. Higher ratio determines the efficiency of the company to collect its receivables more frequently.

Average days’ sales uncollected:

Formula = 365/ Receivables turnover

Particulars

2017

2016

2015

Average days’ sales uncollected

80.40 days

83.72 days

89.46 days

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is good. Further it shows that in 2017 amount was collected from the customers much early than in 2016 and 2015. Therefore, it indicates a positive sign.

Inventory turnover:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Cost of sales	80494	100144	101985
Average Inventory	–	–	–
Inventory turnover	–	–	–

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above table that Enero group has no inventories.

Profitability Ratios

Profit margin:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Net profit	1930	8115	-1615
Gross Revenue	180666	213632	212332
Profit Margin	1.07%	3.80%	-0.76%

(Source: Annual Report, 2017;2016;2015)

Comment: It is seen from the above calculation that profit margin is less from 2016 but more than 2015. Trend is downward sloping. Further, the profitability position is not adverse but it is satisfactory.

Asset Turnover:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Gross revenue	180666	213632	212332
Average total assets	148901.5	150619	146846
Asset Turnover	1.21	1.42	1.45

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is adverse. This means that the Enero group is not using its assets efficiently.

ROA:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Net profit	1930	8115	-1615
Average total assets	148901.5	150619	146846
ROA	1.30%	5.39%	-1.10%

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is adverse. Thus, company is not earning effectively on its assets.

ROE:

Formula as per Du Pont Equation= Net profit margin * Asset turnover ratio * financial leverage ratio

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Average total assets	148901.5	150619	146846
Average total Equity	107108	113388.5	109511.5
Financial leverage ratio	1.39	1.33	1.34

(Source: Annual Report, 2017;2016;2015).

Particulars	2017	2016	2015
Profit Margin	1.07%	3.80%	-0.76%
Asset Turnover	1.21	1.42	1.45
Financial leverage ratio	1.39	1.33	1.34
ROE	1.80%	7.17%	-1.48%

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is adverse. Thus the company is not effectively meet its financial obligations. Thus, capital structure of the group should be taken into consideration.

Long-term solvency ratios

Debt to Equity Ratio:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Debt	45794	37793	36668
Equity	102957	111259	115518
Debt to Equity Ratio	0.44	0.34	0.32

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is upward sloping which is adverse because it is considered as risky position. Thus, investors do not fund its capital due to bad performance of the company.

Interest Coverage ratio:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
EBIT	3436	10073	576
Interest Expense	74	87	90
Interest Coverage ratio	46.43	115.78	6.4

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is adverse. This means that group is making interest payments in 2017 but not better than 2016. The situation is average.

Cash Flow Adequacy

Cash Flow Yield:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Cash flows from operations	9840	17000	6993
Share Price	1.04	1.25	0.78
Cash Flow Yield	9461.54	13600	8965.38

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping but it is considered as average. This means that group is average in generating cash from operations.

Cash Flows to Sales:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Cash flows from operations	9840	17000	6993
Gross Revenue	180666	213632	212332
Cash Flows to Sales	0.054	0.080	0.033

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is categorized as unsatisfactory. This ratio determines the effectiveness of the company to transform company’s revenue into cash.

Free cash flows to assets:

Particulars	2017 (AUD $’000)	2016 (AUD $’000)	2015 (AUD $’000)
Cash flows from operations	9840	17000	6993
Total assets	148751	149052	152186
Free cash flows to assets	0.066	0.114	0.046

(Source: Annual Report, 2017;2016;2015)

Free cash Flow:

Particulars

2017

(AUD $’000)

2016

(AUD $’000)

2015

(AUD $’000)

Cash flows from operations

9840

17000

6993

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the trend is downward sloping which is categorized as unsatisfactory. This means that the group is not efficiently generating cash from its operations.

Market Strength ratios

Price/earnings per share:

Particulars	2017	2016	2015
Price Per share	1.04	1.25	0.78
Earnings Per share	2.2	8.0	-3.4
Price/earnings per share	0.47	0.16	0.23

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that the ratio is improving which is a positive sign. This ratio determines earnings covered from per share price.

Dividends Yield:

Particulars	2017	2016	2015
Dividend per share	5 cents	–	–
Price Per share	1.04	1.25	0.78
Dividends Yield	4.81	–	–

(Source: Annual Report, 2017;2016;2015).

Comment: It is seen from the above calculation that dividend is declared only in 2017 which is a positive sign.

Conclusion

According to the analysis, the performance of the company is average in 2017 as compared to 2016. The profitability position is satisfactory. Therefore, the Enero group limited is not a strong performer.

Bibliography

Enero Group Limited. 2016. Annual Report. Retrieved on 13 September 2017 from

https://enero.com/images/enero/annual-reports/Enero_Annual_Report_FY16.PDF.

Enero Group Limited. 2017. Annual Report. Retrieved on 13 September 2017 from

https://enero.com/images/enero/annual-reports/Enero_Annual_Report_FY17.PDF.

Bloomberg Markets. 2017. Enero Group Limited. Retrieved on 13 September 2017 from

https://www.bloomberg.com/quote/EGG:AU.

Bloomberg. 2017. Company overview of Enero Group Limited. Retrieved on 13 September 2017 from

https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=11190588.

ASX. 2017. Enero Group Limited. Retrieved on 13 September 2017 from

https://www.asx.com.au/asx/share-price-research/company/EGG.

ASX. 2017. Enero Group Limited. Retrieved on 13 September 2017 from https://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=EGG&timeframe=D&period=M6.

Enero Group Limited. 2015. Annual Report. Retrieved on 13 September 2017 from https://www.enero.com/images/enero/annual-reports/Enero_Annual_Report_FY15.pdf.

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