Financial Statement Analysis

Ticker:
AFR

Periodicity: Annuals

Filing:

Filing:

Most recent

For the period ending

Revenue
EBITDA
Depreciation & Amortization
Operating Income
Total Interest Expense
Net Income
Cash & Equivalent
Total debt
Total Debt Weighted
Average Maturity
Total Equity
Non-cash wc
Capital Expenditure
Increase: LT Debt
Decrease: LT Debt
Inc(Dec) ST Debt
Market cap.
Minority Interest
Eff tax rate
Net Cash Paid for
Acquisitions
Working Capital
Op Lease - Current
Op Lease - Yr 1
Op Lease - Yr 2
Op Lease - Yr 3
Op Lease - Yr 4
Op Lease - Yr 5
Op Lease - Beyond yr 5
Dividend Paid
Dec capital Stock
Current Shares Outstanding
Price per share
Options Outstanding
End Of Period Avg Exercise Price (Opt. Out.)
R & D expenditures
Consolidated Debt
Weighted Average Maturity Op Lease - Years 2-5
Taxes paid

Consolidated data
2009-12-30 2010-12-30
601399.0
800608.0
201.0
36436.0
155.0
42689.0
46.0
-6253.0
3.0
718.0
-17.0
-5705.0
321.0
140.0
267.0
0.0

658.0
20.5
192.0

859.0
26454.0
14521.0

611.5
0.0
28.00%
40.0
0.0
158.0

1202065.8
0.0
24.50%
0.0
0.0
-87.0

637.0
0.960

181034.0
6.640

189187

117

Taxable Income
revenue growth
operating margin
Sales/Cap
ROIC
Sales/Cap
Adjusted debt
debt ratio

539

650.16

33.1%
-0.8%
1113.50
-781.63%
-3018.32

100.0%
30.39%

133.1%
0.00%

0.0%
995.69

Currency:

Pounds

Note:

Years shown on the report are Fiscal years

Semiconductor

Industry
2011-12-30
845190.0
410.0
48775.0
-48365.0
4298.0
-51464.0
211907.0
0.0

2012-12-30
1025356.0
4831.0
53217.0
-19265.0
7092.0
-25196.0
314760.0
0.0

2013-12-30
960710.0 -0.08942845
25918.0
1
45183.0
-48386.0
4993.0
-46329.0
-0.79 -0.3904986
227468.0
150919
0.0

694934.0
36134.0
25629.0
0.0
0.0
0.0
1463270.4
0.0
23.25%
0.0
2667.0
287467.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
629562.0
-5069.0
40968.0
0.0
0.0
0.0
1678799.2
0.0
20.30%
0.0
0.0
282292.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

181394.0
4.150

203232.0
7.200

175240.0
9.580

228573
0

290346

273026

193

1017

977

877907.0
5182.0
18818.0

752785.1
0.0
24.50%
0.0
0.0
312615.0

24.1%

0.41772152

97

1389

4228

4204

5.6%
-5.7%
1.27
-5078.66%
0.05

21.3%
-4.7%
2.70
-5.58%
-0.98

-6.3%
-2.0%
2.39
-4.04%
0.99

105.6%
0.00%

121.3%
0.00%

11.3%
0.00%

20.0%
423.11
-1467.48%
-789.71

hown on the report are Fiscal years

Valuation in USD
10 yr Gov bonds on
Country
Tanzania
Mozambique

2014-08-31

2.55%

Revenues %Rev.
ERP
CRP
Weighted ERP
955
100.00%
7.86%
2.86%
7.86%
0
0.00%
11.75%
6.7500%
11.00%
955

For Mozambique we used damodaran data to come up with 11.75. For Tanzania Damodaran has no data using http://d
11.50%
2.80%

11.75%
2.86% |--> This is much smaller than ERP for mature market, so we assume it is a CRP

ia Damodaran has no data using http://data.worldbank.org/indicator/FR.INR.RISK we applied a ratio between Damodaran and data on tha

rket, so we assume it is a CRP

atio between Damodaran and data on that page to come up with the number above.

Non-Cash Working Capital

Case 1: General definition
Current Assets
Cash and cash equivalent
Other unrelated items
Non-cash Current Assets
Liabilities
Interest bearing liabilities
Other unrelated items
Non-cash current liabilities

2009-12-31
21294
11040
0
10254
9181
2982
0
6199

Non-cash Working Capital

Change in NCWC

4055

7473
3418

21294
11040
3440
6814
9181
2982
1044
5155

31791
9377
9717
12697
17912
2971
5094
9847

1659

2850
1191

-466
-467
21

616
530
-455

-3800
-425
307

703
1
-93
-301

121
159
373
1344

928
214
192
-2584

Case 2: Removing Unrelated items

Current Assets
Cash and cash equivalent
Other unrelated items
Non-cash Current Assets
Liabilities
Interest bearing liabilities
Other unrelated items
Non-cash current liabilities
Non-cash Working Capital
Change in NCWC
Case 3: From Cash Flow Statement
Decrease (increase) in assets:
Accounts receivable
Inventories
Others
Increase (decrease) in liabilities:
Suppliers
Payroll and related charges
Others
Change in NCWC

31791
9377
0
22414
17912
2971
0
14941

9387

Exploration and
development of Gas

Industry name
Oil/Gas (Production
and Exploration)

Sample Size Unlvevered Beta Revenues

411

0.5

Note: Revenues ,000 USD

Marginal tax rate
D/E
Levered beta

31.00%
4.03%
0.51

ERP

Rf+beta*(ERP mature market)+CRP

7.98%

CoC

ERP*E/(E+D)+COD*D/(E+D)*(1-tax)

8.26%

955

EV/Sales

Valuation of Business
6.1

5825.5

Proportion of value
100%

Debt
Book value of Debt
Interest expense
Average maturity of debt

6,000
436
3.6

Pre-tax cost of debt

22.00%

Market value of Debt

$3,946

Lease debt (if any)

Total Debt

$864
$4,810

Equity
Number of shares
Share price (in US$)

153872.7
0.7750

Market value of Equity

$119,249

Debt Ratios
Market D/E ratio
Market Debt to Capital ratio

30,267

Long term debt

i) Vitol
Book value of debt
maturity date
maturity
cost of debt
Interest expenses

4.03%

3.88%

Warrants
Fair value
total number of shares
Share price in USD
Market value of equity

Long term debt

Book value of debt
maturity date

Interest expenses

6,000
12/31/2017
3.34
6%
436

2288 |--> Equity

total number of shares
Share price in USD
Market value of equity

153872.7
0.7750
119248.88

Operating lease inputs

Operating lease expense in current year =

Operating Lease Commitments (From footnote to financials)

Year

Commitment ! Year 1 is next year, .

853.00

119.00

121.00

40.00

6 and beyond

Pre-tax Cost of Debt =

22.00%

! If you do not have a cost of debt, use the attached ratings estimator

From the current financial statements, enter the following

Reported Operating Income (EBIT) =

Reported Debt =

Reported Interest Expenses =

(9,445.00) ! This is the EBIT reported in the current income statement

6,240.00 ! This is the interest-bearing debt reported on the balance sheet
436.00

Output
Number of years embedded in yr 6 estimate =

! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt

Year

6 and beyond

Commitment

Present Value

1 $

853.00

699.18

2 $

119.00

79.95

3 $

121.00

66.64

4 $

40.00

18.06

5 $

863.82

Debt Value of leases =

! Commitment beyond year 6 converted into an annuity for ten years

162
74
72
70
37

attached ratings estimator

d in the current income statement

ng debt reported on the balance sheet

xpense over the first five years

years of expenses in yr 6

o an annuity for ten years

26

Year
2009
2010
2011
2012
2013

Operating Income Effective tax rate

BV of Debt BV of Equity Cash
6057
29.50%
18168
42556
12639
21695
18.00%
22831
59766
11040
30324
19.70%
24414
71729
9377
9409
18.90%
23033
77815
3531
15063
17.20%
30267
74827
6078
16509.6
20.66%

ROIC
reinvestment rate

12.13%
16.48%

Normalized operating income after tax

Value of operating asset
Value
Value per share

48085
0.09095892
13098.72
187968.384

163387.384
32.00

Invested Capital
Return on Capital
48085
8.88%
71557
24.86%
86766
28.06%
97317
7.84%
99016
12.60%
16.45%

amount
maturity
interest
103.6
1
1.500%
1173.5
3.5
8.500%
280.9
8
3.110%
0
3
6.629%
0
3
6.000%
0
3
6.000%
0
9
4.000%
0
6
6.000%
0
4
5.000%
1558

0.07
2.64
1.35
0.00
0.00
0.00
0.00
0.00
0.00
4.05

0.100%
6.402%
0.561%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
7.063%

amount

maturity

77.3
445.5
606.2
0
0
0
0
1129

0
3.5
8.5
5
6
9
0

15
321
0
0
0
0
0
336

1.5
8
6
3
8
9
0

interest
6.05% 0.06846767
0
7.25% 0.39459699 1.38108946
4.13% 0.53693534 4.5639504
7.37%
0
0
7.20%
0
0
3.63%
0
0
0
0
5.94503986

0.41%
2.86%
2.21%
0.00%
0.00%
0.00%
0.00%
5.49%

5.45% 0.04464286 0.06696429

6.05% 0.95535714 7.64285714
7.25%
0
0
4.13%
0
0
7.37%
0
0
7.20%
0
0
0
0
7.70982143

0.24%
5.78%
0.00%
0.00%
0.00%
0.00%
0.00%
6.02%