Horizontal Analysis

STATEMENT OF COMPREHENSIVE INCOME

2019 2018 change in US$ % change

Revenue 12,748,634.00 12,933,773.00 (185,139.00) (1.43)

Cost of sales 9,422,625.00 9,866,512.00 (443,887.00) (4.50)

Gross Profit 3,326,009.00 3,067,261.00 258,748.00 8.44

Other income 2,070,051.00 37,500.00 2,032,551.00 5,420.14

General and Admin Expenses 2,641,300.00 2,620,209.00 21,091.00 0.80

Operating profit 2,754,760.00 2,620,209.00 134,551.00 5.14

Finance cost 635,558.00 773,554.00 (137,996.00) (17.84)

Profit or loss before tax 2,119,202.00 (289,006.00) 2,408,208.00 (833.27)

Income tax credit or expense - 32,568.00 (32,568.00) (100.00)

Profit after tax 2,119,202.00 (256,438.00) 2,375,640.00 (926.40)

Other comprehensive income - - - -

Total Comprehensive Income 2,119,202.00 (256,438.00) 2,375,640.00 (926.40)

STATEMENT OF FINANCIAL
POSITION
2019 2018 change in US$ % change
non-current assets

Property,plant and Equipment 1,320,405.00 1,252,547.00 67,858.00 5.42

intangible assets - 22,154.00 (22,154.00) (100.00)

Deferred tax 222,485.00 222,485.00 - -

Total Non-Current Assets 1,542,890.00 1,497,186.00 45,704.00 3.05

Current Assets -

Inventory 3,576,015.00 3,574,871.00 1,144.00 0.03

Trade and other receivables 5,793,753.00 4,578,754.00 1,214,999.00 26.54

Current tax assets 187,147.00 141,610.00 45,537.00 32.16

Cash and Bank balances 173,387.00 131,848.00 41,539.00 31.51

Total Current Assets 9,730,302.00 8,427,083.00 1,303,219.00 15.46

Total Assets 11,273,192.00 9,924,269.00 1,348,923.00 13.59

Equity and liabilities

Equity

Stated Capital 789,474.00 789,474.00 - -

Preference Shares 1,500,000.00 - 1,500,000.00 -

Income Surplus 2,158,733.00 39,531.00 2,119,202.00 5,360.86

other Reserves 73,117.00 73,117.00 - -

Total Equity 4,521,324.00 902,122.00 3,619,202.00 401.19

Borrowing 4,865,389.00 6,711,005.00 (1,845,616.00) (27.50)

Total non-Current liabilities 4,865,389.00 6,711,005.00 (1,845,616.00) (27.50)

Current liabilites -

Trade and other payables 1,699,873.00 1,448,606.00 251,267.00 17.35

Borrowing - 560,141.00 (560,141.00) (100.00)

Finance lease - 13,098.00 (13,098.00) (100.00)

Bank overdraft 186,606.00 469,297.00 (282,691.00) (60.24)

National Stabilization levy - - - -

Total Current liabilities 1,886,479.00 2,491,142.00 (604,663.00) (24.27)

Total liabilities 6,751,868.00 9,202,147.00 (2,450,279.00) (51.77)

 RATIO ANALYSIS
2019 2018
Profitability Ratios
Return on Capital
Employed(ROCE) Operating Profit/Capital Employed x100 29.35 34.42
Return on Equity(ROE) Profit after tax/Equity x100 46.87 -28.43
Operating Profit Margin Operating Profit/Sales x 100 21.61 20.26
Profit before tax margin Profit before tax/sales x 100 16.62 -2.23
Profit after tax margin profit after tax/sales x 100 16.62 -1.98
Finance cost to sales Finance cost/sales x100 4.99 5.98

Utilization Ratios
Asset Turnover Revenue/Capital Employed x 100 135.82 169.89
Receivable Days Receivables/Sales x 365 165.88 129.22
Inventory Days Inventory/Cost of Sales x 365 138.52 132.25
Payable Days Trade payables/Cost of sales x 365 65.85 53.59
Working Capital Cycle Inventory days + Receivable Days + Payable days 238.55 207.87
Liquidity
Cash Ratio Cash/Current liabilities 0.09 0.05
Current ratio Current Assets/Current Liability 5.16 3.38

Leverage
Debt to Total Assets Long-term Debt/Total Assets 0.43 0.68
Fidelity Equity Fund
Loan/Total Assets Fidelity Equity Fund Loan/Total Assets 0.25 0.29
Debt to Equity Long-term Borrowings/Equity 1.08 7.44
Fixed Interest Cover Operating Profit/Finance Cost 4.33 3.39
Cash to finance Cost Cash/Finance Cost 0.27 0.17
Fixed Dividend Cover Profit after tax/Preference Dividends 0.17
Cash to Debt Ratio Cash/total long-term Borrowings 0.04 0.02