HORNIMAN HORTICULTURE

Projected Financial Summary (in thousands of dollars) 2012

Profit and Loss Statement

Revenue 788.5
Cost of Goods Sold 402.9
Gross Profit 385.6
SG&A Expenses 301.2
Depreciation 34.2
Operating Profit 50.2
Taxes 17.6
Net Profit 32.6

Balance Sheet
Cash 120.1
Account Receivable 90.6
Inventory 468.3
Other Current Assets 20.9
Current Assets 699.9
Net Fixed Assets (NFAs) 332.1
Total Assets 1032.0

Accounts Payable 6.0

Wages Payable 19.7
Other Payables 10.2
Current Liabilities 35.9

Net Worth 996.1

Capital Expenditure 22.0

Purchases 140.8
 2013 2014 2015

AccountS Receivab
807.6 908.2 1048.8 160.0

428.8 437.7 503.4 140.0

378.8 470.5 545.4 120.0

302.0 356.0 404.5 100.0

38.4 36.3 40.9 80.0

38.4 78.2 100.0 60.0

13.1 26.2 39.2 40.0

20.0
25.3 52.0 60.8
0.0
2012 2013 2014

105.2 66.8 9.4

99.5 119.5 146.4
507.6 523.4 656.9
19.3 22.6 20.9
731.6 732.3 833.6
332.5 384.3 347.9
1064.1 1116.6 1181.5

5.3 4.5 5.0

22.0 22.1 24.4
15.4 16.6 17.9
42.7 43.2 47.3

1021.4 1073.4 1134.2

38.8 88.1 4.5

145.2 161.2 185.1
AccountS Receivable

2013 2014 2015

HORNIMAN HORTICULTURE
Horizontal Analysis 2013

Profit and Loss Statement

Revenue 2.42%
Cost of Goods Sold 6.43%
Gross Profit -1.76%
SG&A Expenses 0.27%
Depreciation 12.28%
Operating Profit -23.51%
Taxes -25.57%
Net Profit -22.39%

Balance Sheet
Cash -12.41%
Account Receivable 9.82%
Inventory 8.39%
Other Current Assets -7.66%
Current Assets 4.53%
Net Fixed Assets (NFAs) 0.12%
Total Assets 3.11%

Accounts Payable -11.67%

Wages Payable 11.68%
Other Payables 50.98%
Current Liabilities 18.94%

Net Worth 2.54%

Capital Expenditure 76.36%

Wages Payable 3.12%
 2014 2015

12.46% 15.48%
2.08% 15.01%
24.21% 15.92%
17.88% 13.62%
-5.47% 12.67%
103.65% 27.88%
100.00% 49.62%
105.53% 16.92%

-36.50% -85.93%
20.10% 22.51%
3.11% 25.51%
17.10% -7.52%
0.10% 13.83%
15.58% -9.47%
4.93% 5.81%

-15.09% 11.11%
0.45% 10.41%
7.79% 7.83%
1.17% 9.49%

5.09% 5.66%

127.06% -94.89%
11.02% 14.83%
HORNIMAN HORTICULTURE
Trend Analysis 2012

Profit and Loss Statement

Revenue 100.00
Cost of Goods Sold 100.00
Gross Profit 100.00
SG&A Expenses 100.00
Depreciation 100.00
Operating Profit 100.00
Taxes 100.00
Net Profit 100.00

Balance Sheet
Cash 100.00
Account Receivable 100.00
Inventory 100.00
Other Current Assets 100.00
Current Assets 100.00
Net Fixed Assets (NFAs) 100.00
Total Assets 100.00

Accounts Payable 100.00

Wages Payable 100.00
Other Payables 100.00
Current Liabilities 100.00

Net Worth 100.00

Capital Expenditure 100.00

Wages Payable 100.00
 2013 2014 2015

102.42 115.18 133.01

106.43 108.64 124.94
98.24 122.02 141.44
100.27 118.19 134.30
112.28 106.14 119.59
76.49 155.78 199.20
74.43 148.86 222.73
77.61 159.51 186.50

87.59 55.62 7.83

109.82 131.90 161.59
108.39 111.77 140.27
92.34 108.13 100.00
104.53 104.63 119.10
100.12 115.72 104.76
103.11 108.20 114.49

88.33 75.00 83.33

111.68 112.18 123.86
150.98 162.75 175.49
118.94 120.33 131.75

102.54 107.76 113.86

176.36 400.45 20.45

103.13 114.49 131.46
HORNIMAN HORTICULTURE
Common Size Analysis 2012

Profit and Loss Statement

Revenue 100.00
Cost of Goods Sold 51.10
Gross Profit 48.90
SG&A Expenses 38.20
Depreciation 4.34
Operating Profit 6.37
Taxes 2.23
Net Profit 4.13

Balance Sheet
Cash 11.64
Account Receivable 8.78
Inventory 45.38
Other Current Assets 2.03
Current Assets 67.82
Net Fixed Assets (NFAs) 32.18
Total Assets 100.00

Accounts Payable 0.58

Wages Payable 1.91
Other Payables 0.99
Current Liabilities 3.48

Net Worth 96.52

Capital Expenditure 2.13

Wages Payable 13.64
 2013 2014 2015

100.00 100.00 100.00

53.10 48.19 48.00
46.90 51.81 52.00
37.39 39.20 38.57
4.75 4.00 3.90
4.75 8.61 9.53
1.62 2.88 3.74
3.13 5.73 5.80

9.89 5.98 0.80

9.35 10.70 12.39
47.70 46.87 55.60
1.81 2.02 1.77
68.75 65.58 70.55
31.25 34.42 29.45
100.00 100.00 100.00

0.50 0.40 0.42

2.07 1.98 2.07
1.45 1.49 1.52
4.01 3.87 4.00

95.99 96.13 96.00

3.65 7.89 0.38

13.65 14.44 15.67
HORNIMAN HORTICULTURE
Financial Ratio Analysis and Benchmarking 2012

Revenue growth 2.9%

Gross margin (Gross profit / Revenue) 48.9%
Operating margin (Op. profit / Revenue) 6.4%
Net profit margin (Net profit / Revenue) 4.1%

Return on assets (Net profit / Total assets) 3.2%

Return on capital (Net profit / Total capital) 3.3%

Receivable Turnover (Credit Sales/Acc. Receivable) 8.7

Inventory Turnover (COGS/Inventory) 0.9
Acc. Payable Turnover (Purchases/Acc. Payables) 23.5

Receivable days (365/Receivable Turnover) 41.9

Inventory days (365/Inventory Turnover) 424.2
Payable days (365/Acc. Payables Turnover) 15.6
NFA turnover (Revenue / NFA) 2.4
Total Operating Cycle 450.6

DuPont Analysis
Return on Equity 3.27%
Return on Assets 3.16%
Return on Sales 4.13%
Asset Turnover 0.76
Financial Leverage 1.036

Other Ratios
Asset Turnover Ratio 0.764
Fixed Asset Turnover Ratio 2.374
Current Asset Turnover Ratio 1.127
Equity Turnover Ratio 0.792
Current Ratio 19.496
Quick Ratio 5.869

Cash Target 63.08

Actual Cash 120.10

Net Working Capital 664.00

Capital Employed 996.10

Graphs
Accounts Payabl
6
5.3
4.5
5
Current Ratio
Quick Ratio
Net Working Capital
 2013 2014 2015 Benchmark

2.4% 12.5% 15.5% -1.8%

46.9% 51.8% 52.0% 48.9%
4.8% 8.6% 9.5% 7.6%
3.1% 5.7% 5.8% 2.8%

2.4% 4.7% 5.1% 2.9%

2.5% 4.8% 5.4% 4.0%

8.1 7.6 7.2

0.8 0.8 0.8
27.4 35.8 37.0

45.0 48.0 50.9 21.8

432.1 436.5 476.3 386.3
13.3 10.2 9.9 26.9
2.4 2.4 3.0 2.7
463.7 474.3 517.4 381.2

2.48% 4.84% 5.36%

2.38% 4.66% 5.15%
3.13% 5.73% 5.80%
0.76 0.81 0.89
1.042 1.040 1.042

0.759 0.813 0.888

2.429 2.363 3.015 2.7
1.104 1.240 1.258
0.791 0.846 0.925
 17.133 16.951 17.624
4.794 4.313 3.294

64.61 72.66 83.90

105.20 66.80 9.40

688.90 689.10 786.30

1021.40 1073.40 1134.20

Accounts Payable Payable Days

18

16

14

12

10

Purchases Payable8 Days

140.8 15.55397727
6
145.2 13.32300275
4
161.2 10.18920596
2
185.1 9.859535386
0
2012 2013 2014 2015

Purchases
200
180
160
140
120
100
80
60
40
20
0
1 2 3 4
 2012 2013 2014 2015
rent Ratio 19.496 17.133 16.951 17.624
5.869 4.794 4.313 3.294
Working Capital 664.00 688.90 689.10 786.30
$