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Financial Analysis Of Greencore Group Plc Assignment
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Assignment Task
The task will require you to calculate financial ratios, comment upon these ratios, and to discuss the macroeconomic environment, PEST factors, industry competitive environment factors, and company strategy and business model for the Greencore Group Plc more details are given blow.
To do this you will need to:
- Compute ratios from the financial statements of the company (make sure you provide ratio definitions and formulas) – make sure you calculate ratios for the last two years. (demonstrate calculation procedure.)
- Please give interpretations of the ratios once calculated.
- Identify and discuss in detail PEST factors and macroeconomic factors, and their impact on the company’s financial position and performance.
- Identify and discuss in detail industry factors that impact the company (e.g. Porter competitive environment, regulation, etc.), and their impact on the company’s financial position and performance.
- Provide discussions in detail company-specific factors, policies and strategy.
- Evaluate key business decisions and their impact on the company financial statements.
Greencore Group Plc (Greencore) is a manufacturer of convenience foods and ingredients. The company offers a range of chilled, frozen, and ambient foods, such as sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche,
ambient sauces and pickles, and frozen Yorkshire Puddings. It supplies its products to various supermarkets, convenience stores, travel retail outlets, discounters, coffee shops, food service providers, and other retailers. The company also operates manufacturing sites, distribution centers, corporate service centers, and transport hubs in the UK. It has business operations in Ireland, and the UK. Greencore is headquartered in Dublin, Ireland. The information provided to you in the brief will be:
Greencore Group PLC (GNC LN) – Financial Statements and Other Data
1. Income statement – Bloomberg Adjusted
|
In Millions of GBP except Per Share |
FY 2023 |
FY 2022 |
FY 2021 |
FY 2020 |
|
12 Months Ending |
09/29/2023 |
09/30/2022 |
09/24/2021 |
09/25/2020 |
|
Revenue |
1,913.7 |
1,739.6 |
1,324.8 |
1,264.7 |
|
+ Sales & Services Revenue |
1,913.7 |
1,739.6 |
1,324.8 |
1,264.7 |
|
- Cost of Revenue |
1,344.9 |
1,216.6 |
901.9 |
862.4 |
|
+ Cost of Goods & Services |
1,344.9 |
1,216.6 |
901.9 |
862.4 |
|
Gross Profit |
568.8 |
523.0 |
422.9 |
402.3 |
|
+ Other Operating Income |
0.6 |
1.8 |
5.8 |
1.2 |
|
- Operating Expenses |
496.7 |
455.3 |
386.3 |
374.9 |
|
+ Selling, General & Admin |
103.8 |
438.4 |
375.4 |
368.8 |
|
+ Selling & Marketing |
66.2 |
70.9 |
53.8 |
59.0 |
|
+ General & Administrative |
37.6 |
367.5 |
321.6 |
309.8 |
|
+ Research & Development |
6.7 |
8.9 |
7.2 |
2.6 |
|
+ Other Operating Expense |
386.2 |
8.0 |
3.7 |
3.5 |
|
Operating Income (Loss) |
72.7 |
69.5 |
42.4 |
28.6 |
|
- Non-Operating (Income) Loss |
20.8 |
12.3 |
26.3 |
16.6 |
|
+ Interest Expense, Net |
17.0 |
11.2 |
15.0 |
14.8 |
|
+ Interest Expense |
17.7 |
11.4 |
15.1 |
14.9 |
|
- Interest Income |
0.7 |
0.2 |
0.1 |
0.1 |
|
+ Foreign Exch (Gain) Loss |
0.2 |
0.7 |
0.0 |
0.4 |
|
+ (Income) Loss from Affiliates |
0.0 |
— |
0.0 |
-0.6 |
|
+ Other Non-Op (Income) Loss |
3.6 |
0.4 |
11.3 |
2.0 |
|
Pretax Income (Loss), Adjusted |
51.9 |
57.2 |
16.1 |
12.0 |
|
- Abnormal Losses (Gains) |
6.7 |
17.4 |
-11.7 |
22.8 |
|
+ Merger/Acquisition Expense |
— |
— |
— |
2.9 |
|
+ Abnormal Derivatives |
— |
— |
— |
— |
|
+ Early Extinguishment of Debt |
— |
— |
— |
7.1 |
|
+ Asset Write-Down |
-0.6 |
— |
-3.3 |
6.2 |
|
+ Impairment of Intangibles |
— |
0.9 |
— |
— |
|
+ Gain/Loss on Sale/Acquisition of Business |
-0.1 |
— |
-11.3 |
— |
|
+ Legal Settlement |
-1.7 |
— |
-1.1 |
-2.2 |
|
+ Restructuring |
9.3 |
16.5 |
4.0 |
2.0 |
|
+ Unrealized Investments |
— |
— |
— |
3.9 |
|
+ Other Abnormal Items |
-0.2 |
— |
— |
2.9 |
|
Pretax Income (Loss), GAAP |
45.2 |
39.8 |
27.8 |
-10.8 |
|
- Income Tax Expense (Benefit) |
9.3 |
7.5 |
2.1 |
-0.9 |
|
+ Current Income Tax |
5.0 |
-0.1 |
-1.6 |
0.3 |
|
+ Deferred Income Tax |
4.3 |
7.6 |
3.7 |
-1.2 |
|
+ Tax Allowance/Credit |
— |
— |
— |
0.0 |
|
Income (Loss) from Cont Ops |
35.9 |
32.3 |
25.7 |
-9.9 |
|
- Net Extraordinary Losses (Gains) |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income (Loss) Incl. MI |
35.9 |
32.3 |
25.7 |
-9.9 |
|
- Minority Interest |
0.0 |
0.0 |
0.3 |
1.6 |
|
Net Income, GAAP |
35.9 |
32.3 |
25.4 |
-11.5 |
|
- Preferred Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
|
- Other Adjustments |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Avail to Common, GAAP |
35.9 |
32.3 |
25.4 |
-11.5 |
2. Statement of Financial Position – Bloomberg Standardized
|
In Millions of GBP except Per Share |
FY 2023 |
FY 2022 |
FY 2021 |
FY 2020 |
|
12 Months Ending |
09/29/2023 |
09/30/2022 |
09/24/2021 |
09/25/2020 |
|
Total Assets |
|
|
|
|
|
+ Cash, Cash Equivalents & STI |
116.5 |
99.6 |
119.1 |
267.0 |
|
+ Cash & Cash Equivalents |
116.5 |
99.6 |
119.1 |
267.0 |
|
+ ST Investments |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Accounts & Notes Receiv |
170.6 |
179.5 |
145.6 |
116.7 |
|
+ Accounts Receivable, Net |
170.6 |
179.5 |
145.6 |
116.7 |
|
+ Notes Receivable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Inventories |
72.9 |
63.3 |
47.7 |
44.7 |
|
+ Raw Materials |
39.8 |
38.2 |
27.3 |
23.1 |
|
+ Work In Process |
0.3 |
0.4 |
0.3 |
0.2 |
|
+ Finished Goods |
32.8 |
24.7 |
20.1 |
21.4 |
|
+ Other Inventory |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Other ST Assets |
64.5 |
71.7 |
50.7 |
53.3 |
|
+ Prepaid Expenses |
12.9 |
14.5 |
12.2 |
9.5 |
|
+ Derivative & Hedging Assets |
0.9 |
2.5 |
0.0 |
0.6 |
|
+ Assets Held-for-Sale |
— |
— |
0.0 |
11.2 |
|
+ Taxes Receivable |
— |
— |
0.0 |
0.5 |
|
+ Misc ST Assets |
50.7 |
54.7 |
38.5 |
31.5 |
|
Total Current Assets |
424.5 |
414.1 |
363.1 |
481.7 |
|
+ Property, Plant & Equip, Net |
356.5 |
363.8 |
361.5 |
368.8 |
|
+ Property, Plant & Equip |
709.2 |
676.5 |
637.3 |
700.0 |
|
- Accumulated Depreciation |
352.7 |
312.7 |
275.8 |
331.2 |
|
+ LT Investments & Receivables |
4.6 |
3.1 |
3.0 |
6.1 |
|
+ LT Investments |
4.6 |
3.1 |
3.0 |
6.1 |
|
+ Other LT Assets |
512.1 |
557.7 |
563.9 |
570.5 |
|
+ Total Intangible Assets |
461.1 |
468.1 |
473.3 |
478.5 |
|
+ Goodwill |
447.3 |
449.4 |
449.4 |
449.6 |
|
+ Other Intangible Assets |
13.8 |
18.7 |
23.9 |
28.9 |
|
+ Deferred Tax Assets |
28.8 |
37.1 |
48.1 |
46.1 |
|
+ Derivative & Hedging Assets |
3.7 |
12.4 |
0.0 |
3.0 |
|
+ Prepaid Pension Costs |
18.4 |
39.8 |
42.1 |
42.9 |
|
+ Investments in Affiliates |
0.0 |
0.0 |
— |
— |
|
+ Misc LT Assets |
0.1 |
0.3 |
0.4 |
0.0 |
|
Total Noncurrent Assets |
873.2 |
924.6 |
928.4 |
945.4 |
|
Total Assets |
1,297.7 |
1,338.7 |
1,291.5 |
1,427.1 |
3. Statement of Financial Position – Bloomberg Standardized (continued)
|
In Millions of GBP except Per Share |
FY 2023 |
FY 2022 |
FY 2021 |
FY 2020 |
|
12 Months Ending |
09/29/2023 |
09/30/2022 |
09/24/2021 |
09/25/2020 |
|
Liabilities & Shareholders' Equity |
|
|
|
|
|
+ Payables & Accruals |
456.4 |
453.8 |
383.3 |
312.4 |
|
+ Accounts Payable |
316.3 |
295.8 |
238.1 |
195.9 |
|
+ Accrued Taxes |
20.1 |
20.4 |
16.1 |
18.3 |
|
+ Interest & Dividends Payable |
— |
— |
— |
— |
|
+ Other Payables & Accruals |
120.0 |
137.6 |
129.1 |
98.2 |
|
+ ST Debt |
159.0 |
84.2 |
110.7 |
234.1 |
|
+ ST Borrowings |
144.7 |
69.8 |
93.1 |
220.0 |
|
+ ST Lease Liabilities |
14.3 |
14.4 |
17.6 |
14.1 |
|
+ ST Finance Leases |
— |
— |
— |
— |
|
+ Other ST Liabilities |
3.0 |
4.8 |
5.0 |
6.2 |
|
+ Deferred Revenue |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Derivatives & Hedging |
0.0 |
0.1 |
2.9 |
0.0 |
|
+ Misc ST Liabilities |
3.0 |
4.7 |
2.1 |
6.2 |
|
Total Current Liabilities |
618.4 |
542.8 |
499.0 |
552.7 |
|
+ LT Debt |
156.5 |
243.4 |
251.1 |
444.1 |
|
+ LT Borrowings |
125.8 |
209.8 |
209.1 |
397.5 |
|
+ LT Lease Liabilities |
30.7 |
33.6 |
42.0 |
46.6 |
|
+ LT Finance Leases |
— |
— |
— |
— |
|
+ Other LT Liabilities |
63.0 |
86.9 |
118.2 |
148.1 |
|
+ Accrued Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Pension Liabilities |
38.5 |
60.1 |
88.1 |
125.0 |
|
+ Deferred Revenue |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Deferred Tax Liabilities |
15.2 |
18.9 |
18.2 |
11.5 |
|
+ Derivatives & Hedging |
0.0 |
0.0 |
2.7 |
2.5 |
|
+ Misc LT Liabilities |
9.3 |
7.9 |
9.2 |
9.1 |
|
Total Noncurrent Liabilities |
219.5 |
330.3 |
369.3 |
592.2 |
|
Total Liabilities |
837.9 |
873.1 |
868.3 |
1,144.9 |
|
+ Preferred Equity and Hybrid Capital |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Share Capital & APIC |
94.5 |
94.9 |
95.0 |
4.9 |
|
+ Common Stock |
4.8 |
5.2 |
5.3 |
4.5 |
|
+ Additional Paid in Capital |
89.7 |
89.7 |
89.7 |
0.4 |
|
- Treasury Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Retained Earnings |
244.5 |
242.9 |
206.8 |
147.7 |
|
+ Other Equity |
120.8 |
127.8 |
121.4 |
123.9 |
|
Equity Before Minority Interest |
459.8 |
465.6 |
423.2 |
276.5 |
|
+ Minority/Non-Controlling Interest |
0.0 |
0.0 |
0.0 |
5.7 |
|
Total Equity |
459.8 |
465.6 |
423.2 |
282.2 |
|
Total Liabilities & Equity |
1,297.7 |
1,338.7 |
1,291.5 |
1,427.1 |
4. Statement of Cash Flows – Bloomberg Standardized
|
In Millions of GBP except Per Share |
FY 2023 |
FY 2022 |
FY 2021 |
FY 2020 |
|
12 Months Ending |
09/29/2023 |
09/30/2022 |
09/24/2021 |
09/25/2020 |
|
Cash from Operating Activities |
|
|
|
|
|
+ Net Income |
35.9 |
32.3 |
25.4 |
-11.5 |
|
+ Depreciation & Amortization |
63.1 |
59.2 |
61.6 |
56.4 |
|
+ Non-Cash Items |
-2.2 |
-0.6 |
-17.5 |
4.0 |
|
+ Stock-Based Compensation |
3.3 |
2.7 |
2.1 |
2.0 |
|
+ Other Non-Cash Adj |
-5.5 |
-3.3 |
-19.6 |
2.0 |
|
+ Chg in Non-Cash Work Cap |
2.2 |
2.0 |
33.2 |
-46.1 |
|
+ (Inc) Dec in Inventories |
-9.6 |
— |
— |
— |
|
+ Inc (Dec) in Other |
11.8 |
2.0 |
33.2 |
-46.1 |
|
+ Net Cash From Disc Ops |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
99.0 |
92.9 |
102.7 |
2.8 |
|
|
|
|
|
|
|
Cash from Investing Activities |
|
|
|
|
|
+ Change in Fixed & Intang |
-37.4 |
-50.0 |
-40.2 |
-31.9 |
|
+ Disp in Fixed & Intang |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Disp of Fixed Prod Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Disp of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Acq of Fixed & Intang |
-37.4 |
-50.0 |
-40.2 |
-31.9 |
|
+ Acq of Fixed Prod Assets |
-36.0 |
-48.6 |
-37.1 |
-29.8 |
|
+ Acq of Intangible Assets |
-1.4 |
-1.4 |
-3.1 |
-2.1 |
|
+ Net Change in LT Investment |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Dec in LT Investment |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Inc in LT Investment |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Net Cash From Acq & Div |
6.1 |
0.0 |
22.6 |
0.0 |
|
+ Cash from Divestitures |
6.1 |
0.0 |
16.3 |
0.0 |
|
+ Cash for Acq of Subs |
0.0 |
0.0 |
6.3 |
0.0 |
|
+ Other Investing Activities |
0.0 |
0.0 |
0.0 |
0.0 |
|
+ Net Cash From Disc Ops |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-31.3 |
-50.0 |
-17.6 |
-31.9 |
|
|
|
|
|
|
|
Cash from Financing Activities |
|
|
|
|
|
+ Dividends Paid |
0.0 |
0.0 |
0.0 |
-16.7 |
|
+ Cash From (Repayment) Debt |
-51.3 |
-55.0 |
-145.2 |
53.4 |
|
+ Cash (Repurchase) of Equity |
-30.1 |
-11.8 |
87.1 |
0.3 |
|
+ Increase in Capital Stock |
0.0 |
0.0 |
87.1 |
0.3 |
|
+ Decrease in Capital Stock |
-30.1 |
-11.8 |
0.0 |
0.0 |
|
+ Other Financing Activities |
-0.1 |
-2.6 |
0.0 |
-2.4 |
|
+ Net Cash From Disc Ops |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-81.5 |
-69.4 |
-58.1 |
34.6 |
|
|
|
|
|
|
|
Effect of Foreign Exchange Rates |
-0.1 |
-0.4 |
-0.4 |
-0.1 |
|
|
|
|
|
|
|
Net Changes in Cash |
-13.9 |
-26.9 |
26.6 |
5.4 |
5. Stock and Per Share Data
|
In Millions of GBP except Per Share |
Current |
FY 2023 |
FY 2022 |
FY 2021 |
FY 2020 |
|
12 Months Ending |
05/29/2024 |
09/29/2023 |
09/30/2022 |
09/24/2021 |
09/25/2020 |
|
Last Price |
1.69 |
0.76 |
0.72 |
1.42 |
1.03 |
|
Open Price |
1.68 |
0.71 |
1.44 |
1.02 |
2.25 |
|
High Price |
1.70 |
0.94 |
1.50 |
1.74 |
2.82 |
|
Low Price |
1.66 |
0.60 |
0.70 |
0.87 |
0.83 |
|
|
|
|
|
|
|
|
Market Capitalization |
791.6 |
366.9 |
373.2 |
748.2 |
459.5 |
|
Current Shares Outstanding |
467.28 |
483.45 |
516.84 |
526.55 |
446.16 |
|
|
|
|
|
|
|
|
Dividends per Share (£) |
|
0.00 |
0.00 |
0.00 |
0.00 |
|
Earnings per Share (£) |
|
0.07 |
0.06 |
0.05 |
-0.03 |
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