Profitability

Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
Liquidity & Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity
Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2010-06 2011-06 2012-06 2013-06 2014-06

11.3
11.65
10.66
7.65
7.33
1.47
1.52
1.59
1.61
1.48
16.59
17.76
16.96
12.3
10.87
2.15
1.94
2.03
2.36
2.27
37.28
36.19
33.62
27.1
25.14
23.15
24.21
23.77
18
15.98
15.22
17.58
14.36
7.89
7.81
2.41
1.68
2.15
0.66

2.36
1.6
1.94
0.51

2.41
1.58
2.03
0.52

2.75
1.82
2.36
0.89

2.26
1.54
2.27
0.7

63.6
46.48
26.69
83.4
5.74
7.85
3.22
1.47

61.91
56.05
25.55
92.41
5.9
6.51
3.58
1.52

67.67
60.89
26.59
101.96
5.39
5.99
3.97
1.59

65.74
58.1
30.22
93.62
5.55
6.28
4.91
1.61

70.8
59.76
37.25
93.31
5.16
6.11
5.34
1.48

2014-12
8.33
1.64
13.64
2.27
31.57
19.43
10.04
2.26
1.54
2.27
0.7
64.01
57.78
36.01
85.77
5.7
6.32
5.9
1.64

Profitability
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity
Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2009-03 2010-03 2011-03 2012-03 2013-03

8.82
8.72
10.24
11
9.7
3.16
2.6
2.53
2.26
2.2
27.9
22.64
25.96
24.86
21.32
1.4
1.41
1.44
1.41
1.52
41.59
31.81
36.96
35.43
31.24
40.26
31.74
36.88
35.29
31.14
733.6
897.53
1.39
0.54
1.4

1.78
0.94
1.41

1.87
1.12
1.44

2.39
1.66
1.41

1.76
1.14
1.52

4.06
100.88
25.79
79.15
89.94
3.62
7.67
3.55

2.3
114.37
23.42
93.25
159.03
3.19
9.02
3.16

2.11
127.5
25.84
103.77
173.38
2.86
9.84
2.6

1.79
115.75
23.63
93.91
204.26
3.15
10.59
2.53

2.64
119.9
23.69
98.85
138.32
3.04
11.88
2.26

2014-03
9.85
2.29
22.5
1.44
31.88
31.8
998.41
2.17
1.34
1.44

2.89
119.89
22.4
100.38
126.29
3.04
12.13
2.2

Profitability
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity
Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2010-12 2011-12 2012-12 2013-12 2014-12

10.88
12.23
12.5
13.07
11.67
2.19
2.35
2.49
2.51
2.48
23.85
28.68
31.13
32.86
28.88
1.52
1.59
1.47
1.4
1.57
34.9
44.63
47.45
47.17
42.87
34.9
44.63
47.45
47.17
42.87
10.37
18.61
16.13
22.61
27.17
1.99
1.47
1.52
0.13

1.88
1.28
1.59
0.06

2.33
1.69
1.47
0.05

2.62
1.94
1.4
0.06

2.18
1.54
1.57
0.07

9.02
45.21
73.67
-19.45
40.48
8.07
8.91
2.19

11.93
46.47
78.56
-20.16
30.6
7.85
8.55
2.35

12.37
45.63
68.05
-10.05
29.5
8
10.07
2.49

13.56
42.61
59.33
-3.16
26.93
8.57
11.21
2.51

12.51
45.55
64.42
-6.37
29.19
8.01
12.38
2.48

TTM
11.53
2.72
31.36
1.74
51.31
51.31
23.93
1.9
1.51
1.74
0.08
7.43
30.49
67.89
-29.98
49.14
11.97
14.08
2.72

PROFITABILITY

2010
11.3
8.82
10.88

Blackmores
Usana
Amway

Net Margin %

2011
11.65
8.72
12.23

2012
10.66
10.24
12.5

2013
7.65
11
13.07

Graph 1: Net Margin %

13.07
12.5

12.23
11.65

11.3
10.88
8.82

8.72

2010

2011

7.65

2012
Blackmores

Blackmores
Usana
Amway

Return on Assets %

11

10.66
10.24

2010
16.59
27.9
23.85

2013

Usana

2011
17.76
22.64
28.68

2012
16.96
25.96
31.13

Amway

2013
12.3
24.86
32.86

Graph 2: Return on Assets %

80
23.85
70

31.13

28.68

32.86

60
27.9
50
Percentage (%)

22.64

25.96

17.76

16.96

2011

2012

24.86

40
30
16.59
20

12.3

10
0
2010

Return on Invested Capital %

Blackmores
Usana
Amway

2010
23.15
40.26
34.9

2011
24.21
31.74
44.63

2013

2012
23.77
36.88
47.45

2013
18
35.29
47.17

Graph 3: Return on Invested Capital %

120
47.45

Graph 3: Return on Invested Capital %

120
47.45

44.63

100 34.9

47.17

42.87

80
60 40.26

Percentage (%)

36.88

31.74

35.29

31.14

40
24.21

20 23.15
0
2010

2011

2012

LIQUIDITY
Blackmores
Usana
Amway

Current Ratio

23.77

2010
2.41
1.39
1.99

18

15.98

2013

2011
2.36
1.78
1.88

2012
2.41
1.87
2.33

2014

2013
2.75
2.39
2.62

Graph 4: Current Ratio

9
8

2.62

Ratio (CL: CA)

2.33

6 1.99
5

1.88

4 1.39
3
2.41
2

1.78

1.87

2.36

2.41

2.18
2.39
1.76
2.75

2.26

1
0
2010

2011

2012

Blackmores
Usana
Amway

Quick ratio

2010
1.68
0.54
1.47

2013

2011
1.6
0.94
1.28

2014

2012
1.58
1.12
1.69

2013
1.82
1.66
1.94

Graph 4: Quick Ratio

2.5
2
1.68
1.5 1.47
Ratio (CL: CA)

1.6
1.28

1.69
1.58
1.12

1.94
1.82
1.66

1.54
1.14

Graph 4: Quick Ratio

2.5
2
1.68
1.5 1.47
Ratio (CL: CA)

1.6
1.28

1.94
1.82
1.66

1.69
1.58

1.54
1.14

1.12

0.94

0.5 0.54
0
2010

2011

2012

2010
2.15
1.4
1.52

Blackmores
Usana
Amway

Financial Leverage

2013

2011
1.94
1.41
1.59

2014

2012
2.03
1.44
1.47

2013
2.36
1.41
1.4

Graph 6: Financial Leverage

6
5 1.52
4
Ratio (Debt to Capital)

1.4

3
2 2.15

1.59

1.47

1.41

1.44

1.94

2.03

1.4

1.57

1.41

1.52

2.36

2.27

1
0
2010

2011

EFFICIENCY
Days Sales Outstanding

Blackmores
Usana
Amway

2012

2010
63.6
4.06
9.02

2011
61.91
2.3
11.93

2013

2012
67.67
2.11
12.37

2014

2013
65.74
1.79
13.56

Graph 7: Days Sales Outstanding

No. of days

100
90
80 9.02
4.06
70
63.6
60
50
40
30
20
10
0
2010

11.93
2.3

12.37
2.11
67.67

13.56
1.79
65.74

2012

2013

12.51
2.64

70.8

61.91

2011

2014

No. of days

63.6
60
50
40
30
20
10
0
2010

67.67
61.91

2011

2012

Blackmores
Usana
Amway

Inventory Days

65.74

2010
46.48
100.88
45.21

2013

2011
56.05
114.37
46.47

2012
60.89
127.5
45.63

2014

2013
58.1
115.75
42.61

Graph 8: Inventory Days

140
127.5

120

115.75

119.9

60.89

58.1

45.63

42.61

59.76
45.55

114.37

100 100.88
80
No. of Days

60
40

46.48
45.21

56.05
46.47

20
0
2010

2011

2012

Blackmores
Usana
Amway

Payable Days

2009
26.69
25.79
73.67

2013

2010
25.55
23.42
78.56

2011
26.59
25.84
68.05

2014

2012
30.22
23.63
59.33

Graph 9: Payable Days

90
80
70

73.67

78.56
68.05

60

59.33

64.42

50
No. of Days

40
30
20

37.25
26.69
25.79

25.55
23.42

26.59
25.84

30.22
23.63

23.69

10
0
2009

2010

2011

2012

2013

2014
7.33
9.7
11.67

n%
13.07
11.67

11

9.7

7.65

7.33

2013

2014

mway

2014
10.87
21.32
28.88

ssets %
32.86
28.88
Amway
Usana

24.86

21.32

12.3

10.87

2013

2014

2014
15.98
31.14
42.87

ed Capital %

2014
19.43
31.8
51.31

Blackmores

ed Capital %
51.31

.17
42.87

Amway
Usana

.29

31.8

31.14

19.43

15.98
2014

2014
2.26
1.76
2.18

Blackmores

2014

2014
2.26
2.17
1.9

atio

2.18

1.9

Amway
Usana

1.76
2.26

2014

2.17

Blackmores

2.26

2014

2014
1.54
1.14
1.54

2014
1.54
1.34
1.51

tio

4
2
6

Blackmores
1.54
1.14

1.54
1.51
1.34

Usana
Amway

tio

4
2
6

Blackmores
1.54

1.54
1.51
1.34

1.14

2014

Usana
Amway

2014

2014
2.27
1.52
1.57

2014
2.27
1.44
1.74

verage

1.4

1.57

1.41

1.52

1.74
Amway
1.44

Usana
Blackmores

2.36

2.27

2014

2014
70.8
2.64
12.51

2.27

2014

2014
64.01
2.89
7.43

standing
12.51
2.64

70.8

7.43
64.01
2.89

Amway
Usana
Blackmores

2014

2014

2.89

Usana
Blackmores

2014

2014

2014
59.76
119.9
45.55

2014
57.78
119.89
30.49

Days
119.9

119.89
Blackmores
Usana

59.76
45.55

Amway
57.78
30.49

2014

2014

2013
37.25
23.69
64.42

2014
36.01
22.4
67.89

ays

64.42

67.89

Blackmores
Usana
Amway

37.25

36.01

23.69

22.4

2013

2014

Net Margin %

2012
10.66
8.76
8.76

Best Case
Moderate Case
Worst Case

2013
7.65
8.49
8.49

2014
7.33
7.93
7.93

2015
7.10
6.74
6.37

Graph 06 : Scenario Forecast - Net Margin %

30
25
20
Percentage (%)

15
10
5
0
2012

Return on Assets %

2013

Best Case
Moderate Case
Worst Case

2014

2012
16.96
16.96
16.96

2013
12.3
12.3
12.3

2015

2014
10.87
10.87
10.87

2016

2015
10.76
10.22
9.68

Graph 11: Scenario Forecast - Return on Assets %

60
50
40
Percentage (%)

30
20
10
0
2012

2013

2014

2015

2016

2016
6.89
6.19
5.54

2017
6.67
5.69
4.81

- Net Margin %

Worst Case
Moderate Case
Best Case

2016

2016
10.66
9.61
8.61

2017

2017
10.55
9.03
7.67

eturn on Assets %

Worst Case
Moderate Case
Best Case

2016

2017

PAST TREND AREA

PAST 5 -YEAR
FINANCIAL INDICATORS
2009 % Change
1 Net Margin %
719
2 Asset Turnover (Average)
16.59
3 Return on Assets %
23.15
4 Financial Leverage (Average)
5 Return on Equity %
1.68
6 Return on Invested Capital
2.15
7 Interest Coverage
63.6

2010 % Change
11.3 3.097345
1.47 3.401361
16.59 7.052441
2.15 -9.767442
37.28 -2.92382
23.15 4.578834
15.22 15.50591

2011 % Change
11.65 -8.497854
1.52 4.605263
17.76 -4.504505
1.94 4.639175
36.19 -7.101409
24.21 -1.817431
17.58 -18.31627

2012 % Change
10.66 -28.2364
1.59 1.257862
16.96 -27.47642
2.03 16.25616
33.62 -19.39322
23.77 -24.2743
14.36 -45.05571

2013 Av. % Chan

7.65 -6.727381
1.61 1.852897
12.3 -4.985696
2.36 2.225578
27.1 -5.883689
18 -4.302578
7.89 -9.573213

2014 Av. % Chan

7.33 -8.072858
1.48 2.223476
10.87 -5.982835
2.27 2.670694
25.14 -7.060427
15.98 -5.163094
7.81 -11.48786

SCENARIO FORECASTING
Best Case - 5% Over Past Trend
Moderate Case - Maintain Trend
5% + Trend
2015
2016
2017 Keep Trend
2015
2016
2017
-3.072858 7.10476 6.88644 6.67483 -8.072858 6.73826 6.194289 5.694233
7.223476 1.586907 1.701537 1.824447 2.223476 1.512907 1.546547 1.580934
-0.982835 10.76317 10.65738 10.55264 -5.982835 10.21967 9.60824 9.033395
7.670694 2.444125 2.631606 2.833469 2.670694 2.330625 2.392869 2.456775
-2.060427 24.62201 24.11469 23.61782 -7.060427 23.36501 21.71534 20.18214
-0.163094 15.95394 15.92792 15.90194 -5.163094 15.15494 14.37247 13.63041
-6.487856 7.303298 6.829471 6.386385 -11.48786 6.912798 6.118666 5.415763

Worst Case
5% Below T
2014
-13.07286 6.37176
-2.776524 1.438907
-10.98283 9.676166
-2.329306 2.217125
-12.06043 22.10801
-10.16309 14.35594
-16.48786 6.522298

- 5% Below Trend
2015
2016
5.538788 4.814711
1.398956 1.360114
8.613449 7.667448
2.165481 2.11504
19.44169 17.09694
12.89693 11.5862
5.446911 4.548832