v2 Report
SKYLINE Skyline Enterprises Ltd

Commentary: (coming soon)

Website: http://www.skyline.co.nz

Recent announcements: click here

IPOs and Investment Opportunities

Financials 
 

Statement of Financial Performance
	2007	2006	2005	2004
Revenue
Sales	42,891,332	36,515,908	34,226,103	31,362,804
Interest received	1,216,399	1,252,368	1,480,796	1,860,255
Other	8,136,181	9,112,986	7,774,589	3,051,316
Total Revenue	52,243,912	46,881,262	43,481,488	36,274,375
Expenses
Cost of sales	26,218,199	24,243,983	22,316,651	20,322,579
Other expenses	294,191	293,056	346,224	262,824
EBITDA	25,731,522	22,344,223	20,818,613	15,688,972
Depreciation	3,310,666	2,857,544	2,002,808	1,667,654
Amortisation	-	-	-	305,071
EBIT	22,420,856	19,486,679	18,815,805	13,716,247
Interest expense	3,381,198	3,523,011	1,492,120	27,981
Taxation	4,969,699	3,807,160	4,138,557	3,850,087
NPAT	14,069,959	12,156,508	13,185,128	9,838,179
Statement of Financial Position
	2007	2006	2005	2004
Assets
Current Assets
Bank and cash	1,713,988	2,202,288	2,023,657	6,934,299
Receivables	1,642,611	1,319,909	1,511,437	1,548,214
Inventory	512,223	473,566	469,208	439,277
Other	-	542,658	189,446	10,300,000
Total Current Assets	3,868,822	4,538,421	4,193,748	19,221,790
Non Current Assets
Property Plant & Equipment	92,359,669	94,654,445	86,616,304	27,142,882
Investments	30,037,665	30,041,980	30,210,907	30,582,059
Goodwill & Intangibles	9,961	10,357	8,068	8,068
Other	-	91,158	32,932	280,817
Total Non Current Assets	122,407,295	124,797,940	116,868,211	58,013,826
Total Assets	126,276,117	129,336,361	121,061,959	77,235,616
Liabilities
Current Liabilities
Payables	3,232,030	2,969,038	3,009,296	2,352,267
Short term borrowings	34,200,000	44,363,566	28,181,013	-
Other	1,236,860	589,780	566,877	720,994
Total Current Liabilities	38,668,890	47,922,384	31,757,186	3,073,261
Non Current Liabilities
Long-term Borrowings	-	-	14,067,936	-
Other	685,664	477,200	458,000	281,000
Total Non Current Liabilities	685,664	477,200	14,525,936	281,000
Total Liabilities	39,354,554	48,399,584	46,283,122	3,354,261
Net Assets	86,921,563	80,936,777	74,778,837	73,881,355
Statement of Cashflows
	2007	2006	2005	2004
Cash flows from operating activities
Operating revenues	51,921,210	47,072,790	43,419,007	36,204,735
Operating expenses	33,489,458	32,185,747	27,768,632	24,177,942
	18,431,752	14,887,043	15,650,375	12,026,793
Cash flows from investing activities
Inflows	14,044	171,399	11,025,869	9,297,446
Outflows	1,684,336	10,210,415	67,701,531	15,505,805
	(1,670,292)	(10,039,016)	(56,675,662)	(6,208,359)
Cash flows from financing activities
Inflows	128,300	2,684,287	42,216,000	140,000
Outflows	17,287,661	7,415,062	6,097,966	6,408,084
	(17,159,361)	(4,730,775)	36,118,034	(6,268,084)
Net Increase (decrease)	(397,901)	117,252	(4,907,253)	(449,650)
Opening cash	2,111,889	2,085,036	6,930,910	7,383,949
Closing cash	1,713,988	2,202,288	2,023,657	6,934,299
	Analysis
Per share figures
Dividend/shares	0.22	0.22	0.18	0.18
NPAT/shares (EPS)	0.42	0.36	0.39	0.29
EBITDA/shares	0.76	0.66	0.62	0.47
Net Assets/shares	2.57	2.40	2.22	2.19
Profitability
ROA	11.14%	9.40%	10.89%	12.74%
Equity multiplier	1.5	1.6	1.6	1.0
ROE	16.19%	15.02%	17.63%	13.32%
ROavgE	16.76%	15.61%	17.74%	-
Net profit margin	26.93%	25.93%	30.32%	27.12%
Liquidity
Net working capital	(34,800,068)	(43,383,963)	(27,563,438)	16,148,529
Current ratio	0.10	0.09	0.13	6.25
Quick ratio	0.09	0.08	0.12	6.11
Working capital ratio	-0.28	-0.34	-0.23	0.21
Capital structure
Debt to equity	0.45	0.60	0.62	0.05
Interest coverage	6.63	5.53	12.61	490.20
Shares	33,787,829	33,787,829	33,717,829	33717829
Dividends paid	7,412,791	7,415,062	6,063,809	6,061,163
Dividend payout ratio	53%	61%	46%	62%
Growth rates
Revenue	11.44%	7.82%	19.87%
EBITDA	15.16%	7.33%	32.70%
NPAT	15.74%	-7.80%	34.02%
Total assets	-2.37%	6.83%	56.74%
Net assets	7.39%	8.23%	1.21%
g = (ROE*(1-DPR))	7.66%	5.86%	9.52%	5.11%
Other
Share price (14-August-07)	$            6.50	Avg 4 yr growth rate (NPAT)		13.99%
Market cap	$219,620,889	Cmpdg 4 yr growth rate (NPAT)		9.36%
Enterprise value (EV)	$258,975,443	Avg 4 yr growth rate (NA)		5.61%
EV/EBITDA	10.06	Cmpdg 4 yr growth rate (NA)		4.15%
P/E Ratio	15.61
P/NA ratio	2.53
Dividend yield	3.38%
Earnings yield (E/P)	6%

Company balance date: 31 March

Supplementary Information

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