Solution
Nitish Lath answered on
Sep 02 2021
Profit Loss
IFN Statement of Comprehensive Income
2015 2016 2017 2018 2019
$000 $000 $000 $000 $000
Operating Revenue 133,807,000 100,916,000 195,828,000 193,367,000 247,383,000
Other Revenue 8,354,000 72,320,000 11,813,000 31,892,000 17,177,000
Total Revenue Excluding Interest 142,161,000 173,236,000 207,641,000 225,259,000 264,560,000
Operating Expenses -50,326,000 -59,457,000 -62,817,000 -74,653,000 -92,769,000
EBITDA 91,835,000 113,779,000 144,824,000 150,606,000 171,791,000
Depreciation -46,535,000 -46,524,000 -46,516,000 -46,630,000 -49,692,000
Amortisation -7,962,000 -5,426,000 -5,247,000 -4,814,000 -4,863,000
Depreciation and Amortisation -54,497,000 -51,950,000 -51,763,000 -51,444,000 -54,555,000
EBIT 37,338,000 61,829,000 93,061,000 99,162,000 117,236,000
Interest Revenue 827,000 783,000 1,633,000 4,834,000 2,278,000
Interest Expense -56,414,000 -51,963,000 -47,644,000 -84,467,000 -48,217,000
Net Interest Expense -55,587,000 -51,180,000 -46,011,000 -79,633,000 -45,939,000
PreTax Profit -18,249,000 10,649,000 47,050,000 19,529,000 71,297,000
Tax Expense -183,000 -3,616,000 -14,786,000 26,144,000 -20,505,000
Net Profit after Tax Before Abnormals -18,432,000 7,033,000 32,264,000 45,673,000 50,792,000
Abnormals 0 0 0 0 -9,901,000
Abnormals Tax 0 0 0 0 0
Net Abnormals 0 0 0 0 -9,901,000
Reported NPAT After Abnormals -303,603,000 7,033,000 32,264,000 45,673,000 40,891,000
Outside Equity Interests 585,000 1,079,000 101,000 0 -96,000
Shares Outstanding at Period End 767,888,000 772,469,000 950,259,000 954,060,000 956,562,000 2019 2,502,000 0.002616
Weighted Average Number of Shares 767,428,000 771,643,000 804,644,000 952,938,000 956,163,000 2018 3,801,000 0.003984
EPS Adjusted (cents/share) -2.33 1.05 4.02 4.79 5.30 2017 177,790,000 0.187096
EPS After Abnormals (cents/share) -39.48 0.72 4.02 4.79 4.27 2016 4,581,000 0.005966
4.991543
Balance Sheet
Balance Sheet
2015 2016 2017 2018 2019
Cu
ent Assets
Cash 45,182,000 147,602,000 251,786,000 144,898,000 103,681,000
Receivables 71,243,000 15,992,000 8,262,000 14,935,000 20,317,000
Prepaid Expenses 1,313,000 4,377,000 4,154,000 0 0
Inventories 12,695,000 20,620,000 26,951,000 43,327,000 27,157,000
Investments 566,000 355,000 1,551,000 2,080,000 3,502,000
NCA Held Sale 1,286,840,000 0 0 0 0
Other 0 0 0 0 0
Total Cu
ent Assets 1,417,839,000 188,946,000 292,704,000 205,240,000 154,657,000
Non Cu
ent Assets
Receivables 4,163,000 3,769,000 3,475,000 3,512,000 2,828,000
Inventories 0 0 0 0 0
Investments 505,000 1,390,000 1,211,000 11,935,000 12,238,000
PP&E 830,167,000 783,819,000 799,937,000 896,431,000 991,815,000 46,516,000 46,630,000 49,692,000
Intangibles(ExGW) 111,687,000 107,535,000 103,143,000 100,184,000 86,185,000
Goodwill 15,136,000 15,136,000 15,136,000 15,136,000 15,136,000 62,634,000 143,124,000 145,076,000
Future Tax Benefit 49,301,000 51,937,000 20,315,000 26,376,000 14,400,000
Other 0 0 0 0 0
Total Non Cu
ent Assets 1,010,959,000 963,586,000 943,217,000 1,053,574,000 1,122,602,000
Total Assets 2,428,798,000 1,152,532,000 1,235,921,000 1,258,814,000 1,277,259,000
Cu
ent Liabilities
Account Payable 28,981,000 17,356,000 19,786,000 18,254,000 18,689,000
Short-Term Debt 46,259,000 73,601,000 83,252,000 41,219,000 53,513,000
Provisions 32,286,000 28,581,000 30,264,000 6,754,000 16,018,000
NCL Held Sale 965,279,000 0 0 0 0
Other 277,588,000 0 0 0 9,566,000
Total Cu
ent Liabilities 1,350,393,000 119,538,000 133,302,000 66,227,000 97,786,000
Non Cu
ent Liabiities
Account Payable 0 0 0 0 0
Long-Term Debt 740,624,000 668,889,000 570,600,000 608,880,000 565,902,000
Provisions 76,877,000 83,540,000 52,645,000 12,014,000 30,269,000
Other 0 0 0 0 0
Total Non Cu
ent Liabiities 817,501,000 752,429,000 623,245,000 620,894,000 596,171,000 INFINGEN
Total Liabilities 2,167,894,000 871,967,000 756,547,000 687,121,000 693,957,000 Total Liabilities 693,957,000
Net Assets 260,904,000 280,565,000 479,374,000 571,693,000 583,302,000 Shareholders Equity 583,302,000
Shareholders Equity Debt/ Equity Ratio 1.19
Share Capital 763,169,000 764,314,000 915,963,000 918,870,000 914,223,000
Reserves -120,481,000 -106,451,000 -91,555,000 -47,816,000 -69,146,000
Retained Earnings -381,784,000 -377,298,000 -345,034,000 -299,361,000 -261,775,000
Total Equity 260,904,000 280,565,000 479,374,000 571,693,000 583,302,000
Ratio Analysis
2015 2016 2017 2018 2019
Profitability ratios
Net Profit Margin (%) -13.34 8.04 16.53 23.62 20.49
EBIT Margin (%) 27.90 61.27 47.52 51.28 47.39
EBITA Margin (%) 33.85 66.64 50.20 53.77 49.36
EBITDA Margin (%) 68.63 112.75 73.95 77.89 69.44
ROE (%) -6.84 2.89 6.75 7.99 8.69
ROA (%) 0.89 3.86 5.32 8.33 6.61
ROIC (%) 2.88 5.62 8.06 10.12 8.19
NOPLAT Margin (%) 21.26 47.85 35.60 54.94 35.50
Asset Management Ratios
Invested Capital Turnover 0.14 0.12 0.23 0.18 0.23
Inventory Turnover 10.54 4.89 7.27 4.46 9.11
Asset Turnover 0.06 0.09 0.16 0.15 0.19
LT Asset Turnover 0.13 0.10 0.21 0.18 0.22
PPE Turnover 0.16 0.13 0.24 0.22 0.25
Depreciation/PP&E (%) 4.01 4.01 3.81 3.42 3.29
Depreciation/Revenue (%) 34.78 46.10 23.75 24.11 20.09
Wkg Capital/Revenue (%) 51.21 -4.55 -4.66 18.27 2.71
Working Cap Turnover 1.95 -21.97 -21.44 5.47 36.91
Debt and Safety Ratios
Financial Leverage 9.31 4.11 2.58 2.20 2.19
Gross Gearing (D/E) (%) 301.60 264.64 136.40 113.71 106.19
Net Gearing (%) 284.28 212.03 83.87 88.37 88.42
Net Interest Cover 0.67 1.21 2.02 1.25 2.55
Cu
ent Ratio 1.05 1.58 2.20 3.10 1.58
Quick Ratio 1.04 1.41 1.99 2.44 1.30
Gross Debt/CF 9.76 7.80 5.59 5.38 4.53
Net Debt/CF 9.20 6.25 3.44 4.18 3.77
NTA per Share ($) $ 0.17 $ 0.20 $ 0.38 $ 0.48 $ 0.50
BV per Share ($) $ 0.34 $ 0.36 $ 0.50 $ 0.60 $ 0.61
Cash per Share ($) $ 0.06 $ 0.19 $ 0.27 $ 0.15 $ 0.11
Cashflow Ratios
Receivables/Op. Rev. (%) 11.57 15.60 2.97 7.72 8.21
Inventory/Trading Rev. (%) 9.49 20.43 13.76 22.41 10.98
Creditors/Op. Rev. (%) 21.66 17.20 10.10 9.44 7.55
Funds from Ops./EBITDA (%) 0.00 0.00 0.00 86.20 105.95
Depreciation/Capex (%) 4,440.36 1,264.24 108.45 32.47 30.91
Capex/Operating Rev. (%) 0.78 3.65 21.90 74.27 64.98
Days Inventory 34.63 74.58 50.23 81.78 40.07
Days Receivables 42.23 56.93 10.83 28.19 29.98
Days Payables 79.05 62.77 36.88 34.46 27.57
Gross CF per Share ($) $ 0.10 $ 0.12 $ 0.15 $ 0.13 $ 0.14
Sales per Share ($) $ 0.17 $ 0.13 $ 0.24 $ 0.20 $ 0.26
Market Data
Year End Share Price $ 0.32 $ 1.01 $ 0.73 $ 0.66 $ 0.48
Market Cap. $ 245,724,160 $ 776,331,345 $ 693,689,070 $ 629,679,600 $ 454,366,950
Net Debt $ 741,701,000 $ 594,888,000 $ 402,066,000 $ 505,201,000 $ 515,734,000
Enterprise Value $ 987,425,160 $ 1,371,219,345 $ 1,095,755,070 $ 1,134,880,600 $ 970,100,950
Valuation Multiples
EV/EBITDA 10.75 12.05 7.57 7.54 5.65
EV/EBIT 26.45 22.18 11.77 11.44 8.27
Market Cap./Rep NPAT -- 173.06 21.50 13.79 11.11
Market Cap./Trading Rev. 1.84 7.69 3.54 3.26 1.84
Price/Book Value 0.94 2.77 1.45 1.10 0.78
Price/Gross Cash Flow 3.05 8.15 5.93 5.21 3.33
PER -13.73 95.71 18.16 13.78 8.96
Growth Rates
ASX Code Company Name Item 06/15 06/16 06/17 06/18 06/19
IFN Infigen Energy Operating Rev. 1 Year (%) 65.16 -24.58 94.05 -1.26 27.93
IFN Infigen Energy Operating Rev. 3 Year (%) 42.12 6.06 34.21 13.06 34.84
IFN Infigen Energy Operating Rev. 5 Year (%) -18.39 17.20 33.25 17.98 25.01
IFN Infigen Energy Operating Exp. 1 Year (%) -43.84 18.14 5.65 18.84 24.27
IFN Infigen Energy Operating Exp. 3 Year (%) -27.26 -23.60 -11.17 14.05 15.98
IFN Infigen Energy Operating Exp. 5 Year (%) -18.36 -14.06 -13.64 -10.95 0.70
IFN Infigen Energy EBITDA 1 Year (%) -63.18 23.90 27.29 3.99 14.07
IFN Infigen Energy EBITDA 3 Year (%) -25.79 -23.10 -16.58 17.93 14.72
IFN Infigen Energy EBITDA 5 Year (%) -18.34 -12.93 -8.41 -9.65 -7.19
IFN Infigen Energy EBIT 1 Year (%) -70.26 65.59 50.51 6.56 18.23
IFN Infigen Energy EBIT 3 Year (%) -23.86 -18.03 -9.50 38.48 23.77
IFN Infigen Energy EBIT 5 Year (%) -18.87 -7.46 1.93 -2.45 -1.36
IFN Infigen Energy EBT After Abs. 1 Year (%) 57.01 -- 341.83 -58.49 214.38
IFN Infigen Energy EBT After Abs. 3 Year (%) -32.04 -- -- -- 79.31
IFN Infigen Energy EBT After Abs. 5 Year (%) -18.96 -- -- -- --
IFN Infigen Energy EAT 1 Year (%) 3,605.74 -- 481.58 41.12 -10.68
IFN Infigen Energy EAT 3 Year (%) 76.41 -- -- -- 94.26
IFN Infigen Energy EAT 5 Year (%) 32.66 -- -- -- --
IFN Infigen Energy EPS Adj 1 Year (%) -- -- 290.29 19.15 10.65
IFN Infigen Energy EPS Adj 3 Year (%) -31.49 -- 54.03 -- 72.64
IFN Infigen Energy EPS Adj 5 Year (%) -19.51 -- -- -- 36.95
IFN Infigen Energy Total Div. Ex Spec 1 Year (%) -- -- -- -- --
IFN Infigen Energy Total Div. Ex Spec 3 Year (%) -- -- -- -- --
IFN Infigen Energy Total Div. Ex Spec 5 Year (%) -- -- -- -- --
IFN Infigen Energy DPS Adj Ex Spec 1 Year (%) -- -- -- -- --
IFN Infigen Energy DPS Adj Ex Spec 3 Year (%) -- -- -- -- --
IFN Infigen Energy DPS Adj Ex Spec 5 Year (%) -100.00 -100.00 -- -- --
IFN Infigen Energy Total Assets 1 Year (%) -3.86 -52.55 7.24 1.85 1.47
IFN Infigen Energy Total Assets 3 Year (%) -6.72 -27.21 -21.21 -19.67 3.48
IFN Infigen Energy Total Assets 5 Year (%) -9.10 -18.72 -16.21 -15.88 -12.75
IFN Infigen Energy Net PP&E 1 Year (%) -56.95 -5.58 2.06 12.06 10.64
IFN Infigen Energy Net PP&E 3 Year (%) -30.09 -32.16 -25.42 2.59 8.16
IFN Infigen Energy Net PP&E 5 Year (%) -23.22 -20.45 -19.93 -18.61 -12.45
IFN Infigen Energy Total Equity 1 Year (%) -46.98 7.54 70.86 19.26 2.03
IFN Infigen Energy Total Equity 3 Year (%) -20.83 -16.62 -0.87 29.89 27.63
IFN Infigen Energy Total Equity 5 Year (%) -18.37 -15.23 -1.83 3.39 3.46
IFN Infigen Energy Retained Profits 1 Year (%) 388.33 -1.18 -8.55 -13.24 -12.56
IFN Infigen Energy Retained Profits 3 Year (%) -- 75.94 64.03 -7.79 -11.47
IFN Infigen Energy Retained Profits 5 Year (%) -- -- -- 34.00 27.34
IFN Infigen Energy Net Debt 1 Year (%) -25.41 -19.79 -32.41 25.65 2.08
IFN Infigen Energy Net Debt 3 Year (%) -7.68 -14.01 -26.05 -12.01 -4.65
IFN Infigen Energy Net Debt 5 Year (%) -9.06 -8.89 -15.67 -11.59 -12.30
IFN Infigen Energy Invested Capital 1 Year (%) -23.39 -12.97 0.72 21.35 2.08
IFN Infigen Energy Invested Capital 3 Year (%) -12.00 -15.09 -12.43 2.08 7.65
IFN Infigen Energy Invested Capital 5 Year (%) -12.11 -11.34 -9.79 -5.64 -3.62
IFN Infigen Energy NOPLAT 1 Year (%) -72.99 69.77 44.39 52.37 -17.34
IFN Infigen Energy NOPLAT 3 Year (%) -21.38 -18.71 -12.84 55.16 22.06
IFN Infigen Energy NOPLAT 5 Year (%) -15.27 -8.99 3.56 3.40 -3.57
IFN Infigen Energy Free Cashflow 1 Year (%) 75.45 -- -- -- --
IFN Infigen Energy Free Cashflow 3 Year (%) 23.48 -- -24.34 -- --
IFN Infigen Energy Free Cashflow 5 Year (%) 30.89 -- -14.21 -- -52.27
Cash Flow
Infigen Energy (INF)
Cash Flow**
Financial Year 2015 2016 2017 2018 2019
Operating Cash...