Cash flow FTG Holdings Ltd

Equities

FTGH

KE4000001323

Non-Paper Containers & Packaging

End-of-day quote Nairobi S.E. Other stock markets 2024-09-20			5-day change	1st Jan Change
1.040 ^KES	+4.00%		-3.70%	0.00%

Sep. 03	FTG Holdings Ltd Reports Earnings Results for the Half Year Ended June 30, 2024	CI
Apr. 29	FTG Holdings Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI

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Published financial data: FTG HOLDINGS LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.42B	2.91B	3.38B	4.03B	4.46B
Total Revenues	2.42B	2.91B	3.38B	4.03B	4.46B
Cost of Goods Sold, Total	1.63B	1.79B	2.27B	3.09B	2.96B
Gross Profit	795M	1.12B	1.11B	939M	1.51B
Selling General & Admin Expenses, Total	608M	768M	799M	926M	1.06B
Other Operating Expenses	23.03M	45.25M	49.54M	52.36M	172M
Other Operating Expenses, Total	631M	813M	849M	978M	1.23B
Operating Income	164M	306M	263M	-39.35M	278M
Interest Expense, Total	-63.34M	-125M	-147M	-192M	-253M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-63.34M	-125M	-147M	-192M	-253M
Currency Exchange Gains (Loss)	-10.26M	-33.75M	-3.85M	-34.69M	-72.91M
Other Non Operating Income (Expenses)	-	-	-	-	-14.13M
EBT, Excl. Unusual Items	90.53M	148M	112M	-266M	-61.44M
Gain (Loss) On Sale Of Assets	-	831K	-	-	-
EBT, Incl. Unusual Items	90.53M	148M	112M	-266M	-61.44M
Income Tax Expense	45.59M	73.23M	9.75M	-50.76M	13.22M
Earnings From Continuing Operations	44.94M	75.18M	103M	-215M	-74.66M
Net Income to Company	44.94M	75.18M	103M	-215M	-74.66M
Net Income - (IS)	44.94M	75.18M	103M	-215M	-74.66M
Net Income to Common Incl Extra Items	44.94M	75.18M	103M	-215M	-74.66M
Net Income to Common Excl. Extra Items	44.94M	75.18M	103M	-215M	-74.66M
Per Share Items
Net EPS - Basic	0.25	0.42	0.58	-1.21	-0.42
Basic EPS - Continuing Operations	0.25	0.42	0.58	-1.21	-0.42
Basic Weighted Average Shares Outstanding	178M	178M	178M	178M	178M
Net EPS - Diluted	0.25	0.42	0.58	-1.21	-0.42
Diluted EPS - Continuing Operations	0.25	0.42	0.58	-1.21	-0.42
Diluted Weighted Average Shares Outstanding	178M	178M	178M	178M	178M
Normalized Basic EPS	0.32	0.52	0.39	-0.93	-0.22
Normalized Diluted EPS	0.32	0.52	0.39	-0.93	-0.22
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	194M	369M	334M	51.95M	392M
EBITA	164M	306M	263M	-39.35M	278M
EBIT	164M	306M	263M	-39.35M	278M
EBITDAR	222M	404M	362M	91.73M	427M
Effective Tax Rate - (Ratio)	50.36	49.34	8.68	19.1	-21.51
Total Current Taxes	30.42M	46.2M	27.17M	4.89M	9.2M
Total Deferred Taxes	15.18M	27.03M	-17.42M	-55.65M	4.02M
Normalized Net Income	56.58M	92.24M	70.18M	-166M	-38.4M
Interest on Long-Term Debt	5.39M	12.44M	12.68M	9.74M	9.58M
Supplemental Operating Expense Items
Advertising Expense	123M	52.7M	80.38M	109M	-
Marketing Expenses	-	-	-	-	136M
Selling and Marketing Expenses	278M	240M	290M	336M	457M
General and Administrative Expenses	303M	496M	481M	550M	565M
Net Rental Expense, Total	27.58M	35.2M	28.06M	39.78M	35.01M
Imputed Operating Lease Interest Expense	26.75M	47.84M	51.32M	49.81M	44.01M
Imputed Operating Lease Depreciation	830K	-12.64M	-23.27M	-10.04M	-9M
Maintenance & Repair Expenses, Total	27.77M	22.11M	33.06M	37.09M	40.89M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	88.74M	59.92M	54.33M	73.33M	132M
Short Term Investments	31.12M	11.51M	34.73M	80.62M	-
Total Cash And Short Term Investments	120M	71.43M	89.05M	154M	132M
Accounts Receivable, Total	527M	476M	511M	623M	932M
Other Receivables	79.89M	69.3M	87.37M	100M	17.78M
Total Receivables	607M	545M	599M	724M	950M
Inventory	342M	501M	686M	794M	882M
Prepaid Expenses	2.64M	32.95M	33.32M	14.94M	-
Other Current Assets, Total	8.02M	6.67M	6.31M	17.52M	-
Total Current Assets	1.08B	1.16B	1.41B	1.7B	1.96B
Gross Property Plant And Equipment	1.31B	1.52B	1.72B	2.17B	2.45B
Accumulated Depreciation	-270M	-357M	-457M	-579M	-659M
Net Property Plant And Equipment	1.04B	1.17B	1.27B	1.59B	1.79B
Goodwill	71.85M	71.85M	71.85M	71.85M	71.85M
Other Intangibles, Total	86.15M	92.64M	123M	165M	187M
Deferred Tax Assets Long-Term	-	-	-	-	-
Total Assets	2.28B	2.49B	2.87B	3.54B	4.01B
Liabilities
Accounts Payable, Total	494M	421M	539M	629M	704M
Accrued Expenses, Total	33.2M	74.97M	92.74M	133M	150M
Short-term Borrowings	161M	292M	30.26M	366M	503M
Current Portion of Long-Term Debt	175M	229M	383M	818M	529M
Current Portion of Leases	-	26.16M	4.05M	4.05M	3.76M
Current Income Taxes Payable	12.78M	-	-	-	-
Deferred Tax Liability Current	-	-	299M	-	-
Other Current Liabilities	13.38M	-	-	-	-
Total Current Liabilities	890M	1.04B	1.35B	1.95B	1.89B
Long-Term Debt	285M	211M	215M	196M	684M
Long-Term Leases	-	88.1M	82.61M	51.02M	61.67M
Deferred Tax Liability Non Current	48.91M	62.32M	38.25M	53.87M	64.89M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	1.22B	1.4B	1.68B	2.25B	2.7B
Common Stock, Total	147M	147M	147M	147M	147M
Additional Paid In Capital	152M	152M	152M	152M	152M
Retained Earnings	421M	491M	593M	378M	307M
Comprehensive Income and Other	337M	295M	298M	608M	704M
Total Common Equity	1.06B	1.08B	1.19B	1.29B	1.31B
Total Equity	1.06B	1.08B	1.19B	1.29B	1.31B
Total Liabilities And Equity	2.28B	2.49B	2.87B	3.54B	4.01B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	178M	178M	178M	178M	178M
ECS Total Common Shares Outstanding	178M	178M	178M	178M	178M
Book Value / Share	5.94	6.09	6.68	7.22	7.36
Tangible Book Value	899M	920M	995M	1.05B	1.05B
Tangible Book Value Per Share	5.05	5.17	5.59	5.89	5.91
Total Debt	622M	846M	715M	1.43B	1.78B
Net Debt	502M	775M	626M	1.28B	1.65B
Debt Equivalent Oper. Leases	221M	282M	224M	318M	280M
Account Code - Inventory Valuation	5	6	6	6	6
Inventories - Raw Materials, Total	315M	395M	569M	685M	828M
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	26.82M	105M	116M	109M	53.96M
Land - (BS)	-	15.95M	4.86M	4.86M	751M
Buildings, Total	-	417M	445M	703M	-
Machinery, Total	-	960M	1.14B	1.34B	1.53B
Full Time Employees	-	-	1.2K	1.2K	986
Accumulated Allowance for Doubtful Accounts (Supple)	146M	116M	107M	131M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	44.94M	75.18M	103M	-215M	-74.66M
Depreciation & Amortization - CF	30.31M	86.59M	100M	122M	140M
Depreciation & Amortization, Total	30.31M	86.59M	100M	122M	140M
Amortization of Deferred Charges, Total - (CF)	79K	-	1.75M	211K	1.29M
(Gain) Loss From Sale Of Asset	6.02M	43.08K	-	-	-
Other Operating Activities, Total	11.54M	-4.38M	-65.33M	-60.26M	-23.26M
Change In Accounts Receivable	93.94M	58.97M	-73M	-159M	-117M
Change In Inventories	-2.78M	-159M	-185M	-108M	-88.45M
Change In Accounts Payable	-50.81M	-45.06M	136M	130M	92.04M
Cash from Operations	133M	12.44M	17.3M	-291M	-69.84M
Capital Expenditure	-253M	-82.73M	-201M	-69.83M	-127M
Sale of Property, Plant, and Equipment	2.76M	1.11M	2.76M	3.75M	25.59M
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-2.71M	-5.15M	-31.86M	-42.83M	-22.9M
Other Investing Activities, Total	-	-28.64M	-	-	-
Cash from Investing	-253M	-115M	-230M	-109M	-124M
Long-Term Debt Issued, Total	288M	-	175M	411M	192M
Total Debt Issued	288M	-	175M	411M	192M
Long-Term Debt Repaid, Total	-	-162M	-14.92M	-21.85M	-19.93M
Total Debt Repaid	-	-162M	-14.92M	-21.85M	-19.93M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	288M	-162M	160M	389M	172M
Foreign Exchange Rate Adjustments	-	-19.94M	25.96M	-11.54M	-64.41M
Net Change in Cash	168M	-285M	-26.78M	-21.89M	-86.17M
Supplemental Items
Cash Interest Paid	41.81M	137M	147M	226M	340M
Cash Income Tax Paid (Refund)	32.44M	65.17M	75.09M	9.5M	36.48M
Levered Free Cash Flow	-129M	-71.78M	-139M	-231M	-182M
Unlevered Free Cash Flow	-89.83M	6.14M	-47.63M	-111M	-24.16M
Change In Net Working Capital	-33.07M	184M	81.07M	96.22M	190M
Net Debt Issued / Repaid	288M	-162M	160M	389M	172M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.98	8.02	6.12	-0.77	4.61
Return on Total Capital	7.04	10.6	9.23	-1	5.98
Return On Equity %	4.81	7.02	9.01	-17.37	-5.75
Return on Common Equity	4.81	7.02	9.01	-17.37	-5.75
Margin Analysis
Gross Profit Margin %	32.78	38.46	32.86	23.33	33.77
SG&A Margin	25.06	26.39	23.63	23	23.68
EBITDA Margin %	8.02	12.68	9.86	1.29	8.78
EBITA Margin %	6.77	10.51	7.77	-0.98	6.24
EBIT Margin %	6.77	10.51	7.77	-0.98	6.24
Income From Continuing Operations Margin %	1.85	2.58	3.03	-5.34	-1.67
Net Income Margin %	1.85	2.58	3.03	-5.34	-1.67
Net Avail. For Common Margin %	1.85	2.58	3.03	-5.34	-1.67
Normalized Net Income Margin	2.33	3.17	2.07	-4.13	-0.86
Levered Free Cash Flow Margin	-5.34	-2.47	-4.12	-5.74	-4.08
Unlevered Free Cash Flow Margin	-3.7	0.21	-1.41	-2.77	-0.54
Asset Turnover
Asset Turnover	1.18	1.22	1.26	1.26	1.18
Fixed Assets Turnover	3.08	2.63	2.78	2.81	2.64
Receivables Turnover (Average Receivables)	4.24	5.8	6.85	7.1	5.74
Inventory Turnover (Average Inventory)	4.79	4.25	3.83	4.17	3.53
Short Term Liquidity
Current Ratio	1.21	1.11	1.05	0.87	1.04
Quick Ratio	0.82	0.59	0.51	0.45	0.57
Operating Cash Flow to Current Liabilities	0.15	0.01	0.01	-0.15	-0.04
Days Sales Outstanding (Average Receivables)	86.13	63.07	53.26	51.44	63.6
Days Outstanding Inventory (Average Inventory)	76.21	86.05	95.31	87.47	103.49
Average Days Payable Outstanding	112.19	85.87	71.34	66.74	79.9
Cash Conversion Cycle (Average Days)	50.15	63.25	77.24	72.17	87.19
Long Term Solvency
Total Debt/Equity	58.79	77.98	60.07	111.59	135.98
Total Debt / Total Capital	37.02	43.81	37.53	52.74	57.62
LT Debt/Equity	26.95	27.61	25.04	19.23	56.91
Long-Term Debt / Total Capital	16.97	15.51	15.65	9.09	24.12
Total Liabilities / Total Assets	53.66	56.41	58.6	63.64	67.33
EBIT / Interest Expense	2.59	2.45	1.79	-0.21	1.1
EBITDA / Interest Expense	3.07	3.15	2.47	0.43	1.66
(EBITDA - Capex) / Interest Expense	-0.93	2.49	1.11	0.07	1.15
Total Debt / EBITDA	3.2	2.16	1.97	17.39	4.26
Net Debt / EBITDA	2.58	1.97	1.72	15.53	3.94
Total Debt / (EBITDA - Capex)	-10.58	2.73	4.41	113.27	6.11
Net Debt / (EBITDA - Capex)	-8.54	2.5	3.86	101.11	5.65
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.57	20.04	16.23	19	10.85
Gross Profit, 1 Yr. Growth %	8.55	40.82	-0.69	-15.52	52.34
EBITDA, 1 Yr. Growth %	23.84	89.85	-9.65	-84.42	651.4
EBITA, 1 Yr. Growth %	55.16	86.44	-14.12	-114.97	-807.24
EBIT, 1 Yr. Growth %	55.16	86.44	-14.12	-114.97	-807.24
Earnings From Cont. Operations, 1 Yr. Growth %	33.01	67.3	36.4	-309.64	-65.27
Net Income, 1 Yr. Growth %	33.01	67.3	36.4	-309.64	-65.27
Normalized Net Income, 1 Yr. Growth %	122.94	63.02	-23.91	-336.64	-76.88
Diluted EPS Before Extra, 1 Yr. Growth %