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Home Opinions Blurb

[EPIC FAIL] Why Unilever’s Q2 Results Was Horrible

Research Team by Research Team
July 24, 2015
in Blurb, Spotlight
[EPIC FAIL] Why Unilever’s Q2 Results Was Horrible
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Unilever Nigeria Plc released its 2015 H1 results showing pre-tax profits dropped a whopping 94% to N86 million only.

Key Highlights

  • The drop in profits was mostly due to its poor performance in the second quarter of 2015.
  • Firstly revenues dropped by 7% to N13.8 billion in the second quarter of this year compared to N14.9billion in the first quarter of the year.
  • Secondly, operating expenses rose 36% to N4.7billion.
  • The drop in revenue and hike in opex this quarter dumped the company into an operating loss of about N75million.
  • This is the first quarterly loss the company has recorded since at least 2012 when we started tracking it
  • Finally, the company’s huge debt also came bearing down on earnings as the company recorded N716m in interest expenses taking half year value to N1.4billion (2014 H1: N613m)
  • Unilever has been battling drop in margins and profits that started in 2012.

2015 Q2 vs 2014 Q2

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Unilever Plc      
2015 2015 Q1 2015 Q2 %age Change
  N’m N’m  
Income Statement      
       
Gross Income    14,911    13,811 -7.4%
Cost of sales    (9,849)    (9,123) -7.4%
Gross Profit      5,062      4,688 -7.4%
Operating Expenses    (3,490)    (4,763) 36.5%
Operating Profit      1,571          (75) -104.7%
Other (loss)/Income            51            20 -61.3%
Finance Cost        (757)        (716) -5.5%
Profit Before Tax          865        (771) -189.1%
Taxation        (274)          266 -196.9%
Profit after Tax          590        (505) -185.5%
Effective Tax Rate 32% 34% 8.8%
Indices      
Outstanding Shares          3,783.30          3,783.30  
Gross Profit Margin 33.9% 33.9% 0.00%
Operating Profit Margin 10.5% -0.5% -2050.92%
Profit Margin 4.0% -3.7% -208.35%
SGA as a %age of Gross Profit 69.0% 101.6% -32.12%
Interest Cost as a percentage of Operating Profit 48.2% -959.1%  

2015 H1 vs 2014 H1

Unilever Plc      
2014 2015 H1 2014 H1 %age Change
  N’m N’m  
Income Statement      
       
Gross Income              28,722                29,280 -1.9%
Cost of sales            (18,972)              (18,281) 3.8%
Gross Profit                  9,750                10,999 -11.4%
Operating Expenses                (8,253)                (8,315) -0.7%
Operating Profit                  1,497                  2,684 -44.2%
Other (loss)/Income                        70                          6 1050.8%
Finance Cost                (1,473)                    (613) 140.3%
Profit Before Tax                        94                  2,077 -95.5%
Taxation                        (8)                    (613) -98.6%
Profit after Tax                        86                  1,465 -94.1%
Effective Tax Rate 9% 29% -69.7%
Balance Sheet 2015 H1 2013 Q1 %age Change
Overdraft & Short-term loans                        15,412                          16,014 -3.76%
Long Term Loans                              905                                763 18.62%
Trade and Other Receivables                          8,730                            8,544 2.17%
Trade and Other Payables                        20,238                          15,111 33.93%
Working Capital                      (15,849)                        (13,286) 19.29%
Inventories                          7,720                            8,615 -10.38%
Total Assets                        50,031                          45,736 9.39%
Net Assets                          7,186                            7,479 -3.92%
Retained Earnings                          5,249                            5,541 -5.28%
Cash & Cash Equivalents                          3,799                            1,828 107.82%
Net Cash flow from operations                          8,481                          (1,825) -564.81%
Net Cash Invested                        (3,569)                          (3,834) -6.91%
Indices      
Eps (N)                            0.02                              0.39 -94.9%
Outstanding Shares                    3,783.30                      3,783.30  
Debt to Equity                            2.27                              2.24 1.2%
Gross Profit Margin 33.9% 37.6% -9.63%
Operating Profit Margin 5.2% 9.2% -43.16%
Profit Margin 0.3% 5.0% -94.03%
SGA as a %age of Gross Profit 84.6% 75.6% 11.97%
Interest Cost as a percentage of Operating Profit 98.4% 22.8%  
Asset Turnover % 60.0%    
Return on Equity 1.2% 19.6% -94.03%
Return on Asset 3.1% 5.9% -46.74%
ROA Factor 11.5    
Inventory Turnover 2.3    
Net Asset Turnover                              3.9    

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