The Body Shop - The Body Shop International PL C 2001 An...

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The Body Shop International PL C 2001: An Introduction to Finan cial Modeling Group: 4 Cast
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Background Introduction The Body Shop International plc is the sec ond largest cosmetic franchise in the world . It was founded in 1976 and is headquarte red in England.
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Background Introduction The firm had an annual revenue growth rat e of 20% in the early to middle 1990s,by th e late 1990s, revenue growth slowed to ar ound 8%. Anita Roddick stepped down as CEO in 19 98 and Patrick Gournay came on board as CEO. In fiscal year 2001, revenue grew 13%, but profit declined 21%. Gournay improved a newly implemented s
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Historical Data ? ? ? Fiscal Year Ended February 28 ? ? Income Statement 1999 ? 2000 ? 2001 ? Turnover 303.7 100.0% 0.09 330.1 100.0% 0.13 374.1 100.0% ? Cost of sales 127.7 42.0% 0.03 130.9 39.7% 0.14 149.0 39.8% ? Gross profit 176.0 58.0% 0.13 199.2 60.3% 0.13 225.1 60.2% ? Operating expenses ? –excluding exceptional costs 151.4 49.9% 0.10 166.2 50.3% 0.18 195.7 52.3% ? –exceptional costs 4.5 1.5% (1.00) 0.0 0.0% 0.03 11.2 3.0% ? Restructuring costs 16.6 5.5% (0.84) 2.7 0.8% (0.63) 1.0 0.3% ? Net interest expense 0.1 0.0% 14.00 1.5 0.5% 1.93 4.4 1.2% ? Profit before tax (PBT) 3.4 1.1% 7.47 28.8 8.7% (0.56) 12.8 3.4% ? Tax expense 8.0 2.6% 0.30 10.4 3.2% (0.66) 3.5 0.9% ? Profit/(loss) after tax (4.6) -1.5% (5.00) 18.4 5.6% (0.49) 9.3 2.5% ? ? ? Ordinary dividends 10.9 3.6% 0.00 10.9 3.3% 0.00 10.9 2.9% ? Profit/(loss) retained (15.5) -5.1% (1.48) 7.5 2.3% (1.21) (1.6) -0.4% ?
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Balance Sheet ? Cash 34.0 11.2% (0.44) 19.2 5.8% (0.29) 13.7 3.7% ? Accounts receivable 27.8 9.2% 0.09 30.3 9.2% 0.00 30.3 8.1% ? Inventories 38.6 12.7% 0.16 44.7 13.5% 0.15 51.3 13.7% ? Other current assets 12.5 4.1% 0.25 15.6 4.7% 0.12 17.5 4.7% ? Net fixed assets 87.8 28.9% 0.19 104.7 31.7% 0.06 110.6 29.6% ? Other assets 0.0 0.0% 0.00 6.0 1.8% 0.12 6.7 1.8% ? Total assets 200.7 66.1% 0.10 220.5 66.8% 0.04 230.1 61.5% ? ? Accounts payable 13.0 4.3% 0.58 20.5 6.2% (0.48) 10.7 2.9% ? Taxes payable 11.3 3.7% 0.04 11.7 3.5% (0.39) 7.1 1.9% ? Accruals 10.8 3.6% 0.44 15.6 4.7% (0.26) 11.5 3.1% ? Overdrafts 0.0 0.0% 0.00 0.3 0.1% 1.33 0.7 0.2% ? Other current liabilities 21.6 7.1% (0.38) 13.3 4.0% 0.27 16.9 4.5% ? Long-term liabilities 28.0 9.2% 0.31 36.7 11.1% 0.67 61.2 16.4% ? Other liabilities 1.7 0.6% (0.41) 1.0 0.3% (0.60) 0.4 0.1% ? Shareholders' equity 114.3 37.6% 0.06 121.4 36.8% 0.00 121.6 32.5% ? Total liabs. & equity ? ? 200.7 66.1% 0.10 220.5 66.8% 0.04 230.1 61.5% ?
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Explain Forecasting Data(2002- 2004)
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Income Statement 1999 2000 2001 ? 2002–2004 2002 2003 2004 Turnover ? ? 303.7 100.0% 330.1 100.0% 374.1 100.0% ? Growth 13.0% 422.7 477.7 539.8 Cost of sales ? 127.7 42.0% 130.9 39.7% 149.0 39.8% ? % sales 40.0% 169.1 191.1 215.9 Gross profit 176.0 58.0% 199.2 60.3% 225.1 60.2% ? 253.6 286.6 323.9 Operating expenses ? ? ? ? ? ? –excluding exceptional costs 151.4 49.9% 166.2 50.3% 195.7 52.3% ? % sales 52.0% 219.8 248.4 280.7 –exceptional costs 4.5 1.5% 0.0 0.0% 11.2 3.0% ? % sales 0.0% 0.0 0.0 0.0 Restructuring costs 16.6 5.5% 2.7 0.8% 1.0 0.3% ? % sales 0.0% 0.0 0.0 0.0 Net interest expense 0.1 0.0% 1.5 0.5% 4.4 1.2% ? % of debt 6.0% 3.4 4.1 4.8 Profit before tax (PBT) 3.4 1.1% 28.8 8.7% 12.8 3.4% ?
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This note was uploaded on 11/22/2011 for the course BUS 306 taught by Professor Anhnamsung during the Spring '11 term at Solano Community College.

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The Body Shop - The Body Shop International PL C 2001 An...

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