Aceto Corporation
Step 1
First, we have downloaded the past five year income statements, balance sheet and cash flow statement data from Bloomberg for the period of 2012 to 2016. Next, we have generated the common size income statements and balance sheets in the excel spreadsheet. Lastly, using the proforma provided we have calculated the free cash flows of the firm. These are shown below:
| Aceto Corp (ACET US) - Horizontal Income Statement | |||||
| In Millions of USD except Per Share | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 |
| 12 Months Ending | 06/31/2012 | 06/31/2013 | 06/31/2014 | 06/31/2015 | 06/31/2016 |
| Revenue | 12.6% | 2.0% | 7.3% | 2.2% | |
| Sales & Services Revenue | 12.6% | 2.0% | 7.3% | 2.2% | |
| Other Revenue | - | 100.0% | 50.0% | 33.3% | |
| Cost of Revenue | 10.8% | -1.5% | 4.3% | 1.0% | |
| Cost of Goods & Services | 10.8% | -1.5% | 4.3% | 1.0% | |
| Gross Profit | 19.5% | 17.3% | 17.4% | 5.9% | |
| Other Operating Income | 36.0% | 29.4% | 27.3% | 3.6% | |
| Operating Expenses | 12.3% | 9.4% | 12.9% | 7.6% | |
| Selling, General & Admin | 12.3% | 1.6% | 12.3% | 5.5% | |
| Selling & Marketing | - | - | - | - | |
| Research & Development | - | - | 20.0% | 33.3% | |
| Depreciation & Amortization | - | - | - | - | |
| Other Operating Expense | - | 100.0% | 50.0% | 33.3% | |
| Operating Income (Loss) | 36.0% | 29.4% | 27.3% | 3.6% | |
| Non-Operating (Income) Loss | 0.0% | 50.0% | -66.7% | 200.0% | |
| Interest Expense, Net | -33.3% | 0.0% | 100.0% | 75.0% | |
| Interest Expense | - | - | - | - | |
| Interest Income | - | - | - | - | |
| Foreign Exchange (Gain) Loss | - | - | - | - | |
| (Income) Loss from Affiliates | - | - | - | - | |
| Other Non-Op (Income) Loss | - | 100.0% | 50.0% | 33.3% | |
| Pre-tax Income | 40.0% | 28.6% | 20.0% | 0.0% | |
| Income Tax Expense (Benefit) | 50.0% | 33.3% | 25.0% | -5.0% | |
| Current Income Tax | 50.0% | 33.3% | 25.0% | -5.0% | |
| Deferred Income Tax | - | - | - | - | |
| Tax Allowance/Credit | - | - | - | - | |
| (Income) Loss from Affiliates | - | - | - | - | |
| Income (Loss) from Cont Ops | 29.4% | 31.8% | 13.8% | 6.1% | |
| Net Extraordinary Losses (Gains) | - | 100.0% | 50.0% | 33.3% | |
| Discontinued Operations | - | - | - | - | |
| XO & Accounting Changes | - | - | - | - | |
| Income (Loss) Incl. MI | 29.4% | 31.8% | 13.8% | 6.1% | |
| Minority Interest | - | 100.0% | 50.0% | 33.3% | |
| Net Income, GAAP | 29.4% | 31.8% | 13.8% | 6.1% | |
| Preferred Dividends | - | - | - | - | |
| Other Adjustments | - | - | - | - | |
| Net Income Avail to Common, GAAP | 29.4% | 31.8% | 13.8% | 6.1% | |
| - | - | - | - | ||
| Net Income Avail to Common, Adj | 29.4% | 31.8% | 13.8% | 6.1% | |
| Net Abnormal Losses (Gains) | - | - | - | - | |
| Net Extraordinary Losses (Gains) | - | 100.0% | 50.0% | 33.3% | |
| - | - | - | - | ||
| Basic Weighted Avg Shares | 0.0% | 3.7% | 3.6% | 0.0% | |
| Basic EPS, GAAP | 29.7% | 25.3% | 12.5% | 1.7% | |
| Basic EPS from Cont Ops | 29.7% | 25.3% | 12.5% | 1.7% | |
| Basic EPS from Cont Ops, Adjusted | 29.7% | 25.3% | 12.5% | 1.7% | |
| Diluted Weighted Avg Shares | 0.0% | 7.4% | 0.0% | 3.4% | |
| Diluted EPS, GAAP | 28.6% | 25.9% | 11.8% | 3.5% | |
| Diluted EPS from Cont Ops | 28.6% | 25.9% | 11.8% | 3.5% | |
| Diluted EPS from Cont Ops, Adjusted | 28.6% | 25.9% | 11.8% | 3.5% | |
| Aceto Corp (ACET US) - Vertical Income Statement | |||||
| In Millions of USD except Per Share | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 |
| 12 Months Ending | 06/31/2012 | 06/31/2013 | 06/31/2014 | 06/31/2015 | 06/31/2016 |
| Revenue | 100.0% | 112.6% | 114.9% | 123.2% | 125.9% |
| Sales & Services Revenue | 100.0% | 112.6% | 114.9% | 123.2% | 125.9% |
| Other Revenue | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Cost of Revenue | 81.5% | 90.3% | 89.0% | 92.8% | 93.7% |
| Cost of Goods & Services | 81.5% | 90.3% | 89.0% | 92.8% | 93.7% |
| Gross Profit | 18.5% | 22.1% | 25.9% | 30.4% | 32.2% |
| Other Operating Income | 5.6% | 7.7% | 9.9% | 12.6% | 13.1% |
| Operating Expenses | 12.8% | 14.4% | 15.8% | 17.8% | 19.1% |
| Selling, General & Admin | 12.8% | 14.4% | 14.6% | 16.4% | 17.3% |
| Selling & Marketing | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Research & Development | 0.0% | 0.0% | 1.1% | 1.4% | 1.8% |
| Depreciation & Amortization | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Operating Expense | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Operating Income (Loss) | 5.6% | 7.7% | 9.9% | 12.6% | 13.1% |
| Non-Operating (Income) Loss | 0.5% | 0.5% | 0.7% | 0.2% | 0.7% |
| Interest Expense, Net | 0.7% | 0.5% | 0.5% | 0.9% | 1.6% |
| Interest Expense | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest Income | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Foreign Exchange (Gain) Loss | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| (Income) Loss from Affiliates | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Non-Op (Income) Loss | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Pre-tax Income | 5.6% | 7.9% | 10.1% | 12.2% | 12.2% |
| Income Tax Expense (Benefit) | 1.8% | 2.7% | 3.6% | 4.5% | 4.3% |
| Current Income Tax | 1.8% | 2.7% | 3.6% | 4.5% | 4.3% |
| Deferred Income Tax | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Tax Allowance/Credit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| (Income) Loss from Affiliates | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Income (Loss) from Cont Ops | 3.8% | 5.0% | 6.5% | 7.4% | 7.9% |
| Net Extraordinary Losses (Gains) | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Discontinued Operations | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| XO & Accounting Changes | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Income (Loss) Incl. MI | 3.8% | 5.0% | 6.5% | 7.4% | 7.9% |
| Minority Interest | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Net Income, GAAP | 3.8% | 5.0% | 6.5% | 7.4% | 7.9% |
| Preferred Dividends | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Adjustments | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Income Avail to Common, GAAP | 3.8% | 5.0% | 6.5% | 7.4% | 7.9% |
| 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Net Income Avail to Common, Adj | 3.8% | 5.0% | 6.5% | 7.4% | 7.9% |
| Net Abnormal Losses (Gains) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Extraordinary Losses (Gains) | 0.0% | 0.2% | 0.5% | 0.7% | 0.9% |
| Basic Weighted Avg Shares | 27.0 | 27.0 | 28.0 | 29.0 | 29.0 |
| Basic EPS, GAAP | 0.64 | 0.83 | 1.04 | 1.17 | 1.19 |
| Basic EPS from Cont Ops | 0.64 | 0.83 | 1.04 | 1.17 | 1.19 |
| Basic EPS from Cont Ops, Adjusted | 0.64 | 0.83 | 1.04 | 1.17 | 1.19 |
| Diluted Weighted Avg Shares | 27.0 | 27.0 | 29.0 | 29.0 | 30.0 |
| Diluted EPS, GAAP | 0.63 | 0.81 | 1.02 | 1.14 | 1.18 |
| Diluted EPS from Cont Ops | 0.63 | 0.81 | 1.02 | 1.14 | 1.18 |
| Diluted EPS from Cont Ops, Adjusted | 0.63 | 0.81 | 1.02 | 1.14 | 1.18 |
| Aceto Corp (ACET US) - Horizontal Balance Sheet | |||||
| In Millions of USD except Per Share | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 |
| 12 Months Ending | 06/31/2012 | 06/31/2013 | 06/31/2014 | 06/31/2015 | 06/31/2016 |
| Total Assets | |||||
| Cash, Cash Equivalents & STI | 32.0% | 30.3% | -20.9% | 97.1% | |
| Cash & Cash Equivalents | 34.6% | 25.7% | -15.9% | 83.8% | |
| ST Investments | 0.0% | -50.0% | 200.0% | -66.7% | |
| Accounts & Notes Receivable | 20.0% | 36.7% | 31.7% | 3.7% | |
| Accounts Receivable, Net | 20.0% | 36.7% | 31.7% | 3.7% | |
| Notes Receivable, Net | - | - | - | - | |
| Inventories | -1.2% | 20.2% | -5.0% | 2.1% | |
| Raw Materials | - | - | - | - | |
| Work In Process | - | - | - | - | |
| Finished Goods | - | - | - | - | |
| Other Inventory | - | - | - | - | |
| Other ST Assets | 60.0% | 12.5% | 55.6% | 14.3% | |
| Derivative & Hedging Assets | - | - | - | - | |
| Deferred Tax Assets | 0.0% | -100.0% | - | 50.0% | |
| Misc ST Assets | - | - | - | - | |
| Total Current Assets | 13.5% | 26.6% | 12.3% | 13.9% | |
| Property, Plant & Equip, Net | -8.3% | 9.1% | -16.7% | 0.0% | |
| Property, Plant & Equip | 5.6% | 10.5% | -4.8% | 5.0% | |
| Accumulated Depreciation | 16.7% | 28.6% | 11.1% | 10.0% | |
| LT Investments & Receivables | - | 100.0% | 50.0% | 33.3% | |
| Other LT Assets | -8.3% | 27.3% | -14.3% | 8.3% | |
| Total Intangible Assets | -3.8% | 106.7% | -5.2% | 0.0% | |
| Goodwill | 3.0% | 97.1% | 1.5% | 0.0% | |
| Other Intangible Assets | -8.9% | 114.6% | -10.2% | 0.0% | |
| Derivative & Hedging Assets | - | - | - | - | |
| Investments in Affiliates | - | - | - | - | |
| Misc LT Assets | 60.0% | 50.0% | -16.7% | 80.0% | |
| Total Noncurrent Assets | -1.9% | 82.9% | -6.8% | 5.0% | |
| Total Assets | 8.0% | 44.9% | 4.7% | 10.4% | |
| Liabilities & Shareholders' Equity | |||||
| Payables & Accruals | - | - | - | - | |
| Accounts Payable | -7.1% | 25.6% | 12.2% | -16.4% | |
| Accrued Taxes | - | - | - | - | |
| Interest & Dividends Payable | - | - | - | - | |
| Other Payables & Accruals | - | - | - | - | |
| ST Debt | 71.4% | -33.3% | 25.0% | -100.0% | |
| ST Borrowings | 71.4% | -33.3% | 25.0% | -100.0% | |
| ST Capital Leases | - | 100.0% | 50.0% | 33.3% | |
| Current Portion of LT Debt | - | - | - | - | |
| Other ST Liabilities | - | - | - | - | |
| Deferred Revenue | - | - | - | - | |
| Derivatives & Hedging | - | - | - | - | |
| Deferred Tax Liabilities | - | - | -100.0% | - | |
| Misc ST Liabilities | 105.3% | 41.0% | 9.1% | -11.7% | |
| Total Current Liabilities | 21.6% | 32.2% | 5.0% | -20.8% | |
| LT Debt | -48.7% | 385.0% | 3.1% | 19.0% | |
| LT Borrowings | -48.7% | 385.0% | 3.1% | 19.0% | |
| LT Capital Leases | - | 100.0% | 50.0% | 33.3% | |
| Other LT Liabilities | 46.2% | 0.0% | -42.1% | -9.1% | |
| Accrued Liabilities | - | - | - | - | |
| Pension Liabilities | - | - | - | - | |
| Pensions | - | - | - | - | |
| Other Post-Ret Benefits | - | - | - | - | |
| Deferred Revenue | - | - | - | - | |
| Deferred Tax Liabilities | - | - | - | - | |
| Derivatives & Hedging | - | 100.0% | 50.0% | 33.3% | |
| Misc LT Liabilities | - | - | - | - | |
| Total Noncurrent Liabilities | -32.8% | 197.4% | -4.3% | 23.4% | |
| Total Liabilities | -1.5% | 81.4% | 0.9% | 0.0% | |
| Preferred Equity | - | - | - | - | |
| Share Capital & APIC | - | - | - | - | |
| Common Stock | - | - | - | - | |
| Additional Paid in Capital | 14.1% | 19.2% | 8.0% | 23.4% | |
| Treasury Stock | - | - | - | - | |
| Retained Earnings | 16.7% | 18.5% | 18.4% | 16.8% | |
| Other Equity | 200.0% | 66.7% | -240.0% | -14.3% | |
| Equity Before Minority Interest | 16.1% | 20.0% | 8.5% | 19.7% | |
| Minority/Non Controlling Interest | - | 100.0% | 50.0% | 33.3% | |
| Total Equity | 16.1% | 20.0% | 8.5% | 19.7% | |
| Total Liabilities & Equity | 8.0% | 44.9% | 4.7% | 10.4% | |
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