FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Balance Sheet Fisher & Paykel Healthcare Corporation Limited

Equities

FPH

NZFAPE0001S2

Medical Equipment, Supplies & Distribution

End-of-day quote New Zealand S.E. Other stock markets 13/09/2024			5-day change	1st Jan Change
38.50 ^NZD	-0.26%		+2.94%	+63.14%

09-03	Macquarie Upgrades Fisher & Paykel Healthcare to Outperform from Neutral; Price Target is NZ$39.20	MT
08-28	Transcript : Fisher & Paykel Healthcare Corporation Limited - Shareholder/Analyst Call

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Published financial data: FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Revenues	1.26B	1.97B	1.68B	1.58B	1.74B
Total Revenues	1.26B	1.97B	1.68B	1.58B	1.74B
Cost of Goods Sold, Total	428M	726M	629M	643M	698M
Gross Profit	836M	1.25B	1.05B	938M	1.04B
Selling General & Admin Expenses, Total	338M	397M	393M	432M	493M
R&D Expenses	118M	137M	154M	174M	198M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	456M	533M	547M	606M	691M
Operating Income	379M	712M	506M	332M	353M
Interest Expense, Total	-3.9M	-5M	-4.9M	-6.7M	-18.2M
Interest And Investment Income	2.2M	1.5M	2.6M	2.6M	3.3M
Net Interest Expenses	-1.7M	-3.5M	-2.3M	-4.1M	-14.9M
Currency Exchange Gains (Loss)	-7.1M	9.4M	900K	-100K	-4.7M
EBT, Excl. Unusual Items	370M	718M	504M	328M	334M
Asset Writedown	-	-	-	-	-98.1M
EBT, Incl. Unusual Items	370M	718M	504M	328M	236M
Income Tax Expense	83.2M	194M	127M	77.7M	103M
Earnings From Continuing Operations	287M	524M	377M	250M	133M
Net Income to Company	287M	524M	377M	250M	133M
Net Income - (IS)	287M	524M	377M	250M	133M
Net Income to Common Incl Extra Items	287M	524M	377M	250M	133M
Net Income to Common Excl. Extra Items	287M	524M	377M	250M	133M
Per Share Items
Net EPS - Basic	0.5	0.91	0.65	0.43	0.23
Basic EPS - Continuing Operations	0.5	0.91	0.65	0.43	0.23
Basic Weighted Average Shares Outstanding	574M	576M	577M	578M	582M
Net EPS - Diluted	0.5	0.9	0.65	0.43	0.23
Diluted EPS - Continuing Operations	0.5	0.9	0.65	0.43	0.23
Diluted Weighted Average Shares Outstanding	579M	580M	580M	582M	586M
Normalized Basic EPS	0.4	0.78	0.55	0.35	0.36
Normalized Diluted EPS	0.4	0.77	0.54	0.35	0.36
Dividend Per Share	0.28	0.38	0.4	0.4	0.42
Payout Ratio	45.39	30.75	53.2	68.32	89.97
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
EBITDA	426M	781M	578M	410M	445M
EBITA	387M	724M	577M	351M	375M
EBIT	379M	712M	506M	332M	353M
EBITDAR	426M	-	-	-	-
Effective Tax Rate - (Ratio)	22.46	27.01	25.25	23.69	43.74
Total Current Taxes	107M	253M	134M	70M	92.8M
Total Deferred Taxes	-23.8M	-58.9M	-6.5M	7.7M	10.3M
Normalized Net Income	232M	449M	315M	205M	209M
Interest Capitalized	2.1M	-	400K	1.3M	2.4M
Interest on Long-Term Debt	3.9M	1.6M	-	-	-
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	118M	137M	154M	174M	198M
Net Rental Expense, Total	900K	-	-	-	-
Imputed Operating Lease Interest Expense	383K	-	-	-	-
Imputed Operating Lease Depreciation	517K	-	-	-	-
Stock-Based Comp., Other (Total)	6.1M	7.7M	8.1M	9M	10.8M
Total Stock-Based Compensation	6.1M	7.7M	8.1M	9M	10.8M

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	67.1M	97.3M	89.9M	121M	82M
Short Term Investments	77.7M	280M	200M	-	-
Trading Asset Securities, Total	-	-	100K	500K	-
Total Cash And Short Term Investments	145M	378M	290M	122M	82M
Accounts Receivable, Total	193M	192M	143M	180M	220M
Other Receivables	30.4M	37.2M	39.9M	74.6M	46.7M
Total Receivables	223M	229M	183M	254M	266M
Inventory	146M	271M	359M	366M	320M
Other Current Assets, Total	4.1M	42.9M	56.3M	32.7M	36.3M
Total Current Assets	519M	920M	888M	774M	705M
Gross Property Plant And Equipment	1.05B	1.26B	1.39B	1.63B	1.9B
Accumulated Depreciation	-320M	-381M	-433M	-484M	-560M
Net Property Plant And Equipment	735M	882M	958M	1.15B	1.34B
Long-term Investments	-	-	100K	300K	-
Goodwill	-	-	-	-	-
Other Intangibles, Total	73.9M	80M	86.8M	85.6M	88.4M
Deferred Tax Assets Long-Term	90.7M	81.3M	83.6M	96.6M	92.5M
Other Long-Term Assets, Total	16.4M	112M	90.8M	99.6M	55.9M
Total Assets	1.44B	2.08B	2.11B	2.2B	2.28B
Liabilities
Accounts Payable, Total	69.3M	56.7M	53.8M	43M	32.4M
Accrued Expenses, Total	57.1M	87.5M	93.8M	94.5M	109M
Short-term Borrowings	30.7M	11.9M	5.3M	4.2M	1.1M
Current Portion of Long-Term Debt	50.6M	500K	-	-	77.4M
Current Portion of Leases	11.6M	14.7M	11.7M	17.1M	17.7M
Current Income Taxes Payable	35.4M	150M	31.9M	6.6M	18.5M
Other Current Liabilities	79.9M	107M	107M	124M	129M
Total Current Liabilities	335M	428M	304M	290M	385M
Long-Term Debt	23.6M	63.7M	63M	79.1M	35.7M
Long-Term Leases	22M	29M	24.3M	45.4M	57.2M
Pension & Other Post Retirement Benefits	16.6M	20.6M	20.7M	18.1M	18.1M
Deferred Tax Liability Non Current	-	-	-	3.1M	5.6M
Other Non Current Liabilities	64.4M	13.3M	15.4M	15.6M	21M
Total Liabilities	461M	554M	427M	451M	523M
Common Stock, Total	225M	249M	261M	304M	404M
Retained Earnings	686M	1.03B	1.18B	1.2B	1.1B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	62.1M	243M	237M	249M	260M
Total Common Equity	974M	1.52B	1.68B	1.75B	1.76B
Total Equity	974M	1.52B	1.68B	1.75B	1.76B
Total Liabilities And Equity	1.44B	2.08B	2.11B	2.2B	2.28B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	574M	576M	577M	579M	584M
ECS Total Common Shares Outstanding	574M	576M	577M	579M	584M
Book Value / Share	1.7	2.64	2.91	3.03	3.01
Tangible Book Value	900M	1.44B	1.59B	1.67B	1.67B
Tangible Book Value Per Share	1.57	2.5	2.76	2.88	2.86
Total Debt	138M	120M	104M	146M	189M
Net Debt	-6.3M	-258M	-186M	24.3M	107M
Debt Equivalent Oper. Leases	7.2M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	50.3M	97.7M	121M	166M	164M
Inventories - Finished Goods, Total	111M	206M	278M	256M	235M
Land - (BS)	184M	216M	220M	276M	424M
Buildings, Total	266M	407M	419M	485M	511M
Machinery, Total	363M	433M	481M	532M	594M
Full Time Employees	4.71K	5.79K	6.77K	6.39K	6.98K
Part Time Employees	41	45	38	58	53
Accumulated Allowance for Doubtful Accounts (Supple)	3M	5.3M	5M	4.9M	3.5M

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	287M	524M	377M	250M	133M
Depreciation & Amortization - CF	48.3M	68.4M	15.7M	75.5M	87.8M
Amortization of Goodwill and Intangible Assets - (CF)	8.1M	12.1M	71M	18.4M	21.3M
Depreciation & Amortization, Total	56.4M	80.5M	86.7M	93.9M	109M
Amortization of Deferred Charges, Total - (CF)	4.6M	4.5M	9.3M	5.1M	5.2M
Asset Writedown & Restructuring Costs	-	-	-	-	98.1M
Stock-Based Compensation (CF)	6.1M	7.7M	8.1M	9M	10.8M
Other Operating Activities, Total	-4.7M	71.9M	-115M	-50.9M	61.5M
Change In Accounts Receivable	-64.8M	-5.1M	52.5M	-43.3M	-38.5M
Change In Inventories	-10.4M	-124M	-88.3M	-6.9M	45.4M
Change In Accounts Payable	46.9M	65.7M	-5.7M	-19M	5.4M
Change In Income Taxes	-	-	-	-	-
Cash from Operations	321M	625M	324M	238M	430M
Capital Expenditure	-145M	-160M	-138M	-188M	-317M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-25.4M	-24.5M	-31.4M	-23.5M	-22.2M
Investment in Marketable and Equity Securities, Total	15M	-203M	80.3M	200M	-
Cash from Investing	-156M	-387M	-89.5M	-11.3M	-339M
Long-Term Debt Issued, Total	15M	45.3M	7.5M	138M	301M
Total Debt Issued	15M	45.3M	7.5M	138M	301M
Long-Term Debt Repaid, Total	-29.9M	-55.5M	-21.6M	-142M	-287M
Total Debt Repaid	-29.9M	-55.5M	-21.6M	-142M	-287M
Issuance of Common Stock	2.3M	3.5M	3.2M	3M	3M
Common Dividends Paid	-130M	-161M	-200M	-171M	-119M
Common & Preferred Stock Dividends Paid	-130M	-161M	-200M	-171M	-119M
Special Dividend Paid	-16M	-20.1M	-24.4M	-24.7M	-26.2M
Cash from Financing	-159M	-188M	-236M	-197M	-129M
Foreign Exchange Rate Adjustments	-1.2M	-1M	200K	2.4M	2.2M
Net Change in Cash	5.5M	49M	-800K	32.2M	-35.9M
Supplemental Items
Cash Interest Paid	5.2M	4.9M	4.8M	9M	32.8M
Cash Income Tax Paid (Refund)	93.2M	132M	250M	121M	51.8M
Levered Free Cash Flow	146M	340M	78.24M	26.94M	45.7M
Unlevered Free Cash Flow	149M	343M	81.3M	31.12M	57.08M
Change In Net Working Capital	-15.3M	9.8M	169M	73.2M	-50.1M
Net Debt Issued / Repaid	-14.9M	-10.2M	-14.1M	-4.4M	13.8M

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	17.95	25.37	15.11	9.63	9.85
Return on Total Capital	22.45	32.34	18.45	11.27	11.48
Return On Equity %	30.45	42.02	23.55	14.58	7.55
Return on Common Equity	30.45	42.02	23.55	14.58	7.55
Margin Analysis
Gross Profit Margin %	66.14	63.19	62.6	59.35	59.93
SG&A Margin	26.75	20.12	23.38	27.32	28.28
EBITDA Margin %	33.68	39.64	34.4	25.9	25.52
EBITA Margin %	30.66	36.75	34.29	22.17	21.5
EBIT Margin %	30.02	36.14	30.06	21.01	20.28
Income From Continuing Operations Margin %	22.73	26.59	22.41	15.83	7.61
Net Income Margin %	22.73	26.59	22.41	15.83	7.61
Net Avail. For Common Margin %	22.73	26.59	22.41	15.83	7.61
Normalized Net Income Margin	18.32	22.77	18.74	12.97	11.97
Levered Free Cash Flow Margin	11.58	17.26	4.65	1.7	2.62
Unlevered Free Cash Flow Margin	11.77	17.42	4.83	1.97	3.27
Asset Turnover
Asset Turnover	0.96	1.12	0.8	0.73	0.78
Fixed Assets Turnover	1.89	2.44	1.83	1.5	1.4
Receivables Turnover (Average Receivables)	7.68	10.25	10.06	9.81	8.73
Inventory Turnover (Average Inventory)	3.03	3.48	2	1.77	2.04
Short Term Liquidity
Current Ratio	1.55	2.15	2.92	2.67	1.83
Quick Ratio	1.1	1.42	1.56	1.3	0.9
Operating Cash Flow to Current Liabilities	0.96	1.46	1.07	0.82	1.12
Days Sales Outstanding (Average Receivables)	47.63	35.61	36.3	37.21	41.91
Days Outstanding Inventory (Average Inventory)	120.86	104.91	182.64	205.78	179.8
Average Days Payable Outstanding	51.94	27.06	28.11	27.2	21.13
Cash Conversion Cycle (Average Days)	116.55	113.45	190.83	215.8	200.58
Long Term Solvency
Total Debt/Equity	14.22	7.88	6.21	8.32	10.75
Total Debt / Total Capital	12.45	7.3	5.85	7.68	9.71
LT Debt/Equity	4.68	6.1	5.2	7.1	5.28
Long-Term Debt / Total Capital	4.1	5.65	4.89	6.56	4.77
Total Liabilities / Total Assets	32.14	26.7	20.28	20.46	22.9
EBIT / Interest Expense	97.26	142.46	103.18	49.58	19.42
EBITDA / Interest Expense	111.72	158.56	120.88	63.6	25.41
(EBITDA - Capex) / Interest Expense	74.46	126.52	92.63	35.57	8.01
Total Debt / EBITDA	0.32	0.15	0.18	0.34	0.41
Net Debt / EBITDA	-0.01	-0.33	-0.31	0.06	0.23
Total Debt / (EBITDA - Capex)	0.48	0.19	0.23	0.61	1.3
Net Debt / (EBITDA - Capex)