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YEAR in REVIEW Welcome the Average Working Capital Cycle of the Sampled Companies Increased by 0.7 Days in 2016

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YEAR in REVIEW Welcome the Average Working Capital Cycle of the Sampled Companies Increased by 0.7 Days in 2016 YEAR IN REVIEW Welcome The average working capital cycle of the sampled companies increased by 0.7 days in 2016. The increase was primarily driven by an increase in the Food & Beverage sector’s average inventory cycle, in particular wineries. Excluding Food & Beverage, the average working capital cycle reduced in 2016 by 1.4 days. Welcome to the McGrathNicol New Zealand Working Capital Report 2016. This report profiles the working capital performance of a sample of 155 New Zealand domiciled companies (including 41 listed) across the Building Products, Construction & Engineering, Food & Beverage, Leisure, Mining & Resources, Retail, Transport & Distribution and Utilities sectors. The combined revenues of the companies included in this report is $95.7 billion. The information is based on the companies’ most recent results compared to the results for the same period in the two prior years. Overall working capital days increased by 0.7 days compared to 2015, primarily due to an increase in inventory days, partially offset by an increase in creditor days. However, there were varying results across companies within sectors. Across sectors the results were also mixed, with five of the eight sectors we analysed showing a decrease in working capital days. The following pages include our analysis for each sector, comparing the trends in New Zealand to those reported by McGrathNicol Australia. We focus on assisting businesses to increase cash flow by implementing practical and effective procedures to forecast, track, save and generate cash. We help businesses to improve their working capital cycles and give them the tools to sustain improvements. To discuss this report or how we can help your business, please contact a member of our team. Contacts Andrew Grenfell* Conor McElhinney* Partner Partner +64 9 926 5115 +64 9 926 5105 [email protected] [email protected] William Black Kare Johnstone Partner Partner +64 9 926 5106 +64 9 926 5125 [email protected] [email protected] Leanne de Seymour Mark Brooks* Director Senior Manager +64 9 926 5104 +64 9 926 5114 [email protected] [email protected] *Authors of this report Summary Overall worsening in average DWC was primarily driven by higher inventory days, partially offset by higher creditor days. The Retail and Mining & Resources sectors saw the largest improvements (lower DWC) while Construction & Engineering, Food & Beverage and Leisure showed an increase in average DWC. Average Days Working Capital (DWC) & Engineering, Food & Beverage and In Australia the DWC of sampled in 2016 was 52.5 days, representing Leisure sectors showed an increase in companies decreased 0.3 days to a 0.7 day increase from 2015. average DWC. 51.0 days, releasing c.A$370 million As shown in the table below, the Whilst there was an overall increase in net of cash. However, there were marked worsening in average DWC was primarily working capital days, underlying results differences on a sector-by-sector basis, driven by a 3.1 day increase in inventory were mixed with 53.6% of the profiled particularly Transport & Distribution, days (DIO), partially offset by a 0.5 companies reporting a decrease in DWC. which showed larger improvements in day increase in creditor days (DPO). Achieving an improvement in working Australia than New Zealand. Debtor days increased marginally, by capital is not only desirable to “keep up” Similarities included Construction & 0.1 days. This means that, on average, with competitors, but also presents an Engineering, Food & Beverage and management teams were taking longer opportunity for material competitive Leisure showing increases in DWC across to realise inventory but were able to advantage over much of the market. both countries (Media, not included as defer cash outflows to suppliers by either Within some sectors this opportunity was a sector in New Zealand due to too few negotiating more favourable extended even more marked with the gap between companies to sample, also increased in terms or simply deferring payments. the “best” and “worst” often 100+ days Australia). The biggest improvements were (five out of the eight categories). The following pages provide a breakdown achieved in the Retail and Mining & by sector relative to the prior years, Resources sectors. The Construction including comparisons to Australia. Average DWC by sector 100 80 83.4 71.3 60 s y a D 52.1 52.5 45.1 40 42.8 30.0 20 18.4 13.2 0 Building Construction & Food & Leisure Mining & Retail Transport & Utilities Full sample Products Engineering Beverage Resources Distribution DWC at 30 June (or latest available) 2014 2015 2016 Summary sample Days 2014 2015 2016 Change DSO = Days sales outstanding (debtors) DSO 39.8 40.9 41.0 0.1 DIO = Days inventory outstanding (inventory held) DPO = Days purchases outstanding (creditors) DIO 64.0 62.7 65.7 3.1 DWC = Days working capital (net working capital) DPO 47.0 48.7 49.2 0.5 For details of the basis of preparation and calculations, see pages 10 and 11. DWC 51.6 51.8 52.5 0.7 New Zealand Working Capital Report 1 Building Products Extending creditor days provided cash for increased debtor and inventory days. “The improvement in working The Building Products sector benefited Inventory management is a differentiator capital, notwithstanding continued from an increase in construction activity in this sector and we noted that a number with the value of building work in place of companies provided commentary investment in residential land, increasing by 12.8% in the year ended around improving inventory management reflected the success of specific 30 June 2016, including a 14.9% increase (including Fletcher Building, Tenon and inventory and debtor management in residential building work. This resulted Methven), which was perhaps in response initiatives during the year.” in revenue for the sector increasing by to increased inventory levels in 2015. 3.7%, however EBITDA was down 2.7%, Overall, however, average inventory levels Fletcher Building Limited indicating competitive pressures on increased by 0.1 days to 88.9 days. Board of Directors pricing. With building consents at the The Building Products sector benefited FY16 Annual Report end of August 2016 at their highest level from extending creditors and presumably since mid-2004, continued revenue credit terms which, on average, resulted growth looks likely. in a 4.7 day improvement in DPO to 52.8 Building Products Businesses in this sector tend to require days. Days 2014 2015 2016 Change a high investment in working capital In Australia, like New Zealand, this (mainly inventory) to manage the DSO 44.1 43.3 45.2 1.9 sector is being boosted by high levels of demands of the large construction residential housing construction. Average DIO 87.4 88.8 88.9 0.1 companies and developers, and to ensure Australian DWC decreased by 0.2 days to DPO 45.9 48.2 52.8 4.7 immediate availability of inventory for 78.0 days, driven primarily by a reduction DWC 74.1 72.5 71.3 (1.2) a broad trade and DIY customer base. in DSO, partially offset by a decrease in Accordingly, of the sectors included in DPO. our research (excluding Alcoholic Beverages within Food & Beverages), Best & Worst Building Products had the highest Days Best Worst Spread average DWC in 2016 at 71.3 days. DSO 16.1 76.5 60.4 DIO 22.5 186.7 164.2 DPO 102.9 23.6 79.3 Selection of companies - Building Products DWC 24.6 145.8 121.2 160 140 Fletcher Building Limited 120 129.1 Days 2014 2015 2016 Change 100 DSO 60.9 64.6 55.3 (9.2) 80 90.5 Days 77.0 DIO 79.0 83.9 79.8 (4.1) 71.3 60 65.4 DPO 49.7 50.7 50.9 0.2 40 48.5 DWC 82.8 89.6 77.0 (12.6) 20 0 Fletcher Building Tenon Methven Tasman Steel Steel & Tube Peer group Limited Limited Limited Holdings Holdings average Limited Limited DWC at 30 June (or latest available) 2014 2015 2016 2 New Zealand Working Capital Report Construction & Engineering One of three sectors to deteriorate: Reduced inventory days were insufficient to offset worsening debtor and creditor days as revenue contracted by 6.6%. “Auckland was still strong, though The Construction & Engineering The sampled companies paid suppliers Christchurch work was expected to sector’s performance typifies the “two in nearly half the time they collected track” economic conditions prevalent from debtors. This metric means billing taper off as the Stronger Christchurch in New Zealand in 2015 and 2016: and collections processes must be very Infrastructure Rebuild Team (Scirt) Strength in Auckland and Christchurch efficient or market participants can work winds down, and last year’s slump on the back of increased infrastructure come under funding pressure. Liquidity in dairy prices was still weighing on and residential building (primarily due can often be an issue, particularly regional work.” to record levels of immigration and in a growth environment. In the last the earthquake rebuild respectively, year a number of residential home with the latter now appearing to have construction companies have collapsed Fulton Hogan Limited peaked), and weakness in the remainder including Stonewood Homes, Goodlife Nick Miller, Managing Director of the country, particularly rural areas Homes and H&R Garlick. Media comments on FY16 results where low dairy prices have impacted In Australia, Construction & Engineering spending. DWC also increased, but by only 1.1 In 2016, DWC increased by 3.6 days days to 67.3 days. As in 2015, Australia to 52.1 days, driven by a 2.2 day increase experienced relatively tough trading in DSO and 1.9 day decrease in DPO, conditions, impacted primarily by low partially offset by a 0.5 day decrease commodity prices, and consequent in DIO.
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