A2.1 Roe 1
A2.1 Roe 1
A2.1 Roe 1
1 - ROE
P&L 2014
SALES 8,010,967
Other revenues 105,520
YOY Total Revenues growth
Total Revenues 8,116,487
COGS - 6,350,221
Gross Profit 1,766,266
Gross margin 21.76%
Payroll - 660,282
Overhead - 580,120
EBITDA 525,864
Ebitda margin 6.48%
Depreciation expense - 184,604
Impairments - 5,525
Results from divestments - 11,558
Operating Profit (EBIT) 324,177
Operating margin 3.99%
Financial results: - 40,709
Financial revenues 16,447
Interest expense - 57,259
Other financial results 103
Earnings before taxes (EBT) 283,468
Income taxes - 74,556
Net income 208,912
Recurrent Net Margin 2.57%
Extraordinary results 120,582
Working capital:
+ Equity 377,570
+ L-T Liabilities 629,016
- Total fixed assets 1,996,990
= WC - 990,404
WC / total revenues -12.202%
-400,000
-600,000
-800,000
-1,000,000
-1,200,000
Return on equity thefore comes from the ROA and the capital structure. Since liabilities are cheaper than e
A2.1 - ROE
MERCADONA is a Spanish family-owned
supermarket chain. Leader in the country with
anish international hard-discount supermarket presence in 46 provinces of 17 autonomous
ernationally, making it Europe's third largest. communities.
519,958 315,376 - - -
1,615,893 2,053,847 3,040,411 3,160,963 3,191,051
2,135,851 2,369,223 3,040,411 3,160,963 3,191,051
938,857 1,065,058 - - -
51,503 45,841 28,195 24,203 25,272
3,193 44,109 107,303 82,685 66,471
993,553 1,155,008 135,498 106,888 91,743
62,246 62,246 15,921 15,921 15,921
250,997 329,972 3,868,285 4,376,342 4,895,922
- 18 - 60
313,225 392,158 3,884,206 4,392,263 4,911,843
3,442,629 3,916,389 7,060,115 7,660,114 8,194,637
cture. Since liabilities are cheaper than equity, debt levers ROE up. Also the risk undertaken.
not only relevant to get ROEs figures, but also understand and identify where the results come from.
their levers. You get 2014 Dia example, to guide your work.
try to adjust ROE and reach a cash free ROE, as was showed inthe Video "ROE and Equity Value Drivers" for Apple Inc.
e of debt that each company has for its leverage (Total Asset/ Equity):
nt on sales. It does not introduce financial risk.
Net Debt, and between Ebitda and the interest expense. These two metrics
situation of a company.
Mercadona
2016
e Drivers" for Apple Inc.