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ARMSTRONG BUSINESS VALUATIONS PTY LTD
Financial Analysis - Future Maintainable EBITDA
JOHN MITCHELL PHARMACY, COBAR NSW
190407
SUMMARY
Weighting
2017
Financial Years Ended 30 June
Weighting
1
2018
2017
Script Numbers
PBS Sales - Other
2,299,333
Total Sales
2
Ann 2019
01/07/2018 -
31/12/2018
2018
n/a
Retail Sales
Weighting
0.0%
0.0%
100.0%
Increase in Total Sales
Increase in Retail Sales
Increase in PBS Sales
Increase in PBS Script Numbers
PBS Sales $ per Script
42,318
636,524
1,691,523
2,328,046
101.2%
n/a
27.3%
72.7%
100.0%
1,159,392
$39.97
3
Straight-Line Annualised
2019
44,780
631,228
1,668,654
2,299,882
98.8%
99.2%
98.6%
105.8%
$37.26
Three Year Weighted
Average 1
Assessed Fut. Maint.
EBITDA
Notes
Script reports 1 Jul 2018 to 30 Nov 2018
27.4%
72.6%
100.0% 2,309,178 100.0% 2,309,178 100.0% Three Year Weighted Average
8.9%
61.6%
-9.0%
61.6%
38.4% 1,475,447
833,731 63.9%
36.1% 1,475,447
833,731 63.9%
36.1% Three Year Weighted Average
See Page 5
Cost of Goods Sold
268,522
1,443,267
(246,711)
1,465,078
834,255
Opening Stock
Purchases
Closing Stock
Total Cost of Goods Sold
Gross Profit
Stock Turn
Other Income
11.7%
62.8%
-10.7%
63.7%
36.3%
5.9
Interest Received
PBS and Government Incentives
Commissions and Other Incentives
Insurance Recovery
Other Income
Total Other Income
Gross Profit and Other Income
246,711
1,528,658
(205,218)
1,570,151
757,896
10.6%
65.7%
-8.8%
67.4%
32.6%
205,218
715,663
(207,179)
713,703
445,690
7.7
205,218
1,417,729
(207,179)
1,415,769
884,113
6.8
-
56,899
4,370
1,534
2,169
64,972
899,227 0.0%
2.5%
0.2%
0.1%
0.1%
2.8%
39.1% -
55,017
6,024
-
-
61,041
818,937 0.0%
2.4%
0.3%
0.0%
0.0%
2.6%
35.2% -
27,159
3,816
-
-
30,975
476,665 -
53,875
7,571
-
-
61,445
945,558 0.0%
2.3%
0.3%
0.0%
0.0%
2.7%
41.1% -
54,759
6,522
256
361
61,898
895,629 0.0%
2.4%
0.3%
0.0%
0.0%
2.7%
38.8% -
53,875
7,571
-
-
61,445
895,176 0.0%
2.3%
0.3%
0.0%
0.0%
2.7%
38.8% EBITDA Exclusion
Annualised 2019
Annualised 2019
Non Operational
Non Operational
418,671
68,805
357,261
844,738
54,489
391,439
9,758 18.2%
3.0%
15.5%
36.7%
2.4%
17.0% 404,779
75,453
316,396
796,627
22,309
324,743
76,454 17.4%
3.2%
13.6%
34.2%
1.0%
13.9% 199,895
41,595
120,581
362,072
114,593 396,531
82,512
239,196
718,240
227,318
464,702
(63,505) 17.2%
3.6%
10.4%
31.2%
9.9%
20.2% 402,971
77,875
284,607
765,452
130,177
405,838
(4,642) 17.5%
3.4%
12.3%
33.1%
5.6%
17.6% 314,780
81,805
97,395
493,980 13.6%
3.5%
4.2%
21.4% Fair Wage Assessment. See Page 5
401,196 17.4%
Less Expenses
Total Wage and Oncost Expense
Total Rent and Property Expenses
Other Expenses
Total Expenses
Net Profit
Adjusted EBITDA
Difference between Assessed EBITDA
Notes
1. Weighting
1
2017
2
2018
3
Ann 2019
2. We note that we have valued the pharmacy as an ungeared, unencumbered stand alone business and have not taken any corporate structure issues into account, including taxation liabilities and inter-business transfers/consolidations.
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