CALLAW

BALANCE SHEET (USD '000 )

ASSETS 2017 (*) 2018 2019

A) Non-current assets

PP&E-gross 316,110 326,982 555,648

Accumulated
Accumulateddepreciation
Depreciation (245,883) (238,510) (262,790)
Intangible assets, net 224,692 493,423
Goodwill, net 55,816 203,743
Other non-current assets 159,058 181,174

Total non-current assets 528,038 1,171,198

B) Current assets

Inventories 262,486 338,057 456,639

Account receivables 94,725 71,374 140,455
Other current assets 51,494 85,590
Cash and short term investments 63,981 106,666

Total current assets 524,906 789,350

TOTAL ASSETS 1,052,944 1,960,548

INVESTMENTS (USE OF FUNDS)

RATIOS

0. CASH FLOWS FROM OPERATING ACTIVITIES

Operating profit (EBIT)

+/- D&A, impairments, provisions, and results that do not imply cash inflo
-Interests and income tax paid
+Other non-operating income
+Interests and dividends received
+/- Variation of need of funds
 TOTAL CASH FLOWS FROM OPERATING ACTIVITIES…………………………

NOF1 Operating current assets year 1 - Operating

NOF2 Operating current assets year 2 - Operating

∆NOF 264,3-149,9 =

1.a. PROFITABILITY ANALYSIS: MARGIN RATIOS

Gross Margin=Gross Profit / Net Sales

=

EBITDA Margin = EBITDA / Net Sales

=

Operating (EBIT) Margin = EBIT / Net Sales

=

Net Profit Margin = Net Income / Net Sales

=

Cash flow Margin = Operating cash flow / Net Sales

=

1.b. PROFITABILITY ANALYSIS: RETURN RATIOS

Return on Equity = Net Income / Equity

=

Return on Capital Employed = EBIT x(1-tax rate) / Capital Employed

=

Return on Assets = Net Income /Total Assets

=

2. EFFICIENCY ANALYSIS: RATIOS

AR turnover = Net Sales / Average AR

=

Inventory turnover = COGS / Average inventories

=

Fixed Assets turnover = Net Sales / Average PP&E

=
 3. CASH CONVERSION CYCLE

DSO = 365 / AR turnover

=

DIO = 365 / Inventory turnover

=

AP turnover = (COGS + SG&A Expenses) / Average AP

=

DPO= 365 / AP turnover

=

CASH CONVERSION CYCLE = DSO +DIO - DPO

=

4. LIQUIDITY ANALYSIS: RATIOS

Current Ratio = Current Assets / Current Liabilities

=

Quick Ratio = CA - Inventories - Prepaid Expenses / CL

=

5. SOLVENCY ANALYSIS: RATIOS

Debt to Equity = Total Liabilities / Total Equity

=

Equity Ratio = Total Equity / Total Assets

=

Debt Ratio = Total Liabilities / Total Assets

=

Debt service coverage Ratio = EBITDA / (Interests+Current Payables)

=

6. DUPONT ANALYSIS

EBIT / Net Sales (Operating Margin)

=

Net Sales / Assets (Asset Turnover)

=

Assets / Equity (Leverage)

=

EBT / EBIT (Financials factor)

=
Net Income / EBT (Tax factor)
=
 CALLAWAY GOLF COMPANY. RATIOS
CE SHEET (USD '000 )
EQUITY AND LIABILITIES 2017 (*) 2018 2019

A) Equity

Capital
Capital 956 956
Share
Legal
premium
and statutory reserves 341,241 323,600
Retained earnings 400,099 466,960
Treasury
Otherstock
reserves (17,722) (24,163)
Minority interests 9,734 -

Total equity 734,308 767,353

B) Non-current liabilities

Long-term debt 7,218 443,259

Capitalized lease obligations - 137,696
Other non-current liabilities 8,181 88,994
Total non-current liabilities 15,399 669,949

C) Current liabilities

Current payables 42,711 178,315

Other current liabilities 1,091 12,104
Accounts payable 176,127 208,653 276,300
Accrued liabilities 46,830 50,782 56,527

Total current liabilities 303,237 523,246

TOTAL EQUITY & LIABILITIES 1,052,944 1,960,548

FINANCING (SOURCE OF FUNDS)

RATIOS

132,668
results that do not imply cash inflows/outflows 32,050
(55,840)
1,594
807
(114,271)
ING ACTIVITIES…………………………………..…………………………………………………………… -2,992

g current assets year 1 - Operating current liabilities year 1

149,996

g current assets year 2 - Operating current liabilities year 2

264,267

114,271

2019 2019 2018

766,787
= 45.08% 46.54%
1,701,063

164,718
= 9.68% 9.74%
1,701,063

132,668
= 7.80% 10.33%
1,701,063

79,229
= 4.66% 8.47%
1,701,063

-2,992
= -0.18%
1,701,063

79,229
= 10.32% 14.33%
767,353

104,808
= 7.29% 13.53%
1,437,302

79,229
= 4.04% 10.00%
1,960,548

1,701,063
= 16.06x 14.96x
105,915

934,276
= 2.35x 2.21x
397,348

1,701,063
= 3.85x 3.87x
441,315
 365
= 22.73 24.39
16.06x

365
= 155.23 164.94
2.35x

1,560,625
= 6.44x 5.79x
242,477

365
= 56.71 63.01
6.44x

+22,73 + 155,23 - 56,71 = 121.25 126.32

789,350
= 1.51x 1.73x
523,246

332,711
= 0.64x 0.62x
523,246

1,193,195
= 1.55x 0.43x
767,353

767,353
= 39.14% 69.74%
1,960,548

1,193,195
= 60.86% 30.26%
1,960,548

164,718
= 0.76x 2.51x
217,615

132,668
= 7.80% 10.33%
1,701,063

1,701,063
= 0.87x 1.18x
1,960,548

1,960,548
= 2.55x 1.43x
767,353

95,769
= 0.72x 1.02x
132,668
79,229
= 0.83x 0.80x
95,769

ROE = 10.32% 14.33%

OS
PROFIT AND LOSS STATEMENT (USD '000 )

2018 2019

Revenues 1,242,834 1,701,063

COGS (includes D&A) (664,465) (934,276)

Total Gross profit 578,369 766,787

Selling expenses (308,709) (438,238)

General and administrative expenses (100,466) (137,532)
Research and development expenses (40,752) (50,579)

Unusual expenses (7,770)

Total operating profit (EBIT) (i) 128,442 132,668

Other non-operating income (ii) 7,779 1,594

Interest income 594 807

Interest expense (5,543) (39,300)

Total financial result (iii) (4,949) (38,493)

Total EBT ((i)+(ii)+(iii)) 131,272 95,769

Income tax (26,018) (16,540)

PROFIT / (LOSS) FOR THE PERIOD 105,254 79,229