Value Investing Help for a beginner - classifying items on financial statements

Help for a beginner - classifying items on financial statements
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Help for a beginner - classifying items on financial statements

Posted: 20 Dec 2018 02:30 AM PST

tl;dr - I would like someone to make sure I have calculated "operating income", "interest expense", etc. correctly based on the link provided (I most likely haven't).

I'd like to learn the art of value investing. I've been doing a little reading and I have a long way to go. Interpreting financial statements is one of the key skills, as I'm sure you are aware. This is the first skill I want to work on.

I roughly understand what items in financial statements mean, but find that in reality, synonyms are often used, or that you must do some extra calculation to get the "true" figure. Since I learn best by doing, I thought I'd download a generic valuation spreadsheet and an annual report, then practice classifying items. It's one of Damodoran's valuation templates, so I figure it probably has the essentials. It is a "black box" to me at the moment, but I will come to understand it eventually!

This is what I'm getting my data from. It's an annual report: http://www.lycopodium.com.au/uploads/investors/annual-reports/2018/WEBSITE_Lycopodium%20Financial%20Report%202018.pdf

My template asks for:

Operating income
- I took the profit before income tax and added back the items below occupancy expense, for a value of $36,415,000
- I'm confident that some of these values I added back in do not relate to operations, but I am not sure which ones.
Interest expense
- Is this the same as "finance costs"? $120,741
current capital spending
- From the cash flow statement: payments for ppe + payments for intangibles, for total of $1,685,000?
depreciation and amortisation
- Direct from income statement: $1,228,479
effective tax rate
- Does this equal income tax paid, divided by "profit before income tax", i.e. 27.5%?
marginal tax rate
- 27.5%, because it is Australian.
revenues
- direct from income statement. $194,568,891
current non-cash working capital
- (current assets - cash and equivalents) - (current liabilities - borrowings) = -$16,193,000
change in non-cash working capital
- do the same process for last year, and subtract from this year = +$15,241,000
book value debt
- sum the " borrowings" from current and non-current liabilities = $1,288,000
book value equity
- direct from balance sheet = $79,350,410
cash and marketable securities
- same thing as "cash and equivalents" = $74,287,788
value of non-operating assets
- so unsure on this one
- I think it is equal to "investments accounted for..." + " available for sale..." + "deferred tax assets"
Minority interests
- same as "non-controlling interests" = $2,976,920