2017 Performance Review
UNVR posted the increment of 2.9% in sales from IDR40 trillion in 2016 into IDR41.2 trillion in 2017. The increment in sales was underpinned by the growth of 5.8% in sales from IDR12.3 trillion in 2016 into IDR13 trillion in 2017 achieved by the Food and Refreshment division, and the slight growth of 1,6% in sales achieved by the Home and Personal Care division.
Although UNVR posted the slight growth of 2.9%, its net profit grew by 9.6% backed by the incline of 0.4% in gross profit from 51.1% in 2016 into 51.5% in 2017. Besides, the ratio of operational cost to sales declined by 0.9% from 29.4% in 2016 into 28.5% in 2017.
Picking Up CCC : Potent Driver for Working Capital
Since 2013 the shift in the direction of cash conversion cycle (CCC) occurred from the prior consistency of settling in the negative position to the positive position of 2.8 days in 2017. Days in inventory declined consistently, but days in receivables picked up from 33.8 days into 41.8 days. We oversee that this backdrop was a potential indicator of the hike in short-term loan funding for working capital.
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