Manroy (LSE:MAN) Accounts Receivable : £1.97 Mil (As of Mar. 2014)

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What is Manroy Accounts Receivable?

Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Manroy's accounts receivables for the quarter that ended in Mar. 2014 was £1.97 Mil.

Accounts receivable can be measured by Days Sales Outstanding. Manroy's Days Sales Outstanding for the quarter that ended in Mar. 2014 was 74.36.

In Ben Graham's calculation of Net-Net Working Capital, accounts receivable are only considered to be worth 75% of book value. Manroy's Net-Net Working Capital per share for the quarter that ended in Mar. 2014 was £-0.23.

Manroy Accounts Receivable Historical Data

The historical data trend for Manroy's Accounts Receivable can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Manroy Accounts Receivable Chart

Manroy Annual Data

Trend

Sep09

Sep10

Sep11

Sep12

Sep13

Accounts Receivable

3.44

4.20

3.01

Manroy Semi-Annual Data
	Mar11	Sep11	Mar12	Sep12	Mar13	Sep13	Mar14
Accounts Receivable	Get a 7-Day Free Trial			2.28	4.20	3.37	3.01	1.97

Manroy Accounts Receivable Calculation

Accounts Receivable is money owed to a business by customers and shown on its Balance Sheet as an asset.

Manroy Accounts Receivable Explanation

1. Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Days Sales Outstanding measures of the average number of days that a company takes to collect revenue after a sale has been made. It is a financial ratio that illustrates how well a company's accounts receivables are being managed.

Manroy's Days Sales Outstanding for the quarter that ended in Mar. 2014 is calculated as:

	Days Sales Outstanding
=	Accounts Receivable	/	Revenue	*	Days in Period
=	1.973	/	4.842	*	91
=	74.36

2. In Ben Graham's calculation of Net-Net Working Capital (NNWC), Manroy's accounts receivable are only considered to be worth 75% of book value:

Manroy's Net-Net Working Capital Per Share for the quarter that ended in Mar. 2014 is calculated as:

	Net-Net Working Capital Per Share
=	(Cash And Cash Equivalents	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(0	+	0.75 * 1.973	+	0.5 * 3.979	-	7.801
-	0	-	0)	/	19.0442
=	-0.23

Be Aware

Net receivables tells us a great deal about the different competitors in the same industry. In competitive industries, some attempt to gain advantage by offering better credit terms, causing increase in sales and receivables.

If company consistently shows lower % Net receivables to gross sales than competitors, then it usually has some kind of competitive advantage which requires further digging.

Average Days Sales Outstanding is a good indicator for measuring a company's sales channel and customers. A company may book great revenue and earnings growth but never receive payment from their customers. This may force a write-off in the future and depress future earnings.

Manroy Accounts Receivable Related Terms

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Manroy (LSE:MAN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Aerospace & Defense » Manroy PLC (LSE:MAN) » Definitions » Accounts Receivable

Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.manroy.com

Manroy PLC designs, manufactures, supplies and supports machine guns, mounts and associated products, including the 12.7mm M2 HMG and the 7.62mm General Purpose Machine Gun, M16, M4 and M5 weapons, Quick Change Barrel kits as well as weapon tripods and mounting systems. Its flagship product is the M2 HMG, which it has supplied to the MoD for approximately 26 years.