Britvic Company Financial Analysis:
Introduction:
With operations in prominent countries of Europe like the Great Britain, Ireland and France, Britvic is renowned as one of the leading soft drink companies in the whole of Europe (Marketwatch.com, 2014).
The Company has been able and successful in setting up a definite portfolio across the markets where it operates. The brands of the Company that have captured its own market include Robinsons, Tango, J2O, drench, MiWadi, Ballygowan, Teisseire and Fruité. The Company also produces and sells famous drinks of PepsiCo Company such as Pepsi, 7UP and Mountain Dew Energy, in Britain and Ireland, as per theelite agreements with PepsiCo. The achievement of the Company in terms of the market share is that it stands as the leading supplier of branded still soft drinks in the Great Britain and in the same country; it stands at the second position in terms of branded carbonated soft drinks. In other places, that are Ireland and France, it stands as an industry leader. The methods for the growing reach of the Company across borders and especially to the United States are franchising, export and licensing. The management team of the Company developed a clear vision, which was communicated to all the members successfully through clear strategies. These strategies were about the organic growth and international expansion that the Company believes in, those being based on the creation and constructionof scalable brands. The Stock Exchange code of the Company in London Stock Exchange is BVIC.
The success of the Company is reflected in the huge amount of sales that the Company maintains. The Company has a record of selling across 1.1 billion liters of ready-to-drink soft drinks in a year (Markets.investorschronicle.co.uk, 2014). The product diversity is spread across 400 different flavors, shapes, and sizes. The retailer record is of across 250,000 retailers, and in the United Kingdom alone, 20 facilities.
Financial Analysis:
- Profitability Ratios:
Profitability ratios are the financial metrics, which are used in the assessment of business's overall ability in the generation of earnings over a specific period, in comparison to its overall expenses and other costs. The high value of most of these ratios, as compared to the competitor ratios or same ratios of other periods, most importantly the previous periods, indicates that the company has been performing well (Investopedia, 2009).
Some instances of profitability ratios are return on assets, return on equity and the profit margin. Background knowledge on the ratios and a critical assessment is required to predict the behavior of these ratios, and thus predict the overall performance of the Company.
Source: http://financials.morningstar.com/ratios/r.html?t=BTVCY
Return on Assets
The return on assets of a Company indicates the degree of profit that a Company is earning in relation to its total assets. It provides an idea on how efficiently the Company is at utilizing its assets in order to produce income. It is calculated by simply dividing the company's annual earnings by its total assets, and is presented as a percentage. It is also often referred to as "return on investment" (Investopedia, 2009).
The ROA of Britvic tells the amount of earnings that were generated from the invested capital (assets). The best way to assess ROA is by comparing it with previous year’s ROA or with the ROA of other player’s within the same industry. The ROA of the Company looks at a god position. The company has the ROA of 5.49% in 2012 and 5.93% in 2013. This means that the company is generating around 0.05 dollars for each dollar of investment in its fixed assets. The ROA of the company seems stable, and this is a good indicator of good financial health of the company.
Return on Capital
Return on Capital is a financial ratio that is used to measure a company's overall profitability and thus the rate of efficiency of capital employment. It is calculated by dividing the Earnings before Interest and Tax (EBIT) by the total Capital Employed.
A high amount ROCE means that capital is used more efficiently. ROCE to be favorable should be higher than the cost of capital; or else it is an indication that the company is failing to employ its capital in an effective manner. The company have the ROCE of 12.79% in 2013. This means that for each dollar of capital invested, the company is generating 12.79% return i.e. the company is earning 12.79 cents for each dollar of capital invested. Even though ROCE of 2013 is less than that of 2012, but it is still a considerable figure. But, company should think of the reasons of ROCE decrement to perform good in future.
Return on Equity
Return on Equity can be defines as the amount of net income returned as a percentage of the total shareholders’ equity employed. This ratio is used in the measurement of a Company’s profitability by the revelation of the amount of profit that a company is able to generate with that amount of money that the shareholders have invested. It is expressed as a percentage and calculated by diving the Net Income by the Shareholder's Equity. It is also known as "return on net worth". The ROE of the company is very high. ROE of 192.62% in 2012 and 158.72% in 2013 proves that the company is doing well. The company is earning 1.58 dollars for each dollar of equity investment. This shows that the company is adding high value in the wealth of the shareholders. This ratio will motivate the investors to invest in the stock of the company because the earning that they get by investing 1 dollar in the equity is high. The ROE of the Company looks good as is higher than the cost of capital (Investopedia, 2009).
Net Margin:
Net profit margin is a financial ratio that is used in the assessment of a firm's financial health. This is done by the revelation of the net amount of money remaining after accounting for the cost of goods sold and other expenses from the total revenues. It is an amount that can be used as a source for the payment of additional expenses and future savings (Investopedia, 2009).
The net margin of the Company reflects a good indication of the overall financial health of the Company. The company’s net margin is 4.57% in 2013. This indicates that the company is able to generate 4.57 cents as net profit for each dollar revenue. The company is getting this good margin. This adequate net margin is obtained after paying for its operating and other expenses, and it is used to create reserves for building the future. The stability of the company's net profit margin is a good indication of its sustainable performance.
Liquidity Ratios
The liquidity ratios give a measure of the liquid position of the Company or their cash generation abilities. Two main ratios can assess the liquidity capacity of the company. These are the ratios used to measures a company's ability to pay short-term obligations. It is also known as "liquidity ratio", "cash asset ratio" and "cash ratio" (Investopedia, 2009).
Source: http://financials.morningstar.com/ratios/r.html?t=BTVCY
The current ratio is the one that can give a hint of the overall Company efficiency by analyzing the operating cycle. In simple words, it assesses the Company’s ability of turning its current assets into cash. When the company is not able to maintain enough current assets that can cover the current liabilities, then the company will face the problem. Not being able to meet the short-term credit obligations will affect the credit worthiness of the company. Companies can run into liquidity problems when they have troubles being paid on their receivables or even when they have long inventory turnover.
The current ratio of the Company is 0.92, which is a very low ratio to hold. This ratio indicates that the company have $0.92 of current assets for each dollar of current liabilities. The company had current ratio of 1.02 in 2012, which fell to 0.92 in 2013. This means that the company had 1.02 dollar of current assets to pay for its each dollar of current assets in 2012 but in 2013, the company is falling short of current assets to meet its current obligation. This indicates that the Company may run into liquidity problems because when company cannot meet its current obligations like paying for the creditors and other current liabilities, this might impact in the company’s operation as supplier may not provide raw materials on time for not being paid. These liquidity problems can result in long-term unfavorable effects to the Company. Thus, the Company has to tale objectives to reduce this situation and increase its current assets.
Quick Ratio
The quick ratio is also an indicator of the short-term liquidity of a Company. The quick ratio is used to measure the overall ability of a Company in meeting its short-term obligations and that too, with the most liquid assets that it holds. That is why; this ratio does not include inventories from current assets, and is calculated in the following ways:
Quick ratio = (current assets – inventories) / current liabilities, or
= (cash and equivalents + marketable securities + accounts receivable) / current liabilities (Investopedia, 2009)
The quick ratio is the measure of amount of liquid assets in dollar terms that is available to cover the amount of current liabilities measured in each dollar terms. This given 0.70 quick ratio indicates that the company has $0.70 of liquid assets to shield each dollar value of current liabilities. This is a low quick ratio meaning that the liquidity position of the Company does not seem very good. It has to increase its current assets to improve the liquidity position. Having 0.70$ to cover the current liabilities of $1 is really not good figure because in the situations when company have to meet its current liabilities urgently, then it will face the situation. This urgency will force the company to sell it other assets at a price lower than market value. The company’s ability of paying its current liabilities has decreased in 2013 as compared to 2012 and it indicates that company might face some problem in future if actions are not taken on time.
Cash Ratio
The cash ratio is a ratio, which acts as an indicator of the overall liquidity that is used to further refine both the current ratio and the quick ratio. This is done by the measurement of the amount of cash, cash equivalents or invested funds in current assets that can cover the current liabilities.
There are very few companies who maintain enough cash and cash equivalents that can fully cover current liabilities. This is not a very bad thing but the cash ratio is relatively very low for the given Company (Investopedia, 2009). The company is maintaining the cash ratio of 0.21, which means that the company have cash and cash equivalent of $0.21 to meet each dollar of current assets. Holding too much of cash and cash equivalent is also not good for the company as it will reduce the company’s ability of generating more profits because the cash and cash equivalent will remain idle. It does not seem quite sensible for a company to maintain high levels of cash assets knowingly. However, a reasonable amount of cash holdings is a must. The usefulness of the ratio is limited but is also provides an interesting liquidity perspective.
- Workability Ratios:
Receivables Turnover: 5.58
Receivables turnover is an accounting measure that is used in the quantification of a firm's effectiveness when it comes to extension of credit and collection of debts. This is an activity ratio, measuring if the use of a firm’s assets is efficient.
The maintenance of an accounts receivable implies indirect extension of interest-free loans to the firm’s clients. The firm’s account receivable can be treated as an interest free loan by the clients because the accounts receivable do not charge interest to the clients, and they get chance to use the cash for some time without bearing interest. Either a high receivables turnover ratio is an implication that a company operates on a cash basis or another implication may be that it has an efficient credit and collection of accounts receivable. On the other hand, a low ratio is an indication that the Company should necessarily re-assess its credit policies so as to ensure timely collection of given credit which is not earning interest for the firm.
The receivable turnover of the company is 5.58 times. This means that company collects its receivable in about every 2 months i.e. the clients get the credit terms of about 2 months. This long credit term might affect the company’s cash position forcing it to borrow loans to support its operation that will incur additional cost. With long credit terms, there might be high chances of bad debts. On the other hand, if the company adopts the strict credit policy, then its sales might be affected, which will in turn affect its cash position. So, the company should make a balance between flexible and strict credit policy.
Total Asset Turnover: 1.26
Total asset turnover is the measure of the firm’s ability to generate sales using its assets. This ratio indicates the efficiency of a Company in the deployment of its assets. It is calculated by dividing Sales or Revenues by the Total Assets (Elvis Picardo, C. 2003).
This ratio is considered good if its value is higher. It is because the implication of this ratio is that the company is able to generate higher revenues using its assets. The variation is however very high across industries.
The total assets turnover of Britvic is 1.26. This is an average figure. Seeing the nature of the company, the company should have the greater value of total assets turnover. The turnover of 1.26 means that there might be some problem in asset deployment i.e. some of the company’s assets might not be used efficiently to generate sales. So, the company should review its policy of asset use to generate more sales. It means that the Company has a long way to go in managing its assets in such a way that the overall returns are increased.
Investor Ratios:
Times Interest Earned: 4.07
This ratio is also known as the “interest coverage ratio" and "fixed-charged coverage." This is a measurement metric used to assess the ability of a Company in meeting its debt obligations. It is calculated by simply dividing a company's earnings before interest and taxes (EBIT) by the total interest payable on bonds and other long term and contractual debts. In simple words, it is simply the number of times a company can cover its interest charges, all this on a pretax basis. The company may even result in being bankrupt if it fails to meet these obligations.
TIE ratio of 4.07 indicates that the company have good ability to pay its debts. The 4.07 value indicates that the company’s earnings before tax and interest is 4 time more than the company’s interest expenses. This shows that company can service its debts well.
The company’s ability to sustain earnings is the major indicator of the insurance of interest payments to debt holders and prevention of bankruptcy. A high ratio necessarily indicates that a company holds an unwanted lack of debt. It also means that the company is paying down too much debt with earnings so that it is restrained from investing in other projects. The underlying principle is that a company could be able to generate greater returns by the investments in some other projects and applying leverage at a lower cost of capital compared to what is currently being paid by the Company for meeting its debt obligations.
- Gearing Ratios:
Gearing ratios can be taken as general terms that describe a ratio of financial nature so as to compare certain form of owner's equity/ capital to the borrowed funds of the Company. Many books define the term as, “Gearing ratio is also known as the measured value of leverage of financial nature, which indicates the extent to which the company’s operations and activities are funded by the funds of owners’ as compared to that of debt.” It is also referred to as the Net Gearing Ratio.
A higher degree of Company leverage means that the Company has a number of business as well as financial risks. The adequacy of these ratios is generally in relation to the other players in the industry. Some of the commonly known gearing ratios are equity ratio (=total equity/total assets), debt to equity ratio (=total long-term debt/ total shareholders’ equity), the times interest earned (= total EBIT / total interest earned), and debt ratio (=total debt / total assets).
It has been observed that a company having high value of gearing ratio i.e. high value of leverage is prone to be more susceptible to the declines in the course of business operation. It is for the reason that the company has to endure its liability of paying interest for the debts it has been using without considering how bad the sales may be. A larger quantity of equity is taken as a better financial strength indicator for the Company.
Total Debt to Total Equity: 1,350.61%
Total debt to total equity is the ratio of company’s total debt to total equity. It is also called financial leverage. This ratio measures what portion of total shareholders’ equity and debt is being used by the company to fund its assets.
Debt/Equity Ratio
Debt to Equity ratio is also known as the Personal Debt/Equity Ratio. It is used in various applications across the personal financial statements as well as corporate ones. At times, it is also common to used other terms for debt/equity ratio. For e.g. debt/equity ratio is also calculated by using the total value of loans, which bear interest, or the loans of long-term nature instead of total debt.
The aggressiveness of the Company is showcased in the high value of debt/equity ratio. This aggressiveness of the company is explained in terms of its high debt value in the capital composition. This can be the reason for high volatility of earnings, which is resulted due to the increasing expense as an interest of debt.
In case, the high amount of debt is mobilized or used to fund its operations or maintain its capital structure, there is a possibility that the company has greater potential to create the condition of increased earnings than the company would not have been able to generate without this outside financing. This will increase the benefits of the shareholders distributed to limited number of shareholders, when there is an increase in earnings by a greater amount than the debt cost, which exists in the form of interest. However, the cost of debt can be much higher than that of the benefits or profits that the use of debt will bring to the company. It may finally result in bankruptcy, which would empty the company shareholders.
The debt/equity ratio is generally assessed with dependence on the overall ratios of the industry as a whole. A high leverage ratio is preferable only in certain conditions.
Total Debt to Total Capital: 93.11
Total debt to total equity is taken as a metric that can be used to calculate the financial leverage of a Company. It is calculated by dividing the total liabilities of the Company by the total stockholder's equity. It is an indication of how the company is financing its assets, through a mixture of equity and debt. The Debt part comprises of all the short-term and long-term obligations whereas the total capital part comprises of the company's debt and shareholders' equity, which includes common stock, preferred stock, minority interest and net debt.
The company financing may be in terms of either debt or equity. The debt-to-capital ratio provides an overall idea to the users regarding a company's financial structure. In other words, it tells how it is financing its operations and provides certain insights to the financial strength of the Company. A higher the debt-to-capital ratio means that the company as compared to its equity holds more debt. This is an indicator to the investors regarding whether a company is more prone to being financed through debt or equity financing. A company with high debt-to-capital ratios may show weaker financial performance as compared to a general or industry average.
Use of Information to Different Stakeholders:
The ratios has important role to all the stakeholders of a firm as it indicates various symptoms and these symptoms must be subjected to detailed analysis for efficient result. An example of ratio analysis can be taken. It may reveal the fluctuation in sales volume with respect to inventory and receivables. Inventories may be increased in lower rate than sales, which may be because of reduction in cost of goods, failure in inventory item replacement, and change in inventory policy and so on. Similarly, there may occur less rapid increment in receivables because of improved collection policy and cash sales increment than credit sales (Oxford Management, 2014). Also because of plant expansion, improved campaign in sales, expansion in area of sales and price strategy, sales volume could have increased. These fluctuations in addition help managers with various information in making specific to the point questions.
Hence, accordingly, the needs with respect to information to the stakeholders would be as follows (Deaconu, Nistor & Popa, 2009), depending upon the users:
- In order to analyze the credit risks, the ß financiers, especially banks, are interested in firm’s strength with respect to pay debt, solvency and liquidity-related information.
- Information that are important in understanding economic entity’s financial position and distribution of earnings and so on as key features as it is pretty clear that majority of small and medium-sized entities have few non-managers shareholders
- In addition, the interest of the managers lies in information that would be useful in the management of economic entity, and financial statement information.
In the similar way, Financial Statements are very powerful source of information to different stakeholders and users like:
- Financial Statements to manage the affairs of the company by analyzing its financial performance and position and taking important business decisions are required by the managers.
- Similarly, in calculation of the risk and return on investment, financial statement plays vital role to shareholders analytical process.
- The Prospective Investor’s use of Financial Statements to assess the life capacity of investment.
- Likewise, to predict the future dividends by the investors, risks associated with investments etc. are measured from the information stream of Financial Statements by the investors. For instance, fluctuating profits indicate higher risk.
- While taking decisions by Financial Institution like banks in granting loans, Financial Statements are used to determine the capacity of the firm applying for the loan, which are done on the information available with respect to asset base and liquidity.
- Just like banking institutions, suppliers also use Financial Statements in deciding whether to supply goods on credit or not by weighing the credibility.
Hence, in conclusion, Financial Statements act as a basic beat in investment decision making for investors.
Use of Management Accounting Information:
Management accountants are people who look ahead and focus on forecasting and decision-making. They advise on how the business can move forward by using information. Management accounting uses the internal financial information available to managers, as well as that information which companies must publish by law. This helps in planning, reviewing and analyzing business performance (Ukessays.com, 2014).
Management accounting is a fundamental part of strategic planning. The management accountant can provide advice when a business is looking to make a strategic decision. A number of tools including ratio analysis, budgets and forecasts (such as cash flow and variances) can be used to assist decision making.
Management accounting gives the users useful information that may be derived from a number of techniques, applications and processes. Variance analysis is one of the techniques that can be used in the comparison of the budgeted financial restrictions to the actual expenses incurred in production. Overestimation of a budget can result in the reduction of profits while on the other hand; setting a low margin means, that profit may disappear.
Operational Planning
A systematic process of allocation of money to each department and definite teams for a certain period of time, generally a year, is called budgeting. It is mostly done just before the beginning of a fiscal year and includes the study of historical trends. These trends may be related to revenues, expenses including the overhead costs (eHow, 2014). The overall corporate budget includes the incorporation of own budget of each department that exists in the organization.
Strategic Planning
Strategic planning is a systematic process that takes inspiration from many of the budgeting techniques, meant to predict future outcomes (Businesscasestudies.co.uk, 2014). An assessment of strategic forecasting is to be performed at the time when companies are finally ready to expand their organization in terms of a department or entering an acquisition or merger with a player in the same industry.
Going Concern
Financial statements are great for determining a company's performance over a period of time but without analysis, they tell us nothing more. However, if the statements are used to perform analysis much more can be determined about the company's financial position. These techniques are called financial ratios which are used to determine the company's liquidity and solvency. The Going Concern Policy determines whether a company will be able to remain in operation into future business periods (SABĂU, L. 2014).
Cost Management
Cost accounting techniques can be used to keep costs within acceptable ranges. It is used to determine the true cost of procedures, processes and production processes. Cost accounting is used to determine the true unit cost of a process or product. The unit cost can be analyzed for cost reductions, cost cuts and process changes (Accounting-simplified.com, 2014). This helps to eliminate wasted materials, time, inventory and energy.
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