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AC3059 Financial management

Question

Answered

Question:

Task

The assignment consists of two portfolios – Portfolio 1 consists of 70 marks and Portfolio 2 consists of 30 marks.

Portfolio 1 – Financial analysis

You work as a finance supervisor in the head office of a retail company. Finance executive of the company is interested in buying shares in one of two companies, B&M and Morrison. You have been asked to assist the finance executive in making such decision.

(i) B&M

B&M (also known as B&M Bargains and the larger B&M Home store) is a British retailer. The business was founded by Malcolm Billington as Billington & Mayman and the first store opened in Cleveleys, England, in 1978. It employs over 32,000 people. The B&M Group is a fast-growing variety goods value retailer with stores operating in the UK and France. The B&M Bargain and B&M Home stores trade from both in town and out-of-town retail park store formats throughout the UK. B&M 's website and a recent annual report at the link below:

(ii) Morrisons

Wm Morrison Supermarkets plc, trading as Morrisons, is the fourth largest chain of supermarkets in the United Kingdom, and is headquartered in Bradford, England. Founded in 1899 by William Morrison. Egg and butter merchant William Morrison begins his business, set to become the company we know today. As of 2016 the company had 494 supermarkets across England, Wales and Scotland. As of February 2021, Morrisons employed 110,000 employees, and served around 11 million customers each week

More information can be found through the Morrisons website and a recent annual report at the link below:

Prepare a report for potential investors which analyses the financial information for both companies and give recommendations which company would be a suitable option for investment.

a) Calculate 10 financial ratios as given below for two years (2019/20 and 2020/21)

Current ratios

Average inventories turnover
period

Quick ratios

Debtors’ days

Operating profit margin

Creditor’s days

Gross Profit margin

Gearing ratios

Return on capital
employed

Earnings per share

 
b) Analyse performance, financial position and investment potential of both companies. You should use charts to compare performance of two companies. You will need to look at the audited financial statements and carry out further research to explain the performance of each company for two years
 
c) Provide recommendations of how the financial performance of the poorly performing business can be improved
 
d) Discuss the limitations of relying on financial ratios to interpret a company’s performance

Portfolio 2 – Capital Investment Appraisal

The following information relates to Smith Ltd. The company has an opportunity to invest in one of two potential and mutually exclusive (but not both) projects. Each project will involve the purchase of a new Plant. The following data relates to the two projects:

Net Profit

Project Alpha

Project Beta

Plant A

Plant B

 

2021

35,000

12,000

2022

36,000

16,000

2023

38,000

21,000

2024

29,000

35,000

2025

28,000

46,000

2026

22,000

48,000

188,000

178,000

 

Additional Information

• The initial cash investment for both plants will be £78,000. The purchase would take place on January 1, 2021. It is assumed that all other cash flows would be received on 31 December each year.
• Both plants would have a life of six years. Plant 1 has no residual value and plant 2 has a residual value of £10,000.
• The company uses a straight-line method of depreciation.
• The cost of capital is 16%.

Task

a) Using appropriate investment appraisal techniques, advise senior management on whether they should opt for project Alpha or project Beta.

b) Discuss the limitations of using investment appraisal techniques in long term decision making.

AC3059 Financial management

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