作业8.docx
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作业8.docx
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作业8
XiaoganHNDinBusiness
Assignmentcoversheet
Name
(Englishscript)
WanLianjun
Wolverhampton
Studentnumber
1327744
ModuleCode
4AC004
ModuleTitle
ManagingFinancialResources
ModuleTutor
GaoQian
companyname
Renishawplc
Datesubmitted
2014.04.15
Task—AboutRenishawplc
Task1-Research&CollectionofData
a)ResearchintoRenishawplc
RenishawplcisaMulti-NationalCorporation,mainlytoprovidemeasurement,motioncontrol,spectrometerandprecisionmachiningandothercoretechnology.
Thecompany'smainproductsare:
studiedbyRamanspectroscopyandindustrialonlinebyRamanspectrometerandCCDdetector,LaserLaboratory;measurementsystemcoordinatemeasuringmachine,theworkpieceismountedinthemachinetoolsettingreference;systemandcheckinginmachineparts;scanninganddigitizingsystem;instrumentandballbarsystemoflaserinterferencemeasurementandcalibrationformachinetoolhighprecisionpositioningsystem;feedbackencoder(steelbeltgrating)andotherproducts.
Renishawcompanyobjectivesthelong-termpartner,providingqualityproductstomeetcustomerneeds,gettingcustomerresponse,experttechnicalandcommercialsupport.ItsmaincompetitorsareOxfordinstrumentsMedicalLtdandMalvernInstrumentsLtd,etc.
Thecompanykeyissuesaremarket,Innovativeproductstomarket,innovativeproductsarehighqualityandlowpricecannotbejustifiedbythemarketdevelopmentspace.Competition,Fiercecompetitioninthemarket,competitorsaretoopowerful.Technology,constantlyupdatetheirproducts,improvetheirtechnologyandsoon.
b)Sourcesoffinance
FinanceusedbyRenishawplcduring2011,2012and2013
Typeoffinance
2011
£‘000
2012
£‘000
2013
£‘000
Tradepayables
13,821
22,900
18,481
Sharecapital
14,558
14,558
14,558
Sharepremium
42
42
42
Retainedearings
187,750
223,820
261,607
c)Accountingratios
AccountingratiosforRenishawplc2011,2012and2013
Ratios
2011
2012
2013
ROCE
29.81%
26.52%
23.39%
Operatingprofit
28.04%
25.06%
23.63%
Grossprofit
55.52%
53.30%
52.52%
CurrentRatio
3.34
3.31
4.26
AcidRatio
2.28
2.35
2.77
Accountsreceivabledays
77.78days
92.73days
71.64days
Accountspayabledays
39.28days
53.93days
40.96days
Inventoryturnover
2.58times
2.87times
2.52times
Gearingratio
25.73%
22.72%
21.05%
Ratios
2011
2012
2013
Dividendyield
1.44%
2.60%
2.61%
Earningspershare(EPS)
90.92
95.62
95.46
Dividendcover
3.78times
2.71times
2.39times
P/Eratio
18.28
14.10
15.87
Task2–AnalysisofData&ApplicationofTheory
a)Sourcesoffinance
Ascanbeseenfromthetable,thecompanyin2011,2012and2013threeyears,SharepremiumandSharecapitalremainingconstantly,thatcompanysizedoesnotexpand.
Retainedearningsoverthepast3yearshasincreasedyearbyyear,thebusinessisgettingbetterandbetter,thefuturedevelopmentofthenecessaryfundsmoreandmore.
Tradepayablesincreasedyearbyyearfrom2011to2012,illustratingthecompanytrytousecreditwaytobuymaterials,delayingthecashexpenditures,from2012to2013decreasedyearbyyear,explainingthecompanytorepaypartofthepurchaseprice.
b)AccountingRatioanalysis
ProfitabilityRatiosanalyse:
FromtheTask1c)canbeseeninthreeyears,thecompany’sROCEreducedyearbyyear,thecompanyoperatingresultsisnotgood.Atthesametime,thecompany'sgrossprofitandoperatingprofitalsoreducedyearbyyear,thecompanynearlythreeyearsprofitabilitydropsyearbyyear.
LiquidityRatiosanalyse:
In2011to2012,thecurrentratioisshorterandshorter,showsthatthecompany'sshort-termdebtpayingabilityisratherpoor,liquiditygraduallyweakened;from2012to2013,thelongertheliquidityratioincreasing,thecompanyshort-termdraftpayingabilityimproved,liquidityincreased.Quickratiooverthepastthreeyearshasincreasedyearbyyear,indicatingthecompanyshort-termdebtpayingabilitygatheredstrength,goodliquidity.
EfficiencyRatiosanalyse:
Thecompanyin2011to2012thecompany'saccountsreceivabledaysincreasedyearbyyear,declaringthecompany'soperationabilityinpoorefficiencyandreduced;from2012to2013accountsreceivabledaysdecreasedyearbyyear,indicatingthecompanyoperatingefficiencyhasbeenimproved.Accountspayabledaysfrom2011to2012increasedyearbyyear,indicatingthecompanyoperatingtheefficiency,trytoextendtheirdateofpayment;from2012to2013accountspayabledaysdecreasedyearbyyear,illustratingthecompanyinthepasttwoyearsthematerialspurchasedafterpaymentsoon.Inventoryturnoverin2011to2012,moreandmorehigh,thecompanysellsstockingoodcondition,productssellquickly;from2012to2013,inventoryturnoverisgrowingless,accountforthecompanyinventoryturnoverisslowing,theremaybeabacklogofinventorygoods.
GearingRatiosanalyse:
Inthreeyears,thefirm'sleverageratiodecreasedyearbyyear,explainingcompany’sdebtpressuredecreased,financialriskisbecomesmall,thecompanymaypaypartoftheloan.
InvestorRatiosanalyse:
Renishawcompanyforthreeyears,dividendyieldishigher,theholdingperiodreturnrateishigher.From2011to2012earningspershareincreasedyearbyyear,showsthecompany'sprofitabilityisgettingbetterandbetter,createdmoreprofits,however,from2012to2013decreasedyearbyyear,showsthatthecompanyshareholdersearnedlessprofit.Dividendcoverhigherandhigher,thatcompanypaiddividendmoresufficient,theenterpriseabilitytopaycashdividendsstronger.Price/Earningsratiofrom2011to2012,lessandless,theshareholderslackconfidenceinthecompany'sshareprice,from2012to2013,higherandhigher,indicatingthatInvestorshavemoreconfidenceinthecompany'sshareprice.
c)Costingmethod(s)
i)ThemostappropriateforRenishawcompany‘scostingmethodisJobcosting,jobcostingiscalculatingthecostaccordingtonumberofdon'toranindependentcostobjectseparately,eachgroupcomposedbythesameamountofthesamecostobject.Itissuitableforsinglepiece,smallbatchproductionenterprises,includingheavymachinery,shipbuilding,precisiontools,andotherequipmentmanufacturingenterprises.However,Renishawcompany‘slasertoolsetters,contacttoolsetters,toolbreakagedetectors,touchprobesandhighaccuracyinspectionprobesandotherdevicescanuseit.
ii)ThedirectcostofRenishawcompany‘swagesforproducingtheinstruments,thepurchaseofrawmaterialsandsoon.
Renishawcompany‘sindirectcosthashiredmanagers,water,electricity,CEO,plantrental,rentandsoon.
d)Pricing
RenishawcompanyproducedgoodsfitnessforusingCostplus,Costplusisbasedonthecostofintermediateproductswithacertainproportionofprofitsastheinternaltransferprice.Itsmainincludingthebasicadditionrateselectionanddeterminationofadditive.
Task3–OverallJudgmentonPerformanceofCompany
Renishawcompanyfrom2011to2013businessisnotperfect,operatingprofitdeclinedyearbyyear,netprofitearnedalsohavelosteventhestockprice,managersshouldpayattentiontostrengtheninginternalmanagementinthemanagementofthecompany,increasetheexternalcommunication,employeemotivationandotherconcretemeasurestoimprovethebusinessperformanceofthecompanyandexpandthecompany'sbusinessscope.
Ifyouhadthecash,Iwouldn’tbepreparedtoinvestownmoney
becausethestockpriceswingstoo.
Appendices
AppendicesA
i)Profitability
ROCE=Operatingprofitx100
Capitalemployed
2011=80954x100=29.81%
161310+157370-47097
2012=83188x100=26.52%
183478+186578-56380
2013=81974x100=23.39%
207724+186551-43775
Grossprofitmargin=Grossprofitx100
Sales
2011=160307x100=55.25%
288750
2012=176896x100=53.30%
331892
2013=182177x100=52.52%
346881
Operatingprofitmargin=Operatingprofitx100
Sales
2011=80954x100=28.04%
288750
2012=83188x100=25.06%
331892
2013=81974x100=23.63%
346881
ii)Liquidity
Currentratio=Currentassets
Currentliabilities
2011=157370=3.34
47097
2012=186578=3.3156380
2013=186551=4.26
43775
Acidtest=Currentassets-Inventory
Currentliabilities
2011=157370-49809=2.28
47097
2012=186578-53983=2.35
56380
2013=186551-65268=2.77
43775
iii)Efficiency
Accountsreceivabledays=Receivablesx365
Sales
2011=61533x365=77.78days
288750
2012=83407x365=92.73days
331892
2013=68082x365=71.64days
346881
Accountspayabledays=Tradepayablesx365
Costofsales
2011=13821x365=39.28days
128443
2012=22900x365=53.93days
154996
2013=18481x365=40.96days
164704
Inventoryturnover=Costofsales
Inventory
2011=128443=2.58times
49809
2012=154996=2.87times
53983
2013=164704=2.52times
65268
iiii)FinancialRatio
Gearing=Non-currentLoansx100
Capitalemployed
2011=69865x100=25.73%
161310+157370-47097
2012=71277x100=22.72%
183478+186578-56380
2013=73781x100=21.05%
207724+186551-43775
iiiii)InvestorRatios
Dividendyield=Dividendpersharex100
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