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摘要:Financial Analysis and Control Systems Financial Examination of Abbeycrest 该组织在最近的年度报告中的财务健康状况Abbeycrest亮相。请......


该组织在最近的年度报告中的财务健康状况Abbeycrest亮相。请注意专门的组织管理编制的财务报表及报告。这些都是目前在上述年度报告中为了进一步丰富这一分析的相关剪报。
The financial health of Abbeycrest is unveiled by looking at the most recent annual report of this organisation.  Attention is devoted to the financial statements and accompanying reports prepared by the management of the organisation.  These are present in the aforesaid annual report.  Pertinent newspaper clippings are also considered in order to further enrich this analysis.  Ratio, horizontal and trend analysis are also adopted in the firm to outline its financial strengths and weaknesses.  These ratios are computed in Appendix B, which are classified in accordance to profitability, liquidity, efficiency, long-term solvency and investor.  This paper will provide useful information that can help stakeholders in their decisions pertinent to the company (Lewis et al., 1996).

A press release outlined in Reuters concerning the final results of 2011 of Abbeycrest outlines that the organisation is facing financial problems.  Before entering into a detailed financial analysis of the company in line with the aforesaid methods it is opportune to consider the strategy that management is presently adopting.  The strategy of the board of directors emphasises the importance of providing higher value-added and provide an alignment of the branded jewellery collections with the envisaged global jewellery trends (Reuters, 2011).  Management is optimistic that such strategy will work and will enhance the deteriorating financial performance that the firm is presently facing (Reuters, 2011).  However, in the annual report of the organisation under the Chairman’s Statement, the chairman Simon Ashton is admitting that the higher value-added collections failed to provide the financial progress that management anticipated (Abbeycrest, 2011, p 1).  Indeed, if one had to consider the value-added as a percentage of sales this declined from 35.8% in 2010 to 32.8% in 2011.  The reason behind such fall is due to declining profit margins (Abbeycrest, 2011, p 12).  In this respect, the chairman is contending that management is reviewing its strategy and is placing greater emphasis on diminishing operating expenditure (Abbeycrest, 2011, p 1).  The revised strategy will also try to build branded jewellery collections and penetrate growing luxury segments (Abbeycrest, 2011, p 2).  Specific strategies identified by the chairman of the organisation encompass the following (Abbeycrest, 2011, pp 2 and 3):

·  Sustain the growth of Brown and Newirth brand by providing a careful retail presence;
·  Change the internal culture and market perception of the organisation that can progress the positioning of the products in the market and also the brand value.  It is envisaged that such improvements will increase sales revenue and also increase the present profit margins;
·  Employ Key Account Managers in the Essentials Division in order to improve the market presence of the organisation in the Asia-Pacific markets.  Such increase can be further stimulated by the online shop that management is planning to launch which also allows the testing of new concepts and enhancement of brand recognition; and
·  Enhance the penetration of Brown and Newirth in the UK engagement ring market by providing new collections that are sustained by visual merchandising.Table 1


The ratios determined in Appendix B are summarised in Table 1.  These ratios show deterioration in the profitability of the organisation.  The operating profit margin highlights the operating income generated out of every £100 of sales.  There is a decrease in such ratio, which means that the cost efficiency is deteriorating substantially leading to operating losses (Randall, 1999).  Such premise can be sustained by one of the key performance indicators noted in the annual report.  The operating overheads excluding exceptional items increased from 8,012 to 8,187 during the years considered (Abbeycrest, 2011, p 12).  The business and financial review of the annual report outlined that such reduction is mainly due to the Essentials Division (Abbeycrest, 2011, p 6).  The net profit margin is highlighting a similar trend.  This ratio shows the net profit derived from sales in percentage terms (Randall, 1999).  An examination of the income statement shows that such loss was increased by exceptional items that lead to higher expenditure of £1,877,000 (Abbeycrest, 2011, p 32).  These exceptional items encompass the onerous lease provision, restructuring expenditure of the brands division and restructuring costs of the essentials division (Abbeycrest, 2011, p 45).  However, the organisation still incurred losses before exceptional items of £1,093,000.  Therefore, the cost efficiency problem noted above is of a substantial nature and management needs to adopt remedial solutions quickly. In fact, the operating profit margin before exceptional items for the group still diminished by 0.8% (Abbeycrest, 2011, p 6). One of the reasons behind such rising costs identified in the chairman’s statement encompasses an increase in commodity prices and changes in retailers’ action performed to protect their volume.  This led to tighter profit margins (Abbeycrest, 2011, p 1).  Measures that could be adopted to limit expenditure entail the preparation of a value added statement, which shows the value adding activities.  Management can thus identify the expenditure that is not adding value and which can be removed (Lucey, 2003).  The return on capital employed shows the effectiveness of management in generating operating profits from the capital employed (Randall, 1999).  This ratio also decreased in view of the operating losses noted above.  Such ratio further highlights the need of controlling the excessive costs that are present in the firm’s operations.  As already outlined above the organisation is seeking to employ new Key Accounts Managers in the Essential Division who can revive such department, which as highlighted in this paragraph is a concern for the firm’s profitability.  Management is also planning to improve the Essential Division by transferring the skills and expertise of Brown and Newirth Creative Director to such department.  It is believed that Julie Large can enhance product positioning and sales by reshaping the present product range into fashion-led collections.  In addition, the Essentials Division financial performance will be supported by  recruiting a new Sales and Marketing Director (Abbeycrest, 2011, pp 1 and 3).  Often new management can be helpful by providing new ideas.    
The last profitability ratio outlined in Table 1 looks at the effectiveness with which total assets were utilised to generate sales revenue.  The increase in the asset turnover ratio shows that such effectiveness has actually improved (Randall, 1999).  This is despite the revenue of the organisation decreased by 2.95% in 2011.  The asset turnover ratio increased because the total assets diminished by a higher rate in 2011 of 13.98%.
 

Table 2
该公司正在塑造流动比率突出能力的流动资产和流动负债(麦肯思国际律师事务所,2003年)关于这个比例下降等方面的弱点。这是产生流动资产减少18.05%,而流动负债减少了较低的利率为5.98%的原因。
The current ratio highlights the ability of the current assets to cover the current liabilities (McKenzie, 2003).  The firm is portraying a weakness on such aspect since there is a decline in this ratio.  This is arising because the current assets decreased by 18.05%, while the current liabilities diminished by a lower rate of 5.98%.  Such a decline raises concerns about the liquidity of the organisation.  On a similar vein, the quick ratio also declined from 2010 to 2011.  This ratio portrays the ability of the liquid assets to cover the current liabilities.  Liquid assets basically comprise the current assets excluding inventories (McKenzie, 2003)

Table 3
The efficiency ratios outlined in table 3 can help to identify specific reasons behind the movements in profitability and liquidity noted above.  In this respect references will be made to the previous two sections if applicable when examining the efficiency ratios.  The inventory holding period outlines the number of days that the firm takes on average to sell the inventory held in stores (bizwiz, n. d.).  There is a decrease in the inventory holding period of 15 days, which is favourable for the organisation both in terms of profitability and liquidity.  In the business and financial review section of the annual report management outlined that inventory diminished by 13% in 2011.  This is in line with a plan that was enforced the past five years targeted to reduce the firm’s inventories.  Indeed in the last five years inventories decreased by 70% (Abbeycrest, 2011, p 4).  A decrease in this ratio and inventories is good for profitability because the holding costs of inventory decrease.  With respect to liquidity it will help the cash flow of the firm because money will be tied in inventory for a shorter time frame (Eakins, 2002).
 
 
 

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