Financial Analysis Of Tesco PLC

Financial Analysis Of Tesco PLC Tesco Plc is a leading UK retailer that operates in 13 countries across Asia, Europe and the United States. In order to evaluate Tescos financial positions in the market, vertical, horizontal and ratio analyses will be implemented. In addition, this report will benchmark two main competitors of the company, namely Morrisons and Sainsburys. Finally, in conclusion it will provide some recommendation for future investors and for those who are considering future employment in the company. 1. Review of Tescos financial fundamentals over the last 5 years. In order to examine Tescos performance, vertical analysis of the financial fundamentals for 2006-2010 would be implemented. 1.1 Income statement trends Table 3: % change PL account 2006/07 2007/08 2008/09 2009/10 Sales 8.08% 10.92% 13.95% 5.59% Cost of sales 8.17% 10.83% 13.84% 5.21% Gross profit 14.37% 4.82% 15.29% 10.08% Expenses 8.27% 10.47% 14.48% 5.80% Operating profit 16.14% 5.40% 13.54% 9.09% Finance income -21.05% 107.78% -37.97% 128.45% Finance cost -10.4% 15.7% 91.2% 21.13% Tax 18.95% -12.8% 17.8% 6.6% Retained profits 20.49% 12.16% 0.38% 9.26% Source: Tesco PLC Annual Report and Financial Statements 2007/10 Sales are the main measures for business growth. Tescos revenue has increased by 7.14% per year for the last 5 years. The slowing GDP growth and the deteriorating consumer confidence, which was result of the recent economic downturn, were the main reasons for the recent slowdown in the rate of growth. The absolute level of sales has still increased. of the companys sales levels. Notwithstanding the challenging economic environment, Tesco managed to maintain strong margins due to significant investments in new stores and lower prices, better pay rates and effective cost management. The lowest operating and gross profits figures were registered in 2007/2008 but this was a result of  £89m investment in US and integration cost from market acquisitions in Czech Republic, Poland and Malaysia. The most significant figure in 2009 is the increased amount of finance costs, from  £250m to  £478m or by 91.2% that was result of increased average net debt level slinked to acquisitions and foreign exchange movements, higher coupon rates on commercial paper and unfavourable changes in the non-cash IFRS elements of the interest charge (Tesco PLC Annual Report and Financial Statements 2009). This considerably affected retained profits and a slight increase by 0.38% was registered. Finally, in 2010 there was a significant increase of the finance income by 128.45%, resulting growth in the retained profits by 9.26% due to the consolidation of Tesco Bank. 1.2 Balance sheet trends Table 4: 2006/07 2007/08 2008/09 2009/10 Current assets 16.76% 37.67% 122.94% -16.23% Inventories 31.90% 25.84% 9.84% 2.25% Trade receivables 20.96% 21.50% 37.15% 5.01% Non-current assets 8.51% 17.96% 34.45% 6.77% Current liabilities 9.69% 25.90% 75.78% -11.23% Non-current liabilities 8.62% 31.48% 87.75% 2.06% Shareholders funds/Equity 11.93% 12.59% 9.18% 12.97% Source: Tesco PLC Annual Report and Financial Statements 2007/10 According to the balance sheet in 2007, the increase in stock and debtors outpaced sales that was quite inconvenience, while the fixed assets were satisfactory. The problem with the stock trend was reversed in 2009 and 2010, but the debtors level, and the liabilities along with the fixed assets grew faster than sales in 2009 as a result of the economic downturn and the consumers uncertainty (see table 4). 2. Ratio Analysis of Tesco Financial ratio analysis is one of the most common methods that provides a quick and relatively simple means of assessing the financial health of a business ( Atrill McLaney, 2006, pp168). 2.1 Profitability Ratios Profitability ratios provide an insight to the degree of success in achieving this purpose (Atrill McLaney, 2006, pp169). Table 5: 2006 2007 2008 2009 2010 ROSF 16.69% 17.96% 17.90% 16.57% 15.91% ROCE 12.70% 12.60% 12.70% 12.80% 12.10% Net profit margin 5.78% 6.21% 5.90% 5.88% 6.07% Gross profit margin 7.67% 8.12% 7.67% 7.76% 8.10% Source: Tesco PLC Annual Report and Financial Statements 2007/10 According to table 5 Tescos ROSF ratios vary between 16-18% and ROCE between 12-13%. In 2007 and 2008 the ratios are tend to increase while in 2010 a considerable drop can be noticed. This reduction is result of the companys strategy to continue investment even during the recession that has affected the returns in short term, but at the same time it promises progress in long term aspect (Tesco PLC Annual Report and Financial Statements 2010). Net profit and gross profit margin ratios have been also remarkably consistent over the 5 years period. Despite the recent economic downturn, Tesco managed to maintain its strong positions and due to efficient cost management, price cuts and increased focus on its clubcard loyalty cart, it raised pre-tax profit by 9% in 2010 (http://www.guardian.co.uk). 2.2 Efficiency Ratios Table 6: 2006 2007 2008 2009 2010 Stock turnover period (days) 15 18 20 19 19 Sales revenue to cap.employed (times) 2.62 2.56 2.38 1.93 1.90 UK Sales revenue per employee 170,923 177,084 179,840 196,436 196,120 Profit per employee 10,190 11,292 10,814 13,065 14,303 UK Sales per square foot 1303 1325 1322 1318 1311 Source: Tesco PLC Annual Report and Financial Statements 2007/10 Generally, the efficiency of Tescos performance during the last 5 years is persistent. Stock turnover ratio has been remarkably steady and has varied between 19-20 days over the last 4 years which is evidence for a good control of stock. However, from 2006 to 2010 sales revenue to capital employed ratio decreased significantly from 2.62 to 1.90 (by 27.5%) which was result of the considerable increase in the level of shareholders funds and non-current liabilities (by 173% and 55% respectively). Additionally, the most important ratios measuring business efficiency are sales per employee and profit per employee. Tescos ratios are satisfactory notwithstanding the declines in 2008 that are understandable bearing in mind the challenging economic conditions (see table 6). 2.3 Liquidity Ratios According to McLaney Atrill liquidity is vital to the survival of a business for there to be sufficient liquid resources available to meet maturing obligations (Atrill McLaney, 2006, pp169). Table 7: 2006 2007 2008 2009 2010 Current ratio 0.52 0.56 0.61 0.75 0.73 Acid test ratio 0.33 0.32 0.37 0.60 0.56 Cash generated from operations to maturing obligations 0.45 0.43 0.40 0.28 0.37 Source: Tesco PLC Annual Report and Financial Statements 2007/10 Tescos liquidity has considerably improved over the 5 years period due to strong cash generations and tight control of capital expenditure. Working capital also increased significantly, by 20%. However, liquidity ratios are still very low, current ratio varying from 0.5 to 0.7 and acid test ratio from 0.3 to 0.5. This seems disastrously when referencing to some textbooks that suggest that current ratio should be around 2 and the acid ratio should be around 1. But according to Atrill McLaney (2006) the current ratio will vary from business to business and a supermarket chain will have a relatively low ratio, as it will hold only fast-moving inventories of finished goods and all of its sales will be made for cash (no credit sales) (trill McLaney, 2006, pp 187). (See table 7) 2.4 Financial Gearing Ratio Gearing ratio is one of the most important indicators regarding the degree of risk associated with a businessà ¢Ã¢â€š ¬Ã‚ ¦it tends to highlight the extent to which the business uses loan finance (Atrill McLaney, 2006, pp169). Table 8: 2006 2007 2008 2009 2010 Gearing ratio 37.23% 36.53% 40.03% 53.86% 51.08% Interest cover ratio 6.26 7.04 6.81 5.64 5.01 Source: Tesco PLC Annual Report and Financial Statements 2007/10 There are no significant changes of Tescos gearing ratio during the last 5 years; it peaked at 53.9% in 2009 due to the significant increase of the long-term liabilities and the shareholders fund resulted of Homever acquisition in South Africa. On the other hand, interest cover ratio decreased significantly from 7 in 2007 to 5 in 2010, but the company still will not have problem to meet its interest (see table 8). 2.5 Investment ratios Investment ratios give an answer to the key question whether shares should be bought, sold or hold. Table 9: 2006 2007 2008 2009 2010 Earnings per share 20.04 22.36 26.95 27.14 29.33 P/E ratio 16.5 19.9 14.6 11.5 13.2 Dividend per share 8.63 9.64 10.9 11.96 13.05 Dividend cover 3.57 4.07 2.69 2.42 2.41 Dividend payout 27.98% 24.59% 37.18% 41.30% 41.44% Dividend yield 2.6% 2.2% 2.7% 3.6% 3.1% cash from operations /number of shares 0.44 0.45 0.52 0.63 0.75 Source: Tesco PLC Annual Report and Financial Statements 2007/10 Tescos earnings per share ratio has increased by around 46% over the last five years, which is a good trend. Dividend per share also registered an excellent growth by 51% for the 5 year period. Dividend cover ratio is another important ratio that determines whether company is attractive for investors. Tescos dividend cover ratio is decreasing significantly over the last 3 years, which is good for investors looking for capital appreciation. However, low dividend cover is unattractive for those seeking income (Fitzgerald, (2002, pp160). Dividend yield is another important investment indicator showing the actual return provided by the company. For 2006-2010 Tescos dividend yield ratio has been quite variable, the lowest rate was 2.2% in 2007 and the highest was 3.6% in 2009. In 2009 the high yield was affected by economic situation and the company was expected to have low profits growth. In contrast, low dividend yields mean that the company is expected to grow its profits quickly (Arno ld, 2004, pp 191) (See table 9). In addition, in 2009 the lowest P/E ratio was registered again because of the expectation for slowdown in profits (Arnold, 2004, pp 187). 3. Benchmark the performance of Tesco Nowadays, retail industry is characterised by very intense competition and in order to obtain clearer picture of Tescos growth, it would be useful to benchmark the company to some of its main competitors, namely Morrisons and Sainsburys, evaluating some fundamental financial indicators. Firstly, it should be taken into consideration the fact Morrisons and Sainsburys operates only at national level and Tesco is operating internationally. Therefore, there would be some significant differences in their indices in comparison to Tesco. Figure 1: Figure 2: Source: Tesco PLC Annual Report and Financial Statements 2010, Morrisons annual report and financial statements 2010 J Sainsbury plc Annual Report and Financial Statements 2010 Figure 1 clearly shows that for 2010, Tesco is the market leader with 63% sales levels compared to the whole three companies revenue. Sainsburys is the second with 22% and Morrisons is the third, registering 16% sales. In terms of profitability good sign is that all the three companies have managed to maintain its position even during the economic recession and continue to increase their profit numbers. However, comparing Morrisons and Sainsburys uncertain fact is that they obtained almost the same levels of profit in 2010, bearing in mind that Sainsburys is much bigger than Morrisons. Thus, Morrisons is found to be more efficient with margin of 5.9%, comparing to Sainsburys ratio of 3.6% (see figure 2). Additionally, while Morrisons and Sainsburys increased their return on capital employed ratio, even slightly, Tesco registered a significant drop in 2010, by 0.7%, result of the consolidation of Tesco Bank. However, from investors point of view, in long term, this is not an inconvenience trend because it will take some time until Tesco Bank start making any profits (see figure 2). Figure 3: Source: Tesco PLC Annual Report and Financial Statements 2010, Morrisons annual report and financial statements 2010 J Sainsbury plc Annual Report and Financial Statements 2010 When it comes to productivity, for 2010, again Tesco is on the top with the highest level of sales per square ft in UK, followed by Sainsburys and Morrisons. In terms of sales per employee, there is not a significant difference between the three retails, although Morrisons is presenting more convenience levels in contrast to Sainsburys (see figure 3). Figure4: Figure 5: Source: Tesco PLC Annual Report and Financial Statements 2010, Morrisons annual report and financial statements 2010 J Sainsbury plc Annual Report and Financial Statements 2010 From all the three companies, in 2010 Tesco registered the highest level of gearing, 51.08%, Sainsburys 38.4% and Morrisons 25.1%, which means Tesco I highly geared. This is not necessary uncertain fact because Tesco is a mature business with strong and reliable cash flows that can allow higher level. In terms of interest cover, Morrisons presents the most convinience positions with ratio of 15.11. Sainsburys and Tescos rates are low (see figure 4 5). Figure 6: Source: Tesco PLC Annual Report and Financial Statements 2010, Morrisons annual report and financial statements 2010 J Sainsbury plc Annual Report and Financial Statements 2010 Finally, Morrisons has the highest earnings per share ratio, 30.36p, but at the same time and the highest dividend cover, which is not very attractive for investors seeking income. Those investors would be more attracted by Sainsburys and Tescos ratio that are quite low, 2.43 and 2.41, respectively (see figure 6). Evaluation Conclusion Based on the analysis above, it could be concluded that Tesco is a growing company that demonstrates very convenience performance over the last 5 Years, increasing revenues and profits. However, in order to take objective investment decision, share prices and dividend trends should be taken into consideration. Over the last 5 years Tesco has increased its market shares. In October 2010, Tesco PLC reported semi annual 2011 earnings of 16.43 per share that is better than the last years result for the same period by 18.20% (markets.ft.com). In comparison to the FTSE 100 Index, for example, it also demonstrates good trends; over the last week Tesco outperformed the FTSE 100 Index (markets.ft.com) (see Table 10). On the other hand, Tescos current share prices (432.00p) do not seem so attractive, comparing to its rivals with lowest prices, Morissons- 269.20p and Sainsburys-376.00p. Additionally, in terms of the dividend yield rates, there is a significant drop from 3.6% in 2009 to 3.1% in 2010. This could be caused by several factors, but at the same time, it could be a warning sign that the prices are raised excessively and they might be overpriced (moneyweek.com). Table 10: Name 1 Week 1 Month 6 Month 1 Year 5 Year Tesco PLC -0.24% +2.48% +8.74% +2.57% +30.59% FTSE 100 Index +1.42% +1.63% +12.91% +10.83% +6.70% Source: Tesco PLC, markets.ft.com Finally, according to the Tescos ratio analysis and the benchmark there are some other uncertainties regarding liquidity and gearing in comparison to Morrisons and Sainsburys, for example. Thus, notwithstanding the satisfying dividend and earnings per share and the strong performance of Tesco, the current share prices do not look very attractive for buying. In this case, Morrisons might be more attractive for future investment noting its successful nationwide expansion, fast growing trend and low share prices. At first glance Tesco seems an attractive place to work as it has significant growth potential and has very strong positions in the market. The companys employment policy is very Overall you have made a good start here. You need to analyse the current share price, dividend yield and P/E ratio for Tesco to see whether it is worth investing. Even if Tesco is a strong performer in a business sense that doesnt mean we should buy its shares. The strength may already be reflected in the share price or, indeed, the shares may be overpriced. You need to look at share price trends and compare with the FTSE 100 or with an index for the food and drug retail sector. Or you could examine TSR and compare that with the competittion. You need to try to get a feel for whether the shares should be bought at the current price. You also havent answered the employment question you need to find some employee related data.

Conservation of natural resources †essay writing Essay

conservation of natural resources Introduction  conservation of natural resources, the wise use of the earth’s resources by humanity. The term conservation came into use in the late 19th cent. and referred to the management, mainly for economic reasons, of such valuable natural resources as timber, fish, game, topsoil, pastureland, and minerals, and also to the preservation of forests (see forestry), wildlife (see wildlife refuge), parkland, wilderness, and watershed areas. In recent years the science of ecology has clarified the workings of the biosphere; i.e., the complex interrelationships among humans, other animals, plants, and the physical environment. At the same time burgeoning population and industry and the ensuing pollution have demonstrated how easily delicately balanced ecological relationships can be disrupted (see air pollution; water pollution; solid waste). Conservation of natural resources is now usually embraced in the broader conception of conserving the earth itself by protecting its capacity for self-renewal. Particularly complex are the problems of nonrenewable resources such as oil and coal (see energy, sources of) and other minerals in great demand. Current thinking also favors the protection of entire ecological regions by the creation of â€Å"biosphere reserves.† Examples of such conservation areas include the Great Barrier Reef off Australia and Adirondack State Park in the United States. The importance of reconciling human use and conservation beyond the boundaries of parks has become another important issue. Read more: conservation of natural resources: Introduction | Infoplease.com http://www.infoplease.com/encyclopedia/science/conservation-natural-resources.html#ixzz2gvJZaFAX Water Conservation We can live without food for three to five days a week, but we cannot stand for living without water for a day. Water is the basis of lives living on earth. But without a proper condition of water, there must be a bad effect on all types of lives as well. As it becoming worse because of the pollution and the climate change, water conservation is the perfect way to improve the quality of water as well as to balance the current and future water needs. To get through the water conservation, we should know the important, the goal and how we can conserve the water. If you have any questions, I’ll be very happy to answer them at the end of my presentation. Ok, to begin with, let’s have a look on what the important of water conservation. To human, water provides us a huge need for the basic needs as we need fresh water for drinking, to cook thing and to use in things we cook; for example, in the soup, cake, dessert, porridge and so on and we also need freshwater to wash ourselves for being clean and hygiene, to wash clothes for being fresh, to wash dishes for getting away from any kinds of gems, and even to wash our vehicles as needed. Freshwater is used in many ways. We can also use freshwater to improve the sanitation, irrigation, industry and so on. To animal, freshwater plays a very important role as their fundamental needs including the home for species and for drinking. Not different from the human kind, animal need water to support their buddies to survive. For water species, water is not only a basic home but also a place for them to get food. To the environment, freshwater can create the green which can also help both human and animal living in a good condition, for they will live in a kind of environment without pollution. Also, by growing greenery everywhere, it is a great function to cause the rainfall from the forest. And that really benefit to the living situation. That’s all I have time for the important for water conservation.

Imagery of Disgust Vulnerability and Separation

Imagery of Disgust, Vulnerability, and Separation Frederick Douglass once said, â€Å"If there is no struggle, there is no progress. † If there was any one person who experienced this first-hand, it would be Frederick Douglass. In his narrative, Douglass writes of many struggles faced by slaves during their confinement to slavery and the progress that came from them. When writing of these struggles, Douglass uses many rhetorical strategies in order to persuade the reader into thinking a particular way about slavery. A particular strategy which Douglass uses is imagery.Imagery, the use of vivid or figurative language to represent objects, actions, or ideas, is frequently used in Narrative of the Life of Frederick Douglass. In Narrative of the Life of Frederick Douglass, Frederick Douglass uses imagery order to persuade the reader to stop slavery. Frederick Douglass uses imagery in his narrative in order to cause the reader to develop disgust for actions taken upon slaves by the ir masters. Slaves were terribly treated by their slave masters during slavery. Many times, Slaves were whipped and punished for no reason.Slave whipping could have been done merely out of displeasure to the master or for taking too much food during the evening meal. In order to portray this message, Douglass uses imagery when writing about the beatings and whippings of his aunt. Mr. Plummer, the overseer of Captain Anthony’s plantation, is said to have taken great pleasure in whipping a slave. Frederick Douglass writes, in the beginning of the narrative, that he awoke many times by the â€Å"heart-rending shrieks† of his own aunt who Mr. Plummer would â€Å"tie up a joist, and whip upon [Frederick’s aunt’s] naked back till she was literally covered with blood. Douglass 3)† The reader is captured by the gruesome imagery which Douglass illustrates in portraying the scenes of a slave-whipping. Writing of these events paints a clearer picture in which the reader is able to learn the true and uncensored events which took place during slavery. This particular picture painted by Frederick Douglass creates a heart-wrenching scene that the reader is able to picture within the mind. This imagery allows the reader to picture the abhorring treatment which slave masters inflicted upon slaves.This causes the reader to think down upon slavery when this type of imagery is brought to the mind. The reader is then more likely to want to put a stop to such an image. Frederick Douglass uses imagery once again in order to depict the vulnerability faced by slaves during slavery. Vulnerability is the act of being susceptible or unprotected to physical or emotional injury. Vulnerability was one of the biggest difficulties faced by slaves during slavery. Frederick Douglass uses imagery in his narrative to depict vulnerability when writing of Master Andrew’s constant whipping of slaves.Douglass writes that Master Douglass â€Å"took [Frederick ’s] little brother by the throat, threw him on the ground, and with the heel of his boot stamped upon his head until the blood gushed from his nose and ears. (Douglass 28)† When describing this scene, Douglass causes the reader to paint an especially gory picture with the mind. This is a very bold picture in which the reader is able to form from the description given by Douglass. When the reader imagines a small boy, beaten and frail, with blood gushing from inside the body to the outside, it causes them to want to help the young boy and save him from his vulnerability to the slave master.Frederick Douglass also would have wanted to help his brother. However, Frederick Douglass watched as his vulnerable little brother was whipped and Frederick was able to do nothing about it. Vulnerability is able to be depicted from both the standpoint of Douglass and his little brother because both were confined by helplessness. This inclines the reader to help this situation of vulne rability and put an end to it. Imagery also is used by Douglass to depict the separation among slave family members. Slaves were bought out by masters during slavery.However, they were not often bought in ‘family packages’. This means that many marriages and siblings could be easily separated. Frederick Douglass uses imagery when writing his mother, Harriet Bailey. In the beginning of the narrative, Douglass writes that he and his mother were separated when he was an infant and scarcely saw her four or five times in the entirety of his life (Douglass 2). Douglass goes on to explain that when he heard of his mother’s death, it was if he had just heard that a stranger passed. He was calloused towards the hearing of her death.This imagery of separation between Frederick as a young child and his mother paints a dismal picture for the reader. When writing that he was separated from his mother as a infant, Frederick Douglass gives the reader a picture of a baby being t aken from its mother without consultation. Mothers are often seen as those who possess the skills and needs necessary to care for a young child. When stripped of these needs, the child suffers. Douglass uses this imagery in order to capture the reader’s sympathy for separation of the mother and child in hope to incline them to put a stop to it and slavery.Imagery was a key which Frederick Douglass used in order to persuade his readers to think down upon slavery. It is important for readers to picture these scenes so that they will know the true events which took place during slavery. The harsh actions of slave maters, the vulnerability of slaves, and the separation of slaves are only a few horrible events which happened during slavery. Certain events grip the mind and hearts of readers to capture what they believe is to be wrong. Frederick Douglass believed slavery to be wrong. Imagery helped Douglass to portray this message in a way that could help the readers relate to the story.

Online Games Vs. Traditional Fantasy Sports - 1366 Words

Daily Fantasy Sports (DFS) are online games where players build a lineup of athletes from a specific professional sport and earn points based on their in-game performance. Players are allotted a budget that they can spend on salaries for athletes to fill out their roster. Salaries for athletes vary based on factors such as skill level, quality of opponent, and injury concerns. The key to winning in DFS is to find players that outperform the value salary in order to help the team score more points. While similar to traditional fantasy sports which last throughout the entire season of a sport, the single-day aspect of DFS is what sets them apart. DFS require less commitment and offer instant gratification. DFS are a relatively new†¦show more content†¦Determining the relative value for each player is a major component of DFS. The decision-making that goes along with setting a lineup with these stipulations is a perfect example of microeconomics and is comparable to the concept of sabermetrics in baseball. DFS, as an industry, can also serve as an example of economics at the macro level. After being around for not even a decade, DFS became one of the fastest growing industries in the United States. According to the Wall Street Journal, FanDuel’s revenue nearly doubled in 2015 to about $100 million (Berzon). In addition, the DFS industries all together were believed to have spent over $300 million on advertisement alone. The surge in advertisement led to mass market exposure for DFS. As a result of both the increase in revenue and exposure, employment rates began to rise rapidly as well. According to FanDuel CEO Nigel Eccles, his company had 400 employees in 2016 and is â€Å"[continuing] to invest heavily in the product† (Berr). 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