Finance Morocco

8/11/2019 Finance Morocco

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Table of ContentsIntroduction .................................................................................................................................................. 2

Why the financials of the company are important for investors ................................................................. 2

Role of investors and shareholders in a company ........................................................................................ 3

Ratio and Ratio Analysis ................................................................................................................................ 3

Profitability Ratios ..................................................................................................................................... 3

Operating Profit Ratio ............................................................................................................................... 3

Net Profit Ratio ......................................................................................................................................... 4

Liquidity Ratio ........................................................................................................................................... 5

Current Ratio ............................................................................................................................................. 5

Acid test ratio/ Quick ratio........................................................................................................................ 5

Solvency Ratios ......................................................................................................................................... 6

Debt to Equity Ratio .................................................................................................................................. 6

Debt to Asset Ratio ................................................................................................................................... 6

Efficiency Ratio .......................................................................................................................................... 7

Return on Equity ....................................................................................................................................... 7

EBITDAR Margin ........................................................................................................................................ 7

Accounts Receivable Turnover ................................................................................................................. 8

Asset Turnover Ratio ................................................................................................................................. 8

Non-financial information ......................................................................................................................... 9

LO2: Critically analyze the role and function of financial information in the management of a business . 10

LO3 Critically analyze the issues and debates concerning the financing and investment decisions of firms

.................................................................................................................................................................... 13

References .................................................................................................................................................. 19


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Introduction

In this report we will perform the analysis of the financials of a company from the investor pointof view. In order to study the financials we have considered the emirates group. The group is

based in Dubai and is an international aviation holding company. The company is also having its

headquarters in Dubai. The group comprises Dnata which provides ground handling facilities at

major airports and Emirates Airlines which is the largest airline of United Arab Emirates. The

company is wholly owned by the Government of Dubai. The company serves around 61

countries.

The group was founded in the year 1959 by Sheikh Ahmed Bin Saeed Al Maktoum.

Emirates vision is to build and maintain the market leadership. The leadership of the company is

strived to implement innovative ideas. The company continues to maintain high level of ethics

while dealing with its customers. It also takes responsibility for serving the society and

environment. The company has built its brand name and reputation over a long period of

consistent by following good policies and excellent results.

The mission of Emirates is to maintain a steady growth rate in the years to come. This growth

rate needs to be maintained in spite of all the adverse situations that are affecting this industry.

Emirates are the most successful airlines in the Middle East and are being growing consistently

for the past 25 years. This growth period had been characterized by various hurdles that the

company has overcome in this long journey.

Why the financials of the company are important for investors

In this report, the main purpose is to study the financials which are considered by the investors.

This is because the financials depict the position of the business in comparison to the other

players in the industry as well as in the diversified market. As the investors are mostly interested

in fetching good returns for their investment thus they are required to analyze the financials of a

company before investing in the company. This is the reason why the shareholders are

considered the most important stakeholders.


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Role of investors and shareholders in a company

The organization derives its capital from the contributions of the shareholders. The shareholders

are the holders of equity capital of the company. This gives them the voting power which affectsthe operations of the organization. Thus they are being considered as the primary stakeholders as

they are the finance providers to the organization and the organization requires capital at regular

intervals in order to ensure smooth functioning. Thus the organization needs to perform its best

so as to generate returns for the shareholders (Groppelli and Ehsan, 2000).

So, the perspective of the shareholders is instrumental in nature as they provide finance in order

to reap good returns from the organization.

Ratio and Ratio Analysis

The ratio analysis is being done to find out the relationship between the various figures of a

financial statement. The ratios are used to identify the trends for a company over time or to

compare the financial statements between different companies.

Here in this section we will discuss the various ratios that are important from the point of view of

the investors.

Profitability Ratios

Profitability ratios are meant for calculating the operating efficiency of the company. Two ratios

under Profitability are Operating profit ratio and net profit ratio. The profitability ratios are being

considered one of the important ratios which affect the decision making of the investors. No

investor would prefer investing in a firm which is incurring losses; hence the first performance

metric is the profitability ratio (Houston et al., 2009). The profitability ratios for emirates are

discussed under:

Operating Profit Ratio

The Operating profit ratio is being calculated as a percentage of the sales.

Operating profit ratio for 5 years


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Year Operating Profit Net sales Operating profit ratio

2012-13 2839 71159 = 2839/71159 *100 =

3.98%

2011-12 1813 61508 = 1813/61508*100 =

2.94%

Net Profit Ratio

The Net profit ratio is being calculated as a percentage of the sales.

Net profit ratio for 5 years

Year Net Profit Net sales Net profit ratio

2012-13 2408 71159 = 2408/71159 *100 =

3.38%

2011-12 1620 61508 = 1620/61508*100 =

2.63%

The operating profit ratio of the company for the two year period has varied between 2 -4%. This

profit has been earned by the company after paying for the variable costs. A good margin is

required to pay for its fixed costs. This gives an idea of the earnings of the company before any

interest or tax is being paid. Though the company is not having very high operating margin but it

is sufficient enough to pay the fixed costs.

The net profit ratio of the company for the five year period varied between 2-4%. This is quite in

line with the operating profit of the company; hence it can be said that the rise in sales is

resulting in the rise in net profits but the cost of the company is certainly high which is resulting

in low operating and net profit and which can only be increased by increasing the prices of the

services (Bodie et al., 2004).


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Liquidity Ratio

Liquidity ratios are meant to measure the liquidity of the company to judge its capacity to pay off

its short term obligations.

Current RatioThe current ratio is calculated by dividing the current assets by the current liabilities. It is used to

measure the liquidity of the company.

Current Ratio for 2 years

Year Current Assets Current Liabilities Current Ratio

2012-13 34947 31319 = 34947/31319 = 1.12

2011-12 25190 25765 =25190/25765 = 0.97

Acid test ratio/ Quick ratio

This ratio is used to measure liquidity for very short term. Thus the ratio is calculated by dividing

the quick assets by the current liabilities. The quick assets include cash, marketable securities

and accounts receivable.

Quick ratio for 2 Years

Year Quick assets Current Liabilities Quick Ratio

2012-13 = 6524+18048+8744

= 33316

31319 = 33316/ 31319 =

1.06

2011-12 = 7532+8055+8126 =

23713

25765 = 23713/25765 = 0.92

The current ratio for the two year period has ranged from 0.9 to 1.2 which is below the average

level which is 2:1. The current ratio should be adequate enough for the company to meet its short

term obligations. Thus it can be said that the company is low on liquidity. At times the low

liquidity of the company also stresses the financials of the company which can produce adverse

results.


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The quick ratio ranges between 0.9 to 1.1 which is quite good for the company and shows that

the company is having good stock of highly liquid assets. The current ratio is lower as it involves

inventory which takes time to be readily converted into cash. Thus from the above position it can

be said that the company is not having sufficient inventory to be considered for the liquidity

needs(Groppelli and Ehsan, 2000).

Solvency Ratios

Solvency ratios are being calculated to judge the ability of the company to pay its debt and other

obligations.

Debt to Equity Ratio

The debt to equity ratio depicts the degree of leverage of the firm. It is calculated by dividing the

debt with the equity of the firm.

Debt equity ratio for 2 years

Year Debt Equity Debt to equity

2012-13 35483 23032 = 35483/23032 = 1.54

2011-12 26843 21466 =26843/21466 = 1.25

Debt to Asset Ratio

This ratio is being used to measure the percentage of assets that are being financed by Debt. It is

calculated by dividing the total debt by the total assets.

Debt to Asset ratio for 2 years

Year Debt Assets Debt to Assets

2012-13 35483 94803 = 35483/94803 *100

= 37.42%


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2011-12 26843 77086 =26843/77086*100 =

34.82%

The debt to equity ratio for the company is between 1.0 to 2.0 which is quite good as it denotes

low leverage for the company. High leverage results in risk for the company as it involves fixed

payments and thus the chances of high returns for the investors is also reduced.

The debt to asset ratio has increased from 34% in 2012 to 38% in 2013 for the company. The

ratio has increased which is a good sign that more of assets are being financed through debt but it

should not be more than 50% as debt has to be paid back after the tenure is over. This is because

the debt has a fixed maturity after which needs to be paid off.

Efficiency Ratio

The efficiency ratios are used to manage the efficiency of the company in using the production

and resources. There are various ratios considered by investors like Return on Equity, Asset

turnover, EBIDTAR margin etc.

Return on EquityThe return on equity is calculated by dividing the net income by the total equity. This is an

important factor for the investors as it is concerned with the return that the investors will be

getting on the investments made in Emirates.

2012 2013

ROE 7.2% 21.4%

EBITDAR Margin

This is the net of expenses over the revenues but also takes into consideration the restructuring or

rent costs so that the net amount going to the shareholders or investors could be determined

2012 2013


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EBITDAR 17.2% 19%

Accounts Receivable Turnover

This ratio is being used to measure the efficiency of the company in extending credits to theparties and for collection of debts. As we have only data relating to the sales thus we are

assuming all are credit sales.

Accounts Receivable turnover for 2 years

Year Net sales Accounts Receivable Accounts receivable

turnover

2012-13 71159 8744 =71159/8744 = 8.13

2011-12 61508 8126 = 61508/ 8126 = 7.56

Asset Turnover Ratio

The Asset turnover ratio is being used to measure the efficiency of the company in managing its

assets.

Assets turnover ratio for 2 years

Year Sales Assets Asset turnover ratio

2012-13 71159 94803 =71159/94803 *100 =

75.05%

2011-12 61508 77086 =61508/77086 *100 =

79.79%

The return on equity for the investors of Emirates has increased 3 times from 2012 to 2013

which makes it an attractive company for the investors.


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The EBITDAR margin is quite good as the investors are fetching good returns even after

meeting all possible expenses (Houston et al., 2009).

The accounts receivable turnover ratio for the company has ranged from 6 times to 8 times which

is not quite high. However as the ratio is low there is a risk that the payments will not becollected. Thus a company needs to re-assess its credit policy.

The asset turnover for the company has reduced from 80% in 2012 to 75 % in 2013 which shows

the company is not efficiently managing its assets to generate revenues.

Thus the above were the financial ratios affecting the investors.

But there are certain Non-financial information also which affects the investorsdecisions.

Non-financial information

The important information covered under non-financial is:

Brand Image: Emirates is having a god brand image owing to the excellent service that is being

provided by the company. Hence this also affects the decisions of the investors (Bodie et al.,

2004).

Customer-relation: The Company maintains good relations with its customers by keeping them

satisfied. Hence this also affects the customers making investment decisions.


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LO2: Critically analyze the role and function of financial

information in the management of a business

The main aims of each and every business are maintaining profitability and solvency.

Profitability defines the capability of a given business to generate profit. Solvency on the other hand

defines the ability of a given business entity to pay offits debts as they mature (Hermanson et al, 1992,

p.824). Achievement of such objectives necessitatesefficient resources management. This is achievable

through careful planning and presentation of resources available to the business, an endeavor that is

achieved with the help of financial statements available in accounting. According to the American

Accounting Association, accounting is defined as the process of identification, measurement, and

communication of economic information which facilitate decision making processes within the business

(Okezie, 2002, p. 1). Income statement and balance are critically important financial statements to every

business. While the income statement indicates the businesses profitability and operational results of the

entity, the balance sheet presents the business solvency and hence financial position of the business entity.

This is however not fully visible from the appearance of the balance sheet.

Different formats are often used in preparation of financial statements. However, the choice of

format does not alter the ultimate results (Helfert, 2001, p. 40). Businesses choose methods of

representing financial statements based on its function or nature. However, preparations of such

statements are guided by various global accounting standards e.g. IFRS, and GAAP. Different business

types have different requirements and as such choose different formats. An income statement is among

the three major financial statements that enterprises prepare. It makes available a record of an entities

revenues and expenses for a given duration and hence its serves as a basic measure of profitability (Carl,

2008). As a matter of fact, it often is referred to as a profit-and-loss statement. In general, an income

statement can be defined as a scorecard that provides a summary of revenues and expenses incurred by a

business enterprise for a specified duration. It is therefore an important tool that managers can use to aid

their daily operations within a firm.


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Managers look beyond the companys earnings as displayed in the income statement. The

document provides insightful information for effective business management including: expenses control,

the amount of interest income and expenses received/paid by the entity as well as taxation levels (Erich,

2001). By calculating the financial ratios, managers are able to establish the rate of return an enterprise is

earning as well as how well the assets are managed. Additionally, the ratios allow managers to compare

their entities performance to that of others within the industry. Such ratios include: gross profit margin,

net profit margin and operating profits margin among others (Carl, 2008, p. 121).

Understanding financial statements is crucial to both current and future positions of the business.

It acts as a basis for evaluation of the current position of the business. The income statement can be used

as a tool for review of financial information and hence ensure that the business generates adequate capital

to pay for its expenses and at the same time remunerate the owner with profit (Erich, 2001, p. 84).

As Hermanson et al. (1992, p. 824) states, analysis of financial statements involves application of

various accounting analysis tools and techniques which help in establishment of important relationship

between various financial statement elements.

Financial reporting is often considered from two perspectives, decision-usefulness and

stewardship roles. Recent revisions in IASBConceptualFramework make important to deeply

consider decision usefulnessandstewardshipwith respect to how accounting information are

used. Put more succinctly, decision usefulness primarily focuses on use of information to

create decisions relating to investments and valuations. As a result, it conventional requires

future-oriented information. This is what is referred to as ex anterole ofinformation. In contrast,

stewardship focuses on use of information in monitoring managements capital use after it has

been invested. This constitutes ex postrole. In many instances, this role of information places

emphasis of past actions and in many instances, it implicates major financial statement

information including earnings/share and leverage ratios, among others, unequivocally in

agreements between lenders, investors and managers.


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Despite the term stewardship being widely used, both academicians and benchmark

setters express some discomfort in relation to the terms usage (Lambert, 2010). As a result,

there are instances where contractingor accountability rolesare used as alternatives. In a

similar manner, financial decisionmaking roleis in some instances referred toasvaluationor

decision usefulnessaccounting information role.

Kotharietal.(2010) studied theoryofstandard setting and emphasized that stewardship and

performance measurementare the main aim offinancialstatements; a view that was challenged

by Lambert (2010). Nonetheless, there is clearconsensus thatwhilstinformation fordecision

makingis in many instances usefulfor purposes of stewardship,thesetwo roles arenotoftenaligned (Lambert,2010).

The information used in achieving these roles is however inter-related. According to

Erich (2011) a financial statement reveals information critical to a firms operations as well as

profitability. Essentially, it is a financial tool that managers can use to evaluate how successful

their business operations are towards fulfillment of its prime objective, which most often than

not, is to make profit (Carl, 2008). A variety of management decisions are made on basis of this

statement. Managers can constantly review product pricing on basis of profitability and growth

recorded. It basically allows managers to evaluate how effective the adopted pricing strategy

has helped the company attain its objectives (Erich, 2011). Other than face value analysis,

managers can obtain various financial ratios from the income statement and use the same to

justify decisions made during a trading period.


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LO3 Critically analyze the issues and debates concerning the

financing and investment decisions of firms

Starting a business comes with various challenges. People often rush to open businesses

without proper planning and knowledge on how to run them. It is not a surprise that most

businesses always go under after a short period of operation (Harry et al., 2004, pp. 34). This is

attributed to extreme optimism that often accompany new business establishment. People get

into businesses with a lot of expectations and fail to plan for any pitfalls they may encounter

along the way. Many business article authors stress the importance of critically analyzing

financial implications associated with any new business venture (Harry et al., 2004, pp. 39). In

any business it is important not only identify sources of financing available to the business but

also assess the implications of using each individual source. To successfully choose the best

financial direction to take in starting a business, one must understand the financial implications

of his/her chosen financing method (Angelico, 2000, pp. 76). Other than comparing financing

options available, decisions on the investment approach should be based on appropriate and

relevant financial information. This paper extensively evaluates funding options, investment

decisions and financial decision making. This process is aided by the case study provided.

There are a number of financial sources of financing a business, not all are applicable to

every business. Each comes with a basket of goodies and likewise constraints. For one to

operate a business with minimum possible constraints, its important to choose a financing

option that best suites his/her business interests. Personal savings is often the most convenient

financing for a business. It comes with minimal constraints needles to mention that in case a

business fails, one is not left with plenty of debts to pay. As such the only source of internal

funding available to Mrs. S. Kotta is personal savings.


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Other than the aforementioned internal finance sources, a business may opt to outsource

finance. This involves obtaining finance from sources outside the business. As

Internal Sources of Funding

Personal

savings

Own savings

Sale of fixed

assets

Fixed assetsinclude thoseassets which arenot consumedduring productionprocess.

Working capital

The differencebetween thecurrents assetsand the currentliabilities

Retained

earnings

Profits that areretained withinthe business afterdividend payouts

Figure 1: Sources of Internal financing

External Sources of Fundin

Ordinar shares

Non-ownership Ownership

Preference shares

Debentures

Bank overdrafts

Loans

Hire Purchase

Leases

Franchising

Venture ca ital

Figure 2: External sources of business financing


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Different sources of financing impact differently on the business (Kleiman, 2010, pp.

232). This can best be defined in terms of advantages and disadvantages of the respective

financing options see table below:

Points Advantages Disadvantages

Personal

savingsNo collaterals required

Paper work is not mandatory

Does not necessarily involve interestpayment

Payment duration is not stringent

Not applicable where large sumsare required

In case the owner needs the moneyprematurely, business may facecash flow problems

Retained

profitsNo payback

No interest payable

No debt capital increment

Outsiders are not involved

Opportunity costs involved

Not available for starting businesses

Working

capital

No costs convolved

No repayments

No external influence

No debt capital increment

Opportunity costs involved

Not suitable for long-terminvestments

Large funds cannot be availed

The business fully bears the risk

Affects current ratio of the business

Sale of

assets

No repayments

No interest payments

Can be used to raise large amount of funds

Ideal for replacement assets

Loss of income generation

opportunities

Similar assets may cost more later


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Ordinary

shares

Permanent source of capital

Ability to raises large funds

No collateral

helps reduce gearing ratio

Issuing shares is time consuming.

Incurs issuing costs.

Legal and regulatory issues to

comply

Takeover possibilities

Groups of equity shareholdersholding majority of shares canmanipulate the control andmanagement of the company.

May cause overcapitalization

Shares may not be bought backafter issuePreference

share issue

Management retains control due to non-voting rights

They are paid fixed rates regardless ofperformance

Large amounts of capitals can be raised

Redeemable preference shares can be

redeemed

They have to paid even whenbusiness incurs loses i.e. cumulative

Taxable income not reduced as isthe case for debentures

Debentures No voting rights

Tax benefits

Redeemable when business has surplusfunds

Interests payable regardless ofperformance

Borrowed money has to be paid asscheduled

Bank

overdraft

No security required

Ideal for immediate cash flow problems

Faster

Interest only payable on overdrawing

Since its a short term debt, its notincluded in gearing ratio calculation

Amount limitation

Interest is payable

Cover only short-term needs

Can be recalled by the bank at anytime


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Loans Large amounts can be borrowed

Lender does not influence decision making

Payment rate is not mandatorily fixed

Interest rate lower compared to bankoverdraft

Collateral required

Payment has to on schedule if notearlier

Interest is payable

Affects gearing ratio

Hire

purchase

Gain on asset prior to payment

Affordable installments

It is a taxable expenditure

Ownership is transferred at end of payment

Ownership pending until paymentcompletion

Payment exceeds value

Possible repossession

Lease Use of asset before full payment

Total cost pre-determined hence ease ofbudgeting

Payments only made for usage duration

Ownership is retained by theleasing company.

Venture

capital

Large sums of capital available

Investors bring in experience and expertise

Investors claim equal interest inbusiness and may influencestrategic decision making

Investors may want to exist thebusiness at some stageFranchise Access to brand

Access to capital pool

Loss of control of business

Table 1: Advantages and disadvantages of different sources of finance (Kleiman, 2010, pp.

235).

Financial planning is critical to business success. It influences the general operations and

ability of a business to meet its obligations(Kleiman, 2010, pp. 236).


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With a wide array of financing options, it is vital to critically evaluate a number of

factors before conclusive deciding on the appropriate financing option. Factors necessary to

make appropriate financing option decisions include (Christie, 2009, pp. 231):

Capital requirement

Funds urgency

Costs associated with financing option

The risks versus rewards

Financing duration

Business gearing ratio

Business control

Various tools are available for analysis of investments. The first toll commonly

encountered in investment analysis is the Net Present Value. It illustrates the revenue/savings

that will be gained from the investment, less associated costs. The future values are brought to

the present using a compound interest known as the discounted rate. It is widely used due to its

provision of a sense of direction as to how much the project will generate. Additionally, it

represents a tool for making decisions regarding mutually exclusive projects (Parker, 2011, pp.

260). The internal rate of return is also widely used in investment analysis. It gives the measure

and the ability of the investment to repay invested capital (Parker, 2011, pp. 263). Basically, it

gauges the businesses internal merit. It provides the rate of money generation for the project.

Other than the two, other methods employed include cost benefit analysis and gauging of the

payback period. The MCR is the maximum capitalization risk. The payback period on the other

hand indicates the period it takes to recover an investment from the business. It however does not

fully account for the time value of money.


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Documents

Finance Morocco