作业8Word下载.docx

作业8Word下载.docx

《作业8Word下载.docx》由会员分享，可在线阅读，更多相关《作业8Word下载.docx（15页珍藏版）》请在冰豆网上搜索。

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

2013

Tradepayables

13,821

22,900

18,481

Sharecapital

14,558

Sharepremium

42

Retainedearings

187,750

223,820

261,607

c）Accountingratios

AccountingratiosforRenishawplc2011,2012and2013

Ratios

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%

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%

2012=83188x100=25.06%

331892

2013=81974x100=23.63%

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

2012=186578-53983=2.35

56380

2013=186551-65268=2.77

43775

iii）Efficiency

Accountsreceivabledays=Receivablesx365

2011=61533x365=77.78days

2012=83407x365=92.73days

2013=68082x365=71.64days

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

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