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Finance is often considered as an integral part of the business organization and the backbone of it. The given report aims to analyse the various components of corporate finance using theoretical as well as practical examples. The given report has been divided into four parts. The first part of the report will be analysing the financial performance of the company Unilever for the financial year 2014-2015 and 2015-2016. The given analysis will be done by highlighting five major ratios which are as follows:
The given ratios, which will be used, will enable to understand the financial as well as the profitability aspect of the business. The given report will be analysing the changes that took place between the company during the stated period and the reason for the same. In order to compare the performance to similar firms in the economic environment, the performance of Procter and Gamble along with Nestle has also been calculated for the given purpose; the financial statements of both the companies have been utilised (Abdul-Baki, Uthman and Sannia 2014). Certain recommendations which the Unilever Company can utilise will be provided for the improvement of performance.
The second part of the report throws light on the various budgetary techniques which are helpful for a firm to plan for the future. There are various budgeting techniques such as Zero based budgeting, fixed budgeting and incremental budgeting (Traub-Merz 2013). Each of them will be discussed in order to understand the advantages and disadvantages of each. It is always recommended for the firm to use a combination of two methods for the benefit of the firm.
The third part of the report will be discussing the performance measurement techniques which may be used by a company to evaluate the business performance. Methods like Benchmarking financial methods, balanced scorecard methods and non-financial methods will be discussed with relevant examples. Lastly the last part will be discussing the techniques used by a manager to evaluate the capital expenditure a firm incurs (Arshad 2012). Very often the organization has to face a difficult scenario whereby they need to make a choice between the executions of the various projects. In such a situation, methods like Net Present Value, Average Rate of Return and Internal Rate of Return can be used to make a sensible decision.
Unilever is one of the largest consumer brands in the globe/ The Company has been present in the market for more than 200 years and has been producing more than 400 ranges of products. Unilever operates in more than 100 countries in the world and has its products in more than 190 countries including the developing countries like Africa and Asia. According to Innocent (2015), almost 8 out of 10 households in a part of the globe uses at least one of the Unilever product. Unilever has successfully categorized its products into four different segments as follows:
The group of companies has two primary companies which are the Unilever PLC, with its head quarters in the United Kingdom and the Unilever N.V. which has its headquarters in Netherlands. The companies operate as a single entity and are managed by separate directors.
The competitive environment of Unilever is highly competitive and the business operates within constant pressure from its competitors. This competition has also been increasing due to the pressures and external factors. The annual reports of the firm reflect that the company has been successful in generating a good performance (Askew 2016). The company has performed extremely well in the given FMCG industry.
The key players in the given industry are the companies like Nestle, Procter and Gamble and Unilever therefore, it can be stated that they are the direct competitors of the given firm. These companies sell the same products as of Unilever. The given sections shall measure the performance of the company; Unilever using various ratios such as the follows:
The return on capital can be determined as the relationship which lies between the capital employed and the profit earned by a firm. The given ratio measures the capability of the net assets of the firm in generating profits for the company (Dyson and Franklin 2017). The ROCE ratio is primarily used to reflect the profitability of an organization and thus a company which has a good ROCE is considered to be a highly profitable firm.
For Unilever, the return on capital declined by 130 basis points in the year 2016. It had declined by 820 basis points last year (Baker and Wurgler 2013). Unilever had estimated that there will be a decline in the given turnover of the firm which was rightly experienced and the company suffered a 1% decline in the turnover. On the other hand the turnover has increased by 10% in 2015.
Quite surprisingly, although there was a decrease in the turnover , the operating profit of the firm increased by 3.8% as compared to last year in 2015 where it had declined by 5.8% from the previous year. It can be stated that this might be a result of the cost cutting technique as adopted by the firm (Adam 2014). The given technique, as it can be reflected was extremely successful in increasing the profits for the firm.
The company makes extensive use of zero based budgeting and this could be reflected from their Annual report which reflected that there was a high level of decrease in the various costs of the firm as compared to the data of the previous year where all the costs had actually increased considerably (Fracassi 2016). If the company keeps on performing in he given manner, it is believed that the savings will reach to 1 billion Euros by the year 2019.
The capital employed by the firm increased by an astonishing rate of 5.6% in the year 2016, which was however comparatively lower than the figure obtained in 2015(12.8%). The long term borrowing of the firm increased by a rate of 12.5% which was different from that of 2015 where the given rate increase by 37%.
It should be the primary aim of the company to improve its Return Ratio by aiming to reduce the capital which has been employed by selling off the machinery which is not required by the firm. Another way to reduce the capital might be to avoid giving goods in credit and instead taking cash from the parties. The increase in the financial liabilities in the year 2016, are an indication that the firm needs to improve (Jagongo and Mutswenje 2014) .Although the ROCE of Unilever is stronger than that of Nestle and P and G, but the ROCE of the company has declined as compared to its competitors as their ROCE has been increasing at a steady rate.
The given take reflects the growth. Any investor would like to invest in a firm which is growing at a steady rate. Unilever`s ROCE has decreased by 130 bps, Nestlé’s ROCE has increased by 700 bps ad P & G has been increased by 390 bps.
As compared to its competitors, the company is in a poor position in the sense that the Nestle and P & G are performing better in the given context. Compared to Unilever, its competitors have been performing well thereby experiencing a high return on the capital employed (Jones 2013). Stock market is highly volatile and hence, investors prefer to invest in a firm who is growing consistently.
|
Companies |
Unilever |
Nestle |
P& G |
|
ROCE increase in 2016 |
decreased by 130 BPS |
70 BPS |
390BPS |
The gross profit margin measures the profit earned by the firm simply as the difference between the buying and selling of services as well as goods, without considering any expenditure that is incurred on the give product.
The gross margin of Unilever increased by a minute percentage of 05% in 2016 as compared to an increase of 0.8% in 2015. This can be a result of the reduction in the turnover as discussed in the previous section of the paper. It is quite natural that if the turnover falls, the gross profit margin also falls considerably (Jones 2013). All segments except that of personal care have not been able to meet up to the expectations. The reason given by the company for this is the negative currency impact and increase competitors.
However, the management found this to be satisfactory. If comparing their performance to that of those competitors, the following could be deduced:
|
Company |
Unilever |
P& G |
Nestle |
|
Increase in the Gross Profit Margin |
0.5% |
2% |
0.2% |
It can be reflected, that the company needs to make considerable efforts to cut the cost of sales to improve this ratio. Having good suppliers would help in the given scenario.
The measurement of the operational efficiency and management performance is measured by the Operating profit Margin. The given ratio is reflected by the proportion of profits that is available with the given company after all the operating costs have been deducted from the given company. A higher ratio is generally preferred.
This is one of the key ratios that are generally considered by the investor in taking critical decisions for the firm (Jones 2013). Unilever has reflected an increase in the operating profit margin by 0.7% in 2016 as compared to the previous year where there was a decrease of 2.3%. The given ratio of the company can be stated to be quite good.
The given success can be attributed to the growth programs that the company initiated to improve its systems that lead to a huge amount of cost reduction.
The rival companies have performed as follows in the below table. It can be commented that P&G has performed better than Unilever. If Unilever is able to improve its performance then, it will be able to take a lead as compared to P & G.
Both rival companies Nestle, and Procter & Gamble operating profit margin increased by 0.7% and 5% respectively (Nestle 2016). Procter and Gamble outperformed Unilever while Nestle had similar percentage increase. It is advised that Unilever should improve its margin to compete with the given companies.
|
Company |
Unilever |
P& G |
Nestle |
|
Increase in the Operating Profit Margin |
0.7% |
5% |
0.7% |
The gearing ratio can be described as a measure of the percentage of funds which the company has borrowed as compared to its equity. The given gearing ratio indicates the financial risk as borne by the business. A high gearing ratio represents a high proportion of debt as compared to the equity and the lower ratio reflects the opposite.
A gearing is taken to be very high risk in case the debt exceeds the equity by more than 50%. A company with a high fixed asset generally has a high gearing ratio (Bogsnes 2016). However, a high gearing ratio is deemed to be extremely risky as interest and payment of debt needs to be made. The given ratio determines the financial risk of the given company.
The gearing ratio of Unilever has increased by1.6% in 2016. This is because of the 1291million Euros which were borrowed along with different bank loans, overdrafts and derivates (Procter and Gamble 2016). As compared to its competitors, the ratio is quite high and it is suggested that they take appropriate measures to improve the given ratio.
This is being stated so that the company is able to take more loans in future and has to pay less interest on these borrowings (Laitinen, Lukason and Suvas 2014).
The ratio as compared to the competitor is given as follows:
|
Company |
Unilever |
P& G |
Nestle |
|
Gearing |
1.6% |
1.8% |
1.3 % decrease |
The ratio can be improved by seeing to it that the working capital is reduced and that inventory is also kept at a minimum. Reducing the gear will help the firm to gain more shareholders and be able to pay the debt.
The interest coverage ratio is calculated to measure the capacity of a firm with respect to the debt serving aspect (Laitinen, Lukason and Suvas 2014). The given ratio helps to measure the number of times the interest that has to be paid by a firm, can be covered with regards to the funds that are easily available with the organization. If the ratio of a firm is high then that is an indication that the firm is capable enough to pay its debts and the opposite reflects that the firms are utilizing too many debts to run the company (Unilever 2015).
If the interests used by the firm remain unpaid by the firm then the creditors have a chance of filing an action against the firm. The interest cover ratio of Unilever has declined around 1.2 times from the previous year despite the fact that the profit before tax and the interest had increased from last year about 3.8%. A major cause of this may be that the financial costs of the firms have increased. As reflected from the annual reports the financial costs in 2016 increased by 68 million Euros. The loans taken increased by 19% and the overdraft of the firm had also increased by 7.7%
As compared to its competitors, the interest cover of Unilever is quite less. Hence, it is advised that the firm takes adequate actions to improve the interest by paying off its debts.
|
Company |
Unilever |
P& G |
Nestle |
|
Interest Cover |
Declined by 1.2 times |
Increased by 5.5 times |
Increased by 1.5 times |
Kindly refer to the Appendix for calculations
Hence, after analysing the financial statements of the firm, it has been recommended that the firm has not been performing adequately as per the industrial requirement. The decline in the firm`s ROCE can be witnessed as a sign of weakness as compared to the performers although with respect to the company`s past performance it has done well. The gross profit and operating profit margin of the company has improved although there is more room for improvement in order to outperform its competition. The Interest coverage ratio as well as the Gearing ratio is comparatively in a poor condition which may instigate the firm to not perform well (Unilever 2016).
Planning forms an essential part of any organization. Without a proper planning, an organization will not be able to function well in today’s fast paced environment. Therefore, an organization has various tools to its disposal in order to plan for the future circumstances and the most important one of them is a budget. A budget is defined as a financial plan for a limited time frame which identifies all the costs, earning, assets liabilities and flow of cash that the company may incur for the given period of time. With the help of a budget an organization will be able to track its performance and form targets for the future.
The budget is a very useful quantitative data which not only helps in the tracking the performance of the firm, but also in benchmarking one year’s performance with the previous year’s performance. A budget can also act as a motivator to the management to perform in a better manner (Delen, Kuzey and Uyar 2013). Never the less, there are certain criticisms of the budgets as well stating that they are time consuming and costly. Some of the advantages and disadvantages of the budget have been stated below:
Certain budgeting techniques which are used are given as follows:
In the method of zero based budgeting, each cost component is justified in a manner such that it must look like all the cost activities are happening for the first time. This simply means that each year if the organization the budget is formed in a manner such that the budgeting is taking place for the first time and that the previous year’s budget are not considered at all (Kelly 2015 ). All the aspects of the budget are started from the fresh and it involves disintegration of the cost base and studying the different elements which comprising of the cost category. Another important point of the given technique of budgeting is that, a future component of cost is not accepted because of its occurrence in the present year.
The given budget is often known as a Zero based budget because it is prepared from the scratch or better known as the term zero base. This method is quite different from the contemporary methods of budgeting in the sense that it denies the statement that the components of the present year and the last year will remain the same. The primary advantage of Zero based budgeting is that it tends to provide motivation to the managers to become more sceptical with respect to the responsibilities which are required to be assigned (Abdul-Baki, Uthman and Sannia 2014). Through this technique the resources of the organization are utilised in a more effective manner.
The organization Unilever has adopted the given method of zero based budgeting whereby it has divided the budgeting tasks easily among different segments. In the given method each segment manager would have to decide upon their own budgeting criteria and then based on that it would be required to submit their separate budgets which would then be assembled into one. However, there does exist various disadvantages of the budget scheme. These disadvantages include:
With reference to application, it is suggested that Zero based budgeting can be used in a large company. An organization with various departments will be able to justify the different expenditures for the departments easily and this shall help in reduction of costs (Kanapickien? and Grundien? 2015). As the present day business environment is constantly revolving and changing, zero based budgeting is helpful in maintaining ease of operations in the competitive market environment.
Unlike the zero based budgeting, a fixed budgeting is a budget whereby the framework or outline of the budget is not modified with the change in the given time period. The underlying assumption behind the given budget is that the volume of operations shall remain static which is an extremely theoretical and unrealistic assumption as the activities never remain static and the activities that actually take place are usually quite different from the original plan which is formed.
The main disadvantage of the given plan is that there cannot exist a comparison between the budgeted and the actual outcomes which occur because the levels of output would remain different. Hence, the tool of cost control technique cannot be applied in cases relating to the concept where immense planning is required.
According to Adam (2014), this budgeting method is effective in cases where the organization has a large cost base and whirred the expenses remain static so does the revenue income. This may also be useful in cases where a particular company`s revenue is easily predictable and the industry is not prone to much changes and hence this budgeting can be used as a reference.
However, in cases where the performance is required to be evaluated, this technique is not a suitable one because this remains static throughout. The work environment of Unilever is extremely competitive environment therefore it needs to remain up to date with the performance of its various divisions and hence the fixed budget aspect is not suitable for a company like Unilever as it will not be able to encourage the managers.
Deegan (2013) has suggested that if the fixed budget has to be employed, it needs to be combines with the continuous budget so as to meet the needs of the requirement. A new budget can be following the fixed one in such a scenario.
This is one of the simplest forms of budgeting. In this kind of budgeting, the traditional method of budgeting is followed whereby the budget of the following year is modified based on the result of the present year and some extra additions which are generally estimated beforehand.
One of the primary advantages of the given kind of budget is that they are extremely simple and easy to prepare which makes the cost of the entire process minimal. The brainstorming and arguments among the various managers is also avoided in this process as the departmental managers follow a consistent approach in this manner.
However, although the given method of budgeting is extremely simple it has its own set of disadvantages (Scott 2015). This method does not consider for cost reduction and there does not exist any scope for an incentive for the different managers in order to engage in minimal spending. This is because an extra amount t is already considered for the coming year. Hence, the costs and activities stated are not clearly justified.
According to Williams (2014), the given method of budgeting is often taken to be extremely simple and easy, however, it is not suitable for an organization who aims to function in a competitive global environment. This is because the business environment of today is highly volatile and there exists extreme completion among the various members of the business society. For this reason, the businesses very often have to engage themselves in activities which are not always based on a budget (Bogsnes 2016).
The primary disadvantage of incremental budgeting is that it leads to misbalanced utilization of resources which lead to high costs hence taking away the competitive edge from the company. The increased costs due to this factor will lead to a lower profit margin for the firm and keep away the investors from the firm. The best enterprises which can apply the given method are public sector organizations and governments who are not considered about the profit of the organization (Schaltegger and Burritt 2017). Many governmental organizations around the globe make use of the given kind of budgeting technique where the previous year`s budget is only modified for the present year and some extra costs are added to compensate for the inflation and other rates.
An organization exists in the business environment so that it is able to perform well and stand up to the expectations of its investors and owners alike. For this purpose various techniques are employed which help an organization to manage the performance of the firm. Performance management can be defined as continuously monitoring the various activities of the firm so that the organization is always on track and is able to achieve its targets and objectives. Performance management is not a single concept but something which s constituent of the various aspects of the business organization (Edwards 2013). The performance management and measurement of an organization can be done using various techniques which are present in the organization in order to analyse the performance of the firm.
The divisions of performance measurement techniques are given as follows;
The methods which will be discussed in the given scenario are: Financial techniques, non-financial techniques, balanced score card, Benchmarking and six sigma along with product life cycle.
The balanced score card method can be described as a performance measurement technique which is a combination of both financial as well as non-financial aspects. In the balanced scorecard method, the managers tend to align the objectives of their business to its targets and this helps them to analyse whether the given targets and objectives are being achieved or not.
The balanced score card method was formed by Robert Kaplan and David Norton who had four perspectives to the given theory (Freeman et al. 2017). Each of these perspectives have certain stated objectives which then are checked and analysed using appropriate measures and targets within each perspective . The different perspectives have been given below:
This shall throw light on the segments of the business that will be required to be improved and hence, take the organization towards achieving its goals (Beatty and Liao 2014). The launch of a new product, re-engineering system, improvisation of the skills of the employee and others may be included in this aspect.es a long way in identifying those business areas of the company where it is performing well and even those areas which are generally neglected but need attention.
According to de Waal and Kourtit (2013), the study of the Balanced score card model is very value and may not take into consideration the mission of the organization. It just helps to get a new perspective from outside of the organization and hence, try to make changes accordingly. They may or may not be relevant to the given firm. The given method is not the appropriate method for the technological companies which are prone to a wide variety of changes.
The financial techniques can be described as those techniques which involve measuring the performance through various financial measures like the profit, cost and productivity.
For the financial method certain ratios like the profitability ratios are often used to measure the achievement of the objectives. These ratios include Net Profit Ratio, Gross margin and operating profit ratio (May 2013). The standard and ideal ratio for the given companies may vary depending upon the different industries. If the company`s ratio is as per the industry standards then the company`s performance is deemed to be accurate.
The financial techniques also include techniques like Target Costing and Product Life Cycle Costing (DRURY 2013).
Various measurements of performance in the organization do not only include the profit aspects but the non financial performance indicators also need to be considered adequately and they are as follows:
Hence, it can be stated that these aspects are primarily concerned towards the quality of services component.
Target costing can be defined as a control system whereby the selling price is based on the competition and prevalent marketing conditions including the customer perception. The target costing sets the price of the predict even before the product has been manufactured (Henderson et al. 2015). This cost is derived from deducting the expected profit from the pre-et selling price. The target cost is created in order to help the company in gaining a particular market share which shall enable them to gain market share and make relative amount of profits (Hillier et al. 2013).
It is believed that it is the duty of the top management to drive the target costing and gain the support of the organization. For this purpose adequate training needs to be imparted to the employees in order to enhance their abilities as well as the skills.
Target costing is given a high level of importance in Japan and less in the United States. However experts like Rubin (2016), believe that the cost target method is one of the finest methods which can be used to focus on the important elements of the business like the quality, price and cost along with relative importance to creativity.
Benchmarking can be described as the process whereby the targets and comparable components with the help of data collection which allows the firm to compare the performances of the different components and establish the best practices. The best practices are believed to be the ones that enhance the performance of a firm. Benchmarking is primarily of four types.
In simple terms, Benchmarking involves improving the vital areas within the company with the help of application of the best practices in the given firm (Baiocchi and Ganuza 2014). These practices involve those functions which shall save time and cost for the firm.
It is very important for any firm to have quality and innovative products which are better than that of the competitors. This shall help the firm to stay at the top most position. Hence, Benchmarking can be described as a tool for innovation and improvement.
Benchmarking can applied to the given activities:
The product life cycle costing technique tends to record, collect and assemble in form of a report all the information based on the total cost of making the particular product from the very point of creating the idea till the point where it is sold or has become obsolete. In case a manufacturing company is concerned the method will be known as the product life cycle costing and with reference to the service department the given method will be known as life cycle costing.
According to Roncalli (2013), the life cycle of a product has four stages which can be broadly categorised as the follows:
The product life cycle costing integrates the various aspects of the product development along with the manufacturing team in order to enable them to work together so as to minimize the cost of the product, enhance the quality and produce more reliable goods which are beneficial for the society (Miller 2018). This kind of a performance measurement technique may be quite useful for the companies who deal in an extremely competitive environment and this method is also very suitable for the companies dealing in information technological products as they have to adapt to a changing environment. Through the costing method, the product can be observed at all the stages and the costs can be easily controlled and the company can be de-voided from making losses.
A financial proposal is generally received for a particular project and the managing director of any company would have to analyse the report in order to understand the various aspects of the report to determine the key decision making factors. However, it is very obvious that it is not easy to go through the report as the time is limited and the director has other responsibilities at hand (Ehrhardt and Brigham 2016). Hence the following important aspects of the report can be reviewed to determine the final decision.
It is the aim of the business to create wealth for the shareholder and this leads to certain level of expenses. The feasibility of these expenses needs to be determined in order to determine their potential in creating value for the firm. In the given procedure the firm should always consider the Risks involved and applying the given techniques:
Fracassi (2016) defines payback period as the technique whereby the number of years taken to recover the cost of an investment is calculated. The given technique is extremely simple as it measures the cumulative of all the cash flows that will be received in future and measure them against the outflows (Micheli and Mari 2014). The point at which the inflow and the outflow correlate , that point is the payback period and it means that it will take that measure of time to recover the cost being invested in a product (Baker and Wurgler 2013). The method is extremely simple and can be used in small and medium sized companies.
The given ratio calculates the accounting profit which is earned in the given period and compares it to the book value of the money which has been invested in the same given period. The given result is expresses in percentage (Landy, Zedeck and Cleveland 2017). The given measure is quite similar to the accounting ratios method. The given technique is not generally preferred and criticized because it fails to consider the time value of money. The given method is only applicable for the projects which are short term.
The net present value method is quite similar to the payback method but it is a little different. The given method discounts the cash flows that will be received by the firm in a future date to a present value using the cost of capital (Scholes 2015). The given method is widely used by various organizations and firms as the given method does not ignore the time value of money. The only difficulty in the given method is to obtain the cost of capital in order to discount the cash flows. The Profitability measures of the Net Present Value tend to measure the absolute form of a projects’ capability in increasing the shareholder wealth.
The internal rate of return is quite similar to the Net Present Value method. This can be inferred as that Internal Rate of Return is the given discount rate that helps to come up with the Net Present value of zero when it is used to discount the future cash flows. The given rate may be accepted by the firm in a manner such that there occurs no loss on the given project (Wong et al. 2015). In simple terms, the given rate helps to break even flows and hence is popularly known as the break-even discount rate.
When analysing a given project and its capability, using the IRR method, the given investment will be approved only when the cost of capital is much higher than the IRR (Speklé and Verbeeten 2014). The IRR is calculated as a percentage as certain investors are interest in knowing a percentage return rather than an absolute figure which the given Net Present Value returns.
However, a disadvantage of the IRR is that it is extremely difficult to calculate the given rate as the requirement states that it requires two discount rates and hence it is difficult to arrive at one which has both a negative and a positive Net Present Value (Melnyk et al 2013).
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