Financial Analysis And Budgeting Process: Comparison Of Two Listed PLCs

Financial Analysis

In the current competitive landscape, both accounting and financial management are considered as effective tools for managing business and monetary transactions in order to accomplish the strategies and objectives of an organisation (Badolato, Donelson and Ege 2014). The current assignment intends to choose a Plc that is listed on a realised stock exchange. In this case, has been selected as the organisation, as it is listed on S&P 500. Therefore, the financial evaluation of Hilton Worldwide has been carried out by computing the provided financial ratios for the years 2013 and 2014 respectively. In order to assess the financial performance of the organisation more effectively, Marriott International has been chosen as the competitor in the US hospitality industry.

Moreover, it is observed that Hilton Worldwide has been planning to buy an asset that is 20% of its net asset value. Hence, the various available sources of financing available to Hilton Worldwide have been detected developed on the capital structure and business performance. Finally, the assignment sheds light on discussing the importance of budgeting in the modern business environment.

Financial analysis of Marriott International and Hilton Worldwide based on the ratios for the years 2013 and 2014: 

As commented by Ahmed, Neel and Wang (2013), the contrast of the financial performance of an organisation with its main rival enables in ascertaining the competitive position of the former organisation. Hence, the following ratios have been evaluated to evaluate the financial performance of the two selected organisations for the years 2013 and 2014:

Return on Capital Employed (ROCE):

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Operating profit	A	1,350	1,368	2,071	1,861
Total assets	B	6,082	24,140	25,716	26,211
Current liabilities	C	3,233	5,147	2,257	2,467
Return on capital employed (ROCE)	A/(B-C)	47.39%	7.20%	8.83%	7.84%

Table 1: Return on capital employed of Marriott International and Hilton Worldwide for the years 2015 and 2016

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

According to Armstrong (2014), return on capital employed is a ratio of profitability that measures the efficacy of an organisation in obtaining profits from the invested capital. This is computed by comparing the operating profit to invested capital. The above figure denotes that ROCE for Marriott International has been 47.39% in 2013, which has fallen drastically to 7.20% in 2016. On the other hand, ROCE for Hilton Worldwide has been 8.83% in 2015, which has fallen slightly to 7.84% in 2016.

In this regard, Ball, Grubnic and Birchall (2014) stated that higher ratio is effective for both firms as well as investors, since greater dollars of gains are obtained from each dollar of the invested capital. The probable reason detected behind such falling trend was the declining rate of total assets in contrast to current liabilities. Hence, from the above evaluation, it could be inferred that Hilton Worldwide has been enjoying competitive edge over Marriott International in terms of ROCE.

Return on Capital Employed

Operating profit margin:

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Operating profit	A	1,350	1,368	2,071	1,861
Total revenues	B	773	1,258	4,589	5,138
Operating profit margin	A/B	174.64%	108.74%	45.13%	36.22%

Table 2: Operating profit margin of Marriott International and Hilton Worldwide for the years 2015 and 2016

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

As commented by Bandy (2014), operating profit margin is a measure of profitability that helps in gauging the part of total revenues accumulated after making all relevant operational expenditures. In accordance with the above table, it could be evaluated that the operating profit margin of Marriott International has been 9.32% in 2015 that has declined to 8.01% in 2016. On the other hand, the margin for Hilton Worldwide has declined to 36.22% in 2014 from 45.13% in 2015. The possible reason identified behind the fall in operating margin of Marriott International is the rise in overall revenue base of the organisation; however, the operating expenses have increased greatly in contrast to revenues.

The same trend is observed in case of Hilton Worldwide; however, the operating expenses are lower comparatively than Marriott International. This denotes that Hilton Worldwide is more effective in narrowing down its operational expenditures by keeping in mind its long-term goals and strategies. Therefore, in terms of operating margin, Hilton Worldwide has been enjoying competitive advantage over Marriott International in the US hospitality industry.

Gross profit margin:

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Gross profit	A	2,123	2,626	7,207	7,615
Total revenues	B	14,486	17,072	11,272	11,663
Gross profit margin	A/B	14.66%	15.38%	63.94%	65.29%

Table 3: Gross profit margin of Marriott International and Hilton Worldwide for the years 2015 and 2016

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

In the words of Baños-Caballero, García-Teruel and Martínez-Solano (2014), gross margin is a ratio of profitability, which is involved in contrasting the gross income of an organisation to overall revenues. Thus, with the help of this ratio, the profitability of an organisation in terms of selling its merchandise or inventory could be gauged. From the above table, it has been found that the gross profit margin for Marriott International has been 15.38% in 2016, which was 14.66% in 2015. On the contrary, the gross margin for Hilton Worldwide has been 65.29% in 2016, which was 63.94% in 2015.

In this context, Bodie (2013) stated that higher ratio is always favourable for an organisation, since it has been selling its inventory at a greater percentage of profit. The possible reason identified behind such high gross margin for Hilton Worldwide is due to the lowering cost of revenues, since it has received higher purchase discounts from the manufacturers. As a result, it has helped the organisation in keeping its costs low, while the higher cost of sales for Marriott International has reduced its gross margin largely. Therefore, it could be inferred that Hilton Worldwide has competitive edge over Marriott International in terms of operating margin.

Operating Profit Margin

Gearing ratio:

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Total Liabilities	A	9,672	18,783	21,373	19,731
Total Equity	B	(3,590)	5,357	5,985	5,899
Gearing ratio	A/(A+B)	1.59	0.78	0.78	0.77

Table 4: Gearing ratio of Marriott International and Hilton Worldwide for the years 2015 and 2016

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

As commented by Brigham and Ehrhardt (2013), the gearing ratio measures the portion of borrowed funds of a firm compared to its total equity. Hence, this ratio enables in representing the financial risk to which the firm is subjected, as excessive debt could raise the financial complexities. From the above figure, it is evident that the gearing ratio of Marriott International has decreased to 0.78 in 2016 to 1.59 in 2015, while the same for Hilton Worldwide has decreased from 0.78 in 2015 to 0.77 in 2016. In this regard, Drury (2013) stated that it is always favourable for an organisation to have lower gearing ratio for avoiding bankruptcy of the business along with maintaining financial soundness.

An ideal gearing ratio is considered as 0.5. In this case, both the organisations have higher gearing ratio, which indicate high leverage position. This denotes that both the organisations have relied largely on obtaining funds through debt, instead of raising funds through equity shares. In addition, both the organisations have obtained long-term bank loans from the banks and other financial institutions for undertaking capital projects to experience higher cash inflows into the businesses. From the above evaluation, it has been found that although both the organisations are prone to greater level of risk, Marriott International has increased risk exposure compared to Hilton Worldwide. Hence, in terms of solvency, Hilton Worldwide has a better position than Marriott International in the hospitality industry of US.  

Interest cover ratio:

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Operating income	A	1,350	1,368	2,071	1,861
Interest expense	B	167	234	575	587
Interest cover ratio	A/B	8.08	5.85	3.60	3.17

Table 5: Interest cover ratio of Marriott International and Hilton Worldwide for the years 2015 and 2016

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

As commented by Francis et al. (2015), the interest cover ratio helps in measuring the capability of an organisation for settling its interest payments on debt in a judicious fashion. From another perspective, this ratio calculates the capability of the organisation for affording the debt interest amounts. With the help of this ratio, the investors are able to understand the entire risk as well as profitability involved in an organisation (Fullerton et al. 2014). Along with this, this ratio is of utmost importance for the investors in ascertaining the ability of an organisation to support additional debt.

From the above table and figure, it could be observed that the interest cover ratio for Marriott International has fallen from 8.08 in 2015 to 5.85 in 2016. On the other hand, the ratio for Hilton Worldwide has declined to 3.60 in 2016 from 3.17 in 2015. In this regard, Harrison and Van Der Laan Smith (2015) advocated that the ratio above 1 is always favourable for an organisation, since it denotes that the organisation has sufficient ability for clearing off its interest payments. Hence, both the organisations have sufficient income for clearing its interest payments.

Gross Profit Margin

The interest expense for both the organisations has decreased in 2016 compared to 2015, which has decreased their capability to meet interest payments. Hence, from the perspectives of creditors as well as investors, Marriott International has been in a better position than Hilton Worldwide for clearing its interest payments effectively, as evaluated from the interest cover ratio.

Current ratio:

Particulars		Marriott International	Hilton Worldwide
Details	2015	2016	2015	2016
Current assets	A	1,384	3,371	2,585	3,557
Current liabilities	B	3,060	3,233	2,467	2,684
Current ratio	A/B	0.45	1.04	1.05	1.33

Table 6: Current ratio of Marriott International and Hilton Worldwide for the years 2013 and 2014

(Source: Investor.shareholder.com 2017; Media.investis.com 2017)

As indicated by Ismail and King (2014), current ratio is a ratio of efficiency and liquidity for gauging the ability of an organisation in order to settle its existing liabilities with the current assets. This is a significant liquidity measure, as the existing liabilities are due within the next period. From the above figure, it could be observed that the current ratio for Marriott International has increased from 0.45 in 2014 to 0.71 in 2015. On the contrary, the ratio for Hilton Worldwide has increased from 1.05 in 2015 to 1.33 in 2016. 

As commented by Kaplan and Atkinson (2015), the ideal current ratio in the US hospitality industry is considered as 2. In this case, both the organisations are struggling to meet off their existing dues with their available asset base due to fall in the amounts of cash and cash equivalents. This denotes that both the organisations do not have sufficient existing asset base for making the current debt payments. This is because both the organisations are not making sufficient money from their operations for supporting activities and ineffective accounts receivable. Hence, in terms of liquidity, Hilton Worldwide is in a slight better position than Marriott International; however, both the organisations are needed to improve their accounts receivable procedures to improve their liquidity positions.

Hence, from the above evaluation, it could be evaluated that Hilton Worldwide has a better financial position in contrast to Marriott International, as it has greater profits. However, it needs to evaluate carefully before undertaking any capital project along with minimising the existing debt burden.

Ways of accessing necessary finance for the purchase of land and building in the context of Marriott International:

According to the provided scenario, it has been assumed that Hilton Worldwide has been aiming to buy land and building that is equivalent to 20% of its net assets value. For computing the net asset value of the organisation, 2016 has been considered as the financial year. In this context, Knights and Tinker (2016) cited that after subtracting the value of total liabilities from total assets, the net assets value of an organisation could be arrived. The value of overall assets of Hilton Worldwide in 2016 has been $24,140 million, while the value of total liabilities in the same year has been $18,783 million. Therefore, the net assets value of the organisation in the year 2014 has been obtained as $5,357 million ($24,140 – S18,783). In order to purchase the asset, Hilton Worldwide needs to incur 20% of the overall net asset value, which is $1,071.40 million.

Gearing Ratio

For making this purchase, Hilton Worldwide is required to take into account the different methods of financing depending on the business performance and capital structure. Thus, the accountant of Hilton Worldwide might consider the following methods of funding in order to buy the proposed asset:

Internal sources of funding:

The internal sources of raising funds are numerous; however, in the context of Hilton Worldwide, the following internal sources could be considered for purchasing the propose asset worth $1,071.40 million.

Sale of non-current assets:

As commented by Kothari, Mizik and Roychowdhury (2015), sale of non-current assets is an internal source of funding, in which an organisation sells a portion of its assets for generating internal cash. The money accumulated is used to fund the capital needs of the organisation. Since cleanliness is the key to ensure business success of a hotel, it is necessary to refurnish the premises of the organisation. This is because furniture and fixture loses its visual appeal within short span of time due to constant usage (Lafond, McAleer and Wentzel 2016). Hence, 10% of the buying price of the proposed land and building could be funded through selling a part of its equipment, which has been identified in the section of non-current assets. Hence, the total amount that could be raised from this internal source for purchasing the desired asset would stand at $107.14 million ($1,071.40 x 10%).

Personal savings:

According to Macve (2015), personal savings are deemed as the backbone of the business organisations. In case, any business organisation lacks in asset base for funding capital project, it could use personal finances for contribution to the business. In addition, this is an option to seeking the investors or loans and this would help the organisation to keep the business under control. Since Hilton Worldwide has not made any retained earnings over the years, the owner could contribute 8% of the overall amount needed to purchase the proposed land and building. The amount that could be collected from the personal savings of the owners of Hilton Worldwide is $85.71 million ($1,071.40 x 8%). Thus, the total amount of funds that the organisation could accumulate from the above-mentioned internal sources would be $192.85 million ($107.14 + $85.71).  

External sources of funding:

Hilton Worldwide could obtain funds from the external sources as well for raising the leftover amount of $878.55 million ($1,071.40 – $85.71). These available sources are briefly described as follows:

Proposal for Accessing Finance

Issuance of share capital or equity shares:

It is crucial for an organisation to have share capital or issue equity shares, when it needs financing to diversify its business or plan to undertake capital project (McNeil, Frey and Embrechts 2015). As Hilton Worldwide is one of the leading hotels in the US hospitality industry, funds are essential for storing its inventory and increasing overall accommodation space. Hence, by issuing equity shares, Hilton Worldwide would invite the investors by providing a share of the ownership in the organisation. The additional shares could be issued and a portion of the profits made could be distributed as dividends to the shareholders of the organisation (Otley and Emmanuel 2013).

From the gearing ratio of Hilton Worldwide, it has been observed that the organisation is highly prone to financial risk, since the ratio is 0.82, which is above the ideal standard of 0.5. It has been found that the weighted average shares understanding for Hilton Worldwide have been 291 million in 2016 and the shares are traded at an average $26.09 in the closing month of the same year (Media.investis.com 2017). Therefore, Hilton Worldwide could issue additional equity shares of 20 million at $26.09 each for accumulating a fund of $521.80 million (20 x $26.09).

Bank loans:

The bank loans are another external source of collecting funds, in which the firms give collateral securities to the banks for surety of payment in contrast to the loan obtained. In such case, the organisation needs to pay a certain rate of interest on the loan amount (Nuhu, Baird and Appuhami 2016). Hilton Worldwide could collect funds by raising loan from any bank or financial institution of US to purchase the proposed land and building for expanding its business operations. Hence, it could obtain the leftover portion of the funds, which is $356.75 million ($878.55 – $521.80). The loan could be collected by providing a part of its non-current assets in the form of mortgage at a promise to pay a specific rate of interest on the borrowed amount. 

Discussion of whether budgeting is fit for purpose in the modern environment:

The careful assessment and planning of funds is a common part of carrying out the business operations. In addition, this is crucial for the business organisations to ensure success of the same. As commented by Otley (2016), accounting is a common type of budgeting and some kind of accounting is needed to ensure this. With the help of budget, the organisation would be able to conduct a detailed evaluation of the ways an organisation expects to incur money in the future. Most of the business organisations devise out their budgets once per annum for outlining their expected needs. The large organisations often develop budgets, which the accountants develop for conducting the day-to-day operations. However, as argued by Petty et al. (2015), the owners of the small organisations are involved in developing budgets. Thus, it is a significant part of the business organisations in the current era.

Relevance of Budgeting in Modern Business Environment

With the help of budgets, the business organisations develop strategies for accomplishing both their short-term and long-term strategies. For instance, the future diversification and growth of the business is ascertained through the way the organisation budgets for the future.  Thus, with the help of budgeting, the organisations could project revenues and plan expenses, which would help them to stay on track with the budget at the time of spending. For instance, the budgeting funds related to marketing might enable in enhancing the sales of the products (Soin and Collier 2013).

The budgeting expenditures are highly crucial for an organisation. However, the budgets are overestimated generally, which means above the requirements is inserted into the budget. This is a god practice, as the organisation would have a shield to combat with the declining income. In this way, budgeting helps the business organisations to operate, since they have adequate resources and assets budgeted for such purpose (Taipaleenmäki and Ikäheimo 2013). Hence, it could be stated that the expenditures pertaining to budgeting and overestimation of expenditures offer the business a shield to fall back.  

The budget of income is of utmost significance for a firm. However, the confidence of the investors needs to be increased as well (Tan, Libby and Hunton 2015). The investors often need to review the balance sheet of an organisation, since they need information on the estimated business performance in future. Thus, the budgeting process helps in developing the balance sheet statement, since in its absence, the investors might not like to invest into the shares of the organisation. In addition, the organisation might require financial assistance from the external sources at some stage in the future (Van Auken and Carraher 2013). Hence, budgeting is vital regardless of the business sector.

The business priorities are communicated with the help of budgeting for each individual working in the organisation. Budgeting helps the business owners in communicating and making the staffs to understand the business strategy and the way the budget assists these strategies. For instance, if the business intends to prepare and launch a new product line, the owner might describe to the staffs about the ways the budgets assist these strategies and the overall results associated with the launch of the product.

Moreover, the budgets often help the companies in creating a financial roadmap to carry out the business operations. Most of the organisations evaluate the budgets of the previous years for ascertaining the way they have followed the guidelines and the reasons behind the occurrences of the budget variances. However, it is to be noted that the budget variances might denote negative business situation (Weygandt, Kimmel and Kieso 2015). In case, the budget variances are occurring due to unanticipated sales revenue growth, the organisations might need to raise the amount of budget for rise in future sales.

Conclusion

The budgets help the organisations in planning for business diversification and business growth. The business could save capital on daily expenditures of business, which could be placed into an account of special reserve designed for choosing new opportunities associated with business. Budgeting for the opportunities of future growth assures that the organisations have capital at the time of making apt decisions to diversify the business operations. Such capital might be minimised during slow economic times as a precautionary measure to meet the daily expenditures of the businesses (Yang, Yu and Wang 2016).

In order to develop effective budgets, the organisations could use accounting package for automating their overall budget processes along with keeping track of the expenditures electronically. Such software packages might accumulate information from the accounting department of the organisation to develop a simpler process for developing and managing budgets. Such software packages are primarily a precious tool to manage financial information and reviewing the same in real-time format (Zadek, Evans and Pruzan 2013). Hence, it could be inferred that budgeting is still fit for purpose in the modern environment, as it helps in dealing with the unanticipated risks in future.

Conclusion:

This assignment has intended to choose a Plc that is listed on a realised stock exchange. In this case, has been selected as the organisation, as it is listed on S&P 500. Therefore, the financial evaluation of Hilton Worldwide has been carried out by computing the provided financial ratios for the years 2013 and 2014 respectively. In order to assess the financial performance of the organisation more effectively, Marriott International has been chosen as the competitor in the US hospitality industry. In order to assess the financial performance of the organisation more effectively, Marriott International has been chosen as the competitor in the US hospitality industry.

The interest expense for both the organisations has decreased in 2014 compared to 2013, which has increased their capability to meet interest payments. Hence, from the perspectives of creditors as well as investors, Marriott International has been in a better position than Hilton Worldwide for clearing its interest payments effectively. Both the organisations have relied largely on obtaining funds through debt, instead of raising funds through equity shares. In addition, both the organisations have obtained long-term bank loans from the banks and other financial institutions for undertaking capital projects to experience higher cash inflows into the businesses. Marriott International could obtain funds from both internal and external sources to purchase a land and building. The internal sources include sale of fixed assets and personal savings, while the external sources include issuance of equity shares and obtaining bank loans. Finally, it has been found that the budgeting expenditures are highly crucial for an organisation. However, the budgets are overestimated generally, which means above the requirements is inserted into the budget. This is a god practice, as the organisation would have a shield to combat with the declining income. In this way, budgeting helps the business organisations to operate, since they have adequate resources and assets budgeted for such purpose.

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