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IBUS 490: International Business
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IBUS 490: International Business
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Course Code: IBUS 490
University: University Of South Carolina
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Country: United States
Answer:
Part 1
1.1 Introduction to the company profile
1.2 The revenue of the company
1.3 Sector, Competitors and the market share of the concerned company
1.4 Year end stock evaluation
1.5 Long term investment decisions
1.6 Generation of revenue from foreign markets
1.7 Composition of the board of directors
Part 2
2.1 Evaluation of the fixed and the current asset of Abbey plc
2.2 Non-current and current liabilities of the organization
2.3 Working capital of the organization
2.4 Debt ratio of the company’s undertakings
2.5 Operating revenue, cost of goods sold and gross profit of the organization
2.6 Net profit of the organization
Part 3
3.1 Self assessment of the data collection
Answer:
1.Part 1
1.1 Introduction to the company profile
The growth of the companies is based on the advancements made by the company in their revenue structures and the services provided by them to their target clients. The chosen company for this report is Abbey plc, which is into building and construction, based on the requirements of the clients. They also hire plants for development and provide rentals to properties based on the varied requirements of their clients. The company is also listed under the London Stock Exchange and has made significant improvements in its situation since its inception. The growth of the company is based on the services that the company aims at providing and thereby their utmost focus on retaining the brand name of the organization. The company is being considered in this report with the aim of understanding the growth process, which thereby determines the steps taken by the company for bringing in the different improvements in the structure of the organization.
1.2 The revenue of the company
The revenues of the concerned business firm have increased, which can be noted from the annual reports of the past five years. It has helped in determining the success of the organization in the market and the growth that is being made by the company in the market. A study of the reports published at the end of the accounting years of 2015 and 2016 helps in the clear understanding of the drastic improvements made by the company. An increase in the revenue of around 48,141 Euro is realized (Abbeyplc 2018). It helps in determining the proficient functions that is being undertaken by the organizations. The transition of the revenue structure towards its growth has helped in improving the scopes of expansion of the organization in the market.
The increase in the revenue of the organization is being facilitated by the functions that the organization undertook. The increase in the revenue structures of the organization is noticed since the year 2012, which grew with the rise in the costs of the plots and the expenses that are incurred by the organization for undertaking the functions (Abbeyplc 2018). The increased sales capacity of the organization has helped the organization in making improvements in their revenue structures. However, the continuous recession and the unemployment in the market have posed a severe challenge to the firm’s revenue creation during their undertakings. They being the external factors have limited the growth of the organization in the market. Alternatively, the growth of the company apart from the factors faced by the organization is more like a paradox to its growth. The increased sales can be noted from 310 household plots in the year 2012 to 586 sales in the year 2017, which helped the organization with a turnover of €196.5 million. It also generated an operating profit of €57.1 million, which will be helping the organization with a wide scope of bringing in improvements in their undertakings (Abbeyplc 2018). It has helped in boosting the revenue of the organization. The ‘Help to Buy’ scheme of the company has helped the organization in maintaining a strong margin which was facilitated with a steady sales prices for facilitating the costs that are being incurred by the organization for functioning in the market.
1.3 Sector, Competitors and the market share of the concerned company
The company is a public sector company, which is aimed at undertaking steps to develop and plan buildings. It also aims at to providing property rentals and development of the plants as per the requirements of the clients. The progress made by the company is based on the sales undertaken by the company and the quality standards maintained by the same. The most intriguing factor of the company’s progress is based on the revenue that is being created by the business firm for undertaking the smooth functioning of the organization in the market. The other competitors of the company are McInerney Holdings plc and Grainger plc who operates on the same line of business more like the concerned company. The market shares held by the other companies are comparatively low than that of the concerned company (Abbeyplc 2018). It has helped in the competitive advantage and the market holdings of the company over the other business firms. The retention of the brand loyalty is based on the concepts of customer satisfaction through the delivery of the requirements of the clients. The revenue created by the enterprises has created major impact on the market share acquired by the companies, which in return affects the situation of the companies in the market. The market share of the companies is based on the sales and the revenue created by the organizations for maintaining their sustenance in the markets. Therefore, the sales that are being undertaken by the concerned company in the recent years tend to be growing over the sales undertaken by Grainger plc. On the other hand, McInerney Holdings plc is a company, which is removed from the OTC (Over the Counter), which has affected its growth and the market shares held by the company. It resulted to a diminishing competition between the companies relating to the market shares held by the companies, which is aimed at affecting the market position of the companies. Abbey plc holds a price of 1,290 (GBX) while Grainger holds some 287 (GBX) until date (Abbeyplc 2018). It portrays the overall market shares held by the companies and therefore helps in the better understanding of the situation of the organizations in the given market scenario. The progress made by the company is based on the amount of sales undertaken by the same in a given time limit. It has helped in determining the potentials of the companies towards its growth. The companies have taken steps to bring in the improvements in the systems of the organizations based on the calculations of their market share thereby determining their present situation in the market.
1.4 Year end stock evaluation
Year/month
March
September
December
2010
410
379
420
2011
450
455
431
2012
475
524
533
2013
643
739
850
2014
880
900
870
2015
875
1035
1172
Table 1: Year end stock prices of Abbey Plc.
(Source: Abbeyplc 2018)
As it can be seen that the stock prices have grown tremendously in the given years. If the period of 2010 can be considered then it can be witnessed that during the year 2010, the share price at the end of the year is 420GBX (Pence Sterling). During the next five years, the stock prices have increased exponentially. At the end of the year in 2011, the stock price suffered a low but post that year there was no turning back. At the end of 2012, the stock price was 533GBX. At the end of 2013, there was a high jump of 850GBX (Abbeyplc 2018). At the end of 2014, the price of the stock suffered a minor low again to 870GBX. However, at the end of 2015, the stock price was at a record high of 1172GBX.
The company is a property and building development firm with its operations mainly in Ireland, Czech Republic and the United Kingdom. The company had faced some problems in the past due to which the stock prices of the shares had suffered a blow during the year ends, however post 2015 due to the continuous efforts of the management the stock prices were maximum at the end of 2015 when compared to all the years from 2010-2015.
1.5 Long term investment decisions
Investments
UK Government Sterling Bonds
Properties
2013
€ 40,949.00
€ 2,795.00
2014
€ 22,418.00
€ 2,748.00
2015
€ 13,530.00
€ 2,796.00
Table 2: Investment Information of Abbey Plc.
(Source: Abbeyplc 2018)
The above table has been compiled by analyzing the annual reports of the company where the financial data has been given (Abbeyplc 2018). As it can be reflected, the company has made considerable amount of investment overt the given three years. The first column represents the investment, which the company has made in the UK government Sterling Bonds (Abbeyplc 2018). The interest income on these investments earned by the company was 1238000€ during 2014 and 1431000€ in 2013. During 2015, the income on the bond investments was 828000€.
Apart from the Sterling Bonds investment, the company also made investments in various properties in Ireland, United Kingdom as well as Czech Republic. These investment properties have been operating in lease.
1.6 Generation of revenue from foreign markets
As analyzed from the financial reports of the company, which have been taken from the annual reports of the company, the company has made no such income from the foreign country operations. As stated previously the company operates in Ireland, the United Kingdom and the Czech Republic (In.finance.yahoo.com. 2018). However, it was observed that it earns a nominal amount of income from foreign currency exchange. The earnings table has been given below:
Year
Foreign Currency gains
2013
€ 528.00
2014
€ (1,505.00)
2015
€ 2,026.00
Table 3: Foreign Investment gains
(Source: Abbeyplc 2018)
1.7 Composition of the board of directors
As per the annual reports of Abbey Plc, These are the board of directors of the company as per the 2015 reports (Nguyen, Locke and Reddy 2015). The board of directors of this company is not divided and has only male members. The board of directors is therefore not a diverse group. The members are:
Charles h. Gallagher
Robert n. Kennedy
Brian r. Hawkins
Lorenzo g. Fraquelli
David a. Gallagher( non-executive)
Anthony g. Quirke( non-executive)
Michael a. Mcnulty( non-executive)
According to a research conducted by Pletzer et al. (2018), the presence of females in the board of director’s team does not improve the financial performance of the company. The research for this paper comprised of around 3097 companies and took place in 20 studies. On an average, the board of directors generally consisted of eight members and the female composition of the group was low. For an eight member group there was only one female present (Bart and McQueen 2013). As per the analysis of this people, having a female on board had no impact on the improvement of the financial performance of the group.
Many experts believe that the gender diversity which takes place in the boardroom of corporate houses tend to improve the performance of the companies on a whole. This is because; the different points of view of the females add value to the decisions and enhance the experience. This is a common belief among various commentators as stated. However, as it had been mentioned earlier academic research shows a different picture altogether (Abbeyplc 2018). The results which have been obtained from different academic researches show that the presence of more female members in the group has no impact on the firm`s performance. The performance does not improve nor does it become worse.
According to Huffington Post, the companies who have female members on board tend have better advantages than those companies who do not have any female members on board. The argument from those who support female participation states that women and men differ in their knowledge from one another and therefore women have different values and experiences which tend to bring a new insight into the board (Adams and Kirchmaier 2013). The cognitive variety of the board increases and this will lead to better decisions. However, the reason why this theory does not reflect and apply in real time business is not known.
The reason why theoretical data does not match with the real time data is because, it can be that women have-not been able to provide a different view. They may have not been able to speak up during interviews and may have been the targets of the male employees (Abbeyplc 2018). They may have lacked to influence the board`s decisions. It is also stated by a study that boards with more female members tend to have less acquisitions than all male members group.
Hence, it can be suggested that in order to increase diversity in groups or to promote gender equality, more female members must be appointed in the groups. Although practical research does not reflect that, theory believes that women will be able to provide a different view into the organization.
Part 2
2.1 Evaluation of the fixed and the current asset of Abbey plc
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Fixed asset
35,362
44,338
47,657
44,084
Current asset
192,348
270,857
294,195
348,538
Table 4: Fixed and current asset
(Source: Abbeyplc 2018)
The evaluation of the fixed and the current assets of the organization have helped in the clear understanding of the activities that are being undertaken by the organization. The growth of the fixed assets of the company affects the growth of the company as the assets might depreciate over time. The utilization of the assets will help the organization in undertaking the smooth functioning of the organizations (Abbeyplc 2018). The gradual rise in the fixed assets of the company implies that the company has started investing more on the fixed assets of the company which are not backed up with abundant sales. The revenue creation capacity of the fixed assets is being negated in this case. It might bring down the productivity of the organization. The relative growth of the fixed assets associates with the risk of depreciation of the assets of the company. Alternatively, a noted fall in the fixed assets is being noted in the year 2017, which might be due to the increase in the depreciation of the assets or the sale of the assets based on requirements of liquid cash of the company. The proper utilization of the fixed assets will be helping the organization in making its progress in the market.
The accumulation of the current assets of the company has increased in every year, gradually. The company has a reserve of liquid cash in hand which they seem reluctant to utilize. The gradual rise of the current assets of the company implies the diminishing sales undertaken by the organization in the years (Abbeyplc 2018). The increase in the financial investments and the inventories in the current assets have created a significant impact on the progress planned by the organization. The diminishing receivables and the sales might affect the income on the investments of the organization in the long term. The trend that is being followed by the organization in the last four years of computation portrays the undertakings of the company relating to the utilization of the liquid cash available in the company and the over acquisition of the fixed assets. The investments undertaken by the company in maintaining the fixed assets is an important phenomenon that can be noted from a study of their annual reports.
2.2 Non-current and current liabilities of the organization
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Non-current liabilities
(1,404)
(1,570)
(1,919)
(895)
Current liabilities
(36,450)
(66,668)
(58,616)
(83,362)
Shareholder funds
189,856
246,957
281,317
308,365
Table 5: Current and Non-Current liabilities
(Source: Abbeyplc 2018)
The study of the annual report of the organization and their current and non-current liabilities has facilitated the understanding of the different aspects of the progress made by the company in the market. The current liability of the company implies the debts and the obligations of the company that is required to be paid off by the company within a year’s time (In.finance.yahoo.com. 2018). On the other hand, the non-current liabilities of the organization is based on the debts that the company is required to pay off after one or more years. The decreasing liabilities of the company has helped in the reduction of the costs that are payable as debts of the organization. On the other hand, the diminishing rate of deferred taxation has helped the organization in making improvements in the financial structure of the organization. The lesser the amount of the liabilities the lesser is the rate of the payables and the debt that is faced by the organization. In this case, the decrease in the deferred taxation and the debt of the company seems to be a good sign of the progress made by the organization in the market.
Alternatively, the increase in the shareholder’s funds is being facilitated by the company’s high payment of the dividends, which helps in determining the profitability of the business organizations gradually (Nguyen, Locke and Reddy 2015). The growth of the company in the market is being clearly stated through the understanding of the analysis of the statements of the annual reports. It helps in the understanding of the various aspects of the progress that the company aims at undertaking. The rising rate of the shareholder’s funds helps in understanding the proficient situation of the company in the market.
2.3 Working capital of the organization
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Net cash inflow/ (outflow) from operating activities
(12,472)
34,304
40,266
11,000
Net cash inflow/ (outflow) from investing activities
10,512
1,345
(8,373)
3,259
Net cash inflow/ (outflow) from financing activities
1,629
3,389
(3,213)
(3,602)
Table 6: Working Capital
(Source: Abbeyplc 2018)
The working capital of the organization is determined by the proper integration of the costs that are being undertaken by the organization while performing the activities for its smooth functioning. The company makes use of the working capital for undertaking the daily activities of the organization which is characterized broadly under three streams- Operating activities, Investing activities and the Financial activities. It helps in determining the progress of the company in the market. The table that is being enumerated in this report helps in the proper understanding of the division of the working capital in the organization. It is noted that the company has faced several inflows due to their operating activities, which actually determines the successful running business operation of the organization (Bart and McQueen 2013). On the other hand, the company experienced an outflow of cash in the investing and financial activities, which actually applies to the company’s paying away of the accrued debts. It helps in determining the various aspects of the progress made by the organization while operating in the market.
2.4 Debt ratio of the company’s undertakings
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Total assets
(Fixed and Current)
227,710
315,195
341,852
392,622
Total Liabilities
(Fixed and Current)
(37,854)
(68,238)
(60,535)
(84,257)
Debt ratio
-0.16624
-0.21649
-0.17708
-0.2146
Table 7: Debt ratio
(Source: Abbeyplc 2018)
The debt ratio of the company is being calculated by dividing the total assets out of the total debts. It helps in determining the progress made by the company and the lower amount of debts held by the company in the market. The lower the debt ratio of the organization, the better is the situation in the market. Therefore, the calculation of the debt ratio of the concerned organization has helped in undertaking provisions for bringing in improvements in the organizational systems (Nguyen, Locke and Reddy 2015). The constant improvements that are being undertaken by the concerned company in boosting up the sales to match the investments have also helped them in improving their debt ratio. The profitability of the firm and the constant improvements are evident through the diminishing of the debt ratio of the organization. The yearly diminishing liability of the company facilitated in making its quick progression in the market. It has helped in the understanding of the market value of the organization and the shares that are being held by the organization in the market. On the other end, the increase in the total assets of the company has helped the company in maximizing its opportunities of growth in the market. However, the proper utilization of the assets by the company is again another factor that supports the growth of the organization in the market.
2.5 Operating revenue, cost of goods sold and gross profit of the organization
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Operating revenue
114,188
172,462
220,603
216,473
Cost of goods sold
(84,563)
(119,641)
(147,513)
(143,618)
Gross profit
29,463
52,821
73,090
72,855
Table 8: Operating revenue, cost of goods sold, gross profit
(Source: Abbeyplc 2018)
The study of the annual report of Abbey plc has helped in determining the different aspects of the undertakings and the progress of the organization. The gradual rise in the operating revenue of the organization facilitated the scope of expanding the activities undertaken by the organization. On the other hand, the rate of sales too has increased thereby enabling the company in making a considerable return on their investments. The functions of the organization that are being undertaken by the organization are facilitated by the amount of sales, which helps in bringing in improvements in the organizational situation. The profitability of the business also depends on the amount of sales undertaken by the organizations. The gradual rise in the profit margins has helped in the clear understanding of the progress made by the organization in the market. The costs that are being undertaken by the organizations are based on the profitability of the organization and the revenue that is generated during the process.
2.6 Net profit of the organization
2014
€’000
2015
€’000
2016
€’000
2017
€’000
Net profit
18,736
39,611
49,468
51,832
Table 9: Net profit
(Source: Abbeyplc 2018)
The net profit of the organization is being calculated after deducting the assorted taxes. It helps in determining the net returns on the investments of the organizations. The major changes that are being undertaken by the organizations are for bringing in improvements in the net profit. The net profit of the organization helps in the expansion of the business and thereby helps in keeping up the motivation. The concerned company has faced a gradual rise in their profits, which have helped in their growth in the market. It has also brought about improvements in the undertakings of the business. On the other end, the profits accrued by the organization helps them in attracting the attention of the investors for the organization. It will help the organization in undertaking the fast growth and expansion of its activities. The gradual rise in the profits of the company denotes the expansion of the company depending on the increase in its volume of sale.
Part 3
3.1 Self assessment of the data collection
The report that is being formed through the collection of the facts and the figures of the company profile has helped in the understanding of the situation of the company in the market. The company is aimed at developing buildings and rentals to be used for household and industrial purposes. It has grown gradually since its very inception into a profitable business firm with high market share. In order to retain the information of the company profile and the balance sheet of the organization, the annual reports that was published by the company at the end of every financial year was found to be useful. It helped with the understanding of the different aspects of the accounts for determining the position of the organization in the market. The information of the assets and the liabilities of the company, the debts and the debt ratio of the organization, the gross and the net profit of the organization have facilitated in determining the various aspects of the organizational progression in the market. On the other hand, the understanding of the revenue of the organization and the working of the same on the operations undertaken by the organization is an important consideration that is being facilitated by the study of the annual reports.
References:
Abbeyplc ,2018. Annual Report 2015 [online] Abbeyplc.ie. Available at: https://abbeyplc.ie/wp-content/uploads/ABY-Report-2015.W.pdf [Accessed 5 Jan. 2018].
Abbeyplc ,2018. Annual Report 2013 [online] Abbeyplc.ie. Available at: https://abbeyplc.ie/wp-content/uploads/AbbeyRep2013.pdf [Accessed 5 Jan. 2018].
Abbeyplc ,2018. Annual Report 2014 [online] Abbeyplc.ie. Available at: https://abbeyplc.ie/wp-content/uploads/AbbeyReport2014.pdf [Accessed 5 Jan. 2018].
Adams, R.B. and Kirchmaier, T., 2013. Making it to the top: From female labor force participation to boardroom gender diversity. ECGI-Finance Working Paper, 347.
Bart, C. and McQueen, G., 2013. Why women make better directors. International Journal of Business Governance and Ethics, 8(1), pp.93-99.
In.finance.yahoo.com. ,2018. Yahoo Finance – Business finance, stock market, quotes, news. [online] Available at: https://in.finance.yahoo.com/ [Accessed 5 Jan. 2018].
Markets.ft.com (2018). Abbey PLC, ABBY:LSE interactive chart – FT.com. [online] Markets.ft.com. Available at: https://markets.ft.com/data/equities/tearsheet/charts?s=ABBY:LSE [Accessed 4 Jan. 2018].
Markets.ft.com (2018). Grainger PLC, GRI:LSE summary – FT.com. [online] Markets.ft.com. Available at: https://markets.ft.com/data/equities/tearsheet/summary?s=GRI:LSE [Accessed 4 Jan. 2018].
Nguyen, T., Locke, S. and Reddy, K., 2015. Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics & Finance, 37, pp.184-202.
Pletzer, J., Nikolova, R., Kedzior, K. and Voelpel, S. ,2018. Does Gender Matter? Female Representation on Corporate Boards and Firm Financial Performance – A Meta-Analysis.
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