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FHL and Super Retail Group Ltd business report--Report代写

2016-11-04 来源: 51Due教员组 类别: Report范文

Report代写:“Super Retail Group Ltd business report”,这篇论文主要描述的是神奇控股有限公司是澳大利亚最大的家具零售商之一,也是澳大利亚规模最大的垂直整合家具集团,该公司拥有着澳大利亚最为先进的床垫制造技术。超级零售集团有限公司旗下有着八个零售品牌,也是澳大利亚著名的零售商之一。本文对这两个公司的财务状况、盈利能力、销售效率、市场竞争进行了深入的分析和研究。

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1.0 Executive summary

Fantastic Holdings Limited and Super Retail Group Limited are both retailers, after analyzing their profitability, efficiency and financial stability, the financial condition of the two organizations is much clearer. Fantastic Holdings Limited does better in profitability, efficiency and financial stability. Super Retail Group Limited should pay more attention to its liabilities and put more emphasis on increasing its efficiency of assets.

2.0 Introduction

Fantastic Holdings Limited (FHL), Australia's 3rd largest furniture retailer by sales value and Australia's largest vertically integrated furniture group. It is also Australia's largest sofa manufacturer, which has one of the country's leading mattress manufacturers and operates a national supply chain to service all FHL's retail brands. Fantastic Holdings Limited‘s principal activities are the retail, manufacture and import of household furniture. It operates through two segments, which include the retail segment and the property segment (retail-business-review.com). Started in 1972, Super Retail Group Limited comprises eight retail brands and has grown to become one of Australasia’s leading specialty retailers. Super Retail Group Limited’s principal activities consist of retailing of auto parts and accessories, tools and equipment, boating, camping, outdoor entertainment , sporting equipment and apparel ,fishing equipment and apparel, wholesale, retail and distribution of bicycles and bicycle accessories. The Company operates through three segments: Auto & Cycle Retailing, Leisure Retailing and Sports Retailing. To offer products and services that will enhance customers’ leisure time is the defining principle of its businesses.

Though analyzing the profitability, efficiency and financial stability, the financial condition of the two organizations is much clearer. In order to give them a comprehensive analysis and make future investment decisions, other factors that would be relevant to their performance are considered, such as customers, competitors, business strategy and markets.

3.0 Profitability

-Among the provided ratios, gross profit margin, net profit margin (after tax), return on equity, return on asset are contribute to analyze the two organizations’ profitability.

3.1 Fantastic Holdings Limited’s profitability

-With regard to Fantastic Holdings Limited, except for return on equity, its gross profit margin, net profit margin (after tax) and return on asset all have a rise from 2011 to 2012. As given in the table, its return on equity has been falling in recent years.From the figure below, Fantastic Holdings Limited’s sales is increasing year-by-year, the normalized profit after tax increases rapidly in 2012.With regard to the growth of sales, OMF (sales +10.8%, L4L +6.7%) and Dare Gallery (sales +14.9%, L4L +13.7%) both showing benefits of maturing consumer offer and awareness gains, subdued discretionary retail environment impacted core brand growth throughout FY12Fantastic Furniture traffic increases off-set by average sale decline as price leadership position further strengthened and entry level ranges re-established (sales +2.2%, L4L -1.2%), store execution, marketing, ranging and inventory initiatives implemented in FY12 expected to deliver sales benefit during FY13 at Fantastic.

-With regard to the growth of Gross Margin, Everyday Low Price (EDLP) pricing model assisted margin protection at Fantastic Furniture, Model extended to Le Cornu post re-launch with positive effect, Inventory management initiatives continue to reduce exposure to overstocks and clearance product August 2012 Fantastic Holdings Limited 7 discounting, new supplier agreements on imported product focusing efforts on service levels, quality assurance and trading terms, improved shipping container rate contracts also benefitted margin, raw material sourcing efficiencies and technology implementation continuing to deliver improved results in Australian manufacturing. As to decrease in return on equity, first look at the Table 1, it will be clear that whether Fantastic Holdings Limited’s profitability should be doubted. The table shows that both profit after tax and total equity are increasing year-by-year, however, the total equity increases more rapidly. On the one hand, share capital had a great rise from 2008 to 2010, on the other hand, retained earnings is mounting up steadily. So, the decrease in return on equity does not the result of pure profitability.

Figure 1: 2012 Annual Report of Fantastic Holdings Limited

3.2 Super Retail Group Limited’s profitability

-With regard to Super Retail Group Limited, its gross profit margin and net profit margin (after tax) all has a little decrease from 2011 to 2012. What is more, return on equity and return on asset decrease drastically, the decrease reaches more than 30%.The 2012 annual report demonstrates the strength of the Group’s resilient business model – consistently delivering high earnings growth in both strong and weak retail markets. The increased sales and net profit (after tax) are driven by contribution from new stores, solid like for like sales growth and strong improvement in gross margins, continued strong performance of Supercheap Auto and BCF Boating Camping Fishing and 35 weeks contribution from Rebel Sport/Amart All Sports also contribute to well Profitability. As to decrease both in return on equity and return on asset, Table 2 below will explain the reasons and it will be clear that whether Fantastic Holdings Limited’s profitability is decreased. As shown in the table, the profit has a rise from 2011 to 2012, while the total equity grows rapidly in 2012, which is more than twice of the equity in 2011.As a result, the asset is nearly thrice the number of asset in 2011.The increase in equity mainly comes from contributed equity, therefore, decrease in return on equity and return on asset is not the result of poor profitability.

Figure 2: 2012 Annual Report of Super Retail Group Limited

3.3 Comparison between the two organizations

-Compare the two organizations, except for net profit margin (after tax), Fantastic Holdings Limited’s three other ratios all excess that of Super Retail Group Limited. So, apparently, Fantastic Holdings Limited does a little well in profitability.

4.0 Efficiency

-Among the provided ratios, asset turnover (times), inventory turnover (days), debtors turnover (days) and creditors turnover (days) are contribute to analyze the two organizations’ efficiency.

4.1 Fantastic Holdings Limited’s efficiency

-With regard to Fantastic Holdings Limited, except for asset turnover (times), the other three ratios all have a rise from 2011 to 2012, which is a good signal. The annual report shows that, another major restructure took place at our Imports Warehouse in Fairfield, New South Wales. Termed ‘VNA’ (Very Narrow Aisles) the project was undertaken to install the appropriate material handling equipment to provide optimum storage density and throughput efficiency with the smallest facility footprint. The project is expected to result in greater operational efficiency, provide sustainable customer service levels and reduce cost of doing business.

4.2 Super Retail Group Limited’s efficiency

-With regard to Super Retail Group Limited, in 2012, its inventory turnover (days) and debtors turnover (days) do better in efficiency compared to 2011.However, its asset turnover (times) and creditors turnover (days) has a decrease in efficiency. As shown in Table 2, the asset has a rapid increase as a result of massive growth in contributed equity, so asset turnover (times)’s decrease is not the result of poor efficiency. As to decrease in inventory turnover (days) and debtors turnover (days), it is the result of Super Retail Group Limited’s continuing invests in developing its logistics operations to provide more efficient support for the Group’s businesses. What is more, the warehouse management systems were successfully upgraded and towards the end of the year, the New Zealand logistics operations were successfully relocated into a larger distribution centre, the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

4.3 Comparison between the two organizations

-Compare the two organizations, Fantastic Holdings Limited’s asset turnover (times) is nearly twice as much as that of Super Retail Group Limited’ ratio, what is more, Fantastic Holdings Limited’s inventory turnover (days), debtors turnover (days) and creditors turnover (days) only half of the Super Retail Group Limited’ corresponding ratios, which reflect the fact that it has a higher operating efficiency.

5.0 Financial Stability

-Among the provided ratios, current ratio and quick ratio contribute to analyze the two organizations’ financial stability in the short term, debt asset ratio (total debt), debt equity ratio (total debt) and times interest earned (times) contribute to analyze the two organizations’ financial stability in the long term.

5.1 Fantastic Holdings Limited’s financial stability

-With regard to Fantastic Holdings Limited, its current ratio has a decrease while the quick ratio has an increase from 2011 to 2012. The change reflects a reduction in inventory, which also can be certified by the information in Table 3.With regard to Inventory Management, the annual report also mentions that there is a $3.7 million reduction in group inventory compared to PCP. From its debt asset ratio (total debt), debt equity ratio (total debt) and times interest earned (times), it can be find that the debt asset ratio times remains the level of 40%-low risk of debt, and interest earned (times) has doubled over the year, which reflect Fantastic Holdings Limited’ great financial stability in the long term. As financial income and expense comprise interest payable on borrowings, interest receivable on funds invested and dividend income, increase in times interest earned (times) comes from high financial income, high profit before tax and low financial expense, which is shown in the Table.

5.2 Super Retail Group Limited’s financial stability

-With regard to Super Retail Group Limited, its current ratio has a decrease while the quick ratio remains stable from 2011 to 2012, which is not a good signal. From its debt asset ratio (total debt), debt equity ratio (total debt) and times interest earned (times), it can be find that the debt has a increase and the debt paying ability decrease. The Table 5 shows that increase in current liabilities mainly the result of increasing trade and other payables, while increase in total current assets mainly the result of increasing inventories. What is more, trade and other receivables is far more than trade and other payables, which reflects Super Retail Group Limited’s disadvantage in transaction. The table 6 shows that increase in debt asset ratio mainly the result of increasing long-term borrowings and deferred tax liabilities. These all go ill with increasing Super Retail Group Limited’s financial stability.

5.3 Comparison between the two organizations

-Compare the two organizations, Super Retail Group Limited has a higher current ratio while the quick ratio is lower, which reflects its assets’ rapid liquidity is weaker. What is more, Super Retail Group Limited has a high debt asset ratio and quite low times interest earned (times), which reflects its weaker financial stability in the long term.

6.0 Additional or Other information

-In 2012, Fantastic Holdings Limited relocated key members of its product design, sourcing and quality control team to Dongguan (China), under the sponsorship of the Managing Director, which increase its capacity to build ongoing supplier partnerships, reduce product costs and improve quality control standards (au.investsmart.com.au).

-To support its diverse range of products and brands, Fantastic Holdings Limited (FHL) needed to implement a WMS solution with the scalability. Manhattan SCALE was selected for its ability to seamlessly integrate with the company’s existing IT systems, including its ERP platform. Since implementing the solution, FHL has achieved improved order accuracy, increased operational efficiency, enhanced visibility and seamless, real-time integration with the company’s Dynamics AX ERP system (manh.cn).

-With regard to Super Retail Group Limited, it announced in 2011 that an agreement was reached with Archer Capital, it would pay AUD 610 million to acquire Rebel Group Limited (Rebel), which includes 90 Rebel Sport stores, 36 Amart stores and two Performance Sports stores. Super Retail Group Limited will pay for it through: the underwritten AUD 334 million Entitlement Offer and an increase in the Group's existing debt facilities (reuters.com)

-September 12, 2012, Velocity Brand Management (VBM) today announced that 50 percent of its retail business was acquired by Super Retail Group (SRG). In a partnership with VBM, Super Retail Group Limited will significantly expand its retail presence (4-traders.com).

7.0 Limitations

-The analysis is mainly based on the annual report, it is acknowledged that financial statements usually reflect the operating results of enterprises in a certain period, which put emphasis on results and cannot reflect its economic content. Some events that reflect the content of the financial statements are not effectively reflected, which affects the analysis and evaluation of the enterprise (Bay, 2011).

-As to financial analysis of financial statements, different analysts have different opinions in various aspects. Different analysts’ understanding of interpretation and judgment, their differences in ability to grasp the financial analysis theory and method in depth and breadth also result in different views. Therefore, the analysis of the two organizations has limitations and is not the best one.

8.0 Recommendations

-Compared to Super Retail Group Limited, Fantastic Holdings Limited does better in profitability, efficiency and financial stability. Super Retail Group Limited should pay more attention to its liabilities, which may influence its reputation if it can’t repay the borrowings on time. Super Retail Group Limited also should put more emphasis on increasing its efficiency of assets, which will contribute to effective use of resources and increase its proficiency.

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