Overview of Marshall Motor Holdings plc and the Automotive Industry
Question:
Discuss about the Financial reports of Analysis for Dummies.
This report has been prepared to evaluate and identify the impact of the financial statement of a company over various aspects and the variables of the company. Financial statement is the main reports to analyze the performance and the position of the company in terms of finance. Financial statement analysis is done by the financial analyst, chief financial officer and the investors of the company to analyze and evaluate the position of the company so that a better decision could be made. This analysis also assists the companies to evaluate their market position so that the new diversifications, strategies and policies could be made.
In this report, automotive industry has been taken into the concern. This report has been prepared over Marshall Motor Holdings plc. For this analysis, firstly an overview study has been done over the company and the automotive industry. Further, various financial analysis methods have been used to identify the changes into the financial position of the company so that it could be evaluated that how the position of the company has been enhanced.
Marshall Motor holdings plc is operating its business into international market. The analysis over company depict that the primarily, this company evaluates and performs the automotive industry’s work. This company is selling and repairing numerous vehicles related to commercial and passenger’s purpose. Currently, this company has diversified its market into 25 countries. 103 franchises of this company have contracted with 25 brands of automotive industry to transport the vehicles into the global market (Home, 2017). This company has 28 sites to manage and administer the operations and the performance of the company. Through the analysis over the internal and external factors of the company, it has been evaluated that the performance of the company has been enhanced and it assist the company to manage the position of the company in the industry as well as in international market.
Further, the overview study over the industry depict that the automotive industry is growing up rapidly. The automotive industry share has been enhanced in the economy share. Through the analysis over automotive industry, it has been found that the global presence of the automotive industry is enhancing and due to it the performance of the companies which are performing their business under this industry is enhancing rapidly (Schlichting, 2013). Further, it has been analyzed that the trends of 2017 express that the performance of the companies in this industry have been enhanced:
Financial Performance of Marshall Motor Holdings plc
(Strategy&, 2017)
The above graph depict that the operating margin of the industry has been enhanced and depict about the better position of the industry in the market. Further, it has also been analyzed that the total shareholder return of automotive industry has also been enhanced in last 55 years. Through the study over an article, it has also been evaluated that the industry is planning to set a new road map. This analysis depict that the various new changes have taken place into the position and the performance of the company.
Further, it has also been analyzed that the companies of automotive industry have planned various new strategies and the vehicles to enhance their market. The manufacturing and the design of the vehicles are designed by the company in such a manner that the entire clients of this industry could be satisfied and thus the revenue of the industry could also be higher (Phillips and Stawarski, 2016). Currently the automobile rate of the international market has also been enhanced.
For analyzing the performance of the MARSHALL MOTOR HOLDINGS PLC in a better way, study has been done over the financial statement of the company. More, it has also been analyzed that how much changes and what changes have taken place into the performance and the position of the company. Further, it has also been analyzed that how these changes have impacted the position of the company. Following are the few changes which have taken place into the position of the company:
|
Calculation of the increment |
|||
|
2016 |
2015 |
||
|
Sales |
1899405000 |
1232761000 |
54.08% |
|
Operating profit |
29054000 |
18246000 |
59.23% |
|
Earnings |
17762000 |
11721000 |
51.54% |
|
Dividend payment |
3251000 |
15448000 |
-78.96% |
|
Market capitalization |
145638000 |
129884000 |
12.13% |
|
Operating cash flow |
80309000 |
25493000 |
215.02% |
|
Capital expenditure |
40754000 |
-2169000 |
-1978.93% |
|
Debt increment |
85444000 |
28642000 |
198.32% |
(Palicka, 2011)
The above statement and the table depict that various changes have taken place into the position and the performance of the company. Through this analysis, it has been evaluated that how this position have impacted the performance of the company. From the above table, it has been found that the sales of the company have been enhanced in 2016 from 2015 by 54.08%. Further, it has also been found that the operating profit has also been enhanced with the increment in the sales. More, the earnings of the company have also been enhanced due to good increment in the total revenue of the company (Madhura, 2014).
More, it has also been found that the company has reduced the level of the dividend payment to manage the funds in the organization. This has helped the comapny to raise the funds through internal sources. More, the cash flow of the company in terms of operating aspects has also been enhanced by 215.02%. And lastly, the study over capital expenditure and debt increment depict that the organization has enhanced the funds through debt to diversify the market and the expenditure of the company has also been enhanced.
Ratio Analysis of Marshall Motor Holdings plc
Further, the study has been done over the liquidity position; solvency position, debt position and the profitability position of the organization to identify the changes which have taken place into the organization of the company. Following are the calculations of the ratio analysis of the company:
|
Financial Data |
||||||
|
Description |
Marshall Holdings plc ($) |
|||||
|
2016 |
2015 |
2014 |
||||
|
Revenue |
1,89,94,05,000 |
1,23,27,61,000 |
1,08,58,83,000 |
94,05,05,000 |
79,44,37,000 |
|
|
Cost of goods sold |
1,67,89,49,000 |
1,08,74,52,000 |
95,97,12,000 |
82,67,07,000 |
70,11,53,000 |
|
|
Gross profit |
22,04,56,000 |
14,53,09,000 |
12,61,71,000 |
11,37,98,000 |
9,32,84,000 |
|
|
Operating profit |
2,90,54,000 |
1,82,46,000 |
1,52,43,000 |
1,25,72,000 |
68,81,000 |
|
|
Net profit |
1,77,54,000 |
1,17,14,000 |
99,36,000 |
77,32,000 |
33,05,000 |
|
|
Interest |
29,85,000 |
14,18,000 |
11,40,000 |
11,95,000 |
11,66,000 |
|
|
Inventory |
38,00,16,000 |
24,06,32,000 |
16,30,11,000 |
13,49,58,000 |
11,04,77,000 |
|
|
Current assets |
47,51,72,000 |
30,74,86,000 |
23,80,18,000 |
21,43,37,000 |
15,73,73,000 |
|
|
Receivables |
8,46,61,000 |
3,81,93,000 |
7,03,01,000 |
7,49,43,000 |
4,32,84,000 |
|
|
Current liabilities |
58,49,14,000 |
28,99,70,000 |
25,14,11,000 |
21,28,34,000 |
15,53,40,000 |
|
|
Payables |
49,73,40,000 |
21,24,06,000 |
22,14,42,000 |
18,25,44,000 |
12,86,86,000 |
|
|
Equity |
14,56,38,000 |
12,98,84,000 |
6,61,20,000 |
6,06,81,000 |
5,59,46,000 |
|
|
Total liabilities |
65,60,14,000 |
32,51,19,000 |
28,70,14,000 |
24,72,56,000 |
18,72,75,000 |
|
|
Total assets |
80,16,52,000 |
45,50,03,000 |
35,31,34,000 |
30,79,37,000 |
24,32,21,000 |
|
|
Number of employee |
2,250 |
|||||
|
Description |
Formula |
Marshall Holdings plc |
||||
|
2016 |
2015 |
2014 |
2013 |
2012 |
||
|
Profitability |
||||||
|
Net margin |
Net profit/revenues |
0.93% |
0.95% |
0.92% |
0.82% |
0.42% |
|
Return on equity |
Net profit/Equity |
12.19% |
9.02% |
15.03% |
12.74% |
5.91% |
|
Sales employee |
Sales / number of employee |
844180 |
||||
|
Liquidity |
||||||
|
Current ratio |
Current assets/current liabilities |
0.81 |
1.06 |
0.95 |
1.01 |
1.01 |
|
Acid test |
Current assets-Inventory/current liabilities |
0.16 |
0.23 |
0.30 |
0.37 |
0.30 |
|
Efficiency |
||||||
|
Receivables collection period |
Receivables/ Total sales*365 |
16.27 |
11.31 |
23.63 |
29.08 |
19.89 |
|
Payables collection period |
Payables/ Cost of sales*365 |
108.12 |
71.29 |
84.22 |
80.60 |
66.99 |
|
Asset turnover ratio |
Total sales/ Total assets |
2.37 |
2.71 |
3.07 |
3.05 |
3.27 |
|
Solvency |
||||||
|
Debt to Equity Ratio |
Debt/ Equity |
4.50 |
2.50 |
4.34 |
4.07 |
3.35 |
|
Debt to assets |
Debt/ Total assets |
0.82 |
0.71 |
0.81 |
0.80 |
0.77 |
|
Interest cover |
EBIT / interest expenses |
9.73 |
12.87 |
13.37 |
10.52 |
5.90 |
|
Gearing ratio |
Long term liabilities / capital employed |
0.22 |
0.24 |
0.31 |
0.37 |
0.37 |
|
Return on capital employed |
Operating profit / total assets – current liabilities |
0.41 |
0.52 |
0.43 |
0.37 |
0.22 |
(London Stock Exchange, 2017)
The above table depict about the various level of the company. Firstly, the study has been done over the profitability position of the company. Firstly, net profit margin of the company has been analyzed and it has been found that the net profit of the company has been enhanced in 2016 (Kinsky, 2011). It depict that the position of the company is increasing continuously. More, the return on equity and the sales of the company in comparison of the employees have also been analyzed and it has been found that the return on equity has been enhanced by 12.19% in 2016. Further, it has also been found that currently the sales per employee of the company are 844180 (Krantz, 2016). Through this analysis, it has been found that the performance and the position of the company have been enhanced and it depict about the better profitability position of the company (Morningstar, 2017).
The above table depict about the various level of the company. Firstly, the study has been done over the profitability position of the company. Firstly, net profit margin of the company has been analyzed and it has been found that the net profit of the company has been enhanced in 2016 (Kinsky, 2011). It depict that the position of the company is increasing continuously. More, the return on equity and the sales of the company in comparison of the employees have also been analyzed and it has been found that the return on equity has been enhanced by 12.19% in 2016. Further, it has also been found that currently the sales per employee of the company are 844180 (Home, 2017). Through this analysis, it has been found that the performance and the position of the company have been enhanced and further it express about the better profitability position of the company.
Further, the above table depict about the liquidity position of the company. Liquidity position of a company depict about the debt obligation position of the company and the position of the company to pay off all the debts (Horngren, 2009). Firstly, current ratio of the company has been analyzed and it has been found that the current liquidity position of the company has been lowered in 2016. It depict that the position of the company and the policies of reducing the level of the current assets in comparison of the current liabilities is a great step. It would help the company to reduce the level of the extra expenditure. The position of current liquidity position is better according to the industry debt obligation level (Hopper, Northcott and Scapens, 2007). More, the quick liquidity ratio of the company has been analyzed and it has been found that the quick position of the company has also been lowered in 2016 in comparison of last 5years. Through this analysis, it has also been found that the company is required to manage the level of the current assets except the inventories of the company. Through this analysis, it has been found that the performance and the position of the company have been enhanced and it depict about the better liquidity position of the company, company is just required to enhance the level of the quick assets of the company (Hansen, Mowen and Guan, 2007).
Industry Trends and Performance
Further, the above table depict about the efficiency position of the company. Efficiency position of a company depict about the total cash conversion process of the company and the position of the company to manage all the operations and current assets and liabilities in a perfect manner (Garrison, Noreen, Brewer and McGowan, 2010). Firstly, receivable collection period of the company has been analyzed and it has been found that the company has reduce the level of the collection period to get the debtors amount quickly. It depict that the position of the company and the policies of collecting the debt amount has been changed and it assist the company to manage the better position. It would help the company to reduce the level of the extra expenditure (Elton, Gruber, Brown and Goetzmann, 2009). The position of cash collection position is better according to the industry and the obligation of the company. More, the payment payable days of the company has also been analyzed and it has been found that the total payment days of the company has also been enhanced in 2016 in comparison of last 5years. Through this analysis, it has also been found that the company has reduced the payment cycle to enhance the level of the cash in the business (Hansen, Mowen and Madison, 2010). Through this analysis, it has been found that the performance and the position of the company have been enhanced and the cash conversion cycle of the company has also been better.
Lastly, the above table depict about the solvency position of the company. Solvency position of a company depict about the total capital structure and the debt of the company in comparison of various other variables of the company (DRURY, 2013). Firstly, debt to equity ratio of the company has been analyzed and it has been found that the company has enhanced the level of the debt in comparison on the equity to reduce the level of the cost in the company. It depict that the position of the company and the policies of managing the debt and equity has been changed but it has impacted over the risk level of the company (Bhimani, Horngren, Datar and Foster, 2008). Further, the debt to assets level of the company has also been analyzed and it has been found that the debt level of the company has enhanced in comparison of total assets in last 5 years. Through this analysis, it has also been found that the company has managed the debt, equity and total assets level to manage the performance and the position of the company. Through this analysis, it has been found that the performance and the position of the company have been enhanced and the company is required to reduce the level of the debt and equity.
Further, the financial reports and the statement of the company have been analyzed through the method of horizontal analysis. In this study, it has been analyzed that how much changes have taken place into the each year in comparison of last year. Following are the calculations of the horizontal analysis over income statement and balance sheet of the company:
|
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag INCOME STATEMENT |
|||||||||
|
Fiscal year ends in December. |
2016-12 |
Changes |
2015-12 |
Changes |
2014-12 |
Changes |
2013-12 |
Changes |
2012-12 |
|
Revenue |
1899405000 |
54.08% |
1232761000 |
13.53% |
1085883000 |
15.46% |
940505000 |
18.39% |
794437000 |
|
Cost of revenue |
1678949000 |
54.39% |
1087452000 |
13.31% |
959712000 |
16.09% |
826707000 |
17.91% |
701153000 |
|
Gross profit |
220456000 |
51.72% |
145309000 |
15.17% |
126171000 |
10.87% |
113798000 |
21.99% |
93284000 |
|
Operating expenses |
|||||||||
|
Sales, General and administrative |
3518000 |
141.79% |
1455000 |
-21.05% |
1843000 |
47.44% |
1250000 |
88.82% |
662000 |
|
Other operating expenses |
187884000 |
49.58% |
125608000 |
15.15% |
109085000 |
9.11% |
99976000 |
16.60% |
85741000 |
|
Total operating expenses |
191402000 |
50.64% |
127063000 |
14.55% |
110928000 |
9.58% |
101226000 |
17.16% |
86403000 |
|
Operating income |
29054000 |
59.23% |
18246000 |
19.70% |
15243000 |
21.25% |
12572000 |
82.71% |
6881000 |
|
Interest Expense |
2985000 |
110.51% |
1418000 |
24.39% |
1140000 |
-4.60% |
1195000 |
2.49% |
1166000 |
|
Other income (expense) |
-3918000 |
167.44% |
-1465000 |
21.07% |
-1210000 |
3.95% |
-1164000 |
0.09% |
-1163000 |
|
Income before income taxes |
22151000 |
44.18% |
15363000 |
19.16% |
12893000 |
26.24% |
10213000 |
124.36% |
4552000 |
|
Provision for income taxes |
4397000 |
20.50% |
3649000 |
23.40% |
2957000 |
19.19% |
2481000 |
98.96% |
1247000 |
|
Minority interest |
-8000 |
14.29% |
-7000 |
133.33% |
-3000 |
0.00% |
-3000 |
-40.00% |
-5000 |
|
Other income |
-8000 |
14.29% |
-7000 |
133.33% |
-3000 |
0.00% |
-3000 |
-40.00% |
-5000 |
|
Net income from continuing operations |
17754000 |
51.56% |
11714000 |
17.89% |
9936000 |
28.50% |
7732000 |
133.95% |
3305000 |
|
Other |
8000 |
14.29% |
7000 |
133.33% |
3000 |
0.00% |
3000 |
-40.00% |
5000 |
|
Net income |
17762000 |
51.54% |
11721000 |
17.93% |
9939000 |
28.49% |
7735000 |
133.69% |
3310000 |
|
Net income available to common shareholders |
17762000 |
51.54% |
11721000 |
17.93% |
9939000 |
28.49% |
7735000 |
133.69% |
3310000 |
|
Earnings per share |
|||||||||
|
Basic |
0.23 |
15.00% |
0.2 |
53.85% |
0.13 |
30.00% |
0.1 |
150.00% |
0.04 |
|
Diluted |
0.22 |
15.79% |
0.19 |
46.15% |
0.13 |
30.00% |
0.1 |
150.00% |
0.04 |
|
Weighted average shares outstanding |
|||||||||
|
Basic |
77326970 |
30.12% |
59425171 |
-23.06% |
77236263 |
0.00% |
77236263 |
0.00% |
77236263 |
|
Diluted |
79500548 |
30.23% |
61046875 |
-20.96% |
77236263 |
0.00% |
77236263 |
0.00% |
77236263 |
|
EBITDA |
49369000 |
30.37% |
37868000 |
8.11% |
35028000 |
9.40% |
32018000 |
30.34% |
24565000 |
(Ackert and Deaves, 2009)
|
MARSHALL MOTOR HOLDINGS PLC (MMH) CashFlowFlag BALANCE SHEET |
|||||||||
|
Fiscal year ends in December. |
2016-12 |
Changes |
2015-12 |
Changes |
2014-12 |
Changes |
2013-12 |
Changes |
2012-12 |
|
Assets |
|||||||||
|
Current assets |
|||||||||
|
Cash |
|||||||||
|
Cash and cash equivalents |
83000 |
-99.66% |
24130000 |
1221.47% |
1826000 |
3.81% |
1759000 |
18.85% |
1480000 |
|
Total cash |
83000 |
-99.66% |
24130000 |
1221.47% |
1826000 |
3.81% |
1759000 |
18.85% |
1480000 |
|
Inventories |
380016000 |
57.92% |
240632000 |
47.62% |
163011000 |
20.79% |
134958000 |
22.16% |
110477000 |
|
Prepaid expenses |
10412000 |
129.79% |
4531000 |
57.33% |
2880000 |
7.58% |
2677000 |
25.56% |
2132000 |
|
Other current assets |
84661000 |
121.67% |
38193000 |
-45.67% |
70301000 |
-6.19% |
74943000 |
73.14% |
43284000 |
|
Total current assets |
475172000 |
54.53% |
307486000 |
29.19% |
238018000 |
11.05% |
214337000 |
36.20% |
157373000 |
|
Non-current assets |
|||||||||
|
Property, plant and equipment |
|||||||||
|
Land |
-100.00% |
37381000 |
13.22% |
33017000 |
20.19% |
27470000 |
5.96% |
25924000 |
|
|
Fixtures and equipment |
35126000 |
29.25% |
27177000 |
5.08% |
25863000 |
-5.56% |
27387000 |
9.40% |
25033000 |
|
Other properties |
232468000 |
112.76% |
109262000 |
10.05% |
99281000 |
7.51% |
92343000 |
5.09% |
87868000 |
|
Property and equipment, at cost |
267594000 |
53.95% |
173820000 |
9.90% |
158161000 |
7.45% |
147200000 |
6.03% |
138825000 |
|
Accumulated Depreciation |
-65783000 |
-1.13% |
-66535000 |
-0.88% |
-67124000 |
2.75% |
-65330000 |
9.91% |
-59439000 |
|
Property, plant and equipment, net |
201811000 |
88.11% |
107285000 |
17.85% |
91037000 |
11.20% |
81870000 |
3.13% |
79386000 |
|
Goodwill |
121191000 |
220.69% |
37791000 |
71.35% |
22055000 |
130.05% |
9587000 |
48.59% |
6452000 |
|
Intangible assets |
842000 |
85.87% |
453000 |
#DIV/0! |
#DIV/0! |
#DIV/0! |
|||
|
Other long-term assets |
2636000 |
32.60% |
1988000 |
-1.78% |
2024000 |
-5.55% |
2143000 |
21330.00% |
10000 |
|
Total non-current assets |
326480000 |
121.32% |
147517000 |
28.15% |
115116000 |
22.99% |
93600000 |
9.03% |
85848000 |
|
Total assets |
801652000 |
76.19% |
455003000 |
28.85% |
353134000 |
14.68% |
307937000 |
26.61% |
243221000 |
|
Liabilities and stockholders’ equity |
|||||||||
|
Liabilities |
|||||||||
|
Current liabilities |
|||||||||
|
Short-term debt |
47050000 |
76.22% |
26700000 |
-5.79% |
28342000 |
0.78% |
28124000 |
5.61% |
26629000 |
|
Capital leases |
30680000 |
||||||||
|
Accounts payable |
497340000 |
134.15% |
212406000 |
-4.08% |
221442000 |
21.31% |
182544000 |
41.85% |
128686000 |
|
Taxes payable |
4602000 |
-3.38% |
4763000 |
192.75% |
1627000 |
-24.88% |
2166000 |
8564.00% |
25000 |
|
Other current liabilities |
5242000 |
-88.63% |
46101000 |
||||||
|
Total current liabilities |
584914000 |
101.72% |
289970000 |
15.34% |
251411000 |
18.13% |
212834000 |
37.01% |
155340000 |
|
Non-current liabilities |
|||||||||
|
Long-term debt |
7531000 |
-69.48% |
24677000 |
-2.09% |
25205000 |
4.98% |
24010000 |
14.48% |
20973000 |
|
Capital leases |
33833000 |
||||||||
|
Deferred taxes liabilities |
20803000 |
1003.61% |
1885000 |
5.72% |
1783000 |
-5.16% |
1880000 |
-33.87% |
2843000 |
|
Minority interest |
21000 |
-27.59% |
29000 |
-19.44% |
36000 |
-7.69% |
39000 |
-7.14% |
42000 |
|
Other long-term liabilities |
8912000 |
4.14% |
8558000 |
-0.24% |
8579000 |
1.01% |
8493000 |
5.15% |
8077000 |
|
Total non-current liabilities |
71100000 |
102.28% |
35149000 |
-1.28% |
35603000 |
3.43% |
34422000 |
7.79% |
31935000 |
|
Total liabilities |
656014000 |
101.78% |
325119000 |
13.28% |
287014000 |
16.08% |
247256000 |
32.03% |
187275000 |
|
Stockholders’ equity |
|||||||||
|
Common stock |
49531000 |
||||||||
|
Additional paid-in capital |
19672000 |
0.00% |
19672000 |
||||||
|
Retained earnings |
76435000 |
25.75% |
60781000 |
-4.84% |
63870000 |
9.31% |
58431000 |
8.82% |
53696000 |
|
Accumulated other comprehensive income |
-100.00% |
49431000 |
2096.93% |
2250000 |
0.00% |
2250000 |
0.00% |
2250000 |
|
|
Total stockholders’ equity |
145638000 |
12.13% |
129884000 |
96.44% |
66120000 |
8.96% |
60681000 |
8.46% |
55946000 |
|
Total liabilities and stockholders’ equity |
801652000 |
76.19% |
455003000 |
28.85% |
353134000 |
14.68% |
307937000 |
26.61% |
243221000 |
The above study of income statement and balance sheet depict that the various changes have taken place into the position and the performance of the company. This depicts that the performance of the company has been better in 2016 in comparison of last 5 years (Baker and Nofsinger, 2010). Further, it has also been analyzed that few changes could be done by the company to enhance the level of the profitability position of the company.
Conclusion:
Through the above study, it has been found that the various strategies must be changed by the company to manage the position and the performance of the company. though, the performance of the company has been better from last 5 years but still, few changes should be done by the company to enhance the level of the financial performance of the company. Company must manage the level of the debt and equity according to the industry rules. Further, company should also need to manage a better level of the liquid position so that the risk and return of the company could also be managed.
Through the above analysis over MARSHALL MOTOR HOLDINGS PLC and the automotive industry, it has been analyzed that the profitability position of the comapny has been improved and the market share of the company has also been enhanced. Further, it has been found that the trends of the industry depict that various positive changes would take place into the performance of the company in future. Further, it has also been analyzed that few changes could be done by the company to enhance the level of the profitability position of the company.
References:
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