Financial Performance of HBK Holding Company W.L.L

  CHAPTER 1: INTRODUCTION

In this project, I am going to analyze the Financial Statements of a company called HBK Holding Company W.L.L for the years 2015 and 2016. The Financial Statements to be analyzed are the Balance Sheet and the Profit & Loss Statement. To do this, the financial statements were obtained from my time working as an Intern at Laxminiwas & Co. Chartered Accountants. Therefore, the tools for analysis which are going to be used below are Comparative Statement Analysis which includes – Comparative Balance Sheet and Comparative Income Statement, Common Size Statement Analysis in which include the Common Size Balance Sheet and the Common Size Income Statement.

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This project also makes use of one of the most commonly used tools for financial analysis, which is Ratio Analysis. Ratio Analysis includes 4 major categories of ratios. They are Liquidity Ratios, under which come – Current Ratio, Quick Ratio;  Solvency Ratios, under which come – Debt to Equity Ratio, Proprietary Ratio, Debt Ratio, Equity Ratio; Efficiency Ratios, which include – Inventory Turnover Ratio, Debtors Turnover Ratio, Asset Turnover Ratio; Profitability Ratios, under which come – Net Profit Ratio, Return on Capital Employed, Return on Equity. The different ratios mentioned above will be calculated in this particular project.

The aim of this analysis is to find out how the Company has performed in those particular financial years, how it is performing currently and to help the management take the best financial decisions which would help the Company in the future.

The selection of data, evaluation of that data and interpreting the results from the evaluation is what we call Financial Statement Analysis. It also helps in identifying the strengths and weaknesses of a company by building a relationship between items of the balance sheet and the profit & loss statement. Since financial statements are extensive, it is more efficient and strategic to just take the amounts and put them in pre-determined formulas which have evolved through the years.

The parties who are interested in this analysis are the investors, creditors, Government and financial executives.

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OBJECTIVES

The objectives of this analysis are:-

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1. Evaluation of Past Performance:

Previous performances will be a great pointer about future performances. Traders and lenders have a keen interest in the pattern of previous sales figures, COGS, working costs, net profit, cash flows and return on capital employed. These patterns offer methods for judging the management’s previous performances and are viable pointers of future performances.

2. Evaluation of Current Position:

Financial Statement Analysis indicates the present day position of the company in terms of the forms of assets owned by company and the distinctive liabilities due against the company.

3. Prediction of profitability and growth prospects:

The analysis facilitates in assessing and predicting the income possibilities and growth rates in income that are utilized by traders whilst comparing investment options and other customers in judging earning capacity of the company.

4. Expectation of Bankruptcy and Failure:

This analysis is a key tool in evaluating and forecasting bankruptcy and possibility of business failure.

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5. Evaluation of Operational Efficiency:

This analysis enables us to evaluate the operational efficiency of the management of the company. The real overall performance of the company which can be discovered in the financial statements may be compared with a few standards set in advance and the deviation of any between the set standards and actual overall performance can be used as an indicator of the efficiency of the management.

SCOPE

This study specifically tries to evaluate the financial performance of HBK Holding Company W.L.L. In the future, the different financial parties can make use of this analysis for assessing their overall performance, which would enable them to evaluate financial statements and assist to make use of the resources which the company owns efficiently for the improvement of the company and its employees as a whole. This project looks to create a pattern evaluation model for sales, working capital and income statement. There may be forecasting to assess the overall performance of HBK Holding Company W.L.L. The scope of the study also includes the following dimensions:

• Profitability- to see whether the company can minimize costs and maximize profits
• Liquidity- to see whether the company has the ability to meet its short-term obligations
• Safety or security- to see whether the company can overcome undue risk
• Decision making- to help the company take suitable decisions in areas of working capital, capital budgeting, capital structure, dividend decisions.

IMPORTANCE

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1. Shareholding:

The shareholders are the promoters of the company. They have to take decisions whether they should sell their shares or hold on to the shares trusting the company. This analysis provides a significant insight to the shareholders while taking such decisions.

2. Plans:

Taking decisions and making plans and policies for the future is up to the management of the company. Hence, it is important for the company’s management to analyze its performance and efficiency of their plans to realize the company’s goals.

3. Credit Extension:

The loans which the company gets are from banks and creditors. Since they are the ones that provide credit, they need to take the decisions if they want to give loans to the company or not. Thus, they analyze the financial statements to gain valuable information about the company which will help them make the decision.

4. Investments:

There are some investors who possess excess capital to invest and want to invest in profitable situations. Thus, they analyze the financial statements of the company to assess the financial stability of that company and decide whether to invest or not.

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CHAPTER 2: COMPANY PROFILE

RESEARCH METHODOLOGY

Under this section, an elaborate explanation about the methods or tools which are going to be used to analyze the financial statements of HBK Holding Company W.L.L. is given. The Secondary Data which is being utilized in this project was acquired from the company’s annual reports for those years.

The data includes the Statement of Financial Position, also known as, Balance Sheet and the Statement of Profit & Loss of HBK Holding Company W.L.L. To analyze these financial statements, the tools which I am going to use are the Comparative Statement Analysis, Common-Size Statement Analysis and Ratio Analysis.

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The Comparative Financial Statements are statements of financial position at distinctive durations of time. The factors of financial position are shown in comparative form for us to provide an idea of the company’s financial position at one or more periods. Any statement prepared in a comparative form will be covered in the comparative statements. Comparative financial statements are the whole set of financial statements that a company issues, revealing records for multiple accounting periods. The financial statements which are subject to analysis are the Balance Sheet and the Profit & Loss Statement.

From a realistic point of view, typically, the financial statements are prepared in a comparative form for financial evaluation purposes, not only for the comparison of the figures of different periods but also the relationship among the items of the balance sheet and profit & loss account, allowing an intensive look at the financial position and operative results of the company. The comparative statements usually show Absolute Figures (amount), Changes in Absolute Figures (increase or decrease in amount), absolute data in terms of % and increase or decrease in terms of %. When figures are given in a comparative form, it is easier to draw useful conclusions about the company. For example, when data about sales is provided for a quarter, half year or one year, it tells us only about the present position of sales efforts. But if sales data of previous periods are provided along with the current period data, then it is possible to study the pattern of sales over different periods of time. In the same way, comparative statements indicate the patterns and direction of financial position and operating results.

Comparative Statements include – Comparative Balance Sheet & Comparative Income Statement.

1. Comparative Balance Sheet:

This analysis studies the pattern of similar items, category of items and computed items of 2 or more balance sheets of the same company on different periods of time. The adjustments may be observed by comparing the balance sheet at the start of the year with the balance sheet at the end of the year and those changes can assist in forming an opinion about the development of the company. The following aspects are expected to be reviewed while interpreting the comparative balance sheet:-

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1. Current financial position and liquidity position
2. Long term financial position
3. Profitability of the company.

After analyzing the different assets and liabilities, an opinion must be made about the financial position of the company. It cannot be said that if the short term position of the company is excellent then the long term position would also be excellent or vice-versa. A suitable concluding comment about the overall financial position of the company should be provided at the end.

2. Comparative Income Statement:

The income statement provides the results of the operations of the company. The comparative income statement provides an idea about the development of the company over period of time. The changes in absolute information in money values and % may be determined to evaluate the profitability of the company. Similar to the Comparative Balance Sheet, the Comparative Income Statement also has 4 columns. First 2 columns provide data of different items for 2 years, the third column shows the increase or decrease of the absolute data and the fourth column shows the % change of the data between the years.

Guidelines for interpretation of Comparative Income Statement:-

1. The Gross Profit figures should be analyzed in the first step.
2. Analysis of operational profits should be done second.
3. Analysis of Net Profit gives a general idea about the overall profitability of the company.

After analyzing the different items of the income statement, an opinion is supposed to be given about the overall profitability of the company. A comment should be provided below whether the overall profitability is good or bad. The advantages of these statements are:

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1. They point out the direction in which the profitability, position and efficiency of the company has been moving in over the years.
2. Monthly or quarterly comparisons are made possible with these statements. This enables the company to pin point the exact problems they have and take appropriate measures.
3. A summary of past activities and their effects on the financial position of the company is provided.
4. Reports are more useful and the nature of changes affecting the company is brought out more clearly.

But there are also certain limitations which they possess, which are:

1. If the accounting principles are not consistent over a certain time period, comparing will lose its purpose and importance and sometimes mislead the analyst.
2. When price levels constantly change, comparing statements will become useless.
3. While comparing 2 successive time periods, if one is a normal period and the other is an abnormal one, analysis of this situation is pointless.

The second tool of financial statement analysis which will be used is the Common-Size Statement Analysis.  This includes:

1. Common- Size Balance sheet:

It is a statement in which different items of the balance sheet are shown as a ratio each asset to total assets and each liability to total liabilities. The total assets and total liabilities are taken as 100 and different assets and liabilities respectively expressed as percentages of the total.

2. Common-Size Income Statement:

In this, the income statement items are shown as percentages of sales. A meaningful connection can be made between the items of the income statement and sales. The rise in sales will not increase administrative expenses or financial expenses but will increase the selling expenses.

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The advantages of this method are:

1. Simple:

The percentage of each item to total assets or liabilities or net sales is understood clearly with the help of this method.

2. Trend:

A pattern relating to the percentage of each separate asset in total assets and percentage of each liability in total liabilities is identified.

3. Comparison:

Since the percentage change of every separate component is available to the analysts, they can compare the financial performances.

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The limitations are:

1. Due to the fact that it does not recognize the price level changes, it may provide misleading data as it is based on past costs.
2. If accounting principles are not consistent, this method becomes useless
3. It does not recognize the qualitative factors, while evaluating the performance of the company.
4. It can’t evaluate the liquidity and solvency position of the company.

The third tool of financial statement analysis is the Financial Ratios Analysis. By comparing important financial data which appear in the financial statements of the company, and evaluating the results from those comparisons to assess the reasons behind the company’s current financial position and its latest financial performance, construct future expectations for the company is basically what Ratio Analysis is. It is a quantitative analysis of data contained in the company’s financial statements. It is used to assess a company’s operating and financial performance such as its liquidity, solvency, efficiency and profitability.

Ratio analysis is a very useful tool of analysis as it makes the process of comparing financial data of one company with the data of another company simple. It is not efficient to directly compare the financial statements of different companies because of the difference in the size of the relevant companies. This analysis makes it possible to compare the financial statements both among separate companies as well as across separate periods of a single company. The 4 main categories of ratios are- Liquidity Ratios, Solvency Ratios, Efficiency/Activity Ratios and Profitability Ratios. The advantages of using Ratio Analysis are:

1. Planning & Forecasting:

The data relating to costs, sales, income and others’ pattern can be recognized by evaluating ratios of important accounting figures of the previous few years. This evaluation of patterns with the help of ratios may be beneficial for forecasting and making plans for the company’s future activities.

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2. Budgeting:

An approximate of future activities based on previous year experiences is a budget. Ratios provide a means to approximate budgeted figures.

3. Operational Efficiency:

Ratio analysis shows how efficient the company is in managing and utilizing its assets. Distinctive efficiency ratios imply the operational performance of the company. Actually, the solvency of the company relies upon the sales revenues generated by making use of its assets.

4. Financial Statements:

Ratio analysis makes it simple to comprehend the connection between different items and helps in comprehending the financial statements.

5. Decision Making:

They aid in taking decisions related to giving credit, investing, providing loans etc.

6. Inter-firm Comparison:

Comparing the overall performance of two or more companies shows the efficient and inefficient companies, thereby allowing the inefficient companies to undertake appropriate actions to enhance their performance. The best method of inter-company company comparison is to compare the important ratios of the company with the average ratios of the industry.

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Although ratio analysis is a very helpful tool for analysis, the following limitations should be kept in mind while using it:

1. Financial Statements:

Ratios are usually calculated from the data recorded in the financial statements. However, financial statements have drawbacks of their own which may compromise the quality of analyzing ratios.

2. Accounting Policies:

If the accounting policies of various aspects are different, comparing the accounting data and ratios of 2 companies become difficult.

3. Quantitative Analysis:

Since ratios are tools of quantitative analysis, they ignore the quantitative elements.

4. Window-Dressing:

Ratios cannot be used to catch window-dressing, if any.

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5. Price Level:

Fixed assets do not show the changes in price levels due to the fact that they only reflect the position statement at cost, which makes it tough to compare.

Liquidity Ratios:

Liquidity ratio is a measure of how well the company will be able to meet its short-term obligations. Basically they evaluate the ability of the company to pay off its current liabilities. These ratios provide information about how much cash the company has and the company’s ability to convert other assets into cash to pay off the liabilities. Under this project, the Liquidity Ratios which will be analyzed are Current Ratio and Quick Ratio.

Current Ratio:

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Current ratio shows the short-term financial soundness of the company and it measures the company’s ability to pay off its short-term liabilities with current assets. A higher current ratio is always favorable because it shows that the company can easily make payments for its short-term obligations. The ideal current ratio is 2:1. Even though a high current ratio is good, it should not be too high. In case it is very high, it means there is idleness of funds.

Current Ratio = Current Assets / Current Liabilities

Quick Ratio:

Quick ratio, also known as Acid Test Ratio is a measure of how well the company will be able to meet its short-term liabilities with only quick assets. Quick assets are those assets which can be converted into cash within a period of 90 days. It is a fairly stringent measure of liquidity. It is based on those current assets which are highly liquid, i.e, can be converted into cash and cash equivalents quickly. A quick ratio of 1:1 is considered to be ideal. Higher the quick ratio better the short-term financial position of the company.

Quick Ratio = Quick Assets / Current Liabilities

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Quick Assets = Current Assets – Inventories- Prepaid Expenses

Solvency Ratios:

Solvency ratios, also known as Leverage ratios, measure whether the company will be able to meet its long-term liabilities. It evaluates the company’s ability to sustain operations by comparing debt with assets, equity and earnings. Solvency ratios and liquidity ratios are sometimes considered similar, but solvency ratios prioritize the long-term sustainability of the company rather than short-term payments. In this project, the Solvency Ratios which will be evaluated are Debt to Equity ratio, Debt ratio and Equity ratio.

Debt to Equity Ratio:

Debt to Equity Ratio is a financial ratio which compares the company’s total debt to their total equity. This ratio assesses the long-term financial position and soundness of the company. This ratio shows the % of funds which come from borrowings and investments. In general, lower the debt to equity ratio higher the degree of protection enjoyed by the lenders. A higher ratio shows that funds are provided more from creditors rather than the investors.

Debt to Equity Ratio = Debt / Equity

Debt Ratio:

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Debt Ratio measures the amount of assets being financed by total borrowings. It evaluates the company’s total liabilities as a % of the company’s total assets. Basically, this ratio shows the ability of the company to pay off its debts by selling its assets, in the long-term, if the company is unable to meet its interest cost and principal payment.

Debt Ratio = Debt / Total Assets

Equity Ratio:

Equity Ratio evaluates the amount of assets being financed by the owners of the company. This ratio shows how much of the assets are actually owned by the owners. If this ratio is high, it shows potential investors and lenders that investors trust the company and are willing to finance it with their investments.

Equity Ratio = Equity / Total Assets

Efficiency Ratios:

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Efficiency Ratios, also known as Activity ratios evaluate how well the company utilizes assets to generate income. They usually look at the time period it takes the company to collect cash, convert inventory into cash or pay cash to creditors. These are used by investors and creditors to see the operations and profitability of the company. The efficiency ratios which will be used are Inventory Turnover Ratio, Debtors Turnover Ratio, Creditor’s Turnover Ratio and Asset Turnover Ratio.

Inventory Turnover Ratio:

Inventory turnover ratio measures how many times average inventory is sold by the company during a period. This shows the company does not overspend by buying too much inventory and wastes resources by storing non- salable inventory. It also shows the company can effectively sell the inventory it buys. This ratio shows how effectively inventory is managed by comparing COGS with average inventory for a period.

Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory

Debtors Turnover Ratio:

Debtor Turnover Ratio measures how many times the company can convert its debtors into cash during a period. Basically, this ratio shows how many times the company can collect from its debtors during the year and how efficient it is at collecting credit sales from its customers.

Debtors Turnover Ratio = Net Credit Sales / Average Debtors

Average Collection Period = Number of days in a year / Debtors Turnover Ratio

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Asset Turnover Ratio:

Asset Turnover Ratio measures how efficiently the company is able to use its assets to generate sales. A higher ratio shows that the company is using its assets efficiently.

Asset Turnover Ratio = Net Sales / Average Total Assets

Profitability Ratios:

Profitability Ratios measure the company’s ability to generate profit from its operations. In this project, the Profitability ratios which are going to be used are Net Profit Ratio, Return on Capital Employed and Return on Equity.

Net Profit Ratio:

Net Profit Ratio measures how well the company manages its expenses relative to its net sales. Basically, this ratio tells what % of sales are left after the expenses are paid by the company.

Net Profit Ratio = (Net Profit / Net Sales)*100

Return on Capital Employed:

Return on Capital Employed, also known as Return on Investment, measures how efficiently the company can generate profits from its capital employed. To evaluate the longevity of the company, Return on Capital Employed is more useful than others.

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Return on Capital Employed = (Net Operating Profit or PBIT / Capital Employed)*100

Return on Equity:

Return on Equity measures the company’s ability to generate profit from shareholders investment. It also shows if the management is effectively using the equity to fund operations and improve the company.

Return on Equity = (Net Income / Shareholders Funds)*100

 

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CHAPTER 3: DATA ANALYSIS

RATIO ANALYSIS:

Liquidity Ratios:-

Current Ratio = Current Assets / Current Liabilities

= 2,069,902,288 / 1,653,730,089

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Current Ratio = 1.25:1

Quick Ratio = Quick Assets / Current Liabilities

Quick Assets = 2,069,902,288 – 116,431,653 – 190,229,204

Quick Assets = 1,763,241,431

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Quick Ratio = 1,763,241,431 / 1,653,730,089

Quick Ratio = 1.1:1

 

Solvency Ratios:-

 Debt to Equity Ratio = Total Debt / Total Equity

= 205,457,676 / 1,301,233,757

Debt to Equity Ratio = 0.16

Debt Ratio = Debt / Total Assets

= 205,457,676 / 3,160,421,522

Debt Ratio = 0.07

Equity Ratio = Equity / Total Assets

= 1,301,233,757 / 3,160,421,522

Equity Ratio = 0.41

Efficiency Ratios:-

Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory

Average Inventory = (100,279,600 + 116,431,653) / 2 = 108,355,627

Inventory Turnover Ratio = 2,197,047,914 / 108,355,627

Inventory Turnover Ratio = 20.28 Times

Debtors Turnover Ratio = Net Credit Sales / Average Debtors

Average Debtors = (391,446,386 + 641,851,725) / 2 = 516,649,056

Debtors Turnover Ratio = 2,457,296,920 / 516,649,056

Debtors Turnover Ratio = 4.8 Times

Average Collection Period = Number of Days in the Year / Debtors Turnover Ratio

= 365 / 4.8

Average Collection Period = 75 Days

 Asset Turnover Ratio = Net Sales / Average Total Assets

Average Total Assets = (2,296,559,005 + 3,160,421,522) / 2 = 2,728,490,264

Asset Turnover Ratio = 2,457,296,920 / 2,728,490,264

Asset Turnover Ratio = 0.9 Times

Profitability Ratios:-

Net Profit Ratio = (Net Profit / Net Sales)*100

= (137,659,983 / 2,457,296,920)*100

Net Profit Ratio = 5.6 %

Return on Capital Employed = (Profit Before Interest & Tax / Capital Employed)*100

Capital Employed = 205,457,676 + 1,301,233,757 = 1,506,691,433

Return on Capital Employed = (137,935,174 / 1,506,691,433)*100

Return on Capital Employed = 9.15 %

Return on Equity = (Net Profit / Equity)*100

= (137,659,983 / 1,301,233,757)*100

Return on Equity = 10.58 %

 

COMPARATIVE BALANCE SHEET:

Particulars	2014	2015	Absolute Change2	% Change3
ASSETS