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MANAGEMENT WITH INFORMATION SYSTEMS

Accounting and Financial Analysis [DFA 1020]

Analysisof Annual Report2004 Lecturer: Mr. K. Padachi

Number of words: 3000

Date: 03 February 2006


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Bsc. (Hons) Management with Information Systems

Phoenix Beverages Limited

Pont Fer Phoenix Mauritius

- A n a l ys i s o f A n n u a l R e p o r t 2 0 0 4

Phone (230) 6012000 Fax (230) 6278333 Email: pbg@pbg.mu

Website : www.phoenixbeveragesgroup.com

Phoenix Beverages Limited

Contents PAGE 1. Acknowledgement

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2. Introduction

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3. Major Components of Annual Report

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4. Potential User Groups & their Information Needs 5. Qualitative Characteristics of Accounting Information 6. Extent to which Information in Annual Report meet Users’ Requirements 7. Accounting Concepts Used

4, 5 6 7, 8 9, 10

8. Users of Accounts Misled by Reported Profit Figure

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9. Accounting Ratios

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10. Financial Soundness

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11. Bibliography

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________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644

Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

1

1 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Acknowledgements

Phoenix Beverages Limited. It is acknowledged that limited companies are obliged to publish Annual Reports. Such is also the case of Phoenix Beverages Limited, since it is also a limited company. It is also agreed that there are many forms of “red-tape” or procedures to follow in many organisations nowadays, be it in the private or public sector. However, the extreme speed at which our team got the Annual Report 2004 from Phoenix Beverages Limited definitely needs to be acclaimed. Hence, I, the undersigned person, would wish to thank the administrative staff of Phoenix Beverages Limited for their contribution.

A constructive conflict characterised team. Moreover, it is often said that group work is characterised by conflicts, which may be constructive or destructive. However, in my capacity as team leader, I would like to point out that no so-called “destructive conflict” has been noted as every one contributed his or her part of the work to be done and, to be underlined, even though ideas generated from team members were thoroughly analysed and criticised so as to retain the best.

Hard-working team members. “Un travail de fourmie”…That is definitely how one would be most inclined to qualify the work done by my team-mates in view of the enormous research work that was conducted to complete the analysis of the Annual Report 2004 of Phoenix Beverages Limited. Their enthusiasm, dynamism, perseverance, persistence and determination are what actually made the analysis possible. Hats off to them!

Vikash Beelatoo

Team Leader

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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2 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Introduction

Figure 1: Phoenix Beverages Limited in its early stage

“So delicious, so Mauritius”: Such had been the promotional tag of Phoenix Beer a few years ago as part of its marketing strategy. True to its words, Phoenix Beverages Limited, formerly known as Mauritius Breweries Limited before its merging with Phoenix Camp Minerals in the year 2001, has been part of the Mauritian landscape for more than 40 years now. Today, Phoenix Beverages Limited commercialises a wide range of products, such as Coca Cola, Blue Marlin, Malta Guinness and Smirnoff Ice, although its main product remains the Phoenix Beer. Besides, the group also possesses the Mauritius Glass Gallery, as one of its subsidiaries.

However, the very long-duration monopoly position of Phoenix Beverages Limited in the commercialisation of beer came to an abrupt end in 2005 when United Breweries Limited launched a new beer named “Black Eagle” on the local market. It is believed that Phoenix Beverages Limited is set to lose its market share, but the extent is still unknown. This is so because United Breweries Limited has just started its activities and can still be considered as an infant firm in the industry compared to the 44 year old Phoenix Beer.

Nevertheless, it would be interesting to analyse the performance of Phoenix Beverages Limited after it has lost its monopoly position in the local beer market. It should, however, be kept in mind that such is not possible till date, because of the unavailability of financial reports for the newly formed United Breweries Limited. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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3 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Major Components of Annual Report

Limited companies are obliged to publish accounts in order to conform to the Companies Act. This implies that the accounts and other major components of the annual report should be in a particular format and in compliance with the Companies Act as well as the International Accounting Standards. As per the Companies Act 1989, the major components of an annual report, including that of Phoenix Beverages Limited’s [PBL], are as follows:

1. Financial statements based on historical cost: These will include the Profit & Loss Account showing the related revenue and expenses and the end of year profit; the Balance Sheet showing records of assets and liabilities of the company and stock held at the end of the year; the Cash Flow Statement showing cash inflows and outflows during the given accounting period. 2. Notes to the Financial Statements, including: accounting policies; details of fixed assets investments, share capital, debenture and reserves; directors’ emoluments; trade and other receivables; trade and other payables; earnings per share. 3. Directors’ Report, containing a fair review of the development of the business of the company and its subsidiary undertakings during the financial year and their position at the end of it; and, stating the amount [if any] which they recommend should be paid as dividend and the amount [if any] which they propose to carry to reserves. [Re: Companies Act 1989] 4. Auditors’ Report, stating whether in the auditors’ opinion, the annual accounts have been properly prepared in accordance with the Companies Act and whether a true and fair view is given. 5. In addition, in the case of a listed company, as it is for Phoenix Beverages Limited, also needs to be included are the value added statement, statement of corporate objectives, statement of future prospects and segmental information.

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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4 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Potential User Groups & their Information Needs

Why are corporate reports prepared annually? Naturally, they are intended for particular user groups. Hence, the information needs of such particular groups should be kept in mind while preparing the annual corporate reports. Let us analyse these groups and see what kind of information they seek: 1. Shareholders: Shareholders are those people who invest in the company. It is quite evident, therefore, that shareholders would be mostly concerned about the return on their investment. They should be able to know whether the company will be able to pay them dividends or not. This will, in turn, enable them to decide whether to buy, hold or sell shares in a particular company. 2. Employees: Employees are mostly concerned about the stability and profitability of their employers. This enables them to have an idea about the stability of their jobs and the ability of the company to provide remuneration, retirement benefits and other opportunities.

Figure 2: One of the potential user groups- Employees

3. Suppliers and other creditors: Creditors are those people to whom the company owes money. These people will seek to know whether amounts due to them will be paid as and when required. Hence, they will seek information in this regard.

________________________________________________________________________________________________ Š2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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4 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Potential User Groups & their Information Needs [Continued…] 4. Customers: A particular company may be bounded with customers by contracts. Hence, customers need information to know about the ability of the company to go accordingly with the specified contract. Moreover, it can be said that in cases where the company has monopoly power over the whole market or a particular segment of the market [Just like in the case of Phoenix Beverages Limited had monopoly power in the supply of beer in Mauritius before the newly established Universal Breweries Limited], customers will be dependent on the company. Hence, they will seek to know about the continuance of the company, which is reflected in its profitability and liquidity positions. 5. Government and tax agencies: It is evident that the government will seek “remuneration” from companies for services provided such as road networks, street lighting, etc. such “remuneration” is in the form of corporation taxes. Hence, the government requires information in order to determine taxation policies and to evaluate the amount receivable as corporation tax. Furthermore, publication of National Income Statistics oblige, the government also needs data about production and spending for policy making [Fiscal or monetary policy] 6. Competitors: Competitors are those companies which are in the same line of production or in the same industry. For instance, a competitor for Phoenix Beverages Limited is the newly established Universal Breweries Limited. Competitors will seek information from annual reports in order to establish standards and to compare performance. Hence, data of relevance to competitors will include profitability, liquidity and investment performance. 7. Management [Internal Users]: Although management is the one who has the responsibility to prepare the corporate reports, yet, they still require information contained in those same reports. This helps management to carry out its planning, decision-making and control responsibilities. For instance, the marketing manager of Phoenix Beverages Limited will seek to know about the credit position of its debtors so as to take the necessary actions, which may be in the form of credit limits, as, when and where required. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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5 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Qualitative Characteristics of Accounting Information

To be useful to users, the corporate report itself needs to have certain qualitative characteristics. According to the International Accounting Standards Bureau [IASB], there are four main qualitative characteristics:

1. Understandability: It is acknowledged that all users of corporate reports are not professional accountants. This implies that information in the corporate report should be presented in such a way that users, whether professional accountants or simple laymen, can study, understand and make use of the information contained in these reports.

2. Relevance: Information in the annual reports is used by users to make economic decisions. The latter involves analysing the past and prediction of the future. Hence, the information provided in the annual reports should be up-to-date and of relevance to decision-making for the users.

3. Reliability: According to Prof. D. Solomons, any information is reliable when it “tells the truth and nothing but the truth, tells the whole truth, and… is verifiable”. This implies that, for information to be reliable, it needs to be devoid of biasness and so-called “window-dressing”. Furthermore, one needs to be prudent while dealing with estimates of items in the financial statements [e.g. assets might be overstated] because this affects the reliability of the information.

4. Comparability: Analysis of annual reports is usually made over time or across firms. In other words, annual reports of a company are compared over time or with those of other companies within the same industry [competitors]. For such comparison to be possible, information in the annual reports should be consistent, both over time and with other companies. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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6 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Extent to which Information in Annual Report meets Users’ Requirements

There is no denying that annual reports are an important source of information to the users. This is so because it provides them with an idea about the liquidity, profitability and efficiency position of the company [Refer to 4. Potential User Groups and their Information needs]. However, despite the latter fact, information in the annual report does not meet completely to users’ requirements. This is commonly referred to as the “limitations of published accounts” and are further analysed below:

1. Lack of detail: Just as it is the case for corporate reports of all companies, Phoenix Beverages Limited’s corporate report provides information relative to two years of activity only. However, for trend analysis to be possible, users also need to have information about previous years as well.

2. Historical Information: It is acknowledged that the world is evolving very fast these days and “obsolescence” of products is frequent. It should also be kept in mind that such obsolescence does not apply only to products but also to information, be it accounting or any other type. Therefore, the relevance of such historical information, in the Annual Report 2004 of Phoenix Beverages Limited, for users can be questioned as they do not provide a “reliable guide to the current and future performance of the business” [Business Accounting- Rob Jones].

3. Non-monetary Factors: Accounting information provided in the annual reports are mostly concerned with factors that can be measured in monetary terms. In other words, nonmonetary factors, such as the worthiness of workforce and management and intangible assets [Not applicable to Phoenix Beverages Limited since it has been shown in the final accounts] are not shown. It is to be noted that such information is also required by the users to make a proper analysis of the business’s prospects. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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6 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Extent to which Information in Annual Report meets Users’ Requirements [Continued…]

4. Reliability: It has been said in part 5 [Qualitative Characteristics of Accounting Information] above that accounting information provided in the corporate reports should be reliable. However, the reliability of such information needs to be questioned as much subjectivity, biasness or value judgement is involved in the preparation of corporate reports. For instance, in Phoenix Beverages Limited’s corporate report, it has been said “Intangible assets refer to the costs incurred on the Re-looking project of Phoenix beer. These costs are being amortised on a straight-line basis over a period of five years”. Freehold buildings are also being depreciated at an annual rate of 2%-10% while Plant and Machinery are being depreciated at an annual rate of 4%-10%, both under the straight line method. However, much subjectivity is involved in deriving the depreciation rate. Furthermore, since many companies have recourse to “window dressing”, the reliability of the information is tampered with.

5. Comparability: Again, as it has been said in part 5 [Qualitative Characteristics of Accounting Information], information in the annual reports should be consistent, both over time and with other companies. However, comparison can be tedious when accounting information is not consistent, be it over time or with other companies or both. For instance in the accounting policies for Phoenix Beverages Limited, it is said “containers are capitalised as equipment and depreciated over their estimated useful life taken to be ten years” or “Intangible assets are initially recorded at cost and amortised using the straight-line method over their estimated useful life taken to be five years”. It can already be deduced that such accounting policies may not be the same for other companies within the same industry such as Universal Breweries Limited [Black Eagle] or the Currimjee Group [Pepsi Cola products].

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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7 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Accounting Concepts Used The SSAP 2 [Disclosure of accounting policies] has identified four ‘fundamental accounting concepts’. These are: 1. Going Concern: This concept simply states that a business is going to continue for the foreseeable future. In other words, the business is not expected to close down or get sold. In normal circumstances where the business is expected to continue its operations, the historical cost convention is usually applied. However, if there is mention of liquidation of business, assets will be valued at realisable values. It is important to note that in the case of Phoenix Beverages Limited, there is no mention of liquidation of business and hence, assets have been valued at historical cost. 2. Consistency: It has already been mentioned in part 5 [Qualitative Characteristics of Accounting Information] above, that information needs to be consistent over time for comparison to be possible. This is the fundamental basis underlying the Consistency Concept. In other words, this simply means that the company or business needs to keep to the same method of recording its transactions. For instance, Phoenix Beverages Limited sticks to the same method of providing for Depreciation, that is, under the straight line method for Yard, Buildings, Plant & Machinery, Motor Vehicles, Furniture, Computer & Office Equipment and Containers. 3. Prudence: Another underlying concept is the Prudence Concept. This simply states that revenue or profit should be recognised only when realised. The Prudence Concept is mostly associated with Stock Valuation, where it is said that stock should be valued at the lower of cost or net realisable value. It can clearly be seen in the notes to the Financial Statements [part 1. Accounting Policies] of Phoenix Beverages Limited’s Annual Report 2004, that “inventories are stated at lower of cost and net realisable value”. 4. Accruals: This concept simply states that revenues and costs are not calculated on the basis of cash received or paid. Instead, revenues are erecognised when earned and expenses when incurred. This explains the presence of “Trade and Other Receivables” and “Trade and Other Payables” in Phoenix Beverages Limited’s Final Accounts. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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7 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Accounting Concepts Used [Continued…] In addition to the above mentioned fundamental concepts, there are also other concepts that are used in the preparation of annual reports. These are:

5. Objectivity: Objectivity means that no value judgements or personal feelings should impede in the preparation of Annual Reports. However, this is not so in the case of Phoenix Beverages Limited as well as other businesses as value judgements are involved while choosing for the method and rate of depreciation, for instance.

6. Business Entity: The Business Entity Concept states that the business is a separate entity from its owner(s). Hence, all financial information relating to the business is recorded and reported separately from the owner’s personal financial information. This is mostly evident in all companies, just like in the case of Phoenix Beverages Limited, as the owners of the company are shareholders but their daily personal transactions are not recorded in the Company’s Accounts.

7. Historical Cost: The Historical Cost Concept simply states that all items are valued at their historical cost. In other words, transactions are recorded at their original costs. In the Notes to Financial Statements of the Annual Report 2004 of Phoenix Beverages Limited, it is clearly stated that “the financial statements are prepared under the historical cost convention and in accordance with International Financial Reporting Standards”.

8. Dual Aspect: This simply refers to the double entry principle, whereby transactions are recorded twice in the accounts. It is evident that if the “Balance Sheet balances” in the case of Phoenix Beverages Limited, then, the dual aspect concept needs to have been considered while preparing the accounts of the afore-said company.

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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8 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Users of Accounts misled by Reported Annual Figure

It is acknowledged that the reported profit figure is reached at after considering a number of accounting concepts, among which are the matching, accruals and prudence concepts. As per the Matching Concept, all expenses made in an accounting period must be matched with its revenue. Therefore, non-cash items like provision for depreciation, provision for bad and doubtful debts, and so on are accounted for in the Profit and Loss Account to reach the profit figure. It is important to underline that these non-cash items reduce the level of profit for Phoenix Beverages Limited and not its cash balance.

Moreover, the Accruals Concept accounts for prepayments and accruals and so the reported profit figure is again made to deviate from the cash balance. Similarly, the Prudence Concept [a traditional concept whereby revenue and profits are not anticipated and all known liabilities and expected losses are provided for] due to its involvement in generating the reported profit figure, will also not reflect the real cash movement in the company.

Therefore, taking in mind all the concepts that influence the reported profit figure, it can be said that users of corporate reports can be misled by the reported profit figure. In other words, since the profit figure is obtained after considering non-cash items, it does not equal to cash and hence, does not reflect the liquidity position of the business, which as a matter of fact, is most of the times misinterpreted by users to be reflecting. For instance, a company might have made losses but has an adequate cash balance for future operating activities. Conversely, a company may have made huge profits but does not have a single penny in hand or in its bank account.

This implies that since the reported profit figure can sometimes be misleading to users of corporate reports in their analysis, therefore, the cash and bank balances of the company need also to be considered before drawing any conclusions.

________________________________________________________________________________________________ Š2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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9 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Accounting Ratios RATIO PROFITABILITY/ PERFORMANCE

FORMULA

1. Gross Profit Margin

(Gross Profit/ Sales)×100

2004

(417748/ 1904436)×100

2003

(238413/ 1033285)×100 21.9 %

2. Op. Profit Margin

(Operating Profit/ Sales)×100

(43210/ 1904436)×100

23.1 %

(71899/ 1033285)×100 2.3 %

3. ROCE

(Operating Profit/ Total Assets)×100

(43210/ 1995512)×100

7.0 %

(71899/ 1481269)×100 2.2 %

4. Return of Equity

(Net Profit attributable to shareholders/ Shareholders' Fund)×100

(93015/ 1256388)×100

4.9 %

(67376/870357)×100 7.4 %

7.7 %

LIQUIDITY 5. Current Ratio

Current Assets/ Current Liabilities

276815/ 315419

160973/ 287936 0.9 times

6. Acid-Test Ratio

(Current Assets- Inventories)/ Current Liabilities

(267815- 118052) /315419

0.6 times

(160973-97843)/ 287936

0.5 times

0.2 times

EFFICIENCY 7. Gearing

(Fixed Interest Bearing Capital/ Total Assets)×100

(423705/ 1995512)×100

(322976/ 1481269)×100

21.2 %

8. Stock Turnover

Cost of Sales/ Average Stock

(2×1486688)/ (118052+97843)

21.8 %

(2×794872)/ (97843+65459) 13.8 times

9. Debtors' Collection Period

(Debtors/ Sales)×365

(92349/1904436)×365

9.7 times

(28094/1033285)×365

17.7 days

10. Asset Turnover

Turnover/ Total Assets

1904436/ 1995512

9.9 days

1033285/ 1481269 1.0 times

0.7 times

SHAREHOLDERS' RATIOS 11. Earnings per share

Net Profit Attributable to O.S/ Number of Ord Shares Issued

93015000/ 11676250

67376000/ 10086000 R 7.97

12. Dividend Cover

Net Profit Attributable to O.S/ Ordinary dividend paid

93015/ 48813

R 6.68

67376/ 40344 1.91 times

1.67 times

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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10 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Financial Soundness 1. Liquidity: Although there has been a decline in all Profitability Ratios, there has been an improvement in Liquidity Ratios over the two years. This comes to support the fact that users can be misled by the reported profit figure as mentioned in part 8 above. However, despite an improvement, liquid assets are just not enough to repay immediate bills that may arise for Phoenix Beverages Limited. 2. Shareholders’ Ratios: Both the earnings per share and the dividend cover have increased from 2003 to 2004. This will be a good sign for existing shareholders and might attract potential ones as well, despite the decrease in the return on investments. 3. Profitability/ Performance: It can clearly be seen from the ratios calculated that there has been a decline in all profitability/ performance ratios from the year 2003 to 2004. This is very much noticed in the case of the Operating Profit Margin, which has declined from 7.0% in 2003 to 2.3% in 2004, accounting for a rise in expenses, probably due to inflationary tendencies coupled with the fact that cost of sales has risen by a higher percentage than sales, of Phoenix Beverages Limited. A decline in the return on investments [ROCE and Return on equity] can also be noticed and this will be particularly deceptive to the shareholders. 4. Efficiency: There have been mixed reactions for Efficiency ratios. Whilst the low gearing ratio has remained almost stable over the two years [accounting for a low dependence on external capital], the stock turnover has increased from 9.7 times in 2003 to 13.8 times in 2004. This implies that the level of activity of Phoenix Beverages Limited has increased significantly. To be noticed also is the fact that debtors’ collection period has experienced a two-fold increase and this does not sound good for the Company, but it is still difficult to conclude about the overall cash-flow in the absence of information to calculate the Creditors’ Payment Period. 5. Relationship between probability and efficiency: It is clear from the above that the return on capital has declined because of a decline in the profitability of sales, although there has been an improvement in efficiency in the use of capital. ________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Bsc. (Hons) Management with Information Systems

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11 Phoenix Beverages Limited– Analysis ofAnnual Report 2004 Bibliography 1. Phoenix Beverages Limited, Annual Report 2004 2. Rob Jones 2002, Business Accounting, Causeway Press Ltd, Italy 3. Hurrydeo Mungur 1997, Accounting Hsc A-Level, Compakolor, Mauritius 4. H. Randall 2000, A-Level Accounting, Letts Publication, United Kingdom 5. Frank Wood & Alan Sangster 1999, Business Accounting 1, Pitman Publishing, United Kingdom 6. Frank Wood & Alan Sangster 2002, Business Accounting 2, Prentice Hall, United Kingdom 7. M.W.E Glautier & B. Underdown 2001, Accounting Theory and Practice, Prentice Hall, United Kingdom 8. Graham Cosserat, Barry Elliot, Bill O’Connor 1994, Accounting and Audit Practice, Martins Printing Group, United Kingdom

Websites:

9. Phoenix Beverages Group’s website [www.phoenixbeveragesgroup.com] 10. L’Express’s Archives [www.lexpress.mu] 11. Companies Act 1989 [www.opsi.gov.uk] 12. IASB’s Framework for the Preparation and Presentation of Financial Statements [www.iasplus.com]

________________________________________________________________________________________________ ©2006 Sara Govinden 0514538 Natasha Jeebun 0513644 Vidoushee Boolaky 0510646 Vikash Beelatoo 0511524


Analysis of PBL Annual Report 2004  

Phoenix Beverages Limited

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