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38.Background
The following infomation, for the year to 31 December 20X9, is available for Fun Co which operates in the toys and games industry.
The cost of capital of Fun Co is 12% per annum.
Fun Co sold 350,000 units in the year ended 31 December 20X9. Total sales for the toys and games industry for the year were $61,280,000.
Task 1
Calculate the following performance measures for Fun Co for the year ended 31 December 20X9:
Operating profit margin (to one decimal place) ()%
Asset turnover (to one decimal place) ()times
Returm on investment (to one decimal place) ()%
Residual income (to nearest $'000) ()%
Market share (to one decimal place) ()%
Task 2
Return on investment (ROI) and residual income (RI) are both measures of investment performance.
Does each of the following statements describe a feature of ROI only, RI only,both ROI and RI or neither of the two measures?
Task3
An analyst has calculated the following ratios for Fun Co for comparison with the toys and games industry average.
Fun Co Toys and games industry average
Current ratio 1.4:1 1.2:1
Gearing 55% 30%
Interest cover 6 5
Acid test 0.8:1 0.8:1
Complete the following commentary on Fun Co's performance relative to the industry average.
Fun Co's liquidity is__(better/worse) than the industry average.
Its capital gearing is __(safer/riskier) than the industry average.
lts ability to service its loans isL__(better/worse) than the industry average,which could mean that Fun Co is having a __(higher/lower) level of proftability than the industry average.
Notes:
Task 1：
(1) Operating proft margin = (operating profit/ sales) x 100%
(5901 7,660) x 100%= 7.7%
(2) Asset turnover = sales 1 capital employed
7,660 / 3,330 = 2.3 times
(3) Returm on investment = (operating proft 1 capital employed) x 100%
(590 1 3,330)x 100%= 17.7%
(4) Residual income = operating profit - interest on capital employed
590- (3,330x 0.12)= $190
(5) Market share = (Fun Co sales 1 industry sales) x 100%
(7,6601 61,280) x 100%= 12.5%
Task 2：
Only ROI provides a relative (%) measure of investment performance and thus facilitates comparison of performance of business units of different size.
Both ROI and RI are based on profit rather than cash flow.
Neither ROI nor RI will ensure that managers will select investment projects with a positive NPV. This is because NPV is a discounted cash flow (notprofit) evaluation method which takes account of the timing of the cash flows over the life of an investment project.
Task 3：
Fun Co's liquidity is better than the industry average.
Its capital gearing is riskier than the industry average.
Its ability to service its loans is better than the industry average, which could mean that Fun Co is having a higher level of profitability than the Industry average.
Fun Co's liquidity is better than the industry average because, although its acid test ratio is the same, its current ratio is higher.
Fun Co's capital gearing is riskier than the industry average because its gearing ratio indicates a higher proportion of debt, and thus fixed intrest commitments, in the capital mix.
Fun Co's ability to service its loans is better because its interest cover is higher.
Fun Co's higher interest cover could mean that it has a higher level of profitabilty than the industry average. Despite having more debt the level of profit is able to cover the interest on that debt better.
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