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prepare a financial report for a company

Financial Highlights for the financial year ended 30 June 2011
Key points:
• Tough competitive environment across all geographic areas due to price competition and
competitors opening new hotels at discounted rates.
• Website problems have hindered the efficiency of our booking systems so a greater
proportion of bookings were through online travel agents.
• Emphasis on cash flow management has reduced debt levels.
• Increased tax rate due to HMRC investigation.
• £100 million of borrowings repaid early during the year. New loan facilities are under
negotiation.
• New luxury brand of hotel to be launched in Summer 2012 called Coplux. New sites have
been acquired on operating leases in September 2011 for these hotels.
• Significant increase in proposed dividend reflecting underlying cash flow and future
prospects.
11
Coppice plc – Statement of comprehensive income for the
Year ended
30 June 2011
£m
Revenue 354
Cost of sales (147)
Gross profit 207
Operating expenses (81)
Profit from operations 126
Finance costs (24)
Profit before taxation 102
Income tax (36)
Profit for the period 66
Other comprehensive income
Gain on non-current asset revaluations 25
Other comprehensive income for the period 25
Total comprehensive income for the period 91
Earnings per share 33.0p
Final dividend proposed per share payable in
December 2011.
18.0p
Key Operating Statistics
2011
Average room rate per night £52
Occupancy levels 81%
12
Coppice plc – Statement of Financial Position
At 30 June 2011
£m £m
ASSETS
Non-current assets
Goodwill 100
Property, plant & equipment 965
1,065
Current assets
Inventories 2
Trade and other receivables 30
Cash and cash equivalents 14
46
Total assets 1,111
EQUITY & LIABILITIES
Equity
Issued capital – £1 ordinary shares 200
Retained earnings 276
Revaluation surplus 248
724
Non-current liabilities
Borrowings 230
Current liabilities
Trade payables 107
Other payables 50
157
Total equity and liabilities 1,111
Note – Borrowings
Of the borrowings repaid during the year, £100m due to Second City Bank plc were repaid early
during the year. This facility has been withdrawn and available debt facilities have been reduced
accordingly.
13
Coppice plc – Statement of cash flows
Year ended 30 June
2011
£m £m
Cash flows from operating activities
Profit before taxation 102
Finance cost 24
Depreciation 130
Increase in trade receivables (5)
Decrease in trade payables (11)
Increase in inventory –
Cash generated from operations 240
Tax paid (29)
Net cash from operating activities 211
Cash flows from investing activities
Purchase of non-current assets (30)
Cash flows from financing activities
Interest paid (24)
Dividends paid to owners (28)
Repayment of borrowings (130)
(182)
Net decrease in cash (1)
Opening cash and cash equivalents 15
Closing cash and cash equivalents 14
Note – Events after the reporting date
On 15 September 2011 Coppice plc entered into an operating lease agreement to acquire the use
of a range of properties over a 10 year period at an annual rental of £50 million paid in advance.
The properties will be used for a range of luxury hotels under the new Coplux brand name that will
begin opening in Summer 2012.
14
Requirement:
Using the financial information for 2009 through to 2011, prepare a report on the financial
performance, financial position (liquidity and solvency), cash flows and investor ratios of Coppice
that can be presented to MMU’s investment committee. The report should help them form a
conclusion on MMU’s potential investment in Coppice.
You should present your report in a manner that is appropriate for our investment committee to
consider, but please note the following:
1. It should have an introduction and conclusion.
2. Keep all of your ratios in an appendix but only calculate a MAXIMUM of 20. Any more and
your report will not be focussed enough.
3. Make reference to any research information you obtain from elsewhere that is not your own.
The detailed references should also be in an appendix. Use the Harvard referencing system.
4. It should be a maximum of 1,500 words in length (excluding the two appendices).
5. Use the guidance in the support tutorial sessions so that you think about the ‘because’ and
‘so what’ aspects of financial analysis.
6. Your report should focus on the most recent financial information.
7. Your report should suggest areas that require further investigation.
____________
Your coursework assignment is a mini financial analysis case study. Members of staff will play the
roles of key players in the case. There are many resources on Moodle to assist you and the support
tutorials during the autumn term will help you prepare.
With regard to the specific learning aims of the Advanced Accounting Theory & Practice unit [see
also the course outline included on the associated Moodle site] this assignment is designed to assess
your ability to:
• Prepare and evaluate single company and consolidated financial statements, or extracts
thereof, in accordance with IFRS for complex transactions
• Analyse and interpret financial statements and other financial information and draw
appropriate conclusions.
Notes:
1. This is an individual piece of work. You should work on your own and present an
individual piece of work. Work will be checked for plagiarism, collusion and cheating.
2. Your answer should be referenced to the journals, textbooks and internet resources
used. The Harvard System of referencing should be used. Think about the quality of the
sources you use.
3. Word Count: 1,500 word limit excluding references appendix and ratios appendix. Do
NOT use any other appendices.
4. Follow the submission and layout rules include in your level 6 MMU handbook. Please
note what the handbook says about plagiarism and cheating.
5. Hand in: 21 November 2011 through Turnitin and hard copy in the blue bins.
3
6. Work will be graded based upon presentation, clarity of purpose, content, cognitive
ability and transferable skills. The marking and feedback form is attached. This form
will be used towards grading your work. You will receive an individual sheet together
with some general feedback.
7. In general, marks will be awarded as follows:
70+ very high standard with minor omissions only
60-69 high standard but with a few noteworthy omissions
50-59 reasonable standard with some noteworthy omissions
40-49 poor standard with a number of noteworthy omissions
<40 very poor standard with many noteworthy omissions Podcasts and other introductory information are available from Moodle. There are links to electronic books, key articles and guidance on how to undertake financial analysis. It is essential that you have read the attached information regarding the case and the Moodle materials before you attend your first support tutorial. If you want a good mark you ought to start work now. Further information will be added on Moodle, in due course. 4 MANCHESTER METROPOLITAN UNIVERSITY DIVISION OF ACCOUNTING & FINANCE ASSIGNMENT FEEDBACK 2011/12 ADVANCED ACCOUNTING THEORY & PRACTICE – LEVEL 6 TITLE: Coppice plc Name: Mark: Student Number: Please note that the following criteria do not carry equal weight. For more detail, refer to student assessment guidance in the unit handbook / assignment briefing. Presentation Poor expression and communication Excellent. Well communicated. Clarity of purpose Clumsily written, rambling. Fluid and logically developed Content Limited, short, misses point of question Excellent coverage of all areas Cognitive ability - Financial performance Poor analysis and reasoning. Focussed discussion of relevant issues Cognitive ability – Financial position Poor analysis and reasoning. Focussed discussion of relevant issues Cognitive ability – Cash flows Poor analysis and reasoning. Focussed discussion of relevant issues Cognitive ability – Investor ratios Poor analysis and reasoning. Focussed discussion of relevant issues Methodology (research and referencing) Research not relevant. Poor referencing. Referenced to range of good sources. Knowledge – application to ratios Poor calculations and / or irrelevant data or ratios Correct calculations using relevant data and ratios Originalitycreativity Little creativity and originality. Rationale developed. Original and creative Additional comments where necessary: (Strengths, weaknesses, omissions and suggestions for improvement) Signed: 5 ATP2 Assignment – 2011/12 Part A Your course work assignment is a case study. You will discuss the information in Part A in your support tutorials. You will then be given some updated information (Part B) which you will need to analyse yourself. The information from Part B will be given you on 27 October 2011. It will be published on Moodle and you can collect a hard copy from room 304B. You will need to prepare a report with your findings and submit it by 21 November 2011. It is essential that you attend the briefing sessions and support tutorials. Background Coppice plc (Coppice) is a small hotel chain with a number of stores in the UK. It specialises in city centre low cost hotels. Its advertising slogan is “No frills, nice bills”. You are a financial analyst at Manchester Money Universal plc (MMU), an investment bank that is considering whether to acquire around 20% of the ordinary share capital of Coppice in the near future. You have been asked to undertake a review of Coppice’s financial performance, financial position, cash flows and investor ratios as part of the review of the potential investment in Coppice by MMU. Your report will be used by senior managers of MMU who form an investment committee which decides on investment decisions. Your line manager at MMU, Nick Scott, has sent you the following e-mail: --------------------------------------------------------------------------------------------------------------------------- To: Financial Analyst From: Nick Scott (n.scott@mmu.ac.uk) Date: 1 October 2011 Subject: Coppice plc MMU is considering the acquisition of 20% of the ordinary share capital of Coppice. I want you to prepare a report on the financial performance, financial position (liquidity and solvency), cash flows and investor ratios of Coppice that can be presented to our investment committee. They will use this report to help them form a conclusion on our potential investment in Coppice. I have attached various financial information and data about Coppice for the financial year ended 30 June 2010. But please note that Coppice plc will publish some updated information on 27 October 2011, for the year to 30 June 2011, which you will need to obtain and analyse, before you submit your report. I will be available in my room (304B) to answer your questions. Details of my availability are on the whiteboard outside of my room and the MMUBS website. Please note that I have a number of analysts working on this project BUT it is imperative that you work on your own. I will check that your report is your own work. 6 You should present your report in a manner that is appropriate for our investment committee to consider, but please note the following: 1. It should have an introduction and conclusion. 2. Keep all of your ratios in an appendix but only calculate a MAXIMUM of 20. Any more and your report will not be focussed enough. 3. Make reference to any research information you obtain from elsewhere that is not your own. The detailed references should also be in an appendix. Use the Harvard referencing system. 4. It should be a maximum of 1,500 words in length (excluding the two appendices). 5. Use the guidance in the support tutorial sessions (see below) so that you think about the ‘because’ and ‘so what’ aspects of financial analysis. 6. Your report should focus on the most recent financial information. 7. Your report should suggest areas that require further investigation. I am going to hold regular meetings for the people working on this project over the next few weeks. It will help if you attend these “support tutorials”. During these tutorials you will look at the attached information and you will be asked to submit some initial ideas on which you will receive feedback. This will help you to complete your analysis when the additional interim financial information is available. Moodle contains a folder full of useful information. It includes some materials that have been obtained from the Institute of Chartered Accountants in England and Wales (ICAEW). There are two chapters from their learning materials that explain how to undertake financial statement analysis. If you follow this guidance it is more likely that you will prepare a good report. Please get in touch with me if you need any information or clarification. --------------------------------------------------------------------------------------------------------------------------- Attachments to e-mail: Extract from an article published in “Sleep Tight”, a hotel industry magazine, in September 2010. Coppice is riding the waves. It continues to cut costs and benefit from customers staying at home in the UK for their holidays rather than travelling abroad. Customer numbers have increased but there is pressure on room rates charged. This will continue as online travel agencies can exert pricing pressure on hotels as web based bookings now dominate the market. Coppice acquired some new hotels in 2009 and these have been refurbished although this has taken time and the challenge will be to get these new hotels operating as efficiently as the existing hotels. Questions remain about whether Coppice has sufficient bank finance available to allow it to continue to acquire or build new hotels, especially as some hotels are starting to look tired and will need refurbishing within the next five years. 7 Notes from presentation by James Smith, finance director of Coppice plc on 17 December 2010 which was attended by Nick Scott • The economic environment is tough. Revenues have increased but this arose from investments in new hotels which increased the total number of hotels by 15% by the financial year end. • The focus in 2009 and continuing into 2010 has been on improving hotel occupancy rates (that is the number of rooms let during the year compared to the total number that were available for letting during the same period). • The average room rate increased as a new website was launched so customers could book directly with Coppice rather than through other websites. • A programme of hotel refurbishment is due to commence in 2011. • A significant parcel of surplus land was sold during the financial year to 30 June 2010 for £50 million. • A full revaluation of all freehold property is undertaken every year. • The final dividend has increased to 14p per share (2009 – 13p per share). • Share price on 17 December 2010 was 740p. A year earlier it was 670p

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