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financial modelling Assignment

Introduction

In this report, it is shown the financial statement of the Company Marks & Spencer. It is a reputed retail company which has spread its branches in all over the world. A financial statement stands for the record of any company's financial economy and about all the data presented in a way so that it should be easier to understand. Different tools are there to express the financial statement of a company, as in profit & loss, past five years balance sheet and cash flows to explain the valuation model. The financial statement used for calculating what is the ability of a business and how much money it makes and how this money is getting utilized. Secondly, need to look for if it can pay the amount of debt it's taking back, the third one is to track down all the financial statement to see it can make any profit or no, and lastly to check all the transaction are matching with company statements. It is basically to represent the financial performance and activities of a company, and the balance sheet says what if the assets and liabilities and stockholder are being equal. And income statements helps to understand how much money a company is spending and revenue at a particular time. After analyzing and subtracting the expenses with the revenue, the result will be the profit at the end. And to see how fast and positively a company can pay its expenses back in and make the investment healthier day by day is all track down in cash flow. But there are some specifications when you analyze the financial statements of a company because it represents a piece of good information about Company's economy so its very important to keep in the head about the limitations, investors do not take same concerns about each statement as one investor can think high debt is going to affect the Company's economy while the other can just be fine with it so investors need to take all the facts on their consideration before coming with a statement.

Industry and Company analysis

Marks and spencers

Business activity and Financial analysis of a company look on the compressive behaviour of the Company's overall strategies about business environments. It looks upon both the sections that are internal and external. A company's internal behaviour shows its strength, strategies and weakness, whereas its external behaviour shows the opportunities of that particular industry and its threads. These analyses make sure that the industry's competitiveness and its value system is clear to all. The value system of a company highlights all the inbound and outbound operations, marketing system and sales values. "Marks & Spencers", which includes almost all kinds of home products, foods and clothing were founded by Michael Marks back in the year 1884. Now this Company offers both online and offline services. This Company has more than 1000 stores of only foods in the Uk and more than 300 e-commerce lines of food and clothing. They are the market leader in Uk, which mostly includes women and menswear (Valaskova et al.,2018). They have their stores in more than 60 territories like in Asia, Europe and throughout the world. The data of 2016 shows that they had a revenue of 1.1 billion throughout the world. Marks & Spencer always tries to maintain its share price. That's why in times of financial crisis, they tried to maintain the balance via advertisement campaigns. Financial risk arises for a company when shareholders lose the amount of money they have invested. There is an opportunity to eliminate the chance of having financial risk by keeping the analyzedanalyzed company holders updated about all the risks and problems. A decline in the share price was noticed in the year 2008 where the Company was seen to do the balancing socially, environmentally and ethically and was almost successful in gaining help from retailers in building a successful brand positioning (Aljandali and Tatahi, 2018). However, in current years this Company has become successful in building a good relationship with farmers as the Company serves fresh food and vegetables.

business activity and financial analysis

A company owner holds all the rights of running that Company according to his/her rules and regulations (Duch-Brown, 2017). So they made some basic business activities to make every employee understand about highlighting the activities which will increase the marketing price of the Company. For that matter, the Company needs to find its proper business activities to make it easier. "Marks & Spencers" has made some smart Business activities to be always in the trending list of the market in all forms.

How the business activities are going on that depends on the revenue of that particular month or year. The internal authority sets a certain budget for each project, and after business, how that amount is coming reflects the result whether it is running in loss or profit and depending on that, further business activities continued to carry forward. The whole procedure is called "Crafting of Budget". [Referred to appendix 1]

Another part of business activity is "Management of Accounts" which includes all the accounting details like the amount of money coming in and out of the Company, all the payable tax bills, management of money count of loss or profit of the Company. This method also looks upon the relationship between the Company and vendors & customers.

Marketing methods direct the Company in the way of marketing. The marketing of a company ensures that a company is known to the market. It uses its best marketing techniques so that it gets the best selling advantages and connects to customers directly. Not only that, through marketing all the products and models of that Company gets highlighted.

Sales strategies build relationships with customers by fulfilling their needs. Sales activities not only ensure the repeated sales by old customers. It also expands the range by getting new customers, thus growing a good connection between industry and customers. In that case, customer service is also an important matter. Customer service ensures the satisfaction of customers by solving all of their problems regarding the Company. That is why for running a company in a good and progressing manner, smart and innovative business activity is a must (Trnstrm, 2017). And "Marks & Spencers" is one such Company that has been ruling in the market since 1890 because of their successful market and business plannings. [Referred to appendix 2]

The success rate of Business activity will be directly reflected in the Financial data, which is used in analyzing the financial profile of the Company. It is done in excel sheets to calculate the historical Data of financial loss and profit that further decides the future performance (Pramono, 2020). There are many kinds of methods of analyzing Financial data like Cash Flow, Growth rate analysis, Vertical analysis, liquidity, Profitability, horizontal analysis etc. Cash Flow is one of the most useful techniques for doing Financial analysis used by "Marks & Spencers". The cash flows include the main cash of the Company, which depends on how much investment is made, how the operations are going on and what are results coming from Financial Activities. These activities regulate the total financial movement of the Company. Financial risk is also counted in the method of financial analysis. Financial risk can be minimized by keeping the market area updated about all the problems a company is facing in current times.

Macroenvironmental factors affecting Companys performance

Macroenvironmental factors are the external factors of the host and headquarter of an international OrganizationOrganization whose actions affect the operation and overall Profitability of the Firm (Pavel and Blagoeva,2018). If a company has to set its industry throughout the world, it needs to take care of these factors, which include political, technical, global, environmental, economical and ecological issues. The changing currency rates of many countries raises problems economically when it comes to paying the workers. In the changing marketing, environments firm's should think about their strategies depending upon caste, language, lifestyle as in an atmosphere where changing happens at a constant rate. These matters are also solvable by maintaining a good relationship with people of each category, be it from any region, gender, age or culture (LETKOV, 2018). There is always a probability of having a difference between fulfilment of expectations of customers and failure in the same. Since all the challenges make the environment very challenging, an international company should adopt the most innovating technical methodologies that help the Company in the production of elements, distribution throughout the world and communicating with all the customers globally. Besides that, the political views of a particular region also have a great impact on the thoughts of customers (Mwadime,2020). In current times where e-commerce is being used in a very innovative way, the progress rate of the company "Mars & Spencers" is increasing tremendously despite many other odds.

Evaluation of historical performance

The historical Data of a company shows its success or failure rate over the years. In projects the profit or loss of the Company over the past few years by using the investment data in the market, it also checks the highest and lowest market values of its products that are very important for concluding the Company's financial growth and health status. The historical performance reveals the valuation and growth of a firm's activity. Another important factor of historical data analysis is the evaluation of the cost estimated towards the Company's free samples, and later comparing to the actual cost is important to standardize the difference. In the case of "Mars & Spencers", Data for the last five years is analyzed by calculating the amount of money projected in the share market, the highest peak and the closing market price.

Data from 2016 to 2020 have been collected for determining the financial status of "Mars & Spencers" in the last five years. In the starting month of the year, in January 2016, the invested market price was 430 million. It can be seen that throughout the month it decreased and came down to 387 million, but at the end of the month it increased but could not exceed the starting cost of 430 million. The closing amount of 402 million was much less, which takes the Company in the zone of loss (Tsai et al.,2018). In the next month, in February, the opening price was 404 million, and throughout the month, it was the same as the earlier month and closed at the price of 403 million. In this case, again, the Company could not run in profit. But the amount of loss was less. By analyzing the overall data of the year, it can be concluded that the Company ran in loss throughout the year 2016 since the opening price of $430 million is much higher than the closing price of 332 million by the end of the year. [Referred to appendix 3]

In January 2017, the opening price was 333 million, and though it increased in the middle of the month, still could maintain the value throughout the month and ended up being in loss, having 318 million market price. In the next month, the highest opening was 330 million but ended up being at a loss of 317 million market price. And the analysis of the overall year showed that overall it ran in the loss. In January,2018, the results were similar to the previous ones. The opening price of 298 million was higher than the closing price of 286 million by the end of the month. And throughout the year, the Company ran in a moderate way with no such profit and loss. In the year 2019, the Company started showing progression since, in January, the closing price of 274 million was much higher than the opening price of 234 million and the profit level was maintained throughout the month. And overall analyzation of 2019 revealed a certain percentage of profit by the end of the year. In the next year, the data of January 2020 showed the amount of loss the Company had faced. So the overall historical impression of the financial analysis of "Mars & Spencer" is average rated.

Modelling and valuation

Development of financial statements

About Marks & Spencer

About Marks & Spencer, it is a European retail company which brings all the daily needs like great food, clothing, hardware and many home appliances from all over the world. This Company's headquarter is in London. It discovered in 1884,it was first known as "Marks' Penny Bazaar". It was full of house appliances, toys. In 1894 Micheal Marks (the founder) shook his hands with a business partner named "Thomas spencer". Mark's next-generation tried to open more stores of their Company all over northern England. The Company bought an American retail store called "Brook brothers". Later on, they sold that part and kept opening many more stores all over the world, including Spain, France,Hong Kong (Dechow et al.1999).

Profit & Loss statement

By the analysis of the past five years of financial statements of "Marks & Spencer", the report will represent the financial state of the Company.In 2016 the total revenue of the Company was 10761 million, and the cost of revenue was 6523 million, 2017 revenue and cost of revenue was 10622 million and 6534 million, but gradually in 2019, the amount decreased, and it came to 10377 million and 6558 million because of the covid situation, and in 2020 the revenue cost came down to 10182 million and 6590. How much the Company is spending on its operating system should stay lower depending on the total revenue. In 2016 the expenses were 10652 million, and in 2017 it was 10369 million in 2018. It went up to 10542 million, but because of the covid situation, many stores shut down, and in 2019 it came down to 10079 million and in 2020, operating expenses was 9927 million. Operating income in 2016 was 250 million, and in 2017 the income was 253 million 2018. The income went down to only 156 million, but in 2019 it again increased to 298 million, and lastly, in 2020, the operating income was 254 million. The third one will be how much the Company's net income is before paying taxes, interest Depreciation and amortization (Codosero et al. 2018). In 2016 it was 78.5 million in 2017, the net income was 176 million then in 2018, it was 66.8 million in 2019, it was 84.2 million, and 2020 it was 67.2 million.Net income after paying all the debt was in 2016 it was 30.5 million in 2017 the net income after paying tax went up to 116 million later on in 2018 to 2020 the income decreased to 29.1 million, 45.3 million and 27.4 million (Hajek etal. 2017).

Balance Sheet statement

The balance sheet of the Company throughout the five years, depending on total current Assets and total current Liabilities. From 2016 to 2020, the total current assets were 1415.2 million, 1723.3 million, 1317 million, 1435.1 million and 1215 million. Under total current assets cash and short term investment in 2016 was 235.6 million in 2017 it increased to 483.1 million it decreased to 221 million, but in 2019 it went up to 427.2 million and lastly in 2020 it was 260 million. Now the short term investment of the Company in 2016 was 12.8 million, but in 2019 it went up to 141.8 million. Total inventory in 2016 was holding the amount of 790 million it almost was close till the year 2020 it went down to 564.1 million. The total asset in 2016 was 7002.3 million, wherein in 2020 it was 10184 million. The current Liabilities will be discussed now. In 2016 it was 1962 million. In 2018 was 1826 million, and in 2020 it was 1849.4 million. Total Liabilities of the Company in 2016 was 5684.2 million, and in 2016 it went down to 4593.5 million. In the past year, the total liabilities of the Company was 6481.4 million. Under the total current Liabilities, Account payable, payable/accrued, accrued expenses, notes payable/short term debt, current port. Of LT debt/capital leases and other current liabilities will come. From 2016 to 2020, the account payable remains almost the same, around 943 million. The payable amount in 2016 was 1599.1 million, and 2018 it decreased to 1424.4 million, and in 2020 it was 1426.4 million. Accrued expenses of the Company in 2016 was 480 million. In 2019 it increased by 523.1 million (Defend et al., 2021). The current profit in dent Leases in 2016 was 126.5 million in 2017, it went up to 518 million, which was a huge profit of the Company, and in 2019 it was the highest 657.4 million, but in 2020 it went down to 281.5 million. The total current liabilities of the Company in 2016 was 350.3 million. In 2019 it decreased to 240.2 million, and in the past 2020, it was the lowest 145.9 million. The Company faced huge liabilities in 2020 because of the pandemic situation it affected their finance the most.

Valuation model

Valuation Value

According to the 2016 valuation status, Mark and Spencers had made a profit of 684.1m before there was an elevation in tax by 3.5%. The un-underlying items of 200.8m the profit generation failed by 19.5% that is, 483.3m.

In 2017, the valuation status of Marks and Spencers all over profit without tax was 115.7. The profit that has been generated from the last year has decreased by 10.3%.

Mark and Spencers were not able to generate an eye-catching digit since the year 2016. In the year 2018, they hardly generated 29.1%. The Company was down by 15% in the year 2018.

In 2019, Mark and Spencers earned revenue of 10.4bn. This year was the same as last year, where they fell by 22%.

The last year was exceptionally low by 27.4 since the pandemic situation worsened the business all around the world.

Cash Flow Model

A well-commencing company has to spend money on cash behind its assets to run it in a proper way (Lozano et al., 2018). The cash they spend behind their assets is those activities that ask for investment called cash from operating activities (annual report,2021).In the year 2016, The Company invested cash behind their asset was 945.2 (Schuerch et al.,2018). The digit counted as moderate as a multinational business stands to take a certain amount of liquid cash. In 2017, they spent 1067 behind themselves (corporate. marks and spencer 2021). The Company has spent more money since last year by 122 cash (Strait et al.,2017). In 2018, Marks and Spencers spent 849.8 to enhance the Company's assets. The digit was smaller than last year's configuration by 217.2 numbers (annual reports ,2021). In the progressing year, the 2019 mark and Spencer's spent 1244.7 behind their Company to buy assets. Last year the Company Mark and Spencer's spent 973 to invest in the Company. A commercial company has to face depreciation as it is related to their part of the job. The Company Mark and Spencers has faced depreciation in the year 2016 by 550.6. In 2017 it suffered depreciation by 589.5. In 2018, the depreciation rate was around 580.6. In 2019, 706.6 was the depreciation rate. The last year was quite challenging as per the situation 632.5 (Richmond, 2017). The graphs of non-cash items according to the last five year's record would be as in 2016, it was 440.3. In the year 2017, the non-cash item they paid was 469.6. In 2018, they had 431.2. In 2018, it was 541.4. 453.3 was the last year's depreciation calculation.

The cash taxes paid throughout the last five year was in 2016, 96.5. In 2017 it was 95, and in the next year, it was 94.3. In 2018 it was 105.4, and last year's calculation was 91.6. Cash interest paid by the Company was 112.2 in the year 2016. Next year it was 111.2. In 2018 it was 112.2. In 2019 it was 229. Last year calculation was 224.4. The Company's progress was not up to the mark since it went through a lot of faces.

Sensitivity analysis

Sensitivity analysis of a company is the difference between what the Company is expecting about its financial state and what is the real financial state. In this report, the sensitivity of the Company is shown from 2016 to 2020. By keeping 2016 as the base year in 2017, the total revenue was 2% less. In 2018 it was 0.72% more. In 2019, it was again 3% less, and in 2020 it was almost the same as the previous year (Treshchevsky et al., 2018). The cost of revenue in 2017 and 2018 was an extra 1%, but in 2019, it was 1.5% less, and in 2020 it was 0.4% more.

The total operating system in 2017 was 3% less in 2018 it was 1% more in 2019 it was 5% less, but in 2020 it was 2% less. Operating income in 2017 was 1% more, but in 2018 it was 40% less, and in 2019 it had a huge up of almost 90%, but in 2020 the operating income was at 15% less.Net income before taxes of the Company on 2017 was on 34% extra but the next year it went down to 40% less, but in 2020 it was on 2% extra. The total current asset of the Company in 2017 was 21% extra in 2018 it came down to 24% less in 2019 it was 8% extra and in 2020 was at 16% less. The total asset of the Company in 2017 was 18% more, and in 2020 it was also 15% extra. Total current liabilities of the Company in 2017 was on 20% profit in 2018 it was 23% loss in 2019 it was 27 % extra. In 2020 it was 21% less. Total liabilities of the Company in 2017 was 10% less. In 2018 it was almost the same as in 2019, it was 38% extra, and lastly, in 2020, the total liabilities of the Company was 1% more (Chiet al., 2019). [Referred to appendix 4]

Conclusion

Through the assignment, it has been concluded that Mark and Spencers have gone through several phases. Initially, the Company has earned quite a lot of revenues and profit that helped them to gain popularity earned by the Company. It was in the history of 94 years when Marks and Spencers had seen themselves at loss due to the pandemic concerns. 87.6m lost due to the retaining purposes in the six month in comparison to the profit that they had generated of 158.8m last year. The main face of the Company stated that Marks and Spencers have become much healthier from the previous stages of the Company. On the other hand, Mark and Spencers eliminated 7000 jobs from the Company in the very next month of the year. It separated by 15.8% after a six-month panel from 4.09bn due to the effect caused in the home appliances and clothing sales. Due to the lockdown declaration due to the safety concerns, their sales of clothing and home accessories sales went down by 53% in the month of September and July. However, Marks and Spencers stated that the new ranges of formal and occasional wear would be back in stock soon.

Catherine Shuttleworth, one of the executive holders of Marks and Spencers, stated that the firm is over the standard and does consist of the high costing price value of the products they sell. The store has already been removed due to their debt condition, so they have placed a market in websites where the generated revenue was high in comparison of their entire career life, but the loss figure is bigger than the profit they earned. They commence stores in Ocado venture as joint retail that had started delivering food in the month of September, 2020. This initiative kick started their firm by 47.9% of profit possibly. The Marks and Spencers produced 750 new products with grocery and home appliances to spread their market in Ocado that used to deliver in Waitrose. Mark and Spencers grew impressively well after the collaboration with Ocado in food services without putting it in the online market. After introducing it to the online store they started generating profit even well. Hence, Mark and Spencers is a well recognizedrecognized company that uses it to generate high profit. Since the pandemic occurred their stores including clothing, food, confectionaries, home appliances and many more stuff put the line of the graph down due to concerning reasons.

References

Journal

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Chi, Y. and Ziebart, D.A., 2019. Evidence regarding managements choice of forecast precision and financial statement irregularities. Journal of Forensic and Investigative Accounting11(2), pp.261-282.

Choi, M. and Erikstad, S.O., 2017. A module configuration and valuation model for operational flexibility in ship design using contract scenarios. Ships and Offshore Structures12(8), pp.1127-1135.

Codosero Rodas, J.M., Naranjo Gomez, J.M., Castanho, R.A. and Cabezas, J., 2018. Land valuation sustainable model of urban planning development: A case study in Badajoz, Spain. Sustainability10(5), p.1450.

Dechow, P.M., Hutton, A.P. and Sloan, R.G., 1999. An empirical assessment of the residual income valuation model. Journal of accounting and economics26(1-3), pp.1-34.

Defend, M., Min, A., Portelli, L., Ramsauer, F., Sandrini, F. and Zagst, R., 2021. Quantifying Drivers of Forecasted Returns Using Approximate Dynamic Factor Models for Mixed-Frequency Panel Data. Forecasting3(1), pp.56-90.

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Duch-Brown, N., 2017. The competitive landscape of online platforms (No. 2017-04). JRC Digital Economy Working Paper.

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Mwadime, G.S., 2020. Macro Environmental Factors and Performance of Multinational Corporations in Kenya (Doctoral dissertation, University of Nairobi).

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Richmond, B.G., Wright, B.W., Grosse, I., Dechow, P.C., Ross, C.F., Spencer, M.A. and Strait, D.S., 2005. Finite element analysis in functional morphology. The Anatomical Record Part A: Discoveries in Molecular, Cellular, and Evolutionary Biology: An Official Publication of the American Association of Anatomists283(2), pp.259-274.

Schuerch, M., Spencer, T., Temmerman, S., Kirwan, M.L., Wolff, C., Lincke, D., McOwen, C.J., Pickering, M.D., Reef, R., Vafeidis, A.T. and Hinkel, J., 2018. Future response of global coastal wetlands to sea-level rise. Nature561(7722), pp.231-234.

Strait, D.S., Weber, G.W., Neubauer, S., Chalk, J., Richmond, B.G., Lucas, P.W., Spencer, M.A., Schrein, C., Dechow, P.C., Ross, C.F. and Grosse, I.R., 2009. The feeding biomechanics and dietary ecology of Australopithecus africanus. Proceedings of the National Academy of Sciences106(7), pp.2124-2129.

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Online articles

annualreport 2021 Annual Report available at:http://annualreport2017.marksandspencer.com/M&S_AR2017.pdf[ accessed on 16.06.2021]

annualreports 2021 Annual Report available at: https://www.annualreports.com/Company/marks-and-spencer-group-plc [accessed on 16.02.2021]

corporate.marksandspencer 2021 Annual Report Available at: https://corporate.marksandspencer.com/archived/annualreport2019[accessed on 16. 02. 2021]

corporate.marksandspencer 2021 Annual Report available at: https://corporate.marksandspencer.com/documents/msar-2018/full-annual-report.pdf [accessed on 16. 02. 2021]

Websites

mccourier.com,2021 Market Trend Available at: https://www.mccourier.com/global-house-and-floor-cleaner-market-current-and-future-demand-analysis-2020-2028-by-competitive-outlook-godrej-henkel-ag-co-kgaa-s-c-johnson-son/[accessed on 16.02.2021]

Appendices

Appendix 1: Marks and Spencers business position

(Source: https://www.globaldata.com/wp-content/uploads/2018/05/Graph.1.png)

Appendix 2: Marks and Spencers business operations

(Source: https://lh3.googleusercontent.com/proxy/2Ot_VtT03INorI1RBoWtlTIXh0HFF_GLy3pHRhm5COHm_WCwOo4J39A2j1N02SGJbqd9dvFBrzMHTaCd-8kg_)

Appendix 3: Marks and Spencers Historical Performance

(Source: Self-Created)

Appendix 4: Marks and Spencers Sensitivity analysis

(Source: Self-Created]

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