Faculty of Social Sciences – Formative Assessment Brief for Students 

Diet	Semester 1
Assessment type	Report
Assessment limits	Maximum 2,000 words (excluding reference list & appendixes). Word count must not exceed the limit by more than 10%. In cases where this +10% limit is exceeded, only the first 2,200 words will be marked.
Assessment weighting	0% This is an optional formative assessment and does not form part of your final grade. It is your chance to get tutor FEEDBACK. A grade will not be given, but feedback will indicate how your work matches against our expectations and where you can make improvements before your final submission.

                        

Assessment brief  (if appropriate, please refer to module assessment briefing document)

You are required to produce an individual report based on your own independent work.  Your work will automatically be based through Turnitin text matching software.     Your work must be supported by academic evidence from textbooks and journal articles and be fully referenced in the Harvard referencing style. Answer the two first questions from your final assessment brief.  Part 1  Produce a financial analysis of the profitability of a UK FTSE 100 company of your choice. You should use ratio analysis, prior year comparisons and peer company comparisons to reach a balanced conclusion.  Part 2  Critically discuss the benefits and drawbacks of using annual budgets and variance analysis to manage an organisation.

 

 

 

 

 

 

 

 

 

 

 

MANAGING FINANCIAL PERFORMANCE

 

 

Executive summary

A detailed analysis of the monetary performance of Barclays Plc and HSBC has been done in this report. It focuses on some relevant financial ratios to evaluate the profitability and financial efficiency of the business. It is necessary for the financial management of Barclays Plc to initiate trade finance solutions and payment security for enhancing the working capital of the bank. Benefits and drawbacks of annual budgets and variance analysis are also discussed in this aspect. Main focus of this context is to determine the financial performance of the organization based on the annual budgets. Profitability analysis of the companies is also done in this aspect. A brief evaluation of variance analysis has been done in this aspect. 

This report focuses on evaluation of strengths and weaknesses of balanced scorecard model to measure the organizational performance. Balanced scorecard has a great role in fulfilling the organizational goal significantly. A detailed evaluation of the investment appraisal technique is also done in this report. A brief discussion on risk analysis and time dimension is also done in this aspect. The appraisal techniques indicated in this report are internal rate of return, payback period, net present value, accounting rate of return and profitability index. Determination of the appropriate form of investment technique is also done in this aspect. It also determines the financial performance of a project. A detailed evaluation of balanced scorecard and DCF technique has been done in this context. 

Table of Contents

Part A.. 4

Introduction. 4

Part 1. 4

Ratio analysis for Barclays Plc. 4

Ratio analysis for HSBC. 5

Comparison of profitability. 6

Conclusion. 7

Part 2. 8

Introduction. 8

Benefits of annual budgets and variance analysis 8

Drawbacks of annual budgets and variance analysis 10

Conclusion. 11

Part B. 13

Part 3. 13

Introduction. 13

Strengths and weaknesses of using balanced scorecard. 13

Conclusion. 16

Part 4. 17

Introduction. 17

Appropriate forms of investment appraisal 17

Discounted cash flow technique. 19

Conclusion. 20

References 21

Appendix 1. 25

 

 

Part A

Introduction

Main purpose of this report is to identify the financial performance of Barclays Plc, a reputed investment bank in the UK. Comparison of the profitability with the peer company HSBC will be done in this context. Purpose of the annual budget will be analyzed in this aspect. 

Part 1

Ratio analysis for Barclays Plc

The profitability ratios of Barclays Plc are used to assess the ability of the company to earn a huge profit from financial operations. It is also used as a financial metric to generate value for the shareholders. 

Return on capital employed

A detailed evaluation of EBIT and “capital employed” has been done for calculating ROCE (Jain, Parewa and Ratnoo, 2019). Based on the financial analysis, it is detected that the EBIT and “capital employed” in the financial year 2020 are £3065000 and £66882000 respectively. It can determine the ability to generate profit by the financial management of Barclays Plc. The “return on capital employed” in the last 3 financial years are 5.5%, 7.7% and 4.6% respectively. 

Return on equity

A brief analysis of “net income” and “stockholder’s equity” has been done for identifying “return on equity” for the organization. The ROE of the last 3 consecutive years are 0.03, 0.04 and 0.03 respectively. It signifies downfall in the market in the financial year 2020. Utilisation of equity on earning profit has been decreased in 2020. COVI 19 and financial problems in several countries have an impact on profitability.

Operating profit margin

Operating profit margin of a company evaluates earnings of the company from operation after payment of all operation costs (Zaleski and Chawla, 2020).. High operating  cost indicates that the company effectively handles their operation cost. Data suggest that operating margin was 17% in 2018, 20% in 2019 and 10% in 2020. It implies that the ratio is decreasing rapidly and it implies that companies have lost their ability to manage operating costs. 

Gross profit margin

Gross profit margin refer amount of profit earn after subtract manufacturing cost from tidal sales. Data suggest that gross profit margin decreasing last three years and it implied company lost theory biology earn profit and manage manufacturing cost. 

Net profit margin

Net profit margin refers to the amount of profit a company earns from their sale in a period. Low ratio implies that the company lost their profitability position. Ratio data help to identify that net profit margin decreased in the last three year and it implied management failed to move the company into fraction of profitability (home.barclays, 2021). 

Debt to assets ratio

The “debt-to-assets ratio” in the last 3 years are 16.76, 16.36 and 19.17 respectively. This ratio implies that debt has been increased in 2020 due to lack availability of liquid cash for run operations. This debt can create trouble for company bi increase burden.

Interest cover ratio

As mentioned by Yükselet al. (2018), the “overall earnings” of the investment bank has been determined by “interest cover ratio”. Based on the analysis of EBIT and “interest expense”, the “interest cover ratio” in the year 2019 and 2020 are 21.07 and 19.97 respectively. .Financial data suggest that company will be able to repay their interest by using EBIT though the ability of the company has been decreased in 2020.

Ratio analysis for HSBC

In this scenario, the profitability ratios determine the efficiency of the financial management of HSBC to earn profit from the selling operations. 

Return on capital employed

Based on the financial analysis, it is detected that the EBIT of HSBC in the year 2019 and 2020 are £13347000 and £8777000 respectively. It results in decrease in profitability in 2020 compared to the previous year. The “return on capital employed” in the last 2 years are 6.9% and 4.3% respectively.

Return on equity

Return on equity refers to utilization of equity for earning profit. High return on equity refers to the use of equity efficiently for earning profit. Return of equity in 2018 was 7%, 4% in 2019 and 3% in 2020. This data implies that return on equity decrease in last three years      rs. It helps to identify that the company failed to utilize equity.

Operating profit margin

Operating profit margin refers to the relation between operating profits with sales. High ratios mean that companies manage their operating activities effectively to earn profit whereas low profit margins refer to the inefficiency of managers to earn profit. Operating profit margin was 37% in 2018, 24% in 2019 and 17% in 2020. This data implies that the company lost the abilities to manage their operation, which made an impact in their operation and operating profit margin decreased.

Gross profit margin

Gross profit margin ratio refers to the relation between gross profit and sales. Gross profit margin helps to identify abilities to manage cost of sales. Gross profit margin was 37% in 2018, 16.5% in 2019 and 16.7% in 2020. This data implies that profit margin has been decreasing and decreasing profit margin refers to that company being futile toi manage cost of sales.

Net profit margin

Net profit margin helps investors identify the relation between net profit and sales. It evaluates how much profit earned from sles. Net profit margin was 25% in 2018, 13% in  2019 and 10% in 2020. This data implies that companies lost their abilities to earn profit for this reason gross, operating and net profit has decreased in 2020. 

Debt to assets ratio

Debt to asset ratio identifies the amount of assets purchased by using debt (Husain and Sunardi, 2020). High debt asset ratio is bad for organizations because companies may need to pay their maximum   asset to repay debt. Asset debt ratio decreased in 2019 and increased in a small amount in 2020. Low debt to asset ratio pimples that companies effectively manage their debt and assets. In addition, they need a low amount of assets to repay debt. (Husain and Sunardi, 2020).

Interest cover ratio

Interest coverage ratio refers to the amount of profit that needs to be paid for interest. Interest coverage ratio was 12% in 2018, 8% in 2019 and 6% in 2020. Companies have the ability to repay their loan by using profit. Data suggest that companies gradually lose their ability to pay their interest by using profit. It is a bad sign for companies because they can face several problems in the near future based on this interest rate. 

Comparison of profitability

Based on the comparison of Barclays Plc and HSBC, it has been detected that HSBC operates more profitable business than its peer company. As the “operating profit margin” of the two companies in the financial year 2019 are 0.20 and 0.23 respectively. It is necessary for the financial management of Barclays Plc to initiate “trade finance solutions” and “payment security” for enhancing the “working capital” of the bank. It can also play a significant role in enhancing profitability. Debt to equity coverage ratio of HSBC is better than Barclays whereas interest coverage ratio of Barclays better than HSBC. This data indicated HSBC is good for investment because they have better profitability and debt to equity ratio.

[Refer to Appendix 1]

Conclusion

This report sheds light on the performance analysis of Barclays Plc and HSBC to determine the profitability. It also analyzes the “financial ratio” of the two organizations. The role of “annual budget” and “variance analysis” has been identified in this context. Main focus of this report is to determine the “financial sustainability” of the organization. The “trade finance solutions” and “payment security” have been evaluated in this aspect. Based on the “operating profit margin”, it has been identified that HSBC operates a more profitable business than Barclays Plc.

 

 

Part 2

Introduction

Budget of an organization refers to forecasting expenses and income for a certain period. This budget can be different in the practical field and the difference between actual and standard is called variance. This report will discuss the benefits and drawbacks of the budget along with variance analysis. In the current scenario, brief evaluation of annual budget will be done to determine the financial efficiency of the organization. It is also necessary to conduct variance analysis to identify the “favorable variance” as an indicator of organizational performance. A detailed organizational planning can be conducted in this aspect. The organizational policies can be evaluated in this process. 

Benefits of annual budgets and variance analysis

There are some advantages of using “annual budgets” for managing an organization. The benefits of “annual budget” are mentioned below:

• The organizational management can implement a “strategic plan” through “annual budget”. 
• The organizational activities can be recorded effectively by preparing the “annual budget” of the organization (Karimi and Mansouri, 2018).
• The “annual budget” can provide all the financial information to the stakeholders so that they can make effective decisions regarding the profitability of the business. 
• The “resource allocation” can be done more efficiently by initiating this approach by the financial management. 
• The “annual budget” can be used for effective coordination between all the departments of the organization (Jain, Parewa and Ratnoo, 2019). 
• It can play a crucial role in taking the “corrective actions” if necessary. 
• Effective communication between all the employees can be ensured by using “annual budgets”.
• The organizational management can initiate financial planning based on the budgetary approach. It motivates the management to cope with the monetary crisis. 
• This approach can be taken by the financial management to predict the “income” and “expenditure” in the forthcoming days. Better co-ordination between the authority and the employees can be developed in this process. 
• The “annual budget” plays a crucial role in determining the “managerial policies” and “monetary goals” of the business. It can provide an effective guideline for implementing financial initiatives for the business. 
• Internal control of an organization can be ensured by proper budgetary process. It can be regarded as the most profitable approach by the authority.
• The “annual budget” can be beneficial for enhancing motivation of the employees. It can also motivate the staff to get involved with the financial operations. It can help the business to predict future profitability. 

There are also some benefits of variance analysis that can be considered for evaluating the monetary performance. The benefits are mentioned below:

• The “users of financial information” can measure the organizational performance by “variance analysis”. The “favorable variance” has been identified as “good performance” by the organization. It is an effective tool to detect mistakes in the “financial analysis” and it helps the organizational management to make relevant assumptions for the business (Pantaleo et al. 2017). 
• The “variance analysis” is an easy process for the management to evaluate the performance. The “responsibility accounting” has been initiated in this process. The organizational management can make a proper structure of all the business segments in this process.
• The “material variance” provides information to the management regarding the areas to be improved. Evaluation of “planned activities” can be done in this process for getting required outcomes from the business. 
• “Variance analysis” can play a significant role in monitoring the organizational performance. It also manages the “financial budget” of an organization. It also identifies the changes required to manage the “target customer base” for the organization (Kallner and Theodorsson, 2020).
• Main focus of the “variance analysis” is to identify the “managerial concerns” towards the business. It can be beneficial for managing the financial over a specific period of time. 
• It is necessary to conduct variance analysis to ensure “shareholder value”. The financial management can also initiate the analysis to determine “cross-functional environment” and “internal audit process”. It can also detect weak sales of an organization.
• It plays a huge role in developing the budgetary process. The “budget-related projections” can be initiated in this process. The organizational management can also evaluate the overall financial projections in this aspect. 

Drawbacks of annual budgets and variance analysis

There are some drawbacks of using “annual budgets” for managing an organization. The drawbacks are:

• There is a rigid process of preparing an “annual budget” for an organization. 
• Sometimes it can demotivate the stakeholders towards the business (Prol and Steininger, 2017). 
• It can create a competitive environment between all the departments of the organization. 
• It is prepared based on some financial assumptions. Sometimes the assumptions can be false. 
• The “budget structure” can prevent the organizational management from collecting funds for new ideas for the business. 
• There are some issues regarding “subjectivity” of the financial estimates of an organization. It can play an adverse role in the profitability of the business. 
• The “behavioural aspects” of the budget is not beneficial for predicting the financial sustainability of the business. It is not a flexible process for the financial treatments. Thus, the authority cannot get monetary advantages from the budgetary approach (Kline, Saggio and Sølvsten, 2020).
• The “financial budget” cannot change the revenue earned by the organization. Thus, the expenses cannot be changed in this process. It is considered as a crucial drawback of this process.
• Main focus of the “annual budget” is to determine the “shareholder value”. The other stakeholders are ignored in this aspect. 
• Generating slow revenue can be detected whether there budget performance is not satisfactory. Budget cannot manage the impact of revenue changes. 

 

In spite of the benefits, there are also some disadvantages of “variance analysis”. The disadvantages are:

• The “material price” can be set improperly in this aspect. 
• It cannot provide all the information to the decision-maker regarding identification of assets. 
• The variance information is unable to determine the overall performance of an organization.
• It takes a huge time in examining the effect of “budget variance”. The usage of different standards is also determined as a drawback of “variance analysis”. 
• It is a lengthy process of determining the organizational performance. The “actual performance” cannot be detected in this aspect. 
• As the organizational has to go through a lengthy process to determine the variance, a huge cost is associated with this aspect. It is determined as a crucial limitation of “variance analysis”. 
• Sometimes it is based on “obsolete budgets”. Thus, “variance analysis” is not a flexible process to determine organizational performance. 

Conclusion

Report has been discussed about budget variance in this report. Reports suggest that it can help to evaluate financial condition and performance of management. On the other hand, the benefit of voting has been evaluated, which is it helps to allocate funds, raise funds on necessity time and so on. Drawbacks have been highlighted in this report. Main focus of this report is to identify the overall performance of the organization based on “annual budget” and “variance analysis”. Based on the analysis, it is detected that there are some merits and demerits of both the process. Some relevant “financial standards” are associated with evaluating “variance analysis”. This report sheds light on determining the “shareholder value” in an organization. A detailed evaluation of monetary advantages from the budgetary approach has been done in this aspect. It can play a crucial role in financial analysis.

 

 

Part B 

Part 3

Introduction

In this report, the merits and demerits of “balanced scorecard” will be discussed. It sheds light on efficient performance measurement of an organization using a “balanced scorecard”. Main purpose of this report is to determine the approach taken by the management to manage an organization. Identification of the forms of “investment appraisal” will be done in this aspect. It is necessary to determine a relevant “investment appraisal” for initiating “long-term large-scale investment”. It is a performance measurement metric used to identify the outcomes of the internal operations of an organization. It was invented by David Norton and Robert Kaplan. The effectiveness of BSC will be analyzed in this aspect. 

Strengths and weaknesses of using balanced scorecard

Strengths

The strengths of “balanced scorecard” for measure the performance are discussed below: 

• It ensures easy communication between the management and the employees. As it is a strategy of measuring “streamlined performance”, the management can easily identify the progress of work. As mentioned by Camilleri (2021), effective communication between the department and the team members is ensured in this process. 
• Proper alignment of the goals and objectives of the company can be done in this process. The organizational management can develop proper structure of the “business strategy” by using the “balanced scorecard”. It allows the management to ensure easy access to the business. 
• It is a “powerful framework” that provides a roadmap to the organizational management to meet all the “objectives” of the business. It can help the decision-makers to make proper decisions regarding business sustainability. 
• The “balanced scorecard” is a crucial initiation of the organizational management for connecting all the workers to the “business objectives”. It can help them to engage in the work physically and mentally. Thus, it also develops the profitability of the business. 
• The authority can take “strategic decisions” by assessing the overall performance of the business reflected in the “balanced scorecard” (Marimin, Wibisono and Darmawan, 2017). The staff can also identify the goals of the organization in this process.
• The “balanced scorecard” provides a brief determination regarding “organizational strategy”. Vision of the organization can be evaluated in this aspect (Hatefi and Haeri, 2019). Main focus of this approach is to evaluate the needs of the stakeholders at a particular time. It is considered as a crucial strength of this technique.
• It measures the “financial performance” and “non-financial performance” of an organization. The business management can take crucial initiative regarding the “controlling technique” of the business by this process. 
• The “balanced scorecard” helps the organizational management to identify the “key performance indicators” of the business. It can allow the business to improve the business performance by taking effective decisions regarding organizational sustainability. It also assists the decision-makers to make investment decisions. 
• This performance measurement technique evaluates the “strategic priorities” of the business by measuring the “organizational performance” effectively. It also makes a positive impact on customers and “internal processes” of the business (Hasan and Chyi, 2017). Thus, it is also identified as a relevant advantage of the “balanced scorecard”. The “strategic growth” of the business can be measured in this process. 
• It minimizes “short termism” by measuring the performance as a “long-term strategy”. 
• Manipulation of data is not possible in BSC. 
• The crucial aspects of BSC are “customer”, “internal process” and “innovation”. It plays a significant role in determining the organizational performance.
• The strategic changes in a company can be detected by “balanced scorecard”. 

Weaknesses

In spite of having some relevant strengths, there are some weaknesses detected in the “balanced scorecard” for performance measurement. The weaknesses are:

• It is not an easy system for the organizational authority to detect the “overall performance”. Thus, the stakeholders find it difficult to determine whether the business is profitable or not. It can have an adverse effect on the efficiency of the business. 
• It requires a huge amount of data to measure the organizational performance properly. Whether there is insufficient data, the “balanced scorecard” cannot provide proper results regarding the efficiency of the business. Hence, it will be difficult to identify if the organization can meet all the objectives or not. 
• “Lack of time dimension” detected in this process of performance measurement. It is essential for the board of directors to consider this drawback of the “balanced scorecard” for minimizing the problem. “Lack of time dimension” related to the framework restricts the management to make relevant decisions regarding the “overall performance” (Rafiq et al. 2020). 
• Most of the time, “risk analysis” is ignored in the “balanced scorecard”. It is a huge weakness of the “performance assessment process”. It can play a significant role in mitigating the weaknesses of the “balanced scorecard”. 
• It is essential to develop an effective system for preparing a “balanced scorecard”. It is a huge requirement for measuring the “actual performance” of a firm. 
• It is mainly used to measure organizational performance. The suggestions for improving the performance are ignored in this technique. Thus, it is not an effective way to improve the performance (D'Odorico et al. 2017). The “balanced scorecard” is associated with a particular organization. The business management can evaluate the “framework” of the “organizational operations” by this approach. It requires a huge time to initiate this process. It is regarded as a weakness of this process.
• It is a “vague approach” in which no “standard goal” of an organization is detected. There is a lack of “standard performance measures” in the “balanced scorecard” that leads an organization to initiate improper determination of organizational performance. On the other hand, this technique cannot detect the casual approaches associated witty the organization.
• It is a huge “time consuming process” for the senior management.
• The KPIs measure the wrong determinants for measuring the organizational performance (Aprayuda, Misra and Kartika, 2021). 
• Most of the companies minimize the usage of “balanced scorecard” after the financial crisis of 2008.          

Conclusion

This context sheds light on the merits and demerits of “balanced scorecard”. Whether the organization is unable to detect the risk, it is not possible to make an effective strategy to improve the performance.   It is a huge initiative taken by the business management to prepare a “strategic diagram” in this aspect. Proper implementation of the “balanced scorecard” helps the organization determine “customer satisfaction”. However, the system is dependent upon the data collected by the organizational management. The “complicated framework” restricts the business to evaluate the business sustainability effectively. It is a huge responsibility for the leaders to implement an effective system in this aspect. 
 

Part 4

Introduction

A detailed analysis of investment appraisal techniques will be done in this aspect. The “appraisal techniques” are “internal rate of return”, “payback period”, “net present value”, “and accounting rate of return” and “profitability index”. The investors can initiate “long-term investment” whether the IRR is higher. In the present scenario, “discounted cash flow technique” is determined as most beneficial for making investment decisions. 

Appropriate forms of investment appraisal

There are some relevant forms of “investment appraisal” to be considered by the stakeholders of a business. The investors can make investment decisions for a “long-term” based on the “appraisal techniques”. The 5 techniques are the most relevant forms of “investment appraisal” for “large-scale investments”. The “appraisal techniques” are discussed below:

IRR provides information about the “annual growth rate” of the business. It also analyzes the “capital budgeting projects” to evaluate the “annual rate of return”. It also plays an effective role in determining “long-term profitability” of the business. Thus, higher “internal rate of return” is considered as desirable for the investors and the financial management of the business. 

Based on the analysis, it is indicated that the “payback period” plays a major role in attracting “large-scale investments”. The fund managers use this “appraisal technique” to evaluate whether the business can be initiated with an investment. It is also necessary to determine the “time value of money”. The investors can also identify the “break-even point” of the business by using this “appraisal technique”. It provides relevant information regarding “annual cash flows” of the business. 

It is necessary to estimate “future cash flows” to evaluate the “discount rate” associated with the “appraisal technique”. Main focus of the investors is to determine whether the “net present value” is positive before “long-term investment”. Based on the “financial analysis”, the financial management indicates that “negative NPV” results in poor financial condition of the project (Andriosopoulos et al. 2019). It restricts the project or the business to attract “large-scale investment”. The potential investors can also evaluate the “discount rate” in this aspect. 

Whether the ARR is high, it is beneficial for the investors to invest in the business efficiently. It can allow them to generate a huge return from the business. Highest IRR also allows the business to get rid of the “financial crisis”. Thus, “long-term large-scale investment” is ensured in this process. After evaluating the “capital budgeting”, the potential investors can consider the “financial ratio” to make decisions for “long-term investment”. 

The investors have to determine whether the “profitability index” is more than 1.0 or not. Whether it is more than 1.0, it is regarded as a “good investment” for the investors. It is also beneficial for all the stakeholders of the project. This “investment appraisal technique” identifies the values generated in “each investment unit”. In this scenario, whether the “profitability index” is desirable for the project, it is effective for the potential investors to maintain “large-scale investment”. 

Discounted cash flow technique

It is the most effective technique in investment appraisal. The strengths and weaknesses of this technique are discussed below:

Strengths

• It ensures the “time value of money”.
• The monetary values of “expected cash flows” in the future can be determined in this process.
• The overall evaluation of cash flows for a project can be done by the DCF technique.
• The financial management can make some critical assumptions by “sensitivity analysis” in this method.

Weaknesses

• It is not easy to estimate the “cost of capital” in this technique.
• Whether the NPV of a project is sensitive, the “cash flows” and “discount rates” cannot be properly predicted by “discounted cash flow technique”.
• There is uncertainty in determining proper investment in this process.

Conclusion

It focuses on determining the strengths of drawbacks of the measurement technique. It makes a positive impact on customers and “internal processes” of the business. A brief discussion on “risk analysis” and “time dimension” is also done in this aspect. The “appraisal techniques” indicated in this report are “internal rate of return”, “payback period”, “net present value”, “accounting rate of return” and “profitability index”. It is necessary to evaluate relevant “accounting theories” to determine the appropriate “investment appraisal” for “long-term investments”. It also plays an important role in making “investment decisions”. NPV and IRR are considered as the most appropriate “investment appraisal” in this aspect. A detailed evaluation of DCF technique has been done in this aspect. 

 

 

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Appendix 1