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MN5441财务会计信息和分析论文英文文献和翻译

更新时间:2014-4-20:  来源:毕业论文

MN5441 Financial Accounting Information and Analysis
Our group  decided  to  give a detailed  analysis  of Cadbury Plc due  to  the  interesting market situation  of Cadbury and  after the  split of Cadbury Schweppes  into Cadbury Plc, the  new  holding company of the worldwide  confectionery  operations and the Australian beverages  business; and Dr Pepper  Snapple  Group (DPS), the  new holding company  of the  Americas beverages  business.  This situation  gives us the possibility to check how the company’s performance evolved over the last two financial years with a different focus on their operations.
A second  reason  for our company  choice is the  hostile bid from US based  Kraft Foods Inc. The group  decided  to  write  out  of the  perspective of a Kraft Foods shareholder. This is particularly interesting, as we want to find out if Cadbury is a good target  company in terms of financial strength from a Kraft Foods point of view.  In addition  this report  is going to show if the consortium  Ferrero and Hershey’s might be in a better position to takeover  Cadbury’s operations after a possible hostile bid or even if they can play the role of a white knight, rescuing Cadbury from a takeover.
This report  begins with giving a brief company  overview of Cadbury Plc and a timeline  of the
takeover  efforts from Kraft Foods Inc. After this the accounts  of Cadbury are analyzed based  on the interpretation of the key financial ratios chosen by the group.  Subsequent to this section the report deals with the competitive  landscape  and some major competitors of Cadbury. The buyout  analysis gives an idea which company is in the best position to take over Cadbury’s operations if a hostile bid is successful by analyzing liabilities, available cash and specific advantages.

Company Overview and Business Description,实验设备管理系统

The Cadbury Schweppes  Company was actually founded  in 1969 by the  merger  of Schweppes and Cadbury Group. Over the  time, the  business  was expanded  through  numerous acquisitions  all over  the  world  combined   with  organic  growth.  The  focus  of  the   acquisitions   was  clearly  on beverages.  In the  1990s, after  Cadbury Schweppes  strengthen their  portfolio  they acquired  the  US based  soda company Dr Pepper/7 UP and later on the Snapple Beverage Group in 2000. In addition to the  increase  in the  beverage  business,  Cadbury Schweppes  invested some  GBP 40 million at the Birmingham based factory for Cadbury Dairy Milk products to meet the growing demand.
In 2007 the company announced to split the business into two separate companies  focusing on chocolate  and  confectionery  on the  one  hand  and  the  US soft drinks on the other.  Finally in May
2008 the  demerger was  completed  and  the  business  was  split  into  Cadbury  Plc and  Dr Pepper
Snapple Group.
Today Cadbury Plc is one of the  leading global confectionery  companies  with a lot of products out  of a  portfolio  of chocolate,  gum  and  candy brands.  Cadbury operates through  for  business segments: Britain, Ireland, Middle East and Africa (BIMA), Americas, Europe, and Asia Pacific. The chocolate  business represents the biggest business segment of the company and the regional focus is according to the taste  of the consumers  in each market.
One of the strength of the company is its presence in emerging markets  (60% of overall revenue growth), the highest amongst  all key competitors. This wide geographic presence  helps the company to diversify the operations and it results in a higher revenue  growth.
Since 2008 companies  in the  confectionary  market  try to  increase  market  share  and  product
portfolios through M&A transactions. The five biggest companies only account for around 42% of the overall market; the intense competition imposes pricing pressure  and reduces margins.
 
Ratio Analysis

C语言课程设计报告_图的遍历的演示
The following analysis of key ratios of Cadbury is based  on the  definitions given by Perks 2004. The group  wants  to give an idea of Cadbury’s operational and financial performance over the last years. After that a comparison between Cadbury and its key competitors is made.
Cadbury’s key ratiosCurrent ratio
Current ratio=current assets / current liabilities
2009:  2,302/2,509=1:1.1
2008:  2,635/3,388=1:1.3
2007:  2,600/4,614=1:1.8
The ratio is mainly used to measure the company's ability to pay back its current  liabilities (such as trade  payables  and short-term overdrafts) with its current  assets  (such as cash, inventories,  and trade-receivables). The above  three  figures reveal  an increase  in current  ratio,  mainly due  to  the decrease in current  liabilities from 4,614M to 2,509M, the current ratio, however, is still on the lower end. Usually, the  ideal current  ratio should be 2:1. While in the  case of Food Industry, the  average current  ratio  is 1.3: 1. If the  current  ratio  is too  high, it might  imply a waste  of current  assets. However, the  current  ratio of Cadbury is less than  1 point, suggesting the company would have big problem to pay off its obligations if they came due at that point. While it is definitely not a good sign since it indicates the company is not in good financial health, it does not mean  that  Cadbury will go bankrupt  - as Cadbury is changing its way to access financing. If we take a further look at the current liabilities, we may find that short-term borrowings and overdrafts  have reduced  by 54% from 2007 to
2008, which is a good sign.,2614

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