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MN5441财务会计信息和分析论文英文文献和翻译 第2页

更新时间:2014-4-20:  来源:毕业论文
Liquidity ratio= (current assets excluding inventories) / current liabilities
2009:  (2,302-849)/2,509=1: 1.73
2008:  (2,635-767)/3,388=1: 1.81Delphi+Access图书管理系统
2007:  (2600-821)/4,614=1: 2.59
Liquidity ratio is frequently  used to determine whether  a company will be able to continue  as a going concern.  The average  liquidity ratio  in Food Industry  is generally  expected  to be  1:1, while Cadbury, with 1:1.81 in 2008 and 1:2.59 in 2007 is quite low. That means Cadbury’s ability to pay off its short-terms debts  obligations  is questionable. The problem  here  is not caused  by Cadbury being stuck with too many inventories, but its high short-term debts.
Cadbury’s ability  to  turn  short-term assets  into  cash to  cover  debts  leaves  no  reason  for its executives to be optimistic.
Gearing ratio=fixed interest borrowings/ (equity + fixed interest borrowings)
2009 :( 729+1,396)/ (729+1396+3,087) =40.8%
2008 :( 1,189+1,194)/ (1,189+1,194+3,534) =40%
2007 :( 2,562+1,120)/ (2,562+1,120+4,173) =47%
Gearing is a measure of financial leverage, demonstrating the degree to which a firm's activities are funded by owner's funds versus creditor's funds. In case of Cadbury, we can see a big decrease in gearing ratio from 2007 to 2008, and it almost  maintain  the same in 2009.Actually, gearing ratio of
2007 is a little bit risky, since it almost amounted to 50%, but it turned  out to be better in 2008 and
2009.Still, we can see Cadbury are  mainly financed  by the  company’s own money (with 3,087m in equity in 2009) and long-term  borrowings  (1,396m). It’s very hard to say the  financing structure of Cadbury is good or not, because  gearing can work in both ways, for a high-gearing company, a small increase (decrease)  in revenues  might bring a much larger return (loss) to shareholders.

Interest times cover

Interest times cover=EBIT/interest
2008:  398/50=8.0
2007:  286/88=3.3
Interest times  cover  is a ratio  used  to  determine how  easily a company  can pay interest  on outstanding debt.  The ratio  of 2007 is pretty  low, suggesting  the  company  might be burdened  by debt  expense.  It has,  however,  improved  dramatically  in 2008, this  is owing  to  the  fact  that  a substantial  proportion of the short-term debts  has been repaid (as has mentioned above), which has the effect of reducing the relative contribution  of short-term debts  to the financing structure of the company and reducing the amount  of interest payables.
 
Return on shareholders’ funds (ROSF)VB+Access成绩管理系统需求分析说明书

Return on shareholders’ funds=profit for the period/total equity
2008:366/3,534=10.36%
2007:407/4,173=9.75%
The ROSF shows a slight increase in 2008 over 2007, which is mainly due to the decrease on total equity  (especially  in  share  premium  account),  maybe  in  writing  off  the  company's  preliminary expenses.  The increase  in ROSF is a good sign, since it indicates that Cadbury is profitable  and has more profit available for shareholders.

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