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MN5441财务会计信息和分析论文英文文献和翻译 第3页

更新时间:2014-4-20:  来源:毕业论文
Return on assets (ROCE) Primary Ratio

Return on assets (ROCE) Primary Ratio = Operating profit/Total assets
2008: 398/8,895=4.47%
2007: 286/11,338=2.52%
Cadbury’s ROCE is showing a good trend .The operating  profit is somewhat increasing, which can be also proved  by operating  profit margin. We can break it down between  the profitability of sales (the  operating  profit  margin) and  the  level of sales  revenue  achieved  from  the  assets  (the  asset turnover), since ROCE = operating  profit margin * assets turnover.
 
Operating profit as a percentage of sales (profit ratio)

Profit ratio=operating profit/Sales
2008:398/5384=7.39%
2007:286/4,699=6.09%
In year 2008 the operating  profit margin is 7.4%, which means  Cadbury makes 0.74 pounds  for every  pound  of sales.  We can  witness  an  increase  from  2007  to  2008 that  indicates  the  EBIT  is growing by a larger proportion than  the  operating  costs such as wages, raw materials.  Though the operating  profit  is enough  to pay the interest on debt, which can be proved by interest  times cover, the operating  profit ,when  expressed  as a percentage of sales , is not high, maybe Cadbury  should control the costs and expenses associated  with their normal business operations more effectively.

Asset turnover

Asset turnover=sales/operating assets
2008:5,384/8,895=60.53%学生成绩管理系统论文
2007:4,699/11,338=41.44%
The asset  turnover  accrued  by a small margin from 2007 to 2008 .Without  comparing with the competitors ,it’s hard to say whether the efficiency of Cadbury’s using of its assets in generating sales

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