BUS7015 Financial Management Assignment Sample

BUS7015 Financial Management

Assignment Task

Question 1

Choose your organisation, or a similar organisation for which there is publicly available financial information.

Take the most recently published annual report and analyse the financial performance of the organisation, using at least one ratio for each, in terms of profitability, liquidity, gearing, efficiency and investment.

Compare your answer to the organisation’s previous annual report. Discuss the trends seen, which may be improvements, deteriorations, or static movement from this year to the previous.

Identify and assess the financial risks that the organisation faces. Analyse how these risks may impact its financial stability and performance.

Question 2

Provide strategic recommendations to improve the organisation's financial management practices. These recommendations should address issues related to financial performance, risk management, and capital allocation.

Question 3

Assess the impact of either big data analytics or blockchain technology to the organisation

Question 4

Consider a live or hypothetical transformation change project within the chosen organisation. Create a profile of the financial costs and benefits of the project. Use these to calculate the Payback Period, Net Present Value and Internal Rate of Return. Comment on these three measures within the context of the wider organisation’s portfolio of projects.

Solution

Introduction

Halcyon Topco Limited, is a comparatively new company in the United Kingdom's Healthcare and Pharmaceutical market where the company is focusing on the development of medicines which is helping patients cure. The report is going to analyse the performance of the business over the last two fiscal years and analyse the main factors which are behind the better or inferior performances in various aspects of the business. To analyse the performance of the business, multiple factors will be analysed which will include the financial performance of the organisation in terms of profitability, liquidity and others and it will discuss about the overall performance of the business in terms of shareholders value creation.

Financial analysis will help in analysing the main factors that the company should be focusing to improve their overall competency and specific recommendations will be provided to the business along with the consideration of the strategic factors that the organisation should consider while evaluating the business.

The report will also export the efficiency and the need for the big data Analysis for the business which can improve the overall decision-making process for the business like the products that it should research depending on the data availability and other.

Regarding the identified project and the future expansion, the company will be required to make fresh investments therefore it will be required to consider the capital budgeting techniques to evaluate the options available. Based on certain assumptions the capital budgeting for the business will be conducted which will be capable of providing valuable insight by the application of various capital budgeting tools like net present value, Internal rate of return and other factors on which the project selection recommendation will be provided to the business.

Question 1: Financial Performance

Profitability

Gross profit margin

The gross profit margin will be considered as a standard profitability measurement technique for an organisation which can analyse the revenue secured or retained after the cost of sales adjustments with their sales price. With the help of the gross profit margin, the company will be capable of managing all other business expenses to be managed and recognising the revenue (Budianto and Dewi, 2023).

Halcyon Topco Limited, has recorded gross profit margin. of 7.022% during 2022 When it recorded a total revenue of $1830505 thousand and a gross profit of $1701926 thousand. In the next financial year is that in 2023 the company recorded a total revenue $2048320000, which is almost 11.9% higher than the previous financial year, however in 2023 the company was not capable of converting the improvement in the revenue into gross profit margin as the gross profit has recorded only 8.52% of increment as compact with the previous financial year and it is only 6.8% of the total revenue. Hence the company has recorded a decrease in the gross profit margin in 2023 as compared to the previous fiscal year recording a depletion of 3%.

Figure 1: GP Ratio
(Source: Self-created)

Operating profit margin

The operating profit margin will be an important parameter for analysing the overall competency of Halcyon Topco Limited which will compare the operating profits recorded before The Adjustment for the interest expenses and the tax expenses against the revenue. The reason behind the consideration of the operating profit margin is to analyse the percentage of profit that the company can secure in terms of the operational process from the revenue (Sari and Daryanto, 2021).

Halcyon Topco Limited has recorded an operating profit margin of only 0.77% whereas it has recorded a profit margin of 7.02% of the revenue, making a significant impact and indicating that the operation of the business is extremely high (Primyastanto et al, 2020). In the next financial year is that, in 2023 the company recorded an operating profit margin of 0.67% only which clearly indicates that the performance of the business has resulted in a significant fall of 12.98% Hence The operating profit margin for the business has recorded almost 13% as compared to the previous financial year and the operating profit in terms of the value has decreased by almost 2.63% as compared to the previous financial year.

Figure 2: Operating profit Ratio
(Source: Self-created)

Net profit margin

Using the net profit margin ratio for the organisation the comparison of the net income generated by the organisations against the total revenue will be analysed (Handayani and Winarningsih, 2020).

Halcyon Topco Limited has recorded losses at the end because of its exceptionally low operating profits and after adjusting it with the interest expenses and adjusting the taxes the company has recorded a net loss of -22703000 and -15199000 in 2022 and 2023. During the fiscal year 2022, the total net losses for the business in terms of the percentage of revenue was - 1.24% which has decreased to minus 0.74%. Hence In terms of the performance measurement, the company has recorded an improvement by minimising the losses in value and in percentage of the total sales.

Figure 3: Net profit Ratio
(Source: Self-created)

Return on equity.

The value of the investment that the organisation is creating against the equity investment is calculated by comparing the net income and the total equity (Janice and Toni, 2020).

Halcyon Topco Limited recorded a return on equity of 8.16% during the fiscal year 2022 which has decreased to 5.14% of the total equity investment. Here it is required to be noted that the company is having negative profits during the latest fiscal year, and it has a negative equity balance over the period, which is impacting the performance of the business, mostly arising because of the accumulated losses.

Figure 4: ROE
(Source: Self-created)

Liquidity

Current ratio

The current ratio will be considered as one of the important parameters for analysing the liquidity position for the business where the investigation is made to consider the availability of the current assets, in contrast to the total current liabilities for the business (Sarumpaet and Suhardi, 2020).

Here the current ratio for the business was 0.87 times during 2022 which has increased to 2.24 Times in 2023. Even though the company was operating in a stable current ratio at 2.24 times current liabilities as of 2023 a significant improvement is recorded in the company’s overall current ratio which is required to be considered and will be required to be improved by minimising the current liabilities.

Quick ratio

The quick ratio can be considered as an alternative measurement of liquidity which is very much like the current ratio, however, as a part of the liquid asset comparison, the current ratio for the business is not going to consider or evaluate the inventory as a part of the liquid asset (Sarpingah, 2020).
Halcyon Topco Limited, was operating in a quick ratio of 8.53 during 2022 which has increased to 1.79 in 2023 indicating a significant performance improvement. The quick ratio for the business has recorded this downfall because of the significant improvement in current liabilities. Hence During 2023, the company has made a significant amount of the repayment of the short-term liabilities for the business.

Efficiency ratio

Account receivable turnover days.

The accounts receivable turnover ratio for the business Will compare the total sales and the average account receivable balance to identify the probable time in which the company is collecting the outstanding amount for the credit sales (Sarpingah, 2020).

Here Halcyon Topco Limited was operating with an account receivable turnover ratio of 44 days during 2022 which has minimised to 41.35 days indicating a 7.76% improvement in the working capital efficiency.

The improvement in the account receivable turnover is recorded because of the significant improvement in the account receivable management policy for the business as the company has recorded a significant amount of credit sales in the recent fiscal year. Even though it has collected all the amount promptly as compared to the previous fiscal year indicating efficiency (Emilda and Wahyuningsih, 2021).

Inventory turnover days.

As the company is directly engaged with the research and the manufacturing of Medicines, therefore the efficiency of the business collection in selling the inventory will be considered as one of the important parameters to the analysed. The inventory turnover will compare the cost of sales and the inventory holding to analyse the number of days on average that the organisation is taking to sell (Pratama, Mahayana and Jaya, 2021).

Halcyon Topco Limited, was operating with an inventory turnover day of 12.58 during 2022 which has further minimised to 11.77 days in 2023 indicating an improvement of almost 6.45% as compared to the previous budget year.

Figure 5: Efficiency ratio
(Source: Self-created)

Accounts payable turnover ratio

The accounts payable turnover ratio for the business is going to be analysed and the cost of sales and the accounts payable to the number of days that the company is taking to make payment for the accounts payable.

Halcyon Topco Limited was operating with an accounts payable turnover ratio of 77 days during 2022, and it has minimised significantly in 2023 at 25.88 days only which indicates that the company has fast-forwarded the payment for the current liabilities.

Because of the faster payment of the accounts payable the company has recorded significant improvement in liquidity in terms of the current ratio and the quick ratio. Hence it can be said the improvement in the current ratio for the business is due to the changes in the financial policy for the business in making the payments for the accounts payable (Yu, Zhang, and Zhao, 2020).

Working capital cycle

The working capital cycle will be one of the important measurements to analyse the overall efficiency of an organisation which is going to add the inventory turnover days, account receivable turnover days and deducting the accounts payable turnover days.

Halcyon Topco Limited, was operating with a working capital cycle of - 19.38 days during 2022, which has improved to 27 days in 2023 indicating a significant improvement in performance.

Solvency

Debt to equity ratio

In terms of the debt-to-equity ratio for the business, an analysis of the solvency position and the capital structure position for the business will be evaluated by comparing the total debt applied by the business against the total equity investment (Chemosit and Atheru, 2021).

Halcyon Topco Limited has had a negative equity balance over the recent two fiscal years therefore comparing the debt-to-equity ratio for the business may not be efficient enough to provide a clear understanding of solvency. The debt-to-equity ratio for the business was - 0.94 during 2022 which has decreased to -0.82 indicating a significant improvement in position.

Figure 6: Solvency ratio
(Source: Self-created)

Interest coverage ratio

The ability of the organisation to make the payment for the intersections which is one of the crucial requirements for debt servicing is required to be analysed against the operating profit to estimate whether the organisation can make payment for the same or not (Ouma and Musau, 2021).
Halcyon Topco Limited has recorded a very few amounts of operating profit in the recent two financial years which is not efficient enough to cover the entire interest expenses of $20757 and 27444 for 2022 and 2023 respectively. Hence The interest coverage ratio for the business was 0.68 and 0.5 respectively over the last two fiscal years indicating a significant fall in performance and some solvency concerns.

Refer to appendix 1

Question 2: Strategic recommendations to improve organisational fiscal management.

Improvement in the gross profit margin

There is no doubt that the company has recorded a significant amount of improvement in the recent fiscal year in terms of the revenue creation however the company is struggling with the cost of sales which has recorded significant improvement in the recent financial year. The company in its annual report has published that it is having significant concerns because of the raw material price volatility and the supply chain-related issue which is impacting the cost of producing the medicines. Additionally, inflation has had a significant impact on the overall economic perseverance of the organisation as the cost of labour significantly in the recent financial required to be improved.

Here to improve the gross profit margin, can apply different options that either improve the prices for the product or maintain the cost of sales to a particular level by making strategic tie-ups and making long-term Commitments from the supplier.

Improvement in the operating profit Margin:

The operating profit margin can be considered as an important parameter for analysis of the performance of the business which is going to compare the operating profit against the revenue. Here the company has made a good amount of gross profit in the recent fiscal year. How were because of the excessive operation expenses Mostly because of the amortisation expenses the company is recording a significant fall in their competency.

Here if Halcyon Topco Limited are willing to improve its overall operating profit margin it will be required to target reduce the operational expenses to improve the margin as well as improving the gross profit will help in improving the overall profitability in this case. Here the company will be required to make a performance-based assessment of the operational expenses to assess performance (Emilda and Wahyuningsih, 2021).

Improving the liquidity

That is no doubt that in the recent fiscal year, Halcyon Topco Limited company has recorded or significant improvement in the liquidity position by Minimising the current liabilities. However, if the organisation is willing to maintain the overall liquidity and the working capital efficiency then it will be required to follow the recommended strategic development which will help in maintaining a stable position and Working Capital Management efficiency (Sarpingah, 2020).

1. Improving the inventory turnover: Halcyon Topco Limited will be required to improve its inventory turnover by improving the inventory turnover policies and manufacturing the medicines depending on the market demand and the market demand forecast. Here the organisation can use various data points and machine learning techniques for the automated estimation of the production required so that it can improve their invention turnover. Additionally, the company will be required to prepare a clear data structure by categorising the items depending on the demand and rotation and it should make high production for the items which are heavy in demand and less production and holding for the items which are rare in demand.

2. Improving the account receivable number: Halcyon Topco Limited can improve its overall working capital efficiency and improve the overall liquidity position by fast-forwarding the receivable turnover which can be achieved by the following steps.

● Improving the debtor management policy depending on their profile and credit history.

● Providing discounts to make faster collection of the receivables and improve the overall financial performance.

● The organisation should a strict data for collecting all the outstanding amount which will minimise the unmanageable debt and collection-related expenses for the business, and it will help in improving a healthy relationship between the customers and the business.

● Here the organisation should not provide any credit facility for customers who have to have a bad reputation with the payments.

Reconsidering the capital structure

Halcyon Topco Limited is having some tremendous issues with its solvency position as it is operating in negative equity and using a huge amount of debt, and its current operating profit is not capable of servicing the interest expenses for the business. Here Halcyon Topco Limited will be required to reconsider the capital structure policy that it is following to improve its overall financial position (Nguyen and Nguyen, 2020).

Here the organisation will be required to consider the conservative way of capital structure is using more amount of equity in the capital financing to improve the overall solvency position for the business and maintain the investors’ confidence. In this period because of the negative equity, the business will have a significant impact on the further borrowing for its capital or working capital requirements and in that case, the cost of interest will be higher than the usual interest expenses.

Here The Invisible position of the business will have a significant impact. Here it will be recommended to the business to pay off a significant amount of debt. And getting the finances through equity to rebalance the overall capital structure for the business for having a preferred solvency parameter (Mubyarto, 2020).

The minimisation of debt liabilities for the business is also beneficial and improves the financial performance and it is capable of improving the profitability aspect of the business because the interest expenses will be lowered and if the company is capable of making some operating profit in the next one or two financial years then by the minimisation of the interest expenses the company is actually capable of taking a good amount of return on sales(in profits.

There are other strategic considerations that the organisation can consider in order to improve the revenue like improving the research and development facilities and Working on the revenue. Additionally well considering the product development cycle, Halcyon Topco Limited will be required to identify the problems available in society in terms of the medical requirement for medicine Research and it should only address those problems who are having a good amount of patient base because the total addressable market known as the "TAM" will be one of the important factors to be considered while making the strategic decisions in order to improve the revenue and making profit out of it.

The competitor analysis will be equally important to analyse the performance of Halcyon Topco Limited as well as the computer company in terms of the financial aspect, operation all aspects and product development aspect.

Question 3: Assessing the impact of big data analytics on Halcyon Topco Ltd

Big data analysis is rapidly becoming a vital instrument in healthcare, as it enables organisations to collect, analyse, and decode elaborate data of patients (Barros, et al., 2023). This is a critical aspect of the industry since there is a lack of data to base decisions for proving appropriate healthcare. As a result, the big data in healthcare holds great promise as it may contribute to better care management, medicine therapies and personalised medicine. Halcyon Topco Ltd, offers integrated pharmaceutical services to different patient groups and specifically employs digital platforms to optimise patient therapy. Big Data Analytics is going to be beneficial to the company by providing more personalised and efficient patient care through predictive analytics, improving the supply chain, and making better decision-making processes (Batko and Slezak, 2022). This strategy will not only increase operational efficiency and patient satisfaction, but it will also be helpful in maintaining the leadership position in the market.

Figure 7: Big data analytics classification in healthcare
(Source: Berros et al., 2023)

Big Data Analytics in Enhancing Operational Efficiency

Big Data Analytics has a positive impact on the operational efficiency of Halcyon Topco Limited because it makes the management of patient data and supply chain operations more efficient with the application of technology. The integration of big data analytics by Halcyon Topco Limited will help it to get detailed insight from the patient data and create personalised care plans based on the patients’ health profiles and treatment responses (Batko and Ślęzak, 2022). These data-driven methods guarantee that therapies are consistently optimised for effectiveness directly impacting on patient outcomes and the overall experience. These individualised types of care not only enhance patient satisfaction but also drive the clinical processes and improve their efficiency and performance.

Big data analytics also helps in the optimisation of supply chains, by providing critical insights which are used in the improvement of inventory management and demand forecasting (Seyedan and Mafakheri, 2020). Halcyon Topco can precisely predict drug and supply needs based on the latest patient data and historical data and thus can maintain appropriate inventory levels to decrease wastage and cut down the costs related to overstocking and the absence of stock. Analytics-based organisation planning also leads to more efficient distribution routes and delivery schedules, which helps with savings as well as superior service reliability. Therefore, big data analytics at Halcyon Topco Limited is a tool to operate more effectively and ensure that resources are allocated efficiently while at the same time maintaining the highest standards of patient care.

Improving Financial Performance

The financial performance for MBA assignment expert of Halcyon Topco Limited can be enhanced through big data Analytics by means of strategic cost management and an increase in revenue. Big data analytics enables the organisation to identify inefficiencies in different areas of operations, such as procurement and patient care. It is possible to run a detailed investigation of spending patterns by using big data, it allows organisations to find out where expenses cuts can be made without reducing the quality-of-service delivery (Hasan, Popp and Oláh, 2020). Operational costs can be further reduced through process automation and resource allocation optimisation so that resources can be diverted where they have the most impact. This analytical method helps in streamlining operations and results in significant cost reduction.

Big Data Analytics helps Halcyon Topco Limited to conduct extensive market trend analysis and spot emergent needs as well as growth areas. This insight helps in the development of new, revolutionary services that are demanded by patients and the market, and as a result, new sources of income are created. Data-based patient-centric products are developed to target the precise needs of patients and strategically position them to capture the market share (Fortner et al., 2023). Through this twofold strategy of cost reduction and revenue enhancement, Halcyon Topco Limited will be able to enhance its financial performance and ensure sustainability and growth in the extremely competitive healthcare sector.

Enhancing Strategic Decision-Making

Strategy development in Halcyon Topco Limited is based on the application of market trend analysis and risk management using big data analytics. Through predictive analytics, the company will be able to determine complicated market trends and the individual needs of the patients. This will help in the development of evidence-based strategic planning and service diversification. It will enable the company to stay ahead of its competitors by developing and diversifying the services or products to meet market needs that are constantly changing, thus fuelling the growth sustainably (Shahid and Sheikh, 2021). The figure below shows how big data can be leveraged by the company.

Figure 8: Leveraging Big Data
(Source: Shahid and Sheikh, 2021)

For Risk management, Big Data Analytics is especially important in the determination of operational and financial risks. Data analysis allows Halcyon Topco Limited to prepare for disruptions due to market dynamics, regulations, or internal process inefficiency. Early identification of risks helps the company to create effective mitigation strategies and have plans for contingencies (Shah et al., 2023). The company can determine the probability and outcome of risks which helps it to prioritise resources and increase resilience so that the company can continue its normal operations. This data-inspired risk management strategy is a key pillar of the company's strategic decision-making, making it flexible and forward-thinking enough to be responsive to the opportunities and threats arising in the healthcare sector.

Impact on Stakeholder Engagement, Compliance and CSR

The impact of Big Data Analytics at Halcyon Topco Limited on stakeholder engagement and compliance is immense. For example, Big Data Analytics contributes to better patient engagement and ensures that the regulatory framework is adhered to. Organisations can use data-driven insights to know the behaviour, likes and needs of patients hence providing the best experience. Analytics enable the company to understand how they should interact with the patients or what information should be shared with them. This data-driven communication strategy helps organisations in improving stakeholder engagement.

Big Data Analytics empowers Halcyon Topco Limited with capabilities to track compliance on a real-time basis for evaluation and assessment. The organisation can run analytics to identify deviations from regulatory standards so that it can take corrective measures. Big Data Analytics audit trails and reporting mechanisms help in the transparent recording of processes of compliance, which makes it easier for the organisation to demonstrate its compliance with the laws and rules (Li, Maiti, and Fei, 2023). As such, this approach to compliance monitoring and risk assessment not only assures the company's reputation but also helps it avoid potential legal sanctions and financial losses.

Halcyon Topco Limited uses big data analysis to achieve sustainable growth and to promote corporate social responsibility. The company can evaluate all its environmental metrics to develop organised plans for decreasing the carbon footprint and managing resources sustainably. Through community engagement, Halcyon Topco Limited can customise programs that target community health issues by focusing on the trends in the community.

Therefore, it can be concluded that Big Data Analytics enables Halcyon Topco Limited to personalise patients’ treatment, improve operational efficiencies, generate better financial results, and make strategic decisions. It provides strategic insight that enables the business to forecast trends and be market leaders. Additionally, data analytics is the backbone of the company’s commitment to stakeholder engagement and regulatory compliance, while reinforcing its devotion to sustainability and corporate social responsibility fostering long-term growth

Question 4: Investment analysis

Based on the overall research it identifies the company can make a new product which is already being researched and it is clinically proven, and the company has all the licenses then it is considering a new plant for the production facility of a new vaccine. For this particular project, the company will be required to consider the income and expenses which are expected to continue for a 5-year period, and it should analyse whether the project is capable of making a sensible amount of return on the investment in terms of the cost of capital for the cost of Financing or not.

Assumptions are taken for the project (Hypothetical assumption)

● The company is expecting to sell eight million doses of vaccine in the first year which is expected to be sold at $10.

● The company is considering that the variable cost of manufacturing the medicine would be $5 in the first year thereafter it is expected to be increased because of the inflation of 3%.

● The fixed expenses for the business in the first fiscal year will be fifty million and it is expected to be increased by 3% to match the general inflation level because of the improvement in the salary and various expenses along with the utility bills.

● To compensate for the inflationary pressure, Halcyon Topco Limited will be increasing the prices for the product by 5% every financial year.

● For this manufacturing, the company will be required to purchase a new plant which will cost $1000000, and it will have a value of $250000 after the 5-year period and the company will be considering the straight-line method for depreciation.

● To make other necessary things arrangements, like the improvement and establishment of the supply chain, clinical trials, testing and others the company will be required to make an investment of an additional $750000 initially which will not have any value over the period, and it should be amortised immediately.

● For taxation purposes, the current UK corporate taxation rate of 25% is considered and it will be applied to businesses.

● The cost of capital for the business is estimated at 12% and it will be used for the project discounting purpose.

Net Present Value Analysis

For the project consideration the net present value, is the most important capital budgeting tool because it considers two different aspects of investment is that the investors required rate of return which is known as the discounting rate and the time value of money.

Advantages

● It considers the time value of money.

● Provide a clear indication of whether the project is qualified for the selection or not.

● Prioritised the investor's required rate of return over the actual earning capability of the project (Vartanyan and Hovasafyan, 2023).

Disadvantage

● The consideration of the cost of capital will be the most difficult part of the NPV analysis because of the changes in the capital structure and the macroeconomic factors like the inflation level, interest rate of the country, and the competitive landscape will have a significant impact on the "WACC" on the cost of Financing is going to impact the performance of the business.

● Additionally, the size of the investment required is not considered at the time of considering the net present value, and it should be considered a disadvantage.

Internal rate of return

The internal rate of return is the improved version of the project selection process which will consider the time value of money. However, it will analyse the actual earning probability of the investment instead of what the investors are looking forward to.

Advantage

● The internal rate of return for the project can make sense because it will consider the size of the investment and the time value of money.

● For mutually exclusive projects, it can provide the most profitable investment option available to the business (Ivanovich, 2023).

Disadvantage

● The internal rate of return calculation is a bit complex process, and for the investment which requires Further investment in future is that the reinvestment then the accuracy of the internal rate of return will be questioned.

Payback period and discounted payback period

The objective of the payback Period of the discounting payback period is to assess the time at which the company is expecting to collect all the investment amount covered and collected from a particular project. The ordinary or the simple payback period will calculate and consider only the cash flow whereas the discounted payback period will analyse the discounted cash flow for this calculation (Chaudhary, 2023).

Here the efficiency of the discounted payback period is comparatively higher because it will consider the time value of money and the minimum earning that the investor should generate from the investment.

Result

● The project has recorded a net present value of $3858.87.

● The internal rate of return for the project is 22.3% whereas the required rate of return is only 12%.

● The simple payback and the discounted payback period for the project are 4.18 years and 4.5 years, respectively.

Based on all the parameters assessed for the investment opportunity, Halcyon Topco Limited should be making an investment in this project (Setyawan and Hasbullah, 2020).

Refer to appendix 2

Conclusion

Considering the overall financial analysis of the business it is critically identified that the business is having significant concern over the solvency aspect. The company has recorded a significant fall in the profit margins because of the decrease in the gross profit margin and significant operating expenses which is impacting the operating profit margin as well. The company has recorded a significant amount of improvement in efficiency and liquidity position, which is beneficial for the organisation to improve its overall performance. Additionally with the help of big data analysis Tak organisation can have better decision-making capabilities by using the data points for Medical Research and product selection. Regarding the investment opportunity identified for the organisation, the company should consider this investment because it can improve overall performance by providing more return than the investors are expecting at the current cost of capital.

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