考文垂大学 商科课程 财务报表分析 课堂讨论问题盈利能力比率答案.ppt

M17EFA – Financial statement analysis and valuation Seminar Questions Profitability ratios SOLUTIONS Control of costs Manchester United Leeds United 2003 ￡m 2002 ￡m 2003 ￡m 2002 ￡m Revenue 173.0 146.1 64.0 81.5 Staff Costs 79.5 70.8 56.6 53.6 Research by Deloitte and Touche indicates that on average staff costs amount to 65% of the revenue generated by Premier League clubs Manchester United – Staff costs Staff costs as a % of Revenue = Staff Costs x 100 Revenue 2002 70.8 x 100 = 48.5% 146.1 2003 79.5 x 100 = 46.0% 173.0 Leeds United – Staff costs Staff costs as a % of Revenue = Staff Costs x 100 Revenue 2002 53.6 x 100 = 65.8% 81.5 2003 56.6 x 100 = 88.4% 64.0 Comments In monetary terms Manchester United’s staff costs increased by almost ￡9 million during 2003, however this was accompanied by a ￡27m increase in revenue Consequently as a % of turnover staff costs have fallen In 2003 out of every ￡100 of revenue generated, Manchester United spent ￡46 on staff costs (significantly below the Premier League average) In 2003 Leeds United’s staff costs spiralled out of control, rising by ￡3m, as revenue fell by ￡17.5m In 2003, for every ￡100 of revenue generated, ￡88.40 was spent on wages and salaries, leaving just ￡11.60 to cover all other expenses By May 2007 Leeds United was in administration Consolidated Income statement (extract) easyJet Ryanair 2002 ￡’000 2001 ￡’000 2002 €’000 2001 €’000 Revenue 551,844 356,859 624,050 487,405 Staff Costs (69,388) (51,948) (78,240) (61,222) Operating profit 68,213 38,123 162,933 114,011 Interest payable (5,228) (8,195) (30,886) (19,609) Profit before tax 71,577 40,133 172,374 123,388 Consolidated Statements of financial position (extract) easyJet Ryanair 2002 ￡’000 2001 ￡’000 2002 €’000 2001 €’000 Non current assets 541,407 216,587 951,806 613,627 Current assets 523,899 291,541 937,766 663,625 Cash and cash equivalents 427,894 244,435 899,275 626,720 Shareholders’ equity 48,600 76,289 529,789 374,756 Non current loans 727