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论文作者:留学生论文论文属性:案例分析 Case Study登出时间:2011-04-09编辑:anterran点击率:3516
论文字数:1011论文编号:org201104090915003117语种:英语 English地区:英国价格:免费论文
关键词:ACCOUNTING AND FINANCIAL MANAGEMENTUNIVERSITY OF SUNDERLAND
UNIVERSITY OF SUNDERLAND
LEVEL M
MODULE: Accounting AND FINANCIAL MANAGEMENT
代写ASSIGNMENT CODE: PGBM12 – 2009/10
TUTOR: DONGLIN PEI
Due date: 2:00pm Tuesday 11th May 2010
Assessment weight: 100% of module
Limited words: 3,000 maximum
Outcomes Assessed:
All module learning outcomes, knowledge and skills, are assessed in this assignment.
This assessment is in three parts, please answer all elements.
Please note that this is an individual assignment and the policy of the University on “Policy on Cheating, Collusion and Plagiarism” applies.
Please write your Tutor’s name clearly on the front of the assignment.
CASE STUDY
Demast Leisure Plc
Chairman’s report from Demast Leisure’s annual report in 2009:
‘The company’s financial position has never been stronger. Turnover has risen 209% and the share price has almost doubled during the last four years. The board of the company has decided to build a number of new five-star hotels in the UK and, our objective is to become the largest hotel group in the UK within five years.’
Relevant ratios calculated from its financial statements are shown below:
Ratios 2006 2007 2008 2009
Return on Capital Employed 25% 24% 21% 15%
Return on Equity 17% 16% 13% 10%
Stock turnover (days) 45 44 52 59
Debtor collection (days) 63 51 56 50
Current ratio 0.85 0.73 0.68 0.68
Acid test ratio 0.50 0.40 0.36 0.32
Gearing 83% 72% 117% 109%
Interest cover (times) 4.8 4.4 3.3 2.6
EPS (pence) 6.0 7.0 7.0 8.2
P/E ratio 13.7 14.9 17.1 19.4
Share price (pence) 82 104 120 159
Part A
As a financial analyst, by using ratios analysis, you are required to evaluate the company’s business performance and appraise whether you agree with the chairman.
Total for part A: 50%
Part B
Demast Leisure is currently making investment appraisals of two potential long-term hotel projects, A and B. Both projects require the same initial investment of £20m. The following ratios have been calculated for the projects.
Ratios Project A Project B
Payback period (years) 4 5
Accounting Rate of Return (ARR %) 15 18
Net Present Value (NPV £m in 15 years) 120 145
Internal Rate of Return (IRR %) 16 14
You are, by using any relevant information and calculated ratios from Part A, required to provide recommendations to the directors for a choice of either project A or project B. Demast Leisure is not able to undertake the above two projects at the same time or a mixed project of A and B.
Total for part B: 30%
Part C
By using any relevant information provided in Part 1 and Part 2, explain and本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。