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A resum of the yearly accounts of the companies is enclosed in the Excel sheets
for the period 2009 - 2011 for Royal Unibrew A/S and 2008/09 - 2010/11 for Harboe A/S
Task
A) Calculate the selected financial keyfigures for Royal Unibrew A/S
(Profitability, Earnings capacity, Capital adjustment, Solvency & liquidity)
B) Comment the development in the key figures and find the reasons behind the
development (use their webpage to find further information about the company)
E) Make a comparisation of these two breweries. What does the figures and development
show. Explain the differences.
C) Which of these two companies would you prefer to invest in and why?
Find at least 5 arguments
G) Deliver a written report from the group of maximum 5 pages with your calculation and your comments
Remember your classe and all the names in the group
2008
4,179
-2,433
1,746
-1,388
-223
-505
-370
23
-106
-453
-30
-483
-1
-484
2009
3,816
-2,211
1,605
-1,147
-215
-35
208
26
-158
76
-24
52
-5
47
Note:
in calculating the return on equity use the the result of the year
2010
3,775
-1,946
1,829
-1,200
-212
0
417
31
-73
375
-97
278
0
278
2011
3,431
-1,685
1,746
-1,085
-186
0
475
14
-28
461
-110
351
-3
348
Balance sheet
2007
2008
2009
2010
2011
Assets
Non tangible assets
Tangible assets
Financial assets
Fixed assets total
774
1,557
266
2,597
486
2,080
177
2,743
480
2,014
180
2,674
402
1,772
201
2,375
391
1,601
298
2,290
Stock
Debtors
Other receivables
Cash
Current assets
ASSETS
352
578
96
158
1,184
3,781
415
542
261
90
1,308
4,051
238
409
77
92
816
3,490
187
407
51
37
682
3,057
173
379
29
19
600
2,890
Liabilities
Share capital
Retained profit
Dividen
Equity total
Minitity interest
59
963
59
1,081
39
56
484
0
540
35
112
845
0
957
38
112
1017
140
1,269
12
112
1006
190
1,308
13
1,668
350
643
993
2,661
3,781
1,883
523
1070
1,593
3,476
4,051
1,681
419
395
814
2,495
3,490
778
430
568
998
1,776
3,057
784
398
387
785
1,569
2,890
2008
2009
2010
2011
Profitability
Return on investment
Profit margin ratio
Asset turnover ratio
Return on equity
-12.4%
-8.9%
1.1
-11.4%
1.2%
5.5%
1.0
6.9%
8.5%
11.0%
1.2
9.4%
11.7%
13.8%
1.2
9.2%
Earning capacity
Contribution margin
Index turnover
Index sales and distribution cost
Index administration cost
Capacity cost total
Capacity ratio
Break even turnover
Safety margin
41.8%
100
100
100
2,116
0.83
5,065
-21.2%
42.1%
91
83
96
1,397
1.15
3,321
13.0%
48.5%
90
86
95
1,412
1.30
2,914
22.8%
50.9%
82
78
83
1,271
1.37
2,498
27.2%
1.6
1.4
1.5
1.5
5.9
7.5
9.3
8.0
10.4
9.3
9.7
8.7
13.3%
0.8
0.6
6.44
27.4%
1.0
0.7
2.61
41.5%
0.7
0.5
1.40
45.3%
0.8
0.5
1.20
08/09
1,545
-1,299
246
-173
-32
0
41
1
-7
35
-9
26
0
26
09/10
1,525
-1,247
278
-175
-39
0
64
-3
-3
58
-15
43
0
43
10/11
1,321
-1,024
297
-183
-47
0
67
0
-6
61
-20
41
0
41
11/12
1,410
-1,122
288
-187
-41
0
60
0
-9
51
-13
38
0
38
Balance sheet
Assets
Non tangible assets
Tangible assets
Financial assets
Fixed assets total
30/4 08
30/4 09
30/4 10
30/4 11
30/4 12
6
794
10
810
11
801
298
1,110
16
858
287
1,161
23
872
289
1,184
36
803
270
1,109
115
237
25
12
389
1,199
118
267
51
60
496
1,606
122
304
14
44
484
1,645
138
302
21
40
501
1,685
137
278
28
24
467
1,576
Liabilities
Share capital
Retained profit
Dividen
60
637
0
60
604
0
60
670
0
60
693
0
60
730
0
Equity total
697
664
730
753
790
0
109
186
207
393
502
1,199
0
422
200
320
520
942
1,606
0
386
188
341
529
915
1,645
0
346
216
370
586
932
1,685
0
350
190
246
436
786
1,576
Stock
Debtors
Other receivables
Cash
Current assets
ASSETS
Minitity interest
Long term debt
Creditors
Other short term liabilities
Short term liabilities
Total debt
LIABILITIES
08/09
09/10
10/11
11/12
2.9%
2.7%
1.1
6.0%
3.9%
4.2%
0.9
9.2%
4.0%
5.1%
0.8
9.0%
3.7%
4.3%
0.9
7.8%
15.9%
100
100
100
205
1.20
8
99.5%
18.2%
99
101
100
214
1.30
7
99.5%
22.5%
86
106
100
230
1.29
6
99.6%
20.4%
91
108
100
228
1.26
6
99.6%
1.1
11.2
6.1
0.9
10.4
5.3
0.8
7.9
4.4
0.9
8.2
4.9
41.3%
1
1
1.4
44.4%
1
1
1.3
44.7%
1
1
1.2
50.1%
1
1
1.0
-12.40%
-8.9%
1.10
-11.40%
41.80%
100
100
100
Harboe
2011/12
2008
2009
2010
2011
Profitability
Return on
-12.4%
Profit margi
-8.9%
Asset turno
1.1
Return on e -11.4%
1.2%
5.5%
1.0
6.9%
8.5%
11.0%
1.2
9.4%
11.7%
13.8%
1.2
9.2%
Earning capacity
Contributio
41.8%
Index turno
100
Index sales
100
Index admin
100
Capacity co
2,116
Capacity ra
0.83
Break even
5,065
Safety mar -21.2%
42.1%
91
83
96
1,397
1.15
3,321
13.0%
48.5%
90
86
95
1,412
1.30
2,914
22.8%
50.9%
82
78
83
1,271
1.37
2,498
27.2%
1.5
10.4
9.3
1.5
9.7
8.7
41.5%
0.7
0.5
1.40
45.3%
0.8
0.5
1.20