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Assessment Title Assignment 2

Programme Title: BILM

Course No.: TL7000

Course Title: Transport and Logistics Economics and Finance

Student Name: Hadeel Ali

Student ID: 201400606

Tutor: Wesley Lee

Due Date: 10-06-2017 Date submitted: 10-06-2017

By submitting this assessment for marking, either electronically or as hard copy, I confirm the
following:
 This assignment is my own work
 Any information used has been properly referenced.
 I understand that a copy of my work may be used for moderation.
 I have kept a copy of this assignment

Do not write below this line. For Polytechnic use only.

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Comments:
Coursework: Assignment 2

Submission Date: Saturday 10th June 2017 at 23:59pm (via Moodle, Turnitin)

Weighting: 40% of final mark (Marked out of 100)

Type: Individual

Work Count: 3000 words +/-10%

Learning Outcomes:

1. Identify and describe the characteristics of transport supply and demand and explain the impact of
externalities such as culture, societal preferences and politics

2. Apply the principles of costs and costing, and budgets and budgeting within a transport & logistics
context

3. Examine strategies and best practice within supply chain management, including cooperation and
coordination, performance measurement and control, and the role of information technology

Assignment background:

In Assignment 1, you researched and analyzed how Zara manages and organizes its global supply chains.
This assignment requires you to apply principles and concepts in economics and finance in the context of
Zara’s supply chain operations to further explore the connection between supply chain management and
general economics and finance.

Assignment task:

After carefully reading through Zara’s financial statements1 that are published online, write a report to
discuss the following four points:

1. Do a basic analysis of how healthy Zara is as a company with justification.

2. Discuss the advantages and disadvantages of using Financial Ratios to analyze the profitability,
liquidity and efficiency of Zara.
3. Explain the process of how Zara decides its annual budget, and discuss the advantages of the
practice in detail.
4. Evaluate the impact of Zara’s global supply chain practices on the company’s overall financial
performance.

1
The Zara’s financial statements can be found at
https://www.inditex.com/documents/10279/13715/Full+year+2016+Results.pdf/3d63fade-737b-43ca-8b2b-
969648a678ca
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 The marking framework for the final report is tabled below:
j

Met criteria to an Met criteria to a very Met criteria to a Did not meet
excellent standard good standard satisfactory standard Criteria

A B C F
(25 - 22.5) (22.4 – 17.5) (17.4 - 15) (14.9 - 0)

Zara’s financial
Zara’s financial statements Zara’s financial statements Zara’s financial statements Zara’s financial
statements
are excellently analyzed are well analyzed with are basically analyzed with statements are partially
analysis
with comprehensive good justifications. some justifications. analyzed with little or no
justifications. justifications.
25 Marks

Zara’s financial Zara’s four categories of
ratios analysis financial ratios are
comprehensively
25 Marks discussed and analyzed in
sufficient detail.
Zara’s four categories of Zara’s four categories of Zara’s four categories of
financial ratios are well financial ratios are financial ratios are
discussed and analyzed in basically discussed and partially discussed and
detail. analyzed in some detail. analyzed in little detail.

Zara’s budgeting process Zara’s budgeting process Zara’s budgeting process Zara’s budgeting process
Zara’s is comprehensively is well explained and is explained and discussed is partially explained and
explained and discussed in discussed in detail. in some detail. discussed in little detail.
budgeting
detail.
process
analysis

25 Marks

Impact of
supply chain The evaluation of the The evaluation of the The evaluation of the The evaluation of the
practices impact is comprehensively impact is well written. impact is basically written. impact is partially written.
written.
25 Marks

Your assignment should be written on this document (a Microsoft Word document - do not PDF the file)
and appropriately formatted; headings and subheadings should be used, you should use either Calibri or
Arial font (size 11 – excluding headings and subheadings), your work should be double-spaced and pages
should be numbered. Remember to reference your work (including in-text referencing) at all times using
the APA format.

Submissions – Use this document as the template for your submission! Please submit the whole
document including cover page, instructions, your report and the rubric via Moodle. All assignments will be
checked for plagiarism and originality using Turnitin. All submissions must be saved using the following
naming convention (failure to do this may result in your assignment not being marked):
 First Name_ID number_ Assignment 2
 E.g. Ahmed_20109090_Assignment 2

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 BILM Assignments – Rules & Guidelines

ACADEMIC INTEGRITY & HONESTY: When submitting this assignment you are confirming that you have
adhered to Bahrain Polytechnic’s policy on academic integrity and honesty including using APA referencing
appropriately. Any violation of this will be dealt with as stipulated in the policy.

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any marks for work that is submitted outside of the maximum word limit.

Please refer to the generic Course Guide or your tutor is you require further clarification of the above
points.

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Contents

............................................................................... 1
 Introduction:- ............................................................................................................................................. 6
 Zara financial statements:- ........................................................................................................................ 6
Income statement/ Profit or loss statement:- ............................................................................................... 6
Cash flow statement:- .................................................................................................................................... 7
Zara income statement / profit or loss statement:- ...................................................................................... 7
Zara cash flow statement:- ............................................................................................................................ 8
 Zara financial ratios:- ................................................................................................................................. 8
Profitability ratios:- ........................................................................................................................................ 9
Return on capital (ROCE): .......................................................................................................................... 9
Gross profit margin ratio:........................................................................................................................... 9
Net profit margin ratio: .............................................................................................................................. 9
Liquidity ratios:- ............................................................................................................................................. 9
Current ratio: ............................................................................................................................................. 9
Quick ratio:...............................................................................................................................................10
Efficiency:- ....................................................................................................................................................10
Stock turnover ratio: ................................................................................................................................10
Investment ratios:-.......................................................................................................................................11
Return on investment ratio: ....................................................................................................................11
Financial ratios advantages and disadvantages:- ........................................................................................11
 Budgeting process:- .................................................................................................................................12
Zara zero-based budget:- .............................................................................................................................12
 Impact of Zara supply chain practices:- ...................................................................................................13
Fast fashion: .................................................................................................................................................13
Delivery: .......................................................................................................................................................14
Zara online sales: .........................................................................................................................................14
 Conclusion:-..............................................................................................................................................14
Bibliography .....................................................................................................................................................15

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 Report

 Introduction:-

The aim of this report is to apply economic and finance principles and concepts to Zara supply chain

operations in order to fully demonstrate the connection between the supply chain operations and the

economic and finance principles. This report will analyze how healthy Zara is as a company with

justifications as well as it will discuss the advantages and disadvantages of implementing the financial ratios

and analyze the profitability, liquidity and efficiency of Zara by using the ratios. Furthermore, this report

will explain the process of how Zara is deciding its annual budget and it will discuss the advantages of Zara

practice. Additionally, it will evaluate the impact of Zara supply chain operations on the company financial

performance.

 Zara financial statements:-

In relation to the finance management and control, having a public traded company will contribute in

increasing the shareholders wealth. Any remarkable growth in wealth would be added and identified in the

financial terms. In order to better control the financial transactions, companies should produce financial

statements on a monthly basis. The main documents which are related to the financial statements and the

organization should produce are, statement of profit and loss and cash flow statement (CILT, 2014A).

Income statement/ Profit or loss statement:-

The purpose of the income statement/profit or loss statement is to indicate how the firm revenue

converted to the net income. Moreover, the term revenue describes the process of receiving money from

providing services or selling products to the customer whereas the term net income refers to the results of

the revenue and expenses have been accounted. In that case, the income statement is vital to give a

precise clarification of whether the company is gaining profited or losing money during the period reported

(CILT, 2014A).

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Cash flow statement:-

It is important to look at a company’s cash flow statement because it indicates how the changes in the

balance sheet and the income statement will affect the cash flow of the organization. The cash flow

statement usually linked to the influx of money entering the organization and the cash getting out of the

company to define the organization health. In particular, this statement determines the company capability

in staying on business through its ability to pay its bills (CILT, 2014A).

Zara income statement / profit or loss statement:-

The Inditex group consists of eight retails stores including, Zara, Pull&Bear, Massimo Dutti, Bershka,

Stradivarius, Oysho, Zara Home, and Uterqüe. It follows that Zara is a primary contributor within the Inditex

group. According to index income statement FY2016, the total net sales of all major retail stores resulted in

a total of €23,311 million. However, the total net sale of Zara Company is € 15,394 million. Therefore, by

dividing Zara’s net sales over the Inditex total net sales, we will get Zara’s share amount. As a result of the

equation, Zara firm contributed as much as 66% to the total sales of Inditex. However, the other companies

within the Inditex group participated by 34% from the total Inditex net sales. Consequently, Zara

Company’s net sales represent the highest share amount in comparison with the other companies listed

above (Inditex, 2016). Furthermore, the sales have grown by 10% which resulted in a total gross profit

reached €13,279 million for the Inditex group. According to the key progress in sales, the number of

expenses increased rapidly. Therefore, the Inditex group opened a tremendous amount of retail stores

around 56 markets. With the broad range of stores, Inditex continued to expand space in the primary

locations. The total space expanded reached 4,410,896 conversely, the space for Zara stores represent

2,705,417 which are 7% from the entire Inditex store spaces. In contrast, the other companies store

spacing reaches 1,705,479 which is 4% of the total amount. This percentage will reflect that Zara has the

largest spacing amount (Inditex, 2016). Additionally, the employees’ number amplified to 162,450 which

increased the expenses amount by 10% which represent €28 million. Under these circumstances, Zara

considered healthy due to its revenue share, net store opening and, store spacing (Inditex, 2016).

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Zara cash flow statement:-

Inditex cash flow statement tends to determine the changes in account receivable, changes in current

liabilities and, the money collected from operations. The account receivable defined as the cash a company

generates from providing a service or a commodity to its customer (Anonymous, N.D) .In point of fact, if

the cash flow of an organization indicates a decrease in the account receivable amount then the company

is receiving money. According to the Inditex cash flow statement, the amount of account receivable in 2015

was € 187 million whereas the account receivable of the year 2016 has decreased to €177 million.

Moreover, these results clarify that the company is earning money from previous services (Inditex, 2016).

What is more, the cash flow statement will indicate the current liabilities amount that represents the firm

debts. In fact, if the current liability amount did not decrease then the organization still has to pay its debts.

According to the Inditex cash flow statement, current liability amount fell to €291 million in 2016.

Furthermore, this statement identified that the Inditex group is paying and able to pay their debts (Inditex,

2016). Additionally, operation cash is the cash generated from providing business activities. Thus, the net

income should represent positive digit. Concerning to the cash flow statement, the amount of operation

cash has been decreased from €4,500 million in 2015 to € 4,131 million in 2016 which has resulted from

the extensive expansion. The Inditex Company is receiving money and paying its debts which contributed in

making it healthy according to the cash flow analysis (Inditex, 2016).

 Zara financial ratios:-

This phase of the report will calculate the ratios of Zara’s company within the Inditex group. The primary

intent of using the financial ratios is to fully understand the business financial statements such as the

balance sheet and statement of profit and loss. Nevertheless, a ratio is a comparison instrument that is

used to contrast figures appears in the financial statements. For instance, the net profit ratio will compare

the net profit with the sales from the same profit and loss statement. Moreover, shareholders tend to use

the financial ratios to identify the company’s performance improvement. Concerning the potential

investors, they use the accounting ratios to know if they should invest their money in the company or no.

Additionally, the financiers utilize ratio to recognize if the company is doing financially well or no to loan

the firm money (CILT, 2014B).

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 Profitability ratios:-

The profitability ratios include three main financial ratios such as return on capital employed, gross profit

ratio and, net profit ratio. The main purpose of these ratios is to calculate the Zara’s profit (CILT, 2014B).

Return on capital (ROCE): Zara ROCE was mentioned in the inditex document as 30% (Inditex, 2016).

Gross profit margin ratio: The gross profit of the whole inditex group reached €13,279 million and the

net sales of Zara’s share within the inditex has reached to € 15,394 million (Inditex, 2016).

Net profit margin ratio: In relation to Zara Corporation, the net profit of the inditex is €3,161 million and

Zara sales represent €15,394 million (Inditex, 2016).

ROCE= Net profit after tax Gross profit ratio= Gross profit Net profit ratio= Net profit

----------------------------------- x 100% ------------------ x 100% ----------------- x100%

Total assets less current liabilities Sales Sales

Gross profit ratio= 13,279 x 0.66 Net profit ratio= 3,161 x 0.66

------------------------------ x100% ------------ x100%

= 30% 15,394 15,394

= 57% = 14%

Concerning the profitability ratios calculations, Zara’s percentage in the return on capital employed, gross

profit and, net profit ratios are higher than 1%. These ratios contributed in making Zara a successful

organization because it indicates Zara profit is efficient as well the company is gaining money. As a result,

Zara is capable of paying its debts and expenses. According to the profitability ratios percentages, Zara

Company considered as a healthy firm.

Liquidity ratios:-

The liquidity ratio consists of current and quick ratios. The main purpose of calculating these ratios in

relation to Zara is to determine the company cash liquidity and cash equivalent, in order to pay its current

liabilities (CILT, 2014B).

Current ratio: According to inditex balance sheet, the current assets of the company represent € 9,898

million however the firm current liabilities is € 5,451 million (Inditex, 2016).

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Quick ratio: It is almost similar to the current ratio but it includes cash and assets only (Inditex, 2016).

Current ratio= Current assets Quick ratio= Current assets – closing stock

----------------------------------------------- ---------------------------------------
Creditors falling due within 1 year/ current liabilities Creditors falling due within 1 year

Current ratio= 9,898 x 0.66 Quick ratio= 9,898 – 2,549 x 0.66

------------------- ---------------------------

5,451 x 0.66 5,451 x 0.66

= 79% = 59%

According to the liquidity ratios calculation, the percentage of the current and quick ratios are higher than

2:1 which contributed in making Zara cash lying idle which will make Zara cooperation able to pay its

current liabilities. Consequently, these percentages clarify that Zara as a company is performing quite well

in accordance to its cash liquidity and equivalent which is higher than 1%.

Efficiency:-

Efficiency ratios are used to identify the company performance and operations efficiency. It will include the

stock turnover ratio (CILT, 2014B).

Stock turnover ratio: According to the Inditex document, Zara’s sale represents €15,394 million and the

average inventory is €2,549 million (Inditex, 2016).

Stock turnover ratio= Cost of goods sold

------------------------ (Times)

Average inventory

Stock turnover ratio= 15,394

----------------

2,549 x 0.66

= 4%

The stock turnover of Zara Company is 4% which is considered as high as well positive. As a result, it

indicates that Zara Company is able to keep its inventory flow in an effective way through the pipeline and

the firm is performing in an efficient way.

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Investment ratios:-

Return on investment ratio: This type of ratios helps in identifying the return on investment which

clarifies and evaluate the efficiency of an investment (CILT, 2014B). According to the inditex income

statement, the earnings before interest and tax represent €4,021 million (Inditex, 2016). To calculate the

return on investment:

ROI= Net profit before interest and tax

---------------------------------------------- x 100%

Capital employed

ROI= 4,021,000,000 x 0.66

----------------------------- x 100%

15,394,000,000

= 17%

According to return on investment ratio result, Zara Corporation is doing well and the investment consider

efficient because the ratio percentage is higher than 0.5%.

Financial ratios advantages and disadvantages:-

Ratio analysis could be beneficial on simplifying the accounting figures listed in the financial statements.

These ratios will summarize the financial information as well as they will evaluate the managerial

efficiency, the company earning capacity and, the creditworthiness. Moreover, the effective

implementation of the ratio analysis would help in identifying the weak and strong areas within the

organization. As a result, identifying such areas in the company gives the managers the authority in

focusing more on the most vulnerable parts whereas polishing the strong areas. Additionally, ratios will

help the organization to compare itself to other benchmarks to assess the company performance whether

it is doing well or otherwise (Anonymous, Accounting Ratios , N.D). In the other hand, the financial ratios

have several disadvantages that will affect the efficiency these ratios. These disadvantages will include, the

ratio analysis focuses on the financial aspect whereas it despite the non-monetary factors. Consequently,

economic inflation could result in declining the financial power. Therefore, the changes in price-level will

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make the analysis of the financial statements meaningless because the financial records tend to ignore the

changes in the money value (Anonymous, Accounting Ratios , N.D).

 Budgeting process:-
The budget could mainly define as a financial or quantitative statement, which has been accomplished and

approved by a company prior a given period to obtain a particular objective. The process for making a

budget, in particular, will consist of several stages. In fact, these steps would include, assessing the

company's current situation while predicting the future position till the end of the year. What is more,

prepared the objectives for next year should SMART, as it is specific, measurable, attainable, and realistic,

and time bound. For the reason that the organization sets up more than one objective, it is essential to

choose the priorities to achieve such goals. The appropriate assumption should make to identify the

strength and weakness points whereas incorrect assumptions could derail the budget. As for determining

the resources, the company should determine the cost of deploying and acquiring them. Furthermore,

after the internal discussions, the assumptions and objectives should be managed and assess the

requirements. Following the execution of the objectives, the firm would measure the actual results during

a year of the implementation. Additionally, about the measurements, the organization would identify what

aspects need to be modified then improve it as required (CILT, 2014C).

Zara zero-based budget:-

Zara Company established its budget upon developing new assumptions and forecasts. The current year

budget should be different from the previous year by taking the base budget as Zero. To Zara case, the

advantages of implementing the zero-based budget would contribute in allocating resources efficiently.

Also, it will help the department managers to find an alternative cost-effective way to improve the

organization operations. It will motivate Zara’s staff because it will provide initiatives in decision making

and it will increase the communication within the company. Moreover, it will help the cost centers in

identifying their missions to the overall objectives of the organization (CILT, 2014C).

Furthermore, as a company, Zara followed the zero-base budget five steps to prepare its annual budget to

satisfy its customers’ needs as a primary objective of the organization. The first phase of the budgeting
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process is forecasting. Forecasting could be implemented through forecasting the variable shipments

amount to maximize the sales as an objective of Zara Corporation (Felipe Caro, 2010). The second step is

identifying the decision units. For instance, the design department, production department and, marketing

department within Zara Company headquarter considered as decision units. In fact, Zara Company has

twenty seasons within a year. Therefore, the managers of these departments should renewal the product

range and change the stores' merchandise depending on the seasonality (Prasath, N.D). The third step is,

breaking down the decision units into decision packages. Every decision package acts as an independent

proposal which appeals for funds and resources to fulfill the predicted demands. Nevertheless, the decision

package should include the task of the decision packages, the decision package objectives and analysis

about the task needs (Prasath, N.D). In the fourth step, the decision packages would classify upon their

importance. The primary purpose of organizing the decision package is to choose the proper resources with

an efficient cost. Conversely, the department managers have the authority to accept or reject the decision

package whereas accepting them would help Zara company to achieve its objectives (Prasath, N.D). Moving

on to the fifth step, in this phase Zara will sort the funds and resources based on the decision packages

impotence. So the most important decision package will get the better funds and resources (Prasath, N.D).

Additionally, the final step is evaluating the performance of the decision packages. Performing the

decisions would help the managers within Zara decision units to identify whether the allocation of the

resources done accurately or not to modify the performance to satisfy the company’s customers’ needs

(Prasath, N.D).

 Impact of Zara supply chain practices:-

Zara supply chain practices would have several impacts on the company’s financial performance whether it

will affect the financial performance in a negative or positive ways.

Fast fashion: Zara Corporation has been effectively utilized the concept of fast fashion to target certain

people in the market. Concerning Zara case study, Zara Company provides their customers with new and

trendy clothing lines but in limited quantities. Regarding the spacious stores' spaces, only a few items are

on display. The reason behind such practice is to force the consumer to purchase the product immediately.

What is more, such retail concept will depend on the regular production of new items. Therefore, Zara as a

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fast fashion organization used to beat the high fashion houses by providing similar merchandise but with

less expensive fabric and at lower prices (CILT, 2014D). According to the fact that, Zara distributes new

trends regularly to its retail stores with limited quantities, such practice will make the customers visits Zara

retail shops many times within a year. As a result, Zara Corporation spends the lowest cost on

advertisements which represent 0.3% whereas the other companies within the Inditex group spend around

3.5% on ads. Zara has a minimum expenditure on advertising to cut costs (Lijie, 2011).

Delivery: Zara Company has been expanding around the world. It has almost 650 retail stores in 50

countries which attract much more people to visit Zara’s retail shops. It will result in increasing the net

sales to €15,394 million as well as the company’s net income had an annual growth of 20% (Kasra Ferdows,

N.D)Nevertheless, the production center of Zara Corporation is located in La Coruna, Spain as it attached

with the parent company indite. Therefore, Zara distributes the products to their 650 retail stores within

two weeks. However, the supply chain pipeline in the high fashion companies took around twelve months

for the product to reach its destination with all type of risks implied (Lee, 2004)Such practice contributed in

improving Zara’s productivity as well it started to respond rapidly to their customers’ needs (Wing S.

Chowa, 2006).

Zara online sales: About Zara case study, Zara Company has been moving into the online retail market

(Lijie, 2011), it launched their online sales for Singapore and Malaysia in March 2017. With the increases in

the online use, it contributed in growing the online sales by providing the customers with the product in an

efficient delivery and cost. Therefore, online sales for fashion industries like Zara requires less demand

innovation as well Zara has made delivering online sales a major factor in their company service (John

Fernie, 2010). Consequently, the total online sales for Zara reached 14% of the total net sales.

 Conclusion:-
To conclude, the income statement and the cash flow statements analysis indicated that Zara is a healthy

company due to its sales share in the Inditex group company. The calculation of the profitability, liquidity

and, efficiency ratios clarified that Zara is doing quite well as a company. Regarding the budgeting process,

Zara implement its annual budget by using the zero-based budget without depending on the previous year

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budget. In addition, Zara supply chain practices will include the fast fashion, delivery and, online sales

affected the financial performance of the company in a positive way.

Bibliography
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http://ncert.nic.in/ncerts/l/leac205.pdf
Anonymous. (N.D, N.D N.D). Return on capital employed (ROCE). Retrieved 6 10, 2017, from
Investopedia: http://www.investopedia.com/terms/r/roce.asp
Felipe Caro, J. G. ( 2010, 1 1). Zara Uses Operations Research to Reengineer Its. Retrieved 6 10,
2017, from Semantic scholar:
https://pdfs.semanticscholar.org/7b6a/5b70aeaff9a73ae7590d4e17cd74ef26fe8e.pdf
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https://www.inditex.com/documents/10279/13715/Full+year+2016+Results.pdf/3d63fade
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business review:
http://blogs.eafit.edu.co/gec/files/2010/07/Zara_HBR_Rapid_Fire_Fulfillment.pdf

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Lee, M. C. (2004, n.d n.d). Mitigating Supply Chain Risk. Retrieved 6 10, 2017, from International
Journal of Physical Distribution & Logistics Management:
https://dspace.lib.cranfield.ac.uk/bitstream/1826/2657/1/mitigating%20supply%20chain%
20risk-2004.pdf
Lijie, W. Z. (2011, 8 N.D). Case Study of Online Retailing Fast Fashion Industry. Retrieved 6 10,
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Prasath, B. S. (N.D, N.D N.D). Steps in Zero Based Budgeting. Retrieved 6 10, 2017, from eFinance
managemen teps: https://efinancemanagement.com/budgeting/zero-based/zero-based-
budgeting-steps
Wing S. Chowa, ∗. C.-H. (2006, 1 31). Supply chain management in the US and Taiwan. Retrieved 6
10, 2017, from Science direct:
https://www.researchgate.net/profile/Christian_Madu/publication/222646097_Supply_ch
ain_management_in_the_US_and_Taiwan_An_empirical_study/links/54101e3a0cf2d8daa
ad0fa6b/Supply-chain-management-in-the-US-and-Taiwan-An-empirical-study.pdf
CILT (2014A), TLB7000 Transport & Logistics Economics and Finance: Lesson3 Managing Finance &
Financial Statements.
CILT (2014B), TLB7000 Transport & Logistics Economics and Finance: Lesson4 Analyzing Key
Financial Info and Costing.
CILT (2014C), TLB7000 Transport & Logistics Economics and Finance: Lesson5 Budgeting and
Investment.

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