ACCA F5《業(yè)績(jī)管理》經(jīng)典例題分析（上）

今天我們來分析一道ACCA考試財(cái)務(wù)分析的經(jīng)典例題，這個(gè)知識(shí)點(diǎn)的考核也是非常高頻。下面的例題選自2016年9月F5試題，非常具有參考價(jià)值，希望大家可以認(rèn)真研讀。

Jungle Co is a very successful multinational retail company. It has been selling a large range of household and electronic goods for some years. One year ago, it began using new suppliers from the country of Slabak, where labour is very cheap, for many of its household goods. In 20X4, Jungle Co also became a major provider of ‘cloud computing’ services, investing heavily in cloud technology. These services provide customers with a way of storing and accessing data and programs over the internet rather than on their computers’ hard drives.

All Jungle Co customers have the option to sign up for the company’s ‘Gold’ membership service, which provides next day delivery on all orders, in return for an annual service fee of $40. In September 20X5, Jungle Co formed its own logistics company and took over the delivery of all of its parcels, instead of using the services of international delivery companies.

Over the last year, there has been worldwide growth in the electronic goods market of 20%. Average growth rates and gross profit margins for cloud computing service providers have been 50% and 80% respectively in the last year.

Jungle Co’s prices have remained stable year on year for all sectors of its business, with price competitiveness being crucial to its continuing success as the leading global electronic retailer.

The following information is available for Jungle Co for the last two financial years:

Required:

Discuss the financial and non-financial performance of Jungle Co for the year ending 31 August 20X6.

Note: There are 7 marks available for calculations and 13 marks available for discussion.

Jungle Co是一家跨國(guó)零售公司，主營(yíng)商品家居用品（1）和電子用品（2）。去年開始和新的供應(yīng)商Slabak合作，從這家公司采購成本更低。20X4開展了一項(xiàng)新業(yè)務(wù)——云計(jì)算服務(wù)（3），和目前提供的商品服務(wù)完全不相關(guān)，所以前期需要投資很大一筆資金，但是未來很有發(fā)展前景。公司的四塊業(yè)務(wù)是為會(huì)員提供物流服務(wù)（4），只要預(yù)先支付40美元注冊(cè)成為會(huì)員，就會(huì)享受次日送達(dá)的快遞服務(wù)。公司建立了自己的物流公司，不再外包給國(guó)外的物流公司。

全球電子產(chǎn)品市場(chǎng)規(guī)模增加20%，所有業(yè)務(wù)板塊定價(jià)不變保持價(jià)格上的競(jìng)爭(zhēng)力。給出這個(gè)條件是在暗示我們需要和Jungle公司的收入增長(zhǎng)幅度比較，只有Jungle電子業(yè)務(wù)的增長(zhǎng)超過20%才能表明業(yè)務(wù)發(fā)展良好。

瀏覽過公司的基本信息之后，我們需要從財(cái)務(wù)和非財(cái)務(wù)的角度解讀題目中給出的一系列財(cái)務(wù)數(shù)據(jù)。

Note1是關(guān)于各業(yè)務(wù)的收入變動(dòng)情況。 Household業(yè)務(wù)銷售額下降，但題目前面給出的信息是所有商品價(jià)格不變，這說明說明銷量在下降。Electronic goods 銷售額增加，整體市場(chǎng)規(guī)模增加了20%，我們需要計(jì)算公司該業(yè)務(wù)的增長(zhǎng)比例是否超過整體水平。通過計(jì)算，Jungle業(yè)務(wù)增加28%，證明它還是市場(chǎng)中的主要領(lǐng)導(dǎo)者。云服務(wù)收入增加90%，同樣比市場(chǎng)整體情況表現(xiàn)的更好。物流收入下降30%，主要原因還是客戶投訴過多，因?yàn)楣緹o法提供優(yōu)質(zhì)的物流服務(wù)，會(huì)員并沒有享受到按時(shí)送達(dá)的服務(wù)。這些信息需要從note4 提取分析，貨物準(zhǔn)時(shí)送達(dá)的比率從92%下降至74%，客戶投訴量從320,000增加到1,400,000，所以導(dǎo)致收入下降。

Note2 是各個(gè)業(yè)務(wù)的成本細(xì)化分析。 Household成本下降，是因?yàn)殇N售額有所減少。但是我們還需要比較哪個(gè)因素下降的更多。如果成本降低的多，說明單位成本控制的好。從整體的gross margin變動(dòng)比率來看，household從30%增加到40%，說明成本下降的更多，這也和題目中更換供應(yīng)商帶來成本降低的條件匹配。Cloud computing services成本偏高，但是該項(xiàng)目仍處于初期階段而且未來有發(fā)展?jié)摿Γ猿杀镜纳仙梢越邮?

Note 3顯示管理費(fèi)用大幅增加，原因還是投入過多成本處理客戶投訴。

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