企业状况分析例文.docx

企业状况分析例文.docx

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企业状况分析例文

Contents

1Discussion……………………………………………2-13

1.1HistoryofBritishAmericanTobacco

1.2HowBritishAmericanTobaccofinanced

1.3ThereasonofImperialTobaccochoosingthemethodoffinancing

1.4Thereflectoftheoperationofefficientcapitalmarkets

1.5DiscussionsofDividendPolicy

1.6AnalysisoftheP/Eratio

2References…………………………………………………14

3Appendices……………………………………………15-17

1.1HistoryofBritishAmericanTobacco

BritishAmericanTobaccohasbeeninbusinessformorethan100years,tradingthroughtheturbulenceofwars,revolutionsandnationalisationsaswellasallthecontroversysurroundingsmoking.

Thebusinesswasformedin1902,asajointventurebetweentheUK’sImperialTobaccoCompanyandtheAmericanTobaccoCompanyfoundedbyJames‘Buck’Duke.

1902

TheUK’sImperialTobaccoCompanyandtheAmericanTobaccoCompanyoftheUnitedStatesformajointventure,theBritishAmericanTobaccoCompany.

1904~1908

Expansion:

totheWestIndies,CeylonandEgypt,Holland,Belgium,SwedenandNorway,Finland,IndonesiaandEastAfrica

1910

BritishAmericanTobacco’ssalesaremorethan10billioncigarettes.Profitsgrowcorrespondinglyveryquickly.

1911

Expansion:

toMalaya（nowMalaysia）

1911

TheAmericanTobaccoCompanydivestsitssharesinthejointventure.BritishAmericanTobaccoislistedontheLondonStockExchangeandBritishinvestorsacquiremostofitsAmericanparent'sshares.Thecompanyisnowfreetoconductitsbusinessindependentlythroughouttheworld,exceptintheUKwhereterritorialagreementsremainwithImperial.

1913

AlocaltobaccomanufacturerinArgentina,Bozetti&Co.isacquired.

1914

BraziliancompanySouzaCruzispurchased–today,oneoftheGroup’sleadingsubsidiaries.

1915

BritishAmericanTobaccocigarettesalestotal25billion.

1921

CigarreraBigottSucsisformedinVenezuelaand,inthefollowingfewyears,acquisitionsaremadeinChile,MexicoandCentralAmerica.

1927

BritishAmericanTobaccomovesintotheUSmarketwiththeacquisitionofasmallNorthCarolinacompany,Brown&Williamson.

1953

WithnewChairmanDuncanOppenheim,1953signalsafreshstartforthecompany.

1956

BritishAmericanTobaccoobtainstheoverseasbusinessofBenson&Hedges.WithStateExpress,Benson&HedgesbecomesoneofthecornerstonesoftheGroup’spredominanceintheinternationalbrandmarket.

1960

BritishAmericanTobaccobeginstodiversifyintopaperandpulp,cosmeticsandthefoodindustry.StakesinWigginsTeapeandMardonPackagingareamongthecompany’sinitialmoves.

1964

AcquisitionstheUK’sTonibellicecreamcompanyandtheLenthéricfragrancehouse.Brown&WilliamsonandBritishAmericanTobaccocompaniesinSouthAfricaandAustraliaalsobegintoinvestinthefoodindustry.

1966

BritishAmericanTobaccoacquirescigarmanufacturerHenriWintermansandcompanyprofitsexceed£100mforthefirsttime.

1976

theGroupundergoesradicalreorganisation.WithanewChairman,PeterMacadam,operationsarecoordinatedunderanewholdingcompany,B.A.TIndustries.

1978

IndustriesistheUK’sthirdlargestcompanyandthelargesttobaccomanufacturerinthefreeworldwithannualsalesof500billioncigarettes.

1992

BritishAmericanTobaccoacquiresHungary’sPecsiDohanygyar.

1994

AcquisitionoftheAmericanTobaccoCompany

1998

BATIndustriesdivestsitsfinancialservicesbusinesses.

ThatsameyearthecompanyacquiresCigarreraLaModerna,theleadingcigarettecompanyinMexico.

BritishAmericanTobaccop.l.c.becomesaseparatelyquotedcompanyontheLondonStockExchange,withMartinBroughtonasitschairman

1999

BritishAmericanTobacco,thesecondlargesttobaccocompany,announcesaglobalmergerwithRothmansInternational,thefourthlargest.Withthemerger,BritishAmericanTobaccoaddstoitsportfolioseveralmajorbrands,includingDunhill.

2001

theGroupannouncesaseriesofnewinvestmentsincountriessuchasTurkey,Egypt,Vietnam,SouthKoreaandNigeria.

2004

USbusinessofBrown&WilliamsonandRJReynoldsTobaccoCompanyarecombinedandReynoldsAmericanisformed–astronger,moresustainablebusinessinwhichBritishAmericanTobaccohasa42%share.

2007

seessnustestmarketingextendedtoCanadaandthesaleofanumberofourpipetobaccotrademarkstoDanishcompanyOrlikTobaccoCompany

2009

RichardBurrowstakesoverasChairmanofBritishAmericanTobaccop.l.c.inNovember2009.

1.2HowBritishAmericanTobaccoTobaccofinanced

Generally,companyshouldbefinancedbyacombinationoflong-termandshort-terms.

BritishAmericanTobaccoisfinancedbyBorrowingwhichincludingthenon-currentandcurrentliabilities.Andanotherfinancedmethodisissueofshares.

Borrowing:

Thisisthemeanmethodtofinancedforthecompany.Theproportionaccountedfor59.29%,totalamountis£9712millions.It'sthefoundationofthefinancialstructureofacompanyandmeansourceofitscapital.Borrowingcapitalincludingthebelowitems.

Eurobonds:

Eurobondisaninternationalbondthatisdenominatedinacurrencynotnativetothecountrywhereitisissued.Thisitem'stotalamountofthecompanyis£5500millions.

UKbonds:

ThisissimilartotheEurobonds,theyareissuedinUK.Thisitem'stotalamountofthecompanyis£2297millions.

USSecurities:

Commissionunderwritingreferstothemethodwherebyasecuritiescompanyundertakestosellsecuritiesonbehalfoftheissuerandreturnallunsoldsecuritiestotheissuerattheendoftheunderwritingperiod.Thisitem'stotalamountofthecompanyis£620millions.

Floatingratenotes:

AbondonwhichthecouponisresetperiodicallyinlinewithamoneymarketreferenceratesuchasLIBOR.Thisitem'stotalamountofthecompanyis£467millions.

Othernotes:

Outofthesebonds,thereareotherfragmentarybonds.Thisitem'stotalamountofthecompanyis£119millions.

Issueofshares:

Shareisthecertificateswhichisissuedtoinvestorwhenthecompanytofinanced.It'srepresentstheownershipofthecompanyofshareholders.Thisthesecondmostimportantmethodtofinancedofthecompany.Thecompanyhavecollected£7613millions.Theproportionaccountedfor40.72%.Thisisthehighspecificgravityaswell.

Followingthesuccessoftherightsissue,BritishAmericantobaccoarecomfortablewiththeircurrentfinancingposition.

Gearing:

isameasureoftheratioofdebttoequity.

Gearing=long-termdebt/Equity

=non-currentborrowings/Equity

Gearingaddstheeffectoffinancialrisk.Thehighergearingthemoreriskythe companyisconsidered.

In2008,

Gearing=9437m/7215m

=1.308

In2009,

Gearing=9712m/7912m

=1.228

InaccordancewiththegearingdataofBritishAmericanTobacco,itshowsusaslightlyhighgearinglevelwhichrepresentshighfinancialrisk.Butoverall,thislevelisinreasonablerange.

Byreferencetothegroupcashflowstatement,therewastwomeanchangestoBritishAmericanTobaccoasfollows.

2008£m2009£m

Netcashfrominvestingactivities:

PurchaseofBentoel0（370）

PurchaseofTekelcigaretteassets（873）（12）

ProceedsfromSTtrademarkdisposals

andpurchaseofSTbusiness（1243）187

（2386）（589）

Netcashfromfinancingactivities:

Proceedsfromincreasein

andnewborrowings35181447

Movementsrelatingtoderivative

financialinstruments（656）（267）

Purchaseofownshares（400）0

Reductionsinandrepaymentofborrowings（731）（1853）

（374）（3405）

1.3Thereasonsofthecompanyhaschosenthesemethodoffinancing

Thegroupmainlyadoptstheequityanddebtfinance.

Fromtheprecedingsection,wehavegotthatthegearingleveloftheGroupishighwhichmeansthedebtlevelishigh.

Equityfinancerepresentsthehighestlevelofriskfacedbyinvestors.Thisisduebothtotheuncertaintysurroundingdividendpaymentsandcapitalgains.Therefore,theGroupalsochoosesdebtfinance.

Generally,costofdebtislowerthancostofequity,becausetheinterestpaymentofdebtisdeductedbeforetax.Thatistosay,profitwillincreaseanditwillbenefittotheequityshareholders’wealth.Thus,Groupraisesdebtfinancemorethanequityfinance.

Ifthegrouponlychoosesequityfinance,itwillcarrygreaterfinancialrisk.Moreover,debtfinanceisgoodwaytosolvecapitalshortage.Thus,theGroupchoosesthemethodofequityanddebtfinance.

Thus,TheGroupmanagesthecapitalstructureinanefficientwayinordertominimisethecostofcapitalwhilstensuringthatBritishAmericanTobaccoGrouphaveaccesstoon-goingsourcesoffinancesuchasthedebtfinanceincapitalmarkets.

Accordingtothepropositionofcapitalstructurestatesthatanoptimalcapitalstructuredoesexistandacompanycanthereforeincreaseitstotalvaluebyusingthedebtfinancewithinitscapitalstructure.Thus,bringingintogearingwillcontributetotheshareholderwealthmaximizationtothecompany.Asacompanystartstoreplacemoreexpensiveequitywithcheaperdebtfinance,shareholdersareinitiallyindifferenttotheintroductionofasmallamountoffinancialrisk.TheWACCofthecompanywillfallinitiallyduetothebenefitofthecheaperdebtfinanceoutweighinganyincreaseinthecostofequityfinance.Hence,WACCwillfalluntiltoanoptimalcapitalstructure.However,theBritishAmericanTobaccoGroupcontinuestogearup,increasingitsgearingmore,thebenefitswithusingdebtfinanceareoutweighedbytheincreaseinthecompany’sequityfinance.Then,WACCwillstarttorisetillthehighlevelgearing.Atveryhighlevelsofgearing,bankruptcyriskcausesthecostofequitycurvetoriseandalsocausethecostofdebttostarttorise.Hence,itwilldecreasetheshareholderwealth.AsfarasIamconc