本文是留学生assignment范例，题目是“Financial Analysis Report of Tesco Plc（Tesco Plc的财务分析报告）”，本文通过查看Tesco plc的平衡计分卡进行财务分析，并对该公司进行详细的财务比率分析。这篇文章的目的是确定是否投资正在进行的乐购被认为是有利可图的，该公司如何比较其竞争对手。平衡计分卡首先是基于公司的财务、客户、内部流程和学习视角。这表明，该公司在财务上改善了其业绩，并扩大了业务。从客户的角度来看，该公司奖励了其客户，并制定了高效的内部流程，以简化其操作。
Abstract 摘要
This essay looks into a financial analysis of Tesco plc carried out by looking at its balanced scorecard and carrying out a detailed financial ratio analysis of the company. The goal of this essay is to determine whether an investment being carried out into Tesco is considered to be profitable and how the company compares to its competitors. The balanced scorecard is first seen based on the financial, customer, internal process and learning perspective seen at the company. This shows that financially the company has improved its performance and has expanded its operations. In terms of customer perspective, the company has rewarded its customers and has made efficient internal processes in order to streamline its operations as well.
Lastly, the company has developed a training program to train its employees and make them grow their skill sets. In terms of financial ratios, the company has seen rising profits, has improved its return ratios, has gotten stronger in terms of its financial health and has seen better efficiency compared to its competitors. Based on this analysis, it can be seen that the company is a good investment opportunity which will grow in terms of profitability and value of investment for an investment manager.
最后，公司制定了一个培训计划来培训员工，使他们的技能得到提高。在财务比率方面，公司的利润不断增长，回报率有所提高，财务状况越来越好，与竞争对手相比，效率也有所提高。基于这一分析，可以看出公司是一个很好的投资机会，对于一个投资经理来说，在盈利能力和投资价值方面都将会增长。
1.Introduction引言
Tesco is a large supermarket chain based in the United Kingdom which was founded in 1919 by Jack Cohen. The company began when Cohen started to sell his own excess groceries from a stall placed in East End of London (Tesco 2016, Wood et al. 2016). From humble beginnings, the company grew and by 1932 it was converted into a private limited company. The next milestone for the company was to be floated on the London Stock Exchange in 1947 with an initial price of 25p. The company grew from strength to strength and has been able to become one of the market leaders in the retail industry of the country (Wood et al. 2016).
Tesco是一家总部设在英国的大型连锁超市，由Jack Cohen于1919年创立。该公司始于Cohen开始在伦敦东区的一个摊位上出售自己的多余杂货(Tesco 2016年，Wood 等人2016年)。从最初的简陋，公司发展壮大，并在1932年转变为一个私人有限公司。该公司的下一个里程碑是1947年在伦敦证券交易所上市，初始价格为25便士。该公司不断壮大，并已成为该国零售行业的市场领导者之一。
As it had established itself in United Kingdom, the company began to expand its operations into Europe through organic and inorganic expansion as the company started to take over companies which already had a logistic and supply chain presence in the country or region. An example is the takeover of Quinnsworth, Stewart’s and Crazy Price in Ireland which had a presence in the region already (Tesco 2016). By taking over these companies, Tesco was able to establish itself in the Irish food retail market by using the infrastructure which had already been developed by former companies. The company now employees more than 450,000 employees in more than 10 countries around the world. The recent annual report shows the company exceeding a turnover of £56 billion which equates to around more than £1 billion per week of sales for the company (Evans & Mason 2018)
The current share price of Tesco plc is £224.20 compared to its competitors Morrison’s having share price of £184.5 and Sainsbury’s having a share price of £196.7. The key to the company’s success is the fact that it has been able to manage its resources which can be evaluated using two key tools. The goal of this essay is to consider investment in Tesco as an investment manager looking to invest in the company. The analysis will be carried out through a two pronged analysis on the strategic management of the company. The first part will look to analyse how the company has used its balanced scorecard in order to better harness its potential and use its resources in an efficient manner. The second part of the analysis will carry out a financial analysis on the year end statements of the company. These two aspects will determine whether the company looks like a good investment right now considering financial matrix and a balanced scorecard of the company. The essay will conclude with a decision to invest or not.
2.Balanced Scorecard平衡计分卡
The Balanced Scorecard was developed in order to provide a measurement of strategic performance and the efficiency of management of framework. The scorecard is able to use financial measures in order to measure the past performance of the company but as these measures are not able to encapsulate other values of the company, the tool is also used to provide better understanding of the company going into the future (Akkermans & Oorschot 2018). Additional measures are needed in order to measure the future value of the investment being carried out in terms of their impact on the customers, the suppliers, employees, technology and innovation.
平衡计分卡是为了提供一个衡量战略绩效和框架管理的效率。计分卡可以使用金融措施来衡量公司的过去的表现,而是这些措施不能封装公司的其他值,该工具还用于提供更好的理解公司的未来(Akkermans &Oorschot2018)。还需要采取其他措施，以便从对客户、供应商、雇员、技术和创新的影响方面衡量正在进行的投资的未来价值。
There are four perspectives which have been proposed to measure how the company is performing in a holistic manner and how it is able to translate its strategy into action for the future. The company is seen in terms of four perspectives which are financial perspective, customer perspective, internal business process perspective and learning and growth perspective and then develops measures and metrics for all of these perspectives to evaluate the performance of the company.
3.Strategic Analysis of Balanced Scorecard used at Tesco Tesco使用平衡计分卡的策略分析
The balanced scorecard used by Tesco is called the Steering Wheel and the basis of using this tool is to allow the company to deliver the core of the business in a more efficient manner. The performance of the company is reported to the board at the end of each quarter and a summary of that report is handed down to all the managers and the staff to disseminate key information to all the key stakeholders (Lin et al. 2016). Based on the performances and Key Performance Indicators set by the board, the salary of the senior management is given and bonuses are handed out based on the success of the manager (Figure 1).
Tesco使用的平衡计分卡被称为Steering Wheel，使用这个工具的基础是让公司以更有效的方式交付业务的核心。公司的业绩在每个季度末报告给董事会，报告的摘要被传递给所有的经理和员工，以向所有的关键利益相关者传播关键信息(Lin et al. 2016)。根据董事会设定的业绩和关键绩效指标，给予高级管理人员工资，并根据经理的成功发放奖金(图1)。
The balanced scorecard approach used by the company was seen as the most significant measure carried out by the company which led to it becoming the largest British retailer expanding into Europe and then Asia (Keyes 2016).
4.Financial Perspective金融的角度
The financial perspective looks at the financial objectives set out by the organisation and allows an evaluation of the financial performance of a company with the use of traditional financial measures. Even though it can be seen as being too simple as a tool for a comprehensive evaluation, this perspective is able to define how the company’s strategy and its implementation are able to have an impact on the bottom line of the company. The recent financial performance of the company shows that it was able to increase its total sales by more than 11% for the year taking its revenues to over £56 billion for 2019 (Tesco, 2019) up from £51 billion in 2018 (Shen et al. 2016).
财务视角着眼于组织设定的财务目标，并允许使用传统的财务衡量方法对公司的财务业绩进行评估。尽管作为一个综合评估的工具，它可能被视为过于简单，但这个视角能够定义公司的战略及其实施如何能够对公司的底线产生影响。该公司最近的财务表现表明，该年的总销售额增长了11%以上，2019年的收入从2018年的510亿英镑上升到560亿英镑(Tesco, 2019)。
Tesco was also able to see a growth in its EPS (Earning Per Share) of around 30% to £15.4 per share and an increase in dividend of 92% as it gave out £5.77 in 2019 compared to £3 in 2018 (Fernie & Sparks, 2018). The increase in sales was matched by a decrease in expenses as well as the company was able to increase its operating profit by 17% compared to a sales increase of 11%. This shows that the company was maximising revenue while also looking to minimise expenses through use of efficient processes and techniques. Based on this snapshot of the company, it can be seen that the measures taken by the company are contributing to their end result.
5.Customer Perspective客户的角度
The customer perspective considers the customers and the market segment the company is catering to and measures the performance of the business within these segments. The goal of this perspective is to measure customer satisfaction, profitability and the ability of the company to venture into new market segments (Hansen & Schaltegger 2016). Tesco has initiated the use of its value clubcard which can be used to measure the expectations of the customers and the ability of the company to meet them. Tesco attracts more than 16 million customers on a weekly basis and in order to meet the needs of all its customers, it offers three ranges of products. The company is able to understand its customers by the use of their clubcards and offers coupons and discount opportunities which retains old customers and attracts new ones (Cooper et al. 2017).
客户视角考虑客户和公司所迎合的细分市场，并在这些细分市场中衡量业务的表现。这种观点的目标是衡量客户满意度、盈利能力和公司进入新细分市场的能力(Hansen & Schaltegger 2016)。Tesco已经开始使用它的价值会员卡，可以用来衡量顾客的期望和公司满足他们的能力。Tesco每周吸引1600多万顾客，为了满足所有顾客的需求，它提供三个系列的产品。公司能够通过使用他们的会员卡来了解他们的客户，并提供优惠券和折扣机会，从而留住老客户并吸引新客户(Cooper et al. 2017)。
The company has also started using internet-based shopping to facilitate old customers and to make new ones. Introduction of online sales by Tesco’s has helped the company raise its market share by more than 25% and sales saw a growth of 4.5% aided by online shopping.
6.Internal Business Process Perspective内部业务流程视角
The internal business process perspective allows a company to identify processes and techniques which need to be implemented in order to turn its strategy into action. This measures how well the company is able to apply its processes in order to meet the customer needs. Internal processes can be divided into innovation, operations and post services based processes (Adjudicator 2016). In terms of innovation, Tesco is always looking to offer the latest trends to its customers like offering healthy eating options to its customers (Kliger 2016). The company has been able to develop a new product line by sourcing from their suppliers and carrying out market research to understand what is required by the customers, and to stay ahead of its competitors.
内部业务流程透视图允许公司识别需要实现的流程和技术，以便将其战略转化为行动。这衡量了公司应用其流程以满足客户需求的能力。内部流程可以分为创新、运营和post service基础流程(裁定者2016)。在创新方面，Tesco总是希望为顾客提供最新的趋势，比如为顾客提供健康的饮食选择(Kliger 2016)。该公司已经能够开发新的产品线，从他们的供应商和开展市场研究，以了解客户的需求，并保持领先于其竞争对手。
In terms of operations, Tesco has to manage its fleet of trucks in order to manage its supply chain efficiently. The company has looked to manage its transport better in order to reduce its cost and keep its workforce happy (Lubis et al. 2016). In terms of the post-service based processes, the company looks to keep a check on their customers and takes on feedback provided by its customers in order to constantly keep improving its services. When the customers provide the feedback and feel that their suggestions are being implemented, they are more likely to shop at Tesco.
The analysis shows that Tesco is a market leader in the UK retail industry and it has gone from strength to strength over time. In terms of its balanced scorecard, the company is able to use its resources in the best manner possible and after periods of growth, the company has expanded outside UK to Europe and Asia. In terms of its financial ratios, the company has recently turned profitable and it can be foreseen that the company will stay profitable in the future. In terms of its return ratios, the company has performed better as compared to its nearest competitor. The financial health of the company has gotten better and the efficiency of the company is also better as it utilizes its resources in a more efficient manner. As an investment manager, the better choice for investment would be to choose Tesco as it promises a more stable and greater return compared to Sainsbury’s.
分析表明，Tesco是英国零售业的市场领导者，随着时间的推移，它的实力越来越强。在平衡记分卡方面，公司能够以最好的方式使用其资源，在一段时期的增长后，公司已经扩展到英国以外的欧洲和亚洲。在财务比率方面，该公司最近已经盈利，可以预见，该公司未来将保持盈利。就回报率而言，该公司的表现优于其最接近的竞争对手。公司的财务健康状况越来越好，公司的效率也越来越好，因为它更有效地利用了资源。作为一名投资经理，选择Tesco是更好的投资选择，因为相较Sainsbury, Tesco的回报更稳定，也更大。
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