今天我们来分析一道财务分析的经典例题，这个知识点的考核也是非常高频。下面的例题选自2016年9月ACCA F5试题，非常具有参考价值，希望大家可以认真研读。
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是一家跨国零售公司，主营商品家居用品（1）和电子用品（2）。去年开始和新的供应商Slabak合作，从这家公司采购成本更低。20X4开展了一项新业务——云计算服务（3），和目前提供的商品服务完全不相关，所以前期需要投资很大一笔资金，但是未来很有发展前景。公司的四块业务是为会员提供物流服务（4），只要预先支付40美元注册成为会员，就会享受次日送达的快递服务。公司建立了自己的物流公司，不再外包给国外的物流公司。
全球电子产品市场规模增加20%，所有业务板块定价不变保持价格上的竞争力。给出这个条件是在暗示我们需要和Jungle公司的收入增长幅度比较，只有Jungle电子业务的增长超过20%才能表明业务发展良好。
浏览过公司的基本信息之后，我们需要从财务和非财务的角度解读题目中给出的一系列财务数据。
Note1 是关于各业务的收入变动情况。 Household业务销售额下降，但题目前面给出的信息是所有商品价格不变，这说明说明销量在下降。Electronic goods 销售额增加，整体市场规模增加了20%，我们需要计算公司该业务的增长比例是否超过整体水平。通过计算，Jungle业务增加28%，证明它还是市场中的主要领导者。云服务收入增加90%，同样比市场整体情况表现的更好。物流收入下降30%，主要原因还是客户投诉过多，因为公司无法提供优质的物流服务，会员并没有享受到按时送达的服务。这些信息需要从note4 提取分析，货物准时送达的比率从92%下降至74%，客户投诉量从320,000增加到1,400,000，所以导致收入下降。
Note2 是各个业务的成本细化分析。 Household成本下降，是因为销售额有所减少。但是我们还需要比较哪个因素下降的更多。如果成本降低的多，说明单位成本控制的好。从整体的gross margin变动比率来看，household从30%增加到40%，说明成本下降的更多，这也和题目中更换供应商带来成本降低的条件匹配。Cloud computing services成本偏高，但是该项目仍处于初期阶段而且未来有发展潜力，所以成本的上升可以接受
Note3 显示管理费用大幅增加，原因还是投入过多成本处理客户投诉。
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