...: Karen Agerbæk Dewi Shinta Aarup. Tlf.: (+45) Mail: - Web: - PDF

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3 mdr. 3 wnloads talet FAKTURA Fakturanr....: 3722 Fakturadato...: Kundenr....: 1127 Side...: 1 af 1...: Karen Agerbæk Dewi Shinta Aarup Deres ref. Vor ref....: Pris Antal

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3 mdr. 3 wnloads talet FAKTURA Fakturanr....: 3722 Fakturadato...: Kundenr....: 1127 Side...: 1 af 1...: Karen Agerbæk Dewi Shinta Aarup Deres ref. Vor ref....: Pris Antal Enhed Stk. pris Subtotal : 25,00% moms : Total DKK : (Momsfrit beløb: 0,00 - Momspligtigt beløb:) Betalingsbetingelser: Netto - forfald Beløbet indbetales til vor bank. Sydbank - Regnr.: 7915 / Kontonr.: Fakturanr bedes anført ved bankoverførsel Ved for sen betaling tilskrives rente 1,5% per måned/gebyr - minimum 50 kr. Colourbox ApS - Hammergyden 75 Stige Odense N - CVR-nr.: Tlf.: (+45) Mail: - Web: Bank: Sydbank - Kontonr.:7915 / Debit Credit Debit Credit 1,500 Debit Credit 1,500 2,000 Bank Account Debit Credit 1,000 Cash Debit 1,000 Credit P&L statements sorted by cost categories P&L statements sorted by groups of functions Net revenue DKK 1,000 Net revenue DKK 1,000 - Cost of sales Cost of production 500 Gross margin 600 Gross margin Other external cost Distribution cost Employee cost Administration cost 125 Profit before depreciation Depreciations 100 Operating profit 200 Operating profit Financial cost, net 50 - Financial cost, net 50 Net Profit 150 Net profit 150 Examples of the two optional P&L statement structures (grouped by cost category or functions). For further reference, please see the exhibit 2 of the law of financial statements (Årsregnskabsloven) Product A la carte Conference guests Take Away Sales price per dish Variable cost per dish Contribution margin Priority 1 2 3 Operating profit 2,000 Depreciations 500 2,500 End of year 1 End of year 2 Change in inventory Change in account receivable Change in account payable Change in short term debt Cash flow from operations 2,400 Investment Financing (interest and installments) Dividend - 1,000 Cash flow 500 Cash balance, start 300 Cash balance, closing 800 Industry focus A classification system, The Green Key, has been introduced for the tourist industry. Hotels, inns, camping resorts, hostels and other business that offer overnight facilities can be allocated The Green Key classification provided they comply with a number of mandatory requirements: Constraints for water and energy consumptions. Use of environmental friendly cleaning products. Proper segregation of waste materials. No use of disposable water cans. Breakfast product based on organic raw materials. Non smoking in guestrooms. Additionally the company must be able to document its environmental policy and action plan. Collection of data What do we know now? Culture of improvement steered by Analysis Interpretation, Reflection, Planning, Performance management financial management Action to be tested Changing behavior, Other ways Cost of sale 30 Salaries 40 Other fixed cost 10 Rental and interest 12 Depreciations 3 Profit 5 Return on asset Profit margin x Asset turnover Operating profit before interest / Revenue Revenue / Average asset Gross profit - Fixed Average fixed + cash cost assets Average current assets Revenue - Production Average + Average + cost inventories receivables Average cash Activity: Revenue and Profit Investment: Assets Alternative 1 Alternative 2 Alternative 3 Equity Loan Operating profit before interest Interest = Ordinary profit Ratio calculation Return on asset (ROA) 10 % 10 % 10 % Return on equity (ROE) 20 % 10 % 5 % Average debt interest * 5 % 10 % 13 % *) The average debt interest is calculated as total interest expenses in percentage of the debt (loan). Alternative 1 Alternative 2 Alternative 3 Return on equity (ROE) calculated as ROA plus the product of return on debt financing and the gearing ratio 10 + (10-5) x ( ) = 20 % 10 + (10-10) x 10 + ( ) x ( 200 ) = 10 % 100 ( 200 ) = 5 % 100 Profitability analysis Equations Return on assets (%) Operating profit before interest x 100 Asset Profit margin (%) Operating profit before interest x 100 Revenue Asset turnover (times) Revenue Assets Return on equity (%) Ordinary result x 100 Equity Interest charge on debt financing (%) Interest cost (net) x 100 Total debt Gearing ratio Debt Equity Revenue 5,000,000 Operating profit before interest 250,000 Assets: Trade receivables 600,000 Inventory 500,000 Furniture and fixture 1,000,000 Leasehold improvements - Total assets 2,100,000 Return of assets (ROA) 12 % Asset turnover 2.4 6 % - calculated as Revenue 5,000,000 Operating profit before interest 250,000 Assets: Trade receivables 500,000 Inventory 600,000 Furniture and fixture 1,000,000 Leasehold improvement 2,000,000 Total assets 4,100,000 Return on assets (ROA) 6 % Asset turnover 1.2 Indices for the earning potential Year 1 Year 2 Year 3 Revenue Variable costs Fixed cash costs Depreciation Interest expenses Products Food 40 % Liquor 20 % Beers Draft beer % Wine Soft drinks % Normal coffee % Coffee specialties, including latte, espresso etc Approximate cost of sales in % of revenue, exclusive VAT % - often with a higher cost of sales for imported beers compared to local brew % - depending of the class of wine. At higher sales prices normally the cost of sales is higher % Earning potential analysis Equations Profit ratio % Operating profit before interest x 100 Revenue Contribution margin ratio 1 Contribution margin 1 (only cost of sales) x 100 Revenue Contribution margin ratio 2 Contribution margin 2 (all variable cost) x 100 Revenue Revenue indices Costs indices Fixed cost ratio Contribution margin 1 Fixed cost First year (base year) fixed at 100 and subsequent years shows the development in relation to the base year First year (base year) fixed at 100 and subsequent years shows the development in relation to the base year or Contribution margin 2 Fixed cost Break-even revenue Fixed cost Break-even revenue = Contribution margin ratio Safety margin (%) Safety margin = (Revenue break-even revenue) x 100 Revenue Analysis of efficiency Year 1 Year 2 Year 3 Asset turnover Index numbers: Revenue Fixed asset Current asset Inventory Account receivable Analysis of efficiency Year 1 Year 2 Year 3 Turnover, account receivable Turnover, inventory Turnover, fixed asset Turnover, account payable Efficiency key ratios Asset turnover (times) Fixed asset turnover (times) Inventory turnover (times) Equation Revenue Assets Revenue Fixed asset, closing balance Cost of sales Inventory, closing balance Inventory days 360 Inventory turnover Account receivable turnover (times) Revenue Account receivables Credit days 360 Account receivables turnover Index, revenue First year (base year) fixed at 100, subsequent years measured in relation to the base year. Index, fixed assets First year (base year) fixed at 100, subsequent years measured in relation to the base year. Index, account receivable Index, cost of sales First year (base year) fixed at 100, subsequent years measured in relation to the base year. First year (base year) fixed at 100, subsequent years measured in relation to the base year. Efficiency key ratios Index, inventory Index, account payable Equation First year (base year) fixed at 100, subsequent years measured in relation to the base year. First year (base year) fixed at 100, subsequent years measured in relation to the base year. Financing Self financing DKK 1,500 Third party financing - long term debt DKK 1,000 Third part financing - short term debt DKK 2,200 DKK 3,200 Total DKK 4,700 Capital allocation Fixed assets DKK 2,100 Current assets DKK 2,600 Total DKK 4,700 Operating profit before interest DKK 3,200 - Interest, net DKK Private consumption DKK 1,200 = Self financing DKK 1,500 Equity, close of period DKK 12,400 - Equity, beginning of period DKK 11,900 = Change in equity DKK Depreciation DKK Deferred taxes DKK 600 Self financing DKK 1,500 Solvency an liquidity key ratios Equations Solvency ratio (%) Solvency ratio = Equity x 100 Assets Solvency an liquidity Equations key ratios Liquidity ratio 1 Current assets exclusive inventories x 100 Short term debt Liquidity ratio 2 Current assets x 100 Short term debt Customer negotiation power Supplier negotiation power Industry rivalry Entrance barriers Substitution S O W T Strength Opportunities Weaknesses Threats High Market growth Low Question mark Star Dog Cash cow Market share High Extracts from the profit and loss statement (thousands DKK) Year 1 Year 2 Year 3 Revenue 2,296 3,366 2,308 - Variable cost 1,056 1,986 1,108 = Contribution margin 1,240 1,380 1,200 - Fixed cash cost = Operating profit before depreciation and interest Depreciation = Operating profit before interest Interest Result of the year Extracts from the balance sheet (thousands DKK) Year 1 Year 2 Year 3 Asset 1,180 1,726 1,220 Debt Ratio Calculation year 1 Year 1 Year 2 Year 3 Return on assets , % 24.3 % 17.2 % Ratio Calculation year 1 Year 1 Year 2 Year 3 Profit margin , % 12.5 % 9.1 % Ratio Calculation year 1 Year 1 Year 2 Year 3 Return on equity % 46.1 % 27.2 % Ratio Calculation year 1 Year 1 Year 2 Year 3 Asset turnover 2,296 1, times 1.95 times 1.89 times Ratio Calculation year 1 Year 1 Year 2 Year 3 Profit margin , % 12.5 % 9.1 % Ratio Calculation year 1 Year 1 Year 2 Year 3 Contribution margin 1, , % 41.0 % 52.0 % Index number Calculation year 2 Year 1 Year 2 Year 3 Revenue 3, , Index number Calculation year 2 Year 1 Year 2 Year 3 Fixed cost Index number Calculation year 2 Year 1 Year 2 Year 3 Fixed cash cost Index number Calculation year 2 Year 1 Year 2 Year 3 Depreciation Ratio Calculation year 1 Year 1 Year 2 Year 3 Overhead ratio 1, Ratio Calculation year 1 year 1 year 2 year 3 Asset turnover 2,296 1, times 1.95 times 1.89 times Revenue 100 % Cost of sales 29 % = Contribution margin 1 71 % Direct cost Salary for kitchen, waiting, dishwasher 37 % Table-cloth, flowers, music etc. 8 % = Contribution margin 2 26 % Fixed cost Wages and salaries for administration 6 % Premises 3 % Maintenance and leasehold improvements 2 % Marketing 2 % = Result before rentals, interest and depreciation Administration 3 % 10 % Rental and interests 7 % Depreciation 2 % = Result before tax 1 % Price (p) price a piece perfect competition monopoly revenue p (x) Price Demand Revenue Change in price Change in volume Slope , , , , price a piece (y) demand revenue curve revenue (x) demand put together (p * x) price (p) 2 demand curve revenue curve volume (x) p 4 elastic 2 neutralelastic inelastic p demand curve uninfluenced curve influenced by competition x Number of sandwiches Sales price per unit Revenue Marginal revenue Sales price (p) Volume of meals (x) Revenue (p x) 1, ,000 1, ,000 1, , , , ,000 0 Marginal revenue Revenue Volume 1, , Kr marginal revenue x Kr revenue x Kr. total variable costs Kr. average variable costs per unit variable cost average variable cost pieces pieces Kr total cost= 1.000x variable cost = 1.000x fixed costs = piece (x) Sales price Number of meals Revenue Variable cost (VC) 0 1, ,000 48,000 1, ,000 85,800 1, , , , , , , , ,200 Sales price Number of meals Revenue Variable cost (VC) Fixed cost (FC) Total cost (TC) 5,000 5,000 1, ,000 48,000 5,000 53,000 1, ,000 85,800 5,000 90,800 1, , ,000 5, , , ,800 5, , , ,000 5, , , ,200 5, ,200 Sales price Number of meals Revenue VC FC TC VC/unit FC/unit TC/unit 5,000 5,000 1, ,000 48,000 5,000 53, , ,000 85,800 5,000 90, , , ,000 5, , , ,800 5, , , ,000 5, , , ,200 5, , Sales price Number of meals Revenue VC FC TC Result 5,000 5,000-5,000 1, ,000 48,000 5,000 53,000 67,000 1, ,000 85,800 5,000 90, ,200 1, , ,000 5, , , , ,800 5, , , , ,000 5, , , , ,200 5, , ,800 Number of meals TC Differential cost 0 5, , , , ,800 2 Number of meals TC Differential cost , ,200 Price Differential cost production capacity marginal market price optimal sales x Price production capacity marginal market price Differential cost x Total method Price P (DKK) X (unit) Revenue Variable cost Fixed cost Total cost Profit P x X VC FC TC Revenue TC ,000 17,000-17, ,000 45,000 17,000 62,000-37, ,000 75,000 17,000 92,000-42, ,000 85,000 17, ,000-27, ,000 95,000 17, ,000-12, , , ,000 17, ,000 1, , , ,000 17, ,000 18, , , ,000 17, ,000 13,000 Differential method Volume Differential/ marginal revenue Change I revenue/ change in volume Differential/marginal cost Change in VC/ change in volume Differential contribution margin Price Volume Revenue Variable cost P (DKK) Fixed cost Total method Total cost Profit X (unit) P x X VC FC TC Revenue TC ,000 17,000-17, ,000 45,000 17,000 62,000-12, ,000 75,000 17,000 92,000-2, ,000 85,000 17, ,000 18, ,000 95,000 17, ,000 28, , , ,000 17, ,000 26, , , ,000 17, ,000 18, , , ,000 17, ,000-22,000 Differential method Differential/ marginal revenue Change in revenue/ change in volume Differential/ marginal cost Change in VC/ change in revenue Differential contribution margin p x Industry focus Price differentiation in the hotel, restaurant and tourist industry may occur when: A newly established hotel offers introduction discounts. Ice creams that are more expensive in high seasons. Sandwiches sold cheaper to students. Amusement parks that offer certain groups of guests reduced prices on certain conditions. Price Volume Revenue Differential revenue Differential cost Differential contribution margin , , , , , ,000 Price Volume Revenue Differential revenue Differential cost Differential contribution margin home market Differential contribution margin new market , , , , ,000 Volume Price Existing home market New market Total = capacity limit 800 Price Volume p = slope 1/ x Volume Price Existing home market New market Total = capacity limit Revenue Volume Price Total Revenue from the existing market , Revenue from the new market , Total revenue 800 (max. capacity) ,062.50 Variable cost VC per unit VC Contribution margin The existing market 80 DKK 80 x 425 = 34,000 66, ,000 = 32,937.5 The new market 80 DKK 80 x 375 = 30,000 43,125 30,000 = 13, Total 64,000 46,062.50 Price Volume Revenue Differential revenue Differential cost Differential contribution margin 8 10,000 80, , , , , , , , , , , , ,000 Price Conference center Supermarket 8 9,000 1, ,000 2, ,000 4, ,000 10, ,000 80, ,000 85, ,000 90,000 Price Volume Revenue Differential revenue 8 9,000 72, , , , , , , , , , , , ,000 Differential cost Differential contribution margin Price Volume Revenue Differential revenue 8 1,000 8, ,000 14, ,000 24, ,000 50, , , , , , ,000 Differential cost Differential contribution margin Full cost calculation DKK Calculation Variable cost 110 Assumption + fixed unit cost 457 1,000,000/(10 x 365 x 0.6) = company cost price profit requirement 100 (567 x 15)/85 = sales price excl VAT VAT 167 (667 x25)/100 = sales price inclusive VAT 834 Contribution margin calculation DKK Calculation Purchase price Inbound transportation /(8 x 30) = landed cost price = Sales price /25 % as it is informed that the Contribution margin should be 75 % equal a cost of sales of 25 % + VAT x 25 / 100 = Sales price inclusive VAT Sales price Contribution margin: 20 % of Variable unit cost Of which variable sales cost is Cost price % Import duty % Affordable purchase price % Logistik i virksomheden Tina Holck & Lisbeth Jensen Annual sales (inventory consumption) 12,000 pieces Cost price DKK 125 Order processing cost per order DKK 1,000 Inventory handling cost 10 % Times purchasing per year Order size (annual consumption divided by times of annual purchase) Average inventory, volume (order size/2) Average inventory, DKK ,000 6,000 4,000 3,000 2,400 2,000 1,714 1,500 1,333 1,200 1,091 1,000 6,000 3,000 2,000 1,500 1,200 1, , , , , , , ,143 93,750 83,333 75,000 68,182 62,500 Annual costs: Handling cost (average inventory value x interest rate) Processing cost (cost per order x number of orders) 75,000 37,500 25,000 18,750 15,000 12,500 10,714 9,375 8,333 7,500 6,818 6,250 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 Total 76,000 39,500 28,000 22,750 20,000 18,500 17,714 17,375 17,333 17,500 17,818 18,250 I alt Ordreomkostninger (ordreomk pr. ordre x antal ordre) Lageromkostninger (gennemsni tslager x renteomkostning) Årlige omkostninger: I alt Ordreomkostninger (ordreomk pr. ordre x antal ordre) Lageromkostninger (gennemsnitslager x renteomkostning) Årlige omkostninger: p , P = 1,25 x differential revenue = -2,5 x differential cost 50 x Volume Price Existing market New market Total = max. capacity 60 New total annual contribution margin Calculation DKK CM lunches in the restaurant ( ) x 26 x ,750 CM lunches in the company ( ) x 34 x ,000 CM dinners ( ) x 30 x ,500 Annual contribution margin 957,250 p , x x + 15 differential cost = kr x Volume Price Existing market New market Total = max. capacity 1,200 New annual contribution margin Calculation DKK CM existing market ( ) x 900 5,850 CM new market ( ) x Annual contribution margin 6,450 Collection of data What do we know now? Culture of improvement steered by Analysis Interpretation, Reflection, Planning, Performance management financial management Action to be tested Changing behavior, Other ways Strategy and action plan Collection of data: Historical financial data New activities, New products, New markets Calculation and analysis Budget preparation Short term budgets Long term budgets Annual budget Monthly for all major income and expense categories Selected revenue and cost streams Weekly or daily basis Daily financial control and reporting Expected revenue Expected sales price Variable costs Cost of sales Salaries Fixed cash costs e.g. Salaries Rent Marketing Account receivable primo - Account receivable ultimo = Change receivables Account payables ultimo - Account payables primo = Change account payables Payments to and out of the company +/- interests + new loans - repayments of loan Profit & Loss Budget Revenue - Variable costs = Contribution margin - Fixed cash costs = Operation profit - Depreciations = Result before interests - Cost of interests, net = Result before taxes - Taxes = Result of the year Cash Flow Budget Operation profit +/- Change account receivables +/- Change inventory +/- Change account payables = Change cash flow from the operations - Investment activities netto +/- Payments to and out of the company +/- Interest expences net - Payment of profit - Taxes paid = Cash flow, net + Cash flow primo = Cash flow ultimo Inventory primo - Inventory ultimo = Change inventory New investments - Sale of assets = Investment activities netto - Private consumption or share holder dividend from last year Taxes paid profit & loss budget cash flow budget balance sheet budget Revenue change Value Change in value Change in % Year 1 minus 4 1,000,000 Year 1 minus 3 1,100, , % Year 1 minus 2 1,210, , % Year 1 minus 1 1,331, , % Room revenue; specified Number of rooms sold Occupancy rate Average price Room revenue (number of rooms x average price) Year 1 minus 4 5, ,500,000 Year 1 minus 3 6, ,162,000 Year 1 minus 2 7, ,605,000 Year 1 minus 1 7, ,878,000 looks as follows: Individual Groups Business Customer segment 1 Customer segment 2 Leisure Customer segment 3 Customer segment 4 Calculation Total, DKK Room revenue 40 x 2 x ,000 Meeting room and teambuilding Restaurant, F&B 2 x 5,000 for the meeting room and 1 x 5,000 x 10 % for the teambuilding 40 x 2 x expected 500 DKK per night per person 10,500 40,000 Total revenue for the group 122,500 Calculation Total DKK Lost room revenue 20 x 1 x 1,200 24,000 Customer groups January per day - all amounts are exclusive of VAT Lunch guests Units Sales Price Revenue Cost of sales per unit Contribution margin Contribution margin in % Menu % Menu % Menu % Menu % Beverage % Beverage % Afternoon Pastry % Menu % Menu % Beverage % Beverage % Dinner Menu , , % Menu , , % Menu , , % Menu , , % Beverage % Beverage % Total 17,592 12,730 Month at 6 day open per week Expected contribution margin per month 474, , % Accounts year 1 Expected changes Budget year 2 Fixed salaries 1,000,000 5 % salary increase on average 1,050,000 Repair and maintenance 150, % increase, but at the same level of repair and maintenance as earlier just with a slight changed focus for window cleaning which has been much criticized in the past. Marketing
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