Financial Analysis of Sainsbury Plc: A Study of KPIs, Ratios and Trends

This study analyses the financial performance of Sainsbury Plc over the past three years using KPIs and ratios such as profitability, efficiency, liquidity, financial gearing and investment ratios. The study reveals that the gross margin and ROCE of the organisation have increased, while the net margin has declined. The efficiency ratios have remained stable, while the liquidity ratios have improved slightly. The gearing ratios have shown improvement due to the reduction in debt funding. The investment ratios have been unfavourable due to the decline in net profit. The study concludes that Sainsbury Plc is moderately competitive in the market.

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Financial Management for Managers
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Table of Contents
Answer to Question 1:...............................................................................................4
Answer to Question 2:.............................................................................................12
Answer to Question 3:.............................................................................................15
References:..............................................................................................................21
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Table of Figures
Figure 1: Profitability ratios of Sainsbury Plc for the years 2015-2017....................5
Figure 2: Efficiency ratios of Sainsbury Plc for the years 2015-2017......................7
Figure 3: Liquidity ratios of Sainsbury Plc for the years 2015-2017........................9
Figure 4: Financial gearing ratios of Sainsbury Plc for the years 2015-2017.........10
Figure 5: Investment ratios of Sainsbury Plc for the years 2015-2017...................12
Figure 6: Risk management framework of Sainsbury Plc.......................................18
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Table of Tables
Table 1: Income statement of Sainsbury Plc for the years 2015-2017....................25
Table 2: Balance sheet statement of Sainsbury Plc for the years 2014-2017..........26
Table 3: Profitability ratios of Sainsbury Plc for the years 2015-2017...................27
Table 4: Efficiency ratios of Sainsbury Plc for the years 2015-2017......................28
Table 5: Liquidity ratios of Sainsbury Plc for the years 2015-2017.......................29
Table 6: Financial gearing ratios of Sainsbury Plc for the years 2015-2017..........30
Table 7: Investment ratios of Sainsbury Plc for the years 2015-2017....................31
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Answer to Question 1:
For meeting the purpose of this assignment, Sainsbury Plc has been chosen
as the organisation, which is one of the leading retailers in the province of UK. The
organisation operates through four divisions, which include food retailing, general
merchandise retailing, clothing retailing along with property investment and
financial services (Sainsburys.co.uk 2018). In order to carry out the financial
analysis of the organisation for the past three years along with the financial actions
and policies undertaken, the following KPI analysis and ratios are taken into
consideration:
KPI analysis:
KPIs Analysis
Underlying profit before tax The trend of the past five years clearly
indicate the decline in profit due to the
rise in cost of revenue and operating
cost despite the fall in finance costs.
Retail underlying EBITDAR margin The fall in this indicator is inherent over
the years as well particularly due to the
rise in selling, general and
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administrative expenses.
Core retail capital expenditure The organisation has reduced its
spending on capital assets due to the
sale of some of its fixed assets for
increasing its working capital base.
Underlying basic earnings per share The earnings per share have degraded
over the years due to the lower return on
investments made, which is again
because of the falling popularity in the
market.
Retail underlying operating margin The operating margin has experienced
downfall as well for rise in cost of sales
and operating cost.
Retail operating cash flow The trend is fluctuating due to the lower
proceeds generated from the asset base
of the organisation.
Dividend per share The dividend per share could not be
increased due to the falling net profit.
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Profitability ratio analysis:
The three ratios that have been considered for conducting the profitability
analysis of Sainsbury Plc include gross margin, net margin and return on capital
employed (ROCE) and their detailed calculations are depicted in the form of a
table (Refer to Appendices, Appendix 4).
2015 2016 2017
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
5.08%
6.19% 6.23%
-0.70%
2.00% 1.44%
0.79%
5.91%
3.82%
Profitability ratios
Gross margin
Net margin
Return on capital
employed
Figure 1: Profitability ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
The above figure clearly illustrates that the gross margin of Sainsbury Plc
has increased from 5.08% in 2015 to 6.19% in 2016 and 6.23% in 2017. In this
regard, Adewuyi (2016) stated that gross margin helps in gauging the profitability
of a firm in manufacturing and selling products before considering any other
expenditure. On the other hand, net margin gauges the profit level after all the
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operating expenses, finance costs and corporate tax are taken into account. The net
margin of the organisation has increased from -0.70% in 2015 to 2% in 2016;
however, it has fallen again to 1.44% in 2017.
The increasing trend behind gross margin is the rising sales growth due to
opening of new 92 stores in 2014 (Maynard 2017). In addition, constant growth is
observed in selling price by 16% since 2009. In addition, the stable market share of
the organisation denotes customer loyalty and it has managed to gain one million
additional customers in 2011 due to initiation of club cards and gift vouchers.
Thus, it has resulted in improved gross margin for Sainsbury Plc. However, net
margin has declined in 2017 due to the rise in operating expenses, especially
advertising and promotion for drawing customers as a part of its financial strategy.
ROCE gauges the ability of an organisation with which investment of new
cash is made and through which profit is delivered via existing capital (Casu and
Gall 2016). In case of Sainsbury Plc, the ratio has increased from 0.79% in 2015 to
5.91% in 2016; however, it has declined to 3.82% in 2017. The growth of ROCE
has been lower in 2017 due to the cumulative effect of the accelerated investment
of Sainsbury Plc in space growth. On the other hand, due to the lower pricing
structure of the UK retail sector, an average of £0.297 is left as operating income
for every £1 revenue earned (Davies 2017). Hence, based on profitability
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evaluation, Sainsbury Plc is enjoying moderately competitive position in the
market.
Efficiency ratio analysis:
The three ratios that have been considered for conducting the efficiency
analysis of Sainsbury Plc include inventory turnover, payables turnover and
receivables turnover and their detailed calculations are depicted in the form of a
table (Refer to Appendices, Appendix 4).
2015 2016 2017
-
5
10
15
20
25
30
35
40
16 16
20
32 35 35
7 8 8
Efficiency Ratios
Inventory turnover (in
days)
Payables turnover (in
days)
Receivables turnover (in
days)
Figure 2: Efficiency ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
According to the above figure, it could be observed that the inventory
turnover of the organisation has remained the same at 16 days in both 2015 and
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2016; however, it has increased to 20 days in 2017. This ratio helps in depicting
the quickness of a firm to generate its sales (O'Hare 2016). The lower the turnover
in terms of days, the greater is the efficiency of the organisation in generating
sales. In this case, the aggressive marketing campaign of Sainsbury Plc has not
worked effectively due to which its product demand has fallen slightly in the
market (Buckland and Davis 2016).
The receivables turnover depicts the credit management of an organisation,
as higher ratio in terms of days indicates scarcity of funds for the organisation
(Thompson and McLarney 2017). In this case, the payables turnover the
organisation has increased from 7 days in 2015 to 8 days in 2016 and it has
remained the same in 2017. This denotes that the working capital cycle of
Sainsbury Plc has increased due to the greater time limit extended to the debtors.
In the words of Haleem and Jehangir (2017), payables turnover is the ratio
that gauges the speed with which an organisation makes payment to its suppliers.
The higher the ratio in terms of days, the better it is for the concerned organisation.
In case of Sainsbury Plc, the ratio has increased from 32 days in 2015 to 35 days in
2016 and it has remained constant in 2017. This is because the creditors have
allowed the organisation to extend credit terms due to its market reputation and
brand image.
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Liquidity ratio analysis:
The two ratios that have been considered for conducting the liquidity
analysis of Sainsbury Plc include current ratio and quick ratio and their detailed
calculations are depicted in the form of a table (Refer to Appendices, Appendix 5).
2015 2016 2017
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.64 0.66
0.74
0.49 0.52 0.53
Liquidity Ratios
Current ratio
Quick ratio
Figure 3: Liquidity ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
The above figure clearly indicates that both current ratio and quick ratio of
Sainsbury Plc have increased over the years. With the help of these two ratios, it is
possible to ascertain the ability of an organisation to pay off its existing obligations
with the short-term asset base available (Rahman 2015). In this case, even though
the ratios are on the increasing scale, they are well below the industrial standards.
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In order to deal with this issue, Sainsbury Plc has decided to reduce its inventory
level by conducting market research to anticipate the prevailing market demand.
Hence, a slight improvement in its liquidity position could be observed during the
years.
Financial gearing ratio analysis:
The two ratios that have been considered for conducting the gearing analysis
of Sainsbury Plc include debt-to-equity ratio and interest coverage ratio and their
detailed calculations are depicted in the form of a table (Refer to Appendices,
Appendix 6).
2015 2016 2017
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0.74 0.61 0.620.62
5.05
3.75
Financial Gearing Ratios
Debt-to-equity ratio
Interest coverage ratio
Figure 4: Financial gearing ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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The above figure clearly illustrates that Sainsbury Plc has started to
minimise its reliance on debt funding. The reason is the rise in interest payments
on long-term bank loans that the organisation has obtained and such payments
have reduced its overall profit margin and retained earnings. For combating with
this situation, it has focused on raising additional funds through issuance of equity
shares in the market. The outcome could be observed in case of interest coverage
ratio, which has increased heavily in 2016; however, a slight decline could be
observed in 2017. The ideal interest coverage ratio in the UK retail sector is any
figure above 1 (Metzger 2014). In this case, even though the ratio has fallen in
2017, it could be stated that improvements could be observed in the gearing
performance of Sainsbury Plc.
Investment ratio analysis:
The two ratios that have been considered for conducting the investment
analysis of Sainsbury Plc include price earnings ratio and dividend yield ratio and
their detailed calculations are depicted in the form of a table (Refer to Appendices,
Appendix 7).
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2015 2016 2017
-40.00
-30.00
-20.00
-10.00
-
10.00
20.00
-29.82
10.16 13.10
0.03 0.03 0.02
Investment Ratios
Price to earnings ratio
Dividend yield ratio
Figure 5: Investment ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
According to the above figure, it could be stated that the price earnings ratio
of Sainsbury Plc has increased heavily in 2016 to 10.16 and the trend is inherent in
2017 as well to 13.10. In order to increase this particular ratio, the management of
Sainsbury Plc has increased its return on capital, minimised its cost of capital along
with deferring the point of saturation. As a result, positive future growth is ensured
in the future.
On the other hand, the dividend yield ratio has remained at 0.03 in both 2015
and 2016, while a slight fall is observed in 2017 to 0.02. This ratio defines the
percentage of return, which an organisation provides to its shareholders (Van Duijn
et al. 2016). Since Sainsbury Plc is one of the leading firms in the UK retail sector,
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the older firms tend to have a consistent dividend history. The similar could be
observed in case of Sainsbury Plc and thus, it could be stated that the organisation
is improving its performance and position to maximise the wealth of the
shareholders.
Answer to Question 2:
The qualitative factors that the analysts need to consider for assessing the
likely future financial performance of Sainsbury Plc comprise of the following:
Porter theory:
This is a business analysis model, which is used to gauge intensity of
competition, profitability and attractiveness of an industry or an organisation
operating in the industry. This theory consists of five forces; the first force is threat
to competition, which ascertains the number of competitors and their strengths in
the market (Wang, Dou and Jia 2016). In case of Sainsbury Plc, the threat to
competition is severe due to the presence of other big retailers like Tesco Plc,
Morrison’s Plc, Marks and Spencer and others.
The second force of this theory is the threat of new entrants, which could
weaken the position of a firm. For Sainsbury Plc, this threat is moderate, since it
enjoys cost advantages, which are not available to the new entrants. The third force
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is the bargaining power of the suppliers, which addresses the way the suppliers
increase the costs of products and services (Huarng, Rey-Martí and Miquel-
Romero 2018). In the UK supermarket, the bargaining power of the suppliers is
low, since it relies on four big retail stores to reach 75% of the UK supermarket
and Sainsbury Plc is one of them.
The fourth force is the bargaining power of the buyers, which deals with the
capability of the customers in driving the prices down of the organisations. For
Sainsbury Plc, this power is high due to the fact that the purchasers have the
alternative of a group of various products at the time of purchasing them. The final
force is the threat of substitutes, which denotes the alternative products that the
competitors use as substitutes in the market. In case of Sainsbury Plc, the threat is
moderate, since the availability of substitutes is significantly low for food items
and medium for non-food items.
Human capital:
Another factor that the analysts need to consider at the time of analysing the
future financial performance of Sainsbury Plc is human capital, as it helps in
gauging the economic value of the skill sets of an employee. This theory is based
on the assumption that all staffs do not have the same types of skills and hence,
their skills could be improved by enhancing education, existing skills and their
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overall capabilities (Churet and Eccles 2014). Sainsbury Plc has designed its
training and development program in such a way that it raises the skill sets of its
existing staffs. For new staffs, it conducts induction training that continues for two
days and after induction session is over, the staffs are provided with clear
descriptions of their job roles and responsibilities. Intermediate training, advanced
training and career development programme are present in the organisation to
enhance the motivation level of the employees.
Intangible asset:
In case of Sainsbury Plc, intangible asset could be classified as its brand
image, as it remains with the organisation as long as it operates in the market
(Wagner et al. 2015). It has already been evaluated that Sainsbury Plc is one of the
leaders in the UK supermarket, since it provides high quality products and
services. Moreover, it maintains competitive pricing structure along with
promotional offers and discounts. As a result, the customer satisfaction level is
increased and in turn, its brand image and popularity in the market.
Answer to Question 3:
The corporate governance policies of Sainsbury Plc have certain factors that
help in assuring retention and accomplishment of shareholders’ wealth and they are
enumerated briefly as follows:
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Internal control:
The executive management of Sainsbury Plc has formulated internal control
system for facilitating effective operations of the organisation. The aim is to help
the management to make appropriate response to considerable risks for achieving
global business objectives. The internal control system is formulated to change,
instead of eliminating the failure risk for accomplishing the global business
objectives. In addition, it could provide reasonable; however, not absolute
assurance against any loss or material misstatement (Tricker and Tricker 2015).
Such advanced internal control system enables in assuring the quality of external
and internal reporting of the organisation. In addition, it helps in conforming to the
prevailing regulations and legislations along with internal policies in relation to the
business conduct (Krüger 2015).
The board of the organisation is accountable to review and monitor the
reliability of accounting policies, financial statements and information within its
annual report. In order to undertake this accountability, the on-going processes
support the directors to identify, analyse and manage the risks encountered. The
management implements all the processes and the group internal audit monitors its
effectiveness independently.
Risk management:
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The board of Sainsbury Plc is fully responsible for the overall risk
management process. It is the responsibility of the executive management to detect
risks and accordingly, suitable mitigation and controls would be implemented
within the organisation (McCahery, Sautner and Starks 2016). In addition, there is
presence of independent group risk management department, which is accountable
to the board risk committee directly. This committee has no restrictions to the
chairperson of the committee and thus, it is accountable to design and review the
process of risk management.
Sainsbury Plc has an internal audit function, which is commensurate with
the nature, size and degree of business. The internal audit is obliged to report to the
board audit committee and the access is unrestricted to the chairperson of the board
audit committee. The organisation is involved in following a risk-based audit
approach, in which the board audit committee makes the approval of yearly audit
plans (Mishra and Modi 2016). On the other hand, the internal audit department is
authorised to ascertain the functioning and adequacy of the business network of
governance and control processes along with risk management.
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Figure 6: Risk management framework of Sainsbury Plc
(Source: Sainsburys.co.uk 2018)
Quality of the management:
For evaluating the quality of management, Sainsbury Plc has carried out an
external facilitator for conducting the same. The Manchester Square Partners
(MSP) has been appointed to carry out the evaluation exercise of the management.
The review has considered certain points like strategy, operational capabilities, the
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structure, role and balance of the board along with risk management, succession
and governance.
MSP has inferred that the organisation has been functioning effectively to
meet the needs of all its stakeholders along with maximising the business profit.
This is because it has increased the return on capital along with raising additional
equity shares and thus, the overall price per share has increased. Moreover,
dividend payment to the shareholders has increased and thus, it could be said that
the management quality of Sainsbury Plc is effective in increasing the wealth of
the shareholders (Larcker and Tayan 2015).
Agency problem:
Agency problem could be defined as the conflict of interest present in any
relationship, in which one party is expected to perform to meet the expectations of
the other party. In case of Sainsbury Plc, the agency problem might arise due to the
conflict of interest between management and the shareholders. The managers
acting as the agents for the shareholders are needed to undertake decisions to
increase the wealth of the shareholders (Choi, Han and Lee 2014).
The following could be the major agency problems in Sainsbury Plc:
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 The shareholder return in the first year after the acquisition would be the
major problem for the shareholders. The second year would be the worst
year for the shareholders of the organisation; however, the first year could be
the key indicator. In case of Sainsbury Plc, the agency problem could arise
after the acquisition of Home Retail Group in 2016. However, Sainsbury has
provided positive return to its shareholders despite the acquisition.
 Another agency problem for Sainsbury would be the rise in remuneration of
CEO in the year after the year of acquisition. If the acquisition is not
successful, there would fast increase in CEO compensation and vice-versa.
In case of Sainsbury Plc, the CEO compensation did not increase at a faster
rate.
Hence, based on the above evaluation, it could be stated that corporate
governance plays a significant role in assuring the maximisation of the wealth of
the shareholders.
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References:
Adewuyi, A.W., 2016. Ratio Analysis of Tesco Plc Financial Performance between
2010 and 2014 in Comparison to Both Sainsbury and Morrisons. Open Journal of
Accounting, 5(03), p.45.
Buckland, R. and Davis, E.W., 2016. FINANCIAL STRATEGY AND
ACCOUNTABILITY AROUND. Finance for Growing Enterprises, p.249.
Casu, B. and Gall, A., 2016. The Performance of Building Societies: A
Comparative Analysis. In Building Societies in the Financial Services Industry (pp.
79-98). Palgrave Macmillan, London.
Choi, Y.K., Han, S.H. and Lee, S., 2014. Audit committees, corporate governance,
and shareholder wealth: Evidence from Korea. Journal of Accounting and Public
Policy, 33(5), pp.470-489.
Churet, C. and Eccles, R.G., 2014. Integrated reporting, quality of management,
and financial performance. Journal of Applied Corporate Finance, 26(1), pp.56-
64.
Davies, D., 2017. Managing financial information. Kogan Page Publishers.
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Haleem, F. and Jehangir, M., 2017. Strategic Management Practices by Morrison
PLC, UK. Analysis, Lessons and Implications. Middle East Journal of
Business, 12(3).
Huarng, K.H., Rey-Martí, A. and Miquel-Romero, M.J., 2018. Quantitative and
qualitative comparative analysis in business.
Krüger, P., 2015. Corporate goodness and shareholder wealth. Journal of financial
economics, 115(2), pp.304-329.
Larcker, D. and Tayan, B., 2015. Corporate governance matters: A closer look at
organizational choices and their consequences. Pearson Education.
Maynard, J., 2017. Financial Accounting, Reporting, and Analysis. Oxford
University Press.
McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The
corporate governance preferences of institutional investors. The Journal of
Finance, 71(6), pp.2905-2932.
Metzger, K., 2014. Business analysis of UK supermarket industry.
Mishra, S. and Modi, S.B., 2016. Corporate social responsibility and shareholder
wealth: the role of marketing capability. Journal of Marketing, 80(1), pp.26-46.
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O'Hare, J., 2016. Analysing Financial Statements for Non-specialists. Taylor &
Francis.
Rahman, M.M., 2015. Critical analysis of the influence of discount retailers on
Tesco plc in the UK.
Sainsburys.co.uk., 2018. [online] Available at:
https://www.about.sainsburys.co.uk/investors/annual-report-2017 [Accessed 16
Mar. 2018].
Thompson, J. and McLarney, C., 2017. What effects will the strategy changes
undertaken by next Plc have on themselves and their competition in the UK
Clothing Retail Market?. Journal of Commerce and Management Thought, 8(2),
p.234.
Tricker, R.B. and Tricker, R.I., 2015. Corporate governance: Principles, policies,
and practices. Oxford University Press, USA.
Van Duijn, A.P., Beukers, R., Cowan, R.B., Judge, L.O., van der Pijl, W.,
Römgens, I., Scheele, F. and Steinweg, T., 2016. Financial value-chain
analysis (No. 2016-028). LEI Wageningen UR.
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Wagner, D., Block, J.H., Miller, D., Schwens, C. and Xi, G., 2015. A meta-
analysis of the financial performance of family firms: Another attempt. Journal of
Family Business Strategy, 6(1), pp.3-13.
Wang, Q., Dou, J. and Jia, S., 2016. A meta-analytic review of corporate social
responsibility and corporate financial performance: The moderating effect of
contextual factors. Business & Society, 55(8), pp.1083-1121.
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Appendices:
Appendix 1: Income statement
Table 1: Income statement of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 2: Balance sheet statement
Table 2: Balance sheet statement of Sainsbury Plc for the years 2014-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 3: Profitability ratios
Table 3: Profitability ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 4: Efficiency ratios
Table 4: Efficiency ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 5: Liquidity ratios
Table 5: Liquidity ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 6: Financial gearing ratios
Table 6: Financial gearing ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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Appendix 7: Investment ratios
Table 7: Investment ratios of Sainsbury Plc for the years 2015-2017
(Source: Sainsburys.co.uk 2018)
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