Improving Financial Performance and Sustainability of Kellogg's
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Kellogg's is performing well in terms of activity and solvency, with a strong product portfolio and effective management of internal and external equities. However, the company needs to focus on improving its profitability and liquidity position. To achieve this, Kellogg's should prioritize maintaining long-term liquidity, increasing profitability, and differentiating itself from competitors through innovative products and services.
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FINANCIAL
STATEMENT
ANALYSIS
STATEMENT
ANALYSIS
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TABLE OF CONTENTS
FINANCIAL STATEMENT ANALYSIS......................................................................................1
Introduction......................................................................................................................................1
Brief history.................................................................................................................................1
Company operations....................................................................................................................1
Competitors..................................................................................................................................2
Market concentration...................................................................................................................3
Analysis...........................................................................................................................................4
Market price per share.................................................................................................................4
Market Conditions.......................................................................................................................4
Financial Analysis...........................................................................................................................6
Interpretation................................................................................................................................9
Conclusion.......................................................................................................................................9
Recommendations..........................................................................................................................10
References......................................................................................................................................11
FINANCIAL STATEMENT ANALYSIS......................................................................................1
Introduction......................................................................................................................................1
Brief history.................................................................................................................................1
Company operations....................................................................................................................1
Competitors..................................................................................................................................2
Market concentration...................................................................................................................3
Analysis...........................................................................................................................................4
Market price per share.................................................................................................................4
Market Conditions.......................................................................................................................4
Financial Analysis...........................................................................................................................6
Interpretation................................................................................................................................9
Conclusion.......................................................................................................................................9
Recommendations..........................................................................................................................10
References......................................................................................................................................11
Introduction
Financial information produced from the statements is of great importance for the
company and its various stakeholders. All of them fulfil their respective financial goals and
objectives. The purpose of this research report is to analyse the financial performance of an
organization named Kellog. It will analyse the impact of market conditions on the business
performance. At last the report will also do the ratio analysis for the business.
Brief history
Kellogg’s is an American multinational food manufacturing organization headquartered
in Battle Creek, Michigan in United States. The brand was founded as the Battle Creek Toasted
Corn Flake Company in the year 1906. From 1969 to 1977, it acquired various small businesses
including Salada Foods, Eggo, Fearn International, Pure Packed Food etc. In the year 2001 it
made its largest acquisition over the Keebler Company (Kellogs, Investors relations, 2014). In
the year 2012 the brand became the world’s largest snack food organization by acquiring the
Pringles potato chips brand from Procter & Gamble.
Company operations
Kellogg’s produced cereal, convenience foods, cookies, crackers, toaster pastries and
many other items. Some of the famous brands of the company are Froot Loops, Corn Flakes,
Rice Krispes, Eggo, Nutri-Grain etc. The products are manufactured in 18 countries and are
marketed in over 180 countries (Kellogs, Annual Reports, 2014). The largest factor for Kellogg’s
is at Trafford Park in Manchester, United Kingdom. The factory produces more cornflakes than
any other company’s factory across the world.
1
Financial information produced from the statements is of great importance for the
company and its various stakeholders. All of them fulfil their respective financial goals and
objectives. The purpose of this research report is to analyse the financial performance of an
organization named Kellog. It will analyse the impact of market conditions on the business
performance. At last the report will also do the ratio analysis for the business.
Brief history
Kellogg’s is an American multinational food manufacturing organization headquartered
in Battle Creek, Michigan in United States. The brand was founded as the Battle Creek Toasted
Corn Flake Company in the year 1906. From 1969 to 1977, it acquired various small businesses
including Salada Foods, Eggo, Fearn International, Pure Packed Food etc. In the year 2001 it
made its largest acquisition over the Keebler Company (Kellogs, Investors relations, 2014). In
the year 2012 the brand became the world’s largest snack food organization by acquiring the
Pringles potato chips brand from Procter & Gamble.
Company operations
Kellogg’s produced cereal, convenience foods, cookies, crackers, toaster pastries and
many other items. Some of the famous brands of the company are Froot Loops, Corn Flakes,
Rice Krispes, Eggo, Nutri-Grain etc. The products are manufactured in 18 countries and are
marketed in over 180 countries (Kellogs, Annual Reports, 2014). The largest factor for Kellogg’s
is at Trafford Park in Manchester, United Kingdom. The factory produces more cornflakes than
any other company’s factory across the world.
1
Figure 1: US market share of Kellogg’s
(Source: Kellogs, Annual Reports, 2014)
The above figure shows the market share of Kellogg’s in USA. It can be seen that it holds
the biggest market share that is of 34%. It reflects the dominance of the brand within the market.
Figure 2: Kellogg company segments
(Source: Kellogs, Annual Reports, 2014)
The above figure shows the market size of the company across the world. After USA, the
brand shows its dominance in the European market. It holds 20.45% share of the worldwide
market (Kellogs, Investors relations, 2014). It shows that Kellogg’s operates on a very large
scale and has achieved great expansion across the globe.
Competitors
Company is in a constant battle for the number one position in the USA cereal market
with its main rival named General Mills. The other top competitors for the brand are Nestle,
2
(Source: Kellogs, Annual Reports, 2014)
The above figure shows the market share of Kellogg’s in USA. It can be seen that it holds
the biggest market share that is of 34%. It reflects the dominance of the brand within the market.
Figure 2: Kellogg company segments
(Source: Kellogs, Annual Reports, 2014)
The above figure shows the market size of the company across the world. After USA, the
brand shows its dominance in the European market. It holds 20.45% share of the worldwide
market (Kellogs, Investors relations, 2014). It shows that Kellogg’s operates on a very large
scale and has achieved great expansion across the globe.
Competitors
Company is in a constant battle for the number one position in the USA cereal market
with its main rival named General Mills. The other top competitors for the brand are Nestle,
2
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Ralcorp Holdings and many others (Gordon, 2008). The competition for Kellogg’s is very high
because it is operating under the FMCG industry. In this industry, large number and variety of
food items are produced at constant intervals.
Market concentration
The above figures shows the market penetration of Kellogg’s. It can be seen that
company is operating more than 20 brands in the market. It shows that product portfolio of the
company is quite strong and effective.
3
Figure 3 Market Concentration of Kellogg
(Kellogs, Investors relations, 2014)
because it is operating under the FMCG industry. In this industry, large number and variety of
food items are produced at constant intervals.
Market concentration
The above figures shows the market penetration of Kellogg’s. It can be seen that
company is operating more than 20 brands in the market. It shows that product portfolio of the
company is quite strong and effective.
3
Figure 3 Market Concentration of Kellogg
(Kellogs, Investors relations, 2014)
Analysis
Market price per share
The above graph shows the market price of share of Kellogg for the last five years. The
graph is showing an increasing trend (Kellogs, Annual Reports, 2014). The prices for shares are
rising year by year. It shows that shares of the company are performing well in the market.
Market Conditions
PESTLE
4
Figure 4: Market price per share
(Source: Kellogg Company Stock Quote & Summary Data, 2015)
Market price per share
The above graph shows the market price of share of Kellogg for the last five years. The
graph is showing an increasing trend (Kellogs, Annual Reports, 2014). The prices for shares are
rising year by year. It shows that shares of the company are performing well in the market.
Market Conditions
PESTLE
4
Figure 4: Market price per share
(Source: Kellogg Company Stock Quote & Summary Data, 2015)
Political factors – Government has food acts and there is also an association called
ACFM (Association of Cereal Food Manufacturers). It deals particularly on the cereal
issues (Jara, Ebrero and Zapata, 2011).
Economic – Company has seen success due to high usage of the products but still it is
threatened by the traditional breakfast. There are still many growth opportunities.
Social – Earlier the product was targeted on school students but later on it covered the
whole family members (Keller, 2013). A new eating habit has been evolved.
Technological factors – The production process has become highly automated. Online
shopping has also increased the sale of products.
Environment – Environmental stewardship has been a major element of Kellogg
Company’s CSR strategy (Leung, 2011). Constant efforts are made to improve the
environmental performance and to conserve the natural resources.
Legal – EU legislation related to health, ingredients, labelling, storage etc affects the
business practices of the company. Some of the legislations are Food Labelling
Regulations, ACFM, and CEEREAL etc.
Strengths Weaknesses
Company’s flexibility and adaptability
towards the customer needs
Customization of products
Holds the history of changing food
habits (Murty Kopparthi and Kagabo,
2012)
Despite of liking of taste from the
customers, the products are expensive
(Price, 2015)
There is no much room left for
expansion because Kellogg’s has
entered already in nearly every market
around the world
High dependence on cereal segment
(Menifield, 2013)
Opportunities Threats
Acquiring of Pringles potato crisps
from Procter and Gamble (Noor,
2013)
Product innovation is a greater part of
Rising food pricing are increasing the
cost for the company
Presence of extreme level of
competition in the FMCG world
5
ACFM (Association of Cereal Food Manufacturers). It deals particularly on the cereal
issues (Jara, Ebrero and Zapata, 2011).
Economic – Company has seen success due to high usage of the products but still it is
threatened by the traditional breakfast. There are still many growth opportunities.
Social – Earlier the product was targeted on school students but later on it covered the
whole family members (Keller, 2013). A new eating habit has been evolved.
Technological factors – The production process has become highly automated. Online
shopping has also increased the sale of products.
Environment – Environmental stewardship has been a major element of Kellogg
Company’s CSR strategy (Leung, 2011). Constant efforts are made to improve the
environmental performance and to conserve the natural resources.
Legal – EU legislation related to health, ingredients, labelling, storage etc affects the
business practices of the company. Some of the legislations are Food Labelling
Regulations, ACFM, and CEEREAL etc.
Strengths Weaknesses
Company’s flexibility and adaptability
towards the customer needs
Customization of products
Holds the history of changing food
habits (Murty Kopparthi and Kagabo,
2012)
Despite of liking of taste from the
customers, the products are expensive
(Price, 2015)
There is no much room left for
expansion because Kellogg’s has
entered already in nearly every market
around the world
High dependence on cereal segment
(Menifield, 2013)
Opportunities Threats
Acquiring of Pringles potato crisps
from Procter and Gamble (Noor,
2013)
Product innovation is a greater part of
Rising food pricing are increasing the
cost for the company
Presence of extreme level of
competition in the FMCG world
5
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the corporate strategies
Selling of some of the brands for cash
helps the company in paying its debts.
(Petch, 2012)
Financial Analysis
Table 1: Ratio Calculation for Kellogg
Ratio Formula 2010 2011 2012 2013 2014
Profitability
Gross Profit
Ratio
Gross Profit
Net Sales ∗100 42.7 41.3 38.3 41.3 34.7
Net Profit
Ratio
Net Profit
Net Sales ∗100 10.06 9.33 6.77 12.22 4.33
Earnings Per
share
Net income – Preferred
dividend / average number
of shares outstanding
3.30 3.38 2.67 4.94 1.75
Liquidity
Current Ratio Current Assets
Current Liabilities
0.92 0.91 0.75 0.85 0.77
Quick ratio Current asset−Cl . stock
Current Liabilities
0.51 0.50 0.38 0.44 0.39
Activity
Fixed Assets
turnover
Net annual sales
Gross fixed asset -
Accumulated depreciation
4.04 4.12 4.02 3.87 3.82
Inventory
Turnover
ratio
COGS/Inventory 7.23 7.08 7.02 6.65 7.53
6
Selling of some of the brands for cash
helps the company in paying its debts.
(Petch, 2012)
Financial Analysis
Table 1: Ratio Calculation for Kellogg
Ratio Formula 2010 2011 2012 2013 2014
Profitability
Gross Profit
Ratio
Gross Profit
Net Sales ∗100 42.7 41.3 38.3 41.3 34.7
Net Profit
Ratio
Net Profit
Net Sales ∗100 10.06 9.33 6.77 12.22 4.33
Earnings Per
share
Net income – Preferred
dividend / average number
of shares outstanding
3.30 3.38 2.67 4.94 1.75
Liquidity
Current Ratio Current Assets
Current Liabilities
0.92 0.91 0.75 0.85 0.77
Quick ratio Current asset−Cl . stock
Current Liabilities
0.51 0.50 0.38 0.44 0.39
Activity
Fixed Assets
turnover
Net annual sales
Gross fixed asset -
Accumulated depreciation
4.04 4.12 4.02 3.87 3.82
Inventory
Turnover
ratio
COGS/Inventory 7.23 7.08 7.02 6.65 7.53
6
Receivable
turnover ratio
Net credit sales / average
trade receivable
10.86 11.10 12 12.30 12.57
Solvency
Debt to equity
ratio
Total Liabilities /
Stockholders liquidity
2.27 2.86 2.51 1.79 2.13
Proprietary
ratio
Stockholder’s equity / total
assets – Intangible assets *
100
42% 46% 52% 53% 56%
(Source. Morning star, 2015)
Profitability position
Gross Profit Ratio - This ratio shows the relationship between gross profit and net sales
revenue. It is also a popular instrument to analyse the operational performance of the
business (Porter and Norton, 2009). The gross profit ratio for Kellogs is showing a
fluctuating trend. In the year 2014, the ratio has decreased significantly. From this
position it can be interpreted that company is not earning adequate goss profit to cover all
the expenses and losses. There is a need to focus on improving the operational
performance of the business.
Net Profit Ratio – This ratio discovers the relationship between net profit after tax and net
sales. It is computed by dividing the net profit by net sales. There are higher fluctuations
in the ratio (Financial Management and Control, 2014). From this it can be interpreted
that there is ineffective management of the business affairs. The sales are not been able to
get converted into real sales. There is a need to use the assets in profitable manner within
the business.
Earning per share – It measures how much dollars of the net income have been earned by
each share of common stock (Kellogs, Investors relations, 2014). The earning per share
offered from the business is low. It is not good from the point of view of the
stockholders. It is because payment of dividend and increase in the value of stock largely
depends on the earnings within the business.
Liquidity position
7
turnover ratio
Net credit sales / average
trade receivable
10.86 11.10 12 12.30 12.57
Solvency
Debt to equity
ratio
Total Liabilities /
Stockholders liquidity
2.27 2.86 2.51 1.79 2.13
Proprietary
ratio
Stockholder’s equity / total
assets – Intangible assets *
100
42% 46% 52% 53% 56%
(Source. Morning star, 2015)
Profitability position
Gross Profit Ratio - This ratio shows the relationship between gross profit and net sales
revenue. It is also a popular instrument to analyse the operational performance of the
business (Porter and Norton, 2009). The gross profit ratio for Kellogs is showing a
fluctuating trend. In the year 2014, the ratio has decreased significantly. From this
position it can be interpreted that company is not earning adequate goss profit to cover all
the expenses and losses. There is a need to focus on improving the operational
performance of the business.
Net Profit Ratio – This ratio discovers the relationship between net profit after tax and net
sales. It is computed by dividing the net profit by net sales. There are higher fluctuations
in the ratio (Financial Management and Control, 2014). From this it can be interpreted
that there is ineffective management of the business affairs. The sales are not been able to
get converted into real sales. There is a need to use the assets in profitable manner within
the business.
Earning per share – It measures how much dollars of the net income have been earned by
each share of common stock (Kellogs, Investors relations, 2014). The earning per share
offered from the business is low. It is not good from the point of view of the
stockholders. It is because payment of dividend and increase in the value of stock largely
depends on the earnings within the business.
Liquidity position
7
Current ratio - This ratio measures the short term solvency position of the company. It
reflects the ability of the firm to pay its short term obligations. The ratio is lesser than the
ideal ratio which is 2:1. This shows that business is facing issues in meeting its short term
obligations and making its current debt payments (Kellogs, Annual Reports, 2014). The
business is not making enough from the operations to support activities.
Quick ratio – It shows the ability of the organization to pay its short term debts. The
relationship between liquid assets and current liabilities. Quick ratio is also showing a
fluctuating trend (Abraham, Deo and Irvine, 2008). Low quick ratio is sometimes good
for the business because it shows that company may have fast moving inventories. There
is a need to have a hard look on the nature of the individual assets.
Activity position
Fixed Assets turnover – It measures the efficiency through which company uses its fixed
assets to generate the sales revenue. Decreasing trend can be noticed in the fixed assets
ratio (Ball, Jayaraman and Shivakumar, 2012). It shows that there is ineffective
utilization of fixed assets. The assets are not been able to generate effective sales and this
is not a good sign for the financial position.
Inventory Turnover ratio - This ratio evaluates the liquidity of inventories of an
organization. It measures how many times the company has sold and replaced the
inventory during a certain period of time (Broadbent and Cullen, 2012). The ratio for
Kellogs is showing a positive trend. It is a sign of fast moving inventories. It means there
is no wastage of the resources and the stocks are maintained in appropriate manner.
Receivable turnover ratio – It is calculated by dividing the net credit sales by average
receivables. The ratio is very useful when it is used in combination with short term
solvency ratios that are current ratio and quick ratio (Goldman and Carrier, 2010). The
ratio is showing a very stagnant trend. It indicates that receivable in the company are
more liquid and are being collected in prompt manner.
Solvency
Debt to equity ratio - This ratio shows the soundness of long term financial policies of the
organization (Ittelson, 2009). A relationship is reflected between the portion of assets
offered from the stockholders and the portion of assets offered from the creditors. The
ratio for all the five years appears to be higher than 1. This indicates that portion of assets
8
reflects the ability of the firm to pay its short term obligations. The ratio is lesser than the
ideal ratio which is 2:1. This shows that business is facing issues in meeting its short term
obligations and making its current debt payments (Kellogs, Annual Reports, 2014). The
business is not making enough from the operations to support activities.
Quick ratio – It shows the ability of the organization to pay its short term debts. The
relationship between liquid assets and current liabilities. Quick ratio is also showing a
fluctuating trend (Abraham, Deo and Irvine, 2008). Low quick ratio is sometimes good
for the business because it shows that company may have fast moving inventories. There
is a need to have a hard look on the nature of the individual assets.
Activity position
Fixed Assets turnover – It measures the efficiency through which company uses its fixed
assets to generate the sales revenue. Decreasing trend can be noticed in the fixed assets
ratio (Ball, Jayaraman and Shivakumar, 2012). It shows that there is ineffective
utilization of fixed assets. The assets are not been able to generate effective sales and this
is not a good sign for the financial position.
Inventory Turnover ratio - This ratio evaluates the liquidity of inventories of an
organization. It measures how many times the company has sold and replaced the
inventory during a certain period of time (Broadbent and Cullen, 2012). The ratio for
Kellogs is showing a positive trend. It is a sign of fast moving inventories. It means there
is no wastage of the resources and the stocks are maintained in appropriate manner.
Receivable turnover ratio – It is calculated by dividing the net credit sales by average
receivables. The ratio is very useful when it is used in combination with short term
solvency ratios that are current ratio and quick ratio (Goldman and Carrier, 2010). The
ratio is showing a very stagnant trend. It indicates that receivable in the company are
more liquid and are being collected in prompt manner.
Solvency
Debt to equity ratio - This ratio shows the soundness of long term financial policies of the
organization (Ittelson, 2009). A relationship is reflected between the portion of assets
offered from the stockholders and the portion of assets offered from the creditors. The
ratio for all the five years appears to be higher than 1. This indicates that portion of assets
8
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provided by the creditors is higher than the portion of assets provided by the
stockholders. However Kellogs is a very bigger brand in the FMCG industry and it has
the potential to maintain a high debt to equity ratio (Jara, Ebrero and Zapata, 2011).
Proprietary ratio – This ratio helps in evaluating the soundness of the capital structure of
the organization. It is calculated by dividing the stockholders equity by the total number
of assets. Consistency can be seen in the Proprietary ratio of the company for the last
three years (Murty, Kopparthi and Kagabo, 2012). This indicates a strong financial
position of the business and a greater security for the creditors. This shows that
organization is not dependent on debts for its operations.
Interpretation
From the above ratio analysis it can be interpreted that Kellogg’s is performing well in
terms of activity and solvency. In terms of activity the organization is capable of generating the
revenues through converting the production into cash or sales. It shows fast movement of cash
and sales in the business (Financial Management and Control, 2014). In terms of solvency,
company has the potential to survive for a long period of time. It shows that firm’s internal and
external equities are in right proportion. However there is a need to focus on profitability and
liquidity position. Constant improvements are needed in the profits to survive and thrive after all
achieving profits is the ultimate objective of any business. The business resources are to be used
in effective manner (Ball, Jayaraman and Shivakumar, 2012). With regard to liquidity, Kellogg’s
is required to increase its potential in terms of paying the short term obligations. Currently they
are having insufficient current and liquid assets. It is a sign of weak liquidity position. Hence
improvements are needed in maintaining long term liquidity.
Conclusion
From the above study it can be concluded that product portfolio of Kellogg’s is quite
strong and effective because it is operating more than 20 brands in the market. Environmental
stewardship has been a major component of Kellogg Company’s CSR strategy (Kellogs,
Investors relations, 2014.). EU legislation related to health, ingredients, labelling, storage etc
affects the business practices of the company. It was realized that despite of liking of taste from
the customers, the products are expensive. There are no expansion opportunities left for the
9
stockholders. However Kellogs is a very bigger brand in the FMCG industry and it has
the potential to maintain a high debt to equity ratio (Jara, Ebrero and Zapata, 2011).
Proprietary ratio – This ratio helps in evaluating the soundness of the capital structure of
the organization. It is calculated by dividing the stockholders equity by the total number
of assets. Consistency can be seen in the Proprietary ratio of the company for the last
three years (Murty, Kopparthi and Kagabo, 2012). This indicates a strong financial
position of the business and a greater security for the creditors. This shows that
organization is not dependent on debts for its operations.
Interpretation
From the above ratio analysis it can be interpreted that Kellogg’s is performing well in
terms of activity and solvency. In terms of activity the organization is capable of generating the
revenues through converting the production into cash or sales. It shows fast movement of cash
and sales in the business (Financial Management and Control, 2014). In terms of solvency,
company has the potential to survive for a long period of time. It shows that firm’s internal and
external equities are in right proportion. However there is a need to focus on profitability and
liquidity position. Constant improvements are needed in the profits to survive and thrive after all
achieving profits is the ultimate objective of any business. The business resources are to be used
in effective manner (Ball, Jayaraman and Shivakumar, 2012). With regard to liquidity, Kellogg’s
is required to increase its potential in terms of paying the short term obligations. Currently they
are having insufficient current and liquid assets. It is a sign of weak liquidity position. Hence
improvements are needed in maintaining long term liquidity.
Conclusion
From the above study it can be concluded that product portfolio of Kellogg’s is quite
strong and effective because it is operating more than 20 brands in the market. Environmental
stewardship has been a major component of Kellogg Company’s CSR strategy (Kellogs,
Investors relations, 2014.). EU legislation related to health, ingredients, labelling, storage etc
affects the business practices of the company. It was realized that despite of liking of taste from
the customers, the products are expensive. There are no expansion opportunities left for the
9
company because of presence in every country. High dependence is there on cereal segment
which is a biggest drawback for them.
The financial analysis showed that Kellogg’s is performing well in terms of activity and
solvency, however improvements are needed in profitability and liquidity position. Business has
the potential to survive for a long period of time and firm’s internal and external equities are in
right proportion. However the brand has succeeded in maintaining a good financial position
within the industry. Due to increasing competition it has become difficult to retain high share in
the market.
Recommendations
Following recommendations can be made regarding the business of Kellogg:
Focus is to be paid on maintaining long term liquidity and profitability.
More focus is to be paid on the markets where the products are achieving success.
In order to face the competition, differentiation is needed to be achieved in terms of
products and services (Kellogs, Investors relations, 2014)
Liquidity can be improved by doing effective management of the liquid cash.
Market share can be gained by adopting strategies such as new product development,
expansion into new markets and acquisition.
The high dependence on the cereal segment is needed to be removed and emphasis is to
be paid on launching new categories of FMCG products.
10
which is a biggest drawback for them.
The financial analysis showed that Kellogg’s is performing well in terms of activity and
solvency, however improvements are needed in profitability and liquidity position. Business has
the potential to survive for a long period of time and firm’s internal and external equities are in
right proportion. However the brand has succeeded in maintaining a good financial position
within the industry. Due to increasing competition it has become difficult to retain high share in
the market.
Recommendations
Following recommendations can be made regarding the business of Kellogg:
Focus is to be paid on maintaining long term liquidity and profitability.
More focus is to be paid on the markets where the products are achieving success.
In order to face the competition, differentiation is needed to be achieved in terms of
products and services (Kellogs, Investors relations, 2014)
Liquidity can be improved by doing effective management of the liquid cash.
Market share can be gained by adopting strategies such as new product development,
expansion into new markets and acquisition.
The high dependence on the cereal segment is needed to be removed and emphasis is to
be paid on launching new categories of FMCG products.
10
References
Books and journals
Abraham, A., Deo, H. and Irvine, H., 2008. What lies beneath? Financial reporting and corporate
governance in Australian banks. Asian Review of Accounting. 16(1). pp. 4 – 20.
Ball, R., Jayaraman, S. and Shivakumar, L., 2012. Audited financial reporting and voluntary
disclosure as complements: A test of the confirmation hypothesis. Journal of Accounting
and Economics. 53(1). pp. 136-166
Broadbent, M. and Cullen, J., 2012. Managing Financial Resources. Routledge.
Goldman, C. and Carrier, J., 2010. Joint Financing in the New NHS: Thinking to the Future.
Journal of Integrated Care.18(6).pp.27 – 34.
Gordon, A. E., 2008. Sustainability in global financial reporting and innovation in institutions.
Accounting Research Journal. 21(3). pp.231–238.
Ittelson, R. T., 2009. Financial Statements: A Step-by-Step Guide to Understanding and
Creating Financial Reports. Career Press.
Jara, G. E., Ebrero, C. A.. and Zapata, E. R., 2011. Effect of international financial reporting
standards on financial information quality. Journal of Financial Reporting and
Accounting. 9(2). pp.176-196.
Keller, A., 2013. Finance and financial management. GRIN Verlag.
Leung, A., 2011. Financial management practices and social reproduction. Qualitative Market
Research: An International Journal. 14(2). pp.218 – 239.
Menifield, E. C., 2013. The Basics of Public Budgeting and Financial Management Updates.
University Press of America.
Murty S. Kopparthi, S. M., and Kagabo, N., 2012. Is value chain financing a solution to the
problems and challenges of access to finance of small-scale farmers in Rwanda?.
Managerial Finance. 38(10). pp.993 – 1004.
Noor, M. A., 2013. The role of procurement practices in effective implementation of
infrastructure projects in Pakistan. International Journal of Managing Projects in
Business. 6 (4). pp.802 – 826.
Petch, A., 2012. Tectonic plates: aligning evidence, policy and practice in health and social care
integration. Journal of Integrated .20(2).pp.77 – 88.
Porter, G. A. and Norton, C. L., 2009. Financial Accounting: The Impact on Decision Makers.
6th ed. Cengage Learning.
11
Books and journals
Abraham, A., Deo, H. and Irvine, H., 2008. What lies beneath? Financial reporting and corporate
governance in Australian banks. Asian Review of Accounting. 16(1). pp. 4 – 20.
Ball, R., Jayaraman, S. and Shivakumar, L., 2012. Audited financial reporting and voluntary
disclosure as complements: A test of the confirmation hypothesis. Journal of Accounting
and Economics. 53(1). pp. 136-166
Broadbent, M. and Cullen, J., 2012. Managing Financial Resources. Routledge.
Goldman, C. and Carrier, J., 2010. Joint Financing in the New NHS: Thinking to the Future.
Journal of Integrated Care.18(6).pp.27 – 34.
Gordon, A. E., 2008. Sustainability in global financial reporting and innovation in institutions.
Accounting Research Journal. 21(3). pp.231–238.
Ittelson, R. T., 2009. Financial Statements: A Step-by-Step Guide to Understanding and
Creating Financial Reports. Career Press.
Jara, G. E., Ebrero, C. A.. and Zapata, E. R., 2011. Effect of international financial reporting
standards on financial information quality. Journal of Financial Reporting and
Accounting. 9(2). pp.176-196.
Keller, A., 2013. Finance and financial management. GRIN Verlag.
Leung, A., 2011. Financial management practices and social reproduction. Qualitative Market
Research: An International Journal. 14(2). pp.218 – 239.
Menifield, E. C., 2013. The Basics of Public Budgeting and Financial Management Updates.
University Press of America.
Murty S. Kopparthi, S. M., and Kagabo, N., 2012. Is value chain financing a solution to the
problems and challenges of access to finance of small-scale farmers in Rwanda?.
Managerial Finance. 38(10). pp.993 – 1004.
Noor, M. A., 2013. The role of procurement practices in effective implementation of
infrastructure projects in Pakistan. International Journal of Managing Projects in
Business. 6 (4). pp.802 – 826.
Petch, A., 2012. Tectonic plates: aligning evidence, policy and practice in health and social care
integration. Journal of Integrated .20(2).pp.77 – 88.
Porter, G. A. and Norton, C. L., 2009. Financial Accounting: The Impact on Decision Makers.
6th ed. Cengage Learning.
11
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Price, J. D., 2015. Financing later life: why financial capability agendas may be problematic.
Working with
Online
Financial Management and Control, 2014. [Online]. Available through
<http://www.mfin.hr/en/financial-management-and-control>. [Accessed on 23rd
December 2015].
Kellogs, Annual Reports, 2014. [Online]. Available through <
http://s1.q4cdn.com/765937029/files/doc_financials/annual_reports/K_2014-Annual-
Report_v001_q725z5.pdf>. [Accessed on 23rd December 2015].
Kellogs, Investors relations, 2014. [Online]. Available through <
http://investor.kelloggs.com/investor-relations/financial-information/most-recent/
default.aspx>. [Accessed on 23rd December 2015].
Kellogg Company Stock Quote & Summary Data, 2015. [Online]. Available through
http://www.nasdaq.com/symbol/k. > [Accessed on 23rd December 2015].
12
Working with
Online
Financial Management and Control, 2014. [Online]. Available through
<http://www.mfin.hr/en/financial-management-and-control>. [Accessed on 23rd
December 2015].
Kellogs, Annual Reports, 2014. [Online]. Available through <
http://s1.q4cdn.com/765937029/files/doc_financials/annual_reports/K_2014-Annual-
Report_v001_q725z5.pdf>. [Accessed on 23rd December 2015].
Kellogs, Investors relations, 2014. [Online]. Available through <
http://investor.kelloggs.com/investor-relations/financial-information/most-recent/
default.aspx>. [Accessed on 23rd December 2015].
Kellogg Company Stock Quote & Summary Data, 2015. [Online]. Available through
http://www.nasdaq.com/symbol/k. > [Accessed on 23rd December 2015].
12
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