Managing Operations and Finance - Analysis of Accolade Wines Holdings Europe Ltd and Carlsberg UK Ltd

This report provides an operational and financial analysis of Accolade Wines Holdings Europe Ltd and Carlsberg UK Ltd. The report includes industry analysis, company overview, business strategy, and evaluation of performance. The report uses financial metrics such as gross profit margin, net profit margin, operating return on equity, and return on capital employed.

Running head: MANAGING OPERATIONS AND FINANCE
Managing Operation and Finance
Name of the Student
Name of the University
Authors Note
Course ID

1MANAGING OPERATION AND FINANCE
Table of Contents
Chapter 1 Operational Analysis.................................................................................................2
Introduction:...............................................................................................................................2
Industry Analysis:......................................................................................................................2
Company Overview:..................................................................................................................6
Business strategy:.......................................................................................................................7
Operational Analysis:.................................................................................................................7
Chapter 2: Evaluation of Performance:......................................................................................8
Financial Performance:..............................................................................................................8
Risk Analysis:..........................................................................................................................12
Managerial Performance:.........................................................................................................14
Market Performance.................................................................................................................18
Market Movements:.................................................................................................................19
Conclusion:..............................................................................................................................19
Reference list:...........................................................................................................................20
Appendix: 1: Financial Performance and Data Calculations:..................................................22
Appendix 2: Risk Analysis and Data Calculations:.................................................................23
Appendix 3: Managerial Performance and Data Calculations.................................................25
Appendix 4: Market Performance and Data Calculations:......................................................27

2MANAGING OPERATION AND FINANCE
Chapter 1 Operational Analysis
Introduction:
The report will gauge into the financial performance of Accolade Wines Holdings
Europe Ltd and Carlsberg UK Ltd. Accolade Wines is regarded as the top rated wine
company in UK with the volume and it is regarded as the fifth major wine producing business
in the world. Carlsberg UK Limited is the active company that is incorporated during 28th
August in 1903 with the registered office located in the Northamptonshire.
A comparative ratio analysis will be conducted along with the UK registered wine
producing companies to further understand the operational analysis of the firm. The area of
analysis would include providing an operational insight and performance by using the data
from the obtained from the annual reports and share price analysis would also be conducted
in the current study.
Industry Analysis:
According to the reports by Market line, the European consumption of the alcoholic
drinks is regarded as one of the largest in the world that accounts for 43% of the global
consumption during 2015 (Messner 2016). In spite of this, the volume and sales and patter of
consumption of the alcoholic drinks in that regions have are impacted by the increasing
health and wellness trends with movement in the direction of higher quality products.
The health and awareness trend in the Western Europe is shaping up the influence of
alcoholic drinks sector (Mas et al. 2016). Consequently, there is reduction in consumer’s
alcohol intake and drinking alcoholic drinks at the moderate rate. On the negative side the
consumers are being diverted towards the alternative substitutes such as non-alcoholic drinks
and alcohol free lager.

3MANAGING OPERATION AND FINANCE
A movement in the direction of premium products, particularly the alcoholic products
of high quality with lower content of alcohol are predicted to grow. The alcoholic drink
producers in the European region are shifting their development towards premium brand
image and premium packaging since the customers are keen to pay for a higher quality and
strong brand name (Callahan, Stetz and Brooks 2015). The alcoholic drinks market in the
region is largely controlled by the preference of customers because of this, leading brand
players are making their investment in increased marketing campaigns to promote their
products and attract consumers.
Brand loyalty is regarded as the vital consumer preference in the direction of some
brand influences such as new product launches and product positioning (Delmas, and Grant
2014). This provides a greater opportunity for the niche alcoholic drinks with rise in demand
and if marketing is based on the quality and diversity then they can be sold at the higher rate
and appeal to the Western European consumer’s requirement for healthier and premium
quality alcoholic beverages.
The Western Europe drink market for alcoholic products is estimated to be around US
$95.1 billion worth in respect of retail sales in 2015 with 12% fall from the preceding year.
The review report obtained during 2015 represented a negative decline in the compound
yearly growth rate of 2.3% (Galati et al. 2015). The market trend is regarded true in terms of
total volume sales of alcoholic drinks whereas the reviewed historical data reflected that total
sales volume stood 39,200 million litres (Agr.gc.ca 2018). Among the top nations in respect
of retails sales and total volume of sales UK is estimated to be around $25.3 billion with
5771.8 million litres.

4MANAGING OPERATION AND FINANCE
Figure 1: Historical retail value sales of Alcoholic drinks in Western Europe in US$
million
(Source: Agr.gc.ca 2018)
Figure 2: Figure representing top ten Alcoholic Sales in Million Litres
(Source: Agr.gc.ca 2018)

5MANAGING OPERATION AND FINANCE
Figure 3: Top Ten Wine Companies
(Source: Agr.gc.ca 2018)
The value of the fine wine has increased by 20 pc over the last few years as the
demand is rising with investors are looking for the new ways of diversifying their portfolios.
UK alcohol production reached an all-time high of 6.3 million bottles in 2014 with a rise of
42 per cent at the back of favourable weather. Researchers have witnessed a rise in 3% gains
in the developed market and 5% fall in the emerging market (Chong 2014). Considering the
underlying net sales to the growth of 3% to 4% for the entire year across its portfolio results
in increase in operating income of 5% to 7%. While it is noticed that Constellation Brands
generates more than half of the consolidated revenue from the sale of beer that has bought
more than $3.3 billion during the first nine months of operation (Golicic, Flint and Signori
2016). This is almost equivalent to robust wine and spirits portfolio that have generated $2.4
billion in terms of sales revenue.

6MANAGING OPERATION AND FINANCE
Figure 4: Figure representing UK Wine Stock Market
(Source: Agr.gc.ca 2018)
Company Overview:
The Accolade Wines Holding Europe Ltd is regarded as the world’s top wine
producing company in UK in terms of volume and it is considered as the fifth largest wine
company in world (Accolade-wines.com 2018). Drawing from the proud history with first
wineries established in Australia and since then the company has changed into the world-
wide wine corporation by making world’s some of the well-known products. Brands under
the UK tags comprise Echo Falls which is the world’s third major wine product and Stowells
being the top wine brand on the premises trade.
On the other hand, as the part of the UK group Carlsberg UK have over the years been
brewing and selling some of the Britain’s favourite bears (Carlsberg UK 2018). Presently
they include Carlsberg, Carlsberg Export and Tuborg. The company was founded during the
year 1847 and it is based in Northampton United Kingdom. Carlsberg UK limited functions
as the subsidiary of A/S.

7MANAGING OPERATION AND FINANCE
Business strategy:
Accolade Wines business models comprises of two “state of art” manufacturing,
packing and delivery services that is situated in Bristol, UK, Berri and Australia (Accolade-
wines.com 2018). The company has six lines of packaging with the ability of making 1200
wine bottles in each minute. The Accolade Park can pack all type of bottles ranging from
glass to container.
The business model of Carlsberg comprises of global sourcing of materials (Carlsberg
UK 2018). The brewing and Bottling for a large part ensures the optimal capacity use and
process that are in line with central supply chain.
Operational Analysis:
Accolades Wines Holdings Europe Ltd identifies that the core to being positive
alcohol company in the demanding and changing business environment is to enable business
innovation to match with the deals of the consumer’s requirements (Mozell and Thach 2014).
During the year company the company has devoted around $20 million on improving the
winemaking, packing and delivery processes in United Kingdom.

8MANAGING OPERATION AND FINANCE
Figure 5: Figure Representing Operations of Accolades Wines Holdings Europe Ltd
(Source: Accolade-wines.com 2018)
Chapter 2: Evaluation of Performance:
Financial Performance:
Gross Profit:
Gross profit margin can be defined as the financial metric that is used to determine the
organizations financial health and business (Scott 2015).
 The gross margin for Accolade Wines Holdings during the year 2013 stood 8.88
representing a strong rising trend in the later years as the gross profit margin for the
company in 2016 stood astonishingly 24.29.
 The gross profit margin for Carlsberg UK Ltd is stood strong over the years as in
2014 the company reported gross profit margin of 33.26 which stood strong in 2016
to 35.70.

9MANAGING OPERATION AND FINANCE
 The gross profit margin for both company can be considered favourable with respect
to industry standard of 25%.
2013 2014 2015 2016
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
Gross Profit Margin
Figure 6: Gross Profit Margin
(Source: As Created by Author)
Net profit Margin:
According to Schaltegger and Burritt (2017) Net profit margin represents the left over
revenue following the deductions of all the expenses from sales.

10MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Net Profit Margin
Figure 7: Net Profit Margin
(Source: As Created by Author)
 Accolade Wines Holdings posted a net profit margin of 3.92 during 2013 which
subsequently increased to 5.27 in 2014. The net profit margin for the company grew
stronger in 2016 as the profit margin stood 30.46.
 The net profit margin for Carlsberg in 2013 stood 1.14 which subsequently fell
negatively to -5.62 in 2014. The ratio gain strength in 2015 to stand 3.29 which again
fell negatively to -2.27.
Operating Return on Equity:
As stated by Warren and Jones (2018) operating return on equity signifies the amount
of net income derived from the shareholder’s equity ().

11MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-500
-400
-300
-200
-100
0
100
200
Operation returns on equity
Percentage
Figure 8: Operating Return on Equity
(Source: As Created by Author)
 The operating return on equity for Accolade Wines Holdings Europe Ltd remained
stable in 2013 and 2014 with the ratio standing 100. While in 2015 it fell to 59 and
stood 101 in 2016.
 The Carlsberg UK Ltd operating return on equity has represented a tumultuous trend
with the ratio standing 19 and -10 in 2016.
Return on Capital Employed:
According to Robson, Young and Power (2017) the return on capital employed is
referred as the fiscal ratio which determines the effectiveness of the company and efficiency
through which the capital employed.

12MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-20
-10
0
10
20
30
40
50
60
70
80
Returns on capital emloyed
Figure 9: Return on Capital Employed
(Source: As Created by Author)
 The return on equity for Accolade Wines stood 24.96 in the year 2013 which later
represented a rising trend from 2014 thereon as the ratio astonishingly stood 74
representing a better profitability from the efficiency of capital employed.
 Carlsberg reported return on capital employed stood 7 in 2013 which stood negatively
in 2014 to -15. Though it gained in 2015 but stood negative in 2016 to -4.
Risk Analysis:
Quick Ratio:
The quick ratio is largely used to provide the idea of whether the company has the
ability of paying its debt back through its assets (Henderson et al. 2015).
 The quick ratio for Accolade Wines Holding stood negatively over the four-year span
as the ratio stood negatively in 2013 to -88 and in the year figure fell to -114.
 Carlsberg on the other hand reported a Quick Ratio of -43 in 2013 which further
declined in 2016 to stand negatively at -145.

13MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-180
-160
-140
-120
-100
-80
-60
-40
-20
0
Quick Ratio
Figure 10: Quick Ratio
(Source: As Created by Author)
Debt Equity Ratio:
As stated by Otley (2016) debt equity ratio is the fiscal ratio that specifies the
comparative amount of equity of shareholder and the sum of debt employed to fund the assets
of company.
2013 2014 2015 2016
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
Debt equity ratio
Percentage

14MANAGING OPERATION AND FINANCE
Figure 11: Debt Equity Ratio
(Source: As Created by Author)
 For Accolade Wines Holdings the debt to equity ratio represented a declining trend
over the four-year span as the ratio stood negatively in 2013 at -239 and in 2016 the
ratio stood -39.
 Carlsberg further reported a declining trend of debt equity ratio at -434 in 2013 and
continued to remain negative in 2016 as the ratio stood -162.
 This represents that both the company have undertaken higher amount of debt to
finance its assets.
Operating leverage:
The operating leverage represents the measure of the degree to which an organization
incurs the combination of fixed and variable costs (Eldenburg et al. 2016).
 The operating leverage for Accolade Wines Holdings represented a stable trend as in
2013 it stood 0.24 and has remained stable in the later years with the ratio standing
0.24 in 2016.
 Carlsberg reported a relatively tumultuous trend in operating leverage as in 2013 it
stood 0.59 however declined to 0.44 in 2014. The ratio stood as low as 0.38 in 2016
representing that the company incurs higher proportion of variable costs than the fixed
costs.
Managerial Performance:
Asset Turnover:

15MANAGING OPERATION AND FINANCE
The asset turnover ratio represents the efficiency to measure the organizations
capacity to derive sales from its assets by associating the net sales with the average amount of
total assets (Otley 2016).
2013 2014 2015 2016
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Assest Turn Over
Figure 12: Asset turnover ratio
(Source: As Created by Author)
 Accolade Wines Holding reported a declining trend in its Asset Turnover as the ratio
stood 6.37. Though it increased to 7.94 in 2014 but declined continued a declining
trend in 2015 and 2016 with ratio standing 4.68 and 2.44 respectively.
 Carlsberg reported a declining trend of ratio in 2013 as the ratio stood 6.51 in 2013
which significantly declined in 2014 to 2.75 and in 2016 the ratio stood 1.74.
 This represents both the firm has inferior ability of generating sales from its assets.
Inventory Turnover:
The inventory turnover ratio is regarded as the ratio of efficiency that represents how
the company is effectively using its inventory in respect to cost of goods sold and average
inventory period (Henderson et al. 2015).

16MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
0
2,000
4,000
6,000
8,000
10,000
12,000
Inventory Turn Over
Figure 12: Inventory turnover Ratio
(Source: As Created by Author)
 The inventory turnover for the Accolade Wines Holding in 2013 stood 11 which
improved in the following years of 2015 and 2016 to stand at 11 and 6 respectively.
This represents the Accolade Wines Holding has better inventory turnover period.
 Carlsberg UK ltd reported a higher inventory turnover. The ratio stood 18 in 2013 and
increased significantly to 9,146 in 2015.
Debt Collection Period:
The debt collection period represents the number of days a company takes to collected
the debt from its customers (Schaltegger and Burritt 2017).

17MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Debt collect period
Figure 13: Debt collection period
(Source: As Created by Author)
 The debt collection period for Accolade Wines Holding Ltd somewhat represented a
tumultuous trend as the ratio stood 2306 in 2013 and fell to 1638 in 2016.
 Carlsberg UK Ltd reported a higher debt collection period of 6632 in 2013
nevertheless in the succeeding years the debt collection period fell to 4103.
Trade Payment Period:
The trade payment period represents the number of days a company takes to pay its creditors
(Warren and Jones 2018).
 Accolade Wines Holding reported a negative trade payment period as the ratio stood -
8845 in 2013 whereas in the ratio stood lower but was negative in -2751 in 2016. The
company takes higher amount of time to pay off its trade creditors.
 Carlsberg UK also reported a negative trade payment period of -2353 in 2013 and
subsequently stood more negatively in 2016 to -6734.

18MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-10,000
-9,000
-8,000
-7,000
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
0
Trade Payment period (days)
Figure 14: Trade payment period
(Source: As Created by Author)
Market Performance
Diluted Earnings Per Share (EPS):
The diluted earnings per represents the profit that is derived per share together with
common stock equivalents (Scott 2015).
 The diluted earnings per share for Accolade Wines Holding stood 333 in 2013 and
increased immensely to 107,335.
 Carlsberg reported diluted EPS in 2013 at 51 while in 2016 it stood -6.
Price Earnings Ratio:
The price earnings ratio represented the level of earnings that is derived per share relative
to the share price.
 Carlsberg reported a price earnings ratio of 11 in 2013 which subsequently declined
to -4 though it gained in 2015 to 26 but stood negatively in 2016 to -102.

19MANAGING OPERATION AND FINANCE
2013 2014 2015 2016
-120
-100
-80
-60
-40
-20
0
20
40
Price earning ratio
Figure 15: Price earnings ratio
(Source: As Created by Author)
Market Movements:
The share price and performance for Carlsberg has reflected a fall in the price of
shares since the data obtained represents the company reported a negative earnings per share
and price earnings (Scott 2015).
Conclusion:
As evident from the comparative analysis it is observed that the company has incurred
a better gross margin but has poor terms of liquidity as the liquidity ratio stood negatively for
the Accolade Wines Holdings Europe Ltd. Additionally, the company reported negative asset
turnover ratio and diluted earnings per share. The analysis states that Accolades Holdings is
not better for short term investment whereas investing Carlsberg may yield investors with
returns in long term investment.

20MANAGING OPERATION AND FINANCE
Reference list:
Accolade-wines.com. (2018). Production | Accolade Wines. [online] Available at:
http://www.accolade-wines.com/our-company/production/ [Accessed 5 Apr. 2018].
Agr.gc.ca. (2018). Sector Trend Analysis - Wine, Beer and Spirits in Western Europe -
Agriculture and Agri-Food Canada (AAFC). [online] Available at:
http://www.agr.gc.ca/eng/industry-markets-and-trade/international-agri-food-market-
intelligence/europe/market-intelligence/sector-trend-analysis-wine-beer-and-spirits-in-
western-europe/?id=1481742289859#d [Accessed 5 Apr. 2018].
Callahan, K.R., Stetz, G.S. and Brooks, L.M., 2015. Risk Assessment. Project Management
Accounting: Budgeting, Tracking, and Reporting Costs and Profitability, Second Edition,
pp.171-200.
Carlsberg UK. (2018). Carlsberg UK. [online] Available at: https://carlsberguk.co.uk/
[Accessed 5 Apr. 2018].
Chong, S., 2014. Business process management for SMEs: an exploratory study of
implementation factors for the Australian wine industry. Journal of Information Systems and
Small Business, 1(1-2), pp.41-58.
Delmas, M.A. and Grant, L.E., 2014. Eco-labeling strategies and price-premium: the wine
industry puzzle. Business & Society, 53(1), pp.6-44.
Eldenburg, L.G., Wolcott, S.K., Chen, L.H. and Cook, G., 2016. Cost management:
Measuring, monitoring, and motivating performance. Wiley Global Education.
Galati, A., Borsellino, V., Crescimanno, M., Pisano, G. and Schimmenti, E., 2015.
Implementation of green harvesting in the Sicilian wine industry: effects on the cooperative
system. Wine economics and Policy, 4(1), pp.45-52.

21MANAGING OPERATION AND FINANCE
Golicic, S.L., Flint, D.J. and Signori, P., 2016. The triple bottom line in the global wine
industry. In 9th International Conference of the Academy of Wine Business Research.
Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial
accounting. Pearson Higher Education AU.
Mas, A., Guillamón, J.M. and Beltran, G., 2016. Non-conventional Yeast in the Wine
Industry. Frontiers in microbiology, 7, p.1494.
Messner, M., 2016. Does industry matter? How industry context shapes management
accounting practice. Management Accounting Research, 31, pp.103-111.
Mozell, M.R. and Thach, L., 2014. The impact of climate change on the global wine industry:
Challenges & solutions. Wine Economics and Policy, 3(2), pp.81-89.
Otley, D., 2016. The contingency theory of management accounting and control: 1980–
2014. Management accounting research, 31, pp.45-62.
Robson, K., Young, J. and Power, M., 2017. Themed section on financial accounting as
social and organizational practice: exploring the work of financial reporting. Accounting,
Organizations and Society, 56, pp.35-37.
Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues,
concepts and practice. Routledge.
Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.
Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning.

22MANAGING OPERATION AND FINANCE
Appendix: 1: Financial Performance and Data Calculations:
Gross Profit 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 552,41,000 565,40,000 658,45,000 804,65,000
Carlsberg UK Limited 0
1897,44,00
0 1745,41,000 1689,86,000
Turnover 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
6217,78,00
0
6266,49,00
0 6177,29,000 3312,60,000
Carlsberg UK Limited
9916,86,00
0
5538,78,00
0 5213,35,000 4733,88,000
Gross Profit Margin 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 8.88 9.02 10.66 24.29
Carlsberg UK Limited 0 34.26 33.48 35.70
Net Profit 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 24377000 33022000 45557000 100895000
Carlsberg UK Limited 11273000 -31124000 17151000 -10756000
turnover 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
6217,78,00
0
6266,49,00
0 6177,29,000 3312,60,000
Carlsberg UK Limited
9916,86,00
0
5538,78,00
0 5213,35,000 4733,88,000
Net Profit Margin 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 3.92 5.27 7.37 30.46
Carlsberg UK Limited 1.14 -5.62 3.29 -2.27
Net Profit 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 243,77,000 330,22,000 455,57,000 1008,95,000
Carlsberg UK Limited 112,73,000 -311,24,000 171,51,000 -107,56,000
shareholders fund 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 243,77,000 330,22,000 765,68,000 1000,01,000

23MANAGING OPERATION AND FINANCE
Carlsberg UK Limited 284,95,000 72,97,000 907,74,000 1037,69,000
Operation returns on equity 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 100 100 59 101
Carlsberg UK Limited 40 -427 19 -10
Net Profit 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 243,77,000 330,22,000 455,57,000 1008,95,000
Carlsberg UK Limited 112,73,000 -311,24,000 171,51,000 -107,56,000
Capital employed 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
976,37,0
00.00
789,26,0
00.00
1320,02,0
00.00
1358,98,0
00.00
Carlsberg UK Limited
1522,34,00
0
2011,36,00
0 2723,16,000 2717,43,000
Returns on capital emloyed 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
24.9669694
9
41.8391911
4 34.51235587 74
Carlsberg UK Limited 7 -15 6 -4
Appendix 2: Risk Analysis and Data Calculations:
Current Assets 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
1746,63,00
0
1847,30,00
0
1983,65,00
0
1882,36,00
0
Carlsberg UK Limited
1666,53,00
0
2554,61,00
0
2877,16,00
0
2896,13,00
0
Current Liabilities 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
-
1345,55,00
0
-
1675,86,00
0
-
1449,54,00
0
-
1144,65,00
0
Carlsberg UK Limited
-
2555,94,00
0
-
2550,91,00
0
-
1866,97,00
0
-
2001,34,00
0
Current ratio 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited -130 -110 -137 -164
Carlsberg UK Limited -65 -100 -154 -145

24MANAGING OPERATION AND FINANCE
Current Assets 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
1746,63,00
0
1847,30,00
0
1983,65,00
0
1882,36,00
0
Carlsberg UK Limited
1666,53,00
0
2554,61,00
0
2877,16,00
0
2896,13,00
0
Current Liabilities 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
-
1345,55,00
0
-
1675,86,00
0
-
1449,54,00
0
-
1144,65,00
0
Carlsberg UK Limited
-
2555,94,00
0
-
2550,91,00
0
-
1866,97,00
0
-
2001,34,00
0
Inventory 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 560,39,000 504,18,000 579,42,000 579,42,000
Carlsberg UK Limited 555,40,000 57,000 57,000 0
Quick Ratio 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited -88 -80 -97 -114
Carlsberg UK Limited -43 -100 -154 -145
Long Term Liabilities 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited -583,05,000 -332,71,000 -554,34,000 -358,97,000
Carlsberg UK Limited
-
1237,39,00
0
-
1938,39,00
0
-
1815,42,00
0
-
1679,74,00
0
Share holders Funds 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 243,77,000 330,22,000 765,68,000
1000,01,00
0
Carlsberg UK Limited 284,95,000 72,97,000 907,74,000
1037,69,00
0
Debt equity ratio 2013 2014 2015 2016

25MANAGING OPERATION AND FINANCE
Accolade Wines Holdings Europe
Limited -239 -101 -72 -36
Carlsberg UK Limited -434 -2,656 -200 -162
Fixed Assets 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 575,29,000 617,82,000 785,91,000 621,27,000
Carlsberg UK Limited
2411,75,00
0
2007,66,00
0
1712,97,00
0
1822,64,00
0
Total Asset 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
2321,92,00
0
2465,12,00
0
2769,56,00
0
2503,63,00
0
Carlsberg UK Limited
4078,28,00
0
4562,27,00
0
4590,13,00
0
4718,77,00
0
Operating Leverages 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited
0.24776478
1
0.25062471
6
0.28376709
7 0.24814769
Carlsberg UK Limited
0.59136449
7
0.44005725
2
0.37318550
9
0.38625319
7
Appendix 3: Managerial Performance and Data Calculations
Turnover 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 6217,78,000 6266,49,000 6177,29,000 3312,60,000
Carlsberg UK Limited 9916,86,000 5538,78,000 5213,35,000 4733,88,000
Capital employed 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited
976,37,000.0
0
789,26,000.0
0
1320,02,000.0
0
1358,98,000.0
0
Carlsberg UK Limited 1522,34,000 2011,36,000 2723,16,000 2717,43,000
Assest Turn over 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 6.37 7.94 4.68 2.44
Carlsberg UK Limited 6.51 2.75 1.91 1.74
Turnover 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 6217,78,000 6266,49,000 6177,29,000 3312,60,000

26MANAGING OPERATION AND FINANCE
Carlsberg UK Limited 9916,86,000 5538,78,000 5213,35,000 4733,88,000
Inventory 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 560,39,000 504,18,000 579,42,000 579,42,000
Carlsberg UK Limited 555,40,000 57,000 57,000 0
Inventory Turn over 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 11 12 11 6
Carlsberg UK Limited 18 9,717 9,146 0
Turnover 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 6217,78,000 6266,49,000 6177,29,000 3312,60,000
Carlsberg UK Limited 9916,86,000 5538,78,000 5213,35,000 4733,88,000
Account receivable 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 984,19,000 921,36,000 676,47,000 737,94,000
Carlsberg UK Limited 546,58,000 65812000 42952000 42108000
Debt collect period 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 2,306 2,482 3,333 1,638
Carlsberg UK Limited 6,622 3,072 4,430 4,103
Turnover 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited 6217,78,000 6266,49,000 6177,29,000 3312,60,000
Carlsberg UK Limited 9916,86,000 5538,78,000 5213,35,000 4733,88,000
Trade creditors 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited -256,57,000 -336,08,000 -660,67,000 -439,55,000
Carlsberg UK Limited -1538,39,000 -278,77,000 -252,04,000 -256,60,000
Trade payment period (Days) 2013 2014 2015 2016
Accolade Wines Holdings
Europe Limited -8,845 -6,806 -3,413 -2,751
Carlsberg UK Limited -2,353 -7,252 -7,550 -6,734

27MANAGING OPERATION AND FINANCE
Appendix 4: Market Performance and Data Calculations:
Net profit after tax 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 24377000 33022000 45557000 100895000
Carlsberg UK Limited 11273000 -31124000 17151000 -10756000
No. of ordinary shares 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 73,18,000 1,14,000 1,15,000 94,000
Carlsberg UK Limited
220,32,00
0
221,32,00
0
771,32,00
0
1772,00,00
0
Diluted earning per share 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 333 28,967 39,615 1,07,335
Carlsberg UK Limited 51 -141 22 -6
share price 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 0 0 0 0
Carlsberg UK Limited 566 538 569 612
Diluted earnings per share 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 333 28,967 39,615 1,07,335
Carlsberg UK Limited 51 -141 22 -6
price earnings ratio 2013 2014 2015 2016
Accolade Wines Holdings Europe
Limited 0 0 0 0
Carlsberg UK Limited 11 -4 26 -102