Report on Ratio Analysis for Three Major Companies

This report analyzes the ratio analysis of three major companies - Capita Plc, Serco Plc, and Carillion Plc. It examines their financial stability, liquidity, profitability, and debt management. The report also discusses the demise of Carillion and the importance of managing financial risk.

Running Head: Report on the Ratio Analysis for three major Companies
Report on the Ratio Analysis for three major Companies
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Report on the Ratio Analysis for three major Companies
Executive Summary
This project analysis the major concern and cause for the liquidation of Big major company
Carillion. What has affected the company to be under governmental scrutiny. The unethical
activities that the company was following which went unrecognized. To understand the
reason ratio analysis is done.
Other big companies taken into consideration is Serco Plc and Capita Plc. The company takes
huge debt to manage the operation. How the company is managing the loan and the income
so that it is in the safe side of any financial risk. Financial risk plays major role to avoid any
risks the management and the stakeholder are the major equity holder who should measure
keep an eye on any unethical movement in the company.
This project has used all the measures to understand the condition why it Carillion faced such
a liquation and what the company take care to stop itself from any such disaster. The study is
has analyzed many other factors of financial management.

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Report on the Ratio Analysis for three major Companies
Table of Contents
Introduction................................................................................................................................4
Evidence based decision to ensure value for money..................................................................5
Appreciation of counterparty risk in the procurement function:............................................6
Ratio Analysis Capita Plc:.........................................................................................................6
Ratio Analyse of Serco Plc:.....................................................................................................10
Demise of Carillion..................................................................................................................13
Financial Risk...........................................................................................................................13
Explanation of the financial risk:.........................................................................................14
Ratio analysis to understand the collapse of the company...................................................16
The Internal analysis of the company along with the Ratio:....................................................16
Debt and Equity Factor for realizing Financial risk.................................................................19
The Funding:............................................................................................................................22
Ethical Conduct:.......................................................................................................................22
Conclusion................................................................................................................................23

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Report on the Ratio Analysis for three major Companies
Introduction
The project is about analyzing the financial stability of the companies. These
companies are Capita Plc, Serco Plc and Carillion Plc. The company is a big of public service
providers. The Carillion is a multinational Facility company and construction company.
Capita Plc is business process outsourcing and professional service company. It is one of the
biggest companies in UK. Serco plc is a British company that provides public service. It
operates in 6 major Health, Transport, Justice, Immigration, Defense, and Citizens Services
(Capita, 2019).
The Carillion Plc was in cash management distress which lead to its liquidation. The
company was not able to repay the debt of the lenders and was under constant scurrility by
the UK law to measure the risk that its stakeholder will face once the company defaults. This
was one of the biggest defaulting case in Uk. The loan amount was bigger than the amount of
profit it earned in all the years. There was deal for Serco Plc with the Carillion to buy a unit
for cash liquidation (Serco, 2019).
Major of the work is to understand how the company mis-managed its resources that
ultimately the liquidation happened. The Two other big companies are very big industries and
it’s very important for them to understand the situation of handling the assets and debts.

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Report on the Ratio Analysis for three major Companies
Evidence based decision to ensure value for money.
It is a process when a government body makes any investment for buying any goods
or services. Before purchasing the government body issues contract notice or a tender notice.
The private companies then start their bidding for the contract. Public procurement is a
crucial function in the public sector and it involves major decision taking. The process of
evidence based management was formulated by Pfeffer & Sutton (2006). The research
question needs to be formulated, and then the relevant research findings and types of
evidence should be acquired. The after work is to validity, quality and applicability of the
evidence should be performed. The evidence needs to be made in such way that it can used to
make decision based process. This helps the company to make the proper utilization of the
resources. The evaluation of the contractor, suppliers performance over a time, the quality of
the purchasing process and relationship and also the supply chain needs to be evaluated
before giving the contract.
The NHS is a medical service providing system the procedure to omit the risk in
procurement system. The commissioning of the project is followed with all the procedure.
This eliminates the risk of any mis-management or cash handling. This makes the work more
accurate (nhs.uk,
2019).

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Report on the Ratio Analysis for three major Companies
Appreciation of counterparty risk in the procurement function:
Procurement risk is a factor when the chances of the failure of a procurement process
designed of purchasing the services, product or resources, or procurement activities. The
maximum credit risk quality should be evaluated both on basis of time of aging of the
receivables and also on the basis of customer specific analysis. The counterparty risk can be
raised from transactional and financial factors also. The risk need to be managed by the
carefully
By measuring the financial credit risk exposure and also by analysing all open
exposures such as cash at bank accounts, investments, deposits and other financial
transactions. The issue with financial counterparty is the limits to an extent that needs to be
monitored by the management.
Ratio Analysis Capita Plc:
Capita Plc is an outsourcing business process which deals in governmental and private
contract procurement. The head quarter is in London. It is one of the largest business process
outsourcing company is UK. It has overall market share at 29%. The turnover comes from
private and the public sector. The company was started in 1987 with only 33 staff and today
the company is having staff strength of 70000. The analysis will be done to understand the
risk that the company is taking to do the operation.
Liquidity ratio: It’s a ratio that measures the ability of the firm to pay back the debt as and
when they become due. It also measure how quickly the firm can convert its current asset to

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Report on the Ratio Analysis for three major Companies
cash to pay off the liabilities. The ratio above one is considered as safe measure for the
company (SAHIN, 2019).
The graph gives a clear picture that the company is maintaining a perfect ratio trend.
The company is converting its asset easily to pay off eth debt of the suppliers. The ratio is not
more than one but the balancing is good in service industry. The Group has a centralised
Treasury function whose principal role is to ensure that enough liquidity is kept available to
meet the Group’s funding requirements to mitigate the financial risk.

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Report on the Ratio Analysis for three major Companies
Profitability Ratios: This ratio is used to evaluate the company’s ability to make income
from the asset and equity it is the most important ratio that determines the company’s
profitability standards.
2015 2016 2017
Net profit margin Net Profit 55.6 -51.7 -110.7
Sales 4,836.90 4,368.60 4,234.60
0.011 -0.012 -0.026
1% -1% -3%
ROA Operating profit 206.6 -16.1 -420.1
(Return on Asset) Total asset 5,343.50 5,498.50 4,421.20
0.04 0.00 -0.10
4% 0% -10%
Return On equity Profit/loss after tax 55.6 -51.7 -110.7
Equity capital 679.3 -255.4 -999
0.082 0.202 0.111
8% 20% 11%
The ratio is not at the
best of performance. The company is having more of obsolete asset than the profit is made.
The rate is in percentage and is low. The return on equity is method to understand how the
company is managing its profit. The return on equity is low and the effect is due to the profit.

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Report on the Ratio Analysis for three major Companies
The decision was to focus on being a B2G business was in 2014, and was a change from the
previous strategy which had been to serve both private and public sector customers. The
company faced loss then due to the diversification
Working capital ratios: this ratio is important from point of creditors because it shows the
liquidity of the company. Accounts receivable is ratio that measures the average days to
collect its average accounts receivable.
The ratio is shows the days for which the company is getting the payment. The
repayment days are less than 6 months which makes its safe as the company will be having
liquidity available on time.
Debt management ratio: The leverage of the company is measured by this ratio and ratio is
calculated by total debt to total asset.
Working capital ratios
2015 2016 2017
Accounts receivable days Accounts receivable X Number of years in a year1,144.00 873 755.2
Annual revenue 4,836.90 4,368.60 4,234.60
86.33 72.94 65.09

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Report on the Ratio Analysis for three major Companies
The ratio for capita is less than 1 that is a good sign that the company is maintaining
the liability to the total asset. But the ratio is in danger state when seen in the year 2016 and
2017.
Ratio Analyse of Serco Plc:
The Company is a leading Provider of public services. The customer of the company
is government and other subsidiary of the public sector. The sector diversification is in
Defence, Justice Justice & Immigration, Transport, Health and Citizen Services and delivered
in countries like UK & Europe, North America, Asia Pacific and the Middle East. The
company started in 1929 and in 1988 was listed on the London stock exchange. There is a
total staff of 50000 as of now. One of the biggest UK company has many responsibilities to
take the business operation safely throughout the year without any major mismanagement.

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Report on the Ratio Analysis for three major Companies
The liquidity ratio for Serco Plc is in positive the trend is very common if the
company is using its assets properly to meet the liability. In all year the ratio was close to
one maintaining company standard ratio.
Liquidity Ratio
2015 2016 2017
current ratio current asset 925.5 759.6 657.5
current liability 914.5 745.3 678.1
1.012 1.019 0.970
Quick ratio Liquid asset 859.3 737.2 640.1
current liability 914.5 745.3 678.1
0.940 0.989 0.944
Profitability
Ratio: The ratio is very low all are negative the ratio is in danger state. The net profit for
2017 is in negative which is because the company is making less profit to the sales amount.
The ratio has improved in year 2017 for the return on asset as the company was doing new
investments and the return from the investment was also improving.
Profitability ratio 2015 2016 2017
Net profit margin -4.8% 0.0% 0.0%
ROA -0.2% 2.4% 2.0%
Return On equity -54.6% 0.0% -0.4%

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Report on the Ratio Analysis for three major Companies
Working capital ratio: The Company is having stable receivable payment days the average
days taken by the company to get the amount payment form the debtors are less than half
month. This is good for the company to maintain the liquidity.
Debt Ratio: the ratio for Serco Plc is performing well by keeping the debt under control. The
ratio tells the amount of liability the company is having for every single asset. The ratio is
stable throughout 3 years making it a stable company for the stakeholders.
Working capital ratios
2015 2016 2017
Accounts receivable days Accounts receivable X Number of years in a year 519.7 543.5 506.5
Annual revenue 3,177.00 3,011.00 2,953.60
59.71 65.88 62.59
2015 2016 2017
Debt ratio Total Liability 1,557.40 1,365.80 1,205.60
Total Asset 1,839.50 1,764.60 1,512.80
0.847 0.774 0.797

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Report on the Ratio Analysis for three major Companies
Interest Coverage Ratio: the ratio measure how far the company is under debt. Does the
company able to pay back its debt. Serco Plc is having positive ratio for the year 2017 that is
because the company is maintaining the income to the loans that it is taking.
2015 2016 2017
Interest Coverage Ratio EBIT -69.4 19.1 29.6
Interest Exepense 39 19.2 21.9
-1.78 0.99 1.35

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Report on the Ratio Analysis for three major Companies
Demise of Carillion
Financial Risk
Financial risk is a term to describe the situation in which if right decision or
precautions are taken then the risk can be eliminated. Risk is a kind of big concern of almost
all the business. Risk can be linked to a chance of an unexpected or negative outcome. The
action or activity that can lead to a loss of any kind is a kind of risk. There are different types
of risk. Business risk, Non business risk and financial risk.
Business risk: This is a kind of risk that is taken in any business. The risk is all of the
company. These types of risk is taken by the enterprise to maximize and increase the
shareholder value and profit. As the company makes plans or strategies to increase the risk in
costing especially in marketing or new experiment. This is done to increase the sale and
ultimately high revenue but many a times the risk is totally faced by the company and here a
Plan b should always be made to avoid the risk that can be deteriorating.
Non-Business risk: These are the most common risk generally any enterprise faces. These
risks are not arising from the business. These are the external risk. The Political risk,
economic risk and these comes under the business risk.
Financial Risk: the term and type of risk that can affect the company and get it involved in
any financial risk. These risk are the most uncommon risk. As this may lead to liquidation of

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Report on the Ratio Analysis for three major Companies
the company. The risk can be due to the stock market fluctuation, stock price, currencies and
interest rate movements (Simplilearn.com, 2019).
Explanation of the financial risk:
As the risk may arise due to many market and internal factor related issue. This a
situation when the company is not able to meet the financial obligations. This is a situation
when the company tries to take more debt and is unable to pay interest or the principle
amount.
Credit risk:
This is one of the most common type of risk. If a firm take the loan and is not able to
pay it on time. This is a kind of credit risk. Generally firm those are about to default suffer
from this risk. To default is not a good thing as it affects the reputation of the firm. Thus
affect the bank or institution from where it has taken the loan. So after a credit risk defaulting
it becomes very hard for the firm to get loan in future (Simplilearn.com, 2019).

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Report on the Ratio Analysis for three major Companies
Liquidity risk:
If the firm is not able to sell the assets of its quickly then it is a liquidity risk. If a firm
buys an asset and when the company needs liquidity. If the asset does gets obsolete than the
company is under liquidity risk. The firm buys make not make the payment to creditor and
the company can come under the risk where the asset is there liquidity is not there.
Equity risk:
Equity risk is a risk where the market becomes volatile it becomes very difficult for
the company to value the equity stocks. The market price fluctuates and the sometimes it goes
beyond the level measured. The volatility of the stock market is always an equity risk which
is under the financial risk.
Ratio analysis to understand the collapse of the company.

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Report on the Ratio Analysis for three major Companies
The Internal analysis of the company along with the Ratio:
The Carillion Plc was a British based multinational facilities management and
construction company. It was headquartered in wolver Hampton in United Kingdom. It was
one of the largest company in trading liquidation prior to the liquidation. I was started in
1999 after demerger from Tarmac Company. It grew from a series of acquisition to become
the largest construction in UK. In the year 2016 it had more than 43000 employees. The
company went into liquidation in year 2018 after it was not able to coverage the interest and
not been able to pay the debt back. The liabilities came up to $7 billion. The concerned raised
form the year 2017 and the liquidation was into the action in year 2018 January (Carillion
Group, 2019).
Based on the situation the ratio has been analyzed and the measures taken are from the point
of view of the shareholder and the employees and suppliers.
The Return on Asset (ROA) is a measure to scale the company is converting the asset to
income. For every one unit of asset how much profit odes the company is making. The ratio
is moving from positive trend to the negative trend and the year 2015 had the best ratio
percentage of 5.1% and then from year 2016 the rat decreased to negative percentage
(SAHIN, 2019).
This was the result when the company was not able to make profit in year 2017. Loss was
due to mismanagement the contracts where more and the amount as payment to maintain the
new projects was less. The company was not able to meet its cost. The asset in the

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Report on the Ratio Analysis for three major Companies
construction company is more and the most of them are obsolete or unable to liquidate
immediately to meet he payment obligation.
Return On equity: How efficiently the company is using a company’s asset to create profit.
The percentage return the company is generating from the asset utilization is called ROE.
Carillion has shown a decreasing trend the year 2017 the ratio is almost -257.45% and this is
a worst scenarios when the company is not able to make any return to the stakeholders. The
trends is in the declining trend when the company is going to towards the liquidation (The
Economist, 2019).
2014 2015 2016 2017
Return On equity Profit/loss after tax 127.50 139.40 71.7 -1,121.20
Equity capital 894.50 1017.30 940.50 -435.50
0.14 0.14 0.08 2.57
14.25% 13.70% 7.62% 257.45%
Current ratio: The ratio that measures the liquidity of the company. How fast the company
will be able to repay its liabilities and suppliers. The current ratio is a best way to measure the
company’s liquidity state and the ratio should be more than 1 which is considered the best for
a company. Looking at the Carillion ratios we come see that the ratio is always negative that
can be assumed as the company is a construction company but in the year 2017 the ratio was
about -0.74 the improvement is because the company’s moving towards liquidation and the
sale of asset and the lower of liability after payment. The liquidity ratio is also moving in the
same ratio trend. The year 2017 the ratio is in the positive value.

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Report on the Ratio Analysis for three major Companies
Debt Ratio: The ratio compares the total debt to the asset. The creditors and investors are
always concerned about the debt ratio as the amount of debt to the total asset means that the
company is having what amount of loan for every one rupee of asset. The lower the ratio the
better and the higher the ratio the more precarious it is. The ratio is increasing the value has
moved from 0.74 to 1.11 and this is near the liquidation of the company.
2014 2015 2016 2017
Debt ratio Total Liability 3001.90 2852.80 3050.90 4074.60
Total Asset 3896.40 3870.10 4020.70 3669.40
0.77 0.74 0.76 1.11
The Asset to Equity ratio: The ratio defines the amount of asset that have been funded by
the equity and debt. The purpose of the ratio is to understand the amount of equity used to
purchase the asset and the rest amount is of the debt. If the analysis is done the ratio is
negative and this is attributable to the heavy debt taken by the company.
Interest Coverage Ratio: It is a debt ratio that defines how easily the company will be
repaying its interest on the left out loans. The risk of the company is measured by this ratio.
The ratio is always negative. This indicates that the company is having less income to the
amount of loan. The ratio is in danger 2017 figures are seen.
2014 2015 2016 2017
Asset-to-Equity Ratio Total Assets 3896.40 3870.10 4020.70 3669.40
Total Equity 872.70 993.50 940.50 -435.50
4.46 3.90 4.28 -8.43
2014 2015 2016 2017
Interest Coverage Ratio EBIT 155.1 142.6 83.9 -1,153.30
Interest Exepense -46.3 -60.3 -29.3 -34.2
-3.34989 -2.36484 -2.8635 33.72222

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Report on the Ratio Analysis for three major Companies
The analysis of the ratio makes it clear that come was moving towards liquidation year on
year. The ratio is in negative for the year 2017 and the decline trend in the ratio is evident that
the company was facing financial problem since year 2015.
Debt and Equity Factor for realizing Financial risk.
The company is a construction company. Thus the fund may be used constantly to
meet the new construction requirement. The ratio analysis itself reveals how badly the
company was facing liquidity problems. The company claims that due to mismanagement, of
the revenue and expense. The liquidation was announced by the court based procedure in
which the asset will be written off to pay the creditors.
The debt the company was holding in 2017 was around £7 Billion that was the highest
amount of debt till date in UK. It owned around £ 2 billion to its 30000 suppliers. The
company was standing at the £845 million. The company was left with only £29 mn when it
collapsed. The company owned £1.3bn to the bank. It also included the £ 790 mn credit
facility and 345mn in private placement notes. At the end the company was at the £3.5 mn
shortfall in cash.

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Report on the Ratio Analysis for three major Companies
The chart itself define well that the company is raising its debt year on year. The loan
was not being repaid on time and the amount kept increasing thus making the company a
prominent defaulter. The borrowing of the company was not used in the investment purpose
of the company. The Carillion debt rosed to 297% whereas the long term asset grew by only
14%. The revenue of the company 26% lower till date. The fall was all because the company
was into aggressive accounting that is it was making profit before that was realized.
From 2009 the company had paid almost £554 mn of dividend. The data and figures f
analyses it will be seen that the company paid £333 million more in dividend than generated
in cash.

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Report on the Ratio Analysis for three major Companies
The clear picture of the company not able to make the proper usage of cash. The
company has a duty to pay dividend on time to keep the investors happy. But aggressive
accounting drove up its borrowing. Dividend arises from the profit and the company need to
at least maintain the dividend payment. Here to maintain the payment the as it was doing
aggressive accounting so it started to borrow the money.
A clear picture can be illustrated from the chart and the effect can be seen form the
year 2017. The cash from operation was negative in the year 2012 and 13 and the company
still was able to pay the dividend that shows how bad the money was managed. The cash
form operation and the dividend are seen in negative when the company was on the verge of
liquidation.

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Report on the Ratio Analysis for three major Companies
The Funding:
It is very evident the company was having huge amount of debt and that was hide
from the investors. The ease with which the company was able to hide the debt is a
questionable criteria. The account painted a false picture of the company. The banks like
Barclays, the royal Bank of Scotland and Lloyds baking groups are among the affected banks
whose loans are on stake of payment. The company was investing many projects years on
year but the payment was not as frequent as it should be. The company was into frequent
acquisition and the return form these investments where not profitable.
Ethical Conduct:
The ethical conduct is responsibility of the company. The subject of ethics is
mentioned in bold in the books of Carillion. The members of the CIPS Code of Conduct
defines the behavior and actions which the members must commit. The members of CIPS
worldwide should follow the code.
Enhance and protect the standing of the profession: the company cannot engage in tasks
which may bring profession or the chartered institute of procurement & supply into disrepute.
Maintain the highest standard of integrity in all business relationships: should reject any
business that is not deemed to be proper.
Promote the eradication of unethical business practices: the responsibility of the company
is to not do any unethical practice.
Enhance the proficiency and stature of the profession: the company needs to maintain a
competence work and to maintain their employee’s.
The business that the company got into trade was under critical scrutiny. The fall of the
support services business that was operated in UK, Canada and middleEast faced a case

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Report on the Ratio Analysis for three major Companies
where the company got into the legal battle. That was in ethical on everyone’s part that the
company was still getting contracts. The most important factor for nay business to be
awarded to any investor is to see the financial stability of the company.
The company failed on the criteria of strategic leadership management. The major
factors was absent in laying the regulations for the company. The transparency, leadership,
openness and selflessness features was absent in from the management of the company.
These cost the company to a greater extent and also the contractors associated with it.
The wrong conduct of the company was affected to not only the liquidity effected not only
the suppliers, worker, customers but also the pensioner.
There was a fare risk to the customer, the contractors, and suppliers. The lack of
integrity was compromised the company continued to pay the dividend even when the point
of sustainability was not achieved.
The audit was not proper which led the company to compromise the social standards
of the company. The statement produced by the company regarding the ethical practice and
the actual practice that was followed is having huge gap.
Conclusion
If the comparison be done between three companies The Capita Plc, Serco Plc and
Carillion Plc the only way to evaluate them is by looking at the ratio. The important ratios to
understand the stability of a company is to understand the debt ratio, liquidity ratio, internet
coverage ratio along with debt ratio.
Looking at the debt ratio of Capita plc it will be noted that the company is
maintaining a positive trend thus it is at a more stable positive. The Serco Plc is also having
stable balance sheet figure and the company is also in a stable conditions. But the debt ratio

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Report on the Ratio Analysis for three major Companies
for the Carillion Plc is positive but the ratio is not showing the true picture of the company.
The liquidity Ratio for all the three company is positive this is trend is considered best for the
company to be maintaining the liquidity requirement of the company. The interest coverage
ratio for Serco Plc is 1.35 for the year 2017 as the company is maintaining the income to
repay the loans on time. The ratio for the capita is in negative this is alarming the company
needs to improve the income or lower the loan so that it is not in the danger zone. The worst
condition was for the Carillion having ratio of -44 that was most alarming the company was
defaulting from 2014 and the management was not concerned to give explanation to the
stakeholders.
The most important factor is when the company is not making profit the company
should not provide dividend and make management restructuring to asses where the problem
is coming from. The Carillion’s management was least concerned for the stakeholders and
made all wrong management decision which lead to the defaulting of this company affecting
everyone connected to it. This is a best example for all companies to understand that any
wrong and unethical standards followed can lead to a demolition and defaulting. These
analyses is a method to understand the performance of the company. The best performing
company is one which doesn’t not keep the stakeholders in darkness and follows all the
ethical standards.

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References:
Capita (2019). Home. [online] Capita. Available at: https://www.capita.com/ [Accessed 14
Mar. 2019].
Carillion Group (2019). Carillion Group. [online] PwC. Available at:
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14 Mar. 2019].
Demirag, I., 2018. Sourcing public services: lessons learned from the collapse of Carillion
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SAHIN, N. (2019). 4 Best Financial Ratio Analysis Technique Discussed Briefly. [online]
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