Finance for Strategic Managers: Financial Management Report

This report, titled "Finance for Strategic Managers," delves into the critical role of financial information in business decision-making, using Debenhams as a case study. It begins by assessing the necessity of financial data, identifying associated business risks, and summarizing essential financial information for strategic decisions. The report then defines the purpose, structure, and content of published accounts, interpreting the information and calculating financial ratios to support strategic choices. It differentiates between short and long-term financial requirements, compares funding sources, and examines cash flow management techniques. Finally, the report considers business ownership structures, roles, and accountability, evaluating methods for appraising strategic capital and investment projects, supported by tables and financial analysis. The analysis includes profitability, liquidity, efficiency, and gearing ratios. The report aims to provide a comprehensive understanding of financial management principles and their practical application.

FINANCE FOR STRATEGIC
MANAGERS
1

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 An assessment of the reason for which financial information is needed in business............4
1.2 Identification of business risks related to financial decisions................................................5
1.3 Summary of financial information that is needed to make strategic business decision........5
TASK 2............................................................................................................................................6
2.1 Defining purpose, structure and content of published accounts............................................6
2.2 Interpreting information in these accounts............................................................................8
2.3 Calculating financial ratios from the accounts and the way in which they support strategic
decision making...........................................................................................................................8
TASK 3..........................................................................................................................................10
3.1 Difference between long and short term financial requirement of businesses....................10
3.2 Comparison between long and short term source of finance...............................................11
3.3 Cash flow management techniques and assessment of the reason for which the
management of cash flow is so important.................................................................................12
TASK 4..........................................................................................................................................12
4.1 Considering different business ownership structures and roles and accountability of owners
and managers in making decisions............................................................................................12
4.2 Evaluation of methods for appraising strategic capital or investment projects...................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
2

INDEX OF TABLES
Table 1: Ratio analysis of Debenhams (In £ 000')...........................................................................9
Table 2: Net present value for Project X.......................................................................................14
Table 3: Net Present value for Project Y.......................................................................................14
Table 4: Average Rate of Return for Project X and Y...................................................................15
Table 5: Payback period for Project X...........................................................................................15
Table 6: Payback period for Project Y...........................................................................................16
3

INTRODUCTION
Management of financial resources plays a crucial role in accomplishing the business
objectives of organization. Strategic financial management involves a defined series of steps that
includes setting of business goals, identifying resources, analysis of data and finally, making the
decisions (Banerjee, 2015).
In this project report, there is a discussion regarding the financial aspect of Debenhams
which is one of the leading retailing companies of UK. The report gives focus on the comparison
between short and long term finance for business as well as on the importance of management of
cash flows and other financial statements.
TASK 1
1.1 An assessment of the reason for which financial information is needed in business
Financial information works as the heart of business. Financial information plays a very
important role in making financial planning and decision. Financial information is mainly
collected from various financial accounting statements. Financial statement like balance sheet
helps in giving the exact picture of assets and liabilities which is important for the organization
(Smit and Trigeorgis, 2012). It helps in identifying the exact financial position of business which
results in making the final judgement regarding business expansion. Profit and loss account gives
information regarding the wages that are paid out of the business and expenses that occur in the
firm. On the basis of financial information which is collected from the profit and loss account,
Debenhams can identify the efficiency and performance of business. Through the information
taken from profit and loss account or income statement, investors can evaluate the company's
past performance and can assess the uncertainty of future cash flow (Ball, Jayaraman and
Shivakumar, 2012). Financial information is needed to find out or to maintain the record of
success of business. The financial information is collected from the financial ratio which helps in
analysing the actual performance of company as compared with its financial objectives (Wheelen
and Hunger, 2011). With the help of financial information, Debenhams can measure or examine
the quality and position of business which helps in making assumptions for more successful
business in the future. By collecting the financial information, true and fair presentation of
business efficiency can be examined.
4

1.2 Identification of business risks related to financial decisions
Risk related to a financial decisions refer to the possibility of a loss or default ion the
organization. Risk is one of the major factors which creates problem in front of company while
making the financial decision. There are various risk factors which affect the financial and
business decision of Dagenham. They are as followed-
 Macroeconomic condition of market – Market condition affects the revenue of company
in case of fluctuation or a slowdown in the market.
 Uncertainty of investment- There are high risk related to the uncertainty of firm's return
over its assets (Beck, Levine and Loayza, 2000). For example, the firm may or may not
receive the expected return for the capital.
 Credit Risk:- This risk is associated with the borrowing of the business going into default.
Investors may loss their principal and interest if any creditors refuses to pay the borrowed
money due to any reason (Jõeveer, 2013).
 Liquidity Risk- This risk arises when the asset or the commodity can not be easily traded
in the market. There can be loss in the assets liquidity or funding of the liquidity
(Brealey, 2012). These risk arise when asset cannot be sold in the market due to any
market risk and and when the asset does not meet the demand in the market, respectively.
 Market Risk- There are greater risk related to the market like, falling prices of the stock
of the company, high interest rates prevailing in the market, fluctuations in the foreign
exchange rate and rise in the price of the commodity like oil, gas and etc (Banerjee,
2015).
 Sales risk- It is affected when demand of company’s product as well as through the price
per unit of product (Guzman, 2015) falls. For example, company like Debenhams which
is a retail firm is having high amount of business risk due to uncertainty of demand of its
product in the market.
5

Other business risk includes demand variability, product quality, research and
development activities, input cost variability etc.
1.3 Summary of financial information that is needed to make strategic business decision
The finance department of company generates variety of financial information that is
helpful in the decision making. By proper collection of financial information, Debenhams can be
benefited in the following way. Decision Making- Financial information helps in deciding the business strategies for
example, ways to reduce cost can be figured by accessing the financial statements which
consists of the operating cost indulged in a certain product (Jõeveer, 2013). Facilitates Credit – Financial information helps a company or a business to make
decision about the credit requirements. There are many instances in which company
requires credit from the market or a lender. In these cases financial information provides
insights about whether a decision can be made to take credit from the marker or not.
(Kono and Barnes, 2015).
 Helps in calculation- With the help of financial information, managers can make
calculations about the feasibility of a certain decision. It is important for the company to
accumulate the feasibility and success of a certain decision made by the management and
the top level of the organization (Cheng and Humphreys, 2012). of the firm can make a
plan about all the measures that can be adopted to raise the profitability of company.
 Improves purchasing skills - Financial information helps in deciding the time and cost to
purchase a new capital assets (Davison and Warren, 2009). For example, if Debenhams is
planning to expand its business then in that case, company wants to purchase new capital
asset. Financial information collected from the balance sheet and cash flow statement will
help in making the right purchase decision.
TASK 2
2.1 Defining purpose, structure and content of published accounts
The purpose of financial statement is as under:
Financial statement is prepared by company in order to present the information in front of
internal and external stakeholders (Drake and Fabozzi, 2012). The other main purpose of
6

published accounts of Debenhams is to provide information regarding financial efficiency and
health of company to all stakeholders.
Structure of the published accounts of Debenhams is like:
Balance sheet of company shows the exact position of Assets and Liabilities under the
sub headings in various major heads like current assets and non-current assets under the heading
of assets. Current liabilities, non-current liabilities and shareholders’ equity come under the head
of liabilities.
7

Income statement analysis provides information to investors regarding the financial
position of company (Sorge, 2011). Income statement of the organization includes two aspects
that are debit side and credit side. Debit side shows all the expenses that are incurred by the firm
and credit side shows all the profits and earnings of company.
Content of published account of Debenhams includes:
 Consolidated financial statement which gives information regarding the financial position
of organization (Annual report of Debenhams plc, 2014).
 It contains the information regarding assets and liabilities of firm which is required by the
investors and other stakeholders to identify its efficiency.
 It contains the record of financial summary of company in the form of consolidated
balance sheet, income statement and cash flow and the accounting ratio.
8

 It contains the details of new and discontinued company's operations.
 Key performance indicators.
2.2 Interpreting information in these accounts
Published accounts of Debenhams provide ample of financial information to the manager
of company as well as to other stakeholders. Income statement of Debenhams interprets the
information regarding income and expenditure of business operations. Along with this, cash flow
statement of company provides information regarding inflow and outflow of cash activities in the
business. It assists the manager in making effective decisions regarding firm’s expansion and
other investment decisions which contributes in accomplishing the goals of Debenhams
(Brigham and Ehrhardt, 2013). In contrary to this, assets and liabilities side of balance sheet
provides information to the investors about liquidity and financial performance of organization.
It assists in rendering realistic view about the operations of company to shareholders, suppliers
and other stakeholders to attract them in making investment in Debenhams and in purchasing its
shares which results in increasing the revenue of company (Banerjee, 2015).
2.3 Calculating financial ratios from the accounts and the way in which they support strategic
decision making
Table 1: Ratio analysis of Debenhams (In £ 000')
Ratios Formula 2014 2013
Profitability ratios
Gross profit 279 300
Net profit 87 116
Net revenue 2,313 2,282
Gross profit ratio
(Gross profit/Net
revenue) 12 13
Net Profit Ratio (Net Profit/ Net revenue) 3.77% 5.08%
Liquidity ratios
Current Assets 486.3 470.5
Current Liabilities 758 741.9
Current Ratio
(Current Assets /
current Liabilities) 0.64 0.63
Inventories 345.70 357.90
9

Quick ratio (CA-Inventories/CL) 0.19 0.15
Efficiency ratios
Net revenue 2313 2828
Total Assets 2148 2133
Total Assets turnover
ratio
(Operating revenue/
Total Assets) 1.08 1.33
COGS 2033 1983
Inventory 346 358
Inventory turnover ratio (COGS/Inventory) 5.88 5.54
Gearing ratios
Debt 623 647
Equity 767 744
Debt Equity Ratio (Debt/ Equity) 0.81 0.87
The profitability ratio of Debenhams depicts company's position and profits in the
financial year. The gross profit ratio of Debenhams decreased in 2014 as compared to 2013. It
shows the efficiency of company to convert the sales into actual profits. The higher the ratio,
more effective will be the firm at its cost control (Annual report of Debenhams plc, 2014). The
net profit ratio of Debenhams decreases in 2014 as compared to 2013 which is because of the
operating inefficiencies or poor cost control of company.
Liquidity ratio of the organization depicts the liquidity position of organization. Current
ratio of company has increased in 2014 as compared to 2013 but still liquidity position of firm is
not sound which is below the ideal current ratio that is 2:1. On the contrary, quick ratio is
generally calculated to measure the ability of company to meet its short term financial liabilities.
Debt equity ratio of the firm indicates that organization raises its capital mostly through
equity capital. Low debt equity ratio is preferable. The debt equity ratio of Debenhams decreases
in 2014 as compared to 2013. Thus, it can be said that Debenhams is performing quiet well.
Efficiency ratio of company indicates the extent to which a business is managing its
assets in an effectual manner. Asset turnover ratio of company shows that the firm has failed to
make efficient use of its assets in 2014 which is less as compared to 2013 (Annual report of
Debenhams plc, 2014). But inventory turnover ratio increases as compared to 2013 which
depicts that Debenhams is maintaining its inventory level.
10

By this ratio, Debenhams can make the decisions to control the cost. If company
increases its net profit, then it can save some amount as the reserve. This reserve amount can be
utilized for its expansion purpose. The debt equity ratio shows that company is managing its
source of fund from internal or equity financing rather than borrowing from the other debt
sources. By the ratio calculation, actual performance of company is identified by which firm can
take various strategic decisions like expansion, modification in current strategies investment,
purchase of new machinery etc.
TASK 3
3.1 Difference between long and short term financial requirement of businesses
Short-term requirement of funds is to meet the current needs of organization. On the
other hand, long term requirement of funds are for meeting the long term needs of enterprise.
Short-term requirement of funds is to fulfil the current expenses of company like payment of
wages, salary etc. In contrast to this, long term requirement of fund is for expansion, investment,
new launching of product, purchase of fixed assets like building, machinery, furniture etc.
Debenhams is planning to expand its business; in that case, it requires long term sources of
finance (Moyer, McGuigan and Rao, 2014). Short term requirement of fund is for performing the
tactical decisions while long term requirement of funds is for the strategic decisions. Company
can delay to pay to suppliers but sometimes, they demand for the quick payment of raw materials
or finished goods that they have supplied. In that case, to fulfil the short term requirement of
funds, company has to arrange funds from short term sources of finance. Short term financing is
a fast and flexible way for companies to obtain working capital for the daily operations of
business in case when there is insufficient amount of cash flow. In contrast to this, it is quiet a
big procedure to arrange the funds from long term sources of finance. The funds sourced for
short term requirement for Debenhams will not allow it to get the tax benefits. But, in case of
long term sources, that is, debt, Debenhams can enjoy tax saving on the interest on debt.
3.2 Comparison between long and short term source of finance
Basis Long term source Short term source
Time period It is of more than 5 years. It is for less than 1 or less than
11

a year.
Requirement It enables company to achieve
its long term requirement of
funds.
It enables to achieve short term
requirement of the firm.
ObjectiveLong term sources of
finance prove to be beneficial
for high investment projects
(Difference between long term
and short term financing, 2015).
It provides help in fulfilling the
routine financial needs of
company.
Sources Shares, debentures, long term
bank loan, retained profits etc.
Bank loan, trade credit,
account receivable, bank
overdraft etc.
Interest rate Higher interest rate Lower interest rate
Accessed This can be arranged through
stock exchange, unit trust
companies, development banks
etc.
This is accessed through
money market which includes
commercial bank, discount
houses, merchant bank etc.
(Difference between long term
and short term financing,
2015).
3.3 Cash flow management techniques and assessment of the reason for which the management
of cash flow is so important
Management of cash flow plays an important role in making the financial and business
decisions of company. Debenhams can manage its cash flow effectively by taking into
consideration various techniques described below.
 Management of working capital- To mange cash flow it is important to mange the
working capital requirements of the company. A business requires working capital to pay
12

off cost and expenses incurred by the organisation (Carlin and Ford, 2014). If the firm
uses excess of working capital it may create shortage of cash which will not be a ideal
situation for the business. Thus it is evident that management of working capital
techniques assist Debenhams in managing its cash inflow and outflow activities.
 Management of business risk- This techniques requires the company to analyse the
predicable risks that may prove vulnerable for the organization. The mangers will be
required to plan for the risk that are predictable by estimating companies position in the
market (Sorge, 2011). For example, availability of cash for the new operation line or
meeting the deadline of the client are the risk that are generally encountered by an
organization. This techniques lets the manger in understanding the estimated risk and
take precautionary measures by analysing and proper understanding.
 Management of payable and receivables- Another technique is to mange the receivable
and payable of the company. For this the manger will have to pay attention on recoding
for example, any sale performed by the company must be immediately recorder. Or on
the other hand the manger can try to carefully analyse the creditors payment terms.
Whether the payment have been received or it is delayed, is a important aspect that be
timely rerecorded in the cash flow (Berk and et.al., 2013). Company needs to collect its
payment as quickly as possible which facilitates the investment of cash in other
productive activities of organization and maximizes the time period to pay to its debtor so
that cash can be managed .
TASK 4
4.1 Considering different business ownership structures and roles and accountability of owners
and managers in making decisions Limited Company- Financial statements which is prepared by the limited company
includes profit and loss account and the balance sheet. Sole proprietorship- It is the simplest form of business which is run and controlled by
one single person (Brealey, 2012). Balance sheet, statement of owner’s equity, cash flow
statement and income statement are prepared by sole proprietors.
13

 Partnership- It is a written agreement relationship between two or more people for
carrying out a business with common objectives and goals (Moyer, McGuigan and Rao,
2014). There are no such legal requirements in forming a partnership but partners have to
sign a Deed of Partnership. The financial statement prepared by Partnership includes
Income Statement, Statement of Partner's Capital and Balance Sheet.
In Debenhams, owner and manager plays an important role in making effective decision
which contributes in accomplishing the organizational goals and objectives. It is the
responsibility of main owner and top level authority of company to make sound policies and
strategies which makes a way for company in getting success (Annamalai and Jain, 2013). Along
with this, owner and manager of Debenhams are responsible for their business decisions whether
it is good or bad for company. Effect or success of their decisions is analysed by increasing the
sales as well as profits.
Comparison based on roles and accountability of owners.
Limited Company Sole proprietorship Partnership Role of owners: In the
limited company the
owners are separate
entity from the
company (Davison and
Warren, 2009). Owners
are not liable for any
losses and expenses
incurred on the account
of the company. They
have limited liability
which is accounted as a
part of salary and
remuneration received
 Role of owners: A sole
proprietor pays all the
responsibilities of the
business. He/she has to
perform all the duties
on behalf of his/her
business venture. He
has to regulate and
monitor the business
activities performed by
him/her. For example,
in case of making
payments, performing
sales and managing the
 Role of owners: In a
partnership form there
are more then one
partners who are
responsible to run the
business. Owners share
the profit ratio and
receive the profits in
accordance to the same.
They take decisions on
mutual basis and only
in absence of any one
owner other
owner/owners are
14

by them. Accountability of
owners: Owners in a
limited company are
accountable for the
decision and strategies
formulated by them.
Although is a separate
entity but it is artificial
being, i.e. it cannot
take any decisions.
Thus owners are liable
for the affect of any
decision taken by them.
inventory is all done by
the proprietor
himself/herself
(Annamalai and Jain,
2013).
 Accountability of
owners: He/she is
accountable for the all
the losses and expenses
incurred in the
business. As business
is not a different entity
in the eyes of law, any
discrepancy that occurs
on behalf of the
proprietor or the
business is liable to be
responded by him/her.
entitled to frame
decision for the
company. There is a
shared responsibility
on account of any
business activity.
 Accountability of
owners: Owners are
accounted for the
losses that the business
faces (Moyer,
McGuigan and Rao,
2014). The loss is to be
shared in the ratio
signed in the
partnership deed. It is
due the fact that the
partnership firm and
the owners have a
identity interconnected
to each other.
4.2 Evaluation of methods for appraising strategic capital or investment projects
Investment appraisal techniques can be used as a technique in making effective decisions
while making the selection of particular project. It also assists in evaluating the effect of
investment project on cash flow of company. For making the investment decisions, Debenhams
can use Net present value techniques, Average rate of return and Payback period (Barnes, 2006).
The detailed description of these investment techniques are as under:
15

Net present Value- NPV works as an indicator that shows the expected value of
investment proposal which will be going to generate in future span of time. For calculating NPV,
deduct initial investment from the total present value of cash inflow.
Table 2: Net present value for Project X
Years
Net cash
flows(£)
Discounting rate of
10% Present value(£)
1 46000 0.909 41814
2 51000 0.826 42126
3 48000 0.751 36048
4 65000 0.683 44395
Total present value 164383
Less Initial investment 100000
Net Present value 64383
Table 3: Net Present value for Project Y
Years
Net cash
flows(£)
Discounting rate of
10% Present value(£)
1 47000 0.909 42723
2 49000 0.826 40474
3 55000 0.751 41305
4 62000 0.683 42346
Total present value 166848
Less Initial investment 100000
Net Present value 66848
Evaluation- Project Y has higher NPV in comparison to Project X. So, Debenhams can
select Project Y with higher NPV which means that Project Y will give higher returns. This
shows that the project will be able to generate earnings in the future, and the projected earning
may exceed the anticipated cost which is consider profitable for the prospect of the business.
Average Rate of Return- ARR helps in estimating or evaluating the profitability that
can be gained through investing in the project. If average rate of return is equal to or less than the
required rate of return then in that case, project is acceptable (Kaplan and Atkinson, 2015). Thus,
ARR with higher percentage is selected.
Average profit for Project X = 46000+51000+48000+65000/4=
210000/4
16

=52500(£)
Average profit for Project Y = 47000+49000+55000+62000/4=
213000/4
=53250(£)
ARR (Average Profit/Average Cost)*100
Table 4: Average Rate of Return for Project X and Y
Project X Project Y
ARR= 52500/100000*100=52.5% ARR= 53250/100000*100=53.25%
Evaluation-Through the calculation, it is found that ARR for Project X is 52.5% whereas
for Project Y, it is 53.25%. So, project with higher ARR i.e. Project Y is recommended to
Debenhams. It is because only a higher ARR generated project is said to be profitable for the
future aspect of the business. Thus, Project Y will tend to be more profitable for the business
investment.
Pay Back period- Pay back method assists in evaluating the project by calculating the
time which is taken to recover the amount that is initially invested (Srinivasan, 2012). In case of
payback period, project with less time period will be preferred by the firm.
Table 5: Payback period for Project X
Initial
Investment Project X Cumulative
frequency
-100000
Year 1 46000 -54000
Year 2 51000 -3000
Year 3 48000 45000
Year 4 65000 110000
Payback period= A+B/C
2+3000/48000
2.06 years
Table 6: Payback period for Project Y
Initial
Investment Project Y
Cumulative
frequency
-100000
17

Year 1 47000 -53000
Year 2 49000 -4000
Year 3 55000 51000
Year 4 62000 113000
Payback period= A+B/C
2+4000/55000
2.07 years
Evaluation- It can be depicted by the calculation of payback period that Debenhams can
go for Project X as the time taken to recover the initial investment is less in Project X as
compared to Project Y. As project X takes less times to recover the i9nevstment it is advisable to
choose this project as it is not ideal to spend more time on a projects that yields lesser return in
greater time period.
CONCLUSION
By summing up the project, it can be concluded that financial planning and information
plays a very important role in making the financial decision. Further, for the expansion purpose,
Debenhams can use long term sources of fund. Current ratio and debt equity ratio of Debenhams
states that the financial position and performance of company is sound. So, firm can take the
funds from long term sources. Besides this, it can also be inferred that investment appraisal and
proper cash management techniques help Debenhams in accomplishing the organizational
objective and in achieving long term success.
18

REFERENCES
Journal and Books
Annamalai, T. R. and Jain, N., 2013. Project finance and investments in risky environments:
evidence from the infrastructure sector. Journal of Financial Management of Property and
Construction. 18(3). pp. 251–267.
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.
Banerjee, B., 2015. Fundamentals of financial management. PHI Learning Pvt. Ltd.
Barnes, P., 2006. The use and analysis of financial ratios: a review article. Wiley-Blackwell.
14(4). pp. 449-461.
Beck, T., Levine, R. and Loayza, N., 2000. Finance and the sources of growth. Journal of
Financial Economics. 58(1-2). pp. 261-300.
Berk, J. and et.al., 2013. Fundamentals of corporate finance. Pearson Higher Education AU.
Brealey, R. A., 2012. Principles of corporate finance. Tata McGraw-Hill Education.
Brigham, E. and Ehrhardt, M., 2013. Financial management: theory & practice. Cengage
Learning.
Carlin, T. M. and Ford, G., 2014. Journal of Law and Financial Management--Editorial. Journal
of Law and Financial Management. 13(1).
Cheng, M. M. and Humphreys, K. A., 2012. The differential improvement effects of the strategy
map and scorecard perspectives on managers' strategic judgments. The Accounting Review.
87(3). pp. 899-924.
Davison, J. and Warren, S., 2009. Imagining accounting and accountability. Accounting, Auditing
& Accountability Journal. 22(6). pp.845 – 857.
Drake, P. P. and Fabozzi, J. F., 2012. Analysis of Financial Statements. 3rd ed.
John Wiley & Sons.
Jõeveer, K., 2013. What do we know about the capital structure of small firms?. Small Business
Economics. 41(2). pp. 479-501.
Kaplan, R. S. and Atkinson, A. A., 2015. Advanced management accounting. PHI Learning.
Moyer, R. C., McGuigan, J. and Rao, R., 2014. Contemporary financial management. Cengage
Learning.
19

Smit, H. T. and Trigeorgis, L., 2012. Strategic investment: Real options and games. Princeton
University Press.
Sorge, M., 2011. The nature of credit risk in project finance. BIS Quarterly Review, December.
Srinivasan, P., 2012. The value relevance of consolidated financial statements in an emerging
market: The case of India. Asian Review of Accounting. 20(1). pp.58 – 73.
Wheelen, T. L. and Hunger, J. D., 2011. Concepts in strategic management and business policy.
Pearson Education India.
Online
Difference between long term and short term financing. 2015. [Online]. Available through:
<http://www.wisegeek.com/what-are-the-differences-between-long-term-and-short-term-
financing.htm>. [Accessed on 15th September 2015].
Kono, P, M. and Barnes, B., 2015. Role of finance. [Online]. Available through:
<https://gbr.pepperdine.edu/2010/08/the-role-of-finance-in-the-strategic-planning-and-
decision-making-process/>. [Accessed on 15th September 2015].
Guzman, O., 2015. Business risk and financial risk. [Online]. Available through:
<http://smallbusiness.chron.com/differences-between-business-risk-financial-risk-
100.html>. [Accessed on 15th September 2015].
Annual report of Debenhams plc. 2014. [Online]. Available through:
<http://media.corporateir.net/media_files/IROL/19/196805/agm2014/annual_report_and_a
ccounts.pdf>. [Accessed on 15th September 2015].
20