Bovis

Business Analysis Report: A Comparative Study between Bellway & Bovis Homes

Abstract

This is a business analysis report which is based on comparative analysis. For the study purpose, two organizations are taken, i.e. Bellway and Bovis Homes. Both these firms are UK based and deal in construction industry. In this context, various methods are applied in this paper which has supported to get the effective research outcomes.

For analysing the performance of both the firms, researcher has utilized horizontal, vertical and trend analysis. In like manner, SWOT analysis, CSR and valuation analysis have also taken place.

These methods have supported to evaluate the financial position, performance, cash flows, CSR and valuation of both the firms which has supported towards comparing both the firms. In this research paper, Bellway is taken by the researcher as a primary firm and Bovis Homes as a comparator firm.

This study enabled to understand that the major aim of any business is to enhance the company wealth while giving concern towards shareholders’ interest. It is analysed that stakeholders analyse the organizational performance of the firm while doing investment.

In this context, financial analysis remains highly assistive to utilize the firm’s information to identify the firm position. This study is based on theoretical as well as practical analysis.

While conducting the literature review, researcher has referred various past data from the blogs, novels, articles, annual reports, etc. which has supported to get the understanding regarding the research topic from the point of view of various past researchers.

In like manner, utilization of SWOT analysis has supported to evaluate the strength, weakness, opportunities and threats of both the firms. In like manner, different financial analysis methods have supported to evaluate the financial performance of both the firms while utilizing various data, facts and figures from the annual report which has supported to get the relevant research outcome.

Additionally, it has enabled to conduct comparative study in an adequate manner.

Introduction

Dewachter, et al. (2015) depicted that the major aim of any business is to increase the company wealth while increasing the shareholders interest. To identify the organizational performance, various analyses takes place by the firm as well as investors to evaluate the organizational performance in the industry in which the firm is dealing.

For this purpose, financial analysis remains helpful as it enables the firm to utilize the information of the firm’s financial statements and reports to identify the firm position. At the same time, accounting ratios are also used by the firm as other sources to collect the information regarding the business to compare it in an effective manner (Słyś and Kordana, 2014).

For ratio analysis, firms utilises past information which allows the manager to relate the firm performance with the competitors’ performance. Financial analysis supports the investors to evaluate the current position of the business in the market while creating effective business strategies.

It enables the firm to outline the future goals while introducing the changed processes which enables towards the improvements while supporting the firm to lead in the direction of the shareholders’ interest (Abu-Bakar, et al., 2014).

Financial analysis not only supports towards the improvement of financial performance but also supports to offer the clear picture to the existing investors regarding the firm current position.

Financial analysis enables the firm to give consideration towards making the business policies more effective to increase the company benefit. It supports the firm to develop the strong strategies to position the firm in the changing market environment in an effective manner to attract the investors and other stakeholders of the firm while giving consideration towards financial and dividend policies.

At the same time, Chen, Kim and Yamaguchi (2014) depicted that SWOT analysis is one of the great method of analysis as it enables the firm to measure the internal and external environment of the firm.

It supports the business to operate effectively in the changing market environment while offering the strategic capabilities to the firm to eliminate the chances of the risk factor. SWOT analysis enables the firm to focus towards strengths and opportunities to utilize it in the manner to eliminate the threats and risk to decrease the challenges of the business while exploring the positive aspects (Glass, Kruse and Miller, 2015).

SWOT analysis remains effective towards the strategic planning and enables the firm to evaluate how new opportunities can remain assistive to reduce the weaknesses and threats while focusing towards the strengths of the firm (Brooks, Heffner and Henderson, 2014).

Combination of strengths and opportunities enables the firm to create strong base towards developing a solid base to determine the position of a business while considering the future prospects.

In this research paper comparative analysis has taken place between Bovis Homes and Bellway. To identify the performance of both these companies, researcher has utilized horizontal analysis, vertical analysis and trend analysis. These methods are applied while giving consideration towards the financial position, performance, cash flows, CSR and valuation.

Both these firms are dealing in construction industry due to this reason this study has taken place to get deep understanding regarding the construction industry of the UK. For this study purpose, Bellway is taken as a primary firm however Bovis Homes is considered as a comparator firm.

In this study, researcher has conducted literature review while focusing towards the past study outcomes related to the research topic. For this purpose, researcher has included blogs, novels, articles, annual reports, etc. which has supported to offer deep understanding regarding the research topic (Volk, Stengel and Schultmann, 2014).

In this research, researcher has only referenced the relevant research sources which has supported towards increasing the relevancy as well as the reliability of the research.

For analysing the performance of both the firms, researcher has utilized different business analysis method. SWOT analysis has enabled the researcher to evaluate the current strength, weakness, opportunities and threats of the firm and has assisted to critically analyse the business performance of the firms (Li, et al., 2016).

At the same time, different financial analysis method is used by the researcher to evaluate the performance of both the firms to identify that which organization is more suitable for the future investments.

Company Background: Bellway

Bellway is the UK based firm, which is dealing in construction industry. It one of the major residential property developer firm and it is listed on the London Stock Exchange. Moreover, this firm is also a part of the FTSE 250 Index. Bellway was introduced in the year 1946 by John Thomas Bell.

Since the formation of Bellway has built more than 100,000 homes (Bellway, 2016). This firm is name fame organization which is well-known throughout the industry on the basis of constructing quality homes. The main aim of the firm is to build quality of homes to create value for the money.

Initially, Bellway was a small firm which has grown up now as a big empire. According to the annual report of the firm, it is identified that in the year2015/16, firm has sold 8,721 homes, which is a big achievement. Not only this, but also in this time span firm has paid £105.4 million in dividends and has employed approx. 2,366 employees (Bellway, 2016).

Bellway is a firm which is dedicated towards constructing and selling the homes while offering high quality which can suit the local housing styles as well as the customers’ budgets and requirement.

To make the home budget friendly, firm offer one-bedroom apartments to five-bedroom family homes. Firm also offers the housing facility to social housing and housing associations (Bellway, 2016).

To create an effective strategy at a global platform, firm is focused towards offering quality housing at a low price, which enables the firm to create competitive advantage and supports towards the development of long-term sustainability in the industry (Bellway, n.a). Bellway has a strong balance sheet as well as great operational capacity which enable to create sustainability in the ever-changing UK construction market environment.

Bellway has 19 geographically spread divisions. From the long time span, it is identified that there is a structural shortage of homes in the context of the UK. However, Bellway has shown favorable position instead of this backdrop. This firm is continuously growing and showing its contribution towards the supply of new homes (Bellway, 2016).

Company Background: Bovis Homes

Bovis Homes (2016) depicted that Bovis Homes Group plc is a leading British house building firm. It is New Ash Green, Kent based organization and listed on the London Stock Exchange while being a part of the FTSE 250 Index.

Bovis was introduced in the early 1950s and in the year 1967 firm has shown the modest house building. In the year 2016, Bovis Homes has faced difficult situation and faced the operational challenges due to focusing towards ambitious growth.

However, company has achieved strong growth in the first half of the year 2016, however it become unable to deliver the anticipated unit sales as well as customer service performance under the second half (Bovis Homes, 2016). Due to this reason, firm has to face the situation of fall in earning.

The reasons found behind this situation was inadequate performance in the context of production processes as it was not sufficiently robust to cope up with the increased pressures regarding the growth strategy and the shortage of resources across the industry.

Moreover, firm was not become able to design the customer service in an effective manner and was dealing with only the basis of ‘customer first’ culture. However, in the year 2017, firm has shown great improvement by addressing the company shortfalls which has supported to deliver significant and urgent improvement and has increased the customer satisfaction too (Bovis Homes, 2017).

Firm has shown strong market positioning while focusing towards high quality. At the same time, firm has included fundamental review regarding the company structure and strategy in the year 2017. It has also included geographic coverage, effective organization design, effective capital allocation, etc. to increase the company growth and to attract the stakeholders.

Literature Review

In this chapter of research, different types of analysis will be discussed in which SWOT analysis, financial analysis and corporate social responsibility will be considered. In addition, this literature review will also discuss about the industry in which both firms are operating their business across the world.

In the research study of Bull, et al., (2016), SWOT analysis is an examination of the organization under which organization strength, weakness, opportunity and threat is analyzed. SWOT analysis is described as a useful tool that helps in generating the strategic options and future course of action for the company.

According to Hollensen (2015) SWOT analysis is a effective technique which help experts in assessing the organization from a critical point of view. In simple words, SWOT analysis is done with an aim to understand the organization internal and external environment.

In support of this, Yuan (2013) stated that in SWOT analysis, the strength of the business denotes the positive & distinctive aspects which help in gaining the competitive advantage.

On the other hand, Brooks, et al., (2014) depicted that weakness of the business demonstrates the negative aspects of the business efficiency and in business; opportunity also indicates the favorable conditions that arises due to strength and opportunity which is provided in external environment. In addition, threat in business depicts the unfavourable external environment for the business.

In oppose of it, Grant (2016) explained that SWOT analysis creates various negative drawbacks which are to be undertaken by the manager while conducting the research study.

At the same time, Valentin (2011) also agreed to above statement in which the researcher clearly stated that SWOT analysis brings challenge for the organization to meet as this analysis process demonstrates the clear picture of the company performance both internally and externally.

In the study of Zavadskas, et al., (2011), it is determined that SWOT analysis is conducted to analysis the potential risk for both the investors as well as for the suppliers that plays key essential role in development of company in competitive environment.

SWOT analysis helps in making strategic planning and using effective tools that support the company to manage and handle the opportunity and threat faced by the company in the external environment.

Alvarez, et al., (2016) illustrated that SWOT analysis helps in identifying the strategies which are related to development and growth of the business by achieving the goals and objectives. This SWOT analysis model is widely used by the organization in order to identify the events related to the strength, weakness, opportunity and threat.

According to Gao, & Low (2014), it is identified that there is a need of improvements in SWOT analysis while including Multiple Criteria Decision Support (MCDS) methods as it will support towards increasing the effectiveness of SWOT analysis and enables the firm to evaluate the organization performance in an adequate manner.

In the views of Kazana, et al. (2015), SWOT analysis model remains highly assistive towards structured analysis and enables to analyse strengths and weaknesses of the firm on the basis of value-creating events.

However, for conducting the SWOT analysis, it is essential to refer relevant data sources which enable to evaluate the data outcome in an effective manner. Moreover, it supports the firm to analyse the strengths, weaknesses, opportunities and threats in an effective manner.

At the same time, Tukundane, et al. (2015) depicted that including additional analysis tools remain highly assistive to increase the affectivity while giving deeper understanding regarding the different parameters which need to be analysed. For this purpose, firm needs to utilize Porter’s 5-Forses, BCG matrix, Ansoff Matrix, balanced scorecard, and many other analysis methods.

On the other hand, Gao, & Low (2014) argued that SWOT analysis supports towards constructing effective planning and the planning created by the SWOT analysis alone, remains helpful towards the achievement of the organizational objectives in an adequate manner.

Due to this reason, decision-makers give huge focus towards SWOT analysis as it supports to identify that the objectives are attainable or not. So, if the management does not find the objectives attainable, then the selection of different objectives should be taken place.

In this context, De Knop, & Meunier (2015) stated that while creating SWOT analysis, it is essential for the managers to ask the questions from himself regarding the development of meaningful information to evaluate the strengths, weaknesses, opportunities, and threats of the organization.

Further, this research study also discusses about financial analysis of the business. To evaluate the performance of business, financial analysis is conducted in order to identify and collect the information about the financial condition of the business in the competitive environment.

In addition, Vogel (2014) stated that financial analysis is used as a tool in the organization for evaluating the financial reports and statements of the business.

For determining the market position of the company, financial analysis is done in which financial information of the company i.e., past and present financial information is compared in order to identify the difference in the performance of the company.

Moreover, Haider, et al., (2015) explained that financial analysis is effective and important tool that help investors, creditors and customers to know the actual financial condition of the company in highly competitive market.

In contrast to it, Beatty & Liao (2014) determined that conducting financial analysis is difficult and becomes disadvantage for the organizations as it elaborates and shows the clear picture of the organization financial condition and performance.

This analysis is disadvantage for the organization and for other stakeholders as financial analysis sometimes mislead the users as there are chances that information which is evaluated with the help of financial analysis is accurate and reliable. In support of this Cucchiella & Rosa (2015), financial analysis only helps in identifying the quantitative information about the financial affairs of the organization.

On the other hand, Bodie (2013) financial analysis helps in determining, predicting, comparing and evaluating organization ability efficiently and effectively.

The evaluation and analysis of financial information helps managers in making decision related to financial investment in the organization. For doing financial analysis, financial statements are analyzed and evaluated with the help of accounting tools i.e., accounting ratio which helps in identifying the current and profit ratio. While studying the research study of Almazari (2012), clearly highlighted that financial analysis is conducted with one main objective.

This objective is to provide the accurate and relevant financial information to the managers of business unit with a purpose to make decision and identify actual financial performance.

In support of this, Montiel, et al. (2015) depicted that to improve the representativeness as well as accuracy of financial information. For this purpose, there is a need of using various tools to combine the financial statements.

It supports the investors to utilize alternative market information while utilizing the statistical tools. It enables towards time series decomposition while applying the theories of financial and economic parameters.

Moreover, accounting ratios are the main techniques which are utilized by the firm. It enables towards analyzing the financial data for the purpose of the development of more informative financial statements. This strategy remains informative for non-professionals too.

According to the views of Doss, et al. (2013), comparison of past and expected ratios for the similar business type supports to indicate the areas where there is a need of improvement. It enables to eliminate the deteriorations in business. There are several groups of ratios which are analysed under financial analysis such as profitability ratios. These ratios allow evaluating the business from different perspectives.

At the same time, Rudolf, & Papastergiou (2013) identified that horizontal analysis and vertical analysis are also remain assistive for performance analysis.

In support of this, Isberg, & Pitta (2013) depicted that horizontal analysis supports to judge the financial data and ratios while giving consideration towards the number of periods which supports to evaluate the current trends while evaluating the unexpected deviations for the purpose of the future investigations.

On the other hand, vertical analysis supports to evaluate various inputs in statements while giving consideration towards the percentage of a single main variable. Financial analysis is one of the powerful tools which support the firm to identify the current situation of an organization in the industry in which the firm is dealing (Duguma, 2013).

It supports the investors to analyse the ability of the firm before investing. At the same time, it supports the firm to analyse the payback period of the debt while giving concern towards the recovery of the debts. Financial analysis supports the firm to attract the interest of the debtors and creditors too while attracting towards cash flow measures.

It supports to develop the interest of the investors to develop the continuance of issue of the dividends and growth. Moreover, it supports the management to prepare the ongoing analyses of the firm to plan the future strategies as per the changing market need.

On the other hand, regulatory authorities enable to give focus to checking the financial statements while conforming various accounting standards (Isberg, & Pitta, 2013).

In the views of Lindgreen & Swaen, (2010) CSR is the emerging concept that is widely used by the companies in the current scenarios because today’s customers is holding those companies that provides material products with the quality services and at the same time those companies that follows the social responsibility towards the society.

Such practices of the companies attract the maximum number of customers. Due to this, new entrant companies also start to incorporate the concept of the CSR in their business operations.

Basically, CSR consider as an ethical business approach that support the sustainable development by delivering the social, economic and environmental benefits to all the stakeholders that is attached to the company.

In support of this, Carroll & Shabana, (2010) stated that CSR activity helps in creating the value for the shareholders as well as for the society through adopting the sustainable practices like using of green products and production process for reducing the growing environmental issues.

Thus, such practices will be proving beneficial for the society welfare and economic growth.

In the research of Du, et al., (2010), it is determined that CSR activity provides various advantages to the companies as well as the society. In case of companies, it will assist the company to create the brand value in the market and create the positive goodwill among the customer.

Increasing brand reputation will generate the financial wealth of the shareholders of the company so it will result in achieving the high profits. Similarly, Barnea & Rubin, (2010) described the three reasons for a firm to use the CSR strategy. First one is that charitable activity will attract the potential profits for the business.

Second one is that it is a symbolic activity that provides benefit to the company bottom line and lastly, CSR enhances the customer base of the company. Thus these are the causes that show how much CSR is profitable to the company.

In addition to this, Dhaliwal et al., (2011) depicted that CSR strategy also prove helpful for the business in terms to understand the market and customer needs as in the CSR activities, company can get various chances to interact with the maximum people in a regular manner and such activity would assist the company to understand the current needs of the society.

As per the needs, company develop their strategy that provides various benefits to the company in the form of generating the profits and enhancing customer base (Bénabou & Tirole, 2010).

At the same time, CSR activities also help in meeting the needs of the society through providing quality offering with affordable price. These practices will contribute towards the society development. Thus, this concept will be proving beneficial for both companies as well as for society.

Ratio Analysis

The ratio analysis is used for representing the fractions of different elements by underlining the quantitative analysis of company’s financial statement. The efficiency, liquidity, profitability and solvency ratio is evaluated for identifying the financial performance of the company.

(A) Liquidity Ratios:-

The liquidity ratio determines the ability of the firm to repay its short terms debts and obligations. The ratios such as current ratio and quick ratio are calculated for outlining the financial position of the company.

Current Ratio = Current assets ÷ Current liabilities

Quick ratio = (Current assets – Inventories) ÷ Current liabilities

The current ratio determines the ability of the company to pay its short terms obligations and liquidity ratio outline the ability of the company to pay short term liabilities with the liquid assets.

The calculation of liquidity ratios is presented in the following table for Bellway and Bovis Homes:-

Bellway

Liquidity Ratios 2012 2013 2014 2015 2016
Current ratio (Current assets  ÷ Current liabilities) 4.27 4.21 3.56 3.51 3.59
  Current assets 1,492,389.00 1,594,908.00 1,930,694.00 2,289,384.00 2,720,842.00
  Current liabilities 349,362 378,713 542,785 653,126 757,610
Quick ratio (Current assets -Inventories)  ÷ Current liabilities 0.26 0.21 0.20 0.24 0.23
  Inventories 1,399,843 1,513,527 1,822,682 2,135,298 2,548,339

 

Bovis Homes

Liquidity Ratios 2012 2013 2014 2015 2016
Current ratio (Current assets  ÷ Current liabilities) 4.65 4.57 4.47 3.75 3.54
  Current assets 959,956 1,024,754 1,236,637 1,445,353.00 1,572,709.00
  Current liabilities 206,620 224,275 276,688 385,127 444,385
Quick ratio (Current assets -Inventories)  ÷ Current liabilities 0.47 0.24 0.40 0.33 0.28
  Inventories 863,597 971,016 1,125,518 1,318,520 1,449,165

 

From the above calculation, it can be analyzed that the liquidity ratio are calculated from the financial year 2012 to 2016. The current ratio and quick ratio for both the companies from the year 2012 to 2016 has been declined, which states that there is deterioration in the liquidity position of the companies.

Moreover, the current ratio for the companies is higher than 1 showing the effectiveness of the firm to pay short-term obligations on time (Bellway, 2012). The higher current ratio indicates that the company has sufficient fund in order to meet its requirement well on time.

On the other hand, the quick ratio of the companies is less than 1, which shows that there is some risk of going bankrupt because there is not proper management for cash in meeting day to day operations. It is expressed from the above table that Bellway has better liquidity as compared with Bovis Homes.

(B) Profitability Ratio

The profitability ratio underlines the financial state of the company as well as determines if the firm is capable in providing sufficient returns to its shareholders or not. The profitability situation of the firm assists in providing higher returns the associated stakeholders in the competitive business environment. The below table provides the calculated ratios:

Bellway

Profitability Ratios:  2012  2013  2014  2015  2016
Return on capital employed EBIT  ÷ (Total Assets -Current liabilities) *100 8.76

%

11.07% 17.06% 21.65% 25.36%
  EBIT 105,284 140,927 245,937 354,191 497,868
  Total Assets 1,551,865 1,651,655 1,984,506 2,289,384 2,720,842
  Current Liabilities 349,362 378,713 542,785 653,126 757,610
Net profit margin (Net profit ÷ Revenue) *100 7.89% 9.78% 12.88% 16.04% 17.98%
  Net Profit 79258.00 108,572 191,424 283,149 402,902
  Revenue 1004227.00 1,110,676.00 1,486,394.00 1,765,405.00 2,240,651.00
Return on Equity (Profit before Tax ÷ Equity) 0.01% 0.01% 0.02% 0.02% 0.03%
  PBT            105.28          140.93 245.94 354.19 497.87
  Equity 1,133,135 1,218,838 1,366,130 1,575,978 1,867,082

 Bovis Homes

Profitability Ratios:  2012  2013  2014  2015  2016
Return on capital employed EBIT  ÷ (Total Assets -Current liabilities) *100 6.60% 9.04% 12.99% 14.16% 13.05%
  EBIT 54124 78795 133484 160,065 154,714
  Total Assets 1,027,301 1,096,284 1,304,416 1,515,519 1,630,326
  Current Liabilities 206,620 224275 276688 385127 444385
Net profit margin (Net profit ÷ Revenue) *100 9.60% 10.80% 13.00% 13.52% 11.46%
Net Profit 40857.00 60,068 105,208 128,008 120,848
Revenue 425533 556000 809365 946504 1054804
Return on Equity (Profit before Tax ÷ Equity) 7.13% 9.72% 15.18% 16.71% 15.23%
PBT                              54,124.00   78,795.00 133,484 160,065 154,714
Equity 758,849 810,262 879,118 957,759 1,015,927

Return on capital employed: – It is a financial ratio, which helps in measuring the efficiency level of the company with which the capital is employed. It is evaluated that the return on capital employed for Bellway and Bovis Homes has increased form last four years in 2016.

Bellway has higher return on capital employed as compared to Bovis Homes (Bellway, 2014). Bovis Homes is not employing its capital effectively as well as not generating maximum shareholder value as compared with Bellway.

Net profit Margin: – This ratio helps in determining about the earning percentage of total sales. The profit margin ratio of Bellway is much better as compared with Bovis Homes because Bellway is able to maximize its profit margin at a tremendous increasing rate.

In addition, Bovis Homes has lower profit margin but the company is also able to increase its profit margin (Bovis Homes, 2014). It is concluded that the financial efficiency of Bellway is more stable and profitable because there is an increase in the total sales by the company in the competitive market.

The company also provides adequate returns to the shareholders and is able to attain its objective on time.

Return on Equity: – The return on equity measures the profitability margin of the company. It helps in providing the information in respective to the earning on the money invested by the investors.

It has been evaluated that the return on equity for Bovis Homes has been increased from the year 2012 (7.13%) to 2015 (16.71%) but in the year 2016 it has been decreased and reached to 15.23%. The increase in the ratio is considered effective for the company because there is an increase in the investment, which is considered good (Bovis Homes, 2016).

On the other hand, the return of equity for Bellway is increasing but at a consistent rate from 0.01% to 0.03%. Thus, it is evaluated that Bovis Homes is performing better than Bellway in terms of return on equity.

(C) Efficiency Ratio

The efficiency ratio helps in analyzing how the assets and liabilities are used by the companies. It helps in calculating the inventory turnover as well as asset turnover ratios. The current performance of the companies is evaluated with the assistance of efficiency ratio.

Bellway

EfficiencyRatios:  2012 2013 2014 2015 2016
Inventory turnover (Costs of Goods sold  ÷ Average Inventory) -0.60 -0.60 -0.64 -0.62 -0.65
  Costs of Goods sold -842,124 -907,380 -1,170,027 -1,330,599 -1,665,892
  Average Inventory 1,399,843 1,513,527 1,822,682 2,135,298 2,548,339
Asset turnover (Revenue  ÷ (Total assets – Current liabilities) 0.84 0.87 1.03 1.08 1.14
  Revenue 1004227.00 1,110,676.00 1,486,394.00 1,765,405.00 2,240,651.00
  Total Assets 1,551,865 1,651,655 1,984,506 2,289,384 2,720,842
  Current Liabilities 349,362 378,713 542,785 653,126 757,610

Bovis Homes

Efficiency Ratios:  2012 2013 2014 2015 2016
Inventory turnover (Costs of Goods sold  ÷ Average Inventory) -0.38 0.44 0.54 0.54 0.57
  Costs of Goods sold -328634 425693 612129 714196 819123
  Average Inventory 863597 971016 1125518 1318520 1449165
Asset turnover (Revenue  ÷ (Total assets – Current liabilities) 0.52 0.64 0.79 0.84 0.89
  Revenue 425533 556,000 809,365 946,504 1,054,804
  Total Assets 1,027,301 1096284 1304416 1,515,519 1,630,326
  Current Liabilities 206620 224275 276688 385127 444385

 

Inventory Turnover Ratio: – The inventory turnover ratio is calculated to identify the efficiency level of the companies through comparing the cost of goods sold with the average inventory for a particular period of time.

The ratio helps to examine the number of times the inventory is sold by the company. It has been evaluated from the above calculation that the inventory turnover (days) for Bellway is in negative and is treated as meaningless for the company.

On the other hand, it has been recognized that the inventory turnover ratio for Bovis Homes is initially negative but has increased in the coming years (Bovis Homes, 2012). Thus, Bovis Homes is able to manage its inventory in an appropriate manner.

Assets Turnover Ratio: – The other ratio, which is used for determining the managerial efficiency of the company is total assets turnover ratio. The capability of the company to generate high sales from the concerned assets is measured through assets turnover ratio.

It has been evaluated that there is an increase in the assets turnover ratio from the year 2012 to 2016 for Bellway as well as for Bovis Homes. It is analyzed that Bellway uses its assets more effectively as compared with Bovis Homes due to increase in assets turnover ratio (Bellway, 2016).

Moreover, Bellway is more capable to generate effective sales by managing its assets in an effective manner. The profit margin of Bellway is low as compared to Bovis Homes and is able to maintain high asset turnover.

(D) Shareholder Ratio

The shareholder ratio helps in determining how much shareholders will receive an amount in case the company is in the situation of liquidation. The ratio also helps in representing the total amount of assets on which the shareholders have a claim.

Bellway

Shareholder Ratios  2012 2013 2014 2015 2016
Dividend yield (Dividend per share ÷ Market price of share) 2.06% 1.74% 2.45% 2.53% 4.10%
  DPS (in penny) 16.44 24 37 61 86
  MPS 800 1,380.00 1,511.00 2,411.00 2,096.00
Price to earnings ratio (Market price of share ÷EPS) 12.27 15.52 9.67 10.45 6.39
  MPS 800 1,380.00 1,511.00 2,411.00 2,096.00
  EPS 65.2 88.9 156.3 230.8 328

Bovis Homes

Shareholder Ratios  2012 2013 2014 2015 2016
Dividend yield (Dividend per share ÷ Market price of share) 0.58% 0.76% 1.07% 2.27% 3.21

%

  DPS (in penny) 3.3333 6 9.5 23 26.3
  MPS 575 793 884.5 1,015.00 820
Price to earnings ratio (Market price of share ÷EPS) 19.17 17.66 11.25 10.71 9.11
  MPS 575 793 884.5 1,015.00 820
  EPS  30 44.9 78.6  94.8  90

 

Dividend yield: – The dividend yield ratio helps in determining the total amount of dividend that the company pay out every year with referred to its share price. The current year yield is estimated by using the dividend yield of last financial year.

From the above table, it is analyzed that the dividend yield of Bellway is greater than Bovis Homes (Bovis Homes, 2016). It is because Bellway pays its investors large amount of dividend as compared with the fair market value associated with the stock.

Price to earnings ratio: – The price earnings ratio is useful to measure the current market price of company share. It is estimated that the price to earnings ratio of Bellway and Bovis Homes is continuously declining from the financial year 2012 to 2016.

On the other hand, it is analyzed that Bovis Homes has higher ratio as compared with Bellway, which indicate that the company has higher performance and growth in the coming scenario (Bellway, 2012).

(E) Capital Structure

The capital structure outlines the particular distribution of debts as well as equity, which supports in making up the finances for the companies.

Bellway

Capital Structure    2012 2013 2014 2015 2016
Debt to Asset ratio Debt  ÷ Assets 0.27 0.26 0.31 0.31 0.31
  Total Debt 418,730 432,817 618,442 713,472 853,826
  Total Assets 1,551,865 1,651,655 1,984,506 2,289,384 2,720,842
Debt to Equity ratio Debt  ÷ Equity 0.37  0.36  0.45  0.45  0.46
  Debt 418,730 432,817 618,442 713,472 853,826
  Equity 1,133,135 1,218,838 1,366,130 1,575,978 1,867,082

 

Bovis Homes

Capital Structure    2012 2013 2014 2015 2016
Debt to Asset ratio Debt  ÷ Assets 0.26 0.26 0.33 0.37 0.38
  Total Debt 268,452 286,022 425,298 557,760 614,399
  Total Assets 1,027,301 1096284 1304416 1515519 1630326
Debt to Equity ratio Debt  ÷ Equity 0.35 0.35 0.48 0.58 0.60
  Debt 268,452 286022 425298 557760 614399
  Equity 758849 810262 879118 957759 1015927

 

Debt to Asset Ratio: – The debt to asset ratio assists in determining the financial leverage of the company. The ratio is used by the companies to identify the percentage of total assets, which are used by the companies in order to set the amount of creditors, liabilities as well as debts in the market. It has been analyzed that the debt to asset ratio for both the companies is increasing significantly.

It states that Bellway is able to make proper arrangement of debt and equity as compared with Bovis Homes and this helps the company to pay its long-term debts on time (Bovis Homes, 2014). In addition, Bellway is able to maintain good image in the market.

Debt to Equity Ratio: – The debt to equity ratio is use to measure the financial leverage of the company by evaluating the debts and assets of the company in the financial year. It has been identified that the debt to equity ratio of Bellway and Bovis Homes has been increased from the financial year 2012 to 2014 (Bellway, 2012).

The decline in the debt to equity ratio assists in eliminating the financial risk from the creditors and investors. It facilitates in increasing the efficiency of the companies in future. Thus, it is depicted that the debt to equity ratio of Bellway is better than Bovis Homes.

(F) Cash Flow Ratio

The cash flow ratio indicates the cash in the business, which is used to spread among the shareholder as well as for paying daily liabilities.

Bellway

Cash Flows ratios  2012 2013 2014 2015 2016
Total cash from operations -23,135 59,150 76,776 29,437 162,693
Total cash from investing -3,883 -1,854 1,197 957 13,404
Total cash from financing -34,981 -64,001 -57,545 -22,506 -158,620
Cash flow from operations to net sales ratio CFO ÷ Net sales 0.0062 0.0845 0.0840 0.0556 0.1113
  CFO 6,183 93,842 124,914 98,115 249,361
  Net Sales 1004227.00 1,110,676.00 1,486,394.00 1,765,405.00 2,240,651.00

Bovis Homes

Cash Flows ratios  2012 2013 2014 2015 2016
Total cash from operations  -23,010.000 -22,147.000 55,621.000 76,904.000 61,805.000
Total cash from investing -23,675.000 -2,547 -4,183.00 -1,187 1408.000
Total cash from financing  -8,106.000 12,323.000 -11,206.00 -95,984 -56,651
Cash flow from operations to net sales ratio CFO ÷ Net sales -0.0267 -0.0031 0.1026 0.1140 0.0938
  CFO -11,381.000 -1,732.000 83,075.000 107,889.000 98,957.000
  Net Sales 425533 556000 809365 946504 1054804

It is analyzed from the above table that the cash flow from operations to net sales ratio of Bellway and Bovis Homes is not showing a particular trend as it is increasing as well as decreasing with the change in the financial year. The cash flow facilitates in calculating the total cash generated from operating activities, financing activities and investing activities of the companies (Bellway, 2014).

There is an unstable financial situation in cash inflow as well as cash outflow for both the companies. It is analyzed that the cash flow of Bovis Homes is better than Bellway because it has more positive value and the company will grow in future.

Vertical Analysis

Vertical analysis consider as a method of financial statements in which each enter in categories in different parts like accounts, assets, liabilities and equities etc. Thus, this analysis assists the company to study the financial statements in a form of percentage.

Returns

Bellway

Profits 2012 2013 2014 2015 2016
Revenue 1004227.00 1,110,676.00 1,486,394.00 1,765,405.00 2,240,651.00
EBIT 105,284 140,927 245,937 354,191 497,868
PBT            105.28          140.93 245.94 354.19 497.87
Net Income 79258.00 108,572 191,424 283,149 402,902
  2012 2013 2014 2015 2016
EBIT 0.10 0.13 0.17 0.20 0.22
PBT 0.00 0.00 0.00 0.00 0.00
Net Income 0.0789 0.0978 0.1288 0.1604 0.1798

Bovis Homes

Profits 2012 2013 2014 2015 2016
Revenue 425533 556000 809365 946504 1054804
EBIT 54124 78795 133484 160065 154714
PBT 54124 78795 133484 160065 154714.00
Net Income 40857 60068 105208 128008 120848
  2012 2013 2014 2015 2016
EBIT 0.127191076 0.141717626 0.164924354 0.169111805 0.15
PBT 0.127191076 0.141717626 0.164924354 0.169111805 0.15
Net Income 0.096013705 0.108035971 0.129988324 0.135242957 0.1146

From the above graphs, it can be interpreted that bellway is more better as it provides more returns, that’s means investors attracts more towards the company as compare to Bovis.

Non-Current Assets

Bellway

2012 2013 2014 2015 2016
Non-Current Assets 59,476 56,747 53,812 60,346 96,216
Property, Plant & Equipment  11,407 11,328 12,493 14,774 14,904
Trade and other receivable 71,133 57,166 72,876 64,454 80,185
2012 2013 2014 2015 2016
Property, Plant & Equipment  0.1918 0.1996 0.2322 0.2448 0.1549
Trade and other receivable 1.1960 1.0074 1.3543 1.0681 0.8334

Bovis Homes

  2012 2013 2014 2015 2016
Non-Current Assets 67,345 71,530 67,779 70,166 57,617
Property, Plant & Equipment  11,910 13,526 13,634 13,982 11,870
Trade and other receivable 64,844 41,713 58,862 94,843 84,992
  2012 2013 2014 2015 2016
Property, Plant & Equipment  0.176850546 0.189095484 0.20115375 0.199270302 0.2060
Trade and other receivable 0.96286287 0.583153921 0.868440077 1.351694553 1.4751

From the above graph, it can be interpreted that the non-current assets of Bovis is increasing as compare to Bellway. As since 2012-2016, the property, plant & equipments, trade and other receivables both are increasing comparatively Bellway.

Current Assets

Bellway

  2012 2013 2014 2015 2016
Current Assets 1,492,389.00 1,594,908.00 1,930,694.00 2,135,298.00 2,548,339.00
Inventories  1,399,843 1,513,527 1,822,682 2,135,298 2,548,339
Trade & Other Receivables  71,133 57,166 72,876 64,454 80,185
Cash at Bank & in Hand  21,413 24,215 35,136 41,491 58,968
  2012 2013 2014 2015 2016
Inventories  0.938 0.949 0.944 1.000 1.000
Trade & Other Receivables  0.048 0.036 0.038 0.030 0.031
Cash at Bank & in Hand  0.014 0.015 0.018 0.019 0.023

 

Bovis Homes

  2012 2013 2014 2015 2016
Current Assets 959956 1024754 1236637 1445353 1572709
Inventories  863597 971016 1125518 1318520 1449165
Trade & Other Receivables  64,844 41,713 58,862 94,843 84,992
Cash at Bank & in Hand  24,396 12,025 52,257 31,990 38,552

 

  2012 2013 2014 2015 2016
Inventories  0.899621441 0.947560097 0.910144206 0.912247735 0.921
Trade & Other Receivables  0.067548929 0.040705379 0.047598446 0.065619264 0.054
Cash at Bank & in Hand  0.025413665 0.011734524 0.042257348 0.022133001 0.025

From the above graph, it can be interpreted that Bellway is more efficient in managing cash in hand as compare to Bovis Group Company. In short, this graph indicates that Bovis is facing more problems in meeting their future cash and at the same time, the Bellway able to meet their obligations in future.

Current Liabilities

Bellway

 

  2012 2013 2014 2015 2016
Current Liabilities 349,362 378,713 542,785 653,126 757,610
Borrowings  62,000 50,000 30,000 80,000 32,500
Trade and other Payables 272,542 310,408 483,033 535,396 674,610
  2012 2013 2014 2015 2016
Borrowings  0.1775 0.1320 0.0553 0.1225 0.0429
Other Current Liabilities  0.7801 0.8196 0.8899 0.8197 0.8904

 

Bovis Homes

  2012 2013 2014 2015 2016
Current Liabilities 206620 224275 276688 385127 444385
Borrowings  5,606 30,064 47,010 1,999 NIL
Trade and other Payables 198,620 212,926 261,436 363,936 420,220
  2012 2013 2014 2015 2016
Borrowings  0.027131933 0.134049716 0.169902562 0.005190496
Other Current Liabilities  0.96128158 0.949396946 0.94487654 0.944976592 0.9456

From the above graph, it can be interpreted that Bellway is successfully operating its business in comparison to Bovis group because Bellway has borrowing through which it can manage it other liabilities. Whereas Bovis homes have no borrowing in year 2016 which indicates that it can face difficulty in coming financial years.

Horizontal Analysis

Horizontal analysis is based on analytical approach or technique in which financial balance sheets items are compared between the financial years. This analysis is very effective as it help in evaluating the current financial trend of the companies by identifying the percentage change in the financial items in the financial year.

From below tables, it can be interpreted that horizontal analysis helps in determining that how companies are performing from last five years in highly competitive environment.

In concern to it, it is analyzed that Bellway has efficiently managed its total assets in which assets are increasing rapidly whereas in total liabilities of the company is also increasing which means that company is having large liabilities in comparison to Bovis Home Group (Bovis homes, 2016).

From the analysis, it is identified that current asset of Bovis Group is increasing with the increase in liabilities from last five years through which it is indicated that Bovis Home Group will provide its investors better opportunity to get high returns.

But from both companies, Bellway is more efficient and effectively growing tin the competitive market with high shareholder’s equity.

Horizontal analysis of Bellway Group
Particular 2016 £000 2015 £000 2014 £000 2013 £000 2012 £000   2013 2014 2015 2016
Non-current assets 33350 48141 53812 56747 59476 -5% -10% -19% -44%
Current assets 2687842 2241243 1930694 1594908 1492389 -6.87% 29.37% 50.18% 80.10%
Total assets 2720842 2289384 1,984,506 1,651,655 1,551,865 6.43% 27.88% 47.52% 75.33%
 
Current liabilities 757610 653126 542785 378713 349362 8.40% 55.36% 86.95% 116.86%
Non-current liabilities 96216 60346 75657 54104 69368 -22.00% 9.07% -13.01% 38.70%
Total liabilities 853826 713472 618442 432817 418730 3.36% 47.69% 70.39% 103.91%
 
Net assets 1867016 1575912 1366064 1218838 1133135 7.56% 20.56% 39.08% 64.77%
 
Total shareholder’s equity 1867016 1575912 1,366,064 1,218,838 1133135 7.56% 20.56% 39.08% 64.77%

 

Horizontal analysis of Bovis Home Group
Particular 2016 £000 2015 £000 2014 £000 2013 £000 2012 £000   2013 2014 2015 2016
Non-current assets 57617 70166 67779 71530 1027301 -93% -93% -93% -94%
Current assets 1572709 1445353 1236637 1024754 959956 -6.75% 28.82% 50.56% 63.83%
Total assets 1630326 1515519 1,304,416 1,096,284 1027301 6.71% 26.98% 47.52% 58.70%
 
Current liabilities 444385 385127 276688 224275 206620 8.54% 33.91% 86.39% 115.07%
Non-current liabilities 170014 172633 148610 61747 61832 -0.14% 140.34% 179.20% 174.96%
Total liabilities 614399 557760 425298 286022 268452 6.54% 58.43% 107.77% 128.87%
 
Net assets 1015927 957759 879118 810262 758849 6.78% 15.85% 26.21% 33.88%
 
Total shareholder’s equity 1015927 957759 879,118 810,262 758849 6.78% 15.85% 26.21% 33.88%

Discussion

Corporate Social Responsibility

Corporate social responsibility is the strategy that plays a significant role in attracting the maximum customers and investors etc (Lawrence et al., 2012). CSR strategy also encouraged the company to make a positive impact on the environment and this contributes towards enhancing the goodwill of the company.

Similarly, in context to this report, both the companies i.e., Bellway & Bovis Homes CSR policy, initiative and strategy will be study in this section.

Bellway and Bovis both is the best house building company that is also engaging in the CSR activity. They are focuses on providing benefits to the society through their CSR policy, initiatives programmes.

According to Lindgreen and Swaen, (2010) Bellway in their CSR activity uses the employment policy in which Bellway is treating all employees equally whether it is part-time, full-time or temporary employee. Besides that, the range of policies and procedures are provides by the company with the aim to safeguard the employees.

The policies are adoption leave policy, flexible working policy, grievances procedure etc. at the same time, Bellway also focuses on the charitable concept by providing support charities to the construction company employees. The Bellway also make partnership with the British heart foundations and construction youth trust.

Thus, these initiatives help their employees to become motivated and work properly. On the other side, Carroll, (2015) illustrated that Bovis homes also used to support the CSR policy that covering the health and safety activities. In this policy, they includes the ethical code of conduct, anti-money laundering system, anti-bribery & corruption policy, anti-fraud policy and whistle blowing policy etc.

Besides that, the Bovis group also focuses on the sustainable development through covering all the aspects from the land identification to after-sales services.

Thus, this helps the company to maintain their positive image in the market. At the same time, the Bovis group also incorporated the green practices in their manufacturing plant so that they able to reduce the maximum carbon emission of toxic components and protect the environment from the growing issues.

On the flip side Du, et al., (2010) depicted that the Bellway also taken initiative towards the protecting the environmental issues through risk assessment of the biodiversity and ecology surveys. Therefore, by practising such activities, it protects the species like bats, reptiles, birds and badgers etc.

In addition to this, Aguinis and Glavas, (2012) identified that bovis group to conserve the maximum energy, for that they used the natural resources by following the reuse; recycle practices in their business operations that lead to reducing the maximum wastage of resources.

These practices also help the company to creating high quality environment. In contrary of this, Bovis Homes, (2017) argued that Bellway for conserving the energy, they used different methods as compare to the bovis group.

Likewise, they calculate the carbon footprint by using emission factors like GHG conversion factors for company reporting. Company also undertook the consumption auditing system in their office and development sites with the aim to conserve the maximum energy.

In that case, the company tries to control the heat through thermostats and they also used the timed devices and sensors to control the lighting. Moreover, bellway also conduct the training programs for the employees as well for sub-contractors so that they perform their roles in a way that does not require to utilizing maximum resources.

Thus, such exercises followed by the bellway to converse the energy. On the other side, Bovis group conduct training programs for the encouraging the employees in order to recognise and adopt properly social corporate responsibility.

In the research of Bellway CSR report, (2015) it is finding that Bovis adopt the quality by using the continuous improvements practices into their business operations while Bellway incorporates the quality through emphasis more on the sustainability practices like using proper transport and connectivity, use of natural materials that is eco-friendly to the environmental.

Thus, both the companies use the different strategy to enhance their quality of services. Therefore, with their unique ways, both are able to attract the maximum customers.

In the findings of Lawrence, et al., (2012) it is identified that Bellway has recently made huge investment in the local communities’ projects for making betterment of the society. Recently, Bellway invested a total of £148 million in the various projects for providing support to education, for health facilities and the provisions of open spaces.

Besides that, Bellway also made investments in regenerations and affordable housing projects. Likewise, Bellway has worked in partnership with Newport council and Pobi housing association to regenerate the area with the construction of 240 new homes.

These homes will ne provide on low cost or on rental basis to the needy people. Moreover, Bellway also invest in the project called starter home initiative that aims to construct the houses that is easily afforded by the middle class people.

At the same time, in this project, the Bellway also used the innovative techniques to construct the house that could posse’s high quality. On the other hand, Schenk, L., Meyer et al., (2013) explained about the Bovis investment. It is identified that Bovis was made various investments in different community welfare projects.

Likewise, Bovis is working with the public sector for providing affordable housing to the community (Bowler et al, 2010). They also operate with local authorities while constructing the houses so that their design and choice could be considered during the implementation of house.

Besides that, Bovis also generate the employment opportunities for the community people by asking them to supply raw materials and provide them job facilities in their own firm also (Garbero and Muttarak, 2013). Thus, it clearly indicates that both Bellway and Bovish make huge investment in the community related project with the aim to make welfare of society.

SWOT analysis of Bellway and Bovis Homes

SWOT analysis considers as an important method that helps the company to analysis their strength, weakness, threats and opportunities.

SWOT analysis of Bellway:-

Strength

·       High growth rate

·       Skilled workforces

·       Potential partnership and suppliers

·       Providing efficient customer services

·       Generating high profits and revenue 

Weakness

·       Small business units

·       Future profitability

·       Lack of proper communication with the customers

·       High tax

 

 

Opportunities

·       Expansion in new market

·       Growing economy

·       Increasing technology

·       Investment in new product and services

·       Incorporate the sustainability practices in their business operations

Threats

·       Government regulations

·       Prices level changes

·       Frequently increasing competition in construction housing industry

·       Increasing in labour cost

·       Increasing rates of interest

SWOT analysis of Bovis Homes:-

Strength

·       Experienced business units

·       Domestic market

·       High growth rate

 

Weakness

·       Bovis has high investment in research and development

·       There is lack of strategic relationship exist

·       More customers complaints related to poorly built house

·       Highly criticized on the social sites for partially construction of house

Opportunities

·       Growth rates and profitability

·       Venture capital

·       Provide the unique products

·       Global market availability

·       Could able to adopt the differentiation strategy

Threats

·       Increasing rates of interest

·       Growing cost of raw materials

·       Increasing price of labour

·       Growing competitors in the house making market

 Conclusion

From the above report, it can be concluded that both the companies like Bellway and Bovis work are the house building company which focuses on the quality and values while developing the house for the people.

At the same time, both the companies largely emphasized on the CSR activities by taking various initiatives such as Bellway treats their employees equally and make huge investment in projects like in regenerations and affordable housing projects.

On the other side, Bovis Homes in more involving in the sustainability practices as it incorporates the recycle, reuse activities for releasing less carbon emission. So that environment could be protected.

Moreover, Bovis also made investment in the projects that provide support to the needy once. Likewise, Bovis constructed the homes for the middle class and provide them at reasonable price. In addition to this, this study also includes comparative analysis between the companies through evaluating the financial statements of the company.

The financials analyses are done with the help of ratios like liquidity, ,efficiency, profitability, shareholders ratio, capital structure etc. both the companies SWOT analysis also have done in this report in order to find the companies competencies and limitations.

The research study has conducted to identify the risk and stability of the company and it is done through current and liquidity ratio. While capital structure helps in identify the debt of the Bellway and Bovis and report suggested that Bellway has better capital structure as compare to Bovis as Bellway pays its all obligations on time.

Thus, on the basis of financial analysis it is estimated that both the companies possess strength and weakness and both have more future opportunities to explore.

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