financial ratio analysis

RESEARCH PROPOSAL 2009

FINANCIAL STATEMENT ANALYSIS: HOW

EFFECTIVE A LOCAL BANK USES ITS

FINANCIAL STATEMENT? A CASE STUDY OF

ACLEDA BANK PLC (CAMBODIA) FROM

2006 TO 2008

*******

SOPHAL SOK

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Content

1. Provisional title.................................................................................................................3

2. Research background.......................................................................................................3

3. Organisation background................................................................................................4

4. Statement of problems......................................................................................................5

5. Research questions............................................................................................................6

6. Research aims and objectives..........................................................................................6

7. Literature review..............................................................................................................7

7.1. Financial Statement................................................................................................7

7.1.1. Four basic financial statements.......................................................................7

7.1.2. Users of financial statements...........................................................................7

7.1.3. The important of understanding financial statements.....................................8

7.2. Ratio analysis........................................................................................................10

7.2.1. The meanings of ratios..................................................................................10

7.2.2. Classification of ratios:..................................................................................11

7.3. SWOT analysis.....................................................................................................12

7.3.1. Strengths........................................................................................................12

7.3.2. Weaknesses...................................................................................................13

7.3.3. Opportunities.................................................................................................13

Financial statement analysis: How effective a local bank uses its financial statement? A case study of

Acleda Bank Plc (Cambodia) from 2006 to 2008

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7.3.4. Threats...........................................................................................................13

8. Sources and acquisition of data.....................................................................................14

9. Data analysis methodology.............................................................................................14

10. Form of presentation......................................................................................................15

11. Timescale.........................................................................................................................15



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1. Provisional title

Financial statement analysis: How effective a local bank uses its financial statement? A

case study of Acleda Bank Plc (Cambodia) from 2006 to 2008

2. Research background

A financial statement provides an insight into the business of any organisation. This

information’s are processed in the organisation and then to the management which further

uses this information for the decision making in the organization. The main task associated

with this is to consider all the factors affecting and their sources to help the analyst

analyze the organization. According to Accounting Standards, the term “financial

statements” covers balance sheets, income statements or profit and loss accounts, notes

and other statements and explanatory material which are identified as being part of the

financial statements” (Erich, 2001).

In fact, the financial statements based on accounting policies, vary from enterprise to

enterprise, and must be clear and understandable. As a result, financial statements are

using to analysis the strong points and weaknesses of a business unit, and provides scope

for understanding the liquidity, solvency, profitability and operational efficiency of the

business concerned (Richards and Myers, 2002). A number of parties and bodies like

banks, trade unions, important customers etc. have an interest in the financial results of a

company.

According to Gebhardt and Gunther (2000), financial analysis help to reduce reliance on

guesses and thus helps reducing uncertainty. Financial analysis does not lessen the need

for judgment rather establishes a sound and systematic basis for its rational application

(Choi et al, 2002). Furthermore, financial analysis is done to know the overall position of

the firm. This year company did capacity expansion of the firm. Also the whole economy

was hit by inflation and slowdown all over the world (Pownall et al, 1999). How all this

has affected the financial position of the firm? How readily company is putting its

resources into action and getting output? This all will be easily determined by knowing the

trend of changes in various ratios which can then easily reveal position of the firm.



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Therefore, understanding and analysis financial statements of a company are the way to

identify either efficiencies or inefficiencies of the company.

3. Organisation background

Acleda Bank Plc is one of the leading and most successful banks in Cambodia. Aleda was

founded in 1993 as national NGO to offer credit for micro and small businesses

development. Due to the good performance and success of the bank, it was licensed by the

National Bank of Cambodia as Acleda Bank Limited in October 2000. Three years later,

Acleda Bank Limited’s capital raised triple to USD 13 millions. After that Acleda Bank

Limited was renamed to become Acleda Bank Plc which received a banking license from

National Bank of Cambodia to operate as a full commercial bank. Acleda Bank Plc

provides 7 main categories of financial services: credit, deposit, find transfer, cash

management, trade finance, and electronic banking service and bank consultancy. Acleda

Bank Plc has 227 branches in all provinces and city in Cambodia. It has approximately

6,800 employees, two third of them are male and the rest are female. (Accleda Bank Plc,

website)

Four out of the 26 commercial banks in Cambodia account for 70% of the total deposits

and 73% of the total credit in the banking system. ACLEDA’s share in deposits grew from

13.3% to 19.8% whilst loans remained steady at 19.3%. As a result Acleda Bank Plc’s

market position for deposits moved from #4 in 2007 to #1, and from #3 to #2 in credit.

(Annual report, 2008)

According to Acleda Bank Plc’s annual report in 2008, its assets grew 111.9% to USD

473.1 million in 2007 and to USD 687.5 million in 2008. In 2007, Acleda Bank Plc’s net

profit had only USD 9.7 million, it this amount rose by 118% to USD21.2 million in 2008.

While much boniness are bankrupted or suffered from financial crisis, Acleda Bank Plc

grows.

4. Statement of problems

Looking back at the Cambodia history, Cambodia has gone through a lot of war for the

last three decades ago; as a result, the war remained such a destruction of an entire



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infrastructure, and caused to poverty for all Cambodian people (Khmer). Therefore, after

the political situation has improved, we can see that Cambodia has been developing in a

positive victory procedure by turning from economy plan to free market economy in 1993.

Cambodia is an emerging nation with a proud history of trade and investment cross the

world. Many opportunities are now available for businessman to do business in Cambodia

due to the four key factors stability, opportunity, growth, and strong leadership. Such

businesses they possibly come to invest in Cambodia were targeted on products and

services. According to figure, GDP (US$ billion) was 11.0 in 2008 compare to 2009

currently is 12.4 and the GDP per capita was $751 compare to 2009 currently is $834

( Source: EIC(Cambodia) and IMF estimate )

Furthermore, national and international business have increased a significantly throughout

the city and outside no matter whether it is. The increasing in business has made a lot of

competition and pressure for every single company or firm. The term business has been

playing a dramatically role which bring many changes to the national and international

competition throughout the social structure and technological advancing. Basically,

International business is the study of transactions taking place across national borders for

the purpose of satisfying the needs of individuals and organizations. As a result, those

changes will definitely reflect on the strategy and policy which the firm holds in order to

achieve its goal and objective. Obviously, most firms are struggled for sustaining,

growing, and success based on the increasing of the business competitiveness by learning

from their rivalries. Thus, they are getting to realize how to cope with the rival by using

experiences and strategies in order to stay on the greater future position with the following

uncertainty situations.

Even though Acleda Bank Plc is one of the leading and most successful banks in

Cambodia, the current business situation leads the bank to face many challenges.

Therefore, this study would help to determine that how was this year as compared to

previous years because inflation, recession, capacity expansion all happened this year. So

this study would provide in depth knowledge of how the organisation’s financial figures

were affected and what all changes have occurred in financial statements, finally whose

analysis is done through ratios and working capital which reveal the changes so far.



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5. Research questions

Based on the research about current performance of the Acleda Bank Plc, the research will

describe and discover the way to use the bank’s resources for gaining efficiency in doing

business by analysing financial statements. Therefore, this study was conducted to answer

the following questions:

How effective Acleda Bank Plc use it resource?

What are the strength and weakness of the organization?

What are the opportunity and threat that the firm face?

How to improve the Acleda Bank Plc’s competitive advantages in doing

business at the current period and future?

6. Research aims and objectives

Financial statements are very important to very organization, and also useful to

shareholders, investors and competitors. According to Davies (2005) business need to

prepare financial statement for each accounting period in order to provide adequate

information about the business’s financial performance and financial position. The aim of

the research is to identify the strength and weakness of the Acleda Bank Plc, to see how

effective the bank used its resources base on analysis the financial statement. This research

will also find out and evaluate the opportunity and threat of the organisation. It is

important to set up some objectives for achieving the particular objectives:

To examine the organization’s financial statement of the Acleda Bank Plc such

balance sheet, profit and loss statement and statement of cash flow

To investigate the business efficiency of the Acleda Bank Plc

To discover the past and current performance to identify the reasons for success

in business

To conclude the research and offer recommendations to strengthen the bank’s

performance as well as operation and management



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7. Literature review

1.1. Financial Statement

1.1.1. Four basic financial statements

According to Carmichael et al (2007), financial statements or financial reports are formal

reports about the business financial activities of an organisation. Financial statement

provides an overview of a business financial condition and profitability in either short or

long term. In detail, Lewis and Pendrill (2004) indicated that there are four basic financial

statements:

Balance Sheet - often described as a “snapshot” of the company’s financial

condition (also referred to as statement of financial condition)

Income Statement - also referred to as Profit or loss statement, reports on a

company’s results of operations over a period of time.

Cash Flow Statement - reports on a company’s cash flow activities, particularly its

operating, investing and financing activities

Statement of Retained Earnings - explains the changes in a company’s retained

earnings over the reporting period.

1.1.2. Users of financial statements

As per Livingstone and Grossman (2002), there are main six users of financial statement.

Generally, users of financial statement are:

Internal Users: are owners, managers, employees and other parties who are directly

connected with a company.

External Users: are potential investors, banks, government agencies and other

parties who are outside the business but need financial information about the

business for a diverse number of reasons.

Prospective investors make use of financial statements to assess the viability of

investing in a business. Financial analysis are often used by investors and is



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prepared by professionals (Financial Analysts), thus providing them with the basis

in making investment decisions.

Financial institutions (banks and other lending companies) use them to decide

whether to grant a company with fresh working capital or extend debt securities to

finance expansion and other significant expenditures.

Government entities (Tax Authorities) need financial statements to ascertain the

propriety and accuracy of taxes and other duties declared and paid by a company.

Media and the general public are also interested in financial statements for a

variety of reasons.

Therefore, financial analysis helps to reduce reliance on guesses and uncertainty. Financial

analysis does not lessen the need for judgment rather establishes a sound and systematic

basis for its rational application (Sizer, 1989 and Soon, 2006). It also helps to understand

how various tools can be used to analyse the position of company (Fridson and Alvarez,

2002).

1.1.3. The important of understanding financial statements

The main objective attained through these financial statements is to present the

information about the financial situation (balance sheet), performance situation (income

statement), and changes in the financial situation (cash flow statements). These statements

are then used to make key decisions for the organisation by the management. Also, it

indicates how well the management has been using the resources allocated to it. This

information is derived by seeing status of assets, liabilities, equity, cash flows and incomes

and expenses. And, one of the key objectives apart from the one mentioned above is to

provide a clear insight of the company to the investors and share holders, so as to assist

them in decision making. (Greuning, 2009)

The main source for the making of financial statements includes Basic financial statements

like income statement, balance sheets and statements of owner’s equity which reflects the

key information about the operations of the company. Apart from that, another source of

financial statement is the statement of cash flows which replicates the information shown

in the balance sheet and income statement. It is basically used to show the changes



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applicable in the organisations cash account and the respective changes in cash flows from

operations, financing and investing. Apart from the above mentioned, significant

information can be gathered from the analysis of the annual reports which includes the

management section describing the evaluation of the operations of the company. (Temte,

2005)

To begin with, Balance sheets form a key part of the financial statements. Its basic usage

is to indicate the liquidity level of the organisation. It basically is the comparison of the

assets of the company with the liabilities on the other hand. It also includes the capability

of the firm to pay off the dividends of the firm and interest payments on the borrowed

capital. The statement of stockholders equity reflects the equity transactions of the

concerned organisation. Also, a balance sheet works better when related to an income

statement which shows the activity levels which justifies the assets and liabilities in the

balance sheet. Like everything has got its own drawbacks, balance sheet has got its own.

The issues to be dealt with are usage of historical costs of assets and liabilities, as their

costs changes with respect to time. Another issue to be dealt with is usage of estimates for

bad debts and inventory obsolescence. Another primary concern is that there is no

inclusion of intangible assets on the balance sheet which does not give the correct figure of

the organisation. (Bragg, 2005)

Another indicator of financial health is a profit and loss statement or more so known as

Profit and loss statement. It shows the business financial activity over a time frame,

generally tax year. It is an appropriate tool to take a pick on weaknesses and thus helps in

increasing the profit levels. It shows the proper inflow of money and its outflow. The

inflow or income includes customer sales and rent or investment income received. While,

the outflow or expenses included cost of wages, materials and over heads used up during

the year in consideration on the services given to the customers (or goods sold).

Expenditure also includes purchasing cost of assets, like, buildings, vehicles and

equipments which last a number of years. (Mott, 2005)

The third key indicator of the financial health of the company is Cash flow statement,

which briefly describes where the cash is coming from and where is it going. Cash being

the lifeline of any business, thus this analysis holds a special position for financial



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statement analysis. It describes the effect of operating, investment and financial

transactions on the organisations cash status. The important sources of cash generation and

expenditure are profitable operations, working capital, acquisitions, fixed assets, liquid

resources, borrowings, government and share-holders. For any business to be healthy, its

cash flow should be satisfactory. Thus, a projected cash flow is an important concept that

helps a business to easily tackle the anticipated problems. It draws a fine line of difference

between cash flows from trading activities and those from financing activities. (Kind,

1999)

Apart from all these aspects of financial statements, they can be used to determine certain

trends, thus giving rise to trend analysis. It shows the way company has been reacting in

particular seasons and particular attitudes of the market, thus helping in altering the

decisions in similar situations. In this case, each base year is marked as 100 and any

upward and downward trend is indicated by % increase or decrease in relation to 100. It is

helpful in indicating the financial health of the company in respect to past, it also shows

the change in magnitude which is far more effective than regular data. But, it has its own

drawback which states that the trend of the past may not be the best picture to work out the

future. This trend can all of a sudden be of no use if the accounting practices of the

organisation changes. (Dyson, 2007)

1.2. Ratio analysis

1.2.1. The meanings of ratios

A key feature for judging the health of the company over all is ratio analysis. It is a

methodical process of ratios by analysis of both internal and external financial reports to

set some key relationships. Ratio analysis stresses on certain factors of any organisation

which includes financial performance (i.e. liquidity, return on capital employed and

profitability ratios), examination of organizations solvency (i.e. ratios involving assets &

liabilities and their effects on cash flows, inventory and debtors & creditors), and the

judgment of company’s performance in respect to its value for their shareholders or

investors (i.e. PE ratio, dividend yields, etc.). The effect of ratio analysis improves when

the ratios derived are compared to the historical years and certain pattern is observed



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according to the operations in the financial year. The main ratio dealing with the short

term time frame solvency is a current ratio and quick ratio (or acid test). While, when

dealing with the larger picture, ratios of greater concern are gearing ratio, shareholders

equity to assets ratio, non-equity claims to assets ratio and interest coverage ratio. Ratios

are basically used to simplify the accounting information available to be used so as to

analyse whether the company is heading in coherence with its aims or objectives. It is also

sometimes helpful to forecast the trend of the business by reviewing the pattern of the

ratios. (Lucey, 2003)

Du-Pont identity is referred to as the relationship between the Return on Investment and

Return on equity. Where return on investment is termed as the ratio of net income and

total assets. This is further divided into two features: Asset turnover and profit margin

which shows both the profitability of operations (profit margin) and proper use of assets

(turnover). While, Return on Equity is defined as the key aspect of profitability on assets

provided by the owners of the organisation. Thus, the profitability has got three parts to

deal with it: operating efficiency, Asset use efficiency and financial leverage. Thus, to

successfully deal with the situations, a financial manager should keep in mind all the

factors. The firm should be able to efficiently use revenues to make more profits, and

utilize the investments in assets so as to be able to generate revenues to profit. But, if the

firm manages to produce greater return on assets than the money it had borrowed from the

market, then it is in a better situation to make profits for their investors by financial

leverage. (Ross, 1999)

1.2.2. Classification of ratios:

Liquidity ratios: the ratios refer to the ability of the firm to meet its current liabilities.

They also are called as ‘short term solvency ratios’. They indicate the firm’s ability to

meet its current obligations out of current resources (Glautier and Underdown, 2001).

Leverage ratios: These ratios analyses the long- term solvency of a firm. The term

solvency implies the ability of the enterprise to meet its obligations on the due date. Long-

term lenders are primarily interested in this type of analysis (Marriott et al, 2004). A long-

term lender of funds is basically interested in two things. The safety of principal which is



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to be given by way of a loan, and regular servicing of the loan, in the form of payment of

interest commitments and repayment of instalment of loan. To capture these two aspects

of long-term liquidity these ratios are calculated (Gallagher and Andrew, 2003).

Activity or turnover ratios: These ratios help in commenting on the efficiency of the

firm in managing its assets (Shim and Siegel, 1999). The speed with that assets are

converted into sales is captured by turnover ratios. The activity of any business enterprise

is reflected by the volume of sales it is able to generate. All assets are used by the business

in the quest of generating sales (Collier, 2003). So, one can comment on the efficiency of

different assets in relation to sales generated during a defined period. There are four ratios

in this group, which are:

Profitability ratios or income ratios: Profit is important for every business enterprise. It

is so because without profits a business will find it difficult to attract capital, and assure its

creditors and owners regarding the safety of their funds. Further, profit acts as a

touchstone to comment on the soundness (or otherwise) of the policies and decisions of

the management. These ratios measure the efficiency of the firm’s activities and its ability

to generate profits (Williams et al, 2003).

1.3. SWOT analysis

According to Harris (2001), for a company to identify realistic, appropriate and achievable

strategic objectives, it must have a clear knowledge and understanding of the environment

within which it is operating and its own internal resources. Therefore, the company has to

undertake an audit of these to know where it stands. One of the tools that can help

companies analyze the factor affecting their business is SWOT analysis. As per Brown

and (2002), it should help you evaluate a firm’s strategies to exploit its competitive

advantages or defend against its weaknesses. Besides, Harris (2001) added that the SWOT

analysis can be very valuable and useful tool but it must be used in a positive and

productive manner. SWOT analysis appraises the external environment within which the

business operates, in terms of the opportunities it offers and the threats it poses. In term of

SWOT analysis, it involves an examination of a firm’s strengths, weaknesses,

opportunities, and threats.



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1.3.1. Strengths

The strengths of a company give the firm a comparative advantage in the marketplace

(Brown and Reilly, 2002). Besides, it gives the firm the needs of the markets a firm serves

or expects to serve. Perceived strengths can include good customer service, high-quality

products, strong brand image, customer loyalty, innovative R&D, market leadership, or

strong financial resources.

1.3.2. Weaknesses

A weakness is a limitation or deficiency in one or more resources or competencies relative

to competitors that impedes a firm`s effective performance. By using SWOT analysis, the

firm can use in many ways to aid strategic analysis. Additionally, Brown and Reilly

(2002) stated that weaknesses result when competitors have potentially exploitable

advantages over the firm. When a weakness is identified, the firm can select strategies to

mitigate or correct the weaknesses. For example, a firm that is only a domestic producer in

a global market can make investments that will allow it to export or produce its product

overseas.

1.3.3. Opportunities

Opportunity can include a growing market for the firm’s products (domestic and

international), shrinking competition, favourable exchange rate shifts, a financial

community that has confidence in the outlook for the industry or firm, or identification of

a new market or product segment. Besides, Kotler (2000) noted that opportunities can be

classified according to their attractiveness and their success probability. The firm’s

success probability depends on whether its business strengths not only match the key

success requirements for operating in the target market, but also exceed those of its

competitors. In addition, Kotler (1999) accepted that opportunities occur when an

environmental trend plays to a company's strength. The development of opportunities

involves risks.

1.3.4. Threats



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As per Brown and Reilly (2002) threats are likely to harm a business’s operations and

may, in extreme cases, force it into liquidation. Threats are environmental factors that can

hinder the firm in achieving its goals. Examples would include a slowing domestic

economy, additional government regulation, an increase in industry competition, threats of

entry, buyers or suppliers seeking to increase their bargaining power, or new technology

that can obsolete the industry’s product. By recognizing and understanding opportunities

and threats, an investor can make informed decisions about how the firm can exploit

opportunities and mitigate threats (Harris, 2001). Besides, Kotler (2000) suggested that

threat is a challenge posed by an unfavourable external trend or development that would

lead, in the absence of defensive marketing action, to deterioration in sales or profit.

8. Sources and acquisition of data

In order to make the research more practical, it is very important to put theories that we

learn from schools or books into practice in the real world. Thus, the research is selecting

Acleda Bank Plc which is one of the most successful banks in Cambodia as a case study.

The research will take deep observation and examination of the Acleda Bank Plc; hence

many data and information are needed. In the cause of producing a good research both

primary and secondary data are collected.

“Primary sources are original works of research or raw data without interpretation or

pronouncements that represent an official opinion or position”, Cooper and Schindler

(2002). It is a source of data which have not been in the world; we need to collect it by

using survey and interview etc. This study is going to do interview questionnaires which

related to the research and are undertaken by phone-to-phone interview.

Moreover, secondary source of data is crucial and also needed for achieving the successful

research. According to Kervin (1999), secondary data is used in both descriptive and

explanatory research and this data are used mostly in case study and survey-type research.

Secondary data are information and data which come from books, journals, online

database, internet and annual report etc. The relevant documents such as annual report,

company profile and journals are collected from the bank. Furthermore, there are many



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sources for gaining second data which are come from LSC library, LSE library, British

library and internet sources.

9. Data analysis methodology

After data collection, the information from open-ended questions which come from

qualitative method is analysed to point out the opinion of managers and employees in the

Acleda Bank Plc about the efficiencies in doing business. Besides, the information from

second data would be use to analyse financial statements by ratio analysis. Furthermore,

line diagram was made and finally it was interpreted to draw useful information for the

study and firm as well. From the analysis, the research demonstrates strengthen,

opportunity, weakness and threaten of the bank for using SWOT analysis.

10. Form of presentation

The dissertation will be presented in written format providing both qualitative and

quantitative data collecting method. In order to illustrate proper calculation and easy to

understand, this research will use plenty of figures and numbers, and also include many

diagrams, graph, tables and charts etc. What is more, it will define some important areas

that relevant to the company.

11. Timescale

Months FEB MAR APR MAY

Weeks 1 2 3 4 5 6 7 8 9 1

0

1

1

1

2

1

3

1

4Progress

Problem Identification

Literature research

Research Design

Choice of Methodology



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Data source

Data Collection

Data Analysis

Draft writing

Editing

Final Document

Binding Document

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