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1 Vertical Analysis
For this analysis the base figure is the profit of the year. Looking at the average of each of the
projected vertical numbers (Refer appendix one) it is evident that the least exceptional number is
operating profit which is 3% of the profit of the year. The indication here is that the smallest profit
generating component of the income statement is operating profit which leads to the conclusion that
finance and investments yield higher than the base operational activities of the group. Property,
which is the highest yielding profit component is 137% of the profit of the year, a stark performance
against operations. Upon looking closer at the numbers it can be observed that the gross profit, which
is 81% of the profit has been arrived at after the significant impact of the cost of sales which is 181%
of the profit. Administrative expenses stand at 15%. All of the above factors contribute to the
narrowing of operational profit to a mere 3%.Alarmingly, the average tax from 2009-2018 is 87% of
the profit. In 2009 it was at 100%, cutting the company profit in half. In 2015 tax was 270% of profit,
reducing the profit in compounded multiples. When looking at the standard deviation of the
components of the income statement from 2009 to 2018it is evident that the finance cost is the most
volatile component. Following closely behind, tax stands at a stark 81% while profit arising from
properties stand at 68%.The standard deviation of operating profit stands at an extraordinary 2% in
the face of the aforementioned volatility. This indicates that the company has managed to maneuver
its way through external forces by hiking and dipping the operational aspects as needs be. Cost of
sales and finance cost seem to fluctuate at a similar rate indicating that the working capital could be
financed by borrowings. This acts adversely to the income statement as costs that are financed
through borrowings come with a finance cost attached .For instance, in 2012, cost of sales were 247%
of the profit. Similarly, finance cost in the corresponding year was at 180% of profit. In contrast, the
highest finance cost was recorded in 2015 almost at 300% of profit whilst cost of sales was at its
lowest in that year. This implicates that the company can only dive into long term capital funding
when the operating cost of the company is at its lowest. This restricts the movement of the
investment and financing arms as their functions are depicted by the performance of the costs.
The average of the net current liabilities from 2009 to 2018 stood at 475% of the net assets. The
indication here is that the group’s net current liabilities are always more than 400% higher on average
than the total
net assets. Total non-current liabilities are at 344% on average while the total current liabilities stand
at775%. In comparison, total non-current assets and current assets average at circa 250% - 300%.The
indication of the above information is that the balance sheet is funded heavily on debt.
The ownership of the balance sheet to the shareholders is very little indicating that the majority of the
ownership of the yields and values of the assets is with the creditors. This indicates a significant
gearing ratio. When a company or a group runs heavily on current liabilities, it indicates that the
majority of the current assets owe a majority portion of their yield to debt servicing. The highest
portion of current assets is in inventories, averaging at 72%. This indicates that the profits yielded by
the operations are owed by debt servicing as proven in the above section. The highest portion of
noncurrent assets are in property, plant and equipment. Even though property has high land value, as
they do not yield returns to the income statement, they are regarded as static assets. Furthermore,
equipment is a depreciating asset. Hence there is a decline is value each year. The vertical analysis
concludes that the operational process is heavily indebted to debt servicing.
The indexed trend of the income statement can be project as below, using the year 2009 as the
base;Profit arising from property related items, finance costs, administration costs, profit and EPS
seem to havestrikingly similar patterns, dipping in 2015. Profits from investments in other entities
seems to generate aconsistent flow of returns. Cost of sales seems to have dipped in 2015 while profit
before tax experienceda sharp boom subsequently.It is evident from the above that even though the
profit before tax was increased due to reduced cost ofsales in 2015, the overall profit was seriously
jeopardized by finance and administration costs as well asthe reduction in yields from property.
Property is a key driver of the overall profit with more influencethan the operational profit and the
magnitude of finance cost is able to decide the direction of the profitof the company.The three biggest
trends that can be envisaged by the above, in order of impact, were; 2015, 2013 and2017.
To observe and informed about the progress of operational activity of a company financial
statement analysis has become the dire need of the time. Since financial analysis empowers an
discover the key indications of the accomplishment and disappointment of the organization. I've
chosen Tesco for this research. In the first part of paper introduction of company of the
company would be enumerated ; then for better understanding, the financial statement analysis,
its components , and the beneficiary would describe before the financial analysis of TESCO.
Tesco's normal approach to financial is increasing, which has helped fortify their center business
inside the UK, (Tesco, 2010). Tesco plans to achieve this approach through diversifying their
product range away from food and to encompass economic, non-economic and
have chosen TESCO as my research topic. This document evaluates the financial statement, its
components , their role in strengthening the organization and Tesco financial statement ,
studying their capital shape and how this can impact the business enterprise fee and proportion
price. Percentage costs are forecasted the use of distinctive valuation strategies available to any
investor, namely, the discounted cash go with the flow and the atypical working earnings
To become aware of Tesco's fulfillment elements and dangers, and generate expectations of
present and future overall performance, we have undertaken the financial statement analysis. We
have analyzed the financial statement and disclosure through challenge the financial analysis.
In this segment, critical monetary running property inside the industry and the capacity problems
were identified and their diverse results on the economic statements were mentioned. in addition,
we had a look on Tesco's beyond and modern overall performance through the economic
analysis, wherein we've got analyzed the impact of operating liability leverage and financing
leverage, diagnosed the effects of the earnings margin and asset turnover on the running
profitability of Tesco and evaluated the individual drivers of earnings margins. It changed into
accompanied by means of Tesco's potential evaluation, for the cause of justifying the important
The principle objective of accounting is to offer data to decision makers (Peterson Drake and
Fabozzi, 2012).
The financial statement is an organized statement which is ready to realize the operating overall
performance, financial role, disposal of surplus and movement of quick time period property,
coins function, and overall fund function. Financial statement analysis is the exam of historical
economic information with using numerous monetary equipment which includes ratio
evaluation, coins glide statements, Earnings & loss account, and balance sheet. The main reason
for studying economic statistics is to assess the TESCO ’s performance and estimate the future
capacity and chance appetite of the organization. These statements generate that statistics which
is valuable for the organization, make certain the exceptional of profits and enables in doing the
declaration evaluation is a set of analytical strategies which might be an critical a part of basic
business evaluation.
The financial statement gives a company facts to supply useful data for selection making.
The goal of financial statement analysis is to apply the information provided within the
statements to supply quantified records to aid the ultimate equity, credit, or different selection of
of the organization, and the sources and employment of assets for the organization (Peterson
Peterson Drake and Fabozzi, (2012) stated that financial analysis is done on using the following
tools :
Comparative financial statement specializes in exceptions and versions and facilitates the
analyst to formulate judgments about information that may be interpreted in numerous methods.
In short, the usefulness of comparative analysis is the perception that more meaningfully
In comparative analysis assessment can be made in opposition to (1) past experience, (2) outside
which might be organized on a comparable foundation. If facts are not directly similar, the
analyst has to make appropriate modifications earlier than mission any comparative analysis.
a. Year to year comparative analysis company’s financial statements and its role in
b. In index-range comparative analysis, all figures are expressed with regards to a base
year figure. For the reason that base year serves as the body of reference, it is perfect to
choose a year this is "ordinary" for the commercial enterprise. If the earliest year in the
collection analyzed isn't always ordinary, then a subsequent (extra typical) year have to
be selected because of the base 12 months. By means of making use of index numbers,
the analyst can degree alternate through the years. Such evaluation permits the analyst to
evaluate control's regulations and, whilst examined inside the light of the monetary and
among diverse components of monetary statements. This enables inside the assessment of
the relative alternate in those components. For instance, adjustments in income and
money owed receivable are logically correlated and may be anticipated to display a
Common -size monetary statements enable comparisons of adjustments in the elements that
make up financial statements. The figures in every line object of economic statements are
divided by an affordable aggregate total after which expressed as percent’s. the whole of these
factors will upload to a hundred%. As an example, the stability sheet items are normally
expressed as a percentage of general property and the earnings statement gadgets are typically
expressed as a percent of total revenues. This makes it less complicated for the analyst to
identify inner structural modifications in groups which are contemplated in financial statements.
The analysis of common-size monetary statements focuses on major elements of the internal
statements of a corporation across the years. the gain of this temporal analysis is even extra
glaring in comparisons among two groups of different sizes. due to the fact that analyses may be
Ratio analysis
(beneficial in analysis), a ratio of financial numbers need to capture a critical financial relation.
positive objects in financial statements haven't any logical relation to each different and,
In cash flow statement analysis; cash with the flow declaration is one of the most critical
financial statements for a task or commercial enterprise. The assertion may be as simple as a
one-page evaluation or may additionally contain numerous schedules that feed records into a
relevant announcement. A cash flow statement analysis is a list of the flows of cash into and out
of the commercial enterprise or task. Think about it as your checking account at the bank.
Deposits are the cash inflow and withdrawals (tests) are the cash outflows. The balance for your
Other tools
Other unique-purpose tools apply to a specific enterprise. In financial statement analysis other
tools are (1) statements of a variant in gross earnings, (2) incomes strength evaluation, and (3)
industry-specific techniques like occupancy to capability analyses for hotels, hospitals, and
airlines.
Liquidity ratios examine the ability of a business enterprise to repay both its current liabilities as
they turn out to be due in addition to their long-time period liabilities as they turn out to be
current. In other words, those ratios display the cash range of an employer and the capacity to
turn different belongings into cash to repay liabilities and different modern-day responsibilities
Activity ratios are a category of financial ratios that degree a firm's capacity to convert
exceptional accounts within its stability sheets into cash or income. interest ratios measure the
relative efficiency of a firm based on its use of its assets, leverage, or other similar stability sheet
amazing enough task of producing revenues and cash from its sources (Activity Ratios", 2019).
A leverage ratio can be defined as the several economic measurements that have a look at how
much capital comes within the form of debt (loans) or assesses the ability of a company to satisfy
its economic responsibilities. The leverage ratio category is essential due to the fact corporations
rely upon a mixture of equity and debt to finance their operations, and understanding the quantity
of debt held by means of an employer is beneficial in evaluating whether or not it is able to pay
its debts off as they come due ("How the Leverage Ratio Works", 2019).
Profitability ratios are a category of economic metrics which can be used to evaluate a business's
capability to generate income relative to its revenue, working expenses, stability sheet
belongings, and shareholders' fairness over time, the usage of data from a selected factor in time.
For most profitability ratios, having a higher price relative to a competitor's ratio or relative to
the same ratio from a previous duration shows that the organization is doing well. ratios are
maximum informative and useful when used to compare a subject company to other, comparable
organizations, the organization's own records, or average ratios for the organization's industry as
As it is known that financial statement analysis keeps the records of the assets of a company and
kept inform as well to organization , its management, its employees , investors, creditors and
shareholder so it can be stated that they are main benefactors of financial statement
1.6.1 Creditors
The financial analysis enables creditors to take apprehensive look in the financial progress of
business of the company e.g. income, debts , expenses etc. Financial analysis enables the
creditors in determining the risk of credit of the business and if a company has debt towards
them they help to creditors to repay it ; by financial analysis because it helps them to keep the
1.6.2 Investors
With the help of financial statement investors able to understand the financial condition of an
organization, operational activities , cash flow and shareholders’ equity as well. This makes
1.6.3. Management
Management is answerable for the integrity and objectivity of the financial statements. Estimates
are vital inside the practice of those statements and, primarily based on cautious judgments, have
been nicely contemplated. management has hooked up structures of inner control which are
designed to provide reasonable assurance that belongings are safeguarded from loss or
unauthorized use and to provide dependable accounting facts for the training of financial facts.
1.6.4. Regular Authorities
The regular authorities are public or government authorities which are responsible for regulating
the laws of trade for an organization. These authorities use the financial analysis of companies to
2.1. Method
I have gathered the information with the help internet from various websites , journals and
official website of TESCO. And the annual report 2011 also used as the source in explaining the
financial analysis
The ratio calculated is based on past data so do not give a clear view about company
future performance.
The ratio calculation is based on companies’ annual account. The company prepares its
account to show they are in a good position (may use creative accounting), to attract more
The secondary source of data does not provide sufficient information about the company
The monetary evaluation is largely the analysis of profitability. for this a part of the project, the DuPont-model
has been used. the Dupont-version has its foundation in return on commonplace fairness (ROCE). the reason
for this component can be to examine what the underlying price drivers in accordance with the historic
development in ROCE are. As such this component will lay the rules for the Financial analysis.
Complete profits (ci) is the numerator of ROCE . CP consists of net financial price and operating earnings, as
Common shareholder equity (cse) is the denominator of ROCE . It's far created through subtracting internet
“Operating income is calculated from the net operating assets (NOA) and the operating profitability measure
(RNOA) gives the percentage return on the net operating assets.”(Penman, 2009)
“The net financial expense (NFE) is generated by the net financial obligation (NFO) and the rate at which the
The DuPont-model precedes over three degrees. firstly, we will examine the impact of working legal
responsibility leverage and financing leverage. secondly, we are able to perceive the effects of the earnings
margin and asset turnover at the operating profitability of Tesco. and finally, we will calculate the man or woman
As can be visible from the following graph , the DuPont-version is divided in two, at the left operating activites
ROCE enables the company to earn return from the capitalit . It is calculated as follows:
Tesco had a minor interest in the periods which are analysed. So ROCE can be calculated with minor interest .
with
can use formulation 1. for simplicity reasons. the subsequent table suggests a tremendous return for the
duration of the duration of 2009 to 2011 for Tesco and Ahold. Tesco has a decrease roce than ahold in all
periods except for 2010. however, both Tesco’s ratios may be stated as fairly stable more stable than ahold’s.
Table 1: ROCE
The financing activities make up the proper side of the DuPont model as has been proven in diagram 1. in this
segment we are able to have a look at the elements fFLEV and spread (RNOA – NBC). The financing
activities have, simply as RNOA, an effect on ROCE. the relation is as shown earlier
FLEV describes the the monetary leverage existed in tesco. Businesses often finance the noa with nfo and
equity. The FLEV has been calculated by comparing the NFO to not unusual shareholder equity (cse). expressed
as a ratio FLEV measures the relationship between those two assets of financing. the FLEV’S for TESCO are
as follows:
Table 3: FLEV
2008 2009 2010 2011
As can be visible from the table above, there is a massive drop in FLEV from the length of 2008 to 2009 for
Tesco. the period of 2010-2011 shows a solid FLEV in comparison to 2008 to 2009. the autumn of flev is due
to a higher percent boom of cse relative to nfo. from our records, we draw the belief that tesco has attempted
reinforced their equity base from 2008 to 2009, which might have made it less complicated for them to finance
shops. This might be due to the recession hitting the marketplace in 2008. Many corporations tried to grow their
equity base in the course of this time to reduce the possibilities of default. It can be stated that tesco’s financial
leverage is quite high as compared to ahold, who has appreciably less leverage. Even in the year 2011 wherein
FLEV multiplied by over 6% for ahold, Tesco's FLEV is an awful lot worse.
The NBC use to explain the relationship Net Financing Expenses (NFE) and Net Financial Obligations (NFO).
NBC has fluctuations for the duration of the length from 2009 to 2011. However, it's far steadily declining. the
motive for the decline is that the NFE in percentage has reduced more than the NFO inside the equal period. the
SPREAD
SPREAD is considered as link arm of RNOA – NBC. Thus positive SPREAD casue increas in finance and as
Tesco has a high-quality SPREAD through the whole duration, because of this that the gearing is wonderful
and ROCE will increase as an end result. there is a fluctuation in the course of the three years. our evaluation
of ROCE suggests that that RNOA has increased and the hyperlink arm (flev*spread) has reduced. the growth
of ROCE within the length of 2009 to 2010 may be interpreted as being caused by an increase in RNOA .
In standard, the increase in SPREAD and the FLEV have been weaker for Tesco in the direction of the cease
of the analyzed duration. the weaker records from 2010-2011 are probably because of Tesco focusing on its
United Kingdom commercial enterprise and through making enhancements in its service operations. it elevated
its variety of gives and decreased costs to create extra cost-introduced merchandise for its customers.
RNOA expresses how TESCO would possibly have benefitted from its resources. the better RNOA is, the
higher TESCO has made use in their sources, and hence if RNOA increases, ROCE will increase. there are
1. RNOA = OI/(1/2*(NOA(BP)+NOA(EP))
2. RNOA = OI/NOA
We've got calculated RNOA although both those formulations and located the effects similar. this analysis
extraordinarily stable for Tesco via the analyzed duration with a moderate boom from 2009 to 2010. the
RNOA of ahold shows extra variant. the RNOA for 2011 has been weaker Tesco however bolstered for ahold.
the fine yr for Tesco has been 2010 with eleven, sixty-six % andThe bottom level of RNOA for Tesco became
in 2009 with 11,01%. despite the fact that the market fell due to the recession in 2008, Tesco did no longer
display large problems in making use of their resources inside the next years. however, ahold shows stronger
data in trendy, indicating that there is scope for Tesco to strengthen its function.
Table 8: RNOA
Together with asset turnover, the earnings margin creates the RNOA . the earnings margin is used to calculate
the profitability of every pound in step with the sale. Profit margin is calculated by:
PM = OI (after tax)/Sales
In table 10 under we are able to see that Tesco's pm has accelerated steadily until 2010 however had a
moderate lower in 2011. as we've visible within the preceding segment ROCE had dropped barely in 2011 as
properly. we can interpret from this information that sales have been managed strongly compared to charges.
the most important gain in pm can be visible from 2009 to 2010 with a boom of 7, ninety-seven %. but, from
2010 to 2011 fell again by way of 1,39%. the pm for ahold is lower in all analyzed intervals but may be
operations)
As may be visible from the table above, the pm for sales is a great deal better than the pm for different
operations during the analyzed duration. when you consider that tesco makes a speciality of their working
activities inside the sale, the result should no longer be sudden. the pm for sales has improved over the length,
displaying handiest a small backdrop in 2011. the identical can be said for the pm from different operations.
comprehensive
income)
There may be an increase in pm for net complete profits within the duration of 2008 to 2010 and once more a
small loss for 2011. The benefit from 2008 to 2010 shows an boom in productivity which had led to a strong pm
in sales.
Before we are able to conclude whether the operating pm is the number one improvement aspect within the
DuPont-version used as a reference framework in this evaluation, we've analysed and discussed the asset
AT – Asset Turnover
Asset turnover is a measure of sales per pound for the investments in NOA. The following formula is used to
Table 14: AT
mild boom in at from 2009 to 2010 with only zero, forty-one %. the growth in at found in 2011
represents 3, sixty-seven % as compared to the year before. Ahold’s at is a great deal better than
The monetary analysis had the purpose of mapping the development of Tesco's monetary
statements from 2008 to 2011 and to become aware of the economic fee (or profitability) drivers.
It has been proven that Tesco had an increase in ROCE in the first years, with a moderate
backdrop in 2011. The rise in ROCE is due to a non-stop boom in RNOA . RNOA expanded
the strongest from 2009 to 2010 and only slightly in 2011. RNOA is made up by means of pm
and at. Right here, from 2009 to 2010 pm was the primary cause for the RNOA to boom. This
additionally brought about the comparatively large increase of ROCE all through this era. in
2010 to 2011, pm reduced and at have become the primary value driver for RNOA . all through
this period at improved three, sixty-seven %. However, the rise of RNOA due to at for the
duration of this period was no longer sufficient to increase ROCE as lots as from 2009 to 2010.
tesco’s FLEV is reducing through the complete analyzed period. This could in part explain
Tesco's monetary position. The presence of FLEV may be positive since it generates a greater
go back to shareholders if the organization earns more on its running belongings than its
borrowing charges. However, monetary leverage reduces Shareholders’ return, if this isn't the
case.
2.4. Financial statement analysis
By using income statement , cash flow statement and balance sheet we can observe the
Income statement
For this evaluation, the bottom discern is the earnings of the year. Looking at the average of its
miles obtrusive that the least first-rate variety is working income which is three percent of the
earnings of the year. The indication here is that the smallest profit generating component of
the earnings' statement is operating income which ends up in the realization that finance and
investments yield better than the base operational sports of the organization. The assets, that is
the best yielding income element is 137% of the earnings of the year, a stark overall performance
in opposition to operations. Upon searching nearer on the numbers it is able to be observed that
the gross profit, which is eighty-one % of the income has been arrived at after the sizeable effect
of the value of sales that is 181% of the income. Administrative charges stand at 15%. All the
3%. Alarmingly, the average tax from2009-2018 is 87% of the income. In 2009 it changed into
at one 100%, reducing the organization profit in 1/2. In 2015 tax turned into 270% of income,
lowering the profit in compounded multiples. Whilst searching at the usual deviation of the
additives of the earnings' declaration from 2009 to 2018it is obvious that the finance cost is the
most volatile factor. Following carefully in the back of, tax stands at a stark 81% whilst profit
arising from residences stand at 68%. The standard deviation of running income stands at a First-
rate of 2% within the face of the aforementioned volatility. This shows that the agency has
managed to maneuver its way through outside forces by hiking and dipping the operational
factors as needs are. Cost of income and finance price seem to range at a similar fee indicating
that the operating capital could be financed by way of borrowings. This acts adversely to
the earnings' assertion as prices that are financed through borrowings come with a finance fee
connected. For instance, in 2012, value income has been 247% of the earnings. Similarly,
finance cost inside the corresponding yr turned into at 180 % of the profit. In comparison, the
very best finance price become recorded in 2015 almost at three 100 % of income while the fee
of income was at its lowest in that yr. this implicates that the agency can only dive into long term
capital funding when the working cost of the employer is at its lowest. This restricts the
movement of the investment and financing fingers as their capabilities are depicted by the
Balance sheet
The average of the internet contemporary liabilities from 2009 to 2018 stood at 475% of the net
property. The indication right here is that the organization’s net modern liabilities are usually
Internet belongings. Overall non-cutting-edge liabilities are at 344% on average whilst the entire
present-day liabilities stand at 775%. In contrast, overall non-cutting-edge assets and modern-
day property common at circa 250% — 300%. The indication of the above statistics is that the
balance sheet is funded heavily on debt. The possession of the balance sheet to the shareholders
could be very little indicating that most people of the possession of the yields and values of the
assets are with the creditors. This indicates a tremendous gearing ratio. When an employer or a
collection run heavily on cutting-edge liabilities, it suggests that most of the people of the
contemporary belongings owe a majority component in their yield to debt servicing. The highest
part of present-day belongings in inventories, averaging at 72 %. This indicates that the earnings
yielded through the operations are owned through debt servicing as tested inside the above
section. The very best portion of non-current assets is in belongings, plant, and
equipment. Despite the fact that the property has a high land price, as they do not yield returns to
the earnings' assertion, they have seemed as static belongings. Furthermore, the gadget is a
The financial statement analysis helps understand what kind of strengths or problems TESCO
face due to its financial health so to use to have better understanding we will use SWAT analysis.
The SWOT analysis describes the strengths, weaknesses, opportunities and threats of TESCO.
Strengths of TESCO:
It is the largest retail organization of the world operating around the globe.
Weakness of TESCO:
Opportunities of TESCO:
Threats of TESCO:
Due to the increase in the unemployment ratio its growth is at the risky stage.
The income ratio has been reduce therefor this reduction affects the sales of TESCO.
By analyzing the internal strengths and external opportunities, we can say that TESCO
advantages are quite competitive. Within the high competitive environment TESCO expanding
TESCO ought to embrace advancement technique. This system will help TESCO to start its
business exercises in Asia by offering both sustenance and non-nourishment retail things.
TESCO can join different organizations and key collusion in Asia through receiving this
procedure. This procedure would help TESCO to grow and encourage techniques that can
expand income. Subsequent to entering new market, TESCO can embrace item improvement
2.5.1. Creditors
The creditors in TESCO can control the flow of cash and control the excessive use of money or
credit.
2.5.2. Investors
The investors in TESCO can increase their investment in TESCO in order to improve the
productivity of the company and provide the facilities to employees and its consumer.
2.5.3. Management
The management in TESCO can play an important role in the finance of company by improving
The regular authorities can make flexible laws which allows TESCO to easily open its
subsidiaries and new ventures; it will strengthen the company finances and give more
opportunities.
Conclusion
But upon analysis of the finance of the TESCO, it is evident that the organization was confronted
with tumulus times due to changes within the external forces such as purchase behavior. the
company’s stagnant and outdated coverage in terms of business income led the organisation to
large losses studying fast from this, the organization controlled to make brief wins to win again
the clients and to supply as plenty as the new inflow of call for needed to make certain that a
devoted patron base changed into created once more. to keep away from suchIncidents, the
organization has launched into a undertaking of merging with the satisfactory within the industry
From the above discussions, referring to with ratios the subsequent conclusions may be made.
1. Tesco employer has a higher gross profit margin but later it fails to preserve its role and
3. From the point of view of efficiency in all of the cases confirmed through Tesco except in
https://www.myaccountingcourse.com/financial-ratios/liquidity-ratios
https://www.investopedia.com/terms/l/leverageratio.asp
https://www.investopedia.com/terms/p/profitabilityratios.asp
https://www.tescoplc.com/files/pdf/reports/tesco_annual_report_2011.pdf
Collis, J., Holt, A. and Hussey, R. (2012). Business accounting. Houndmills, Basingstoke,
Peterson Drake, P. and Fabozzi, F. (2012). Analysis of financial statements. Hoboken, N.J.:
Wiley.