今天我們來分析一道財務分析的經典例題，這個知識點的考核也是非常高頻。下面的例題選自2016年9月ACCA F5試題，非常具有參考價值，希望大家可以認真研讀。

Jungle Co is a very successful multinational retail company. It has been selling a large range of household and electronic goods for some years. One year ago, it began using new suppliers from the country of Slabak, where labour is very cheap, for many of its household goods. In 20X4, Jungle Co also became a major provider of ‘cloud computing’ services, investing heavily in cloud technology. These services provide customers with a way of storing and accessing

data and programs over the internet rather than on their computers’ hard drives.

All Jungle Co customers have the option to sign up for the company’s ‘Gold’ membership service, which provides next day delivery on all orders, in return for an annual service fee of $40. In September 20X5, Jungle Co formed its own logistics company and took over the delivery of all of its parcels, instead of using the services of international delivery

companies.

Over the last year, there has been worldwide growth in the electronic goods market of 20%. Average growth rates and gross profit margins for cloud computing service providers have been 50% and 80% respectively in the last year.

Jungle Co’s prices have remained stable year on year for all sectors of its business, with price competitiveness being crucial to its continuing success as the leading global electronic retailer.

The following information is available for Jungle Co for the last two financial years:

Required:

Discuss the financial and non-financial performance of Jungle Co for the year ending 31 August 20X6.

Note: There are 7 marks available for calculations and 13 marks available for discussion.

Jungle Co是一家跨國零售公司，主營商品家居用品（1）和電子用品（2）。去年開始和新的供應商Slabak合作，從這家公司采購成本更低。20X4開展了一項新業務——云計算服務（3），和目前提供的商品服務完全不相關，所以前期需要投資很大一筆資金，但是未來很有發展前景。公司的四塊業務是為會員提供物流服務（4），只要預先支付40美元注冊成為會員，就會享受次日送達的快遞服務。公司建立了自己的物流公司，不再外包給國外的物流公司。

全球電子產品市場規模增加20%，所有業務板塊定價不變保持價格上的競爭力。給出這個條件是在暗示我們需要和Jungle公司的收入增長幅度比較，只有Jungle電子業務的增長超過20%才能表明業務發展良好。

瀏覽過公司的基本信息之后，我們需要從財務和非財務的角度解讀題目中給出的一系列財務數據。

Note1 是關于各業務的收入變動情況。 Household業務銷售額下降，但題目前面給出的信息是所有商品價格不變，這說明說明銷量在下降。Electronic goods 銷售額增加，整體市場規模增加了20%，我們需要計算公司該業務的增長比例是否超過整體水平。通過計算，Jungle業務增加28%，證明它還是市場中的主要領導者。云服務收入增加90%，同樣比市場整體情況表現的更好。物流收入下降30%，主要原因還是客戶投訴過多，因為公司無法提供優質的物流服務，會員并沒有享受到按時送達的服務。這些信息需要從note4 提取分析，貨物準時送達的比率從92%下降至74%，客戶投訴量從320,000增加到1,400,000，所以導致收入下降。

Note2 是各個業務的成本細化分析。 Household成本下降，是因為銷售額有所減少。但是我們還需要比較哪個因素下降的更多。如果成本降低的多，說明單位成本控制的好。從整體的gross margin變動比率來看，household從30%增加到40%，說明成本下降的更多，這也和題目中更換供應商帶來成本降低的條件匹配。Cloud computing services成本偏高，但是該項目仍處于初期階段而且未來有發展潛力，所以成本的上升可以接受

Note3 顯示管理費用大幅增加，原因還是投入過多成本處理客戶投訴。

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