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Thesis a Dupont Model Approach to Financial THESIS A DUPONT MODEL APPROACH TO FINANCIAL MANAGEMENT: A CASE STUDY OF VETERINARY PRACTICES Submitted by Lynn E. Dodge Department of Agricultural and Resource Economics In partial fulfillment of the requirements For the Degree of Master of Science Colorado State University Fort Collins, Colorado Fall 2017 Master’s Committee: Advisor: Stephen R. Koontz Joleen C. Hadrich W. Marshall Frasier Franklyn B. Garry Copyright by Lynn E. Dodge 2017 All Rights Reserved. ABSTRACT A DUPONT MODEL APPROACH TO FINANCIAL MANAGEMENT: A CASE STUDY OF VETERINARY PRACTICES As the veterinary industry continues to face personal debt and practice management challenges, financial analysis of veterinary practices is becoming increasingly important. Historically, veterinary practices have been managed for profitability, which when measured alone ignores the role investment and borrowing play in earning financial returns. A DuPont Model is employed to measure profitability, asset turnover, and leverage separately and then collectively through the evaluation of return on equity (ROE). Veterinary practices are divided into performance groups based on ROE and the management behavior of each performance group is evaluated and characterized. Returns for higher performing practices flow back into the business to increase productive capacity while returns for lower performing practices flow out of the business through debt repayment and owner compensation. Leverage is important where highest performers used debt to increase productive capacity and thus increase returns and the lowest performers used debt as a tool to keep their poor performing businesses in practice. This work provides a model and reference point for veterinary practice managers to measure their own financial performance. ii TABLE OF CONTENTS ABSTRACT .................................................................................................................................... ii TABLE OF CONTENTS ............................................................................................................... iii LIST OF TABLES ......................................................................................................................... vi CHAPTER 1: INTRODUCTION ................................................................................................... 1 1.1 Objective ............................................................................................................................... 2 1.2. Organization of the Thesis ................................................................................................... 3 CHAPTER 2: LITERATURE REVIEW ........................................................................................ 4 2.1 Veterinary Business Market .................................................................................................. 4 2.2 Agricultural Finance and Management ................................................................................. 5 Section 2.2.1 Farm Business Management and Long-Term Success ...................................... 5 Section 2.2.2 Management Objectives .................................................................................... 8 Section 2.2.3 Tax Management and Depreciation ................................................................... 9 2.3 Financial Performance......................................................................................................... 10 Section 2.3.1 The DuPont Model .......................................................................................... 11 2.4 Business Transfer and Valuation ......................................................................................... 13 Section 2.4.1 Valuation ......................................................................................................... 13 Section 2.4.2 Equity Consolidation ....................................................................................... 17 Section 2.4.3 Partnership ....................................................................................................... 19 2.5 Contribution ........................................................................................................................ 22 CHAPTER 3: DATA .................................................................................................................... 23 3.1 Description of Financial Statements ................................................................................... 23 3.2 Financial Statement Summary Statistics ............................................................................. 24 CHAPTER 4: METHODOLOGY ................................................................................................ 27 4.1 The DuPont Model .............................................................................................................. 27 4.2 Adjustments to Financial Statements .................................................................................. 29 Section 4.2.1 Depreciation..................................................................................................... 30 Section 4.2.2 Building Rental ................................................................................................ 31 Section 4.2.3 Intangible Assets.............................................................................................. 32 Section 4.2.4 Debt-Equity Structure Assumption ................................................................. 33 Section 4.2.5 Summary of Adjustments ................................................................................ 34 iii 4.3 Calculation and Division of Performance Groups .............................................................. 35 Section 4.3.1 Sensitivity Analysis regarding ROE Performance .......................................... 35 4.4 Further Analysis of the Equity Position .............................................................................. 36 CHAPTER 5: RESULTS AND DISCUSSION ............................................................................ 38 5.0 Overview of Results ............................................................................................................ 38 5.1 DuPont Analysis Ratios as Reported .................................................................................. 39 Section 5.1.1 Operating Profit Margin .................................................................................. 39 Section 5.1.2 Asset Turnover Ratio ....................................................................................... 40 Section 5.1.3 Leverage Mulitplier ......................................................................................... 41 Section 5.1.4 Return on Equity .............................................................................................. 42 Section 5.1.5 Summary of Reported Analysis ....................................................................... 43 5.2 Changes to Performance Groups following Adjustments ................................................... 44 5.3 DuPont Analysis Ratios with Economic Adjustments ........................................................ 47 Section 5.3.1 Adjusted Operating Profit Margin ................................................................... 47 Section 5.3.2 Adjusted Asset Turnover Ratio ....................................................................... 50 Section 5.3.3 Adjusted Leverage Multiplier .......................................................................... 51 Section 5.3.4 Adjusted Return on Equity .............................................................................. 53 Section 5.3.5 Sensitivity Analysis of Performance Results .................................................. 54 Section 5.3.6 Summary of Adjusted DuPont Model ............................................................. 58 5.4 Asset and Liability Ratios by Adjusted ROE Performance Groups .................................... 58 Section 5.4.1 Current Ratio ................................................................................................... 59 Section 5.4.2 Debt Coverage Ratio ....................................................................................... 61 Section 5.4.3 Debt to Assets .................................................................................................. 64 Section 5.4.4 Debt to Equity .................................................................................................. 66 Section 5.4.5 Summary of Balance Sheet Analysis............................................................... 67 5.5 Contingency Rankings and Correlations of Performance Measures ................................... 68 Section 5.5.1 Contingency Tables ......................................................................................... 69 Section 5.5.2 Correlations Measuring Performance Level .................................................... 70 Section 5.5.3 Summary of Contingency and Correlation Analysis ....................................... 76 CHAPTER 6: CONCLUSIONS AND RECOMMENDATIONS ................................................ 78 6.1 Management by ROE Performance Group ......................................................................... 78 6.2 Management Decision-Making: Owner-Withdrawal, Investment, and Debt ..................... 81 iv 6.3 Record Keeping and Financial Statements as a Decision Tool ........................................... 84 6.4 Business Transfer ...............................................................................................................
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