FINANCIAL ACCOUNTING

By

Student Name

Presented to the

Department of _______________________

Requirements for the ______________

College/ University Name

Student Name Course Name Assignment Name 2

August 29, 2010

Introduction

Financial statements are often called “the language of business.” Thus, any leader in

every area of business and non-profit management will need to know and understand how to

read, analyse, and interpret the meaning and decision making implications of financial

statements. Every accountant and financial analyst will need to be able to calculate financial

ratios and analyse related non-financial data in order to see whether the company is

successful or not and suggest what can be improved in the operations if needed. Therefore,

there was thorough financial investigation of BHP Billiton, Transfield Services Limited and

Woolworths Limited. In order to investigate these companies activity, the 2008 and 2009

annual reports were retrieved from official companies’ websites. Also general information on

industry averages for various ratios was obtained from financial websites as well as ASX

website. Specific events that could have impacted a company’s operations were followed on

the related web-links. In order to make a financial decision, financial analysis of financial

ratios was conducted.

In order to have the most necessary information following ratios were considered to

be most important in making investment decision - profitability ratios that measure a

company’s earning ability, in the broad categories of margins and returns. The major margins

in our case were gross profit and net profit margin. Gross profit margin identifies how much

of the sales dollar remains after covering the cost of the goods or services sold. The higher

the percentage, the better the company is doing in generating potential profitability. Net

profit margin reflects the residual of all items of revenue and expense from the Income

Statement and the percentage value of the ratio identifies what percentage of a dollar of sales

ends up as net profit (Horngren et al., 2010). Other financial ratios considered within the

analysis were the ratios indicating financial strength of a company, e.g. debt ratio, current
Student Name Course Name Assignment Name 3

ratio, times interest earned. Also return on assets and returns on equity were analysed in order

to watch for efficient use of available resource in profit generation and returns to

shareholders.

Woolworths Limited – Market Related Information

Woolworths Limited is an Australia-based company, which operates across the

segments of food and grocery, liquor, petrol, general merchandise and consumer electronics,

hotels group and wholesale group. The Company represents some of the most recognisable

and trusted brands in retailing (Woolworths Ltd.). Food and grocery, liquor and petrol outlets

as well as supermarkets comprise the supermarket division of the Company’s operations. BIG

W discount department stores are a part of the general merchandise group. Dick Smith

Electronics, Tandy and Dick Smith Electronics Powerhouse stores are included into the

consumer electronics group. The hotels group offers accommodation, food, on premise liquor

sales, gaming and venue hire. State-wide independent wholesalers (SIW) comprise the

wholesale group for the Company (Corporate Information, 2010). Woolworths Limited

primarily operates in Australia and New Zealand, but also has partnership with TATA group

in India as well as its own Asian buying office in Hong Kong (Woolworths Limited, 2010.).

The partnership with the largest private sector group in India is aimed at developing a

network of consumer electronics retail store in the country, where the Company provides

wholesaling and some retail management expertise (Woolworths Limited 2010). The

Company’s Asian buying office was created with the aim of increasing the amount of direct

sourcing for general merchandise products, which are produced in Asia so that to gain greater

control over product quality, factory compliance and traceability (Woolworths Limited 2010).

According to the Annual Report for the fiscal year 2009, Woolworths Limited operated 3,162

in Australia and New Zealand, 951 supermarkets under the Woolworths and Safeway brands

in Australia and under Woolworths, Countdown and Foodtown brands in New Zealand, 542
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co branded Woolworths/Caltex petrol canopies across Australia, 156 BIG W stores and 436

electronics outlets across Australia and New Zealand as well as 280 premium hotels. Within

the partnership with Tata group, Woolworths Limited provides wholesale services to 33 retail

outlets under the Croma brand name.

Woolworths Limited is listed on the Australian Securities Exchange, where its stock

has been traded in the price range from AU$ 25.31(as for February 9, 2010) to AU$ 28.85 (as

for August 27, 2010) since January 2010. The Company is listed the first out of 213 in the

consumer sector by market capitalisation of $34,720 million as of June 10, 2010 (ASX,

2010).

Since the beginning of the year the stock price was falling until February 24 when

Woolworths Ltd declared dividends to be payable in March. Since then the price for the

Company’s stock fluctuated in the mentioned above price range in response to the

movements in world financial, oil, and gold markets. By July 29 the price fell to the level of

AU$ 25.56 due to two factors – first, the concern over weakening growth in China and a

slump in US consumer confidence (Nazareth, Kirkland) and secondly the announcement of

slower growth than had been earlier expected and forecasted by the Company (Koons, 2010).

However, a positive kick in was from early election call, which, according to Michael

Luscombe, will not affect the sales during holiday season and provide for high sales for

discretionary retailers (Fenner, 2010). The price for the Woolworths Limited’s stock increase

after the Company announced about its intention to return $700 million to shareholders

through share buy-back scheduled for September-October 2010. In the press-release, it was

claimed that return of over $1 billion to shareholders combined with $1.3 billion in dividends

and $325 million capital buy back that occurred in the first half of calendar year, “the

shareholders will benefit from the improved earnings per share, improved dividends per share

and improved return on equity following the Buy-Back” (Woolworths Limited, 2010).
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However, the stock buy back as well as capital buy-back are intended to be funded via long-

term debt, which will impact capital structure and reliance on debt. Nevertheless, according

to Luscombe, due to capital management initiatives in light of investment and growth

opportunities available, the Company will focus on maintaining high credit ratings and

enhancing shareholder value (Woolworths Limited, 2010). The closing price as of August 28

went up by $0.31 and 1.13% change from previous close, whereas on the announcement day

the price of stock had 2.38% in positive change from the previous close on August 25.

Woolworths Limited – Finances

The Company’s annual reports and financial statements reflect quite healthy condition

of its operations. The sales and net profit figures have been increasing over, though at a

slower rate for the last fiscal year 2010 as estimated in the Company Results for the year

ended 27 June 2010. Thus, for the fiscal years 2008 and 2009 the sales were $47 and $49.6

respectively, which provided for 5.5% growth for the period, whereas growth in 2010 was

4.2%. The interim financial report as of January 3, 2010 also shows increase when compared

against the same period of 2009. The sales during fiscal year 2010 increased by 4.2%. The

return on net sales has shown an upward trend as well and was 3.5%, 3.6%, and 4.1% in

fiscal years 2008, 2009, and half year 2010 respectively. Although the growth in sales did not

prove the expectation of being in upper single digits, the net profit after taxes increased in

line with expectations for the last fiscal year and by 10.1%, when the NPAT in previous years

of 2008 and 2009 was 25.7% and 12.8% respectively. However, a slowdown in growth rate

of sales and net profit may also be attributed to the tightened conditions in the consumer

market.

Return rates for Woolworths Limited were stable for the previous years and increased

in the year ended June 27, 2010. Thus, the return on assets for the fiscal years 2008 and 2009

was 11% and 11.4% respectively, whereas in 2010 ROA is 15%. However, when compared
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to the industry average of 0.48 and sector average of 2.06, the return on assets at Woolworths

Limited is quite high implying that the management efficiently uses its assets to generate

sales.

Return on equity for the years 2008 and 2009 was 28 and 28.1 percent respectively,

whereas in the fiscal year 2010 it is estimated to be 26 percent. However, the return on equity

is likely to improve when the Company executes stock buy-back, which would result in

greater return to shareholders.

The financial strength of the Company indicated by the measures of ability to pay

debt, namely debt ratio amounts to 60.2, 58.69, and 57.7 percent for the fiscal years 2008,

2009, and 2010 respectively. Whereas debt to equity ratio is 151.4, 142 and 136,48 for the

fiscal years 2008, 2009, and 2010 respectively. Thus, Woolworths Limited strongly relies on

debt financing, which to some extent may endanger returns to shareholders when compared

to the industry average of 24.69 and sector average 27.52. However, the debt to equity ratio is

lower than S&P 500 average of 186.51. Nevertheless, interest coverage for Woolworths

Limited indicates the company’s strengths and ability to generate enough operating income to

cover financing charges risk default on debt obligations and amounted to 10.96, 11.97, and

12.92 times in 2008, 2009, and 2010 respectively.

Earnings per share declared in the financial statements of the company were 134.89,

150.71, and 164.01 cents in 2008, 2009, 2010 respectively, which indicate EPS growth of 9%

in the last fiscal year. EPS for 2010 and the market closing price of Woolworths’ stock on

August 27 of AU $27.85 indicate the price to earnings ratio of 16.98, which is significantly

higher than industry average 5.73, though a little higher than sector average of 14.45. The

dividend yield for the last accounting period is 3.96, and dividends increased by 10.58

percent.
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In summary, the market information on and financial statements of the Company

indicate positive conditions for investing opportunities. Although, playing in the stock market

through constant buying and selling Company’s stock is not likely to bring instant benefits,

holding onto the Woolworths Limited’s stock is a safe investment in terms of guaranteed

returns in dividends, which companies pays on annual basis.

BHP Billiton – Business Description and Market Information

BHP Billiton is the largest diversified natural resources company in the world, which

is engaged in extracting and processing minerals, oil and gas from its production operations

located primarily in Australia, the Americas and southern Africa (BHP Billiton Limited,

2010). It operates and sells its product worldwide, while centralizing its marketing activities

from Singapore, The Hague and Antwerp. Customer sector groups that the Company operates

in are petroleum, aluminium, base metals, diamonds and specialty products, stainless steel

materials, iron ore; manganese, metallurgical coal, and energy coal.

There are two separate shareholder bodies of BHP Billiton and BHP Billiton plc,

which in fact operate as one business body with single management structure and single

Board of Directors. However, BHP Billiton Limited and BHP Billiton Group are

headquartered in Melbourne, Australia, whereas BHP Billiton plc is headquartered in

London, the United Kingdom. BHP Billiton Limited is listed to trade its shares on Australian

Securities Exchange and New York Stock Exchange. BHP Billiton Limited’s stock traded in

the range from AU$35.58 to AU$ 44.93 during last 52 weeks, and closed at AU$ 37.30 at the

Australian Securities Exchange on August 27, 2010 losing 0.09 (0.24%) in the price to the

previous close.

The fluctuations in the price for the Company’s stock are attributable to and

dependable on changes in prices and demand in commodity markets, which have proved to

be fairly unstable since the global financial crisis, as well as on macroeconomic activity of
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economies worldwide. The Company, however, has put great efforts into maintaining

profitability rates and returns to shareholders. For this matter, BHP Billiton sold one of its

nickel mines in Western Australia. Nevertheless, the Company did not take out or refused any

of its operating businesses. On the contrary, the Company constantly develops and negotiates

agreements on new mines and sources exploration. Thus, on June 13, 2010 BHP Billiton

signed framework agreement with Liberian Government to mine four iron leases (Reuters).

As well as month earlier the Company joined Mew Oil Gas Explorers to drill for gas off

South Africa’s west coast (Reuters). Furthermore, BHP Billiton is willing to take advantage

of market weakness due to financial crisis and looks for acquisition worldwide. However, last

takeover offer for Potash Corp. was rejected due to BHP Billiton downgrading Potash Corp.

stock and shareholder value (Bhushan, 2010).

BHP Billiton – Finances

The financial statement for BHP Billiton reveal that financial year 2009 was less

successful in terms of providing for growth in sales and profits. The sales in fiscal year ended

June 30, 2009 decreased by 15 percent from $59,473 million to $50,211 million whereas

profits declined by 25 percent. Nevertheless, such a decrease in sales and income was

attributable to both record commodity prices in many products and a collapse in demand,

exacerbated by dramatic movements in inventory levels. While the impact of weaker

commodity prices and collapsing demand presented a major challenge to market, the BHP

Billiton EBIT margin and return on capital remained, according to the Company, very

healthy at 40.1 per cent and 24.6 per cent respectively (BHP Billiton, 2009).

Fiscal year ended June 30, 2010, however, was more of positive growth for the

Company’s profit. BHP reported an increase in sales by 5.2 percent, whereas profit margin

amounted to 116 percent when compared to the previous fiscal year. The boost in profit is

explained from strong volumes in steel-making raw materials, price increases for iron ore
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plus base and precious metals, and a negative exchange rate impact from a weaker US dollar.

However, the result may be to a great part be attributed to the strategy of the Company to

minimize operating expenses through production adjustments to match decreased demand,

deferral of lower priority capital expenditures, and suspension and sale of cash negative

operation.

Indicators of the Company’s financial strength were quite strong for fiscal years 2008,

2009, 2010 despite the fact that profits decreased in 2009. The Company’s ability to pay

current debt increased through years 2008-2010 from 1.32 in the fiscal year 2008, to 1.89 in

2009, and 1.92 in 2010. Although the ability to cover short term debt obligation increased,

the figure is still quite high when compared to the industry average of 0.69 and sector average

1.14, implying that the company holds on to its asset and uses them unwisely. However, the

higher ratio for BHP Billiton indicates fewer chances for problems associated with default

conditions and provides for a higher credit rating among creditors. Furthermore, the debt

decreased implying that the Company relies on capital financing of its operations and

investments (debt ratio for the fiscal years 2008, 2009, and 2010 were 45.9, 48, and 44

respectively). Although debt financing in the capital structure of BHP Billiton is slightly

higher than industry average of 25.8, it lower than sector average of 39.91. Reliance on

capital financing rather than debt financing significantly decreases the risk of default, but also

implies lower returns on investment to shareholders. Return on equity, which measures the

actual return to shareholders, was 40.1%, 14.7%, and 25.8% for fiscal years 2008, 2009, and

2010 respectively. The efficient use of assets to generate profit – return on assets – was

estimated to be 20.24%, 7.4%, and 14.4% respectively. The figures for ROA and ROE are

higher than industry, sector, and S&P 500 averages, implying quite good rate of returns for

the company operating in tight market conditions.

Student Name Course Name Assignment Name 10

There has been a downward trend in the BHP Billiton stock price, which closed at

$37.30 on August 26 and went down by $0.09 or 0.24%. However, given the EPS 228.6 cents

the price to earnings ratio as of August 27, 2010 is 16.32, which is lower than industry

average by 6 positions and may indicate the undervaluation of BHP Billiton’s stock.

Although financial statements for BHP Billiton Limited indicate some areas to

consider improvement into provide shareholders with greater returns, the market analysts

forecast quite good conditions for buying stock option from BHP Billiton due to several

factors: “As a supplier of basic raw materials as well as diamonds, precious metals, and oil,

BHP could function as a bellwether for the global economy, reflecting future industrial output

downstream. BHP clearly expects sales to weaken in the coming months and with demand

slowing, the company is not likely to increase prices. Emerging economies may help in the

interim, but until the global economy grows, the company is likely to report lower future

earnings. It’s also worth noting that depreciation and amortization (non-cash items) added

almost 2 percent to the reported 10 percent in earnings for the year. The company has a well-

reasoned expectation for good performance over the long term. For now, the chart has yet to

establish a bottom, and although oversold, the momentum is clearly to the downside” (Austin,

2010).

Transfield Services Limited

Transfield Services Limited is an Australia-based international provider of operations,

maintenance, asset management project and capital management services. The Company

operates in Australia, New Zealand, North America and the Emerging Markets of the United

Arab Emirates, Qatar, New Caledonia, South East Asia, India and Chile and Canada across

diverse industries, including mining and process, hydrocarbons, roads, rail and public

transport, water, power, telecommunications, facilities management and defence. TSE has

gained a strong reputation in the sphere of outsourcing wide range of services and has
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established a solid base of clients who are chosen for long-term cooperation. More than 80

percent of Company’s services are provided under secure, long-term asset management

contract, which ensure client retention rate over 95 per cent. TSE’s consolidated proprietary

systems place the Company into advantageous position for capturing growth domestically

and in Asia (Transfield Services Ltd, 2010). The major competitive advantage of the

Company is the breadth of service or industry diversity it provides outsourcing for, though

there are a number of competitors who compete in one or another outsourcing service or

industry. The competitors include Downer EDI, United Group, and Leighton.

The TSE stock price fluctuated in the price range between $3.00 and $4.80 during last

52 weeks and closed at $3.18 as of August 27, 2010 with $0.12 (3.92%) increase. Mostly the

stock price is sensitive to announcements form the Company. In this respect, the stock price

went down by 4.50% when TSE announced Construction of National Broadband Network

Site, then a decline by 3.64% was recorded when TSE was awarded a contract from a global

retailer. Another announcement on working project and securing contracts resulted in 2.45%

decline again. Therefore, there is an implication that announcement of start of a working

project, which should boost the price, in reality drives the stock price down. However, it may

be explained with the nature of projects and the timeline needed to accomplish them, which

as a result may dilute the gains from projects, and, consequently, impact stock price

positively at a later point in time (Transfield Services Ltd, 2009; Transfield Services Ltd,

2008).

Transfield Services Limited - Finances

The financial statements for TSE reveal that financial year 2009 was not quite

successful for the company as a net loss of $55 million was recorded. However, the financial

results for the fiscal year ended June 30, 2010 showed $73 million gain versus last period’s

loss. As well the company announced $4.1 billion in revenues including joint ventures.
Student Name Course Name Assignment Name 12

Although the company has announced profit in the fiscal year 2010, comparable

financial statements do not yet contain comparable information on actual figures. Therefore,

the figures for the fiscal years 2008 and 2009 are discussed further in the paper.

Unfortunately the available information shows that TSE incurred great loss in previous

financial year, which affected margins and returns negatively. Thus, though the gross profit

margin is 53.87, net profit, operating profit and EBITD are negative and equal -1.60, -1.89,

and -0.50 respectively. Returns on assets and equity are also negative – -2.84 and -7.60 –

which implies the company does not generate enough sales to provide for its own operations.

Furthermore, TSE relies on debt financing as 62.79% of capital structure comes from debt,

which puts the company at default risk if it does not improve revenue and profit margins. For

this matter, it is suggested to consider operating expense as namely this part of cost structure

was improved in fiscal year 2010 and resulted in a net profit rather than net loss. Therefore,

financial strength measures indicate quite weak condition of the Company at the time

(Transfielt Services Industries, 2009).

The estimated valuation measure indicate the EPS of 21.9, 16.3 and negative -5 for

the years 2007, 2008 and 2009 respectively. Despite all the negative figures and loss from the

previous fiscal year 2009, taking into consideration the announced NPAT of $73 million, the

Company is going to pay out dividends of $0.12 per share payable in September.

In general, at present Transfield Services Limited (2009) has to be in the recovery

stage from the loss it incurred in the fiscal year 2009. However, the Company management

assures in bright prospects for the company operations due to sufficient and effective

targeting at mid-single digit growth in net profit for the 2010/11 financial year, excluding any

restructuring or cost reduction initiatives. Also, according to Goode, TSE CEO “the group's

investment in business transformation, removing redundancy and driving discipline across

the business would continue into 2011” as well as “the ongoing business efficiency
Student Name Course Name Assignment Name 13

improvements and lower cost base of the US business would drive growth in 2010/11”

(Business Spectator, 2010).

Decision Making

In order to make an informed decision on investment opportunities into stock option

of the three companies, the financial statements of Woolworths Limited, BHP Billiton, and

Transfield Service Limited were analysed within financial ratio analysis. The general

information on industry and sector averages was obtained in order to compare ratios of a

specific company versus industry or sector benchmark. Also specific information on

company actions that could have impacted the financial figures and the valuation in the

market was considered for making the decision. In general, financial ratios are very valuable

in analysing and identifying organization’s financial strengths and weaknesses as well as in

evaluating current and future financial situation of a company, and identification of potential

financial threats and risks.

This project enabled us with understanding about the reasons why the financial

statements are analysed. In general, financial ratios provide an insight for the senior

management, investors, and other stakeholders involved in the investment activity. Financial

ratios enable to understand financial risks and forecast ROI (Return on investments) in a firm.

Moreover, the financial analysts are able to develop a main framework that can be used

before comprehensive financial analysis of the company.

After careful analysis of the companies, Transfield Service Limited is the most

unattractive company for investment in regards to the last fiscal year’s loss and no particular

action plan for the future. Although, its stock’ prospects for earning dividend yield are quite

appealing, the negative earnings and negative returns make the option not desirable at the

moment. However, those who hold on to the Transfield Service Limited stock now will

benefit when the company recovers and achieves growth.

 Student Name Course Name Assignment Name 14

The most stable entity for investment is Woolworths Limited, which has positive

trends in its financials and stock market price. However, despite the fact that there are some

minor negative changes in BHP Billiton stock price, the forecasts of financial analysts are

positive in terms of future returns when demand for natural resources and overall economic

health stabilizes. Therefore, in order to safeguard investment 80 percent of it, namely $8,000,

is suggested to invest into safe option of Woolworths stock and 20 percent – $20,000 – into

BHP Billiton’s stock that will bring greater benefits at a later point in time.

Woolworths Limited
2008 2009 2010
(49,594.8- (51,694.3 - 49,594.8)/
Sales Growth 47,034.8)/47,034.8*100%=5,5% 49,594.8*100%=4,2%
Return on net
sales 1,651.5/47,034.8=3.5% 1,860.0/49,594.8*100%=3.6% 2,038/51,694.3*100%=4.1%
ROA (return
on assets) 1,651.5/15044.3*100%=11% 1860,0/16378.7*100%=11.4% 2,038/17873.9*100%=15%
ROE (return
on equity) 1,651.5/5880.75=28% 1,860.0/6646.3*100%=28.1% 2,038/7399=26%

Debt ratio 9,437.2/15,672.5*100%=60.2 10,027.6/17,084.9*100%=57.7% 10,669.6/18,487.3*100%=57.7%

Debt to
equity ratio 9,437.2/6,235.3*100%=151.4 10,027.6/7,057.3*100=142% 10,669.6/7,817.7*100=136.48%
Times
interest
earned 2,528.8/230.8=10.96 2,815.5/235.2=11.97 3,082.1/238.5=12.92
Price to earnings ratio (August 27) 27.85/1.6401=16.98

BHP Billiton Limited

2008 2009 2010
(59,473-50,211)/59,473*100*= (52,798-
Sales Growth (15%) 50,211)/50,211*100=5.2%
(12,722-
Profit margin 5,877)/5,877*100%=116%
Current ratio 19,687/13,165=1.32 21,599/10,206=1.89 25,134/13,042=1.92
Debt ratio 33,640/73,289*100%=45.9% 36,952/81,553*100%=48% 39,523/88,852*100%=44%
ROA (return
on assets) 15,390/73,289*100%=21% 5,877/81,553*100%=7.4% 12,722/88,852*100%=14.4%
15,390/39,649 5,877/40,711=14.4% 12,722/49,329*100%=25.8%
Price to earnigns (as of August 27) 37.30/2.286=16.32
Student Name Course Name Assignment Name 15

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