Financial Analysis of Blackmores & Bellamy's
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This assignment presents a comparative financial analysis of two Australian consumer staples companies, Blackmores and Bellamy's Australia Limited. It utilizes horizontal analysis to examine the companies' growth trajectories over time, particularly after 2016. The analysis delves into income statement trends, highlighting key performance indicators and comparing their profitability and revenue generation. The assignment concludes with insights into the companies' financial health and the importance of transparency and disclosure for stakeholder confidence.
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Financial Reporting 1
Accounting and Financial Reporting: Blackmores Plc Australia
Accounting and Financial Reporting: Blackmores Plc Australia
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Financial Reporting 2
Executive Summary of Findings
Blackmores is leader in the field of healthcare products and supplements. Its focus is maintaining
health with the use of natural products since 1930. Blackmores is having command in vitamins,
minerals, herbs and various nutrients based supplements with over 250 varieties. In 2016
Blackmores was awarded with the ‘Most Trusted Brand’. It established its business in more than
17 countries with more than 1000 employees. The vision is to produce health giving property
based on natural herbs and minerals.
There are some mandatory requirements for proper working of an organization. Accounting of
the various transactions helps to disclose financial statements in a very clear form which is very
important for the companies. It is crucial in terms of disclosure of information and comparison of
the performance in industry. It also helps to review and understand the trend of the company
whether it is improving from past performance or not. This results to implementation decisions.
Stakeholders also depend on the financial information of the companies as it is analyzed as the
parameter for the current condition in terms of finance, market share and performance. The
internal stakeholders use this information for current performance and to plan future strategy.
Whereas external stakeholders are interested in profits and impact of decisions on financial
condition of the company as profits and sales figures are the key indicators for performance. The
main statements viewed by stakeholders are balance sheet, income and cash flow statements.
The profit in year 2012 was 13,565 thousand Australian dollars which increased to 10.7%, 53%,
115% in respective years from 2012 to 2015. Afterwards the profits and sales decreased by
around 40% in 2016. It can be stated that there is a huge difference between the asset of 2016
and 2015 as AUS$2,94,624 and AUS$1,87,844 which can influence the decisions of
stakeholders. Current liabilities of company is measured as AUS$2,53,430 in year 2016 This
Executive Summary of Findings
Blackmores is leader in the field of healthcare products and supplements. Its focus is maintaining
health with the use of natural products since 1930. Blackmores is having command in vitamins,
minerals, herbs and various nutrients based supplements with over 250 varieties. In 2016
Blackmores was awarded with the ‘Most Trusted Brand’. It established its business in more than
17 countries with more than 1000 employees. The vision is to produce health giving property
based on natural herbs and minerals.
There are some mandatory requirements for proper working of an organization. Accounting of
the various transactions helps to disclose financial statements in a very clear form which is very
important for the companies. It is crucial in terms of disclosure of information and comparison of
the performance in industry. It also helps to review and understand the trend of the company
whether it is improving from past performance or not. This results to implementation decisions.
Stakeholders also depend on the financial information of the companies as it is analyzed as the
parameter for the current condition in terms of finance, market share and performance. The
internal stakeholders use this information for current performance and to plan future strategy.
Whereas external stakeholders are interested in profits and impact of decisions on financial
condition of the company as profits and sales figures are the key indicators for performance. The
main statements viewed by stakeholders are balance sheet, income and cash flow statements.
The profit in year 2012 was 13,565 thousand Australian dollars which increased to 10.7%, 53%,
115% in respective years from 2012 to 2015. Afterwards the profits and sales decreased by
around 40% in 2016. It can be stated that there is a huge difference between the asset of 2016
and 2015 as AUS$2,94,624 and AUS$1,87,844 which can influence the decisions of
stakeholders. Current liabilities of company is measured as AUS$2,53,430 in year 2016 This
Financial Reporting 3
happened due to change in preferences and an online seller from china backed off from selling
Blackmores products. Cash and cash equivalents has also been generate at lower rate as
AUS$2191 and increased up to the AUS$37653. Sales is also decreased in comparison to 2015
from AU$ 341433000 to AU$322129000 as on 31 December 2016.
The business operating cash flows are $83.7 million which is about 18% growth from past year
2015. The cash conversion ratio of 81% shows that it focused on success in operational strategy.
The gearing ratio as a group remained low at 9.1% with comparison to 5.1% in 2015. After the
acquisition of Global therapeutics still company is having net interest cover ratio at 80.2 times
which is far more than 21.1 times in 2015. Equity of the company also increased to $181 from
$133 million at the end of the year 2016. Around $48 million growth due to group Net profit
after tax, retained earnings and joint venture profits.
EPS of the company is also increased around $6 than past year so ROA and EPS shows that
Blackmores on right track in terms of profitability and it is the takeovers and new ventures that
are responsible for the fluctuations in the financial statements. The other ratio such as liquidity
ratio shows good position of the company to pay for the debts and fulfilling the working capital
requirements. There is also requirement to maintain safety and standards of the products as high
regulation is observed on the manufacturers and suppliers of health related products. It is also a
sensitive product which can lead to serious damage to the company financial position in case of
negative news or bad consequences of the products supplied.
happened due to change in preferences and an online seller from china backed off from selling
Blackmores products. Cash and cash equivalents has also been generate at lower rate as
AUS$2191 and increased up to the AUS$37653. Sales is also decreased in comparison to 2015
from AU$ 341433000 to AU$322129000 as on 31 December 2016.
The business operating cash flows are $83.7 million which is about 18% growth from past year
2015. The cash conversion ratio of 81% shows that it focused on success in operational strategy.
The gearing ratio as a group remained low at 9.1% with comparison to 5.1% in 2015. After the
acquisition of Global therapeutics still company is having net interest cover ratio at 80.2 times
which is far more than 21.1 times in 2015. Equity of the company also increased to $181 from
$133 million at the end of the year 2016. Around $48 million growth due to group Net profit
after tax, retained earnings and joint venture profits.
EPS of the company is also increased around $6 than past year so ROA and EPS shows that
Blackmores on right track in terms of profitability and it is the takeovers and new ventures that
are responsible for the fluctuations in the financial statements. The other ratio such as liquidity
ratio shows good position of the company to pay for the debts and fulfilling the working capital
requirements. There is also requirement to maintain safety and standards of the products as high
regulation is observed on the manufacturers and suppliers of health related products. It is also a
sensitive product which can lead to serious damage to the company financial position in case of
negative news or bad consequences of the products supplied.
Financial Reporting 4
Introduction
This report is presented to demonstrate the reliability and efficiency of accounting and financial
reporting over the company. As ASX listed company, Blackmore’s financial statements are
evaluated with reference to financial reporting. Information is presented in reliable and
transparent manner to represent the actual financial performance of company. It also includes the
financial ratios analysis to support the efficiency of financial statement which creates a clear
picture for the performance of business.
Introduction
This report is presented to demonstrate the reliability and efficiency of accounting and financial
reporting over the company. As ASX listed company, Blackmore’s financial statements are
evaluated with reference to financial reporting. Information is presented in reliable and
transparent manner to represent the actual financial performance of company. It also includes the
financial ratios analysis to support the efficiency of financial statement which creates a clear
picture for the performance of business.
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Financial Reporting 5
Slide 1: Accounting and Financial Reporting
Slide 2: Table of Content
Slide 1: Accounting and Financial Reporting
Slide 2: Table of Content
Financial Reporting 6
Slide 3: Presentation Introduction
Slide 4: Company Background: Blackmores
Slide 3: Presentation Introduction
Slide 4: Company Background: Blackmores
Financial Reporting 7
Blackmores limited is the one of the top brands in the category of the natural health in Australia.
It deals in various products such as minerals, herbal, vitamin and nutritional supplements. It
provides more than 250 varieties of vitamin, herbal, minerals and nutritional supplements.
Maurice Blackmore established the Blackmores limited in 1930 (Blackmores (2017). The
headquarter of Blackmores limited is in New South Wales, Australia. The Blackmores limited
manages its business in various countries such as China, New Zealand, Singapore, Malaysia,
Japan, Thailand, Korea, Cambodia, United States, and Macau. Since last 8 years, the Blackmores
has been winning most trusted brand in the Australia for vitamins and supplements.
Slide 5: Company Background
Share price is also indicator for the financial performance of the company based on the trend in
the stock price and the management decisions the stake holders decide to stay or exit from an
investment. The good profits results to increase in the share price of a company on the other side
it can be said that high share price of a company indicated increased profits of the company.
Blackmores limited is the one of the top brands in the category of the natural health in Australia.
It deals in various products such as minerals, herbal, vitamin and nutritional supplements. It
provides more than 250 varieties of vitamin, herbal, minerals and nutritional supplements.
Maurice Blackmore established the Blackmores limited in 1930 (Blackmores (2017). The
headquarter of Blackmores limited is in New South Wales, Australia. The Blackmores limited
manages its business in various countries such as China, New Zealand, Singapore, Malaysia,
Japan, Thailand, Korea, Cambodia, United States, and Macau. Since last 8 years, the Blackmores
has been winning most trusted brand in the Australia for vitamins and supplements.
Slide 5: Company Background
Share price is also indicator for the financial performance of the company based on the trend in
the stock price and the management decisions the stake holders decide to stay or exit from an
investment. The good profits results to increase in the share price of a company on the other side
it can be said that high share price of a company indicated increased profits of the company.
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Financial Reporting 8
From year 2013 to year 2015 the company was performing average due to several takeover
decisions. But its profits increased suddenly in 2015-16 due to its entry in Asian market. So the
share price is at peak of AUD $217.18 in this period of time and the decisions of the
management is having direct impact on the share performance as stakeholders depends on the
financial and accounting information of a company (BKL AU, 2017).
Slide 6: Financial Performance Evaluation of Blackmores
From the observation of balance sheet, it can be stated that there is a huge difference between the
asset of 2016 and 2015 as AUS$2,94,624 and AUS$1,87,844 which can influence the decisions
of stakeholders. On the other hand, current liabilities of company is measured as AUS$2,53,430
in year 2016 which can also a point that the liabilities over the companies are also increasing that
also have adverse impact over the stakeholders to judge the stability of company in perspective
market. On the other hand, the liabilities and assets both are increasing with huge turn so, it can
be derived that the market capture strategy brought the impact over the financial data of
From year 2013 to year 2015 the company was performing average due to several takeover
decisions. But its profits increased suddenly in 2015-16 due to its entry in Asian market. So the
share price is at peak of AUD $217.18 in this period of time and the decisions of the
management is having direct impact on the share performance as stakeholders depends on the
financial and accounting information of a company (BKL AU, 2017).
Slide 6: Financial Performance Evaluation of Blackmores
From the observation of balance sheet, it can be stated that there is a huge difference between the
asset of 2016 and 2015 as AUS$2,94,624 and AUS$1,87,844 which can influence the decisions
of stakeholders. On the other hand, current liabilities of company is measured as AUS$2,53,430
in year 2016 which can also a point that the liabilities over the companies are also increasing that
also have adverse impact over the stakeholders to judge the stability of company in perspective
market. On the other hand, the liabilities and assets both are increasing with huge turn so, it can
be derived that the market capture strategy brought the impact over the financial data of
Financial Reporting 9
Blackmore. In terms of equity, it can be inferences that reserve funding of business has reduced
from AUS$8063 to AUS$5252 M. On the other side it is also assessed that the total equity of
company has also increased with reference to year 2015 to 2016.
Further, over the income statement observation, it can be said that the sales of company has
jumped in turbulent manner. With this, net revenue for the Blackmore has also increased so it
shows the satisfactory performance for the stakeholders to take the affirmative decisions. Profit
and loss data indicates the good performance of company in year 2016 as compare to 2015. It is
also reviewed that the income tax burden over the company has increased as it might taken the
loan from the financial institutions; it can affect the position of company adversely.
Slide 7: Financial Performance Contd.
Over the looking of cash flow, it is captured that good amount of cash has been generated from
the operating activities but most of it would be adjusted in the payment of employees and
suppliers. On the other hand, the investing and financing activities have generated negative cash
Blackmore. In terms of equity, it can be inferences that reserve funding of business has reduced
from AUS$8063 to AUS$5252 M. On the other side it is also assessed that the total equity of
company has also increased with reference to year 2015 to 2016.
Further, over the income statement observation, it can be said that the sales of company has
jumped in turbulent manner. With this, net revenue for the Blackmore has also increased so it
shows the satisfactory performance for the stakeholders to take the affirmative decisions. Profit
and loss data indicates the good performance of company in year 2016 as compare to 2015. It is
also reviewed that the income tax burden over the company has increased as it might taken the
loan from the financial institutions; it can affect the position of company adversely.
Slide 7: Financial Performance Contd.
Over the looking of cash flow, it is captured that good amount of cash has been generated from
the operating activities but most of it would be adjusted in the payment of employees and
suppliers. On the other hand, the investing and financing activities have generated negative cash
Financial Reporting 10
flow over the year 2016. It is positively noted that cash and cash equilent has also been generate
at lower rate as AUS$2191 and increased up to the AUS$37653. Overall, it has generated $100
million profit for the financial year 2016 and it has stumbled the growth as 115% in relation to
last financial year performance. These data are indicating the good financial position left out
interest on activities. Along with this the, market cap values for the company has also tapped as
AUS$1,757,380,000 which is also experienced the significant market capture at this time.
On the basis of above performance, it is reviewed that the shareholder’s equity has increased
with rapid changes. At the same time, the gear ratio has dumped in year 2015 but the year 2016
has experiencing good positive reflection over geared ratio of Blackmore as the figures are
indicating.
Slide 8: Financial Performance Contd.
The above cited graph is indicating the gearing ratio of Blackmore as it had downward in year
2015 where, it was above 40 and it got down by 10 which is not good for the company. As the
flow over the year 2016. It is positively noted that cash and cash equilent has also been generate
at lower rate as AUS$2191 and increased up to the AUS$37653. Overall, it has generated $100
million profit for the financial year 2016 and it has stumbled the growth as 115% in relation to
last financial year performance. These data are indicating the good financial position left out
interest on activities. Along with this the, market cap values for the company has also tapped as
AUS$1,757,380,000 which is also experienced the significant market capture at this time.
On the basis of above performance, it is reviewed that the shareholder’s equity has increased
with rapid changes. At the same time, the gear ratio has dumped in year 2015 but the year 2016
has experiencing good positive reflection over geared ratio of Blackmore as the figures are
indicating.
Slide 8: Financial Performance Contd.
The above cited graph is indicating the gearing ratio of Blackmore as it had downward in year
2015 where, it was above 40 and it got down by 10 which is not good for the company. As the
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Financial Reporting 11
movement of ratio from the year 2016 it is upward which signs the increasing movement of
company’s gearing performance ratio.
Slide 9: Measurement of Key Factors
Impact of Convention over Accounting: Accounting conventions have significant impact over
the accounting assessment as it influences by its rules and regulations of standards to follow
while creating financial report of performance of business. Assets is influenced by the
conventions as the company has shown the higher assets that it can create challenges for the
stakeholders to found the actual asset for company as Blackmores has shown huge difference
between the asset of 2015 and 2016 which can affect the management also to present the
evidence to the financial reporting authority in order to prove the asset management. At the same
time, the shareholders and owner’s equity should be separate from the business transactions.
In concern to the convention, management should produce the real and reliable information for
the external stakeholder’s to intake decision while investing in business because the data derives
movement of ratio from the year 2016 it is upward which signs the increasing movement of
company’s gearing performance ratio.
Slide 9: Measurement of Key Factors
Impact of Convention over Accounting: Accounting conventions have significant impact over
the accounting assessment as it influences by its rules and regulations of standards to follow
while creating financial report of performance of business. Assets is influenced by the
conventions as the company has shown the higher assets that it can create challenges for the
stakeholders to found the actual asset for company as Blackmores has shown huge difference
between the asset of 2015 and 2016 which can affect the management also to present the
evidence to the financial reporting authority in order to prove the asset management. At the same
time, the shareholders and owner’s equity should be separate from the business transactions.
In concern to the convention, management should produce the real and reliable information for
the external stakeholder’s to intake decision while investing in business because the data derives
Financial Reporting 12
the real picture for the performance of business (Needles, et. al, 2013). At the same time,
owner’s equity should be treated separately from the business to assess the position of business.
Along with this, the convention of consistency should be taken into accounting while preparing
the financial statements as it essential to follow the principles and procedure to present the
accounting information in effective manner.
Managerial Judgment: Materiality convention is directly linked to the management judgment that
enforces the accountant management to consider the standard while assessing and presenting the
information in real manner.
Relevance of Information: It is important to consider the relevancy of information with the
performance of business as the shown graph indicates about the significant performance of
business, it should be related to the exact information because it might dilutes the stakeholders
such as sales of business has increased (V. 2011). Faithful Presentation: Faithful presentation of
financial performance leads to the reliability of company’s presence in perspective market. So,
following the accounting standards, it should not make any error and omission to evaluating the
viability of company.
Slide 10: Financial Ratio Analysis
the real picture for the performance of business (Needles, et. al, 2013). At the same time,
owner’s equity should be treated separately from the business to assess the position of business.
Along with this, the convention of consistency should be taken into accounting while preparing
the financial statements as it essential to follow the principles and procedure to present the
accounting information in effective manner.
Managerial Judgment: Materiality convention is directly linked to the management judgment that
enforces the accountant management to consider the standard while assessing and presenting the
information in real manner.
Relevance of Information: It is important to consider the relevancy of information with the
performance of business as the shown graph indicates about the significant performance of
business, it should be related to the exact information because it might dilutes the stakeholders
such as sales of business has increased (V. 2011). Faithful Presentation: Faithful presentation of
financial performance leads to the reliability of company’s presence in perspective market. So,
following the accounting standards, it should not make any error and omission to evaluating the
viability of company.
Slide 10: Financial Ratio Analysis
Financial Reporting 13
Profitability ratios: These types of ratios indicate the financial performance of company with
respect to the sales of company and how much profit is generated by firm. Financial ratio
analysis is as follows
Gross Profit Margin = Gross Profit/Revenue (Tracy, 2012)
= 143411/599485*100 = 23.92%
Net Profit Ratio= Net profit/ Revenue = 100020/599485*100 = 16.67%
Efficiency ratios: This financial ratio measures the efficiency of company to manage the
differentiation ratio that predicts the cost of goods sold and average inventory
Inventory Turnover = Cost of Sales/Average Inventory
= 272917/47852 = 5.70%
Total Asset Turnover = Net Sales ÷ Average Total Assets (Brigham and Houston, 2012)
= 495468/363715 = 1.36%
Profitability ratios: These types of ratios indicate the financial performance of company with
respect to the sales of company and how much profit is generated by firm. Financial ratio
analysis is as follows
Gross Profit Margin = Gross Profit/Revenue (Tracy, 2012)
= 143411/599485*100 = 23.92%
Net Profit Ratio= Net profit/ Revenue = 100020/599485*100 = 16.67%
Efficiency ratios: This financial ratio measures the efficiency of company to manage the
differentiation ratio that predicts the cost of goods sold and average inventory
Inventory Turnover = Cost of Sales/Average Inventory
= 272917/47852 = 5.70%
Total Asset Turnover = Net Sales ÷ Average Total Assets (Brigham and Houston, 2012)
= 495468/363715 = 1.36%
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Financial Reporting 14
Liquidity ratios: Liquidity of firm is assessed over the current ratio and quick ratio evaluation.
Assess the ability of the firm to manage working capital and its ability to pay its short-term debts
without running.
Current ratio = Current asset/Current Liability = 294,624 / 192,279 = 1.53%
Acid test ratio = Current asset –Inventories / Current Liabilities = 294624-116,486/192279 =
0.93%
(Drake and Fabozzi, 2012)
Gearing ratios: Assess the long-term capital structure of the business
Debt ratio = Total debt/Total asset
= 17,793/434,023 = 0.041
Equity ratio = Shareholder’s funds/Total asset
= 1,78,263/434023 = 0.41 or 41%
In terms of the relative quantities of debt and equity capital
Investor ratios: This type of ratio indicates the shareholders about the performance of company
to equate the debt to equity and market debt of company within specific time duration.
Earnings per share (EPS) = Net income –Preferred dividends/Share issued outstanding
= 100,020 –6285 /17225
= 5.44
Price-Earnings Ratio = Market Price per Share ÷ Earnings per Share
= 119.57/5.76 =20.72%
The above analyzed ratio indicates the good financial position of company over the performance
of Blackmores in year 2016 as compare to the year 2015.
Liquidity ratios: Liquidity of firm is assessed over the current ratio and quick ratio evaluation.
Assess the ability of the firm to manage working capital and its ability to pay its short-term debts
without running.
Current ratio = Current asset/Current Liability = 294,624 / 192,279 = 1.53%
Acid test ratio = Current asset –Inventories / Current Liabilities = 294624-116,486/192279 =
0.93%
(Drake and Fabozzi, 2012)
Gearing ratios: Assess the long-term capital structure of the business
Debt ratio = Total debt/Total asset
= 17,793/434,023 = 0.041
Equity ratio = Shareholder’s funds/Total asset
= 1,78,263/434023 = 0.41 or 41%
In terms of the relative quantities of debt and equity capital
Investor ratios: This type of ratio indicates the shareholders about the performance of company
to equate the debt to equity and market debt of company within specific time duration.
Earnings per share (EPS) = Net income –Preferred dividends/Share issued outstanding
= 100,020 –6285 /17225
= 5.44
Price-Earnings Ratio = Market Price per Share ÷ Earnings per Share
= 119.57/5.76 =20.72%
The above analyzed ratio indicates the good financial position of company over the performance
of Blackmores in year 2016 as compare to the year 2015.
Financial Reporting 15
Slide 11: Horizontal Analysis
In concerned to the horizontal analysis of company, it is presented to measure the financial
performance of company with reference the Bellamy's Australia Limited which also deals in the
consumer staples (Businessinsider, 2017).
Slide 11: Horizontal Analysis
In concerned to the horizontal analysis of company, it is presented to measure the financial
performance of company with reference the Bellamy's Australia Limited which also deals in the
consumer staples (Businessinsider, 2017).
Financial Reporting 16
Over the comparison of horizontal analysis of Blackmore and Bellamy, it can be concluded that
the both of companies are growing with rapid growth after year 2016 and triggered the sales
above AUS$100 million.
Over the comparison of horizontal analysis of Blackmore and Bellamy, it can be concluded that
the both of companies are growing with rapid growth after year 2016 and triggered the sales
above AUS$100 million.
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Financial Reporting 17
Figure: Financial Performance of Bellamy's Australia Limited
Figure: Financial Performance of Bellamy's Australia Limited
Financial Reporting 18
Figure: Blackmores Financial Statement over the Year 2016
Financial statements are comparing in relation to the performance of businesses
(Accontingformanagement., 2017). Over the income statement analysis, the Blackmores has
shown the historical growth in the year 2016 as compare to Bellamy, it earned AUS$100 million
and the net profit of comparative company is very lower for the same year.
Slide 12: Conclusion
Figure: Blackmores Financial Statement over the Year 2016
Financial statements are comparing in relation to the performance of businesses
(Accontingformanagement., 2017). Over the income statement analysis, the Blackmores has
shown the historical growth in the year 2016 as compare to Bellamy, it earned AUS$100 million
and the net profit of comparative company is very lower for the same year.
Slide 12: Conclusion
Financial Reporting 19
It is concluded that companies needs investments from shareholders and investors. Stakeholders
depend upon the financial reporting and financial steps of a company so it becomes vital for the
companies to have transparency and full disclosure of information. Following accounting
standards and principles will results to build trust and confidence of the all related factors
towards the companies.
Slide 13: References
It is concluded that companies needs investments from shareholders and investors. Stakeholders
depend upon the financial reporting and financial steps of a company so it becomes vital for the
companies to have transparency and full disclosure of information. Following accounting
standards and principles will results to build trust and confidence of the all related factors
towards the companies.
Slide 13: References
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Financial Reporting 20
Financial Reporting 21
References
Accountingformanagement, (2017). Horizontal or trend analysis of financial statements.
Available at: https://www.accountingformanagement.org/horizontal-analysis-of-financial-
statements/ (Accessed: August 25, 2017).
Annualreports, (2016). Annual Report of BELLAMY’S 2016. Available at:
http://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_BAL_2016.pd
(Accessed: August 25, 2017).
BKL AU (2017). Bloomberg markets. Retrieved from:
https://www.bloomberg.com/quote/BKL:AU
Black mores (2016). Annual report 2016. Retrieved From: http://blackmores2016.annual-
report.com.au/
Blackmores (2017). About us. Retrieved from: https://www.blackmores.com.au/about-us
Brigham, E. and Houston, J. (2012). Fundamentals of Financial Management. USA: Cengage
Learning.
Businessinsider, (2017) 2 ways to analyze an income statement. Available at:
http://www.businessinsider.com/horizontal-and-vertical-analysis-of-income-statements-2017-3?
IR=T (Accessed: August 25, 2017).
Drake, P. and Fabozzi, F. (2012). Analysis of Financial Statements. UK: John Wiley and Sons.
Needles, B., Powers, M. and Crosson, D. (2013). Principles of Accounting. USA: Cengage
Learning.
Tracy, A. (2012). Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to
Analyze Any Business on the Planet. USA: RatioAnalysis.Net.
V. R. (2011). Financial Accounting. India: Pearson Education.
References
Accountingformanagement, (2017). Horizontal or trend analysis of financial statements.
Available at: https://www.accountingformanagement.org/horizontal-analysis-of-financial-
statements/ (Accessed: August 25, 2017).
Annualreports, (2016). Annual Report of BELLAMY’S 2016. Available at:
http://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_BAL_2016.pd
(Accessed: August 25, 2017).
BKL AU (2017). Bloomberg markets. Retrieved from:
https://www.bloomberg.com/quote/BKL:AU
Black mores (2016). Annual report 2016. Retrieved From: http://blackmores2016.annual-
report.com.au/
Blackmores (2017). About us. Retrieved from: https://www.blackmores.com.au/about-us
Brigham, E. and Houston, J. (2012). Fundamentals of Financial Management. USA: Cengage
Learning.
Businessinsider, (2017) 2 ways to analyze an income statement. Available at:
http://www.businessinsider.com/horizontal-and-vertical-analysis-of-income-statements-2017-3?
IR=T (Accessed: August 25, 2017).
Drake, P. and Fabozzi, F. (2012). Analysis of Financial Statements. UK: John Wiley and Sons.
Needles, B., Powers, M. and Crosson, D. (2013). Principles of Accounting. USA: Cengage
Learning.
Tracy, A. (2012). Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to
Analyze Any Business on the Planet. USA: RatioAnalysis.Net.
V. R. (2011). Financial Accounting. India: Pearson Education.
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