Assessing Financial Position of Australian Oil, Gas, and Energy Companies: Corporate Accounting Study

In this report we will discuss about corporate accounting and below are the summaries point:- The study evaluates the financial position of three companies in the Australian oil, gas, and energy industry. It analyzes components of cash flow statement and balance sheet items including equity, debt, and liabilities. The findings highlight the similarity of income and cash flow statements among companies and the utilization of business losses for taxation purposes.

Running head: CORPORATE ACCOUNTING
Corporate Accounting
Name of the Student
Name of the University
Authors Note
Course ID

1CORPORATE ACCOUNTING
Executive Summary:
The study proposes to assess the financial position of businesses relating to oil, gas and
energy industry of Australia. In order to perform the assessment, the three entities selected
are 3D Oil Limited, Hawkley Oil and Gas Limited and Helios Energy Limited. The identified
components of cash flow statement are based on evaluating net cash from operating activities,
investment activities and financing activities. The balance sheet items are evaluated with
equity, debt and liabilities. The overall findings of the report show that as the companies
belong to same industry that items listed under income statement and cash flow statement are
similar in nature. However, it is to be noted that as the businesses are incurring losses, they
have been excluded from the purview of corporate income tax. The taxation law of Australia
recognises the companies with the possibility of including business losses. This allows such
business entities to carry forward and recoup the losses for taxation purpose against
subsequent profits.

2CORPORATE ACCOUNTING
Table of Contents
Introduction:...............................................................................................................................4
Equity and Liability....................................................................................................................5
Answer to Requirement [i].....................................................................................................5
Answer to Requirement [ii]:...................................................................................................6
Answer to Requirement [iii]...................................................................................................7
Cash Flows Statement................................................................................................................8
Answer to Requirement [iv]...................................................................................................8
Answer to Requirement [v]....................................................................................................9
Answer to Requirement [vi]:................................................................................................12
Other Comprehensive Income Statement.................................................................................13
Answer to Requirement [vii]:...............................................................................................13
Answer to Requirement [viii]...............................................................................................14
Answer to Requirement [ix]:................................................................................................14
Answer to Requirement [x]..................................................................................................14
Accounting for Corporate Income Tax....................................................................................15
Answer to Requirement [xi].................................................................................................15
Answer to Requirement [xii]................................................................................................15
Answer to Requirement [xiii]:.............................................................................................16
Answer to Requirement [xiv]...............................................................................................16
Answer to Requirement [xv]................................................................................................17
Answer to Requirement [xvi]...............................................................................................17
Answer to Requirement [xvii]..............................................................................................17
References................................................................................................................................19

3CORPORATE ACCOUNTING
Introduction:
The report aims to provide a complete assessment of financial standing of three ASX
listed entities which are operating in the sector of oil, gass and energy industry of Australia.
For the purpose of the study, the three entities selected are 3D Oil Limited, Hawkley Oil and
Gas Limited and Helios Energy Limited. The overall assessment will provide a vivid
description of analysis pertaining to financial areas such as corporate income tax, corporate
cash tax, cash flow statement and balance sheet.
3D Oil is recognised to combine corporate strategy of both technical and commercial
importance in the segment of oil exploration in “Gippsland and Otway Basins of South East
Australia”. The exploration in this area has been recognised with an award-winning T/49P
exploration permit. 3D Oil also holds more than 24.9% high prospective VIC/P57 exploration
permit for Sea Lion prospect which consists of resources worth 11 million barrels of oil
(3Doil.com.au 2019).
Hawkley Oil and Gas Limited made its debut on an ASX on 29 June 2010 after
takeover from Incitive Limited which is identified as the former biotechnology company. In
the same year the company drilled its first well as per the license of Sorochynska. Eventually,
Sorochynska-201 was successful and was seen to be in production from February 2011 until
December 2014. On September 2012, Hawkley Oil and Gas completed its second well named
Sorochynska-202 (Hawkleyoilandgas.com 2019).
Helios Energy Limited is a service company which provides end-to-end solution to
the clients for providing clean energy solutions. The main goal of the company is based on
optimising clean energy, thereby assisting the companies to reduce energy expenses and
minimise carbon footprint. The full services offered includes conducting audit on current

4CORPORATE ACCOUNTING
energy consumption, defining energy goals and implementation of solar energy, LED and
smart energy solutions in a workplace (Helios Energy 2019).
Equity and Liability
Answer to Requirement [i]
It can be clearly seen that individual companies have provided specific information
under equity section in the balance sheet.
It can be clearly seen from the balance sheet of 3D Oil Limited, equity comprises of
elements such as “issued capital, share based payments reserve and accumulated losses”.
The total amount of issued capital remained same during 2018, 2017 and 2016. However, the
share-based payments reserve significantly improved from $ 66,178 in 2016 to $ 44470 in
2017 and $ 44470 to $ 53222 in 2018. The main reason for the decreasing total equity from $
8,422,482 in 2017 to $ 7,291,301 in 2018 due to increasing accumulated losses
(3Doil.com.au 2019).
In a similar manner, as per the balance sheet of Hawkley Oil and Gas Limited, equity
comprises of three basic elements such as “issued capital, reserves and accumulated losses”.
It needs to be identified that while they should share capital remained same in 2018, 2017 and
2016, the reserves shown slight improvements with an increase of $ 4,043,067 in 2017 to $
4,058,055 in 2018. However, the reserves got significantly decreased from 2016 2017. This is
evident with reserves reducing from $ 16,082,759 in 2016 to 4,043,067 in 2017. On the other
hand, the total equity was stabilised during the bold 16 to 2017. This is evident with total
equity increasing from (1,194,935) in 2016 to (42,949,645) in 2017. Despite of this,
accumulated losses worsened the equity position of the company as it further decreased to $
(42,949,645) in 2017 to $ (43,171,139) in 2018 (Hawkleyoilandgas.com 2019).

5CORPORATE ACCOUNTING
As per the annual report of Helios Energy Limited published in 2017 it can be clearly
identified that the equity comprises of elements such as “contributed equity, reserves and
accumulated losses”. However, for the changes brought in the equity section in the report of
2018 and be clearly identified with the inclusion of “optimum premium reserve and share-
based payments reserve”. The overall changes in contributed equity is recognised to increase
from $ 20,372,705 in 2016 to $ 37,644,468 in 2017. The contributed equity further increased
from $ 37,644,468 in 2017 to $ 49,097,486 in 2018. The company suffered significant
setback in terms of reserve which is evident with the decrees of $ 2,166,104 in 2016 to $
24,386 in 2017. However, the total equity dividend improved from 2016 to 2017. Due to the
inclusion of optimum premium reserve in 2018, the total equity further increased from 2017
2018 (Helios Energy 2019).
Answer to Requirement [ii]:
Based on the depictions made from financial statement of 3D Oil Limited the items
listed under current liability can be seen with employee benefits, trade and other payables.
Similarly, the employee benefits are also accounted under non-current liabilities. The overall
trend of liabilities can be seen with the decreasing trend from 2016 to 2018. This is mainly
due to the fact that company has reduced liabilities borne by employee benefits
(3Doil.com.au 2019).
As per the evaluation of financial statement published by Hawkley Oil and Gas
Limited the current liability includes items such as borrowings, trade and other payables. The
non-current liabilities include provisions which was only observed during 2016 amounting to
$ 181,847. The overall changes in the total liabilities can be seen with an increasing trend,
which is mainly driven by increasing liability of trade and other payables
(Hawkleyoilandgas.com 2019).

6CORPORATE ACCOUNTING
As per the evaluation of financial statement published by Helios Energy Limited the
only current liability borne by the company is identified with trade and other payables. The
changes in the total liability is identified to be increasing over the last three years (Helios
Energy 2019).
Answer to Requirement [iii]
Debt equity ratio is defined as the total capability of the company to finance its equity
share capital with that capital. The computation of such a ratio is done by division of total
liabilities from total shareholders’ equity. This ratio is conducive in assessment of financial
leverage.
Particulars 2016 ($m) 2017 ($m) 2018 ($m) 2016 ($m) 2017 ($m) 2018 ($m) 2016 ($m) 2017 ($m) 2018 ($m)
Total Liabilities 9,92,969 9,51,006 9,47,790 14,38,361 82,149 3,29,949 19,798 12,69,297 8,88,872
Total Equity 1,29,98,285 1,11,76,049 1,00,44,893 -11,94,935 68,210 -1,38,296 5,59,895 1,69,44,504 2,67,87,527
The above statement of financial position should be read in conjunction with the accompanying notes
Debt to Equity Ratio [Total Liabilitis/Total Equity] 0.08 0.09 0.09 -1.20 1.20 -2.39 0.04 0.07 0.03
3D Oil Hawkley Oil And Gas Helios Energy Limited
2016
2017
2018
-3.00 -2.50 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50
0.08
0.09
0.09
-1.20
1.20
-2.39
0.04
0.07
0.03
Debt to Equity Ratio
Table 1: Debt to Equity Ratio
(Source: As Created by Author)

7CORPORATE ACCOUNTING
The table shown above clearly signifies that among the three companies, the best debt
equity ratio is maintained by Helios Energy Limited. However, it needs to be noted that
despite of increasing liability over the years the total equity has shown significant
improvements which has led to such a positive result for the company. On the other hand, the
debt equity ranking of 3D Oil can be recognised as second. Despite of reducing amount of
total liabilities, the total equity has also dropped over the last three years which has led to
slightly hard at it with a ratio in compared to Helios Energy Limited. On the other hand,
Hawkley Oil and Gas can be recognised with the worst equity ratio among other two
companies.
Cash Flows Statement
Answer to Requirement [iv]
It can be clearly seen from the statement of cash flows of 3D Oil Limited that the
company maintains its cash flows from operating activities, investing activities and financing
activities. The main items comprised under cash flows from operating activities can be
identified with Receipts from customers (inclusive of GST), Payments to suppliers and
employees (inclusive of GST), interest received an interest paid. The cash flows from
investing activities includes various types of payments made for intangibles, PPE, term
deposit, exploration and evaluation. Additionally, the cash from financing activities includes
significant subdivisions such as net cash from financing activities, changes in cash and cash
equivalent and effect of exchange rate changes based on cash and cash equivalents. The
company has undergone significant changes from 2016 to 2018 in terms of cash from
investing activities. This section of the cash flow statement has shown significant
improvement from $ (5,312,255) in 2016 to $ 685,794 in 2018 (3Doil.com.au 2019).

8CORPORATE ACCOUNTING
As per the evaluations made from the statement of cash flows of Hawkley Oil and
Gas Limited that the cash from operating activities consist of items such as receipt from
customers, payments to suppliers and employees and interest received. Similarly, cash from
investing activities comprises of proceeds from sale of assets, proceeds from sale deposit and
proceed from sale of foreign operations. In addition to this, the financing activities cash flow
includes item such as proceed from share issue, interest paid, share issue cost, repayment of
borrowings and proceed from borrowings. Similarly, the considerable change in the cash flow
statement over the years is evident with net decreasing amount of cash pertaining to financing
activities from $ 474,203 in 2016 to 200,000 in 2018. This has led to overall decrease in cash
and cash equivalents from $ 238809 in 2016 to $ 181,941 in 2018 (Hawkleyoilandgas.com
2019).
The depictions made from the cash flow statement of Helios Energy Limited shows
that cash flow from operating activities includes items such as interest received, payments to
suppliers and employees. Additionally, the cash flows from investing activities consist of
items such as payments for exploration and evaluation activities. The items included under
financing activities are seen with proceeds from the issue of shares and cost associated with
capital raising. The main changes can be seen with net cash outflow from operations which
have significantly increased from $ (200,632) in 2016 to $ (1,565,965) in 2017. However, the
cash pertaining to financing activities have significantly increased by $ 2,808,079 in 2018
which has led to the overall increase in cash and cash equivalents (Helios Energy 2019).
Answer to Requirement [v]
3D Oil

9CORPORATE ACCOUNTING
Particulars 2016 ($m) 2017 ($m) 2018 ($m)
Net Cash from Operating Activities -1430342 -1486299 -982352
Net Cash Used in Investing Activities -5312255 -1190711 685794
Net Cash Used in Financing Activities -6742597 -2677010 -296558
3D Oil
2016 ($m) 2017 ($m) 2018 ($m)
-8000000
-7000000
-6000000
-5000000
-4000000
-3000000
-2000000
-1000000
0
1000000
2000000
-1430342 -1486299
-982352
-5312255
-1190711
685794
-6742597
-2677010
-296558
3D Oil
Net Cash from Operating Activities Net Cash Used in Investing Activities
Net Cash Used in Financing Activities
Table 2: Comparison of Cash Flow item of 3D Oil Limited
(Source: As Created by Author)
The graphical representation of the data clearly shows that 3D Oil Limited has
witnessed a significant increase in terms of net cash from investing activities over the last
three years. However, a subsequent decrease can be identified in all other categories of cash
flow item such as net cash from operating activities and financing activities. The highest

10CORPORATE ACCOUNTING
decrease of the cash flow item can be seen with net cash used in financing activity
(3Doil.com.au 2019)..
Hawkley Oil and Gas
Particulars 2016 ($m) 2017 ($m) 2018 ($m)
Net Cash from Operating Activities -578138 -497928 -142972
Net Cash Used in Investing Activities 237998 791154 0
Net Cash Used in Financing Activities -399295 474203 200000
Hawkley Oil And Gas
2016 ($m) 2017 ($m) 2018 ($m)
-800000
-600000
-400000
-200000
0
200000
400000
600000
800000
1000000
-578138 -497928
-142972
237998
791154
0
-399295
474203
200000
Hawkley Oil And Gas
Net Cash from Operating Activities Net Cash Used in Investing Activities
Net Cash Used in Financing Activities
Table 3: Comparison of Cash Flow item of Hawkley Oil and Gas Limited
(Source: As Created by Author)
The graphical depictions of Hawkley Oil and Gas show significant improvement in
the areas of net cash used in investing activities. There is also some sign of positive increase
in terms of net cash used in financing activities in the last three years. Despite of a linear
increase of cash generated from individual heads of cash, it is important to note that the
company has struggled to maintain a positive net cash from operating activities
(Hawkleyoilandgas.com 2019).
Helios Energy Limited

11CORPORATE ACCOUNTING
Particulars 2016 ($m) 2017 ($m) 2018 ($m)
Net Cash from Operating Activities -200632 -782438 -1565965
Net Cash Used in Investing Activities 0 -3907542 -7291983
Net Cash Used in Financing Activities 0 12729576 11666027
Helios Energy Limited
2016 ($m) 2017 ($m) 2018 ($m)
-10000000
-5000000
0
5000000
10000000
15000000
-200632 -782438 -1565965
0
-3907542
-7291983
0
12729576 11666027
Helios Energy Limited
Net Cash from Operating Activities Net Cash Used in Investing Activities
Net Cash Used in Financing Activities
Table 4: Comparison of Cash Flow item of Helios Energy Limited
(Source: As Created by Author)
It is clearly discerned from the comparison of Cash flows of Helios Energy Limited
that there has been a significant improvement in terms of net cash used in financing activities.
However, the company has not been able to maintain the increasing trend cash from
financing activities during 2017 to 2018. The company have shown a decreasing trend of
cash used in investing activities. This shows that Helios Energy Limited ambitiously invested
high amount of cash for conducting future projects (Helios Energy 2019).

12CORPORATE ACCOUNTING
Answer to Requirement [vi]:
The comparative analysis of cash flow statement for 3D Oil Limited, Hawkley Oil
and Gas Limited and Helios Energy Limited, shows that Hawkley Oil and Gas has been able
to maintain the highest cash from operating activities in compared to the other two
companies. In terms of cash used in investing activities 3D Oil Limited has maintained the
highest amount still 2018. In terms of net cash used in financing activities Helios Energy
Limited is a leading among the other two entities (Zhao 2015).
Particulars 2016 ($m) 2017 ($m) 2018 ($m) 2016 ($m) 2017 ($m) 2018 ($m) 2016 ($m) 2017 ($m) 2018 ($m)
Net Cash from Operating Activities -14,30,342 -14,86,299 -9,82,352 -5,78,138 -4,97,928 -1,42,972 -2,00,632 -7,82,438 -15,65,965
Net Cash Used in Investing Activities -53,12,255 -11,90,711 6,85,794 2,37,998 7,91,154 0 0 -39,07,542 -72,91,983
Net Cash Used in Financing Activities -67,42,597 -26,77,010 -2,96,558 -3,99,295 4,74,203 2,00,000 0 1,27,29,576 1,16,66,027
3D Oil Hawkley Oil And Gas Helios Energy Limited
Table 5: Comparative analysis of Cash Flow Statement
(Source: As Created by Author)
Other Comprehensive Income Statement
Answer to Requirement [vii]:
The statement of comprehensive income for 3D Oil Limited is derived after deducting
expenses such as corporate, administrative, employment, occupancy, exploration cost, share
best payments, finance cost and impairment of assets. The total comprehensive income of 3D
Oil Limited increased from $ (10,291,156) in 2016 to $ (1,839,978) in 2017. The other
comprehensive income showed significant improvement in 2018 as it increased to $
(1,154,810). It to be also noted that the company recognises other comprehensive income
which are a result of income generated through foreign currency reserve (3Doil.com.au
2019).

13CORPORATE ACCOUNTING
The other comprehensive income for Hawkley Oil and Gas includes items which were
classified to profit or loss after certain conditions were fulfilled. These items are recognised
in form of foreign exchange differences in case specific conditions were met. In addition to
this, the foreign exchange differences reclassified into profit and loss disposal is also
considered under such an income. The total other comprehensive income increased from $
(1,194,935) in 2016 to $ 756,542 in 2017.
In case of Helios Energy Limited, the other comprehensive income can be determined
with the exchange difference on translation. The overall depictions show that the other
comprehensive income for the company increased from $ (708) in 2016 to in 2017 $ 457,267
(Hawkleyoilandgas.com 2019).
Answer to Requirement [viii]
The reason for not including such items in the income statement is due to the fact that
other comprehensive income is extraordinary in nature and not always put to use in daily
business operations. At the time of recording the items of conference of income this is used
for disclosure of several types of business activities in a particular financial year. Due to this,
the companies have not included these items in the statement of comprehensive income.
Answer to Requirement [ix]:
The difference between comprehensive income disclosure among the three entities
can be identified with nature of items which were classified to profit or loss after certain
conditions were fulfilled. For instance, 3D Oil Limited included items which were result of
income generated through foreign currency reserve. On the other hand, Hawkley Oil and Gas
computed other comprehensive income in terms of foreign exchange differences in case
specific conditions were met. Helios Energy Limited determined other comprehensive

14CORPORATE ACCOUNTING
income through exchange difference on translation. The comparison of the values for such an
income was seen to be highest for Helios Energy Limited (3Doil.com.au 2019).
In case these items were included in the profit or loss statement, there may be a
significant impact on net income of the business. In case of Hawkley Oil and Gas and 3D Oil
Limited the inclusion of such an income may lead to a significant decrease in profitability of
the business.
Answer to Requirement [x]
Based on the analysis of financial statements of the company, it is recommended for
any business to not depend on the items considered under comprehensive income due to their
characteristics in the annual statement. In addition to this, as the nature of such items are
extraordinary nature the reliance on such items can be unpredictable. Due to such
unfavourable circumstances, it is to be ensured by the company’s management to not include
such an income into business as it can cause significant hurdle in decision-making.
Accounting for Corporate Income Tax
Answer to Requirement [xi]
It is to be seen that the combination of effective tax rate has been included with
income tax expenses and earnings before tax. Based on the depiction of annual report
published by 3D Oil Limited, Hawkley Oil and Gas Limited and Helios Energy Limited
neither companies have been able to make profit in the last three years. By considering
particular focus on the latest annual report it needs to be said that the company are not
generating taxable income. The taxation law of Australia recognises the companies with the
possibility of incurring business losses. This allows such business entities to carry forward
and recoup the losses for taxation purpose against subsequent profits. The business and
continuity of ownership test is able to provide the guidance for integrity of lost rules. The

15CORPORATE ACCOUNTING
taxable income may be reduced to certain amount in the accounting profit. However, in the
following case, due to the nature of losses incurred by 3D Oil Limited, Hawkley Oil and Gas
Limited and Helios Energy Limited, neither of the companies need to pay corporate income
tax (Ato.gov.au 2019).
Answer to Requirement [xii]
The estimation of the effective tax rate for 3D Oil Limited, Hawkley Oil and Gas
Limited and Helios Energy Limited is listed as follows:
Particulars 3D Oil Hawkley Oil And Gas
Helios Energy
Limited
Income Tax Expenses ($m) (A) 0 0 0
Earnings Before Tax ($m) (B) -11,54,810 -2,21,494 -22,58,262
Effective Tax Rate (A/B) 0% 0% 0%
As evident from the table it can be clearly observed that the EBIT standing of all the
three entities are negative. Therefore, there will be no effective tax rate applicable to such
entities.
Answer to Requirement [xiii]:
It needs to be understood that DTA and DTL plays a pivotal role in financial reporting
of any business entity. It is important for the businesses to report such assets and liabilities in
their financial statements. The annual report of 3D Oil Limited, Hawkley Oil and Gas
Limited and Helios Energy Limited clearly shows the disclosure of such an information in the
explanatory notes section. All the three companies recognise application of DTA and DTL
attributable with temporary differences pertaining to a net tax losses and adjustments which
were identified prior to commencement of a financial period. The main reason for including
such assets and liabilities is identified with carrying forward the values in present period of
financial year from previous financial year (Wang, Butterfield and Campbell 2016).

16CORPORATE ACCOUNTING
Answer to Requirement [xiv]
It can be clearly identified from the disclosure of the financial statements about DTA
and DTL there is no cash tax paid by the companies in the last financial year. Moreover, the
DTA and DTL are same for all the companies. It needs to be seen that the DTA of 3D Oil
was $ 1,58,46,704, Hawkley Oil and Gas was $ 2,133 and Helios Energy Limited was $
50,34,137 (Floyd 2018).
Answer to Requirement [xv]
Particulars 3D Oil
Hawkley Oil And
Gas
Helios Energy
Limited
Cash Tax Amount ($m)(A) 0 0 0
EBIT ($m) (B) -1154810 -221494 -2258262
Cash Tax Rate (A/B) 0% 0% 0%
Answer to Requirement [xvi]
Particulars 3D Oil
Hawkley Oil And
Gas
Helios
Energy
Limited
Income Tax Provision ($m) 0 0 0
Add: Increase in Deferred Tax Liabilities ($m) -1,58,46,704 -2,133 -50,34,137
Less: Increase in Deferred Tax Assets ($m) 1,58,46,704 2,133 50,34,137
Add: Taxes on Finance Cost ($m) 0 0 0
Total Amout of Cash Tax ($m) 0 0 0
It can be said that in case the companies start earning profit 3D Oil Limited will have
to pay the highest tax amount.
Answer to Requirement [xvii]
Cash tax rate and the book tax rate differs in terms of projection of cash rate in the
present financial year. On the other hand, book tax rate estimation is done with future and

17CORPORATE ACCOUNTING
current years earnings. The estimation of book tax rate does not require any special attention
towards DTA and DTL unlike cash tax rate (Warren and Jones 2018).
Conclusion:
The overall assessment of income statement and statement of cash flows for 3D Oil
Limited, Hawkley Oil and Gas Limited and Helios Energy Limited is seen to be reporting
highest debt capital. This implies that all the aforementioned companies are relying on
external source of funding for increasing capital. The overall analysis also shows it is not
important to include items such as other comprehensive income as they hardly have any link
to the business activities. However, in case the companies start to earn profit it is important to
pay an augmented focus in determining the cash tax rate.

18CORPORATE ACCOUNTING
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