Financial Management - Assignment Sample

Running Head: Financial Management
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Project Report: Financial Management

Financial Management
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Contents
Introduction.......................................................................................................................3
Case study.........................................................................................................................3
Company overview...........................................................................................................3
Financial analysis..............................................................................................................4
Ratio analysis....................................................................................................................4
Profitability ratios.........................................................................................................4
Asset efficiency position...............................................................................................6
Liquidity ratios..............................................................................................................8
Capital structure ratios................................................................................................10
Investor’s ratios..........................................................................................................11
Recommendation and Conclusion..................................................................................13
References.......................................................................................................................14
Appendix.........................................................................................................................15

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Introduction:
In this report, a case study of “Myer” has been studied and the financial analysis study
has been conducted on the company. The report explains about the changes into structure of
the company and the current performance of the company on the basis of the competitors of
the company. The main competitor of the company is David Jones limited, subsidiary
company of Woolworths limited. In the report, financial statement of the company of last 5
years has been evaluated and on the basis of that financial statement, ratio analysis study has
been conducted to measure the financial performance of the comapny. The financial
statement of the company has been compared with the financial statement of David Jones
limited to make better decision about the position of the company.
Case study:
The report has been prepared on the basis of Myer case study. This case study
explains that the Myer is one of the largest full line department stores in Australia. The
company has more than 60 stores in the Australia. The company has faced various mergers
and acquisitions from 1900. Currently, the company is listed in Australian stock exchange.
The case study explains about the several changes into the ownership of the company from
19901. And in this report, the financial statement of the company of last 5 years has been
valuated to identify about the current performance of the company.
Company overview:
Myer is an upmarket departmental chain which is operating its business in Australian
market. It is also operating its business in Australian territories. The main products of the
comapny are women swear. Menswear, miss shop, baby products, children wear, beauty,
cosmetics, furniture flooring, footwear, handbag, accessories, fragrance and cosmetics etc.
currently, there are 64 stores of the company through which comapny is selling numerous
range of products to the customers. The company has an interesting story of its ownership
which has been stated in the case study as well. Current financial performance of the
company has been lower
1 Reuters. (2018). “Myer Limited” [Online]. Available:
https://www.reuters.com/finance/stocks/company-profile/MYR.AX [2018, May].

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Financial analysis:
Financial analysis is a process to evaluate and analyze the financial statement of an
organization. This process evaluates the entire financial figures and the transaction of the
company to identify the changes into the organizational performance the position and the
performance of the organization. Financial statement of an organization could be analyzed on
the basis of various techniques such as ratio analysis, vertical analysis, trend analysis etc. the
financial statement analysis process make it easy for the related parties to make decision
about the position and the performance of the company2.
Financial statement analysis process takes the concern of income statement, balance
sheet and cash flow statement of the company and generates the idea about the performance
of the company. In the report, ratio analysis, a tool of financial analysis, has been conducted
to recognize the financial performance of Myer limited.
Ratio analysis:
Ratio analysis is quantitative analysis over the financial statements of an organization
which contains the information about the financial statement of an organization. Ratio
analysis study is based on the various items of financial statement which are cash flow
statement, income statement and balance sheet. Ratio analysis study is conducted by the
companies to recognize the performance of the company and the investment position of the
company, the study is mainly conducted by the analysts and the investors to recognize the
investment position in the company3.
In the report, ratio analysis study has been conducted on Myer limited and the
competitor David Jones, subsidiary company of Woolworths limited (the financial data of
David Jones in not available so the financial data of Woolworths has been taken.). The ratio
analysis study evaluates about the liquidity, profitability, efficiency, investment and capital
2 Thomas R. Robinson,, Henry Elaine, Pirie Wendy L., and Broihahn Michael
A.. International financial statement analysis. John Wiley & Sons, 2015.
3 Baruch Lev. Financial statement analysis: A new approach. Prentice hall, 2014.

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structure position of the company. Following is the ratio analysis calculations and the
analysis:
Profitability ratios:
Profitability ratios are the part of ratio analysis. It is a financial metrics which are used
to identify and assess the ability of an organization to make the earnings in context with the
expenses and various other related costs that has been occurred in a particular period of time.
The better the profitability ratios are the better they explains about the strong financial
performance of the comapny. In the report, profitability ratios of the Myer limited has been
compared with the profitability ratios of David Jones to measure the performance of the
company. Following is the ratio of Myer limited and David Jones:
Myer Limited
Profitability Ratios: 2013 2014 2015 2016 2017
Return on Capital employed
Operating profit / -570 -1043 -679 -725 -694
Capital employed (total assets
- current liabilities) 1,417 1,402 1,406 1,347 1,392
Answer: % -40.23% -74.39% -48.29% -53.82% -49.86%
Gross Profit Margin
Gross profit / 1,287 1,274 1,277 1,253 1,202
Sales Revenue (note used
operating revenue) 2,738 2,729 2,772 2,781 2,623
Answer: 47.0% 46.7% 46.1% 45.1% 45.8%
Operating profit margin
Operating profit / -570 -1,043 -679 -725 -694
Sales Revenue % 2,738 2,729 2,772 2,781 2,623
Answer: -20.82% -38.22% -24.49% -26.07% -26.46%4
David Jones Limited
Profitability Ratios: 2013 2014 2015 2016 2017
Return on Capital employed
Operating profit / -6384 -6656 -7555 -9398 -8891
4 Morningstar. (2018). “Myer Limited” [Online]. Available:
http://financials.morningstar.com/cash-flow/cf.html?t=MYR&region=aus&culture=en-US
[2018, May].

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Capital employed (total
assets - current liabilities) 15,384 16,647 16,168 14,509 14,092
Answer: % -41.50% -39.98% -46.73% -64.77% -63.09%
Gross Profit Margin
Gross profit / 15,762 16,478 16,524 15,599 15,929
Sales Revenue (note used
operating revenue) 58,674 60,952 60,868 58,276 55,669
Answer: 26.9% 27.0% 27.1% 26.8% 28.6%
Operating profit margin
Operating profit / -6,384 -6,656 -7,555 -9,398 -8,891
Sales Revenue % 58,674 60,952 60,868 58,276 55,669
Answer: -10.88% -10.92% -12.41% -16.13% -15.97%5
Return on capital employed:
Return on capital employed express about the total earnings of an organization on the
basis of total earnings of the organization. ROCE ratio of Myer limited express that the
performance of the company has been lower from 2013 to 2017. The current ROCE of the
company is -49.86% whereas the ROCE of David Jones limited express that the position of
David Jones is worst6. It express that the Myer is performing better than David Jones but few
changes are required to be done to manage the performance of the company.
Gross profit margin:
Gross profit margin express about the total sales less cost of sales amount of an
organization on the basis of total sales of the organization. Gross profit margin ratio of Myer
limited express that the performance of the company has been lower from 2013 to 2017. The
current gross profit margin of the company is 45.8% whereas the gross profit margin of
David Jones limited is 28.6%. It express that the Myer is performing better than David Jones
and the industry position of the company is also good in terms of gross profit.
5 Morningstar. (2018). “Woolworths Limited” [Online]. Available:
http://financials.morningstar.com/cash-flow/cf.html?t=WOW&region=aus&culture=en-
US&platform=sal. [2018, May].
6 Investors. (2018). “Myer Limited” [Online]. Available:
http://investor.myer.com.au/Investor-Centre/ [2018, May].

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Operating profit margin:
Operating profit margin express about the total sales less cost of sales and operating
expenses amount of an organization on the basis of total sales of the organization. Operating
profit margin ratio of Myer limited express that the performance of the company has been
lower from 2013 to 2017. The current operating profit margin of the company is -26.46%
whereas the operating profit margin of David Jones limited is -15.97%. It express that the
David Jones is performing better than Myer Limited. Myer is suggested to reduce the level of
operating expenses to manage the better performance.
Asset efficiency position:
Asset efficiency ratios are the part of ratio analysis. It is a financial metrics which are
used to identify and assess the ability of an organization to manage the assets and the cash
conversion cycle of the company. The ratio explains that an organization is required to
manage the debit and credit policies in such a way that the daily operations of the company
could be run effectively. Asset efficiency ratios of Myer limited and David Jones have been
evaluated which are as follows:
Myer Limited
Asset Efficiency
Ratios 2013 2014 2015 2016 2017
Trade payable payment
period ratio
Accounts payable/ 190 203 192 189 182
Cost of sales 1,451 1,455 1,495 1,528 1,421
Answer: (note the above
needs to be x 365) 47.79 50.92 46.87 45.14 46.74
Inventory Turnover
(days)
Average Inventory / 364 377 382 396 372
Cost of Sales
#
day
s 1,451 1,455 1,495 1,528 1,421
Answer: (note the above
needs to be x 365) 91.56 94.57 93.26 94.59 95.55
Receivables Turnover
(days)
Average trade debtors / 14 17 14 29 17
Sales revenue (note used
operating revenue)
#
day
s 2,738 2,729 2,772 2,781 2,623
Answer: (note the above 1.87 2.27 1.84 3.81 2.377

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needs to be x 365)
David Jones Limited
Asset Efficiency
Ratios 2013 2014 2015 2016 2017
Trade payable payment
period ratio
Accounts payable/ 4,080 4,657 5,040 4,809 5,068
Cost of sales 42,913 44,475 44,345 42,677 39,740
Answer: (note the above
needs to be x 365) 34.70 38.22 41.48 41.13 46.55
Inventory Turnover
(days)
Average Inventory / 4,205 4,693 4,872 4,558 4,080
Cost of Sales
#
day
s 42,913 44,475 44,345 42,677 39,740
Answer: (note the above
needs to be x 365) 35.77 38.51 40.10 38.98 37.47
Receivables Turnover
(days)
Average trade debtors / 698 617 584 434 410
Sales revenue (note used
operating revenue)
#
day
s 58,674 60,952 60,868 58,276 55,669
Answer: (note the above
needs to be x 365) 4.34 3.69 3.50 2.72 2.698
Trade payable payment period ratio:
Trade payable payment period ratio express about the total times in which the credit
amount would be paid by the company. This ratio of Myer limited express that the total days
7 Investors. (2018). “Myer Limited” [Online]. Available:
http://investor.myer.com.au/Investor-Centre/ [2018, May].
8 Annual Report. (2017). “Woolworths Limited” [Online]. Available:
https://www.woolworthsgroup.com.au/icms_docs/188795_annual-report-2017.pdf [2018,
May].

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of payment have been lowered. The current payment turnover days of the company are 46.78
days whereas the payment turnover days of David Jones limited is 46.55. It express that the
Myer’s performance has been lower still, is performing better than David Jones and the cash
conversion cycle of the company is also good.
Inventory turnover:
Inventory turnover period ratio express about the total times in which the inventory
would be ordered by the company. This ratio of Myer limited express that the total days of
inventory order have been enhanced. The current inventory turnover days of the company are
95.55 days whereas the payment turnover days of David Jones limited is 37.47. It express that
the Myer’s performance is not better than David Jones as the huge amount is blocked by the
company in inventory and thus huge working capital is required to manage the performance
of the company9.
Receivable turnover:
Receivable turnover ratio express about the total times in which the debtors would
pay back the debt amount to the company. This ratio of Myer limited express that the total
days of receivable turnover have been enhanced. The current receivable collection turnover
days of the company are 2.37 days whereas the receivable turnover days of David Jones
limited is 2.69 days. It express that the Myer’s performance is better than David Jones as the
debtors amount is received by the company quickly and thus less working capital is required
to manage the performance of the company10.
Liquidity ratios:
Liquidity ratios are the part of ratio analysis. It is a financial metrics which are used to
identify and assess the ability of an organization to pay the short term debts of the company.
The ratio explains that an organization is required to manage the current assets and current
debt in such a manner that at the time of liquidation, short term debt could be paid by the
9 Anna Pappa. "Financial statement analysis of a multinational company and equity valuation
of computer-based technology group." (2015).
10 Aso Ahmed Abdullah. "Financial Statement Analysis for Kier Group PLC." Global
Journal of Management And Business Research (2016).

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company easily. Liquidity ratios of Myer limited and David Jones have been evaluated which
are as follows:
Myer Limited
Liquidity Ratios 2013 2014 2015 2016 2017
Current Ratio
Current Assets / 479.00 480.00 481.00 480.00 431.00
Current liabilities 523.00 531.00 481.00 521.00 487.00
Answer: 0.92 0.90 1.00 0.92 0.89
Acid test ratio
Current Assets - Inventory / 115 103 99 84 59
Current Liabilities 523 531 481 521 487
Answer: 0.22 0.19 0.21 0.16 0.12
David Jones Limited
Liquidity Ratios 2013 2014 2015 2016 2017
Current Ratio
Current Assets / 6,226 7,175 7,661 7,427 6,994
Current liabilities 6,866 7,558 9,169 8,993 8,824
Answer: 0.91 0.95 0.84 0.83 0.79
Acid test ratio
Current Assets - Inventory / 2,021 2,482 2,789 2,869 2,914
Current Liabilities 6,866 7,558 9,169 8,993 8,824
Answer: 0.29 0.33 0.30 0.32 0.33
Current ratio:
Current ratio express about the total times in which the current liabilities of the
company could be paid back on the basis of current assets of the company. This ratio of Myer
limited express that the current ratio have been lowered. The current liquidity ratio of the
company is 0.89 whereas the current ratio of David Jones limited is 0.79. It express that the
Myer’s performance is better than David Jones. Still, the liquidity position of the company is
risky and company is suggested to enhance the level of current assets11.
11 Hawariah Dalnial, Kamaluddin Amrizah, Sanusi Zuraidah Mohd, and Syafiza Khairuddin
Khairun. "Detecting fraudulent financial reporting through financial statement
analysis." Journal of Advanced Management Science 2, no. 1 (2014).

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Acid test ratio:
Acid test ratio express about the total times in which the current liabilities of the
company could be paid back on the basis of quick assets (those assets which could be turned
into cash at any time) of the company. This ratio of Myer limited express that the acid test
ratio have been lowered. The current liquidity ratio of the company is 0.22 whereas the
current ratio of David Jones limited is 0.33. It express that the Myer’s performance is not
better than David Jones. The liquidity position of the company is risky and company is
suggested to enhance the level of quick assets.
Capital structure ratios:
Capital structure ratios are the part of ratio analysis. It is a financial metrics which are
used to identify and assess the ability of an organization to manage the long term debt
obligation of the company. The ratio explains that an organization is required to manage the
long term debts, assets and the equity in such a manner that the risk and the cost of the
company could be lower. Capital structure ratios of Myer limited and David Jones have been
evaluated which are as follows
David Jones Limited
Capital Structure
Ratios 2013 2014 2015 2016 2017
Gearing ratio
Long term liabilities / 6,084 6,122 5,036 5,728 4,216
Capital employed 15,384 16,647 16,168 14,509 14,092
Answer: % 0.395 0.368 0.311 0.395 0.299
Interest Coverage
Ratio
EBIT / -6,384 -6,656 -7,555 -9,398 -8,891
Net Finance Costs (used
net interest expense) 410 278 255 246 194
Answer:
times
p.a -15.571 -23.942
-
29.627
-
38.203 -45.830
Myer Limited
Capital Structure
Ratios 2013 2014 2015 2016 2017
Gearing ratio
Long term liabilities / 511 508 542 240 319
Capital employed 1,417 1,402 1,406 1,347 1,392
Answer: %

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0.361 0.362 0.385 0.178 0.229
Interest Coverage
Ratio
EBIT / -570.00 -1,043.00 -679.00 -725.00 -694.00
Net Finance Costs (used
net interest expense) 30 23 23 15 11
Answer:
times
p.a -19.000 -45.348
-
29.522
-
48.333 -63.091
Gearing ratios:
Gearing ratio express about the long term liabilities and capital employed relations of
the company. This ratio of Myer limited express that the gearing ratio have been lowered.
The gearing ratio of the company is 0.23 whereas the gearing ratio of David Jones limited is
0.29. It express that the Myer’s performance is lower than David Jones. The company is
required to enhance the level of the long term debts12.
Interest coverage ratios:
Interest coverage ratio express about the total times in which the finance cost of the
company could be paid to the debt holder of the company on the basis of EBIT. This ratio of
Myer limited express that the interest coverage ratio have been lowered. The current interest
coverage ratio of the company is -63.09 whereas the interest coverage ratio of David Jones
limited is -45.83. It express that the Myer’s performance is not better than David Jones. The
company is required to manage the profitability position to enhance the performance.
Investor’s ratios:
Investor’s ratios are the part of ratio analysis. It is a financial metrics which are used
to identify and assess the ability of an organization to manage the investments of the
investors and offer them higher returns against the total investment. The ratio explains that an
organization is required to manage the dividends and the earnings in such a way that the
performance of the organization could be managed. Investor’s ratios of Myer limited and
David Jones have been evaluated which are as follows:
Myer Limited
12 Gary Entwistle. "Reflections on teaching financial statement analysis." Accounting
Education 24, no. 6 (2015): 555-558.

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Investor's Ratios 2013 2014 2015 2016 2017
Earnings per share
Net income 127 98 30 61 12
Weighted average
shares outstanding 729 585 586 787 821
Answer: 0.174 0.168 0.051 0.078 0.015
Dividend coverage
ratio
Net income / 127 98 30 61 12
Dividend paid to
shareholders 113 99 73 16 49
Answer: 1.124 0.990 0.411 3.813 0.24513
David Jones Limited
Investor's Ratios 2013 2014 2015 2016 2017
Earnings per share
Net income 2,259 2,452 2,146 -1,235 1,534
Weighted average
shares outstanding 1,237 1,248 1,257 1,264 1,284
Answer: 1.826 1.965 1.707
-
0.977 1.195
Dividend coverage
ratio
Net income / 2,259 2,452 2,146 -1,235 1,534
Dividend paid to
shareholders 1,417 1,523 1,567 1,217 562
Answer: 1.594 1.610 1.369
-
1.015 2.730 14
Earnings per share:
13 Morningstar. (2018). “Myer Limited” [Online]. Available:
http://financials.morningstar.com/cash-flow/cf.html?t=MYR&region=aus&culture=en-US
[2018, May].
14 Annual Report. (2017). “Woolworths Limited” [Online]. Available:
https://www.woolworthsgroup.com.au/icms_docs/188795_annual-report-2017.pdf [2018,
May].

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Earnings per share ratio are an investment ratio which express about the total earnings
which have been generated by the company on the basis of outstanding shares. This ratio of
Myer limited express that the EPS have been lowered. The current EPS of the company is
0.015 whereas the EPS of David Jones limited is 1.195. It express that the Myer’s
performance is not better than David Jones. The company is required to manage the
profitability position to enhance the performance15.
Dividend coverage ratio:
Dividend coverage ratio is an investment ratio which express about the total income
which have been generated by the company in context with the total dividend amount paid.
This ratio of Myer limited express that the EPS have been lowered. The current dividend
coverage ratio of the company is 0.245 whereas the dividend coverage of David Jones limited
is 2.73. It express that the Myer’s performance is not better than David Jones. The company
is required to manage the profitability position to enhance the performance16.
Recommendation and Conclusion:
On the basis of the above study, it has been evaluated that the performance of the
company is not at all good in the industry. The financial position and the financial
performance level of the company have been lowered from the last 5 years and in context
with the competitors of the company. On the basis of the evaluation, it is recommended to the
company to manage the better performance in the market. The income generation capabilities
are required to be enhanced by the company. It would help the company to manage better
performance in the market.
15 Robert O Edmister. "An empirical test of financial ratio analysis for small business failure
prediction." Journal of Financial and Quantitative analysis 7, no. 2 (1972): 1477-1493.
16 Edward I Altman. "Financial ratios, discriminant analysis and the prediction of corporate
bankruptcy." The journal of finance 23, no. 4 (1968): 589-609.

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References:
Abdullah, Aso Ahmed. "Financial Statement Analysis for Kier Group PLC." Global Journal
of Management And Business Research (2016).
Altman, Edward I. "Financial ratios, discriminant analysis and the prediction of corporate
bankruptcy." The journal of finance 23, no. 4 (1968): 589-609.
Annual Report. (2017). “Woolworths Limited” [Online]. Available:
https://www.woolworthsgroup.com.au/icms_docs/188795_annual-report-2017.pdf [2018,
May].
Dalnial, Hawariah, Amrizah Kamaluddin, Zuraidah Mohd Sanusi, and Khairun Syafiza
Khairuddin. "Detecting fraudulent financial reporting through financial statement
analysis." Journal of Advanced Management Science 2, no. 1 (2014).
Edmister, Robert O. "An empirical test of financial ratio analysis for small business failure
prediction." Journal of Financial and Quantitative analysis 7, no. 2 (1972): 1477-1493.
Entwistle, Gary. "Reflections on teaching financial statement analysis." Accounting
Education 24, no. 6 (2015): 555-558.
Investors. (2018). “Myer Limited” [Online]. Available: http://investor.myer.com.au/Investor-
Centre/ [2018, May].
Lev, Baruch. Financial statement analysis: A new approach. Prentice hall, 2014.
Morningstar. (2018). “Myer Limited” [Online]. Available:
http://financials.morningstar.com/cash-flow/cf.html?t=MYR&region=aus&culture=en-US
[2018, May].
Morningstar. (2018). “Woolworths Limited” [Online]. Available:
http://financials.morningstar.com/cash-flow/cf.html?t=WOW&region=aus&culture=en-
US&platform=sal. [2018, May].
Pappa, Anna. "Financial statement analysis of a multinational company and equity valuation
of computer-based technology group." (2015).
Reuters. (2018). “Myer Limited” [Online]. Available:
https://www.reuters.com/finance/stocks/company-profile/MYR.AX [2018, May].

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Robinson, Thomas R., Elaine Henry, Wendy L. Pirie, and Michael A. Broihahn. International
financial statement analysis. John Wiley & Sons, 2015.
Appendix:
MYER HOLDINGS LTD (MYR) CashFlowFlag INCOME STATEMENT
Fiscal year ends in July. AUD in millions except per
share data.
2013-
07
2014-
07
2015-
07
2016-
07
2017-
07
Revenue 2738 2729 2772 2781 2623
Cost of revenue 1451 1455 1495 1528 1421
Gross profit 1287 1274 1277 1253 1202
Operating expenses
Sales, General and administrative 1768 2228 1872 1889 1806
Other operating expenses 90 88 84 89 90
Total operating expenses 1857 2317 1956 1978 1896
Operating income -570 -1043 -679 -725 -694
Interest Expense 30 23 23 15 11
Other income (expense) 787 1204 752 821 735
Income before income taxes 186 138 49 81 30
Provision for income taxes 57 40 19 20 18
Minority interest 3 0
Other income 3 0
Net income from continuing operations 130 99 30 61 12
Other -3 0
Net income 127 98 30 61 12
Net income available to common shareholders 127 98 30 61 12
Earnings per share
Basic 0.17 0.17 0.05 0.07 0.01
Diluted 0.17 0.17 0.05 0.07 0.01
Weighted average shares outstanding
Basic 729 585 586 787 821
Diluted 736 593 586 787 821
EBITDA 306 250 157 185 130
MYER HOLDINGS LTD (MYR) CashFlowFlag BALANCE SHEET
Fiscal year ends in July. AUD in millions except per
share data.
2013-
07
2014-
07
2015-
07
2016-
07
2017-
07
Assets
Current assets
Cash
Cash and cash equivalents 81 74 53 45 31
Total cash 81 74 53 45 31

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Receivables 14 17 14 29 17
Inventories 364 377 382 396 372
Prepaid expenses 11 13 17 9 11
Other current assets 9 15 0
Total current assets 479 480 481 480 431
Non-current assets
Property, plant and equipment
Land 30 29 29 29 29
Fixtures and equipment 358 382 408 428 451
Other properties 436 453 454 469 520
Property and equipment, at cost 823 864 892 926 1000
Accumulated Depreciation -314 -361 -423 -481 -540
Property, plant and equipment, net 509 503 469 445 460
Equity and other investments 9
Goodwill 377 377 377 377 465
Intangible assets 554 556 539 528 521
Deferred income taxes 17 14 18 27
Other long-term assets 4 3 3 2 2
Total non-current assets 1461 1452 1406 1388 1448
Total assets 1940 1933 1887 1868 1879
Liabilities and stockholders' equity
Liabilities
Current liabilities
Accounts payable 190 203 192 189 182
Deferred income taxes 19 7 1 7 2
Deferred revenues 6 7 11 10
Other current liabilities 314 314 282 314 294
Total current liabilities 523 531 481 521 487
Non-current liabilities
Long-term debt 421 422 441 147 143
Deferred taxes liabilities 85
Deferred revenues 74 69 75 70 76
Pensions and other benefits 6 6 5 4 4
Minority interest 10
Other long-term liabilities 1 12 21 18 11
Total non-current liabilities 511 508 542 240 319
Total liabilities 1034 1039 1024 760 806
Stockholders' equity
Common stock 520 525 525 739 739
Other Equity -3 -10 6 -7 -5
Retained earnings 380 379 335 379 342
Accumulated other comprehensive income -1 -1 -3 -4 -3
Total stockholders' equity 896 893 863 1108 1073

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Total liabilities and stockholders' equity 1930 1933 1887 1868 1879
WOOLWORTHS GROUP LTD (WOW) CashFlowFlag INCOME STATEMENT
Fiscal year ends in June. AUD in millions except per
share data.
2013-
06
2014-
06
2015-
06
2016-
06
2017-
06
Revenue 58674 60952 60868 58276 55669
Cost of revenue 42913 44475 44345 42677 39740
Gross profit 15762 16478 16524 15599 15929
Operating expenses
Sales, General and administrative 11380 11962 5511 12964 13134
Other operating expenses 10765 11172 18567 12033 11686
Total operating expenses 22146 23134 24078 24997 24820
Operating income -6384 -6656 -7555 -9398 -8891
Interest Expense 410 278 255 246 194
Other income (expense) 10009 10449 10877 11004 11217
Income before income taxes 3215 3515 3068 1360 2132
Provision for income taxes 960 1057 930 520 650
Minority interest 5 7 -9 -1113 60
Other income 5 7 -9 -1113 60
Net income from continuing operations 2255 2458 2137 840 1482
Net income from discontinuing ops 10 -3188 111
Other -5 -7 9 1113 -60
Net income 2259 2452 2146 -1235 1534
Net income available to common shareholders 2259 2452 2146 -1235 1534
Earnings per share
Basic 1.83 1.97 1.7 -0.98 1.19
Diluted 1.82 1.95 1.7 -0.98 1.19
Weighted average shares outstanding
Basic 1237 1248 1257 1264 1284
Diluted 1243 1253 1260 1264 1288
EBITDA 4590 4789 4465 2628 3340
WOOLWORTHS GROUP LTD (WOW) CashFlowFlag BALANCE SHEET
Fiscal year ends in June. AUD in millions except per
share data.
2013-
06
2014-
06
2015-
06
2016-
06
2017-
06
Assets
Current assets
Cash
Cash and cash equivalents 849 923 1333 948 909
Total cash 849 923 1333 948 909
Receivables 698 617 584 434 410

Financial Management
19
Inventories 4205 4693 4872 4558 4080
Prepaid expenses 270 309 301 330 334
Other current assets 203 633 570 1156 1260
Total current assets 6226 7175 7661 7427 6994
Non-current assets
Property, plant and equipment
Land 3427 2159 2501 1436 1435
Fixtures and equipment 11627 12725 13719 13937 14015
Other properties 2730 4132 4096 3628 3654
Property and equipment, at cost 17783 19016 20316 19000 19105
Accumulated Depreciation -8537 -9415
-
10254
-
10738
-
10667
Property, plant and equipment, net 9246 9601 10062 8263 8438
Equity and other investments 170 102 108 118
Goodwill 3401 3882 3826 3637 4216
Intangible assets 2383 2453 2418 2341 2316
Deferred income taxes 618 682 755 1110 372
Other long-term assets 205 413 512 616 461
Total non-current assets 16024 17030 17676 16075 15922
Total assets 22250 24205 25337 23502 22916
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 168 218 1644 490 253
Capital leases 1 2 2 0 0
Accounts payable 4080 4657 5040 4809 5068
Deferred income taxes 193 159 101 40 81
Deferred revenues 110
Other current liabilities 2313 2523 2382 3653 3422
Total current liabilities 6866 7558 9169 8993 8824
Non-current liabilities
Long-term debt 4277 4132 3076 3868 2775
Capital leases 5 4 3 3 2
Pensions and other benefits 122 134 164 165 172
Minority interest 272 273 298 311 350
Other long-term liabilities 1407 1579 1495 1380 916
Total non-current liabilities 6084 6122 5036 5728 4216
Total liabilities 12950 13680 14205 14720 13040
Stockholders' equity
Common stock 4342 4631 4909 5252 5615
Other Equity 176 114 116 -69 -42
Retained earnings 4661 5423 5830 3124 3797
Accumulated other comprehensive income -151 84 -21 163 156