Fundamentals of Value Creation in Businesses

This analysis evaluates Harvey Norman's financial performance through income statement, balance sheet, and cash flow statement analysis. The analysis helps in understanding the progress and financial trend of Harvey Norman for previous five financial years. The income statement analysis is conducted to understand the changes in retained earnings and operating expenses of the company. The evaluation of balance sheet mainly helps in depicting the Growth of property, plant, and equipment, while detecting the growth of long term liabilities. The cash flow statement analysis also helps in understanding the Cash at the year end, and Net financing cash flows of the company over the period.

Running head: FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
Fundamentals of Value Creation in Businesses
Name of the Student:
Name of the University:
Authors Note:

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
1
Table of Contents
3. Presenting the Analysis of the Company:..............................................................................2
3.3 Introduction:.........................................................................................................................2
3.4 Income statement analysis:..................................................................................................2
3.5 Balance sheet analysis:.........................................................................................................5
3.6 Cash flow statement analysis:..............................................................................................8
3.7 Profitability analysis:.........................................................................................................11
3.8 Liquidity analysis:..............................................................................................................14
3.9 Solvency analysis:..............................................................................................................17
3.10 Conclusion:......................................................................................................................20
Reference and Bibliography:....................................................................................................22
Appendices:..............................................................................................................................26

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
2
3. Presenting the Analysis of the Company:
3.3 Introduction:
The overall assessment is mainly conducted on Harvey Norman (HVN) organisation,
where its financial performance is evaluated by analysing different financial ratios, income
statement, balance sheet statement and cash flow statement. In addition, the financial
performance is mainly conducted to understand the progress and financial trend of Harvey
Norman for previous five financial year. The company mainly falls under Consumer
discretionary sector, where its financial performance could help in understanding its current
financial condition. Moreover, the income statement analysis is conducted to understand the
changes in retained earnings and operating expenses of the company. The evaluation of
balance sheet mainly helps in depicting the Growth of property, plant, and equipment, while
detecting the growth of long term liabilities. The cash flow statement analysis also helps in
understanding the Cash at the year end, and Net financing cash flows of the company over
the period.
3.4 Income statement analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Operating
Expenses
(2,078,166
,000)
(1,974,394
,000)
(2,120,288
,000)
(2,229,745
,000)
(2,416,109
,000)
(2,423,093
,000)
Percentage
change in OE
-4.99% 7.39% 5.16% 8.36% 0.29%
Retained
Earnings
1,956,966,
000
2,008,880,
000
2,109,032,
000
2,043,463,
000
2,125,186,
000
2,229,200,
000

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
3
Percentage
change in RE
2.65% 4.99% -3.11% 4.00% 4.89%
06/12 06/13 06/14 06/15 06/16 06/17
(3,000,000,000)
(2,500,000,000)
(2,000,000,000)
(1,500,000,000)
(1,000,000,000)
(500,000,000)
-
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
Percentage change in OE
Operating Expenses Percentage change in OE
The above table and figure mainly helps in depicting the overall operating expenses of
the company over the period of five years. In addition, the percentage change in operating
expenses of the company could also be conducted from the above calculations. From the
overall evaluation the changes in expense has been conducted due to the rising income and
revenue incurred by the company over the time. The percentage change expenses during 2013
is mainly at the levels of -4.99%, which is due to the low expense incurred during 2013 as
compared to 2012. The overall increment in expenses has mainly increased during 2014,
which is portrayed from the high value of percentage change by 7.39%. On the other hand,
Atoom, Malkawi & Al Share (2017) criticises that the evaluation of profit and loss account
does not help in understating the actual cash position of the company, as it includes the credit
transactions conducted by the company over the period. From the overall evaluation of
operating expenses, relevant increment in value was witnessed from 2014 to 2017. However,
during 2017 the increment in operations expenses was as low as 0.29%, which indicates the

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
4
slow growth in expenses incurred by the company. This increment was mainly conducted to
support the rising operational capability of the company, which was achieved due to the
rising revenue generated by the company. In this context, Liang et al., (2016) stated that the
evaluation of income statement mainly helps in understanding the expense and income that is
generated by the company over the period.
06/12 06/13 06/14 06/15 06/16 06/17
1,800,000,000
1,850,000,000
1,900,000,000
1,950,000,000
2,000,000,000
2,050,000,000
2,100,000,000
2,150,000,000
2,200,000,000
2,250,000,000
2,300,000,000
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Percentage change in RE
Retained Earnings Percentage change in RE
The above figure mainly depicts the overall changes in value of retained earnings and
percentage change in retained earnings. This valuation mainly helps in understanding the
financial position and profit generation capability of the company over the period. The values
of retained earnings mainly increased from 2012 to 2013 by 2.65%, which indicates the high
income generated by the company. Nevertheless, Brooks (2015) argued that companies to
increase their retained earnings reduce their tax outflow by using different depreciation and
other measures. However, the retained income of the company mainly declined in 2015,
where a steep decline in income stream of the company was witnessed, while the expenses
remained same, which declined its retained earnings for 2015. However, from 2016 to 2017
the overall increment in retained earnings was seen, which is calculated at the levels of
4.89%. This increment in profits mainly indicates the financial improvements, which was

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
5
obtained by Harvey Norman in 2017, as compared to other years. Ronapat (2018) stated that
with the evaluation of retained earnings investors can identify the current financial position of
the company, which could be used in the expansion process of the organisation.
The analysis of retained earnings and operational expenses of Harvey Norman mainly
helps in identifying and improving financial position of the company over time. Moreover,
revenue of the organisation has relevantly increased exponentially against the rising operating
expenses, while raising the level of retained earnings of the company. Therefore, it could be
understood that income status of the organisation has relevantly increased over time, due to
the accumulation of high revenues and low expenses incurred from operations. According to
Kanapickiene & Grundiene (2015), the analysis of income statement mainly helps investors
in gauging into the expenses and income that is been conducted by the company over the
fiscal year.
3.5 Balance sheet analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
NCA - PP&E 536,277,
000
548,903,
000
569,057,
000
552,603,
000
580,805,
000
625,112,
000
Percentage change in
PP&E
2.35% 3.67% -2.89% 5.10% 7.63%
Total NCL 767,164,
000
867,119,
000
471,998,
000
518,605,
000
464,114,
000
633,412,
000
Percentage change in
Long term liabilities
13.03% -45.57% 9.87% -10.51% 36.48%

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
6
06/12 06/13 06/14 06/15 06/16 06/17
480,000,000
500,000,000
520,000,000
540,000,000
560,000,000
580,000,000
600,000,000
620,000,000
640,000,000
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
Percentage change in PP&E
NCA - PP&E Percentage change in PP&E
The change in Growth of property, plant and equipment is mainly evaluated with the
help of above figure and tables. The increment in overall valuation of property, plant and
equipment mainly helps in depicting the financial position of the company over time. In
addition, the changes in percentage of property, plant, and equipment from 2012 to 2017 is
relevantly positive, which indicates the accumulation of adequate assets conducted by Harvey
Norman. Furthermore, the financial position, and expenses incurred by the company on
property, plant and equipment can be seen from the above calculations. The values of net
increment in property, plant, and equipment can be seen from the above figure, which has
relevantly increased from 2012 to 2014, while decline in its value can be seen during 2015.
This decline is mainly conducted, due to the reduction in dur to the low accumulation of
revenue and cash conducted during 2015 to support the purchase of assets. Moreover, the
percentage change in property, plant, and equipment during 2015 was mainly at the levels of
-2.89%, which eventually depicts the low expenses incurred in asset accumulation. Buchman,
Harris & Liu (2016) mentioned that with the use of fixed assets analysis the investors
evaluate the operational capability of the company.

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
7
Moreover, increment in property, plant, and equipment accumulation during 2016 was
at the levels of 5.10%, while during 2017 the value increased to 7.63%. This relevantly
indicates the accumulation of high end fixed assets, which was used in improving the level of
operations of the company. This increment in in property, plant and equipment mainly
supported the overall financial capability and revenue generation capacity of the organisation.
On the contrary, Paul & Mitra (2017) criticises that the increment in fixed asset accumulation
might reduce the cash availability and working capital capability of the company to continue
its operations smoothly.
06/12 06/13 06/14 06/15 06/16 06/17
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
1,000,000,000
-50.00%
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
Percentage change in Long term liabilities
Total NCL Percentage change in Long term liabilities
The overall figure helps in understanding the change in long term liabilities of the
company over the period of 5 years, which has changed exponentially over time. In addition,
the changes in percentage of long term liabilities is mainly identified from the non-current
liabilities of Harvey Norman. Moreover, the long-term liabilities accumulated by the
company can be identified from the above figure, which has declined from 2012 to 2017.
Moreover, the financial performance of company mainly improved due to the low
accumulation of debt conducted for supporting its operations. The long-term liabilities mainly
declined in 2014, where the change in long term debt was at the levels of -45.57%. Carlino et

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
8
al., (2017) mentioned that with the evaluation of non-current liabilities the current debt
position of the company can be identified, which could help in understanding solvency
condition of the company. This relevantly indicates that the company disposed maximum of
the liabilities during the financial year, which declined the net income and cash position. The
increment in long term liabilities of the company increased in 2015, where a sudden decline
was seen in 2016, as the long-term debt declined by -10.51%. This decline in overall long-
term debt mainly helps in understanding the financial improvements, which is achieved by
the company during the five financial years. On the other hand, during 2017 the increment in
long term liabilities can be seen at the levels of 36.548%, which was conducted to support the
operational needs of the organisation. On the other hand, Lakshmi, Martin & Venkatesan
(2016) argued that accumulation of high end non-current liabilities by the organisation could
increase the level of interest payments, which might hamper the level of profits that is
generated from operations.
3.6 Cash flow statement analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Cash at End of Period 140,093,
000
124,567,
000
115,172,
000
153,220,
000
103,631,
000
42,882,0
00
Percentage change in
Cash at end of period
-11.08% -7.54% 33.04% -32.36% -58.62%
Net Financing
Cashflows
-
8,509,00
0
-
46,562,0
00
-
235,213,
000
-
220,597,
000
-
307,427,
000
-
287,124,
000
Percentage change in
net financing cash
447.21% 405.16% -6.21% 39.36% -6.60%

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
9
flows
06/12 06/13 06/14 06/15 06/16 06/17
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
Percentage change in Cash at end of period
Cash at End of Period Percentage change in Cash at end of period
The changes in cash at the end of period can be identified from the above figure,
which helps in understanding its cash position. The company’s overall cash position mainly
declined over the period of 5 fiscal years, which cans be identified from the above table and
figure. During 2013 the overall decline in cash position of the company was at the levels of -
11.08%, which further declined by -7.54% in 2014. However, during 2015 the overall cash
position of the company mainly improved by 33.04%, which indicated the improving cash
position of the company that might help in supporting its financial decisions. Moreover,
decline in overall cash position was further seen in 2016 and 2017 at the levels of -32.36%
and -58.62%. This relevantly indicates the declining in position of Harvey Norman in
supporting its activities due to cash crunch. According to Wong & Joshi (2015), the
evaluation of cash position relevantly allows investor to understand its financial capability for
supporting its short-term liabilities and continue with its operations.

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
10
Therefore, it could be understood that cash position of the Harvey Norman mainly
declined over the period of 5 years, which relevantly reduces its ability to conduct smooth
operations. This continuous decline in cash position during 2013, 2014, 2016 and 2017 is
mainly complemented with the rising in net assets. This relevantly indicates that Harvey
Norman has used its spare cash to purchase relevant assets for complementing the increment
in assets such as property, plant, and equipment. Hence, it could be understood that decline in
cash position of Harvey Norman is supported by the increment in total assets, which is used
to improve its operational capability. On the other hand, Wijesundera et al., (2015) argued
that the evaluation of cash position does not allow investors to gauge into the financial
growth and progress, which could be obtained by the company in near future.
06/12 06/13 06/14 06/15 06/16 06/17
-350,000,000
-300,000,000
-250,000,000
-200,000,000
-150,000,000
-100,000,000
-50,000,000
0
-100.00%
0.00%
100.00%
200.00%
300.00%
400.00%
500.00%
Percentage change in net financing cash flows
Net Financing Cashflows Percentage change in net financing cash flows
The above figure mainly helps in understanding the changes in net financial cash
flows of the company over the period of 5 years can be identified. The changes in net
financing cash flows of the company mainly depicts the investment, which is been conducted
by Harvey Norman during the 5-financial year. The net financing cash flows of the
organization has the relatively increased over the financial year, which indicates the level of
investment that is conducted by the organization in its operations. The drastic changes net

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
11
financing cash flows was seen you during 2013, where the percentage change in client to
447.21%. Moreover, the continuous increment in investment is seen in 2014 with a total
percentage change in investments of 405.16%. However, during 2015 the overall investment
growth mainly declined to -6.21%, which indicated it slow growth and investment capability
of the company to support its operations. Moreover, the net financing cash flows conducted
by Harvey Norman continue to during 2016, which was again halted in 2017, as the change in
percentage of Financing cash flow became -6.60%. In this context, Choi, Kim & Oh (2017)
stated that with the evaluation of cash flow statement the overall financial capability of the
organization can be identified, which is essential for investors while making relevant
investment decisions.
3.7 Profitability analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Net Profit after Tax
Before Abnormal
176,315,
000
144,477,
000
212,238,
000
268,914,
000
351,340,
000
452,966,
000
Total Revenue 2,352,97
8,000
2,239,71
6,000
2,435,33
6,000
2,580,96
1,000
2,825,97
8,000
2,904,74
2,000
Net Profit Margin (%) 7.49% 6.45% 8.71% 10.42% 12.43% 15.59%

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
12
06/12 06/13 06/14 06/15 06/16 06/17
0
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
3,000,000,000
3,500,000,000
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
Net Profit after Tax Before Abnormals Total Revenue
Net Profit Margin (%)
The above calculations mainly represent the overall net profit margin of Harvey
Norman from 2012 to 2017, which is relatively improved from the level of 7.49 % to 15.59%.
This increment in overall net profit margin is a relatively conducted due to the rising
revenues and net profit incurred by the company during the 5 fiscal years. The overall net
profit margin relatively increased from 2014 to 2017, as during 2013 overall ratio declined to
6.45 per cent as compared to 7.49% in 2012. This relatively indicated the decline in overall
revenue generated by the organization during the fiscal year. However, after 2013 the overall
net profit margin relatively increased from 8.71% to 15.59% without any halt. This relatively
indicate the increasing profit generation capacity of the organization while supporting it's
expensive. Rashid et al., (2015) mentioned that with evaluation of net profit margin investors
can detect the overall capability of the organization to sustain higher net income after
conducting all its expenses.
The difference between net profit and total revenues relatively states the expenses
incurred by the organization. Nevertheless, the declining gap indicates the reduction and cost
incurred by the organization to support its future continuity and growth. Nevertheless, Elhaj,
Muhamed & Ramli (2015) argue that net profit margin does not allow investors to detect
organizations financial stability and growth, which is essential in generating returns from

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
13
investment. The continuous rise in net profit mainly States the capability of Harvey Norman
to capture the overall market in Australia and generate adequate returns from Investments.
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Net Profit after Tax
Before Abnormal
1
76,315,0
00
1
44,477,0
00
2
12,238,0
00
2
68,914,0
00
3
51,340,0
00
4
52,966,0
00
Average
Shareholder's Equity
2,247,67
1,500
2,315,36
8,500
2,427,48
0,500
2,523,98
3,000
2,622,76
7,000
2,750,79
0,500
Return on Equity 7.84% 6.24% 8.74% 10.65% 13.40% 16.47%
06/12 06/13 06/14 06/15 06/16 06/17
-
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
3,000,000,000
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
Net Profit after Tax Before Abnormals Average Shareholder's Equity
Return on Equity
The above figure relatively indicates the change in overall return on equity of Harvey
Norman from 2013 to 2017, which helps in analyzing the management decision in utilizing
its overall equity capital. In addition, the increment in return on equity is a relatively seen
during 2014, where the return on equity is valued at 8.74%, which was relatively higher from
6.24% achieved during 2013. However, the overall decline of return on equity was seen
during 2013 as its value declined from 7.84% in 2012 to 6.24% in 2013. This relatively
indicates the low net income generated by the organization during the financial year. The

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
14
continuous rise in net profit after tax was scene from 2014 to 2017, was the main reason
behind the relevant increment in return on equity obtained by Harvey Norman. However, the
evaluation also indicated that the average stakeholder equity did not decline from 2012 to
2017, which relatively depicts the incapability of the management to adequately utilize the
current equity capital to generate a higher rate of return from investment. The decline in net
income and the continue increment in average shareholders’ equity was the main reason
behind the decline in return on equity during 2013. The return on equity relatively increased
due to the exponential increment in net profit obtained by Harvey Norman, as compared to
the shareholders equity. This relatively indicated that Harvey Norman was generating a
higher net profit from operation by deploying the relevant equity capital. The evaluation of
return on equity allows investor to detect management efficiency in utilizing the available
funds achieving higher rate of return (Ecer & Boyukaslan, 2014).
3.8 Liquidity analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Current Assets 1,498,94
1,000.00
1,531,91
3,000.00
1,607,16
7,000.00
1,676,46
8,000.00
1,605,54
7,000.00
1,112,43
3,000.00
Current Liabilities 917,770,
000.00
834,057,
000.00
1,262,23
2,000.00
1,283,07
9,000.00
1,279,01
2,000.00
743,425,
000.00
Current Ratio
1.63 1.84 1.27 1.31 1.26 1.50

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
15
06/12 06/13 06/14 06/15 06/16 06/17
0.00
200,000,000.00
400,000,000.00
600,000,000.00
800,000,000.00
1,000,000,000.00
1,200,000,000.00
1,400,000,000.00
1,600,000,000.00
1,800,000,000.00
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Current Assets Current Liabilities Current Ratio
The overall graph relatively indicates the change in current ratio of Harvey Norman
from 2012 to 2017, which has relatively deteriorated for the period of 5 fiscal years. The
overall current ratio of the company relatively declined from the levels of 1.63 in 2012 to
1.50 in 2017, which is only conducted due to the low accumulation of both current assets and
current liabilities by the organization. The increment in overall current assets was seen from
2012 to 2015 while a decline and upgrade in current liabilities was seen between the period.
this was relatively conducted due to the continuous changes in the operational capability of
Harvey Norman to support it long term assets. The company was more focused on improving
its long-term assets for raising the level of operations in the organization. However, from
2015 to 2017 the overall current assets and current liabilities of the organization relatively
decline, why the decline in current assets was much higher than the current liabilities. this
could be identified from the low current ratio of 1.50 that is achieved by the company during
2017. Khan & Khokhar (2015) argued that the continuous increment in current liabilities are
not a fruitful condition for the organization, as it forces them to sell their fixed assets to
support the need of relevant payments.
The low current ratio achieved by Harvey Norman relatively reduces its capability to
support its short term financial obligations without selling it fixed assets. However, the
current ratio is relatively lower than the minimum standard of 2, which helps in identifying

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
16
the low financial capability of the company to support its operations. In this context, Eckerd
(2015) stated that the current ratio relatively helps investor to identify the current financial
position of an organization gauges into its ability for acquiring more current liabilities to
support it operations.
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Current
Assets
1,498
,941,000
1,531
,913,000
1,607
,167,000
1,676
,468,000
1,605
,547,000
1,112
,433,000
Current
Liabilities
91
7,770,000
83
4,057,000
1,262
,232,000
1,283
,079,000
1,279
,012,000
74
3,425,000
CA -
Inventories
26
3,421,000
26
8,781,000
29
7,670,000
29
8,381,000
31
5,746,000
31
5,968,000
Quick Ratio
1.35 1.51 1.04 1.07 1.01 1.07
06/12 06/13 06/14 06/15 06/16 06/17
-
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
1,400,000,000
1,600,000,000
1,800,000,000
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Current Assets Current Liabilities CA - Inventories Quick Ratio
The above figure relatively helps in detecting the overall calculation of quick ratio or
acid test ratio, which helps in identifying the actual position of the company in supporting
with short term liability. The company's overall value of quick ratio has a relatively declined

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
17
from 1.35 in 2012 to 1.07 in 2017, which relatively indicates the accumulation of high current
liabilities in comparison to current assets. The company's overall accumulation of current
assets and current liabilities has a relatively declined over the period of 5 fiscal years. The
quick ratio has a relatively reduced due to the continuous maintenance of adequate inventory
by the company while reducing its current assets and liabilities. Harvey Norman has been
maintaining adequate inventory levels to support its demand from customers while reducing
its current assets and current liabilities. This has relatively forced the organization to
minimize the exposure in current assets and effectively utilize its overall financial resources.
However, the continuous maintenance of inventory levels as relatively blocked as the
essential capital of the organization. From the overall calculation it will be understood that
the invention level of the organization has a relatively increased from 2012 to 2017 while
both the current assets and current liabilities has a relatively declined, which only indicates
the accumulation of inventory conducted by the company for the period of time. This
relatively indicates the incapability of the organization to continue with its operations without
accumulating inventory. Sriram (2018) stated that with the use of quick ratio investors are
able to gauge into the actual financial position of the company.
3.9 Solvency analysis:
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Net Interest Expense -
40,033,0
00.00
-
34,102,0
00.00
-
27,563,0
00.00
-
24,215,0
00.00
-
21,111,0
00.00
-
14,930,0
00.00
EBIT 292,925,
000.00
283,435,
000.00
340,491,
000.00
402,589,
000.00
523,992,
000.00
660,906,
000.00
Net Interest cover

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
18
7.32 8.31 12.35 16.63 24.82 44.27
06/12 06/13 06/14 06/15 06/16 06/17
-100,000,000.00
0.00
100,000,000.00
200,000,000.00
300,000,000.00
400,000,000.00
500,000,000.00
600,000,000.00
700,000,000.00
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
Net Interest Expense EBIT Net Interest cover
The above calculation relatively indicates the overall changes in net interest expenses
and earnings before interest and tax for determining the overall in net interest coverage of
Harvey Norman. The overall increment in earnings before interest and tax is seen from 2012
to 2017, which indicates the high financial capability of the company to continue its growth
and obtain relevant revenues. However, the net interest expense has relatively declined over
the period, which only indicates the continuous repayment of short term and long-term loans
conducted by the organization during the period. This decline in overall net interest expenses
as a relatively allowed the organization to improve loans and depth to support its overall
operations and progress. The net interest expense has relatively declined from 2012-2017,
while the overall Earnings before interest and tax has increased exponentially. This relatively
forced the overall net interest coverage ratio of Harvey Norman from 7.32 to 44.27, which
relatively indicates the high capability of the company to acquire more debt, as it could
support more interest payments on loans. Erdogan (2014) stated that with the increment in net
interest coverage ratio the financial position of the organization improves, as its capability to

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
19
support the interest payments has a relatively enhanced over the period, which will not affect
its financial progress.
On the other hand, the rising net interest cover ratio would also allow the company to
acquire loans from banks, as they evaluate the condition of the organization to support short
term and long-term liabilities. This achievement is relatively obtained due to the continuous
decline in current liabilities and long-term liabilities of the organization for the period of 5
fiscal years. The company has been declining its liabilities over the period of 5 fiscal year for
improving its overall financial position and condition.
Particulars 06/12 06/13 06/14 06/15 06/16 06/17
Total Liabilities 1,684,93
4,000.00
1,701,17
6,000.00
1,734,23
0,000.00
1,801,68
4,000.00
1,743,12
6,000.00
1,376,83
7,000.00
Total Assets 3,951,81
6,000.00
4,065,03
1,000.00
4,225,33
6,000.00
4,358,54
4,000.00
4,431,80
0,000.00
4,189,74
4,000.00
Debt Ratio 42.64% 41.85% 41.04% 41.34% 39.33% 32.86%
06/12 06/13 06/14 06/15 06/16 06/17
0.00
500,000,000.00
1,000,000,000.00
1,500,000,000.00
2,000,000,000.00
2,500,000,000.00
3,000,000,000.00
3,500,000,000.00
4,000,000,000.00
4,500,000,000.00
5,000,000,000.00
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Total Liabilities Total Assets Debt Ratio

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
20
The above calculation relevantly indicates the overall debt ratio of Harvey Norman
from 2012 to 2017, which relatively indicates usage of adequate debt to support operation of
the company. The overall evaluation of the above figure relatively indicates that depth ratio
of the company has declined over the period 5 fiscal years, which started from 42.64% in
2012 to 32.86% in 2017. This relevant decline in depth ratio indicates the low accumulation
of liabilities in comparison to assets of the organization. Moreover, it also evaluates the total
asset condition of Harvey Norman, which is relatively supported by equity finance and not by
debt finance (Ozturk & Serçemeli, 2016). This relevant change in debt ratio was mainly
achieved due to the arising total Assets of the organization while its total liabilities declined.
the total Assets of the organization relatively increased from 2012 to 2016 in 2017 slide
decline in total assets can be seen. However, in comparison to the total assets the total
liabilities of the organization relatively declined from 2016, which relatively improved the
overall debt ratio of Harvey Norman.
3.10 Conclusion:
From the overall calculations and evaluation of the financial ratios, the current
financial position of Harvey Norman can be identified. Harvey Norman current financial
position is relatively good, which could allow investors in improving its return from
investment by purchasing shares of the organization. Valuation of the ratio relatively
indicated a positive by for Harvey Norman as it iteratively improved over the period of 5
fiscal year. The company's financial progress during the 5 fiscal years has been relatively
impressive, which could relevantly attract move investors into their vicinity. The continuous
improvement in profitability, liquidity, and solvency ratios could eventually help depicting
the financial improvements that has been achieved by Harvey Norman over the fiscal year.
The company has relatively increased its overall assets during the period, while both its

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
21
current and noncurrent liabilities has a relatively declined. this mainly indicates the financial
improvements obtained by the organization during the fiscal years. Therefore, after
evaluating the financial ratios in income stability and asset accumulation condition of Harvey
Norman can be identified. Harvey Norman has a relatively improved its overall operational
capability for the period of 5 fiscal year, by increasing its accumulation of plants machinery
and equipment to support the rising demand from customers. The continuous improvement in
revenue generation condition is mainly supported from the high operational capability
obtained by the organization. Financial ratios mainly highlight the overall provisions and
conditions taken by the organization in achieving the current of financial health. Thus, it
could be said the Harvey Norman’s financial position is relevantly sound and it is an
adequate investment option for potential investors.

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
22
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FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
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Appendices:
Item 06/11 06/12 06/13 06/14 06/15 06/16 06/17
Operating Revenue 2,545,420,000.00 2,352,978,000.00 2,239,716,000.00 2,435,336,000.00 2,580,961,000.00 2,825,978,000.00 2,904,742,000.00
Other Revenue 125,684,000.00 106,175,000.00 107,644,000.00 103,076,000.00 128,819,000.00 192,670,000.00 257,126,000.00
Total Revenue Excluding Interest 2,671,104,000.00 2,459,153,000.00 2,347,360,000.00 2,538,412,000.00 2,709,780,000.00 3,018,648,000.00 3,161,868,000.00
Operating Expenses -2,197,347,000.00 -2,078,166,000.00 -1,974,394,000.00 -2,120,288,000.00 -2,229,745,000.00 -2,416,109,000.00 -2,423,093,000.00
EBITDA 473,757,000.00 380,987,000.00 372,966,000.00 418,124,000.00 480,035,000.00 602,539,000.00 738,775,000.00
Depreciation -81,594,000.00 -78,241,000.00 -78,843,000.00 -68,398,000.00 -64,399,000.00 -62,422,000.00 -60,710,000.00
Amortisation -7,854,000.00 -9,821,000.00 -10,688,000.00 -9,235,000.00 -13,047,000.00 -16,125,000.00 -17,159,000.00
Depreciation and Amortisation -89,448,000.00 -88,062,000.00 -89,531,000.00 -77,633,000.00 -77,446,000.00 -78,547,000.00 -77,869,000.00
EBIT 384,309,000.00 292,925,000.00 283,435,000.00 340,491,000.00 402,589,000.00 523,992,000.00 660,906,000.00
Interest Revenue 7,739,000.00 9,422,000.00 11,672,000.00 8,874,000.00 8,657,000.00 7,595,000.00 5,142,000.00
Interest Expense -42,984,000.00 -49,455,000.00 -45,774,000.00 -36,437,000.00 -32,872,000.00 -28,706,000.00 -20,072,000.00
Net Interest Expense -35,245,000.00 -40,033,000.00 -34,102,000.00 -27,563,000.00 -24,215,000.00 -21,111,000.00 -14,930,000.00
PreTax Profit 349,064,000.00 252,892,000.00 249,333,000.00 312,928,000.00 378,374,000.00 502,881,000.00 645,976,000.00
Tax Expense -107,475,000.00 -51,094,000.00 -43,469,000.00 -92,063,000.00 -109,186,000.00 -142,423,000.00 -186,840,000.00
Net Profit after Tax Before Abnormals 241,589,000.00 201,798,000.00 205,864,000.00 220,865,000.00 269,188,000.00 360,458,000.00 459,136,000.00
Abnormals 24,871,000.00 -25,483,000.00 -61,387,000.00 -11,867,000.00 -274,000.00 -9,118,000.00 -6,170,000.00
Abnormals Tax -6,840,000.00 0.00 0.00 3,240,000.00 0.00 0.00 0.00
Net Abnormals 18,031,000.00 -25,483,000.00 -61,387,000.00 -8,627,000.00 -274,000.00 -9,118,000.00 -6,170,000.00
Reported NPAT After Abnormals 259,620,000.00 176,315,000.00 144,477,000.00 212,238,000.00 268,914,000.00 351,340,000.00 452,966,000.00
Outside Equity Interests -7,365,000.00 -3,844,000.00 -2,266,000.00 -543,000.00 -819,000.00 -2,735,000.00 -3,990,000.00
Shares Outstanding at Period End 1,062,316,784.00 1,062,316,784.00 1,062,316,784.00 1,062,316,784.00 1,110,603,911.00 1,112,554,911.00 1,113,054,911.00
Weighted Average Number of Shares 1,062,316,784.00 1,062,316,784.00 1,062,316,784.00 1,062,316,784.00 1,093,626,019.00 1,111,563,813.00 1,112,704,211.00
EPS Adjusted (cents/share) 22.05 18.63 19.16 20.72 24.51 32.18 40.85
EPS After Abnormals (cents/share) 23.75 16.24 13.38 19.91 24.48 31.36 40.30
Item 06/11 06/12 06/13 06/14 06/15 06/16 06/17
CA - Cash 162,779,000.00 172,459,000.00 161,660,000.00 144,957,000.00 185,840,000.00 139,874,000.00 80,224,000.00
CA - Receivables 1,065,232,000.00 1,017,973,000.00 1,054,402,000.00 1,119,393,000.00 1,142,551,000.00 1,096,572,000.00 640,686,000.00
CA - Prepaid Expenses 16,378,000.00 10,753,000.00 19,344,000.00 12,212,000.00 0.00 15,578,000.00 28,383,000.00
CA - Inventories 336,742,000.00 263,421,000.00 268,781,000.00 297,670,000.00 298,381,000.00 315,746,000.00 315,968,000.00
CA - Investments 41,229,000.00 24,396,000.00 19,072,000.00 21,596,000.00 26,148,000.00 26,204,000.00 27,499,000.00
CA - NCA Held Sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CA - Other 4,984,000.00 9,939,000.00 8,654,000.00 11,339,000.00 23,548,000.00 11,573,000.00 19,673,000.00
Total Current Assets 1,627,344,000.00 1,498,941,000.00 1,531,913,000.00 1,607,167,000.00 1,676,468,000.00 1,605,547,000.00 1,112,433,000.00
NCA - Receivables 14,538,000.00 10,556,000.00 12,646,000.00 7,417,000.00 71,815,000.00 74,382,000.00 78,777,000.00
NCA - Inventories 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NCA - Investments 1,768,873,000.00 1,821,093,000.00 1,884,261,000.00 1,944,592,000.00 1,973,192,000.00 2,088,939,000.00 2,297,090,000.00
NCA - PP&E 512,479,000.00 536,277,000.00 548,903,000.00 569,057,000.00 552,603,000.00 580,805,000.00 625,112,000.00
NCA - Intangibles(ExGW) 58,285,000.00 57,432,000.00 58,903,000.00 77,888,000.00 83,727,000.00 81,192,000.00 75,237,000.00
NCA - Goodwill 9,000.00 10,000.00 10,000.00 10,000.00 0.00 0.00 0.00
NCA - Future Tax Benefit 22,481,000.00 27,507,000.00 28,395,000.00 19,205,000.00 0.00 0.00 0.00
NCA - Other 0.00 0.00 0.00 0.00 739,000.00 935,000.00 1,095,000.00
Total NCA 2,376,665,000.00 2,452,875,000.00 2,533,118,000.00 2,618,169,000.00 2,682,076,000.00 2,826,253,000.00 3,077,311,000.00
Total Assets 4,004,009,000.00 3,951,816,000.00 4,065,031,000.00 4,225,336,000.00 4,358,544,000.00 4,431,800,000.00 4,189,744,000.00
CL - Account Payable 854,897,000.00 647,279,000.00 611,758,000.00 740,681,000.00 813,474,000.00 746,489,000.00 238,628,000.00
CL - Short-Term Debt 105,275,000.00 234,876,000.00 172,455,000.00 469,872,000.00 408,438,000.00 452,710,000.00 386,583,000.00
CL - Provisions 32,601,000.00 33,984,000.00 47,155,000.00 49,636,000.00 58,297,000.00 71,733,000.00 76,643,000.00
CL - NCL Held Sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CL - Other 1,603,000.00 1,631,000.00 2,689,000.00 2,043,000.00 2,870,000.00 8,080,000.00 41,571,000.00
Total Curr. Liabilities 994,376,000.00 917,770,000.00 834,057,000.00 1,262,232,000.00 1,283,079,000.00 1,279,012,000.00 743,425,000.00
NCL - Account Payable 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NCL - Long-Term Debt 546,483,000.00 544,471,000.00 647,821,000.00 238,094,000.00 290,000,000.00 205,759,000.00 333,858,000.00
NCL - Provisions 217,711,000.00 207,803,000.00 203,253,000.00 218,478,000.00 210,977,000.00 236,247,000.00 280,271,000.00
NCL - Other 16,978,000.00 14,890,000.00 16,045,000.00 15,426,000.00 17,628,000.00 22,108,000.00 19,283,000.00
Total NCL 781,172,000.00 767,164,000.00 867,119,000.00 471,998,000.00 518,605,000.00 464,114,000.00 633,412,000.00
Total Liabilities 1,775,548,000.00 1,684,934,000.00 1,701,176,000.00 1,734,230,000.00 1,801,684,000.00 1,743,126,000.00 1,376,837,000.00
Share Capital 259,610,000.00 259,610,000.00 259,610,000.00 259,610,000.00 380,328,000.00 385,296,000.00 386,309,000.00
Reserves 30,294,000.00 16,022,000.00 61,799,000.00 102,735,000.00 113,290,000.00 155,814,000.00 174,950,000.00
Retained Earnings 1,901,350,000.00 1,956,966,000.00 2,008,880,000.00 2,109,032,000.00 2,043,463,000.00 2,125,186,000.00 2,229,200,000.00
Other Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Convertible Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SE Held Sale 2,327,000.00 3,354,000.00 0.00 0.00 0.00 0.00 0.00
Outside Equity 34,880,000.00 30,930,000.00 33,566,000.00 19,729,000.00 19,779,000.00 22,378,000.00 22,448,000.00
Total Equity 2,228,461,000.00 2,266,882,000.00 2,363,855,000.00 2,491,106,000.00 2,556,860,000.00 2,688,674,000.00 2,812,907,000.00

FUNDAMENTALS OF VALUE CREATION IN BUSINESSES
27
Item 06/11 06/12 06/13 06/14 06/15 06/16 06/17
Receipts from Customers 2,632,937,000.00 2,220,586,000.00 2,130,573,000.00 2,461,740,000.00 2,538,103,000.00 2,881,659,000.00 2,875,367,000.00
Payments to Suppliers and Employees -2,130,828,000.00 -1,905,301,000.00 -1,797,476,000.00 -1,994,315,000.00 -2,056,114,000.00 -2,267,638,000.00 -2,252,918,000.00
Dividends Received 39,804,000.00 15,570,000.00 12,948,000.00 16,932,000.00 15,403,000.00 2,081,000.00 2,669,000.00
Interest Received 7,738,000.00 9,422,000.00 11,672,000.00 8,874,000.00 8,657,000.00 7,595,000.00 4,971,000.00
Interest Paid -43,045,000.00 -49,340,000.00 -45,945,000.00 -36,583,000.00 -33,059,000.00 -28,829,000.00 -19,420,000.00
Tax Paid -126,924,000.00 -57,016,000.00 -44,764,000.00 -78,626,000.00 -89,284,000.00 -115,535,000.00 -152,454,000.00
Other Operating Cashflows -20,709,000.00 -32,976,000.00 -27,791,000.00 -39,087,000.00 -43,258,000.00 -41,642,000.00 -33,075,000.00
Net Operating Cashflows 358,973,000.00 200,945,000.00 239,217,000.00 338,935,000.00 340,448,000.00 437,691,000.00 425,140,000.00
Payment for Purchase of PPE -170,783,000.00 -108,547,000.00 -73,578,000.00 -66,617,000.00 -55,407,000.00 -68,791,000.00 -89,366,000.00
Proceeds From Sale of PPE 5,836,000.00 5,322,000.00 4,297,000.00 10,459,000.00 7,152,000.00 9,051,000.00 28,592,000.00
Investments Purchased -178,352,000.00 -89,048,000.00 -102,891,000.00 -54,771,000.00 -19,876,000.00 -64,484,000.00 -130,397,000.00
Proceeds From Sale of Investments 4,834,000.00 18,941,000.00 10,993,000.00 134,000.00 1,477,000.00 116,000.00 0.00
Payments for Purchase of Subsidiaries -21,485,000.00 0.00 -122,000.00 -2,608,000.00 -4,000.00 -25,349,000.00 0.00
Proceeds from Sale of Subsidiaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Granted 0.00 0.00 -46,880,000.00 -1,361,000.00 -15,145,000.00 -30,396,000.00 -7,594,000.00
Loans Repaid -6,776,000.00 2,260,000.00 0.00 0.00 0.00 0.00 0.00
Other Investing Cashflows 0.00 0.00 0.00 1,647,000.00 0.00 0.00 0.00
Net Investing Cashflows -366,726,000.00 -171,072,000.00 -208,181,000.00 -113,117,000.00 -81,803,000.00 -179,853,000.00 -198,765,000.00
Proceeds from Issues 0.00 0.00 0.00 0.00 0.00 4,968,000.00 1,013,000.00
Proceeds from Borrowings 164,500,000.00 17,558,000.00 10,566,000.00 1,878,000.00 44,349,000.00 349,000.00 72,075,000.00
Repayment of Borrowings 322,000.00 -1,211,000.00 -11,831,000.00 0.00 -52,000,000.00 -45,862,000.00 -15,250,000.00
Dividends Paid -138,101,000.00 -116,855,000.00 -90,297,000.00 -111,543,000.00 -333,664,000.00 -266,882,000.00 -344,962,000.00
Other Financing Cashflows -1,149,000.00 91,999,000.00 45,000,000.00 -125,548,000.00 120,718,000.00 0.00 0.00
Net Financing Cashflows 25,572,000.00 -8,509,000.00 -46,562,000.00 -235,213,000.00 -220,597,000.00 -307,427,000.00 -287,124,000.00
Net Increase in Cash 17,819,000.00 21,364,000.00 -15,526,000.00 -9,395,000.00 38,048,000.00 -49,589,000.00 -60,749,000.00
Cash at Beginning of Period 100,910,000.00 118,729,000.00 140,093,000.00 124,567,000.00 115,172,000.00 153,220,000.00 103,631,000.00
Exchange Rate Adj 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Cash Adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash at End of Period 118,729,000.00 140,093,000.00 124,567,000.00 115,172,000.00 153,220,000.00 103,631,000.00 42,882,000.00