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Comparative analysis of the annual reports in WOOLWORTHS and

时间:2015-09-02 17:13来源 作者:英国论文网 点击联系客服: 客服:Damien

Comparative analysis of the annual reports in WOOLWORTHS and WESFARMERS in recent three years


1. Introduction
Annual Report mainly transferred the company's financial performance and financial condition and other financial information. However, in recent years more and more signs indicated that the Annual Report does not necessarily reflect a company's "real" financial situation, it needs people with critical eye to look at. People often expressed great concern about the following items: the nature and amount of loans, operating leases such balance-sheet financing, the liabilities included in the owner's equity, short-term debt included in long-term debt, and the company's complex level of assets structure.

In this report, the author will select two listed companies, WOOLWORTHS and WESFARMERS from Australia to assess the annual report from the perspective of investor. The author will use trend analysis and ratio analysis to evaluate the two companies’ situation in the last three years, to determine whether the analysis report reflects the early warning signals of financial difficulties, and finally assess the financial situation for whether the non-financial factors and these qualitative factors can help investors understand the business.

2. Main body

2.1 Background of two companies
WOOLWORTHS is a large retail company registered in Australia, the company's total share capital reached 2.9478 billion AUD, and employed 175,000 employees. Its main business scope includes supermarket chains, electrical appliances, furniture, clothing, liquor, and petrol businesses. The supermarket operated by WOOLWORTHS is one of Australia's largest supermarket chains.

WESFARMERS is one of Australia's largest retailers, was founded in 1914, formerly known as the Western Australian Farmers Cooperative, headquartered in Perth, Australia. WESFARMERS is involved in retail, mining, insurance, home improvement and other fields, employs 200,000 people. Now it is one of the private companies with the largest number of employers in Australia.

2.2 Financial structure
The changes of inventory and accounts payable in 2002-2004 are relatively stable, the structure is more reasonable, but since 2005 the indicators are simultaneously increased, especially the investment in fixed assets and intangible assets has particularly the rapid growth, mergers and acquisitions brought a large number of invisible assets - goodwill increases, but the uncertainty of changes in intangible assets will affect the change in total assets, which shows WOOLWORTHS company grew very fast in recent years investment.
Asset-liability ratio in 2010 was 68.1%, compared with the ration of 77.21% in 2009 it decreased a lot, but still remained high to be further optimized. In 2006, the company maintained the continuous business growth, while in the year carried out a series of large-scale acquisitions. The acquisitions have become the main source of revenue growth in 2010. The increase in intangible assets increased the company's net assets significantly. In 2010, the rate of change of intangible assets has exceeded the changes in net assets, goodwill increased significantly.(责任编辑:英语论文代写)

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