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BU1002: ASSESSMENT TASK 2 - WORKBOOK

Introduction to Real-World Annual Reports

Overview:

Assessment Task 2 – Comparative Essay is an assessment item worth a total of 30% of the final grade for this subject. Note; this assessment is NOT a hurdle assessment; however, students are required to attempt all assessments in order to pass the subject.

The questions in this workbook have been designed to introduce and prompt students to answer questions based on the concepts and principles learned the topic content throughout the study period. The workbook consists of;

» Part 1 – develop a background of the company and an overview of the company’s corporate governance principles.

» Part 2 – familiarise students with the published annual reports and identify differences between results over a period of time.

» Part 3 – conduct ratio analysis on the company annual report.

» Part 4 – prepare a comparative essay of the companies assigned to each member of the group, summarise the findings and present with a supporting appendix to the investor.

In your first tutorial class, your tutor will assign you a company for this assessment task. You will work as an individual on the assignment completing all of questions for parts 1, 2 and 3 in this workbook. Once census date has passed, your tutor will assign you to a group with a maximum of 4 students. Each student in the group will be assigned a different company, this means that there will be potentially 4 different companies within each group. Students may choose members for their group, but each member must be assigned a different company for the purposes of this assessment task.

The purpose of the group work component is to conduct a comparative analysis of all companies in the group, drawing from the information prepared in the workbooks of each member of the group.

Before starting the financial analysis essay, you should read over the marking criteria sheet. The essay should be typed and APA referencing should be used (see http://libguides.jcu.edu.au/apa ).

The comparative analysis essay will be awarded a mark out of 100, which will in turn be converted to a score out of 30.

Group Work

The ability to “lead, manage and contribute effectively to teams” is a key JCU Generic skill and an important skill sought by employers. An important function of this assessment is for students to work effectively and on a collaborative basis. To facilitate this process, each group will have its own dedicated BU1002/BU1902 Group site on LearnJCU. A Group Contract will be provided on LearnJCU. This must be completed and uploaded to the Group site on the group formation.

Establishment of Group Site and Participation:

You will have access to your group site within the BU1002/BU1902 subject site on LearnJCU once the groups have been formed after census date.

Each Group site on LearnJCU will incorporate links to the following facilities: group Information, file exchange, group discussion, group journal and send emails. The group contract can be used as a prompt to record outcomes from the group meetings. All students are required to use their Group site to document all group activity relating to this assessment, i.e minutes of meetings, responsibilities of each member, completion of tasks etc. It is also expected that once the group site has been formed, each member of the group will upload the answers for their company to the questions in Parts 1, 2 and 3 of the workbook. This is a progressive assignment, therefore students will need to continue to prepare answers for their company to the questions in the workbook to be able to complete the comparative analysis. The academic staff on your campus will provide you with memo stating the due dates when these answers must be uploaded to the group site.

Time will be allocated in classes for group work on the assignment to facilitate and encourage group collaboration. These tutorial classes will be compulsory for all group members to attend. The compulsory classes will be listed in the Subject Outline. However, it is also expected that the group will work on the assessment task outside of formal classes. Please use the group site on LearnJCU to provide supporting documentation i.e. meeting agendas and minutes and use the other facilities to communicate with group members regarding the comparative essay in part 4.

Working in Groups

» Assessment Criteria and Skills Development: Assessment will be based on the criteria set out in the Subject Outline and or LearnJCU.

» It should also be noted that the Group site will provide the lecturer with information on the extent of each student’s contribution and how early, late and consistently they engaged with the site. This information may in some instances, where there seems to be an imbalance in contribution levels across a group and / or a formal complaint has been lodged, be used as a basis upon which to rescale the marks awarded to individuals within the group.

» Team Conflict and Disbandment: Should you have conflict in your group or a group member withdraws from your group or the subject, it is important to advise the lecturer as soon as possible and well ahead of the due date. Failure to upload content by the stipulated timeframes without reason may also be grounds for removal from the group. The lecturer will retain the right (after hearing claims from students and reviewing the Group site) to decide when a group should be disbanded. In exceptional circumstances, individual assessment options are available to students only after a concerted effort has been made to work with other team members. Where a student has been removed from a group, the remaining members will prepare a comparative analysis on the remaining companies. Students who will be asked to complete the assignment as an individual will be required to complete a comparative assessment of their assigned company with another company provided by the lecturer. The second company will be provided when the student has been removed from the group.

» Working in groups, under proper conditions, encourages peer learning and peer support. Individual students who do not collaborate within the specified timeframes may be removed from the group and will be required to complete the assignment as an individual. The comparative analysis will be based on the collaboration of remaining group members.

» Where a student has been removed from a group and will submit as an individual, the maximum weighting for the assignment will be adjusted to 20% for failure to complete in a group.

» Sometimes individual members of a group will not contribute equally to the task resulting in some students carrying higher workload in the group. This subject uses a peer evaluation sheet to alleviate student concerns about the contribution of individual group members. The lecturer reserves the right to reject peer and self-evaluations that are deemed inconsistent with the information obtained from the Group site.

Students who do not contribute to the group essay will receive zero marks for this piece of assessment.

Resources:

Students will be provided with the following information:

· Workbook.

· Company Annual Reports for the past 3 years.

· Company financial data (excel spreadsheet) – to conduct ratio analysis.

· Link to the Company website on LearnJCU.

Students are not expected to research beyond these references and the Birt textbook for this assessment item. The case study contains questions related to weekly study topics for weeks 2 – 7 inclusive.

Part 1 – Introduction to Company Annual Report and Financial Statements

The purpose of part 1 is to begin your exploration of your company’s annual report and corporate governance structure.

Part 1 – Question 1: (related content – topic 2)

Write a background summary of your assigned company including the following:

· When and why did your company first commence operation?

· What is the main or core business of the company?

· Some companies are diversified and have investments in other industries, for example, Wesfarmers has diverse business operations that cover supermarkets, department stores, home improvement and office supplies; coal production and export; chemicals, energy and fertilisers; and industrial and safety products. Is your assigned company diversified? What industries does the company operate in?

· Does your assigned company operate solely within Australia, other countries or does it operate internationally? Identify the operational locations.

Part 1 - Question 2: (related content – topic 2)

What are the headings and sub-headings of the discussion on corporate governance? Note, if not presented in the Company Annual Report, review the Company website.

Part 1 - Question 3: (related content – topic 2)

What are the page references for the discussion on corporate governance? (Hint – try the table of contents at the beginning of the annual report or review the Company website.) Briefly list the information included in the company’s corporate governance report. Does this information differ from the corporate governance information covered in the content and required reading for topic 2?

Part 1 - Question 4: (related content – topic 2)

What position was held and what was the composition and total remuneration of the highest paid board member? (Hint – try the Directors’ Report.)

Part 1 - Question 5: (related content – topic 2)

How many “subsidiary companies” or “controlled entities” are in the group? (Hint; try looking towards the end of the financial statements, near the end of the report). Are the subsidiaries/controlled entities located domestically and or internationally? Identify where they are located. This will give insight into how widespread the company’s operations are and may assist you with your background information.

Part 2 – Financial Statements

The purpose of part 2 is to not only introduce students to an actual set of financial statements of a publicly listed company, but to also identify information that may be significant for ratio analysis which will be conducted in Part 3. The financial statements are presented in the financial report section of the company’s annual report. For this section you may find it easier to refer to the Excel spreadsheets to obtain the financial data. The Excel spreadsheet will contain the financial information for the past 10 years; however, you will only need to refer the data for the past four years in your spreadsheet, (the past three years and the fourth may be required to create averages for some of the ratios in part 3). This will make it easier to refer to the financial data for several years in one excel worksheet.

Part 2 – Question 1 (Statement of Financial Position): (related content – topic 4)

What is the amount invested by the company in net assets for the current year? (Hint use total assets minus total liabilities). How does this amount differ from the value of net assets for each of the previous three years? Can you identify any reason for the changes? (Hint: look at the individual amounts that make up both the total assets and total liabilities, are there any changes to individual items over this three-year period? Alternatively, you could perhaps look at the notes to the financial statements in the annual report to see if there are any changes in the breakdown of individual items in the reports.) Discuss.

Part 2 – Question 2 (Statement of Financial Position): (related content – topic 4)

How much was the total equity for the current year? How does this differ from the total equity in each of the previous three years? Can you identify any reason if there are any changes? Discuss.

Part 2 – Question 3 (Statement of Financial Position): (related content – topic 4)

How much was the total current assets for the current year and what are the components classified under this heading? Is there any difference in the value of total current assets for each of the previous three years? Can you identify any reason if there are any changes? Discuss. (Hint: you may need to refer to the notes to the financial statements in the annual report to review more detailed information.)

Part 2 – Question 4 (Statement of Financial Position): (related content – topic 4)

What are the items listed under non-current liabilities? Are there any new non-current liabilities in the current year that were not there in the previous three years? (Hint: you will need to look in the notes to the accounts to see the breakdown of non-current liabilities).

Part 2 – Question 5 (Statement of Profit or Loss): (related content – topic 5)

How much was net profit for the current year? How does this compare to the net profit for each of the previous three years? Can you identify any particular revenues or expenses that may have led to changes in the profit figures over the three-year period? Discuss.

Part 2– Question 6 (Statement of Profit or Loss) (related content – topic 5)

Is the total revenue in the current year greater or less than the total annual revenue recorded in each of the previous three years? Discuss.

Part 2 – Question 7 (Statement of Cash Flow): (related content – topic 6)

How much was the cash flows from operating activities for the current year? What was the largest inflow item and the largest outflow item in the operating activities section? Does this differ from the previous three years? Discuss.

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Part 2 – Question 8 (Statement of Cash Flow): (related content – topic 6)

How much was the cash flow from investing activities in the current year? Has the company had any new investing cash flows in the current year compared to the previous three years? If they did, list the activities (Hint: it may be necessary to look in the notes to the accounts).

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Part 2 – Question 9 (Statement of Cash Flow): (related content – topic 6)

What was the net change in cash flows in the current year? How does this change compare to the previous three years? Discuss.

Part 3 – Financial Statement Analysis Tools

The purpose of part 3 is to introduce students to using financial statement analysis tools covered in topic 7. Hopefully your answers to questions in part 2 may have flagged monetary differences that you can now compare based on percentages using ratio analysis. Ensure you include your calculations in your answer and more importantly, try and identify why percentage changes may have occurred. It is this analysis that is most important in this exercise, trying to identify “why” changes have occurred. The more analysis provided in the answers to the questions in this workbook, the more information you will have to draw on when preparing your financial analysis essay.

Prepare the ratio calculations first and then attempt to analyze the results. When performing ratio analysis, you should analyze each of the ratios on the basis of:

1. Describe the change

2. Explain the change

3. Suggest a cause

The pre-recorded lecture recordings present each ratio calculation. The supporting demonstration recordings provide a step-by-step process to complete the ratio calculations and the analysis of the exemplar company presents an approach to analyze and explain the ratio results. These recordings may assist you with the analysis of your assigned company.

Part 3 – Question 1 (Horizontal Analysis):

Conduct a horizontal analysis of the Statement of Profit or Loss (Income Statement) for the past 3 years. Comment on any trends.

Part 3 – Question 2 (Horizontal Analysis):

Conduct a horizontal analysis of the Statement of Financial Position (Balance Sheet) for the past 3 years. Comment on any trends.

Part 3 – Question 3 (Vertical Analysis):

Conduct a vertical analysis of the Statement of Profit or Loss (Income Statement) for the past 3 years. Comment on any trends.

Part 3 – Question 4 (Vertical Analysis):

Conduct a vertical analysis of the Statement of Financial Position (Balance Sheet) for the past 3 years. Comment on any trends.

Note: Horizontal and vertical analysis can be used as a point of reference to assist in identifying percentage changes of individual items that appear in the financial statements. When conducting ratio analysis, over a period of time, you may find it easier to not only identify the change in the numerator and denominator of the formula, but to also use horizontal and vertical analysis to identify the individual components that make up the numerator and denominator of the formula.

Part 3 – Question 5 (Trend Analysis):

Conduct a trend analysis of the Statement of Profit or Loss (Income Statement) for the past 3 years. Comment on any trends.

Part 3 – Question 6 (Trend Analysis):

Conduct a trend analysis of the Statement of Financial Position (Balance Sheet) for the past 3 years. Comment on any trends.

From the lecture PowerPoint slides and in the exemplar company information, when performing ratio analysis, you should analyze each of the ratios on the basis of:

4. Describe the change

5. Explain the change

6. Suggest a cause

Part 3 – Question 7 (Profitability):

Can you identify a trend in the return on equity ratio over the past three years? Comment on the trend. Briefly discuss possible reasons for this trend.

Explain the change:

Suggest a cause:

Part 3 – Question 8 (Profitability):

Has the Return on Assets changed over the past 3 years? What may have caused the change?

Explain the change:

Suggest a cause:

Part 3 – Question 9 (Profitability):

Has the profit margin and gross profit margin, if applicable, changed over the past three years? Is this a good result for the company? Briefly discuss what the change indicates. (Hint: as mentioned above, refer to your horizontal and vertical analysis of the Statement of Profit or Loss and Statement of Financial Position to assist in your analysis of this ratio.)

Explain the change:

Suggest a cause:

Part 3 – Question 10 (Asset efficiency):

Identify if the asset turnover ratio increased or decreased over the past three years? Is this a good result for the company? Briefly discuss what the change indicates.

Explain the change:

Suggest a cause:

Part 3 – Question 11 (Asset efficiency):

The inventory turnover ratio is only applicable to retail businesses. If your assigned company is a retail business, has the Inventory turnover changed over the past three years? Is this a good result for the company? Briefly discuss what the change indicates. Note you might find it useful to also convert to the number of days.

Explain the change:

Suggest a cause:

Part 3 – Question 12 (Asset efficiency):

Has the receivables turnover changed over the past three years? Is this a good result for the company? Briefly discuss what the change indicates. Note you might find it useful to also convert to the number of days.

Explain the change:

Suggest a cause:

Part 3 – Question 13 (Liquidity):

Has the current ratio increased or decreased over the past three years? Is this a good result for the company? Briefly discuss what the change indicates.

Explain the change:

Suggest a cause:

Part 3 – Question 14 (Liquidity):

Has the quick ratio increased or decreased over the past three years? Is this a good result for the company? Briefly discuss what the change indicates.

Explain the change:

Suggest a cause:

Part 3 – Question 15 (Capital structure/Gearing):

Has the debt-to-equity ratio increased or decreased over the past three years? Is this a good result for the company? Briefly discuss what the change indicates.

Explain the change:

Suggest a cause:

Part 3 – Question 16 (Capital structure/Gearing):

Has the debt ratio increased or decreased over the past three years? Is this a good result for the company? Briefly discuss what the change indicates.

Explain the change:

Suggest a cause:

Part 4 – Comparative analysis essay

Task: The Group is required to prepare a comparative essay of no more than 4 pages or (2 000 words) analysing and comparing the companies allocated to each member of the group. The group will need to reach a consensus and nominate, with support, which of the assigned companies would provide the best investment opportunity for the investor.

To do this, each group member will be required to complete the workbook questions for their assigned company. The comparative essay will be prepared by drawing information for each assigned company from the completed workbooks.

AT NO STAGE WILL YOU BE REQUIRED TO SUBMIT THE WORKBOOK, NOTE: DO NOT SUBMIT THE WORKBOOK.

Task Question:

An investor is contemplating a potential investment opportunity in one of four companies. The investor has asked your group to provide a four-page comparative essay discussing the profitability, liquidity, asset efficiency and gearing of the companies assigned to your group and recommend the company that provides the best investment opportunity.

Structure – Financial analysis essay

Your essay should be structured as follows

1. Introduction – approx. 250 words

Introduce the aim (task) of the paper in one sentence. Next briefly introduce each of the assigned companies and the purpose of the essay.

2. Body

In the body you should provide a brief comparative analysis of the key factors of each company in separate paragraphs. This is an overall summary drawn from the individual analysis completed by each group member on their assigned company. The group should also identify which company is stronger in each category.

Paragraph 1: Overall Profitability Analysis – approx. 250 - 280 words

Compare the overall profitability of the assigned companies, do not discuss individual profitability ratios unless they are standout results.

Paragraph 2: Overall Asset Efficiency Analysis – approx. 250 - 280 words

Compare the overall asset efficiency of the assigned companies, do not discuss individual asset efficiency ratios unless they are standout results.

Paragraph 3: Overall Liquidity Analysis – approx. 250 - 280 words

Compare the overall liquidity of the assigned companies, do not discuss individual asset efficiency ratios unless they are standout results.

Paragraph 4: Overall Capital Structure Analysis – approx. 250 - 280 words

Compare the overall capital structure of the assigned companies, do not discuss individual asset efficiency ratios unless they are standout results.

Paragraph 5: Limitations of Analysis – approx. 250 words

Identify any limitations encountered in conducting the comparative analysis. This may include things like insufficient or old data sources and so on.

3. Conclusion – approx. 200 words

Repeat the main findings/analysis of your report in summary format. Very clearly explain the status of all companies.

4. Recommendations – approx. 180 words

Make a very clear recommendation for the investor. Explain which company is the best option and use the findings you have presented in the body to support your stance.

Page 5: References

Include the bibliographic details of any references you have used. You must use APA 7^th format. Check the Library Guides here for correct usage: https://libguides.jcu.edu.au/apa

You can only use appropriate reputable sources such as journals, textbooks, newspaper articles, or published reports. You cannot use online sources such as Investopedia or Wikipedia.

Page 6 onwards: Appendix

The appendix is not included in the word count or page requirements. This means there is no page restriction here. For each area of analysis, you must put screenshots or copies of the data from your Excel Financial Data Spreadsheet of your assigned company and include your analysis for each ratio from part 3 of the workbook. Do not include the whole workbook in the appendix. You may use the following template to prepare the appendix to support your financial analysis essay.

Include the following opening statement:

This financial analysis essay has been developed based on reference to Birt et al. (2020), the [insert the name of your assigned company] annual reports from 2019 to 2021 and company financial data obtained from the Data analysis Database (Morningstar, 2022).

The individual calculations and analysis for each ratio should be presented for your assigned company as follows:

EACH ASSIGNED COMPANY SHOULD HAVE THE FOLLOWING INFORMATION PRESENTED IN THE APPENDIX:

COMPANY NAME:

PROFITABILITY

Return on Equity:

Copy and paste, or take a screen image of the ratio calculations from the Excel spreadsheet, i.e.