这是一篇来自澳洲的关于财务报表分析的作业代写，你将被要求将前六场研讨会上的大部分分析结果应用到一家澳大利亚上市公司上。
具体作业要求是你需要分析迈尔控股有限公司的财务报表，该项目包括简短的回答问题和Excel电子表格工作
Objective
The project provides students with an important opportunity to ‘learn by doing’. You will be asked to apply most of the analysis from the first six seminars to an Australian public company.
Company
You need to analyse the financial statements of Myer Holdings Limited (ASX ticker: MYR). The financial statements and notes in Excel format and the annual reports for Myer Holdings Limited for FY 19, FY 20, FY 21 and FY22 will be shared with you on Learn.UQ.
Deliverables
The project consists of both short answer questions and Excel spreadsheet work. Please submit answers to short answer questions in one Word or PDF document (PDF document is recommended) and answers to spreadsheet questions in one Excel workbook, as indicated in the questions.
Page Limits
I have specified page limits for the questions that are to be answered in the Word document. These are maximum page limits. I will enforce maximum page limits by simply not marking any material that appears beyond the page limit for a particular question. You do not necessarily need to write as much as the page limit if you can provide a correct, but succinct, answer.
Cover pages and references lists are not counted towards the page limit.
Formatting
Your written answers should be in A4 page size, in Times New Roman font, 12pt font size, at least single line-spacing, margins at least 2cm on all sides.
Please clearly separate and label your written answers to each question.
Your Excel file should be formatted neatly and following the conventions described in class.
Marking Guide
A marking guide is provided at the end of the document. This contains the number of marks assigned to each part of the project.
Frequently Asked Questions (FAQ)
I may issue, and regularly update, an FAQ addressing frequently asked questions about the project.
Please ensure that you check the Assessment tab on Learn.UQ on a regular basis.
Submission of the Project
The project is to be completed individually.
- Understanding the Business
Answer the following questions in your Word document:
- Summarise in one-three sentences, what the company does/what is its business model/how does it make money?
- What are the company’s main brands, products and services? Describe them.
- Where are the company’s production facilities or offices or stores located? What markets does it sell to?
- Name two competitors for the company and explain how/why they compete.
Focus on direct competitors first (e.g. Coles is a direct competitor for Woolworths), but if there are no direct competitors, you might have to consider indirect competitors (e.g. Beacon Lighting is the only large, specialist retailer of light fittings in Australia, but it faces competition from retailers that sell a variety of products, including light fittings, such as Bunnings and IKEA).
Page limit: 1 pages (A4; Font: Times New Roman 12pt)
Make sure to include in-text references or footnotes to your sources of information. Make sure to provide answers in your own words, rather than copying-and-pasting from sources.
Tips: See my practical advice for researching a company in the Appendix of Class 1 Slides,‘Researching Australian Companies’ on Learn.UQ. You will need to consult sources such as the company’s website, annual reports, industry reports, etc.
- Industry Analysis (Class 6)
Answer the following questions in your Word document:
B Porter’s Five Forces
Pick two of the Porter’s Five Forces that you think have the biggest impact on the main industry in which the company competes. Describe how these two forces impact the company and its industry.
Page limit: 1 page (A4; Font: Times New Roman 12pt)
Make sure to include in-text references or footnotes to your sources of information. Make sure to provide answers in your own words, rather than copying-and-pasting from sources.
If the company operates across multiple industries, answer B only for the main industry it operates in,which will generally be the industry where the most revenue is generated (clearly identify what this is in your answer).
Tips: Follow the approach in Class 6 (my JB Hi-Fi example) and in the set reading by Palepu et al. (link on Learn.UQ). You should consult multiple sources of information, such as the company’s annual reports and industry reports from IBISWorld.
- Reformulation and Accounting Analysis (Classes 2-4)
You will be given an Excel file with the raw financial statements and notes for the company, which you should use as inputsin the reformulation and valuation. Thisinformation was obtained from 2019, 2020,2021, and 2022 annual reports of the company. These annual reports have been shared with you on Learn.UQ under Assessment tab. You should go through the annual reports carefully to better understand the company’s accounting.
Answer the following in your Excel workbook in the indicated worksheet/tab:
C1 Balance Sheet Reformulation (Excel worksheet: BS_R)
- Reformulate the Balance Sheet (including any relevant information in the notes), following the approach taught in class, for FY18 3 , FY19, FY20, FY21 and FY22.
- For ambiguous accounts, state any assumptions you made with justifications in the Excel file next to the relevant account (in red text). You should consult the annual reports to help you to interpret the accounts.
- Ensure you provide workings for how you separated operating and financing cash.
- Ensure you utilise any relevant footnote information.
C2 Income Statement Reformulation (Excel worksheet: IS_R)
- Reformulate the Income Statement/Statement of Comprehensive Income (including any relevant information in the notes), following the approach taught in class, for FY19, FY20,FY21 and FY22.
- For ambiguous accounts, state assumptions you made with justifications in the Excel file next to the relevant account (in red text). You should consult the annual reports to help you to interpret the accounts.
- Ensure you utilise any relevant footnote information.
C3 Equity Statement Reformulation (Excel worksheet: EQ_R)
- Reformulate the Equity Statement (including any relevant information in the notes), following the approach taught in class, for FY19, FY20, FY21 and FY22.
- For ambiguous accounts, state assumptions you made with justifications in the Excel file next to the relevant account (in red text). You should consult the annual reports to help you to interpret the accounts.
C4 Cash Flow Statement Reformulation (Excel worksheet: CF_R)
- Reformulate the Cash Flow Statement (including any relevant information in the notes), following the approach taught in class, for FY19, FY20, FY21 and FY22.
- For ambiguous accounts, state assumptions you made with justifications in the Excel file next to the relevant account (in red text). You should consult the annual reports to help you to interpret the accounts.
C5 Check Financial Statement Relations (Excel worksheet: Relations)
- Calculate FCF = OI (after tax) – Change in NOA for all four years using inputs from your reformulated Income Statement and Balance Sheet.
- Calculate FCF = NFE (after tax) – Change in NFO + d or Change in NFA – NFI (after tax) + d for all four years using inputs from your reformulated Income Statement, Balance Sheet and Equity Statement.
- Calculate Change in CSE for all four years using data from your reformulated Balance Sheet.
- Calculate Change in CSE = CI – d using data from your reformulated Income Statement and Equity Statement.
- If your two FCF calculations produce different numbers, double-check that your reformulation is correct. If it is correct, explain why there is a difference between the two FCF numbers.
o Hint: this may be due to dirty surplus gains/losses recognised directly in equity.
- If your two Change in CSE calculations produce different numbers, double-check that your reformulation is correct. If it is correct, explain why there is a difference between the two FCF numbers.
o Hint: this may be due to dirty surplus gains/losses recognised directly in equity.
Tips: Follow the approach in Classes 2-4 and my JB Hi-Fi example spreadsheet. Use the Penman (2013) textbook as an additional source, but note that we are not doing everything described in the textbook.
Please follow the Excel formatting convention described in class and in the document ‘ACCT7106 Excel Formatting Conventions’. There are marks allocated for correct Excel formatting.
- Ratio Analysis (Class 5)
Answer the following in your Excel workbook. Please label the Excel worksheet as indicated in each part of the question:
D1 Ratio calculations (Excel worksheet: Ratios)
- Calculate RNOA and ROCE for 2019, 2020, 2021 and 2022 following the approach taught in class. Use averages in the denominators, e.g. average NOA and average CSE.
- First-level break-down: calculate FLEV, NBC (or RNFA) and SPREAD for 2019, 2020, 2021 and 2022. Show that: ROCE = RNOA + FLEV x SPREAD (if the firm has NFO) or ROCE = RNOA – FLEV x SPREAD (if the firm has NFA).
- Second-level break-down: calculate PM and ATO for 2019, 2020, 2021 and 2022. Show that:
RNOA = PM x ATO.
- Break-down RNOA into the different components of OI (after tax) scaled by average NOA:
Core OI from Sales (after tax)/AvgNOA, Core Other OI (after tax)/AvgNOA, Unusual OI (after tax)/AvgNOA, Operating OCI (after tax)/AvgNOA.
- Calculate the year-to-year change in important line items that affect RNOA, such as: sales, gross margin, NOA, etc.
Answer the following in your Word document
D2 RNOA interpretation
- Explain the operation factors/reasons for changes in RNOA over the year period FY19-FY22.
You will need to research what happened to the company over this period to understand the major causes of changes in RNOA (e.g. “the company opened ten new stores, driving an increase in sales (2022 Annual Report)”). Refer to your calculations in D1 to support your answer, e.g. the breakdown of RNOA into PM and ATO.
- Your explanations must be supported by evidence. Make sure to include in-text references or footnotes to your sources of information. Make sure to provide answer in your own words.
D3 ROCE interpretation
- Consider the first-level break-down: ROCE = RNOA + FLEV x SPREAD. How does financial leverage affect the company’s ROCE over the three-year period FY19-FY22? Has financial leverage increased or decreased ROCE compared to RNOA? Why? If there have been significant changes in financial leverage, discuss why they occurred. Make sure to assess and discuss the effects that changes in accounting standards may have had.
- Your explanations must be supported by evidence. Make sure to include in-text references or footnotes to your sources of information. Make sure to provide answer in your own words.
You may need to refer to the commentary at the beginning of the company’s annual report, company’s investor presentation, earnings conference call transcripts or newspaper reports to discover the cause of changes in the company’s performance and financial leverage.
Page limit: 2 pages (A4; Font: Times New Roman 12pt)
Tips: Consult Class 5 to help you. You do not have to do the third-level break-down or analyse operating leverage as discussed in Class 5 and Penman (2013) Chapter 12.
All Parts of the Assignment:
- Marks will be awarded for clear and correct English expression. Please ensure your Word document is carefully proof-read.
- Marks will be awarded for ensuring your Excel file is correctly formatted and clearly presented.
Please follow the Excel conventions described at the end of Class 2 and applied throughout the course.
- Marks will be awarded for correct and complete referencing of sources. See below for referencing requirements.
Referencing and Research Requirements
Some parts of this assignment require students to conduct relevant research about the company. For written answers, evidence of appropriate research and understanding of the company is included in the marks allocated to the question. Appropriate references help to provide evidence that you have conducted research to support your answers. There are also a small number of marks allocated to proper referencing formats/conventions.