BAO6504 Accounting for Management Report Sample
This assessment is to be done with a group of a maximum of four students. The group task is to report on Woolworths Group Ltd whose shares are listed in the Australian Stock Exchange (code: WOW). The group is to take on the perspective of a management consultant hired by Woolworths Group Ltd to identify and analyse key financial issues regarding its business situation and performance in the last five years (Years ending 2018, 2019, 2020, 2021 and 2022). Key issues would refer to profitability, asset efficiency, liquidity, and capital structure and market performance. Students should highlight the importance of sustainability measures of the company which leads to better financial performance. The analysis should likewise refer to the company's stated strategy and actual progress during the five year reporting period. To have a clear view of the business situation, the group needs to evaluate the company’s recent past, and current performance through processing information contained in company annual reports, the company website, analyst reports, and other business media. Reference to the financial information provided therein would be helpful to assess the company's present situation. The report must include horizontal and vertical financial analysis with a summary of relevant ratios in the last five years. Prepare graphs of trends. The group should also report on share price movements over the last five years and comment on the extent company developments have impacted the share price prediction. The group must identify and expound on strategic management initiatives as described in company annual reports. The report should then comment on whether results have been or are being achieved.
To arrive at a broadly-informed evaluation, the group needs to consider the general industry situation and developments in the domestic and international retail industry including relevant references made to Woolworths Group Ltd competitors. Thus a scan of pertinent business media must be undertaken to collect this information. A good place to start is to look up updated industry information in VU Library.
The group is to report on their findings and recommendations to Woolworths Group Ltd .’s Board of Directors. The report should include the following as a minimum: cover sheet (title and authors), executive summary, table of contents, body of content, conclusion, references and appendix with your XL data sheet with all the analytics and visualisations. Students are encouraged to use the latest software available as X factor. We want “think not ink” – rarely are the longest explanations the best. Use dot points where suitable. A good report will not only describe observations but more importantly, include an analysis and explanations of these observations. A typical paper is about 3000 words of concentrated and well thought-out discussion. Tables are included in the word count but not the references. A minimum of 10 references is expected and these sources must be acknowledged using Harvard referencing. The assessment is due in session 11 and must be uploaded at your Collaborate Dropbox according to the instructions.
Solution
1. Introduction
Woolworths Group Limited is the largest retail company in Australia. It also operates in New Zealand and has significant market holding in the region. In light of this, the report discusses the financial performance of Woolworths Group Limited over the past several years, analysing various financial ratios and metrics to gain insight into the company's overall financial health. The report also presents a set of recommendations to improve the overall performance of the company.
2. Company Profile
The Bella Vista, New South Wales, Australia headquarters of Woolworths Group Limited was established in 1924 and is named after its founder, Percy Christmas. The firm originated as a general merchandise shop in Sydney, Australia, but it has now branched out into the food and beverage industry (Ibisworld.com, 2022). Since going public in 1993, Woolworths Group has expanded its grocery and general goods stores to become one of Australia's leading retail chains. It is a diverse retail conglomerate with a foothold in supermarkets, hypermarkets, convenience shops, and the internet (Woolworthsgroup.com, 2023). From farmers, manufacturers, and distributors, it buys and resells food, drink, general commodities, and consumer electronics. It also provides consumers with lodging, entertainment, and gaming options, as well as merchandise delivery to a number of convenient pick-up spots in these areas (Globaldata.com, 2023).
Woolworths Group owns and manages a number of different supermarket, liquor store, and department store chains, including Woolworths, Countdown, BWS, Dan Murphy's, and Big W, with more than 3,000 locations and over 200 000 employees ((Woolworthsgroup.com, 2023). Woolworths Group is one of Australia's major employers and largest retail chain businesses. In recent years, Woolworths Group has focused on sustainability and social responsibility, with initiatives such as reducing plastic waste and carbon emissions, promoting healthier eating options, and supporting local farmers and suppliers. The company has also been recognised for its efforts in diversity and inclusion, including being named as one of the top 20 employers for LGBTI+ inclusion in Australia (Woolworthsgroup.com, 2023).
3. Industry Profile
Woolworths Group operates in the retail industry. In Australia, retail sales have been on the rise every year since 2004. Over AUD 349.9 billion in 2020 will be generated by the retail business in Australia, making it a considerable contribution to the country's economy. Compared to 2021 There was an increase of more than AUD 40 billion in retail sales in 2022 (AUD 411.5 billion) (Statista.com, 2023). Retail sales in Australia are primarily influenced by buyer behaviour, which in turn is affected by macroeconomic variables including unemployment, interest rates, and confidence levels (Ibisworld.com, 2022). In addition, it's a very visible sector of the Australian economy since it provides several jobs and generates a great deal of revenue (Bakan, 2022). In 2020, the sector was one of the major employers in the nation, with approximately 1.3 million personnel and approximately 10% of Australia's GDP is generated by the retail sector (Globaldata.com, 2022).
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Figure 1: Annual retail turnover in Australia from 2004 to 2022
(Source: Author)
According to IBISWorld, in 2021, the two largest companies in the retail industry in Australia are Woolworths Group Limited and Coles Group Limited. Woolworths Group has a market share of approximately 37.4%, while Coles Group has a market share of approximately 29.4% (Ibisworld.com, 2022). Wesfarmers Limited, which owns several retail brands including Bunnings Warehouse, Kmart, and Target, has a market share of approximately 18.6%. Other players in the industry, such as Metcash Limited and specialty stores, have smaller market shares. These companies operate in the grocery and general merchandise sectors and account for a significant portion of retail sales in Australia (Ibisworld.com, 2022).
4. Financial Analysis
In this section, a five-year financial analysis of Woolworths Group Limited is done. The analysis will cover the period from 2018 to 2022, and will focus on key financial ratios such as the quick ratio, debt-to-equity ratio, and return on equity and other relevant ratios to gain insights into the company's financial health and to identify any trends or changes over the five-year period (Kaufmann et al. 2001). This analysis will provide valuable insights to identify the key financial issues regarding its business situation and performance.
4.1 Profitability Analysis
4.1.1 Gross Profit Margin
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Table 1: GPM
(Source: Author)
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Figure 2: GPM Chart
(Source: Author)
The gross profit margin is a profitability ratio that indicates how much profit a company makes after deducting the cost of goods sold from its revenue (Ravinder and Anitha, 2013).
Woolworths’ GPM has remained relatively stable over the four-year period from 2018-2021, with minor fluctuations of 0.1% or less. This indicates that the company has been able to maintain a consistent level of profitability in terms of its gross profit margin (Friedlob and Schleifer, 2003). In 2022, the company’s GPM increased, indicating a hike in its profitability (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
4.1.2 Return on Assets
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Table 2: GPM
(Source: Author)
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Figure 3: ROA Chart
(Source: Author)
ROA is a financial ratio that measures a company's profitability in relation to its total assets. It indicates how efficient a company is at generating profits from its assets (Helfert and Helfert, 2001).
Woolworths' ROA has varied significantly over the five-year period. In 2018, the ROA was 7.7%, which increased to 11.8% in 2019. However, in the following year, the ROA dropped to 3.9%. In 2021, the ROA ratio increased to 5.5% which is an improvement from the previous year, indicating that Woolworths was able to generate a higher profit in relation to its assets in 2020. The most significant change occurred in 2022, where the ROA increased to 21.9%. The increase in ROA is attributed to the significant increase in the profits from discontinued operations (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
4.2 Long-term Solvency and Liquidity Analysis
4.2.1 Debt-to-Equity Ratio
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Table 3: Debt-to-Equity Ratio
(Source: Author)
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Figure 4: Debt-to-Equity Ratio Chart
(Source: Author)
The D/E ratio measures the amount of debt a company is using to finance its assets relative to the amount of equity. It is an important financial ratio as it indicates a company's financial leverage and risk (Ak et al. 2013).
Woolworths’ D/E ratio has varied significantly over the five-year period. In 2018, the D/E ratio was 1.171, which increased to 1.202 in 2019. Moreover, in the following year, the D/E ratio increased dramatically to 3.260, indicating a significant increase in debt relative to equity. In 2021, the D/E ratio increased even further to 21.562, which is a substantial increase from the previous year (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
The reason for the abnormal increase of D/E ratio is due to the ‘demerger distribution.’ In a demerger, the parent company distributes shares of the new companies to its existing shareholders, effectively creating new standalone entities. Due to this, Woolworths’ D/E ratio increased as a result of negative reserves, and slight increase of total liabilities (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
However, in 2022, Woolworths reduced its D/E ratio to 4.451 by reducing its total liabilities and doubling its retained earnings; hence increasing its growth opportunities.
4.2.2 Interest Coverage Ratio
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Table 4: Interest Coverage Ratio
(Source: Author)
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Figure 5: Interest Coverage Ratio Chart
(Source: Author)
The interest coverage ratio is a financial metric that indicates a company's ability to meet its interest expenses with its earnings before interest and taxes (EBIT). A higher interest coverage ratio indicates a company's ability to cover its interest expenses with ease (Das, 2010).
Woolworths Group Limited’s interest coverage ratio has decreased significantly over the years. In 2018 and 2019, the interest coverage ratio was relatively high. However, in 2020, the interest coverage ratio dropped significantly. In the following years (2021 and 2022) there is slight improvement in the ICR (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
The reason for the downfall of ICR in 2020 is due to the increased ‘financial cost’ the company incurred. It mostly attributes to lease interest expenses and remaining to non-lease interest expenses due to acquisition, construction or production of qualifying assets (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
4.3 Short-term Solvency and Liquidity Analysis
4.3.1 Quick Ratio
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Table 5: Quick Ratio
(Source: Author)
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Figure 6: Quick Ratio Chart
(Source: Author)
The quick ratio, also known as the acid-test ratio, is a financial metric that measures a company's ability to pay off its current liabilities with its most liquid assets (Beaver et al. 2012).
The company's quick ratio for university assignment help has varied significantly over the years. In 2018 and 2019, the quick ratio was relatively high, indicating that the company had a strong ability to pay off its current liabilities with its liquid assets. In 2020. However, In 2021, the quick ratio declined significantly, indicating that the company's liquid assets were not sufficient to cover its current liabilities. In 2021, the quick ratio improved slightly compared to the previous year, although it was still lower than the ratios for 2018 and 2020 (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
The reason for the sudden decrease in the QR in 2021 is due to the demerger activity of the company. The activity significantly increased its other current liabilities (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
4.3.2 Net working Capital to Total Asset Ratio
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Table 6: Net working Capital to Total Asset Ratio
(Source: Author)
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Figure 7: Net working Capital to Total Asset Chart
(Source: Author)
The net working capital to total asset ratio measures the percentage of total assets that are financed by a company's net working capital. A positive ratio indicates that the company has enough short-term assets to cover its short-term liabilities, while a negative ratio indicates that the company's short-term liabilities exceed its short-term assets (Boisjoly et al. 2020).
Woolworths’ net working capital to total asset ratio has been negative in all of the years from 2018 to 2022. This indicates that the company's short-term liabilities have consistently exceeded its short-term assets over this time period (Jihadi et al. 2021). Furthermore, we can see that the ratio has decreased over time, from -0.0840 in 2017 to -0.1395 in 2021 (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022). This suggests that the company's short-term liabilities have increased relative to its short-term assets over the past five years (Awaysheh et al. 2020).
However, negative working capital is typical for Woolworths Group Limited given that it is in the retail business. Due to its cash-only business model, the firm has significant turnover and negative WRC. It is because the firm does not provide credit sales and has been steadily growing in recent years. However, a company's liquidity ratios could turn unfavourable if its current obligations consistently exceed its current assets (Robinson, 2020).
4.4 Efficiency Ratio
4.4.1 Accounts Receivable Turnover Period
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Table 7: Accounts Receivable Turnover Period
(Source: Author)
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Figure 8: Accounts Receivable Turnover Period Chart
(Source: Author)
The Accounts Receivable Turnover Period is a measure of how long it takes a company to collect its outstanding customer payments. A lower number of days indicates that the company is collecting its payments more quickly, while a higher number of days indicates that the company is taking longer to collect its payments (Wahlen et al. 2022).
Woolworths has a relatively short Accounts Receivable Turnover Period. Moreover, the company’s ARTP is significantly lower than the industry average of 22 days, which suggests that the company is more than efficient in collecting its outstanding customer payments (Saravanan, 2018).
4.4.2 Accounts Payable Turnover Period
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Table 8: Accounts Payable Turnover Period
(Source: Author)
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Figure 9: Accounts Payable Turnover Period Chart
(Source: Author)
The Accounts Payable Turnover Period measures the average number of days it takes for a company to pay its suppliers. A lower number of days indicates that a company is paying its suppliers more quickly, while a higher number of days indicates that a company is taking longer to pay its suppliers (Raju, 2022).
The company’s APTP has been consistently high in the five year period ranging from 57 to 65 days. It indicates that the company pays its suppliers on an average of 2 months. The time period is relatively higher than most of the industries; however, in the retail industry, it is typical for companies to have high payable turnover rates (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022). Therefore, even if the APTP of the company is high, it is at an optimum level with the industry standard (Palepu et al. 2020)
4.5 Shareholder’s Investment Ratios
4.5.1 Return on Equity
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Table 9: ROE
(Source: Author)
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Figure 10: ROE Chart
(Source: Author)
The Return on Equity (ROE) ratio measures the amount of net income generated by a company as a percentage of shareholders' equity (Vukovi? et al. 2022). Woolworths’ ROE has varied significantly over the past five years. In 2018, the ROE was 0.296, indicating that the company generated a return of 29.6% for every dollar of shareholders' equity. The ROE increased in 2019 to 0.473, but then dropped sharply to 0.201 in 2020, indicating that the company's net income was not sufficient to generate a high return on equity (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
However, the company's ROE increased significantly in 2021 to 0.407, and then further increased to 1.526 in 2022, indicating that the company's profitability improved significantly during these years (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
5.4.2 Earning Per Share
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Table 10: ROE
(Source: Author)
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Figure 11: EPS Chart
(Source: Author)
EPS (Earnings Per Share) is a measure of a company's profitability that calculates the amount of profit that can be allocated to each outstanding share of common stock (Akbar et al. 2022). Woolworths has generally shown an increasing trend in EPS over the past five years. In 2018, the EPS was 1.389, which increased to 2.117 in 2019, and then decreased to 0.943 in 2020. However, the EPS then increased significantly to 1.701 in 2021 and to 6.409 in 2022 (Woolworthsgroup.com.au, 2018: 2019; 2020; 2021; 2022).
The trend in EPS is generally consistent with the trend in net income over the same period, which has shown significant growth in the past two years. However, the increase in EPS is also due to the company's share buyback program, which has reduced the number of outstanding shares, thereby increasing the EPS (Akbar et al. 2022).
5. Recommendations
Based on the analysis of the various financial ratios for Woolworths Group Limited, here are some recommendations for the company to improve its financial health:
Increase the net profit margin: The company should focus on increasing its net profit margin by reducing its operating expenses and improving its revenue streams (Vukovi? et al. 2022).
Reduce the debt-to-equity ratio: The company should aim to reduce its debt-to-equity ratio by reducing its debt levels or increasing its equity.
Improve the quick ratio: The company should aim to improve its quick ratio by increasing its cash reserves and reducing its current liabilities (Helfert and Helfert, 2001)
Manage working capital more efficiently: The company should aim to manage its working capital more efficiently by improving its collection processes and negotiating better payment terms with its suppliers (Ravinder and Anitha, 2013).
Increase the interest coverage ratio: The company should aim to increase its interest coverage ratio by increasing its earnings before interest and taxes (EBIT) or by reducing its interest expenses (Bakan, 2022).
Increase the return on equity (ROE): The company should focus on increasing its ROE by improving its net income or by increasing its shareholder's equity (Ak et al. 2013).
6. Woolworths Group Limited’s Strategic Management Initiatives
Woolworths took several strategic initiatives to improve its business operations and support the community in the region. In 2018, The initiative taken by the company was Customer 1st and Team 1st culture which included Voice of Customers (VOC), Voice of Suppliers (VOS) and Voice ofTeam (VOT) as its measure. The initiative was a success as VOC increased by 9 pts and 4 pts for rewards and online, respectively. Customers found that there were significant improvements in the online platform offers and product personalisation. With an 82% Voice of Team (VOT) engagement score, the team's advocacy and long-term involvement have also seen significant improvements. However, VOS scores increased significantly during FY18, there was still room for further growth ((Woolworthsgroup.com.au, 2018).
Moreover, the company also achieved the Gold Tier Status in the Australian Workplace Equality Index Awards in recognition of LGBTI inclusion initiatives. The company was also able to reduce its CO2e emission by 13% from its 2015 benchmark. Woolworths also made investments to support the people in the region. It contributed 1.24% of its EBIT, raised $18 million through fundraisers, made direct community investment of $30.8 million, donated $15.8 million worth of kind and donated $5 million cash (Woolworthsgroup.com.au, 2018).
In 2019, the Customer 1st and Team 1st culture initiative score was at par with FY2018, as there was no significant improvement. However, there was improvement in its CO2e emission by 18% (below 2015 level). It also contributed 1.4% of its EBIT to communities and donated food relief with $18.8 million to people in need. Speak Up, the Group's independent and anonymous platform for suppliers and employees in the supply chain, was re-launched in February 2019. Fifty-two of the 67 investigations into non-compliance that were opened in FY19 have been resolved, making the effort a success (Woolworthsgroup.com.au, 2019).
In the wake of Covid 19, Woolworths took the initiative to protect its employees and communities in 2020. It launched COVIDSafe initiative and provided PPE kits to its employees and made the work environment even safer by installing clear plexiglass dividers at checkouts. Automated hand sanitizers were installed at each retail store and masks were provided to all team members. Along with these steps the company also made sure to follow the government mandated COVID 19 prevention measures. The company also reduced 737 tonnes of plastic and replaced it with paper bags at checkouts; hence significantly contributing to sustainability (Woolworthsgroup.com.au, 2020).
In FY 2021 and 2022, the company reduced its CO2e emission by 27% and 31%, respectively. The company received the AWEI Gold Employer Status for LGBTQ+ workplace inclusion for the fifth consecutive year. However, the TRIFR score declined by 9% in 2022, which is the injury in workplace frequency. The company made $41.4 million in direct community contribution. The company has gradually increased its contribution towards communities, showing success in its sustainability and financial activities ((Woolworthsgroup.com.au, 2021; 2022).
7. Conclusion
In conclusion, the report has analysed various financial ratios of Woolworths Group Limited over the past five years. The company has shown overall stable performance, with improvements in some areas and declines in others. The analysis has highlighted areas where the company can focus on improving its financial health, such as managing its debt levels, reducing its accounts payable turnover period, and improving its net working capital. By implementing these recommendations and continuing to monitor its financial performance, Woolworths can ensure its long-term success and remain competitive in the retail industry.
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