essay是基于兩個(gè)食品生產(chǎn)行業(yè)的上市公司年度報(bào)告（2011年年度）：
The assignment is based on the 2011 annual reports for two public companiesin the food production industry:

瓦南布爾奶酪和黃油廠控股有限公司

 

1. Warrnambool Cheese and Butter Factory Company Holdings Limited 

選擇“投資者/股東周年大會(huì)及年報(bào)”（在左手菜單欄上）。 2011年年度報(bào)告的標(biāo)題為“文檔”。

Select “Investors/AGM & Annual Report” (in the left hand menu bar). The 2011 Annual Report is under the heading “Documents”. 

 

2. Select Harvests Limited (http://www.selectharvests.com.au/)

選擇“投資者中心/年度報(bào)告”，在左邊菜單欄。 2011年年度報(bào)告“公司公告”下的列表中的第一個(gè)。

Select “Investor Centre/Annual Reports” in the left hand menu bar. The 2011 Annual Report is the first one in the list under “Company Announcements”.

 

You may use the abbreviations WCB and SH to refer to the respective companies in your assignment.

 

Note: A bibliography is not required, although you may choose to refer to specific sections or pages of the annual reports in your answers. 

 

Assignments are due by Tuesday, 10thJanuary, 2011. City students can hand in their assignments in class on Monday, 9th January, otherwise through the assignment box at Reception on Tuesday. North Ryde students please hand in the assignment to Nuwan in the tutorial. If any North Ryde students miss the tutorial, please hand in the assignment at the lecture. Any assignments handed in after 10th January should be lodged in the assignment box at Reception. All assignments should have a standard SIBT assignment cover sheet attached to the front and the marking schedule from the question attached to the back. Put your TUTOR’S name (Nuwan for North Ryde, Nick Melia for City) on the cover sheet and your tutorial group number. Read and sign the declaration regarding plagiarism and collusion. This is not a group assignment – assignments are to be completed on an INDIVIDUAL basis. Any breach of these requirements will result in the loss of marks for the assignment plus referral to the academic co-ordinator. Assignments should be typed, not hand-written. Late assignments will be penalised one mark (out of 15) per day late. This assignment is worth 15% of your total assessment. Students are reminded that they are expected to complete ALL assessment tasks for the unit.

 

Using the 2011 financial statements, and any other relevant information provided in the annual reports, you are required to complete the following tasks:

 

 #p#分頁標(biāo)題#e#

 

 

Part A   (30 marks)

 

Answer the following questions regarding Warrnambool Cheese and Butter Factory Company Holdings Limited: (15 marks)

Referring to the Directors’ Report (p.22)

1. What were the principal activities of Warrnambool Cheese and Butter Factory Company Holdings Limited?

2. What dividends were paid and declared in relation to the 2011 financial year? (Refer also to the Chairman’s Report)

 

Referring to the Corporate Governance Report (pp.17-19) and pp.30-31

3.   How many directors and associate directors were in office at 30 June, 2011?

4.   How many of these directors were independent, non-executive directors? 

5.   Why are supplier directors not regarded as independent?

6.   How many Board committees are there?

 

 Referring to the Chairman’s Report (p.4)

7. The company raised additional capital during the year. How much was raised?

8. How did the company raise the additional capital required?

9. What was the effect on the company’s gearing (borrowings) at year end?

10.  Following the capital raising, the company renegotiated its financing facility. What are the two requirements (“covenants”) imposed by the lenders? (Refer to Note 20 on

  p.56)

11.  Did the company meet these requirements for the year ended 30 June, 2011? (Refer to

 the Income Statement and your calculation of the equity ratio in Part B.)

 

Referring to the Chief Executive Officer’s Report (p.5)

12. What are the three major capital projects commenced in 2011 and due for completion in 2012? 

13. What are the two joint ventures in which the company is involved?

 

Referring to the Operations Review (p.14)

14. What are two of the ways in which the company has supported the community during the 2011 financial year? 

15. What are two of the ways in which the company has improved its environmental impact during the year? 

 

Answer the following questions regarding Select Harvests Limited:   (15 marks)

 

Referring to pp.2-3

1. Select Harvests Limited operates an “integrated business model”. What does this mean?

2. How is this different to the model operated by Warrnambool Cheese and Butter Factory Holdings limited?

3. What were the two effects of adverse climatic conditions during the year on the results for the year?

 

 

Referring to the Directors’ Report (pp.20-22, 28-29)

4. What were the principal activities of the company?

5. What dividends were paid and declared in relation to the 2011 financial year? (Refer also to the Chairman’s Report)

6. How many directors were in office at 30 June, 2011? 

7. How many of these are independent, non-executive directors? 

8. How many Board committees are there? 

9. The company raised additional capital during the year. How much was raised?

10. How did the company raise the additional capital required?

11. What are the other two significant events for the year mentioned in the Directors’ Report? 

 

Referring to the Corporate Governance Statement (p.33)

12. Is the Chairman of the Board required to be independent? 

13. What does the Corporate Governance Statement say about the http://www.400190.com/yylw/ relationship of the current Chairman with the company?

 

Referring to Environment and Community (p.16)

14. #p#分頁標(biāo)題#e#What is one way in which the company has supported the community during the 2011 financial year? 

15. What is one way in which the company has contributed to environmental projects during the year?

 

Part B  (50 marks)

 

1. For each company calculate the following ratios for 2011 (Show formulae and calculations):  (24 marks)

 

Summarise your results (e.g. in a table) at the end of this section.

 

• Return on Equity

• Return on Assets

• Profit Margin

 

For the EBIT figures, you will need to use the Profit before income tax expense and add back the finance costs.

For the Profit Available to Shareholders, use the Profit for the Year after Income Tax Expense.

 

• Receivables Collection Period (Days Debtors)

• Days Inventory

 

Days Debtors requires the Gross Accounts Receivable figure (not Net) – refer to the relevant Note to the Accounts.

For WCB refer to Note 2 for the Sales Revenue. Do not include Other Revenue.

For WCB the Cost of Sales figure is “Raw Materials and Consumables Used”.

 

 

• Current Ratio

• Quick Ratio

• Cash Flow Ratio

 

• Debt Ratio

• Equity Ratio

 

• Interest Coverage 

• Debt Coverage

 

 

2. Using the ratios calculated above, and any other relevant information, compare the profitability, efficiency, liquidity and capital structure of the two companies. In your discussion you should:

• Explain what is meant by the terms profitability, efficiency, liquidity and capital structure, and which ratios are included in each category.  (8 marks)

• #p#分頁標(biāo)題#e#Compare each company in each of the four areas, explaining what information is given about each company by the ratios calculated, and indicating which company is better in each area. (12 marks)

• Use your comparison to make a recommendation as to which company would be the better investment. Give reasons for your recommendation. (6 marks)

 

Other relevant information may include the notes to the accounts, other information in the annual reports, standard benchmarks and prior years’ data or comparative ratios. When comparing the liquidity and capital structure of each company, look in particular at the composition of the current assets, current liabilities and non-current liabilities sections of the respective balance sheets. In making your recommendation you should also consider the business decisions made by the directors, including those relating to the financing structures of the companies, and their potential future effects (refer back to Part A).