Fosters financial analysis

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Fosters financial analysis

목차

1. Industry Analysis 2
1.1 Current position of alcoholic beverage market 2
1.2 Rivalry with competitors 2
1.3 Threats 2
1.4 Bargaining power 3
2. Strategy Analysis 4
2.1 Key success factors 4
2.2 Risk Factors 4
3. Restating Financial Statement 5
4. Accounting Analysis 5
4.1 Key accounting policies 6
4.2 Changes of Accounting Policies 7
4.3 "Red Flags" 7
5. Financial Analysis 7
5.1 Financial Ratios Analysis 7
5.2 Non Financial Ratios Analysis 9
6. Forecasting Models 9
7. Valuation 11
8. Sensitivity Analysis: 12
9. References 14
10. Appendix 15

본문내용

1. Industry Analysis
1.1 Current position of alcoholic beverage market
The total of produced alcoholic beverages for consumption in Australia continues to growth from 168.1 million (2006-2007) to 170.5million (2007-2008) liters of alcohol (ABS, 2008). With the total produced liters of alcoholic beverages, beer and wine contribute 46% and 31% in 2007-2008. However, the per capita consumption of alcoholic beverage by persons decreased by 0.5% between 2007 and 2008 after big increase of 1.7% in last periods. Although beer market shows green light to increase in overall beverage industry, wine market is downturns of consumption between 2006-2007 and 2007-2008.
With the historic




5.1 Financial Ratios Analysis
Please refer to Appendix 4: Ratios Analysis for more detail.
Profitability Ratios
Profit Margin (PM): From 2005 to 2009, with decreased sales, the profit margin decreased from 23.36 % in 2005 to 11.53 % in 2009. There was slight increasing PM from 2008 to 2009 caused by large expenses of administration and transformation agenda of business structures. The increase in PM means that the profitability of each dollar sale is getting better from efficient adopting appropriate accounting policies and management strategy.
Return of Equity (

참고 자료

 AAP. Bloomberg, Foster’s CEO resigns, 2009, The Sydney Morning Herald, viewed on 02, Oct, 2009. Available at: http://www.smh.com.au/business/fosters-ceo-resigns-20080610-2o5x.html

 Fosters group Limited, 2009 Full Year Results Presentation, issued on 25, Aug, 2009, viewed on 05, Oct, 2009. Available at: http://www.fostersgroup.com/media.htm

 Fosters Group Limited, FG_Sustainability2008, viewed 29, Sept, 2009, Available at: http://www.fostersgroup.com/media.htm

 Krishna G. Palepu and Paul M. Healy, Business Analysis and Valuation: Using Financial Statement, 2008, South-Western Cengage Learning

 Sales of Australian Wine and Brandy by Winemakers, 2009, Australian Bureau of Statistics, 8504.0

 V. CARSON, Lion Nathan leaves Foster`s in the shadows, 2008, The Sydney Morning Herald, viewed on 02, Oct, 2009. Available at: http://www.smh.com.au/business/lion-nathan-leaves-fosters-in-the-shadows-20080724-3khq.html

 Yahoo Finance, FGL.AX: key statistics, viewed on 09, Oct, 2009,
Available at: http://au.finance.yahoo.com/q/aks?s=FGL.AX