Caltex Australia Limited

Statements of Movements in Equity

31st December
Thousands of dollars
Balance at 1st January
Total comprehensive income for the year
(Loss)/profit for the period
Total other comprehensive (expense)/income
Total Comprehensive (expense)/income for the year
Foreign currency translation differences for foreign operations
Own shares acquired
Shares vested to employees
Expense on equity settled transactions
Dividends to shareholders
Balance at 31 December

2014

2013

2012

2011

$'000

$'000

$'000

$'000

2,597,032

2,159,579

2,218,075

3,082,596

22,670
14,710
37,380
(8,971)
0
7,050
(99,900)
2,532,591

528,757
31,589
560,346
(240)
(21,434)
0
8,181
(109,400)
2,597,032

57,601
2,190
59,791
0
(4,353)
0
8,566
(122,500)
2,159,579

(713,221)
(27,013)
(740,234)
0
(3,629)
0
6,242
(126,900)
2,218,075

2014

2013

2012

2011

$'000

$'000

$'000

$'000

53,122
837,672
1,118,084
56,704
33,754
2,099,336

199,922
988,533
2,027,857
35,416
3,251,728

209,929
1,047,434
1,651,509
39,802
2,948,674

1,818
1,001,490
1,717,732
35,862
2,756,902

3,246
24,181
3

3,048
23,863
3

2,207
24,157
3

1,566
23,573
3

Caltex Australia Limited

Balance Sheets
31st December

Current assets
Cash and cash equivilents
Receivables
Inventories
Current tax assets
Other
Total current assets
Non-current assets
Receivables
Investments accounted for using the equity method
Other investments

Intangibles
Property, plant and equipment
Deferred tax assets
Employee benefits
Other
Total non-current assets
Total assets

188,188
2,363,672
442,183
6,719
1,006

144,247
2,125,617
469,890
2,474

108,064
1,769,915
528,136
4,480

95,008
1,535,448
446,758
1,801

3,029,198

2,769,142

2,436,962

2,104,157

5,128,534

6,020,870

5,385,636

4,861,059

1,175,515
110
163,200
165,075
1,503,900

1,716,399
71,404
55,361
228,993
2,072,157

1,497,147
1,188
9,862
124,200
1,632,397

1,674,017
153,979
13,798
139,969
1,981,763

7,642
692,169
59,253
332,979
1,092,043
2,595,943

5,657
870,921
475,103
1,351,681
3,423,838

6,595
948,744
638,321
1,593,660
3,226,057

6,726
464,685
189,810
661,221
2,642,984

Net assets
Equity
Issued Capital
Treasury stock
Reserves
Retained earnings
Total parent entity interest
Non-controlling interest

2,532,591

2,597,032

2,159,579

2,218,075

543,415
(607)
(3,498)
1,981,319
2,520,629
11,962

543,415
(610)
(10,258)
2,055,262
2,587,809
9,223

543,415
20
(7,655)
1,611,905
2,147,684
11,894

543,415
(430)
(8,337)
1,671,357
2,206,005
12,070

Total equity

2,532,591

2,597,032

2,159,579

2,218,075

Current liabilities
Payables
Interest bearing liabilities
Current tax liabilities
Employee benefits
Provisions
Total current liabilities
Non-current liabilities
Payables
Interest bearing liabilities
Employee benefits
Provisions
Total non-current liabilities
Total liabilities

Caltex Australia Limited

Income Statements
31st December
2014

2013

2012

2011

$'000

$'000

$'000

$'000

24,231,200

24,676,383

23,261,885

22,105,204

(16,951,754)
(5,262,166)
(515,694)
(22,729,614)
1,501,586

(17,912,406)
(5,126,439)
246,445
(22,792,400)
1,883,983

(16,800,492)
(5,027,201)
(131,805)
(21,959,498)
1,302,387

(16,054,534)
(5,046,904)
197,449
(20,903,989)
1,201,215

Other income
Net foreign exchange losses
Impairment of non-current assets
Supply chain expenses
Marketing expenses
Other expenses

726
(21,730)
(328,265)
(779,759)
(231,771)

44,881
(77,876)
(242,632)
(731,302)
(52,880)

304,973
(8,439)
(667,598)
(665,758)
(80,876)

296,517
(10,004)
(1,552,780)
(194,971)
(621,334)
(72,788)

Results from operating activities

140,787

824,174

184,689

(954,145)

(119,604)
8,234
(111,370)

(97,675)
8,884
(88,791)

(99,459)
2,196
(97,263)

(69,240)
2,187
(67,053)

Share of net profit of entities accounted for using the equity method
Profit before income tax expense
Income tax expense

917
30,334
(7,664)

158
735,541
(206,784)

1,634
86,864
(29,263)

1,618
(1,021,767)
308,546

Net Profit

22,670

528,757

57,601

(713,221)

19,931
2,739

530,028
(1,271)

56,777
824

(713,514)
293

22,670

528,757

57,601

(713,221)

Thousands of dollars
Revenue
Replacement cost of goods sold (excluding product duties and taxes and inventory
(losses)/gains)
Product Duties and Taxes
Inventory (losses)/gains
Cost of goods sold - historical cost
Gross profit

Finance costs
Finance income
Net finance costs

Profit/(loss) attributable to:

Equity holders of the parent entity
Non-controlling interest
Net profit
Basic and diluted earnings per share
Historical cost - cents per share

7.4

196.3

21.0

(264.3)

Receivables
Income Statements
Other investments
2014

2013

2012

2011

$'000

$'000

$'000

$'000

22,670

528,757

57,601

(713,221)

8,608
(2,582)
6,026

30,470
(9,141)
21,329

6,887

(31,128)

6,887

(31,128)

1,446
18,640
(8,299)
(3,103)
8,684
14,710

88,206
(73,549)
(4,397)
10,260
31,589

(29,731)
25,330
(296)
(4,697)
2,190

(21,434)
14,614
10,935
4,115
(27,013)

Total comprehensive income for the period

Attributable to:
Equity holders of the parent entity
Non-controlling interest

37,380

560,346

59,791

(740,234)

34,641
2,739

561,617
(1,271)

58,967
824

(740,527)
293

Total comprehensive income for the period

37,380

560,346

59,791

(740,234)

Thousands of dollars
Profit for the period
Other comprehensive income
Items that wil not be reclassified to profit or loss:
Actuarial gain on defined benefit plans
Tax on items that will not be reclassified to profit or loss
Total items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss:
Foreign operations - foreign currency translation differences
Effective portion of changes in fair value of cash flow hedges
Net change in fair value of cash flow hedges reclassified to profit or loss
Tax on items that may be reclassified subsequently to profit or loss
Total items that may be reclassified subsequently to profit or loss
Other comprehensive income for the period, net of income tax

Working Area
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Documentation
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Notes Area
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Hopefully this will save you the hassle of attempting to find the
pen and paper that is somewhere in the bottom of your bag.

on.

Documentation
Caltex Australia Limited
Restated Statements of Movements in Equity

This is an area where we can put documentation.

31st December
2014

2013

$'000

Balance at 1st January

2012

$'000

2011

$'000

$'000

2,597,032

2,159,579

2,218,075

3,082,596

(Loss)/profit for the period

22,670

528,757

57,601

(713,221)

Other operating comprehensive income:

Actuarial gain on defined benefit plans
Tax on items that will not be reclassified to profit or loss

8,608
(2,582)

30,470
(9,141)

6,887
0

(31,128)
0

Foreign operations - foreign currency translation differences

Effective portion of changes in fair value of cash flow hedges
Net change in fair value of cash flow hedges reclassified to profit or loss
Tax on items that may be reclassified subsequently to profit or loss
Total other comprehensive (expense)/income

1,446
18,640
(8,299)
(3,103)
14,710

0
88,206
(73,549)
(4,397)
31,589

0
(29,731)
25,330
(296)
2,190

0
(21,434)
14,614
10,935
(27,013)

Total Comprehensive (expense)/income for the year

37,380

560,346

59,791

(740,234)

Transactions with share holders:

Foreign currency translation differences for foreign operations
Own shares acquired
Shares vested to employees

0
(8,971)
0

(240)
(21,434)
0

0
(4,353)
0

0
(3,629)
0

7,050
(99,900)
2,532,591

8,181
(109,400)
2,597,032

8,566
(122,500)
2,159,579

6,242
(126,900)
2,218,075

Other financial comprehensive income:

Expense on equity settled transactions

Dividends to shareholders
Balance at 31 December

Caltex Australia Limited

Restated Statements of Financial Position (balance sheet)
31st December

Operating assets:
Cash and cash equivilents
Receivables
Inventories
Current tax assets
Other
Investments accounted for using the equity method
Other investments
Intangibles

2014

2013

2012

$'000

$'000

$'000

2011
$'000

53,122
840,918

199,922
991,581

209,929
1,049,641

1,818
1,003,056

1,118,084
56,704
34,760
24,181
3

2,027,857
37,890
23,863
3

1,651,509
44,282
24,157
3

1,717,732
37,663
23,573
3

188,188

144,247

108,064

95,008

Property, plant and equipment

Deferred tax assets
Employee benefits

2,363,672
442,183
6,719

2,125,617
469,890
-

1,769,915
528,136
-

1,535,448
446,758
-

Total Operating Assets (OA)

5,128,534

6,020,870

5,385,636

4,861,059

Operating Liabilities:
Payables
Current Tax Liability

1,183,157
-

1,722,056
55,361

1,503,742
9,862

1,680,743
13,798

222,453
498,054

704,096

762,521

329,779

Total Operating Liabilities (OL)

1,903,664

2,481,513

2,276,125

2,024,320

Net Operating Assets (NOA)

3,224,870

3,539,357

3,109,511

2,836,739

Financial assets:
Total Financial Assets (FA)

Employee Benefits
Provisions

Financial liabilities:
Interest bearing liabilities
Total Financial Liabilities (FO)

692,279
692,279

942,325
942,325

949,932
949,932

618,664
618,664

Net Financial Obligations (NFO)

692,279

942,325

949,932

618,664

Equity
Issued capital

543,415

543,415

543,415

543,415

Treasury stock
Reserves

(607)
(3,498)

(610)
(10,258)

20
(7,655)

(430)
(8,337)

Retained earnings
Total parent entity interest
Non-controlling interest

1,981,319
2,520,629
11,962

2,055,262
2,587,809
9,223

1,611,905
2,147,685
11,894

1,671,357
2,206,005
12,070

Total equity

2,532,591

2,597,032

2,159,579

2,218,075

Total NFO + Equity

3,224,870

3,539,357

3,109,511

2,836,739

Caltex Australia Limited

Restated Statements of Financial Performance (Income Statement)
31st December

Operating Revenue:
Revenue
Inventory (losses)/gains
Share of net profit of entities accounted for using the equity method
Other income
Total Operating Revenue
Operating Expenses:
Net foreign exchange losses

2014

2013

2012

$'000

$'000

$'000

2011
$'000

24,231,200
(515,694)
917
726
23,717,149

24,676,383
246,445
158
44,881
24,967,867

23,261,885
(131,805)
1,634
304,973
23,436,687

22,105,204
197,449
1,618
296,517
22,600,788

(21,730)

(77,876)

(8,439)

(10,004)

Replacement cost of goods sold (excluding product duties and taxes and inventories (losses)/gains)
Product Duties and Taxes
Impairment of non-current assets
Supply chain expenses
Marketing expenses

(16,951,754)
(5,262,166)
0
(328,265)
(779,759)

(17,912,406)
(5,126,439)
0
(242,632)
(731,302)

(16,800,492)
(5,027,201)
0
(667,598)
(665,758)

(16,054,534)
(5,046,904)
(1,552,780)
(194,971)
(621,334)

Other expenses
Total Operating Expenses

(231,771)
(23,575,445)

(52,880)
(24,143,535)

(80,876)
(23,250,364)

(72,788)
(23,553,315)

Operating Profit before income tax

141,704

824,332

184,127

(954,714)

Tax expense:
Tax reported
Tax benefit
Tax expense

(7,664)
33,411
(41,075)

(206,784)
26,637
(233,421)

(29,263)
29,179
(58,442)

308,546
20,116
288,430

Other operating comprehensive income

Actuarial gain on defined benefit plans
Tax on items that will not be reclassified to profit or loss
Foreign operations - foreign currency translation differences
Effective portion of changes in fair value of cash flow hedges

8,608
(2,582)
1,446
18,640

30,470
(9,141)
0
88,206

6,887
0
0
(29,731)

(31,128)
0
0
(21,434)

Net change in fair value of cash flow hedges reclassified to profit or loss
Tax on items that may be reclassified subsequently to profit or loss
Total Other operating comprehensive income

(8,299)
(3,103)
14,710

(73,549)
(4,397)
31,589

25,330
(296)
2,190

14,614
10,935
(27,013)

Comprehensive operating income after tax (OI)

Net financial expense (NFE)
Finance costs
Finance income
Net financial expense before tax
Tax benefit

Other financial comprehensive income

115,339

622,500

127,875

(693,297)

(119,604)
8,234
(111,370)

(97,675)
8,884
(88,791)

(99,459)
2,196
(97,263)

(69,240)
2,187
(67,053)

33,411

26,637

29,179

20,116

Net financial expense after tax (NFE)

Comprehensive income after tax

(77,959)

(62,154)

(68,084)

(46,937)

37,380

560,346

59,791

(740,234)

Working Area
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whilst being able to see the data you are currently working on.
Note 1
The cost of goods sold - historical cost has been included as it was on the Income statement. The value
however is not included as I believe this may have been purely just for reference, I cannot see where
the figures were applied in the Income Statement
Note 2
Tax benefit = Net interest expense x tax rate of the firm
Net interest expense
Tax rate of the firm 2011-2014 = 30%
Tax benefit =

(111,370)
0.30
(33,411)

Caltex Australia Limited

RATIOS
31st December
2014

2013

2012

2011

0.09%
0.44%

2.14%
8.78%

0.25%
1.07%

-3.23%
-14.67%

Profitability Ratios
Net Profit Margin
Return on Assets

Net profit after tax/sales

Net profit after tax/total assets

Efficiency (or Asset Management) Ratios

Total Asset Turnover Ratio

Sales/total assets

9.57

9.50

10.77

9.97

Current Ratio

Current assets/current liabilities

1.40

1.57

1.81

1.39

Financial Structure Ratios

Debt/Equity Ratio
Equity Ratio

Debt/equity
Equity/total assets

102.50%
49.4%

131.8%
43.1%

149.4%
40.1%

119.2%
45.6%

Market Ratios
Earnings per Share (EPS)
Dividends per Share (DPS)
Price Earnings Ratio

Net profit after tax/nos of issued ordinary shares

Dividends/number of issued ordinary shares
Market price per share/earnings per share

0.09
(0.41)
4.62

2.22
(0.46)
0.10

0.21
(0.45)
0.91

(2.64)
(0.47)
(0.04)

1.48%
3.58%
-11.26%
0.48%
7.51
(207,148.0)

21.58%
17.59%
-6.60%
2.52%
6.97
268,564.0

2.77%
4.11%
-7.17%
0.55%
7.48
(183,076.0)

-33.37%
-24.44%
-7.59%
-3.14%
7.79
(976,970.8)

Liquidity Ratios

Ratios Based on Reformulated Financial Statements

Return on Equity (ROE)
Comprehensive Income/shareholders' equity
Return on Net Operating Assets (RNOA)
Operating income after tax (OI)/net operating assets (NOA)
Net Borrowing Cost (NBC)
Net fin. expenses after tax/net financial obligations
Profit Margin (PM)
Operating income after tax (OI)/sales
Asset Turnover (ATO)
Sales/net operating assets (NOA)
Economic profit
(RNOA - cost of capital) x net operating assets (NOA)

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As at 31st December

Market Ratios:
Number of issued ordinary shares
Earnings per share
Market price per share
Cost of capital

241,923
7.40
34.21
10%

237,681
196.30
20.05
10%

270,000
21.00
19.21
10%

270,000
(264.30)
11.77
10%

Documentation
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Notes Area

Scenario 1 - Port Botany, Sydney

Million Dollars
NPV

Yr 0
(140)
$58.37

Yr 1
45

Yr 2
50

Yr 1
45

Yr 2
50

IRR

Yr 0
(140)
24%

Yr 0
(140)

Yr 1
45

Yr 2
50

(95)

(45)

Payback Period
Cumutative Cashflows
Payback occurs in 2 years and

9.8

Months

Scenario 2 - Port of Newcastle, Newcastle

Yr 1
30

Yr 2
30

NPV

Yr 0
(105)
$38.90

Yr 1
30

Yr 2
30

IRR

Yr 0
(105)
36%

Yr 0
(105)

Yr 1
30

Yr 2
30

(75)

(45)

Payback Period
Cumutative Cashflows
Payback occurs in 3 years and

1.333

Months

y, Sydney
Yr 3
55

Yr 4
55

Yr 5
60

Yr 3
55

Yr 4
55

Yr 5
60

Yr 3
55

Yr 4
55

Yr 5
60

10

65

125

Yr 3
40

Yr 4
45

Yr 5
50

Yr 6
50

Yr 7
55

Yr 8
55

Yr 9
55

Yr 10
65

Yr 3
40

Yr 4
45

Yr 5
50

Yr 6
50

Yr 7
55

Yr 8
55

Yr 9
55

Yr 10
65

Yr 3
40

Yr 4
45

Yr 5
50

Yr 6
50

Yr 7
55

Yr 8
55

Yr 9
55

Yr 10
65

(5)

40

90

140

195

250

305

370

tle, Newcastle