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Introduction to Woolworths Group

Woolworths group is a chain of retail found across Asia Pacific region. The company was established in 22nd September 1924 and it began the extend its operation through Australian and New Zealand. Currently, the company is largest company in Australia by revenue and it is second largest in New Zealand.  It is Australia’s largest supermarket chain and relies on 115,000 members, stores and distribution centers to support its customers with superior products and services. In Australia, the group has approximately 1064 stores and supermarkets where in New Zealand, the company has 181 stores to engage in wholesale and retail supermarket operations. It has been also found that the group also operates BWS and Dan Murphy’s liquor stores. Retailing is one of the key operations of the group and it allows its employees to develop career opportunities as well as supports a healthy work life balance. The primary mission of the company is to be the first choice of the customers who primarily care about sustainability, innovation and value (Shaikh and Shaikh 2021). With a unified source of operations, the group believes that they can create great experience for its employees and its customers via its products and services. The revenue of the group comes from two primary sources: general merchandise and retail sale of supermarket products. Within the general merchandise category, the group provides its services to its customers via consumer stores as well as supermarket. Recent reports also revealed that the group also provides hotels with food, accommodations and operations.

To operate within its area of products and services, the group has generated its business operations into different functional areas that helped it to build efficiency as well as effectiveness across Woolworths. The key functional areas within organizations are noted below

Management function allows a business to supervise its employee’s performance. Within management function, there are different activities which includes planning, organizing, controlling and leading. In the planning stage, managers or executives sets out long term goals and objectives related to organization as well as plan out short-term strategies to execute the long term goals. Managers also focus on organizing and are responsible for assisting a business to use its resources efficiently (Presthus 2018). Managers also understand whether its employees are adhering to the company objectives therefore they can lead them further with proper strategic actions

This function allows manager to understand and oversee day to day business activities and operations which comprises of

  • Order of raw materials
  • Scheduling workers different activities
  • Understanding current product condition and employ different function to produce demanded products.

The marketing function consists of identification of customer requirements and demands and understanding of products and services to meet those needs. The marketing function also includes promotion or products and services, understanding the delivery of products, development of a sound pricing strategy to allow a company to capture its market shares as well as overall internal marketing functions.

The accounting section allows the company to understand the need of information’s related to the allocation of its company resources. This area is primarily responsible for understanding financial transactions related to the business and thereby allows business to determine its costs, profits and prepare budgets. The finance function allows a company to plan for its required fundings. finance manager plan for long as well as short term strategies related to the business to assist it with financing decisions (Tumbas, Berente and vom Brocke 2020).

Woolworths Group Operations

Within Woolworths, the finance function manager different business-related finances to assist the business with decision making. The functional area allows the business to understand the exact need of its financial resources in order to operation efficiently. It also allows Woolworths with future business planning and decision making. The area of finance function can also allow Woolworths to monitor changes within the business and understand how these changes can impact the financial function of the company. The finance function has been also found to provide financial information to the company so that it can understand the costs, revenue, break-even point, cash flows and profitability for a financial year.  Further, it has been also found that the functional area of finance can also allow Woolworths to understand how the business can improve its business performance by focusing on different core aspects related to finance.

Within Woolworths, there can be various financial issues which needs to be understood which will allow the firm to improve its future business positions. The finance function of the business will allow the business to understand its key source of finance as well as suggest ways to improve its cash flows. The finance function can allow the business to set budgets for its marketing function to ensure that it does not overspend in marketing and advertising. This function can also assist Woolworths to understand whether the business will need to expand or allows it to understand what amount of costs and sales are forecasted after the expansion strategy. Further, if there are any economic changes within the external business environment, the finance function can allow Woolworths to understand how it can reduce its costs to improve its cash flow thereby allowing it to survive within the market. This function can also assist the business in dynamic planning and forecasting which will allow it to identify any existing opportunities and risks related to the business thereby providing strategies to mitigate existing risks if there are any.

Strategic integration is a tactical method involving massive initial investment in resource acquisition and employee training. The strategic integration process within Woolworth has provided the business with long term benefits which allowed it to minimize its costs significantly thereby allowing it to improve its profitability over time (Naidoo and Gasparatos 2018). Over time, the company has adopted different types of business strategies and integrated them towards its operations to compete within the Australian retain sector. With employing cost differentiation strategy, the business has been able to identify specific market need under which it operates. This further allowed the business to compete efficiently with its competitors and has also ensured to lower costs and improve sales significantly.

The profit and loss statement analysis will allow in understanding the summary of business revenues, expense and associated profit and loss over the period of 2019- 2019. The profit and loss statement has shown the ability of the company to generate sales, manage its expense and create profits for the business. 

Financial Statement Analysis

From the above profit and loss statement (2018- 2019), it has been evident that the group has been able to generate $56,944million of revenue for the year 2018 which increased to $ 59,984 million. The primary reason of the increase in revenue is due to the sale of goods in store, online sales and leisure and hospitality services.  The cost of sales of the business has also reduced from ($40,235 million) to ($42,542 million) ( 2022). The change in cost of sales occurred since goods with higher costs are sold first within the company.

Functional Areas of Woolworths Group

The gross profit of the group has increased from $16,709 million in 2018 to $17,442 million in 2019. It has been also found from the income statement that the other revenue associated under gross profit has also increased significantly (from $222 million to $228 million). Further, it has been also found from the analysis that the earnings before interest and tax (EBIT) of the group has been reduced from $2,548 million to $2,353 million due to the reduction in branch expenses ($10,854 million) to $(11,695 million) and administration expenses ($3,529 million) to ($3,682 million) ( 2022).  It has been also found that the gross profit of the group has been affected due to the increase in finance cost of the group. The finance cost of the group has been recognized when they occurred and they comprise of interest on borrowing which has been calculated by effective interest method and interest on derivatives. The finance cost of the group has increased from ($154 million) to ($126 million) due to the reduction in interest expense and interest capitalized.

The net profit of the group has been found to increase from $ 1,795 million to $ 2,759 million. The primary reason behind the increase in net profit is due to the inclusion of profit from discontinued operations which has been increased from $ 119 million to $ 1,200 million.  The profit from discontinued operations of the group comprised of revenue from petrol and home improvement business which affected the net profit of the group positively.  It has been also found that the net profit of the group has been also affected from income tax expenses of the group which increased from ($ 718 million) to ($ 668 million). The income tax expense of the group comprised of current tax expense of $730 million (from $699 million in 2018) and other adjustments recognized in the current period related to the current tax of previous periods.

The profit and loss statement of Woolworths has also shown an increase in Earnings per share (EPS) of the company. The basic EPS and diluted EPS (attributable to the equity holders) has increased from 132.6 cents to 206.2 {basis EPS} and 132.3 to 204.9 (diluted EPS) respectively ( 2022). The increase in EPS is due to the increase in in weighted average number of shares used during the year and increase in the profit from discontinued operations.

The cash flow from operating activities comprises of receipts from customers, payments to suppliers and employees, finance cost paid and income tax paid. Within the net cash provided (inflow) by operating activities category, some adjustments were made which affected the category which includes increase in depreciation and amortization ($1,103 million to $1,222 million), increase in impairment of non-financial assets {$(24) million to $150 million}, increase in share-based payments $58 million to $62 million, gain on sale of business {$(14) million to $(1,088) million} and other adjustments. The net cash provided by operating activities were also been affected by increase in inventories {$(60) million to $(34) million}, increase in payables ($129 million to $239 million) {affects net profit), decrease in provisions {$(61 million) to $77 million}, decrease in trade and other payables {$(142 million) to $(108 million) affects net profit}, decrease in deferred tax payments {$98 million to $(47 million)} as well as decrease in current tax payables ($28 million to $(27) million} for the year 2018- 2019 ( 2022).  

Management Function

From the cash flow statement of the group, it has been perceived that there has been an increase in Proceeds from the sale of property, plant and equipment and assets held for sale of ($85 million to $177 million for the year 2018 to 2019 which has increased cash inflows of the group significantly. Thereafter, an increase in Proceeds from the sale of subsidiaries and investments, net of cash disposed has been also found which amounted to $287 million to $1,682 million fy 2018-2019. Other than that, the net cash used (outflow) has been affected by the decrease in Payments for property as well as other decrease in expenses which has been seen to affect the net closing cash balance of the company significantly.

The cash flow from financing activities of the group comprises of increase in Proceeds from borrowings ($4 million to $665 million), Repayment of borrowings {$(284 million) to $(503 million)}, Payments for share buy-back {$(1,701) million, Dividends paid {$(724) million to $(1,267) million} as well as Dividends paid to non-controlling interests {$(56) million to $(51) million} and Payments for shares held in trust all of which created net cash outflow in financing activities ( 2022)..

The above cash inflow from operating activity, cash outflow from investing and financing activity has been found to adversely impact cash and cash equivalent of Woolworths form the year 2019 for which it has been reduced to $1,277 million to $1,066 million.

The net profit of the business has been also negatively affected by the cash outflows which are needed to be reduced in order to improve net profit of the business in future terms. Based on the above situation, the business can improve its net profit by improving cash inflows towards the business which will generate revenue for the business. Further the business can also improve the business situations with low-cost products and services which will improve the receipts from customers thereby improving the net profit for the business significantly (Bouwman, Nikou and de Reuver 2019). The business must also understand the areas of its financing and investment related expenses so that it can manage them accordingly. Further, the business will also have to focus on advertising and marketing which will allow it to sale more products and services at a competitive price.

The balance sheet analysis of the group will cover the analysis of total assets, total liabilities and total equities of the group.

The total assets of the group comprise of current assets and non-current assets. It has been found from the above balance sheet that the current asset of the group comprises of Cash and cash equivalents ($1,273 million to $1,066 million), Trade and other receivables ($634 million to $682 million), Inventories ($4,233 million to $4,280 million) and Other financial assets ($53 million to $45 million) and Assets held for sale ($821 million to $225 million) all of which affected to the decrease in total current assets from $7,014 million to $6,298 million). The group has recognized its trade receivables at fair value. Further, the other financial assets of the group comprised of derivatives which reduced from $53 million to $45 million.  The non-current assets of the group comprise of trade and other receivables ($93million to $145million), other financial assets ($522million to $ 692million), property plant and equipment, intangible assets and deferred tax assets all of which increased the total noncurrent assets of the group ( 2022).  

Marketing Function

The total liabilities of the group have been increased from $12,542 million to $12,822 million due to the increase in total noncurrent liabilities (from $ 3,513 million to $ 4,202 million) and increase in unsecured borrowing indicating that the company has taken significant amount of loan. Due to the high amount of loans, its debt proportion will increase thereby increasing financial risks of the company. The total current liabilities of the group have been reduced drastically due to the reduction in trade payables for the year 2018- 19 ($6,793 million to $6,676 million) and borrowings ($604 million and $274 million). However, the current liabilities of the company have been reduced since the company has made payments in trade payables ( 2022).  

The total equities of the company comprised of contributed equity, reserves and retained earnings as well as non-controlling equity of the company. It has been found from the balance sheet of Woolworths that the total equity of the company has been reduced from $10,849 million to $10,669 million due to the reduction in contributed equity as well as reserves. The retained earnings of the group have been reduced thereby affecting total equity adversely.

To improve the future financial position of the business, the following actions should be taken

  • To improve net profit, the business will have to increase average number of sales for its existing customers as well as will also have to increase the frequency of product purchase for each of its existing customers. Further, the business will also have to focus on marketing and advertising which will allow it to acquire new customers towards the business thereby improving revenue significantly (Barratt etal 2018).
  • To improve cash flow, the business can offer discounts for prepaid orders and also conduct frequent credit checks which will assist the firm to receive payments on time.
  • To reduce loans and borrowings affecting net cash balance, the business will have to repay its high interest loans and identify its existing loans that needs to be sorted in future. The business can also use its existing investments to cover up its debts.

Ratio Analysis

From the above, the ratio analysis of the group can be perceived showing changes in current ration, quick ratio, time interest earned, gearing ratio, net profit margin and ROCE. It is evident from the above analysis that the current ratio of the company has been reduced from 0.78 in 2018 to 0.73 in 2019 due to the decrease in current assets of the company. Further, it has been also evident that the quick ratio of the company has been also reduced from 0.30 in 2018 to 0.23 in 2019 due to its existing liabilities and also due to the increase in inventories (Kurniani 2021). The reduction in current and quick ratio indicates that the company is struggling to pay off its debts. The reduction in current ratio occurred due to inefficient inventory management as well as ineffective collection of receivables.

Further, the time interest earned ratio of the business was 16.55 for the year 2018 which increased to 18.87 for the year 2019. The increase in time interest earned ratio indicates that the company is less risky to its stakeholders as well as creditors and therefore companies will be more favorable by investors. The gearing ratio of the company was at 39 percent during 2018 which reduced to 37% due to the fact that Woolworths has pay off its debts. The reducing gearing ratio of the company denotes that the company is financially stable and therefore it is managing its debt level efficiently. The net profit margin of the company was at 3% in the year 2018 which further increased to 5% for the year 2019. The increase in net profit signifies that the company is operating effectively and has been able to increase in revenue. The higher amount of net profit margin denotes that the firm is very efficiently converting its sales into profit. Further, it has been found that the ROCE of the company was 18% in the year 2018 which reduced to 16% in the year 2019. The declining ROCE signifies that the company is not utilizing its competitive advantage efficiently. Higher ROCE is more favorable since the same signifies higher amount of profit generated per dollar of capital employed.

Accounting and Finance Function

For optimum utilization of resources within a company, budgeting can be a useful tool which allows a business to plan, implement and control activities related to business. The budget also assists a business by explaining the business goals and course of action associated with it. Budget allows a company to pose more control in the organizational environment thereby achieving successful implementation (Weigel and Hiebl 2018).

A business can track its expenses and income with the help of a budget and if proper budgeting is in place, an organization can plan for performance evaluation. Further, budgeting process can also assist a business to take proper actions in a timely manner thereby understanding any excessive amount of expenses within the business environment. Budget also ensures that the financial goals associated with a business is achieved and the business capital is wisely invested. Budgeting can assist a business to ensure that they will always have enough amount of cash in hand therefore the business can spend properly.  Budgeting can also allow a business to understand its debt level and thereby improving its financial position.

Budgeting comprises of two methods: top-down approach and bottom-up approach.

The top-down approach prepares the budget as per the senior management of the company. The senior management adheres to the company objectives and prepares the budget accordingly. Within the top-down approach, the departmental managers are assigned to the responsibility related to the budget preparation. The budget usually moves from the higher departments to the lower departments. After preparing the budget as per top-down approach, every department within the organization should understand the budget allocation and goals (Talmon and Faliszewski 2019). The primary advantage of the top-down approach is the lower management can save a lot of time and resources with the help of the budget and the experience of the senior management can come in convenience in this type of approach.

On the other hand, the bottom-up approach usually starts at the departmental level moves towards the higher levels and each departments prepares plan according to activities for the forthcoming budget period. Thereafter, every budget is combined to create a sound effective budget within the organization. The bottom-up process allows the organization to keep its overall departments and employees highly motivated since each of the departments take decisions related to the budget. However, the budget is very lengthy and time consuming therefore organization has to plan before the preparation of the budget. The budget created with the bottom-up approach can be very accurate and close to the actual scenario.

As a finance manager of an organization, the bottom-up approach seems to be more appropriate and convenient since it will allow each of the department to participate towards the final budget preparation thereby will allow them to understand the expenses associated with the operations of the company. since there are greater amount of communication between the employees and the management, an organization can take timely feedback from the employees and understand the current risks for the organization. Furter, this approach does improve collaboration between employees and management and this approach ensures that no team or department is detached from the organizational objectives. Further, it has been also evident that this approach allows collaboration of different project ideas within the budget which allows the organization to improve the overall budgeting process significantly (Hollberg, Lützkendorf and Habert 2019). Moreover, this approach allows each and every department to understand the field of budgeting and also allows them to understand specific business goals. The bottom-up approach also improves team morale as it takes feedback from every employee regarding any budget decisions of the organization. Therefore, this approach allows the organization to improves employee confidence and working potential towards the organizational success.

Benefits of Strategic Integration

With the help of automation and technology, the creation of budget can be very easy since technology makes the budget creation process seamless and therefore an organization will be able to capitalize the opportunity related to the budget. With the help of technology, an organization can build a system that will automatically since with the general ledger thereby allowing more transparency and accuracy for the information being used in the budget. Technology can also assist an organization to enhance the monitoring and reporting framework of the business and allow it to forecast it in the real time thereby understanding the future health of the organization (Ho 2018). Data automation and process monitoring can allow an organization to create reports as well as compare existing data very quickly thereby reducing potential errors significantly. It is also essential for an organization to keep track of its business budget and understand areas of its financial operations. Automation technology allows a business to improve its future financial health thereby assisting in more agile decision making. Organization can build smarter ways of budget creation and benefit it in the long run.

All organizations need to fund its business to run up its day-to-day operations and ensure consistent growth. Without the financing, no organization can contribute positive towards the organization. Different sources of financing include the following

An organization can maximize its profits with sale of its products and services for a price that is higher than the actual cost of the product. This is the most primary source of funding for the business. After the profit generation, an organization can allocate it efficiently. It is also possible to distribute the retained earnings with the stakeholders as dividends. On the other hand, the amount of retained earnings can be reinvested into an existing or new project.

An organization also have the option to borrow funds from banks as loans. An organization can also source new funds with the issuance of debt to the public. In this method of finance, the borrower issues debt securities towards the applicant as a corporate bond, leases, debentures as well as mortgages. A bank can also initiate issuance of debt since they need to exchange its securities for cash in order to perform various activities. An organization borrowing funds from bank or financial institutions will have to pay off its debts with principal and interest amount according to the debt repayment schedule specified by the bank (Moon and Bace 2020). Borrowing funds via debt capital has only one disadvantage. The borrower will have to pay off huge number of interests along with the principal amount and if the borrower fails to pay off the debt amount, they can default or go bankrupt.

An organization can also raise funds through the public exchange for a proportion of ownership at their company. the ownership provided to the investors are provided as a form of shares. Investors become shareholders after the purchase of shares at an organization. On the other hand, an organization can also opt for private equity financing which can allow the business to attract fundings from company directors or their networks. As compared to debt capital funding, equity capital funding does not attract additional amount of interest rate payments therefore an organization can enjoy the profit after sharing it with the shareholders. Shareholders can further dilute their ownership control as long the company sales more shares.

The company can make its investment decision after understanding the existing market shares, technologies as well as its value creation during exit phase. The return on investment, risk, liquidity, rate of inflation and other factors should be also taken into account before taking decisions regarding the net asset investment in order to upgrade the technology.  As an organization earns profit, its net assets increase thereby increasing its total value. Investing 15 percent of the total net assets of the company can be a significant decision taking into account that the percentage of net asset invested can impact on the future profitability of the company significantly.

Woolworths is a giant organization which can invest 15% of its net assets to upgrade the existing technology of the organization since after improving the technology, Woolworth can be able to attract more customers towards the business thereby improving its profitability significantly. The current period of Woolworth seems to be profitable for the business therefore investing 15% of net assets towards investment will not massively affect the organization’s profitability and financials. Before investing 15% of the net assets towards the technological improvement, Woolworths should also need to understand the fluctuations related to the economy and market volatility.

The cash position of the company seems to be improving therefore it can invest 15% of its net assets to upgrade the existing technology of the organization. Improvement of technology will assist Woolworth to improve its competitive advantage thereby outperforming its competitors and boost the productivity of the company (Sa?uga etal 2020). Without upgrading the existing technology, an organization cannot improve its productivity as well as improve its future potential. Future technology will allow it to communicate business activities to its employees as well as track the business objectives on a regular basis. Further, technological improvement will allow Woolworth in faster order processing and delivery thereby improving customer satisfaction all of which will allow it to improve its future business position in the market.  

Further the organization cannot be able to continuously monitor and maintain its existing technology therefore it will affect the overall profitability of the company. So, a company can reduce its repairs and maintenance related costs if it invests into the new technology.  Newer technology will also allow the business to run its operations flexibly thereby driving productivity and growth to significant extent. The productivity of the organization can be greatly improved with the help of the technology of the company.

Based on the current debt level of the company, it has been found that the company has high amount of debt which can impact the overall financial situation of the company. Therefore, the best possible source of finance for the company will be to choose equity financing which will allow it to control its business payments. Equity financing is less risker for the business since Woolworths will not have to make any fixed loan payments. With equity financing, the business will be able to generate positive cash flows therefore improvising its financial situation efficiently. Further, it has been also found from the analysis that Woolworth has credit problems (high debt levels) which will affect the finance growth of the business. In debt financing, interest rates will be higher and the payments will not be accepted due to the same. Equity financing is very useful for the business since Woolworth will not be able to take funds out of the company (Tykvová 2018). the business will be also able to plan its long-term decisions since equity investors will not require any immediate return from their investments. With equity financing Woolworth will not need any loan repayments therefore it can focus on different core areas of the business with the help of the equity financing. The business will be also able to gain knowledge about financing from its equity investors if it uses equity financing as a source of finance for the company.

Performance management is a deliberate strategy to enhancing and maintaining employee performance, resulting in increased company effectiveness. Managers may build a work climate that allows both individuals and firms to thrive by concentrating on employee development and aligning corporate objectives with individuals and team ambitions. A system is established within an organization to measure and enhance the performance of its personnel, according to the idea of performance management. In practice, performance management entails management's ongoing efforts to develop their staff, set clear targets, and provide timely feedback all year. Sentimentalism as well as subjectivity are reduced when performance data is used.  

Employees must be able to see their development in relation to a predetermined performance metric. Employees become irritated when they don't understand how well they're doing or why others may not believe they're doing so well. Workers desire the ability to assess their own performance by learning the criteria by which their management evaluates them. Performance metrics make it easier to express expectations to employees in a way that they can comprehend. Workers are given the knowledge they ought to make performance choices based on data measured (Stojki? and Bošnjak 2019). Workers may alter their behavior to get back on course and operate as anticipated when they observe their progress in relation to the benchmarks of where they should be depending on the defined performance standards.

Once employees are given a clear scorecard, the majority of them are capable of making the necessary decisions to get back on course. Objective performance evaluation necessitates clear information. Data is required for effective input, which may be gained by assessing relevant performance. If you haven't been correctly monitoring your workers' performance, you won't be able to provide them honest information. The value of giving and receiving feedback is paralleled by the significance of recognizing and rewarding good performance. When you relate your encouragement to particular, measurable performance, it becomes more effective.

There are different types of performance management tools that can be used in an organization to help them achieve their strategy. The following section of the analysis denotes different performance management tools

The Balanced Scorecard (BSC) is widely regarded as one of the most effective performance management tools available. It has been found from a recent analysis that 88 percent of BSC users feel the methodology is exceptionally or very helpful in achieving their objectives. The BSC is unusual in that it integrates four distinct business viewpoints, customer, internal processes, as well as people—to assist businesses in understanding and achieving their goals (Harvey and Sotardi 2018).

One of the most well-known performance management tools is the budget. They might be as basic as a monthly revenue and spending objective against which the company analyses actual performance. Many firms create extremely thorough business plans in order to assess the impact of certain events on their bottom line. Expectations for employee productivity (particularly in the sales department), clients and their buying patterns, business expenses, personnel requirements, and big capital expenses are all part of a well-designed strategy.

Metrics, often known as key performance indicators (KPIs), are numerical or ratio values that may be matched to a performance of the company. Sales targets or revenue earned per employee are two examples. The business drivers determine which metrics are employed in an organization. Prominent factors at a car repair shop, for example, can include average income per work and jobs done per service professional. A change in one of these might result in a significant increase as well as decrease in the organization's income. 


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