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Short term solvency ratios

Discuss about the Financial Performance Of Santos Ltd & Fortescue Metals Group Ltd.

The overall assessment focuses on identifying the financial performance of Santos Limited and Fortescue Metals Group Limited from 2016 to 2017. The financial performance of both the companies are evaluated to identify the competitiveness in the market and how they could maximize the profits over the period. The use of ratios such as short-term solvency ratio, long term solvency ratio, asset utilisation ratio, profitability ratio, and market valuation ratio is used to identify the financial progress of both the companies. These ratios also used to determine the difference between the performance of both the companies, while identifying the company which has the highest financial stability. Lastly, adequate recommendation is provided to the investors who are willing to invest in the companies to generate higher rate of return from investment.

Short-term solvency ratios

Santos

Fortescue

Particulars

2017

2016

2017

2016

Current ratio

 2.07

 1.90

 1.18

 1.48

Quick ratio

 1.79

 1.69

 0.92

 1.14

Cash Flow from operations

 1.31

 0.54

 1.93

 1.50

Table 1: Short-term solvency ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

Figure 1: Short-term solvency ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

The above table and figure relatively represents the overall short-term solvency ratio of Santos Limited and Fortescue Metals Group Limited from 2016 to 2017. These ratios relatively represent the overall short-term financial position of the organizations during the two fiscal years. The short-term solvency ratios a relatively consist of current ratio, quick ratio, and cash flow from operations which is essential to determine the current short-term capability of the organization.   Evaluation of these ratio is relatively helps the investors to understand financial capability of the organization to support their short-term obligations by selling current assets. The evaluation of current ratio for Santos Limited relatively indicates a positive attribute where the values have increased from 1.90 to 2.07. This increment in overall current ratio to the levels of 2 States the financial capability of the company to support its short-term applications and effectively continue its operations during any kind of adverse circumstances. However, the evaluation of Fortescue Metal Group Limited relatively indicate a decline and its current ratio where the organization is not able to obtain adequate current assets support its short-term obligations (Liang et al. 2016).

The evaluation of quick ratio relatively indicates the positive attributes for Santos Limited where the values have relatively increased from 1.69 in 2016 to 1.79 in 2017. The quick ratio value of the organization is relatively greater than 1 indicating a positive attribute for the company.  However, the quick ratio of Fortescue Metals Group Limited has been declined from 1.14 in 2016 to 0.92 in 2017. This relatively indicates that the organization is not able to support its short-term obligations by selling the current assets. This relatively portrays the low financial capability of Fortescue Metals Group Limited in comparison to Santos Limited. Soares and Pina (2017) mention that with the help of current and quickly shoes investors can understand the level of expenses on inventory which is conducted by the organization for the period of time. The relevant decline in quick ratio and current ratio of Fortescue Metals Group Limited is due to the exponential increment in current liabilities which was obtained by the company during 2017. The Current liabilities of the company relatively rose by 35%, whereas the current assets only grew by 8%. This is the main reason behind the decline of the quick ratio and current ratio for Fortescue Metals Group Limited during 2016 to 2017.

Long-term solvency ratios


Moreover, the evaluation of cash from operations relatively indicate a positive attribute for both the companies as it is increased in 2017 in comparison to 2016. This increment in the overall cash from operations is a relatively derived by dividing the operating cash flows from the current liabilities of the organization. The cash from operations of centos limited has a relatively grown from 0.54 in 2016 to 1.31 in 2017, which relatively depicts the positive attributes of the company and its operating cash flow. Moreover, the cash flow from operations of Fortescue Metals Group Limited Has also increased from the levels of 1.50 to 1.93. This relatively portrays the positive attribute of the operations conducted by the organization, which would eventually help in detecting the financial stability of both the companies. Kanapickiene and Grundiene (2015) argued that with the short-term solvency ratio the current ability of the organization to support its short-term obligations is a relatively detected, while the ratio does not evaluate actual solvency position of the organization. From the overall evaluation of the short-term solvency calculations it could be identified that Santos Limited has achieved higher valuation in comparison to Fortescue Metals Group Limited.

Long-term solvency ratios

Santos

Fortescue

Particulars

2017

2016

2017

2016

Debt to equity

91.67%

115.56%

96.37%

130.04%

Debt to total assets

47.83%

53.61%

49.08%

56.53%

Leverage ratio

191.67%

215.56%

196.37%

230.04%

Table 2: Long-term solvency ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

Figure 2: Long-term solvency ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

The long-term solvency ratio is a relatively depicted in the above table and graph for Santos Limited and Fortescue Metals Group Limited from 2016 to 2017 (Asx.com.au 2018). The long term solvency ratios relatively consists of debt to equity ratio, debt to total asset ratio, and leverage ratio, which actually helps in identifying the current financial position of the organisation. The solvency ratios relatively represent the debt accumulation condition of the organisation and its ability to support its operations without increasing the finance cost. In this context, Buchman, Harris and Liu (2016) stated that with the help of solvency ratio investors can ensure the investment scope in an organisation, as the company will not go bankrupt due to insolvency conditions. From the valuation it could be identified that the debt equity ratio of the company has a relatively declined from the levels of 115.5 six percent in 2016 to 91.67% in 2017. This relatively indicates that the reduction in debt is conducted by Santos Limited during the fiscal year of 2017, which has effectively improved the operational capability of the company. However, from the valuation it could also been identified that the debt to equity ratio of Fortescue Metals Group Limited Also improved from the levels of 130 point 0% in 2016 to 96.7% in 2017. This is relatively indicating the low debt accumulation conducted by the company over the period.

Recommendations for investors


Moreover, the calculation also helps in identifying the debt to total assets ratio of both Santos Limited and Fortescue Metals Group Limited From 2016 to 2017. The values of Santos Limited has a relatively declined from the levels of 53.61% in 2016 to 47.3% in 2017. The value was relatively obtained as the total liabilities of the company relatively reduced by 20% in 2017 in comparison to 2016. On the same instant, the total Assets of the company only decline 10% which relatively indicated the use of equity for purchasing the Assets of the organisation. This mainly indicates that debt was not utilised by the company to increase its asset accumulation during 2017. Furthermore, Fortescue Metals Group Limited has witnessed the same decline in its debt to total assets ratio, where the values have declined from the level of 56.53% in 2016 to 49.08% in 2017. The declining magnitude of the ratio was relatively higher than its competitor due to the production in total assets by only 1% and total liabilities by only 14%. This relatively indicates that the company has decline the utilisation of debt for acquiring the relevant assets which is used in its operations. This is a positive sign, as the company’s production in debt eventually help in reducing the finance cost and maximize their profit level (Paul and Mitra 2017).

Further evaluation of leverage ratio relatively indicates the use of debt in operations of the organisation. The Leverage ratio of both Santos Limited and Fortescue Metals Group Limited has declined during the two-fiscal year, as the companies have reduced the debt accumulation in their operations. Therefore, the leverage ratio of centos Limited as a relatively declined from 215.56% to 191.67% in 2017. The declining values of leverage ratio relatively indicates the less use of debt in the operations of the organisation, which depicts the positive attribute of the company. On the other hand, the values of, Fortescue Metals Group Limited only declined from the levels of 230.04% in 2016 to 196.37% in 2017. Consequently, the evaluation of long term solvency ratios relatively indicate that Santos Limited’s financial position is relatively high in comparison to Fortescue Metals Group Limited (Asx.com.au 2018).

Asset-Utilisation ratios

Santos

Fortescue

Particulars

2017

2016

2017

2016

Accounts receivable turnover

 7.70

 6.84

 44.23

 26.63

Accounts payable turnover

 4.48

 3.78

 7.35

 7.44

Inventory turnover

 7.74

 6.32

 8.56

 7.63

Table 3: Asset-Utilisation ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

Figure 3: Asset-Utilisation ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

The table and figure 3 relevantly indicates the Asset-Utilisation ratios of Santos Limited’s and Fortescue Metals Group from 2016 to 2017. This would relevantly help in identifying the management efficiency in utilising the available assets to maximize profits from operations. The calculations are relatively focused on accounts receivable turnover, accounts payable turnover and inventory turnover, which could help in understanding the level of Efficiency of the organisations. The use of accounts receivable turnover ratio would eventually help in identifying how quickly the debtors are giving back the overall credits provided by the organisation. This would eventually help in understanding the level of cash that is being accumulated by the company over the period of time. Moreover, with the help of accounts payable turnover ratio the creditors or suppliers position on the current purchases of the company is evaluated (Gunawardena et al. 2015). This relatively indicates the credit limit that is provided by the supplies to the company, which relatively helps in detecting the trust of suppliers on the organisation’s capability to pay back their credit. Lastly, with the help of inventory turnover ratio the efficiency of the company in blocking the essential working capital as the end when she is evaluated.

The overall asset utilisation ratio such as accounts receivable turnover has a relatively improved for Santos Limited, where the values have increased from the level of 6.84 to 7.70 in 2017. This relevantly indicates the positive attributes of Santhosh Limited, as its overall accounts receivable has improved over the period. this mainly indicates that the payments from customer increasing and allowing the organisation to accumulate adequate cash from its sale. However, Fortescue Metals Group overall accounts receivable turnover has increased from 26.63 to 44.23 in 2017, which indicates high efficiency made by the organisation to increase its payment collection. The high accounts receivable turnover is due to the reduction in accounts receivable over the fiscal year while sales has relatively improved. This indicates that customers are paying their dues quickly to acquire the products of the organisation (Chen et al. 2016).


The account payable turnover ratios of Santos Limited has mainly increased from 3.78 in 2016 to 4.17 in 2017, which relatively indicates the high credit level that is provided by the suppliers to the company. The increment in value is due to the reduction in accounts payable and increment in cost of goods sold by the company. On the other hand, the values of accounts payable turnover ratio of Fortescue Metals Group Mini declined from the levels of 7.44 in 2016 to 7.35 in 2017. The declining value of accounts payables was achieved due to the reduction in cost of goods sold, while increment in accounts payable value. Lastly, the inventory turnover ratio of both the companies has a relatively improve over the period of 2 fiscal years, which indicates the effectiveness and efficiency of the management in selling its products (Choi, Kim and Oh 2017).

The increment in inventory turnover ratio for Santos Limited was due to the declining values of inventory and increasing values of cost of goods sold.  this is a relatively indicated that the company has effectively sold maximum number of products which has been accumulated in the inventory. Moreover, from the evaluation of Fortescue Metals Group annual report it could be detected that the company has effectively increased its inventory collection but the cost of goods sold has relatively declined indicating a positive attribute for the company, as its overall inventory turnover ratio increased. Hence, from the evaluation it could be identified that Fortescue Metals Group asset utilisation ratio is a relatively higher than Santos Limited (Schmidgall and DeFranco 2016).

Profitability ratios

Santos

Fortescue

Particulars

2017

2016

2017

2016

Net profit margin

-11.59%

-40.36%

24.78%

13.91%

Return on assets

-2.49%

-6.71%

10.89%

4.84%

Gross profit margin

26.87%

17.00%

42.13%

28.50%

Asset turnover

21.45%

16.62%

43.94%

34.81%

Table 4: Profitability ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

Figure 4: Profitability ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

The profitability ratio of Santos Limited’s and Fortescue Metals Group from 2016 to 2017 is mainly detected in the above table and graph, which would eventually help in understanding their financial position who the period. from the overall evaluation it could be identified that net profit margin of centos Limited as a relatively improved from the levels of -40.36% in 2015 to -11.59% in 2017, which was conducted due to the low loss incurred by the company during the fiscal year. On the same instance, incremental net profit margin of Fortescue Metals Group can be seen from the levels of 13.91% in 2016 to 24.78% in 2017. This was only possible due to the high revenues and low cost incurred by the company. The evaluation of profitability ratios would eventually help in understanding the level of profits that could be obtained by an organisation over the period. In addition, it also helps in detecting the overall financial condition and position of the company to obtain sustainable growth (Christian 2015).

The evaluation of gross profit margin relatively indicates the positive attributes for both the companies as gross profit has a relatively increased from 2016 to 2017. However, the increment in gross profit for Santos Limited is not adequate in comparison to Fortescue Metals Group, which indicate that the company's overall financial progress has improved overtime. Furthermore, the difference between the gross profit margin and net profit margin relatively helps in identifying the administrative expenses incurred by the company over the fiscal year. The evaluation directly indicates that the administrative cost of Santos Limited is relatively higher in comparison to its competitive Fortescue Metals Group. This relatively indicates that the financial position of Fortescue Metals Group is relatively high in comparison to Santos Limited as per the net profit margin ratio (Stockinger and Leitner-Hanetseder 2014).

Furthermore, the calculations of return on assets directly indicate a positive attribute for both the companies as an increment in the values is seen. Santos limited has a relatively increased the return on assets from the levels of -6.71% in 2016 to -2.49% in 2017. this was mainly achieved due to the reduction in losses incurred by the company and reduction in total assets in 2017 as compared to 2016. On the other hand, the return on assets for Fortescue Metals Group has a relatively increased from the levels of 4.84% to 10.89%, which indicates the positive attributes of the company to obtain higher level of asset utilisation. Fortescue Metals Group was mainly able to achieve the high values of return on assets due to the incremental net profitability and reduction in accumulation of total assets (Arrozio, Gonzales and Silva 2016).

Lastly, the overall asset turnover ratio of both the companies has a relatively improved over the period, which was due to the find sales obtained by both the organisation. Santos Limited overall asset turnover ratio increased from the levels of 16.62% to 21.45% in 2017, which directly indicates the overall efficiency of the company in utilising its available resources. The asset turnover ratio Fortescue Metals Group May be increased from the levels of 34.81% to 43.94% in 2017 indicating a positive attribute for the organisation. This relatively indicates the financial attributes of both the companies, which has help them to achieve sustainable growth over time. However, from the evaluation it could be identified that Fortescue Metals Group is considered financially stable Organisation in comparison to Santos Limited (Erdogan, Erdogan and Omurbek 2015).

Market Value ratios

Santos

Fortescue

Particulars

2017

2016

2017

2016

Price/Earnings ratio

-2323.70%

-632.30%

775.63%

1107.59%

Earnings yield

-4.30%

-15.82%

12.89%

9.03%

Dividend yield

0.00%

0.00%

8.62%

4.29%

Table 5: Market Value ratios of Santos and Fortescue for 2017 to 2016

(Source: As created by the author)

The evaluation of market value ratios such as price earnings ratio, earnings yield ratio and dividend yield ratio mainly help in identifying the level of returns that could be generated for the period of time for the investors. The earnings per ratio relatively indicates the overall profit that is obtained by the company during the fiscal year which could help the investors make adequate investment decisions. However, from the valuation it could be identified that the overall market value ratios of Santa's Limited is not adequate from 2016 to 2017. This is due to the loss that is obtained by the company for the period of time, which has substantially affected its market value ratios. Both the price earnings ratio and earnings yield ratio of the organisation has relatively portrayed a negative value due to accumulation of loss by the organisation. On the other hand, Fortescue Metals Group has obtained a positive value for both price earnings ratio and earnings yield ratio has positive values, which pose a positive indicator for the investors (Misund 2017).

Moreover, from the evaluation of dividend yield, it could be identified that Santos Limited has not provided any kind of dividend during 2016 and 2017. This would directly affect the investors decisions during the investment period. The no dividend policy was mainly adopted by the company due to the high loss incurred during 2016 and 2017. On the other hand, the dividend yield of Fortescue Metals Group has mainly increased from the levels of 4,29% in 2016 to 8.62% in 2017, which relatively indicates the positive attributes of the organisation. Therefore, it could be assumed that Fortescue Metals Group financial positive is relatively strong in comparison to Santos Limited (Soares and Pina 2014).

Conclusion:

The focus of the overall assessment is on identifying the financial viability of Santos Limited and Fortescue Metals Group during the fiscal year of 2016 and 2017. The ratios have a relatively helped in understanding the level of financial stability that is obtained by Santos Limited and Fortescue Metals Group. This evaluation would eventually help in understanding the level of investment scope that could be generated in Santos Limited and Fortescue Metals Group.  with the help of the annual report of Santos Limited and Fortescue Metals Group. Adequate calculations are being conducted where financial stability of Fortescue Metals Group is detected in comparison to Santos Limited. Therefore, from the evaluation it could be identified that Fortescue Metals Group is financially stable in comparison to Santos Limited, which might allow the investors to effectively improve the investments overtime. From the calculation of short-term solvency ratio, long term solvency ratio, asset utilisation ratio, profitability ratio, and market valuation ratio it could be detected that Fortescue Metals Group has higher financial stability and might allow the investors to effectively improve their Investments.

After the evaluation of ratios, it could be identified that Fortescue Metals Group is in much profitable stage in comparison to its peer Santos Limited. Therefore, institutional investor from overseas could effectively invest in Fortescue Metals Group for improving the level of profits from investment. In addition, the company also pays dividends to the investor which was not being paid by its competitor. Hence, the institutional investor from overseas could effectively generate higher rate of returns from investment. Moreover, the share price value of Fortescue Metals Group has relatively increased from 3.50 in 2016 to 5.22 in 2017, which relatively portrays the rising value obtained by the organisation. This might eventually help the investors to maximize their capital growth and generate high rate of returns from investment. The earnings yield of the organisation is relatively increased, which indicates the high probability of positive growth obtained by the company in future years. Furthermore, the declining price by earning ratio indicate a positive attribute, where the growth in share price is estimated by the investors.

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