So..umm.. now that we know enough to become a MYER lobyist.. How about we get into the financial side of things? .. This IS an accounting course after all..
Wooow.. I was skimming through the Remuneration Report on my way to the Financial Statements, when I came across the 'Base Annual Fees' which details the Directors' fees. The Chairman gets $400k p.a. and the other (non-executive) Directors get $150k p.a. - I never knew Directors could receive payments / charge fees.
I had the bubble - of Directors receiving compulsory income - burst not long ago, and since then, being a Director hasn't sounded like a tasty role.. Until now. Sounds pretty sweet to me.
Back to topic.. Eurgh.. Lost my page..
..So, I'm late with this.. Truth be told, I have reasons, but none that aren't too personal and too terminal to share. Instead, let's just bite the bullet and proceed.
KCQs
In relation to "Consolidated Income Statement".Myer has a "Total Sales Value" in excess of $3 billion and an annual profit of $129 Million. Why is profit so minimal in relation?
What is "Cost of Goods Sold"? And why is it such a high expense? Can it be reduced? What is Myer doing to reduce it?
In relation to "Consolidated Balance Sheet".
Myer is borrowing $420 Million a year. What kind of interest rate do they get on their borrowings?
In relation to "Consolidated Statement of Cash Flows".
It is stated that "Payments to suppliers and employees (inclusive of goods of services tax)" is a whopping $2.7 Billion. However, does not go into detail.
How do the Myer Executives feel about the crazy high payments to suppliers and employees?
After reading a fellow course-mate's blog, and KCQs; Ivona Frank Carusi. She clarified that her case company; Reece, donates a sizable sum of money to charity. Ivona posed the question of how much, if any, money does our company donate to charity?
Myer's Annual Report states $1.3 Million was donated to assorted charities, but where is it stated in the Financial Statements?
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